证券代码：300698 证券简称：万马科技 公告编号：2025-023 万马科技股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1、本次股东大会没有补充、否决或修改提案的情况。 2、本次股东大会未涉及变更以往股东大会已经通过的决议。 一、会议召开情况 1、召开时间 （1）现场会议召开时间：2025 年 6 月 30 日（星期一）下午 15:00。 （2）网络投票时间：2025 年 6 月 30 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2025 年 6 月 30 日上午 9:15-9:25，9:30-11:30， 下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为： 2025 年 6 月 30 日上午 9∶15 至下午 15:00 期间的任意时间。 2、现场会议地点：杭州市西湖区天际大厦 11 层公司会议室 3、会议召集人：公司董事会 4、会议召开方式：本次会议采取现场投票与网络投票相结合的方式 5、会议主持人：公司董事长张禾阳女士 6、本次股东 ...

北京市天元律师事务所 关于万马科技股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 458 号 致：万马科技股份有限公司 万马科技股份有限公司（以下简称"公司"）2024 年年度股大会（以下简称"本 次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2025 年 6 月 30 日在浙江省杭州市西湖区天际大厦 11 层公司会议室召开。北京市天元律师事务所 （以下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议，并 根据《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称《" 证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《万马科技股份有限公 司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召开程 序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项出具 本法律意见。 为出具本法律意见，本所律师审查了《万马科技股份有限公司第四届董事会第 五次会议决议公告》《万马科技股份有限公司第四届监事会第四次会议决议公告》 《万马科技股份有限公司第四届董事会第六次会议决议公告》《万马科技股份有限 公司第四 ...

Market Overview - On June 25, the Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 1.72%, the ChiNext Index surged by 3.11%, and the CSI 300 Index gained 1.44% [1] - Among the tradable A-shares, 3,919 stocks rose, accounting for 72.48%, while 1,284 stocks declined [1] Capital Flow - The net inflow of main funds was 7.138 billion yuan, marking three consecutive days of net inflow [1] - The ChiNext saw a net inflow of 4.266 billion yuan, while the STAR Market experienced a net outflow of 323 million yuan [1] - The CSI 300 constituent stocks had a net inflow of 8.273 billion yuan [1] Industry Performance - Out of the 28 first-level industries in the Shenwan classification, the top gainers were Non-bank Financials and National Defense & Military Industry, with increases of 4.46% and 3.36% respectively [1] - The industries with the largest declines included Coal, Oil & Petrochemicals, and Transportation, with decreases of 1.00%, 0.57%, and 0.21% respectively [1] Industry Capital Flow - The Non-bank Financials sector led with a net inflow of 12.313 billion yuan and a daily increase of 4.46% [3] - The Computer industry followed with a net inflow of 6.793 billion yuan and a daily increase of 2.99% [3] - The Medical & Biological sector had the largest net outflow of 2.326 billion yuan despite a daily increase of 0.41% [2] Individual Stock Performance - A total of 2,155 stocks experienced net inflows, with 715 stocks having inflows exceeding 10 million yuan [3] - The stock with the highest net inflow was Dongfang Caifu, which rose by 10.04% with a net inflow of 3.747 billion yuan [3] - The stocks with the largest net outflows included Guizhou Moutai, Wanma Technology, and Zhongji Xuchuang, with outflows of 670 million yuan, 545 million yuan, and 490 million yuan respectively [3]

Market Overview - A-shares experienced a significant rise with over 4600 stocks increasing in value, as the Shanghai Composite Index surpassed 3400 points, gaining 1% [1] - The Shenzhen Component Index rose by 1.45%, and the ChiNext Index increased by 1.94%, with a total trading volume exceeding 925 billion yuan, an increase of over 240 billion yuan compared to the previous day [1] Company Specifics: Huasheng Co., Ltd. - Huasheng Co., Ltd. resumed trading and opened at the limit-up price, but quickly fell by 14.8% within three minutes, eventually closing down by 4.33% [3] - The company announced plans to acquire 100% of Yixin Technology through a combination of stock issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries [5] - Huasheng's stock price has increased by 55.49% year-to-date, with a trading volume of 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [6] - The company's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan in the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to rising interest expenses and operational costs [6] Industry Developments: Intelligent Driving - Guangzhou's government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, targeting that by 2027, over 90% of new vehicles will be L2 or higher level [7] - The plan includes incentives for the production of autonomous vehicles, with rewards of up to 50 million yuan for qualifying models [7] - The intelligent driving sector saw a collective rise, with related indices increasing by over 2%, and significant capital inflow into the sector [7] - Tesla launched its Robotaxi service in Texas, charging only $4.2 per ride, indicating a growing focus on the scalability of autonomous driving technology [11] - A report predicts that the intelligent vehicle sector will experience rapid earnings growth, with the potential for a "Davis Double" effect by 2025 [11] Valuation Insights - Among the 120 stocks in the intelligent driving and vehicle networking sector, the median rolling P/E ratio is 47.46, with several stocks, including Huayu Automotive and Yutong Bus, having P/E ratios below 20 [12] - Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential undervaluation [12] Institutional Holdings - Several stocks in the intelligent driving sector have attracted significant interest from social security funds, with 17 stocks receiving heavy investments totaling 7.971 billion yuan [14] - Yutong Bus has been a consistent favorite, with its stock being heavily held for seven consecutive quarters, reflecting strong institutional confidence [14]

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index rising by 0.26%, the Shenzhen Component Index increasing by 0.78%, and the ChiNext Index up by 1.08% as of 9:36 AM on June 24 [1] - International oil prices fell sharply, with a 9% drop overnight and an additional decline of over 3% in early trading [1] Key Sectors Autonomous Driving Sector - The autonomous driving and ride-hailing sectors showed strong performance, with stocks like Wanma Technology and Zhejiang Shibao hitting the daily limit [1] - Tesla launched its Robotaxi service in Austin, Texas, with around 10 new Model Y vehicles, leading to an over 8% increase in Tesla's stock, marking its largest single-day gain since April 28 [2] Oil and Gas Sector - The oil and gas sector faced significant declines, with multiple stocks such as Tongyuan Petroleum and Intercontinental Oil & Gas hitting the daily limit down [4] - WTI crude oil futures for August fell by 7.22%, while Brent crude oil futures dropped by 7.18% [4] Institutional Insights Xinda Securities - Xinda Securities anticipates a potential short-term shift in market styles during the July quarterly report period, suggesting that new consumption and AI investment methods may see adjustments followed by a second wave of growth [6] - The financial sector, particularly banks, is expected to continue outperforming [6] Zheshang Securities - Zheshang Securities predicts continued market fluctuations, requiring a period of consolidation to address internal and external pressures [7] - The overall market trend remains positive, with potential opportunities for "high-cut low" operations in new consumption and innovative pharmaceuticals [8] Dongfang Securities - Dongfang Securities notes that as the mid-year report season approaches, market focus may gradually shift back to performance-driven metrics [9] - Growth sectors such as AI, robotics, and solid-state battery materials are expected to dominate in the near term [9]

Core Viewpoint - The smart driving concept stocks experienced a collective surge in early trading, driven by the launch of Tesla's Robotaxi pilot service in Austin, Texas, which offers a fixed fare of $4.20 for the first passengers [1] Group 1: Company Developments - Tesla officially launched its Robotaxi pilot service on June 22 in Austin, Texas, confirming the initiative through CEO Elon Musk [1] - The first passengers using the Robotaxi service will pay a fixed fee of $4.20, indicating a new pricing model for autonomous ride-sharing [1] Group 2: Market Reaction - Stocks related to smart driving, including Wanma Technology, Jinjiang Online, Zhejiang Sebao, and Yong'anxing, reached their daily limit up, while Jun Chuang Technology and Sanyou Technology opened over 10% higher [1]

Core Viewpoint - Wanma Technology (300698) leverages its expertise in connected vehicle management and communication networks to provide integrated solutions for Robotaxi companies, including vehicle-side, network, edge, and cloud components [1] Group 1: Business Capabilities - The company has launched the "Lanhai" global vehicle connection ONESIM and the "Aoyun" end-to-end autonomous driving data closed-loop toolchain, showcasing its technological advancements in the connected vehicle sector [1] - Wanma Technology is the first third-party connected vehicle service provider globally to support SGP.2/22/32 technologies simultaneously, highlighting its competitive edge in the industry [1] Group 2: Market Position - The company possesses intelligent connection management service capabilities for over 14 million vehicles in the connected vehicle field, indicating a significant market presence and operational scale [1]

Group 1: Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 31, 2017 [2][3] - In 2024, the company's total revenue reached 561 million CNY, with a year-on-year growth rate of 7.72% [3] - As of the end of 2024, the communication segment accounted for 47.54% of revenue, while the vehicle networking segment represented 45.52%, indicating a shift towards vehicle networking [3] Group 2: Financial Performance - In Q1 2025, the company's main business revenue was 150 million CNY, showing a year-on-year increase of 78.24% [3] - The net profit attributable to shareholders increased by 237.89% year-on-year [3] Group 3: Product and Service Offerings - The company provides integrated solutions for Robotaxi enterprises, including vehicle-side, network, edge, and cloud services [3] - Wanma Technology is a leading third-party vehicle networking service provider, managing over 14 million connected vehicles globally [3][6] Group 4: Industry Trends and Policies - The Chinese government is actively promoting the commercialization and scaling of the Robotaxi industry, with new policies being implemented in major cities [4][5] - Key regulations include the implementation of the "Beijing Autonomous Driving Vehicle Regulations" starting April 1, 2025, and the launch of autonomous driving buses in Tianjin [4] Group 5: Customer Engagement and Market Expansion - The company is expanding its global business ecosystem, establishing six data centers worldwide to enhance local services and compliance [7] - Wanma Technology has partnered with major automotive manufacturers like Geely and is actively pursuing new clients in the Robotaxi sector [7][9] Group 6: Technical Capabilities - The company utilizes advanced dual-SIM connectivity technology to ensure high bandwidth and low latency for autonomous driving applications [9] - The Robotaxi business requires higher bandwidth and reliability compared to traditional vehicles, leading to increased product and service value [6]

Summary of the Conference Call on Wanma Technology and the Robotaxi Industry Industry Overview - The Robotaxi market is experiencing rapid development, with companies like Waymo, Tesla, and Baidu actively investing in L4 autonomous driving technology. Tesla plans to deploy 100,000 Robotaxis by 2027 [2][3] - The Robotaxi industry is transitioning from concept validation to commercial operation, driven by advancements in autonomous driving technology, decreasing hardware costs, and supportive policies [3] - The Robotaxi industry is expected to accelerate significantly by 2025, with L4 technology maturity and regulatory relaxation as key drivers [2][19] Key Points on Wanma Technology - Wanma Technology is positioning itself in the Robotaxi sector by providing connected products and operational services, extending towards intelligent driving, data closure, and network integration [2][6] - The company has launched two core solutions: the Blue Ocean Global Vehicle Networking solution and the Aotu Autonomous Driving Data Closure solution, with a global vehicle connectivity scale exceeding 14 million [2][7] - The company anticipates a significant market opportunity as the penetration rate of Robotaxis could reach 10%-20% by 2030, given the current taxi and ride-hailing vehicle ownership of approximately 5 million in China [6] Technical Requirements and Solutions - Robotaxis have higher network requirements, including large bandwidth, high reliability, and low latency, necessitating real-time monitoring and data transmission [5][14] - Wanma Technology provides 5G dual-card services, edge computing, and global one SIM technology, enhancing the single vehicle value to over 1,000 yuan [4][21] - The company’s solutions ensure reliability improvements to 99.999% and latency reductions to 30-50 milliseconds [14][24] Market Trends and Competitive Landscape - The Robotaxi industry is expected to see significant growth, with companies like Waymo operating around 1,500 vehicles and Tesla planning to upgrade L2 vehicles to L4 [3][19] - Domestic policies are encouraging Robotaxi pilot operations, with various cities revising regulations to expand operational scope [21] - Wanma Technology is not limited to exclusive partnerships and aims to provide services across different operators and technology companies [22] Financial Performance and Future Outlook - The company’s revenue is divided into traditional ICT business and the newer YuKa segment, with expectations of ICT revenue growth of 10%-20% and YuKa domestic issuance growth of 20% [30] - The Robotaxi business is currently at a low penetration rate, but long-term growth potential is anticipated as the market matures [31] - The pricing model for connected services may see slight declines due to competitive pressures, but overall revenue is expected to trend upwards [32][33] Strategic Goals - Wanma Technology aims to lead in the Robotaxi and Robovan sectors by providing ICT integrated solutions that meet the needs of connectivity and intelligence in the automotive industry [35]

Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange in 2017 [2] - The company operates in two main business segments: communication and vehicle networking [2] - As of the end of 2024, the communication segment accounted for 47.54% of total revenue, while the vehicle networking segment accounted for 45.52% [2] Product Solutions - The company has launched two major solutions: "Lanhai" global vehicle networking ONE SIM and "Aoyun" end-to-end autonomous driving data closed-loop toolchain [2] - The Robotaxi comprehensive solution integrates innovative approaches in the vehicle networking field, serving major automotive manufacturers and operators [2] Market Position and Partnerships - Wanma Technology has established long-term partnerships with leading domestic automotive companies such as Geely, SAIC, and Li Auto [2] - The company is actively building an ecosystem for automotive companies expanding overseas, resulting in significant growth in international business [2] Industry Trends - The rapid development of Robotaxi and Robovan is driven by technological advancements and cost reductions [3] - The industry is in a fast-growing early stage, with a notable increase in the number of connected vehicles [3] Network Service Advantages - The company is the largest third-party connection management service provider in China, with over 14 million vehicles under intelligent connection management [4] - The ONE SIM technology addresses global deployment challenges for automotive manufacturers and Robotaxi operators, enhancing operational safety and user experience [4] International Expansion - Wanma Technology has established branches in countries such as Hong Kong, UAE, Saudi Arabia, Brazil, and the UK to support compliance operations [4] - The company maintains close communication and business cooperation with major global operators to facilitate the deployment of vehicle networking solutions [4]