EHang Holdings Ltd (EH) 2025 Q1 法說會逐字稿

Good day.

再會。

Hello, everyone. Thank you, all, for joining us on today's conference call to discuss the company's financial results for the first quarter of 2025. The earnings release is available 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 2025 年第一季的財務表現。收益報告可在公司的 IR 網站上查閱。

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

請注意，電話會議正在錄音，音訊回放將發佈在公司的 IR 網站上。參加今天電話會議的有我們的創辦人、董事長兼執行長胡華志先生、營運長王昭先生和財務長楊康先生。

Before we continue, please note that today's discussion will contain forward-looking statements made pursuant to the Safe Harbor provision of the US Private Security 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.

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

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 applicable law. Also, please note that all numbers presented are in RMB and are for the first quarter of 2025, unless stated otherwise.

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。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。另外，請注意，除非另有說明，所有數字均以人民幣為單位，且為 2025 年第一季的數字。

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。

(interpreted) Hello, everyone, and thank you for joining our earnings conference call today. We started the 2025 with another major regulatory breakthrough. In the end of March, EHang General Aviation, our wholly owned subsidiary and Heyi Aviation, an operator of our client in Hefei were granted the first batch of Air Operator Certificates for human carrying pilotless aerial vehicles by the Civil Aviation Administration of China. This approval officially takes us from product certification into the era of commercial flight operations.

（翻譯）大家好，感謝您參加我們今天的財報電話會議。我們以另一項重大監管突破開啟了 2025 年。3月底，公司全資子公司億航通航與合肥客戶營運商合一航空榮獲中國民航局頒發的首批載人無人駕駛航空器航空營運許可證。此次批准正式標誌著我們從產品認證進入商業飛行營運時代。

It marks the beginning of a commercial eVTOL services in China's low altitude economy, allowing the general public to experience eVTOL flights for the first time. The issuance of the OC signifies that EHang has achieved the full lifecycle capabilities of eVTOL from design and R&D to manufacturing, airworthiness certification and now operational readiness. This completes a fully integrated to commercial loop. At the same time, we are gradually contributing to the development of industry innovation standards in areas like infrastructure, personnel training and operational safety. Step by step, we are advancing toward our long-term strategic goal, evolving from manufacturer of autonomous aerial vehicle into a comprehensive Urban Air Mobility platform operator, delivering a one-stop solution to our clients that covering aircraft hardware, software operational services and standard systems.

這標誌著中國低空經濟領域eVTOL商業化服務的開始，讓一般民眾首次體驗eVTOL飛行的樂趣。OC的頒發標誌著億航已具備eVTOL從設計研發到生產製造、適航取證以及營運準備的全生命週期能力。這就完成了完全整合的商業循環。同時，我們也逐步為基礎設施、人員培訓、營運安全等領域的產業創新標準制定做出貢獻。我們正一步步朝著我們的長期策略目標邁進，從自主飛行器製造商發展成為綜合性城市空中交通平台營運商，為客戶提供涵蓋飛行器硬體、軟體營運服務和標準系統的一站式解決方案。

In the first OC represents the most critical milestone for enabling commercial operations. With this issuance EHang has officially entered the commercialization phase, a stage that brings both opportunity and great responsibility. Aviation has always progressed with caution and discipline and as a pioneer in this emerging field, EHang remains deeply committed to the principle of safety first. We are taking a deliberate and phased approach.

第一個營運中心是實現商業營運的最關鍵里程碑。此次發行標誌著億航正式進入商業化階段，這是一個充滿機會的階段，同時也肩負著巨大的責任。航空業始終以謹慎和紀律的方式發展，作為這一新興領域的先驅，億航始終堅定地遵循安全第一的原則。我們正在採取深思熟慮、分階段的方法。

On the one hand, we continue to accumulate flight test data and provide strong support to our operator partners such as safe operation guidance and maintenance. On the other hand, we're adopting a phased strategy - first isolation, then integration, first tourism, then transportation, and first pilot projects, then expansion, [that prioritizes pilot operations in pilot cities.] (added by company after the call) We're not rushing to scale or chasing short-term gains. Instead, our early efforts are focused on pilot cities where our clients are to accumulate operational experience and build replicable models to gradually lift OC operational restrictions.

一方面，我們不斷累積飛行試驗數據，並為營運商合作夥伴提供安全運作指導、維護保養等強而有力的支援。另一方面，我們採取分階段的策略，先隔離、後融合，先旅遊、後交通，先試辦、後推廣，我們不急於擴大規模，也不追求短期利益。相反，我們早期的努力集中在試點城市，我們的客戶將在這些城市累積營運經驗並建立可複製的模型，以逐步取消 OC 營運限制。

For example, we start with clearly defined, low-risk scenarios such as sightseeing flights before expanding into more complex Urban Air Mobility services like Urban Air Commuting. This will pave the way for the gradual realization and scaling of commercial operations for autonomous human carrying aircraft. We believe this is the right path forward for our customers, for our partners and for the healthy development of the entire Urban Air Mobility industry. Turning to the product development. Our next-generation long-range pilotless human carrying eVTOL the VT35 has completed the final assembly of its first unit.

例如，我們從觀光飛行等明確定義的低風險場景開始，然後擴展到城市空中通勤等更複雜的城市空中交通服務。這將為自主載人飛機商業運營的逐步實現和規模化鋪平道路。我們相信，這對我們的客戶、我們的合作夥伴以及整個城市空中交通產業的健康發展來說都是正確的前進道路。轉向產品開發。我們的下一代遠端無人駕駛載人eVTOL飛機VT35已經完成首台機組的最終組裝。

Based on the VT30 prototype, the VT35 features significant upgrades, including the industry's most stable and safe autonomous flight control and propulsion systems. With our proprietary autonomous platform and a command-and-control system technologies, the VT35 delivers disruptive innovations in both the design and reliability, we believe it will become an outstanding model among medium and long-range eVTOL products. It is now undergoing full-scale flight testing, the CAAC has officially accepted our Type Certification application for the VT35, and the aircraft is ready being used for airworthiness validation test.

VT35 基於 VT30 原型機，進行了重大升級，包括業界最穩定、最安全的自主飛行控制和推進系統。憑藉我們自主研發的自主平台和指揮控制系統技術，VT35在設計和可靠性方面實現了顛覆性創新，我們相信它將成為中遠程eVTOL產品中的傑出典範。目前，該機正在進行全面試飛，中國民航局已正式受理我們VT35的型號合格證申請，飛機已準備好投入適航驗證試驗。

Leveraging our EH216-S certification experience, we expect it helps accelerate the VT35 certification process. We plan to unveil the VT35 in the third quarter of this year. In the international market, we believe the VT35 backed by China's industrial strength and advanced manufacturing will offer a clear cost and competitiveness advantage over other long-range eVTOL products globally.

利用我們的 EH216-S 認證經驗，我們希望它有助於加速 VT35 認證進程。我們計劃在今年第三季推出 VT35。在國際市場上，我們相信，依託中國工業實力和先進製造技術的VT35將比全球其他遠端eVTOL產品具有明顯的成本和競爭優勢。

On the innovation front, R&D has always been at the driving force behind EHang. We currently hold over 700 issued and pending patent assets worldwide. Nearly half of our team is dedicated to R&D. And many of our top engineers and technical leads like me come from Tsinghua University. Their strong academic foundation in aerospace, automation and intelligent manufacturing, along with the nearly 10 years' experience in EHang have positioned us as a global leader in autonomous flight systems and technologies.

在創新方面，研發一直是億航發展的驅動力。我們目前在全球擁有超過 700 項已發布和正在申請的專利資產。我們團隊中近一半的人致力於研發。我們許多像我這樣的頂尖工程師和技術負責人都來自清華大學。他們在航空航太、自動化和智慧製造方面的強大學術基礎，加上億航近十年的經驗，使我們成為自主飛行系統和技術的全球領導者。

In February this year, the Aerospace and Intelligent Manufacturing Committee of the Tsinghua Alumni Association was officially launched at EHang's headquarters in Guangzhou. We are honored to serve as the Chair member and myself as the Chairman. Through this committee, we aim to build an innovative ecosystem for the low altitude economy in the Greater Bay Area, combining EHang's leadership in autonomous aviation with the Tsinghua University's deep strength in research and talents.

今年2月，清華校友會航空航太與智慧製造專業委員會在億航廣州總部正式成立。我們很榮幸擔任主席成員，我自己也擔任主席。透過該委員會，我們旨在將億航在自主航空領域的領導地位與清華大學在研究和人才方面的雄厚實力相結合，為大灣區的低空經濟建立一個創新生態系統。

Our shared goal is to drive continuous R&D and achieve breakthroughs in next-generation pilotless aerial vehicle technologies.

我們的共同目標是推動下一代無人駕駛飛行器技術的持續研發並取得突破。

In March, we also signed an MOU with the University of Zaragoza in Spain and Guangzhou University to establish a joint low-altitude flight safety lab. With their support, we are deepening our cooperation with the European Union Aviation Safety Agency and advancing joint and R&D and talent development in Europe. With continuous innovation and differentiated core competitiveness, we will remain a global leader in the pilotless aviation industry and continue to shape the future of Urban Air Mobility.

今年3月，我們也與西班牙薩拉戈薩大學、廣州大學簽署了諒解備忘錄，建立低空飛行安全聯合實驗室。在他們的支持下，我們正在深化與歐盟航空安全局的合作，推動歐洲的聯合研發和人才培育。憑藉持續創新和差異化的核心競爭力，我們將保持全球無人航空產業的領先地位，並繼續塑造城市空中交通的未來。

With that, I'll hand it over to our Chief Operating Officer, Mr. Wang to walk through our operational highlights. Thank you.

接下來，我將把時間交給我們的營運長王先生，來介紹我們的營運亮點。謝謝。

Thank you, Mr. Hu. In the first quarter, we delivered 11 units of our EH216-S and generated revenues of RMB26.1 million. The lower delivery volume was primarily due to 3 factors: first, seasonal slowdown. The winter months and the Chinese New Year holiday typically make Q1 an off-season for product deliveries.

謝謝胡先生。第一季度，我們交付了11台EH216-S，實現收入2,610萬元。出貨量下降主要有三個因素：第一，季節性放緩。冬季和農曆新年假期通常會使第一季成為產品交付的淡季。

Second, after the holiday, many clients, especially those involving government procurement required time for their internal budgeting and approval processes. Third, as the issuance of an OC was approaching some customers who chose to place their orders after the OC was granted, meaning those orders were not reflected in Q1 results. At the same time, in Q1 2025, we kicked off the expansion and upgrade of our Yunfu production base. The size of our main factory has now doubled and once fully operational, it will support an annual production capacity of up to 1,000 units. In parallel, we're also building additional assembly facilities in Hefei, Anhui Province and Weihai, Shandong Province.

其次，假期過後，許多客戶，特別是涉及政府採購的客戶，需要時間進行內部預算和審核流程。第三，由於OC的發放臨近，一些客戶選擇在OC發放後下訂單，這意味著這些訂單沒有反映在第一季的業績中。同時，2025年第一季，我們啟動了雲端浮生產基地的擴建升級。我們主工廠的規模現已擴大一倍，一旦全面投入運營，年生產能力將達到 1,000 台。同時，我們也在安徽省合肥市和山東省威海市建造更多的組裝廠。

These multiple sites will ensure we have ample production capacity to fulfill orders in the future, while also providing supply of spare parts and consumables for the aircraft in operations.

這些多個工廠將確保我們擁有充足的生產能力來完成未來的訂單，同時也為營運中的飛機提供備用零件和消耗品的供應。

On March 28, 2 operators of the EH216-S and relevant services were officially granted their OCs. This marks a significant milestone for both EHang and the industry as it formally allows autonomous human carrying aircraft to begin commercial operations in China. It also demonstrates strong recognition and validation of our EH216-S from both the CAAC and the market. With the commercial operations now underway, we expect the flight activities to ramp up significantly since the second quarter.

3月28日，兩家EH216-S航線及相關服務的業者正式取得營運許可。這對億航和整個產業來說都是一個重要的里程碑，因為它正式允許自主載人飛機在中國開始商業運作。這也反映了中國民航局和市場對我們的EH216-S的高度認可和肯定。隨著商業營運的開展，我們預計自第二季起飛行活動將大幅增加。

The decline in Q1 performance was only temporary. Underlying demand remains robust with procurement and deliveries were simply deferred to later quarters. We are pleased to see that following the issuance of the OCs, customer inquiries and order volumes have picked up significantly. We could expect a strong rebound in the second quarter. Several major orders were discussed in Q1 with the customers from provinces such as Jilin, Jianggxi, Guizhou, Hainan, Anhui and Guangdong in China are now moving forward and will begin to convert into deliveries starting in the second quarter in phased batches.

第一季業績下滑只是暫時的。潛在需求依然強勁，採購和交付只是推遲到以後的幾個季度。我們很高興看到，自《經營許可》發布以來，客戶諮詢量和訂單量都大幅增加。我們預計第二季將出現強勁反彈。第一季與國內吉林、江西、貴州、海南、安徽、廣東等省份客戶洽談的幾筆大額訂單正在陸續推進，將從第二季開始分批轉為出貨。

On the operations side, following the CAAC's principle of safety first, EHang and our operator partners are implementing enhanced standards to ensure safe and compliant flight operations. The 2 certified operators, HeYi Aviation and EHang General Aviation are taking a phased 3 step rollout, starting with load-only trial operations, followed by human carrying trial operations and ultimately, transitioning into routine human carrying commercial services. This approach ensures the safe, stable and seamless progression toward full scale commercial operations.

在營運方面，遵循中國民航局安全第一的原則，億航與我們的營運商合作夥伴正在實施更嚴格的標準，以確保安全合規的飛行運作。兩家認證的營運商合一航空和億航通用航空正在分三階段推出這項服務，首先進行純載人試運行，然後進行載人試運行，最終過渡到常規載人商業服務。這種方法可確保安全、穩定、無縫地推進全面商業營運。

Currently, both operators have entered the human carrying trial phase at designated eVTOL sites in Guangzhou's Suigang Pier and Hefei Luogang Park. These flights are being offered initially to internal staff and a selected group of invited passengers via ticketing platforms. Once its sufficient experience and safety data have been accumulated, the operators will begin offering flight ticket sales to the public. At the same time, we're actively laying groundwork for scaled commercial operations by enhancing our customer service infrastructure. This includes providing standardized and scalable flight route planning, modular and customized vertiport designs and the systematic training program for operational and maintenance personnel.

目前，兩家業者已在廣州穗港碼頭、合肥蘿崗公園等指定eVTOL場地進行載人試驗。這些航班最初透過售票平台提供給內部員工和一組選定的受邀乘客。一旦累積了足夠的經驗和安全數據，營運商就會開始向公眾提供機票銷售。同時，我們也積極加強客戶服務基礎建設，為規模化商業營運奠定基礎。其中包括提供標準化、可擴展的航線規劃、模組化、客製化的垂直起降機場設計以及系統化的營運和維護人員培訓計畫。

These efforts are aimed at helping more customers prepare for their OC applications.

這些努力旨在幫助更多客戶為他們的 OC 應用程式做好準備。

In Q1, we supported a customer in Shanghai in establishing an eVTOL operation center at Longhua Airport on the Xuhui Riverside and successfully completed the first EH216-S flight in the city. This also marked the start of routine sightseeing flights along the Huangpu River in Shanghai. In Wencheng, Zhejiang Province, the world's largest UAM center for eVTOL exhibition, sales and operations was established.

第一季度，我們支持上海客戶在徐匯濱江龍華機場建立eVTOL營運中心，並成功完成上海首架EH216-S飛機的飛行。這也標誌著上海黃浦江沿岸常規觀光飛行正式開通。在浙江文成，全球最大的eVTOL展示、銷售和營運城市空中交通中心落成。

Meanwhile, in Shenzhen's Luohu District, our client has launched a UAM demonstration and experience center. This facility features the world's first fully automated multi-level smart eVTOL Vertiports, setting a new benchmark for urban low-altitude infrastructure.

同時，在深圳羅湖區，我們的客戶推出了一個UAM演示和體驗中心。該設施擁有世界上第一個全自動多層智慧 eVTOL 垂直起降機場，為城市低空基礎設施樹立了新的標竿。

Additionally, in collaboration with the China Communications, Information and Technology Group, we are building a multi-level urban transportation hub in Nalati, Xinjiang. These are examples of how the low-altitude economy will diversify its operational models and shape a more vibrant future-oriented way of lifestyle. On the industrial collaboration front, in February, we entered into a strategic partnership with JAC Motors and Guoxian Holdings to jointly develop a next-generation eVTOL manufacturing base in Hefei. More recently, we expanded our partnership with CCIT to include CCCC-FHDI Engineering company, forming a trilateral collaboration on three key areas.

此外，我們也與中國交通資訊科技集團合作，在新疆那拉提建造多層次城市交通樞紐。這些都是低空經濟如何實現營運模式多樣化、塑造更具活力、面向未來的生活方式的例子。在產業合作方面，今年2月，我們與江淮汽車、國顯控股達成策略夥伴關係，共同在合肥打造下一代eVTOL製造基地。最近，我們擴大了與 CCIT 的合作夥伴關係，將中交福田設計工程公司納入其中，在三個關鍵領域形成三邊合作。

First, we're focusing on developing specialized low altitude tourism routes, smart intercity transportation corridors and emergency response networks. This includes creating unique transport systems such as themed low altitude tourism experiences and aerial canal logistics pathways.

一是重點建置低空旅遊特色路線、城際智慧交通走廊和緊急應變網路。其中包括創建獨特的交通系統，如主題低空旅遊體驗和空中運河物流通道。

Second, we are jointly building a multi-dimensional infrastructure network covering airspace management, flight route planning and deployment of digital base stations.

二是共同建置涵蓋空域管理、航線規劃、數位基地台部署等立體基礎設施網路。

Third, we're jointly expanding into international markets across Southeast Asia, Africa and South Asia to develop integrated land, air, water transportation solutions. Our goal is to build a globally connected low-altitude economy ecosystem, promote the adoption of Chinese standards worldwide and bring safe, intelligent air mobility to more regions around the world. At the same time, we're establishing low-altitude aircraft testing sites across multiple regions to evaluate performance under extreme conditions such as high altitude, high temperature, high salinity, low temperature and severe weather conditions.

三是共同拓展東南亞、非洲、南亞等國際市場，打造陸空水運整合解決方案。我們的目標是建構全球互聯的低空經濟生態系統，推動中國標準在全球的普及，為全球更多地區帶來安全、智慧的空中交通。同時，我們在多個地區建立低空飛行器試驗場，評估其在高海拔、高溫、高鹽度、低溫、惡劣天氣等極端條件下的表現。

Continuous testing and refinement will help enhance the resilience and safety of our aircraft. In Guangzhou, we are working closely with the government authorities and construction partners to transform the area surrounding our new headquarters into an aerospace industry hub, promoting industrial clustering, accelerating the deployment of standardized infrastructure and promoting the growth of low-altitude economy.

持續的測試和改進將有助於增強我們飛機的彈性和安全性。在廣州，我們正與政府部門和建設夥伴緊密合作，將新總部周邊地區打造成為航空航太產業中心，促進產業集聚，加速標準化基礎建設，促進低空經濟發展。

Currently, the construction is already underway. In addition, we're also actively expanding our businesses into other applications such as logistics and emergency rescue. Our logistics at autonomous aerial vehicles have already completed multiple round-trip flights between Guangzhou and Zhuhai, covering distances of up to 200 kilometers. With the upcoming launch of our VT35 series, we expect it to further enhance our long-range, high-efficiency logistics capabilities. Emergency rescue is another major focus area.

目前，工程已在進行中。此外，我們也積極拓展物流、緊急救援等應用領域。我們的自主飛行器物流已完成廣州和珠海之間的多次往返飛行，飛行距離達200公里。隨著我們即將推出的VT35系列，我們期待它能進一步增強我們的遠端、高效物流能力。緊急救援是另一個重點領域。

The growing use of UAVs offers new solutions for high-rise firefighting forest firefighting, search and rescue, and medical transport.

無人機的應用日益廣泛，為高層建築滅火、森林滅火、搜救、醫療運輸等提供了新的解決方案。

EHang has developed a new generation of specialized UAVs tailored for these use cases. These aircraft have already been used in multiple emergency drills and have drawn strong interest from China's Ministry of Emergency Management and National Firefighting Authorities. These products have already received initial purchase interest. As these products near finalization, we expect them to begin generating sales later this year and contributing to our revenues this year. In addition to advancing low-altitude products, EHang is exploring our collaborations with the general aviation sector.

億航已針對這些用例開發了新一代專用無人機。這些飛機已在多次緊急演習中投入使用，並引起了中國緊急管理部和國家消防部門的濃厚興趣。這些產品已經獲得了初步的購買興趣。隨著這些產品接近完成，我們預計它們將在今年稍後開始銷售，並為我們今年的收入做出貢獻。除了推動低空產品之外，億航還在探索與通用航空領域的合作。

We've launched the pilot initiatives through different approaches for integrated trial operations of low-altitude aircraft in general aviation airports in Guangxi, Hezhou, Beijing, Pinggu and Fangshan, Hainan, Wanning. We're also planning additional projects in Anhui, Hefei, Guangdong, Guangzhou and Hainan, Lingao. As our operations in airports and the network expands in the future, we expect to unlock greater deployment potential for our full range of aircraft.

在廣西賀州、北京、平谷、房山、海南萬寧等通用航空機場，以不同方式進行低空飛機一體化試運轉試點。我們也計劃在安徽、合肥、廣東、廣州和海南臨高開展更多項目。隨著我們未來在機場的運作和網路的擴大，我們期望為我們的全系列飛機釋放更大的部署潛力。

As China's low altitude economy continues to gain momentum, EHang as a recognized industry leader is attracting increasing interest from cities and enterprises nationwide. Our products, operational philosophy and unwavering commitment to safety are gaining broader recognition and acceptance across the market.

隨著中國低空經濟持續成長，億航作為公認的產業領導者，正受到全國各地城市和企業越來越多的關注。我們的產品、經營理念和對安全的堅定承諾正在獲得市場更廣泛的認可和接受。

In the first quarter, EHang was featured in over 19,000 domestic media reports, including coverage from the CCTV Spring Festival Gala, national television networks, newspapers and major online platforms, reaching an estimated 80 billion views.

今年第一季度，億航出現在超過 19,000 篇國內媒體報道中，包括中央電視台春節聯歡晚會、國家電視台、報紙和主要網路平台的報道，觀看次數估計達到 800 億次。

Internationally, we were mentioned more than 3,600 times across media outlets in the UK, France, Spain, the US, Japan and other countries, generating a global reach of over 1.69 billion views. EHang's products have been featured at a wide range of low altitude economy exhibitions and forums, both in China and internationally. Our brand has earned strong recognition at home and abroad.

在國際上，我們在英國、法國、西班牙、美國、日本等國家的媒體上被提及超過 3,600 次，全球瀏覽量超過 16.9 億次。億航的產品已在中國和國際上各種低空經濟展和論壇上亮相。我們的品牌已贏得國內外的廣泛認可。

Internationally, our global flights footprint continued to expand in the first quarter. Our EH216-S has successfully completed demo flights in Benidorm, Spain and in Mexico. In Thailand, our local partners have started working with the National Air Traffic Control Authority to conduct preliminary route and site assessments in Phuket. An operational team is already in place, aiming to launch commercial trial flights within Thailand's designated regulatory sandbox in the near future.

在國際方面，我們的全球航班足跡在第一季持續擴大。我們的 EH216-S 已在西班牙貝尼多姆和墨西哥成功完成演示飛行。在泰國，我們的當地合作夥伴已開始與國家空中交通管制局合作，在普吉島進行初步航線和場地評估。目前，營運團隊已經到位，計劃在不久的將來在泰國指定的監管沙盒內啟動商業試飛。

Looking ahead to the rest of 2025, we will continue advancing both operations and product sales with a clear focus on building diversified revenue streams. We are confident in our growth momentum over the next few quarters and remain fully committed to achieving our full year revenue target of RMB900 million. Now I'll turn it over to our CFO, Conor, to walk us through the financial results.

展望 2025 年剩餘時間，我們將繼續推進營運和產品銷售，明確重點是建立多元化的收入來源。我們對未來幾季的成長動能充滿信心，並將繼續全力致力於實現全年9億元人民幣的收入目標。現在我將把時間交給我們的財務長康納 (Conor)，讓他向我們介紹財務結果。

(interpreted) Hello, everyone. This is Conor. Before I go into the details, please note that all numbers presented are in RMB, unless otherwise stated. A detailed analysis is available in our earnings press release on the IR site. Total revenues were RMB26.1 million in Q1 2025, a decrease compared with Q1 last year and Q4 2024.

（譯）大家好。這是康納。在我介紹細節之前，請注意，除非另有說明，所有數字均以人民幣為單位。詳細分析請參閱我們 IR 網站上的收益新聞稿。2025年第一季總營收為人民幣2,610萬元，較去年第一季及2024年第四季下降。

This change is primarily driven by decreased sales volume of EH216 Series products. As our COO mentioned earlier, although there was a short-term decline in performance in the first quarter, this doesn't affect the company's long-term growth trend. In fact, we have observed a significant improvement and growth in potential orders and deliveries in Q2, which keeps us confident in the company's future performance. Gross profit was RMB16.3 million in Q1, and gross margin improved to 62.4% compared with 61.9% in the same period of 2024 and 60.7% in Q4 2024. The increase in gross profit was mainly benefited from the higher average selling price of EH216 series products, indicating that our products have strong market competitiveness and pricing power.

這項變化主要是由於EH216系列產品銷售下降所致。正如我們COO剛才提到的，雖然第一季業績出現了短期下滑，但這並不影響公司長期的成長趨勢。事實上，我們已經看到第二季潛在訂單和交付量顯著改善和成長，這讓我們對公司未來的業績充滿信心。第一季毛利為1,630萬元人民幣，毛利率由2024年同期的61.9%及2024年第四季的60.7%提高至62.4%。毛利的增加主要受益於EH216系列產品的平均售價較高，顯示我們的產品具有較強的市場競爭力和定價能力。

Turning to expenses, total operating expenses in Q1 were RMB110 million, a quarter-on-quarter decrease of 31.6%, mainly due to a significant reduction in employee compensation and share-based compensation expenses. Adjusted operating expenses, which exclude share-based compensation expenses, were RMB63.6 million in Q1, up 16.8% year-over-year and down 19.3% from the previous quarter.

談到費用，第一季總營業費用為人民幣1.10億元，季減31.6％，主要由於員工薪酬和股權激勵費用大幅減少。第一季調整後營業費用（不含股權激勵費用）為 6,360 萬元人民幣，較去年同期成長 16.8%，季減 19.3%。

The year-on-year growth is due to the company's continuous expansion of key positions and recruitment of talents to support sustained business growth, leading to an increase in overall employee compensation expenses. Meanwhile, we continue to invest in R&D to maintain our technological leadership. The quarter-on-quarter decrease reflects our achievements in cost control and efficiency optimization. Adjusted net loss [non-GAAP] (added by company after the call) was RMB31.1 million in Q1, primarily driven by a decline in deliveries in the quarter. While this represents a decline compared with an adjusted net income of RMB36.4 million in last quarter, we believe the impact is only temporary.

年比成長是由於公司不斷擴大關鍵職位及招募人才以支持持續的業務成長，導致整體員工薪資支出增加。同時，我們繼續投資研發以保持我們的技術領先地位。環比下降體現了我們在成本控制和效率優化方面所取得的成果。第一季調整後淨虧損[非公認會計準則]（公司在電話會議後新增）為 3,110 萬元，主要原因是本季交付量下降。雖然與上一季調整後淨收入3,640萬元人民幣相比有所下降，但我們認為影響只是暫時的。

As the deliveries recover and continue to grow in the coming quarters, we expect the financial performance to gradually improve accordingly. [It is worth emphasizing that] (added by company after the call) the company still has sufficient capital reserves. As of March 31, 2025, cash restricted deposits and short-term investments totaled RMB1.11 billion, giving us solid flexibility to support upcoming R&D investment, production scale-up and commercial deployments. With the achievement of the important OC milestone in Q1 and the eVTOL commercial operations to be gradually launched going forward, we're confident in our business growth throughout the year. As such, we are maintaining our annual revenue guidance of RMB900 million for the full year 2025.

隨著交付量在未來幾季復甦並持續成長，我們預期財務表現也將逐步改善。 [值得強調的是]（公司在電話會議後補充）公司仍然擁有充足的資本儲備。截至2025年3月31日，現金限制性存款及短期投資總額為人民幣11.1億元，為我們支持即將到來的研發投資、生產擴大和商業部署提供了強大的靈活性。隨著第一季重要 OC 里程碑的實現以及未來將逐步啟動的 eVTOL 商業運營，我們對全年業務成長充滿信心。因此，我們維持 2025 年全年 9 億元的年收入預期。

We believe that the market increasingly recognize EHang's commercialization capabilities and the low altitude economy industry continues to gain momentum. We are able to continuously create value for our shareholders over the long term. Thank you.

我們相信，市場對億航商業化能力的認可度將不斷提升，低空經濟產業發展將持續向好。我們能夠長期持續地為股東創造價值。謝謝。

Full-year revenue guidance of RMB900 million is unchanged. I was wondering, could you please give us an outlook on which -- in which quarter we could probably see a significant growth in both the sales as well as the deliveries? So just to give us an outlook on that. So that's the first question.

全年營收指引維持不變，為人民幣 9 億元。我想知道，您能否給我們一個展望——在哪個季度我們可能會看到銷售額和交付量都顯著增長？只是為了讓我們對此有一個展望。這是第一個問題。

(spoken in foreign language) Q1 performance declined due to several factors. First, seasonal impact from winter and Chinese New Year holidays, which typically creates slow delivery periods in the first quarter. Second, as we enter the new fiscal year, customers require time to finalize their annual budgets, especially for government procurement, which involves longer approval cycles. Third, anticipating OC certification, some customers delayed their orders until after certification was granted, which pushed these sales beyond Q1. However, after obtaining OC certification, our internal data shows improvements in both Q2 delivery volumes and sales, large orders from customers in Jilin, Jiangxi, Guizhou, Hainan, Anhui and Guangdong that were negotiated in Q1 will begin converting into contracts and deliveries in batches starting from Q2.

（外語）第一季業績因多種因素而下滑。首先，冬季和農曆新年假期的季節性影響通常會導致第一季的交貨期緩慢。第二，進入新的財年，客戶需要時間來決定年度預算，特別是政府採購，審批週期較長。第三，由於預期 OC 認證，一些客戶將訂單推遲到認證獲得之後，導致銷售量在第一季之後才開始成長。不過，在獲得OC認證後，我們內部數據顯示Q2的出貨量和銷售量都有所提升，第一季談妥的吉林、江西、貴州、海南、安徽、廣東等地客戶的大額訂單將從第二季開始轉為合約並分批發貨。

Therefore, we maintain our full year revenue guidance of RMB900 million unchanged. Thank you.

因此，我們維持全年營收9億元的指引不變。謝謝。

(spoken in foreign language) Thank you for your answer. And a follow-up question. I've noticed that in the reporting period, 2 EH216-S operators, including one of yours, wholly owned subsidy have obtained the Air OC from the CAAC, enabling commercial operations.

（外語）謝謝你的回答。還有一個後續問題。我注意到，報告期間內，包括貴公司一家全資子公司在內的2家EH216-S業者已取得中國民航局頒發的航空營運許可證，可以進行商業營運。

I was wondering, on average, how long will it take for an EH216-S owners to get the certificate? And how many more operators may get the approval of commercial operations this year, hopefully, that will translate into more deliveries and scaled operation fleet in the second half of the year? That is my second question.

我想知道，EH216-S 車主平均需要多長時間才能獲得證書？今年還有多少營運商可能獲得商業營運的批准，從而在下半年實現更多的交付和規模化的營運機隊？這是我的第二個問題。

(spoken in foreign language) This is Wang Zhao. I'll also take your second question. EHang General Aviation and Hefei Heyi are the first 2 operators nationwide to receive operating certificates for the unmanned civilian aircraft. The OC issuance actually clarifies the regulatory standard and framework, which should reduce application time line for future operators. At the moment, many of our customers' operating companies are currently in the application process.

（外語）我是王鑷。我還想回答你的第二個問題。億航通航與合肥合一成為全國首批獲得民用無人機營運合格證的營運商。OC的發布實際上明確了監管標準和框架，這應該可以縮短未來營運商的申請時間。目前，我們許多客戶的營運公司正在申請過程中。

Thank you.

謝謝。

Laura Li, Deutsche Bank.

德意志銀行的 Laura Li。

Congrats on the OC award. So my question is about the competition. So we have seen some of your peers start to win orders recently. Most of them are with different designs like tilt rotor or like lift-and-cruise. But some of those have applied for TC like 1 or 3 years ago ahead of our VT35.

恭喜您獲得 OC 獎。我的問題是關於競爭的。因此，我們看到你們的一些同行最近開始贏得訂單。它們大多數都採用不同的設計，如傾轉旋翼機或升力巡航機。但其中一些早在 1 年或 3 年前就已在我們的 VT35 之前申請了 TC。

So -- and they might be granted maybe next year or so. So how should EHang stay like competitive going forward, especially beyond our current multi-copter design?

所以——他們可能在明年左右獲得批准。那麼億航未來應如何保持競爭力，尤其是在超越我們目前的多旋翼飛行器設計方面？

(spoken in foreign language) Urban Air Mobility and intercity air transport serve different markets with very distinctive requirements. Urban operations need small footprints, high-density networks, quick turnarounds and cost efficiency, while intracity requires long range. These markets aren't directly competitive with each other. The real competition comes from traditional ground transportation, say, cars, urban travel and high-speed for intracity routes.

（外語）城市空中交通和城際航空運輸服務於具有非常獨特要求的不同市場。城市運作需要較小的佔地面積、高密度的網路、快速的周轉和成本效益，而城市內部運作則需要長距離。這些市場之間並不會直接競爭。真正的競爭來自傳統的地面交通，例如汽車、城市交通和城內高速。

Compared to other eVTOL designs, our EH216-S multi-copter configuration has a compact 6-meter x 6-meter footprint, making it lightweight with minimal infrastructure requirements for takeoff and landing sites. This enables larger-scale deployment in tourist areas and urban environments. In contrast, aircraft with 10 plus meter wingspans like tilt rotors and lift and cruise models would require expensive large-scale airport infrastructure, which makes it impractical for dense urban deployment.

與其他 eVTOL 設計相比，我們的 EH216-S 多旋翼機配置佔地面積緊湊，為 6 米 x 6 米，重量輕，對起飛和降落場地的基礎設施要求極低。這使得在旅遊區和城市環境中實現更大規模的部署成為可能。相較之下，翼展超過 10 公尺的飛機（如傾轉旋翼機、升力和巡航機型）需要昂貴的大型機場基礎設施，這使得其不適合在密集的城市部署。

Our economics are also superior. The EH216-S sells for only RMB2.39 million domestically, which is significantly below our competitors' large aircraft priced above RMB10 million. Our autonomous flight approach eliminates pilot training and employment costs. As we gather and accumulate more operational data, our continued airworthiness programs enable significant cost reduction, strengthening our competitive position.

我們的經濟狀況也更優越。EH216-S國內售價僅239萬元，遠低於競爭對手千萬元以上的大型飛機。我們的自主飛行方法消除了飛行員訓練和就業成本。隨著我們收集和累積更多的營運數據，我們持續的適航計畫能夠大幅降低成本，增強我們的競爭地位。

Last but not least, we are leveraging our first-mover advantage through continuous technology and product development. For EH216-S upgrades, we are developing more efficient motors, fast charging batteries and solid-state battery solutions. For long-range products, our VT35 is progressing through PC certification. When it is launched, it will offer superior pricing and competitiveness compared to other long-range eVTOL products.

最後但同樣重要的一點是，我們正在透過持續的技術和產品開發來發揮我們的先發優勢。對於 EH216-S 升級，我們正在開發更有效率的馬達、快速充電電池和固態電池解決方案。對於長距離產品，我們的 VT35 正在通過 PC 認證。上市後，它將比其他遠端 eVTOL 產品提供更優越的價格和競爭力。

Your next question comes from Shen Wei with UBS.

您的下一個問題來自瑞銀的沈偉。

(spoken in foreign language) I've got 3 questions. First one is on your delivery. When are we expecting to see sales growth? Are we able to achieve growth in the first half of the year? Second question is with regard to the order guidance.

（用外語說）我有 3 個問題。第一個是關於您的送貨。我們什麼時候預計會看到銷售成長？上半年我們能成長嗎？第二個問題是關於命令指導。

Can you please share some color on the order guidance as of May? And last question is on when are we able to see the operator commence commercial operations because infrastructure wise, it's almost ready? So these are the 3 questions.

您能否分享一些截至五月的訂單指南的詳細資訊？最後一個問題是，我們什麼時候能夠看到營運商開始商業運營，因為基礎設施方面已經快準備好了？這就是 3 個問題。

(spoken in foreign language) This is Conor. I'll take your question on new order guidance. As I've explained, Q1, the sales was impacted, however, due to the seasonal factors as well as the OC certification progress. However, we believe it is temporary, and we have already seen our orders and the number of clients have picked up in Q2, which the sales is quite strong. Therefore, we maintain our full year revenue guidance of RMB900 million unchanged.

（用外語說）我是康納。我將回答您關於新訂單指南的問題。正如我所解釋的，由於季節性因素以及 OC 認證進度，第一季的銷售受到了影響。然而，我們認為這只是暫時的，我們已經看到我們的訂單和客戶數量在第二季度有所回升，銷售相當強勁。因此，我們維持全年營收9億元的指引不變。

Additionally, many large orders are progressing at the same time. So as we are near or finalize those contracts with our clients, we will disclose them as we previously do. So that's on your first question on your new order guidance.

此外，還有多筆大額訂單正在同時進行。因此，當我們接近或最終與客戶達成這些合約時，我們將像以前一樣披露這些合約。這是關於新訂單指南的第一個問題。

(spoken in foreign language) So this is Wang Zhao. I'll take your second question. So actually, the operator in Hefei has already started the operation. However, we are taking a phased approach. At the first approach currently Phase 1, it's only limited to internal employees and invited passengers and employees can already book flight experiences through our ticketing platform.

（外語）這位是王鑷。我來回答你的第二個問題。所以實際上合肥的運營商已經開始行動了。然而，我們採取的是分階段的方法。在目前的第一階段，第一種方法僅限於內部員工和受邀乘客，而員工已經可以透過我們的票務平台預訂飛行體驗。

And in Phase 2, it's -- we will open ticket sales to the general public.

在第二階段，我們將向公眾開放門票銷售。

Wade Wu, Jefferies.

韋德‧吳 (Wade Wu)，傑富瑞 (Jefferies)。

(spoken in foreign language) Sorry, I was on mute. A couple of questions. First one is on the time line for inaugural flight ceremonies, when are we expecting the formal commercial operation at city Guangzhou and Hefei? My second question is on the end customers who are supplying OC. Rumors says that around 5 operators is going to obtain OC certificates by the end of the year.

（用外語說）抱歉，我靜音了。有幾個問題。第一個問題是關於首航時間的問題，廣州和合肥兩地什麼時候能正式投入商業營運？我的第二個問題是關於供應 OC 的最終客戶。據傳，約有 5 家業者將在年底前獲得 OC 證書。

Are there any updates on that?

有沒有什麼更新的消息？

(spoken in foreign language) I'll take your questions. Guangzhou and Hefei operators are conducting trial operations following the OC certification. But what I say is that safety remains paramount for sustainable low altitude economy development. Like I said earlier, we are implementing our phased operational approach, both operators at Guangzhou's Suigang Pier and Hefei Luogang Park have entered manned trial operations, initially serving internal employees and invited passengers through our booking platform.

（以外語說）我會回答你的問題。廣州、合肥業者正在OC認證後進行試營運。但我想說的是，安全對於低空經濟的永續發展仍然至關重要。我剛才也說了，我們正在實行分階段的運營方式，廣州穗港碼頭和合肥蘿崗公園的運營商都已經進入人工試運營，初期通過訂票平台為內部員工和受邀乘客提供服務。

Once we accumulate sufficient operational experience, operators will open public sales. Since operations are already underway, so inaugural ceremonies aren't necessary.

一旦累積了足夠的營運經驗，營運商就會開放公開銷售。由於操作已經在進行中，因此無需舉行就職典禮。

And with regard to the progress on OC applications from other clients, our customers with substantial fleets are right now actively preparing OC applications. For instance, our Wencheng customer has assembled a professional team with our guidance and submitted their application, which the East China Regional Administration has accepted for review. Thank you.

關於其他客戶的OC申請進展，我們擁有大量車隊的客戶現在正在積極準備OC申請。例如，我們的文城客戶在我們的指導下組建了專業團隊並提交了申請，華東地區管理局已經接受審查。謝謝。

Fiona Liang, Bank of America.

美國銀行的 Fiona Liang。

(spoken in foreign language)

（用外語說）

Yiming Wang with China Renaissance.

華興資本的王一鳴。

(spoken in foreign language) With the current commercialization progress and the operational status after receiving the OC, I was wondering whether the company has conducted any preliminary assessment or survey? What is the daily revenue and also the passenger flow/traffic is like? And how much revenue does that translate into on a daily basis?

（外語）針對目前的商業化進程，以及收到OC後的營運狀況，想請問公司是否做過前期的評估或研究？每日收入和客流量是多少？那麼這每天能帶來多少收入呢？

(spoken in foreign language). I will take your question. The 2 certified operators have begun trial operations, maintaining regular daily flights to accumulate operational experience and data while testing our booking platform. And as we -- more customers obtain OC in a second -- starting from Q2, we are going to see a larger fleet and more operators will begin their trial operations. We expect the number of trial operations to grow to even 1,000 flights.

（用外語說）。我回答你的問題。兩家認證的業者已開始試運營，維持每日定期航班，累積營運經驗和數據，同時測試我們的預訂平台。隨著越來越多的客戶在一秒鐘內獲得 OC，從第二季度開始，我們將看到更大的機隊，並且更多的運營商將開始試營運。我們預計試運行次數將增加至1000次。

And we are expecting that number to grow even further as more customers obtained their OCs into the rest of the year. Thank you.

我們預計，隨著今年剩餘時間內越來越多的客戶獲得 OC，這一數字還將進一步成長。謝謝。

(inaudible).

（聽不清楚）。

(spoken in foreign language) I got 2 questions. One is on the lift-and-cruise product. What's the progress is like on the product airworthiness certification? Second question is on the overseas market expansion. What is the progress like?

（用外語說）我有兩個問題。一個是升降巡航產品。產品適航審定進度如何？第二個問題是關於海外市場拓展。進展如何？

Is it okay for the management to share some color on that?

管理層可以就此分享一些看法嗎？

(spoken in foreign language) This is Wang Zhao. VT35 assembly is complete. Building on the VT30, we have upgraded key components, including configuration, flight control and propulsion systems, achieving a far superior design, more reliable flight performance and reduced size. We will officially launch the EHang VT35 series in Q3 this year. As for VT35, it is currently undergoing comprehensive flight testing. And CAAC, China Aviation and Administration of China has formally accepted our Type Certificate application.

（外語）我是王鑷。VT35組裝完成。在VT30的基礎上，我們升級了關鍵部件，包括配置、飛行控制和推進系統，實現了更卓越的設計、更可靠的飛行性能和更小的尺寸。我們將在今年第三季正式推出億航VT35系列。至於VT35，目前正在進行全面的飛行測試。中國民航局（CAAC）已正式接受我們的型號合格證申請。

Built on our successful EH216-S certification experience, we expect an accelerated VT35 certification progress. With regard to your question on international market expansion progress, Actually, in Q1, we have conducted successful flight demos in Benidorm, Spain and Mexico. EHang has now operated in 20 countries globally. With our progress in Southeast Asia, we plan to launch commercial operations in Thailand first. Our partner in Thailand is collaborating with the national air traffic company on route and site surveys in Phuket.

基於我們成功的 EH216-S 認證經驗，我們預期 VT35 認證進程將會加快。關於您提到的國際市場拓展進展，實際上，在第一季度，我們已經在西班牙貝尼多姆和墨西哥進行了成功的飛行演示。目前，億航已在全球20個國家開展業務。隨著我們在東南亞的進展，我們計劃首先在泰國開展商業運營。我們在泰國的合作夥伴正在與國家空中交通公司合作，對普吉島的航線和場地進行調查。

The operational team is established, and we are working to begin operations in Thailand's Sandbox Pilot Zone.

營運團隊已經成立，我們正在努力開始在泰國沙盒試點區的運作。

Your next question is with Fiona Liang with Bank of America.

您的下一個問題來自美國銀行的 Fiona Liang。

(spoken in foreign language) You briefly talked -- you talked about the -- you're expecting a significant growth in sales in Q2 as well as the deliveries in Q2. So the way I understand it, as you deliver more, as you ship more to clients, which will translate into revenues, so I assume there is going to be a significant revenue increase in the second half of the year. So is that so? And my second question is on the gross profit margin. The Q1 gross margin improvement was partly due to the ASP gains.

（以外語講話）您簡要地談到了——您談到了——您預計第二季度的銷售額和第二季度的交付量都會大幅增長。所以，我的理解是，當你交付更多，當你向客戶運送更多貨物時，這將轉化為收入，因此我認為今年下半年的收入將會大幅增加。那麼是這樣嗎？我的第二個問題是關於毛利率。第一季毛利率的提高部分歸功於平均售價的上漲。

So can management share the reasons or give us a breakdown on the delivery volumes by the models shipped?

那麼管理層能否分享原因或提供按出貨型號劃分的出貨量明細？

(spoken in foreign language). This is Conor. I'll take your first question. You're absolutely right. Q2 is showing very strong sales growth, and we're expecting very strong year-over-year growth.

（用外語說）。這是康納。我來回答你的第一個問題。你完全正確。第二季的銷售成長非常強勁，我們預期年成長也非常強勁。

And as we negotiate and engage more clients and according to their actual needs, we can tell that in the second half of the year, we are going to expect much stronger year-over-year revenue growth. And on your second question, for the past 2 to 3 quarters, since there were a lot of large orders, which we give discounts to. However, in Q1, we delivered 11 EH216-S. And these are retail customers. So we're selling them at RMB2.39 million per unit without any discount, pushing up the average selling price.

隨著我們與更多客戶進行談判並根據他們的實際需求，我們可以預見，在下半年，我們將預期收入同比增長更加強勁。關於您的第二個問題，過去2到3個季度，由於有許多大訂單，我們給予了折扣。然而，在第一季度，我們交付了 11 架 EH216-S。這些都是零售客戶。因此我們以每台239萬元的價格出售，沒有任何折扣，從而推高了平均售價。

Additionally, since we are having a bigger volume of procurement. So that brings the total volume down on a year-over-year basis in Q1. So these 2 factors contributed to the improved gross profit margin in Q1.

此外，由於我們的採購量較大。因此第一季的總量較去年同期有所下降。所以這兩個因素促成了第一季毛利率的提高。

Yu Chen, Guangfa Securities.

陳宇，廣發證券。

(spoken in foreign language) This is Chen Yu, analyst from Guangfa Securities. Actually, my questions are pretty much echoed to what other analysts have touched on. I just want to clarify and double check on a few details. First one is on the base capacity at Yunfu and also the Hefei Industrial Park. Can the management give an update on what's the planned production capacity for our Hefei facility as well as a time line in terms of its progress?

（外文）我是廣發證券分析師陳宇。實際上，我的問題與其他分析師所提到的問題基本上相同。我只是想澄清並再次確認一些細節。第一個是關於雲浮和合肥工業園區的基地產能。管理階層能否介紹一下我們合肥工廠的計畫生產能力以及進度時間表？

And my second question is on the SG&A expenses. In Q1, it showed -- it declined on an adjusted terms. I was wondering if the management or the company is maintaining the SG&A expense ratio at 40% growth guidance unchanged?

我的第二個問題是關於銷售、一般及行政費用。在第一季度，它顯示出——按調整後的條件來看，它有所下降。我想知道管理階層或公司是否維持 SG&A 費用率 40% 的成長指引不變？

(spoken in foreign language) This is Wang Zhao. In Q1, the launched expansion and upgrade at our Yunfu facility, which has doubled the main factory growth for area to 48,000 square meters. And with the enhanced automation, we plan to increase the total annual production capacity to 1,000 units by the end of the year. And in Hefei, we have also announced a strategic partnership with JAC Motors and Guoxian Holdings to establish a modern, low-altitude aircraft manufacturing base. According to the government plan, the completion is expected within 1 to 2 years from now.

（外語）我是王鑷。第一季度，我們啟動了雲浮工廠的擴建和升級，主工廠面積增加了一倍，達到 48,000 平方米。隨著自動化程度的提高，我們計劃在今年年底將年總產能提高到 1,000 台。在合肥，我們也宣布與江淮汽車、國先控股建立戰略夥伴關係，建立現代化低空飛機製造基地。根據政府計劃，預計1至2年內完工。

Currently, we are building a transitional or mix shift facility with completed infrastructure and ongoing equipment installation. Also, I want to mention that our factory site selection in Beijing and Weihai is complete with construction now underway.

目前，我們正在建造一個過渡或混合班次設施，基礎設施已完工，設備安裝正在進行中。另外，我想提一下，我們在北京和威海的工廠選址已經完成，目前正在興建中。

This is Conor. Cost and expense management is a key focus this year for the company. We have already seen the results reflected in Q1 financial results. It shows quarter-over-quarter decrease in the pre-adjusted expenses. We will continue to maintain stringent control on the SG&A expense growth in the coming quarters.

這是康納。成本費用管理是公司今年的重點工作。我們已經在第一季財務表現中看到了這一結果。它表明調整前支出環比下降。我們將在未來幾季繼續嚴格控制銷售、一般及行政費用的成長。

While maintaining our full year revenue guidance of RMB900 million unchanged, we will keep our 40% operating expense growth guidance for the full year of 2025.

在維持全年營收9億元人民幣指引不變的同時，我們將維持2025年全年40%的營運費用成長指引。

Ling Liu, Guosheng Securities.

劉玲，國盛證券。

(spoken in foreign language) I was wondering how the management and the company perceive the recent narrative or statement from the NDRC because according to the NDRC recent statement about expanding low-altitude economy applications, it should follow cargo before passengers, isolation before integration and suburbs before urban areas principle. So just wondering what's management's view on that statement?

（外語）我想知道管理層和公司如何看待國家發改委最近的敘述或聲明，因為根據國家發改委最近關於擴大低空經濟應用的聲明，應該遵循先貨運後客運、先隔離後整合和先郊區后城市的原則。所以只是想知道管理階層對該聲明的看法是什麼？

EHang has always prioritized safety since its inception. For our 2 OC certified operators, they will follow a 3-phase approach: cargo trial operations, passenger trial operations and then routine passenger operations, ensuring safe, stable transition to commercial operations. Both operators at Guangzhou's Suigang pier and Hefei’s Luogang Park have entered passenger trial operations. The low-altitude economy is developing rapidly with many new entrants. Well, from EHang's experience, ensuring aircraft safety is always paramount.

億航自成立以來始終將安全放在首位。對於我們的 2 家 OC 認證營運商，他們將遵循三階段方法：貨運試營運、客運試營運和常規客運運營，確保安全、穩定地過渡到商業營運。廣州穗港碼頭、合肥蘿崗公園兩地均已進入載客試營運。低空經濟發展迅速，新進入者眾多。從億航的經驗來看，確保飛機安全始終是最重要的。

So the NDRC's guidance emphasizes industry-wide safety requirements. Thorough research and validation must go ahead before passenger aircraft development and production. In this regard, EHang has invested over 10 years in this development. And additionally, the low-altitude office of NDRC has continuously tracks EHang's passenger operations through regular communication meetings. Thank you.

因此，國家發展委員會的指導意見強調了全行業的安全要求。客機研發和生產之前必須進行徹底的研究和驗證。對此，億航已投入了超過10年的時間進行研發。此外，發改委低空辦也透過定期溝通會議持續追蹤億航客運營運。謝謝。

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

謝謝。看到隊列中沒有其他問題，請允許我把發言交還給安妮女士，請她作最後發言。

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

（以外語講話）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，並期待我們的下一次收益電話會議。謝謝。

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。