Core Viewpoint - Tongguang Cable (300265.SZ) announced that its wholly-owned subsidiaries participated in the State Grid Corporation of China's procurement for transmission and transformation projects, with a total bid amount of approximately 108 million yuan [1] Group 1 - The subsidiaries involved are Jiangsu Tongguang Qiangneng Transmission Line Technology Co., Ltd., Jiangsu Tongguang Optical Cable Co., Ltd., and Jiangsu Tongguang Information Co., Ltd. [1] - The procurement is part of the State Grid Corporation's 2025 Fourth Batch of Procurement for transmission and transformation projects [1] - The announcement was made on August 29, and the bid results were published on August 28 on the State Grid's e-commerce platform [1]

Core Viewpoint - Tongguang Cable's wholly-owned subsidiaries have been pre-selected for a significant procurement project by the State Grid Corporation of China, indicating strong business prospects for the company in the upcoming fiscal year [1] Group 1 - The company announced that its subsidiaries Tongguang Qiangneng, Tongguang Cable, and Tongguang Information have been pre-awarded contracts for the 49th batch of procurement by the State Grid Corporation for 2025 [1] - The total contract amount is 108 million yuan, which represents approximately 4.17% of the company's audited total revenue for 2024 [1]

Core Viewpoint - The company has won bids in the State Grid Corporation of China's 2025 procurement, which is expected to positively impact future operating performance, although there remains uncertainty regarding the actual order fulfillment and delivery [1] Summary by Categories Procurement Details - The company's wholly-owned subsidiaries, Tongguang Qiangneng, Tongguang Optical Cable, and Tongguang Information, participated in the 49th batch of procurement by the State Grid Corporation [1] - The total bid amount is approximately 1.08 billion yuan, which includes 65.48 million yuan for energy-saving wires, 23.65 million yuan for conventional wires, 12.49 million yuan for ADSS optical cables, and 6.43 million yuan for optical cable accessories [1] Financial Impact - The bid amount represents about 4.17% of the company's audited total revenue for 2024 [1] - The successful bids are anticipated to have a positive influence on the company's future financial performance [1]

| 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-060 | | --- | --- | --- | | 债券代码：123034 | 债券简称：通光转债 | | 江苏通光电子线缆股份有限公司 重大合同预中标提示性公告 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。 1、项目名称： 国家电网有限公司 2025 年第四十九批采购（输变电项目第四次线路装置性 材料招标采购） 2、招标人：国家电网有限公司 3、中标金额及具体内容： | 项目名称 | 物资品类 | 推荐的中 | 中标金额 | 包号 | | --- | --- | --- | --- | --- | | | | 标候选人 | （万元） | | | 国家电网有限公司 2025 | 年第四十 | 节能导线 | 通光强能 | 6548 | 包 | 23、包 3 | 36 | | --- | --- | --- | --- | --- | --- | --- | --- | | 九批采购（输变电项目第四次线路 | | 常规导线 | 通光强能 | 2365 | | 包 | | | 装置性材料招标采 ...

Group 1 - The stock price of Tongguang Cable as of August 26, 2025, is 10.51 yuan, down 0.33 yuan from the previous trading day's closing price [1] - The opening price on the same day was 10.71 yuan, with a highest point of 10.82 yuan and a lowest point of 10.41 yuan, with a trading volume of 327,363 hands and a transaction amount of 345 million yuan [1] - Tongguang Cable operates in the power equipment sector, focusing on the R&D, production, and sales of special optical cables, wires, cables, and related accessories, primarily used in power, communication, and transportation fields [1] Group 2 - On August 26, the company responded to investor inquiries, stating that there are currently no applications, technologies, or patents related to hollow core optical fibers [1] - On the same day, the net outflow of main funds was 25.43 million yuan, accounting for 0.53% of the circulating market value, while the main funds showed a net inflow of 4.13 million yuan over the past five days [1]

Core Viewpoint - Tongguang Cable has stated that the company currently has no applications, technologies, or patents related to hollow core optical fibers [1] Company Summary - Tongguang Cable confirmed the absence of any hollow core optical fiber products in its portfolio [1]

Group 1 - The company, Tongguang Cable, stated on an interactive platform that it currently has no applications, technologies, or patents related to hollow core optical fibers [1]

Group 1 - The core viewpoint of the news is that Tongguang Cable (300265) has shown a significant increase in stock price and trading volume, indicating positive market sentiment [1] - As of August 25, 2025, the stock price closed at 10.84 yuan, up 7.86%, with a trading volume of 542,400 hands and a transaction amount of 583 million yuan [1] - The net inflow of main funds was 48.84 million yuan, accounting for 8.37% of the transaction amount, with large orders contributing significantly to this inflow [1] Group 2 - For the latest financial performance, Tongguang Cable reported total operating revenue of 1.228 billion yuan, a year-on-year increase of 7.01%, while net profit attributable to shareholders was 17.69 million yuan, a decrease of 59.49% [1] - The company has a current ratio of 1.765, a quick ratio of 1.520, and a debt-to-asset ratio of 37.37% [1] - Tongguang Cable was established in 2002 and is primarily engaged in the manufacturing of computer, communication, and other electronic devices [1] Group 3 - The company has made investments in 12 enterprises and participated in 104 bidding projects [2] - It holds 45 trademark registrations and 148 patent registrations, indicating a strong focus on intellectual property [2] - Additionally, the company possesses 8 administrative licenses, reflecting its compliance and operational capabilities [2]

Core Viewpoint - Tongguang Cable (stock code: 300265) demonstrated robust operational capabilities in a complex market environment, achieving a revenue of 1.228 billion yuan in the first half of 2025, representing a year-on-year growth of 7.01% despite short-term fluctuations in net profit due to multiple factors [1] Revenue and Cash Flow - The company's main business segments include optical fiber cables, power transmission cables, and equipment cables, with equipment cable revenue increasing by 32.41% and gross margin rising to 30.68% [2] - Power transmission cable revenue grew by 13.01%, maintaining market advantages, while optical fiber cable business saw a slight decline, although the proportion of high-value-added products continued to increase [2] - Net cash flow from operating activities improved significantly by 75.99%, indicating enhanced sales collection capabilities and improved working capital management [2] High-end Marine Equipment Project - The "High-end Marine Equipment Energy System Project (Phase I)" has made significant progress, with major infrastructure and equipment installation completed, and partial delivery of subsea cable orders [3] - The total investment for this project is 620 million yuan, with cumulative investment reaching 495 million yuan, expected to be operational by June 30, 2025 [3] - The completion of this project will enhance the company's comprehensive service capabilities in offshore wind power, subsea communication, and marine oil and gas sectors, solidifying its leading position in the high-end marine cable market [3] - The company holds 369 patents and has participated in the formulation of 10 international IEC standards and multiple national standards, showcasing its leadership in the special cable industry [3] Strategic Layout - Tongguang Cable aims to focus on "high-end, intelligent, and green" development, with key layouts in offshore wind power and subsea cable systems, 5G communication-related optical cable products, aerospace and military special cables, and smart grid and energy-saving conductors [4] - The joint venture with Yangtze Optical Fibre and Cable Joint Stock Limited Company, Jiangsu Tongfei Technology Co., Ltd., is in substantial progress, aiming to deepen cooperation in the optical fiber and cable sector [4] - The company has achieved substantial progress in revenue growth, technological breakthroughs, and major project construction in the first half of 2025, with a solid foundation and a firm pace towards high-end transformation [4] - With the production of fundraising projects and the continuous release of market demand, Tongguang Cable is expected to experience stronger growth momentum in the second half of 2025 [4]

Core Viewpoint - Tongguang Cable (300265) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit, raising concerns about cash flow and accounts receivable management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.228 billion yuan, a year-on-year increase of 7.01% [1]. - Net profit attributable to shareholders was 17.69 million yuan, down 59.49% compared to the previous year [1]. - In Q2 2025, revenue was 831 million yuan, up 20.16% year-on-year, while net profit was 12.11 million yuan, down 62.89% [1]. - Gross margin decreased to 15.66%, a drop of 7.3% year-on-year, and net margin fell to 1.57%, down 60.35% [1]. - Total operating expenses (selling, administrative, and financial) amounted to 102 million yuan, accounting for 8.31% of revenue, a decrease of 3.46% year-on-year [1]. Cash Flow and Receivables - The company reported a significant accounts receivable issue, with accounts receivable amounting to 1.357 billion yuan, representing 2895.03% of the net profit [1][4]. - Operating cash flow per share was -0.09 yuan, an increase of 75.99% year-on-year, indicating improved cash flow from operations despite negative cash flow [1][3]. - The cash flow situation is concerning, with cash and cash equivalents covering only 50.34% of current liabilities [4]. Investment Returns - The company's Return on Invested Capital (ROIC) for the previous year was 2.38%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 4.65% over the past decade, suggesting generally poor investment returns [3].