目前，公司生产经营状况稳定有序，此次终止发行H股股票，是公司基于对多方面因素的全面权衡及实 际情况作出的审慎决策，不会对生产经营和持续发展造成重大不利影响，不存在损害公司及全体股东特 别是中小股东利益的情形。 格隆汇1月22日丨玲珑轮胎(601966.SH)公布，鉴于当前宏观经济环境、公司自身实际情况、发展规划， 以及结合资本市场环境变化等多重因素的综合考量，并始终秉持维护股东利益、对股东负责的原则，经 公司与相关中介机构进行深入探讨与审慎分析后，决定终止此前筹划的发行H股股票并于香港联交所主 板上市的事项。 ...

玲珑轮胎公告称，公司曾于2025年4月、5月审议通过发行H股股票并在香港联交所主板挂牌上市的议 案。鉴于当前宏观经济、自身实际情况、发展规划及资本市场环境等因素，经与中介机构探讨分析，决 定终止该事项。此次终止属股东会授权董事会处理范围，无需再提交审议。目前公司生产经营稳定，此 举是审慎决策，不会造成重大不利影响，也不会损害股东利益。 ...

Summary of Key Points from Conference Call Industry Overview - The chemical industry in Europe is facing declining capacity utilization rates, currently at 74.6% in Q3 2025, down from 75.6% in Q2 2025, significantly below the long-term average of 80% [2][3] - In contrast, China's chemical exports have shown significant growth, with 60% of monitored chemical products achieving export volumes at over 80% of the past six years' levels [2] Core Insights and Arguments - European chemical companies are challenged by high energy costs and stringent environmental regulations, with natural gas prices approximately three times higher than in the US [3] - China is investing heavily in its chemical industry, accounting for 47% of global capital expenditure and 32% of R&D spending in 2023, which is driving industry scale and efficiency [4] - The "super factory" model in China is optimizing production costs and enhancing international competitiveness, allowing Chinese firms to capture market share more effectively [5][6] Trade Barriers and Their Impact - Trade barriers, such as the EU's carbon border tax, are affecting Chinese chemical exports, with potential additional costs of 300 to 2,700 RMB per ton for fertilizers [7] - The EU has temporarily suspended carbon tariffs on certain products, which may provide short-term relief but does not change the long-term trend towards stricter regulations [7] Industry Response to Market Dynamics - The chemical industry is responding to "involution" through both proactive measures, like joint production cuts, and reactive policies, such as energy consumption limits [8][9] - The PTA sector is expected to see improved profitability due to production cuts and a favorable demand-supply dynamic, with a projected increase in prices and earnings recovery [9][11] Specific Market Opportunities - The MDI market is influenced by US anti-dumping measures, but Chinese exports remain competitive in North America and Europe despite challenges [12] - China's ethylene production is expected to grow significantly, transitioning from a net importer to a potential net exporter by 2024, driven by increased domestic capacity and the exit of older European facilities [13][14] Investment Directions - The potassium fertilizer, phosphorus chemical, and pesticide sectors are highlighted as key areas for investment, with potassium fertilizer prices expected to remain strong due to tight supply-demand dynamics [16][17] - Companies with overseas resource development strategies, such as Yara International and Dongfang Iron Tower, are recommended for investment consideration [17] Future Development Logic - The underlying logic for the chemical industry's growth in 2026 is centered around international expansion and addressing market involution, with specific focus on MDI, PTA, ethylene, phosphorus chemicals, and potassium fertilizers as promising investment areas [18]

Core Viewpoint - Linglong Tire is set to achieve significant production capacity in Serbia by Q4 2025, with a focus on both semi-steel and full-steel tire production [1] Production Capacity - The average daily production of semi-steel tires is projected to exceed 25,000 units, with a quarterly planned capacity of 300,000 units (1.2 million units annually), resulting in a capacity utilization rate of over 70% [1] - The average daily production of full-steel tires is expected to exceed 3,600 units, with a quarterly planned capacity of 60,000 units (240,000 units annually), leading to a capacity utilization rate of over 50% [1] Monthly and Annual Performance - The capacity utilization rate for December is reported to be consistent with the average level of Q4 [1] - The average production and sales rate for the year 2025 is anticipated to be close to 92% [1]

Summary of Tire Industry Conference Call Industry Overview - The Chinese tire industry has seen a continuous increase in market share, surpassing 15% by 2024, indicating significant growth potential compared to international giants [1][2] - Haian Rubber has emerged as one of the top three tire manufacturers globally, following Michelin and Bridgestone, showcasing the rising status of Chinese companies in the global market [1][2] Competitive Landscape - The internal competition within the Chinese tire industry has stabilized, with leading companies like Zhongce and Sailun leveraging brand building, economies of scale, and technological barriers to maintain their advantages [1][4] - Major brands such as Chaoyang and Sailun have reached price parity with second-tier foreign brands in the replacement market, while high-end products are now comparable to top international brands [1][4] Brand Development - Chinese tire companies have made significant progress in brand development, particularly in the domestic original equipment and replacement markets [1][5] - High-end products like Chaoyang No. 1 and Sailun Golden One have shown strong market performance, enhancing brand image and driving growth in the replacement market [1][5] Overseas Business Importance - The overseas supply business is crucial for Chinese tire companies, with strong short-term profitability (gross margin around 35% or higher) and long-term benefits for brand image and pricing power in the overseas replacement market [1][8][9] - Companies like Zhongce, Linglong, and Sailun are already supplying overseas orders, which could lead to significant long-term growth opportunities [1][9] Market Performance - The overall performance of the Chinese tire industry is strong, with a good showing in the domestic semi-steel replacement market and high operating rates in overseas factories due to strong demand [3][10] - The all-steel product segment has performed well due to innovation and product diversification, with overall orders and operating rates remaining positive [3][10] Risks - The primary risk facing the Chinese tire industry is the volatility of rubber prices, which could impact short-term profitability [3][11] - Companies can mitigate this risk by passing on costs, making it essential to monitor rubber price trends closely [3][11] Investment Outlook - The current valuation of approximately 10 times earnings, combined with favorable conditions in domestic and overseas replacement markets, suggests that now is a good time to invest in Chinese tire companies [3][12] - Recommended companies for investment include Sailun, Linglong, Zhongce, and Senkiren, with a note to also monitor Haian Group [3][12]

Core Viewpoint - Linglong Tire emphasizes that the investment scale for overseas factories will vary based on multiple factors, including the political and business environment, economic foundation, labor costs, and the design scale and construction standards of the factories [1] Group 1: Investment Strategy - The company will carefully evaluate the comprehensive conditions and timing for establishing new overseas bases as part of its globalization strategy [1] - Linglong Tire aims to rationally control the investment scale and pace while ensuring planning goals and construction efficiency [1] - The objective is to maximize economic benefits from these investments [1]

Core Viewpoint - Linglong Tire is focusing on enhancing efficiency and effectiveness across all operational aspects, including R&D, manufacturing, marketing, procurement, and service, while strategically planning its globalization efforts and asset investments to improve net asset return rates [2] Group 1: Operational Efficiency - The company is benchmarking against leading peers to improve operational efficiency and effectiveness [2] - Linglong Tire is increasing R&D investment, expanding professional teams, and engaging in industry-academic-research collaborations to enhance its technological capabilities [2] Group 2: Market Expansion - The company is broadening its market sales channels and diversifying cooperation models, including partnerships with internationally renowned sports clubs and events to enhance brand visibility [2] - Linglong Tire is actively exploring the mid-to-high-end market and optimizing its product structure to increase the sales proportion of main tires and large-size products [2] Group 3: Strategic Partnerships - The company is collaborating closely with global leading manufacturers and new automotive players to boost recognition of its product performance and service quality in both domestic and international markets [2] - These efforts are aimed at supporting the continuous improvement of product pricing and profitability, gradually narrowing the price gap with top international brands [2]

Group 1 - The core viewpoint of the article is that Linglong Tire (601966) is making steady progress in ramping up production capacity at its Serbia facility, with utilization rates expected to exceed 70% for semi-steel and 50% for all-steel tires by the end of 2025 [1] - As of January to December 2025, the comprehensive sales rate for both semi-steel and all-steel tires at the Serbia base is projected to approach 92% [1]

Core Viewpoint - Linglong Tire (601966) acknowledges the urgent demand from investors for stock price stability and emphasizes its commitment to enhancing operational efficiency and competitiveness through various strategic initiatives [1] Group 1: Operational Strategies - The company is benchmarking against leading peers to optimize production plans, scheduling, and processes [1] - Efforts are being made to improve equipment efficiency, implement lean production management, and advance smart manufacturing and digital transformation [1] - The focus on research and development innovation and marketing system construction aims to reduce costs while improving quality [1] Group 2: Financial and Market Positioning - Linglong Tire aims to enhance capacity utilization, product competitiveness, and brand influence to solidify its profit foundation [1] - The company is strategically positioned with a balanced global production base and sales operations to mitigate international trade risks [1] - The goal is to strengthen operational resilience in a complex external environment and align intrinsic value with market valuation through steady operations and sustained performance [1]

Group 1 - The core point of the article is that Linglong Tire (601966) has planned a total TBR production capacity of 2.4 million units in Serbia, which includes an initial phase of 1.6 million units and a second phase of 800,000 units [1] - The production line has been fully laid out, and the company is currently in the process of ramping up production capacity [1] - The non-highway production capacity will be advanced based on market demand [1]