1. Report's Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Cambodia's rubber supply is expected to increase slightly, and the reconstruction of its downstream processing industry chain does not affect global rubber demand, so it is bearish for rubber prices [2][94][95] - Attention can be paid to the fluctuation opportunities of periodic conflicts between Thailand and Cambodia, but it is necessary to grasp the trading main line and take timely profit - taking for long positions [2][93][95] 3. Summary According to the Directory 3.1 Cambodia Rubber Producing Area Supply - Demand Status and Future Development Trends 3.1.1 Producing Area Basic Overview: Resource Endowment and Industry Positioning - Agriculture is one of the pillar industries of Cambodia's economy, and natural rubber is regarded as an important strategic crop. The Cambodian government hopes that the rubber industry will bring sustainable benefits to all stakeholders [4] - Cambodia is located in the southern part of the Indochina Peninsula in Asia, with a tropical monsoon climate suitable for rubber growth. The top four rubber - producing provinces in 2023 accounted for 67.89% of the planting area [5] - The earliest rubber planting in Cambodia dates back to 1910. After independence, the rubber planting industry reached its peak in 1967. After being damaged by the civil war, it gradually recovered. Currently, Cambodia is the seventh - largest rubber - producing country [11][12][13] 3.1.2 Supply - Demand Pattern Analysis - **Supply**: The rubber production in Cambodia grew rapidly from 2010 - 2020, with an average compound growth rate of 23.52%, and the growth rate decreased after 2021, with a rate of only 3.43% from 2021 - 2024. The single - yield has been steadily increasing since 2019 and reached the median level of Southeast Asian producing countries in 2024 [20][21] - **Demand**: Currently, Cambodia's rubber export accounts for a large proportion, mainly exporting raw materials to Vietnam. With the production of Chinese - funded tire enterprises in Cambodia, the local rubber is expected to be in short supply, the direct rubber export volume will decline, and the tire export will increase rapidly. The tire export is mainly to the United States [33][42][45] 3.1.3 Development Bottlenecks and Future Trends - **Development Bottlenecks**: The rubber industry in Cambodia faces problems such as labor shortage, farmers' conversion to other crops, insufficient infrastructure construction, and unstable power supply, which may limit the growth of local tire production capacity [48][51] - **Future Outlook**: From 2026 - 2030, the planting area is expected to continue to grow with the upward shift of rubber prices, the growth rate of the harvested area may slow down, and the single - yield will steadily increase, with a slight increase in production. The government plans to increase the harvested area to about 331,000 hectares, the single - yield to about 1400 kg/ha, and the production to about 463,000 tons by 2030 [53][54][55] 3.2 Review and Comments on Thailand - Cambodia Border Conflict Incidents 3.2.1 Thailand - Cambodia Border Conflict Timeline and Market Response - **2008 - 2011 Thailand - Cambodia Conflict**: Rooted in historical territorial disputes, especially over the Preah Vihear Temple. There were several small - scale conflicts during this period, and the impact on the market was limited by macro - factors [60][61][62] - **2025 Thailand - Cambodia Conflict**: There were multiple rounds of conflicts, including sporadic and large - scale ones. The market showed different reactions each time, but the impact on the market was generally short - lived. The market gradually became more rational in evaluating the impact of the conflicts [70][74][83] 3.2.2 Impact of Thailand - Cambodia Border Conflict on Rubber Producing Area Tapping Operations - The conflict mainly affects rubber production in terms of the scope of influence, impact time, and foreign labor. The conflict in December 2025, which lasted for a long time and occurred during the production season, had a greater impact on production. The conflict also led to the continuous loss of foreign labor in Thailand's 7 border provinces and Cambodian - origin foreign labor across Thailand [86][87][90] 3.3 Supply Expected to Increase Slightly, Pay Attention to Geopolitical Fluctuation Opportunities in the Short Term - Cambodia's rubber supply is expected to increase slightly. The reconstruction of the downstream processing industry chain does not affect global rubber demand, so it is bearish for rubber prices. The periodic conflicts between Thailand and Cambodia may bring market fluctuation opportunities [93][94][95]

青岛双星股份有限公司（以下简称"青岛双星"、"公司"）拟发行股份及支付现金购买资产并募集配套资 金（以下简称"本次交易"），最终实现青岛双星间接持有锦湖轮胎株式会社（KUMHO TIRE CO., INC.，以下简称"锦湖轮胎"）45%的股份并控股锦湖轮胎。 深圳证券交易所并购重组审核委员会于2026年2月5日召开2026年第2次并购重组审核委员会审议会议， 对本次交易的申请进行了审议。根据深圳证券交易所并购重组审核委员会发布的《深圳证券交易所并购 重组审核委员会2026年第2次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条件和 信息披露要求。 公司结合实际情况，对重组报告书进行了部分补充、修订和完善，形成了重组报告书（注册稿），本次 补充和修订的主要内容如下（如无特别说明，本公告中的简称或释义均与重组报告书（草案）一致）： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000599 证券简称：青岛双星 公告编号：2026-007 青岛双星股份有限公司关于发行股份及支付现金购买资产并募集配套资金暨 关联交易报告书（草案）（注册稿）修订说明的公告 本公司及董事会成员保证公告内容的真实 ...

Core Viewpoint - Qingdao Doublestar Co., Ltd. has achieved full production of its PCR (Passenger Car Tire) project in Cambodia, marking a significant milestone in the company's localization strategy and establishing a core support for its global capacity layout, which will enhance its competitiveness in the global tire market [1][2]. Group 1: Project Overview - The Doublestar Cambodia factory is a key component of the company's overseas strategy, with a total investment of $200 million, established in partnership with Zhongqi Group [3][9]. - The factory, located in the economic zone of Kampong Cham Province, is designed to produce 8.5 million high-performance radial tires annually, including 7 million semi-steel radial tires (PCR) and 1.5 million all-steel radial tires [3][9]. - The first phase of the project commenced production on September 6, 2024, and the full line of PCR production is expected to accelerate capacity ramp-up [3][9]. Group 2: Strategic Implications - The rapid development of the Doublestar Cambodia factory exemplifies how Chinese tire companies are responding to international trade barriers and accelerating their global expansion [5][10]. - Cambodia offers advantages such as abundant natural rubber resources, competitive labor costs, and a nine-year income tax exemption, which are beneficial for the project [5][10]. - By leveraging Cambodia's unique trade position, Doublestar can effectively avoid anti-dumping and countervailing duties imposed by the EU and US markets, facilitating access to high-revenue markets [5][10]. Group 3: Market Impact - Products from the Cambodia base will primarily supply high-revenue markets in Europe and the US, optimizing the company's global supply chain and injecting new momentum into its performance growth [7][10]. - The establishment of the Doublestar factory coincides with the recent completion of the first tire from the Fumax tire base, which has a total investment of $190 million and an annual capacity of 9.2 million tires, contributing to the formation of an industrial cluster effect [7][10].

中国国际金融股份有限公司 关于 青岛双星股份有限公司 发行股份及支付现金购买资产并募集配套资金 暨关联交易 之 独立财务顾问报告（注册稿） 独立财务顾问 二〇二六年二月 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问报告所依据的文件和材料由相关各方提供，相关各方对所 提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任； （二）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履行本次 交易相关协议和声明或承诺的基础上出具；若上述假设不成立，本独立财务顾问不承 担由此引起的任何风险责任； （三）对于对本独立财务顾问报告至关重要而又无法得到独立证据支持或需要法 律、审计、评估等专业知识来识别的事实，本独立财务顾问主要依据有关政府部门、 律师事务所、会计师事务所、资产评估机构及其他有关单位出具的意见、说明及其他 文件做出判断； （四）如本独立财务顾问报告中结论性意见利用其他证券服务机构专业意见的， 独立财务顾问已进行了必要的审慎核查。除上述核查责任之外，独立财务顾问并不对 其他中介机构的工作过程与工 ...

证券代码：000599.SZ 证券简称：青岛双星 上市地点：深圳证券交易所 青岛双星股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） 摘要（注册稿） | 交易对方类型 | 交易对方名称 | | --- | --- | | | 双星集团有限责任公司、青岛城投创业投资有限公司、青岛国信 | | 发行股份及支付现金购买资产交易 对方 | 资本投资有限公司、青岛双星投资管理有限公司、青岛国信创新 | | | 股权投资管理有限公司 | | 募集配套资金认购方 | 包括双星集团有限责任公司在内不超过35名符合条件的特定投 | | | 资者 | 独立财务顾问 二〇二六年二月 青岛双星股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）摘要（注册稿） 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真实、准确、 完整，保证不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性、 完整性承担个别和连带的法律责任。 本公司控股股东、全体董事、监事、高级管理人员承诺，如本次交易所披露或提供 的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被 ...

深圳证券交易所并购重组审核委员会于 2026 年 2 月 5 日召开 2026 年第 2 次并购重组审核委员会审议会议，对本次交易的申请进行了审议。根据深圳证券 交易所并购重组审核委员会发布的《深圳证券交易所并购重组审核委员会 2026 年第 2 次审议会议结果公告》，本次会议的审议结果为：本次交易符合重组条件 和信息披露要求。 公司结合实际情况，对重组报告书进行了部分补充、修订和完善，形成了重 组报告书（注册稿），本次补充和修订的主要内容如下（如无特别说明，本公告 中的简称或释义均与重组报告书（草案）一致）： | 章节 | | 修订情况 | | --- | --- | --- | | 重大事项提示 | | 更新本次交易尚需履行的决策和审批程序 | | 重大风险提示 | | 1、更新本次交易溢价收购的风险； 2、更新国际贸易摩擦及关税政策变动风险 | | 第一节 | 本次交易概况 | 更新本次交易已履行及尚需履行的决策和审批程序 | | 第九节 | 管理层讨论与 | 补充披露财务报告审计截止日后的财务信息及主要经 | | 分析 | | 营状况 | 除上述更新外，公司对重组报告书少许表述进行了完善，对本次交易方 ...

证券代码：000599.SZ 证券简称：青岛双星 上市地点：深圳证券交易所 青岛双星股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案） （注册稿） | 交易对方类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产交易 | 双星集团有限责任公司、青岛城投创业投资有限公司、青岛国 | | 对方 | 信资本投资有限公司、青岛双星投资管理有限公司、青岛国信 | | | 创新股权投资管理有限公司 | | 募集配套资金认购方 | 包括双星集团有限责任公司在内不超过35名符合条件的特定投 | | | 资者 | 独立财务顾问 二〇二六年二月 青岛双星股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）（注册稿） 上市公司声明 本公司及全体董事、监事、高级管理人员保证本报告书及其摘要内容的真实、准 确、完整，保证不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准 确性、完整性承担个别和连带的法律责任。 本公司控股股东、全体董事、监事、高级管理人员承诺，如本次交易所披露或提 供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关 ...

Group 1 - The core point of the article is that Qingdao Doublestar (000599.SZ) has fully launched its PCR (Passenger Car Tire) production line in Cambodia [1] - Since 2019, the company has been collaborating with Kumho Tire for production and sales synergy, utilizing its own capacity to manufacture tire products that meet Kumho Tire's requirements [1] - Kumho Tire is responsible for selling these products through its distribution channels [1]

Core Viewpoint - The company has recently commenced full production of passenger car tires in Cambodia and is collaborating with Kumho Tire for production and sales [1] Group 1: Production and Sales - The company's passenger car tire (PCR) production line in Cambodia has just started full operations [1] - Since 2019, the company has been engaged in production and sales collaboration with Kumho Tire, producing tires that meet Kumho's specifications [1] - Kumho Tire is responsible for the sales of these products through its distribution channels [1]

Group 1 - The stock price of Qingdao Double Star (000599) closed at 6.87 yuan on February 6, 2026, down 7.41%, with a trading volume of 690,600 shares and a turnover of 491 million yuan [1][2] - The stock has experienced a decline for two consecutive days, with a drop of over 5% on two occasions in the last five trading days. However, in the first ten trading days, there was a net inflow of 141 million yuan from major funds, and the stock price increased by 11.72% cumulatively [2][4] - The company plans to issue shares and pay cash to acquire 45% of Kumho Tire, with the transaction approved by the Shenzhen Stock Exchange's merger and acquisition review committee on February 5, 2026. The transaction is subject to approval from the China Securities Regulatory Commission, and the timeline for completion remains uncertain [3][4]