Core Viewpoint - EHang Holdings Limited has announced a Share Repurchase Program allowing the company to repurchase up to US$30 million of its American Depositary Shares or ordinary shares over the next 12 months, reflecting confidence in its long-term growth potential [1][2]. Group 1: Share Repurchase Program - The Board of Directors has approved a Share Repurchase Program for up to US$30 million [1]. - The repurchases may occur through various means including open market transactions, privately negotiated transactions, and block trades, depending on market conditions [2]. - The program will be funded from the company's existing cash balance and cash generated from operations [2]. Group 2: Company Overview - EHang is recognized as the world's leading Urban Air Mobility technology platform company, focusing on safe, autonomous, and eco-friendly air mobility solutions [3]. - The company provides unmanned aerial vehicle systems and solutions across multiple sectors, including passenger transportation, logistics, smart city management, and aerial media [3]. - EHang's flagship product, the EH216-S, has received the world's first type certificate, production certificate, and standard airworthiness certificate for pilotless eVTOL from the Civil Aviation Administration of China [3].

Investment Rating - The report maintains a "Buy" rating for EHang Intelligent (EH US) with a target price of US$18.84, indicating a potential upside of approximately 20% from the current price of US$15.67 [2][3][10]. Core Insights - EHang delivered 63 units of the EH216-S in Q3 2024, marking the first quarter of positive Non-GAAP operating profit and positive operating cash flow for four consecutive quarters [6][8]. - The company is expected to receive its first Operational Certificate (OC) by the end of this year, which could attract more customers [7][9]. - Revenue for Q4 2024 is projected to be around RMB 135 million, with an estimated total revenue of RMB 427 million for the full year, representing a year-on-year growth of 263.5% [8][10]. Financial Summary - The target price has been adjusted from US$19.71 to US$18.84, reflecting a 4% decrease [3][10]. - The 2024E EPS has been revised down to RMB 0.47 from RMB 0.86, a reduction of 46% [3][10]. - The 2025E EPS is slightly increased to RMB 2.72 from RMB 2.65, a 2% rise, while the 2026E EPS is raised to RMB 7.00 from RMB 6.72, a 4% increase [3][10]. - The company expects to deliver approximately 70 units of the EH216-S in Q4 2024, with a backlog of over 1,000 orders [18][10]. Revenue and Profitability Forecast - Revenue projections for 2024 have been slightly adjusted to RMB 4.31 billion, with a 12.6% reduction in net profit forecasted to a loss of RMB 2.29 billion [10][19]. - Non-GAAP net profit for 2024 is expected to be RMB 0.31 billion, down 45.1% from previous estimates [10][19]. - The company anticipates maintaining a gross margin of over 60% for the EH216-S due to a lack of direct competitors in the market [18][10]. Valuation - The report maintains a 10x P/S valuation for 2025, leading to the target price of US$18.84, which corresponds to a 20x P/S for 2024 [10][22]. - EHang's average trading multiple this year has been around 17x based on 2024 revenue forecasts, with the current valuation slightly above this average [22][10].

Exhibit 99.1 EHang Reports Third Quarter 2024 Unaudited Financial Results Guangzhou, China, November 18, 2024 — EHang Holdings Limited ("EHang" or the "Company") (Nasdaq: EH), the world's leading Urban Air Mobility ("UAM") technology platform company, today announced its unaudited financial results for the third quarter ended September 30, 2024. Financial and Operational Highlights for the Third Quarter 2024 1 The EH216 series products include EH216-S, the standard model for passenger transportation, EH216- ...

Financial Data and Key Metrics - Q3 2024 total revenues reached RMB128 1 million, a 347 8% year-over-year increase and a 25 6% quarter-over-quarter increase, driven by higher sales volume of EH216 series products [40] - Q3 gross margin was 61 2%, slightly down from 64 6% in Q3 2023 and 62 4% in Q2 2024, reflecting a competitive advantage in the eVTOL sector [41] - Adjusted operating income for Q3 was RMB9 million, a significant improvement from an adjusted operating loss of RMB34 2 million in Q3 2023 and RMB4 7 million in Q2 2024 [43] - Adjusted net income for Q3 was RMB15 7 million, marking a second consecutive quarter of profitability, compared to an adjusted net loss of RMB31 3 million in Q3 2023 and RMB1 2 million in Q2 2024 [43] - Positive operating cash flow was maintained for the fourth consecutive quarter, with a cash balance of RMB1,077 6 million at the end of Q3 [44] Business Line Data and Key Metrics - 63 units of EH216-S were delivered in Q3, a record high compared to 13 units in Q3 2023 and 49 units in Q2 2024 [40] - Domestic order book exceeded 1,000 units, with repeat orders from existing customers and new orders from clients in Fujian, Chongqing, Tianjin, Guizhou, and Shaanxi [25] - Strategic partnerships were formed with Enpower for electric motor development and Inx for high-energy solid-state battery technology, achieving a 90% improvement in flight endurance to 48 minutes [17][53] Market Data and Key Metrics - Demo flights were conducted in Brazil, Japan, and Thailand, extending the company's footprint to 18 countries globally [20] - EH216-S received an experimental flight authorization certificate from Brazil's National Civil Aviation Agency, with plans for more in-depth test flights to facilitate local airworthiness certification [20] - The Civil Aviation Authority of Thailand plans to open flight tests for certified eVTOLs, with commercial flight operations in Phuket and Samui targeted for 2025 [20] Company Strategy and Industry Competition - The company is focusing on enhancing EH216-S performance and commercializing a long-range product, VT-35, to complement the existing product portfolio [19] - Expansion of production capacity through joint ventures and contract manufacturing in Anhui, Shanxi, Guangxi, and Beijing is planned, with technical upgrades to the Yunfu factory starting in Q4 [31][61] - The company aims to achieve certification and mass production of solid-state batteries for EH216-S by the end of 2025 [54] Management Commentary on Operating Environment and Future Outlook - The company expects Q4 2024 revenue to reach RMB135 million, a 138 5% year-over-year increase, with full-year 2024 revenue expected to reach RMB427 million, a 263 5% year-over-year increase [47] - Ongoing improvements in low-altitude policies and increased government support for the low-altitude economy are expected to drive market demand for pilotless eVTOL aircraft [46] - The company is focusing on fine-tuning its commercialization model to enhance customer operations and achieve safe and stable operations as quickly as possible [46] Other Important Information - The company announced a $22 million PIPE investment from strategic investors, including Enpower and a Middle Eastern institutional investor, bringing total year-to-date financing to nearly $100 million [44] - The financing will be used to advance next-generation digital technology and products, scale production capacity, expand the team, establish new headquarters and operating sites, and support general corporate activities [45] Q&A Session Summary Question: Solid-state battery development with Inx - The joint development with Inx began early, focusing on increasing battery capacity density, cycle life, maintainability, and safety features, with mass production expected by the end of 2025 [51][54] - The solid-state battery has increased the EH216-S's flight endurance to 48 minutes, with a goal of reaching 60 minutes by next year [53] Question: Progress of Operator Certificate (OC) application - The OC review is progressing well, with most work completed and necessary adjustments submitted to the Civil Aviation Administration of China, with the first OC expected to be issued by the end of 2024 [55][57] Question: Production capacity and CapEx - CapEx for 2024 is $15 million, with $20 million planned for 2025, including technical upgrades to the Yunfu factory and construction of new factories in Guangzhou, Hefei, and Guangxi [60][61] - The impact of technical upgrades on production and delivery is expected to be minimal, with potential short-term disruptions offset by increased production capacity later on [63] Question: Breakeven point and supply chain strategy - As production scales up, battery and key component prices are expected to decrease, with gross margins maintained around 60% [70][79] - The company is focusing on enhancing core components like motors and batteries through collaborative development, strategic investments, and joint ventures [71] Question: VTC certification progress in overseas markets - The company is advancing overseas certification through bilateral airworthiness channels with the Civil Aviation Administration of China and exploring pilot programs in Brazil and Thailand [81][82] Question: Future operational plans in Hefei - The Hefei Hub is being developed to OC standards, with plans to build over 30 eVTOL takeoff and landing points in Hefei over the next three years [84] Question: Capacity ramp-up and order delivery - Production capacity is being enhanced through supply chain optimization and technical upgrades, with new factories planned to meet increasing demand [89][90] Question: CapEx investment in solid-state battery and collaboration - R&D investment in solid-state batteries is recorded as R&D costs, with intellectual property for core technologies and components jointly owned by EHang and its partners [96]

Core Insights - EHang Holdings Limited reported record-high quarterly revenues of RMB128.1 million (US$18.3 million), a 347.8% increase year-over-year and a 25.6% increase quarter-over-quarter, driven by significant sales of the EH216 series products [3][34] - The company achieved adjusted operating income of RMB9.0 million (US$1.3 million) and adjusted net income of RMB15.7 million (US$2.2 million), marking the second consecutive quarter of non-GAAP profitability [4][6] - EHang maintained positive operating cash flow for the fourth consecutive quarter and secured over US$22 million in strategic PIPE investment to enhance liquidity [7][29] Financial Performance - Total revenues reached RMB128.1 million (US$18.3 million), up 347.8% from RMB28.6 million in Q3 2023 and up 25.6% from RMB102.0 million in Q2 2024 [3][34] - Gross margin was 61.2%, down 3.4 percentage points from 64.6% in Q3 2023 and down 1.2 percentage points from 62.4% in Q2 2024 [3][37] - Operating loss improved to RMB54.7 million (US$7.8 million), a 21.8% improvement from RMB70.0 million in Q3 2023 and a 29.3% improvement from RMB77.4 million in Q2 2024 [4][43] - Net loss was RMB48.1 million (US$6.9 million), representing a 28.3% improvement from RMB67.1 million in Q3 2023 and a 32.8% improvement from RMB71.6 million in Q2 2024 [5][45] Business Developments - EHang achieved significant eVTOL sales and operational progress in various Chinese cities, with 63 units of the EH216 series delivered in Q3 2024, the highest quarterly delivery volume in the company's history [2][8] - The company is advancing its Air Operator Certification (OC) for commercial operations, with the first OC expected to be issued by the end of 2024 [19] - EHang has established strategic partnerships for talent training and technology development, including a partnership with the Civil Aviation Flight University of China [20][27] International Expansion - EHang expanded its international presence with flights in Brazil, Thailand, Japan, and the UAE, conducting over 56,000 safe flights with pilotless eVTOLs in 18 countries [21][25] - The company launched a UAM Hub in Hefei and is working on establishing additional vertiports and operational sites across various cities in China [10][9] Technological Advancements - EHang announced a breakthrough in solid-state battery technology, completing the first eVTOL solid-state battery flight test, which significantly improves flight endurance [26] - The company upgraded its lift-and-cruise eVTOL model to the VT-35, targeting inter-city and cross-bay applications [28]

GUANGZHOU, China, Nov. 15, 2024 (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 has signed a cooperation framework agreement (“Agreement”) with Zhejiang Sunriver Culture and Tourism Co., Ltd. (“Sunriver”, 600576.SH), a China A-share listed company, to explore an industrial model that integrates low-altitude economy with cultural tourism in China. Under the Agreement, Sunriv ...

GUANGZHOU, China, Nov. 14, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced a strategic investment totaling over US$22 million. The investors are Zhuhai Enpower Electric Co., Ltd. (“Enpower”, SZ300681), a Chinese leading new energy vehicle power systems provider, and a strategic institutional investor from the Middle East. Both investors agree to a 180-day lock-up period. The s ...

GUANGZHOU, China, Nov. 13, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced a significant breakthrough in the development of high-energy solid-state battery technology, in collaboration with the Low-Altitude Economy Battery Research Institute of the Hefei International Advanced Technology Application Promotion Center and Shenzhen Inx Energy Technology Co., Ltd. (“Inx”). Equippe ...

GUANGZHOU, China, Nov. 13, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced the launch of a UAM Hub (the “Hub”) at Luogang Central Park in Hefei, Anhui Province, marking the second vertiport established in Luogang Park following the opening of the Urban Air Mobility Operations Center in May, which will serve as a key infrastructure for the future operation of EH216-S pilotless ...

GUANGZHOU, China, Nov. 11, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading Urban Air Mobility (“UAM”) technology platform company, today announced a long-term strategic partnership and technology development cooperation with Zhuhai Enpower Electric Co., Ltd. (“Enpower”, SZ300681), a pioneer in new energy vehicle (“NEV”) power systems, to co-develop high-performance electric motors and motor controllers for EHang’s suite of electric vertical take-o ...