Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned as a key player in the high-speed cable and optical fiber sectors, benefiting from the depreciation of the RMB and expanding its overseas market presence. Company Overview - Zhejiang Zhaolong Interconnect was established on August 21, 1995, and went public on December 7, 2020. The company specializes in the design, manufacturing, and sales of data cables, special cables, and connection products [7] - The revenue composition includes: 43.60% from category 6 and below data communication cables, 20.81% from category 6A and above, 18.04% from special cables, 11.62% from connection products, and 5.94% from other sources [7] - As of September 30, 2025, the company had 38,100 shareholders, an increase of 8.59% from the previous period, with an average of 6,721 circulating shares per shareholder, a decrease of 7.49% [7] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.518 billion yuan, representing a year-on-year growth of 13.28%, and a net profit attributable to shareholders of 138 million yuan, up 53.82% year-on-year [7] - The company has distributed a total of 113 million yuan in dividends since its A-share listing, with 82.34 million yuan distributed over the past three years [8] Market Position and Trends - The company is recognized as one of the few in China capable of designing and manufacturing data cables of category 6, 7, and beyond, meeting the new data transmission demands of the 5G era [2] - The company’s optical products include fiber jumpers, MPO/MTP pre-terminated connectors, and LC fiber connectors, primarily serving high-end projects in finance, education, healthcare, and exhibitions, while also expanding into overseas markets [2] - The company’s machine vision products are already in mass production for various machine vision connection system solutions [2] Stock Performance and Trading Activity - On November 14, the stock price of Zhaolong Interconnect fell by 2.33%, with a trading volume of 119 million yuan and a turnover rate of 0.95%, bringing the total market capitalization to 15.173 billion yuan [1] - The average trading cost of the stock is 56.48 yuan, with recent trading showing a decrease in holdings but at a slowing rate. The current stock price is between resistance at 51.55 yuan and support at 46.66 yuan, indicating potential for range trading [6]

Core Viewpoint - Zhaolong Interconnect is committed to keeping pace with industry trends and customer needs, focusing on technology iteration and product upgrades to enhance its independent R&D capabilities and maintain a leading position in technology [2] Group 1: Product Development - The company is making steady progress on its single-channel 224G high-speed copper cables and connection products, which are currently being optimized [2] - The company is advancing the research and development of single-channel 448G high-speed products [2] - Zhaolong Interconnect is actively promoting the validation of 400G and 800G AEC connection products with domestic customers [2]

Core Viewpoint - The company aims to enhance its profitability by innovating products and technologies, expanding into domestic and international mid-to-high-end markets, and integrating into high-end industrial chains [1] Group 1 - The company plans to continue product and technology innovation [1] - The company is focused on expanding its presence in mid-to-high-end markets both domestically and internationally [1] - The company intends to optimize its product structure to improve profitability [1]

Core Viewpoint - The company, Zhaolong Interconnect (300913), is closely monitoring fluctuations in copper prices and adjusting its pricing strategy for data cable products accordingly, indicating a proactive approach to cost management and risk mitigation [1] Group 1: Pricing Strategy - The company will adjust the pricing of its data cable products based on changes in copper prices, which are a major raw material [1] - For high-speed products, the copper content is relatively low, and pricing will consider technical added value and raw material price changes [1] Group 2: Risk Management - The company plans to reasonably adjust its procurement strategy, including bulk purchasing, to control costs and mitigate risks associated with raw material price fluctuations [1] - Overall, the impact of rising copper prices on the company's profitability is expected to be minimal [1]

证券日报网讯兆龙互连（300913）11月13日发布公告，在公司回答调研者提问时表示，公司在汽车领域 的布局稳步推进。2025年6月，公司与奥地利汽车线束研发制造企业格里勒共同成立合资公司，同时成 为格里勒在亚太地区汽车数据电缆的独家合作方。目前，相关汽车线缆的认证、导入等前期工作正有序 开展，预计明年汽车领域客户将会进行审厂，汽车线缆有望在2026年起量。 ...

Core Viewpoint - The company, Zhaolong Interconnect, reported significant growth in its high-speed business due to the rapid expansion of downstream applications such as global data centers and artificial intelligence [1] Group 1: Business Performance - The company's high-speed business has achieved remarkable growth, benefiting from technological accumulation and product advantages in the high-speed interconnect field [1] - The company is steadily advancing its capacity expansion efforts to align with industry development and customer demand [1] Group 2: Capacity Expansion - The company has ample domestic production site reserves and is enhancing capacity support through continuous procurement of new equipment and recruitment of professionals in production operations, technology research and development, and quality control [1] - New high-speed product production lines are being delivered and debugged, leading to a rapid increase in production capacity to ensure current order fulfillment and meet future market demand [1]

Core Viewpoint - Zhaolong Interconnect (300913) announced that by Q3 2025, approximately 50% of its revenue structure will come from 6A and above data cables and wiring products that support 10G data transmission, along with specialized cables and connection products [1] Group 1 - The company is focusing on developing high-value-added products with higher transmission rates and broader application scenarios, in line with the ongoing digitalization and intelligent industry trends [1] - Continuous technological breakthroughs and product iterations are expected to lead to sustained improvements in the company's profit margins [1] Group 2 - Future revenue growth drivers for the company will include optical-copper wiring products for data centers, automotive data cables, and high-speed internal and external connection products [1]

Core Viewpoint - The company Zhaolong Interconnect announced a joint venture with Austrian automotive wiring harness company Griller, set to launch in June 2025, becoming the exclusive partner for automotive data cables in the Asia-Pacific region [1] Group 1 - The joint venture will focus on automotive data cables, with preliminary work on certification and introduction progressing smoothly [1] - Customer factory audits are expected to take place next year, indicating readiness for production [1] - Mass production of automotive cable products is anticipated to begin in 2026 [1]

Core Insights - The company is actively following industry trends and customer demands, focusing on technology iteration and product upgrades [1] Group 1: Product Development - The progress of single-channel 224G high-speed copper cables and connection products is proceeding smoothly and is continuously being optimized [1] - The company is advancing the research and development of single-channel 448G high-speed products [1] Group 2: Market Positioning - The company is actively promoting the validation of 400G and 800GAEC connection products with domestic customers to solidify its technological leadership in the high-speed interconnection field [1]

Group 1: Revenue Structure and Growth Expectations - In Q3 2025, approximately 50% of the company's revenue came from 6A and above data cables and wiring products, specialized cables, and connection products [2] - The company is focusing on high-value products with higher transmission rates and diverse application scenarios, which are expected to drive future revenue growth [2][3] Group 2: High-Speed Product Operations and Capacity - The company is experiencing significant growth in its high-speed business due to the rapid expansion of downstream applications like data centers and artificial intelligence [3] - Capacity expansion is underway, with new high-speed production lines being delivered and tested, ensuring order fulfillment and future market demand [3] Group 3: Customer Orders and Market Demand - Current market demand is strong, with the company’s orders at a relatively saturated state and showing rapid overall growth [3] - Major clients are placing rolling orders with optimistic expectations for future demand [3] Group 4: R&D Progress in High-Speed Products - The company is advancing its R&D in high-speed products, including the successful development of 224G copper cables and ongoing work on 448G products [3] - Active validation of 400G and 800G AEC connection products with domestic clients is in progress [3] Group 5: Automotive Project Developments - The company has established a joint venture with an Austrian automotive wiring manufacturer and is the exclusive partner for automotive data cables in the Asia-Pacific region [3] - Initial certification and integration work for automotive cables is progressing, with expectations for client audits in 2026 [3] Group 6: Impact of Copper Price Fluctuations - The company monitors copper price fluctuations closely, with minimal impact on overall profitability due to the lower copper content in high-speed products [3] - Pricing for data cables will adjust according to copper prices, while also considering technical value and raw material costs [3] Group 7: Future Plans for Improving Gross Margin - The company aims to enhance gross margin through product and technology innovation, expanding into mid-to-high-end markets, and optimizing product structure [3]