亿航智能维持全年营收预期 正构建eVTOL商业闭环

Core Viewpoint - EHang Intelligent (EH.O) reported a decline in Q3 2025 revenue to 92.5 million yuan, with a net loss of 82.1 million yuan, while delivering 42 units of its eVTOL aircraft [1] Group 1: Financial Performance - Q3 revenue decreased year-on-year to 92.5 million yuan, with a net loss of 82.1 million yuan [1] - The company expects total annual revenue to be around 500 million yuan [1] - Deliveries of eVTOLs in Q3 were 42 units, down from 63 units in the same period last year and 68 units in the previous quarter [1] Group 2: Product Development - The new VT35 model was delivered for the first time in Q3, designed for mid-to-long distance applications with a range of 200 kilometers, complementing the EH216-S model [2] - EHang has received orders for the VT35 from clients in Hefei, Zhejiang, and Hainan, with a unit price of 6.5 million yuan [2] - The company is building a standardized and replicable operational closed-loop system around the EH216-S, which has been certified for operation [2] Group 3: Market Expansion - EHang launched an Advanced Air Mobility (AAM) sandbox program in Thailand in October, completing various emergency flight scenario demonstrations [3] - The Thai authorities aim to approve commercial operations of eVTOLs based on the sandbox results in the coming months [3] - The company is preparing for public commercial operations, with plans to gradually start flight services in December [2][3] Group 4: Industry Context - The low-altitude economy is gaining attention, with Guangdong Province introducing measures to support urban and intercity low-altitude passenger routes [3] - EHang is focused on building a "manufacturing—operation—training" business closed-loop, emphasizing safety and regulatory compliance [3]