Company Overview - Zhejiang Zhaolong Interconnect Technology Co., Ltd. is located in Deqing County, Huzhou City, Zhejiang Province, and was established on August 21, 1995. The company went public on December 7, 2020. Its main business involves the design, manufacturing, and sales of data cables, specialized cables, and connection products [1]. Business Composition - The revenue composition of the company's main business includes: - Data communication cables of 6 categories and below: 52.44% - Data communication cables of 6A and above: 21.25% - Connection products: 10.04% - Specialized cables: 8.51% - Other (supplementary): 4.54% - Other main products: 3.23% [1]. Stock Performance - On September 2, Zhaolong Interconnect's stock fell by 5.27%, trading at 63.30 CNY per share, with a transaction volume of 1.026 billion CNY and a turnover rate of 5.99%. The total market capitalization is 19.795 billion CNY [1]. Fund Holdings - Zhaolong Interconnect is a significant holding in the Hengyue Growth Select Mixed A Fund (010622), which increased its holdings by 13,900 shares in the second quarter, bringing the total to 510,400 shares. This represents 4.48% of the fund's net value, making it the fourth-largest holding. The estimated floating loss today is approximately 1.7965 million CNY [2]. Fund Performance - The Hengyue Growth Select Mixed A Fund was established on February 9, 2021, with a current scale of 348 million CNY. Year-to-date, it has achieved a return of 77.89%, ranking 189 out of 8,184 in its category. Over the past year, it has returned 93.68%, ranking 468 out of 7,971. Since inception, it has incurred a loss of 12.05% [2]. Fund Manager - The fund manager of Hengyue Growth Select Mixed A is Liao Mingbing, who has been in the position for 5 years and 53 days. The total asset size of the fund is 822 million CNY, with the best return during his tenure being 67.3% and the worst being -35.23% [3].

浙江兆龙互连科技股份有限公司（以下简称"公司"）向特定对象发行股票 的申请于 2025 年 7 月 11 日获得深圳证券交易所上市审核中心审核通过，具体内 容详见公司于 2025 年 7 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于申请向特定对象发行股票获得深圳证券交易所上市审核中心审核通过的公告》 （公告编号：2025-052）；公司于 2025 年 8 月 25 日收到中国证券监督管理委员 会出具的《关于同意浙江兆龙互连科技股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2025〕1826 号），具体内容详见公司于 2025 年 8 月 26 日 在巨潮资讯网（www.cninfo.com.cn）披露的《关于向特定对象发行股票申请获得 中国证券监督管理委员会同意注册批复的公告》（公告编号：2025-057）。 鉴于公司于 2025 年 8 月 28 日披露了《2025 年半年度报告》，公司会同相 关中介机构对募集说明书等申请文件进行了更新，具体内容详见公司于同日在巨 潮资讯网（www.cninfo.com.cn）披露的相关文件。 证券代码：300913 证券简称：兆 ...

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., has shown significant growth in revenue and profit, benefiting from the depreciation of the RMB and its strong position in the data cable and connection products market [3][7]. 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, specialized cables, and connection products [7]. - The revenue composition includes: 52.44% from category 6 and below data communication cables, 21.25% from category 6A and above, 10.04% from connection products, 8.51% from specialized cables, and 4.54% from other products [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 972 million yuan, representing a year-on-year growth of 14.29%. The net profit attributable to the parent company was 89.61 million yuan, reflecting a 50.30% increase 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 Products - The company is one of the few in China capable of designing and manufacturing data cables of category 6, 7, and even category 8, meeting the new data transmission demands of the 5G era [2]. - The product range includes high-speed components for large data center switches and servers, with successful development of 800G transmission speed cables [2]. International Business - As of the 2024 annual report, overseas revenue accounted for 61.93% of total revenue, benefiting from the depreciation of the RMB [3]. Stock Performance - On September 1, the stock price of Zhaolong Interconnect increased by 6.66%, with a trading volume of 1.564 billion yuan and a turnover rate of 9.27%, bringing the total market capitalization to 20.895 billion yuan [1].

鉴于公司于 2025 年 8 月 28 日披露了《2025 年半年度报告》，公司会同相 关中介机构对募集说明书等申请文件进行了更新，具体内容详见公司于同日在巨 潮资讯网（www.cninfo.com.cn）披露的相关文件。 浙江兆龙互连科技股份有限公司 关于向特定对象发行股票募集说明书（注册稿）等 申请文件更新的提示性公告 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。 浙江兆龙互连科技股份有限公司（以下简称"公司"）向特定对象发行股票 的申请于 2025 年 7 月 11 日获得深圳证券交易所上市审核中心审核通过，具体内 容详见公司于 2025 年 7 月 14 日在巨潮资讯网（www.cninfo.com.cn）披露的《关 于申请向特定对象发行股票获得深圳证券交易所上市审核中心审核通过的公告》 （公告编号：2025-052）；公司于 2025 年 8 月 25 日收到中国证券监督管理委员 会出具的《关于同意浙江兆龙互连科技股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2025〕1826 号），具体内容详见公司于 2025 年 8 月 26 日 在 ...

浙江兆龙互连科技股份有限公司 Zhejiang Zhaolong Interconnect Technology Co., Limited （住所：浙江省德清县新市镇士林工业区） 向特定对象发行股票 募集说明书 （注册稿） 保荐人（主承销商） 二〇二五年八月 证券代码：300913 证券简称：兆龙互连 浙江兆龙互连科技股份有限公司 向特定对象发行股票募集说明书 声 明 1、公司及董事会全体成员保证本募集说明书内容真实、准确、完整，并确 认不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担 相应的法律责任。 2、本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券 的公司信息披露内容与格式准则第 61 号——上市公司向特定对象发行股票募集 说明书和发行情况报告书》等要求编制。 3、本次向特定对象发行股票完成后，公司经营与收益的变化由公司自行负 责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 4、本募集说明书是公司董事会对本次向特定对象发行股票的说明，任何与 之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6 ...

关于 浙江兆龙互连科技股份有限公司 向特定对象发行股票 中信建投证券股份有限公司 发行保荐书 保荐人及保荐代表人声明 保荐人 二〇二五年八月 保荐人出具的证券发行保荐书 中信建投证券股份有限公司及本项目保荐代表人周伟峰、俞康泽根据《中华 人民共和国公司法》《中华人民共和国证券法》等有关法律、法规和中国证监会 的有关规定以及深圳证券交易所的有关业务规则，诚实守信，勤勉尽责，严格按 照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并保证发 行保荐书的真实性、准确性和完整性。 3-1-1 之 | 释 义 | 3 | | --- | --- | | 第一节 | 本次证券发行基本情况 5 | | | 一、本次证券发行具体负责推荐的保荐代表人 5 | | | 二、本次证券发行项目协办人及项目组其他成员 5 | | | 三、发行人基本情况 6 | | | 四、保荐人与发行人关联关系的说明 10 | | | 五、保荐人内部审核程序和内核意见 11 | | | 六、保荐人对私募投资基金备案情况的核查 12 | | 第二节 | 保荐人承诺事项 14 | | 第三节 | 关于有偿聘请第三方机构和个人等相关行为的核查 ...

Core Viewpoint - The company reported slightly better-than-expected performance for 1H25, with significant growth in profitability during 2Q25, driven by the specialized cable segment and connection products [1][2] Financial Performance - In 1H25, the company achieved revenue of 972 million yuan, a year-on-year increase of 14.29%, and a net profit attributable to shareholders of 90 million yuan, up 50.30% [1] - For 2Q25, revenue reached 524 million yuan, reflecting an 8.47% year-on-year increase and a 16.84% quarter-on-quarter increase, with a net profit of 57 million yuan, marking a 35.72% year-on-year increase and a 74.94% quarter-on-quarter increase [1] - The gross margin for 1H25 was 16.17%, up 1.34 percentage points, and the net margin was 8.10%, up 1.56 percentage points; in 2Q25, the gross margin was 22.08%, up 4.13 percentage points year-on-year, and the net margin was 10.89%, up 2.16 percentage points year-on-year [1] Segment Performance - The specialized cable segment saw revenue of 175 million yuan in 1H25, a remarkable increase of 154.73%, while connection products generated revenue of 113 million yuan, up 46.80% [1] - The specialized cable segment achieved a gross margin of 50.86%, an increase of 21.46 percentage points, significantly boosting the overall profitability of the company [1] Market Outlook - The company is focusing on high-speed cable components and is benefiting from the ongoing construction of large data centers, which is expected to sustain growth in the market for high-speed DAC/AEC products [1] - The high-speed transmission cables are primarily used in computing centers, with applications supporting single-channel transmission rates of up to 224 Gb/s; the demand for reliable and low-carbon solutions is anticipated to expand the market for these products [1] - The company possesses technological and customer advantages, suggesting a continued increase in market share [1] Investment Recommendations - The company is positioned as a leading player in the high-speed copper cable sector, with solid customer foundations and technological accumulation translating into improved market performance [2] - With ongoing capacity expansion and rising demand for AEC/DAC products in the GPU/ASIC market, the specialized cable and connection product segments are expected to maintain the strong growth seen in 2Q25 [2] - Revenue projections for 2025, 2026, and 2027 are 2.245 billion, 2.926 billion, and 4.013 billion yuan, representing year-on-year growth rates of 22.57%, 30.36%, and 37.14% respectively; net profits are forecasted at 187 million, 321 million, and 509 million yuan, with growth rates of 22.26%, 71.83%, and 58.34% respectively [2]

Group 1 - The stock of Zhao Long Interconnect increased by 6.66% on September 1, closing at 66.82 yuan [1] - A block trade occurred with a total volume of 46,200 shares and a transaction amount of 2.3179 million yuan, with a discount rate of -24.99% [1] - The buyer was from Industrial Securities Co., Ltd., and the seller was from GF Securities Co., Ltd. [1] Group 2 - In the last three months, Zhao Long Interconnect has recorded three block trades with a total transaction amount of 9.737 million yuan [1] - Over the past five trading days, the stock has risen by 8.56%, while the net outflow of main funds totaled 118 million yuan [1]

Core Viewpoint - Zhaolong Interconnect (300913) reported a significant growth in revenue and net profit for the first half of 2025, driven by strong market demand and strategic product offerings [1][2]. Financial Performance - The company achieved operating revenue of 972 million yuan, a year-on-year increase of 14.29% [1]. - The net profit attributable to shareholders reached 89.61 million yuan, reflecting a substantial growth of 50.30% compared to the same period last year [1]. Market Opportunities - Zhaolong Interconnect capitalized on the booming data transmission and communication connection market, with specialized cable sales surging by 154.73% year-on-year [2][4]. - The global digital economy and high-tech industries are expanding, creating vast market opportunities in the communication connection sector [3][7]. Product Development - The company has developed a comprehensive product matrix, offering a full range of data cables from category 5e to 8, catering to various critical applications [3]. - High-speed transmission cables can support a maximum working frequency of 60GHz, essential for efficient connections in data centers and AI computing centers [3][4]. Industry Growth - The global high-speed cable market is projected to grow at a compound annual growth rate (CAGR) of 10.2%, with market size expected to increase from 12.9 billion USD in 2024 to 24.99 billion USD by 2031 [4]. - The demand for industrial communication cables and connection products is anticipated to continue growing rapidly, driven by advancements in automotive electronics, IoT, and smart manufacturing [4][6]. Product Sales Performance - Sales revenue from high-end data cables (6A and above) increased by 7.72% year-on-year, while specialized cable sales revenue saw a remarkable growth of 154.73% [4]. - Revenue from connection products grew by 46.8% year-on-year, supported by deep market penetration and technological advancements [5]. Technological Advancements - The company is focusing on key technological areas such as signal compensation, high-frequency attenuation suppression, and ultra-high-frequency transmission cable development [5][6]. - Zhaolong Interconnect has established partnerships with leading companies in various industries, enhancing its capabilities in industrial Ethernet and automation [6]. Future Outlook - The ongoing trends in information technology, digitalization, and smart technology are expected to drive further growth in the digital communication industry [7]. - The company aims to continue enhancing product quality and reliability, solidifying its leading position in the industry [7].

Core Viewpoint - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., is experiencing fluctuations in stock performance and is positioned to benefit from trends in high-speed connectivity, 5G, and machine vision technologies. Group 1: Company Performance - On August 29, Zhaolong Interconnect's stock fell by 4.56%, with a trading volume of 1.165 billion yuan and a turnover rate of 7.21%, bringing the total market capitalization to 19.591 billion yuan [1] - For the first half of 2025, the company achieved operating revenue of 972 million yuan, representing a year-on-year growth of 14.29%, and a net profit attributable to shareholders of 89.61 million yuan, up 50.30% 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] Group 2: Product and Market Position - The company specializes in high-speed components for large data center switches and servers, with products supporting transmission rates of 25G, 100G, 200G, 400G, and has developed an 800G transmission rate cable [2] - Zhaolong Interconnect is one of the few domestic companies capable of designing and manufacturing data cables exceeding Category 6, 7, and even Category 8, meeting the new data transmission demands of the 5G era [2] - The company's optical products include fiber jumpers and connectors, primarily serving high-end projects in finance, education, and healthcare, while also expanding into overseas markets [2] Group 3: Market Dynamics - As of the 2024 annual report, overseas revenue accounted for 61.93% of the company's total revenue, benefiting from the depreciation of the Chinese yuan [3] - The average trading cost of the stock is 55.10 yuan, with the stock currently near a resistance level of 64.00 yuan, indicating potential for upward movement if this level is surpassed [6] - The stock's main capital flow shows a net outflow of 138 million yuan today, with no significant trends in capital movement observed [4][5]