赛轮集团股份有限公司 2024 年年度股东大会会议材料 2025 年 5 月 23 日 2024 年年度股东大会会议材料 赛轮集团股份有限公司 2024 年年度股东大会会议材料目录 | 一、2024 年年度股东大会会议须知 2 | | --- | | 二、2024 年年度股东大会会议议程 4 | | 三、2024 年年度股东大会议案 | | 1、2024 年度董事会工作报告 6 | | 2、2024 年度监事会工作报告 24 | | 3、2024 年度财务决算报告 27 | | 4、2024 年年度报告及摘要 28 | | 5、2024 年年度利润分配方案及 2025 年中期现金分红授权安排 29 | | 6、关于续聘中兴华会计师事务所（特殊普通合伙）为公司 2025 年度审计机构及 | | 支付其 2024 年度审计报酬的议案 31 | | 7、关于公司募集资金存放与实际使用情况的专项报告 34 | | 8、关于公司董事 2024 年度薪酬确认及 2025 年度薪酬方案的议案 35 | | 9、关于公司监事 2024 年度薪酬确认及 2025 年度薪酬方案的议案 36 | | 10、关于购买董事、监事和高级 ...

Core Insights - Sailun Group Co., Ltd. reported record high core operating metrics for 2024, achieving operating revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% [1] - The company also reported a tire production volume of 74.811 million units and sales volume of 72.156 million units, with increases of 27.59% and 29.34% respectively [1] Revenue Breakdown - Domestic sales revenue reached 7.552 billion yuan, a year-on-year increase of 19.90%, with a 30% growth in the number of domestic tire stores by the end of 2024 [4] - Export sales revenue was 23.811 billion yuan, up 23.60%, with a gross margin of 29.88% [2] - The company entered the supply chains of several automotive manufacturers, including BYD, Chery, and Geely, with non-dealer channel revenue increasing by 83% [4] R&D Investment - R&D investment for 2024 was 1.013 billion yuan, a year-on-year increase of 20.82%, with the launch of several high-end tire products [3] - In Q1 2025, R&D investment was 259 million yuan, reflecting an 18% increase [3] Global Expansion - Sailun is accelerating its global capacity layout, with planned production capabilities of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by the end of 2024 [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 31.8 billion yuan for 2024, representing a year-on-year increase of 22.4%, with a net profit attributable to shareholders of 4.06 billion yuan, up 31.4% year-on-year [2][6]. - For Q1 2025, the company achieved a revenue of 8.41 billion yuan, reflecting a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 1.04 billion yuan, a slight increase of 0.5% year-on-year [2][6]. - The company is focusing on expanding its global production capacity, with plans for new projects in Vietnam, Cambodia, Mexico, and Indonesia, aiming to enhance its market presence and profitability [10][10]. Summary by Sections Financial Performance - In 2024, the company produced 74.81 million tires and sold 72.16 million tires, with revenue and profit both showing significant growth [10]. - The overall gross margin for 2024 was 27.6%, slightly down by 0.1 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of 0.23 yuan per 10 shares to all shareholders [2]. Market Dynamics - The company has maintained a strong export growth rate due to the competitive pricing of its products, particularly in the European and American markets [10]. - The company has been actively enhancing its non-road tire business, with a total annual production capacity of 215,000 tons expected by the end of 2024 [10]. Product Innovation - The company has developed a new product called "Liquid Gold" tires, which have received international recognition for their superior performance in terms of rolling resistance, wet slip resistance, and wear resistance [10]. - The lifecycle carbon emissions of the "Liquid Gold" tires are significantly lower compared to standard tires, indicating a strong potential market opportunity [10]. Future Outlook - The company expects to see continued revenue and profit growth as it expands its production capacity both domestically and internationally [10]. - Forecasted net profits for 2025, 2026, and 2027 are projected to be 4.15 billion yuan, 5.23 billion yuan, and 6.19 billion yuan, respectively [10].

Core Viewpoint - The company demonstrates stable performance with ongoing high levels of production and sales, supported by the orderly advancement of new expansion projects in Vietnam, Cambodia, Mexico, and Indonesia, which is expected to lead to a continuous upward trend in performance over the medium to long term [1]. Financial Performance - The company maintains a "Buy" rating, with projected EPS of 1.45/1.59 for 2025/2026 and a new forecast of 1.76 for 2027, supported by clear overseas capacity increases [2]. - For 2024, the company expects revenue and net profit attributable to shareholders to reach 31.802 billion and 4.063 billion respectively, representing year-on-year increases of 22.42% and 31.42% [2]. - In Q4 2024, revenue and net profit attributable to shareholders are projected at 8.174 billion and 819 million respectively, with quarter-on-quarter declines of 3.54% and 25.00% [2]. - In Q1 2025, revenue and net profit attributable to shareholders are expected to be 8.411 billion and 1.039 billion respectively, showing year-on-year growth of 15.29% and 0.47%, and quarter-on-quarter increases of 2.90% and 26.79% [2]. Production and Sales - The company achieved a tire production volume of 74.8111 million units in 2024, a year-on-year increase of 27.59%, with sales volume reaching 72.1558 million units, up 29.34% year-on-year [2]. - In Q1 2025, the revenue from self-produced and self-sold tires is projected to be 8.09 billion, with production and sales volumes of 19.8833 million and 19.3739 million units respectively, reflecting a year-on-year sales volume increase of 16.84% [3]. Profitability Metrics - The company’s gross margin and net margin for 2024 are expected to be 27.58% and 12.97%, showing a slight year-on-year decrease of 0.06 percentage points and an increase of 0.64 percentage points respectively [3]. - In Q1 2025, the gross margin and net margin are projected to be 24.74% and 12.64%, reflecting year-on-year decreases of 2.94 percentage points and 1.75 percentage points, and a quarter-on-quarter decrease of 0.54 percentage points for gross margin but an increase of 2.55 percentage points for net margin [3]. Capacity Expansion - The company is accelerating its global capacity layout, with ongoing construction of production bases in Vietnam, Cambodia, Mexico, and Indonesia, aiming for a total planned production capacity of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by 2024 [4]. - The global capacity layout allows the company to shorten delivery cycles, serve existing customers more efficiently, expand overseas markets, and mitigate risks from trade frictions, supporting long-term stable development [4]. - The company has successfully developed a proprietary "liquid gold" tire that optimizes three key performance metrics: rolling resistance, wet grip, and wear resistance, enhancing product competitiveness [4].

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company has shown strong revenue growth, with a total revenue of 31.80 billion yuan in 2024, a year-on-year increase of 22.42%. The net profit for the same year was 4.06 billion yuan, up 31.42% year-on-year [6]. - In Q1 2025, the company reported a revenue of 8.41 billion yuan, reflecting a quarter-on-quarter increase of 15.29% and a year-on-year increase of 2.90% [6]. - The company is expanding its global production capacity, with significant investments in overseas facilities in Indonesia and Mexico, which are expected to enhance its international competitiveness [8][9]. - Despite short-term challenges due to tariffs, the long-term growth potential remains strong due to the company's diversified product matrix and ongoing brand development efforts [11]. Financial Performance - The company achieved a tire production volume of 74.81 million units in 2024, a year-on-year increase of 27.59%, and sales of 72.16 million units, up 29.34% year-on-year [7]. - The overall gross margin for 2024 was 27.58%, slightly down by 0.05 percentage points year-on-year, while Q1 2025 saw a gross margin of 24.74%, down 2.95 percentage points quarter-on-quarter [7]. - The projected net profits for 2025, 2026, and 2027 are 4.11 billion yuan, 4.90 billion yuan, and 5.57 billion yuan, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [11]. Market Position and Strategy - The company is actively mitigating risks associated with global trade tensions by diversifying its production bases across Southeast Asia, Europe, and North America [9]. - The establishment of production facilities in Cambodia and Vietnam has contributed to revenue growth, with the Cambodian facility achieving a revenue of 4.04 billion yuan in 2024, a 73.20% increase year-on-year [8]. - The company is focused on building a standardized production system across its international bases to enhance operational efficiency and reduce costs [9].

Group 1 - The stock price of Sailun Tire (601058) closed at 12.56 yuan on May 9, 2025, reflecting a 2.78% increase from the previous week's closing price of 12.22 yuan [1] - The highest intraday price reached 12.96 yuan on May 7, 2025, while the lowest was 12.3 yuan on May 6, 2025 [1] - The current total market capitalization of Sailun Tire is 41.299 billion yuan, ranking 5th out of 228 in the automotive parts sector and 318th out of 5145 in the A-share market [1] Group 2 - On May 8, 2025, Sailun Tire executed a large transaction amounting to 155 million yuan [4] - The company announced a capital increase of 4.2 billion yuan to gain control of the East China (Dongying) Intelligent Connected Vehicle Testing Ground, achieving a shareholding ratio of 56.62% [2][4] - The capital increase will raise the registered capital from 600 million yuan to approximately 868.2731 million yuan, with Sailun Tire contributing 420 million yuan [2]

Overview of the Investment - The company plans to increase its investment in East China (Dongying) Intelligent Connected Vehicle Testing Ground Co., Ltd. by 420 million RMB, aiming to hold more than 50% of the shares post-investment [1][2] - The market value of the total equity of the testing ground is assessed at approximately 939.34 million RMB [1] Details of the Capital Increase - The capital increase agreement has been signed, with the company committing to invest 420 million RMB, which will increase the registered capital of the testing ground from 600 million RMB to 868.27 million RMB [2][3] - The investment includes 268.27 million RMB in new registered capital, with the excess amount of 151.73 million RMB allocated to capital reserves [2] Governance Structure Post-Investment - The board of directors will consist of seven members, with the company recommending four, the other party recommending two, and one from a third party [3] - The chairman will be recommended by the company, while the vice-chairman will be recommended by the other party [3] Operational and Marketing Strategy - The parties involved will work to enhance the visibility of the testing ground and promote its capabilities in vehicle testing and certification [4] - There is a commitment to leverage existing resources and expertise to support the design, construction, and operation of the testing ground [4] Rights and Obligations - The agreement stipulates that the parties will have priority access to testing services, with a defined order of priority in case of conflicts [4] - Any disputes arising from the agreement will first be attempted to be resolved through negotiation, failing which legal action may be taken [5]

Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company's performance is stable, with ongoing global project advancements. The EPS forecasts for 2025 and 2026 are RMB 1.45 and RMB 1.59, respectively, with a new forecast for 2027 at RMB 1.76. Given the company's position as an industry leader and clear overseas capacity growth, a PE ratio of 13.16x is assigned for 2025, resulting in a target price of RMB 19.08 [4][9]. - In 2024, the company achieved revenue and net profit attributable to shareholders of RMB 31.80 billion and RMB 4.06 billion, respectively, representing year-on-year growth of 22.42% and 31.42% [4][9]. - The company is expanding its production capacity globally, with projects in Vietnam, Cambodia, Mexico, and Indonesia. By 2024, the planned production capacity includes 27.65 million all-steel radial tyres, 106 million semi-steel radial tyres, and 447,000 tons of off-road tyres annually [4][9]. Financial Summary - For 2024, the company reported revenue of RMB 31.80 billion and net profit of RMB 4.06 billion, with a year-on-year increase of 22.42% and 31.42%, respectively. The fourth quarter of 2024 saw revenue and net profit of RMB 8.17 billion and RMB 0.82 billion, with a quarter-on-quarter decrease of 3.54% and 25.00% [3][9]. - In the first quarter of 2025, the company generated revenue of RMB 8.41 billion and net profit of RMB 1.04 billion, showing a year-on-year increase of 15.29% and 0.47%, and a quarter-on-quarter increase of 2.90% and 26.79% [4][9]. - The company's tyre production reached 74.81 million units in 2024, a year-on-year increase of 27.59%, while sales reached 72.16 million units, up 29.34% year-on-year [4][9].

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-040 赛轮集团股份有限公司 关于增资控股华东（东营）智能网联汽车试验场有限 公司暨关联交易的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、本次增资情况概述 2025 年 2 月 24 日，赛轮集团股份有限公司（以下简称"公司"或"乙方"） 召开第六届董事会第二十三次会议，审议通过了《关于增资控股华东（东营）智 能网联汽车试验场有限公司暨关联交易的议案》。公司拟对华东（东营）智能网 联汽车试验场有限公司（以下简称"华东试验场"或"丁方"）增资 4.2 亿元， 且增资完成后，公司对其持股比例要超过 50%，本次交易定价依据为华东试验场 的资产评估结果。2025 年 3 月 8 日，公司收到了国众联资产评估土地房地产估 价有限公司出具的《资产评估报告》（编号：国众联评报字（2025）第 2-0020 号），华东试验场股东全部权益市场价值为 93,934.14 万元。上述事项亦经公司 2025 年 3 月 18 日召开的 2025 年第一次临时股东大 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（名称：全景财经），或下载全景路 演 APP，参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。 届时公司董事长刘燕华女士，董事、董事会秘书李吉庆先生，财务总监、副总裁 耿明先生，独立董事许春华女士将以在线交流形式就公司治理、发展战略、经营 状况、融资计划和可持续发展等投资者关注的问题与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 特此公告。 赛轮集团股份有限公司 2025 年 5 月 7 日 赛轮集团股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，赛轮集团股份有限公司（以下简称"公 司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有限公 司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： ...