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Major Chinese tire manufacturer exporting passenger, truck and off-the-road tires globally under the Triangle brand.
Major Chinese tire manufacturer exporting passenger, truck and off-the-road tires globally under the Triangle brand.
Replacement tyres, bought by fleets and drivers through distributors, are a steadier source of demand than sales to vehicle makers, and the company sells in both channels. Rubber and oil-based raw materials make up much of its cost, so earnings follow input prices, and exports are a major part of sales.
Moat: narrow (scale, brand). Established global export brand with broad OE and replacement-market distribution.
Headquarters: Weihai, Shandong, China · Founded: 1976 · Employees: 5,867
Size Triangle Tyre (601163.SS) is a China Consumer Discretionary company (Automotive Aftermarket) with a market value of $1.38B, the 1761st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.53 on 6 Nov 2026.
Performance Over six months the shares fell 21.5%, against -12.1% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 2.1% over the last twelve months (peer median +8.0%); the operating margin is 4.5% (peer median 8.1%).
Valuation It trades at 18.2× forward earnings against a peer median of 16.6× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (5.9% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.1B | CN¥9.79B | CN¥10.1B | CN¥10.3B | CN¥9.20B |
| Revenue growth | — | -3% | -3% | +12% | — |
| Gross profit | CN¥2.18B | CN¥1.85B | CN¥1.68B | CN¥2.08B | CN¥1.27B |
| EBITDA | n/a | CN¥1.19B | CN¥1.39B | CN¥1.76B | CN¥1.00B |
| Net income | CN¥611M | CN¥923M | CN¥1.10B | CN¥1.40B | CN¥738M |
| Free cash flow | CN¥1.40B | CN¥818M | CN¥801M | CN¥2.14B | CN¥1.47B |
| Capital expenditure | CN¥93.5M | CN¥92.1M | CN¥315M | CN¥107M | CN¥79.1M |
| Total debt | CN¥1.50B | CN¥1.55B | CN¥1.78B | CN¥1.53B | CN¥2.69B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Triangle Tyre 601163.SS | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% |
| Shandong Linglong Tyre 601966.SS | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | $2.70B | -19% | +14% | 8% | 9.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601163.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | -1.0% | 9th lowest of 21 |
| 6-month return | -21.5% | -12.1% | 5th lowest of 21 |
| Distance from 52-week high | -32.5% | -31.3% | 10th lowest of 21 |
| Revenue growth (TTM) | +2.1% | +8.0% | 6th lowest of 21 |
| Operating margin | 4.5% | 8.1% | 4th lowest of 21 |
| Forward P/E | 18.2× | 16.6× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.2% | 0.7% | 5th least demanding of 15 |
| Growth delivered (Del g) | +2.9% | +8.9% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -10.1 pp | -7.3 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | -1.3 pp | +1.2 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Kumhotire 073240.KS | South Korea | $1.12B | -9% | +2% | 12% | 4.2× | n/a | n/a |
| JK Tyre & Industries JKTYRE.NS | India | $1.10B | -12% | +13% | 7% | 20.6× | n/a | n/a |
| XPEL XPEL | United States | $1.06B | -12% | +13% | 14% | 16.5× | n/a | n/a |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Standard Motor Products SMP | United States | $993M | +10% | +6% | 11% | 9.3× | -8.5% | +9.7% |
| Guizhou Tyre 000589.SZ | China | $974M | -18% | +8% | 8% | 8.7× | n/a | n/a |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Jiangsu General Science Technology 601500.SS | China | $831M | -25% | +11% | 5% | 14.6× | -3.5% | +19.8% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Bengal & Assam BENGALASM.NS | India | $688M | -13% | +12% | 13% | n/a | 19.9% | -25.6% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Nankang Rubber Tire 2101.TW | Taiwan | $607M | -18% | +10% | 26% | n/a | -15.5% | -2.8% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |