Triangle Tire was established on February 22, 2001 and listed on the Shanghai Stock Exchange on September 9, 2016. Its registration and office address are Weihai City, Shandong Province.
It is an important enterprise in the domestic tire industry, focusing on tire research and development, manufacturing and sales, and has technological and product quality advantages.
Triangle Tire’s main business is the research and development, manufacturing and sales of various tires. The Shenwan industry it belongs to is automobiles – auto parts – tires and wheels. Its conceptual sectors include net-breaking stocks, long-term net-breaking stocks and tires.
Operating performance: seventh in the industry in terms of revenue and sixth in net profit
In 2025, Triangle Tire’s operating income will be 98.
2.1 billion yuan, ranking 7th among the 22 companies in the industry. Zhongce Rubber, the first in the industry, has revenue of 44.956 billion yuan, and Sailun Tire, the second place, has revenue of 36.792 billion yuan. The industry average is 10.395 billion yuan, and the median is 5.119 billion yuan.
Among the main business components, tire revenue was 9.759 billion yuan, accounting for 99.37%; other (supplementary) revenue was 35.3418 million yuan, accounting for 0.36%; factoring was 22.6421 million yuan, accounting for 0.23%; transportation was 4.296 million yuan, accounting for 0.04%.
In terms of net profit, it will be 923 million yuan in 2025, ranking 6th in the industry. The first place in the industry, Zhongce Rubber, has a net profit of 4.147 billion yuan, and the second place Sailun Tire has a net profit of 3.617 billion yuan. The industry average is 701 million yuan, and the median is 294 million yuan.
The asset-liability ratio is lower than the industry average, and the gross profit margin is higher than the industry average
In terms of solvency, Triangle Tire’s asset-liability ratio in 2025 is 28.35%, lower than 30.27% in the same period last year, and lower than the industry average of 48.09%, showing strong solvency.
In terms of profitability, the gross profit margin in 2025 will be 20.02%, which is higher than the 17.95% in the same period last year and higher than the industry average of 18.32%. The profitability performance is good.
Chairman Ding Mu’s salary is 900,000 yuan, the same as the same period last year
The controlling shareholder of Triangle Tire is Triangle Group Co., Ltd., and the actual controller is Ding Mu.
Chairman Ding Mu, born in September 1981, has a bachelor’s degree. He has held many important positions in the company and currently serves as chairman of Triangle Tire. His salary in 2025 is 900,000, the same as in 2024.
General Manager Lin Xiaobin, born in August 1973, has a bachelor’s degree. He has held various positions in the company and is currently a director and general manager of Triangle Tire. His salary in 2025 is 849,700, an increase of 68,400 from 781,300 in 2024.
The number of A-share shareholders decreased by 7.27% from the previous period
As of December 31, 2025, the number of A-share shareholders of Triangle Tire was 36,600, a decrease of 7.27% from the previous period; the average number of circulating A shares held by each household was 21,900, an increase of 7.83% from the previous period.
As of March 31, 2026, among the top ten tradable shareholders of Triangle Tire, Hong Kong Securities Clearing Company Limited ranked as the third largest tradable shareholder, holding 14.9216 million shares, a decrease of 1.5640 million shares compared with the previous period.
E Fund Hong Kong Stock Connect Dividend Mix A (005583) has withdrawn from the top ten tradable shareholders.
Huatai Securities pointed out that Triangle Tire will achieve revenue of 9.821 billion yuan in 2025 and net profit attributable to the parent company of 923 million yuan.
In 2026Q1, it achieved revenue of 2.47 billion yuan and net profit attributable to the parent company of 218 million yuan.
The company’s full-year and Q1 results were lower than expected mainly due to increased research and development expenses.
Taking into account relevant factors, the company’s net profit attributable to the parent company in 2026-27 is forecast to be lowered to 9.0/1.039 billion yuan, and is expected to be 1.188 billion yuan in 28, corresponding to EPS of 1.12/1.30/1.49 yuan. It is given 15xPE in 26 years, with a target price of 16.80 yuan, and maintains an “overweight” rating.
Business highlights: First, domestic supporting sales increased, with commercial vehicle tire supporting sales increasing by 3.6%, and new energy vehicle supporting sales increasing by more than 40%; passenger car tire supporting sales increasing by 15%, new energy vehicle supporting sales increasing by nearly 40%; radial engineering tire supporting sales increasing by more than 20%.
Second, in January 2026, it was announced that it plans to build a new high-performance radial tire project in Cambodia with an annual output of 7 million units.
Zhongtai Securities pointed out that in the first three quarters of 2025, the company achieved revenue of 7.32 billion yuan and net profit attributable to the parent company of 680 million yuan; in 25Q3, it achieved revenue of 2.54 billion yuan and net profit attributable to the parent company of 290 million yuan.
It is expected that the revenue from 25 to 27 will be 99/104/11.4 billion yuan, and the net profit attributable to the parent company will be 9/11/1.3 billion yuan, respectively. It is covered for the first time and given a “buy” rating.
Business highlights: First, the 25Q3 performance benefited from the price reduction of raw materials, and both volume and profit are expected to rise in the future.
Second, Cambodia is the first overseas production capacity location. It has rich resources, trade advantages, location advantages, etc., which is conducive to exploring European and American markets.
