炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，峰飞航空2吨级eVTOL（电动垂直起降飞行器）"凯瑞鸥"装载约200公斤蓝莓汁及顺丰快递件，完 成161公里飞行运输飞行。据峰飞航空介绍，这是全球范围内首次采用2吨级 eVTOL开展城际间农副产 品低空无人货运航线运输，标志着我国城际低空物流长航程应用取得突破性进展。今年8月，"凯瑞 鸥"还成功完成全球首次海上石油平台物资运输飞行，是我国在海陆低空物流场景应用中迈出的关键一 步。这两次飞行不仅标志着eVTOL产业正从"资本消耗"的研发阶段，向"价值创造"的运营阶段进行关键 跃迁，还标志着在低空经济从前期规划转向产业落地的元年，复合翼技术路线率先实现了实景应用。 由御风未来自主研发的M1，搭载了"16个垂起旋翼+4个前推旋翼"，是目前旋翼最多的吨级复合翼 eVTOL。公司创始人、董事长兼CTO刘十一曾在公开演讲时指出，复合翼在巡航效率、航程、安全性 等方面实现了更优平衡，更契合低空出行高频次、常态化需求。御风未来内部方案设计评估数据显示， 相较于倾转旋翼，复合翼的巡航推进桨效可提高10%，电驱效率高3%，旋翼相关重量轻30%，总航程 ...

沃飞长空方面介绍，下一步，将严格按照适航规章要求，扎实推进各项系统测试、试飞验证和符合性表 明工作，完善产品性能，为AE200适航取证与量产铺平道路。 沃飞长空AE200是国内首家、全球第二完成全倾转过渡飞行试验的eVTOL产品，采用纯电驱动，具有 200公里航程，有效覆盖主流城市圈"跨城出行、机场接驳、景区直达、低空游览、应急救援"等多样化 场景需求，运营成本显著低于同体量直升机。 新华财经上海9月29日电（记者王鹤）9月29日，沃飞长空面向低空出行研制的国内首款载客电动垂直起 降航空器（eVTOL）AE200-100首架机在成都正式下线，标志着AE200-100首架机的机体大部段对接和 核心机载系统安装工作正式完成，产品即将达到载人试飞状态要求，并由此迈入适航取证全面冲刺与量 产机型预生产阶段。 沃飞长空当日还宣布，目前AE200已储备千架商业订单，首年产能正有序释放并已获市场踊跃认购，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。首批用户包括四川航空、华龙 航空、深城交、泰国SIT等企业。 （文章来源：新华财经） 目前，沃飞长空在成都高新区未来科技城的全球总部基地一期项目已完成主体 ...

Core Insights - The first AE200-100 eVTOL aircraft developed by WoFei ChangKong for low-altitude travel has rolled off the production line in Chengdu, Sichuan, marking a significant milestone in the domestic large passenger eVTOL development [1] - WoFei ChangKong has secured 1,000 commercial orders for the AE200, with the first-year production capacity being released in an orderly manner and receiving enthusiastic market subscriptions [1] - The AE200-100 is designed for passenger transport with a range of 200 kilometers, catering to various urban travel needs such as intercity travel, airport connections, scenic area access, low-altitude tourism, and emergency rescue [1] Company Developments - WoFei ChangKong's global headquarters base in Chengdu High-tech Zone has completed the main structure topping, expected to be operational by 2026, which will enhance the production capacity and efficiency for the AE200 and subsequent product series [2] - The company is in the process of advancing the airworthiness certification work under government strategic planning and guidance from the Civil Aviation Administration [1]

2025深圳eVTOL产业发展大会暨低空经济展览会举行 深圳商报记者 文灿 刘育銮 城市上空，eVTOL（电动垂直起降飞行器）已不再是科幻画面，正逐渐走进现实。 "云鲲WingCool是中国首款水陆双栖超轻型eVTOL，适用于水域观光、地标游览和应急救援。"工作人 员介绍，该产品兼具出色的静态及低速抗倾覆能力、抗潮抗盐雾性能与易操作性，支持水面停泊展示， 安全与适配性双重拉满。 震东智飞则发布了自主研发的电动纵列双桨直升机天鲲系列-DY06。"该款机型可以客货两用。机身结 构采用航空铝合金材料,机身外壳采用碳纤维进行制作。"工作人员介绍，该产品使用自主研发的飞控进 行飞行控制，采用地面站远程控制设计，集成了各种飞行传感器及飞行数据。据了解，天鲲DY6 eVTOL已获国内外意向订单突破50架。 低空飞行应用场景拓展 作为世界"无人机之都"，深圳凭借雄厚的产业基础，全力打造全链条低空产业高地。2024年，深圳低空 经济年产值已突破900亿元，在全球处于领先地位。 本次展会设置八大主题展区，覆盖应用场景、整机、材料、软件服务、动力系统等eVTOL全产业链， 堪称华南地区下半年规模最大、产业链最完整的电动垂直起降飞行 ...

Group 1 - Joby Aviation (NYSE: JOBY) is experiencing high volatile share price growth, making it difficult to analyze through fundamental frameworks [1] - The company is positioned within a narrative of strong prospects, indicating potential for future growth [1] Group 2 - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends and corporate earnings [1]

Core Viewpoint - Guangzhou Tinci Materials Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities, and GF Securities as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Company Overview - The company is a technology-driven new energy and advanced materials firm, focusing on providing lithium-ion battery materials, daily chemical materials, and specialty chemicals solutions to global corporate clients [3]. - Its lithium-ion battery materials business includes electrolyte and core materials, cathode materials (iron phosphate, lithium iron phosphate), PACK structural adhesives, and binders. The daily chemical materials and specialty chemicals business includes carbomer, surfactants, silicone oil, and cationic conditioning agents [3]. Revenue Contribution - The majority of the company's revenue comes from lithium-ion battery materials, which is a strategic focus, while a smaller portion comes from daily chemical materials and specialty chemicals [3]. Production Capabilities - The company has integrated the complete value chain for key raw materials of electrolytes, including LiPF6, LiFSI, additives, and lithium carbonate. It has successfully expanded into cathode materials and adhesives for lithium batteries, forming a comprehensive solution for lithium-ion battery materials [3]. - As of June 30, 2025, the self-supply ratios for LiPF6, LiFSI, DTD additives, and high-purity lithium carbonate are projected to be 99.0%, 97.0%, 90.0%, and 100.0%, respectively, ranking first in the industry [4]. Production Network - The company has established a production network extending beyond China, with 15 operational production bases and one under construction in China. It also collaborates with two contract manufacturers in the U.S. and Germany, with plans to establish production bases in Morocco and the U.S. [4]. Customer Dependency - The total sales to the top five customers accounted for approximately 70.8%, 71.2%, 58.7%, and 58.7% of total revenue for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5]. Financial Performance - The company reported revenues of RMB 22.32 billion, RMB 15.40 billion, RMB 12.52 billion, and RMB 7.03 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits were approximately RMB 5.84 billion, RMB 1.84 billion, RMB 478 million, and RMB 265 million [5][6].

Core Viewpoint - Guangzhou Tinci Materials Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities, and GF Securities as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Company Overview - The company is a technology-driven new energy and advanced materials firm, focusing on providing lithium-ion battery materials, daily chemical materials, and specialty chemical solutions to global corporate clients [3]. - The lithium-ion battery materials segment includes electrolyte and its core materials, cathode materials (iron phosphate, lithium iron phosphate), PACK structural adhesives, and binders. The daily chemical materials and specialty chemicals segment includes carbomer, surfactants, silicone oils, and cationic conditioning agents [3]. Revenue Contribution - The majority of the company's revenue comes from lithium-ion battery materials, which is a strategic focus, while a smaller portion comes from daily chemical materials and specialty chemicals [3]. Production and Supply Chain - The company has established a complete value chain for the production of key raw materials for electrolytes, including LiPF6, LiFSI, additives, and lithium carbonate. It has successfully expanded into cathode materials and adhesives for lithium batteries, forming a comprehensive solution for lithium-ion battery materials [3][4]. - As of June 30, 2025, the self-supply ratios for LiPF6, LiFSI, DTD additives, and high-purity lithium carbonate are 99.0%, 97.0%, 90.0%, and 100.0%, respectively, ranking first in the industry [4]. Production Network - The company has built a production network extending beyond China, with 15 operational production bases and one under construction in China. It also collaborates with two contract manufacturers in the U.S. and Germany, and plans to establish production bases in Morocco and the U.S. [4]. Customer Dependency - The company's total sales to its top five customers accounted for approximately 70.8%, 71.2%, 58.7%, and 58.7% of total revenue for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5]. Financial Performance - The company reported revenues of RMB 22.32 billion, RMB 15.40 billion, RMB 12.52 billion, and RMB 7.03 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits were approximately RMB 5.84 billion, RMB 1.84 billion, RMB 478 million, and RMB 265 million [5][6].

Group 1: Industry Overview - The commercialization of flying cars, specifically electric vertical takeoff and landing (eVTOL) aircraft, is transitioning from a theoretical concept to a viable investment opportunity, with a projected total addressable market for passenger air taxis reaching $100 billion globally by 2040 [1] - Regulatory frameworks are advancing, and test flights are increasing, positioning companies like Joby Aviation, Archer Aviation, and Eve Air Mobility as key players in the emerging market [1] Group 2: Company Highlights - Joby Aviation is leading the sector with significant milestones, including the first airport-to-airport eVTOL journey in the U.S. and notable progress in the FAA certification process [2] - Strategic partnerships with major companies such as Toyota, Delta Air Lines, and Uber enhance Joby's commercialization prospects, although its current valuation reflects its leadership premium [3] - Archer Aviation is developing its Midnight aircraft with support from FAA progress and partnerships in the defense sector, while facing ongoing losses as it remains pre-revenue [4] - Eve, a spinoff from Embraer, has established a substantial order book of nearly 2,800 units valued at $14 billion, benefiting from Embraer's aerospace expertise to mitigate certification risks [5] Group 3: Investment Considerations - The eVTOL sector presents a combination of high potential and execution risks, with regulatory timelines, capital expenditure, and public acceptance being critical factors for success [6] - The competition among Joby, Archer, and Eve is intensifying as they strive for first-mover advantage in a potentially lucrative market [6]

Core Insights - XPeng Inc is advancing in the flying car sector through its Advanced Air Mobility subsidiary, AeroHT, focusing on modular electric vertical takeoff-and-landing (eVTOL) aircraft [1][5] - The X3-F drone, which can detach from a six-wheeled minivan, has over 3,000 pre-orders and is set for mass production in 2026 [1][3] - The urban air mobility (UAM) market in China is projected to reach 50 billion yuan (approximately $7 billion) by 2030, with XPeng's rollout seen as a potential catalyst [2] Company Developments - The X3-F is priced below $280,000, emphasizing safety, modularity, and electric propulsion, with nearly 20,000 test flights conducted [3][4] - AeroHT has secured over $750 million in total capital, including a $250 million Series B funding round planned for 2025 [4] Industry Context - XPeng is investing in infrastructure and pilot training programs, aligning with global eVTOL efforts while incorporating a uniquely Chinese approach [5] - Analysts from JPMorgan view XPeng's strategy as a model for engaging with China's rapidly growing eVTOL market, despite commercialization challenges [6]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company is progressing in commercialization, with the new model VT35 expected to be launched in September. The second quarter of 2025 saw revenue of 150 million yuan, a year-on-year increase of 44.2%, and an adjusted net profit of 9.4 million yuan, up 719.9% year-on-year [1][2]. - The company has delivered 68 units of the EH216 series to 13 enterprise customers in China and Japan, with over 150 new orders received in the second quarter, indicating enhanced market penetration [2]. - The company is focusing on expanding its global footprint, having completed flights in Mexico, Indonesia, and the Dominican Republic, bringing its operational reach to 20 countries [3]. Business Progress - The company has initiated commercial trial operations for the EH216-S in Guangzhou and Hefei, following the acquisition of OC certification, laying the groundwork for public commercial services expected to launch within the year [2]. - Strategic partnerships have been established, including collaboration with Guoxuan High-Tech for high-energy density battery systems and with Minth Group for lightweight fuselage structures and smart cockpit solutions [2]. - The company has adjusted its revenue guidance for 2025 to approximately 500 million yuan, reflecting a strategic focus on eVTOL commercialization and operational demonstration models [3]. Future Outlook - Revenue projections for 2025-2027 are set at 500 million, 750 million, and 1.35 billion yuan respectively, with a focus on the delivery rhythm and commercialization efforts [3].