证券代码：002984 证券简称：森麒麟 公告编号：2026-011 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 2026年第一次临时股东会决议公告 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、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2026年1月26日（星期一）14:30 （2）网络投票时间：2026年1月26日（星期一） 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2026年1月26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2026年1月26日9:15至15:00期间的任意时间。 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结合的方式。 （2）中小股东出席的总体情况：通过现场和网络投票的中小 ...

北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的法律意见 北京德恒律师事务所 关于青岛森麒麟轮胎股份有限公司 2026 年第一次临时股东会的 法律意见 德恒 02G20230185-00016 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"）2026 年第一次临时股 东会（以下简称"本次会议"）于 2026 年 1 月 26 日（星期一）召开。北京德恒 律师事务所（以下简称"本所"）受公司委托，指派谢显清律师、凌素丽律师（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 ...

Core Viewpoint - The company has been deeply engaged in the aviation tire sector for over a decade and has become one of the few international manufacturers of aviation tires, possessing capabilities in design, research and development, manufacturing, and sales [1] Group 1: Company Capabilities - The company can produce a variety of aviation tire products suitable for large aircraft and regional passenger aircraft models, including those compatible with Boeing and Airbus [1] - The company has entered the supplier list of relevant aircraft manufacturers and has signed cooperative research and development agreements to engage in aviation tire collaboration [1] Group 2: Revenue and Market Position - Currently, the revenue from aviation tire products constitutes a small proportion of the company's main business income [1] - The company is closely monitoring national policies, development trends, and cutting-edge dynamics in the aviation sector [1] Group 3: Innovation and Future Outlook - The company is committed to continuous independent research and innovation based on the characteristics of the tire industry and market demand, aiming to strategically position itself in frontier areas [1]

Core Viewpoint - The stock price of Senqilin has experienced a decline of 2.08% on January 26, 2025, with a current price of 20.76 CNY per share and a total market capitalization of 21.507 billion CNY [1] Financial Performance - For the period from January to September 2025, Senqilin achieved a revenue of 6.438 billion CNY, representing a year-on-year growth of 1.54% [2] - The net profit attributable to shareholders for the same period was 1.015 billion CNY, showing a significant decrease of 41.17% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Senqilin was 64,300, a decrease of 6.29% from the previous period [2] - The average number of circulating shares per shareholder increased by 6.78% to 11,102 shares [2] Dividend Distribution - Since its A-share listing, Senqilin has distributed a total of 1.347 billion CNY in dividends, with 1.129 billion CNY distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, the sixth largest circulating shareholder is China Europe Times Pioneer Stock A, holding 13 million shares, an increase of 3 million shares from the previous period [3] - The ninth largest circulating shareholder is Southern CSI 500 ETF, holding 9.0306 million shares, a decrease of 187,600 shares from the previous period [3] Company Overview - Senqilin, established on December 4, 2007, and listed on September 11, 2020, is located in Jimo, Shandong Province, and specializes in the research, production, and sales of high-quality, high-performance radial tires and aviation tires [1] - The company's main business revenue composition is 99.83% from tires and 0.17% from other sources [1] - Senqilin is classified under the automotive industry, specifically in the tire and wheel components sector, and is associated with concepts such as tires, blue-chip stocks, Chery Automobile, Industry 4.0, and industrial internet [1]

Investment Rating - The report maintains a strong rating for the chemical industry, indicating a positive outlook for the sector [5]. Core Insights - The chemical sector has shown resilience with the CITIC Basic Chemical Index rising by 5.73% and the Shenwan Chemical Index increasing by 7.29% this week [13][16]. - Key sub-industries such as soda ash, chlor-alkali, and dyeing chemicals have experienced significant price increases, with soda ash rising by 13.3% [16]. - The report highlights the competitive strength of domestic tire manufacturers and suggests focusing on companies like Sailun Tire and Linglong Tire as potential growth opportunities [4]. - The polyurethane project by Huide Technology, with an annual production capacity of 600,000 tons, has commenced, indicating strategic growth in the new materials sector [3]. - The report emphasizes the tightening supply-demand dynamics in the phosphate chemical sector due to environmental regulations and increasing demand from the new energy sector [4]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.84%, while the ChiNext Index decreased by 0.34% [13]. - The overall performance of the chemical sector is positive, with notable gains in various sub-industries [16]. Key Sub-Industry Developments - **Polyurethane**: The price of pure MDI in East China is reported at 17,600 RMB/ton, showing a week-on-week decline of 1.12% [28]. - **Tires**: The operating load for all-steel tires in Shandong is at 62.70%, reflecting a year-on-year increase of 20.70% [49]. - **Fertilizers**: Urea prices are at 1,757.45 RMB/ton, with a week-on-week decrease of 0.4% [63]. - **Vitamins**: The price of Vitamin A is reported at 61.5 RMB/kg, down 1.6% week-on-week [79]. Investment Themes - **Tire Sector**: Domestic tire companies are positioned strongly, with a focus on growth stocks [4]. - **Consumer Electronics**: Recovery in demand is anticipated, benefiting upstream material companies [4]. - **Phosphate Chemicals**: Supply constraints due to environmental policies are expected to tighten the market [4]. - **Vitamin Supply**: Supply disruptions in Vitamin A and E are noted, creating potential investment opportunities [4].

Summary of Tire Industry Conference Call Industry Overview - The Chinese tire industry has seen a continuous increase in market share, surpassing 15% by 2024, indicating significant growth potential compared to international giants [1][2] - Haian Rubber has emerged as one of the top three tire manufacturers globally, following Michelin and Bridgestone, showcasing the rising status of Chinese companies in the global market [1][2] Competitive Landscape - The internal competition within the Chinese tire industry has stabilized, with leading companies like Zhongce and Sailun leveraging brand building, economies of scale, and technological barriers to maintain their advantages [1][4] - Major brands such as Chaoyang and Sailun have reached price parity with second-tier foreign brands in the replacement market, while high-end products are now comparable to top international brands [1][4] Brand Development - Chinese tire companies have made significant progress in brand development, particularly in the domestic original equipment and replacement markets [1][5] - High-end products like Chaoyang No. 1 and Sailun Golden One have shown strong market performance, enhancing brand image and driving growth in the replacement market [1][5] Overseas Business Importance - The overseas supply business is crucial for Chinese tire companies, with strong short-term profitability (gross margin around 35% or higher) and long-term benefits for brand image and pricing power in the overseas replacement market [1][8][9] - Companies like Zhongce, Linglong, and Sailun are already supplying overseas orders, which could lead to significant long-term growth opportunities [1][9] Market Performance - The overall performance of the Chinese tire industry is strong, with a good showing in the domestic semi-steel replacement market and high operating rates in overseas factories due to strong demand [3][10] - The all-steel product segment has performed well due to innovation and product diversification, with overall orders and operating rates remaining positive [3][10] Risks - The primary risk facing the Chinese tire industry is the volatility of rubber prices, which could impact short-term profitability [3][11] - Companies can mitigate this risk by passing on costs, making it essential to monitor rubber price trends closely [3][11] Investment Outlook - The current valuation of approximately 10 times earnings, combined with favorable conditions in domestic and overseas replacement markets, suggests that now is a good time to invest in Chinese tire companies [3][12] - Recommended companies for investment include Sailun, Linglong, Zhongce, and Senkiren, with a note to also monitor Haian Group [3][12]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, Jiangshan Co., and others [10]. Core Insights - Domestic gasoline and natural gas prices have seen significant increases, while products like hydrochloric acid and liquid chlorine have experienced substantial declines. The report suggests focusing on import substitution, pure domestic demand, and high-dividend opportunities [6][19]. - The international oil prices are expected to stabilize around $65 per barrel in 2026, influenced by geopolitical uncertainties. Companies with high dividend characteristics, such as Sinopec, are expected to benefit from declining raw material costs [6][19]. - The chemical industry is currently in a weak state, with mixed performance across sub-sectors. However, certain sectors like lubricants are performing better than expected, indicating potential investment opportunities [22]. Summary by Sections Chemical Industry Investment Recommendations - The report highlights significant price increases for domestic gasoline (11.38%) and natural gas (8.68%), while products like liquid chlorine (-18.02%) and hydrochloric acid (-13.79%) have seen notable declines [19][20]. - It emphasizes the importance of focusing on sectors that may enter a recovery phase, such as glyphosate, and suggests specific companies for investment [22]. Market Performance - The report notes that the chemical industry is currently facing a weak overall performance, with varying results across different sub-sectors due to past capacity expansions and weak demand [22]. - It recommends monitoring companies with strong competitive positions and growth potential, particularly in the lubricant additives and coal-to-olefins sectors [22]. Price Trends - The report provides insights into the price trends of various chemical products, indicating a mixed performance with some products rebounding while others continue to decline [20][22]. - It also discusses the impact of geopolitical factors on oil prices, which in turn affect the chemical industry [23][24]. Key Companies and Earnings Forecast - The report lists several companies with strong earnings forecasts, including Sinopec, Jiangshan Co., and others, all rated as "Buy" [10][11].

Group 1 - The Chinese yuan has started the year strong, with the central bank's midpoint rate against the US dollar reported at 7.0120, an increase of 17 basis points, approaching the 7.0 mark [1] - As of early 2026, the yuan has appreciated by 0.26% against the dollar, while the spot exchange rate has risen approximately 0.2% [1] - Over 20 A-share listed companies, including Whirlpool and Artis, have announced plans to engage in foreign exchange hedging to mitigate market risks [4] Group 2 - Among the companies, three from Shandong province, including Sanyou and Senqilin, have announced foreign exchange hedging plans with total transaction amounts not exceeding 750 million, 6 billion, and 100 million yuan respectively [4] - Senqilin, the largest among these, aims to lock in costs and reduce financial expenses as it expands its international transactions under its "833plus" strategy [5] - The foreign exchange hedging ratio for Shandong enterprises has increased from 16.83% in 2020 to 30.39% by September 2025, indicating a growing trend among companies to use financial tools for risk management [5] Group 3 - China's foreign trade continues to expand, with total import and export volume reaching 45.47 trillion yuan in 2025, a year-on-year increase of 3.8%, maintaining its position as the world's largest goods trading nation [5] - The increasing scale of foreign exchange receipts and payments, coupled with a volatile exchange rate environment, has made foreign exchange hedging a necessary action for many enterprises [5] - The core goal of foreign exchange hedging is to lock in future exchange rates and convert financial uncertainties from exchange rate fluctuations into certainties [6] Group 4 - Experts predict a cautious but optimistic outlook for the yuan in 2026, with expectations of continued appreciation in the first half of the year, but increased uncertainty in the second half due to potential changes in US political and tariff policies [7] - The macro team at Industrial Securities believes that while yuan appreciation is likely to continue, the most aggressive phase may have passed, as the central bank aims to avoid creating expectations of unilateral appreciation [7]

Group 1 - The core point of the news is that Qingdao Senqilin Tire Co., Ltd. has experienced a continuous decline in stock price, with a drop of 1.76% on January 14, bringing the total market value to 21.38 billion yuan and a cumulative decline of 6.61% over the past seven days [1] - The company specializes in the research, production, and sales of green, safe, high-quality, and high-performance radial tires, with tire sales accounting for 99.83% of its main business revenue [1] - The stock's trading volume on January 14 was 403 million yuan, with a turnover rate of 2.71% [1] Group 2 - Among the top ten circulating shareholders, China Europe Fund's "China Europe Times Pioneer Stock A" increased its holdings by 3 million shares in the third quarter, now holding 13 million shares, which is 1.82% of the circulating shares [2] - The fund has incurred a floating loss of approximately 4.81 million yuan today and a total floating loss of 18.98 million yuan during the seven-day decline [2] - The fund was established on November 3, 2015, with a current scale of 10.069 billion yuan and a year-to-date return of 4.02%, ranking 2979 out of 5520 in its category [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [11] Core Viewpoints - The EU's anti-dumping measures against Chinese semi-steel tires are expected to be implemented by mid-2026, potentially leading to a demand shift of approximately 8.7 million units overseas. Current Chinese tire manufacturers have an overseas semi-steel tire capacity of only 17.6 million units per year, which is insufficient to meet the combined demand of approximately 25.1 million units from Europe and the US [3][10][76] - The semi-steel tire segment is characterized by strong consumer attributes, making it the most profitable category in the tire industry. The global demand for semi-steel tires is around 1.6 billion units annually, with an average price of $71 per tire, resulting in a market size of $114 billion [6][25] - Chinese semi-steel tire production capacity is projected to reach 82 million units per year by 2024, with an annual output of approximately 64 million units, accounting for about 40% of global supply. Exports constitute about 52% of China's semi-steel tire production [7][41] Summary by Sections EU Anti-Dumping Measures - The EU has initiated anti-dumping and countervailing investigations against Chinese semi-steel tires, with a final decision expected by June 2026. In 2024, the EU is projected to consume approximately 400 million semi-steel tires, with 90 million units imported from China, representing 60% of non-EU imports [8][59][60] Overseas Expansion of Chinese Tire Companies - Chinese tire manufacturers are increasingly establishing overseas production capacities, with approximately 22.2 million units per year already operational and an additional 28.7 million units planned. The EU's anti-dumping measures are expected to create a capacity gap that will take time to fill [9][68] - The US imports about 164 million semi-steel tires annually, with significant competition expected between the EU and the US for semi-steel tire capacity. The demand from the EU for 8.7 million units per year is likely to shift from China to overseas production [9][71] Investment Recommendations - The report suggests focusing on opportunities arising from both volume and price increases. Companies with greater marginal increases in overseas capacity and a higher proportion of total capacity in overseas production are expected to benefit more. Recommended companies include Senqilin, Sailun Tire, Zhongce Rubber, and Linglong Tire [10][76]