EHang Holdings Ltd (EH) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by and welcome to the EHang Third Quarter 2024 Earnings Conference Call.

感謝您的耐心等待並歡迎參加億航智能 2024 年第三季財報電話會議。

(Operator Instructions) Additionally, both the Chinese and English lines are open for questions, and today's call is being recorded.

（操作員說明）此外，中文和英文線路均可供提問，並且正在對今天的通話進行錄音。

I will now turn the call over to Anne Ji, EHang's Senior Director of Investor Relations.

我現在將電話轉給億航智慧投資者關係高級總監 Anne Ji。

Ms. Anne, please proceed.

安妮女士，請繼續。

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 third quarter of 2024.

感謝大家參加今天的電話會議，討論公司 2024 年第三季的財務表現。

The earnings release is available on the Company's IR website.

收益報告可在公司的投資者關係網站上取得。

Please note the conference call is being recorded and the audio replay will be posted on the Company's IR website.

請注意，電話會議正在錄音，音訊重播將發佈在公司的投資者關係網站上。

On the call today, we have Mr. Huazhi Hu, our Founder, Chairman and Chief Executive Officer; Mr. Zhao Wang, Chief Operating Officer; and Mr. Conor Yang, Chief Financial Officer and the Director of the Board.

今天的電話會議有我們的創辦人、董事長兼執行長胡華志先生；趙旺先生，營運長；財務長兼董事會董事楊康納先生。

Before we continue, please note that today's discussion will contain forward-looking statements made pursuant to the safe harbor provisions of the US 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 the expectations expressed today.

因此，公司的實際結果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.

有關這些以及其他風險和不確定性的更多資訊包含在公司向 SEC 提交的公開文件中。

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

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Also, please note that all numbers presented are in RMB and are for the third quarter of 2024, unless stated otherwise.

另請注意，除非另有說明，否則所有數字均以人民幣為單位，且為 2024 年第三季的數據。

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

現在讓我將電話轉給我們的執行長胡華志先生。

Please go ahead, Mr. Hu.

胡先生，請繼續。

Okay, hello everyone.

好的，大家好。

Thank you very much for joining EHang's earnings call.

非常感謝您參加億航智能的財報電話會議。

Since the third quarter of this year, our order deliveries and financial performance hit a record high again.

今年三季以來，我們的訂單交付量和財務表現再次創下歷史新高。

We have also made exciting progress in multiple aspects, such as the Air Operator Certificate ("OC") application and certification review, the development of low-altitude ecosystem, R&D of next-generation technology and products, as well as the expansion of overseas markets.

我們在航空業者證書（OC）申請與認證審核、低空生態系統開發、下一代技術和產品研發、海外拓展等方面也取得了可喜的進展。

All of these achievements underscore EHang's commitment and capabilities in accelerating our pace towards commercial Urban Air Mobility operations.

所有這些成就都凸顯了億航智慧在加快城市空中交通商業營運步伐方面的承諾和能力。

We have become the world's first eVTOL company to obtain the three airworthiness certificates for pilotless aircraft, demonstrating we have the capabilities for mass production and deliveries.

我們成為全球首家獲得無人機三項適航證書的電動垂直起降公司，體現了我們具備大量生產和交付的能力。

In July, the Civil Aviation Administration of China ("CAAC") officially accepted the OC applications submitted by Guangdong EHang General Aviation and Hefei Heyi Aviation.

7月，中國民航局正式受理廣東億航通用航空、合肥合一航空提交的OC申請。

This is the world's first OC project for pilotless passenger-carrying aircraft, signifying that the first related operational standards are about to be established, which will provide safety assurance for the commercial operations of EH216-S in China.

這是全球首個無人駕駛載客機OC項目，標誌著首個相關運作標準即將制定，將為EH216-S在中國的商業營運提供安全保障。

Currently, the OC review is progressing well, and the first OC is expected to be issued by the end of this year.

目前，OC審查進展順利，第一個OC預計將於今年底發布。

Simultaneously, we are actively assisting our customers and partners in Shenzhen, Guangzhou, Wuxi, Zhuhai, and Wencheng, Wenzhou in preparing their OC applications as well, with the aim to speed up commercial operations of EH216-S nationwide and promote the development of low-altitude economy demonstration zones across more cities.

同時，我們也積極協助深圳、廣州、無錫、珠海、溫州文成等地的客戶和合作夥伴準備OC申請，旨在加快EH216-S在全國範圍內的商業運營，推動低功耗技術的發展。 ——高原經濟示範區涵蓋更多城市。

Since Q3, China central and local governments have enhanced their support for the low-altitude economy industry, further highlighting its strategic role as an emerging economic growth engine.

三季以來，中央和地方政府加大了對低空經濟產業的支持力度，其作為新興經濟成長引擎的戰略角色進一步凸顯。

China's National Development and Reform Commission plans to establish a dedicated bureau for low-altitude economy, which will better coordinate resources across different segments for fostering the industry development.

中國國家發展和改革委員會計劃設立低空經濟專門局，以便更好地協調不同領域的資源，促進產業發展。

In November, the Ministry of Industry and Information Technology ("MIIT") convened another plenary meeting of the leadership group for low-altitude industry development, emphasizing the strategic importance of the industry's high-quality development and outlining key tasks for advancing pilotless, electric, and intelligent low altitude equipment.

11月，工業與資訊化部再次召開低空產業發展領導小組全體會議，強調低空產業高品質發展的戰略地位，部署推進無人駕駛、電動化重點任務、智慧低空裝備。

As a global leading UAM technology company, EHang actively aligns with national policies.

作為全球領先的城市空中交通科技公司，億航智能積極對接國家政策。

Our products and development philosophy resonate closely with the government's advocacy for innovation in low-altitude equipment.

我們的產品和開發理念與政府倡導低空設備創新緊密契合。

Under the broad and in-depth policy support, the domestic demand for pilotless aerial vehicles in China continues to grow.

在廣泛且深入的政策支持下，國內無人機需求持續成長。

In Q3, our deliveries and revenues reached a record-high again.

第三季度，我們的交付量和收入再次創下歷史新高。

We delivered 63 units of EH216-S, and our quarterly revenues reached RMB128 million.

交付EH216-S 63台，季營收1.28億元。

This demonstrates the robust market demand and strong customer recognition of EH216-S.

這顯示了EH216-S強勁的市場需求和客戶的高度認可。

Of course, our focus extends beyond aircraft deliveries.

當然，我們的重點不僅限於飛機交付。

Our top priority is to ensure operational safety as we are accelerating the establishment of a comprehensive operational support system, focusing on both sales and operations, as well as enhancing the low-altitude ecosystem.

確保營運安全是我們的首要任務，我們正在加快建立以銷售和營運為重點的綜合營運支援體系，並完善低空生態系統。

We have achieved significant operational progress in the following three aspects:

我們在以下三個方面取得了重大經營進展：

Firstly, on infrastructure, with strong support from the Hefei municipal government, the second UAM Hub, "Ascend", was officially established in Luogang Park in Hefei.

首先，在基礎建設方面，在合肥市政府的大力支持下，第二個城市空中交通樞紐「登高」在合肥蘿崗園區正式成立。

This Hub is tailor-made for the EH216 pilotless passenger aircraft, and it also serves as a UAM hub model for pilotless passenger aircraft operations.

該樞紐是為EH216無人駕駛客機量身定制的，同時也作為無人駕駛客機運作的UAM樞紐模型。

Secondly, on talent training, we have formed a strategic partnership with the Civil Aviation Flight University of China to jointly carry out the training of talents related to operations, maintenance, and management of EHang's pilotless aircraft, and to establish a standardized system.

其次，在人才培育上，我們與中國民航飛行大學結成策略夥伴關係，共同進行億航無人飛機運作、維護、管理相關人才的培訓，並建立標準化系統。

Thirdly, we are building an after-sales maintenance and repair system to support the upcoming extensive operational work.

第三，我們正在建造售後維護和維修體系，以支援接下來的廣泛營運工作。

We believe that in the future flourishing of the low-altitude economy, only truly competitive products can attract sustained market interest.

我們相信，在未來低空經濟的蓬勃發展中，只有真正有競爭力的產品才能吸引持續的市場興趣。

EHang will continue to increase our R&D investment to maintain our leadership.

億航智能將持續加大研發投入，以維持領先地位。

We will focus on the enhancement of EH216-S performance and the commercialization of long-range products on the following aspects.

我們將重點從以下幾個方面重點關注EH216-S性能的提升和長距離產品的商業化。

Regarding EH216-S performance enhancements, we have entered into a strategic partnership with Enpower, a pioneer in new energy vehicle power systems, to co-develop electric motors and motor controllers tailored for EHang's eVTOL.

在EH216-S性能提升方面，我們與新能源汽車動力系統先驅Enpower達成戰略合作夥伴關係，共同開發專為億航電動垂直起降量身定制的電機和電機控制器。

This new solution features an integration of lighter weight and higher power density.

這種新的解決方案具有重量更輕和功率密度更高的特性。

Meanwhile, we have strategically invested in Inx and achieved a significant breakthrough in the joint development of high-energy solid-state battery technology.

同時，我們策略投資Inx，在共同開發高能量固態電池技術上取得重大突破。

With this solid-state battery, our EH216-S completed a continuous flight test exceeding 48 minutes, significantly improving the flight endurance by 90%.

憑藉這款固態電池，我們的EH216-S完成了超過48分鐘的連續飛行測試，續航力大幅提升90%。

Next year, we aim to improve the flight endurance even further to 60 minutes.

明年，我們的目標是將飛行續航時間進一步提高到 60 分鐘。

This milestone achievement is critical in broadening the application and operational scope for our eVTOL products.

這項里程碑式的成就對於擴大我們的 eVTOL 產品的應用和營運範圍至關重要。

Moving on to the development of our long-range product: Building on the VT-30 prototype, we have conducted commercial design and upgrades for our lift-and-cruise eVTOL model to VT-35.

繼續開發我們的遠端產品：在 VT-30 原型的基礎上，我們對升降巡航 eVTOL 模型進行了商業設計併升級為 VT-35。

This long-range product complements our existing product portfolio by targeting application scenarios like inner city, cross-bay, and cross-mountain routes, extending beyond the EH216-S's intra-city UAM coverage.

這長距離產品補充了我們現有的產品組合，針對內城、跨灣、跨山路線等應用場景，超出了EH216-S的城內UAM覆蓋範圍。

With the two categories of EH216 series and VT-35, we will achieve full-scenario coverage for low-altitude flights.

憑藉EH216系列和VT-35兩大類，我們將實現低空飛行的全場景覆蓋。

In the overseas markets, in Q3, we have conducted demo flights in Brazil, Japan and Thailand, extending our footprints to 18 countries across the globe.

在海外市場，第三季度，我們在巴西、日本、泰國等地進行了試飛，足跡遍佈全球18個國家。

We are also making strides in overseas airworthiness certification for the EH216-S.

我們也在 EH216-S 的海外適航認證方面取得了進展。

In September, EH216-S was granted an Experimental Flight Authorization Certificate from Brazil's National Civil Aviation Agency, and we plan to conduct more in-depth test flights in Brazil to facilitate the local airworthiness certification.

9月，EH216-S獲得巴西國家民航局實驗飛行授權證書，我們計劃在巴西進行更深入的試飛，以方便當地的適航認證。

The Civil Aviation Authority of Thailand also plans to open flight tests for certified eVTOLs in multiple areas of Thailand.

泰國民航局還計劃在泰國多個地區進行經過認證的 eVTOL 飛行測試。

We're planning to expand our flight range in Thailand, with the aim to launch commercial flight operations in some regions of Phuket and Koh Samui by 2025.

我們計劃擴大在泰國的航班範圍，目標是到 2025 年在普吉島和蘇梅島的部分地區推出商業航班營運。

Reflecting on our progress over the past decade, EHang has launched the world's first pilotless passenger aircraft EH184 in the United States, becoming a pioneer of the global Urban Air Mobility industry.

回顧過去十年的進步，億航智能在美國推出全球首架無人駕駛客機EH184，成為全球城市空中交通產業的先鋒。

We have driven and pioneered breakthroughs in pilotless aerial vehicle technology and airworthiness certification.

我們推動並開創了無人駕駛飛行器技術和適航認證的突破。

With the launch of operational hubs such as the Hefei UAM Hub and others, EHang's long-held dream of urban air mobility will truly come to fruition.

隨著合肥城市空中交通樞紐等營運樞紐的落地，億航智慧城市空中出行的夢想將真正實現。

Moving forward, we will steadily advance, ensuring safety as the top priority to achieve sustainable industry development.

下一步，我們將穩步前進，把確保安全作為第一要務，實現產業永續發展。

We also strive to create greater value for our shareholders, partners, and the society.

我們也努力為股東、合作夥伴和社會創造更大的價值。

Next, I'll turn the call over to our COO, Mr. Wang, to elaborate more on our Q3 operational performance.

接下來，我將把電話轉給我們的營運長王先生，詳細說明我們第三季的營運表現。

Thank you.

謝謝。

Thank you, Mr. Hu, and hello, everyone.

謝謝胡總，大家好。

Let me first provide an overview of our product delivery status for the third quarter.

首先讓我概述一下我們第三季的產品交付。

In Q3, we received repeat orders from existing customers as well as new customers.

第三季度，我們收到了現有客戶和新客戶的重複訂單。

Specifically, we completed the deliveries of 40 units to the Shanxi client in the third quarter, reaching a total of 50-unit deliveries to this client.

具體來說，我們第三季完成了山西客戶40台的交付，對該客戶的交付總量達到了50台。

We also delivered 3 units to our Wencheng client in Wenzhou, Zhejiang province in the third quarter, reaching a total of 30 units delivered.

第三季度，我們也向浙江溫州文城客戶交付了 3 台，交付總量達 30 台。

Additionally, we delivered 5 units to each of Shenzhen Boling and Hefei Heyi customers for their repeat orders in the third quarter, to be deployed in their expanded sites at the UAM Operations Center in Luohu District, Shenzhen and the newly established UAM Hub at Luogang Park in Hefei.

此外，我們在第三季度向深圳博菱和合肥合一客戶的重複訂單各交付了5 台，將部署在深圳市羅湖區城市空中交通運營中心的擴建站點以及蘿崗園區新設立的城市空中交通樞紐在合肥。

Furthermore, we also secured new orders and completed deliveries for clients in Fujian, Chongqing, Tianjin, Guizhou, Shaanxi and Zhuhai this quarter.

此外，本季我們也為福建、重慶、天津、貴州、陝西、珠海等地的客戶爭取了新訂單並完成了交付。

In summary, we delivered a total of 63 units of the EH216-S series in the third quarter.

綜上所述，第三季我們共交付了63台EH216-S系列。

Currently, our domestic order book is more than a thousand units.

目前，我們的國內訂單已超過千台。

As an aircraft manufacturer, EHang is not only responsible for the production and sales of the aircraft, we are also providing customers with maintenance, repair, and related consulting services.

作為飛機製造商，億航不僅負責飛機的生產和銷售，也為客戶提供維修、維修及相關諮詢服務。

Due to the special nature of the aircraft, we are also assisting our customers from various regions in preparing for their operational certification applications, striving to obtain approvals from the CAAC as soon as possible.

由於飛機的特殊性，我們也正在協助各地客戶準備運行合格證申請，爭取盡快獲得民航局的批准。

Before that, we are also assisting customers with services including operational site design, route planning, and business process planning.

在此之前，我們也協助客戶提供包括營運場地設計、路線規劃、業務流程規劃等服務。

For those operation companies that have submitted their OC applications and are under regulatory review, we provide full technical support to assist to them in safety improvements to meet the safety operation requirements of the CAAC.

對於已提交OC申請並正在接受監管審查的營運公司，我們提供全程技術支持，協助其進行安全改進，以滿足民航總局的安全運行要求。

Our Company's focus moving forward will be to place greater emphasis on service quality.

我們公司未來的重點將是更加重視服務品質。

We aim to proceed steadily and diligently, serving our customers well, building a robust UAM operational system, and improving talent training mechanisms.

我們堅定不移、勤奮前行，服務好客戶，建構健全城市空中交通營運體系，完善人才培育機制。

This will enable our customers to operate their aircraft continuously and stably, achieve commercial returns, and also lay a solid foundation for the Company's long-term development.

這將使我們的客戶能夠持續且穩定地營運飛機，獲得商業回報，也為公司的長期發展奠定堅實的基礎。

In terms of personnel training, with the aim to assist our clients in better operating and maintaining the aircraft, we have trained a total of 47 operators and 22 maintenance personnel for our customers.

在人員訓練方面，為了協助客戶更好地操作和維護飛機，我們共為客戶培訓了47名操作人員和22名維修人員。

Regarding infrastructure construction, we have signed strategic cooperation agreements with several infrastructure service providers.

在基礎設施建設方面，我們與多家基礎設施服務商簽署了策略合作協議。

These partners will take the initiative to undertake the construction of low-altitude infrastructure such as take-off and landing platforms and hangars in some cities.

這些合作夥伴將主動承擔部分城市起降平台、機庫等低空基礎建設。

We will use these infrastructure facilities through cooperation or leasing agreements.

我們將透過合作或租賃協議的方式使用這些基礎設施。

Since the second quarter, we have visited numerous domestic production bases for new energy vehicles and new energy batteries.

第二季以來，我們造訪了國內多個新能源汽車、新能源電池生產基地。

Additionally, in October, we visited some European manufacturing facilities specializing in safety aviation components.

此外，十月份，我們參觀了一些專門生產安全航空零件的歐洲製造工廠。

We are currently in discussions with some of these factories about potential cooperation.

我們目前正在與其中一些工廠討論潛在的合作。

Our goal is to integrate various production facilities and management expertise to provide ideas and solutions for the integration and upgrade of our production lines and manufacturing technique, in order to improve quality and reduce costs.

我們的目標是整合各種生產設施和管理專業知識，為我們的生產線和製造技術的整合和升級提供想法和解決方案，以提高品質和降低成本。

Currently, all of our delivered aircraft are produced in our sole production facility in Yunfu.

目前，我們所有交付的飛機均在我們位於雲浮的唯一生產工廠生產。

Starting from Q4, we will strengthen industrial cooperation and plan to expand our industrial layout in Anhui, Shanxi, Guangxi, and Beijing through joint ventures and contract manufacturing.

從第四季開始，我們將加強產業合作，並規劃透過合資、代工等方式擴大在安徽、山西、廣西、北京等地的產業佈局。

For instance, in Hefei, Anhui, where our East China headquarters is located, we are collaborating with the local government to establish the EHang Aerial Vehicle Manufacturing Industrial Park and have already completed the site selection for the first phase of the factory and flight test area.

例如，在華東總部所在地安徽合肥，我們正在與當地政府合作建造億航飛行器製造產業園，並已完成第一期工廠和試飛區選址工作。

In the North China, leveraging our cooperation with Xishan Tourism, we plan to establish a Low-Altitude Economy Industrial Park and a North China Delivery Center in Taiyuan.

在華北地區，我們計劃利用與西山旅遊的合作，在太原建立低空經濟產業園區和華北配送中心。

In the capital Beijing, we are actively exploring cooperation on the R&D and testing, manufacturing, education and training, and demonstration applications in areas like emergency response, firefighting, and rescue missions, and we have already begun environmental research work.

在首都北京，我們正積極探索緊急、消防、救援等領域的研發檢測、生產製造、教育訓練、示範應用等方面的合作，並已啟動環保研究工作。

As for our existing Yunfu factory, we'll start technical upgrades to the production line and flight test area in the fourth quarter.

至於我們現有的雲端浮工廠，我們將在第四季開始對生產線和試飛區進行技術升級。

By 2025, with the commissioning of new factories, our overall aircraft production capacity and component supply will continue to expand.

到2025年，隨著新工廠的投產，我們的飛機整體產能和零件供應將持續擴大。

Since the third quarter, we have visited a number of overseas customers, investors, partners, and media.

三季以來，我們拜訪了多家海外客戶、投資者、合作夥伴、媒體。

Additionally, we have actively participated in various domestic and international industry exhibitions, including the China International Aviation and Aerospace Exhibition, the China International Import Expo, Dronitaly in Bologna, and the Smart City Expo World Congress, GITEX Global, and the Thailand Drone Expo, among others.

此外，我們也積極參與各種國內外產業展會，包括中國國際航空航天博覽會、中國國際進口博覽會、波隆那Dronitaly、智慧城市博覽會世界大會、GITEX Global、泰國無人機博覽會等，除此之外。

These activities have further enhanced EHang's international reputation and allowed us to connect with a large number of potential customers.

這些活動進一步提升了億航智慧的國際聲譽，讓我們接觸了大量的潛在客戶。

In China, we have also actively participated in activities and conferences organized by various ministries and commissions, such as the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the CAAC, including the Low-Altitude Economy Innovation and Development Conference, the China International Small and Medium Enterprises Fair, and the Urban Air Mobility Forum.

在國內，我們也積極參與工信部、國家發展委員會、民航局等各部會組織的活動和會議，包括低空經濟創新發展大會、中國國際中小企業博覽會、城市空中交通論壇。

Through these conferences and forums, EHang has actively communicated its thoughts on the development of the low-altitude economy and future operational strategies, resonating with attendees and earning recognition from many industry experts.

透過這些會議和論壇，億航智慧積極傳達了對低空經濟發展的思考和未來的營運策略，引起了與會者的共鳴，並獲得了許多行業專家的認可。

EHang has been invited to almost every low-altitude economy-related conference and forum, with expectations to bring our aircraft for display or flight demonstrations.

幾乎每一個低空經濟相關的會議和論壇，億航都受邀參加，期望帶著我們的飛機進行展示或飛行演示。

Our international reputation has also significantly improved.

我們的國際聲譽也顯著提升。

Since the third quarter, we have obtained special flight permits in Brazil and Thailand and have carried out demo flights.

三季以來，我們獲得了巴西、泰國的特殊飛行許可，並進行了示範飛行。

To date, the EH216 series has completed flights in 18 countries.

迄今為止，EH216系列已完成18個國家的飛行。

Looking forward, EHang will continue to promote and lead the commercialization of the low-altitude economy while expanding our industrial footprint.

展望未來，億航智能將在擴大產業版圖的同時，持續推動並引領低空經濟商業化。

We will stay committed to our dual focus on sales and operations, fueled by innovation and collaboration, as we support the sustainable growth and commercialization of this emerging industry.

我們將繼續致力於銷售和營運的雙重關注，以創新和協作為動力，支持這個新興產業的可持續成長和商業化。

Now, I'll hand it over to our Chief Financial Officer, Conor, to walk you through the financial performance for the third quarter.

現在，我將把它交給我們的財務長康納，向您介紹第三季的財務表現。

Thank you.

謝謝。

Thank you, Mr. Wang.

謝謝王先生。

Hello, everyone, this is Conor.

大家好，我是康納。

Before I dive into the details, please note that all numbers presented are in RMB and are for the third quarter of 2024 unless otherwise stated.

在深入了解細節之前，請注意，除非另有說明，否則提供的所有數字均以人民幣為單位，且為 2024 年第三季的數據。

Detailed analyses are available in our earnings press release on our IR website.

詳細分析可參考我們的投資者關係網站上的收益新聞稿。

I will now highlight some key points.

我現在將強調一些關鍵點。

In Q3, our efforts have once again delivered robust results.

第三季度，我們的努力再次取得了強勁的成果。

We exceeded our revenue guidance by 4%, recorded adjusted net income for the second quarter in a row, and maintained positive operating cash flow for the fourth consecutive quarters.

我們的營收超出預期 4%，連續第二季錄得調整後淨利潤，並連續第四個季度保持正營運現金流。

We are also making steady progress on the OC front as we gear up for upcoming commercial operations.

隨著我們為即將到來的商業營運做好準備，我們在 OC 方面也取得了穩步進展。

Turning to the specifics for Q3, our total revenues were RMB128.1 million, representing a 347.8% year-over-year increase and a 25.6% increase from the prior quarter.

至於第三季的具體情況，我們的總營收為人民幣1.281億元，年增347.8%，季增25.6%。

This is primarily driven by the higher sales volume of EH216 series products.

這主要是由於EH216系列產品銷售量較高所致。

In this period, we delivered 63 units of EH216 series products, achieved a new record high for quarterly deliveries, compared to 13 units in Q3 2023 and 49 units in Q2 2024.

在此期間，我們交付了63台EH216系列產品，創下季度交付量新高，而2023年第三季為13台，2024年第二季為49台。

Q3 gross margin was 61.2%, compared to 64.6% in Q3 2023 and 62.4% in second quarter this year.

第三季毛利率為 61.2%，而 2023 年第三季為 64.6%，今年第二季為 62.4%。

Despite the modest decreases, our gross margin remained high, reflecting our competitive advantages in the eVTOL sector.

儘管略有下降，但我們的毛利率仍然較高，反映了我們在電動垂直起降領域的競爭優勢。

Adjusted operating expenses, which exclude share-based compensation, were RMB86.9 million at a 60.9% increase from RMB54 million in Q3, 2023 and up 23.1% from RMB70.6 million in the prior quarter.

調整後營運費用（不包括股權激勵）為人民幣 8,690 萬元，較 2023 年第三季的 5,400 萬元成長 60.9%，較上一季的 7,060 萬元成長 23.1%。

The increases were mainly due to expanded sales related expenses, higher employee compensation, expansion of sales channels, and increased investment in various eVTOL models.

成長的主要原因是銷售相關費用擴大、員工薪資提高、銷售管道擴大以及對各種 eVTOL 車型的投資增加。

The quarter's adjusted operating income was RMB9 million, compared to an adjusted operating loss of RMB34.2 million in the third quarter of 2023, and an adjusted operating loss of RMB4.7 million in the prior quarter.

本季調整後營業收入為人民幣 900 萬元，而 2023 年第三季調整後營業虧損為 3,420 萬元，上一季調整後營業虧損為 470 萬元。

We recorded adjusted net income for the second consecutive period in Q3 2024, reaching RMB15.7 million.

2024 年第三季度，我們連續第二季錄得調整後淨利潤，達到 1,570 萬元人民幣。

This marks a significant improvement from an adjusted net loss of RMB31.3 million in Q3 last year and also an impressive increase over the RMB1.2 million achieved in the prior quarter.

這標誌著去年第三季調整後淨虧損 3,130 萬元的顯著改善，也較上一季實現的 120 萬元人民幣的大幅增長。

Furthermore, we continued generating positive operating cash flow for the fourth consecutive quarter.

此外，我們連續第四個季度持續產生正營運現金流。

At the end of Q3, our cash balance- including cash, cash equivalents, short-term deposits, restricted short-term deposits, and short-term investments balances- was RMB1,077.6 million.

截至第三季末，我們的現金餘額（包括現金、現金等價物、短期存款、受限制的短期存款和短期投資餘額）為人民幣 10.776 億元。

On top of that, last week, we announced an over USD22 million PIPE investment from strategic investors including Enpower and a strategic institutional investor from the Middle East.

除此之外，上週我們也宣布了超過 2,200 萬美元的 PIPE 投資，投資方包括 Enpower 和來自中東的策略機構投資者。

This strategic investment brings our total year-to-date financing to nearly USD100 million enhancing our financial position for our next phase of development and growth.

這項策略性投資使我們今年迄今的融資總額達到近 1 億美元，增強了我們下一階段發展和成長的財務狀況。

The financing proceeds will be used to advance our next-generation eVTOL technologies and products, scale production capacity, expand our team, establish new headquarters and operating sites, and support the general corporate activities.

融資所得將用於推進我們的下一代 eVTOL 技術和產品、擴大產能、擴大我們的團隊、建立新的總部和營運基地以及支援一般企業活動。

As we move into the fourth quarter, with the OC certification process nearly complete and final approval within reach, we are focusing on fine-tuning our commercialization model to enhance our customers to achieve safe and stable operations as quick as possible.

隨著進入第四季度，OC認證流程已接近完成，最終批准即將到來，我們將專注於微調我們的商業化模式，以幫助我們的客戶盡快實現安全穩定的營運。

This is expected to further boost market demand for our pilotless eVTOL aircraft, driving steady growth in both orders and sales.

預計這將進一步推動我們的無人駕駛電動垂直起降飛機的市場需求，推動訂單和銷售的穩定成長。

At the same time, ongoing improvements in low-altitude policies and increased government support for the low-altitude economy are adding even more momentum to the market.

同時，低海拔政策的不斷改進以及政府對低海拔經濟支持力度的加大，也為市場增添了更多動力。

Given these trends, we are expecting our revenues in Q4 to be RMB135 million, representing a year-on-year increase of 138.5%.

有鑑於這些趨勢，我們預期第四季的營收為人民幣1.35億元，年增138.5%。

The total revenue for the full year of 2024 is expected to reach RMB427 million, with a year-on-year increase of 263.5%.

預計2024年全年總收入達人民幣4.27億元，年增263.5%。

That concludes our prepared remarks.

我們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。

Thank you.

謝謝。

(Operator Instructions) Cindy Huang, Morgan Stanley.

（操作員指示）Cindy Huang，摩根士丹利。

Hi, thanks for taking my question and congratulations on remarkable 3Q results.

您好，感謝您提出我的問題，並祝賀第三季的出色業績。

My first question is regarding to solid-state battery.

我的第一個問題是關於固態電池的。

Could management share more details on battery development with Inx?

管理層能否與 Inx 分享更多有關電池開發的細節？

What's the key hurdle for solid-state battery to commercialize now, and when do we expect to mass produce it?

目前固態電池商業化的關鍵障礙是什麼，預計什麼時候能夠量產？

Thank you for your question.

謝謝你的提問。

I am Wang Zhao.

我是王昭。

On your first question, our joint battery development with Inx began early on.

關於你的第一個問題，我們與Inx的聯合電池開發很早就開始了。

Developing a new battery, especially one requiring significant technological breakthrough like a solid-state battery, is a complex progress.

開發新型電池，尤其是像固態電池這樣需要重大技術突破的電池，是一項複雜的進步。

It involves not only increasing battery capacity density, but also enhancing cycle life, maintainability, and safety features, requiring significant R&D resources to perfect a new battery technology for mass production and commercialization.

它不僅涉及提高電池容量密度，還涉及提高循環壽命、可維護性和安全特性，需要大量的研發資源來完善新的電池技術以實現大規模生產和商業化。

Currently, many companies are investing in the development of solid-state batteries, and it typically takes about two to four years for these technologies to mature and reach mass production.

目前，許多公司正在投資固態電池的開發，這些技術通常需要大約兩到四年的時間才能成熟並實現量產。

With support from the Hefei International Advanced Technology Application Promotion Center, we have collaborated with Inx Energy to develop our batteries, combining our strengths with impressive progress.

在合肥國際先進技術應用推廣中心的支持下，我們與Inx Energy合作開發電池，雙方優勢互補，並取得了令人矚目的進展。

We have significantly increased the EH216-S's flight endurance to 48 minutes and 10 seconds.

我們將EH216-S的飛行續航時間大幅提高至48分10秒。

This is just the beginning.

這只是開始。

We expect to further extend this to 60 minutes sometime next year.

我們預計明年某個時候將其進一步延長至 60 分鐘。

Additionally, the energy density of this battery has increased from 250 watt per kilogram to 480 watt per kilogram.

此外，該電池的能量密度從每公斤250瓦增加到每公斤480瓦。

The temperature rise during the entire flight has been reduced from 60 degrees Celsius to 18 degrees Celsius.

整個飛行過程中的溫升已從攝氏60度降至攝氏18度。

Well, I should let you know that currently these solid-state batteries are only in small batch testing, and its costs are twice that of existing batteries.

嗯，我要告訴你的是，目前這些固態電池還只是在小批量測試中，而且其成本是現有電池的兩倍。

But of course, the energy density has been doubled.

但當然，能量密度增加了一倍。

I think the production costs will gradually decrease as we mass produce them.

我認為隨著我們大量生產，生產成本會逐漸降低。

Our goal is to achieve certification and mass production of these solid-state batteries for the EH216-S sometime by the end of 2025.

我們的目標是在 2025 年底前實現 EH216-S 固態電池的認證和量產。

Thank you for the answer.

謝謝你的回答。

My second question is regarding the progress of Operator Certificate.

我的第二個問題是關於操作員證書的進度。

As we enter into more in-depth review phase, can we expect that EHang still can receive OC by the end of this year?

隨著進入更深入的審核階段，億航智能今年底還能收到OC嗎？

In response to answer your second question, you should know that, yes of course the progress of OC application is closely watched by the industry.

在回答你的第二個問題時，你應該知道，OC的應用進度當然受到業界的密切關注。

However, there are no readily available standards that we can refer to for the OC review.

然而，我們並沒有現成的標準可供我們進行 OC 審查時參考。

Therefore, it requires improvements and innovations on the current regulations.

因此，需要對現行法規進行改進和創新。

Therefore, the OC approval process is also a process of setting up standards.

因此，OC審批過程也是一個制定標準的過程。

And most of the work on the OC review has been completed and also based on the feedback from the Civil Aviation Administration of China, we have recently submitted necessary adjustments, and we are still waiting for further feedback from them.

而且OC審核的大部分工作已經完成，而且根據民航局的回饋，我們近期也提交了必要的調整，目前還在等待民航局的進一步回饋。

Our company has been quick to respond and also make adjustments.

我公司反應很快，也做出了調整。

Our goal is to meet the safety operational requirements of the Civil Aviation Administration as soon as possible.

我們的目標是盡快滿足民航局的安全運作要求。

If all goes well, the first OC is expected to be issued within this year.

如果一切順利，第一個OC預計將在今年內發行。

However, we also hope everyone understands that this is a process of certifying operational safety, which requires a lot of rigorous work and responsibility to the passengers.

但我們也希望大家明白，這是一個證明運作安全的過程，需要大量嚴謹的工作和對乘客的責任。

So please stay tuned for further updates.

因此，請繼續關注進一步的更新。

Thank you.

謝謝。

Laura Li, Deutsche Bank.

勞拉李，德意志銀行。

Thank you for taking my question.

感謝您回答我的問題。

My first question is about production.

我的第一個問題是關於生產的。

I think last quarter we talked about there will be additional 1,000 units per year capacity by next year.

我認為上個季度我們談到明年產能將增加 1,000 台。

Does that include the capacity from the third-party manufacturer or partners, as you mentioned today, or is it mainly on the Yunfu factory?

這是否包括您今天提到的第三方製造商或合作夥伴的產能，還是主要集中在雲浮工廠？

Also, is there any update on the CAPEX of this and next year?

另外，今年和明年的資本支出有什麼更新嗎？

First, on your CapEx question, so this year our CapEx is around USD15 million, and it will be USD20 million for the next year.

首先，關於你的資本支出問題，今年我們的資本支出約為1500萬美元，明年將是2000萬美元。

And with your question on the production ramp up, we will start technical upgrades to our existing and only factory in Yunfu, Guangdong province in Q4.

根據您關於產量提升的問題，我們將於第四季開始對廣東省雲浮現有的唯一工廠進行技術升級。

Meanwhile, we will also prioritize constructing new factories in Guangzhou, Hefei, and Guangxi.

同時，我們也將優先在廣州、合肥、廣西興建新工廠。

These new factories may involve joint ventures.

這些新工廠可能涉及合資企業。

We may bring in new partners in the manufacturing industry to leverage their experience and management models with our products for better aircraft production and delivery.

我們可能會引入製造業的新合作夥伴，將他們的經驗和管理模式與我們的產品結合起來，以便更好地生產和交付飛機。

Okay, got it.

好的，明白了。

Just a quick follow up.

只需快速跟進即可。

Think about the technical upgrades in Yunfu factory in 4Q, will that cost any kind of downtime or influence the delivery cadence for this year or no?

想想第四季雲浮工廠的技術升級，會不會造成停機或影響今年的交付節奏？

I expect the impact or disruption to the production and delivery would be minimal.

我預計對生產和交付的影響或中斷將是最小的。

We have considered the potential impact of this technical upgrade on the deliveries, from Q2 all the way to Q3.

我們已經考慮了這次技術升級對從第二季一直到第三季的交付量的潛在影響。

However, we want to mitigate and minimize the impact as we upgrade to the capacity.

但是，我們希望在升級容量時減輕並最小化影響。

We believe the short-term disruption, if there were any to the production, may be offset by the increased production later on.

我們認為，短期的生產中斷（如果有的話）可能會被隨後產量的增加所抵消。

Meanwhile, we are also considering scheduling the construction of other facilities.

同時，我們也在考慮安排其他設施的建設。

With the synergies between these upgrades, as well as additional production facilities we might be able to minimize the impact and ensure future smooth deliveries.

透過這些升級之間的協同作用以及額外的生產設施，我們也許能夠最大程度地減少影響並確保未來的順利交付。

Okay, got it.

好的，明白了。

Yes, thank you for the call.

是的，謝謝您的來電。

James Zou, UBS.

詹姆斯鄒，瑞銀集團。

Thanks for taking my question.

感謝您提出我的問題。

My question is regarding that since the battery prices are lowering and our scale is growing up, what are we expecting our breakeven would be at what kind of scale or at what kind of time period?

我的問題是，既然電池價格正在下降，我們的規模正在擴大，我們預期我們的損益平衡點會在什麼樣的規模或什麼樣的時間段？

As we ramp up production, the price of battery as well as the key components will definitely come down, that's the trend.

隨著產量的增加，電池以及關鍵零件的價格肯定會下降，這是趨勢。

However, you should know that we are constantly iterating these models and also introducing new features.

但是，您應該知道我們正在不斷迭代這些模型並引入新功能。

This will potentially push up some of the costs of these aircraft, but our gross profit margin is at a healthy level.

這可能會推高這些飛機的部分成本，但我們的毛利率處於健康水平。

Let me point you that we have achieved a positive adjusted net profit for the past quarter, and we'll definitely see a faster growth in our revenue than our expense.

讓我指出，我們在過去一個季度實現了正的調整後淨利潤，並且我們肯定會看到收入的成長快於支出的成長。

In other words we are having better operational efficiency and a stronger capacity of a stronger profitability.

換句話說，我們的營運效率更高，獲利能力更強。

Thank you for the color.

謝謝你的顏色。

My second question is regarding our supply chain strategy.

我的第二個問題是關於我們的供應鏈策略。

What kind of investment and research and development strategy are we adopting in the electric motor and the solid-state battery?

我們在馬達、固態電池方面採取什麼樣的投資和研發策略？

Thank you for your question.

謝謝你的提問。

I'll take this one.

我要這個。

Let me start by saying that in this emerging UAM industry, air taxis are set to play a critical role in the future low-altitude economy.

首先我要說的是，在城市空中交通這個新興產業中，空中的士將在未來的低空經濟中發揮至關重要的作用。

For us, the key is to enhance the EH216-S based on its airworthiness certification and will continually upgrade the core components and key technologies to maintain our product and technological leadership.

對我們來說，關鍵是在EH216-S適航認證的基礎上進行提升，並不斷升級核心零件和關鍵技術，維持我們產品和技術的領先地位。

Based on this strategy, we have chosen and focused on over 10 core areas, including batteries, motor, propellers, AI, composite materials, and communication technologies.

基於這個策略，我們選擇並聚焦了電池、馬達、螺旋槳、人工智慧、複合材料、通訊技術等10多個核心領域。

Through collaborative development, strategic investments, as well as joint venture, we maintain active communication and cooperation with these top-level suppliers in this industry chain.

透過協同開發、策略投資、合資等方式，我們與產業鏈上的頂級供應商保持積極的溝通與合作。

We are constantly exploring new patents and also new technological directions.

我們不斷探索新的專利和新的技術方向。

Perhaps in the future, we might even offer some key components that we developed to our peers in the industry to push forward innovation in this sector.

也許在未來，我們甚至可以向業內同行提供我們開發的一些關鍵組件，以推動該領域的創新。

For example, recently we completed a 48 minutes endurance to flight test on the EH216-6 using high energy solid-state lithium batteries developed with Inx Energy.

例如，最近我們使用 Inx Energy 開發的高能量固態鋰電池在 EH216-6 上完成了 48 分鐘的續航飛行測試。

This marks a significant breakthrough in the technology in this industry.

這標誌著該行業技術的重大突破。

We aim to extend this to 60 minutes in the future.

我們的目標是在未來將其延長至 60 分鐘。

Additionally, we're developing a new generation of power systems to improve efficiency.

此外，我們正在開發新一代電力系統以提高效率。

On the product side, other than the EH216 series, the VT-35 will also be a strong complement to our current product lineup.

在產品方面，除了EH216系列之外，VT-35也將成為我們現有產品陣容的強大補充。

Thanks for taking my questions.

感謝您回答我的問題。

Yes, that's all from me.

是的，這都是我的。

Gareth Zhao, TF securities.

趙嘉瑞，天風證券。

Management, thank you for taking my question.

管理層，謝謝您提出我的問題。

I have two questions.

我有兩個問題。

My first one is regarding the gross margin.

我的第一個問題是關於毛利率。

We saw there is a slight decline in gross margin in this quarter, how does the Company view the potential for cost reduction in the future?

我們看到本季毛利率略有下降，公司如何看待未來成本降低的潛力？

Thank you.

謝謝。

In the third quarter, we are very delighted to see some repeat orders from our existing customers.

在第三季度，我們非常高興地看到現有客戶的一些重複訂單。

However, we actually sell them based on last year's contract prices.

然而，我們實際上是按照去年的合約價格出售的。

Therefore, it slightly affected our average selling price and caused a minor decrease in our gross margin.

因此，這對我們的平均售價略有影響，並導致我們的毛利率略有下降。

But it remains still at over 60%, so the impact is minimal.

但仍保持在 60% 以上，因此影響很小。

On the cost side as we scale up production, we expect some cost reductions due to economies of scale.

在成本方面，隨著我們擴大生產規模，我們預期由於規模經濟，成本會下降。

At the same time, we will continue to enhance the performance of core components like motors and batteries, which could increase costs to some extent.

同時，我們將持續提升馬達、電池等核心零件的性能，這可能會在一定程度上增加成本。

These factors will likely balance each other out, so we anticipate maintaining a gross margin of around 60% in the future.

這些因素可能會相互平衡，因此我們預計未來毛利率將維持在 60% 左右。

Okay, thank you.

好的，謝謝。

My second question is regarding the VTC progress.

我的第二個問題是關於VTC的進展。

Could you provide more insights about the progress of VTC certification in overseas market?

能否介紹一下VTC認證在海外市場的進展？

Thank you.

謝謝。

EHang has conducted flights in 18 countries worldwide and engaged with various national aviation regulators across the world.

億航智慧已在全球 18 個國家營運航班，並與世界各地多個國家的航空監管機構合作。

We understand that countries take a cautious approach to certifying new types of aircraft.

我們理解各國對新型飛機的認證採取謹慎態度。

Also in these areas, they lack experience and certification systems.

同樣在這些領域，他們缺乏經驗和認證體系。

Therefore, for us, while we were advancing our overseas certification process through bilateral airworthiness channels with the Civil Aviation Administration of China, we are also actively exploring some pilot programs abroad to get our eVTOL operational internationally, so as soon as possible.

因此，對我們來說，我們在透過與中國民航局的雙邊適航管道推進海外認證進程的同時，也在積極探索海外的一些試點項目，以便盡快讓我們的eVTOL在國際上投入運作。

For instance in September Brazil's Aviation Authority granted our EH216-S an Experimental Flight Permit, allowing us to conduct flight tests and trials extensively in Brazil.

例如，今年9月，巴西航空管理局向我們的EH216-S頒發了實驗飛行許可證，讓我們可以在巴西進行廣泛的飛行測試和試驗。

This would help us to gather data for future VTC certification.

這將有助於我們收集未來 VTC 認證的數據。

Also, moving to Thailand, we are actively exploring a sandbox pilot model with the Thai Aviation Authority.

此外，來到泰國，我們正在與泰國航空管理局積極探索沙盒試點模式。

We're aiming to begin commercial flight operations in some selected regions next year.

我們的目標是明年在一些選定的地區開始商業航班營運。

Thank you.

謝謝。

Ling Liu, Guosheng Securities

劉玲，國盛證券

Congratulations on the strong results.

祝賀取得了優異的成績。

We noticed the recent announcement of the Hefei Hub completion.

我們注意到近期合肥樞紐落成的消息。

Could management share some insights on the future operational plans in Hefei?

管理階層能否分享一些關於合肥未來營運計畫的見解？

Thank you for your question.

謝謝你的提問。

The Hefei Hub is the major operating site built to OC standards, complementing existing sites to pilot various air transportation operations.

合肥樞紐是依照OC標準建造的主要營運站點，是現有站點的補充，可試行各種航空運輸業務。

The Hefei municipal government has announced plans to build over 30 eVTOL takeoff and landing points in Hefei over the next three years.

合肥市政府宣布，計畫未來三年在合肥興建30多個電動垂直起降點。

The operational plan is quite extensive in its size, with existing size integrated with operations at Luogang Park.

營運規劃規模相當廣泛，現有規模已與蘿崗公園的營運融為一體。

It will serve as an air transport hub.

它將作為航空運輸樞紐。

Once operational qualifications are obtained, ticketed operations will start very soon.

一旦獲得營運資質，票務營運將很快開始。

Yiming Wang, China Renaissance.

王一鳴，中國文藝復興。

My question is on the capacity ramp up following the technical upgrades.

我的問題是關於技術升級後產能的提升。

How much do you think it is going to help increase our capacity and how much help or assistance is going to land in our deliveries to our existing orders?

您認為這將在多大程度上幫助我們提高產能，以及對我們現有訂單的交付有多少幫助或幫助？

Thank you.

謝謝。

Current production capacity is being enhanced through means of supply chain optimization and improved worker skills, as well as efficiency.

目前的生產能力正在透過供應鏈優化、工人技能和效率的提高而得到增強。

However, the factory requires a technical upgrade to further increase capacity.

然而，該工廠需要進行技術升級以進一步提高產能。

Additionally, if we were to increase the capacity significantly, that means we need to build out new factories.

此外，如果我們要大幅增加產能，這意味著我們需要建造新工廠。

It looks like the demand for our aircraft has exceeded our expectations.

看來對我們飛機的需求超出了我們的預期。

So, we are in the process of selecting new sites and designing new factories.

因此，我們正在選擇新地點並設計新工廠。

Existing orders are right now being delivered at a stable pace.

現有訂單目前正以穩定的速度交付。

The testing of aircraft is relatively time-consuming and complex, so the current focus is on maintaining stability and thorough testing to ensure aircraft safety.

飛機的測試相對耗時且複雜，因此目前的重點是保持穩定性和徹底的測試，以確保飛機的安全。

Additionally, other infrastructures such as takeoff and landing points, operational centers, and training for operators and maintenance personnel also require time.

此外，其他基礎設施，如起飛和著陸點、營運中心以及操作員和維護人員的培訓也需要時間。

Once the new factories and test sites are operational next year, the infrastructure for operational centers in various locations is mature, delivery speed will pick up.

一旦明年新工廠和試驗場投入運營，各地運營中心的基礎設施已經成熟，交付速度將會加快。

ongyan Zhou, CITIC Securities

週翁艷，中信證券

I've got two questions.

我有兩個問題。

One is regarding the future of CAPEX investment expectations in the solid-state battery?

一是關於未來固態電池CAPEX投資預期？

What forms of collaboration are we taking in this collaboration in the solid state of battery?

這次固態電池的合作我們採取什麼形式的合作？

If new property rights were generated on this solid state of battery, how are we going to split the ownership of it?

如果這種固態電池產生了新​​的產權，我們將如何分割它的所有權？

That's my first question.

這是我的第一個問題。

As early as July last year, we proactively participated in the strategic investment in Inx Energy.

早在去年7月，我們就積極參與了Inx Energy的策略投資。

And over the past year, both technical teams have continued to collaborate on research and development with very good coordination and responsiveness, allowing us to achieve phased goals in a relatively short time.

而且過去一年來，兩個技術團隊持續協同研發，協調性和回應性非常好，讓我們在較短的時間內實現了階段性目標。

The technical breakthrough is also supported by the Hefei Municipal Government.

這項技術突破也得到了合肥市政府的支持。

Last October, we reached a cooperation agreement with the Hefei Municipal Government, continuously implementing low-altitude projects in Hefei to promote the development of the local low-altitude economy.

去年10月，我們與合肥市政府達成合作協議，持續在合肥實施低空項目，促進當地低空經濟發展。

The Hefei Government is also very supportive of these technical breakthroughs.

合肥市政府對於這些技術突破也非常支持。

Under the incubation of the National First Center Low-Altitude Economy Battery Energy Research Institute, we and Inx Energy have successfully completed the solid-state battery R&D breakthrough and installed it on the EH216-S and have successfully test-flown it.

在國家第一中心低空經濟電池能源研究院的孵化下，我們與英克斯能源成功完成固態電池研發突破，並安裝在EH216-S上並成功試飛。

We'll continue to increase our R&D investment in fast charging and solid-state batteries.

我們將持續加大在快充和固態電池方面的研發投入。

These expenses are primarily recorded as R&D costs and not included in the capital expenditures.

這些費用主要記作研發費用，不計入資本支出。

Also, we are doing contract manufacturing, so there isn't any CAPEX included for the production of these batteries.

此外，我們正在進行合約製造，因此這些電池的生產不包含任何資本支出。

The intellectual property for the core technologies and components will be jointly owned by EHang and our partners.

核心技術和零件的智慧財產權將由億航智慧與合作夥伴共同擁有。

Thank you.

謝謝。

Thank you.

謝謝。

That concludes the question-and-answer session.

問答環節到此結束。

I'd like to hand the call back to Ms. Anne for closing remarks.

我想將電話轉回給安妮女士做結束語。

Okay.

好的。

Thank you, operator, and thank you all for joining today's conference call.

謝謝接線員，也謝謝大家參加今天的電話會議。

If you have any further questions, please contact our IR team by email or participating in our following investor events through the calendar information provided on our company's IR website.

如果您有任何其他疑問，請透過電子郵件聯絡我們的投資者關係團隊，或透過我們公司投資者關係網站上提供的日曆資訊參加我們的以下投資者活動。

We appreciate your interest and look forward to our next earnings call.

我們感謝您的關注，並期待我們的下一次財報電話會議。

Thank you.

謝謝。

Thank you all again.

再次感謝大家。

You may now disconnect.

您現在可以斷開連線。

Thank you.

謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。