证券代码：001233 证券简称：海安集团 海安橡胶集团股份公司 投资者关系活动记录表 编号：2026-009 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 活动参与人员 参与单位名称 及人员姓名 参与单位名称及人员姓名（排名不分前后）： 景顺长城基金管理有限公司：王开展、范顺鑫、曹雅倩 国泰海通证券股份有限公司：刘威、李沁人、张元 上市公司接待人员姓名： 董事会秘书 林进柳 证券事务代表 郑伟达 时间 2026 年 1 月 28 日 地点 公司会议室、线上视频会议 形式 线上交流 交流内容及具 体问答记录 1、未来行业需求发展趋势如何？全钢巨胎市场空间有多大？ 答：全钢巨胎作为重型矿用自卸卡车（负载 90 吨以上）的核心消耗品 之一，根据加拿大 Syncrude 公司的研究，对于一个大型露天矿山中的车辆 运营费用，轮胎消耗成本占比约为 24%，其市场需求与全球采矿业的发展紧 密相连。现行全球主要矿产资源探明储量及开采总量多年来保持增长趋势 （如铁矿石、铜矿石等），直接拉动了对全钢巨胎的配套需求。另国家政策 鼓励加大矿 ...

Group 1: Company Growth Plans - The company aims to increase customer penetration in the domestic market and develop new clients while enhancing import substitution [2] - Plans to leverage existing overseas clients' reputation and the benefits of being publicly listed to expand into international markets, including traditional markets in Europe and the US, as well as emerging markets in BRICS countries, Southeast Asia, and Africa [2] Group 2: Industry Demand Trends - The demand for all-steel giant tires is closely linked to the mining industry's growth, with tire consumption costs accounting for approximately 24% of operational expenses in large open-pit mines [3] - Global active large open-pit mines total 1,615, with around 63,900 giant mining trucks, indicating a robust market for all-steel giant tires [3] - By 2027, the global production of all-steel giant tires is expected to reach 358,000 units [3] Group 3: Product Pricing and Lifespan - Average prices for all-steel giant tires from January to June 2025 are: - 49-inch: CNY 51,300 per unit - 51-inch: CNY 87,000 per unit - 57-inch: CNY 182,800 per unit - 63-inch: CNY 347,000 per unit [6] - The lifespan of all-steel giant tires varies significantly based on factors such as mineral type, climate, road conditions, and load [5] Group 4: Industry Barriers - High technical barriers exist due to the demanding nature of all-steel giant tire production, requiring extensive practical feedback and long development cycles [7] - Market barriers arise from mining companies' focus on safety and efficiency, making it difficult for new entrants to gain acceptance [7] - The industry is capital-intensive, with high expectations for supplier reliability and production scale [7] Group 5: Future Outlook and Market Dynamics - The company is optimistic about maintaining a healthy gross margin despite increasing competition and market capacity, attributing this to high technical barriers and a focus on replacing international brands [9] - The replacement market for giant mining tires is significantly larger than the original equipment market, as tire selection is primarily based on mining conditions and owner preferences [10] - The company employs a direct sales model, engaging directly with clients, including well-known domestic and international mining companies [10]

证券日报网1月23日讯，海安集团（001233）在接受调研者提问时表示，公司矿用轮胎运营管理业务成 本包括轮胎消耗成本、直接人工及间接费用。 ...

Core Viewpoint - The company plans to enhance customer penetration in the domestic market while developing new clients and deepening import substitution. It aims to leverage its reputation from existing overseas clients and the benefits of being publicly listed 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. The company will also participate in the supply chain of mining projects led by Chinese state-owned enterprises, providing reliable tire solutions for mines [1]. Domestic Market Strategy - The company intends to increase the penetration rate of existing customers in the domestic market [1] - It will focus on developing new clients and enhancing import substitution efforts [1] International Market Development - The company plans to leverage its good reputation from existing overseas clients to expand into international markets [1] - Target markets include traditional markets in Europe and the U.S., as well as emerging markets in BRICS countries, Southeast Asia, and Africa [1] - The company aims to tap into the "Chinese overseas market" associated with state-owned enterprises' investments in mining projects abroad [1] Supply Chain Participation - The company will actively participate in the supply chain of mining projects led by Zijin Mining and Jiangxi Group [1] - It will provide high-reliability tire solutions based on its strong technical capabilities and professional tire operation management services [1]

证券日报网1月23日讯，海安集团（001233）在接受调研者提问时表示，全钢巨胎行业因其产品特性与 应用场景的特殊性，形成了较高的行业壁垒，主要体现在技术、市场和资金三个方面：技术壁垒：全钢 巨胎承载负荷大，使用环境恶劣，连续工作时间长，产品的性能和质量只有长期在矿山使用才能获取实 践反馈数据，研发难度高、研发周期长。行业内新进入企业在不具备成熟的全钢巨胎生产技术情况下， 产品性能和质量难以满足终端客户的实际需要，需要长时间技术攻关。市场壁垒：矿业公司高度重视生 产安全及效率，通常很难认可行业新进入者的产品，行业新进入者的产品很难获取在大型露天矿山进行 长期试验的机会。资金壁垒：全钢巨胎行业为资金密集型行业，下游客户对供应商供货的及时性、生产 规模均有较高要求。 ...

Summary of Haian Group Research Report Company Overview - **Company Name**: Haian Group - **Industry**: Manufacturing of all-steel giant tires - **Date of Research**: January 23, 2026 - **Key Personnel**: Lin Jinliu (Board Secretary), Zheng Weida (Securities Affairs Representative) Key Points Company Background - Haian Group originated from tire service operations, specifically in the mining sector, transitioning into the manufacturing of all-steel giant tires to address the supply issues faced by domestic mining companies due to foreign brand monopolies [5] Future Growth Plans - The company aims to increase market penetration among existing clients and develop new customers, focusing on import substitution. It plans to leverage its reputation and expertise to expand into international markets, including traditional markets in Europe and North America, as well as emerging markets in BRICS countries, Southeast Asia, and Africa [6][7] Unique Business Model - Haian Group offers a tire operation management service that includes comprehensive lifecycle management of tires, which is not a common practice in the industry. This service model enhances customer loyalty and addresses operational pain points, despite having lower initial profit margins compared to direct tire sales [8][9][10] Industry Barriers - The all-steel giant tire industry has high entry barriers due to: - **Technical Barriers**: The complexity of tire performance and quality requires extensive practical feedback from mining operations, making R&D challenging [11] - **Market Barriers**: Mining companies prioritize safety and efficiency, making it difficult for new entrants to gain acceptance [11] - **Financial Barriers**: The industry is capital-intensive, with high demands for timely supply and production scale from customers [11] Market Share in Russia - Haian Group has established a significant market share in Russia through long-term relationships with local clients and strategic contracts. The company continues to grow its customer base in Russia, despite competition from established international brands [12] Fundraising and Project Development - The company has outlined three key projects for its fundraising efforts, with construction timelines of 3 years for the all-steel giant tire expansion project, 2 years for the automation upgrade, and 3 years for the R&D center [14] Cost Structure of Tire Management Services - The costs associated with the tire operation management services include tire consumption costs, direct labor, and indirect expenses [15] Additional Insights - The company’s strategy to enhance its service offerings and operational management is expected to create a competitive edge and foster sustainable growth in the all-steel giant tire market [10]

Core Viewpoint - Hai'an Group is positioned strongly in the all-steel giant tire segment, characterized by high technical barriers and strong customer loyalty, ranking 11th in the industry with a price-to-earnings ratio of 23.78 times, compared to the industry average of 42.94 times [1] Group 1: Company Performance - As of July 31, 2025, the company has approximately 1.424 billion yuan in orders for tire sales within one year [2] - The company signed new orders and framework agreements for 4,790 all-steel giant tires, amounting to approximately 337 million yuan, including 17 new customers [2] - The company is negotiating several all-steel giant tire sales projects, with seven potential clients expected to generate over 10 million yuan in orders, totaling an estimated 239 million yuan [2] Group 2: Market Expansion - The company has successfully developed over 30 clients in more than 15 countries outside of Russia, including markets in Australia, Indonesia, Chile, Ecuador, and Thailand [2] - Future strategies include increasing penetration among existing domestic customers, developing new clients, and enhancing import substitution [3] - Internationally, the company aims to expand into traditional markets in Europe and the U.S., emerging markets in BRICS countries, Southeast Asia, and Africa, as well as Chinese overseas markets linked to state-owned enterprises [3] Group 3: Investment and Development - The company plans to allocate raised funds to three main projects: expansion of all-steel giant engineering radial tire production, automation upgrades for production lines, and the establishment of a research and development center, with construction periods of 3 years, 2 years, and 3 years respectively [3] - Hai'an Group has established strong partnerships with industry leaders such as Zijin Mining and Jiangxi Copper Group, participating in early-stage IPO investments and strategic cooperation agreements [3] Group 4: Investor Engagement - The recent investor meeting included 26 institutions, indicating strong interest from the investment community [1] - Ruiyuan Fund, a long-term value investment institution, has shown significant growth, with its latest fund unit net value at 2.0042, reflecting a 72.79% increase over the past year [4]

Group 1: Company Background and Development - The company originated from tire service operations, focusing on manufacturing all-steel giant tires to address the domestic market's reliance on foreign brands [2] - The founder, Zhu Hui, aimed to break the monopoly of international brands and enhance safety in China's mining industry by developing local manufacturing capabilities [2] Group 2: Market Expansion Plans - Future plans include increasing customer penetration in the domestic market and expanding into international markets, particularly in Europe, the U.S., BRICS countries, Southeast Asia, and Africa [3] - The company aims to leverage its reputation and expertise to provide reliable tire solutions for mining projects associated with Chinese state-owned enterprises abroad [3] Group 3: Unique Business Model - The company offers a comprehensive tire operation management service, which includes maintenance, pressure control, and lifecycle management, differentiating it from competitors who primarily focus on direct tire sales [4] - This service model enhances customer loyalty and addresses critical operational challenges faced by clients [5] Group 4: Industry Barriers - The all-steel giant tire industry has high entry barriers due to technical, market, and financial challenges [5] - New entrants struggle with product performance and quality, as well as gaining acceptance from mining companies that prioritize safety and efficiency [5] Group 5: Market Share in Russia - The company has established a significant market share in Russia since entering in 2016, driven by strong relationships with local clients and high-quality products [6] - Future competitiveness in the Russian market will rely on maintaining trust with core customers and adapting to geopolitical changes [6] Group 6: Investment Projects - The company has three main investment projects with construction cycles of 3 years for the all-steel giant tire expansion, 2 years for the automation upgrade, and 3 years for the R&D center [7] - These projects are expected to gradually release new production capacity as they progress [7]

证券代码：001233 证券简称：海安集团 海安橡胶集团股份公司 投资者关系活动记录表 编号：2026-006 投资者关系 活动类别 ☑ 特定对象调研 □分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 ☑ 现场参观 □ 其他 活动参与人员 参与单位名称 及人员姓名 参与单位名称及人员姓名（排名不分前后）： 紫金矿业投资(上海)有限公司 李世春 紫金矿业股权投资管理(厦门)有限公司 郭少聪 华泰资产管理有限公司 车育文 天弘基金管理有限公司 胡彧 华夏基金管理有限公司 陈伟彦 睿远基金管理有限公司 郑斌、金明进、李政隆 刘都 西部利得基金管理有限公司 毛振强 安信基金管理有限责任公司 陈思、陈嵩昆 上海东方证券资产管理有限公司 向仕杰 申万菱信基金管理有限公司 高付 和基投资基金管理(苏州)有限公司 李天益、陈方玮 碧云资本管理有限公司 陈喆 北京市星石投资管理有限公司 王荣亮 远信(珠海)私募基金管理有限公司 袁迦昌 泉果基金管理有限公司 张羽鹏 上海自然拾贝投资管理合伙企业（有限合伙） 李长鸿 上海慎知资产管理合伙企业(有限合伙) 赵宇达 上海阿杏投资管理有限公司 刘畅 天风证券股份 ...

Market Position and Strategy - The company has improved the quality and lifespan of its giant tire products in the Russian market, leading to increased customer recognition and trust, with ongoing growth in the number of new customers [2][4]. - As of July 31, 2025, the company has approximately ¥1.424 billion in orders for tire sales within one year [2]. - The company has signed new orders and framework agreements for 4,790 giant tires, amounting to approximately ¥337 million, including 17 new customers [3]. Global Expansion Efforts - The company has successfully developed over 30 customers in more than 15 countries outside of Russia, including Australia, Indonesia, Chile, Ecuador, and Thailand, with potential for increased procurement [4]. - New customers have been developed in countries such as Peru, the Democratic Republic of the Congo, Kazakhstan, Uzbekistan, Guinea, Ghana, Indonesia, and South Africa since 2025 [4]. Investment and Production Strategy - The decision to invest in a joint venture factory in Russia is based on the country's significant market opportunities and aims to enhance local production capabilities, thereby strengthening market share [4][5]. - The company aims to transition from "product export" to "localized production," which will improve supply chain resilience and customer responsiveness [4]. Financial Operations - The company utilizes cross-border trade in RMB for settlements with Russian customers, ensuring stable and smooth transaction processes [6]. - The company is a pioneer in the mining tire operation management business, which, despite lower initial profit margins, fosters strong customer loyalty and addresses critical customer pain points [6]. Business Model and Profitability - The mining tire operation management service, while having lower gross margins compared to direct sales, is expected to improve profitability over time as the company gains familiarity with operational environments [6]. - The synergy between mining tire operation management and direct sales creates a unique competitive advantage for the company [6].