政策红利叠加业绩高增，纵横股份加速低空布局

Core Viewpoint - The recent revision of the Civil Aviation Law, effective from July 1, 2026, signals a systematic upgrade in the legal and policy environment for the low-altitude economy, encouraging the cultivation of the general aviation market and indicating strong national support for high-quality development in this sector [1] Group 1: Company Performance - In the first three quarters of 2025, the company achieved approximately 320 million yuan in revenue, a year-on-year increase of over 57%, with third-quarter revenue reaching 190 million yuan, up 54% year-on-year [2] - The company's net profit attributable to shareholders was 16.52 million yuan, marking a return to profitability and a continuation of growth [2] - The company ranked fourth in revenue growth rate within the low-altitude economy sector, with a stock price increase of 56.94% year-to-date, reflecting strong market performance [2] Group 2: Technological and Product Development - The company has built a comprehensive product line in the industrial drone system sector, focusing on high-value segments of the low-altitude economy, including fixed-wing, vertical take-off and landing, and heavy-lift drones [2] - The company is enhancing its product development and system delivery capabilities through a planned fundraising of up to 548 million yuan, aimed at industrializing unmanned systems and improving AI technology capabilities [4] - The company’s unmanned systems have been recognized with awards, showcasing its leading research and development strength in low-altitude infrastructure [5] Group 3: Market Expansion and Strategy - The company is implementing a dual development strategy focusing on "low-altitude digital economy + overseas markets," actively promoting infrastructure construction and application integration in the domestic market [6] - The company is exploring new cooperation models for low-altitude data sharing and system co-construction, enhancing user engagement and business sustainability [7] - The company has initiated international qualification applications for heavy-lift drone systems, targeting the needs of "Belt and Road" partners and emphasizing localized operational capabilities [7]