亿航智能系列八-三季报点评：发布长航程航空器VT35，EH216-S商业运营可期【国信汽车】

Core Viewpoint - EHang Intelligent is advancing towards commercial operations in the low-altitude economy, with significant milestones achieved in regulatory approvals and product development, particularly with the introduction of the VT35 aircraft and the operational certification of the EH216-S model [2][7][28]. Group 1: Financial Performance - In Q3 2025, EHang Intelligent reported total revenue of 0.92 billion RMB, a year-on-year decrease of 27.8% and a quarter-on-quarter decrease of 37.2% [3][10]. - The net profit attributable to shareholders was -82.16 million RMB, compared to -48.06 million RMB in the same period last year [3][10]. - The gross margin for Q3 2025 was 60.8%, reflecting a year-on-year decline of 0.4 percentage points [4][5]. Group 2: Product Development and Launches - EHang launched the new long-range unmanned aerial vehicle VT35 in October 2025, designed for intercity air travel with a maximum range of approximately 200 kilometers [20][21]. - The VT35 is an upgraded version of the VT30, featuring a compact design that enhances aerodynamic efficiency and flight stability [21][23]. - The company has received purchase orders for the VT35, priced at 6.5 million RMB each, and began deliveries in Q3 2025 [24]. Group 3: Regulatory Approvals and Commercial Operations - EHang's subsidiaries received the first operational certificates for manned unmanned aerial vehicles in China, marking a significant step towards commercial operations in the low-altitude economy [24][28]. - Since obtaining the operational license, EHang has completed over 1,700 flights and is preparing to launch eVTOL flight services based on reservations [28][30]. - The company has expanded its eVTOL global flight operations to 21 countries, with significant developments in Thailand, Qatar, Japan, Kazakhstan, and Rwanda [31][32][35][36]. Group 4: Strategic Partnerships and Ecosystem Development - EHang has formed strategic partnerships with companies like Guoxuan High-Tech and Minshi Group to enhance the safety and efficiency of its eVTOL aircraft [37][38]. - The company is collaborating with Tsinghua University to establish a research institute focused on low-altitude aviation technology, aiming to drive innovation in the industry [41]. - EHang's production capacity is set to increase with the expansion of its manufacturing facilities, targeting an annual production of 1,000 eVTOL aircraft and components [38].