Core Viewpoint - The leading domestic tire manufacturer, Linglong Tire, is facing a "revenue growth without profit growth" situation in the first half of the year due to fluctuations in raw material costs and U.S. tariff policies, with revenue increasing by 13.8% to 11.81 billion yuan, while net profit decreased by 7.6% to 850 million yuan [1][3]. Group 1: Financial Performance - Linglong Tire's revenue for the first half of the year reached 11.81 billion yuan, marking a year-on-year increase of 13.8% [3]. - The company's net profit attributable to shareholders was 850 million yuan, reflecting a year-on-year decline of 7.6% [1][3]. - The gross profit margin decreased to 15.5%, down 7.22% year-on-year, primarily due to changes in raw material costs and U.S. tariff policies [3]. Group 2: Market Contribution - Nearly 70% of Linglong Tire's revenue comes from the mainland and Hong Kong markets, which generated approximately 8.09 billion yuan in sales, a year-on-year increase of 4.92% [4]. - The domestic market's gross profit has been declining, with figures dropping from 1.215 billion yuan in the first half of 2023 to 296 million yuan in the first half of 2025, indicating increasing difficulty in profitability [4]. Group 3: Overseas Expansion - To address challenges, Linglong Tire is accelerating the construction of its production base in Brazil, planning to invest 1.19 billion USD (approximately 8.71 billion yuan) [5][6]. - The Brazilian project is expected to generate annual revenue of 7.758 billion yuan and a net profit of 1.213 billion yuan once operational [6]. - Linglong Tire is also facing significant short-term debt pressures, with total debts exceeding 10.602 billion yuan against cash reserves of only 2.99 billion yuan, creating a gap of over 7 billion yuan [7]. Group 4: Operational Challenges - The Serbian factory reported revenue of 1.18 billion yuan in the first half of the year but incurred a net loss of 130 million yuan, indicating ongoing operational challenges [8]. - The Thai factory achieved revenue of 2.11 billion yuan, a 5.0% increase, but net profit fell by 15.3% to 410 million yuan [9].

以下文章来源于证券之星 ，作者夏峰琳 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 受原材料成本波动及美国关税政策等多重因素影响，国内轮胎行业龙头企业玲珑轮胎今年上半年出现"增收不增利"的局面。财报显示，公司 报告期内实现营业收入118.1亿元，同比增长13.8%；而归母净利润则同比下降7.6%，至8.5亿元。 证券之星注意到，大陆及中国香港市场虽贡献了近七成营收，其毛利水平和增速却均低于贡献三成营收的海外市场。 为应对挑战，公司正加速巴西生产基地建设，并推进H股IPO以缓解资金压力。然而，短期偿债缺口超70亿元、海外工厂尚未全面盈利等难 题，使其能否成功登陆港股并走出财务困局，成为市场关注焦点。 01 成本攀升吞噬利润 国内市场毛利持续承压 公开资料显示，玲珑轮胎于1994年创立，公司核心业务涵盖轮胎的研发、制造与销售，产品体系以乘用车及轻卡子午线轮胎、卡客车子午线 轮胎和非公路轮胎为主。旗下品牌包括"玲珑"、"利奥"、"御风"、"阿特拉斯"、"绿行"及"睿界"等。 另据沙利文的研究数据，以2024年轮胎销量计算，玲珑轮胎是全球第六、中 ...