证券代码：300913 证券简称：兆龙互连 公告编号：2025-044 浙江兆龙互连科技股份有限公司 关于股东减持股份的预披露公告 德清兆兴企业管理咨询合伙企业（有限合伙）、德清兆信企业管理咨询合伙 企业（有限合伙）、德清县百盛企业管理有限公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有浙江兆龙互连科技股份有限公司（以下简称"公司"或"兆龙互连"） 7,350,000 股股份（占公司总股本比例 2.83%）的股东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"）、持有公司 3,150,000 股股份（占公 司总股本比例 1.21%）的股东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"）、持有公司 3,937,500 股股份（占公司总股本比例 1.52%） 的股东德清县百盛企业管理有限公司（以下简称"德清百盛"），计划自本公告披 露之日起 15 个交易日后的三个月内以集中竞价交易方式合计减持公司股份不超 过 2,595,600 股，即不超过公司股份总数的 ...

Investment Rating - The report maintains an "Overweight" investment rating for the industry [1] Core Insights - Marvell has raised its 2028 potential market size (TAM) for data centers from $75 billion to $94 billion, with custom acceleration chips expected to reach $55.4 billion, growing at a CAGR of 53% from 2023 to 2028 [2] - The report emphasizes the importance of the "XPU attachment market," which includes various components such as NICs and power management ICs, projected to grow significantly [2] - The trend towards using copper cables for short-distance interconnections in CSP ASIC server solutions is becoming clear, with major companies like AWS and Microsoft adopting AEC copper cables [3] Summary by Sections Market Size and Growth - Marvell's updated TAM includes $55.4 billion for custom acceleration chips, $19 billion for interconnect chips, and $13.2 billion for switching chips, with respective CAGRs of 53%, 35%, and 17% from 2023 to 2028 [2] Industry Trends - The report highlights a clear trend towards AI ASIC chips, with increasing demand for copper cables among major CSPs, indicating a robust growth opportunity for related suppliers [3] Key Companies in the Supply Chain - Companies involved in the copper cable and connector market include Bochuang Technology, Zhaolong Interconnect, and Huafeng Technology, which are expected to benefit from the growing demand for AI ASIC chips and related components [4]

浙江兆龙互连科技股份有限公司（以下简称"公司"或"本公司"）2024 年度利 润分配方案已获 2025 年 5 月 20 日召开的 2024 年年度股东大会审议通过，现将 权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 浙江兆龙互连科技股份有限公司 2024 年年度权益分派实施公告 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。 证券代码：300913 证券简称：兆龙互连 公告编号：2025-043 1 限售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴 个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持有首 发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税，对香 港投资者持有基金份额部分按 10%征收，对内地投资者持有基金份额部分实行差 别化税率征收），同时，以资本公积金向全体股东每 10 股转增 2.000000 股。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.240000 元；持股 1 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **communication industry**, focusing on **Credo** and its performance in the **high-speed copper cable** and **optical module** markets [1][2][3][6][7][23]. Core Insights and Arguments - **Credo's Financial Performance**: - For FY25Q4, Credo reported revenues of **$170 million**, a **26%** quarter-over-quarter increase and a **180%** year-over-year increase, with a gross margin of **67.2%** [1][3]. - The company expects revenues to reach **$800 million** in FY26, representing over **80%** growth [1][5]. - **Market Demand**: - AWS is identified as a major customer, with a total supply of **1.5 to 2 million** 400G copper cables expected for the year [1][4]. - The demand from the second and third largest customers is also increasing, with expected revenues of **$30 million to $35 million** each [4]. - **AI and Data Center Growth**: - The growth in AI data centers and Ethernet protocols is a significant catalyst for demand in the high-speed copper cable market [1][5]. - The optical module segment has seen strong performance, driven by clear demand for Ethernet switches and cryptocurrency companies [1][6]. - **Capital Expenditure Trends**: - Despite tariff impacts, capital expenditures in the communication industry remain optimistic, with companies like **Mack** and **Microsoft** increasing investments due to AI business growth [7][10]. - The **800G optical module** market is expected to double year-over-year, with this trend likely to continue into 2026 [7]. - **Emerging Technologies**: - The introduction of new products like **Broadcom's Tomahawk VI** switch is expected to enhance networking capabilities significantly, allowing for larger scale networks [12][13]. - Meta's AI server platform upgrades are driving high bandwidth demands, with expected total output bandwidth reaching **9.6T** [17][18]. Other Important but Potentially Overlooked Content - **Investment Opportunities**: - Companies such as **Zhaolong Interconnect**, **Ruikeda**, and **Bocong Technology** are highlighted as potential beneficiaries of the growing demand in the optical module market [1][6][19]. - The high-density connector market is also projected to grow, with companies like **Taicheng Technology** and **Shijia Photon** expected to benefit from the transition to smaller connectors [20][21]. - **Market Dynamics**: - There is a notable difference in recovery speeds between overseas and domestic markets, with overseas companies like **Broadcom** and **NVIDIA** showing stronger performance compared to domestic firms [10][11]. - The optical module and communication industry is expected to maintain strong growth, with significant increases in performance expectations and valuations anticipated for 2025 and 2026 [23]. - **Future Trends**: - The connector industry is evolving towards high-density access, with traditional connectors being replaced by smaller, more efficient designs [21]. - The demand for AI-related semiconductor products is expected to continue growing, with Broadcom projecting AI revenue to reach **$20 billion** by the end of 2025 and nearly **$30 billion** by the end of 2026 [11][15].

Summary of Conference Call Records Industry Overview - The conference call discusses the computing power industry, particularly focusing on companies like Credo, Broadcom, Nvidia, and various related firms in the A-share market [1][2][4]. Key Points and Arguments 1. **Credo's Performance**: Credo reported revenue exceeding expectations and provided optimistic guidance for the new fiscal year, indicating strong demand in the computing power sector [1][2]. 2. **Broadcom's Chipshipments**: Broadcom has begun shipping its 102.4T switch chip TH6, with expectations of outperforming market forecasts due to AI development and data center construction driving network facility shipments [1][2]. 3. **A-share Market Valuation**: The A-share computing power industry has seen a rebound, but valuations remain low. Improvement in overseas computing power expectations and optimistic CSP capital expenditure forecasts may relieve valuation pressures, potentially increasing P/E ratios [1][4]. 4. **Nvidia's Recent Challenges**: Nvidia faced challenges in Q1 due to various factors, including market expectations of computing power deflation and order cuts from major clients. However, demand from CSP manufacturers has improved, leading to a gradual recovery in performance expectations [5]. 5. **Projected Shipments**: Nvidia's GDB shipments are expected to reach 50,000 units, with significant demand for B200 chips. The overall demand for B200 chips is projected to be substantial, with potential for exceeding expectations [5][6]. 6. **Emerging Chip Technologies**: Google, Meta, and OpenAI are launching new generations of chips, with Google’s TPU V6 and V7 expected to ship around 2 million units by 2026, becoming a major revenue source for Broadcom [7]. 7. **Data Center Construction Impact**: The ongoing construction of data centers is positively impacting companies like Bochuang Technology and Shijia Photon, with optimistic MPO module shipment forecasts [11]. 8. **Copper Cable Market Growth**: The copper cable market is expected to grow, with A-TECH and AECOM ramping up production, leading to a projected revenue increase for Creedence in the upcoming fiscal year [12]. 9. **Future Outlook for Computing Power Sector**: The second half of 2025 is expected to show improved performance in the computing power sector, with significant changes in the industry fundamentals compared to the first half [14]. Additional Important Insights - **Client Relationships**: Companies like Shenghong Technology and Shengyi Electronics are benefiting from strong ties with major clients like Nvidia and Amazon, indicating robust demand that exceeds supply [10]. - **Production Capacity Solutions**: Companies are addressing production capacity shortages through new factory launches, with significant revenue contributions expected from these expansions in 2025 [8][9]. - **Investment Opportunities**: The conference suggests monitoring companies like Bochuang Technology, Zhaolong Interconnect, and Ruikeda in the copper cable market for potential investment opportunities [13].

Core Viewpoint - Nvidia has regained its position as the world's most valuable company, surpassing Microsoft, with a market capitalization of approximately $3.45 trillion following a 2.8% increase in stock price to $141.22 per share [1][2]. Group 1: Nvidia's Performance and Market Impact - Nvidia's stock has rebounded nearly 50% since early April, indicating strong market confidence in its role as a key player in the AI sector [2]. - The company reported a 69% year-over-year revenue increase in Q1, reaching $44.062 billion, significantly exceeding market expectations [2]. - Nvidia's GPU products are in high demand from major tech companies, including Amazon, Google, Microsoft, OpenAI, Oracle, and Tesla, highlighting its dominant position in the AI market [2]. Group 2: Impact on Related Industries - Nvidia's stock performance has positively influenced the demand expectations for CPO optical modules, leading to significant gains in the A-share CPO sector [3]. - Key domestic CPO companies, such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, have strong ties with Nvidia, benefiting from its growth [3]. - On June 4, stocks of related companies like Taichuang Technology, Xinyi Sheng, Zhongji Xuchuang, and Tianfu Communication saw substantial increases, reflecting the market's optimism [3]. Group 3: Future Market Projections - According to Yole's report, the CPO market is expected to grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 137% [4]. - The ongoing investment in AI by global internet cloud companies is expected to create significant opportunities across the entire communication equipment industry [4]. - The rapid development of AI is accelerating the iteration rate of optical modules, potentially reducing the cyclical nature of the high-end data communication optical module industry [3].

Market Performance - A-shares experienced a volatile rise, with the ChiNext Index increasing by over 1% [1] - As of the morning close, the Shanghai Composite Index rose by 0.43% to 3376.58 points, while the Shenzhen Component Index increased by 0.91% [1] - The total trading volume for A-shares reached 742.505 billion yuan [1] Sector Performance - The consumer sector showed renewed activity, with solid-state battery concept stocks leading the gains [4] - The computing power industry chain experienced a collective rebound, with CPO and copper connection sectors leading the rise [4] Key Stocks - Taicheng Light (300570) is expected to benefit from the growth in the optical communication industry driven by 5G, 6G, AI, cloud computing, and IoT, leading to improved sales revenue [9] - Dingtong Technology (688668) anticipates high-quality growth from 2025 to 2027, driven by sustained demand in its communication business and expansion in the automotive sector [9] - Ruikeda (688800) is actively expanding into emerging fields such as AI servers and humanoid robots, with multiple production bases set up to support growth [9] - Zhaolong Interconnect (300913) is positioned to benefit from the rapid growth in downstream demand for high-speed copper cables [9] Investment Insights - The copper cable high-speed connection sector is highlighted for its advantages in data transmission speed, reliability, and cost efficiency, making it a potential optimal solution for data center connectivity [5]

Group 1 - The company, Zhejiang Zhaolong Interconnect Technology Co., Ltd., received an inquiry letter from Shenzhen Stock Exchange regarding its application for a specific object stock issuance on May 10, 2025 [1] - The company has conducted thorough research and addressed the inquiries raised in the letter, updating the application documents in conjunction with relevant intermediaries [1] - The updated documents and responses to the inquiry were disclosed on May 30, 2025, on the official information platform [1] Group 2 - The stock issuance is subject to approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2] - The company commits to timely information disclosure based on the progress of this matter, urging investors to be aware of investment risks [2]

Core Viewpoint - Zhejiang Zhaolong Interconnect Technology Co., Ltd. plans to issue shares to specific investors to raise funds for various projects, including the construction of a production base in Thailand and smart manufacturing of high-speed cables and connection products [1][6]. Summary by Sections Issuance Plan - The company intends to issue a maximum of 77,868,520 shares, not exceeding 30% of the total share capital before the issuance [1]. - The final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [1]. - All investors participating in the issuance will subscribe using cash [1]. Fund Utilization - The total investment amount for the projects is approximately 121,309.95 million yuan, with 119,500.00 million yuan expected to be raised from this issuance [2]. - The company may adjust the order and amount of fund allocation based on the urgency and importance of the projects [2]. Shareholder Structure - As of March 31, 2025, the total share capital of the company is 259,561,736 shares, with 18.25% being restricted shares and 81.75% being freely tradable shares [11]. - The controlling shareholder is Zhaolong Holdings, which holds 63.11% of the company's shares through direct and indirect means [11]. Financial Performance - The company reported total assets of 19,353.44 million yuan and net assets of 18,708.13 million yuan as of March 31, 2025 [11]. - The net profit for the first quarter of 2025 was 302.59 million yuan, compared to 1,697.27 million yuan for the entire year of 2024 [11]. Risks and Challenges - The company faces risks related to technological iteration and new product development, which are critical for maintaining market competitiveness [3]. - Fluctuations in the prices of raw materials, particularly copper, can impact the company's profit margins and financial performance [4]. - The company has a significant amount of accounts receivable, which poses a risk of delayed collection affecting operational performance [5].

上海市锦天城律师事务所 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的 补充法律意见书（二） 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 2 | | --- | | 正 文 4 | | 《审核问询函》之问题 1 4 | | 《审核问询函》之问题 2 24 | 上海市锦天城律师事务所 补充法律意见书 上海市锦天城律师事务所 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的 补充法律意见书（二） 01F20233250 致：浙江兆龙互连科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江兆龙互连科技股份 有限公司（以下简称"发行人"或"公司"或"兆龙互连"）的委托，并根据发 行人与本所签订的《法律服务合同》，作为发行人向特定对象发行股票（以下简 称"本次发行"）的特聘专项法律顾问。 本所根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）、《上市公司证券发行注册管理办法》（以 下简称"《注册管理办法》"）、 ...