Core Viewpoint - Far East Holdings (600869.SH) expects to achieve a net profit attributable to shareholders of the parent company between 45 million to 65 million yuan for the year 2025, indicating a turnaround from a loss in the previous year [1] Financial Performance - The company anticipates a significant improvement in financial performance, projecting a return to profitability compared to the previous year [1]

Group 1 - The company, Far East Holdings (600869), announced an expected net profit of 45 million to 65 million yuan for the year 2025, marking a turnaround from losses in the previous year, with stable development in its core business and breakthroughs in AI, computing power, and robotics [1] - The company is committed to implementing its "Electricity + Computing Power + AI" strategy in 2025, focusing on strategic customers, optimizing product structure, service systems, and business models, leading to positive development across its three main business areas [1] - Revenue from smart cable networks continues to grow, the utilization rate of smart batteries/storage is steadily increasing, significantly reducing losses, and there is a strong order backlog for smart airport projects, indicating stable operations [1] Group 2 - Far East Electric, a wholly-owned subsidiary, is a key technology partner in the global AI infrastructure and smart interconnection field, focusing on addressing core challenges in intelligent computing centers, robotics, and smart vehicles, providing full-stack solutions from design to system integration [2] - The product offerings include four core areas: high-speed interconnects, thermal management, battery storage, and power transmission, with liquid cooling plates used in next-generation GPU/CPU cooling acceleration cards and data center servers [2] - In 2026, the company plans to expand its core technology products and services, increasing sales of high-value products with independent intellectual property rights, such as special cables, marine cables, robotic harnesses, high-capacity/solid-state batteries/storage, liquid cooling products, and testing equipment for iterative computing chips [2]

Group 1 - The company, Far East Holdings, expects to achieve a net profit attributable to shareholders of the parent company between 45 million to 65 million yuan for the year 2025, marking a turnaround from losses in the previous year [1] - The primary reason for the performance change is the company's commitment to implementing the "Electricity + Computing Power + AI" strategy, focusing on strategic customers, optimizing product structure, service systems, and business models to enhance quality, speed, and efficiency while reducing costs [1] - Revenue from the smart cable network continues to expand, while the utilization rate of smart batteries and energy storage has increased significantly, leading to a substantial reduction in losses [1] Group 2 - The company has a robust order book for smart airport projects, indicating stable operations [1]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between 45 million and 65 million yuan, marking a turnaround from a loss in the previous year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 15 million and 35 million yuan for 2025 [4]. - In the previous year, the company reported a net loss attributable to shareholders of the parent company of 318.04 million yuan [5]. Strategic Initiatives - The company attributes its turnaround to the implementation of the "Electricity + Computing Power + AI" strategy, focusing on strategic customers and optimizing product structure and service systems [6]. - The company plans to continue expanding its core technology products/services related to "Electricity + Computing Power + AI" in 2026, including high-value products with independent intellectual property rights [6]. Operational Insights - Revenue from smart cable networks continues to expand, and the utilization rate of smart batteries/storage has increased significantly, leading to reduced losses [6]. - The company has a solid order book for smart airport projects, contributing to stable operations [6]. Forecast Accuracy - There are no significant uncertainties that could affect the accuracy of this earnings forecast [7]. - The forecast data is preliminary and the final financial data will be disclosed in the official 2025 annual report [8].

Core Viewpoint - The company, Far East Holdings (600869.SH), is expected to turn a profit in 2025, with a projected net profit attributable to shareholders ranging from 45 million to 65 million yuan, compared to a loss in the previous year [1] Financial Projections - The estimated net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 15 million and 35 million yuan for 2025 [1] - The company aims to enhance operational efficiency and profitability through its "Electricity + Computing Power + AI" strategy [1] Business Strategy - In 2025, the company will focus on strategic customers and optimize its product structure, service system, and business model to improve quality and efficiency [1] - The revenue from smart cable networks is expected to continue expanding, while the utilization rate of smart batteries and energy storage is anticipated to rise, significantly reducing losses [1] Market Outlook - The company has a robust order book for smart airport projects, indicating stable operations [1] - In 2026, the company plans to further develop core technology products and services related to its strategic focus, including special cables, marine cables, robotic harnesses, high-capacity/solid-state batteries, and liquid cooling products [1]

证券代码：600869 证券简称：远东股份 公告编号：2026-006 远东智慧能源股份有限公司 关于为子公司提供担保的公告 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。 兴业银行股份有限公司无锡分行分别为远东电缆、新远东电缆提供授信服务， 远东智慧能源股份有限公司（以下简称"公司"）分别为远东电缆、新远东电缆 提供人民币 40,000.00 万元、20,000.00 万元的担保并签订了《最高额保证合同》。 华夏银行股份有限公司宜兴支行为远东电缆提供授信服务，公司为远东电缆 提供人民币 8,000.00 万元的担保并签订了《最高额保证合同》。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | | | | 担保余额（不含本 | 期预计额 | 是否有反 | | | | 次担保金额） | 度内 | 担保 | | 远东电缆有限公司（以下简 称"远东电缆"） | 48,000.00 | 万元 440 ...

Summary of Key Points Core Viewpoint - The company, Far East Holdings, has disclosed its total guarantee amount and actual guarantee balance, indicating a significant proportion of its net assets are tied up in guarantees, which raises concerns about financial stability and risk exposure [1]. Group 1: Guarantee Details - The total guarantee amount by the company is approximately 11.187 billion yuan, with an actual guarantee balance of about 7.276 billion yuan, representing 261.64% and 170.19% of the company's audited net assets attributable to shareholders for 2024 respectively [1]. - The guarantees provided to wholly-owned or controlled subsidiaries total around 11 billion yuan, with an actual balance of about 7.09 billion yuan, accounting for 257.28% and 165.83% of the company's audited net assets for 2024 respectively [1]. - The guarantees to other companies amount to approximately 186 million yuan, with the actual balance also at 186 million yuan, representing 4.36% of the company's audited net assets for 2024 [1]. Group 2: Financial Health and Risk - The company has confirmed that there are no overdue guarantees and that it does not provide guarantees for its controlling shareholders, actual controllers, or their related parties [1].

南财智讯1月21日电，远东股份公告，兴业银行股份有限公司无锡分行和华夏银行股份有限公司宜兴支 行为远东电缆有限公司提供授信服务，公司为其提供合计48,000.00万元的担保并签订了《最高额保证合 同》。其中，兴业银行无锡分行项下担保金额为40,000.00万元，华夏银行宜兴支行项下担保金额为 8,000.00万元，担保方式均为连带责任保证，担保期限三年。本次担保在公司2025年度预计担保额度范 围内，属于为全资子公司提供的正常商业担保，风险可控，不会对公司生产经营造成不利影响。 ...

Group 1 - The flexible DC transmission concept declined by 0.94%, ranking among the top declines in the concept sector, with companies like Electric Power Research Institute, Shuangjie Electric, and Baobian Electric experiencing significant drops [1] - Among the 18 stocks that rose, Hanlan Co., Highlan Co., and Farah Electronics saw increases of 7.77%, 3.86%, and 3.38% respectively [1] - The flexible DC transmission sector experienced a net outflow of 3.41 billion yuan, with 43 stocks seeing net outflows, and 9 stocks exceeding 100 million yuan in net outflows [2] Group 2 - The top net outflow stock was Tebian Electric, with a net outflow of 1.27 billion yuan, followed by China West Electric, Guodian Nari, and Baobian Electric with net outflows of 409 million yuan, 261 million yuan, and 224 million yuan respectively [2] - The stocks with the highest net inflow included Hengtong Optic-Electric, Farah Electronics, and Far East Co., with net inflows of 137 million yuan, 76.84 million yuan, and 61.17 million yuan respectively [2][4] - The flexible DC transmission concept saw significant declines in individual stocks, with notable drops including Shuangjie Electric at -7.10%, Baobian Electric at -5.17%, and Electric Power Research Institute at -8.43% [3][4]

Core Insights - The article highlights the journey of Far East Holding Group, led by founder Jiang Xipei, emphasizing its evolution from a small instrument factory to a significant player in the cable, new energy, and smart airport sectors, with a projected revenue of 26.09 billion yuan in 2024 [3][4]. Group 1: Business Development - Far East Holding has undergone three major transitions: establishing a strong presence in the cable industry, expanding into new energy and smart airport businesses, and integrating "electricity + computing power + AI" strategies [3][4][10]. - The company's cable business generated 17.826 billion yuan in revenue in the first three quarters of 2025, marking a year-on-year growth of 9.59%, with a net profit of 315 million yuan, up 8.69% [4][5]. Group 2: Technological Innovation - Technological innovation is identified as the core competitive advantage of Far East Holding, with achievements such as winning the "National Manufacturing Single Champion Product" title for its wind power cables and supporting the world's largest floating wind power system [5]. - The company is focusing on high-quality, cost-effective products and services to meet the increasing customer demand, thereby establishing a solid competitive edge [5][6]. Group 3: New Energy and Smart Airport Ventures - Far East Holding entered the smart battery sector in 2015 through the acquisition of Jiangxi Foster New Energy Group, despite facing challenges such as rising raw material costs and intense competition [6][7]. - The smart battery business has signed contracts worth 2.259 billion yuan since 2025, with expectations of reducing losses by 500 million yuan and achieving profitability in 2026 [7][8]. Group 4: Future Outlook and Strategic Direction - The company is actively exploring the low-altitude economy, establishing a research institute to enhance its service capabilities in this emerging field [8]. - Far East Holding is integrating AI into its operations, focusing on high-speed interconnects, AI server BBU, and data center energy solutions, aiming for comprehensive upgrades in manufacturing [9][10].