Group 1 - The core viewpoint of the news is that Zhongce Rubber experienced a slight decline in stock price and had a net financing outflow on February 9, 2025, indicating potential investor caution [1] - On February 9, Zhongce Rubber's stock price fell by 0.29%, with a trading volume of 143 million yuan. The financing buy amount was 10.57 million yuan, while the financing repayment was 14.70 million yuan, resulting in a net financing outflow of 4.12 million yuan [1] - As of February 9, the total balance of margin trading for Zhongce Rubber was 231 million yuan, which represents 4.79% of its circulating market value [1] Group 2 - Zhongce Rubber reported a revenue of 33.68 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 14.98%. The net profit attributable to shareholders was 3.51 billion yuan, with a year-on-year increase of 9.30% [1] - The company has distributed a total of 1.14 billion yuan in dividends since its A-share listing [2] - As of September 30, 2025, Zhongce Rubber had 38,300 shareholders, a decrease of 46.47% from the previous period, while the average number of circulating shares per shareholder increased by 86.82% to 2,217 shares [1]

Core Viewpoint - The company emphasizes its commitment to shareholder returns while acknowledging that its stock price is influenced by various factors [1] Group 1: Company Commitment - The company is dedicated to maintaining a continuous and stable profit distribution policy [1] - The company aims to enhance its business operations and market value management [1] - The company strives to reward investors' attention and trust through strong operational performance [1]

中信建投证券股份有限公司 二、对现场检查事项逐项发表的意见 （一）公司治理和内部控制情况、股东会、董事会运作情况 现场检查人员查阅了中策橡胶的公司章程、公司治理主要制度、股东会、董 事会、监事会和董事会专门委员会的全套会议资料、公司内部控制相关制度、 内部审计制度、内审部门的文件资料及审计委员会的履职情况报告等。 2 关于中策橡胶集团股份有限公司2025年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关法律法 规的要求，中信建投证券股份有限公司（以下简称"中信建投""保荐人"）作为 中策橡胶集团股份有限公司（以下简称"中策橡胶"或"公司"）首次公开发行 股票并在上交所主板上市的保荐人，于2026年2月6日对中策橡胶集团股份有限公 司2025年度有关情况进行了现场检查。 一、本次现场检查的基本情况 中信建投针对中策橡胶的实际情况制订了中策橡胶2025年度持续督导现 场检查工作计划。为顺利实施本次现场工作，提高现场工作效率，切实履行持 续督导工作，中信建投证券提前将现场检查事宜通知中策橡胶，并要求公司提 前准 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and specialty tires, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 3.02 CNY in 2023, rising to 6.32 CNY by 2027 [11][17]. Market Position - The company has established a strong presence in both domestic and international markets, exporting to Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory and new production lines for high-performance tires [23].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and various other tire products, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 4.86 CNY in 2025, 5.75 CNY in 2026, and 6.32 CNY in 2027 [12][17]. Market Position - The company has established a strong presence both domestically and internationally, exporting to various regions including Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory for high-performance tires and expansion projects in Thailand [23].

Summary of Conference Call Industry Overview - The conference focused on the tire industry, specifically highlighting three companies: Zhongce, Sailun, and Haian [2][12]. - The industry is expected to experience a "Davis Double" opportunity in 2026, driven by performance and valuation improvements [2][3]. - The tire sector is projected to contribute approximately 30% average elasticity in 2026, indicating strong growth potential [2][7]. Key Points on Industry Dynamics - The industry's growth is attributed to increased overseas market penetration, with China's tire market share abroad currently below 20% [4][10]. - Profit margin improvements are anticipated due to factors such as tariff adjustments in the U.S. and changes in European anti-dumping measures [5][6]. - The European anti-dumping measures are expected to yield results by the end of March 2026, potentially enhancing profit margins for domestic tire manufacturers [6][7]. Company-Specific Insights: Zhongce - Zhongce is positioned as a leading player in the domestic tire market, with a diversified product range including semi-steel, full-steel, and non-highway tires [12][13]. - The company has historically focused on the domestic market, with overseas production limited to Thailand until recent expansions [14][15]. - Recent strategic shifts include accelerating overseas factory setups in Thailand and Indonesia, with projected production increases of 15 million and 8 million tires, respectively [15][24]. Performance and Valuation - The company is expected to see significant performance elasticity due to its enhanced overseas production capabilities and market demand [15][24]. - Valuation improvements are anticipated as the company transitions to higher-end automotive partnerships, particularly in the domestic market [16][17]. - Zhongce's current valuation is considered low compared to its peers, presenting a potential investment opportunity [18][24]. Recent Developments - The company has implemented price increases of approximately 4% in response to European market conditions, which is expected to positively impact profit margins [18][19]. - The company maintains a near 100% capacity utilization rate for both semi-steel and full-steel tires, indicating strong demand and operational efficiency [20][21]. Competitive Advantages - Zhongce's competitive edge is attributed to its strong brand presence, effective distribution channels, and high customer loyalty among dealers [22][23]. - The company invests significantly in R&D, leading the industry in innovation and cost reduction efforts [23]. Conclusion - The overall outlook for Zhongce is positive, with anticipated growth driven by overseas expansion, improved profit margins, and a strong domestic market position [24]. - The company is recommended for investment based on its solid fundamentals and growth potential in the tire industry.

Group 1 - The core viewpoint of the article is that Zhongce Rubber is making progress on its Jin Tan project, and investors are encouraged to follow the company's regular reports for more details [2] Group 2 - Zhongce Rubber is actively responding to investor inquiries on its interactive platform [2] - The company emphasizes that the Jin Tan project is advancing in an orderly manner [2] - Further information regarding the project will be available in the company's periodic reports and related announcements [2]

Core Viewpoint - The development of green tires is rapidly increasing in China, driven by policies, market demand, and technological advancements, with sales expected to exceed 160 million units by 2025, marking a significant shift towards sustainability in the tire industry [1][12]. Group 1: Overview of the Green Tire Industry - Green tires are defined as products that meet environmental protection requirements throughout their lifecycle, causing minimal harm to the ecosystem and human health while consuming fewer resources [2]. - The national standard GB/T 40718-2021 outlines specific criteria for passenger and commercial vehicle tires, focusing on resource, energy, environmental, and quality attributes [2]. Group 2: Significance of Green Tire Development - Green tires help reduce automotive emissions, with a potential decrease in rolling resistance by 22%-35%, leading to a 3%-8% reduction in fuel consumption and CO emissions [5]. - The production of waste tires is a growing concern, with approximately 37 million waste tires generated in 2024, highlighting the need for sustainable solutions to mitigate environmental pollution [7]. - Green tires reduce dependency on natural rubber and petroleum-based materials, enhancing supply chain resilience through the use of alternative materials [8]. Group 3: Current Market Status of Green Tires - The demand for green tires in China has surged, with sales surpassing 100 million units in 2023 and projected to reach 138 million in 2024 and 160 million in 2025 [12]. - The penetration rate of green tires has increased significantly, reaching 23% of total sales in 2024, an 8 percentage point increase from 2020 [14]. - By the end of 2025, there will be 18 certified green tire products in China, involving major companies such as Sumitomo Rubber, Zhongce Rubber, and Qingdao Doublestar [16]. Group 4: Future Trends in the Green Tire Industry - The integration of AI and machine learning is transforming tire design and production, enabling more efficient material selection and performance testing [17]. - The green transformation at manufacturing facilities is becoming a critical area for industry reform, focusing on energy efficiency and reduced emissions [18]. - Stricter performance and environmental standards for green tires are anticipated, pushing companies to enhance product quality and innovation [19]. - The rise of electric vehicles is driving demand for specialized green tires designed for their unique performance requirements, with significant R&D investments expected in this area [20].

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

Core Viewpoint - Zhongce Rubber experienced a stock price increase of 5.58% on January 19, with a trading volume of 560 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On January 19, Zhongce Rubber had a financing buy amount of 32.25 million yuan and a financing repayment of 44.62 million yuan, resulting in a net financing outflow of 12.37 million yuan [1]. - As of January 19, the total financing and securities lending balance for Zhongce Rubber was 248 million yuan, which represents 4.88% of its circulating market value [1]. - The company had no shares repaid in securities lending on January 19, with 200 shares sold, amounting to 11,600 yuan at the closing price, and a remaining securities lending balance of 6,390 yuan [1]. Company Performance - Zhongce Rubber reported a revenue of 33.683 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 14.98% [1]. - The net profit attributable to shareholders for the same period was 3.513 billion yuan, showing a year-on-year increase of 9.30% [1]. - As of September 30, 2025, the number of shareholders for Zhongce Rubber was 38,300, a decrease of 46.47% compared to the previous period, while the average circulating shares per person increased by 86.82% to 2,217 shares [1]. Dividend Information - Since its A-share listing, Zhongce Rubber has distributed a total of 1.137 billion yuan in dividends [2]. Institutional Holdings - As of September 30, 2025, the seventh largest circulating shareholder of Zhongce Rubber was the Xingquan Trend Investment Mixed Fund (LOF), which holds 856,200 shares as a new shareholder [2].