Core Insights - EHang is set to begin public ticket sales for its EH216S aircraft in March, with initial operations using 6 to 10 aircraft and an early-bird ticket price of CNY 299 per person [1][2][3] Commercial Operations - The commercial operation of the EH216S is nearing launch after nearly a year of internal trials, with ticketed flight services planned for EHang Future City and Luogang Park [3] - EHang delivered a record 221 eVTOL aircraft in the full year, including 215 units of the EH216 series and 6 units of the VT35 series [4] Financial Performance - EHang reported fourth-quarter revenue of CNY 243.8 million, a 48.4% year-over-year increase, and full-year revenue of CNY 509.5 million, up 11.7% year-over-year [13] - The company achieved its first quarterly GAAP profit in Q4 with a net income of CNY 10.5 million and has maintained non-GAAP profitability for the second consecutive year [16] Manufacturing and Expansion - EHang's manufacturing capacity is expanding, with the Yunfu production facility's phase two completed, targeting an annual capacity of 1,000 units [7] - The company is also progressing with the VT-35 program, aiming for type certification in China within the next two years [8] International Operations - EHang is working towards obtaining the first commercial operation license for pilotless passenger eVTOL aircraft in Thailand, with operations potentially starting in the second quarter of 2026 [12][13] - The company anticipates that overseas revenue could rise to a double-digit percentage of total revenue if international commercialization progresses as planned [17] Cost Management - EHang's operating expenses increased less than expected in 2025, and for 2026, the company expects operating expense growth to be lower than revenue growth [18]