Core Insights - Joby Aviation provided a comprehensive update on its progress towards commercializing electric air taxi services during its Q1 2025 earnings report, highlighting significant operational and certification achievements [1][2][16] Operational Progress - Joby has transitioned from single-piloted eVTOL flights to routinely executing piloted full transition flights, a key operational milestone [3][4] - The company has completed over 40,000 miles of flight testing, which includes hundreds of remotely piloted transitions and extensive simulations [4] - Joby is 43% complete with the FAA side and 62% complete with its own side of Stage 4 (Testing & Analysis) of the FAA certification process, marking a 12% point increase from the previous quarter [5] Manufacturing Developments - Joby powered on its fifth pilot production aircraft, which is undergoing final checks before joining the flight test program [7] - The company is set to complete a larger manufacturing facility in Marina, California, by June 2025, which will double its existing space and include expanded pilot training and maintenance capabilities [8] - Joby is improving manufacturing efficiency, achieving a 30% reduction in final integration time on the fourth aircraft due to new processes developed with Toyota's support [7] Financial Overview - Joby reported a net loss of $82.4 million in Q1 2025, an improvement from $94.6 million in Q1 2024, primarily due to a larger gain from warrant and earnout share revaluation [9] - Operating expenses rose to $163.3 million, driven by higher personnel costs and R&D, leading to an adjusted EBITDA loss of $127.1 million [10] - The company ended the quarter with $812.5 million in cash and confirmed the finalization of agreements for the initial $250 million tranche of Toyota's $500 million investment [11] Go-to-Market Strategy - Joby's go-to-market strategy includes direct sales, partnership-operated services, and Joby-operated direct-to-consumer services, aiming for revenue generation and market share growth [12] - Key upcoming milestones include the commencement of formal TIA flight testing with FAA pilots and the delivery of an aircraft to Dubai for testing [15] Leadership and Future Outlook - Joby appointed Rodrigo Brumana as Chief Financial Officer to enhance its executive team as it transitions to commercial operations [13][14] - The company’s disciplined approach to commercialization, along with its robust cash reserve and anticipated funding from Toyota, positions it well for future growth [16]

● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为肇始，在新能源汽车产业的强 力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随到领跑的完整历程，如今已经 成为中国制造走向全球的"新三样"代表，也成为中国经济转型升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具挑战，交通电动化向全场景渗 透，能源体系变革也加速走向纵深，这也意味着，新应用场景开启，新技术与产品创新，新商业模式落地，新的产业生 态与格局。 以 中国民航局为亿航智能等公司的 eVTOL 颁发全球首批运营合格证 为标志 ，低空经济的商业 化大门 已然 开启。 当 " 空中出租车 " 和景区观光飞行从蓝图走向现实，一个核心问题浮出水面：支撑这些飞行器持 续、经济运营的动力电池，准备好了吗？ 答案 或许 远比想象中复杂。行业的焦点 也 正从单纯追求 " 飞起来 " 的技术突破，转向一个更 为严峻的现实考量 —— 不同的商业应用场景，正在对电池的能量密度、充电速度、循环寿命乃至 成 ...

Industry Overview - The low-altitude economy supply chain in China has formed a comprehensive development pattern characterized by "upstream independent breakthroughs, midstream collaborative tackling, and downstream standard leadership" with eVTOL and drone manufacturing at its core [2][19] - The domestic market for eVTOL is projected to have a potential demand of 24000 units for tourism and 85000 units for commuting, leading to a total market size exceeding 250 billion [2][45][46] - The eVTOL power system is a critical component of the low-altitude economy, accounting for approximately 40% of the total cost structure of eVTOLs [2][48] Technological Trends - eVTOL technology is diversifying with three main configurations: multirotor, compound wing, and tilt-rotor, each offering unique advantages for different applications [34][35] - The shift towards electric propulsion systems is evident, with a focus on high energy density and low emissions, making them the preferred choice for future urban air mobility [54][55] Market Dynamics - The global low-altitude economy market is expected to grow from approximately 2.08 trillion yuan in 2023 to 2.32 trillion yuan in 2024, indicating significant growth potential [23] - In China, the low-altitude economy market is projected to reach 859.2 billion yuan by 2025, with a compound annual growth rate of 33.8% [23][27] Company Insights - EHang Intelligent (EH.O) has become the first company in China to obtain all four necessary certifications for eVTOL, indicating a significant step towards commercialization [6][51] - Companies like EHang and others are actively collaborating with electric motor manufacturers to enhance their eVTOL offerings, with substantial orders already in place [52] Policy Support - The development of the low-altitude economy has been elevated to a national strategy, with various government departments providing comprehensive support through policies aimed at infrastructure, regulations, and industry standards [14][17] - By 2025, over 30 provinces and cities in China are expected to include low-altitude economy initiatives in their government work reports, promoting infrastructure development and industry standards [14][18]

Group 1: Semiconductor Industry Recovery - The military electronics sector has shown signs of a bottom reversal trend, with delayed orders expected to be released in the final year of the 14th Five-Year Plan, accompanied by new equipment procurement leading to a stocking cycle [3] - At the recent GTC conference, NVIDIA announced its future technology roadmap, highlighting a surge in AI computing demand, developments in silicon photonics technology, and advancements in the robotics field [3] Group 2: Rare Earth Industry Transformation - The industrialization of humanoid robots is accelerating, with large-scale applications expected to open new growth curves for the rare earth magnetic materials market starting in 2025 [4] - According to EVTank data, global sales of new energy vehicles are projected to reach 18.236 million units in 2024, continuing to drive demand for rare earth magnetic materials [4] - Each megawatt of permanent magnet direct-drive motors requires 0.8-1 ton of rare earth magnetic materials, and the increasing capacity of wind power installations will continue to boost demand [4] - The Chinese government has strengthened the optimization of rare earth resources and market order through new regulations, which will enhance industry transparency and promote sustainable utilization of rare earth resources [4] - The rapid development of humanoid robots, low-altitude economy, new energy vehicles, and wind power, along with policy-driven supply-side reforms, will create new growth opportunities for the rare earth industry [4] Group 3: Pharmaceutical Industry Performance - The innovative drug segment of the company has shown strong revenue growth, with a decrease in sales expense ratio (29.79%, down 3.41 percentage points year-on-year), enhancing overall profitability [5] - Existing products like Camrelizumab, Pyrotinib, Apatinib, and Remimazolam continue to expand their market through new indications [5] - GLP-1 class innovative drugs (HRS-7535, HRS-9531, HRS-4729) have been licensed to Kailera in the U.S., with expected maximum revenue of $6.035 billion (including an upfront payment of $110 million) [5] - DLL3ADC innovative drug (SHR-4849) has been licensed to IDEAYA in the U.S., with expected maximum revenue of $1.045 billion (including an upfront payment of $75 million) [5] Group 4: New Consumption Trends - In 2024, consumer shopping motivations for self-satisfaction and personal expression have increased by 9% and 1% respectively, driving the growth of emotion-driven consumption markets such as the millet economy (market size of 168.9 billion yuan, up 40.6% year-on-year) and temple economy [6] - The smart home and digital cultural tourism markets continue to grow, with a rapid shift towards online consumption reflected in the fast development of live e-commerce and instant retail [6] - The consumption tendencies of younger demographics reflect generational influences and higher life and work pressures, leading them to fulfill emotional needs through consumption [6] - Government policies are continuously promoting the rise of new consumption, particularly through the integration of "artificial intelligence + consumption" to foster innovative development in consumption scenarios, especially in emerging fields like health and elderly care, and cultural tourism [6] - The experiences of developed economies like the U.S. and Japan indicate significant changes in consumption structure following economic advancement, a trend expected to gradually manifest in China [6] - With declining birth and marriage rates, smaller family sizes are driving consumption demand from single households and younger groups, particularly in personal care and jewelry sectors [6] Group 5: eVTOL Industry Progress - Since 2023, companies like EHang have successfully obtained the world's first type certificate (TC), standard airworthiness certificate (AC), and production certificate (PC) for eVTOL, marking the entry into mass production [5] - Government policy support and the gradual improvement of regulations indicate that airworthiness certification for eVTOL will accelerate, providing assurance for rapid industry development [5]

微信公众号｜ipozaozhidao 据IPO早知道消息，时的科技日前完成上海大零号湾创投和紫峰资本联合投资的B+轮战略融资。 本轮投资系上海市 2 024年提出《上海市低空经济产业高质量发展行动方案(2024-2027年）》后 首个地方政府国资直投的eVTOL整机项目，具有深刻的战略意义 ——一方面，这轮融资标志着上海 市对低空经济eVTOL产业的支持，另一方面也是对时的科技技术实力和发展潜力的充分认可。上海 国资将助力本土eVTOL企业加速成为低空经济链主企业，深化上海及长三角区域的低空旅游、城际 出行等多场景商业化落地。 自成立以来，时的科技始终秉持"以终为始"的理念，专注研发高商业价值的倾转旋翼载人eVTOL， 以客户的需求为导向，精心打磨具有强大竞争力的产品E20 eVTOL。该产品具备高安全可靠性、高 运营效率、低制造成本和低运营成本等特点，未来将广泛应用于低空旅游、城际出行等多个场景。公 司立足中国，并将中国的高端制造产品和标准输出到中东及东南亚等"一带一路"国家地区。 "大零号湾创投基金"是上海闵行金融投资发展有限公司（以下简称"闵金投 公司"）参与设立 。 闵 金投公司表示："时的科技作为硬 ...

Group 1 - The low-altitude economy is expected to continue its growth trajectory into 2025, with significant investments and projects underway [1][4] - The total estimated investment for the first phase of the low-altitude new infrastructure project in Shaoxing City is 2.05 billion, marking a record for public bidding in the low-altitude economy sector [3] - The low-altitude economy in China reached a scale of 505.95 billion in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion by 2025 and 3.5 trillion by 2035 [4] Group 2 - Several low-altitude economy companies have secured orders this year, accelerating their product commercialization process, with notable contracts signed for eVTOL aircraft [5] - Over 320 stocks in the A-share market are related to the low-altitude economy concept, with an average increase of 16.66% this year, significantly outperforming the Shanghai Composite Index [5] - A total of 53 stocks in the low-altitude economy sector are expected to see net profit growth rates exceeding 20% in 2025 and 2026, including major players like Changan Automobile and Aihua Group [6]

Core Insights - The report emphasizes the importance of identifying investment opportunities and risks in the current market landscape, particularly in the context of emerging technologies and industries [1]. Macro News Summary - The Ministry of Education is soliciting projects for AI application in education to enhance employment and training [4]. - The Ministry of Industry and Information Technology is accelerating the development of 6G technology and optimizing the layout of computing power centers [4]. - The Ministry is also promoting the "AI+" initiative to foster new industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, biomanufacturing, and embodied intelligence [4]. Industry Dynamics - EHang's eVTOL delivery volume has increased more than threefold in 2024, indicating rapid growth in the low-altitude economy, with related stocks including Deep City Transportation (301091) and Blue Ocean Huaten (300484) [5]. - The synergy between industry and policy suggests that liquid cooling technology may become standard in AI data centers, with related stocks such as High Wave Co., Ltd. (300499) and Invec (002837) [5]. - The demand for Manus AI is approaching a critical point, with 2 million users waiting, highlighting potential investment opportunities in companies like Kute Intelligent (300840) and Zhongxin Saike (002912) [5]. Company Focus - Huali Chuangtong (300045) is leveraging virtual simulation technology for robotic training applications [6]. - Tongli Risheng (605286) plans to initiate a project in Gansu Qingyang in Q1, which will supply green electricity directly to local data centers [6]. - Zhenhua Co., Ltd. (603067) is expected to benefit from price increases, which may lead to adjustments in product pricing across the industry [6]. - AVIC Chengfei (302132) has made significant progress in AI technology research and is exploring cross-industry applications [6]. Market Review and Outlook - On March 13, major stock indices experienced declines, with the ChiNext Index dropping over 1%. However, coal stocks and power sectors showed resilience, with several companies hitting the daily limit [7]. - The report notes that while there are still challenges, conditions for a comprehensive A-share market rally are improving, with expectations of foreign capital inflows as China's asset revaluation unfolds [7]. - A potential window for improved supply-demand dynamics and corporate profitability is anticipated in 2026, with optimistic expectations possibly emerging in the second half of this year [7]. - The evolution of "Chinese-style innovation, AI application advantages, and strategic opportunities" may reveal larger market trends [7].

I have never invested in pre-revenue companies before due to their limited visibility and high speculative nature, but the electric vertical take-off and landing (eVTOL) space has recently gained traction, making its developments worth watching.Yiannis Zourmpanos, founder of Yiazou IQ, an AI-driven stock research platform providing all-in-one stock reports. Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Membe ...

Financial Data and Key Metrics Changes - The net cash used in operating activities for the year was approximately $100 million, with an expected increase to between $110 million and $125 million in 2025 [42][43] - A significant non-cash financing cost of £688 million was reported due to the restructuring of convertible loan notes, which is highly volatile and driven by stock price calculations [42][43] Business Line Data and Key Metrics Changes - The company is focused on developing a best-in-class aircraft with a target for certification in 2028, emphasizing safety and capacity for both passengers and luggage [14][43] - The business model includes battery as a service, which is expected to provide high margins and predictable long-term revenue [20][43] Market Data and Key Metrics Changes - The company has a diverse customer base with a third of orders from The Americas, a third from Europe, and a third from Asia, reducing regional concentration risk [108] - The collaboration with the CAA and EASA is expected to streamline the certification process, allowing for concurrent sales in multiple markets [50][112] Company Strategy and Development Direction - The company has relaunched its strategy, Flight Path 02/1930, aiming to lead the sector by the end of the decade with clear operational goals [6][23] - The focus is on maintaining capital efficiency while ramping up spending towards certification, with a commitment to spend significantly less than competitors [22][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the certification timeline due to clear and transparent regulations, which are expected to result in a safer product than competitors [48][49] - The company anticipates a gradual ramp-up in spending as it approaches certification, with a focus on derisking the timeline [70][72] Other Important Information - The company has secured funding through 2025, including £220 million from refinancing activities and $90 million from existing investors [23][24] - A new majority owner, Mudrick Capital, has been established, bringing additional industry experience to the company [24] Q&A Session Summary Question: What is the path to certification and confidence in timelines? - The company is working under SCVTOL regulations with a clear plan, aiming for certification in 2028, which is supported by a collaboration agreement with EASA [47][50] Question: What are the funding needs to get to certification? - The company is fully funded for 2025 and expects to be the most efficient in terms of spending towards certification [51][52] Question: Can you discuss the timing of spending increases? - Spending is expected to ramp up to between $110 million and $125 million, with a focus on derisking the certification timeline [56][57] Question: How does the company address concerns about downwash and outwash? - The company acknowledges industry concerns but is not overly worried, citing real-world experience with their full-scale aircraft [60][62] Question: What is the geographic concentration of the order book? - The order book is evenly distributed across The Americas, Europe, and Asia, reducing regional risk [108] Question: Will the company sell to high net worth individuals post-certification? - Yes, the company plans to sell to high net worth individuals once certification is achieved, with no additional regulatory hurdles [81][103]

Core Insights - The low-altitude economy is expected to drive the transformation and upgrading of China's economic structure, with a market size projected to exceed 6 trillion yuan by 2035 according to the National Integrated Transportation Network Planning Outline [4][19] - Continuous airspace reform provides strong support for the development of the low-altitude economy, with the establishment of a national airspace classification method and the introduction of a dedicated low-altitude economic development department [5][19] - Central and local policies are accelerating deployment, with the first batch of six low-altitude pilot cities already established and a second batch expected to be announced soon [6][19] - The low-altitude application scenarios are diverse, with commercial operations projected to generate over 300 billion yuan in revenue by 2035, driven by demand for eVTOL aircraft and other low-altitude services [7][19] - Infrastructure investment in low-altitude flight is expected to exceed 1 trillion yuan annually, with significant investments planned for takeoff and landing facilities and air traffic management systems [8] Industry Overview - The low-altitude economy encompasses a range of industries, including high-end manufacturing, new energy, and new materials, and is characterized by its strong integration with various sectors [14] - The low-altitude economy is supported by a comprehensive policy framework, with numerous government documents outlining strategic goals and action plans since 2010 [18] - The airspace management reform is crucial for the prosperity of the low-altitude economy, with pilot programs being implemented in key cities to enhance airspace utilization [23] Application Scenarios - The low-altitude economy features rich application scenarios, including consumer, transportation, operational, and emergency safety applications, with significant market potential in leisure, logistics, and public services [26][33] - Current commercial applications are primarily focused on logistics, agriculture, and tourism, with a growing emphasis on integrating low-altitude services into various industries [33] Key Companies and Investment Opportunities - Beneficiary companies in the low-altitude economy include those involved in infrastructure construction (e.g., Huase Group, Sujiao Science and Technology), eVTOL manufacturers (e.g., EHang, XPeng), and suppliers of composite materials and batteries [10] - The eVTOL and drone sectors are expected to play a leading role in the low-altitude economy, with significant growth anticipated in both manufacturing and operational capabilities [28][30]