Core Viewpoint - Wanma Co., Ltd. has reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by strategic transformation and expansion into high-end intelligent equipment cables and new materials [1][2]. Financial Performance - The company achieved a revenue of 9.272 billion yuan, a year-on-year increase of 8.58% [1]. - The net profit attributable to shareholders reached 250 million yuan, reflecting a year-on-year growth of 21.8% [1]. - The non-recurring net profit was 221 million yuan, with a year-on-year increase of 25.95% [1]. Business Segments - Revenue from power products was 6.315 billion yuan, up 14.85% year-on-year [1][2]. - Revenue from high polymer materials reached 2.654 billion yuan, a year-on-year increase of 5.7% [1][4]. - The company reported a 136% year-on-year increase in the amount of winning bids for power grid projects, achieving a historical high [2]. Market Trends - The national investment in power grid projects reached 291.1 billion yuan in the first half of the year, a year-on-year increase of 14.6% [1]. - The market concentration in the cable industry is increasing, with the top 10 companies now holding over 20% of the market share [2]. - The company ranks fifth among 40 cable industry enterprises in terms of revenue, with a total of 17.7 billion yuan [2]. Product Development - Wanma Co., Ltd. has established a competitive advantage in the domestic high-end cable market, with products such as ultra-high voltage cables and fire-resistant cables leading the industry [3]. - The company has successfully developed high-pressure submarine cable insulation materials, filling a domestic gap [4]. - The company is focusing on high-performance, customized cables for the rapidly growing industrial automation and robotics sectors [6]. Strategic Initiatives - The company is actively participating in major infrastructure projects, including the world's highest railway construction, which is expected to require significant cable materials [5]. - New product development is accelerating, with new product shipments increasing by 113% year-on-year [2]. - The company has established partnerships with major robotics manufacturers, enhancing its position in the robotics cable market [3].

Core Viewpoint - Wanma Co., Ltd. reported a record high revenue of 17.76 billion yuan for 2024, with a year-on-year growth of 17.46%, and a net profit of 344 million yuan, indicating strong performance despite industry competition [2] Financial Performance - The company achieved an operating income of 17.76 billion yuan in 2024, a 17.46% increase year-on-year, and a net profit of 344 million yuan [2] - In Q4, the non-recurring net profit reached 77.05 million yuan, up 115.17% year-on-year [2] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares to all shareholders [2] Business Segments - Wanma Co., Ltd. operates in three main sectors: power cables, new materials, and renewable energy [2] - The revenue from power products reached 11.75 billion yuan, marking a 32.29% increase year-on-year [2] - The company has a stable competitive advantage in the high-end cable market, being recognized as one of the top 10 most competitive companies in the Chinese cable industry for seven consecutive years [2] Market Trends and Opportunities - The total investment in the national grid and Southern Power Grid is expected to exceed 825 billion yuan in 2025, representing a year-on-year increase of approximately 36% [3] - The demand for high-end and special cables is projected to grow, with their market share in the cable industry expected to rise from 30% in 2024 to 35%-40% by 2025 [3] - Wanma Co., Ltd. is actively transitioning towards emerging industries, expanding its product range to include high-flexibility cables for robots and special cable series for various applications [3] Orders and Contracts - In Q1 2025, Wanma Co., Ltd. secured contracts worth approximately 4.5 billion yuan across various sectors, including the national grid and new energy vehicles [4] - The company is focusing on high-performance, customized cables to meet the growing demand in the industrial automation and robotics sectors [4]