On April 16, 2026, Zhongce Rubber (603049.SH) disclosed its first 2025 annual report after listing on the Shanghai Stock Exchange. This blockbuster report card has become an important window for observing the prosperity and core competitiveness of the Chinese tire industry!
From an industry perspective, Zhongce Rubber’s performance in 2025 will lead the domestic tire sector.
The company achieved operating income of 44.956 billion yuan, a year-on-year increase of 14.52%; net profit attributable to the parent company was 4.147 billion yuan, a year-on-year increase of 9.51%; deducting non-net profit was 4.058 billion yuan, a year-on-year increase of 22.15%. The main business profitability ranks first in the industry.
Against the backdrop of volatile raw material prices and a complex global trade environment, the gross profit margin of Zhongce Rubber’s main business reached 19.65%, a slight increase of 0.17 percentage points year-on-year against the trend, reflecting the industry’s top cost control and pricing capabilities.
At the same time, the company plans to distribute cash of 14.3 yuan (tax included) for every 10 shares, with a total dividend of approximately 1.251 billion yuan and a dividend ratio of 30.15%, setting a benchmark for the tire industry capital market with steady returns.
Production and sales data also highlight industry leadership.
Zhongce Rubber produced 111 million tires and sold 113 million tires throughout the year, with a production-to-sales ratio of 102% and a year-on-year inventory decrease of 14.26%. The production capacity utilization rate of main products such as all-steel tires and semi-steel tires exceeded 97%, and all-steel tires reached 99.75%. The full production and full sales situation has driven the overall production capacity efficiency of the industry to improve.
Zhongce Rubber is a benchmark enterprise in China’s tire industry and a core force in reshaping the global tire landscape.
The company was founded in 1958. After years of development, it has become the world’s largest all-steel tire manufacturer and the leader in China’s tire industry. Its comprehensive strength ranks among the top ten in the global tire industry.
On June 5, 2025, Zhongce Rubber was officially listed on the main board of the Shanghai Stock Exchange. After landing in the capital market, the company further strengthened its core position in the A-share tire sector and enhanced the overall influence of China’s tire industry in the capital market.
From the perspective of industry positioning, Zhongce Rubber has built a full-category tire product matrix, covering more than 160 countries and regions around the world; domestically, the company has more than 600 first-level dealers and more than 40,000 core retail terminals, ranking first in the industry in channel scale and coverage capabilities; in terms of global layout, Zhongce Rubber has built two major overseas production bases in Thailand and Indonesia. In March 2026, it announced that it planned to invest 1.04 billion yuan to build a Vietnam base (Phase I), continue to improve the global production capacity network, and help Chinese tire companies “go global”
Provide demonstrations.
Zhongce Rubber achieved high-quality growth in its first year of listing, providing a clear path for the transformation and upgrading of China’s tire industry.
Full-category synergy supports the steady growth of the industry.
Zhongce Rubber’s all-steel tire sales revenue was 20.545 billion yuan, a year-on-year increase of 14.13%, with a global market share of approximately 12%, and overseas sales growth exceeded 20%; semi-steel tire sales revenue was 15.653 billion yuan, a year-on-year increase of 15.41%, and domestic distribution sales maintained the first place in the industry; special tire and two-wheel tire revenue both increased by more than 10%. The full-category layout effectively hedges market segment fluctuations and provides a reference for the steady operation of the industry.
New energy supporting facilities promote the high-end transformation of the industry.
In 2025, Zhongce Rubber will supply more than 10.7 million tires for new energy passenger vehicles, becoming the core supplier of leading new energy vehicle companies such as BYD, Xpeng, and Leapmotor, and successfully supporting mid-to-high-end models such as Toyota and BYD, driving the rapid improvement of China’s tire supporting levels.
Globalization and intelligence empower industry upgrades.
Zhongce Rubber’s domestic and overseas revenue ratio is approximately 52:48, and its balanced structure enhances the industry’s ability to resist risks; the company will invest 1.543 billion yuan in R&D in 2025, apply AI technology to the entire process of R&D, manufacturing, and testing, independently develop intelligent equipment such as electric vulcanizers, and lead industry efficiency changes with technological innovation and intelligent manufacturing.
Zhongce Rubber’s outstanding performance is a typical result of China’s tire industry’s implementation of the strategy of becoming a manufacturing power, a quality power, and a transportation power. It is deeply in line with the “One Belt, One Road” initiative and the direction of the rubber industry’s “15th Five-Year Plan” development plan.
Currently, China’s tire industry is moving towards a new stage of high-end, green, intelligent, and internationalization. National policies continue to guide companies to increase investment in research and development, promote low-carbon production, and accelerate global layout.
With forward research and development as its core, global production capacity as its support, and new energy supporting facilities as its breakthrough point, Zhongce Rubber has embarked on a high-quality development path in line with national strategies and provided a benchmark for the entire industry.
Looking to the future, the explosion of new energy vehicles and Chinese cars going overseas will continue to release dividends in tire demand, drive domestic tire companies to improve technology, brand and global competitiveness, promote Chinese tires from leading in scale to leading in technology and high-end brands, help China’s manufacturing move to the middle and high end of the global value chain, and inject strong impetus into China’s tire industry to become a world-class echelon.
