Core Viewpoint - Hualing Cable has transformed from a traditional cable manufacturer into a strategic player in high-end cable markets, focusing on specialized cables for deep-sea, deep-space, and deep-earth applications, aiming to become a world-class leader in integrated high-end cable solutions [1][2][3] Group 1: Company Background and Transformation - Hualing Cable originated from the Xiangtan Cable Factory established in 1951, becoming the largest cable manufacturer in Central South China [2] - The company faced bankruptcy in 2000 due to management issues but was reestablished in 2003 as a state-owned joint-stock enterprise [2] - The brand "Jinfeng" has become synonymous with quality, focusing on specialized cables for high-end markets such as aerospace [2][3] Group 2: Product Development and Innovation - Hualing Cable has developed specialized cables capable of withstanding extreme conditions, including 1800℃ high-temperature cables and cables for deep-sea environments [3][4] - The company emphasizes the importance of material selection in the development of specialized cables, particularly for aerospace applications [2][3] - Continuous R&D investments have led to the creation of a wide range of products tailored for deep-sea, deep-space, and deep-earth applications [3][4] Group 3: Smart Manufacturing and Global Expansion - Hualing Cable is advancing towards smart manufacturing through automation and digital transformation, enhancing production efficiency and product quality [4][5] - The company has successfully entered international markets, obtaining certifications for its products, which has facilitated exports to countries like Vietnam and Serbia [5][6] - The implementation of a smart production engine has improved operational efficiency, increasing on-time delivery rates by 20% and reducing product development cycles by 21% [5][6] Group 4: Capital Market and Strategic Growth - Since its listing on the Shenzhen Stock Exchange in June 2021, Hualing Cable's revenue has doubled from 2 billion to over 4 billion yuan [6] - The company is pursuing acquisitions to strengthen its supply chain and expand into high-end cable and new materials sectors [6][7] - Hualing Cable aims to explore new markets and applications, including robotics and renewable energy, to integrate its products into everyday life [6][7]

Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Company Overview - Hualing Cable reported a closing price of 12.58 yuan on August 18, down 1.33% from the previous trading day [1] - The stock price fluctuated between 12.11 yuan and 12.70 yuan on that day, with a trading volume of 222,361 lots and a transaction amount of 277 million yuan [1] Business Operations - The company operates in the power equipment sector, focusing on the research, production, and sales of wires and cables [1] - Its products are widely used in various fields, including electricity, rail transportation, and construction [1] Market Activity - Around 9:38 AM on August 18, Hualing Cable experienced a rapid rebound, with a price increase of over 2% within 5 minutes, resulting in a transaction amount of 83.7368 million yuan [1] - On the same day, the net outflow of main funds was 19.4549 million yuan, with a cumulative net outflow of 107 million yuan over the past five days [1]

华菱线缆最新一期业绩显示，截至2025一季报，公司营业总收入10.05亿元、同比增长11.38%，归属净 利润3216.14万元，同比增长55.54%，扣非净利润2795.38万元，同比增长101.34%，流动比率1.361、速 动比率1.181、资产负债率64.82%。 天眼查商业履历信息显示，湖南华菱线缆股份有限公司，成立于2003年，位于湘潭市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本53442.4万人民币，实缴资本34226.5641万人民币。公司 法定代表人为熊硕。 金融界消息 截至2025年8月15日收盘，华菱线缆（001208）报收于12.75元，上涨0.31%，换手率 4.03%，成交量10.87万手，成交金额1.39亿元。 通过天眼查大数据分析，湖南华菱线缆股份有限公司共对外投资了1家企业，参与招投标项目3994次， 知识产权方面有商标信息3条，专利信息486条，此外企业还拥有行政许可1472个。 资金流向方面，今日主力资金净流出2004.75万元，占比成交额14.47%。其中，超大单净流出646.95万 元、占成交额4.67%，大单净流出1357.81万元、占成交额9.8 ...

Core Insights - The cable industry in China, valued at approximately 1.2 trillion yuan, faces challenges such as severe low-end competition and high-end product reliance on imports [1][2] - Over 10,000 cable companies contribute to a fragmented competitive landscape, leading to price wars and quality compromises [2][3] - The industry is experiencing a shift towards high-end products and quality service, with a focus on reducing price competition [6][7] Group 1: Industry Overview - The cable industry is crucial to the national economy, often referred to as its "blood vessels" and "nerves" [1] - China is the world's largest cable manufacturer and consumer, with a market size of around 1.2 trillion yuan [1] - The industry is characterized by a vast array of products, with nearly 2,000 varieties and over 150,000 specifications [2] Group 2: Competitive Landscape - The competition is fragmented, with the top ten companies holding only about 10% market share, indicating a chaotic market environment [3] - In contrast, mature markets like the US and Japan have much higher market concentration, with top companies holding 70% and 65% market shares respectively [3] - The average net profit growth rate for the top ten companies in the industry has not exceeded 0.05% over the past three years, highlighting the profitability challenges [2] Group 3: Market Trends - The industry is witnessing a trend of "one decrease and one increase," where the growth rate of the number of companies is declining while the number of exits is increasing, leading to a more concentrated market [4] - State Grid's reform in bidding processes is expected to favor larger companies, further consolidating the market [5] - Middle and small enterprises are encouraged to adopt specialized strategies to capture niche markets and enhance overall industry quality [7] Group 4: High-End Product Development - The high-end cable market in China is heavily reliant on imports, with over 80% of the market dominated by foreign companies [6] - Companies like Baoshen Co. are focusing on high-end and intelligent product transformations, achieving significant profit growth [6] - The shift towards high-end products is seen as essential for the industry's future, moving away from price competition to quality and service [6][8]

Core Insights - The report highlights that nearly all of the over 50 controllable nuclear fusion concept stocks have undergone investor research this year, indicating strong interest in the sector [1] - Several companies have released their performance data for the first half of 2025, with some reporting profit increases while others are facing losses [1] Group 1: Company Research and Performance - Ice Wheel Environment (000811) and Antai Technology (000969) have received over 10 investor research sessions, with Ice Wheel Environment leading with 42 sessions [2] - The total market capitalization of Ice Wheel Environment is 126.66 billion, with a year-to-date increase of 38.05% [2] - Other notable companies include Jiangsu Shentong (002438) with 13 research sessions and a market cap of 69.08 billion, showing a year-to-date increase of 13.13% [2] Group 2: Performance Variability - Companies such as Baoshan Co. (600973) and Yongding Co. (600105) have reported performance increases, while China First Heavy Industries (601106) and others have reported performance losses [1] - The report indicates that the performance of controllable nuclear fusion stocks is varied, with some companies like China Nuclear Power (601985) experiencing a year-to-date decline of 10.35% [2]

声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不存 在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的 法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 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 重大事项提示 公司特别ᨀ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事项。 1、本次向特定对象发行股票相关事宜已经公司第五届董事会第十二次会议、2023 年第三次临时股东大会审议通过，已取得湖南省国资委批复，已获得深圳证券交易所审 核通过，尚需经中国证监会 ...

Group 1 - Zhongyuan Tong plans to establish a joint venture with Zhengzhou Zhengfang Technology with a registered capital of 10 million yuan, where Zhongyuan Tong will contribute 5.1 million yuan for a 51% stake [1] - Weiguang Co. reported a net profit of 172 million yuan for the first half of 2025, representing a year-on-year increase of 11.32%, with total revenue reaching 750 million yuan, up 10% [1] - Tianlu Technology's actual controller plans to reduce his stake by up to 2%, amounting to 220,640 shares [1][2] Group 2 - Igor received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, valid for 12 months [2] - Hualing Cable also received approval from the China Securities Regulatory Commission for a similar stock issuance [2] - Hongchang Technology's employee stockholding platform plans to reduce its stake by up to 2.56%, equating to 331,630 shares [3][4] Group 3 - Saiyi Information intends to invest 10 million yuan in Douma Technology to acquire a 3.23% stake [5] - Meino Biological's major shareholder plans to reduce his stake by up to 1%, which is 140,780 shares [5] - New Light Optoelectronics' shareholder plans to reduce his stake by up to 3%, totaling 3 million shares [6] Group 4 - Shenzhen Energy plans to invest 7.897 billion yuan in the construction of the Shantou Honghaiwan offshore wind power project, with 1.581 billion yuan from its own funds [7][8] - Zhongqi Co. plans to reduce its stake by up to 3%, which amounts to 39,717,000 shares [9] - Yirui Technology's two shareholders plan to reduce their combined stake by up to 2%, equating to 400,440 shares [11] Group 5 - Wenkai Co. is planning debt restructuring involving approximately 2.22 billion yuan in receivables and 1.24 billion yuan in cash payments [12] - Guangnong Sugar's application for a stock issuance to specific investors has been approved by the Shenzhen Stock Exchange [13] - Dalian Shengya is planning a stock issuance that may lead to a change in control, resulting in continued trading suspension [15] Group 6 - ST Saiwei has received a court decision for pre-restructuring and appointed a management team for the process [18] - Gaozheng Minexplosion's major shareholder reduced his stake by 128,100 shares during a period of stock price fluctuation [19] - Zhongfu Information's chairman has been detained, with responsibilities temporarily assigned to the deputy general manager [20] Group 7 - Huayu Mining plans to adjust the valuation of its 40% stake in Guizhou Yatai Mining and acquire an additional 11% stake for a total transaction value of 809 million yuan [21] - ST Jinbi intends to invest 50 million yuan in Cangqiong Digital, acquiring a 2.56% stake [23] - Xinxing Casting is planning to publicly transfer its 51% stake in Xinjiang Mining with a starting price of 205 million yuan [25]

Summary of Hualing Cable Conference Call Company Overview - Hualing Cable has made significant breakthroughs in the controllable nuclear fusion sector, securing orders led by China National Nuclear Corporation, which provides a solid foundation for the company's structural adjustments and enhances overall profitability [2][3][10] - The company is located in Xiangtan and operates in various fields including military robotics, controllable nuclear fusion, and high-end special cables for complex applications [4] Financial Performance - In Q1 2025, Hualing Cable achieved double-digit revenue growth with profits increasing over 50%, driven by rapid growth in the power and new energy, military, and special engineering machinery sectors [2][6] - The revenue structure for 2024 indicates that the power and new energy segment accounts for approximately 30%, metallurgy around 15%, and mining (including coal and non-ferrous metals) between 15% to 20% [5] Strategic Initiatives - The company is actively responding to national policies against excessive competition by enhancing core technological competitiveness through innovation and import substitution [2][7] - Hualing Cable is focusing on domestic substitution and filling market gaps to improve product quality and profitability, with nuclear power cable projects boasting gross margins exceeding 90% [9] Order and Project Pipeline - Hualing Cable has a robust order book, with the wood project expected to generate revenue of 2.4 billion yuan and profit of 200 million yuan, significantly boosting the company's gross margin [10] - The company has also secured its first batch of orders in the controllable nuclear fusion business, which will further support structural adjustments and profitability [10] Industry Positioning - Hualing Cable is positioning itself as a key player in the commercial aerospace sector, collaborating with entities like China Satellite and China Star Network, transitioning from a supplier to a participant in overall design and standard-setting [18][19] - The company is also involved in the construction of major hydropower stations, supplying critical cables and ensuring compliance with high-performance requirements [14][15] Technological Advancements - In the robotics sector, Hualing Cable is focusing on industrial and humanoid robots, developing cables for applications in coal mining and metallurgy, and collaborating with various institutions for innovation [17] - The company has established a strong presence in the aerospace sector, supplying ignition cables for major rocket launch bases and participating in the design of cable networks [20] Future Outlook - Hualing Cable is actively pursuing growth opportunities in various sectors, including renewable energy and advanced manufacturing, while maintaining a focus on high-margin products and technological innovation [2][9][10]

证券代码：001208 证券简称：华菱线缆 公告编号：2025-049 "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送深圳证券交易所的申报文 件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大 事项，应及时报告深圳证券交易所并按有关规定处理。" 公司董事会将根据上述文件和相关法律、法规的要求及公司 股东大会的授权，在规定期限内办理本次向特定对象发行股票事 宜，并根据进展情况及时履行信息披露义务。敬请广大投资者注 意投资风险。 特此公告。 湖南华菱线缆股份有限公司董事会 湖南华菱线缆股份有限公司 关于向特定对象发行股票申请获得中国证监会 同意注册批复的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 湖南华菱线缆股份有限公司（以下简称"公司"）于近日收到 中国证券监督管理委员会出具的《关于同意湖南华菱线缆股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2025〕1508 号）， 批复文件内容如下： 2025 年 7 月 24 日 ...