在市场看来，美克家居通过"止损优化+政策红利+赛道升级"的三重布局，已勾勒出清晰的成长路径。 随着算力业务落地与家居主业复苏形成共振，公司有望突破此前的增长瓶颈，实现价值重估。 此外，2025年度美克家居预亏主要源于行业周期性调整，而非公司核心竞争力退化。从行业背景看， 2025年家居行业整体面临地产周期换挡压力，但积极信号已在显现：2025年前三季度家具零售业销售收 入同比增长33.2%，存量房改造、局部焕新等需求持续释放。进入2026年，国补新政精准聚焦绿色家 居、智能产品与适老改造，单户补贴上限提升至3万元，且支持与地方消费券叠加使用，为行业需求复 苏注入强心剂。 据悉，美克家居已提前布局适配政策导向：通过"AI智家"工具实现智能化设计服务，与头部地产合作深 耕精装房配套，拓展局部改造业务线，30万高价值会员贡献57%渠道销售额。在业内人士看来，随着政 策红利逐步落地，美克家居的家居主业有望借助行业复苏周期实现业绩反弹。 值得关注的是，根据公告，美克家居正在筹划以发行股票及支付现金的方式购买深圳万德溙光电科技有 限公司(以下简称"万德溙")100%股权。 万德溙专注于25G-800G高速铜缆产品，作为A ...

Core Viewpoint - Shenzhen Woer Power Cable Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking the beginning of its journey to become an "A+H" listed company [1] Company Overview - Established in 1998, Woer Power Cable is headquartered in Shenzhen, Guangdong, and is a leading provider of integrated solutions for high-speed data communication and alternative energy power transmission [3] - The company is a market leader in manufacturing and selling high-speed copper cables and has established a strong market position in providing one-stop solutions for electronic materials, cables, and components, with well-known brands such as WOER and LTK [3] Product Leadership - High-speed copper cables: Woer Power Cable is the second largest globally and the largest in China in high-speed copper cable manufacturing, with a global market share of 24.9% as of 2024 [5] - Heat shrink materials: The company ranks first in the global heat shrink materials industry by revenue, holding a market share of 20.6%, and a higher market share of 58.5% in China [5] - New energy vehicle power transmission: Woer Power Cable is the largest manufacturer of DC charging guns for new energy vehicles in China, with a market share of 41.7% as of 2024 [6] - Power transmission for power grids and power stations: The company ranks first among cable accessory manufacturers in China, with a market share of 10.6% as of 2024 [6] Financial Performance - The company's revenue for 2022, 2023, and 2024 was RMB 5.337 billion, RMB 5.719 billion, and RMB 6.920 billion, respectively, with corresponding net profits of RMB 660 million, RMB 758 million, and RMB 921 million, indicating a consistent growth in profitability [6]