万丰奥威系列 车中旭霞 行业深度 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 公司深度 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《 万丰奥威（002085.SZ）-中报点评： 单二季度净利润同比增长32%，积极布局通航飞机和eVTOL业务 》——20250916 《万丰奥威（002085.SZ）-年报和一季报点评：一季度净利润同比增长21%，通航飞机和eVTOL打开低空经济成长空间》—— 20250508 《万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 核心观点 2025Q2万丰奥威实现净利润2.25亿元，同比增长32% 公司2025H1实现营收74.94亿元，同比+1.66%，归母净利润5.01亿元，同比+25.74%。分季度看，公司2025Q2实现营收 39.27亿元，同比+2.50%，环比+10.11%，归母净利润2.25亿元，同比+31.62%，环比-18.03%。分产品看，2025H1，公 司汽车金属轻量化零部 ...

证券研究报告 | 2025年09月16日 万丰奥威（002085.SZ） 优于大市 单二季度净利润同比增长 32%，积极布局通航飞机和 eVTOL 业务 2025Q2 万丰奥威实现净利润 2.25 亿元，同比增长 32%。公司 2025H1 实现 营收 74.94 亿元，同比+1.66%，归母净利润 5.01 亿元，同比+25.74%。 分季度看，公司 2025Q2 实现营收 39.27 亿元，同比+2.50%，环比+10.11%， 归母净利润 2.25 亿元，同比+31.62%，环比-18.03%。分产品看，2025H1， 公司汽车金属轻量化零部件收入 60.56 亿元，同比-0.54%，毛利率 17.17%，同比+0.10pct，通航飞机制造收入 14.38 亿元，同比+12.09%， 毛利率 24.46%，同比-0.78pct。 2025Q2 毛利率同比提升 1.5pct。2025Q2 公司毛利率 18.8%，同比+1.5pct， 环比+0.4pct，净利率 7.0%，同比+1.0pct，环比-3.5pct。 汽车轻量化为基，通航飞机+eVTOL 打开低空经济成长空间。1）汽车金属部 件轻量化业务方面， ...

Core Viewpoint - WanFeng Aowei's stock price increased by 1.01% to 17.02 yuan as of August 18, 2025, with a trading volume of 988,659 lots and a transaction amount of 1.675 billion yuan, indicating active market interest in the company [1]. Company Overview - WanFeng Aowei specializes in the research and manufacturing of automotive aluminum alloy wheels and lightweight magnesium alloy components, and has been actively expanding into the low-altitude economy sector [1]. - The company focuses on the development and sales of "fixed-wing + vertical take-off and landing aircraft + drones," with its eVTOL technology-based drones capable of carrying up to 200 kilograms of cargo over a range of 40 kilometers [1]. Industry Trends - The low-altitude economy in China is rapidly developing, with many regions opening drone logistics routes, which expands the application scenarios for WanFeng Aowei's products [1]. - The company has established a multi-product and multi-scenario travel matrix for its drone products, which can be deployed in areas that traditional transportation methods find difficult to reach, and can integrate with existing land and sea logistics infrastructure [1]. Capital Flow - On August 18, 2025, the net outflow of main funds for WanFeng Aowei was 64.976 million yuan, with a total net outflow of 221.0229 million yuan over the past five days, indicating potential concerns among investors [2].