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31

Michelin top, Sailun the fastest riser: All change in the second half of the global tyremaker top 20

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There are many changes in our latest leading tyre manufacturers ranking. The 2023 table, which lists the world’s leading tyre companies according to their full-year 2022 financial results, particularly highlights the shifts that have taken place this year in the second half of the top 20. Meanwhile, the top nine tyremakers appear to be an increasingly stable group. Between places nine and 10, there is still a gap of some 1 billion euros, something that is clearly hard to overcome for newcomers. However, as insurmountable as it appears, the gap is obviously narrowing.

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32

Sailun appoints two vice presidents

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Recently, two vice presidents of Sailun, Zhou Tianming and Zhu Xiaobing, resigned from their positions due to work adjustments. The two will continue to hold other jobs in Sailun. On 12 June, Sailun held a board meeting and appointed Zhang Xiaojun and Sun Guangqing as vice presidents.

33

Sustainability & Performance: Sailun launches Atrezzo ZSR2

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Sailun Group Europe has introduced several new tyres featuring its EcoPoint3 liquid-phase mixing technology. One of these products is the Sailun Atrezzo ZSR2, a tyre hailed by its manufacturer as the “ultimate combination of sustainability and performance.” Atrezzo ZSR2 is available in sizes for 17- to 20-inch rims, 205 – 275mm tyre widths, 30 – 55 cross sections and speed ratings W and Y.

35

Sailun’s revenue exceeds 20 billion yuan, ranked #1 Chinese listed tyre firm

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In 2022, Sailun’s revenue was 21.9 billion yuan (approximately £2.55 billion; €2.89 billion), a year-on-year increase of 21.69 per cent. Sailun became the first listed Chinese tyre company with revenue exceeding 20 billion yuan. At the same time, the company’s revenue in 2022 surpassed Linglong, becoming the number one listed tyre company in China. During the reporting period, Sailun produced 43.2078 million tyres, sold 43.903 million tyres, and realized a net profit of 1.33 billion yuan (about £150 million; €180 million).

36

Dunlop’s brand value shrank three-times faster than Sailun Tire’s grew

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While Michelin was found to the be most valuable tyre brand, as we previewed a month ago, the 2023 Brand Finance data also shows Michelin is the strongest brand with a Brand Strength Index score of 88.1 out of 100 and a corresponding AAA rating. However, there were also significant shifts between 10th and 15th place in the ranking of the world’s leading tyre brands. Specifically, Sailun leapfrogged Linglong into 11th place in the “most valuable” category. And MRF rose two places from 15th to 13th this year. Meanwhile, Dunlop’s brand value shrank three-times faster than Sailun Tire’s grew.

37

Sailun Tyres

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Sailun ranks among the Top 20 tyre manufacturers in the world. Sailun has established modern tyre manufacturing plants in China (Qingdao, Dongying, Shenyang) and Vietnam, and set up sales networks and logistics centers in North America, Europe, Australia, Asia and other regions to service markets around the globe. With total manufacturing capabilities of more than […]

38

Sailun plans to launch OTR tyre project

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On 2 March 2023 the Department of Industry and Information Technology of Shandong Province stated that it agreed to Zhucheng Yong’an Rubber Technology (Yong’an Rubber) to undergo a “capacity replacement” at its tyre production facility. The company in Zhucheng, Weifang, plans to dismantle the production capacity of 300,000 all-steel radial tyres and 5.46 million semi-steel radial tyres and launch a project with an annual output of 70,100 tons of OTR tyres. The Chinese government calls this behaviour “capacity replacement”, meaning that a company must withdraw its equivalent production capacity if it wants to build a new project. Tyrepress’ sister website, Tyrepress China notes that Yong’an Rubber had undergone bankruptcy and reorganisation in 2020-21, having been acquired by Sailun.

39

Up to 49” – Sailun upgrading OTR tyre production

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On 18 January, Sailun Group announced an 833-million-yuan (£99.63 million) investment to upgrade OTR tyre production at its plant in Qingdao, China. The upgrade will allow Sailun to produce OTR tyres in sizes up to and including 49-inch. The tyre maker intends to complete this upgrade and adjust its production portfolio within a period of ten months.

40

Liu Yanhua named chairwoman of Sailun

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On 30 December 2022, Sailun held a general meeting of shareholders to elect members of the sixth board of directors. Liu Yanhua was elected chairwoman of the tyre manufacturer, and Xie Xiaohong became president of Sailun. Liu Yanhua’s resume shows that she worked in two accounting firms before coming to Sailun. Prior to being elected as the chair, Liu Yanhua was the vice chairwoman, executive vice president and chief financial officer of Sailun.

41

Sailun Dongying factory finds Covid-19, but deemed low risk

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In order to prevent the spread of the Covid-19 virus, China has divided the entire country into two areas: high-risk areas and low-risk areas. When the Covid-19 infection is found in a particular place, the government labels it as a “high risk” area and implements stricter epidemic prevention policies. On 4 December 2022, the Sailun Dongying factory was listed as a high-risk area. A day later, on 5 December the local authority adjusted the tyre factory to a low-risk area.

42

Sailun cancels a wholly-owned subsidiary

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On October 27, Sailun held a board meeting and decided to cancel the wholly-owned subsidiary Sailun Tire International Corp (Sailun International). Sailun International’s registered capital is US$1 million, and its registered address is in the British Virgin Islands. The business scope of this subsidiary includes import and export trade, warehousing and distribution, and project investment. Sailun stated that Sailun International’s cancellation would neither significantly impact the company’s overall business nor harm its and its shareholders’ interests.

43

Sailun rising: China’s listed tyre companies ranked in 2022 Q3

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Based on stock market reporting for the third quarter of 2022, the top nine Chinese listed tyre companies ranked by revenue are Sailun, Linglong, Triangle, Huayi (the holding company of Double Coin), Guizhou Tyre, Sentury, Aeolus, Jiangsu General, and Doublestar. (The leading Chinese tyre company according to Tyrepress global rankings is ZC Rubber (Hangzhou Zhongce), but it is not listed.) The figures show that Sailun has completed a meteoric rise this year to become the Chinese tyre industry’s stock market leader, with an income of more than 6 billion yuan in the quarter, putting it within reach of the global top 10 tyre manufacturers.

44

Sailun: Record operating income in H1 2022

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In the first half of 2022, Sailun Group’s operating income rose 21.28 per cent year-on-year to a record high of CNY 10.493 billion (£1.29 billion). Net profit attributable to the listed company’s shareholders rose 1.6 per cent year-on-year to CNY 715 million (£87.63 million), and net cash flow from operating activities amounted to CNY 457 million (£56.91 million), up 42.15 per cent year-on-year.

45

Sailun bond issuance application approved

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The China Securities Regulatory Commission reviewed and approved Sailun’s convertible bond public issuance application on 13 September. The tyre company plans to raise about 2 billion yuan (about 250.2 million pounds, 286.3 million euros), mainly for constructing two factories in Vietnam and Cambodia. Sailun said that investing in two overseas factories could further expand its tyre production capacity overseas and increase its manufacturing scale and market share.

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