Core Viewpoint - Wanma Co., Ltd. has experienced significant growth since its listing in 2009, with a market capitalization increase from 5.186 billion to 14.2 billion, although its profitability has shown fluctuations in recent years [1][3]. Business Overview - The main business segments of Wanma Co., Ltd. include electric wires and cables, new materials, and new energy, with electric power products accounting for the largest revenue share at 66.14%, followed by high polymer materials at 29.20% [3]. - Since its listing, the company has achieved a cumulative profit growth of 292.44%, with a net profit of 0.87 million in 2009 and 3.41 million in the latest fiscal year of 2024 [3]. Financial Performance - Wanma Co., Ltd. has maintained profitability, with 12 out of 16 years showing net profit growth, representing 75% of the years since its listing [3]. - The company’s revenue has grown significantly, from 9.322 billion in 2020 to 17.761 billion in 2024, reflecting a compound annual growth rate of 17.46% over the past five years [3]. - Despite a decline in net profit from 2.23 million in 2020 to 3.41 million in 2024, the overall profitability remains stable [3]. Market Capitalization - Since its listing, Wanma Co., Ltd. has seen its market capitalization grow by 1.74 times, peaking at 42.565 billion in June 2015, with a stock price of 45.3 yuan [5]. - As of July 9, the stock price was 14.0 yuan, resulting in a market capitalization of 14.2 billion, which is a decrease of 28.365 billion or 66.64% from its peak [5].

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]

Group 1 - The core viewpoint is that Wanma Co., Ltd. (002276) is expanding its production capacity for high-performance ultra-high voltage insulation materials, which is expected to reach an annual capacity of 60,000 tons after the completion of the third phase project [1] - The domestic market share of Wanma's high-performance ultra-high voltage insulation materials has increased from approximately 15% in 2021 to around 20% [1] - Major competitors in the production of ultra-high voltage insulation materials include internationally recognized companies such as Dow Chemical and Nordic Chemicals [1]

Group 1: Company Overview and Strategy - The company follows a "One Body, Two Wings" development strategy, focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company has established two main production bases for its cable products, located in Hangzhou [3] Group 2: Product Offerings - The equipment cable sector includes specialized companies producing various types of cables, such as network data cables and industrial cables [2][3] - The company is the first in China to obtain dual international product certifications (UL and TUV) for its robot cables [4] Group 3: Competitive Advantages - The company has a leading product design and manufacturing capability, supported by a technical team with over 15 years of experience in the field [4] - It has established a TUV-certified laboratory for robot cables, accumulating extensive experimental data [4] - The company participates in the formulation of multiple industry standards, enhancing its influence in the market [4] Group 4: Market Position and Risks - Currently, the revenue from industrial robots, humanoid robots, and robotic dog cables constitutes a small percentage of the company's overall revenue, indicating potential investment risks [5] - The market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [6] Group 5: Production Capacity and Future Goals - The planned annual production capacity for high molecular ultra-high voltage insulation materials will reach 60,000 tons after the completion of the third phase project [6] - In 2024, the projected production volumes are 145,128.35 tons for power products, 295,842.99 kilometers for communication products, and 561,384.01 tons for polymer materials [9]

证券代码：002276 证券简称：万马股份 公告编号：2025- 034 2025年7月4日，公司收到海控投控出具的《关于国有股权无偿划转已完成工 商变更的告知函》，上述股权无偿划转事宜已于2025年7月4日办理完成工商变更 手续。 债券代码：149590 债券简称：21 万马 01 特此公告。 浙江万马股份有限公司 浙江万马股份有限公司董事会 二○二五年七月五日 关于控股股东的股东发生变更的进展 - 1 - 暨完成工商变更的公告 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。 浙江万马股份有限公司（以下简称"公司"）于2025年7月4日在巨潮资讯网 披露《关于控股股东的股东拟发生变更的提示性公告》（公告编号：2025-033）， 青岛西海岸新区海洋控股集团有限公司（以下简称"海控集团"）将直接持有的 公司控股股东青岛海控投资控股有限公司（以下简称"海控投控"）100%股权无 偿划转给海控集团全资子公司青岛董家口发展集团有限公司（以下简称"董发集 团"）。 ...

Core Viewpoint - The company has completed the transfer of state-owned equity, with the controlling shareholder's stake being transferred to another entity [1] Group 1 - The company, Wanma Co., Ltd. (002276), received a notification on July 4, 2025, regarding the completion of the transfer of 100% equity held by its controlling shareholder, Qingdao Haikong Investment Holdings Co., Ltd. [1] - The equity transfer was made from Qingdao Haikong Investment Holdings Co., Ltd. to Qingdao Dongjiakou Development Group Co., Ltd. [1] - The business registration change related to this transfer was completed on July 4, 2025 [1]

-1- 本次股权变动不涉及重大资产重组事项，不涉及公司控股股东、实际控制人 的变更，亦不会对公司正常生产经营活动构成重大影响，不存在损害公司和中小 股东利益的情形。 公司指定的信息披露媒体为《证券时报》及巨潮资讯网（www.cninfo.com.cn）， 公司所有信息均以上述指定媒体刊登的公告为准。公司将根据本次股权变动事项 进度，及时披露相关进展情况。敬请投资者理性投资，注意投资风险。 特此公告。 浙江万马股份有限公司董事会 浙江万马股份有限公司（以下简称"公司"）于近日收到公司控股股东青岛 海控投资控股有限公司（以下简称"海控投控"）出具的《关于青岛海控投资控 股有限公司股东拟发生变更的告知函》，为推动青岛西海岸新区海洋控股集团有 限公司（以下简称"海控集团"）内部战略整合，经海控集团批准，决定将其直 接持有的海控投控100%股权划转给海控集团全资子公司青岛董家口发展集团有 限公司（以下简称"董发集团"）（以下简称"本次股权变动"）。2025年7月3 日，海控集团与董发集团签署了《国有产权无偿划转协议》。 本次股权变动前，公司与控股股东、实际控制人之间的产权及控制关系如 下图所示： 本次股权变动后，公司与 ...

关于控股股东的股东拟发生变更的提示性公告 证券代码：002276 证券简称：万马股份 公告编号：2025- 033 债券代码：149590 债券简称：21 万马 01 浙江万马股份有限公司 - 1 - 本次股权变动不涉及重大资产重组事项，不涉及公司控股股东、实际控制人 的变更，亦不会对公司正常生产经营活动构成重大影响，不存在损害公司和中小 股东利益的情形。 公司指定的信息披露媒体为《证券时报》及巨潮资讯网（www.cninfo.com.cn）， 公司所有信息均以上述指定媒体刊登的公告为准。公司将根据本次股权变动事项 进度，及时披露相关进展情况。敬请投资者理性投资，注意投资风险。 特此公告。 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。 浙江万马股份有限公司（以下简称"公司"）于近日收到公司控股股东青岛 海控投资控股有限公司（以下简称"海控投控"）出具的《关于青岛海控投资控 股有限公司股东拟发生变更的告知函》，为推动青岛西海岸新区海洋控股集团有 限公司（以下简称"海控集团"）内部战略整合，经海控集团批准，决定将其直 接持有的海控投控100%股权划转给海控集团全 ...

万马股份（002276）公告，公司控股股东青岛海控投资控股有限公司的股东青岛西海岸新区海洋控股集 团有限公司决定将其直接持有的海控投控100%股权划转给海控集团全资子公司青岛董家口发展集团有 限公司。本次股权变动不涉及重大资产重组事项，不涉及公司控股股东、实际控制人的变更，亦不会对 公司正常生产经营活动构成重大影响。 ...

Group 1: Company Overview and Strategy - The company follows a "dual-wing" development strategy focusing on three main business sectors: wire and cable, new materials, and new energy [2] - The company is one of the largest intelligent equipment cable manufacturers in China, with a strong emphasis on R&D and production capabilities [2][3] Group 2: Product Competitiveness - The company has a competitive edge in robot cables due to its advanced product design and manufacturing capabilities, with core team members having over 15 years of experience [3] - It is the first in China to have a TUV-certified robot cable laboratory, accumulating extensive experimental data in the field [3] - The company has received dual certifications from TUV Rheinland and UL, enhancing product reliability [3] Group 3: Market Position and Risks - The company's industrial robot, humanoid robot, and robotic dog cable products currently represent a small proportion of overall revenue, highlighting potential investment risks [3][4] - The domestic market share of the company's high molecular ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [4] Group 4: Financial Performance - In 2024, the company plans to have 994 R&D personnel with an investment of approximately ¥656.78 million, accounting for 3.70% of total revenue [5] - The gross profit margins for electrical products, communication products, and high molecular materials are 9.92%, 12.31%, and 13.24% respectively [5] - The revenue composition for 2024 is as follows: electrical products at ¥117.47 billion (66.14%), communication products at ¥4.99 billion (2.81%), high molecular materials at ¥51.85 billion (29.20%), and trade/services at ¥3.3 billion (1.85%) [7]