[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The board and management affirm the report's accuracy and completeness, with no plans for cash dividends or bonus shares during the period - The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - During the reporting period, the company plans no cash dividends, bonus shares, or capital increases from the capital reserve[6](index=6&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Zhejiang Wanma Co., Ltd. (stock code: 002276) is a Shenzhen Stock Exchange-listed company with Zhao Jian as its legal representative | Item | Information | | :--- | :--- | | **Stock Abbreviation** | Wanma Co., Ltd. | | **Stock Code** | 002276 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Chinese Name** | 浙江万马股份有限公司 | | **Legal Representative** | Zhao Jian | [Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, operating revenue grew **8.58% to 9.27 billion yuan**, and net profit attributable to shareholders increased **21.80% to 250 million yuan**, though operating cash flow significantly decreased to **-646 million yuan** | Key Financial Indicator | Current Period | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | | **Net Profit Attributable to Shareholders (million yuan)** | 250.43 | 205.60 | 21.80% | | **Non-recurring Net Profit Attributable to Shareholders (million yuan)** | 220.61 | 175.16 | 25.95% | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | | **Basic Earnings Per Share (yuan/share)** | 0.2487 | 0.2045 | 21.61% | | **Weighted Average ROE** | 4.32% | 3.74% | 0.58% | | **Total Assets (billion yuan)** | 16.55 | 15.02 | 10.18% (Period-end vs. Prior Year-end) | | **Net Assets Attributable to Shareholders (billion yuan)** | 5.91 | 5.64 | 4.65% (Period-end vs. Prior Year-end) | [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses amounted to **29.82 million yuan**, primarily from fair value changes in hedging activities and government subsidies | Item | Amount (million yuan) | | :--- | :--- | | Government Subsidies | 21.24 | | Fair Value Changes in Financial Assets/Liabilities | 25.11 | | Net Other Non-Operating Income/Expenses | -14.54 | | **Total** | **29.82** | [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, financial health, investment activities, and key risks during the reporting period [Principal Business and Operations Overview](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, the company maintained its core businesses in wire and cable, polymer new materials, and new energy, achieving **9.27 billion yuan in operating revenue** and **250 million yuan in net profit**, with strong growth across all segments - The company's three core business segments—wire and cable, polymer materials, and new energy charging equipment—hold leading or prominent positions in their respective domestic markets[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) | Business Segment | H1 2025 Key Performance Highlights | | :--- | :--- | | **Wire and Cable** | Grid project winning bids increased by **136%** YoY, new product shipments increased by **113%** YoY | | **New Materials** | Net profit increased by **9.67%** YoY, international sales increased by **17.55%** YoY | | **New Energy** | Charging equipment shipment value increased by **9.56%** YoY, with a three-year compound growth rate of **56.97%** in shipment power | - The Sichuan production base for the new materials segment is progressing well, expected to commence operations by year-end, enhancing the company's supply capacity in western regions; the ultra-high voltage Phase III project has entered trial production[40](index=40&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Principal business revenue grew **8.58%**, driven by **power products** and strong **South China sales**, but **communication product revenue fell 50.14%**, and operating cash flow significantly decreased due to increased procurement | Financial Indicator | Current Period | Prior Period | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue (billion yuan)** | 9.27 | 8.54 | 8.58% | - | | **Income Tax Expense (million yuan)** | 23.36 | 11.56 | 102.03% | Due to increased profit | | **Net Cash Flow from Operating Activities (million yuan)** | -645.93 | -351.21 | -83.92% | Increased sales volume, higher material procurement and bill payments | | **Net Cash Flow from Financing Activities (million yuan)** | 578.20 | -25.40 | 2,376.14% | Due to increased bank borrowings | | By Product/Region | Operating Revenue (billion yuan) | YoY Change | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Power Products** | 6.31 | 14.85% | 11.37% | 1.37% | | **Communication Products** | 0.16 | -50.14% | 8.59% | -5.64% | | **Polymer Materials** | 2.65 | 5.70% | 14.48% | -0.51% | | **South China Region** | 1.41 | 77.90% | 7.89% | -2.83% | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets reached **16.55 billion yuan**, up **10.18%**, with accounts receivable and bills payable increasing to **40.23%** and **40.90%** of total assets respectively, alongside a significant rise in long-term borrowings | Key Asset and Liability Item | Period-End Amount (billion yuan) | Percentage of Total Assets | Explanation of Change from Prior Year-End | | :--- | :--- | :--- | :--- | | **Accounts Receivable** | 6.66 | 40.23% | Increased shipments, with payment terms affecting collections | | **Construction in Progress** | 0.29 | 1.73% | Increased investment in projects like Qingdao High-End Equipment Industry | | **Long-Term Borrowings** | 0.74 | 4.50% | Due to increased long-term financing | | **Bills Payable** | 6.77 | 40.90% | Optimized payment methods, increased bill payments | [Analysis of Investment Status](index=15&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Investment surged **646.91% to 40 million yuan**, mainly for a new polymer materials sales subsidiary, with derivatives used for hedging, representing **2.30% of net assets** - Investment during the reporting period was **40 million yuan**, a substantial increase of **646.91%** compared to **5.36 million yuan** in the prior year[63](index=63&type=chunk) - The company invested **40 million yuan** to establish a wholly-owned subsidiary, Zhejiang Wanma Polymer Material Sales Co., Ltd., to expand its polymer material sales business[65](index=65&type=chunk)[67](index=67&type=chunk) | Derivative Investment Type | Period-End Amount (million yuan) | Percentage of Company's Period-End Net Assets | | :--- | :--- | :--- | | **Futures** | 136.68 | 2.31% | | **Forward FX Settlement/FX Swaps** | -0.49 | -0.01% | | **Total** | **136.19** | **2.30%** | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Wanma Polymer's performance improved, but Tianyi Communication and Wanma Special Cable saw declining results, while Wanma Pentium New Energy's losses widened, and Shandong Wanhai Cable remained unprofitable due to initial high costs | Subsidiary Name | Operating Revenue (billion yuan) | Net Profit (million yuan) | Performance Explanation | | :--- | :--- | :--- | :--- | | **Zhejiang Wanma Polymer Material Group** | 2.80 | 186.22 | Increased revenue led to higher profitability | | **Zhejiang Wanma Tianyi Communication Cable** | 0.095 | -11.93 | Decreased customer demand, lower gross margin | | **Wanma Pentium New Energy Industry Group** | 0.093 | -47.20 | Increased losses from dismantling assets at expired operating stations | | **Shandong Wanhai Cable** | 0.795 | -19.74 | High fixed costs and depreciation during initial production phase | [Risks and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from policy changes, market competition, raw material price volatility, high accounts receivable, and underperforming new projects, addressed by policy analysis, enhanced competitiveness, hedging, and quality control - The company's operational risks include industry policy risks, market competition risks, significant raw material price fluctuation risks, financial risks from high accounts receivable, product quality risks, project construction not meeting expectations, and new industry growth (e.g., embodied AI) falling short of expectations[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk) - Countermeasures include strengthening policy analysis, adjusting business strategies, enhancing product competitiveness through technology and quality, using hedging strategies to mitigate raw material price volatility, reinforcing customer credit investigations and accounts receivable supervision, and continuously deepening quality management[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in senior management and highlights the company's commitment to environmental, social, and governance responsibilities [Executive Changes and Social Responsibility](index=19&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Chairman Li Gang and Director Gao Shanshan resigned due to work reassignments, while the company actively fulfilled its social responsibilities, earning multiple honors including 'National Green Supply Chain Management Enterprise' - During the reporting period, Chairman Li Gang and Director Gao Shanshan resigned from their original positions due to work reassignments[92](index=92&type=chunk) - The company received widespread recognition in environmental, social, and governance aspects, earning multiple honors such as 'National Green Supply Chain Management Enterprise' and '2025 China Top Ten Leading Wire and Cable Brands'[96](index=96&type=chunk) [Significant Matters](index=21&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant contracts, guarantees, and major developments concerning the company's subsidiaries [Significant Contracts and Guarantees](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Approved guarantees for subsidiaries totaled **3.30 billion yuan**, with an outstanding balance of **980 million yuan** (**16.59% of net assets**), including **602 million yuan** for highly leveraged entities | Guarantee Status | Amount (million yuan) | | :--- | :--- | | **Total Approved Guarantee Limit at Period-End** | 3,297.60 | | **Total Actual Guarantee Balance at Period-End** | 979.76 | | **Percentage of Total Actual Guarantees to Company's Net Assets** | 16.59% | | **Debt Guarantee Balance for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70%** | 602.33 | [Significant Matters of Subsidiaries](index=29&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Post-reporting period, Wanma Polymer plans a **1.25 billion yuan** investment in Qingdao for a 350,000-ton environmentally friendly polymer materials project, with a new subsidiary established for its implementation - Subsidiary Wanma Polymer plans to invest approximately **1.25 billion yuan** in Qingdao to construct an environmentally friendly polymer materials industrialization project with an annual capacity of **350,000 tons**[131](index=131&type=chunk) - To implement this project, a new company, Qingdao Wanma Polymer Material Co., Ltd., has been established with a registered capital of **150 million yuan**[132](index=132&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of the company's shareholder structure and significant shareholding details [Shareholder Information](index=31&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had **183,231 common shareholders**, with controlling shareholder Qingdao Haikong holding **25.53%** (half pledged), and other top ten shareholders holding less than **3%** each - As of the reporting period end, the company had a total of **183,231 common shareholders**[140](index=140&type=chunk) | Shareholder Name | Shareholding Percentage | Number of Shares Held (shares) | Share Status | | :--- | :--- | :--- | :--- | | **Qingdao Haikong Investment Holding Co., Ltd.** | 25.53% | 258,975,823 | Pledged 129,487,911 shares | | **Lu Zhenyu** | 2.63% | 26,643,200 | - | | **Hong Kong Securities Clearing Company Limited** | 0.54% | 5,477,951 | - | [Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds and non-financial enterprise debt financing instruments [Corporate Bonds and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) As of the reporting period end, the company had two outstanding bonds: '21 Wanma 01' (issued 2021) with a **320 million yuan** balance and **2.65% coupon rate**, and '23 Wanma MTN001' (issued 2023) with a **200 million yuan** balance and **3.85% coupon rate** | Bond Abbreviation | Bond Balance (million yuan) | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | | **21 Wanma 01** | 320 | 2.65% | 2026-08-10 | | **23 Wanma MTN001** | 200 | 3.85% | 2028-04-14 | [Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Total assets grew from **15.02 billion yuan to 16.55 billion yuan**, with **9.27 billion yuan** in operating revenue and **249 million yuan** in net profit, while operating cash flow was a **646 million yuan** net outflow, offset by **578 million yuan** net inflow from financing Consolidated Balance Sheet Key Items (Unit: billion yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | 16.55 | 15.02 | | **Total Liabilities** | 10.62 | 9.35 | | **Total Equity Attributable to Parent Company Owners** | 5.91 | 5.64 | Consolidated Income Statement Key Items (Unit: billion yuan for revenue, million yuan for profit) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **I. Total Operating Revenue** | 9.27 | 8.54 | | **III. Operating Profit** | 287.36 | 220.11 | | **V. Net Profit** | 249.46 | 206.90 | | **Net Profit Attributable to Parent Company Shareholders** | 250.43 | 205.60 | Consolidated Cash Flow Statement Key Items (Unit: million yuan) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | -645.93 | -351.21 | | **Net Cash Flow from Investing Activities** | -92.86 | -296.57 | | **Net Cash Flow from Financing Activities** | 578.20 | -25.40 | | **Net Increase in Cash and Cash Equivalents** | -158.09 | -668.51 | [Other Submitted Data](index=151&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) This section documents the company's investor relations activities during the reporting period [Investor Relations Activities](index=151&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments - From February to April 2025, the company hosted multiple on-site visits and online discussions with institutional investors, primarily focusing on the company's development strategy and the progress of its three major business segments: wire and cable, new materials, and new energy[768](index=768&type=chunk)[770](index=770&type=chunk)

Group 1 - Wanma Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose certain investment matters in a timely manner, involving key personnel including the former chairman and general manager [2][3] - The warning letter highlighted two specific violations in 2022: a 1 billion yuan investment contract signed in March that was not disclosed until May, and a 51 million yuan investment in an industry fund that was disclosed in November [3] - The company acknowledged the issues raised in the warning letter and committed to improving compliance with disclosure regulations [3] Group 2 - Wanma Co., Ltd. is a well-known player in the cable industry, with operations spanning power cables, communication cables, and polymer materials, and is actively seeking to expand into emerging sectors like new energy charging stations and robotic cables [4] - In 2022, the company reported revenues of 14.675 billion yuan, a year-on-year increase of 14.94%, and a net profit of 411 million yuan, up 51.44% [5] - For 2023, revenues reached 15.121 billion yuan, a growth of 3.04%, with net profit increasing to 555 million yuan, a rise of 34.97% [5] - However, in 2024, the company experienced a significant decline in net profit to 341 million yuan, a decrease of 38.57% compared to 2023, despite revenue growth of 17.46% [5]

根据联合资信最近的评级结果，公司个体信用等级为 aa，主体长期信用等级为 AA，评级展望为 稳定；公司委托联合资信评级的相关债项评级结果详见下表，青岛西海岸新区海洋控股集团有限公 司（主体长期信用等级为 AAA，评级展望为稳定）对公司相关存续债券提供了全额无条件不可撤销 的连带责任保证担保，评级有效期为相关债项存续期。 联合〔2025〕8391 号 联合资信评估股份有限公司关于浙江万马股份有限公司 及相关人员收到《警示函》及《监管函》的关注公告 受浙江万马股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下简称 "联合资信"）对公司及其发行的相关债项进行了信用评级。除评级委托关系外，联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 年 8 月，经基金合伙人大会审议通过，同意部分合伙人退出合伙企业，公司子公司出资额变更为 1.95 亿元，持有份额变更为 70%，公司迟至 2022 年 10 月 12 日才对上述对外投资重大进展事项对 外披露。公司以及公司时任董事长李刚等相关人员的上述行为违反了深交所《股票上市规则（2022 年修订）》相关规定。 根据公司于 2025 ...

Core Viewpoint - The embodied robotics industry is rapidly developing, with domestic cable manufacturers starting to support main engine manufacturers in the 0-1 stage of the industry, showcasing localization and cost advantages [1][3]. Industry Overview - Cable is essential for robots, functioning as their blood vessels and nervous system, with embodied robot cables requiring higher standards in flexibility, signal transmission, and lightweight integration compared to industrial robot cables [2]. Market Dynamics - Since 2023, there has been a notable policy and industry resonance in the embodied robotics field, with humanoid robots and robotic dogs entering small-scale production. Main engine manufacturers are increasingly recognizing the significant impact of cables on robot performance and lifespan [3]. Competitive Landscape - Domestic cable manufacturers are positioned to grow alongside main engine manufacturers, with companies like Yushu and Zhiyuan expected to lead the supply chain growth in China. These manufacturers may eventually supply overseas main engine manufacturers due to their mature supply capabilities [3]. Barriers to Entry - Short-term barriers include technology and certification, while long-term considerations will focus on cost reduction. The ability to select materials and design structures, along with achieving production processes, represents a significant technological barrier [4]. Investment Opportunities - The domestic cable manufacturers are expected to benefit from the growth of the robotics industry, with recommendations for companies like Wanma Co., Ltd. (002276.SZ) that have already launched embodied robot projects. Other notable companies include Xinhongye (301310.SZ), Xinya Electronics (605277.SH), Jinbei Electric (002533.SZ), Qifan Cable (605222.SZ), and Hualing Cable (001208.SZ) [5].

Core Viewpoint - Zhejiang Wanma Co., Ltd. faced regulatory scrutiny for failing to timely disclose significant events and investment matters, resulting in a warning letter from the China Securities Regulatory Commission's Zhejiang Bureau [1] Summary by Relevant Sections - **Company Violations** - Key executives, including General Manager Xu Lanzhi and Vice Chairman Zhang Shanshan, were found to have not disclosed certain investment matters in a timely manner [1] - The company failed to present some investment projects for board review and did not disclose major progress on these projects [1] - **Regulatory Actions** - The regulatory body issued a warning letter as a supervisory measure, which will be recorded in the securities and futures market integrity archive [1]

Core Viewpoint - Zhejiang Wanma Co., Ltd. is facing regulatory scrutiny due to multiple information disclosure violations, which casts a shadow over its ongoing business transformation [2][3] Group 1: Regulatory Issues - On August 15, the Shenzhen Stock Exchange issued a regulatory letter to Wanma Co. and its management, highlighting significant delays in information disclosure for 2022 [3] - The company failed to timely disclose a 1 billion yuan investment contract and a 51 million yuan related party transaction, violating multiple provisions of the Stock Listing Rules [3] - Zhejiang Securities Regulatory Bureau subsequently issued a warning letter, emphasizing the management's failure to fulfill their duties and the systemic governance flaws within the company [3][7] Group 2: Financial Performance - In the 2024 annual report, Wanma Co. reported a revenue of 17.761 billion yuan, a year-on-year increase of 17.46%, marking a historical high [4] - However, the net profit significantly declined to 341 million yuan, down 38.57% year-on-year, indicating a "revenue without profit" scenario [4] - The company's cash flow situation worsened, with net cash flow from operating activities plummeting by 54.90% to 201 million yuan, and cash reserves decreased by 30.84% to 2.374 billion yuan [4] Group 3: Business Transformation - Wanma Co. is actively transitioning towards high-end markets, with its core power product segment achieving a revenue of 11.747 billion yuan, a 32.29% increase, accounting for 66.14% of total revenue [5] - The company is focusing on high-end intelligent equipment cables, particularly in robotics applications, and has successfully passed rigorous durability tests [5] - In Q1 2025, the company secured contracts worth approximately 4.5 billion yuan from major state-owned enterprises, which is over 25% of its total revenue for 2024, providing significant support for performance recovery [5] Group 4: Governance and Compliance - The regulatory issues revealed are from 2022 but were only discovered in 2025, indicating persistent shortcomings in the company's internal control mechanisms [7] - Wanma Co. has stated its commitment to enhancing compliance with information disclosure regulations, but the market is more concerned about the actual implementation of systemic reforms [8] - The company is at a crossroads, needing to balance compliance with growth while addressing governance and transparency to sustain its market value [8]

Group 1 - The company, Wanma Co., has engaged in partnerships with multiple robotic dog companies based on its Wanma Robot Intelligent Connection CCa system [1] - Some collaboration clients and products are not disclosed due to confidentiality reasons [1]

Group 1 - The core point of the article is that Wanma Co., Ltd. announced the convening of its 38th board meeting on August 17, 2025, to discuss the proposal for conducting futures and options hedging business in 2025 [1] - For the fiscal year 2024, Wanma Co., Ltd.'s revenue composition is reported as 99.45% from industrial operations and 0.55% from other sources [1]

金融界8月18日消息，万马股份公告称，公司于2025年8月17日召开相关会议，审议通过回购注销部分限 制性股票并调整回购价格议案。因部分激励对象离职、个人绩效考核及公司层面业绩等原因，公司拟回 购注销190名激励对象已获授但尚未解除限售的限制性股票321.44万股。本次回购注销完成后，公司总 股本将由10.14亿股减至10.11亿股，注册资本也相应由人民币10.14亿元减少为人民币10.11亿元。责任编 辑：磐石 ...

金融界8月18日消息，万马股份公告称，2025年8月17日其召开第六届董事会第三十八次会议及第六届监 事会第二十二次会议，审议通过回购注销2023年限制性股票激励计划中190名激励对象已获授但尚未解 除限售的限制性股票321.44万股，约占公司当前总股本10.14亿股的0.32%，涉及因离职的激励对象、个 人绩效考核未完全达标的激励对象 ，以及因2024年度公司层面业绩未达考核要求涉及的激励对象。同 时因2024、2025年实施权益分派方案，需对限制性股票回购价格进行调整。责任编辑：磐石 ...