Group 1 - The company, Zhaolong Interconnect (300913), has established itself as a core partner for leading international interconnect solution providers in the active electrical cable (AEC) sector due to its technological accumulation in high-speed cable [1]

Group 1 - The company has confirmed that it is a core partner for leading international interconnect solution providers in the active cable (AEC) sector, leveraging its technological expertise in high-speed cable [2] - The inquiry from investors regarding the status of CREDO as an important customer and partner indicates a growing interest in the company's client relationships [2] - The company's response highlights its strategic positioning within the high-speed cable industry, emphasizing its role in the supply chain for advanced interconnect solutions [2]

Group 1 - The company has confirmed that its products are widely used in automotive and computing devices, and they are also applicable for humanoid robots [2] - The company has stated that its robot cables, fakra coaxial components, single-pair Ethernet cables, and machine vision components can be utilized in robotics [2] - The company plans to closely monitor market opportunities in the robotics sector and actively advance its technology reserves and product layout [2]

Core Viewpoint - The company is actively focusing on market opportunities in robotics-related components and is advancing its technology reserves and product layout in this field [1] Group 1 - The company currently offers products such as robot cables, fakra coaxial components, single-pair Ethernet cables, and machine vision components that are applicable to robotics [1] - The company will closely monitor market opportunities in related fields [1] - The company is committed to actively promoting its technology reserves and product layout [1]

证券代码：300913 证券简称：兆龙互连 公告编号：2025-055 浙江兆龙互连科技股份有限公司 关于控股股东、实际控制人及其一致行动人 持股比例变动超过 1%的公告 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、本次权益变动基本情况 1、2023 年 7 月 19 日至 2025 年 7 月 24 日期间，公司 2022 年限制性股票激 励计划股份归属后导致公司总股本增加，公司控股股东浙江兆龙控股有限公司 （以下简称"兆龙控股"）、实际控制人姚金龙先生及其一致行动人姚云涛先生、 姚银龙先生、德清兆兴企业管理咨询合伙企业（有限合伙）（以下简称"德清兆 兴"）、德清兆信企业管理咨询合伙企业（有限合伙）（以下简称"德清兆信"）、 德清县百盛企业管理有限公司（以下简称"德清百盛"）合计持股比例被动稀释 0.9618%。具体内容详见公司于 2023 年 7 月 18 日披露的《关于 2022 年限制性股 票激励计划首次授予部分第一个归属期归属结果暨股份上市公告》、2024 年 7 月 26 日披露的《关于 2022 年限制性股票激励计划首次授予部分第二个归属 ...

Group 1 - The stock price of Zhaolong Interconnect (300913) closed at 49.7 yuan, an increase of 5.54%, with a turnover rate of 8.13% and a trading volume of 207,900 hands, amounting to 1.018 billion yuan [1] - The net inflow of main funds today was 72.9183 million yuan, accounting for 7.16% of the transaction amount, with large orders showing a net inflow of 74.6185 million yuan [1] - The latest quarterly report shows total operating revenue of 448 million yuan, a year-on-year increase of 21.54%, and a net profit attributable to shareholders of 32.5924 million yuan, up 85.12% year-on-year [1] Group 2 - Zhaolong Interconnect has invested in 6 companies and participated in 41 bidding projects, with 34 trademark registrations and 174 patents [2] - The company was established in 1995 and is located in Huzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1][2]

Investment Rating - The industry investment rating is "Overweight" as the report anticipates that the interconnection bandwidth demand will experience rapid growth due to the "multiplier effect" [4][90]. Core Insights - The report identifies four major trends in the AI computing interconnection sector: 1. Computing hardware demand is shifting from being anchored to cloud vendors' CapEx to being anchored to the number of tokens processed. 2. The landscape of computing chips is evolving from reliance on GPUs to a coexistence of GPUs and ASICs. 3. Technological iterations are transitioning from product-level upgrades (like optical modules, PCBs, switches, and network cards) to overall upgrades at the network architecture level. 4. The focus of network interconnection upgrades is expanding from Scale Out to Scale Up, enhancing both types of networks and increasing single-chip bandwidth [5][81][85]. Summary by Sections Section 1: Market Trends - The demand for computing power is increasingly linked to the number of tokens processed rather than just cloud vendor capital expenditures [5][81]. - The growth of AI models has led to a significant increase in the demand for high-bandwidth, low-latency interconnections, particularly in the context of large-scale AI training [21][25]. Section 2: Product Innovations - New products like Sora and GB200 are driving demand for multimodal inference, with Sora requiring significantly more inference computing power compared to previous models [27][35]. - The report highlights that the performance of new interconnection technologies, such as GB200, is substantially superior to older models, enhancing overall computational efficiency [75][76]. Section 3: Capital Expenditure Trends - Capital expenditures from major cloud service providers (CSPs) are expected to continue increasing, with a notable shift towards AI computing capabilities [35][37]. - The report estimates that the ratio of NVIDIA's data center revenue from cloud vendors to the capital expenditures of five major cloud vendors has increased from 5% in Q1 2023 to approximately 30% by the second half of 2024 [37][38]. Section 4: Investment Opportunities - The report suggests that various interconnection methods, including optical, copper, and PCB connections, are likely to benefit from the anticipated growth in interconnection demand. Key companies identified include: - Optical interconnection: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Yuanjie Technology, Changguang Huaxin, Changxin Bochuang, Shijia Photon, Zhizhi Technology, Taicheng Light. - Copper interconnection: Zhaolong Interconnection, Zhongji Xuchuang, Hongteng Precision. - PCB: Shenghong Technology, Jingwang Electronics, Hudian Co., Shengyi Technology [4][90].

Group 1: New Issuance Dynamics - As of July 21, 2025, there are 598 ongoing private placement projects, with 26 new projects added in the last two weeks, a 30% increase from the previous period[5] - The average time from proposal to approval for private placements has decreased by 90 days to 341 days, maintaining a 100% approval rate[16] - The China Securities Regulatory Commission (CSRC) approved 11 projects, a decrease of 5 from the previous period[5] Group 2: Market Performance and Trends - The total fundraising amount for newly listed projects in the last two weeks is 14.01 billion CNY, a decrease of 38.6% from the previous period[28] - The average benchmark discount rate for competitive projects is 5.51%, down 8.49 percentage points, while the market price discount rate is 7.21%, down 7.40 percentage points[28] - The average absolute return for competitive projects that were unlocked in the last two weeks is 26.74%, with a positive return rate increasing by 20%[28] Group 3: Project Analysis - Sui Rui New Materials plans to raise up to 600 million CNY for projects related to liquid rocket engine components, with expected revenue growth exceeding 10% in 2023 and 2024[20] - Zhao Long Interconnect aims to raise up to 1.195 billion CNY for a production base in Thailand, with expected capacity increases including 170,000 kilometers of data cables[24] - The average price-to-earnings (PE) ratio for Sui Rui New Materials is 4.06, significantly higher than the industry average of 9.34%[23]

Summary of Key Points Core Viewpoint - Zhaolong Interconnect (300913) experienced a stock price decline of 1.87% on July 21, 2025, closing at 48.32 yuan, with a trading volume of 113,200 shares and a turnover of 546 million yuan [1][2]. Trading Information - On July 21, 2025, the net outflow of main funds was 73.9965 million yuan, while retail investors saw a net inflow of 62.7593 million yuan [2][4]. Company Announcements - Zhaolong Interconnect announced the results of the third vesting period for its 2022 restricted stock incentive plan, with the following details: - The listing date for the vested restricted stocks is July 24, 2025 [2][4]. - A total of 1.23658 million shares will be vested, representing 0.40% of the company's total share capital, involving 126 incentive participants [2][4]. - The shares are sourced from the company's directed issuance of A-share common stock to incentive participants, with a vesting price of 4.28 yuan per share [2]. - The number of shares vesting in the first grant's third vesting period is 1.016668 million shares, involving 82 participants, while the reserved grant's second vesting period involves 219,912 shares for 47 participants [2]. - There is no lock-up period for this vesting, and directors and senior management will comply with relevant regulations [2]. - The total subscription amount received from the 126 incentive participants is 5,292,562.40 yuan, with 1,236,580.00 yuan allocated to share capital and 4,055,982.40 yuan to capital reserves [2]. - Following this vesting, the company's total share capital will increase from 311,474,083 shares to 312,710,663 shares [2]. - This vesting will not have a significant impact on the company's financial status and operating results [2].

Core Viewpoint - The announcement details the implementation of the 2022 Restricted Stock Incentive Plan by Zhejiang Zhaolong Interconnect Technology Co., Ltd., including the results of the third vesting period for the initial grant and the second vesting period for the reserved grant, confirming that the conditions for vesting have been met [1][15][27]. Summary by Sections Incentive Plan Overview - The incentive plan was approved on July 4, 2022, with a total of 2.25 million shares granted initially, representing 1.22% of the company's total share capital at the time [1][4]. - The reserved portion consists of 350,000 shares, accounting for 0.19% of the total share capital [1][4]. Vesting Conditions - The vesting of the restricted stocks is contingent upon meeting specific performance targets based on revenue and net profit growth rates compared to 2021 [4][5]. - The first vesting period requires a revenue growth rate of at least 15% or a net profit growth rate of at least 10% for 2022 [4][5]. - The second vesting period requires a revenue growth rate of at least 30% or a net profit growth rate of at least 20% for 2023 [4][5]. - The third vesting period requires a revenue growth rate of at least 45% or a net profit growth rate of at least 30% for 2024 [4][5]. Performance Assessment - Individual performance assessments are conducted annually, with results categorized as "Excellent," "Good," "Qualified," or "Unqualified," affecting the actual number of shares vested [6][19]. - The performance assessment results for 2024 indicated that 75 individuals from the initial grant and 45 from the reserved grant achieved "Excellent" and "Good" ratings, allowing for full vesting [19]. Vesting Results - As of July 24, 2025, a total of 1,016,668 shares from the initial grant and 219,912 shares from the reserved grant will be vested [20]. - The adjusted vesting price is set at 4.28 yuan per share [20][24]. Share Listing and Impact - The vested shares will be listed for trading on July 24, 2025, with no additional lock-up period imposed on the shares post-vesting [24][26]. - The total number of shares post-vesting will be 312,710,663, with no significant impact on the company's shareholding structure [26]. Legal and Compliance - The incentive plan has been executed in accordance with relevant regulations, and necessary approvals have been obtained [27][28].