Core Viewpoint - The eVTOL (electric Vertical Take-Off and Landing) industry is experiencing significant growth, with major companies forming strategic partnerships and securing large orders, indicating a shift towards commercial applications in urban air mobility [1][3][4]. Group 1: Strategic Partnerships and Orders - Shanghai Volant Aviation Technology Co., Ltd. has signed strategic cooperation agreements with Bank of China Financial Leasing Co., Ltd. and Bank of China branches, planning to purchase 100 VE25 eVTOL aircraft and providing a credit line of no less than 1 billion yuan [1]. - Peak Aviation has also announced a strategic partnership with CITIC Helicopter and CITIC Financial Leasing, including an intention to purchase 100 large eVTOL aircraft [1]. - The VE25-100 eVTOL aircraft has received nearly 1,000 intention orders, with total order value reaching the hundred billion yuan level [3]. Group 2: Industry Insights and Economic Impact - The low-altitude economy is recognized as a strategic emerging industry in China, with significant investment and long return cycles, making financial leasing partnerships essential for eVTOL operators to manage costs [4]. - The eVTOL aircraft is designed with a composite wing structure, capable of carrying one pilot and five passengers, with a cruising speed of 235 km/h and a range of 200 to 400 km [3]. - The low-altitude economy is expected to redefine urban transportation, with eVTOLs primarily serving as urban air taxis, projected to become widespread in major cities by 2030 [7]. Group 3: Future Projections - By 2030, it is anticipated that eVTOLs will be integrated into urban transportation systems, with potential for 100,000 eVTOLs to operate as air taxis or be used in households [7]. - The report indicates that the drone industry is rapidly evolving, with applications expanding into various sectors, including logistics, emergency response, and urban management [7][8].

Core Viewpoint - The company has successfully turned a profit in Q1 2025, achieving operating revenue of 715 million yuan and a net profit of 12.82 million yuan amidst intensified industry competition, driven by effective strategic adjustments and enhanced operational efficiency [2] Financial Performance - In Q1, the company's operating cash flow turned positive, reaching 118 million yuan, attributed to systematic optimization in cost control and capital operations [3] - The company reduced sales and management expenses by 22.37% and 41.17% year-on-year, respectively, through a comprehensive cost monitoring system [3] - The high conversion rate of 99.71% for convertible bonds has led to a decrease in the debt-to-asset ratio, alleviating financial burdens [3] R&D and Business Development - The gross profit margin significantly increased by 17.46% year-on-year and 27.1 percentage points quarter-on-quarter, reaching 34.84%, due to a revamped R&D strategy focusing on high-potential areas while maintaining a 12.26% R&D expense ratio [4] - The company has achieved breakthroughs in lithium battery equipment, securing bulk orders for its advantageous models in both power and consumer lithium batteries [4] - The company has established a solid-state battery laboratory and developed core equipment prototypes, positioning itself for future market opportunities [4][5] Competitive Positioning - The company has formed a differentiated competitive edge by collaborating with leading domestic automakers to establish the first production line for sulfide solid-state batteries [5] - With the anticipated timeline for solid-state battery commercialization approaching, the company is well-positioned to leverage its dual advantages in equipment and processes [5] Global Expansion and Innovation - The company has developed a "3+2+2" global manufacturing network, enhancing its capabilities in precision processing and assembly [6][7] - The emergence of trillion-dollar markets such as intelligent robots and eVTOLs presents new opportunities for the company's technology applications [7] Strategic Focus - In 2025, the company will concentrate on lithium battery equipment and smart factory solutions, increasing investments in solid-state batteries, perovskite, mobile robots, and AI computing equipment [8] - The company aims to optimize its organizational structure and cost structure to enhance operational efficiency and market competitiveness [8]

Financial Performance - In 2024, the company achieved a revenue of 162.64 billion CNY, a year-on-year increase of 0.35% [1] - The net profit attributable to shareholders for 2024 was 6.53 billion CNY, a decline of 10.14% compared to the previous year [1] - In Q1 2025, the company reported a revenue of 35.67 billion CNY, reflecting a growth of 0.75% [1] - The net profit for Q1 2025 was 2.75 billion CNY, showing a significant increase of 21.3% year-on-year [2] Business Segments - The automotive metal parts lightweighting segment generated a revenue of 134.50 billion CNY, with a slight increase of 0.09% [2] - The general aviation aircraft manufacturing segment achieved a revenue of 28.14 billion CNY, growing by 1.62% [2] - The sales of aluminum alloy wheels reached 22.34 million sets, marking a year-on-year growth of 17.27% [2] Strategic Initiatives - The company is focusing on optimizing product structure and deepening cooperation in the new energy sector [1] - Following the acquisition of Volocopter's core assets, the company aims to integrate resources and enhance its eVTOL business [3] - The company plans to develop a multi-scenario product travel matrix, including fixed-wing, vertical take-off and landing aircraft, and drones [3] eVTOL Product Development - The company is developing urban air mobility solutions with the Volocopter 2X and VoloCity models, targeting certification by 2025-2026 [5] - The intercity air mobility solutions will utilize VoloRegion and VoloConnect models, designed for high endurance and speed [5] - The drone solutions, based on eVTOL technology, can carry up to 200 kg over a range of 40 km, targeting logistics in hard-to-reach areas [5] Global Market Strategy - The company has established manufacturing bases in Canada, Mexico, and the USA to mitigate tariff impacts, with less than 4% of sales to the US market affected by tariffs [6] - The company is enhancing its market share in the Asia-Pacific region, particularly among mid-to-high-end customers [6] - The strategy includes leveraging opportunities in the new energy vehicle market to integrate into core customer supply chains [6]

作 者丨卜松 编辑丨刘恒涛 图源丨零重力飞机 当行业仍然沉迷"飞行汽车"概念时，零重力在飞行培训场景和文旅场景进行商业化探索，并寻求突 破。 成立四个年头，作为一家专注研发低空飞行器的公司，零重力已经构建起"电动固定翼-多旋翼-倾转 旋翼"的产品矩阵。 截至目前，公司旗下的电动固定翼飞机RX1E-A已取得适航证可开展商业化运营，成为通航公司的教 培主力机型；多旋翼载人eVTOL ZG-ONE"鹊飞"瞄准文旅市场，以目标数百元/人的亲民指导价格冲 击传统直升机观光；而倾转旋翼机型ZG-T6全尺寸工程机即将下线，实现关键技术全倾转试飞。 零重力联合创始人兼首席运营官石红表示，三大产品矩阵的背后，是零重力"销售一代、取证一代、 研发一代"的产品策略。在eVTOL审定规章和基础设施尚未完善的当下，找到距离市场最近的场景， 带来现金流，实现自我造血，才是当务之急。 X 零重力或 水上 WATER FLIGHT CAMP 飞行营地 IL 9 合肥滨湖水上飞行营地，预计5月开业运营 "eVTOL对于旅行场景来说很合适，去山区的旅游景区体验一下，一年最多也不会超过十来次，大多 数人是愿意付费的。"石红说。 而在飞行培训的市场 ...

Group 1: Company Performance - In 2024, the company reported a total revenue of 11.855 billion yuan, with a net profit attributable to shareholders of 286 million yuan, showing a narrowing decline compared to previous quarters [1] - The fourth quarter of 2024 saw a year-on-year net profit growth of 41.28%, indicating a significant improvement in financial performance [1] - For Q1 2025, the company achieved a revenue of 3.098 billion yuan and a net profit of 365 million yuan, representing a quarter-on-quarter growth of 12.94% and 213.29% respectively [1] Group 2: Industry Trends - The domestic new energy industry has been under pressure since 2023, but the operating rates of downstream lithium battery manufacturers have gradually increased since the second half of 2024, indicating a recovery in the industry [2] - The global lithium battery intelligent equipment market is projected to grow from 59.3 billion yuan in 2024 to 235.9 billion yuan by 2029, with a compound annual growth rate of 31.8% [2] Group 3: Order Growth and Global Strategy - The company's contract liabilities with CATL increased from 384 million yuan at the beginning of the year to 1.157 billion yuan at the end, indicating a more than twofold increase in orders from CATL [3] - The company reported a 26.31% year-on-year growth in overseas business revenue, reaching 2.831 billion yuan, with overseas revenue accounting for 23.88% of total revenue [3] Group 4: New Technologies and Standards - The Ministry of Industry and Information Technology released new safety standards for electric vehicle batteries, which are expected to accelerate the industrialization of solid-state and sodium-ion batteries [5] - The company has developed innovative solutions in composite electrolyte technology and AI quality inspection, positioning itself well for the upcoming market changes [5] Group 5: Emerging Industries - The rise of new industries such as eVTOL and humanoid robots is expected to broaden the application scenarios for new battery technologies, providing additional growth opportunities for the battery industry [6]

Core Viewpoint - The electric vehicle (EV) market presents high-risk, high-reward investment opportunities, with companies like ChargePoint, Nio, and Archer Aviation being highlighted as potential plays despite recent market volatility [1][3]. ChargePoint - ChargePoint is a leading provider of EV charging networks in the U.S. and Europe, managing 342,000 charging ports, including over 33,000 Level 3 fast chargers by the end of fiscal 2025 [4][6]. - The company primarily serves businesses that wish to host their own charging stations, offering network access, billing, and customer support, unlike Tesla's Supercharger network [5]. - ChargePoint experienced rapid growth in fiscal 2022 and 2023, but revenue growth slowed to 8% in fiscal 2024 and declined by 18% in fiscal 2025 due to rising interest rates affecting the EV market [6]. - Despite the slowdown, ChargePoint's gross and operating margins improved in fiscal 2025, and analysts expect an 11% revenue increase in fiscal 2026, with a market cap of $261 million indicating a low valuation at 0.6 times this year's sales [7]. Nio - Nio is a major Chinese producer of electric sedans, SUVs, and compact cars, known for its removable battery technology and expansion into Europe despite facing higher tariffs [8]. - Annual deliveries more than doubled in 2020 and 2021, but growth slowed to 34% in 2022 and 31% in 2023 due to various macroeconomic and competitive challenges [9]. - In 2024, Nio's deliveries increased by 39%, driven by strong sales of high-end models, although the company is not expected to turn profitable soon [10]. - Analysts project a 39% revenue increase for Nio in 2025, supported by new model launches and a focus on the premium market, with the stock trading at 0.6 times this year's sales [11]. Archer Aviation - Archer Aviation focuses on developing electric vertical take-off and landing (eVTOL) aircraft, with its flagship product, the Midnight, capable of carrying one pilot and four passengers for up to 100 miles [12]. - The company plans to deliver its first revenue-generating eVTOL in Abu Dhabi this year and aims to ramp up production significantly over the next few years, targeting 10 aircraft in 2025 and 650 by 2028 [13]. - Archer has not yet generated revenue but has a substantial backlog of orders, with analysts forecasting revenue could reach $471 million by 2027 if production goals are met [14]. - The company is considered a speculative investment, trading at eight times its best-case scenario sales in 2027, but has potential for significant growth as the eVTOL market expands [15].

业内最近有消息传出，小鹏汽车旗下的飞行汽车公司小鹏汇天正在推进B2轮融资，现已敲定领投方，具有国资背景的产业基金也将加入。 据笔者了解，本轮融资将重点投向航空电池研发及广州智造基地产线建设，旨在加速其首款飞行汽车的量产进程。 导语：小鹏汽车旗下的飞行汽车公司小鹏汇天正推进B2轮融资，现已敲定领投方，具有国资背景的产业基金也将加入。 2400亿估值 4月首周取得"地面"新势力销冠的小鹏汽车（XPEV.N），空中eVTOL （electric Vertical Take-off and Landing，电动垂直起降飞行器）也取得新进 展。 从上述技术路径看，小鹏汇天正在探索不同于传统电动汽车的动力系统解决方案。其供应链选择，体现出对航空工业标准的适配性尝试。 技术方案部分确定的同时，更为关键的取证工作，也正在紧锣密鼓地推进。 根据中国民航局适航审定司消息，针对小鹏汇天飞行汽车的适航专用条件，已于2025年3月发布征求意见。 小鹏汇天近期亦对外公布了其动力系统的核心供应链布局。目前，小鹏汇天已与亿纬锂能（300014.SZ）签署低压锂电池合作协议，采用孚能科技 （688567.SH）研发的能量密度达400Wh/kg ...

3月20日晚间， 孚能科技发布公告，近日，公司收到广东汇天航空航天科技有限公司（以下简 称"小鹏汇天"）的定点开发通知书。 小鹏汇天充分分析了公司的质量保证体系、技术研发、生 产组织能力等诸方综合因素，决定选择公司作为其下一代原理样机的高压动力电池、高压连接 器、低压连接器供应商。 孚能科技表示，本次收到定点开发通知书，是公司多年来布局低空经济领域所收获的重要成 果。这一重要进展，将助力公司巩固在相关领域的优势地位，为公司未来增长注入新动力。 值得一提的是，3月18日晚间， 亿纬锂能先一步发布公告，公司近日收到小鹏汇天的供应商定 点开发通知书，公司将为小鹏汇天提供下一代原理样机低压锂电池。 此次中标的低压锂电池， 将应用于小鹏汇天分体式飞行汽车"陆地航母"的原型机开发。 eVTOL的快速发展为电池产品打开了新的应用边界，同时也对电池技术提出了更高的要求。目 前，众多电池企业都在加紧布局eVTOL产品，预计2025年将成为eVTOL商业化运营的元年。 孚能科技在低空经济领域布局已久，相关产品已实现量产阶段。一直以来，公司专注于软包电 池路线，该电池具备高能量密度、轻量化、高倍率的性能优势，可良好匹配eVTOL、 ...

The fledgling eVTOL aircraft maker could still have a bright future.Archer Aviation (ACHR -8.51%), a developer of electric vertical take-off and landing (eVTOL) aircraft, hasn't impressed too many investors since it went public by merging with a special-purpose acquisition (SPAC) company on Sept. 20, 2021. The combined company's stock started trading at $9.40 per share, but it didn't initially go much higher and subsequently sank to an all-time low of $1.63 on Dec. 27, 2022.Like many other SPAC-backed compa ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - 2024 is identified as the inaugural year for the low-altitude economy, with the industry still in its early stages facing various challenges such as unclear development directions, lack of standards and regulations, insufficient infrastructure, and application scenarios yet to be developed [5][11] - A significant number of local governments have issued specific policies to support the low-altitude economy, categorized into two types: "Action Plans" and "Several Measures," both typically spanning three years until 2026/2027 [5][11] - The total planned industry scale across 22 provinces that have released "Action Plans" amounts to 1.71 trillion yuan, with nearly 100 core enterprises and over 8,000 industry chain companies identified [7][11] Summary by Sections Section 1: Action Plans - 22 out of 31 provincial-level administrative regions have released "Action Plans," focusing on industry scale, core enterprise cultivation, industry chain composition, take-off and landing sites, general airports, route development, flight volume, and application scenario development [7][9] - Key regions leading the low-altitude economy development include the Greater Bay Area, Yangtze River Delta, and Sichuan-Chongqing region, with ambitious targets set [7][9] - The planned industry scale in key provincial-level administrative regions includes 3 trillion yuan for Guangdong, 500 billion yuan for Shanghai, and 1 trillion yuan for Beijing [8][9] Section 2: Several Measures - Local governments are providing substantial financial support through various measures, including tax incentives, infrastructure funding, and operational subsidies for low-altitude economy enterprises [13][16] - Specific financial support includes zero tariffs on certain aviation-related imports, tax reductions, and direct funding for infrastructure projects [13][16] - The measures also encompass operational subsidies for different types of aircraft, with specific rates for eVTOL and drone operations [14][16] Section 3: Rapid Industry Actions - The low-altitude economy is witnessing swift actions and project launches driven by policy guidance, with a focus on cultivating the aircraft industry chain, including manufacturing, certification, and sales [17][18] - Major players in the eVTOL sector are actively developing new aircraft, with expectations for significant advancements in certification and operational readiness by 2026-2027 [18]