推进头部车企合作，彰显公司优质品牌力。2 月27 日备受业界关注的小米SU7 Ultra 正式上市，由小米 汽车与赛轮合作开发的PT01 赛道高性能轮胎同期上线小米有品商城，成为中国轮胎品牌在赛道高性能 轮胎领域的重要突破。同时，近期赛轮集团与丰田（中国）签订战略合作协议，赛轮成为TOYOTA GAZOO Racing China GR86 Cup 2025 赛季唯一指定轮胎供应商，也将是丰田GR 全球系列赛中首次出现 中国轮胎品牌的身影。与头部车企的合作有利于提升公司产品品牌力，进一步推动中国高性能车市场的 技术进步和产业升级。 市场反映最悲观预期，关税或存缓和可能。4 月3 日，美国宣布对全球主要贸易伙伴加征对等关税，其 中，公司主要海外工厂所在的越南、柬埔寨和印尼分别被加征46%、49%、32%的对等关税，市场对此 按照最悲观预期给予反应。而随着232 条款中关于汽车零部件的范围扩大，海关编码涵盖了4011.10.10 （半钢子午线轮胎）、4011.20.10（全钢子午线轮胎），以及4012/4013 下属部分轮胎子条目，由于对等 关税和232 关税存在排斥关系，因此轮胎适用于25%的232 关税条款。 ...

Group 1 - The core viewpoint of the articles highlights Pirelli's significant achievements in the Chinese automotive industry over the past 20 years, emphasizing its commitment to local production and market service [1] - Pirelli has established three factories in China, employing over 5,000 people, and has set up its Asia-Pacific headquarters in Shanghai to manage regional operations [1] - The company has developed a robust partner network and a mature distribution system with over 3,000 retail outlets across the country, which is seen as a core competitive advantage [1] Group 2 - Pirelli has become a key player in the Chinese new energy vehicle tire market by leveraging its technological strength and strategic planning, offering customized tires for electric vehicles [2] - The company collaborates with local automotive manufacturers such as Xiaomi, BYD, and NIO, providing them with tailored tire products [2] - Pirelli is engaged in academic and research partnerships with institutions like Beijing University of Chemical Technology to explore sustainable high-performance tire materials [2]

Core Viewpoint - The control of Tongyong Co., Ltd. is likely to shift from Guangzhou state-owned assets to Jiangsu state-owned assets through a share transfer agreement with Suhao Holdings [3][4]. Group 1: Share Transfer Details - Hongdou Group plans to transfer 389 million shares of Tongyong, representing 24.50% of the total share capital, to Suhao Holdings at a price of 5.44 yuan per share, totaling 2.118 billion yuan [3][4]. - After the transfer, Hongdou Group's shareholding will decrease from 657 million shares (41.35%) to 268 million shares (16.85%), while Suhao Holdings will hold 389 million shares (24.50%) [4]. - The change in control will result in Jiangsu Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller of Tongyong [3][4]. Group 2: Background and Implications - Suhao Holdings is a large state-owned enterprise in Jiangsu, primarily engaged in financial and industrial investments, with a significant focus on international trade [7]. - The transaction is viewed as a new model for mixed-ownership reform in listed companies, potentially enhancing Tongyong's market competitiveness and driving higher quality development in China's tire industry [6][7]. - The collaboration between state-owned and private enterprises is expected to release new energy for mixed-ownership reform, aiding Tongyong's growth [6][8]. Group 3: Company Performance and Future Outlook - Tongyong has been accelerating its internationalization and modernization efforts, with production bases in Thailand and Cambodia, and is projected to achieve a net profit of 400 million to 500 million yuan in 2024, representing a year-on-year increase of 85.19% to 131.48% [9]. - The company has experienced strong growth in production and sales, with record daily production rates at its overseas bases and a robust domestic market performance [9]. - Continued investment in technology innovation, brand marketing, and cost reduction is expected to enhance Tongyong's overall efficiency and market position [9].

Core Viewpoint - The control of Tongyong Co., Ltd. (通用股份) is likely to shift from Hongdou Group to Jiangsu State-owned Assets, marking a significant change in ownership and potential for mixed-ownership reform in the company [2][6][8]. Group 1: Share Transfer Details - Hongdou Group plans to transfer 389 million shares of Tongyong, representing 24.50% of the total share capital, to Suhao Holdings at a price of 5.44 yuan per share, totaling 2.118 billion yuan [2][5]. - After the transfer, Hongdou Group's shareholding will decrease from 657 million shares (41.35%) to 268 million shares (16.85%), while Suhao Holdings will hold 389 million shares (24.50%) [5][6]. - The transfer does not constitute a related party transaction and does not trigger a mandatory tender offer [6]. Group 2: Background and Implications - Suhao Holdings is a large state-owned enterprise in Jiangsu, primarily engaged in financial and industrial investments, and has a significant role in the province's economic landscape [8]. - The transaction is viewed as a new model for mixed-ownership reform, potentially enhancing Tongyong's market competitiveness and contributing to the high-quality development of China's tire industry [8][9]. - The partnership between state-owned and private enterprises is expected to release new energy for mixed-ownership reform, aiding Tongyong's growth and international expansion [9]. Group 3: Company Performance and Future Outlook - Tongyong has been actively pursuing internationalization and modernization, with production bases in Thailand and Cambodia, and is projected to achieve a net profit of 400 million to 500 million yuan in 2024, representing an increase of 85.19% to 131.48% year-on-year [11]. - The company has experienced strong growth in production and sales, with record output levels from its overseas facilities and a robust domestic market response [11]. - Continued investment in technology, brand marketing, and cost reduction is expected to enhance Tongyong's overall efficiency and market position [11].

此前，凭借技术积累、品牌溢价和配套市场优势，以米其林为代表的外资轮胎品牌在中国乘用车市场占 据着70%左右的市场份额。但近年来，凭借成本低和技术迭代快的优势，国产轮胎品牌不断崛起。 即使是作为全球销冠的米其林也受到了一定冲击。2024年米其林财报显示，其轮胎销量下降5.1%，这 主要是受全球各细分市场原配轮胎需求同步下滑、主流市场竞争加剧以及特种轮胎业务的短期不利因素 影响。 而反观国产轮胎企业，如通用股份（601500.SH）去年前三季度营收同比增长35.56%；赛轮轮胎 （601058.SH）去年前三季度营收同比增长24.28%。 外资品牌轮胎纷纷加码高端市场并在华扩张产能。 近日，米其林旗下高端产品线迎来产品更新，正式推出浩悦五代（Primacy 5）轮胎。这距离浩悦四代 的推出时间已经过去7年。 米其林方面表示，这款斥巨资和长时间打造的产品在安全、静音、耐用三大领域有重点突破。 在市场竞争激烈的背景下，以米其林为代表的外资轮胎品牌，在华布局高端轮胎市场的步伐加快。第一 财经记者获悉，随着新能源汽车渗透率突破50%大关，米其林已着手研发适配800伏高压平台的专用轮 胎，通过改进导电性能解决高压漏电隐患， ...

Group 1 - The company reported annual revenue of 10.974 billion RMB for the year ending December 31, 2024, representing a year-on-year increase of 10.3% [1] - Shareholder profit reached 1.312 billion RMB, an increase of 26.94% year-on-year, with basic earnings per share at 2.06 RMB [1] - The company plans to distribute a final dividend of 0.5 HKD per share [1] Group 2 - In 2024, the company sold 28 million tires, an increase of 11.7% year-on-year, with specific sales figures of 8 million for radial tires (down 1.7%), 19.5 million for semi-radial tires (up 18.6%), and 500,000 for bias tires (up 3.7%) [1] - The company generated approximately 2.326 billion RMB from domestic distributors and 7.537 billion RMB from international distributors, accounting for about 21.2% and 68.7% of tire revenue, respectively [1] - Direct sales to automobile manufacturers amounted to approximately 1.108 billion RMB, representing 10.1% of total tire revenue [1] Group 3 - The company systematically expanded its international marketing channels in 2024, adding 7 sovereign markets and developing 66 new customers [2] - Sales volume for international marketing business reached 19.931 million tires, a year-on-year increase of 14.8%, with revenue of 7.537 billion RMB, up 19.1% year-on-year [2] - The company conducted in-depth market research in 18 key countries to optimize product mix and sales policies, addressing regional market pain points and driving a 22% year-on-year increase in sales volume for existing customers [2]

以下文章来源于车与轮店主联盟 ，作者Sky 车与轮店主联盟 . 《车与轮》有车与轮新媒体矩阵和《轮胎经销商》杂志，汇聚轮胎行业50万人。主导《奚仲奖评选》、《中国轮胎测试排行榜》、《车与轮选胎指南》、 《中国轮胎10大人物评选》。《年度颁奖盛典—奚仲奖》被誉为中国轮胎行业奥斯卡。 作 者 | Sky 来源 | 车与轮店主联盟 导语：这种"既要国产化红利，又要洋品牌光环"的做派，到底是谁在拖中国工业的后腿？ 近日，理想汽车产品线总裁汤靖表示："短期内不会将国产轮胎作为标配。"这一言论，无疑是对国产轮胎行业的一种"轻视"，也让我们不禁要问： 国产轮胎，真的就那么不堪吗？ 其实，国产轮胎早已不是吴下阿蒙，从超跑到国民车，从技术专利到全球销量，中国轮胎企业用实力打脸偏见。 今天，我们有必要为国产轮胎正名，也请部分国内企业收起傲慢与偏见，睁开眼看看这个早已换了剧本的行业！ 原配市场逆袭：国产轮胎 早已打入"国际大厂核心圈" 赛轮液体黄金轮胎与小米汽车联合研发，用新材料技术重新定义新能源车配套标准； 森麒麟为百万级超跑昊铂SSR定制轮胎，让国产轮胎首次站上性能鄙视链顶端。 玲珑轮胎成功为宝马2系和奥迪A3提供轮胎配套服务 ...

Investment Rating - The report does not explicitly state an investment rating for the passenger car tire industry Core Insights - The passenger car tire industry is experiencing significant growth driven by the increasing demand for new energy vehicles and the rising vehicle ownership in China. The market is characterized by a competitive landscape with both domestic and international brands vying for market share. The report highlights the importance of technological innovation and adaptation to meet the evolving demands of the automotive market, particularly in the context of new energy vehicles [3][4][5]. Summary by Sections 1. Definition and Classification of Passenger Car Tires - Passenger car tires are specifically designed for vehicles such as sedans, sports cars, and SUVs, requiring higher performance and stability under various driving conditions [3]. - Classification includes PC tires for regular cars, SUV tires for multi-purpose vehicles, performance tires for sports cars, and specialized tires for new energy vehicles [4]. 2. Industry Chain - The industry chain consists of upstream raw materials (natural rubber, synthetic rubber, carbon black, steel wire), midstream tire manufacturing, and downstream automotive manufacturing and aftermarket services [5][6][7]. 3. Upstream Raw Materials - Natural rubber prices are expected to rise due to adverse weather conditions and supply chain disruptions, with prices projected to reach 16,890 CNY/ton by the end of 2024, a 29.33% increase from the beginning of the year [8]. - The cost of raw materials constitutes nearly 70% of tire production costs, significantly impacting overall profitability [41]. 4. Midstream Production - Major production regions for passenger car tires in China include Shandong, Jiangsu, and Zhejiang, with Shandong accounting for 50% of national production capacity [10][12]. 5. Downstream Market Trends - The aftermarket for automotive services is shifting towards online platforms, with over 65% of car owners using apps for purchasing parts and services [15]. - The demand for tire replacement is increasing, with approximately 180 million tires replaced annually in China [16]. 6. Market Demand and Growth - The production of passenger cars is directly linked to tire demand, with each new vehicle requiring four tires. The growing vehicle ownership in China is expected to further increase this demand [16][20]. - The tire production volume in China is steadily increasing, with a projected output of 9.35 billion tires by 2024 [22][23]. 7. New Energy Vehicle Tire Demand - The rapid growth of new energy vehicles, with sales expected to reach 12.87 million units in 2024, is driving the demand for specialized tires that meet specific performance criteria [29]. - New energy vehicles require tires with low rolling resistance, high durability, and better noise reduction capabilities [26][28]. 8. Export Market Dynamics - China's tire exports reached 349 million units in 2024, with a 13.4% year-on-year increase, indicating strong international demand [34]. - The export market is crucial for the industry, with significant competition from countries like Brazil, the UK, and Russia [34]. 9. Competitive Landscape - The market is competitive, with domestic brands like Linglong and Zhongce rapidly expanding in the mid to low-end segments, while international brands dominate the high-end market [36][37]. - Linglong Tire has emerged as a leader in new energy vehicle tire supply, achieving significant revenue growth [39][40]. 10. Future Trends - The industry is expected to see continued growth in new energy vehicle tires, increased focus on sustainability, and advancements in smart and digital technologies [45][46][47][48].

文/梧桐数据中心 二、控股股东、实际控股人 中策海潮直接持有公司323,317,169股股份，持股比例为41.08%，是公司的控股股东。 仇建平和仇菲合计控制公司46.95%的股份及相应表决权，是公司的实际控制人。其中：（1）仇建平作为巨星控股、杭叉集团和巨星科技的实际控制人，通过中策 海潮控制了公司41.08%的股份及相应表决权，并担任公司董事职务；（2）仇建平作为朝阳好运、朝阳稳行的执行事务合伙人，控制了公司合计5.87%的股份及相 应表决权。 仇菲为仇建平之女，通过朝阳好运和朝阳稳行合计间接持有公司1.90%的股份，并担任公司董事职务。仇菲与仇建平为公司的共同实际控制人。 2月13日，中策橡胶集团股份有限公司上交所主板IPO审核获通过。 单位：万元 | | 沪主板 | | | | --- | --- | --- | --- | | 公司简称 主营业务 2023年营收 | 2023年净利润 | 审核结果 | 保荐/律所/审计 | | 全钢胎、半钢胎、斜交 | | | | | 中策橡胶 胎和车胎等轮胎产品的 3,525,225.46 | 249,829.27 | 通过 | 中信建投/浙江天册/天健 | | ...

传承与创新 作为一家具有多年历史的企业，在传承中创新，是推动中策橡胶发展的根本之道。 在轮胎制造领域，中策橡胶集团以其卓越的品质、持续的创新和深厚的行业积淀，成为了全球轮胎行业的璀璨明 星。其历史悠久，坐落于钱塘（新）区，多年风雨兼程，是中国最大、全球第九的轮胎企业。根据招股书最新数 据，中策橡胶报告期内各年营收均超300亿元，2024年上半年，公司净利润高达25.4亿元。它如何从一个小型橡胶 制品厂，逐步发展成为集研发、生产、销售于一体的综合性轮胎巨头？ 在中国全钢载重子午线轮胎需求快速增长的时代，中策橡胶的科研技术团队便秉承"发展第一，创新第一，人才第 一"的理念，推动了多项创新成果的诞生，其中就包括"超强子口设计技术"，围绕该技术推出了两款产品，具备更 高的抗载能力，也能更好地满足长途需求，让中策橡胶的全钢产品在国内市场站稳了脚跟，也为后来最畅销的产 品之一——载重侠系列轮胎种下了技术萌芽的种子。 在该理念基础上，2010年早春，公司董事长沈金荣在进行了重大战略思考之后，在公司干部大会上发声："中策要 实现'五最'：最先进的装备、最好的原材料、最新的技术、最低的能耗、最适合市场的产品。而且这个'最'不是 ...