Core Viewpoint - The company Yongding Co., Ltd. (stock code: 600105) expects a significant increase in net profit for the first half of 2025, projecting a net profit attributable to shareholders of between 260 million to 320 million yuan, which represents an increase of 229 million to 289 million yuan compared to the same period last year, reflecting a year-on-year growth of 731% to 922% [1] Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is projected to be between 260 million to 320 million yuan [1] - The anticipated increase in net profit compared to the same period last year is between 229 million to 289 million yuan [1] - The projected year-on-year growth rate for net profit is between 731% to 922% [1] Non-Recurring Profit - The company expects the net profit attributable to shareholders after deducting non-recurring gains and losses to be between 250 million to 310 million yuan for the first half of 2025 [1] - This represents an increase of 229 million to 289 million yuan compared to the same period last year [1] - The year-on-year growth rate for the net profit after deducting non-recurring gains and losses is projected to be between 1,073% to 1,354% [1] Investment Income - The significant increase in net profit is primarily attributed to the increase of approximately 290 million yuan in investment income recognized from the equity method for the associated company Dongchang Investment [1]

Core Viewpoint - The company is reallocating a guarantee amount of 20 million RMB from its wholly-owned subsidiary, Jiangsu Yongding Fiber Optic Technology Co., Ltd. to its controlling subsidiary, Etern Manufactura de México, S. de R.L. de C.V. This adjustment is part of the company's strategy to support its subsidiaries' operational needs while maintaining a manageable risk profile [1][2]. Summary by Sections Guarantee Adjustment Overview - The guarantee adjustment involves transferring an unused guarantee amount of 20 million RMB to Etern Manufactura de México, resulting in a new total guarantee of 80 million RMB for Jiangsu Yongding Fiber Optic and 20 million RMB for Etern Manufactura [1][2]. - The company has no overdue external guarantees [1]. Guarantee Adjustment Details - The adjustment is compliant with regulatory requirements and is aimed at meeting the actual business needs of the company [2]. - The debt ratio of Etern Manufactura de México is not applicable as it is a newly established company [2]. Basic Information of the Guaranteed Company - Jiangsu Yongding Fiber Optic has total assets of 224.73 million RMB and total liabilities of 236.16 million RMB as of December 31, 2024, resulting in a net asset deficit of 11.43 million RMB [3]. - For the first quarter of 2025, the company reported total assets of 124.98 million RMB and total liabilities of 136.17 million RMB, with a net asset deficit of 11.18 million RMB [3]. Main Content and Authorization of the Guarantee - The guarantee adjustment is internal and will be formalized through specific guarantee agreements [4]. - The chairman of the board is authorized to handle all matters related to borrowing and financing post-adjustment, with the company bearing all legal and economic responsibilities [4]. Necessity and Reasonableness of the Guarantee Adjustment - The adjustment is deemed beneficial for the normal business development of the controlling subsidiary, which has a good credit status and no significant default history [4]. - The potential risks associated with this adjustment are not expected to impact the company's ongoing operational capabilities or harm the interests of minority shareholders [4]. Cumulative External Guarantee Amount - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 85.33% of the audited net assets, with no overdue guarantees reported [4].

证券代码：600105 证券简称:永鼎股份 公告编号：临 2025-038 江苏永鼎股份有限公司关于 为子公司申请年度银行授信提供担保的进展公告 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。 重要内容提示: ●被担保人名称及是否为上市公司关联人：金亭汽车线束（苏州）有限公司（以 下简称"苏州金亭"）、江苏永鼎光电子技术有限公司（以下简称"江苏光电子"）、 上海永鼎光电子技术有限公司（以下简称"上海光电子"）、苏州鼎芯光电科技有限 公司（以下简称"苏州鼎芯"）、东部超导科技（苏州）有限公司（以下简称"东部 超导"）、苏州永鼎线缆科技有限公司（以下简称"永鼎线缆"）为上市公司合并报 表范围内子公司，不存在其他关联关系。 ●本次担保金额及已实际为其提供担保的余额： 1、本次为全资子公司苏州金亭申请银行授信提供担保，担保额为人民币 1,600.00 万元，本公司已实际为其提供担保的余额 28,100.00 万元人民币<含本次>。 2、本次为控股子公司江苏光电子申请银行授信提供担保，担保额为人民币 1,800.00 万元，本公司 ...

证券代码：600105 证券简称：永鼎股份 公告编号：临2025-037 江苏永鼎股份有限公司 关于在子公司之间调剂担保额度的公告 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个别及连带责任。 重要内容提示： ●调出方名称：全资子公司江苏永鼎光纤科技有限公司（以下简称"永鼎光纤"） ●调入方名称：控股孙公司Etern Manufactura de México, S. de R.L. de C.V. ●本次担保调剂金额及调剂后担保额度：2,000万元；永鼎光纤将未使用的担保额 度2,000万元调至Etern Manufactura de México, S. de R.L. de C.V.，调剂后江苏 永鼎股份有限公司（以下简称"永鼎股份"或"公司"）为永鼎光纤提供的担保额度 为8,000万元；公司为Etern Manufactura de México, S. de R.L. de C.V.提供的担 保额度为2,000万元。 ●本次担保额度调剂无反担保 ●公司无逾期对外担保 一、担保情况概述 江苏永鼎股份有限公司第十届董事会第九次会 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Core Viewpoint - Jiangsu Yongding Co., Ltd. announced that its subsidiary, Eastern Superconductor Technology (Suzhou) Co., Ltd., will sign a debt-to-equity conversion agreement with Industrial Guoxin Asset Management Co., Ltd. This agreement involves converting 12 million RMB of convertible bond loans into equity investment, which will result in a slight decrease in Yongding's ownership percentage in Eastern Superconductor while maintaining control over the subsidiary [2][3][6]. Group 1: Transaction Overview - The debt-to-equity conversion involves converting 12 million RMB of the 30 million RMB convertible bond loan into an investment in Eastern Superconductor, based on a pre-investment valuation of 63 million RMB [2][5]. - After the conversion, Yongding's direct ownership in Eastern Superconductor will decrease from 60.9524% to 59.8131%, while the total ownership by Yongding and its wholly-owned subsidiary will decrease from 67.4286% to 66.1682% [3][6]. - The transaction has been approved by the company's board and does not require shareholder approval, as it does not constitute a related party transaction or a major asset restructuring [8][9]. Group 2: Impact on Company - The debt-to-equity conversion is expected to enhance Eastern Superconductor's operational strength and address urgent funding needs, potentially attracting strategic investors and new business opportunities [40]. - The company will continue to maintain actual control over Eastern Superconductor post-conversion, ensuring that the arrangement does not adversely affect its financial status or normal operations [40]. - The arrangement of the buyback rights associated with this transaction is designed to be manageable and will not harm the interests of the company or its shareholders, particularly minority shareholders [40].

Market Overview - The Shanghai Composite Index rose by 0.39% on July 1, with 20 industries experiencing gains, led by the comprehensive and pharmaceutical sectors, which increased by 2.60% and 1.80% respectively [2] - Conversely, the computer and retail sectors saw declines of 1.18% and 0.79% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 27.907 billion yuan, with 8 industries seeing net inflows [2] - The pharmaceutical sector led the net inflow with 2.422 billion yuan, followed by the banking sector with an inflow of 886 million yuan and a daily increase of 1.53% [2] Communication Industry Performance - The communication sector fell by 0.45%, with a net capital outflow of 1.623 billion yuan [3] - Out of 127 stocks in this sector, 31 rose, including one that hit the daily limit, while 92 declined, with one hitting the lower limit [3] - The top net inflow stocks included Yongding Co. with 387 million yuan, followed by Chutian Long and ZTE Corporation with 160 million yuan and 93.3125 million yuan respectively [3] Top Gainers and Losers in Communication Sector - The top gainers in the communication sector included: - Yongding Co. (+7.05%, 22.42% turnover, 386.8616 million yuan net inflow) - Chutian Long (+4.08%, 25.09% turnover, 159.9422 million yuan net inflow) - ZTE Corporation (+0.46%, 1.77% turnover, 93.3125 million yuan net inflow) [4] - The top losers included: - Hengbao Co. (-3.97%, 37.28% turnover, -270.3572 million yuan net outflow) - Zhongguang Fang Lei (-7.88%, 34.59% turnover, -194.0401 million yuan net outflow) - Runze Technology (-3.84%, 4.91% turnover, -121.9459 million yuan net outflow) [5]

●江苏永鼎股份有限公司（以下简称 "公司"）控股子公司东部超导科技 （苏州）有限公司（以下简称"东部超导"）拟与兴业国信资产管理有限公司（以 下简称"兴业国信"）签署《债转股协议》，兴业国信拟将其持有东部超导可转 债借款人民币3,000万元中的人民币1,200万元可转债借款转换为东部超导的投 资款，按照东部超导投前估值人民币 63,000 万元向东部超导投资人民币 1,200 万元，其中 120 万元计入东部超导注册资本，其余 1,080 万元计入东部超导资本 公积（以下简称"本次债转股"）；同时，兴业国信指定其关联主体苏州福盈超 导股权投资合伙企业（有限合伙）（以下简称"苏州福盈"）作为本次债转股的 持股主体并承接该部分股权及其对应的权利义务，本次债转股完成后，苏州福盈 将持有东部超导 1.8692%股权。 ●本次债转股完成后，公司直接持有东部超导的股权比例从 60.9524%下降 至 59.8131%，公司全资子公司苏州永鼎投资有限公司（以下简称"永鼎投资"） 通过持股平台苏州致鼎兢业投资咨询合伙企业（有限合伙）（以下简称"苏州致 鼎兢业"）间接持有东部超导的股权比例从 6.4762%下降至 6.3551 ...

Group 1 - The company’s subsidiary, Dongbu Superconductor Technology (Suzhou) Co., Ltd., plans to sign a debt-to-equity conversion agreement with Industrial Guoxin Asset Management Co., Ltd., converting 12 million RMB of convertible bond loans into an investment in Dongbu Superconductor at a pre-investment valuation of 630 million RMB [1] - After the completion of the debt-to-equity conversion, the company's direct ownership in Dongbu Superconductor will decrease from 60.9524% to 59.8131%, while the indirect ownership through its wholly-owned subsidiary will decrease from 6.4762% to 6.3551% [2] - The total ownership of the company and its wholly-owned subsidiary in Dongbu Superconductor will decline from 67.4286% to 66.1682%, but this will not affect the company's control over Dongbu Superconductor, which remains a consolidated subsidiary [2]

关于对江苏永鼎股份有限公司 所涉及事项在2024 年度消除情况的专项说明 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHOＢ座 20 层 邮编：100073 电话：(010)51423818 传真：(010)51423816 中兴华会计师事务所（特殊 普通合伙） 中兴华会计师事务所（特殊普通合伙） Z H O N G X I N G H U A C E RT I F I E D P U B L I C A C C O U N TA N T S LLP 地 址 （ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号 丽 泽 S O H O B 座 20 层 电 话 （ t e l ）： 0 1 0 - 5 1 4 2 3 8 1 8 传 真 （ f a x ）： 0 1 0 - 5 1 4 2 3816 关于对江苏永鼎股份有限公司 所涉及事项在 2024 年度消除情况的专项说明 （2025）第 020071 号 江苏永鼎股份有限公司全体股东： 我们接受 ...