Core Viewpoint - Zhaolong Interconnect's stock has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 17.09 billion yuan, despite a year-to-date increase of 14.27% [1] Financial Performance - For the first half of 2025, Zhaolong Interconnect reported revenue of 972 million yuan, reflecting a year-on-year growth of 14.29%, and a net profit attributable to shareholders of 89.61 million yuan, which is a 50.30% increase compared to the previous year [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Zhaolong Interconnect reached 35,000, an increase of 24.73% from the previous period, with an average of 7,265 circulating shares per shareholder, down by 3.80% [2] Dividend Distribution - Since its A-share listing, Zhaolong Interconnect has distributed a total of 113 million yuan in dividends, with 82.34 million yuan distributed over the past three years [3] Major Shareholders - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder with 1.6972 million shares, an increase of 655,400 shares from the previous period. Additionally, Southern CSI 1000 ETF is a new ninth largest shareholder with 850,800 shares [3] Business Overview - Zhaolong Interconnect, established on August 21, 1995, and listed on December 7, 2020, specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products. The main revenue sources include data communication cables (52.44% for 6 categories and below, 21.25% for 6A and above), connection products (10.04%), specialized cables (8.51%), and others (4.54% and 3.23%) [1] Industry Classification - Zhaolong Interconnect is classified under the communication equipment sector, specifically in communication cables and supporting products, and is associated with concepts such as machine vision, switches, big data, Alibaba concepts, and East Data West Calculation [1]

Company Overview - Zhejiang Zhaolong Interconnect Technology Co., Ltd. is located in Deqing County, Huzhou City, Zhejiang Province, established on August 21, 1995, and listed on December 7, 2020 [1] - The company specializes in the design, manufacturing, and sales of data cables, specialized cables, and connection products [1] Financial Performance - For the first half of 2025, Zhaolong Interconnect achieved operating revenue of 972 million yuan, a year-on-year increase of 14.29% [2] - The net profit attributable to the parent company was 89.61 million yuan, reflecting a year-on-year growth of 50.30% [2] - Cumulative cash dividends since the A-share listing amount to 113 million yuan, with 82.34 million yuan distributed over the past three years [3] Stock Performance - As of September 5, Zhaolong Interconnect's stock price increased by 2.00%, reaching 54.98 yuan per share, with a total market capitalization of 17.193 billion yuan [1] - Year-to-date, the stock price has risen by 14.96%, but it has decreased by 12.24% over the last five trading days [1] - The stock's trading volume on September 5 was 244 million yuan, with a turnover rate of 1.75% [1] Shareholder Information - As of June 30, the number of shareholders increased to 35,000, up by 24.73% from the previous period [2] - The average number of circulating shares per shareholder is 7,265, a decrease of 3.80% [2] - Notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with the latter being a new shareholder [3] Business Segmentation - The main business revenue composition includes: 52.44% from data communication cables (6 categories and below), 21.25% from data communication cables (6A and above), 10.04% from connection products, 8.51% from specialized cables, and 4.54% from other supplementary products [1] - The company operates within the communication equipment industry, specifically in the communication cables and supporting sector [1] Market Trends - Zhaolong Interconnect is associated with several concept sectors, including machine vision, East Data West Computing, switches, cloud computing, and IDC (data center) [1]

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Company Overview - Zhejiang Zhaolong Interconnect Technology Co., Ltd. is located in Deqing County, Huzhou City, Zhejiang Province, and was established on August 21, 1995. The company went public on December 7, 2020. Its main business involves the design, manufacturing, and sales of data cables, specialized cables, and connection products [1]. Business Composition - The revenue composition of the company's main business includes: - Data communication cables of 6 categories and below: 52.44% - Data communication cables of 6A and above: 21.25% - Connection products: 10.04% - Specialized cables: 8.51% - Other (supplementary): 4.54% - Other main products: 3.23% [1]. Stock Performance - On September 2, Zhaolong Interconnect's stock fell by 5.27%, trading at 63.30 CNY per share, with a transaction volume of 1.026 billion CNY and a turnover rate of 5.99%. The total market capitalization is 19.795 billion CNY [1]. Fund Holdings - Zhaolong Interconnect is a significant holding in the Hengyue Growth Select Mixed A Fund (010622), which increased its holdings by 13,900 shares in the second quarter, bringing the total to 510,400 shares. This represents 4.48% of the fund's net value, making it the fourth-largest holding. The estimated floating loss today is approximately 1.7965 million CNY [2]. Fund Performance - The Hengyue Growth Select Mixed A Fund was established on February 9, 2021, with a current scale of 348 million CNY. Year-to-date, it has achieved a return of 77.89%, ranking 189 out of 8,184 in its category. Over the past year, it has returned 93.68%, ranking 468 out of 7,971. Since inception, it has incurred a loss of 12.05% [2]. Fund Manager - The fund manager of Hengyue Growth Select Mixed A is Liao Mingbing, who has been in the position for 5 years and 53 days. The total asset size of the fund is 822 million CNY, with the best return during his tenure being 67.3% and the worst being -35.23% [3].

Core Viewpoint - The company reported slightly better-than-expected performance for 1H25, with significant growth in profitability during 2Q25, driven by the specialized cable segment and connection products [1][2] Financial Performance - In 1H25, the company achieved revenue of 972 million yuan, a year-on-year increase of 14.29%, and a net profit attributable to shareholders of 90 million yuan, up 50.30% [1] - For 2Q25, revenue reached 524 million yuan, reflecting an 8.47% year-on-year increase and a 16.84% quarter-on-quarter increase, with a net profit of 57 million yuan, marking a 35.72% year-on-year increase and a 74.94% quarter-on-quarter increase [1] - The gross margin for 1H25 was 16.17%, up 1.34 percentage points, and the net margin was 8.10%, up 1.56 percentage points; in 2Q25, the gross margin was 22.08%, up 4.13 percentage points year-on-year, and the net margin was 10.89%, up 2.16 percentage points year-on-year [1] Segment Performance - The specialized cable segment saw revenue of 175 million yuan in 1H25, a remarkable increase of 154.73%, while connection products generated revenue of 113 million yuan, up 46.80% [1] - The specialized cable segment achieved a gross margin of 50.86%, an increase of 21.46 percentage points, significantly boosting the overall profitability of the company [1] Market Outlook - The company is focusing on high-speed cable components and is benefiting from the ongoing construction of large data centers, which is expected to sustain growth in the market for high-speed DAC/AEC products [1] - The high-speed transmission cables are primarily used in computing centers, with applications supporting single-channel transmission rates of up to 224 Gb/s; the demand for reliable and low-carbon solutions is anticipated to expand the market for these products [1] - The company possesses technological and customer advantages, suggesting a continued increase in market share [1] Investment Recommendations - The company is positioned as a leading player in the high-speed copper cable sector, with solid customer foundations and technological accumulation translating into improved market performance [2] - With ongoing capacity expansion and rising demand for AEC/DAC products in the GPU/ASIC market, the specialized cable and connection product segments are expected to maintain the strong growth seen in 2Q25 [2] - Revenue projections for 2025, 2026, and 2027 are 2.245 billion, 2.926 billion, and 4.013 billion yuan, representing year-on-year growth rates of 22.57%, 30.36%, and 37.14% respectively; net profits are forecasted at 187 million, 321 million, and 509 million yuan, with growth rates of 22.26%, 71.83%, and 58.34% respectively [2]

Core Viewpoint - Zhaolong Interconnect (300913) reported a significant growth in revenue and net profit for the first half of 2025, driven by strong market demand and strategic product offerings [1][2]. Financial Performance - The company achieved operating revenue of 972 million yuan, a year-on-year increase of 14.29% [1]. - The net profit attributable to shareholders reached 89.61 million yuan, reflecting a substantial growth of 50.30% compared to the same period last year [1]. Market Opportunities - Zhaolong Interconnect capitalized on the booming data transmission and communication connection market, with specialized cable sales surging by 154.73% year-on-year [2][4]. - The global digital economy and high-tech industries are expanding, creating vast market opportunities in the communication connection sector [3][7]. Product Development - The company has developed a comprehensive product matrix, offering a full range of data cables from category 5e to 8, catering to various critical applications [3]. - High-speed transmission cables can support a maximum working frequency of 60GHz, essential for efficient connections in data centers and AI computing centers [3][4]. Industry Growth - The global high-speed cable market is projected to grow at a compound annual growth rate (CAGR) of 10.2%, with market size expected to increase from 12.9 billion USD in 2024 to 24.99 billion USD by 2031 [4]. - The demand for industrial communication cables and connection products is anticipated to continue growing rapidly, driven by advancements in automotive electronics, IoT, and smart manufacturing [4][6]. Product Sales Performance - Sales revenue from high-end data cables (6A and above) increased by 7.72% year-on-year, while specialized cable sales revenue saw a remarkable growth of 154.73% [4]. - Revenue from connection products grew by 46.8% year-on-year, supported by deep market penetration and technological advancements [5]. Technological Advancements - The company is focusing on key technological areas such as signal compensation, high-frequency attenuation suppression, and ultra-high-frequency transmission cable development [5][6]. - Zhaolong Interconnect has established partnerships with leading companies in various industries, enhancing its capabilities in industrial Ethernet and automation [6]. Future Outlook - The ongoing trends in information technology, digitalization, and smart technology are expected to drive further growth in the digital communication industry [7]. - The company aims to continue enhancing product quality and reliability, solidifying its leading position in the industry [7].

Core Viewpoint - Zhaolong Interconnect's stock price closed at 49.12 yuan on July 30, 2025, reflecting a decline of 1.17% from the previous trading day, with a trading volume of 651 million yuan [1] Group 1: Company Overview - Zhaolong Interconnect specializes in the research and manufacturing of data cables, specialized cables, and connection products, with applications in data centers, industrial automation, and communication networks [1] - The company's product range includes copper cable high-speed connections and optical communication modules, covering multiple technological fields [1] Group 2: Recent Developments - The company recently announced on its investor interaction platform that its products, such as robot cables, Fakra coaxial components, and single-pair Ethernet cables, are applicable in the robotics sector [1] - Zhaolong Interconnect has become a core partner for a leading international interconnect solutions provider in the active cable domain [1] Group 3: Market Activity - On July 30, 2025, Zhaolong Interconnect experienced a net outflow of main funds amounting to 44.78 million yuan, which represents 0.36% of its circulating market value [2]

Core Viewpoint - Zhejiang Zhaolong Interconnect Technology Co., Ltd. plans to issue shares to specific investors to raise funds for various projects, including the construction of a production base in Thailand and smart manufacturing of high-speed cables and connection products [1][6]. Summary by Sections Issuance Plan - The company intends to issue a maximum of 77,868,520 shares, not exceeding 30% of the total share capital before the issuance [1]. - The final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark date [1]. - All investors participating in the issuance will subscribe using cash [1]. Fund Utilization - The total investment amount for the projects is approximately 121,309.95 million yuan, with 119,500.00 million yuan expected to be raised from this issuance [2]. - The company may adjust the order and amount of fund allocation based on the urgency and importance of the projects [2]. Shareholder Structure - As of March 31, 2025, the total share capital of the company is 259,561,736 shares, with 18.25% being restricted shares and 81.75% being freely tradable shares [11]. - The controlling shareholder is Zhaolong Holdings, which holds 63.11% of the company's shares through direct and indirect means [11]. Financial Performance - The company reported total assets of 19,353.44 million yuan and net assets of 18,708.13 million yuan as of March 31, 2025 [11]. - The net profit for the first quarter of 2025 was 302.59 million yuan, compared to 1,697.27 million yuan for the entire year of 2024 [11]. Risks and Challenges - The company faces risks related to technological iteration and new product development, which are critical for maintaining market competitiveness [3]. - Fluctuations in the prices of raw materials, particularly copper, can impact the company's profit margins and financial performance [4]. - The company has a significant amount of accounts receivable, which poses a risk of delayed collection affecting operational performance [5].

"中航成飞将充分发挥资本市场对实体产业的赋能作用，充分挖掘上市平台功能，不断强化科技创新核 心竞争力，促进更多社会资源向关键核心领域汇聚。"中航成飞有关负责人表示。 在全球空天产业加速迈向"深蓝"的背景下，中国航空航天产业迎来战略机遇期。中商产业研究院数据显 示，中国商业航天市场规模自2015年以来保持高速增长，2019—2023年年均增长率保持在20%以上， 2024年商业航天市场规模将达2.34万亿元。 在这个过程中，深市航空航天上市公司以创新为引擎，持续驱动"太空经济"驶入发展快车道，让星辰大 海的梦想照进现实商业图景。 中航成飞通过"百团大战"创新模式，打破研发壁垒，实现歼-20、无人机等尖端装备的迭代突破，推动 我国空军现代化加速前行；中航光电凭借自主研发各类连接产品500多个系列、35万多个品种打破国际 垄断；天奥电子依托北斗三号星载原子钟和时频全系列产品，夯实空天信息底座…… 不难看出，深市 航空航天企业正以硬核创新链动产业升级，在星辰征途中标注中国坐标。 今年《政府工作报告》明确提出，因地制宜发展新质生产力，加快建设现代化产业体系。其中，要培育 壮大新兴产业、未来产业。深入推进战略性新兴产业融 ...