According to the Zhixun Finance APP, Prinx Chengshan (01809) announced its mid-year performance in 2024, with a revenue of approximately 5.363 billion yuan, a year-on-year increase of 23.69%; gross profit of approximately 1.32 billion yuan, a year-on-year increase of 60.4%; the company's shareholders' net profit attributable to shareholders increased by 0.8114 billion yuan, a year-on-year increase of 1.48 times; basic earnings per share were 1.27 yuan.

During the period, the group sold approximately 13.8 million tires, a year-on-year increase of 19.3%. Among them, sales of all-steel radial tires were approximately 4.1 million, a year-on-year increase of 10.8%; sales of semi-steel radial tires were approximately 9.4 million, a year-on-year increase of 24.1%; and bias tires sales were 0.22 million, a year-on-year decrease of 4.6%.

The announcement stated that the revenue from the sale of all-steel radial tires increased by approximately 10.4% to 3.063 billion yuan compared to the same period last year, due to a 10.8% increase in sales; the revenue from the sale of semi-steel radial tires increased by approximately 47.6% to 2.205 billion yuan, mainly due to a 24.1% increase in sales and the rise in the average selling price. The revenue from the sale of bias tires increased by approximately 40.5% to 94.918 million yuan, mainly due to the increase in average unit price caused by changes in product structure.

In addition, the revenue from sales to dealers (including OEM customers) was 4.756 billion yuan, an increase of 23.4% over the same period last year. This was mainly due to the strong demand in the passenger vehicle tire market, despite the overall weak demand in the commercial vehicle tire market. However, due to the company's advantages in product, channels, and brand, the company actively seized market opportunities and drove a 10.3% year-on-year increase in revenue from domestic dealers and a 28.8% year-on-year increase in revenue from international dealers.

The group's Shandong tire production base currently has an annual production capacity of 7.4 million all-steel radial tires and 11.53 million semi-steel radial tires, while the Thailand tire production base currently has an annual production capacity of 2 million all-steel radial tires and 8 million semi-steel radial tires. In the first half of 2024, the production capacity utilization of all-steel radial tires/semi-steel radial tires at the Shandong tire production base was 86.3%/96.5%, and at the Thailand tire production base, it was 89.3%/97.6%.

The group's optimization and upgrading project for the semi-steel radial tire production line at the Shandong tire production base, which was launched in the third quarter of 2023, was completed in the second quarter of 2024; while the phase three project (2 million semi-steel radial tires/year) at the Thailand tire production base is currently undergoing production capacity release and is expected to reach full production by the fourth quarter of 2024.