（文章来源：证券日报） 证券日报网讯 8月19日晚间，万马股份发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为9，271，523，986.31元，同比增长8.58%；实现归属于上市公司股东的净利润为250，428，419.89 元，同比增长21.80%。 ...

智通财经APP讯，万马股份(002276.SZ)发布2025年半年度报告，该公司营业收入为92.72亿元，同比增 长8.58%。归属于上市公司股东的净利润为2.5亿元，同比增长21.80%。归属于上市公司股东的扣除非经 常性损益的净利润为2.21亿元，同比增长25.95%。基本每股收益为0.2487元。 ...

Core Insights - APWC's stock opened up by 3.06% on August 18, reaching $1.85 per share with a total market capitalization of $38.14 million [1] Financial Performance - For the fiscal year ending June 30, 2025, APWC reported total revenue of $22.7 million, reflecting a year-on-year growth of 6.14% [1] - The net profit attributable to shareholders was a loss of $0.901 million, a significant decrease of 76.67% compared to the previous year [1] - Basic earnings per share were reported at a loss of $0.04 [1] Business Overview - APWC primarily engages in the manufacturing and distribution of telecommunications (copper and fiber), power cables, and enameled wire products in the Asia-Pacific region [1] - The company also provides engineering project services related to the supply, delivery, and installation of power cables [1]

杭电股份公告称，为一级全资子公司富春江光电向兴业银行杭州富阳支行申请的8000万元综合授信贷款 提供连带责任保证担保，担保期限自2025年8月14日至2026年8月13日，未提供反担保。该担保额度从一 级全资子公司杭电铜箔调剂获得。截至公告日，公司及控股子公司对外担保总额为19亿元，占2024年经 审计净资产的63.24%，无担保逾期情况。公司表示，此次担保是基于子公司经营资金需求，风险可 控，符合整体利益。 ...

金融界8月18日消息，万马股份公告称，2025年8月17日其召开第六届董事会第三十八次会议及第六届监 事会第二十二次会议，审议通过回购注销2023年限制性股票激励计划中190名激励对象已获授但尚未解 除限售的限制性股票321.44万股，约占公司当前总股本10.14亿股的0.32%，涉及因离职的激励对象、个 人绩效考核未完全达标的激励对象 ，以及因2024年度公司层面业绩未达考核要求涉及的激励对象。同 时因2024、2025年实施权益分派方案，需对限制性股票回购价格进行调整。责任编辑：磐石 ...

Core Viewpoint - Wanma Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations of information disclosure regulations [1] Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau issued a warning letter (Decision No. 177 [2025]) to Wanma Co., Ltd. and related personnel [1] - The company failed to timely disclose certain investment matters and significant developments of investment projects, violating the Information Disclosure Management Measures for Listed Companies [1] Group 2: Individuals Involved - The warning letter also addresses the actions of the company's former chairman Li Gang, general manager Xu Lanzhi, former general manager Zhang Shanshan, and board secretary Zhao Yukai for their role in the violations [1] - These individuals are subject to the same supervisory measures as the company, which includes being recorded in the securities and futures market integrity archives [1]

Company Overview - Sichuan Baozheng Cable Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Jia Ruoheng [1] Business Scope - The company operates in various sectors including the sale of wires and cables, electrical equipment, electronic components, and mechanical equipment [1] - Additional business activities include the sale of construction materials, lighting fixtures, and office supplies [1] - The company is also involved in internet sales and professional design services [1]

对于盈利"狂飙"，监管也质疑其真实性。两轮审核问询中，北交所都要求正导技术对公司业绩大幅增长的合理性进行说明。此外，正导技术的现金流吃紧， 还面临商业诉讼，最终能否成功到北交所上市，也存在不确定性。 瑕疵不少。 《投资者网》张伟 日前，新三板公司正导技术（下称"公司"，873981.NQ）收到在北交所首发（IPO）的第二轮审核问询，引发关注。 财报显示，正导技术的盈利能力特别突出，2020年亏损482万元，2021年盈利超过1000万元；2022年、2023年更是连续两年翻倍，2024年超过5000万元。 股改前的股权转让疑云 工商信息显示，正导技术成立于1997年，公司前身为正导有限。2003年至2022年2月之前，正导有限的唯一股东一直是正导光电。 2022年2月，正导光电将其所持正导有限100%的股权转让给了仲华、陆航、张亚芳、沈建平、沈晓红等9名自然人股东，以满足股改对于股东数量的要求， 为正导有限的股改完成后挂牌新三板做准备。 据《招股书》披露，仲华、陆航系父女关系，股权转让完成后，二人合计持有正导有限78.64%的股权，为正导有限的控股股东及实控人。 同时，自2022年2月起，正导光电停止经营，除 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Dongfang Cable in the first half of 2025, showcasing significant growth in revenue and net profit [1] - The company reported a revenue increase of 25% year-on-year, reaching 5 billion yuan, driven by strong demand in the renewable energy sector [1] - Net profit for the period surged by 30%, amounting to 1 billion yuan, reflecting improved operational efficiency and cost management [1] Group 2 - The report indicates that the company's gross margin improved to 20%, up from 18% in the previous year, indicating better pricing power and cost control measures [1] - Dongfang Cable's order backlog has increased by 15%, now standing at 10 billion yuan, suggesting robust future revenue prospects [1] - The company plans to expand its production capacity by 20% in the next year to meet the growing demand in the market [1]

Core Viewpoint - The report by Guojin Securities indicates that despite a decline in net profit, Oriental Cable is expected to accelerate its performance in the second half of the year due to high inventory and contract liabilities [1]. Financial Performance - In the first half of 2025, Oriental Cable achieved revenue of 4.43 billion yuan, a year-on-year increase of 9.0%, while the net profit attributable to shareholders was 473 million yuan, a year-on-year decrease of 26.6% [2]. - In Q2 2025, the company reported revenue of 2.29 billion yuan, a year-on-year decline of 17.1%, and a net profit of 192 million yuan, down 49.6% year-on-year [2]. Operational Analysis - The revenue from the power engineering and equipment cable business reached 2.2 billion yuan in the first half, up 25% year-on-year, with a gross margin of 10.8%. Q2 revenue was 1.3 billion yuan, an 11% increase year-on-year and a 48% increase quarter-on-quarter [3]. - Revenue from submarine cables and high-voltage cables was 2 billion yuan, an 8% year-on-year increase, with a gross margin of 25%. Q2 revenue was 760 million yuan, a 3% increase year-on-year but a 36% decrease quarter-on-quarter [3]. - The marine equipment and engineering operation segment generated approximately 275 million yuan, down 45% year-on-year, with a gross margin of 29%. Q2 revenue was 210 million yuan, a 223% increase quarter-on-quarter [3]. - The increase in inventory and contract liabilities is significant, with contract liabilities reaching 1.67 billion yuan, up 473% year-on-year, and inventory at 3.13 billion yuan, up 67% year-on-year [3]. Order Backlog and Future Prospects - As of August 12, 2025, the company had an order backlog of 19.6 billion yuan, a 4% increase from April 21. This includes approximately 11 billion yuan for submarine and high-voltage cables, 5 billion yuan for power engineering and equipment cables, and 3.6 billion yuan for marine equipment and engineering operations [4]. - The company is optimistic about accelerating order acquisition in the second half of the year, particularly with upcoming tenders for the Zhejiang deep-sea demonstration project and ongoing tenders for the UK AR7 offshore wind project [4]. Profit Forecast and Valuation - Based on the company's half-year report and the latest industry assessments, the forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion yuan, corresponding to PE ratios of 21, 16, and 13 times, respectively. The company maintains a "buy" rating [5].