陈聆听/文 2025年10月14日晚间，宗申动力一纸公告宣布其控股子公司宗申航发终止IPO进程，为长达两年的上市辅导画上句号。曾被市场估值22亿元的航空发动机 公司，在历经5年5轮融资后，上市之路戛然而止。 据行业内分析，宗申航发的折戟亦是低空经济2025风向转变的信号之一，经历2024年轰轰烈烈的"低空经济元年"后，曾炙手可热的低空经济赛道在2025下 半年明显降温，从资本追捧的"香饽饽"变成需要自我造血的实干者，那么低空融资是否真的开始降温了？ 宗申航发IPO折戟：对赌协议触发巨额回购 宗申航发成立于2016年，是宗申动力切入航空发动机领域的重要布局。公司主要产品为轻型活塞式航空发动机，为无人机、旋翼机、固定翼等通航飞机提 供动力系统解决方案。 据钛媒体报道，2020年8月至2023年5月，宗申航发先后完成了5轮融资，引入了22家产业资本，包括多家具有国务院、各地国资委背景的基金，估值从 6.23亿元攀升至22亿元。 这些融资均附有上市对赌协议。协议约定，若宗申航发未能在约定时间前上市，投资方有权要求宗申动力回购股份，回购价格为投资成本加不低于8%的 年化收益。最后一轮对赌协议要求的上市截止日期为2025 ...

Core Viewpoint - Zongshen Power's subsidiary, Zongshen Aviation, has terminated its IPO process due to strategic development needs and changes in the capital market environment, marking the end of a five-year journey towards listing and triggering a share buyback obligation of nearly 600 million yuan for the parent company [2][12]. Company Summary - Zongshen Aviation, established in 2016, is primarily focused on lightweight piston aircraft engines for drones and general aviation aircraft, holding a 95.16% stake from Zongshen Power. The company has seen rapid growth in a small market, with about 30% of its revenue coming from overseas sales to over 30 countries [3][6]. - The market valuation of Zongshen Aviation was approximately 2.2 billion yuan, but its performance has been under pressure due to the nascent low-altitude economy market. In the first half of 2025, the company reported revenue of 70.34 million yuan, a year-on-year decline of 29.71%, and a net loss of 37 million yuan, a significant drop of 316.3% [6][12]. - The company has undergone five rounds of financing since 2020, attracting 22 industry capital investors, including state-backed funds. A buyback agreement requires Zongshen Aviation to list by June 30, 2025, or face buyback demands from investors at an annual interest rate of no less than 8% [6][10]. Industry Summary - The low-altitude economy sector is experiencing a significant downturn, with financing events dropping by 15.2% and total amounts decreasing by 8% in the first half of 2025 compared to the previous year. The focus has shifted to projects with verifiable technology and practical applications [12]. - The market demand in the low-altitude sector remains insufficient, with most applications still in exploratory stages, primarily in logistics, public services, and medical assistance. Many projects rely on government subsidies, indicating a lack of a sustainable business model [12]. - Major players in the industry are facing substantial losses, with Zongshen Aviation's peers also reporting significant financial difficulties. The overall low-altitude economy index showed that 20 listed companies collectively lost 8.487 billion yuan in the first half of 2025, reflecting a 18.2% year-on-year decline in net profits [12].