Summary of Wanma Co., Ltd. Conference Call Company Overview - Wanma Co., Ltd. has been involved in the robot cable sector since 2017, leveraging its polymer material advantages and independent R&D to enter the high-end industrial robot cable market, which is known for its high production difficulty and customer certification barriers [2][3] Industry Insights - The domestic market for industrial robot cables is approximately several billion RMB, while the global market is expected to double [2][7] - The company has established a close partnership with KUKA, supplying over 50% of the same category cables, with plans to increase this to over 99% [2][8] - The performance of domestic robot cable products has reached international standards, comparable to German companies HEW and ENE [2][9] Key Product Features - Wanma's robot cables significantly outperform ordinary cables in terms of wear resistance, bending, high-temperature and oil resistance, and torsion resistance, undergoing over 30 million bending tests [2][5] - The production process for these cables requires a long verification period of 1-2 years due to the high technical barriers related to high-strength conductors and material formulations [2][10] Market Development - The company has begun receiving orders in humanoid robots and robotic dogs since 2024, indicating a shift towards emerging markets while still focusing on industrial applications [2][6] - The gross margin for industrial robot cables is around 40%, significantly higher than other business segments, due to the technical difficulty and manufacturing barriers [3][14] Competitive Landscape - The industrial robot cable market is relatively mature, with domestic manufacturers gradually capturing more market share as the domestic replacement process accelerates [7][8] - Wanma is recognized as one of the largest and most professional companies in the domestic market, competing with international brands like HERAMED and Alamo [3][16] R&D and Production Capacity - The company has not planned to increase R&D investment significantly, as it utilizes existing materials and production processes to meet customer needs [21] - Current production lines are capable of meeting a demand of 300-400 million RMB, with potential for quick responses to market changes [24] Challenges and Opportunities - The entry barriers for new players in the cable industry are high due to the need for specialized technology, production equipment, and long verification periods [26] - The company is well-positioned to meet the stringent requirements for stability and durability in high-intensity applications, as evidenced by its successful projects [27][28] Future Outlook - The company anticipates a positive market outlook for humanoid robots, although current orders have not yet reached the million-level [22] - The overall order volume is substantial, with industrial robot orders reaching over 100 million RMB [22][23] Conclusion - Wanma Co., Ltd. is strategically positioned in the high-end industrial robot cable market, with strong partnerships, advanced technology, and a growing presence in emerging markets. The company is well-equipped to handle the challenges of the industry while capitalizing on new opportunities.

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：149590 | 万马 债券简称：21 | 01 | 浙江万马股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 浙江万马股份有限公司（以下简称"公司"）股票（证券代码：002276，证 券简称：万马股份）交易价格连续3个交易日内（2025年3月4日、2025年3月5日、 2025年3月6日）收盘价格涨幅偏离值累计超过20%。根据《深圳证券交易所股票 交易规则》相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况 针对公司股票异常波动，公司董事会通过信息、电话等方式，对公司控股股 东、实际控制人就相关问题进行了核查，相关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息； 3.近期公司生产经营情况正常，公司内外部经营环境未发生重大变化； ...

Group 1: Company Overview - Zhejiang Wanma Co., Ltd. focuses on a "one body, two wings" development strategy, encompassing three main business sectors: wire and cable, new materials, and new energy [2] - The company has established a robust presence in the intelligent equipment cable manufacturing sector, particularly in robotics [5] Group 2: Product Offerings - Wanma's main products include network data cables, optical fiber cables, and industrial cables, with a notable achievement of being the first domestic company to obtain dual international product certification (UL + TUV) [3] - The company has developed a wide range of specialized cables for various applications, including high-voltage cables for electric vehicles and charging stations, with nearly 10,000 product models and specifications available [3][4] Group 3: Market Position and Performance - Wanma's public charging pile inventory stands at 39,252 units, while the number of charging stations is 3,012, according to the latest data from the Charging Infrastructure Promotion Alliance [9] - The company is positioned to enhance its operational efficiency in the new energy sector and expand its sales of charging piles to improve profitability [9] Group 4: Research and Development - The company has established a specialized laboratory for robotics cables, which is authorized by TUV Rheinland, ensuring quality assurance throughout the design, development, and production processes [7] - Wanma's flexible special cables exhibit excellent performance characteristics, including resistance to oil, corrosion, and wear, making them suitable for extreme environments [6] Group 5: Industry Outlook and Risks - The growth of the robotics and intelligent equipment sector is subject to uncertainties related to application development speed and customer capacity release [5] - Recent market enthusiasm for humanoid robots and robotic dogs has led to significant short-term stock price fluctuations, prompting the company to advise investors to exercise caution [5]

Core Viewpoint - Wanma Co., Ltd. has experienced a significant stock price increase, reaching a limit-up for three consecutive trading days, indicating strong market interest and potential investor confidence [1] Stock Performance - The stock price reached 14.38 yuan with a turnover rate of 3.96% and a trading volume of 39.7855 million shares, amounting to a transaction value of 561 million yuan [1] - During the consecutive limit-up period, the stock has cumulatively increased by 33.15% with a total turnover rate of 35.26% [1] Market Capitalization - The latest total market capitalization of the A-shares is 14.585 billion yuan, with a circulating market capitalization of 14.453 billion yuan [1] Margin Trading Data - As of February 27, the margin trading balance for the stock is 816 million yuan, with a financing balance of 813 million yuan, reflecting an increase of 79.1317 million yuan or 10.79% from the previous trading day [1] - Over the past three days, the margin trading balance has increased by 86.6885 million yuan, representing a growth of 11.94% [1] Institutional Activity - The stock has appeared on the Dragon and Tiger List due to a cumulative price deviation of 20% over three trading days and a daily deviation of 7% [1] - Institutional investors have net bought 34.2499 million yuan, while the cumulative net purchase from the Shenzhen Stock Connect reached 35.0810 million yuan, with total net buying from brokerage seats amounting to 66.3265 million yuan [1] Financial Performance - For the first three quarters, the company reported total operating revenue of 13.021 billion yuan, reflecting a year-on-year growth of 10.87% [1] - The net profit for the same period was 255 million yuan, showing a year-on-year decline of 46.71% [1]

| 证券代码：002276 | 证券简称：万马股份 | 公告编号：2025-002 | | --- | --- | --- | | 债券代码：149590 | 万马 债券简称：21 | 01 | 浙江万马股份有限公司 关于股票交易异常波动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 浙江万马股份有限公司（以下简称"公司"）股票（证券代码：002276，证 券简称：万马股份）交易价格连续3个交易日内（2025年2月25日、2025年2月26 日、2025年2月27日）收盘价格涨幅偏离值累计超过20%。根据《深圳证券交易所 股票交易规则》相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况 针对公司股票异常波动，公司董事会通过信息、电话、邮件等方式，对公司 控股股东、实际控制人及其一致行动人、公司董事、监事及高级管理人员就相关 问题进行了核查，相关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处； 2.公司未发现近期公共媒体报道了可能或已经对公司股票交易价格产生较 大影响的未公开重大信息。公司关注到 ...

Group 1 - Wanma Co., Ltd. experienced a trading limit increase today with a turnover rate of 19.06% and a transaction amount of 2.464 billion yuan, showing a fluctuation of 6.61% [1] - Institutional investors net bought 51.5662 million yuan, while the Shenzhen Stock Connect saw a net purchase of 24.7126 million yuan, with a total net buying from brokerage seats amounting to 73.0359 million yuan [1] - The stock was listed on the Shenzhen Stock Exchange due to a daily price deviation of 10.26%, with the top five trading seats contributing a total transaction of 519 million yuan, including a net purchase of 149 million yuan [1] Group 2 - As of February 26, the latest margin trading balance for Wanma Co., Ltd. was 737 million yuan, with a financing balance of 734 million yuan and a securities lending balance of 3.1209 million yuan [2] - Over the past five days, the financing balance increased by 137 million yuan, representing a growth rate of 23.05%, while the securities lending balance rose by 317,600 yuan, with an increase of 11.33% [2]

Industry Overview - Humanoid robots are identified as a key sector for future industries, with significant growth expected in shipments by 2025, marking a new phase of rapid development [1] - According to CITIC Securities, global humanoid robot shipments are projected to exceed 2,000 units in 2024, officially entering a commercialization phase [1] - The humanoid robot sector is anticipated to experience an explosive growth point in 2025 [1] Company Insights - Wanma Co., Ltd. is a leading enterprise in the domestic wire and cable materials sector, with a strong market position and a comprehensive range of products [2] - The company has developed high-performance cables for industrial robots and new energy automation equipment, indicating a technological overlap with humanoid robots [2] - Wanma Co., Ltd. is currently engaged in the research and manufacturing of cables and harnesses for robots and plans to expand its business scope and engage in upstream and downstream collaborations [3] Market Potential - The global market for robotic dogs is estimated to be worth several hundred billion dollars, with expectations for rapid growth in the coming years [3] - China's robotic dog market is projected to expand significantly, with a compound annual growth rate (CAGR) of approximately 20% [3]

浙江万马股份有限公司 关于控股股东协议转让股份完成过户登记暨 控股股东变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 本次股份协议转让已完成过户登记，浙江万马股份有限公司（以下简称"公 司"）的控股股东由青岛西海岸新区海洋控股集团有限公司（以下简称"海控集 团"）变更为青岛海控投资控股有限公司（以下简称"海控投控"），实际控制人 未发生变化，仍为青岛西海岸新区国有资产管理局。 | 证券代码：002276 | 证券简称：万马股份 | 公告编号：2024-098 | | --- | --- | --- | | 债券代码：149590 | 债券简称：21 万马 01 | | 本次股份协议转让已于 2024 年 12 月 23 日完成过户登记手续，并取得中国 证券登记结算有限责任公司出具的《证券过户登记确认书》。过户股数为 258,975,823 股，占公司总股本的 25.53%，过户后股份性质为无限售流通股。本 次股份转让前后持股变动情况如下表： | 股东名称 | 股份性质 | 本次转让前持有股份 | | | 本次转让后持有股份 | | ...