[Table_Title] 证券研究报告 / 公司点评报告 25Q2 销量同比增长，海外产能持续扩张 [Table_Summary] 公司发布半年度业绩，25H1 实现营业收入 219 亿元（同比+18%），毛利 率 20.5%，归母净利润 23.2 亿元（同比-8.6%）；其中，25Q2 营业收入 112 亿元（同比+19%，环比+5.4%），毛利率 19.7%，归母净利润 11.7 亿元 （同比+4.9%，环比+1.7%）。 我国产销规模最大的轮胎企业，25Q2 同比持续增长。公司主要从事全钢 胎、半钢胎、斜交胎和车胎等轮胎产品的研发、生产和销售，拥有"朝 阳"、"WESTLAKE"等多个国内外知名品牌，远销六大洲的主要国家和 地区，并向比亚迪、丰田、Stellantis 等多家知名整车厂商提供配套产品。 公司名列美国《轮胎商业》杂志《2024 全球年度轮胎报告》评选的全球 轮胎制造企业前十强。根据招股说明书，截止 24 年底，公司半钢胎产能 7256 万条，全钢胎产能 2234 万条，斜交胎 677 万条，其他车胎 12606 万 条。根据公司披露的经营数据公告，25Q2 公司轮胎产品销量同比增长 10 ...

财报显示，中策橡胶是国内外销售规模最大的轮胎制造企业之一，主要从事全钢胎、半钢胎、斜交胎和 车胎等轮胎产品的研发、生产和销售。今年6月5日，中策橡胶正式在上海证券交易所主板上市，募资总 额40.66亿元，募资规模在2025年内新股中排名第二，仅次于华电新能。 中报指出，2025年上半年，中策主要产品均存在不同程度的供不应求情况，尤其是全钢胎产品在高中低 端市场均具有突出的质价比优势，客户订单情况良好。基于此，报告期内公司实现营业收入218.55亿 元，同比增加18.02%。其中，境内主营业务收入达118.67亿元，同比增长23.73%。 同期，境外主营业务收入达99.24亿元，同比增长11.89%。这当中，作为公司主要的海外生产基地，上 半年中策泰国实现营收37.85亿元，净利润4.99亿元；中策印尼实现营收2.02亿元，净利润0.21亿元。 不过，报告期内，营收实现高增长的同时，中策橡胶未能"增利"。根据中报，今年上半年，其归属于上 市公司股东的净利润23.22亿元，同比减少8.56%。记者注意到，其利润波动存在特殊原因。 据7月4日晚间公司在2025年半年度业绩预告中的解释，2024年同期，中策橡胶下属全 ...

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its financial performance and the management of raised funds, ensuring compliance with relevant regulations and transparency in disclosures [3][4][11]. Group 1: Company Overview - The company is identified as Zhongce Rubber Group Co., Ltd., with the stock code 603049 [4]. - The company held its second supervisory board meeting on August 19, 2025, where all supervisors were present, confirming the legality of the meeting [5][6]. Group 2: Financial Data - The company raised a total of RMB 4,066,358,040.00 from its initial public offering, with a net amount of RMB 3,932,680,740.56 after deducting issuance costs [12]. - As of June 30, 2025, the company had completed a total of RMB 2,229,657,288.71 in fund replacements for pre-invested projects [12][15]. Group 3: Fund Management - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements [13][14]. - The company has not used idle raised funds for temporary working capital during the reporting period [17]. Group 4: Operational Performance - In Q2 2025, the company's tire product sales volume increased by 10.36% year-on-year, with sales revenue rising by 15.32% [35]. - The average selling price of tire products increased by 4.50% year-on-year, while the average selling price of car tire products rose by 9.52% [36]. Group 5: Price Changes - The comprehensive procurement price of major raw materials increased by 0.07% year-on-year but decreased by 8.64% compared to the previous quarter [37].

证券代码：603049 证券简称：中策橡胶 公告编号：2025-029 中策橡胶集团股份有限公司 关于 2025 年第二季度主要经营数据的公告 一、主要产品的产量、销量及收入实现情况 2025 年第二季度，公司天然橡胶、合成橡胶、炭黑、钢丝帘线、帘布五项 主要原材料的综合采购价格同比增长 0.07%，环比下降 8.64%。 三、其它情况说明 | 主要产品 | 产量（万条） | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | | 轮胎 | 2,729.23 | 2,693.79 | 936,393.95 | | 车胎 | 3,244.64 | 3,228.73 | 105,951.76 | 2025 年第二季度公司轮胎产品销量同比增长 10.36%，轮胎产品销售收入同 比增长 15.32%；车胎产品销量同比增长 3.96%，车胎产品销售收入同比增长 13.85%。 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况 2025 年第二季度，受产品结构变化等因素影响，公司轮胎产品的平均销售 价格同比增长 4.50%，环比下降 1.10%；车胎产品的平均销售价格同 ...

Core Viewpoint - Zhongce Rubber, a leading tire manufacturer, faces high debt levels while maintaining a policy of continuous dividends, raising questions about its financial strategy and sustainability [1][6][12]. Group 1: Company Overview - Zhongce Rubber is primarily engaged in the research, production, and sales of various tire products, ranking as the largest tire company in China and the ninth globally [4]. - The company was founded in 1958 and has a long history, with its current controlling shareholder, Qiu Jianping, starting his entrepreneurial journey in 1993 [4][5]. - As of June 6, 2023, Zhongce Rubber's market capitalization was 41.13 billion yuan [3]. Group 2: Financial Performance and Strategy - From 2020 to mid-2024, Zhongce Rubber distributed a total of 2.8 billion yuan in dividends, with annual distributions of 1.1 billion yuan, 300 million yuan, 250 million yuan, 450 million yuan, and 700 million yuan respectively [7][9]. - The company initially planned to raise 7 billion yuan through an IPO, with 2.85 billion yuan earmarked for supplementing working capital, but later revised the fundraising target down to 4.85 billion yuan, removing the working capital component [10][12]. - Zhongce Rubber's asset-liability ratio significantly exceeds the industry average, with figures of 69.15%, 68.58%, 63.81%, and 62.62% from 2021 to mid-2024, compared to an average of around 50% for comparable companies [12]. Group 3: Debt and Dividend Policy - Despite its high debt levels, Zhongce Rubber has maintained an active dividend policy, which has raised concerns about the sustainability of this approach given its financial obligations [6][9][12]. - The company's strategy to use dividends to help shareholders repay loans has drawn scrutiny, especially in light of regulatory changes aimed at curbing excessive pre-IPO dividend distributions [9][10]. - The ongoing challenge for Zhongce Rubber lies in balancing shareholder returns, debt repayment, and the need for capital to support business growth [12].

Core Viewpoint - Zhongce Rubber Group Co., Ltd. (中策橡胶) officially listed on the A-share market on June 5, 2023, marking the largest IPO in the A-share market this year with a fundraising amount of 4.066 billion yuan [1][4] Group 1: Company Overview - Zhongce Rubber is a leading tire manufacturer in China, primarily engaged in the research, production, and sales of various tire products, including all-steel tires and semi-steel tires [3][7] - The company ranks first in the "2024 Annual China Tire Enterprise Ranking" published by the China Rubber Industry Association, with a projected sales volume of 216 million tires in 2024 [3] Group 2: Financial Performance - For the years 2022 to 2024, Zhongce Rubber's revenue is projected to grow from 31.889 billion yuan to 39.255 billion yuan, while net profit is expected to increase from 1.225 billion yuan to 3.787 billion yuan [7] - The company anticipates a revenue growth of 8.00% to 15.56% for the first half of 2025, but expects a decline in net profit attributable to shareholders by 13.38% to 2.479 billion yuan due to rising raw material prices and external factors affecting overseas sales [1][10] Group 3: IPO Details - The IPO price was set at 46.5 yuan per share, with a price-to-earnings ratio of 12.24. The stock opened at 57 yuan, reflecting a 22.58% increase on the first day of trading [3][5] - The IPO attracted significant interest, with online investors subscribing to 60.7264 million shares, resulting in a subscription amount of 2.824 billion yuan [4] Group 4: Investment and Growth Strategy - The raised funds will be allocated to various projects, including enhancing production capacity for all-steel radial tires and upgrading manufacturing facilities [4] - Zhongce Rubber is focusing on digital and green transformation, with significant investments in research and development, amounting to 1.256 billion yuan in 2022, and projected increases in subsequent years [6] Group 5: Challenges and Risks - The company faces challenges from fluctuating raw material prices, which can impact production costs and profit margins. A 1% increase in raw material prices could lead to a decrease in gross margin by approximately 0.36 percentage points [7] - Zhongce Rubber's total liabilities have shown an upward trend, with a debt-to-asset ratio of 68.58% in 2022, indicating potential financial pressure [8]

Core Viewpoint - The addition of Zhongce Rubber as a new member of the "Juxing System" in the A-share market marks a significant expansion for the group, which already includes Juxing Technology, Hangcha Group, and Xinchai Co., and represents the fourth listed company controlled by Qiu Jianping [3][5]. Company Overview - Zhongce Rubber is one of the earliest tire manufacturers in China, with its origins tracing back to the establishment of Hangzhou Haichao Rubber Factory in 1958. The company began its foray into the tire industry in 1970 and was officially formed in 1992 through a joint venture with a Hong Kong investment firm [3][5]. - The main products of Zhongce Rubber include all-steel tires, semi-steel tires, bias tires, and various automotive tires, which are distributed across most provinces in China and exported to regions including Europe, America, Africa, Oceania, Southeast Asia, and the Middle East [5]. Shareholding Structure - Qiu Jianping, a prominent Zhejiang businessman, controls 41.08% of Zhongce Rubber's shares and corresponding voting rights through Zhongce Haichao. Additionally, he holds a total of 5.87% of shares through Chaoyang Haoyun and Chaoyang Wending as the managing partner [5][7]. - Qiu Jianping's daughter, Qiu Fei, indirectly holds 1.9% of Zhongce Rubber's shares through Chaoyang Haoyun and Chaoyang Wending [5].

Group 1 - N Zhongce (603049) was listed today, opening with a rise of 22.58%, and closing the morning session with an increase of 8.92%, with a half-day trading volume of 35.92 million shares and a turnover of 1.888 billion yuan, resulting in a turnover rate of 42.34% [2] - The company specializes in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, bias tires, and car tires [3] - The total issuance volume for this IPO was 87.4486 million shares, with an online issuance volume of 61.214 million shares, priced at 46.50 yuan per share, and an issuance P/E ratio of 12.24 times, compared to the industry average P/E ratio of 22.83 times [3] Group 2 - The funds raised from the IPO, totaling 4.066 billion yuan, will primarily be used to supplement working capital and for several projects, including a green 5G digital factory project with an annual production capacity of 6.5 million sets of all-steel radial tires, and a production line project for 2.5 million sets of all-steel radial heavy-duty tires [3] - The final online issuance lottery rate was 0.04799473% [3] - The performance of newly listed stocks today included N Youyou (301590), which saw a price of 159.50 yuan with a morning session increase of 78.01% and a turnover rate of 56.20%, while N Zhongce (603049) had a morning session increase of 8.92% [2][3]

Core Viewpoint - Zhongce Rubber Group Co., Ltd. has officially listed on the Shanghai Stock Exchange, marking a significant milestone for the Chinese tire industry as it aims to enhance its global competitiveness through capital market leverage [1] Group 1: Company Overview - Zhongce Rubber was established in 1992 and specializes in the research, production, and sales of various tire products, having developed several well-known brands such as "Westlake" and "Trazano" [2] - The company has formed partnerships with major automotive manufacturers like FAW Jiefang and BYD, establishing a comprehensive product matrix that includes all-steel tires, semi-steel tires, and bias tires [2] Group 2: Financial Performance - The company reported steady revenue growth from 2022 to 2024, with revenues of 31.889 billion yuan, 35.252 billion yuan, and 39.255 billion yuan, respectively, and net profits of 1.225 billion yuan, 2.638 billion yuan, and 3.787 billion yuan [1] Group 3: Strategic Initiatives - The funds raised from the IPO will be primarily allocated to projects such as a high-performance tire digital factory and the enhancement of the high-end green tire manufacturing industry chain [2] - Zhongce Rubber is focusing on improving core product capacity and advancing a green high-end strategy to optimize its product matrix and strengthen its market position [2] Group 4: Technological Innovation - The company is committed to building competitive barriers through technological innovation, collaborating with universities and research institutions to develop high-tech products [4] - Zhongce Rubber's R&D expenditures from 2022 to 2024 are projected to be 1.256 billion yuan, 1.401 billion yuan, and 1.473 billion yuan, indicating a consistent increase in investment [4] Group 5: Sustainability Efforts - The company is advancing green production practices to support societal carbon neutrality goals, implementing energy-efficient processes and utilizing environmentally friendly raw materials [5] - Zhongce Rubber's initiatives include low-temperature mixing and heat recovery from vulcanization exhaust, which help reduce production costs and promote resource recycling [5]

股票简称：中策橡胶 股票代码：603049 中策橡胶集团股份有限公司 Zhongce Rubber Group Co., Ltd. （浙江省杭州市钱塘区1号大街1号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年六月四日 中策橡胶集团股份有限公司 上市公告书 特别提示 中策橡胶集团股份有限公司（以下简称"发行人"、"中策橡胶"、"本公司" 或"公司"）股票将于 2025 年 6 月 5 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五入尾 差所致。 中策橡胶集团股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、高级管理人员保证上市公告书所披露信息的真实、准 确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均 不表明对本公司的任何保证。 本 公 司 ...