11月10日，以"高端化、智能化、绿色化"为主题的2025中国国际商用车展在武汉开幕。法士特集团 以"节能有'法'·智慧出行"为主题，携多款重磅新品及全场景解决方案亮相，全面展示其在汽车传动、新 能源、智能驾驶、工程机械、农业装备等领域的创新成果与系统化布局，彰显了中国商用车传动领 域"链主"企业的硬核实力与前瞻视野。 为商用车创新发展提供最优配置 "今年1～10月，法士特累计实现营收同比增长7.43％，尤其是新能源产品实现大幅增长，单月订单创历 史新高。"法士特集团党委书记、董事长马旭耀表示，法士特始终聚焦汽车传动、汽车安全、新能源、 农业装备、工程机械、智能制造、智能驾驶、高精齿轮等8大产业领域，成功推出法士特智行、法士特 易行、法士特蓝驰等多款智能化、高端化、国际化新产品，为全球商用车创新发展提供了最优配置。 围绕汽车产业"新四化"和"双碳"目标，法士特在新能源商用车领域构建了"战略引领-技术攻坚-产业链协 同-人才支撑"的全体系能力。产品包括纯电驱动系统、混合动力解决方案及智能电控模块，可满足重卡 全场景应用需求，覆盖全国300座城市，配套90余家整车企业，累计运行里程超100亿公里，单车最长运 营里 ...

Group 1: Heavy Truck Industry Trends - The heavy truck market in China saw cumulative sales of approximately 716,000 units from January to August 2023, representing a year-on-year growth of about 14% [2][3] - In August alone, sales reached 92,000 units, marking a year-on-year increase of approximately 47% and a month-on-month increase of about 8% [2][3] - The market is expected to maintain an upward trend for the entire year, driven by the implementation of vehicle replacement policies and strong overseas demand [3] Group 2: Engine Market Performance - The domestic sales of natural gas heavy trucks reached 122,000 units with a penetration rate of 25% from January to August 2023 [3] - Sales of new energy heavy trucks were 114,000 units, achieving a penetration rate of 23% [3] - The company’s M series large-bore engines sold over 5,000 units in the first half of the year, reflecting a year-on-year growth of 41%, with data center market sales nearing 600 units, a nearly fivefold increase [4] Group 3: New Energy and Technology Development - The company is accelerating its layout in new energy and technology sectors, focusing on pure electric systems, hydrogen fuel cells, and SOFC technologies [5] - Revenue from the new energy business reached 1.2 billion yuan in the first half of the year, with expectations for over 100% year-on-year growth [5] - The hydrogen fuel cell engine covers a power range of 13-300 kW, catering to various vehicle types including buses and trucks [5] Group 4: Shareholder Returns and Dividend Policy - The company has implemented share buybacks and increased the mid-year dividend payout ratio to 57% [5] - Future dividend policies will consider shareholder expectations and market conditions while maintaining a proactive and stable approach [5]

Core Viewpoint - The low-altitude economy, focusing on airspace below 1,000 meters, is rapidly developing through drones, electric vertical takeoff and landing (eVTOL) aircraft, and general aviation, with the choice of power systems being crucial for performance and commercial viability [1][4][29]. Group 1: eVTOL Power System Technology Pathways - eVTOL aircraft primarily follow two technological paths: pure electric power systems and range-extended power systems [1][4]. - Pure electric systems rely heavily on lithium battery technology, facing limitations in energy density (200-300 Wh/kg), resulting in a typical range of only 50-100 kilometers, which is insufficient for intercity commuting and logistics [4][5]. - Range-extended systems utilize a hybrid architecture of "fuel power generation + battery storage," allowing for continuous energy supply and significantly extending the eVTOL range to 400-500 kilometers, while reducing carbon emissions to below 30% of traditional aircraft [5][19]. Group 2: Policy Support and Market Outlook - The low-altitude economy has been elevated to a national strategy in China, with significant policy support including a 300 billion yuan special bond for consumption and the establishment of a dedicated development office [14][15]. - The market for low-altitude economy is experiencing explosive growth, with projections indicating a rise from 505.95 billion yuan in 2023 to 670.25 billion yuan in 2024, and surpassing 1 trillion yuan by 2026 [16]. - Globally, the eVTOL market is expected to grow significantly, with predictions of 7,000 operational manned eVTOLs by 2030 and a compound annual growth rate of 85% from 2030 to 2050 [16][26]. Group 3: Industry Structure and Competitive Landscape - The low-altitude economy's industrial chain is becoming well-defined, with key components including batteries, motors, and control systems, and companies like CATL achieving battery energy densities of 500 Wh/kg [17]. - In the midstream sector, companies like EHang have received operational certifications and are beginning to charge for passenger services, while others are establishing low-altitude tourism routes [17][19]. - Investment priorities are shifting towards core components (batteries/engines/motors), followed by manufacturers with certifications, and finally infrastructure for air traffic management and communication [17][19]. Group 4: Applications and Solutions of Range-Extended Systems - Range-extended eVTOLs are uniquely positioned for intercity and regional air transport, with the ability to connect urban clusters and alleviate ground traffic congestion [19][20]. - In emergency rescue operations, the long endurance and high reliability of range-extended eVTOLs enable rapid response to remote areas, fulfilling critical transport needs [20][21]. - The logistics sector is seeing early commercialization, with range-extended eVTOLs capable of carrying significant payloads and operating in areas with limited infrastructure [21][22]. Group 5: Technical Challenges and Development Trends - The development of range-extended systems faces challenges such as airspace management bottlenecks, safety risks with low certification rates, and infrastructure gaps [24][25]. - Future advancements are expected to focus on efficiency, weight reduction, and smart energy management, with a gradual transition towards hydrogen energy and zero carbon emissions by 2030 and beyond [25][26]. - The market is anticipated to evolve from a policy-driven phase to a period of large-scale commercialization, with China poised to lead in logistics and urban management sectors [26][27].