Linglong Tire's net profit growth in the first half of 2023 exceeds 400%

July 11 news, a few days ago, Shandong Linglong Tire Co., Ltd. released a pre-announcement on its results for the first half of 2023.

According to the announcement, Linglong Tire expects its net profit attributable to shareholders of listed companies in the first half of the year to reach 520 million yuan to 600 million yuan, a year-on-year increase of 410 million yuan to 490 million yuan, an increase of 373% to 445%. Net profit after deducting non-recurring gains and losses is expected to be between 490 million yuan and 530 million yuan, a year-on-year increase of 480 million yuan to 520 million yuan, an increase of 4800% to 5200%.

Linglong Tire said that the growth in performance in the first half of 2023 benefited from the continued recovery of economic activity in China and the increase in demand in overseas markets. At the same time, the fall in raw material prices and sea freight rates has also brought benefits to the company. Linglong Tire firmly seized market opportunities, and product sales increased by 23.2% year-on-year. Among them, semi-steel tires, a product with higher gross profit, increased by 28.11% year-on-year.

In addition, Linglong Tire has continued to make efforts to reduce costs and increase efficiency, and has carried out three structural adjustments in supporting markets, thereby significantly improving profitability.

Linglong Tire's strong performance growth shows that the company has maintained a good momentum in market competition and successfully responded to unfavorable factors.