低空经济：2025年融资暴涨71%，这个赛道正在起飞

Core Insights - The low-altitude economy is experiencing explosive growth in 2025, with a record 255 financing events, a 71% year-on-year increase, marking a significant milestone in the sector's development [1][4]. Policy Drivers - The inclusion of the low-altitude economy in the "14th Five-Year Plan" and ongoing airspace management reforms are key factors driving its growth, facilitating the large-scale application of drones and eVTOLs [2]. - Simplified flight approval processes and the opening of low-altitude airspace are critical in removing barriers for the industry [2]. Technological Advancements - Upgrades in core technologies such as low-altitude traffic management systems, communication navigation, and obstacle avoidance have significantly improved the efficiency and safety of low-altitude flights [2]. - The maturity of upstream supply chains, including batteries and composite materials, has contributed to the formation of a closed industrial ecosystem [2]. Market Demand - Rapid growth in consumer demand for applications in tourism, emergency rescue, and urban delivery, alongside deep penetration in industries like agriculture and power inspection, highlights the unique efficiency advantages of low-altitude transportation [2]. Investment Trends - The number of investment events in the low-altitude economy has risen from 109 in 2021 to 255 in 2025, with 2025 marking the most significant growth phase [4]. - Despite the increase in financing events, the estimated investment amount decreased by 9% to approximately 18.33 billion yuan, primarily due to early-stage investments dominating the growth [4]. Investment Focus - Mid-stage investments (primarily Series A) remain the mainstream in the low-altitude economy, driven by the complexity of technologies involved and the high safety requirements for manned flights [7]. - Early-stage investments have doubled in 2025, reaching 98 events, attributed to clearer policies and a more mature industrial ecosystem [7]. - Late-stage investments are also showing steady growth, indicating that some companies are entering a mature phase and seeking capital for scaling [7]. City Dynamics - The landscape of China's low-altitude economy is characterized by a "leading head, competitive tiers, and regional features" development pattern, with cities exhibiting differentiated growth paths based on their industrial foundations and policy advantages [8]. - Beijing leads in financing events with 46 occurrences and an estimated total financing amount of 4.845 billion yuan, showcasing its status as a technology innovation hub [9][10]. - Shenzhen, as a global hub for drone technology, benefits from a complete industrial chain in aircraft development and navigation [10]. - Other cities like Chengdu and Guangzhou are developing unique competitive advantages in specific segments of the low-altitude economy [11][12].