Group 1: Market Position and Strategy - The full-steel giant tire industry is characterized by an oligopolistic market structure, dominated by three major international brands, with the company closely following in market share, brand, and technology [2][4] - The company plans to increase customer penetration in the domestic market, develop new clients, and deepen import substitution while leveraging its reputation and high-end talent to expand into international markets, including traditional markets in Europe and the U.S. and emerging markets in BRICS countries, Southeast Asia, and Africa [2][3] Group 2: Performance in Russia - Since entering the Russian market in 2016, the company has established partnerships with key local clients and has seen a continuous increase in customer numbers, indicating significant market potential [4] - The establishment of a local factory in Russia is expected to consolidate and expand the company's market share, enhancing its role as a strategic partner and improving supply chain responsiveness [6] Group 3: Impact of Metal Market Trends - The demand for full-steel giant tires is closely linked to the global mining industry's development, with tire consumption costs accounting for approximately 24% of vehicle operating expenses in large open-pit mines [5] - The ongoing rise in metal market conditions is driving capital expenditures in mining, which, combined with domestic green mining policies and the trend towards larger, smarter equipment, is expected to boost demand for full-steel giant tires and associated services [5] Group 4: International Market Growth - The company's non-Russian overseas market has experienced a compound annual growth rate (CAGR) of over 22% during the reporting period since its IPO, with the number of trading clients nearly doubling [7] Group 5: Raw Material Price Management - To mitigate the impact of raw material price fluctuations, the company has established long-term stable relationships with key suppliers, allowing for better bargaining power and dynamic adjustments to procurement strategies based on market conditions [9] Group 6: Tire Lifespan and Service Model - The lifespan of mining tires is influenced by various factors, including mineral type, climate, and operational conditions, with the company providing detailed disclosures on tire lifespan under different conditions [10] - The company's tire operation management services, while having lower gross margins than direct sales, create strong customer loyalty and address significant client pain points, leading to improved project margins over time [11]
海安集团(001233) - 2026年2月5日投资者关系活动记录表