上海起帆电缆股份有限公司（以下简称"公司"）第三届监事会第二十次会 议（以下简称"本次会议"）通知及会议材料于 2024 年 9 月 7 日以书面、电子邮 件方式向全体监事发出。本次会议于 2024 年 9 月 13 日在上海起帆电缆股份有限 公司二楼会议室召开。本次会议应到监事 3 名，实到监事 3 名。本次会议的召集 和召开程序符合《公司法》和《公司章程》的规定，会议决议合法有效。 二、监事会会议审议情况 本次会议由监事会主席周凯敏主持，经与会监事审议，通过如下决议： 1、审议通过《关于 2021 年限制性股票激励计划第三个解除限售期解除限 售条件未成就暨回购注销限制性股票并调整回购价格的议案》 | 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-062 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 上海起帆电缆股份有限公司 第三届监事会第二十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 监事会认为：公司本次回购注销已获 ...

| 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-065 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 上海起帆电缆股份有限公司 公司本次回购注销部分限制性股票将导致注册资本减少，根据《公司法》等 相关法律、法规的规定，公司债权人自接到公司通知起 30 日内、未接到通知者 自本公告披露之日起 45 日内，有权凭有效债权文件及相关凭证要求公司清偿债 务或者提供相应担保。债权人未在该规定期限内行使上述权利，本次回购注销将 按法定程序继续实施。公司债权人如要求公司清偿债务或提供担保的，应根据《公 司法》等法律、法规的有关规定向公司提出书面要求，并随附有关证明文件。具 体要求如下： （一）债券申报所需材料 公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复 印件到公司申报债权。债权人为法人的，需同时携带法人营业执照副本原件及复 印件、法定代表人身份证明文件；委托他人申报的，除上述文件外，还需携带法 定代表人授权委托书和代理人有效身份证的原件及复印件。债权人为自然人的， 需同时携带有效身份证的原件及复印件；委托他人申报的，除上述文件外，还需 ...

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2024-063 | | --- | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | | 上海起帆电缆股份有限公司 关于不向下修正"起帆转债"转股价格的公告 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。 重要内容提示： 一、可转债发行上市概况 （一）可转债发行情况 （三）可转债转股价格调整情况 根据有关规定和公司《可转换公司债券募集说明书》（以下简称"《募集说明 书》"）的约定，公司该次发行的"起帆转债"自 2021 年 11 月 29 日起可转换为 本公司股份，初始转股价格为 20.53 元/股，最新转股价格为 19.59 元/股，具体 情况如下： 由于公司实施了 2021 年限制性股票激励计划事项，导致总股本发生变化， 公司可转债的转股价格由 20.53 元/股调整为 20.10 元/股，调整后的转股价格于 2021 年 10 月 29 日开始生效。具体内容详见公司于 2021 年 10 月 28 日披露的 《关于可转换公司 ...

北京市天元律师事务所上海分所 关于上海起帆电缆股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票相关事宜的 法律意见 北京市天元律师事务所上海分所 关于上海起帆电缆股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票相关事宜的 法律意见 e THANY CAN 北京市天元律师事务所上海分所 元 降 师 李 奇 .. AN YUAN LAW FIR 京天股字(2023) 第 492-2 号 致:上海起帆电缆股份有限公司 北京市天元律师事务所上海分所（以下简称"本所"）接受上海起帆电缆 股份有限公司（以下简称"公司"）的委托，担任公司 2021 年限制性股票激励 计划（以下简称"本次激励计划"）的专项中国法律顾问，为公司本次激励计 划回购注销部分激励对象已获授但尚未解除限售的限制性股票相关事宜〈以下 简称"本次回购注销"）出具法律意见。 本所及经办律师依据《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》"）、《上市 公司股权激励管理办法》（以下简称"《管理办法》"）、《律师事务所从事 证券法律业务管理办法》（以下简称"《证券法律 ...

| 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-061 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 上海起帆电缆股份有限公司 第三届董事会第二十八次会议决议公告 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。 1、审议通过《关于不向下修正"起帆转债"转股价格的议案》 截至 2024 年 9 月 13 日，公司股票已出现任意连续三十个交易日中至少有十 五个交易日的收盘价格低于当期转股价格的 85%的情形，触发"起帆转债"转股 价格向下修正条件。 鉴于"起帆转债"距离 6 年的存续期届满尚远，综合考虑公司的基本情况、 市场环境、股价走势等诸多因素，以及对公司长期稳健发展与内在价值的信心， 为维护全体投资者的利益，公司董事会决定本次不向下修正"起帆转债"转股价 格，同时自本次董事会审议通过次一交易日起 6 个月（即 2024 年 9 月 18 日至 2025 年 3 月 17 日），如再次触发"起帆转债"转股价格向下修正条件，亦不提 出向下修正方案。在此期间之后（从 ...

| 证券代码：605222 | 证券简称：起帆电缆 | 公告编号：2024-060 | | --- | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | | 上海起帆电缆股份有限公司 关于"起帆转债"预计触发转股价格向下修正条件的提示 性公告 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。 重要内容提示： "起帆转债"本次触发转股价格向下修正条件的期间从 2024 年 8 月 26 日起算，截至 2024 年 9 月 6 日，上海起帆电缆股份有限公司（以下简 称"公司"）股价已出现有十个交易日的收盘价低于转股价的 85%。若 公司股价在任意连续三十个交易日中至少有十五个交易日的收盘价低 于转股价的 85%，预计将触发"起帆转债"转股价格向下修正条款，公 司将于触发转股价格向下修正条款当日召开董事会决定是否行使"起 帆转债"的转股价格向下修正权利。 （二）可转债上市情况 经上海证券交易所自律监管决定书[2021]247 号文同意，公司本次发行的 10 亿元可转换公司债券于 2021 年 6 月 17 ...

上海起帆电缆股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日召开 第三届董事会第十九次会议和第三届监事会第十四次会议，分别审议通过《关于 使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 14,500.00 万元可转换公司债券的部分闲置募集资金暂时补充流动资金，使用期 限自董事会审议通过之日起不超过十二个月。具体内容详见公司于 2023 年 12 月 26 日刊登在《中国证券报》《证券日报》《上海证券报》《证券时报》及上海证 券交易所网站（www.sse.com.cn）的《关于归还募集资金并继续使用部分闲置募 集资金暂时补充流动资金的公告》（公告编号：2023-072）。本次使用闲置募集资 金暂时用于补充流动资金的期限至 2024 年 12 月 24 日到期。 2024 年 9 月 2 日，公司将上述用于暂时补充流动资金的闲置募集资金人民 币 1,000.00 万元归还至募集资金专用账户，并将募集资金归还情况及时告知保 荐机构及保荐代表人。截止本公告日，公司已归还了 1,000.00 万元，公司其余 用于暂时补充流动资金的募集资金将在到期之前及时归还到募集资金专用账户 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.52 CNY, based on an adjusted EPS forecast for 2024-2026 [2][4]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with a revenue of 10.288 billion CNY (-3.55%) and a net profit of 187 million CNY (-24.39%). However, the second quarter showed a sequential improvement with a revenue of 5.488 billion CNY (-10.14%) and a net profit of 102 million CNY (+9.55%) [1]. - The company has a robust order backlog, with contract liabilities increasing by 19.20% year-on-year, indicating future growth potential [1]. - The company is expanding into high-value subsea cable markets, having achieved significant milestones in product testing and project acquisition [1]. Financial Summary - Revenue projections for the company are as follows: 2024E at 29.127 billion CNY, 2025E at 33.709 billion CNY, and 2026E at 38.399 billion CNY, reflecting growth rates of 24.7%, 15.7%, and 13.9% respectively [3]. - The company's net profit is projected to grow from 494 million CNY in 2024E to 883 million CNY in 2026E, with corresponding EPS estimates of 1.18 CNY, 1.67 CNY, and 2.11 CNY [3][2]. - The gross margin is expected to stabilize around 6.0% in 2024E, with a slight increase to 6.8% by 2026E [3].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥10,288,418,707.63, a decrease of 3.55% compared to ¥10,667,088,181.18 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥187,100,088.87, down 24.39% from ¥247,454,864.71 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥177,484,394.06, a slight increase of 0.49% compared to ¥176,619,544.12 in the same period last year[13]. - Basic earnings per share decreased by 23.73% to CNY 0.45 compared to the same period last year[14]. - Net profit attributable to shareholders decreased by 24.39%, primarily due to a reduction in sales orders and increased sales and management expenses[14]. - Operating revenue declined by 3.55% year-on-year, mainly due to a slight decrease in sales orders[14]. - The weighted average return on equity decreased to 4.03%, down from 5.79% in the same period last year[14]. - The company reported a net profit margin of approximately 2.59% for the first half of 2024, down from 3.00% in the same period of 2023[113]. - The net profit for the first half of 2024 was approximately CNY 187.34 million, down 24.5% from CNY 247.97 million in the first half of 2023[115]. Cash Flow and Assets - The net cash flow from operating activities was -¥380,691,761.54, an improvement from -¥998,515,014.39 in the previous year[13]. - The company's cash and cash equivalents decreased by 51.32% to approximately ¥1.28 billion, mainly due to increased procurement payables and loan repayments[35]. - The cash flow from operating activities for the first half of 2024 was approximately CNY 10.85 billion, an increase from CNY 10.38 billion in the same period of 2023[119]. - The total cash and cash equivalents at the end of the period were CNY 1,049,357,839.32, down from CNY 1,304,163,386.45 at the end of the first half of 2023[122]. - Total assets rose by 1.27% to ¥13,719,054,251.18 compared to ¥13,547,591,404.27 at the end of the previous year[13]. - The company's total assets as of June 30, 2024, amounted to CNY 11,355,826,748.71, an increase from CNY 11,202,663,407.53 at the end of 2023[112]. Investments and Projects - The company is investing approximately ¥2 billion in the Pingtan subsea cable base project, with a construction period of 24 months[32]. - The company has established four major production bases and is currently constructing a new submarine cable production base in Pingtan, Fujian[26]. - The project "Chizhou Qifan Wire and Cable Industrial Park Construction" received 19,678.12 thousand RMB, with a cumulative investment progress of 78.32%[87]. - The project for "Supplementing Working Capital" has been fully funded with 28,904.99 thousand RMB, achieving 100% investment progress[87]. Market and Industry Outlook - The wire and cable industry is a crucial sector in China's economy, ranking second in the mechanical industry, with a market concentration of about 10% for the top ten companies[22]. - The industry is entering a mature phase with increasing competition and a focus on efficiency and quality, as traditional products face low gross margins[22]. - The "14th Five-Year Plan" emphasizes the importance of new infrastructure, including 5G and smart grids, which will drive growth in the wire and cable market[23]. - The offshore wind power sector is rapidly developing, with China leading in cumulative installed capacity, creating significant demand for submarine cables[24]. - The market for submarine cables is expected to expand rapidly due to trends towards larger wind turbines and deeper offshore installations, driving growth in the offshore wind power industry[24]. Risk Management - There are no significant risks related to non-operating fund occupation by controlling shareholders or related parties[2]. - The company has detailed the risk factors facing future development in the management discussion and analysis section of the report[2]. - The company faces risks from macroeconomic fluctuations that could lead to decreased demand for cable products, impacting overall performance[49]. - Raw material costs, particularly copper, significantly affect the company's operating costs, with potential price volatility posing a risk to profitability[50]. - The competitive landscape in the domestic cable industry is intense, with numerous players and varying production quality, necessitating continuous improvement in production processes[50]. Corporate Governance and Compliance - The company has not proposed any profit distribution plan or capital reserve transfer to share capital for this reporting period[2]. - The company has maintained compliance with environmental regulations and has not faced any administrative penalties during the reporting period[58]. - The controlling shareholders and actual controllers committed to not transferring or entrusting the management of their shares for 36 months from the date of the company's stock listing[63]. - The company guarantees that the prospectus does not contain false records, misleading statements, or significant omissions, and will bear legal responsibility for its authenticity[67]. - The company has committed to avoid any false statements or misleading information in its prospectus, taking legal responsibility for its accuracy and completeness[68]. Shareholder Information - The total number of shares outstanding as of the report date is 418,137,065 shares, with 402 shares converted from convertible bonds during the reporting period[92]. - The largest shareholder, Zhou Gonghua, holds 21.77% of the shares, totaling 91,008,200 shares[94]. - The company has not reported any significant changes in shareholder structure or other major events during the reporting period[93]. - The total number of common shareholders as of the report date is 16,173[93]. Research and Development - The company has developed over 50,000 product specifications to meet various complex usage environment requirements[19]. - The company is focusing on key technology research in urban power grid construction, photovoltaic power generation, and special cable materials through collaborations with research institutions[31]. - The company has a strong focus on technological innovation, with a complete technical center and a robust innovation system across its subsidiaries[26]. - The company plans to strengthen its research and development efforts to enhance product competitiveness and overall profitability[73].

上海起帆电缆股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 | 证券代码：605222 | 证券简称：起帆电缆 公告编号：2024-057 | | --- | --- | | 债券代码：111000 | 债券简称：起帆转债 | 本公司董事会、全体董事及相关股东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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券交易 所上市公司自律监管指南第 1 号——公告格式（2023 年 1 月修订）》的相关规定， 现将上海起帆电缆股份有限公司（以下简称"起帆电缆"或"公司"）2024 年半 年度募集资金存放与实际使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准上海起帆电缆股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]667 号）核 ...