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].

Summary of Key Points Core Viewpoint - The A-share market is experiencing growth in the number of new IPOs and total fundraising in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3]. Group 1: IPO Statistics - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, raising approximately 771.64 billion yuan, which is a 13.04% increase in the number of IPOs and a 61.2% increase in fundraising compared to the same period last year [1][3]. - The largest IPO was Huadian New Energy, which raised about 181.71 billion yuan, making it the only IPO to exceed 100 billion yuan this year [3]. - The top five IPOs raised a total of approximately 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [3]. Group 2: Sector Performance - The ChiNext board had the highest number of new listings with 29 stocks, accounting for about 37.18% of total new listings, while the main board had 26 new stocks [4]. - The total fundraising from new stocks on the ChiNext board was approximately 205.6 billion yuan, representing about 26.64% of the total fundraising for new stocks this year [4]. - Notable IPOs from the main board included Zhongce Rubber and Tian You Wei, with fundraising amounts of 40.66 billion yuan and 37.4 billion yuan, respectively [3][4]. Group 3: Financial Performance - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, representing about 64.1% of the total [6]. - The leading performer in terms of net profit growth was United Power, which achieved a 92.91% increase in net profit, amounting to approximately 5.49 billion yuan [6]. - Conversely, 28 stocks experienced a decline in net profit, with Huitong Technology showing the largest drop of 80.24% [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Supply side: Domestic rubber production areas have been affected by rainfall and tropical cyclones, especially Hainan. Overseas rainfall is relatively normal, and production will increase in the fourth - quarter peak season. There is a high probability of a La Nina event in 2025, and the zero - tariff scope for imported rubber continues to expand. Rubber supply in China is expected to recover in the fourth quarter without extreme weather [100]. - Demand side: The demand for all - steel tires is better than that of semi - steel tires. Overseas trade barriers for domestic tires are rising, increasing export pressure. The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" was introduced, but the automobile sales in the fourth quarter still face challenges [100]. - Price: Due to uncertain weather, tariff barriers, and the test of domestic demand, rubber prices are expected to fluctuate widely in the fourth quarter, with support at around 14,500 yuan/ton and a mid - term fluctuation range of 14,500 - 17,000 yuan/ton [100]. 3. Summary by Directory 3.1 Price: Narrow - range Fluctuation in the Futures Market No detailed content provided in this regard. 3.2 Supply: Double La Nina Events, Increased Weather Uncertainty - **Domestic Weather Impact**: This year, there have been more tropical cyclones affecting Hainan, and the precipitation in domestic production areas has been affected. It is predicted that there will be 10 - 12 typhoons in the northwest Pacific and South China Sea in the autumn of 2025, with 3 - 4 landing in China [10][13]. - **Global Output**: In July 2025, the global natural rubber output was expected to decrease slightly by 0.1% to 1.328 million tons, but increased by 7.9% compared with the previous month. The full - year output in 2025 is expected to increase by 0.5% to 14.892 million tons [19][24]. - **La Nina Probability**: The probability of a La Nina event from October to December 2025 is 71%. A double La Nina event may occur in 2025, which may make Southeast Asia wetter and southern China drier in winter [30]. - **Tariff Policy**: Since December 1, 2024, zero - tariff policies have been implemented for rubber from Myanmar, Laos, Cambodia, etc. Thailand plans to export rubber through the Mekong River channel with zero - tariff. African rubber imports to China are expected to increase in the fourth quarter [33][36]. - **Overseas Exports**: The total exports of major overseas producers increased year - on - year. For example, Thailand's exports in the first 8 months increased by 6.3% year - on - year, and Indonesia's increased by 10% year - on - year [37]. - **EUDR Delay**: The implementation of the EU Forest Law Enforcement, Governance and Trade (EUDR) has been postponed for one year due to IT and supply - chain issues [38]. - **Other Supply Factors**: The demand for natural rubber in Europe, America, Japan, and South Korea is limited. China's imports of natural and mixed rubber increased both year - on - year and month - on - month. The net import of butadiene rubber turned into net export [39][41][51]. 3.3 Demand: Supported by Steady Growth - **Automobile Industry Policy**: The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve about 32.3 million automobile sales in 2025, with new - energy vehicle sales of about 15.5 million, and an increase of about 3% year - on - year [57]. - **Tire Market**: The growth momentum of semi - steel tire demand is restricted. Overseas anti - dumping investigations and tariff policies have affected tire exports. However, the production and sales of automobiles and heavy - duty trucks in China from January to August increased year - on - year [58][60][61]. 3.4 Inventory: Inflection Point in Natural Rubber Inventory Accumulation - **Natural Rubber Inventory**: As of September 24, 2025, the natural rubber warehouse receipts were 155,830 tons, and the 20 - rubber warehouse receipts were 44,856 tons. The social inventory of natural rubber in China was 123,500 tons as of September 14, 2025 [70][74]. - **Butadiene Rubber Inventory**: As of September 24, 2025, the inventory of domestic butadiene rubber sample enterprises was 32,300 tons [78]. 3.5 Position: Low Position As of September 24, 2025, the total position of natural rubber was 183,283 lots, a decrease of 26,214 lots compared with June 30; the total position of 20 - rubber was 119,808 lots, a decrease of 627 lots; the total position of BR was 102,425 lots, an increase of 47,106 lots [82].