| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 2、因公司发行的可转换公司债券"麒麟转债"正处于转股期，本次权益分配期间， "麒麟转债"不暂停转股。自分配方案披露至实施权益分派股权登记日前，公司总股 本存在因可转债转股发生变动的可能性，公司将以实施权益分派股权登记日的总股本 为基数，按照分配比例不变的原则相应调整分配总额。 3、本次权益分派实施方案与公司 2025 年第二次临时股东大会审议通过的利润分 配方案及其调整原则一致。 4、本次权益分派实施时间距公司股东大会审议通过的时间未超过两个月。 二、权益分派方案 公司 2025 年半年度权益分派方案为：公司拟以权益分派股权登记日的总股本为基 青岛森麒麟轮胎股份有限公司 2025年半年度权益分派实施公告 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"或"本公司"）2025年半年度 权益分派方案已获公司2025年9月15日召开的202 ...

青岛森麒麟轮胎股份有限公司 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 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19.66元/股； 3、调整后转股价格：人民币19.36元/股； 4、转股价格调整生效日期：2025年11月10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 202 ...

Group 1 - The core viewpoint of the article highlights that Senqilin (SZ 002984) reported its third-quarter performance, showing a revenue increase but a significant decline in net profit and earnings per share [1] Group 2 - For the third quarter of 2025, Senqilin's revenue was approximately 6.438 billion yuan, representing a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders was about 1.015 billion yuan, reflecting a year-on-year decrease of 41.17% [1] - The basic earnings per share were 0.98 yuan, down 53.99% compared to the previous year [1] - As of the report date, Senqilin's market capitalization stood at 19.9 billion yuan [2]

Financial Performance - The company's revenue for Q3 2025 was CNY 2,318,282,344.39, representing a 3.94% increase year-over-year[5] - Net profit attributable to shareholders decreased by 47.03% to CNY 343,443,427.21 for the same period[5] - The basic earnings per share (EPS) fell by 58.75% to CNY 0.33, while diluted EPS decreased by 58.97% to CNY 0.32[5] - The company reported a 42.18% decrease in net profit after deducting non-recurring gains and losses, totaling CNY 993,190,730.77 year-to-date[5] - The net profit for the current period is CNY 1,015,309,782.11, a decrease of 41.1% compared to CNY 1,725,743,010.89 in the previous period[29] - The total profit for the current period is CNY 1,100,787,605.74, down from CNY 1,890,012,239.94, reflecting a decline of 41.8%[29] - The operating profit for the current period is CNY 1,099,566,317.52, compared to CNY 1,888,339,984.56 in the previous period, indicating a decrease of 41.8%[29] - Basic earnings per share for the current period is CNY 0.98, down from CNY 2.13 in the previous period, a decline of 53.9%[30] - Diluted earnings per share for the current period is CNY 0.94, compared to CNY 1.94 in the previous period, reflecting a decrease of 51.5%[30] - The total comprehensive income for the current period is CNY 957,452,769.40, down from CNY 1,666,951,887.94 in the previous period, a decline of 42.5%[29] Assets and Liabilities - Total assets increased by 5.89% to CNY 18,443,680,103.22 compared to the end of the previous year[5] - Total liabilities rose to ¥4,596,353,476.75 from ¥3,924,690,719.73, an increase of about 17.1%[27] - The company’s equity attributable to shareholders increased to ¥13,847,326,626.47 from ¥13,493,079,387.65, a growth of approximately 2.63%[27] Cash Flow - Cash flow from operating activities showed a significant decline of 87.01%, totaling CNY 197,762,622.06 year-to-date[5] - The cash flow from operating activities for the current period is CNY 197,762,622.06, significantly lower than CNY 1,521,995,657.95 from the previous period[31] - The cash flow from investing activities shows a net outflow of CNY 940,205,767.67, compared to a net outflow of CNY 1,825,004,228.57 in the previous period[32] - The cash flow from financing activities has a net inflow of CNY 227,516,389.72, contrasting with a net outflow of CNY 377,698,634.94 in the previous period[32] Inventory and Operating Costs - The company reported a 54.94% increase in inventory, amounting to CNY 2,731,495,056.89, primarily due to an increase in raw materials and finished goods[10] - Total operating costs increased to ¥5,353,400,766.32 from ¥4,451,728,994.77, representing a rise of about 20.25%[28] - Operating costs included ¥4,890,558,597.90 in operating expenses, up from ¥4,092,598,200.50, indicating a growth of approximately 19.5%[28] - Inventory levels rose significantly to ¥2,731,495,056.89 from ¥1,762,913,898.85, marking an increase of about 54.9%[25] Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 2.9 per 10 shares for the 2024 fiscal year, to be distributed on June 30, 2025[15] - The actual controller and chairman, Qin Long, suggested a mid-year cash dividend of RMB 3.00 per 10 shares for 2025, reflecting confidence in the company's future[16] - The company held a meeting on August 29, 2025, to approve a cash dividend of RMB 3.0 per 10 shares for the first half of 2025[21] Government Support and Other Income - The company received government subsidies totaling CNY 5,670,750.75 during the quarter, contributing to a 49.44% increase in other income[6][10] Business Operations - The company has completed the registration of changes to its business scope and updated its articles of association as of September 15, 2025[20] - The company reported that 477,652 shares were exercised under the 2022 stock option incentive plan[18] Research and Development - Research and development expenses were reported at ¥138,707,047.51, slightly down from ¥139,731,367.23, indicating a decrease of about 0.73%[28]

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 公司高级管理人员离职的具体程序和办法需同时满足高级管理人员与公司 之间的劳动合同之规定。 第四条 公司高级管理人员为自然人，存在《公司法》、法律、行政法规、 部门规章或深圳证券交易所相关业务规则及《公司章程》规定不得担任高级管理 人员情形的人员，不能担任公司的高级管理人员。 高级管理人员离职管理制度 第一章 总则 第一条 为规范青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公 司"）高级管理人员离职管理程序，保障公司治理结构的稳定性和连续性，维护 公司及股东的合法权益，根据《中华人民共和国公司法》《上市公司章程指引》 《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 1 号——主板上市公司规范运作》等相关法律法规、部门规章、规范性文件及《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，制定 本制度。 第二条 本制度适用于公司全体高级管理人员因任期届满、辞职、被解聘、 退休或其他原因离职等情形。 第二章 离职情形与生效条件 第三条 高级管理人员可以在任期届满以前辞职。高级管理人员辞职应向董 事会提交书面辞职报告 ...

Core Viewpoint - The company, Senqilin, has maintained a cash dividend ratio (including share buyback amounts) of no less than 30% over the past three years and has approved a mid-term dividend plan for 2025, which will be implemented by mid-November [1] Group 1 - The cash dividend ratio for the last three years has been consistently above 30% [1] - The mid-term dividend plan for 2025 has been approved and is set to be executed by mid-November [1]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-056 | | --- | --- | --- | | 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 关于新增募集资金专户并签订三方监管协议的公告 近日，公司与保荐机构国泰海通证券股份有限公司，中国民生银行股份有限 公司上海分行签订了《募集资金三方监管协议》，对闲置募集资金暂时补充流动 资金的存放和使用进行专项账户管理。 三、《募集资金三方监管协议》的主要内容 以下所称甲方为公司，乙方为开户银行，丙方为保荐机构国泰海通证券股份 有限公司，三方签署的《募集资金三方监管协议》的主要内容如下： 为规范甲方募集资金管理，保护中小投资者的权益，根据有关法律法规及《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》的规定， 甲、乙、丙三方经协商，达成如下协议： 一、甲方已在乙方开设募集资金专项账户（以下简称"专户"），该专户仅 用于甲方暂时闲置的募集资金临时补充流动资金，不得用作其他用途。 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。 一、募 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：贵公司投资者提问之前多次提到摩洛哥工厂产能爬 升，预计三四季度放量规模较大，请问截至目前是否符合贵公司预期？ 森麒麟（002984.SZ）10月26日在投资者互动平台表示，目前公司正全力推进摩洛哥项目，2025年三、 四季度有明显增量。 ...

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].