Company Performance - EHang Holdings Limited Unsponsored ADR (EH) has shown a year-to-date performance increase of approximately 3%, outperforming the average gain of 1.2% in the Aerospace group [4] - The Zacks Rank for EHang is currently 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Industry Context - EHang belongs to the Aerospace - Defense Equipment industry, which consists of 27 companies and currently ranks 37 in the Zacks Industry Rank [6] - The Aerospace - Defense Equipment industry has experienced an average decline of 2.9% this year, highlighting EHang's relative strength within this sector [6] Analyst Sentiment - Over the past 90 days, the consensus estimate for EHang's full-year earnings has increased by 27.3%, reflecting improved analyst sentiment [3] - Spirit Aerosystems (SPR), another stock in the Aerospace sector, has also shown strong performance with a year-to-date increase of 2.4% and a significant EPS estimate increase of 870.3% over the past three months [4][5] Future Outlook - Investors are encouraged to monitor EHang Holdings Limited and Spirit Aerosystems for potential continued strong performance in the Aerospace sector [7]

核心观点 低空经济产业链格局初显，国内市场规模潜力巨大 我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发展格局，以eVTOL、无人机整 机制造为核心，产业链呈现技术快速迭代与订单落地的产能扩张态势。从未来大规模商业化的潜力来看，测算中期存 量国内旅游观光场景、通勤场景可分别带来2.4万架和8.5万架的eVTOL需求，整机存量销售市场规模超2500亿。 低空经济系列 车中旭霞 行业深度 《 低空 空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——202 50417 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段》——20250331 公司深度 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《亿航智能（EH.O）- 单四季度收入同比增长190%，商业化落地运营可期 ...

Investment Background & Sector Focus - The company has a strong focus on technology-driven sectors, particularly in AI, industrial automation, and green energy infrastructure [1] - It has evaluated over 100 funds and executed more than 30 private equity projects, including direct investments in AI startups and renewable energy ventures [1] Writing Topics & Investing Approach - The company plans to publish research on valuation deep dives, private equity trends, policy-driven opportunities, and quantitative strategies [1] - The investing approach combines fundamental analysis with operational due diligence, emphasizing management quality and scalability [1] Track Record - The company has guided the allocation of over $500 million in investment projects, achieving top quartile rankings in DPI and TPVI [1] - It has established a profitable student apartment enterprise with an annual profit of $200,000, showcasing operational risk management skills [1] Motivation for Writing - The company aims to democratize institutional-grade analysis for retail investors, particularly in undercovered Asian markets [1] - Articles will emphasize transparency, backed by granular data, historical precedents, and stress-tested scenarios [1]

Core Insights - EHang Holdings Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. SEC on April 15, 2025 [1] - The annual report includes audited consolidated financial statements and is available on the company's investor relations website and the SEC's website [2] Company Overview - EHang is recognized as the world's leading urban air mobility (UAM) technology platform company, focusing on safe, autonomous, and eco-friendly air mobility [3] - The company provides unmanned aerial vehicle (UAV) systems and solutions across various sectors, including air mobility, smart city management, and aerial media [3] - EHang's EH216-S has received the world's first type certificate, production certificate, and standard airworthiness certificate for pilotless human-carrying electric vertical takeoff and landing (eVTOL) aircraft from the Civil Aviation Administration of China (CAAC) [3] - In 2025, operators of the EH216-S eVTOL have been granted the first batch of Air Operator Certificates for civil human-carrying pilotless aerial vehicles by the CAAC [3] - EHang aims to integrate autonomous flight into everyday life, delivering the benefits of urban air mobility to smart cities and communities globally [3]

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]

摘要 从最初的文旅试水到未来的城市通勤， eVTOL 的商业化之路，正演变为一场由具体场景需求驱 动的动力电池 " 精准定制 " 竞赛。 eVTOL 迈入载人时代： 监管突破 ， 曙光初现 eVTOL 的 " 载人时代 " 正伴随着监管的突破而加速到来。 202 5 年 3 月 28 日， 中国民航局向合肥合翼航空及广东亿航通航颁发了全球首批民用无人驾驶 航空器运营合格证（ OC ）。这一里程碑事件意味着， 持有该证的企业可在批准区域内开展商业 化的付费载人服务。 亿航通航是 eVTOL 制造商亿航智能旗下专注于城市空中交通（ UAM ）运营的子公司，而合翼 航空则由合肥市国资平台与亿航智能合资组建。 此举使亿航智能成为全球首家拥有完整无人驾驶载人 eVTOL 商业运营资质的公司，标志着中国 低空经济正从试点探索迈向实际的商业化阶段。 如何 为特定商业场景寻找最优"动力心脏"？ 以 中国民航局为亿航智能等公司的 eVTOL 颁发全球首批运营合格证 为标志 ，低空经济的商业 化大门 已然 开启。 当 " 空中出租车 " 和景区观光飞行从蓝图走向现实，一个核心问题浮出水面：支撑这些飞行器持 续、经济运营的动力电池 ...

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 ...

Group 1 - EHang Holdings Limited Unsponsored ADR (EH) is currently outperforming its Aerospace peers with a year-to-date return of approximately 20.4%, compared to the average gain of 6.9% for the sector [4] - The Zacks Consensus Estimate for EH's full-year earnings has increased by 27.3% over the past quarter, indicating a stronger analyst sentiment and improving earnings outlook [4] - EHang is part of the Aerospace - Defense Equipment industry, which has an average gain of 0.8% this year, further highlighting EH's superior performance within this specific industry [6] Group 2 - The Aerospace sector includes 53 individual stocks and holds a Zacks Sector Rank of 2, indicating a strong overall performance [2] - The Zacks Rank system emphasizes earnings estimate revisions and currently assigns EHang a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] - Another notable stock in the Aerospace sector, TransDigm Group (TDG), has returned 7.6% year-to-date and also holds a Zacks Rank of 2 (Buy) [5]

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 ...

作 者丨 陈梦璇 编 辑丨张雅婷 图 源丨图虫 编者按： 作为经济第一大省，广东正以穿越周期、向新而行的姿态加速迈向高质量发展，不断探 索着中国科创新叙事、中国制造新范式，并释放了诸多关键信号。南方财经全媒体集团 特 别 策 划 推 出 《 解 码 粤 经 济 》 专 题 报 道 ， 深 入 剖 析 关 键 经 济 数 据 中 的 " 广 东 密 码 " ， 洞 察广东高质量发展新趋势与新方位。敬请关注！ 广东，俨然成为了科技产业最新成果全球首发亮相的重要舞台。 3月2 8日，全球首张无人驾驶载人航空器运营合格证（OC）正式批准发出，亿航智能成为全 球首个集齐"四证"、具备无人驾驶载人eVTOL完整商业运营资质的公司；3月2 5日，全球首 款3 0寸以上的视频电子纸显示屏在广州南沙发布，标志着大尺寸彩色电子纸从静态显示正式 迈入动态显示时代；3月1 7日，比亚迪发布了全球首个电动车全域千伏架构，多项技术指标刷 新全球之最。 更具代表性的是机器人产业。 今年以来，广东机器人"七剑客"可谓是新招、高招甚至绝招频出，不断以"空翻" "奔跑"等姿 态展露身手，轮番掀起行业热潮。例如，众擎机器人实现了全球首例平地起身前 ...