Core Viewpoint - The company's stock price fluctuations are influenced by multiple factors including global macro environment, market conditions, and investor preferences [1] Group 1: Company Actions - The company has implemented share buyback and cancellation plans for two consecutive years, and has increased the frequency of dividend distributions to enhance investor returns [1] - The company places high importance on the rights of all investors and will consider investor suggestions in its future planning [1] Group 2: Communication and Transparency - The company's board of directors will timely announce any relevant plans after considering investor suggestions and following necessary procedures [1]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-053 | | --- | --- | --- | | 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 关于归还暂时补充流动资金的闲置募集资金的公告 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。 截至2025年10月16日，公司已将上述授权范围内实际使用的50,000万元人民 币的用于暂时补充流动资金的部分闲置募集资金全部归还至募集资金专户，此次 募集资金的使用期限未超过12个月。上述募集资金的归还情况已通知保荐机构及 保荐代表人。 特此公告。 青岛森麒麟轮胎股份有限公司董事会 2025年10月17日 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于2024年10月18日召开 第三届董事会第三十一次会议、第三届监事会第二十四次会议，审议通过了《关 于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募 集资金投资计划正常进行和募集资金安全的情况下，使用额度不超过100,000万 元人民币的2023年向特定对象发行股票部分闲置募集资金暂 ...

Core Insights - The company, Senqilin (森麒麟), is addressing investor concerns regarding its performance in Q3 2025, particularly in relation to the expected ramp-up of production at its Morocco factory [2]. Group 1 - The company has indicated that its Q3 2025 report will be released on October 31, 2025, and investors are encouraged to monitor the operational updates closely [2].

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-052 | | --- | --- | --- | | 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2025年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002984 | | | 证券简称：森麒麟 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127050 | | | | 债券简称：麒麟转债 | | | | | | 转股价格：人民币 | 19.66 | 元/股 | | | | | | | | 转股期限：2022 | | 日至 | | | | | | | | 年 | | | | | | | | | | | 5 月 | | | | | | | | | | 17 | | | | | | | | | | | | 2027 | | | | | | | | | | | 年 | | | | ...

Core Viewpoint - The company aims to become a global leader in high-end electric vehicle tires, leveraging its product advantages in the electric vehicle sector [1] Group 1: Product Performance - The company has developed ultra-high-performance tires specifically for electric vehicles, excelling in NVH (Noise, Vibration, Harshness), dry and wet braking, and handling [1] - The rolling resistance of the tires has surpassed 0.5%, providing unique advantages in terms of energy efficiency and driving range [1] Group 2: Market Positioning - The company is continuously obtaining qualifications as a qualified supplier for globally renowned OEMs, including Volkswagen Group, Audi, Renault, Stellantis, GAC Toyota, Guangzhou Automobile, Great Wall Motors, Geely, BAIC, and Chery [1] - The company is enhancing its supply capabilities for electric vehicle components to leading global automakers, with expectations for a steady increase in the share of related automakers and models in the future [1]

Core Viewpoint - The company is developing a digital sales platform to enhance its market presence and optimize its sales network in the domestic market [1] Group 1 - The "Kirin Cloud Store" is a self-developed automotive aftermarket supply chain platform that breaks traditional tire sales systems, currently targeting dealers and retailers [1] - The company is actively planning to establish a digital sales platform directly aimed at consumers [1] - The company is implementing multiple strategies to accelerate its domestic market expansion efforts [1]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Group 1 - The company is actively advancing its Morocco project, expecting significant production increases in Q3 and Q4 of 2025 [2] - The company has not disclosed the production and sales figures for the Morocco factory in the Q2 report, and investors are inquiring about these details [2] - The U.S. imposes a 25% tariff on key automotive components, including imported passenger cars and light truck tires, while Morocco benefits from a zero-tariff export agreement with the EU [2] Group 2 - The company will continue to closely monitor policy developments to leverage its global production capacity in response to potential impacts [2]

Group 1 - The company has a production base in Morocco that primarily targets the high-end tire market in Europe and the United States [2] - Currently, the United States imposes a 25% tariff on key automotive components, including imported passenger car and light truck tires [2] - The company did not specify the proportion of products produced in Morocco that are sold to the United States this year [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Views - The company's performance in the first half of 2025 faced slight pressure due to a decline in tire sales and rising raw material prices. However, the Moroccan factory is expected to gradually ramp up production within the year, contributing positively to future profits [2][9][11]. - The company has a strong market presence in the high-end tire segment in the U.S. and Europe, with significant market shares for its brands, which is anticipated to enhance its competitive edge [10][11]. Financial Summary - **Revenue Projections**: The company is projected to achieve revenues of 98.07 billion, 120.41 billion, and 131.70 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.2%, 22.8%, and 9.4% [11]. - **Net Profit Projections**: Expected net profits for the same years are 17.23 billion, 23.48 billion, and 27.64 billion yuan, with a notable decline of 21.2% in 2025 followed by a recovery of 36.3% in 2026 and 17.7% in 2027 [11]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 1.66 yuan, 2.27 yuan, and 2.67 yuan respectively [11]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios are expected to be 12, 9, and 7 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [11]. Production and Sales Performance - In the first half of 2025, the company reported tire production of 15.57 million units, a decrease of 3.21% year-on-year, while tire sales were 14.87 million units, down 1.5% year-on-year [2]. - The company’s gross margin for the first half of 2025 was 24.47%, reflecting a decline of 8.71 percentage points compared to the previous year [2]. Market Position and Strategy - The company is strategically positioned with a global production capacity across China, Thailand, and Morocco, which helps mitigate geopolitical risks and enhances its competitive stance in the global market [9]. - The ongoing "833plus" strategy aims to establish eight digital smart manufacturing bases globally, further strengthening the company's market position and operational efficiency [9].