证券日报网讯 1月9日，浙江众成（002522）在互动平台回答投资者提问时表示，公司控股子公司众立 合成材料的SEBS6551产品经过配方改性后可应用于充电桩线缆的护套材料的加工制造，具有耐疲劳、 低温柔韧性好和无毒环保等优势，在某些场景下也可作为导线的绝缘层。 ...

Core Insights - The company has achieved a significant breakthrough by successfully delivering the core supporting PIC cables for the ITER project, marking an important milestone in the specialty cable sector [1] - The company focuses on high-value segments within the trillion-level cable market, emphasizing its commitment to "small batch, multiple varieties" of specialty cables [1][2] - The company is expanding into high-tech fields such as nuclear power cables, high-speed communication cables, and cables for humanoid robots [1][4] Electric Vehicle Market - The company has established itself as a key supplier of high-voltage cables for electric vehicles, which require superior performance characteristics compared to traditional automotive cables [2] - The company has formed long-term partnerships with major automotive manufacturers, including BYD, Geely, and NIO, to supply high-pressure cables [2] - The competitive landscape for electric vehicle cables is intensifying, with the company focusing on liquid-cooled ultra-fast charging, high-speed communication connections, and commercial vehicles as key growth areas [2][3] Specialty Cable Development - The company is actively developing new products in response to national strategic needs and market demands, with a focus on nuclear power and high-performance communication cables [3][4] - The company has a unique position in the nuclear power sector, being the only private enterprise in China with qualifications for both cable and electrical penetrations [3][4] Technological Advancements - The company has made significant advancements in radiation-resistant technology for cables used in the ITER project, achieving all core indicators in third-party testing [4] - The company is leveraging its expertise in specialty cables to expand into emerging sectors such as humanoid robots and low-altitude economy, developing ultra-flexible cables that meet stringent requirements [4][6] Market Strategy - The company emphasizes the importance of early investment in R&D while being patient for market maturity, recognizing that timing is crucial for successful commercialization [5] - The company adopts a differentiated strategy to navigate the competitive landscape, focusing on technology and service quality rather than engaging in price wars [5][6] - The company identifies nuclear power, rail transportation, and humanoid robots as blue ocean markets with lower price sensitivity and higher quality expectations [6] Mergers and Acquisitions - The company has successfully integrated Jiangsu Huaguang, enhancing its capabilities in the nuclear power sector through capital injection and management optimization [6] - The company plans to acquire control of Yangzhou Shuguang Optoelectronics, which will help broaden its business scope and create synergies with its specialty cable operations [7]

Core Viewpoint - Xin Hongye has achieved a significant breakthrough in the special cable sector by successfully delivering the core supporting PIC cables for the ITER project, indicating its strong position in the high-value cable market [1] Group 1: Business Focus and Market Position - Xin Hongye focuses on high-value segments within the trillion-level cable market, emphasizing "small batch, multiple varieties" of special cables [1] - The company has established itself as a leader in various industries, including new energy vehicles, charging piles, photovoltaics, energy storage, and industrial control [1][2] - Xin Hongye has entered the supply chains of major automotive manufacturers, including BYD, Geely, SAIC, and NIO, maintaining long-term stable partnerships [2] Group 2: Technological Advancements - The company has developed a megawatt-level ultra-fast charging cable with a current density exceeding 30A/mm², significantly improving charging efficiency [3] - A joint venture with ACOME aims to provide high-performance, reliable high-speed data communication cables to meet the growing signal transmission demands of smart connected vehicles [3] Group 3: Strategic Development and Investment - Xin Hongye plans to raise funds for the research and industrialization of new projects, including super-conductive cables and next-generation nuclear power station cables [4] - The company has a unique position in the nuclear power sector, holding dual qualifications for nuclear-grade products and has been involved in the ITER project for three years [4] Group 4: Market Expansion and Innovation - Xin Hongye is expanding into emerging markets such as humanoid robots and low-altitude flying vehicles, leveraging its technical expertise in special cables [5] - The company has developed ultra-flexible cable products tailored for humanoid robots, significantly enhancing performance in dynamic bending and environmental resistance [5] Group 5: Sustainable Growth and Competitive Strategy - Xin Hongye emphasizes early R&D investment and market anticipation to capitalize on emerging opportunities, as seen with its early focus on electric vehicle cables [6] - The company adopts a differentiated strategy to avoid price wars in saturated markets, focusing instead on technology and service quality [6][7] - The company is actively pursuing mergers and acquisitions to enhance its capabilities and expand its market presence, as demonstrated by its acquisition of Jiangsu Huaguang [7][8]

Core Viewpoint - Xin Hongye's financial performance has not kept pace with its ambitious projects, as evidenced by a 13.72% decline in net profit attributable to shareholders despite a 55.4% increase in revenue for the first half of 2025 [1][11]. Financial Performance - In the first half of 2025, Xin Hongye reported revenue of 1.615 billion yuan, a year-on-year increase of 55.4%, but the net profit attributable to shareholders was only 55.83 million yuan, down 13.72% [11]. - The company's cash and cash equivalents decreased significantly from 572.63 million yuan at the beginning of the period to 518.69 million yuan by the end of June 2025, a drop of 23.21 million yuan [6]. - The cash flow from operating activities was negative 625 million yuan, a stark contrast to the positive 106 million yuan reported in the same period of 2024 [7]. Fundraising Activities - Xin Hongye plans to raise no more than 285 million yuan through a private placement to fund various R&D projects, including super-conductive cables and high-power charging systems [3]. - The company has already utilized approximately 673 million yuan from its IPO proceeds to supplement working capital, indicating a reliance on external funding [5][6]. Market Position and Strategy - The company is diversifying into emerging sectors such as humanoid robots, low-altitude economy, and controlled nuclear fusion, leveraging its expertise in special cables [9][10]. - Despite the ambitious expansion into new markets, the actual performance impact of these ventures remains uncertain [10]. Shareholder Dynamics - Xin Hongye's stock price has consistently remained below its IPO price of 67.28 yuan, closing at 61.19 yuan on September 12, 2023 [11]. - The lock-up period for major shareholders was extended due to the stock price falling below the IPO price shortly after listing, which may affect future liquidity and shareholder sentiment [12][13]. Reporting Discrepancies - There are inconsistencies in the financial disclosures, particularly regarding accounts receivable and inter-company transactions, raising concerns about the reliability of the reported financial data [14][15][16]. Share Buyback - The company announced a share buyback program, with a total expenditure of approximately 2.89 million yuan reported by the end of June 2025 [17][18].

Summary of Jinbei Electric's Conference Call Company Overview - **Company**: Jinbei Electric - **Industry**: Electric Wire and Cable Manufacturing Key Financial Performance - In Q1 2025, Jinbei Electric reported revenue of **4.097 billion** yuan, a year-on-year increase of **16.32%** [2][3] - Net profit attributable to shareholders was **136 million** yuan, up **1.84%** year-on-year [2][3] - Cash flow increased by **8.37%** year-on-year, indicating stable operational performance despite market challenges [2][3] Business Segment Performance - The business structure is becoming more balanced, with battery wires and electric wires/cables contributing approximately **40%** and **60%** to revenue, respectively [2][4] - Battery wire profits grew over **50%** due to investments in the power grid and demand from new energy vehicles [2][4] - Sales of flat wires for new energy vehicles and industrial motors increased by **38%** and **31%**, respectively [2][6] - Clean energy cable shipments (wind and solar) surged over **300%**, while industrial cable shipments for charging stations grew over **500%** [2][6] Market and Export Developments - Direct export shipments increased by over **10%** year-on-year, with significant sales to Europe, the Middle East, Central Asia, East Asia, and Southeast Asia [2][6] - The company released its first ESG report, emphasizing its commitment to sustainable development [2][6] Impact of Copper Price Fluctuations - Copper prices rose by **10%** year-on-year in Q1 2025, impacting profit margins [9][10] - The electronic wire segment, using a direct sales model and copper price hedging, experienced minimal profit impact from copper price fluctuations [8][10] - The power cable segment, which operates on a distribution model, faces exposure risks; however, overall profit impact from copper price changes remains limited [7][8] Future Outlook - The company anticipates continued revenue and profit growth in Q2 2025, contingent on stable copper prices [22] - Despite challenges in the real estate market affecting cable demand, strategic investments in power grid projects are expected to improve performance [15][22] - The company has over **3 billion** yuan in orders, with delivery cycles ranging from six months to one and a half years [21] Emerging Business and Market Trends - Demand for industrial applications, including industrial robot cables and charging station cables, is driving business growth [24] - The company is expanding its presence in the European market, with a factory expected to be operational by the end of the year [23] Conclusion - Jinbei Electric is navigating a challenging market environment with a balanced business structure and strategic investments, positioning itself for future growth despite external pressures from copper prices and real estate market fluctuations [2][3][7][15]