Summary of EHang (EH) Conference Call Company Overview - **Company**: EHang - **Product**: VT-35 eVTOL (Electric Vertical Take-Off and Landing) aircraft - **Launch Date**: October 2025 - **Market Price**: Rmb6.5 million per unit in China Key Points Product Launch and Features - EHang launched the VT-35, designed for long-range inter-city applications, with a range exceeding 200 km [1][8] - The VT-35 features 2 seats and 8 distributed lift propellers, with a maximum take-off weight of 950 kg [8] - The aircraft is compact, allowing for landing in various locations such as parking lots, parks, and rooftops [8] - VT-35 is a driverless model with pre-set routes, supported by a control system and fleet operation team [8] Certification and Production - EHang has submitted the Type Certification (TC) application for the VT-35 to the Civil Aviation Administration of China (CAAC) in March 2025 [1][10] - The model is currently undergoing Airworthiness Certification (AC) through internal testing and experimental flights [1][10] - An agreement has been signed with the Hefei government to establish a production hub for the VT-35 [1][10] Market Potential and Strategy - The VT-35 targets city clusters such as Bay areas and the Yangtze River Delta, and is designed for various transportation scenarios including cross-sea and cross-mountain [11] - EHang plans to develop a tilt-rotor model based on the VT-35 platform to expand its application scenarios [11] Financial Outlook - EHang is rated as a "Buy" with a 12-month target price of US$24.80, indicating a potential upside of 37.5% from the current price of US$18.04 [15][18] - Revenue projections show growth from Rmb456.2 million in 2024 to Rmb1.563 billion by 2027 [18] - The company anticipates a 10% year-over-year growth in free cash flow from 2028 to 2030, with a terminal growth rate of 3% [15] Risks - Key risks include slower-than-expected regulatory progress regarding airworthiness, weaker customer adoption of passenger-grade AAVs (Autonomous Aerial Vehicles), and increased competition in the AAV market [16] Conclusion - EHang is positioned for significant growth with the launch of the VT-35, supported by strategic partnerships and a clear path to certification and production. The company's financial outlook remains positive, although it faces several risks that could impact its performance in the evolving AAV market [1][15][16]

Industry Overview - EHang Holdings Limited (NASDAQ: EH) operates in the competitive eVTOL (electric Vertical Take-Off and Landing) sector, which is still relatively new but has several key players, including Joby [1] Company Insights - EHang is one of the prominent companies in the eVTOL space, indicating a growing interest and investment in this innovative transportation technology [1]

Core Insights - EHang Holdings Limited (NASDAQ: EH) operates in a competitive eVTOL (electric Vertical Take-Off and Landing) market, alongside other notable players like Joby [1] Industry Overview - The eVTOL space is relatively new but has already attracted significant competition, indicating a growing interest and investment in this sector [1] Company Analysis - EHang is highlighted as one of the key players in the eVTOL market, suggesting its potential for growth and innovation within this emerging industry [1]

Core Insights - E-Hang has launched the VT35, a new generation long-range pilotless EV toll aircraft designed for intercity air travel [1] - The VT35 features advanced technology including autonomous flight systems and obstacle avoidance, aiming to enhance safety and efficiency in urban transportation [1] Product Features - The VT35 has a compact tandem wing design, two seats, eight lift propellers, and a pusher propeller for efficient cruising [1] - It offers a range of 200 kilometers, showcasing improved aerodynamics and stability [1] Strategic Vision - The launch of the VT35 represents a significant milestone in E-Hang's long-range product line and its vision for advanced air mobility [1] - E-Hang aims to accelerate the commercialization of pilotless EV toll aircraft across various application scenarios, contributing to a new integrated urban intercity low-altitude transportation ecosystem [1] Market Applications - E-Hang develops a diversified portfolio of pilotless EV toll aircraft for multiple use cases, including aerial tourism, intracity transport, and intercity travel [1]

来源：市场资讯 阳歌 电动垂直起降航空器（eVTOL）制造商亿航智能（EH.US）近期似乎陷入横行状态，自两年前旗舰产品 获中国民航局颁发适航证后，公司的股价始终在较宽的区间内波动。 似为提振股价，公司近期开始力推其新一代主力产品，满载航程不小于200公里的长航程电动垂直起降 航空器，以匹配原有约30公里航程的短途机型EH216-S。今年8月，亿航智能宣布重大计划，将在安徽 合肥建立新型号VT35的生产基地。 （来源：BBW咏竹坊） 这家电动垂直起降航空器制造商推出第二款主力机型，满载航程不小于200公里，与其原有短途机型形 成互补 重点： 消息令投资者略受鼓舞，公告发布当日，亿航智能美股股价攀升4.8%。但涨幅及相近规模的单日下 跌，在两年前亿航智能取得全球首批主流航空监管机构认证后，已渐成常态。 本周一，公司在合肥正式发布VT35，试图以此吸引投资者瞩目。值得注意的是，活动被描述为"亮相仪 式"，暗示现场无人实际目睹VT35飞行。新闻稿中配发的若干飞行照片，明显摄于华南风景秀丽的广西 地区，表明该机型虽已进行有限试飞，但或未达到能在重要发布会上公开展示的成熟度。 亿航智能推出第二款主力机型VT35，其20 ...

Core Insights - EHang Holdings Ltd. has launched its second major eVTOL model, the VT35, which has a range of up to 200 kilometers, complementing its original EH216-S model with a range of about 30 kilometers [3][10] - The company is currently in a holding pattern, with its stock trading within a defined range since receiving an airworthiness certificate two years ago [2][6] - EHang's revenue guidance for 2025 has been sharply lowered from 900 million yuan ($126 million) to 500 million yuan ($70 million), indicating potential challenges ahead [8][16] Product Development - The VT35 was officially launched in Hefei, with the event described as an "unveiling ceremony," although the aircraft did not actually fly during the event [4][10] - The initial price for the VT35 is set at 6.5 million yuan (just under $1 million) [10] - EHang has received orders for the VT35 from entities connected to the Hefei municipal government, which has become a significant benefactor [12][13] Financial Performance - EHang's revenue rose 44% year-on-year to 147 million yuan in the second quarter, with 68 EH216 models delivered [14] - The company has a healthy gross margin of around 62% and is profitable on an adjusted basis, excluding employee share-based compensation [15] - EHang's cash reserves stood at 1.13 billion yuan at the end of June, indicating a relatively strong financial position [15] Market Position - EHang currently trades at a price-to-book (P/B) ratio of 9.8, which is higher than Archer Aviation's 3.91 but lower than Joby Aviation's 17 [16] - The company is seen as a leader in the global eVTOL market due to its early receipt of a flight certificate from China [16] - Despite its advancements, the sharp downward revision in revenue forecasts suggests ongoing challenges for the company [16]

Well, it's uh we just launched that BD35. BD35 is our next generation long range uh living cruise uh EVTO. It's a electric vertical ton and landing uh aircraft.We're very excited that uh it has a two key features uh in the BD35 uh focus on safety and efficiency. Right. So we we launched that yesterday and uh we've received a strong interest from our existing customer as well as the you know also draw a lots of attention overseas.Yeah. And in terms of the safety uh it actually uh it has a full redundancy des ...

每经记者｜朱成祥 每经编辑｜陈俊杰 10月13日，亿航智能于合肥召开发布会，宣布推出复合翼eVTOL（电动垂直起降飞行器）VT35。据了 解，该款飞行器搭配固态电池，续航超过200公里，标准版在中国市场的官方指导价为650万元。 目前，eVTOL主要分为多旋翼、复合翼和倾转旋翼三大构型。而亿航智能正是多旋翼的代表。值得注 意的是，此次公司不仅推出复合翼产品，更是首次宣称正在研发倾转旋翼。据亿航智能高级副总裁冯帅 介绍，VT35除复合翼构型外，还同时研发了VT35倾转旋翼构型。 联手合肥发展复合翼 在eVTOL行业内，亿航智能一直以多旋翼闻名。复合翼构型主要以沃兰特航空、峰飞航空为代表；倾 转旋翼则以时的科技为代表。 目前，多旋翼适航取证速度最快，代表厂商正是亿航智能。其多旋翼构型EH216-S无人驾驶载人航空器 是全球首款且是目前唯一一款已经通过完整适航认证的载人eVTOL型号。 2025年8月，亿航智能与合肥市政府签署投资合作协议，将VT35系列产品总部落户合肥，共同推进低空 经济生态建设。 据了解，合肥市已于2025年9月发布了《合肥市低空经济场景发展白皮书》，系统规划了低空经济发展 的目标、场景与路径， ...

Group 1 - A rechargeable magnesium battery prototype has been developed by researchers at Tohoku University, overcoming several long-standing challenges in magnesium-based energy storage technology, potentially paving the way for new sustainable and fast-charging battery solutions [2] - A new 3D printing technology has been created by a research team at École Polytechnique Fédérale de Lausanne, allowing for the growth of complex, high-strength metal and ceramic components from ordinary hydrogels, breaking the limitations of traditional photopolymer-based printing [2] - The CRAFT facility, a key system for fusion reactor research, has made significant progress with the successful testing and acceptance of a prototype component, achieving a steady-state thermal load capacity of 20 megawatts per square meter [2] Group 2 - EHang Intelligent has launched its new VT35 eVTOL aircraft, with a pre-sale price in the Chinese market starting at no less than 6.5 million yuan per unit, featuring a range of specifications including a maximum range of 200 km and a maximum takeoff weight of 950 kg [2]

10月13日，亿航智能(EH.US)在合肥举办新品发布会，新一代无人驾驶载人航空器VT35在会上发布，中 国市场预售价(标准版)不低于650万元。亿航智能首席运营官王钊表示，VT35由于在设计产品时，零部 件、构型，以及各种部件的配合等，皆按适航审定版本标准执行，因此该产品短期价格不会因适航因素 产生太大变化。他认为，这个售价在市场上具有很大的竞争力，同时该定价也能给公司带来利润。 西南证券认为，国家战略聚焦低空经济新赛道，各地相继出台低空经济发展纲领性政策，国资央企密集 成立低空经济公司。从应用场景来看，低空物流、低空旅游等应用场景先行，其他领域亦在积极探索过 程中。头部eVTOL主机厂订单激增，低空经济产业链规模化发展态势清晰。 国信证券表示，我国无人机产业链全球领先，在无人机领域相关专利申请量约占全球70%，是世界第一 大民用无人机出口国。低空经济商业化场景也很丰富，市场空间巨大。国信证券预计，到2026年低空经 济规模有望突破万亿，达到10644.6亿元；根据中国民航局数据，到2030年，中国低空经济的市场规模 预计将达2.5万亿元，2035年有望达3.5万亿元；据国信证券测算，中期维度，国内eVTO ...