智通财经APP讯，万马股份(002276.SZ)发布2025年半年度报告，该公司营业收入为92.72亿元，同比增 长8.58%。归属于上市公司股东的净利润为2.5亿元，同比增长21.80%。归属于上市公司股东的扣除非经 常性损益的净利润为2.21亿元，同比增长25.95%。基本每股收益为0.2487元。 ...

Core Insights - Wanma Co., Ltd. (002276.SZ) reported a revenue of 9.272 billion yuan for the first half of 2025, representing a year-on-year growth of 8.58% [1] - The net profit attributable to shareholders of the listed company was 250 million yuan, showing a year-on-year increase of 21.80% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 221 million yuan, reflecting a year-on-year growth of 25.95% [1] - The basic earnings per share stood at 0.2487 yuan [1]

Group 1 - The company reported a revenue of 9.272 billion yuan for the first half of 2025, representing a year-on-year growth of 8.58% [1] - The net profit for the same period was 250 million yuan, showing a year-on-year increase of 21.80% [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital from reserves [1]

2025 年 8 月 20 日 1 浙江万马股份有限公司 2025 年半年度财务报告 浙江万马股份有限公司 Zhejiang Wanma Co., Ltd. 2025 年半年度财务报告 （未经审计） | 一、审计报告 | 1 | | --- | --- | | 二、财务报表 | 1 | | 三、公司基本情况 16 | | | 四、财务报表的编制基础 17 | | | 五、重要会计政策及会计估计 17 | | | 六、税项 | 42 | | 七、合并财务报表项目注释 44 | | | 八、研发支出 84 | | | 九、合并范围的变更 85 | | | 十、在其他主体中的权益 86 | | | 十一、政府补助 91 | | | 十二、与金融工具相关的风险 93 | | | 十三、公允价值的披露 98 | | | 十四、关联方及关联交易 99 | | | 十五、股份支付 103 | | | 十六、承诺及或有事项 104 | | | 十七、资产负债表日后事项 105 | | | 十八、其他重要事项 105 | | | 十九、母公司财务报表主要项目注释 106 | | | 二十、补充资料 | 113 | 一、审计报告 ...

编制单位: 沥 浙江万马股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 | | | | 非经营性资金 上用 | 资金占用方名 | 占用方与上市公司的关联关系 | 上市公司核算 | 2025年期初占用 | 2025年半年度占用 | 2025年半年度占用 | 2025年半年度偿还 | 2025年半年度期末 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 的会计科目 | 资金余额 | 累计发生金额(不 | 资金的利息(如有) | 累计发生金额 | 占用资金余额 | | | | | | | | | 含利息) | | | | | | | 控股股东、实际控制) | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 ...

证券代码：002276 证券简称：万马股份 公告编号：2025-050 债券代码：149590 债券简称：21 万马 01 浙江万马股份有限公司 第六届监事会第二十三次会议决议公告 本公司及监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。 一、监事会会议召开情况 浙江万马股份有限公司第六届监事会第二十三次会议于 2025 年 8 月 18 日以现场 及通讯表决方式召开，会议由王婵娟女士主持。本次监事会会议通知已于 2025 年 8 月 8 日发出。会议应到监事 3 名，实到 3 名。本次会议的召开符合《公司法》等法律、行 政法规、部门规章、规范性文件和《公司章程》的有关规定。 经与会监事认真审议，以投票表决方式通过了以下决议： 会议以 3 票同意，0 票反对，0 票弃权，审议通过《2025 年半年度报告及其摘要》。 经审核，监事会认为董事会编制和审议浙江万马股份有限公司 2025 年半年度报告 的程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映 了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 三、备查文件 经与会监事签字并加盖 ...

浙江万马股份有限公司 | 证券代码：002276 | 证券简称：万马股份 | | | 公告编号：2025-049 | | --- | --- | --- | --- | --- | | 债券代码：149590 | 债券简称：21 | 万马 | 01 | | 《2025 年半年度报告》及《2025 年半年度报告摘要》详见 2025 年 8 月 20 日巨潮 资讯网。 三、备查文件 1. 经与会董事签字并加盖董事会印章的董事会决议； 第六届董事会第三十九次会议决议公告 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。 一、董事会会议召开情况 浙江万马股份有限公司（以下简称"公司"）第六届董事会第三十九次会议于 2025 年 8 月 18 日以现场结合通讯表决的方式召开。本次董事会会议通知已于 2025 年 8 月 8 日以电子邮件等形式发出。会议由公司董事长赵健先生召集并主持，应出席董事 9 名，实际出席董事 9 名，监事、高管人员列席会议，符合《公司法》《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 报告期，公司实现营业收入 92.72 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The board and management affirm the report's accuracy and completeness, with no plans for cash dividends or bonus shares during the period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - During the reporting period, the company plans no cash dividends, bonus shares, or capital increases from the capital reserve[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Wanma Co., Ltd. (stock code: 002276) is a Shenzhen Stock Exchange-listed company with Zhao Jian as its legal representative | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Wanma Co., Ltd. | | **Stock Code** | 002276 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 浙江万马股份有限公司 | | **Legal Representative** | Zhao Jian | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew **8.58% to 9.27 billion yuan**, and net profit attributable to shareholders increased **21.80% to 250 million yuan**, though operating cash flow significantly decreased to **-646 million yuan** | Key Financial Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | | **Net Profit Attributable to Shareholders (million yuan)** | 250.43 | 205.60 | 21.80% | | **Non-recurring Net Profit Attributable to Shareholders (million yuan)** | 220.61 | 175.16 | 25.95% | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | | **Basic Earnings Per Share (yuan/share)** | 0.2487 | 0.2045 | 21.61% | | **Weighted Average ROE** | 4.32% | 3.74% | 0.58% | | **Total Assets (billion yuan)** | 16.55 | 15.02 | 10.18% (Period-end vs. Prior Year-end) | | **Net Assets Attributable to Shareholders (billion yuan)** | 5.91 | 5.64 | 4.65% (Period-end vs. Prior Year-end) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **29.82 million yuan**, primarily from fair value changes in hedging activities and government subsidies | Item | Amount (million yuan) | | :--- | :--- | | Government Subsidies | 21.24 | | Fair Value Changes in Financial Assets/Liabilities | 25.11 | | Net Other Non-Operating Income/Expenses | -14.54 | | **Total** | **29.82** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial health, investment activities, and key risks during the reporting period [Principal Business and Operations Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, the company maintained its core businesses in wire and cable, polymer new materials, and new energy, achieving **9.27 billion yuan in operating revenue** and **250 million yuan in net profit**, with strong growth across all segments - The company's three core business segments—wire and cable, polymer materials, and new energy charging equipment—hold leading or prominent positions in their respective domestic markets[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) | Business Segment | H1 2025 Key Performance Highlights | | :--- | :--- | | **Wire and Cable** | Grid project winning bids increased by **136%** YoY, new product shipments increased by **113%** YoY | | **New Materials** | Net profit increased by **9.67%** YoY, international sales increased by **17.55%** YoY | | **New Energy** | Charging equipment shipment value increased by **9.56%** YoY, with a three-year compound growth rate of **56.97%** in shipment power | - The Sichuan production base for the new materials segment is progressing well, expected to commence operations by year-end, enhancing the company's supply capacity in western regions; the ultra-high voltage Phase III project has entered trial production[40](index=40&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Principal business revenue grew **8.58%**, driven by **power products** and strong **South China sales**, but **communication product revenue fell 50.14%**, and operating cash flow significantly decreased due to increased procurement | Financial Indicator | Current Period | Prior Period | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | - | | **Income Tax Expense (million yuan)** | 23.36 | 11.56 | 102.03% | Due to increased profit | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | Increased sales volume, higher material procurement and bill payments | | **Net Cash Flow from Financing Activities (million yuan)** | 578.20 | -25.40 | 2,376.14% | Due to increased bank borrowings | | By Product/Region | Operating Revenue (billion yuan) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Power Products** | 6.31 | 14.85% | 11.37% | 1.37% | | **Communication Products** | 0.16 | -50.14% | 8.59% | -5.64% | | **Polymer Materials** | 2.65 | 5.70% | 14.48% | -0.51% | | **South China Region** | 1.41 | 77.90% | 7.89% | -2.83% | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets reached **16.55 billion yuan**, up **10.18%**, with accounts receivable and bills payable increasing to **40.23%** and **40.90%** of total assets respectively, alongside a significant rise in long-term borrowings | Key Asset and Liability Item | Period-End Amount (billion yuan) | Percentage of Total Assets | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 6.66 | 40.23% | Increased shipments, with payment terms affecting collections | | **Construction in Progress** | 0.29 | 1.73% | Increased investment in projects like Qingdao High-End Equipment Industry | | **Long-Term Borrowings** | 0.74 | 4.50% | Due to increased long-term financing | | **Bills Payable** | 6.77 | 40.90% | Optimized payment methods, increased bill payments | [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment surged **646.91% to 40 million yuan**, mainly for a new polymer materials sales subsidiary, with derivatives used for hedging, representing **2.30% of net assets** - Investment during the reporting period was **40 million yuan**, a substantial increase of **646.91%** compared to **5.36 million yuan** in the prior year[63](index=63&type=chunk) - The company invested **40 million yuan** to establish a wholly-owned subsidiary, Zhejiang Wanma Polymer Material Sales Co., Ltd., to expand its polymer material sales business[65](index=65&type=chunk)[67](index=67&type=chunk) | Derivative Investment Type | Period-End Amount (million yuan) | Percentage of Company's Period-End Net Assets | | :--- | :--- | :--- | | **Futures** | 136.68 | 2.31% | | **Forward FX Settlement/FX Swaps** | -0.49 | -0.01% | | **Total** | **136.19** | **2.30%** | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wanma Polymer's performance improved, but Tianyi Communication and Wanma Special Cable saw declining results, while Wanma Pentium New Energy's losses widened, and Shandong Wanhai Cable remained unprofitable due to initial high costs | Subsidiary Name | Operating Revenue (billion yuan) | Net Profit (million yuan) | Performance Explanation | | :--- | :--- | :--- | :--- | | **Zhejiang Wanma Polymer Material Group** | 2.80 | 186.22 | Increased revenue led to higher profitability | | **Zhejiang Wanma Tianyi Communication Cable** | 0.095 | -11.93 | Decreased customer demand, lower gross margin | | **Wanma Pentium New Energy Industry Group** | 0.093 | -47.20 | Increased losses from dismantling assets at expired operating stations | | **Shandong Wanhai Cable** | 0.795 | -19.74 | High fixed costs and depreciation during initial production phase | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from policy changes, market competition, raw material price volatility, high accounts receivable, and underperforming new projects, addressed by policy analysis, enhanced competitiveness, hedging, and quality control - The company's operational risks include industry policy risks, market competition risks, significant raw material price fluctuation risks, financial risks from high accounts receivable, product quality risks, project construction not meeting expectations, and new industry growth (e.g., embodied AI) falling short of expectations[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - Countermeasures include strengthening policy analysis, adjusting business strategies, enhancing product competitiveness through technology and quality, using hedging strategies to mitigate raw material price volatility, reinforcing customer credit investigations and accounts receivable supervision, and continuously deepening quality management[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in senior management and highlights the company's commitment to environmental, social, and governance responsibilities [Executive Changes and Social Responsibility](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Chairman Li Gang and Director Gao Shanshan resigned due to work reassignments, while the company actively fulfilled its social responsibilities, earning multiple honors including 'National Green Supply Chain Management Enterprise' - During the reporting period, Chairman Li Gang and Director Gao Shanshan resigned from their original positions due to work reassignments[92](index=92&type=chunk) - The company received widespread recognition in environmental, social, and governance aspects, earning multiple honors such as 'National Green Supply Chain Management Enterprise' and '2025 China Top Ten Leading Wire and Cable Brands'[96](index=96&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant contracts, guarantees, and major developments concerning the company's subsidiaries [Significant Contracts and Guarantees](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Approved guarantees for subsidiaries totaled **3.30 billion yuan**, with an outstanding balance of **980 million yuan** (**16.59% of net assets**), including **602 million yuan** for highly leveraged entities | Guarantee Status | Amount (million yuan) | | :--- | :--- | | **Total Approved Guarantee Limit at Period-End** | 3,297.60 | | **Total Actual Guarantee Balance at Period-End** | 979.76 | | **Percentage of Total Actual Guarantees to Company's Net Assets** | 16.59% | | **Debt Guarantee Balance for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70%** | 602.33 | [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Post-reporting period, Wanma Polymer plans a **1.25 billion yuan** investment in Qingdao for a 350,000-ton environmentally friendly polymer materials project, with a new subsidiary established for its implementation - Subsidiary Wanma Polymer plans to invest approximately **1.25 billion yuan** in Qingdao to construct an environmentally friendly polymer materials industrialization project with an annual capacity of **350,000 tons**[131](index=131&type=chunk) - To implement this project, a new company, Qingdao Wanma Polymer Material Co., Ltd., has been established with a registered capital of **150 million yuan**[132](index=132&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of the company's shareholder structure and significant shareholding details [Shareholder Information](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had **183,231 common shareholders**, with controlling shareholder Qingdao Haikong holding **25.53%** (half pledged), and other top ten shareholders holding less than **3%** each - As of the reporting period end, the company had a total of **183,231 common shareholders**[140](index=140&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | | **Qingdao Haikong Investment Holding Co., Ltd.** | 25.53% | 258,975,823 | Pledged 129,487,911 shares | | **Lu Zhenyu** | 2.63% | 26,643,200 | - | | **Hong Kong Securities Clearing Company Limited** | 0.54% | 5,477,951 | - | [Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) As of the reporting period end, the company had two outstanding bonds: '21 Wanma 01' (issued 2021) with a **320 million yuan** balance and **2.65% coupon rate**, and '23 Wanma MTN001' (issued 2023) with a **200 million yuan** balance and **3.85% coupon rate** | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **21 Wanma 01** | 320 | 2.65% | 2026-08-10 | | **23 Wanma MTN001** | 200 | 3.85% | 2028-04-14 | [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Total assets grew from **15.02 billion yuan to 16.55 billion yuan**, with **9.27 billion yuan** in operating revenue and **249 million yuan** in net profit, while operating cash flow was a **646 million yuan** net outflow, offset by **578 million yuan** net inflow from financing Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | 16.55 | 15.02 | | **Total Liabilities** | 10.62 | 9.35 | | **Total Equity Attributable to Parent Company Owners** | 5.91 | 5.64 | Consolidated Income Statement Key Items (Unit: billion yuan for revenue, million yuan for profit) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 9.27 | 8.54 | | **III. Operating Profit** | 287.36 | 220.11 | | **V. Net Profit** | 249.46 | 206.90 | | **Net Profit Attributable to Parent Company Shareholders** | 250.43 | 205.60 | Consolidated Cash Flow Statement Key Items (Unit: million yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -645.93 | -351.21 | | **Net Cash Flow from Investing Activities** | -92.86 | -296.57 | | **Net Cash Flow from Financing Activities** | 578.20 | -25.40 | | **Net Increase in Cash and Cash Equivalents** | -158.09 | -668.51 | [Other Submitted Data](index=151&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section documents the company's investor relations activities during the reporting period [Investor Relations Activities](index=151&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments - From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments: wire and cable, new materials, and new energy[768](index=768&type=chunk)[770](index=770&type=chunk)

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 ...