Core Viewpoint - The company expects a net profit attributable to shareholders of 850 million to 1.05 billion yuan for 2025, representing a year-on-year growth of 30.11% to 60.72% [1] Group 1: Business Performance - The overall business of the company is expected to develop steadily in 2025 [1] - The automotive metal parts lightweight business is continuously optimizing product and customer structure, quickly responding to and meeting downstream customer needs, and enhancing customer matching volume [1] - Through process improvements and technological innovations, the company has significantly enhanced operational efficiency and reduced costs [1] Group 2: Aviation Manufacturing - The general aviation aircraft manufacturing business has a good order book and stable operations, with continuous improvements in the production processes of high value-added models [1] - Sales operations are continuously optimized, and the acquisition of core assets from Volocopter GmbH has completed a multi-scenario product matrix for "general aviation fixed-wing eVTOL unmanned aerial vehicles" [1] - The company is actively promoting the research and development of new models such as eVTOL, eDA40, and DART series, enhancing the sustainability of overall business operations [1]

浙江万丰奥威汽轮股份有限公司 2025年度业绩预告 股票代码：002085 股票简称：万丰奥威 公告编号：2026-003 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。 | 项 | 目 | | 本报告期 | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 盈利：85,000 万元 | 万元~105,000 | 盈利：65,331.35 | 万元 | | | | 比上年同期增长：30.11%~60.72% | | | | | 扣除非经常性损 益后的净利润 | | 万元 盈利：69,000 | 万元~89,000 | 盈利：55,714.09 | 万元 | | | | 比上年同期增长：23.85%~59.74% | | | | | 基本每股收益 | | 盈利：0.40 | 元/股~0.49 元/股 | 盈利：0.32 元/股 | | 二、与会计师事务所沟通情况 本次业绩预告相关的财务数据未经过会计师事务所审计。 三、业绩变动原因说明 1、2025 年度公司整体业务稳健发展。公 ...

Core Insights - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, becoming a core track for cultivating new productive forces and emerging industries [4][26] - The year 2026 is seen as a pivotal year for the low-altitude economy, marking the transition from concept validation to scenario application [2][24] - The Chinese government has elevated the low-altitude economy to a strategic emerging industry, with multiple policies and frameworks established to support its development [6][28] Market Potential - The low-altitude economy market in China surpassed 500 billion yuan in 2023, reaching 505.95 billion yuan, with a projected growth of 32.5% to 670.25 billion yuan in 2024 [4][26] - The number of registered low-altitude economy-related enterprises increased significantly, with a forecast of 49,000 registrations by 2025, marking a year-on-year growth of 142.26% [2][24] Policy Support - The low-altitude economy was included in national planning for the first time in February 2021, and it has been recognized as a strategic emerging industry in subsequent government reports [6][28] - The establishment of the Low Altitude Economy Development Department by the National Development and Reform Commission aims to coordinate the advancement of the low-altitude economy [6][28] Industry Structure - The low-altitude economy industry is concentrated in three major economic zones: the Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, which together form the leading tier of development [7][29] - As of January 2023, there were approximately 163,000 active low-altitude economy-related enterprises in China, with significant concentrations in East and South China [7][29] Technological Advancements - The low-altitude economy has developed a complete industrial chain encompassing low-altitude manufacturing, operation, infrastructure, and information services [10][32] - China leads globally in drone research and design, with over 77,000 drone R&D companies, including major players like DJI [10][32] Investment Trends - Investment in the low-altitude economy is on the rise, with 143 financing events recorded in the first half of 2025, a 120% increase year-on-year [15][37] - The stock market has seen significant interest, with 17 concept stocks doubling in price since 2024, indicating strong investor confidence [15][37] Application Scenarios - The low-altitude logistics market is expected to grow rapidly, with projections of reaching 120 to 150 billion yuan by 2025 and 450 to 605 billion yuan by 2035 [11][33] - Companies like WanFeng Aviation are developing comprehensive applications for fixed-wing aircraft, eVTOL, and drones, covering various transportation scenarios [12][34] Challenges Ahead - The low-altitude economy faces challenges in infrastructure development, regulatory frameworks, and technological breakthroughs, which are essential for scaling operations [40][41] - Key issues include the reliance on imported components, high operational costs, and the need for a stable business model to ensure sustainable growth [40][41]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The low-altitude economy is experiencing steady development, with significant policy advancements in vertical industries and tourism, particularly in agricultural applications of drones [3]. - The engineering machinery sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises in both supply and demand [4]. - The overall performance of the machinery equipment sector has outperformed the broader market indices, with a weekly increase of 2.57% compared to the Shanghai Composite Index [12]. Weekly Market Review - From January 18 to January 23, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The machinery equipment sector outperformed, with a 2.57% increase, ranking 13th among 31 sectors [12][20]. - Sub-sectors such as general equipment, specialized equipment, and engineering machinery saw increases of 3.33%, 2.55%, and 1.33% respectively [12][15]. Key Sector Tracking - The low-altitude economy is projected to promote agricultural productivity, with specific targets set for the deployment of agricultural drones and the training of drone operators by 2030 in Fujian Province [3]. - The engineering machinery sector's tower crane rental industry reported a utilization rate of 55.1% in December 2025, indicating a slight decrease but still reflecting a robust market [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Shen Cheng Jiao, Su Jiao Ke, and Hua She Group. In the complete machine segment, focus on Wan Feng Ao Wei and Yi Hang Intelligent [5]. - In the machinery equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Huazhong CNC and Kede CNC for industrial mother machines [5].

研究报告 Research Report 28 Jan 2026 西锐 Cirrus Aircraft (2507 HK) 调研反馈：产品叠加服务铸就的护城河 US site tour feedback: great product paired with excellent service build a durable moat 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$61.00 目标价 HK$70.20 HTI ESG 2.6-3.3-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$22.33bn / US$2.86bn 日交易额 (3 个月均值) US$4.35mn 发行股票数目 365.99mn 自由流通股 (%) 20% 1 年股价最高最低值 HK$73.40-HK$20.55 注：现价 HK$61.00 为 2026 年 01 月 28 日收盘价 资料来源： Factset ...

关于最受关注的商业化前景，万丰奥威的现有业务提供了一个清晰的观察窗口。李亚透露，公司通航飞 机制造业务业绩主要来源于全球通用航空市场的发展。其中，航校培训市场主力机型DA40、DA42等在 全球飞行员培训领域拥有显著影响力。与此同时，高附加值的私人飞机市场与特种用途市场正成为增长 亮点。私人飞机在北美、欧洲市场需求量大，在亚太地区呈现不断增长态势；特种飞机则在航拍、测 绘、森林防火、巡检等领域提供定制化解决方案，发展空间可观。 置身于万丰航空特色小镇，高端制造的宏大场景令人印象深刻，总规划面积5.5平方公里，核心围绕高 端飞机制造，构建了集机场管理，通航运营、观光旅游、航空运动、飞行体验、驾照培训等于一体的完 整产业链。 这一布局不仅是万丰在通航领域深耕的实体体现，也为国内低空经济的发展提供了重要的基础设施与产 业运营样本。永盈基金通用航空ETF基金经理刘廷宇在实地探访后表示，亲见飞机总装工厂的规模与飞 机的量产状态，极大地增强了对产业落地的信心，这种"看得见、摸得着"的实体进展，是化解投资者对 新兴科技行业"应用虚无"焦虑的关键。 在低空经济的核心——飞行器制造环节，技术自主可控是竞争力的根本。李亚指出，万 ...

证券日报网讯 1月26日，万丰奥威发布公告称，公司控股股东万丰集团将其所持的公司4500万股无限售 流通股股票办理了质押式回购交易业务，占其持股6.17%，占公司总股本2.12%。 （文章来源：证券日报） ...

Core Insights - The report emphasizes that China's asset value has significant room for revaluation, with the stock market expected to experience a slow bull market in 2025, driven by the transition from old to new economic drivers and the increasing share of the tertiary industry [6] - The report highlights that the liquidity environment is expected to remain supportive for the stock market in 2026, with potential interest rate cuts in China and a narrowing of interest rate differentials between China and the US [7] - The report anticipates a turning point in corporate earnings and valuations in the A-share market, with a projected profit growth rate of around 12% in 2026 [8] Economic News - The report notes that retail sales in various sectors, including home appliances and tourism, have shown significant year-on-year growth, indicating a recovery in consumer spending [2] - The People's Bank of China has announced measures to enhance offshore RMB liquidity, which may positively impact market confidence and investment [2] - The report mentions that foreign direct investment in China has increased, particularly in high-tech industries, reflecting a positive trend in attracting foreign capital [2] Industry Analysis - The report discusses the ongoing transformation of China's manufacturing sector, with a shift towards high-value-added services and technology-driven industries, which is expected to enhance the profitability of Chinese assets [6] - The report highlights the expected growth in the lithium industry, driven by the demand for electric vehicles and energy storage systems, with a projected compound annual growth rate (CAGR) of 21% for lithium demand from 2024 to 2027 [21] - The report indicates that the rare earth industry is undergoing a structural optimization, with supply constraints and increasing demand from sectors like electric vehicles and renewable energy, which may lead to price increases and improved profitability for related companies [17][18] Company Recommendations - The report recommends several stocks for 2026, including Torch Electronics, which is expected to benefit from improving industry conditions, and Guoli Electronics, which has a strong position in the semiconductor and new energy sectors [13] - Other recommended companies include Huace Navigation, which is poised to benefit from the Beidou satellite system, and Kingsoft Office, which is expected to see growth in its software business [13][14] - The report also highlights the potential of companies in the lithium and rare earth sectors, such as Zhongmin Resources and Jinyang Salt, due to the anticipated growth in demand for these materials [20][21]

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。 浙江万丰奥威汽轮股份有限公司（以下简称"公司"）近日接到控股股东万丰 奥特控股集团有限公司（以下简称"万丰集团"）的通知，万丰集团将其所持有的 公司 4,500 万股无限售流通股股票办理了质押式回购交易业务，具体事项如下： | 股东 | 是否为控 股股东或 | 本次质押 | 占其所 | 占公司 | 是否 | 是否为 | 质押起 | 质押到 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 | 股数（股） | 持股份 | 总股本 | 为限 | 补充质 | 始日 | 期日 | 质权人 | 原因 | | | 东及其一 致行动人 | | 比例 | 比例 | 售股 | 押 | | | | | | 万丰 | | | | | | | 2026 年 | 申请解 除质押 | 中国民生 银行股份 | 置换存 | | | 是 | 45,000,000 | 6.17% | 2.12% | 否 | 否 | 月 1 23 ...

Core Viewpoint - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025, showing significant growth from the previous year, with nearly 20,000 drone operating companies and annual eVTOL orders exceeding 30 billion yuan [1] Group 1: Market Performance - Major indices declined, with the commercial aviation and low-altitude economy sectors experiencing the largest drops, as evidenced by the General Aviation ETF Huaxia (159230) falling by 6.05% [1] - Among the top-weighted stocks in the General Aviation Industry Index, the leading stocks saw varying performance, with notable declines in stocks like Aerospace Hongyun down 12.45% and China Satellite hitting the daily limit down [1][2] Group 2: Industry Outlook - The low-altitude economy has been included in government work reports for two consecutive years and is part of the "14th Five-Year Plan," indicating ongoing policy support and the release of benefits [1] - The industry is expected to transition from pilot flights to regular operations by 2026, marking a significant milestone in the development of new productive forces [1]