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GUANGZHOU, China, April 15, 2025 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the “SEC”) on April 15, 2025. The annual report can be accessed on the Company’s investor relations website at http://ir.ehang.com/ and on the SEC’s website at http ...

Financial Performance - Total revenues for the year ended December 31, 2023, reached RMB 450,037 thousand, a significant increase from RMB 117,426 thousand in 2022, representing a growth of approximately 282%[41] - Gross profit for the year was RMB 165,366 thousand, compared to RMB 75,311 thousand in 2022, indicating a year-over-year increase of about 120%[41] - Operating loss for the year was RMB 296,359 thousand, which is a slight improvement from the operating loss of RMB 303,950 thousand in 2022, reflecting a reduction of approximately 2%[41] - Research and development expenses totaled RMB 182,880 thousand for the year, up from RMB 135,082 thousand in 2022, marking an increase of around 35%[41] - Total operating expenses for the year were RMB 481,319 thousand, compared to RMB 339,263 thousand in 2022, which is an increase of approximately 42%[41] - The company reported a share of losses from subsidiaries amounting to RMB 290,987 thousand, compared to RMB 504,731 thousand in the previous year, indicating a decrease of about 42%[41] - Interest and investment income for the year was RMB 9,707 thousand, a notable increase from RMB 4,669 thousand in 2022, representing a growth of approximately 108%[41] - The company incurred interest expenses of RMB 3,125 thousand, which is a slight increase from RMB 2,145 thousand in 2022, reflecting a rise of about 45%[41] - The income tax expenses for the year were RMB 281 thousand, compared to RMB 79 thousand in 2022, indicating an increase of approximately 255%[41] - For the year ended December 31, 2023, the net loss attributable to ordinary shareholders was RMB 328,221 thousand, compared to RMB 291,178 thousand in 2022, indicating an increase in loss of approximately 12.7%[42] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 598,645 thousand, a significant increase from RMB 971,262 thousand in 2022[43] - Cash and cash equivalents were reported at RMB 228,250 thousand for 2023, compared to RMB 180,573 thousand in 2022, reflecting a growth of approximately 26.4%[43] - The company reported accounts receivable of RMB 34,786 thousand in 2023, up from RMB 58,180 thousand in 2022, showing a decrease of about 40.2%[43] - Total liabilities stood at RMB 384,426 thousand as of December 31, 2023, compared to RMB 628,684 thousand in 2022, representing a reduction of approximately 38.9%[43] - The company’s inventories increased to RMB 59,488 thousand in 2023 from RMB 75,687 thousand in 2022, indicating a decrease of about 21.4%[43] - Short-term investments were reported at RMB 57,494 thousand in 2023, a significant increase from RMB 513,683 thousand in 2022, reflecting a change of approximately -88.8%[43] - The company’s total shareholders' equity was RMB 214,219 thousand in 2023, compared to RMB 955,814 thousand in 2022, indicating a decrease of approximately 77.7%[43] Cash Flow - For the year ended December 31, 2023, net cash used in operating activities was RMB 173,458 thousand, a significant increase from RMB 140,108 thousand in 2022, indicating a worsening cash flow situation[44] - Cash flows from investing activities showed a net outflow of RMB 132,323 thousand in 2023, compared to RMB 58,898 thousand in 2022, reflecting increased capital contributions and investments[44] - In financing activities, net cash provided was RMB 316,139 thousand in 2023, a substantial increase from RMB 58,983 thousand in 2022, indicating stronger financing efforts[44] - The total cash, cash equivalents, and restricted cash at the end of 2023 amounted to RMB 180,573 thousand, a decrease from RMB 362 thousand at the end of 2022[44] Regulatory and Compliance Risks - If the PCAOB cannot inspect or fully investigate auditors in China, EHang Holdings could be identified as a Commission-Identified Issuer, leading to trading prohibitions under the HFCAA[30] - The VIE's hypothetical pre-tax earnings are subject to a statutory tax rate of 25%, which could impact the amount available for distribution as dividends[38] - The VIE could face double taxation if it makes non-deductible transfers to the WFOE, reducing the amount available for distribution from approximately 71.25% to about 53% of pre-tax income[39] - There are substantial uncertainties regarding the interpretation and application of PRC laws affecting the rights of EHang Holdings concerning its contractual arrangements with the VIE[28] - The company is subject to extensive legal and regulatory requirements that may impact its operational capabilities[56] - The company may face challenges in obtaining necessary permits or licenses for conducting business in China, affecting future operations[205] - The approval from the CSRC may be required for future offshore offerings, with uncertainties regarding the timing and ability to complete such filings[208] - The company could face delisting under the HFCAA if the PCAOB cannot inspect auditors in China, significantly impacting trading and capital raising[209] Operational Challenges - The company faced challenges in timely product deliveries due to limited production capacity, which may impact future growth[51] - The commercial use of eVTOL aircraft remains subject to uncertain regulatory approvals, potentially restricting business growth[51] - The company has limited experience in high-volume manufacturing, which may affect its ability to meet production demands[62] - Production difficulties, such as capacity constraints and mechanical failures, could adversely affect the company's business and financial condition[102] - The company is vulnerable to natural disasters and other calamities that could disrupt operations and affect data recovery[104] Customer Concentration Risks - The largest customer accounted for 26% of revenues in 2024, indicating substantial customer concentration risks[66] - In 2022, 2023, and 2024, the largest customer represented 21%, 24%, and 26% of revenues, respectively, highlighting dependency on a few key clients[66] - The company reported a significant increase in accounts receivable, indicating potential customer concentration risks[51] Strategic and Market Risks - The company operates in a competitive UAV industry, facing challenges from both UAV companies and traditional transportation service providers[82] - The company may face significant costs and expenses as a result of being a public company, which could impact its financial condition[79] - The company may enter into new strategic relationships to penetrate targeted markets, but failure to develop these relationships could hinder sales growth[77] - The company expects international sales to increase in the future as international expansion is one of its core strategies[97] Intellectual Property and Data Security - The company relies on a combination of patent, copyright, trademark, and trade secret laws to protect its intellectual property rights, but enforcement in China may be less effective than in developed countries[134] - The company may face significant costs and negative publicity from potential claims of intellectual property infringement, which could divert resources and management attention[131] - The Cyber Data Security Regulation mandates that network data processors handling personal information of over 10 million users must comply with specific data security management requirements[139] - The Administrative Provisions on Algorithm Recommendation require service providers to allow users to easily disable algorithm recommendation services and to regularly review their algorithms[140] Shareholder and Governance Issues - The company's dual-class share structure allows Mr. Huazhi Hu to control approximately 78.8% of the voting power despite owning only 27.1% of the total issued share capital as of March 31, 2025[193] - The company's dual-class structure makes it ineligible for inclusion in major indices like the Russell 2000 and S&P 500, which may depress valuations and trading volume[196] - The founder's control may adversely affect the market price of Class A common shares due to limited shareholder influence[195] Future Outlook - The company anticipates a decrease in net losses in future periods as it continues to expand its business and operations[79] - The revenue structure is expected to evolve, with an increase in the relative revenue contribution from air mobility solutions and a decrease from aerial media solutions[76]

A downtrend has been apparent in EHang Holdings Limited Unsponsored ADR (EH) lately with too much selling pressure. The stock has declined 27.8% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used tec ...

The Aerospace group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is EHang Holdings Limited Unsponsored ADR (EH) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Aerospace peers, we might be able to answer that question.EHang Holdings Limited Unsponsored ADR is a member of the Aerospace sector. This group includes 53 individual stocks and currently holds a Zacks Sector Rank of # ...

GUANGZHOU, China, April 04, 2025 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, stated today that recent tariff developments between China and the United States are not expected to have any material impact on the Company’s operations. Recent U.S. tariff adjustments on certain Chinese goods have triggered global market volatility, and EHang has experienced short-term share price fluctuations drive ...

Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update EHang Holdings (EH US) Obtained the first-ever OC for commercial operations According to media reports over the weekend, EHang General Aviation (a wholly-owned subsidiary of Ehang in Guangdong) and Heyi Aviation (Ehang's JV in Hefei) obtained the Operator Certificate (OC) issued by the Civil Aviation Administration of China (CAAC) on Mar 28. EHang also officially confirmed the news this morning (link). This is the first-ever OC ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $29, corresponding to a 15x 2025 estimated P/S ratio [6][4]. Core Views - The company exceeded revenue expectations for 2024, with total revenue reaching 456 million RMB, a year-on-year increase of 288%. The gross margin was reported at 61.4%, indicating strong product qualification barriers [1][4]. - The company is expected to achieve a total revenue of 900 million RMB in 2025, representing a growth of approximately 97% year-on-year, with a target gross margin of around 60% [1][4]. - The company is actively expanding its production capacity across multiple locations, including Guangdong, Hefei, and Weihai, to meet anticipated market demand [3][4]. Financial Summary - In 2024, the company delivered 216 units of the EH216-S model, contributing to a total revenue of 456 million RMB. The non-GAAP net profit for the year was 43 million RMB, surpassing previous expectations [1][4]. - The financial projections for 2025-2027 indicate revenues of 873 million RMB, 1.34 billion RMB, and 1.73 billion RMB, respectively, with non-GAAP net profits of 92 million RMB, 151 million RMB, and 165 million RMB [5][12]. - The company’s gross profit margin is expected to stabilize around 60% in the coming years, reflecting its strong market position and operational efficiency [4][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $29, corresponding to a 15x 2025 estimated P/S ratio [6][4]. Core Insights - The company exceeded revenue expectations for 2024, reporting total revenue of 456 million RMB, a year-on-year increase of 288%, with a gross margin of 61.4% [1][4]. - The company is focusing on expanding its production capacity and exploring long-range aircraft and core component technology development [3][4]. - The anticipated approval of the Operating Certificate (OC) is seen as a critical event that could significantly impact the company's fundamentals and operational capabilities [2][4]. Financial Performance - In 2024, the company delivered 216 units of the EH216-S model, contributing to a total revenue of 456 million RMB, with a projected revenue of 873 million RMB for 2025, representing a 91.5% year-on-year growth [5][12]. - The non-GAAP net profit for 2024 was 43 million RMB, with expectations of 92 million RMB for 2025 [5][12]. - The company plans to increase its capital expenditures from $20 million to approximately $40 million in 2025, primarily for capacity expansion [1][4]. Production Capacity and Expansion - The company is expanding its production facilities in multiple locations, including Yunfu, Hefei, and Weihai, to enhance manufacturing efficiency and meet growing market demand [3][4]. - The goal is to achieve a total production capacity of 1,000 units by 2025 [3]. Research and Development - The company is actively developing long-range products and collaborating with partners to enhance its product offerings, including the VT-35 aircraft and solid-state lithium batteries [4][12]. - The EH216-S model's flight endurance has improved by 90%, reaching over 48 minutes, showcasing advancements in technology [4].