值得注意的是，公司经营活动产生的现金流量净额同比大幅改善75.99%，反映出销售回款能力增强和 营运资金管理效率提升。 近日，通光线缆（股票代码：300265）发布2025年半年度报告。报告显示，公司上半年实现营业收入 12.28亿元，同比增长7.01%，展现出在复杂市场环境下的稳健经营能力。尽管净利润受多重因素影响出 现短期波动，公司在高端海洋装备能源系统、特种线缆技术突破与市场拓展等方面仍取得显著进展。 营收稳步增长，现金流大幅改善 公司主营业务涵盖光纤光缆、输电线缆和装备线缆三大板块，其中：装备线缆收入同比增长32.41%， 毛利率提升至30.68%；输电线缆收入增长13.01%，继续保持市场优势；光纤光缆业务虽略有下滑，但 高附加值产品占比持续提升。 在航空航天、高频通信、柔性机器人电缆等高端领域，公司技术已达到国际先进水平，实现进口替代。 通光线缆长期服务于国家电网、南方电网、中国航天科技集团、中国电子科技集团等大型优质客户，订 单稳定且合作关系深厚。报告期内，公司中标多个重大电网项目，金额合计超过30亿元，为其后续业绩 提供坚实保障。 布局新能源、海洋经济与新基建 通光线缆在报告中明确表示，将继续 ...

Group 1: Company Overview and Strategy - The company follows a "dual-wing" development strategy focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company is one of the largest intelligent equipment cable manufacturers in China, with a strong emphasis on R&D and production capabilities [2][3] Group 2: Product Competitiveness - The company has a competitive edge in robot cables due to its advanced product design and manufacturing capabilities, with core team members having over 15 years of experience [3] - It is the first in China to have a TUV-certified robot cable laboratory, accumulating extensive experimental data in the field [3] - The company has received dual certifications from TUV Rheinland and UL, enhancing product reliability [3] Group 3: Market Position and Risks - The company's industrial robot, humanoid robot, and robotic dog cable products currently represent a small proportion of overall revenue, highlighting potential investment risks [3][4] - The domestic market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [4] Group 4: Financial Performance - In 2024, the company plans to have 994 R&D personnel with an investment of approximately ¥656.78 million, accounting for 3.70% of total revenue [5] - The gross profit margins for electrical products, communication products, and high molecular materials are 9.92%, 12.31%, and 13.24% respectively [5] - The revenue composition for 2024 is as follows: electrical products at ¥117.47 billion (66.14%), communication products at ¥4.99 billion (2.81%), high molecular materials at ¥51.85 billion (29.20%), and trade/services at ¥3.3 billion (1.85%) [7]