Core Viewpoint - The flexible DC transmission concept has shown a positive performance with a 1.76% increase, ranking 7th among concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of June 27, the flexible DC transmission sector saw 42 stocks rise, with notable performers including Dazhongnan, which hit the daily limit, and others like Electric Power Research Institute and Shunma Electric Power, which increased by 11.91%, 6.21%, and 5.96% respectively [1]. - The sector experienced a net inflow of 523 million yuan from main funds, with 26 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan each, led by Wanma Co. with a net inflow of 170 million yuan [2]. Fund Flow Analysis - The top stocks by net inflow ratio included Jingwei Huikai, Shunma Electric Power, and Senyuan Electric, with net inflow ratios of 13.26%, 11.77%, and 10.23% respectively [3]. - The detailed fund flow for the flexible DC transmission concept shows Wanma Co. leading with a 5.96% increase and a turnover rate of 13.45%, followed by Dazhongnan with a 9.97% increase and a turnover rate of 13.71% [3][4].

Market Performance - The optical fiber concept index rose by 1.60%, ranking 10th among concept sectors, with 51 stocks increasing in value [1] - Leading gainers included Guangku Technology, Yuanjie Technology, and Wanma Co., with respective increases of 7.84%, 6.83%, and 5.96% [1] - The top decliners were Zhongguang Nuclear Technology, Delong Laser, and Zhongdian Xinlong, with declines of 1.89%, 1.87%, and 1.76% [1] Capital Flow - The optical fiber sector saw a net inflow of 508 million yuan, with 30 stocks receiving net inflows [1] - Wanma Co. led the net inflow with 170 million yuan, followed by Tianfu Communication and Taicheng Light with 155 million yuan and 147 million yuan respectively [1] - In terms of net inflow ratios, Zhao Chi Co., Bichuang Technology, and Wanma Co. had the highest rates at 14.19%, 10.24%, and 8.73% respectively [2] Stock Performance - Notable stock performances included Guangku Technology with a 7.84% increase and Yuanjie Technology with a 6.83% increase, while Zhongguang Nuclear Technology experienced a 1.89% decline [1][5] - The trading volume and turnover rates varied significantly among stocks, with Wanma Co. showing a turnover rate of 13.45% [2] - Stocks like Jiguang Technology and Longxin Technology also showed positive movements, with increases of 3.72% and 4.39% respectively [3]

$$=\exists^{\pm}=\exists!\exists\not\exists\not\exists$$ | 重要声明 | 1 | | --- | --- | | 第一章 | 本期公司债券概要及债券受托人履行职责情况 2 | | 第二章 | 发行人 2024 年度经营和财务状况 4 | | 第三章 | 发行人募集资金使用情况 12 | | 第四章 | 增信机制有效性分析 13 | | 第五章 | 债券持有人会议召开的情况 14 | | 第六章 | 本期公司债券本息偿付情况 15 | | 第七章 | 发行人在公司债券募集说明书中约定的其他义务的执行情况 16 | | 第八章 | 本期公司债券跟踪评级情况 18 | | 第九章 | 发行人偿债意愿和能力分析 19 | | 第十章 | 其他事项 21 | 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。 1 &'(%%)*+,-./"0-.123456789% !"#$% 中天国富证券有限公司（以下简称"中天国富证券"）编制本报告的内容及 信息均来源于发行 ...

之 临时受托管理事务报告 受托管理人：中天国富证券有限公司 证券代码：002276 证券简称：万马股份 债券代码：149590 债券简称：21 万马 01 中天国富证券有限公司 关于 浙江万马股份有限公司 选举公司董事长 重要声明 经与会董事认真审议，以投票表决方式通过了以下决议:会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于选举公司董事长的议案》，同意选举赵健先 生担任公司第六届董事会董事长，任期自本次董事会审议通过之日起，至公司第 六届董事会届满时止。 赵健，1969 年出生，中国国籍，无境外永久居留权，中共党员，本科学历。 曾任青岛市黄岛区矿产资源总公司职员，黄岛国土资源分局副处级干部，青岛黄 岛区土地储备中心主任，青岛海高城市开发集团有限公司总经理，城发集团（青 岛）开发投资股份有限公司总经理，青岛经济技术开发区投资建设集团有限公司 总经理，青岛西海岸农高发展集团有限公司总经理，黄岛区供销社（供销集团） 党委副书记、理事会副主任、供销集团总经理。现任青岛西海岸新区海洋控股集 团有限公司党委副书记。赵健先生未持有公司股份，与公司控股股东、实际控制 人、持股 5%以上的股东及其他董事、监事、高 ...

证券代码：002276 证券简称：万马股份 债券代码：149590 债券简称：21 万马 01 中天国富证券有限公司 关于 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。在任何情况下，未经中天国富证券书面许可，不得将本报告用作其 他任何用途。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 天国富证券不承担任何责任。 临时受托管理事务报告 受托管理人：中天国富证券有限公司 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》及其它相关信息披露文件以及浙江万马股份有限公司（以下简称"公 司"或"发行人"）出具的相关说明文件和提供的相关资料等，由债券受托管理人 中天国富证券有限公司（以下简称"中天国富证券"或"受托管理人"）编制。中天 国富证券编制本报告的内容及信息均来源于发行人提供的资料或说明。 一、公司董事长辞职情况 浙江万马股份有限公司 选举公司董事长 之 三、受托管理人受托情况 中天国富证券作为受托管理人，将持续密切关注发行人后续各项 ...

证券代码：002276 证券简称：万马股份 债券代码：149590 债券简称：21 万马 01 中天国富证券有限公司 关于 浙江万马股份有限公司 临时受托管理事务报告 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》及其它相关信息披露文件以及浙江万马股份有限公司（以下简称"公 司"或"发行人"）出具的相关说明文件和提供的相关资料等，由债券受托管理人 中天国富证券有限公司（以下简称"中天国富证券"或"受托管理人"）编制。中天 国富证券编制本报告的内容及信息均来源于发行人提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。在任何情况下，未经中天国富证券书面许可，不得将本报告用作其 他任何用途。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 天国富证券不承担任何责任。 董事长辞职 之 重要声明 一、公司董事长辞职情况概述 浙江万马股份有限公司董事会于 2025 年 6 月 4 日收到董事长李刚先生的书 面辞职报告。因工作调动原因，李刚先生申请辞去公司董事长 ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | | 浙江万马股份有限公司 第六届董事会第三十六次会议决议公告 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。 三、备查文件 浙江万马股份有限公司（以下简称"公司"）第六届董事会第三十六次会议于 2025 年 6 月 10 日以现场结合通讯表决形式召开。本次董事会会议通知已于 2025 年 6 月 5 日 以电子邮件等形式发出。会议应出席董事 9 名，实际出席董事 9 名。会议的召开符合《公 司法》等有关法律、行政法规、部门规章、规范性文件和《公司章程》及《董事会议事 规则》等的有关规定。 二、董事会会议审议情况 经与会董事认真审议，以投票表决方式通过了以下决议： 1.会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于选举公司董事长的议案》。 同意选举赵健先生担任公司第六届董事会董事长，任期自本次董事会审议通过之日 起，至公司第六届董事会届满时止。（简历详见 202 ...

Core Viewpoint - The resignation of Li Gang as chairman of Wanma Co., Ltd. raises questions about the future strategic direction of the company and the role of Qingdao's state-owned assets in its next phase of development [2][11]. Company Background - Wanma Co., Ltd. was established in 1996 and is headquartered in Hangzhou, Zhejiang. It was listed on the Shenzhen SME Board in 2009 and specializes in the R&D, production, and sales of electric wires and cables, polymer materials, and electric vehicle charging equipment [2]. - The company became closely associated with Qingdao in November 2020 when Qingdao West Coast New Area Ocean Holding Group Co., Ltd. became its largest shareholder [2][3]. Recent Developments - Following the acquisition by Qingdao state-owned assets, Wanma Co., Ltd. has expanded its investments and operations in Qingdao, including acquiring stakes in subsidiaries and signing new projects [3]. - In December 2020, Wanma's subsidiary acquired a 69% stake in Shandong Wan'en New Energy Technology Co., which became a wholly-owned subsidiary [5]. - In January 2021, Wanma announced a total investment of 1 billion yuan in a new energy project in the West Coast New Area, focusing on the R&D, manufacturing, and operation of electric vehicle charging stations [5]. Leadership Background - Li Gang, who resigned as chairman, has a strong background in Qingdao and has held various leadership roles in companies related to real estate and new energy [6][8]. - During his tenure, Wanma Co., Ltd. experienced revenue growth, but net profit showed significant volatility, indicating challenges during the company's strategic transformation [8]. Financial Performance - In 2023, Wanma Co., Ltd. reported total revenue of 15.121 billion yuan and a net profit of 555 million yuan, representing year-on-year growth of 3.04% and 34.97%, respectively [8]. - For 2024, the company projected revenue of 17.761 billion yuan, a 17.46% increase, but a decline in net profit to 341 million yuan, down 38.57% [9][10]. Strategic Focus - Wanma Co., Ltd. has established a collaborative development model across its product lines, with significant contributions from power products and polymer materials, which accounted for 66.14% and 29.20% of total revenue in 2023 and 2024, respectively [10]. - The company is also expanding its market presence in new regions and sectors, including heavy-duty logistics and renewable energy, with a notable 437% increase in sales of charging equipment for heavy-duty vehicles [10]. Future Outlook - The company plans to develop a funding strategy for 2025 to enhance capital efficiency and reduce costs, while the strategic direction post-Li Gang's resignation will be closely monitored [11].

浙江万马股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕3640 号 联合资信评估股份有限公司通过对浙江万马股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持浙江万马 股份有限公司主体长期信用等级为 AA，维持"21 万马 01"和"23 万马 MTN001（科创票据）"信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月六日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受浙江万马股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公 ...

Group 1 - Weijie Chuangxin plans to reduce its shareholding by up to 3%, amounting to no more than 12.91 million shares, due to personal funding needs [1] - Lier Chemical's major shareholder intends to reduce its stake by up to 3%, equivalent to no more than 24.01 million shares, for investment returns [1] - Helin Micro-Nano's controlling shareholder plans to reduce its shareholding by up to 1.5%, which is no more than 1.75 million shares, due to personal funding needs [2] Group 2 - Yifan Pharmaceutical received drug registration certificates for two products, indicating a focus on oncology and leukemia treatments [3] - *ST Jinbi is planning a change in control, leading to a temporary suspension of its stock trading [4] - Kexing Pharmaceutical's shareholder plans to reduce its stake by up to 3%, amounting to no more than 5.90 million shares, to optimize the equity structure [7] Group 3 - Li New Energy plans to invest approximately 1.25 billion yuan in three independent energy storage projects [7] - Kingsoft Office intends to acquire the remaining 31.98% stake in its subsidiary for 254 million yuan, aiming for full ownership [8] - Northeast Pharmaceutical received a CEP certificate from the European Medicines Agency for an antibiotic raw material, enhancing its product credibility [9] Group 4 - Tai'er Co. announced the lifting of a detention order on its controlling shareholder, changing it to a notice of supervision [10] - Runjian Co. won a bid for a solar power project worth approximately 83.92 million yuan, highlighting its role in the energy sector [11] - Jiuan Medical plans to register and issue medium-term notes and short-term financing bonds, with a total scale of up to 35 billion yuan and 5 billion yuan respectively [12] Group 5 - Wanma Co.'s chairman resigned due to work adjustments, but will remain as a board member [13] - Changhua Chemical plans to transfer 1% of its shares through an inquiry transfer method due to personal funding needs [14] - Jinkai Biotechnology's two shareholders plan to reduce their combined stake by up to 4%, totaling 481.6 thousand shares [15] Group 6 - Aeston plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [16] - Maiwei Biotechnology's chairman proposed a share buyback plan with a total amount between 25 million and 50 million yuan [17] - Montai High-tech's specific shareholders and executives plan to reduce their stake by up to 3.03%, citing personal funding needs [18] Group 7 - *ST Dongjing's stock will resume trading after a change in control, with a new actual controller [20] - Tongdahai's major shareholders plan to reduce their combined stake by up to 3.57%, totaling 345.24 thousand shares [23]