Group 1 - The event "Chain Up Hunan 'Xiang' Create Future" was launched in Zhuzhou, showcasing the convenience brought by low-altitude economy services, including drone delivery of coffee [1] - Hunan New Wing Intelligent Technology Development Co., Ltd. has developed a drone delivery route covering 4 kilometers, with a flight time of only 3 minutes, demonstrating the potential of drone logistics [1] - The company aims to build a comprehensive service provider in the low-altitude economy, leveraging Zhuzhou's advantages in general aviation and Beidou industry chains, with services spanning logistics, inspection, training, and more [1] Group 2 - Zhuzhou has a rich industrial history, being one of the eight key industrial cities in New China, with over 340 "firsts" in industrial development [2] - The city is constructing a modern industrial system focusing on three advantageous industries: rail transit, aviation power, and advanced hard materials, along with strategic industries like electronic information and new energy [2] - Zhuzhou's investment attraction strategy is centered on 13 key industrial chains, continuously innovating methods to enhance the quality and efficiency of investment [2]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, showing year-over-year and sequential decreases primarily due to decreased sales volume of EH216 series products [29][30] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025 [30][31] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [31] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with deliveries mainly in China [16][17] - The VT35 was launched in October, with a pre-sale price of CNY 6.5 million, and has already received purchase orders from customers in Hefei, Zhejiang, and Hainan [6][7] - The GD4.0 drone began mass production and commercial deployment, achieving significant performance milestones during events [10][28] Market Data and Key Metrics Changes - Deliveries in Q3 were primarily in China, totaling 39 units, with some sales agreements signed but payments delayed, affecting revenue recognition [17] - The company is expanding its international footprint, achieving notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][24] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4][5] - A strategic partnership with the Hefei government aims to establish a VT35 product hub, with comprehensive support totaling RMB 500 million [8] - The company is diversifying its product portfolio to include unmanned business applications, such as firefighting and logistics, to enhance revenue streams [26][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by steady delivery progress and a strong order backlog [32][33] - The supportive policy environment in China and ongoing regulatory improvements are expected to bolster the low-altitude economy and the company's growth prospects [12][14] - The company aims to leverage its product strength and operational expertise to advance commercial operations and expand its global footprint [15][29] Other Important Information - The company raised $10 million through its at-the-market offering program, which will be used for R&D, production expansion, and general corporate purposes [31] - A new board member, Ms. Hai Ying Li, was appointed to enhance the company's international perspective and strategic decision-making [16] Q&A Session Summary Question: Can management share more about the sandbox initiative and its timeline? - Management confirmed that the sandbox initiative in Thailand has been approved, aiming to officially commence eVTOL commercial operations in the next three months [34][36] Question: What progress is being made in expanding into unmanned product portfolios? - Management stated that both manned and unmanned businesses are critical components of the low-altitude economy, and expanding the product portfolio is essential for increasing revenue [40][42] Question: What is the plan for the VT35's airworthiness application and the gross profit margin outlook? - Management indicated that the VT35's type certificate application is progressing steadily, and they expect the gross profit margin to stabilize around 60% in the long term [44][47]

Core Insights - The recent price cuts by DJI and the subsequent reactions from competitors like影石 indicate a shift in the Chinese tech landscape, where companies are increasingly venturing into each other's domains rather than focusing solely on their core businesses [1][3] - This trend of cross-industry expansion is not new in China, but it has evolved from vertical integration to more horizontal breakthroughs, as companies seek new growth avenues amid intense competition [5][9] - The rise of AI, modular hardware, and cloud services has lowered the barriers for companies to enter new markets, prompting a wave of cross-industry initiatives [5][9] Industry Dynamics - Companies like影石, 追觅, and 极米 are now testing new waters, with影石 launching its影翎A1 drone, which emphasizes user experience over technical superiority [6][9] - OPPO's entry into the handheld imaging device market by 2026 is a strategic move leveraging its extensive experience in smartphone imaging technology [6][9] - The cross-industry movement is seen as a necessary response to the saturation of traditional markets, pushing companies to innovate and find new revenue streams [5][9] Cross-Industry Integration - Successful cross-industry ventures are characterized by the ability to transfer core technologies across different fields, creating synergies rather than merely competing for market share [19][20] - Companies like 追觅 and 安克 exemplify this approach, utilizing their core technologies in various applications, thus enhancing their resilience against market fluctuations [15][16] - The concept of "dynamic boundaries and modular alliances" is emerging in the Chinese manufacturing landscape, where companies collaborate and compete simultaneously, fostering innovation [25][26] Conclusion - Cross-industry integration is viewed as a strategic necessity for Chinese companies to thrive in a rapidly evolving market, emphasizing the importance of leveraging existing technologies for new applications [23][25] - The future of Chinese manufacturing may not replicate the model of American tech giants but will likely focus on collaborative innovation among multiple smaller players [25][26]

Core Viewpoint - DJI has been a significant client for the company, which specializes in high-reliability printed circuit boards (PCBs) and integrated product design and manufacturing (IPDM) for the low-altitude economy sector [1] Group 1 - The company provides PCB and electronic assembly services for low-altitude applications and related projects, leveraging its comprehensive advantages in the industry [1] - Products are widely used in core electronic modules such as flight control systems, power management modules, and sensors and communication devices, meeting the technical requirements for drone lightweighting, high stability, and anti-interference [1] - The company plans to continue focusing on the drone and low-altitude economy sectors, offering advanced processes, higher reliability, and faster delivery capabilities for small-batch manufacturing and engineering services [1]

一个领域、一条赛道、一种行业，如果为了多吸引一些客户，多抢占一点份额，各路人马纷纷"站起 来"，一门心思打"价格战"，不仅无法创造新的价值，还会干扰正常的市场秩序。 来源：滚动播报 （来源：千龙网） 前段时间，下班后，我像往常一样点外卖，满屏的"0元购""1分钱抢购"让人眼前一亮，可当我兴冲冲地 点了几份"特价套餐"后，却发现有的套餐分量缩水、味道平平。 这不禁让我思考：我们究竟是在"薅羊毛"，还是陷入了一场没有赢家的游戏？ 记得小时候跟着父亲去看露天电影，开始大家都坐着看，电影快结束的时候，前排观众突然站了起来， 于是后面的人也不得不起身，最后全场人只能站着看剧了。这就是"剧场效应"——当所有人都选择"站 起来"，反而谁都看不好了。 有人说，市场有竞争不是常态吗？的确，有竞争才有动力，有竞争才有进步，这是市场配置资源的一种 有效形式。但过度"内卷"让竞争变了味儿。 站着看与坐着看相比，观看体验差了不说，还扰乱了现场秩序。换句话讲，为了争夺有限资源，每个人 都作出了更多努力，可结果不仅让个体的付出"通货膨胀"，还导致了集体秩序失衡、整体利益受损。 我听说过一句很有哲理的话，"学我者生，似我者死"。就企业发展而 ...

具体来看，DJI Neo 2机身配备独立显示屏，并设有起飞及模式切换按键，选定拍摄模式后，可实现一键从手掌起飞。 飞行过程中，单手掌心朝向机头可控制无人机的左右移动与高度升降，双手则可调节其前后距离。设备支持手掌识别功能，能够自动识别手 掌位置，完成寻掌返航并精准降落至用户手中。 该机型最高跟随速度达到12米每秒（约43公里每小时），支持八个方向跟随选择，复杂环境可切换后向跟随；智能自拍支持单人/多人拍摄及 多种景别，还可直接选择"希区柯克变焦"模式。 支持上半身、全身及远景等多种取景方式，配合自动构图与运镜算法，无需依赖他人协助或使用三脚架即可完成高质量合影。 近日，大疆正式推出轻量化智能跟拍无人机DJI Neo 2，定位"会飞的跟拍摄影师"，售价1499元起，为大众用户带来了一款更全能易用的生活 记录工具。 DJI Neo 2 大疆官网 DJI Neo 2主打"零门槛"飞行操控，机身自带显示屏，无需遥控器即可通过掌上起降、寻掌降落功能完成基础拍摄操作。 同时支持手势操控、手机语音、DJI Fly App等多种操控方式，也可搭配RC-N3遥控器、穿越摇杆3等配件实现体感操控，满足不同用户的操 作习惯。 尽管 ...

Core Viewpoint - The company, Jinbai Ze (301041.SZ), emphasizes its strong relationship with DJI as a key customer and its capabilities in providing PCB and IPDM services for the low-altitude economy sector [1] Group 1: Company Overview - Jinbai Ze has established itself as a significant player in the high-reliability PCB and integrated product design and manufacturing sectors [1] - The company’s products are widely used in critical electronic modules such as flight control systems, power management modules, and sensors and communication devices [1] Group 2: Future Outlook - The company plans to continue focusing on the drone and low-altitude economy sectors, aiming to provide advanced processes, higher reliability, and faster delivery capabilities for small-batch manufacturing and engineering services [1] - Jinbai Ze aims to support hardware innovation and industrial upgrades within the low-altitude economy industry [1]

成渝绵低空经济走廊由国家军民两用技术交易中心、中国民用航空飞行学院、西南大学（重庆）产 业技术研究院等单位共同发起，旨在发挥成渝绵三地低空基础设施互联、产业协同、政策互通等优势， 促进技术、人才、资金、数据在三地顺畅流动，为构建具有全国影响力的低空经济产业集群提供重要支 撑。 会上，绵阳无人机产业协会、成都航空航天产业联盟、重庆市无人机产业协会共同签署成渝绵低空 产业创新平台合作协议，三方将在标准共建、资源共享、企业对接等方面深化协作，包括联合制定区域 性技术标准与运营规范，推动空域、测试、人才等资源优化配置，建立常态化产业链供需对接机制，加 速形成覆盖研发、制造、运营、培训及服务的区域一体化低空产业生态等。 11月25日，"创新金三角·智汇科技城"低空产业创新发展大会在成都举行。会上，成渝绵低空经济 走廊启动共建，成渝绵低空产业创新平台合作协议签署，多项低空产业合作项目签约落地。 同时，绵阳低空安防基地项目、潼域低空森防项目等多个低空产业合作项目签约落地，涵盖区域安 防体系建设、森林防护、文旅融合等领域的创新应用。 四川已将低空经济纳入全省重点发展的15条产业链，多措并举建圈强链，加快产业发展。作为全国 首 ...

Core Insights - The "5G + Drone" low-altitude patrol platform in Wuxi has expanded its application to include drone inspections of urban "market roads," focusing on illegal street operations, increasing the number of urban governance scenarios covered to 80 [1][2] - The project integrates 525 drones from 18 departments, including public security and urban management, into a centralized management system, significantly improving response efficiency compared to traditional methods [1][2] Group 1 - The platform utilizes a closed-loop design of "data-algorithm-application," which is key to enhancing project efficiency [2] - Wuxi has created a high-quality low-altitude data set from 2712G of flight data, developing 10 high-quality data sets for low-altitude scenarios through standardized governance [2] - The project has developed 13 practical algorithms for tasks such as garbage identification and fire warning, allowing multiple tasks to be completed in a single flight, increasing operational efficiency by three times [2] Group 2 - The project has supported 80 urban governance applications, processed over 12,000 work orders, and produced 46 specialized analysis reports for policy-making [2] - Wuxi is transitioning from "extensive management" to "refined governance," leveraging "5G + drones + AI" to address local governance challenges [2] - The core principle of the initiative is to provide coordinated services during normal times and emergency dispatch during crises, aiming for comprehensive coverage and effective urban governance [2]