| 证券代码：002276 | 证券简称：万马股份 公告编号：2025-035 | | --- | --- | | 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。 三、备查文件 1.第六届董事会第三十七次会议决议； 第六届董事会第三十七次会议决议公告 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"）第六届董事会第三十七次会议于 2025 年 7 月 19 日以通讯表决方式召开。本次董事会会议通知已于 2025 年 7 月 12 日以电子邮件、电话等形式发出。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，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 经与会董事认真审议，以书面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《关于万马高分子投资建 设"年产 35 万吨环保型高分子材料项目"的议案》。 为实现可持续发展战略，增强核心竞争力，子公司万马高分子拟在山东省青 岛市董家口经济区建 ...

Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company has shown continuous growth in sales, with a revenue of 177.61 billion yuan in 2024, representing a year-on-year increase of 17.46%. The revenue breakdown includes 117.5 billion yuan from power products, 51.9 billion yuan from polymer materials, and 5.0 billion yuan from communication products [4]. - The company is expanding its market share in the polymer materials sector, with a current domestic market share of approximately 20%, up from about 15% in 2021. The production capacity for high-pressure insulation materials is expected to reach 60,000 tons after the completion of ongoing projects [5]. - The company has strategically positioned itself in the robotics cable market, becoming the largest supplier of robotics cables for KUKA in China and successfully entering new fields such as humanoid robots and robotic dogs [6]. - Revenue forecasts for 2025-2027 are projected at 206.29 billion yuan, 240.68 billion yuan, and 281.33 billion yuan, respectively, with corresponding EPS of 0.53 yuan, 0.65 yuan, and 0.81 yuan, indicating a positive growth trajectory [7][9]. Summary by Sections Sales Performance - In 2024, the company achieved a revenue of 177.61 billion yuan, a 17.46% increase year-on-year. The revenue from power products, polymer materials, and communication products was 117.5 billion yuan, 51.9 billion yuan, and 5.0 billion yuan, respectively [4]. Market Position and Expansion - The company has increased its market share in high-pressure insulation materials to about 20%. The production capacity is set to expand significantly with ongoing projects [5]. - The company has established a strong foothold in the robotics cable market, collaborating with major players and achieving significant sales milestones [6]. Financial Projections - The company forecasts revenues of 206.29 billion yuan, 240.68 billion yuan, and 281.33 billion yuan for 2025, 2026, and 2027, respectively. EPS is expected to grow from 0.53 yuan in 2025 to 0.81 yuan in 2027 [7][9].

Group 1: Company Overview and Strategy - Zhejiang Wanma Co., Ltd. focuses on a "one body, two wings" development strategy, emphasizing three main business sectors: electric cables, new materials, and new energy [2][3]. - The company has established itself as a comprehensive cable supplier with a mature cable industry chain, offering a wide range of products including ultra-high voltage cables and fire-resistant cables [3][4]. Group 2: Product Offerings - The main products in the cable sector include 500kV and below ultra-high voltage cross-linked polyethylene insulated cables, low-voltage cables, fire-resistant cables, and various special cables [3][4]. - The equipment cable sector consists of coaxial cables, indoor and outdoor optical cables, security cables, data cables, and industrial intelligent equipment cables [3][4]. Group 3: Competitive Advantages - The company possesses a leading product design and manufacturing capability, supported by a technical team with over 15 years of experience in intelligent equipment cables [6]. - Wanma is the first in China to have a TUV-certified robot cable laboratory, which has accumulated extensive experimental data in the field [6]. - The company has established itself as a key participant in the formulation of multiple industry standards, enhancing its competitive edge in the market [6]. Group 4: Market Position and Growth - By 2024, Wanma aims to become the largest supplier of robot cables for KUKA in China, successfully replacing imports and breaking the monopoly of international high-end robot cable giants [5]. - The market share of Wanma's high-voltage insulation materials has increased from approximately 15% in 2021 to about 20% [10]. Group 5: Innovations and Future Developments - The Wanma Robotic Intelligence Equipment Cable & Cable Assembly System provides comprehensive design and manufacturing solutions for intelligent automation devices [8]. - The company is actively developing underwater cable materials, achieving international advanced levels in key performance metrics [11][12]. Group 6: Risk Considerations - The revenue contribution from industrial robots, humanoid robots, and robotic dog cables is currently small, prompting investors to be cautious and consider investment risks [7][8].

Group 1: Company Overview and Strategy - The company follows a "One Body, Two Wings" development strategy focusing on three main business segments: wire and cable, new materials, and new energy [2] - The company has a comprehensive product range in the cable sector, including ultra-high voltage cables, fire-resistant cables, and cables for new energy construction, positioning itself as a "comprehensive cable supplier" in China [4] Group 2: Product Details and Performance - In 2024, the production volume of polymer materials reached 561,384.01 tons, with a gross margin of 13.24% [3] - The production capacity for ultra-high voltage insulation materials will reach 60,000 tons after the completion of the third phase project, with a domestic market share increasing from approximately 15% in 2021 to about 20% [3] Group 3: Competitive Advantages - The company has a leading position in product design and manufacturing capabilities, supported by a technical team with over 15 years of experience in intelligent equipment cables [7] - The company is the first in China to have a TUV-certified laboratory for robot cables, enhancing its research and development capabilities [7] - The company participates in the formulation of multiple industry standards, contributing to the advancement of domestic manufacturing technology [7] Group 4: Production Bases - The equipment cable segment has two main production bases: one in Hangzhou Lin'an Taihu Source for optical cables and data cables, and another in Hangzhou Lin'an Qingshan Lake for wind energy, photovoltaics, and charging cables [8] Group 5: Investment Risks - The revenue from industrial robots, humanoid robots, and robotic dog-related cables currently constitutes a small proportion of the company's overall revenue, highlighting potential investment risks [8]

Core Viewpoint - The credit rating agency, United Credit Rating Co., has maintained the credit ratings for Zhejiang Wanma Co., Ltd. at individual credit level of "aa" and long-term credit level of "AA" with a stable outlook following a change in the company's controlling shareholder [2][3]. Group 1: Credit Rating Details - The credit rating results indicate that the company has an individual credit rating of "aa" and a long-term credit rating of "AA" with a stable outlook [2][3]. - The company’s bonds are guaranteed by Qingdao West Coast New Area Ocean Holding Group Co., Ltd., which has a long-term credit rating of "AAA" [2]. - The ratings are valid for the duration of the related debt instruments [2]. Group 2: Shareholder Change - On July 4, 2025, the company announced that its controlling shareholder, Qingdao Haikong Investment Holding Co., Ltd., transferred 100% of its shares to its wholly-owned subsidiary, Qingdao Dongjiakou Development Group Co., Ltd., without compensation [2]. - The transfer of shares was completed and registered on July 4, 2025, and the actual controller of the company remains unchanged as Dongjiakou Development Group is a wholly-owned enterprise under the Qingdao West Coast New Area State-owned Assets Supervision and Administration Commission [3]. - United Credit Rating Co. assessed that this change did not have a significant adverse impact on the company's credit level [3].

Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

债券代码 债券简称 上次主体评级结果上次债项评级结果 上次评级时间 债券余额 到期日 149590.SZ 21 万马 01 AA/稳定 AAA/稳定 2025/06/06 3.20 亿元 2026/08/10 102380902.IB 23 万马 MTN001（科创 票据） AA/稳定 AAA/稳定 2025/06/06 2.00 亿元 2028/04/14 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行债券情况 联合〔2025〕6349 号 资料来源：公开资料，联合资信整理 根据公司于 2025 年 7 月 5 日发布的《浙江万马股份有限公司关于控股股东的股东发生变更的 进展暨完成工商变更的公告》，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），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"）。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 ...

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]