Core Viewpoint - The company has approved an increase in its foreign exchange hedging business limit for 2025 to mitigate foreign exchange risks and stabilize costs amid a complex external environment [3][7]. Group 1: Foreign Exchange Hedging Business - The company has decided to conduct foreign exchange hedging activities for 2025, with a total scale not exceeding 650,000 million RMB or equivalent foreign currency [2][3]. - The maximum expected margin and premium to be utilized for these transactions will not exceed 50,000 million RMB or equivalent foreign currency, and these amounts can be used in a rolling manner within the approved limits [3][7]. - The decision to adjust the hedging limit is based on the company's ongoing "833plus" strategic plan and the need for effective cost management and risk mitigation due to increased international transactions [3][4]. Group 2: Risk Management and Compliance - The company will adhere to a prudent principle in its foreign exchange hedging activities, ensuring that all transactions are based on normal business operations and not for speculative purposes [4][5]. - The funding for these hedging activities will come from the company's own funds and other legally permitted sources, without involving raised funds [4]. - The company has established management systems and procedures to ensure effective risk control and compliance with relevant accounting standards [6][7]. Group 3: Approval Process - The board of directors and the supervisory board have both approved the adjustment of the foreign exchange hedging business limit for 2025, emphasizing the importance of this decision for the company's stable operation and shareholder interests [7][8].

证券代码：002984 证券简称：森麒麟 公告编号：2025-029 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2025年度开展外汇套期保值业务额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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、第四届监事会第二次会议，审议通过了《关于 2025 年度开展外汇套期保值业务的议案》，同意 2025 年度公司及子公司（包括全资子 公司、控股子公司等合并报表范围内的子公司，以下合称"子公司"）开展外汇 套期保值业务，上述业务规模合计不超过 500,000 万元人民币或等值外币，预计 动用的交易保证金和权利金上限不超过 50,000 万元人民币或等值外币，在上述 额度内可循环滚动使用，并提请董事会授权公司管理层在额度范围内具体实施上 述外汇套期保值业务相关事宜，授权期限自公司董事会审议通过之日起 12 个月 内有效。 具 体 内 容 详 见 公 司 于 2025 年 1 月 11 日 在 巨 潮 资 讯 网 （ww ...

青岛森麒麟轮胎股份有限公司 关于调整2025年度开展外汇套期保值业务额度 的可行性分析报告 一、调整2025年度外汇套期保值业务额度的必要性 伴随青岛森麒麟轮胎股份有限公司（以下简称"公司"）"833plus"战略规划的 深入实施，公司全球化发展步伐的进一步加快，公司跨境投资、融资、设备及原 材料采购等国际交易日益频繁。鉴于外部环境复杂多变，不确定性风险较大，现 有外汇套期保值额度已不能满足公司日常经营需要，为进一步锁定成本，有效规 避外汇风险，防范汇率大幅波动给公司及子公司（包括全资子公司、控股子公司 等合并报表范围内的子公司，以下合称"子公司"）经营带来的不利影响，提高外 汇资金使用效率，合理降低财务费用，减少汇率波动的影响，更好地维护公司及 全体股东的利益，公司拟调整2025年度开展外汇套期保值业务额度。 二、外汇套期保值业务基本情况 1、主要涉及币种及业务品种 公司及子公司拟开展的相关外汇业务仅限于从事与公司实际经营业务所使用 的主要结算货币相同的币种，包括美元、欧元、人民币、泰铢、日元、迪拉姆等。 公司及子公司拟开展的外汇业务的具体方式或产品主要包括并不限于远期结售汇、 外汇掉期、外汇期权、利率互换 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-028 | | --- | --- | --- | | 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 一、监事会会议召开情况 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第四届监事会第四次会议于 2025年6月3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5月 28日以通讯及直接送达方式通知全体监事。 本次会议应参加表决监事3名，实际参加表决监事3名。其中，现场参加监事1名， 监事刘炳宝先生、纪晓龙先生因工作原因，以通讯方式参加。会议由监事会主席刘炳宝 先生主持，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、监事会会议审议情况 （一）审议通过《关于调整2025年度开展外汇套期保值业务额度的议案》 表决结果：赞成票3票，反对票0票，弃权票0票。 经审核，监事会认为：公司调整2025年度开展外汇套期保值业务额度是从满足公司 实际经营角度出发，以进一步锁定成本、防范和规避外汇风险为目的，有利于公司稳健 经营，防范汇率大幅波 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-027 | | --- | --- | --- | | 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 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5名， 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，公司部分监事和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《关于调整2025年度开展外汇套期保值业务额度的议案》 第四届董事会第四次会议决议公告 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。 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"）第四届董事会第四次会议于 2025年6月3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5月 28日以通讯及直接送达方式发出。 度开展外汇套期保值业务额度的公告》（ ...

证券代码：002984 证券简称：森麒麟 公告编号：2025-026 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年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2025年5月15日（星期四）14:30 （2）网络投票时间：2025年5月15日（星期四） 通过深圳证券交易所交易系统进行网络投票的具体时间为2025年5月15日9:15 －9:25，9:30－11:30 和 13:00－15:00。 通过深圳证券交易所互联网投票系统(http://wltp.cninfo.com.cn)进行网络 投票的具体时间为2025年5月15日9:15至15:00期间的任意时间。 （3）公司董事、监事出席了会议，部分高级管理人员列席了会议。 2、现场会议召开地点：山东省青岛市即墨区大信街道天山三路5号公司会议 室。 3、会议召开方式：本次会议采取现场表决与网络投票相 ...

德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2024 年年度股东大会的 法律意见 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2024 年年度股东大会的法律意见 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2024 年年度股东大会的 法律意见 上海市虹口区东大名路 501 号白玉兰广场 23 层 电话：021-55989888 传真：021-55989898 邮编：200080 德恒 02G20230185-00013 号 致：青岛森麒麟轮胎股份有限公司 青岛森麒麟轮胎股份有限公司（以下简称"公司"）2024 年年度股东大会 （以下简称"本次会议"）于 2025 年 5 月 15 日（星期四）召开。德恒上海律师 事务所（以下简称"本所"）受公司委托，指派谢强律师、孙佳悦律师（以下简 称"本所经办律师"）出席了本次会议。根据《中华人民共和国证券法》（以下 简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《青岛森麒麟轮胎 股份有限公司章程》（以下简称"《公司章程》"）的规定，本所经办律师就本 次会议的召集、召 ...

Group 1: Production and Capacity - The Morocco smart factory is currently in a ramp-up phase and is expected to achieve large-scale production in 2025, with an estimated output of 6-8 million high-end, high-performance semi-steel tires [2][3][5][7] - The company has a global production layout in China, Thailand, and Morocco, referred to as the "Golden Triangle," which provides strong support for participating in global competition [3][6][11] Group 2: Market Strategy and Sales - The company aims to continuously expand its non-U.S. overseas sales share and capture global market share through refined management and brand value enhancement [3][6][9][11] - The company is currently selling tires primarily from its Thailand and Morocco factories to the U.S. market, with strong demand observed in May [7][11][21] Group 3: Financial Performance and Shareholder Returns - The company has proposed a mid-term cash dividend for 2025 to enhance shareholder returns, amidst concerns about its stock price performance since listing [9][13] - The company has issued a three-year shareholder return plan (2023-2025) and has implemented share buybacks and cancellations for two consecutive years [9][13] Group 4: Challenges and Responses - The company is closely monitoring the impact of tariff increases on its operations and is prepared to share the tariff burden among various stakeholders [8][21] - The fluctuation in raw material prices has affected the company's cash flow and profit margins, with a reported 17.19% year-on-year decline in cash flow from operating activities in 2024 [10][20]

Investment Rating - The report maintains a "Buy-A" rating for the company [4][10] Core Views - The company experienced strong sales and production in 2024, but faced pressure on profitability in Q1 2025. The revenue for 2024 was CNY 8.511 billion, up 8.53% year-on-year, with a net profit of CNY 2.186 billion, up 59.74% year-on-year. However, Q1 2025 saw total revenue of CNY 2.056 billion, down 2.79% quarter-on-quarter and 5.28% year-on-year, with a net profit of CNY 361 million, down 28.29% quarter-on-quarter and 21.52% year-on-year [4][5][10] Summary by Sections Financial Performance - In 2024, the company produced 32.2261 million tires, a 10.22% increase year-on-year, and sold 31.4087 million tires, a 7.34% increase year-on-year. Q1 2025 sales were 7.3774 million tires, down 3.02% year-on-year [5] - The overall gross margin for 2024 was 32.84%, an increase of 7.63 percentage points year-on-year, while Q1 2025 gross margin was 22.75%, down 8.58 percentage points quarter-on-quarter and 2.46 percentage points year-on-year [5] Global Expansion and Production Capacity - The company's Thailand factory significantly increased its performance in 2024, generating CNY 5.337 billion in revenue, up 22.69% year-on-year, and a net profit of CNY 1.306 billion, up 53.72% year-on-year. The Morocco factory is expected to ramp up production in 2025, contributing to revenue growth [6][10] - The company is also developing a smart manufacturing base in Spain, with a planned annual production of 12 million high-performance tires [6] Market Environment and Strategic Positioning - The report highlights the impact of global trade tensions, particularly the U.S. tariffs on imported tires, which could affect the market. The company's diversified global production layout helps mitigate some of these risks [7] - The "Golden Triangle" production strategy, which includes facilities in China, Thailand, and Morocco, positions the company well for global competition [7][10] Future Projections - The company is projected to achieve net profits of CNY 2.010 billion, CNY 2.353 billion, and CNY 2.733 billion for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 10, 9, and 7 [10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][9] Core Views - The company experienced strong revenue growth in 2024, with operating income reaching 8.511 billion yuan, a year-on-year increase of 8.53%, and a net profit of 2.186 billion yuan, up 59.74% year-on-year [4][5] - The first quarter of 2025 showed a decline in profitability, with total revenue of 2.056 billion yuan, down 2.79% quarter-on-quarter and 5.28% year-on-year, and a net profit of 361 million yuan, down 28.29% quarter-on-quarter and 21.52% year-on-year [4][5] - The company is expanding its global production capacity, with significant contributions expected from its factories in Thailand and Morocco, which are crucial for future growth [6][7] Financial Performance Summary - In 2024, the company produced 32.2261 million tires, a 10.22% increase year-on-year, and sold 31.4087 million tires, a 7.34% increase year-on-year [5] - The overall gross margin for 2024 was 32.84%, an increase of 7.63 percentage points year-on-year, while the gross margin for Q1 2025 was 22.75%, a decrease of 8.58 percentage points quarter-on-quarter [5] - The projected net profits for 2025, 2026, and 2027 are 2.010 billion yuan, 2.353 billion yuan, and 2.733 billion yuan, respectively, with corresponding P/E ratios of 10, 9, and 7 [9][10]