证券日报网讯 1月8日，玲珑轮胎在互动平台回答投资者提问时表示，公司正在充分考量资本市场，特 别是中小股东的意见与建议，秉持维护股东利益、对全体股东负责的原则，结合当前资本市场环境的变 化和公司自身资金需求、业务发展规划等多重因素，审慎讨论并分析港股发行节奏，相关进展情况敬请 关注公司后续公告。 （文章来源：证券日报） ...

Core Viewpoint - Linglong Tire reported that the capacity utilization rates for both semi-steel and all-steel production at its Serbia base have been calculated based on actual achieved capacity, with a combined sales rate nearing 92% for the period from January to December 2025 [2] Group 1 - The Serbia base's semi-steel and all-steel capacity utilization rates are based on actual production metrics [2] - The combined sales rate for semi-steel and all-steel products at the Serbia facility is approaching 92% for the year 2025 [2] - The company plans to disclose the overall operational status of its Serbia operations in future periodic reports [2]

生物基橡胶轮胎是一种将源自生物来源的可再生和可持续材料纳入其组成的轮胎。 传统的橡胶轮胎主要 由石油中的合成橡胶制成，石油是一种不可再生资源。 生物基橡胶轮胎旨在通过利用天然材料来减少轮 胎制造对环境的影响。 根据QYResearch最新调研报告显示，预计2031年全球生物基橡胶轮胎市场规模将达到24.33亿美元，未 来几年年复合增长率CAGR为20.35%。 生物基橡胶轮胎，全球市场总体规模 全球生物基橡胶轮胎市场前6强生产商排名及市场占有率（基于2025年调研数据；目前最新数据以本公 司最新调研数据为准） 来源：QYResearch 南宁研究中心。行业处于不断变动之中，最新数据请联系QYResearch咨询。 全球范围内，生物基橡胶轮胎主要生产商包括固特异，韩泰轮胎，优科豪马轮胎等，其中前五大厂商占 有大约82%的市场份额。 目前，全球核心厂商主要分布在欧美和日韩。 来源：QYResearch 南宁研究中心 就产品类型而言，目前乘用车是最主要的需求来源，占据大约91%的份额。 全球生物基橡胶轮胎规模，主要生产地区份额（按产值） 来源：QYResearch南宁研究中心 生物基橡胶轮胎，全球市场规模，按产品类 ...

Core Viewpoint - The bio-based rubber tire industry is transitioning towards sustainable materials to reduce environmental impact, with significant growth expected in the coming years, driven by technological advancements and regulatory support [1][14][17]. Market Overview - The global bio-based rubber tire market is projected to reach $2.433 billion by 2031, with a compound annual growth rate (CAGR) of 20.35% over the next few years [2]. - Major manufacturers in the bio-based rubber tire market include Goodyear, Hankook Tire, and Yokohama, with the top five companies holding approximately 82% market share [4]. Product Segmentation - Currently, 19-inch tires represent the largest product segment, accounting for about 22.79% of the market share [8]. - Passenger vehicles are the primary demand source, making up approximately 91% of the market [9]. Industry Development Status - The bio-based rubber tire industry is at a critical stage of moving from technological breakthroughs to commercial applications, with major tire companies actively pursuing green transformations to meet carbon neutrality goals [14]. - International giants like Michelin and Goodyear have set clear roadmaps to achieve 100% sustainability in tire materials by 2030 to 2050 [14]. - In China, unique technological routes are being developed, utilizing non-food biomass like corn cobs and straw to produce bio-based rubber, which is cost-effective and biodegradable [14]. Innovations and Challenges - Innovations extend beyond rubber to the entire material system, including the use of bio-based polyamide and modified silica to reduce carbon footprints [15]. - Despite advancements, challenges remain in raw material supply, cost competitiveness, and performance metrics compared to traditional petroleum-based products [16]. Policy Analysis - The development of the bio-based rubber tire industry is significantly influenced by domestic and international policies aimed at promoting green and low-carbon transitions [17]. - China's policies encourage the use of non-food biomass and aim to establish a comprehensive recycling system for used tires [17][19]. - International regulations, particularly from the EU, impose strict requirements on bio-based products, creating both challenges and opportunities for market entry [17]. Future Outlook - The industry is expected to focus on non-food raw material alternatives, low-carbon process innovations, and the establishment of circular economy models [19]. - The goal is to create a new industrial ecosystem that reduces reliance on fossil fuels throughout the tire lifecycle [19].

Core Viewpoint - Linglong Tire's stock performance shows a slight increase, with significant financing activities indicating a low financing balance relative to market value, suggesting potential investment opportunities in the company [1][2]. Group 1: Financial Performance - As of September 30, Linglong Tire reported a revenue of 18.16 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 13.87% [2]. - The net profit attributable to shareholders for the same period was 1.17 billion yuan, which represents a year-on-year decrease of 31.81% [2]. Group 2: Shareholder and Financing Information - As of January 6, Linglong Tire's financing balance was 6.58 billion yuan, accounting for 3.04% of its market capitalization, which is below the 50th percentile of the past year, indicating a low financing level [1]. - The number of shareholders decreased to 87,500, a reduction of 7.74% compared to the previous period, while the average circulating shares per person increased by 8.39% to 16,716 shares [2][3]. - The company has distributed a total of 3.69 billion yuan in dividends since its A-share listing, with 1.40 billion yuan distributed over the past three years [3]. Group 3: Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is the Southern CSI 500 ETF, holding 10.67 million shares, a decrease of 223,000 shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 10.58 million shares, down by 3.23 million shares [3]. - New institutional shareholder, Shenwan Hongyuan Securities Co., Ltd., holds 4.16 million shares, marking its entry into the list of top ten circulating shareholders [3].

Core Viewpoint - The company anticipates fluctuations in natural rubber prices until 2026 due to various influencing factors, and it is implementing measures to stabilize raw material costs and manage foreign exchange risks [1] Group 1: Natural Rubber Price Outlook - The short to medium-term price trends of natural rubber are influenced by seasonal patterns, inventory changes, downstream operating rates, climatic conditions, market supply and demand dynamics, and macroeconomic policies [1] - The company is closely monitoring raw material price fluctuations and aims to optimize its supplier structure and procurement strategies to mitigate the impact of price volatility on operations [1] Group 2: Raw Material Supply Stability - The company is establishing long-term stable partnerships with key suppliers to ensure the stability of raw material supply and continuously optimize procurement costs [1] Group 3: Foreign Exchange Risk Management - The company is currently engaged in foreign exchange hedging activities to reduce risks associated with currency market fluctuations and to prevent adverse effects from significant exchange rate volatility [1]

（文章来源：证券日报） 证券日报网讯 1月5日，玲珑轮胎在互动平台回答投资者提问时表示，公司始终致力于与全球各大汽车 制造商保持稳固的合作关系，并通过持续优化产品品质与服务体系，以满足客户的多元化需求。目前与 以上两家主机厂的配套供货进展顺利。 ...

Group 1 - The company, Linglong Tire, stated that its net cash flow from operating activities will be sufficient in the first three quarters of 2025 [2] - The company plans to continuously optimize its financing and debt structure while reasonably controlling capital expenditure [2] - By improving the efficiency of capital turnover, the company aims to enhance the quality of its earnings and ensure stable and sufficient operating cash flow [2]

Core Insights - The 2025 Shandong Wealth Creation List highlights the strong performance of the tire industry, with a total wealth creation amounting to 2.5 trillion yuan, showcasing the industry's significant contribution to the local economy [6][13]. Group 1: Leading Companies and Wealth Rankings - Huachin Rubber, led by the Niu Zhishun family, ranks first in the tire industry with a wealth value of 55.128 billion yuan, placing it in the top ten of the overall list [6][8]. - Linglong Tire and Haomai Group form a strong second tier, with the Wang Xicheng family of Linglong Tire at 33.596 billion yuan (ranked 18th) and Zhang Gongyun of Haomai Group at 33.581 billion yuan (ranked 19th), indicating their close financial standings [3][10]. - Other notable entrants in the top 100 include Shang Jiyong of Wanda Holdings, Liu Shengjun and Liu Xia of Haomai Group, Yuan Zhongxue of Sailun and Soft Control, and Qin Long of Senqilin, further solidifying the wealth landscape of Shandong's tire industry [3][10]. Group 2: Industry Strength and Transformation - The tire industry is recognized as a pillar industry in Shandong, demonstrating its robust capabilities and the successful transition from traditional manufacturing to high-end, intelligent production [4][11]. - Continuous focus on core business operations has led to synchronized growth in personal wealth and corporate value among Shandong tire entrepreneurs, contributing to the region's reputation as a stronghold in the tire sector [6][13].

Market Performance - The basic chemical index increased by 2.58% from December 13 to December 19, while the CSI 300 index decreased by 0.28%, indicating that the basic chemical sector outperformed the CSI 300 by 2.85 percentage points, ranking fifth among all sectors [1][2] - The top-performing sub-industries included spandex (15.38%), other rubber products (10.78%), viscose (5.14%), civil explosives (4.25%), and potassium fertilizer (3.98%) [1][2] Chemical Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (Jiangsu) at 57.14%, hydrochloric acid (Shandong) at 44.44%, industrial-grade lithium carbonate at 7.63%, battery-grade lithium carbonate at 7.57%, and butadiene at 6.12% [3] - The top five products with the largest weekly price declines included concentrated nitric acid at -9.30%, VCM (vinyl chloride monomer) at -6.25%, international gasoline at -6.11%, caustic soda (32% ion membrane) at -5.45%, and sulfur at -5.06% [3] Industry Dynamics - The sulfuric acid industry is focusing on supply stability and price control to ensure national food security, with measures being implemented to stabilize fertilizer supply and prices ahead of the spring farming season [4] - The current international sulfur supply is tight, leading to increased global sulfur resource prices and significantly raising the production costs for phosphate fertilizer [4] - As of December 19, the market price for sulfuric acid (98% smelting acid, Shandong) was 865 RMB/ton, with an increase of 8.81% in December and a year-to-date increase of 162.12% [4] Company Developments - Mitsui Chemicals announced an expansion of its MDI production capacity in South Korea, adding 100,000 tons/year, which will increase the plant's annual capacity from 610,000 tons to 710,000 tons, with production expected to start in May 2027 [5] - Dow Chemical plans to raise prices for its polymer MDI products in Southeast Asia by $200/ton, while Wanhua Chemical will also increase prices for all MDI and TDI products in Latin America by $200/ton starting December 15 [5] Investment Recommendations - The current investment focus includes the refrigerant sector, chemical fiber sector, and high-quality growth stocks, with specific companies recommended for attention [6] - Suggested companies in the refrigerant sector include Jinshi Resources, Juhua Co., and Sanmei Co. [6] - In the chemical fiber sector, recommended companies include Huafeng Chemical and Xinfengming [6] - Other notable companies include Wanhua Chemical, Hualu Hengsheng, and Luxi Chemical [6]