万丰奥威未来关注点：eVTOL认证、政策落地与机型研发

Company Developments - The company is actively advancing the certification process for its electric vertical takeoff and landing aircraft (eVTOL), aiming for a type certificate (TC) within 12-18 months after obtaining a special flight permit from the East China Bureau in November 2025, with potential mass production approval by the end of 2026 [2] - The company continues to develop new models such as the eDA40 pure electric fixed-wing aircraft and the DART series, emphasizing a strong order backlog for general aviation aircraft, with key developments in test flights and global market deliveries expected in 2026 [4] - As of September 30, 2025, the number of shareholders has decreased, indicating a concentration of shares, but future management strategies may be influenced by potential capital increases from the controlling shareholder and the introduction of a new actual controller [5] Industry Policy Environment - The company has established a multi-scenario product matrix of "general aviation fixed-wing-eVTOL-drone" through the acquisition of Volocopter GmbH assets, in line with the implementation of policies such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)," necessitating attention to the refinement of related industrial policies and the landing of commercial demonstration projects [3]