After nearly two years of dormancy, the low-altitude economy in China seems to be rising again.
eVTOL manufacturer Volant Aerotech recently announced the completion of nearly 1 billion in a new round of financing, setting a record for the largest single financing in the low-altitude economy at the beginning of the year. This round of financing was led by CSC, with participation from well-known institutions such as Lianxin Capital, Xiangfeng Investment, Guanghe Venture Capital, and Guoce Investment, while existing shareholders like Panlin Capital, Yunsheng Capital, Zhongke Chuangxing, and Songhe Capital continued to invest.
Shortly after the financing news was announced, significant signals also emerged from the policy front. The State Administration for Market Regulation, in conjunction with the Central Air Traffic Control Office, the National Development and Reform Commission, and ten other departments, jointly released the &#34;Guidelines for the Construction of Low-Altitude Economy Standard System (2025 Edition).&#34; The guidelines specify that by 2027, the low-altitude economy standard system will be basically established to meet the safety and healthy development needs of the low-altitude economy. By 2030, there will be more than 300 standards in the low-altitude economy field, with a basic formation of a structure that is optimized, advanced, reasonable, and internationally compatible, providing strong support for the safe and healthy development of the low-altitude economy.
Some investors have told us, &#34;The low-altitude economy is no longer just a technical and product issue, but a policy issue. How will policies be further relaxed? Will airworthiness certificates or flight permits be decentralized? How long will the approval process take?&#34; These specific questions determine whether the low-altitude economy can land quickly.
At the same time, the secondary market has also begun to become active. According to media statistics, since January 2026, there have been a total of 15 low-altitude economy concept stocks with net purchases by financing clients exceeding 100 million. Among them, AVIC Optoelectronics had a net purchase amount of 884 million, while AVIC Xifei and Aerospace Power both exceeded 400 million, and AVIC Onboard and Aerospace Development were also above 300 million. From the disclosed 2025 performance forecasts or reports, many companies expect to achieve profitability, with Longxin General, Wanfeng Aowei, Zongshen Power, and Changyuan Donggu showing the largest net profit scales, indicating signs of improvement in the industry fundamentals.
However, although there is market sentiment support, from a new time point of view, the capital's support for the low-altitude economy track is more based on the implementation of policies and the fulfillment of orders. Ultimately, those who can remain at the table are still the truly strong players.
<h2>The Largest Single Financing at the Beginning of the Year</h2>
As the core vehicle for Geely Technology Group's layout in the low-altitude economy, Volant Aerotech was established in 2016, focusing on the research and development and commercial operation of global low-altitude intelligent transportation aircraft, and has built a full-chain capability covering product development, airworthiness certification, production manufacturing, and commercial operation. Its self-developed AE200 series passenger eVTOL mass production aircraft has successfully rolled off the production line and completed the first phase of verification test flights, maintaining an industry-leading airworthiness process.
Regarding the use of funds from this financing, Volant Aerotech clearly stated that all will be invested in the final sprint for airworthiness certification of the AE200 series, the production of the global headquarters base, and the in-depth construction of low-altitude travel business models, fully promoting the product from the technical verification stage to large-scale commercial use.
It is reported that the AE200 is a flying car with a seating capacity of 5-6 people, with a cruising speed of about 248 kilometers per hour and a maximum range of up to 200 kilometers. After being put into operation, it will fly at an altitude of about 300 meters over urban areas
It is worth noting that this is the second round of independent market financing completed by WoFei ChangKong in the past three months. In November 2025, WoFei ChangKong announced the completion of hundreds of millions in Series C financing. This round of financing was jointly invested by Hangzhou Industrial Investment Group Co., Ltd., Prosperity7 Ventures, and Songhe Capital, with existing shareholders such as Yunsheng Capital and Aoxiang Tianxing adding investments. So far, the company has completed a total of five rounds of independent market financing. This large-scale financing not only boosts WoFei ChangKong's own development but also reflects the continued heating up of the low-altitude economy sector.
According to information from third-party data agencies, in the past year, the low-altitude economy sector led the angel round with 63 financing events, followed closely by Series A and Pre-A rounds with 46 and 39 events, respectively. The total number of early rounds (angel round, Pre-A round, Series A, A+ round) exceeded 170 events, accounting for more than 60% of the total financing events for the year. This structure clearly indicates that the low-altitude economy is still centered on incubating startups and technology validation, with a large amount of capital pouring in to explore promising early-stage projects.
In contrast, the number of later financing events such as Series C and beyond has significantly decreased, with a total of less than 30 events for Series C, D, E rounds, accounting for about 10% of the total. This characteristic reflects that the industry is still in the stage of technological iteration and scenario exploration, with most companies yet to enter a mature and scalable profit phase.
It is noteworthy that strategic investments have reached 28, indicating that industrial capital has begun to lock in quality targets through strategic layouts, positioning itself for future ecological integration.
<h2>Year of Order Explosion</h2>
Since 2021, almost every round of financing has been labeled with &#34;future mobility&#34; and &#34;low-altitude economy,&#34; but by 2025, the capital trend has quietly shifted. The tolerance of the primary market for &#34;heavy asset, long cycle&#34; projects has significantly decreased, leaving investors who are more pragmatic; rather than grand narratives, they prefer to see clear delivery rhythms and verifiable business paths.
As an important carrier of future air traffic, eVTOL (electric vertical takeoff and landing aircraft) is regarded as one of the most certain sub-sectors in the low-altitude economy. In October 2023, EHang's EH216-S unmanned passenger eVTOL received a type certificate issued by the Civil Aviation Administration of China, becoming the world's first product to obtain this certification; it subsequently obtained production licenses and standard airworthiness certificates, and on March 28, 2025, it received an operational qualification certificate, becoming the first eVTOL company in China to achieve certified operations.
The market generally believes that 2025 is the critical point for eVTOL to transition from technology validation to large-scale application, with orders expected to be released in concentration.
The overseas market has warmed up first. In October 2025, XPeng Huitian signed the first batch of 600 flying car orders in the Middle East, setting the largest scale overseas procurement record in this field; PeakFly Aviation and Shide Technology also announced obtaining orders from Middle Eastern customers. Domestic demand has also started, with Volant Aviation and EHang respectively securing purchase agreements from Guizhou, Beijing, and other regions
At the International Low Altitude Economy Expo, Times Technology secured the largest single eVTOL intention purchase in China: UAE company Autocraft ordered 350 units, with a total amount reaching 1 billion USD. Subsequently, Volant Aviation signed a procurement agreement for 500 VE25-100 &#34;Tianxing&#34; eVTOLs with Thailand's Pan-Pacific Company, with a total order value of up to 1.75 billion USD.
November 2025 is referred to in the industry as &#34;Order Carnival Month&#34;: Volant Aviation signed a confirmed order for 50 units with Hualong Aviation; Volant secured a large order of 95 units worth 2.375 billion CNY at the China International Import Expo; Peak Fly Aviation's cumulative orders exceeded 2,000 units; Times Technology also finalized a procurement agreement for 100 units with ICBC Financial Leasing. Entering 2026, the order enthusiasm continues—on January 28, the results of the &#34;2030 Pioneer Project&#34; were disclosed, with 160 confirmed and intention orders obtained.
However, the impressive numbers have also been questioned due to &#34;inflation.&#34; Industry insiders pointed out that currently, over 90% of eVTOL orders are intention orders, most of which are not legally binding and do not require a deposit, being closer to strategic statements. This &#34;order inflation&#34; is not uncommon in the early stages of emerging industries: manufacturers need orders to support valuation and financing, while purchasers lock in future market access by securing production capacity in advance.
The hot orders stand in stark contrast to the financial performance pressures faced by companies. EHang Intelligent, regarded as a &#34;leading player&#34; in the low-altitude economy, reported a net loss of 82.11 million CNY in the third quarter of 2025, a year-on-year increase of 70.7%, with a cumulative loss of 242 million CNY in the first three quarters. Amid this stark contrast, the core contradiction in the industry gradually emerges—technical feasibility is being continuously validated, but commercial feasibility still requires time to refine.
<h2>Listed Companies Accelerate Layout</h2>
According to the Civil Aviation Administration of China, the market size of China's low-altitude economy is expected to reach 1.5 trillion CNY by 2025 and is likely to exceed 3.5 trillion CNY by 2035.
Not only startups are entering the market. From the disclosed performance forecasts for 2025, several listed companies related to the low-altitude economy are expected to achieve profitability. Longxin General, WanFeng Aowei, Zongshen Power, and Changyuan Donggu's net profit ranks among the top, reaching 1.725 billion CNY, 950 million CNY, 692 million CNY, and 400 million CNY respectively; Hangfa Control and Shangluo Electronics also reported net profits exceeding 300 million CNY.
Facing the potential trillion-level market space, listed companies are cutting in from different links of the industrial chain, accelerating strategic positioning. Recently, many companies have actively laid out this emerging track by introducing strategic investors, increasing R&amp;D investment, and establishing research institutions, attempting to complete capacity reserves before the industry explosion.
Fulian Precision recently announced that it plans to introduce CATL as a strategic investor by issuing shares to specific targets, raising a total of 3.175 billion CNY. After deducting issuance costs, the funds will be directed towards several directions, including a 500,000-ton annual production project for high-end energy storage lithium iron phosphate, key components for electric drive systems for new energy vehicles, robotic integrated electric joints, intelligent chassis control systems, and key components for low-altitude aircraft power systems
From the funding direction, it is not difficult to see that the company is focusing on power and core components, extending upstream into the low-altitude industrial chain.
Shenzhen Urban Transport plans to raise no more than 1.8 billion yuan through a private placement, with the funds to be used for the research and development of large models and ecological applications in the transportation industry, large-scale applications of embodied intelligent transportation equipment such as low-altitude and autonomous driving, global business expansion, and supplementing working capital. Relying on its accumulation in the smart transportation field, the company attempts to transfer its technological advantages into a comprehensive transportation system that integrates air and ground.
At the same time, Unisoc announced the establishment of a Central Research Institute, focusing on research into new architectures, new models, and efficient algorithms for edge AI chips aimed at applications such as autonomous driving, embodied robots, and low-altitude aircraft, to further strengthen its forward-looking technology layout and industrial chain synergy capabilities. Early investment at the chip level is also seen as a key step in competing for the future &#34;computing power base&#34; of air traffic.
From complete machine manufacturing to core components, and then to computing power and intelligent systems, listed companies are accelerating their penetration into the entire industrial chain of the low-altitude economy. As capital, technology, and industrial resources continue to converge, the competition in this track has moved beyond the conceptual level and is gradually shifting towards a competition of systematic capabilities.
Risk Warning and Disclaimer
The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at their own risk

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The low-altitude economy is gradually recovering in China, with WoFei ChangKong completing nearly 1 billion in financing, setting a record for the largest single financing at the beginning of the year. The financing was led by CSC, with participation from several well-known institutions. In terms of policy, ten departments jointly issued the "Guidelines for the Construction of Low-Altitude Economic Standard System (2025 Edition)," planning to establish 300 standards by 2030 to support the development of the low-altitude economy. The market is active, with net purchases exceeding 100 million by financing clients in 15 low-altitude economy concept stocks. The industry's fundamentals are improving, but capital support still relies on the implementation of policies and the fulfillment of orders

The low-altitude economy is rising again?