EHang Holdings Ltd (EH) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by, and welcome to EHang Fourth Quarter and Full Year 2020 Earnings Conference Call.

感謝您的支持，歡迎參加億航 2020 年第四季和全年財報電話會議。

(Operator Instructions).

（操作員指令）。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we'll conduct a question-and-answer and instructions will follow at that time.

稍後，我們將進行問答，屆時將提供說明。

As a reminder, we are recording today's conference.

提醒一下，我們正在錄製今天的會議。

If you have any objections, you may disconnect at this time.

如果您有任何異議，此時您可以斷開連接。

Now I will turn the call over to Julia Qian, Managing Director of The Blueshirt Group Asia.

現在我將電話轉交給 Blueshirt Group Asia 董事總經理 Julia Qian。

Ms. Qian, please proceed.

請錢女士繼續。

Hello, everyone.

大家好。

Thank you all for joining us on today's conference call to discuss the company's financial results for the fourth quarter and full year of 2020.

感謝大家參加今天的電話會議，討論公司 2020 年第四季和全年的財務表現。

We released the results earlier today.

我們今天早些時候公佈了結果。

The press release is available on the company's website as well as for our newswire services.

新聞稿可在本公司網站和我們的新聞通訊服務上查閱。

On the call with me today are Mr. Huazhi Hu, Chief Executive Officer; Mr. Edward Xu, Chief Strategy Officer; and Mr. Richard Liu, Chief Financial Officer.

今天與我一起參加電話會議的有執行長胡華志先生；首席策略官徐建先生；以及財務長劉理查德先生。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, the company's actual results may be materially different from expectations expressed today.

因此，該公司的實際業績可能與今天表達的預期有重大差異。

Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.

有關這些和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的公開文件中。

The company does not assume any obligation to update any forward-looking statement, except as required under applicable law.

除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

Please note that in today's call, management will also discuss certain non-GAAP financial measurement for comparison purpose only.

請注意，在今天的電話會議中，管理層還將討論某些非 GAAP 財務指標，僅供比較之用。

Our GAAP results and the reconciliation of GAAP to non-GAAP measures can be found in our earnings press release.

我們的 GAAP 結果以及 GAAP 與非 GAAP 指標的對帳可在我們的收益新聞稿中找到。

Also, please note that unless otherwise stated, all the figures mentioned during the conference call are in Chinese RMB.

另請注意，除非另有說明，電話會議中提到的所有數字均為人民幣。

With that, let me now turn the call over to our CEO, Mr. Huazhi Hu.

現在，我將把電話轉給我們的執行長胡華志先生。

Mr. Hu will speak in Chinese, and then our CSO, Edward Xu, will translate his comments into English.

胡先生將以中文發表演講，然後我們的首席策略官 Edward Xu 將把他的評論翻譯成英文。

Please go ahead, Mr. Hu.

胡先生，請講。

(foreign language)

（外語）

[Interpreted] Thank you, Mr. Hu.

[口譯] 謝謝胡先生。

Now I'm glad to translate Mr. Hu's remarks into English.

現在我很高興將胡先生的演講翻譯成英文。

Hello, everyone.

大家好。

Thank you for joining our earnings conference call today.

感謝您參加我們今天的收益電話會議。

In the unusual year of 2020, our management team and I appreciate the efforts and the support of our employees, partners and investors.

在不尋常的2020年，我和我們的管理團隊感謝我們的員工、合作夥伴和投資者的努力和支持。

Today, I would like to take this opportunity to tell more about EHang.

今天，我想藉此機會跟大家進一步介紹一下億航。

Since our founding, many people have asked me about the vision of EHang.

自從億航成立以來，很多人問我億航的願景是什麼。

Today, I would like to elaborate our mission, vision and our strategy so that you can understand EHang better.

今天，我想詳細說明我們的使命、願景和策略，以便大家更了解億航。

In my mind, EHang will become an air mobility service provider of the integrated door-to-door air transportation products for individuals.

在我的設想中，億航將成為一家為個人提供門到門一體化空中交通產品的空中交通服務提供者。

EHang is a technological innovation-driven air mobility service provider committed to lead the next-generation of autonomous Urban Air Mobility.

億航智慧是一家科技創新驅動的空中交通服務供應商，致力於引領下一代自主城市空中交通。

Our mission is to enable safe, autonomous and eco-friendly air mobility services for everyone.

我們的使命是為每個人提供安全、自主和環保的空中交通服務。

In the future, we will build EHang into a "Tesla in the air", allowing people to use EHang's air taxi services as easily as using Uber today and to enjoy the convenient door-to-door air transportation.

未來，我們將把億航打造成為“空中特斯拉”，讓人們能夠像今天使用Uber一樣輕鬆使用億航的空中計程車服務，享受門到門的便捷空中交通。

Similarly, our air logistics services will also provide convenience for people's lives.

同樣，我們的航空物流服務也會為人們的生活提供便利。

We have been executing our strategy based upon our unwavering mission and vision, as well as our long-term view of the future transportation industry and in-depth understanding of EHang's first mover advantages.

我們始終基於堅定不移的使命和願景、對未來交通產業的長遠眼光和對億航先發優勢的深入了解來執行我們的策略。

We believe that with the rapid development of autonomous driving, autonomous flying services will become the focus of the transport sector and compel a price of the market.

我們相信，隨著自動駕駛的快速發展，自動駕駛飛行服務將成為交通運輸領域的焦點，並決定市場的價格。

In the long run, a function of OEM/manufacturers will be integrated and consolidated by the service providers.

從長遠來看，OEM/製造商的職能將由服務提供者整合和鞏固。

For example, Waymo and Nuro, 2 innovative transport enterprises, are redefining the transport sector by integrating software, hardware and services.

例如，兩家創新交通企業Waymo和Nuro正在透過整合軟體、硬體和服務重新定義交通運輸產業。

The UAM industry is promising, which is expected to reach USD 1.5 trillion by 2040, according to the research report published by Morgan Stanley.

摩根士丹利發布的研究報告顯示，城市空中交通產業前景廣闊，預計2040年，該產業規模將達到1.5兆美元。

We believe with our decades of experiences in technology and product innovation, we will continue to be a leader and take significant share of the market.

我們相信，憑藉我們數十年的技術和產品創新經驗，我們將繼續保持領先地位並佔據較大的市場份額。

Our technology accumulation and product innovation in the past decade gives us full confidence and ability to achieve this goal.

我們十餘年的技術累積和產品創新，讓我們完全有信心、有能力實現這一目標。

Now I will tell you more about the development path of EHang following the 3 steps of technologies, rules and services.

下面我依照技術、規則、服務三個步驟，跟大家詳細講一億航的發展路徑。

First of all, in terms of product research and development, EHang's vision for future air mobility is based upon 3 original concepts.

首先，在產品研發方面，億航對於未來空中交通的願景是基於三個原創概念。

First, autonomous flying, second full redundancy system; and third, cluster management.

一是自主飛行，二是全冗餘系統；第三，集群管理。

So far, EH184 and EH216 have completed the full redundancy designs of the battery system, speed control system, power system, battery management system, flight control system and navigation system.

目前，EH184、EH216已完成電池系統、調速系統、電源系統、電池管理系統、飛行控制系統、導航系統的全冗餘設計。

Whenever any system fails, the backup system will take effect and the aircraft can continue to fly without falling, which is totally different from the ordinary drones.

當任何一個系統故障時，備用系統就會生效，飛機可以繼續飛行而不會墜落，這與普通無人機完全不同。

We have carried out the flight tests for more than 5 years, including a number of extreme tests and flight tests in harsh conditions, such as the full power maneuverability tests, heavy snow and fog tests, high-altitude maneuverability tests, seaside salt haze environment tests, manned typhoon tests, electromagnetic and vibration tests, etc.

我們進行飛行試驗工作超過5年，包括滿功率機動性試驗、大雪大霧試驗、高空機動性試驗、海邊鹽霧環境試驗、載人颱風試驗、電磁與振動試驗等多項極限試驗和惡劣條件下的飛行試驗。

Here, I would like to express my sincere gratitude to our partners who have been with us along the way.

在此，我謹向一路陪伴我們的夥伴表達最誠摯的感謝。

Thanks to their strong support, we successfully completed the first step of our vision in 2017.

感謝他們的大力支持，我們在2017年成功完成了願景的第一步。

At the same time, since our inception, we have been committed to building and optimizing our systems.

同時，自成立以來，我們一直致力於建立和優化我們的系統。

We firmly believe that EHang's AAVs are the pioneering new type of transportation.

我們堅信億航自動駕駛飛行器是新型態交通工具的先驅。

Our products are not developed exclusively for pilots but for everyone who doesn't need to go through rigorous pilot training and testing.

我們的產品不是專為飛行員開發的，而是為所有不需要嚴格的飛行員訓練和測試的人開發的。

Our AAVs are automated and operated by a complete set of systems.

我們的 AAV 是自動化的，由一整套系統操作。

"Autonomous flying" is the soul of our products.

「自主飛行」是我們產品的靈魂。

We deeply understand that aircrafts can't fly around without rules, which will have an adverse impact on the future air traffic system.

我們深刻地認識到飛機不能無規則地飛行，這將對未來的空中交通系統產生不利影響。

Therefore, back in 2017, we established our own command-and-control center for AAVs, which was also the first of its kind in the world.

因此，早在2017年，我們就建立了自己的自動駕駛飛行器指揮控制中心，這也是世界上第一個。

Since then, we have constantly optimized the cluster management technologies.

從那時起，我們不斷優化叢集管理技術。

We believe that cluster management is also an important guarantee for future flight operations.

我們相信集群管理也是未來航班運行的重要保障。

Without cluster management of the command-and-control center, autonomous aerial vehicles will no longer be safe and reliable, and will cause huge difficulties to manage among aircrafts.

如果沒有指揮調度中心的叢集管理，自主飛行器將不再安全可靠，並且會為飛行器之間的管理帶來巨大的困難。

Cluster management technologies have laid a good foundation for the whole system of our unmanned airport and derived an incredibly valuable concept, i.e., the Aerial Media performance services and the logistics port for unmanned aerial vehicles.

集群管理技術為我國無人機場的整個系統奠定了良好的基礎，並衍生出非常有價值的概念：空中媒體表演服務和無人機物流港。

More importantly, EHang is a company in the global UAM field that is the first to carry out UAM flight tests, and conducted the most tests widely in this area.

更重要的是，億航是全球城市空中交通領域最早進行城市空中交通飛行測試、並且在該領域測試最廣泛企業。

Together with our partners, we have carried out numerous test flights in countries such as China, South Korea, the Netherlands, the United States, Canada, UAE, Qatar, etc.

我們與合作夥伴在中國、韓國、荷蘭、美國、加拿大、阿聯酋、卡達等國家進行了多次試飛。

Every time our flying vehicles take off, it attracts countless attentions in the local area, giving people a glimpse of the ease of transportation in the future.

我們的飛行車每次起飛，都吸引著當地無數的關注，讓人們看到了未來交通的便利。

In addition, as early as 2017, we cooperated with the CAAC to jointly develop the standards for unmanned air traffic.

此外，早在2017年我們就與中國民航局合作，共同製定無人空中交通的標準。

From the first test flight permit in 2018 to the trial operation approval of the EH216 for aerial logistics, and to the official acceptance of our application of the airworthiness certification for EH216 passenger-grade AAVs in the last year, the CAAC has been closely working with us along our growth.

從2018年獲得首個試飛許可，到EH216空中物流試運行批准，再到去年正式受理我們EH216載人級自動駕駛飛行器的適航審定申請，中國民航局一直與我們緊密合作，見證著我們的成長。

Just 2 days ago, we held the airworthiness certification meeting with the national expert group from CAAC, which means we have officially entered the certification stage.

就在兩天前，我們與中國民航局國家專家小組召開了適航審定會議，這意味著我們正式進入審定階段。

We are steadily moving forward to obtaining the airworthiness certificate of EH216.

我們正穩步推進EH216的適航證取得工作。

This is the second step for us to gradually complete our vision since 2018.

這是我們自2018年以來逐步完成願景的第二步。

Elon Musk once said in the wake of its success in auto-driving, Tesla will stop selling cars and start to provide autonomous travel services.

伊隆馬斯克曾表示，隨著自動駕駛的成功，特斯拉將停止銷售汽車，並開始提供自動駕駛出行服務。

EHang understood from the earliest days the best way for offering autonomous air mobility is to provide autonomous air travel services and has strove to realize this vision.

億航很早就明白，提供自主空中交通的最佳方式是提供自主航空旅行服務，並且一直努力實現這個願景。

Today, we are opening up a new chapter and about to embark on a new journey of becoming the world's leading UAM service provider.

今天，我們翻開嶄新的篇章，即將踏上成為全球領先城市空中交通服務商的新旅程。

This will be our most anticipated third step of EHang vision.

這將是我們最期待的億航願景的第三步。

In this fiscal year of 2020, the future transportation we envisioned is getting closer and EHang has made numerous breakthroughs and achievements in many fronts, including products, systems and production capacity.

2020財年，我們所設想的未來交通越來越近，億航在產品、系統、產能等多方面都取得了許多突破與成就。

Based upon the EH216 passenger grade AAVs, we launched the EH216F and EH216L models to actively explore application scenarios for AAVs in the fields of aerial firefighting and large-load logistics transportation.

我們在EH216載人級自動駕駛飛行器基礎上，推出EH216F、EH216L兩款機型，積極探索自動駕駛飛行器在空中消防、大載重物流運輸等領域的應用情境。

In terms of the development of UAM network, our EH216 passenger-grade AAVs have the ability to carry out air transportation in the city due to its lightless and flexibility.

在城市空中交通網絡建設方面，該公司EH216載人級自動駕駛飛行器憑藉其輕巧、靈活的特點，具備在城市內進行空中運輸的能力。

In order to meet the needs of longer ranges, we are about to launch a new model (VT30) with a flight range of more than 300 kilometers as a supplement to the inter-city UAM network.

為了滿足更遠航程的需求，我們即將推出續航里程超過300公里的新機型（VT30），作為城際UAM網路的補充。

Combined with existing EH216, VT30 will fulfill the inter-city traffic connection within the city clusters, making the future UAM network stronger and more complete.

VT30將與現有的EH216結合，實現城市群內的城際交通接駁，使得未來的城市空中交通網絡更加強大和完善。

On the product development front, I would like to share with you 3 breakthroughs.

在產品開發方面，我想和大家分享三個突破。

First of all, I'm very pleased to introduce for the first time the development progress of our VT series of medium-to-long-range intelligent aircrafts.

首先，我很高興首次向大家介紹我們VT系列中遠程智慧飛機的研發進展。

As early as 2 years ago, we laid out the strategic development road map of the VT series of products, in the order of size are VT10, VT20 and VT30.

早在2年前，我們就佈局了VT系列產品的策略發展路線圖，依尺寸大小順序分別是VT10、VT20、VT30。

VT series is a hybrid VTOL design that configurate both pure electric multirotor and fixed wing.

VT系列是混合垂直起降設計，配置純電動多旋翼和固定翼。

VT30 is designed for carrying passengers in VT series.

VT30是VT系列中專為載運乘客而設計的。

Between the choices of safety and efficiency, we chose safety as our first priority.

在安全和效率的選擇之間，我們選擇安全作為第一要務。

VT30 products have advanced fault detection capability, which can ensure that if the aircraft fails during flight, it can quickly and automatically switch to vertical takeoff and landing form, which can bring the passengers to the ground safely as soon as possible.

VT30產品擁有先進的故障偵測能力，可確保如果飛機在飛行過程中發生故障，能夠快速自動切換至垂直起降形式，盡快將乘客安全送至地面。

After a considerable period of time of demonstration and exploration, we did not choose the tiltrotor design.

經過相當長時間的論證與探索，我們並沒有選擇傾轉旋翼機的設計。

No matter multirotor or tiltrotor cannot have a full redundancy capability in all flight modes, while the hybrid design can ensure a complete flight redundancy capability in all flight modes.

無論多旋翼機或傾轉旋翼機都不可能在所有飛行模式下具備完全的飛行冗餘能力，而混合設計可以保證在所有飛行模式下具備完全的飛行冗餘能力。

Redundancy for safety must be the first priority for autonomous aerial vehicles.

對於自主飛行器來說，安全冗餘必須是首要考慮。

Other designs like the tiltrotor will definitely add additional complexity to the operation system, leading to the increase of the failure rate.

像傾轉旋翼機這樣的其他設計肯定會增加作業系統的複雜性，從而導致故障率的增加。

In order to ensure certain level of flight efficiency for our hybrid design, we make lightweight for the overall design of the aircraft and the overall weight of the aircraft is within 700 kilograms, so that aircraft not only has good backup robustness, but also has good long-range flight capability.

為了確保我們的混合設計有一定的飛行效率，我們對飛機的整體設計進行了輕量化，飛機整體重量在700公斤以內，使得飛機不僅擁有良好的備份穩健性，還擁有良好的遠程飛行能力。

We noticed that some media previously reviewed that we are about to release a new product with a flying distance of 400 kilometers.

我們注意到，先前有媒體評論說，我們即將發布一款續航里程達到400公里的新產品。

I believe it refers to our VT30.

我相信它指的是我們的VT30。

But the media picture is actually a picture of the transition product VT2.5 for its patent application, rather than the picture of the VT30.

但媒體曝光的圖片其實是其專利申請的過渡產品VT2.5的圖片，而不是VT30的圖片。

We plan to perform trial flights of VT30 in open areas in Northwestern China in the near future.

我們計劃近期在西北空曠地區進行VT30的試飛。

Please look out to our official release of the VT30 in which the specific aircraft shape, design and related technical parameters will be published.

請關注我們VT30的正式發布，其中將公佈具體的飛機外形、設計和相關技術參數。

VT20 and the VT10 are another 2 multi-purpose small aircrafts of the same type in our VT series.

VT20和VT10是我們VT系列中的另外兩架同類型的多用途小型飛機。

In the early stage, VT20 participated in the flight verification of VTOL flight systems and other work.

前期VT20參與了垂直起降飛行系統的飛行驗證等工作。

Now it also formed a mature product and has entered the stage of small batch production.

現今也形成了成熟的產品，進入小批量生產階段。

Its flight time with payload is more than 3 hours and the flight speed is between [70 to 120 kilometer per hour] (corrected by company after the call).

其滿載飛行時間大於3小時，飛行速度在[70至120公里/小時]之間（公司接獲電話後修正）。

In the future, it will undertake the flight route survey and planning for VT30 fully autonomous flights.

未來它將承擔VT30全自主飛行的航線勘測及規劃工作。

It is an indispensable product in the future UAM infrastructure planning process and can also be used for UAV applications in our Smart City command-and-control centers.

它是未來UAM基礎設施規劃過程中不可或缺的產品，也可用於我們智慧城市指揮與控制中心的無人機應用。

Moreover, we will release the EH216M, a manual pilot model of EH216 AAV.

此外，我們還將推出EH216 AAV的手動駕駛車型EH216M。

The EH216M is expected to obtain a special airworthiness certificate in the experimental category from CAAC in May of this year.

EH216M預計今年5月取得中國航空局實驗類特殊適航證。

As a sports electric vehicle, the EH216M is with a similar control systems as a traditional helicopter, but simpler and more reliable, and it can switch to autopilot mode with one click for all-around safety protection.

EH216M作為一款運動型電動車，其操控系統與傳統直升機類似，但更簡單可靠，一鍵切換自動駕駛模式，全方位安全保障。

In 2019, we got the certificate of unmanned aircraft system (UAS) fence issued to us by the CAAC.

2019年，我們獲得了中國民航局頒發的無人機系統（UAS）圍欄合格證。

Under the protection of our UAS fence, one-click takeoff and landing will make the flight safer.

在我們的UAS圍欄保護下，一鍵起飛和降落將使飛行更加安全。

In the future, we plan to work with our partners to establish a fight experience park with UAS fence so that everyone can realize a dream of enjoying the fun with manual flights under safety protection.

未來我們計劃和合作夥伴一起建立一個有UAS圍欄的飛行體驗樂園，讓每個人都能在安全保障下實現享受手動飛行樂趣的夢想。

In addition, we have made significant progress in the AAV logistics port that we collaborate with our partners in Hezhou in Guangxi province of China.

此外，我們與中國廣西賀州合作夥伴合作的AAV物流港也取得了重大進展。

Our FlyShark series of fixed wing AAVs designed for aerial logistics have completed a large number of flight tests there, realizing a fleet of fully autonomous flights from take-off to landing from point A to point B. Meanwhile, the Hezhou AAV logistics port is expected to become the first unmanned airport with no operators in the whole system operation except for the system maintenance personnel, and all aircrafts will be operated automatically by the command-and-control system.

我們專為空中物流設計的FlyShark系列固定翼自動駕駛飛行器已經在那裡完成了大量飛行測試，實現了從A點到B點從起飛到降落的全自動飛行。

We have also made remarkable progress in production and R&D.

我們在生產和研發方面也取得了顯著的進展。

Our new production facility in Yunfu will officially start production in June this year.

我們位於雲浮的新生產工廠將於今年六月正式投入生產。

The structure of EHang's products is mainly made of composite materials and the production of its composite products is traditionally a manual process.

億航產品結構主要採用複合材料，複合材料產品的生產傳統上採用手工作業。

We will continue to invest in Yunfu facility in the next 2 years and gradually upgrade to fully automated production lines to further improve the product quality and consistency.

我們將在未來2年繼續投資雲浮工廠，逐步升級為全自動生產線，以進一步提高產品品質和一致性。

We will expand our R&D base for intelligent aircrafts in our Guangzhou headquarters and believe that more innovative products will be born here.

我們將在廣州總部擴大智慧飛行器的研發基地，並相信更多的創新產品會在這裡誕生。

Future development path.

未來的發展道路。

We will achieve our strategic goals through the following 4 strategic paths.

我們將透過以下四條策略路徑來實現我們的策略目標。

First, we will remain focused on R&D capabilities for our passenger-grade and logistics products.

首先，我們將持續專注於客運級和物流產品的研發能力。

With the development of EH216 series of short-to-medium-range flagship aircrafts and VT series of long-range aircrafts as the core and the service operation as the orientation, we will continue to strengthen our technologies and increase the bar and focus on improving product safety, flight duration performance, and passenger and the cargo capacity.

我們將以EH216系列中短程旗艦飛機及VT系列遠程飛機發展為核心，以服務運作為導向，不斷強技術、提高門檻，並著力提升產品安全性、續航性能、客貨運輸能力。

Second, build a first-class talent team as an operator.

二是打造一流的營運人才團隊。

According to the established strategic positioning as an urban air mobility platform operator, we will gradually upgrade from "a manufacturer to an operation service provider" and recruit the top-level talents for transportation operation.

依照既定的城市空中交通平台營運商策略定位，我們將逐步從「製造商向營運服務商」升級，聚集交通營運的頂級人才。

Third, we will concentrate our resources in our core business and gradually divest the Air Media, Smart City management and other businesses which are less relevant to our air mobility business.

第三，集中資源做強主業，逐步剝離航空媒體、智慧城市管理等與空中交通業務關聯性不大的業務。

However, our efforts to upgrade to an "operation service provider" need a smooth transition period.

但我們升級到「營運服務商」的過程需要一個平穩的過渡期。

These businesses will be gradually outsourced to our partners in the future, but we expect no material impact in revenues of related businesses.

這些業務未來會逐步外包給我們的合作夥伴，但我們預期不會對相關業務的收入產生重大影響。

Last, we will continue to expand our trial UAM operational bases and air mobility scenarios such as tourism, transportation, logistics, etc.

最後，我們將繼續擴大UAM試點營運基地和空中交通場景，如旅遊、交通、物流等。

and actively build a number of trial operational bases domestically and overseas to carry out operational services.

積極在國內外興建一批試點營運基地，開展營運服務。

At the same time, we will continue to accelerate the completion of compliance work such as airworthiness certificate and transportation certificate.

同時，繼續加快完成適航證、運輸證等合規工作。

In 2021, we will focus more on R&D of AAVs for passengers and logistics.

2021年，我們將更專注於載人、物流自動駕駛飛行器的研發。

As our new production facility continues to be completed and put into production, we expect that in 2021, we will produce a larger number of intelligent passenger/logistics aircrafts.

隨著我們新生產設施不斷竣工投產，我們預計2021年我們將生產更多數量的智慧客運/物流飛機。

This year, we will gradually carry out air passenger and the logistics trial operation services.

今年我們將逐步進行航空客運和物流試營運服務。

In addition to selling AAVs to our existing customers and partners, we will also use some AAVs for trial operation services.

我們除了向現有的客戶和合作夥伴銷售AAV外，還會使用部分AAV進行試運轉服務。

At the same time, we will actively carry out trial operation services in more cities around the world.

同時，我們將積極在全球更多城市開展試營運服務。

On this basis, we will simultaneously disclose the relevant data of our operation services such as order volume of operational services, number of active users, service mileage and revenues, etc.

在此基礎上，我們將同步揭露我們營運服務的訂單量、活躍用戶數、服務里程、收入等營運服務相關數據。

We are confident that EHang will become a leader in the UAM industry with our dedication and outstanding execution capability.

我們相信，憑藉我們的敬業精神和出色的執行力，億航將成為城市空中交通行業的領導者。

We believe we will make impact in the world and enable people to experience convenient and safe air mobility services in the near future.

我們相信，在不久的將來，我們將對世界產生影響，讓人們體驗到便利、安全的空中交通服務。

Next, my colleagues will continue to provide more details.

接下來我的同事將繼續提供更多細節給大家。

Thank you.

謝謝。

Those were Mr. Hu's remarks.

這是胡先生的演講。

Now let me elaborate on our strategy and plan.

現在我來詳細闡述我們的策略和計劃。

Hello, this is Edward Xu, Chief Strategy Officer of EHang.

大家好，我是億航智能首席策略官徐建鋒。

Based upon the Board decisions that consider the firm's long-term strategic goal, EHang's business model will experience a gradual transition in 2021, from a pure equipment sales model towards operation platform model.

根據董事會考慮公司長期策略目標的決議，億航智慧的商業模式將在2021年逐步轉型，從純設備銷售模式轉變為營運平台模式。

This decision is a result of the Board's deep thoughts and discussions that thoroughly considered the following conditions.

該決定是董事會經過深思熟慮和討論後做出的，並充分考慮了以下情況。

First, to be a UAM platform operator is the ultimate goal of EHang.

首先，做UAM平台營運商是億航的終極目標。

As a world leading UAM firm, we are dedicated to providing comprehensive and effective solutions.

作為世界領先的UAM公司，我們致力於提供全面有效的解決方案。

To this end, we have not only built the most advanced AAVs such as EH216, but also grasped the key relevant technologies such as cluster management so that we are able to operate multiple remote AAVs simultaneously through our centralized platform based upon predetermined and fixed routes.

為此，我們不僅打造了EH216等最先進的自動駕駛飛行器，也掌握了集群管理等關鍵相關技術，能夠透過集中平台，按照預定固定路線，同時操控多架遠端自動駕駛飛行器。

This whole system enables a seamless integration of AAV manufacturing and operations, laying a solid foundation for us to become a UAM platform operator.

整個系統實現了 AAV 製造和營運的無縫集成，為我們成為 UAM 平台營運商奠定了堅實的基礎。

Different from some peer companies, our business does not only cover the designing and the manufacturing of equipment (AAVs) alone, but also system-wide solutions for real operations, including route planning, standard setting, 4G/5G communications, etc.

與一些同行公司不同的是，我們的業務不僅涉及設備（AAV）的設計和製造，還包括實際營運的系統解決方案，包括路線規劃、標準制定、4G/5G通訊等。

We are building a large eco-system for UAM which is compatible with existing systems for civil aviation.

我們正在建造一個與現有民航系統相容的大型UAM生態系統。

Therefore, we have positioned ourselves as a UAM platform operator from the very beginning of our IPO.

因此，從IPO一開始，我們就將自己定位為UAM平台營運商。

We believe this is our ultimate choice.

我們相信這是我們的最終選擇。

Second, safety is our top priority.

第二，安全是第一要務。

As the delivery volume of EH216 continues to increase, it adds responsibilities on the customer side to ensure operational safety.

隨著EH216交付量的不斷增加，也增加了客戶方確保營運安全的責任。

For a highly innovative product as such with no precedence, it demands high level of safety standards for daily operations.

對於這種前所未有的高度創新的產品，其日常操作的安全標準要求很高。

Therefore, we believe it is critical for us to take full and direct control of daily operations of EH216 AAVs to ensure 100% safety.

因此，我們認為全面直接地控制 EH216 AAV 的日常運作對於確保 100% 的安全至關重要。

Third, the timing for EHang 216 commercialization is opportune.

第三，億航216商業化的時機恰到好處。

We have conducted over 10,000 flights of EH216 AAVs in the past 3 to 4 years and have accumulated considerable amount of real data.

我們在過去 3 到 4 年內進行了超過 10,000 次 EH216 AAV 飛行，累積了大量的真實數據。

Based upon the latest results of the recent communications with the CAAC, we see significant progress in airworthiness certification for EH216.

根據近期與中國民航局溝通的最新結果，我們看到EH216的適航認證取得了重大進展。

We are hopeful in achieving meaningful progress in 2021 towards the final stages in certification.

我們希望在 2021 年認證的最後階段取得有意義的進展。

This will open the door for further commercialization of EH216 that enables an upgraded version of UAM operations.

這將為EH216的進一步商業化打開大門，從而實現UAM操作的升級版本。

Therefore, we should make sufficient preparations for large-scale operations in future.

因此，我們要為未來的大規模作戰做好充分的準備。

To support this important strategic initiative and also fulfill some customer orders in 2021, we are aiming to produce approximately 250 units of EH216 in the year, which will be a new record for the company once achieved.

為了支持這項重要策略舉措，並在 2021 年完成一些客戶訂單，我們的目標是年內生產約 250 台 EH216，一旦實現，這將是該公司的新紀錄。

Finally, attractive outlook for UAM operations.

最後，UAM營運的前景十分看好。

More importantly, we see a highly attractive outlook for an upgraded model of UAM operations based upon our fully autonomous aerial vehicles.

更重要的是，我們看到基於全自動飛行器的城市空中交通運作升級模式的前景極具吸引力。

Different from the conventional models of civil/general aviation, our model ensures a higher level of safety, service quality and profitability, but lower levels of operational costs.

與傳統的民用/通用航空模式不同，我們的模式確保了更高的安全性、服務品質和盈利能力，但營運成本更低。

Our financial analysis shows highly attractive investment returns with a short payback period for our equipment versus the conventional civil/general aviation models.

我們的財務分析表明，與傳統的民用/通用航空模式相比，我們的設備的投資回報極具吸引力，而且回報回收期較短。

Considering the benefits of a large sharing platform built upon self-owned fleet at a relatively lower cost, we expect a higher degree of equipment utilization and return profiles.

考慮到以相對較低的成本依賴自有車隊建立大型共享平台的優勢，我們預期設備利用率和回報率將會更高。

Considering various factors, we have planned a "100 Air Mobility Route Initiative" by selecting 100 meaningful flight routes for trial operations within China.

綜合考慮各方面因素，我們制定了“百條空中交通航線計劃”，在我國境內選取100條有意義的航線進行試點。

By accumulating more operating data and experiences, we will be more prepared to launch large-scale commercialization activities.

透過累積更多的營運數據和經驗，我們將更準備好進行大規模的商業化活動。

Meanwhile, we are planning to release operating data such as flight routes, flight sorties and passenger volumes, etc.

同時，我們計劃陸續發布航線、航班起降架次、旅客吞吐量等營運數據。

as mentioned by Mr. Hu.

正如胡先生所提到的。

I will now turn the call over to our CFO, Mr. Richard Liu, to provide the financial results for the fourth quarter and the full year of 2020.

現在，我將把電話轉給我們的財務長劉理查德先生，以提供 2020 年第四季和全年的財務表現。

Richard, please go ahead.

理查德，請說。

Thank you.

謝謝。

Thank you, Edward, and hello, everyone.

謝謝你，愛德華，大家好。

Before I go into details, please note that all numbers presented are in RMB and are for the fourth quarter of 2020, unless stated otherwise.

在我介紹詳細資訊之前，請注意，除非另有說明，所有數字均以人民幣為單位，且為 2020 年第四季的數字。

All percentage changes are on a year-over-year basis unless otherwise specified.

除非另有說明，所有百分比變化均以同比計算。

Detailed analysis is contained in our earnings press release, which is available on our IR website.

詳細分析包含在我們的收益新聞稿中，您可以在我們的 IR 網站上查閱。

I'm going to highlight some of the key points here.

我將在這裡強調一些關鍵點。

In Q4 2020, total revenues were RMB 54.6 million, on par with total revenues of RMB 54.7 million in the same period of 2019.

2020年第四季，總營收為5,460萬元人民幣，與2019年同期的總營收5,470萬元持平。

Due to the resurgence of COVID-19 pandemic in the quarter, the total units of EH216 sold were 22 units versus 26 units in the same period in 2019, causing the revenue from air mobility solutions to decrease 10% year-over-year.

由於本季新冠疫情復發，EH216總銷量為22台，而2019年同期為26台，導致空中交通解決方案營收年減10%。

However, our revenue from aerial media solutions increased steadily, offsetting the decrease in air mobility and driving up our total revenues.

然而，我們的空中媒體解決方案收入穩步增長，抵消了空中交通的下降並推高了我們的總收入。

In full year of 2020, our total revenues increased 47.8% year-over-year, reaching RMB180 million.

2020年全年，我們的總營收年增47.8%，達到人民幣1.8億元。

We are pleased to maintain a robust annual revenue growth despite the pandemic impacts globally.

儘管全球受到疫情的影響，但我們仍很高興能維持強勁的年收入成長。

Adjusted gross profit in Q4, excluding share-based compensation expenses, amounted to RMB34.8 million, this led to adjusted gross margin of 63.8%, which was 3.1 percentage points higher than that of last year and the highest quarterly adjusted gross margin in the company's history.

第四季扣除股權激勵費用後的調整後毛利為3,480萬元，調整後毛利率為63.8%，較去年同期成長3.1個百分點，為公司史上最高的季度調整後毛利率。

Adjusted gross profit for the full year 2020 was RMB108.6 million, up 51.7% from RMB71.6 million in 2019.

2020年全年調整後毛利為人民幣1.086億元，較2019年的人民幣7,160萬元成長51.7%。

Adjusted gross margin for the full year 2020 was 60.3%, up 1.5 percentage points from 58.8% in 2019 and also the highest annual adjusted gross margin.

2020年全年調整後毛利率為60.3%，較2019年的58.8%上升1.5個百分點，亦為年度最高調整後毛利率。

This reflected the competitive strengths of the company.

這體現了公司的競爭實力。

And the increase was mainly due to a favorable revenue mix with a greater proportion of revenues from sales of higher-margin models of EH216 AAVs.

而成長主要歸因於有利的收入組合，其中更大比例的收入來自於利潤率較高的 EH216 AAV 型號的銷售。

Adjusted operating expenses, excluding share-based compensation expenses, increased by 50.5% to RMB47.2 million and as a percentage of total revenues, was 86.5% as compared to 57.3% in Q4 2019.

調整後營業費用（不包括股權激勵費用）增加 50.5% 至人民幣 4,720 萬元，佔總收入的百分比為 86.5%，而 2019 年第四季為 57.3%。

We mainly increased expenditures in R&D of new models, including both passenger-grade and non-passenger-grade AAV models and related operating systems with enhanced functionalities.

我們主要增加新車型的研發開支，包括載客和非載客等級的自動駕駛飛行器車型，以及功能增強的相關作業系統。

As a result, our adjusted operating loss in Q4 was RMB10.6 million, compared to an adjusted operating profit of RMB3.8 million in Q4 2019.

因此，我們第四季的調整後營業虧損為人民幣 1,060 萬元，而 2019 年第四季的調整後營業利潤為 380 萬元。

Adjusted operating loss as a percentage of total revenues was negative 19.5% compared to adjusted operating margin of 6.9% in Q4 2019.

調整後營業虧損佔總收入的百分比為負 19.5%，而 2019 年第四季調整後營業利潤率為 6.9%。

With adjusted operating loss in Q4, our adjusted net loss was RMB12.3 million, compared with adjusted net income of RMB2.9 million in Q4 2019.

在調整第四季的營業虧損後，我們的調整後淨虧損為人民幣 1,230 萬元，而 2019 年第四季的調整後淨收入為 290 萬元人民幣。

For the full year of 2020, our adjusted net loss was RMB37.2 million, compared with adjusted net loss of RMB31.9 million in 2019.

2020年全年，我們的調整後淨虧損為人民幣3,720萬元，而2019年調整後淨虧損為人民幣3,190萬元。

Now let's turn to the balance sheet and cash flow.

現在讓我們來看看資產負債表和現金流。

We ended the quarter with RMB189.4 million of cash, cash equivalents, restricted cash and short-term investments.

截至本季末，我們的現金、現金等價物、受限現金和短期投資為人民幣 1.894 億元。

The accounts receivable balance of RMB179.4 million have been reduced to RMB103.1 million with subsequent collections of RMB76.3 million as of March 31, 2021, representing 42.5% of the above balance have been collected.

截至2021年3月31日，應收帳款餘額由人民幣1.794億元減少至人民幣1.031億元，後續已收回人民幣7,630萬元，佔上述餘額的42.5%。

Together with the private investment of USD40 million in late January, it is expected that the company has adequate funding to support the operations in the next 12 to 24 months at least.

加上 1 月底的 4,000 萬美元私人投資，預計該公司至少有足夠的資金支持未來 12 至 24 個月的營運。

Now let's turn to the business outlook.

現在我們來談談商業前景。

Our business is experiencing a gradual transition into a more operation-driven model.

我們的業務正在逐步轉變為更以營運為導向的模式。

Given our ultimate strategic goal is to build a UAM platform operator company, we view now is the right time to accelerate this process for better commercialization.

鑑於我們的最終策略目標是打造UAM平台營運商公司，我們認為現在是加速這一進程以實現更好商業化的最佳時機。

Specifically, we are planning to launch a "100 Air Mobility Route Initiative" in China from 2021 and onward.

具體來說，我們計劃從2021年起在中國啟動「100條空中交通路線計畫」。

We believe the time is opportune as we're getting into the final stages of airworthiness certification of our EH216 AAVs.

我們認為時機已到，因為我們正進入 EH216 AAV 適航認證的最後階段。

As a result, we expect the annual revenues in 2021 to range between RMB130 million and RMB180 million.

因此，我們預計 2021 年的年收入將在人民幣 1.3 億元至 1.8 億元之間。

That concludes our prepared remarks.

我們的準備好的演講到此結束。

Let's now open the call for questions.

現在讓我們開始提問。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Our first question comes from Tim Hsiao from Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Tim Hsiao。

Edward and Richard, I have 2 quick questions.

愛德華和理查德，我有兩個快速問題。

I'm sure like the management team have already touched on this topic for several times.

我確信管理團隊已經多次談到這個話題。

And according to the company's announcements that we did see some progress in terms of the regulatory breakthrough and with further collaboration with the CAAC certification team.

而且根據公司的公告，我們確實在監管突破和與中國民航局認證團隊的進一步合作方面看到了一些進展。

But again, how should that translate into more details about the timing of official step special with this certificate when we can get that?

但是，當我們能夠獲得此證書時，應該如何體現有關採取正式措施的時間表的更多細節？

And with that, how should we think about the potential order wins upon the obtainment of the certificates?

那麼，我們應該如何看待獲得證書後可能獲得的訂單呢？

My second question is about a competitive landscape because we saw several players are making or plan to make inroads into this market.

我的第二個問題是關於競爭格局，因為我們看到有幾家公司正在或計劃進入這個市場。

And will that change the industry dynamics meaningfully and risk EHang's dominance and our current collaboration with the government at the moment?

這是否會對產業格局產生重大改變，並危及億航的主導地位以及我們目前的與政府的合作？

Well, thank you, Tim.

好吧，謝謝你，提姆。

This is Edward.

這是愛德華。

Let me take your questions.

請容許我回答你們的問題。

So your first question regarding the type certificate progress.

您第一個問題是關於型號合格證的進展。

So it was very great progress we have made 2 days ago with a special meeting with delegates from CAAC.

兩天前我們與中國民航局代表舉行的特別會議取得了非常大的進展。

They are very high-level senior members from all over the country, and representing different sub bureaus of the CAAC.

他們都是來自全國各地、代表中國民航局不同分局的高級官員。

It is actually the kickoff meeting, and the CAAC officials highly recognized our progress.

這實際上是一次啟動會議，中國民航局官員對我們的進展給予了高度認可。

And so the message here is quite optimistic.

所以這裡的訊息是相當樂觀的。

However, I cannot tell you the exact timing of when we can get the certification.

不過，我無法告訴你何時能夠獲得認證的具體時間。

But based upon our communication so far, we are quite confident about this issue.

但根據我們迄今為止的溝通，我們對這個問題非常有信心。

And about the potential orders you mentioned, I think, yes, definitely, this will break the last hurdle, our last bottleneck from the regulation perspective, so which will lay a very good foundation for our future commercialization of our products.

關於您提到的潛在訂單，我認為，是的，這肯定會打破我們從監管角度遇到的最後一個障礙、最後一個瓶頸，從而為我們未來產品的商業化奠定良好的基礎。

And so that is definitely a very good message.

這絕對是一個非常好的信息。

And your second question regarding the competitive dynamics, right?

你的第二個問題是關於競爭動態的，對嗎？

So we understand that nowadays, we see quite a number of companies who are making their own products including some auto companies as well.

所以我們了解到，現在我們看到很多公司都在生產自己的產品，其中也包括一些汽車公司。

However, we are quite confident about our technology, which created this entry barrier from the technological perspective.

但是，我們對我們的技術很有信心，從技術角度創造了這個進入障礙。

As we mentioned earlier, we are not only a company who focus on designing and manufacturing the vehicle itself.

正如我們之前提到的，我們不僅僅是一家專注於設計和製造車輛本身的公司。

We are creating a whole system.

我們正在創建一個完整的系統。

We are building a platform that is a very key difference, which set us from all the other peers.

我們正在建立一個平台，這是一個非常關鍵的區別，它使我們與所有其他同行區分開來。

And we believe that this will definitely give us a first-mover advantage that we are building a platform and setting the standards.

我們相信，這肯定會為我們帶來先發優勢，我們正在建立平台並建立標準。

And right now, working with the CAAC delegates, another major task is to set the standard for the certification.

目前，我們與中國民航局代表一起進行的另一項主要任務是建立認證標準。

So we are working very closely with CAAC officials in setting the new standards, and we are very proud of that.

因此，我們正與中國民航局官員密切合作，制定新的標準，我們對此感到非常自豪。

And so that is also very different perspective, and it makes us very unique in this industry.

這也是非常不同的視角，它使我們在這個行業中非常獨特。

So we are quite confident about our technology, about our system and our whole idea of future UAM.

因此，我們對我們的技術、我們的系統以及我們未來 UAM 的整體理念非常有信心。

I hope this answers your question.

我希望這回答了你的問題。

And if you have any further questions, please let me know.

如果您還有其他問題，請告訴我。

Our next question comes from Vincent Yu, Needham & Company.

下一個問題來自 Needham & Company 的 Vincent Yu。

I have 2 questions and one follow-up question.

我有 2 個問題和一個後續問題。

My 2 question is on the order and clients.

我的第二個問題是關於訂單和客戶。

The first question is on order book.

第一個問題是關於訂單簿。

Can management go into more details on our existing order book and the split between orders that we have received basically the buying deposits versus the ones that are just pure intentional contracts.

管理階層能否更詳細地介紹我們現有的訂單，以及我們收到的訂單（基本上是購買存款）與純粹的意向合約的分配情況。

And my second question on the clients is that previously, we have been working with some touring sites according to what I remember.

關於客戶的第二個問題是，據我記得，我們​​之前曾與一些旅遊網站合作過。

So are we expanding our client base like for example EH216F, are we expanding to government?

那麼，我們是否正在擴大我們的客戶群，例如 EH216F，我們是否正在向政府擴展？

And what's our current client base looks like?

我們目前的客戶群是什麼樣的？

And my third question is a follow-up on the timing of the airworthiness certificates.

我的第三個問題是關於適航證頒發時間的後續問題。

We totally understand it's hard to predict the exact timing.

我們完全理解很難預測確切的時間。

But they are very rough kind of prediction, let's say, midyear or by the year-end or next year?

但它們只是非常粗略的預測，比如說，年中、年底或明年？

What kind of rough timing that we can predict?

我們能預測什麼樣的大致時間？

I will take your first question.

我來回答你的第一個問題。

Our order backlog is on a running basis.

我們的訂單積壓仍在持續。

So right now, at this moment, there are roughly around 100 units.

所以現在，此刻，大約有 100 個單位。

And in terms of international versus domestic, actually, a majority of this are from within China, as you can imagine, given the still ongoing global pandemic impact.

而就國際和國內而言，實際上，考慮到全球疫情的影響仍在持續，你可以想像，其中大部分來自中國國內。

And about 40% with the deposit of prepayments.

其中約40%為預付款押金。

Vincent, this is Edward here.

文森特，這是愛德華。

I'll answer your second question about the EH216F, right?

我來回答你關於 EH216F 的第二個問題，對嗎？

So this is specially designed AAV for firefighting purpose.

這是專為消防目的設計的 AAV。

However, we are still in the process of obtaining the last certification from the government, and there are 2 items which we need to do by conducting some experiments to prove the capability and also obtaining final certification from the government.

然而，我們仍在獲得政府的最終認證的過程中，有兩件事我們需要做：進行一些實驗來證明能力，並獲得政府的最終認證。

And the client base, we will generally be the firefighting department and the emergency department from different provincial government.

至於客戶群，我們通常是不同省級政府的消防部門和緊急部門。

And so far, we received very positive feedback from the government.

到目前為止，我們收到了政府的非常正面的回饋。

However, we still need to go through the certification and so that we are able to enter the national purchase catalog so that the government can place order for that.

但是我們還要經過認證，才能進入國家採購目錄，以便政府可以訂購。

And regarding your last question about the timing of the type certificate.

關於您最後一個問題，關於型號合格證的時間。

We believe that as I mentioned, we cannot predict the exact timing.

我們認為，正如我所提到的，我們無法預測確切的時間。

But based upon the message from the government officials, it is quite optimistic, we should say.

但根據政府官員的消息，我們應該說這是相當樂觀的。

And also, the whole process should be a gradual process, which means that towards the final certification, there could be some several milestones during the whole process, which we expect to achieve and to get recognized, I think during which we should be able to share the news with the market in the next 6 to 12 months about the progress.

而且整個過程應該是一個漸進的過程，這意味著在獲得最終認證的過程中可能會有幾個里程碑，我們希望實現並獲得認可，我認為在此期間我們應該能夠在未來 6 到 12 個月內與市場分享進展。

And so that is what we can say now.

這就是我們現在可以說的。

We are approaching the end of the conference.

會議即將結束。

If you have further questions, please contact us by e-mail or phone after the conference call.

如果您還有其他問題，請在電話會議結束後透過電子郵件或電話與我們聯繫。

Let me turn the call back to Mr. Liu for closing remarks.

請容許我請劉先生作最後發言。

Thank you, operator, and thank you all for participating on today's call.

謝謝接線員，也謝謝大家參加今天的電話會議。

And for all your support.

並感謝你們所有的支持。

We appreciate your interest and look forward to reporting to you again next quarter on our progress.

我們感謝您的關注，並期待下個季度再次向您報告我們的進展。

All right.

好的。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連線。