Core Viewpoint - Wanma Co., Ltd. has achieved a significant milestone by obtaining the first CCC certification in the charging sector through its subsidiary, Zhejiang Wanma New Energy Co., Ltd., demonstrating its commitment to innovation and quality in the electric vehicle charging market [2][6]. Group 1: Certification and Market Context - The CCC certification for electric vehicle charging equipment was mandated by the National Market Supervision Administration, effective from March 1, 2025, with non-compliant devices prohibited from sale and use starting August 1, 2026 [4]. - The charging infrastructure in China has seen explosive growth, with a total of 12.352 million charging facilities, including 3.46 million public charging piles and 8.892 million home charging piles as of November 2024 [4]. Group 2: Company Achievements and Product Development - Wanma New Energy has been deeply involved in the charging sector for over a decade, developing a comprehensive product line ranging from 7kW to 960kW charging piles, including high-power integrated and split DC charging piles, wall-mounted AC charging piles, and smart AC charging piles [5]. - In 2024, Wanma New Energy capitalized on the rapid growth of the new energy heavy truck market, achieving a 437% year-on-year increase in sales of heavy truck charging equipment, and reported a compound annual growth rate of 38.26% in charging equipment sales over three years [5]. Group 3: Technological Advancements and Future Plans - The CCC certification process included hundreds of stringent testing criteria, with Wanma New Energy's AC charging piles demonstrating superior performance in key metrics such as insulation and withstand voltage strength, setting new industry standards [5]. - Moving forward, Wanma New Energy aims to enhance technological innovation and user experience, focusing on higher safety standards, improved compatibility, and superior smart features to drive the upgrade of China's charging infrastructure [6].

Investment Rating - The report maintains a "Recommended" investment rating for the wind power industry, indicating an expectation of growth exceeding the benchmark index by more than 5% in the next 3-6 months [2][55]. Core Insights - The report highlights a significant increase in wind turbine bidding, with a total of 33.6 GW bid from January to April 2025, representing a year-on-year growth of 23.2% [11][20]. - The average bidding price for land-based wind power is 1554 RMB/kW, while for offshore wind power, it is 2589 RMB/kW, showing a month-on-month increase of 5.8% for land-based projects [36][40]. - The report identifies three main investment themes in the wind power sector: high domestic offshore wind project reserves, robust land-based wind bidding, and increasing overseas installation growth [40]. Summary by Sections Bidding Volume - From January to April 2025, wind turbine bidding reached 33.6 GW, with offshore and onshore projects accounting for 3.1 GW and 30.5 GW respectively, marking increases of 19.4% and 23.6% year-on-year [11][31]. - In April alone, 12.2 GW was bid, with offshore projects at 0.5 GW and onshore projects at 11.7 GW, reflecting a month-on-month increase of 60.3% for onshore projects [11][20]. Winning Volume - The total winning volume for wind power from January to April 2025 was 32.1 GW, a year-on-year increase of 46%, with offshore and onshore projects contributing 3.8 GW and 28.3 GW respectively [20][21]. - In April, the winning volume was 13.7 GW, with offshore projects at 3.1 GW, showing a significant month-on-month increase of 577.8% [20][21]. Average Winning Price - The average winning price for land-based wind power in April was 1554 RMB/kW, while for offshore wind power, it was 2589 RMB/kW, indicating a competitive pricing environment [36][40]. Investment Recommendations - The report suggests focusing on key companies such as Mingyang Smart Energy, Oriental Cable, and Zhongtian Technology, which are well-positioned to benefit from the anticipated growth in the wind power sector [40].

证券代码：002276 证券简称：万马股份 公告编号：2025-026 债券代码：149590 债券简称：21 万马 01 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。 特别提示： 一、会议召开和出席情况 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。 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市公 司5%以上股份的股东以外的其他股东，下同）或其授权代表 1,633人，共计代表具有 有效表决权的股份 43,116,140 股，占公司总股本的 4.2509%。 表决结果：同意 302,079,936 股，占出席本次股东大会有效表决权股份总数的 弃权 339,526股，占出席本次股东大会有效表决权股份总数的 0.1122%。 表决结果：同意 302,080,336 股，占出席本次股东大会有效表决权股份总数的 弃权 315,026 股，占出席本次股东大会有效表决 ...

北京中伦（杭州）律师事务所 关于浙江万马股份有限公司 法律意见书 二〇二五年五月 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 P.R. China 电话/Tel : +86 571 5692 1222 传真/Fax : +86 571 5692 1333 www.zhonglun.com 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席本 次股东大会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》 等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会议审议的议 -1- 法律意见书 北京中伦（杭州）律师事务所 关于浙江万马股份有限公司 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、法规、规范性文件以及《浙江万马股份有限公司章程》 （以下简称"《公 司章程》"）《股东大会议事规则》的规定，北京中伦（杭州）律师事务所（以 下简称"本所"）接受浙江万马股份有限公司（以下简称"公司"）的委托，就 公 ...

北京中伦（杭州）律师事务所 关于浙江万马股份有限公司 2024 年度股东大会的 法律意见书 $$\exists{\mathrm{O}}\exists{\mathrm{H}}\nexists\exists{\mathrm{H}}$$ 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 北京中伦（杭州）律师事务所 关于浙江万马股份有限公司 2024 年度股东大会的 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、法规、规范性文件以及《浙江万马股份有限公司章程》（以下简 ...

证券代码：002276 证券简称：万马股份 公告编号：2025-026 债券代码：149590 债券简称：21 万马 01 浙江万马股份有限公司 2024年度股东大会决议公告 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。 一、会议召开和出席情况 1. 本次会议于2025年5月12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 1,639人，代表公司有表决权股份 302,711,963股，占公司总股本 1,014,289,836 股的 29.8447%。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市公 司5%以上股份的股东以外的其他股东，下同）或其授权代表 1,633 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.28 CNY based on a 32x P/E ratio for 2025 [2][5]. Core Insights - The company is experiencing growth in traditional business segments while innovating in the robotics cable sector. The revenue from the power cable segment reached 11.75 billion CNY in 2024, marking a 32.29% year-on-year increase, with production volume hitting a historical high [9]. - The company is positioned as a leader in high polymer materials, with a revenue of 5.185 billion CNY in 2024, reflecting a 6.42% increase. The company has successfully developed ultra-high voltage cable materials that are now being used in various domestic and international projects [9]. - The robotics cable division has established a strong technical foundation, with products capable of exceeding 30 million bending cycles, showcasing international leadership in technology [9]. Financial Forecast and Analysis - The company is projected to achieve earnings per share (EPS) of 0.54 CNY, 0.69 CNY, and 0.86 CNY for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 0.81 CNY and 0.97 CNY, respectively, adjusted due to overall industry pressures [2]. - Revenue is expected to grow from 15.121 billion CNY in 2023 to 25.224 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 7.8% [4][11]. - The company's gross margin is projected to improve slightly from 11.3% in 2024 to 12.1% in 2027, while net profit margin is expected to increase from 1.9% to 3.5% over the same period [4][11]. Market Performance - The company's stock has shown strong performance, with a 52-week high of 21.21 CNY and a low of 6.13 CNY. The stock price as of May 7, 2025, was 15.78 CNY [5]. - The company has outperformed the market, with absolute performance of 82.05% over the past 12 months compared to the Shanghai and Shenzhen 300 Index [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.28 CNY based on a 32x P/E ratio for 2025 [2][5]. Core Insights - The company is experiencing growth in traditional business segments while innovating in the robot cable sector, which is expected to enhance its market position [1][9]. - Revenue for 2024 is projected to be 17.76 billion CNY, reflecting a year-on-year growth of 17.5%, while net profit is expected to decline by 38.6% to 341 million CNY [4][9]. - The company is focusing on high polymer materials and has achieved significant market share in the high voltage cable segment, with a revenue increase of 32.29% in 2024 [9]. - The robot cable division has developed advanced technology, positioning the company as a leader in the domestic market, with products capable of exceeding 30 million bending cycles [9]. Financial Summary - **Revenue Forecast**: - 2023: 15.12 billion CNY - 2024: 17.76 billion CNY (17.5% growth) - 2025: 21.70 billion CNY (22.2% growth) - 2026: 23.41 billion CNY (7.9% growth) - 2027: 25.22 billion CNY (7.8% growth) [4][11] - **Net Profit Forecast**: - 2023: 555 million CNY - 2024: 341 million CNY (-38.6% growth) - 2025: 544 million CNY (59.3% growth) - 2026: 700 million CNY (28.8% growth) - 2027: 874 million CNY (24.8% growth) [4][11] - **Earnings Per Share (EPS)**: - 2023: 0.55 CNY - 2024: 0.34 CNY - 2025: 0.54 CNY - 2026: 0.69 CNY - 2027: 0.86 CNY [4][11] - **Profitability Ratios**: - Gross Margin: Expected to improve from 11.3% in 2024 to 12.1% in 2027 - Net Margin: Expected to increase from 1.9% in 2024 to 3.5% in 2027 - Return on Equity (ROE): Expected to rise from 6.2% in 2024 to 12.0% in 2027 [4][11].

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300750 | 宁德时代 | 2.50 | 0.80 | 75562.67 | | 300568 | 星源材质 | 9.53 | 9.54 | 20648.95 | | 300274 | 阳光电源 | 2.98 | 2.63 | 16278.79 | | 688556 | 高测股份 | 20.02 | 8.11 | 14290.13 | | 002560 | 通达股份 | 9.99 | 12.05 | 13282.80 | | 300870 | 欧陆通 | 2.32 | 5.45 | 9261.16 | | 300751 | 迈为股份 | 6.96 | 6.45 | 9039.35 | | 601012 | 隆基绿能 | 1.13 | 0.88 | 8760.28 | | 002851 | 麦格米特 | 3.43 | 9.16 | 8730.97 | | 300763 | 锦浪科技 | 3.95 | 4.68 | 6992.70 | | 60335 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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 第六届董事会第三十四次会议决议公告 浙江万马股份有限公司（以下简称"公司"）第六届董事会第三十四次会议于2025年5月6日在公司以通讯 表决的方式召开。本次董事会会议通知已于2025年4月29日以电子邮件等形式发出。会议由公司董事长 李刚先生主持，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： 证券代码：002276 证券简称：万马股份 公告编号：2025-024 债券代码：149590 债券简称：21万马01 浙江万马股份有限公司 1.会议以9票同意、0票反对，0票弃权，审议通过《关于提名赵健先生为公司第六届董事会非独立董事 候选人的议案》。 公司董事会收到董事高珊珊女士的辞职报告，高珊珊女士申请辞去公司第六届董事会董事及相关职务， 详见公司于2025年4月30日在巨潮资讯网 ...