1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The expansion of the US steel and aluminum tariff scope on August 15 did not change the tariff rate. The impact on aluminum prices is relatively small compared to the adjustment on May 30. The tariff is expected to cause a price correction rather than a reversal, and the correction range is not expected to be deep. In the medium - term, aluminum prices are still optimistic, and the correction is regarded as a restocking opportunity [3][16]. - The impact of the tariff expansion on demand needs to be verified by subsequent retail data. The previous tariff increase made PPI rise but had little impact on CPI, indicating that most of the tariff was absorbed by manufacturers and had less impact on demand [14]. - The US tariff policy adjustment affects the entire non - ferrous metal sector, which will be reflected in demand and then affect prices. The tariff range may be adjusted according to relevant categories, and the policy uncertainty in the second half of 2025 is decreasing [18]. 3. Summary by Relevant Contents US Steel and Aluminum Tariff Policy Timeline - On February 10, 2025, Trump signed a document to impose a 25% tariff on all imported steel and aluminum in the US and cancel the tax - free quotas and exemptions for some trading partners [2]. - On March 12, 2025, the 25% tariff on all imported steel and aluminum in the US officially took effect [2]. - On May 30, 2025, Trump announced to raise the steel and aluminum import tariff from 25% to 50%, which took effect on June 4 [2][3]. - On August 15, 2025, the Trump administration announced to expand the scope of the 50% tariff on steel and aluminum imports, adding 407 product codes, and the new list took effect on August 18 [1][3]. Newly Added Tariff - Covered Product Areas - Automobile manufacturing: Galvanized steel sheets, aluminum alloy wheels, engine brackets and other key components [4]. - Construction engineering: Steel structure beams, aluminum alloy window and door frames, prestressed concrete steel strands [4]. - Consumer goods: Tin - plated sheets for cans, household appliance shells, kitchen cookware [5]. - Industrial equipment: Transformers, compressor valve plates, hydraulic system pipes, structural parts of mining machinery and industrial processing machinery [5]. China's Aluminum Exports to the US - Direct exports of aluminum materials: Since 2018, China's exports of unforged aluminum and aluminum materials to the US have decreased significantly. In 2024, the export volume was 25.4 tons, a 62% decrease from 2017. The proportion of exports to the US in total exports dropped to 3.8% in 2024, a 10.2 - percentage - point decrease from 2017 [5]. - Exports of aluminum products: The scale of China's aluminum product exports to the US has been generally stable, ranging from 350,000 to 600,000 tons, accounting for about 16% of total exports. The indirect export scale of aluminum is estimated to exceed 3 million tons, and exports to the US account for about 15% [7]. - Re - exports of aluminum: After the US trade war in 2017, the global aluminum trade flow was reshaped. China's aluminum exports to the US decreased, while exports to other countries and regions increased. Mexico, Hong Kong and Southeast Asian countries are common re - export destinations [9]. China's Aluminum Consumption and Export Proportion - In 2024, China's full - scale domestic aluminum consumption was 50.23 million tons, accounting for 88% of total consumption, with a compound annual growth rate of 5.3% from 2015 - 2024. Aluminum and aluminum material exports were 6.63 million tons, accounting for 12% of total consumption, with a compound annual growth rate of 4.4% from 2015 - 2024. Exports to the US accounted for about 4.6% - 6.4% of the country's total aluminum product consumption [13]. Impact of Tariff Adjustment - There is some room for enterprises to operate in tariff declaration, but the impact on demand is real. The extent of the impact depends on how the tax is distributed between manufacturers and consumers [14]. - Previous tariff increases made PPI rise but had little impact on CPI, indicating that most of the tariff was absorbed by manufacturers. The specific impact of this tariff expansion needs to be verified by subsequent retail data [14]. - From the perspective of the futures market, this tariff expansion has less impact on aluminum prices. In the medium - term, there are upward drivers for aluminum in September, such as interest rate cuts and the recovery of peak - season demand [16]. Future Focus on Tariff Policy - Future tariff - related content worthy of attention includes global tariff agreements and which categories are within the agreement scope. The US policy uncertainty index has decreased since August 2025 [18].

Core Viewpoint - The article highlights the entrepreneurial journey of Chen Ailian, founder of WanFeng Group, emphasizing her unique blend of femininity and decisiveness in the male-dominated manufacturing industry, particularly in the aerospace and automotive sectors [8][43]. Group 1: Early Life and Career - Chen Ailian was born in 1958 in Shaoxing, Zhejiang, and displayed strong leadership qualities from a young age, notably becoming a tractor driver despite societal gender norms [14][18]. - In 1992, after gaining experience in various roles, she founded WanFeng Aluminum Wheel Co., focusing on manufacturing aluminum motorcycle wheels, which was a strategic move given the market demand [20][22]. Group 2: Business Growth and Transformation - WanFeng transitioned from motorcycle wheels to automotive wheels in 1998, capitalizing on the booming automotive industry in China, which was experiencing rapid growth due to foreign investments [32][34]. - By 2024, WanFeng had become one of the largest manufacturers of aluminum alloy wheels globally, with approximately 10% market share in the automotive sector and annual revenue exceeding 13.4 billion [36][37]. Group 3: Strategic Acquisitions - In 2013, WanFeng acquired Canadian magnesium leader MagCorp for 1.53 billion, a move that was initially met with skepticism but later proved beneficial as it expanded WanFeng's capabilities in lightweight materials for the automotive industry [39][40]. - The acquisition allowed WanFeng to tap into the growing demand for lightweight materials in aerospace and automotive sectors, significantly boosting its revenue from the automotive lightweight segment [40][42]. Group 4: Vision for the Future - Chen Ailian aims to establish WanFeng as a century-old enterprise, having developed a long-term plan that spans 100 years, focusing on sustainable growth and innovation in manufacturing [55][57]. - The company is also venturing into the general aviation sector, with the establishment of WanFeng Aviation Town, which integrates various aviation-related services and aims to capitalize on the emerging low-altitude economy [52][54].

Core Viewpoint - The Baotou aluminum industry is evolving into a high-efficiency closed-loop production model, aiming to establish a trillion-yuan industrial cluster by 2024, with significant advancements in technology and sustainability [1][2][3] Group 1: Industry Development - Baotou Aluminum has a production capacity of 1.5 million tons of electrolytic aluminum and 60,000 tons of high-purity aluminum, leading the global market in high-purity aluminum production [1] - The aluminum industry in Baotou has seen a rise in deep processing rates from 9% to 42.3% since 2021, contributing to an industry output value of 47.64 billion yuan [2] - The region is focusing on high-end, intelligent, and green development, leveraging aluminum water resources and green electricity advantages [2][3] Group 2: Technological Innovation - The Baotou Aluminum Industrial Park has established a light alloy technology center, fostering 11 innovative enterprises and holding over 300 patents, with a digitalization rate of 77.8% [2] - The park's production capabilities include advanced manufacturing processes, such as the use of robotic arms for precision machining of aluminum alloy products [2] Group 3: Sustainability Initiatives - The Baotou Aluminum Industrial Park has been recognized as a "National Green Industrial Park," with clean energy accounting for over 40% of its energy consumption [3] - The company is implementing a "black light factory" model, aiming for full-process intelligent production and integrating renewable energy solutions like rooftop photovoltaics and rainwater recycling [3]

Core Insights - The article highlights the efficient closed-loop aluminum production chain in Baotou, showcasing the "aluminum water does not fall to the ground" short-process production line that transforms aluminum water into alloy ingots and bars for the national market [1][6]. Group 1: Industry Development - Baotou Aluminum Industry has a historical significance dating back to 1958, being the birthplace of China's first aluminum ingot, and has developed a capacity of 1.5 million tons of electrolytic aluminum and 60,000 tons of high-purity aluminum, leading the global market in high-purity aluminum production [3][6]. - The city of Baotou aims to establish the aluminum industry as its fourth trillion-yuan industrial cluster by July 2024, with a focus on enhancing collaboration between Baotou Aluminum and downstream enterprises to address transportation and supply challenges [3][6]. Group 2: Innovation and Technology - The Baotou Aluminum Industry Park is witnessing significant innovation, with companies like Shengtai Manufacturing achieving a 63.8% year-on-year increase in output value, reaching 770 million yuan in 2024, driven by technological advancements [6][8]. - The park has established a light alloy technology center in collaboration with the 52nd Research Institute, fostering 11 innovative enterprises and holding over 300 patents, with a digitalization rate of 77.8% [6][8]. Group 3: Economic Impact - Since 2021, 24 key aluminum industry projects have been implemented, increasing the deep processing rate of aluminum from 9% to 42.3%, contributing to an aluminum industry output value of 47.64 billion yuan [6][8]. - The completion of the Huayun Phase III project has raised Baotou Aluminum's total electrolytic aluminum capacity to 1.5 million tons, with 420,000 tons classified as green aluminum, positioning it as the largest green aluminum base for China Aluminum Group [6][8]. Group 4: Sustainability Initiatives - The Baotou Aluminum Industry Park has been recognized as a "National Green Industrial Park," with clean energy accounting for over 40% of its energy consumption, and plans to increase this to over 46% through wind and solar projects [8]. - The park has established five national-level green factories and five autonomous regional green factories, emphasizing its commitment to sustainable development [8].

Core Viewpoint - Baise is transforming its aluminum industry from a resource-based model to a high-end, intelligent, and green development approach, significantly enhancing its overall strength, quality, efficiency, and competitiveness in the aluminum sector [1]. Industry Development - Baise's aluminum industry achieved an output value of 40.6 billion yuan in Q1 2025, marking a year-on-year growth of 19.6%, laying a solid foundation for high-quality development throughout the year [1]. - The city has established a complete aluminum industry chain, with an aluminum product to electrolytic aluminum production ratio of 1.45:1, making it one of the few cities with a comprehensive aluminum industry chain [1]. Innovation and Technology - Companies in Baise are investing in advanced technologies, such as a self-developed linear annealing device costing over 100 million yuan, which significantly reduces production time from 4-5 days to just over 1 hour [2]. - The annual processing capacity of aluminum alloy plates and strips at Guangxi Runtai Aluminum Co., Ltd. has reached 400,000 tons [2]. - The Baise aluminum industry has signed 81 projects in the past three years, with a total planned investment of 61.4 billion yuan [3]. Smart Manufacturing - Baise has seen a rise in intelligent manufacturing, with 2 recognized benchmark enterprises, 12 smart factories, and 2 digital workshops in the aluminum sector [5]. - The city has invested 500 million yuan in the past three years to support technological upgrades and new production lines for aluminum enterprises [5]. Green Transformation - Baise's recycling of waste aluminum templates into regenerated aluminum has achieved an annual production capacity of over 100,000 tons, with a usage ratio of regenerated aluminum reaching over 70% [6]. - The city has built a centralized renewable energy capacity of 1.875 million kilowatts and distributed photovoltaic capacity of 1.005 million kilowatts, with green electricity consumption in the aluminum industry accounting for 22.3% [6]. - Baise has introduced digital twin technology for the entire lifecycle of electrolytic aluminum, saving 78,000 tons of standard coal annually and reducing carbon dioxide emissions by 184,200 tons [7].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of CNY 18.17, representing a potential upside of 14.3% from the current price of CNY 15.9 [6][12]. Core Viewpoints - The company has established a dual-engine development model driven by lightweight automotive metal components and general aviation aircraft manufacturing, positioning itself as a leader in several niche markets [2]. - The low-altitude economy is expected to grow significantly, with the company poised to benefit from this trend through its recent acquisition of Volocopter, which enhances its capabilities in the eVTOL sector [10][11]. - The automotive lightweight metal components business is anticipated to grow steadily, supported by the development of the new energy vehicle industry, while the general aviation and eVTOL sectors are expected to thrive in the emerging low-altitude economy [12]. Financial Performance Summary - In 2024, the company achieved revenue of CNY 16.264 billion, a slight increase of 0.35% year-on-year, while net profit decreased by 10.14% to CNY 653 million [3][4]. - The automotive lightweight metal components segment generated revenue of CNY 13.450 billion, accounting for 82.7% of total revenue, with a minor decrease in its share [3]. - The gross margin for 2024 declined by 3.8 percentage points to 16.53%, with the automotive lightweight components and general aviation segments experiencing significant margin pressures [4]. - For Q1 2025, the company reported revenue of CNY 3.567 billion, a year-on-year increase of 0.75%, and a net profit of CNY 275 million, reflecting a growth of 21.3% [5]. Business Segment Analysis - The automotive lightweight metal components business saw a revenue increase of 0.09% year-on-year, with new energy vehicle-related revenue reaching CNY 3.28 billion [3]. - The general aviation business generated CNY 2.814 billion in revenue, marking a year-on-year growth of 1.62% [3]. - The company’s cost control measures resulted in a reduction of the total expense ratio by 1.84 percentage points to 8.92% [4]. Market Outlook - The low-altitude economy is projected to exceed CNY 1 trillion in scale by 2026 in China, with the global low-altitude economy expected to surpass USD 1 trillion by 2040 [11]. - The company aims to integrate Volocopter's advanced eVTOL technologies with its existing manufacturing capabilities to create a comprehensive product matrix, including fixed-wing aircraft, vertical take-off and landing vehicles, and drones [10].

Group 1 - The recent investment promotion conference in Guangyuan resulted in the signing of 31 projects related to aluminum-based new materials, with a total investment exceeding 21 billion yuan [1] - Guangyuan is recognized as a demonstration zone for high-performance industrial aluminum materials and is the only base city for aluminum-based new materials in Sichuan Province [1][2] - The aluminum industry in Guangyuan achieved an output value of 41.9 billion yuan in the previous year, reflecting a year-on-year growth of 30% [1] Group 2 - The establishment of a 500,000-ton green recycled aluminum project by Sichuan Guangmei New Materials Technology Co., Ltd. in Jian'ge will provide sufficient aluminum raw material support for the local industry [2] - Guangyuan has signed 38 new aluminum industry projects this year, with ongoing projects including a 100,000-ton green recycled aluminum production facility [2] - The newly signed projects aim to enhance the entire aluminum industry chain in Guangyuan, including a 400,000-ton anode carbon production project to support local electrolytic aluminum enterprises [2] Group 3 - Guangyuan is focusing on high-end, intelligent, and green development in the aluminum industry, with new products such as ultra-thin aluminum foil for food packaging and batteries [3] - The city aims to achieve an annual output value of over 50 billion yuan in the aluminum industry this year, with several high-tech and specialized enterprises already established [3][4] - Future plans include enhancing financial services, policy support, and the business environment to help companies reduce costs and increase production efficiency [4]

证券代码：002085 证券简称：万丰奥威 浙江万丰奥威汽轮股份有限公司投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动类 | □媒体采访  业绩说明会 | | | | □新闻发布会 □路演活动 | | | 别 | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位 | 投资者网上提问 | | | 时间 | 2025 年 日下午 15:00-17:00 | 5 月 13 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 | | | | 络远程的方式召开业绩说明会 | | | | 董事长 总经理 余登峰 | 赵亚红 | | 上市公司接待人员 | 独立董事 财务总监 陈善富 | 谢韬 | | | 副总经理、董事会秘书 李亚 | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次业绩说明会中提出的问题进行了回复： | | | | Q1、公司无人机产品目前主要应用于什么领域？目前的出货 | | | | 量如何，2024 营收多 ...

Financial Performance - In 2024, the company achieved a revenue of 4.9 billion CNY, a year-on-year increase of 11.12% [14] - The net profit attributable to shareholders for 2024 was 22.73 million CNY, with a growth of 6.88% [14] - In Q1 2025, the company reported a revenue of 1.215 billion CNY, up 28.25% year-on-year, and a net profit of 16.78 million CNY, increasing by 10.33% [2][14] - The proposed cash dividend for 2024 is 0.17 CNY per 10 shares, totaling 13.18 million CNY, which is 19.68% of the net profit [2] Business Segments - The automotive aluminum alloy wheel business generated a revenue of 3.5 billion CNY, a growth of 15.07% [14] - The motorcycle aluminum alloy wheel segment saw a revenue of 450 million CNY, a decline compared to the previous year [14] - The electric vehicle aluminum alloy wheel business achieved a revenue of 1.1 billion CNY, increasing by 9.51% [14] - The profile segment reported a revenue of 602 million CNY, a significant increase of 326.27% [14] Impact of Tariffs - The recent U.S. tariff adjustments have a limited impact on the company, as the majority of products are sold under FOB terms, with tariffs borne by customers [3] - The company maintains a diversified market layout, with minimal direct sales to the U.S. market [3] Global Expansion - The company has established a significant overseas presence through the acquisition of Watson Manufacturing in Thailand, which has become a key production base [4] - In 2024, Watson Manufacturing achieved a revenue of 527.63 million CNY, a growth of 17.37% [5] - A new project in Thailand aims to produce 2 million aluminum wheels annually, expected to be completed in Q4 2025 [5] Shareholder Engagement - The controlling shareholder has a plan to increase holdings between 50 million to 100 million CNY, with 54.98 million CNY already invested by March 12, 2025 [6] Long-term Strategy - The company focuses on high-end applications of aluminum alloy wheels and is developing new technologies to enhance product performance [7] - It aims to promote low-carbon aluminum materials in line with national carbon reduction strategies [8] - The company is advancing its digital transformation to improve production efficiency and product quality [10][11] Project Developments - Ongoing projects include a 1.2 million annual production capacity for aluminum wheels in Anhui, expected to enter trial production in Q3 2025 [12] - The company is also working on a project in Yunnan for 1.2 million aluminum wheels and another in Thailand for 2 million electric vehicle wheels, both progressing as planned [13]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with a revenue of 1.215 billion yuan, representing a year-on-year growth of 28.25%, and a net profit of 16.7767 million yuan, up 10.33% year-on-year [1] Financial Performance - The company achieved a revenue of 1.215 billion yuan in Q1 2025, marking a 28.25% increase compared to the same period last year [1] - The net profit after deducting non-recurring items was 16.7767 million yuan, reflecting a year-on-year growth of 10.33% [1] Impact of US Tariff Policy - The recent US tariff adjustments have had a limited impact on the company, as only a small portion of its aluminum alloy automotive wheels are exported to the US, while other products are minimally affected [1] - The company operates under a FOB sales model, meaning that tariffs are borne by the customers, which mitigates the impact of tariff changes [1] - The company’s production facility in Thailand maintains a low tax rate advantage, allowing it to continue exporting to the US effectively [1] Expansion in Thailand - To meet the growing market demand from Chinese automotive companies expanding into Thailand, the company is increasing its investment in the region, with a new project expected to produce 3 million aluminum alloy wheels annually, set to be completed by Q4 2025 [2] - The subsidiary in Thailand has secured multiple projects with a leading new energy vehicle manufacturer, preparing for the benefits of increased production capacity [2] - The company has also obtained export licenses for motorcycle wheels to India, with its high-strength, high-pressure molded motorcycle wheels passing certification from Honda [2] Future Outlook - The company views overseas markets as a key growth driver and plans to continue refining its products and technologies in the global market [2] - The company will actively adjust its supply chain strategies in response to changes in international trade policies to ensure the healthy development of its overseas business [2]