从打造"天空之城"到剑指"世界eVTOL（电动垂直起降飞行器）之都"，上海这座低空经济产业创新高 地，正在加速建设全国低空经济产业综合示范引领区。 海外咨询公司SMG于2025年12月发布的先进空中交通AAM现实能力指数显示，排名前六名的企业中有2 家总部位于上海，其中上海沃兰特航空技术有限责任公司与两家美国企业并列第三。 "eVTOL不是简单给汽车插上翅膀，而是航空产业链与新能源产业链的一次历史性交汇。2025年是中国 eVTOL企业蓄力储能的关键之年，中国eVTOL军团在全球舞台的表现已然亮眼夺目。"沃兰特联合创始 人、总裁黄小飞在接受中国证券报记者专访时表示，展望"十五五"，沃兰特将继续抢先占位、立稳潮 头，为上海低空经济试点、中国产业示范做出自身贡献，也将力争成为航空业下一个百年浪潮中最有价 值的航空科技企业之一。 硬核答卷： 五年深耕铸就领跑之势 沃兰特成立于2021年，其扎根上海的五年，也是上海eVTOL产业不断壮大的五年。 在过去的2025年，沃兰特在客运eVTOL技术研发、适航推进、商业落地中一路领跑，并用一连串扎实 的研发里程碑交出硬核答卷，包括VE25-100（沃兰特首款商用载客eVTOL ...

Core Viewpoint - The low-altitude economy in China is projected to reach a market size of 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030, indicating a strong growth trend in the industry [1] Group 1: Market Demand and Growth - The surge in orders reflects a high market demand, with Meituan's drone delivery surpassing 670,000 commercial orders by September 2025, and 150,000 orders in the first half of 2025 alone [2] - The industry anticipates that by 2035, the value of drone logistics in China could exceed 1 trillion yuan, with an average annual growth rate of around 20% [2] - Numerous low-altitude aircraft manufacturers have received substantial orders, with companies like Wolt and Yihang securing hundreds of aircraft orders and significant financing to support production [3][4] Group 2: Infrastructure and Safety - The development of the low-altitude economy requires a robust infrastructure network and comprehensive safety regulations to ensure smooth operations [1][6] - Safety is recognized as a top priority in the industry, with calls for unified regulatory systems to manage low-altitude flight activities effectively [7] - Companies are working towards creating a multi-network integration of air, sky, and ground services to enhance regulatory and service models for the low-altitude industry [8] Group 3: Policy Support and Strategic Development - The Chinese government predicts that the low-altitude economy will reach a market size of 3.5 trillion yuan by 2035, emphasizing the importance of policy support for industry stability [9] - The establishment of the Low Altitude Economic Development Department by the National Development and Reform Commission aims to formulate and implement strategies for the sector [10] - Local governments are increasingly incorporating low-altitude economic development into their work reports, indicating a multi-layered regulatory framework is being established [11]

Group 1: Fundraising and Market Trends - In 2023, 11 FOFs (Fund of Funds) have been established with a fundraising scale exceeding 2.0 billion yuan, with the latest FOF raising 2.367 billion yuan and receiving 9,440 valid subscriptions [1] - The number of public fund managers has reached a new high of 4,102, marking a 25% increase since the beginning of the year, with nearly 30% of them having less than two years of tenure, indicating a trend towards younger fund managers [1] Group 2: Banking Sector Performance - As of the end of Q3 2025, the non-performing loan (NPL) rate for commercial banks is 1.52%, with a total NPL balance of 3.5 trillion yuan, reflecting a slight increase from the previous quarter [2] - In the first three quarters of 2025, commercial banks achieved a cumulative net profit of 1.9 trillion yuan, with an average capital return rate of 8.18% and an asset return rate of 0.63% [3] Group 3: Regulatory Developments - The Shenzhen Financial Regulatory Bureau has initiated a cleanup of unapproved "financial holding" companies, requiring 553 entities to either apply for cancellation or change their names and business scope within three months [4] - The China Securities Regulatory Commission has approved Yuan Chuang Technology's initial public offering registration [9] Group 4: Corporate Actions and Developments - Wanfu Biology has decided to postpone the implementation of its Knowledge City production base construction project while maintaining the original fundraising project parameters [10] - Yangdian Technology has completed the transfer of shares, resulting in a change of control to Hantang Cloud Intelligence Technology Co., Ltd. [11] - Zhongmei Energy's executive director and president Zhao Rongzhe has resigned due to reaching retirement age [12] - Chongqing Steel's president Meng Wenwang has resigned due to work adjustments [13] Group 5: Market Performance - In October, China Merchants Port reported a 5.5% year-on-year increase in container throughput, totaling 17.418 million TEUs for the first ten months of the year [15] - China State Construction reported a total of 3.61 trillion yuan in new contracts signed from January to October, reflecting a 1% year-on-year growth [18]

Group 1 - Volant Aviation has completed a B+ round financing of several hundred million yuan, with investments from multiple listed companies including Jinding Capital, Bertley, Hailide, Aima Technology, Jingzhuan Technology, and Bojun Technology [1] - The financing will be used for the airworthiness certification and mass production preparation of the Volant VE25 eVTOL, further accelerating its commercialization process [1] - Huaxing Capital acted as the exclusive financial advisor for this financing round [1] Group 2 - Volant Aviation focuses on the research and manufacturing of high-grade electric vertical take-off and landing aircraft (eVTOL) [4] - The company's first composite wing product, VE25-100 "Tianxing," is designed with a market-oriented approach, targeting the commercial passenger transport sector and covering all application scenarios in the low-altitude economy [4] - Since the successful first unprotected flight of the prototype AC101 on September 1, the Volant team is working towards completing rotor test flight subjects and preparing for manned flight tests [4]

Core Insights - Wolant has completed a B+ round financing of several hundred million yuan, led by Jinding Capital and five listed companies, to accelerate the certification and mass production of its VE25 eVTOL aircraft [1] - The company aims to obtain airworthiness certification by the end of 2026 or early 2027, with steady progress on various fronts [1] - Wolant has become a unicorn with a valuation exceeding $1 billion after its B round financing and is the most active low-altitude economy enterprise in terms of financing in 2024 [1] Company Developments - Wolant has achieved significant milestones in the commercialization of eVTOL, including the rollout of engineering prototypes and successful manned flights, along with confirmed orders from multiple airlines and leasing companies [1] - The company has signed multiple cooperation agreements with various partners, including Beijing Yizhuang International Financing Leasing Co., and is collaborating with Shenzhou Car Rental to develop a fleet of VE25-100 eVTOLs [3] Industry Outlook - The low-altitude economy is recognized as a strategic emerging industry in China, with eVTOL technology expected to revolutionize the aviation sector and create a trillion-yuan market [2] - The market for low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, indicating strong growth potential [4] - The integration of eVTOL technology is anticipated to address traditional aviation challenges, such as high operational costs and limited takeoff and landing points [2]

Core Viewpoint - Wolant has successfully completed a B+ round financing of several hundred million yuan, which will be used for the airworthiness certification and mass production preparation of its VE25 eVTOL, accelerating its commercialization process [1] Group 1: Financing and Valuation - Wolant has completed ten rounds of financing since its establishment in 2021, with the latest B round financing in September 2023, leading to a valuation exceeding $1 billion, marking it as a new unicorn [1] - The recent financing round involved investments from five listed companies, including Jinding Capital, Bertli, Hailide, Aima Technology, and Jingzhuan Technology [1] Group 2: Industry Potential and Trends - The low-altitude economy is recognized as a strategic emerging industry in China, with eVTOL seen as a key innovative carrier with significant market potential [2] - The low-altitude economy market is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035, indicating substantial growth opportunities [4] Group 3: Technological Advancements and Collaborations - Wolant's self-developed V25-100 eVTOL aims to provide a passenger flight experience with a cost of 60 yuan for a 20 km journey in just 5 minutes [3] - The company has signed multiple cooperation agreements with various organizations, including leasing companies and service providers, to build a scalable fleet and develop air travel solutions [3]

Core Viewpoint - Wolant has completed a B+ round financing of several hundred million yuan, which will be used for the airworthiness certification and mass production preparation of its VE25 eVTOL, accelerating its commercialization process [2][3]. Financing and Valuation - Wolant has become one of the most active companies in the low-altitude economy sector, completing ten rounds of financing since its establishment in 2021, with a valuation exceeding 1 billion USD after the B round [2][3]. - The company is also noted for having the highest number of financing rounds in the low-altitude economy sector in 2024 [2]. Technological Advancements - The VE25 eVTOL has achieved significant milestones, including the completion of engineering prototypes and manned flight tests, with confirmed orders from multiple airlines and leasing companies [2][3]. - The eVTOL technology is expected to revolutionize the aviation industry, significantly reducing operational costs and infrastructure requirements [3]. Market Potential - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, indicating substantial growth potential [5]. - The integration of eVTOL technology is seen as a key driver for innovation and capital flow within the low-altitude economy, which has been recognized as a strategic emerging industry by the government [3][5]. Strategic Partnerships - Wolant has signed multiple cooperation agreements with various companies, including leasing firms and service providers, to build a fleet of VE25 eVTOLs and develop air travel solutions [4].

Core Insights - Volant Aviation has completed a multi-billion B+ round financing, with investments from several listed companies, aimed at accelerating the certification and mass production of its VE25 eVTOL model [1][2] - The low-altitude economy is recognized as a strategic emerging industry in China, with eVTOLs being a key component of its commercialization [2] Financing and Investment - The financing round involved investments from five listed companies, including Jinding Capital, Bertley, Hailide, Aima Technology, and Jingzhuan Technology, which have extensive experience in intelligent manufacturing, new materials, and precision processing [1] - The funds will be used for the airworthiness certification and preparation for mass production of the VE25 eVTOL, accelerating its commercialization process [1] Market Potential and Industry Outlook - The founder and CEO of Volant Aviation, Dong Ming, emphasized that China has a solid foundation and significant market potential for the eVTOL industry, which could develop into a globally competitive new pillar industry similar to electric vehicles [2] - The low-altitude economy is entering a critical period of policy benefits, with eVTOLs representing the core vehicle for its commercialization, aligning with the "dual carbon" strategy and urban transportation upgrades [2]

Core Insights - Shanghai Volant Aviation Technology Co., Ltd. has completed a multi-billion B+ round financing led by Jinding Capital, aimed at accelerating the certification and mass production of its VE25 eVTOL model [1][2] - The low-altitude economy is recognized as a strategic emerging industry in China, with recent policy releases indicating strong governmental support for its development [2][4] - eVTOLs are positioned as a core vehicle for commercializing the low-altitude economy, aligning with China's dual carbon strategy and urban transportation upgrades [2] Company Overview - Volant, established in 2021, focuses on the development of commercial-grade eVTOLs, with its VE25 model featuring a composite wing design that balances safety and commercialization [2] - The company has achieved significant milestones, including being the first in the country to complete manned flight tests of a high-grade eVTOL and is leading in certification and order intentions [2][5] Investment Details - The recent investment round included participation from multiple listed companies in sectors such as intelligent manufacturing, new materials, and precision processing, all of which are optimistic about the low-altitude economy and Volant's prospects [4] - Jinding Capital's founder emphasized the transformative potential of eVTOLs for the aviation industry, viewing it as a multi-trillion market opportunity [5] Industry Context - The establishment of the Low Altitude Economy Division by the National Development and Reform Commission and the introduction of the Airspace Management Regulations reflect the government's commitment to fostering a more open and active low-altitude environment [2] - The industry is transitioning from concept validation to large-scale verification, with Volant at the forefront of this evolution [2]

Core Insights - Wolant has recently completed a B+ round financing of several hundred million yuan, with investments from six listed companies, aimed at accelerating the certification and mass production of its VE25 eVTOL aircraft [1][2] - The company is expected to obtain the airworthiness certificate by the end of 2026 or early 2027, with steady progress on various fronts [1][2] - Wolant has become a unicorn with a valuation exceeding $1 billion after its B round financing, marking it as one of the most active companies in the low-altitude economy sector [1][2] Company Developments - Wolant has successfully completed several milestones in the eVTOL commercialization process, including the rollout of engineering prototypes and manned test flights, and has secured orders from multiple airlines and leasing companies [1][2] - The company has signed multiple cooperation agreements with various partners, including Beijing Yizhuang International Financing Leasing Co., and has formed a strategic partnership with Shenzhou Car Rental to develop a fleet of VE25-100 eVTOLs [3] Industry Outlook - The low-altitude economy is recognized as a strategic emerging industry in China, with significant potential for innovation and market growth, particularly in the eVTOL segment [2] - The market size for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, indicating a robust growth trajectory [4]