证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-067 山东玲珑轮胎股份有限公司 第六届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 山东玲珑轮胎股份有限公司（以下简称"公司"）第六届董事会 第三次会议（以下简称"本次会议"）于 2025 年 10 月 27 日上午在公 司会议室以现场结合通讯表决方式召开。会议通知及相关资料已于 2025 年 10 月 22 日以电子邮件的方式向各位董事发出。本次会议应 参加董事 11 名，实际参加董事 11 名。本次会议的召集、召开方式符 合《中华人民共和国公司法》及《山东玲珑轮胎股份有限公司章程》 的规定。 二、董事会会议审议情况 本次会议由董事长王锋先生主持，以记名投票方式审议通过了以 下议案： 1、关于公司 2025 年第三季度报告的议案 具体内容详见同日在上海证券交易所网站上披露的《山东玲珑轮 胎股份有限公司 2025 年第三季度报告》（公告编号：2025－068）。 表决结果：同意 11 票，反对、弃权都是零 ...

山东玲珑轮胎股份有限公司 关于 2025 年第三季度利润分配方案的公告 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-070 为9,512.77万元，占2025年第三季度合并报表中归属于上市公司股东 的净利润的30.41%，除此之外，公司不进行其他形式分配。 如在本公告披露之日起至实施权益分派股权登记日期间，因可转 债转股/回购股份/股权激励授予股份回购注销/重大资产重组股份回 购注销等致使公司总股本发生变动的，公司拟维持每股分配比例不变， 相应调整分配总额。如后续总股本发生变化，将另行公告具体调整情 况。 二、公司履行的决策程序 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 每股分配比例：每股派发现金红利 0.065 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为 基数，具体日期将在权益分派实施公告中明确。在实施权益分派的股 权登记日前公司总股本发生变动的，拟维持每股分配比例不变，相应 调整分配总额，并将在相关公告中披露。 根据公司 2024 年年度股东会授权，本次利 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 6,348,917,386, representing a year-on-year increase of 14.00%[3] - Total profit for the period decreased by 63.25% to CNY 349,351,615 compared to the same quarter last year[3] - Net profit attributable to shareholders was CNY 312,857,675, down 60.22% year-on-year[3] - The basic earnings per share (EPS) for the quarter was CNY 0.22, a decrease of 59.26% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached CNY 18,160,803,036, an increase of 13.6% compared to CNY 15,948,891,839 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was CNY 1,167,230,285, a decrease of 31.8% from CNY 1,711,573,904 in 2024[18] - Earnings per share for the first three quarters of 2025 was CNY 0.80, down from CNY 1.17 in the same period of 2024[19] Assets and Liabilities - The total assets at the end of the reporting period were CNY 47,672,415,027, reflecting a 1.25% increase from the previous year-end[4] - The total assets increased to CNY 47,672,415,027 in 2025 from CNY 47,083,203,511 in 2024, reflecting a growth of 1.25%[16] - Total liabilities decreased to CNY 24,397,323,915 in 2025 from CNY 25,397,323,408 in 2024, a reduction of 3.9%[16] - Non-current liabilities increased to CNY 5,903,515,249 in 2025 from CNY 5,483,241,600 in 2024, an increase of 7.6%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 1,370,199,078, showing a slight decrease of 2.47%[3] - Cash inflow from operating activities for the first three quarters of 2025 reached ¥16,584,066,921, an increase of 8.8% compared to ¥14,321,929,749 in the same period of 2024[22] - Net cash flow from operating activities was ¥1,370,199,078, slightly down from ¥1,404,881,915 in the previous year, indicating a decrease of 2.5%[22] - Cash inflow from investment activities totaled ¥1,810,847,567, a significant increase from ¥287,356,598 in the first three quarters of 2024[22] - Net cash flow from investment activities was -¥827,461,548, improving from -¥1,462,005,611 in the same period last year[22] - Cash inflow from financing activities was ¥8,214,642,894, down from ¥10,479,913,444 in the previous year, representing a decrease of 21.6%[22] - Net cash flow from financing activities was -¥891,080,730, compared to a positive cash flow of ¥502,947,834 in the first three quarters of 2024[22] Shareholder Information - The company plans to increase its shareholding by investing between RMB 200 million and RMB 300 million over a six-month period starting May 7, 2025[13] - The controlling shareholder, Linglong Group Co., Ltd., has pledged 124,100,000 shares, representing 40.72% of its holdings[12] - The company has a total of 595,986,022 unrestricted circulating shares held by Linglong Group Co., Ltd.[12] - The company reported a total of 13,294,095 shares purchased by Linglong Group Co., Ltd. during the period from May 7, 2025, to October 27, 2025[13] - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the largest shareholder holding 40.72%[12] - The company has not reported any changes in the participation of the top ten shareholders in margin trading or securities lending activities[12] Costs and Expenses - The company experienced a significant decline in profit due to rising raw material costs and a lack of one-time gains from anti-dumping refunds received in the previous year[8] - Total operating costs for the first three quarters of 2025 were CNY 16,685,158,750, up 20.3% from CNY 13,814,946,303 in 2024[18] - The company reported a significant increase in research and development expenses, totaling CNY 702,895,946 in 2025 compared to CNY 645,275,776 in 2024[18] Other Financial Metrics - Non-recurring gains for the quarter totaled CNY 61,302,464, with government subsidies contributing CNY 32,349,486[6][7] - The weighted average return on equity decreased by 2.76 percentage points to 5.18% compared to the previous year-end[4] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 541,932,454, contrasting with a loss of CNY 56,967,698 in 2024[19] - The total cash and cash equivalents at the end of the period stood at ¥2,817,009,521, down from ¥3,412,634,626 at the end of the previous year[23] - Cash paid for purchasing goods and services was ¥12,297,658,968, up from ¥10,394,935,708 in the previous year, reflecting an increase of 18.3%[22] - The company reported a cash inflow of ¥380,056,516 from tax refunds, a decrease from ¥663,922,261 in the same period last year[22]

（经山东玲珑轮胎股份有限公司第六届董事会第三次会议制订） 第一条 为规范山东玲珑轮胎股份有限公司（以下简称"公司"）信息披露 暂缓与豁免业务，依法合规履行信息披露义务，维护公司和投资者的合法权益， 根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上市公司信息 披露暂缓与豁免管理规定》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 2 号——信息披露事务管理》等法律、法规以及上海证 券交易所业务规则和《山东玲珑轮胎股份有限公司章程》等规定，制定本制度。 第二条 公司和其他信息披露义务人按照《上市公司信息披露暂缓与豁免管 理规定》《上海证券交易所股票上市规则》及其他相关业务规则的规定，办理信 息披露暂缓、豁免业务的，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。暂缓、豁免事项的范围原则上应当与公司股票首次在 证券交易所上市时保持一致，在上市后拟增加 ...

Investment Rating - The report maintains a "Strong Buy" rating for the tire industry, indicating a positive outlook for growth and recovery in demand [2]. Core Insights - The tire industry is experiencing a recovery in demand, particularly for steel tires, driven by seasonal factors and improved logistics needs. Several companies have announced price increases of approximately 2%-5% starting in October, which is expected to stimulate replenishment demand from downstream manufacturers [3][2]. - The report highlights the stability in raw material prices, with natural rubber entering its traditional peak season, potentially leading to price increases. The overall raw material price index for tires is at a historical low, indicating a favorable cost environment for manufacturers [11][12]. - The production side shows a month-on-month increase in domestic tire production, with stable operating rates for both steel and semi-steel tires. The average operating rate for the steel tire industry in September was 64.95%, reflecting a slight increase [37][40]. - Export dynamics reveal a decrease in domestic tire exports, while Vietnam's rubber product exports to the U.S. have surged significantly, indicating a shift in competitive dynamics in the region [46][51]. - Demand trends indicate a stable semi-steel market, with expectations for a recovery in steel tire demand, particularly in the heavy truck segment, supported by favorable government policies and logistics demand [58][63]. Summary by Sections Cost Side - Natural rubber prices are expected to rise due to seasonal demand, while other material prices remain stable. The price index for tire raw materials is at 90.12, which is 4% lower than historical averages since 2021 [11][12]. - The average price of natural rubber in September was $1839.57 per ton, showing a month-on-month increase of 2.06% but a year-on-year decrease of 6.77% [12][11]. Production Side - In August 2025, China's rubber tire production reached 109.35 million units, a month-on-month increase of 15.78% but a year-on-year decrease of 11.44% [37][40]. - The average operating rate for semi-steel tires was 71.23% in September, reflecting a slight increase from the previous month [37][40]. Export Side - In August, China exported 62.99 million new inflatable rubber tires, a year-on-year increase of 1.84% but a month-on-month decrease of 5.51% [46][48]. - Vietnam's rubber product exports to the U.S. in September reached $0.49 billion, a year-on-year increase of 43% [51][52]. Demand Side - The global demand for passenger car and light truck tires showed a slight decline, while the replacement market remains stable, particularly in North America and Europe [58][59]. - Heavy truck sales in China reached approximately 105,000 units in September, marking a significant year-on-year increase of 82%, indicating a recovery in the heavy truck segment [63][64].

Core Insights - Linglong Tire has achieved a significant breakthrough with the successful launch of its self-developed 59/80R63 "Linglong" brand giant all-steel engineering radial tire, marking a milestone in the industry [1] Company Developments - The new tire has a diameter exceeding 4 meters and weighs over 6 tons, making it the largest tire product globally [1] - It is primarily designed for large open-pit mining dump trucks, catering to the demanding conditions of complex and high-intensity usage in mining areas [1] - The tire boasts a maximum single tire load capacity of 100 tons, filling a gap in Linglong's product line for 63-inch giant engineering radial tires [1] - The successful launch signifies that the company has overcome the long-standing technological barriers previously dominated by international leading brands [1]

证券日报网讯 10月21日晚间，玲珑轮胎（601966）发布公告称，公司及全资子公司不存在逾期担保的 情况。 ...

Core Viewpoint - Linglong Tire (601966.SH) has submitted an IPO prospectus to the Hong Kong Stock Exchange, aiming for a main board listing, despite facing challenges such as rising costs and fluctuating profits since its A-share listing in 2016 [1][2]. Financial Performance - In the first half of 2025, Linglong Tire reported a revenue of 11.812 billion yuan, a year-on-year increase of 13.80%, but net profit attributable to shareholders decreased by 7.66% to 854 million yuan [3]. - The company's gross profit margin for the first half of 2025 was 15.5%, down from 22.72% in the same period of 2024, indicating significant pressure from rising raw material costs [5]. Market Position - Linglong Tire holds a market share of 4.4% by volume, making it the second-largest tire manufacturer in China and the sixth globally, with an annual sales volume of 85.4 million tires [7]. - The global tire market is projected to grow from approximately $200 billion in 2023 to $232.6 billion by 2029, with Linglong's revenue representing about 1.6% of this market [8][9]. Challenges and Strategies - The company faces challenges from fluctuating raw material prices, particularly natural rubber, which increased by 14.63% year-on-year in the first half of 2025, impacting profit margins [4][6]. - To mitigate trade barriers and enhance profitability, Linglong is expanding its global footprint, with a new manufacturing base in Brazil, following existing facilities in Thailand and Serbia [4]. Industry Overview - The tire industry is characterized by significant competition, with major international players like Michelin, Bridgestone, and Goodyear dominating the market, collectively holding a 36.61% market share [8]. - Linglong Tire aims to adapt to the growing demand for specialized tires for electric vehicles, focusing on enhancing product features such as durability and low rolling resistance [9].

Core Viewpoint - Linglong Tire is preparing for an IPO on the Hong Kong Stock Exchange, aiming to attract overseas investors despite recent financial challenges and a significant decline in stock price since its peak in 2021 [1][2][5]. Financial Performance - In the first half of 2025, Linglong Tire reported a revenue of 11.81 billion yuan, a year-on-year increase of 13.80%, but net profit decreased by 7.66% to 854 million yuan [3][4]. - The company's gross profit margin for the first half of 2025 was 15.5%, down from 22.72% in the same period of 2024, indicating significant pressure from rising raw material costs [5][6]. Market Position - Linglong Tire holds a market share of 4.4% based on sales volume, making it the second-largest tire manufacturer in China and the sixth globally, with an annual sales volume of 85.4 million tires [7][9]. - The global tire market is projected to grow from approximately $200 billion in 2023 to $232.6 billion by 2029, with Linglong's revenue representing about 1.6% of this market [8][9]. Challenges and Strategies - The company faces challenges from fluctuating raw material prices, particularly natural rubber, which increased by 14.63% year-on-year, impacting profit margins [4][5]. - To mitigate trade barriers and enhance profitability, Linglong is expanding its global footprint, with a new manufacturing base in Brazil, following existing facilities in Thailand and Serbia [4][6]. Industry Overview - The tire industry is characterized by significant competition, with major players like Michelin, Bridgestone, and Goodyear dominating the market, collectively holding a 36.61% market share [8][9]. - Linglong Tire aims to adapt to the growing demand for specialized tires for electric vehicles, focusing on enhancing product features such as durability and low rolling resistance [9].

担保对象及基本情况 | | 被担保人名称 | 吉林玲珑轮胎有限公司 10,000 万元人民币及主债权的利息 | | | --- | --- | --- | --- | | 担保对象 （一） | 本次担保金额 | 及其他应付款项之和 | | | | 实际为其提供的担保余额 | 235,335.62 万元人民币 | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 132.7 亿元（为年度担保预计时，公司对子 | | 子公司对外担保总额（万元） | 公司的担保总和） | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 61.21 | | 特别风险提示（如有请勾选） | 对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | | ...