Core Viewpoint - Hai'an Group, a new stock listed on the Shenzhen Main Board, specializes in the research, production, and sales of giant all-steel radial engineering tires and mining tire operation management, positioning itself as a key player in the domestic market against international competitors [1][2]. Group 1: Company Overview - Hai'an Group is recognized as a national high-tech enterprise and has received accolades such as the "National Specialized and Innovative 'Little Giant' Enterprise" in 2021 and "Service-oriented Manufacturing Demonstration Enterprise" in 2018 [1]. - The company has become the third global manufacturer capable of mass production of a full range of specifications for all-steel giant tires, following Michelin and Bridgestone [2]. Group 2: Market Position and Growth - The global market for all-steel giant tires has seen growth from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate of 5.18%, indicating a persistent supply-demand imbalance [1]. - In 2022, Hai'an Group ranked first in domestic production and fourth globally for giant tire output, with significant clients including well-known domestic companies and international firms [2]. Group 3: International Expansion - The company has established 12 overseas subsidiaries or branches, with over 75% of its revenue coming from international sales, highlighting its global market reach [2]. - The exit of major international brands from the Russian market has allowed Hai'an Group to significantly increase its sales in that region, with overseas sales accounting for 65.19% to 67.18% of its main business revenue from 2022 to mid-2025 [3]. Group 4: Risks and Challenges - The company acknowledges potential risks from international trade tensions and geopolitical conflicts, which could significantly impact its revenue, particularly from overseas markets [3].