Financial Performance - Net profit attributable to shareholders decreased by 24.11% to CNY 16,075,919.70 year-on-year[10] - Operating revenue rose by 5.63% to CNY 641,973,029.81 for the first quarter of 2025[10] - Total operating revenue for Q1 2025 reached ¥641,973,029.81, an increase from ¥607,729,165.58 in Q1 2024, representing a growth of approximately 5.6%[35] - Net profit for Q1 2025 was ¥16,075,919.70, down from ¥21,184,145.42 in Q1 2024, reflecting a decrease of approximately 24.1%[36] - Total profit for Q1 2025 was ¥19,411,337.62, compared to ¥24,851,112.17 in Q1 2024, representing a decline of about 21.8%[36] - Basic and diluted earnings per share for Q1 2025 were both ¥0.06, compared to ¥0.08 in Q1 2024, showing a decline of 25%[37] Assets and Liabilities - Total assets increased by 5.55% to CNY 2,580,269,186.37 compared to the end of last year[10] - Total liabilities rose to ¥1,448,417,435.70, up from ¥1,328,873,690.22, indicating an increase of about 9.0%[30] - Current liabilities totaled ¥1,169,244,820.19, compared to ¥1,094,124,529.10, reflecting a rise of approximately 6.5%[30] - Non-current liabilities increased to ¥279,172,615.51 from ¥234,749,161.12, marking a growth of around 18.9%[34] - Shareholders' equity reached ¥1,131,851,750.67, up from ¥1,115,775,830.97, showing an increase of about 1.4%[30] Cash Flow - Cash flow from operating activities showed a significant decline of 406.43%, resulting in a net outflow of CNY -156,173,822.12[10] - Operating cash inflow for Q1 2025 was CNY 603.77 million, a decrease of 9.6% compared to CNY 667.80 million in Q1 2024[39] - Operating cash outflow for Q1 2025 totaled CNY 759.95 million, an increase of 23.1% from CNY 616.84 million in Q1 2024[40] - Net cash flow from operating activities for Q1 2025 was -CNY 156.17 million, compared to a positive CNY 50.97 million in Q1 2024[40] - Total cash and cash equivalents at the end of Q1 2025 were CNY 146.28 million, down from CNY 268.75 million at the end of Q1 2024[40] Inventory and Receivables - Inventory increased by 40.77% to CNY 604,334,183.70, driven by higher copper prices and increased stock levels[11] - Accounts receivable increased from 1,153,515,069.35 CNY to 1,174,272,884.09 CNY, reflecting a growth of about 1.79%[28] - Inventory rose significantly from 429,310,761.10 CNY to 604,334,183.70 CNY, an increase of approximately 40.67%[28] Shareholder Information - The total number of ordinary shareholders increased to 13,697 by the end of the reporting period[17] - The total number of shares held by the top ten shareholders is 171,838,636, representing 63.54% of the total shares[19] - The largest shareholder, Ningbo Beilun Thomas Investment Co., Ltd., holds 54,299,700 shares, accounting for 20.08%[19] Other Financial Metrics - The company's debt-to-asset ratio (consolidated) rose to 56.13%, up from 54.36% at the end of the previous year[10] - The weighted average return on net assets based on net profit attributable to shareholders decreased to 1.43% from 1.97%[10] - Research and development expenses in Q1 2025 amounted to ¥23,191,679.62, up from ¥21,841,112.02 in Q1 2024, marking an increase of about 6.2%[35] - Financial expenses for Q1 2025 were ¥6,687,550.34, slightly higher than ¥6,256,100.69 in Q1 2024, which is an increase of approximately 6.9%[35] - Other income for Q1 2025 was ¥3,181,621.16, down from ¥6,422,090.52 in Q1 2024, indicating a decrease of about 50.5%[35]

证券代码：834682 证券简称：球冠电缆 公告编号：2025-020 宁波球冠电缆股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 22 日 2.会议召开地点：宁波球冠电缆股份有限公司行政楼一楼会议室 3.会议召开方式：现场投票和网络投票相结合方式召开 4.会议召集人：公司董事会 5.会议主持人：董事长陈永明先生 6.召开情况合法、合规、合章程性说明： 召开本次股东大会的议案已经第五届董事会第十一次会议审议通过，本次 股东大会的召集、召开程序符合《公司法》等相关法律、法规及《公司章程》 的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 11 人，持有表决权的股份总数 169,187,676 股，占公司有表决权股份总数的 62.5694%。 其中通过网络投票参与本次股东大会的股东共 3 人，持有表决权的股份总数 8,510 股，占公司有表决权股份总数的 0.0 ...

股东大会律师见证法律意见书 北京炜衡（宁波）律师事务所 关于 宁波球冠电缆股份有限公司 2024 年年度股东大会的 法律意见书 地址:浙江省宁波市高新区新材料创新中心西区 B1 幢 12A 楼 电话: 0574-89216932 传真: 0574-87066991 网址： http://www.nbwhlaw.com/ 股东大会律师见证法律意见书 北京炜衡（宁波）律师事务所 关于宁波球冠电缆股份有限公司 2024 年年度股东大会的 法律意见书 致:宁波球冠电缆股份有限公司 北京炜衡(宁波)律师事务所(以下简称"本所")依法接受宁波球冠电缆 股份有限公司（以下简称"公司"）的委托，委派本所王星洁律师、胡振楠律师 出席公司本次召开的 2024 年年度股东大会（以下简称"本次股东大会"）。根 据《中华人民共和国公司法》〈以下简称"《公司法》"）、《中华人民共和国 证券法》(以下简称"《证券法》")、《北京证券交易所股票上市规则(试行)》 （以下简称"《上市规则》"）等相关法律、法规、规范性文件及《宁波球冠电 缆股份有限公司章程》（以下简称"《公司章程》"）、《宁波球冠电缆股份有 限公司股东大会议事规则》(以下简称" ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55, 0.68, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 [2] Revenue Breakdown - The company achieved a revenue of 3.295 billion yuan from power cables in 2024, a year-on-year increase of 22.16%, with power cables, electrical equipment cables, and bare wires accounting for 91.93%, 7.65%, and 0.41% of total revenue respectively [3] - Sales revenue in the East China region reached 2.695 billion yuan, accounting for 75.18% of total revenue, with a year-on-year growth of 36.32% [3] - Major clients include State Grid Corporation and China Southern Power Grid, contributing 51.57% and 11.03% of sales revenue respectively, with the top five clients accounting for 74.32% of total sales [3] Market Expansion - The company is actively expanding its market presence among large state-owned enterprises and has made significant progress in this area [4] - The company is also increasing its efforts in foreign trade, establishing an independent foreign trade team to expand its overseas cable market business [4] - A procurement framework contract has been signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 4.077 billion yuan, 4.696 billion yuan, and 5.279 billion yuan respectively, with year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The net profit attributable to shareholders is projected to grow to 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027, with corresponding year-on-year growth rates of 11.1%, 24.4%, and 14.0% [6] - The company’s gross margin is expected to be 12.2%, 12.2%, and 11.8% for the years 2025, 2026, and 2027 respectively [9]

Investment Rating - The investment rating for Qiu Guan Cable is maintained at "Outperform" [2] Core Views - Qiu Guan Cable reported a total revenue of 3.585 billion yuan for 2024, representing a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 132.92 million yuan, up 8.43% year-on-year [2] - The company is expected to achieve net profits of 148 million yuan, 184 million yuan, and 210 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.55 yuan, 0.68 yuan, and 0.78 yuan [2] - The current stock price corresponds to a PE ratio of 25.4, 20.4, and 17.9 for the years 2025, 2026, and 2027 respectively [2] Revenue and Market Performance - In 2024, the revenue from power cables reached 3.295 billion yuan, a year-on-year increase of 22.16%, with the East China region contributing 2.695 billion yuan, accounting for 75.18% of total revenue and growing by 36.32% year-on-year [3] - The top five customers, including State Grid Corporation and China Southern Power Grid, contributed 74.32% of total sales revenue [3] - Qiu Guan Cable is actively developing high-end products such as 500kV cables through collaboration with research institutions to enhance product technology and market competitiveness [3] Market Expansion and Contracts - The company has made progress in expanding its market among large state-owned enterprises and is also increasing efforts in foreign trade, including establishing an independent foreign trade team [4] - A procurement framework contract was signed with Wanhua Chemical Group for the supply of power cables [4] Financial Summary and Projections - The financial summary indicates a projected revenue increase to 4.077 billion yuan in 2025, 4.696 billion yuan in 2026, and 5.279 billion yuan in 2027, with respective year-on-year growth rates of 13.7%, 15.2%, and 12.4% [6] - The gross profit margin is expected to be 12.2% in 2025, with net profit margins of 3.6% for 2025 and 4.0% for 2027 [9]

Core Viewpoint - The company Qiaoguan Cable (834682.BJ) is focusing on enhancing its market position in the cable industry, emphasizing high-quality development and optimizing product structure to meet market demands [1][3]. Group 1: Company Overview - Qiaoguan Cable specializes in the wire and cable sector, aiming to strengthen its position in medium and low-voltage cables while refining its expertise in special cables [3]. - The company is committed to avoiding low-end, homogeneous competition by continuously optimizing its product structure and regional layout based on customer and market needs [3]. - Management highlighted that the wire and cable industry is the second largest industry in China, following the automotive sector, and is transitioning from rapid development to high-quality development [3]. Group 2: Market Opportunities - The construction of new power systems, new energy systems, smart cities, new energy vehicles, and rail transit is increasing the demand for high-quality and functional cables, presenting historical opportunities for the development of high-end, environmentally friendly, and energy-saving special cables [3]. Group 3: Market Performance and Management - The company acknowledges that stock price fluctuations and performance differences are influenced by various market factors, including macroeconomic conditions, social funding preferences, and market sentiment [3]. - Qiaoguan Cable is focused on improving operational quality and performance to reward investors with excellent results [3]. Group 4: Value Management - The company has established a value management system as of March 27, 2025, aimed at enhancing corporate governance, internal value, investor relations, media outreach, and overall market recognition to boost its market value [4].

Group 1: Company Strategy and Future Outlook - The company will focus on its core business of wire and cable, enhancing its production and sales scale while avoiding low-end, homogeneous competition [5] - Emphasis on R&D innovation, particularly in high-voltage and specialty cables, to strengthen core competitiveness [5] - Plans to explore new business growth points and gradually upgrade its main business, including entering the cable installation market [5] Group 2: Financial Performance - In 2024, the company reported revenues of CNY 3.585 billion, a 20.19% increase from CNY 2.983 billion in 2023 [8] - Net profit for 2024 was CNY 133 million, up 8.43% from CNY 123 million in 2023 [8] - Contract liabilities reached CNY 40.57 million, a 187.93% increase year-on-year, primarily due to increased customer prepayments [8] Group 3: Market Position and Valuation - The company’s stock valuation is lower than peers due to various market factors, but it aims to enhance its internal value and investor relations [6][7] - The company has established a market value management system to improve governance and investor engagement [6][7] Group 4: Industry Trends and Challenges - The cable industry is transitioning to high-quality development, supported by significant national investments, including CNY 2.9 trillion for the "14th Five-Year Plan" [10] - The industry is experiencing consolidation, with smaller companies exiting the market, leading to increased competition among larger firms [11] - Technological innovation and green development are becoming essential for the industry, driven by national strategies [11] Group 5: Product Applications and Development - The company’s products are widely used in major national projects, including rail transit and energy sectors [12] - There are ongoing R&D efforts for marine and nuclear power cables, although direct sales in these areas have not yet occurred [12] - The company’s production capacity utilization is over 85%, with plans for capacity expansion to meet growing demand [13] Group 6: Risk Management - Copper prices, which account for over 80% of the company's main business costs, pose a significant operational risk [16] - The company employs various strategies to mitigate the impact of copper price fluctuations, including forward contracts and maintaining safety stock [16]

一、 说明会类型 宁波球冠电缆股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日在北 京证券交易所信息披露平台（www.bse.cn）披露了《2024 年年度报告》（公告编 号：2025-005）及《2024 年年度报告摘要》（公告编号：2025-006），为方便广 大投资者更深入了解公司 2024 年年度经营业绩的具体情况，加强与投资者的互 动交流，公司拟召开 2024 年年度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 11 日（星期五）15:00-16:30。。 （二）会议召开地点 证券代码：834682 证券简称：球冠电缆 公告编号：2025-018 宁波球冠电缆股份有限公司 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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 带法律责任。 公司定于 2025 年 4 月 11 日（星期五）15:00-16:30 在全景网举办 2024 年 年度报告业绩说明会，本次年报业绩说明会将采用网络远程的方式举行，投资者 可 ...

Group 1 - The report highlights that AI Agents are accelerating penetration across various industries and may become the primary mode of human-machine collaboration, with three models identified: embedding, copilot, and agent mode, with the agent mode being the most efficient [3][9][10] - In 2022, China's data output reached 8.1ZB, growing by 22.7% year-on-year, and is projected to reach approximately 9.5ZB in 2023, making it the second-largest data producer globally [18][20] - The report identifies 15 companies on the Beijing Stock Exchange involved in AI applications, including AiRong Software (AI finance), Guozi Software (AI-enabled data assets), and Huaxin Yongdao (AI governance) [24][25] Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry increased by 0.51% to 45.7X, while the electronic equipment industry's P/E ratio rose from 51.8X to 52.0X [34][59] - The report notes that the median P/E ratio for the machinery equipment industry decreased from 52.4X to 50.9X, and the information technology industry's P/E ratio fell from 61.6X to 59.3X [41][47] - The report mentions that the total market value of the new energy industry decreased from 468.4 billion to 465.3 billion, with notable stock performance from companies like QiuGuan Cable (+17.39%) and YiNeng Power (+5.75%) [59][61] Group 3 - The report states that the total market value of the electronic equipment industry decreased from 1195.1 billion to 1164.8 billion, with the median market value rising from 21.8 billion to 23.2 billion [36][37] - The machinery equipment industry's total market value fell from 972.7 billion to 939.7 billion, with the median market value decreasing from 19.5 billion to 18.7 billion [42][44] - The report indicates that the total market value of the information technology industry decreased from 878.1 billion to 858.4 billion, while the median market value remained unchanged at 24.5 billion [49][50] Group 4 - The report highlights that Kairun Intelligent Control Co., Ltd. won a bid for an electrification project in an African country, with a contract value of 732.121 million USD [63]

球冠电缆还表示，此次再度荣获中国质量检验协会颁发的多项重要证书，标志着公司在"质量强国"战略下的标杆价值再获认可。未来，公司将持续以匠心守 初心，以诚信树品牌，为推动中国电线电缆行业的高质量发展注入强劲力量。2024年，球冠电缆研发支出金额达1.16亿元，研发支出占营业收入的比例为 3.24%。公司拥有的专利数量58个，其中发明专利数量14个。 球冠电缆在技术创新方面完成高导电铝合金交联聚乙烯电缆等15个产品研发项目；公司继续推进500kV聚乙烯电缆试验，完成高压电缆绝缘线芯去气工艺优 化、高压电缆绕包半导电缓冲阻水带的工艺改进等36项。全年获得"一种防鼠防蚁防紫外线光伏电缆"等16项国家专利授权（其中发明专利1项）及一项软件 著作权。公司参与编制的一项高压电缆国家标准《额定电压66kV（Um=72.5kV）和110kV（Um=126kV）交联聚乙烯绝缘电力电缆及其附件第2部分：电 缆》获准发布实施。公司10kV防蚁电力电缆获得"浙江制造精品"荣誉，"新型高强韧耐热铝导线的开发"项目列入2024年宁波市北仑区关键核心技术攻关项 目。 球冠电缆在质量提升方面，公司全面修订了《产品生产质量大纲》，制定了《外协监造 ...