Core Insights - "Hanfa Changkong" has completed several million RMB in angel round financing, led by Xianfeng Changqing and Xieli Investment, to accelerate the development of its 400 kW class aviation engines [1] - The company aims to address the domestic civil aviation power market, which has been dominated by international giants, with its first product being a modular core engine platform [3] Company Overview - "Hanfa Changkong" was established in March 2024, with a core team that has nearly 20 years of experience in the aviation field and has participated in major national aviation engine projects [1] - The company is developing a 400 kW class modular core engine that can be adapted for various applications, including helicopters, fixed-wing aircraft, and hybrid VTOLs [3] Market Context - The domestic general aviation fleet reached 4,892 aircraft in 2023, a 37% increase from 2020, but the domestic aviation engine localization rate is below 5% [2] - In the critical 400-800 kW power segment, imported products dominate with over 95% market share, leading to high aircraft prices due to engine costs ranging from 15,000 to 20,000 RMB per kW [2] Product Development - The 400 kW core engine is designed to reduce costs by approximately 30-40% compared to similar aviation engines, utilizing advanced performance parameters and a simplified cooling system [3] - The company is also developing a hybrid power system to complement electric power, aiming for a range of over 1,000 km and a payload capacity of one ton, significantly outperforming pure electric systems [3] R&D and Commercialization - "Hanfa Changkong" has introduced a "cloud-connected" working model to enhance team communication and is collaborating with domestic universities for specialized research [4] - The first 400 kW turboshaft engine is expected to complete assembly and initial ignition by Q3 2023, with performance testing planned for Q4 2023 and certification processes starting in 2026 [4] Investment Perspective - Investors highlight the high technical barriers and value concentration in the small and medium-sized aviation engine sector, emphasizing the urgent demand for reliable and cost-effective power systems as the low-altitude economy develops [5] - The upcoming launch of the first domestic aviation engine is seen as a significant step in supporting the growth of China's low-altitude economy [5]