每经AI快讯，有投资者在投资者互动平台提问：请问公司在低空经济这个热门大赛度最近有没有新的 合作企业或订单？和合作的企业能否公布一些订单数据。还有公司传说中的灵巧手是用在什么用途？ （文章来源：每日经济新闻） 英搏尔（300681.SZ）11月25日在投资者互动平台表示，公司目前与亿航智能、亿维特、高域、 VOLOCOPTER 等低空经济领域国内外多家eVTOL头部企业签署战略合作协议并获得多个项目定点。其 中，亿航智能新发布的VT35机型的电推进系统技术基础延续了公司乘用车独有的"集成芯"技术，团队 结合飞行器实际工况需求，对其电磁、结构、流体、热、工艺等多重技术进行攻关和打磨，将双绕组 +双电控+油冷+扁线+外转子等多重、高难度技术相融合，集多冗余、高可靠性、IP67防水全天候运行 于一体，目前VT35电推进系统样机已经交付。2025年11月，公司正式宣布成为德国VOLOCOPTER公司 供应商，为XPro飞机电推进系统提供开发服务。此次合作不仅是国际客户对英搏尔在eVTOL电推进系 统领域技术实力的认可，也标志着公司海外市场布局的进一步深化。基于公司在新能源动力系统多年的 原有技术积累，公司将持续深耕低 ...

2025年11月，公司正式宣布成为德国VOLOCOPTER公司供应商，为XPro飞机电推进系统提供开发服 务。XPro定位私人休闲，属于有人驾驶双座轻型eVTOL，公司作为Xpro的电推进系统供应商，不仅是 国际客户对英搏尔在eVTOL电推进系统领域技术实力的高度认可，也标志着公司海外市场布局的进一 步深化。基于公司在新能源动力系统多年的原有技术积累，公司将持续深耕低空经济领域，积极拓展新 客户与合作机会。 格隆汇11月25日丨英搏尔(300681.SZ)在投资者互动平台表示，公司目前与亿航智能、亿维特、高域、 VOLOCOPTER等低空经济领域国内外多家eVTOL头部企业签署战略合作协议并获得多个项目定点。 EH216-S型载人无人驾驶航空器是亿航智能自主研发的产品，可应用在载人交通、空中游览、空中物 流、医疗应急响应等场景。目前，公司已实现EH216-S电机、电调的小批量交付。此外，亿航智能新发 布的机型VT35，定位于跨城市、跨海域、跨山区等中长途场景，满足更复杂的出行需求。VT35电推进 系统由公司设计、研发，延续了公司乘用车独有的"集成芯"技术，将双绕组+双电控+油冷+扁线+外转 子等多重、高难度技 ...

格隆汇11月25日丨英搏尔(300681.SZ)在投资者互动平台表示，公司目前与亿航智能、亿维特、高域、 VOLOCOPTER等低空经济领域国内外多家eVTOL头部企业签署战略合作协议并获得多个项目定点。 EH216-S型载人无人驾驶航空器是亿航智能自主研发的产品，可应用在载人交通、空中游览、空中物 流、医疗应急响应等场景。目前，公司已实现EH216-S电机、电调的小批量交付。此外，亿航智能新发 布的机型VT35，定位于跨城市、跨海域、跨山区等中长途场景，满足更复杂的出行需求。VT35电推进 系统由公司设计、研发，延续了公司乘用车独有的"集成芯"技术，将双绕组+双电控+油冷+扁线+外转 子等多重、高难度技术相融合，集多冗余、高可靠性、IP67防水全天候运行于一体，目前VT35电推进 系统样机已经交付。亿维特的ET9机型可广泛应用于高频货运、特色旅游、应急救援、城市空中出行等 场景，ET9 机型的电推进系统开发正在推进中。 2025年11月，公司正式宣布成为德国VOLOCOPTER公司供应商，为XPro飞机电推进系统提供开发服 务。XPro定位私人休闲，属于有人驾驶双座轻型eVTOL，公司作为Xpro的电推进系 ...

Core Viewpoint - The company has successfully completed small batch deliveries of the EH216-S model's motor and electronic control, indicating progress in its electric propulsion systems for eVTOL aircraft [1] Group 1: Product Development - The VT35 electric propulsion system builds on the company's unique "integrated core" technology used in passenger vehicles, showcasing a blend of advanced technologies such as dual winding, dual control, oil cooling, flat wire, and outer rotor [1] - The VT35 prototype has been delivered, demonstrating the company's commitment to developing high-reliability and all-weather operational capabilities with an IP67 waterproof rating [1] Group 2: Market Position and Strategy - The eVTOL sector is characterized by customized development due to differences in aircraft configuration, performance indicators, and airworthiness standards, necessitating deep adaptation and integration based on specific model parameters [1] - The company plans to leverage its years of technological accumulation in new energy power systems to continue exploring opportunities in the low-altitude economy and actively seek new customers and partnerships [1]

Core Viewpoint - The company has successfully completed small batch deliveries of the EH216-S model's motor and electronic speed controller, and the VT35 electric propulsion system has been developed using proprietary technology, indicating a strong focus on innovation in the eVTOL sector [1] Group 1: Product Development - The EH216-S model has completed small batch deliveries of its motor and electronic speed controller [1] - The VT35 electric propulsion system is based on the company's unique "integrated core" technology, which combines multiple advanced technologies for high reliability and all-weather operation [1] - The VT35 prototype has already been delivered, showcasing the company's progress in electric propulsion systems [1] Group 2: Market Strategy - The eVTOL sector is characterized by customized development due to differences in model configurations, performance indicators, and airworthiness standards [1] - The company plans to continue deepening its involvement in the low-altitude economy and actively seeks new customers and collaboration opportunities [1]

- The September stock selection portfolio achieved an average individual stock return of 5.24%, with a win rate of 57.9%[1][8] - Monthly portfolio return was 4.97%, outperforming Wind All A by 2.17%[1][8] - Year-to-date absolute return reached 50.35%, outperforming Wind All A by 23.93%[1][8] - Macroeconomic data showed PPI year-on-year decline narrowed significantly, CPI year-on-year decline widened, and M1 grew by 6% year-on-year, up 0.4% from the previous month[2][16] - Manufacturing PMI for September was 49.8%, better than the previous value of 49.4[2][16] - RMB appreciated against USD recently, indicating potential inflow of northbound funds[2][16] - Small-cap factor may weaken, while mid-cap and large-cap stocks are expected to outperform small-cap stocks in October[2][16] - Beta factor, market capitalization factor, growth factor, and volatility factor showed strong performance, reflecting market preference for high-elasticity, growth-oriented leading stocks[2][21] - October portfolio construction focuses on three themes: benefiting from weak USD and competitive domestic industries (e.g., non-ferrous metals), high-demand sectors (e.g., semiconductors, solid-state batteries, aerospace), and potential style-switch cyclical stocks with high dividend yields and low valuations[3][23][24] - October portfolio includes stocks such as Zijin Mining, Ningde Times, and Zhaoyi Innovation, with an emphasis on growth-oriented leading stocks[3][25][26]

Core Viewpoint - The company, Yingboer, has focused on the new energy power system since its establishment in 2005, leveraging its core advantages in technology, production capacity, and customer resources to build a strong competitive moat while actively expanding into emerging fields for long-term growth [1] Group 1: Core Competencies - The company possesses a strong technological research and development advantage and patent barriers, with R&D investment accounting for 8.25% of revenue in the first half of 2025, and holds 190 authorized patents along with multiple regional R&D centers [1] - The company has leading product innovation and full-scenario application capabilities, constructing a product matrix that covers A00-C class vehicles and maintaining a top position among domestic Tier 1 suppliers, while also adapting to commercial vehicles and non-road vehicles, and actively expanding overseas [1] - The company has scalable high-quality production capacity and efficient intelligent manufacturing capabilities, with production bases in Zhuhai and Shandong, achieving an annual production capacity of one million sets of products; as of June 2025, the construction of a high-standard powertrain automation workshop has been completed, further enhancing automation and intelligence levels [1] - The company boasts first-class experimental verification capabilities, with a comprehensive V-type development process for automotive components, strong parallel development capabilities for multiple customers and projects, and a quick response to evolving customer demands [1] - The company has stable high-quality customer resources and deep cooperation, having accumulated a valuable customer base including major automotive enterprises such as GAC, Geely, SAIC-GM-Wuling, Dongfeng, Changan, Great Wall, Chery, and Xpeng through reliable product strength and solution capabilities [1] Group 2: Strategic Expansion - While solidifying its main business in new energy power systems, the company is actively exploring emerging fields such as low-altitude economy, joint modules, and unmanned logistics vehicles, aiming to establish a second growth curve and achieve a development pattern of "main business stability and new business breakthroughs" [1]

Core Viewpoint - The company, Yingboer, maintains a significant market share in the new energy power system sector and plans to increase investment in its new energy business to sustain its leading position [1] Group 1: Business Strategy - The company is actively seeking new growth avenues in response to the changes in total sales volume brought about by the intelligent development of the electric vehicle market [1] - Research and communication efforts related to these new growth areas are progressing steadily [1] Group 2: Communication with Investors - The company will promptly disclose any relevant business developments to investors [1]

Group 1: Core Competencies and Market Position - The company has maintained its industry-leading position through a strong "moat" built on five core capabilities: deep R&D advantages, product innovation, scalable production capacity, robust testing capabilities, and stable customer relationships [3]. - R&D investment accounted for 8.25% of revenue in the first half of 2025, with 190 authorized patents, showcasing a strong technological foundation [3][5]. - The company has established a product matrix covering A00-C class vehicles and is a leading Tier 1 supplier in China, with significant expansion into commercial vehicles and overseas markets [3][4]. Group 2: Business Growth and Performance Metrics - In the first half of 2025, the company shipped 442,200 powertrain units, a year-on-year increase of 17.46%, while drive system shipments reached 159,400 units, with multi-in-one products growing by 185.47% [4]. - The sales proportion of drive and powertrain products increased from 72.42% to 84.98% compared to the previous year [4]. - The company is actively monitoring market dynamics and customer orders to sustain growth in the second half of 2025 [4]. Group 3: Strategic Collaborations and New Ventures - The company has formed a joint venture with Yihang Intelligent, with infrastructure completed and initial deliveries of electric motors and controllers underway [7]. - A strategic partnership with Fengli Intelligent aims to enhance capabilities in joint modules and robotics, leveraging both companies' strengths [8][9]. - The company is exploring new business areas such as low-altitude economy and autonomous logistics vehicles, aiming for a dual growth strategy [3]. Group 4: Financial Management and Investor Relations - The company raised RMB 9.76 billion in 2022 and plans to issue convertible bonds in 2024, focusing on core business upgrades and capacity expansion [12][13]. - As of September 10, 2025, the company had 24,875 shareholders, with institutional investors accounting for 50% of the top ten shareholders, indicating strong market confidence [15]. - The company emphasizes transparent communication with investors and adheres to a stable dividend policy to share growth with shareholders [11].

Summary of the Conference Call for Yingboer Company Overview - Yingboer reported total revenue of 2.4 billion yuan in 2024, with power assembly accounting for 51% (1.23 billion yuan), electrical assembly for 25% (600 million yuan), and motor controllers for 20% (470 million yuan) [2][3][4] - The company serves notable clients including GAC Honda, Dongfeng Nissan, and Geely, as well as non-road vehicle manufacturers like XCMG, Zoomlion, and SANY [2][3] Financial Performance - In the first half of 2025, Yingboer achieved revenue of 1.4137 billion yuan, a year-on-year increase of 34% [4] - Net profit attributable to shareholders was 37 million yuan, up 7% year-on-year, while the non-recurring net profit surged by 170% to 34 million yuan [4][5] - The company reported a significant increase in multi-in-one product shipments, with a year-on-year growth of 185%, indicating strong market demand [5] Strategic Partnerships and Collaborations - Yingboer has formed a strategic partnership with EHang to jointly develop the Evo II integrated electric drive system, establishing a joint venture where Yingboer holds 60% [2][6] - Collaborations with Yiwatt for the ET9 aviation series integrated motor control products and GAC Gaoyu for prototype development are also in progress [2][6] Technological Innovations - The company possesses integrated chip technology characterized by lightweight, cost-effectiveness, and high efficiency [7] - The latest 6-in-1 drive system enhances space utilization and power density, positioning Yingboer at the forefront of the industry [7] Production Capacity - Yingboer operates production bases in Zhuhai and Shandong, with an annual production capacity exceeding one million units [8] Market Potential and Trends - The low-altitude economy is projected to have significant growth, with domestic EVTOL demand expected to reach between 5,000 to 10,000 units over the next three years [4][12][13] - Yingboer is positioned as a core supplier in the low-altitude economy, similar to CATL's role in the electric vehicle industry [12][14] Logistics and Autonomous Vehicles - The company has made notable progress in the logistics autonomous vehicle sector, collaborating with key clients like Shanghai Yika and Shangwei Zhixing [15] - The commercial potential of logistics autonomous vehicles is already being recognized, with express logistics companies showing interest in purchasing these products [15] Key Modules and Future Outlook - Yingboer signed a strategic cooperation agreement with Fengli Intelligent to focus on key modules like motor reducers, which are crucial for robotics applications [16] - The low-altitude economy is viewed as a vital emerging industry, with both the US and China investing heavily in its development [17] Supply Chain Positioning - Yingboer holds a significant position in the core supply chain, particularly in electric sound control and component manufacturing, with a strong competitive edge recognized by the market [18]