Orient Cable 2025 Revenue Tops RMB 10 Billion; Submarine Cable Revenue Up 65.6%, Orders Over 18.4 Billion

Orient Cable (603606. SH) had orders in hand exceeding RMB 18.4 billion as of April 21, 2026. In June 2026, the company won new projects totaling approximately RMB 5.231 billion.

In 2025, Orient Cable's revenue exceeded RMB 10 billion for the first time, up 19.26% year-on-year. Net profit attributable to shareholders reached RMB 1.271 billion, up 26.11%, and adjusted net profit attributable to shareholders (excluding non-recurring items) grew 38.01%. In the same year, revenue from submarine and high-voltage cables reached RMB 5.363 billion, up 65.60%, surpassing land cables for the first time to become the company's largest revenue segment. The gross margin of submarine cables was nearly four times that of the land cable business, and the overall gross margin of the company's main business rose to 22.07% from 18.77% a year earlier.

In overseas business, export revenue in 2025 grew 70.83% year-on-year, and the export gross margin rose to 38.50% from 15.60% a year earlier. Export revenue accounted for approximately 11.6% of main business revenue. The company established a wholly-owned European subsidiary in the Netherlands, a wholly-owned grand subsidiary in the UK, and built an international investment platform through a Hong Kong company. In 2025, the company completed its first delivery of an ultra-high voltage submarine cable project for a UK offshore wind farm.

Application scenarios for submarine cables include offshore wind power, cross-sea power interconnections, deep-sea oil and gas development, offshore energy islands, and submarine data centers.

As of March 25, 2026, Orient Cable's orders in hand stood at RMB 19.312 billion. Subsequently, by April 21, the orders in hand still exceeded RMB 18.4 billion. The approximately RMB 5.231 billion in new orders won in June mainly came from the relatively lower-margin land cable business.

The submarine cable business operates on a project basis with a long order conversion cycle. As of the end of 2025, accounts receivable and contract assets totaled approximately RMB 3.931 billion, equivalent to about 36% of the year's revenue. In 2025, the company's net cash flow from operating activities reached RMB 1.965 billion, up 76.58% year-on-year.