EHang(US:EH) Xin Hua Cai Jing·2025-07-22 11:25Core Viewpoint - The issuance of the first operational certificates for manned civil unmanned aerial vehicles (UAVs) by the Civil Aviation Administration of China (CAAC) marks the beginning of the "manned era" in China's low-altitude economy, promoting the development of new technologies and commercial applications in this sector [1][2]. Group 1: Industry Developments - The first operational certificates were awarded to Hefei Huying Aviation Co., Ltd. and Guangdong EHang General Aviation Co., Ltd., allowing them to conduct commercial operations and provide paid passenger services in designated areas [2]. - The EH216-S, the first and only eVTOL aircraft to receive all three necessary certifications (Type Certificate, Airworthiness Certificate, and Production Certificate) from CAAC, is positioned as a leader in the low-altitude economy [4]. - The global eVTOL market is competitive, with approximately 400 companies developing over 1,100 eVTOL models, yet only about 20 have received Type Certificates [4]. Group 2: Commercialization Progress - The two certified operators, Hefei Huying and EHang, are implementing a phased approach to transition from trial operations to regular commercial services, having already conducted over 1,000 safe flights since obtaining their operational certificates [3]. - EHang's revenue for Q1 2023 was reported at 26.1 million RMB, a decline compared to the previous year, attributed to a temporary drop in the delivery of the EH216 series [6]. - EHang aims to achieve a total revenue target of 900 million RMB for the year 2025, with plans to diversify into non-passenger services such as logistics and emergency response [6]. Group 3: Future Outlook - Companies are focusing on self-sustainability through innovative product development, with EHang's new VT-35 eVTOL expected to be a significant product for mid-range operations [6][7]. - The "Land Carrier" by XPeng Heitech is set for pre-sale in the second half of the year, with plans for operational bases around urban areas to enhance user experience and service offerings [7]. - The industry anticipates a surge in eVTOL certification approvals between 2025 and 2026, indicating a potential boom in the low-altitude economy [5].