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。 ...

Core Viewpoint - Linglong Tire is set to achieve significant production capacity in Serbia by Q4 2025, with a focus on both semi-steel and full-steel tire production [1] Production Capacity - The average daily production of semi-steel tires is projected to exceed 25,000 units, with a quarterly planned capacity of 300,000 units (1.2 million units annually), resulting in a capacity utilization rate of over 70% [1] - The average daily production of full-steel tires is expected to exceed 3,600 units, with a quarterly planned capacity of 60,000 units (240,000 units annually), leading to a capacity utilization rate of over 50% [1] Monthly and Annual Performance - The capacity utilization rate for December is reported to be consistent with the average level of Q4 [1] - The average production and sales rate for the year 2025 is anticipated to be close to 92% [1]

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]

Core Viewpoint - Linglong Tire, as one of the earliest Chinese tire companies to export products to Europe, has maintained stable growth in sales and market share in the region in recent years [2] Group 1: Sales Performance - By the third quarter of 2025, the company exported 8 million tires (including semi-steel and full-steel) to Europe, accounting for 12.14% of the company's overall revenue [2] - The company has been shipping products from both domestic and overseas factories, with a primary focus on direct exports from domestic facilities [2] Group 2: Strategic Developments - The Serbian base is expected to become the main supplier to the EU region due to its local manufacturing advantages, following the completion of the domestic production shift for European export products and the implementation of the EU's anti-dumping policies on Chinese semi-steel tires [2] - Currently, the company's sales in the EU market are conducted through a combination of direct sales by overseas subsidiaries and distribution via agents [2]

Core Viewpoint - Linglong Tire (601966) is actively advancing new projects both domestically and internationally, including collaborations with major automotive manufacturers and new energy vehicle initiatives [1] Group 1: Project Developments - The company is working on new projects with well-known manufacturers such as BMW, Volkswagen, and Audi, as well as various traditional fuel and new energy vehicle models [1] - Some of these models are expected to start delivery in 2026 [1] Group 2: Collaboration with Tesla - Linglong Tire is in active discussions with Tesla, although no supply agreements have been finalized yet [1] - Due to confidentiality agreements with clients, the company cannot disclose details about new projects until the models are in mass production [1]