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].

Core Viewpoint - The company reported its Q3 2025 earnings, showing a slight increase in revenue but a significant decline in net profit, while also highlighting the progress of its Moroccan factory and commitment to smart manufacturing [1][2][3]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 6.44 billion yuan, a year-on-year increase of 1.5% - The net profit attributable to shareholders was 1.02 billion yuan, a year-on-year decrease of 41.2% - The net profit after deducting non-recurring items was 990 million yuan, a year-on-year decrease of 42.2% - In Q3 2025, the company achieved revenue of 2.32 billion yuan, with year-on-year and quarter-on-quarter increases of 3.9% and 12.4% respectively - The net profit attributable to shareholders for Q3 was 340 million yuan, a year-on-year decrease of 47.0% but a quarter-on-quarter increase of 10.6% - The net profit after deducting non-recurring items for Q3 was 330 million yuan, a year-on-year decrease of 50.5% but a quarter-on-quarter increase of 4.3% [1]. Strategic Developments - The company is fully advancing its Moroccan factory, which is expected to gradually contribute profits next year - The "Senqilin (Morocco) annual production of 12 million high-performance passenger car and light truck radial tire project" has been completed and is operational, with expectations for large-scale production and profit contribution next year - The global capacity layout of Senqilin in China, Thailand, and Morocco provides a strong backing for the company to participate in global competition, enhancing overall competitiveness and profitability [1]. Smart Manufacturing Initiatives - The company is a pioneer in implementing smart manufacturing, with a demonstrative effect in the industry - It has developed a smart factory IoT system covering five main modules: smart central control system, smart production execution system, smart warehousing and logistics system, smart detection and scanning system, and smart scheduling and warning system - In 2022, the company received the "2022 National Intelligent Manufacturing Demonstration Factory" honor, becoming the only Chinese tire company to receive national-level intelligent manufacturing awards four times [2]. Shareholder Returns - The company is focusing on shareholder returns by implementing a mid-term dividend for 2025 - It plans to distribute a cash dividend of 3.0 yuan (including tax) for every 10 shares based on the total share capital on the dividend registration date, without issuing new shares or converting reserves into share capital [2]. Profit Forecast and Valuation - Considering the ramp-up of the Moroccan factory and tire industry demand trends, the company is projected to achieve revenues of 9.0 billion, 11.38 billion, and 13.06 billion yuan for 2025-2027, with year-on-year growth rates of 5.7%, 26.5%, and 14.7% respectively - The net profit attributable to shareholders is forecasted to be 1.41 billion, 1.99 billion, and 2.46 billion yuan for the same period, with year-on-year changes of -35.5%, +40.9%, and +23.6% - Based on the closing price on November 1, the corresponding PE ratios are projected to be 14, 10, and 8 times, maintaining a "strong buy" rating [3].

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 ...

| 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 ...