Group 1 - The company Xin Hong Ye (SZ 301310) announced on October 27 that it will make a provision for credit and asset impairment of approximately 16.18 million yuan, which will reduce the total profit for the first three quarters of 2025 by the same amount [1] - As of the report, Xin Hong Ye's market capitalization is 5.9 billion yuan [1] - For the first half of 2025, the revenue composition of Xin Hong Ye is as follows: 56.21% from new energy vehicle cables, 24.5% from photovoltaic cables, 13.54% from industrial cables, 4.18% from other sources, and 1.57% from other businesses [1]

Core Viewpoint - Xin Hongye's stock price has shown significant growth this year, with a 77.23% increase, despite a slight decline in the last five trading days [2] Group 1: Stock Performance - As of October 27, Xin Hongye's stock price rose by 2.07% to 44.31 CNY per share, with a trading volume of 56.19 million CNY and a turnover rate of 2.56% [1] - Year-to-date, the stock has increased by 77.23%, with a 0.67% decline over the last five trading days, a 9.76% increase over the last 20 days, and an 11.05% increase over the last 60 days [2] Group 2: Company Overview - Xin Hongye, established on February 13, 2004, is located in Wuxi, Jiangsu Province, and was listed on June 2, 2023 [2] - The company specializes in the research, production, and sales of special cables, including photovoltaic cables, new energy vehicle cables, and industrial cables [2] - The revenue composition is as follows: new energy vehicle cables 56.21%, photovoltaic cables 24.50%, industrial cables 13.54%, and other business segments 4.18% [2] Group 3: Financial Performance - For the first half of 2025, Xin Hongye achieved a revenue of 1.615 billion CNY, representing a year-on-year growth of 55.40%, while the net profit attributable to shareholders decreased by 13.72% to 55.83 million CNY [2] - Since its A-share listing, the company has distributed a total of 219 million CNY in dividends [3] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders was 13,000, a decrease of 0.83% from the previous period, with an average of 3,819 circulating shares per person, an increase of 0.84% [2] - Among the top ten circulating shareholders, Yongying Advanced Manufacturing Smart Selection Mixed Fund (018124) is the second-largest shareholder, holding 3.1481 million shares as a new investor [3]

Core Insights - Xin Hongye experienced a decline of 1.45% on September 23, with a trading volume of 51.89 million yuan [1] - The company reported a financing net buy of -1.46 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of September 23, the total financing and securities lending balance for Xin Hongye was 119 million yuan, representing 4.23% of its circulating market value, which is above the 80th percentile of the past year [1] Financing and Securities Lending - On September 23, Xin Hongye had a financing purchase of 3.92 million yuan, with a current financing balance of 119 million yuan [1] - The securities lending data showed no shares were repaid or sold on that day, indicating a low level of activity in this area [1] - The securities lending balance was recorded at 0 shares, which is below the 50th percentile of the past year, indicating a low position [1] Company Overview - Xin Hongye Cable Technology Co., Ltd. was established on February 13, 2004, and went public on June 2, 2023 [1] - The company specializes in the research, production, and sales of special cables, including photovoltaic cables, new energy vehicle cables, and industrial cables [1] - The revenue composition is as follows: new energy vehicle cables 56.21%, photovoltaic cables 24.50%, industrial cables 13.54%, and other business segments 5.75% combined [1] Financial Performance - As of June 30, 2025, Xin Hongye reported a total revenue of 1.615 billion yuan, reflecting a year-on-year growth of 55.40% [2] - The net profit attributable to the parent company was 55.83 million yuan, showing a year-on-year decrease of 13.72% [2] - The number of shareholders decreased by 0.83% to 13,000, while the average circulating shares per person increased by 0.84% to 3,819 shares [2] Shareholder and Dividend Information - Since its A-share listing, Xin Hongye has distributed a total of 219 million yuan in dividends [3] - As of June 30, 2025, the second-largest circulating shareholder is Yongying Advanced Manufacturing Intelligent Selection Mixed Fund, holding 3.1481 million shares as a new shareholder [3]

Group 1 - The company Xin Hong Ye (SZ 301310) announced a board meeting on September 5, 2025, to review the report on the simplified procedure for issuing stocks to specific targets for the year 2025 [1] - For the first half of 2025, Xin Hong Ye's revenue composition was as follows: 56.21% from new energy vehicle cables, 24.5% from photovoltaic cables, 13.54% from industrial cables, 4.18% from other businesses, and 1.57% from miscellaneous [1] - As of the report date, Xin Hong Ye's market capitalization was 5.4 billion yuan [1]

Group 1 - The core viewpoint of the news is the performance and financial status of Xin Hongye Cable Technology Co., Ltd., which has seen a decline in stock price and trading volume [1] - As of the report date, Xin Hongye's stock price dropped by 5% to 38.73 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 5.48%, resulting in a total market capitalization of 5.289 billion CNY [1] - The company's main business includes the research, production, and sales of special cables, with revenue composition as follows: 56.13% from new energy vehicle cables, 27.60% from photovoltaic cables, 11.85% from industrial cables, and 3.06% from other sources [1] Group 2 - From the perspective of major circulating shareholders, Yongying Fund has entered the top ten shareholders of Xin Hongye, holding 3.1481 million shares, which is 6.34% of the circulating shares [2] - The fund, Yongying Advanced Manufacturing Smart Selection Mixed Fund A (018124), was established on May 4, 2023, with a latest scale of 2.976 billion CNY and has achieved a return of 78.68% this year, ranking 131 out of 8180 in its category [2] - The fund manager, Zhang Lu, has a tenure of 6 years and has managed assets totaling 15.413 billion CNY, with the best fund return during the tenure being 125.99% [3]

Group 1: Company Overview and Strategy - The company follows a "One Body, Two Wings" development strategy, focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company has established two main production bases for its cable products, located in Hangzhou [3] Group 2: Product Offerings - The equipment cable sector includes specialized companies producing various types of cables, such as network data cables and industrial cables [2][3] - The company is the first in China to obtain dual international product certifications (UL and TUV) for its robot cables [4] Group 3: Competitive Advantages - The company has a leading product design and manufacturing capability, supported by a technical team with over 15 years of experience in the field [4] - It has established a TUV-certified laboratory for robot cables, accumulating extensive experimental data [4] - The company participates in the formulation of multiple industry standards, enhancing its influence in the market [4] Group 4: Market Position and Risks - Currently, the revenue from industrial robots, humanoid robots, and robotic dog cables constitutes a small percentage of the company's overall revenue, indicating potential investment risks [5] - The market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [6] Group 5: Production Capacity and Future Goals - The planned annual production capacity for high molecular ultra-high voltage insulation materials will reach 60,000 tons after the completion of the third phase project [6] - In 2024, the projected production volumes are 145,128.35 tons for power products, 295,842.99 kilometers for communication products, and 561,384.01 tons for polymer materials [9]

Investment Rating - The report downgrades the investment rating to "Accumulate" due to increased competition impacting profitability [4]. Core Views - The company, Xinhongye (301310.SZ), is a leader in specialty cables, with advanced technologies in robotics, nuclear fusion, and liquid-cooled ultra-fast charging cables [1]. - In 2024, the company achieved a revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but the net profit attributable to shareholders decreased by 29.61% to 116 million yuan [1]. - The first quarter of 2025 saw a revenue of 755 million yuan, a year-on-year increase of 55.35%, driven primarily by growth in automotive and energy storage businesses [1]. Revenue and Profitability - The revenue from new energy vehicle cables in 2024 was 1.486 billion yuan, up 37.71%, with a gross margin of 13.33%, down 2.38 percentage points from the previous year [2]. - The company’s photovoltaic cable revenue reached 731 million yuan, a 16.88% increase, with a gross margin of 4.4%, down 3.01 percentage points [2]. - Industrial cable revenue grew by 52.88% to 314 million yuan, with a gross margin of 10.39%, down 5.94 percentage points [2]. Technological Advancements - The company is involved in the ITER project, contributing to the development of cables for nuclear fusion equipment, which is expected to enhance performance and contribute to revenue growth [2]. - Xinhongye has developed ultra-flexible cables for humanoid robots, significantly surpassing the dynamic bending life limits of standard industrial robot cables [3]. - The company is focusing on high-end autonomous driving models and megawatt-level ultra-fast charging, becoming a core supplier for companies like BYD and Li Auto [3]. Financial Forecasts - The report predicts a decline in profitability due to intensified competition, with net profit forecasts for 2025, 2026, and 2027 set at 162 million, 221 million, and 289 million yuan respectively [4]. - The projected revenue growth rates for the next few years are 23.09% for 2025, 21.34% for 2026, and 18.25% for 2027 [5]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 29, 21, and 16 respectively [5].

Investment Rating - The report does not explicitly state an investment rating for the industry or the company [1]. Core Insights - The company, Wanma Co., is focusing on a "one body, two wings" development strategy, which includes three main business segments: wire and cable, new materials, and new energy [17]. - Wanma's cable segment has a diverse product range, including industrial cables and specialized cables for electric vehicles, with nearly 10,000 product models and specifications [17]. - The company has a significant production capacity for high-pressure insulation materials, with an annual capacity of 60,000 tons, and holds approximately 20% of the domestic market share [20]. Summary by Sections 1. Basic Research Information - The research was conducted on Wanma Co., which operates in the power grid equipment industry, on March 6, 2025 [13]. 2. Detailed Research Institutions - Participating institutions included Northeast Electric New, Xiangju Capital, and Chengluo Investment [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [15]. 4. Main Content Information - The company has established two main production bases for its cable segment, focusing on different types of cables [17]. - Wanma has developed a strong position in the robot cable market, with multiple patents and industry standards [19]. - The company has implemented strategies to mitigate the impact of raw material price fluctuations, particularly for copper and other chemical materials [21][22]. - Wanma's current public charging pile count is 39,252, with 3,012 charging stations [22].

创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风 险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创 业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 无锡鑫宏业线缆科技股份有限公司 （无锡市锡山经济技术开发区合心路 17 号） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 无锡鑫宏业线缆科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 发行人及全体董事 ...

无锡鑫宏业线缆科技股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）:中信建投证券股份有限公司 特别提示 无锡鑫宏业线缆科技股份有限公司（以下简称"鑫宏业"、"发行人"或"公 司"）根据《证券发行与承销管理办法》（证监会令[第 208 号]）（以下简称"《管 理办法》"）、《首次公开发行股票注册管理办法》（证监会令[第 205 号]）、《深圳 证券交易所首次公开发行证券发行与承销业务实施细则》（深证上[2023]100 号）（以 下简称"《业务实施细则》"）、《深圳市场首次公开发行股票网上发行实施细则》（深 证上[2018]279 号）（以下简称"《网上发行实施细则》"）、《深圳市场首次公开发行 股票网下发行实施细则（2023 年修订）》（深证上[2023]110 号）（以下简称"《网下 发行实施细则》"）、《首次公开发行证券承销业务规则》（中证协发[2023]18 号）、《首 次公开发行证券网下投资者管理规则》（中证协发[2023]19 号）（以下简称"《首发 网下投资者管理规则》"）等相关法律法规、监管规定及自律规则等文件，以及深 圳证券交易所（以下简称"深交所"）有关股票发行上市规 ...