Wanma Co., Ltd. (002276.SZ) plans to invest about 370 million yuan to build the Qingdao submarine cable insulation material project

According to Zhitong Finance App, Wanma Co., Ltd. (002276.SZ) announced that in order to enhance core competitiveness and promote the implementation of the development strategy, the company's subsidiary Zhejiang Wanma Polymer Materials Group Co., Ltd. (hereinafter referred to as “Wanma Polymer”) plans to invest in the construction of the Wanma Polymer Qingdao Submarine Cable Insulation Material Project in the West Coast New Area of Qingdao City, Shandong Province. The project plan is for Wanma Polymer to set up a wholly-owned subsidiary as the main investor in the project, with an estimated total investment of about 370 million yuan.

After implementation of this investment project, it will effectively mitigate the existing production capacity bottlenecks in the company's polymer materials business, further enhance the market supply capacity and market share of core products, and better meet the growing market demand of customers. The project construction is in line with the industry trend of localization and replacement of high-end submarine cable materials. It will significantly improve the stand-alone production efficiency and batch quality stability of core products, and continue to consolidate the company's leading technical position in the field of high-voltage submarine cable insulation materials. At the same time, after the project is put into operation, it will fully meet the high standard quality requirements of overseas customers, effectively enhance the international competitiveness of the company's export products, and help the company achieve a strategic upgrade from leading domestic brands to internationally renowned brands.