General Share Recognizes 37.6 Million Subsidy Income!

June 4, Jiangsu General Share Technology Co., Ltd. (hereinafter referred to as "General Share") issued a favorable announcement. The company recently received government subsidies totaling 37.608 million RMB, accounting for 0.60% of the latest audited net assets. The aforementioned subsidies belong to government subsidies related to assets and will be recognized as deferred revenue, further strengthening the company's asset foundation for subsequent development. During the critical period when General Share is striving hard to meet performance commitments and accelerating the release of overseas capacity, the arrival of this subsidy undoubtedly injected a shot of confidence into the company's positive development.

First Year of State Ownership Takes Test, Strong First Quarter Rebound Shows Resilience

In 2025, General Share completed a major leap from a private enterprise to state-owned capital control. In April of that year, the original controlling shareholder Hongdou Group signed an agreement with Suhao Holding Group. Suhao Holding acquired 24.50% equity for 2.118 billion RMB. After the transfer was completed in June, the company's actual controller was officially changed to the Jiangsu Provincial State-owned Assets Supervision and Administration Commission.

Accompanying the change in control rights was a performance commitment agreement demonstrating confidence in development: net profit attributable to shareholders for 2025-2027 shall not be less than 440 million RMB, 480 million RMB, and 530 million RMB respectively, totaling not less than 1.45 billion RMB over the three years. Affected by the superposition of multiple short-term factors such as increased international trade barriers, declining product unit prices, exchange rate fluctuations, and provision for impairment, General Share encountered "revenue growth without profit growth" in 2025. Revenue reached 8.497 billion RMB (a year-on-year increase of 22.11%), with net profit attributable to shareholders of 201 million RMB, putting pressure on the first-year commitment.

However, entering 2026, General Share quickly showed a strong recovery momentum. First-quarter financial reports show the company achieved revenue of 2.137 billion RMB, with net profit attributable to shareholders of 127 million RMB, a year-on-year growth of 23.24%; deducted non-recurring net profit was 125 million RMB, a significant increase of 32.42%. Particularly striking is that net cash flow from operating activities soared by 2605.19% to 339 million RMB, with profitability quality and operational resilience achieving a simultaneous significant leap.

Overseas Capacity Continues to Gain Momentum, Positive Cycle Accelerates

The stabilization and recovery of performance are primarily driven by the "overseas dual bases" strategically planned by General Share bearing fruit. The company stated that benefiting from the accelerated release of advantageous capacity in the Thailand and Cambodia bases, combined with the steady progress of the domestic semi-steel tire technical transformation project, tire product sales continued to climb, providing solid support for performance growth.

Currently, General Share is at a strategic new starting point empowered by state-owned assets. The realization of government subsidies, the surge in operating cash flow, and the strong overseas production and sales are converging into positive potential to push the company forward. In the future, whether General Share can ride the trend, accelerate the conversion of overseas capacity under the resource support of the state-owned asset platform, gradually bridge the performance commitment gap, and achieve a fundamental leap in operational quality and efficiency, is worth continued expectation from the market.