Core Insights - Pirelli celebrates its 20th anniversary in China, reaffirming its long-term commitment to the Chinese market and plans for continued investment [1][4][7] - The company has established three factories in China and employs over 5,000 people since its entry in 2005 [1][4] - Pirelli's sales in China reached 11% of its global total in 2024, highlighting the market's significance [15] Company Commitment and Growth - Pirelli's CEO emphasized the importance of collaboration with Chinese automotive manufacturers to drive industry innovation [7] - The company has built a strong partnership with local entities, focusing on mutual trust and excellence over the past two decades [11] - Pirelli's production capacity in China includes approximately 15 million passenger car tires, with over 90% being high-value products [18] Technological Advancements - Pirelli is introducing its Cyber™ tire technology in China, which integrates hardware and software for enhanced vehicle performance [17] - The Cyber™ tire has been tested by local manufacturers and aims to be incorporated into new vehicle models [17] Research and Development - The establishment of the Pirelli Asia-Pacific R&D Innovation Center in Jining underscores China's strategic importance in Pirelli's global operations [21] - The R&D center collaborates with universities and integrates with Pirelli's global network of research facilities [21] Sustainability Efforts - All Pirelli factories in China adhere to high sustainability standards, with the Yanzhou factory recognized as a national "Green Factory" [23]

作者丨彭鑫 编辑丨安安 10月10日，倍耐力于山东济宁生产基地迎来其在华工业布局二十周年里程碑，彰显了倍耐力在全球最具活力的汽车市场深耕发展的历程。倍耐力重申了对中 国市场的长期承诺，并计划继续在华投资。自2005年至今，倍耐力在中国已拥有三家工厂及逾5000名员工。 出席庆典的嘉宾包括：华勤集团创始人牛宜顺；华勤集团董事长牛腾；倍耐力集团首席执行官安德烈亚·卡萨卢奇以及倍耐力亚太区首席执行官马赞宁。 在客户、供应商及员工的共同见证下，以"轮迹承廿载，未来共加倍"为主题的庆典活动回顾了倍耐力在华发展的各个阶段，这一成功建立在以卓越管理、专 业技能、创新、技术、品牌和员工关怀为核心的工业文化之上。活动当天还举行了一场关于汽车行业未来发展的圆桌论坛，邀请了三位中国该领域知名专家 参与：清华大学中国经济思想与实践研究院院长李稻葵、中国工程院院士、西安交通大学校长、橡胶与材料行业专家张立群，以及波士顿咨询公司董事总经 理、资深合伙人谢天。 中国作为关键的高端轮胎市场以及汽车行业未来技术（从电动汽车到互联移动出行）的重要阵地，目前全国汽车保有量约达3.5亿辆，仅在2025年前8个月汽 车累计销售就已超过2100万辆（其 ...

Core Insights - Michelin celebrated its 136-year history by illuminating giant moon art installations in Shanghai, Guangzhou, and Chengdu, showcasing the fusion of technology and art while honoring traditional Chinese culture [1][3] - The company emphasizes its commitment to innovation beyond tire manufacturing, extending its technological advancements into various sectors including transportation, aerospace, low-carbon energy, and healthcare [3][7] Group 1: Innovation and Technology - Michelin's latest product, the Michelin HaoYue V tire, integrates 17 patents, featuring innovative rubber formulations, unique tread designs, and improved structural designs to enhance wet braking performance [3] - The company has developed a puncture-free tire for lunar rovers, which will debut at the 2024 China International Import Expo, indicating a forward-looking project that may translate into practical solutions for terrestrial applications [5] Group 2: Market Presence and Strategy - Michelin has established a diverse business system in China, encompassing tires, polymer composite solutions, and lifestyle products, supported by four modern production bases and a research center [3] - The company aims to synergize with the Chinese automotive industry, fostering mutual growth and empowerment within the market [3] Group 3: Future Vision - Michelin's research and innovation efforts span over 350 professional fields, reflecting its commitment to continuous progress and innovation [7] - The company plans to continue launching high-tech, innovative, and environmentally friendly products, aligning its innovations with humanity's pursuit of a better future [7]

Summary of SAILUN TIRE Conference Call Company Overview - SAILUN TIRE was established in 2002, focusing on the production, operation, and sales of tires. The company has expanded its product range over 20 years, becoming a leading tire manufacturer in China with multiple sub-brands such as SAILUN, LUZHIG, and HEIYING, achieving high brand recognition both domestically and internationally [4][5][20]. Financial Performance - In Q2 2025, SAILUN reported revenue of 9.175 billion yuan, showing year-on-year and quarter-on-quarter growth. However, profits decreased to approximately 800 million yuan due to the impact of new tariffs imposed by the US and Europe on Chinese tires [2][5][20]. - Production reached 20.72 million tires, with sales nearing 20 million, marking a historical high. The average selling price increased by over 6% quarter-on-quarter, indicating strong downstream demand [2][6][20]. Market Dynamics - The natural rubber market is influenced by economic cycles and supply factors, with expectations of downward pressure on prices in Q4 due to the peak rubber tapping season, benefiting tire companies like SAILUN [2][7]. - Synthetic rubber prices are closely aligned with natural rubber, and a decrease in raw material costs is expected to enhance SAILUN's profit margins [2][8]. Demand Structure - The tire market is primarily driven by the replacement market, which accounts for over 70% of global demand for passenger and commercial vehicle tires. In China, the replacement market constitutes 28% of total demand [11][12]. - The global automotive production has rebounded from 80 million units in 2020 to 93 million units in 2023, contributing to a growing replacement market [12]. Impact of New Energy Vehicles (NEVs) - NEVs are rapidly gaining market share, with production and sales increasing by over 40% in the first half of 2025. The penetration rate reached 44%, leading to increased tire demand due to faster wear rates and higher prices compared to traditional vehicles [13][14]. Competitive Landscape - Global tire market leaders include Michelin, Bridgestone, Goodyear, and Continental, but these companies are experiencing declining sales. In contrast, Chinese companies like SAILUN are showing significant growth, with a 21% year-on-year increase in 2024 [15][16]. Global Expansion Strategy - SAILUN has established production bases in Vietnam, Cambodia, Mexico, and Indonesia, with overseas revenue accounting for 76% of total income, indicating a successful international expansion strategy [16][17]. - The company plans to build a new facility in Egypt with a capacity of 3.6 million radial tires, further enhancing its global production capabilities [18]. Technological Advancements - SAILUN has developed a proprietary "Liquid Gold" tire, which has received positive market feedback. This innovation aims to improve rolling resistance, wet grip, and wear resistance [19]. - Collaborations with companies like BYD and Xiaomi are expected to enhance brand recognition and market presence [19]. Future Outlook - The projected net profit for SAILUN in 2025 is approximately 4.197 to 4.2 billion yuan, with a relatively low price-to-earnings ratio of about 11.5. The company anticipates improved performance as new production bases ramp up and the impact of tariffs diminishes [20].

23, Place des Carmes-Déchaux - 63000 CLERMONT-FERRAND Information about securities repurchasing programRegulated informationIssuer social denomination: Michelin – LEI 549300SOSI58J6VIW052 Types of securities: ordinary shares – Code ISIN FR001400AJ45Date : October 8th, 2025 Issuer NameIssuer codeTransactiondateISIN CodeDaily total volume (in number of actions)Daily weighted average price of shares acquiredPlatformCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW052<td style="width:79.2px;;text- ...

Core Insights - The book "The Worst Bet in the World: How Globalization Went Off the Rails (and How to Get Back on Track)" by David Lynch highlights that American workers are merely pawns in the globalization gamble, with their fates disconnected from the outcomes of this global economic strategy [1][22] Group 1: Historical Context of Globalization - Initially, globalization was viewed as an ideal utopia where capital could flow freely across borders, benefiting developing countries and creating new markets [3] - The economic turmoil in countries like Indonesia and Russia, along with the unemployment of American workers, illustrates the negative consequences of globalization [3] - The 1990s saw President Clinton promoting globalization as an "unstoppable force," despite widespread awareness that it would harm domestic workers [5] Group 2: Impact on Workers - Economists like Dani Rodrik warned that globalization primarily benefits capital and high-skilled labor, while low-skilled workers face job losses due to competition from cheaper labor [5] - Clinton's "Trade Adjustment Assistance" program aimed to support displaced workers but was poorly executed, with less than 10% of eligible workers benefiting [5][14] - The signing of NAFTA did not significantly reduce factory numbers, but workers affected by low-cost labor from Mexico suffered greatly, leading to increased anti-globalization sentiments [10] Group 3: Political Reactions and Shifts - Protests against globalization peaked during the 1999 WTO meeting in Seattle, reflecting workers' frustrations with being sacrificed for corporate interests [10][13] - Obama's push for the Trans-Pacific Partnership (TPP) faced backlash due to its perceived favoritism towards corporations over labor rights [16] - Trump's election and subsequent withdrawal from TPP signified a shift towards prioritizing American workers, although the effectiveness of such measures remains questionable [16] Group 4: Current Challenges and Future Considerations - The COVID-19 pandemic exposed vulnerabilities in global supply chains, prompting a reevaluation of reliance on international production models [18] - Lynch calls for a reconsideration of globalization, urging that the needs of small-town residents dependent on factories should not be dismissed as "ignorant protectionism" [19] - While Lynch suggests increasing corporate tax rates and rebuilding social safety nets, he acknowledges the lack of concrete policy solutions to address the ongoing challenges of globalization [21]

Core Insights - Michelin illuminated giant moon art installations in Shanghai, Guangzhou, and Chengdu, celebrating innovation and cultural heritage on the Mid-Autumn Festival night [1] - The company emphasizes its commitment to innovation across various sectors, including transportation, aerospace, low-carbon energy, and healthcare, showcasing its century-long exploration in composite materials [1][2] Group 1: Innovation and Technology - Michelin has a history of innovation, starting with the invention of the first detachable bicycle tire in 1891, which significantly improved convenience [2] - The company has continuously pushed the boundaries of technology, exemplified by the latest Michelin Hao Yue V tire, which features 17 patents and superior wet braking performance [2] - Michelin's advancements extend to aviation, where it has equipped approximately half of the world's commercial aircraft with its tires, ensuring passenger safety [2] Group 2: Cultural Significance and Brand Vision - The moon symbolizes reunion and exploration in Chinese culture, aligning with Michelin's brand ethos of "Innovation Beyond Roads" [3] - The moon art installation serves as a medium to express Michelin's commitment to innovation and its vision for future travel [3] - Michelin aims to leverage its polymer composite solutions for future projects, such as developing airless tires for lunar rovers, showcasing its forward-thinking approach [3] Group 3: Research and Development - Michelin's research and innovation span over 350 professional fields, including aerospace, low-carbon energy, and healthcare [4] - The company has developed advanced materials for various applications, such as a revolutionary automatic wing sail system to reduce greenhouse gas emissions in maritime transport [4] - In the medical field, Michelin has created biocompatible polymer composites for artificial intervertebral discs, mimicking the mechanical properties of natural cartilage [5] Group 4: Commitment to Sustainability - Michelin is dedicated to producing high-tech, innovative, and environmentally friendly products, reflecting its commitment to sustainability [5] - The company aims to reduce carbon emissions while maintaining structural strength in its lightweight building components [5] - Michelin's innovation journey is aligned with humanity's pursuit of a better future, emphasizing collaboration with Chinese users for a sustainable world [5]

Core Viewpoint - Michelin celebrates the Mid-Autumn Festival by showcasing a giant moon art installation in Shanghai, Guangzhou, and Chengdu, emphasizing its commitment to innovation and exploration in various fields [1][2]. Group 1: Innovation and Technology - Michelin has a 136-year history as a leading manufacturer of tires and composite materials, focusing on innovation that extends beyond road applications to sectors like aerospace, low-carbon energy, and healthcare [2][12]. - The company has developed a new tire, the Michelin Hao Yue V, which integrates 17 patents and offers superior wet braking performance, reducing stopping distance by an average of 6 meters after 50,000 kilometers compared to competitors [3][9]. - Michelin's innovative tire technology has been applied to aircraft, with approximately half of the world's commercial planes equipped with Michelin tires, ensuring passenger safety during takeoff and landing [5]. Group 2: Cultural Engagement and Brand Vision - The moon symbolizes reunion and exploration in Chinese culture, and Michelin uses the moon art installation to convey its brand message of "innovation beyond the road" [8][12]. - Michelin's exploration extends to developing airless tires for lunar rovers, capable of withstanding extreme temperatures and conditions on the moon, showcasing the company's commitment to pushing technological boundaries [8][11]. - The company aims to continue its innovative journey by collaborating with Chinese users to create a more sustainable and better future [15]. Group 3: Diverse Applications and Research - Michelin's research and innovation span over 350 professional fields, including aerospace, low-carbon energy, and medical applications, demonstrating its versatility in engineering materials [14]. - The company has developed advanced composite materials for various applications, such as a revolutionary automatic sail system for reducing greenhouse gas emissions in maritime transport and biocompatible materials for medical implants [14].

Core Insights - The Chinese automotive market is a global leader, and local innovation is crucial for companies like Bridgestone to enhance their brand recognition in this competitive landscape [1] Group 1: Market Positioning - Bridgestone aims to improve its brand presence in China over the next five years due to increased competition and a decline in its market visibility [1] - The company recognizes that the demand for larger tire sizes, particularly those 19 inches and above, is becoming mainstream in China, contrasting with the Japanese market where 15 and 17 inches are still predominant [2] Group 2: Adaptation to New Energy Vehicles (NEVs) - As of August this year, the penetration rate of new energy vehicles in China reached 55.2%, necessitating tire companies to adapt to the specific demands of these vehicles [2] - NEVs require tires with higher load-bearing capacity due to their heavier weight compared to traditional fuel vehicles, as well as improved noise reduction and lower rolling resistance to enhance energy efficiency [2][3] Group 3: Technological Innovations - Bridgestone is developing new tire designs to meet the unique performance requirements of NEVs, focusing on achieving a more perfect circular shape for tires to enhance performance [3] - The company has introduced the ENLITEN technology, which allows for improved tire durability without compromising grip, addressing the conflicting performance demands of low rolling resistance and traction [4] Group 4: Data Collection and Smart Integration - Bridgestone is exploring the integration of smart technology in tires, such as collecting data on tire pressure and tread depth through built-in sensors, which can be displayed on vehicle dashboards [4]

Core Viewpoint - The A-share IPO market is experiencing growth in both the number of new listings and total fundraising amounts in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3][8]. Summary by Category IPO Quantity and Fundraising - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, a 13.04% increase from 69 stocks in the same period last year [3][4]. - The total fundraising amount reached approximately 771.64 billion yuan, representing a 61.2% increase from 478.68 billion yuan in the previous year [3][4]. Major IPOs - The top five IPOs raised a total of about 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [4]. - The largest IPO was Huadian New Energy, which raised approximately 181.71 billion yuan, followed by Zhongce Rubber with 40.66 billion yuan [3][4]. Market Segmentation - The number of new stocks listed on different boards included 29 on the Growth Enterprise Market (GEM), 26 on the Main Board, 15 on the Beijing Stock Exchange, and 8 on the Sci-Tech Innovation Board [5][6]. - The GEM accounted for approximately 37.18% of the new listings, with total fundraising of about 205.6 billion yuan, making up 26.64% of the total fundraising for the year [5][6]. Performance of New Stocks - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, accounting for about 64.1% of the total [7]. - Notably, United Power achieved the highest net profit growth rate, with a 92.91% increase in net profit for the first half of 2025 [7]. Market Outlook - Experts suggest that the emphasis on "hard technology" in new stock listings reflects a focus on quality and regulatory control in the market [8]. - The overall performance of the A-share IPO market is expected to be better in 2025 compared to 2024, indicating a trend towards a healthier and fairer market environment [8].