Group 1 - The core point of the article is that 31 stocks will have their restrictions lifted next week, with a total market value of 23.481 billion yuan based on the latest closing prices [1] - Rongbai Technology has the highest market value of restricted shares to be released, with 250 million restricted shares becoming tradable next week, primarily consisting of original shareholders' restricted shares from the initial public offering [1] - Several companies, including Nine Company-WD, Baiwei Storage, Rongbai Technology, Wanma Co., and Yinhui Technology, have recently received institutional research [1] Group 2 - The table lists the stocks with the highest market value of restrictions lifted, including Rongzi Technology (5.707 billion yuan), Zhenhua Wind Power (5.282 billion yuan), and Xuantai Pharmaceutical (3.798 billion yuan) [3] - The percentage of restricted shares released relative to the total shares varies, with Xuantai Pharmaceutical having 68.61% of its shares restricted, while Zhenhua Wind Power has 43.04% [3] - The price changes since August for these stocks show varied performance, with Kai Ge Precision Machinery increasing by 31.54% and Xuantai Pharmaceutical decreasing by 4.01% [3]

Group 1 - The company, Wanma Co., Ltd. (002276.SZ), has indicated that its products, including ultra-high voltage, medium voltage, control cables, and polymer materials, are applicable in hydropower stations [1] - The company has participated in several large-scale hydropower projects, such as the Three Gorges Hydropower Station and the Guangxi Nanning Pumped Storage Power Station [1] - The company is actively following up on the Yarlung Tsangpo River downstream hydropower engineering project, with market opportunities primarily in cable materials and cable manufacturing [1]

Core Viewpoint - The company, Wanma Co., Ltd. (002276.SZ), is actively involved in the supply of products applicable to hydropower stations, including ultra-high voltage, medium voltage, control cables, and polymer materials [1] Group 1: Company Involvement in Hydropower Projects - The company has participated in several large-scale hydropower projects, such as the Three Gorges Hydropower Station, Nanning Pumped Storage Power Station in Guangxi, and others [1] - The company is continuously following up on the Yarlung Tsangpo River downstream hydropower engineering project, indicating ongoing engagement in the sector [1] Group 2: Market Opportunities - The primary market opportunities for the company are in cable materials and cable manufacturing, which are essential for hydropower projects [1] - Future developments regarding these projects will be disclosed by the company as they progress [1]

Core Viewpoint - The company has made significant advancements in its new energy sector, with a focus on delivering innovative cooling systems and AI-based battery detection platforms, which have received positive market feedback [1] Group 1: Product Development - The company plans to complete the delivery of a full liquid cooling system in the first half of 2025 [1] - The launch of 600A liquid cooling terminals and 400A air cooling terminals is expected to follow [1] - The introduction of a battery intelligent detection platform based on AI algorithms has been announced [1] Group 2: Market Positioning - The company has achieved a comprehensive product layout with multi-power full-scene products, including the rollout of a 160kW one-to-four product [1] - Strong technical capabilities and positive user experiences have contributed to favorable market feedback [1]

Group 1: Company Overview and Strategy - The company introduced its "One Body, Two Wings" development strategy, focusing on three main business segments: electric wires and cables, new materials, and new energy [2] - The company’s overall revenue for the first half of 2025 reached CNY 9.272 billion, representing a year-on-year growth of 8.58% [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 221 million, with a year-on-year increase of 25.95% [3] Group 2: Business Performance - Revenue from electric power products grew by 63.15%, with a gross margin of 11.37% [3] - Revenue from high polymer materials was CNY 2.654 billion, showing a year-on-year increase of 5.70%, with a gross margin of 14.48% [3] Group 3: Production and Market Position - The construction of the high polymer materials production base in Sichuan is progressing efficiently, with the main structure completed and core production lines in the debugging phase, expected to officially start production in December 2025 [3] - The annual production capacity of the ultra-high voltage insulation material project will reach 60,000 tons upon completion [3] - The domestic market share of ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% [3] Group 4: Project Involvement and Competitive Advantages - The company has participated in several large hydropower projects, including the Three Gorges Dam and Guangxi Nanning Pumped Storage Power Station [3] - The competitive advantages of the company's robot cables include advanced product design and manufacturing capabilities, a TUV-certified laboratory, and a strong track record in the market [4] - The company’s products have received dual certifications from TUV and UL, enhancing their market credibility [4] Group 5: New Energy Developments - In the first half of 2025, the new energy segment delivered a full liquid cooling system and launched 600A liquid cooling and 400A air cooling terminals, along with an AI-based battery intelligent detection platform [4] - The company has achieved positive market feedback for its multi-power full-scene product layout [4]

Group 1: General Information - The research was conducted on August 21, 2025, targeting WANMA CO., LTD. in the power grid equipment industry [1][9] - Participating research institutions include Industrial Securities and PICC Asset Management [2] - The company's reception staff was Zhao Yukai, the deputy general manager and board secretary [9] Group 2: Company Strategy and Business - The company follows a "One Body, Two Wings" development strategy, with three major business segments: wire and cable, new materials, and new energy [14] Group 3: Company Performance - In the first half of 2025, the company's operating income was 9.272 billion yuan, a year - on - year increase of 8.58%; the non - recurring profit attributable to the mother was 221 million yuan, a year - on - year increase of 25.95% [14] - The operating revenues of the company's power products, communication products, and polymer materials were 6.315 billion yuan, 158 million yuan, and 2.654 billion yuan respectively, accounting for 68.11%, 1.7%, and 28.63% of the company's overall revenue [14] Group 4: Product Information - The company's cable products are diverse and include 500kV and below ultra - high voltage cross - linked polyethylene insulated cables, low - voltage cables, fire - resistant cables, etc. It is a "comprehensive cable supplier" with a mature cable industry chain [14] - The company's equipment cable products include coaxial cables, indoor and outdoor optical cables, etc. The equipment cable segment has two production bases, with different products produced in different locations [14][15] - The company's ultra - high voltage, medium - voltage, control cables, and polymer materials can be used in hydropower stations, and it has participated in multiple large - scale hydropower station projects [15] - The WANMA Robot Intelligent Connection CCa system is an overall solution based on the company's flexible motion robot cables, providing customized electrical connection design services [16] Group 5: Production Capacity and Market Share - After the third - phase project of WANMA's polymer ultra - high voltage insulation material is completed, the total annual production capacity will reach 60,000 tons, and its domestic market share has increased from about 15% in 2021 to about 20% [17] Group 6: Technological Breakthroughs - WANMA's polymer submarine cable insulation materials have reached international advanced levels in key performance, and the technology of ultra - smooth semi - conductive shielding materials has broken through foreign technology monopolies [17] Group 7: Impact of Raw Materials - The main raw material for the wire and cable segment is copper, and copper price fluctuations can affect the company's operating performance. The company has taken measures to reduce risks [17] - The main raw materials for the new materials segment are chemical raw materials, and their prices are affected by oil prices. The company has measures to mitigate the impact of price fluctuations [18]

Core Viewpoint - Wanma Co., Ltd. announced a change in its investment in the Egrets Charging and Battery Swap Fund, reducing its contribution from 200 million to 195 million yuan, resulting in a 70% ownership stake [1] Group 1 - On August 21, Wanma Co., Ltd. responded to investor inquiries regarding its investment in the Egrets Charging and Battery Swap Fund [1] - The fund's partner meeting approved the exit of certain partners from the partnership [1] - The company disclosed the changes on October 12, 2022, in accordance with regulatory requirements [1]

Core Viewpoint - The company has successfully completed the first unlock period for the restricted stock incentive plan initiated in 2023, allowing 155 participants to unlock a total of 2,172,210 shares, which represents 0.21% of the company's total share capital [1][2][6]. Summary by Sections Incentive Plan Approval and Execution - The company held its sixth board meeting on August 17, 2025, where it approved the unlocking of restricted stocks for the first unlock period as per the 2023 incentive plan [2]. - The plan was initially approved during the board meeting on April 16, 2023, and received necessary endorsements from independent directors and the supervisory board [3][4]. Unlock Conditions and Compliance - The first unlock period for the restricted stocks lasted 24 months from the completion of the initial grant registration on July 19, 2023, ending on July 18, 2025 [6]. - The company met all conditions for unlocking, including no negative audit opinions or violations of laws and regulations during the specified periods [6][7]. Performance Metrics - The company's net asset return rate for 2023 was reported at 8.37%, exceeding the average of 4.47% from 2019 to 2021 [9]. - The growth rate of net profit attributable to the parent company for 2023 was required to be no less than 70%, with the actual growth reported at 121.52% [9]. Share Structure Changes - Following the unlocking, the total number of restricted shares decreased from 5,992,035 to 3,819,825, while the number of unrestricted shares increased from 1,005,083,411 to 1,007,255,621 [11]. - The total number of shares remained unchanged at 1,011,075,446 [11]. Future Considerations - The company plans to repurchase and cancel any restricted stocks that were granted to individuals who have since left the company [11][12].

| 证券代码：002276 | 证券简称：万马股份 | | 公告编号：2025-052 | | --- | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 | 01 | | 浙江万马股份有限公司 关于 2023 年限制性股票激励计划 首次授予部分限制性股票第一个解除限售期 解除限售股份上市流通的提示性公告 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。 特别提示： 1、浙江万马股份有限公司（以下简称"公司"）2023 年限制性股票激励计 划（以下简称"本激励计划"）首次授予部分限制性股票第一个解除限售期解除 限售条件已经成就，本次符合解除限售条件的激励对象共计 155 人，可解除限 售的限制性股票数量为 2,172,210 股、占公司当前总股本的 0.21%。 2、公司本次解除限售股份的上市流通日为 2025 年 8 月 26 日。 公司于 2025 年 8 月 17 日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《关于 2023 年限制性股票激励计划首次授予部分 限制性股票第一个解除限售期解 ...

Core Viewpoint - Zhejiang Wanma Co., Ltd. and related personnel received a warning letter from the Zhejiang Securities Regulatory Bureau due to failure to timely disclose certain investment matters and significant project progress [2][3] Group 1: Warning Letter Details - The warning letter indicates that Zhejiang Wanma Co., Ltd. did not submit some investment matters for board review and failed to disclose significant project developments in a timely manner [2] - The company and its executives, including the chairman and general manager, violated the regulations outlined in the "Management Measures for Information Disclosure of Listed Companies" [3] Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to the company and its executives, which will be recorded in the securities market integrity archives [3] - The company and related personnel are required to enhance their understanding of relevant laws and regulations and improve compliance to prevent similar issues in the future [3] Group 3: Impact on Operations - The administrative regulatory measures will not affect the normal production and operational management of the company [4] - The company commits to strictly adhere to regulatory requirements and fulfill its information disclosure obligations in a timely manner [4] Group 4: Trustee Management Situation - The trustee, Zhongtian Guofu Securities, confirmed that the incident does not have a significant adverse impact on the issuer's operations or debt repayment capacity [5] - The trustee will continue to monitor the issuer's business operations and the repayment of principal and interest on the bonds [5]