Group 1: General Information - The research was conducted on August 21, 2025, targeting WANMA CO., LTD. in the power grid equipment industry [1][9] - Participating research institutions include Industrial Securities and PICC Asset Management [2] - The company's reception staff was Zhao Yukai, the deputy general manager and board secretary [9] Group 2: Company Strategy and Business - The company follows a "One Body, Two Wings" development strategy, with three major business segments: wire and cable, new materials, and new energy [14] Group 3: Company Performance - In the first half of 2025, the company's operating income was 9.272 billion yuan, a year - on - year increase of 8.58%; the non - recurring profit attributable to the mother was 221 million yuan, a year - on - year increase of 25.95% [14] - The operating revenues of the company's power products, communication products, and polymer materials were 6.315 billion yuan, 158 million yuan, and 2.654 billion yuan respectively, accounting for 68.11%, 1.7%, and 28.63% of the company's overall revenue [14] Group 4: Product Information - The company's cable products are diverse and include 500kV and below ultra - high voltage cross - linked polyethylene insulated cables, low - voltage cables, fire - resistant cables, etc. It is a "comprehensive cable supplier" with a mature cable industry chain [14] - The company's equipment cable products include coaxial cables, indoor and outdoor optical cables, etc. The equipment cable segment has two production bases, with different products produced in different locations [14][15] - The company's ultra - high voltage, medium - voltage, control cables, and polymer materials can be used in hydropower stations, and it has participated in multiple large - scale hydropower station projects [15] - The WANMA Robot Intelligent Connection CCa system is an overall solution based on the company's flexible motion robot cables, providing customized electrical connection design services [16] Group 5: Production Capacity and Market Share - After the third - phase project of WANMA's polymer ultra - high voltage insulation material is completed, the total annual production capacity will reach 60,000 tons, and its domestic market share has increased from about 15% in 2021 to about 20% [17] Group 6: Technological Breakthroughs - WANMA's polymer submarine cable insulation materials have reached international advanced levels in key performance, and the technology of ultra - smooth semi - conductive shielding materials has broken through foreign technology monopolies [17] Group 7: Impact of Raw Materials - The main raw material for the wire and cable segment is copper, and copper price fluctuations can affect the company's operating performance. The company has taken measures to reduce risks [17] - The main raw materials for the new materials segment are chemical raw materials, and their prices are affected by oil prices. The company has measures to mitigate the impact of price fluctuations [18]

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].