A c t i o n | More order delivery in 2H25-2026E — NBO's order backlog was Rmb19.6bn (+1.2x yoy) as of 12 Aug 2025, including Rmb10bn obtained YTD. The company had full capacity utilization in 1H25 and aims for more subsea cable delivery in 2H25E- 2026E based on the progress of respective offshore wind projects. For key projects in 2025E, subsea cable delivery for Qingzhou #5 offshore wind project has started in August; and constructions of Fanshi #1 and Shandong Peninsula North L offshore wind projects were ...