Core Insights - The first AE200-100 eVTOL aircraft developed by WoFei ChangKong has officially rolled off the production line, marking a significant step for China's passenger transport eVTOL industry from concept to reality [1] - Tiancheng Zikong, a key partner in the low-altitude industry, has successfully entered the low-altitude economy sector by providing specialized seating solutions for the AE200-100 [1][2] - The AE200-100 aims to obtain the Type Certificate (TC) from the Civil Aviation Administration of China (CAAC) and align with international aviation safety standards, indicating potential competitiveness in the global market [1][2] Industry Overview - The low-altitude economy, particularly represented by eVTOL, is rapidly developing, driven by the demand for green transportation and urban vertical mobility, making it a new focal point in global aviation and transportation [2] - China is projected to become a core region for low-altitude economic development, with the market expected to exceed 1 trillion RMB by 2026, reflecting a compound annual growth rate of nearly 28% [2] - The industry is evolving towards a collaborative and efficient "air-ground integration" ecosystem [2] Company Positioning - Tiancheng Zikong is recognized as a hidden champion in the domestic seating sector, possessing the capability for eVTOL seat R&D and production, along with extensive certification experience [3] - The company has established a comprehensive industrial layout covering engineering machinery, commercial vehicle seats, passenger vehicle seats, and aviation seats through a "vertical integration + horizontal collaboration" development model [3] - Tiancheng Zikong's UK subsidiary, Acro Aircraft Seating Limited, is a well-known supplier of aircraft seats, certified by EASA and FAA, and serves major aircraft manufacturers like Boeing and Airbus [3] Technological Advancements - The company has long-term investments in lightweight materials and collaborates with domestic and international research institutions, mastering key technologies in carbon fiber composites and aluminum alloys [4] - The development of carbon fiber composite aircraft seats has provided the company with a competitive edge in lightweight and comfort aspects [4] - The company is leveraging its experience in manufacturing, design, certification, and lightweight material applications to capture opportunities in the eVTOL seating market [4]

Group 1 - The core development of the low-altitude economy is highlighted by the collaboration between Tiancheng Control and a leading low-altitude aircraft manufacturer in the Sichuan-Chongqing region for the eVTOL seat project, marking a significant step in the company's eVTOL seat business [1] - Tiancheng Control's aviation seat products have received airworthiness certification from both the European Union Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA), showcasing the company's strong capabilities in innovation, research and development, and manufacturing [1] - The global flying car market is projected to grow from $22.06 billion in 2024 to $1.53 trillion by 2040, with a compound annual growth rate (CAGR) of 50.5% from 2024 to 2040, indicating a booming market for eVTOLs [2] Group 2 - Tiancheng Control has established strategic partnerships with various companies, including a collaboration with Fengfei Aviation Technology to develop eVTOL components and materials, enhancing its position in the eVTOL supply chain [3] - The company has secured multiple important orders in the passenger car seat market, with production expected to start in 2025, indicating a strong order backlog that supports sustained revenue growth [4] - In Q1 2025, Tiancheng Control reported revenue of 539 million yuan, a year-on-year increase of 46.74%, and a net profit of 20.92 million yuan, reflecting a significant growth trajectory and healthy cash flow [5]