Group 1 - The company, Hai'an Group, indicated that the certification time varies depending on the type of mineral [1] - After the successful development of all-steel giant tires, initial purchases by downstream customers will involve small batches for trial [1] - The quality of all-steel giant tires can only be verified after they are used and scrapped, with metal minerals typically requiring 12-18 months to obtain performance data, while non-metal minerals require 18-24 months [1]

Core Insights - The company differentiates itself from domestic peers through four core advantages: deep mining service expertise and technological leadership, a unique "product + operation" business model, a strong customer resource base, and a mature global layout network [1] Group 1: Core Advantages - The company has a profound mining service gene and technological leadership, with its founder having been engaged in the field since the 1980s, leading to a deep understanding of mining operations and customer needs, as well as mastery of leading domestic and advanced international full-steel giant tire R&D and product technology [1] - The company has established a unique "product + operation" business model that provides full lifecycle services for mining tires, helping customers improve efficiency, ensure safety, and reduce overall costs while accumulating data to continuously optimize products, thus forming strong customer loyalty and service barriers [1] - The company has accumulated high-quality customer resources, becoming a long-term partner of several large global mining companies and mining truck manufacturers, leveraging the influence of top clients to continuously expand its market, laying a solid foundation for steady performance growth [1] - The company has formed a mature global layout network, with over ten subsidiaries established overseas, covering dozens of countries, enabling it to provide localized and rapid response products and operational services to hundreds of mines worldwide, strongly supporting the company's leapfrog development [1]

Core Viewpoint - The company aims to enhance customer penetration in the domestic market while developing new clients and deepening import substitution. It also plans to leverage its reputation and high-end talent to expand into international markets, including traditional markets in Europe and the U.S., as well as emerging markets in BRICS countries, Southeast Asia, and Africa [1] Group 1: Domestic Market Strategy - The company will increase the penetration rate of existing customers [1] - The focus will be on developing new clients and deepening import substitution [1] Group 2: International Market Development - The company plans to leverage its good reputation with existing overseas major clients to expand into international markets [1] - Target markets include traditional markets for mining tires in Europe and the U.S., as well as emerging markets in BRICS countries, Southeast Asia, and Africa [1] - The company will also focus on the "Chinese overseas market" linked to the overseas investment projects of Chinese state-owned enterprises [1] Group 3: Supply Chain Participation - The company aims to actively participate in the supply chain of mining projects led by Zijin Mining and Jiangxi Copper Group [1] - It will provide high-reliability tire solutions leveraging its technical strength in all-steel giant tires and professional tire operation management services [1]

证券日报网2月6日讯，海安集团（001233）在接受调研者提问时表示，公司始终将股东回报作为核心责 任，未来公司将结合自身经营状况、发展战略及现金流情况，在符合法律法规及监管要求的前提下，着 力提高分红水平，增加分红频次，提升投资者的回报水平，给予投资者稳定的回报预期，推动全体股东 共享公司经营成果。 ...

（文章来源：证券日报） 证券日报网2月6日讯 ，海安集团在接受调研者提问时表示，俄罗斯合资工厂产品主要以中大规格全钢 巨胎为主。 ...

Group 1 - The company is committed to providing global customers with all-steel giant tire products and services, continuously improving its international business layout [2] - The company has established over ten subsidiaries or branches overseas, with product sales covering dozens of countries and regions [2] - The company has provided all-steel giant tire products or mining tire operation management services to over a hundred mines globally [2] Group 2 - The market coverage includes Europe, Asia, Africa, Oceania, and the Americas [2] - In 2024, the main business revenue from the European region is expected to account for approximately 69.82% of the company's total overseas sales revenue, while Asia is expected to account for about 15.77% [2]

南财智讯2月6日电，海安集团在投资者关系活动中表示，公司所服务的矿山中，金属类矿种带来的轮胎 相关收入未来有望大幅提升。 ...

Group 1: Market Expansion and Growth Strategy - The company plans to increase customer penetration in the domestic market and develop new clients while enhancing import substitution [2] - International market development will focus on traditional markets in Europe and the US, as well as emerging markets in BRICS countries, Southeast Asia, and Africa [2] - The company aims to leverage its reputation and high-quality products to expand its presence in the international market, particularly in the mining tire sector [4] Group 2: Competitive Advantages - The company has a deep understanding of mining operations and customer needs, supported by advanced technology in all-steel giant tire development [5] - A unique "product + operation" business model provides full lifecycle services for mining tires, enhancing customer efficiency and loyalty [5] - Established partnerships with major global mining companies and a mature global network of subsidiaries support steady revenue growth [5] Group 3: Financial Performance and Cost Structure - The gross margin for tire operation management services is lower than direct sales due to initial project pricing, but it improves over time as the company gains experience [6] - Tire consumption costs account for approximately 70% of the total costs in tire operation management, with direct labor and indirect costs making up the remainder [11] Group 4: Market Dynamics and Customer Insights - The revenue from metal ore-related tires is expected to significantly increase in the future [7] - The replacement market for giant tires is much larger than the original equipment market, as tire selection is based on mining conditions and owner preferences [8] Group 5: International Sales and Revenue Composition - In 2024, approximately 69.82% of the company's overseas sales revenue is expected to come from Europe, while Asia is projected to contribute about 15.77% [12] Group 6: Future Projects and Investments - The company has three main investment projects: expansion of all-steel giant tire production, automation upgrades, and research center construction, with construction cycles of 3 years, 2 years, and 3 years respectively [14] - Future dividend plans will focus on increasing shareholder returns based on operational performance and cash flow [14]

Group 1: Market Position and Strategy - The full-steel giant tire industry is characterized by an oligopolistic market structure, dominated by three major international brands, with the company closely following in market share, brand, and technology [2][4] - The company plans to increase customer penetration in the domestic market, develop new clients, and deepen import substitution while leveraging its reputation and high-end talent to expand into international markets, including traditional markets in Europe and the U.S. and emerging markets in BRICS countries, Southeast Asia, and Africa [2][3] Group 2: Performance in Russia - Since entering the Russian market in 2016, the company has established partnerships with key local clients and has seen a continuous increase in customer numbers, indicating significant market potential [4] - The establishment of a local factory in Russia is expected to consolidate and expand the company's market share, enhancing its role as a strategic partner and improving supply chain responsiveness [6] Group 3: Impact of Metal Market Trends - The demand for full-steel giant tires is closely linked to the global mining industry's development, with tire consumption costs accounting for approximately 24% of vehicle operating expenses in large open-pit mines [5] - The ongoing rise in metal market conditions is driving capital expenditures in mining, which, combined with domestic green mining policies and the trend towards larger, smarter equipment, is expected to boost demand for full-steel giant tires and associated services [5] Group 4: International Market Growth - The company's non-Russian overseas market has experienced a compound annual growth rate (CAGR) of over 22% during the reporting period since its IPO, with the number of trading clients nearly doubling [7] Group 5: Raw Material Price Management - To mitigate the impact of raw material price fluctuations, the company has established long-term stable relationships with key suppliers, allowing for better bargaining power and dynamic adjustments to procurement strategies based on market conditions [9] Group 6: Tire Lifespan and Service Model - The lifespan of mining tires is influenced by various factors, including mineral type, climate, and operational conditions, with the company providing detailed disclosures on tire lifespan under different conditions [10] - The company's tire operation management services, while having lower gross margins than direct sales, create strong customer loyalty and address significant client pain points, leading to improved project margins over time [11]

中泰证券合规/会议主持人: 本会议信息仅供参考，不代表任何投资建议。 那是进行了长期的与紫金深度绑定这样的一个状态。所以说后续的话，那也是伴随着紫金 在海外的各各处的一个这个新的矿的开拓？那也是海安通过资金持续地获得更多的订单。 然后其次，除了现有的这个紫金的这些现客户的一些新的订单拓展之外，那公司也是在海 外，特别是以俄俄罗斯为中心，去拓展了俄罗斯以及它周围的一些中亚、西亚的一些地区 的新客户。那也是，其实也是基于，就是在这个俄乌战争的背景之下。切入到了俄罗斯市 场这样的一个机会。 那也是随着切入当地的这个俄罗斯获得了新的客户之后，那公司其实主要是基于两方面的 一个优势，那第一块是这个性价比。那从这个价格去看，我们中国的这个剧台基本上都是 比外资的剧台便宜 60%及以上。那第二块就是更好的一个服务。那我们刚刚其实也提到的 话，像公司它其实刚开始是做这种矿山运营业务起家的，那它也是整个行业里面第一家。 去同时就是卖了聚财之后，并进一步去提供运营方面服务这样的一个公司。所以说，那第 二点优势，就是说在这个给相应的这个矿企提供了聚财之后，那公司进会有这个长长期的 一个陪陪同服务。 杨旭 中泰证券汽车分析师: 好的 ...