2025年下半年低空经济融资报告：9月成全年融资热度峰值，千万级项目成主力

Core Insights - The low-altitude economy in China is experiencing significant growth, with 177 financing events and a total investment of 18.482 billion yuan in the second half of 2025, indicating strong market confidence and a shift from policy-driven to operation-driven development [2][23] - The financing landscape shows a "two ends diverging, middle concentrating" structure, highlighting early-stage vitality and competitive dynamics among mature projects [7][8] Financing Trends - The financing market exhibited a "first decline, then rise, and finally adjustment" pattern, with a peak in September 2025, where financing amounts reached 4.917 billion yuan [4] - The total financing amount in October was 4.071 billion yuan, indicating a concentration of capital towards leading enterprises [4] Regional Distribution - Beijing led with 40 financing events, followed by Guangdong with 32, showcasing the impact of policy and industrial foundations on capital flow [11] - The Yangtze River Delta region demonstrated strong collaborative effects, with Jiangsu, Zhejiang, Shanghai, and Anhui collectively accounting for nearly 40% of the national financing total [11][12] Financing Round Structure - Angel rounds and Pre-A rounds dominated with 35 and 31 events respectively, indicating strong early-stage investment interest [7] - Later rounds, such as B and C rounds, saw a decline in activity, reflecting increased scrutiny and challenges faced by mature projects [7][15] Hot Investment Areas - Drones and eVTOL (electric vertical takeoff and landing) vehicles emerged as the primary focus areas for capital, with significant investments in both manufacturing and operational services [19][20] - Key technology sectors, including avionics, propulsion systems, and core components, also attracted substantial financing, emphasizing the importance of technological breakthroughs [19] Notable Financing Events - The top financing events included significant investments in eVTOL and drone companies, with several firms securing hundreds of millions in funding, indicating a strong market expectation for these technologies [21][22] - The majority of financing events were in the range of hundreds of millions, reflecting investor confidence in leading projects and their commercial viability [22] Overall Market Dynamics - The low-altitude economy is transitioning from exploration to large-scale implementation, supported by favorable policies and technological advancements [23] - The industry is poised for high-quality development, with a focus on integrating low-altitude applications across various sectors, including logistics and urban services [23]