The first post-listing performance report is unveiled: Taikaiying achieved double growth in revenue and net profit last year

Staff Reporter Liu Zhao

On the evening of February 26, Qingdao Taikaiying Special Tires Co., Ltd. (hereinafter referred to as “Taikaiying”) disclosed its first annual performance brief after listing. The announcement shows that the company achieved operating revenue of 2.581 billion yuan in 2025, a year-on-year increase of 12.44%; total profit of 219 million yuan, up 9.70% year-on-year; net profit attributable to shareholders of the listed company was 174 million yuan, a rise of 10.90%; and net profit after deducting non-recurring gains and losses was 166 million yuan, up 10.02%.

On October 28, 2025, Taikaiying successfully listed on the Beijing Stock Exchange. The company focuses on the global mining and construction tire markets, a niche segment, and specializes in meeting the differentiated needs of complex working conditions such as mining and infrastructure. After years of development, the company’s scene-based product development capability is its core competitiveness, forming a development model of “deepening niche segments + scene-based technological innovation.”

From the revenue perspective, Taikaiying continued steady growth amid a complex macro environment. According to the announcement, during the reporting period, the company adhered to the annual business strategy of “steady growth, high quality, building capabilities, controlling risks,” focusing on creating value-added services for partners. Driven mainly by technological innovation and localized professional services, the company continuously improved operational quality. The total revenue for the year reached 2.581 billion yuan, an increase of about 286 million yuan from the same period last year, maintaining strong competitiveness in the specialized tire segment for mining and construction engineering.

Profitability also showed steady progress. In 2025, net profit attributable to shareholders increased by 10.90% year-on-year, and net profit excluding non-recurring gains and losses increased by 10.02%. Basic earnings per share were 0.94 yuan, up 6.45%. While revenue and profit grew simultaneously, the company’s weighted average return on net assets (before non-recurring items) was 21.00%, slightly lower than the previous year but still at a relatively high level, reflecting stable profitability.

Regarding asset structure changes, at the end of the reporting period, the company’s total assets were 2.251 billion yuan, a 36.69% increase from the beginning of the period; owners’ equity attributable to shareholders was 1.155 billion yuan, up 66.56%; and net assets per share were 5.22 yuan, a 33.16% increase. The company stated in the announcement that these significant increases mainly resulted from the public offering of shares to unspecified qualified investors and listing on the Beijing Stock Exchange during the reporting period, with funds raised in place, along with increased operating income.

On a business level, sustained increases in R&D investment have become an important foundation for performance growth. A relevant person from Taikaiying told Securities Daily that the company continues to increase R&D efforts around scene-based, electrification, and unmanned trends in the mining and construction tire markets. R&D expenses and R&D personnel numbers increased year-on-year, and the proportion of sales revenue from core technology products improved, further enhancing product competitiveness. In the mining and large engineering equipment sectors, tire products require high wear resistance, load capacity, and adaptability, with relatively high technical barriers. Continued R&D investment helps consolidate the company’s technological advantages in these niche markets.

External demand environment improvements also support the company’s growth. During the reporting period, driven by global new energy transformation and green infrastructure investments, mining investment and demand became more active. Taikaiying achieved sustained growth in domestic engineering machinery supporting and replacement markets, and with improved product competitiveness and channel development, overseas market expansion showed results. Especially in countries involved in the “Belt and Road” initiative, the company promoted localized sales and service networks, with overseas business increasing year-on-year, making the revenue structure more diversified.

From a financial structure perspective, after funds were raised, the company’s asset scale expanded, and capital was strengthened, providing a more solid financial foundation for future capacity expansion, R&D upgrades, and overseas market development. Owners’ equity increased significantly, and the asset-liability structure is expected to further optimize, enhancing risk resistance. In the cyclical context of the mining and construction tire industry, increased capital strength helps the company maintain strategic focus amid industry fluctuations.

Xing Xing, Director of Research at Beijing Boxin Securities Investment Consulting Co., Ltd., told Securities Daily that as the first annual performance brief after listing on the Beijing Stock Exchange, Taikaiying delivered a report of steady growth and improved structure. The company achieved simultaneous growth in revenue and profit, with significant increases in asset scale and capital strength. R&D investment and overseas expansion continued to advance, demonstrating resilience under its growth strategy of deepening niche markets and technological innovation. With mining investment and infrastructure construction remaining active, Taikaiying’s future market potential in high-end specialized tires remains worth关注。

(Edited by Sun Qian)