Wanma Co., Ltd. (002276) Customer Concentration Risk Analysis

Based on collected materials, here is a detailed analysis of customer concentration for Wanma Co., Ltd. (002276.SZ).

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According to data disclosed in Wanma Co., Ltd.'s 2024 Annual Report[1], the company faces high customer concentration risk:

Rank	Customer Name	Sales Amount (RMB)	Percentage of Annual Total Sales
1	Customer A	167,435,663.35	29.85%
2	Customer B	61,821,012.56	11.02%
3	Customer C	29,869,686.01	5.33%
4	Customer D	21,726,462.23	3.87%
5	Customer E	18,513,714.89	3.30%
Total	Top Five Customers	299,366,539.04	53.37%

• Total sales amount of top five customers:
  RMB 299 million
• Sales proportion of top five customers:
  53.37%
• Sales proportion of related parties:
  0.00%

• Customer A
  alone accounts for nearly
  30%
  of total sales, representing an excessively high proportion
• If this customer is lost or reduces purchases, it will have a significant adverse impact on the company’s performance

• Shows a
  “dominant single customer”
  structure, with the largest customer’s proportion far exceeding that of other customers
• Customer B accounts for 11.02%, creating an obvious gap

Year	Proportion of Top Five Customers	Industry Average
2020	8.51%[2]	Approximately 19-20%
2024	53.37%	-

The 2024 customer concentration data has increased significantly compared to 2020, and this trend should be closely monitored[2].

According to data of comparable peer companies[2]:

Company Name	Proportion of Top Five Customers in 2020
Baosheng Co., Ltd.	11.57%
Wanma Co., Ltd.	8.51%
Hangzhou Electric Co., Ltd.	18.20%
Jinlongyu Co., Ltd.	30.97%
Shangwei Co., Ltd.	29.55%
Tongguang Cable Co., Ltd.	22.39%
Industry Average	20.20%

Based on historical data, Wanma Co., Ltd.'s proportion of top five customers in 2020 (8.51%) was

, but it has surged to 53.37% in 2024, so the risk of rising concentration should be watched closely.

1. Single Customer Dependence Risk
   : The largest customer accounts for nearly 30% of sales, representing significant dependence
2. Revenue Fluctuation Risk
   : If major customers adjust their procurement strategies, it will directly impact the company’s revenue
3. Decline in Bargaining Power
   : Dependence on large customers may weaken the company’s bargaining power
4. Accounts Receivable Risk
   : Changes in payment cycles of large customers may affect cash flow

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[1] 2024 Annual Report of Wanma Technology Co., Ltd. (https://pdf.dfcfw.com/pdf/H2_AN202504141656473811_1.pdf)

[2] Response to the Implementation Letter of Feedback on the Issuance and Registration Stage of the Application Documents for the Initial Public Offering and Listing on the Growth Enterprise Market of Jiusheng Electric Co., Ltd. (http://www.csrc.gov.cn/csrc/c100091/c1520985/1520985/files/发行注册环节反馈意见落实函的回复.pdf)