Group 1 - The company Qingdao Senqilin Tire Co., Ltd. has issued convertible bonds totaling 2,198.9391 million RMB, which began trading on December 6, 2021 [1] - The initial conversion price of the convertible bonds was set at 34.85 RMB per share, which is based on the average trading price of the company's A-shares [2] - The conversion price was adjusted to 28.52 RMB per share on November 15, 2022, following a trigger event where the stock price fell below 85% of the conversion price [3] Group 2 - The company issued 94,307,847 new ordinary shares at a price of 29.69 RMB per share, which were listed on August 30, 2023, leading to an adjustment of the conversion price to 28.67 RMB per share [5] - The company has conducted share buybacks, resulting in the cancellation of 5,205,569 shares, which further adjusted the conversion price to 28.66 RMB per share effective from January 16, 2024 [6] - The company plans to distribute a cash dividend of 4.10 RMB per 10 shares, which will increase the total share capital to 1,033,288,154 shares, leading to another adjustment of the conversion price to 19.95 RMB per share effective from October 21, 2024 [7] Group 3 - The company has a conversion period for the convertible bonds from May 17, 2022, to November 10, 2027 [9] - As of June 30, 2025, the remaining balance of the convertible bonds is 2,086,117,800 RMB, equivalent to 20,861,178 bonds [9] - The total share capital of the company after recent adjustments stands at 1,035,461,086 shares, with a breakdown of 322,343,001 restricted shares and 713,118,085 unrestricted shares [10]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-033 | | --- | --- | --- | | 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2025年第二季度可转换公司债券转股情况的公告 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。 特别提示： | 证券代码：002984 | | | | 证券简称：森麒麟 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127050 | | | | 债券简称：麒麟转债 | | | | | | | | 转股价格：人民币 | | 19.66 | | 元/股 | | | | | | | | 转股期限：2022 | 年 | 5 月 | 17 | 日至 | 2027 | 年 | 11 | 月 | 10 | 日 | 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，青 ...

股票简称：森麒麟 股票代码：002984 债券简称：麒麟转债 债券代码：127050 青岛森麒麟轮胎股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年六月 1 重要声明 国泰海通证券股份有限公司（以下简称"国泰海通"）编制本报告的内容及 信息均来源于青岛森麒麟轮胎股份有限公司对外公布的《青岛森麒麟轮胎股份有 限公司 2024 年年度报告》等相关公开信息披露文件、发行人提供的证明文件以 及第三方中介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的承诺 或声明。 2 | 第一章 | 本次可转债概况 4 | | --- | --- | | | 一、核准文件和核准规模 4 | | | 二、发行主体 4 | | | 三、本期债券的主要条款 4 | | 第二章 | 受托管理人职责履行情况 15 | | 第三章 | 发行人 2024 年度经营和财务状况 16 | | | 一、发行人基本情况 16 | | 二、发行人 ...

Core Viewpoint - The company has made several adjustments to the conversion price of its convertible bonds, reflecting changes in its capital structure and dividend distributions [1][2][3][4][5][6][7] Group 1: Convertible Bond Issuance and Adjustments - The company issued convertible bonds amounting to 2.1989391 billion yuan, which began trading on December 6, 2021 [1] - The initial conversion price was set at 34.85 yuan per share, which was adjusted to 34.68 yuan per share following a cash dividend distribution of 1.7 yuan per 10 shares [2] - The conversion price was further adjusted down to 28.52 yuan per share after it fell below 85% of the adjusted price [2] - Subsequent adjustments were made to the conversion price, including an increase to 28.67 yuan per share and then a decrease to 28.66 yuan per share due to share buybacks [3][4] Group 2: Recent Adjustments and Dividend Distributions - The conversion price was adjusted to 20.20 yuan per share following a capital increase through a rights issue, and then further adjusted to 20.16 yuan per share after additional share buybacks [5] - The most recent adjustment brought the conversion price down to 19.95 yuan per share, with a subsequent adjustment to 19.66 yuan per share due to a cash dividend distribution of 2.90 yuan per 10 shares [6][7]

Core Points - The company has approved a profit distribution plan for the fiscal year 2024, which includes a cash dividend of 2.9 yuan per 10 shares (tax included) [1][2] - The distribution plan will not include stock bonuses or capital reserve transfers to increase share capital, and any changes in total share capital due to convertible bonds or other factors will not affect the per-share distribution ratio [1][2] - The record date for the distribution is set for June 27, 2025, with the ex-dividend date on June 30, 2025 [3] Distribution Plan Details - The profit distribution plan specifies a cash dividend of 2.9 yuan per 10 shares, with a net dividend of 2.61 yuan for certain investors after tax considerations [2][3] - The remaining undistributed profits will be carried forward to future distributions [2] - The distribution will be executed by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [3] Tax Implications - Different tax rates will apply based on the holding period of the shares, with specific amounts outlined for various holding durations [3] - The company will not withhold individual income tax at the time of distribution, but it will be calculated based on the holding period when shares are sold [2][3] Additional Information - The company will adjust the conversion price of the "Kirin Convertible Bonds" in accordance with the distribution plan [3] - For inquiries, the company has provided contact details for its securities affairs department [3][4]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-032 | | --- | --- | --- | | 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 关于调整麒麟转债转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、债券代码：127050；债券简称：麒麟转债； 2、调整前转股价格：人民币19.95元/股； 3、调整后转股价格：人民币19.66元/股； 4、转股价格调整生效日期：2025年6月30日。 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可〔2021〕2293 号"文件核准，青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2021 年 11 月 11 日公开发行 21,989,391 张可转换公司债券，每张面值 100 元，发行总额 219,893.91 万元（以下简称"本次发行"）。经深圳证券交易所"深证上〔2021〕1217 号"文同 意，公司 219,893.91 万元可转换公司债券于 2021 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-031 | | --- | --- | --- | | 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 2024年度权益分派实施公告 青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公司"）2024年度权益 分派方案已获公司2025年5月15日召开的2024年年度股东大会审议通过，股东大会决议 内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《2024年年度股东大会决议 公告》（公告编号：2025-026）。现将权益分派事项公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年度利润分派方案为：公司拟以权益分派股权登记日的总股本为基 数，每 10 股派发现金红利 2.9 元（含税），不送股，不以公积金转增股本。本次分配 方案公布后至实施权益分派股权登记日期间，因可转债转股、股份回购、股权激励行 权、再融资新增股份上市等致使公司总股本发生变动的，公司拟维持每股分配比例不 变，相应调整分配总额。 2、因公司发行的可转换公司债券"麒麟转债"正处于转股期，本次权益分配期 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-030 | | --- | --- | --- | | 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 关于为全资子公司提供担保的进展公告 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 1 月 10 日召开第 四届董事会第二次会议，于 2025 年 2 月 6 日召开 2025 年第一次临时股东大会，审议 通过了《关于 2025 年度为子公司提供担保的议案》，同意公司 2025 年度为下属子公 司提供连带责任担保，担保额度合计 250,000 万元人民币，授权有效期自公司股东大 会审议通过之日起 12 个月内有效。担保范围包括但不限于申请综合授信、借款、承 兑汇票等融资或开展其他日常经营业务等。担保方式包括但不限于连带责任担保、抵 押担保等方式。以上担保额度包括新增担保及原有担保展期或续保，实际担保金额及 担保期限以最终实际发生的担保事项为准。具体内容详见公司于 2025 年 1 月 1 ...

Investment Rating - The report maintains a "Buy" rating for both Sailun Tire and Senqilin, with target prices of 16.44 and 26.91 respectively [9][28]. Core Insights - The tire industry is approaching a turning point due to tariff digestion and cost improvements, with Chinese tire companies expected to expand their market share despite current tariff challenges [1]. - Raw material costs have significantly decreased, with the price index for semi-steel and all-steel tires dropping by 15% and 14% respectively as of June 6, 2025, indicating a recovery in profitability for the tire industry expected by Q3 2025 [2]. - Demand for semi-steel tires in North America and Europe remains strong, with a year-on-year growth of 3% and 5% respectively in early 2025, enhancing the competitiveness of Chinese products in these markets [3]. - Leading companies are actively expanding their overseas presence, with Sailun Tire increasing its brand investment and establishing production facilities in Indonesia and Mexico, while Senqilin is set to ramp up production in Morocco [4]. Summary by Sections Tariff and Cost Dynamics - Tariff impacts are gradually being absorbed, allowing Chinese tire companies to leverage their cost advantages and enhance market penetration [1]. - The cost pressure from raw materials has eased significantly, with expectations of improved profitability in the upcoming quarters [2]. Market Demand and Competitiveness - The semi-steel tire demand in North America and Europe continues to grow, with a notable increase in imports from China [3]. - Chinese tire manufacturers are positioned to benefit from their competitive pricing and quality, leading to increased market share in international markets [3]. Company Recommendations - Sailun Tire is recommended due to its strong brand development and successful overseas production initiatives, with a projected revenue growth of 22% year-on-year [32]. - Senqilin is also recommended for its high-end product positioning and expected production ramp-up in Morocco, contributing to its market share growth [32].

2021 年青岛森麒麟轮胎股份有限 公司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【132】号 01 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用途。 中证鹏元资信评估股份有限公司 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系 ...