格隆汇1月29日丨万丰奥威(002085.SZ)公布，预计2025年归属于上市公司股东的净利润85,000万元 ~105,000万元，比上年同期增长30.11%~60.72%，扣除非经常性损益后的净利润69,000万元~89,000万 元，比上年同期增长23.85%~59.74%。 2025 年度公司整体业务稳健发展。公司汽车金属部件轻量化业务持续优化产品和客户结构，快速 响应和满足下游客户需求，提升客户配套量；通过工艺改进、技术创新，降本提效，经营效益显著提 升；通航飞机制造业务订单良好，经营稳健，高附加值机型生产工艺持续改进，销售业务持续优化，通 过收购Volocopter GmbH核心资产，完成了"通航固定翼-eVTOL-无人机"多场景产品矩阵，同时积极推进 eVTOL、eDA40、DART 系列新机型研发，提高整体业务可持续经营发展水平。 ...

南财智讯1月29日电，万丰奥威发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 8.50亿元—10.50亿元，同比预增30.11%—60.72%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为6.90亿元—8.90亿元，同比预增23.85%—59.74%。业绩变动原因说明：1、2025年度 公司整体业务稳健发展。公司汽车金属部件轻量化业务持续优化产品和客户结构，快速响应和满足下游 客户需求，提升客户配套量；通过工艺改进、技术创新，降本提效，经营效益显著提升；通航飞机制造 业务订单良好，经营稳健，高附加值机型生产工艺持续改进，销售业务持续优化，通过收购 VolocopterGmbH核心资产，完成了"通航固定翼-eVTOL-无人机"多场景产品矩阵，同时积极推进 eVTOL、eDA40、DART系列新机型研发，提高整体业务可持续经营发展水平。2、2025年度公司计提 应收账款等资产减值准备同比2024年度下降；同时公司控股子公司收购VolocopterGmbH名下相关有形 资产、知识产权、承接特定合同权利义务产生收益，提高了本年度盈利水平。 ...

每经AI快讯，1月29日，万丰奥威（维权）(002085.SZ)公告称，预计2025年归属于上市公司股东的净利 润为8.50亿元~10.50亿元，比上年同期增长30.11%~60.72%。2025 年度公司整体业务稳健发展。公司汽 车金属部件轻量化业务持续优化产品和客户结构，快速响应和满足下游客户需求，提升客户配套量；通 过工艺改进、技术创新，降本提效，经营效益显著提升；通航飞机制造业务订单良好，经营稳健，高附 加值机型生产工艺持续改进，销售业务持续优化，通过收购VolocopterGmbH核心资产，完成了"通航固 定翼-eVTOL-无人机"多场景产品矩阵，同时积极推进eVTOL、eDA40、DART系列新机型研发，提高整 体业务可持续经营发展水平。 ...

Core Viewpoint - The company is focused on optimizing its customer structure in the automotive metal parts lightweight business and enhancing digital management and intelligent transformation of production lines before the third quarter of 2025 [1] Group 1: Automotive Metal Parts Lightweight Business - The company is implementing process improvements and technological innovations to reduce costs and enhance efficiency [1] - There is a commitment to improving sustainable operational capabilities [1] Group 2: General Aviation Aircraft Manufacturing - Sales in the general aviation aircraft manufacturing business are being continuously optimized [1] - The company is improving production processes for high-value aircraft models and expanding into the global private jet market [1] Group 3: Supply Chain and New Model Development - The company is developing new supply chain support to ensure the safety of the aircraft supply chain while reducing costs and increasing efficiency [1] - Ongoing research and development efforts are focused on new aircraft models, including eVTOL, eDA40, drones, and the DART series [1]

Core Insights - The low-altitude economy is experiencing significant progress in stimulating investment and enhancing local safety regulation, with the State Council issuing measures to encourage private capital participation in infrastructure development [1] - The "14th Five-Year Plan" includes low-altitude economy as part of strategic emerging industries, emphasizing innovation and large-scale application of new technologies [1] - Guotai Junan Securities anticipates that WanFeng Aviation (002085.SZ) will benefit from ongoing policies supporting the low-altitude economy [1] Company Overview - WanFeng Aviation has established four major aircraft design and R&D centers in Austria, Canada, Czech Republic, and Germany, along with a provincial engineering research center in China [2] - The company holds intellectual property for 18 aircraft models, with a strong customer base across Europe, North America, Asia-Pacific, and the Middle East [2] - WanFeng is focusing on the development of fixed-wing electric aircraft, eVTOL, and drones, aiming to create efficient and sustainable vertical take-off and landing vehicles for the global low-altitude market [2] Product Development - The company is set to acquire core assets of Volocopter by March 2025, aiming to provide eVTOL solutions for various scenarios, including passenger and cargo transport within 300 kilometers [3] - The Volo XPro and Volo City models are in development, with the former targeting the private leisure market and expected to complete certification by 2026 [3] - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, indicating substantial growth potential [3] Future Outlook - Guoyuan Securities believes that as the low-altitude economy develops, WanFeng Aviation will enhance its aircraft model offerings to cater to domestic private flights, short-distance transport, and special purposes [4] - The company aims to integrate aircraft manufacturing with intelligent systems and take-off/landing facilities to create a cohesive urban air traffic system [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Insights - The company has achieved a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company reported a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9]. - The automotive lightweight components business continues to optimize customer structure and enhance R&D efforts in aluminum and magnesium alloy applications. The company is also expanding its collaboration with key new energy customers [2][25]. - The general aviation aircraft manufacturing business is focused on innovation, with a strong order book and ongoing development of new aircraft models, including eVTOL and drones. The acquisition of Volocopter's core assets aims to create a commercial ecosystem for urban air mobility solutions [2][26]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.922 billion yuan, down 1.93% year-on-year, and a net profit of 229 million yuan, up 38.14% year-on-year. The gross margin for Q3 was 15.3%, a decrease of 0.4 percentage points year-on-year, while the net margin improved by 1.3 percentage points to 6.6% [1][18]. - For the first three quarters of 2025, the automotive lightweight components revenue was 9.385 billion yuan, a slight increase of 0.02% year-on-year, while the general aviation aircraft revenue was 2.031 billion yuan, up 2.20% year-on-year [9][26]. Business Segments - The automotive lightweight components segment focuses on aluminum and magnesium alloys, with ongoing efforts to enhance production efficiency and optimize product structure for new energy vehicles [25][29]. - The general aviation segment is expanding its market presence with a robust order book and continuous innovation in aircraft manufacturing, including the development of eVTOL and other new aircraft models [2][26]. Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35].

Core Insights - Despite the rising interest in the low-altitude economy, Zhejiang Wanfeng Auto Wheel Co., Ltd. (Wanfeng Aowei) has experienced stagnation in revenue growth, with a year-on-year decline in the most recent quarter [2] Financial Performance - In Q3 2025, Wanfeng Aowei reported revenue of 3.922 billion yuan, a decrease of 1.93% year-on-year; net profit attributable to shareholders was 229 million yuan, an increase of 38.14% [2] - For the first three quarters of 2025, total revenue reached 11.416 billion yuan, reflecting a growth of 0.4% year-on-year; net profit attributable to shareholders was 729 million yuan, up by 29.38% [2] Business Segments - The automotive metal parts lightweighting business remains the dominant segment for Wanfeng Aowei, generating revenue of 9.385 billion yuan in the first three quarters, with a minimal growth of 0.02% year-on-year [2] - In the general aviation aircraft innovative manufacturing sector, Wanfeng Aowei achieved revenue of 2.031 billion yuan from January to September, marking a year-on-year growth of 2.20% [2] Strategic Developments - In March 2025, Wanfeng Aowei acquired core assets from the German eVTOL company Volocopter [3] - The company is actively working on the certification process for certain eVTOL models, aiming to expedite market entry for its products [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][33] Core Viewpoints - The company has achieved a net profit of 225 million yuan in Q2 2025, representing a year-on-year growth of 32%. For the first half of 2025, the company reported a revenue of 7.494 billion yuan, up 1.66% year-on-year, and a net profit attributable to shareholders of 501 million yuan, up 25.74% year-on-year [1][7] - The company is focusing on automotive lightweighting and expanding into general aviation and eVTOL markets, which are expected to drive growth in the low-altitude economy [2][20][21] - The company has a dual-engine development strategy, with automotive lightweight components and innovative general aviation manufacturing as its core business segments [18][20] Financial Performance - In Q2 2025, the company achieved a revenue of 3.927 billion yuan, a year-on-year increase of 2.50% and a quarter-on-quarter increase of 10.11%. The gross profit margin for Q2 2025 was 18.8%, up 1.5 percentage points year-on-year [1][9] - The company’s automotive lightweight components revenue for H1 2025 was 6.056 billion yuan, down 0.54% year-on-year, while the revenue from general aviation manufacturing was 1.438 billion yuan, up 12.09% year-on-year [1][21] - The company maintains a positive outlook for revenue growth, projecting revenues of 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan for 2025, 2026, and 2027 respectively [3][33] Business Strategy - The company is enhancing its R&D capabilities in lightweight metal applications, focusing on aluminum and magnesium alloys, and optimizing its product structure to meet the needs of new energy vehicles [20][24] - The company is actively pursuing opportunities in the general aviation market, with a strong order book and ongoing improvements in high-value aircraft manufacturing processes [21][23] - The acquisition of Volocopter's core assets is part of the company's strategy to develop urban air mobility solutions and capitalize on the emerging low-altitude economy [23][28]

Group 1: Industry Overview - The 2025 International Low Altitude Economy Expo will be held in Shanghai, showcasing nearly 300 leading companies in the low-altitude economy, focusing on breakthroughs in eVTOL and drone technologies [1] - The low-altitude economy market in China reached a scale of 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is expected to grow to between 670.25 billion yuan and 970.25 billion yuan in 2024, potentially reaching 1.5 trillion yuan by 2025 [2] Group 2: Company Developments - Wan Feng Aviation has integrated Volocopter's advanced eVTOL technologies with its own manufacturing capabilities, creating a diverse product matrix that includes fixed-wing aircraft, vertical take-off and landing vehicles, and drones [2][3] - The company completed the acquisition of Volocopter GmbH's core assets in March 2025, which will accelerate its global development and application in the low-altitude sector [4] - Wan Feng Aviation's revenue from its general aviation aircraft innovation manufacturing business reached 2.814 billion yuan in 2024, reflecting a year-on-year growth of 1.62% [5] Group 3: Competitive Advantages - The company has established a dual-engine development model focusing on lightweight automotive components and innovative general aviation aircraft manufacturing, leveraging its strengths in both sectors [3][7] - Wan Feng Aviation has a leading position in the low-altitude economy and is recognized for its advanced manufacturing capabilities in lightweight magnesium alloy materials, which can be applied to eVTOL development [6][7] - The company is actively pursuing the certification process for its eVTOL models, including the eDA40 and DART series, while enhancing its operational efficiency through resource integration across multiple production sites [7]

Core Viewpoint - The company is committed to advancing the TC certification process for specific eVTOL models by 2025, aiming to bring products to market quickly [1] Group 1: Product Development - The company has established a multi-scenario product travel matrix that includes "fixed-wing + vertical take-off and landing aircraft + drones" [1] - The company plans to focus on the TC certification process for the DART model, the all-electric general aviation aircraft eDA40, and certain eVTOL models in 2025 [1] Group 2: eVTOL Market Strategy - The urban air mobility solution relies on two piloted two-seat models: Volocopter 2X and VoloCity [1] - The Volocopter 2X is expected to complete TC certification between 2025 and 2026, with efforts to secure commercial orders [1] - The VoloCity model is designed to meet stricter EASA aviation standards and is currently advancing its TC certification process with EASA [1]