Group 1 - The establishment of Sanxia (Qingdao) Ocean Development Co., Ltd. has been officially registered, with a registered capital of approximately 149 million RMB [1] - The legal representative of the new company is Ai Qing, indicating a structured leadership [1] - The company's business scope includes marine services, investment activities using self-owned funds, marine engineering design, and module design and manufacturing services [1] Group 2 - The shareholders of the company include Sanxia Energy (600905), Yangtze Three Gorges Investment Management Co., Ltd., Hancable Co., Ltd. (002498), and Pangu Intelligent (301456), reflecting a diverse ownership structure [1]

Group 1 - The company, Hanlan Co., announced that there are no overdue guarantees, no guarantee amounts involved in litigation, and no losses incurred due to judgments against guarantees [2]

Group 1 - The company approved a guarantee proposal for its subsidiary, Duco New Materials, not exceeding 20 million yuan [1] - A maximum joint liability guarantee of 10 million yuan was signed with Agricultural Bank of China, Qingdao Laoshan Branch, with the guarantee period from September 22, 2025, to September 21, 2026 [1] - As of the announcement date, the total external guarantee amount for the company and its subsidiaries does not exceed 701.5 million yuan, with a total guarantee balance of 192.47 million yuan, accounting for 2.37% of the latest audited net assets, with no overdue or bad guarantees [1]

证券代码：002498 证券简称：汉缆股份 公告编号：2025-030 青岛汉缆股份有限公司关于对外提供担保情况的进展公告 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、担保的审议情况 为满足青岛汉缆股份有限公司（以下简称"公司"）控股子公司日常经营活 动的需要，根据公司目前对控股子公司的担保情况以及公司 2025 年的生产经营 情况，公司拟为青岛杜科新材料有限公司（以下简称"杜科新材料"）提供合计 不超过 2000 万元人民币的担保。 2025 年 8 月 1 日，公司第六届董事会第二十次会议审议并一致通过了《关 于公司为控股子公司青岛杜科新材料有限公司提供担保的议案》，并于 2025 年 8 月 2 日在巨潮资讯网 www.cninfo.com.cn 及《中国证券报》、《上海证券报》、《证 券日报》和《证券时报》上公告了《青岛汉缆股份有限公司关于为子公司提供担 保的公告》, 公告编号：2025-024。 根据公司近期签署的有关对外担保协议情况，公司对上述对外担保前期公告 事项进行后续披露。 二、担保的进展情况 2025 年 9 月 22 日，公司与中 ...

Core Viewpoint - The submarine cable industry in China is experiencing rapid growth driven by the expansion of offshore wind power and marine energy development, supported by comprehensive government policies and technological advancements [1][6][12]. Industry Overview - Submarine cables are essential infrastructure for connecting power and communication networks across oceans, categorized into submarine communication cables and submarine power cables [2][3]. - The industry is positioned as a strategic resource for supporting the digital transformation of the marine economy and the construction of a global energy internet [6]. Policy Analysis - China's policies, including the "14th Five-Year Plan" for renewable energy, aim to promote the large-scale development of offshore wind power and marine energy, providing a robust support system for the submarine cable industry [6][10]. Industry Chain - The submarine cable industry chain in China includes upstream raw material supply, midstream cable manufacturing, and downstream installation and operation, with leading companies like Zhongtian Technology, Hengtong Optic-Electric, and Dongfang Cable dominating the market [8][12]. Market Demand - The offshore wind power market is the primary driver of submarine cable demand, with installed capacity expected to grow significantly from 9 million kW in 2020 to 41.27 million kW by 2024, reflecting a compound annual growth rate of 46.33% [10][12]. - Marine energy is also a key market, with a target of 400,000 kW installed capacity by 2030, further expanding the demand for high-end submarine cables [11][12]. Current Industry Status - The submarine cable industry in China is in a phase of technological leadership and market expansion, with a projected market size of approximately 230 billion yuan by 2024 [12]. - The industry has achieved significant technological advancements, including a complete technical system covering voltage levels from 220kV to 500kV [12]. Competitive Landscape - The industry exhibits a concentrated oligopoly structure, with the top three companies—Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric—holding a combined market share of 87% [13][14]. - International competitors like Prysmian and Nexans dominate the high-end market, while Chinese companies are expanding into emerging markets in Southeast Asia and Africa [13][14]. Future Development Trends - The submarine cable industry is expected to undergo a transformation towards high-end, intelligent, and green technologies, with a focus on dynamic cables and AI operation systems [16]. - The market is anticipated to expand globally, with emerging scenarios such as submarine data center interconnections and marine observation networks contributing to significant growth [17]. - The industry will evolve towards a collaborative ecosystem, enhancing supply chain resilience and establishing international standards [18][19].

Quantitative Models and Construction Methods - **Model Name**: GAN_GRU **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for processing volume-price time-series features and Gated Recurrent Unit (GRU) for encoding time-series features to create a stock selection factor[4][13][41] **Model Construction Process**: 1. **GRU Component**: - Input features include 18 volume-price features such as closing price, opening price, turnover, and turnover rate[14][17][19] - Training data consists of the past 400 days of these features, sampled every 5 trading days, forming a 40x18 matrix to predict cumulative returns over the next 20 trading days[18] - Data preprocessing includes outlier removal and normalization at both time-series and cross-sectional levels[18] - Model architecture: Two GRU layers (128, 128) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet), which serves as the stock selection factor[22] - Training method: Semi-annual rolling training, with training conducted on June 30 and December 31 each year[18] - Optimization: Adam optimizer, learning rate of 1e-4, IC loss function, early stopping after 10 epochs, and a maximum of 50 training epochs[18] 2. **GAN Component**: - GAN consists of a generator (G) and a discriminator (D)[23] - Generator: Uses LSTM to preserve the time-series nature of the input features, transforming random noise into realistic data samples[33][37] - Loss function: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability[24][25] - Discriminator: Uses CNN to process the two-dimensional volume-price time-series features, distinguishing between real and generated data[33][37] - Loss function: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data[27][29] - Training: Alternating updates of the generator and discriminator parameters until convergence[30] **Model Evaluation**: The GAN_GRU model effectively captures both time-series and cross-sectional features, leveraging the strengths of GAN and GRU for stock selection[4][13][41] --- Model Backtesting Results - **GAN_GRU Model**: - **IC Mean**: 11.36%[41][42] - **ICIR (Non-Annualized)**: 0.88[42] - **Turnover Rate**: 0.83[42] - **Recent IC**: -2.56%[41][42] - **1-Year IC Mean**: 8.94%[41][42] - **Annualized Return**: 38.09%[42] - **Annualized Volatility**: 23.68%[42] - **IR**: 1.61[42] - **Maximum Drawdown**: 27.29%[42] - **Annualized Excess Return**: 23.52%[41][42] --- Quantitative Factors and Construction Methods - **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: Derived from the GAN_GRU model, this factor encodes volume-price time-series features to predict stock returns[4][13][41] **Factor Construction Process**: - The factor is generated using the output of the GAN_GRU model, which combines GAN-based feature generation and GRU-based time-series encoding[4][13][41] - The factor undergoes industry and market capitalization neutralization, as well as standardization, before being used for testing[22] **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent outperformance in recent years[4][13][41] --- Factor Backtesting Results - **GAN_GRU Factor**: - **IC Mean**: 11.36%[41][42] - **ICIR (Non-Annualized)**: 0.88[42] - **Turnover Rate**: 0.83[42] - **Recent IC**: -2.56%[41][42] - **1-Year IC Mean**: 8.94%[41][42] - **Annualized Return**: 38.09%[42] - **Annualized Volatility**: 23.68%[42] - **IR**: 1.61[42] - **Maximum Drawdown**: 27.29%[42] - **Annualized Excess Return**: 23.52%[41][42]

Financial Performance - The company reported a total revenue of 4.589 billion yuan for the first half of 2025, representing a year-on-year increase of 5.93% [1] - The net profit attributable to shareholders was 288 million yuan, showing a decline of 24.61% compared to the previous year [1] - In Q2 2025, the total revenue reached 2.759 billion yuan, up 8.33% year-on-year, while the net profit attributable to shareholders was 145 million yuan, down 19.85% [1] Profitability Metrics - The gross margin decreased to 13.2%, down 27.06% year-on-year, and the net margin fell to 6.2%, a decline of 28.01% [1] - The company's earnings per share (EPS) was 0.09 yuan, down 24.63% year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 6.97%, indicating average capital returns [3] - The net profit margin for the previous year was 6.93%, suggesting average added value for products or services [3] - The debt ratio for interest-bearing liabilities reached 23.42%, indicating a significant level of debt [3] Cash Flow and Receivables - The company reported a negative operating cash flow of -0.16 yuan per share, a decrease of 21.45% year-on-year [1] - Accounts receivable accounted for 583.76% of the net profit, indicating a high level of receivables relative to profit [1][3] - The cash assets to current liabilities ratio was 73.93%, suggesting a need for attention to cash flow management [3]

董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002498 证券简称：汉缆股份 公告编号：2025-029 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

每经AI快讯，汉缆股份（SZ 002498，收盘价：3.63元）8月29日发布公告称，公司第六届第二十一次董 事会会议于2025年8月27日在公司四楼会议室召开。会议审议了《关于2025年半年度报告及摘要的议 案》等文件。 2025年1至6月份，汉缆股份的营业收入构成为：电线电缆行业占比100.0%。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） ...

Core Viewpoint - Hanlan Co., Ltd. reported a revenue of 4.589 billion yuan for the first half of 2025, reflecting a year-on-year growth of 5.93% [1] - The net profit attributable to shareholders decreased by 24.61% to 288 million yuan [1] - The net profit after deducting non-recurring gains and losses fell by 28.91% to 244 million yuan [1] - Basic earnings per share stood at 0.0866 yuan [1] Financial Performance - Revenue for the first half of 2025: 4.589 billion yuan, up 5.93% year-on-year [1] - Net profit attributable to shareholders: 288 million yuan, down 24.61% year-on-year [1] - Net profit after deducting non-recurring items: 244 million yuan, down 28.91% year-on-year [1] - Basic earnings per share: 0.0866 yuan [1]