Core Insights - EHang Intelligent Holdings Limited (EH.US) reported a 44.2% year-over-year revenue increase in Q2 to 1.472 billion yuan (approximately $205 million), with a significant quarterly surge of 464% driven by the delivery of 68 units of the EH216 eVTOL aircraft, up from 49 units in the same period last year [1] - The company recorded a net loss of 81 million yuan, a 13% year-over-year increase, but adjusted net profit rose to 9.4 million yuan, a substantial increase from 1.2 million yuan in the previous year [1] - Gross margin remained stable at 62.6%, compared to 62.4% in the same period last year [1] Orders and Operations - In Q2, the company secured over 150 new orders and established more than 40 operational sites for the EH216-S both in China and overseas [1] - EHang aims to complete over 10,000 safe flights by the first half of 2025, maintaining a zero-accident record [1] Revenue Guidance and Market Reaction - The company revised its full-year revenue guidance down from 900 million yuan to approximately 500 million yuan, focusing on advancing eVTOL commercial operations and establishing a foundation for long-term expansion [1] - Morgan Stanley downgraded EHang's 2025 delivery forecast by 45% to 220 units and reduced revenue projections by 46%, lowering the target price from $30 to $26 while maintaining an "Overweight" rating [1] - EHang's stock price fell by 7.53% to $16.45, marking a 34.8% decline over the past six months [2]