Core Viewpoint - Linglong Tire (601966.SH) has announced the termination of its plan to issue H-shares, which comes more than six months after the company disclosed its prospectus for the Hong Kong stock market [2][3]. Group 1: Reasons for Termination - The decision to halt the H-share issuance was influenced by multiple factors, including the current macroeconomic environment, the company's actual situation, development plans, and changes in the capital market [3]. - Linglong Tire's A-share price has been declining for several years, currently trading below its net asset value, making the potential pricing of H-shares unattractive for existing shareholders [2][8]. - The company faces rising raw material costs, particularly for rubber, and pressure from automotive companies on pricing, which could impact sales [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, Linglong Tire reported revenue of 18.161 billion yuan, a year-on-year increase of 13.87%, but net profit decreased by 31.81% to 1.167 billion yuan [4]. - The gross margin for the first three quarters of 2025 was 16.38%, down nearly 8 percentage points from 24.35% in the same period of 2024 [5]. - The company’s product sales have shown steady growth, with a 3.12% increase in average selling price per tire in Q3 2025 compared to Q2 2025 [4][5]. Group 3: Market Position and Competition - Linglong Tire is the second-largest tire manufacturer in China and the sixth-largest globally, with a market share of 4.4% based on global tire sales [3]. - Competitors such as Zhongce Rubber and Sailun Tire have successfully listed and raised funds, increasing competitive pressure on Linglong Tire [2][3]. - The company has established partnerships with over 70 major automotive manufacturers, providing tires for various vehicle types, including electric vehicles [6]. Group 4: Raw Material Costs and Pricing Pressure - The prices of key raw materials, including natural and synthetic rubber, have seen significant fluctuations, impacting the company's cost structure [5][7]. - Linglong Tire's reliance on direct procurement from automotive companies, rather than the consumer replacement market, has resulted in lower gross margins compared to competitors [5]. - The price of rubber has rebounded significantly, raising concerns about cost management and profitability [7].

玲珑轮胎（601966.SH）近日宣布终止筹划发行H股，这距离玲珑轮胎披露港股招股书已经超过半年的时 间。 2025年10月21日，第一财经曾经发布《玲珑轮胎拟赴港上市，毛利率大幅波动，上半年增收不增利》的报 道。 有业内人士认为，连续多年股价下跌之后，玲珑轮胎A股股价目前依然低迷，市净率低于1倍，港股发行定 价很可能折价，而且有港股上市的轮胎企业市净率仅为0.7倍，这种估值卖股票对原有股东来说"不好接 受"。 另一方面，玲珑轮胎也面临着橡胶等价格大幅上升带来的原材料价格上涨，终端销售还可能受到汽车企业的 压价。此外，玲珑轮胎其他竞争对手去年已经成功上市融资，将会对玲珑轮胎造成更大的经营压力。 2026.01. 26 本文字数：2713，阅读时长大约4分钟 作者 | 第一财经 李隽 关于公告中所述"公司自身实际情况、发展规划"等具体原因，玲珑轮胎并未作出详细说明。主要竞争对手之 一的中策橡胶（603049.SH）已于2025年6月5日登陆A股市场，海安集团（001233.SZ）亦于2025年11月 25日在A股成功上市。 而玲珑轮胎2025年三季报显示，前三季度营业收入为181.61亿元，同比增长13.87% ...

Core Viewpoint - Linglong Tire (601966.SH) has announced the termination of its plan to issue H-shares, which comes more than six months after the company disclosed its prospectus for the Hong Kong stock market [2][3] Group 1: Company Performance and Market Position - Linglong Tire is the second-largest tire manufacturer in China and the sixth-largest globally, with a market share of 4.4% and an annual sales volume of 85.4 million tires as of 2024 [3] - The company's revenue for 2023 was 20.165 billion yuan, which translates to a global market share of approximately 1.6% [3] - In the first three quarters of 2025, Linglong Tire reported a revenue of 18.161 billion yuan, a year-on-year increase of 13.87%, but a net profit decline of 31.81% [4] Group 2: Financial Challenges - The company's gross margin for the first three quarters of 2025 was 16.38%, down nearly 8 percentage points from 24.35% in the same period of 2024 [6] - Linglong Tire's competitors, Sailun Tire and Zhongce Rubber, reported gross margins of 24.73% and 20.6% respectively for the same period [6] - The company faced significant cost pressures due to rising raw material prices, particularly natural and synthetic rubber, which have affected profitability [6][7] Group 3: Market Conditions and Competitive Landscape - The tire industry is currently facing multiple challenges, including the impact of U.S. tariffs and weak domestic demand, with a cumulative export of 534 million tires from January to September 2025, reflecting a year-on-year growth of 5.4% [5] - Linglong Tire's pricing strategy is under pressure due to strong bargaining power from automotive manufacturers, which has led to lower margins compared to competitors [6] - The competitive landscape is intensifying as major competitors have successfully listed and raised funds, increasing operational pressure on Linglong Tire [2][3] Group 4: Stock Market and Valuation Concerns - Linglong Tire's stock price has significantly declined, dropping over 75% from its historical high of 57 yuan to 15.15 yuan, with the current price below the net asset value per share [8] - The valuation of tire companies listed in Hong Kong, such as Pulin Chengshan, shows a price-to-earnings ratio of less than 5 times and a price-to-book ratio of 0.71 times, indicating potential challenges for Linglong Tire to issue H-shares at a favorable price [8] - The company’s stock price volatility and fluctuating net profits make it difficult for investors to assess its value, complicating the pricing of potential H-share offerings [7][8]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The recent tensions in Sino-Japanese relations are expected to accelerate the domestic substitution of Japanese semiconductor materials, as Japan holds a significant market share in this sector while domestic production rates are relatively low [3] - The chemical industry in China is anticipated to undergo a revaluation due to anti-involution measures, which are likely to slow down global capacity expansion significantly. This shift could enhance the dividend yield potential of Chinese chemical companies, transforming them from cash-consuming entities to cash-generating ones [4] - The report highlights four major investment opportunities: low-cost expansion, improved industry sentiment, new materials, and high dividend yields [8][9][10] Summary by Sections Investment Suggestions - Key targets for semiconductor material substitution include: 1) Photoresists: Dinglong Co., Yanggu Huatai, Tongcheng New Materials, and others 2) Wet electronic chemicals: Jianghua Micro, Greenland, and others 3) Electronic gases: Haohua Technology, Juhua Co., and others 4) Mask plates: Qingyi Optoelectronics, Luwei Optoelectronics 5) CMP polishing liquids and pads: Anji Technology, Dinglong Co., Jiangfeng Electronics 6) Sputtering targets: Jiangfeng Electronics, Longhua Technology, and others [3] Industry Performance - The chemical industry has shown strong performance with a 1-month increase of 16.5%, a 3-month increase of 23.4%, and a 12-month increase of 53.9% compared to the CSI 300 index [6] Key Product Price Analysis - Industrial-grade lithium carbonate price increased by 15% week-on-week to 13,800 RMB/ton, driven by maintenance at lithium salt plants and optimistic demand forecasts in the energy storage sector [12] - Pure benzene price rose by 7.96% week-on-week to approximately 5,965 RMB/ton, influenced by reduced imports and strong domestic demand [12] Company Tracking and Earnings Forecast - The report includes a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with expected earnings per share (EPS) growth for 2024 to 2026 [28]

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

Core Viewpoint - Linglong Tire is actively implementing measures to enhance its product competitiveness and profitability through innovation in new materials and technologies, market expansion, and brand building [1] Group 1: Product Development and Innovation - The company has established a certain level of technological reserve in high-end tire technology, including dandelion rubber tires, self-repairing silent tires, smart power generation tires, and sustainable material eco-friendly tires [1] - Linglong Tire is pushing for the commercialization of these technological achievements while accelerating collaboration with new energy vehicle manufacturers to develop and produce tires for electric vehicles [1] Group 2: Market Strategy and Financial Goals - The company aims to develop more high-end new product series that align with changing market consumption habits and demands, effectively enhancing product profitability and average sales price [1] - Linglong Tire is committed to maintaining a balanced global production base and sales operations to effectively mitigate international trade risks and strengthen operational resilience in a complex external environment [1]

证券代码：601966 证券简称：玲珑轮胎 公告编号：2026-002 山东玲珑轮胎股份有限公司 关于终止发行H股股票并在香港联合交易所 有限公司上市的公告 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。 山东玲珑轮胎股份有限公司（以下简称"公司"）分别于2025年4月24日、2025年5月15日召开第五届董事 会第二十三次会议及2024年年度股东会，审议通过了《关于公司发行H股股票并在香港联合交易所有限 公司上市的议案》《关于提请股东会授权公司董事会及其授权人士全权处理与公司本次H股股票发行上 市有关事项的议案》等与发行H股股票事项相关的议案，同意公司发行H股股票并申请在香港联合交易 所有限公司（以下简称"香港联交所"）主板挂牌上市。具体内容详见公司于2025年4月25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关于筹划发行H股股票并在香港联合交易所有限公司 上市相关事项的提示性公告》（公告编号：2025-024）。 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 ...

（文章来源：证券日报） 证券日报网讯 1月22日，玲珑轮胎发布公告称，鉴于公司经营管理和工作安排需要，张卫卫女士辞去公 司职工董事及董事会下设可持续发展委员会、合规管理委员会委员职务。公司于2026年1月22日召开职 工代表大会，同意选举王少艺女士为公司第六届董事会职工董事，并接任张卫卫女士在董事会各专门委 员会中的全部职务。公司董事会于近日收到副总裁魏胜先生的书面辞职申请。因工作变动，魏胜先生申 请辞去公司副总裁职务，其辞职后仍将在公司担任其他职务。公司召开第六届董事会第四次会议，同意 聘任张卫卫女士、王立江先生为公司副总裁。 ...

证券日报网讯1月22日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，截至2025年末，塞尔 维亚玲珑全钢平均日产0.36万条，按每月30天连续生产、每季度(3个月)计算，季度产量为32.4万条，占 规划产能(每季度60万条)的54%。 ...

2025年前三季度，玲珑轮胎实现营业收入181.61亿元，同比增长13.87%；归母净利润为11.67亿元，同 比减少31.81%。 目前，王锋担任公司董事长、总裁。 王锋，1972年出生，博士研究生学历。曾任招远市橡胶工业集团公司车间主任，山东玲珑橡胶集团公司 车间主任，山东玲珑橡胶集团公司副厂长，招远市蚕庄镇党委委员，山东玲珑橡胶集团公司副总经理兼 进出口公司经理，山东玲珑橡胶有限公司总经理、党委书记、董事，山东玲珑轮胎有限公司董事长、总 经理，北交智慧科技有限公司董事、经理;现任玲珑集团有限公司董事，山东玲珑轮胎股份有限公司董 事长、总裁，山东玲珑金山私募基金管理有限公司董事，蝶动(长春)科技股份有限公司董事，英诚贸易 有限公司董事。 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。 玲珑轮胎是一家轮胎制造商，主要从事设计、开发、生产及销售多元化且日益丰富的轮胎产品组合。根 据弗若斯特沙利文的资料，按2024年的全球销量计算，玲珑轮胎为中国市场最 ...