Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record-high revenue in Q3 2025, with a year-on-year increase of 16.76% for the first three quarters and an 18.01% increase in Q3 alone. The net profit attributable to the parent company decreased by 11.47% year-on-year, but showed a significant quarter-on-quarter increase of 31.35% in Q3 [4][5] - The company's global expansion strategy is progressing, with new production bases established in various countries, including a recent investment in Egypt for a new tire production project [6] - The long-term growth potential of the company is supported by its increasing market share in the global tire market and the anticipated benefits from its global branding efforts [6] Financial Summary - For Q1-Q3 2025, the company reported revenue of 275.87 billion yuan, with Q3 revenue reaching 100.00 billion yuan. The net profit for Q3 was 10.41 billion yuan [4][5] - The company’s tire production and sales in Q3 2025 were 20.49 million and 21.30 million units, respectively, reflecting year-on-year increases of 6.65% and 10.18% [5] - The average selling price of tires in Q3 was approximately 453 yuan per unit, with a year-on-year increase of 7.25% [5] - The company’s projected net profits for 2025-2027 are 39.64 billion, 48.99 billion, and 59.07 billion yuan, respectively, with corresponding EPS of 1.21, 1.49, and 1.80 yuan [4][7]

Core Insights - The company reported a revenue of 2,214,349,491.14 yuan for the third quarter of 2025, reflecting a year-on-year growth of 15.34% [1] - The net profit attributable to shareholders of the listed company was 45,830,891.13 yuan, which represents a significant decline of 50.89% compared to the previous year [1] Financial Performance - Revenue for Q3 2025: 2,214,349,491.14 yuan, up 15.34% year-on-year [1] - Net profit for Q3 2025: 45,830,891.13 yuan, down 50.89% year-on-year [1]

Core Viewpoint - The company, Senqilin, has maintained a cash dividend ratio (including share buyback amounts) of no less than 30% over the past three years and has approved a mid-term dividend plan for 2025, which will be implemented by mid-November [1] Group 1 - The cash dividend ratio for the last three years has been consistently above 30% [1] - The mid-term dividend plan for 2025 has been approved and is set to be executed by mid-November [1]

Report Overview - Report Date: October 29, 2025 [1] - Report Type: Natural Rubber Industry Daily Report 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The global natural rubber producing areas are in the tapping season. In Yunnan, due to large temperature differences between day and night, the dry rubber content drops rapidly, and raw material prices are rising. In Hainan, continuous rainfall restricts tapping operations, and raw material production is slow. Some processing plants are eager to purchase raw materials at higher prices [2]. - The total inventory at Qingdao Port is decreasing, with both bonded and general trade warehouses showing inventory reduction. The reduction in the general trade warehouse has narrowed. Overseas standard rubber arrivals continue to decline, and the bonded warehouse in Qingdao shows a slight inventory reduction. The increase in the arrival and storage of mixed rubber is in line with expectations, but tire factories' purchases are mostly on a wait - and - see basis [2]. - Last week, the production schedules of domestic tire enterprises mostly returned to normal levels, driving a slight increase in overall capacity utilization. Semi - steel tire enterprises are expected to maintain high production enthusiasm, and all - steel tire enterprises' production schedules are expected to remain stable. The ru2601 contract is expected to fluctuate between 15300 - 15700 in the short term, and the nr2512 contract is expected to fluctuate between 12500 - 12800 [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main Shanghai rubber contract is 15625 yuan/ton, up 265 yuan; the closing price of the main 20 - number rubber contract is 12720 yuan/ton, up 190 yuan. The 1 - 5 spread of Shanghai rubber is - 80 yuan/ton, down 15 yuan; the 12 - 1 spread of 20 - number rubber is - 10 yuan/ton, down 15 yuan [2]. - The spread between Shanghai rubber and 20 - number rubber is 2905 yuan/ton, up 75 yuan. The position of the main Shanghai rubber contract is 146189 lots, up 2108 lots; the position of the main 20 - number rubber contract is 40039 lots, down 6433 lots [2]. - The net position of the top 20 in Shanghai rubber is - 23073 lots, up 3872 lots; the net position of the top 20 in 20 - number rubber is - 8299 lots, up 2453 lots. The exchange warehouse receipts of Shanghai rubber are 122890 tons, up 320 tons; the exchange warehouse receipts of 20 - number rubber are 44253 tons, down 201 tons [2]. 3.2 Spot Market - The price of state - owned whole latex in the Shanghai market is 14750 yuan/ton, unchanged; the price of Vietnamese 3L in the Shanghai market is 15200 yuan/ton, down 50 yuan [2]. - The price of Thai standard STR20 is 1880 US dollars/ton, unchanged; the price of Malaysian standard SMR20 is 1880 US dollars/ton, unchanged. The price of Thai RMB mixed rubber is 14980 yuan/ton, down 20 yuan; the price of Malaysian RMB mixed rubber is 14950 yuan/ton, unchanged [2]. - The price of Qilu Petrochemical's butadiene styrene 1502 is 11400 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 is 11000 yuan/ton, down 200 yuan [2]. - The basis of Shanghai rubber is - 610 yuan/ton, up 20 yuan; the non - standard product basis of the main Shanghai rubber contract is - 380 yuan/ton, unchanged. The price of 20 - number rubber in the Qingdao market is 13219 yuan/ton, down 9 yuan; the basis of the main 20 - number rubber contract is 689 yuan/ton, up 1 yuan [2]. 3.3 Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 60.06 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (sheet) is 56.15 Thai baht/kg, up 1.26 Thai baht [2]. - The market reference price of Thai raw rubber (glue) is 55 Thai baht/kg, up 0.5 Thai baht; the market reference price of Thai raw rubber (cup lump) is 53.35 Thai baht/kg, up 0.2 Thai baht [2]. - The theoretical production profit of RSS3 is 182.4 US dollars/ton, down 38.6 US dollars; the theoretical production profit of STR20 is 51 US dollars/ton, down 0.6 US dollars [2]. - The monthly import volume of technically classified natural rubber is 12.26 million tons, up 0.95 million tons; the monthly import volume of mixed rubber is 31.75 million tons, up 4.91 million tons [2]. 3.4 Downstream Situation - The weekly opening rate of all - steel tires is 65.58%, up 1.06 percentage points; the weekly opening rate of semi - steel tires is 73.67%, up 0.95 percentage points [2]. - The inventory days of all - steel tires in Shandong are 40.34 days, up 0.39 days; the inventory days of semi - steel tires in Shandong are 45.26 days, up 0.09 days [2]. - The monthly output of all - steel tires is 13.14 million pieces, up 0.11 million pieces; the monthly output of semi - steel tires is 60.25 million pieces, up 2.19 million pieces [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying is 19.48%, down 0.11 percentage points; the 40 - day historical volatility of the underlying is 17.48%, down 0.61 percentage points [2]. - The implied volatility of at - the - money call options is 21.85%, up 0.41 percentage points; the implied volatility of at - the - money put options is 21.84%, up 0.39 percentage points [2]. 3.6 Industry News - In the first week of November 2025, rainfall in the main natural rubber producing areas in Southeast Asia increased compared with the previous period. In the northern hemisphere, heavy rainfall in Vietnam and southern Thailand affected tapping; in the southern hemisphere, rainfall in southern Indonesia and eastern Malaysia had a slightly reduced impact on tapping [2]. - In September 2025, the El Niño index (ONI) was - 0.38, a month - on - month decrease of 0.19, indicating a weakening of the El Niño phenomenon [2]. - As of October 26, 2025, the total inventory of natural rubber in Qingdao was 432,200 tons, a decrease of 5,300 tons from the previous period, a decrease of 1.20%. The bonded area inventory was 68,700 tons, a decrease of 1.29%; the general trade inventory was 363,500 tons, a decrease of 1.18% [2]. - As of October 23, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.84%, a month - on - month increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.87%, a month - on - month increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points [2]. 3.7 Suggestions for Attention - Pay attention to the opening rate data of Longzhong tire sample enterprises on Thursday [2].

Core Insights - The report highlights the acceleration of demand and continuous improvement in profitability for the companies analyzed, particularly in the semiconductor and copper industries, with significant year-on-year growth in revenue and net profit [12][13][14]. Company Summaries Unigroup Guowei (002049.SZ) - The company reported a revenue of 4.904 billion yuan for Q1-Q3 2025, representing a 15.1% year-on-year increase, and a net profit of 1.263 billion yuan, up 25.0% year-on-year [12]. - In Q3 2025 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, with net profit soaring by 109.6% to 571 million yuan [12]. - The growth is attributed to the recovery in special business demand, stable development in traditional consumer markets, and accelerated expansion in eSIM and automotive safety chips [14]. Luoyang Copper (603993) - The company achieved a revenue of 145.49 billion yuan for Q1-Q3 2025, a decrease of 6.0% year-on-year, but net profit surged by 72.6% to 14.28 billion yuan, driven by rising copper prices and increased production and sales [13][14]. - Q3 2025 revenue was 50.71 billion yuan, down 2.4% year-on-year but up 4.0% quarter-on-quarter, with net profit increasing by 96.4% year-on-year to 5.61 billion yuan [14]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, and has acquired Lumina Gold Company to diversify its mineral portfolio [14]. Other Companies - The report also covers various companies such as Nanjing Bank, which reported a revenue of 419 billion yuan for 9M25, up 8.8% year-on-year, and a net profit of 180 billion yuan, up 8.1% year-on-year, indicating a stable performance [20]. - New Australia Co. is highlighted for benefiting from the rising prices of Australian wool, with expectations of significant performance elasticity due to favorable supply and demand dynamics [19]. Industry Insights - The semiconductor industry is experiencing a new cycle of prosperity, driven by increased demand for special integrated circuits and advancements in high-end AI visual perception and automotive electronics [14]. - The copper industry is seeing a rebound in prices and production, with companies like Luoyang Copper capitalizing on this trend to enhance profitability and expand operations [14]. - The report emphasizes the importance of technological modernization and structural optimization in traditional industries as key components of future growth strategies [11].

Core Viewpoint - Taike Ying (920020) experienced a significant increase of 188.53% on its first trading day, with a turnover rate of 92.60% and a transaction volume of 775 million yuan [2]. Group 1: Company Overview - The company specializes in the design, research and development, sales, and service of mining and construction tires [3]. Group 2: Market Performance - On its debut, Taike Ying had a financing buy-in amount of 11.67 million yuan, accounting for 1.51% of the total trading volume for the day [2]. - The latest financing balance for Taike Ying stands at 10.50 million yuan, representing 1.22% of its circulating market value [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a record high in tire sales, with quarterly revenue surpassing 10 billion yuan for the first time, indicating strong performance across multiple metrics [3] - The company's global capacity expansion is seen as a key driver for future growth, with significant production capabilities planned in various countries [3] - A decline in raw material prices and shipping costs is expected to positively impact the company's performance [3] - The company is enhancing its brand strength through technological advancements, product diversification, and innovative channel strategies [3][4] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 27.587 billion yuan, a year-on-year increase of 16.76%, and a net profit attributable to shareholders of 2.872 billion yuan, a decrease of 11.47% [1] - In Q3 2025, the company achieved total revenue of 10 billion yuan, up 18.01% year-on-year and 8.99% quarter-on-quarter, with a net profit of 1.041 billion yuan, down 4.71% year-on-year but up 31.35% quarter-on-quarter [1] - The company is projected to achieve revenues of 36.872 billion yuan, 44.271 billion yuan, and 51.484 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.9%, 20.1%, and 16.3% [6] - The estimated net profit for 2025 is 3.900 billion yuan, with a projected EPS of 1.19 yuan [6]

Core Viewpoint - Qingdao Double Star (000599) has experienced a significant stock price increase, closing at 7.66 yuan on October 28, 2025, with a rise of 10.06% and a trading halt for three consecutive days [1] Trading Information Summary - On October 28, 2025, Qingdao Double Star's stock price reached a closing price of 7.66 yuan, with a trading halt initiated at 9:30 AM and remaining unbroken until the close. The closing order funds amounted to 96.1052 million yuan, representing 1.54% of its market capitalization [1][5] Fund Flow Summary - On the same day, the net outflow of main funds was 11.1902 million yuan, accounting for 2.76% of the total trading volume. Retail investors saw a net inflow of 13.3807 million yuan, which made up 3.3% of the total trading volume [2][5] Dragon and Tiger List Summary - Qingdao Double Star was listed on the Dragon and Tiger List on October 28, 2025, due to a cumulative price deviation of 20% over three consecutive trading days. This marked the first time the stock appeared on the list in the past five trading days [3][5] Company Announcement Summary - The company announced that its stock had experienced abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three days. The company confirmed that there were no significant undisclosed matters affecting the stock price and that its operational conditions remained normal. Additionally, the company is in the process of acquiring a 45% stake in Kumho Tire, which is subject to regulatory approval and carries uncertainties [4][5]

Core Points - Qingdao Double Star (stock code: 000599) experienced a significant stock price increase of 10.06% on October 28, 2025, closing at 7.66 yuan, with a total market capitalization of 6.256 billion yuan [1] - The stock exhibited abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days [1] - The company confirmed that there are no undisclosed significant information affecting the stock price and that its production and operational conditions remain normal [1] Company Operations - The company is in the process of issuing shares and cash to acquire assets, aiming to indirectly hold 45% of Kumho Tire and achieve control [1] - This acquisition is subject to approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission, indicating some level of uncertainty [1] - During the period of abnormal stock fluctuations, neither the company, its controlling shareholders, nor actual controllers engaged in buying or selling the company's stock [1] Information Disclosure - The board of directors confirmed that there are no undisclosed matters that should be disclosed, and the company is not in violation of fair information disclosure regulations [1] - The designated media for information disclosure includes Securities Times, Shanghai Securities Journal, China Securities Journal, Securities Daily, and the Giant Tide Information Network [1]

Investment Rating - The report maintains a "Strong Buy" rating for Linglong Tire (601966) with a target price of 21.75 CNY [2][10]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 18.161 billion CNY, a year-on-year increase of 13.87%. However, the net profit attributable to shareholders decreased by 31.81% to 1.167 billion CNY [2][10]. - The third quarter saw revenue of 6.349 billion CNY, up 14.00% year-on-year and 3.82% quarter-on-quarter. The net profit for Q3 was 313 million CNY, down 60.22% year-on-year and 39.12% quarter-on-quarter [2][10]. - The company is expanding its global competitiveness with the completion of its Serbia plant and the establishment of a third base in Brazil, which is expected to enhance its market share in the Americas [4][10]. Financial Performance Summary - For 2024A, total revenue is projected at 22.058 billion CNY, with a year-on-year growth rate of 9.4%. The net profit attributable to shareholders is expected to be 1.752 billion CNY, reflecting a growth rate of 26.0% [6][11]. - The company anticipates a revenue increase to 25.744 billion CNY in 2025E, with a growth rate of 16.7%. However, the net profit is projected to decline to 1.562 billion CNY, a decrease of 10.9% [6][11]. - The earnings per share (EPS) for 2025E is estimated at 1.07 CNY, with a price-to-earnings (P/E) ratio of 14 [6][11]. Production and Sales Insights - In the first three quarters of 2025, the company produced and sold 69.789 million and 67.482 million tires, respectively, representing year-on-year increases of 6.2% and 10.0% [10]. - The average price per tire in Q3 2025 was 273.1 CNY, up 6.1% year-on-year, attributed to market structure changes and product adjustments [10]. - The gross margin for Q3 2025 was recorded at 18.0%, a decrease of 9.4 percentage points year-on-year, but an improvement of approximately 2.0 percentage points from Q2 2025 [10].