Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the discrepancies in the pledge status of shares held by its controlling shareholder and to provide a conclusive legal opinion on whether this has a significant impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, truck and bus tires, and off-road tires, with multiple specifications to suit different applications [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the inconsistency in the pledge status of shares held by its controlling shareholder and its impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, commercial vehicle tires, and off-road tires, with various specifications to meet different application scenarios [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

智通财经APP获悉，9月12日，中国证监会公示《境外发行上市备案补充材料要求(2025年9月5日—2025 年9月11日)》，证监会国际司共对12家企业出具补充材料要求。其中要求玲珑轮胎(601966.SH)补充说明 控股股东持有发行人的股份质押情况及其对发行上市是否存在重大影响出具明确结论性意见等事项。据 悉，2025年6月30日，玲珑轮胎向港交所递交上市申请，中信证券、招银国际为其联席保荐人。 证监会请玲珑轮胎补充说明以下事项，请律师核查并出具明确的法律意见： 二、请补充说明你公司及下属公司经营范围包含广告设计、代理、广告制作、广告发布、保险代理业务 等的具体情况，是否实际开展相关业务及具体运营情况，是否已取得必要的资质许可，经营范围及实际 业务是否涉及限制或禁止外商投资领域，外资持股比例上限规定，以及本次发行上市后是否持续符合外 商投资准入要求。 招股书显示，玲珑轮胎是一家全球领先的轮胎制造商，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，具有强劲的销售业绩及快速的增长。公司的产品组合包括广泛的乘用及轻卡胎、 卡客车胎及非公路胎，并拥有多种规格以适应不同的应用场景。公司以一系列自主品牌 ...

Core Insights - The transition from traditional fuel vehicles to electric vehicles (EVs) is driving a revolution in the tire industry, with companies like Linglong Tire emerging as key players in this new landscape [1][2] Company Overview - Linglong Tire, founded by Wang Xicheng in 1987, has evolved from a small tire repair shop into the sixth-largest tire manufacturer globally, with a production output of 9.2 million tires in its first year and a revenue of 65 million yuan [3][4] - The company's core products are passenger and light truck tires, which accounted for 57.1 billion yuan, 61.5 billion yuan, and 65.4 billion yuan in revenue from FY2022 to FY2024, showing a consistent upward trend [4][5] Industry Trends - The tire industry is experiencing significant changes due to the rise of electric vehicles, which require tires with lower rolling resistance to enhance driving range [6][7] - A 10% reduction in rolling resistance can increase the range of electric vehicles by approximately 3%-5%, with 20%-30% of energy loss during vehicle operation attributed to tire rolling resistance [7][8] Innovations in Tire Technology - Tire manufacturers are adopting new designs and materials to meet the demands of electric vehicles, such as Linglong's SPORT MASTER e tire, which can improve vehicle range by about 8% [8] - The weight of electric vehicles, which can be 15%-30% heavier than their fuel counterparts, necessitates enhanced durability in tires, as electric vehicle tires wear out 20%-30% faster than traditional tires [8][9] Market Opportunities - The market for electric vehicle tires is expected to grow significantly, with projections indicating that by 2025, domestic sales of new energy commercial vehicles could reach 900,000 units, representing a penetration rate of about 30% [10] - Linglong Tire has been proactive in this market, supplying tires for various electric vehicle models from manufacturers like FAW Hongqi and BYD, with 917 million units of electric vehicle tires expected to be sold in 2024 [10][11] Competitive Landscape - The tire manufacturing industry is consolidating, with the number of manufacturers in China decreasing from over 600 in 2010 to fewer than 200 by the end of 2024, leading to increased market concentration among the top players [11]

Core Viewpoint - The trend of A-share companies seeking secondary listings in Hong Kong continues, with Linglong Tire submitting its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, and global marketing strategy improvement [1][10]. Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications for different applications. The company is the largest OE tire manufacturer in China and ranks third globally, while being the largest OE tire manufacturer in the new energy vehicle sector for five consecutive years [4][10]. Financial Performance - Linglong Tire has shown robust growth, with a compound annual growth rate (CAGR) of 13.9% in revenue over the past three years. Revenue figures for 2022, 2023, and 2024 are 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB, respectively [5][6]. - The passenger and light truck tire segment is the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.429 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [5][6]. - Linglong Tire's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for 2022, 2023, and 2024, respectively, leading to gross margins of 11%, 17.9%, and 19.7% [6]. Global Expansion Strategy - The company has implemented a "7+5" strategy, establishing seven domestic factories and five overseas factories, with two overseas bases in Thailand and Serbia. This strategy aims to accelerate global expansion [7][10]. - Linglong Tire's global tire market is growing, with 2023 global tire sales reaching 1.784 billion units, where the replacement market accounts for approximately 74% of demand [8]. Market Position and Competitive Landscape - The tire industry is highly concentrated, with the top three players (Michelin, Bridgestone, and Goodyear) holding nearly 40% of the market share. Linglong Tire is positioned to compete with these giants as it expands its market presence [8][10]. - The company is also focusing on high-end market segments, having become a supplier for several premium brands, including Volkswagen, and aims to enhance its brand image [10]. Future Outlook - Linglong Tire plans to achieve a production target of 330,900 tons of off-road tires by the end of 2030, capitalizing on the growing demand in this segment [11]. - The funds raised from the Hong Kong listing will support the company's global expansion, technological upgrades, and brand enhancement, solidifying its position in the domestic and international markets [10][11].

Core Viewpoint - Linglong Tire, a leading domestic tire manufacturer established in 1994, is seeking to expand its global presence by applying for a listing on the Hong Kong Stock Exchange, marking a significant step in its nearly ten-year journey since its Shanghai Stock Exchange debut [1]. Group 1: Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications to meet different application scenarios [1]. - The company has established a brand matrix that includes Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [1]. - By 2024, Linglong Tire is projected to be the largest OE tire manufacturer in China and the third largest globally, with a notable position in the new energy vehicle sector, being the largest OE tire manufacturer for five consecutive years [1]. Group 2: Financial Performance - From 2022 to 2024, Linglong Tire's revenue has shown a compound annual growth rate (CAGR) of 13.9%, with revenues of 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB respectively [3][4]. - The passenger and light truck tire segment has been the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.430 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [3][4]. - The company's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for the years 2022 to 2024, leading to gross margins of 11%, 17.9%, and 19.7% respectively [6][7]. Group 3: Market Strategy - Linglong Tire has implemented a "7+5" strategy, aiming to establish seven domestic factories and five overseas factories, with two overseas bases already operational in Thailand and Serbia [2][10]. - The company is also focusing on a "3+3" strategy for off-road tire production, planning to establish production capabilities in three domestic and three overseas bases [10]. - The global tire market is expected to grow steadily, with a projected CAGR of 3.9% from 2020 to 2024, and the penetration rate of new energy vehicle tires is anticipated to rise significantly, particularly in China [8][10]. Group 4: Geographic Revenue Distribution - The domestic market has been the primary revenue source for Linglong Tire, contributing 51.1%, 52.2%, and 50.8% of total revenue from 2022 to 2024, while overseas revenue has been steadily increasing, reaching 49.2% by 2024 [5][6]. - The overseas revenue primarily comes from North America, Europe, Asia, and other regions, with North America being the largest contributor [5].

Core Viewpoint - Linglong Tire has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its global presence and capitalize on its strong market position in the tire manufacturing industry [1][2]. Group 1: Company Overview - Linglong Tire is a specialized and large-scale tire manufacturer, listed on the Shanghai Stock Exchange since July 6, 2016, focusing on the design, development, production, and sales of diversified tire products [1]. - The company offers a wide range of products, including passenger and light truck tires, truck and bus tires, and off-road tires, marketed under its own brands such as Linglong and Lio [1]. Group 2: Global Expansion Strategy - As of the end of 2024, Linglong Tire has established seven R&D centers and seven production bases globally, with five located in China and one each in Thailand and Serbia [1]. - The company has a direct sales relationship with over 60 automotive manufacturers, including eight of the top ten global automotive manufacturers by sales in 2024 [1]. - To further enhance its international brand influence, Linglong Tire plans to establish a third overseas production base in Brazil, a significant automotive production hub with over 70 years of industry history [1]. Group 3: Market Position and Performance - According to Frost & Sullivan, Linglong Tire is the largest OE tire manufacturer in the Chinese market and ranks as the third-largest globally [2]. - The company has been the largest global manufacturer of OE tires for electric vehicles since 2020, highlighting its leadership in emerging market segments [2]. - In 2024, Linglong Tire reported a revenue of 22.058 billion yuan, a year-on-year increase of 9.39%, and a net profit of 1.752 billion yuan, up 26.01% [2]. - However, in the first quarter of the year, the company experienced a revenue of 5.697 billion yuan and a net profit of 341 million yuan, reflecting a year-on-year decline of 22.78% in net profit [2]. - The first quarter's cash flow from operating activities was negative 318 million yuan, a significant decrease of 163.41% year-on-year, attributed to rising raw material costs and increased cash payments for goods and services [2].

Core Viewpoint - Shandong Linglong Tire Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CMB International as joint sponsors [1] Company Overview - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products, showcasing strong sales performance and rapid growth [4] - The product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications to meet different application scenarios [4] - The company operates under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Greenline, and Ruijie [4] Global Presence - As of December 31, 2024, Linglong Tire has established seven major R&D centers and seven major production bases globally, with five located in China and two in Thailand and Serbia [4] - The company sells products directly to over 60 automotive manufacturers, including eight of the top ten international automotive manufacturers based on global sales in 2024, as well as other renowned brands from China, Germany, Europe, the United States, and Japan [4] - Linglong Tire has built a distribution network consisting of over 1,240 distributors for retail sales [4] Market Position - According to Frost & Sullivan, Linglong Tire is the largest OE tire manufacturer in the Chinese market and the third-largest OE tire manufacturer globally based on global sales in 2024 [4] - The company has been the largest global manufacturer of OE tires for new energy vehicles for five consecutive years since 2020, based on global sales in 2024 [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Linglong Tire reported revenues of approximately 17.01 billion, 20.17 billion, and 22.06 billion RMB, respectively [5][7] - The net profits for the same periods were approximately 0.29 billion, 1.39 billion, and 1.75 billion RMB, respectively [5][7]