低空经济降温，宗申动力航发子公司IPO折戟，引爆6亿对赌回购

Core Viewpoint - Zongshen Power's subsidiary, Zongshen Aviation, has terminated its IPO process due to strategic development needs and changes in the capital market environment, marking the end of a five-year journey towards listing and triggering a share buyback obligation of nearly 600 million yuan for the parent company [2][12]. Company Summary - Zongshen Aviation, established in 2016, is primarily focused on lightweight piston aircraft engines for drones and general aviation aircraft, holding a 95.16% stake from Zongshen Power. The company has seen rapid growth in a small market, with about 30% of its revenue coming from overseas sales to over 30 countries [3][6]. - The market valuation of Zongshen Aviation was approximately 2.2 billion yuan, but its performance has been under pressure due to the nascent low-altitude economy market. In the first half of 2025, the company reported revenue of 70.34 million yuan, a year-on-year decline of 29.71%, and a net loss of 37 million yuan, a significant drop of 316.3% [6][12]. - The company has undergone five rounds of financing since 2020, attracting 22 industry capital investors, including state-backed funds. A buyback agreement requires Zongshen Aviation to list by June 30, 2025, or face buyback demands from investors at an annual interest rate of no less than 8% [6][10]. Industry Summary - The low-altitude economy sector is experiencing a significant downturn, with financing events dropping by 15.2% and total amounts decreasing by 8% in the first half of 2025 compared to the previous year. The focus has shifted to projects with verifiable technology and practical applications [12]. - The market demand in the low-altitude sector remains insufficient, with most applications still in exploratory stages, primarily in logistics, public services, and medical assistance. Many projects rely on government subsidies, indicating a lack of a sustainable business model [12]. - Major players in the industry are facing substantial losses, with Zongshen Aviation's peers also reporting significant financial difficulties. The overall low-altitude economy index showed that 20 listed companies collectively lost 8.487 billion yuan in the first half of 2025, reflecting a 18.2% year-on-year decline in net profits [12].