Core Viewpoint - Shenzhen Wole Cable Co., Ltd. (Wole Cable) is preparing for its listing on the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1]. Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, playing a critical role in various applications within the industry [3]. - The company ranks first in the global heat shrink materials market with a market share of 20.6% based on projected 2024 revenues, and ranks third among global telecommunications cable manufacturers with a market share of 12.7% [3]. - In 2024, Wole Cable is projected to be the largest manufacturer of high-speed copper cables in China, holding a market share of 24.2% [3]. Financial Performance - The company reported revenues of approximately RMB 5.34 billion, RMB 5.72 billion, RMB 6.92 billion, and RMB 6.08 billion for the fiscal years ending in 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4]. - The net profit for the same periods was approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [4]. - The gross profit margin has remained relatively stable, with figures of 30.2%, 31.3%, 30.5%, and 30% for the respective years [5]. Strategic Partnerships and Operations - Wole Cable has established long-term partnerships with companies in AI, telecommunications, electric vehicles, energy, and power sectors [4]. - The company strategically locates its manufacturing bases close to customers to ensure comprehensive coverage and rapid response to production and supply chain management needs [4]. - As of September 30, 2025, Wole Cable operates nine manufacturing bases in China and one overseas factory in Vietnam [4].

Core Viewpoint - The company has significantly increased its production capacity for high-speed lines, responding to the growing demand from cutting-edge data centers since 2026 [1] Group 1 - The company currently owns 16 imported foam core line extruders, with more than ten additional units yet to arrive [1] - The production capacity for high-speed lines has been greatly enhanced [1] - The company is actively increasing its wrapping equipment to meet customer demands [1]

Group 1 - Shenzhen Woreal Material Co., Ltd. has submitted post-hearing documents to the Hong Kong Stock Exchange [1]

据港交所文件：深圳市沃尔核材股份有限公司通过港交所上市聆讯。 ...

Summary of Conference Call Notes Company and Industry Involved - The focus is on **沃尔核材 (Wolfe Materials)**, specifically regarding their **RubinUltra** product line and the copper connector solutions. Core Points and Arguments - **New Technology Impact**: The introduction of **BiDi (bidirectional transmission)** technology is expected to significantly extend the lifecycle of copper cables on the Nvidia (Nv) side, effectively doubling the bandwidth of connectors [1] - **Market Demand Growth**: There is a notable increase in demand from major companies like **Google** and **Amazon**, which is anticipated to open up substantial market space for copper cables, particularly in the context of **ASIC (Application-Specific Integrated Circuit) cabinets** [1] - **Future Projections**: The demand from these tech giants is projected to exceed Nvidia's solutions by 2026, indicating a strong market shift towards copper connectors [1] - **Profit Expectations**: The profit expectations for 2027 are optimistic, suggesting that the anticipated profits should be factored into Wolfe Materials' market valuation [1] Other Important but Potentially Overlooked Content - The ongoing debate regarding the viability of copper connectors versus alternative solutions is expected to continue, but there is a growing optimism among proponents of copper technology [1] - The company encourages further inquiries for detailed breakdowns and elasticity assessments related to their offerings [1]

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1] Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, with key applications in various industries [3] - The main business segments include electronic communication, power transmission, and other related products, serving IT infrastructure, new energy vehicles, and power transmission needs [3][4] - According to Frost & Sullivan, the company ranks first in the global heat shrink materials industry with a market share of 20.6% and third in the global telecommunications cable manufacturing sector with a market share of 12.7% [3][19] Financial Performance - The company reported revenues of approximately RMB 5.337 billion, RMB 5.719 billion, RMB 6.920 billion, and RMB 6.077 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [5] - Profit figures for the same periods were approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [6] - Gross profit margins for the years were 30.2%, 31.3%, 30.5%, and 30.9% respectively [8][9] Industry Overview - The global telecommunications cable market is projected to grow from RMB 105 billion in 2020 to RMB 134 billion in 2024, with a CAGR of 6.1% [10] - China's telecommunications cable market is expected to increase from RMB 53 billion to RMB 77 billion during the same period, with a CAGR of 9.5% [11] - The global heat shrink materials market is anticipated to grow from RMB 101 billion in 2020 to RMB 126 billion in 2024, with a CAGR of 5.7% [17] - The competitive landscape in the global heat shrink materials industry is intense, with over 800 companies, and Wole Cable holds a leading position with a market share of approximately 20.6% [19][20]

深圳市沃尔核材股份有限公司 关于申请发行境外上市外资股（H 股）并上市的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市沃尔核材股份有限公司（以下简称"公司"）正在进行申请发行境外 上市外资股（H股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板上市的相关工作（以下简称"本次境外发行上市"）。公司已于2025年6月 16日向香港联交所递交了本次境外发行上市的申请，并于同日在香港联交所网站 刊登了本次境外发行上市的申请资料。 证券代码：002130 证券简称：沃尔核材 公告编号：2026－003 https://www1.hkexnews.hk/app/sehk/2026/108141/documents/sehk26012 601768_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2026/108141/documents/sehk26012 601769.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次境外发行上市 的相关信息而作出。本公告以及刊登于香港联交所网站的申请资料均不 ...

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1] Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, with key applications in various industries [3] - The main business segments include electronic communication, power transmission, and other related products [3] - The company ranks first in the global heat shrink materials industry with a market share of 20.6% and third in the global telecommunications cable manufacturing sector with a market share of 12.7% as of 2024 [3][19] Financial Performance - Revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 5.337 billion, RMB 5.719 billion, RMB 6.920 billion, and RMB 6.077 billion respectively [5] - Profit for the same periods was approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [6] - Gross profit margins for the fiscal years were 30.2%, 31.3%, 30.5%, and 30.9% respectively [8] Industry Overview - The global telecommunications cable market is projected to grow from RMB 105 billion in 2020 to RMB 134 billion in 2024, with a compound annual growth rate (CAGR) of 6.1% [10] - China's telecommunications cable market is expected to increase from RMB 53 billion in 2020 to RMB 77 billion in 2024, with a CAGR of 9.5% [12] - The global heat shrink materials market is anticipated to grow from RMB 101 billion in 2020 to RMB 126 billion in 2024, with a CAGR of 5.7% [17] Competitive Landscape - The global telecommunications cable industry is fragmented, with over 100 participants, and the top five manufacturers hold a combined market share of 57.2% [14] - In China, the top five manufacturers in the telecommunications cable sector have a combined market share of 44.0% [16] - Wole Cable is the largest manufacturer of high-speed copper cables in China, with a market share of 18.8% [15]

Group 1 - The core viewpoint of the article is that Shenzhen Wole Cable Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1] - Wole Cable is recognized as one of the largest manufacturers of heat shrink materials and communication cable products globally [1] - The company's main business segments include electronic communication, power transmission products for electric vehicles, cable accessories, and wind power generation [1]

人民财讯1月26日电，据港交所披露，深圳市沃尔核材（002130）股份有限公司向港交所提交上市申请 书，联席保荐人为中信建投（601066）国际、招商证券国际。 ...