Core Viewpoint - The successful manned test flight of China's first ton-level eVTOL marks a significant milestone in the low-altitude economy and the development of electric vertical takeoff and landing aircraft in the country [1][4]. Group 1: Manned Test Flight Achievements - The first manned test flight of the Volant VE25-100AC101 took place from October 4 to October 14 at the Zigong test flight base, validating the aircraft's initial handling performance and system stability [1][4]. - The VE25-100 is positioned for commercial passenger transport and is capable of various applications, including passenger transport, sightseeing, cargo, and medical rescue [4][6]. - The operational cost per seat per kilometer for the VE25-100 is estimated to be only 1/8 to 1/10 of similar helicopters, indicating strong commercial viability [4]. Group 2: Industry Trends and Developments - The low-altitude economy is gaining momentum, with increasing occurrences of manned test flights and significant policy support from the government [2]. - Major eVTOL manufacturers are experiencing a surge in orders, reflecting a clear trend towards large-scale development of the industry [2]. - The "land aircraft carrier" by XPeng Huitian successfully completed its first international public flight demonstration in Dubai, marking a key step in the internationalization of China's low-altitude electric manned flight technology [7]. Group 3: Financing and Investment Landscape - In the first half of 2025, nearly 100 financing events occurred in China's low-altitude economy, with total financing exceeding 7.5 billion yuan [10]. - Volant Aviation completed a multi-hundred million yuan Series B financing round, which will accelerate product development and commercial rollout [10]. - The shift in low-altitude financing focus from "whole machine heat" to "core technology breakthroughs" is evident, with eVTOL and eVTOL motors receiving significant attention from investors [11].