Core Viewpoint - The all-steel giant tire industry has high barriers to entry due to its unique product characteristics and application scenarios, primarily in terms of technology, market, and capital [1]. Technology Barriers - All-steel giant tires require high load-bearing capacity, operate in harsh environments, and have long continuous working hours, making performance and quality validation reliant on long-term use in mining [1]. - The difficulty and duration of research and development are significant, as new entrants lack mature production technology, making it challenging to meet end-user requirements without extensive technical breakthroughs [1]. Market Barriers - Mining companies prioritize production safety and efficiency, which leads to skepticism towards products from new entrants, making it difficult for them to gain opportunities for long-term testing in large open-pit mines [1]. Capital Barriers - The all-steel giant tire industry is capital-intensive, with downstream customers demanding high standards for supplier delivery timeliness and production scale [1].

2025年前三季度，玲珑轮胎实现营业收入181.61亿元，同比增长13.87%；归母净利润为11.67亿元，同 比减少31.81%。 目前，王锋担任公司董事长、总裁。 王锋，1972年出生，博士研究生学历。曾任招远市橡胶工业集团公司车间主任，山东玲珑橡胶集团公司 车间主任，山东玲珑橡胶集团公司副厂长，招远市蚕庄镇党委委员，山东玲珑橡胶集团公司副总经理兼 进出口公司经理，山东玲珑橡胶有限公司总经理、党委书记、董事，山东玲珑轮胎有限公司董事长、总 经理，北交智慧科技有限公司董事、经理;现任玲珑集团有限公司董事，山东玲珑轮胎股份有限公司董 事长、总裁，山东玲珑金山私募基金管理有限公司董事，蝶动(长春)科技股份有限公司董事，英诚贸易 有限公司董事。 目前，公司生产经营状况稳定有序，此次终止发行H股股票，是公司基于对多方面因素的全面权衡及实 际情况作出的审慎决策，不会对生产经营和持续发展造成重大不利影响，不存在损害公司及全体股东特 别是中小股东利益的情形。 玲珑轮胎是一家轮胎制造商，主要从事设计、开发、生产及销售多元化且日益丰富的轮胎产品组合。根 据弗若斯特沙利文的资料，按2024年的全球销量计算，玲珑轮胎为中国市场最 ...

Core Viewpoint - Dongying City is committed to high-quality development and modern construction, setting ambitious economic and social development goals for 2026, including a GDP growth target of approximately 5.5% and a public budget revenue growth of about 2.3% [1] Group 1: Economic Development Goals - The main economic goals for 2026 include a GDP growth of around 5.5%, public budget revenue growth of about 2.3%, and the creation of over 30,000 new urban jobs [1] - Dongying plans to complete energy-saving and emission reduction targets while improving environmental quality [1] Group 2: Project Construction and Investment - Dongying will focus on project construction as a key driver for economic stability, with a total investment of 617.8 billion yuan in 346 key projects, aiming to complete 100 billion yuan in investments within the year [2] - The city plans to attract over 330 new projects with investments exceeding 100 million yuan, including over 45 projects from Fortune 500 companies and central enterprises [2] Group 3: Consumption and Service Sector - Dongying aims to stimulate consumption by hosting over 100 themed consumption activities, focusing on sectors like automotive, home appliances, and dining [2] - The city will introduce more than 30 flagship stores and develop new consumption scenarios to enhance consumer experience [2] Group 4: Policy Support - Dongying will effectively align with central macro policies and utilize national investment and bond issuance to support local projects [3] - The city plans to implement local measures to optimize policy execution and ensure that businesses can fully benefit from available policies [3] Group 5: Industrial Transformation - Dongying is focused on upgrading traditional industries and developing a modern industrial system, with significant investments in petrochemical and new energy sectors [4] - The city will promote projects in rubber tires, non-ferrous metals, and oil equipment, while also advancing the lithium battery industry [4] Group 6: Service Industry Development - Dongying recognizes the need to enhance its service sector, aiming to develop logistics and digital transformation initiatives [5] - The city plans to support around 400 enterprises in digital transformation and establish smart factory pilot projects [5] Group 7: Infrastructure Development - Dongying will advance major infrastructure projects, including transportation and energy, to support economic growth [7] - The city aims to complete key railway and port projects, enhancing logistical capabilities [7] Group 8: Urban and Rural Development - Dongying will continue urban renewal efforts and promote rural revitalization, focusing on agricultural efficiency and environmental improvements [8] - The city plans to upgrade 65 old residential communities and enhance agricultural land quality [8] Group 9: Employment and Education - Dongying will implement actions to stabilize employment for key groups, including hosting over 200 recruitment events [9] - The city aims to improve educational quality and healthcare services, enhancing overall community well-being [9]

Core Viewpoint - Dongying City is focusing on high-quality development and modern construction, with specific economic and social development goals set for 2026, including a GDP growth target of approximately 5.5% and a public budget revenue growth of about 2.3% [2] Group 1: Economic Development Goals - The main expected goals for 2026 include a GDP growth of around 5.5%, public budget revenue growth of 2.3%, synchronization of resident income with economic growth, and the creation of over 30,000 new urban jobs [2] - The city plans to complete energy-saving, emission reduction, and environmental quality improvement targets [2] Group 2: Project Construction and Investment - Dongying will prioritize project construction as a key driver for economic stability, with a total investment of 617.8 billion yuan in 346 key projects, aiming to complete 100 billion yuan in investments within the year [3] - The city plans to attract over 330 new projects with investments exceeding 100 million yuan, including more than 45 projects from Fortune 500 companies and central enterprises [3] Group 3: Consumption and Service Sector Development - Dongying aims to stimulate consumption by organizing over 100 themed consumption activities in sectors like automotive, home appliances, and dining [3] - The city will introduce more than 30 first stores and develop new consumption scenarios to enhance consumer engagement [3] Group 4: Policy Support and Implementation - Dongying will effectively align with central macro policies and utilize national investment and bond policies to support local projects [4] - The city will implement provincial policies aimed at stability and quality improvement, optimizing policy execution processes [4] Group 5: Industrial Transformation and Innovation - The city is focusing on upgrading traditional industries and developing a modern industrial system, with significant projects in petrochemicals and new materials [5] - Dongying will promote the lithium battery industry and support the construction of the Zero Carbon Industrial Park [5] Group 6: Service Industry Development - Dongying will enhance service industry development by accelerating the construction of logistics parks and promoting digital transformation in approximately 400 enterprises [6] - The city aims to establish high-level innovation platforms and deepen collaboration with educational institutions for technological advancements [6] Group 7: Reform and Market Environment - The city will enhance service quality and market vitality through institutional innovation and optimizing the business environment [7] - Dongying plans to deepen state-owned enterprise reforms and improve performance evaluation systems [7] Group 8: Infrastructure Development - Dongying will advance major infrastructure projects, including the completion of the Dongying section of the Jinwei High-speed Railway and the construction of specialized railway lines [8] - The city will also focus on ecological protection and biodiversity conservation initiatives [8] Group 9: Urban and Rural Development - Dongying will promote urban renewal and rural revitalization, with plans to upgrade 65 old residential communities and improve agricultural productivity [9] - The city aims to create high-standard farmland and promote salt-tolerant crop varieties [9] Group 10: Employment and Social Services - Dongying will implement actions to stabilize employment for key groups, including hosting over 200 recruitment events [10] - The city will enhance educational quality and healthcare services, ensuring that development benefits are equitably distributed among residents [10]

Core Viewpoint - Linglong Tire is set to achieve significant production capacity in Serbia by Q4 2025, with a focus on both semi-steel and full-steel tire production [1] Production Capacity - The average daily production of semi-steel tires is projected to exceed 25,000 units, with a quarterly planned capacity of 300,000 units (1.2 million units annually), resulting in a capacity utilization rate of over 70% [1] - The average daily production of full-steel tires is expected to exceed 3,600 units, with a quarterly planned capacity of 60,000 units (240,000 units annually), leading to a capacity utilization rate of over 50% [1] Monthly and Annual Performance - The capacity utilization rate for December is reported to be consistent with the average level of Q4 [1] - The average production and sales rate for the year 2025 is anticipated to be close to 92% [1]

Core Viewpoint - Linglong Tire emphasizes that the investment scale for overseas factories will vary based on multiple factors, including the political and business environment, economic foundation, labor costs, and the design scale and construction standards of the factories [1] Group 1: Investment Strategy - The company will carefully evaluate the comprehensive conditions and timing for establishing new overseas bases as part of its globalization strategy [1] - Linglong Tire aims to rationally control the investment scale and pace while ensuring planning goals and construction efficiency [1] - The objective is to maximize economic benefits from these investments [1]

Market Position and Strategy - The company has improved the quality and lifespan of its giant tire products in the Russian market, leading to increased customer recognition and trust, with ongoing growth in the number of new customers [2][4]. - As of July 31, 2025, the company has approximately ¥1.424 billion in orders for tire sales within one year [2]. - The company has signed new orders and framework agreements for 4,790 giant tires, amounting to approximately ¥337 million, including 17 new customers [3]. Global Expansion Efforts - The company has successfully developed over 30 customers in more than 15 countries outside of Russia, including Australia, Indonesia, Chile, Ecuador, and Thailand, with potential for increased procurement [4]. - New customers have been developed in countries such as Peru, the Democratic Republic of the Congo, Kazakhstan, Uzbekistan, Guinea, Ghana, Indonesia, and South Africa since 2025 [4]. Investment and Production Strategy - The decision to invest in a joint venture factory in Russia is based on the country's significant market opportunities and aims to enhance local production capabilities, thereby strengthening market share [4][5]. - The company aims to transition from "product export" to "localized production," which will improve supply chain resilience and customer responsiveness [4]. Financial Operations - The company utilizes cross-border trade in RMB for settlements with Russian customers, ensuring stable and smooth transaction processes [6]. - The company is a pioneer in the mining tire operation management business, which, despite lower initial profit margins, fosters strong customer loyalty and addresses critical customer pain points [6]. Business Model and Profitability - The mining tire operation management service, while having lower gross margins compared to direct sales, is expected to improve profitability over time as the company gains familiarity with operational environments [6]. - The synergy between mining tire operation management and direct sales creates a unique competitive advantage for the company [6].

Group 1 - The core viewpoint of the article is that Linglong Tire (601966) is making steady progress in ramping up production capacity at its Serbia facility, with utilization rates expected to exceed 70% for semi-steel and 50% for all-steel tires by the end of 2025 [1] - As of January to December 2025, the comprehensive sales rate for both semi-steel and all-steel tires at the Serbia base is projected to approach 92% [1]

Group 1 - The core viewpoint is that Sailun Tire (601058) considers the European Union as a significant sales market, with a strong order backlog from this region [1] - The company primarily supplies its products through overseas factories, indicating a robust supply chain to meet demand in the EU [1] - Sales are mainly conducted through a distribution model, highlighting the company's strategy in market penetration [1]

Investment Rating - The report maintains an "Accumulate" rating for the steel and non-ferrous metals sector [5] Core Insights - The M1 and M2 growth rate difference has been declining for three consecutive months, reaching -4.7 percentage points in December 2025, indicating a tightening liquidity environment [10][18] - The average daily crude steel production of key steel enterprises in early January has rebounded to levels close to mid-October 2025 [21][42] - The report highlights that the prices of titanium dioxide and glass are at low levels, with titanium dioxide priced at 13,200 CNY/ton and glass at 1,124 CNY/ton [79] Summary by Sections Liquidity - The M1 and M2 growth rate difference is -4.7 percentage points as of December 2025, a decrease of 1.60 percentage points month-on-month [10][18] - The BCI small and medium enterprise financing environment index was 47.15 in December 2025, down 10.19% from the previous month [10][18] - The current price of London gold is 4,599 USD/ounce, reflecting a 2.00% increase [10] Infrastructure and Real Estate Chain - The average daily crude steel production for key steel companies in early January is approximately 1.903 million tons, a 21.55% increase compared to the previous month [42] - The national high furnace capacity utilization rate is 85.48%, down 0.56 percentage points [42] - The price changes for various materials include rebar up 1.22%, cement price index down 0.94%, and rubber down 1.26% [21] Industrial Chain - The operating rate of semi-steel tires is at 73.44%, an increase of 7.55 percentage points [2] - Copper spot prices have reached a historical high, while tungsten concentrate prices have also hit a new high since 2012 [2] - The price of electrolytic aluminum is 24,000 CNY/ton, with a profit margin of 6,787 CNY/ton [2] Price Relationships - The price ratio of London spot gold to silver has reached a new low since 2013 [3] - The price difference between rebar and iron ore is currently 3.99 [3] - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) is 200 CNY/ton, a 31.03% decrease from the previous week [3] Export Chain - The new export orders PMI for China in December was 49.00%, an increase of 1.4 percentage points [3] - The CCFI composite index for container shipping rates is 1,209.85 points, up 1.25% [3] - The capacity utilization rate for U.S. crude steel is 75.70%, an increase of 1.30 percentage points [3] Valuation Percentiles - The CSI 300 index decreased by 0.57%, while the industrial metals sector performed best with a 2.81% increase [4] - The PB ratio of the steel sector relative to the CSI 300 is currently at 0.50, with a historical high of 0.82 [4] - The report suggests that the supply of steel may be reasonably constrained, leading to a potential recovery in sector profitability to historical average levels [4]