证券日报网讯 英搏尔9月9日在互动平台回答投资者提问时表示，公司与亿航智能的合作进展情况如 下：一是共同成立合资公司云浮英航的新厂房基建已完工、正在做系统和设备的联调联试；二是 EH216-S机型的电机和电调已实现了样机和小批量的交付，预计今年会有一定的批量订单。 （编辑 王雪儿） ...

Core Viewpoint - The company reported a significant increase in inventory, reaching nearly 1.2 billion, primarily due to proactive raw material stocking in anticipation of a peak season in the second half of the year, aligning with historical trends in the electric vehicle industry [2]. Group 1: Inventory Management - The company's inventory consists of raw materials, goods in transit, finished goods, and semi-finished products [2]. - The inventory balance is growing rapidly, which is consistent with the company's expanding operational scale [2]. - The company is continuously optimizing internal management and operational efficiency, adjusting stocking strategies dynamically based on industry demand and order situations [2]. Group 2: Revenue Growth - The company achieved a rapid revenue growth of 33.75% year-on-year in the first half of the year [2]. - To mitigate supply chain fluctuations during peak seasons, the company has preemptively arranged for raw material inventory [2].

Core Viewpoint - The company is focusing on developing its flying car business as a second growth curve, leveraging its expertise in the electric vehicle sector to explore opportunities in the low-altitude economy [1] Group 1: Business Development - The company aims to establish a presence in the low-altitude sector, utilizing its integrated product capabilities and technological advantages from the electric vehicle industry [1] - The company's "integrated chip" technology allows for a compact, lightweight, and high-power-density electric propulsion system, which aligns well with the requirements of eVTOL aircraft [1] Group 2: Strategic Partnerships - The company has signed strategic cooperation agreements with leading eVTOL companies such as EHang, Eviation, and Gauss, indicating a strong position in the low-altitude economy [1] - The strategic cooperation with Gauss specifically involves the development of electric motors and controllers for flying cars [1]

证券日报网讯英搏尔（300681）9月1日发布公告，在公司回答调研者提问时表示，为满足大客户战略产 能储备要求，公司于2024年度发行可转债融资成功，进一步建设优质产能。2025年有两大产能变化，一 是启动第三期产能，满足未来两到三年产能规模的基础设施建设；二是产线建设采用滚动投入方式，根 据市场订单情况投入，自动化产线建设完成后，预期4-6个月可复制产能，满足客户需求。 ...

Core Viewpoint - The company announced progress in its collaboration with EHang Intelligent, highlighting advancements in joint projects and product development [1] Group 1: Joint Ventures and Collaborations - A joint venture company, Yunfu Yinghang, has completed the construction of its new factory, and system and equipment integration testing is currently underway [1] - The EH216-S model has achieved prototype and small batch deliveries, with expectations for certain bulk orders this year [1] Group 2: Product Development - Development of the VT35 new model's electric propulsion system is progressing smoothly, with prototype delivery already achieved [1] - The company is advancing the development of the ET9 model in collaboration with Yiwit, with progress reported as satisfactory [1] - Prototype development with Gaoyu is also reported to be progressing well [1]

Core Viewpoint - The company, Yingboer (300681), is at the forefront of deep integration in power electronics for joint modules, with ongoing product development [1] Group 1: Company Collaboration - The company is collaborating with Fengli Intelligent (301368) to leverage each other's resources, technical expertise, and experience [1] - Fengli Intelligent contributes advantages in harmonic reducers, planetary reducers, and gears, while the company provides strengths in drive systems and motors [1] Group 2: Target Industries - The collaboration aims to empower each other in various fields, including new energy vehicles, joint modules, engineering machinery, eVTOL, and intelligent manufacturing [1]

Core Viewpoint - The company, Yingboer, announced on September 1 that its performance growth in the first half of 2025 will be primarily driven by its top five clients, including major automotive groups such as SAIC, Geely, and Dongfeng [2] Group 1 - The core clients, including SAIC, Geely, and Dongfeng, are expected to significantly contribute to the company's revenue growth [2] - The company has achieved breakthrough growth in its export business, particularly with Southeast Asian electric vehicle clients, indicating a substantial increase in delivery scale [2] - The company is accelerating its penetration into diverse scenarios such as eVTOL and joint modules, which solidifies its multi-dimensional growth foundation [2]

Core Viewpoint - The announcement from Yingboer (300681) highlights the reasons behind the increase in gross margin, emphasizing the importance of customer revenue structure and operational efficiency [1] Group 1: Customer Revenue Structure - The revenue share from the top five customers is gradually increasing, indicating deeper collaboration with key clients, which supports performance stability [1] - The expansion of business scale has led to the emergence of economies of scale in production, effectively diluting unit production costs [1] Group 2: Export Business Growth - There has been significant growth in export business during the first half of the year, with the overall gross margin of export business being higher than that of domestic clients, further boosting the overall gross margin level [1] Group 3: Internal Management and Operational Efficiency - The company is continuously enhancing its internal management system by optimizing business processes, improving resource allocation efficiency, and strengthening supply chain collaboration, which effectively increases overall operational efficiency [1] - Reasonable control of operating costs and improved turnover efficiency have further reduced operational losses, contributing to the growth in gross margin [1] Group 4: Future Outlook - Looking ahead to the second half of the year, the gradual implementation of key annual projects, along with the release of project capacity and improvement in technology conversion efficiency, will continue to enhance product market competitiveness and provide strong support for gross margin improvement, driving overall profitability enhancement [1]

Core Viewpoint - The collaboration between Yingboer and EHang Intelligent is progressing well, with significant developments in joint ventures and product deliveries [1] Group 1: Joint Venture Developments - A joint venture company, Yunfu Yinghang, has completed the construction of its new factory, and system and equipment debugging is currently underway [1] - The EH216-S model has achieved prototype and small batch deliveries, with expectations for certain bulk orders this year [1] Group 2: Product Development Progress - The development of the VT35 new model's electric propulsion system is progressing smoothly, with prototype delivery already achieved [1] - The company is advancing the development of the ET9 model in collaboration with Yiwit, with progress reported as smooth [1] - The prototype development with Gaoyu is also progressing well [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.37 billion CNY, representing a year-on-year growth of 33.75% [2][3] - The growth was primarily driven by the top five customers, including major automotive clients such as SAIC, Geely, and Dongfeng [3][4] - The gross profit margin increased due to a higher revenue share from top clients and significant growth in export business, which has a higher margin than domestic sales [4] Group 2: Operational Efficiency - The improvement in gross margin is attributed to economies of scale and effective cost control measures, enhancing overall operational efficiency [4] - The company is focused on optimizing business processes and resource allocation to further reduce operational costs [4] Group 3: Strategic Partnerships and Product Development - The company has made progress in its collaboration with EHang, including the completion of a new factory and successful delivery of prototype models [5] - Development of the VT35 electric propulsion system is on track, with prototype delivery already achieved [5] - In the joint module sector, the company is advancing in power electronics integration and is collaborating with Fengli Intelligent to leverage each other's strengths [6][7] Group 4: Capacity Expansion - To meet strategic capacity requirements for major clients, the company successfully issued convertible bonds in 2024 for capacity expansion [7] - In 2025, the company plans to initiate the third phase of capacity expansion and implement a rolling investment approach for production lines based on market demand [7]