增收未增利 玲珑轮胎第三季度利润总额同比下滑超六成

Core Viewpoint - Linglong Tire reported a significant decline in net profit despite a rise in sales and revenue, primarily due to the impact of foreign exchange losses and the absence of previous tax refunds [1][3]. Financial Performance - In Q3 2025, Linglong Tire achieved a tire production of 23.89 million units and sales of 23.10 million units, marking a year-on-year sales growth of 7.78% [2]. - The company's Q3 revenue reached 6.35 billion yuan, a 14.00% increase year-on-year, with tire product revenue contributing 6.31 billion yuan, up 14.39% [2]. - However, the total profit for Q3 was 349 million yuan, a substantial decrease of 63.25%, with net profit dropping by 60.22% to 313 million yuan [3]. Profitability Analysis - For the first three quarters of 2025, Linglong Tire reported cumulative revenue of 18.16 billion yuan, a 13.87% increase, while net profit fell by 31.81% to 1.17 billion yuan [3]. - The decline in profitability is attributed to last year's tax refunds and foreign exchange gains, which were not present in the current reporting period, leading to foreign exchange losses [3][4]. - The company experienced a decrease in basic and diluted earnings per share by 59.26% to 0.22 yuan [3]. Cost and Expense Factors - The net cash flow from operating activities for the first three quarters was 1.37 billion yuan, showing a slight decline of 2.47% compared to the previous year [3]. - The cost of major raw materials, including natural rubber and synthetic rubber, saw a decrease in Q3, with procurement costs down 7.43% from Q2 2025 and 8.51% year-on-year [4]. - Despite the reduction in raw material costs in Q3, the overall profit decline was influenced by high costs experienced in the first half of the year, where operating costs rose by 24.44%, outpacing revenue growth [5]. Strategic Outlook - Linglong Tire is pursuing a global expansion strategy, with existing factories in Thailand and Serbia, and a new facility under construction in Brazil, aimed at mitigating tariff risks through flexible production capabilities [5].