Overview - The semi-steel tire industry in China is experiencing rapid growth, driven by the continuous prosperity of the passenger car market, with total sales expected to reach 650 million units in 2024, a year-on-year increase of 8.8% [1][7]. - Domestic sales are projected to be 322 million units, accounting for 49.54% of total semi-steel tire sales [1][7]. Market Policies - The Chinese government has issued several policies to support the development of the tire industry, including guidelines for high-quality development in the petrochemical sector and encouragement for foreign investment [5][6]. Industry Chain - The semi-steel tire industry consists of upstream suppliers of raw materials, midstream research and production, and downstream markets focused on passenger vehicles [6][7]. - The automotive industry is a crucial pillar of China's economy, with significant growth expected in passenger car production and sales, projected to reach 30.27 million and 30.10 million units respectively by 2025 [7]. Current Development - The semi-steel tire industry is expanding rapidly, with production expected to reach 661 million units in 2024, a year-on-year increase of 11.8%, representing 55.73% of the total tire production in China [7][8]. - Major production regions include Shandong, Zhejiang, Jiangsu, Liaoning, Guizhou, and Fujian, with Shandong alone accounting for 46% of total production [7][8]. Competitive Landscape - The market concentration of the semi-steel tire industry has significantly increased, with the top 10 companies holding a market share of 56.5% in 2024 [9]. - Linglong Tire leads the domestic market with a sales volume of 35.72 million units, capturing an 11.1% market share [9]. - Other notable companies include Zhongce Rubber and Giti Tire, with market shares of 10.4% and 7.7% respectively [9]. Key Companies - **Linglong Tire**: A comprehensive tire company focusing on design, manufacturing, and sales, with a revenue of 11.81 billion yuan in the first half of 2025, and a significant presence in the new energy vehicle sector [9][10]. - **Zhongce Rubber**: Engaged in the production of various tire types, with a revenue of 39.25 billion yuan in 2024, and a focus on expanding its market presence both domestically and internationally [10]. Development Trends - The industry is moving towards green and low-carbon production, with an emphasis on eliminating high-energy consumption and high-emission capacities [11]. - The rise of electric vehicles is driving innovation in tire technology, focusing on low rolling resistance and smart tire solutions [12]. - Domestic brands are increasingly replacing foreign brands, leading to a more concentrated market with a shift towards technology and brand competition [13].

Core Viewpoint - The company emphasizes its commitment to shareholder returns while acknowledging that its stock price is influenced by various factors [1] Group 1: Company Commitment - The company is dedicated to maintaining a continuous and stable profit distribution policy [1] - The company aims to enhance its business operations and market value management [1] - The company strives to reward investors' attention and trust through strong operational performance [1]

中信建投证券股份有限公司 二、对现场检查事项逐项发表的意见 （一）公司治理和内部控制情况、股东会、董事会运作情况 现场检查人员查阅了中策橡胶的公司章程、公司治理主要制度、股东会、董 事会、监事会和董事会专门委员会的全套会议资料、公司内部控制相关制度、 内部审计制度、内审部门的文件资料及审计委员会的履职情况报告等。 2 关于中策橡胶集团股份有限公司2025年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关法律法 规的要求，中信建投证券股份有限公司（以下简称"中信建投""保荐人"）作为 中策橡胶集团股份有限公司（以下简称"中策橡胶"或"公司"）首次公开发行 股票并在上交所主板上市的保荐人，于2026年2月6日对中策橡胶集团股份有限公 司2025年度有关情况进行了现场检查。 一、本次现场检查的基本情况 中信建投针对中策橡胶的实际情况制订了中策橡胶2025年度持续督导现 场检查工作计划。为顺利实施本次现场工作，提高现场工作效率，切实履行持 续督导工作，中信建投证券提前将现场检查事宜通知中策橡胶，并要求公司提 前准 ...

目 录 | | 每日报告精选（2026-02-06 09:00——2026-02-09 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《春节效应延续》2026-02-08 3 | | |  | 宏观周报：《美国：制造业景气度超季节回升》2026-02-08 3 | | |  | 策略周报：《坚定信心，持股过节》2026-02-08 3 | | |  | 策略专题报告：《地方两会聚焦扩内需与强科技》2026-02-08 4 | | |  | 策略观察：《成交活跃度下降，万得全 估值微跌》2026-02-08 5 A | | |  | 行业跟踪报告：餐饮《千问加码外卖补贴，行业价格战趋缓》2026-02-09 6 | | |  | 行业跟踪报告：钢铁《淡季维持累库趋势，但库存处于历史低位》2026-02-09 7 | | |  | 行业跟踪报告：有色金属《关注企稳后的布局机会》2026-02-09 7 | | |  | 行业跟踪报告：钢铁《钢铁行业周报数据库 20260208》2026-02-09 8 | | |  | 行业周报：金融《建议左侧增持非银板 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該 等內容而引致的任何損失承擔任何責任。 Red Avenue New Materials Group Co., Ltd. 彤 程 新 材 料 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣 下知悉、接納並向彤程新材料集團股份有限公司（「本公司」）、其獨家保薦人、保薦人兼整體協調人、 顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記 前，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該文件的文本將於 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and specialty tires, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 3.02 CNY in 2023, rising to 6.32 CNY by 2027 [11][17]. Market Position - The company has established a strong presence in both domestic and international markets, exporting to Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory and new production lines for high-performance tires [23].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 66.13 CNY [4][18]. Core Insights - The company is one of the largest tire manufacturers in China, with ongoing capacity expansion for its main products [2][21]. - The global automotive ownership is on a long-term growth trend, which is expected to drive the tire industry market size upward. The global radial tire market is projected to grow from 1.586 billion units in 2020 to 1.856 billion units by 2024, with a compound annual growth rate (CAGR) of 5.38% [12][21]. - The company has a diverse product range, including radial tires, bias tires, and various other tire products, and is recognized as a national high-tech enterprise [12][22]. - The company is expanding its production capacity, with a total capacity of 21.462 million tires and an output of 19.12989 million tires in 2023 [23]. Financial Summary - The company’s total revenue is projected to grow from 35.252 billion CNY in 2023 to 51.035 billion CNY by 2027, reflecting a growth rate of 10.5% in 2023 and 6.3% in 2027 [11][16]. - Net profit attributable to the parent company is expected to increase significantly from 2.638 billion CNY in 2023 to 5.524 billion CNY in 2027, with a notable growth of 115.4% in 2024 [11][16]. - Earnings per share (EPS) are forecasted to be 4.86 CNY in 2025, 5.75 CNY in 2026, and 6.32 CNY in 2027 [12][17]. Market Position - The company has established a strong presence both domestically and internationally, exporting to various regions including Europe, North America, Africa, Southeast Asia, and the Middle East [12][22]. - The company is increasingly becoming a preferred supplier for mid-to-high-end vehicles, benefiting from the rapid development of the automotive industry in China [21][22]. - The company is investing in projects to enhance its production capabilities, including a green digital factory for high-performance tires and expansion projects in Thailand [23].

Summary of Conference Call Industry Overview - The conference focused on the tire industry, specifically highlighting three companies: Zhongce, Sailun, and Haian [2][12]. - The industry is expected to experience a "Davis Double" opportunity in 2026, driven by performance and valuation improvements [2][3]. - The tire sector is projected to contribute approximately 30% average elasticity in 2026, indicating strong growth potential [2][7]. Key Points on Industry Dynamics - The industry's growth is attributed to increased overseas market penetration, with China's tire market share abroad currently below 20% [4][10]. - Profit margin improvements are anticipated due to factors such as tariff adjustments in the U.S. and changes in European anti-dumping measures [5][6]. - The European anti-dumping measures are expected to yield results by the end of March 2026, potentially enhancing profit margins for domestic tire manufacturers [6][7]. Company-Specific Insights: Zhongce - Zhongce is positioned as a leading player in the domestic tire market, with a diversified product range including semi-steel, full-steel, and non-highway tires [12][13]. - The company has historically focused on the domestic market, with overseas production limited to Thailand until recent expansions [14][15]. - Recent strategic shifts include accelerating overseas factory setups in Thailand and Indonesia, with projected production increases of 15 million and 8 million tires, respectively [15][24]. Performance and Valuation - The company is expected to see significant performance elasticity due to its enhanced overseas production capabilities and market demand [15][24]. - Valuation improvements are anticipated as the company transitions to higher-end automotive partnerships, particularly in the domestic market [16][17]. - Zhongce's current valuation is considered low compared to its peers, presenting a potential investment opportunity [18][24]. Recent Developments - The company has implemented price increases of approximately 4% in response to European market conditions, which is expected to positively impact profit margins [18][19]. - The company maintains a near 100% capacity utilization rate for both semi-steel and full-steel tires, indicating strong demand and operational efficiency [20][21]. Competitive Advantages - Zhongce's competitive edge is attributed to its strong brand presence, effective distribution channels, and high customer loyalty among dealers [22][23]. - The company invests significantly in R&D, leading the industry in innovation and cost reduction efforts [23]. Conclusion - The overall outlook for Zhongce is positive, with anticipated growth driven by overseas expansion, improved profit margins, and a strong domestic market position [24]. - The company is recommended for investment based on its solid fundamentals and growth potential in the tire industry.

近期，轮胎行业迎来一波强力的监管风暴。正新轮胎针对市场流通的"磨码胎"展开专项打击行动，联合监管部门对违规汽修门店进行查处，大批生产编号 被人为磨掉的轮胎被依法查封并销毁。此次行动不仅是正新维护品牌声誉的单点反击，更折射出整个轮胎行业在存量竞争时代，对渠道乱象进行彻底整 治、重塑市场秩序的决心。 据正新轮胎通报，近期接到消费者举报，发现部分汽修门店销售印有正新商标，但关键胎唇及内里生产编号被人为磨掉的轮胎。这种"磨码胎"切断了产品 从生产到销售的全链条溯源，不仅让消费者失去了"三包"等售后保障，更因来源不明、质量不可控而成为巨大的行车安全隐患。 雷霆行动：正新轮胎"零容忍"溯源造假 接到举报后，正新轮胎总部迅速响应，联合当地市场监管部门展开核查。执法部门对涉事磨码轮胎实施了查封、暂扣并集中销毁，并对相关门店没收违法 所得、处以罚款。正新方面强调，将依据《中华人民共和国反不正当竞争法》，持续在全国范围内打击此类销售刮除防伪溯源码的不正当竞争行为，坚决 维护合法经销商权益及消费者安全。 行业顽疾：揭秘轮胎"磨码"背后的灰色江湖 "磨码胎"是长期困扰轮胎行业的顽疾。所谓"磨码"，即人为磨掉轮胎胎唇处标示生产日期、产 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is positioned as a leading player in the giant tire industry, with a strong focus on overseas expansion and a robust order book [9]. - The global giant tire market is expected to grow at a CAGR of approximately 8.4% from 2023 to 2027, with significant demand driven by the mining sector [7]. - The company has established a joint venture in Russia to build a large-scale tire production facility, with an estimated investment of around 4.319 billion RMB [6]. Financial Summary - The company’s projected revenue for 2023 is 2,251 million RMB, with a growth rate of 49% year-on-year [5]. - The forecasted net profit for 2023 is 654 million RMB, reflecting an 85% year-on-year increase [5]. - The expected earnings per share (EPS) for 2023 is 4.69 RMB, with a projected decline in subsequent years [5]. - The company’s gross margin is anticipated to remain high at around 55% [9]. - The projected net profit for 2025 is 7 million RMB, with a growth rate of -3% year-on-year, and is expected to rise to 10 million RMB by 2027, with a growth rate of 38% [12]. Market Position and Strategy - The company has a comprehensive product range covering 49-63 inches and has established strong customer relationships with major mining companies [9]. - The company aims to increase its domestic production capacity by 24,400 units and establish a new capacity of 10,500 units in Russia [9]. - The company is expected to benefit from the high demand in the mining sector and the expansion of its overseas operations [9][12]. Valuation - The report indicates that the company’s price-to-earnings (P/E) ratio for 2025 is projected to be 23x, reflecting its strong profitability and growth potential [14]. - The average P/E ratio for comparable companies in the industry is noted to be lower, suggesting a favorable valuation for the company [14].