21世纪经济报道记者孙燕 上海报道 近日，全球第一架全尺寸倾转涵道翼eVTOL——天翎科L600亮相。 作为国内第一家采用全涵道设计的eVTOL企业，天翎科在中国eVTOL赛道上扮演了独特且具有前瞻性 的角色。 5年前，当资本和市场都偏爱更快出成果的复合翼或多旋翼时，刚刚启动整机开发的蒋彬毅然坚持其选 择。5年来，看起来简单却并不能很快成功的技术发展不断证明混动、全倾转、全涵道构型的可行性： 电池能量密度不再"狂飙"，首款国产混动航空发动机即将获颁型号合格证、生产许可证，全倾转、全涵 道构型的可行性也得到了验证。 时至今日，当市场逐渐从"能飞"转向"好用"，对噪音、效率、安全性的要求越来越高时，天翎科当年的 独特选择，逐渐转化为其核心竞争壁垒。 近日，天翎科创始人兼CEO蒋彬接受了21世纪经济报道记者的专访。蒋彬回忆道，2020年天翎科团队确 定了技术路线和场景，明确初始场景一定要做高性能飞行器来与传统航空器竞争，终极城市场景需要低 环境影响航空器来满足大规模运行要求。但对于如何实现两者的统一，团队经历了很多尝试和修 改。"我们共设计了5个构型，每个构型都造了缩比机、进行了试飞，不断迭代出了今天的构型。" 蒋 ...

Core Viewpoint - The article discusses the downfall of Supernal, a subsidiary of Hyundai Motor Company focused on eVTOL (electric vertical takeoff and landing) technology, highlighting the challenges faced by the company and the broader implications for the eVTOL industry [3][4][10]. Group 1: Company Background and Ambitions - Supernal was established under the leadership of CEO Shin Jai-won, a former NASA executive, with significant investments from Hyundai, totaling approximately $1.45 billion [5][9]. - The company aimed to create a comprehensive urban air mobility ecosystem, including the design and sale of eVTOL aircraft, and planned to open around 200 vertical takeoff and landing airports in major cities worldwide [6][8]. Group 2: Challenges and Setbacks - Supernal faced significant challenges, including the closure of its Washington headquarters and a 10% workforce reduction, leading to a near-total turnover in its management team [11][12]. - The company attributed its suspension of operations to the early-stage development of the eVTOL industry, citing external challenges such as regulatory frameworks and infrastructure development [11][13]. Group 3: Industry Implications - The struggles of Supernal reflect a broader trend in the eVTOL sector, with other companies like Lilium and Volocopter also facing financial difficulties and bankruptcy [15][16]. - Investment in the eVTOL industry has cooled significantly, with only 15 disclosed financing events in the first half of the year, and the largest being $250 million for XPeng Heitech [16][17]. - The article emphasizes the need for caution and a long-term perspective in the eVTOL industry, as it remains in the early stages of development and faces numerous technical and regulatory hurdles [16][17].

Core Insights - The first International Low Altitude Economy Expo held in Shanghai showcased nearly 300 leading companies and over 19 global product launches, reflecting the robust development of the low altitude economy [1] - Wang Yiming from the China Internet Information Low Altitude Economy Research Institute emphasized that the low altitude economy, as a strategic emerging industry, will create a virtuous cycle through the collaboration with traditional manufacturing [1][3] Industry Trends - The hardware manufacturing in the low altitude economy is evolving from "toy-level" to "tool-level" and then to "transportation-level," driven by the logic of defining products by scenarios, reconstructing supply chains, and creating new business models [3] - The collaboration between low altitude economy and traditional manufacturing represents an upgrade of the industrial system, transitioning from ground manufacturing to "integrated air-ground-space manufacturing" [4] Competitive Landscape - Leading companies in the drone manufacturing sector have established a differentiated competitive landscape across consumer, industrial, and eVTOL (electric vertical takeoff and landing) segments [5] - DJI dominates the consumer drone market with over 70% global market share, while companies like XAG and EHang are leading in agricultural and eVTOL sectors respectively [5][6] Technological Advancements - The low altitude economy is experiencing a shift from single product innovation to competition across the entire industrial chain, with leading companies building "moats" through vertical integration and technology reuse [6] - The development of power systems for eVTOLs is critical, with solid-state batteries being viewed as the optimal solution due to their high energy density and safety [7][8] Ecosystem Development - The low altitude economy is forming a "low altitude + multiple industries" ecosystem, with clear trends in consumer drones transitioning to tool usage, industrial drones upgrading with AI, and eVTOLs accelerating certification processes [9] - The government is encouraged to support policy and standardization, while enterprises should lead industry collaboration and ecosystem building [10] Market Opportunities - The integration of low altitude economy with traditional industries presents significant potential for transformation and upgrading, with applications ranging from logistics to emergency rescue [13][14] - The establishment of a market-oriented pricing mechanism is suggested to attract social capital for infrastructure development, promoting the prosperity of the low altitude economy [14]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]