11月14日，卡倍亿（300863）官方微信公众号消息显示，近日，卡倍亿与人形机器人企业上海矩阵超智 系统集成有限公司（下称：矩阵超智）正式签署战略合作协议，双方将围绕技术创新、供应链协同与产 业共建等方面展开深度合作，共同推进人形机器人业务的快速发展。 资料显示，矩阵超智自创立以来便以卓越的技术基因和全栈自研能力备受关注。其核心团队汇聚了来自 特斯拉、英伟达、OpenAI等全球顶尖科技公司的资深专家，具备从系统设计、硬件开发到算法优化的 完整技术闭环。在2025年世界人工智能大会上，矩阵超智发布的Matrix-1人形机器人，以其高度拟人的 运动控制与智能交互能力，充分展现了公司在人形机器人前沿技术上的深厚积累与创新实力。 卡倍亿作为国内领先的汽车线缆供应商，在新能源汽车线缆、数据线缆、机器人线缆等领域拥有深厚的 技术沉淀与成熟的制造体系。公司长期服务于高端制造与科技产业，具备完整的研发、测试与量产能 力。 根据战略合作协议，双方将建立长期、稳定的战略合作伙伴关系。卡倍亿的目标是成为矩阵超智在机器 人线缆、线束、电池Pack、关节模组及整机组装等领域的重要供应商。双方将通过技术协同、联合开 发、供应链优化等方 ...

Core Insights - The collaboration between Kabeiyi and Matrix Intelligent aims to accelerate the development of humanoid robots through technology innovation and supply chain synergy [1][2] - Matrix Intelligent is recognized for its strong technical foundation and self-research capabilities, with a core team from top tech companies like Tesla and OpenAI [1] - Kabeiyi, a leading supplier in the automotive cable sector, aims to become a key supplier for Matrix Intelligent in various components related to humanoid robots [2] Group 1 - The strategic partnership will focus on long-term collaboration in areas such as robot cables, battery packs, and joint assembly [2] - The partnership emphasizes the importance of industry chain collaboration and system innovation for the development of humanoid robots [2] - Both companies will leverage their respective technical strengths and resources to enhance product competitiveness and create a reliable industrial ecosystem [2] Group 2 - The Matrix-1 humanoid robot, showcased at the 2025 World Artificial Intelligence Conference, highlights Matrix Intelligent's advancements in motion control and intelligent interaction [1] - The collaboration is seen as a significant step towards building a self-controlled industrial system through upstream and downstream innovation [2] - Future cooperation will involve multi-level collaboration focused on product development and practical applications in various scenarios [2]

Core Viewpoint - Kabeiyi (300863) has signed a strategic cooperation agreement with Shanghai Matrix Superintelligent System Integration Co., Ltd, aiming to establish a long-term and stable partnership [1] Group 1: Strategic Partnership - The agreement focuses on Kabeiyi becoming a key supplier for Matrix Superintelligent in areas such as robot cables, harnesses, battery packs, joint modules, and complete machine assembly [1] - Both companies will enhance product competitiveness through technological collaboration, joint development, and supply chain optimization [1] Group 2: Industry Ecosystem - The partnership aims to build a safe, efficient, and reliable industrial ecosystem [1]

Group 1 - The company is actively involved in the development of high-speed copper cable business, which is essential for emerging industries such as AI servers, intelligent driving, and robotics [2] - The rapid growth of these industries is expected to significantly increase the demand for high-speed communication transmission [2] - The company's robotic cables are applicable in various fields, including joint robots, collaborative robots, and Cartesian coordinate robots, as well as in powering, communicating, and transmitting visual signals for embodied intelligent robots [2] Group 2 - The company's direct customers are primarily harness manufacturers, who then supply to robot manufacturers for end-use [2]

Core Viewpoint - The company is pursuing an investment acquisition of 51% equity and substantial assets of Zhejiang Yuehua Telecommunications Co., Ltd. through its wholly-owned subsidiary, Guangdong Qingtian Intelligent Technology Co., Ltd. [1] Group 1: Investment Details - The target company specializes in the production of power plugs, appliance wiring harnesses, automotive and robotics cables, new energy and storage harnesses, high-speed 5G connectors, consumer electronics cables, and security intelligent connection lines [1] - The target company is recognized as a national high-tech enterprise, a specialized and innovative enterprise in Zhejiang Province, a hidden champion enterprise in Zhejiang, and has obtained safety certifications from over 30 countries [1] Group 2: Strategic Implications - The potential acquisition is expected to enrich the company's existing business and enable entry into other high-tech industries in China, creating synergies with current operations [1] - The company anticipates that the acquisition will provide immediate new revenue sources and strengthen its earnings and customer base, aligning with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company, Interstellar Aerospace Technology (01725), has signed a memorandum of understanding for the acquisition of 51% equity and substantial assets of Zhejiang Yuehua Telecommunications Co., Ltd. through its wholly-owned subsidiary, Guangdong Qingyu Intelligent Technology Co., Ltd. [1] Group 1: Investment Details - The target company specializes in the production of power plugs, appliance wiring harnesses, automotive and robotics cables, new energy and storage harnesses, high-speed 5G connectors, consumer electronics cables, and security intelligent connection lines [1] - The target company is recognized as a national high-tech enterprise, a specialized and innovative enterprise in Zhejiang Province, a hidden champion (cultivated) enterprise in Zhejiang, and holds a well-known trademark in China, having obtained safety certifications from over 30 countries [1] Group 2: Strategic Implications - The potential acquisition is expected to enrich the company's existing business and enable entry into other high-tech industries in China, creating synergies with current operations [1] - The company anticipates that the acquisition will provide immediate new revenue sources and strengthen its earnings and customer base, aligning with the overall interests of the company and its shareholders [1]

Core Insights - Traditional manufacturing leaders are leveraging technology and strategic transformation to navigate intense market competition [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 20.209 billion yuan, a year-on-year increase of 10.91%, and a net profit attributable to shareholders of 168 million yuan, up 268.86% [1] - The operating cash flow net amount reached 4.92 billion yuan, reflecting a year-on-year growth of 330.80%, with an expense ratio of 8.66%, down 1.48 percentage points [1] - Revenue per capita increased by 17.72% to 2.5797 million yuan [1] Main Business Segments - The three main business segments—intelligent cable networks, intelligent batteries, and smart airports—showed steady growth, forming the company's performance foundation [2] - Intelligent cable network revenue was 17.826 billion yuan, up 9.59%, with a net profit of 315 million yuan, a growth of 8.69% [2] - Intelligent battery revenue reached 1.039 billion yuan, a year-on-year increase of 30.92%, while net losses narrowed to 256 million yuan [2] - Smart airport revenue was 1.267 billion yuan, growing 15.75%, with a net profit of 111 million yuan, up 47.88% [3] Emerging Business Growth - The company made significant progress in emerging business areas, achieving revenue of 713 million yuan in AI, computing power, and robotics, a year-on-year increase of 139.52% [4] - The company has participated in over 40 computing center projects, collaborating with leading firms in AI chip technology [4] - In the robotics sector, partnerships with companies like UBTECH and Zhiyuan are advancing the industrialization of humanoid robots [5] Strategic Initiatives - The company is actively involved in projects related to controlled nuclear fusion and has collaborated with top research institutions to advance superconducting materials and cables [5] - The demand for high-performance cables in AI data centers and robotics is expected to drive market growth, with a focus on specialized cables that meet specific technical requirements [6]

Core Insights - Wanma Co., Ltd. reported strong financial performance for Q3 2025, with revenue of 4.837 billion yuan, a year-on-year increase of 7.93%, and a net profit of 161 million yuan, up 227.70% from the previous year [2] - For the first three quarters, the company achieved a revenue of 14.109 billion yuan, an 8.36% increase year-on-year, and a net profit of 412 million yuan, reflecting a 61.57% growth [2] - The significant growth in performance is attributed to the company's strategic focus on three core areas: ultra-high voltage power cables, intelligent equipment cables, and new materials [2] Industry Developments - The ultra-high voltage sector has seen a breakthrough for the company, establishing a strategic partnership with a major state-owned enterprise to supply 500kV ultra-high voltage cables for the C-5 nuclear power project in Pakistan, marking the company's entry into the domestic ultra-high voltage cable market [3] - The company launched its third-phase production line for high molecular ultra-high voltage materials, which will produce 20,000 tons of high-voltage insulation materials annually, enhancing its market supply capability and competitive edge in high-voltage materials [4] Technological Advancements - The company showcased its advancements in the field of robotics cables at major industry exhibitions, highlighting products designed for various robotic applications, which feature high flexibility, flame resistance, and durability [5][6] - The profit margin for robotics cables is reported to be between 35%-40%, significantly higher than the 25% margin for traditional power cables, indicating a strong potential for profitability in this segment [6] Future Outlook - With the acceleration of ultra-high voltage construction and the growth of the humanoid robot industry, the company is positioned to benefit from national energy strategies and high-end manufacturing upgrades, potentially expanding its market share in high-end cable and new materials sectors [7] - Continued focus on consolidating advantages across various sectors and enhancing industry chain collaboration is expected to drive long-term profit growth and contribute to the self-sufficiency of domestic equipment and materials [7]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The company has significant growth in the high - speed communication line business in the first half of 2025, and is steadily expanding its production capacity to meet market demand [21]. - The company's high - speed communication line products have good application prospects in data centers and are conducting pre - research on higher - rate products [22]. - Each business segment of the company, including electronic materials, power products, and new energy vehicle products, has a stable development trend and good growth potential [24][25]. - The company has core competitive advantages in technology, manufacturing, marketing, brand, and business synergy, which support its long - term development [25][26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Woer Nuclear Material [16]. - Industry: Non - metallic materials [16]. - Reception time: September 10, 2025 [16]. - Reception personnel: Board secretary Qiu Wei and securities affairs representative Li Wenya [16]. 3.2. Detailed Research Institutions - Securities companies: CICC, Great Wall Securities [17]. - Asset management company: Guojun Asset Management [17]. - Others: Sega Holdings, Ningbo Baojun, Hanxin Investment, New World Financial Holdings, etc. [17]. 3.3. Proportion of Research Institutions - Securities companies: 25% [18]. - Others: 63% [18]. - Asset management companies: 13% [18]. 3.4. Main Content Data 3.4.1. High - speed Communication Line Business - In the first half of 2025, the company's communication cable business revenue was 1.246 billion yuan, a year - on - year increase of 62.46%, and the high - speed communication line revenue was 466 million yuan, a year - on - year increase of 397.80% [21]. - The company is expanding production capacity. By the end of this year, it will have more than 20 key imported foamed core wire extruders, and 10 more will arrive by the end of next April [21]. 3.4.2. Application and R & D of High - speed Communication Line Products - The 224G single - channel high - speed communication line is the most advanced product in the market, mainly for the foreign high - end market, with rapid growth in the first half of 2025 [22]. - The company is developing samples of the next - generation single - channel 448G high - speed communication line [22]. 3.4.3. Impact of Copper Price Fluctuations - Copper accounts for a small proportion of the raw materials of high - speed communication lines. The company takes cost - control measures, and copper price increases have little impact on profitability [23]. 3.4.4. Robot Cable Business - Industrial robot cables are applied to various types of robots through wiring harness customers; some products for embodied intelligent robots are in the trial and testing stage [23]. 3.4.5. Customers of High - speed Lines - Main customers include international customers such as Amphenol, HellermannTyton, Molex, and TE Connectivity, and domestic customers such as Luxshare, Qinghong, and Huafeng [23]. 3.4.6. Other Business Segments - The electronic materials and power product business segments have a stable development trend and the company will focus on R & D, production optimization, and market expansion [24]. - The new energy vehicle product business has a good growth rate, and the company's DC charging gun revenue ranked first in the domestic industry in 2024 [25]. 3.4.7. Core Competitive Advantages - Technical advantage: A national high - tech enterprise with a professional R & D team and independent intellectual property rights [25]. - Manufacturing advantage: A mature production process, advanced manufacturing equipment, and large - scale delivery capabilities [25]. - Marketing advantage: A wide - ranging marketing network and a professional marketing team [26]. - Brand advantage: Well - known brands in the industry with a good reputation [26]. - Business synergy advantage: Promote the coordinated development of multiple industries to form scale effects [26]. 3.4.8. H - share Listing - The company plans to issue H - shares for business development needs, which will help promote the international strategy and expand financing channels [26]. - The application materials have been submitted, and feedback has been received, with the work progressing in an orderly manner [27].

Financial Performance - The company achieved a revenue of 1.246 billion CNY in the first half of 2025, representing a year-on-year growth of 62.46% [3] - Revenue from high-speed communication cables reached 466 million CNY, showing a remarkable increase of 397.80% [3] Production Capacity Expansion - The company is steadily advancing its production capacity expansion, with five imported foam core extrusion machines already operational and more equipment expected to arrive by the end of the year [3] - By the end of 2025, the company will have over 20 key imported foam core extrusion machines, significantly enhancing high-speed cable production capacity [3] Product Development and Market Position - The company is developing the next-generation 448G high-speed communication cable, following the successful launch of the 224G single-channel cable, which is currently the most advanced product in the market [4] - The high-speed communication cables are characterized by excellent high-frequency performance, high reliability, and low cost, indicating substantial future market demand [4] Inventory and Cost Management - The company employs strategic and bulk purchasing strategies to mitigate the impact of copper price fluctuations, as copper constitutes a smaller proportion of the raw materials for high-speed communication cables [4] - Inventory management is based on a "sales-driven production" principle, optimizing inventory levels through information management to enhance turnover efficiency [5] Client Relationships and Market Strategy - Major clients for high-speed communication cables include international firms like Amphenol and Molex, as well as domestic companies such as Luxshare and QH [6] - The company aims to strengthen relationships with existing clients and explore new opportunities by enhancing R&D capabilities and product iterations [6] Core Business Segments - The electronic materials and power products segments have established a solid technical foundation and product layout, contributing to stable business development [7] - The company’s new energy vehicle products, particularly DC charging guns, are projected to lead the domestic market in revenue by 2024 [8] Competitive Advantages - The company holds several competitive advantages, including technological expertise, advanced manufacturing capabilities, a broad marketing network, and strong brand recognition [9][10] - The company is recognized as a national high-tech enterprise, with a focus on advanced polymer materials and high-performance power transmission products [9] Future Outlook and International Expansion - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international strategy and enhance its brand image [10] - The ongoing efforts to expand financing channels will bolster investments in technology R&D, capacity building, and overseas market development [10]