以下文章来源于材视 ，作者材视 一个有温度的新材料科技交流及成果转化的知识分享平台 【DT新材料】 获悉，2025年，中国eVTOL（电动垂直起降飞行器）赛道迎来关键转折点。 亿航智 能、小鹏汇天、御风未来、沃飞长空、沃兰特 等企业密集披露重大进展，从适航认证、技术攻坚到 产能布局、商业落地，中国"空中出行"产业正从技术验证迈向规模运营新阶段。 01 亿航智能 材视 . 商业合作： 与阿根廷国家飞机制造公司（FAdeA）合作： 2025年6月19日，亿航智能在巴黎国际航空航天展期 间与阿根廷国家飞机制造公司（FAdeA）签署战略合作备忘录，聚焦于 EH216-S无人驾驶载人航 空器 在阿根廷及拉美地区的适航认证、本地化生产及运营服务体系建设。 与安拉科技合作： 2025年6月19日，亿航智能与 安拉科技(ANRA Technologies) 签署合作谅解备 忘录，共同推进城市空中交通发展。 与吉林省长春净月高新区合作： 2025年6月20日，亿航智能与 吉林省长春净月高新技术产业开发 区 管理委员会签署项目合作框架协议，共同在长春市打造低空经济示范区。此外，净月高新区下属 国企 吉林省空天产业发展投资有限公司 ...

EHang - Enabling Safe, Autonomous, Eco-friendly Air Mobility June 2025 GHVNG IIZAL CHANG | 亿航 | Nasdaq Listed By attending this presentation and viewing and accessing these materials, you agree to keep these materials strictly confidential and be bound by the limitations set forth . These materials are being qiven solely for your use and may not be retained, copied, reproduced, redistributed or dtherwise disclosed, directly or indirectly to any other any manner, or published, in whole or in part, for any pu ...

亿航智能系列 车中旭霞 行业深度 《eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段 》——20250331 公司深度 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 公司点评 《亿航智能（EH.O）- 运营合格证落地，低空经济迈向商业化运营阶段 》 ——20250608 《亿航智能（EH.O）-单四季度收入同比增长190%，商业化落地运营可期》——20250324 《亿航智能（EH.O）-单三季度收入同比增长348%，在手订单充裕》——20241123 核心观点 2025Q1亿航智能实现营业收入2609万元，同比减少58% 2025Q1，亿航智能总收入为2609万元，同比-57.7%，环比-84.1%；归母净利润为-7808.4万元，去年同期为-6332.5万 元，24Q4为-4685.8万元；非美国通用会计准则下调整后归母净利润（即加回股权激励费用后的净利润）为人民 币-3082.2万元，去年同期为-1003.9万元，24Q4为364 ...

证券研究报告 | 2025年06月08日 亿航智能（EH.O） 优于大市 运营合格证落地，低空经济迈向商业化运营阶段 2025Q1 亿航智能实现营业收入 2609 万元，同比减少 58%。2025Q1，亿航智 能总收入为 2609 万元，同比-57.7%，环比-84.1%；归母净利润为-7808.4 万 元，去年同期为-6332.5 万元，24Q4 为-4685.8 万元；非美国通用会计准则 下调整后归母净利润（即加回股权激励费用后的净利润）为人民币-3082.2 万元，去年同期为-1003.9 万元，24Q4 为 3640.1 万元。整体来看，公司 25Q1 营收有所下降，主要由于 EH216 系列产品的销量减少所致，2025Q1，公司 EH216 系列航空器共交付 11 架，同比减少 57.7%，环比减少 85.9%。 2025Q1，公司毛利率同环比双升。2025Q1，亿航智能的毛利率/净利率分别 为 62.4%/-300.4% ， 分 别 同 比 变 动 +0.6/-197.8pct ， 分 别 环 比 变 动 +1.8/-271.9pct。2025Q1，公司毛利率同环比增长，主要系 EH216 系列产 ...

OC 取证落地，年底前产能计划提升至千台 事件：公司发布 25Q1 财报。25Q1 营业收入 2610 万元，去年同期 为 6170 万元；毛利率为 62.4%，去年同期为 61.9%；调整后净亏损 3110 万元，去年同期为 1010 万元。 海外公司报告 | 公司动态研究 亿航智能（EH） 证券研究报告 业务进展： 运营合格证（OC）取证落地，商业化逐步推进：2025 年 3 月 28 日， 中国民用航空局（CAAC）向两家 EH216-S 运营商（亿航通航和合 翼航空）颁发首批中国民用载人无人驾驶航空器运营合格证（OC）。 获得认证后，两家企业可在指定运营区域使用 EH216-S 开展载人商 业飞行服务。公司将分阶段逐步扩大商业运营规模，包括从隔离空 域向融合空域过渡、从空中游览向客运服务延伸、从试点区域向更 多运营地点扩展、从受邀乘客向公众开放服务。 国际市场持续拓展。25 年 2 月，EH216-S 在西班牙贝尼多姆试飞； 25 年 3 月：EH216-S 在墨西哥首飞；公司全球运营国家扩展至 19 个。 产品进展： 公司新一代远程复合翼 eVTOL——VT35（VT30 升级版）正在申请 中国适航 ...

亿航智能首席财务官杨嘉宏表示："2025年第一季度，我们的收入有所下滑，主要由于部分客户将采购 计划安排在3月底首批运营合格证（OC）正式颁发之后。然而，我们很高兴看到，第二季度销售和交付 正在增长和回升。尽管近期国际地缘政治局势趋于紧张，全球市场波动加剧，但公司经营并未受到关税 政策的影响。此外，在保持纳斯达克主板上市地位的基础上，我们也在积极探索在美国以外的上市可能 性。" 5月26日，亿航智能公布了其截至2025年3月31日的2025财年第一季度未经审计的财务业绩报告。 数据显示，2025财年第一季度，亿航智能总收入为人民币2610万元，对比2024年第一季总收入为6170万 元，同比下滑 58%；经营亏损为人民币8990万元，对比2024年第一季度经营亏损为人民币6,580万元； 净亏损为人民币7840万元，对比2024年第一季度净亏损为人民币6340万元；毛利率为62.4%，较2024年 第一季度的毛利率61.9%上升0.5个百分点，较2024年第四季度的毛利率60.7%提升1.7个百分点；EH216 系列无人驾驶航空器销售与交付数量为11架。 从生产基地来看，2025年第一季度，亿航智能正式启动了 ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were RMB 26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily driven by decreased sales volume of EH216 series products [31][32] - Gross profit was RMB 16.3 million in Q1, with a gross margin improvement to 62.4% compared to 61.9% in the same period of 2024 and 60.7% in Q4 2024, indicating strong marketing competitiveness and pricing power [32] - Adjusted net loss was RMB 31.1 million in Q1, reflecting a decline in deliveries, but the company expects financial performance to improve as deliveries recover [34][36] Business Line Data and Key Metrics Changes - In Q1 2025, the company delivered 11 units of the EH216S, with the low delivery volume attributed to seasonal slowdown, internal budgeting processes of clients, and deferred orders due to the upcoming OC certification [14][15] - The company is expanding its Yunfu production base, which has doubled in size and will support an annual production capacity of up to 1,000 units once fully operational [16] Market Data and Key Metrics Changes - Following the issuance of operating certificates (OCs), consumer inquiries and order volumes have significantly increased, with expectations for a strong rebound in Q2 [18][19] - Major orders from provinces such as Jilin, Jiangxi, Guizhou, Hainan, Anhui, and Guangdong are expected to convert into deliveries starting in Q2 [19] Company Strategy and Development Direction - The company aims to evolve from manufacturing autonomous aerial vehicles into a comprehensive urban air mobility platform operator, providing a one-stop solution covering aircraft hardware, software, operational services, and standard systems [6] - The company is focused on a phased approach to commercialization, starting with low-risk scenarios like sightseeing flights before expanding into more complex urban air mobility services [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth momentum over the next few quarters, maintaining the annual revenue guidance of RMB 900 million for 2025 [36][39] - The company is committed to safety and is implementing enhanced standards to ensure safe and compliant flight operations as it transitions to commercial operations [19][20] Other Important Information - The company has over 700 issued and pending patent assets worldwide, with nearly half of its team dedicated to R&D, positioning it as a global leader in autonomous flight systems [12] - The company is actively expanding its business into logistics and emergency rescue applications, with specialized UAVs already developed for these use cases [25][26] Q&A Session Summary Question: Outlook on significant growth in sales and deliveries - Management noted that Q1 performance declined due to seasonal impacts and deferred orders, but improvements in Q2 delivery volumes and sales are expected, with large orders converting into contracts [38] Question: Timeline for EH216 owners to obtain OC certificates - Management indicated that the issuance of OCs clarifies regulatory standards, which should reduce application timelines for future operators [41] Question: Competition and staying competitive - Management highlighted that urban air mobility and intercity air transport serve different markets, with the EH216S offering a compact footprint and lower costs compared to competitors [45][46] Question: Updates on production capacity and SG&A expenses - Management confirmed that the Yunfu facility's production capacity will increase to 1,000 units by the end of the year, and they will maintain stringent control on SG&A expense growth [81][83]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were RMB 26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily driven by decreased sales volume of EH216 series products [31][32] - Gross profit was RMB 16.3 million in Q1, with a gross margin improvement to 62.4% compared to 61.9% in Q1 2024 and 60.7% in Q4 2024, indicating strong marketing competitiveness and pricing power [32][33] - Adjusted net loss was RMB 31.1 million in Q1, reflecting a decline in deliveries, but the company expects financial performance to improve as deliveries recover [34][35] Business Line Data and Key Metrics Changes - In Q1 2025, the company delivered 11 units of the EH216S, with low delivery volume attributed to seasonal slowdown, internal budgeting processes, and customers delaying orders until after the OC was granted [14][15] - The company is expanding its Yunfu production base, which has doubled in size and will support an annual production capacity of up to 1,000 units once fully operational [15][16] Market Data and Key Metrics Changes - Following the issuance of operating certificates (OC), consumer inquiries and order volumes have significantly increased, with expectations for a strong rebound in Q2 [17][18] - Major orders from provinces such as Jilin, Jiangxi, Guizhou, Hainan, Anhui, and Guangdong are moving forward and will begin converting into deliveries starting in Q2 [18][39] Company Strategy and Development Direction - The company aims to evolve from manufacturing autonomous aerial vehicles into a comprehensive urban air mobility platform operator, focusing on safety and a phased approach to commercialization [6][7] - The company is actively building partnerships and expanding into logistics and emergency rescue applications, with ongoing projects in various regions [24][25][26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth momentum, maintaining the full-year revenue guidance of RMB 900 million for 2025 despite Q1 performance decline [35][39] - The company is focused on continuous innovation and maintaining technological leadership, with significant investments in R&D and a strong pipeline of new products [12][13][33] Other Important Information - The company holds over 700 issued and pending patent assets worldwide, with nearly half of its team dedicated to R&D [12] - The company has established strategic partnerships to develop next-generation manufacturing bases and enhance its operational capabilities [22][23] Q&A Session Summary Question: Outlook on significant growth in sales and deliveries - Management noted that Q1 performance declined due to seasonal impacts and customer budget finalization, but improvements in Q2 delivery volumes and sales are expected [37][38] Question: Timeline for EH216 owners to obtain OC certificates - Management indicated that the issuance of OC clarifies regulatory standards, which should reduce application timelines for future operators [40][41] Question: Competition and product differentiation - Management emphasized that urban air mobility and intercity transport serve different markets, with the EH216S offering a compact footprint and lower costs compared to competitors [43][44][45] Question: Delivery growth expectations - Management confirmed strong sales growth in Q2 and expects significant revenue increases in the second half of the year as deliveries ramp up [73][75] Question: Production capacity updates - Management provided updates on the expansion of the Yunfu facility, which is expected to reach an annual production capacity of 1,000 units by the end of the year [80][81] Question: Perception of NDRC's recent statements - Management reiterated the importance of safety and a phased approach to operations, aligning with NDRC's guidance on developing the low altitude economy [85][86]

Core Viewpoint - EHang Holdings Limited reported its unaudited financial results for the first quarter of 2025, highlighting significant developments in urban air mobility, including the issuance of Air Operator Certificates for its EH216-S eVTOL and ongoing advancements in its VT35 model [1][15][16]. Financial Highlights - Total revenues for Q1 2025 were RMB 26.1 million (US$ 3.6 million), a decrease from RMB 61.7 million in Q1 2024 and RMB 164.3 million in Q4 2024, primarily due to reduced sales volume of EH216 series products [7][19]. - Gross margin improved to 62.4%, up from 61.9% in Q1 2024 and 60.7% in Q4 2024, attributed to a higher average selling price of EH216 series products [21][22]. - Operating loss was RMB 89.9 million (US$ 12.4 million), compared to RMB 65.8 million in Q1 2024 and RMB 56.0 million in Q4 2024 [24]. - Net loss was RMB 78.4 million (US$ 10.8 million), an increase from RMB 63.4 million in Q1 2024 and RMB 46.9 million in Q4 2024 [26]. - Cash and cash equivalents, along with short-term investments, totaled RMB 1,114.4 million (US$ 153.6 million) as of March 31, 2025 [28]. Business Developments - The Civil Aviation Administration of China (CAAC) issued Air Operator Certificates for EH216-S operators, allowing commercial human-carrying flight services in China [3][15]. - EHang is expanding its Yunfu production base to double its factory space to 48,000 square meters, aiming to increase annual production capacity to 1,000 units by the end of 2025 [8]. - The VT35, a next-generation eVTOL, is undergoing type certification with the CAAC, with the first unit manufactured for airworthiness validation tests [5][6]. - EHang has established a strategic partnership to build a new eVTOL production base in Hefei, integrating automation and standardization to meet rising demand [9]. International Expansion - EH216-S flights have commenced in Mexico and Spain, expanding EHang's global presence to 19 countries [12]. - The company launched the Luohu UAM Exhibition and Experience Center in Shenzhen, enhancing urban low-altitude infrastructure for tourism [11]. Management Insights - The CEO emphasized the significance of the Air Operator Certificates as a milestone for commercial urban air mobility in China [15]. - The CFO noted a revenue decline due to the timing of customer procurement plans but expressed optimism for a rebound in Q2 2025 [18].

走进齐重数控展区，一台拥有2.5米加工直径的精密立式车铣磨复合加工中心映入眼帘。精密的机械结 构与流畅的工业设计相得益彰，引得观展人群纷纷驻足。"这台设备集成车削、铣削、磨削等全工序加 工能力。"齐重数控市场部部长张青松介绍，工件一次装卡后，即可完成车、铣、钻、镗、攻丝、磨削 等多道复杂工序，改变了传统多设备分工序加工模式，大幅提升生产效率与加工精度。该设备已广泛适 用于工程机械、船舶、能源等领域，能够高效完成大型回转类零件的高精度加工任务。 在技术创新层面，这款加工中心采用直驱工作台设计。齐重数控设计主管马洪亮进一步解释："区别于 传统机床依靠主电机和变速箱驱动，我们以工作台底座作为电机驱动部件，彻底取消主变速箱和多级齿 轮传动环节。这一设计消除了多级传动产生的累积误差，实现高精度、快速响应与绿色环保的有机统 一。"凭借这一核心优势，该产品在高端加工领域市场占有率不断提升，并远销欧美、日本等制造业强 国，成为中国制造的亮眼名片。 与精密立式车铣磨复合加工中心同样吸睛的，是DVT350高精度静压导轨横梁部件技术。这项凝聚齐重 数控多年研发心血的创新成果，搭载多通道独立供油系统，通过精准调节油腔压力与核心工艺控 ...