EHang Holdings Ltd (EH) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to the EHang's fourth quarter and Fiscal Year of 2024 earnings conference call. Please note that the management’s prepared remarks and the subsequent Q&A session will be primarily conducted in Chinese. And the corresponding simultaneous or consecutive interpretation can be accessed on the English line.

女士們、先生們，大家好。感謝您的支持，歡迎參加億航智能 2024 財年第四季和年度財報電話會議。請注意，管理層的準備發言和隨後的問答環節將主要以中文進行。並且在英語線路上可以獲得相應的同聲傳譯或交替傳譯。

As a reminder all translations are for convenient purposes only. In any case of any discrepancy the management statement in the original language will prevail. To listen to the original remarks by the management, please join the Chinese line. Additionally, both the Chinese and English lines are open for questions, and today's call is being recorded.

提醒一下，所有翻譯僅是為了方便目的。如有任何差異，以原始管理聲明為準。欲聆聽管理階層的原文，請加入中文專線。此外，中文和英文熱線均開放接受提問，並且今天的通話正在錄音。

Now I will turn the call over to Anne Ji, EHang's Senior Director of Investor Relations. Ms. Anne, please proceed.

現在，我將電話轉給億航智慧投資者關係資深總監 Anne Ji。安妮女士，請繼續。

Hello everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the fourth quarter and fiscal year of 2024. The earnings release is available on the company's IR website. Please note the conference call is being recorded and the audio replay will be posted on the company's IR website.

大家好。感謝大家參加今天的電話會議，討論公司 2024 年第四季和財年的財務表現。收益報告可在公司的 IR 網站上查閱。請注意，電話會議正在錄音，音訊重播將發佈在該公司的 IR 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.

今天的電話會議由我們的創辦人、董事長兼執行長胡華志先生主持；趙旺先生，營運長；以及財務長 Conor Yang 先生。

Before we continue, please note that today's discussion will contain forward-looking statements may pursuant to the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding this and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under replicable law. Also, please note that all numbers presented are in RMB and are for the fourth quarter of 2024 unless stated otherwise.

在我們繼續之前，請注意，今天的討論將包含前瞻性陳述，可能符合 1995 年美國私人證券訴訟改革法案的安全港規定。前瞻性陳述涉及固有風險和不確定性。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。有關此風險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。本公司不承擔更新任何前瞻性陳述的義務，除非法律另有規定。另請注意，除非另有說明，所有數字均以人民幣為單位，且為 2024 年第四季的數字。

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

現在，我將把電話轉給我們的執行長胡華志先生。胡先生，請說。

Hello everyone, and thank you for joining our earnings call. Q4 and full-year 2024 marked another record-breaking period for EHang. We continue to grow significantly, beating our guidance and setting new record high quarterly and annual deliveries and revenues.

大家好，感謝您參加我們的財報電話會議。2024年第四季和全年標誌著億航又一個破紀錄的時期。我們繼續大幅成長，超越了預期，創下了季度和年度交付量和收入的新高。

In Q4, we deliver 78 units of EH216 series product, generating revenues of RMB164 million, representing an increase of 239.1% year-over-year. For the full-year, we delivered 216 units with a total revenue reaching RMB456 million, marking a 288.5% year-over-year increase.

第四季度，我們交付EH216系列產品78台，實現營收1.64億元，年增239.1%。全年共交付216台，實現銷售收入4.56億元，年增288.5%。

More importantly, 2024 was a breakthrough year as we achieved positive adjusted net income and positive operating cash flow for the first year, a significant milestone in EHang’s decade-long journey. With this, EHang also became the first eVTOL company in the global urban air mobility industry to achieve non-GAAP profitability, further solidifying our leadership. At China's 2025 two sessions, the low-altitude economy took center stage as strategic emerging industry and a key driver of new quality productivity.

更重要的是，2024年是突破性的一年，因為我們第一年實現了正的調整後淨收入和正的經營現金流，這是億航十年征程中的一個重要里程碑。由此，億航也成為全球城市空中交通產業首家實現非GAAP獲利的eVTOL公司，進一步鞏固了我們的領導地位。在我國2025年兩會上，低空經濟作為戰略性新興產業和新高品質生產力的重要推動力，成為焦點。

For the second consecutive year, it was included in the Government Work Report, which explicitly calls for large-scale demonstration projects to advance new technologies, new products, and new applications to promote the sector's safe and healthy development. Additionally, China's NDRC, National Development and Reform Commission, established a dedicated low-altitude economy development department in December 2024. Meanwhile, the local governments in over 50 cities across China have introduced their localized development plans for the sector. These government initiatives further highlight China's long-term national strategy and strong commitment to developing the low-altitude economy. If 2024 was the year of planning for low-altitude development, 2025 will be the year of its implementation.

連續第二年寫入政府工作報告，明確要求進行大型示範項目，推動新技術、新產品、新應用，促進產業安全健康發展。此外，中國國家發展和改革委員會於 2024 年 12 月成立了專門的低空經濟發展部門。同時，全國50多個城市政府也相繼推出了在地化的新能源汽車發展計畫。這些政府措施進一步彰顯了中國發展低空經濟的長期國家戰略和堅定決心。如果說2024年是低空發展的規劃之年，那麼2025年將是低空發展的落地之年。

Since obtaining the three airworthiness certificates, we have been accelerating the commercial deliveries and operational deployment of the EH216-S. Our customers have already established over 20 eVTOL operational demonstration sites and e-ports across 16 cities in China, including Hefei, Guangzhou, Shenzhen, Shanghai, Wuxi, Taiyuan and Wenzhou. This year our top priority is to launch operational demonstration projects in key cities to enable the public to experience the eVTOL flights firsthand.

自從獲得三張適航證以來，我們一直在加快EH216-S的商業交付和營運部署。我們的客戶已在中國16個城市建立了20多個eVTOL營運示範點和電子港口，包括合肥、廣州、深圳、上海、無錫、太原和溫州。今年我們的首要任務是在重點城市啟動營運示範項目，讓大眾親身體驗eVTOL飛行。

To this end, we have been actively driving the operator certification process for a pilot-less passenger carrying eVTOL aircraft. Currently, the Civil Aviation Administration of China has completed document and on-site inspections for the first two applicants accepted. They are EHang General Aviation, our wholly-owned subsidiary, substantializing in UAM operation services, and Heyi Aviation, our joint venture in Hefei. Both are now awaiting the final approval. We look forward to the early issues of the two operator certificates, marking the beginning of the commercial eVTOL operation era.

為此，我們一直在積極推動無人駕駛載客eVTOL飛機的營運商認證進程。目前，中國民航局已完成對首兩家受理申請人的資料審查和現場審查。這兩家公司分別是億航通航（主要從事城市空中交通營運服務）和合一航空（位於合肥的合資公司）。兩項法案目前均在等待最終批准。我們期待兩大業者牌照的早日頒發，標誌著商業化eVTOL營運時代的開始。

Looking ahead, we expect more operators to apply for the operator certificates, paving the way for broader commercial flight service of the EH216-S in the future. 2025 marks a pivotal year for AI technology innovation in China globally. This year's government work report reaffirms the nation's commitment to the AI Plus initiative, emphasizing the exploration of AI applications across various industries, including the low altitude economy. As a pioneer in pilotless, eVTOL, EHang continues deepening our AI Plus strategy. Leveraging our core technologies, including safety redundancy, autonomous flight, and fleet management, along with intelligent system platform where integrating AI across the whole eVTOL lifecycle to drive intelligent upgrades and innovative practices in commercial operations.

展望未來，我們期待更多營運商申請營運商證書，為 EH216-S 未來更廣泛的商業飛行服務鋪平道路。 2025年是中國在全球人工智慧技術創新的關鍵一年。今年的政府工作報告重申了國家對「人工智慧+」倡議的承諾，強調探索人工智慧在包括低空經濟在內的各個產業的應用。作為無人駕駛、eVTOL 領域的先驅，億航持續深化「AI+」策略。利用我們的核心技術，包括安全冗餘、自主飛行和機隊管理，以及在整個 eVTOL 生命週期中整合人工智慧的智慧系統平台，推動商業營運的智慧升級和創新實踐。

This includes further optimizing our key technologies and capabilities such as intelligent flight control algorithms, autonomic detection, flight road planning, command and control, human-machine interaction, scenario simulation, and the UAV cloud system. Beyond enhancing our aircraft, AI is set to expedite the construction and enhancement of the digital infrastructure for air mobility. EHang will collaborate with multiple Chinese universities, colleges, and relevant government departments and the commercial conglomerates to advance the integration and innovative integration of digital technologies such as 5G, 6G satellite communication sensor technologies and high-precision navigation with the low-altitude aviation industry.

包括進一步優化智慧飛控演算法、自主偵測、飛行道路規劃、指揮控制、人機互動、場景模擬、無人機雲端系統等關鍵技術和能力。除了增強我們的飛機之外，人工智慧還將加快空中機動數位基礎設施的建設和增強。億航將聯合中國多所大學、相關政府部門、商業集團，推動5G、6G衛星通訊感測技術、高精度導航等數位技術與低空航空產業的融合與創新融合。

Together, we aim to build a smart, low-altitude ecosystem interconnecting air traffic infrastructure, flight corridors, communication and navigation systems, airspace management, and operational services. This will establish a secure, efficient, and intelligent digital foundation to support commercial operations for EHang and our customers.

我們的目標是共同建構一個智慧低空生態系統，連接空中交通基礎設施、飛行走廊、通訊和導航系統、空域管理和營運服務。這將建立一個安全、高效、智慧的數位化基礎，支援億航和客戶的商業營運。

On the product front, we continue to advance our multi-rotor eVTOL series through strategic collaborations with the leading upstream companies, including INX, Greater Bay Technology, and Empower. Together, we are developing and customizing the next-generation high-energy solid-state lithium batteries, fast-charging batteries, and electric motors. We have achieved great progress in simple design, prototyping, and testing. We conducted the industry's first eVTOL test of light powered by solid-state lithium batteries, delivering an impressive endurance of over 48 minutes. We are thrilled about this major technological breakthrough that it reinforces our confidence in next phase overall performance enhancements.

在產品方面，我們透過與INX、Greater Bay Technology和Empower等領先的上游公司進行策略合作，繼續推進我們的多旋翼eVTOL系列。我們共同開發和客製化下一代高能量固態鋰電池、快充電池和電動馬達。我們在簡單設計、原型設計和測試方面取得了巨大進展。我們進行了業界首次由固態鋰電池供電的輕型 eVTOL 測試，續航時間達到了令人印象深刻的 48 分鐘以上。我們對這項重大技術突破感到非常興奮，它增強了我們對下一階段整體效能提升的信心。

For our upgraded lift and cruise model VT-35, it’s prototype is in its final assembly and testing. We plan to complete the full functionality test flights as soon as possible and initiate the airworthiness certification process. It will be unveiled soon. For the flying car that targets the mass consumer market, we formed a cross-industry strategic partnership with China Automobile to actively design and discuss new product solutions to explore innovative approaches to future personal transportation.

對於我們升級的升力和巡航模型 VT-35，其原型正處於最後的組裝和測試階段。我們計劃盡快完成全功能試飛，並啟動適航認證程序。很快就會揭曉。針對大眾消費市場的飛行汽車，我們與中國汽車結成跨產業戰略合作夥伴關係，積極設計和探討新的產品解決方案，探索未來個人交通的創新方式。

Over the past decade, EHang has pioneered numerous industry first, and we firmly believe the next 10-years will witness the rise of the low altitude economy, disruptive development of AI technologies, and transformative development in unmanned aviation. As the saying goes, a journey of thousand miles begins with the first step. As EHang enters its next decade in 2025, we remain steadfast in our commitment to advancing technological innovation, industry standards, operational demonstration, and ecosystem development of pilotless eVTOLs. We aim to lead the transformation of urban air mobility while promoting the safe, healthy, and sustainable development of the industry.

過去十年，億航創造了無數個產業第一，我們堅信未來十年將是低空經濟的崛起、人工智慧技術的顛覆性發展、無人機變革性的十年。俗話說，千里之行，始於足下。隨著億航於 2025 年進入下一個十年，我們將繼續堅定不移地致力於推動無人駕駛 eVTOL 的技術創新、行業標準、營運演示和生態系統發展。我們的目標是引領城市空中交通的變革，同時促進產業安全、健康和永續發展。

Next, I'll turn the call over to our COO, Mr. Wang. Thank you.

接下來，我將把電話轉給我們的營運長王先生。謝謝。

Hello, everyone. This is Wang Zhao. We closed 2024 with record high deliveries and revenues, exceeding our performance guidance. This success is driven by strong market demand and growing customer orders. In particular, our EH216-S autonomous messenger, eVTOL, has received a 30-unit order from Shandong province, a 30-unit order from Zhejiang province, along with an initial five-unit order and an indicative order from another 45 units from Sunriver, with the result of 78 units deliveries in Q4 and RMB164 million revenues.

大家好。我是王鑷。我們以創紀錄的高交付量和高收入結束了 2024 年，超出了我們的業績預期。這一成功得益於強勁的市場需求和不斷增長的客戶訂單。其中，我們的EH216-S自主飛行器eVTOL已獲得山東省30台訂單、浙江省30台訂單，以及Sunriver的5台初始訂單和45台指示性訂單，第四季共交付78台，收入1.64億元人民幣。

The total annual deliveries reached 216 units, with a total revenues of RMB456 million. To meet the continuously growing order demands, we are focusing on enhancing production efficiency, scaling production capability, and planning capacity expansion. Guided by our manufacture-to-order principle, we are establishing our regional and networked production-based layout in South China, East China, and North China.

全年累計交付216台，總收入4.56億元。為了滿足不斷增長的訂單需求，我們專注於提高生產效率，擴大生產能力，並規劃產能擴張。我們秉持以單生產的原則，在華南、華東、華北地區建立區域化、網路化生產佈局。

In South China, our Phase 1 Yunfu production base currently has an annual capacity of 300 units. This year, we plan to expand Phase 2 with 24,000 square meters of new production lines, while upgrading automation and efficiency. By 2025, Yunfu production base is expected to reach double size and a total annual capacity of 1,000 units. It will also produce a large number of aviation materials and components for our customers.

在華南地區，我們一期雲浮生產基地目前年產能為300台。今年我們計畫擴建二期24,000平方公尺的新生產線，同時提升自動化程度與效率。到2025年，雲浮生產基地預計將實現規模翻倍，年總產能達1,000輛。它還將為我們的客戶生產大量的航空材料和零件。

In East China with Hefei as our regional headquarters, we are further deepening strategic cooperation with Hefei government, partnering with the advanced and new energy vehicle manufacturers JAC Group and Hefei Guoxian Holdings to build an advanced, generalized, and automated eVTOL manufacturing base.

在華東地區，我們以合肥為區域總部，進一步深化與合肥市政府的策略合作，聯合先進新能源汽車製造商江淮汽車集團、合肥國顯控股等，打造先進、通用、自動化的eVTOL製造基地。

Additionally, we are collaborating with the Weihai High-Tech Zone in China province to establish a pilotless passenger eVTOL R&D and manufacturing base there, creating an all-around collaboration system, integrated production, sales, and operations.

此外，我們也與中國威海高新區合作，在那裡建立無人駕駛載人eVTOL研發和製造基地，打造全方位的協作體系，集生產、銷售和營運於一體。

In North China, we have entered a partnership with the Beijing Fangshan district government to establish a national headquarters for low-altitude emergency rescue equipment. The headquarters features a 72,000 square meter factory, a training center of over 100,000 square meters, and a training and exercise base of hundreds of acres. Leveraging EHang’s current flight platform and autonomous flying technologies, we plan to vigorously develop R&D production and operations in the fire emergency rescue sector, providing support for the life safety with autonomous flying vehicles.

在華北地區，我們與北京市房山區政府合作，成立全國低空緊急救援裝備指揮部。總部擁有7.2萬平方公尺的廠房、十多萬平方公尺的訓練中心、數百畝的實訓訓練基地。利用億航現有的飛行平台和自主飛行技術，我們計劃大力發展消防緊急救援領域的研發、生產和運營，以自主飛行器為生命安全提供支援。

This year's two sessions promoted large-scale application demonstration actions and the safe and healthy development of the low-altitude economy, which are deeply in line with EHang’s development strategy. We fully endorse this principle. Safety is the top priority of the sector. From the eVTOL design to the flight and operational system, EHang has implemented comprehensive safeguards for commercial operations. EHang has integrated the full redundancy philosophy from the IT sector into the design of our pilot-less passenger eVTOLs, and has passed vigorous airworthiness testing and certification.

今年兩會推動大規模應用示範行動、推動低空經濟安全健康發展，與億航的發展策略深度契合。我們完全贊同這項原則。安全是該行業的首要任務。從eVTOL設計到飛行及操作系統，億航為商業營運實施了全面的保障。億航將 IT 領域的完全冗餘理念融入無人駕駛載客 eVTOL 的設計中，並通過了嚴格的適航測試和認證。

The three major electrical systems within the aircraft all have sufficient redundancy with backups, eliminating single-point failures. As the low-altitude economy approaches a critical phase of mass adoption, the industry requires a suite of scientific comprehensive, rigorous, and safety-oriented operational framework for eVTOLs.

飛機內的三大電氣系統均具有足夠的冗餘和備份，消除了單點故障。隨著低空經濟進入大規模應用的關鍵階段，產業需要一套科學、全面、嚴謹、安全為導向的電動垂直起降飛行器營運架構。

During the operator certification review process, EHang worked closely with government agencies, regulators, academic institutions, and industry associations to advance the establishment and improvement of relevant standards and regulations. To strengthen safety operations, we have internally optimized our organizational structure to establish a comprehensive safety operational system and team.

在營運商認證審查過程中，億航與政府部門、監管機構、學術機構、產業協會等密切合作，推動相關標準和法規的建立和完善。為加強安全運營，我們在內部優化組織架構，建立完善的安全營運體系與隊伍。

From product sales, customer service, personal training, aviation material sales, maintenance and repair and software system, to landing path design, route planning and integrated operational services. We are building a full cycle value chain in compassing hardware services and operations to provide customers with one stop solutions.

從產品銷售、客戶服務、個人訓練、航材銷售、維修維修及軟體系統，到起降路徑設計、航線規劃及綜合營運服務。我們正在建立涵蓋硬體服務和營運的全週期價值鏈，為客戶提供一站式解決方案。

Looking ahead, our revenue streams will become more diversified. This year, EHang remains committed to the safety first principle, while focusing on low-altitude tourism as the key entry point in urban air mobility as a large-scale goal to expand our UAM operational network in pioneer cities to demonstrate the low-altitude economy and then systematically scaling operations from point-to-point connections to a fully integrated network.

展望未來，我們的收入來源將更加多元。今年，億航將繼續堅持安全第一的原則，同時以低空旅遊作為城市空中交通的關鍵切入點，並以此作為規模化目標，在先鋒城市拓展城市空中交通運營網絡，展示低空經濟，並逐步從點對點擴展到全網絡的綜合運營。

For example, our second UAM hub at Luogang Park in Hefei, the eVTOL operations center at Longhua Airport in Shanghai’s Xuhui Riverside and the first automated vertiport at the UAM center in Luohu, Shenzhen. These flagship projects serve as typical models. Over the next three years, we will work with partners such as China Construction Group, China Communications Construction Company, and other infrastructure construction units, local governments, and major commercial partners to jointly develop more than 100 urban air mobility terminals and more than 100 low-altitude cultural tourism terminals in national 5A-level scenic’s areas across China.

例如，我們在合肥蘿崗園區的第二個UAM樞紐，上海徐匯濱江龍華機場的eVTOL營運中心，以及在深圳羅湖UAM中心的首個自動化垂直起降港。這些旗艦項目具有典型示範作用。未來三年，我們將攜手中建、中交等基礎建設單位、地方政府、主要商業夥伴，在全國國家5A級景區共同開發100個以上城市空中交通終端和100個以上低空文化旅遊終端。

We aim to build a city level, low-altitude economy flight service system and carry out integrated business cooperation that combines culture and tourism, transportation, emergency response, and logistics. In 2025, based on EHang’s current mature flight platform and autonomous flying technologies, we will not only vigorously develop passenger business, but also develop non-passenger business.

打造城市級低空經濟飛行服務體系，進行文旅、交通、緊急、物流等整合業務合作。2025年，基於億航目前成熟的飛行平台和自主飛行技術，我們不僅會大力發展客運業務，還會大力發展非客運業務。

The fire emergency rescue sector has already been established in the capital Beijing. Besides, EHang is committed to developing low-energy, long-endurance logistics UAV products, which will greatly promote the development of low-cost, high-efficiency aerial logistics transportation. We aim to realize applications in inter-provincial, inter-provincial, and cross-border logistics scenarios.

首都北京已經成立了消防緊急救援隊伍。此外，億航致力於研發低能耗、長航時物流無人機產品，將大幅推動低成本、高效率空中物流運輸的發展。實現跨省、跨省區、跨境物流場景的應用。

Currently, we have started exploration and layout in Beijing, Guangdong, Guangxi, and Hainan. Overseas, we are expanding our presence in Asia, Europe, and South America to continuously advance our market development, flight scenarios, and regulatory approvals.

目前我們已經在北京、廣東、廣西、海南等地開始探索版面。在海外，我們正在擴大在亞洲、歐洲和南美洲的業務，以持續推動我們的市場開發、航班場景和監管批准。

In Q4 last year, we conducted three consecutive days of EH216-S passenger carrying flights in central Bangkok, Thailand, and planned to launch commercial trial operations this year within the sandbox areas designated by the Thai Civil Aviation Authority. In Japan, we completed a new four-city flight tour, expanding our flight footprint across 16 cities and showcasing multiple use cases, including aerial sightseeing, inter-island transportation, aerial logistics, and emergency services.

我們在去年四季度已經在泰國曼谷市中心進行了EH216-S連續三天的載客飛行，併計劃今年在泰國民航局指定的沙盒區域內啟動商業試運營。在日本，我們完成了新的四城飛行巡遊，將飛行範圍擴大到 16 個城市，並展示了多種用例，包括空中觀光、島間交通、空中物流和緊急服務。

In February this year, EH216-S completed Europe's first autonomous eVTOL flight in an urban environment in Benidorm, Spain. Setting a precedent for future urban air mobility deployment in Europe, most recently we conducted our first flight in Mexico, further expanding our global footprint to the 19th countries. To-date, our cumulative flight record has surpassed 64,000 flights.

今年 2 月，EH216-S 在西班牙貝尼多姆的城市環境中完成了歐洲首次自主 eVTOL 飛行。我們為歐洲未來城市空中交通部署樹立了先例，最近我們在墨西哥進行了首次飛行，進一步將我們的全球足跡擴展到第 19 個國家。截至目前，我們的累計飛行記錄已超過64,000次。

As we move into 2025, we will continue to execute our global market strategy of deepening domestic business, while expanding globally. We'll remain focused on both sales and operations, further diversifying our revenue streams. Amidst China's trillion-level low-altitude economy and the Blue Ocean market, along with the great potentials for aerial sightseeing across nearly 15,000 Class A and above tourist attractions and nearly 700 cities for urban air mobility, we remain optimistic about the strong demand for our eVTOL product and operational services.

邁入2025年，我們將持續執行深化國內業務、同時拓展全球業務的全球市場策略。我們將繼續專注於銷售和運營，進一步實現收入來源多元化。在中國萬億級低空經濟和藍海市場背景下，近15,000個A級以上旅遊景區和近700個城市空中觀光的巨大潛力，我們對我們的eVTOL產品和運營服務的強勁需求保持樂觀。

Confident in our long-term growth prospects, we expect total revenue for 2025 to reach RMB900 million, representing an approximately 97% increase year-over-year.

我們對長期成長前景充滿信心，預計2025年總收入將達到人民幣9億元，比去年同期成長約97％。

Now, I'll turn the call over to our CFO, Conor, for the financial performance. Thank you.

現在，我將把電話轉給我們的財務長康納，聽取財務業績。謝謝。

Hello, everyone. This is Conor. Before I go into details, please note that all numbers presented are in RMB, unless otherwise stated. Detailed analysis are contained in our earnings press release, which is available on our IR site.

大家好。這是康納。在我介紹細節之前，請注意，除非另有說明，所有數字均為人民幣。詳細分析包含在我們的收益新聞稿中，您可以在我們的 IR 網站上找到。

I will now highlight some of the key points here. I am pleased to report that we closed 2024 on a strong note, surpassing expectations for both Q4 and the full-year. In Q4, we achieved record revenues of RMB164.3 million, representing an impressive 190% year-over-year growth.

現在我將強調這裡的一些關鍵點。我很高興地報告，我們以強勁的業績結束了 2024 年，超越了第四季度和全年的預期。第四季度，我們實現了創紀錄的營收1.643億元人民幣，年增190%。

For 2024, our total revenues reached an all-time high of RMB456.2 million, up a substantial 289% year-over-year. This outstanding performance was primarily driven by strong eVTOL market demand, along with our well-coordinated and impactful strategic initiatives in key areas including OC certification, production scaling, and commercial readiness.

2024年，我們的總收入創歷史新高，達到人民幣4.562億元，年增289%。這項出色表現主要得益於強勁的 eVTOL 市場需求，以及我們在 OC 認證、生產規模和商業準備等關鍵領域協調良好且富有影響力的策略性舉措。

On deliveries, we set a new quarterly record with 78 units of the EH216 as delivered in Q4, marking a 239% year-over-year increase and a 24% sequential growth. For 2024, total deliveries of the EH216 series reached 216 units, up 315% from 52 units in 2023.

在交付方面，我們在第四季度交付了 78 台 EH216，創下了新的季度記錄，年增 239%，環比增長 24%。2024 年，EH216 系列總交付量達到 216 台，較 2023 年的 52 台成長 315%。

Our gross margin for Q4 was 60.7%, slightly down from 64.7% in the same period of 2023 and on par with Q3. For full-year 2024, the annual gross margin was 61.4%, a slight decrease from 64.1% in 2023. The decreases in gross margin were primarily due to changes in the revenue mix and higher unit costs for the EH216-S. Despite these modest declines, our gross margin remained high at 60%, highlighting our competitive edge and pricing power in the eVTOL sector.

我們第四季的毛利率為 60.7%，略低於 2023 年同期的 64.7%，與第三季持平。2024年全年年毛利率為61.4%，較2023年的64.1%略有下降。毛利率下降主要是由於收入結構的變化和EH216-S單位成本的增加。儘管有所下降，但我們的毛利率仍高達 60%，突顯了我們在 eVTOL 領域的競爭優勢和定價能力。

Turning to the operating expenses, in Q4 adjusted operating expenses, which is defined as operating expenses excluding share-based compensation, were RMB78.2 million, up 22% year-over-year from RMB64.2 million, but down 10% from Q3. The sequential decline reflects cost control and efficiency optimization, while the year-over-year increase was mainly due to the expansion of sales channels, higher employee compensation, and investments in new eVTOL models.

談到營業費用，第四季度調整後營業費用（即不包括股權激勵費用的營業費用）為人民幣 7,820 萬元，較去年同期的人民幣 6,420 萬元增長 22%，但較第三季度下降 10%。環比下降反映了成本控制和效率優化，年成長主要得益於銷售管道的擴大、員工薪酬的提高以及對新款 eVTOL 車型的投資。

In addition, we continue to actively invest in the development and iteration of new eVTOL models and technologies since we obtained the three airworthiness certificates. For 2024, adjusted operating expenses were RMB290.1 million, up 28.2% from RMB226.3 million in 2023. Strong top-line growth and cost efficiency contributed to a solid improvement in non-GAAP profitability.

此外，自從取得三項適航證以來，我們持續積極投入eVTOL新機型、新技術的研發與迭代。2024年，調整後營業費用為人民幣2.901億元，較2023年的人民幣2.263億元成長28.2%。強勁的營收成長和成本效率推動非公認會計準則獲利能力大幅提升。

Adjusted operating income for Q4 was RMB27.9 million, a significant improvement from the adjusted operating loss of RMB24.9 million in Q4 2023 and up 208.2% from Q3. In Q4, we realized the third consecutive quarter of adjusted net income for RMB36.4 million, a sharp improvement from the adjusted net loss of RMB22.1 million in Q4 2023, and up 132.3% from Q3.

第四季調整後營業收入為人民幣2,790萬元，較2023年第四季調整後營業虧損人民幣2,490萬元有顯著改善，較第三季成長208.2%。第四季度，我們連續第三季達到調整後淨利3,640萬元，較2023年第四季調整後淨虧損2,210萬元大幅改善，較第三季成長132.3%。

For 2024, we achieved the first-ever annual adjusted net income of RMB43.1 million, a significant improvement from the adjusted net loss of RMB139 million in 2023, marking our entry into a new phase of sustainable and accelerating profitability. Alongside a strong revenue growth and improving profitability, we also maintain a solid liquidity position.

2024年，我們首次實現年度調整後淨利4,310萬元，較2023年調整後淨虧損1.39億元有較大改善，標誌著我們進入可持續加速盈利的新階段。在營收強勁成長和獲利能力不斷提高的同時，我們也維持了穩固的流動性狀況。

As of the end of Q4, our total cash and cash equivalents, restricted short-term deposits and short-term investments, was RMB1,155 million. This strong cash balance provides us with strategic flexibility to support growth initiatives, invest in innovation, and enhance market competitiveness.

截至第四季末，我們的現金及現金等價物總額、受限短期存款及短期投資為人民幣11.55億元。強勁的現金餘額為我們提供了戰略靈活性，以支持成長計劃、投資創新並增強市場競爭力。

Notably, we recorded our fifth consecutive quarter of positive operating cashflow and the first ever annual positive operating cashflow, amounting to approximately RMB160 million in 2024, demonstrating our ability to generate a sustainable cash flow, while scaling operations.

值得注意的是，我們連續第五個季度實現正經營現金流，並首次實現年度正經營現金流，2024年達到約人民幣1.6億元，證明了我們在擴大經營規模的同時產生可持續現金流的能力。

Looking ahead to 2025, we are in the final stretch of obtaining operator certificates. We believe that the achievement of this key milestone along with our active progress in eVTOL commercialization readiness, operational deployments, production scale up, technological innovation, and a global market expansion will further solidify our industry leadership, a strong foundation for accelerated growth and drive us into a new growth cycle.

展望2025年，我們正處於取得營運商證書的最後階段。我們相信，這一關鍵里程碑的實現以及我們在 eVTOL 商業化準備、營運部署、生產規模擴大、技術創新和全球市場擴張方面的積極進展，將進一步鞏固我們的行業領導地位，為加速成長奠定堅實基礎，並推動我們進入新的成長週期。

Based on our current progress and market demand, we're expecting a total revenue in 2025 of approximately RMB900 million, representing a year-over-year increase of 97%. Thank you.

根據我們目前的進展和市場需求，我們預計2025年的總收入約為人民幣9億元，年增97%。謝謝。

(Operator Instructions)

（操作員指令）

Ting Song, Goldman Sachs.

高盛的宋婷。

(interpreted) Hi, thank you for taking my question. I just have a question which is regarded on the production capacity. I know we are expanding our production capacity for the Yunfu Phase 2. So wondering what kind of added production capacity we're looking at for the Hefei production facility by the end of 2025 and 2026? And also if we're talking about a total production capacity of 1,000 units. So how much volume are we seeing? So how much will be the utilization rate. I'll be looking at between 2025 and 2026? Thank you.

（翻譯）您好，感謝您回答我的問題。我只是有一個關於生產能力的問題。我知道我們正在擴大雲浮二期的生產能力。那麼，您想知道到 2025 年底和 2026 年底，合肥生產工廠將增加多少產能嗎？而且如果我們談論的是總生產能力為 1,000 台的話。那我們看到的交易量是多少呢？那麼利用率會是多少呢？我會關注 2025 年至 2026 年之間？謝謝。

(interpreted) I will take this question. For Yunfu Phase 2 for the capacity expansion, this will complete this year reaching total annual capacity of 1,000 units. And the Yunfu Phase 1 and Phase 2 production lines will have specialized focuses. They will be focusing on aviation materials, flash components, manufacturing, and aircraft assembly respectively. So additionally, with our joint venture with Empower, we are also upgrading the production lines, improving the automation and efficiency in manufacturing and supply chain management.

（譯）我來回答這個問題。雲浮二期產能擴充工程將於今年完工，年產能將達1,000台。其中，雲浮一期、二期生產線將各有重點。他們將分別專注於航空材料、閃存組件、製造和飛機組裝。此外，透過與 Empower 成立的合資企業，我們也正在升級生產線，提高製造和供應鏈管理的自動化程度和效率。

With regard to Hefei, we plan to establish a JV with JAC motors and Hefei Guoxian holdings to build a modern low-aptitude aircraft manufacturing facility. And according to the planning of the government, of the local, of the local government, the expansion construction work is expected to be completed in 1.5 and two years.

在合肥，我們計畫與江淮汽車、合肥國先控股成立合資企業，興建現代化低空飛機製造基地。而根據地方政府的規劃，擴建建設工作預計還需要1.5到2年的時間完成。

And Additionally, we also have plans for production in Weihai, Shandong province and Fangshan district of Beijing as previously mentioned. And our expansion for the capacity follows manufacturing to order principle. So we will adopt a systematic growth strategy across different parts of China, say South, East, and North China. And they will have specialized management for different product lines, including passenger transport, logistics, and emergency response and firefighting. Thank you.

此外，如前所述，我們也計劃在山東威海和北京房山區進行生產。我們的產能擴張是遵循按訂單生產的原則。所以我們將在中國不同地區，像是華南、華東和華北，採取系統性的成長策略。並針對客運、物流、緊急消防等不同產品線進行專業化管理。謝謝。

Cindy Wang, Morgan Stanley.

摩根士丹利的 Cindy Wang。

(interpreted) Thank you for answering my question. First, congratulations on the strong Q4 results. Could management provide additional color on the executive timeline for our OC application? What are some of the milestones we are expecting with regard to the application?

（翻譯）感謝您回答我的問題。首先，恭喜您第四季取得強勁業績。管理層能否為我們的 OC 應用程式的執行時間表提供更多細節？對於該應用，我們期待實現哪些里程碑？

And my second question is that when are we going to achieve a GAAP profitability with our collaboration initiatives and also the construction of many of the infrastructure and facilities. Can you please offer a ballpark, CapEx and OpEx for the coming quarters of this year? Thank you.

我的第二個問題是，我們什麼時候才能透過我們的合作計劃以及許多基礎設施和設施的建設來實現 GAAP 盈利。您能否提供今年未來幾季的大致資本支出 (CapEx) 和營運支出 (OpEx) 情況？謝謝。

(interpreted) Let me take your first question. We are glad to announce that we have a complete -- sorry the CAAC has completed and the acceptance and on-site inspection of these two AC applicants, that's for our Heyi subsidiary company. And we are now just waiting for -- so we have pretty much completed all the required work and just waiting for the final regulatory approval. So we also expect these OC will be rewarded to us as soon as possible. But so the inspection and everything I mentioned itself is already a milestone and these will provide the basis for us to roll into commercial operations as soon as possible.

（翻譯）讓我回答你的第一個問題。我們很高興地宣布，我們已經完成了——抱歉，中國民航局已經完成對這兩個 AC 申請人的驗收和現場檢查，這是我們合一子公司的。我們現在只等待——我們幾乎完成了所有必要的工作，只等待最終的監管部門批准。所以我們也期望這些OC能夠盡快的為我們帶來回報。但檢查和我提到的一切本身已經是一個里程碑，這些將為我們盡快投入商業運營奠定基礎。

I want to emphasize that these will be the first unmanned eVTOL OC issued under the new interim regulations for the UAV flight management. So the certification process itself is establishing and also refining the standards. So it is a significant responsibility that will set crucial precedence for the safe commercial operation of EH216-S and all unmanned passenger carrying aircraft in China. Thank you.

我想強調的是，這將是根據新的無人機飛行管理暫行規定頒發的首批無人駕駛eVTOL OC。因此，認證過程本身正在建立並完善標準。這是一個重大的責任，將為EH216-S以及中國所有無人載客飛機的商業安全運作樹立重要的先例。謝謝。

(interpreted) Okay. This is Conor, I will take your second question. As we have mentioned, we have achieved a non-GAAP profitability in 2024. And with your question of how and when are we going to achieve a full-year GAAP profitability, so according to our plan and also our estimated revenue growth of 97%, which is RMB900 million revenue in 2025, we expected to achieve GAAP profitability quarterly in the second-half of 2024. However, for full-year GAAP profitability, that will be sometime in 2026.

（翻譯）好的。我是康納，我來回答您的第二個問題。正如我們所提到的，我們在 2024 年實現了非 GAAP 盈利。至於您問我們如何以及何時實現全年 GAAP 盈利，根據我們的計劃以及預計的 97% 的收入增長，即 2025 年收入為 9 億元人民幣，我們預計將在 2024 年下半年實現季度 GAAP 盈利。然而，對於全年 GAAP 盈利能力而言，這將是在 2026 年的某個時候。

So with regard to CapEx, our full-year CapEx guidance for 2025 will be USD14 million. And the CapEx will be used in scaling up our production capacity in Yunfu Phase 2, Weihai, [Heyi], as well as our planned production site in Fangshan district, Beijing. And we will also use some of the money for developing models that will be used in emergency response and logistics. Plus, there's going to be investment in construction of our new headquarters in Beijing -- in Guangzhou.

因此，就資本支出而言，我們對 2025 年全年資本支出的預期為 1,400 萬美元。此資本支出將用於擴大我們在雲浮二期、威海、和一的生產能力以及我們位於北京房山區的計畫生產基地。我們還將利用部分資金來開發用於緊急應變和物流的模型。此外，我們也將在北京和廣州投資興建新總部。

And we expect the OpEx to grow at 40% year-over-year in 2025. Thank you.

我們預計 2025 年營運支出將年增 40%。謝謝。

Wei Shen, UBS.

瑞銀（UBS）的沈偉。

(interpreted) Two questions. Good evening, management. Two questions, one is on the gross margin outlook and the other one is on financing plans in 2025.

（翻譯）兩個問題。管理層，晚上好。兩個問題，一個是關於毛利率前景，另一個是關於2025年的融資計劃。

(interpreted) Our targeted gross margin is around 60%, give or take. So to achieve that, we are going to adopt two initiatives. For one, we are going to invest more efforts, roll out more product lines to make our product offering more diversified with the diversification that's going to help drive up the gross margin.

(解釋) 我們的目標毛利率約為 60%。為了實現這一目標，我們將採取兩項措施。首先，我們將投入更多精力，推出更多產品線，使我們的產品更加多樣化，多樣化將有助於提高毛利率。

And the second initiative we're planning to, you know, whatever I just mentioned about is going to help grow the gross margin. However, we are planning to do distribution model, which kind of, you know, sacrifice the gross margin a little bit. But give or take, we are aiming 60% gross margin.

我們計劃的第二項舉措，無論我剛才提到什麼，都將有助於提高毛利率。然而，我們計劃採用分銷模式，這在某種程度上會犧牲一點毛利率。但無論怎樣，我們的目標是實現 60% 的毛利率。

So last year we reached nearly USD100 million and also our current cash reserves exceeded RMB1.1 billion and as we've mentioned that our cash positive cash flow is around [RMB160 million] for 2024. So as you can see that our business is itself you know we have a business of sustaining capability and healthy development. So with regard to this year, we will accelerate in market and business expansion, seeking additional financing to strengthen our capital position. This will support new eVTOL technology and product development, market expansion, new headquarters construction, production facility development and team growth. So ensuring sufficient funding for our next growth phase. Thank you.

因此，去年我們的現金儲備達到了近 1 億美元，而且我們目前的現金儲備超過了 11 億元人民幣，正如我們所提到的，到 2024 年，我們的現金正流約為 [1.6 億元人民幣]。所以正如你所看到的，我們的業務本身就具有持續能力和健康發展的業務。所以就今年而言，我們將加速市場和業務擴張，尋求額外融資以加強我們的資本狀況。這將支持新的 eVTOL 技術和產品開發、市場擴張、新總部建設、生產設施開發和團隊成長。因此確保我們下一階段的成長有足夠的資金。謝謝。

Laura Li, Deutsche Bank.

德意志銀行的勞拉李（Laura Li）。

Hey, thank you for taking that question and congrats on a strong year. My first question is about the air taxi part. So we noticed there are increasing announcements of UAM, either you're building an experience center or development of digital infrastructures. So just wondering, is there any rough timeline for the air taxi operation and any notable milestones in between?

嘿，感謝您回答這個問題，並祝賀您度過了一個豐收的一年。我的第一個問題是關於空中計程車部分。因此，我們注意到有關 UAM 的公告越來越多，無論是建造體驗中心還是開發數位基礎設施。所以只是想知道，空中計程車的運作是否有大致的時間表以及其間任何值得注意的里程碑？

(interpreted) Thank you. This is Wang Zhao, I will take this question. While air taxi services remain our long-term vision and mission, aviation prioritizes safety above all, requiring careful step-by-step progress. So over the next couple of years, we will first establish operations in domestic tourism areas to accumulate enough data before we venture into air taxi services. And also air taxi implementation depends on ground infrastructure, particularly vertiports, and many low-altitude digital infrastructures including communication, navigation, surveillance, air traffic management.

（翻譯）謝謝。我是王鑷，我來回答這個問題。雖然空中計程車服務仍然是我們的長期願景和使命，但航空業將安全放在第一位，需要謹慎、循序漸進地推進。因此在接下來的幾年裡，我們將首先在國內旅遊區建立業務，累積足夠的數據，然後再進軍空中計程車服務。此外，空中計程車的實施也依賴地面基礎設施，特別是垂直起降機場，以及許多低空數位基礎設施，包括通訊、導航、監視、空中交通管理。

Right now, cities across China have put forward clear and specific plans and timelines for the infrastructure construction. And with many planning hundreds of thousands of vertiports and routes over the next three years. As an industry pioneer, EHang is actively contributing to policy development and infrastructure planning. Our partnerships with the CCCC and CSCEC and many local governments are actually helping to build the ecosystem and framework for air taxi operations.

目前，全國各城市均對基礎建設提出了明確、具體的規劃和時間表。許多公司計劃在未來三年內建造數十萬個垂直起降機場和航線。作為產業先驅，億航積極為政策制定和基礎設施規劃做出貢獻。我們與中國交建、中國建築以及許多地方政府的合作實際上正在幫助建立空中計程車營運的生態系統和框架。

Rongyan Zhou, CITIC.

週榮彥，中信公司。

Thank you for the presentation and thank you for taking my question. My questions are on your overseas market. The first one is the progress of our OC certification, as well as the orders. What kind of situation are we at right now?

感謝您的演講，也感謝您回答我的問題。我的問題是關於你們的海外市場。第一個是我們的OC認證的進度，還有訂單的狀況。我們現在處於一個什麼樣的情況？

And my second question is on our plans on diversifying our revenue streams. So with that, I mean particularly, what kind of revenue growth or mix are we looking at outside of manufacturing of these flying vehicles. So any guidance or plan on that?

我的第二個問題是關於我們收入來源多元化的計劃。因此，我特別想說的是，除了製造這些飛行器之外，我們還在尋求什麼樣的收入成長或組合。那麼對此有什麼指導或計劃嗎？

(interpreted) I'll take the question. Since Q4, we have completed flight demonstrations in Japan, Thailand, Spain, Mexico and many others, expanding our flight footprint to 19 countries. Last year we delivered orders to overseas markets, that includes UAE, Japan and Dominica. As pioneers in pilotless passenger carrying aircraft, we are actively engaging with civil aviation authorities worldwide through local flight demonstrations and discussions to promote the airworthiness certification for this new aircraft. The CAAC is very supportive of our efforts in applying for international certification. And we are working together to promote the certification of unmanned passenger carrying aircraft overseas. We are actively exploring some innovative pilot-first approaches to expedite the international operations of our eVTOLs. Thank you.

（譯）我來回答這個問題。自第四季度以來，我們已在日本、泰國、西班牙、墨西哥等許多國家完成了飛行演示，將我們的飛行範圍擴展到 19 個國家。去年我們向海外市場交付了訂單，包括阿聯酋、日本和多明尼加。作為無人駕駛客機的先驅，我們正透過當地的飛行演示和討論與世界各地的民航當局積極合作，推動這種新飛機的適航認證。中國民航局非常支持我們申請國際認證的努力。並正在共同推動無人載客飛機在海外的認證。我們正在積極探索一些創新的飛行員優先方法，以加速我們的 eVTOL 的國際營運。謝謝。

On your second question of diversifying our rapid extremes, EHang maintains a dual strategy of both operations and sales. So we position ourselves beyond just being an eVTOL manufacturer. We build a complete lifecycle value system for our customers, featuring hardware, service, and operations. So this includes product sales, customer service, personnel training, aviation materials, maintenance, software systems, and route planning and operations.

關於您的第二個問題，即多元化發展，億航堅持營運和銷售的雙重策略。因此，我們的定位不僅僅是一家 eVTOL 製造商。我們為客戶建構硬體、服務、營運完整的生命週期價值體系。這包括產品銷售、客戶服務、人員培訓、航空材料、維護、軟體系統以及航線規劃和營運。

As the eVTOL commercial operations scale up, EHang will develop more diversified revenue streams. And additionally, I want to tell you that beyond the passenger transportation, we are intensifying our efforts on logistics and firefighting business this year to broaden our revenue sources. Thank you.

隨著 eVTOL 商業營運規模的擴大，億航將開發更多樣化的收入來源。另外我想告訴大家，除了客運以外，今年我們還在加大物流、消防業務的投入，以拓寬收入來源。謝謝。

Yiming Wang, China Renaissance.

王一鳴，中國文藝復興。

(interpreted) Thank you for taking my question. I got two questions. One is on the update on new orders. And the second question is on the collaboration with the JAC production base. So what kind of roles will JAC and EHang play in this JV? And what kind of profit is split and also cost is split, we are looking at between you two? Thank you.

（翻譯）感謝您回答我的問題。我有兩個問題。一是有關新訂單的更新情況。第二個問題是關於與江淮生產基地的合作。那麼江淮汽車和億航智能將在此次合資公司中扮演什麼樣的角色呢？那麼，你們之間的利潤和成本是如何分割的呢？謝謝。

(interpreted) Our domestic demand is very strong, with the current intention order of exceeding 1,000 units, plus many more orders are under negotiation. Just so you know that we have dozens of clients, who place orders of dozens of units at each time. And additionally, you should know that China has nearly 15,000 Grade A and above tourism attractions for aerial sightseeing. And there are nearly 700 cities that offer or planning air mobility services. So we remain optimistic about the strong demand for our eVTOL products and operational services. Thank you.

(翻譯)我們國內的需求很旺盛，目前意向訂單已經超過1000台，還有更多的訂單正在洽談中。您要知道，我們有幾十個客戶，每次都會下幾十個單位的訂單。另外，大家應該知道，中國有近15,000個A級以上空中觀光旅遊景點。目前已有近700個城市提供或計畫提供空中交通服務。因此，我們對於 eVTOL 產品和營運服務的強勁需求仍然持樂觀態度。謝謝。

And with regard to your second question, The JV partnership with the JAC is actually carried out under the support of the Hefei municipal government. We are building a JV with JAC and Hefei- Guoxian Holdings Corporation to build eVTOL production base. So, JAC has accumulated expertise in manufacturing and supply chain management in the automobile sector, whereas for us, we are leading in the development, production and OC in the eVTOL sector. So this cooperation will bring the best of us and leverage both parties' respective advantages. And with regard to the specific details of this JV, it's still under discussion, and I'm sorry, I couldn't disclose more at the moment. Thank you.

關於您的第二個問題，與江淮汽車的合資關係實際上是在合肥市政府的支持下進行的。我們正與江淮汽車、合肥國顯控股有限公司成立合資企業，興建eVTOL生產基地。因此，江淮汽車在汽車領域的製造和供應鏈管理方面積累了專業知識，而我們在 eVTOL 領域的開發、生產和 OC 方面處於領先地位。所以這次合作將會充分發揮雙方各自的優勢。關於這個合資公司的具體細節，我們還在討論中，很抱歉，我目前不能透露更多。謝謝。

Yu Chen, Haitong Securities.

海通證券，餘晨。

(interpreted) First of all, thank you for taking my question and congratulate on the breakthroughs and strong results achieved in 2024. I got a question on the financials that I would like to double check with the management. So in Q4, we have seen that management and R&D related expenses grow significantly quarter-over-quarter in Q4. So how does management view the trends for these expenses for 2025?

(翻譯)首先，感謝您回答我的問題，並祝賀我們在2024年取得的突破和強勁成果。我對財務狀況有疑問，想再與管理階層再查證。因此在第四季度，我們看到管理和研發相關費用較上季大幅成長。那麼管理階層如何看待2025年這些費用的趨勢呢？

(interpreted) This is Conor. I'll take your question. You know, that the companies are still expanding and that's why we're seeing substantial revenue and delivery growth over the past year. We're also expanding our team, leading to increased expenses. However, expenses as a percentage of revenue have decreased significantly. And looking into this year, we expected the sales and R&D expenses to grow, definitely for sure, with moderate to growth in management expenses. So as revenue growth will outpace expense growth, we expected the ratio of SG&A to revenue to continue declining. As you know, that we are projecting a 97% growth in our revenues, whereas our operation growth related costs will grow at 40% year-over-year. Thank you.

（譯）我是康納。我來回答你的問題。你知道，公司仍在擴張，這就是為什麼我們在過去一年看到大幅的收入和交付成長。我們也在擴大我們的團隊，這導致費用增加。然而，支出佔收入的百分比已大幅下降。展望今年，我們預期銷售和研發費用肯定會成長，管理費用將溫和成長。因此，由於收入成長將超過支出成長，我們預期銷售、一般及行政費用與收入的比率將持續下降。如您所知，我們預計營收將成長 97%，而與營運成長相關的成本將年增 40%。謝謝。

Ling Liu, Guosheng Securities.

劉玲，國盛證券。

(interpreted) Thank you, two questions. One, is on the EH216 battery. So what kind of battery is it? What are the progress on the EH216 battery? What is the progress on the next generation lithium batteries? And what are the expected upgrades timeline and the anticipated flight endurance improvements? How are that looking? Second question is on the product of the VT-35 what's the update on that and when are we planning to submit to the TCE application? Thank you.

（翻譯）謝謝，我有兩個問題。一個，是在EH216電池上。那麼它是什麼樣的電池呢？EH216電池方面有哪些進展？下一代鋰電池進度如何？預計的升級時間表和預期的飛行續航能力提升是怎樣的？看上去怎麼樣？第二個問題是關於 VT-35 產品的，它的最新進展是什麼，我們計劃何時提交 TCE 申請？謝謝。

(interpreted) With regard to battery, right now we are pursuing two directions for the battery involvement. First, on the fast charging batteries. We are partnering with Greater Bay Technology and currently testing samples that could significantly reduce the charging time, so that's for one. And secondly on the solid-state batteries, our strategic investment in INX Energy is progressing well. We are having very excellent cooperation and R&D breakthroughs. So we have doubled the EH216-S flat endurance and we'll continue fine-tuning the performance and conducting more scenario validation. So we're aiming for mass production and installation by the end of this year. Thank you.

(翻譯) 關於電池，目前我們正在尋求兩個方向來涉足電池領域。首先，關於快速充電電池。我們正在與大灣科技合作，目前正在測試可以顯著縮短充電時間的樣品，這是其中之一。其次在固態電池方面，我們對INX Energy的策略投資進展順利。我們正在進行非常出色的合作和研發突破。因此，我們將 EH216-S 的平板續航能力提高了一倍，並且我們將繼續微調效能並進行更多的場景驗證。因此我們的目標是在今年年底實現大規模生產和安裝。謝謝。

With regard to the long haul model VT-35, right now the development of prototype is currently in its final assembly and debugging stage. We plan to complete the full function flight testing soon and initiated the airworthiness certification project it will be unveiled to the public shortly.

就遠端型號VT-35而言，目前原型機的研發正處於最後的組裝和調試階段。我們計劃很快完成全功能飛行測試，並啟動適航認證項目，並將於不久向公眾公佈。

Thank you. Seeing there are no more questions in the queue, let me turn the call back to Ms. Anne for closing remarks.

謝謝。看到隊列中沒有其他問題，請允許我將電話轉回給安妮女士，請她作最後發言。

(interpreted) Thank you operator and thank you for -- all for participating on today's call. If you have further questions, please contact our IR team by email or participate in the following investor events through the calendar information provided on our IR website. We appreciate your interest and look forward to our next earnings call. Thank you.

（翻譯）謝謝接線員，也謝謝大家參加今天的電話會議。如果您還有其他問題，請透過電子郵件聯絡我們的 IR 團隊，或透過我們的 IR 網站上提供的日曆資訊參加以下投資者活動。感謝您的關注，我們期待下次財報電話會議。謝謝。

Thank you all again. This concludes the call. You may now disconnect.

再次感謝大家。通話到此結束。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。