Rundtischgespräch: Die "letzte Meile" vor dem Start | 36Kr Industry Future Conference 2025

On September 10th, the 2025 36Kr Future Industry Conference, hosted by 36Kr, grandly kicked off in Xiamen, China. This conference has joined hands with the "China International Fair for Investment and Trade" hosted by the Ministry of Commerce. With the core theme of "In the Era of Intensive Cultivation, the Tides Surge in the Land of Plenty", it has made every effort to create a high - standard, high - value, and high - influence industrial event that combines national vision, industrial depth, and market popularity.

The conference closely aligns with national strategic guidelines and the forefront of industrial development. It focuses on five core sectors: artificial intelligence, low - altitude economy, advanced manufacturing, new energy, and mass consumption. It brings together the top forces in the industry to discuss development paths and outline the future of the industry. During the two - day agenda, with the "industrial cooperation chain" as the main logical line, the conference focuses on the collaborative mechanism among the government, capital, and industry. It delves into how to break down barriers, integrate resources, and precisely address the pain points, bottlenecks, and constraints in industrial development.

36Kr organized a round - table discussion titled "The 'Last Mile' Before Takeoff" at the Future Industry Conference. Cao Fangning, the founding partner of Duowei Capital [Host], Cai Wei, a partner at Lightspeed Photon, He Tianxing, the vice - president of EHang Intelligent, Xie Jia, the senior vice - president of Fengfei Aviation Technology, Shi Hong, the co - founder of Zero Gravity Aircraft Industry, and Xu Yue, the vice - president of Shanghai Volant, discussed the hot topic of the low - altitude economy.

The following is the content of the round - table discussion, compiled and edited by 36Kr:

Cao Fangning: Today, this round - table session is named "The 'Last Mile' Before Takeoff". This name is very appropriate because the low - altitude economy has been written into the relevant reports on new - quality productivity of the country and is currently the most concerned topic in the industry. First of all, welcome guests such as Cai Wei, a partner at Lightspeed Photon, He Tianxing, the vice - president of EHang Intelligent, Xie Jia, the senior vice - president of Fengfei Aviation Technology, Shi Hong, the co - founder of Zero Gravity Aircraft Industry, and Xu Yue, the vice - president of Shanghai Volant. Please briefly introduce your institutions and your layout in the low - altitude economy field in a few sentences.

Cai Wei: I'm Cai Wei from Lightspeed Photon. Lightspeed Photon is an investment fund focusing on early - stage and growth - stage technology companies in China. We manage assets worth 20 billion yuan, including both RMB and US dollar funds. Since last year, we have systematically focused on the low - altitude economy field and have invested in some companies in the core technologies and components upstream of the industry. I'm here at this round - table forum to learn from all the industry leaders present. Thank you.

He Tianxing: I'm He Tianxing from EHang Intelligent. EHang Intelligent is a technology company focusing on new - type eVTOL aircraft and overall solutions for the low - altitude economy. It is also one of the earliest companies globally to enter the eVTOL industry. In the past decade, we have been deeply involved in the R & D of new - type civil aviation technologies and the construction of the low - altitude economic business ecosystem. Our star flagship product, the EH216 - S unmanned manned aircraft, is currently the only eVTOL product globally with "four certificates in hand" and the first company to enter the commercial operation of manned eVTOL. Our goal is to promote the transformation of human three - dimensional transportation space. Under the guidance of the national low - altitude economic policies, we will contribute our strength to social and people's livelihood security and industrial economic development.

Xie Jia: I'm Xie Jia from Fengfei Aviation Technology. Fengfei focuses on the R & D of large - scale electric vertical take - off and landing (eVTOL) aircraft. Our core product is a two - ton - class model: the cargo - carrying model can carry a load of 400 kilograms, and the five - seat manned model can carry a load of 500 kilograms. The maximum range exceeds 250 kilometers, and the flight time is over 1 hour and 20 minutes. We are the only company globally to obtain three certificates (TC, PC, etc.). In the past two years, we have completed test flights in scenarios such as cross - sea and cross - city transportation and far - sea platform transportation. Our vision is to change the way of logistics and human mobility with electric vertical take - off and landing technology.

Shi Hong: I'm Shi Hong from Zero Gravity Aircraft Industry, and I'm also an aviation enthusiast. We founded Zero Gravity Aircraft Industry to develop new - energy manned aircraft. Our goal is to create safe, convenient, and efficient flying vehicles for the general public and reduce the cost of flying. Currently, we have laid out two categories and four types of products: the commercialized electric fixed - wing aircraft (water - based/land - based), the eVTOL manned drones in the airworthiness certification stage (expected to be launched in 2026), and we are also developing a 2.5 - ton six - seat tilt - rotor aircraft, which is planned to serve urban public transportation in the future.

Xu Yue: I'm Xu Yue from Shanghai Volant Aviation. Volant focuses on the R & D of the high - level manned eVTOL "Tianxing (VE25 - 100)". It can carry 1 pilot and 5 passengers, with a range of 200 - 400 kilometers, a cruising speed of 235 kilometers per hour, and a cost of 60 yuan per seat for a 20 - kilometer flight in 5 minutes. It can cover scenarios such as tourism, emergency rescue, and inter - city travel. On September 1st this year, we completed the first flight, which marked that the VE25 - 100 officially entered the engineering development test - flight stage. The company's headquarters is in Shanghai, and the manufacturing base is in Zigong, Sichuan.

Cao Fangning: In 2024, the low - altitude economy was still in the planning stage, and in 2025, many policies have been implemented. I'd like to discuss with you: What changes have taken place in the industry this year? What problems have been solved? What challenges still remain? In the past, there were many non - consensus areas, but now, in terms of technology and implementation directions, capital, consumers, and the government have gradually reached a consensus. What will be the core focus of everyone's work this year? First, please let the four enterprise representatives talk about the challenges this year and the achievements of past implementations.

He Tianxing: 2024 was called the "Year of the Low - Altitude Economy" by many, but I think it should be more accurately called the "Year of Popularizing the Low - Altitude Economy in China". The ten - year development of EHang Intelligent in the industry is actually a ten - year process of promoting industry popularization and development. The company was established in 2014, released the world's first unmanned manned eVTOL product in 2016, built the first command and dispatch center based on unmanned aircraft in 2017, and gradually promoted the formation of a product ecological combination of cargo - carrying, manned, and social security (emergency fire - fighting, industry applications). In 2023, the Central Economic Work Conference officially determined the national strategic position of the low - altitude economy, and the government work report of the National Two Sessions clearly defined the development direction of the low - altitude economy. The industry we have promoted for many years has received more attention and recognition. It has transformed from a niche innovative industry into a well - known inclusive economy. However, in the past year and a half, many people still don't fully understand the connotation and long - term value of the low - altitude economy. While developing, we have been sparing no effort to popularize the knowledge of the low - altitude economy to the public. Last year, EHang developed rapidly, was busy with business, and achieved good results. We obtained four certificates and became the leader in the industry. But the biggest achievement was actually promoting the formulation of industry standards. For the development of the low - altitude economy, it is necessary to first establish a sound industry standard and regulatory framework. From the type certificate, standard airworthiness certificate, production license to the operation certificate, the process of obtaining these certificates is actually a process of promoting the establishment of standards with civil aviation regulators and cooperative operators. These standards, recognized by regulatory agencies, local governments, and even international organizations, are also the cornerstone for promoting the accelerated development of the entire industry. In 2024, the company received tens of thousands of visitors. We didn't just talk about business and cooperation but also wanted to convey the core concepts of the low - altitude economy: What is the low - altitude economy? What is its core value? What is the difference between application scenarios and commercial scenarios? What is its contribution to society? How can it become an economic growth engine through safe, healthy, and orderly development? These are all things we need to do. We believe that the low - altitude economy is not a short - term value within 3 - 5 years. The automotive industry took 150 years to reach the current intelligent stage. As a transformation of three - dimensional transportation space, low - altitude transportation will bring long - term benefits over 5 - 10 years. We hope that investors like Mr. Cai will be more patient and confident. In the next three years, we will still approach the industry and ecosystem with a mindset of popularization, so that the public can understand the true meaning and long - term value of the low - altitude economy.

Xie Jia: Fengfei has changed a lot from last year to this year. First, there has been a breakthrough in airworthiness. We are the first company to obtain "three certificates" for eVTOL over one ton, and together with EHang, we are the only two companies to complete airworthiness certification. Second, in terms of aircraft R & D, the cumulative flight hours of the full - scale model have reached 100,000. In the past two years, we have conducted many public test flights. For example, this year during the Spring Festival Gala, we achieved a night flight of a large - scale eVTOL, and in August, we completed a test flight in Pingtan, Fujian (one of the world's three major windy areas with over 200 days of level 7 winds per year). Now, our aircraft can take off and land in level 7 winds and fly horizontally in level 8 - 9 winds. The National Development and Reform Commission proposed in May this year the principle of "cargo - carrying first, then manned; isolated operation first, then integrated operation; suburban areas first, then urban areas". We are also advancing according to this principle. In the cargo - carrying scenario, in July, we participated in the protection of the Wuhan Yangtze River Crossing Festival and dropped life rafts. We also cooperated with CNOOC to complete a 160 - kilometer far - sea platform transportation, which not only verified the performance of our aircraft but also gave confidence to our customers. In addition, the low - altitude economy requires the construction of an ecosystem. We plan to achieve regular operations on 4 - 5 routes this year. Through typical scenarios such as mountainous areas, islands, and cross - sea transportation, we will understand the logic of infrastructure and air traffic control support, laying the foundation for subsequent replication. The airworthiness certification for manned aircraft is also in progress. Last year, we completed the basic approval confirmation, and this year, we completed the confirmation of CP and methods. Last month, we entered the composite verification stage. We look forward to obtaining the certificate soon. Welcome everyone to visit our headquarters in Kunshan and our test - flight sites.

Shi Hong: Zero Gravity has made several key progressions in recent years. First, the airworthiness certification of our eVTOL product, the ZG - ONE Quefei, has accelerated since it was officially accepted by the authorities last year and is expected to be launched into the market soon. Second, we acquired the land - based and water - based models of the Ruixiang series of electric fixed - wing aircraft and obtained the ownership of the TC, making us the only company in China with three configurations: "electric fixed - wing + eVTOL + tilt - rotor". In the past year, we have clearly felt that the top - level planning has become clearer. From establishing specialized project companies, actively participating in the revision of various standards and relevant regulations, to improving internal supply - chain management, everything has become more specific and detailed. Many things are no longer just at the macro - concept stage. At the same time, Zero Gravity is actively promoting the understanding of the fact that "the electrification and intelligence of aircraft are trends, not fads". Promoting the construction of the upstream and downstream industrial ecosystem in the long - term is of great significance. In the past year, we have also noticed changes in market feedback. The public has changed from "not understanding the low - altitude economy" to "knowing what the low - altitude economy is and how it intersects with daily life" (such as cultural tourism and travel). Capital has changed from "chasing concepts" to "looking at commercialization paths" and is no longer just investing based on concepts. In terms of scenarios, more cities are using our products in daily consumption, such as regular operations in scenic areas. The scenarios where aircraft interact closely with people are gradually increasing. Specifically for Zero Gravity, more local governments are now approaching us to build aviation cultural tourism camps, and we have also participated in the formulation of relevant industry standards. In terms of financing, we have started to cooperate with downstream industrial investment funds and cultural tourism listed companies. So this year is the "Year of Implementation and Scenario - building". We have also clarified our strategy: First, use electric fixed - wing aircraft to allow people to have zero - distance contact with aircraft, train maintenance personnel, and accumulate operational experience, providing a test - bed for the industry.

Xu Yue: In the past year and a half, the low - altitude economy has received a lot of attention both inside and outside the industry. Our company has received many visitors, and we have also improved our exhibition hall. We have three main feelings. First, there is strong government support. From the five - ministry proposal of strategic emerging industries in 2023 to the inclusion of the low - altitude economy in the government work report in 2024 as new - quality productivity and a new engine, the key variable of eVTOL is the biggest increment in the low - altitude economy. Volant's development has received strong support from Shanghai and Zigong, Sichuan, including the construction of the aircraft test - flight base, the creation of application scenarios, and the construction of various supporting facilities. Second, investors have trust in us. The low - altitude economy is a long - term and high - investment field. We are grateful for the support and backing of capital, which enables Chinese eVTOL enterprises to participate in the global competition in the aviation manufacturing industry. Third, the industry has reached a consensus. The certification route is becoming clearer, and policies, the market, and aircraft manufacturers are forming a joint force. We hope that more suppliers and customers will support us, and the development of the entire ecosystem is very important. In terms of orders, Volant signed the first domestic eVTOL financial leasing order with ABC Financial Leasing this year and also signed the first overseas order with the Thai Pan - Pacific Group, using our products for island transportation in Southeast Asia.

Cao Fangning: Lightspeed Photon is a leading dual - currency fund in the industry, with an investment style that is steady, accurate, and decisive. You must have in - depth observations in the low - altitude field. I'd like to ask: First, what is the investment logic of the target companies that Lightspeed Photon is looking for? Second, how do you balance short - term cash flow and long - term ecological positioning? What is the overall logic for screening target companies?

Cai Wei: I may be the only investor at this round - table. I'd like to share my views on the low - altitude economy from an investor's perspective. I'd like to add some information from the perspective of market financing. In the first half of 2025, the number of financing rounds of low - altitude economy companies increased by 50% compared with the same period last year, and the total financing amount exceeded 7.5 billion yuan. This shows the market's recognition of this industry, which is a positive sign.

Moreover, we have found that during the development of the entire industry, investment shows three characteristics. First, investing in early - stage and small - scale companies. About 40% of the investment goes to angel - round companies. Second, continuously increasing investment in leading star companies with scale and orders. Third, the investment targets are shifting from aircraft manufacturers to upstream core technology and key component companies. It can be seen that the industry is in a booming state.

For capital, we are generally optimistic but also relatively rational. For example, the financing amount of embodied intelligence in the first half of this year exceeded 15 billion yuan. It can be seen that there is a consensus in this field, and