长江商报消息 ●长江商报记者 潘瑞冬 玲珑轮胎（601966.SH）赴港上市迎来新进展。 6月30日晚间，玲珑轮胎发布公告称，公司已于6月30日向香港联交所递交发行H股股票并在香港联交所 主板挂牌上市的申请，并于同日在香港联交所网站刊登本次发行上市的申请资料。 长江商报记者注意到，玲珑轮胎2016年登陆A股，加上IPO共进行3次股权融资，从资本市场筹资近70亿 元。 玲珑轮胎表示，此次计划港股上市，主要是基于两方面考虑，一是优化资本结构，提升融资灵活性和资 本效率；二是支持公司在全球化布局、研发等方面的关键性投入。 值得一提的是，近年来，玲珑轮胎海外的销售收入持续增长，2024年突破百亿元大关，占比逼近50%。 冲刺"A+H"上市 回顾公告，今年4月24日，玲珑轮胎称，公司审议通过了《关于公司发行H股股票并在香港联合交易所 有限公司上市的议案》。6月30日，玲珑轮胎正式向港交所主板递交上市申请。 对于此次港股上市计划，玲珑轮胎表示，主要是为进一步提高公司的资本实力和综合竞争力，提升公司 国际化品牌形象，满足公司国际业务发展需要，深入推进公司全球化战略。 根据申请资料，玲珑轮胎将借此扩大产能，一是为巴西基地的第 ...

Group 1 - Company SAILUN TIRE announced an investment of 5 million AUD (approximately 23.285 million RMB) in MTS Trust to acquire 11.09% of its shares, aiming to expand its business in Australia [1] - MTS Trust, established in March 2016, focuses on tire sales and related services, with total assets of 5.519 million AUD and equity of 1.128 million AUD as of May [1] - The investment will leverage MTS Holdings' established sales channels and market resources to enhance SAILUN's market penetration and brand influence in Australia [1] Group 2 - SAILUN TIRE is actively expanding its global footprint, with ongoing projects in Cambodia, Indonesia, and Mexico, including the recent launch of its first tire in Indonesia on May 28 [2] - The company aims to enhance its global production layout, increase R&D investment, and focus on digital transformation, brand building, and sustainable development to drive stable growth [2] - SAILUN has developed a comprehensive tire manufacturing technology system with independent intellectual property rights, enhancing its global R&D capabilities [2] Group 3 - Chinese tire companies, including SAILUN, are establishing manufacturing plants in North America, Europe, and South America to tap into core consumer markets [3] - Building factories in mature markets involves facing higher labor costs, stricter environmental regulations, and potentially higher energy and raw material costs [3] - Optimizing local operational efficiency and enhancing automation levels are critical for profitability in these regions [3]

四季度原材料成本承压，毛利率略有下滑。2024 年四季度公司天然橡胶、合成橡胶、炭黑、钢丝帘线 四项主要原材料的综合采购价格同比/环比分别+21.7%/+7.6%，由于原材料成本上涨导致四季度毛利率 略有下滑，24Q4公司毛利率25.3%，同环比分别-8.3/-2.4pct。同时，由于25 年一季度轮胎销售均价有所 下滑，公司毛利率录得24.7%，环比-0.5pct，其中自产自销轮胎均价环比-2.4%，四项主要原材料综合采 购价格环比-7.9%。 事件：公司发布2024 年年报，2024 年公司实现营业收入318.02 亿元，同比+22.4%；实现归母净利润 40.6 亿元，同比+31.4%；实现扣非后归母净利润39.9 亿元，同比+26.9%。其中，单季度来看，Q4 实现 营业收入81.7亿元，同比/环比+17.3%/-3.5%；实现归母净利润8.2 亿元，同比/环比-23.2%/-25.0%。同时 公司发布2025 年一季报，25Q1 实现营业收入84.1 亿元，同比/环比+15.3%/+2.9%；实现归母净利润10.4 亿元，同比/环比+0.5%/+26.9%。 全球轮胎需求小幅增长，公司产销规模创历史 ...

赛轮轮胎 20250429 摘要 • 赛轮轮胎 2024 年总销量达 7,216 万条，同比增长 29.3%，其中半钢胎增 长 32%，非公路轮胎数量增长 49%。2025 年一季度总销量 1,937 万条， 同比增长 16.8%，受春节影响产量环比略降，但仍保持高位。 • 2024 年公司收入 318 亿元，同比增长 22.4%，归母净利润 40.63 亿元， 同比增长 31.4%。2025 年一季度收入 84.1 亿元，同比增长 15.3%，归 母净利润 10.39 亿元，同比略增，环比增 26.8%。毛利率受原材料价格 上涨影响有所下降。 • 公司 2024 年现金流 22.9 亿，2025 年一季度为负 4 亿，同比减少，主要 因规模扩大及工资奖金支付增加。年度分红计划每股两毛三，加上前三季 度共计每股三毛八，总分红约 12 亿，占全年利润比例 30.76%。 • 公司持续进行产能扩张和全球布局，包括国内外多个工厂投入运营，并有 两个新建工厂预计于今年 5 月、6 月首台下线。同时，注重技术研发，高 附加值产品如巨型轮胎、液体黄金等逐渐形成规模化运营。 • 美国关税政策对轮胎行业产生影响，对乘用车和轻 ...

Group 1 - The core viewpoint of the article is that Linglong Tire is advancing its "7+5" global strategy and plans to list H-shares in Hong Kong, which is expected to enhance its financing channels and support its international business development [1][9] - Linglong Tire's main products include passenger and light truck tires, truck and bus tires, and off-road tires, with a market presence in 173 countries. The company has shown stable revenue growth, with year-on-year increases of 18.6%, 9.4%, and 12.92% for the years 2022, 2023, and Q1 2025 respectively [2][5] - The company has experienced fluctuations in profit, with net profits of 1.391 billion, 1.752 billion, and 341 million yuan for the same periods, attributed to product and market structure adjustments, leading to a decline in gross margin to 15% [2][4] Group 2 - Linglong Tire is enhancing its product competitiveness through innovation and a diversified brand matrix, with new products launched in 2024 and 2025 achieving high market recognition [4][5] - The company is implementing its "7+5" global strategy, establishing seven production bases in China and five overseas, including a factory in Serbia that is expected to reach a design capacity of 12 million semi-steel tires and 2.4 million all-steel tires by 2025 [4][5] - The company is also investing 1.19 billion USD (approximately 8.71 billion yuan) in a new factory in Brazil, which is projected to further enhance its production capacity and growth expectations for 2026 [5][6] Group 3 - The global tire industry has been steadily growing since 2020, with a market size reaching 1.784 billion units in 2023, primarily driven by replacement market demand [6][7] - Linglong Tire is positioned well within the industry, with 36 Chinese companies, including Linglong, ranking among the top 75 global tire manufacturers, reflecting the increasing competitiveness of domestic brands [7][8] - The company has been actively expanding its presence in the high-end market, securing partnerships with major automotive brands and enhancing its reputation as a quality supplier [8][9] Group 4 - Linglong Tire has a stable dividend policy, distributing a total of 0.367 yuan per share in 2024, with a planned dividend of 0.07 yuan per share in Q1 2025, maintaining a payout ratio of 30% [8][9] - The company's market capitalization has significantly increased, with a premium of over 90% for investors holding shares since the beginning of the year, leading to a total shareholder return exceeding 100% [8][9]