中信证券股份有限公司 关于 湖南华菱线缆股份有限公司 2023 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年六月 | 目 录 1 | | --- | | 声 明 2 | | 第一节 本次证券发行基本情况 3 | | 一、保荐人名称 3 | | 二、保荐代表人、项目协办人及其他项目组成员情况 3 | | 三、本次保荐的发行人证券发行的类型 4 | | 四、发行人情况 4 | | 五、保荐人与发行人存在的关联关系 10 | | 六、保荐人内部审核程序和内核意见 11 | | 第二节 保荐人承诺事项 13 | | 第三节 关于有偿聘请第三方机构和个人等相关行为的核查 14 | | 第四节 对本次证券发行上市的推荐意见 15 | | 一、本次证券发行决策程序 15 | | 二、符合《公司法》规定的相关条件 16 | | 三、符合《证券法》规定的相关条件 16 | | 四、符合《注册管理办法》规定的相关条件 17 | | 五、本次募集资金使用相关情况 20 | | 六、发行人存在的主要风险 26 | | 七、对发行人发展前景的 ...

证券代码：001208 证券简称：华菱线缆 公告编号：2025-045 公司本次向特定对象发行股票事项尚需获得中国证监会同意注 册后方可实施，最终能否获得中国证监会作出同意注册的决定及其时 间尚存在不确定性，公司将根据该事项的进展情况按照相关规定及时 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 2025 年 6 月 4 日 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深圳证券交易所 上市审核中心审核通过的公告 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 2025 年 6 月 3 日收到深圳证券交易所（以下简称"深交所"）出具的《关于湖南 华菱线缆股份有限公司申请向特定对象发行股票的审核中心意见告 知函》，深交所发行上市审核机构对公司向特定对象发行股票的申请 文件进行了审核，认为公司符合发行条件、上市条件和信息披露要求， 后续深交所将按规定报中国证券监督管理委员会（以下简称"中国证 监会"）履行相关注册程序。 ...

华菱线缆5月26日大宗交易平台共发生18笔成交，合计成交量547.60万股，成交金额5224.11万元。成交 价格均为9.54元，相对今日收盘价折价9.92%。从参与大宗交易营业部来看，机构专用席位共出现在10 笔成交的买方或卖方营业部中，合计成交金额为2991.75万元，净买入2991.75万元。 证券时报·数据宝统计显示，华菱线缆今日收盘价为10.59元，上涨3.22%，日换手率为7.35%，成交额为 2.11亿元，全天主力资金净流入990.15万元，近5日该股累计下跌0.09%，近5日资金合计净流入210.57万 元。（数据宝） 5月26日华菱线缆大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 45.90 | 437.89 | 9.54 | -9.92 | 机构专用 | 中国中金财富证券有限公司 | | | | | | | 长沙解放西路证券营业部 | | 42.3 ...

二、本次实施的利润分配方案 公 司 2024 年 年 度 权 益 分 派 方 案 为 ： 以 公 司 现 有 总 股 本 金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机 构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金 每 10 股派 0.558000 元；持有首发后限售股、股权激励限售股及无限 售流通股的个人股息红利税实行差别化税率征收，公司暂不扣缴个人 所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】； 持有首发后限售股、股权激励限售股及无限售流通股的证券投资基金 所涉红利税，对香港投资者持有基金份额部分按 10%征收，对内地投 资者持有基金份额部分实行差别化税率征收）。【注：根据先进先出 的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.124000 元；持股 1 个月以上至 1 年 （含 1 年）的，每 10 股补缴税款 0.062000 元；持股超过 1 年的，不 需补缴税款。】 证券代码：001208 证券简称：华菱线缆 公告编号：2025-044 湖南华菱线缆股份有限公司 关于 2024 年年度 ...

证券代码：001208 证券简称：华菱线缆 公告编号：2025-044 湖南华菱线缆股份有限公司 2、自分配方案披露至实施期间公司股本总额未发生变化。 3、本次实施的分配方案与公司 2024 年年度股东大会审议通过的 利润分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个 月。 二、本次实施的利润分配方案 关于 2024 年年度分红派息实施的公告 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。 湖南华菱线缆股份有限公司（以下简称"公司"）2024 年年度 权益分派方案已获 2025 年 4 月 21 日召开的 2024 年年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年年度股东大会审议通过的利润分派方案具体内容 为：以 2024 年 12 月 31 日公司总股本 534,424,000 股为基数，以未 分配利润向全体股东每 10 股派发现金股利人民币 0.62 元（含税）， 共计派发现金红利 33,134,288.00 元（含税），不送红股，不以资本 公积金转增股本。 公 ...

Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

Core Viewpoint - The company, Hualing Cable, has demonstrated significant growth in its operating performance, driven by strong demand in its core business areas, particularly in aerospace and special equipment cables [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.005 billion yuan, a year-on-year increase of 11.38%, and a net profit of 32.16 million yuan, up 55.54% [1]. - For the year 2024, the company reported revenue exceeding 4 billion yuan for the first time, reaching 4.158 billion yuan, a growth of 19.82%, with a net profit of 109 million yuan, up 26.07% [2]. - The company's total assets as of the end of Q1 2025 were 4.71 billion yuan, a 1.5% increase from the previous year, while net assets grew by 2.4% to 1.657 billion yuan [1]. Group 2: Business Segments - The power cable and special cable businesses showed strong growth in 2024, generating revenues of 1.579 billion yuan and 2.136 billion yuan, respectively, with year-on-year increases of 26.47% and 18.44% [2]. - Special cables accounted for over 50% of the company's revenue for two consecutive years, with proportions of 51.96% in 2023 and 51.37% in 2024 [2]. Group 3: Market Expansion and Innovation - The company has been actively expanding its market presence through new product promotions, long-term contract renewals, and customer base expansion, particularly in the power new energy sector [2]. - In terms of technological innovation, the company's R&D expenses have increased annually, totaling 347 million yuan over the past three years, with 345 authorized patents as of the end of 2024 [3]. - The company has undertaken over 50 national, provincial, and municipal technology projects, focusing on solving key technical challenges in military and special cable fields [3].

Group 1: Industry Focus and Growth Areas - The company identifies key growth areas in the aerospace and integrated equipment sector, metallurgy and mining, and strategic emerging industries such as robotics and high-performance data transmission cables [2][3] - The demand for special cables in the metallurgy and mining sector is increasing due to heightened safety requirements [2][3] Group 2: Competitive Advantages - The company maintains a stable customer base, with over 80% of clients being large state-owned enterprises or listed companies, ensuring sustained profitability [3] - The company has 74 years of technical expertise in the special cable sector, particularly in aerospace and integrated equipment, which contributes to its competitive edge [3] Group 3: Acquisition Plans - The company has signed a letter of intent for the acquisition of Xingxin Aerospace, with the completion timeline dependent on due diligence and necessary approvals [3] - Mergers and acquisitions are part of the company's ongoing strategy to enhance its position as a leading enterprise in high-end cable integration and intelligent composite transmission [3] Group 4: Product Applications and Orders - The company's products are primarily used in aerospace, metallurgy, rail transportation, petrochemicals, and renewable energy sectors, with significant growth expected in metallurgy and rail transportation in 2024 [4] - The company has a substantial backlog of orders, significantly increased compared to the same period last year, primarily from large state-owned enterprises [5] Group 5: Cost Reduction and Efficiency Measures - The company is implementing measures to reduce costs and improve efficiency, including advancing digitalization and smart manufacturing, and optimizing raw material procurement [5] - Production cycles for different products range from 7 to 15 days, subject to adjustments based on customer orders and internal scheduling [5]

Core Viewpoint - 华菱线缆 reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, driven by increased demand in various sectors, particularly aerospace and special engineering machinery [1][2]. Financial Performance - The company achieved operating revenue of 1.005 billion yuan, a year-on-year increase of 11.38% [1] - Net profit reached 32.16 million yuan, up 55.54% year-on-year [1] - Deducted non-recurring net profit was 27.95 million yuan, reflecting a substantial growth of 101.34% [1] Business Development - The company has secured contracts worth approximately 423 million yuan in the power and rail transit sectors, accounting for 10.18% of the audited revenue for 2024 [1] - In the power sector, contracts include 120 million yuan for 10kV copper core cross-linked polyethylene insulated power cables and 130 million yuan for low-voltage cables [1] - In the rail transit sector, contracts include 58.97 million yuan for fire-resistant cables and 114 million yuan for flame-retardant wires and cables [1] Market Recognition and Future Growth - The recent contract wins reflect market recognition of the company's product quality and service [2] - Key growth drivers identified include increased demand in aerospace and special equipment, safety requirements in metallurgy and mining, emerging strategic sectors like robotics, and potential from mergers and acquisitions [2] Order and Production Capacity - The company has a substantial backlog of orders, significantly higher than the previous year [3] - Four investment projects have been initiated to expand production capacity to meet growing business demands [3] - The theoretical production cycle for different products ranges from 7 to 15 days, subject to various operational factors [3]

4月27日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 海源复材：公司股票自4月29日起实行退市风险警示 海源复材(002529)晚间公告，公司股票将于2025年4月28日停牌一天，自4月29日起被实行"退市风险警 示"特别处理，股票简称变更为"*ST海源"，日涨跌幅限制为5%。 新莱福：拟购买金南磁材100%股份 股票28日复牌 新莱福(301323)晚间公告，公司拟筹划发行股份及支付现金购买广州金南磁性材料有限公司（简称"金 南磁材"）100%股份并募集配套资金暨关联交易事项，本次交易预计构成重大资产重组。公司股票将于 2025年4月28日开市起复牌。本次交易完成后，公司将通过整合金南磁材在永磁材料、软磁材料及PM粉 末冶金领域的核心技术优势，实现业务边界的战略性拓展与产业链深度协同。 红宝丽：子公司聚氨酯公司聚醚技术改造项目试生产成功 红宝丽(002165)晚间公告，子公司聚氨酯公司聚醚技术改造项目已建设完工并试生产成功，产出单体聚 醚、组合聚醚和特种聚醚合格产品。 星光股份：公司及相关人员收到广东证监局警示函 星光股份(002076)晚间公告，公 ...