Wanma Co., Ltd.(SZ:002276) Xin Hua Cai Jing·2025-08-21 08:08Core 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].