宁波东方电缆股份有限公司 第七届董事会第2次会议决议 2025 年 10 月 24 日,宁波东方电缆股份有限公司(下称"公司" )第七届董 事会在公司会议室召开第 2 次会议,会议应出席董事 9 人,实到董事 9 人,会议 的召集符合《中华人民共和国公司法》及公司章程的规定。会议由夏崇耀先生主 持,审议并决议如下: 一 、9 票同意、0 票反对、0 票弃权通过了公司《2025年第三季度报告》; 二 、9 票同意、0 票反对、0 票弃权通过了公司《关于对全资子公司增资的议 案》; (以下无正文,为签字页) (本页无正文，为宁波东方电缆股份有限公司第七届董事会第 2 次会议决议董事 签字页) 乐君杰 董事签字: 夏崇耀 生 柯 杨黎明 夏 峰 陈 虹 黄惠琴 徐立华 2080 ER 斌 ...

宁波东方电缆股份有限公司（以下简称"公司"）第七届董事会 第2次会议于2025年10月24日在公司会议室以现场结合通讯的方式召 开，会议由董事长夏崇耀先生主持。本次董事会应参加表决的董事9 人，实际参与表决董事9人。本次董事会会议的召开符合《公司法》 与《公司章程》的规定。公司部分高级管理人员列席了会议，本次会 议审议通过两项议案。 二、 董事会会议审议情况 （一）审议通过了公司《2025年第三季度报告》； 证券代码：603606 证券简称：东方电缆 公告编号：2025-039 宁波东方电缆股份有限公司 第七届董事会第2次会议决议公告 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。 一、董事会会议召开情况 表决结果：同意9票，反对0票，弃权0票。 具体详见上海证券交易所网站 www.sse.com.cn《关于对全资子公 司广东东方海缆有限公司增资的公告》，公告编号：2025-040。 特此公告。 宁波东方电缆股份有限公司董事会 二〇二五年十月二十五日 具体详见上海证券交易所网站 www.sse.com.cn《2025 年第三 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 3,065,970,750.30, representing a year-on-year increase of 16.55%[4] - The total profit for the quarter was CNY 513,869,000.69, reflecting a significant increase of 51.19% compared to the same period last year[4] - The net profit attributable to shareholders was CNY 441,009,034.75, up 53.12% year-on-year, while the net profit excluding non-recurring gains and losses increased by 71.73%[4] - The basic earnings per share for the quarter were CNY 0.64, an increase of 52.38% compared to the previous year[5] - The company achieved operating revenue of approximately CNY 3.066 billion and a net profit attributable to shareholders of about CNY 441 million, representing a year-on-year growth of 53.12%[13] - For the period from January to September 2025, the company reported cumulative operating revenue of approximately CNY 7.438 billion, an increase of 11.20% year-on-year[13] - Total operating revenue for the first three quarters of 2025 reached ¥7,498,249,514.52, an increase of 11.94% compared to ¥6,698,764,812.22 in the same period of 2024[20] - Net profit for the first three quarters of 2025 was ¥913,972,019.61, a slight decrease of 1.54% from ¥932,116,936.42 in 2024[21] - The company reported a total profit of ¥1,055,902,795.24 for the first three quarters of 2025, down from ¥1,084,651,248.64 in 2024[21] Revenue and Order Backlog - The revenue from high-value-added submarine cables grew significantly, with total revenue from submarine and high-voltage cables reaching CNY 3.549 billion, a year-on-year increase of 35.8%[9] - The company has a backlog of orders amounting to approximately CNY 19.551 billion as of October 23, 2025, with significant contributions from power engineering and equipment cables at CNY 3.886 billion and submarine cables at CNY 11.737 billion[13] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 13,973,963,880.34, marking a 14.78% increase from the end of the previous year[5] - The total assets and shareholders' equity amounted to ¥13,973,963,880.34 and ¥7,666,874,406.96 respectively, showing growth from ¥12,174,317,850.18 and ¥6,861,700,414.06 in the previous year[22] - The company’s non-current assets totaled CNY 3.915 billion, up from CNY 3.654 billion year-on-year[15] - The company reported a decrease in accounts payable to CNY 954.92 million from CNY 1.205 billion year-on-year[16] - The company’s inventory increased significantly to CNY 3.627 billion from CNY 1.834 billion year-on-year[15] - The company reported total liabilities amounted to CNY 6.307 billion, an increase from CNY 5.313 billion in the previous year[16] Cash Flow - The company reported cash flows from operating activities of CNY 323,053,765.17 for the year-to-date, reflecting a growth of 13.35%[5] - The net cash flow from operating activities for the first three quarters of 2025 was ¥323,053,765.17, compared to ¥285,007,583.50 in 2024, reflecting an increase of 13.33%[24] - The company received cash from sales of goods and services amounting to ¥7,619,398,809.09 in the first three quarters of 2025, an increase from ¥5,993,160,650.15 in 2024[24] - Cash outflow from investment activities totaled approximately $556.27 million, compared to $530.05 million in the previous period, resulting in a net cash flow from investment activities of -$556.24 million, up from -$460.08 million[25] - Cash inflow from financing activities was $304.19 million, a significant decrease from $764.82 million in the prior period, leading to a net cash flow from financing activities of -$675.17 million, compared to -$138.96 million previously[25] - The net increase in cash and cash equivalents was -$896.44 million, compared to -$321.50 million in the previous period, resulting in an ending cash balance of approximately $1.58 billion[25] Shareholder Information - The equity attributable to shareholders was CNY 7,666,874,406.96, which is an increase of 11.73% compared to the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 28,793[10] - The largest shareholder, Ningbo Dongfang Group Co., Ltd., holds 31.63% of the shares, totaling 217,524,444 shares[11] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥240,938,522.99, slightly up from ¥237,204,584.26 in 2024[20] Other Comprehensive Income - Other comprehensive income after tax for the first three quarters of 2025 was ¥211,393,653.86, significantly higher than ¥80,822,487.75 in 2024[21] Accounting Changes - The company is set to implement new accounting standards starting in 2025, which may affect the financial statements[26]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the third quarter, indicating strong performance despite a slight decline in net profit for the first three quarters of the year [1] Financial Performance - Q3 revenue reached 3.066 billion yuan, representing a year-on-year growth of 16.55% [1] - Q3 net profit was 441 million yuan, showing a year-on-year increase of 53.12% [1] - Revenue for the first three quarters totaled 7.498 billion yuan, reflecting a year-on-year growth of 11.93% [1] - Net profit for the first three quarters was 914 million yuan, which is a year-on-year decline of 1.95% [1]

Core Viewpoint - Oriental Cable reported a significant increase in net profit for Q3 2025, driven by growth in high-value subsea cable revenue [1] Financial Performance - The company achieved an operating revenue of 3.066 billion yuan, representing a year-on-year increase of 16.56% [1] - Net profit attributable to shareholders reached 441 million yuan, marking a year-on-year growth of 53.12% [1] - Revenue from subsea cables and high-voltage cables amounted to 3.549 billion yuan, reflecting a year-on-year increase of 35.8% [1] Order Backlog - As of October 23, 2025, the company had an order backlog of approximately 19.551 billion yuan [1] - The order backlog includes 3.886 billion yuan for power engineering and equipment cables, 11.737 billion yuan for subsea and high-voltage cables, and 3.928 billion yuan for marine equipment and engineering operations [1]

Summary of Key Points Core Viewpoint - Dongfang Cable's stock performance shows a slight increase, with significant financing activity indicating investor interest despite a decrease in net profit year-over-year [1][2]. Group 1: Stock Performance and Financing - On October 22, Dongfang Cable's stock rose by 1.02%, with a trading volume of 5.25 billion yuan [1]. - The financing buy-in amount for Dongfang Cable on the same day was 48.36 million yuan, while the financing repayment was 20.67 million yuan, resulting in a net financing buy-in of 27.69 million yuan [1]. - As of October 22, the total financing and securities lending balance for Dongfang Cable was 359 million yuan, with the financing balance at 355 million yuan, representing 0.78% of the circulating market value, which is below the 50th percentile level over the past year [1]. Group 2: Shareholder and Financial Data - As of June 30, the number of shareholders for Dongfang Cable was 36,100, a decrease of 31.73% from the previous period, while the average circulating shares per person increased by 46.48% to 19,055 shares [2]. - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, reflecting a year-over-year growth of 8.95%, but the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. Group 3: Dividend and Institutional Holdings - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 41.89 million shares, an increase of 8.32 million shares from the previous period [3].

Summary of Earnings Preview for China Utilities Sector Industry Overview - The report focuses on the **China Utilities** sector, specifically highlighting the **Power, Renewables, and Power Grid** industries in the Asia Pacific region - The overall industry view is considered **Attractive** [4][6] Key Insights - **3Q25 Earnings Expectations**: - Continued margin recovery is anticipated for wind component and submarine cable players - Polysilicon earnings may see upside risks - Solar module producers are expected to maintain flat or show mild decline in losses quarter-over-quarter (QoQ) [1][6] - **Coal Prices and Power Tariffs**: - A slight weakening in unit profit is expected due to a small rise in coal prices and a persistently soft power tariff [6][8] - **Sector Performance**: - Wind sector is expected to see a sector-wide gross profit (GP) margin recovery, primarily driven by submarine cables with a favorable product mix in 3Q25 - Wind Turbine Generator (WTG) Original Equipment Manufacturers (OEMs) may experience a more muted recovery [6][8] Company-Specific Highlights - **CGN Power Co., Ltd (1816.HK)**: - On-grid power generation decreased by 3% year-over-year (YoY) in 3Q25 due to longer outage times - Estimated net profit of approximately **Rmb2.6 billion**, down 6% YoY [8][10] - **China Longyuan Power Group (0916.HK)**: - Forecasted net profit of **Rmb937 million** in 3Q25, down from **Rmb1,542 million** in 2Q25 - Net profit for 9M25 expected to be **Rmb4.5 billion**, down 22% YoY [8][10] - **Huaneng Power International Inc. (0902.HK)**: - Estimated net profit of **Rmb4.1 billion**, up approximately 38% YoY but down 5% QoQ - Unit fuel cost expected to decline by **Rmb0.036/kWh** (12% YoY) [8][10] - **Jiangsu Zhongtian Technology Co. Ltd. (600522.SS)**: - Forecasted net profit of **Rmb1.03 billion** for 3Q25, up 21.1% YoY and 9.6% QoQ [8][10] - **Goldwind (2208.HK)**: - Expected net profit of **Rmb953 million**, representing a 135.1% YoY increase [10][10] - **Tongwei Co. Ltd. (600438.SS)**: - Forecasted net loss of **Rmb2.2-2.4 billion** in 3Q25, with improvements in polysilicon business due to price rebounds [10][10] - **LONGi Green Energy Technology Co. Ltd. (601012.SS)**: - Expected loss of **Rmb1.0-1.3 billion** in 3Q25, with slight declines in wafer and module shipments [10][10] Additional Observations - **Polysilicon Players**: Potential earnings surprises are anticipated due to increases in shipments and average selling prices (ASP) in 3Q25 [6][8] - **Demand Outlook**: Weaker demand is expected in 4Q25 compared to 3Q25, particularly for solar products [6][8] This summary encapsulates the key points from the earnings preview for the China Utilities sector, highlighting both the overall industry outlook and specific company forecasts.

Core Insights - On October 20, Dongfang Cable's stock increased by 0.41%, with a trading volume of 499 million yuan. The company experienced a net financing outflow of 20.76 million yuan on that day [1] - As of June 30, 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, representing a year-on-year growth of 8.95%, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2] Financing and Trading Activity - On October 20, the financing buy amount for Dongfang Cable was 24.36 million yuan, with a total financing balance of 347 million yuan, accounting for 0.80% of the market capitalization. This financing balance is below the 40th percentile level over the past year, indicating a low level [1] - In terms of securities lending, on the same day, 20,300 shares were repaid, and 400 shares were sold short, amounting to 25,200 yuan in sales. The remaining short selling volume was 57,300 shares, with a balance of 3.6136 million yuan, also below the 20th percentile level over the past year [1] Shareholder and Dividend Information - As of June 30, 2025, Dongfang Cable had 36,100 shareholders, a decrease of 31.73% from the previous period. The average number of circulating shares per shareholder increased by 46.48% to 19,055 shares [2] - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3] Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2025, Hong Kong Central Clearing Limited ranked as the third-largest shareholder with 41.889 million shares, an increase of 8.3221 million shares from the previous period. Other notable shareholders include GF Advanced Manufacturing Stock A and Southern CSI 500 ETF, which also increased their holdings [3]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Core Insights - The photovoltaic junction box is a critical component of solar photovoltaic systems, responsible for power output and circuit protection, acting as the "control center" for current in photovoltaic modules [1][10] - The Chinese photovoltaic junction box market is projected to grow from 1.758 billion yuan in 2019 to 3.862 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.05% [1][13] - The demand for photovoltaic junction boxes is primarily driven by large solar power plant constructions, with an expected surge in demand from residential and small commercial users due to the growth of distributed photovoltaics [1][13] Industry Overview - The photovoltaic junction box industry is experiencing significant growth, with China's photovoltaic module production capacity expected to reach 1,156.5 GW and output 627.5 GW in 2024, representing year-on-year increases of 25.7% and 21.1% respectively [1][10] - The global photovoltaic junction box market is also expanding, with demand projected to rise from 418 million units in 2022 to 821 million units in 2024, reflecting a CAGR of 40.15% [11][12] Industry Development Stages - The industry has undergone multiple iterations, improving in sealing performance, size, and automation, transitioning from complex sealing ring junction boxes to more efficient encapsulated types [8][9] - The industry chain includes upstream raw materials and components, midstream manufacturing, and downstream applications primarily in the photovoltaic sector [8][9] Market Dynamics - The rapid growth of the photovoltaic industry, driven by carbon neutrality strategies and supportive policies, has led to a record increase in solar power installations, making photovoltaic junction boxes essential for system efficiency and safety [10][11] - The Chinese photovoltaic junction box market is expected to reach 4.389 billion yuan by 2025, indicating continued growth and innovation in the industry [1][13] Key Companies - Major companies in the photovoltaic junction box sector include Tongling Co., Ltd., Kuake Electronics, and Zairun New Energy, among others, with a significant presence in the Yangtze River Delta region [2][14] - These companies are increasingly focusing on technological advancements and quality certifications to compete with international players [14][16] Industry Trends - The industry is moving towards smart technology integration, enhancing monitoring and control capabilities through advanced components [17] - Efficiency improvements are being prioritized, focusing on reducing energy transmission losses and enhancing performance under high current conditions [18] - Environmental sustainability is becoming a core focus, with efforts to use eco-friendly materials and manufacturing processes [19]