玲珑轮胎H股终止发行：毛利率受压，股价“破净”

Core Viewpoint - Linglong Tire (601966.SH) has announced the termination of its plan to issue H-shares, which comes more than six months after the company disclosed its prospectus for the Hong Kong stock market [2][3]. Group 1: Reasons for Termination - The decision to halt the H-share issuance was influenced by multiple factors, including the current macroeconomic environment, the company's actual situation, development plans, and changes in the capital market [3]. - Linglong Tire's A-share price has been declining for several years, currently trading below its net asset value, making the potential pricing of H-shares unattractive for existing shareholders [2][8]. - The company faces rising raw material costs, particularly for rubber, and pressure from automotive companies on pricing, which could impact sales [2][3]. Group 2: Financial Performance - In the first three quarters of 2025, Linglong Tire reported revenue of 18.161 billion yuan, a year-on-year increase of 13.87%, but net profit decreased by 31.81% to 1.167 billion yuan [4]. - The gross margin for the first three quarters of 2025 was 16.38%, down nearly 8 percentage points from 24.35% in the same period of 2024 [5]. - The company’s product sales have shown steady growth, with a 3.12% increase in average selling price per tire in Q3 2025 compared to Q2 2025 [4][5]. Group 3: Market Position and Competition - Linglong Tire is the second-largest tire manufacturer in China and the sixth-largest globally, with a market share of 4.4% based on global tire sales [3]. - Competitors such as Zhongce Rubber and Sailun Tire have successfully listed and raised funds, increasing competitive pressure on Linglong Tire [2][3]. - The company has established partnerships with over 70 major automotive manufacturers, providing tires for various vehicle types, including electric vehicles [6]. Group 4: Raw Material Costs and Pricing Pressure - The prices of key raw materials, including natural and synthetic rubber, have seen significant fluctuations, impacting the company's cost structure [5][7]. - Linglong Tire's reliance on direct procurement from automotive companies, rather than the consumer replacement market, has resulted in lower gross margins compared to competitors [5]. - The price of rubber has rebounded significantly, raising concerns about cost management and profitability [7].