Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Core Viewpoint - Zhejiang Wanma Co., Ltd. faced regulatory scrutiny for failing to timely disclose significant events and investment matters, resulting in a warning letter from the China Securities Regulatory Commission's Zhejiang Bureau [1] Summary by Relevant Sections - **Company Violations** - Key executives, including General Manager Xu Lanzhi and Vice Chairman Zhang Shanshan, were found to have not disclosed certain investment matters in a timely manner [1] - The company failed to present some investment projects for board review and did not disclose major progress on these projects [1] - **Regulatory Actions** - The regulatory body issued a warning letter as a supervisory measure, which will be recorded in the securities and futures market integrity archive [1]

Core Viewpoint - Zhejiang Wanma Co., Ltd. is facing regulatory scrutiny due to multiple information disclosure violations, which casts a shadow over its ongoing business transformation [2][3] Group 1: Regulatory Issues - On August 15, the Shenzhen Stock Exchange issued a regulatory letter to Wanma Co. and its management, highlighting significant delays in information disclosure for 2022 [3] - The company failed to timely disclose a 1 billion yuan investment contract and a 51 million yuan related party transaction, violating multiple provisions of the Stock Listing Rules [3] - Zhejiang Securities Regulatory Bureau subsequently issued a warning letter, emphasizing the management's failure to fulfill their duties and the systemic governance flaws within the company [3][7] Group 2: Financial Performance - In the 2024 annual report, Wanma Co. reported a revenue of 17.761 billion yuan, a year-on-year increase of 17.46%, marking a historical high [4] - However, the net profit significantly declined to 341 million yuan, down 38.57% year-on-year, indicating a "revenue without profit" scenario [4] - The company's cash flow situation worsened, with net cash flow from operating activities plummeting by 54.90% to 201 million yuan, and cash reserves decreased by 30.84% to 2.374 billion yuan [4] Group 3: Business Transformation - Wanma Co. is actively transitioning towards high-end markets, with its core power product segment achieving a revenue of 11.747 billion yuan, a 32.29% increase, accounting for 66.14% of total revenue [5] - The company is focusing on high-end intelligent equipment cables, particularly in robotics applications, and has successfully passed rigorous durability tests [5] - In Q1 2025, the company secured contracts worth approximately 4.5 billion yuan from major state-owned enterprises, which is over 25% of its total revenue for 2024, providing significant support for performance recovery [5] Group 4: Governance and Compliance - The regulatory issues revealed are from 2022 but were only discovered in 2025, indicating persistent shortcomings in the company's internal control mechanisms [7] - Wanma Co. has stated its commitment to enhancing compliance with information disclosure regulations, but the market is more concerned about the actual implementation of systemic reforms [8] - The company is at a crossroads, needing to balance compliance with growth while addressing governance and transparency to sustain its market value [8]

Group 1 - The company, Wanma Co., has engaged in partnerships with multiple robotic dog companies based on its Wanma Robot Intelligent Connection CCa system [1] - Some collaboration clients and products are not disclosed due to confidentiality reasons [1]

Group 1 - The core point of the article is that Wanma Co., Ltd. announced the convening of its 38th board meeting on August 17, 2025, to discuss the proposal for conducting futures and options hedging business in 2025 [1] - For the fiscal year 2024, Wanma Co., Ltd.'s revenue composition is reported as 99.45% from industrial operations and 0.55% from other sources [1]

金融界8月18日消息，万马股份公告称，公司于2025年8月17日召开相关会议，审议通过回购注销部分限 制性股票并调整回购价格议案。因部分激励对象离职、个人绩效考核及公司层面业绩等原因，公司拟回 购注销190名激励对象已获授但尚未解除限售的限制性股票321.44万股。本次回购注销完成后，公司总 股本将由10.14亿股减至10.11亿股，注册资本也相应由人民币10.14亿元减少为人民币10.11亿元。责任编 辑：磐石 ...

金融界8月18日消息，万马股份公告称，2025年8月17日其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，审议通过回购注销2023年限制性股票激励计划中190名激励对象已获授但尚未解 除限售的限制性股票321.44万股，约占公司当前总股本10.14亿股的0.32%，涉及因离职的激励对象、个 人绩效考核未完全达标的激励对象 ，以及因2024年度公司层面业绩未达考核要求涉及的激励对象。同 时因2024、2025年实施权益分派方案，需对限制性股票回购价格进行调整。责任编辑：磐石 ...

浙江万马股份有限公司及控股子公司 关于 2025 年开展外汇套期保值业务的可行性分析报告 一、公司及控股子公司开展外汇套期保值业务的背景 浙江万马股份有限公司（以下简称"公司"）及控股子公司开展的外汇套期保值业务与 日常经营需求紧密相关，随着公司及控股子公司业务发展和全球战略布局的展开，业务规模 不断扩大，为规避汇率波动对公司经营利润的影响，提高外汇资金使用效率，合理降低财务 费用，公司及控股子公司拟开展外汇套期保值业务。 二、公司及控股子公司拟开展的外汇套期保值业务概述 公司及控股子公司本次拟开展的外汇套期保值业务是指为满足公司正常经营需要，在 经国家有关政府部门批准、具有外汇套期保值业务经营资质的金融机构办理的规避和防范汇 率或利率风险的外汇套期保值业务，包括但不限于外汇远期结售汇、 外汇掉期、外汇期权 等业务或上述产品等组合。 三、公司及控股子公司开展外汇套期保值业务的必要性和可行性 公司及控股子公司的产品需要出口海外市场，同时需要从海外进口原材料及设备。受国 际政治、经济不确定因素影响，外汇市场波动较为频繁，公司及控股子公司经营不确定因素 增加。为防范外汇市场风险，公司及控股子公司有必要根据具体情况， ...

| 证券代码：002276 | 证券简称：万马股份 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 债券代码：149590 | 债券简称：21 | 万马 | 01 | | 浙江万马股份有限公司 关于召开 2025 年第二次临时股东大会的通知 浙江万马股份有限公司 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、召开会议的基本情况 1.股东大会届次：2025 年第二次临时股东大会。 2.股东大会召集人：公司董事会。2025 年 8 月 17 日，公司第六届董事会第三 十八次会议审议通过《关于提请召开 2025 年第二次临时股东大会的议案》，决定于 2025 年 9 月 4 日召开 2025 年第二次临时股东大会。 3.会议召开的合法、合规性：董事会认为本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件、本所业务规则和公司章程等的规定。 4.会议拟召开的日期、时间： （1）现场会议时间：2025 年 9 月 4 日下午 14:30； （2）网络投票时间：2025 年 9 月 4 日 ...

| 证券代码：002276 | 证券简称：万马股份 | | 公告编号：2025-039 | | --- | --- | --- | --- | | 债券代码：149590 | 万马 债券简称：21 | 01 | | 浙江万马股份有限公司 第六届董事会第三十八次会议决议公告 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"）第六届董事会第三十八次会议 于 2025 年 8 月 17 日以通讯表决的方式召开。本次董事会会议通知已于 2025 年 8 月 12 日以电子邮件等形式发出。会议由公司董事长赵健先生主持，应出席董 事 9 名，实际出席董事 9 名。公司监事、高管人员列席会议，本次董事会会议的 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 经与会董事认真审议，表决通过了以下决议： 1、会议以 5 票同意，0 票反对，0 票弃权，4 票回避，审议通过《关于 2023 年限制性股票激励计划第二个解除限售期解除限售条件未成就及回购注销部分 限制性股票并调整回 ...