When asked about the company's extensive use of magnesium alloys in its eVTOL fuselage for weight reduction, and whether key structural components utilize semi-solid die casting, and whether the company would evaluate the Yizumi UN6600T equipment if it expands production, and whether its current die casting equipment suppliers include high-end domestic brands, Wanfeng Auto Wheel responded to investor inquiries on its interactive platform on December 1st. Wanfeng Auto Wheel stated that the fuselage and wing components of its mass-produced and delivered aircraft use high-performance carbon fiber/glass fiber composite materials, manufactured and assembled on its own production lines. The eVTOL models under development and certification also utilize high-performance carbon fiber composite material technology, resulting in significant material strength and weight reduction. On December 1st, Wanfeng Auto Wheel further stated that its business focuses on lightweight automotive metal parts, primarily based on aluminum alloys and magnesium alloys, as well as professional general aviation aircraft manufacturing integrating independent R&D, design, manufacturing, sales, and service. The company is also increasing its R&D efforts in fixed-wing pure electric aircraft, eVTOL, drones, and other new types of aircraft, and expanding into the global low-altitude market. On December 1st, Wanfeng Auto Wheel responded to investor inquiries on its interactive platform, stating that its aluminum and magnesium alloy lightweight materials have wide applications, extending from the automotive industry to rail transportation, 5G, marine engineering equipment, and low-altitude aircraft. The company also stated that it has ample orders for general aviation aircraft, continuously improves its production processes for high-value-added models, and continues to expand into the global private aircraft market. Simultaneously, it is steadily advancing the research and certification of its eVTOL (electronic VTOL) aircraft to meet higher airworthiness standards and safety levels. Furthermore, the company is committed to creating and delivering intrinsic value, maintaining open communication channels with investors, and continuously deepening its core business to reward investors with better operating performance and investment value. Finally, the company noted that eVTOL, as a new type of aircraft, has become a key area of research and development investment for domestic and international manufacturers, providing new opportunities for the development of the low-altitude industry. At the same time, local governments across China are actively responding, providing policy support tailored to local conditions for low-altitude manufacturing, low-altitude infrastructure, and application scenario development. Wanfeng Diamond, leveraging its leading advantages in the general aviation field, is systematically advancing the research and certification of new types of aircraft such as eVTOL and drones to meet the product layout needs of different application scenarios. Wanfeng Auto Wheel announced on November 13 that it recently received a "Confirmation Letter of International Arbitration Award" from Diamond Aircraft Industries GmbH, a wholly-owned subsidiary of its holding subsidiary, Wanfeng Aircraft Industry Co., Ltd. The Austrian Diamond and Shandong Bin'ao Aircraft Manufacturing Co., Ltd. reached a settlement on the arbitration matter. This arbitration settlement will not affect the company's net profit attributable to owners of the parent company in 2025, but will help the localization and market promotion of the company's Diamond aircraft brand. Wanfeng Auto Wheel announced on the evening of October 24 that in the first three quarters, the company achieved operating revenue of 11.42 billion yuan, an increase of 0.4%; and net profit attributable to the parent company of 730 million yuan, an increase of 29.38% year-on-year. Specifically, in the third quarter of 2025, the company achieved revenue of 3.92 billion yuan, remaining stable year-on-year; net profit attributable to the parent company of 230 million yuan, an increase of 38.1% year-on-year; and net profit attributable to the parent company after deducting non-recurring items of 220 million yuan, an increase of 53.9% year-on-year. Wanfeng Auto Wheel's Q3 report shows that the company's industry positioning is in the "large transportation" sector, adhering to a "dual-engine" development strategy, and is committed to becoming a global promoter of lightweight automotive metal parts and a global leader in innovative manufacturing of general aviation aircraft. 1. Lightweight Automotive Metal Parts Business: From January to September 2025, the company's lightweight automotive metal parts business achieved operating revenue of RMB 9.385 billion, a year-on-year increase of 0.02%. Facing a highly competitive industry environment, the company continues to optimize its customer structure, promote the digital management upgrade and intelligent transformation of its production lines, improve production efficiency, strengthen the procurement of bulk materials and raw material inventory control, and increase R&D efforts in lightweight metal application technologies, primarily aluminum alloys and magnesium alloys. Through continuous process improvement and technological innovation, the company reduces costs and improves efficiency, thereby enhancing its overall sustainable business development capabilities. Meanwhile, the company will continue to strengthen cooperation with core new energy customers, optimize its product structure, increase the supply of large-size wheels, and continuously promote the application of large magnesium alloy die-cast parts such as magnesium alloy dashboard brackets in mid-to-high-end vehicles and new energy vehicles in China. It will also promote the localization of large magnesium alloy die-cast parts, build a leading R&D institution in the domestic automotive parts industry, solve key core technology problems in lightweight materials, processes, design, and manufacturing, and achieve "localized design and agile supply" to continuously meet the needs of the rise of new energy vehicles and the development of automotive lightweighting, actively promoting industry development. 2. General Aviation Aircraft Innovative Manufacturing Business: From January to September 2025, the company's general aviation aircraft innovative manufacturing business achieved operating revenue of RMB 2.031 billion, a year-on-year increase of 2.20%. The company continues to focus on aircraft innovative manufacturing, continuously strengthening its "R&D-licensing/technology transfer-complete aircraft manufacturing and sales-after-sales service" business model. During the reporting period, general aviation aircraft orders were sufficient, sales continued to optimize, production processes for high-value-added models continued to improve, and the company continued to expand into the global private aircraft market. The company's general aviation aircraft manufacturing implements a globally integrated strategic operation mechanism, maintaining the security of the aircraft supply chain and reducing costs and increasing efficiency by developing new supply chains. Simultaneously, it continues to advance the R&D of new models such as eVTOL, eDA40, drones, and the DART series. In March 2025, the company acquired Volocopter's core assets, building a closed-loop business model based on business formats and ecosystems, expanding into scenarios such as urban air mobility solutions, intercity air mobility solutions, urban air life-saving channels, business travel, leisure and entertainment, and specific environment connections. In the future, with the development of the low-altitude economy, Diamond Aircraft will continue to explore new application scenarios based on its existing application markets such as flight school training. It will promote the introduction of new aircraft models and the construction and resource integration of new domestic bases and delivery centers. Through a rich series of aircraft models, it will further match and develop domestic private flight, short-haul transportation, and special-purpose scenarios. Simultaneously, it will increase the research and development and type certificate (TC) certification of new aircraft models such as electric aircraft, eVTOL, and drones, building an urban air traffic system that integrates "aircraft manufacturing as the business model + intelligent systems and take-off and landing facilities as the foundation." It aims to seize the new opportunities for the development of the national low-altitude economy and accelerate its market layout in the low-altitude economy. Regarding the company's main businesses and products, Wanfeng Auto Wheel stated in its semi-annual report that it is an international company with advanced manufacturing in the transportation sector as its core. After more than 20 years of development, the company has formed a "dual-engine" driven development pattern of lightweight automotive metal parts and innovative manufacturing of general aviation aircraft. In the first half of the year, the company's main businesses consisted of two segments: lightweight automotive metal parts business, mainly based on "aluminum alloy-magnesium alloy"; and professional general aviation aircraft manufacturing business, integrating independent research and development, design, manufacturing, sales, and service. A research report by Guoxin Securities on Wanfeng Auto Wheel's Q3 report shows that the company's net profit margin increased by 1.3 percentage points year-on-year in Q3 2025. Based on automotive lightweighting, general aviation aircraft and eVTOL open up growth opportunities in the low-altitude economy. 1) In the automotive metal parts lightweighting business, the company continues to optimize its customer structure and increase its R&D efforts in lightweight metal application technologies, primarily aluminum alloys and magnesium alloys. Simultaneously, the company will continue to strengthen cooperation with core new energy customers, optimize its product structure, increase the supply of large-size wheels, and continue to popularize the application of large magnesium alloy die-cast parts such as magnesium alloy dashboard brackets in domestic mid-to-high-end vehicles and new energy vehicles, promoting the localization of large magnesium alloy die-cast parts. 2) In the general aviation aircraft innovative manufacturing business, the company continues to focus on aircraft innovative manufacturing, constantly strengthening its "R&D-licensing/technology transfer-complete aircraft manufacturing and sales-after-sales service" business model. During the reporting period, general aviation aircraft orders were sufficient, production processes for high-value-added models continued to improve, and the company continued to expand into the global private aircraft market. The company continues to advance the R&D of eVTOL, eDA40, UAVs, and the DART series of new models. In March 2025, the company acquired Volocopter's core assets, constructing a closed-loop business model based on industry formats and ecosystems. This expansion will target scenarios such as urban air mobility solutions, intercity air mobility solutions, urban air life-saving channels, business travel, leisure and entertainment, and specific environment connections. In the future, with the development of the low-altitude economy, Diamond Aircraft will continuously explore new application scenarios based on existing markets such as flight school training, promote the introduction of new aircraft models, and construct and integrate resources for new domestic bases and delivery centers. Through a rich series of aircraft models, it will further match and develop domestic private flight, short-haul transportation, and special-purpose scenarios. Simultaneously, it will increase R&D and type certificate (TC) certification for new aircraft models such as electric aircraft, eVTOL, and drones, building an urban air mobility system that integrates "aircraft manufacturing as the industry format + an ecosystem based on intelligent systems and take-off and landing facilities." Risk warnings: The development of the low-altitude economy may fall short of expectations; raw material price fluctuations. Guoyuan Securities' research report on Wanfeng Auto Wheel's third-quarter report points out: Revenue has grown steadily, and profitability has continued to improve. Profit margins have remained stable, and the expense ratio has remained stable. The dual-engine strategy has been further deepened and advanced, and substantial breakthroughs have been achieved in the development of the low-altitude economy. Risk warnings: Macroeconomic and industry volatility risks, international trade barrier risks, raw material and energy price volatility risks, exchange rate volatility risks, and risks of the degree of opening up of domestic general aviation airspace falling short of expectations.