Core Viewpoint - TBEA Co., Ltd. (SH600089) announced the acquisition of approximately 225 million shares of Yangzhou Shuguang Cable Co., Ltd., representing 74.1942% of its total equity, for a total consideration of approximately 946 million yuan to enhance its market share in high-end cable products [2][5][7]. Group 1: Acquisition Details - TBEA's subsidiary, TBEA Electric Equipment Group Co., Ltd., signed a share transfer agreement with 49 individuals and a partnership to acquire shares of Shuguang Cable [2][6]. - The total estimated valuation of Shuguang Cable is approximately 1.275 billion yuan based on the transaction amount and share percentage [7]. - The transaction does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [5][7]. Group 2: Financial Performance of Shuguang Cable - Shuguang Cable reported a revenue of approximately 2.236 billion yuan and a net profit of about 124 million yuan for the year 2024, with a non-recurring net profit of approximately 118 million yuan [8]. - For the first half of 2025, Shuguang Cable's revenue was around 985 million yuan, with a net profit of approximately 43.2 million yuan [8]. - The share transfer price was based on an asset valuation conducted by Shanghai Shenwei Asset Appraisal Co., Ltd., which estimated the total equity value of Shuguang Cable at approximately 1.254 billion yuan, reflecting a 16.53% increase in value [8]. Group 3: Future Financing Plans - TBEA plans to apply for the issuance of various non-financial corporate debt financing instruments to optimize its financing structure and reduce costs [9]. - The company is also seeking to issue asset-backed securities (REITs) with a shelf registration of 3 billion yuan, using its energy infrastructure as underlying assets [9]. - Additionally, TBEA's subsidiary plans to issue a special asset-backed plan (REITs) with a scale not exceeding 1.5 billion yuan, backed by two renewable energy projects [9].

Core Viewpoint - The acquisition of a stake in Yangzhou Shuguang Cable Co., Ltd. by TBEA Electric Equipment Group aims to fill gaps in high-end cable products for nuclear power and rail transit, thereby enhancing the company's competitiveness in the power transmission and transformation industry [1][2]. Group 1: Acquisition Details - TBEA Electric Equipment Group plans to acquire a total of 225 million shares of Shuguang Cable from 49 individuals and a partnership for a total consideration of 946 million yuan [2]. - After the acquisition, TBEA Electric Equipment Group will hold 74.1942% of Shuguang Cable's total shares, gaining actual control over the company [2]. Group 2: Market Position and Growth Potential - The cable industry in China is characterized by numerous small-scale enterprises and low market concentration, giving larger companies a competitive advantage [3]. - Shuguang Cable has multiple qualifications for producing special cables and has been certified by major state-owned enterprises, enhancing its market position [3]. - The acquisition is expected to leverage Shuguang Cable's strengths in differentiated markets, allowing TBEA to quickly enter the high-margin special cable market and achieve synergistic benefits [3]. Group 3: Financial Performance - In the first half of 2025, TBEA is projected to achieve total revenue of 48.401 billion yuan, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 3.184 billion yuan, up 5% [3]. - The company secured contracts worth 27.334 billion yuan in the domestic power transmission and transformation market, a year-on-year increase of over 14%, and international product contracts exceeding 900 million USD, up over 80% [3]. Group 4: Technical Capabilities - Shuguang Cable possesses key patents for fourth-generation nuclear power medium-voltage cables and has established production capabilities for high-end nuclear power cables, positioning it as a leader in the industry [4]. - The acquisition will enable TBEA to utilize Shuguang Cable's established qualifications, core patents, and project experience to fill gaps in its high-end nuclear cable product offerings, creating new business growth opportunities [4].

Core Viewpoint - TBEA Co., Ltd. aims to increase its market share in the mid-to-high-end cable products sector by acquiring a significant stake in Yangzhou Shuguang Cable Co., Ltd. through its wholly-owned subsidiary TBEA Electrical Equipment Group Co., Ltd. [1] Group 1: Acquisition Details - TBEA Electrical Equipment Group signed a share transfer agreement to acquire 225 million shares of Yangzhou Shuguang Cable, representing 74.1942% of its total equity, for a total cash consideration of 946 million yuan [1] - Following the acquisition, Yangzhou Shuguang Cable will be included in TBEA's consolidated financial statements [1] Group 2: Strategic Implications - Yangzhou Shuguang Cable has a comprehensive range of cable products and a strong historical performance, particularly in the mid-to-high-end cable market for nuclear power and rail transit [1] - The acquisition is expected to optimize TBEA's organizational structure and enhance its production capacity, profitability, and overall market competitiveness through the integration of resources in marketing, management, and technology [1]

Core Viewpoint - The company focuses on the research, manufacturing, and sales of wires and cables, covering various categories including power cables, communication cables, and special cables [1] Group 1: Product Categories - The company's products are applied in sectors such as aerospace, nuclear power, new energy, intelligent equipment, and high-speed rail locomotives [1] Group 2: Business Operations - The company emphasizes that significant orders and bidding situations should be confirmed through official company announcements [1]

Core Viewpoint - The company aims to increase its market share in the mid-to-high-end cable products sector by acquiring a significant stake in Yangzhou Shuguang Cable Co., Ltd. through its subsidiary, enhancing its competitive position in the industry [1] Group 1: Acquisition Details - The company’s subsidiary, TBEA Electrical Equipment Group Co., Ltd., signed a share transfer agreement to acquire 225 million shares of Yangzhou Shuguang Cable, representing 74.1942% of its total share capital, for a total cash consideration of 946 million yuan [1] - Following the acquisition, Yangzhou Shuguang Cable will be included in the company’s consolidated financial statements [1] Group 2: Strategic Implications - Yangzhou Shuguang Cable has a comprehensive range of cable products and a strong historical performance, particularly in the mid-to-high-end cable market for nuclear power and rail transit [1] - The acquisition is expected to optimize the organizational structure of the company, integrating resources in market, management, technology, and marketing to rapidly enhance cable product capacity and profitability, thereby strengthening market competitiveness [1]

（文章来源：证券日报） 证券日报网讯 10月16日晚间，特变电工发布公告称，扩大公司电线电缆规模，公司全资子公司特变电 工电气装备集团有限公司（简称"电装集团"）分别与郑连元、姚恒斌、张兆田等49名自然人及扬州市福 茂企业管理合伙企业（有限合伙）签订《股份转让协议》，电装集团以自有货币资金946，481，443元 合计受让扬州曙光电缆股份有限公司（简称"曙光电缆"）225，164，467股股份，占曙光电缆总股本的 74.1942%。本次交易已经公司2025年第十次临时董事会审议通过，无需经公司股东大会审议。 ...

Core Viewpoint - TBEA (特变电工) aims to enhance its market share in high-end cable products for nuclear power and rail transit by acquiring a significant stake in Shuguang Cable [1] Group 1: Company Actions - TBEA's wholly-owned subsidiary, Dianzhuang Group, has signed a share transfer agreement to acquire 225 million shares of Shuguang Cable, representing 74.19% of its total equity [1] - The total consideration for the share acquisition amounts to 946 million yuan [1] Group 2: Market Strategy - The acquisition is part of TBEA's strategy to expand its scale in the wire and cable sector, particularly in the mid-to-high-end market [1]

Core Viewpoint - Hunan Hualing Cable Co., Ltd. was fined 350,000 yuan by the Xiangtan Emergency Management Bureau due to a production safety accident that resulted in one fatality and direct economic losses of approximately 1.6 million yuan [1][2]. Summary by Relevant Sections Incident Details - On June 11, 2023, an accident occurred in the aluminum wire workshop of Hunan Hualing Cable Co., Ltd., leading to one death and direct economic losses of about 1.6 million yuan [1]. - The accident was classified as a general production safety responsibility accident by the Xiangtan Municipal Government's investigation team [1]. Company Safety Practices - The investigation revealed that the company failed to conduct adequate safety education and training, which contributed to the accident [2]. - Previous training sessions on safety protocols were held on October 29, 2022, and February 19, 2023, but were deemed insufficient for ensuring employee proficiency in safety operations [2]. Regulatory Actions - The Xiangtan Emergency Management Bureau imposed a fine of 350,000 yuan on the company for its role in the accident [1]. - The company was found responsible for not properly managing daily equipment inspections and failing to address safety hazards effectively [2]. Company Background - Hunan Hualing Cable Co., Ltd. was established in 2003 as a state-owned joint-stock enterprise, originating from the former Xiangtan Cable Factory, which was the largest cable manufacturer in Central South China [3]. - The company was listed on the Shenzhen Stock Exchange on June 24, 2021, with the stock code 001208 [4].

其中，中心牵头起草的T/CAS459-2020《电线电缆材料一致性评定聚烯烃材料》、T/CAS895-2024《电线电缆材料一致性评定阻燃聚氯乙烯》两项标准， 成功被CQC-C0101-2024《强制性产品认证实施细则电线电缆》采用。能源行业标准《电气绝缘用阻燃橡塑类材料一致性评定》也在紧锣密鼓编制中。 一体化服务激活产业发展动能 国家电线电缆质量检验检测中心(江苏) 检测"硬核"实力筑牢质量根基 作为行业"技术引擎"，中心自2011年成立以来，便肩负起国家市场监管总局赋予的使命，成为专业从事电线电缆产品检验检测、研究及技术服务的国家级 法定权威检验机构。如今，中心建成的6个重点实验室，检验能力全面覆盖所有线缆产品。 作为国内电线电缆检测领域国际互认最全面的机构之一，中心熟练掌握各类国际标准和检验方法，服务范围辐射全国多个省(市、自治区)，以及美国、加 拿大等十多个国家，与多家检验机构建立合作关系，每年提供检验检测服务超1万批次。与此同时，中心联合中国质量认证中心南京分中心开展检验员培 训，持续为行业输送专业人才，不断夯实产业质量根基。 以标准驱动产业高质量发展 作为中国标准化协会电线电缆专业委员会秘书处单位 ...

Core Viewpoint - The company, Sun Cable (002300), will disclose the number of shareholders as of September 30 in its third-quarter report [1] Group 1 - The company responded to investor inquiries on October 14 regarding shareholder information [1]