Financial Performance - The company's operating revenue for the third quarter was ¥499,876,343.65, an increase of 5.43% compared to the same period last year[5]. - The total profit for the period was -¥22,895,131.23, with a year-to-date total profit of -¥61,578,158.50[5]. - The net profit attributable to shareholders was -¥22,895,131.23 for the quarter, and -¥61,578,158.50 year-to-date[5]. - The basic and diluted earnings per share for the quarter were both -¥0.0934, and -¥0.2512 year-to-date[6]. - The net loss for the first three quarters of 2025 was CNY 61,578,158.50, compared to a net loss of CNY 23,156,583.91 in the same period of 2024, reflecting a significant deterioration in financial performance[20]. - The basic and diluted earnings per share for the first three quarters of 2025 were both CNY -0.2512, compared to CNY -0.0945 in the same period of 2024, reflecting worsening earnings performance[21]. Assets and Liabilities - The total assets at the end of the period were ¥3,420,148,617.67, reflecting a 3.84% increase from the end of the previous year[6]. - The total assets as of September 30, 2025, amounted to CNY 3,420,148,617.67, an increase of 3.8% from CNY 3,293,646,769.27 at the end of 2024[17]. - The total liabilities increased to CNY 2,027,348,009.41, up 10.2% from CNY 1,839,243,313.31 at the end of 2024[17]. - The equity attributable to shareholders decreased by 4.24% to ¥1,392,800,608.26 compared to the end of the previous year[6]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥52,771,467.06[6]. - In the first three quarters of 2025, the cash inflow from operating activities was CNY 933,231,450.21, an increase of 24.3% compared to CNY 750,261,793.88 in the same period of 2024[23]. - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 52,771,467.06, an improvement from -CNY 155,769,859.90 in 2024[23]. - The cash inflow from financing activities increased to CNY 751,101,749.16 in 2025, up 83.4% from CNY 409,514,446.02 in 2024[24]. - The net cash flow from financing activities for the first three quarters of 2025 was CNY 137,258,762.17, compared to CNY 75,499,352.58 in 2024, reflecting a growth of 81.8%[24]. - The total cash outflow from investment activities in the first three quarters of 2025 was CNY 124,344,662.92, a decrease from CNY 406,894,197.01 in 2024[24]. - The net cash flow from investment activities was -CNY 123,721,630.80 in 2025, compared to -CNY 155,166,540.96 in 2024, indicating a reduction in cash outflow[24]. Market Conditions - The company experienced a decline in net profit due to market environment impacts, including reduced industry demand and falling raw material prices[9]. Shareholder Information - The total number of ordinary shareholders at the end of the period was 31,697[12]. Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 33,059,572.14, slightly down from CNY 33,307,749.33 in the same period of 2024[20]. Inventory and Financing - The company's cash and cash equivalents decreased to CNY 168,017,077.60 from CNY 203,628,949.71 at the end of 2024, indicating liquidity challenges[17]. - The inventory level increased to CNY 587,432,891.57, up from CNY 465,222,512.31 at the end of 2024, suggesting potential overstocking issues[17]. - The company's short-term borrowings decreased significantly to CNY 168,222,594.86 from CNY 381,094,982.75 at the end of 2024, indicating a reduction in reliance on short-term financing[17]. Sales Performance - The cash inflow from sales of goods and services reached CNY 902,537,906.79 in 2025, marking a significant increase from CNY 695,426,146.01 in 2024[23]. - The cash outflow for purchasing goods and services was CNY 600,915,664.63 in 2025, compared to CNY 553,834,789.47 in 2024, reflecting a rise of 8.5%[23]. Accounting Standards - The company did not apply new accounting standards for the first time in 2025[25].

Report Industry Investment Rating - No information provided Core Viewpoints - The expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, along with the uncertainty of whether China and the US will impose additional tariffs, and the resumption of tin mines in Wa State, Myanmar, which may not change the tight supply - demand situation, could lead to wide - range fluctuations in Shanghai tin prices. It is recommended that investors mainly wait for price drops to establish long positions, and pay attention to the support and resistance levels of Shanghai tin at around 260,000 - 265,000 and 290,000 - 300,000 respectively, and those of London tin at around 33,000 - 35,000 and 38,000 - 40,000 respectively [3] Summary by Directory Part 1: Spread and Inventory Situation - The basis of Shanghai tin is positive and the monthly spread is negative, both basically within a reasonable range. This is due to the expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, the tight domestic tin ore supply - demand situation, and the resumption expectation of tin mines in Wa State, Myanmar. It is recommended that investors temporarily wait and see for arbitrage opportunities [7][9] - The spread of the LME tin (0 - 3) contract is negative and the (3 - 15) contract spread is positive, both basically within a reasonable range. The ratio of Shanghai - London tin price is lower than the 50% quantile of the past five years. This is due to the expectation of the Fed's future interest rate cuts and halt to balance sheet reduction, and the decreasing inventory of refined tin in the LME. It is recommended to temporarily wait and see for arbitrage opportunities in the spreads of LME tin (0 - 3) and (3 - 15) contracts [11] - The inventory of refined tin in the Shanghai Futures Exchange, the social inventory of tin ingots in China, the inventory of refined tin in the LME, and the total inventory of refined tin at home and abroad have all decreased compared to last week [13] Part 2: Mid - upstream Supply Situation - The daily processing fee of domestic tin concentrates has been oscillating downward, indicating a tight supply expectation of domestic tin ore [19][20] - Multiple factors such as the closure of illegal tin mines in Indonesia, the commissioning of a new plant in Namibia, the resumption of mines in Myanmar and Congo, and the suspension of tin ore transit exports in Thailand may lead to a month - on - month increase in the production and import volume of domestic tin ore in October [22] - The production volume of recycled tin in China in October may increase month - on - month [24] - The capacity utilization rate of refined tin in Yunnan and China (Jiangxi) has increased (remained flat) compared to last week. Yunnan Tin will conduct maintenance on its smelting equipment from August 30 for no more than 45 days. The production (inventory) volume of Chinese refined tin in October may increase (decrease) month - on - month [28] - The import volume of Chinese refined tin in October may increase month - on - month. The new tin smelter in the US and the planned production and export increase in Indonesia are the reasons [29][31] Part 3: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips has decreased month - on - month, which may lead to a month - on - month increase in the capacity utilization rate (inventory) of Chinese tin solder in October [35] - The import (export) volume of Chinese solder strips in October may decrease month - on - month [38][40] - The production volume of Chinese tin - plated sheets in October may increase month - on - month, while the import and export volumes may decrease month - on - month [43] - The capacity utilization rate of Chinese lead - acid batteries has increased compared to last week. Since tin is an important additive in lead - acid batteries, this may also affect the demand for tin [44][46]

Core Insights - The development of the electric shovel steel wire rope industry is closely linked to the mining sector, with increasing demand for coal, ore, and steel driving growth in mining equipment and, consequently, the steel wire rope market [1][6][12] - In 2024, China's electric shovel steel wire rope production is projected to be 36,850 tons, with a demand of 21,634 tons, primarily for maintenance and replacement purposes [1][10] - The market size for electric shovel steel wire ropes in China is expected to reach 400 million yuan in 2024, with maintenance accounting for a significant portion of the demand [1][10] Industry Definition and Classification - Electric shovels, also known as rope shovels, are mechanical excavators that utilize various transmission components to perform digging tasks, with steel wire ropes being essential for various operational functions [2] - Electric shovel steel wire ropes can be classified based on surface condition, processing method, filling form, and usage [2][3] Industry Characteristics - The electric shovel steel wire rope industry is characterized by being technology-intensive, customized, and significantly influenced by raw material availability [4] Current Industry Status - The global electric shovel steel wire rope market is expanding, with production expected to reach 71,141 tons and a market size of 1.545 billion yuan in 2024 [6][8] - In China, the electric shovel steel wire rope market is primarily driven by maintenance needs, with a projected production increase to 37,700 tons and a market size of 408 million yuan by 2025 [1][10] Industry Supply Chain - The supply chain for electric shovel steel wire ropes includes upstream steel production, midstream processing into finished products, and downstream applications in mining and infrastructure [11] Industry Development History - The production of steel wire ropes in China began in the 1940s, with significant advancements and expansions occurring over the decades, leading to a vibrant industry today [12] Competitive Landscape - The domestic electric shovel steel wire rope market features a mix of established leading companies, numerous small to medium enterprises, and international brands, each with distinct competitive advantages [12][13] - Major players include Guizhou Steel Rope Group, Wuhan Steel Velka, and others, with Guizhou Steel Rope being recognized as a leading manufacturer in the industry [13][14] Technological Development Trends - The industry is focusing on enhancing innovation capabilities, developing high-performance steel wire ropes, and adopting environmentally friendly production practices [15] - Key technological advancements include improving strength, wear resistance, reliability, corrosion resistance, and fatigue performance of steel wire ropes to meet the demands of harsh working environments [15]

Core Points - The Shanghai Composite Index closed at 3781.61 points, above the six-month moving average, with a decline of 1.23% [1] - The total trading volume of A-shares reached 17135.39 billion yuan [1] - A total of 16 A-shares have surpassed the six-month moving average today, with notable stocks including Dongfeng Motor, Air China Ocean, and Guisheng Co., with deviation rates of 5.76%, 3.80%, and 2.56% respectively [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3781.61 points, showing a decrease of 1.23% [1] - The total A-share trading volume for the day is 17135.39 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 16 A-shares have broken through the six-month moving average today [1] - Stocks with significant deviation rates include: - Dongfeng Motor: 5.76% deviation rate, closing price at 7.79 yuan [1] - Air China Ocean: 3.80% deviation rate, closing price at 10.92 yuan [1] - Guisheng Co.: 2.56% deviation rate, closing price at 14.82 yuan [1] - Other stocks with smaller deviation rates include: - Baijun Co.: 0.14% deviation rate, closing price at 25.79 yuan [1] - Xiamen Bank: 0.24% deviation rate, closing price at 6.53 yuan [1] - *ST Jinke: 0.38% deviation rate, closing price at 1.42 yuan [1]

Core Viewpoint - The Shanghai Composite Index is currently above the six-month moving average, with a slight decline of 1.04% and a total trading volume of 1.262 trillion yuan [1] Group 1: Market Performance - As of 10:29 AM today, the Shanghai Composite Index stands at 3788.76 points, indicating a trading volume of 12,621.13 million yuan [1] - There are 13 A-shares that have surpassed the six-month moving average today, with notable stocks including Air China Ocean, Guisheng Co., and Samsung Medical, showing divergence rates of 4.09%, 2.35%, and 1.79% respectively [1] Group 2: Individual Stock Analysis - The top three stocks with the highest divergence rates are: - Air China Ocean (Code: 833171) with a price increase of 4.78%, a turnover rate of 10.78%, a six-month moving average of 10.52 yuan, and a latest price of 10.95 yuan, resulting in a divergence rate of 4.09% [1] - Guisheng Co. (Code: 600992) with a price increase of 4.08%, a turnover rate of 5.15%, a six-month moving average of 14.45 yuan, and a latest price of 14.79 yuan, resulting in a divergence rate of 2.35% [1] - Samsung Medical (Code: 601567) with a price increase of 4.73%, a turnover rate of 2.47%, a six-month moving average of 23.27 yuan, and a latest price of 23.69 yuan, resulting in a divergence rate of 1.79% [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Domestic and international macro - optimistic expectations and partial refining tin capacity maintenance support tin prices. The slow resumption of tin mines in Wa State, Myanmar, and the decline in domestic tin ingot social inventory may cause the Shanghai tin price to fluctuate strongly. It is recommended that investors mainly lay out long positions on dips, paying attention to specific support and pressure levels [3][4]. - For spreads and inventory, due to factors such as the weakening employment supply - demand in the US and the slow resumption of tin mines in Wa State, Myanmar, the basis and monthly spreads of Shanghai tin, as well as the spreads of LME tin contracts, are within a reasonable range, and investors are advised to temporarily wait and see for arbitrage opportunities. The total inventory of refined tin at home and abroad has increased compared with last week [10][11][15]. - In terms of supply, the domestic tin ore supply is expected to be tight, the production of recycled tin in September may decrease month - on - month, the production capacity utilization rate of refined tin has declined, and the import volume of refined tin may decrease month - on - month [21][25][30]. - In terms of demand, the production capacity utilization rate of tin solder may increase month - on - month, the import volume of solder strips may decrease month - on - month while the export volume may increase, and the production, import, and export volumes of tin - plated sheets may all decrease month - on - month. The capacity utilization rate of lead - acid batteries has slightly decreased [36][37][42]. 3. Summary by Directory 3.1 First Part: Spread and Inventory Situation - The basis and monthly spreads of Shanghai tin are negative and within a reasonable range. The (0 - 3) contract spread of LME tin is negative and the (3 - 15) contract spread is positive, both within a reasonable range. The Shanghai - London tin price ratio is between the 50 - 75% quantiles of the past five years. Investors are advised to temporarily wait and see for arbitrage opportunities [10][11]. - The inventory of refined tin in the Shanghai Futures Exchange has decreased compared with last week, the social inventory of tin ingots in China has increased, the inventory of refined tin in the London Metal Exchange has increased, and the total inventory of refined tin at home and abroad has increased [15]. 3.2 Second Part: Mid - upstream Supply Situation - The daily processing fee of domestic tin concentrate is oscillating downward, indicating a tight supply expectation of domestic tin ore [21]. - The second beneficiation plant of the Uis mine in Namibia has been commissioned, and tin mines in Wa State, Myanmar, are resuming production. Alphamin Resources' tin mine in Congo is also resuming production in stages. These factors may lead to an increase in domestic tin ore production and a decrease in imports in September [23]. - The production of recycled tin in China in September may decrease month - on - month [25]. - The production capacity utilization rate of refined tin in Yunnan and China (Jiangxi) has decreased (remained flat). Yunnan Tin will conduct maintenance on smelting equipment, resulting in a decrease in the production of refined tin in China in September and an increase in inventory [29]. - The export volume of Indonesia in September may decrease, which may lead to an increase in the import volume and a decrease in the export volume of refined tin in China in September [32]. 3.3 Third Part: Downstream Demand Situation - The daily processing fee of photovoltaic solder strips has decreased, which may lead to an increase in the production capacity utilization rate and a decrease in the inventory of tin solder in China in September [36]. - The import volume of solder strips in China in September may decrease month - on - month, while the export volume may increase [37]. - The production, import, and export volumes of tin - plated sheets in China in September may all decrease month - on - month [42]. - The production capacity utilization rate of lead - acid batteries in China has slightly decreased compared with last week [45].

Market Overview - The Shanghai Composite Index closed at 3870.60 points, slightly above the six-month moving average, with a change of -0.12% [1] - The total trading volume of A-shares reached 25,483.12 billion yuan [1] Stocks Breaking the Six-Month Line - A total of 50 A-shares have surpassed the six-month moving average today, with notable stocks including Shanghai Construction, Yihualu, and Runjian Shares, showing divergence rates of 9.89%, 9.08%, and 9.07% respectively [1] - Stocks with smaller divergence rates that just crossed the six-month line include Zhuhai Port, Zhongzhou Special Materials, and Nanjing Chemical Fiber [1] Top Performers - Shanghai Construction (600170) saw a price increase of 9.96% with a turnover rate of 6.20% and a divergence rate of 9.89% [1] - Yihualu (300212) increased by 10.90% with a turnover rate of 12.71% and a divergence rate of 9.08% [1] - Runjian Shares (002929) rose by 9.99% with a turnover rate of 10.76% and a divergence rate of 9.07% [1] Additional Notable Stocks - Other significant gainers include Huafu Times (600169) with a 10.08% increase and a divergence rate of 7.82%, and Shang (002042) with a 10.06% increase and a divergence rate of 7.70% [1] - The stock of Fule New Materials (605488) rose by 10.01% with a divergence rate of 6.93% [1] Stocks with Lower Divergence Rates - Stocks like Zhonghuan Hailu (301040) and Baitong Energy (001376) showed increases of 1.91% and 1.55% respectively, with divergence rates of 1.09% and 1.00% [2] - Longyuan Construction (600491) increased by 1.91% with a divergence rate of 0.97% [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed's expected rate cut in September and the time needed for the full resumption of tin mines in Wa State, Myanmar, along with weak downstream demand in sectors like home appliances and solders, may cause Shanghai tin prices to weaken first and then strengthen. Investors are advised to buy on price dips, with attention on support and resistance levels [3]. - The negative basis and monthly spread of Shanghai tin are due to weak domestic demand in sectors such as home appliances and solder materials. Given the expected Fed rate cut in September, partial production suspension for maintenance of domestic refined tin capacity, and the decline in domestic refined tin social inventory, investors are recommended to pay attention to short - term, light - position arbitrage opportunities by going long on the Shanghai tin basis at low prices [6]. - The positive spreads of LME tin (0 - 3) and (3 - 15) contracts, along with the Shanghai - London tin price ratio slightly below the 50% quantile of the past five years, are due to the expected Fed rate cut in September and the relatively low inventory of refined tin at the LME. It is suggested to temporarily watch the arbitrage opportunities of LME tin (0 - 3) and (3 - 15) contract spreads [9]. 3. Summary by Related Contents Supply - side - **Tin Ore**: Namibia's Uis mine's second concentrator started commissioning in late August with a maximum monthly ore - processing capacity of 40,000 tons. In Myanmar's Wa State, the first batch of 40 - 50 mines will resume production after paying fees, with an initial increment of no more than 10,000 metal tons and a 2 - 3 - month transmission period. These factors may lead to a month - on - month increase in domestic tin ore production and a decrease in imports in September [2][20]. - **Recycled Tin**: China's recycled tin production in September may decrease month - on - month [21][23]. - **Refined Tin**: The capacity utilization rate of refined tin in Yunnan and Jiangxi has decreased compared to last week. Yunnan Tin will conduct maintenance on smelting equipment from August 30 for no more than 45 days, resulting in a month - on - month decrease in China's refined tin production and an increase in inventory in September. Indonesia's export volume in September may decrease, which may lead to an increase in China's refined tin imports and a decrease in exports [2][27][31]. Demand - side - **Tin Solder**: China's tin solder capacity utilization rate in September may increase month - on - month, while inventory may decrease [35][37]. - **Photovoltaic Welding Tape**: China's photovoltaic welding tape imports in September may decrease month - on - month, and exports may increase [39][41]. - **Tin - Plated Sheet**: China's tin - plated sheet production, imports, and exports in September may all decrease month - on - month [43][45]. - **Integrated Circuits and Smartphones**: China's integrated circuit and smartphone production in September may increase month - on - month [47][50]. - **Lead - Acid Batteries**: China's lead - acid battery capacity utilization rate has decreased compared to last week [53][56]. Inventory - The inventory of refined tin in the SHFE has increased compared to last week; China's tin ingot social inventory has decreased; the inventory of refined tin at the LME has increased; the total domestic and foreign refined tin inventory has increased [12]. Price and Spread - China's tin concentrate price has increased compared to last week, and tin concentrate imports are still profitable. The daily processing fee of domestic tin concentrate has decreased, indicating a tight supply expectation [16]. - The basis of Shanghai tin is negative and at a relatively low level, and the monthly spread is negative and basically within a reasonable range [4][6]. - The spread of LME tin (0 - 3) contract is positive and at a relatively high level, and the spread of (3 - 15) contract is positive and basically within a reasonable range. The Shanghai - London tin price ratio is slightly below the 50% quantile of the past five years [7][9].

Core Insights - The company Guisheng Co., Ltd. reported an increase in shareholder accounts, reaching 37,344 as of June 30, 2025, which is an increase of 3,654 accounts or 10.85% compared to March 31, 2025 [1][2] - The average number of shares held per account decreased from 7,275 shares to 6,563 shares, with an average market value of 100,500 yuan per account [1][2] - In the general equipment industry, Guisheng's shareholder account number is above the industry average of 29,200 accounts, while its average market value per account is below the industry average of 195,700 yuan [1][2] - From March 31, 2025, to June 30, 2025, Guisheng's stock price increased by 7.36%, during which the number of shareholders rose by 10.85% [1][2] Financial Data Summary - As of June 30, 2025, the company had a shareholder count of 37,344, reflecting a net increase of 3,654 accounts or 10.85% [2] - The average market value per account was reported at 100,500 yuan, with an average shareholding of 6,563 shares [2] - The company experienced a net outflow of 20.54 million yuan from main funds and 36.52 million yuan from speculative funds, while retail investors contributed a net inflow of 57.06 million yuan [2]

Core Viewpoint - Guisheng Co., Ltd. reported a significant decline in net profit for the first half of 2025, with a year-on-year decrease of 524.51%, indicating serious financial challenges faced by the company [1]. Financial Performance Summary - Total operating revenue for the first half of 2025 was 9.56 billion yuan, down 7.65% from the previous year [1]. - The net profit attributable to shareholders was -38.68 million yuan, a decrease of 524.51% year-on-year [1]. - The gross profit margin fell to 7.22%, a decline of 34.55% compared to the previous year [1]. - The net profit margin was -4.05%, down 559.72% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 82.52 million yuan, representing 8.63% of revenue, an increase of 18.41% [1]. Cash Flow and Debt Analysis - The net cash flow from operating activities showed a negative value of -0.19 yuan per share, an increase of 38.28% year-on-year [1]. - The company’s interest-bearing debt increased by 37.79%, reaching 9.65 billion yuan [1]. - The cash flow from investing activities improved by 55.69%, attributed to reduced cash payments for fixed asset purchases [4]. Cost Structure and Expense Analysis - Operating costs decreased by 3.7%, primarily due to lower raw material prices [4]. - Selling expenses decreased by 1.37%, while management expenses increased by 26.78% due to rising wages and office costs [4]. - Financial expenses surged by 76.86%, driven by increased interest payments [4]. Business Model and Historical Performance - The company relies heavily on marketing-driven performance, which requires further investigation into the underlying factors [6]. - Historical data indicates a median Return on Invested Capital (ROIC) of 1.54% over the past decade, with the worst year being 2024 at -1.12% [5]. - The company has reported a total of 20 annual reports since its listing, with one year of losses, necessitating a thorough examination for any special circumstances [5].