Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were RMB 92.5 million, showing year-over-year and sequential decreases primarily due to decreased sales volume of EH216 series products [29][30] - Gross profit was RMB 56.2 million, with a gross margin of 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025 [30][31] - 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 [31] 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 deliveries mainly in China [16][17] - The VT35 was launched in October, with a pre-sale price of CNY 6.5 million, and has already received purchase orders from customers in Hefei, Zhejiang, and Hainan [6][7] - The GD4.0 drone began mass production and commercial deployment, achieving significant performance milestones during events [10][28] Market Data and Key Metrics Changes - Deliveries in Q3 were primarily in China, totaling 39 units, with some sales agreements signed but payments delayed, affecting revenue recognition [17] - The company is expanding its international footprint, achieving notable progress in Asia, the Middle East, and Africa, including trial operations in Thailand and Qatar [11][12][24] 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][5] - A strategic partnership with the Hefei government aims to establish a VT35 product hub, with comprehensive support totaling RMB 500 million [8] - The company is diversifying its product portfolio to include unmanned business applications, such as firefighting and logistics, to enhance revenue streams [26][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of approximately RMB 500 million, supported by steady delivery progress and a strong order backlog [32][33] - The supportive policy environment in China and ongoing regulatory improvements are expected to bolster the low-altitude economy and the company's growth prospects [12][14] - The company aims to leverage its product strength and operational expertise to advance commercial operations and expand its global footprint [15][29] Other Important Information - The company raised $10 million through its at-the-market offering program, which will be used for R&D, production expansion, and general corporate purposes [31] - A new board member, Ms. Hai Ying Li, was appointed to enhance the company's international perspective and strategic decision-making [16] Q&A Session Summary Question: Can management share more about the sandbox initiative and its timeline? - Management confirmed that the sandbox initiative in Thailand has been approved, aiming to officially commence eVTOL commercial operations in the next three months [34][36] Question: What progress is being made in expanding into unmanned product portfolios? - Management stated that both manned and unmanned businesses are critical components of the low-altitude economy, and expanding the product portfolio is essential for increasing revenue [40][42] Question: What is the plan for the VT35's airworthiness application and the gross profit margin outlook? - Management indicated that the VT35's type certificate application is progressing steadily, and they expect the gross profit margin to stabilize around 60% in the long term [44][47]