Summary of Zongshen Power's Conference Call Industry and Company Overview - **Company**: Zongshen Power - **Industry**: Aviation Engine Manufacturing Key Points and Arguments - Zongshen Power's C100 engine has received airworthiness certification, marking a significant milestone for China's independently developed aviation power and providing safety assurance for the low-altitude economy [2][19] - The company has adopted a "military first, civilian later" strategy, achieving rapid development in the drone sector, with the recent certification laying the groundwork for future Type Certificate (TC) applications [2][6] - The A500 engine, with 100 horsepower, is designed for light sport aircraft, such as trainers and sightseeing planes, and boasts leading technical specifications compared to international counterparts [2][10] - Zongshen Power differentiates its products using two naming systems: CA for civilian and C for military, reflecting different performance and pricing requirements [2][11] - The company has established a strong competitive barrier in the small piston engine sector through stability, consistency, and reliability, further solidified by commercial certification [2][12][17] Additional Important Insights - The airworthiness certification process took approximately four to five years, representing a historic achievement for China's aviation history and contributing to the development of the low-altitude economy [3][19] - Zongshen Power plans to continue expanding its product range to strengthen its competitive advantage in the aviation engine market [12][13] - The company has five main engine platforms, including C100, C125, and C145, with the C100 already certified, while the C145 awaits a suitable flight platform for certification [14] - The traditional business of Zongshen Power has shown strong performance, with general machinery growth and motorcycle power achieving a growth rate of 10% to 20% [18] - The domestic certification of aviation equipment is significant for the industry, as it allows for the establishment of local standards, reducing reliance on foreign standards and promoting the development of China's low-altitude economy [22] - The support from the Civil Aviation Administration of China (CAAC) for domestic power enterprises like Zongshen Power is crucial, as it helps them gain necessary certifications and reduces international competitive pressures [23] Market Potential and Competitive Landscape - The market space for Rotex, a competitor, has expanded due to increased demand for unmanned systems, providing Zongshen Power with opportunities to replace Rotex products in both military and civilian markets [20] - Rotex has made significant progress in expanding its overseas market, particularly in Europe, which presents a substantial opportunity for Zongshen Power to capture market share [21]

Core Insights - The first eVTOL (electric Vertical Take-Off and Landing) aircraft with all three airworthiness certificates (Type Certificate, Production Certificate, and Airworthiness Certificate) has been delivered, marking a significant milestone in the industry [1][2] - The V2000CG Kai Rui Ou eVTOL is designed for low-altitude logistics, emergency material transport, and rescue operations, featuring a maximum takeoff weight of 2 tons and a payload capacity of 400 kilograms [1][2] - The aircraft has completed over 40,000 kilometers of safe flight testing across various terrains and conditions, demonstrating its reliability and performance [4] Company Developments - The V2000CG Kai Rui Ou eVTOL has received all necessary airworthiness certifications, allowing it to operate legally and safely [2] - The company has over 1,000 units in framework, intent orders, and paid orders, indicating strong market demand [1] - The eVTOL can carry four water-based fire extinguishing bombs, each weighing approximately 100 kilograms, and can also transport life rafts for emergency situations [2][3] Industry Trends - The low-altitude economy is guided by policies that prioritize cargo transport before passenger transport, and the integration of services in urban areas [4] - The eVTOL's design emphasizes zero carbon emissions and significantly reduced noise levels compared to traditional aircraft, aligning with environmental sustainability goals [5] - The future of eVTOLs is expected to be characterized by full digitalization and intelligence, integrating seamlessly with smart transportation platforms [5]

①水电+可控核聚变+抽水蓄能+黄金+机器人！这家公司完成一系列高海拔地区水电站设备的供应与安 装，2024年新签水电业务订单约21亿元；②人形机器人+光模块+PCB+华为！这家公司参设基金投向人 形机器人等领域，向客户提供800G交换机样品和光模块PCB样品；③低空经济+智能驾驶+芯片+机器 人！公司拟定增募资不超13亿元用于人工智能芯片测试平台。 每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收购、业绩、解禁、 高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前寻找到投资热点， 防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 前言 ...

Core Viewpoint - The delivery of the world's first eVTOL (electric Vertical Take-Off and Landing aircraft) with all three airworthiness certificates marks a significant milestone in the aviation industry, paving the way for commercial operations in low-altitude logistics and emergency services [1][10]. Group 1: Product Overview - The V2000CG Kai Rui Ou eVTOL has a maximum takeoff weight of 2 tons, a maximum payload of 400 kg, a cruising speed of up to 200 km/h, and a range of 200 km. It combines vertical takeoff and landing with fixed-wing cruising capabilities, allowing for flexible deployment [2][10]. - The eVTOL has received all three airworthiness certificates: Type Certificate (TC), Production Certificate (PC), and Airworthiness Certificate (AC), confirming its compliance with safety and operational standards [10][16]. Group 2: Market Potential and Orders - The company has received over 1,000 framework, intent, and paid orders for the V2000CG eVTOL, indicating strong market interest and potential for future growth [4]. - The company plans to implement several benchmark logistics transportation scenarios this year, aiming for regular commercial operations [4]. Group 3: Technological Advancements - The eVTOL features a fully electric drive system, resulting in zero carbon emissions and significantly reduced noise levels compared to traditional aircraft [16]. - Maintenance and repair costs are lower than those of conventional aircraft due to the simplified structure of the eVTOL, which lacks complex systems like fuel lines and hydraulic systems [16]. Group 4: Applications and Use Cases - The eVTOL can be utilized for low-altitude logistics, emergency material transport, and rescue operations, showcasing its versatility in various scenarios [2][14]. - The emergency firefighting version of the eVTOL can carry four water-based fire extinguishing bombs, each weighing about 100 kg, with a maximum effective extinguishing area of 200 square meters [14]. Group 5: Future Outlook - The company envisions a future where eVTOLs will seamlessly integrate into smart transportation platforms, similar to the rapid adoption of electric vehicles in ground transportation [16]. - The company is also progressing with a five-seat manned aircraft, which is expected to enter the compliance verification stage soon [15].

Core Viewpoint - The low-altitude economy is rapidly emerging as a trillion-level industry, with Guangzhou focusing on this sector to enhance its modern industrial system and new productive forces [1][4]. Group 1: Industry Overview - The low-altitude economy features a long industrial chain, broad application scenarios, strong driving capacity, and high technological content [1]. - Tianhe District aims to establish a nationally influential low-altitude economic industrial cluster, with over 50 related enterprises currently gathered in the area [4][8]. - By 2024, the low-altitude economy in Tianhe District is projected to achieve revenue exceeding 5 billion yuan (approximately 0.7 billion USD) [4]. Group 2: Key Companies - XAG Technology Co., Ltd. has become the world's largest agricultural drone company, recognized as a national manufacturing champion [4]. - Other notable companies in the low-altitude sector include Chengzhi Intelligent, Chenchuang Technology, and Southern Surveying & Mapping, all of which have chosen to grow in Tianhe [4][8]. - EHang Intelligent's EH216-S drone has become the world's first eVTOL model to obtain all four necessary operational certifications, showcasing Tianhe's technological innovation capabilities [9]. Group 3: Innovation and Research - Tianhe District has the highest number of low-altitude economy-related patents in the city, accounting for over 50% of the total [9]. - The area is home to multiple research centers and technology platforms focusing on low-altitude aircraft design, unmanned aerial vehicle control, and agricultural remote sensing [10][11]. - The district's core competitiveness lies in the research and development of low-altitude aircraft and systems, with key enterprises in both eVTOL and drone sectors [10][11]. Group 4: Infrastructure and Applications - Tianhe is developing a low-altitude intelligent network trial zone, which includes a comprehensive safety perception and regulatory system [16]. - The district is enhancing its low-altitude infrastructure, with over nine commercial buildings equipped with rooftop helipads and plans for various low-altitude logistics routes [16]. - The area is rich in application scenarios for low-altitude economy, including tourism, emergency rescue, and urban management, which are expected to drive the sector's growth [17].

Group 1 - The low-altitude economy and commercial space have emerged as significant new industries driving new productive forces in China [1] - The low-altitude economy has showcased its potential in various applications such as urban governance, air traffic, emergency rescue, and low-altitude tourism [1] - The comprehensive layout of drone research, testing, production, and operation is accelerating the formation of a "Sky City" in multiple regions of China [1] Group 2 - Shenzhen is enhancing its low-altitude economy with a new comprehensive drone testing center covering over 12,000 square meters [4] - The "One Network Unified Flight Low-altitude Smart Inspection Service Platform" has been launched, covering eight major urban management areas [4] - The low-altitude economy chain in Guangdong has surpassed 100 billion yuan, with over 15,000 related enterprises and more than 700 drone flight routes established [7] Group 3 - Hefei is utilizing mobile boundary layer meteorological observation stations to provide real-time weather data for low-altitude flight safety [10] - Xi'an has established a low-altitude logistics route for high-frequency transportation of scientific samples and precision instruments, with 106 upstream and downstream enterprises in the drone industry chain [13] Group 4 - The Chinese low-altitude economy market is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, driven by policy improvements and technological innovations [14]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The Central Urban Work Conference emphasized urban renewal and transformation rather than large-scale demolition, focusing on improving existing urban infrastructure and addressing public needs [1]. - The National Development and Reform Commission (NDRC) highlighted the need to prevent inefficient and redundant construction in the low-altitude economy, advocating for a more orderly and high-quality development approach [2]. - The public REITs market remained stable, with the CSI REITs (Total Return) Index slightly increasing by 0.06% to 1104.55, and a year-to-date increase of 14.12% [3]. Summary by Sections Urban Development - The focus is on upgrading existing urban areas and enhancing quality rather than new large-scale projects, with a strong demand for renovation in first-tier cities [1]. - The emphasis on safety and resilience in urban infrastructure, including the upgrade of old pipelines and disaster prevention measures, is crucial for future urban planning [1]. Low-Altitude Economy - The NDRC's meeting stressed the importance of developing the low-altitude economy based on local conditions, avoiding blind imitation, and preventing low-end competition [2]. - The lack of a unified regulatory framework and stable business models in the low-altitude economy may slow down infrastructure development [2]. Public REITs Market - The public REITs market is expected to see concentrated trading of Q2 performance reports, with products showing strong operational performance likely to rebound slightly [3]. - Investment recommendations include companies like Honglu Steel Structure and China Construction, which are expected to benefit from market recovery and operational improvements [3].

Core Viewpoint - The issuance of the first operational certificates for manned civil unmanned aerial vehicles (UAVs) by the Civil Aviation Administration of China (CAAC) marks the beginning of the "manned era" in China's low-altitude economy, promoting the development of new technologies and commercial applications in this sector [1][2]. Group 1: Industry Developments - The first operational certificates were awarded to Hefei Huying Aviation Co., Ltd. and Guangdong EHang General Aviation Co., Ltd., allowing them to conduct commercial operations and provide paid passenger services in designated areas [2]. - The EH216-S, the first and only eVTOL aircraft to receive all three necessary certifications (Type Certificate, Airworthiness Certificate, and Production Certificate) from CAAC, is positioned as a leader in the low-altitude economy [4]. - The global eVTOL market is competitive, with approximately 400 companies developing over 1,100 eVTOL models, yet only about 20 have received Type Certificates [4]. Group 2: Commercialization Progress - The two certified operators, Hefei Huying and EHang, are implementing a phased approach to transition from trial operations to regular commercial services, having already conducted over 1,000 safe flights since obtaining their operational certificates [3]. - EHang's revenue for Q1 2023 was reported at 26.1 million RMB, a decline compared to the previous year, attributed to a temporary drop in the delivery of the EH216 series [6]. - EHang aims to achieve a total revenue target of 900 million RMB for the year 2025, with plans to diversify into non-passenger services such as logistics and emergency response [6]. Group 3: Future Outlook - Companies are focusing on self-sustainability through innovative product development, with EHang's new VT-35 eVTOL expected to be a significant product for mid-range operations [6][7]. - The "Land Carrier" by XPeng Heitech is set for pre-sale in the second half of the year, with plans for operational bases around urban areas to enhance user experience and service offerings [7]. - The industry anticipates a surge in eVTOL certification approvals between 2025 and 2026, indicating a potential boom in the low-altitude economy [5].

| 2025 | 飞龙汽车部件股份有限公司 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | --- | | 证券代码：002536 | 证券简称：飞龙股份 | | 公告编号：2025-059 | | | | 飞龙汽车部件股份有限公司 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | 资者应当到证监会指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | □适用 ?不适用 | | | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | | | □适用 ?不适用 | ...

Fundraising Plan - The company plans to issue up to 67,131,773 shares to raise a maximum of 1.3 billion yuan, with net proceeds primarily allocated to various testing platform projects and working capital [1][2] Project Summaries Aviation Equipment Testing Platform - The project aims to enhance the testing capabilities for general aviation and low-altitude flight equipment, which are crucial for industry upgrades and safety assessments [3][4] - The project aligns with national policies promoting the development of aviation standards and safety verification systems [6][7] New Generation AI Chip Testing Platform - The project focuses on establishing a public service platform for testing AI chips, addressing the need for reliable standards and testing capabilities in the AI sector [9][10] - The AI chip market in China is rapidly growing, with a significant increase in registered companies from 14,700 in 2021 to 20,600 in 2024, indicating a compound annual growth rate of 11.93% [11] Satellite Internet Quality Assurance Platform - The project aims to develop testing and certification capabilities for satellite internet technologies, which are essential for ensuring the quality and reliability of satellite systems [13][14] - The global satellite internet market is projected to reach over $600 billion by 2040, highlighting the significant growth potential in this sector [14][15] Data Intelligence Quality Safety Testing Platform - This project seeks to enhance the company's digital testing capabilities, focusing on the integration of digital services and AI to support the digital economy [16][17] - The initiative aims to create a comprehensive digital transformation platform that includes software evaluation, cybersecurity, and AI services [17] Xi'an Measurement Testing Laboratory Upgrade - The upgrade of the Xi'an laboratory is intended to support the high-quality development of the aerospace and manufacturing industries in the region [19][20] - The laboratory aims to become a leading third-party testing institution in the northwest, enhancing the company's service capabilities and market presence [21][26] Financial Impact - The fundraising will enhance the company's capital strength, improve asset structure, and support sustainable business growth [27]