Core Viewpoint - The company views overseas markets as a core growth driver and plans to achieve its strategic goal of "recreating a new Qiaoguan" through industry chain collaboration and prudent mergers and acquisitions [1][10]. Company Overview - Qiaoguan Cable, established in 2006, is a national high-tech enterprise and a "little giant" specializing in niche markets, primarily producing power cables and related products for various sectors including energy, transportation, and construction [3][12]. - The cable industry accounts for approximately one-quarter of China's electrical industry output value, making it a crucial supporting industry for the national economy [3][12]. Financial Performance - The company has shown strong growth in recent years, with revenue projected to increase from 2.688 billion yuan in 2021 to 3.585 billion yuan in 2024, and net profit expected to rise from 82.01 million yuan to 133 million yuan during the same period [3][12]. - In the first half of 2025, the company achieved a significant milestone by signing contracts worth 9.65 billion yuan in the Southern Power Grid's centralized bidding, marking a historical high [4][13]. Strategic Goals - The strategic goal of "recreating a new Qiaoguan" aims for leapfrog development through both internal and external enhancements, emphasizing the necessity of international expansion as a critical path for future growth [5][14]. - The company recognizes the urgent demand for power infrastructure upgrades in emerging overseas markets, which presents significant opportunities for Chinese enterprises [5][15]. International Expansion - Qiaoguan Cable has identified Latin America as a key area for foreign trade expansion and has made tangible progress, including forming a specialized foreign trade team and initiating international product certification [7][17]. - The company plans to collaborate with upstream and downstream enterprises in the industry chain to tackle the complexities of the international environment and enhance its competitive edge [7][17]. Mergers and Acquisitions - Mergers and acquisitions are viewed as a vital pathway to achieve the strategic goal, with the company focusing on opportunities in the power equipment sector, such as electric meters and transformers [8][18]. - The company aims to enhance its overall solution capabilities by potentially establishing factories or acquiring businesses to complete its industry chain [8][18]. Future Outlook - The company intends to continue strengthening its domestic market share while actively exploring international pathways, particularly in the fields of new energy vehicle charging cables and marine energy-related cables [9][19]. - The strategic focus remains on core cable operations, with a cautious approach to decision-making to seize opportunities for steady growth amid challenges [8][18].

Core Viewpoint - The company views overseas markets as a core growth area and plans to achieve its strategic goal of "recreating a new Qiaoguan" through industry chain collaboration and prudent mergers and acquisitions [2][4]. Group 1: Company Overview - Qiaoguan Cable, established in 2006, is a national high-tech enterprise and a "specialized, refined, and innovative" small giant, primarily producing power cables and related products [3]. - The company’s products are widely used in various sectors, including power, energy, transportation, and construction, accounting for about one-quarter of China's electrical industry output [3]. - Since its listing in 2021, the company has significantly enhanced its brand influence and customer trust, supporting technological upgrades and equipment modernization [3]. Group 2: Financial Performance - The company has shown a strong growth trend, with revenue projected to increase from 2.688 billion yuan in 2021 to 3.585 billion yuan by 2024, and net profit expected to rise from 82.01 million yuan to 133 million yuan during the same period [3]. Group 3: Market Position and Strategy - In the first half of 2025, the company achieved a significant breakthrough by signing contracts worth 9.65 billion yuan in the Southern Power Grid's centralized bidding, reinforcing its position as a key supplier in the domestic market [4]. - The company recognizes the shift in the industry towards quality improvement and aims to leverage emerging overseas markets, particularly in Latin America, where there is a high demand for infrastructure development [4][5]. Group 4: International Expansion - The company has identified Latin America as a key area for international trade expansion and has made tangible progress, including forming a specialized foreign trade team and initiating product international certification [5]. - The company plans to collaborate with upstream and downstream enterprises in the industry chain to navigate the complexities of the international market [5][6]. Group 5: Future Outlook - The company intends to extend its industry chain through mergers and acquisitions, focusing on power equipment sectors like electric meters and transformers to enhance its overall solution capabilities [6]. - The company aims to maintain a strong domestic market presence while accelerating overseas expansion, with a focus on technological innovation and market development to ensure long-term stable growth [7].

"出海不是选择题，而是必答题。"球冠电缆总经理陈永直在接受中国证券报记者专访时表示。在国内电 线电缆行业步入"强者恒强"的存量竞争时代，他将海外市场视为公司未来的核心增长极，并计划通过产 业链协同出海与审慎并购，实现"再造一个球冠"的战略目标。 ● 本报记者 罗京 综合竞争力进一步增强 球冠电缆成立于2006年，是国家级高新技术企业和"专精特新"小巨人企业，公司主要产品为500kV及以 下电线电缆，包括电力电缆系列产品、电气装备用电线电缆产品、裸电线类产品三个大类，产品广泛应 用于电力、能源、交通、智能装备、石化、冶金、工矿、建筑工程等多个领域。 "电线电缆是输送电能、传递信息和实现电磁能量转换不可或缺的基础产品。"陈永直向记者介绍，"该 产业约占我国电工行业总产值的四分之一，是国民经济中重要的配套产业。" 2021年，球冠电缆成功登陆资本市场，成为公司发展的里程碑。陈永直表示，上市显著提升了公司的品 牌影响力与客户信任度，也为技术改造与装备升级提供了有力支撑。"近四五年，我们投入大量资金进 行装备更新，基本完成了全产线的升级换代，目前在生产制造、质量管控和产品交付效率等方面已达到 行业领先水平。" 近年来， ...

Core Viewpoint - The company reported a mixed performance in its 2025 semi-annual report, with revenue growth but a decline in net profit, while continuing to expand its market presence and invest in R&D projects related to new energy and marine cables [1][2]. Group 1: Financial Performance - The company achieved a revenue of 1.662 billion yuan in the first half of 2025, representing a year-on-year increase of 1.76% [1]. - The total contract signed reached 2.86 billion yuan, showing a significant year-on-year growth of 31% [2]. - The net profit attributable to shareholders was 52.813 million yuan, which is a decline of 9.69% compared to the previous year [1]. Group 2: Market Development - The company made breakthroughs in its main markets, specifically with the State Grid and Southern Power Grid, achieving record high bids [2]. - It successfully became a qualified supplier for major state-owned enterprises like China National Petroleum Corporation, expanding its collaboration with companies such as China Power Construction and China Railway Construction [2]. - The company is actively pursuing international certification for its products to enhance its foreign trade capabilities [2]. Group 3: Production and Innovation - The company is focusing on refining manufacturing unit assessments and is advancing upgrades to old production lines and equipment to improve capacity and efficiency [2]. - It completed the R&D of five projects, including the Australian standard 33kV 1C1200 cable, and is continuing development on 500kV polyethylene and polypropylene cables [2]. - The company initiated new R&D projects for electric vehicle charging cables and marine cables, and completed nine technical innovation projects, including addressing issues with high-speed CCV cross-linking [2].