Core Insights - The military cable industry is crucial for military applications, providing high-performance cables that ensure reliability and stability under extreme conditions [1][3][10] - China's military cable market is projected to grow from 3.54 billion yuan in 2019 to 6.419 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.64% [1][11] - The increase in China's defense spending, expected to reach 1.690943 trillion yuan in 2024, supports the rapid development of the military cable industry [5][11] Industry Overview - Military cables are designed for military use, requiring high reliability, interference resistance, and durability [3][10] - The industry is closely linked to the overall development of the military sector, influenced by national defense strategies and funding [5][6] Market Dynamics - The military cable industry is experiencing a shift towards domestic production, with a goal of achieving 100% localization in the future [1][11] - The market is supported by the growth of the broader wire and cable industry, which is projected to expand from 1.07511 trillion yuan in 2020 to 1.35383 trillion yuan in 2024, with a CAGR of 5.93% [9][10] Industry Chain - The military cable industry chain consists of upstream raw materials, midstream production, and downstream applications in military equipment [6][8] - Key raw materials include insulation materials and metal conductors, with copper being a critical component due to its excellent conductivity [8][10] Key Players - Major companies in the military cable sector include both domestic and international firms, with significant contributions from state-owned enterprises and emerging private companies [12][14] - Notable companies include Nanjing Quanxin Transmission Technology Co., Ltd. and Jiangsu Tongguang Electronic Cable Co., Ltd., which focus on high-performance military cables and have established strong market positions [12][14] Future Trends - The military cable industry is expected to focus on technological advancements, including high-performance materials and integrated smart cables [15][16] - There will be an expansion into specialized cables for new military technologies, such as fiber optic cables for command systems and high-power transmission cables for advanced weaponry [16][17]

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 证券代码：300447 证券简称：全信股份 公告编号：2025-026 所有董事均已出席了审议本报告的董事会会议。 天衡会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所为天衡会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股权登记日享有利润分配权的总 股本（不含回购股份）为基数，向全体股东每10股派发现金红利0.50元（含税），不送红股，不以资本 公积金转增股本。 ■ 2、报告期主要业务或产品简介 （一）公司主要业务和主要产品 公司自成立以来一直以军工业务为主业，聚焦军工电子信息领域，主要从事军用光电线缆及组件、光电 元器件、FC光纤高速网络及多协议网络解决方案、光电系统集成 ...