Analysis of Wanma Co., Ltd.'s Data Center Cable Business: Secured Approximately RMB 4.5 Billion in Orders in Q1 2025

Based on the public information I retrieved, the details of Wanma Co., Ltd. (002276.SZ)'s data center cable orders are as follows:

Wanma Co., Ltd. delivered an outstanding performance in Q1 2025. The company’s cable segment has successively won large orders in

, with a total winning bid amount of approximately [1].

• In the past two years, on the premise of ensuring the stability of traditional markets, Wanma Co., Ltd. has vigorously expanded third-party IDC customers that provide computing power services by
  introducing talents, establishing teams, and developing products tailored for computing power customers
  [2].
• The company aims to quickly enter the intelligent computing data center market and achieve rapid growth in its data center cable business.

According to the China Computing Power Development Report (2024), in 2024, the total scale of in-use computing power center racks in China exceeded 8.3 million standard racks, with a total computing power scale of 246 EFLOPS, ranking among the top in the world[2]. The scale of China’s intelligent computing power market reached USD 19 billion, with a year-on-year growth of 86.9%. It is expected that the intelligent computing power scale will further grow to 37.3 EFLOPS by 2025[2].

Wanma Co., Ltd.'s customers include large state-owned enterprises such as

[1].

Although specific growth percentage data of Wanma Co., Ltd.'s data center cable orders cannot be found, it can be judged from the following information that the business is showing a

:

1. As an emerging field that the company focuses on expanding, the computing power center
   has become an important part of the RMB 4.5 billion orders in the first quarter
2. The demand for AI computing power has driven a boom in data center construction
   , leading to a surge in cable demand
3. The company has actively laid out in this field through
   talent introduction and product development

This is not only a high recognition of the company’s technical accumulation, product reputation, and service capabilities by customers, but also a reflection of the results of the company’s “innovation-driven + precise service” strategy[1].

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[1] Securities Times - “Wanma Co., Ltd. Secured Approximately RMB 4.5 Billion in Orders in Q1 This Year” (https://www.stcn.com/article/detail/1647269.html)

[2] Annual Report of Wanma Technology Co., Ltd. 2024 (https://pdf.dfcfw.com/pdf/H2_AN202504141656473811_1.pdf)