3、债券代码：149590 浙江万马股份有限公司 2021 年面向合格投资者公开发行公司债券（第一期） 2025 年付息公告 | 证券代码：002276 | 证券简称：万马股份 | | | 公告编号：2025-037 | | --- | --- | --- | --- | --- | | 债券代码：149590 | 债券简称：21 | 万马 | 01 | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、债券名称：浙江万马股份有限公司 2021 年面向合格投资者公开发行公 司债券（第一期）（以下简称"本期债券"） 2、债券简称：21 万马 01 4、债权登记日：2025 年 8 月 8 日 5、债券兑息日：2025 年 8 月 11 日 6、计息期间：2024 年 8 月 10 日至 2025 年 8 月 9 日；凡在 2025 年 8 月 8 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 8 月 8 日卖出本期债券的投资者不享有本次派发的利息。 根据本公司《浙江万马股份有限公司 2021 年面向合格投资者公开发行公司 ...

Group 1 - Qingdao Wanma Polymer Materials Co., Ltd. has been established with a registered capital of 150 million yuan [1] - The company is fully owned by Zhejiang Wanma Polymer Materials Group Co., Ltd., a subsidiary of Wanma Co., Ltd. (002276) [1] - The business scope includes synthetic material sales, plastic product manufacturing and sales, and computer hardware and software manufacturing [1] Group 2 - The company is registered in Huangdao District, Qingdao, Shandong Province [2] - The legal representative is Wei Hongtao, and the company is classified as a limited liability company [2] - The business license is valid until July 31, 2025, with no fixed term thereafter [2]

金融界消息 截至2025年8月4日收盘，万马股份（002276）报收于15.15元，上涨4.12%，换手率9.1%， 成交量91.47万手，成交金额13.64亿元。 资金流向方面，今日主力资金净流入1.74亿元，占比成交额12.96%。其中，超大单净流入1.55亿元、占 成交额11.59%，大单净流入1833.87万元、占成交额1.37%，中单净流出流出3917.58万元、占成交额 2.92%，小单净流出13442.40万元、占成交额10.03%。 天眼查商业履历信息显示，浙江万马股份有限公司，成立于1996年，位于杭州市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本101428.9836万人民币，实缴资本101428.9836万人民币。公 司法定代表人为赵健。 万马股份最新一期业绩显示，截至2025一季报，公司营业总收入39.70亿元、同比增长4.43%，归属净利 润8182.73万元，同比增长23.05%，扣非净利润6062.64万元，同比增长17.24%，流动比率1.438、速动比 率1.269、资产负债率60.94%。 通过天眼查大数据分析，浙江万马股份有限公司共对外投资了15家企业，参 ...

Core Viewpoint - The low-voltage cable industry in China is experiencing robust growth, driven by increasing demand for electricity due to urbanization and technological advancements, with market size projected to reach 223.21 billion yuan by 2025, growing at a compound annual growth rate (CAGR) of 9.18% from 2020 to 2024 [1][19][20]. Industry Overview - Low-voltage cables are essential for power transmission in various sectors, including residential, commercial, and industrial applications, characterized by their moderate voltage levels and high transmission efficiency [1][19]. - The market size of China's low-voltage cable industry grew from 146.75 billion yuan in 2020 to an estimated 208.56 billion yuan in 2024 [1][19]. Industry Development History - The low-voltage cable industry in China has evolved through four key stages: the embryonic stage before 1949, the foundational stage from 1949 to 1978, the transformation stage from 1978 to 2000, and the rapid growth stage from 2000 to the present [9]. Industry Chain - The upstream of the low-voltage cable industry includes raw materials such as copper, aluminum, rubber, and plastics, while the midstream involves the manufacturing of low-voltage cables, and the downstream encompasses applications in power, transportation, construction, and communication sectors [12]. Market Demand and Investment - Investment in power engineering in China is projected to grow from 270 billion yuan in 2017 to 608.3 billion yuan in 2024, with a CAGR of 12.3%, while investment in grid engineering is expected to rise from 531.5 billion yuan to 1,168.7 billion yuan in the same period [16]. - The demand for low-voltage cables is supported by the continuous expansion of power supply infrastructure and smart grid initiatives [16]. Competitive Landscape - The low-voltage cable industry in China is characterized by a large number of small-scale enterprises, with major players including Hengtong Optic-Electric, Baosheng Technology, and Zhongtian Technology, among others [22][24]. - The industry faces challenges such as product homogeneity and intense competition, but leading companies are achieving advanced technological capabilities and international competitiveness [22]. Future Trends - The low-voltage cable industry is moving towards smart technology integration, with the development of intelligent cables that can monitor operational data and predict failures [29]. - Environmental regulations are driving the industry towards greener practices, including the use of halogen-free and biodegradable materials [30]. - There is a focus on high-end special cables for demanding applications in aerospace and marine engineering, with advancements in materials enhancing performance [31].

Market Overview - The grid equipment sector increased by 0.42% compared to the previous trading day, with Jinbei Electric leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] Top Performers in Grid Equipment Sector - Jinbei Electric (002533) closed at 11.06, up 10.05%, with a trading volume of 988,500 shares and a transaction value of 1.073 billion [1] - Jinpan Technology (688676) closed at 40.51, up 6.89%, with a trading volume of 315,000 shares and a transaction value of 1.264 billion [1] - Other notable performers include ST Huicheng (002168) up 4.89%, Xidian New Energy (603312) up 4.85%, and Guoxin Technology (920037) up 4.58% [1] Underperformers in Grid Equipment Sector - Jinlihua Electric (300069) closed at 20.54, down 7.39%, with a trading volume of 164,000 shares and a transaction value of 350 million [2] - Liangxin Co. (002706) closed at 9.15, down 5.08%, with a trading volume of 864,200 shares and a transaction value of 805 million [2] - Other underperformers include Jinlongyu (002882) down 3.44% and Wenzhou Hongfeng (300283) down 3.15% [2] Capital Flow Analysis - The grid equipment sector experienced a net outflow of 36.5471 million from institutional investors, while retail investors saw a net inflow of 209 million [2] - Major stocks like Jinbei Electric had a net inflow of 207 million from institutional investors, but a net outflow of 109 million from speculative funds [3] - Other stocks such as Kelu Electronics (002121) and Shun Na Co. (000533) also showed mixed capital flows, with significant retail outflows [3]

Group 1 - The stock price of Wanma Co., Ltd. closed at 14.26 yuan on July 31, 2025, down 1.52% from the previous trading day, with a trading volume of 5.95 billion yuan and a turnover rate of 4.11% [1] - Wanma Co., Ltd. operates in the power grid equipment and new materials sectors, with main businesses including wires and cables, polymer materials, and electric vehicle charging equipment [1] - Wanma Polymer, a subsidiary, is one of the few companies in China capable of producing ultra-high voltage cable insulation materials [1] Group 2 - The company disclosed that its ultra-high voltage insulation material phase III project will achieve an annual production capacity of 60,000 tons, increasing its domestic market share to approximately 20% [1] - Wanma Co., Ltd. is advancing a project in Qingdao for the annual production of 350,000 tons of environmentally friendly polymer materials to enhance its market presence in Northern China [1] - The company's products have been applied in several large hydropower projects, including the Three Gorges Hydropower Station, and are actively following up on the Yarlung Tsangpo River downstream hydropower project [1] Group 3 - On July 31, the net outflow of main funds was 49.37 million yuan, accounting for 0.34% of the circulating market value [1]

Core Viewpoint - The insulation materials required for high and ultra-high voltage cables, previously dominated by foreign companies, are experiencing a shift in market dynamics due to advancements by Wanma Co., Ltd. in the polymer materials sector [1][2]. Group 1: Company Overview - Wanma Co., Ltd. is primarily engaged in the research, production, and sales of electric wires and cables, polymer materials, and automotive charging equipment, and has been focusing on environmentally friendly polymer materials for over 30 years [2]. - Wanma Polymer is currently the only domestic company capable of mass-producing ultra-high and high voltage cable insulation materials [2]. Group 2: Market Position and Capacity - Wanma Polymer's ultra-high voltage insulation material production capacity will reach 60,000 tons annually after the completion of its third-phase project [1]. - The domestic market share of Wanma Polymer in ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% currently [1]. Group 3: Product Development and Applications - Wanma Polymer has developed ultra-clean XLPE insulation materials for 220kV ultra-high voltage cables, which have been recognized by the China Electric Power Enterprise Federation and successfully applied in various high voltage projects [2]. - The company is also making significant progress in the development of insulation materials for submarine cables, achieving international advanced levels in key performance metrics [3]. Group 4: Expansion Plans - Wanma Co., Ltd. plans to construct a new project in Qingdao with an annual production capacity of 350,000 tons of environmentally friendly polymer materials, aimed at enhancing its market presence and easing production capacity pressures [4].

Group 1 - The core viewpoint of the news is that Shenwan Hongyuan Fund has conducted research on Wanma Co., Ltd., focusing on its development strategy and business segments [1] - Wanma Co., Ltd. has a "one body, two wings" development strategy, with three main business segments: wire and cable, new materials, and new energy [1] - The company holds approximately 30% market share in chemical cross-linked and silane cross-linked insulation materials, with an annual production capacity of 60,000 tons for ultra-high voltage insulation materials [1] - Wanma's revenue projections for 2022, 2023, and 2024 are 4.654 billion, 4.872 billion, and 5.185 billion respectively [1] - The company has participated in several large hydropower projects, providing various types of cables and high polymer materials [1] Group 2 - Shenwan Hongyuan Fund was established in 2004 and currently manages a total asset scale of 82.64 billion, ranking 67 out of 210 [2] - The fund's non-monetary public fund asset management scale is 70.563 billion, ranking 59 out of 210 [2] - The best-performing public fund product in the past year is Shenwan Hongyuan LeRong One-Year Holding Mixed A, with a latest net value of 1.45 and a growth of 101.11% in the past year [2]

Investment Rating - The report indicates a strong growth potential for the humanoid robot harness industry, with a projected market size increase from 340 million RMB in 2025 to 8.16 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 121.34% [42][45]. Core Insights - The humanoid robot harness industry is characterized by high performance requirements, surpassing those of industrial robot harnesses but slightly below automotive-grade harnesses. The industry is expected to evolve towards smart, high-performance, lightweight integration, and biomimetic designs [4][37]. - The market growth is driven by global robotics policies, technological advancements in China, and the expansion of application scenarios for humanoid robots [4][45]. Industry Definition - Humanoid robot harnesses consist of a collection of wires and cables connecting various robot components, essential for power transmission, signal control, and data communication, likened to the "blood vessels" and "nervous system" of robots [5][4]. Product Classification - Humanoid robot harnesses are categorized into flexible and rigid cables, as well as power and signal harnesses. Specialized harnesses include liquid cooling harnesses and unique signal harnesses to meet specific operational needs [6][9][12]. Industry Characteristics - The industry features high barriers to entry in terms of capital, technology, and customer relationships, with a trend towards intelligent, high-performance, lightweight, and biomimetic developments [15][16][19]. Development History - The humanoid robot harness has evolved through several stages, from basic external wiring in the early years to the current stage of intelligent reconfigurable and biomimetic designs [21][24]. Industry Chain Analysis - The upstream of the humanoid robot harness industry includes raw materials such as wires, insulation materials, and connectors, while the midstream consists of harness manufacturers, predominantly overseas suppliers for major humanoid robot companies [25][30]. Market Size and Growth - The humanoid robot harness market is expected to grow significantly, driven by supportive government policies, technological breakthroughs, and increasing market demand due to aging populations and rising labor costs [42][45][46]. Competitive Landscape - The competitive landscape is dominated by international giants like Amphenol and Sumitomo Electric, with emerging Chinese companies like Luxshare Precision and Wuxi Xinhongye gaining traction [50][52]. Company Overview - Luxshare Precision Industrial Co., Ltd. reported a revenue of 16 billion RMB with a year-on-year growth of 7.3% and a gross margin of 11.8% [55].

Core Viewpoint - The company, Wanma Co., is positioned as a leading provider of high-voltage cable materials in China and is actively monitoring the Yarlung Tsangpo River downstream hydropower project, which has a total investment of approximately 1.2 trillion yuan [1] Group 1: Company Position and Capabilities - Wanma Co. is recognized as the largest and most comprehensive materials service provider in the domestic wire and cable materials sector, with a focus on high-voltage applications [1] - The company has successfully developed and applied ultra-high voltage cable materials, including 220kV ultra-clean XLPE insulation materials and 220kV ultra-smooth shielding materials, in various domestic and international high-voltage projects [1] - In 2024, Wanma Co. will see the operation of the first domestic 110kV carbon black shielding cable, the delivery of the first cable for the State Grid's 220kV AC cable project, and the successful testing of the first domestic 500kV cross-linked polyethylene power cable system, marking significant breakthroughs in ultra-high voltage materials [1] Group 2: Industry Engagement - The company maintains a strong focus on national hydropower development plans and possesses extensive experience and historical achievements in large-scale hydropower projects [1] - Wanma Co. is continuously following up on the Yarlung Tsangpo River downstream hydropower project and will provide updates based on official disclosures [1]