"多方战略合作的顺利落地，展现了公司开放协作、汇聚行业优势资源的发展路径。"沃兰特航空方面表 示，公司正以实际行动，与生态伙伴共同加速eVTOL技术的创新突破与商业化进程，携手推动低空经 济产业生态的繁荣与共赢。 据了解，松正航空动力是天津松正控股子公司，为独立运营的专业化航空动力系统供应商，是行业领先 的电驱动系统制造商，主营业务为eVTOL动力系统产品，主要应用于城市交通、货运eVTOL、低空文 旅、应急消防、工业巡检等细分领域。 沃兰特航空方面表示，此次供应主合同的签署，标志着VE25型号在电动力系统研制与适航审查等方面 取得重要进展。双方将持续深化合作，共同推进VE25-100型号的研制与适航取证进程。 日前，2025年亚洲通用航空博览会在广东省珠海市开幕。《中国经营报》记者从沃兰特航空方面获悉， 在本届博览会上，沃兰特航空展出了VE25-100天行全尺寸飞机，并与中创新航签署战略合作协议，与 松正航空动力签署供应主合同合作协议。 具体来看，基于此次战略合作协议，沃兰特航空将与中创新航围绕VE25-100天行项目展开多维度深度 协同。在技术研发方面，双方将联合开展高强度材料的应用研究与测试，并推进下一 ...

Macro and Strategy - The macroeconomic report indicates that both domestic and external demand are on the rise, with service sector recovery enhancing the "internal supplementing external" effect [3][8] - In Q1 2025, China's GDP reached 318,758 billion, growing by 5.4% year-on-year, consistent with Q4 2024 [7] - March 2025 saw industrial added value increase by 7.7% year-on-year, while retail sales rose by 5.9% [7][8] Automotive Industry - The low-altitude economy supply chain in China is developing, with significant market potential for eVTOL (electric Vertical Take-Off and Landing) aircraft [11][12] - The eVTOL market is projected to have a demand for 240,000 units in tourism and commuting scenarios, with a total market size exceeding 250 billion [11][12] - The eVTOL power system, which includes electric motors and controls, constitutes about 40% of the total cost structure, indicating a market potential of 100 billion for power systems alone [12] Real Estate Industry - In Q1 2025, real estate development investment was 19,904 billion, down 9.9% year-on-year, while new housing starts fell by 24.4% [14] - Sales volume and prices are showing marginal improvements, with a narrowing decline in sales performance noted in March [14] - The report suggests that future real estate policies will be crucial for stabilizing the market, with recommendations for specific companies like Greentown China and Beike-W [14] Social Services Industry - The report highlights a significant increase in travel during the Qingming Festival, with cross-regional travel reaching 790 million, a 7.1% increase year-on-year [15] - The tourism sector is expected to benefit from favorable weather and extended holiday policies, indicating a robust recovery in domestic travel demand [15][16] - The consumer services sector saw a decline of 1.55%, underperforming the broader market [16] Company-Specific Insights - Ruijie Networks reported a 43% increase in net profit for 2024, driven by growth in data center development [18] - Xtep International's main brand sales increased in the single digits, while the Saucony brand saw over 40% growth in sales [20] - Bailong Oriental achieved a 15% revenue growth in 2024, with a turnaround in net profit due to improved operational efficiency [22] - Ninebot's revenue grew by 38.9% in 2024, with significant contributions from electric two-wheelers and lawnmowers [24] - China Merchants Shekou's revenue increased by 2% in 2024, but net profit fell by 36% due to substantial impairment provisions [29] - Yonyou Network's core product BIP3 saw an increase in revenue share, with expectations for recovery driven by AI product integration [31][34] - Hehe Information reported a 21.21% increase in revenue, with a 23.93% rise in net profit, indicating strong performance in B-end business [35]