备受瞩目的2025亚洲通用航空展近日在珠海落下帷幕，万丰集团携旗下Volocopter全系列垂直起降飞行 器（eVTOL）惊艳登场，成为本届航展最受瞩目的焦点之一。 这是继2025年3月万丰重组Volocopter后，首次以完整产品矩阵在中国亮相，VoloCity、VoloRegion、 VoloXpro等多款主力机型联袂登场，全面展示城市、城际空中交通（UAM）领域的低空经济前沿探索 与领先实力。 中国亮相 重组后的Volocopter活力焕发 11月19日，万丰Volocopter的先锋机型VoloXpro垂直起降飞行器正式获得中国民用航空局华东地区管理 局颁发的民用航空器特许飞行证，标志着万丰的低空飞行航空器在适航审定和商业化进程上更进一步。 VoloXpro为2座、18旋翼eVTOL飞行器，搭载9块可更换锂离子电池，最大飞行速度100千米/小时，具有 低噪音、高安全性等优势。该机型自2019年在新加坡完成全球首次公开载人飞行测试以来，已经在全球 20多个国家成功完成2,000多次试飞。取得特许飞行证后，VoloXpro将于近期开启在中国的巡飞之旅， 唱响未来城市空中交通的新图景。 图片来源：万丰奥特控 ...

Group 1: Company Overview - WanFeng Aviation showcased its Diamond Aircraft models and multiple eVTOLs at the 2025 Asia General Aviation Exhibition, highlighting its technological strength and innovative achievements in the general aviation and low-altitude economy sectors [1] - Since entering the general aviation sector in 2020, the company has focused on "changing the way humans travel" and has made strategic advancements, including the restructuring of German eVTOL pioneer Volocopter to accelerate its urban air mobility (UAM) initiatives [1][2] - WanFeng has established a global presence with five aircraft manufacturing plants, one engineering center, and three design R&D centers, along with 192 service centers across 90 countries, aiming to become a global leader in innovative general aviation manufacturing [2] Group 2: Product Development - The Volo Xpro eVTOL, a two-seat aircraft with 18 rotors, has received a special flight permit from the Civil Aviation Administration of China, marking a significant step in the certification and commercialization of low-altitude flying vehicles [2] - The Volo Xpro features nine replaceable lithium-ion batteries and a maximum flight speed of 100 km/h, emphasizing low noise and high safety [2] - Since its first public manned flight test in Singapore in 2019, the Volo Xpro has successfully completed over 2,000 test flights in more than 40 cities across 20 countries, leading the transition from R&D to commercial operation in urban air mobility [2] Group 3: Industry Insights - The low-altitude economy is recognized as a strategic emerging industry in China, with rapid market growth projected to reach 1.5 trillion yuan by 2025 and exceed 2 trillion yuan by 2030 [3] - The industry encompasses a wide range of applications and has significant long-term development potential, driven by both policy and technological advancements [3] - Research indicates that the development of strategic emerging industries, including low-altitude economy, will create several trillion-yuan markets, as outlined in the 14th Five-Year Plan [3]

Core Insights - The company showcased its advanced aircraft models and technologies at the 2025 Asian General Aviation Exhibition, emphasizing its commitment to transforming human mobility [1] - The company has made significant strides in the general aviation sector since 2014, including strategic acquisitions and investments to enhance its global presence [1][2] - The eVTOL market is projected to grow significantly, with commercial applications expected to expand from cargo to passenger transport in the coming years [3] Company Developments - The company has established a comprehensive development framework, including a headquarters, multiple manufacturing bases, delivery centers, and research facilities, aiming to become a global leader in general aviation innovation [2] - The integration of international brands like Diamond Aircraft and Volocopter has allowed the company to develop a diverse product matrix, including fixed-wing aircraft, eVTOLs, and drones [2] - The company is the only private aviation enterprise globally that has achieved a full industry chain development and international layout [2] Market Outlook - The eVTOL market is entering a commercial phase, with predictions indicating significant growth in urban air mobility (UAM) markets, potentially reaching $550 billion by 2030 and $9 trillion by 2050 [3] - China is expected to account for approximately 23% of the global UAM market by 2050, highlighting the country's potential in this emerging sector [3]

Core Insights - The 2025 Asia General Aviation Exhibition was held in Zhuhai, showcasing WanFeng's advancements in general aviation and low-altitude economy, featuring its star models like Diamond Aircraft and multiple eVTOLs from Volocopter [2][3] Company Strategy - Since entering the general aviation sector in 2014, WanFeng has focused on "changing the way humans travel," enhancing its global strategy through acquisitions and investments, including the purchase of Diamond Aircraft and restructuring Volocopter [3] - The company aims to create a comprehensive general aviation and low-altitude economy industry cluster, with a global footprint that includes seven aircraft manufacturing plants, three flight training bases, and 192 service centers across 90 countries [3][4] Product Development - WanFeng has developed a product matrix that includes 25 aircraft models and four engine types, integrating fixed-wing aircraft, eVTOLs, and drones, establishing a full industry chain from manufacturing to operation [4] - The company is positioned as a unique example of a private aviation industry player with a complete industry chain and international presence [4] Future Outlook - WanFeng plans to leverage its leading position in general aviation and low-altitude economy, integrating global resources and Volocopter's technology to enhance urban air mobility applications in various scenarios [4] - The company aims to contribute to the intelligent and large-scale layout of low-altitude transportation networks, promoting the transformation of human travel methods [4]

Group 1 - The company reported a year-on-year increase in net profit attributable to shareholders in its Q3 2025 report, with a net profit of 730 million yuan, up 29.4% year-on-year [2] - The company achieved a revenue of 11.42 billion yuan in the first three quarters of 2025, reflecting a 0.4% year-on-year growth [2] - The gross margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year, while the net margin improved to 6.6%, an increase of 1.2 percentage points year-on-year [2] Group 2 - The "14th Five-Year Plan" includes low-altitude economy as a "strategic emerging industry cluster," aiming to foster new and future industries [3] - The plan emphasizes the development of strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, which is expected to benefit the company's general aviation aircraft business [3] Group 3 - The company is actively integrating resources from Volocopter, with the TC certification for its manned eVTOL products expected soon [4] - The company aims to provide eVTOL solutions for both passenger and cargo transport within a range of 300 kilometers, with the Volocopter 2X and VoloCity models leading the certification process [4] - The VoloCity model is designed to meet stringent EASA standards and is currently undergoing TC certification [4]

Core Viewpoint - The UK has launched a six-month air traffic corridor project between Oxford and Cambridge to test the feasibility of electric air taxis, marking a significant step towards commercial air taxi operations [1] Group 1: Historical Context - The concept of flying cars has been envisioned since 1865, with notable references in literature and media [1] - Early attempts at flying cars, such as those by Glenn Curtiss in 1917, faced technological limitations, resulting in only short-distance flights [2] Group 2: Technological Advancements - The introduction of electric Vertical Take-Off and Landing (eVTOL) aircraft in 2007 by NASA marked a turning point for urban air mobility, allowing for short-distance air travel [2] - Volocopter, founded in 2007, has conducted over 2,000 test flights of its VoloCity eVTOL and is in the certification phase [3] Group 3: Industry Developments - Joby Aviation, a pioneer in the eVTOL space, received its air carrier certificate in 2022 and successfully completed a public airport flight [4] - Vertical Aerospace's VX4 eVTOL also completed its first public flight test in May 2023 [4] Group 4: Market Potential - eVTOL air taxis can avoid ground traffic congestion, operate at cruising speeds of 150 to 250 km/h, and have lower operational costs compared to traditional helicopters [5][6] - The International Civil Aviation Organization has praised eVTOLs for their potential in green transportation and urban air mobility [6] Group 5: Investment and Partnerships - Major airlines like American Airlines, Delta Air Lines, and United Airlines are investing heavily in eVTOL technology, with American Airlines investing $25 million in Vertical Aerospace [6] - Virgin Atlantic and Korean Air have also formed partnerships with Joby Aviation and Archer Aviation, respectively, to promote air taxi services [7] Group 6: Regulatory Challenges - The industry faces significant regulatory hurdles, particularly long certification processes that can strain financial resources [7] - Germany's Volocopter has encountered funding difficulties due to delays in obtaining airworthiness certification [7] Group 7: Global Perspectives - China's Civil Aviation Administration has been recognized for its innovative regulatory approach, significantly reducing the certification timeline for eVTOLs [8] - Experts suggest that other countries should adopt similar regulatory frameworks to accelerate the development and commercialization of eVTOL technology [8]

Core Viewpoint - The company is actively developing eVTOL products, focusing on both urban and intercity passenger transport, as well as cargo delivery solutions [1] Group 1: eVTOL Product Offerings - The company has two models, Volocopter2X and VoloCity, designed for two-passenger urban operations [1] - The VoloRegion and VoloConnect models are designed for 4-5 passengers, targeting intercity operations [1] - The VoloDrone model is a cargo drone capable of carrying up to 200 kilograms, aimed at areas difficult to reach with traditional transport methods [1] Group 2: Certification and Safety Standards - The company is systematically advancing the TC certification for certain models to meet higher airworthiness and safety standards [1]

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [49]. Core Insights - The report emphasizes the progress of companies such as Wanfu, Zongshen, Sichuang, and Jifeng in the low-altitude sector, highlighting their innovative capabilities and strategic partnerships [4][5]. - The low-altitude economy is projected to thrive, driven by advancements in urban air mobility (UAM) and the development of eVTOL (electric Vertical Take-Off and Landing) aircraft, with Wanfu as a leading player [7][8]. - The report outlines the performance of the Huachuang Transportation Low-altitude 60 Index, which decreased by 4.5% this week but has increased by 18.1% year-to-date, outperforming the Shanghai and Shenzhen 300 Index [23][24]. Summary by Sections Industry Basic Data - The low-altitude economy sector comprises 121 listed companies with a total market capitalization of 32,786.20 billion and a circulating market value of 28,031.62 billion [2]. - The absolute performance over the last 1 month, 6 months, and 12 months is -0.7%, 4.8%, and 15.4%, respectively, while the relative performance is -9.4%, -9.5%, and -21.6% [2]. Company Developments - **Wanfu Aowei**: Showcased the VoloCity eVTOL model at the 2025 World Intelligent Industry Expo, emphasizing its role in urban air transportation and the strategic importance of acquiring Volocopter [5][7]. - **Zongshen Power**: Signed a strategic cooperation agreement with Shanhe Star Aviation to launch a light sport aircraft powered by Zongshen's CA500 engine, marking a significant step in the low-altitude economy [11][14]. - **Sichuang Electronics**: Presented its low-altitude safety solutions at the 2025 Fourth Low-altitude Economic Development Conference, focusing on urban safety monitoring [16][18]. - **Jifeng Technology**: Established Jifeng Aviation to enhance its low-altitude business, leveraging partnerships in the drone sector to create new revenue streams [21][22]. Investment Recommendations - The report suggests focusing on key segments within the low-altitude economy, including manufacturers like Wanfu Aowei and Xirui, supply chain players like Zongshen Power, and digital infrastructure companies like Lais Information [31][32]. - The report highlights the potential for growth in three main application scenarios for the low-altitude economy: cultural tourism, passenger transport, and cargo transportation [31].

Group 1 - The 2025 World Intelligent Industry Expo was held in Chongqing, showcasing the VoloCity eVTOL aircraft from WanFeng, marking its first appearance in China [1][3] - VoloCity is a two-seat, 18-rotor eVTOL aircraft with a maximum speed of 110 km/h, recognized as the world's first electric air taxi certified by EASA [3] - The aircraft features multiple redundancy systems for safety, noise levels only a quarter of that of small helicopters, and an advanced autonomous driving and flight control system [3] Group 2 - WanFeng completed the strategic restructuring of Volocopter in 2025, establishing a global presence with seven aircraft manufacturing plants, three flight training bases, and 192 service centers across 90 countries [3][4] - The debut of VoloCity signifies a critical step in WanFeng's strategic layout in low-altitude transportation, with plans for a comprehensive product matrix including general fixed-wing aircraft, eVTOLs, and drones [4]

Group 1 - The World Intelligent Industry Expo 2025 was held in Chongqing, showcasing the VoloCity eVTOL aircraft from WanFeng Aowei, marking its first appearance in China [1] - VoloCity is a two-seat, 18-rotor eVTOL aircraft with a maximum speed of 110 km/h, having received both manned and unmanned flight permits, and is the first electric air taxi to be certified by EASA [1] - The aircraft features multiple redundancy systems for safety, operates at a noise level that is one-fourth of a small helicopter, and includes an autonomous flight control system powered by rechargeable batteries [1] Group 2 - WanFeng Aowei aims to transform human mobility by creating a comprehensive general aviation and low-altitude economy industry cluster, including fixed-wing aircraft, eVTOLs, and drones [2] - The company has established seven aircraft manufacturing plants, three flight training bases, and 192 service centers across 90 countries, positioning itself as a leader in the global general aviation sector [2] - WanFeng Aowei plays a significant role in industry standards and is involved in various aviation associations, enhancing its influence in the sector [2] Group 3 - The company is committed to building a smart, safe, efficient, and green urban air transportation ecosystem, leveraging technological innovation to lead significant changes in mobility [3] - In 2025, WanFeng Aowei completed the strategic restructuring of Volocopter, accelerating the development of green and intelligent aviation technologies [3] Group 4 - Volocopter, founded in 2007, is a pioneer in eVTOL development and the first to receive a manned flight license from EASA, with its core models entering certification stages [4] - The company offers a range of products including VoloXpro, VoloCity, VoloRegion, and VoloDrone, catering to various transportation needs [4] - Volocopter's operations are supported by its VoloIQ intelligent system, enabling comprehensive management of flight operations and safety monitoring [4] Group 5 - The domestic debut of VoloCity signifies a crucial step in WanFeng Aowei's strategic positioning in low-altitude transportation, integrating Volocopter's technology with its own manufacturing and operational expertise [5] - The company aims to promote the application of eVTOLs across diverse scenarios, contributing to the development of a sustainable urban low-altitude transportation network [5]