Group 1 - The company reported a revenue of 21,855,062,295.00 yuan for the first half of 2025, representing a year-on-year growth of 18.02% [2] - The net profit attributable to shareholders of the listed company was 2,322,232,543.61 yuan, showing a year-on-year decline of 8.56% [2]

（文章来源：每日经济新闻） 中策橡胶（SH 603049，收盘价：45.5元）8月20日发布半年度业绩报告称，2025年上半年营业收入约 218.55亿元，同比增加18.02%；归属于上市公司股东的净利润约23.22亿元，同比减少8.56%；基本每股 收益2.9元，同比减少10.22%。 ...

Group 1 - The core point of the article is that Zhongce Rubber announced the convening of its second board meeting on August 19, 2025, to review the semi-annual report and related documents for 2025 [1] - The company's revenue composition for the year 2024 is detailed, with full steel tires accounting for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1]

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its financial performance and the management of raised funds, ensuring compliance with relevant regulations and transparency in disclosures [3][4][11]. Group 1: Company Overview - The company is identified as Zhongce Rubber Group Co., Ltd., with the stock code 603049 [4]. - The company held its second supervisory board meeting on August 19, 2025, where all supervisors were present, confirming the legality of the meeting [5][6]. Group 2: Financial Data - The company raised a total of RMB 4,066,358,040.00 from its initial public offering, with a net amount of RMB 3,932,680,740.56 after deducting issuance costs [12]. - As of June 30, 2025, the company had completed a total of RMB 2,229,657,288.71 in fund replacements for pre-invested projects [12][15]. Group 3: Fund Management - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements [13][14]. - The company has not used idle raised funds for temporary working capital during the reporting period [17]. Group 4: Operational Performance - In Q2 2025, the company's tire product sales volume increased by 10.36% year-on-year, with sales revenue rising by 15.32% [35]. - The average selling price of tire products increased by 4.50% year-on-year, while the average selling price of car tire products rose by 9.52% [36]. Group 5: Price Changes - The comprehensive procurement price of major raw materials increased by 0.07% year-on-year but decreased by 8.64% compared to the previous quarter [37].

证券日报网讯 8月19日晚间，中策橡胶发布公告称，公司第二届监事会第七次会议审议通过了《关于 2025年半年度募集资金的存放与使用情况报告的议案》等。 （文章来源：证券日报） ...

证券日报网讯 8月19日晚间，中策橡胶发布公告称，公司第二届董事会第十次会议审议通过了《关于 2025年半年度报告及摘要的议案》等。 （文章来源：证券日报） ...

中策橡胶集团股份有限公司 2025 年半年度报告 公司代码：603049 公司简称：中策橡胶 中策橡胶集团股份有限公司 中策橡胶集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人沈金荣、主管会计工作负责人徐利达及会计机构负责人（会计主管人员）朱吉平 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中有涉及未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司整体经营情况稳健 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines key terminology, company abbreviations, and product types used throughout the report - This section defines professional terminology, company and affiliate abbreviations, and tire product types to provide a foundation for understanding the report[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, stock details, and key financial performance indicators for the reporting period [Company Information and Basic Profile](index=6&type=section&id=Company%20Information%20and%20Basic%20Profile) The company's basic corporate information, contact details, and stock listing details on the Shanghai Stock Exchange are provided - Basic company information: **ZC Rubber Group Co., Ltd.** (Stock Code: 603049), with Shen Jinrong as the legal representative[15](index=15&type=chunk) - The company engaged **CITIC Securities Company Limited** for continuous supervision from June 2025 to December 31, 2027[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's revenue grew while net profit declined, with operating cash flow significantly decreasing and net assets boosted by its IPO Key Financial Data for H1 2025 | Key Accounting Data | H1 2025 (billion yuan) | H1 2024 (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 21.86 | 18.52 | 18.02 | | **Total Profit** | 2.46 | 2.63 | -6.28 | | **Net Profit Attributable to Shareholders** | 2.32 | 2.54 | -8.56 | | **Net Profit after Non-recurring Items** | 2.27 | 2.14 | 5.72 | | **Net Cash Flow from Operating Activities** | 0.012 | 1.42 | -99.13 | | **Basic Earnings Per Share (yuan/share)** | 2.90 | 3.23 | -10.22 | | **Weighted Average ROE (%)** | 11.93% | 16.77% | Decreased by 4.84 p.p. | | **Period-End Data** | **End of H1 2025** | **End of 2024** | **Period-over-Period Change (%)** | | **Total Assets (billion yuan)** | 51.77 | 44.82 | 15.49 | | **Net Assets Attributable to Shareholders (billion yuan)** | 22.93 | 17.48 | 31.18 | - Non-recurring gains and losses totaled **55.59 million yuan**, primarily from government subsidies and reversals of impairment provisions[25](index=25&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section details the company's business operations, competitive strengths, financial performance, and key risks faced during the period [Industry and Principal Business Activities](index=10&type=section&id=Industry%20and%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) The company is a leading Chinese tire manufacturer with a comprehensive product portfolio, serving global markets through a dual sales model - The company's principal business is the R&D, production, and sale of all-steel, semi-steel, bias, and bicycle tires, making it one of China's largest and most comprehensive tire manufacturers[31](index=31&type=chunk)[32](index=32&type=chunk) - The sales model combines direct sales to OEMs like **BYD and Toyota** with a distribution network for the replacement market, covering major global markets[34](index=34&type=chunk)[35](index=35&type=chunk) - Industry trends show steady growth in the global tire market, new opportunities from the EV sector, and accelerated globalization by leading players in response to trade frictions[42](index=42&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Discussion and Analysis of Operating Performance](index=14&type=section&id=Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved record revenue in H1 2025 driven by strong orders, technological innovation, and global expansion Revenue by Region for H1 2025 | Region | Revenue (billion yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Domestic | 11.87 | 23.73 | | Overseas | 9.92 | 11.89 | | **Total** | **21.79** | **18.02 (Total Operating Revenue)** | - Technological innovation: Launched innovative products like the "Xia Series" flagship commercial vehicle tires and the Chaoyang 1 EV PRO new energy tires, with performance on par with international standards[50](index=50&type=chunk)[51](index=51&type=chunk) - Globalization and smart manufacturing: Advanced capacity expansion at production bases in **Indonesia and Thailand** and established a "High-Performance Radial Tire Green 5G Digital Factory," a benchmark for semi-steel tire smart manufacturing[53](index=53&type=chunk)[55](index=55&type=chunk) - High-end OEM breakthrough: Became the **first Chinese tire brand to supply Toyota** (for the Bozhi 3X model) and also supplies new energy vehicle manufacturers like BYD, Geely, and Xpeng[57](index=57&type=chunk) [Analysis of Core Competencies](index=17&type=section&id=Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's competitive edge is built on strong R&D, significant scale advantages, a global footprint, and leadership in smart manufacturing - R&D capabilities: Adheres to proprietary R&D, forming systems like "Tiangong" and "Tianji" to create high-performance products and achieve domestic substitution in the high-end market[59](index=59&type=chunk)[60](index=60&type=chunk) - Scale and cost advantages: As China's largest tire manufacturer by production and sales, its comprehensive business layout and significant economies of scale create strong cost management barriers[61](index=61&type=chunk)[62](index=62&type=chunk) - International layout: Production bases in **Thailand and Indonesia** are operational and expanding, enabling flexible order allocation to counter complex trade situations and increase global market share[63](index=63&type=chunk)[64](index=64&type=chunk) - Smart manufacturing: Built a world-leading smart factory for semi-steel radial tires, leveraging the "1+5+X" industrial internet platform to achieve full-process digitalization and lead industry manufacturing standards[66](index=66&type=chunk) [Analysis of Key Operating Activities](index=20&type=section&id=Analysis%20of%20Key%20Operating%20Activities%20during%20the%20Reporting%20Period) Financial analysis reveals revenue growth, a sharp drop in operating cash flow due to increased procurement, and a significant cash inflow from IPO financing Analysis of Key Financial Statement Items | Item | H1 2025 (billion yuan) | H1 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 21.86 | 18.52 | 18.02 | Business scale expansion | | Operating Costs | 17.37 | 14.38 | 20.74 | Grew in line with revenue | | Financial Expenses | 0.165 | -0.055 | N/A | Changes in foreign exchange gains/losses | | Net Cash Flow from Operating Activities | 0.012 | 1.42 | -99.13 | Increased payments for goods and services | | Net Cash Flow from Investing Activities | -2.02 | -1.31 | N/A | Increased payments for long-term asset construction | | Net Cash Flow from Financing Activities | 4.30 | -0.029 | N/A | Received IPO proceeds | Analysis of Key Balance Sheet Items | Item | End of H1 2025 (billion yuan) | End of 2024 (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 6.77 | 4.12 | 64.22 | Received IPO proceeds | | Construction in Progress | 3.46 | 2.47 | 39.94 | Increased investment in engineering projects | | Other Payables | 1.75 | 0.58 | 200.29 | Declared dividends | | Non-current Liabilities Due within One Year | 3.75 | 1.99 | 88.17 | Increase in long-term borrowings due within one year | - The company's overseas assets amount to **15.54 billion yuan**, accounting for **30.03% of total assets**, mainly comprising production entities in Thailand and Indonesia and trading companies[74](index=74&type=chunk)[76](index=76&type=chunk) [Potential Risks](index=25&type=section&id=Potential%20Risks) The company faces major risks from raw material price volatility, market competition, international trade policies, and foreign exchange fluctuations - The price volatility of key raw materials like **natural and synthetic rubber** is a core risk, which the company mitigates through procurement management and price adjustments[84](index=84&type=chunk) - Changes in international trade policies, such as **US tariffs and EU anti-dumping investigations**, pose significant external risks, addressed by flexibly allocating orders to overseas bases in Thailand and Indonesia[87](index=87&type=chunk) - The company is exposed to overseas operational risks, including political, economic, and policy changes in countries like **Thailand, Indonesia, and Mexico** that could impact subsidiary operations[88](index=88&type=chunk) - Foreign exchange risk arises from import and export trade settled in **US dollars**, which can lead to exchange gains or losses and affect product price competitiveness and financial performance[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=27&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, dividend plans, and the company's environmental information disclosure practices [Corporate Governance](index=27&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) A board member was replaced during the period, and the company has no semi-annual profit distribution plan - Board member change: Ms. Lu Hongbo resigned as a director, and **Ms. Yu Yuanjing was elected** as the new non-independent director[92](index=92&type=chunk) - The company does not plan to distribute profits or convert capital reserves into share capital for the first half of the year[93](index=93&type=chunk) [Environment and Society](index=27&type=section&id=Environmental%20Information) The company and seven of its subsidiaries are listed for mandatory environmental information disclosure - The company and **seven of its subsidiaries** are included in the list of enterprises required to disclose environmental information by law, reflecting a commitment to environmental transparency[95](index=95&type=chunk) [Significant Matters](index=29&type=section&id=Section%205%20Significant%20Matters) This section details the fulfillment of IPO-related commitments and the progress on the use of funds raised [Fulfillment of Commitments](index=29&type=section&id=Fulfillment%20of%20Commitments) All parties have strictly adhered to their IPO-related commitments regarding share lock-ups, price stability, and information disclosure - The controlling shareholder ZC Haichao and actual controllers Qiu Jianping and Qiu Fei have committed to a **36-month lock-up period** for their shares from the listing date[100](index=100&type=chunk)[101](index=101&type=chunk) - The company, controlling shareholder, actual controllers, and senior management have committed to a **three-year share price stability plan**, triggered if the closing price is below the latest audited net asset value per share for 20 consecutive trading days[116](index=116&type-chunk)[124](index=124&type=chunk) - The company and related parties have pledged to **repurchase shares and compensate investors** if the prospectus contains false statements, misleading representations, or major omissions[127](index=127&type=chunk)[128](index=128&type=chunk) [Progress on the Use of Raised Funds](index=46&type=section&id=Progress%20on%20the%20Use%20of%20Raised%20Funds) The company has utilized 62.40% of its net IPO proceeds, primarily for factory construction and to replace pre-invested funds Overall Use of Raised Funds | Indicator | Amount (yuan) | | :--- | :--- | | Total Funds Raised | 4,066,358,040.00 | | Net Funds Raised | 3,932,680,740.56 | | Cumulative Amount Invested as of Period-End | 2,453,955,561.08 | | Cumulative Investment Progress | 62.40% | - The raised funds are mainly allocated to five production and construction projects, with the "High-Performance Radial Tire Green 5G Digital Factory Project" having an investment progress of **87.79%**[158](index=158&type=chunk) - In June 2025, the company used **2.42 billion yuan** of the proceeds to replace self-raised funds that were pre-invested in the projects, in compliance with regulations[161](index=161&type=chunk) [Share Capital Changes and Shareholders](index=50&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholders) This section outlines the significant changes in the company's share structure following its IPO and details its shareholder composition [Changes in Share Capital](index=50&type=section&id=Changes%20in%20Share%20Capital) The company's total share capital increased following the issuance of new A-shares during its initial public offering Share Capital Changes | Item | Before Change | Change | After Change | | :--- | :--- | :--- | :--- | | **Total Share Capital (shares)** | 787,037,038 | +87,448,560 | 874,485,598 | | **Shares with Selling Restrictions (shares)** | 787,037,038 | +2,625,149 | 789,662,187 | | **Shares without Selling Restrictions (shares)** | 0 | +84,823,411 | 84,823,411 | - The change in share capital was due to the company's **initial public offering of 87,448,560 A-shares** on the main board of the Shanghai Stock Exchange on June 5, 2025[165](index=165&type=chunk) [Shareholder Information](index=51&type=section&id=Shareholder%20Information) The company has a highly concentrated ownership structure, with the top ten shareholders holding 90.02% of the total shares - As of the end of the reporting period, the total number of shareholders was **71,472**[167](index=167&type=chunk) Top Five Shareholders | Shareholder Name | Shares Held at Period-End | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Hangzhou ZC Haichao Enterprise Management Co., Ltd. | 323,317,169 | 36.97 | Domestic Non-State-owned Legal Entity | | Hangzhou Industrial Investment Group Co., Ltd. | 196,759,260 | 22.50 | State-owned Legal Entity | | Hangzhou Finance & Investment Group Co., Ltd. | 118,055,556 | 13.50 | State-owned Legal Entity | | Tidetron New Materials Group Co., Ltd. | 70,200,000 | 8.03 | Domestic Non-State-owned Legal Entity | | Hangzhou Chaoyang Haoyun Enterprise Management Partnership | 29,077,304 | 3.33 | Other | [Bond-related Matters](index=56&type=section&id=Section%207%20Bond-related%20Matters) The company had no outstanding bonds or other debt financing instruments during the reporting period - During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[177](index=177&type=chunk) [Financial Report](index=57&type=section&id=Section%208%20Financial%20Report) This section presents the unaudited semi-annual financial statements and the detailed notes accompanying them [Financial Statements](index=57&type=section&id=Financial%20Statements) This section contains the unaudited consolidated and parent company financial statements for the first half of 2025 - The consolidated balance sheet shows total assets of **51.77 billion yuan**, total liabilities of **28.84 billion yuan**, and equity attributable to parent company owners of **22.93 billion yuan** as of June 30, 2025[179](index=179&type=chunk)[181](index=181&type=chunk) - The consolidated income statement shows total operating revenue of **21.86 billion yuan** and net profit of **2.32 billion yuan** for H1 2025[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk) - The consolidated cash flow statement shows net cash from operating activities of **12.39 million yuan**, a net outflow from investing activities of **2.02 billion yuan**, and a net inflow from financing activities of **4.30 billion yuan** for H1 2025[192](index=192&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) [Notes to the Financial Statements](index=75&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations of accounting policies and specific items in the financial statements - The company's shares were listed on the Shanghai Stock Exchange on **June 5, 2025**, and the consolidated financial statements include 28 subsidiaries[207](index=207&type=chunk)[208](index=208&type=chunk) - Revenue recognition policy: Revenue from domestic OEM customers is recognized upon product installation, from distributors upon customer receipt; overseas revenue is recognized upon shipment (FOB/CIF) or upon delivery (DDP)[285](index=285&type=chunk) - The company and some of its subsidiaries benefit from a preferential **15% corporate income tax rate** for high-tech enterprises[297](index=297&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) - Detailed disclosures on financial instrument risks are provided, primarily covering **credit risk, liquidity risk, and market risk** (interest rate and foreign exchange risk)[514](index=514&type=chunk)

证券代码：603049 证券简称：中策橡胶 公告编号：2025-027 中策橡胶集团股份有限公司 关于公司 2025 年半年度募集资金存放与使 用情况的专项报告 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法律责任。 一、募集资金基本情况 （一）实际募集资金金额和资金到账情况 2025 年 2 月 26 日，公司收到中国证券监督管理委员会出具的《关于同意中 策橡胶集团股份有限公司首次公开发行股票注册的批复》（证监许可[2025]355 号），同意公司向社会公众发行股票的注册申请。公司已向社会公众发行普通股 （A 股）87,448,560 股，每股发行价格人民币 46.50 元。募集资金总额人民币 4,066,358,040.00 元，减除发行费用人民币 133,677,299.44 元（不含增值税） 后，募集资金净额为 3,932,680,740.56 元。 上述资金到位情况已经天健会计师事务所（特殊普通合伙）审验，并于 2025 年 5 月 30 日出具了"天健验[2025]126"号《验资报告》。公司已将上述募集资 金存放于募集资 ...

证券代码：603049 证券简称：中策橡胶 公告编号：2025-029 中策橡胶集团股份有限公司 关于 2025 年第二季度主要经营数据的公告 一、主要产品的产量、销量及收入实现情况 2025 年第二季度，公司天然橡胶、合成橡胶、炭黑、钢丝帘线、帘布五项 主要原材料的综合采购价格同比增长 0.07%，环比下降 8.64%。 三、其它情况说明 | 主要产品 | 产量（万条） | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | | 轮胎 | 2,729.23 | 2,693.79 | 936,393.95 | | 车胎 | 3,244.64 | 3,228.73 | 105,951.76 | 2025 年第二季度公司轮胎产品销量同比增长 10.36%，轮胎产品销售收入同 比增长 15.32%；车胎产品销量同比增长 3.96%，车胎产品销售收入同比增长 13.85%。 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况 2025 年第二季度，受产品结构变化等因素影响，公司轮胎产品的平均销售 价格同比增长 4.50%，环比下降 1.10%；车胎产品的平均销售价格同 ...