香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 備 性 亦無 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 引 致 的 任何 損 失 承 擔任 何責任。 俊 知 集 團 有 限 公 司 * （ 於開曼群島註冊成立的有限公司） （股份代號：1300） 自願公佈— 預中標中國電信集團有限公司（「中國電信」） 電力電纜（2025年– 2027年）集中採購項目 此乃俊知集團有限公司（「本公司」，連同其附屬公司合稱「本集團」）之自願 公佈。 本集團董事會欣然公佈，2026年2月28日，中國電信通過其線上商務平臺公 佈了中國電信電力電纜（ 2025年– 2027年 ）集中採購項目中標結果公示（ 以下 簡稱「中 標公示」），本 集團之全 資附屬公司 ，江蘇俊 知技術有 限公司（ 以下 簡稱「俊知技術」）為相關中標候選人，預中標具體項目如下： 中國電信電力電纜（ 2025年– 2027年 ）集中採購項目：俊知技術此次投標報價 ...

Summary of Hengtong Optic-Electric Conference Call Company Overview - Hengtong Optic-Electric has established a comprehensive layout in optical communication, smart grid, marine business, and industrial intelligence, with stable revenue growth but profit impacted by a decline in optical communication business. Future growth is expected to be driven by marine business [2][4]. Key Points and Arguments Revenue and Profit Structure - By 2025, the revenue contribution from smart grid and semiconductors is expected to be significant, with marine power and marine communication being the main profit contributors, particularly marine power which is projected to exceed 30% of profits [2][4]. - The smart grid business accounts for approximately 40% of revenue, with expected growth rates of 10%-20% and profit margins projected to reach 13%-15% [3][14]. Changes in Global Fiber Optic Demand - Global demand for fiber optic cables is expected to reach 570-580 million core kilometers by 2025, with data center and drone fiber demand projected to exceed 100 million core kilometers, accounting for about 20% of total demand [5]. - The demand structure has shifted significantly, with data centers and special-purpose fibers driving growth, contrasting with 90% of demand coming from telecom networks five years ago [5]. Price Trends in Fiber Optics - Retail prices for fiber optic cables are expected to stabilize and rise starting in the second half of 2025, with prices projected to double in early 2026, currently exceeding 50 yuan per core kilometer [6]. - The price increase is driven by high demand from data centers and drones, leading to supply constraints, with domestic utilization rates reaching 90% [6]. Profitability and Cost Structure - The profitability of the fiber optic industry is highly concentrated in the optical preform segment, with profit concentration potentially exceeding 70%, and even reaching 80%-90% [7]. - Hengtong's optical preform production capacity ranks among the top three, utilizing a silicon organic route that offers cost advantages over traditional materials, potentially increasing gross margins by nearly 5 percentage points [8]. Marine Cable and Marine Engineering Business Outlook - Hengtong's marine cable and marine engineering orders are expected to maintain at 7 billion yuan or higher, with significant projects like the Liaoning high-voltage direct current marine cable project valued at approximately 1.5-1.6 billion yuan [9][10]. - The marine cable business is projected to grow by 30%-40% in revenue by 2026, with margins expected to improve as high-voltage orders increase [10]. Domestic and International Market Dynamics - Domestic growth in marine cable orders is anticipated from regions like Jiangsu and Hainan, with significant projects expected to commence in 2026 [11]. - Internationally, Hengtong is focusing on Southeast Asia, with potential growth from offshore wind projects in Vietnam and India, and tracking significant projects like the "Power Regional Interconnection" initiative [12][13]. Industrial New Energy Smart Control Business - This segment is expected to grow faster than the smart grid business, with annual revenue growth projected at around 20% or higher, although its current contribution to overall profits is limited [15]. Future Growth Drivers - Key growth drivers include the anticipated price increases in fiber optics and the expansion of marine energy-related businesses, alongside stable contributions from the smart grid sector [16][17].

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology operates in a diversified business model, with power cables as the primary revenue source, followed by optical communication and submarine cables [2][3] - The marine business's profit contribution is subject to cyclical fluctuations, while the power transmission segment shows stable growth, becoming the main profit contributor [2] Industry Insights - The global optical fiber and cable industry is rebounding, driven by demand from AI data centers and special applications, with a significant shift in demand structure [2][4] - Operator demand has decreased from approximately 90% in 2021 to about 70%, while data center and special demand now account for about 25%-30% of the market [4] - The industry is expected to enter a new price increase cycle starting in the second half of 2025 [4] Financial Performance and Projections - The overall performance from 2021 to 2024 has shown slight fluctuations due to varying profit contributions from different segments [4] - For 2026-2027, it is anticipated that the marine business's profit contribution will significantly increase, while the power cable segment will remain the largest contributor [6] - The marine segment's revenue growth is projected to reach 40%-50% in 2026, driven by a robust order backlog and the delivery of major projects [7] Competitive Position - Zhongtian Technology ranks among the top players in the domestic optical fiber and submarine cable markets, with a strong competitive position in optical communication [3][5] - The company has established a balanced global presence with production facilities in various countries, including Morocco, Indonesia, India, Brazil, and Uzbekistan, to mitigate anti-dumping risks and enhance local production capabilities [5] Segment Analysis Marine Business - The marine segment is expected to see a significant increase in profit contribution, with a strong order backlog of approximately 100-140 billion yuan [6][7] - Major projects are set to commence delivery in 2026, with an anticipated increase in the delivery of 500kV submarine cables, which will improve the segment's gross margin [6] Power Transmission - The power transmission segment's revenue growth is expected to align with the overall growth of grid investments, maintaining a compound annual growth rate of about 15% [8] - The segment's gross margin is projected to remain stable at around 13%-14% [8] New Energy - The new energy segment, which includes solar power, energy storage, and related copper foil businesses, is expected to grow at a rate of 20%-30% but will contribute less than 10% to overall revenue and profit [9] Key Takeaways - The main focus for the next 1-2 years will be on the optical communication and marine segments, particularly submarine cable business, which are expected to drive significant revenue growth and profitability [9] - The anticipated price increases in optical fibers and the recovery of the marine business are expected to provide substantial earnings elasticity for the company [9]

Core Viewpoint - The controlling shareholder of Qifan Cable (605222), Zhou Gonghua, has completed a share reduction plan, reducing his stake to 19.04% after selling 12.387 million shares, which is 3.00% of the total share capital, for a total of 224 million yuan [1]. Company Fundamentals - For the first three quarters of 2025, the company reported a main revenue of 16.156 billion yuan, a year-on-year decrease of 1.28%. However, the net profit attributable to shareholders increased by 6.3% to 223 million yuan, and the net profit after deducting non-recurring items rose by 2.27% to 204 million yuan. In the third quarter alone, the net profit attributable to shareholders surged by 158.82% to 59.876 million yuan [2]. - The company has a high debt ratio of 68.3% and financial expenses of 161 million yuan, with a gross profit margin of 6.14%, indicating high leverage and cost pressure on profitability. The main business consists of power cables (66.26%) and electrical equipment cables (31.58%), with applications in new energy and rail transit sectors, facing intense industry competition [2]. Stock Performance - During the share reduction period, the stock price exhibited volatility, closing at 21.05 yuan on February 12, 2026, with a single-day increase of 1.30%, but falling to 20.81 yuan on February 13, a decrease of 1.14%. Over the past five days, the cumulative decline was 0.67%, with a price fluctuation range of 7.74%. The capital flow indicated a net outflow of 2.2994 million yuan on February 12, with average market trading activity [3]. - Technically, the stock is currently in a consolidation phase, with Bollinger Bands indicating a resistance level at 22.38 yuan and a support level at 20.04 yuan [3]. Event Impact - The reduction in shareholding by the controlling shareholder may exert pressure on short-term market sentiment and increase stock price volatility. From a corporate governance perspective, after the reduction, Zhou Gonghua and his concerted parties still hold a combined stake of 65.00%, maintaining control, but future changes in shareholding should be monitored for their impact on stability [4]. - On the fundamental side, the high debt ratio (68.3%) and low gross profit margin (6.14%) suggest that operational efficiency needs improvement, especially in the context of rising industry costs. However, the company is actively expanding into new businesses such as submarine cable bases, with long-term growth reliant on the expansion of new energy demand, while remaining cautious of industry cycles and policy risks [4].

Group 1 - The stock price of Asia Pacific Wire & Cable (APWC.OQ) showed narrow fluctuations from February 7 to February 13, 2026, with a cumulative increase of 1.18% and a total trading volume of approximately $58,200, indicating low trading activity and weak liquidity [1] - As of February 13, 2026, the stock price closed at $1.71, reflecting a year-to-date decline of 8.06%, while the electrical equipment parts sector and the NASDAQ index also experienced slight declines of 0.33% and 0.27%, respectively [1] Group 2 - The price of G.652.D optical fiber has been rising since January 2026, driven by demand from AI data centers, with some quotes exceeding 50 yuan per core kilometer; however, Guangdong Telecom's suspension of optical cable procurement on February 10 highlights short-term industry competition [2] - The APEC senior officials' meeting held from February 1 to 10, 2026, in Guangzhou focused on the Asia-Pacific Free Trade Area and infrastructure cooperation, which may benefit the company's power cable business in the long term, although there are currently no direct order announcements [2] Group 3 - Analysts indicate that the optical fiber and cable industry is experiencing improved conditions, with prices increasing by over 80% this year; growth in AI and overseas demand may indirectly benefit the company's telecom cable business, but attention is needed on specific business alignment [3] - The current price-to-earnings ratio (TTM) is 12.54, and the price-to-book ratio is 0.22, suggesting that the company's valuation is at a low level [3]

Company Overview - As of February 11, 2026, Asia Pacific Wire & Cable (APWC.US) has a stock price of $1.68 and a price-to-earnings ratio (TTM) of 12.60, with a total market capitalization of approximately $34.6353 million [1] - Recent trading activity has shown volatility, with a significant increase in trading volume of 1080.04% on January 9, 2026, although overall trading scale remains small, indicating weak liquidity [1] - The latest financial report was disclosed on January 28, 2026, but specific financial data changes were not made public; historical data shows that in 2025, the company reported revenue of $12.8 million and a net profit of $1.06 million [1] Industry Policy and Environment - The wire and cable industry has been significantly impacted by changes in the supply and demand dynamics of fiber optic cables; G.652.D fiber prices have been rising since December 2025, with some channel prices exceeding 50 yuan per core kilometer in early 2026, primarily due to increased demand from data centers leading to structural adjustments in capacity [2] - This trend may indirectly affect the company's communication cable business, although it is important to note that APWC's main products include power cables and enameled wires, with an unspecified proportion of revenue coming from communication cables [2] - On February 10, 2026, Guangdong Telecom suspended its optical cable centralized procurement project, highlighting the ongoing negotiation dynamics between operators and manufacturers amid price discrepancies, which may increase short-term volatility in the industry [2] Future Development - The company has not yet announced the schedule for its first-quarter 2026 financial report, but based on historical patterns, the next report may be released around April 2026; attention should be paid to whether profitability can continue the positive growth trend seen in 2025's net profit [3] - Industry policies and demand factors, such as the acceleration of Southeast Asia's power interconnection projects and the expansion of AI data center construction, may drive demand for high-voltage cables and specialty cables, although the company's order disclosures are limited, necessitating observation of its market participation [3] - The company's stock price has remained low for an extended period, and its small market capitalization makes it susceptible to large transactions or market sentiment fluctuations [3]

Group 1 - The stock price of Asia Pacific Wire & Cable (APWC.OQ) exhibited narrow fluctuations with a total trading volume of approximately $44,800 and a turnover rate of 0.03%-0.05% during the week from February 5 to February 11, 2026 [1] - As of February 11, the latest closing price was $1.68, with a market capitalization of about $36 million, slightly outperforming the Nasdaq index and the electrical equipment sector [1] - The stock's price movement included a range of 2.98%, with a daily fluctuation of 0.60% on the last trading day [1] Group 2 - The APEC Senior Officials' Meeting held in Guangzhou from February 1 to 10, 2026, marks the official launch of APEC's "China Year," focusing on "openness, innovation, and cooperation," which may positively impact the order prospects for the company in the long term [2] - The company operates in the telecommunications and power cable sectors, and the regional economic integration agenda could benefit its business, although there have been no direct announcements from the company recently [2] Group 3 - On February 6, 2026, the optical fiber and cable industry experienced a significant price increase, with the average price of G.652.D single-mode fiber exceeding 35 yuan per core kilometer, and some prices surpassing 40 yuan per core kilometer, reflecting an annual increase of over 80% [3] - Analysts suggest that the demand driven by AI for data centers and growth in overseas markets may enhance the industry's overall performance, potentially benefiting Asia Pacific Wire & Cable's telecommunications cable business [3]

Group 1 - The stock price of Asia Pacific Wire & Cable (APWC.OQ) experienced narrow fluctuations from February 5 to February 10, 2026, with a total trading volume of approximately $44,800 and a low turnover rate of 0.03%-0.05% [1] - On February 5, the closing price was $1.69, with a daily increase of 0.60%, and a trading volume of $6,687. On February 6, the price remained unchanged at $1.69, with a trading volume of $8,765 [1] - On February 9, influenced by overall market sentiment, the stock closed at $1.67, down 1.18%, with a trading volume of $18,446. On February 10, it rebounded to $1.68, up 0.60%, with a trading volume of $10,911 [1] Group 2 - The APEC Senior Officials' Meeting took place in Guangzhou from February 1 to 10, 2026, marking the start of APEC "China Year," focusing on "openness, innovation, and cooperation" to promote the Asia-Pacific Free Trade Area and infrastructure cooperation [2] - As a manufacturer of wire and cable in the Asia-Pacific region, the company's business involves telecommunications and power cables, and the regional economic integration agenda may positively impact its order prospects in the long term, although there are currently no direct announcements related to this [2]

Group 1 - The core viewpoint of the news is that Tongda Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in revenue and net profit year-on-year [1][2][3] Group 2 - On February 3, Tongda Co., Ltd. experienced a stock price increase of 3.32%, with a trading volume of 419 million yuan. The financing buy amount was 31.64 million yuan, while the financing repayment was 36.26 million yuan, resulting in a net financing outflow of 4.61 million yuan [1] - As of February 3, the total margin trading balance for Tongda Co., Ltd. was 278 million yuan, which represents 5.15% of its market capitalization. This financing balance is above the 80th percentile of the past year, indicating a high level of activity [1] - The company reported a revenue of 6.066 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 40.78%. The net profit attributable to shareholders was 132 million yuan, marking an 83.29% increase compared to the previous year [2] - The main business revenue composition includes aluminum plate and strip products (38.62%), ultra-high voltage cables (26.26%), and power cables (18.66%), among others [2] - As of September 30, 2025, the number of shareholders for Tongda Co., Ltd. was 56,800, a decrease of 21.93% from the previous period, while the average circulating shares per person increased by 28.09% to 7,968 shares [2] - The company has distributed a total of 256 million yuan in dividends since its A-share listing, with 52.38 million yuan distributed in the last three years [3] - New institutional shareholders include Guangfa Quantitative Multi-Factor Mixed A and other funds, indicating growing institutional interest in the company [3]

Core Viewpoint - New Asia Cable experienced a decline in stock price and trading volume, with significant changes in financing activities and shareholder structure [1][2]. Group 1: Stock Performance and Financing - On January 27, New Asia Cable's stock fell by 0.80%, with a trading volume of 87.29 million yuan [1]. - The financing buy-in amount for New Asia Cable on the same day was 7.46 million yuan, while the financing repayment was 7.61 million yuan, resulting in a net financing outflow of 0.15 million yuan [1]. - As of January 27, the total financing and securities lending balance for New Asia Cable was 77.37 million yuan, with a financing balance of 77.16 million yuan, accounting for 5.88% of the circulating market value [1]. Group 2: Company Financials - For the period from January to September 2025, New Asia Cable reported a revenue of 2.26 billion yuan, reflecting a year-on-year growth of 10.05% [2]. - The net profit attributable to the parent company for the same period was 77.18 million yuan, showing a year-on-year decrease of 14.56% [2]. - The company has distributed a total of 103 million yuan in dividends since its A-share listing [2]. Group 3: Shareholder Structure - As of September 30, 2025, New Asia Cable had 25,800 shareholders, a decrease of 22.76% compared to the previous period [2]. - The average number of circulating shares per shareholder increased by 33.47% to 2,407 shares [2]. - Hong Kong Central Clearing Limited was the largest circulating shareholder, holding 713,500 shares, an increase of 289,200 shares from the previous period [2].