德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2025 年第一次临时股东大会的 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 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2025 年第一次临时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 2025 年第一次临时股东大会的 法律意见 德恒 02G20230185-00012 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"）2025 年第一次临时股 东大会（以下简称"本次会议"）于 2025 年 2 月 6 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、胡宝月律师（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》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《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 ...

证券代码：002984 证券简称：森麒麟 公告编号：2025-012 债券代码：127050 债券简称：麒麟转债 特别提示： 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。 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2月6日（星期四）14:30 青岛森麒麟轮胎股份有限公司 2025年第一次临时股东大会决议公告 5、会议主持人：董事长秦龙先生 6、本次会议的召集、召开和表决程序符合《公司法》等法律法规、规范性文 件及《公司章程》的有关规定。 7、会议出席情况 （1）股东出席的总体情况：通过现场和网络投票的股东及股东授权代表457人， 代表有表决权的股份数为511,254,327股，占公司有表决权股份总数的49.3765％。 其中：通过现场投票的股东及股东授权代表9人，代表有表决权的股份数为 495,611,027股，占公司有表决权股份总数的47.8657％。通过网络投票的股东及股 东授权代表448人，代表有表决权的股份数为15,643,300股，占公司 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is expected to achieve significant growth in its annual performance, with projected net profits for 2024 ranging from 2.1 to 2.36 billion yuan, representing a year-on-year increase of 53.45% to 72.45% [3]. - The demand for the company's products in overseas markets remains strong, particularly for high-quality and high-performance tires, which are in short supply [4]. - The new factory in Morocco is anticipated to ramp up production significantly in 2025, contributing to further growth in the company's performance [5]. Summary by Sections Market Data - As of February 5, 2025, the closing price of the stock is 24.80 yuan, with a market capitalization of 25.678 billion yuan [1]. Financial Data - Basic earnings per share (EPS) for the company is projected at 2.13 yuan, with a return on equity (ROE) of 13.48% [2]. - The company’s revenue is expected to grow from 8.446 billion yuan in 2024 to 11.240 billion yuan in 2025, reflecting a year-on-year growth of 33.1% [10]. Performance Forecast - The company’s net profit is forecasted to be 2.229 billion yuan in 2024, increasing to 2.602 billion yuan in 2025, with corresponding P/E ratios of 11.5 and 9.9 [6][10]. - The gross profit margin is expected to be 32.5% in 2024, slightly decreasing to 29.7% in 2025 [10]. Industry Insights - The domestic tire market is experiencing a continuous boom, with tire production and exports showing significant year-on-year growth [4]. - The report highlights the ongoing cost pressures from raw material price increases, which have seen substantial fluctuations throughout 2024 [4].

Investment Rating - The report assigns an "Accumulate" rating for Senqilin with a target price of 29.53 CNY per share, reflecting a potential upside of 15.7% from the current price of 25.09 CNY [6][133]. Core Insights - Senqilin is positioned as a latecomer global tire brand, having transitioned from a foreign-funded company to a domestic one, and has been expanding its global footprint since 2014 with factories in Thailand, Spain, and Morocco [1][19]. - The company has developed a comprehensive product range, including all-steel, semi-steel, and specialty tires, and has established strong brand recognition internationally with brands like "Landsail," "Delinte," and "Senqilin" [19][28]. - The "833Plus" strategy aims to establish 8 digital tire manufacturing bases, 3 global R&D centers, and 3 user experience centers over the next decade, with plans for strategic acquisitions [19][35]. Summary by Sections Company Overview - Senqilin Tire Co., Ltd. focuses on high-quality, high-performance tires and has a diverse product line catering to passenger cars, light trucks, heavy trucks, and specialty tires [18][19]. - The company has maintained a strong growth trajectory since 2017, with a compound annual growth rate (CAGR) of 18.6% in revenue since its IPO in 2020 [19][39]. Mid-term Logic - Global Expansion - The tire market is characterized by a split between a "seller's market" in Europe and America and a "buyer's market" in Asia, with tariffs influencing trade flows [2][56]. - Senqilin's overseas factories in Thailand, Spain, and Morocco are crucial for navigating tariff challenges and enhancing competitiveness in the global market [2][88]. Short-term Logic - Cyclical Factors - Raw material prices are the primary factor affecting profitability, while shipping costs have a limited direct impact on tire companies [3][90]. - Senqilin's factories in Morocco and Spain currently face no tariff risks, positioning the company favorably in the market [3][91]. Long-term Logic - Brand Development - The establishment of the Moroccan factory is expected to facilitate entry into the global automotive supply chain, enhancing brand strength through local partnerships [4][124]. - Senqilin has become a qualified supplier for major automotive manufacturers, including Renault and Stellantis, which are expanding their production in Morocco [4][128]. Financial Projections and Valuation - The company is projected to achieve net profits of 2.26 billion CNY, 2.55 billion CNY, and 3.08 billion CNY for the years 2024, 2025, and 2026, respectively [4][131]. - A price-to-earnings (P/E) ratio of 13.5 is applied for valuation, reflecting a premium due to the company's strategic global positioning [4][133].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Views - The company is expected to achieve significant profit growth in 2024, with net profit forecasted to be between 2.1 billion to 2.36 billion yuan, representing a year-on-year increase of 53.45% to 72.45% [7]. - The Moroccan factory is anticipated to ramp up production significantly in 2025, with an expected output of 6 to 8 million tires, contributing positively to the company's performance [7]. Financial Summary - **Revenue Forecast**: - 2023A: 7.842 billion yuan - 2024E: 8.964 billion yuan (growth rate: 14.31%) - 2025E: 11.543 billion yuan (growth rate: 28.77%) - 2026E: 13.209 billion yuan (growth rate: 14.43%) [2][8] - **Net Profit Forecast**: - 2023A: 1.369 billion yuan - 2024E: 2.281 billion yuan (growth rate: 66.65%) - 2025E: 2.575 billion yuan (growth rate: 12.88%) - 2026E: 2.910 billion yuan (growth rate: 13.03%) [2][8] - **Earnings Per Share (EPS)**: - 2023A: 1.33 yuan - 2024E: 2.22 yuan - 2025E: 2.50 yuan - 2026E: 2.83 yuan [2][8] - **Return on Equity (ROE)**: - 2023A: 11.61% - 2024E: 17.09% - 2025E: 16.17% - 2026E: 15.45% [2][8] - **Price-to-Earnings (PE) Ratio**: - 2023A: 18.79 - 2024E: 11.27 - 2025E: 9.99 - 2026E: 8.83 [2][8] Market Dynamics - The tire market is experiencing growth, with China's tire export volume expected to reach 7.95 million tons in 2024, a year-on-year increase of 5% [7]. - The company is focusing on high-end automotive manufacturers and has received certifications from major global automakers, enhancing its brand influence [7]. Production Capacity Expansion - The Moroccan factory is set to begin large-scale production in 2025, with customer orders exceeding planned capacity, which is expected to significantly boost the company's performance in the coming years [7].

Financial Performance - The company expects a net profit attributable to shareholders of between 2.1 billion and 2.36 billion yuan, representing a year-on-year growth of 53.45% to 72.45%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 2.04 billion and 2.3 billion yuan, indicating a year-on-year increase of 56.37% to 76.30%[3] - Basic earnings per share are estimated to be between 2.03 yuan and 2.28 yuan, compared to 1.44 yuan in the same period last year[3] - The financial data provided is preliminary and has not been audited by the accounting firm, with final figures to be disclosed in the 2024 annual report[7] Market Demand and Expansion - The company continues to experience strong demand for high-quality and high-performance tires in overseas markets, while also expanding in the domestic market[5] - The company is advancing its Moroccan factory's production capacity, with significant order demand expected to increase in 2025[6] Operational Improvements - Internal process reengineering is being implemented to optimize the integration of personnel, equipment, and software, enhancing production efficiency and product quality[6] Strategic Goals - The company aims to create a world-class tire brand and become a leading tire enterprise globally[6]

一、关于 2025 年度日常关联交易预计的议案 2024 年度日常关联交易实际发生金额与预计金额存在差异，主要系公司预 计的日常关联交易额度是根据自身及子公司经营需求就可能发生交易的金额测 算，实际发生金额按照双方的具体执行进度确定，具有不确定性，上述差异属于 正常的经营行为，具有合理性。公司日常关联交易严格遵循"公开、公平、公正" 的市场交易原则，不存在损害公司和股东利益，尤其是中小股东利益的情形，不 会对公司财务状况、经营成果产生重大影响。公司对 2025 年度日常关联交易进 行的额度预计，基于公司业务发展及生产经营需要，且交易定价遵循客观、公平、 公允的原则，不存在损害公司和全体股东特别是中小股东利益的情形，也不存在 因关联交易而在业务上对关联方形成依赖的情形。综上，我们同意公司 2025 年 度日常关联交易预计事项，并同意提交董事会审议，公司董事会在审议上述关联 交易时，关联董事应回避表决。 独立董事：李鑫、丁乃秀、谢东明 2025 年 1 月 10 日 青岛森麒麟轮胎股份有限公司 第四届董事会第一次独立董事专门会议审查意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-004 | | --- | --- | --- | | 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年度向金融机构申请融资额度的公告 为满足公司日常生产经营需要，保证公司健康平稳运营，2025年度公司（含全资子 公司及控股子公司）拟向金融机构申请不超过380,000万元人民币的融资额度，融资额 度包括公司新增融资及原有融资续期，融资额度在授权期限内可循环使用。 上述融资额度不等于公司的实际融资金额，实际融资金额将视公司运营资金的需求 确定，融资方式包括但不限于流动资金借款、贸易融资等，在融资额度内以各金融机构 与公司实际发生的融资金额为准。公司董事会授权董事长或总经理在上述融资额度范围 内，按照日常经营需要与金融机构签订相关法律文件，并办理融资的相关手续，授权有 效期自公司董事会审议通过之日起12个月内有效。 公司拟向不存在关联关系的金融机构申请相关融资额度，本次申请融资额度是为了 满足公司发展和生产经营的需要，有利于促进公司发展，进一步提高经济效益。目前， 公司经营状况良好，具备良好 ...

| | | 青岛森麒麟轮胎股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 1、股东大会届次：2025年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法性、合规性情况： 经公司第四届董事会第二次会议审议通过，决定召开2025年第一次临时股东 大会，召集程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 等有关规定。 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，决定于2025年2月6日（星期四）14:30召开2025年第 一次临时股东大会。现将会议的有关情况通知如下： 一、召开会议的基本情况 （2）网络投票时间：2025年2月6日（星期四） 其中，通过深圳证券交易所系统投票的时间为：2025年2月6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）投票的时间为：2025年2月 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-003 | | --- | --- | --- | | 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 第四届监事会第二次会议决议公告 本公司及监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、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"）第四届监事会第二次会议于 2025年1月10日在青岛公司会议室以现场方式召开，会议通知已于2025年1月5日以直 接送达方式发出。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于2025年度 为子公司提供担保的公告》（公告编号：2025-005）。 本议案尚需提交公司股东大会审议。 本次会议应参加表决监事3名，实际参加表决监事3名。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2025年度向金融机构申请融资额度的议案》 表决结果：赞成票3票 ...