证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-040 山东玲珑轮胎股份有限公司 关于召开2025年第二次临时股东会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 4 日 14 点 00 分 召开地点：山东省招远市金龙路 777 号，公司会议室。 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年7月4日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 7 月 4 日 至2025 年 7 月 4 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25, ...

山东玲珑轮胎股份有限公司（以下简称"公司"）第五届董事会 第二十四次会议（以下简称"本次会议"）于 2025 年 6 月 18 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 6 月 13 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。 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-038 山东玲珑轮胎股份有限公司 第五届董事会第二十四次会议决议公告 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 该议案已经公司第五届董事会提名委员会第十次会议审议通过。 该议案尚需提交股东会审议。 2、关于公司董事会换届选举第六届独立董事的议案 提名潘爱玲女士、甘俊英先生、张宏女士、关忠良先生为公司第 六届董事会独立董事候选人，任期自股东会审议通过之日起三年。 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 ...

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Core Insights - JD.com's automotive sales during the 618 shopping festival saw a significant surge, with tire sales increasing by 430% year-on-year in the week leading up to the event, and Linglong Tire achieving an impressive 800% growth [1][6]. Group 1: Sales Performance - Linglong Tire emerged as a standout performer with an 8-fold increase in sales, highlighting the brand's strong market presence [1][6]. - On the opening day of the 618 event, Linglong Tire's sales increased nearly 30 times compared to the previous year [6]. Group 2: Technological Advancements - Linglong Tire has integrated RFID chips into its products, allowing for full traceability from production to disposal, enhancing quality control and after-sales service [3][4]. - The company has developed innovative technologies such as "water film nemesis" for improved wet braking performance and self-repairing tires to address safety concerns for electric vehicles [4]. Group 3: Market Positioning - The growth of electric vehicles has provided domestic tire manufacturers like Linglong with opportunities to excel, as these vehicles have higher demands for tire performance [4]. - Linglong Tire has become the leading brand in the domestic electric vehicle tire market, with a consistent market share from 2020 to 2024 [4]. Group 4: E-commerce Strategy - Linglong Tire has officially entered the e-commerce space by partnering with JD.com, expanding its product offerings from 120 to 300 types within a year [9][10]. - The collaboration with JD.com has allowed Linglong to leverage a comprehensive service ecosystem, enhancing customer experience and driving sales growth [13]. Group 5: Future Growth Plans - Linglong Tire aims for a threefold increase in sales over the next year, focusing on improving product quality and customer service [7][12]. - The company is participating in government-subsidized programs to boost sales, with reported increases of 500% in daily sales during promotional events [12].

Core Insights - The 75,052nd China-Europe Railway Express train departed from Qingdao, marking a significant milestone with over 110,000 trains operated and a total cargo value exceeding $450 billion [2][4] - Shandong province has established itself as a key node in the Belt and Road Initiative, with the China-Europe Railway Express serving as a vital international logistics channel connecting Northeast Asia with Europe and Central Asia [2][3] Summary by Sections Train Operations - The latest train carried goods worth nearly 20 million yuan, including LCD displays and refrigerators, and is expected to reach Europe in 17 days [2] - Since October 2018, Shandong has implemented a coordinated operation model for the China-Europe Railway Express, increasing the annual train count from fewer than 200 to a projected 2,200 by 2024 [2][3] Network Development - Shandong has built a "2+4+N" domestic and international service network, with two domestic consolidation centers in Jinan and Qingdao, and four overseas consolidation centers in Kazakhstan, Serbia, Russia, and Laos [3] - The international operation routes of the Shandong China-Europe Railway Express have reached 56, connecting 59 cities in 27 Belt and Road countries [3] Logistics Services - The railway has enhanced its logistics services by introducing cold chain trains to export fresh vegetables and seafood, with regular operations established from cities like Qingdao and Jinan [3] - New business models such as "train + cross-border e-commerce" and "train + supply chain finance" have been launched, serving over 20,000 foreign trade enterprises and achieving an export-import value exceeding 120 billion yuan [3][4] Return Train Operations - The return train operations have significantly increased, with the number of return trains rising from 93 in 2019 to 1,058 by 2024, and the proportion of return trains increasing from 9.4% to 47.7% [4] - The types of goods transported on return trains have expanded from initial products like boards and cotton yarn to include paper, grains, petroleum coke, and coal [4]

Core Insights - The rapid growth of the new energy vehicle (NEV) industry and the trend towards rational consumption are driving domestic tire brands to achieve breakthroughs in sales and brand recognition through online transformation [3][5][9] - Linglong Tire has emerged as a significant player, with a remarkable 430% year-on-year increase in sales during the recent JD.com 618 shopping festival, highlighting its strong market performance [3][4][6] Group 1: Technological Advancements - Linglong Tire has integrated RFID chips into its products, allowing for full traceability from production to disposal, enhancing quality control and after-sales service [4] - The company has developed a self-repairing tire technology that addresses safety concerns for NEVs, positioning itself as a leader in the domestic NEV tire market [5][9] - Innovations such as the "Dandelion Rubber" technology and the "Silent Cotton" technology demonstrate Linglong's commitment to sustainability and noise reduction [5][9] Group 2: Channel Transformation - The partnership with JD.com has enabled Linglong Tire to expand its online presence, increasing the number of products available from 120 to 300 within a year [6] - The launch of a tire trade-in program in collaboration with local governments has further boosted sales, with a reported 500% year-on-year increase in daily sales for Linglong Tire [7][9] Group 3: Market Opportunities - The current low car ownership rate in China presents significant growth potential for both the automotive and tire replacement markets [9] - The rise of the Z generation as a consumer group, coupled with increased national pride, is driving a preference for domestic brands [9][10] Group 4: Strategic Collaborations - Linglong Tire's high-end product line, the "Master Series," is positioned to compete directly with international brands, showcasing the company's technological capabilities and commitment to quality [10] - The collaboration with JD.com is expected to triple Linglong Tire's sales on the platform over the next year, emphasizing the importance of strategic partnerships in driving growth [10]

Core Viewpoint - Shandong province is accelerating the development of the artificial intelligence (AI) industry, with Yantai aiming to become a benchmark city for autonomous driving by launching three pilot projects in this field [1]. Group 1: AI Industry Development in Yantai - Yantai is leveraging its strengths in industries like green petrochemicals, nuclear power, and auto parts to break into the AI sector, specifically focusing on autonomous driving [1]. - The city plans to establish a "1+5+N" autonomous driving system, creating a model area along the coast with 200 kilometers of smart connected roads and over 2,000 autonomous vehicles by 2027 [13]. - The automotive industry chain is a key focus for Yantai, with significant investments from companies like SAIC-GM and Weichai Power, aiming to build a trillion-yuan industry chain [13]. Group 2: Role of Linglong Tire - Linglong Tire is a crucial player in Yantai's AI landscape, having invested 1.31 billion yuan to build the first large-scale tire testing facility in China, which has significantly shortened R&D cycles [4][6]. - The company has established partnerships with major automotive manufacturers, enhancing its global supply capabilities and aligning its R&D with the pace of China's new energy vehicle industry [6]. - Linglong Tire is developing a vehicle-road-cloud integrated testing base, which will support various testing scenarios for smart connected vehicles, enhancing its testing capabilities in the AI automotive sector [9][10]. Group 3: Competitive Landscape in AI - According to a report by CCID Research Institute, leading regions in AI competitiveness include Beijing, Guangdong, Shanghai, Zhejiang, Anhui, and Jiangsu, indicating a competitive environment for Yantai to navigate [12]. - Shanghai has established a comprehensive ecosystem for autonomous driving, with significant infrastructure and a collaborative environment for various stakeholders in the automotive industry [11][12]. - The shift towards smart connected vehicles represents a new opportunity for companies in the automotive sector, as the industry moves away from traditional vertical integration towards a more collaborative model [12].

Core Viewpoint - The rise of domestic tire brands, particularly Linglong Tire, is highlighted as they gain significant market share and recognition in the competitive landscape of the tire industry, especially in the context of the booming domestic electric vehicle market [2][9]. Group 1: Sales Performance - Linglong Tire's total sales revenue during the JD 618 shopping festival saw an impressive year-on-year increase of 830%, with a nearly 30-fold increase on the opening day of the event [2]. - The sales of Linglong Tire's high-end series "Linglong Master" launched in May 2024 experienced a year-on-year growth exceeding 280% due to government subsidies [10]. Group 2: Market Position and Strategy - Linglong Tire aims to enter the global top tier of tire brands by increasing its investment in technology and research, capitalizing on the growth of the domestic electric vehicle industry [2][3]. - The company has established a global supply capability, providing tires for various domestic electric vehicle manufacturers, thus becoming the leading brand in the domestic electric vehicle tire market [3][6]. Group 3: Technological Advancements - Linglong Tire has invested in advanced technologies, including RFID chips for tire tracking and innovative materials that enhance performance and safety, particularly for electric vehicles [4][5]. - The company has developed a tire using 79% sustainable materials and self-repair technology, showcasing its commitment to environmental sustainability [6]. Group 4: Testing and Recognition - Linglong Tire's products have gained recognition in global tire testing, achieving "recommended" ratings from prestigious organizations such as ADAC and TCS, marking a significant milestone in its brand strength [7]. - The establishment of a comprehensive tire testing facility has positioned Linglong Tire as a key player in the industry, allowing for extensive research and development [6]. Group 5: E-commerce and Consumer Engagement - The partnership with JD.com has expanded Linglong Tire's product offerings and sales channels, with the number of products available increasing from 120 to 300 within a year [8]. - Government subsidy initiatives have further boosted the sales of domestic tire brands, with a reported 200% year-on-year increase in sales for participating brands [10].

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The chemical industry is expected to enter a replenishment cycle, driven by the recovery of demand and limited supply in certain sectors [30] - The chromium salt and phosphate rock sectors are highlighted as key areas of focus due to their potential for growth and value reassessment [4][6] - The report emphasizes the importance of companies with cost advantages and stable market positions, particularly in the context of rising prices for key products [10][30] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 2.4% over the last month, 1.0% over the last three months, and 8.9% over the last year, outperforming the CSI 300 index [3] Key Opportunities - Focus on chromium salt and phosphate rock industries, with expectations of continued demand growth in fine phosphorus chemicals and lithium iron phosphate batteries [7] - Companies like Zhuhai Holdings and Baitian Co. are noted for their capacity expansions and potential for increased profitability [7][9] Price Trends - Recent price adjustments include a decrease in metal chromium prices from 76,000 yuan/ton to 73,000 yuan/ton, reflecting market fluctuations and demand shifts [5][17] - Phosphate rock prices are stable at 1,038 yuan/ton, with expectations of a reassessment of value due to supply constraints [19] Company Focus - Companies such as Zhuhai Holdings and Baitian Co. are highlighted for their strategic advantages in technology innovation, cost reduction, and capacity expansion [5][7] - The report suggests that leading companies in the chemical sector are entering a long-term upward performance cycle, supported by their competitive advantages [8][30] Investment Recommendations - The report recommends a focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Yantai Chemical, as well as those in the chromium salt and phosphate rock sectors [9][10] - High dividend yield companies, particularly state-owned enterprises, are also recommended for their stable returns and resource advantages [10][11]

Core Insights - Shandong manufacturing is increasingly integrating with ASEAN's resource endowments and market potential, leading to a new paradigm of win-win cooperation [1] Group 1: Company Developments - Shandong Heyang Wood Industry Co., Ltd. is exporting environmentally friendly particle boards to markets in Vietnam and the Middle East from its industrial park in Malaysia [2] - Linglong Tire Co., Ltd. has established its first overseas production base in Thailand, leveraging the country's status as the world's largest rubber producer, with an annual production capacity exceeding 17.2 million tires [3] - Haier Smart Home is preparing to launch 10 mid-to-high-end new products in Malaysia, with its Thai manufacturing base producing a full range of air conditioning units, aiming for an annual output of over 6 million units [4] Group 2: Strategic Shifts - Shandong companies are transitioning from traditional processing trade to a more integrated approach that includes technology, standards, and ecosystem building [2][5] - The establishment of a wood industry park in Malaysia by Heyang Wood Industry has resulted in a 30% reduction in raw material procurement costs and doubled production output compared to local competitors [5] - The collaboration between Shandong and Malaysian companies aims to create a larger wood industry park, enhancing the supply chain and management capabilities [6] Group 3: Economic Cooperation - In 2024, China and ASEAN are expected to become each other's largest trading partners, with trade volume nearing 7 trillion RMB, making ASEAN Shandong's largest trade partner [7] - Shandong has comparative advantages in sectors such as machinery, automotive, organic chemicals, and shipbuilding, while ASEAN excels in agricultural products, energy, and rubber, indicating significant economic complementarity [7] - Infrastructure connectivity, such as the establishment of the Shandong-China-Europe Railway Express Southeast Asia collection center in Laos, is enhancing trade efficiency, allowing products to reach Laos within a week without transfer [7]