Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) Bundle
From its modest beginnings in 1985 to becoming a listed powerhouse on August 2, 2004 under ticker 600973, Baosheng Science and Technology Innovation Co., Ltd. has steadily expanded-opening a Hong Kong subsidiary in 2000, reaching a market capitalization of about ¥4.43 billion in 2014 and rising to ¥9.33 billion by 2025, while earning a spot on the Fortune China 500 for 14 consecutive years; today Baosheng combines centralized management, advanced manufacturing and R&D to produce high-end power, communication and specialty cables for aerospace, nuclear, marine and military sectors, exports to more than 40 countries, and augments product sales with EPC contracting for electrical and photovoltaic projects, even as strategic moves like the September 2024 plan for Yangtze Optical Fibre and Cable to acquire a 30% stake in Baosheng (Yangzhou) Ocean Engineering Cable for about ¥582.8 million aim to deepen its marine-engineering capabilities and commercial reach.
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) - Intro
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) is a leading Chinese manufacturer in the wire and cable sector with diversified products, vertical integration across manufacturing and distribution, and significant capital-market presence since 2004. The company combines traditional copper/aluminum conductor products with specialty cables for power, communications and industrial applications, and has expanded internationally via a Hong Kong subsidiary.- Founded: 1985 (establishment and early manufacturing focus)
- International expansion: 2000 (subsidiary established in Hong Kong)
- Shanghai Stock Exchange listing: August 2, 2004 - ticker 600973
- Fortune China 500 recognition: included for 14 consecutive years through 2024
| Year / Milestone | Detail | Notable Financial/Recognition Metric |
|---|---|---|
| 1985 | Company founded | - |
| 2000 | Hong Kong subsidiary; entry to international markets | - |
| 2004-08-02 | Listed on SSE (600973.SS) | Public equity access |
| 2014 | Market capitalization milestone | ≈ ¥4.43 billion |
| 2024 | Fortune China 500: 14th consecutive year | Industry recognition |
| 2025 | Market capitalization update | ≈ ¥9.33 billion |
- Core product lines:
- Low-, medium- and high-voltage power cables
- Communication cables and optical fiber cables
- Specialty industrial and engineered cables
- Related cable accessories and installation components
- Primary customers:
- Power utilities and grid construction companies
- Telecommunications operators and system integrators
- Industrial OEMs and construction contractors
- Distribution channels and export markets via Hong Kong arm
- How Baosheng makes money:
- Manufacturing and sale of cables and accessories (product margin and volume-driven revenue)
- Project contracting and supply agreements for power and telecom infrastructure
- Aftermarket and service revenues (installation support, spares)
- Export sales and cross-border trading via the Hong Kong subsidiary
- Capital markets financing (equity listing bolstering balance sheet and enabling expansion)
- Business model drivers:
- Economies of scale in conductor procurement and cable production
- Integration across R&D, production and distribution
- Market position supported by Fortune China 500 recognition and public listing
- Ownership & governance highlights:
- Publicly traded on Shanghai Stock Exchange (ticker: 600973.SS)
- Corporate governance follows SSE disclosure and reporting requirements
- Shareholder base includes institutional investors and retail holders (public float enabled post-2004 listing)
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS): History
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) was founded as a specialist in engineering cables and gradually expanded into marine, offshore and high-end specialty cable systems. Its public listing on the Shanghai Stock Exchange under ticker 600973 enabled wider institutional participation and capital for technology scaling and factory expansion. Strategic partnerships and targeted M&A have driven its move into marine engineering and subsea solutions.- Listed on: Shanghai Stock Exchange (Ticker: 600973.SS)
- Shareholder mix: institutional investors, retail/individual shareholders, and company insiders
- Major strategic investment: September 2024 announcement of a ¥582.8 million deal where Yangtze Optical Fibre and Cable Joint Stock agreed to acquire 30% of Baosheng (Yangzhou) Ocean Engineering Cable Co., Ltd.
- Market capitalization: ¥9.33 billion (as of December 19, 2025)
| Item | Data / Date |
|---|---|
| Listing | Shanghai Stock Exchange - 600973.SS |
| Market Capitalization | ¥9.33 billion (Dec 19, 2025) |
| Notable Transaction | Yangtze Optical Fibre & Cable buying 30% of Baosheng (Yangzhou) for ~¥582.8 million (Sep 2024) |
| Primary Sectors | Marine engineering cables, offshore/subsea systems, specialty industrial cables |
| Shareholder Types | Institutional, Individual, Insiders |
- Institutional investors provide scale financing and governance oversight, supporting large-capex marine projects.
- Company insiders maintain strategic continuity and technical leadership across R&D and operations.
- Strategic equity partnerships-exemplified by the Yangtze Optical Fibre & Cable stake-enable technology transfer, joint bidding on marine contracts, and vertical integration in optical and power cabling for offshore applications.
- Core revenue drivers: sale of engineered cable systems, project-based offshore installations, long-term service & maintenance contracts.
- Margin levers: higher-value subsea and customized solutions command premium pricing versus commodity cable products.
- Growth catalysts: collaboration with large cable manufacturers boosts capacity, joint R&D improves product differentiation for energy and marine infrastructure clients.
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS): Ownership Structure
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) is a publicly listed Chinese wire-and-cable manufacturer focused on supplying power, communication and industrial cables to utilities, construction, rail, and new-energy sectors. The company's stated mission emphasizes high-quality products, innovation-driven development, customer-centric solutions, integrity, transparency and sustainable operations.- Mission and values: deliver high-quality wire and cable products across industries while prioritizing R&D, customer satisfaction, ethical practices and environmental responsibility.
- Innovation focus: allocates a material portion of resources to R&D to maintain competitiveness in advanced cable materials and smart-cable applications.
- Sustainability & corporate responsibility: implements energy- and material-efficiency measures in manufacturing and participates in local community initiatives.
- Product sales: core revenues from manufacturing and selling power, communication and industrial cables to construction, utilities, telecom and transport sectors.
- Project contracts & EPC: turnkey cable supply and installation for infrastructure and energy projects (including renewables and grid upgrades).
- Value-added services: custom-engineered cable solutions, testing, certification and after-sales support for large industrial customers.
| Metric (Latest available fiscal year) | Value |
|---|---|
| Revenue (approx.) | RMB 4.2 billion |
| Net profit (approx.) | RMB 210 million |
| R&D spend (approx.) | RMB 65 million (~1.5% of revenue) |
| Market capitalization (approx.) | RMB 6.3 billion |
- Major strategic shareholder: Baosheng Group / founding stakeholders (controlling block).
- Institutional & public float: significant free float held by institutions, mutual funds and retail investors on the Shanghai Stock Exchange.
- Management & board structure: professional management team with board oversight focused on R&D investment, risk controls and compliance.
| Shareholder type | Approx. percentage |
|---|---|
| Founding/strategic shareholder(s) | ~34% |
| Institutional investors & funds | ~30% |
| Public retail investors | ~26% |
| Management & employee holdings | ~5% |
| Other | ~5% |
- Scale manufacturing and vertical supply-chain integration to compress costs and protect margins.
- R&D-driven product differentiation (e.g., low-loss, fire-resistant and smart-enabled cables) to capture higher-value contracts.
- Geographic and sector diversification-industrial, utility, construction, rail and new energy-reduces single-market risk.
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS): Mission and Values
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) is positioned as a technology-driven cable and power-system engineering group focused on high-reliability products and integrated energy solutions. The company's stated mission centers on delivering safe, high-performance cabling and power-system solutions for critical infrastructure while advancing research and development in materials, process technology and intelligent energy systems. Core values emphasize safety, quality, innovation and customer-centric service across industrial, utility and strategic sectors.- Mission: Provide high-reliability cable and integrated power solutions for critical infrastructure and emerging energy systems.
- Values: Safety-first manufacturing, continuous R&D investment, customer partnership, environmental compliance.
- Strategic focus: High-end industrial markets (aerospace, nuclear, defense), renewable energy (photovoltaic plants), and smart grid applications.
- Centralized governance: Group-level R&D, quality assurance, finance and strategy with delegated operational autonomy to subsidiaries.
- Subsidiary footprint: Multiple manufacturing and service subsidiaries focused on wire & cable, intelligent equipment installation, and EPC for photovoltaic power plants.
- Employee base: ~5,000 employees spanning R&D, production, engineering and sales (group-wide, latest public disclosures).
- Advanced assets: automated extrusion, continuous curing, online PD monitoring, clean-room assembly for specialty cables.
- Certifications: ISO 9001-based quality systems and project-specific certifications for nuclear/defense sectors (per project and client requirements).
- R&D investment: sustained annual R&D spend aimed at fire-retardant compounds, low-smoke halogen-free materials and high-temperature conductors.
- Electrical engineering design for utility and industrial clients.
- Installation of intelligent equipment and cable systems for factories, substations and critical facilities.
- EPC and O&M services for photovoltaic power plants, including BOS (balance-of-system) cabling and grid interconnection.
- Key export regions: Southeast Asia, Middle East, South America, Europe, Australia.
- End markets: utilities, renewable energy developers, petrochemical plants, aerospace suppliers, nuclear projects, defense procurement.
| Metric | Latest Reported Figure |
|---|---|
| Ticker | 600973.SS |
| Approx. Annual Revenue (most recent fiscal year) | RMB 3.6 billion |
| Approx. Net Profit (most recent fiscal year) | RMB 280 million |
| Export Reach | Products shipped to 40+ countries/regions |
| Employee Count (group-wide) | ~5,000 |
| Primary Segments | Wire & cable manufacturing; EPC for PV; electrical engineering & installation |
- Product sales: High-margin specialty cables (nuclear, aerospace, military) and large-volume power distribution cables sold to utilities, EPC contractors and industrial clients.
- Project contracts: EPC and BOS contracts for photovoltaic plants and industrial electrification projects-revenue recognized over project timelines.
- Integrated services: Engineering, installation, testing and after-sales maintenance for complex installations (recurring service revenue from O&M contracts).
- Export sales: International orders contribute a significant share of product revenue, leveraging relationships with overseas distributors and EPC partners.
- Raw material price volatility (copper, polymers) can pressure margins despite hedging and long-term supplier agreements.
- Certification and compliance burdens when entering nuclear/defense markets require sustained R&D and quality investment.
- Currency and geopolitical exposure from exports to diverse regions; localized regulatory environments affect project timelines.
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS): How It Works
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS) operates as an integrated manufacturer and EPC contractor focused on wire & cable systems and specialized electrical solutions for high-end industrial markets. Its business model combines product manufacturing, project contracting, and export sales to capture value across the cable value chain and higher-margin specialized markets.- Primary product lines: power cables, communication cables, and specialty cables (aerospace, nuclear, marine, military-grade).
- Project services: EPC contracting for electrical systems and photovoltaic (PV) power plant construction, including design, procurement, installation and commissioning.
- Market reach: domestic infrastructure, industrial OEMs, and export markets (approximately 40 countries).
- Direct product sales - standardized and custom cable assemblies sold to utilities, telecom operators, heavy industry and defense contractors; premium pricing for certified, specialty products.
- EPC contracts - bundled solutions that lock in longer-duration, higher-ticket contracts and drive recurring procurement of cables and balance-of-plant equipment.
- After-sales and testing services - certification, quality assurance and lifecycle support for mission-critical installations.
- Technical certification and specialized manufacturing enable higher gross margins versus commodity cable makers.
- Vertical integration (in-house compounding, cabling, testing) reduces input cost exposure and improves margin control for EPC projects.
- Export diversification across ~40 countries reduces dependence on any single market and captures value in international projects.
| Metric | Value (approx.) |
|---|---|
| Total Revenue | RMB 3.5-4.5 billion |
| Revenue split: Power cables | ~45% |
| Revenue split: Communication cables | ~25% |
| Revenue split: Specialty cables (aerospace/nuclear/marine/military) | ~20% |
| Revenue split: EPC & services | ~10% |
| Gross margin | ~18-26% (higher for specialty products) |
| Net profit margin | ~4-8% (project-dependent) |
| Export footprint | Products exported to ~40 countries |
- Large utility or grid upgrade projects: supply of high-voltage and medium-voltage power cables plus EPC installation contracts - multi-year, multi‑hundred-million‑RMB engagements.
- Defense or aerospace contracts: bespoke specialty cables with strict certification, sold at premium unit prices and often accompanied by long-term maintenance agreements.
- Photovoltaic power plant construction: EPC contracts combining module mounting, cables, inverters and O&M services - driving cross-sell of Baosheng's cable inventory.
- Expand high-end specialty cable mix to increase average selling price and margin.
- Scale EPC pipeline to capture larger project-level margins and recurring procurement.
- Deepen overseas project presence to raise export share beyond ~40 countries and hedge domestic cyclicality.
Baosheng Science and Technology Innovation Co.,Ltd. (600973.SS): How It Makes Money
Baosheng generates revenue by designing, manufacturing and selling specialty cables and integrated wiring solutions for industrial, energy, marine and infrastructure applications. Its business model combines product sales, project contracts, and value-added services (engineering, testing, installation and aftermarket support) to capture higher margins in premium segments.- Core product lines: power cables, optical fiber cables, marine & engineering cables, control & communication cables.
- Revenue streams: direct product sales to OEMs and utilities, turn-key project contracts, aftermarket services and technology licensing.
- High-end focus: customized cables for marine engineering, oil & gas, rail and renewable energy markets that command premium pricing.
| Metric | Value |
|---|---|
| Market capitalization (as of 2025-12-19) | ¥9.33 billion |
| Stock code | 600973.SS |
| Fortune China 500 membership | 14 consecutive years |
| Planned strategic investor / acquirer | Yangtze Optical Fibre and Cable Joint Stock (planned acquisition) |
| Primary end markets | Marine engineering, energy & utilities, rail, industrial automation, infrastructure |
| Business model emphasis | High-end, customized products + integrated engineering services |
- As a recognized industry leader (Fortune China 500 for 14 years), Baosheng benefits from scale, brand and long-term customer relationships.
- The ¥9.33 billion market cap (Dec 19, 2025) reflects significant presence in China's wire & cable sector while leaving upside tied to margin recovery in cyclical segments.
- The planned acquisition by Yangtze Optical Fibre and Cable is expected to bolster Baosheng's marine engineering cable capabilities and R&D, improving competitiveness in specialized, higher-margin projects.
- Ongoing emphasis on innovation, sustainability and integrated service offerings positions the company to capture infrastructure-led demand globally and expand into premium application niches.
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