Market Potential - The global market for all-steel giant tires is expected to reach a production of 358,000 units by 2027, driven by their superior properties compared to giant bias tires [3]. - There are currently 1,615 active large open-pit mines globally, corresponding to approximately 56,000 giant mining trucks [2]. Sales Performance - Sales data for 2024 by rim diameter includes: - 49 inches: 5,974 units - 51 inches: 4,201 units - 57 inches: 5,594 units - 63 inches: 302 units [5]. Competitive Advantages - The company has a strong mining service background and a unique "product + operation" model, which enhances customer loyalty and operational efficiency [6]. - The company has established partnerships with major global mining companies, leveraging its technological and product advantages to expand its market presence [7]. - The competitive landscape shows a clear differentiation, with the company closely following three major international brands in market share and technology [8]. Industry Dynamics - The demand for giant tires is less cyclical compared to the underlying mining products, with no significant seasonal characteristics due to the all-weather operation of dump trucks [4]. - The company has a robust global presence, with operations in dozens of countries, allowing for localized service and rapid market response [7]. Future Development Plans - The company plans to enhance its international market development through a "3+2" strategy, targeting traditional markets in Europe and North America, emerging markets in BRICS and Southeast Asia, and Chinese overseas investments [10]. - Future revenue growth is expected to depend on customer and market development, with overseas market revenue growth projected to exceed 22% from 2022 to 2024 [11]. Financial Outlook - As of July 31, 2025, the company has an order backlog of approximately CNY 1.424 billion for tire sales, excluding mining tire management services [12]. - The company anticipates a potential increase in orders due to ongoing negotiations with several clients, with expected contracts totaling around CNY 2.39 billion [12]. - The company is prepared for potential pressure on profit margins due to increased competition and market supply, but remains optimistic about expanding market share through continuous R&D and operational excellence [13][14].

Core Insights - On January 8, 2023, brokerage firms provided target prices for listed companies, with notable increases for GCL-Poly Energy, Haiguang Information, and China Pacific Insurance, showing target price increases of 49.60%, 40.27%, and 29.61% respectively, across the photovoltaic equipment, semiconductor, and insurance industries [1][2]. Group 1: Target Price Increases - GCL-Poly Energy (688390) received a target price of 111.00 yuan, reflecting a 49.60% increase from the latest closing price [2]. - Haiguang Information (688041) has a target price of 339.00 yuan, indicating a 40.27% increase [2]. - China Pacific Insurance (601601) has a target price of 60.85 yuan, showing a 29.61% increase [2]. Group 2: Brokerage Recommendations - On January 8, 30 listed companies received brokerage recommendations, with Jinggong Steel Structure, Helen Zhe, and China Chemical each receiving one recommendation [2]. - One company, Allwinner Technology (300458), had its rating upgraded from "Hold" to "Buy" by Zhongyou Securities [3]. Group 3: Rating Downgrades - Two companies experienced rating downgrades: Haixia Co. (002320) was downgraded from "Buy" to "Hold" by Tianfeng Securities, and Sanhua Intelligent Control (002050) was downgraded from "Buy" to "Hold" by Northeast Securities [4]. Group 4: First-Time Coverage - Seven companies received first-time coverage on January 8, including Jieli Rigging (002342) rated "Hold" by Northeast Securities, and Shenchi Electromechanical (603109) rated "Buy" by CITIC Securities [5]. - Other companies receiving first-time ratings include Chenguang Co. (603899) with a "Recommended" rating, and Jinhua New Materials (920015) with a "Hold" rating [5].

Core Insights - The report highlights the investment value of the real estate REITs sector following the recent regulatory clarifications by the China Securities Regulatory Commission, which aims to support the revitalization of commercial real estate and stimulate consumption and investment [8][6] - The report emphasizes the growth potential of Hai'an Group, which is deeply integrated with Zijin Mining and is expanding its global market presence through significant investments in overseas manufacturing [11][12] Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 4,082.98, down 0.07%, while the Shenzhen Component Index fell by 0.51% to 13,959.48 [4] - The average daily trading volume in A-shares increased by 8.30% to 21.2 trillion yuan during the period from December 29 to December 31 [8] Company Analysis: Hai'an Group - Hai'an Group announced plans to establish a joint venture in Russia for the production of giant all-steel engineering tires, with a total investment of up to 53.99 billion rubles (approximately 4.319 billion yuan), aiming for an annual production capacity of 10,500 tires [9] - The company is expected to achieve net profits of 680 million yuan, 790 million yuan, and 1 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 18, 15, and 12 times, respectively [11] - The global demand for giant tires is estimated at 440,000 units, with a market size of approximately 41.9 billion yuan, indicating a significant growth opportunity for Hai'an Group in a market currently dominated by three major international brands [12] Industry Insights - The report notes that the REITs market in China is entering a new phase where commercial real estate and infrastructure development will proceed in parallel, driven by improved regulatory frameworks [8] - The giant tire market is characterized by high barriers to entry due to technological and customer loyalty factors, with the production and formulation of these tires requiring extensive validation processes [12]

Core Viewpoint - Hai'an Group has established a strong market presence in Russia through long-term partnerships and high-quality products, with significant contracts signed to ensure future growth and competitiveness in the market [4][10]. Group 1: Market Development and Strategy - The company has increased its market share in Russia by building trust with local clients since entering the market in 2016, culminating in a long-term sales contract worth approximately 6 billion RMB signed in 2022 [4]. - The company aims to maintain its competitive edge in the Russian market through long-term cooperation with core clients, product quality, and specialized services, despite ongoing competition from international brands [4][10]. Group 2: Product Lifecycle and Management - The operational management model for mining tires includes not only the supply of all-steel giant tires but also the establishment of project teams on-site to provide comprehensive lifecycle management services, enhancing safety and efficiency for mining companies [2][7]. - The company collects operational data during service to improve product offerings and increase customer loyalty, thereby creating industry barriers [2][7]. Group 3: Production and Financial Outlook - The adjusted fundraising projects include the expansion of all-steel giant tire production, automation upgrades, and the establishment of a research center, with construction periods of 3 years, 2 years, and 3 years respectively [3][8]. - As of July 2025, the company has an order backlog of approximately 1.424 billion RMB, with new orders and framework agreements signed for 4,790 giant tires worth about 337 million RMB [3][10]. - The company is actively pursuing additional contracts with significant clients, indicating potential for stronger future growth in both tire sales and operational management services [10].

Market Development - The company has established a significant market share in Russia since entering in 2016, driven by long-term partnerships and high-quality products, culminating in a major sales contract worth approximately 6 billion RMB in 2022 [2][3]. - The number of customers in the Russian market continues to grow, indicating substantial market potential despite ongoing competition from established international brands [3]. Product Lifespan and Market Demand - The lifespan of all-steel giant tires varies significantly based on multiple factors, including mining conditions and vehicle specifications [4]. - There are approximately 1,615 active large open-pit mines globally, with around 56,000 giant mining trucks, each requiring an average of 8 tire replacements annually [4][5]. Operational Management Model - The company provides comprehensive tire lifecycle management services, enhancing production safety and efficiency for mining companies while accumulating valuable operational data [5]. Competitive Landscape - The all-steel giant tire market is characterized by high technical barriers and strong customer loyalty, with three major international brands dominating the market. The company ranks closely behind, offering competitive pricing and service advantages [6][7]. Investment Projects and Financial Outlook - The company has three main investment projects with construction periods of 3 years, 2 years, and 3 years, respectively, aimed at expanding production capacity and upgrading technology [8]. - As of July 31, 2025, the company has an order backlog of approximately 1.424 billion RMB, with new contracts and agreements for 4,790 tires valued at about 337 million RMB [10][11]. Future Growth Potential - The company anticipates stronger performance in the all-steel giant tire and related operational management services as mining projects expand and service capabilities deepen [11].

2025 年 12 月 27 日，公司发布《关于对外投资暨在境外设立合资工厂的 公告》，海安集团及其全资子公司海安俄罗斯有限公司、旗舰股份公司及先 锋股份公司等四方主体于 2025 年 12 月 26 日签署了一份《投资意向协议》， 海安集团与旗舰股份公司拟对先锋股份公司增资，并以先锋股份公司（俄罗 斯海安持股 51%，旗舰股份公司持股 49%）为主体在俄罗斯建设巨型全钢工 程机械子午线轮胎工厂，预计总投资规模不超过 539.90 亿卢布（折合约 43.19 亿元人民币）,本次建设为一期工程，设计年产能为 1.05 万条/年。 事件点评 100.00/57.77 0.35/1.86 大型矿卡用轮胎极具特色，具备高壁垒、定制化、长导入周期的特点。 巨胎的壁垒主要体现在技术壁垒和客户壁垒两个方面，其一技术壁垒，巨胎 的生产制造及配方具备极高的壁垒，目前国内大尺寸巨胎的使用寿命与海外 巨头企业存在明显差距，且尺寸越大差距越大；其二客户壁垒，矿卡在运行 过程中轮胎一旦出现问题，可能会对造价高昂的矿卡造成损坏，严重影响矿 山运营导致损失，因此进入矿山企业巨胎供应商需要长周期的验证过程。巨 胎也是一款定制化的产品，根据应 ...

国泰海通证券股份有限公司 关于海安橡胶集团股份公司 2025 年度持续督导培训情况报告 本次培训前，国泰海通编制了培训材料，并提前要求海安集团参与培训的相 关人员了解培训相关内容。 二、本次培训的主要内容 本次培训的主要内容为募集资金管理、公司治理，通过演示培训讲义、解读 法规条文及案例分析、解答培训对象的问题等形式，加深了培训对象对资本市场 监管政策、上市公司规范运作要求的理解与认识。 根据《证券发行上市保荐业务管理办法》、《深圳证券交易所上市公司自律 监管指引第 13 号——保荐业务》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》要求，国泰海通证券股份有限公司（以下简称"国 泰海通"）作为海安橡胶集团股份公司（以下简称"海安集团"或"公司"）首次公开 发行股票并在主板上市的保荐机构，对公司进行了 2025 年度持续督导培训，报 告如下： 一、本次培训的基本情况 （一）保荐人：国泰海通证券股份有限公司 （二）培训时间：2025 年 12 月 25 日 （三）培训方式：现场与线上相结合 （四）培训地点：海安集团会议室 （五）培训人员：吴素楠 （六）培训对象：公司控股股东及实际控制人 ...

Sales Performance - In 2024, the sales of all-steel giant tires by rim diameter were as follows: 49 inches - 5,974 units, 51 inches - 4,201 units, 57 inches - 5,594 units, and 63 inches - 302 units [2] - The weight of the all-steel giant tires varies by size: 49 inches approximately 1.5 tons, 51 inches between 1.5 to 3.0 tons, 57 inches between 3 to 4.5 tons, and 63 inches between 4.5 to 6 tons [2] Cost Structure - The operational management cost of mining tires consists of three main components: tire consumption cost (70%), direct labor, and indirect expenses (each around 10%) [3] Revenue Composition - In 2024, the overseas sales revenue composition was: Europe - 69.82%, Asia - 15.77% [4] Business Model - The mining tire operational management business includes tire supply and on-site project teams providing comprehensive lifecycle management services, enhancing production safety and efficiency for mining companies [5] Competitive Landscape - The all-steel giant tire market is dominated by three major international brands, with the company holding a competitive position in terms of market share and service capabilities [6] - The company maintains a strong presence in the Russian market despite geopolitical tensions, supported by long-term contracts with major clients [7] Payment and Settlement - The company uses cross-border trade in RMB for settlements with Russian clients, ensuring stable and smooth transaction processes [8] Investment Projects - The company’s fundraising projects include: all-steel giant tire expansion (3 years), automation upgrades (2 years), and R&D center construction (3 years) [9] Market Development - As of June 30, 2025, the company signed orders for 4,790 all-steel giant tires worth approximately 337 million RMB, with ongoing negotiations for additional orders [10] Strategic Partnerships - The company has established strong relationships with industry leaders like Zijin Mining and Jiangxi Copper, enhancing mutual trust and collaboration [11]

统一社会信用代码：9135032278219358XG 证券代码：001233 证券简称：海安集团 公告编号：2026-001 海安橡胶集团股份公司 关于完成工商变更登记并换发营业执照的公告 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。 海安橡胶集团股份公司（以下简称"公司"）于 2025 年 12 月 6 日召开的第 二届董事会第十七次会议及 2025 年 12 月 24 日召开的 2025 年第二次临时股东大 会，审议通过了《关于变更公司注册资本、公司类型暨修订<公司章程>并办理 工商变更登记的议案》。具体内容详见公司 2025 年 12 月 9 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于变更公司注册资本、公司类型暨修订<公 司章程>并办理工商变更登记的公告》（公告编号：2025-006）。 近日，公司已完成上述工商变更登记手续，并取得了莆田市市场监督管理局 换发的《营业执照》，新营业执照具体登记信息如下： 名称：海安橡胶集团股份公司 类型：股份有限公司（上市） 注册资本：壹亿捌仟伍佰玖拾柒万叁仟叁佰叁拾肆圆整 成立日期：200 ...

Group 1 - The company announced that its Chairman and General Manager, Zhu Hui, will no longer serve as General Manager but will continue as Chairman and Chairman of the Board's Strategic Committee, effective from the date of the board's approval [1] - Zhu Zhenpeng has been appointed as the new General Manager of the company, nominated by Zhu Hui and approved by the board's nomination committee [1] - Zhu Zhenpeng, born in November 1992, has held various positions within the company and its subsidiaries, including roles as Assistant to the Chairman and Vice General Manager [2][3] Group 2 - The company, established in December 2005, specializes in the research, manufacturing, sales, and management services of giant all-steel radial tires for engineering machinery, headquartered in Putian, Fujian Province [3] - The company is recognized as the largest all-steel giant tire manufacturer in China and the fourth largest globally, having recently listed on the Shenzhen Stock Exchange on November 25, 2025 [4]