Core Insights - The company, Yingboer (300681.SZ), has officially become a supplier for Germany's VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [1] Group 1: Company Developments - Yingboer will supply development services specifically for the electric propulsion system of the XPro aircraft [1] - VOLOCOPTER focuses on the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, aiming to provide innovative solutions for urban air mobility [1]

Core Viewpoint - The company has successfully completed small batch deliveries of the EH216-S model's motor and electronic speed controller, and the VT35 electric propulsion system has been developed using proprietary technology, indicating a strong focus on innovation in the eVTOL sector [1] Group 1: Product Development - The EH216-S model has completed small batch deliveries of its motor and electronic speed controller [1] - The VT35 electric propulsion system is based on the company's unique "integrated core" technology, which combines multiple advanced technologies for high reliability and all-weather operation [1] - The VT35 prototype has already been delivered, showcasing the company's progress in electric propulsion systems [1] Group 2: Market Strategy - The eVTOL sector is characterized by customized development due to differences in model configurations, performance indicators, and airworthiness standards [1] - The company plans to continue deepening its involvement in the low-altitude economy and actively seeks new customers and collaboration opportunities [1]

专注创造奇迹 执着成就梦想 证券代码：300681 证券简称：英搏尔 公告编号：2025-099 债券代码：123249 债券简称：英搏转债 珠海英搏尔电气股份有限公司 公司于近日收到 VOLOCOPTER 公司官方邮件通告，公司正式成为 VOLOCOPTER 公司供应商，现将相关情况公告如下： 一、成为 VOLOCOPTER 公司供应商的基本情况 公司自 2025 年 7 月以来开始与 VOLOCOPTER 公司接洽联系。经过多轮深入调 研与评估后，VOLOCOPTER 公司认为公司在 eVTOL 电推进系统领域具有突出的技 术优势和强劲的研发能力，公司技术方案的创新性、可靠性与适配性高度契合 XPro 飞机的需求。2025 年 11 月公司正式成为 VOLOCOPTER 公司供应商，为 XPro 飞机电推进系统提供开发服务。 关于成为德国 VOLOCOPTER 公司供应商的公告 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。 特别提示：珠海英搏尔电气股份有限公司（以下简称"公司"）与德国 VOLOCOPTER TECHNOLOGIES GmbH（以下简称" ...

格隆汇11月20日丨英搏尔(300681.SZ)在投资者互动平台表示，VT35电推进系统技术基础延续了公司乘 用车独有的"集成芯"技术，团队结合飞行器实际工况需求，对其电磁、结构、流体、热、工艺等多重技 术进行攻关和打磨，将双绕组+双电控+油冷+扁线+外转子等多重、高难度技术相融合，集多冗余、高 可靠性、IP67防水全天候运行于一体，目前VT35电推进系统样机已经交付。 ...

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 69% year-on-year, with a sequential increase in gross margin [4][8][11]. Financial Performance - In Q3 2025, the company reported revenue of 990 million yuan, a year-on-year increase of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders was 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [4][8]. - For the first three quarters of 2025, the company achieved a total revenue of 2.36 billion yuan, representing a year-on-year growth of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [8][11]. Business Development - The company has established long-term partnerships in the new energy passenger vehicle sector with major automakers such as GAC Honda, Dongfeng Nissan, and Geely [4][24]. - In the new energy commercial vehicle sector, collaborations include companies like Geely Remote, Beiqi Foton, and SAIC Maxus [4][24]. - The company has also formed partnerships in the non-road vehicle sector with clients such as XCMG, SANY, and Doosan [4][24]. Market Expansion - The company has made significant progress in the low-altitude economy sector, collaborating with leading firms like EHang and Eviation [5][25]. - A joint venture with EHang has been established, with the construction of a factory nearing completion and entering trial production [6][25]. Product Innovation - The company focuses on advanced transmission modules and eVTOL systems, leveraging its "integrated chip" technology for high efficiency and lightweight designs [7][28]. - The company has developed a sixth-in-one power system that integrates multiple components, enhancing performance and reducing space requirements in vehicles [32][33]. Strategic Collaborations - The company has engaged in deep collaborations with Fengli Intelligent Technology and other firms to enhance product offerings in various sectors, including new energy vehicles and eVTOL [41][43]. - A strategic partnership with Guangdong Gaoyu Technology aims to innovate in the flying car sector, focusing on key components like motors and controllers [40][41].

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The vehicle power supply market is expected to grow significantly, with a projected global market size of 64.8 billion yuan by 2027, reflecting a CAGR of 19% from 2024 to 2027. The demand is driven by the increasing penetration of new energy vehicles and the adoption of 800V platforms [6][58] - Leading manufacturers are expected to expand into the AIDC server power supply market, leveraging their existing technologies and capabilities [7][62] - The competitive landscape is characterized by a high concentration of market share among top players, with the top 10 manufacturers holding over 90% of the market [6][71] Summary by Sections 1. Market Growth Drivers - The growth of the new energy vehicle market is a key driver, with domestic sales expected to reach 1.63 million units by 2025, contributing to the vehicle power supply market's expansion [11][58] - The introduction of 800V models is anticipated to enhance market dynamics, with a projected penetration rate of 15% by 2025 [51][58] 2. Competitive Landscape - The market is dominated by third-party suppliers, with a stable competitive structure where the top 10 manufacturers maintain a market share exceeding 90% [6][71] - Major manufacturers are focusing on automation and supply chain advantages to strengthen their market positions [6][11] 3. Technological Trends - Vehicle power supplies are evolving towards higher power density, efficiency, and integration, with a shift towards using GaN and SiC materials for improved performance [19][34][41] - The architecture and technology paths of vehicle power supplies and AIDC server power supplies are similar, allowing vehicle power supply manufacturers to potentially enter the AIDC market [62][65] 4. Key Players - Recommended companies for investment include Weimais and Fute Technology, with additional attention on Xinyi Technology, United Power, and Yingboer [7][11]

Core Points - The Shanghai Composite Index is at 3937.29 points with a decline of 0.87% and total A-share trading volume of 15940.36 billion yuan [1] - A total of 117 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stocks with Significant Moving Average Crosses - Stock 300844 (Shanshui) has a 5-day moving average of 48.66 yuan, down 10.81% today, with a distance of -1.77% from the 10-day moving average [1] - Stock 300681 (Yingbo) has a 5-day moving average of 29.45 yuan, down 2.30% today, with a distance of -1.28% from the 10-day moving average [1] - Stock 002409 (Yake Technology) has a 5-day moving average of 75.78 yuan, down 1.55% today, with a distance of -1.19% from the 10-day moving average [1] Group 2: Additional Stocks with Moving Average Crosses - Stock 688301 (Yirui Technology) has a 5-day moving average of 105.05 yuan, down 1.58% today, with a distance of -1.03% from the 10-day moving average [1] - Stock 300100 (Shuanglin) has a 5-day moving average of 39.16 yuan, up 0.23% today, with a distance of -1.01% from the 10-day moving average [1] - Stock 600960 (Bohai Automobile) has a 5-day moving average of 5.39 yuan, down 3.53% today, with a distance of -0.90% from the 10-day moving average [1]

Market Overview - The Shanghai Composite Index closed at 3949.83 points, with a decline of 0.56% [1] - The total trading volume of A-shares reached 1,296.161 billion yuan [1] Technical Analysis - A total of 112 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Shanshui Bide (300844) with a distance of -1.40% - Yingboer (300681) with a distance of -1.28% - Yake Technology (002409) with a distance of -1.06% [1] Individual Stock Performance - Shanshui Bide (300844) saw a decline of 6.62% with a trading turnover rate of 3.31% [1] - Yingboer (300681) decreased by 2.30% with a turnover rate of 2.45% [1] - Yake Technology (002409) fell by 0.20% with a turnover rate of 2.33% [1] - Other notable declines include: - Bohai Automobile (600960) down by 3.53% - Western Gold (601069) down by 2.80% [1] Additional Stock Movements - Stocks such as Muyu (002714) and Qinglong (002457) showed slight increases of 0.80% and -3.28% respectively [2] - The stock performance of various companies indicates a mixed sentiment in the market, with several stocks experiencing declines while a few managed to gain [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Insights - The company achieved a revenue of 990 million yuan in Q3 2025, representing a year-on-year growth of 69.4% and a quarter-on-quarter increase of 20.2%. The net profit attributable to shareholders reached 110 million yuan, up 580.6% year-on-year and 322.7% quarter-on-quarter [1][9]. - The company has established long-term partnerships with major automotive manufacturers in the new energy vehicle sector, including GAC Honda, Dongfeng Nissan, and Geely, among others [29]. - The company is actively expanding its presence in the low-altitude economy, collaborating with EHang and other firms to develop eVTOL aircraft and related technologies [2][44]. Summary by Sections Financial Performance - In Q3 2025, the company's gross margin was 16.5%, showing a year-on-year decrease of 0.9 percentage points but a quarter-on-quarter increase of 1.5 percentage points. The net profit margin for the same quarter was 11.3%, up 8.5 percentage points year-on-year and 8.1 percentage points quarter-on-quarter [13]. - For the first three quarters of 2025, the company reported a total revenue of 2.36 billion yuan, a year-on-year increase of 46.7%, and a net profit of 150 million yuan, up 191.2% year-on-year [9]. Market Position and Strategy - The company is one of the few domestic leaders with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector [1][24]. - The company has successfully penetrated various segments, including passenger vehicles, commercial vehicles, and non-road vehicles, with significant partnerships established across these sectors [29][42]. Product Development and Innovation - The company has developed a comprehensive product matrix for new energy vehicles, including powertrains and electric drive systems, with a focus on high efficiency and lightweight designs [33][39]. - The "integrated chip" technology has been highlighted as a key innovation, enhancing the performance and competitiveness of the company's products in the market [38][44]. Future Outlook - The revenue forecast for 2025-2027 has been revised upwards to 3.21 billion, 4.03 billion, and 4.89 billion yuan, respectively, reflecting the expected increase in sales from key automotive clients and expansion into overseas markets [3][53]. - The company aims to become a leading provider of integrated solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and strong R&D team [30][53].

Core Viewpoint - The company, Yingboer, announced a board meeting to discuss the establishment of a temporary special account for the issuance of convertible bonds to raise funds, indicating a strategic move to enhance liquidity and financial flexibility [1] Group 1: Company Financials - For the year 2024, Yingboer's revenue composition is as follows: New Energy accounts for 85.11%, Site Vehicles for 7.67%, Mid-Low Speed for 4.84%, and Other Businesses for 2.38% [1] - As of the report, Yingboer's market capitalization stands at 7.8 billion yuan [1] Group 2: Corporate Governance - The fourth session of the twelfth board meeting was held on November 17, 2025, in Zhuhai, where key financial proposals were reviewed [1]