Core Viewpoint - The company is committed to transforming public transportation through innovative technologies, focusing on automotive lightweighting and general aviation manufacturing as dual engines for growth [2][3]. Group 1: Automotive Lightweighting Business - Founded in 2001, the company has developed a dual-engine growth model centered on automotive lightweighting and general aviation manufacturing [3]. - In 2024, the company achieved a revenue of 16.264 billion yuan, with over 80% of this revenue coming from the automotive lightweighting sector [3]. - The company is a leading player in the aluminum alloy wheel hub market and has successfully transitioned to support new energy vehicles, establishing long-term partnerships with major manufacturers [3]. - The magnesium alloy die-casting segment is facing a sales decline due to product lifecycle issues, but the aluminum alloy business is experiencing growth [4]. Group 2: General Aviation Manufacturing - The general aviation manufacturing business saw a revenue increase of 1.62% year-on-year in 2024, becoming the company's second-largest growth driver [5]. - The company has established a comprehensive sales network with 192 service agents globally, and its production bases are located in various countries including Canada, Austria, and Germany [6]. - The company has restructured the core assets of Volocopter GmbH to enhance its eVTOL product development capabilities, integrating advanced technologies for urban air mobility [6][7]. Group 3: Future Development and Strategy - The company plans to continue its dual-engine strategy, focusing on automotive lightweighting and general aviation manufacturing while expanding its global footprint and technological innovation [8]. - Future plans in the eVTOL sector include launching various models for urban and intercity transportation, as well as developing customized aircraft based on client requirements [8]. - The company aims to create a commercial ecosystem around urban air transportation solutions, including an air taxi booking platform and takeoff/landing facilities [8][9].

每经记者｜孔泽思 每经编辑｜杨夏 近两年，eVTOL（电动垂直起降飞行器）应用加速，在全世界范围内引起了研发、制造、应用热潮，成为国际航空科技创新的新赛道，其应用场景也逐渐 拓展至物流、农业、消防、应急、基建等多个领域，载人运营也不再遥不可及。 齐飞航空科技（苏州）有限责任公司（以下简称"齐飞航空"）也是入局者之一。2025年5月，该公司旗下首款全尺寸5座载人eVTOL新产品W280在苏州下 线，最大起飞重量2.8吨，最大时速280千米，最大航程280千米。同时，该公司发布了全国首条低空商业载人试验航线"苏州中心—苏州北站—阳澄湖景 区"的闭环飞行场景，计划2026年开展示范运营。 5月23日至25日，第九届世界无人机大会（以下简称"无人机大会"）在深圳举行。齐飞航空副总裁彭立武在展会现场接受了《每日经济新闻》记者专访。他 表示，目前eVTOL制造技术领域已经不存在瓶颈，影响其发展的短板在于动力系统，未来五年内，供能问题有望通过装载固态电池来解决。 4 20 el the sta t a dealer and and on a F 1970 - 1997 t 2017 C PRODUCTION INDERS ...

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry as of May 25, 2025 [1]. Core Insights - The low-altitude economy sector has received significant attention from the national government, with policies aimed at fostering development and financial integration in technology sectors, particularly focusing on low-altitude economy projects [6][20]. - The industry has seen a decline in performance, with the Wande Low Altitude Economy Index dropping by 2.12%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [6][14]. - Key events include the World Drone Conference and UASE Drone Exhibition, showcasing advancements in low-altitude technologies and applications across various sectors [6][26]. Summary by Sections Market Review - From May 12 to May 25, 2025, the low-altitude economy sector underperformed the market, with significant declines in relevant indices compared to the Shanghai Composite and CSI 300 [6][14]. Policy Dynamics - The Ministry of Industry and Information Technology emphasized the importance of the low-altitude economy, announcing initiatives to deepen financial integration and support for high-quality project development [20]. - Local governments, such as Sichuan and Tianjin, have introduced policies to support low-altitude economic development, including funding for infrastructure and technology advancements [21][22]. Industry Dynamics - The Civil Aviation Administration of China reported a 15.4% year-on-year increase in drone flight hours, indicating growth in the sector [23][24]. - The establishment of the International Low Altitude Economy Cooperation Alliance aims to enhance global collaboration and resource integration within the low-altitude economy [38]. Investment Recommendations - The report suggests focusing on four main lines of investment: components, complete machines, infrastructure support, and air traffic management operations, highlighting specific companies within these categories [8].

Group 1 - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo is being held in Ningbo, Zhejiang from May 22 to 25, featuring a new "Smart Central and Eastern Europe" exhibition area showcasing nearly a hundred cutting-edge technologies and products in fields such as artificial intelligence and robotics [1][4] - The "Smart Central and Eastern Europe" exhibition area features various domestic robots demonstrating advanced capabilities, attracting significant interest from Central and Eastern European merchants [3][4] - The expo has attracted 435 companies from 14 Central and Eastern European countries and nine other countries, with 24 procurement projects signed on the first day, totaling 2.49 billion RMB [5]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - Chinese enterprises and Central and Eastern European companies have actively explored multi-level and multi-field cooperation around "hard technology" and "good products," achieving complementary advantages and creating a model of mutually beneficial cross-regional cooperation [2] - The expo featured a large VR amusement park from Hungary's VR PARK, which aims to attract the younger generation, particularly Generation Z, to offline experiences and social interactions [2] Group 2 - The highlight of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's WanFeng Group [3] - WanFeng Group has established a global layout with four aircraft manufacturing bases and three design and R&D centers, aiming to become a global leader in general aviation innovation manufacturing [3] - During the expo, a total of 24.9 billion yuan in procurement contracts were signed, covering various categories including minerals, pet health products, skiing equipment, and wine [3][4] Group 3 - The cooperation between Ningbo Baoshui District 82 International Trade Co., Ltd. and Serbia's Viteplanet LLC involves a significant contract for pet health products, with an annual procurement scale of 80 million yuan over three years, totaling 240 million yuan [4] - The pet health product market in China demands strict safety and efficacy standards, making imported products with mature formulas and compliance qualifications a solid foundation for cooperation [4] - The Deputy Director of the European Department of the Ministry of Foreign Affairs emphasized the need for China and Central and Eastern European countries to deepen technological innovation cooperation with an open and inclusive attitude [4]

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held from May 22 to 25 in Ningbo, Zhejiang Province, serving as a high-level economic and cultural event to enhance practical cooperation between China and Central and Eastern European countries [1] - The expo has become an "accelerator" for pragmatic cooperation, focusing on "hard technology" and "good products," with Chinese and Central and Eastern European enterprises exploring multi-layered and multi-field collaborations [1] - A notable exhibit was the large-space VR amusement park from Hungary's VR PARK, which aims to attract Chinese consumers by offering a unique VR experience distinct from common VR setups found in malls [1][2] Group 2 - The large-space VR project is successfully promoted in cities like Ningbo and Yangzhou, with plans to expand to 10 cities this year, targeting the younger generation, particularly Gen Z [2] - The centerpiece of the expo was the HEMEP hybrid multi-engine aircraft, the world's first multi-engine hybrid aircraft developed by Austria's Diamond Aircraft, which has been fully acquired by China's Wan Feng Group [2] - Wan Feng Group aims to become a global leader in general aviation manufacturing, having established four aircraft manufacturing bases and three design and R&D centers worldwide, with services in 90 countries [2] Group 3 - During the expo, a procurement signing event resulted in contracts totaling 2.49 billion yuan, covering various products including minerals, pet health products, and ski equipment [3] - A significant partnership was formed between Ningbo Free Trade Zone and Serbia's Vetplanet, agreeing to import pet health products worth 80 million yuan annually over three years, totaling 240 million yuan [3] - The collaboration is seen as a bright spot in the domestic pet health market, emphasizing the importance of product safety and efficacy, supported by compliance and testing from authoritative institutions [3]

在出口消费品展区，宁波淘金数智科技有限公司（以下简称：宁波淘金数智）被称为"空中勘探师"，吸 引了广泛关注。站台上，宁波淘金数智展示了其自主研发的AI智能空域调度系统、多源感知融合算法 及行业场景化解决方案。这些技术成果可实现城市低空域的多维度感知与全流程管控，为城市治理、物 流配送、应急救援等领域提供智能化支撑。 展台还展示了公司与中东欧国家合作的潜在场景，如跨境物流通道的无人机运输网络设计等。 低空经济的风，"吹"进了这一国际盛会。 主题为"向新 向实 向未来"的第四届中国—中东欧国家博览会暨国际消费品博览会5月22日至5月25日在 浙江宁波举行。 记者实探本届博览会发现，多家中国企业和中东欧企业带来了电动滑翔机、无人直升机、AI智能空域 调度系统等展品，涵盖低空硬件、软件、基础设施、服务等。其中，不乏中企和中东欧企业合作研发的 产品。中国—中东欧国家在低空经济领域的协作成果，堪称互利共赢的跨区域合作典范。 在本届博览会主宾国斯洛文尼亚的主题馆，流线型机身、外形光滑利落的蝙蝠飞机展品模型吸引了众多 客商驻足观看。该馆工作人员向证券时报记者介绍称，斯洛文尼亚的蝙蝠系列飞机，是世界知名的轻型 运动类飞机，机身 ...

低空经济的风，"吹"进了这一国际盛会。 主题为"向新 向实 向未来"的第四届中国—中东欧国家博览会暨国际消费品博览会5月22日至5月25日在浙江宁 波举行。 记者实探本届博览会发现，多家中国企业和中东欧企业带来了电动滑翔机、无人直升机、AI智能空域调度系 统等展品，涵盖低空硬件、软件、基础设施、服务等。其中，不乏中企和中东欧企业合作研发的产品。中国— 中东欧国家在低空经济领域的协作成果，堪称互利共赢的跨区域合作典范。 在本届博览会主宾国斯洛文尼亚的主题馆，流线型机身、外形光滑利落的蝙蝠飞机展品模型吸引了众多客商驻 足观看。该馆工作人员向证券时报记者介绍称，斯洛文尼亚的蝙蝠系列飞机，是世界知名的轻型运动类飞机， 机身结构均为碳纤维复合材料，年产量约三百架，出口78个国家和地区，在同类机型中销量排名全球第一。 "蝙蝠飞机生产厂地处斯洛文尼亚、意大利和奥地利三国交界处的峡谷之间，工厂已实现了太阳能、风力、地 热等十四种环保技术的能量自给自足，荣获欧盟颁发的环保企业称号。"该工作人员表示，蝙蝠飞机是多次亮 相中东欧博览会的"老朋友"，每年都能吸引较多关注。 记者了解到，得益于中国—中东欧国家合作机制，蝙蝠飞机在201 ...

Core Viewpoint - The low-altitude economy is rapidly developing and becoming an integral part of daily life and production, with significant implications for economic growth and quality of life in China [1][5]. Application Scenarios - The low-altitude economy is being applied in diverse fields such as agriculture, logistics, tourism, public services, and urban air mobility [2][3][4]. - In agriculture, drones are utilized for irrigation, fertilization, and crop monitoring, with a reported 251,000 agricultural drones operating over 2.67 billion acres, covering 30% of the country's arable land by the end of 2024 [2]. - In logistics, drone delivery can reduce costs by 50% in remote areas, with companies like SF Express conducting over 40,000 flights in Tibet, improving delivery efficiency by 70% [3]. - The tourism sector is seeing growth in low-altitude experiences, with the number of licensed glider pilots increasing from over 10,000 in 2019 to 20,000 in 2024, indicating market expansion [3]. Economic Impact - The low-altitude economy is characterized by its intelligent, green, and integrated features, driving advancements in aviation manufacturing, materials science, and automation [5][6]. - It is expected to create synergies between the aviation industry and other sectors, enhancing overall economic efficiency and providing new opportunities for industrial transformation [6]. - The market size for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, highlighting its vast potential [6]. Infrastructure and Safety - The development of low-altitude economy infrastructure is crucial for enhancing interconnectivity and logistics efficiency [6]. - Safety is a core element for sustainable development, with the need for comprehensive safety management, regulatory frameworks, and emergency response mechanisms [8]. Challenges and Solutions - The low-altitude economy faces challenges such as immature business models, insufficient consumer market cultivation, and inadequate infrastructure [9][10]. - To address these issues, companies should focus on technological innovation to reduce production costs and target specific consumer groups, while the government can provide tax incentives and subsidies to stimulate market growth [11].

Core Insights - The low-altitude economy is gaining momentum, with government support and capital influx driving its development, but underlying risks and challenges remain [1][2][4][13] - The recent bankruptcy of Volocopter, a prominent eVTOL company, serves as a warning for the domestic low-altitude industry, highlighting potential pitfalls despite the current hype [3][4] Government and Policy Support - The low-altitude economy was included in the government work report last year, leading to the establishment of low-altitude companies by local state-owned enterprises [1] - As of November 2024, 45 cities in China have initiated low-altitude economic policy planning, with 744 certified general aviation companies and approximately 18,000 operational enterprises [4] Market Dynamics and Investment - The low-altitude economy is projected to reach a market size of 2 trillion yuan by 2030 and 3.5 trillion yuan by 2035, according to the Civil Aviation Administration of China [4] - Significant capital investment is flowing into the sector, creating numerous unicorn companies, but some enterprises rely heavily on concept hype rather than mature technology [4][8] Technological Challenges - eVTOLs face limitations due to low battery energy density, with most prototypes achieving only 200-250 Wh/kg, restricting flight range and payload capacity [5][6] - The production of high-efficiency motors for eVTOLs is costly and complex, leading to delays in delivery and increased costs [6] Infrastructure and Regulatory Issues - China's low-altitude airspace management system is still underdeveloped, lacking unified standards and clear flight rules, which complicates the approval process for eVTOL operations [6][7] - The number of general aviation airports in China is insufficient, with fewer than 300, which limits the operational capacity for low-altitude aircraft [6][7] Application Scenarios - The low-altitude economy encompasses various applications, including logistics, agriculture, and emergency rescue, with significant growth potential in these areas [8][11] - The commercial drone industry is expected to reach a market value of $30 billion by 2024, with a compound annual growth rate of 10.6% from 2025 to 2030 [8] Future Outlook - The low-altitude economy has the potential for substantial growth, particularly in tourism and emergency services, but requires significant infrastructure investment and regulatory improvements [12][13] - The integration of advanced technologies like Beidou and 5G for air traffic management is crucial for the safe operation of eVTOLs and other low-altitude vehicles [13]