贵州轮胎（000589）（000589.SZ）获得国资控股股东出手增持。 5月11日晚间，贵州轮胎发布控股股东增持计划。公司控股股东贵阳市工业投资有限公司（以下简称"贵 阳工投"）计划自2025年5月12日起6个月内，通过深交所交易系统允许的方式（包括但不限于集中竞 价、大宗交易等）增持公司股份。 长江商报奔腾新闻记者 徐佳 资料显示，贵州轮胎是国内商用轮胎规格品种较为齐全的轮胎制造企业之一。2024年，贵州轮胎实现营 业收入106.91亿元，同比增长11.35%；实现归属于母公司股东的净利润（净利润，下同）6.15亿元，同 比下降26.08%；扣除非经常性损益后的净利润（扣非净利润，下同）5.96亿元，同比减少27.61%。 2024年，贵州轮胎完成轮胎产量961.09万条，较上年增长7.42%；完成轮胎销售960.18万条，较上年增 长11.81%。 2025年一季度，贵州轮胎则实现营业收入25.27亿元，同比增长3.6%；净利润和扣非净利润分别为 6611.65万元、6217.79万元，同比减少68.13%、69.44%。 目前，贵阳工投持有贵州轮胎股份3.19亿股，占公司已发行总股份的20.48%。 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-033 贵州轮胎股份有限公司 关于召开 2024 年度股东会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 贵州轮胎股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日在《证券 时报》《中国证券报》《上海证券报》及巨潮资讯网上发布了《关于召开 2024 年 度股东会的通知》，定于 2025 年 5 月 16 日以现场表决与网络投票相结合的方式 召开 2024 年度股东会。 为保护投资者的合法权益，提醒各位股东及时参会并行使表决权，现将本次 股东会相关事宜再次公告如下： 一、召开会议的基本情况 《关于提请召开 2024 年度股东会的议案》。 四次会议决议召开，符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的有关规定。 （1）现场会议时间：2025 年 5 月 16 日下午 13:30。 （2）网络投票时间：2025 年 5 月 16 日。其中通过深交所交易系统进行网 络投票的具体时间为 2025 年 5 月 16 日上午 9:15～9:25、9:30～11: ...

Group 1: Production and Capacity - The Morocco smart factory is currently in a ramp-up phase and is expected to achieve large-scale production in 2025, with an estimated output of 6-8 million high-end, high-performance semi-steel tires [2][3][5][7] - The company has a global production layout in China, Thailand, and Morocco, referred to as the "Golden Triangle," which provides strong support for participating in global competition [3][6][11] Group 2: Market Strategy and Sales - The company aims to continuously expand its non-U.S. overseas sales share and capture global market share through refined management and brand value enhancement [3][6][9][11] - The company is currently selling tires primarily from its Thailand and Morocco factories to the U.S. market, with strong demand observed in May [7][11][21] Group 3: Financial Performance and Shareholder Returns - The company has proposed a mid-term cash dividend for 2025 to enhance shareholder returns, amidst concerns about its stock price performance since listing [9][13] - The company has issued a three-year shareholder return plan (2023-2025) and has implemented share buybacks and cancellations for two consecutive years [9][13] Group 4: Challenges and Responses - The company is closely monitoring the impact of tariff increases on its operations and is prepared to share the tariff burden among various stakeholders [8][21] - The fluctuation in raw material prices has affected the company's cash flow and profit margins, with a reported 17.19% year-on-year decline in cash flow from operating activities in 2024 [10][20]

Group 1: Company Performance and Strategy - The company aims to strengthen and expand its operations through a "new four modernizations" strategy focusing on ecological, high-tech, local, and digital transformations [1] - The company has been recognized as the top tire brand in China, with brand value increasing from CNY 31.036 billion in 2017 to CNY 102.739 billion in 2024, making it the first tire brand in China to exceed CNY 100 billion [2] - The company has faced continuous losses for six years, attributed to strategic adjustments, product structure changes, and external market conditions [5][7] Group 2: Product Development and Innovation - The company has developed aircraft tires and has the technical capability to produce them, with ongoing research and development efforts [3] - The graphene tire project is in progress, with patents secured, but further validation is needed due to material and cost considerations [4] - The company is focusing on optimizing its PCR production capacity and leveraging the advantages of its Cambodia factory to improve profitability [8] Group 3: Market Challenges and Responses - The company has been impacted by rising raw material costs and has adjusted its production capacity accordingly, affecting revenue and net profit [8] - The company is responding to international market challenges by enhancing strategic adjustments and product planning [5][8] - The company is actively managing supplier relationships and adjusting procurement strategies based on market conditions [12][13] Group 4: Future Outlook and Mergers - The company is in the process of restructuring and merging with Kumho Tire, with ongoing regulatory approvals required [13] - The timeline for achieving profitability remains uncertain, with the company focusing on strategic adjustments to improve financial performance [8][13]

Group 1 - The article discusses the influence of the Michelin Guide, which is considered the most authoritative food recommendation list globally, and its origins linked to a tire company [9][7]. - The Michelin Guide was first published in 1900 to promote tire sales in France, where there were fewer than 3,000 cars at the time [9]. - The guide's evaluators are trained professionals who dine anonymously at restaurants worldwide to maintain objectivity and avoid detection [9]. Group 2 - Zhangjiajie National Forest Park attracts a significant number of South Korean tourists, with many believing that taking parents there is a sign of filial piety [6]. - The number of flights between Zhangjiajie and major South Korean cities has reached 30 per week, making travel time shorter than driving across South Korea [8]. - The article highlights the growing trend of foreign tourists visiting various Chinese cities, indicating a potential increase in tourism revenue [8][12]. Group 3 - The article addresses the issue of pollen allergies, particularly in spring, and clarifies that the real culprit is pollen from trees like willows and cypresses, rather than the visible fluff [13]. - Approximately 200 million people in China suffer from pollen allergies, which translates to one in every seven individuals [13]. - The historical context of tree planting in urban areas is discussed, noting that fast-growing species were planted post-World War II for construction purposes, leading to current allergy issues [13].

Group 1 - Technological innovation is a core driving force for corporate survival and development, as well as a strong engine for brand consumption and market trends [1] - The 2025 World Brand Moganshan Conference highlighted the integration of brand building and technological innovation [1] Group 2 - Brand cultivation is viewed as a long-term battle, with technological innovation being the soul of brand building [3] - Sailun Group, a private tire company, emphasizes the importance of foundational research and has developed a world-first liquid gold tire that enhances overall tire performance [3] - The chairman of Sailun Group stated that the company has consistently adhered to a long-term approach in cultivating its brand through technological innovation [3] Group 3 - Zhejiang Hars Vacuum Vessel Co., Ltd. has successfully implemented a "technology + brand" dual-drive model, focusing on innovation in smart and health-oriented products [4] - Hars has developed the world's first pure titanium smart tea brewing cup, integrating multiple high-tech elements to enhance consumer experience [4] - The company has also won the 2024 International CMF Design Award for its innovative titanium cup technology [4] Group 4 - Changan Automobile has significantly increased its market share by investing over 110 billion yuan in R&D over the past decade, focusing on new energy and intelligent technology [5] - The company has mastered over 2,200 key technologies in the fields of electric power and intelligence, positioning itself as a leading player in the automotive industry [5] Group 5 - AI is recognized not only as a tool for improving production efficiency but also as a driving force for societal advancement [6] - Companies like Hars and Haitian have integrated AI into their operations, enhancing product development and marketing strategies [6] - Changan plans to launch 45 new intelligent products in the next five years, leveraging AI for product design and innovation [6] Group 6 - The dialogue at the conference illustrated a clear connection between technological innovation and brand building, with Chinese brands leveraging technological strength to achieve global recognition [7]

中证报中证网讯（王珞）2025年5月8日，国际权威品牌评估机构Brand Finance发布《2025全球轮胎品牌 价值25强》榜单，中国轮胎领军品牌玲珑轮胎（601966）再度强势登榜，成为榜单中唯一连续六年入围 的中国企业。 展望未来，公司正走在从"技术出海"到"品牌出海"的进阶之路。在行业整体增速放缓背景下，玲珑轮胎 凭借绿色技术突破与全球化战略深化，交出逆势增长的亮眼答卷，带动2024年实现220.58营业收入，同 比增长9.39%，其中出口及海外销售营收同比增长14.19%。从中国制造到全球认可，玲珑轮胎用六年坚 守证明：创新是底色，责任是底气。未来公司将继续以"中国技术+全球资源"模式，加速向世界一流轮 胎品牌跃迁。 全球化产能落地，塞尔维亚基地筑牢欧洲"桥头堡"。2024年9月，玲珑轮胎塞尔维亚基地一期项目正式 量产，产品直供欧洲及周边市场。塞尔维亚基地的投产，标志着玲珑轮胎形成"泰国+塞尔维亚"双海外 基地布局，开拓全球消费市场。 体育营销破圈，欧洲豪门"铁三角"撬动全球品牌声量。玲珑轮胎持续深化"技术+体育"双IP战略，2024 年先后与英超切尔西、西甲皇家马德里达成全球合作伙伴关系，加之原 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Views - The company's short-term performance is under pressure due to industry cost pressures and decreased production and sales. The EPS forecasts for 2025 and 2026 have been lowered to RMB 2.14 and RMB 2.57, respectively, with a new forecast for 2027 set at RMB 2.82. The target price has been reduced by 25% to RMB 25.68, applying a 12x PE for 2025 [4][8]. Financial Summary - For 2024, the company's revenue and net profit attributable to shareholders are projected to be RMB 8.51 billion and RMB 2.19 billion, representing year-on-year increases of 8.53% and 59.74%, respectively. The Q4 2024 revenue and net profit are expected to be RMB 2.17 billion and RMB 460 million, with year-on-year growth of 3.38% and 22.7% [4][8]. - In Q1 2025, the company is expected to report revenue and net profit attributable to shareholders of RMB 2.06 billion and RMB 361 million, reflecting year-on-year declines of 2.79% and 28.29% [4][8]. Production and Sales Performance - By the end of 2024, the company's tyre sector production and sales are expected to reach 32.23 million and 31.41 million units, respectively, with year-on-year increases of 10.22% and 7.34%. The revenue for this segment is projected at RMB 8.50 billion, up 8.57% year-on-year [4][8]. - In Q1 2025, tyre sector production and sales are expected to decline to 7.92 million and 7.38 million units, with year-on-year decreases of 1.87% and 3.02% [4][8]. Strategic Developments - The company's "833plus" strategy is progressing steadily, with the Morocco project expected to achieve large-scale production in 2025. This project aims to produce 12 million high-performance tyres annually, enhancing the company's global competitiveness and profitability [4][8]. - The company has established a strong presence in the replacement market, with over 5% market share in the USA and over 4% in Europe for its tyre products in 2024. It is also recognized as a qualified supplier for several major automotive manufacturers [4][8].

Core Viewpoint - The domestic tire industry, particularly Linglong Tire, is facing challenges due to trade friction, rising raw material costs, and insufficient demand, prompting the company to enhance its global layout and address investor concerns regarding its new projects [1][2]. Group 1: Company Strategy and Investments - Linglong Tire plans to invest 8.71 billion RMB to establish a base in Brazil, expected to start construction in Q3 2025, with projected annual revenue of 7.758 billion RMB and net profit of 1.213 billion RMB upon completion [1]. - The construction of the Brazilian project will follow a "light debt, long cycle" principle, with a total construction period of 7 years divided into three phases, in collaboration with local distributor SUNSET to reduce direct capital investment [1]. Group 2: Financial Performance - In Q1 2023, Linglong Tire reported a gross margin of 14.92%, a decrease of 8.51 percentage points year-on-year and 1.16 percentage points quarter-on-quarter, with a net profit of 341 million RMB, down 22.78% year-on-year [2]. - The decline in profitability is attributed to rising raw material costs, affecting all nine listed tire companies in China, leading to reduced gross and net margins [2]. Group 3: Future Growth and Operational Efficiency - Linglong Tire aims to enhance production efficiency and product quality through smart and digital transformation initiatives by 2025, while also accelerating the construction and capacity release of its factories in Changchun and Serbia, alongside the Brazilian project [2]. - The company anticipates an increase in overall capacity utilization rate to 88% in 2024, with further improvements expected in 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company reported a revenue of 22.06 billion yuan for 2024, representing a year-on-year increase of 9.4%, and a net profit of 1.75 billion yuan, up 26.0% year-on-year [2][6] - For Q1 2025, the company achieved a revenue of 5.7 billion yuan, a 12.9% increase year-on-year, but a 6.7% decrease quarter-on-quarter [2][6] - The company plans to distribute a cash dividend of 0.14 yuan per share to all shareholders [2][6] Financial Performance - The overall gross margin for 2024 was 22.1%, an increase of 1.1 percentage points year-on-year, driven by increased production and sales from domestic and overseas bases [12] - In Q1, the company sold 21.41 million tires, a 12.8% increase year-on-year but an 11.2% decrease quarter-on-quarter [12] - The average selling price per tire in Q1 was 266.1 yuan, reflecting a 12.7 yuan increase quarter-on-quarter [12] Strategic Developments - The company is establishing a new production base in Brazil, which is expected to produce 12 million semi-steel radial tires annually, contributing approximately 10.6 billion USD in sales revenue once fully operational [12] - The company is planning to issue H shares to enhance its capital strength and international brand image [12] - The company has a global supply chain that generated 5.93 billion yuan in revenue in 2024, an increase of 5.9% year-on-year [12] Future Projections - The company expects net profits of 1.75 billion yuan, 2.45 billion yuan, and 3.10 billion yuan for the years 2025, 2026, and 2027 respectively [12]