爆炒后“急刹车”：杭电股份连续6涨停后跌停，上半年净利同比降超四成

Market Performance - Hangzhou Cable Co., Ltd. (杭电股份) experienced significant stock price volatility, with a 77.25% increase over six trading days from September 16 to September 23, 2025, followed by a sharp decline on September 24, where the stock hit the daily limit down, closing at 11.01 CNY per share and a market capitalization of 7.612 billion CNY [2][3][5] Trading Activity - The stock exhibited high trading activity, with turnover rates reaching 21.24%, 25.03%, and 29.48% on September 18, 22, and 23, respectively, indicating a "hot potato" effect and significant trading risks [3][5] - On September 23, the stock was listed on the "Dragon and Tiger List" due to a 29.48% turnover rate, with notable participation from speculative funds [5] Company Announcements - The company has issued multiple announcements regarding stock price fluctuations, confirming no undisclosed significant events affecting stock prices and advising investors to be cautious [4][6] Financial Performance - For the first half of 2025, the company reported a net profit attributable to shareholders of 37.81 million CNY, a decrease of 46.27% year-on-year, with a non-recurring net profit of 29.89 million CNY, down 53.49% [7] - The company's primary business includes the research, production, and sales of wires and cables, facing intense competition in the market [8] Industry Context - The cable industry in China is highly fragmented, with over 10,000 manufacturers and more than 2,000 large-scale enterprises, leading to fierce competition, particularly in the low and medium voltage cable sector [8] - The company is also involved in the optical communication and copper foil businesses, with the latter still in its early stages and facing challenges [8][9] Investment Projects - The company is investing approximately 5 billion CNY in a new subsidiary for a lithium battery ultra-thin copper foil project, which is currently in the trial production phase [9] - The copper foil business has been under pressure due to increased competition and declining profit margins, with the average gross margin for similar companies dropping significantly from over 20% in 2022 to 0.14% in 2024 [10]