Recently, the State-owned Assets Supervision and Administration Commission of the State Council announced the results of the 2023 special evaluation of "Double Hundred Enterprises", and Shuangxing Group won the highest level of "benchmarking" in the special evaluation of "Double Hundred Enterprises" for the reform of state-owned enterprises in China, becoming the only enterprise in Qingdao to receive this honor.
The "Double Hundred Action" is a special project implemented by the State-owned Assets Supervision and Administration Commission of the State Council to deepen the reform of state-owned enterprises, and strives to cultivate a group of reform models and pioneers through comprehensive reform. A total of 258 local "Double Hundred Enterprises" were included in the evaluation, of which 48 were rated as "benchmarking" enterprises.
Shuangxing is a state-owned holding enterprise in Qingdao with a history of 100 years, with three industries of rubber tires, artificial intelligence and high-end equipment, and green ecological recycling, and two listed companies in Kumho and Qingdao Shuangxing in Korea. Led by intelligent transformation, Shuangxing has built the first full-process "Industry 4.0" intelligent factory in the global tire industry and an international leading tire R&D center, and is known as "the leader of China's tire intelligent manufacturing". In 2018, Shuangxing controlled Kumho Tire in Korea, which was once ranked among the top ten in the world, and was included in the "Double Hundred Action" plan for state-owned enterprise reform by the State-owned Assets Supervision and Administration Commission of the State Council, becoming the first batch of selected enterprises. Since its selection, Shuangxing has strictly implemented the relevant reform requirements of the state, provinces and cities, solidly promoted various tasks of reform, and gathered a strong force to comprehensively deepen the reform of state-owned enterprises.
Through the in-depth implementation of the "Double Hundred Action" plan, Shuangxing has built and improved a modern corporate governance system with complete system, scientific and standardized, and efficient operation, strengthened the shareholders' meeting, delegated the power of the board of directors, and improved the board of supervisors. We continued to optimize the corporate governance structure of each holding subsidiary, and innovated the "three modernizations" management model with market segmentation as the goal, organizational platform as the guarantee, and business unit as the core, and the scientificity, robustness and effectiveness of corporate governance were significantly improved. At the same time, it actively explores the innovative model of "state-owned system and market mechanism", and explores and promotes the global professional manager model; Implement medium and long-term incentive mechanisms such as "employee stock ownership" and "super profit sharing" to further stimulate the innovation vitality of employees. In 2023, Shuangxing Group will achieve revenue of 26.6 billion yuan, a year-on-year increase of 18%, and a year-on-year increase of 149% in profit. The revenue of radial tires ranks second among Chinese enterprises, and the revenue of passenger car tires and overseas ranks first in China. In the first quarter of 2024, the Group's profit increased by 880%, reaching another record high.
The award of the highest level of "benchmarking" in the special evaluation of "Double Hundred Enterprises" is a full affirmation of the State-owned Assets Supervision and Administration Commission of the State Council for Shuangxing's solid promotion of the reform of state-owned enterprises. Shuangxing Group said that it will unswervingly become a stronger, better and large-scale state-owned enterprise, continue to strengthen the construction of a modern enterprise system, and actively implement the "New Four Modernizations" strategy of "ecology, high-tech, localization, and digital intelligence" with the goal of "three entrepreneurships and creating a world-class enterprise", so as to build a world-class enterprise with sustainable development as soon as possible!
