On 27 March, trading in shares of tyre manufacturer Jiangsu General was suspended by the Shanghai Stock Exchange. The suspension was scheduled to last no more than two trading days. Specifically, Jiangsu General received a notice from its controlling shareholder, HOdo Group, on March 26: “HOdo Group is planning to transfer shares of Jiangsu General it holds, which may lead to a change in the company’s control”.
At the end of 2024, Celimo – a brand manufactured by Chinese tyremaker Jiangsu General – announced that its tyres feature two new technologies rolled into one. The first part of “Soundproof Cotton” is made clear in the name – the technology is designed to address noise issues. At the same time, it offers “puncture-resistant” properties capable of handling protrusions of up to 5mm in diameter.
Jiangsu General said that deputy general manager Gu Yahong has resigned from the position of deputy general manager. However, the tyre manufacturer said that Gu Yahong “will continue to hold other positions in the company after resigning”.
Jiangsu General predicts that “net profit attributable to shareholders” of its listed companies in 2024 will be 400 million to 500 million yuan (approximately £44 million to £56 million; €53 million to €66 million), an increase of 85.19 per cent to 131.48 per cent year-on-year”.
Jiangsu General said that its controlling shareholder, HOdo Group, is planning to change the company’s control. According to the tyre manufacturer, “HOdo Group intends to transfer its 24.41% shares in the company to Guangzhou Industrial Investment Holding Group or its designated entity”.
The World Brand Lab has announced the 2024 “Top Ten Influential Chinese Tyre Brands”, which are ranked as Doublestar, Sailun, Linglong, Chaoyang (belonging to ZC Rubber), Double Coin, Celmo (belonging to Jiangsu General), Advance Tyre (belonging to Guizhou Tyre), Triangle, Cheng Shin, and Prinx Chengshan.
In the first half of 2024, Jiangsu General’s revenue reached 3.07 billion yuan (about £333 million; €400 million), a year-on-year increase of 36.91 per cent. During the same period, the tyre company’s net profit was 290 million yuan (about £31 million; about €38 million), an increase of 393.32 per cent over the same period in 2023.
The 19th edition of the China International Tire Expo (CITExpo) opened yesterday in Shanghai. The 2024 iteration of the landmark event in the Chinese tyre industry calendar builds upon the success of the show’s 2023 return from the Covid-induced hiatus that interrupted its annual schedule. As ever, the show welcomes delegates from all around the world, including Tyrepress in its capacity as official media partner.
Jiangsu General reports that the first tyre rolled off the production line of its Cambodia Factory Phase II project. The tyre manufacturer defines this milestone as “another historic and important moment in the internationalisation journey”. Gu Cui, chairman of Jiangsu General, said that the commissioning of the Cambodia Factory Phase II project will promote Jiangsu General’s “industry internationalisation, intelligence, and green transformation to a new level”.
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.
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.
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.
Jiangsu General held an overseas dealer conference in Cambodia on 22 May and celebrated the first anniversary of its Cambodian tyre production base. At the meeting, the tyre manufacturer announced that the first phase of the Cambodian project had reached production. In other words, its Cambodian factory can now produce 5 million semi-steel radial tyres and 900,000 all-steel radial tyres per year.
In 2023, Jiangsu General’s revenue was approximately 5.06 billion yuan (approximately £540 million; €640 million), with a net profit of 220 million yuan (about £ 24 million; €28 million). Compared with the net profit of approximately 17 million yuan (about £1.8 million; € 2.16 million) in 2022, the company’s profit has increased more than tenfold in the past year.
Gu Cui, chairman of Jiangsu General, revealed the tyre manufacturer’s four development priorities in 2024: the Thailand factory phase II project, the Cambodia factory phase II project, China’s domestic semi-steel radial tyre market, and the OTR market. Specifically, the company hopes to achieve sales and market value of 10 billion yuan.
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