终结PPT融资时代，资本下注低空经济“确定性”

Core Insights - The investment logic in the low-altitude economy has fundamentally shifted from speculative technology visions to concrete commercial blueprints, as evidenced by recent funding trends [5][15][17] Group 1: Investment Trends - The financing pace in the low-altitude economy has become more cautious this year, contrasting with the previous year's aggressive funding announcements [3] - Recent C-round financing for WoFei ChangKong, amounting to several hundred million yuan, was led by strategic investors rather than high-risk early-stage venture capital [5] Group 2: Key Dimensions of Certainty - Regulatory approval is becoming more predictable, with WoFei ChangKong's AE200 entering the fourth phase of certification, indicating reduced uncertainty regarding manned flight approval [6] - Future revenue is becoming calculable through increasing procurement agreements, providing a solid revenue base for financial models [9] - The global headquarters in Chengdu is set to begin production in 2026, signaling a transition from capital expenditure to output, with a clearer path for cost reduction [11] - A replicable operational and profit model has been validated through successful trials in the Sichuan-Chongqing low-altitude tourism corridor, which can be duplicated in other regions [14] Group 3: Capital Structure - The C-round financing structure represents a risk-hedging and value-empowering combination, with each investor fulfilling specific roles to cover short, medium, and long-term development needs [13] - Hangzhou Industrial Investment Group provides local certainty and resources, while Prosperity7 Ventures opens global market access, and Songhe Capital focuses on manufacturing foundations [13] Group 4: Market Dynamics - The low-altitude economy is entering a "calculation era," where investors demand solid orders, clear certification timelines, controllable manufacturing costs, and validated business models [15][17] - The industry is experiencing a divide, with half of the 24 companies in the Wind low-altitude economy index reporting losses, reflecting common challenges in technology validation and infrastructure development [17] - Capital is expected to concentrate further on leading companies, intensifying the Matthew effect, with scrutiny on order fulfillment capabilities becoming critical for future financing [17] Group 5: Future Considerations - The influx of capital marks the beginning of a new competitive phase for WoFei ChangKong and its peers, with heightened scrutiny on their commitments to certainty [18] - Key questions include the timely delivery of orders, the production ramp-up speed of the new headquarters, and the efficiency of replicating successful models in other regions [18]