Group 1 - The report highlights that Fengshen Co., the only centrally controlled tire listed company in China, has entered a growth phase with a 168% year-on-year increase in net profit for Q3 2025 [2][6][7] - The company achieved a revenue of 5.543 billion yuan for the first three quarters of 2025, representing a 13.58% increase year-on-year, despite a decline in net profit [6][8] - The average selling price of products increased by 7.88% year-on-year to 1198 yuan per tire, contributing to improved profitability [8][10] Group 2 - Dongfang Tower benefited from the potassium fertilizer boom, reporting a 77.57% increase in net profit for Q3 2025, with a revenue of 3.392 billion yuan [16][17] - The company’s gross profit margin increased by 10.23 percentage points to 40.53% due to rising potassium prices [17][19] - The average price of potassium chloride reached 3269 yuan per ton in Q3 2025, up 773 yuan per ton year-on-year [17][19] Group 3 - Longbai Group's net profit decreased by 34.68% year-on-year in Q3 2025, impacted by falling titanium dioxide prices, with a revenue of 6.105 billion yuan [23][24] - The average price of titanium dioxide fell by 2018 yuan per ton year-on-year, leading to a significant profit squeeze [25][27] - The company is pursuing a strategic acquisition of Venator UK's titanium dioxide assets to enhance its global presence [27][29] Group 4 - Shanmei International reported a 30.20% decline in revenue for the first three quarters of 2025, with a net profit drop of 49.74% [32][33] - The company’s coal production increased by 8.73% year-on-year, while trade coal sales fell by 28.50% [35][36] - The average selling price of self-produced coal decreased by 24.72% year-on-year, affecting overall profitability [36][37] Group 5 - Fenhong Media achieved a total revenue of 9.607 billion yuan in the first three quarters of 2025, reflecting a 3.73% year-on-year growth [38][39] - The company’s gross profit margin improved significantly, reaching 74.1% in Q3 2025 [40][41] - The company plans to distribute a cash dividend of 0.5 yuan per share, indicating a commitment to shareholder returns [41][42] Group 6 - Yunnan Rural Commercial Bank reported a 0.67% increase in revenue for the first three quarters of 2025, with a net profit growth of 3.74% [43][44] - The bank's non-performing loan ratio decreased to 1.12%, reflecting improved asset quality [44]

每经AI快讯，有投资者在投资者互动平台提问：森麒麟2021年提出833发展规划，计划10年内完成。请 问目前进程是否符合预期，按照原有进度去执行，目前遇到哪些阻碍？具体说明已经完成进度情况。 森麒麟（002984.SZ）11月2日在投资者互动平台表示，公司"833plus"战略规划，目前已建成中国青岛、 泰国罗勇、摩洛哥丹吉尔等四座数字化轮胎智能制造基地，相关战略规划持续平稳推进中。 （记者 胡玲） ...

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 3.0 yuan per 10 shares, approved by the shareholders' meeting on September 15, 2025 [1][2][21]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (tax included), with no stock bonus or capital reserve conversion [1][4][21]. - The total distribution amount will be adjusted based on any changes in total share capital due to convertible bond conversions or other factors before the record date [2][4]. Implementation Dates - The record date for the distribution is set for November 7, 2025, and the ex-dividend date is November 10, 2025 [5][6]. Distribution Method - Cash dividends will be directly credited to the accounts of shareholders through the securities custody company on the ex-dividend date [7]. Convertible Bond Adjustment - Following the distribution, the conversion price of the "Qilin Convertible Bonds" will be adjusted from 19.66 yuan per share to 19.36 yuan per share, effective November 10, 2025 [8][21][22].

事件：公司发布2025 年三季度业绩报告。公告显示，2025 年前三季度公司实现营业收入64.4 亿元，同 比+1.5%；实现归母净利润10.2 亿元，同比-41.2%；实现扣非后归母净利润9.9 亿元，同比-42.2%。其 中，2025 年第三季度公司实现营业收入23.2 亿元，同比/环比分别+3.9%/+12.4%；实现归母净利润3.4 亿元，同比/环比分别-47.0%/+10.6%；实现扣非后归母净利润3.3 亿元，同比/环比分别-50.5%/+4.3%。 注重股东回报，实施2025 年中期分红。公司实施2025 年半年度权益分派，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3.0元（含税），不送股，不以公积金转增股本，剩余未分配利润 结转以后年度分配。 盈利预测与估值：综合考虑公司摩洛哥工厂放量节奏，以及轮胎行业需求趋势，我们预测公司25-27 年 实现营业收入90.0、113.8、130.6 亿元，同比分别+5.7%、+26.5%、+14.7%；实现归母净利润14.1、 19.9、24.6 亿元，同比分别-35.5%、+40.9%、+23.6%，按照11 月1 日收盘价计算，对应P ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 31, 2025 [1]. Core Insights - The company continues to advance its Morocco project, with a quarter-on-quarter improvement in net profit attributable to shareholders for Q3 2025 [2][10]. - The company reported a total revenue of 6.438 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.54%, while the net profit attributable to shareholders was 1.015 billion yuan, a decrease of 41.17% year-on-year [5][7]. - The company has established a global production capacity "golden triangle" in China, Thailand, and Morocco, enhancing its competitive position in international markets [10]. - The company aims to establish eight smart manufacturing bases, three R&D centers, and three user experience centers globally over the next decade as part of its "833plus" strategic plan [10]. - The company has entered the supply chains of major international automotive brands, enhancing its brand value [10]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 2.318 billion yuan, representing a year-on-year increase of 3.94% and a quarter-on-quarter increase of 12.36% [6][8]. - The net profit attributable to shareholders for Q3 2025 was 343 million yuan, a decrease of 47.03% year-on-year but an increase of 10.29% quarter-on-quarter [6][8]. - The gross profit margin for Q3 2025 was 23.03%, down 16.49 percentage points year-on-year and down 3.42 percentage points quarter-on-quarter [6][8]. - The net profit margin for Q3 2025 was 14.81%, down 14.26 percentage points year-on-year and down 0.24 percentage points quarter-on-quarter [6][8]. - The net cash flow from operating activities for Q3 2025 was 172 million yuan, a decrease of 79.19% year-on-year but an increase of 1046.67% quarter-on-quarter [6][8]. Future Earnings Forecast - The company is projected to achieve revenues of 8.897 billion yuan, 10.672 billion yuan, and 12.607 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.432 billion yuan, 1.811 billion yuan, and 2.206 billion yuan [12][13]. - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14, 11, and 9 respectively, indicating a favorable valuation outlook [12][13].

Summary of the Conference Call for Senqilin Company Overview - **Company**: Senqilin - **Industry**: Tire Manufacturing Key Financial Metrics - **Q3 Revenue**: 2.318 billion CNY, up 3.94% YoY, up 12.35% QoQ [2][3] - **Net Profit**: 343 million CNY, down 47.03% YoY, up 10.56% QoQ [2][3] - **Sales Volume**: 8.44 million units, up 2.36% YoY, up approximately 12% QoQ [2][5] - **Gross Margin**: 23%, down 8.73 percentage points YoY, down approximately 3.42 percentage points QoQ [2][5] Operational Highlights - **Production Capacity**: Over two-thirds of production capacity is located overseas, with significant contributions from the Morocco factory expected by 2026 [2][9] - **Customer Transition**: Completed customer transition to avoid tariff risks related to EU anti-dumping measures [4][10] - **Material Costs**: Raw material cost management remains stable, with expectations of low prices in the coming year [11] Challenges and Risks - **Morocco Factory Issues**: Facing power supply problems, expected to be resolved by the end of November, which has slowed production ramp-up [2][6] - **Impact of US Tariffs**: Current tariffs have not significantly impacted demand, but future adjustments may be necessary as EU anti-dumping measures come into effect [19] Market Dynamics - **EU Anti-Dumping Measures**: Expected to shift demand from Chinese imports to overseas production, benefiting companies like Senqilin with overseas factories [7][10] - **Global Tire Market Changes**: Major international brands are reducing production capacity, creating opportunities for Chinese tire manufacturers to capture market share [15] Future Outlook - **Sales Projections**: Anticipated sales of 10 million units from the Morocco factory by 2026, with a strong focus on EU retail customers and the US replacement market [6][20] - **Gross Margin Expectations**: While domestic competition may pressure margins, strong customer relationships in non-EU markets may mitigate risks [13][22] - **Overall Sentiment**: Positive outlook for 2026, with expectations of increased overseas capacity and potential price increases to offset domestic pressures [22]

Core Viewpoint - Senqilin (002984.SZ) reported a slight increase in revenue for the first three quarters of the year, but a significant decline in net profit compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters reached 6.438 billion, representing a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders of the listed company was 1.015 billion, showing a year-on-year decrease of 41.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 999 million, reflecting a year-on-year decline of 42.18% [1]

关于续聘公司2025年度会计师事务所的公告 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。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2025年10月30日召开第四 届董事会第八次会议，审议通过了《关于续聘公司2025年度会计师事务所的议案》， 本议案尚需提交公司股东会审议，现将相关事项公告如下： 一、拟续聘会计师事务所事项的基本情况 | | | 青岛森麒麟轮胎股份有限公司 鉴于信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）在2024 年度的审计工作中勤勉尽责，遵循独立、客观、公正的职业准则，较好地完成了公司 委托的审计工作，为公司提高经营管理水平做出了贡献。为保持审计工作的连续性与 稳定性，公司拟续聘信永中和为公司2025年度审计机构，聘期为一年。 （一）机构信息 1、基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012年3月2日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街8号富华大厦A座8层 首席合伙人：谭小青先生 截至2024年12月31日，信永中和合伙人（股东）259人，注册会计师1780人。 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-060 | | --- | --- | --- | | 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 关于召开 2025 年第三次临时股东会的通知 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。 重要提示： 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 召开第四届董事会第八次会议，决定于 2025 年 11 月 17 日（星期一）14:30 召 开 2025 年第三次临时股东会。现将会议的有关情况通知如下： （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 11 月 17 日 9:15 至 15:00 的任意 时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 11 月 10 日 7、出席对象 ...

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。 一、董事会会议召开情况 | | | 青岛森麒麟轮胎股份有限公司 第四届董事会第八次会议决议公告 公司审计委员会审议通过了此议案。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《2025年第三季度 报告》（公告编号：2025-058）。 （二）审议通过《关于续聘公司2025年度会计师事务所的议案》 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第四届董事会第八次会议于 2025年10月30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27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，现场参加董事4名， 董事长秦龙先生，董事王宇先生，独立董事李鑫先生、丁乃秀女士、谢东明先生因工 作原因，以通讯方式参加。会议由董事长秦龙先生主持，公司部分高级管理人员列席 了本次会议。会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司<2025 ...