| 证券代码：002276 | 证券简称：万马股份 | | 公告编号：2025-052 | | --- | --- | --- | --- | | 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 2023 年限制性股票激励计划 首次授予部分限制性股票第一个解除限售期 解除限售股份上市流通的提示性公告 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、浙江万马股份有限公司（以下简称"公司"）2023 年限制性股票激励计 划（以下简称"本激励计划"）首次授予部分限制性股票第一个解除限售期解除 限售条件已经成就，本次符合解除限售条件的激励对象共计 155 人，可解除限 售的限制性股票数量为 2,172,210 股、占公司当前总股本的 0.21%。 2、公司本次解除限售股份的上市流通日为 2025 年 8 月 26 日。 公司于 2025 年 8 月 17 日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《关于 2023 年限制性股票激励计划首次授予部分 限制性股票第一个解除限售期解 ...

Core Viewpoint - Zhejiang Wanma Co., Ltd. and related personnel received a warning letter from the Zhejiang Securities Regulatory Bureau due to failure to timely disclose certain investment matters and significant project progress [2][3] Group 1: Warning Letter Details - The warning letter indicates that Zhejiang Wanma Co., Ltd. did not submit some investment matters for board review and failed to disclose significant project developments in a timely manner [2] - The company and its executives, including the chairman and general manager, violated the regulations outlined in the "Management Measures for Information Disclosure of Listed Companies" [3] Group 2: Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to the company and its executives, which will be recorded in the securities market integrity archives [3] - The company and related personnel are required to enhance their understanding of relevant laws and regulations and improve compliance to prevent similar issues in the future [3] Group 3: Impact on Operations - The administrative regulatory measures will not affect the normal production and operational management of the company [4] - The company commits to strictly adhere to regulatory requirements and fulfill its information disclosure obligations in a timely manner [4] Group 4: Trustee Management Situation - The trustee, Zhongtian Guofu Securities, confirmed that the incident does not have a significant adverse impact on the issuer's operations or debt repayment capacity [5] - The trustee will continue to monitor the issuer's business operations and the repayment of principal and interest on the bonds [5]

Group 1: Company Overview and Strategy - The company follows a "one body, two wings" development strategy focusing on three main business segments: electric wires and cables, new materials, and new energy [1] - The company has a comprehensive cable product range, including ultra-high voltage cables, fire-resistant cables, and cables for new energy construction, positioning itself as a "comprehensive cable supplier" in China [2] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of CNY 9.272 billion, representing a year-on-year growth of 8.58% [1] - The net profit attributable to shareholders, excluding non-recurring items, was CNY 221 million, with a year-on-year increase of 25.95% [1] Group 3: Revenue Breakdown - Revenue from electric power products, communication products, and polymer materials for the first half of 2025 was CNY 6.315 billion, CNY 158 million, and CNY 2.654 billion, respectively, accounting for 68.11%, 1.7%, and 28.63% of total revenue [2] Group 4: Product Applications and Projects - The company has participated in several large hydropower projects, including the Three Gorges Dam and is currently following up on the Yarlung Tsangpo River downstream hydropower project [2] - The company’s high-voltage, medium-voltage, control cables, and polymer materials are applicable in hydropower stations [2] Group 5: Production Capacity and Market Position - The production capacity of the company's polymer high-voltage insulation material will reach 60,000 tons after the completion of the third-phase project [4] - The domestic market share of the company's polymer high-voltage insulation material has increased from approximately 15% in 2021 to about 20% [4] Group 6: Raw Material Impact - The main raw material for electric wires and cables is copper, and fluctuations in copper prices can directly impact the company's performance [6] - The company employs various strategies to mitigate risks associated with copper price volatility, including fixed-price contracts and hedging [6] - The new materials segment's raw materials are influenced by oil prices, which can affect profitability [6]

债券代码：149590 债券简称：21 万马 01 证券代码：002276 证券简称：万马股份 中天国富证券有限公司 关于 浙江万马股份有限公司 收到浙江证监局警示函的公告 之 临时受托管理事务报告 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。 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。 近日，浙江万马股份有限公司及相关人员收到中国证券监督管理委员会浙江 监管局(以下简称"浙江证监局")出具的《关于对浙江万马股份有限公司及相关人 员采 ...

Core Viewpoint - Wanma Co., Ltd. has achieved mass production of its embodied robot cables, contributing to a record high revenue in the first half of 2025, driven by the cable business segment [2][3]. Financial Performance - In the first half of 2025, the company reported revenue of 9.272 billion yuan, an increase of 8.58% year-on-year, and a net profit attributable to shareholders of 250 million yuan, up 21.8% [2]. - The revenue from power cable products reached 6.315 billion yuan, reflecting a year-on-year growth of 14.85%, with a gross margin of 11.37%, an increase of 1.37 percentage points [2]. Business Segments - Wanma Co., Ltd. specializes in electric wires and cables, polymer materials, and new energy charging piles, with a strong competitive advantage in the mid-to-high-end cable market [2]. - The company has established an "Industrial Intelligent Equipment Cable Division" since 2016, focusing on cables for robots and other intelligent equipment [3]. Market Position and Trends - Wanma Co., Ltd. has become the largest supplier of robot cables for KUKA in China, achieving import substitution in this segment [3]. - The company has successfully entered emerging fields such as humanoid robots and robotic dogs, expanding its product range from integrated cables to body cables and harnesses [3][4]. Technological and Competitive Advantages - The company's robot cables have passed rigorous durability tests and international certifications, providing a competitive edge in the market [4]. - The growing demand for cables in the robotics sector is expected to see explosive growth, with the Chinese robot market projected to reach $47 billion in 2024, accounting for 40% of the global market [4]. Future Outlook - Despite the current small revenue contribution from the robot cable business, the company is viewed positively for its future potential, especially with the anticipated mass production of humanoid robots in 2025 [4][5]. - The company has built a comprehensive competitive advantage in technology, certification, and cost in the polymer materials and robot cable sectors, positioning itself to capture significant market share [5].

Core Viewpoint - Wanma Co., Ltd. has reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by strategic transformation and expansion into high-end intelligent equipment cables and new materials [1][2]. Financial Performance - The company achieved a revenue of 9.272 billion yuan, a year-on-year increase of 8.58% [1]. - The net profit attributable to shareholders reached 250 million yuan, reflecting a year-on-year growth of 21.8% [1]. - The non-recurring net profit was 221 million yuan, with a year-on-year increase of 25.95% [1]. Business Segments - Revenue from power products was 6.315 billion yuan, up 14.85% year-on-year [1][2]. - Revenue from high polymer materials reached 2.654 billion yuan, a year-on-year increase of 5.7% [1][4]. - The company reported a 136% year-on-year increase in the amount of winning bids for power grid projects, achieving a historical high [2]. Market Trends - The national investment in power grid projects reached 291.1 billion yuan in the first half of the year, a year-on-year increase of 14.6% [1]. - The market concentration in the cable industry is increasing, with the top 10 companies now holding over 20% of the market share [2]. - The company ranks fifth among 40 cable industry enterprises in terms of revenue, with a total of 17.7 billion yuan [2]. Product Development - Wanma Co., Ltd. has established a competitive advantage in the domestic high-end cable market, with products such as ultra-high voltage cables and fire-resistant cables leading the industry [3]. - The company has successfully developed high-pressure submarine cable insulation materials, filling a domestic gap [4]. - The company is focusing on high-performance, customized cables for the rapidly growing industrial automation and robotics sectors [6]. Strategic Initiatives - The company is actively participating in major infrastructure projects, including the world's highest railway construction, which is expected to require significant cable materials [5]. - New product development is accelerating, with new product shipments increasing by 113% year-on-year [2]. - The company has established partnerships with major robotics manufacturers, enhancing its position in the robotics cable market [3].

Core Viewpoint - Wanma Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau due to issues related to information disclosure, which involved delays in board approvals and public announcements of significant investment projects [2][3][4]. Group 1: Regulatory Actions - The warning letter highlighted that Wanma Co., Ltd. failed to timely disclose certain investment matters and significant project developments, violating relevant regulations [3][4]. - Specific instances include a delay in disclosing a 1 billion yuan investment project until two months after the agreement was signed, and another delay in announcing a 51 million yuan investment in an industry fund [3][4]. Group 2: Management Changes - The former chairman, Li Gang, resigned two months prior to the issuance of the warning letter, although he continues to hold other positions within the company [4]. Group 3: Company Response - Wanma Co., Ltd. expressed its commitment to addressing the issues raised in the warning letter and emphasized the importance of adhering to information disclosure regulations moving forward [5]. Group 4: Financial Performance - In 2024, Wanma Co., Ltd. reported a revenue of 17.76 billion yuan, a year-on-year increase of 17.46%, but a net profit of 341 million yuan, down 38.57% [7]. - For the first half of 2025, the company achieved a revenue of 9.27 billion yuan, up 8.58%, and a net profit of 250 million yuan, an increase of 21.80% [7]. - The company faces high accounts receivable, with 5.38 billion yuan in 2024, accounting for 30.3% of revenue, and 6.66 billion yuan in the first half of 2025, representing 71.8% of revenue [7].

Core Viewpoint - Wanma Co., Ltd. reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 9.272 billion yuan, an increase of 8.58% year-on-year [1]. - Net profit attributable to shareholders was 250 million yuan, up 21.8% year-on-year [1]. - In Q2 alone, total revenue was 5.302 billion yuan, reflecting an 11.91% increase year-on-year, while net profit for the quarter was 169 million yuan, up 21.21% [1]. - Gross margin improved to 12.48%, a year-on-year increase of 4.09%, and net margin rose to 2.69%, up 11.04% [1]. Key Financial Metrics - Operating expenses totaled 617 million yuan, accounting for 6.65% of revenue, an increase of 4.87% year-on-year [1]. - Earnings per share (EPS) increased to 0.25 yuan, a rise of 21.61% year-on-year [1]. - Cash flow from operations per share was -0.64 yuan, a significant decrease of 87.76% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 18.17% due to increased procurement expenses and asset construction [3]. - Accounts receivable increased by 16.16%, attributed to higher sales and extended payment terms [3]. - Inventory rose by 8.82%, indicating increased stock levels [3]. - Long-term borrowings surged by 130.71% due to increased financing activities [4]. - Derivative financial assets saw a dramatic increase of 9042.71% due to rising copper prices [6]. Cash Flow Analysis - Net cash flow from operating activities decreased by 83.92%, primarily due to increased material procurement and bill payments [13]. - Net cash flow from financing activities increased by 2376.14%, reflecting a rise in bank borrowings [14]. - The net increase in cash and cash equivalents was up 76.35%, driven by improved financing cash flows [15]. Business Model and Investment Returns - The company's return on invested capital (ROIC) was 5.17%, indicating average capital returns [17]. - The historical median ROIC over the past decade was 5.58%, suggesting generally weak investment returns [17]. - The company's performance relies heavily on research and marketing efforts, necessitating further investigation into these drivers [18]. Recommendations for Monitoring - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 24.2% [19]. - The accounts receivable to profit ratio has reached 1951.31%, indicating potential liquidity concerns [19]. Analyst Expectations - Analysts project a net profit of 520 million yuan for 2025, with an average EPS forecast of 0.51 yuan [20].

金融界消息 截至2025年8月20日收盘，万马股份（002276）报收于16.33元，上涨2.7%，换手率 12.74%，成交量128.09万手，成交金额20.86亿元。 资金流向方面，今日主力资金净流入1.07亿元，占比成交额5.12%。其中，超大单净流入8376.22万元、 占成交额4.02%，大单净流入2304.64万元、占成交额1.1%，中单净流出流入1850.78万元、占成交额 0.89%，小单净流出12531.64万元、占成交额6.01%。 天眼查商业履历信息显示，浙江万马股份有限公司，成立于1996年，位于杭州市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本101428.9836万人民币，实缴资本101428.9836万人民币。公 司法定代表人为赵健。 通过天眼查大数据分析，浙江万马股份有限公司共对外投资了15家企业，参与招投标项目5000次，知识 产权方面有商标信息84条，专利信息748条，此外企业还拥有行政许可47个。 来源：金融界 万马股份最新一期业绩显示，截至2025中报，公司营业总收入92.72亿元、同比增长8.58%，归属净利润 2.50亿元，同比增长21.80%，扣非 ...

（文章来源：证券日报） 证券日报网讯 8月19日晚间，万马股份发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 为9，271，523，986.31元，同比增长8.58%；实现归属于上市公司股东的净利润为250，428，419.89 元，同比增长21.80%。 ...