Group 1 - The stock price of Wanma Co., Ltd. closed at 14.26 yuan on July 31, 2025, down 1.52% from the previous trading day, with a trading volume of 5.95 billion yuan and a turnover rate of 4.11% [1] - Wanma Co., Ltd. operates in the power grid equipment and new materials sectors, with main businesses including wires and cables, polymer materials, and electric vehicle charging equipment [1] - Wanma Polymer, a subsidiary, is one of the few companies in China capable of producing ultra-high voltage cable insulation materials [1] Group 2 - The company disclosed that its ultra-high voltage insulation material phase III project will achieve an annual production capacity of 60,000 tons, increasing its domestic market share to approximately 20% [1] - Wanma Co., Ltd. is advancing a project in Qingdao for the annual production of 350,000 tons of environmentally friendly polymer materials to enhance its market presence in Northern China [1] - The company's products have been applied in several large hydropower projects, including the Three Gorges Hydropower Station, and are actively following up on the Yarlung Tsangpo River downstream hydropower project [1] Group 3 - On July 31, the net outflow of main funds was 49.37 million yuan, accounting for 0.34% of the circulating market value [1]

Core Viewpoint - The insulation materials required for high and ultra-high voltage cables, previously dominated by foreign companies, are experiencing a shift in market dynamics due to advancements by Wanma Co., Ltd. in the polymer materials sector [1][2]. Group 1: Company Overview - Wanma Co., Ltd. is primarily engaged in the research, production, and sales of electric wires and cables, polymer materials, and automotive charging equipment, and has been focusing on environmentally friendly polymer materials for over 30 years [2]. - Wanma Polymer is currently the only domestic company capable of mass-producing ultra-high and high voltage cable insulation materials [2]. Group 2: Market Position and Capacity - Wanma Polymer's ultra-high voltage insulation material production capacity will reach 60,000 tons annually after the completion of its third-phase project [1]. - The domestic market share of Wanma Polymer in ultra-high voltage insulation materials has increased from approximately 15% in 2021 to about 20% currently [1]. Group 3: Product Development and Applications - Wanma Polymer has developed ultra-clean XLPE insulation materials for 220kV ultra-high voltage cables, which have been recognized by the China Electric Power Enterprise Federation and successfully applied in various high voltage projects [2]. - The company is also making significant progress in the development of insulation materials for submarine cables, achieving international advanced levels in key performance metrics [3]. Group 4: Expansion Plans - Wanma Co., Ltd. plans to construct a new project in Qingdao with an annual production capacity of 350,000 tons of environmentally friendly polymer materials, aimed at enhancing its market presence and easing production capacity pressures [4].

Core Viewpoint - Wanma Co., Ltd. plans to invest approximately 1.245 billion yuan in a new project to produce 350,000 tons of environmentally friendly polymer materials annually in Qingdao, Shandong Province, aiming to enhance its core competitiveness and support sustainable development [1][3]. Group 1: Project Details - The project will be constructed in three phases over five years, from 2025 to 2030, and will involve the establishment of a new company and the acquisition of land and facilities [1]. - The main products of the project include silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and shielding materials for cables [1]. Group 2: Company Background - Wanma Co., Ltd. is headquartered in Hangzhou, Zhejiang, and specializes in the research, production, and sales of electric wires and cables, polymer materials, and automotive charging equipment [2]. - Wanma Polymer has over 30 years of experience in developing and producing environmentally friendly polymer materials for electric cables, maintaining a leading position in the domestic market [2]. Group 3: Financial Performance - In 2024, the sales volume of Wanma's new materials segment is expected to grow, with a total product output increase of 9.31% year-on-year, and a monthly sales peak exceeding 55,500 tons [3]. - The polymer materials segment is projected to achieve a revenue of 5.185 billion yuan in 2024, reflecting a year-on-year growth of 6.42% [3]. Group 4: Strategic Implications - The investment in the new project is anticipated to alleviate capacity delivery pressures, expand market share, and enhance market competitiveness and operational efficiency [3]. - Establishing the project in Qingdao will improve the domestic market layout for the polymer materials segment, fill the gap in the northern market, and facilitate product exports, aligning with the company's overall development strategy [3].