Investment Rating - The report maintains a "Strong Buy" rating for the tire industry, indicating a positive outlook for growth and recovery in demand [2]. Core Insights - The tire industry is experiencing a recovery in demand, particularly for steel tires, driven by seasonal factors and improved logistics needs. Several companies have announced price increases of approximately 2%-5% starting in October, which is expected to stimulate replenishment demand from downstream manufacturers [3][2]. - The report highlights the stability in raw material prices, with natural rubber entering its traditional peak season, potentially leading to price increases. The overall raw material price index for tires is at a historical low, indicating a favorable cost environment for manufacturers [11][12]. - The production side shows a month-on-month increase in domestic tire production, with stable operating rates for both steel and semi-steel tires. The average operating rate for the steel tire industry in September was 64.95%, reflecting a slight increase [37][40]. - Export dynamics reveal a decrease in domestic tire exports, while Vietnam's rubber product exports to the U.S. have surged significantly, indicating a shift in competitive dynamics in the region [46][51]. - Demand trends indicate a stable semi-steel market, with expectations for a recovery in steel tire demand, particularly in the heavy truck segment, supported by favorable government policies and logistics demand [58][63]. Summary by Sections Cost Side - Natural rubber prices are expected to rise due to seasonal demand, while other material prices remain stable. The price index for tire raw materials is at 90.12, which is 4% lower than historical averages since 2021 [11][12]. - The average price of natural rubber in September was $1839.57 per ton, showing a month-on-month increase of 2.06% but a year-on-year decrease of 6.77% [12][11]. Production Side - In August 2025, China's rubber tire production reached 109.35 million units, a month-on-month increase of 15.78% but a year-on-year decrease of 11.44% [37][40]. - The average operating rate for semi-steel tires was 71.23% in September, reflecting a slight increase from the previous month [37][40]. Export Side - In August, China exported 62.99 million new inflatable rubber tires, a year-on-year increase of 1.84% but a month-on-month decrease of 5.51% [46][48]. - Vietnam's rubber product exports to the U.S. in September reached $0.49 billion, a year-on-year increase of 43% [51][52]. Demand Side - The global demand for passenger car and light truck tires showed a slight decline, while the replacement market remains stable, particularly in North America and Europe [58][59]. - Heavy truck sales in China reached approximately 105,000 units in September, marking a significant year-on-year increase of 82%, indicating a recovery in the heavy truck segment [63][64].

Investment Rating - The report assigns a "BUY" rating for the company with a target price of 23.32 yuan based on a 11x PE for FY26 [3][13]. Core Insights - The company's performance and sales volume are under pressure, with a 3.21% decrease in tire production and a 1.5% decrease in sales volume in 2025H1. Operating revenue increased by 0.24%, but net profit decreased by 37.64% [1][11]. - The company is focusing on globalization and international sales, with significant production capacity expansions in Thailand and Morocco, aiming to enhance competitiveness in global markets [5][15]. Financial Performance Summary - In 2025H1, the company produced 15.5695 million tires, with semi-steel tire production down 3.56% and all-steel tire production up 7.72%. Sales volume was 14.8703 million tires, with semi-steel tires down 1.65% and all-steel tires up 3.11% [1][11]. - The company achieved operating revenue of 4.119 billion yuan and a net profit of 672 million yuan in 2025H1, reflecting a significant decline in profitability [1][11]. - Forecasted net profits for 2025, 2026, and 2027 are 1.887 billion yuan, 2.294 billion yuan, and 2.431 billion yuan, respectively, indicating a recovery trend after a projected decline in 2025 [3][4][13]. Globalization and Sales Strategy - The company is expanding its global production capacity, with projects in Thailand and Morocco aimed at increasing high-performance tire production [5][15]. - The company has established a comprehensive sales system in international markets, achieving significant market shares in the U.S. and Europe, with over 5% in the U.S. replacement market and over 4% in Europe [5][15].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. has approved the temporary use of idle raised funds to supplement working capital, ensuring that it does not affect the normal investment plan and safety of the raised funds [3][9][15]. Group 1: Board Meeting Details - The fourth board meeting of Qingdao Senqilin Tire Co., Ltd. was held on October 21, 2025, with all 9 directors participating [2]. - The meeting was chaired by Chairman Qin Long, and some independent directors attended via communication due to work commitments [2]. Group 2: Fund Usage Approval - The board approved the proposal to use up to 100 million RMB of idle funds raised from the 2023 stock issuance to temporarily supplement working capital, with a usage period not exceeding 12 months [3][15]. - The approval was unanimous, with 9 votes in favor and no opposition or abstentions [3]. Group 3: Fundraising Overview - The company raised approximately 2.8 billion RMB from the issuance of 94,307,847 shares at a price of 29.69 RMB per share, with a net amount of approximately 2.79 billion RMB after deducting issuance costs [9][10]. - As of June 30, 2025, the remaining balance of the raised funds was approximately 1.14 billion RMB, with 500 million RMB temporarily used for working capital [10][11]. Group 4: Previous Fund Usage - In a previous board meeting on October 18, 2024, the company had also approved the temporary use of idle funds, and by October 16, 2025, it had fully returned 50 million RMB to the dedicated fund account [13][14]. Group 5: Compliance and Verification - Guotai Junan Securities Co., Ltd. provided verification opinions, confirming that the use of idle funds complies with relevant regulations and does not affect the investment plan [5][16]. - The company committed to ensuring that the use of idle funds is related to its main business operations and will not be used for high-risk investments [14][16].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. plans to use up to 1 billion RMB of idle raised funds to temporarily supplement its working capital, with a usage period not exceeding 12 months from the board's approval date [1][3]. Group 1: Board Meeting Overview - The seventh meeting of the fourth board of directors was held on October 21, 2025, in a combination of in-person and communication methods, with all 9 directors participating [2]. - The meeting was chaired by Chairman Qin Long, and the procedures complied with relevant regulations [2]. Group 2: Proposal Details - The proposal to use idle raised funds was approved with 9 votes in favor, and no votes against or abstentions [3]. - The funds will be sourced from the idle raised capital from a specific stock issuance in 2023, ensuring that the investment plans and fund safety are not affected [3]. - The proposal received prior approval from the audit committee and was verified by Guotai Junan Securities, confirming compliance with regulatory requirements [3]. Group 3: Information Disclosure - The specific details of the fund usage will be disclosed on the company's official website and include board resolutions and audit committee decisions [4]. - Market analysis suggests that the effective use of idle funds will help optimize cash flow management and reduce financial costs while ensuring the progress of investment projects [4].

Group 1 - The company, Senqilin, announced that its fourth board meeting will be held on October 21, 2025, in Qingdao, combining in-person and communication methods [1] - The meeting will review the proposal regarding the temporary use of part of the idle raised funds to supplement working capital [1]

国泰海通证券股份有限公司 关于青岛森麒麟轮胎股份有限公司 根据公司第三届董事会第二十六次会议、第三届监事会第二十一次会议及 2024 年第三次临时股东大会的审议结果，公司向特定对象发行股票募集资金扣 除发行费用后的净额用于以下项目： 1 | 项目名称 | | 总投资额 | 总投资额 | 拟以募集资金 | | --- | --- | --- | --- | --- | | | | （万美元） | （万元人民 | 投入总额（万 | | | | | 币） | 元人民币） | | 森麒麟（摩洛哥）年产600万条高 性能轿车、轻卡子午线轮胎项目 | 森麒麟（摩洛哥） 年产1200万条高 | 29,678.00 | 210,565.41 | 278,961.01 | | 森麒麟（摩洛哥）年产600万条高 性能轿车、轻卡子午线轮胎项目 | 性能轿车、轻卡 子午线轮胎项目 | 19,306.47 | 136,979.40 | | | （二期） | | | | | | 合计 | | 48,984.47 | 347,544.81 | 278,961.01 | 注 1：表格中涉及汇率依照 2024 年 3 月 29 日中国人民银行 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日 召开第四届董事会第七次会议，审议通过了《关于使用部分闲置募集资金暂时补 充流动资金的议案》，同意公司在确保不影响募集资金投资计划正常进行和募集 资金安全的情况下，使用额度不超过 100,000 万元人民币的 2023 年向特定对象 发行股票部分闲置募集资金暂时补充流动资金，使用期限为自董事会审议通过之 日起不超过十二个月。现将具体事项公告如下： 一、募集资金基本情况 （一）2023年向特定对象发行股票募集资金情况 根据中国证券监督管理委员会《关于同意青岛森麒麟轮胎股份有限公司向特 定对象发行股票注册的批复》（证监许可[2023]1432号），同意公司向特定对象 发行股票的注 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 第四届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 同意公司在确保不影响募集资金投资计划正常进行和募集资金安全的情况下，使 用额度不超过100,000万元人民币的2023年向特定对象发行股票部分闲置募集资金暂 时补充流动资金，使用期限为自董事会审议通过之日起不超过十二个月。 公司审计委员会审议通过了此议案。 国泰海通证券股份有限公司对此出具了核查意见。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于使用部分闲 一、董事会会议召开情况 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第四届董事会第七次会议于 2025年10月21日在青岛公司会议室以现场结合通讯的方式召开，会议通知已于2025年 10月16日以通讯及直接送达方式发出。 本次会议应参加表决董事9名，实际参加表决董事9名。其中，现场参 ...

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].