2024年，大疆农业无人机全球市占率59%，稳居第一。极飞科技全球市占率17.1%，位居第二。 大疆多维度领先，极飞科技仍需努力。 中国农业无人机"问鼎"全球，广东"双雄"巅峰对决。 2006年，汪滔在深圳创立大疆。次年，彭斌从微软离职，在广州创建极飞科技。 业绩亦有明显差距。极飞科技2024年营业收入10.66亿元，净利润7040万元。根据全球市占率粗略测算，大疆农业无人机营业收入约36.8亿元，约是极飞科 技的3.5倍。 市值方面，极飞科技最新估值73亿元，大疆整体估值达到1600亿元。 农业无人机长坡厚雪，到2029年全球市场空间248亿元，增量规模超过190亿元。大疆多方面领先，正继续猛烈进攻。 极飞科技既要对抗"守擂"，还要寻求新增量。它第二次冲击IPO，希望储备"弹药"，并向资本市场讲述两个新故事：其一，多元产品线。其二，出海。 但面对大疆的多维度竞争优势，"行业老二"极飞科技能否逆袭，撬动巨头的"蛋糕"？ 1 ｜ 市占率落后，"寻路"多元化 大疆创始人汪滔，香港科技大学电子工程系硕士，工程师背景，对技术狂热。 极飞科技创始人彭斌，西安电子科技大学计算机博士，曾连续三年获得微软MVP（最有价值专家 ...

Group 1 - Core conclusion: The report projects revenue for SMIC (688981.SH) to be 69.92 billion, 79.81 billion, and 92.52 billion yuan for 2025-2027, with net profit of 5.97 billion, 6.69 billion, and 8.19 billion yuan respectively, maintaining its leading position in the mainland foundry market [1][6] - SMIC is the largest foundry in mainland China, with production capabilities covering 350-7nm process nodes, and has made breakthroughs equivalent to 5nm technology [6] - The global market share of SMIC is expected to increase from 5.3% in 2023-2024 to 6%, moving from the 5th to the 3rd position globally [6] Group 2 - The report highlights the rapid growth of Weilon's (9985.HK) konjac products, with classic flavors like spicy and sour gaining market penetration, and new flavors like sesame sauce seeing quick sales growth [2][9] - The cost pressure on konjac powder is expected to decline from 2025 to 2027, leading to improved profit margins [10] - Revenue projections for Weilon are 7.33 billion, 8.45 billion, and 9.44 billion yuan for 2025-2027, with net profit expected to be 1.47 billion, 1.78 billion, and 2.10 billion yuan respectively, indicating significant growth [10] Group 3 - The report expresses optimism about the consumer sector, identifying four categories of investment opportunities, including low absolute valuation stocks with high dividends, stocks with improved fundamentals, reasonably valued stocks with high growth certainty, and sectors likely to benefit from short-term policy stimuli [3][12][13] - The consumer sector is expected to rebound due to improved fundamentals and cash flow, with specific companies showing positive changes in their competitive landscape [12] - The report suggests that the semiconductor market is poised for recovery, driven by AI and technological innovation, with a projected growth in the global semiconductor market from $679 billion in 2025 to $1,061 billion by 2030 [7]

Core Insights - DJI's main competitor, XAG Technology, has re-entered the capital market by filing for an IPO on the Hong Kong Stock Exchange after withdrawing its previous application in May 2022 [2][5] - XAG Technology has established itself in the agricultural drone sector, achieving significant market shares of 10.7% and 17.1% in the global agricultural robot and agricultural drone markets, respectively, ranking second behind DJI [2][12] Company Overview - Founded by a group of enthusiasts, XAG Technology has focused on agricultural applications of drones, developing advanced agricultural robots that outperform traditional farming methods [2][12] - The company has received backing from prominent investors such as SoftBank, Baidu, Hillhouse Capital, and Innovation Works [3] Financial Performance - XAG Technology has shown improvement in its financials, achieving profitability in 2024 after previous losses, with revenues of RMB 10.66 billion projected for that year [4][8] - The company reported revenues of RMB 6.05 billion in 2022, RMB 6.14 billion in 2023, and RMB 7.45 billion in the first half of 2025, with a notable increase in gross margin from 17.9% in 2022 to 34.3% in 2025 [8][9] Market Position - Despite its growth, XAG Technology faces challenges in maintaining momentum, with a 2.08% revenue growth in the first half of 2025 and a significant reduction in contract liabilities [10] - The company has a strong presence in the agricultural drone market, with its primary revenue source being agricultural drones, which accounted for 89% of total revenue in the first half of 2025 [13] Competitive Landscape - XAG Technology remains a significant player in the agricultural drone market, but it continues to trail behind DJI, which holds a dominant market share of 59% globally [12][16] - The company aims to cover all agricultural scenarios, including irrigation and pesticide spraying, and claims to have the largest number of agricultural drone patents globally [16] Future Prospects - XAG Technology plans to use the funds raised from its IPO for product development, sales network expansion, and the construction of a new headquarters [16] - The company has a goal to increase its research and development investment in the coming years, having already spent RMB 5.92 billion on R&D, which represents 19.5% of its total revenue [16]

值得注意的是，极飞科技在2024年实现扭亏为盈，当年的经调整净利润为0.72亿元。2025年上半年，极 飞科技的经调整净利润1.34亿元，同比增长50.56%。2022年至2024年，以及今年上半年，极飞科技的毛 利率分别为17.9%、18.9%、31.9%以及34.3%。 根据弗若斯特沙利文的资料，2024年极飞科技以10.7%和17.1%的市占率在世界农业机器人和农业无人 飞机行业分别排名第二。截至2025年6月30日，极飞科技的经销商网络在国内已经覆盖全国超900个县， 基本实现对中国主要农业生产区域的全面覆盖；同时，极飞科技通过分布在近60个国家和地区的经销 商，对美洲、亚洲、欧洲、大洋洲进行覆盖。 【深圳商报讯】（记者 苑伟斌）9月25日，广州极飞科技股份有限公司（以下简称"极飞科技"）正式向 港交所递交招股说明书，拟主板挂牌上市，华泰国际担任独家保荐人。 极飞科技创立于2007年，是一家农业科技公司，致力于用机器人、人工智能和新能源技术赋能农业。招 股书显示，2022年至2024年，极飞科技的营收分别为6.05亿元、6.14亿元和10.66亿元；今年上半年，极 飞科技的营收从2024年同期的7.3 ...

9月25日消息，广州极飞科技股份有限公司已向港交所提交上市申请书，独家保荐人为华泰国际。 请书部分内容截图 资料显示，极飞科技长期深耕于智慧农业和无人机领域，特别是在农业无人化技术方面有深厚积累。根 据行业报告分析，在农业无人机自动驾驶仪等细分市场，极飞科技是重要的市场参与者之一 。 据相关报道，在2024年11月，极飞科技联合创始人龚槚钦曾分享过一组数据，表示在国内，极飞的渠道 网络已覆盖1007个县城；在全球，极飞的产品已进入70个国家和地区；有466个农场已使用极飞智慧农 业解决方案。 申 公众号：向哥谈无人机与低空产业链 极飞科技创始人兼CEO彭斌此前也曾向国内媒体透露表示，2024年极飞科技海外市场表现实现了100% 的同比增长。彼时，极飞的海外营收占比大概在整体营收的30%到40%。 据悉，递交申请当天，极飞科技创始人、董事长彭斌发表朋友圈表示，十八年创业，今天极飞正式向港 交所提交上市申请。这就像一个寒窗苦读的学子，刚高考完交卷了。 人机正在运行 极飞科技官方公众号 关朋友圈截图 而《农业无人机行业白皮书（2024/2025）》中表明，2024年中国农业无人机年作业量突破26亿亩次， 带动近50 ...

Company Overview - Guangzhou XAG Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1] - XAG Technology has a strong focus on smart agriculture and drone technology, particularly in agricultural automation [3] Market Presence - XAG's distribution network covers 1,007 counties in China and its products are available in 70 countries and regions globally, with 466 farms utilizing XAG's smart agriculture solutions [3] - The company achieved a 100% year-on-year growth in overseas market performance in 2024, with overseas revenue accounting for approximately 30% to 40% of total revenue [6] Financial Performance - XAG's revenue for the years 2022, 2023, and 2024 was approximately 605 million RMB, 614 million RMB, and 1.066 billion RMB, respectively, with a profit and total comprehensive income of -254 million RMB, -133 million RMB, and 70.4 million RMB for the same periods [9] - As of June 30, 2025, the company reported a profit of 130 million RMB [9] Industry Position - XAG is ranked second in the global agricultural robot and agricultural drone markets with market shares of 10.7% and 17.1%, respectively [9] - The global agricultural drone market is projected to grow from $4.98 billion in 2023 to $23.78 billion by 2032, with a compound annual growth rate of 18.5% from 2024 to 2032 [9] Future Outlook - The agricultural drone market in China is expected to exceed 2.6 billion operational acres in 2024, creating a market scale of approximately 13 billion RMB in the aerial protection service industry [10]

"飞"出农事新力 量：低空经济赋 能乡村振兴_南方 +_南方plus 初秋时节，南粤 大地稻浪翻滚， 碧空如洗。9月17 日，为期三天的 广东省第二届农 事运动会农作物 植保员技能大赛 暨职业能力提升 培训在清远收 官。本次活动由 广东省农业农村 厅主办，广东科 贸职业学院、清 远市农业农村 局、韶关市技师 学院联合承办。 活动深度融合"职 业能力培 训"与"技能竞 赛"，以赛促训、 以赛促学，既全 面培树高素质植 保从业人才，也 全方位检验参赛 选手"真功夫" ， 同时以低空经济 赋能乡村振兴， 让无人机成为重 要农具，充分展 现农业农村低空 经济的广阔潜 力，为"百千万工 程"三年初见成效 注入强劲动力。 同场竞技：全方 位检验"真功夫" 赛事采用"培训 +竞赛+展示"的形 式举行，旨在以 赛促训、以训促 学提升全省植保 人才的整体水 平。来自全省各 地的职业选手、 农业技术员齐聚 一堂展开角逐。 9月15日，是理论 培训与考核环 节，病虫害识 别、植保原理等 知识点成为选手 面临的首个考 验。 农药配制考核环节现场 农业技能、尊重 农业人才的良好 氛围。清远将以 此次大赛为契 机，进一步抓好 技术创新与 ...

Group 1 - The article highlights the integration of technology and finance in agriculture through the "Flying Hand Loan" product, which has benefited over 13,000 farmers and provided loans exceeding 700 million yuan [1][2] - The "Flying Hand Loan" is a customized financial product designed to support the use of agricultural drones, showcasing a successful case of financial innovation in rural areas [1][2] - The development of Shenzhen as a technology and finance hub is emphasized, with a focus on deepening the integration of these sectors to promote economic growth [2] Group 2 - The article discusses the challenges faced by technology companies, particularly in the medical device sector, regarding traditional financing methods that do not align with their asset-light and high-growth characteristics [3][4] - Innovative financial service models, such as those developed by ICBC Shenzhen, are introduced to address the financing difficulties of tech companies by focusing on intellectual property and R&D investments [4][5] - The article outlines the importance of understanding industry-specific needs and creating tailored financial solutions to support the growth of technology enterprises [5][6] Group 3 - The "Thousand Sails Enterprise Navigation" initiative by Agricultural Bank of China Shenzhen aims to enhance financial service quality for technology companies by forming industry-specific teams [8][9] - The initiative has successfully invested in multiple specialized enterprises, demonstrating the effectiveness of a collaborative financial approach [9] - The establishment of a comprehensive financial product matrix, including various loan types and investment funds, is highlighted as a strategy to support the growth of technology firms [9][10] Group 4 - The article emphasizes the importance of a collaborative ecosystem in technology finance, where banks, investment institutions, and industry partners work together to support startups [12][13] - The "融智联盟" (Intelligence Alliance) initiative by Agricultural Bank of China Shenzhen is designed to provide comprehensive support to technology enterprises, from funding to talent retention [13] - The focus on risk control through diversified collaboration is noted, with both Agricultural Bank and ICBC maintaining low non-performing loan rates in their technology financing [14]

Core Insights - The release of the "Agricultural Drone Industry White Paper (2024/2025)" highlights the rapid development and application of agricultural drones globally [1][2] - In 2024, China's agricultural drone operational volume is expected to exceed 2.6 billion acres, creating a market scale of approximately 13 billion yuan [1] - By June 2025, the global agricultural drone fleet is projected to surpass 500,000 units, contributing to significant water savings and carbon emission reductions [1][2] Industry Developments - The white paper outlines key industry milestones, global policy trends, environmental testing, new application scenarios, and best practices [1] - Since 2024, China has implemented several regulations to standardize the industry, with similar policies emerging in major agricultural countries [2] - International collaborations have led to successful drift tests, demonstrating that drone spraying is significantly more efficient than traditional manned aircraft [2] Technological Advancements - AI-based algorithms developed by the Chinese Academy of Agricultural Sciences have reduced pesticide application by nearly 48%, enhancing operational efficiency and minimizing agricultural pollution [2] - The white paper emphasizes the importance of systematic training for operators, equipment maintenance, and operational protocols to ensure safe drone operations [2] Research and Policy Implications - The white paper serves as a reference for government policy-making and provides data support for research institutions [3] - It has been published annually since 2022, offering a comprehensive view of the industry's latest developments and applications [3]

作为农民日报社与大疆农业首次联合推出的农业无人机行业报告，本次《白皮书》主要围绕行业大事 记、全球政策趋势、环保与药效测试、新场景应用和最佳实践等核心内容展开，全面梳理了全球农业无 人机行业的发展趋势、技术创新与应用前景，重点呈现农业无人机的快速发展与应用成果，通过翔实的 数据与丰富的案例，系统阐释了农业无人机在解放农业劳动力、重构产业生态、推动绿色低碳转型等方 面的核心价值，凸显科技创新对农业可持续发展的驱动作用。 数据显示，2024年以来，全球农业无人机应用版图持续扩大，以大疆为行业龙头的农业无人机产业规模 呈现逐年翻番的发展态势，产品的市场保有量、作业量、从业人员数量逐年递增。截至今年6月，全球 农业无人机保有量已突破50万架，累计实现节水约3.3亿吨、减少碳排放4258万吨。在就业带动方面， 农业无人机正吸引众多青年返乡创业，女性飞手比例也稳步提升。 来源：农民日报 与会专家认为，农业无人机作为智慧农业、精准农业的有效载体，凭借高效、精准、智能的显著特点， 正深刻改变着传统农业生产方式。农民日报社与大疆农业携手编制发布《白皮书》，将为政府部门制定 政策提供参考，为科研机构明确研究方向提供支撑，为农业生 ...