一场突如其来的大雪让很多汽车"现了形"，踩油门不走、上坡轮胎空转、打方向响应慢、刹车距离多好几倍，哪怕没有雪，冬季低温下刹车距离也变得 更远。都是轮胎，为什么夏季胎一到冬天就"水土不服"呢？夏季胎和冬季胎区别在哪儿？ 轮胎为什么要分夏季、冬季？ 《冬季胎、夏季胎、全季胎有何区别？》一文讲过，夏季胎、冬季胎的性能特点，主要是针对不同季节的气候条件和道路状况而设计的轮胎。为了保证 不同的工况特点而开发出相适应的轮胎，因此汽车轮胎分为了冬季胎和夏季胎。 夏季胎是专为炎热气候而设计的轮胎，其价值主要体现在高温环境下。夏季的高温不仅气温升高，地表温度的上升更是惊人。在炎夏时节，地表温度可 达60℃~70℃以上。普通轮胎在这种高温地面上行驶，橡胶材质可能会过度软化，导致磨损加剧、滚动阻力增加以及自身摩擦生热。轮胎自发热是一种需要 极其注意的情况，轮胎在每次滚动变形时，橡胶内部的分子链、材料界面以及钢丝束带的应力都会产生热量，过多的热量就会导致轮胎泄气、爆胎等危害。 为了避免轮胎产生过多的热量，就需要优化内部的结构，以更合理的接地印痕，减少带束层的应力，优化橡胶与炭黑的结合，让轮胎生热指数 Temperature Inde ...

Core Viewpoint - The company reported a slight revenue increase in the first half of 2025, but a significant decline in net profit, indicating short-term pressure on performance due to rising raw material costs and tariff impacts [1][2]. Financial Performance - The company achieved a revenue of 4.119 billion yuan in the first half of 2025, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 672 million yuan, a year-on-year decrease of 37.64% [1]. - In Q2 2025, the company recorded a revenue of 2.063 billion yuan, a year-on-year increase of 3.45% and a quarter-on-quarter increase of 0.35%. However, the net profit for the same quarter was 311 million yuan, reflecting a year-on-year decline of 45.85% and a quarter-on-quarter decline of 14.01% [1]. Sales Volume and Market Dynamics - In the first half of 2025, the company sold 14.37 million semi-steel tires, a year-on-year decrease of 1.65%, while full-steel tire sales reached 500,000 units, a year-on-year increase of 3.11% [2]. - In Q2 2025, semi-steel tire sales were 7.207 million units, a year-on-year decrease of 1.7% but a quarter-on-quarter increase of 0.6%. Full-steel tire sales surged to 286,000 units, a year-on-year increase of 81.1% and a quarter-on-quarter increase of 34.0% [2]. Profitability and Cost Pressures - The company faced significant pressure on profitability due to rising raw material costs and U.S. tariff policies, with a gross margin of 24.6% in the first half of 2025, down 8.64 percentage points year-on-year, and a net margin of 16.3%, down 9.90 percentage points year-on-year [2]. - In Q2 2025, the gross margin improved to 26.45%, a quarter-on-quarter increase of 3.70 percentage points, attributed to a decrease in raw material costs [2]. Global Expansion and Product Development - The company is set to launch a large-scale production of 12 million semi-steel tires in Morocco in the second half of 2025, enhancing its global production capacity and competitiveness amid trade tensions [3]. - The company is also focusing on brand enhancement, with its tire market share in the U.S. and Europe exceeding 5% and 4% respectively in 2024, and has begun supplying winter tires to Volkswagen for the Touareg model [3]. Profit Forecast and Valuation - Due to the impact of rising raw material costs and U.S. tariffs, the company has revised its net profit forecasts for 2025-2027 to 1.6 billion, 2.06 billion, and 2.33 billion yuan respectively, with corresponding price-to-earnings ratios of 12.8, 10.0, and 8.8 times at the current stock price [4].