杭电股份: 杭电股份：2025年半年度报告

Core Viewpoint - Hangzhou Cable Co., Ltd. reported a revenue increase of 16.77% in the first half of 2025, but net profit decreased by 46.27% compared to the same period last year, indicating challenges in profitability despite revenue growth [2][3][4]. Company Overview and Financial Indicators - The company achieved an operating income of approximately 4.52 billion yuan in the first half of 2025, up from 3.87 billion yuan in the same period last year [2][3]. - Total profit for the period was approximately 54.88 million yuan, down 33.25% from 82.21 million yuan in the previous year [2][3]. - Net profit attributable to shareholders was approximately 37.81 million yuan, a decrease of 46.27% from 70.37 million yuan [2][3]. - The company's total assets increased by 8.31% to approximately 10.87 billion yuan compared to the end of the previous year [2][3]. Business Segments Cable and Wire Segment - The cable and wire segment focuses on the research, production, and sales of various types of power cables, including high and ultra-high voltage cables, and is a major supplier to State Grid and Southern Power Grid [4][5]. - The company operates four production bases located in Fuyang, Hangzhou, and Suzhou, with a production strategy that emphasizes order-based manufacturing [4][5]. Optical Communication Segment - The optical communication segment, led by Fuchunjiang Optoelectronics, produces optical fiber preform, fiber, and cable, and is expanding its market presence in both domestic and international markets [4][5][6]. - The company is actively involved in the supply chain for telecommunications and is enhancing its market influence through quality products and services [4][5][6]. Copper Foil Segment - The copper foil segment is focused on the production of ultra-thin copper foil for lithium batteries and high-performance electronic circuit applications, with significant progress in the new energy battery materials sector [4][5][8]. - The company has successfully entered the supply chains of leading domestic enterprises in the PCB industry, enhancing its market share and brand influence [4][5][8]. Industry Context - The cable and wire industry is experiencing increased demand due to the national push for green energy and infrastructure development, particularly in renewable energy and smart grid projects [5][6]. - The optical communication industry is also growing, driven by the expansion of 5G networks and digital infrastructure, with significant increases in fiber optic cable deployment [6][7]. - The copper foil market is witnessing a shift towards high-performance materials, with the lithium battery sector being a key growth area, although there are signs of oversupply in the market [8].