Core Viewpoint - The company expresses confidence in the growth prospects of its all-steel giant tire products, with a current order backlog of approximately 1.424 billion yuan and active efforts to expand into international markets [2][3] Group 1: Market Potential - The all-steel giant tires are primarily used for large open-pit mining giant trucks, with an estimated 56,000 active giant trucks globally and projected production of 358,000 all-steel giant tires by 2027 [2] - In 2024, the company achieved sales of 5,974 units for 49-inch tires, 4,201 units for 51-inch tires, 5,594 units for 57-inch tires, and 302 units for 63-inch tires, with the 63-inch product already in mass production [2] Group 2: Competitive Advantages - The company identifies its core competitive advantages as a strong mining service background, a unique "product + operation" business model, high-quality customer resources, and a mature global layout network [2] - The company operates in dozens of countries, providing all-steel giant tire products or mining tire operation management services to over a hundred mines, positioning itself closely behind three major international brands in market share, brand, and technology [2] Group 3: Future Growth and Market Strategy - The company acknowledges entering a relatively stable growth phase after years of rapid expansion, yet maintains sufficient growth momentum, with an order backlog of approximately 1.424 billion yuan as of July 2025 [3] - In the first half of 2025, new orders and framework agreements for all-steel giant tires amounted to 3.37 billion yuan, involving 4,790 units and 17 new customers, with ongoing efforts to pursue potential sales and operation management projects [3] - The company holds a positive yet rational outlook on gross margin, anticipating an increasing substitution effect of Chinese manufacturing over international brands, while recognizing potential pricing and margin pressures due to industry capacity release [3] - Future international market development will focus on traditional markets in Europe and the U.S., emerging markets in BRICS countries, and Chinese overseas markets [3]

Group 1 - The core viewpoint of the article highlights that Hai'an Group's all-steel giant tire products are applicable to various types of mines, including coal, iron, copper, and gold mines [2] - The fluctuations in black and non-ferrous mineral categories may not completely align, sometimes exhibiting complementary effects that can smooth overall volatility through hedging [2] - The demand for giant tire products, which are essential consumables for large-tonnage dump trucks in open-pit mining, is less cyclical compared to the mineral products themselves [2] Group 2 - Dump trucks operate year-round, resulting in less pronounced seasonal characteristics in demand for giant tire products [2]

Core Insights - The company differentiates itself from domestic peers through its deep mining service expertise, unique "product + operation" model, high-quality customer resources, and forward-looking global layout [1] Group 1: Mining Service Expertise - The company has a profound understanding of mining operations and customer needs, stemming from its founder's experience in the mining tire service sector since the 1980s [1] - It possesses leading domestic and internationally advanced technology in giant tire research and development [1] Group 2: Unique Business Model - The "full lifecycle" service model for mining tires effectively enhances production efficiency, ensures production safety, secures supply chains, addresses customer funding issues for tire procurement, and manages service teams [1] - This model reduces the overall tire costs for customers while allowing the company to accumulate real-time operational data for continuous product iteration and optimization, creating strong customer loyalty and service barriers [1] Group 3: Customer Resources - The company has established long-term partnerships with numerous large mining companies and mining truck manufacturers, leveraging the market influence of leading industry clients to rapidly acquire more customer resources [1] - This foundation supports steady market expansion and sustainable performance growth [1] Group 4: Global Layout - The company is committed to providing all-steel giant tire products and services globally, with several subsidiaries overseas to quickly respond to localized market demands [1] - Its business spans dozens of countries, serving hundreds of mines with all-steel giant tire products or mining tire operation management services, facilitating leapfrog development through its global layout [1]

Group 1 - The core viewpoint of the article is that Hai'an Group (001233) has outlined its adjusted fundraising plans, focusing on three main projects aimed at expanding production capacity and enhancing automation [1] Group 2 - The three projects include: 1. Full-steel giant engineering radial tire expansion project with a construction period of 3 years 2. Full-steel giant engineering radial tire automated production line upgrade project with a construction period of 2 years 3. Research and development center construction project with a construction period of 3 years [1] - The company has disclosed in its announcements that it has already invested its own funds into the fundraising projects prior to the listing [1] - As the projects progress, new production capacity is expected to be gradually released [1]

Core Viewpoint - After years of rapid growth, the company has reached a certain business scale and is entering a relatively stable period, with overseas market revenue growth expected to exceed 22% from 2022 to 2024 after excluding the Russian market [1] Group 1: Business Performance - The number of trading customers for the company is expected to double from 2022 to 2024 [1] - As of July 31, 2025, the company's backlog for tire sales business within one year amounts to approximately 1.424 billion yuan, excluding mining tire operation management business [1] Group 2: Market Development - The market development for the company's all-steel giant tire products has been positive, with new signed orders and framework agreements totaling 4,790 units, corresponding to a contract amount of approximately 337 million yuan, including 17 newly developed customers as of June 30, 2025 [1] - The company is in discussions for several all-steel giant tire sales projects, with 7 customers expected to place orders exceeding 10 million yuan, involving approximately 1,520 units and an estimated total order value of about 239 million yuan [1] Group 3: Mining Tire Operations - There are 9 customers expected to have annual order scales exceeding 50 million yuan for domestic and international mining tire operation management business [1] - The company is actively participating in the supply chain for mining projects by providing high-reliability tire solutions, leveraging its all-steel giant tire products and professional tire operation management services [1]

Core Viewpoint - The market for all-steel giant tires is characterized by high technical barriers and strong customer loyalty, leading to a clear differentiation in the competitive landscape [1] Group 1: Market Position - The international market for all-steel giant tires is primarily dominated by three major global brands, with the company closely following in terms of market share, brand, and technology [1] - The company possesses advantages in product cost-performance ratio and supporting services [1] Group 2: Domestic Market Development - The company has achieved mass production and application of the largest 63-inch products domestically [1] - Some domestic manufacturers have not yet achieved mass production of 57-inch or 63-inch products, and even if they do, their products require long-term practical testing under harsh conditions to accumulate reliable feedback and gain customer recognition [1] Group 3: Challenges for New Entrants - New entrants face significant technical challenges and their products struggle to gain long-term testing opportunities in large open-pit mines due to the high emphasis on safety and efficiency by mining customers [1]

Core Viewpoint - The company plans to enhance its development in international markets through a "3+2" strategy, focusing on three major target markets and two sales strategies [1] Group 1: Target Markets - The three major target markets include traditional markets in Europe and the United States for mining tires, emerging markets such as BRICS countries, Southeast Asia, and Africa, as well as the Chinese overseas market linked to state-owned enterprises' investments in mining projects [1] Group 2: Sales Strategies - The company aims to optimize its product structure and promote brand internationalization to continuously provide value-added services to customers and enhance product recognition [1]

Core Viewpoint - Haian Group (001233) indicates that its all-steel giant tire products can be applied in various types of mines, including coal, iron, copper, and gold mines [1] Group 1: Product Application - The all-steel giant tire products are essential consumables for large-tonnage dump trucks used in open-pit mining [1] - The demand for giant tire products is less cyclical compared to the mining products themselves [1] Group 2: Market Dynamics - The fluctuation cycles of black and non-ferrous mineral types may not completely align, sometimes showing a complementary effect [1] - The two types of minerals may help smooth overall volatility through a hedging effect [1] Group 3: Operational Characteristics - Dump trucks operate in all-weather conditions, resulting in less pronounced seasonal characteristics [1]

Core Viewpoint - Hai'an Group (001233) indicates that all-steel giant tires are expected to gradually replace giant bias tires in the market due to their superior properties, with a projected production of 358,000 units by 2027 [1] Group 1: Market Overview - There are currently 1,615 active large open-pit mines globally, which utilize approximately 56,000 giant mining trucks [1] - The all-steel giant tire product has significant market potential due to its advantages over giant bias tires [1] Group 2: Future Projections - According to Frost & Sullivan's industry research report, the production of all-steel giant tires is expected to reach 358,000 units by 2027 [1]

人民财讯1月11日电，海安集团（001233）1月10日在机构调研时表示，在全钢巨胎这一技术壁垒高、客 户黏性强的细分领域，市场竞争格局呈现明显分化。国际市场上，该领域主要由三大国际品牌主导；公 司在市场占有率、品牌及技术方面紧随其后，并在产品性价比与配套服务上拥有自身优势。在国内，公 司已实现最大规格63英寸产品的量产与应用；国内部分厂商暂未实现57英寸或63英寸产品量产。 ...