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In the first half of 2026, the domestic tire industry showed a very obvious stark contrast.
From the latest semi-annual report, it is clearly visible: Leading enterprises that built factories overseas in advance saw their performance rise to new records year after year; small and medium manufacturers that stubbornly stuck to domestic capacity for export were basically passively under pressure and losing market share.
Those Who Go Global Early Enjoy the Dividends
The 2026 semi-annual report data plainly exposed the industry gap: Whether an enterprise can make money and stabilize its overseas market depends on whether its overseas capacity layout is fast and large enough.
Sailun Tyre is a solid benchmark for industry globalization, presenting its best ever half-year performance: Semi-annual revenue broke through 20 billion yuan for the first time, up 13.88% year-on-year; net profit was 2.16 billion yuan, up 17.97% year-on-year. More than 60% of the company's assets are laid out overseas (62.88%), the Vietnam and Cambodia bases continue to produce and earn steadily, forming the core profit backbone. Relying on the linkage of multiple bases in Southeast Asia, the Americas, and Africa, Sailun perfectly avoided trade barriers in Europe and the US, European orders are perpetually in high demand. Even with multiple price adjustments, customer demand remains firm. Over the next three years, there will be a concentrated release of overseas capacity, with strong confidence in growth.
Zhongce Rubber's overseas capacity expansion dividends have also been fully realized. In the first half of 2026, semi-steel tire production at the Thailand base increased by 38% year-on-year, while full-steel tire production at the Indonesia base surged by 249%. After the EU anti-dumping measures took effect, exports for many domestic enterprises were blocked, but Zhongce, relying on normal supply from its overseas bases, not only steadily held the European market but also took over a large volume of spillover orders. Meanwhile, relying on Indonesia capacity to take US orders, it successfully dodged tariff shocks. Currently, the company's new Vietnam base with a 1.04 billion yuan investment is progressing steadily, and the global capacity map is still expanding.
General Shares is a typical representative of benefiting from this round of going global, with performance taking a dramatic turnaround. In the first half of the year, net profit surged 114.84% year-on-year, gross profit margin increased by 3.31 percentage points, and profit quality improved significantly. The company's Thailand and Cambodia dual bases had booming production and sales. Seizing the EU trade policy window, semi-steel tire orders were perpetually in high demand. Overseas non-US market revenue rose steadily, successfully opening up a brand new growth space.
In addition, Zhengdao Tyres stated recently that the Cambodia base went into smooth production, tens of millions level of scaled capacity landed, completely reconstructing its overseas supply chain, and firmly standing in the international market under high barrier pressure.
Comprehensive Encirclement, Traditional Export No Longer Works
The eye-catching performance of leading enterprises is, simply put, the result of early risk avoidance and early planning. Nowadays, trade restrictions in the tire industry are no longer just about single tariffs, but comprehensive suppression including tariffs, dual anti-dumping, origin verification, and green compliance, which completely locks down domestic export paths.
The United States not only maintains high tariffs on Chinese tires but also ferociously investigates the origin in Southeast Asia, completely plugging loopholes for tax avoidance via transshipment; The EU is implementing semi-steel tire anti-dumping and pushing for anti-subsidy investigations, while stacking the EUDR zero-deforestation new regulations, raising entry barriers from tax, environmental, and compliance aspects.
Not only Europe and the US, Brazil, the Eurasian Economic Union, and many other economies are also increasing trade protection, with trade friction sweeping the globe.
On August 31, Canada officially joined the game, launching anti-dumping investigations on Chinese truck and bus tires. At this point, the three major mainstream markets of the US, EU, and Canada have comprehensively encircled, continuously squeezing the space for domestic tire exports, directly ramping up the urgency for enterprises to go global.
Why Must We Go Global Immediately?
Combining the latest financial reports and the global trade situation, there is no longer a need to hesitate about going global. It is necessary to go global as soon as possible and land capacity as soon as possible. This is the only way out for the industry to break through.
First, avoid trade barriers and protect core overseas markets. Now all major global markets are tightening policies. Without local overseas capacity, it is equivalent to directly losing export qualifications. Only by building factories overseas and local production can enterprises avoid anti-dumping tariffs, origin verification, and green compliance restrictions, safeguarding global sales channels.
Second, seize the huge market dividends left vacant by the industry. A large number of small and medium tire enterprises are being forced to exit overseas markets due to export restrictions, causing a significant global supply contraction. Meanwhile, leaders with overseas capacity like Sailun and Zhongce, taking advantage of industry supply gaps, continue to take over spillover orders and increase market share. The barriers instead become expansion opportunities for leaders.
Third, reduce costs and increase efficiency, improving profit advantages. Southeast Asian bases can purchase natural rubber locally, greatly compressing raw material and logistics costs; meanwhile, Vietnam and Thailand belong to CPTPP member countries, bringing tariff advantages. Exporting to Europe, the US, and Southeast Asia offers maximum cost-performance ratio, with profit space much higher than domestic exports.
Finally, widen the industry competition gap. The current industry reshuffle has already reached a fever pitch: Enterprises with overseas capacity continue to make money and expand share; those without overseas capacity can only stick to the domestic market and continue to shrink. In the future competition of the tire industry, the race is no longer about price, but about global capacity layout and supply chain risk resistance.
Overseas Capacity Has Become the Industry's Ultimate Moat
2026 is the decisive year for the globalization of China's tire industry.
Under the global trade pattern of encirclement by multiple countries, the old model of "Domestic Production, Global Export" has officially concluded, and localized production with regional supply has become the only path to break through.
The semi-annual report data has solidly proven: Enterprises that laid out globally in advance are continuously enjoying policy dividends, market dividends, and cost dividends.
In the next phase, industry concentration will continue to rise. Leading enterprises with a perfect global capacity network will continue to reap global market share. The era of globalization for China's tire industry has already fully arrived.
