Company Overview - Guangdong Rifa Cable Co., Ltd. is located in the Guangfeng Industrial Park of Zhongshan City and primarily engages in the research, design, production, and sales of rubber-sheathed cables [1] - The company was successfully listed on the Shenzhen Stock Exchange in 2019, with the stock code 002953 [1] - Rifa has established strategic partnerships with several well-known brands, and its products are sold in over 20 countries and regions, including Europe and America [1] Financial Performance - As of June 30, the number of shareholders for Rifa was 34,400, with an average of 7,893 circulating shares per person [2] - For the first half of 2025, Rifa achieved operating revenue of 2.354 billion yuan, representing a year-on-year growth of 13.22% [2] - The net profit attributable to shareholders for the same period was 113 million yuan, reflecting a year-on-year increase of 27.33% [2] Market Activity - On August 29, Rifa's stock reached a 9.97% limit-up during trading, closing at 16.1 yuan per share, with a transaction volume of 1.192 billion yuan and a turnover rate of 29.19% [1] - The total market capitalization of Rifa is 7.356 billion yuan [1]

Core Viewpoint - Guangdong Rifeng Electric Cable Co., Ltd. is planning to issue shares to specific investors at a price of 6.73 yuan per share, aiming to raise funds for working capital and repaying bank loans, thereby enhancing its capital strength and optimizing its asset structure [1][2]. Group 1: Issuance Details - The total number of shares to be issued will not exceed 34,175,334 shares, which is less than 30% of the company's total share capital before the issuance [1]. - The issuance price is set at 6.73 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [1]. - The funds raised will be used entirely for supplementing working capital and repaying bank loans [1][2]. Group 2: Financial Performance - The company’s average procurement price for copper materials has shown an upward trend, with prices recorded at 58,300 yuan/ton, 60,800 yuan/ton, 66,000 yuan/ton, and 67,200 yuan/ton over the reporting periods [4]. - The gross profit margins for the company's main business were 12.01%, 12.49%, 11.94%, and 12.31% during the reporting periods, indicating fluctuations influenced by market competition and changes in customer concentration [6]. Group 3: Market and Industry Risks - The company faces significant market and operational risks, particularly due to the high proportion of direct materials in its main business costs, which exceed 85%, with copper being a major raw material [3][4]. - The cable industry is experiencing increasing competition, both from traditional manufacturing powerhouses and emerging markets, which may impact the company's ability to maintain growth [5][6]. Group 4: Shareholder Structure - As of March 31, 2025, the company has a total share capital of 456,888,849 shares, with 40.55% being restricted shares and 59.45% being unrestricted shares [12]. - The controlling shareholder, Mr. Feng Jiuqing, holds 23,581.5420 million shares, accounting for 51.61% of the total share capital [12].