1、公司于 2025 年 4 月 23 日召开的 2024 年度股东会审议通过《2024 年度 利润分配方案》为：以实施 2024 年度利润分配方案时股权登记日的总股本扣除 回购股份后为基数，向全体股东每 10 股派发现金股利 2.50 元（含税），不送红 股，也不以资本公积金转增股本。若在本次利润分配方案实施前公司总股本由于 可转债转股、股份回购、股权激励行权等原因而发生变化的，则按照分配比例不 金 杯 电 工 股 份 有 限 公 司 Gold Cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2025-024 金杯电工股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 1、根据《公司法》《深圳证券交易所上市公司自律监管指引第 9 号-回购股 份》等相关规定，金杯电工股份有限公司（以下简称"公司"或"本公司"）通 过回购专用证券账户持有的公司股份不享有参与利润分配的权利。 公司 2024 年度权益分派方案：以公司现有总股本剔除已回购股份 ...

Group 1 - The article provides a comprehensive overview of the wire and cable industry, highlighting key listed companies and their business layouts [1][2][3] - Major listed companies in the wire and cable sector include Baosheng Co., Far East Co., Qifan Cable, and others, with a focus on their business operations and financial performance [2][3][6] - The industry is characterized by a significant presence in Jiangsu and Zhejiang provinces, with Baosheng Co. being a representative enterprise [3] Group 2 - Baosheng Co. leads the industry with a revenue of 354.44 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 5.36% [6][9] - Other companies like Far East Co. and Qifan Cable reported revenues ranging from 106 billion to 185 billion yuan, with Jingda Co. showing a notable growth rate of 22.38% [6][9] - The profitability of these companies varies, with Baosheng Co. having a relatively low net profit of 0.25 billion yuan despite its large revenue [6][9] Group 3 - The article discusses the business performance of various companies, indicating that Baosheng Co. has a dominant market position with 96.22% of its revenue coming from wire and cable operations [9][10] - Companies like Jingda Co. and Dongfang Cable have shown strong revenue growth rates of 27.35% and 24.27%, respectively, indicating robust development [9][10] - The article also notes that some companies, such as Qifan Cable and Sun Cable, experienced revenue declines of -3.55% and -14.38%, respectively, suggesting operational challenges [10] Group 4 - The article outlines the business plans of major companies in the wire and cable industry for 2024, emphasizing innovation and market expansion [14][16] - Baosheng Co. focuses on technological and business model innovation to enhance competitiveness, while Far East Co. is investing in smart manufacturing and digital production systems [14][16] - Other companies like Qifan Cable and Jingda Co. are also adapting their strategies to address market changes and explore new opportunities in clean energy and other sectors [14][16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous optimization of its revenue structure, with the cable business accelerating the cultivation of new growth curves [1] - In 2024, the company achieved a revenue of 17.669 billion yuan, a year-on-year increase of 15.54%, and a net profit attributable to shareholders of 569 million yuan, up 8.78% year-on-year [4] - The electromagnetic wire business has seen a revenue increase of 30.69% year-on-year, contributing significantly to the overall revenue growth [5] - The company is expected to achieve revenues of 20.033 billion yuan, 22.598 billion yuan, and 25.444 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 706 million yuan, 786 million yuan, and 877 million yuan [6] Financial Performance - In Q1 2025, the company reported a revenue of 4.097 billion yuan, a year-on-year increase of 16.32%, and a net profit of 136 million yuan, up 1.85% year-on-year [4] - The gross profit margin for 2024 was 10.37%, a decrease of 0.92 percentage points year-on-year, while the gross profit margin for Q1 2025 was 10.00%, down 0.46 percentage points year-on-year [4] - The revenue from the electromagnetic wire segment reached 6.561 billion yuan in 2024, with a shipment of approximately 85,000 tons, a year-on-year increase of about 20% [5] - The wire and cable business generated a revenue of 10.971 billion yuan in 2024, reflecting an 8.63% year-on-year growth [5] Future Projections - The company anticipates a revenue growth rate of 13.4% in 2025, 12.8% in 2026, and 12.6% in 2027 [8] - The projected net profit growth rates are 24.2% for 2025, 11.3% for 2026, and 11.6% for 2027 [8] - The expected earnings per share (EPS) are 0.96 yuan in 2025, 1.07 yuan in 2026, and 1.20 yuan in 2027 [8]

Industry Overview - The domestic wire and cable industry chain is mature, with a wide range of downstream applications including engineering machinery, telecommunications, power, and construction [1] - The upstream materials for wire and cable production include copper, aluminum, and their alloys, as well as rubber and chemical industries for insulation materials [1][2] Key Companies - Major upstream suppliers include Tongling Nonferrous Metals Group, Chuanjiang New Materials, and Hailiang Co., Ltd. [2] - Key midstream manufacturers of power cables include TBEA and Qingdao Hancable, while major manufacturers of communication cables include Zhongtian Technology and Hengtong Group [2] Regional Distribution - The wire and cable companies are primarily located in economically developed eastern coastal regions, with Hebei, Guangdong, Zhejiang, and Shandong being the main provinces [5] - As of March 31, 2025, Hebei has 3,944 related wire and cable companies, while Guangdong and Zhejiang have 3,507 and 2,464 respectively [5] Market Dynamics - The industry has formed a coastal wire and cable equipment industrial circle, particularly in Jiangsu and Zhejiang, reflecting strong manufacturing capabilities and developed capital markets in these regions [8] - A total of 38 publicly listed companies in the wire and cable sector are distributed across 14 provinces, with Jiangsu having the highest number at 9 [7]

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Wire and Cable Manufacturing Key Financial Performance - In Q1 2025, Jinbei Electric reported revenue of **4.097 billion** yuan, a year-on-year increase of **16.32%** [2][3] - Net profit attributable to shareholders was **136 million** yuan, up **1.84%** year-on-year [2][3] - Cash flow increased by **8.37%** year-on-year, indicating stable operational performance despite market challenges [2][3] Business Segment Performance - The business structure is becoming more balanced, with battery wires and electric wires/cables contributing approximately **40%** and **60%** to revenue, respectively [2][4] - Battery wire profits grew over **50%** due to investments in the power grid and demand from new energy vehicles [2][4] - Sales of flat wires for new energy vehicles and industrial motors increased by **38%** and **31%**, respectively [2][6] - Clean energy cable shipments (wind and solar) surged over **300%**, while industrial cable shipments for charging stations grew over **500%** [2][6] Market and Export Developments - Direct export shipments increased by over **10%** year-on-year, with significant sales to Europe, the Middle East, Central Asia, East Asia, and Southeast Asia [2][6] - The company released its first ESG report, emphasizing its commitment to sustainable development [2][6] Impact of Copper Price Fluctuations - Copper prices rose by **10%** year-on-year in Q1 2025, impacting profit margins [9][10] - The electronic wire segment, using a direct sales model and copper price hedging, experienced minimal profit impact from copper price fluctuations [8][10] - The power cable segment, which operates on a distribution model, faces exposure risks; however, overall profit impact from copper price changes remains limited [7][8] Future Outlook - The company anticipates continued revenue and profit growth in Q2 2025, contingent on stable copper prices [22] - Despite challenges in the real estate market affecting cable demand, strategic investments in power grid projects are expected to improve performance [15][22] - The company has over **3 billion** yuan in orders, with delivery cycles ranging from six months to one and a half years [21] Emerging Business and Market Trends - Demand for industrial applications, including industrial robot cables and charging station cables, is driving business growth [24] - The company is expanding its presence in the European market, with a factory expected to be operational by the end of the year [23] Conclusion - Jinbei Electric is navigating a challenging market environment with a balanced business structure and strategic investments, positioning itself for future growth despite external pressures from copper prices and real estate market fluctuations [2][3][7][15]

Core Viewpoint - The company has released its first quarter report for 2025, highlighting significant changes in financial metrics and operational performance, with a focus on transparency and compliance with regulatory standards [2][14]. Financial Data Summary Major Accounting Data and Financial Indicators - The company reported a 51.39% decrease in cash and cash equivalents compared to the end of the previous year, primarily due to investments in bank wealth management products and increased operational expenditures [5]. - Trading financial assets increased by 823.11%, attributed to the purchase of bank wealth management products and increased floating income from hedging tools [5]. - Prepayments rose by 92.25%, reflecting higher raw material procurement costs [5]. - Other receivables increased by 51.13%, mainly due to higher guarantee deposits [5]. - Inventory grew by 39.50%, driven by an increase in finished goods and work-in-progress [5]. - Construction in progress increased by 30.14%, linked to expansion projects in subsidiaries [5]. - Short-term borrowings rose by 91.06%, reflecting increased business volume and short-term funding needs [5]. - Other comprehensive income surged by 1098.66%, mainly due to changes in cash flow hedging [5]. Profit and Loss Statement - Financial expenses increased by 98.29%, due to reduced interest income and increased discount expenses [6]. - Other income grew by 51.62%, attributed to tax deductions for advanced manufacturing enterprises [6]. - Investment income rose by 54.11%, linked to increased ineffective hedging gains [6]. - Fair value changes in income increased by 303.13%, primarily from foreign exchange hedging gains [6]. - Credit impairment losses increased by 105.83%, due to a decrease in bad debt recoveries [6]. - Asset disposal income decreased by 149.14%, reflecting lower gains from the sale of idle equipment [6]. Cash Flow Statement - Net cash flow from investing activities decreased by 46.4%, primarily due to increased investments in bank wealth management products and long-term assets [7]. - Net cash flow from financing activities increased by 286.40%, mainly due to an increase in bill discounts [7]. Shareholder Information - The company confirmed that there were no changes in the top ten shareholders or significant shareholders participating in the securities lending business [8]. Board Meeting and Governance - The company held its 11th temporary board meeting on April 27, 2025, with all nine directors present, ensuring compliance with legal and regulatory requirements [12]. - The board approved the first quarter report with unanimous support [13]. Other Important Matters - The company also approved the 2024 Environmental, Social, and Governance (ESG) report during the same board meeting [15].

联系地址： 湖南省长沙市东方红中路580号金杯电工股份有限公司 联系邮箱： jbdgztb888@gold-cup.cn 联系电话： 0731-81627670 官方网站： 金杯电工股份有限公司（http://www.gold-cup.cn） 微信公众号 环境、社会和公司治理（ESG）报告 金杯电工股份有限公司 2024年度 Environmental，Social and Governance Report 关于本报告 报告简介 本报告披露了金杯电工股份有限公司2024年环境、社会和公司治理维度的关键绩效表现，向社会及利 益相关方展示了金杯电工在环境、社会和公司治理领域的成果。 报告范围 成果，部分内容往前后年份适度延伸。 编制依据 本报告参照《深圳证券交易所上市公司自律监管指引第17号⸺可持续发展报告（试行）》《深圳证券交 易所上市公司自律监管指南第3号⸺可持续发展报告编制》、SASB《可持续发展会计准则》、全球报告倡议 组织(Global Reporting Initiative)发布的《可持续发展报告标准》(GRI Standards)、《联合国2030年可持续 发展目标》、国际标准化组织发布的《IS ...

金 杯 电 工 股 份 有 限 公 司 Gold Cup Electric Apparatus Co.,Ltd. 证券代码：002533 证券简称：金杯电工 公告编号：2025-022 金杯电工股份有限公司 第七届董事会第十一次临时会议决议公告 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、董事会会议召开情况 金杯电工股份有限公司（以下简称"公司"）第七届董事会第十一次临时会 议（以下简称"本次会议"）于 2025 年 4 月 27 日上午以现场及通讯表决的方式 在公司技术信息综合大楼 501 会议室召开。本次会议通知以书面或电子邮件方式 于 2025 年 4 月 21 日发出。本次会议应到董事 9 人，实到董事 9 人，公司部分监 事和高级管理人员列席了本次会议。本次会议由董事长吴学愚先生主持，符合《公 司法》和公司《章程》的有关规定。 二、董事会会议审议情况 （一）审议通过了《2025 年第一季度报告》 表决结果：9 票赞成，0 票反对，0 票弃权。 此议案已经公司第七届董事会审计委员会 2025 年第二次会议审议通过。 公司严格按照《证券法》及《深 ...

Revenue and Profit - The company's revenue for Q1 2025 reached ¥4,096,568,451.82, an increase of 16.32% compared to ¥3,521,897,664.14 in the same period last year[3] - Net profit attributable to shareholders was ¥136,411,461.96, reflecting a slight increase of 1.84% from ¥133,951,868.57 year-on-year[3] - The net profit for the current period was ¥150,481,596.12, representing a slight increase of 2.0% from ¥147,855,073.14 in the previous period[17] - The earnings per share (EPS) for the current period was ¥0.1900, compared to ¥0.1830 in the previous period, reflecting a growth of 3.9%[18] - The company reported a comprehensive income total of ¥216,038,106.97, compared to ¥170,038,212.56 in the previous period, marking a growth of 27.1%[18] Cash Flow - The net cash flow from operating activities improved to -¥954,263,350.36, a 8.37% improvement from -¥1,041,484,278.12 in the previous year[3] - Operating cash inflow for the current period was CNY 3,816,064,328.08, an increase from CNY 3,362,714,876.25 in the previous period, representing a growth of approximately 13.4%[19] - Net cash outflow from operating activities was CNY -954,263,350.36, an improvement compared to CNY -1,041,484,278.12 in the previous period[19] - Cash inflow from investment activities totaled CNY 9,425,238.18, up from CNY 6,602,395.42 in the previous period, indicating a growth of approximately 42.5%[20] - Net cash outflow from investment activities was CNY -180,917,309.35, worsening from CNY -123,578,182.26 in the previous period[20] - Cash inflow from financing activities was CNY 330,728,046.34, slightly down from CNY 347,286,887.82 in the previous period[20] - Net cash inflow from financing activities improved to CNY 105,513,707.86 from CNY -56,605,471.71 in the previous period[20] - The net increase in cash and cash equivalents for the current period was CNY -1,029,472,292.00, compared to CNY -1,221,580,113.49 in the previous period, showing a reduction in cash outflow[20] - The ending balance of cash and cash equivalents was CNY 702,847,984.96, an increase from CNY 531,586,246.82 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,440,209,933.57, up 0.92% from ¥10,345,250,213.07 at the end of the previous year[3] - The total liabilities decreased to ¥5,854,976,334.25 from ¥5,981,099,346.18, a reduction of 2.1%[16] - The company's equity attributable to shareholders increased by 4.83% to ¥4,127,347,059.88 from ¥3,937,203,993.94[3] - The total current assets at the end of the period were 7,642.32 million, slightly up from 7,606.33 million, an increase of 0.47%[14] Inventory and Receivables - Inventory increased by 39.50% to ¥1,858,824,922.20, driven by higher stock levels of finished goods and work in progress[6] - Accounts receivable increased from 2,817.45 million to 3,172.42 million, reflecting a growth of 12.55%[14] - Inventory rose significantly from 1,332.47 million to 1,858.82 million, marking an increase of 39.38%[14] Expenses - Financial expenses rose significantly by 98.29% to ¥10,938,318.49, primarily due to reduced interest income and increased discount fees[8] - Research and development expenses for the current period were ¥120,866,620.14, up 12.5% from ¥107,082,019.78 in the previous period[17] - Employee compensation payments increased to CNY 239,730,261.87 from CNY 213,875,900.37, reflecting a rise of about 12.1%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 40,629, with no preferred shareholders having restored voting rights[12] - The largest shareholder, Shenzhen Nengxiang Investment Development Co., Ltd., holds 15.69% of shares, totaling 115,188,480 shares[12] - The company held 6,447,000 shares in its repurchase account, accounting for 0.8784% of the total share capital[12] Other Income - Other income increased by 51.62% to ¥31,738,025.82, attributed to tax credit adjustments for advanced manufacturing enterprises[8] - The company received CNY 67,991,928.01 in tax refunds, significantly higher than CNY 12,958,259.69 in the previous period, marking an increase of approximately 424.5%[19] Fair Value Changes - The company reported a 303.13% increase in fair value changes, amounting to ¥1,036,465.82, mainly from foreign exchange hedging gains[8]

Core Insights - The overall R&D investment in the wire and cable industry has been increasing, with a focus on areas such as new energy and submarine cables [1][2] - The industry has seen a decline in patent application activity recently, with a concentration on conductive, insulating, or dielectric materials [4][6] - The application of new materials and clean energy demands is driving technological advancements in the wire and cable sector [10][11] R&D Investment Trends - R&D investments among major listed companies in the wire and cable industry have generally risen, with significant fluctuations observed in companies like Baoshan Co. and Jinbei Electric [1] - Key R&D directions include photovoltaic, electric vehicles, nuclear power plants, and submarine cables, indicating these areas are becoming increasingly important [2] Patent Application Activity - The number of patent applications in the wire and cable manufacturing sector has shown a fluctuating trend, peaking at 4,422 in 2020 and dropping to 2,195 in 2024 [4] - As of the first quarter of 2025, the most patents were filed in the field of cable conductors and insulating materials, totaling 10,580 [7] Technological Advancements - The wire and cable industry has made significant technological progress, particularly in the application of new materials and processes [10] - The development of new materials such as carbon fiber, graphene, and high-voltage direct current cable insulation has enhanced product safety and reliability [11] - The demand for clean energy and low-carbon economy initiatives is leading to the creation of new wire and cable products that meet specific requirements for renewable energy applications [11]