Wanna Technology: Thriving Amid Industry Challenges with Dual Engines of Domestic Substitution and Smart Manufacturing

Wanma Co., Ltd. has released its annual report for 2024, showcasing remarkable growth during a challenging period for the wire and cable industry. Despite the overall market pressure, the company achieved a 17.46% year-on-year increase in revenue, reaching 17.761 billion yuan. This growth is attributed to significant advancements across several key business segments, demonstrating strong resilience and adaptability.

In 2024, the Chinese wire and cable industry entered a phase of adjustment. Reports from major companies such as Baosheng Co., Jindun Yu, and Dongfang Cable indicate profit challenges, with some firms facing losses. Overall, the industry’s net profit excluding non-recurring items has declined by over 30% year-on-year. Amidst this backdrop, Wanma Co. has effectively expanded its market share, becoming one of the few companies to experience growth during this downturn.

The annual report highlights that the company’s revenue was boosted by a 32.29% growth in power product revenue and a 25.86% increase in sales volume. Furthermore, Wanma has improved its operational efficiency, achieving a 5% increase in order delivery timeliness. The company has also optimized its customer structure, actively engaging with large state-owned enterprises, resulting in historic highs in orders and securing six provincial power grid projects alongside over 80 framework contracts with significant national enterprises.

Wanma Co. has reported double-digit growth in key regions such as East China, North China, and Central China, showcasing its strong channel resilience and pressure resistance. Notably, the company’s “South-North Synergy” strategy has effectively leveraged its production capacity, with the commissioning of its first-phase photovoltaic cable production line in Qingdao and the introduction of advanced three-layer co-extrusion equipment in Lin’an, achieving world-class manufacturing standards.

As the company continues to expand counter-cyclically, this strategy is expected to provide substantial performance flexibility in the next industry recovery phase. Analysts suggest that Wanma’s proactive market share acquisition during this downturn positions it well for a significant performance boost when the cycle reverses.

In response to challenges such as price fluctuations, intensified competition, and differentiated downstream demand, Wanma Co. has deepened its reforms centered around technological innovation and industry chain collaboration. The company has achieved structural breakthroughs in three major business areas: power cables, polymer materials, and equipment cables, emerging as a representative firm thriving amidst industry challenges.

The annual report indicates that in 2024, Wanma developed 16 new products, with over 20 products generating sales. Notably, eight of these new products exceeded sales of 10 million yuan, and three surpassed 100 million yuan. The polymer materials sector has shown consistent growth, particularly in the localization of insulation and shielding materials for high and ultra-high voltage cables, with 9.31% year-on-year growth in total product output.

Over the past year, several key materials from Wanma have passed evaluations by the China Electrical Equipment Industrial Association and the State Grid Corporation. Materials for 220kV and 500kV cable systems have been successfully integrated into national demonstration projects, demonstrating stable operational data and achieving international advanced levels for certain core indicators.

In 2024, the Shanghai New Materials Research Institute officially commenced operations, with the successful launch of the silane integration project and accelerated progress on the new base in Sichuan, along with an integrated raw materials project in collaboration with Sinopec. This strategic layout has established Wanma as a formidable player in the high-end cable materials sector.

Wanma Co.’s efforts in the field of robotics and intelligent connections are also noteworthy. Since establishing its Robotics Intelligent Equipment Division in 2016, the company has made significant advancements. In 2024, it launched the mass production of its Wanma Robot Intelligent Connection CCa System, which is widely used in industrial robots, robotic dogs, and humanoid robots, showcasing over 30 million dynamic bending cycles and integrated capabilities for power, weak current, and communication.

As a result, this system has been delivered to a client from one of the “Four Major Families” of international robotics, marking a significant transition from individual cable products to integrated solutions. With national policies increasingly supporting artificial intelligence and intelligent manufacturing, embodied intelligence is poised to become a strategic frontier for future industries, and Wanma Co. is firmly established in this new arena of transformation.

Moreover, Wanma has made breakthroughs in the new energy charging equipment market, with a 437% year-on-year increase in products related to heavy-duty electric vehicles in 2024. Looking ahead to 2025, Wanma plans to steadfastly advance its “One Body, Two Wings, South-North Synergy” strategic layout. In the cable business, the focus will be on expanding into high voltage, smart warning systems, new energy, and rail transit sectors; in the materials segment, the goal is to accelerate high-end product localization and overseas market development; and in the equipment cables sector, the emphasis will be on robotics, energy storage, and photovoltaics to speed up the process of product integration and systematization, creating a new growth trajectory.

At this critical juncture, where industry cycle shifts and technological innovation converge, Wanma Co. is poised to embark on a new journey of high-quality development driven by a dual focus on technology and manufacturing. Whether in the competitive landscape of traditional cable markets or the in-depth expansion into new materials and intelligent manufacturing sectors, this company is accelerating toward new heights of growth.