Core Viewpoint - The company has established strategic partnerships with several leading eVTOL companies in the low-altitude economy sector, indicating a strong position in this emerging market [2]. Group 1: Strategic Partnerships - The company has signed strategic cooperation agreements with multiple domestic and international eVTOL leaders, including EHang, Eviation, Gaussin, and VOLOCOPTER [2]. - The newly released VT35 model from EHang utilizes the company's unique "integrated core" technology for its electric propulsion system, showcasing advanced engineering in electromagnetic, structural, fluid, thermal, and process technologies [2]. Group 2: Product Development and Recognition - The VT35 electric propulsion system prototype has been delivered, demonstrating the company's capability in developing high-reliability systems with multiple redundancies and IP67 waterproofing for all-weather operation [2]. - The company officially announced its role as a supplier for Germany's VOLOCOPTER, providing development services for the XPro aircraft's electric propulsion system, marking a significant recognition of its technical strength in the eVTOL sector [2]. Group 3: Market Expansion - The collaboration with international clients signifies the company's deepening overseas market presence and commitment to expanding its customer base and partnership opportunities in the low-altitude economy [2].

Core Insights - The company has signed strategic cooperation agreements with several leading eVTOL enterprises in the low-altitude economy sector, including EHang, Eviation, Gauss, and VOLOCOPTER, and has secured multiple project allocations [1][2] - The EH216-S manned unmanned aerial vehicle, developed by EHang, is applicable in various scenarios such as manned transportation, aerial tourism, aerial logistics, and medical emergency response [1] - The company has achieved small-batch delivery of the EH216-S motor and electronic speed controller [1] - EHang's newly released VT35 model is designed for medium to long-distance travel across cities, seas, and mountainous areas, addressing more complex travel needs [1] - The VT35 electric propulsion system incorporates advanced technologies and has already delivered prototypes [1] - Eviation's ET9 model is being developed for high-frequency cargo transport, specialty tourism, emergency rescue, and urban air mobility applications [1] - The company has officially announced its role as a supplier for Germany's VOLOCOPTER, providing development services for the XPro aircraft's electric propulsion system, marking a significant step in its overseas market expansion [2] - The XPro is a piloted two-seat light eVTOL aimed at private leisure use, reflecting international recognition of the company's technical strength in the eVTOL electric propulsion system field [2] - The company plans to continue deepening its engagement in the low-altitude economy sector and actively seek new customers and collaboration opportunities based on its years of experience in new energy power systems [2]

Core Insights - The company has signed strategic cooperation agreements with several leading eVTOL companies in the low-altitude economy sector, including EHang, Eviation, Gauss, and VOLOCOPTER, and has secured multiple project designations [1][2] - The EH216-S manned unmanned aerial vehicle, developed by EHang, is applicable in various scenarios such as manned transportation, aerial tourism, aerial logistics, and medical emergency response, with small batch deliveries of its motor and electronic speed controller already achieved [1] - The newly released VT35 model by EHang is designed for medium to long-distance travel across cities, seas, and mountainous areas, featuring a sophisticated electric propulsion system that integrates multiple advanced technologies [1] - The ET9 model from Eviation is being developed for high-frequency cargo transport, specialty tourism, emergency rescue, and urban air mobility applications, with its electric propulsion system development currently underway [1] - The company has officially announced its role as a supplier for Germany's VOLOCOPTER, providing development services for the XPro aircraft's electric propulsion system, marking a significant recognition of its technical capabilities in the eVTOL sector and furthering its overseas market expansion [2] Company Developments - The company has achieved small batch deliveries of the EH216-S motor and electronic speed controller, indicating progress in its product offerings [1] - The VT35 electric propulsion system prototype has been delivered, showcasing the company's commitment to advanced technology integration [1] - The partnership with VOLOCOPTER for the XPro aircraft signifies the company's deepening international market presence and ongoing efforts to expand its customer base in the low-altitude economy [2]

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]