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].

Core Viewpoint - Tongguang Cable (300265.SZ) reported a stable overall production and operation in its semi-annual report, focusing on high-quality cable products and market expansion while facing a significant decline in net profit [1] Financial Performance - The company achieved operating revenue of 1,227.54 million yuan, an increase of 7.01% compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was 17.69 million yuan, a decrease of 59.49% year-on-year [1] Strategic Focus - The company remains committed to its mission of providing high-end cables with excellent quality for customers [1] - Emphasis on strengthening internal control management and prioritizing market development and research innovation to enhance overall product competitiveness [1]

江苏通光电子线缆股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日 召开第六届董事会第十五次会议和第六届监事会第十三次会议，分别审议通过了 《关于公司 2025 年半年度报告及其摘要的议案》。 公司《2025 年半年度报告》（全文及摘要）已于 2025 年 8 月 23 日在中国证 监会指定的创业板信息披露网站上披露，请投资者注意查阅。 | 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-056 | | --- | --- | --- | | 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 关于 2025 年半年度报告披露提示性公告 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。 江苏通光电子线缆股份有限公司董事会 2025 年 8 月 23 日 特此公告。 ...

江苏通光电子线缆股份有限公司 | 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-059 | | --- | --- | --- | | 债券代码：123034 | 债券简称：通光转债 | | 关于 2025 年半年度计提信用减值准备和资产减值准备的 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。 江苏通光电子线缆股份有限公司（以下简称"公司"）为真实反映公司的财 务状况、资产价值及经营情况，根据《企业会计准则》等相关规定，基于谨慎性 原则，对合并报表范围内截至 2025 年 6 月 30 日的各类应收款项、存货、固定资 产、长期股权投资、在建工程、无形资产等资产进行了减值测试，判断存在可能 发生减值的迹象，对可能发生减值损失的相关资产计提了减值准备。 根据《深圳证券交易所创业板股票上市公司规则》等相关规定，本次计提减 值准备无需提交公司董事会或股东会审议。现将具体情况公告如下： 对于由《企业会计准则第 14 号——收入》规范的交易形成的应收款项和合 同资产，无论是否包含重大融资成分，本公司始终按照相当于整个存续期内预期 信用损失的金额计 ...

汇总表 第 1页 江苏通光电子线缆股份有限公司 2025 年半年度 非经营性资金占用及其他关联资金往来情况汇总表 公司负责人（法定代表人）：张忠 主管会计工作负责人：龚利群 会计机构负责人：黄秋燕 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的 | 2025 | 年期初占用 | 年半年度占用累 2025 | 2025 年半年度占用 | 年半年度 2025 | 年半年度 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 的关联关系 | 会计科目 | 资金余额 | | 计发生金额（不含利 | 资金的利息(如有) | 偿还累计发生 | 期末占用资金 | 占用形成原因 | 占用性质 | | | | | | | | 息） | | 金额 | 余额 | | | | 控股股东、实际控制人及 | | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | | | | 小计 | - | - | - ...

| 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-057 | | --- | --- | --- | | 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 2025 年半年度募集资金存放与使用情况的专项报告 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。 江苏通光电子线缆股份有限公司（以下简称"公司"）根据中国证券监督管 理委员会《上市公司募集资金监管规则》、《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》以及《深圳证券交易所创业板上市公 司自律监管指南第 2 号——公告格式》的相关规定，就 2025 年半年度募集资金 存放与使用情况作如下专项报告： 一、募集资金基本情况 经中国证券监督管理委员会于 2023 年 2 月 15 日出具的《关于同意江苏通光 电子线缆股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕336 号）同意，公司通过向特定对象发行人民币普通股 93,301,435 股，每股面值人民 币 1.00 元，发行价格为人民币 8.36 元/股，募集资金 ...

| 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-058 | | --- | --- | --- | | 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 第六届监事会第十三次会议决议公告 本公司及监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、误导性陈述或者重大遗漏。 江苏通光电子线缆股份有限公司（以下简称"公司"）第六届监事会第十三 次会议于 2025 年 8 月 21 日上午 10 点在公司三楼会议室以现场表决方式召开。 本次会议的通知于 2025 年 8 月 11 日以书面、通讯方式通知全体监事。会议应参 加表决监事 3 名，实际参加表决监事 3 名，会议由公司监事会主席徐雪平先生主 持。本次会议的通知、召开以及参会监事人数均符合相关法律、法规、规则及《公 司章程》的有关规定。会议经过认真审议，形成如下决议： 一、审议通过《关于公司2025年半年度报告及其摘要的议案》 与会监事一致认为公司编制和审核公司2025年半年度报告全文及摘要的程 序符合相关法律、法规的规定，报告内容真实、准确、完整地反映了公司2025 年上半年度经营的实际 ...

第六届董事会第十五次会议决议公告 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。 江苏通光电子线缆股份有限公司（以下简称"公司"）第六届董事会第十五 次会议于2025年8月21日上午9点在公司会议室以现场表决结合通讯表决方式召 开。本次会议的通知于2025年8月11日以书面、通讯方式通知全体董事。本次会 议应出席董事7名，实际出席董事7名，本次会议的通知、召开以及参会董事人数 均符合相关法律、法规、规则及《公司章程》的有关规定。本次董事会由公司董 事长张忠先生主持，会议审议了会议通知所列的以下事项，并通过决议如下： | 证券代码：300265 | 证券简称：通光线缆 | 编号：2025-054 | | --- | --- | --- | | 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 一、审议通过《关于公司2025年半年度报告及其摘要的议案》 公司2025年半年度报告全文及摘要详见中国证监会指定的创业板信息披露 网站。 该议案已经公司董事会审计委员会审议通过。 表决结果：7票赞成、0票反对、0票弃权。 二、审议通过《关于< ...

通光线缆公告，2025年上半年营业收入12.28亿元，同比增长7.01%。净利润1769.03万元，同比下降 59.49%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...