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 [3] - The company focuses on the R&D, production, and sales of communication equipment, industrial control products, and power distribution products, and has recently entered the vehicle networking sector [3] Business Segments Communication Equipment - The product range includes data center products, mobile base station products, and optical communication products, widely used in IDC and digital communication rooms [3] - The company has successfully entered the data center market, capitalizing on rapid industry growth [3] Industrial Control Products - Offers industrial control cabinets and automation control cabinets, primarily targeting industrial enterprises and sectors like rail transportation [3] - The company has won bids for projects related to the State Grid, with a total amount reaching CNY 81.2742 million [3] Vehicle Networking - The company has developed a vehicle networking connection platform and services, enhancing its competitive edge in the sector [3] - The total number of connected vehicles in the vehicle networking business has exceeded 17 million, with over 1.1 million connections in overseas markets [5] Key Products and Solutions Integrated Ring Network Box - The new product, the integrated ring network box, is a core intelligent device for medium-voltage distribution networks, offering high integration, rapid fault handling, and low operational costs [4] High-Order Networking Solutions - The company launched a high-order networking solution to meet the demands of L4 autonomous driving, addressing issues like signal fluctuation and high latency [8] - Key features include: - 5G dual SIM dual standby for stable data transmission [9] - Quality of Service (QoS) management for prioritizing autonomous driving data [9] - Integration with autonomous vehicle fleet management systems [9] - Edge computing to reduce end-to-end latency [9] Market Expansion and Partnerships - The company has established long-term partnerships with over ten well-known automotive manufacturers, including Geely and Ideal [5] - In the autonomous driving sector, collaborations have been formed with Baidu Apollo and other notable firms [11] - The company is actively expanding its overseas vehicle networking market, having set up six core data platforms globally [12] Future Development Strategy - The company aims to optimize traditional communication and industrial control business segments while deepening its core vehicle networking operations [12] - Plans to enhance product and service systems, strengthen technical barriers, and expand into emerging applications like Robotaxi and Robovan [12] - Focus on scaling overseas business and building a diversified profit growth system [12]

Core Viewpoint - The recent termination of internet connectivity services for Neta vehicles by Lenovo Dongde has caused significant inconvenience for car owners, highlighting ongoing operational and financial issues within Neta Auto [1][4]. Group 1: Company Operations - Neta Auto's management has expressed regret over the disruption caused by Lenovo Dongde's unilateral decision to stop providing internet connectivity services without prior notice [1]. - Car owners reported receiving notifications about the service termination, which contradicts previous promises of free data services for varying durations depending on the vehicle model [3]. - Neta Auto has faced multiple connectivity issues in the past, including website outages and app malfunctions, indicating a pattern of operational instability [3]. Group 2: Financial Issues - Lenovo Dongde stated that Neta Auto has failed to make timely payments for the internet services, leading to the service suspension after months of unsuccessful negotiations [4]. - The financial struggles of Neta Auto are further underscored by its ongoing bankruptcy restructuring process, with a creditors' meeting scheduled shortly [7]. Group 3: Market Position - Lenovo Dongde, established in 2016, is a significant player in the smart IoT services sector, holding a substantial market share in the intelligent connected vehicle space [7]. - Reports suggest that Lenovo Dongde commands nearly 50% of the market share in the smart connected vehicle sector and 80% among new car manufacturers [7].

Core Viewpoint - Lenovo's Dongde Communication announced that due to unpaid service fees from Hozon Auto, all vehicles involved will gradually trigger system shutdowns starting this month, despite months of communication and negotiation. To address customer concerns, the company will launch the "Nezha Owner Data Plan" to ensure continued data services for Nezha vehicle owners [1][2]. Group 1 - Hozon Auto has failed to pay service fees on time, leading to significant operational pressure on Dongde Communication [2]. - The company has engaged in months of discussions without reaching an agreement on the payment issue [2]. - Starting this month, all vehicles with outstanding fees will begin to experience system shutdowns as per legal and contractual obligations [1][2]. Group 2 - In response to customer demand, Dongde Communication will introduce the "Nezha Owner Data Plan" to secure data services for Nezha vehicle owners [1][2]. - Customers can subscribe to data services through the "Dongde Vehicle Link" public account or mini-program [2].

Core Viewpoint - The communication service provider "Lenovo Dongde" has announced the suspension of internet connectivity services for Nezha Automobile due to unpaid service fees, which has created operational challenges for both companies and potential service disruptions for vehicle owners [1][5]. Group 1: Service Suspension Announcement - Lenovo Dongde has stated that Nezha Automobile has failed to make timely payments for related service fees, leading to a significant cost burden on Lenovo Dongde and potential service risks for vehicle owners [1][5]. - Starting this month, all vehicles with outstanding payments will gradually trigger system shutdowns as per the contractual agreement between the two companies [2][5]. Group 2: Customer Support and Alternatives - In response to customer demand, Lenovo Dongde will launch a "Nezha Owner Data Plan" to ensure continued data services for Nezha vehicle owners, allowing them to purchase data services through the "Dongde Car Link" WeChat public account or mini-program [2][5]. - Vehicle owners can contact customer service for any inquiries regarding data service subscriptions or usage through the provided hotline or online customer service options [3].

Core Insights - Wanma Technology's vehicle networking business provides OEMs with pre-installed vehicle networking connection management services, platform operations, and autonomous driving data closed-loop toolchains [1] - The company is the first third-party vehicle networking service provider globally to support SGP.02/22/32 technologies simultaneously [1] - Wanma Technology has established close partnerships with over 10 well-known automotive manufacturers, including Geely, Li Auto, SAIC, Dongfeng, Lantu, and Zhiji [1] - The company has the capability to manage intelligent connections for over 14 million vehicles in the vehicle networking sector [1]