Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [7][14]. Core Insights - The company reported a revenue of 17.76 billion yuan in 2024, representing a year-on-year growth of 17.5%, while the net profit attributable to shareholders decreased by 38.6% to 341 million yuan [4][10]. - The revenue for Q1 2025 was 3.97 billion yuan, showing a year-on-year increase of 4.4%, with a net profit of 80 million yuan, up 23% year-on-year [4][10]. - The company’s three main segments—power products, cable materials, and communication products—generated revenues of 11.75 billion, 5.19 billion, and 500 million yuan respectively in 2024, with growth rates of 32.3%, 6.4%, and a decline of 42.4% [5][10]. Revenue and Profitability - The company’s gross margin and net margin for Q1 2025 were 12.0% and 2.0%, respectively, with a slight decrease in gross margin compared to the previous year [5][10]. - The company is expected to see revenue growth from 20.10 billion yuan in 2025 to 25.81 billion yuan in 2027, with net profits projected to rise from 471 million yuan to 813 million yuan during the same period [7][10]. Segment Performance - The cable and polymer materials segments are experiencing growth, with sales volumes of 144,000 tons and 529,000 tons respectively in 2024, reflecting increases of 25.9% and 9.3% year-on-year [5][10]. - The high polymer materials segment is anticipated to improve profitability with the production of high-voltage insulation materials, contributing to overall performance [5][10]. Future Outlook - The company is projected to achieve a PE ratio of 31, 23, and 18 times for the years 2025, 2026, and 2027 respectively, indicating a positive outlook for earnings growth [7][10]. - The company has expanded its industrial robot cable offerings and is entering international markets, which is expected to enhance revenue streams [6][10].

特此公告。 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记载、 误导性陈述或者重大遗漏承担责任。 浙江万马股份有限公司（以下简称"公司"）于 2025 年 5 月 22 日召开第六 届董事会第三十五次会议，审议通过了《关于调整第六届董事会专门委员会成员 的议案》。根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》《公司章程》等相关规定及公司 董事变动情况，董事赵健先生接替原董事高珊珊女士在董事会提名委员会、薪酬 与考核委员会中的相应任职。公司董事会专门委员会委员任期自董事会审议通过 之日起至第六届董事会任期届满之日止。 | 委员会名称 | 委员名单 | 主任委员 | 调整后委员名单 | 主任委员 | | --- | --- | --- | --- | --- | | 战略与投资 委员会 | 李刚、张珊珊、杨黎明 | 李刚 | （不变） | （不变） | | 审计委员会 | 傅怀全、李刚、周荣 | 傅怀全 | （不变） | （不变） | | 提名委员会 | 杨黎明、高珊珊、傅怀全 | 杨黎明 | 杨黎明、赵健、傅怀全 | （不变） ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：149590 | 万马 债券简称：21 01 | | 浙江万马股份有限公司 第六届董事会第三十五次会议决议公告 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"）第六届董事会第三十五次会议于 2025 年 5 月 22 日以通讯表决形式召开。本次董事会会议通知已于 2025 年 5 月 16 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《关于调整第六届董事会专门 委员会成员的议案》。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 ...

Meeting Overview - The meeting was held on May 22, 2025, at 2:30 PM in Hangzhou, Zhejiang Province, with a combination of on-site and online voting [3] - A total of 1,939 shareholders and their proxies attended, representing 299,443,094 shares, which is 29.5224% of the total share capital of 1,014,289,836 shares [3] - Among the attendees, 1,933 were small investors, representing 39,847,271 shares or 3.9286% of the total share capital [3] Voting Results - The proposal to nominate Mr. Zhao Jian as a non-independent director candidate was approved with 298,044,677 votes in favor, accounting for 99.5330% of the valid votes [5] - Small investors voted 38,448,854 shares in favor, representing 96.4906% of the valid votes from small investors [5] Legal Opinion - The legal opinion from Beijing Zhonglun (Hangzhou) Law Firm confirmed that the meeting's procedures, attendance, and voting processes complied with relevant laws and regulations, making the voting results valid [5]

关于浙江万马股份有限公司 北京中伦（杭州）律师事务所 关于浙江万马股份有限公司 2025 年第一次临时股东大会的 法律意见书 浙江省杭州市上城区钱江路 1366 号华润大厦 A座 22 层 邮编：310020 22/F, Block A, China Resources Building, 1366 Qianjiang Road, Shangcheng District, Hangzhou, Zhejiang 31002,0P.R. China 电话/Tel : +86 571 5692 1222 传真/Fax : +86 571 5692 1333 www.zhonglun.com $$\exists{\mathcal{O}}\exists{\vec{\mathbf{n}}}\nexists\exists{\vec{\mathbf{n}}}\exists$$ 北京中伦（杭州）律师事务所 2025 年第一次临时股东大会的 法律意见书 致：浙江万马股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公 司法》"）和《上市公司股东大会规则》（以下简称"《股东大会规则》"）等 相关法律、 ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 | 01 | 浙江万马股份有限公司 一、会议召开和出席情况 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更前次股东大会决议情况。 1. 本次会议于2025年5月22日下午2:30，在浙江省杭州市临安区青山湖街道科技 大道2159号，万马创新园万马办公大楼6楼会议室以现场投票、网络投票相结合的方 式召开，会议由公司董事会召集，董事长李刚先生主持。本次会议符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 2. 出席本次会议的股东及股东代理人共计1939人，代表公司有表决权股份 299,443,094股，占公司总股本1,014,289,836股的29.5224%。其中出席本次股东大会的 中小投资者（除上市公司董事、监事、高级管理人员以及单独或者合并持有上 ...

| 证券代码：002276 | 证券简称：万马股份 公告编号：2025-027 | | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | 浙江万马股份有限公司 4.本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配及资本公积金转增股本方案 1.本公司 2024 年年度权益分派方案为：以公司现有总股本 1,014,289,836 股 为基数，向全体股东每 10 股派 0.500000 元人民币现金（含税；扣税后，通过深 股通持有股份的香港市场投资者、境外机构（含 QFII、RQFII）以及持有首发前 限售股的个人和证券投资基金每 10 股派 0.450000 元；持有首发后限售股、股权 激励限售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不 扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持 有首发后限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税， - 1 - 2024 年年度权益分派实施公告 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。 公司 ...

Group 1 - The AI era presents transformative opportunities for the renewable energy industry chain, with potential deep integration with AIDC, humanoid robots, and low-altitude economy, driving intelligent upgrades in society and expanding growth space in the industry [1][2] - Major AI companies are accelerating capital expenditures, leading to a significant upward shift in the renewable energy + AIDC sector, with technologies like HVDC and BBU enhancing data center efficiency and reliability [1][5] - The humanoid robot sector is at a critical transition from 0 to 1, with the potential for significant growth as companies in the electric vehicle supply chain, such as Tesla, expand into this field [1][21] Group 2 - The renewable energy + AIDC sector is experiencing a major opportunity due to AI's deepening integration, which is expected to optimize resource allocation and enhance decision-making quality [2][5] - Data centers are evolving into innovation centers, with AIDC investments serving as forward-looking indicators of growth, necessitating improvements in energy infrastructure to meet increasing power density demands [5][7] - UPS systems are currently the most widely used in data centers, with HVDC and Panama power systems representing the next evolutionary step in power supply solutions [9][11] Group 3 - The humanoid robot industry is in its early stages, with a projected market size of 10 trillion RMB by 2028, driven by advancements in technology and decreasing costs [14][19] - National policies are significantly supporting the humanoid robot sector, emphasizing its importance and promoting applications across various fields [19][20] - Tesla is a core driver of global humanoid robot development, with plans to produce thousands of units by 2025 and expand production significantly by 2026 [21][25] Group 4 - The low-altitude economy is expected to exceed a trillion RMB in scale, with eVTOL and drones as key components, driven by policy support and rapid advancements in certification processes [50][55] - The low-altitude economy's industrial chain is robust, with a focus on manufacturing and infrastructure, highlighting a dual transformation towards intelligence and low carbon [52][56] - Policies are crucial in the early stages of the low-altitude economy's development, with initiatives aimed at fostering technological breakthroughs and market cultivation [55][59] Group 5 - Key companies in the renewable energy + AIDC sector include Kehua Data, Hewei Electric, and others, while the humanoid robot sector features companies like Keda Li and Zhenyu Technology [2][63] - The low-altitude economy is represented by companies such as Yingboer and EHang, which are actively developing eVTOL products and related technologies [63][62]

Group 1 - The core viewpoint of the articles highlights the active performance of merger and acquisition (M&A) concept stocks, driven by the recent revisions to the "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission, which aim to simplify review processes and enhance regulatory inclusiveness [1][2] - M&A is identified as a key strategy for listed companies to achieve strategic expansion, resource integration, and value enhancement, allowing them to quickly enter new industries or geographic areas and acquire new customer resources and sales channels [1][2] - The integration of resources through M&A is crucial, enabling companies to optimize the allocation of assets, human resources, and technology patents, thereby improving overall operational efficiency and enhancing competitive strength in the market [2] Group 2 - Dongxing Securities emphasizes that accelerating the innovation and development of M&A activities is essential for optimizing existing resources and capital, which is a vital part of the supply-side reform in the capital market [2] - Several companies are actively pursuing M&A transactions, including Baobian Electric, which is involved in a business integration with China Electric Equipment Group, potentially leading to a change in its controlling shareholder [2][3] - Other companies such as Jiaozao Wanfang, Jiangtian Chemical, and Guangzhi Technology are also planning significant acquisitions, indicating a trend of active M&A activities within the industry [3][4]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - Domestic and international cloud service providers have significantly increased capital expenditures in Q1, indicating a rising investment sentiment in the domestic power grid [4] - The power equipment capacity can reach 3-5 times that of computing chips, with the supply and distribution market expected to reach 73 billion yuan by 2026 [4] - The AIDC power equipment sector has seen a general increase in stock prices, with lead-acid batteries, HVDC, and UPS showing the highest gains [4] - The industry is characterized by a long power transmission chain, with global giants like Eaton and Schneider having established strong product lines and solution capabilities, while domestic companies are gaining competitive advantages [4] - The year 2025 is anticipated to be a pivotal year for AIDC construction, with significant capital expenditures expected from major cloud providers [4] Summary by Sections AIDC Power Equipment - Major cloud companies like Tencent and Alibaba have ramped up their AI computing infrastructure investments, with Tencent's capital expenditure reaching 27.48 billion yuan, up 91% year-on-year, and Alibaba's at 24.612 billion yuan, up 121% [4][16] - The global data center's IT load is projected to grow significantly, with a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The AIDC power equipment sector is expected to benefit from the increasing demand for power supply equipment, including transformers and UPS systems [4] Grid Industry - In March 2025, the national power engineering investment reached 56.9 billion yuan, a decrease of 5.7% year-on-year, while the grid engineering investment was 52 billion yuan, an increase of 18.4% year-on-year [30] - The National Grid's investment in ultra-high voltage equipment is expected to see significant growth in 2025, with a projected annual investment exceeding 650 billion yuan [4] - The bidding results for the National Grid's transmission and transformation equipment show a total bid amount of 17.636 billion yuan, an increase of 12.7% year-on-year [60]