Core Insights - Volant Aviation has completed a multi-billion B+ round financing, with investments from several listed companies, aimed at accelerating the certification and mass production of its VE25 eVTOL model [1][2] - The low-altitude economy is recognized as a strategic emerging industry in China, with eVTOLs being a key component of its commercialization [2] Financing and Investment - The financing round involved investments from five listed companies, including Jinding Capital, Bertley, Hailide, Aima Technology, and Jingzhuan Technology, which have extensive experience in intelligent manufacturing, new materials, and precision processing [1] - The funds will be used for the airworthiness certification and preparation for mass production of the VE25 eVTOL, accelerating its commercialization process [1] Market Potential and Industry Outlook - The founder and CEO of Volant Aviation, Dong Ming, emphasized that China has a solid foundation and significant market potential for the eVTOL industry, which could develop into a globally competitive new pillar industry similar to electric vehicles [2] - The low-altitude economy is entering a critical period of policy benefits, with eVTOLs representing the core vehicle for its commercialization, aligning with the "dual carbon" strategy and urban transportation upgrades [2]

Group 1 - The 2025 International Low Altitude Economy Expo opened on July 23, with Volant Aviation signing a tripartite cooperation agreement with Pan Pacific and China Aviation Technology International Engineering Company [1] - Pan Pacific has placed an order for 500 units of the VE25-100 Tianxing eVTOL from Volant, totaling $1.75 billion, marking the largest single international order for high-grade passenger eVTOLs in China to date [1][3] - The eVTOLs will be utilized for short-distance inter-island and intra-island transport services, as well as emergency rescue scenarios in regions such as Thailand and the Maldives [3] Group 2 - Volant's partner, Huang Xiaofei, emphasized the importance of aligning eVTOL commercialization with application scenarios, considering population density and geographical attributes in overseas markets [3] - Pan Pacific has nearly 40 years of experience and a strong brand reputation in the Asia-Pacific region, having led over 30 global projects across various emerging sectors [5] - Vorachart Petnunthawong, Chairman of Pan Pacific, highlighted the suitability of eVTOL for enhancing efficient travel in the multi-island geographical environment of Thailand and the Maldives [6] Group 3 - China Aviation Technology International Engineering Company will provide low-altitude infrastructure support for the cooperation in countries and regions involved in the Belt and Road Initiative [3] - Volant Aviation has completed nine rounds of financing since its establishment in 2021, with over $150 million raised in 2024 alone, making it the low-altitude economy company with the most financing rounds that year [6]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The low-altitude economy is experiencing rapid commercialization, with significant government support and investment in infrastructure and projects [21][26][28] - By 2030, the drone industry in China is expected to exceed 1 trillion yuan, with eVTOLs likely becoming a mainstream choice for urban air mobility [32] Summary by Sections Industry Overview - The low-altitude economy is gaining momentum with various local governments implementing supportive measures and funding initiatives [21][28][31] - Recent projects include a 500 million yuan investment by Dongfang Hope Group in Chongqing for urban air traffic operations [29] Company Dynamics - Zhongke Xingtou has secured low-altitude projects in four cities and plans to raise 650 million yuan for platform construction [33] - Wan Feng Aowei has acquired core assets from global eVTOL pioneer Volocopter to enhance urban air transport solutions [36] - Shencheng Jiao is actively involved in over 20 cities for low-altitude economic planning and consulting projects [38] Market Performance - The average stock price change for low-altitude economy-related A-shares was +0.5% from April 28 to April 30, with notable gains from companies like Blue Ocean Huateng (+13.7%) and Guanglian Aviation (+9.6%) [12][24] - In the US market, Yihang Intelligent saw a significant increase of +11.1% [19][24]