证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-001 山东玲珑轮胎股份有限公司 第六届董事会第四次会议决议公告 分析后，决定终止此前筹划的发行 H 股股票并于香港联交所主板上市 的事项。 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 第四次会议（以下简称"本次会议"）于 2026 年 1 月 22 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 2026 年 1 月 16 日以电子邮件及通讯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、关于公司终止发行 H 股股票并在香港联合交易所有限公司上 市的议案 鉴于当前宏观经济环境、公司自身实际情况、发展规划，以及结 合资本市场环境 ...

目前，公司生产经营状况稳定有序，此次终止发行H股股票，是公司基于对多方面因素的全面权衡及实 际情况作出的审慎决策，不会对生产经营和持续发展造成重大不利影响，不存在损害公司及全体股东特 别是中小股东利益的情形。 格隆汇1月22日丨玲珑轮胎(601966.SH)公布，鉴于当前宏观经济环境、公司自身实际情况、发展规划， 以及结合资本市场环境变化等多重因素的综合考量，并始终秉持维护股东利益、对股东负责的原则，经 公司与相关中介机构进行深入探讨与审慎分析后，决定终止此前筹划的发行H股股票并于香港联交所主 板上市的事项。 ...

玲珑轮胎公告称，公司曾于2025年4月、5月审议通过发行H股股票并在香港联交所主板挂牌上市的议 案。鉴于当前宏观经济、自身实际情况、发展规划及资本市场环境等因素，经与中介机构探讨分析，决 定终止该事项。此次终止属股东会授权董事会处理范围，无需再提交审议。目前公司生产经营稳定，此 举是审慎决策，不会造成重大不利影响，也不会损害股东利益。 ...

（编辑 袁冠琳） 证券日报网讯 1月21日，玲珑轮胎在互动平台回答投资者提问时表示，2025年四季度，塞尔维亚玲珑半 钢平均日产超过2.5万条，按照季度规划产能300万条（全年1200万条）测算，产能利用率超过70%；全 钢平均日产超过0.36万条，按照季度规划产能60万条（全年240万条）测算，产能利用率超过50%；12 月单月的产能利用率与Q4平均水平相当；25年平均产销率接近92%。 ...

Summary of Tire Industry Conference Call Industry Overview - The Chinese tire industry has seen a continuous increase in market share, surpassing 15% by 2024, indicating significant growth potential compared to international giants [1][2] - Haian Rubber has emerged as one of the top three tire manufacturers globally, following Michelin and Bridgestone, showcasing the rising status of Chinese companies in the global market [1][2] Competitive Landscape - The internal competition within the Chinese tire industry has stabilized, with leading companies like Zhongce and Sailun leveraging brand building, economies of scale, and technological barriers to maintain their advantages [1][4] - Major brands such as Chaoyang and Sailun have reached price parity with second-tier foreign brands in the replacement market, while high-end products are now comparable to top international brands [1][4] Brand Development - Chinese tire companies have made significant progress in brand development, particularly in the domestic original equipment and replacement markets [1][5] - High-end products like Chaoyang No. 1 and Sailun Golden One have shown strong market performance, enhancing brand image and driving growth in the replacement market [1][5] Overseas Business Importance - The overseas supply business is crucial for Chinese tire companies, with strong short-term profitability (gross margin around 35% or higher) and long-term benefits for brand image and pricing power in the overseas replacement market [1][8][9] - Companies like Zhongce, Linglong, and Sailun are already supplying overseas orders, which could lead to significant long-term growth opportunities [1][9] Market Performance - The overall performance of the Chinese tire industry is strong, with a good showing in the domestic semi-steel replacement market and high operating rates in overseas factories due to strong demand [3][10] - The all-steel product segment has performed well due to innovation and product diversification, with overall orders and operating rates remaining positive [3][10] Risks - The primary risk facing the Chinese tire industry is the volatility of rubber prices, which could impact short-term profitability [3][11] - Companies can mitigate this risk by passing on costs, making it essential to monitor rubber price trends closely [3][11] Investment Outlook - The current valuation of approximately 10 times earnings, combined with favorable conditions in domestic and overseas replacement markets, suggests that now is a good time to invest in Chinese tire companies [3][12] - Recommended companies for investment include Sailun, Linglong, Zhongce, and Senkiren, with a note to also monitor Haian Group [3][12]

Core Viewpoint - Linglong Tire emphasizes that the investment scale for overseas factories will vary based on multiple factors, including the political and business environment, economic foundation, labor costs, and the design scale and construction standards of the factories [1] Group 1: Investment Strategy - The company will carefully evaluate the comprehensive conditions and timing for establishing new overseas bases as part of its globalization strategy [1] - Linglong Tire aims to rationally control the investment scale and pace while ensuring planning goals and construction efficiency [1] - The objective is to maximize economic benefits from these investments [1]

Core Viewpoint - Linglong Tire is focusing on enhancing efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and service, while strategically planning its globalization efforts and asset investments to improve net asset return rates [2] Group 1: Operational Efficiency - The company is benchmarking against leading peers to improve operational efficiency and effectiveness [2] - Linglong Tire is increasing R&D investment, expanding professional teams, and engaging in industry-academic-research collaborations to enhance its technological capabilities [2] Group 2: Market Expansion - The company is broadening its market sales channels and diversifying cooperation models, including partnerships with internationally renowned sports clubs and events to enhance brand visibility [2] - Linglong Tire is actively exploring the mid-to-high-end market and optimizing its product structure to increase the sales proportion of main tires and large-size products [2] Group 3: Strategic Partnerships - The company is collaborating closely with global leading manufacturers and new automotive players to boost recognition of its product performance and service quality in both domestic and international markets [2] - These efforts are aimed at supporting the continuous improvement of product pricing and profitability, gradually narrowing the price gap with top international brands [2]

Group 1 - The core viewpoint of the article is that Linglong Tire (601966) is making steady progress in ramping up production capacity at its Serbia facility, with utilization rates expected to exceed 70% for semi-steel and 50% for all-steel tires by the end of 2025 [1] - As of January to December 2025, the comprehensive sales rate for both semi-steel and all-steel tires at the Serbia base is projected to approach 92% [1]

Core Viewpoint - Linglong Tire (601966) acknowledges the urgent demand from investors for stock price stability and emphasizes its commitment to enhancing operational efficiency and competitiveness through various strategic initiatives [1] Group 1: Operational Strategies - The company is benchmarking against leading peers to optimize production plans, scheduling, and processes [1] - Efforts are being made to improve equipment efficiency, implement lean production management, and advance smart manufacturing and digital transformation [1] - The focus on research and development innovation and marketing system construction aims to reduce costs while improving quality [1] Group 2: Financial and Market Positioning - Linglong Tire aims to enhance capacity utilization, product competitiveness, and brand influence to solidify its profit foundation [1] - The company is strategically positioned with a balanced global production base and sales operations to mitigate international trade risks [1] - The goal is to strengthen operational resilience in a complex external environment and align intrinsic value with market valuation through steady operations and sustained performance [1]

Group 1 - The core point of the article is that Linglong Tire (601966) has planned a total TBR production capacity of 2.4 million units in Serbia, which includes an initial phase of 1.6 million units and a second phase of 800,000 units [1] - The production line has been fully laid out, and the company is currently in the process of ramping up production capacity [1] - The non-highway production capacity will be advanced based on market demand [1]