Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

股票简称：瑞可达 股票代码：688800 苏州瑞可达连接系统股份有限公司 Suzhou Recodeal Interconnect System Co.,Ltd. （苏州市吴中区吴淞江科技产业园淞葭路 998 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 二〇二五年七月 苏州瑞可达连接系统股份有限公司 募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 1-1-1 苏州瑞可达连接系统股份有限公司 募集说明书 重大事项提示 公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要 ...

苏州瑞可达连接系统股份有限公司（以下简称"公司"）于 2025 年 7 月 8 日收到上海证券交易所（以下简称"上交所"）出具的《关于受理苏州瑞可达连 接系统股份有限公司科创板上市公司发行证券申请的通知》（上证科审（再融资） 〔2025〕74 号），上交所对公司报送的科创板上市公司发行证券的募集说明书及 相关申请文件进行了核对，认为该项申请文件齐备，符合法定形式，决定予以受 理并依法进行审核。 证券代码：688800 证券简称：瑞可达 公告编号：2025-041 苏州瑞可达连接系统股份有限公司 关于向不特定对象发行可转换公司债券申请 获得上海证券交易所受理的公告 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、准确性和完整性依法承担法律责任。 苏州瑞可达连接系统股份有限公司董事会 2025 年 7 月 10 日 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后 方可实施。最终能否通过上交所审核，并获得中国证监会同意注册的决定及时间 尚存在不确定性。公司将根据事项的进展 ...

北京国枫律师事务所 关于苏州瑞可达连接系统股份有限公司 申请向不特定对象发行可转换公司债券的 法律意见书 国枫律证字[2025]AN117-1 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编：100005 电话（Tel）：010-88004488/66090088 传真（Fax）：010-66090016 | 释 | 义 2 | | --- | --- | | 引 | 言 5 | | 一、 | 本次发行的批准和授权 10 | | 二、 | 发行人本次发行的主体资格 10 | | 三、 | 本次发行的实质条件 10 | | 四、 | 发行人的独立性 15 | | 五、 | 发行人的股本及演变 15 | | 六、 | 发行人的业务 16 | | 七、 | 关联交易及同业竞争 17 | | 八、 | 发行人的主要财产 19 | | 九、 | 发行人的重大债权债务 20 | | 十、 | 发行人的重大资产变化及收购兼并 20 | | 十一、 | 发行人章程的制定与修改 21 | | 十二、 | 发行人股东大会、董事会、监事会议事规则及规范运作 ...

东吴证券股份有限公司 关于 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 并在科创板上市 之 上市保荐书 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 3-2-1 保荐机构及保荐代表人声明 东吴证券股份有限公司（以下简称"东吴证券"、"保荐人"或"保荐机构"） 及其保荐代表人根据《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》"）《证券发行上市保荐业务管理办法》 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《上海证券 交易所科创板股票上市规则》（以下简称"《上市规则》"）等有关法律、法规和 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以下 简称"上交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务 规则、行业执业规范和道德准则出具本上市保荐书，并保证所出具文件的真实 性、准确性和完整性。 如无特别说明，本上市保荐书中的简称或名词的释义与《苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券募集说明书》中的含义相 同。 3-2-2 | 一、发行人基本情况 5 | ...

东吴证券股份有限公司 关于 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券 并在科创板上市 之 发行保荐书 保荐机构（主承销商） （注册地址：苏州工业园区星阳街 5 号） 3-1-1 声 明 东吴证券股份有限公司及其保荐代表人根据《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》"）《证券 发行上市保荐业务管理办法》《上市公司证券发行注册管理办法》（以下简称 "《注册管理办法》"）《上海证券交易所科创板股票上市规则》等有关法律、法 规和中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所 （以下简称"上交所"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订 的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证所出具文件 的真实性、准确性和完整性。 如无特别说明，本发行保荐书中的简称或名词的释义与《苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券募集说明书》中的含义相 同。 3-1-2 | 目 录 3 | | --- | | 第一节 本次证券发行基本情况 4 | | 一、本次证券发行保荐机构名称 4 | | 二、保 ...

财务报告 6-1 发行人最近三年的财务报告及其审计报告以及最近一期的 序号 文件名称 页码 1 苏州瑞可达连接系统股份有限公司 2022 年审计报告 6-1-1 至 6-1-129 2 苏州瑞可达连接系统股份有限公司 2023 年审计报告 6-1-130 至 6-1-270 3 苏州瑞可达连接系统股份有限公司 2024 年审计报告 6-1-271 至 6-1-406 4 苏州瑞可达连接系统股份有限公司 2025 年一季度财务报表 6-1-407 至 6-1-416 审计报告 苏州瑞可达连接系统股份有限公司 容诚审字[2023]230Z0382 号 容诚会计师事务所(特殊普通合伙) 中国·北京 6-1-1 目 录 | 序号 | 内 容 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | 1-6 | | | 2 | 合并资产负债表 | 7 | | | 3 | 合并利润表 | 8 | | | 4 | 合并现金流量表 | 9 | | | 5 | 合并所有者权益变动表 | 10- | 11 | | 6 | 母公司资产负债表 | 12 | | | 7 | 母公司利润表 | 13 ...

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

Core Viewpoint - The stock of 瑞可达 (688800) shows a strong performance with a comprehensive score of 51.37, indicating a favorable investment outlook despite some uncertainties in short-term and mid-term trends [1][2]. Group 1: Stock Performance - The stock has experienced 2 instances of hitting the upper limit and 1 instance of hitting the lower limit in the past year [1]. - The current main cost for the stock is 45.38 CNY, with a 5-day main cost of 45.63 CNY and a 20-day main cost of 46.03 CNY [1]. Group 2: Capital Flow Analysis - On July 7, 2025, the net outflow of main funds was 23.62 million CNY, accounting for -7% of the total transaction amount [2][3]. - Large orders saw a net outflow of 11.47 million CNY, while smaller orders had a net inflow of 48.14 thousand CNY [2][3]. Group 3: Financial Data - The latest financial report indicates earnings per share of 0.48 CNY and an operating profit of 0.86 million CNY [2][3]. - The gross profit margin stands at 23.742%, with a net profit of approximately 76.35 million CNY [2][3]. Group 4: Industry and Concept Sectors - Related industry sectors show slight variations, with electronic components down by 0.27%, 5G concepts up by 0.04%, Tesla up by 0.05%, and military industry up by 0.48% [2][3].

Core Viewpoint - The rapid growth of the battery swapping connector market is driven by the increasing popularity of the battery swapping model in the electric vehicle sector, with the market expected to reach 5 billion yuan in 2024, a year-on-year increase of 35.7%, and further grow to approximately 6.42 billion yuan in 2025 [1][15][22]. Industry Overview - Battery swapping connectors are high-voltage connectors that facilitate the rapid transfer of energy and data signals from battery swapping station equipment to electric vehicle battery packs, ensuring stable and reliable connections during the battery swapping process [3][11]. - The battery swapping connector market in China is experiencing significant growth, with applications extending beyond passenger and commercial vehicles to energy and industrial sectors [1][15]. Market Size and Growth - The market size of the battery swapping connector industry in China is projected to reach 5 billion yuan in 2024, reflecting a 35.7% year-on-year increase, and is expected to grow to around 6.42 billion yuan by 2025 [1][15]. - The demand for battery swapping connectors is anticipated to continue rising due to the increasing number of battery swapping stations, which are expected to reach 4,819 by May 2025, an increase of 376 from the end of 2024 [13][15]. Competitive Landscape - The battery swapping connector industry features competition from both international brands, such as TE Connectivity and Amphenol, and domestic brands like AVIC Optoelectronics and Yonggui Electric, with the latter gaining traction in the mid-to-high-end market [17][18]. Policy Support - The Chinese government has introduced several policies to promote the development of the battery swapping connector industry, including guidelines to enhance the resilience of the supply chain and support the construction of battery swapping stations [8][9]. Industry Chain - The battery swapping connector industry consists of an upstream segment involving raw materials like metals and plastics, a midstream segment focused on manufacturing, and a downstream segment that includes applications in battery swapping stations and electric vehicles [9][11]. Future Trends - The industry is expected to see advancements in technology and materials, with a focus on introducing new conductive materials and smart monitoring systems to enhance user experience [22][23]. - Standardization and unification of battery swapping connectors will be crucial for compatibility across different brands and models, reducing production costs and maintenance challenges [23]. - The industry will increasingly emphasize environmental sustainability by utilizing low-carbon materials and improving energy efficiency [25].