Group 1 - The core viewpoint of the news is that Guizhou Steel Rope Co., Ltd. (贵绳股份) experienced a stock price increase of 5.12%, reaching 15.81 CNY per share, with a trading volume of 176 million CNY and a turnover rate of 4.70%, resulting in a total market capitalization of 3.875 billion CNY [1] - The company, established on October 19, 2000, and listed on May 14, 2004, specializes in the research, production, processing, sales, and import-export of steel wire, various types of steel rope products, prestressed steel strands, and related equipment and materials [1] - The main revenue composition of the company includes steel ropes (48.27%), steel strands (26.87%), steel wires (22.88%), and other supplementary products (1.39%), with entrusted processing materials and rigging contributing 0.31% and 0.29% respectively [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's Guotai Zhongzheng Steel ETF (国泰中证钢铁ETF, 515210) entered the top ten circulating shareholders in the third quarter, holding 2.0017 million shares, which accounts for 0.82% of the circulating shares [2] - The Guotai Zhongzheng Steel ETF was established on January 22, 2020, with a latest scale of 3.66 billion CNY, achieving a year-to-date return of 28.55% and ranking 1974 out of 4216 in its category [2] - The fund has a one-year return of 25.88%, ranking 2099 out of 3896, and a cumulative return of 70.25% since its inception [2]

Core Viewpoint - Guizhou Steel Rope Co., Ltd. reported a significant net loss for the third quarter of 2025, with a total profit of -61,578,158.50 yuan, indicating a shift from profit to loss compared to the previous year [2][3]. Financial Performance - The company's revenue for the third quarter was 499,876,343.65 yuan, representing a year-on-year increase of 5.43% [2]. - For the year-to-date period, the total revenue was 1,456,178,225.16 yuan, showing a decrease of 3.54% compared to the same period last year [2]. - The net profit attributable to shareholders was -22,895,131.23 yuan for the quarter and -61,578,158.50 yuan year-to-date, both indicating a significant decline [2][3]. - The basic and diluted earnings per share for the quarter were -0.0934 yuan, and for the year-to-date, it was -0.2512 yuan [2][8]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was -52,771,467.06 yuan, indicating a negative cash flow situation [2][9]. - Total assets as of September 30, 2025, were 3,420,148,617.67 yuan, a 3.84% increase from the end of the previous year [2][8]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,697 [4]. - The largest shareholder, Guizhou Steel (Group) Co., Ltd., holds 23.46% of the shares [4]. Upcoming Events - The company will hold a third-quarter earnings presentation on December 5, 2025, where executives will discuss the financial results with investors [3][12].

证券代码：600992 证券简称：贵绳股份 编号：2025-035 贵州钢绳股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 28 日 （星期五） 至 12 月 04 日 （星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 zqb@gzgs.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 贵州钢绳股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发 布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 05 日 （星 期五） 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问 题进行交流。 一、 说明会类型 - 1 ...

Core Viewpoint - The company, Guizhou Steel Rope Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information presented in the report [1][2][9]. Financial Data Summary - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not provided in the text [3]. - Non-recurring gains and losses are applicable, but details on significant items are not specified [4]. Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, although specific data is not provided [5]. Meeting Resolutions - The third meeting of the ninth board of directors was held on October 30, 2025, where the third-quarter report was approved unanimously by all attending directors [9]. - The meeting adhered to legal and regulatory requirements, ensuring that the report reflects the company's operational management and financial status accurately [8].

证券代码：600992 证券简称：贵绳股份 编号：2025-034 贵州钢绳股份有限公司第九届监事会 第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 贵州钢绳股份有限公司第九届监事会第三次会议于2025年10月30日在贵 州钢绳股份有限公司以通讯方式召开，会议通知于 2025 年 10 月 20 日，以书面 送达、传真、电子邮件等方式发出。会议由监事会主席陈杰先生主持，应到监 事 5 名，实到监事 5 名，会议召开符合《公司法》《公司章程》规定。 2025 年 10 月 30 日 会议经过充分的讨论，以记名投票表决的方式审议通过了以下决议。 1 1、以五票同意，零票反对，零票弃权，审议通过了公司 2025 年第三季度 报告。（详见上海证券交易所网站：www.sse.com.cn）。 公司 2025 年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的规定；报告的内容和格式符合中国证监会和上海 证券交易所的规定，所包含的信息真实地反映了公司的经营管理和财务状况。 贵州钢绳股 ...

贵州钢绳股份有限公司第九届董事会 第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 证券代码：600992 证券简称：贵绳股份 编号：2025-033 该议案已经审计委员会事前认可，经审计委员会全体成员一致同意后，提 交董事会审议。 贵州钢绳股份有限公司董事会 2025 年 10 月 30 日 1 贵州钢绳股份有限公司第九届董事会第三次会议于2025年10月30日在贵 州钢绳股份有限公司以通讯方式召开，会议通知于 2025 年 10 月 20 日，以书面 送达、传真、电子邮件等方式发出。会议由董事长马显红先生主持，应到董事 9 名，实到董事 9 名，公司监事及高级管理人员列席了会议，会议召开符合《公 司法》《公司章程》规定。会议经过充分的讨论，以记名投票表决的方式审议通 过了以下决议。 1、以九票同意，零票反对，零票弃权，审议通过了公司 2025 年第三季度 报告。（详见上海证券交易所网站：www.sse.com.cn）。 ...

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]