每经入物 | FUTORゴを*商业 每日经济新闻 | 出品 对话未来商? 第18季 记 录 频 见 让 未来发生 把适航级飞控这件事做好 让国内eVTOL 有靠谱的"中国大脑" "" ■行业属性：飞控系统供应商 ■估值/融资轮次：2025年4月，边界智控官宣已完成数千万元A+轮融资，累计融资数亿元 ■核心竞争力：载客级适航飞控、软硬件一体化、全生命周期支持 ■未来关键词：低空经济、商业化、下一代交通基础设施 黑框眼镜、纯色衬衫、清瘦身形⋯⋯初见边界智控创始人兼CEO翁海敏，你很容易将他归为"典型理工男"。 不过，在技术之外，翁海敏藏着细腻的感性一面。他是球迷，也痴迷音乐剧和话剧，甚至经常会自己给公司视频写脚本。每年在公司的成立纪念日，他都 会在公众号写下长文，记录过去一年中的触动时刻，长期喜欢的某位歌手获奖、投资人一句"很珍惜与您交流"的真诚，也都曾让他眼眶发热。 翁海敏近日在接受《每日经济新闻》"对话未来商业"栏目记者（更多内容，详见专题|对话未来商业记录、预见、让未来发生）专访时表示，低空经济不 是一阵风，而是下一代交通基础设施。他也坦言，eVTOL商业化不会一蹴而就。最关键的瓶颈一是适航取证，二是场景落 ...

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， ...

Core Insights - Guangdong Gaoyu Technology Co., Ltd. and Shenzhen Bianjie Zhikong Technology Co., Ltd. signed a strategic cooperation agreement to advance the airworthiness certification and mass production of the GAC-A6 manned autonomous flying vehicle, aiming for bulk delivery by 2026 [2] - The collaboration began in 2021, during a time when the "low-altitude economy" was not yet a prominent concept, but has since gained traction with increased interest from various industries [2][3] - The CEO of Bianjie Zhikong, Weng Haimin, emphasizes the complexity and high safety requirements of eVTOL (electric vertical takeoff and landing) vehicles, which must adhere to civil aviation safety standards from the development stage [2][3] Industry Development - The concept of "low-altitude economy" is now recognized as a next-generation transportation infrastructure, with a persistent demand for aerial mobility [3] - The eVTOL market has seen a shift from low growth to increased interest, particularly after the Chinese government recognized it as a strategic emerging industry in 2023 [6][8] - New entrants from various sectors have brought diverse perspectives and ideas to the eVTOL industry, although some innovations may not align with aviation safety standards [7][8] Company Strategy - Bianjie Zhikong focuses on developing flight control systems, which are critical for eVTOL vehicles, and has built a team with experience from traditional aviation and other industries [4][8] - The company has successfully secured significant funding, allowing it to expand its research and development team and broaden its business scope to include electric business jets and AI products [8] - The company aims to achieve high safety standards through a rigorous development process, ensuring that all systems are well-defined, traceable, and validated [10][12] Regulatory Environment - The eVTOL industry is moving towards a clear regulatory framework, requiring compliance with civil aviation safety standards and the acquisition of three airworthiness certificates [9][12] - The process for obtaining these certifications is lengthy and complex, typically taking two to three years from design to certification [11][12] - Industry consensus is forming around the necessity of achieving civil aviation-level safety as a baseline for eVTOL development [12][13] Future Outlook - The timeline for large-scale commercialization of eVTOL vehicles may extend beyond 2026, as companies work towards obtaining necessary certifications [13][14] - The industry is expected to experience rational development, with companies needing to manage external expectations effectively [8][14] - Weng Haimin believes that the future of the eVTOL industry will belong to companies that have clear goals and can navigate through cyclical challenges [15]

Core Insights - The low-altitude economy is entering a rapid development phase driven by policy, technology, and market demand, presenting comprehensive investment opportunities across the entire industry chain in the A-share market [3] Group 1: Definition and Core Drivers - Low-altitude economy refers to the economic activities utilizing airspace below 1,000 meters, employing drones and light aircraft to serve various industries, forming a comprehensive ecosystem that integrates advanced manufacturing, information technology, and modern services [3] - Strong policy support is evident as low-altitude airspace management reforms act as a "master switch" for industry development, creating a favorable growth environment [3] - Technological advancements have transitioned drone technology from manual operation to highly intelligent, autonomous flight, with the integration of 5G, AI, and IoT addressing core bottlenecks for large-scale commercial applications [3] - There is a significant market demand explosion in sectors such as agricultural protection, logistics, emergency rescue, and power inspection, showcasing the cost-reducing and efficiency-enhancing advantages of low-altitude solutions [3] Group 2: Industry Chain Analysis and A-share Investment Opportunities - Upstream opportunities include materials and components such as traditional and new aviation materials, flight control systems, navigation modules, communication modules, batteries, and sensors [3] - Midstream focuses on research and manufacturing of complete aircraft designs, including drones and eVTOLs, with key players being manufacturers of industrial and consumer-grade drones, system integrators, and maintenance service providers [3] - Downstream involves operations and services that provide various application services and data solutions based on aircraft, which are crucial for value realization [3] Group 3: Downstream Application Scenarios - High-value scenarios validated include drone logistics, industrial inspections, precision agriculture, and public safety and emergency services, indicating a vast market potential [3] Group 4: Investment Opportunities and Core Focus Areas - Hardware development should prioritize "core" technologies and complete aircraft manufacturing, focusing on companies with strong R&D investment, patent portfolios, product performance, and cost control capabilities [3] - Operational excellence is key, with a focus on companies that can deeply integrate into specific industries and provide comprehensive solutions, emphasizing business model maturity, order acquisition capabilities, and data processing abilities [3] - Infrastructure and support service opportunities are critical, with companies providing low-altitude flight management platforms, communication network support, and takeoff/landing site construction showing stronger stability and certainty [3] Group 5: Investment Strategy - Short-term focus should be on the implementation of low-altitude airspace reform pilot policies and major orders from listed companies in logistics and inspection sectors [3] - Mid-term attention should be on technological breakthroughs and the expansion of downstream application scenarios, favoring companies with precise positioning in core segments and first-mover advantages [3] - Long-term investments should target companies capable of building or integrating into a healthy industry ecosystem, with strong integration and management capabilities [3]

Core Viewpoint - The article emphasizes the strategic value of technology-driven entrepreneurs in the context of global technological competition and innovation-driven development in China, highlighting their role as key integrators of technology, talent, capital, and market [1][2]. Group 1: Definition and Characteristics of Technology-driven Entrepreneurs - Technology-driven entrepreneurs are defined as individuals with high scientific literacy and exceptional innovation and entrepreneurship capabilities, able to transform cutting-edge technological achievements into real productive forces and create commercial value [3][4]. - Their core DNA consists of a dual spiral of scientific spirit and business thinking, combining long-term research dedication with the ability to convert technology into market value [4][12]. Group 2: Strategic Value Needs of Technology-driven Entrepreneurs - There is an urgent need for technology-driven entrepreneurs to possess three strategic value capabilities: 1. The ability to break through technological barriers and achieve original innovation, as exemplified by Huawei's "Nanniwan Plan" during chip supply challenges [6]. 2. The capacity for industrial integration, facilitating collaboration across the entire supply chain, as demonstrated by BYD's vertical integration model [7][8]. 3. The ability to engage in global competition, enhancing international competitiveness through technological influence and commercial impact, as shown by DJI's dominance in the consumer drone market [9][10]. Group 3: Common Traits of Technology-driven Entrepreneurs - Successful technology-driven entrepreneurs share six common traits: 1. A strong belief in technology as a core driving force, with a commitment to continuous R&D investment [14]. 2. A vision to change the world through technology, aiming for significant societal impact [14]. 3. Long-term perseverance, demonstrating resilience and problem-solving capabilities in the face of challenges [15][16]. 4. A keen sensitivity to market demands, identifying gaps and providing technological solutions [17]. 5. An ability to endure entrepreneurial risks, viewing failures as necessary costs for technological iteration [18]. 6. A commitment to open learning and iterative improvement, integrating various resources for collaborative innovation [19]. Group 4: Generational Differences Among Technology-driven Entrepreneurs - There are notable generational differences between older and younger technology-driven entrepreneurs: 1. Older entrepreneurs, like Ren Zhengfei and Liu Qingfeng, are market-driven innovators who built foundational industries during a period of technological scarcity, focusing on comprehensive industry chain construction [20]. 2. Younger entrepreneurs, such as Wang Tao and Wang Xingxing, are technology-driven innovators who leverage existing technological advancements to create new market opportunities, often entering global competition directly [20]. 3. In terms of core capabilities, older entrepreneurs rely on long-term vertical integration for technological breakthroughs, while younger entrepreneurs excel in modular innovation and rapid product iteration [21][22]. 4. Market strategies differ, with older entrepreneurs employing gradual market penetration and younger entrepreneurs favoring rapid global expansion through technological advantages [23][24]. 5. Resource acquisition approaches vary, with older entrepreneurs depending on policy support and younger entrepreneurs benefiting from decentralized resource networks [25]. 6. Leadership styles contrast, with older entrepreneurs being authoritative and multifaceted leaders, while younger entrepreneurs adopt a more specialized and open leadership approach [26]. Group 5: Implications for Future Development - The differences between older and younger technology-driven entrepreneurs reflect the evolution of opportunities, technological development stages, and global competition dynamics, indicating a dialectical unity of inheritance and evolution [28]. - The article suggests that private enterprises are crucial for nurturing technology-driven entrepreneurs, while state-owned enterprises need to explore systematic and clear pathways for cultivating their own technology-driven leaders [28].

Investment Rating - The report indicates a strong growth potential for the industrial drone industry in China, with a compound annual growth rate (CAGR) of 33.79% from 2019 to 2024, and an expected market size of 1710.15 billion yuan by 2029 [9][26]. Core Insights - The industrial drone industry is experiencing explosive growth, becoming a core driver of the low-altitude economy, with a complete ecosystem formed across the supply chain [2]. - The market growth is supported by improved policy frameworks, expanded application scenarios, AI technology integration, and accelerated upstream and downstream integration within the industry [9][28]. - The industrial drone market in China is projected to grow from 151.80 billion yuan in 2019 to 650.68 billion yuan in 2024, with significant contributions from various sectors such as agriculture, logistics, and energy inspection [26][28]. Summary by Sections Industry Overview - The industrial drone market has surpassed the consumer drone market since 2021, indicating a shift in focus towards professional applications [9]. - The industry is characterized by a complete ecosystem that includes upstream raw materials, midstream manufacturing, and downstream applications [2][39]. Market Size and Growth Factors - The Chinese industrial drone market is expected to grow significantly, with a forecasted size of 650.68 billion yuan by 2024 and 1710.15 billion yuan by 2029, driven by policy support and technological advancements [9][26]. - Key growth drivers include the establishment of a supportive policy environment, the integration of AI technology, and the expansion of application scenarios from traditional to emerging fields [28][30]. Industry Chain Analysis - The industrial drone supply chain consists of upstream components such as raw materials and systems, midstream manufacturing, and downstream applications in various sectors including energy, agriculture, and emergency response [39][40]. - The report highlights the importance of collaboration across the supply chain to enhance technological integration and service offerings [31]. Policy and Regulatory Environment - The report outlines various policies aimed at promoting the use of industrial drones in sectors like agriculture and logistics, establishing a framework for safe and efficient operations [25]. - Recent regulations have been introduced to standardize operations and ensure safety in the use of drones across different applications [25]. Technological Advancements - The integration of AI technology is noted as a significant factor in enhancing the operational capabilities of industrial drones, improving navigation and decision-making processes [29]. - The report emphasizes the need for continuous innovation and adaptation to meet the evolving demands of the market [36]. Challenges and Risks - The industry faces challenges such as slow policy implementation, economic uncertainties, and increasing competition, which could impact growth [32][34]. - Technological risks include the need for ongoing research and development to maintain competitive advantages and meet customer demands for customized solutions [36].

Core Viewpoint - Shenzhen Aifei Zhikong Technology Co., Ltd. successfully completed several million RMB in Series A financing, highlighting the significant value of hard technology in strategic emerging industries [4][5] Financing Details and Use of Funds - The A-round financing attracted several well-known investment institutions, with Junke Danmu leading the investment alongside Dinghan Investment and Meihua Venture Capital [5] - The funds will primarily be used to accelerate innovation in high-end flight control technology, advance the construction of flight control systems that meet civil airworthiness standards for the low-altitude economy, and develop intelligent flight control systems for lightweight unmanned aerial vehicles (UAVs) [6] Company Background and Technical Strength - Established in May 2023 and headquartered in Shenzhen, Aifei Zhikong has R&D centers in Nanjing and Xi'an, with a core team that has decades of experience in the UAV field [7] - The company has established long-term strategic partnerships with several well-known domestic host units, with core products serving nearly a thousand medium and large UAVs [8] Flight Control Systems: The "Brain" of Drones - The flight control system is a core component of UAVs, responsible for controlling flight attitude, routes, and executing various flight tasks [9] - The increasing complexity and performance requirements of UAVs have led to exponential growth in the technical difficulty of flight control system development [10] Investor Perspectives - Investors recognize the significant growth opportunities in the UAV industry, particularly in the context of modern defense and the low-altitude economy [11] - Aifei Zhikong's mastery of core technologies and the founding team's successful experience in military-civilian integration have garnered industry recognition [11] - The company fills a domestic technological gap with its high-reliability flight control systems, addressing critical supply chain challenges in the low-altitude economy [11] Low-altitude Economy and Industry Outlook - The low-altitude economy is a national strategic emerging industry expected to become a new engine for economic growth, with strong policy support for medium and large UAVs [12] - The use of UAVs has expanded significantly in both military and civilian applications, with increasing military spending on UAVs since the Russia-Ukraine conflict [12] Future Development Plans - Aifei Zhikong aims to continue driving technology, enhancing its product matrix, and promoting industry innovation and application [13] - The company plans to assist clients in mastering the development and iteration capabilities of flight control systems, providing comprehensive solutions [14] - With ongoing policy support and technological maturity, Aifei Zhikong is positioned to play a crucial role in the development of China's low-altitude economy [15]

Group 1 - The newly approved foreign-funded R&D centers in Nanjing for 2025 include five from Jiangning Development Zone, which has a total of 14 foreign-funded R&D centers, accounting for 29.2% of the city's total and 63.6% of the district's total, ranking first among all administrative districts and development zones in the city [1] - The five foreign-funded R&D centers include Valeo Kapeiko Torque Converter (Nanjing) Co., Ltd., Tuogong (Nanjing) Robot Co., Ltd., Ruixing Technology (Nanjing) Co., Ltd., Nanjing Yunguang Technology Co., Ltd., and Nanjing Tata Automotive Components System Co., Ltd. [1][2] - Valeo Group, a leading global automotive parts supplier, established its manufacturing base in Jiangning Development Zone in 2006, focusing on the design, development, and production of transmission components for automotive gearboxes [1][2] Group 2 - Tata Automotive Components System Co., Ltd. is a wholly-owned subsidiary of Tata AutoComp Systems Limited, specializing in the design, R&D, processing, and production of automotive plastic components [2] - Ruixing Technology (Nanjing) Co., Ltd. focuses on the development of industrial control integrated circuits, with its main products being high-performance 32-bit MCUs and digital power control chips, leading in technology domestically [2] - Nanjing Yunguang Technology Co., Ltd. specializes in the manufacturing of high-quality micro OLED displays and the R&D of Micro-OLED/Micro-LED driver chips, possessing core capabilities in ultra-high-definition silicon-based micro-display technology [2] - Tuogong (Nanjing) Robot Co., Ltd. is a provider of drone flight control systems and solutions, showcasing strong development capabilities and innovation in the drone industry, with applications in agriculture, power inspection, and logistics [2] Group 3 - Jiangning Development Zone's investment promotion bureau has implemented targeted measures, forming a dedicated service team to provide full-process application support for enterprises, ensuring efficient and unobstructed application processes [3] - The recognition of foreign-funded R&D centers in Nanjing highlights the strong momentum of the Jiangning Development Zone in terms of openness and industrial upgrading [3]

Core Insights - The first International Low Altitude Economy Expo held in Shanghai showcased nearly 300 leading companies and over 19 global product launches, reflecting the robust development of the low altitude economy [1] - Wang Yiming from the China Internet Information Low Altitude Economy Research Institute emphasized that the low altitude economy, as a strategic emerging industry, will create a virtuous cycle through the collaboration with traditional manufacturing [1][3] Industry Trends - The hardware manufacturing in the low altitude economy is evolving from "toy-level" to "tool-level" and then to "transportation-level," driven by the logic of defining products by scenarios, reconstructing supply chains, and creating new business models [3] - The collaboration between low altitude economy and traditional manufacturing represents an upgrade of the industrial system, transitioning from ground manufacturing to "integrated air-ground-space manufacturing" [4] Competitive Landscape - Leading companies in the drone manufacturing sector have established a differentiated competitive landscape across consumer, industrial, and eVTOL (electric vertical takeoff and landing) segments [5] - DJI dominates the consumer drone market with over 70% global market share, while companies like XAG and EHang are leading in agricultural and eVTOL sectors respectively [5][6] Technological Advancements - The low altitude economy is experiencing a shift from single product innovation to competition across the entire industrial chain, with leading companies building "moats" through vertical integration and technology reuse [6] - The development of power systems for eVTOLs is critical, with solid-state batteries being viewed as the optimal solution due to their high energy density and safety [7][8] Ecosystem Development - The low altitude economy is forming a "low altitude + multiple industries" ecosystem, with clear trends in consumer drones transitioning to tool usage, industrial drones upgrading with AI, and eVTOLs accelerating certification processes [9] - The government is encouraged to support policy and standardization, while enterprises should lead industry collaboration and ecosystem building [10] Market Opportunities - The integration of low altitude economy with traditional industries presents significant potential for transformation and upgrading, with applications ranging from logistics to emergency rescue [13][14] - The establishment of a market-oriented pricing mechanism is suggested to attract social capital for infrastructure development, promoting the prosperity of the low altitude economy [14]

Core Viewpoint - The opening ceremony of the headquarters project for Seagull Flying Car Group took place in Wujiang Taihu New City, with a total investment of approximately 1 billion yuan focused on the development, manufacturing, sales, and low-altitude flight operations of flying cars, eVTOL aircraft, flight control systems, autonomous driving systems, and hydrogen-lithium hybrid energy [1] Group 1 - The project will establish a comprehensive "Seagull-Taihu New City Flying Car Industrial Base" that includes a headquarters building, research and development center, experimental testing center, flight training experience center, and production base [1] - Upon reaching full production capacity, the project is expected to produce 3,000 flying vehicles annually, with projected annual sales revenue of 800 million yuan [1]