On April 22, Shanghai Huayi Group Co., Ltd., parent company of Double Coin Tires Group Co., Ltd., released its annual report for 2018. In the consolidated statement, Huayi Group disclosed the operation of Double Coin Tires in the past year and the latest progress of the project under construction of 5.697 billion yuan.

The total revenue of Double Coin Tires in 2018 was 7.759 billion yuan, a slight decrease of 3.6% compared with the previous year, and the gross profit of products was 11.56%, an increase of 0.79 percentage points compared with the previous year.

The company's production and sales in the past year were 9.7529 million and 9.5663 million, respectively, a decrease of 1.62% and 4.28% over the same period of last year, and its inventory at the end of the year was 1.4346 million.

According to Huayi Group's annual report, the project of expanding 1.8 million high-performance all-steel radial truck tires in Double Coin Jiangsu is progressing smoothly in 2018, and 67% of the production capacity has been achieved. The total investment of the project is 1.526 billion yuan.

The project of producing 15 million high-performance semi-steel radial tires annually in Anhui Province with Double Coin is also in progress in stages. Up to now, 40% of the production capacity has been completed, and the total investment of the project is up to 3.183 billion yuan.

The total investment of the project of expanding 1.2 million high-performance all-steel radial truck tires in Kunlun, Xinjiang, is 988 million yuan. At present, 25% of the production capacity has been achieved. The structure of the main workshop (radial tire workshop) of the follow-up project has been capped, the power station has been completed civil construction, and the installation of equipment has begun.

China Rubber Journal understands that the production capacity of all-steel tires of Double Coin Tires ranks the top three in the country. In 2018, the production capacity of all-steel tires also increased by 1.8% and the production capacity increased by 4.8%.

Double Coin Tires have already been laid out in Thailand and have many production bases in the country. In the future, the company will actively implement lean production, and I believe it will gain a favorable position in the future development.