Core Insights - The "low-altitude + cultural tourism" consumption scene in Chengdu is driving new growth points for the spring economy, with a significant increase in demand for low-altitude flight experiences [1] - During the "May Day" holiday, multiple general aviation airports in Chengdu are expecting a total visitor reception exceeding 18,000, indicating a robust tourism trend [1][3] - The introduction of new low-altitude sightseeing routes, such as the "Panda Flying" experience, is attracting both local and out-of-town tourists, showcasing the potential for growth in the aviation tourism sector [3][5] Group 1 - Chengdu's low-altitude tourism activities, including aerial tours and skydiving, have seen over 45,000 flights from January to April 2025, marking an 18.1% year-on-year increase [1] - The "Panda Flying" route is the first urban low-altitude sightseeing line in Chengdu, offering helicopter tours at prices ranging from over 300 yuan to over 1,000 yuan, with flight distances between 6 kilometers and 12 kilometers [3] - The total number of visitors for low-altitude experiences in Chengdu is projected to exceed 10,000 during the holiday period, reflecting strong interest in these activities [3][5] Group 2 - The Huai Prefecture Airport in Chengdu has launched a "low-altitude cultural tourism carnival," featuring air shows, car exhibitions, and yacht displays, with an expected visitor count of over 4,000 during the holiday [5][7] - The airport is also offering free experiences such as drone racing and flight simulations, enhancing the overall visitor experience [7] - The average flight experience duration for flower viewing is around 20 minutes, with prices ranging from 300 yuan to 600 yuan, indicating a diverse pricing strategy to attract different customer segments [9]

Core Insights - The rise of low-altitude economy has made aviation education a popular choice during the May Day holiday, with significant participation from youth [1][3] - The aviation education program offered by Yisen Aviation includes various activities such as airport tours, theoretical lessons, and model assembly, aiming to engage students in the aviation field [3][4] - Yisen Aviation has set ambitious targets for its aviation education program, aiming to increase participation from 5,000 last year to between 10,000 and 20,000 this year [3] Group 1 - The aviation education program is designed to provide hands-on experiences that traditional classrooms cannot offer, allowing students to interact with real aircraft and pilots [3][4] - During the May Day holiday, Yisen Aviation expected to host around 400 young participants, indicating strong interest in aviation among local youth [1][3] - The program aims to cultivate interest in the low-altitude economy and aviation careers among children, contributing to future talent development in the industry [4]

Investment Rating - The report maintains a "Recommend" rating for CITIC Heli [1] Core Views - The company achieved its best quarterly performance in Q1 2025, with a revenue of 496 million yuan, representing a year-on-year growth of 8.37% and a net profit attributable to shareholders of 91 million yuan, up 9.2% year-on-year [6] - The company is deepening its cooperation in the eVTOL field with CITIC Financial Leasing and Fengfei Aviation, including a strategic cooperation agreement for the intention to purchase 100 large eVTOL aircraft [6] - The report emphasizes the company's strong position in the low-altitude economy and its potential to benefit from three key areas: expanding consumer markets, participating in new low-altitude operational network standards, and leveraging opportunities from being a state-owned enterprise [6] Financial Summary - Total revenue is projected to grow from 2,163 million yuan in 2024 to 2,923 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11% [2] - Net profit attributable to shareholders is expected to increase from 303 million yuan in 2024 to 436 million yuan in 2027, with a CAGR of about 9% [2] - Earnings per share (EPS) is forecasted to rise from 0.39 yuan in 2024 to 0.56 yuan in 2027 [2] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 57 times in 2024 to 39 times in 2027 [2] Quarterly Performance - In Q1 2025, the company reported a gross margin of 21.85%, an increase of 2.3 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 18.4%, consistent with the previous quarters [7] - The company’s performance in Q1 2025 was the highest for the same period in its history, second only to Q4 2024 [6] Strategic Developments - The company is actively innovating in the general aviation sector, with the recent acquisition of a specialized drone system, marking a significant step in the low-altitude economy [6] - The strategic partnership with Fengfei Aviation is expected to enhance service offerings in low-altitude sightseeing and transportation [6]

Core Viewpoint - The company Zero Gravity is focusing on commercializing low-altitude flight training and tourism, moving away from the "flying car" concept that dominates the industry. It has developed a product matrix consisting of electric fixed-wing, multi-rotor, and tilt-rotor aircraft, aiming to generate cash flow and self-sustainability through these markets [2][4]. Summary by Sections Product Development - Zero Gravity has established a product matrix that includes the RX1E-A electric fixed-wing aircraft, which has received airworthiness certification for commercial operations, and the ZG-ONE eVTOL targeting the tourism market with affordable pricing [2][4][10]. - The RX1E-A features a cruising speed of 120 km/h and a range of 280 km, with a maintenance cost significantly lower than traditional fuel-powered aircraft, making it an ideal training aircraft [13][15]. Market Focus - The company is targeting the low-altitude tourism and flight training markets, which are characterized by low frequency, high added value, high safety requirements, and high experience demand, making them closer to market realization [4][8]. - The global pilot training market is projected to grow from $8.5 billion in 2023 to $20.8 billion by 2033, with a compound annual growth rate of 9.36% [7]. Pricing Strategy - Zero Gravity aims to reduce training costs by 50% and offer aerial sightseeing experiences at prices around hundreds of yuan, making it more accessible compared to traditional helicopter tours priced at 2000-3000 yuan [9][5]. Strategic Partnerships - The company has formed strategic partnerships to explore low-altitude tourism and flight training, leveraging existing tourist destinations to enhance the customer experience [18][20]. Future Outlook - Zero Gravity is also exploring intercity air transportation, with plans to establish a network in the Southwest region of China, capitalizing on the diverse terrain and supportive policies in Chongqing [22][23]. - The tilt-rotor aircraft ZG-T6 is being developed for future urban air mobility, with expectations for significant advancements in regulations and infrastructure by 2028, potentially transforming air transportation into a common public service [26].

Core Viewpoint - The recent aviation science popularization and research activity at Feidong Bailong Airport in Anhui attracted nearly 1,000 young participants, setting a new record for the airport's educational events [1] Group 1: Event Overview - Feidong Bailong Airport, recognized as the only "China Civil Aviation Science Popularization Education Base" in Anhui, hosted an unprecedented aviation science event [1] - The event combined knowledge learning, technology exploration, and flight experience, creating a "dream journey" for the youth [1] Group 2: Educational Activities - The event emphasized aviation safety as a primary lesson, with staff reinforcing students' awareness of safety regulations and confidentiality [3] - Students learned about general airport safety standards and observed the aerodynamic designs of two fixed-wing sports aircraft, the Arola SA60L and Zhejiang Yema AG60 (B610C) [3] - Pilots acted as "blue sky instructors," explaining low-altitude flight principles, airspace management, and general aviation industry knowledge in an engaging manner [3] Group 3: Technological Demonstrations - The event featured cutting-edge technology displays, including the medium logistics drone LEU100 and the electric vertical takeoff and landing aircraft LE200, showcasing the potential of "future three-dimensional transportation" [5] - Under professional guidance, students explored the functions of key components such as engines and control systems, and experienced simulated flight [5] Group 4: Flight Performance - The climax of the event was a flight performance where pilots executed complex maneuvers, including five-point landings and steep climbs, impressing the audience with their precision [6] - Aviation science education is highlighted as a crucial method for stimulating young people's scientific interest and strengthening talent reserves [6] - Feidong Bailong Airport has received multiple authoritative certifications, including "Hefei Science Popularization Education Base" and "Hefei Science and Technology Tourism Demonstration Base" [6] - The airport has developed its own "Aviation Science +” research curriculum system, creating an educational platform that integrates aviation knowledge into situational teaching [6]

CCAR-135部资质全称为《小型商业运输和空中游览运营人运行合格审定规则》，自2022年7月1日起施 行。该资质的取得，使黄山迎客通航公司可以开展长途/短途空中游览、商务包机、载货运输等飞行业 务，为游客提供多元化航空服务。 自3月29日接收首架贝尔407直升机后，黄山迎客通航公司立即启动CCAR-135部运行合格证申请工作。 在民航安徽监管局的大力支持和指导下，公司高效完成了政策咨询、文件申报、应急演练、现场验证飞 行等关键环节，最终通过严格审核，实现资质高效落地。 《中国民航报》、中国民航网 记者胡夕姮 报道：4月29日，安徽通航控股集团旗下黄山迎客通航公司正 式获得民航安徽监管局颁发的CCAR-135部运行合格证，标志着该公司具备了短途空中游览飞行资质。 五一期间，其将在东黄山悠悠湖正式开设空中游览项目。 黄山迎客通航公司始终以"安全第一、服务至上"为宗旨，致力于为游客提供全新的空中游览体验。其将 推出定制化空中游览项目，助力游客多维度体验黄山"奇松、怪石、云海"的绝美风光。下一步，黄山迎 客通航公司还将多方位探索低空经济应用新场景，重点布局"低空+文旅""低空+应急"等特色服务，提升 山区应急救援、 ...

Group 1 - The Hydrogen Institute's new four-seat all-composite aircraft pilot production line has been officially delivered, marking a significant breakthrough in the production of new energy general aviation aircraft in the Yanqing District [1] - The new facility, covering an area of 9,708 square meters, will focus on the research and production of hydrogen-powered aircraft, ground effect vehicles, and drones [1] - The pilot production line is expected to complete equipment installation and debugging by the end of May, with the RX4E four-seat electric aircraft production starting in early June and the first aircraft expected to roll off the production line by the end of September [1] Group 2 - The research team led by Academician Yang Fengtian has significant advantages in the design of new energy general aircraft, composite material forming, and hydrogen testing [2] - The RX4E four-seat electric aircraft developed by the team is the first electric model in China and globally to apply for CCAR-23 normal aircraft airworthiness certification, featuring energy efficiency, environmental friendliness, and low cost [2] - The RX4E aircraft is suitable for various applications, including flight training and tourism [2]

• 中国低空经济迎来发展元年，预计到 2030 年国内市场规模将超万亿，但 通用航空基础设施及飞行器数量远落后于美国，发展潜力巨大。 • 构建低空经济发展体系需坚持全国统筹，平衡安全与发展，并结合地方特 色产业培育应用场景，如云南旅游、深圳制造，同时完善立法、环境及运 行体系。 • 城市低空气域基础设施亟待完善，需依托地方政府能力，提升通信、气象 及机载设备能力，建立完整管理系统，解决高吞吐量、高可用性、高扩展 性需求。 • 智慧城市建设需构建大临近、大数据、大协同模式，提升监视范围、通信 网络覆盖率及信息整合水平，打破信息孤岛，实现空域资源的协同管理和 高效利用。 • 低空运营核心在于保障起降场安全及运营管理平台与职能单位的有效协作， 关键环节包括航空器载体、监管系统、航路规划和无人机反制系统等。 • 地方政府在低空产业发展中起主导作用，通过政策和资金支持，合作企业 和高校，打造创新示范基地，并制定三年或五年行动方案，推动产业落地。 低空经济落地过程中的难点、卡点有哪些？20250427 摘要 根据民航的定义，低空经济是指垂直于地面 1 千米的区域，根据地域发展及地 貌需求可延伸至 3 千米。低空经济主要分 ...

对于低空基础设施和配套设施建设，罗军表示，当前各地斥巨资建设的空中交通指挥平台和地面飞行服 务平台，可能会因为缺乏统一行业标准，难以满足未来高频常态化飞行需求，且无法互联互通，造成浪 费。建议加快制定全国低空交通一张网标准。 空域管理或逐步下放到地级城市 本届论坛以"低空经济重新定义城市交通"为主题。围绕该主题，罗军提出了低空经济的六大趋势，分别 为空域管理将下放到地方、低空经济将推动通用航空增长、空中交通指挥平台一张网、无人机产业将加 快转型升级、eVTOL将进入千家万户、应用场景先从物流快递开始普及。 罗军表示，低空经济的本质是城市空中交通经济，主要场景在城市，其次才是农村，以及城市间。由于 低空经济主要是城市空中交通经济，因此，低空飞行航线大部分在城市市区，连接机场、高铁站、运动 场、公园、医院、商场等热点区域。低空飞行航线还包括城市间300公里半径的出行，包括空中的士和 飞行汽车。 "预计到2027年前，1000米以下空域的管理权限或将逐步下放到地级城市管理，自行申请，即申即飞， 方便快捷。3000米以下通用航空空域也将逐步下放到地级城市政府管理。"罗军表示，低空飞行航线， 主要是以点对点、端对端的固 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 低空经济是新质生产力的典型代表，也将是中国经济新的增长点，其战略意义重大，发展前景广阔。2025年在政府工作报告中低空经济再 次受到重点关注，强调安全健康并行发展。 各地政府也积极响应，超过25个 省 市将低空经济相关内容写入政府工作报告， 超过20个省级 行政区发布了发展规划、行动方案或扶持政策，并设立了超过24支低空经济产业基金，规模在10亿至200亿不等。 低空经济产业发展基础也已初具雏形，相关企业数量进入爆发阶段。 目前国内现存低空经济相关企业8.24万家。其中2025年一季度已注册低空经济相关企 业5934家，较去年同期增长224%。低空经济市场已经初具规模，并展现出快速发展的态势。 民航局预测，到2025年，中国低空经济的市场规模预计将 达1.5万亿元，到2035年有望达到3.5万亿元。 低空经济也迅速成为一级市场最热风口之一， 据来觅PEVC数据统计，2024Q1-2025Q1低空经济赛道融资案例合计101起，融资金额合计超 60亿元。其中，2025Q1融资案例共24起，比去年同期 ...