北京德恒（杭州）律师事务所 关于无锡鑫宏业线缆科技股份有限公司 2024 年年度股东大会的法律意见书 北京德恒（杭州）律师事务所 关于无锡鑫宏业线缆科技股份有限公司 2024 年年度股东大会的 法律意见书 电话：(+86)0571-86508080 传真：(+86)0571-87357755 北京德恒（杭州）律师事务所 关于无锡鑫宏业线缆科技股份有限公司 2024 年年度股东大会的法律意见书 北京德恒（杭州）律师事务所 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 邮编：310016 关于无锡鑫宏业线缆科技股份有限公司 2024年年度股东大会的 法律意见书 德恒【杭】书（2025）第04050号 北京德恒（杭州）律师事务所 关于无锡鑫宏业线缆科技股份有限公司 2024 年年度股东大会的法律意见书 书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚 假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供鑫宏业 2024 年年度股东大会之目的使用。本所律师同意 将本法律意见书随鑫宏业本次股东大会其他信息披露资料一并公告。 本所律师根据法律、法规的要求，按照律师 ...

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a decline in net profit, indicating potential challenges in profitability despite growth in certain segments [1]. Financial Performance - The company's 2024 revenue reached 2.648 billion yuan, a year-on-year increase of 32.33% - The net profit attributable to shareholders was 116 million yuan, a year-on-year decrease of 29.61% - The net profit after deducting non-recurring items was 101 million yuan, a year-on-year decrease of 27.78% - In Q1 2025, revenue was 755 million yuan, a year-on-year increase of 55.35% but a quarter-on-quarter decrease of 17.19% - The net profit for Q1 2025 was 34 million yuan, a year-on-year increase of 20.43% and a quarter-on-quarter increase of 66.29% [1]. Segment Performance - Revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, a year-on-year increase of 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year - Revenue from photovoltaic cables was 731 million yuan, a year-on-year increase of 16.88%, with a gross margin of 4.4%, down 3.01 percentage points - Revenue from industrial cables was 314 million yuan, a year-on-year increase of 52.88%, with a gross margin of 10.39%, down 5.94 percentage points [1]. Strategic Developments - The company is involved in the ITER project, contributing to the development of nuclear fusion equipment, which may enhance future performance - The company has developed flexible cables for humanoid robots, entering the supply chain of leading robotics companies - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [2]. Profit Forecast and Valuation - The company is expected to see growth in specialized cable sectors, but increased competition may lead to a decline in profitability - The net profit forecasts for 2025, 2026, and 2027 have been adjusted to 162 million yuan, 221 million yuan, and 289 million yuan respectively, reflecting a 45% and 37% downward adjustment for 2025 and 2026 - The current stock price corresponds to a PE ratio of 29, 21, and 16 for 2025, 2026, and 2027 respectively, with a short-term rating adjustment to "overweight" due to increased competition [3].

Investment Rating - The report downgrades the investment rating to "Accumulate" due to increased competition impacting profitability [4]. Core Views - The company, Xinhongye (301310.SZ), is a leader in specialty cables, with advanced technologies in robotics, nuclear fusion, and liquid-cooled ultra-fast charging cables [1]. - In 2024, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but the net profit attributable to shareholders decreased by 29.61% to 116 million yuan [1]. - The first quarter of 2025 saw a revenue of 755 million yuan, a year-on-year increase of 55.35%, driven primarily by growth in automotive and energy storage businesses [1]. Revenue and Profitability - The revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, up 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year [2]. - The company’s photovoltaic cable revenue reached 731 million yuan, a 16.88% increase, with a gross margin of 4.4%, down 3.01 percentage points [2]. - Industrial cable revenue grew by 52.88% to 314 million yuan, with a gross margin of 10.39%, down 5.94 percentage points [2]. Technological Advancements - The company is involved in the ITER project, contributing to the development of cables for nuclear fusion equipment, which is expected to enhance performance and contribute to revenue growth [2]. - Xinhongye has developed ultra-flexible cables for humanoid robots, significantly surpassing the dynamic bending life limits of standard industrial robot cables [3]. - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [3]. Financial Forecasts - The report predicts a decline in profitability due to intensified competition, with net profit forecasts for 2025, 2026, and 2027 set at 162 million, 221 million, and 289 million yuan respectively [4]. - The projected revenue growth rates for the next few years are 23.09% for 2025, 21.34% for 2026, and 18.25% for 2027 [5]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 29, 21, and 16 respectively [5].

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

据证券之星公开数据整理，近期鑫宏业(301310)发布2025年一季报。截至本报告期末，公司营业总收入 7.55亿元，同比上升55.35%，归母净利润3443.0万元，同比上升20.43%。按单季度数据看，第一季度营 业总收入7.55亿元，同比上升55.35%，第一季度归母净利润3443.0万元，同比上升20.43%。本报告期鑫 宏业应收账款上升，应收账款同比增幅达69.93%。 本次财报公布的各项数据指标表现一般。其中，毛利率10.41%，同比减10.4%，净利率4.56%，同比减 22.48%，销售费用、管理费用、财务费用总计1403.49万元，三费占营收比1.86%，同比减23.44%，每股 净资产17.03元，同比减27.38%，每股经营性现金流-3.23元，同比减1397.24%，每股收益0.25元，同比 减13.96% | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 4.86亿 | 7.55 Z | 55.35% | | 归母净利润(元) | 2859.04万 | 3443万 | 20.43% | ...

证券代码：301310 证券简称：鑫宏业 无锡鑫宏业线缆科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 | | 参与单位名称及 | 无锡鑫宏业线缆科技股份有限公司 2024 年度业绩说明会采用 | | 人员姓名 | 网络远程方式进行，面向全体投资者 | | 时间 | 2025 年 4 月 25 日 星期五 下午 15：30-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn | | | "云访谈"栏目 董事长、总经理：卜晓华 | | 上市公司接待人 | | | | 董事、副总经理：孙群霞 | | | 副总经理、董事会秘书：丁浩 | | 员姓名 | 财务总监：徐吉军 | | | 独立董事：黄亮 | | | 问题一：高管您好，请问您如何看待行业未来的发展前景？谢 | | | 谢。 | | | 答：尊敬的投资者，您好！在新能源革命与智能化浪 ...

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

Financial Performance - The company's revenue for Q1 2025 reached ¥755,209,839.21, representing a 55.35% increase compared to ¥486,122,130.10 in the same period last year[5] - Net profit attributable to shareholders was ¥34,429,962.92, up 20.43% from ¥28,590,375.82 year-on-year[5] - Total operating revenue for the current period reached ¥755,209,839.21, a significant increase of 55.3% compared to ¥486,122,130.10 in the previous period[20] - Net profit for the current period was ¥34,429,962.92, representing a 20.3% increase from ¥28,590,378.88 in the previous period[21] - The total profit for the current period was ¥38,167,135.79, an increase of 17.3% compared to ¥32,531,971.47 in the prior period[21] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-439,722,814.78, a significant decline of 1,996.14% compared to ¥-20,977,721.23 in the previous year[5] - Operating cash flow generated a net outflow of ¥439,722,814.78, worsening from a net outflow of ¥20,977,721.23 in the prior period[23] - Cash received from sales increased by 24.48% to ¥394,945,007.27, indicating improved cash collection from sales[12] - Cash and cash equivalents at the end of the period totaled ¥430,947,502.42, down from ¥370,871,915.89 at the end of the previous period[24] - Cash paid for purchasing goods and services surged by 110.56% to ¥790,796,905.53, reflecting higher procurement expenditures[12] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,220,083,867.62, a slight decrease of 0.75% from ¥4,251,930,367.78 at the end of the previous year[5] - Total current assets decreased from ¥3,295,998,955.92 to ¥3,228,446,314.15, a reduction of about 2.0%[17] - Total liabilities decreased from ¥1,972,495,852.23 to ¥1,905,274,649.13, a decline of about 3.4%[18] - The company's total equity increased from ¥2,279,434,515.55 to ¥2,314,809,218.49, representing an increase of approximately 1.5%[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,102, with no preferred shareholders[14] - The top two shareholders, Bu Xiaohua and Sun Qunxia, each hold 21.63% of the shares, totaling 29,400,000 shares[14] Research and Development - Research and development expenses increased by 55.79% to ¥23,876,198.45, driven by higher investment in new product development[11] - Research and development expenses increased to ¥23,876,198.45, up from ¥15,326,128.93, reflecting a 55.8% rise year-over-year[20] Other Financial Metrics - Basic and diluted earnings per share decreased by 13.96% to ¥0.2533 from ¥0.2944 in the same period last year[5] - Other income increased by 166.19% to ¥953,966.64, mainly due to higher government subsidies received[11] - Credit impairment losses increased by 1151.22% to -¥3,509,294.66, mainly due to growth in receivables and increased impairment provisions[12] - Fair value changes in cash management decreased by 57.92% to ¥380,503.14, primarily due to reduced gains from cash management[12]

鑫宏业（301310）公告，2025年第一季度营业收入7.55亿元，同比增长55.35%。净利润3443万元，同比 增长20.43%。 ...

证券代码：301310 证券简称：鑫宏业 公告编号：2025-027 无锡鑫宏业线缆科技股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、回购股份方案的主要内容 无锡鑫宏业线缆科技股份有限公司（以下简称"公司"）拟使用自有资金及 中国工商银行股份有限公司无锡分行（以下简称"工商银行"）提供的股票回 购专项贷款资金采取集中竞价方式回购公司股份，本次公司回购股份的种类为 公司已发行上市的人民币普通股（A 股）股票，将用于股权激励或员工持股计 划。 （1）回购股份的方式：通过深圳证券交易所股票交易系统以集中竞价交易 方式回购。 （2）回购股份的期限：自公司董事会审议通过本次回购股份方案之日起 12 个月内。 （3）回购股份的资金总额及资金来源：回购资金总额不低于人民币 2,000 万元（含）且不超过人民币 4,000 万元（含）具体回购资金总额以回购期限届 满时或者回购股份实施完毕时实际回购股份使用的资金总额为准。回购资金来 源于公司自有资金及工商银行股票回购专项贷款资金，其中，股票回购专项贷 款金额占比不高于 90%。 ...