玲珑轮胎(601966):HALF-YEAR ASSESSMENT REPORT ON THE 2025 ANNUAL CORPORATE VALUE AND RETURN ENHANCEMENT ACT.

时间:2025年08月28日 23:31:00 中财网
原标题:玲珑轮胎:Half-Year Assessment Report on the 2025 Annual Corporate Value and Return Enhancement Action ..

Shandong Linglong Tyre Co., Ltd.
Half-Year Assessment Report on the 2025 Annual Corporate
Value and Return Enhancement Action Plan

In order to further implement the spirit of the 20th National Congress of the Communist Party of China and the Central Financial Work Conference, conscientiously implement the State Council's "Opinions on Further Improving the Quality of Listed Companies", actively respond to the Shanghai Stock Exchange's Initiative on Launching the Corporate Value and Return Enhancement Action Plan for Shanghai-listed Companies, practice the development concept of "investor-centricity", and further improve the investment quality and value of the company, the company formulated and released the "2025 Annual Corporate Value and Return Enhancement Action Plan" in April 2025, and actively promoted the implementation of relevant work based on the plan. The "Half Year Assessment Report of Shandong Linglong Tire Co., Ltd. on the 2025 Annual Corporate Value and Return Enhancement Action Plan " is now prepared to report on the company's implementation in the first half of 2025. I. Improve business quality
In the first half of 2025, the external environment will become more complex and severe, geopolitical tensions will intensify, global economic growth momentum will weaken, and uncertainties such as changes in trade and monetary policies will increase. In the complex and ever-changing international situation, the company adheres to focusing on its main business, actively promotes global layout according to established strategies, accelerates product innovation and upgrading, actively builds the core competitiveness of the enterprise, and continuously improves product profitability through continuous adjustment and optimization of sales structure, achieving good results. From January to June 2025, the company achieved a cumulative sales volume of 44.3863 million units, a year-on-year increase of 11.23%; Operating revenue was RMB 11.812 billion, a year-on-year increase of 13.8%; The net profit attributable to the parent company was RMB 854 million, a year-on-year decrease of 7.66%. In addition, the company was ranked on the 7th China Excellent Management Company (BMC) list with outstanding comprehensive management capabilities and was awarded the title of "China Excellent Management Company". This award marks Linglong's comprehensive strength in strategic layout, operational management, innovation capability, and sustainable development, which has gained international authoritative recognition. The company will continue to deepen its global strategy and digital transformation, practice ESG concepts, drive high-quality development with new quality productivity, and move towards the goal of becoming a world-class tire enterprise.
II. Accelerate the development of new quality productive forces i. Upgrade the cooperation mode and continuously improve the product matrix
The company has always used joint technology research as its driving force, working with major automakers to build a closed-loop innovation system of “demand definition, technology development, and scenario verification.” Through deep collaboration with automotive companies in production and quality improvement, the company keenly captures market demand and customer feedback, providing partners with innovative, leading, high-performance, and responsive products and solutions. With successful cooperation experience in vehicle matching development, NVH performance optimization and other fields, the company will once again establish a "High Performance Tire Joint Innovation Laboratory" with Geely Automobile Research Institute in 2025, locking in cutting-edge tracks such as low-temperature low rolling resistance and intelligent tires, achieving a leap from "product supply" to "technology symbiosis". As the culmination of Linglong Technology's strength, the new Linglong Master series has won high market recognition since its launch in 2024 with its three flagship products: Zhikong, Zhijing, and Zhixiang. In the first half of 2025, the company will launch two new products, the New Linglong Master Zhitu Off road R/T Tire and Zhikong Explosion proof Ultra High Performance Tire, through continuous technological innovation and product high-end practice. The product series has now built a complete high-end product matrix covering urban SUVs, luxury sedans, hardcore off-road and explosion-proof tires, and the path of brand advancement is clear and solid. During the reporting period, the sales market of the Master series continued to grow rapidly, with a significant year-on-year increase in terminal sales across the entire series. Among them, the growth momentum of products over 18 inches was particularly strong.
ii. Global layout in Brazil, intelligent manufacturing accelerates overseas expansion
With the goal of "full field intelligence, full process automation, and full range green", the company applies automated production equipment, embedded 5G+industrial Internet technology, sensor technology, and big data analysis technology to deeply enable the whole process of tire intelligent factory. It demonstrates significant advantages in enhancing production efficiency, optimizing resource allocation, and reducing operational costs.
In order to further strengthen the company's international
competitiveness and accelerate the implementation of the "7+5" strategic layout, after extensive research and careful comparison, the company has decided to launch overseas (Brazil) investment and construction projects in 2025. The Brazil base is the company's third overseas factory after Thailand and Serbia, marking the first successful layout of China's tire manufacturing base in the South American market. The construction of the Brazilian base will continue to follow the industry-leading standards of smart factories, which is of great significance for promoting the company's transformation and upgrading towards digital and intelligent production and international services.
iii. Build a global original equipment linkage mechanism and intensively implement new mass production projects
In the first half of 2025, Linglong Tires continued to expand its "network of partners" in the original equipment segment. The company not only maintained in-depth cooperation with numerous international first-tier brands such as Volkswagen, Audi, BMW, General Motors, Ford, Honda, Nissan, and Renault, but also forged solid strategic partnerships with major domestic automakers including Hongqi, SAIC-GM-Wuling, BYD, Geely, Chery, Great Wall, GAC, and SAIC Passenger Vehicles. These
collaborations not only reflect Linglong Tires' outstanding performance in product quality, technological innovation, and service responsiveness, but also demonstrate the company's important position in the global automotive industry chain.
In terms of new original equipment mass-production projects, Linglong Tires achieved remarkable results. During the reporting period, the company successfully secured original equipment tire supply contracts for a number of new vehicle models, such as Geely Xingyuan, Nissan N7, Wuling Xiangjing, Leapmotor B10, Volkswagen Tera (Brazil), and Foton Daimler Galaxy. This has enabled the company to rapidly penetrate markets ranging from economy models to mid-to-high-end models, and from traditional automakers to new energy vehicle (NEV) startups, further expanding Linglong Tires' market reach and brand influence. iv. Global intelligent ecological engine, driving channel evolution and upgrading
In the first half of 2025, Linglong Tire will deeply bind with the JD platform and carry out business linkage through online and offline channels. The cooperation scope covers multiple dimensions such as product supply and sales, brand joint promotion, data sharing and analysis, and customer service optimization, which will effectively promote the deepening of strategic cooperation. Both parties provide professional tire testing and replacement services to consumers, ensuring that they receive higher quality, safer, and more reliable Linglong tire products while enjoying preferential policies. At the same time, as one of the first brands to participate in the government's trade in subsidies, Linglong Tire has utilized JD platform's big data analysis to accurately understand consumer needs, targeted push of trade-in program information, effectively promoted the implementation of tire renewal policies, and significantly enhanced consumer participation enthusiasm and satisfaction. As of the end of June 2025, the consumer satisfaction rate of Linglong Tire has remained stable at over 98%.
The Atlas car maintenance post station, which serves the passenger tires, is committed to becoming the first brand of car maintenance services for car owners by providing profit entry for partners with Atlas tires that gather strong brand influence and original equipment scale. Continuously launching professional projects such as new energy tire repair, "Chassis Doctor" – tire + chassis characteristic business, refined operation of core business, and operator business capability training, and actively exploring opportunities for new energy vehicle maintenance. By extensively gathering high-quality resources in the industry, vigorously promoting full platform and community-based brand marketing and precise drainage, and opening up new profit growth channels for stores with distinctive station sign services, ultimately achieving a win-win situation for brands, stores, operators, and users. By the first half of 2025, Atlas Car Care Posthouse has covered 10 provinces and 64 cities, successfully developed 41 operators, exceeded 475 image stores, and more than 1000 stores, which is widely favored by the industry.
The Atlas Carfriends Home model, which serves commercial vehicle tires, directly hits the pain point of commercial vehicle tire aftermarket service. Relying on the self-developed new retail 3.0 digital intelligent SAAS system, it has achieved full coverage of PC background, APP and small programs at the supplier end, Carfriends Home headquarters end, operator end, storage and distribution end, store end, logistics fleet end and driver owner end. As of the end of June 25, a total of 150 prefecture level cities in 25 provinces have been developed, with full coverage achieved in prefecture level cities in Shandong, Henan, Hebei, and Jiangsu provinces; Completed the establishment of approximately 1203 authorized stores and 108 image stores for Kayou Home, with the Kayou Home app achieving over 340,000 registered and certified card users. The core business model of Kayou Home is to directly link with drivers and establish strong connections. Through the image stores and authorized stores of Atlas Kayou Home across the country, it provides consistent integrated services such as tires, wheel insurance and non wheel projects for 30 million Kayou online and offline. It strives to create a integrated automotive aftermarket service platform with "product+service+value" as the core, and achieves the deep integration and interactive development of online and offline integration through the global marketing of Skynet, Terrestrial Network and People's Network, enabling the long-term planning of Linglong new retail and the upgrading and development of commercial vehicle maintenance services.
v. Trinity, helping global brands advance
In 2025, Linglong Tire aims to break through its global brand value as its core goal, and successfully drive a significant increase in brand awareness and premium ability through the three line resonance of "upgrading six major brand strategies + sports marketing penetration+ self media content improvement". During the reporting period, we accurately targeted the characteristics of the target audience, established missions and clear positioning for the six major international brands, focused on differentiated dimensions such as sustainability, youthfulness, and personalization, and ensured that the brand's core values were distinct and competitive; Sports marketing deeply penetrates the global market, plans and implements global fan activities linked with top clubs such as Chelsea and Real Madrid in the English Premier League, and effectively enhances the brand's global voice and emotional connection through a combination of online interaction and immersive offline viewing experience; Innovation and upgrading of self media content, focusing on the core positioning of the brand, optimizing content themes, forms, and other aspects, strengthening the overall communication effect and user value resonance. The three major strategies work together to support the breakthrough growth of annual brand value and the strengthening of global competitiveness. Within the year, the brand value of Linglong reached RMB 110.216 billion, ranking on the "China's 500 Most Valuable Brands" list for the 22nd time, and maintaining a strong annual growth of over RMB 5 billion for more than a decade, demonstrating excellent brand image and market competitiveness; In the "2025 World's Most Valuable Tire Brands" list released by the authoritative British institution BrandFinance, Linglong once again made it onto the list and became the only Chinese tire brand to have won the list for six consecutive years, consolidating its global influence.
vi. Continuously forging high-quality skilled elites and striving to become a world-class tire enterprise
In the first half of 2025, the company adheres to the management policy of "leading the team, laying the foundation, focusing on management, improving level, and creating first-class", and strives to build an international talent pool that can learn, inspect, manage, and iterate on its own. To this end, the company continues to optimize the dual track training mechanism of online and offline, introduces the cloud learning platform, and carefully builds a job learning map to accelerate employee growth in all aspects. At the same time, the company has integrated resources from multiple professional training institutions and conducted a series of specialized training programs to enhance capabilities, such as full process supply chain management and digital transformation practical training, R&D team structural thinking project, R&D team leadership improvement project, AI empowerment efficiency improvement project, etc., effectively promoting the learning and growth of team members. The company focuses on the future and aims to build an international headquarters. It has established an international talent selection and appointment mechanism, actively recruiting, selecting, reserving, and cultivating international talents, and offering English proficiency improvement training courses according to professional categories to comprehensively enhance the English listening, speaking, reading, and writing abilities of team members. In addition, the company has also held activities such as the "Frontline and Security Worker Skills Enhancement Competition" and the "Employee Training Competition and Excellent Master Apprentice Selection", which have effectively promoted the improvement of employee skills and significantly enhanced the sense of honor of outstanding employees. III. Improve corporate governance
i. Improve the internal governance system of the company
According to the relevant provisions of the Company Law of the People's Republic of China (Revised in 2023), which will come into effect on July 1, 2024, and the Guidelines for the Articles of Association of Listed Companies (2025), which will come into effect on March 28, 2025, and taking into account the actual situation of the company, the company cancels the board of supervisors, and the powers of the board of supervisors are exercised by the audit committee of the board of directors. The relevant systems of the board of supervisors, such as the Rules of Procedure of Shandong Linglong Tire Co., Ltd., are correspondingly abolished. At the same time, the company has revised the current Articles of Association and related internal governance systems of Shandong Linglong Tire Co., Ltd., renaming the "Rules of Procedure for the Shareholders' Meeting of Shandong Linglong Tire Co., Ltd." to "Rules of Procedure for the Shareholders' Meeting of Shandong Linglong Tire Co., Ltd.", laying a solid institutional foundation for the company's continuous standardization and efficient governance.
ii. Enhance the diversity level of the board of directors
From January to June 2025, the company will strictly comply with the requirements of the new Company Law and related original equipment institutional rules, and continuously improve and perfect the corporate governance structure and internal control system based on the actual situation of the company. One employee representative director and one independent director will be added, and the number of directors will increase from 9 to 11. The company held the second extraordinary shareholders' meeting of 2025 on July 4, 2025, and approved the proposal for the replacement of the board of directors. The board of directors of the company was iterated from the fifth to the sixth, and the first meeting of the sixth board of directors was held on the same day to complete the appointment of senior management personnel.
iii. Practice the concept of sustainable development
In the first half of 2025, Linglong Tire will focus on the four development cores of "Green Linglong", "Smart Linglong", "Harmonious Linglong", and "Robust Linglong", always adhering to the development concept of co creation and sharing with all stakeholders such as employees, shareholders, partners, suppliers, etc., and committed to building an international tire benchmark enterprise with leading technology, environmentally friendly, efficient production, and excellent quality. The company deeply integrates the concept of sustainable development into the entire management process, and builds five key work areas: "low-carbon innovation, innovative research and development, value chain peers, people-oriented development, and compliance foundation"; Establish a supplier carbon management system, deeply integrate low-carbon concepts into the upstream and downstream of the supply chain, promote green upgrading of the industrial chain, and jointly build a community of responsibility; Build a carbon footprint accounting system that covers the entire lifecycle of products, from source to end, using digital precision measurement and institutionalized standardized management, making every green commitment traceable, measurable, and sustainable. The company accurately identifies and determines key sustainable development issues and accountability projects. Currently, various issues and projects have been steadily implemented within the company, and progress and achievements will be regularly disclosed to the public, accepting supervision from all parties in a highly transparent manner. During the reporting period, the company continued to demonstrate its sense of responsibility and successfully joined the United Nations Global Compact (UNGC), solemnly committing to fully supporting the ten principles of the Global Compact in the four major areas of human rights, labor, environment, and anti-corruption; Continuously awarded the title of "Outstanding Responsible Enterprise of 2024", demonstrating the industry's high recognition of the company's sustainable development practices; Received the "AA" ESG rating from Huazheng Securities, which ranks first in the domestic industry; In the comprehensive analysis of environmental and social governance, the company has received an "A" rating from China Chengxin Green Gold, further highlighting its leading position in the ESG field.
IV. Strengthen the responsibility of the 'key few'
The company continues to strengthen the training of directors, supervisors, and senior personnel, actively organizing and participating in various business training organized by regulatory agencies or associations such as stock exchanges, jurisdictional securities regulatory bureaus, and listed company associations. Compliance reminders are provided during the company's regular reports, major events, or other specific event window periods to enhance relevant personnel's understanding of information disclosure, major event reporting, and insider information management responsibilities, and to improve the compliance awareness and performance ability of the "key minority" group. From January to June 2025, there were no violations of national laws, regulations, regulatory rules, or internal management systems or rules of the company. On January 23, 2025, the company disclosed the "Announcement of Shandong Linglong Tire Co., Ltd. on the Completion of the Controlling Shareholder's Share Increase Plan" (Announcement No.: 2025-007). From August 9, 2024 to January 22, 2025, the controlling shareholder Linglong Group has cumulatively increased its holdings of 7,981,100 shares of the company through the Shanghai Stock Exchange's centralized bidding trading system, accounting for 0.55% of the company's total share capital, with a cumulative increase amount of RMB 150.0024 million. The increase plan has been implemented.
Based on confidence and recognition of the company's future development and value, as well as to maintain stock price stability and shareholder interests, the company disclosed on May 7, 2025 the "Announcement of Shandong Linglong Tire Co., Ltd. on the Controlling Shareholder's Plan to Increase Holdings in the Company" (Announcement No. 2025-033),
The controlling shareholder Linglong Group Co., Ltd. plans to increase its holdings of the company's shares through the Shanghai Stock Exchange trading system with its own funds and self raised funds (including special re loans for stock increase) within 6 months from May 7, 2025 (inclusive), with a cumulative increase amount not less than RMB 200 million and not exceeding RMB 300 million. From May 7th to August 28th, 2025, Linglong Group Co., Ltd. increased its holdings of 11,334,295 A-shares of the company through centralized bidding on the Shanghai Stock Exchange with its own funds and self raised funds (including special re loans for stock increase), accounting for approximately 0.77% of the company's total share capital, with a cumulative increase amount of approximately RMB 170 million. The current increase plan has not been fully implemented. V. Enhance investor returns
In order to continuously implement the "long-term, stable, and sustainable" shareholder value return mechanism and enhance the sense of gain for investors, the company will conduct quarterly cash dividends in 2025. The board of directors will formulate the company's profit distribution plan for each quarter of 2025 based on the company's profitability and funding needs, provided that the total annual cash dividends account for no less than 30% and no more than 40% of the net profit attributable to shareholders of the listed company in 2025, and implement it within the prescribed period.
The company will complete the profit distribution for the fourth quarter of 2024 and the first quarter of 2025 on July 11, 2025. In the fourth quarter of 2024, a cash dividend of RMB 0.014 (including tax) was distributed per share, with a total cash dividend of RMB 20.489 million, accounting for 50.52% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the fourth quarter of 2024. In the first quarter of 2025, a cash dividend of RMB 0.07 per share (including tax) was distributed, with a total cash dividend of RMB 102.4452 million, accounting for 30.08% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the first quarter of 2025.
The company will complete the profit distribution for the second quarter of 2025 before October 28, 2025. It plans to distribute a cash dividend of RMB 0.11 (including tax) per share to all shareholders based on the total share capital on the equity registration date of the second quarter profit distribution in 2025. If the total share capital of the company as of August 28, 2025 is 1,463,502,683 shares, the total amount of cash dividends distributed is RMB 160,985,300, accounting for 31.33% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the second quarter of 2025. The total cash dividends of the company in the first half of 2025 (including cash dividends distributed in the first quarter) amounted to RMB 263,430,500, accounting for 30.83% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the first half of 2025. In addition, the company does not engage in any other form of distribution.
VI. Strengthen investor communication
i. Strictly regulate information disclosure and promote quality improvement
The company continues to standardize its information disclosure work in accordance with the information disclosure system, actively and standardly fulfilling its information disclosure obligations, ensuring timely, accurate, and complete information disclosure. From January to June 2025, a total of 2 regular reports, 41 temporary announcements, and 81 other online documents were disclosed, facilitating investors to timely grasp the company's production and operation and internal governance situation, ensuring that all shareholders have fair and equal access to information, and safeguarding the interests of all shareholders, especially small and medium-sized shareholders.
ii. Enhance the effectiveness of investment management and
strengthen shareholder communication
The company always attaches great importance to the management of small and medium-sized investors, treats all shareholders equally, actively builds multi-dimensional communication channels for investors, and ensures good communication efficiency and effectiveness. From January to June 2025, the company held a performance briefing for the year 2024 and the first quarter of 2025, and actively participated in the online collective reception day for investors of listed companies in Shandong Province in 2025, answering 269 questions from E-interactive investors. At the same time, an "Investor Relations Map" has been established to regularly track and analyze the characteristics and changes of shareholding institutions, summarize and record communication situations and market voices, timely convey suggestions or opinions raised by investors to management, and provide reference for the company to formulate and adjust investment strategies at various stages.
In the future, the company will continue to track and evaluate the implementation of the Corporate Value and Return Enhancement Action Plan at all stages, strictly fulfill its information disclosure obligations, and continue to focus on its main business, strive to improve its management level, continuously enhance its core competitiveness, profitability, and risk management capabilities. Through standardized corporate governance, good performance, and stable investor returns, the company will effectively fulfill its responsibilities and obligations as a listed company, give back investor trust, maintain the company's market image, and jointly promote the stable and healthy development of the capital market. The forward-looking descriptions of future plans, development strategies, etc. involved in this action plan do not constitute a substantial commitment of the company to investors.
Announcement is hereby given.


Board of Directors of Shandong Linglong Tire Co., Ltd
August 28, 2025

This report has been prepared in Chinese and English respectively. In case of discrepancy in the translation of this report, the Chinese version shall prevail.

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