In the first two parts of the low-altitude economy series report, we discussed the development status and market prospects of eVTOL and air traffic control systems, respectively, and in this report, we will explore one of the core application scenarios of the low-altitude economy - drone logistics. Since 2024, drone logistics routes have been opened one after another, becoming one of the fastest application scenarios for the commercialization of low-altitude economy, and we believe that drones are expected to accelerate their penetration in the logistics industry with their advantages of high efficiency and low cost.
summary
Unmanned logistics networks have been built with pedigree models, and normal commercial operation scenarios have been gradually expanded. 1) Logistics UAVs are mainly divided into four categories: fixed-wing, multi-rotor, helicopter and composite wing, multi-rotor UAVs are positioned in urban terminal logistics, medium and large composite wings, fixed-wing UAVs are located in branch lines and future trunk logistics, and the above multiple types of UAVs together constitute a complete "trunk-branch-end" UAV distribution network. 2) JD.com, Meituan and other enterprises have begun to explore drone delivery since 2013, and the current commercial scenarios such as intra-city delivery, cross-city express delivery, and cross-sea feeder transportation have gradually entered the stage of normalized operation.
UAV logistics has the advantages of short distance, high efficiency and low cost, which is expected to help reduce costs and improve efficiency of logistics distribution. 1) UAV transportation adopts direct regional aviation, which avoids the limitation of land transportation highway nodes, taking Mudanjiang City-Yanbian City, Quzhou-Jingdezhen and other typical routes as examples, the UAV logistics distance is reduced by about 80% compared with land transportation. 2) The speed of multi-rotor drones can reach 40-60km/h, and the impact of shortening the logistics distance can greatly improve the timeliness of logistics, and the average delivery time of Meituan drones in 2022 is 12 minutes, which is nearly 150% more efficient than the average delivery time of about 30 minutes in the traditional logistics mode. 3) According to the calculation of Zhongtong Research Institute, the use of "end + branch" unmanned aviation logistics mode can reduce the comprehensive operating cost of logistics enterprises by more than 30%.
The drone delivery market has a broad space, and high-barrier links such as large cargo drones are expected to benefit from the core. 1) Zhongtong Research Institute expects that UAV distribution can reduce the overall operating cost by 30%, we believe that UAV logistics is expected to accelerate the development with efficient and low-cost advantages, and we estimate that the UAV logistics market size is expected to exceed 200 billion yuan in 2030. 2) The UAV logistics system is composed of UAV manufacturing, air traffic control, smart logistics, UAV-specific take-off and landing systems, etc., among which large-scale cargo UAVs are in strong demand and have high development barriers, which we believe are expected to benefit from the development of the UAV logistics industry.
risk
The expansion of UAV logistics applications is less than expected, and the reform of low-altitude airspace is less than expected.
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Drone logistics: Build a multi-level distribution system, and gradually expand the operation scenarios
Leading logistics companies are competing to explore drone logistics, and drone logistics distribution has begun to take shape. Unmanned aerial vehicle (UAV) logistics uses UAV air transport instead of feeder and terminal traditional land transportation, which has the advantages of high efficiency and low cost of scale, and traditional logistics companies such as Amazon and JD.com have begun to explore UAV distribution models since 2013. Meituan has obtained operation licenses such as the "Approval Letter for Trial Operation of Specific Types of UAVs" and the "General Aviation Enterprise Business License", and has landed dozens of routes in multiple cities, with a total of more than 220,000 user orders delivered[1]. In 2023, new UAV logistics routes across the country will be implemented in batches, and the application of UAV logistics has begun to take shape.
According to the main technical characteristics of the flight platform, logistics UAVs can be divided into four categories: fixed-wing, multi-rotor, helicopter, and composite wing.
► Fixed-wing UAV: The body structure of the fixed-wing UAV determines its characteristics of high speed, long endurance and long range, with the take-off mode being glide or catapult take-off, and the landing mode being taxiing or parachuting. Fixed-wing UAVs have certain requirements for the space of the take-off and landing sites, and are usually used for long-distance trunk and branch logistics transportation.
► Multi-rotor UAV: Multi-rotor UAV is simple to control, has automatic flight function, and the characteristics of vertical take-off and landing make it less demanding on the take-off and landing site. At present, multi-rotors are mainly driven by electricity, with short endurance and relatively small load, and are mainly used for short-distance logistics and distribution.
► Unmanned helicopter: The common unmanned helicopter is a single-rotor with tail rotor type, which is slightly better than multi-rotor UAVs in terms of endurance time, load capacity and cruise speed, and is higher than multi-rotor UAVs in terms of structural complexity and maintenance costs.
► Composite wing UAV: Composite wing UAV combines the characteristics of multi-rotor and fixed-wing UAV, and adds a vertical propeller on the basis of fixed wing, which can achieve vertical take-off and landing and hovering, and can also use fixed-wing mode to fly forward to improve flight speed and endurance.
Figure 1: Logistics drones by category and typical models
Source: Progress in the Application of Civil UAVs (Song Chenhui, 2018), official websites of various companies, Research Department of CICC
The UAV logistics system is composed of three types of routes: trunk, branch and end, and the requirements for UAV and infrastructure are different. 1) Urban terminal logistics: short-distance logistics services within 10km in the city, mainly using small multi-rotor UAVs to perform tasks such as express delivery, and new infrastructure such as air traffic control and UAV take-off and landing points are needed in the city. 2) Feeder logistics: 100~1000km medium and long-distance logistics services, the use of fixed-wing, composite wing and other medium and large UAVs, the route duration is about several hours, can be a large number of reuse of existing civil aviation airports, air traffic control and other infrastructure. 3) Trunk logistics: long-distance logistics services of more than 1000km, mainly using large fixed-wing UAVs with large loads and long endurances, the power system is upgraded from motors to turbofans and turboprop engines, and trunk logistics UAVs can fully reuse the existing civil aviation infrastructure.
At this stage, UAVs are positioned in feeder and terminal logistics, and the efficient operation of unmanned logistics networks will be realized in 2030. 1) At this stage, UAVs are mainly positioned in feeder and terminal logistics, and trunk logistics mainly relies on manned large cargo planes or ground logistics networks. Large UAVs are responsible for feeder logistics distribution between regional hubs and urban hubs, and intra-city transportation is done by small multi-rotor UAVs. 2) In April 2024, the Ministry of Industry and Information Technology and other four ministries and commissions jointly issued the "Implementation Plan for the Innovative Application of General Aviation Equipment (2024-2030)", proposing that urban air transportation and logistics distribution will be commercially applied in 2027, and support and ensure the safe and efficient operation of the "trunk-branch-end" drone distribution network in 2030. We believe that the full-chain drone delivery network is expected to further improve the efficiency of logistics and distribution, reduce distribution costs, and release the application potential of low-altitude economy in logistics and distribution.
Figure 2: Basic components of the drone logistics system
Source: Roland Berger, CICC Research
UAV logistics has many advantages, which is expected to help reduce costs and improve efficiency of logistics distribution
Short distance: reduce the delivery distance and break through the restrictions of land transportation
Unmanned aerial vehicle (UAV) transportation can break through the limitations of special terrain such as mountains and rivers, and effectively shorten the transportation distance of materials. Compared with traditional land-based transportation modes such as roads and railways, UAVs can break through the limitations of terrain on routes, effectively shorten the route distance, and greatly improve the transportation efficiency of materials.
► Mudanjiang City-Yanbian City Route: The transportation route of traditional express parcels is Mudanjiang-Harbin-Changchun-Yanbian, with a total land transportation distance of 986 kilometers, a direct land transportation distance of 271 kilometers, and a further shortening of 183 kilometers after direct flights by regional airlines.
► Quzhou-Jingdezhen route: The traditional transportation route is from Quzhou, first in the opposite direction to Jinhua, then along the original route back to Nanchang transfer station, and finally along the return direction to Jingdezhen, the whole journey is 757 kilometers, and the total distance by land is only 204 kilometers. After the direct flight by regional air, the transportation distance is shortened to 165 kilometers, which is less than a quarter of the transit distance of the route.
Efficient: Reduce delivery time and improve delivery efficiency
Drones have high flight speed and short routes, which can greatly reduce the delivery time of materials. 1) In the inter-city feeder logistics scenario in the province, the cruising speed of medium and large fixed-wing UAVs is about 200km/h, while the average running speed of trains and automobiles is only about 100km/h, and the delivery speed of UAVs is significantly better than that of ground transportation. 2) In the terminal logistics scenario in the city, the speed of multi-rotor UAVs can reach 40-60km/h, while the speed of traditional express vehicles is only 20-30km/h. According to data from Zhongtong Research Institute, thanks to faster transportation speed and optimization of transportation routes, the delivery time of drone logistics can be reduced by 60% compared with traditional land transportation.
Shenzhen and other places have launched drone delivery services, and the delivery time has been significantly improved. According to a report by Shenzhen Special Zone Daily, the average delivery time of Meituan drones in 2022 is 12 minutes, which is nearly 150% more efficient than the average delivery time of about 30 minutes in the traditional delivery mode [2]. We believe that with the characteristics of short distance and high efficiency, drone logistics has more advantages in logistics scenarios with high requirements for timeliness, such as instant delivery in the same city.
Low cost: Large-scale application superimposed on the reduction of personnel use, drones effectively reduce logistics operating costs
The large-scale application of drones can further reduce logistics costs and improve operational efficiency. The unmanned aviation logistics network has the advantages of flexibility and economy, according to the calculation of the Zhongtong Research Institute, the use of the "end + branch" unmanned aviation logistics model, can reduce the comprehensive operating cost for logistics enterprises by more than 30%.
► Fixed-wing UAV feeder transportation can effectively improve logistics efficiency and maintain a reasonable cost level. According to the calculation of Zhongtong Research Institute, the operating cost of a single segment of a certain type of unmanned transport aircraft in a typical 200km segment is about 1161 yuan, and the cost of this model can be further reduced by 5%~10% after large-scale production. We believe that fixed-wing UAVs can effectively improve transportation efficiency at a reasonable cost level, and have cost and efficiency advantages over traditional logistics modes in scenarios such as feeder transportation.
► The cost of end-of-line distribution of multi-rotor drones is lower than that of traditional logistics models. If only the cost of the UAV itself is considered, taking the Zhongtong Haiyan series of electric six-rotor UAVs as an example, the Zhongtong Research Institute estimates that the total operating cost of its life cycle is 85,800 yuan, a total of 75,000 packages are transported, and the cost of UAV distribution is about 1.14 yuan / piece, which is lower than the traditional logistics model.
Figure 3: Calculation of the cost of logistics terminal rotor drone delivery
Source: Cost Analysis of "Terminal + Branch" UAV Operation Scenario (Zhongtong Research Institute, 2021), CICC Research Department
The commercial closed-loop conditions for UAV logistics are mature, and the demand for 100 billion yuan is expected to be released
The policy actively supports the development of UAV logistics, and new logistics routes have been implemented in batches
Unmanned aerial vehicle (UAV) logistics is an important component of the smart logistics system, and it is expected to accelerate its development under the catalysis of low-altitude policies. Smart logistics is an emerging field of deep integration of information technology such as the Internet of Things, big data, cloud computing, blockchain and modern logistics industry, and drone logistics is an important part and typical representative of smart logistics. In June 2022, the Civil Aviation Administration of China (CAAC) proposed to "vigorously support the development of drone logistics and distribution" [3], and in October of the same year, the Ministry of Transport compiled the "Guidelines for the Construction of Transportation Smart Logistics Standard System" to meet the standardization needs of express drones and others [4]. In March 2024, the four departments jointly issued a document [5], focusing on the promotion and application of UAVs in urban, rural and remote areas under the "trunk-branch-end" logistics network, and proposing to deepen the pilot of the low-altitude UAV logistics distribution system in the Guangdong-Hong Kong-Macao Greater Bay Area. We believe that with the policy catalysis, the commercial operation of drone logistics is expected to gradually land across the country.
The batch landing of new routes is expected to accelerate the commercialization of drone logistics. In 2022, the Civil Aviation Administration of China (CAAC) issued the "Specification for the Classification of Logistics Routes for Light and Small Unmanned Aircraft in Urban Scenarios"[6], and the "Guidelines for the Type Qualification of Restricted Medium-sized Unmanned Aircraft Systems (Draft for Comments)" for medium-sized UAVs is scheduled to be issued recently. With the successive introduction of normative standards, new routes for drone logistics across the country have been gradually opened, and drone logistics distribution routes in Guangdong, Anhui, Hubei and other places have been landed one after another, and 77 unmanned logistics routes will be opened in Shenzhen in 2023, with 610,000 cargo drone flights throughout the year, and the drone logistics distribution business will be extended to urban business districts and communities. We believe that with the continuous improvement of regulatory standards and the batch landing of logistics routes, the commercialization of drone logistics is expected to accelerate.
Figure 4: Policies in the field of drone logistics that have been introduced in recent years
Source: Departmental official websites, CICC Research Department
Logistics demand is expanding steadily, and drone logistics is expected to open a 100-billion-level low-altitude market
The national logistics demand is steadily expanding, and drone logistics or logistics companies are an effective way to hedge against the decline in customer unit price. 1) The volume of domestic express delivery business has grown steadily, with the domestic intra-city and cross-city express delivery business volume reaching 136/115.4 billion pieces in 2023, and the compound growth rate of intra-city express delivery/cross-city express delivery business volume in the past five years will be 5.4%/23.6% respectively, and the demand for logistics business will expand steadily. 2) According to the data of the State Post Bureau, the average domestic express delivery customer unit price will drop from 12.4 yuan in 2017 to 9.1 yuan in 2023, and the customer unit price may further decline with the growth of logistics scale. Zhongtong expects that compared with traditional logistics and transportation modes, drone logistics can reduce operating costs by 30%. We believe that drone logistics, with its advantages of low cost and high efficiency, has become an effective way for logistics companies to hedge against the decline in customer unit price.
The space for drone logistics is vast, and we estimate that the market size is expected to exceed 200 billion yuan in 2030. 1) According to the data of Shenzhen UAV Industry Association, the number of logistics drones in the mainland will be 26,000 in 2022, with a market size of 6.9 billion yuan, and it is expected that by 2024, the market size of industrial-grade drones in the mainland will reach 160 billion yuan, of which the market size in the field of express logistics will be about 30 billion yuan. 2) We assume that China's intra-city express/cross-city express business volume maintains a compound growth rate of 1.5%/5%, with reference to L.E.K. consulting, which estimates that the penetration rate of drone delivery in 2040 is 30%, and assumes that the optimistic/neutral/pessimistic penetration rate of drone logistics in 2030 is 15%/10%/5% respectively. We expect that with the large-scale application of drone logistics, the unit price is expected to further reduce 8 yuan/12 yuan in 2030, and the optimistic/neutral/pessimistic market size of China's drone distribution in 2030 is 310.4 billion/206.9 billion/103.5 billion yuan, respectively.
Figure 5: UAV logistics from 2019 to 2022
Source: Shenzhen UAV Industry Association, Qianzhan Industry Research Institute, CICC Research Department
Figure 6: Split the scale of China's industrial-grade drones from 2019 to 2022
Source: Shenzhen UAV Industry Association, Statista, Qianzhan Industry Research Institute, CICC Research Department
Figure 7: Estimation of China's drone logistics market size in 2030
Source: iFinD, China Federation of Logistics and Purchasing, CICC Research
Operating enterprises drive the development of the industrial chain, and the barriers to large-scale cargo drones are high
The UAV logistics industry chain includes two parts: UAV manufacturing and logistics support. 1) The upstream of the UAV manufacturing industry chain includes raw materials, components and subsystem suppliers such as flight control systems, materials, airframe structures, and power systems, the midstream is the whole machine manufacturing link, and the downstream is Meituan, Jingdong and other logistics enterprises. 2) The whole process of UAV logistics includes the intelligent sorting system before the service, the air traffic control during the service, and the UAV take-off and landing service platform after the service.
Figure 8: Composition of the UAV logistics industry chain
Source: CICC Research
Whole machine manufacturing: small and medium-sized multi-rotor UAV solutions are mature, and large UAVs have higher technical barriers
Small and medium-sized UAVs mainly use multi-rotor layouts, and the solutions are relatively mature. The Interim Regulations on the Flight Management of Unmanned Aerial Vehicles [7]] issued by the Civil Aviation Administration of China classify UAVs with a maximum take-off weight of 7~25kg/25~150kg as small/medium-sized UAVs. Medium-sized and small UAVs mostly use multi-rotor layouts, mainly for urban terminal transportation scenarios. The manufacturing threshold of medium-sized and small multi-rotor UAVs is relatively low, with many participating companies and a scattered competitive landscape. At present, the main participants of multi-rotor UAVs include UAV companies under large logistics groups such as Meituan and JD.com, as well as UAV manufacturers and suppliers such as Xunant Technology and Yongyue Intelligence.
Figure 9: Comparison of typical medium-sized and below logistics drone parameters
Source: Companies' official websites, CICC Research Department
Large UAVs have higher technical barriers and are mainly developed by traditional UAV companies. The Civil Aviation Administration of China classifies drones with a take-off weight greater than 150kg as large drones, which usually have a fixed-wing or composite wing layout and are mainly used for trunk or feeder transportation. At present, the development of large-scale UAVs is mainly realized by installing autopilot controllers for manned general aviation aircraft platforms, which puts forward higher requirements for manned aircraft automation transformation, autonomous perception system construction, reverse modeling of manned aircraft platforms and aerodynamic performance acquisition. In addition, the operation of large UAVs also needs to obtain the airworthiness certification of the Civil Aviation Administration, and the qualification of the FP98 model lasted 11 months [8]. At present, the main participants are traditional UAV companies such as aerospace electronics, beluga routes, and Dahang Hongying, and some logistics companies participate in the research and development of large-scale UAVs through cooperation with traditional UAV companies. In April 2024, FP98 obtained the type certificate and carried out the first cross-sea air mission [9].
Figure 10: Comparison of parameters of a typical large-scale logistics drone
Source: Companies' official websites, CICC Research Department
Logistics operation: unmanned logistics routes have been gradually opened, and traditional logistics enterprises are leading the way
The route operation has regional characteristics, and traditional logistics enterprises have mastered the main route resources. 1) At present, domestic UAV logistics routes are mainly distributed in developed cities such as Shenzhen and Shanghai and scenic spots such as Huangshan, with obvious regional characteristics. We believe that with the support of low-altitude economy-related policies in various places, cities with rapid low-altitude economic construction processes such as Shenzhen are expected to take the lead in realizing the large-scale operation of UAV logistics, and the scope of follow-up UAV logistics routes is expected to be further expanded to other cities and regions. 2) Traditional logistics companies have a long layout time in the field of UAV logistics and have mastered more route resources, and are the main participants in the current UAV logistics operation field. Meituan has opened 25 regular routes in Shenzhen and Shanghai.
Figure 11: Commercial progress of major drone operators
Note: Data as of the end of 2023
Source: Companies' official websites, CICC Research Department
Ground support: The air traffic control system is the core of flight support, and intelligent logistics, pilot training, take-off and landing systems and other coordinated support route operations
UAV logistics industry specifications have been released one after another, and the framework of the ground supporting system has gradually become clear. As of February 2024, the State Post Bureau, the Ministry of Transport, the Civil Aviation Administration of China and other relevant agencies have issued a number of drone logistics industry standards such as the "Specifications for Drone Express Delivery Services", "Specifications for the Operation of Drone Logistics Distribution", and "Specifications for the Interaction of Regulatory Information for Postal Express Drones", which specify in detail the detailed processes and precautions for drones to perform logistics and distribution services. The ground supporting link provides the whole process guarantee for the UAV logistics service, which is an indispensable infrastructure for the smooth operation of the UAV logistics service. With the continuous improvement of the UAV logistics industry specifications, the framework of the ground supporting system has gradually become clear.
Figure 12: Supporting system for the whole process of drone logistics
Source: "Specifications for Unmanned Aerial Vehicle Express Delivery Services", CICC Research Department
Pre-service: Intelligent logistics system with intelligent sorting as the core. At present, drone logistics services are mostly dedicated routes such as beverage takeaway, document delivery, and scenic logistics, and the goods carried have been screened before the service. With the gradual integration of UAV logistics services into the express delivery network and the realization of air-land linkage, the current intelligent logistics system needs to complete the screening of UAV suitable express mail through the intelligent sorting system. At present, there are many suppliers of intelligent sorting systems in China, mainly including China Post Technology, Zhongke Weizhi, Damon Technology, BlueSword Intelligence, etc.
In service: The air traffic control system is the core of flight support
► Air traffic control system: The air traffic control system is the flight support of logistics UAVs, including satellite positioning and communication, UAV perception and communication systems, ground processing systems and other links. 1) Satellite side: real-time interaction of UAV information and real-time tracking of location information based on satellite Internet and Beidou positioning system; 2) UAV side: need to be equipped with photoelectric pods and airborne communication to realize environmental perception and real-time interaction with ground systems; 3) Ground subsystem: receive real-time flight data of UAVs, and label, classify, clean, fuse, route, forward, and store UAV flight data according to business needs; Command and control applications and other services are released.
Figure 13: Schematic diagram of logistics drone control network
Source: Research on Logistics UAV Control System (Hu Wenjuan, 2023), CICC Research Department
► Pilot training: The Civil Aviation Administration of China (CAAC) issued the Regulations on the Administration of Civil Unmanned Aircraft Operators (Draft for Comments) [10] in 2023, which stipulates that a licensed drone operator is required to operate UAVs other than micro and light in isolated and converged airspace. At present, the UAV logistics system includes two types: distributed drones without pilots and drones with pilots, and drone pilots need to monitor the status and delivery process of drones in real time. At present, the main participants in the training of UAV pilots include aerospace electronics, Zongheng Co., Ltd., aerospace Hongtu, etc.
► Special shuttle cabinet: drone delivery is divided into three ways: delivery to the landing field, delivery to the recipient, and delivery to the express box, at present, Meituan has formed a mature operation of the drone routes are all delivered to the express box, and the special drone shuttle cabinet launched by Hive Hive automatically opens the top cover device through intelligent IoT perception to complete the autonomous delivery of "machine" + "cabinet", which can support a maximum of 10kg of drone load. According to the data of Zhiyan Consulting, the market size of smart express cabinets in mainland China has reached 36.1 billion yuan in 2021, and we believe that the drone logistics industry is expected to drive the rapid promotion of drone shuttles.
Post-service: Dedicated take-off and landing points are an important infrastructure for UAV terminal logistics, and automated take-off and landing is a development trend.
► Dedicated take-off and landing points: According to the "UAV Logistics Distribution Operation Specification", in the operation of mainland logistics UAVs, the existing civil airports should be used for regional operations, and in the terminal UAV logistics operations, a single UAV take-off and landing site is not less than 25 square meters, the interval is not less than 10m, and power supply and communication facilities are required. The number of UAVs in the terminal UAV logistics is large, and the take-off and landing flow is large, and the UAVs in the area of 2000 square kilometers in Shenzhen may reach more than one million, so higher requirements are put forward for the planning of UAV take-off and landing points and take-off and landing routes. In 2023, 73 new drone take-off and landing points will be built in Shenzhen, and the number of drone take-off and landing points will increase rapidly. We believe that drone take-off and landing is one of the foundations for the large-scale operation of drone logistics, and the demand for take-off and landing points and related equipment may expand rapidly with the development of drone logistics.
► UAV nest take-off and landing cabinet: In addition to the traditional ground take-off and landing site, UAV logistics can also use UAV nest take-off and landing cabinet to meet various functions such as UAV docking, charging, cargo loading and unloading, etc., UAV nest take-off and landing cabinet deployment is flexible and highly automated, and can be used as a short-term stopping point for UAV in the city. We believe that automated take-off and landing facilities are expected to become the mainstream mode of UAV take-off and landing in the future, and UAV take-off and landing cabinets or UAV special take-off and landing fields together constitute a UAV take-off and landing infrastructure system.
Figure 14: Meituan's dedicated logistics shuttle for drones
Source: Meituan, CICC Research
Figure 15: Prototype of a drone nest take-off and landing facility
Source: Changjiang Daily, CICC Research
Risk Warning
The expansion of drone logistics is not as expected. Drone logistics involves many fields such as transportation and low-altitude airspace management, and the opening of routes needs to go through multiple rounds of application and review processes. And the end of the UAV logistics mainly work in densely populated urban areas, the opening of routes is affected by policies, urban environment and other factors, under the influence of complex factors UAV logistics expansion or less than expected risk.
The reform of low-altitude airspace is less than expected. At present, the reform of the mainland's low-altitude airspace is still ongoing, and the current general aviation flight operations in the mainland need to be approved in advance and the temporary changes are large, which restricts the large-scale development of general aviation operations such as UAV logistics;
[1]https://www.logclub.com/articleInfo/NzA3NDA=
[2]https://www.meituan.com/news/NN230117001043072
[3]https://www.caac.gov.cn/XXGK/XXGK/FZGH/202206/P020220613533137333208.pdf
[4]https://www.mot.gov.cn/2022zhengcejd/202210/t20221024_3699374.html
[5]https://www.miit.gov.cn/jgsj/zbes/wjfb/art/2024/art_eea7f1d8dd25444bb370faaaf26637d6.html
[6]https://www.caac.gov.cn/big5/www.caac.gov.cn/XXGK/XXGK/BZGF/HYBZ/202208/P020220811600885528858.pdf
[7]https://www.caac.gov.cn/PHONE/XXGK_17/XXGK/FLFG/202401/t20240115_222642.html
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[10]https://www.caac.gov.cn/HDJL/YJZJ/202308/t20230802_220889.html
Article source:
This article is excerpted from: "Low Altitude Economy Series #3: Drone Logistics - Opening a New Chapter in Air Delivery", which has been published on April 25, 2024
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