国浩律师（长沙）事务所 关于 湖南华菱线缆股份有限公司 2025 年第四次临时股东会 之 法律意见书 长沙市湘江中路保利国际广场 B3 栋 17 楼 邮编：410000 17/F, Building B3, Poly International Plaza, Middle Xiangjiang Road, Changsha 410000, China 电话/Tel: +86 731 8868 1999 传真/Fax: +86 731 8868 1999 网址/Website: http://www.grandall.com.cn 2025 年 11 月 国浩律师（长沙）事务所 关于湖南华菱线缆股份有限公司 2025 年第四次临时股东会之 法律意见书 （2025）国浩长律见字第 20251110-1-6 号 致：湖南华菱线缆股份有限公司 国浩律师（长沙）事务所（以下简称"本所"）依法接受湖南华菱线缆股份有 限公司（以下简称"公司"）的委托，指派本所刘丹律师、郑雨娜律师（以下简称 "本所律师"）列席公司 2025 年第四次临时股东会（以下简称"本次股东会"）并 依法进行见证。 根据《中华人民共和国公司法》（以下简 ...

Core Viewpoint - Hualing Cable (001208.SZ) is actively developing high-end products for nuclear power applications, supported by its controlling shareholder, Xianggang Group [1] Group 1: Company Overview - Hualing Cable is the only listed platform under Xianggang Group, which continues to empower the company in business and financial aspects [1] - The company has developed 11 new high-end products, including fourth-generation nuclear power steel and thick nuclear power steel [1] Group 2: Product Applications - The new products are applied in over 20 domestic and international nuclear power projects, including the Xiapu Fast Reactor Demonstration Project, Guangxi Bailong Nuclear Power Station, and Egypt's Dabaa Nuclear Power Station [1]

Core Viewpoint - Hualing Cable's product "high-flexibility and high-wear-resistant cable for mining" has been recognized in the "Ninth Batch of Manufacturing Single Champion Enterprises Publicity List" by the Hunan Provincial Department of Industry and Information Technology [2] Company Summary - Hualing Cable announced the recognition of its product in a public notice on November 5 [2] - The recognition is part of a broader initiative to highlight outstanding manufacturing enterprises in Hunan Province [2]

Core Viewpoint - Hualing Cable's product "high-flexibility and high-wear-resistant cable for mining" has been recognized in the "Ninth Batch of Manufacturing Single Champion Enterprises" list by the Hunan Provincial Department of Industry and Information Technology [1] Group 1 - The product meets the high-frequency and high-strength usage requirements of coal mines and the demand for cable resistance to bending and wear in large-scale mining equipment for copper, lead, and zinc mines [1] - The cable integrates optical fibers and control signals, aligning with the "5G + Smart Mining" requirements [1] - The core technology can also be applied in other fields such as reel, drum, dragline cables, and robotic cables [1]

Core Viewpoint - Hualing Cable's product "high-flexibility and high-wear-resistant cable for mining" has been recognized in the "Ninth Batch of Manufacturing Single Champion Enterprises" list by the Hunan Provincial Department of Industry and Information Technology [1] Group 1 - The product meets the high-frequency and high-strength usage requirements of coal mines and the demand for cable resistance to bending and wear in large-scale mining equipment for copper, lead, and zinc mines [1] - The cable integrates optical fibers and control signals, aligning with the "5G + Smart Mining" requirements [1] - The core technology can also be applied to other fields such as reel, drum, dragline cables, and robotic cables [1]

根据湖南省工业和信息化厅发布的《关于第九批制造业单项冠军 企业和复核通过第三批、第六批制造业单项冠军企业名单的公示（湖 南省）》，湖南华菱线缆股份有限公司（以下简称"公司"）的产品 "矿山用高柔性高耐磨电缆"入选"第九批制造业单项冠军企业公示 名单"。 上述名单是根据《关于加快培育发展制造业优质企业的指导意见》 （工信部政法〔2021〕70号）、《工业和信息化部办公厅关于开展2024 年制造业单项冠军企业遴选认定和复核评价工作的通知》（工信厅政 法函〔2024〕328号）等规定，经企业申报、相关部门审核和社会公 示等程序而确定。 二、对公司的影响 证券代码：001208 证券简称：华菱线缆 公告编号：2025-083 湖南华菱线缆股份有限公司 关于入选第九批制造业单项冠军企业的自愿性信息 披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、基本情况 三、风险提示 本次公司入选"第九批制造业单项冠军企业"，不会对公司当期 经营业绩产生重大影响，敬请广大投资者注意投资风险。 四、备查文件 1、《关于第九批制造业单项冠军企业和复核通过第三批、第六 批制造业 ...

Core Viewpoint - The company, Hualing Cable, has announced that its product "high-flexibility and high-wear-resistant cable for mining" has been included in the public list of the ninth batch of manufacturing single champion enterprises by the Hunan Provincial Department of Industry and Information Technology [1] Group 1 - The product recognized is specifically designed for the mining industry, indicating a focus on specialized applications [1] - The inclusion in the list of manufacturing single champion enterprises highlights the company's competitive edge and recognition in the industry [1] - This recognition may enhance the company's reputation and potentially lead to increased market opportunities [1]

Core Viewpoint - Hualing Cable, a leading manufacturer of special cables in China, has shown steady performance in revenue and net profit, but remains ranked 18th in the industry for both metrics as of Q3 2025 [2][3]. Group 1: Company Overview - Hualing Cable was established on July 1, 2003, and listed on the Shenzhen Stock Exchange on June 24, 2021. The company is headquartered in Xiangtan, Hunan Province [1]. - The company specializes in the research, production, and sales of electric wires and cables, with applications in military and nuclear power sectors [1]. Group 2: Financial Performance - For Q3 2025, Hualing Cable reported a revenue of 3.376 billion yuan, ranking 18th among 40 companies in the industry. The top company, Baosheng Co., had a revenue of 37.65 billion yuan [2]. - The revenue composition includes special cables at 1.103 billion yuan (50.37%), power cables at 868 million yuan (39.64%), and electrical equipment cables at 179 million yuan (8.19%) [2]. - The net profit for the same period was 92.163 million yuan, also ranking 18th in the industry, with the leading company, Dongfang Cable, reporting a net profit of 914 million yuan [2]. Group 3: Financial Ratios - Hualing Cable's debt-to-asset ratio stood at 52.74% in Q3 2025, lower than the previous year's 67.70% and below the industry average of 54.36% [3]. - The gross profit margin for the period was 11.58%, slightly down from 11.61% year-on-year and below the industry average of 13.49% [3]. Group 4: Management and Shareholder Information - The total compensation for General Manager Xiong Shuo was 806,600 yuan in 2024, a decrease of 96,900 yuan from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders increased by 10.54% to 48,900, with an average holding of 5,381.72 shares, down by 9.53% [5].

Core Insights - The nuclear power cable industry is crucial for the safe and stable operation of nuclear power plants, designed to meet extreme performance requirements such as high temperature resistance, radiation resistance, and low smoke halogen-free flame retardancy [1][6][3] - China's nuclear power sector is a key support for energy structure transformation and achieving carbon neutrality goals, with a national strategy focused on the "active, safe, and orderly development of nuclear power" [1][6] - The industry is entering a high prosperity cycle driven by policies, market demand, and technological advancements, with a significant market expansion expected [1][9] Industry Overview - Nuclear power cables are specifically designed for the unique environments of nuclear power plants, requiring high insulation, temperature, radiation, and corrosion resistance [2][3] - The cables play a core role in power transmission, signal control, and system safety, making them essential components for stable power system operation [2][6] Policy Environment - The Chinese government has set ambitious targets for nuclear power capacity, aiming for 70 million kilowatts by 2025 and 131 million kilowatts by 2030, with ongoing approvals for advanced reactor projects [6][9] - Recent policies have been introduced to support the nuclear industry across various dimensions, including development planning, safety assurance, and market access [6][9] Industry Chain - The upstream of the nuclear power cable industry includes suppliers of metals and insulation materials, with domestic companies like Jiangxi Copper and China Aluminum being significant players [7] - The midstream consists of cable manufacturing, dominated by companies such as Jiangsu Shangshang Cable and Far East Group, indicating a high market concentration [7] - The downstream includes nuclear power plant construction units and equipment manufacturers, driving continuous demand for cable products [7] Current Development Status - China's nuclear power sector has seen rapid growth, with 58 operational nuclear reactors and a total installed capacity of 60.88 million kilowatts as of 2024, ranking third globally [8][9] - The industry is expected to see a market scale exceeding 3 billion yuan in 2024, with projections of reaching 3.44 billion yuan by 2025, reflecting a robust annual growth rate of approximately 12% [9][10] Competitive Landscape - The industry is characterized by a few leading domestic companies that dominate the market, such as Anhui Cable and Jiangsu Shangshang Cable, which have achieved breakthroughs in high-end product localization [10] - Other notable companies include Baosheng Co., Shangwei Co., and Hualing Cable, which contribute to the competitive landscape with their specialized cable products [10] Future Development Trends - The industry is expected to evolve through technological innovation, market expansion, and global positioning, focusing on high-end materials and smart monitoring technologies [11][12] - New application scenarios are emerging, including small modular reactors and nuclear hydrogen production, which will drive demand for specialized cables [12] - Chinese companies are anticipated to accelerate their global presence, leveraging the Belt and Road Initiative to enhance their international competitiveness [13]

| 评级 | AAA | | / | | | | | --- | --- | --- | --- | --- | --- | --- | | 发行利率 | 1.65%/年 | | / | | | | | 起息日 | 2025 年 10 月 29 日 | 2025 年 | 10 | 月 | 日 | 29 | | 预计到期日 | 2026 年 4 月 27 日 | 2028 年 | 10 | 月 | 日 | 29 | | 总规模（万元） | 15,100.00 | | | | | | | 簿记管理人/牵头主承销商 | 兴业银行股份有限公司 | | | | | | | 发行载体管理机构 | 湖南省财信信托有限责任公司 | | | | | | 湖南华菱线缆股份有限公司（以下简称"公司"或"华菱线缆"） 分别于 2025 年 3 月 27 日召开第五届董事会第二十七次会议及 2025 年 4 月 21 日召开 2024 年年度股东大会，审议通过了《关于公司拟开 展资产证券化项目的议案》，同意公司开展资产证券化项目的相关内 容。具体内容详见公司于 2025 年 3 月 29 日刊载于巨潮资讯网 （www.cninfo.c ...