（原标题：亿航智能谈"中葡博览会"：把中国低空经济的经验带去葡语国家） 10月22日-25日，第二届中国—葡语国家经贸博览会（澳门）、第三十届澳门国际贸易投资展览会及澳 门国际品牌连锁加盟展2025在澳门同步举行。 亿航智能设备有限公司副总裁薛鹏表示，拉美国家有丰富的无人机应用场景，而且巴西、葡萄牙等国家 政府部门的相关负责人已经对低空经济产品表现出了浓厚的兴趣，这些都是未来中国低空经济的潜在市 场。"希望把中国（低空经济领域）的先进经验，带到这些国家，跟当地的技术平台合作，共同拓展市 场"。 ...

Core Insights - The "2025 International Low Altitude Economic Trade Expo (Guangzhou) / 8th Global Unmanned Systems Conference (GUSC2025)" is scheduled to take place from December 12 to 14, 2025, in Guangzhou, focusing on the theme "Innovate Low Altitude, Service Trade Globally" [1][2] Group 1: Event Overview - The expo will utilize a variety of formats including dynamic and static displays, exhibitions and conferences, as well as indoor and outdoor settings, covering six major topics: meetings, exhibitions, performances, introductions, investments, and trade [1] - The event aims to leverage Guangzhou's position as an international transportation hub and trade gateway, focusing on five core areas: domestic and international low altitude economic policies, industry development trends, core technology innovations, standard alignment, and practical applications [1] Group 2: Highlights and Participation - The expo will feature a 60,000 square meter exhibition area, with 80% of the exhibition space already secured, and is expected to attract over 600 industry chain enterprises and more than 50,000 domestic and international attendees from over 50 countries and regions [3] - Key highlights include over 20 professional forums and seminars, the awarding of the "Golden Wing Award" to set industry benchmarks, and the introduction of an innovative trade service model termed "1+5+N" [2][3] - Notable participating companies include EHang, Xpeng, DJI, and many other leading firms in the low altitude economy sector [3]

查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 董秘回答(伊之密SZ300415)： 尊敬的投资者，您好。相关信息请关注公司的官方信息。感谢您的关注。 来源：问董秘 投资者提问： 亿航智能等eVTOL厂商已在推进供应链合作。请问伊之密为eVTOL开发的轻量化部件（如机身框 架），目前处于材料测试、结构验证还是小批量试制阶段？与竞品相比，贵司部件在减重比例和综合成 本方面有哪些具体优势？公司是否已规划eVTOL专用产线，并预估其2026年对应的产能和产值？ ...

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [50]. Core Insights - EHang Intelligent has launched the new long-range manned eVTOL model VT35, designed for mid-to-long-distance travel scenarios, promoting the development of the low-altitude economy [3][4]. - The VT35 has a maximum design range of approximately 200 kilometers and a top speed exceeding 200 kilometers per hour, with a standard price of 6.5 million RMB in the Chinese market [10][8]. - The report emphasizes the importance of the "14th Five-Year Plan" in catalyzing the low-altitude economy, highlighting the need for top-level design and planning to further stimulate industry development [15][16]. - The Huachuang Transportation Low Altitude 60 Index decreased by 5.5% this week but has increased by 15.5% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which rose by 14.7% [24][25]. Summary by Sections Industry Overview - The low-altitude economy is identified as a representative industry of new productive forces, with significant government support and planning expected to enhance its development [15][17]. - The report outlines four major application scenarios for the low-altitude economy: tourism consumption, passenger transport, logistics, and production operations [18][19]. Key Companies and Investment Opportunities - The report suggests focusing on key segments within the industry, including: 1. **Manufacturers**: EHang Intelligent for eVTOL, Wan Feng Ao Wei for general aviation aircraft, and Xirui for general aviation manufacturing [33]. 2. **Supply Chain**: Yingboer for electric drive systems and Zongshen Power for aviation engines [33]. 3. **Low-altitude Digitalization**: Companies like Lais Information and Sichuan Jiuzhou are highlighted for their roles in digital infrastructure [33]. 4. **Low-altitude Infrastructure**: Radar companies such as Guorui Technology and Sichuan Aerospace are noted for their contributions to safety systems [33]. 5. **Operations**: Companies like CITIC Heli and Xiangyuan Culture are mentioned for exploring commercial applications in low-altitude operations [33]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance is detailed, showing a weekly decline of 5.5% but an annual increase of 15.5%, indicating resilience compared to broader market indices [24][25]. - Individual stock performances are highlighted, with notable gainers and losers over the week and year, reflecting market volatility and investment opportunities [26][27]. Future Research Directions - The report indicates that from January 2024, a focused research initiative on the low-altitude economy will commence, covering 12 key companies and their potential for growth [34].

Summary of EHang - ADR Conference Call Company Overview - **Company**: EHang - **Industry**: Electric Vertical Takeoff and Landing (eVTOL) Aircraft Key Points and Arguments 1. **VT-35 Launch**: EHang unveiled its VT-35 model, priced at Rmb6.5 million, significantly lower than the expected Rmb10 million, which is a positive surprise for the market [1][5][8] 2. **Specifications**: The VT-35 has a range of 200 km and endurance of 60 minutes, which are below the VT-30 prototype's specifications (300 km range, 100 min endurance). However, it features a higher cruise speed of 216 km/h compared to 100 km/h for the VT-30 [1][5] 3. **Safety Features**: The VT-35 incorporates advanced safety architecture, including triple-sensor perception and triple-redundant flight-control systems, enhancing its operational safety [5][8] 4. **Development Pipeline**: EHang is developing a tilt-rotor variant of the VT-35 to improve long-range performance, addressing previous concerns about competition from peers like Joby and Archer [1][5] 5. **Product Portfolio**: EHang's product lineup includes: - EH216S for tourism - EH216 solid-state version for expanded operations by 2026-2027 - VT-35 for mid-range applications - VT-35 tilt-rotor for long-range travel [1][8] 6. **Market Position**: EHang is uniquely positioned with multiple certifications in China, allowing it to scale from prototypes to commercial models effectively [8][18] 7. **Financial Projections**: EHang expects significant revenue growth, projecting revenues of Rmb456 million in FY24, increasing to Rmb1.782 billion by FY27, with a revenue growth rate of 288.5% year-over-year in FY24 [7][22] 8. **Investment Thesis**: The investment thesis is based on: - Strong total addressable market (TAM) growth, with expectations of the global passenger eVTOL market reaching US$100 billion by 2040 - First-mover advantage with certifications - A diversified product portfolio targeting both short-term and long-term demand - A clear path to profitability, with non-GAAP net profit breakeven achieved in FY24 [8][18] 9. **Valuation**: The price target for EHang is set at US$26, based on a valuation of 11x FY26E price-to-sales, indicating a favorable entry point for investors [9][18] Additional Important Information - **Market Performance**: EHang's stock has shown a year-to-date increase of 9.4%, with a market cap of approximately $1.157 billion [7] - **Risks**: Key risks include regulatory uncertainties, execution risks in scaling production, intense competition, technology and safety risks, customer concentration, and potential US delisting risks [20][18] - **Future Outlook**: The company is expected to achieve significant net profit growth at a CAGR of 307% from FY25 to FY27, indicating strong future performance potential [8][18] This summary encapsulates the critical insights from the conference call regarding EHang's strategic direction, product offerings, financial outlook, and market positioning within the eVTOL industry.

十月以来，低空经济领域热点频发。 10月13日， 亿航智能发布新一代 长航程 无人驾驶载人航空器VT35 ； 小鹏汇天的"陆地航 母"在迪拜完成公开飞行演示并 称2027向中东C端售卖 ； 吉利旗下 沃飞长空自主研发的 大 型载客eVTOL 下线。 此外， 美团无人机在深圳上线夜间配送服务 ； 滴滴入局成立低空公 司。 种种迹象表明，国内无人驾驶空中交通 逐渐走向成熟， 即将 改变交通领域格局。 其中， 亿 航智能VT35 引发了行业高度关注，约200公里的 满载设计航程 和650万元的官方指导价， 将"城市—城际"低空无人驾驶生态拉入了探索规模化商用的新阶段。 类似 十 三 年前特斯拉Model S 让 电动车 走向大众的变革时刻 ，当下的低空经济似乎正站 在相似的拐点上。 那么，低空经济的"特斯拉时刻"真的临近了吗？ 三个关键的转变表明，这个被资本反复热炒又多次降温的赛道，真正进入价值兑现的阶段。 【如需和我们交流可扫码添加进社群】 低 空 经 济 加 速 起 跳 的 三 大 关 键 转 变 在低空经济赛道，物流配送、空中交通领域 事件的密集爆发， 产业正站在 商业化 爆发前夜 。 首先，商业逻辑验证，从 ...

A pilotless taxi developed in China that can fly more than 100 miles on a single charge launched this week. EHang Holdings introduced the VT35 on Monday in Hefei, Anhui Province. The taxi is part of EHang’s line of long-range, pilotless electric vertical takeoff and landing (eVTOL) aircraft."It [the car] is engineered to transform intercity aerial travel into a safe, routine, and efficient transportation experience," the company said in a news release. MY CHINESE DRONE BAN IS A BIG WIN FOR US NATIONAL SECUR ...

Core Insights - EHang Holdings Limited has launched an Advanced Air Mobility (AAM) Sandbox Initiative in Thailand, aiming to fast-track commercial operations of its EH216-S pilotless eVTOL aircraft [1][5] - The Initiative is a collaboration with the Civil Aviation Authority of Thailand (CAAT) and local partners, focusing on establishing the world's first commercial eVTOL operations through an innovative regulatory "sandbox" approach [1][6] - Continuous trial operations of the EH216-S have commenced in Bangkok, with plans to expand to additional locations across Thailand [1][6] Company Developments - The EH216-S successfully completed a series of autonomous flights during the launch event, demonstrating its flight control systems and operational reliability [3][5] - EHang held a technical meeting with CAAT officials to present the EH216-S's safety architecture and risk assessment framework, which is crucial for gaining local regulatory approval [5][9] - Local partners will provide operational support, including infrastructure and teams, to expand the sandbox areas for sightseeing and transportation services [6][10] Industry Context - Thailand is positioned as a strategically vital AAM market due to its strong service sector, tourism industry, and government policies promoting smart transportation [8][10] - The country's urban areas, particularly Bangkok, face traffic congestion, making it an ideal environment for AAM solutions [8][10] - The CAAT and Ministry of Transport (MOT) of Thailand are committed to advancing sustainable transportation and positioning Thailand as a regional AAM hub [9][10]

Core Insights - EHang's EH216-S is the only eVTOL model globally that has obtained three airworthiness certificates and is set to commence commercial operations [1] - The newly launched VT35 model has a starting price of 6.5 million yuan and offers a longer range, enabling intercity travel [1][2] - EHang is collaborating with Jianghuai Automobile and Hefei Guoxian Holdings to establish a joint venture for low-altitude aircraft manufacturing in Hefei [2] Group 1 - EHang's EH216-S successfully ascended to 50 meters during a test flight, showcasing its operational capabilities [1] - The VT35 model is designed for mid to long-range travel, with a maximum range exceeding 200 kilometers, allowing potential routes from Shanghai to nearby cities like Hangzhou and Wuxi [2] - The pricing model for the VT35 will be based on flight distance, similar to taxi fare structures [2] Group 2 - EHang is the only certified operator in the eVTOL industry, which positions it as a key player in setting operational standards and regulations [1] - The interior suppliers for the VT35 share similarities with those of the luxury car brand ZunJie, indicating a focus on high-quality design [2] - The Civil Aviation Administration of China is closely monitoring EHang's operations, which could lead to accelerated industry development once a successful operational model is established [1]

Core Viewpoint - EHang's new eVTOL model, VT35, is designed for longer-distance travel and is priced at 6.5 million yuan, significantly higher than its predecessor EH216-S, which is priced at 2.39 million yuan. The VT35 aims to establish a commercial operational model for the eVTOL industry in China [1][7]. Group 1: Product Features and Specifications - The VT35 has a length of approximately 8 meters, a height of about 3 meters, and a wingspan of around 8 meters, capable of carrying two passengers with a maximum takeoff weight of 950 kilograms [5]. - The VT35 features a serial wing design with eight distributed lift propellers for vertical takeoff and landing, while the EH216-S uses a multi-rotor design with 16 propellers [5]. - The VT35 is expected to have a range of over 200 kilometers when fully loaded, allowing for intercity travel, such as from Shanghai to nearby cities like Hangzhou and Wuxi [6]. Group 2: Market Position and Pricing - The VT35 is priced at 6.5 million yuan, which is lower than similar eVTOLs available internationally, such as SkyDrive's SD-05 priced at approximately 10.71 million yuan [7]. - EHang's cost management strategies, including the use of existing production lines and shared components with the EH216 series, have helped stabilize production costs for the VT35 [8]. Group 3: Industry Context and Regulatory Environment - EHang is the only company with operational certification for eVTOLs in China, and its operations are being closely monitored by the Civil Aviation Administration of China (CAAC) [1][17]. - The successful operation of EHang's eVTOLs is seen as a critical step in establishing industry standards and regulations, which will facilitate further development in the sector [17].