"废旧轮胎制备液体再生胶可循环轮胎应用技术"，在温和可控的低温环境下，通过连续化、自动化的精密系统，将废旧轮胎高效转化为性能优异的液态再 生胶。生产过程能耗显著降低，避免了高温裂解二次污染，实现清洁化连续生产。所得液体再生胶分子量分布均匀、相容性与流动性俱佳，大幅提升资源 附加值，推动了从"废弃"到"高值利用"的循环。 该技术不仅破解了废旧轮胎的"黑色污染"治理难题，更将之转化为可持续的绿色资源，有效减少原材料开采与整体碳排放，为轮胎行业提供了经济与环境 效益并重的解决方案，引领产业循环经济迈向高端化、低碳化新阶段。 近日，第十届铃轩奖颁奖典礼在苏州揭晓。在为期半年、经过29位专家严格评审的激烈角逐中，玲珑轮胎（601966）从百余项申报中脱颖而出，斩获双项 大奖："废旧轮胎制备液体再生胶可循环轮胎应用技术"荣膺前瞻类优秀奖，"新玲珑大师致途"夺得量产类优秀奖。玲珑第六次成为该汽车零部件权威奖项 唯一获奖的轮胎企业，彰显了其持续领先的创新能力。 当前，全球汽车产业正经历深刻变革，中国在新能源与智能网联汽车领域已走在世界前列。玲珑紧跟产业趋势，以前瞻技术与高端产品双轮驱动，为汽车 产业提供面向未来的解决方案。 ...

Summary of Tire Industry Conference Call Industry Overview - The tire industry is experiencing significant growth opportunities, particularly for domestic brands in the global market. Current market share for domestic brands in major markets like Europe and North America is around 15%, with substantial room for growth as they aim to replace foreign brands in the lower-tier segments [1][3][11]. Key Insights - **Market Share Growth**: Domestic tire brands are expected to increase their market share significantly by 2026, particularly in high-end segments, where they aim to capture over 50% of the market [2][3]. - **Global Expansion**: Leading domestic tire companies are accelerating their global expansion strategies, establishing production capacities in regions outside Southeast Asia to mitigate trade risks and enhance performance certainty [1][6][20]. - **Profitability**: Domestic tire companies exhibit strong profitability, with net profit margins around 10% and ROE exceeding 20%. Non-road tire products have gross margins as high as 40%-50% [1][23]. Market Dynamics - **Trade Policies**: Changes in trade policies in Europe and the U.S. are creating both challenges and opportunities for domestic tire manufacturers. The ability to adapt to these changes is crucial for maintaining competitiveness [6][17]. - **Cost Pressures**: Global automotive manufacturers are under significant cost-cutting pressures, which may benefit domestic tire companies due to their competitive pricing and cost structure [15][18]. Future Projections - **Valuation Potential**: The tire sector is currently valued at approximately 10 times earnings, with potential to rise to 15-20 times as growth prospects improve and trade disruptions lessen [24][25]. - **High-End Market Penetration**: By 2027, domestic brands are projected to achieve over 60% market share in the domestic semi-steel tire segment, driven by advancements in high-end model supply [21]. Company-Specific Insights - **ZC Rubber**: Anticipated to significantly increase production capacity by 2026, with a focus on high-end model supply [26]. - **Sailun**: Maintains a strong overseas presence, with plans to expand production in Indonesia and Mexico, while enhancing its high-end model offerings [27]. - **Sime Darby**: Focused on semi-steel tire production, with plans to enhance profitability through new capacity in Morocco [28]. - **Linglong Tire**: Aims to shift focus from low-end to high-end models to improve profitability [29]. - **Princeton**: Currently undervalued but expected to see valuation improvements with new production coming online in Malaysia [30]. Conclusion - The tire industry is poised for significant growth, driven by domestic brands' increasing market share, global expansion strategies, and strong profitability metrics. The evolving trade landscape and cost pressures on global manufacturers present both challenges and opportunities for domestic players. The overall outlook for the industry remains positive, with substantial potential for valuation increases in the coming years.

证券日报网讯 1月8日，玲珑轮胎在互动平台回答投资者提问时表示，公司正在充分考量资本市场，特 别是中小股东的意见与建议，秉持维护股东利益、对全体股东负责的原则，结合当前资本市场环境的变 化和公司自身资金需求、业务发展规划等多重因素，审慎讨论并分析港股发行节奏，相关进展情况敬请 关注公司后续公告。 （文章来源：证券日报） ...

Core Viewpoint - Linglong Tire reported that the capacity utilization rates for both semi-steel and all-steel production at its Serbia base have been calculated based on actual achieved capacity, with a combined sales rate nearing 92% for the period from January to December 2025 [2] Group 1 - The Serbia base's semi-steel and all-steel capacity utilization rates are based on actual production metrics [2] - The combined sales rate for semi-steel and all-steel products at the Serbia facility is approaching 92% for the year 2025 [2] - The company plans to disclose the overall operational status of its Serbia operations in future periodic reports [2]

Core Viewpoint - Linglong Tire's stock performance shows a slight increase, with significant financing activities indicating a low financing balance relative to market value, suggesting potential investment opportunities in the company [1][2]. Group 1: Financial Performance - As of September 30, Linglong Tire reported a revenue of 18.16 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 13.87% [2]. - The net profit attributable to shareholders for the same period was 1.17 billion yuan, which represents a year-on-year decrease of 31.81% [2]. Group 2: Shareholder and Financing Information - As of January 6, Linglong Tire's financing balance was 6.58 billion yuan, accounting for 3.04% of its market capitalization, which is below the 50th percentile of the past year, indicating a low financing level [1]. - The number of shareholders decreased to 87,500, a reduction of 7.74% compared to the previous period, while the average circulating shares per person increased by 8.39% to 16,716 shares [2][3]. - The company has distributed a total of 3.69 billion yuan in dividends since its A-share listing, with 1.40 billion yuan distributed over the past three years [3]. Group 3: Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is the Southern CSI 500 ETF, holding 10.67 million shares, a decrease of 223,000 shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 10.58 million shares, down by 3.23 million shares [3]. - New institutional shareholder, Shenwan Hongyuan Securities Co., Ltd., holds 4.16 million shares, marking its entry into the list of top ten circulating shareholders [3].

Core Viewpoint - The company anticipates fluctuations in natural rubber prices until 2026 due to various influencing factors, and it is implementing measures to stabilize raw material costs and manage foreign exchange risks [1] Group 1: Natural Rubber Price Outlook - The short to medium-term price trends of natural rubber are influenced by seasonal patterns, inventory changes, downstream operating rates, climatic conditions, market supply and demand dynamics, and macroeconomic policies [1] - The company is closely monitoring raw material price fluctuations and aims to optimize its supplier structure and procurement strategies to mitigate the impact of price volatility on operations [1] Group 2: Raw Material Supply Stability - The company is establishing long-term stable partnerships with key suppliers to ensure the stability of raw material supply and continuously optimize procurement costs [1] Group 3: Foreign Exchange Risk Management - The company is currently engaged in foreign exchange hedging activities to reduce risks associated with currency market fluctuations and to prevent adverse effects from significant exchange rate volatility [1]

（文章来源：证券日报） 证券日报网讯 1月5日，玲珑轮胎在互动平台回答投资者提问时表示，公司始终致力于与全球各大汽车 制造商保持稳固的合作关系，并通过持续优化产品品质与服务体系，以满足客户的多元化需求。目前与 以上两家主机厂的配套供货进展顺利。 ...

Group 1 - The company, Linglong Tire, stated that its net cash flow from operating activities will be sufficient in the first three quarters of 2025 [2] - The company plans to continuously optimize its financing and debt structure while reasonably controlling capital expenditure [2] - By improving the efficiency of capital turnover, the company aims to enhance the quality of its earnings and ensure stable and sufficient operating cash flow [2]

Core Insights - The 2025 Shandong Wealth Creation List highlights the strong performance of the tire industry, with a total wealth creation amounting to 2.5 trillion yuan, showcasing the industry's significant contribution to the local economy [6][13]. Group 1: Leading Companies and Wealth Rankings - Huachin Rubber, led by the Niu Zhishun family, ranks first in the tire industry with a wealth value of 55.128 billion yuan, placing it in the top ten of the overall list [6][8]. - Linglong Tire and Haomai Group form a strong second tier, with the Wang Xicheng family of Linglong Tire at 33.596 billion yuan (ranked 18th) and Zhang Gongyun of Haomai Group at 33.581 billion yuan (ranked 19th), indicating their close financial standings [3][10]. - Other notable entrants in the top 100 include Shang Jiyong of Wanda Holdings, Liu Shengjun and Liu Xia of Haomai Group, Yuan Zhongxue of Sailun and Soft Control, and Qin Long of Senqilin, further solidifying the wealth landscape of Shandong's tire industry [3][10]. Group 2: Industry Strength and Transformation - The tire industry is recognized as a pillar industry in Shandong, demonstrating its robust capabilities and the successful transition from traditional manufacturing to high-end, intelligent production [4][11]. - Continuous focus on core business operations has led to synchronized growth in personal wealth and corporate value among Shandong tire entrepreneurs, contributing to the region's reputation as a stronghold in the tire sector [6][13].

Group 1 - The core viewpoint of the article highlights that Linglong Tire has established a new retail service brand, Atlas Car Maintenance Station and Atlas Car Friends Home, in 2022 based on its product strength, new retail marketing capabilities, supply chain distribution capabilities, and digital marketing system [2] Group 2 - The company responded to investor inquiries on an interactive platform regarding its new retail initiatives [2] - The establishment of the new retail service brand is aimed at enhancing customer engagement and service delivery in the tire and non-tire supply chain [2]