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].

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 ...

Financial Performance - In 2024, the company's revenue reached 177.61 billion CNY, with a net profit of 3.41 billion CNY [2] - The revenue composition by product for 2024: - Power products: 117.47 billion CNY (66.14%) - Communication products: 4.99 billion CNY (2.81%) - Polymer materials: 51.85 billion CNY (29.20%) - Trade, services, and others: 1.85 billion CNY (1.85%) [2] Profit Margins - Gross profit margins for 2024: - Power products: 9.92% - Communication products: 12.31% - Polymer materials: 13.24% [3] Business Segments - The company is a leading manufacturer of intelligent equipment cables, with a strong focus on R&D and production capabilities in the robotics cable sector [4] - The company has established a competitive edge in robotics cables through: - Advanced product design and manufacturing capabilities - The first TUV-certified robotics cable laboratory in China - Strong quality control and manufacturing processes [5] Market Position - The domestic market share of the company's high polymer ultra-high voltage insulation materials increased from approximately 15% in 2021 to about 20% [8] - The annual production capacity for high polymer ultra-high voltage insulation materials is projected to reach 60,000 tons after the completion of the third phase project [8] Recent Developments - In Q1 2025, the company reported a revenue of 39.7 billion CNY, a year-on-year increase of 4.43%, and a net profit of 0.82 billion CNY, up 23.05% year-on-year [9] - The third phase project for high polymer ultra-high voltage insulation materials is expected to commence production this year [9] Risk Advisory - The company advises investors to be cautious regarding investment risks, particularly as the revenue from industrial robots, humanoid robots, and robotic dog cables currently represents a small proportion of overall revenue [6][7]

浙江万马股份有限公司董事会提名委员会 浙江万马股份有限公司董事会提名委员会 关于公司第六届董事会非独立董事候选人审核意见 杨黎明、高珊珊、傅怀全 浙江万马股份有限公司董事会： 根据《浙江万马股份有限公司董事会提名委员会工作细则》的规定，作为公司 提名委员会的委员，审核第六届董事会非独立董事候选人赵健先生个人材料，通过 对候选人个人资料等的查阅，认为该非独立董事候选人符合上市公司非独立董事任 职资格，能够胜任所聘岗位职责要求，未发现有不符合《公司法》相关规定，以及 被中国证监会确定为市场禁入者且禁入尚未解除等情形存在。我们同意提名赵健先 生为公司第六届董事会非独立董事候选人。 二〇二五年四月二十九日 ...

| 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 | 本议案经公司董事会提名委员会审议通过。 董事会中兼任公司高级管理人员以及由职工代表担任的董事人数总计不超 过公司董事总数的二分之一。 浙江万马股份有限公司 第六届董事会第三十四次会议决议公告 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： 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 ...

| 证券代码：002276 | 证券简称：万马股份 | | 公告编号：2025-025 | | --- | --- | --- | --- | | 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 年第一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 年第一次临时股东大会。 2.股东大会召集人：公司董事会。2025 年 5 月 6 日，公司第六届董事会第三十 四次会议审议通过《关于提请召开 2025 年第一次临时股东大会的议案》，决定于 2025 年 5 月 22 日召开 2025 年第一次临时股东大会。 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 5 月 22 日下午 14:30； （2）网络投票时间：2025 年 5 月 22 日 通过深交所交易系 ...

Group 1: Company Overview and Performance - Zhejiang Wanma Co., Ltd. achieved a revenue of 17.76 billion CNY in 2024, representing a year-on-year growth of 17.46% [14] - The net profit attributable to shareholders decreased by 3.41% to 1.38 billion CNY [14] - The company faced pressure on profitability due to rising copper prices and increased market competition [14] Group 2: Product and Market Insights - The company's robot cable products have competitive advantages, including advanced product design and a TUV-certified laboratory for extensive R&D data [2][3] - The new energy segment saw a compound annual growth rate of 38.26% in charging equipment sales, indicating a recovery in profitability [3] - The market share of ultra-high voltage insulation materials is approximately 20% [9] Group 3: R&D and Innovation - In 2024, the cable segment successfully developed 16 new products, with 9 achieving provincial-level industrial new product certification [7] - The high polymer segment completed significant R&D projects, including high-voltage cable materials that have been recognized for their advanced technology [7] - The company holds multiple patents in cable design and production processes, enhancing its competitive edge [7] Group 4: Future Outlook and Industry Trends - The demand for electricity in China is expected to grow by about 6% in 2025, supporting accelerated investment in the power grid [12] - The share of high-end and special cable products in the cable industry is projected to increase from 30% in 2024 to 35%-40% in 2025 [12] - The company is positioned to benefit from strategic opportunities in emerging industries such as new energy and advanced manufacturing [11]

Group 1: Company Overview and Strategy - Zhejiang Wanma Co., Ltd. focuses on a "dual-wing" development strategy encompassing three main business sectors: power cables, new materials, and new energy [2][3]. - The power cable sector is the largest and foundational business, leveraging existing production capabilities and market advantages for stable growth [2][3]. Group 2: Product Differentiation - The power cable sector primarily produces power cables of various voltage levels for infrastructure and large projects, serving clients in sectors like state grid, rail transit, and real estate [3]. - The equipment cable sector specializes in industrial smart cables and various specialized cables, targeting industries such as smart manufacturing and clean energy [3]. Group 3: Robotics and Automation Solutions - The Wanma Robot Intelligent CCa System offers customized electrical connection solutions for automation equipment, enhancing product offerings from single cables to integrated solutions [4]. - The company emphasizes ongoing technical support and product reliability tracking to improve product quality and customer satisfaction [4]. Group 4: Competitive Advantages - Wanma's competitive edge in robot cables includes advanced product design capabilities, a certified laboratory for testing, and a strong focus on manufacturing quality [5]. - The company participates in setting industry standards, which enhances its market position and recognition [5]. Group 5: Market Presence and Production Capacity - Wanma's high molecular ultra-high voltage insulation material aims for an annual production capacity of 60,000 tons post-project completion, with a domestic market share increase from approximately 15% in 2021 to about 20% [5][6]. - The company currently has 40,513 public charging piles and 3,047 charging stations, reflecting its commitment to the new energy sector [6]. Group 6: Raw Material Impact - Fluctuations in copper prices directly affect the cable sector's performance, despite the company employing strategies to mitigate risks [6]. - The new materials sector is influenced by the prices of petrochemical-derived raw materials, which can impact profitability [6].