Core Viewpoint - Guizhou Tyre is making progress on its two major projects: the all-steel radial tire project with an annual capacity of 380,000 units and the semi-steel radial tire project with an annual capacity of 6 million units, aiming to enhance production capabilities and customer service [2]. Group 1: Project Updates - The first phase of the all-steel radial tire project, which has a capacity of 200,000 units, has reached operational status last year [2]. - The second phase of the all-steel radial tire project, with a capacity of 180,000 units, is still under construction [2]. - The first tire from the semi-steel radial tire project was produced in July this year, with sales expected to commence in the first quarter of next year [2].

Core Viewpoint - Guizhou Tyre Co., Ltd. has completed the cancellation of 63,900 repurchased shares, which accounts for 0.004% of the company's total share capital before cancellation, resulting in a reduction of total share capital from 1,554,688,404 shares to 1,554,624,504 shares [2][5]. Group 1: Share Repurchase and Cancellation - The company repurchased a total of 23,841,900 shares at an average price of 5.03 yuan per share, using a total of approximately 119.97 million yuan [3]. - The repurchase plan was initially approved on November 16, 2022, with a budget of 70 million to 120 million yuan and a maximum price of 6.18 yuan per share [2][5]. - The remaining 63,900 shares from the repurchase plan were repurposed from "equity incentive plan" to "cancellation and reduction of registered capital" [5][7]. Group 2: Regulatory Compliance and Procedures - The cancellation of shares was completed on November 5, 2025, in accordance with relevant regulations and guidelines [2][5]. - The company followed the necessary procedures for changing the purpose of the repurchased shares and obtaining approvals from the board and shareholders [5][4]. - The cancellation does not significantly impact the company's financial status, debt repayment ability, or shareholder rights [7]. Group 3: Future Arrangements - The company will proceed with the necessary legal and regulatory steps to register the reduction in registered capital and update its articles of association [8].

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-064 1、贵州轮胎股份有限公司（以下简称"公司"）本次注销部分回购股份63,900 股 ， 占 注 销 前 公 司 总 股 本 的 0.004% 。 本 次 注 销 完 成 后 ， 公 司 总 股 本 由 1,554,688,404股减少至1,554,624,504股，公司注册资本相应由1,554,688,404 元减少至1,554,624,504元。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 回购股份注销事项已于2025年11月5日办理完成。 公司于 2023 年 2 月 21 日实施完毕的回购股份计划，在授予完成 2022 年限 制性股票激励计划后，剩余 63,900 股回购股份存放于公司回购专用证券账户中， 因该部分股份存续时间即将期满三年，根据《上市公司股份回购规则》《深圳证 券交易所上市公司自律监管指引第 9 号——回购股份》等相关法规、规范性文件 及公司回购股份方案的相关规定，公司将该部分回购股份的用途由"用于股权激 励计划"变更为"用于注销并相应减少公司注册资本"。公司已办理完成了相关 股份的回购注销手续 ...

Core Points - Guizhou Tyre announced the cancellation of 63,900 repurchased shares, which accounts for 0.004% of the total shares before cancellation [2] - After the cancellation, the total share capital of the company decreased from 1,554,688,404 shares to 1,554,624,504 shares [2] - The registered capital correspondingly reduced from 1,554,688,404 yuan to 1,554,624,504 yuan [2] - The cancellation of the repurchased shares was confirmed by the Shenzhen branch of China Securities Depository and Clearing Corporation Limited and completed on November 5, 2025 [2]

Core Viewpoint - Guizhou Tyre announced the completion of a share repurchase and cancellation, affecting a small percentage of its total share capital [1] Group 1: Share Repurchase and Cancellation - On November 5, 2025, the company completed the cancellation of 63,900 shares, which represents 0.004% of the total share capital prior to cancellation [1] - Following the cancellation, the total share capital decreased from 1,554,688,404 shares to 1,554,624,504 shares, with a corresponding reduction in registered capital [1] - The share repurchase plan was implemented between 2022 and 2023 for employee stock incentives, with the remaining 63,900 shares being granted for cancellation after board and shareholder approval in August and September 2025 [1] Group 2: Impact and Future Actions - The cancellation of shares is stated to have no significant impact on the company [1] - The company will proceed with the necessary business registration changes following the share cancellation [1]

Core Viewpoint - Guizhou Tyre's stock has shown a positive trend with a year-to-date increase of 3.86% and a significant rise of 13.36% over the past 20 trading days, despite a net outflow of funds [1][2]. Financial Performance - For the period from January to September 2025, Guizhou Tyre reported a 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 Information - As of October 20, 2025, the number of shareholders increased to 64,700, up by 4.58%, while the average circulating shares per person decreased by 4.38% to 23,748 shares [2]. - The top ten circulating shareholders include notable entities such as Southern CSI 1000 ETF and HSBC Jintrust New Power Mixed A, with some shareholders reducing their holdings [3].

Core Viewpoint - The tire industry in the A-share market has shown overall revenue growth but significant profit differentiation among companies in the first three quarters of 2025, with signs of performance recovery in the third quarter injecting confidence into future industry development [1] Group 1: Industry Performance - The tire industry has demonstrated strong revenue resilience despite a complex market environment, with most companies achieving revenue growth [1] - The profit differentiation is influenced by factors such as raw material price fluctuations, international trade issues, and exchange rate changes [1] - In the third quarter, several companies improved their quarterly performance due to product structure optimization, overseas production capacity reaching full output, and declining raw material prices [1] Group 2: Company-Specific Performance - Zhongce Rubber, a leading company listed in May, reported a revenue of 33.683 billion with a year-on-year growth of 14.98% and a net profit of 3.513 billion, up 9.30% [2] - Taike Ying, which went public on October 28, achieved a revenue of 1.939 billion, growing 14.39%, and a net profit of 130 million, increasing by 10.13% [2] - Sailun Tire showed strong revenue growth of 27.587 billion, up 16.76%, but its net profit fell by 11.47% to 2.872 billion [2] - Linglong Tire reported a revenue of 18.161 billion, a 13.87% increase, but its net profit dropped by 31.81% to 1.167 billion due to rising raw material costs [2][3] Group 3: Recovery Trends - The third quarter saw a significant recovery trend, with many companies showing improved performance compared to the first half of the year [4] - Windson achieved explosive growth in the third quarter with a revenue of 2.025 billion, up 17%, and a net profit of 121 million, soaring by 167.67% [4] - Guizhou Tire reported a revenue of 2.763 billion, a 3.54% increase, and a net profit of 201 million, up 50.55%, indicating clear signs of recovery [4] - Qingdao Double Star significantly reduced its losses due to ongoing product structure adjustments and increased sales of high-margin products [4] Group 4: Future Outlook - Companies are encouraged to focus on technological innovation, product structure upgrades, and enhancing the proportion of high-margin products [5] - Strengthening cost control and adapting to raw material price fluctuations are essential for improving profitability [5] - Companies with technological advantages, scale, and global layouts are expected to capture more market share and lead high-quality industry development [5]

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].