万马股份(002276) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The board and management affirm the report's accuracy and completeness, with no plans for cash dividends or bonus shares during the period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[4] - During the reporting period, the company plans no cash dividends, bonus shares, or capital increases from the capital reserve[6] Company Profile and Key Financial Indicators This section outlines the company's basic information and presents key financial performance metrics for the reporting period Company Profile Zhejiang Wanma Co., Ltd. (stock code: 002276) is a Shenzhen Stock Exchange-listed company with Zhao Jian as its legal representative | Item | Information | | :--- | :--- | | Stock Abbreviation | Wanma Co., Ltd. | | Stock Code | 002276 | | Listing Exchange | Shenzhen Stock Exchange | | Company Full Chinese Name | 浙江万马股份有限公司 | | Legal Representative | Zhao Jian | Key Accounting Data and Financial Indicators In H1 2025, operating revenue grew 8.58% to 9.27 billion yuan, and net profit attributable to shareholders increased 21.80% to 250 million yuan, though operating cash flow significantly decreased to -646 million yuan | Key Financial Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (billion yuan) | 9.27 | 8.54 | 8.58% | | Net Profit Attributable to Shareholders (million yuan) | 250.43 | 205.60 | 21.80% | | Non-recurring Net Profit Attributable to Shareholders (million yuan) | 220.61 | 175.16 | 25.95% | | Net Cash Flow from Operating Activities (million yuan) | -645.93 | -351.21 | -83.92% | | Basic Earnings Per Share (yuan/share) | 0.2487 | 0.2045 | 21.61% | | Weighted Average ROE | 4.32% | 3.74% | 0.58% | | Total Assets (billion yuan) | 16.55 | 15.02 | 10.18% (Period-end vs. Prior Year-end) | | Net Assets Attributable to Shareholders (billion yuan) | 5.91 | 5.64 | 4.65% (Period-end vs. Prior Year-end) | Non-Recurring Gains and Losses Items and Amounts Total non-recurring gains and losses amounted to 29.82 million yuan, primarily from fair value changes in hedging activities and government subsidies | Item | Amount (million yuan) | | :--- | :--- | | Government Subsidies | 21.24 | | Fair Value Changes in Financial Assets/Liabilities | 25.11 | | Net Other Non-Operating Income/Expenses | -14.54 | | Total | 29.82 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial health, investment activities, and key risks during the reporting period Principal Business and Operations Overview In H1 2025, the company maintained its core businesses in wire and cable, polymer new materials, and new energy, achieving 9.27 billion yuan in operating revenue and 250 million yuan in net profit, with strong growth across all segments - The company's three core business segments—wire and cable, polymer materials, and new energy charging equipment—hold leading or prominent positions in their respective domestic markets[29][30][31] | Business Segment | H1 2025 Key Performance Highlights | | :--- | :--- | | Wire and Cable | Grid project winning bids increased by 136% YoY, new product shipments increased by 113% YoY | | New Materials | Net profit increased by 9.67% YoY, international sales increased by 17.55% YoY | | New Energy | Charging equipment shipment value increased by 9.56% YoY, with a three-year compound growth rate of 56.97% in shipment power | - The Sichuan production base for the new materials segment is progressing well, expected to commence operations by year-end, enhancing the company's supply capacity in western regions; the ultra-high voltage Phase III project has entered trial production[40] Analysis of Principal Business Principal business revenue grew 8.58%, driven by power products and strong South China sales, but communication product revenue fell 50.14%, and operating cash flow significantly decreased due to increased procurement | Financial Indicator | Current Period | Prior Period | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (billion yuan) | 9.27 | 8.54 | 8.58% | - | | Income Tax Expense (million yuan) | 23.36 | 11.56 | 102.03% | Due to increased profit | | Net Cash Flow from Operating Activities (million yuan) | -645.93 | -351.21 | -83.92% | Increased sales volume, higher material procurement and bill payments | | Net Cash Flow from Financing Activities (million yuan) | 578.20 | -25.40 | 2,376.14% | Due to increased bank borrowings | | By Product/Region | Operating Revenue (billion yuan) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Power Products | 6.31 | 14.85% | 11.37% | 1.37% | | Communication Products | 0.16 | -50.14% | 8.59% | -5.64% | | Polymer Materials | 2.65 | 5.70% | 14.48% | -0.51% | | South China Region | 1.41 | 77.90% | 7.89% | -2.83% | Analysis of Assets and Liabilities Total assets reached 16.55 billion yuan, up 10.18%, with accounts receivable and bills payable increasing to 40.23% and 40.90% of total assets respectively, alongside a significant rise in long-term borrowings | Key Asset and Liability Item | Period-End Amount (billion yuan) | Percentage of Total Assets | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Accounts Receivable | 6.66 | 40.23% | Increased shipments, with payment terms affecting collections | | Construction in Progress | 0.29 | 1.73% | Increased investment in projects like Qingdao High-End Equipment Industry | | Long-Term Borrowings | 0.74 | 4.50% | Due to increased long-term financing | | Bills Payable | 6.77 | 40.90% | Optimized payment methods, increased bill payments | Analysis of Investment Status Investment surged 646.91% to 40 million yuan, mainly for a new polymer materials sales subsidiary, with derivatives used for hedging, representing 2.30% of net assets - Investment during the reporting period was 40 million yuan, a substantial increase of 646.91% compared to 5.36 million yuan in the prior year[63] - The company invested 40 million yuan to establish a wholly-owned subsidiary, Zhejiang Wanma Polymer Material Sales Co., Ltd., to expand its polymer material sales business[65][67] | Derivative Investment Type | Period-End Amount (million yuan) | Percentage of Company's Period-End Net Assets | | :--- | :--- | :--- | | Futures | 136.68 | 2.31% | | Forward FX Settlement/FX Swaps | -0.49 | -0.01% | | Total | 136.19 | 2.30% | Analysis of Major Holding and Participating Companies Wanma Polymer's performance improved, but Tianyi Communication and Wanma Special Cable saw declining results, while Wanma Pentium New Energy's losses widened, and Shandong Wanhai Cable remained unprofitable due to initial high costs | Subsidiary Name | Operating Revenue (billion yuan) | Net Profit (million yuan) | Performance Explanation | | :--- | :--- | :--- | :--- | | Zhejiang Wanma Polymer Material Group | 2.80 | 186.22 | Increased revenue led to higher profitability | | Zhejiang Wanma Tianyi Communication Cable | 0.095 | -11.93 | Decreased customer demand, lower gross margin | | Wanma Pentium New Energy Industry Group | 0.093 | -47.20 | Increased losses from dismantling assets at expired operating stations | | Shandong Wanhai Cable | 0.795 | -19.74 | High fixed costs and depreciation during initial production phase | Risks and Countermeasures The company faces risks from policy changes, market competition, raw material price volatility, high accounts receivable, and underperforming new projects, addressed by policy analysis, enhanced competitiveness, hedging, and quality control - The company's operational risks include industry policy risks, market competition risks, significant raw material price fluctuation risks, financial risks from high accounts receivable, product quality risks, project construction not meeting expectations, and new industry growth (e.g., embodied AI) falling short of expectations[81][82][83][84][86][87][88] - Countermeasures include strengthening policy analysis, adjusting business strategies, enhancing product competitiveness through technology and quality, using hedging strategies to mitigate raw material price volatility, reinforcing customer credit investigations and accounts receivable supervision, and continuously deepening quality management[81][82][83][85][86] Corporate Governance, Environment, and Society This section details changes in senior management and highlights the company's commitment to environmental, social, and governance responsibilities Executive Changes and Social Responsibility Chairman Li Gang and Director Gao Shanshan resigned due to work reassignments, while the company actively fulfilled its social responsibilities, earning multiple honors including 'National Green Supply Chain Management Enterprise' - During the reporting period, Chairman Li Gang and Director Gao Shanshan resigned from their original positions due to work reassignments[92] - The company received widespread recognition in environmental, social, and governance aspects, earning multiple honors such as 'National Green Supply Chain Management Enterprise' and '2025 China Top Ten Leading Wire and Cable Brands'[96] Significant Matters This section covers significant contracts, guarantees, and major developments concerning the company's subsidiaries Significant Contracts and Guarantees Approved guarantees for subsidiaries totaled 3.30 billion yuan, with an outstanding balance of 980 million yuan (16.59% of net assets), including 602 million yuan for highly leveraged entities | Guarantee Status | Amount (million yuan) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 3,297.60 | | Total Actual Guarantee Balance at Period-End | 979.76 | | Percentage of Total Actual Guarantees to Company's Net Assets | 16.59% | | Debt Guarantee Balance for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 602.33 | Significant Matters of Subsidiaries Post-reporting period, Wanma Polymer plans a 1.25 billion yuan investment in Qingdao for a 350,000-ton environmentally friendly polymer materials project, with a new subsidiary established for its implementation - Subsidiary Wanma Polymer plans to invest approximately 1.25 billion yuan in Qingdao to construct an environmentally friendly polymer materials industrialization project with an annual capacity of 350,000 tons[131] - To implement this project, a new company, Qingdao Wanma Polymer Material Co., Ltd., has been established with a registered capital of 150 million yuan[132] Share Changes and Shareholder Information This section provides an overview of the company's shareholder structure and significant shareholding details Shareholder Information The company had 183,231 common shareholders, with controlling shareholder Qingdao Haikong holding 25.53% (half pledged), and other top ten shareholders holding less than 3% each - As of the reporting period end, the company had a total of 183,231 common shareholders[140] | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | | Qingdao Haikong Investment Holding Co., Ltd. | 25.53% | 258,975,823 | Pledged 129,487,911 shares | | Lu Zhenyu | 2.63% | 26,643,200 | - | | Hong Kong Securities Clearing Company Limited | 0.54% | 5,477,951 | - | Bond-Related Information This section provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments As of the reporting period end, the company had two outstanding bonds: '21 Wanma 01' (issued 2021) with a 320 million yuan balance and 2.65% coupon rate, and '23 Wanma MTN001' (issued 2023) with a 200 million yuan balance and 3.85% coupon rate | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | 21 Wanma 01 | 320 | 2.65% | 2026-08-10 | | 23 Wanma MTN001 | 200 | 3.85% | 2028-04-14 | Financial Report This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement Financial Statements Total assets grew from 15.02 billion yuan to 16.55 billion yuan, with 9.27 billion yuan in operating revenue and 249 million yuan in net profit, while operating cash flow was a 646 million yuan net outflow, offset by 578 million yuan net inflow from financing Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 16.55 | 15.02 | | Total Liabilities | 10.62 | 9.35 | | Total Equity Attributable to Parent Company Owners | 5.91 | 5.64 | Consolidated Income Statement Key Items (Unit: billion yuan for revenue, million yuan for profit) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | I. Total Operating Revenue | 9.27 | 8.54 | | III. Operating Profit | 287.36 | 220.11 | | V. Net Profit | 249.46 | 206.90 | | Net Profit Attributable to Parent Company Shareholders | 250.43 | 205.60 | Consolidated Cash Flow Statement Key Items (Unit: million yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -645.93 | -351.21 | | Net Cash Flow from Investing Activities | -92.86 | -296.57 | | Net Cash Flow from Financing Activities | 578.20 | -25.40 | | Net Increase in Cash and Cash Equivalents | -158.09 | -668.51 | Other Submitted Data This section documents the company's investor relations activities during the reporting period Investor Relations Activities From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments - From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments: wire and cable, new materials, and new energy[768][770]