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]

格隆汇11月20日丨英搏尔(300681.SZ)在投资者互动平台表示，VT35电推进系统技术基础延续了公司乘 用车独有的"集成芯"技术，团队结合飞行器实际工况需求，对其电磁、结构、流体、热、工艺等多重技 术进行攻关和打磨，将双绕组+双电控+油冷+扁线+外转子等多重、高难度技术相融合，集多冗余、高 可靠性、IP67防水全天候运行于一体，目前VT35电推进系统样机已经交付。 ...

Core Viewpoint - Yingboer is a leading domestic supplier of key components for electric vehicles, with advanced motor controller technology and strong market competitiveness [1] Group 1: Business Overview - Yingboer's main business includes the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, with additional products such as onboard chargers, DC-DC converters, and electronic throttle pedals [1] - The company is categorized under the automotive industry, specifically in automotive parts and automotive electronic and electrical systems [1] Group 2: Financial Performance - For Q3 2025, Yingboer reported revenue of 2.358 billion yuan, ranking 18th among 36 companies in the industry, with the industry leader, Joyson Electronics, generating 45.844 billion yuan [2] - The company's net profit for the same period was 149 million yuan, placing it 13th in the industry, while the average net profit was 217 million yuan [2] - Revenue for the first three quarters of 2025 increased by 47% year-on-year, with a net profit of 149 million yuan, reflecting a 191% increase [6][7] Group 3: Profitability and Debt - Yingboer's debt-to-asset ratio stood at 62.49% in Q3 2025, higher than the industry average of 44.11% [3] - The gross profit margin for the same period was 15.65%, lower than the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.79% to 24,400, while the average number of circulating A-shares held per shareholder increased by 1.82% [5] Group 5: Management Compensation - The chairman, Jiang Guibin, received a salary of 412,700 yuan in 2024, down from 646,100 yuan in 2023, while the general manager, He Wentao, earned 402,300 yuan, also a decrease from 621,300 yuan [4] Group 6: Future Outlook - Analysts project that Yingboer's revenue will grow to 3.2 billion yuan in 2025, with net profits expected to reach 180 million yuan, reflecting a compound annual growth rate of 64% over the next three years [7]

Core Viewpoint - The announcement by Yingboer (300681) highlights significant progress in collaborations with EHang Intelligent and other partners, focusing on the development of electric propulsion systems for new aircraft models, indicating a strong commitment to advancing technology in the aviation sector [1] Group 1: Collaboration with EHang Intelligent - As of September 2025, the joint venture company, Yunfu Yinghang, has completed the basic construction of its facility and has entered the trial production phase [1] - The EH216-S model has completed small batch deliveries of its motor and electronic control systems [1] - In October 2025, EHang Intelligent launched the new VT35 model, designed for medium to long-distance travel across cities, seas, and mountainous areas, addressing more complex travel needs [1] Group 2: Technological Development of VT35 - The electric propulsion system for the VT35 was developed by the company's research team over more than a year, utilizing the unique "integrated chip" technology from its passenger vehicle division [1] - The team has integrated multiple advanced technologies, including dual winding, dual electronic control, oil cooling, flat wire, and outer rotor, achieving high redundancy and reliability with IP67 waterproof capabilities for all-weather operation [1] - The prototype of the VT35 electric propulsion system has already been delivered [1] Group 3: Collaboration with Other Partners - The electric propulsion system for the ET9 model has been completed, and the overall development of the aircraft is progressing [1] - The company is actively cooperating with EHang Intelligent to align with the certification timeline for the ET9 model [1] - Collaboration with Gaoyu is also progressing smoothly [1]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.358 billion CNY, representing a year-on-year increase of 47% [3] - The net profit attributable to shareholders reached 149 million CNY, a significant year-on-year growth of 191% [3] - The net profit after deducting non-recurring gains and losses was 51.28 million CNY, showing a 100% increase year-on-year [3] Business Strategy - The company focuses on a major client strategy, forming a "triangular team" of R&D, sales, and delivery to enhance customer engagement and project execution [3] - Revenue contribution from the top five clients has been consistently increasing, improving customer cooperation and market penetration [3] Market Expansion - The company is actively expanding its overseas market presence, particularly in Southeast Asia, with successful collaborations in Vietnam and ongoing development of other regional clients [6] - A strategic cooperation framework agreement with Jindi Co. aims to integrate strengths in electric drive system components and enhance competitiveness in both domestic and international markets [4] Product Development - The company has made significant progress in low-altitude field collaborations, including the establishment of a joint venture with Yihang Intelligent, which is currently in the trial production phase [7] - The VT35 electric propulsion system, developed for Yihang Intelligent, incorporates advanced technologies and has already been delivered for testing [7] Operational Efficiency - The rapid growth in revenue has helped dilute fixed costs, leading to a continuous improvement in gross margin [3] - Internal process optimization has reduced operational losses, supporting the release of profit margins [3]