Zhejiang Wanma Co., Ltd. – Q3 2025 Earnings and Strategic Expansion
Zhejiang Wanma Co., Ltd. (ticker 002276.SZ) announced its third‑quarter results on 24 October 2025, delivering a clear upward trajectory across both revenue and profitability metrics. For the nine months ended 30 September 2025, the company posted sales of CNY 14,108.58 million—an increase of 8.36 % year‑on‑year—while net income climbed to CNY 411.72 million, representing a 61.57 % surge over the same period last year. Basic earnings per share (EPS) rose to CNY 0.409 from CNY 0.2535, and diluted EPS edged up to CNY 0.4087. These figures confirm the robust operating momentum that has underpinned Wanma’s recent market performance, with the stock closing at CNY 17.56 on 23 October, comfortably within the 52‑week high corridor.
Financial Highlights
| Item | 2025 (9 Months) | 2024 (9 Months) | YoY % |
|---|---|---|---|
| Revenue | CNY 14,108.58 m | CNY 13,020.51 m | +8.36 % |
| Net Income | CNY 411.72 m | CNY 254.82 m | +61.57 % |
| Basic EPS | 0.409 | 0.2535 | +61.57 % |
| Diluted EPS | 0.4087 | 0.2535 | +61.57 % |
The earnings surge is driven by a combination of higher sales volumes and improved gross margins within the insulated and rubber cable segments. Meanwhile, cash‑flow metrics remain solid: operating cash inflow of CNY 107.48 million offsets a negative cash flow from operations of CNY 5.92 million, reflecting the company’s disciplined working‑capital management.
Strategic Positioning
The release of the third‑quarter report comes at a pivotal time for Wanma, as the company expands its footprint in the new‑energy charging infrastructure space. According to the latest investor‑interaction briefing, Wanma New Energy offers a full product range of charging piles and stacks spanning 7 kW to 960 kW. The portfolio includes high‑power integrated and split DC charging piles, wall‑mounted AC charging piles, and intelligent AC charging solutions. The line has already garnered multiple provincial accolades, including the Zhejiang Province First‑Set Equipment Product and the Zhejiang Province Excellent Industrial New Product awards, underscoring the technological pedigree of the offering.
This diversification into EV charging complements Wanma’s core electrical‑equipment business, providing a scalable revenue stream that aligns with China’s aggressive electrification targets. The company’s ability to serve both domestic and overseas markets—leveraging its existing manufacturing base in Hangzhou and robust distribution network—positions it well to capture a growing share of the global charging infrastructure market.
Market Context and Outlook
With a market capitalization of CNY 17.01 bn and a price‑earnings ratio of 43.95, Wanma trades at a valuation that reflects investor confidence in its growth prospects. The recent earnings performance, coupled with the strategic expansion into high‑power charging solutions, suggests that the company is well placed to sustain its earnings trajectory and deliver incremental shareholder value.
Analysts anticipate continued revenue growth as the demand for high‑quality electrical cables and EV charging stations rises. The firm’s strong balance sheet, evidenced by a total asset base of CNY 165.65 bn and a healthy accounts‑receivable turnover of 3.15 times per year, provides the financial flexibility needed to invest in R&D and scale production. Furthermore, the company’s involvement in provincial innovation programs signals potential for future government support and policy incentives.
In conclusion, Zhejiang Wanma Co., Ltd. has demonstrated decisive earnings growth in Q3 2025 and is strategically positioned to capitalize on the burgeoning new‑energy landscape. The combination of solid financial fundamentals, diversified product lines, and proactive innovation initiatives signals a compelling investment thesis for stakeholders seeking exposure to China’s industrial and green‑energy sectors.
