每经入物 | FUTORゴを*商业 每日经济新闻 | 出品 对话未来商? 第18季 记 录 频 见 让 未来发生 把适航级飞控这件事做好 让国内eVTOL 有靠谱的"中国大脑" "" ■行业属性：飞控系统供应商 ■估值/融资轮次：2025年4月，边界智控官宣已完成数千万元A+轮融资，累计融资数亿元 ■核心竞争力：载客级适航飞控、软硬件一体化、全生命周期支持 ■未来关键词：低空经济、商业化、下一代交通基础设施 黑框眼镜、纯色衬衫、清瘦身形⋯⋯初见边界智控创始人兼CEO翁海敏，你很容易将他归为"典型理工男"。 不过，在技术之外，翁海敏藏着细腻的感性一面。他是球迷，也痴迷音乐剧和话剧，甚至经常会自己给公司视频写脚本。每年在公司的成立纪念日，他都 会在公众号写下长文，记录过去一年中的触动时刻，长期喜欢的某位歌手获奖、投资人一句"很珍惜与您交流"的真诚，也都曾让他眼眶发热。 翁海敏近日在接受《每日经济新闻》"对话未来商业"栏目记者（更多内容，详见专题|对话未来商业记录、预见、让未来发生）专访时表示，低空经济不 是一阵风，而是下一代交通基础设施。他也坦言，eVTOL商业化不会一蹴而就。最关键的瓶颈一是适航取证，二是场景落 ...

沃飞长空表示，本次融资汇聚了国内外顶尖产业资源，其背后是市场对eVTOL（电动垂直起降航空 器）全球化前景的共识。此次杭实集团、P7、松禾资本的战略入局，是"本土产业根基+全球资源网络 +科创投资经验"的三维赋能，实现了产业价值的全方位跃升。 （沃飞长空供图） 截至目前，沃飞长空已完成四轮市场化投资，构建覆盖研发—制造—运营的全链条能力，并在多维度取 得系列突破——研发适航方面，旗下自主研发的国内首款载客eVTOL产品"AE200-100"首架机已在成都 下线，并率先开展适航符合性验证工作，产品研发适航处于国内领先梯队；生产建设方面，成都全球总 部基地一期项目已完成主体结构封顶，预计2026年正式投产使用，将大幅提升AE200及后续系列产品的 产能规模与生产效率；商业化方面，目前已累计数千架商业订单，订单覆盖成渝地区双城经济圈、长三 角、珠三角、京津冀等重要经济区域，涵盖机场接驳、商务出行、低空文旅等领域；场景应用方面，沃 飞长空主导的"川渝低空文旅走廊试飞活动"已顺利启航，旨在打造全国首个跨省域、成体系的低空文旅 应用实践，为全国文旅产业高质量发展提供可复制的"低空+文旅"融合新范式。 同日，沃飞长空与北京 ...

EHang (NasdaqGM:EH) Q3 2025 Earnings Call November 26, 2025 08:00 AM ET Company ParticipantsHuazhi Hu - Founder Chairman and CEOAnne Ji - Senior Director of Investor RelationsZhao Wang - COOConor Chia-hung Yang - CFO and DirectorUnknown Speaker - TranslatorOperatorGood day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang Q3 2025 Earnings conference call. Please note that the management's prepared remarks and the subsequent Q&A session will primarily be conducted in Chinese, and the ...

The eVTOL aircraft maker could start replacing helicopters over the next few years.Archer Aviation (ACHR 0.81%) has been a divisive stock ever since it went public by merging with a special purpose acquisition company (SPAC) in September 2021. The bulls expected the electric vertical take off and landing (eVTOL) aircraft maker to revolutionize short-range flights, but the bears believed it would struggle to ramp up its production and narrow its losses.Archer's Midnight aircraft can carry a single pilot and ...

本报记者 李万晨曦 上海有色网数据显示，截至11月25日，电解液均价已达54250元/吨，而今年年初价格约为19400元/吨； 核心原材料六氟磷酸锂涨势更为迅猛，从7月份约49300元/吨的低点飙升至11月25日的160500元/吨（均 价）。在价格飙升的同时，头部电解液企业订单火爆，批量斩获长协大单，其中部分企业订单更是排至 2028年。 国际智能运载科技协会秘书长、黄河科技学院客座教授张翔在接受《证券日报》记者采访时表示，电解 液行业量价齐升格局的形成，核心是新能源汽车与储能产业双轮驱动下的需求爆发，叠加供给端核心材 料扩产滞后、行业集中度提升后的有效供给收缩，多重因素共同催生了行业历史性机遇。在此背景下， 产业链企业正通过技术升级、产能布局与战略合作多维发力，在把握机遇的同时积极应对行业变革带来 的挑战。 11月份以来，电解液行业持续复苏，头部企业大额长协订单密集落地。例如，作为电解液龙头企业，广 州天赐高新材料股份有限公司11月6日分别与合肥国轩高科动力能源有限公司、中创新航科技集团股份 有限公司签订订单，两份重大订单的电解液产品总需求量高达159.5万吨，供货周期均覆盖2026年至 2028年。11 ...

Investment Rating - The report rates Minth shares as "Buy" with a target price raised to HK$46 from HK$38, reflecting an expected share price return of 31.4% and a total return of 33.6% [1][7][17]. Core Insights - Management anticipates a positive outlook with revenue growth accelerating in 2026, driven by new business initiatives, a return to growth in domestic revenue, and strong growth in Europe [1][4]. - New business initiatives include robotics, AI server liquid cooling products, and eVTOL, projected to contribute a total revenue of Rmb10 billion by 2030 [2][4]. - The company expects to maintain capital expenditures around Rmb2 billion in 2025/26, leveraging existing auto parts capacity for new initiatives [3]. Revenue and Profit Estimates - The forecast for net profit in 2H25 is Rmb1.48 billion, representing an 18.3% year-over-year increase [4]. - Revenue forecasts for 2026 and 2027 have been raised by 4-7% to Rmb29.3 billion and Rmb32.0 billion, respectively, due to contributions from new initiatives and improved domestic revenue visibility [4]. - The expected dividend payout ratio for 2025 is projected to rise to 30%, with a dividend yield of 2.2% [4]. Market Share and Growth - Minth's battery housing market share in Europe is expected to increase from approximately 36% in 2024 to over 40% in 2025, supported by design wins from major EV manufacturers [5][6]. - The gross margin for AI server liquid cooling products is anticipated to be around 35% in the early stages, with long-term margins projected at over 30% [2]. Financial Summary - For the year ending December 31, 2023, net profit is reported at Rmb1.903 billion, with diluted EPS of Rmb1.654, reflecting a growth of 26.9% [6]. - The projected P/E ratio for 2026 is 11.2, indicating a favorable valuation compared to historical averages [6][18].

Group 1 - Archer Aviation Inc. is developing the Midnight, a four-passenger eVTOL aimed at providing fast, quiet, and zero-emission urban air travel [1] - The urgency for the Midnight's development is emphasized, indicating that investors are keen for its timely arrival [1] Group 2 - The article highlights the importance of combining scientific expertise with financial and market analysis in the biotech sector [1] - It discusses the focus on identifying promising biotechnology companies that innovate through unique mechanisms, first-in-class therapies, or platform technologies [1] - The approach includes evaluating the science behind drug candidates, the competitive landscape, clinical trial design, and potential market opportunities while balancing financial fundamentals [1]

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].

21世纪经济报道记者孙燕 上海报道 近日，全球第一架全尺寸倾转涵道翼eVTOL——天翎科L600亮相。 作为国内第一家采用全涵道设计的eVTOL企业，天翎科在中国eVTOL赛道上扮演了独特且具有前瞻性 的角色。 5年前，当资本和市场都偏爱更快出成果的复合翼或多旋翼时，刚刚启动整机开发的蒋彬毅然坚持其选 择。5年来，看起来简单却并不能很快成功的技术发展不断证明混动、全倾转、全涵道构型的可行性： 电池能量密度不再"狂飙"，首款国产混动航空发动机即将获颁型号合格证、生产许可证，全倾转、全涵 道构型的可行性也得到了验证。 时至今日，当市场逐渐从"能飞"转向"好用"，对噪音、效率、安全性的要求越来越高时，天翎科当年的 独特选择，逐渐转化为其核心竞争壁垒。 近日，天翎科创始人兼CEO蒋彬接受了21世纪经济报道记者的专访。蒋彬回忆道，2020年天翎科团队确 定了技术路线和场景，明确初始场景一定要做高性能飞行器来与传统航空器竞争，终极城市场景需要低 环境影响航空器来满足大规模运行要求。但对于如何实现两者的统一，团队经历了很多尝试和修 改。"我们共设计了5个构型，每个构型都造了缩比机、进行了试飞，不断迭代出了今天的构型。" 蒋 ...

Core Insights - Xiaopeng Huitian has entered a significant phase in its development with the launch of the world's first "10,000-unit" flying car factory in Guangzhou, which has begun trial production and unveiled the A868 flying car model [1] - The industry is experiencing a marketing frenzy, with multiple eVTOL companies competing for visibility and orders, leading to concerns about potential market bubbles [1][2] - The reliance on government subsidies and the challenges of achieving profitability highlight the industry's current vulnerabilities [6][8] Marketing Strategies - High-profile endorsements and grand narratives have become standard marketing tactics, with company leaders like He Xiaopeng leveraging their personal brands to attract attention [2] - Data embellishment in marketing claims raises concerns, as seen with Xiaopeng Huitian's reported orders, which include many non-binding agreements [2][3] - Companies are focusing on scenario-based marketing to circumvent certification challenges, using public demonstrations and partnerships to create buzz [4][5] Industry Challenges - The eVTOL sector faces significant hurdles in achieving commercial viability, with high operational costs and low success rates for experience-based projects [6][10] - The dependency on government support for initial operations and the slow pace of regulatory approvals are critical issues for the industry's growth [6][11] - The lack of substantial order confirmations and the prevalence of inflated order numbers are common practices among leading companies [7] Competitive Landscape - The logistics sector shows promise, with companies like Fengfei Aviation achieving profitability in specific scenarios, but competition is intensifying [9] - Urban Air Mobility (UAM) remains in pilot stages, with high costs and limited operational capacity hindering widespread adoption [10] - The race for airworthiness certification is crucial, with companies needing to secure approvals by 2027 to remain competitive [11][12] Talent and Resource Acquisition - The eVTOL industry faces a talent shortage, particularly in specialized engineering roles, leading to high recruitment costs [13] - Government partnerships are essential for resource acquisition, with local authorities providing financial incentives to attract eVTOL companies [14] - The industry's reliance on capital markets is evident, with many companies experiencing inflated valuations despite lacking profitability [15] Global Comparisons - The global eVTOL landscape is marked by varying regulatory environments and technological approaches, with U.S. companies leading in commercial progress [16][19] - Chinese companies are exploring diverse applications, but face challenges in supply chain coordination and cost management [19][20] - The future of the eVTOL industry hinges on balancing marketing hype with technological and operational realities, particularly as the 2027 deadline approaches [24][25]