青岛森麒麟轮胎股份有限公司 青岛森麒麟轮胎股份有限公司 公司高级管理人员离职的具体程序和办法需同时满足高级管理人员与公司 之间的劳动合同之规定。 第四条 公司高级管理人员为自然人，存在《公司法》、法律、行政法规、 部门规章或深圳证券交易所相关业务规则及《公司章程》规定不得担任高级管理 人员情形的人员，不能担任公司的高级管理人员。 高级管理人员离职管理制度 第一章 总则 第一条 为规范青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公 司"）高级管理人员离职管理程序，保障公司治理结构的稳定性和连续性，维护 公司及股东的合法权益，根据《中华人民共和国公司法》《上市公司章程指引》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法律法规、部门规章、规范性文件及《青 岛森麒麟轮胎股份有限公司章程》（以下简称"《公司章程》"）的规定，制定 本制度。 第二条 本制度适用于公司全体高级管理人员因任期届满、辞职、被解聘、 退休或其他原因离职等情形。 第二章 离职情形与生效条件 第三条 高级管理人员可以在任期届满以前辞职。高级管理人员辞职应向董 事会提交书面辞职报告 ...

Core Viewpoint - The company, Senqilin, has maintained a cash dividend ratio (including share buyback amounts) of no less than 30% over the past three years and has approved a mid-term dividend plan for 2025, which will be implemented by mid-November [1] Group 1 - The cash dividend ratio for the last three years has been consistently above 30% [1] - The mid-term dividend plan for 2025 has been approved and is set to be executed by mid-November [1]

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于新增募集资金专户并签订三方监管协议的公告 近日，公司与保荐机构国泰海通证券股份有限公司，中国民生银行股份有限 公司上海分行签订了《募集资金三方监管协议》，对闲置募集资金暂时补充流动 资金的存放和使用进行专项账户管理。 三、《募集资金三方监管协议》的主要内容 以下所称甲方为公司，乙方为开户银行，丙方为保荐机构国泰海通证券股份 有限公司，三方签署的《募集资金三方监管协议》的主要内容如下： 为规范甲方募集资金管理，保护中小投资者的权益，根据有关法律法规及《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》的规定， 甲、乙、丙三方经协商，达成如下协议： 一、甲方已在乙方开设募集资金专项账户（以下简称"专户"），该专户仅 用于甲方暂时闲置的募集资金临时补充流动资金，不得用作其他用途。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：贵公司投资者提问之前多次提到摩洛哥工厂产能爬 升，预计三四季度放量规模较大，请问截至目前是否符合贵公司预期？ 森麒麟（002984.SZ）10月26日在投资者互动平台表示，目前公司正全力推进摩洛哥项目，2025年三、 四季度有明显增量。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the tire industry, indicating a positive outlook for growth and recovery in demand [2]. Core Insights - The tire industry is experiencing a recovery in demand, particularly for steel tires, driven by seasonal factors and improved logistics needs. Several companies have announced price increases of approximately 2%-5% starting in October, which is expected to stimulate replenishment demand from downstream manufacturers [3][2]. - The report highlights the stability in raw material prices, with natural rubber entering its traditional peak season, potentially leading to price increases. The overall raw material price index for tires is at a historical low, indicating a favorable cost environment for manufacturers [11][12]. - The production side shows a month-on-month increase in domestic tire production, with stable operating rates for both steel and semi-steel tires. The average operating rate for the steel tire industry in September was 64.95%, reflecting a slight increase [37][40]. - Export dynamics reveal a decrease in domestic tire exports, while Vietnam's rubber product exports to the U.S. have surged significantly, indicating a shift in competitive dynamics in the region [46][51]. - Demand trends indicate a stable semi-steel market, with expectations for a recovery in steel tire demand, particularly in the heavy truck segment, supported by favorable government policies and logistics demand [58][63]. Summary by Sections Cost Side - Natural rubber prices are expected to rise due to seasonal demand, while other material prices remain stable. The price index for tire raw materials is at 90.12, which is 4% lower than historical averages since 2021 [11][12]. - The average price of natural rubber in September was $1839.57 per ton, showing a month-on-month increase of 2.06% but a year-on-year decrease of 6.77% [12][11]. Production Side - In August 2025, China's rubber tire production reached 109.35 million units, a month-on-month increase of 15.78% but a year-on-year decrease of 11.44% [37][40]. - The average operating rate for semi-steel tires was 71.23% in September, reflecting a slight increase from the previous month [37][40]. Export Side - In August, China exported 62.99 million new inflatable rubber tires, a year-on-year increase of 1.84% but a month-on-month decrease of 5.51% [46][48]. - Vietnam's rubber product exports to the U.S. in September reached $0.49 billion, a year-on-year increase of 43% [51][52]. Demand Side - The global demand for passenger car and light truck tires showed a slight decline, while the replacement market remains stable, particularly in North America and Europe [58][59]. - Heavy truck sales in China reached approximately 105,000 units in September, marking a significant year-on-year increase of 82%, indicating a recovery in the heavy truck segment [63][64].

Investment Rating - The report assigns a "BUY" rating for the company with a target price of 23.32 yuan based on a 11x PE for FY26 [3][13]. Core Insights - The company's performance and sales volume are under pressure, with a 3.21% decrease in tire production and a 1.5% decrease in sales volume in 2025H1. Operating revenue increased by 0.24%, but net profit decreased by 37.64% [1][11]. - The company is focusing on globalization and international sales, with significant production capacity expansions in Thailand and Morocco, aiming to enhance competitiveness in global markets [5][15]. Financial Performance Summary - In 2025H1, the company produced 15.5695 million tires, with semi-steel tire production down 3.56% and all-steel tire production up 7.72%. Sales volume was 14.8703 million tires, with semi-steel tires down 1.65% and all-steel tires up 3.11% [1][11]. - The company achieved operating revenue of 4.119 billion yuan and a net profit of 672 million yuan in 2025H1, reflecting a significant decline in profitability [1][11]. - Forecasted net profits for 2025, 2026, and 2027 are 1.887 billion yuan, 2.294 billion yuan, and 2.431 billion yuan, respectively, indicating a recovery trend after a projected decline in 2025 [3][4][13]. Globalization and Sales Strategy - The company is expanding its global production capacity, with projects in Thailand and Morocco aimed at increasing high-performance tire production [5][15]. - The company has established a comprehensive sales system in international markets, achieving significant market shares in the U.S. and Europe, with over 5% in the U.S. replacement market and over 4% in Europe [5][15].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. has approved the temporary use of idle raised funds to supplement working capital, ensuring that it does not affect the normal investment plan and safety of the raised funds [3][9][15]. Group 1: Board Meeting Details - The fourth board meeting of Qingdao Senqilin Tire Co., Ltd. was held on October 21, 2025, with all 9 directors participating [2]. - The meeting was chaired by Chairman Qin Long, and some independent directors attended via communication due to work commitments [2]. Group 2: Fund Usage Approval - The board approved the proposal to use up to 100 million RMB of idle funds raised from the 2023 stock issuance to temporarily supplement working capital, with a usage period not exceeding 12 months [3][15]. - The approval was unanimous, with 9 votes in favor and no opposition or abstentions [3]. Group 3: Fundraising Overview - The company raised approximately 2.8 billion RMB from the issuance of 94,307,847 shares at a price of 29.69 RMB per share, with a net amount of approximately 2.79 billion RMB after deducting issuance costs [9][10]. - As of June 30, 2025, the remaining balance of the raised funds was approximately 1.14 billion RMB, with 500 million RMB temporarily used for working capital [10][11]. Group 4: Previous Fund Usage - In a previous board meeting on October 18, 2024, the company had also approved the temporary use of idle funds, and by October 16, 2025, it had fully returned 50 million RMB to the dedicated fund account [13][14]. Group 5: Compliance and Verification - Guotai Junan Securities Co., Ltd. provided verification opinions, confirming that the use of idle funds complies with relevant regulations and does not affect the investment plan [5][16]. - The company committed to ensuring that the use of idle funds is related to its main business operations and will not be used for high-risk investments [14][16].

Core Viewpoint - Qingdao Senqilin Tire Co., Ltd. plans to use up to 1 billion RMB of idle raised funds to temporarily supplement its working capital, with a usage period not exceeding 12 months from the board's approval date [1][3]. Group 1: Board Meeting Overview - The seventh meeting of the fourth board of directors was held on October 21, 2025, in a combination of in-person and communication methods, with all 9 directors participating [2]. - The meeting was chaired by Chairman Qin Long, and the procedures complied with relevant regulations [2]. Group 2: Proposal Details - The proposal to use idle raised funds was approved with 9 votes in favor, and no votes against or abstentions [3]. - The funds will be sourced from the idle raised capital from a specific stock issuance in 2023, ensuring that the investment plans and fund safety are not affected [3]. - The proposal received prior approval from the audit committee and was verified by Guotai Junan Securities, confirming compliance with regulatory requirements [3]. Group 3: Information Disclosure - The specific details of the fund usage will be disclosed on the company's official website and include board resolutions and audit committee decisions [4]. - Market analysis suggests that the effective use of idle funds will help optimize cash flow management and reduce financial costs while ensuring the progress of investment projects [4].

Group 1 - The company, Senqilin, announced that its fourth board meeting will be held on October 21, 2025, in Qingdao, combining in-person and communication methods [1] - The meeting will review the proposal regarding the temporary use of part of the idle raised funds to supplement working capital [1]

国泰海通证券股份有限公司 关于青岛森麒麟轮胎股份有限公司 根据公司第三届董事会第二十六次会议、第三届监事会第二十一次会议及 2024 年第三次临时股东大会的审议结果，公司向特定对象发行股票募集资金扣 除发行费用后的净额用于以下项目： 1 | 项目名称 | | 总投资额 | 总投资额 | 拟以募集资金 | | --- | --- | --- | --- | --- | | | | （万美元） | （万元人民 | 投入总额（万 | | | | | 币） | 元人民币） | | 森麒麟（摩洛哥）年产600万条高 性能轿车、轻卡子午线轮胎项目 | 森麒麟（摩洛哥） 年产1200万条高 | 29,678.00 | 210,565.41 | 278,961.01 | | 森麒麟（摩洛哥）年产600万条高 性能轿车、轻卡子午线轮胎项目 | 性能轿车、轻卡 子午线轮胎项目 | 19,306.47 | 136,979.40 | | | （二期） | | | | | | 合计 | | 48,984.47 | 347,544.81 | 278,961.01 | 注 1：表格中涉及汇率依照 2024 年 3 月 29 日中国人民银行 ...