Group 1 - The 2025 Asian General Aviation Exhibition successfully concluded, attracting nearly 400 exhibitors, with the Aviation Transparent Components Division of Beijing Aeronautical Materials Research Institute becoming a focal point due to its advanced technology and industry interactions [1][2] - The exhibition showcased a series of products including precision injection molding technology, mature hot-press lamination technology, and intelligent electrochromic technology, leading to multiple preliminary cooperation intentions, particularly in new transparent component solutions for eVTOL and urban air mobility [1] - During the event, the company’s representative signed strategic cooperation agreements with several exhibitors, covering areas such as new material research and development, structural simulation design, manufacturing process innovation, and the establishment of after-sales service systems [1] Group 2 - The transparent components division demonstrated the critical role of aviation transparent components in promoting the development of general aviation, marking a new starting point for the company [2] - The aviation transparent components developed by the division are referred to as the "eyes of the aircraft," providing essential support for safe, efficient, and comfortable flying in the era of urban air mobility [2]

深圳坪山智能网联测试场项目，旨在建设一个融合 "车、路、云、网、图"及低空元素的综合性测试验 证平台。项目将探索智能网联汽车与城市空中交通的协同运行，为未来立体智慧交通网络提供关键的测 试环境与数据支撑。 公司表示，在低空经济赛道中，东方中科的业务布局已深度渗透至多个核心领域。未来将继续依托自身 技术积累，与合作伙伴一道，共同为无人机物流、城市空中交通、应急救援等多元化低空应用场景的繁 荣发展，构筑坚实可靠的基石。（燕云） 日前，东方中科（002819）宣布先后与中山华特雅低空经济发展有限公司、深圳市城市交通规划设计研 究中心股份有限公司达成重要合作，成功签订中山无人机试飞测试基地项目与深圳坪山智能网联测试场 项目。 据介绍，中山无人机试飞测试基地项目，聚焦于无人机产品的安全准入核心环节，总投资约1亿元；项 目依托中山项目参与大湾区适航体系构建，致力于把控安全准入核心环节。该项目也是东方中科与中山 华特雅低空经济发展有限公司携手打造的标杆工程。 ...

备受瞩目的2025亚洲通用航空展近日在珠海落下帷幕，万丰集团携旗下Volocopter全系列垂直起降飞行 器（eVTOL）惊艳登场，成为本届航展最受瞩目的焦点之一。 这是继2025年3月万丰重组Volocopter后，首次以完整产品矩阵在中国亮相，VoloCity、VoloRegion、 VoloXpro等多款主力机型联袂登场，全面展示城市、城际空中交通（UAM）领域的低空经济前沿探索 与领先实力。 中国亮相 重组后的Volocopter活力焕发 11月19日，万丰Volocopter的先锋机型VoloXpro垂直起降飞行器正式获得中国民用航空局华东地区管理 局颁发的民用航空器特许飞行证，标志着万丰的低空飞行航空器在适航审定和商业化进程上更进一步。 VoloXpro为2座、18旋翼eVTOL飞行器，搭载9块可更换锂离子电池，最大飞行速度100千米/小时，具有 低噪音、高安全性等优势。该机型自2019年在新加坡完成全球首次公开载人飞行测试以来，已经在全球 20多个国家成功完成2,000多次试飞。取得特许飞行证后，VoloXpro将于近期开启在中国的巡飞之旅， 唱响未来城市空中交通的新图景。 图片来源：万丰奥特控 ...

Core Viewpoint - The Chongqing Municipal Government has issued a significant policy document aimed at promoting the high-quality development of the low-altitude economy, providing financial subsidies up to 20 million yuan, effective until December 31, 2027 [1][11]. Subsidy Directions - The subsidies will cover various areas including low-altitude logistics pilot projects, test flights, innovation in low-altitude manufacturing, and the development of high-quality enterprises in the low-altitude economy [2][7]. - Specific support includes 150,000 yuan for new low-altitude logistics routes using medium and large unmanned aerial vehicles (UAVs) that operate regularly for over a year, with a maximum annual support of 1 million yuan per enterprise [2][7]. Support for Testing and Innovation - Enterprises conducting test flights can receive up to 500,000 yuan for investments exceeding 5 million yuan, supporting various low-altitude aircraft and key component testing [3][8]. - Support for low-altitude manufacturing innovation includes up to 300,000 yuan for "order-based" R&D projects, and up to 500,000 yuan for the first major technical equipment produced in the low-altitude sector [3][8]. Infrastructure and Financial Support - Financial support will be provided for low-altitude infrastructure projects, with a maximum of 1 million yuan available for ground station network projects [5][10]. - The policy encourages private equity investment in low-altitude projects, offering up to 1 million yuan for fund managers supporting technology innovation enterprises [5][10]. Talent and Standardization - The policy emphasizes the importance of attracting high-level talent in the low-altitude economy, providing various incentives for professionals in this field [9][10]. - Support for the establishment of standards in the low-altitude economy includes financial assistance for enterprises leading the development of international and national standards [9][10].

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Core Insights - Falcon Executive Aviation, a subsidiary of Alex Group Investment, announced the construction of a fully private multi-modal Fixed Base Operator (FBO) terminal in Dubai during the Dubai Airshow, positioning it as a central hub for helicopter services and future eVTOL operations [2][3] - This project will make Falcon the first operator in the UAE to integrate private jet, helicopter, and eVTOL services within a single private aviation portal, marking a new era for urban air mobility in Dubai [2] - The terminal will cover an area of 6,380 square meters and is designed to provide ultra-private facilities, allowing for immediate takeoff and landing of helicopters and eVTOLs, as well as domestic transfers across emirates [2] Company Developments - The new facility aims to enhance the travel experience by enabling passengers to arrive via private jet, complete customs procedures through a dedicated channel, and then transfer seamlessly to helicopters or future eVTOL services for quick point-to-point travel within Dubai [2] - The project will also feature luxury amenities such as high-end retail, private banking, commercial spaces, and exclusive VIP lounges, creating a comprehensive and efficient vertical transportation ecosystem [2] Industry Impact - Sultan Rashit Abdulla Rashit Al Shene, founder and chairman of Alex Group Investment, stated that the terminal represents a decisive shift in Dubai's aviation future, with the integration of private jet operations, helicopter services, and next-generation eVTOL transportation [3] - The development is positioned as a cornerstone for the future air traffic network in the region, indicating a new chapter in Dubai's aviation industry [3]

Core Insights - The company, Yingboer (300681.SZ), has officially become a supplier for Germany's VOLOCOPTER, providing development services for the electric propulsion system of the XPro aircraft [1] Group 1: Company Developments - Yingboer will supply development services specifically for the electric propulsion system of the XPro aircraft [1] - VOLOCOPTER focuses on the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, aiming to provide innovative solutions for urban air mobility [1]

Core Insights - The eighth China International Import Expo showcased the upgraded "M1" manned flying vehicle by Yufeng Future Aviation Technology Co., which attracted significant attention with its immersive low-altitude travel experience [1][5] Company Overview - Yufeng Future's upgraded M1 manned flying vehicle has a capacity of 2 tons, can carry 5 passengers, and features a cruising speed of 200 km/h with a range of 250 km on a single charge [2] - The M1 incorporates a composite wing design and pure electric energy drive, optimizing cabin space utilization by approximately 27% [2] - The vehicle is equipped with an intelligent perception system for autonomous flight, enhancing safety and passenger experience through advanced collision avoidance and interaction technologies [2] Industry Developments - The expo featured a real-life setup of a "low-altitude travel takeoff and landing point," simulating urban air mobility (UAM) operations, which is crucial for the future urban air transport network and low-altitude economic development [5] - Visitors experienced a simulated booking process for flights to various destinations, with travel times and prices highlighted, such as a 15-minute flight to Suzhou Yangcheng Lake costing approximately 109 yuan [5] Partnerships and Orders - During the expo, Yufeng Future secured multiple agreements, including a proposal from China Bank Financial Leasing Co. to purchase 100 M1 manned flying vehicles and a memorandum of understanding with Saudi Aerial Solutions for 100 M1 cargo flying vehicles, totaling over 2 billion yuan [7] - The CEO of Yufeng Future emphasized the expo as a platform for showcasing new technologies and collaborations, reflecting the market potential of the low-altitude travel industry [7]

Core Insights - The Chinese eVTOL industry is experiencing a dichotomy between hype and reality, with significant challenges emerging despite initial excitement around electric vertical takeoff and landing aircraft [1][2] - Three companies stand out in the tilt-rotor technology segment: TCab Tech, INFLYNC, and Volant, each claiming to represent the future of urban air mobility [1][12] Company Summaries TCab Tech - TCab Tech's E20 tilt-rotor aircraft completed its first flight in 2023, achieving a speed of 320 km/h and is considered the closest to civil aviation standards among eVTOL models [11] - The company has established a connection with the CAAC for airworthiness certification and is in the technical document integration phase [17][18] - Its strategy focuses on cargo operations first to accumulate airworthiness experience before moving to passenger transport [18][32] INFLYNC - INFLYNC's L600 concept aircraft features a tilt-duct propulsion system, promising high lift-to-drag ratio and low noise, but remains in the prototype stage [11][8] - The company has not yet appeared on the official acceptance list and has not submitted its Type Certificate (TC) application [17][19] - INFLYNC's approach prioritizes overseas airworthiness, which may lead to higher costs and delayed returns [19][32] Volant - Volant employs a hybrid tilt-rotor approach, allowing for both vertical takeoff and long-distance cruising, but is seen as more focused on capital presentation than engineering validation [11][12] - The company is in the project declaration phase and collaborates with local low-altitude centers [17][18] - Volant's strategy involves a "light asset outsourcing" model, relying on external suppliers for some components [23][32] Industry Trends - The eVTOL sector is facing a tightening of capital, with investors becoming more cautious about funding "heavy asset + long cycle" projects [25][27] - The average time from project initiation to certification is estimated at 3-5 years, with extensive documentation and testing required [18][14] - The industry is characterized by a paradox where aggressive strategies may lead to slower progress, while pragmatic approaches may yield quicker results [20][32] Market Dynamics - The funding landscape has shifted from "who gets the money" to "who can sustain operations," highlighting the importance of cash flow in the current market [28][29] - The three companies represent different strategic paths: TCab Tech as the pragmatic player, INFLYNC as the risk-taker, and Volant as the hybrid approach [31][32] - The future of the eVTOL industry in China hinges on execution, patience, and the ability to secure airworthiness certifications [36][37]

Core Insights - Weixing Aerospace Technology (Xi'an) Co., Ltd. has successfully completed nearly 100 million yuan in seed and angel round financing, which will be used for the test flight preparation of the world's first 7-seat, 3-ton eVTOL Vector 5, as well as for airworthiness certification and the construction of a new production line in the Yangtze River Delta [1][4][5] Company Overview - Established in 2023, Weixing Aerospace's core product, Vector 5, is a 7-seat, 3-ton composite wing eVTOL with a maximum takeoff weight of 3180 kg, a range of 300 km, and a cruising speed of 250 km/h. The full-size prototype is scheduled to roll off the production line in June 2025 [4] - Vector 5 is designed for high reliability and adaptability in complex environments, aiming to provide efficient and stable aerial support for emergency rescue operations, as well as applications in urban commuting, high-end tourism, and business connections. The company has secured one full purchase order and 29 intent-to-purchase orders for this model [4] Financing Details - The recent financing round was led by Muhua Technology Innovation, with participation from leading listed companies and local state-owned enterprises. Muhua Technology Innovation is an investment platform initiated by Muhua Group, a wholly-owned subsidiary of Tsinghua University Asset Management Co., Ltd. [4] - The investment focus of Muhua Technology includes sectors driven by new-generation information technology, such as new energy vehicles, semiconductors, artificial intelligence, enterprise SaaS services, and educational technology [4] Industry Impact - The successful completion of this financing not only provides strong momentum for Weixing Aerospace's technology development and model advancement but also offers more imaginative space for innovation and upgrades in the low-altitude economy industry [5] - The company aims to continue focusing on the development and implementation of high-load, high-efficiency, and high-safety eVTOLs, contributing to the construction of urban air traffic and emergency rescue systems both in China and globally [5]