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]

Core Insights - In 2024, the company reported total revenue of 16.264 billion yuan, a year-on-year increase of 0.35%, while net profit attributable to shareholders was 653 million yuan, down 10.14% [1] - The company demonstrated strong resilience and long-term growth potential through strategic initiatives such as optimizing product structure and deepening cooperation in the new energy sector [1] - In Q1 2025, the company showed signs of recovery with revenue increasing by 0.75% to 3.567 billion yuan and net profit rising significantly by 21.29% to 275 million yuan [1] Aviation Business Growth - The company's general aviation aircraft manufacturing business achieved revenue of 2.814 billion yuan in 2024, a year-on-year increase of 1.62%, becoming the second-largest growth driver [2] - The company’s subsidiary, Diamond Aircraft, reported strong order fulfillment and breakthroughs in sales of special-purpose aircraft models [2] - The company is focusing on electric aircraft, eVTOL, and drones, aiming to reshape the low-altitude economy with innovative manufacturing and business models [2][3] eVTOL Development - eVTOL has become a key focus for manufacturers globally, providing new opportunities for the low-altitude industry [3] - The company is advancing the industrialization of fixed-wing aircraft and has acquired core assets from Volocopter to enhance its eVTOL capabilities [3] - The company aims to meet stringent aviation safety standards and is developing a comprehensive urban air mobility system [3] Lightweight Business Performance - The automotive metal parts lightweight industry generated revenue of 13.450 billion yuan in 2024, a year-on-year increase of 0.09%, accounting for 82.7% of total revenue [4] - The company maintains a leading position in the magnesium alloy deep processing sector with an annual production capacity of 18 million sets [4] - The company is promoting the use of magnesium alloy components in domestic mid-to-high-end new energy vehicles [4][5] Customer Expansion and New Growth Areas - The company is expanding its customer base among international automotive manufacturers while increasing penetration in domestic new energy clients such as BYD and Chery [5] - The company’s aluminum alloy wheel production capacity reached 42 million sets, with ongoing upgrades to enhance market share in the new energy sector [5] - The company is also extending its chromium-free coating business into emerging industries such as rail transit and wind power, creating new growth points [5]

浙江万丰奥威汽轮股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 2024年度 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2025）专字第70001465_B02号 浙江万丰奥威汽轮股份有限公司 浙江万丰奥威汽轮股份有限公司全体股东： 我们审计了浙江万丰奥威汽轮股份有限公司的2024年度财务报表，包括2024年12 月31日的合并及公司资产负债表，2024年度的合并及公司利润表、股东权益变动表和 现金流量表以及相关财务报表附注，并于2025年4月28日出具了编号为安永华明 （2025）审字第70001465_B01号的标准无保留意见审计报告。 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，浙江万丰奥威汽轮股份有限公司编制了后附的2024年度非经营性资金占用及其 他关联资金往来情况汇总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是浙江万丰奥威 汽轮股份有限公司的责任。我们对汇总表所载资料与我们审计浙江万丰奥威汽轮股份 有限公司2024年度财务报表时所复核的会计资料和经审计的财务报表的相关内容进行 了核对，在 ...

浙江万丰奥威汽轮股份有限公司 已审财务报表 2024年度 浙江万丰奥威汽轮股份有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 6 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 7 | - | 9 | | | 合并利润表 | 10 | - | 11 | | | 合并股东权益变动表 | 12 | - | 13 | | | 合并现金流量表 | 14 | - | 15 | | | 公司资产负债表 | 16 | - | 17 | | | 公司利润表 | | 18 | | | | 公司股东权益变动表 | 19 | - | 20 | | | 公司现金流量表 | 21 | - | 22 | | | 财务报表附注 | 23 | - | 131 | | | 补充资料 | | | | | | 1.非经常性损益明细表 | | 1 | | | | 2.净资产收益率和每股收益 | | 2 | | 审计报告 安永华明（2025）审字第70001465_B01号 浙江万丰奥威汽轮股份有限公司 浙江万丰奥 ...

内部控制审计报告 2024年12月31日 浙江万丰奥威汽轮股份有限公司 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙江万丰奥威 汽轮股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 内部控制审计报告 安永华明（2025）专字第70001465_B01号 浙江万丰奥威汽轮股份有限公司 浙江万丰奥威汽轮股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了浙江万丰奥威汽轮股份有限公司2024年12月31日的财务报告内部控制的有效性。 内部控制审计报告（续） 安永华明（2025）专字第70001465_ ...

浙江万丰奥威汽轮股份有限公司 （一）2024 年出席董事会及股东大会情况 | 姓名 | 应参加董事 参加董事会 | 委托出席董事 | 缺席董事会 | 是否连续两次未亲自 | 出席股东大 | | --- | --- | --- | --- | --- | --- | | | 会次数 次数 | 会次数 | 次数 | 参加董事会会议 | 会次数 | | 邢小玲 | 7 7 | 0 | 0 | 否 | 4 | 独立董事 2024 年度述职报告 本人作为浙江万丰奥威汽轮股份有限公司的独立董事，按照《公司法》、《上市公 司独立董事管理办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》、《公司章程》等法律法规、部门规 章、规范性文件等相关规定，在 2024 年工作中认真履行职责，积极参加公司组织的 相关会议，认真审议董事会、专门委员会及独立董事专门会议各项议案，并提出合理 的意见建议，充分发挥独立董事的独立作用，维护公司、全体股东尤其是中小股东的 合法权益。现本人将 2024 年度任职期间履行独立董事职责情况汇报如下： 一、独立董事的基本情况 邢小玲，女，19 ...

浙江万丰奥威汽轮股份有限公司 1、未对 2024 年任职期间董事会审议的相关议案及公司其他事项提出异议。 2、无缺席和委托其他董事出席董事会的情况。 （二）专门委员会履职情况 独立董事 2024 年度述职报告 本人作为浙江万丰奥威汽轮股份有限公司的独立董事，按照《公司法》、《上市公 司独立董事管理办法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》、《公司章程》等法律法规、部门规 章、规范性文件等相关规定，在 2024 年工作中认真履行职责，积极参加公司组织的 相关会议，认真审议董事会、专门委员会及独立董事专门会议各项议案，并提出合理 的意见建议，充分发挥独立董事的独立作用，维护公司、全体股东尤其是中小股东的 合法权益。现本人将 2024 年度任职期间履行独立董事职责情况汇报如下： 一、独立董事的基本情况 谢韬，男，1963 年 8 月出生，本科学历，英国注册会计师协会会员，新加坡国 籍。现任浙江万丰奥威汽轮股份有限公司独立董事，China Yuchai International Limited 独立董事，上海维科精密模塑股份有限公司董事；曾任普 ...

浙江万丰奥威汽轮股份有限公司 经核查独立董事谢韬先生、管征先生、邢小玲女士的任职经历以及签署的相关自 查文件，上述人员除在公司担任独立董事外，未在公司或者附属企业担任其他任何职 务，其配偶、父母、子女、主要社会关系成员也未在公司或者附属企业任职；其本人 及其配偶、父母、子女未持有公司股份，也未在公司主要股东单位担任任何职务；与 公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系， 不存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》、《深圳证券 交易所上市公司自律监管指引第1号——主板上市公司规范运作》和公司《独立董事 工作制度》中对独立董事独立性的相关要求。 浙江万丰奥威汽轮股份有限公司 董事会关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管指引 第1号——主板上市公司规范运作》和公司《独立董事工作制度》等相关规定，浙江 万丰奥威汽轮股份有限公司（以下简称"公司"）董事会就公司在任独立董事谢韬先 生、管征先生、邢小玲女士的独立性情况进行评估并出具如下专项意见： 董 事 会 二〇二五年四月二十九日 ...