Core Viewpoint - Shenzhen Wole Cable (002130) is set to list on the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1]. Group 1: Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, playing a critical role in various applications within the industry [3]. - The company ranks first in the global heat shrink materials market with a market share of 20.6% based on projected 2024 revenues, and ranks third among global telecom cable manufacturers with a 12.7% market share [3]. - In 2024, Wole Cable is the largest manufacturer of high-speed copper cables in China, holding a 24.2% market share [3]. Group 2: Financial Performance - The company reported revenues of approximately RMB 5.34 billion, RMB 5.72 billion, RMB 6.92 billion, and RMB 6.08 billion for the fiscal years ending in 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4]. - The net profit for the same periods was approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [4]. - The gross profit margin remained stable, with figures of 30.2%, 31.3%, 30.5%, and 30% for the respective years [5].

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1] Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, with key applications in various industries [3] - The main business segments include electronic communication, power transmission, and other related products, serving IT infrastructure, new energy vehicles, and power transmission needs [3][4] - According to Frost & Sullivan, the company ranks first in the global heat shrink materials industry with a market share of 20.6% and third in the global telecommunications cable manufacturing sector with a market share of 12.7% [3][19] Financial Performance - The company reported revenues of approximately RMB 5.337 billion, RMB 5.719 billion, RMB 6.920 billion, and RMB 6.077 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [5] - Profit figures for the same periods were approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [6] - Gross profit margins for the years were 30.2%, 31.3%, 30.5%, and 30.9% respectively [8][9] Industry Overview - The global telecommunications cable market is projected to grow from RMB 105 billion in 2020 to RMB 134 billion in 2024, with a CAGR of 6.1% [10] - China's telecommunications cable market is expected to increase from RMB 53 billion to RMB 77 billion during the same period, with a CAGR of 9.5% [11] - The global heat shrink materials market is anticipated to grow from RMB 101 billion in 2020 to RMB 126 billion in 2024, with a CAGR of 5.7% [17] - The competitive landscape in the global heat shrink materials industry is intense, with over 800 companies, and Wole Cable holds a leading position with a market share of approximately 20.6% [19][20]

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International and China Merchants Securities International as joint sponsors [1] Company Overview - Wole Cable is one of the largest manufacturers of heat shrink materials and communication cable products globally, with key applications in various industries [3] - The main business segments include electronic communication, power transmission, and other related products [3] - The company ranks first in the global heat shrink materials industry with a market share of 20.6% and third in the global telecommunications cable manufacturing sector with a market share of 12.7% as of 2024 [3][19] Financial Performance - Revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 5.337 billion, RMB 5.719 billion, RMB 6.920 billion, and RMB 6.077 billion respectively [5] - Profit for the same periods was approximately RMB 660 million, RMB 758 million, RMB 920 million, and RMB 883 million [6] - Gross profit margins for the fiscal years were 30.2%, 31.3%, 30.5%, and 30.9% respectively [8] Industry Overview - The global telecommunications cable market is projected to grow from RMB 105 billion in 2020 to RMB 134 billion in 2024, with a compound annual growth rate (CAGR) of 6.1% [10] - China's telecommunications cable market is expected to increase from RMB 53 billion in 2020 to RMB 77 billion in 2024, with a CAGR of 9.5% [12] - The global heat shrink materials market is anticipated to grow from RMB 101 billion in 2020 to RMB 126 billion in 2024, with a CAGR of 5.7% [17] Competitive Landscape - The global telecommunications cable industry is fragmented, with over 100 participants, and the top five manufacturers hold a combined market share of 57.2% [14] - In China, the top five manufacturers in the telecommunications cable sector have a combined market share of 44.0% [16] - Wole Cable is the largest manufacturer of high-speed copper cables in China, with a market share of 18.8% [15]

Core Insights - The communication cable industry in China is experiencing steady growth driven by the increasing demand for 5G networks, gigabit optical networks, and the development of the "dual-gigabit" network [1][12] - The market size of China's communication cable industry is projected to grow from 794.8 billion yuan in 2018 to 1200 billion yuan by 2025, with a compound annual growth rate (CAGR) of 5% [1][13] Industry Overview - Communication cables are essential for transmitting telecommunication signals and are categorized into various types based on their structure and application [4] - The industry is supported by government policies aimed at promoting the development of communication cables, including initiatives for advanced technology applications [4][5] Market Demand - As of October 2025, the total number of fixed internet broadband users in China is expected to reach 697 million, with a net increase of 27.01 million users from 2024 [1] - The number of mobile IoT terminal users is projected to reach 2.89 billion, reflecting a net increase of 23.4 million users from 2024 [1] Industry Growth Factors - The exponential growth in data traffic due to the increasing number of internet users and the proliferation of mobile internet is driving the demand for communication infrastructure and cables [1] - The large-scale commercialization of 5G technology requires a vast amount of communication cables to support dense base station construction and extensive network deployment [1] Application Areas - The traditional communication sector remains dominant, accounting for 58.5% of total revenue, while high-speed communication devices are expected to capture 14.8% of the market by 2024 [10] - Emerging applications in smart manufacturing, smart cities, and the Internet of Things (IoT) are expanding the use of communication cables in diverse scenarios [1][10] Industry Structure - The communication cable industry features a competitive landscape with a mix of leading national enterprises and numerous small to medium-sized companies focusing on niche markets [13] - Key players in the industry include companies like Walden Materials, Wanma Co., Hengtong Optic-electric, and Tongding Interconnection Information [2][13] Future Trends - The industry is expected to evolve towards higher speeds, integration of functionalities, and sustainability, with a focus on developing multi-functional cables that can handle data transmission, power supply, and sensing [15][16][18] - The shift towards green practices will involve the use of eco-friendly materials and the establishment of efficient recycling systems throughout the cable lifecycle [18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shenyu Convertible Bond on the first day of listing is expected to be between 140 - 145 yuan, and investors are advised to actively subscribe [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3. Summary According to Related Catalogs 3.1 Shenyu Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shenyu Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 500 million yuan, the initial conversion price is 39.31 yuan. As of December 12, 2025, the closing price of the underlying stock was 36.40 yuan, and the bond parity was 92.60 yuan. The calculated pure bond value was 91.23 yuan. The game terms (downward revision, redemption, and put provisions) are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, production, and sales of coaxial cables and also conducts gold wire - drawing business. After the issuance of the convertible bond, the funds will be fully used for the intelligent field data cable construction project. The company aims to strengthen its investment and business layout in the automotive data cable and computing power data cable fields, improve production efficiency and delivery capacity, and seize more market share through economies of scale [3][17]. - Considering the current market environment and parity level, the conversion premium rate of Shenyu Convertible Bond on the first day of listing is expected to be in the range of [52%, 57%], corresponding to a first - day listing target price around 140 - 145 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - As of the end of June 2025, the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Assuming the old - shareholder placement ratio is 37% - 41%, the scale of Shenyu Convertible Bond available to the market is 294 million - 316 million yuan. Assuming the online effective subscription volume is 8.53 million households, the lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main products are coaxial cables, RF connectors and components, and it also conducts gold wire - drawing business. Coaxial cables are the main products, including various series. The company has a complete product matrix and has made progress in multiple fields [20]. - The upstream of the communication cable industry includes copper and plastic material industries. China's stable copper production and the basic localization of plastic materials ensure production needs, but raw material price fluctuations affect the company. The downstream is the cable assembly industry, and the terminal industries include consumer electronics, data communication, etc. The demand in these fields is growing [20][21][22]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating trend. Coaxial cable sales decreased in 2023 due to the slowdown of communication base station construction and increased from 2024 to the first half of 2025 due to market expansion. The gold wire - drawing business income declined in the first half of 2025 because the company reduced low - margin business [25]. - The company's comprehensive gross profit margin and net profit margin showed an upward trend. The gross profit margin increased mainly because the company expanded new markets and reduced low - margin business. The company's period expenses increased year - by - year, mainly due to equity incentive expenses and increased sales promotion. R & D expenses remained stable, and accounts receivable were relatively stable. The company's net profit attributable to the parent company fluctuated greatly [30][31][43]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure was relatively dispersed. Ren Fengjuan was the largest shareholder, and the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Ren Fengjuan, Tang Xiaonan, and Tang Jiankang were the actual controllers [45]. 3.2.4 Company's Business Characteristics and Advantages - Market reputation and customer resource advantages: The company has a good market reputation and brand image, and has established long - term and stable relationships with many well - known enterprises. It has also established a one - stop multi - target service platform [47]. - R & D innovation and technology accumulation advantages: The company has a scientific R & D management system, has mastered multiple core production processes, and has a large number of patents. It focuses on high - tech and high - value - added product layout [48][50]. - Product quality advantages: The company has a perfect quality control system and has passed multiple quality management certifications, achieving seamless connection with top - level quality specifications [51]. 3.2.5 Arrangement of This Fund - Raising Investment - The company plans to issue convertible bonds to raise up to 500 million yuan, which will be fully used for the intelligent field data cable construction project after deducting issuance fees. The project has a total investment of 504.2642 million yuan, with an expected annual output of 272,500 kilometers of intelligent field data cables. After reaching full production, it is expected to achieve an annual operating income of 476.8936 million yuan, with an internal rate of return of 12.58% (after - tax) and a static investment payback period of 8.44 years (including the construction period) [52][53].

俊 知 集 團 有 限 公 司 * 香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 備 性 亦無 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 引 致 的 任何 損 失 承 擔任 何責任。 TRIGIANT GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號：1300） 自願公佈 — 預中標中國移動通信有限公司（「中國移動」） 2025年至2026年通信用電力電纜產品 集中採購項目 此乃俊知集團有限公司（「本公司」，連同其附屬公司合稱「本集團」）之自願 公佈。 本集團 董事會欣然公 佈，2025年11月11日，中 國移動通過其 線上商務平臺 公 佈 了 中 國 移 動2025 年 至 2026 年 通 信 用 電 力電 纜 產 品 集 中 採 購 項 目 中 選 結 果公示（ 以下簡稱「中標公示」）， 本集團之全 資附屬公 司，江蘇 俊知技術有 限公司（ 以下簡稱「俊知技術」）為相關中 ...

Core Viewpoint - Zhongtian Technology (600522.SH) has secured significant contracts, with a recent announcement indicating a total of approximately 1.788 billion yuan in marine project contracts, which represents 3.72% of the company's audited revenue for 2024 [1][2]. Group 1: Recent Contracts and Financial Impact - The company has announced a total of 7.127 billion yuan in major contracts since 2025, which is expected to positively influence its future operating performance [1][3]. - Recent contracts include projects in the marine energy sector, such as a ±500kV DC submarine cable project and various offshore wind farm projects, contributing to the total of 1.788 billion yuan [2][3]. Group 2: Business Transformation and Performance - Since divesting from low-margin trading operations in 2022, Zhongtian Technology has focused on energy interconnection and information communication, leading to a significant improvement in its operational performance [1][5]. - The company reported cumulative net profits exceeding 10 billion yuan over the past three and a half years, with net profits of 32.14 billion yuan, 31.17 billion yuan, and 28.38 billion yuan for the years 2022 to 2024, respectively [6][7]. Group 3: Research and Development Investment - Zhongtian Technology has invested heavily in R&D, with total R&D expenses amounting to 6.448 billion yuan over the past three and a half years, reflecting its commitment to enhancing its competitive edge [7]. - The company has established a comprehensive capability in the marine energy and information transmission sectors, creating a differentiated competitive advantage through its "technology depth + full-chain service" model [7].

Core Viewpoint - The company, Shenyu Communication Technology Co., Ltd., has responded to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, providing insights into its performance fluctuations, business operations, and fundraising projects, which are crucial for investors to understand the company's operations and future development plans [1] Performance Fluctuation Analysis - During the reporting period, the company's operating revenue was 768.36 million, 755.01 million, 877.10 million, and 174.41 million, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 38.27 million, 45.06 million, 38.12 million, and 12.99 million, with a rising trend in gross profit margin [2] - The performance fluctuations were mainly influenced by changes in downstream market demand, business structure adjustments, stock incentive expenses, and sales promotion efforts [2] - The sales revenue of coaxial cables fluctuated due to changes in product structure, while the revenue from gold wire sales was affected by rising raw material prices and the company's decision to reduce business scale [2] Business Development Overview - In addition to coaxial cables, the company also engages in gold wire and plastic businesses, with the gold wire business primarily serving the downstream chip industry and having no synergy with coaxial cable operations [3] - The company has a stable customer base, with the transaction scale trends aligning with overall revenue changes, although the number of new customers has been limited due to the lengthy customization process required for coaxial cable clients [3] Fundraising Project Planning and Outlook - The company plans to raise no more than 500 million for the construction of a data cable project, which is the first phase of an annual production capacity of 400,000 kilometers of high-speed data cables, expected to generate annual revenue of 476.89 million [4] - The fundraising project will focus on automotive data cables and computing power data cables, representing an upgrade of existing products with improved performance in bandwidth, frequency, and transmission speed [4] - The company has established market development plans and partnerships with leading industry players to ensure the absorption of new production capacity, which is deemed reasonable based on market demand growth in the communication cable industry [4]