在御风未来模拟打造的"国家会展中心（上海）起降点"，人们正排队在"自动售票机"上查看航线价格并 模拟预订航班与座位，体验"扫码打飞的"、一键订行程的智慧出行方式。 御风未来创始人兼CEO谢陵在接受证券时报记者采访时表示："过去两届进博会，我们围绕飞机本身布 展。今年，我们把展台变成国家会展中心起降点，让大家直观感受未来城市低空出行：从购票、闸机、 登机到航班时刻，全程可见可感。" 从国家会展中心（上海）到上海浦东机场仅需10分钟，市内航线票价50元起；从国家会展中心（上海） 到苏州金鸡湖仅需15分钟，票价100元起……以载人电动垂直起降飞行器（eVTOL）为代表的"空中出 租车"，将改变未来的空中交通。 第八届进博会现场，国内多家头部eVTOL研发制造商，把未来空中交通的蓝图搬到了展台。据中国民 航局数据预测，2025年我国低空经济市场规模将达1.5万亿元，到2035年有望突破3.5万亿元，eVTOL作 为核心载体正加速从概念走向商业化。 进博会→世博会 仅需15分钟 从进博会举办地国家会展中心（上海），到世博会举办地中华艺术宫，未来的飞行器可以做到仅耗费15 分钟。 "前往中华艺术宫的YF3709航班已经开 ...

Core Insights - The emergence of eVTOL (electric Vertical Take-Off and Landing) vehicles is set to revolutionize urban air mobility, with significant implications for future transportation systems in China [1][2][3] Industry Overview - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035, with eVTOL as a core component driving this growth [1] - The technology behind eVTOL is advancing rapidly, with companies focusing on vertical take-off and landing capabilities combined with high-speed cruising efficiency [4] Company Developments - YF3709, a flight service, is being showcased at the China International Import Expo, demonstrating the potential for quick travel between key locations in Shanghai, such as from the National Exhibition and Convention Center to the China Art Museum in just 15 minutes [2] - The company "时的科技" has completed over 1,000 test flights of its E20 eVTOL model, which boasts a cruising speed of 320 km/h and a range of 200 km, with a payload capacity of 450 kg [4] - "时的科技" has secured 300 million yuan in B++ round financing and has signed strategic agreements with three banks for a total of 700 million yuan in credit [4][5] Market Potential - The pricing model for eVTOL services is designed to be competitive with traditional taxi fares, with initial costs expected to be slightly higher but decreasing as operations scale [3][4] - The company "沃兰特" aims to deliver 1-2 aircraft for pilot operations by next year, with plans to expand services to 30 major cities by 2027 and 300 cities by 2030 [6] Orders and Contracts - The recent agreements at the expo resulted in 95 aircraft orders valued at 2.375 billion yuan, including high-level commercial passenger eVTOL confirmations [7]

Core Viewpoint - The emergence of eVTOL (electric Vertical Take-Off and Landing) aircraft is set to revolutionize urban air mobility, providing efficient and rapid transportation options within cities and between regions [1][19]. Group 1: eVTOL Developments - Multiple leading eVTOL manufacturers showcased their innovations at the 8th China International Import Expo, including Yufeng Future's M1 passenger aircraft and Time Technology's E20 eVTOL [1][10]. - Yufeng Future has received 200 intent orders for its M1 model, totaling over 2 billion yuan [9]. - Time Technology announced a 300 million yuan B++ round financing and secured 700 million yuan in credit from three banks [15]. Group 2: Pricing and Efficiency - Domestic air routes from the National Exhibition and Convention Center (Shanghai) to various destinations will start at 50 yuan, with intercity routes priced between 100 to 300 yuan [5][19]. - The projected travel time from the National Exhibition Center to key locations like Suzhou Jinji Lake is approximately 15 minutes, with ticket prices around 109 yuan [5][19]. - The operational cost of eVTOL flights is expected to be comparable to traditional taxi fares, significantly enhancing travel efficiency [16][18]. Group 3: Market Potential - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, with eVTOLs as a core component driving this growth [19][20]. - The industry is anticipated to experience rapid growth starting in 2026, supported by favorable policies and ongoing certification processes [20].

Core Viewpoint - The emergence of eVTOL (electric Vertical Take-Off and Landing) aircraft is set to revolutionize urban air transportation, significantly reducing travel times and costs for passengers [1][20]. Group 1: eVTOL Development and Market Potential - The eVTOL industry is experiencing rapid growth, with projections indicating that the low-altitude economy market in China could reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035 [20]. - Companies like YF3709 and Wolan Technology are showcasing their eVTOL models, with significant orders and financing achieved at the recent expo, indicating strong market interest and investment [5][19]. - The M1 model from YF3709 has garnered 200 intent orders worth over 2 billion yuan, showcasing the demand for eVTOL services [10]. Group 2: Operational Efficiency and Cost Structure - Future eVTOL flights are expected to offer travel times of around 10-15 minutes for city routes, with ticket prices starting at approximately 50 yuan for city routes and 100-300 yuan for intercity routes [6][11]. - The operational cost of eVTOLs is projected to decrease significantly, with initial costs slightly higher than traditional taxis but expected to align with taxi fares as operations scale [7][18]. - The E20 eVTOL model boasts a cruising speed of 320 km/h and a range of 200 km, making it a competitive option for urban transportation [12][14]. Group 3: Technological Advancements and Infrastructure - The integration of eVTOL technology is supported by advancements in vertical take-off capabilities and reduced operational costs, which are expected to address traditional aviation challenges [18]. - Companies are establishing low-altitude transportation networks, with operational hubs and take-off points being developed to facilitate eVTOL services [10][20]. - The collaboration between eVTOL manufacturers and financial institutions is crucial for securing the necessary funding and infrastructure development to support the industry's growth [14][16].

Core Insights - The company, 时的科技, has completed a RMB 300 million B++ round of financing, marking the first significant funding in the low-altitude economy sector following China's 14th Five-Year Plan [1][2] - The E20 eVTOL, developed by the company, is designed for high speed, heavy load, long endurance, and low cost, and has successfully completed over 1,000 test flights [1] - The company aims to enhance the safety and speed of the E20 while showcasing China's capabilities in urban air mobility [2] Financing Details - The financing round was led by 华映资本, 钧山资本, and 普华资本, and is part of the company's seventh funding round [1] - This funding will accelerate the E20's airworthiness certification and mass production capabilities [2] Industry Position - The company is positioned as a leader in the eVTOL sector, with a strong team of experts from aviation, automotive, and AI fields [1] - The company has signed a procurement agreement with Autocraft for 350 units worth $1 billion, indicating strong market demand [1] Investor Insights - Investors highlight the strategic significance of the low-altitude economy for China's development and express confidence in the company's safety and engineering capabilities [2] - The company is recognized for its comprehensive engineering capabilities, ensuring stability, endurance, and safety in its eVTOL technology [2]

Core Insights - The company has achieved a significant breakthrough in technology research and development with the successful completion of a manned flight test of its self-developed E20 eVTOL in a complete configuration [1][5] - The participation of the company's founder and CEO, Huang Yongwei, in the flight test highlights the confidence in the product's safety and maturity [2][3] Group 1: Flight Test Achievements - The E20 eVTOL has set multiple records, establishing the company's leading position in the global eVTOL sector [5][6] - It is the world's first ton-class eVTOL to achieve manned flight with a professional pilot and the CEO onboard [6] - It is also the first complete configuration eVTOL in China to achieve manned flight [6] - Additionally, it is the first tilt-rotor eVTOL in China to complete a manned flight [6] Group 2: Future Plans - The company plans to continue flight testing and certification work to steadily achieve airworthiness certification goals [6] - The aim is to provide a green, efficient, and inclusive aerial travel solution globally [6]