轮胎行业全面低迷，倍耐力在华“逆势”增资扩产

Core Insights - Pirelli considers China a key market for its future growth and plans to continue investing in high-end tires and future mobility technologies [2][5] - The company is looking to increase its stake in the Shenzhou factory, which is part of its joint venture with Huachin Group [2][3] - Pirelli's sales in China accounted for 11% of its global total in 2024, with high-value products making up 90% of its sales in the region [5][6] Company Overview - Pirelli was founded in 1872 by Giovanni Battista Pirelli and is headquartered in Milan, Italy [2] - The company established its first factory in China in partnership with Huachin Group in 2005, located in Jining, Shandong [2] - Pirelli has two factories in Shandong and one in Jiaozuo, Henan, with a total capacity of 15 million passenger car tires and 2 million motorcycle tires [2] Investment and Expansion Plans - Pirelli plans to invest further in its Shenzhou factory, which produces high-end and high-performance electric vehicle tires [3][5] - In February, Huachin Group announced a 1.5 billion yuan investment to expand production capacity for semi-steel radial tires [3] - The company has localized its four core tire technologies in China, enhancing its product offerings [6] Market Context - The global tire industry is currently facing challenges, with major companies reporting declines in revenue and net profit [3][4] - Domestic tire companies in China are also experiencing profit declines, with some reporting drops between 7.7% and 77.56% [4] - Despite the overall market downturn, there is a significant push for expansion among both domestic and joint-venture tire manufacturers [4][5] Product Focus - The demand for high-performance and electric vehicle-specific tires is increasing in China, which has become a critical market for high-end tires [5] - Pirelli's Shenzhou factory is upgrading its production capabilities to meet the growing demand for larger tire sizes [5]