上海起帆电缆股份有限公司2025 年半年度报告 公司代码：605222 公司简称：起帆电缆 上海起帆电缆股份有限公司 上海起帆电缆股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人 周桂华 、主管会计工作负责人 管子房 及会计机构负责人（会计主管 人员） 管子房 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告第三节管理层 ...

Investment Rating - The report gives a "Buy" rating for the company Yongding Co., Ltd. (600105.SH) [2] Core Views - Yongding Co., Ltd. is positioned to benefit from the integration of optical and electronic technologies, with significant growth potential in laser chip and high-temperature superconducting materials [5][8] - The company has diversified its operations beyond cable manufacturing to include automotive wiring harnesses, optical communication, power engineering, superconductors, and big data services, establishing itself as a comprehensive solution provider [5][8] - The report highlights the robust growth in the optical module industry and the potential for domestic superconductors to exceed 10 billion in market size [5][25] Summary by Sections Section 1: Development and Growth - Yongding Co., Ltd. has evolved from a single cable manufacturer to a multi-industry player, with projected revenue contributions from automotive wiring harnesses (29.3%), optical communication (27.1%), and power engineering (25.3%) in 2024 [5][8] - The company is focusing on the full industrial chain of optical communication, with significant investments in laser chips and superconducting materials [5][8] Section 2: Optical Module Industry - The optical module market is expected to grow at a CAGR of approximately 22% from 2024 to 2029, with domestic suppliers increasing their market share [51] - Major global tech companies are significantly increasing their capital expenditures, which is expected to drive demand for optical modules [49][51] Section 3: Laser Chip and Superconducting Material Expansion - Yongding Co., Ltd. is set to establish a domestic IDM laser chip factory, with an expected annual production capacity of 15 million photonic integrated chips [5][8] - The company plans to expand its production capacity for high-temperature superconducting materials to 20,000 km within the next 2-3 years [5][8] Section 4: Financial Forecast and Valuation - The company is projected to achieve net profits of 360.05 million, 140.73 million, and 209.56 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.25, 0.10, and 0.14 yuan [5][8] - The report emphasizes the company's strong financial performance and growth trajectory, driven by its diversified business model [5][8]

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 the development of intelligent manufacturing for high-speed cables and connection products [1][2]. Group 1: Issuance Details - The company aims to raise a total of approximately 121,309.95 million yuan, with 119,500.00 million yuan allocated for specific projects after deducting issuance costs [2]. - The final issuance price will be determined by the board of directors based on the results of a bidding process and in accordance with relevant regulations after approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2]. - The maximum number of shares to be issued will not exceed 30% of the total share capital before the issuance, amounting to 77,868,520 shares [1]. Group 2: Use of Proceeds - The raised funds will be used for the "Thailand Production Base Construction Project," "Intelligent Manufacturing Project for High-Speed Cables and Connection Products," and to supplement working capital [6][7]. - If the actual net amount raised is less than planned, the board will adjust the allocation based on the urgency and importance of the projects [2]. Group 3: Risks and Challenges - The company faces risks related to overseas sales, as its products are sold in over 100 countries, with significant revenue coming from international markets [3][4]. - Fluctuations in the prices of key raw materials, particularly copper, which constitutes a large portion of the company's costs, could impact profitability [4]. - The company is also exposed to foreign exchange risks due to its significant sales in foreign currencies, primarily USD [5]. Group 4: Corporate Structure and Shareholding - 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 [13]. - The controlling shareholder is Zhaolong Holdings, which directly holds a significant portion of the company's shares [13].

Core Viewpoint - The company, Yuancheng Cable Co., Ltd., is planning to issue shares to specific investors, primarily its controlling shareholder, Su Xin Investment, to raise up to RMB 245 million for working capital, subject to regulatory approvals [2][4][5]. Group 1: Issuance Details - The issuance has been approved by the company's board and requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2]. - The total number of shares to be issued will not exceed 76,086,956, representing up to 30% of the company's total share capital prior to the issuance [2]. - The issue price is set at RMB 3.22 per share, which is at least 80% of the average trading price over the 20 trading days preceding the pricing date [3][4]. Group 2: Financial Implications - The total amount to be raised is capped at RMB 245 million after deducting related issuance costs, with prior investments of RMB 50 million already accounted for [4][5]. - The company’s retained earnings will be shared among both new and existing shareholders post-issuance [5]. - The issuance may lead to a short-term dilution of earnings per share and other financial metrics, which investors should consider [10][14]. Group 3: Shareholder Structure - The controlling shareholder, Su Xin Investment, holds 18.11% of the shares, while its partner, Lianxin Asset, holds 10.56%, together controlling 28.67% of the company [25][26]. - The actual controller of the company is the Wuxi State-owned Assets Supervision and Administration Commission, which influences major decisions [26]. Group 4: Industry Context - The cable industry is characterized by intense competition and is significantly influenced by macroeconomic conditions, regulatory policies, and raw material prices [7][8]. - The company operates in a capital-intensive sector, with a high dependency on the prices of copper and aluminum, which constitute a large portion of production costs [8][10]. - The industry is subject to strict production licensing and safety standards, which can impact operational flexibility [7][28].

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].

Core Viewpoint - Guangdong Rifeng Electric Cable Co., Ltd. is planning to issue shares to specific investors at a price of 6.73 yuan per share, aiming to raise funds for working capital and repaying bank loans, thereby enhancing its capital strength and optimizing its asset structure [1][2]. Group 1: Issuance Details - The total number of shares to be issued will not exceed 34,175,334 shares, which is less than 30% of the company's total share capital before the issuance [1]. - The issuance price is set at 6.73 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [1]. - The funds raised will be used entirely for supplementing working capital and repaying bank loans [1][2]. Group 2: Financial Performance - The company’s average procurement price for copper materials has shown an upward trend, with prices recorded at 58,300 yuan/ton, 60,800 yuan/ton, 66,000 yuan/ton, and 67,200 yuan/ton over the reporting periods [4]. - The gross profit margins for the company's main business were 12.01%, 12.49%, 11.94%, and 12.31% during the reporting periods, indicating fluctuations influenced by market competition and changes in customer concentration [6]. Group 3: Market and Industry Risks - The company faces significant market and operational risks, particularly due to the high proportion of direct materials in its main business costs, which exceed 85%, with copper being a major raw material [3][4]. - The cable industry is experiencing increasing competition, both from traditional manufacturing powerhouses and emerging markets, which may impact the company's ability to maintain growth [5][6]. Group 4: Shareholder Structure - As of March 31, 2025, the company has a total share capital of 456,888,849 shares, with 40.55% being restricted shares and 59.45% being unrestricted shares [12]. - The controlling shareholder, Mr. Feng Jiuqing, holds 23,581.5420 million shares, accounting for 51.61% of the total share capital [12].