Core Viewpoint - EHang Holdings Limited has appointed Mr. Shuai Feng as Chief Technology Officer, marking a significant step in the company's technology strategy and management framework [1][7]. Company Leadership and Technology Development - Mr. Huazhi Hu, the founder and CEO, has led EHang's core technology development since its inception, overseeing R&D, production, quality systems, and supply chain integration [2]. - Mr. Feng has been a key member of the founding team since July 2014, contributing to the development of several pilotless eVTOL products, including the EH184 and EH216-S [3][4]. Commercialization and Supply Chain Management - As EHang enters a new phase of commercialization, Mr. Feng has taken on significant responsibilities in procurement and supply chain management, enhancing product efficiency and industry-chain integration [5]. - Mr. Feng also serves as the Compliance Officer, ensuring adherence to the company's principles of safety, compliance, innovation, and sustainability [5]. Educational Background and Industry Influence - Mr. Feng graduated from Tsinghua University with a specialization in UAV technology and has received multiple honors, including the Grand Prize in the "Challenge Cup" competition [6]. - He holds various leadership roles in academic and industry organizations, which will support the execution of EHang's technology strategy [6]. Future Vision and Commitment - Mr. Hu emphasized that Mr. Feng's appointment ensures continuity in the company's core technology strategy and talent development as EHang expands globally [7]. - Mr. Feng expressed gratitude for the trust placed in him and committed to integrating technology development with manufacturing and quality control to enhance execution and production efficiency [7]. Company Overview - EHang is a leader in advanced air mobility technology, focusing on safe, autonomous, and eco-friendly air mobility solutions, including a range of pilotless eVTOL aircraft for various applications [8]. - The flagship model, EH216-S, has achieved significant certifications, including the world's first type and production certificates for pilotless eVTOLs, and is now operational under the first Air Operator Certificates in China [8].

Core Viewpoint - EHang has successfully completed the first public flight of its VT35 eVTOL, marking a significant milestone in the development of low-altitude economy and eVTOL technology, transitioning from a focus on single aircraft certification to a broader low-altitude economic ecosystem [1][2] Group 1: Company Developments - EHang's EH216-S is the world's first manned eVTOL to obtain three airworthiness certificates, leading the industry in certification progress [1] - The company is expanding its production capacity with a new facility in Yunfu, targeting an annual output of 1,000 eVTOL aircraft and components [3] - EHang is also developing a new firefighting version of the EH216 and logistics drones, enhancing its product lineup for various applications [3][10] Group 2: Market Strategy - EHang plans to expand the VT35's application to intercity and regional travel, enhancing urban air mobility networks across major city clusters in China [4] - The company is preparing for commercial operations with a reservation-based public flight service, emphasizing safety and gradual scaling of operations [4][10] - EHang is actively engaging with international regulatory bodies to facilitate the global deployment of eVTOLs, adapting strategies to meet local regulations [5][6] Group 3: Industry Insights - The low-altitude economy is not slowing down but stabilizing, focusing on safety and technological reliability as foundational elements for growth [2][12] - The "14th Five-Year Plan" emphasizes the development of strategic industry clusters in the low-altitude economy, providing a stable policy outlook for the sector [13] - EHang believes that future competition will hinge on a multidimensional approach, including technology, production costs, operational networks, and ecological standards [8][10]

Core Viewpoint - EHang Intelligent successfully completed the first public flight of its VT35 next-generation long-range composite wing unmanned eVTOL on December 28 in Hefei, Anhui Province, marking a significant milestone in its collaboration with Hefei's low-altitude economy strategy and indicating a new phase of diversified deployment [1] Group 1 - The VT35 eVTOL demonstrated safe, stable, and reliable flight performance during its inaugural public flight [1] - The successful flight of the VT35 signifies the deepening of EHang's strategic cooperation with Hefei City [1] - On the same day, EHang's EH216-S and EH216-F also completed their respective flights [1]

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].

Investment Rating - The report maintains an "Outperform" rating for EHang Intelligent (EH.O) [5][55] Core Insights - EHang has launched the VT35, a long-range unmanned aerial vehicle, expanding its product range to include intercity air travel [2][26] - The company has received operational licenses and is prepared to commence commercial operations, having completed over 1,700 flights since obtaining the license [2][37] - EHang's global footprint has expanded to 21 countries, with plans for large-scale commercial operations in Thailand by 2026 [2][40][43] Financial Performance - In Q3 2025, EHang reported revenues of 92 million RMB, a year-on-year decrease of 27.8% and a quarter-on-quarter decrease of 37.2% [1][8] - The net profit attributable to shareholders for Q3 2025 was -82.16 million RMB, compared to -48.06 million RMB in the same period last year [1][8] - The gross margin for Q3 2025 was 60.8%, reflecting a year-on-year decline of 0.4 percentage points [1][17] Revenue and Profit Forecast - Revenue projections for EHang from 2025 to 2027 are 500 million RMB, 750 million RMB, and 1.36 billion RMB, respectively [3][55] - Expected net profits for the same period are -300 million RMB, -200 million RMB, and a slight profit of 1 million RMB in 2027 [3][55] Product Development and Partnerships - The VT35 model, designed for a range of 200 kilometers, is set to enhance EHang's offerings in urban and intercity air transport [2][26] - Strategic partnerships have been established with Minth Group for high-safety aircraft systems and with Guoxuan High-Tech for battery solutions [47][48] - EHang has also formed a joint research institute with Tsinghua University to advance low-altitude aviation technology [51] Operational Readiness - EHang's subsidiaries have completed over 80,000 safe flights, indicating readiness for commercial operations [37][40] - The company is developing a ticketing system for future public use and has initiated training programs for ground operation personnel [38][37] Market Expansion - EHang's eVTOL aircraft have successfully conducted test flights in various countries, including Thailand, Qatar, and Japan, showcasing its international operational capabilities [43][44][45]

Core Insights - The eVTOL industry is witnessing a significant increase in confirmed orders, indicating a shift from mere intentions to actual commitments [1][2] - Major eVTOL companies, including沃飞长空 and 沃兰特航空, have secured substantial orders, reflecting a growing demand for next-generation aerial mobility solutions [3][5] Order Trends - In November 2025 alone, seven eVTOL companies reported new orders, with notable agreements including 370 units from 天翎科 and 95 units from 沃兰特航空, totaling approximately 2.375 billion yuan [3][4] - The majority of these orders are still classified as intent rather than confirmed, highlighting a strategic positioning by buyers to secure future capacity [4] Market Dynamics - The surge in intent orders is driven by a pressing need for buyers to lock in future aerial transport capabilities, as evidenced by the saturation of current aircraft manufacturers like Airbus and Boeing [4] - The transition from prototype to commercial product for eVTOLs hinges on obtaining the Type Certificate (TC), which is essential for legal production and sales [4][6] Confirmed Orders - Confirmed orders have started to emerge, with沃兰特航空 and 峰飞航空 reporting significant agreements, including 300 confirmed orders out of 2000 total commercial orders [5][7] - 亿航智能 has begun deliveries, having shipped 121 units in the first three quarters of the year, indicating progress in the eVTOL market [7]

Core Viewpoint - EHang Intelligent (EH.US) reported a decline in third-quarter revenue to 92.5 million yuan and a net loss of 82.1 million yuan, with 42 eVTOLs delivered during the period, indicating challenges in performance and delivery schedules [1] Financial Performance - Third-quarter revenue decreased year-on-year to 92.5 million yuan, down from previous periods [1] - The company recorded a net loss of 82.1 million yuan for the third quarter [1] - EHang delivered 42 eVTOLs, which is a decline from 63 units in the same period last year and 68 units in the previous quarter [1] Delivery and Future Outlook - Most eVTOL deliveries are scheduled for the fourth quarter, with the company maintaining an annual revenue forecast of approximately 500 million yuan [1] - The CFO emphasized confidence in long-term, high-quality growth due to a stronger product portfolio and improving market readiness for commercial operations [1]

Core Viewpoint - EHang Intelligent (EH.US) reported a decline in third-quarter revenue to 92.5 million yuan and a net loss of 82.1 million yuan, with 42 units of autonomous eVTOL delivered, indicating challenges in performance despite maintaining an annual revenue forecast of approximately 500 million yuan [1][1][1] Financial Performance - Third-quarter revenue decreased to 92.5 million yuan year-on-year [1] - The company experienced a net loss of 82.1 million yuan during the same period [1] - EHang delivered 42 units of autonomous eVTOL, which is a decline from 63 units in the same quarter last year and 68 units in the previous quarter [1] Delivery and Market Outlook - EHang is the only domestic eVTOL company with certified operations [1] - The majority of eVTOL deliveries are scheduled for the fourth quarter, as customer procurement plans are primarily annual [1] - The company maintains its annual revenue expectation of approximately 500 million yuan, citing confidence in long-term, high-quality growth due to a stronger product portfolio and improved market readiness [1][1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, reflecting year-over-year and sequential decreases primarily due to reduced sales volume of EH216 series products [31][32] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly down from 61.2% in Q3 2024 and 62.6% in Q2 2025 [32] - Adjusted net loss was RMB 20.3 million, compared to adjusted net income of RMB 15.7 million in Q2 2024 and RMB 9.4 million in Q2 2025 [33] Business Line Data and Key Metrics Changes - The company delivered 42 units in Q3, including 41 units of the EH216 series and the first VT35, with 39 units delivered in China and 3 units to overseas customers [16][17] - Deliveries were impacted by delayed payment schedules from certain customers, with 30 units expected to be recognized in Q4 [17] Market Data and Key Metrics Changes - The company is expanding its international presence, with notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][22] - The EH216 series has completed over 80,000 flights globally, enhancing its international credibility [22] Company Strategy and Development Direction - The company is focused on operations-driven sales, optimizing delivery pace, and supporting existing customers to establish sustainable commercial operations [4] - The launch of the VT35 aims to cover diverse application scenarios in the low-altitude economy, with a pre-sale price of CNY 6.5 million [7][8] - The company is deepening partnerships with local governments, such as the Hefei government, to establish product hubs and enhance the entire industry chain [8][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by a solid foundation for long-term growth [34] - The supportive policy environment and the company's comprehensive product portfolio are expected to drive future growth [15][30] Other Important Information - The company raised $10 million through its at-the-market offering program, aimed at R&D, team expansion, and commercial operations [33] - A new board member, Ms. Hai Ying Li, was welcomed to enhance the company's international perspective and strategic decision-making [15] Q&A Session Summary Question: Insights on the sandbox initiative and timeline for commercial operations - Management confirmed that the sandbox initiative in Thailand has been approved, with plans to officially commence eVTOL commercial operations in the next three months [36][37] - The goal is to establish 20 sandbox initiatives by the end of 2026, potentially leading to the delivery of 100 EH216 units in that year [39] Question: Expansion into unmanned product portfolios and their revenue contribution - Management highlighted that both manned and unmanned operations are critical for the low-altitude economy, with plans to diversify the product portfolio to increase revenue [42][44] Question: Plans for the VT35 and gross profit margin stabilization - The VT35's airworthiness application is progressing steadily, with expectations for gross profit margin to stabilize around 60% despite slight fluctuations due to new product introductions [49][54]

Business Highlights - EHang's Q3 2025 saw sales and deliveries of 42 eVTOL aircraft, including 41 EH216 series units and one VT35 unit[12] - The company unveiled VT35 for intercity advanced air mobility with initial delivery[12, 15] - EHang launched Thailand AAM Sandbox Initiative, paving way for commercial operations overseas[12, 24] - The company expanded global footprints in Qatar, Japan, Kazakhstan and Rwanda[12, 29, 30, 31, 32, 33] - VT35 has a fully loaded design range of approximately 200 km, enabling one-hour intercity air mobility[18] - VT35 received purchase orders at a unit price of RMB65 million from customers in Anhui, Zhejiang, and Hainan, and has started delivery in Q3[18] - EHang has conducted over 1,700 safe operational flights by the first two OC operators[19] Financial Performance - Total revenues for Q3 2025 were RMB92472 million, a decrease of 278% year-over-year and 372% quarter-over-quarter[12, 49] - Gross profit for Q3 2025 was RMB56209 million, a decrease of 283% year-over-year and 390% quarter-over-quarter[49] - The company maintained full-year revenue guidance of RMB500 million[12]