Group 1 - Wanma Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose certain investment matters in a timely manner, involving key personnel including the former chairman and general manager [2][3] - The warning letter highlighted two specific violations in 2022: a 1 billion yuan investment contract signed in March that was not disclosed until May, and a 51 million yuan investment in an industry fund that was disclosed in November [3] - The company acknowledged the issues raised in the warning letter and committed to improving compliance with disclosure regulations [3] Group 2 - Wanma Co., Ltd. is a well-known player in the cable industry, with operations spanning power cables, communication cables, and polymer materials, and is actively seeking to expand into emerging sectors like new energy charging stations and robotic cables [4] - In 2022, the company reported revenues of 14.675 billion yuan, a year-on-year increase of 14.94%, and a net profit of 411 million yuan, up 51.44% [5] - For 2023, revenues reached 15.121 billion yuan, a growth of 3.04%, with net profit increasing to 555 million yuan, a rise of 34.97% [5] - However, in 2024, the company experienced a significant decline in net profit to 341 million yuan, a decrease of 38.57% compared to 2023, despite revenue growth of 17.46% [5]

根据联合资信最近的评级结果，公司个体信用等级为 aa，主体长期信用等级为 AA，评级展望为 稳定；公司委托联合资信评级的相关债项评级结果详见下表，青岛西海岸新区海洋控股集团有限公 司（主体长期信用等级为 AAA，评级展望为稳定）对公司相关存续债券提供了全额无条件不可撤销 的连带责任保证担保，评级有效期为相关债项存续期。 联合〔2025〕8391 号 联合资信评估股份有限公司关于浙江万马股份有限公司 及相关人员收到《警示函》及《监管函》的关注公告 受浙江万马股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下简称 "联合资信"）对公司及其发行的相关债项进行了信用评级。除评级委托关系外，联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 年 8 月，经基金合伙人大会审议通过，同意部分合伙人退出合伙企业，公司子公司出资额变更为 1.95 亿元，持有份额变更为 70%，公司迟至 2022 年 10 月 12 日才对上述对外投资重大进展事项对 外披露。公司以及公司时任董事长李刚等相关人员的上述行为违反了深交所《股票上市规则（2022 年修订）》相关规定。 根据公司于 2025 ...

Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Core Viewpoint - Zhejiang Wanma Co., Ltd. faced regulatory scrutiny for failing to timely disclose significant events and investment matters, resulting in a warning letter from the China Securities Regulatory Commission's Zhejiang Bureau [1] Summary by Relevant Sections - **Company Violations** - Key executives, including General Manager Xu Lanzhi and Vice Chairman Zhang Shanshan, were found to have not disclosed certain investment matters in a timely manner [1] - The company failed to present some investment projects for board review and did not disclose major progress on these projects [1] - **Regulatory Actions** - The regulatory body issued a warning letter as a supervisory measure, which will be recorded in the securities and futures market integrity archive [1]

Core Viewpoint - Zhejiang Wanma Co., Ltd. is facing regulatory scrutiny due to multiple information disclosure violations, which casts a shadow over its ongoing business transformation [2][3] Group 1: Regulatory Issues - On August 15, the Shenzhen Stock Exchange issued a regulatory letter to Wanma Co. and its management, highlighting significant delays in information disclosure for 2022 [3] - The company failed to timely disclose a 1 billion yuan investment contract and a 51 million yuan related party transaction, violating multiple provisions of the Stock Listing Rules [3] - Zhejiang Securities Regulatory Bureau subsequently issued a warning letter, emphasizing the management's failure to fulfill their duties and the systemic governance flaws within the company [3][7] Group 2: Financial Performance - In the 2024 annual report, Wanma Co. reported a revenue of 17.761 billion yuan, a year-on-year increase of 17.46%, marking a historical high [4] - However, the net profit significantly declined to 341 million yuan, down 38.57% year-on-year, indicating a "revenue without profit" scenario [4] - The company's cash flow situation worsened, with net cash flow from operating activities plummeting by 54.90% to 201 million yuan, and cash reserves decreased by 30.84% to 2.374 billion yuan [4] Group 3: Business Transformation - Wanma Co. is actively transitioning towards high-end markets, with its core power product segment achieving a revenue of 11.747 billion yuan, a 32.29% increase, accounting for 66.14% of total revenue [5] - The company is focusing on high-end intelligent equipment cables, particularly in robotics applications, and has successfully passed rigorous durability tests [5] - In Q1 2025, the company secured contracts worth approximately 4.5 billion yuan from major state-owned enterprises, which is over 25% of its total revenue for 2024, providing significant support for performance recovery [5] Group 4: Governance and Compliance - The regulatory issues revealed are from 2022 but were only discovered in 2025, indicating persistent shortcomings in the company's internal control mechanisms [7] - Wanma Co. has stated its commitment to enhancing compliance with information disclosure regulations, but the market is more concerned about the actual implementation of systemic reforms [8] - The company is at a crossroads, needing to balance compliance with growth while addressing governance and transparency to sustain its market value [8]

Group 1 - The company, Wanma Co., has engaged in partnerships with multiple robotic dog companies based on its Wanma Robot Intelligent Connection CCa system [1] - Some collaboration clients and products are not disclosed due to confidentiality reasons [1]

Group 1 - The core point of the article is that Wanma Co., Ltd. announced the convening of its 38th board meeting on August 17, 2025, to discuss the proposal for conducting futures and options hedging business in 2025 [1] - For the fiscal year 2024, Wanma Co., Ltd.'s revenue composition is reported as 99.45% from industrial operations and 0.55% from other sources [1]

金融界8月18日消息，万马股份公告称，公司于2025年8月17日召开相关会议，审议通过回购注销部分限 制性股票并调整回购价格议案。因部分激励对象离职、个人绩效考核及公司层面业绩等原因，公司拟回 购注销190名激励对象已获授但尚未解除限售的限制性股票321.44万股。本次回购注销完成后，公司总 股本将由10.14亿股减至10.11亿股，注册资本也相应由人民币10.14亿元减少为人民币10.11亿元。责任编 辑：磐石 ...

金融界8月18日消息，万马股份公告称，2025年8月17日其召开第六届董事会第三十八次会议及第六届监 事会第二十二次会议，审议通过回购注销2023年限制性股票激励计划中190名激励对象已获授但尚未解 除限售的限制性股票321.44万股，约占公司当前总股本10.14亿股的0.32%，涉及因离职的激励对象、个 人绩效考核未完全达标的激励对象 ，以及因2024年度公司层面业绩未达考核要求涉及的激励对象。同 时因2024、2025年实施权益分派方案，需对限制性股票回购价格进行调整。责任编辑：磐石 ...

浙江万马股份有限公司及控股子公司 关于 2025 年开展外汇套期保值业务的可行性分析报告 一、公司及控股子公司开展外汇套期保值业务的背景 浙江万马股份有限公司（以下简称"公司"）及控股子公司开展的外汇套期保值业务与 日常经营需求紧密相关，随着公司及控股子公司业务发展和全球战略布局的展开，业务规模 不断扩大，为规避汇率波动对公司经营利润的影响，提高外汇资金使用效率，合理降低财务 费用，公司及控股子公司拟开展外汇套期保值业务。 二、公司及控股子公司拟开展的外汇套期保值业务概述 公司及控股子公司本次拟开展的外汇套期保值业务是指为满足公司正常经营需要，在 经国家有关政府部门批准、具有外汇套期保值业务经营资质的金融机构办理的规避和防范汇 率或利率风险的外汇套期保值业务，包括但不限于外汇远期结售汇、 外汇掉期、外汇期权 等业务或上述产品等组合。 三、公司及控股子公司开展外汇套期保值业务的必要性和可行性 公司及控股子公司的产品需要出口海外市场，同时需要从海外进口原材料及设备。受国 际政治、经济不确定因素影响，外汇市场波动较为频繁，公司及控股子公司经营不确定因素 增加。为防范外汇市场风险，公司及控股子公司有必要根据具体情况， ...