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 1st, 2025 Issuer Name Issuer code Transactiondate ISIN Code Daily total volume (in number of actions) Daily weighted average price of shares acquired Platform Compagnie Générale des Etablissements Michelin 549300SOSI58J6VIW052 <td style="w ...

证券日报网讯森麒麟（002984）9月30日在互动平台回答投资者提问时表示，公司正凭借新能源汽车领 域的产品优势，持续致力于实现全球高端新能源汽车轮胎领航者的发展目标。公司自主创新研发的超高 性能新能源汽车专用轮胎在NVH、干湿刹车、操控等方面表现优异，滚阻、续航方面更是独具优势， 其中滚动阻力已突破千分之五。在配套市场，公司正在持续获得全球知名主机厂客户的合格供应商资 质，已成为德国大众集团、德国奥迪汽车、雷诺汽车、Stellantis(斯特兰蒂斯)集团、广汽丰田、广州汽 车、长城汽车（601633）、吉利汽车、北汽汽车、奇瑞汽车等整车厂商的合格供应商，同时公司正持续 加强全球一线车企的新能源汽车配套力度，未来相关车企及车型配套份额将稳步提升。 ...

证券日报网讯森麒麟（002984）9月30日在互动平台回答投资者提问时表示，"麒麟云店"是公司自主研 发的打破传统轮胎销售体系的汽车后市场供应链平台，目前仅面向经销商和零售商客户。与此同时，公 司正积极筹划构建直接面向消费者的数字化销售平台，多措并举加速国内市场开拓力度，进一步扩大并 优化国内销售网络。 ...

Core Insights - The article highlights the remarkable growth of Sailun Group, which has successfully positioned itself among the top 500 private enterprises in China and within the top ten global tire brands, showcasing its transition from manufacturing to intelligent manufacturing and global presence [1][11] Group 1: Technological Innovation - Sailun has tackled the long-standing "devil's triangle" challenge in the tire industry, which involves optimizing rolling resistance, wet traction, and wear resistance simultaneously [2] - The company has developed the "Liquid Gold" tire, a significant innovation that addresses this challenge and has been recognized as a milestone in rubber tire industrial history [2][6] - Sailun's R&D investment has seen an annual growth rate exceeding 20%, with over 2,000 domestic and international patents, reflecting its commitment to technological advancement [3][4] Group 2: Product Development - The launch of the "Color Edge Tire" represents a blend of aesthetic innovation and advanced technology, maintaining the performance benefits of the Liquid Gold technology while introducing vibrant colors [5][6] - The Color Edge Tire incorporates proprietary technologies such as ARMORSEAL self-sealing technology and SILENTTREAD noise reduction, enhancing its market appeal [6] Group 3: Global Expansion - Sailun has established manufacturing bases in multiple countries, including Vietnam, Cambodia, Mexico, and Indonesia, with plans for further expansion in Egypt, aiming to enhance its global footprint [7][8] - The company operates under a "global factory" model, leveraging digital technologies to improve operational efficiency across its international production facilities [8] Group 4: Brand Strategy - Sailun has successfully transformed its brand image from a low-cost manufacturer to a recognized global player through strategic partnerships in high-profile events and innovative marketing campaigns [10][11] - The brand's value has significantly increased, ranking among the top ten global tire brands and achieving a brand value of approximately 112.9 billion yuan, reflecting its growing influence in the market [10][11]

Core Viewpoint - Cambodia is transforming from a rubber-producing country with little connection to tire manufacturing into a significant player in the tire industry, driven by Chinese investments and favorable market conditions [1][4][5]. Group 1: Market Potential and Growth - The tire manufacturing sector in Cambodia is rapidly becoming a key driver of economic growth, with tire exports projected to reach $870 million in 2024, a 129% increase from $380 million in 2023 [4]. - The establishment of Chinese tire companies in Cambodia, such as Sailun and General Tire, is reshaping the local economy and creating new opportunities in the tire market [5][9]. Group 2: Strategic Advantages - Cambodia benefits from a "policy arbitrage window" and cost optimization, including favorable trade policies and lower raw material costs, making it an attractive location for tire manufacturing [4][8]. - The country has a significant natural rubber plantation area of 425,000 hectares, which provides a cost advantage for tire production [8]. Group 3: Infrastructure and Supply Chain Development - The Cambodian government is accelerating infrastructure development to support the growing tire industry, including logistics projects and energy investments [14][15]. - The local labor cost is low, with a minimum wage of $204 per month in 2024, enhancing the competitiveness of Chinese tire brands [8]. Group 4: Challenges and Future Outlook - Despite the rapid growth, Cambodia still faces challenges in local supply chain development and infrastructure bottlenecks, which need to be addressed for sustainable growth [15][16]. - The experience in Cambodia serves as a testing ground for Chinese tire companies as they expand their global footprint, with plans to invest in markets like the Middle East and Africa [16].

Group 1 - Qingdao Double Star (SZ 000599) announced on September 19 that its 21st meeting of the 10th board of directors was held via communication on September 18, 2025, to review proposals regarding the revision and formulation of certain corporate governance systems [1] - For the first half of 2025, Qingdao Double Star's revenue composition was 98.65% from tire manufacturing and 1.35% from other industries [1] - As of the report date, Qingdao Double Star's market capitalization was 4.5 billion yuan [1]

Core Points - Prinx Thailand has completed the necessary rectification work at its production base as of September 4, 2025 [1] - The production at the base will be suspended starting from September 5, 2025, at 00:00 [1] - The company will provide updates to its shareholders and investors immediately after the production base is authorized to resume operations [1]

Core Viewpoint - Michelin has initiated a securities repurchasing program, acquiring a total of 446,682 ordinary shares at an average price of 31.2381 euros per share on September 3, 2025 [1][2]. Group 1: Securities Repurchase Details - The repurchase was conducted over-the-counter, with the shares acquired under the ISIN code FR001400AJ45 [1]. - The total volume of shares repurchased on this date was 446,682 [1]. - The average price per share during this transaction was 31.2381 euros [1]. Group 2: Issuer Information - The issuer of the shares is Michelin, with the LEI code 549300SOSI58J6VIW052 [1]. - The transaction is part of a broader buyback objective, although specific details on the overall buyback plan were not disclosed [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.83 CNY over the next six months, while the current price is 19.37 CNY [1][8]. Core Views - The company's performance is under short-term pressure, but sales are expected to improve in the second half of the year [1]. - The report highlights that the company's revenue for the first half of 2025 was 4.119 billion CNY, a slight increase of 0.24% year-on-year, while the net profit attributable to the parent company was 672 million CNY, down 37.64% year-on-year [5]. - The increase in raw material costs has put pressure on the profit margins, with a gross margin of 24.6% in the first half of 2025, down 8.64 percentage points year-on-year [5]. - The company is expected to benefit from stable growth in tire production and exports, with a projected increase in sales due to the ramp-up of the Morocco factory and a recovery in the full-steel product cycle [5][6]. - The report forecasts earnings per share (EPS) for 2025-2027 to be 1.52, 1.91, and 2.20 CNY respectively, with a projected revenue growth rate of 11.7%, 14.4%, and 10.2% for the same period [2][7]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 4.119 billion CNY and a net profit of 672 million CNY, reflecting a year-on-year decline in net profit [5]. - The gross margin for the first half of 2025 was 24.6%, down from the previous year, indicating pressure from rising raw material costs [5]. Sales and Production Outlook - The company completed a tire production of 15.5695 million units in the first half of 2025, a decrease of 3.21% year-on-year, but the sales volume is expected to improve with the new factory in Morocco coming online [5][6]. - The report notes that the production and export of rubber tires in China have shown stable growth, with a 2.0% increase in production and a 5.5% increase in exports in the first half of 2025 [5]. Valuation and Investment Recommendation - The report suggests a target price of 24.83 CNY based on a 13x PE ratio for 2026, reflecting the company's strong earnings potential compared to peers [8]. - The company is positioned well with its global production capacity and is expected to continue expanding its market share [5][8].

Group 1 - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares (including tax) for the 2025 mid-term, based on the total share capital as of the dividend record date, without issuing bonus shares or converting capital reserves into shares [5][27][29] - The company achieved a net profit of 661,655,309.50 yuan attributable to shareholders in the first half of 2025, with a total capital reserve of 4,591,591,961.34 yuan and undistributed profits of 7,071,442,755.49 yuan [27][29] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [6] Group 2 - The company has successfully utilized 1,172,663,582.49 yuan of the raised funds from its initial public offering (IPO) for investment projects, with a remaining balance of 44,861,956.18 yuan as of June 30, 2025 [8][9] - The company raised a total of 2,799,999,977.43 yuan from a specific stock issuance in 2023, with a net amount of 2,789,610,146.80 yuan after deducting issuance costs [9][12] - The company has established a dedicated account management system for raised funds, ensuring compliance with regulatory requirements and protecting investor interests [10][12] Group 3 - The company has proposed to change its business scope to align with regulatory updates while maintaining its core operations [32][34] - The company plans to revise its articles of association and governance structure, eliminating the supervisory board and transferring its responsibilities to the audit committee of the board of directors [35][36] - The company aims to enhance its operational efficiency and governance in accordance with the latest regulations [35]