Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].

Core Viewpoint - The company is committed to transforming public transportation through innovative technologies, focusing on automotive lightweighting and general aviation manufacturing as dual engines for growth [2][3]. Group 1: Automotive Lightweighting Business - Founded in 2001, the company has developed a dual-engine growth model centered on automotive lightweighting and general aviation manufacturing [3]. - In 2024, the company achieved a revenue of 16.264 billion yuan, with over 80% of this revenue coming from the automotive lightweighting sector [3]. - The company is a leading player in the aluminum alloy wheel hub market and has successfully transitioned to support new energy vehicles, establishing long-term partnerships with major manufacturers [3]. - The magnesium alloy die-casting segment is facing a sales decline due to product lifecycle issues, but the aluminum alloy business is experiencing growth [4]. Group 2: General Aviation Manufacturing - The general aviation manufacturing business saw a revenue increase of 1.62% year-on-year in 2024, becoming the company's second-largest growth driver [5]. - The company has established a comprehensive sales network with 192 service agents globally, and its production bases are located in various countries including Canada, Austria, and Germany [6]. - The company has restructured the core assets of Volocopter GmbH to enhance its eVTOL product development capabilities, integrating advanced technologies for urban air mobility [6][7]. Group 3: Future Development and Strategy - The company plans to continue its dual-engine strategy, focusing on automotive lightweighting and general aviation manufacturing while expanding its global footprint and technological innovation [8]. - Future plans in the eVTOL sector include launching various models for urban and intercity transportation, as well as developing customized aircraft based on client requirements [8]. - The company aims to create a commercial ecosystem around urban air transportation solutions, including an air taxi booking platform and takeoff/landing facilities [8][9].

Core Viewpoint - WanFeng Aviation aims to become a global leader in automotive metal parts lightweighting and general aviation innovation, focusing on the "big transportation" sector and adhering to a "dual-engine" development strategy [2] Group 1: Company Strategy and Developments - The company entered the general aviation sector by acquiring Diamond Aircraft in 2016-2017 and plans to enhance its eVTOL and drone capabilities by acquiring Volocopter's core assets by 2025 [2][3] - WanFeng Aviation has developed Diamond Aircraft into one of the top three manufacturers of piston fixed-wing general aviation aircraft, with 18 models and a global customer base [2] Group 2: eVTOL and Drone Solutions - The integration of Volocopter's assets will create a comprehensive travel matrix that includes fixed-wing aircraft, drones, and eVTOL solutions, capable of providing full-scenario solutions for manned and cargo transport within 1500 kilometers [3] - The eVTOL and drone product matrix will specifically address urban air mobility, intercity air transport, and other specialized applications, with models like Volocopter 2X and VoloCity targeting urban air travel [3] Group 3: Low-altitude Economy and Supply Chain - The low-altitude economy encompasses various dimensions, including infrastructure, manufacturing, and operational support, with the Yangtze River Delta region being a key area for technological innovation and manufacturing [4] - The company recognizes the current domestic low-altitude economy is in its early stages, with a reliance on foreign suppliers for core components, presenting an opportunity for domestic supply chain development [5]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - Chinese enterprises and Central and Eastern European companies have actively explored multi-level and multi-field cooperation around "hard technology" and "good products," achieving complementary advantages and creating a model of mutually beneficial cross-regional cooperation [2] - The expo featured a large VR amusement park from Hungary's VR PARK, which aims to attract the younger generation, particularly Generation Z, to offline experiences and social interactions [2] Group 2 - The highlight of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's WanFeng Group [3] - WanFeng Group has established a global layout with four aircraft manufacturing bases and three design and R&D centers, aiming to become a global leader in general aviation innovation manufacturing [3] - During the expo, a total of 24.9 billion yuan in procurement contracts were signed, covering various categories including minerals, pet health products, skiing equipment, and wine [3][4] Group 3 - The cooperation between Ningbo Baoshui District 82 International Trade Co., Ltd. and Serbia's Viteplanet LLC involves a significant contract for pet health products, with an annual procurement scale of 80 million yuan over three years, totaling 240 million yuan [4] - The pet health product market in China demands strict safety and efficacy standards, making imported products with mature formulas and compliance qualifications a solid foundation for cooperation [4] - The Deputy Director of the European Department of the Ministry of Foreign Affairs emphasized the need for China and Central and Eastern European countries to deepen technological innovation cooperation with an open and inclusive attitude [4]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - The expo has become an "accelerator" for pragmatic cooperation, focusing on "hard technology" and "good products," with Chinese and Central and Eastern European enterprises exploring multi-layered and multi-field collaborations [1] - A notable exhibit was the large-space VR amusement park from Hungary's VR PARK, which aims to attract Chinese consumers by offering a unique VR experience distinct from common VR setups found in malls [1][2] Group 2 - The large-space VR project is successfully promoted in cities like Ningbo and Yangzhou, with plans to expand to 10 cities this year, targeting the younger generation, particularly Gen Z [2] - The centerpiece of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's Wan Feng Group [2] - Wan Feng Group aims to become a global leader in general aviation manufacturing, having established four aircraft manufacturing bases and three design and R&D centers worldwide, with services in 90 countries [2] Group 3 - During the expo, a procurement signing event resulted in contracts totaling 2.49 billion yuan, covering various products including minerals, pet health products, and ski equipment [3] - A significant partnership was formed between Ningbo Free Trade Zone and Serbia's Vetplanet, agreeing to import pet health products worth 80 million yuan annually over three years, totaling 240 million yuan [3] - The collaboration is seen as a bright spot in the domestic pet health market, emphasizing the importance of product safety and efficacy, supported by compliance and testing from authoritative institutions [3]

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]