$$=\exists^{\pm}=\exists!\exists\not\exists\not\exists$$ | 重要声明 | 1 | | --- | --- | | 第一章 | 本期公司债券概要及债券受托人履行职责情况 2 | | 第二章 | 发行人 2024 年度经营和财务状况 4 | | 第三章 | 发行人募集资金使用情况 12 | | 第四章 | 增信机制有效性分析 13 | | 第五章 | 债券持有人会议召开的情况 14 | | 第六章 | 本期公司债券本息偿付情况 15 | | 第七章 | 发行人在公司债券募集说明书中约定的其他义务的执行情况 16 | | 第八章 | 本期公司债券跟踪评级情况 18 | | 第九章 | 发行人偿债意愿和能力分析 19 | | 第十章 | 其他事项 21 | 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。 1 &'(%%)*+,-./"0-.123456789% !"#$% 中天国富证券有限公司（以下简称"中天国富证券"）编制本报告的内容及 信息均来源于发行 ...

证券代码：002276 证券简称：万马股份 债券代码：149590 债券简称：21 万马 01 中天国富证券有限公司 关于 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。在任何情况下，未经中天国富证券书面许可，不得将本报告用作其 他任何用途。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 天国富证券不承担任何责任。 临时受托管理事务报告 受托管理人：中天国富证券有限公司 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》及其它相关信息披露文件以及浙江万马股份有限公司（以下简称"公 司"或"发行人"）出具的相关说明文件和提供的相关资料等，由债券受托管理人 中天国富证券有限公司（以下简称"中天国富证券"或"受托管理人"）编制。中天 国富证券编制本报告的内容及信息均来源于发行人提供的资料或说明。 一、公司董事长辞职情况 浙江万马股份有限公司 选举公司董事长 之 三、受托管理人受托情况 中天国富证券作为受托管理人，将持续密切关注发行人后续各项 ...

证券代码：002276 证券简称：万马股份 债券代码：149590 债券简称：21 万马 01 中天国富证券有限公司 关于 浙江万马股份有限公司 临时受托管理事务报告 本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业 行为准则》及其它相关信息披露文件以及浙江万马股份有限公司（以下简称"公 司"或"发行人"）出具的相关说明文件和提供的相关资料等，由债券受托管理人 中天国富证券有限公司（以下简称"中天国富证券"或"受托管理人"）编制。中天 国富证券编制本报告的内容及信息均来源于发行人提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中天国富证券所作的 承诺或声明。在任何情况下，未经中天国富证券书面许可，不得将本报告用作其 他任何用途。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中 天国富证券不承担任何责任。 董事长辞职 之 重要声明 一、公司董事长辞职情况概述 浙江万马股份有限公司董事会于 2025 年 6 月 4 日收到董事长李刚先生的书 面辞职报告。因工作调动原因，李刚先生申请辞去公司董事长 ...

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | | 浙江万马股份有限公司 第六届董事会第三十六次会议决议公告 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。 三、备查文件 浙江万马股份有限公司（以下简称"公司"）第六届董事会第三十六次会议于 2025 年 6 月 10 日以现场结合通讯表决形式召开。本次董事会会议通知已于 2025 年 6 月 5 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《关于选举公司董事长的议案》。 同意选举赵健先生担任公司第六届董事会董事长，任期自本次董事会审议通过之日 起，至公司第六届董事会届满时止。（简历详见 202 ...

Core Viewpoint - The resignation of Li Gang as chairman of Wanma Co., Ltd. raises questions about the future strategic direction of the company and the role of Qingdao's state-owned assets in its next phase of development [2][11]. Company Background - Wanma Co., Ltd. was established in 1996 and is headquartered in Hangzhou, Zhejiang. It was listed on the Shenzhen SME Board in 2009 and specializes in the R&D, production, and sales of electric wires and cables, polymer materials, and electric vehicle charging equipment [2]. - The company became closely associated with Qingdao in November 2020 when Qingdao West Coast New Area Ocean Holding Group Co., Ltd. became its largest shareholder [2][3]. Recent Developments - Following the acquisition by Qingdao state-owned assets, Wanma Co., Ltd. has expanded its investments and operations in Qingdao, including acquiring stakes in subsidiaries and signing new projects [3]. - In December 2020, Wanma's subsidiary acquired a 69% stake in Shandong Wan'en New Energy Technology Co., which became a wholly-owned subsidiary [5]. - In January 2021, Wanma announced a total investment of 1 billion yuan in a new energy project in the West Coast New Area, focusing on the R&D, manufacturing, and operation of electric vehicle charging stations [5]. Leadership Background - Li Gang, who resigned as chairman, has a strong background in Qingdao and has held various leadership roles in companies related to real estate and new energy [6][8]. - During his tenure, Wanma Co., Ltd. experienced revenue growth, but net profit showed significant volatility, indicating challenges during the company's strategic transformation [8]. Financial Performance - In 2023, Wanma Co., Ltd. reported total revenue of 15.121 billion yuan and a net profit of 555 million yuan, representing year-on-year growth of 3.04% and 34.97%, respectively [8]. - For 2024, the company projected revenue of 17.761 billion yuan, a 17.46% increase, but a decline in net profit to 341 million yuan, down 38.57% [9][10]. Strategic Focus - Wanma Co., Ltd. has established a collaborative development model across its product lines, with significant contributions from power products and polymer materials, which accounted for 66.14% and 29.20% of total revenue in 2023 and 2024, respectively [10]. - The company is also expanding its market presence in new regions and sectors, including heavy-duty logistics and renewable energy, with a notable 437% increase in sales of charging equipment for heavy-duty vehicles [10]. Future Outlook - The company plans to develop a funding strategy for 2025 to enhance capital efficiency and reduce costs, while the strategic direction post-Li Gang's resignation will be closely monitored [11].

浙江万马股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕3640 号 联合资信评估股份有限公司通过对浙江万马股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持浙江万马 股份有限公司主体长期信用等级为 AA，维持"21 万马 01"和"23 万马 MTN001（科创票据）"信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月六日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受浙江万马股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公 ...

Group 1 - Weijie Chuangxin plans to reduce its shareholding by up to 3%, amounting to no more than 12.91 million shares, due to personal funding needs [1] - Lier Chemical's major shareholder intends to reduce its stake by up to 3%, equivalent to no more than 24.01 million shares, for investment returns [1] - Helin Micro-Nano's controlling shareholder plans to reduce its shareholding by up to 1.5%, which is no more than 1.75 million shares, due to personal funding needs [2] Group 2 - Yifan Pharmaceutical received drug registration certificates for two products, indicating a focus on oncology and leukemia treatments [3] - *ST Jinbi is planning a change in control, leading to a temporary suspension of its stock trading [4] - Kexing Pharmaceutical's shareholder plans to reduce its stake by up to 3%, amounting to no more than 5.90 million shares, to optimize the equity structure [7] Group 3 - Li New Energy plans to invest approximately 1.25 billion yuan in three independent energy storage projects [7] - Kingsoft Office intends to acquire the remaining 31.98% stake in its subsidiary for 254 million yuan, aiming for full ownership [8] - Northeast Pharmaceutical received a CEP certificate from the European Medicines Agency for an antibiotic raw material, enhancing its product credibility [9] Group 4 - Tai'er Co. announced the lifting of a detention order on its controlling shareholder, changing it to a notice of supervision [10] - Runjian Co. won a bid for a solar power project worth approximately 83.92 million yuan, highlighting its role in the energy sector [11] - Jiuan Medical plans to register and issue medium-term notes and short-term financing bonds, with a total scale of up to 35 billion yuan and 5 billion yuan respectively [12] Group 5 - Wanma Co.'s chairman resigned due to work adjustments, but will remain as a board member [13] - Changhua Chemical plans to transfer 1% of its shares through an inquiry transfer method due to personal funding needs [14] - Jinkai Biotechnology's two shareholders plan to reduce their combined stake by up to 4%, totaling 481.6 thousand shares [15] Group 6 - Aeston plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [16] - Maiwei Biotechnology's chairman proposed a share buyback plan with a total amount between 25 million and 50 million yuan [17] - Montai High-tech's specific shareholders and executives plan to reduce their stake by up to 3.03%, citing personal funding needs [18] Group 7 - *ST Dongjing's stock will resume trading after a change in control, with a new actual controller [20] - Tongdahai's major shareholders plan to reduce their combined stake by up to 3.57%, totaling 345.24 thousand shares [23]

浙江万马股份有限公司（以下简称"公司"）董事会于 2025 年 6 月 4 日收到 董事长李刚先生的书面辞职报告。因工作调动原因，李刚先生申请辞去公司董事 长职务。辞职后，其仍在公司担任董事、董事会战略委员会主任委员、审计委员 会委员及其他在万马股份控股子公司所任职务。 根据《公司法》《深圳证券交易所股票上市规则》《公司章程》等有关规定， 李刚先生辞去董事长职务未导致公司董事会成员低于法定最低人数，其辞职报告 自送达董事会时即生效，其辞职不会对公司正常经营产生影响。 董事会对李刚先生在担任公司董事长期间为公司发展作出的贡献表示衷心 感谢！ 特此公告。 | 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | | 浙江万马股份有限公司 关于公司董事长辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 浙江万马股份有限公司董事会 二〇二五年六月五日 ...

万马股份（002276）公告，公司董事会于2025年6月4日收到董事长李刚的书面辞职报告。因工作调动原 因，李刚申请辞去公司董事长职务。辞职后，李刚仍担任公司董事、董事会战略委员会主任委员、审计 委员会委员及其他在万马股份控股子公司所任职务。李刚辞职未导致公司董事会成员低于法定最低人 数，其辞职报告自送达董事会时即生效，不会对公司正常经营产生影响。 ...

Investment Rating - The report maintains a "Buy" rating for the company, predicting a relative increase in stock price compared to the benchmark index [7][9]. 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]. Segment Analysis - The cable and polymer materials segments continue to grow, with sales volumes of 144,000 and 529,000 tons respectively, reflecting increases of 25.9% and 9.3% year-on-year [5]. - The gross margins for the three segments were 9.9%, 13.2%, and 12.3%, showing declines of 2.4, 3.5, and 5.9 percentage points year-on-year [5]. Profitability and Financial Metrics - 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 but an increase in net margin compared to the previous year [5]. - The report forecasts revenues of 20.10 billion, 22.77 billion, and 25.81 billion yuan for 2025, 2026, and 2027, with corresponding net profits of 471 million, 641 million, and 813 million yuan [7][10]. Future Outlook - The company is expected to benefit from the gradual production of its third phase of ultra-high voltage insulation materials, which will enhance profitability in the polymer materials segment [5]. - The expansion into the international market, particularly in the robotics cable sector, is anticipated to drive sales growth [6].