证券代码：600525 证券简称：ST长园 公告编号：2025053 关于上交所对公司出售参股子公司股权事项的监管 工作函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 长园科技集团股份有限公司（以下简称"公司"）近期收到上海证券交易所 《关于长园科技集团股份有限公司出售参股子公司股权事项的监管工作函》（上 证公函【2025】0900号），以下简称"《监管函》"）。公司对《监管函》高度 重视，积极组织相关各方对《监管函》中涉及的问题进行逐项落实，现就《监管 函》相关问题回复如下： 一、关于标的估值与交易作价。公告显示，本次交易采用收益法评估，长 园电子 100%股权评估值为 15.163 亿元。本次转让的长园电子 25%股权对价为 3.4 亿元，低于评估值。关注到，公司 2018 年向沃尔核材出售长园电子 75%股权时， 长园电子净资产约 3.71 亿元，目前长园电子净资产约 11.96 亿元，同比增加逾 （1）本次交易评估过程及关键假设情况，包括收益法下营业收入、毛利率、 营运资金、现金流及增长率、折现率等主要评 ...

Core Viewpoint - Shenzhen Woer Power Cable Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking the beginning of its journey to become an "A+H" listed company [1] Company Overview - Established in 1998, Woer Power Cable is headquartered in Shenzhen, Guangdong, and is a leading provider of integrated solutions for high-speed data communication and alternative energy power transmission [3] - The company is a market leader in manufacturing and selling high-speed copper cables and has established a strong market position in providing one-stop solutions for electronic materials, cables, and components, with well-known brands such as WOER and LTK [3] Product Leadership - High-speed copper cables: Woer Power Cable is the second largest globally and the largest in China in high-speed copper cable manufacturing, with a global market share of 24.9% as of 2024 [5] - Heat shrink materials: The company ranks first in the global heat shrink materials industry by revenue, holding a market share of 20.6%, and a higher market share of 58.5% in China [5] - New energy vehicle power transmission: Woer Power Cable is the largest manufacturer of DC charging guns for new energy vehicles in China, with a market share of 41.7% as of 2024 [6] - Power transmission for power grids and power stations: The company ranks first among cable accessory manufacturers in China, with a market share of 10.6% as of 2024 [6] Financial Performance - The company's revenue for 2022, 2023, and 2024 was RMB 5.337 billion, RMB 5.719 billion, and RMB 6.920 billion, respectively, with corresponding net profits of RMB 660 million, RMB 758 million, and RMB 921 million, indicating a consistent growth in profitability [6]

金十数据6月18日讯，ST长园公告，公司全资子公司南京长园以3.4亿元对价向沃尔核材转让所持长园电 子25%股权。本次交易不构成关联交易，不构成重大资产重组。预计产生投资损失约2.64亿元，实际影 响金额以审计结果为准。交易完成后，公司不再持有长园电子的股权。长园电子主要业务为研发和生产 热缩材料及发泡材料等。 ST长园：以3.4亿元向沃尔核材转让长园电子25%股权 ...

Company Overview - Shenzhen Wolong Nuclear Material Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with the application officially accepted [1] - The company is a leading provider of high-speed data communication and alternative energy power transmission solutions, crucial for supporting global economic development and technological advancement [1] - According to Frost & Sullivan, Wolong is the second largest high-speed copper cable manufacturer globally and the largest in China, with a global market share of 24.9% as of 2024 [1] Product and Market Position - Wolong's high-speed copper cables are certified for use in computing servers of leading global AI companies with strong GPU design or manufacturing capabilities [1] - The company holds the number one position in the global heat shrink materials industry with a market share of 20.6% as of 2024 [1] - After nearly 30 years of technological iteration, Wolong has established a leading market position in providing one-stop solutions for electronic materials, cables, and components [1] Strategic Partnerships and Manufacturing - Wolong has established long-term partnerships with globally recognized companies in AI, telecommunications, electric vehicle manufacturing, energy, and power sectors, many of which are among the top 100 companies worldwide [2] - As of December 31, 2024, the company operates nine manufacturing bases in China and has set up an overseas factory in Vietnam to meet customer production and supply chain management needs [2] Financial Performance - Wolong's operating revenues for 2022, 2023, and 2024 are projected to be 5.3366 billion, 5.7188 billion, and 6.9201 billion RMB respectively [2] - The net profits for the same years are expected to be 660.2 million, 757.7 million, and 920.5 million RMB respectively [2] - The return on equity for 2022, 2023, and 2024 is projected to be 14.8%, 14.8%, and 15.9% respectively [2]

Core Viewpoint - Shenzhen Wole Cable Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange's Growth Enterprise Market, with CITIC Construction Investment International and China Merchants Securities International as joint sponsors [1] Group 1: Company Overview - Wole Cable is a leading provider of high-speed data communication and alternative energy power transmission solutions, specializing in the manufacturing and sales of high-speed copper cables [3] - The company's products facilitate high-speed connections between functional modules in computing centers, enhancing data transmission efficiency while ensuring optimal energy consumption and reliability [3] - Wole Cable is recognized as the second largest high-speed copper cable manufacturer globally and the largest in China, holding a global market share of 24.9% as of 2024 [3] Group 2: Product Leadership - The company is a leader in heat shrink materials, with a global market share of 20.6% in 2024, and it has pioneered the industrialization of heat shrink materials in China, achieving a market share of 58.5% [3] - Wole Cable's electric power transmission products for electric vehicles provide high-performance electrical solutions, making it the largest manufacturer of DC charging guns in China with a market share of 41.7% [4] - The company also offers power transmission solutions for power grids and stations, ranking first among cable accessory manufacturers in China with a market share of 10.6% [4] Group 3: Financial Performance - For the fiscal years 2022, 2023, and 2024, Wole Cable reported revenues of approximately 5.337 billion, 5.719 billion, and 6.920 billion RMB, respectively, with net profits of 660 million, 758 million, and 921 million RMB during the same periods [4]

丨证券研究报告丨 联合研究丨公司点评丨沃尔核材（002130.SZ） [Table_Title] AI 驱动创新领航，高速通信线成业绩新引擎 报告要点 [Table_Summary] 公司在传统热缩材料及电力领域优势稳固，液冷充电枪为代表的新能源产品加速放量，打开公 司增长空间。子公司乐庭智联为高速数通铜缆全球龙头供应商，"技术领先+规模化智造"双轮 驱动，不断巩固竞争优势。乐庭智联有望充分受益于 AI 数通需求而迎来规模的快速爆发。 分析师及联系人 [Table_Author] 于海宁 杨洋 刘泽龙 SAC：S0490517110002 SAC：S0490517070012 SAC：S0490525040002 SFC：BUX641 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% [Table_Title2] AI 驱动创新领航，高速通信线成业绩新引擎 [Table_Summary2] 事件描述 沃尔核材发布 2024 年年报和 2025 年一季报。2024 年，公司实现营业收入 69.27 亿元，同比 增长 21.03%；实现归母净利润 8.48 亿元，同比增长 21.00%。2025 年 ...