Core Viewpoint - Shenzhen Municipal Development and Reform Commission has developed a high-quality construction plan for low-altitude infrastructure from 2024 to 2026, focusing on enhancing the service capabilities for helicopters and eVTOL aircraft [1] Group 1: Infrastructure Development - The plan includes the implementation of the "Guangdong Province General Airport Layout Plan (2020-2035)" [1] - By the end of 2026, the Longhua Zhangkengjing Vertical Takeoff and Landing Airport is expected to be operational [1] - The relocation of the Nantou Vertical Takeoff and Landing Airport will be completed, further improving service capabilities [1] Group 2: Airport Planning - The construction of the Shenshan General Airport is planned, aiming for a stable site by the end of 2026 [1] - The new airport will complement the Longhua Zhangkengjing Vertical Takeoff and Landing Airport, enhancing the overall low-altitude aviation landscape [1] - The plan emphasizes the development of new general aviation aircraft and the establishment of a solid foundation for research, manufacturing, and full-scenario applications in the low-altitude sector [1]

Core Viewpoint - Shenzhen's Development and Reform Commission has established a high-quality construction plan for low-altitude infrastructure from 2024 to 2026, aiming to enhance urban air mobility and logistics services [1] Summary by Relevant Categories Infrastructure Development - By the end of 2026, Shenzhen plans to build over 1,200 low-altitude takeoff and landing points [1] - The city aims to open more than 1,000 various low-altitude commercial flight routes, including passenger and cargo flights [1] Coverage and Accessibility - The coverage ratio of helicopter and eVTOL takeoff and landing facilities within a 1-kilometer radius of built-up areas is expected to exceed 50% [1] - The low-altitude express delivery service, offering "2-hour same city, 4-hour cross-city" delivery, is projected to cover over 70% of the city's population [1] Healthcare and Urban Management - The coverage rate of tertiary hospitals and blood centers is anticipated to exceed 50% [1] - Urban governance will achieve full inspection coverage of parks, rivers, reservoirs, and shorelines within a 3-kilometer radius of takeoff and landing sites [1] Commercial Applications - The plan includes commercial applications in various fields such as manned flights, logistics transportation, low-altitude sightseeing, aviation sports, flight training, power line inspections, port inspections, aerial photography, surveying, and agricultural protection [1]

Financial Performance - The company's operating revenue in 2024 decreased by 24.23% year-on-year, but gross profit margin and net profit attributable to shareholders improved due to enhanced cost management and project management capabilities [2][3] - The asset-liability ratio rose to 93.97%, with short-term debt accounting for 96.01% and a cash ratio of only 0.15 [3] - Accounts receivable increased by 51.32% year-on-year, indicating a need for improved management of customer payment terms [5][6] Business Strategy - The company aims to increase the revenue share from low-altitude infrastructure construction, which currently represents a small portion of its business [3] - Plans to enhance digitalization in traditional business areas to improve efficiency and potentially exit low-margin sectors like residential renovation [4][5] - The company is actively working to diversify its client base, as the top five clients account for 86.53% of sales [6] Market Positioning - The company is focusing on differentiating itself in a weak construction market by leveraging its qualifications and successful project experience to build trust with clients [6] - It is committed to expanding its presence in the central and western regions of China, while currently having no overseas market plans [7] Regulatory Compliance - The company has maintained cash dividends over the past three years, totaling less than 30 million, which complies with relevant regulations [4][5] - It is responding to the EU carbon tariff requirements by enhancing supply chain management and selecting low-carbon suppliers [4]