Core Viewpoint - Wanma Technology (300698.SZ) reported strong sales performance for its cabinet and chassis products, indicating positive market demand and operational efficiency [1] Group 1: Sales Performance - The company stated that the sales situation for cabinet and chassis products is good, with specific details available in the third section of the regular report under management discussion and analysis [1] Group 2: Industry Focus - The company is actively monitoring the development of regulations related to vehicle satellite communication and will continue to pay attention to the evolution of satellite communication and NTN (Non-Terrestrial Network) technologies [1] - In this field, the company can provide satellite service solutions for customers, applicable in automotive and other scenarios [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 the first three quarters of 2025, the company achieved a revenue of CNY 557 million, representing a year-on-year growth of 44.51% [2][3] Business Segments - The company has expanded from traditional communication equipment to the intelligent computing data center market, capitalizing on rapid industry growth [3][4] - Both the communication and industrial control business segments, as well as the vehicle networking segment, have experienced significant growth in 2025 [3][4] Vehicle Networking Solutions - As a leading player in the vehicle networking sector, the company offers comprehensive solutions that include high-level hardware, mature eSIM solutions, and dual-active link solutions [4][8] - The company has established partnerships with major automotive manufacturers such as Geely, Ideal, SAIC, and Dongfeng, managing over 16 million connected vehicles [4][6] Global Business Strategy - The company has deployed six regional platforms globally and has built deep relationships with mainstream operators in various countries, providing overseas connectivity services for several well-known automotive brands [4][10] - The company aims to expand its global business ecosystem strategy, exploring new business scenarios and broadening its cooperation scope to create new profit growth points [10][11] Technological Advantages - The company possesses innovative capabilities in AI networks, AI operations, and data closed-loop cloud services, which enhance the operational efficiency and capabilities of smart connected vehicles [4][8] - In the context of Robotaxi and Robovan, the company emphasizes the importance of network stability, bandwidth, and latency, which are critical for safe decision-making and operational efficiency [7][9] Future Directions - The company plans to optimize its traditional communication business while continuing to strengthen its vehicle networking segment and explore new applications such as Robotaxi and Robovan [11] - The company is also focusing on expanding its data center business and migrating its capabilities to other IoT scenarios, including embodied intelligence and unmanned systems [11]

证券代码：300698 证券简称：万马科技 公告编号：2025-040 3、股份累计质押情况 万马科技股份有限公司 关于持股 5%以上股东部分股份解质押及质押的公告 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及质押 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 | 920,000 | 13.73% | | 0.69% | 2025 年 9 | ...

Core Viewpoint - Wanma Technology announced that major shareholder Yan Nan will release a pledge of 920,000 shares on November 4, 2025, which accounts for 13.73% of his holdings and 0.69% of the company's total share capital [1] Summary by Sections Shareholder Actions - Yan Nan, holding over 5% of shares, will release a pledge of 920,000 shares, which represents 13.73% of his total holdings and 0.69% of the company's total shares [1] - On November 6, Yan Nan pledged the same number of shares (920,000) again, with the pledgee being Shanghai Yushu Technology Co., Ltd., for personal business operations [1] Current Shareholding Status - As of the announcement date, Yan Nan holds 6.7 million shares, which is 5% of the total share capital [1] - After the pledges, Yan Nan has pledged a total of 6.7 million shares, representing 100% of his holdings [1] Control and Risk Assessment - The pledging of shares will not lead to a change in the company's controlling rights, and there is no risk of forced liquidation [1]

Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 sectors experiencing gains, led by the metals and electronics sectors, which increased by 3.05% and 3.00% respectively [1] - The communication sector ranked third in terms of daily gains [1] - A total of 61.74 billion yuan of net inflow was recorded in the two markets, with 12 sectors seeing net inflows [1] Sector Performance - The electronic sector had the highest net inflow of 122.24 billion yuan, corresponding to a 3.00% increase [1] - The metals sector followed with a net inflow of 36.47 billion yuan and a daily increase of 3.05% [1] - The media and social services sectors faced the largest declines, with decreases of 1.35% and 1.11% respectively [1] Communication Sector Analysis - The communication sector increased by 2.37% with a net inflow of 23.04 billion yuan [2] - Out of 125 stocks in the communication sector, 68 stocks rose while 53 fell [2] - Six stocks in the communication sector saw net inflows exceeding 100 million yuan, with NewEase leading at 7.81 billion yuan [2] Top Gainers in Communication Sector - NewEase (300502) rose by 3.07% with a turnover rate of 4.46% and a net inflow of 780.95 million yuan [2] - Zhongji Xuchuang (300308) increased by 4.17% with a net inflow of 777.79 million yuan [2] - Jianqiao Technology (603083) saw a rise of 4.20% with a net inflow of 256.64 million yuan [2] Top Losers in Communication Sector - Shida Group (600734) experienced the largest outflow, declining by 6.36% with a net outflow of 202.25 million yuan [3] - Wanma Technology (300698) fell by 4.75% with a net outflow of 67.47 million yuan [3] - Dongtu Technology (300353) decreased by 0.83% with a net outflow of 67.11 million yuan [3]

Core Viewpoint - Pacific Securities report indicates that Wanma Technology achieved a net profit attributable to shareholders of 32.68 million yuan in the first three quarters of 2025, representing a year-on-year growth of 4.67% [1] - The company is transitioning from traditional communication equipment provider to the intelligent computing center market, leveraging partnerships with industry leaders like NVIDIA [1] Financial Performance - The net profit attributable to shareholders for the third quarter was 16.22 million yuan, showing a year-on-year increase of 6.36% [1] - The overall growth in net profit reflects the company's successful adaptation to market changes and strategic initiatives [1] Business Transformation - The company is expanding its focus from traditional communication services to industry clients, particularly in the intelligent computing center sector [1] - Collaboration with NVIDIA involves utilizing their NVAIE software architecture and AI technology to support clients in algorithm training, particularly in the automotive sector [1] Strategic Partnerships - In the Robotaxi sector, the company signed a business cooperation agreement with a domestic autonomous driving company in the first half of the year [1] - Recent partnerships with companies like Hello and Cao Cao Mobility further enhance its position in the market [1] - In the Robovan sector, collaborations have been established with firms such as Zhixingzhe and Jiushi [1]

每经AI快讯，有投资者在投资者互动平台提问：公司有无入股微软，或者openAI？ 万马科技（300698.SZ）11月4日在投资者互动平台表示，公司暂未入股微软或openAI。 （记者 王瀚黎） ...

Core Viewpoint - Wanma Technology, established in 1997 and listed in 2017, specializes in communication and medical information technology, with strengths in vehicle networking and communication network technology [1] Business Performance - In Q3 2025, Wanma Technology reported revenue of 557 million yuan, ranking 29th in the industry, significantly lower than the top player ZTE's 100.52 billion yuan and the industry average of 643.4 million yuan [2] - The main business segments include vehicle networking (156 million yuan, 46.44%), cabinet and chassis products (103 million yuan, 30.39%), industrial control products (39.47 million yuan, 11.64%), medical information products (16.58 million yuan, 4.89%), and others (22.53 million yuan, 6.64%) [2] - The net profit for the same period was 31.97 million yuan, ranking 23rd in the industry, again falling short of the industry average of 66.8 million yuan [2] Financial Ratios - As of Q3 2025, the asset-liability ratio was 54.95%, higher than the previous year's 48.82% and the industry average of 38.12%, indicating increased debt pressure [3] - The gross profit margin was 31.31%, slightly above the industry average of 30.08%, despite a decrease from the previous year's 37.31% [3] Leadership - The chairman, Zhang Heyang, born in 1985, has been in the role since July 2018, with a background in various managerial positions within the company and its affiliates [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.78% to 26,000, while the average number of shares held per shareholder increased by 21.38% to 4,503 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 595,200 shares as a new shareholder [5] Future Projections - Pacific Securities projects revenues of 730 million, 950 million, and 1.2 billion yuan for 2025-2027, with net profits of 96 million, 141 million, and 168 million yuan respectively, maintaining a "buy" rating [5] - Guohai Securities forecasts revenues of 731 million, 946 million, and 1.204 billion yuan for the same period, with net profits of 94 million, 144 million, and 179 million yuan, initiating coverage with an "accumulate" rating [6] - Key business highlights include rapid growth in vehicle networking revenue, strategic partnerships with major clients, and entry into the Robotaxi infrastructure market [6]

Core Viewpoint - The autonomous driving industry is entering a phase of commercialization, positively impacting the company's vehicle networking and autonomous driving-related businesses [1] Group 1: Business Collaborations - In the Robotaxi sector, the company signed a business cooperation agreement with a domestic autonomous driving company in the first half of this year [1] - Recently, the company has established partnerships with Haibo and Cao Cao Travel, among others [1] - In the Robovan sector, the company has collaborated with Zhixingzhe and Jiushi [1] Group 2: Future Prospects - The company is actively engaging in technical exchanges and business discussions with potential partners in the autonomous driving field [1] - The goal is to build cooperative relationships to enhance the company's intrinsic value [1]

Core Viewpoint - Wanma Technology is focused on providing reliable network connectivity and data closed-loop solutions for clients, including those in the automotive industry [2] Group 1 - The company offers high-quality 5G connectivity solutions, eSIM, and edge computing products and services [2] - These capabilities can be applied to the low-altitude economy sector [2]