翁海敏认为，经历了两年的摸索，不同背景的参与者正逐渐在 eVTOL产品定义和发展节奏上形成共识。"低空经济的方向是 确定的，它不是下一个风口，而是下一代交通基础设施，人类 对立体交通和空中出行的需求不会消失，其本质是让'飞行'成 为一种可负担、可监管、可持续的基础服务。" 作者：宋笛 封图：图虫创意 2025年10月30日，广东高域科技有限公司（下称"高域科技"）与深圳市边界智控科技有限公司 （下称"边界智控"）在广州签署战略合作协议。双方宣布，将共同推进广汽高域GAC-A6型载人 自动驾驶飞行器的适航取证与量产计划，核心目标是2026年实现批量交付。 这一合作最早始于2021年。彼时，广汽高域仍是广汽内部孵化的一个项目，边界智控则是一家刚 成立不久、以适航级飞行控制（下称"飞控"）系统研发为主要业务的创业公司。当时，"低空经 济"尚未成为风口概念，仅有少数熟悉海外电动飞行器市场的人察觉到这一领域的潜力。 翁海敏认为，经历了两年的摸索，不同背景的参与者正逐渐在eVTOL产品定义和发展节奏上形成 共识。"低空经济的方向是确定的，它不是下一个风口，而是下一代交通基础设施，人类对立体交 通和空中出行的需求不会消失， ...

两年后，随着"低空经济"一词正式进入高层政策表述，大量来自民航、无人机、军工和汽车行业的从业者，试图从不同的技术背景和商业逻辑出发，快速完 成对eVTOL（电动垂直起降飞行器）的定义。 边界智控CEO翁海敏在这一阶段接触到众多新入局者。他认为，不同行业的思路给eVTOL带来了新启发，但不少新玩家低估了eVTOL的复杂性和对安全的 极高要求。"物理特性决定了eVTOL必须遵循民航级别的安全标准，这就要求eVTOL从研发阶段起，就要将一系列复杂的适航认证程序纳入考量。"他说。 翁海敏认为，经历了两年的摸索，不同背景的参与者正逐渐在eVTOL产品定义和发展节奏上形成共识。"低空经济的方向是确定的，它不是下一个风口，而 是下一代交通基础设施，人类对立体交通和空中出行的需求不会消失，其本质是让'飞行'成为一种可负担、可监管、可持续的基础服务。" 今年以来，"低空经济概念降温"的声音开始出现，翁海敏说："未来几年，行业在商业化落地和适航取证过程中一定会遇到挑战，行业也会回归理性，这种 周期反而是一种'大浪淘沙'。" 2025年10月30日，广东高域科技有限公司（下称"高域科技"）与深圳市边界智控科技有限公司（下称"边界智 ...

Core Viewpoint - The recent financial report of Beijing Ligong Navigation Control Technology Co., Ltd. shows significant revenue growth and improving profitability metrics, despite still reporting a net loss. The company is focusing on both military and civilian markets, leveraging its strong technical capabilities and research background from Beijing Institute of Technology [1][5]. Financial Performance - The total revenue for the first half of 2025 reached 35.76 million yuan, a year-on-year increase of 170.36% [1] - The net profit attributable to shareholders was -16.81 million yuan, improving by 45.06% year-on-year [1] - In Q2 2025, total revenue was 31.42 million yuan, showing a remarkable year-on-year increase of 1545.36% [1] - The gross margin improved to 30.82%, with a year-on-year increase of 112.05% [1] - The net margin was -53.04%, reflecting a year-on-year improvement of 78% [1] Cost Management - Total selling, administrative, and financial expenses amounted to 14.10 million yuan, accounting for 39.42% of revenue, a decrease of 53.22% year-on-year [1] - The company reported a significant reduction in financial expenses relative to its operating cash flow, indicating improved cost management [3] Asset and Liability Management - Cash and cash equivalents decreased by 34.60% to 387 million yuan [1] - Accounts receivable increased by 22.98% to 251 million yuan [1] - Interest-bearing liabilities decreased by 43.96% to 22.98 million yuan [1] Market Position and Future Outlook - The company has a median ROIC of 19.84% since its listing, indicating strong investment returns historically [3] - Analysts expect the company's performance in 2025 to reach 52 million yuan, with an average earnings per share of 0.59 yuan [3] - The company is actively expanding into civilian markets while maintaining a strong foothold in military applications, enhancing its overall competitiveness [5] Fund Holdings - Notable funds have recently increased their holdings in the company, including Changcheng Industry Rotation Mixed A and Huatai-PineBridge Innovation Vitality Mixed A, indicating growing institutional interest [4]