亿航智能（EH.O） 优于大市 单四季度收入同比增长 48%，EH216-S 将于 3 月在国内启动商业运营 2025Q4 亿航智能实现营业收入 2.44 亿元，同比增长 48%。2025 年，亿航智 能总收入为 5.10 亿元，同比+11.7%；净利润为-2.31 亿元，去年同期为 -2.30 亿元；调整后净利润为人民币 2943.9 万元，去年同期为 4309.2 万元，连续第二年实现调整后盈利。拆单季度看，2025Q4，亿航智能总 收入为 2.44 亿元，同比+48.4%，环比+163.6%；净利润为 1054.2 万元， 首次实现 GAAP 准则下季度盈利，去年同期为-4687.7 万元，25Q3 为 -8211.2 万元；调整后净利润为人民币 7145.1 万元，去年同期为 3682.2 万元，25Q3 为-2031.3 万元。2025Q4，公司 eVTOL 的交付量为 100 架， 其中包括 95 架 EH216 系列和 5 架 VT35，而 2024Q4 EH216 系列的交付 量为 78 架，2025Q3eVTOL 的交付量为 42 架。 2025Q4，公司净利率同比+33pct。2025Q4 ...

[Table_Page] 公告点评|运输 证券研究报告 [Table_Title] 【广发交运&机械&海外】亿航智能 （EH） 单季度盈利拐点确立，商业化进程加速 公司评级 [Table_Invest] 买入 当前价格 11.85 美元 合理价值 18.11 美元 前次评级 买入 报告日期 2026-03-16 [Table_PicQuote] 相对市场表现 -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 2025/3/3 2025/6/3 2025/9/3 2025/12/3 2026/3/3 标普500 亿航智能 | [分析师： Table_Author]许可 | | --- | | SAC 执证号：S0260523120004 | | SFC CE No. BUY008 | | 0755-88285832 | | xuke@gf.com.cn | | 分析师： 陈宇 | | SAC 执证号：S0260524100002 | | SFC CE No. BLW740 | | 021-38003771 | | shchenyu@ ...

EHang Holdings Limited Q4 2025 and FY 2025 Operational & Financial Highlights March 12, 2026 www.ehang.com 1 1 Disclaimer This presentation includes forward-looking statements, which are based on current expectations and forecast about future events. These statements can be recognized by the use of words such as "expect," "plan," "will," "estimate," "project," "intend," or words of similar meaning. These forward-looking statements are made only and are based on estimates and information available to the Com ...

Core Insights - EHang Holdings Limited reported record revenues for both the fourth quarter and fiscal year 2025, with a year-over-year increase of 48.4% in Q4 and 11.7% for the full year, driven by strong sales of eVTOL aircraft [4][40] - The company achieved its first GAAP profitable quarter in Q4 2025, with a net income of RMB10.5 million (US$1.5 million), marking a significant turnaround from previous losses [4][26] - EHang is set to launch commercial operations of its EH216-S eVTOL in March 2026, expanding its operational footprint in China and internationally [6][13] Operational and Financial Highlights for Q4 2025 - EHang delivered a record 100 eVTOL units in Q4 2025, including 95 units of the EH216 series and five units of the VT35, compared to 78 units in Q4 2024 [5] - Total revenues for Q4 2025 reached RMB243.8 million (US$34.9 million), up from RMB164.3 million in Q4 2024, with a gross margin of 62.1% [5][22] - The operating loss improved significantly to RMB6.6 million (US$0.9 million) from RMB56.0 million in Q4 2024 [25] Operational and Financial Highlights for Fiscal Year 2025 - EHang achieved total revenues of RMB509.5 million (US$72.9 million) for the fiscal year 2025, an increase from RMB456.2 million in 2024 [40] - The gross profit for the year was RMB315.9 million (US$45.2 million), with a gross margin of 62.0%, reflecting a slight increase from 61.4% in 2024 [42][43] - The operating loss for the year was RMB266.3 million (US$38.1 million), compared to RMB254.1 million in 2024 [45] Business Developments and Future Outlook - EHang is preparing to launch EH216-S commercial operations in China, with ticketed aerial sightseeing services expected to begin in March 2026 [6][7] - The company is advancing its VT35 model, which completed its first public demonstration flight in December 2025, and is currently undergoing type certification [9][10] - EHang's global expansion includes ongoing trials in Thailand and successful operations in Qatar and Japan, indicating a strategic push into international markets [13][18] Management Remarks - The CEO highlighted 2025 as a pivotal year for EHang, emphasizing the transition from an aircraft manufacturer to a provider of integrated advanced air mobility solutions [16] - The company plans to focus on disciplined execution in 2026, aiming to enhance commercial operations and expand its market presence [17]

Summary of EHang Intelligent Conference Call Company Overview - **Company**: EHang Intelligent - **Core Product**: EH216-S, a multi-rotor eVTOL aircraft, is the flagship model, suitable for flexible deployment in scenic areas. [2][3] Key Points and Arguments Product Development and Certification - EHang has achieved "four certifications" for the EH216-S, including TC (obtained in October 2023), AC (December 2023), PC (April 2024), and OC (March 2025). [2][3] - The company plans to launch the VT35, a long-range eVTOL, with a guide price of 6.5 million RMB in March 2025. [2][3] Sales and Delivery Projections - EHang expects to deliver 216 units in 2024 and 121 units in the first three quarters of 2025, with an annualized delivery rate of approximately 200 units. [2][5] - The company has over 1,000 orders, primarily from local governments and tourism enterprises. [2][5] Financial Performance - Revenue is projected to reach 460 million RMB in 2024 and 500 million RMB in 2025, with a stable gross margin above 60%. [2][5] - The company anticipates a 30% revenue growth in 2026 and a 50% growth in 2027, with net profit expected to reach 200 million RMB in 2027. [2][14] Market Demand and Opportunities - The "low-altitude + cultural tourism" market is identified as a core scenario, with a potential demand for 5,000 to 10,000 eVTOLs in 4A-level scenic spots. [2][7] - EHang is focusing on international markets, particularly a sandbox project in Thailand, which could expand to airport shuttles and inter-island transport by 2026. [2][8][9] Competitive Positioning - EHang is the only company capable of mass-producing and delivering manned eVTOLs, holding a leading position in both manufacturing and operational capabilities. [4][5] Strategic Collaborations - EHang is collaborating with Yingboer for production and with Guoxuan High-Tech and Minshi Group for power and cabin ecosystems. [2][11] Government and Policy Engagement - EHang has established partnerships with local governments, including a strategic agreement with Hefei City to accelerate operational deployment. [12] - The company is preparing for the 2026 low-altitude economic policy acceleration, which is expected to be included in government work reports. [12][13] Long-term Market Potential - The largest growth potential is seen in urban and intercity transportation, with a 1% penetration rate in domestic taxi services corresponding to a demand for approximately 13,000 eVTOLs. [10] Future Financial Outlook - EHang maintains a revenue guidance of approximately 500 million RMB for 2025, with expectations of returning to profitability in 2026 and achieving a net profit of around 200 million RMB in 2027. [14]

Core Viewpoint - EHang Holdings Limited, a leader in Advanced Air Mobility technology, will release its unaudited financial results for Q4 and fiscal year 2025 on March 12, 2026, before U.S. market opens [1] Financial Results Announcement - The financial results will be announced on March 12, 2026, before the U.S. market opens [1] - An earnings conference call will be hosted by EHang's management team at 8:00 AM U.S. Eastern Time on the same day [2] Conference Call Details - Participants must complete an online registration process to join the conference call, receiving email instructions with dial-in information and a PIN number [2] - A live and archived webcast of the conference call will be available on the Company's Investor Relations website [3] Company Overview - EHang is a leading advanced air mobility technology platform, focusing on safe, autonomous, and eco-friendly air mobility solutions [4] - The company develops pilotless electric vertical take-off and landing (eVTOL) aircraft for various applications, including aerial tourism, intra-city transport, intercity travel, logistics, and emergency firefighting [4] - EHang's flagship model, EH216-S, has received the world's first type certificate and is commercially operated under China's first Air Operator Certificates for human-carrying eVTOL services [4] - The VT35 model expands EHang's capabilities into long-range and intercity scenarios, contributing to a multi-tiered low-altitude mobility network [4]

Core Insights - EHang Intelligent (EH.US) is focusing on product certification, commercial operations, capacity expansion, and internationalization in the low-altitude economy sector, with specific implementations pending official announcements [1] Product Development Progress - The application for the type certificate (TC) of EHang's next-generation long-range passenger drone VT35 was accepted by the Civil Aviation Administration of China in March 2025, with airworthiness certification work ongoing. The company plans to leverage the certification experience of EH216-S to accelerate testing and mass production of VT35, which is designed for intercity travel with a range exceeding 200 kilometers [2] Business Progress - Domestically, EHang is advancing the reservation-based public flight service of EH216-S, transitioning from trial operations to regular operations, focusing on scenarios such as tourism and urban low-altitude transportation. Internationally, the "sandbox plan" in Thailand aims to expand to 20 pilot areas by the end of 2026 to facilitate commercial approval, while the company continues demonstration flights in Spain and Qatar to explore replicable operational models [3] Capacity Expansion - The second phase of the Yunfu production base has commenced trial production by the end of 2025, with an annual production target of 1,000 eVTOL aircraft and components. Additionally, the construction of production bases in Hefei and Weihai is progressing as planned to enhance supply chain resilience and delivery efficiency [4] Strategic Advancement - The company emphasizes safety as a priority, focusing on product strength, innovation, and operational capability, while deepening commercialization and internationalization efforts. Specific directions include diversifying the product line (such as firefighting and logistics versions of eVTOL), participating in industry standard formulation, and accumulating data experience through overseas pilot projects [5] Regulatory Environment - The pace of regulatory approvals remains a critical variable affecting deliveries. A report from JPMorgan in November 2025 indicated that domestic operational certification approvals may continue into 2026, necessitating the company to overcome regulatory hurdles to accelerate order fulfillment [6]

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]