证券代码：300863 证券简称：卡倍亿 公告编号：2025-078 宁波卡倍亿电气技术股份有限公司 第四届监事会第三次会议决议公告 本公司及监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、会议召开情况 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日 以电子邮件等方式，向公司监事发出关于召开公司第四届监事会第三次会议的通 知。本次会议于 2025 年 8 月 25 日上午 11:00 在公司会议室以现场与通讯相结合 的方式召开。会议应参加监事 3 名，实际参加监事 3 名。本次会议的召开符合国 家有关法律、法规和《公司章程》的规定，会议所作决议合法有效。会议做出如 下决议： 本公司及监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。 二、会议审议情况 1、审议通过《2025 年半年度报告全文及摘要》 经审核，监事会认为公司《2025 年半年度报告及其摘要》的审议程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或 ...

证券代码：300863 证券简称：卡倍亿 公告编号：2025-077 宁波卡倍亿电气技术股份有限公司 第四届董事会第三次会议决议公告 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、会议召开情况 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日以电子邮件等方式向全体董事、监事及高级管理人员发出召开公司第四届董事 会第三次会议的通知。本次会议于 2025 年 8 月 25 日上午 10:00 在公司会议室以 现场与通讯相结合的方式召开。会议应出席董事 7 名，实际参加表决的董事 7 名，公司监事、高级管理人员列席会议，会议由董事长林光耀先生主持。本次会 议的召开符合国家有关法律、法规和《公司章程》的规定。 会议审议通过了以下议案： 二、会议审议情况 1、审议通过《2025 年半年度报告全文及摘要》 经审议，董事会认为：公司《2025 年半年度报告及摘要》的编制和审核程 序符合法律、行政法规的要求，符合中国证监会和深交所的相关规定。报告内容 真实、准确、完整地反映了公司 2025 年半年度经营的实际情况，不存在任何虚 假记载 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for interim dividends or share transfers - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility for no false statements, misleading representations, or major omissions[4](index=4&type=chunk) - Company head Lin Guangyao, chief accountant Wang Feng, and head of accounting department Zhou Chunhe declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report is clearly structured into eight main chapters, covering company profile, financial indicators, management discussion, corporate governance, significant matters, share changes, bond information, and financial statements [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, major subsidiaries, controlling shareholders, key customers, and relevant regulations, ensuring accurate understanding - The company's controlling shareholder is **Ningbo Xinxie Industrial Group Co., Ltd**[11](index=11&type=chunk) - The reporting period refers to **January-June 2025**[12](index=12&type=chunk) - Key customers include Aptiv, Yazaki, Draexlmaier, Lear, Amphenol, Sumitomo Electric, and major automotive brands such as Volkswagen, GM, Ford, BMW, Daimler-Benz, Honda, Toyota, Nissan, Tesla, SAIC Group, GAC Group, Geely Holding, NIO, XPeng, and Xiaomi Auto[11](index=11&type=chunk)[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators [Company Profile](index=7&type=section&id=I.%20Company%20Profile) Ningbo Cabbeen Electrical Technology Co., Ltd. (stock code: 300863) is a Shenzhen Stock Exchange-listed company, with Lin Guangyao as legal representative, specializing in automotive cable R&D, production, and sales - The company's stock abbreviation is "Cabbeen", stock code "300863", listed on the **Shenzhen Stock Exchange**[14](index=14&type=chunk) - The company's legal representative is **Lin Guangyao**[14](index=14&type=chunk) [Contact Person and Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Information) Qin Ci, Board Secretary, and Shi Jiujie, Securities Affairs Representative, manage investor relations from Ninghai, Ningbo, with consistent contact numbers and email provided - The Board Secretary is **Qin Ci**, and the Securities Affairs Representative is **Shi Jiujie**[15](index=15&type=chunk) - The contact telephone number is **0574-65106655**, and the fax number is **0574-65192666**[15](index=15&type=chunk) [Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, the company's contact details, information disclosure, and registration status remained unchanged, as detailed in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew by **10.94%**, net profit by **1.93%**, and operating cash flow by **82.11%**, while basic EPS decreased by **10.96%** and ROE by **0.99%**, with total assets and net assets increasing Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,830,410,996.32 | 1,649,921,322.23 | 10.94% | | Net Profit Attributable to Shareholders of Listed Company | 92,267,462.07 | 90,523,955.50 | 1.93% | | Net Profit Attributable to Shareholders of Listed Company After Non-Recurring Items | 92,155,806.02 | 88,420,473.33 | 4.22% | | Net Cash Flow from Operating Activities | 207,894,540.07 | 114,159,857.56 | 82.11% | | Basic Earnings Per Share (RMB/share) | 0.65 | 0.73 | -10.96% | | Diluted Earnings Per Share (RMB/share) | 0.65 | 0.73 | -10.96% | | Weighted Average Return on Net Assets | 6.02% | 7.01% | -0.99% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Period-End vs. Prior Year-End Change** | | Total Assets | 3,976,133,662.33 | 3,746,965,962.11 | 6.12% | | Net Assets Attributable to Shareholders of Listed Company | 1,450,404,895.42 | 1,343,119,808.09 | 7.99% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) No differences were reported in net profit and net assets between financial statements prepared under international/overseas accounting standards and Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **RMB 111,656.05**, primarily from non-current asset disposal, government grants, fund occupation fees, and contingent items, net of tax Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the offset portion of impairment provisions already made) | -6,957,710.24 | | Government grants recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,899,230.12 | | Fund occupation fees collected from non-financial enterprises recognized in current profit or loss | 555,388.09 | | Gains or losses from contingent events unrelated to the company's normal operations | -70,054.04 | | Less: Income tax impact | 315,197.88 | | Total | 111,656.05 | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operations, financial performance, and future outlook [Principal Businesses Engaged in by the Company During the Reporting Period](index=10&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of automotive cables, including conventional, new energy, and data cables, operating on a make-to-order and direct sales model within mainstream automotive supply chains - The company's industry is classified under **automotive parts manufacturing** within the automotive manufacturing sector[26](index=26&type=chunk) - The company's principal business is the R&D, production, and sales of automotive cables, providing supporting services to **tier-one suppliers (automotive wiring harness manufacturers)**[29](index=29&type=chunk) - The company's products are categorized by application into **conventional cables, new energy cables** (including silicone high-voltage cables, charging cables, high-voltage shielded cables, XLPO high-voltage cables, PVC high-voltage cables, aluminum conductor cables), and **data cables**, and by manufacturing process into **single-core wires, coaxial cables, twisted pair cables, shielded cables, aluminum cables**, among others[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[35](index=35&type=chunk) - The company primarily adopts a **make-to-order production model**, supplemented by reserve production, and a **direct sales model**, mainly supplying wiring harness suppliers[37](index=37&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has entered the supply chain systems of numerous mainstream automotive OEMs, including Volkswagen, GM, Ford, BMW, Daimler-Benz, Honda, Toyota, Nissan, Fiat-Chrysler, Volvo, Land Rover, Tesla, SAIC Group, GAC Group, Geely Holding, BYD, NIO, Li Auto, and Xiaomi Auto[48](index=48&type=chunk) [Company Industry Classification](index=10&type=section&id=1.%20Company%20Industry%20Classification) The company is classified under automotive parts manufacturing, focusing on automotive cables within the broader automotive manufacturing sector - The company's industry is classified under **automotive parts manufacturing** within the automotive manufacturing sector[26](index=26&type=chunk) [Industry Development Status and Trends](index=10&type=section&id=2.%20Industry%20Development%20Status%20and%20Trends) China's automotive parts industry is rapidly growing due to overall automotive expansion, increased vehicle ownership, and global production shifts, with new energy and intelligent vehicles driving demand for advanced cables - China's automotive parts industry has maintained rapid development, benefiting from the high-speed growth of the automotive industry, increased vehicle ownership, and global production shifts[27](index=27&type=chunk) - The promotion of new energy vehicles and the improvement of automotive intelligence have made the automotive cable industry increasingly important, requiring cables to possess functions such as **heat resistance, cold resistance, wear resistance, oil resistance, and anti-interference**[27](index=27&type=chunk) - The state has issued a series of policies to support new energy vehicle consumption and the development of the automotive parts industry, which has played a positive role in the company's operations[28](index=28&type=chunk) [(II) Main Business and Products](index=10&type=section&id=(II)%20Main%20Business%20and%20Products) The company specializes in R&D, production, and sales of automotive cables, serving as a tier-two supplier, offering conventional, new energy, and data cables, categorized by application and manufacturing process, meeting diverse international standards - The company's principal business is the R&D, production, and sales of automotive cables, providing supporting services to **tier-one suppliers (automotive wiring harness manufacturers)**[29](index=29&type=chunk) - The company's products comply with various professional automotive cable standards from international, German, Japanese, American, and Chinese authorities[29](index=29&type=chunk) - Products are categorized by application into **conventional cables, new energy cables** (including silicone high-voltage cables, charging cables, high-voltage shielded cables, XLPO high-voltage cables, PVC high-voltage cables, and aluminum conductor cables), and **data cables**[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) - Products are categorized by manufacturing process into **single-core wires, coaxial cables, twisted pair cables, shielded cables, aluminum cables**, and other types[35](index=35&type=chunk) [(III) Main Business Model](index=12&type=section&id=(III)%20Main%20Business%20Model) The company's profit model relies on supplying automotive cable harness manufacturers after OEM certification, utilizing a make-to-order production model across seven bases, direct sales, and a pricing structure based on copper costs plus processing fees - The company's profit model involves supplying various automotive cables to wiring harness manufacturers after obtaining qualification certification from automotive OEMs[37](index=37&type=chunk) - The procurement model primarily involves **copper and chemical raw materials**, with copper priced based on "**electrolytic copper price + processing fee**" and chemical raw materials procured centrally[38](index=38&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company's production model is primarily **make-to-order**, supplemented by reserve production, with **seven production bases** located in Ninghai (Ningbo), Benxi (Liaoning), Chengdu (Sichuan), Shanghai, Huizhou (Guangdong), Macheng (Hubei), and Mexico[46](index=46&type=chunk) - The sales model is **direct sales**, primarily supplying wiring harness suppliers, and has entered the supply chain systems of numerous mainstream automotive OEMs[47](index=47&type=chunk)[48](index=48&type=chunk) - Sales pricing includes **copper price and processing fees**, settlement is mainly via bank transfer and bank acceptance bills, with certain credit periods granted to major customers[50](index=50&type=chunk)[51](index=51&type=chunk) [Core Competitiveness Analysis](index=14&type=section&id=II.%20Core%20Competitiveness%20Analysis) With over thirty years in automotive cables, the company boasts seven core competitive advantages, including strong customer resources, advanced R&D as a high-tech enterprise with numerous patents, and strategic expansion into high-speed copper and humanoid robot cables - The company possesses a strong **customer resource advantage**, having entered the supply chain systems of numerous domestic and international mainstream automotive OEMs and earning excellent supplier titles from renowned wiring harness companies[54](index=54&type=chunk) - The company has a **technological R&D advantage**, being a high-tech enterprise with **38 utility model patents and 9 invention patents**, and participates in drafting international automotive cable standards[54](index=54&type=chunk) - The company strategically positions itself in emerging fields such as **high-speed copper cables and humanoid robot cables**, having established relevant subsidiaries and laboratories, laying a foundation for new product expansion[55](index=55&type=chunk) - The company demonstrates significant advantages in **operational management, cost control, regional layout** (seven domestic production bases and a Mexican factory), **brand** (first listed company in the domestic industry), and **capital**[56](index=56&type=chunk)[57](index=57&type=chunk) [Analysis of Principal Business](index=15&type=section&id=III.%20Analysis%20of%20Principal%20Business) Principal business revenue increased by **10.94%** due to expanded sales, with operating costs up **12.65%**, management expenses up **35.82%**, and financial expenses up **1.34%**; operating cash flow surged by **82.11%**, and new energy cable revenue grew by **36.66%** with a **14.88%** gross margin Major Financial Data Year-on-Year Changes | Indicator | Current Period (RMB) | Prior Year (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,830,410,996.32 | 1,649,921,322.23 | 10.94% | Primarily due to expanded sales | | Operating Cost | 1,609,836,311.73 | 1,429,068,730.80 | 12.65% | Primarily due to increased operating revenue | | Selling Expenses | 8,753,200.11 | 9,020,751.91 | -2.97% | Primarily due to reduced business entertainment and equity incentive expenses | | Administrative Expenses | 43,612,473.30 | 32,111,218.90 | 35.82% | Primarily due to increased labor costs and consulting service fees | | Financial Expenses | 26,264,067.44 | 25,915,687.20 | 1.34% | Primarily due to increased exchange losses during the reporting period | | Income Tax Expense | 8,280,645.35 | 14,638,685.94 | -43.43% | Primarily due to decreased deferred income tax expense | | Net Cash Flow from Operating Activities | 207,894,540.07 | 114,159,857.56 | 82.11% | Primarily due to increased cash received from sales of goods and rendering of services during the reporting period | | Net Cash Flow from Investing Activities | -167,288,135.68 | -205,048,346.95 | -18.42% | Primarily due to decreased cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets during the reporting period | | Net Cash Flow from Financing Activities | 93,977,265.51 | 281,037,599.34 | -66.56% | Primarily due to convertible bond proceeds received in the prior year | | Net Increase in Cash and Cash Equivalents | 132,266,938.10 | 192,444,292.78 | -31.27% | Primarily due to decreased net cash flow from financing activities | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Conventional Cables | 1,528,952,546.91 | 1,344,882,135.66 | 12.04% | 5.50% | 6.70% | -0.99% | | New Energy Cables | 191,388,252.91 | 162,915,086.27 | 14.88% | 36.66% | 42.07% | -3.24% | [Analysis of Non-Principal Business](index=16&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business activities had a minor impact on total profit, primarily comprising negative investment income, government grants as non-operating income, and non-current asset disposal losses as non-operating expenses, none of which are sustainable Analysis of Non-Principal Business | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -2,415,968.52 | -2.40% | Reclassified bill discount interest | No | | Non-Operating Income | 4,218,623.51 | 4.20% | Government grants unrelated to daily operations | No | | Non-Operating Expenses | 6,493,659.27 | 6.46% | Non-current asset disposal losses and others | No | [Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders increased, with cash, construction in progress, and long-term borrowings rising, while accounts receivable and inventory decreased; Mexico Cabbeen Industrial, a key overseas asset, reported a net loss of **RMB 4.30 million** and represents **9.52%** of the company's net assets, with certain assets restricted by guarantees Significant Changes in Asset Composition (Current Period-End vs. Prior Year-End) | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 636,613,882.70 | 16.01% | 492,045,479.75 | 13.13% | 2.88% | | Accounts Receivable | 1,227,747,370.33 | 30.88% | 1,323,260,996.52 | 35.32% | -4.44% | | Inventories | 427,411,877.06 | 10.75% | 464,041,480.20 | 12.38% | -1.63% | | Fixed Assets | 973,090,905.06 | 24.47% | 897,738,984.32 | 23.96% | 0.51% | | Construction in Progress | 122,352,439.60 | 3.08% | 51,685,692.53 | 1.38% | 1.70% | | Short-Term Borrowings | 1,328,203,614.94 | 33.40% | 1,185,059,837.95 | 31.63% | 1.77% | | Long-Term Borrowings | 444,300,000.00 | 11.17% | 333,400,000.00 | 8.90% | 2.27% | Major Overseas Assets | Specific Asset | Reason for Formation | Asset Size (RMB 10,000) | Location | Operating Model | Profit/Loss (RMB 10,000) | Proportion of Overseas Assets to Company Net Assets | Significant Impairment Risk | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mexico Cabbeen Industrial | Investment | 13,813.39 (Net Assets) | Mexico | Operated independently as a sub-subsidiary | -429.82 (Net Profit Jan-Jun 2025) | 9.52% | No | Asset Rights Restricted as of the End of the Reporting Period | Item | Period-End Balance (RMB) | Prior Year-End Balance (RMB) | | :--- | :--- | :--- | | Bank Acceptance Bill Deposits | 100,070,011.43 | 91,008,546.58 | | Letter of Credit Deposits (Equipment) | 18,240,000.00 | 15,000,000.00 | | ETC Deposits | 2,000.00 | 2,000.00 | | Total | 118,312,011.43 | 106,010,546.58 | [Investment Analysis](index=18&type=section&id=VI.%20Investment%20Analysis) The company had no significant equity, non-equity, or fair value financial asset investments; IPO proceeds are fully utilized, while 2021 and 2023 convertible bond proceeds are **100.57%** and **94.79%** utilized, respectively, primarily for new energy and intelligent vehicle cable projects, with some projects not meeting expected returns due to gross margin and operating costs Overall Use of Raised Funds (Unit: RMB 10,000) | Fundraising Year | Fundraising Method | Net Raised Funds | Total Raised Funds Used in Current Period | Total Raised Funds Used Cumulatively | Proportion of Raised Funds Used at Period-End | Total Unused Raised Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2020 | Initial Public Offering | 21,588.37 | 0 | 21,655.61 | 100.31% | 0 | | 2021 | Issuance of Convertible Corporate Bonds to Unspecified Investors | 27,162.22 | 1,609.58 | 27,316.8 | 100.57% | 49.32 | | 2023 | Issuance of Convertible Corporate Bonds to Unspecified Investors | 52,333.86 | 8,338.43 | 49,606.01 | 94.79% | 3,860.3 | | Total | -- | 101,084.45 | 9,948.01 | 98,578.42 | 97.52% | 3,909.62 | - IPO raised funds have been fully utilized, primarily invested in the "**New Energy Vehicle Cable and Intelligent Connected Vehicle Cable Industrialization Project**"[71](index=71&type=chunk) - The 2021 convertible bond raised funds cumulatively used **RMB 273.17 million**, invested in the "**New Energy Vehicle Cable and Intelligent Connected Vehicle Cable Industrialization Project**" and "**New Energy Vehicle Cable Production Line Construction Project**", with **RMB 0.49 million** remaining unused[72](index=72&type=chunk) - The 2023 convertible bond raised funds cumulatively used **RMB 496.06 million**, invested in the "**Hubei Cabbeen Production Base Project**", "**Ninghai Automotive Cable Expansion Project**", and "**Automotive Cable Insulation Material Expansion and Renovation Project**", with **RMB 38.60 million** remaining unused[72](index=72&type=chunk) - The New Energy Vehicle Cable and Intelligent Connected Vehicle Cable Industrialization Project achieved expected revenue, but failed to meet expected profits primarily due to **lower gross sales margin and increased operating costs**[75](index=75&type=chunk) - The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Significant Asset and Equity Disposals](index=22&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) No significant asset or equity disposals occurred during the reporting period - The company did not dispose of any significant assets during the reporting period[81](index=81&type=chunk) - The company did not dispose of any significant equity during the reporting period[82](index=82&type=chunk) [Analysis of Major Holding and Participating Companies](index=22&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Key subsidiaries, including Benxi Cabbeen Electrical, Ningbo Cabbeen New Material, Chengdu Cabbeen Automotive Electronics, Shanghai Cabbeen New Energy, and Huizhou Cabbeen Electrical, significantly contribute to revenue and net profit in automotive cables and insulation materials; newly established Shanghai Cabbeen Smart Cable and Cabbeen Electrical (Japan) had no major impact Major Subsidiaries and Participating Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Benxi Cabbeen Electrical Technology Co., Ltd. | Subsidiary | Automotive Cables | 200,000,000 | 1,000,696,642.22 | 456,030,321.75 | 761,501,827.99 | 23,174,794.38 | 18,333,636.96 | | Ningbo Cabbeen New Material Technology Co., Ltd. | Subsidiary | Insulation Materials | 10,000,000 | 154,970,655.50 | 115,857,762.70 | 97,522,669.67 | 21,579,824.07 | 19,090,911.43 | | Chengdu Cabbeen Automotive Electronic Technology Co., Ltd. | Subsidiary | Automotive Cables | 35,000,000 | 152,323,438.16 | 78,124,667.20 | 157,339,759.99 | 7,313,964.92 | 5,463,379.82 | | Shanghai Cabbeen New Energy Technology Co., Ltd. | Subsidiary | Automotive Cables | 200,000,000 | 685,992,607.11 | 392,531,554.98 | 312,521,521.69 | 2,510,726.30 | 2,276,664.69 | | Huizhou Cabbeen Electrical Technology Co., Ltd. | Subsidiary | Automotive Cables | 20,000,000 | 92,632,930.29 | 10,181,023.36 | 128,557,545.60 | 1,584,379.68 | 1,294,632.05 | - During the reporting period, the company established **Shanghai Cabbeen Smart Cable Technology Co., Ltd.** and **Cabbeen Electrical (Japan) Co., Ltd.**, which did not have a significant impact on overall production, operations, or performance[83](index=83&type=chunk) [Structured Entities Controlled by the Company](index=23&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[84](index=84&type=chunk) [Risks Faced by the Company and Countermeasures](index=23&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks, including product innovation, automotive industry cycles, raw material price volatility, supplier/customer concentration, inventory impairment, rising labor costs, accounts receivable bad debts, and declining gross margins, requiring continuous innovation, market monitoring, optimized procurement, and robust cost control - The company faces **product technology innovation risks**, requiring continuous R&D to meet the evolving performance demands for cables in new energy and intelligent connected vehicles[84](index=84&type=chunk) - Operational risks include **automotive industry cyclical fluctuations, raw material price volatility** (copper accounts for approximately **85%** of principal business costs), **supplier concentration**, and **customer concentration risks**[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - Financial risks include **inventory impairment risk** due to large inventory balances, **rising labor cost risk**, **bad debt loss risk** due to a high proportion of accounts receivable, and **gross margin decline risk**[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period](index=24&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20Interview%2C%20and%20Other%20Activities%20During%20the%20Reporting%20Period) On May 8, 2025, the company held its 2024 annual online performance briefing via Shanghai Securities News and China Securities Network, engaging investors on investment progress, competitive advantages, market value management, and strategic planning - On **May 8, 2025**, the company held its 2024 annual online performance briefing via the Shanghai Securities News China Securities Network Roadshow Center[93](index=93&type=chunk) - The discussion covered topics such as **investment project progress, competitive advantages, market value management, and strategic planning**[93](index=93&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=24&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not disclosed a market value management system or a valuation enhancement plan - The company has not established a market value management system[94](index=94&type=chunk) - The company has not disclosed a valuation enhancement plan[94](index=94&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=24&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Enhancement%22%20Action%20Plan%20Implementation) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "**Quality and Return Dual Enhancement**" action plan[94](index=94&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's governance structure, environmental practices, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Liu Guihua was elected as an independent director, while Zheng Richun resigned due to term expiration - **Liu Guihua** was elected as an independent director on **May 12, 2025**[95](index=95&type=chunk) - **Zheng Richun** resigned as an independent director on **May 12, 2025**, due to the expiration of his term[95](index=95&type=chunk) [Profit Distribution and Capital Reserve to Share Capital Conversion During the Reporting Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20During%20the%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or capital reserve conversions to share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[97](index=97&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=25&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The second vesting period of the 2022 restricted stock incentive plan was completed, but the third period's conditions were not met due to unmet 2024 performance targets, leading to repurchase or cancellation of some shares; the 2023 plan also saw adjustments and cancellations due to unmet performance and employee departures, with no other employee incentive plans in the reporting period - The second vesting period of the 2022 restricted stock incentive plan saw **231,000 shares** vested and listed for trading on **January 8, 2025**[98](index=98&type=chunk) - Due to unmet 2024 performance targets, the conditions for the third解除限售期 (lifting of sales restrictions period) and vesting period of the 2022 restricted stock incentive plan were not met, resulting in the repurchase and cancellation of **294,000 shares** of Class I restricted stock and the invalidation of **231,000 shares** of Class II restricted stock[99](index=99&type=chunk) - For the 2023 restricted stock incentive plan, due to unmet 2024 performance targets and the departure of some incentive recipients, the grant price was adjusted from **RMB 30.53/share to RMB 21.59/share**, the unvested quota was adjusted from **912,800 shares to 1,277,900 shares**, and **676,200 shares** of granted but unvested restricted stock were invalidated[99](index=99&type=chunk)[100](index=100&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk) [Environmental Information Disclosure](index=27&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[103](index=103&type=chunk) [Social Responsibility](index=27&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities by providing safe and efficient energy/signal transmission solutions, protecting shareholder rights through robust governance and communication, ensuring employee welfare with competitive benefits and a safe environment, and fostering win-win partnerships with suppliers and customers through quality management and responsive service - The company strictly adheres to laws and regulations, improves its corporate governance mechanisms and internal control systems, and safeguards shareholders' rights to information, participation, and voting on significant company matters[103](index=103&type=chunk) - The company communicates with investors through various channels, including performance briefings, investor hotlines, and interactive platforms, and prioritizes reasonable investment returns[103](index=103&type=chunk) - The company complies with labor laws and regulations, provides **social insurance and housing provident fund contributions**, offers a comfortable working environment, development platforms, competitive salaries and benefits, and career advancement opportunities for employees[104](index=104&type=chunk) - Upholding the values of "**innovation, progress, and customer success**", the company establishes and improves its quality management system, responds quickly to customer needs, and refines its supplier evaluation system to achieve win-win cooperation[105](index=105&type=chunk) [Significant Matters](index=28&type=section&id=Part%20V%20Significant%20Matters) This section outlines key events and commitments, including compliance, related party transactions, and other material disclosures [Fulfillment of Commitments by Controlling Shareholders, Related Parties, Acquirers, and the Company During and Up to the End of the Reporting Period](index=28&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Controlling%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20Up%20to%20the%20End%20of%20the%20Reporting%20Period) Commitments made by directors, supervisors, and senior management regarding share reductions during IPO or refinancing were being fulfilled, including lock-up periods, transfer limits during tenure, and post-resignation restrictions, with no overdue unfulfilled commitments - Commitments made by the company's directors, supervisors, and senior management regarding share reductions during the initial public offering or refinancing were being fulfilled normally during the reporting period[107](index=107&type=chunk) - The commitments include not transferring shares within **12 months** after listing, not transferring more than **25%** of shares annually during their tenure, and not transferring shares within **six months** after resignation[107](index=107&type=chunk) - There were no overdue unfulfilled commitments[107](index=107&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=28&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) No non-operating fund occupation by controlling shareholders or other related parties occurred during the reporting period - During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties of the listed company[108](index=108&type=chunk) [Irregular External Guarantees](index=28&type=section&id=III.%20Irregular%20External%20Guarantees) No irregular external guarantees were reported during the period - The company had no irregular external guarantees during the reporting period[109](index=109&type=chunk) [Appointment and Dismissal of Accounting Firms](index=29&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[110](index=110&type=chunk) [Explanations by the Board of Directors, Supervisory Board, and Audit Committee on "Non-Standard Audit Report" for the Current Period](index=29&type=section&id=V.%20Explanations%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) No non-standard audit report was issued for the company during the current reporting period - The company had no non-standard audit report for the current reporting period[111](index=111&type=chunk) [Explanations by the Board of Directors on "Non-Standard Audit Report" for the Previous Year](index=29&type=section&id=VI.%20Explanations%20by%20the%20Board%20of%20Directors%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) No non-standard audit report was issued for the company in the previous year - The company had no non-standard audit report for the previous year[111](index=111&type=chunk) [Bankruptcy and Reorganization Matters](index=29&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) No bankruptcy or reorganization matters occurred during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[111](index=111&type=chunk) [Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) No significant litigation or arbitration matters were reported during the current period - The company had no significant litigation or arbitration matters during the current reporting period[112](index=112&type=chunk) [Penalties and Rectification](index=29&type=section&id=IX.%20Penalties%20and%20Rectification) Controlling shareholder Ningbo Xinxie Industrial Group Co., Ltd. received an administrative penalty from the CSRC Ningbo Bureau for alleged short-swing trading of "Cabbeen Convertible Bond 02"; the company has mandated compliance commitments from all directors, supervisors, and senior management - The company's controlling shareholder, **Ningbo Xinxie Industrial Group Co., Ltd.**, received an administrative penalty decision from the China Securities Regulatory Commission Ningbo Bureau for alleged short-swing trading of "**Cabbeen Convertible Bond 02**"[112](index=112&type=chunk) - The company has required its controlling shareholder and all directors, supervisors, and senior management to sign compliance commitment letters, pledging to strictly abide by relevant laws and regulations, standardize their trading of company shares and other equity-like securities, and fulfill information disclosure obligations[112](index=112&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintain good integrity with no reported misconduct - The company, its controlling shareholder, and actual controller maintain good integrity with no reported misconduct[113](index=113&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) No significant related party transactions occurred during the reporting period, including those related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party debt, or financial company dealings - The company had no related party transactions related to daily operations during the reporting period[114](index=114&type=chunk) - The company had no related party transactions involving the acquisition or disposal of assets or equity during the reporting period[115](index=115&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[116](index=116&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[117](index=117&type=chunk) - The company had no deposits, loans, credit lines, or other financial business with affiliated financial companies or financial companies controlled by the company and its related parties[118](index=118&type=chunk)[119](index=119&type=chunk) - The company had no other significant related party transactions during the reporting period[120](index=120&type=chunk) [Significant Contracts and Their Fulfillment](index=30&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Fulfillment) No significant entrustment, contracting, leasing, guarantees, major operating contracts, or other significant contracts were reported during the period - The company had no entrustment situations during the reporting period[121](index=121&type=chunk) - The company had no contracting situations during the reporting period[123](index=123&type=chunk) - The company had no leasing situations during the reporting period[124](index=124&type=chunk) - The company had no significant guarantee situations during the reporting period[125](index=125&type=chunk) - The company had no significant operating contracts during the reporting period[126](index=126&type=chunk) - The company had no other significant contracts during the reporting period[126](index=126&type=chunk) [Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) No other significant matters requiring explanation occurred during the reporting period - The company had no other significant matters requiring explanation during the reporting period[127](index=127&type=chunk) [Significant Matters of Company Subsidiaries](index=31&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) To support high-speed copper cable development, the company invested **RMB 50 million** to establish Shanghai Cabbeen Smart Cable Technology Co., Ltd., and **JPY 5 million** for Cabbeen Electrical (Japan) Co., Ltd. to expand overseas business - The company invested **RMB 50 million** of its own funds to establish a wholly-owned subsidiary, **Shanghai Cabbeen Smart Cable Technology Co., Ltd.**, to meet the development needs of high-speed copper cable related businesses[128](index=128&type=chunk) - The company invested **JPY 5 million** of its own funds to establish a wholly-owned Japanese sub-subsidiary, **Cabbeen Electrical (Japan) Co., Ltd.**, to meet the needs of the company's overseas business development[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=32&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Change Status](index=32&type=section&id=I.%20Share%20Change%20Status) Total share capital increased from **128,253,895** to **188,469,836** shares due to 2022 restricted stock vesting, "Cabbeen Convertible Bond 02" conversions, and 2024 capital reserve transfers; the company repurchased **3,120,204** shares, representing **1.66%** of total capital, for **RMB 125.63 million**, with some restricted shares cancelled due to unmet performance Share Change Status (Unit: shares) | Item | Quantity Before Change | Proportion Before Change | Increase/Decrease in This Change (+, -) | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 5,429,287 | 4.23% | 2,171,715 | 7,601,002 | 4.03% | | II. Unrestricted Shares | 122,824,608 | 95.77% | 58,044,226 | 180,868,834 | 95.97% | | III. Total Shares | 128,253,895 | 100.00% | 60,215,941 | 188,469,836 | 100.00% | - Share changes were primarily due to: the vesting of **231,000 shares** from the second vesting period of the 2022 restricted stock incentive plan; the conversion of **6,466,245 shares** from "**Cabbeen Convertible Bond 02**"; and the transfer of **53,518,696 shares** from capital reserves as part of the 2024 equity distribution[132](index=132&type=chunk) - As of the end of the reporting period, the company had cumulatively repurchased **3,120,204 shares**, accounting for **1.66%** of its total share capital, with a total transaction amount of **RMB 125,625,905.72**[135](index=135&type=chunk) - Due to the unmet conditions for the third lifting of sales restrictions period of the 2022 restricted stock incentive plan, **294,000 restricted shares** were repurchased and cancelled[137](index=137&type=chunk) [Securities Issuance and Listing](index=35&type=section&id=II.%20Securities%20Issuance%20and%20Listing) No securities issuance or listing occurred during the reporting period - No securities issuance or listing occurred during the reporting period[142](index=142&type=chunk) [Number of Shareholders and Shareholding Status](index=35&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had **12,470** common shareholders; controlling shareholder Ningbo Xinxie Industrial Group Co., Ltd. held **52.41%**, with Lin Guangyao, Huang Haiqiu, Lin Guangcheng, and Lin Qiang among the top ten; the company's buyback account held **3,120,204** shares (**1.66%** of total capital), and Lin Guangyao, Lin Guangcheng, and Lin Qiang are parties acting in concert - The total number of common shareholders at the end of the reporting period was **12,470**[143](index=143&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Change in Shareholding During Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Xinxie Industrial Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 52.41% | 98,784,000 | 28,224,000 | 0 | 98,784,000 | Not applicable | | Lin Guangyao | Domestic Natural Person | 3.32% | 6,256,320 | 1,787,520 | 4,692,240 | 1,564,080 | Not applicable | | Huang Haiqiu | Domestic Natural Person | 1.46% | 2,758,673 | 788,192 | 0 | 2,758,673 | Not applicable | | Lin Guangcheng | Domestic Natural Person | 0.69% | 1,299,480 | 371,280 | 974,610 | 324,870 | Not applicable | | Lin Qiang | Domestic Natural Person | 0.69% | 1,293,600 | 369,600 | 970,200 | 323,400 | Not applicable | - **Lin Guangyao, Lin Guangcheng, and Lin Qiang** are parties acting in concert[144](index=144&type=chunk) - As of **June 30, 2025**, the company's dedicated securities account for share repurchases held **3,120,204 shares**, accounting for **1.66%** of the company's total share capital[144](index=144&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=37&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period, and specific details can be found in the 2024 annual report[146](index=146&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=37&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[147](index=147&type=chunk) - The company's actual controller did not change during the reporting period[147](index=147&type=chunk) [Bond-Related Information](index=39&type=section&id=Part%20VII%20Bond-Related%20Information) This section provides details on the company's bond issuances and related financial metrics [Corporate Bonds](index=39&type=section&id=I.%20Corporate%20Bonds) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[150](index=150&type=chunk) [Company Bonds](index=39&type=section&id=II.%20Company%20Bonds) The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[151](index=151&type=chunk) [Non-Financial Enterprise Debt Financing Instruments](index=39&type=section&id=III.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[152](index=152&type=chunk) [Convertible Corporate Bonds](index=39&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company issued **RMB 529 million** in "Cabbeen Convertible Bond 02" on January 11, 2024, which began trading on February 1, 2024; during the period, **17,944,862** shares were converted, representing **14.42%** of pre-conversion shares, with conversion prices adjusted due to downward revision triggers and annual equity distributions, and no change in credit rating - The company issued **RMB 529 million** in convertible bonds, "**Cabbeen Convertible Bond 02**", on **January 11, 2024**, which began trading on **February 1, 2024**[153](index=153&type=chunk) Convertible Bond Changes During the Reporting Period (Unit: RMB) | Convertible Corporate Bond Name | Before This Change | Increase/Decrease in This Change | After This Change | | :--- | :--- | :--- | :--- | | Cabbeen Convertible Bond 02 | 1,932,944.00 | Conversion: 1,891,579.00, Redemption: 41,365.00 | 0.00 | Cumulative Conversion Status | Convertible Corporate Bond Name | Cumulative Conversion Amount (RMB) | Cumulative Conversion Shares (shares) | Proportion of Cumulative Conversion Shares to Total Shares Issued Before Conversion Start Date | | :--- | :--- | :--- | :--- | | Cabbeen Convertible Bond 02 | 524,863,500.00 | 17,944,862 | 14.42% | - The conversion price has been adjusted multiple times, including an adjustment to **RMB 41.43** on **March 28, 2024**, due to triggering a downward revision clause, and an adjustment to **RMB 29.24** on **June 6, 2024**, due to annual equity distribution[158](index=158&type=chunk) - The credit rating of the convertible bonds remained unchanged during the reporting period[159](index=159&type=chunk) [Consolidated Statement Loss Exceeding 10% of Net Assets at Year-End](index=40&type=section&id=V.%20Consolidated%20Statement%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Year-End) The company's consolidated statement loss did not exceed **10%** of net assets at the end of the previous year - During the reporting period, the company's consolidated statement loss did not exceed **10%** of net assets at the end of the previous year[160](index=160&type=chunk) [Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=40&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the reporting period end, current and quick ratios decreased, while the asset-liability ratio slightly declined; net profit after non-recurring items grew by **4.22%**, EBITDA to total debt and EBITDA interest coverage significantly improved, cash interest coverage surged, and loan/interest repayment rates remained at **100%** Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period | Item | Current Period-End | Prior Year-End | Current Period-End vs. Prior Year-End Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.26 | 1.39 | -9.35% | | Asset-Liability Ratio | 63.47% | 64.15% | -0.68% | | Quick Ratio | 1.05 | 1.10 | -4.55% | | **Current Period** | **Current Period** | **Prior Year** | **Current Period vs. Prior Year Change** | | Net Profit After Non-Recurring Items (RMB 10,000) | 9,215.58 | 8,842.05 | 4.22% | | EBITDA to Total Debt Ratio | 19.87% | 8.88% | 10.99% | | Interest Coverage Ratio | 4.92 | 8.95 | -45.03% | | Cash Interest Coverage Ratio | 9.43 | 4.41 | 113.83% | | EBITDA Interest Coverage Ratio | 17.22 | 11.24 | 53.20% | | Loan Repayment Rate | 100.00% | 100.00% | 0.00% | | Interest Payment Rate | 100.00% | 100.00% | 0.00% | [Financial Report](index=42&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's audited financial statements, including balance sheets, income statements, and cash flow statements [Audit Report](index=42&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[163](index=163&type=chunk) [Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, detailing key financial figures Consolidated Balance Sheet (Period-End Balance) | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Current Assets | 2,551,858,745.70 | 2,564,194,322.63 | | Total Non-Current Assets | 1,424,274,916.63 | 1,182,771,639.48 | | Total Assets | 3,976,133,662.33 | 3,746,965,962.11 | | Total Current Liabilities | 2,044,698,023.40 | 1,846,281,880.28 | | Total Non-Current Liabilities | 481,030,743.51 | 557,564,273.74 | | Total Liabilities | 2,525,728,766.91 | 2,403,846,154.02 | | Total Equity Attributable to Parent Company Owners | 1,450,404,895.42 | 1,343,119,808.09 | | Total Owners' Equity | 1,450,404,895.42 | 1,343,119,808.09 | Consolidated Income Statement (Current Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,830,410,996.32 | 1,649,921,322.23 | | Total Operating Costs | 1,743,438,911.45 | 1,545,546,144.66 | | Operating Profit | 102,823,143.18 | 103,069,049.91 | | Total Profit | 100,548,107.42 | 105,162,641.44 | | Net Profit | 92,267,462.07 | 90,523,955.50 | | Net Profit Attributable to Parent Company Shareholders | 92,267,462.07 | 90,523,955.50 | | Total Comprehensive Income | 95,178,888.32 | 90,490,714.36 | | Basic Earnings Per Share (RMB/share) | 0.65 | 0.73 | | Diluted Earnings Per Share (RMB/share) | 0.65 | 0.73 | Consolidated Cash Flow Statement (Current Period) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 207,894,540.07 | 114,159,857.56 | | Net Cash Flow from Investing Activities | -167,288,135.68 | -205,048,346.95 | | Net Cash Flow from Financing Activities | 93,977,265.51 | 281,037,599.34 | | Net Increase in Cash and Cash Equivalents | 132,266,938.10 | 192,444,292.78 | | Cash and Cash Equivalents at Period-End | 518,301,871.27 | 463,379,461.99 | [Consolidated Balance Sheet](index=42&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **RMB 3.98 billion**, up **6.12%**, with current assets at **RMB 2.55 billion** and non-current assets at **RMB 1.42 billion**; total liabilities were **RMB 2.53 billion**, and equity attributable to parent company owners was **RMB 1.45 billion**, up **7.99%** Consolidated Balance Sheet Major Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 3,976,133,662.33 | 3,746,965,962.11 | | Total Liabilities | 2,525,728,766.91 | 2,403,846,154.02 | | Total Equity Attributable to Parent Company Owners | 1,450,404,895.42 | 1,343,119,808.09 | [Parent Company Balance Sheet](index=44&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **RMB 3.87 billion**, up **34.18%**, with current assets at **RMB 2.48 billion** and non-current assets at **RMB 1.39 billion**; total liabilities were **RMB 2.92 billion**, and owner's equity was **RMB 953 million**, up **2.09%** Parent Company Balance Sheet Major Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 3,872,636,666.95 | 2,886,001,202.38 | | Total Liabilities | 2,919,326,449.37 | 1,952,219,502.29 | | Total Owners' Equity | 953,310,217.58 | 933,781,700.09 | [Consolidated Income Statement](index=46&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, consolidated total operating revenue was **RMB 1.83 billion**, up **10.94%**; net profit was **RMB 92.27 million**, up **1.93%**; net other comprehensive income after tax was **RMB 2.91 million**, and total comprehensive income was **RMB 95.18 million** Consolidated Income Statement Major Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,830,410,996.32 | 1,649,921,322.23 | | Net Profit | 92,267,462.07 | 90,523,955.50 | | Net Profit Attributable to Parent Company Shareholders | 92,267,462.07 | 90,523,955.50 | | Net Other Comprehensive Income After Tax | 2,911,426.25 | -33,241.14 | | Total Comprehensive Income | 95,178,888.32 | 90,490,714.36 | [Parent Company Income Statement](index=48&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, parent company operating revenue was **RMB 1.16 billion**, up **26.03%**; net profit was **RMB 7.42 million**, down **81.65%**, with significant declines in operating profit and total profit primarily due to increased credit impairment losses and interest expenses Parent Company Income Statement Major Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 1,154,925,166.35 | 916,379,305.20 | | Operating Profit | 4,099,820.84 | 40,152,666.14 | | Total Profit | 2,169,451.59 | 42,180,876.75 | | Net Profit | 7,422,318.48 | 40,385,351.75 | | Basic Earnings Per Share (RMB/share) | 0.05 | 0.33 | | Diluted Earnings Per Share (RMB/share) | 0.05 | 0.33 | [Consolidated Cash Flow Statement](index=50&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was **RMB 208 million**, up **82.11%**; net cash flow from investing activities was **-RMB 167 million**, a **18.42%** decrease in outflow; net cash flow from financing activities was **RMB 93.98 million**, down **66.56%**; and cash and cash equivalents at period-end totaled **RMB 518 million** Consolidated Cash Flow Statement Major Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 207,894,540.07 | 114,159,857.56 | | Net Cash Flow from Investing Activities | -167,288,135.68 | -205,048,346.95 | | Net Cash Flow from Financing Activities | 93,977,265.51 | 281,037,599.34 | | Net Increase in Cash and Cash Equivalents | 132,266,938.10 | 192,444,292.78 | | Cash and Cash Equivalents at Period-End | 518,301,871.27 | 463,379,461.99 | [Parent Company Cash Flow Statement](index=51&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, parent company net cash flow from operating activities was **RMB 205 million**, down **20.86%**; net cash flow from investing activities was **-RMB 221 million**, a **48.57%** decrease in outflow; net cash flow from financing activities was **RMB 52.31 million**, down **79.35%**; and cash and cash equivalents at period-end totaled **RMB 242 million** Parent Company Cash Flow Statement Major Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 205,262,046.79 | 259,353,256.56 | | Net Cash Flow from Investing Activities | -220,706,796.82 | -429,141,638.80 | | Net Cash Flow from Financing Activities | 52,313,801.91 | 253,625,054.33 | | Net Increase in Cash and Cash Equivalents | 36,923,486.63 | 84,756,516.88 | | Cash and Cash Equivalents at Period-End | 241,638,252.51 | 234,870,473.03 | [Consolidated Statement of Changes in Equity](index=52&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) In the first half of 2025, consolidated owner's equity increased by **RMB 107 million**, driven by a **RMB 95.18 million** rise in comprehensive income, a **RMB 52.23 million** increase in owner contributions, and a **RMB 40.13 million** decrease from profit distribution, with share capital significantly increasing due to convertible bond conversions and capital reserve transfers - Total comprehensive income for the current period was **RMB 95,178,888.32**[186](index=186&type=chunk) - Net increase in owner contributions and capital reduction for the current period was **RMB 52,233,529.23**[186](index=186&type=chunk) - Profit distribution decreased by **RMB 40,127,330.22** for the current period[186](index=186&type=chunk) - Share capital increased by **RMB 59,984,941.00**, capital reserves increased by **RMB 132,969,270.48**, and treasury stock increased by **RMB 125,625,905.72**[186](index=186&type=chunk) [Parent Company Statement of Changes in Equity](index=57&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) In the first half of 2025, parent company owner's equity increased by **RMB 19.53 million**. primarily influenced by a **RMB 7.42 million** rise in comprehensive income, a **RMB 52.23 million** increase in owner contributions, and a **RMB 40.13 million** decrease from profit distribution, with share capital significantly increasing due to convertible bond conversions and capital reserve transfers - Total comprehensive income for the current period was **RMB 7,422,318.48**[192](index=192&type=chunk) - Net increase in owner contributions and capital reduction for the current period was **RMB 52,233,529.23**[192](index=192&type=chunk) - Profit distribution decreased by **RMB 40,127,330.22** for the current period[192](index=192&type=chunk) - Share capital increased by **RMB 59,984,941.00**, capital reserves increased by **RMB 132,969,270.48**, and treasury stock increased by **RMB 125,625,905.72**[192](index=192&type=chunk) [Company Basic Information](index=60&type=section&id=III.%20Company%20Basic%20Information) Ningbo Cabbeen Electrical Technology Co., Ltd., established on June 20, 2016, and listed on the Shenzhen Stock Exchange on August 24, 2020, had a total share capital and registered capital of **188,469,836** shares/RMB as of June 30, 2025, specializing in automotive cable R&D, production, and sales, with Ningbo Xinxie Industrial Group Co., Ltd. as controlling shareholder and Lin Guangyao, Lin Guangcheng, and Lin Qiang as actual controllers - Ningbo Cabbeen Electrical Technology Co., Ltd. was established through an overall change on **June 20, 2016**, and listed on the **Shenzhen Stock Exchange** on **August 24, 2020**[198](index=198&type=chunk) - As of **June 30, 2025**, the company's total issued share capital was **188,469,836 shares**, and its registered capital was **RMB 188,469,836.00**[198](index=198&type=chunk) - The company's principal business activities are the **R&D, production, and sales of automotive cables**[199](index=199&type=chunk) - The company's parent company is **Ningbo Xinxie Industrial Group Co., Ltd.**, and its actual controllers are **Lin Guangyao, Lin Guangcheng, and Lin Qiang**[200](index=200&type=chun

民生证券股份有限公司 关于宁波卡倍亿电气技术股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 声 明 民生证券股份有限公司（以下简称"保荐机构"、"本保荐机构"）作为宁波 卡倍亿电气技术股份有限公司（以下简称"卡倍亿"、"发行人"或"公司"）宁 波卡倍亿电气技术股份有限公司向不特定对象发行可转换公司债券（以下简称 "本次发行"）的保荐机构，本保荐机构及其指派的保荐代表人已根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《上市公司证券发行注册管理办法》《证券发行上市保荐业务管 理办法》等法律法规和中国证券监督管理委员会（以下简称"中国证监会"）及 深圳证券交易所有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 二零二五年八月 宁波卡倍亿电气技术股份有限公司 上市保荐书 本上市保荐书中如无特别说明，相关用语具有与《宁波卡倍亿电气技术股份 有限公司向不特定对象发行可转换公司债券募集说明书》中相同的含义 ...

民生证券股份有限公司 关于宁波卡倍亿电气技术股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二五年八月 宁波卡倍亿电气技术股份有限公司 发行保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行 上市保荐业务管理办法》（以下简称"《保荐管理办法》"）、《上市公司证券发 行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、行政法规和 中国证券监督管理委员会（以下简称"中国证监会"）、深圳证券交易所（以下 简称"深交所"）的规定，诚实守信，勤勉尽职，严格按照依法制定的业务规则、 行业执业规范和道德准则出具本证券发行保荐书，并保证所出具文件的真实性、 准确性和完整性。 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 第一节 | 本次证券发行基本情况 3 | | | 一、保荐机构、保荐代表人、项目组成员介绍 3 | | | 二、发行人基本情况 4 | | | 三、发行人与保荐机构 ...

立信会计师事务所（特殊普通合伙） 关于《宁波卡倍亿电气技术股份有限公司申请 向不特定对象发行可转换公司债券的审核问询函》的回复 信会师函字[2025]第 ZF280 号 深圳证券交易所： 宁波卡倍亿电气技术股份有限公司（以下简称"发行人"、"公司"或"卡倍 亿"）于 2025 年 7 月 30 日收到贵所下发的《关于宁波卡倍亿电气技术股份有限 公司申请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕 020036 号，以下简称"问询函"），我们对于问询函中提到的需要会计师说明或 发表意见的问题进行了认真分析与核查，现根据问询函所涉问题进行说明和答复， 具体内容如下： 注： 1、卡倍亿 2025 年 1-3 月期间的财务报表未经审计或者审阅，以下所述的核 查程序及实施核查程序的结果仅为协助卡倍亿回复问询函目的，不构成审计或者 审阅，其结果可能与我们未来执行发行人 2025 年度财务报表审计得出的结论存 在差异。 2、如无特殊说明，本回复中使用的简称或名词释义与募集说明书、年度报告 中的释义相同；回复中可能存在个别数据加总后与相关汇总数据存在尾差，均系 数据计算时四舍五入造成。 问询函问题 1、报 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于宁波卡倍亿电气技术股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） | 声明事项 | | 2 | | --- | --- | --- | | 释 | 义 | 4 | | 正 | 文 | 7 | | 1.问题 2 | | 7 | | 2.问题 3 | | 18 | 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 关于宁波卡倍亿电气技术股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） 致：宁波卡倍亿电气技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波卡倍亿电气技术股 份有限公司（以下简称"发行人"或"公司"或"卡倍亿"）的委托，并根据发 行人与本所签订的《专项法律服务合同》，作为发行人向不特定对象发行可转换 公司债券（以下简称"本次发行"）的特聘专项法律顾问。已于 2025 年 6 月 30 日出具了《上海市锦天城律师事务所关于宁波卡倍亿电气技术股份 ...

证券简称：卡倍亿 证券代码：300863 宁波卡倍亿电气技术股份有限公司 与 民生证券股份有限公司 关于 宁波卡倍亿电气技术股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函之回复 保荐机构（主承销商） | 问题 | 1： 3 | | --- | --- | | 问题 | 2： 70 | | 问题 | 3： 82 | | 问题 | 4： 198 | | 其他问题： | 221 | （中国（上海）自由贸易试验区浦明路 8 号） 二零二五年八月 深圳证券交易所： 根据贵所于 2025 年 7 月 30 日下发的《关于宁波卡倍亿电气技术股份有限公 司申请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020036 号）（以下简称"审核问询函"）的要求，宁波卡倍亿电气技术股份有限公司（以 下简称"公司"、"卡倍亿"、"发行人"）会同民生证券股份有限公司（以下简称 "保荐机构"）、上海市锦天城律师事务所（以下简称"律师"）、立信会计师事务 所（特殊普通合伙）（以下简称"会计师"）本着勤勉尽责、诚实守信的原则，就 审核问询函所提问题逐条进行了认真调查、核查及讨论，并完成了《宁波卡倍亿 电气技术 ...

证券代码：300863 证券简称：卡倍亿 公告编号：2025-076 宁波卡倍亿电气技术股份有限公司 关于向不特定对象发行可转换公司债券的审核问询函 回复及募集说明书等申请文件更新的提示性公告 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并 获得中国证券监督管理委员会（以下简称"中国证监会"）同意注册后方可实 施，最终能否通过深交所审核并获得中国证监会同意注册的批复及其时间尚存 在不确定性。公司将根据该事项进展情况及时履行信息披露义务，敬请广大投 资者注意投资风险。 特此公告。 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。 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）于2025年7月30 日收到深圳证券交易所（以下简称"深交所"）出具的《关于宁波卡倍亿电气 技术股份有限公司申请向不特定对象发行可转换公司债券的审核问询函》(审 核函〔2025〕020036号)（以下简称"审核问询函"），深交所对公司报送的 向不特定对象发行可转换公司债券的申请文件进行了审核，并形成审核问询问 题。 公司按照审核问询函的要求，会同相关中介机构就问询函提出的 ...

股票简称：卡倍亿 股票代码：300863 宁波卡倍亿电气技术股份有限公司 Ningbo KBE Electrical Technology Co.,Ltd. （住所：宁海县桥头胡街道汶溪周工业区） 向不特定对象发行可转换公司债券 募集说明书 保荐机构（主承销商） （申报稿） （中国（上海）自由贸易试验区浦明路 8 号） 公告时间：2025 年 8 月 宁波卡倍亿电气技术股份有限公司 募集说明书（申报稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 宁波卡倍亿电气技术股份有限公司 募集说明书（申报稿） 重大事项提示 公司特别提示投资者对下列重大事项给予充分关注，并仔细阅读本募集说 明书中有关风险 ...