万马股份(002276) - 002276万马股份投资者关系管理信息20250821

Group 1: Company Overview and Strategy - The company follows a "one body, two wings" development strategy focusing on three main business segments: electric wires and cables, new materials, and new energy [1] - The company has a comprehensive cable product range, including ultra-high voltage cables, fire-resistant cables, and cables for new energy construction, positioning itself as a "comprehensive cable supplier" in China [2] Group 2: Financial Performance - In the first half of 2025, the company reported a revenue of CNY 9.272 billion, representing a year-on-year growth of 8.58% [1] - The net profit attributable to shareholders, excluding non-recurring items, was CNY 221 million, with a year-on-year increase of 25.95% [1] Group 3: Revenue Breakdown - Revenue from electric power products, communication products, and polymer materials for the first half of 2025 was CNY 6.315 billion, CNY 158 million, and CNY 2.654 billion, respectively, accounting for 68.11%, 1.7%, and 28.63% of total revenue [2] Group 4: Product Applications and Projects - The company has participated in several large hydropower projects, including the Three Gorges Dam and is currently following up on the Yarlung Tsangpo River downstream hydropower project [2] - The company’s high-voltage, medium-voltage, control cables, and polymer materials are applicable in hydropower stations [2] Group 5: Production Capacity and Market Position - The production capacity of the company's polymer high-voltage insulation material will reach 60,000 tons after the completion of the third-phase project [4] - The domestic market share of the company's polymer high-voltage insulation material has increased from approximately 15% in 2021 to about 20% [4] Group 6: Raw Material Impact - The main raw material for electric wires and cables is copper, and fluctuations in copper prices can directly impact the company's performance [6] - The company employs various strategies to mitigate risks associated with copper price volatility, including fixed-price contracts and hedging [6] - The new materials segment's raw materials are influenced by oil prices, which can affect profitability [6]