Core Viewpoint - Zhongce Rubber has demonstrated impressive performance with significant revenue and profit growth, positioning itself as a leading player in the global tire industry [2][3]. Financial Performance - In 2024, Zhongce Rubber achieved a revenue of 39.255 billion yuan, representing a year-on-year increase of 11.35% - The net profit reached 3.787 billion yuan, with a remarkable growth rate of 43.57% compared to the previous year [2]. Production Capacity and Global Layout - By the end of 2024, Zhongce Rubber's annual production capacity exceeded 227 million tires, covering various product types including all-steel tires, semi-steel tires, bias tires, and motorcycle tires - The company has established production bases in China, Thailand, Indonesia, and Mexico, forming a "domestic + overseas" dual circulation layout - In 2024, the sales volume of major products was approximately 216 million tires, with a capacity utilization rate of 95.17% and a sales-to-production ratio of 99.61% [3][5]. Product Breakdown - In 2024, the production and sales data for different tire categories are as follows: - All-steel tires: Production 22.2493 million, Sales 22.2544 million, Utilization 99.59%, Sales-to-Production 100.02% - Semi-steel tires: Production 72.2740 million, Sales 69.4658 million, Utilization 99.61%, Sales-to-Production 96.11% - Bias tires: Production 6.4483 million, Sales 6.4291 million, Utilization 95.25%, Sales-to-Production 99.70% - Motorcycle tires: Production 115.7598 million, Sales 117.7398 million, Utilization 91.83%, Sales-to-Production 101.71% [5]. Brand and Market Presence - Zhongce Rubber owns multiple well-known brands such as "Chaoyang," "Haoyun," "Weishi," and "Goodride," with products sold in over 160 countries and regions - The company has a strong presence in the automotive aftermarket with 40,000 offline distribution stores and supplies tires to over 40 mainstream automotive brands [6]. Technological Innovation - Zhongce Rubber has established a technological moat with its "Tianji System," integrating eight core technologies and twelve key technologies to enhance tire performance - The company is investing 4.85 billion yuan to build a 5G digital factory, significantly reducing energy consumption per product to below the national average [9]. Fundraising and Expansion Plans - In its IPO, Zhongce Rubber plans to raise 4.85 billion yuan, focusing on five key areas including the construction of a green 5G digital factory for high-performance tires and expansion projects in Thailand [11][13]. Subscription Information - Zhongce Rubber (603049) will conduct online and offline subscriptions on May 23, 2025, with an issue price of 46.5 yuan per share and a maximum subscription limit of 26,000 shares [14].