资金流向方面，主力资金净流出359.27万元，特大单买入1053.20万元，占比5.76%，卖出608.48万元， 占比3.33%；大单买入2661.10万元，占比14.57%，卖出3465.09万元，占比18.97%。 贵州轮胎今年以来股价涨3.86%，近5个交易日涨7.38%，近20日涨13.36%，近60日涨12.11%。 资料显示，贵州轮胎股份有限公司位于贵州省贵阳市修文县扎佐工业园黔轮大道，成立日期1996年1月 29日，上市日期1996年3月8日，公司主营业务涉及轮胎研发、生产及销售。主营业务收入构成为：轮胎 99.17%，混炼胶及其他0.48%，其他0.35%。 贵州轮胎所属申万行业为：汽车-汽车零部件-轮胎轮毂。所属概念板块包括：国资改革、低价、破净 股、增持回购、轮胎等。 11月3日，贵州轮胎盘中上涨2.00%，截至13:46，报5.09元/股，成交1.83亿元，换手率2.36%，总市值 79.13亿元。 截至10月20日，贵州轮胎股东户数6.47万，较上期增加4.58%；人均流通股23748股，较上期减少 4.38%。2025年1月-9月，贵州轮胎实现营业收入79.56亿元，同比增长1.4 ...

本报记者 刘钊 Wind资讯数据显示，截至目前，A股市场轮胎板块11家上市企业已悉数披露了2025年三季度报告。今年前三季度，轮胎行 业整体呈现"营收增长、利润分化"的发展态势。而第三季度多家企业出现业绩回暖信号，为行业后续发展注入信心。 北方工业大学汽车产业创新研究中心主任纪雪洪向《证券日报》记者表示，今年以来，国内轮胎行业在复杂的市场环境下 展现出较强的营收韧性，多数企业实现营收增长。同时，利润分化格局明显，原材料价格波动、国际贸易问题、汇率变动等成 为影响企业盈利能力的主要因素。其中，第三季度，随着部分企业产品结构优化、海外基地达产及原材料价格下降，多家企业 单季业绩改善。 前三季度业绩分化 青岛双星第三季度显著减亏，这得益于公司持续推进产品结构调整，稀土金、全防爆、EV轮胎等产品销量持续增长。同 时，该公司在柬埔寨的工厂已逐步达产，带动公司整体收入和单价提升。 此外，因营业收入增长、毛利率提高、汇率变动导致汇兑损失减少，中策橡胶第三季度实现利润总额同比增长68.48%。 黄河科技学院客座教授张翔在接受《证券日报》记者采访时表示，未来，轮胎企业需持续聚焦技术创新，推进产品结构升 级，提升高毛利产品占比； ...

Group 1 - The report highlights that Q3 performance met expectations with a continuous increase in membership numbers for Focus Technology, achieving a revenue of 490 million yuan, a year-on-year increase of 17% [4][5] - The report indicates that the company’s net profit for Q3 was 122 million yuan, showing a year-on-year decrease of 2%, while the net profit excluding non-recurring items was 118 million yuan, down 3.4% year-on-year [5][6] - The report notes that the company’s gross margin was 78.5%, a decrease of 1.4 percentage points year-on-year, and the net profit margin was 24.5%, down 5.2 percentage points year-on-year [5][6] Group 2 - The report states that Kuaijiao's revenue for the first three quarters was 3.174 billion yuan, a year-on-year decrease of 27.24%, with a net profit of 742 million yuan, down 43.39% year-on-year [10][11] - In Q3, Kuaijiao's revenue was 643 million yuan, a year-on-year decrease of 46.23%, and the net profit was 27 million yuan, down 92.55% year-on-year [10][11] - The report indicates that the decline in high-end and mid-range liquor sales was significant, while low-end liquor saw a growth of 117.28% year-on-year [12] Group 3 - The report mentions that Jinshi Resources achieved a revenue of 2.758 billion yuan in the first three quarters, a year-on-year increase of 50.73%, while the net profit was 236 million yuan, down 5.88% year-on-year [15][17] - In Q3, the company reported a revenue of 1.033 billion yuan, a year-on-year increase of 45.21%, and a net profit of 109 million yuan, up 32.29% year-on-year [16][18] - The report highlights that the company’s cash flow from operating activities for the first three quarters was 462 million yuan, an increase of 24.80% year-on-year [15][17] Group 4 - The report indicates that Wanze Co. achieved a revenue of 941 million yuan in the first three quarters, a year-on-year increase of 21%, with a net profit of 170 million yuan, up 22.45% year-on-year [22][23] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [24][43] - The report notes that the company has significant production capacity in high-temperature alloy components, with various agreements in place for further expansion [23][26] Group 5 - The report states that Lu'an Huanneng's revenue for the first three quarters was 21.1 billion yuan, a year-on-year decrease of 20.8%, with a net profit of 1.55 billion yuan, down 44.45% year-on-year [28][29] - In Q3, the company reported a revenue of 7.03 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 210 million yuan, down 64% year-on-year [28][29] - The report highlights that the company plans to shut down its Xidong Coal Mine to improve operational efficiency and reduce losses [30][31] Group 6 - The report indicates that Mango Super Media's Q3 revenue was 3.099 billion yuan, a year-on-year decrease of 6.58%, with a net profit of 252 million yuan, down 33.47% year-on-year [32][33] - The report notes that increased content and R&D investments led to higher costs, impacting profitability [33][34] - The report highlights that advertising revenue returned to positive growth in Q3, with new shows expected to drive further engagement [35][36] Group 7 - The report states that Hangya Technology achieved a revenue of 530 million yuan in the first three quarters, a year-on-year increase of 1.95%, with a net profit of 78 million yuan, down 16.04% year-on-year [38][39] - In Q3, the company reported a revenue of 161 million yuan, a year-on-year decrease of 10.87%, and a net profit of 17 million yuan, down 34.78% year-on-year [40][41] - The report indicates that the company is focusing on new product development to drive future growth [39][41] Group 8 - The report mentions that Shandong Weida achieved a revenue of 1.439 billion yuan in the first three quarters, a year-on-year decrease of 11%, with a net profit of 230 million yuan, up 15% year-on-year [43][44] - In Q3, the company reported a revenue of 525 million yuan, a year-on-year decrease of 2%, but a net profit increase of 31% year-on-year [43][44] - The report highlights the company's strong cash flow and potential for growth in new business areas [44][45] Group 9 - The report indicates that Dinglong Co. achieved a revenue of 2.698 billion yuan in the first three quarters, a year-on-year increase of 11.2%, with a net profit of 519 million yuan, up 38% year-on-year [46][47] - In Q3, the company reported a revenue of 967 million yuan, a year-on-year increase of 6.6%, and a net profit of 208 million yuan, up 31.5% year-on-year [47][48] - The report highlights the strong performance of the semiconductor business, contributing significantly to overall growth [48]

2025 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李振方 S0350524080003 lizf@ghzq.com.cn [Table_Title] 越南三期项目顺利推进，2025 年 Q3 单季度归 母净利润同环比改善 ——贵州轮胎（000589）2025 年三季报点评 最近一年走势 | 相对沪深 | 表现 300 | | | 2025/10/29 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 贵州轮胎 | | 8.0% | 5.0% | -2.5% | | 沪深 300 | | 2.8% | 14.3% | 21.0% | | 市场数据 | 2025/10/29 | | --- | --- | | 当前价格（元） | 4.86 | | 52 周价格区间（元） | 4.14-5.42 | | 总市值（百万） | 7,5 ...

Core Viewpoint - Guizhou Tyre's stock has shown positive performance recently, with a notable increase in trading volume and a slight rise in share price, indicating potential investor interest and market confidence [1][2]. Financial Performance - For the period from January to September 2025, Guizhou Tyre reported revenue of 7.956 billion yuan, reflecting a year-on-year growth of 1.44%. However, the net profit attributable to shareholders decreased by 19.72% to 450 million yuan [2]. - The company has distributed a total of 1.388 billion yuan in dividends since its A-share listing, with 741 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 20, 2025, the number of shareholders increased to 64,700, up by 4.58% from the previous period. The average number of circulating shares per shareholder decreased by 4.38% to 23,748 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings, such as a decrease in shares held by Southern CSI 1000 ETF and HSBC Jintrust New Power Mixed A [3]. Market Activity - On October 30, Guizhou Tyre's stock price rose by 2.06% to 4.96 yuan per share, with a trading volume of 194 million yuan and a turnover rate of 2.58%. The total market capitalization reached 7.711 billion yuan [1]. - The stock has experienced a year-to-date increase of 1.20%, with a 4.20% rise over the last five trading days and a 9.25% increase over the last 20 days [1].

Core Viewpoint - Guizhou Tire Co., Ltd. has released its third-quarter financial report for 2025, highlighting significant changes in financial metrics and a proposed profit distribution plan for shareholders [11][15]. Financial Data Summary - The company reported a net profit attributable to the parent company of CNY 449,974,358.89 for the first three quarters of 2025, with a net profit of CNY 115,237,242.87 for the parent company alone [15]. - The total share capital of the company is 1,554,688,404 shares, with 1,548,599,004 shares eligible for profit distribution after accounting for treasury shares [16]. - The proposed cash dividend is CNY 0.40 per share (before tax), totaling CNY 61,943,960.16 to be distributed to shareholders [16]. Changes in Financial Metrics - Non-current assets due within one year increased by CNY 205,358,783.85, a rise of 102.34%, primarily due to new short-term fixed deposits [5]. - Other current assets decreased by CNY 49,141,631.84, a decline of 84.08%, mainly due to a reduction in deductible input tax [5]. - Construction in progress increased by CNY 555,171,173.25, up 60.86%, attributed to investments in new tire manufacturing projects [5]. - Tax payable increased by CNY 53,085,961.36, a rise of 119.31%, due to higher income tax obligations [5]. - Financial expenses rose by CNY 31,203,272.49, an increase of 95.48%, due to reduced cash funds and lower deposit interest rates [6]. Profit Distribution Plan - The profit distribution plan is based on the financial performance as of the third quarter of 2025 and is designed to balance the company's development needs with shareholder returns [17]. - The plan is compliant with relevant laws and regulations, ensuring legality and reasonableness in the distribution process [17].

Core Viewpoint - Guizhou Tyre (000589) reported a total revenue of 7.956 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.44%, while the net profit attributable to shareholders decreased by 19.72% to 450 million yuan [3][4]. Financial Performance - Total revenue for the first three quarters of 2025 was 7.956 billion yuan, up 1.44% year-on-year [3][4]. - Net profit attributable to shareholders was 450 million yuan, down 19.72% year-on-year [3][4]. - Deducting non-recurring gains and losses, the net profit was 428 million yuan, a decrease of 20.72% year-on-year [3][4]. - Operating cash flow net amount was 443 million yuan, an increase of 1.73% year-on-year [3][18]. - Basic earnings per share were 0.29 yuan, with a weighted average return on equity of 5.03% [3][15]. Dividend Distribution - The company plans to distribute a cash dividend of 0.4 yuan per 10 shares (including tax) to all shareholders [3]. Cash Flow Analysis - The net cash flow from operating activities was 443 million yuan, increasing by 1.73% year-on-year [18]. - The net cash flow from financing activities decreased by 400 million yuan, totaling 77.368 million yuan [18]. - The net cash flow from investing activities was -1.226 billion yuan, compared to -730 million yuan in the same period last year [18]. Asset and Liability Changes - As of the end of Q3 2025, cash and cash equivalents decreased by 20.15%, while construction in progress increased by 60.86% [22]. - Accounts receivable increased by 11.89%, while inventory decreased by 11.45% [22]. - Non-current liabilities due within one year increased by 123.92% [25]. Financial Ratios - The current ratio was 1.15, and the quick ratio was 0.92 as of Q3 2025 [31]. - The company's price-to-earnings ratio (TTM) was approximately 14.59, with a price-to-book ratio of about 0.83 and a price-to-sales ratio of approximately 0.68 [4].

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-061 贵州轮胎股份有限公司 第九届董事会第四次会议决议公告 会议由董事长黄舸舸先生主持，与会董事对各项议案进行了充分审议，形成 如下决议： 一、以 9 票同意、0 票反对、0 票弃权审议通过了《2025 年第三季度报告》 （具体内容详见《证券时报》《中国证券报》《上海证券报》和巨潮资讯网）。 本报告经公司董事会审计委员会前置审议通过。 二、以 9 票同意、0 票反对、0 票弃权审议通过了《2025 年中期利润分配方 案》（具体内容详见《证券时报》《中国证券报》《上海证券报》和巨潮资讯网披 露的《关于 2025 年中期利润分配方案的公告》）。 本议案在公司 2024 年度股东会决议授权范围内，无需再次提请股东会审议。 特此公告。 贵州轮胎股份有限公司董事会 2025 年 10 月 28 日 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 | | --- | | 记载、误导性陈述或重大遗漏。 | 贵州轮胎股份有限公司（以下简称"公司"）关于召开第九届董事会第四次 会议的通知于 2025 年 10 月 22 日以专人送达、电子 ...

贵州轮胎股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 证券代码：000589 证券简称：贵州轮胎 公告编号：2025-062 贵州轮胎股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 2,762,906,949.32 | 3.54% | 7,956,058,652.92 | 1.44% | | 归属于上市公 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-063 一、利润分配方案的基本情况 （一）基本内容 1、分配基准：2025年三季度 2、根据公司2025年1-9月财务报告（未经审计），合并报表归属于母公司所 有者的净利润为449,974,358.89元，其中母公司实现净利润为115,237,242.87 元，加期初未分配利润2,150,617,234.47元，按照《公司章程》规定提取盈余公 积11,523,724.29元，实施上年度利润分配支付红利201,116,157.45元，母公司 2025年三季度末可供股东分配的利润为2,053,214,595.60元。本报告期末，公司 总股本为1,554,688,404股，扣除公司回购专用证券账户持有股份6,089,400股， 有利润分配权的股份数为1,548,599,004股。 3、公司2025年中期利润分配方案为：以公司有利润分配权的股份 1,548,599,004股为基数，向全体股东每10股派发现金红利0.40元（含税），拟共 向股东派发红利61,943,960.16元；不送红股；不以公积金转增股本。 贵州轮胎股份有限公司 关于 2025 年中期 ...