Yingboer (300681) has released its 2025 semi-annual financial report, revealing robust performance in the first half of the year. Revenue reached 1.369 billion yuan, a 33.75% increase compared to the same period last year. Net profit attributable to shareholders stood at 0.037 billion yuan, up 6.96% year-on-year, while profit after non-recurring items totaled 0.034 billion yuan, reflecting a surge of 169.93%. Notably, when excluding share-based compensation, the adjusted profit after deductions was 0.052 billion yuan. n nOn a quarterly basis, revenue for Q1 and Q2 was 0.546 billion and 0.823 billion yuan, rising 15.19% and 49.75% respectively. Net profit attributable to shareholders was 0.011 billion yuan in Q1 and 0.026 billion yuan in Q2, increasing 26.30% and 0.73%. Profit after non-recurring items reached 0.008 billion yuan in Q1 and 0.025 billion yuan in Q2, up 42.24% and 287.47% year-on-year, indicating accelerating profitability in the second quarter. n nBy product segment, the company shipped 0.4422 million power units in the first half, a 17.46% rise, generating 0.623 billion yuan in revenue, up 24.36%, with gross margin improving by 2.6 percentage points to 14.16%. Drive systems saw 0.1594 million units shipped, with integrated products growing 185.47% year-on-year. Electric drive assemblies brought in 0.54 billion yuan, a 125.06% increase, and gross margin expanded 8.48 points to 9.75%. Motor controller revenue declined 38.38% to 0.145 billion yuan, though gross margin rose 2.21 points to 28.84%. Overall gross margins for Q1 and Q2 were 15% and 15.03%, with the latter up 1.8 points from the prior year. The improvement was driven by higher-margin export sales and enhanced operational efficiency through internal cost optimization. n nIn the new energy vehicle sector, the company has solidified its position in passenger vehicles while advancing its global footprint in commercial vehicles. Its product matrix for drive and power systems has strengthened, with the combined sales share of drive and power assembly products rising from 72.42% to 84.98%. It ranks among the top domestic Tier 1 suppliers for new energy passenger vehicle components. In commercial vehicles, mass production has been achieved with clients including SAIC Chase, Geely Zhuhai Remote, and BAIC Foton. Customized solutions are also being delivered to Jiangling Ford, Xugong, Wuling New Energy, Cyrus, and Dongfeng Commercial Vehicles, covering vans, microtrucks, and light-duty trucks. n nIn the emerging low-altitude economy, the company’s integrated core technology—combining motor, electronics, and control systems—delivers compact, lightweight, and high-power-density propulsion systems ideal for eVTOL aircraft. It has established system-level capabilities in eVTOL R&D and delivery. A joint venture with EHang Intelligence, Yunfu Yingbo Intelligent Technology, is now in facility construction and equipment commissioning, preparing for final assembly of the EH216-S model. Prototype development with Everbright and Hi-Domain is progressing as planned. Given its early-mover advantage and proven technical competence, the company is well-positioned to become a preferred supplier if OEMs seek external partners in the eVTOL supply chain. n nThe company is also expanding into autonomous logistics vehicles, having secured project wins from key clients such as Shanghai Yika and Shang Yuan Zhixing. Projects with Xinshi, Jiushi, and Foton Pilot are advancing, demonstrating strong customer acquisition momentum. Additionally, on April 21, 2025, Yingboer signed a global strategic partnership with Fengli Intelligence, combining Fengli’s expertise in harmonic and planetary gear reducers with Yingboer’s strengths in motors and drive systems to co-develop integrated joint modules—creating a “motor + reducer” solution. n nBased on first-half performance, earnings forecasts for 2025–2027 have been revised to 0.11, 0.17, and 0.26 billion yuan (previously 0.13, 0.18, 0.27 billion). This corresponds to EPS of 0.4, 0.7, and 1.0 yuan, with P/E multiples of 74x, 48x, and 32x, respectively. The outlook remains positive, maintaining a “recommended” investment rating. Key risks include volatility in raw material prices, intensifying market competition, and safety challenges in the eVTOL domain. n
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英搏尔(300681)：Q2扣非利润高增 看好低空经济供应链核心标的成长潜力 关注布局物流无人车及关节模组
The company released its 2025 semi-annual report: 1) In the first half of the year, the company achieved revenue of 1.369 billion yuan, up 33.75% year on year; Net income to mother 0.037 billion yuan, up 6.96% year on year; Net income after deducting 0.034 billion yuan, up 169.93% year on year. Note: The company’s Net income for the first half of the year after deducting share payments was 0.052 billion yuan. 2) On a quarterly basis, 25Q1-Q2 achieved revenue of 0.546 billion yuan and 0.823 billion yuan, respectively, up 15.19% and 49.75% year on year; Net income to mother reached 0.011 and 0.026 billion yuan respectively, up 26.30% and 0.73% year on year, respectively; after deducting non-net Net income, it achieved 0.008 and 0.025 billion yuan, respectively, up 42.24% and 287.47% year on year. 3) By product: In the first half of the year, the company shipped 0.4422 million power units, up 17.46% year on year, achieving revenue of 0.623 billion yuan, up 24.36% year on year, gross margin of 14.16%, up 2.6 pct year on year; drive systems shipped 0.1594 million units, of which all-in-one products increased 185.47% year on year, and electric drive assemblies achieved revenue of 0.54 billion yuan, up 125.06% year on year, gross margin 9.75%, same A year-on-year increase of 8.48pct; the motor controller achieved revenue of 0.145 billion yuan, a year-on-year decrease of 38.38%, gross margin of 28.84%, and an increase of 2.21pct year-on-year. 4) Profit level: The company’s Q1-2 gross margins were 15% and 15.03% respectively, flat and 1.8 percentage points higher than the same period in ’24. According to the company’s interim report, the first half of the year benefited from higher gross margin export sales growth, and the overall gross margin increased year-on-year during the reporting period; on the other hand, the company continued to strengthen internal management, improve operational efficiency, and optimize operating costs. n nNew energy Fund Cars sector: The company consolidates and strengthens its advantages in the passenger vehicle sector and quickly completes the Global Strategy layout in the commercial vehicle sector. 1) In the field of New energy Fund passenger vehicles: The company has built a shelf product matrix for drive systems and power systems. The sales share of drive assembly products and power assembly products increased from 72.42% in the same period last year to 84.98%. The company ranks among the leading domestic Tier 1 suppliers in terms of total sales of new energy passenger vehicle power assemblies, drive assemblies, all-in-one drive assemblies, and motor controllers. 2) New energy Fund commercial vehicle sector: The company quickly completed the Global Strategy layout in the field of New energy Fund commercial vehicles, achieved mass production of projects such as SAIC Chase, Geely Zhuhai Remote, and BAIC Foton. At the same time, it continued to provide customized and cost-effective products for customers such as Jiangling Ford, Xugong, Wuling New energy Fund, Cyrus, Dongfeng commercial vehicles, etc., covering segments such as VANs, microtrucks, and light trucks. n nIn the field of low-altitude economy: The company’s “integrated core” technology products deeply integrate motor electronic control, achieving the characteristics of small size, light weight and high power density of electric propulsion systems, which are highly suited to the needs of eVTOL machines. At the same time, the company has system capabilities such as high-quality R&D and delivery of eVTOL products. 1) Cooperation with Ehang Intelligence: Yunfu British Airways Intelligent Technology Co., Ltd., a joint venture subsidiary established by the company and Ehang Intelligence, has entered the plant infrastructure and equipment commissioning stage. After production capacity construction is completed, it can meet the final assembly capacity requirements of Ehang Smart EH216-S. 2) Prototype development between the company and Everbright and Hi-Domain is progressing smoothly. 3) We believe that the company’s competitiveness and market recognition in the low-altitude field are proof of the company’s competitiveness and market recognition in the low-altitude field. As an enterprise with a first-mover advantage, if OEMs seek third party cooperation in related supply chains in the future, we expect the company to be the main target of consideration, thus opening up space for market expansion. n nPay attention to the company’s layout of unmanned logistics vehicles. The company forwardly entered the driverless logistics vehicle core system circuit. During the reporting period, the company successfully obtained project targets from key customers such as Shanghai Yika and Shang Yuan Zhixing, and leading customers such as Xinshi, Jiushi, and Foton Pilot all promoted projects, with remarkable customer development results. n nThe company continues to promote joint module development. On April 21, 2025, the company announced that it had signed a Global Strategy cooperation agreement with Fengli Intelligence. Fengli Intelligence has accumulated technology in the fields of harmonic speed reducers, planetary speed reducers, etc., while Ingol has advantages in drive systems and motors. The two sides cooperate to develop joint modules to form a “motor+reducer” integrated product capability. n nInvestment advice: Based on the company’s performance in the first half of the year, we slightly adjusted the company’s profit forecast for 2025-27 to 0.11, 0.17, and 0.26 billion (the original forecast was 0.13, 0.18, 0.27 billion). The corresponding EPS for 25-27 was 0.4, 0.7, and 1.0 yuan, and the corresponding PE was 74, 48, and 32 times, respectively, to emphasize the “recommended” rating. n nRisk warning: Raw material prices fluctuate greatly, market competition intensifies, and safety risks in the eVTOL field.
