Core Viewpoint - Hai'an Rubber Group, a leading manufacturer of all-steel giant tires, has successfully listed on the Shenzhen Stock Exchange, marking it as the first company from Fujian Province to do so this year [1] Group 1: Company Overview - Hai'an Group, established in December 2005, specializes in the research, manufacturing, sales, and management of mining tire operations, focusing on all-steel engineering machinery radial tires [3] - The company has developed a diverse product matrix that meets the operational needs of mining trucks ranging from 90 tons to 400 tons, with a global sales and service network covering hundreds of large open-pit mines [3] - Hai'an Group ranks first in China and fourth globally in the all-steel giant tire segment, representing a key player in promoting Chinese giant tire brands internationally [3] Group 2: Financial Performance - The company's revenue has shown steady growth, with figures of 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan for the years 2022, 2023, and 2024 respectively [3] - The net profit, excluding non-recurring gains and losses, was reported at 319 million yuan, 639 million yuan, and 641 million yuan for the same years [3] Group 3: Research and Development - Hai'an Group emphasizes the importance of scientific and technological innovation, investing heavily in R&D and establishing various research institutions, including a national postdoctoral research station and a provincial enterprise technology center [4] - The company holds over 80 patents and has contributed to numerous national and industry standards, earning accolades such as "National High-tech Enterprise" and "Top 100 Brand Competitiveness in Chinese Industrial Enterprises" [4] Group 4: Strategic Partnerships and Future Plans - The company has secured strategic investments from major industry players, including Zijin Mining and Jiangxi Copper, with total subscriptions amounting to approximately 1 billion yuan [5] - Funds raised from the IPO will be used to enhance R&D capabilities and expand production capacity, focusing on automation upgrades and aligning with industry trends to improve production efficiency [5] - Hai'an Group aims to leverage these partnerships for comprehensive collaboration across technology development, supply chain coordination, and market expansion, driving towards its goal of becoming a global leader in all-steel giant tires [5]

- The report discusses the IPO performance in November 2025, highlighting that 11 new stocks were listed across the Shanghai, Shenzhen, and Beijing stock exchanges, raising a total of 101.88 billion yuan [2][8] - The average first-day increase for the six new stocks listed on the Shanghai and Shenzhen markets was 209%, with notable variations among individual stocks [2][11] - The report provides a detailed breakdown of the IPO performance by market segment, including the main board, STAR Market, and ChiNext, with specific examples such as Daming Electronics and Hengkun New Materials [11][14] - The report also includes a comprehensive analysis of the monthly IPO subscription returns, with A/B class accounts earning 73.17/71.87 million yuan respectively in November 2025 [14][16] - The report suggests that the "inclusion" strategy remains optimal, recommending active participation in low-priced, small-cap new stocks with high first-day increase potential, as well as large-cap stocks with significant offline allocation [15][17]

证券代码：001233 证券简称：海安集团 公告编号：2025-002 海安橡胶集团股份公司 二、备查文件 1、黄振华先生的辞职报告 特此公告。 海安橡胶集团股份公司 董 事 会 2025 年 12 月 3 日 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事离任情况 海安橡胶集团股份公司（以下简称"公司"）董事会近日收到董事、副总经 理黄振华先生的辞职报告，因公司治理结构调整，黄振华先生申请辞去公司董事 及董事会战略委员会委员职务，辞任后仍担任公司副总经理职务。黄振华先生担 任公司董事的原定任期为 2024 年 4 月 25 日至 2027 年 4 月 24 日，根据《中华人 民共和国公司法》及《公司章程》等有关规定，黄振华先生的辞任不会导致公司 董事会成员低于法定最低人数，其辞职不会影响公司董事会的正常运作，辞职报 告自送达公司董事会之日起生效。 截至本公告披露日，黄振华先生通过仙游县明道投资合伙企业（有限合伙） 间接持有公司股份 50 万股；其不存在应当履行而未履行的承诺事项，所持公司 股份后续将按照承诺及法律法规的要求进行管理。 黄振华先生任职 ...

格隆汇12月2日｜海安集团公告，公司董事会近日收到董事、副总经理黄振华先生的辞职报告，因公司 治理结构调整，黄振华先生申请辞去公司董事及董事会战略委员会委员职务，辞任后仍担任公司副总经 理职务。黄振华先生担任公司董事的原定任期为2024年4月25日至2027年4月24日，根据《中华人民共和 国公司法》及《公司章程》等有关规定，黄振华先生的辞任不会导致公司董事会成员低于法定最低人 数，其辞职不会影响公司董事会的正常运作，辞职报告自送达公司董事会之日起生效。 ...

证券日报网讯 12月2日，海安集团在互动平台回答投资者提问时表示，公司最新股东数请关注或留意公 司定期报告，以公告披露为准。 （文章来源：证券日报） ...

海安集团公告，公司董事、副总经理黄振华先生因公司治理结构调整，申请辞去公司董事及董事会战略 委员会委员职务，辞任后仍担任公司副总经理职务。黄振华先生担任公司董事的原定任期为2024年4月 25日至2027年4月24日。 ...

- The report introduces a quantitative model for calculating IPO returns based on the formula: **Single account IPO return = min(account size, subscription limit) * winning rate * return rate** **A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate** The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: **Main Board:** A class: 0.037%, B class: 0.035% **ChiNext:** A class: 0.058%, B class: 0.058% **STAR Market:** A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: **A class:** 1.716% **B class:** 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: **Main Board:** A class: 19 million yuan, B class: 17.9 million yuan **ChiNext:** A class: 31.3 million yuan, B class: 31.2 million yuan **STAR Market:** A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]

Core Points - Hai'an Group's stock price reached a new low of 67.53 yuan, marking a decline of 5.11% with a total market capitalization of 12.566 billion yuan [1] - The company was listed on the Shenzhen Stock Exchange on November 25, 2025, with an initial public offering (IPO) price of 48.00 yuan per share [1] - The total amount raised from the IPO was 2.23168 billion yuan, but the net amount after deducting issuance costs was 2.1075289 billion yuan, which is 844.789 million yuan less than originally planned [1] Company Information - Hai'an Group issued 46,493,334 shares, representing 25.00% of the total share capital post-issuance, with no existing shares being sold by shareholders [1] - The company planned to raise 2.9523179 billion yuan for projects including the expansion of all-steel giant engineering radial tire production and automation upgrades, as well as the construction of a research and development center and working capital [1] - The total issuance costs (excluding VAT) amounted to 124.1511 million yuan, with underwriting and sponsorship fees accounting for 96.6279 million yuan [1]

Core Insights - Hai'an Group has achieved a significant milestone by successfully shipping 59/80R63 all-steel giant engineering tires to the North American market, indicating entry into a high-end market with stringent product quality requirements [1][3] Group 1: Product Details - The 59/80R63 all-steel giant tire is currently the largest size globally, capable of carrying over 100 tons, representing the pinnacle of giant engineering tire manufacturing [2] - This tire is designed for ultra-large mining dump trucks, meeting the rigorous demands for equipment uptime and reliability in large open-pit mining operations [2] - The tire features a special rubber compound and a deep, wide tread design, enhancing its tear and cut resistance, suitable for harsh mining conditions [2] - Advanced radial structure and high-performance steel cord materials are utilized to reduce heat generation during high-speed operation under heavy loads, significantly extending tire lifespan and uptime [2] - The tire's multi-layer high-strength skeleton structure provides robust protection against impacts and punctures, minimizing the risk of abnormal damage [2] Group 2: Market Expansion - The successful launch of the 59/80R63 tire marks a new breakthrough for Hai'an Group in expanding its ultra-large engineering tire offerings in overseas markets [3] - The customer for this shipment is one of the largest mining groups globally, whose stringent quality standards serve as a validation of the company's technical capabilities and facilitate entry into the high-end mining equipment market [3] - The North American market's strict quality and safety standards for engineering equipment components provide a model for other companies looking to enter this market, potentially increasing the global market share of domestic all-steel giant tires [3]

Core Viewpoint - Hai'an Group has officially entered the capital market, marking a significant milestone in its journey from a tire refurbishment workshop to a leading manufacturer of all-steel giant tires, achieving a dominant position in a market largely controlled by international giants like Michelin and Bridgestone [1][2]. Group 1: Company Development - Hai'an Group has transformed from a small tire refurbishment workshop to a major player in the all-steel giant tire industry over the past 20 years, now holding the position of the largest domestic manufacturer and the fourth largest globally [1][2]. - The company has developed a comprehensive product matrix covering all specifications from 49 inches to 63 inches, supported by 76 patents and a robust core technology system [3]. - The company has successfully filled a domestic gap in the production of all-steel giant tires, with significant technological advancements achieved through collaboration with the Beijing Rubber Industry Research and Design Institute [2][3]. Group 2: Market Position and Financial Performance - In 2022, Hai'an Group's revenue reached 1.508 billion yuan, with projected revenues of 2.251 billion yuan in 2023 and 2.300 billion yuan in 2024, alongside net profits of 319 million yuan, 639 million yuan, and 641 million yuan respectively [6]. - The company has established a strong international presence, with overseas sales accounting for approximately 65.19%, 76.16%, and 74.23% of its main business revenue from 2022 to 2024 [6]. - As of 2022, Hai'an Group held a market share of about 52.4% in the domestic all-steel giant tire market, ranking first among domestic manufacturers [6]. Group 3: Strategic Initiatives and Future Plans - The company plans to utilize funds raised from its IPO to enhance its technological capabilities, expand production capacity, and develop an automated production line, aiming to meet growing order demands and improve production efficiency [7]. - Hai'an Group has formed strategic partnerships with major industry players such as Zijin Mining and Jiangxi Copper, establishing a dual guarantee system of "capital + orders" to support its international expansion [4][5]. - The company aims to accelerate its global layout strategy and enhance its market influence through a combination of manufacturing upgrades, technological leadership, and brand development [7].