Financial Data and Key Metrics Changes - The net cash used in operating activities for the year was approximately $100 million, with an expected increase to between $110 million and $125 million in 2025 [42][43] - A significant non-cash financing cost of £688 million was reported due to the restructuring of convertible loan notes, which is highly volatile and driven by stock price calculations [42][43] Business Line Data and Key Metrics Changes - The company is focused on developing a best-in-class aircraft with a target for certification in 2028, emphasizing safety and capacity for both passengers and luggage [14][43] - The business model includes battery as a service, which is expected to provide high margins and predictable long-term revenue [20][43] Market Data and Key Metrics Changes - The company has a diverse customer base with a third of orders from The Americas, a third from Europe, and a third from Asia, reducing regional concentration risk [108] - The collaboration with the CAA and EASA is expected to streamline the certification process, allowing for concurrent sales in multiple markets [50][112] Company Strategy and Development Direction - The company has relaunched its strategy, Flight Path 02/1930, aiming to lead the sector by the end of the decade with clear operational goals [6][23] - The focus is on maintaining capital efficiency while ramping up spending towards certification, with a commitment to spend significantly less than competitors [22][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the certification timeline due to clear and transparent regulations, which are expected to result in a safer product than competitors [48][49] - The company anticipates a gradual ramp-up in spending as it approaches certification, with a focus on derisking the timeline [70][72] Other Important Information - The company has secured funding through 2025, including £220 million from refinancing activities and $90 million from existing investors [23][24] - A new majority owner, Mudrick Capital, has been established, bringing additional industry experience to the company [24] Q&A Session Summary Question: What is the path to certification and confidence in timelines? - The company is working under SCVTOL regulations with a clear plan, aiming for certification in 2028, which is supported by a collaboration agreement with EASA [47][50] Question: What are the funding needs to get to certification? - The company is fully funded for 2025 and expects to be the most efficient in terms of spending towards certification [51][52] Question: Can you discuss the timing of spending increases? - Spending is expected to ramp up to between $110 million and $125 million, with a focus on derisking the certification timeline [56][57] Question: How does the company address concerns about downwash and outwash? - The company acknowledges industry concerns but is not overly worried, citing real-world experience with their full-scale aircraft [60][62] Question: What is the geographic concentration of the order book? - The order book is evenly distributed across The Americas, Europe, and Asia, reducing regional risk [108] Question: Will the company sell to high net worth individuals post-certification? - Yes, the company plans to sell to high net worth individuals once certification is achieved, with no additional regulatory hurdles [81][103]

Core Insights - The low-altitude economy is expected to drive the transformation and upgrading of China's economic structure, with a market size projected to exceed 6 trillion yuan by 2035 according to the National Integrated Transportation Network Planning Outline [4][19] - Continuous airspace reform provides strong support for the development of the low-altitude economy, with the establishment of a national airspace classification method and the introduction of a dedicated low-altitude economic development department [5][19] - Central and local policies are accelerating deployment, with the first batch of six low-altitude pilot cities already established and a second batch expected to be announced soon [6][19] - The low-altitude application scenarios are diverse, with commercial operations projected to generate over 300 billion yuan in revenue by 2035, driven by demand for eVTOL aircraft and other low-altitude services [7][19] - Infrastructure investment in low-altitude flight is expected to exceed 1 trillion yuan annually, with significant investments planned for takeoff and landing facilities and air traffic management systems [8] Industry Overview - The low-altitude economy encompasses a range of industries, including high-end manufacturing, new energy, and new materials, and is characterized by its strong integration with various sectors [14] - The low-altitude economy is supported by a comprehensive policy framework, with numerous government documents outlining strategic goals and action plans since 2010 [18] - The airspace management reform is crucial for the prosperity of the low-altitude economy, with pilot programs being implemented in key cities to enhance airspace utilization [23] Application Scenarios - The low-altitude economy features rich application scenarios, including consumer, transportation, operational, and emergency safety applications, with significant market potential in leisure, logistics, and public services [26][33] - Current commercial applications are primarily focused on logistics, agriculture, and tourism, with a growing emphasis on integrating low-altitude services into various industries [33] Key Companies and Investment Opportunities - Beneficiary companies in the low-altitude economy include those involved in infrastructure construction (e.g., Huase Group, Sujiao Science and Technology), eVTOL manufacturers (e.g., EHang, XPeng), and suppliers of composite materials and batteries [10] - The eVTOL and drone sectors are expected to play a leading role in the low-altitude economy, with significant growth anticipated in both manufacturing and operational capabilities [28][30]

时的科技将在安徽省芜湖市湾沚区建立总装制造工厂。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，时的科技日前完成数亿元B轮融资，由洪泰基金、安泰基金及湾沚区国投集团联 合投资。 作为未来发展计划的一部分，时的科技将在安徽省芜湖市湾沚区建立总装制造工厂。时的科技在产业 化道路上取得重要进展，也将为芜湖市的低空经济产业链增添新动力。芜湖市和湾沚区将为时的科技 提供包括土地使用、资金支持和应用场景在内的全方位支持，以促进E20 eVTOL项目的产业化进 程。 安泰基金、湾沚区国投集团表示： "十年磨一剑，芜湖市湾沚区自2013年开始布局低空经济新赛 道，以通用航空产业高质量发展为牵引，抢占先发优势，集聚创新要素，拓展现代产业新赛道、新空 间。投资时的科技是芜湖市面向未来加快孕育新质生产力、布局低空经济产业的重要一环，进一步完 善了芜湖市低空经济产业链，让芜湖的天空'忙起来'，让'飞天'梦想照进现实。 时的科技是eVTOL 行业头部企业之一，安泰基金、湾沚区国投集团对时的科技的技术和商业化前景充满信心，看好时的 科技迅速发展，成为未来空中交通的主力机型。 ...