Core Viewpoint - Wanma Technology's stock has experienced fluctuations, with a year-to-date increase of 22.29% but a recent decline in the last five trading days by 1.22% [1] Group 1: Stock Performance - As of December 26, Wanma Technology's stock price is 42.14 CNY per share, with a market capitalization of 5.647 billion CNY [1] - The stock has seen a trading volume of 1.05 million CNY, with a turnover rate of 2.10% [1] - The stock has been on the "龙虎榜" once this year, with the last appearance on June 24, where it recorded a net purchase of 104 million CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Wanma Technology achieved a revenue of 557 million CNY, representing a year-on-year growth of 44.51% [2] - The net profit attributable to the parent company for the same period was 32.6832 million CNY, showing a year-on-year increase of 4.67% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Wanma Technology is 26,000, a decrease of 18.78% from the previous period [2] - The average number of circulating shares per shareholder is 4,503, which has increased by 21.38% [2] - The company has distributed a total of 35.242 million CNY in dividends since its A-share listing, with 30.82 million CNY distributed in the last three years [3]

证券日报网讯12月25日，万马科技（300698）在互动平台回答投资者提问时表示，在无人驾驶领域，公 司已与百度阿波罗、哈啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领 域的业务布局已初见成效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资 偏好等多重复杂因素影响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方 面举措，系统性地推进市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。敬请广大投资 者注意风险，理性投资。 ...

Core Viewpoint - The launch of L3-level conditional autonomous driving vehicles in China marks a significant milestone in the development of intelligent transportation, transitioning from the "assisted driving era" to the "autonomous driving era" [1] Group 1: Company Overview - Wanma Technology is a leading third-party vehicle networking service provider in China, focusing on building a dedicated core network and connection management platform for vehicle networking, ensuring stable connections and rapid service responses [2] - The company has established a business structure that includes global vehicle connectivity capabilities, professional platforms and services, and integrated hardware-software solutions [1][2] Group 2: Technological Advancements - The transition to L3-level autonomous driving shifts the responsibility for accidents from drivers to vehicle manufacturers, necessitating higher standards for network communication, data processing, and safety redundancy [3] - Wanma Technology has developed a comprehensive technical barrier from basic networking services to advanced intelligent driving data processing, addressing the high demands of autonomous driving scenarios [3] Group 3: Product Solutions - The DSDA dual-active link solution enhances connection reliability for autonomous vehicles by providing redundancy and load balancing based on link quality, ensuring stable networking for autonomous driving [4] - Wanma Technology's "Aoyun" autonomous driving solution integrates "end, management, cloud, and edge" to improve data loop efficiency, featuring AI-based automated labeling capabilities for multi-modal data processing [4] Group 4: Market Opportunities - The company emphasizes the importance of Robotaxi and Robovan as key business areas, recognizing the global demand for intelligent networking and the need for standardized solutions to facilitate rapid deployment [5][6] - Wanma Technology has established partnerships with major automotive manufacturers like Geely, Li Auto, and Dongfeng, providing overseas connectivity services and addressing challenges such as data compliance and localization [6] Group 5: Strategic Collaborations - A recent collaboration with Baidu's Apollo in the Robotaxi sector aims to advance the commercialization of autonomous driving, leveraging Wanma Technology's integrated solutions [6] - The company plans to continue its focus on "overseas expansion" and "autonomous driving" as primary growth strategies, aiming for sustainable development in the rapidly growing vehicle networking market [7]

格隆汇12月25日丨万马科技(300698.SZ)在投资者互动平台表示，公司通信行业用智算中心液冷服务器 机柜尚在研发中，相关信息请以公司公告和披露信息为准。 ...

格隆汇12月25日丨万马科技(300698.SZ)在投资者互动平台表示，在无人驾驶领域，公司已与百度阿波 罗、哈啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领域的业务布局已 初见成效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资偏好等多重复杂 因素影响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方面举措，系统性 地推进市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：关注到企业产品与智驾相互匹配，甚至是必备产品， 但为何市场在给智驾企业提升估值的时候，公司依然不受市场追捧？ 万马科技（300698.SZ）12月25日在投资者互动平台表示，在无人驾驶领域，公司已与百度阿波罗、哈 啰、曹操出行、九识、智行者等多家厂商达成合作，今年以来公司在无人驾驶领域的业务布局已初见成 效，为公司后续业务发展打下了良好基础。二级市场股价运行受市场环境、投资偏好等多重复杂因素影 响，公司也将通过强化核心竞争力、优化业务布局、完善投资者关系管理等多方面举措，系统性地推进 市值管理工作，致力于实现公司内在价值与市场价值的动态平衡。敬请广大投资者注意风险，理性投 资。 ...

Group 1 - Wanma Technology (SZ 300698) announced the release of 120,000 shares from pledge by major shareholder Yan Nan, who has a total of 6.58 million pledged shares, accounting for 98.21% of his holdings [1] - As of the announcement date, Wanma Technology has a market capitalization of 5.7 billion yuan [1] - For the first half of 2025, Wanma Technology's revenue composition is as follows: 48.67% from the telecommunications sector, 46.44% from the vehicle networking sector, and 4.89% from medical products [1]

万马科技公告称，近日接到持股5%以上股东闫楠函告，其于2025年12月23日将12万股办理股票解除质 押业务，占其所持股份比例1.79%，占公司总股本比例0.09%，质权人为上海裕树科技有限公司。截至 公告披露日，闫楠持股670万股，占比5%，累计质押658万股，占其所持股份比例98.21%，占公司总股 本比例4.91%。闫楠非控股股东、实控人，本次解质不会导致公司控制权变更。 ...

证券代码：300698 证券简称：万马科技 公告编号：2025-043 万马科技股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 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。 万马科技股份有限公司（以下简称"公司"）近日接到公司持股 5%以上股 东闫楠先生的函告，获悉其将所持有的公司部分股份办理了股票解除质押业务， 具体事项如下： 一、股东股份解除质押的基本情况 | 股 东 | 是否为控股 股东或第一 | 本次解除 | 占 所 | 其 持 | 占公司 | | 解 除 | 质 | 权 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 | 质押数量 | 股 | 份 | 总股本 | 起始日 | 日期 | 人 | | | | 一致行动人 | （股） | 比例 | | 比例 | | | | | | 闫楠 | 否 | 120,000 | 1.79% | | 0.09% | 2025 年 11 月 日 6 | 2025 年 12月23 | 上海裕 树科技 ...

Group 1 - The core viewpoint of the news highlights the recent advancements in intelligent driving, particularly the introduction of L3 level conditional autonomous driving vehicles by Changan and BAIC, which are set to undergo trials in designated areas [1] - The approval of L3 level trials for companies like XPeng indicates a maturing landscape in technology, policy, and regulation, suggesting that intelligent driving is entering an accelerated development phase [1] - The potential for Robotaxi services is underscored by Elon Musk's announcement regarding the testing of driverless taxis without human safety operators, which could significantly advance the commercialization of fully autonomous driving [1] Group 2 - Changjiang Securities notes that the recent positive developments from L3 to Robotaxi, along with expectations for the continuation of vehicle trade-in policies next year, could lead to a recovery in Beta pressures, maintaining a positive outlook on the intelligent driving industry chain [1] - As of December 22, 2025, the CSI Internet of Vehicles Theme Index (930725) has seen a strong increase of 2.07%, with notable stock performances from Wanji Technology (300552) up 16.16%, Beidouxing (002151) up 9.99%, and Jingwei Hengrun (688326) up 9.49% [1] - The intelligent connected vehicle ETF (159872) has risen by 1.57%, with the latest price reported at 1.04 yuan [1] Group 3 - The intelligent connected vehicle ETF closely tracks the CSI Internet of Vehicles Theme Index, which includes companies related to content and service providers, software providers, hardware providers, and automotive manufacturers [2] - As of November 28, 2025, the top ten weighted stocks in the CSI Internet of Vehicles Theme Index include CATL (300750), Hongfa Technology (600885), Dahua Technology (002236), and others, collectively accounting for 51.03% of the index [2]