An inclusive idealist. I am a Masters graduate from the University of Westminster. I’ve read over 1000 books, traveled to every province in China as a backpacker, and volunteered with several NGOs in Southeast Asia. I have many years of working experience as a journalist in the auto industry.
China’s Qingdao Doublestar intends to sell its entire 100 per cent shareholding in Guangrao Jixing Tire Co. Ltd through a public listing. The company stated it is actively seeking potential buyers but clarified that this announcement does not constitute an offer or a transaction.
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At the dealer conference held on 10 July, ZC Rubber Chairman Shen Jinrong revealed the situation of two overseas factories in Indonesia and Mexico.
He said that the Indonesian factory will produce the first batch of products in October, and the Mexican factory will hold a groundbreaking ceremony at the end of August.
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Sentury expects its profit in the first half of 2024 to be between 1 billion and 1.2 billion yuan. Sentury’s net profit increase is fantastic compared to last year’s period. The company’s net profit from January to June 2023 was 606 million yuan. Even if calculated at 1 billion yuan, Sentury’s net profit increased by nearly 65 per cent yearly. If calculated at 1.2 billion yuan, Sentury’s net profit almost doubled.
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Tyrepress China learned that Continental adjusted its management in China in July. Tang Mingyou, sales director of its China company, replaced Veronique Giraud as general manager. Veronique Giraud became general manager of Continental France.
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Linglong expects that in the first half of 2024, after deducting non-recurring gains and losses, the net profit attributable to shareholders of the listed company will be 840 million to 990 million yuan. This figure has significantly increased compared with 499 million yuan in 2023.
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Aeolus reports that its giant and OTR tyre expansion project has been completed, the civil engineering, equipment purchase, and installation have ended, and most of the equipment has been debugged and put into production. In other words, the company’s 80,000-OTR-tyre-a-year project has entered its final stage.
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In 2023, Linglong’s various factories had a production capacity of 91.34 million tyres. Including the production of PCR products at the Serbian factory, in 2025 the tyre manufacturer’s annual production capacity will likely exceed 100 million tyres. Linglong’s tyre production base in Zhaoyuan, Shandong, has an astonishing production capacity of 36.1 million sets, including 30 million PCR, 5.85 million TBR, and 250,000 OTR tyres. The Dezhou base in Shandong has capacity for 9 million PCR and 3.2 million TBR tyres a year. The Guangxi production base can make 11 million PCR (1 million more than the designed capacity), 2 million TBR, and 140,000 OTR annually. The Hubei production base has capacity for the construction of 9 million PCR and 2.4 million TBR tyres. That opeartion’s designed PCR capacity is 12 million, and further under-construction capacity is expected to be completed in 2024. The Jilin production base can make 1.5 million PCR and 1 million TBR tyres. The company said that the capacity of the Jilin factory’s PCR production lines is expected to reach 6 million tyres a year in 2024. The company’s planned two production bases in Shaanxi and Anhui have not yet released their production capacity in 2023. The Thailand factory has 13 million PCR and 2.2 million TBR among overseas factories. Linglong said that its Thailand factory reduced its PCR production capacity by 2 million in 2023. The Serbian factory achieved a production capacity of 800,000 TBR tyres in 2023, and the designed scale of 1.6 million tyres is expected to be completed in 2024.
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In 2023, the overseas market has become essential for Chinese-listed tyre companies to increase revenue and profits. According to statistics from Tyrepress China, the overseas revenue of Sentury, Sailun, Jiangsu General, Prinx Chengshan, Triangle, and Doublestar in 2023 was higher than revenue in the Chinese domestic market. Aeolus, Linglong, and Guizhou Tyre have higher domestic market revenue.
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On 28 June, Jiangsu General held commissioning ceremonies for its Thailand and Wuxi car tyre plants, involving a total production capacity of 16 million semi-steel radial tyres.
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2023 was a good year for many Chinese tyre manufacturers. Especially for listed tyre companies, benefiting from overseas markets and production capacity advantages, they can cope with market competition more calmly. Several Chinese tyre manufacturers report that they are undergoing IPOs in the past year, but no company has completed the main board listing. Therefore, the number of tyre companies analysed this time remains at 10, namely Sailun, Linglong, Triangle, Huayi (Double Coin), Aeolus, and Jiangsu General on the Shanghai Stock Exchange; Guizhou Tyre, Sentury and Doublestar on the Shenzhen Stock Exchange; and Prinx Chengshan on the Hong Kong Stock Exchange.
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Doublestar reduced the registered capital of Guangrao Jixing, a wholly owned subsidiary, on the grounds of “strategic optimisation and adjustment”. Information released by the tyre manufacturer shows that the registered capital of Guangrao Jixing has been reduced from 609 million yuan to 205 million yuan.
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MESNAC has announced plans to invest in factories in Vietnam and Cambodia. The company’s board of directors has approved two investment plans. The investment in the Vietnam factory amounts to 107 million yuan, and the construction period is about 18 months. The total investment in the Cambodian factory is 27.97 million yuan, and the construction period is 14 months.
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On 19 June, the World Brand Lab released the latest “China’s 500 Most Valuable Brands” list. Compared with the data in 2023, there are still nine tyre manufacturers on this brand value list, and the ranking has not changed.
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Jiangsu General said the Thailand plant’s construction project (Phase II) has been modified. Specifically, the tyre manufacturer has increased the production capacity of semi-steel radial tyres at overseas bases and cancelled the plan to expand the production capacity of full-steel radial tyres.
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The first tyre produced by Sentury’s Morocco factory may roll off the production line before the end of September, with the manufacturer saying: “The factory infrastructure is close to completion and will soon enter the equipment commissioning stage”.
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