股票代码：002085 股票简称：万丰奥威 公告编号：2025-022 浙江万丰奥威汽轮股份有限公司 2024 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，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 1、本次股东大会无否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议通知情况 4、会议召集人：公司董事会 5、会议方式：本次股东大会采取现场投票与网络投票相结合的方式 6、现场会议主持人：公司董事长赵亚红先生 二、会议出席情况 1、出席会议的总体情况 公司董事会于2025年4月29日在《证券时报》及巨潮资讯网（www.cninfo.com.cn） 上披露了召开本次股东大会的会议通知和审议事项。 2、会议召开时间： 现场会议召开时间：2025年5月20日下午14:30 网络投票时间： （1）通过深圳证券交易所交易系统投票时间为：2025年5月20日上午9:15-9:25、 9:30-11:30、下午13:00-15:00。 （2）通过互联网投票系统投票的具体时间为：2025年5月20日上午9:15至下午 15:00。 3、现 ...

万丰奥威 2024 年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关于浙江万丰奥威汽轮股份有限公司 2024 年度股东大会之 法 律 意 见 书 致：浙江万丰奥威汽轮股份有限公司（"贵公司"） 国浩律师（杭州）事务所（以下简称"本所"）接受贵公司的委托，指派本 所律师出席贵公司于 2025 年 5 月 20 日在浙江省新昌县万丰科技园召开的 2024 年度股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会 规则》"）等法律、行政法规、规范性文件及《浙江万丰奥威汽轮股份有限公司 章程》（以下简称"《公司章程》"）的规定，出具本法律意见书。 为出具本法律意见书，本所律师对贵公司本次股东大会所涉及的有关事项进 行了审查，查阅了本所律师认为出具本法律意见书所必须查阅的文件，并对有关 问题进行了必要的核查和验证。 贵公司已向本所承诺：贵公司向本所律师所提供的文件和所作陈述及说明是 完整的、真实的和有效的，有关原件及其上面的签字和印章是真实的，且一切足 以影响本法律意见书的事实和文件均已向本所披露，无任何隐 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.67 yuan per share [4][7]. Core Insights - The company's revenue for 2024 reached 16.264 billion yuan, a year-on-year increase of 0.35%, while the net profit attributable to shareholders was 653 million yuan, a decrease of 10.14% [1]. - The company effectively controlled expenses, with sales, management, R&D, and financial expense ratios decreasing by 0.19, 0.43, 0.22, and 1.01 percentage points respectively [1]. - In Q1 2025, the company achieved revenue of 3.567 billion yuan, a year-on-year increase of 0.75%, and a net profit of 275 million yuan, up 21.29% [1]. Revenue and Profitability - The lightweight metal components business generated revenue of 13.450 billion yuan in 2024, a slight increase of 0.09%, indicating stable operational performance [2]. - The general aviation aircraft manufacturing business saw revenue of 2.814 billion yuan in 2024, reflecting a growth of 1.62% [2]. - The company has a robust order backlog in the general aviation sector, particularly for high-value MPP special-purpose aircraft models [2]. Future Growth Potential - The acquisition of core assets from Volocopter positions the company to lead in the eVTOL market, with ongoing efforts to meet stringent aviation safety standards [3]. - The low-altitude economy is expected to commercialize around 2028, and the company has been actively developing its general aviation business since 2020, aiming to be a key player in this emerging market [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 17.812 billion, 19.332 billion, and 20.562 billion yuan respectively, with net profits expected to be 1 billion, 1.165 billion, and 1.301 billion yuan [4][6]. - Corresponding EPS for these years are forecasted to be 0.47, 0.55, and 0.61 yuan per share, with PE ratios of 35, 30, and 27 times [4].

Core Viewpoint - The company is committed to advancing the TC certification process for specific eVTOL models by 2025, aiming to bring products to market quickly [1] Group 1: Product Development - The company has established a multi-scenario product travel matrix that includes "fixed-wing + vertical take-off and landing aircraft + drones" [1] - The company plans to focus on the TC certification process for the DART model, the all-electric general aviation aircraft eDA40, and certain eVTOL models in 2025 [1] Group 2: eVTOL Market Strategy - The urban air mobility solution relies on two piloted two-seat models: Volocopter 2X and VoloCity [1] - The Volocopter 2X is expected to complete TC certification between 2025 and 2026, with efforts to secure commercial orders [1] - The VoloCity model is designed to meet stricter EASA aviation standards and is currently advancing its TC certification process with EASA [1]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 16.26 billion CNY in 2024, with a projected increase to 17 billion CNY in 2025, indicating a growth of approximately 4.5% [30] - The net profit for 2024 is expected to be 653 million CNY, reflecting a year-on-year decline of 10.14% [28] - The gross margin for 2024 is reported at 16.53%, down by 3.80 percentage points compared to the previous year [33] Group 2: Product Development and Market Strategy - The company plans to accelerate the development and certification of eVTOL models, including Volocopter 2X and VoloCity, aiming for market entry by 2025-2026 [20] - In 2024, the company will invest 572 million CNY in R&D, with approximately 188 million CNY allocated to aircraft development, including eVTOL and electric aircraft [10] - The company is focusing on integrating Volocopter's technology with its existing resources to enhance its eVTOL business [24] Group 3: Market Position and Customer Base - The company’s top five customers account for 31.6% of its revenue, indicating a diversified customer base [6] - The revenue from the automotive lightweight components business is projected to be 13.45 billion CNY in 2024, with a significant portion coming from new energy vehicles [25] - The company maintains strong partnerships with major domestic and emerging new energy vehicle manufacturers [12] Group 4: Operational Efficiency and Cost Management - The company reported a decrease in sales and management expenses for 2024, indicating improved operational efficiency [16] - The accounts receivable turnover rate has declined, prompting the company to enhance its collection efforts [34] - The company is actively working on market structure optimization to reduce reliance on major clients like BYD and Volkswagen [23] Group 5: Future Outlook and Investment Plans - The company is committed to expanding its low-altitude economy investments in line with market opportunities [30] - The overseas revenue share is reported at 48.96%, with plans to further increase market penetration [36] - The company aims to enhance its production capacity and efficiency through digital transformation and smart factory initiatives [9]

为提高互动交流的效率，现提前向所有关心公司的投资者公开征集交流问题，广 泛听取投资者的意见和建议。投资者可于2025年5月12日（周一）17:00前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面，提交您所关心的问 题。公司将在活动上对投资者所关心的问题进行回答。 股票代码：002085 股票简称：万丰奥威 公告编号：2025-021 浙江万丰奥威汽轮股份有限公司 关于参加2025年浙江辖区上市公司投资者网上集体接待日 暨2024年度业绩说明会的公告 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，没有虚假记 载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，浙江万丰奥威汽轮股份有限公司（以下简称 "公司"）将参加由浙江证监局、浙江上市公司协会与深圳市全景网络有限公司联合 举办的"2025年浙江辖区上市公司投资者集体接待日暨2024年度业绩说明会"，现将 相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参与本 次互动交流，活 ...

Financial Performance - In 2024, the company achieved a revenue of 162.64 billion CNY, a year-on-year increase of 0.35% [1] - The net profit attributable to shareholders for 2024 was 6.53 billion CNY, a decline of 10.14% compared to the previous year [1] - In Q1 2025, the company reported a revenue of 35.67 billion CNY, reflecting a growth of 0.75% [1] - The net profit for Q1 2025 was 2.75 billion CNY, showing a significant increase of 21.3% year-on-year [2] Business Segments - The automotive metal parts lightweighting segment generated a revenue of 134.50 billion CNY, with a slight increase of 0.09% [2] - The general aviation aircraft manufacturing segment achieved a revenue of 28.14 billion CNY, growing by 1.62% [2] - The sales of aluminum alloy wheels reached 22.34 million sets, marking a year-on-year growth of 17.27% [2] Strategic Initiatives - The company is focusing on optimizing product structure and deepening cooperation in the new energy sector [1] - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance its eVTOL business [3] - The company plans to develop a multi-scenario product travel matrix, including fixed-wing, vertical take-off and landing aircraft, and drones [3] eVTOL Product Development - The company is developing urban air mobility solutions with the Volocopter 2X and VoloCity models, targeting certification by 2025-2026 [5] - The intercity air mobility solutions will utilize VoloRegion and VoloConnect models, designed for high endurance and speed [5] - The drone solutions, based on eVTOL technology, can carry up to 200 kg over a range of 40 km, targeting logistics in hard-to-reach areas [5] Global Market Strategy - The company has established manufacturing bases in Canada, Mexico, and the USA to mitigate tariff impacts, with less than 4% of sales to the US market affected by tariffs [6] - The company is enhancing its market share in the Asia-Pacific region, particularly among mid-to-high-end customers [6] - The strategy includes leveraging opportunities in the new energy vehicle market to integrate into core customer supply chains [6]

Summary of WanFeng AoWei Conference Call Company Overview - **Company**: WanFeng AoWei - **Industry**: Automotive lightweight components and aviation manufacturing Key Financial Performance - **2024 Revenue**: 12.89 billion CNY, a decrease of 6.74% year-on-year; **Net Profit**: 275 million CNY, down 37.7% due to the impact of Wuxi Chongwei's deconsolidation and significant impairment provisions [2][5] - **Q1 2025 Revenue**: 3.6 billion CNY, a growth of 1% year-on-year; **Net Profit**: 275 million CNY, an increase of 21.3%, benefiting from the acquisition of Volocopter [2][5] Automotive Lightweight Business - **2024 Revenue**: 13.45 billion CNY, stable compared to last year; **Aluminum Wheel Sales**: Increased by 17% year-on-year [2][6] - **Gross Margin**: Decreased by 3.5 percentage points to 14.8%, primarily due to the higher proportion of low-margin wheel business [2][6] - **Strategic Partnerships**: Deep collaboration with major clients like Chery and BYD, focusing on new process applications [2][6] Aviation Business - **2024 Revenue**: 2.81 billion CNY, a growth of 1.62% year-on-year; delivery volumes stable but below initial budget due to supply chain issues [2][8] - **Gross Margin**: Decreased by 5 percentage points to 25%, impacted by reduced income from authorized business and provisions for receivables [2][8] Acquisition of Volocopter - **Strategic Importance**: Acquisition of Volocopter enhances WanFeng's position in the low-altitude economy, leveraging Volocopter's strong R&D capabilities [2][10] - **Financial Impact**: The acquisition contributed approximately 70 million CNY to net profit in Q1 2025 [2][11] - **Certification Progress**: Five models are in the certification process, with key models VoloTwoX and VoloCity aiming for certification in 2026 [2][10][15] Future Development Focus - **Key Initiatives**: Accelerate certification for VoloTwoX and VoloCity, enhance development of other models, and establish a transportation service platform (Voloport) [2][13] - **R&D Investment**: R&D expenses in aviation increased from 140 million CNY in 2023 to 190 million CNY in 2024, focusing on new aircraft models and technologies [2][17] Challenges and Strategic Adjustments - **Net Profit Decline**: The decline in net profit is attributed to credit impairment and changes in revenue structure [2][16] - **Future Outlook**: Expected improvements in revenue and profit margins over the next three years through optimization of core components and addressing geopolitical impacts on customer orders [2][16] Non-Core Business - **Daclo Coating Business**: Stable revenue around 320-330 million CNY, but limited growth potential; the company plans to maintain current levels without expansion [2][19][20] Conclusion - **Strategic Focus**: WanFeng AoWei remains committed to its core areas of automotive lightweight components and low-altitude aircraft manufacturing, while optimizing resource allocation to enhance competitiveness [2][20]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 16.264 billion yuan, a year-on-year increase of 0.35%, and a net profit attributable to shareholders of 650 million yuan, slightly down due to asset impairment provisions reducing total consolidated profit by 262 million yuan [1] - In Q1 2025, the company reported a revenue of 3.57 billion yuan, a year-on-year increase of 0.75%, and a net profit attributable to shareholders of 275 million yuan, representing a growth of 21.3% [1] - The automotive lightweight metal parts business generated a revenue of 13.45 billion yuan in 2024, with aluminum alloy wheel sales increasing by 17.27% to 22.34 million units [1] Group 2: Strategic Positioning and Business Segments - The company is positioned in the "big transportation" sector, focusing on becoming a global leader in lightweight automotive metal components and innovative aircraft manufacturing [1] - The general aviation aircraft manufacturing business contributed 2.814 billion yuan in revenue in 2024, reflecting a year-on-year growth of 1.62% [1] - The company has sufficient orders for general aviation aircraft and is optimizing sales operations while improving production processes for high-value models [1] Group 3: eVTOL Development and Market Expansion - The company is seizing opportunities in the eVTOL sector, having completed the acquisition and restructuring of core assets from Volocopter, a pioneer in eVTOL technology [2] - The integration of Volocopter's core industries will enable the company to establish a comprehensive urban air mobility system, combining aircraft manufacturing with smart systems and takeoff/landing facilities [2] - The company has planned multiple eVTOL products and cargo drones, aiming to accelerate the development and certification of electric fixed-wing aircraft and new eVTOL models in 2025 [3]

Core Viewpoint - WanFeng Aowei reported a slight increase in revenue but a decline in net profit for the fiscal year 2024, indicating challenges in profitability despite stable revenue growth [1] Group 1: Financial Performance - For the fiscal year 2024, the company achieved revenue of 16.264 billion yuan, a year-on-year increase of 0.35% [1] - The net profit attributable to shareholders was 653 million yuan, representing a year-on-year decrease of 10.14% [1] - The company proposed a cash dividend of 1 yuan per 10 shares to all shareholders [1] Group 2: Business Segments - The company operates primarily in two segments: lightweight automotive metal parts and general aviation aircraft manufacturing [2] - The lightweight automotive metal parts segment generated revenue of 13.450 billion yuan, focusing on aluminum and magnesium alloy products [2] - The general aviation aircraft manufacturing segment achieved revenue of 2.814 billion yuan, reflecting a year-on-year growth of 1.62% [4] Group 3: Competitive Advantages - The company has a strong competitive edge in lightweight magnesium alloy products with an annual production capacity of over 18 million sets and aluminum alloy products with a capacity of over 42 million sets [3] - It has established strategic partnerships with major new energy vehicle manufacturers, including BYD and Volkswagen, to leverage the transition to electric vehicles [3] - The company possesses advanced technology in aircraft design and manufacturing, with multiple design and manufacturing centers globally [4] Group 4: Future Development - The company aims to become a global leader in lightweight automotive parts and innovative general aviation manufacturing, focusing on digital transformation and high-quality development [6] - It is actively pursuing opportunities in the low-altitude economy, including the development of eVTOL aircraft and other new aviation technologies [5] - The company reported a revenue of 3.567 billion yuan for Q1 2025, a year-on-year increase of 0.75%, with a net profit of 275 million yuan, reflecting a growth of 21.29% [7]