万马科技股份有限公司 2025 年第三季度报告 证券代码：300698 证券简称：万马科技 公告编号：2025-036 万马科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 万马科技股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 217,900,222.97 | 35.56% | 557,054,65 ...

证券代码：300698 证券简称：万马科技 公告编号：2025-037 万马科技股份有限公司 第四届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在 任何虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 万马科技股份有限公司（以下简称"公司"）于 2025 年 10 月 13 日向全体 董事发出召开第四届董事会第八次会议的书面通知，并于 2025 年 10 月 23 日以 通讯方式召开董事会。本次会议由董事长张禾阳女士主持，会议应出席董事 9 人，实际出席董事 9 人，高级管理人员列席董事会。本次会议的召集、召开和表 决程序，符合《中华人民共和国公司法》和《万马科技股份有限公司章程》的有 关规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司 2025 年第三季度报告的议案》； 公司董事会认为公司《2025 年第三季度报告》的编制程序符合法律、行政 法规和中国证券监督管理委员会、深圳证券交易所的相关法律法规、规范性文件 的规定，报告内容真实、准确、完整地反映了公司 2025 年第三季度的财务状况 和经营成果，不存在虚假记载、误导性陈述或者重大遗 ...

万马科技公告，第三季度营收为2.18亿元，同比增长35.56%；净利润为1621.87万元，同比增长6.36%。 前三季度营收为5.57亿元，同比增长44.51%；净利润为3268.32万元，同比增长4.67%。 ...

近日，万马科技全资子公司上海优咔网络科技有限公司（简称"优咔科技"）与九识（苏州）智能科技有 限公司（简称"九识智能"）正式达成合作。双方将充分发挥各自在车联网技术与物流无人驾驶领域的优 势，共同探索RoboVan（无人物流车）等项目的创新应用模式。 ...

Core Viewpoint - Wanma Technology is transitioning from a traditional communication equipment provider to the intelligent computing data center market, aiming to capitalize on the rapid growth opportunities in the industry [2] Group 1: Company Developments - On October 20, Wanma Technology responded to investor inquiries, indicating its participation in the "millisecond computing" initiative organized by the Ministry of Industry and Information Technology [2] - The company is actively expanding its data center business while ensuring steady revenue growth in its communication sector [2] Group 2: Industry Trends - The "millisecond computing" initiative focuses on developing a high-speed, large-capacity, low-latency, and widely accessible metropolitan network to provide millisecond-level computing resource network capabilities [2]

Core Insights - eSIM technology is entering a new commercial phase in China, with major telecom operators officially launching eSIM services for mobile phones, marking a significant shift in the industry [2][3] - The adoption of eSIM is expected to expand beyond mobile phones into various sectors, including consumer electronics and the Internet of Things (IoT), driven by technological advancements and policy support [3][4] Industry Developments - Apple has announced the launch of the iPhone Air, the first eSIM-only phone in China, set to be released on October 22 [2] - Domestic brands like OPPO and vivo are quickly following suit, with OPPO already launching an eSIM-compatible model and others expected to release their versions soon [2][3] - eSIM technology is anticipated to enhance device capabilities, such as waterproofing and shock resistance, while also allowing for multiple SIM profiles [3] Market Performance - eSIM concept stocks have shown strong performance, with an average increase of 42.42% year-to-date, significantly outperforming the Shanghai Composite Index [5] - Six stocks in the eSIM sector have seen gains exceeding 50%, including Hengbao Co., Dongxin Peace, and Meige Intelligent [5] - Despite the overall positive trend, some stocks have experienced significant pullbacks, with several dropping over 30% from their year-to-date highs [8] Company Strategies - Several A-share companies are actively investing in eSIM technology, including Unisoc, which has launched multiple eSIM products, and Eastcompeace, which has developed an embedded operating system for eSIM management [4] - Megmeet has established a mature eSIM solution and is producing large volumes of 4G/5G chips, while Chutianlong has received product approval from China Unicom for its eSIM offerings [4] Future Projections - GSMA Intelligence forecasts that by the end of 2025, global eSIM smartphone connections will reach 1 billion, and by 2030, this number is expected to rise to 6.9 billion, representing 76% of total smartphone connections [3]

Core Insights - The internet healthcare sector experienced a decline of 1.93% on October 17, with Wanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers in the internet healthcare sector included: - Haixia Innovation: Closed at 5.83, up 19.96% with a trading volume of 1.2261 million shares [1] - Huabang Health: Closed at 5.01, up 10.11% with a trading volume of 1.5622 million shares [1] - Major decliners included: - Wanma Technology: Closed at 46.65, down 6.87% with a trading volume of 141,100 shares [2] - Donghua Software: Closed at 9.93, down 5.88% with a trading volume of 1.253 million shares [2] Capital Flow - The internet healthcare sector saw a net outflow of 1.875 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.495 billion yuan [2][3] - The capital flow for specific stocks showed: - Haixia Innovation: Net inflow from institutional investors was 187 million yuan, while retail investors had a net outflow of 72.8024 million yuan [3] - Waner Eye Hospital: Net inflow from institutional investors was 171 million yuan, with retail investors experiencing a net outflow of 95.6544 million yuan [3]

Market Performance - As of October 16, the ride-hailing concept index rose by 0.32%, ranking 8th among concept sectors, with 11 stocks increasing in value [1] - Haima Automobile hit the daily limit up, while Wanma Technology and Haikong Group saw significant gains of 10.94% and 6.38% respectively [1] Sector Overview - The top-performing concept sectors included Hainan Free Trade Zone (+2.58%) and Military Equipment Restructuring (+1.98%), while sectors like Special Steel (-2.68%) and Photolithography (-2.47%) faced declines [2] Capital Flow - The ride-hailing sector experienced a net inflow of 1.519 billion yuan, with 9 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [2] - Changan Automobile led the net inflow with 1.259 billion yuan, followed by Beiqi Blue Valley and Wanma Technology with 187 million yuan and 155 million yuan respectively [2] Stock Performance - Changan Automobile, Wanma Technology, and Haikong Group had the highest net inflow ratios at 16.57%, 13.17%, and 11.03% respectively [3] - The net inflow rankings for the ride-hailing sector showed significant activity, with Changan Automobile leading in both net inflow and percentage increase [3] Declining Stocks - Notable declines were observed in stocks such as Fulin Transportation (-2.88%), Jinjiang Online (-2.63%), and Shiji Hengtong (-2.19%) [4] - Haima Automobile, despite a significant rise of 10.02%, faced a net outflow of 259.495 million yuan, indicating mixed investor sentiment [4]

Core Viewpoint - The communication equipment sector experienced a 1.1% increase on October 16, with Wanma Technology leading the gains, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index fell by 0.25% [1] Group 1: Stock Performance - Wanma Technology (300698) closed at 50.09, up 10.94% with a trading volume of 237,000 shares and a transaction value of 1.177 billion [1] - Meixin Technology (301577) closed at 63.16, up 7.29% with a trading volume of 48,500 shares and a transaction value of 308 million [1] - ZTE Corporation (000063) closed at 54.03, up 7.20% with a trading volume of 3.3696 million shares and a transaction value of 18.015 billion [1] - Other notable performers include Nanjing Nengmiao (600775) up 4.80% and Zhongguang Fanglei (300414) up 4.25% [1] Group 2: Capital Flow - The communication equipment sector saw a net inflow of 868 million from institutional investors, while retail investors experienced a net outflow of 334 million [2] - Major stocks like ZTE Corporation and Wanma Technology attracted significant institutional investment, with ZTE receiving a net inflow of 95.2 million [3] - Conversely, retail investors withdrew from several stocks, including Wanma Technology, which saw a net outflow of 51.64 million [3]

Core Points - The Shanghai Composite Index closed at 3916.23 points, above the five-day moving average, with a slight increase of 0.10% [1] - The total trading volume of A-shares reached 1,948.66 billion yuan [1] - A total of 282 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from the five-day moving average include: - Xiangnong Chip (300475) with a deviation rate of 9.93% and a daily increase of 16.70% [1] - Yingjixin (688209) with a deviation rate of 8.92% and a daily increase of 14.24% [1] - Luchang Technology (002813) with a deviation rate of 8.00% and a daily increase of 9.98% [1] Trading Activity - The trading turnover rates for the top stocks with significant price movements include: - Xiangnong Chip at 15.82% [1] - Yingjixin at 12.53% [1] - Luchang Technology at 4.44% [1] Additional Notable Stocks - Other stocks that recently crossed the five-day moving average with smaller deviation rates include: - Yuyue Medical (乖离率较小) [1] - Donggang Shares (乖离率较小) [1] - Fangzheng Electric (乖离率较小) [1]