Group 1 - The core viewpoint emphasizes that promoting digital transformation in manufacturing is essential for building a strong manufacturing city and achieving high-quality industrial economic development [1] - The city has established a "1+N+X" mechanism to support digital transformation, which includes creating a new industrial smart platform, planning multiple industry platforms, and cultivating various application scenarios [1][2] - The government has issued policies to support high-quality development in manufacturing, with a focus on digital transformation initiatives [1][4] Group 2 - The city is actively advancing the construction of digital transformation service platforms, focusing on key industrial chains and clusters, and has initiated five provincial-level "industry brain" pilot projects [2] - A digital transformation assessment system for small and medium-sized enterprises has been launched, with 1,312 companies evaluated this year [2] - The "Chat City Enterprise Home" intelligent service system has been developed to provide one-stop services, including policy interpretation and supply-demand matching, with nearly 400 solutions and service products available [2] Group 3 - The city encourages collaboration between service providers and manufacturing enterprises to explore digital technology applications and has identified five pilot projects for industry-wide transformation [3] - The city is leveraging opportunities in "artificial intelligence + manufacturing" and has successfully selected five projects for provincial-level industry model initiatives [3] - Several companies have been recognized for their digital transformation achievements, including Dong'e Ejiao Co., Ltd., which was named a "digital leader" by the Ministry of Industry and Information Technology [3] Group 4 - A comprehensive policy framework has been established to stimulate enterprise transformation, including action plans and funding support totaling nearly 280 million yuan since 2022 [4] - The policies cover various aspects such as technological upgrades, platform construction, and exemplary cases to ensure effective implementation [4] - Specific financial incentives have been introduced to support enterprises in areas like industrial internet platforms and smart factories, encouraging active participation in these initiatives [4]

证券日报网讯8月20日晚间，起帆电缆（605222）发布公告称，公司及下属子公司均不存在违规担保情 况。公司未对控股股东和实际控制人及其关联人提供担保，亦未发生逾期担保、涉及诉讼的担保及因担 保被判决败诉而应承担损失的情况。 ...

Core Viewpoint - Dongfang Cable reported a decline in net profit for H1 2025, with a significant drop in Q2, but anticipates a recovery in profitability due to a surge in cable deliveries in the second half of the year [1] Financial Performance - The company achieved a net profit attributable to shareholders of 473 million yuan in H1 2025, a year-on-year decrease of 26.6% [1] - In Q2 2025, the net profit attributable to shareholders was 192 million yuan, reflecting a year-on-year decline of 49.6% and a quarter-on-quarter decline of 31.6% [1] Operational Highlights - Inventory and contract liabilities reached historical highs, indicating strong demand and backlog [1] - Major projects such as Yangjiang Fanshi No. 1, Qingzhou No. 5/7, Shandong Peninsula North L site, and the UK InchCape project are fully underway, with concentrated deliveries expected in Q3 [1] Future Outlook - The company is entering a dual peak period for orders and deliveries, with expectations for record-high orders and deliveries in H2 2025 and 2026, particularly for 500kV and overseas orders [1] - The company has invested in a local UK firm and is deepening its presence in Europe, which is expected to further expand market opportunities [1] Investment Recommendation - The company maintains its profit forecast and continues to hold a "buy" rating [1]

Core Viewpoint - The company, Xin Ya Cable, is actively responding to market demands by enhancing product performance and providing high-quality products across various sectors including power, rail transit, construction, new energy, and intelligent equipment [1] Group 1 - The main products of the company are widely used in multiple industries such as power, rail transit, construction engineering, new energy, and intelligent equipment [1] - The company is committed to continuously improving product performance to meet market needs [1] - The focus is on delivering superior quality products to customers [1]

Core Viewpoint - Dongfang Cable's net profit attributable to shareholders for the first half of the year was 470 million yuan, a year-on-year decrease of 26.6%, with Q2 net profit at 190 million yuan, down 49.6% quarter-on-quarter and 31.6% year-on-year [1] Group 1: Financial Performance - The company's Q2 revenue from submarine cables was lower than expected, but there is potential for a turnaround in the second half of the year [1] - As of August 12, 2025, the company had an order backlog of approximately 19.6 billion yuan, with power engineering and equipment cables accounting for 5 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] - The backlog for submarine cables and high-voltage cables was 11 billion yuan, a decrease of 500 million yuan quarter-on-quarter, while marine equipment and engineering operation and maintenance orders stood at 3.6 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] Group 2: Inventory and Profit Forecast - The company experienced a significant increase in inventory and contract liabilities, with expectations for gradual shipments in Q3 and Q4, indicating a potential turning point in revenue recognition [1] - Due to the slower-than-expected delivery pace of offshore wind projects, the profit forecast has been revised downwards, with expected net profits for 2025-2027 at 1.54 billion, 2.00 billion, and 2.46 billion yuan respectively, reflecting year-on-year growth of 53%, 29%, and 23% [1] - The corresponding price-to-earnings ratios are projected at 24x, 19x, and 15x for the respective years, with a maintained "buy" rating [1]

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company reported a revenue of 4.43 billion RMB for H1 2025, a year-on-year increase of 9.0%, but a net profit attributable to shareholders of 470 million RMB, a decrease of 26.6% year-on-year. The profit pressure is attributed to the adjustment in the revenue structure of submarine cables and the sale of land use rights in the same period last year. However, with key offshore wind projects like Fanshi No. 1 and Qingzhou No. 5 starting turbine hoisting, the company is expected to see a gradual increase in submarine cable deliveries in H2 2025 [1][2][3] - The company has a robust order backlog, reaching approximately 19.6 billion RMB as of August 12, 2025, with significant contributions from submarine cables and high-voltage cables, marine equipment, and engineering operations. The company is expected to enter a peak delivery season in the second half of the year, which will drive profit recovery [3][4] - The domestic and international offshore wind markets are experiencing high demand, with many projects yet to be tendered. The company is well-positioned to benefit from this trend due to its leading technology and delivery experience [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, a decrease of 17.1% year-on-year and an increase of 6.4% quarter-on-quarter. The net profit attributable to shareholders was 190 million RMB, down 49.6% year-on-year and down 31.6% quarter-on-quarter. The gross margin was 16.3%, a decrease of 6.3 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [2] - The revenue from submarine cables and high-voltage cables was 760 million RMB, down 46.9% year-on-year and 36.4% quarter-on-quarter. Revenue from marine equipment and engineering operations was 210 million RMB, up 48.4% year-on-year and 223.1% quarter-on-quarter. Revenue from power engineering and cable equipment was 1.31 billion RMB, up 10.9% year-on-year and 48.1% quarter-on-quarter [2] Order Backlog and Future Outlook - The company’s order backlog reached a new high of approximately 19.6 billion RMB, with 11 billion RMB from submarine cables and high-voltage cables, 3.6 billion RMB from marine equipment and engineering operations, and 5 billion RMB from power engineering and cable equipment. The backlog reflects a decrease of 4% for submarine cables and high-voltage cables but increases of 20% and 14% for marine equipment and power engineering, respectively [3] - The company is expected to benefit from the upcoming tendering of offshore wind projects in China and supportive policies in Europe, which will likely drive high growth in submarine cable orders [4] Profit Forecast and Valuation - The report maintains the profit forecast for the company, expecting EPS of 2.81, 3.24, and 3.41 RMB for 2025-2027. The target price is set at 56.20 RMB, based on a PE ratio of 20 times for 2025, reflecting the company's strong market position and order backlog [5][7]

Core Viewpoint - The A-share market shows signs of volatility after a significant rise, with a focus on the potential for profit-taking and sector differentiation as investors react to high valuations [1] Market Performance - On August 15, the three major stock indices experienced slight gains, with the Shanghai 180 Index rising by 0.28% [1] - Notable performers included Dongfang Cable, which increased by 6.69%, and Zhongkong Technology, which rose by 2.04% [1] - The Shanghai Composite Index briefly surpassed the 3700-point mark, with total trading volume exceeding 2.3 trillion yuan, marking a new high for daily trading volume in 2023 [1] Investor Sentiment - Dongguan Securities noted that the market is experiencing a divergence following rapid gains, with previously high-performing sectors beginning to correct [1] - There is an emerging pressure from profit-taking as well as historical trapped positions, which may hinder further upward movement of the indices [1] - Despite short-term technical adjustments, the core logic supporting a positive outlook for A-shares remains intact [1]

Core Points - The document outlines the information disclosure deferral and exemption management system for Ningbo Dongfang Cable Co., Ltd, aiming to ensure compliance with legal obligations and protect the rights of the company and its investors [1][2] - The company must adhere to relevant laws and regulations when deferring or exempting disclosures, ensuring that such actions do not mislead investors or involve insider trading [1][2] Group 1: General Principles - The system is established to regulate the deferral and exemption of information disclosures, ensuring compliance with the Company Law, Securities Law, and relevant stock exchange rules [1] - The company and other disclosure obligors must disclose information truthfully, accurately, completely, timely, and fairly, avoiding misuse of deferral or exemption [1][2] Group 2: Conditions for Deferral and Exemption - Deferral or exemption is permitted if the information involves state secrets or commercial secrets that could lead to unfair competition or harm the interests of the company or others [2][3] - The definition of commercial secrets includes non-public technical and operational information that provides economic benefits and is protected by confidentiality measures [2][3] Group 3: Internal Review Procedures - Any department or subsidiary that believes information should be deferred or exempted must report it to the board office on the same day it becomes aware of the information [4] - The board office must promptly report to the board secretary and provide opinions on whether the conditions for deferral or exemption are met [4] Group 4: Responsibilities and Penalties - The board office is responsible for managing deferral and exemption matters, while department heads are the first responsible persons for reporting such matters [6] - If a responsible person fails to comply with the deferral or exemption conditions, they may face penalties, including criticism, warnings, or salary deductions [6]

宁波东方电缆股份有限公司 职工代表董事选任制度 （2025 年 8 月制定） 第一章 总 则 第一条 为完善宁波东方电缆股份有限公司（以下简称"公司"）治理结构，保障 职工依法参与公司决策和监督，规范职工代表董事的选任、履职和管理，根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国工会法》及其 他相关法律、法规、规章、规范性文件和公司章程的规定，结合本公司实际情况制定 本制度。 第二条 公司依法设立职工代表董事，职工代表董事是公司董事会成员，由公司职 工通过职工代表大会（或职工大会，下同）选举产生。 第三条 职工代表董事的选任与管理，遵循以下原则： (一)依法合规原则； (二)民主选举原则； (三)公平、公正、公开原则； (四)职工代表性与董事会专业性相结合原则。 第四条 本制度适用于公司职工代表董事的提名、选举、增补、更换（罢免）及管 理等事宜。 第二章 职工代表董事的任职资格与条件 第五条 职工代表董事须为与公司建立劳动合同关系的在职职工。 第六条 职工代表董事应符合《公司法》规定的董事任职资格，以下情形不得担任 职工代表董事： （一）无民事行为能力或者限制民事行为能力； （二）因 ...

宁波东方电缆股份有限公司 总经理工作细则 （2025 年 8 月修订） 第一章 总 则 第一条 为了明确总经理的职责，保障总经理高效、协调、规范地行使职权，保护 公司、股东、职工、债权人的合法权益，促进公司生产经营和改革发展，根据《中华 人民共和国公司法》和本公司章程的规定，制定本细则。 第八条 有下列情形之一的，不能担任公司的总经理： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判 处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓刑的，自缓刑考 验期满之日起未逾 2 年； （三）担任破产清算的公司、企业的董事或者厂长、总经理，对该公司、企业的破 产负有个人责任的，自该公司、企业破产清算完结之日起未逾 3 年； 第二条 总经理是董事会领导下的公司日常经营管理负责人，负责贯彻落实股东 会、董事会决议，主持公司的生产经营和日常管理工作，并对董事会负责。 第二章 总经理的任免 第三条 公司总经理由董事会决定聘任或解聘，总经理工作班子其他成员由总经理 提名，董事会决定聘任或解聘。公司董事可受聘兼任总经理。 第四条 公司设总经理一人， ...