Core Viewpoint - EHang Holdings Limited has entered a strategic cooperation agreement with the Management Committee of Jingyue High-tech Industrial Development Zone to develop a provincial-level demonstration zone for low-altitude economic development in Changchun, Jilin Province, which includes the deployment of 41 units of EH216-S pilotless eVTOLs for various applications [1][4][10] Group 1: Strategic Cooperation and Development Plans - The cooperation aims to integrate industrial development, technological innovation, and real-world application scenarios in the low-altitude economy [1] - EHang will assist in cultivating talent in the low-altitude economy sector, supporting local industrial development and fostering a high-quality ecosystem for Changchun's low-altitude economy [8] - The "Changchun Action Plan for Promoting High-Quality Development of the Low-Altitude Economy (2024-2026)" aims to grow the city's low-altitude economy to RMB3 billion by 2026 [2] Group 2: Infrastructure and Ecosystem Development - Jingyue Hi-tech Zone is recognized as a National Independent Innovation Demonstration Zone and is developing an "Integrated Aerospace Triad" industrial ecosystem [3][8] - The zone will provide comprehensive support for EHang's eVTOL R&D and testing activities, including favorable policies, funding, and talent incentives [8] - A comprehensive aerial digital infrastructure has been established in Northeast China to support airspace management and low-altitude operations [5][7] Group 3: Commercial Deployment and Applications - EHang's EH216-S has received the world's first type certificate, production certificate, and standard airworthiness certificate for pilotless human-carrying eVTOL aircraft [11] - The deployment of EH216-S units will support low-altitude sightseeing, urban emergency response, and city traffic management operations [1][10] - The collaboration aims to pioneer a low-altitude-driven model of urban development, contributing to Changchun's transformation into a modern metropolis [4][10]

Core Viewpoint - EHang Intelligent announced a strategic cooperation memorandum with Argentina's FAdeA to focus on the certification, localization, and operational service system for its EH216-S eVTOL in Argentina and Latin America during the 2025 Paris International Aerospace Exhibition [1] Group 1 - EHang Intelligent is collaborating with FAdeA, the Argentine national aircraft manufacturer [1] - The partnership aims to enhance the certification process for the EH216-S eVTOL in Argentina and the broader Latin American region [1] - The cooperation will also involve local production and the establishment of an operational service system for the eVTOL [1]

Core Viewpoint - Guoxuan High-Tech and EHang Intelligent have reached a strategic cooperation to upgrade the power system of EHang's EH216 eVTOL aircraft, aiming to enhance the low-altitude economy and promote high-quality development in the industry [2][3] Group 1: Strategic Cooperation - The cooperation is an upgrade based on a framework agreement signed in December 2023, focusing on the power system of EHang's EH216 series eVTOL [2][3] - Guoxuan High-Tech will provide customized battery solutions that meet the Civil Aviation Administration of China standards, emphasizing high safety, energy density, and discharge power [3] - The collaboration aims to expand into more innovative eVTOL models, accelerating the commercialization of urban air mobility and low-altitude logistics networks [3][4] Group 2: Market Dynamics - The low-altitude economy is rapidly developing, with many companies entering the market, including major automotive manufacturers like GAC, Changan, and FAW [2][6] - EHang's sales and delivery of EH216 series aircraft are projected to reach 216 units in 2024, a 315.4% increase from 52 units in 2023, with total revenue expected to be 456 million yuan, up 288.5% [6][7] - The eVTOL components share 70%-80% overlap with electric vehicles, benefiting from advancements in the new energy industry [5] Group 3: Financial Performance - EHang reported a revenue of 26.1 million yuan in Q1 2025, a 57.7% decline year-on-year, with a net loss of 78.4 million yuan, indicating a worsening trend [7] - Despite the Q1 downturn, EHang's CFO expressed confidence in a rebound in Q2 due to upcoming large orders from various provinces [7] Group 4: Industry Trends - The Chinese low-altitude economy is expected to see over 100 flying car companies by 2030, with a market size potentially exceeding one trillion yuan [9] - Major automotive companies are actively announcing progress in flying car projects, indicating a strong integration of aviation and automotive technologies [8]

Group 1 - The core viewpoint of the article highlights the strategic partnership between Guoxuan High-Tech and EHang Intelligent, focusing on the development of customized power battery systems for EHang's EH216 series aircraft, aiming to enhance endurance, power output, and safety performance [1][3] - The collaboration is an upgrade from a previous framework agreement, indicating a deepening relationship between the two companies in the low-altitude economy sector [3][5] - Guoxuan High-Tech's 46 series cylindrical battery, known as the "Starry Sky Series," features high energy density and power, with energy density reaching 285Wh/kg and volume energy density at 775Wh/L, designed to meet the demands of eVTOL applications [4][5] Group 2 - The low-altitude economy market is projected to be worth trillions, with the electrification trend providing new growth opportunities for battery companies [6][7] - As orders from manufacturers like EHang increase, battery companies are prioritizing the search for new market growth, especially in a competitive landscape [8][9] - The competition in the low-altitude economy is intensifying, with various battery manufacturers, including CATL and EVE Energy, actively positioning themselves in this emerging market [9][10]

Core Viewpoint - EHang Intelligent has announced a deepened collaboration with Guoxuan High-Tech, focusing on the upgrade of the power system for EHang's flagship EH216 series eVTOL aircraft, following a strategic upgrade from a framework agreement signed in December 2023 [1] Group 1 - The collaboration aims to enhance the power system of the EH216 series eVTOL aircraft [1] - The partnership will build on previous cooperation and explore further collaboration in multiple aircraft models in the future [1]

Core Viewpoint - EHang Holdings Limited has expanded its strategic partnership with Gotion High-Tech Co., Ltd. to enhance the development of power systems for its EH216 series of pilotless eVTOL aircraft, aiming to accelerate the commercialization of Urban Air Mobility (UAM) and contribute to the low-altitude economy [1][4][7] Group 1: Partnership Details - The enhanced collaboration builds on a power system framework agreement signed in December 2023, focusing on the development of power systems for EHang's flagship EH216 series [1][3] - Gotion will provide a customized battery solution featuring its newly developed 46-series cylindrical battery cell, which is expected to improve flight range, thrust performance, and operational safety of the EH216 series [3][6] - The partnership aims to create an integrated eVTOL energy ecosystem, with plans to extend cooperation to future aircraft models and advance battery innovation [4][5] Group 2: Strategic Importance - Gotion's expertise in standardized, platform-based battery systems is anticipated to enhance EHang's long-term competitiveness in the global market [4][5] - The partnership is seen as a strategic move to address current upgrade needs while laying a foundation for next-generation air mobility solutions [5][6] - Both companies are committed to advancing transportation electrification and exploring the rapidly emerging low-altitude economy sector [5][6] Group 3: Future Outlook - EHang is focused on developing safer, more efficient, and sustainable energy solutions for pilotless eVTOL aircraft, with this partnership marking a significant milestone in its innovation efforts [7] - The collaboration is expected to set new industry benchmarks in performance and safety for low-altitude aviation [6][7] - EHang aims to drive collaborative progress across the UAM ecosystem through technological innovation, contributing to the growth of the low-altitude economy globally [7]

当人们还在讨论下一个风口是AI还是机器人时，一片全新的蓝海已经悄然在我们头顶展开。 "低空经济"——正以超乎想象的速度从科幻走进现实。它已连续两年被写入政府工作报告，相关数据显示，2024年，我国低空经济的市场规模 已经达到了5059.5亿元，同比增长了33.8%。 业界普遍预计，今年低空经济的规模将突破1.5万亿元，到2035年，这个数字将飙升至3.5万亿元，一个足以重塑产业格局的庞大市场正在加速 形成。 ▼低空经济特指在1000米以下，进行有人或无人低空飞行活动，带动相关领域融合发展的综合性经济形态 时至今日，全国已有超过30个省级行政区将低空经济明确写入政府工作报告的重点发展领域，从东部沿海到中西部腹地，一场关乎天空的竞赛 已然打响！ 一、低空经济下的城市机遇 然而，伴随这股热潮而来的，也有一丝熟悉的担忧。很多人不禁会问：这会不会是三年前"元宇宙"热潮的重演？ 毕竟，当初超过23个省份发布元宇宙相关政策，产业园遍地开花，资本疯狂涌入，NFT数字收藏品炒到了天价；但转眼间，热潮退去，科技巨 头纷纷裁撤部门，今年第一季度，NFT交易量同比暴跌70%。 那么，低空经济会是下一个"元宇宙"吗？ 答案是：当然不会 ...

Core Insights - The low-altitude economy in China is transitioning from a "policy year" in 2024 to a "year of large-scale application" in 2025, with significant advancements in eVTOL (electric Vertical Take-Off and Landing) aircraft certification and commercialization in the tourism sector [1][3][5] Industry Development - The establishment of a three-tier management system ("national-industry-local") is expected to guide the differentiated development of the low-altitude economy, which is projected to reshape the spatial landscape of China's tourism industry [1][3] - The government has recognized low-altitude economy in its work report, leading to a surge in related regulations and initiatives, thus fostering a diverse and competitive market environment [3][4] eVTOL Applications - eVTOL aircraft are being prioritized for applications in the tourism sector, serving as a preliminary step towards regular air commuting and enhancing public understanding of low-altitude travel [7][8] - The integration of eVTOL into tourism is expected to create new economic benefits and improve the overall travel experience by providing direct aerial connections between scenic spots [7][9] Commercial Ecosystem - A complete "low-altitude + tourism" commercial ecosystem requires collaboration among manufacturers, operators, infrastructure developers, and service providers to ensure a seamless travel experience [10][11] - Key elements for a successful ecosystem include stimulating new consumer demand, establishing regular operational standards, and achieving large-scale development to unlock the economic potential of low-altitude travel [10][11] Regulatory Framework - The development of the low-altitude economy necessitates a balance between unified standards and local characteristics, with a focus on gradual exploration and adaptation based on practical experiences [11][12] - A three-tier framework for standardization is proposed, involving national safety rules, industry operational standards, and localized implementation guidelines to ensure effective management of airspace [11][12]

Investment Rating - The report presents a positive outlook on the AI Capex sector in China, with specific stock recommendations for various segments including copper, power equipment, humanoid robots, autonomous driving, and smart manufacturing [9][10][47]. Core Insights - China's AI Capex is expected to reach RMB600-700 billion by 2025, driven by government policies and increased spending from major telecom and internet firms [1][29]. - The report emphasizes the importance of non-IT and energy-related AI Capex, focusing on the value chain that includes power, metals, and applications [1][29]. - Significant growth is anticipated in various applications of AI, including humanoid robots, autonomous driving, and smart manufacturing, with respective CAGRs of 171%, 52%, and 2.4% from 2024 to 2030 [40][44][42]. Summary by Sections AI Capex Overview - China's AI Capex is projected to rise significantly, reaching RMB600-700 billion by 2025, supported by government initiatives and major industry players [1][29]. - The global data center investment is expected to grow to US$800 billion by 2030, with China playing a crucial role [1][29]. Power and Power Equipment - China's data centers are forecasted to consume 277 TWh of electricity by 2030, representing 2.2% of total power demand [30]. - The power equipment market related to AI is expected to grow at an 18% CAGR from 2024 to 2030, driven by strong grid investments and rising demand from renewable energy [31][32]. Copper and Other Metals - Data centers are projected to account for 4-6% of China's copper demand by 2030, with total copper demand from data centers estimated at 675-1,048 kt [33]. - The report highlights the tight global copper supply and the expected increase in aluminum demand due to AI and energy transitions [34]. Cooling and Power Supply - The liquid cooling market for data centers is expected to grow at a 57% CAGR from 2024 to 2030, driven by its efficiency compared to air cooling [36][37]. - Diesel engine demand for data centers is projected to increase by 50% YoY in 2025, with a market size of RMB11 billion [39]. Humanoid Robots - Humanoid robot shipments are expected to grow at a CAGR of 171% from 2024 to 2030, with global sales projected to reach 1 million units by 2030 [40]. - The BOM cost of humanoid robots is anticipated to decline significantly, making them more accessible [40]. Smart Manufacturing - The smart manufacturing sector is expected to recover with a 2.4% YoY growth in 2025, driven by automation and AI integration [42]. - The report identifies Inovance as a key player in the industrial automation market [42]. Autonomous Driving and eVTOL - The global LiDAR market is projected to reach RMB80 billion by 2030, with a CAGR of 52% from 2024 to 2030 [44]. - The eVTOL market is expected to grow from RMB1 billion in 2024 to RMB10 billion by 2030, with a CAGR of 63% [45]. Smart Home - The smart home market in China is expected to grow at an 11% CAGR from 2024 to 2030, driven by advancements in IoT and AI technologies [46].

Core Viewpoint - The eVTOL industry is transitioning from pilot projects to commercial operations, with EHang's operational certificate marking a significant milestone in the low-altitude economy [1][27]. Industry Overview - The eVTOL industry is recognized as a leading sector in the low-altitude economy, with increasing commercial viability and consumer accessibility [1][27]. - EHang has received the first operational certificate for manned civil unmanned aerial vehicles in China, indicating the start of commercial low-altitude services [27][30]. Company Performance - In Q1 2025, EHang reported total revenue of 26.09 million yuan, a year-on-year decrease of 57.7% and a quarter-on-quarter decrease of 84.1% [2][3]. - The net profit attributable to shareholders was -78.08 million yuan, compared to -63.33 million yuan in the same period last year [2][3]. - The decline in revenue is primarily attributed to a reduction in sales of the EH216 series, with only 11 units delivered in Q1 2025, a decrease of 57.7% year-on-year and 85.9% quarter-on-quarter [2][3]. Financial Metrics - EHang's gross margin for Q1 2025 was 62.4%, showing a year-on-year increase of 0.6 percentage points, while the net margin was -300.4%, reflecting a significant year-on-year decline of 197.8 percentage points [13][2]. - The increase in gross margin is attributed to a rise in the average selling price of the EH216 series products [13][2]. Order and Production Capacity - EHang has over 1,500 units of the EH216 series in hand orders, with more than 1,200 new purchase and pre-orders from Q3 2023 to December 2024 [21][27]. - The company is expanding its production capacity, with plans to double the size of its Yunfu production base to 48,000 square meters and increase annual production capacity to 1,000 units by the end of 2025 [34][34]. Strategic Partnerships and Collaborations - EHang is collaborating with various partners to develop new technologies and infrastructure for eVTOL operations, including partnerships with universities and engineering firms [41][44]. - The company has signed strategic agreements with automotive manufacturers to explore the development of flying cars, expanding its product line for the consumer market [51][51]. Global Expansion - EHang has successfully completed over 66,000 safe flights across 19 countries, indicating its growing international presence [23][24]. - The company is actively pursuing market opportunities in Brazil, Thailand, Japan, and the UAE, with successful test flights and regulatory approvals in these regions [24][24]. Technological Advancements - EHang has made significant progress in solid-state battery technology, achieving a 60%-90% increase in flight duration compared to traditional lithium batteries [46][46]. - The company is also developing advanced integrated electric drive systems in collaboration with leading suppliers to enhance the performance of its eVTOL products [48][48].