Wanma Co., Ltd.(SZ:002276) Sou Hu Cai Jing·2025-06-08 07:24Core 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].