防内卷 提升竞争力 | 轮胎产业：突围与新生

Core Insights - The Chinese tire industry holds a 35% global market share but faces significant challenges in profitability and competition, with over 50% of tire companies experiencing declining net profits despite revenue growth [1][2] - The industry is shifting from a focus on scale and price competition to a need for technological innovation and quality improvement to escape the "involution" trap [1][3] Industry Performance - In 2024, China's rubber tire production reached 1.17 billion units, a 3.2% increase year-on-year, while industry profits fell by 8.5% to 31.1 billion yuan [2] - The top five or six companies account for one-third of sales revenue and over 70% of industry profits, highlighting a concentration of market share [2] Challenges and Trends - The industry is characterized by a lack of core technology and brand premium, leading to a situation where companies face "incremental growth without profit" [2][3] - The prevalence of credit sales has increased the risk of cash flow issues for dealers, with a record number of tire stores closing due to unpaid debts in 2024 [3] Technological Advancements - The industry is moving towards "smart manufacturing," with leading companies developing digital standards and intelligent production systems to enhance efficiency and reduce costs [5][6] - Innovations such as the "Industrial 4.0" factory model and the "橡链云" platform are being implemented to create a more interconnected and efficient tire manufacturing ecosystem [6][7] Global Expansion - Chinese tire companies are seizing new opportunities for global expansion, particularly in Europe, the Middle East, and North America, where demand is rising [8][9] - Companies like 森麒麟 are establishing production bases abroad, such as in Morocco, to enhance their global footprint and brand value [8] R&D and Product Development - The industry has seen significant improvements in R&D intensity, leading to breakthroughs in high-performance tire products that meet stringent international standards [10] - The "devil's triangle" of tire performance (rolling resistance, wet grip, and wear resistance) is being addressed through innovative product development [10] Policy and Future Directions - Recent government policies emphasize the need for digital and green upgrades in the tire industry, marking a shift towards quality and value enhancement [11] - The industry is at a crossroads, where the focus is on how to rapidly transform rather than whether to transform, indicating a new era of collaboration and innovation [11]