EHang Holdings Ltd (EH) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. And welcome to the EHang second-quarter 2025 earnings conference call. (Operator Instructions) Additionally, both the Chinese and the English lines are open for questions, and today's call is being recorded.

女士們、先生們，大家好，感謝你們的支持。歡迎參加億航 2025 年第二季財報電話會議。（接線生指示）此外，中文和英文熱線均可解答疑問，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，我將電話轉給億航投資者關係高級總監 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 second quarter of 2025.

大家好。感謝大家參加今天的電話會議，討論公司 2025 年第二季的財務表現。

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. 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.

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。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 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.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。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 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 second quarter of 2025, unless stated otherwise.

有關此風險和其他風險及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 年第二季的數字。

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

現在，我把發言權交給我們的執行長胡華志先生。胡先生，請講。

(interpreted) Hello, everyone, and thank you for joining us today.

（翻譯）大家好，感謝大家今天加入我們。

We are pleased to report on our strong performance this quarter. We successfully delivered 68 units of our EH216 series, generating total revenues of RMB147 million, representing 44.2% year-over-year growth and a 4.6 times rebound from last quarter, clearly demonstrating the continuous market demand and our robust operational momentum.

我們很高興地報告本季的強勁業績。我們成功交付了68台EH216系列飛機，總收入達人民幣1.47億元，年增44.2%，環比反彈4.6倍，充分體現了持續的市場需求和我們強勁的營運勢頭。

Our order book in this quarter also reflected a strong momentum with new orders of over 150 units for the EH216 series, again demonstrating robust market interest and confidence in our products. These orders will be fulfilled in batches in the coming quarters.

本季我們的訂單也反映出強勁勢頭，EH216系列的新訂單超過150台，再次證明了市場對我們產品的濃厚興趣和信心。這些訂單將在未來幾季分批完成。

Today, there are more than 40 dedicated operation sites across China of the EH216-S, with coverage continuing to grow, highlighting our expanding commercial momentum. In the first half of 2025, the EH216-S completed over 10,000 safe flights without a single incident, underscoring its proven safety and reliability. This exceptional safety record not only reinforces our reputation, but also establishes a solid foundation for scaling up commercial operations in the future.

目前，EH216-S在全國範圍內擁有超過40個專用營運站點，且覆蓋範圍持續擴大，商業化勢頭不斷增強。2025年上半年，EH216-S 安全飛行超過10,000次，未發生一起事故，證明了其安全性和可靠性。這項卓越的安全記錄不僅鞏固了我們的聲譽，也為未來擴大商業營運奠定了堅實的基礎。

Two certified operators, Guangzhou Yihang General Aviation (sic - see press release, "Guangdong EHang General Aviation") and Hefei Heyi Aviation, have already commenced the trial commercial operation of human-carrying flights in Guangzhou and Hefei. They aim to officially open the service to the public within the year, offering more people the opportunity to experience pilotless eVTOL flights.

兩家認證的營運商——廣州億航通用航空（原文如此 - 參見新聞稿「廣東億航通用航空」）和合肥合一航空，已在廣州和合肥開始載人飛行的試商業運營。他們計劃在年內正式向公眾開放這項服務，讓更多人有機會體驗無人駕駛的 eVTOL 飛行。

2025 marks a landmark year, the beginning of commercial eVTOL operations in China. As the industry pioneer and first operator of pilotless human-carrying eVTOLs, we understand that building a commercial aviation operation goes beyond technology. It demands a robust safety framework, seasoned operational teams, and comprehensive expertise. That's our focus for this year: setting standards, building operational models, and cultivating talent. We're confident that this foundational approach will drive the company's long-term sustainable growth.

2025年是一個具有里程碑意義的一年，標誌著中國電動垂直起降飛機商業化運作的開始。作為行業先驅和無人駕駛載人 eVTOL 的首家運營商，我們深知，建立商業航空運營不僅僅需要技術。它需要強大的安全框架、經驗豐富的營運團隊和全面的專業知識。這是我們今年的重點：制定標準、建立營運模式和培養人才。我們相信，這種基礎方法將推動公司的長期永續成長。

Turning to our supply chain. As a leading participant in the low-altitude economy of eVTOL ecosystem, EHang has adopted a strategy of multi-channel collaboration and diversified deployment. We continue deepening joint R&D with top-tier upstream partners to consistently enhance the performance and reliability of our aircraft.

轉向我們的供應鏈。作為eVTOL生態系統低空經濟的領導參與者，億航採取了多通路協作、多元化佈局的策略。我們持續深化與上游頂級合作夥伴的共同研發，並不斷提升飛機的性能與可靠性。

For instance, with respect to our propulsion system, we deepen our partnership with Gotion High-Tech in June, teaming up to develop a customized cylindrical battery solution, leveraging their advanced 46 series cells. These batteries are known for their high energy density, robust power output, and versatility. This new system is designed to improve the EH216 series with longer range, better power output, and greater safety. Going forward, we plan to extend this partnership to more of our eVTOL models, working with Gotion High-Tech to build power solutions that are more reliable, efficient, and eco-friendly.

例如，在我們的推進系統方面，我們在 6 月深化了與國軒高科的合作，利用其先進的 46 系列電池，聯手開發客製化的圓柱形電池解決方案。這些電池以其高能量密度、強勁的功率輸出和多功能性而聞名。此新系統旨在改進 EH216 系列，使其具有更長的航程、更好的功率輸出和更高的安全性。展望未來，我們計劃將這種合作關係擴展到更多的 eVTOL 模型，與國軒高科合作建構更可靠、更有效率、更環保的電源解決方案。

In the area of airframe systems, in July, we entered a strategic partnership with Minth Group, a global leader in automotive exterior and structural components. Minth serves over 70 major auto brands worldwide with a strong supply chain and exceptional R&D and manufacturing capabilities.

在機身系統領域，7月，我們與全球領先的汽車外飾及結構零件供應商敏實集團建立策略夥伴關係。敏實集團為全球 70 多個主要汽車品牌提供服務，擁有強大的供應鏈和卓越的研發和製造能力。

Together, we will co-develop high-safety airframe solutions for EHang's eVTOL products. This includes scalable production of lightweight cabin components and advanced human machine interface systems. Through this collaboration, we can streamline airframe production at a scale and build a more integrated, efficient supply chain for the low-altitude aviation ecosystem.

我們將共同為億航的 eVTOL 產品開發高安全性機身解決方案。這包括輕型機艙部件和先進人機介面系統的可擴展生產。透過此次合作，我們可以大規模簡化機身生產，並為低空航空生態系統建構更整合、更有效率的供應鏈。

On the product front, we continue ramping up our R&D and innovation efforts, enriching our product lineup, and upgrading performance. Our VT35, a long-range lift-and-cruise pilotless passenger eVTOL is a key focus this year. Flight tests are progressing very well, and we plan to debut the VT35 in September. While the EH216 is ideal for intercity operations, the VT35 is designed specifically for intercity travel. Both aircraft are essential elements in delivering a holistic air mobility ecosystem.

在產品方面，我們不斷加大研發創新力度，豐富產品線，提升產品效能。我們的 VT35 是一款遠程升降巡航無人駕駛乘客 eVTOL，是今年的重點。飛行測試進展順利，我們計劃在 9 月首次推出 VT35。EH216 非常適合城際運營，而 VT35 則是專為城際旅行而設計的。這兩種飛機都是建構整體空中機動生態系統的重要元素。

We are also accelerating the path to industrializing VT35 through deepened collaboration with local governments. Recently, we expanded our collaboration with the Hefei Municipal Government, signing a strategic cooperation agreement to establish the VT35 series product hub in Hefei. This hub will integrate R&D, manufacturing, airworthiness certification, supply chain management, sales and operations, and training. The Hefei government plans to support EHang with approximately RMB500 million through aircraft orders, investments, and industry ecosystem development, all aimed at building out a robust low-altitude economic ecosystem.

我們也透過深化與地方政府的合作，加速VT35的工業化進程。近期，我們與合肥市政府擴大合作，簽署策略合作協議，在合肥建立VT35系列產品中心。該中心將整合研發、製造、適航認證、供應鏈管理、銷售和營運以及培訓。合肥市政府計畫透過飛機訂單、投資、產業生態建設等方式，向億航投資約5億元人民幣，打造強勁的低空經濟生態系統。

On the R&D front, we remain committed to collaborating with leading academic institutions to advance critical technologies in the low-altitude economy. In July, we established the Tsinghua University-EHang Joint Institute for Low Altitude Aviation Technology with Tsinghua University. This follows the February launch of Aerospace and Intelligent Manufacturing Committee of the Tsinghua University Guangzhou Alumni Association. By combining Tsinghua's academic research capabilities with our practical expertise in developing and commercializing low-altitude aircraft, the joint institution is designed to accelerate innovation, foster emerging talent, and expedite industrial transformation of this emerging sector.

在研發方面，我們始終致力於與領先的學術機構合作，推動低空經濟的關鍵技術。7月，我們與清華大學成立了清華大學-億航低空航空技術聯合研究院。此前，清華大學廣州校友會航空航天與智慧製造專業委員會於今年二月正式成立。透過將清華大學的學術研究能力與我們在低空飛行器研發和商業化方面的實務經驗相結合，聯合機構旨在加速創新、培養新興人才並加快這一新興領域的產業轉型。

As a pioneer in this industry, we not only focus on product and technology innovation, but also actively participate in shaping regulatory and safety standards. We have contributed to CAAC's eVTOL airworthiness standards, led the drafting of the vertiport technical requirements, and helped to promote low-altitude data security guidelines.

作為該行業的先驅，我們不僅注重產品和技術創新，還積極參與制定監管和安全標準。我們為中國民航局的eVTOL適航標準做出了貢獻，主導了垂直起草機場技術要求，並協助推廣低空資料安全指南。

Our deep involvement spans multiple key areas, including airworthiness certification for civil unmanned aerial vehicles and propulsion systems, vertiport technology requirements, operation safety regulations, training systems, and operational service standards. These efforts not only underscore our leadership in technology and application, but also reinforce our deep commitment to building a safe, standardized, and sustainable commercial development of the low-altitude economy industry.

我們的深度參與涉及多個關鍵領域，包括民用無人機和推進系統的適航認證、垂直起降場技術要求、運行安全法規、培訓系統和營運服務標準。這些努力不僅彰顯了我們在技術和應用方面的領先地位，也堅定了我們致力於建構低空經濟產業安全、規範、永續商業發展的堅定承諾。

In the second half of this year, we have refined our strategy. Instead of accelerating order deliveries, we are placing top priority on providing support services to our existing customers, ensuring that the eVTOL aircraft they have purchased can enter safe, orderly, and regular commercial operations. It's not that we lack orders for or production capability. In fact, we have both.

今年下半年，我們進一步完善了策略。我們不急於加速訂單交付，而是把做好現有客戶的支援服務放在首位，確保他們所購買的eVTOL飛機能夠安全、有序、正常的投入商業運作。並不是我們缺少訂單或生產能力。事實上，我們兩者都有。

In aviation, haste can undermine safety and sustainability. We believe in discipline and long-term value creation rather than chasing short-term gains. Our goal is to establish a proven, scalable business model, one that defines a new chapter for pilotless eVTOLs and sets the foundation for enduring success. We firmly believe that safety, regulatory compliance, and innovation are the cornerstones of leadership in this rapidly developing market. We will continue to advance steadily and lead the industry towards scalable, sustainable commercialization.

在航空業，倉促行事可能會損害安全性和永續性。我們相信紀律和長期價值創造，而不是追求短期利益。我們的目標是建立一個經過驗證的、可擴展的商業模式，為無人駕駛 eVTOL 開啟新篇章，並為持久的成功奠定基礎。我們堅信，安全、合規和創新是在這個快速發展的市場中保持領導地位的基石。我們將繼續穩步前進，引領業界走向可擴展、永續的商業化。

I will now hand it over to our COO, Zhao Wang, for operational updates.

現在我將把會議交給我們的營運長趙旺，報告營運最新情況。

(interpreted) Thank you, Mr. Hu.

（翻譯）謝謝胡先生。

We were able to quickly turn the backlog of customer demand in Q1 into actual deliveries in Q2. While Q1 presented headwinds, our performance rebounded strongly in Q2, both in terms of our orders fulfilled and revenue, bringing us back on a healthy growth trajectory.

我們能夠迅速將第一季積壓的客戶需求轉化為第二季的實際交付。雖然第一季遇到了阻力，但我們的業績在第二季強勁反彈，無論是在訂單完成量還是收入方面，都使我們重回健康的成長軌道。

We're also seeing our customer base continues to expand. This quarter, we delivered aircraft to 13 enterprise clients across China, from Guizhou, Jilin, Jiangxi, Hainan, Gansu, and Yunnan, and more areas, as well as to an international client in Japan. This growing global confidence in our pilotless eVTOL solutions continues to broaden our market presence and strengthen our operational footprint.

我們也看到我們的客戶群不斷擴大。本季度，我們向全國貴州、吉林、江西、海南、甘肅、雲南等地區的13家企業客戶以及日本的一家國際客戶交付了飛機。全球對我們的無人駕駛 eVTOL 解決方案的信心不斷增強，這不斷擴大我們的市場佔有率並加強我們的營運足跡。

In the second quarter, new orders also picked up significantly. We received new orders for more than 150 units of the EH216 series, including from Anshun City and Guizhou Tourism Group, Jilin's Changchun Jingyue High-Tech Zone, Nanchang City, and Jiangxi Air Ganpo Low-Altitude Economy Company [Limited] (added by the company after the call), and the Fuma Group in Lingao, Hainan. These orders will be fulfilled in a planned and phased deliveries. This strong demand highlights the rapid expansion of China's low-altitude economy and demonstrates EHang's growing competitive edge.

二季度，新訂單也明顯回升。接獲安順市及貴州旅遊集團、吉林長春淨月高新區、南昌市、江西航空贛鄱低空經濟有限公司（公司電話後新增）、海南臨高福馬集團等單位EH216系列飛機新增訂單150餘台。這些訂單將按計劃分階段交付。這項強勁需求凸顯了中國低空經濟的快速擴張，也彰顯了億航日益增強的競爭優勢。

At the same time, we are supporting our regional clients to prepare eVTOL operations that are tailored to their local environments. Whether it's in scenic areas, urban centers, islands, high altitude, or cold weather regions, we are helping design deployment plans that reflect each location's unique climate and terrain. Our goal is to enable diverse use cases, such as low-altitude sightseeing, urban air transport, and emergency response across a wide range of real-world scenarios. In the first half of 2025, we completed over 10,000 flights across multiple scenarios in different regional settings, further validating our operational readiness.

同時，我們正在支援我們的區域客戶準備適合其當地環境的 eVTOL 操作。無論是在風景區、城市中心、島嶼、高海拔地區或寒冷地區，我們都在幫助設計反映每個地點獨特氣候和地形的部署計劃。我們的目標是實現多種多樣的用例，例如低空觀光、城市空中運輸和各種現實場景中的緊急應變。2025年上半年，我們在不同區域、多種場景下完成了超過10,000次飛行，進一步驗證了我們的作戰準備。

With the development of China's economy, eVTOL applications are becoming increasingly diversified. In particular, the demand for emergency management use cases and smart city management, such as firefighting, rescue, logistics, and surveying, is growing gradually. Local emergency authorities across China at all levels have begun conducting tests and drills using low-altitude aircraft.

隨著中國經濟的發展，eVTOL的應用也日益多樣化。特別是消防、救援、物流、測量等緊急管理用例和智慧城市管理的需求正在逐漸增加。中國各級地方緊急管理部門已開始進行低空飛機緊急救援試驗和演練。

To address this emerging low-altitude emergency rescue market, we are accelerating product upgrades and commercialization of emergency rescue aircraft. On June 27, we showcased a new model of EH216 series for high-rise firefighting in Beijing's Fangshan District, which received strong recognition from government and fire authorities. Further aircraft refinement and flight testings are currently underway.

針對新興的低空緊急救援市場，我們正在加速緊急救援飛機的產品升級和商業化進程。6月27日，我們在北京房山區展示了一款用於高層建築消防的新型EH216系列消防車，獲得了政府和消防部門的強烈認可。目前正在進行進一步的飛機改進和飛行測試。

On the operational font, following the issuance of our OC in late March, the operators in Guangzhou and Hefei, EHang General Aviation and Hefei Heyi Aviation, have adopted a safety-first, steady expansion approach, gradually transitioning from trial commercial operation of human-carrying flights to a safe, stable, and regular commercial operations. To date, both operators have completed over 700 pilotless flights without any incidents or regulatory violations.

營運方面，自3月下旬我局發布營運許可證以來，廣州和合肥兩地的營運商億航通航、合肥合一航空堅持安全第一、穩步拓展的方針，逐步由載人試飛商業運營過渡到安全、穩定、常態化的商業運營。迄今為止，兩家運營商已完成 700 多次無人駕駛飛行，未發生任何事故或違反規定的情況。

In addition, we are continuously enhancing our commercial service capabilities. We've begun internal testing of our ticketing system, optimizing the boarding process to improve passenger experience, and are exploring ways to improve efficiency, particularly through dual-vertiport operations and running an operator training program for EH216-S conducted under CAAC-authorized trial program for large civil unmanned aerial vehicles.

此外，我們也持續增強商業服務能力。我們已經開始對售票系統進行內部測試，優化登機流程以改善乘客體驗，並正在探索提高效率的方法，特別是透過雙垂直起降機場運營和在中國民航局授權的大型民用無人機試驗計劃下開展 EH216-S 操作員培訓計劃。

In Q3, our two operators will continue increasing flights to collect valuable operational data. Meanwhile, we will remain in close dialogue with the NDRC's Low-Altitude Bureau and related regulators. Our goal is to officially launch commercial eVTOL services to the public within this year. Going forward, both two operators will add more vertiports to build up capabilities for cross-regional and managed operations. Meanwhile, route operations from point A to point B are also progressing steadily, with both ferry flights and ballasted tests flights already underway.

第三季度，我們的兩家營運商將繼續增加航班，以收集寶貴的營運數據。同時，我們將繼續與國家發展委員會低空飛行管理局及相關監管機構保持密切溝通。我們的目標是在今年內正式向大眾推出商業 eVTOL 服務。展望未來，兩家業者都將增加更多的垂直起降機場，以增強跨區域和管理營運的能力。同時，A點至B點的航線運作也穩步推進，轉場飛行和壓載試飛都已開始。

Simultaneously, we are supporting more of our customers with their Operator Certificate applications, helping with route design, vertiport planning, and personal training to build a robust customer service system. Our team has completed the operator training needs assessment, and the training outline has been approved by the regulator. Course development is now fully underway. Once the teaching materials are finalized and submitted for review, operator training and assessments will officially begin. This operator qualification will help address the shortage of skilled personnel and enable more applicants to meet their OC personnel requirements.

同時，我們也為更多客戶提供營運商證書申請支持，協助進行航線設計、垂直起降場規劃、人員培訓等，建構強大的客戶服務體系。我們的團隊已經完成了營運商培訓需求評估，培訓大綱也已獲得監管機構的批准。課程開發目前已全面展開。一旦教材完成並提交審核，操作員培訓和考核將正式開始。該操作員資格將有助於解決技術人員短缺的問題，並使更多的申請人能夠滿足其 OC 人員要求。

As Mr. Hu has just mentioned, the key focus for our business this year is the launch of commercial operations. Following a prudent assessment, we've adjusted our 2025 full-year revenue guidance to approximately RMB500 million, up from [RMB456.2] (corrected by the company after the call) million in 2024, reflecting modest growth. This adjustment isn't due to weak demand. It reflects our unwavering commitment to safety and strict alignment with civil aviation protocols. We are investing the necessary time and effort needed to optimize our commercial operation processes and manage risks effectively, ensuring that our demonstration flights are high-quality and scalable.

正如胡總剛才提到的，今年我們業務的重點是商業營運的發展。經過審慎評估，我們將 2025 年全年收入預期從 2024 年的 4.562 億元（電話會議後公司進行了更正）調整至約人民幣 5 億元，反映出適度增長。此次調整並非由於需求疲軟。它體現了我們對安全的堅定承諾以及嚴格遵守民航協議。我們正在投入必要的時間和精力來優化我們的商業營運流程並有效地管理風險，確保我們的示範飛行高品質且可擴展。

For customers who have already purchased our aircraft, we are dedicating significant resources to offer comprehensive operation solutions tailored to their diverse operating conditions, ensuring safe deployment and gradual transition into regular commercial operations. This phased guidance adjustment isn't a step back. It's designed to enable more efficient, sustainable commercial expansion down the line. By building a solid foundation now, we've positioned the company for medium to long-term growth and preparing to elevate both product sales and revenues to new heights.

對於已經購買我們飛機的客戶，我們投入大量資源，根據其不同的營運條件提供全面的營運解決方案，確保安全部署並逐步過渡到正常的商業運作。這次分階段的指導調整並不是倒退。其設計目的是實現更有效率、更永續的商業擴張。透過現在建立堅實的基礎，我們為公司的中長期成長做好了準備，並準備將產品銷售和收入提升到新的高度。

Meanwhile, we are accelerating our market expansion by partnering with top-tier ecosystem allies. In May, we extended our strategic collaboration with China Communications Information and Technology Group to include CCCC-FHDI Engineering Company, forming a powerful multi-party alliance. We will joint launch demonstration projects in low-altitude tourism, urban air mobility, and emergency response, aimed at building a three-dimensional infrastructure network to support scalable demonstration models.

同時，我們正在透過與頂級生態系統盟友合作來加速我們的市場擴張。5月，我們與中國交通資訊集團的策略合作進一步拓展，新增中交福安院工程公司，形成多方強強聯合。我們將在低空旅遊、城市空中交通、緊急應變等領域聯合開展示範項目，建構建構體基礎設施網絡，以支撐示範模式的推廣應用。

Our partnership also extends into international markets. By leveraging CCCC-FHDI's exceptional expertise. In infrastructure development within complex environments such as coastlines, rivers, and islands, we are co-developing integrated land, water, air mobility solutions. These solutions are designed to be deployed across Southeast Asia and South Asia.

我們的合作關係也延伸到國際市場。透過利用 CCCC-FHDI 的卓越專業知識。在海岸線、河流和島嶼等複雜環境下的基礎建設中，我們共同開發綜合的陸地、水上和空中交通解決方案。這些解決方案旨在部署在東南亞和南亞。

In May and June, we formed strategic partnerships with China Mobile and China Unicom to jointly advance R&D, data platform services, UAV communication technologies, and related application expansion in the low-altitude economy. By combining resources and leveraging complementary strengths, a new UAV management service platform has been developed, which will significantly enhance safety for low-altitude flights by leveraging real-time data from telecom operator-base stations.

5月、6月，我們與中國移動、中國聯通建立戰略合作夥伴關係，共同推動低空經濟領域的研發、數據平台服務、無人機通訊技術及相關應用拓展。透過資源整合、優勢互補，開發了新型無人機管理服務平台，該平台將利用電信營運商基地台的即時數據，大幅提升低空飛行的安全性。

This quarter, we have made significant progress in the logistics applications. Partnering with Wanyi Tianxia (Zhuhai) Aviation Company, our VT20 series logistics eVTOL completed the first long-range intercity cargo flight in the Greater Bay Area, covering 83 kilometers between Zhuhai and Guangzhou in about 55 minutes. The route reduced transport time by up to an hour compared to road transportation, demonstrating a significant improvement in logistic efficiency. The VT20 series has now operated safely for over a year in the Wanshan Archipelago, gradually establishing a comprehensive land-to-island and inter-island drone logistics network across the region.

本季度，我們在物流應用方面取得了重大進展。與兆天下（珠海）航空公司合作，我司VT20系列物流eVTOL完成粵港澳大灣區首次遠程城際貨運飛行，飛行距離珠海至廣州83公里，飛行時間約55分鐘。該路線較公路運輸縮短運輸時間達一小時，物流效率顯著提高。目前，VT20系列無人機已在萬山群島安全運作一年多，逐步在萬山群島建立起完善的陸島、島際無人機物流網。

On the manufacturing front, while expanding the Yunfu production base, EHang is also planning new facilities in Fangshan, Hefei, and Weihai to serve different regional functions, including assembly and production of passenger, logistics, and emergency response aircraft to cover different regions across China. This layout will enable localized production and delivery based on the product type and customer location.

在製造方面，億航在擴建雲浮生產基地的同時，也規劃在房山、合肥、威海等地建立新工廠，服務不同區域功能，包括客運、物流、緊急應變飛機的組裝生產，覆蓋全國不同區域。這種佈局將能夠根據產品類型和客戶位置實現本地化生產和交付。

Internationally, we continue to extend our global presence. In the second quarter, the EH216-S completed demo flights in Mexico, Indonesia, and the Dominican Republic. These bring our global eVTOL flight footprints to 20 countries.

在國際上，我們繼續擴大我們的全球影響力。第二季度，EH216-S在墨西哥、印尼和多明尼加共和國完成了示範飛行。這使得我們的全球 eVTOL 飛行足跡遍及 20 個國家。

At this year's Paris Air Show, our flagship EH216-S captured global attention, not only from aviation professionals but also from ICAO Council members. During the show, EHang signed strategic MoUs with two partners: ANRA Technologies and FadeA, Argentina's National aerospace manufacturer. We will jointly advance digital airspace infrastructure development and localized certification across Europe and Latin America. In Q2, we completed test flights for the EU's U-SAVE project at our European UAM Center and renewed our flight permit for our Spain UAM Operations Center, ensuring continued progress of trial operations in Europe.

在今年的巴黎航展上，我們的旗艦產品 EH216-S 吸引了全球的關注，不僅吸引了航空專業人士的關注，也吸引了國際民航組織理事會成員的注意。展會期間，億航與兩家合作夥伴簽署了戰略諒解備忘錄：ANRA Technologies 和阿根廷國家航空航太製造商 FadeA。我們將共同推動歐洲和拉丁美洲數位空域基礎設施建設和本地化認證。二季度，我們在歐洲城市空中交通中心完成了歐盟U-SAVE計畫的試飛，並續簽了西班牙城市空中交通運營中心的飛行許可，確保了歐洲試運行工作的持續推進。

In Latin America, we joined the region's largest aerospace exhibition in Mexico, where we also showcased successful demo flights. We also held a tripartite meeting with the CAAC and the Mexican Civil Aviation Authority to advance Validation of Type Certification for the EH216-S. Meanwhile, we are pursuing type certification in Brazil and a special flight permit in Chile.

在拉丁美洲，我們參加了墨西哥該地區最大的航空航天展覽會，並在那裡展示了成功的演示飛行。我們也與中國民航局和墨西哥民航局舉行了三方會議，以推進EH216-S型號認證的驗證。同時，我們正在巴西申請型號認證，並在智利申請特殊飛行許可。

In the Middle East, the EH216-S has received a human-carrying flight approval in Qatar, and we are now preparing routes and aircraft deployment. We also signed a strategic partnership agreement with Türk Telekom and are planning the first demo flight in Turkey.

在中東地區，EH216-S已在卡達獲得載人飛行批准，目前正在籌備航線和飛機部署。我們也與土耳其電信簽署了戰略合作協議，並計劃在土耳其進行首次展示飛行。

In Southeast Asia, we made significant progress with Thai regulators on advancing in commercial operations. We plan to run trial flights in the Bangkok-Pattaya area under a regulatory sandbox program while preparing for future trial commercial operations in the designated airspace.

在東南亞，我們與泰國監管機構在商業營運推進方面取得了重大進展。我們計劃在監管沙盒計劃下在曼谷-芭堤雅地區進行試飛，同時為未來在指定空域進行試商業運營做準備。

Looking ahead, we will continue to advance commercialization with safety as our top priority, supported by our increasingly competitive products, strong industry collaboration, and expanding global footprint. We are confident in EHang's potential for sustained long-term growth.

展望未來，我們將繼續以安全為首要任務推進商業化，並藉助日益具有競爭力的產品、強大的產業合作和不斷擴大的全球影響力。我們對億航持續長期成長的潛力充滿信心。

Now, I'll turn it over to our CFO, Conor, to walk us through the financial results.

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. 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.

（譯）大家好。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。

Now, I will present some key financial data. Total revenues were RMB147.2 million in Q2 2025, an increase of 44% compared with Q2 last year and a significant sequential increase of 4.6 times compared with Q1 2025. These year-over-year and sequential increases are primarily driven by increased sales volume of EH216 series products. As our COO mentioned earlier, OC issuance has significantly boosted customers' interest in our products, which resulted in more active order conversion in the second quarter.

現在，我將介紹一些關鍵的財務數據。2025年第二季總營收為人民幣1.472億元，較去年第二季成長44%，較2025年第一季大幅較上季成長4.6倍。這些同比和環比的成長主要得益於 EH216 系列產品銷售的成長。正如我們的營運長先前提到的，OC的發行大大提高了客戶對我們產品的興趣，從而導致第二季的訂單轉換更加活躍。

Gross profit was RMB92.07 million in Q2, showing both year-over-year and sequential growth, driven by increased revenues in the quarter. The gross margin in Q2 was 62.6%, remaining stable compared with 62.4% in both Q2 2024 and Q1 2025. This indicates that our products maintain sustained market competitiveness and stable pricing power.

第二季毛利為人民幣 9,207 萬元，年比和季比均有所增長，這得益於本季營收的成長。第二季的毛利率為 62.6%，與 2024 年第二季和 2025 年第一季的 62.4% 相比保持穩定。這表明我們的產品保持了持續的市場競爭力和穩定的定價能力。

Turning to expenses. Total operating expenses in Q2 were RMB173 million, representing increases on both a year-over-year and quarter-on-quarter basis. This was primarily due to our continued business expansion and increased R&D investment, which translated into higher staff compensation.

談到費用。第二季總營業費用為1.73億元人民幣，年比、季均增加。這主要是由於我們業務的持續擴張和研發投入的增加，從而帶來了員工薪資的提高。

The adjusted operating expenses for the second quarter, which excluded share-based compensation expenses, were RMB96.85 million, representing a year-on-year increase of 37.2% and a quarter-on-quarter increase of 52.3%. This increase was mainly due to the company's accelerated pace of commercial expansion, with the corresponding workforce growth resulting in an overall increase in staff compensation. Additionally, our continued investment in new aircraft models and technologies also contributed to higher R&D expenses.

第二季調整後營業費用（扣除股權激勵費用）為9,685萬元，較去年同期成長37.2%，較上季成長52.3%。這一增長主要由於公司商業擴張步伐加快，相應的員工隊伍成長導致員工薪資整體增加。此外，我們對新機型和新技術的持續投入也導致研發費用增加。

Adjusted net income was RMB9.4 million, i.e., excluding share-based compensation expenses and the one-off non-operating provisions made for the settlement fee of legal proceedings related to the US securities class action filed in 2023, making a remarkable 719.9% increase from RMB1.2 million in the second quarter of 2024 and a turnaround from the adjusted net loss of RMB31.1 million in the first quarter of 2025 since Q2 the company raised over USD23 million through at-the-market offering. The proceeds will mainly be used for the company's research and development of next-generation technologies and products, team and production expansion, establishment of new headquarters, commercial operations, working capital, and general corporate purposes.

調整後淨利為人民幣940萬元，即不包括股權激勵費用及2023年提起的美國證券集體訴訟相關法律程序和解費用而提列的一次性非營業性撥備，較2024年第二季度的人民幣120萬元大幅增長719.9%，較2025年第一季調整後淨虧損本次募集資金將主要用於公司下一代技術和產品的研發、團隊和生產擴張、新總部的建立、商業營運、營運資金以及一般公司用途。

The company continues to have strong capital reserves. As of June 30, 2025, our cash and cash equivalents, restricted short-term deposits, and short-term investments totaled RMB1.15 billion. This solid financial foundation gives us the flexibility to support future R&D investments, expand production, and grow our commercial operations.

公司繼續擁有雄厚的資本儲備。截至2025年6月30日，我們的現金及現金等價物、限制性短期存款及短期投資總額為人民幣11.5億元。堅實的財務基礎使我們能夠靈活地支援未來的研發投資、擴大生產和發展商業營運。

Given our strategic focus for the second half of the year is on operational execution and supporting customers in achieving safe, regular operations, we have made a prudent decision to moderate the pace of order deliveries. As a result, we have adjusted our full-year 2025 revenue guidance to a approximately RMB500 million.

鑑於我們下半年的策略重點是營運執行和支援客戶實現安全、正常的運營，我們做出了審慎的決定，以減緩訂單交付的速度。因此，我們將2025年全年營收預期調整至約人民幣5億元。

By focusing on strengthening our commercial operations foundation, we are strategically transitioning our revenue model to a dual-engine approach, combining eVTOL manufacturing and operational services. With a steadily expanding and more diverse product portfolio, we expect our revenue mix to become increasingly balanced, supporting EHang's long-term sustainable growth and delivering enduring value for our shareholders.

透過專注於加強我們的商業營運基礎，我們正在策略性地將我們的收入模式轉變為雙引擎方法，結合 eVTOL 製造和營運服務。隨著產品組合的穩定擴大和更加多樣化，我們預計我們的收入結構將更加均衡，從而支持億航的長期可持續增長並為我們的股東帶來持久的價值。

Thank you.

謝謝。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（操作員指示）摩根士丹利的 Tim Hsiao。

(interpreted) Thank you, management, for taking my question. This is Tim from Morgan Stanley. I've got two questions. One is on the material part to the revenue guidance for next year. So I would like to know more about the reasons behind this, why -- because the management has talked a little bit about that. I wonder why do we choose at this time point to adjust our growth strategy. Is it because of the external factors, or is it because of the market, or any challenges that we're facing on the operational level? Why did the company take this prudent approach when it comes to deliveries?

（翻譯）謝謝管理層回答我的問題。我是摩根士丹利的提姆。我有兩個問題。一是關於明年收入指引的重要部分。所以我想更多地了解背後的原因，為什麼——因為管理層已經談論過這一點。我很好奇為什麼我們會選擇在這個時間點調整成長策略。是因為外部因素，還是因為市場，或是我們在營運層面面臨的任何挑戰？為什麼公司在交付時採取這種謹慎的態度？

And as you revise down the revenue guidance, as well as the delivery pace, I was wondering whether we have a lot more visibility into the deliveries in the second half of the year because we have delivered significantly a lot more in the first half, as the current data suggests. So I would like to know more about that. Thank you.

當您下調收入預期和交貨速度時，我想知道我們是否對下半年的交付情況有更清晰的了解，因為正如當前數據所顯示的那樣，我們在上半年的交付量已經大大增加。所以我想了解更多關於這方面的資訊。謝謝。

(interpreted) This is Wang Zhao. I will take your question.

（譯）我是王鑷。我回答你的問題。

You're right. In the second half of the year, we have made a strategic adjustment to our overall company strategy. That's because we have obtained the OC. That's when we started to focus more on the operations. So the focus is to shift on providing more support services to existing clients to help them establish regular operations for the products they have already purchased safely and systematically.

你說得對。下半年我們對公司整體策略進行了策略調整。這是因為我們已經獲得了 OC。從那時起，我們開始更加關注營運。因此，重點將轉移到為現有客戶提供更多支援服務，以幫助他們安全、有系統地建立已購買產品的常規營運。

And I would like to emphasize that the adjustment is not due to insufficient market demand, but rather because we want to maintain safety as our core principle and adopt a more prudent development strategy. We are not blindly pursuing rapid short-term expansion, but instead focusing on safe and sustainable commercial operations.

我想強調的是，調整不是因為市場需求不足，而是我們要堅持安全第一的方針，採取更審慎的發展策略。我們不是盲目追求短期快速擴張，而是注重安全、永續的商業營運。

Therefore, we have cautiously lowered our full-year revenue guidance based on our current order. So that's that. And based on the current order backlog at hand, we are and the company is confident in achieving the full-year revenue target of RMB500 million.

因此，我們根據當前訂單謹慎下調了全年收入預期。就是這樣。並且根據目前手頭上的訂單情況，我們和公司有信心實現全年5億元的收入目標。

(interpreted) And the second question is on OC because the two EH216-S operators have obtained the operating certificates from the CAAC in Q1. So I was wondering if management could share more color or give us an update on the progress as well as the process in terms of the OC application on the client side. So could management give us an update on that? Thank you.

（翻譯）第二個問題是關於 OC 的，因為兩家 EH216-S 業者已於第一季從中國民航局獲得了營運許可證。因此，我想知道管理層是否可以分享更多細節或向我們提供有關客戶端 OC 應用程式的進度和流程的最新資訊。那麼管理層能否提供我們最新情況？謝謝。

(interpreted) This is Wang Zhao. I will answer this question.

（譯）我是王鑷。我來回答這個問題。

So after the two operators obtained the certificates, they are now adopting a phased operational approach and are currently in the second phase of passenger trial operations. They are continuously optimizing the processes and services. They are exploring the dual helipad operation model. So this is to increase the commercial value.

所以兩家業者在取得證件之後，現在採取分階段營運的方式，目前正處於第二階段的載客試營運。他們正在不斷優化流程和服務。他們正在探索雙直升機停機坪運作模式。所以這是為了增加商業價值。

I would like to emphasize that the existing customers saw that our operators have obtained the OCs, so they are very -- they have shown significant interest in this. Also, we are now widely recognized by the market, so there's a lot of attention on us. So I would say that the OC instills a very strong confidence in the current customers, as well as the potential customers.

我想強調的是，現有客戶看到我們的運營商已經獲得了 OC，因此他們對此表現出了極大的興趣。而且我們現在得到了市場的廣泛認可，因此受到了極大的關注。所以我想說，OC 為現有客戶和潛在客戶帶來了非常強烈的信心。

Right now, our clients have two options in front of them. One of them is that they can put together a dedicated team, put together all the information required for the OC application process. And during this process, we would provide full technical support in their OC application. And the other model for the client is to go through the hosting for agent approach, where we would apply the OC on their behalf. Those models are progressing fairly well at the moment.

目前，我們的客戶面臨兩種選擇。其中之一就是他們可以組建一個專門的團隊，收集 OC 申請流程所需的所有資訊。並且在過程中，我們將為他們的OC應用提供全面的技術支援。客戶的另一種模式是採用代理託管方式，由我們代表他們申請 OC。目前這些模型進展相當順利。

(interpreted) Thank you.

（翻譯）謝謝。

Fiona Liang, Bank of America.

美國銀行的 Fiona Liang。

(interpreted) This is Fiona from Bank of America Securities. I've got two questions. One is on the order backlog. So what is the breakdown for the orders that are currently at hand? I mean, in terms of -- how many of them is from domestic customers and how many of them are from overseas customers? And whether that provides any visibility in terms of the conversion rate for the orders from the year after and the year after next. Thank you.

（翻譯）我是美國銀行證券公司的 Fiona。我有兩個問題。一是訂單積壓問題。那麼目前訂單的細目情況是怎麼樣的呢？我的意思是，其中有多少來自國內客戶，有多少來自海外客戶？這是否可以為明年和後年的訂單轉換率提供可見性。謝謝。

(interpreted) This is Conor. I will take your question.

（譯）我是康納。我回答你的問題。

In Q2, we obtained 150 new orders. I want to emphasize that these are not framework agreements. These are purchase agreements that we have signed with these customers. And these orders -- so the clients will purchase these devices. So we'll take the order with us in batches, and that will convert into actual sales and revenue. To give you a rough breakdown, 90% of the sales are with the domestic clients and 10% of them are with overseas customers.

第二季度，我們獲得了150個新訂單。我想強調的是，這些不是框架協議。這是我們與這些客戶簽署的採購協議。這些訂單－客戶就會購買這些設備。因此，我們將分批接受訂單，並將其轉化為實際銷售和收入。粗略地說，90% 的銷售額來自國內客戶，10% 來自海外客戶。

There is a trend that we have spotted that there is a significant more demand for our pilotless eVTOLs from the overseas market. There are several orders of significant volume that are in negotiation. We will disclose them whenever we finalize these purchase agreements. However, we want to emphasize that there is a lot more demand for our pilotless eVTOLs from the overseas market. So that's the trend we have spotted.

我們發現一個趨勢，海外市場對我們的無人駕駛 eVTOL 的需求顯著增加。目前有幾份大額訂單正在談判中。一旦我們最終確定這些購買協議，我們就會透露這些資訊。然而，我們要強調的是，海外市場對我們的無人駕駛 eVTOL 的需求要大得多。這就是我們發現的趨勢。

Thank you.

謝謝。

(interpreted) My second question is about our latest VT20 model because we have saw that we debuted this model in the Zhuhai exhibition in July, and we are aware that this model has been under flight testing for roughly a year. We also noticed that particularly the test flights have been conducted in the Greater Bay Area. Do we have any plans for airworthiness certification and commercialization of this model? Thank you.

（翻譯）我的第二個問題是關於我們最新的 VT20 型號，因為我們已經看到我們在 7 月的珠海展覽會上首次展示了該型號，並且我們知道該型號已經進行了大約一年的飛行測試。我們也注意到，特別是粵港澳大灣區已經進行了試飛。我們對這個型號有適航認證和商業化的計劃嗎？謝謝。

(interpreted) So this is Wang Zhao. The VT20 series logistic aircraft currently operating regularly in Zhuhai are small UAVs that do not require airworthiness certification. The large logistic aircraft models that are still being refined do require airworthiness certification. But given the experience that we have in the application of airworthiness certification, I think the progress will be much faster than the previous models.

（譯）這位是王鑷。目前在珠海常規運作的VT20系列物流飛機屬於小型無人機，無需適航認證。仍在完善中的大型物流飛機型號確實需要適航認證。但考慮到我們在適航認證申請方面的經驗，我認為進度會比以前的機型快很多。

In the progress of developing any new models or rolling out any new model, we always place our top priority on safety. And we aim to achieve sustainable long-term commercial operations for all of these models that we have rolled out. So our approach is to start with these smaller-sized logistic models and gradually transfer -- transition or shift to those large logistic models. And we do have commercial plans for these large commercial pilotless eVTOL in the future.

在開發任何新車型或推出任何新車型的過程中，我們始終將安全放在首位。我們的目標是實現我們推出的所有車型的可持續的長期商業運營。因此，我們的方法是從這些較小規模的邏輯模型開始，然後逐漸轉移或轉換到那些大型邏輯模型。而我們確實有針對這些大型商用無人駕駛 eVTOL 的未來商業計劃。

Thank you.

謝謝。

(interpreted) Yeah. That concludes my questions. Thank you, management, for answering the questions.

（翻譯）是的。我的問題到此結束。謝謝管理層回答這些問題。

Alan Lau, Jefferies.

艾倫·劉（Alan Lau），傑富瑞（Jefferies）。

(interpreted) This is Alan from Jefferies. Notice that we've made a strategic adjustment in terms of the revenue guidance. I'm wondering, will we notice a notable or material increase in the revenue growth for next year? So that's the first question.

（翻譯）我是 Jefferies 的 Alan。請注意，我們在收入指導方面做出了策略調整。我想知道，我們是否會注意到明年的收入成長顯著或實質的成長？這是第一個問題。

(interpreted) This is Conor. We have mentioned that we are going to place a lot more of our focus on safety. And we're going to put more efforts into preparing some of these projects and build them into demonstrating projects across nationwide.

（譯）我是康納。我們已經提到，我們將更加重視安全。我們要加大其中一部分計畫的建設力度，將其打造成為全國性的示範計畫。

So that's the strategic adjustment -- based on that, we have made a strategic adjustment of slowing down the deliveries for the second half of the year. But however, we are confident that we are going to have a significant faster growth for next year. I think it would have been about a 0.5 years time, that would be sufficient for us to make the adjustment.

這就是策略調整——基於此，我們做出了策略調整，放慢了下半年的交付速度。但是，我們有信心明年我們將實現更快的成長。我認為大約需要 0.5 年的時間，足以讓我們做出調整。

(interpreted) Next question is on orders from the overseas market. Recently, your competitors have signed many overseas orders. We also noticed that EHang has signed an order with a Japanese client. So I was wondering, could the management share the company's overseas business progress, such as any progress -- sales breakthroughs in Thailand or Japan on the order volume level, what would that be? Can management give an update on that? Thank you.

（翻譯）下一個問題是關於海外市場的訂單。最近，你們的競爭對手簽了很多海外訂單。我們也注意到億航已與日本客戶簽訂了訂單。所以我想知道管理階層能否分享一下公司海外業務的進展，例如有什麼進展——泰國或日本在訂單量上的銷售突破是什麼？管理階層能否提供最新情況？謝謝。

(interpreted) This is Conor. We did notice a stronger demand from the overseas market. And our goal is to obtain commercial operations within six months.

（譯）我是康納。我們確實注意到海外市場的需求更加強勁。我們的目標是在六個月內實現商業營運。

Our collaboration with the Thailand regulators has been progressing fairly well in terms of moving into commercial operations. So right now, our approach is to deepen the sandbox testing model. In the first phase, we will conduct many, many test flights along the Pattaya and Bangkok areas. So our hope is to achieve commercial operations after obtaining the certificate from the Thailand regulators.

在進入商業營運方面，我們與泰國監管機構的合作進展相當順利。所以現在，我們的方法是深化沙盒測試模型。在第一階段，我們將在芭達雅和曼谷地區進行多次試飛。所以我們希望在獲得泰國監管機構的認證後，實現商業運作。

Once that has been proven successful, we can replicate and bring this model -- expand our commercial operations into many other tourism islands in Thailand, for example, Samui Island. I believe this would serve as a role model for many potential markets in Southeast Asia.

一旦證明成功，我們就可以複製並將這種模式擴展到泰國的許多其他旅遊島嶼，例如蘇梅島。我相信這將成為東南亞許多潛在市場的榜樣。

One thing to note is that this sandbox-based test is from point A to point B. So once we obtain the certificate for this commercial operation, this would also provide a lot more experience in terms of helping to secure commercial operations in China.

需要注意的是，這次沙盒測試是從A點到B點的，所以一旦我們獲得商業運營的證書，也將為確保在中國的商業運營安全提供更多的經驗。

Another similar project or test flight we are advancing is the sandbox test area in UAE, Abu Dhabi. So we are partnering with a local partner to conducting test flights and obtain the certificate from the local regulators. So again, like I said, this is a point A to point B route test flight.

我們正在推進的另一個類似項目或試飛是阿聯酋阿布達比的沙盒測試區。因此，我們正在與當地合作夥伴合作進行試飛並獲得當地監管機構的證書。所以，就像我說的，這是一次從 A 點到 B 點的航線試飛。

(interpreted) Thank you, management, for your answers. That's pretty clear. Thanks.

（翻譯）謝謝管理層的回答。這很清楚。謝謝。

Rongyan Zhou, CITIC.

週榮彥，中信證券。

(interpreted) This is Rongyan Zhou from CITIC. I was wondering -- in the previous strategic model, our production is actually based on our sales. I was wondering if we -- after making the adjustment on the revenue reduction, I was wondering if we would still pursue the production-based expansion plan with an annual production capacity of 1,000 units? And with that, will that feed into any changes in 2025 CapEx guidance? Thank you.

（譯）我是中信公司的周榮燕。我想知道——在以前的戰略模式中，我們的生產實際上是基於我們的銷售。我想知道，在對收入減少做出調整之後，我們是否仍會繼續推行年產能為 1,000 輛的生產擴張計劃？那麼，這是否會影響 2025 年資本支出指導的任何變化？謝謝。

(interpreted) This is Conor. We would continue to pursue our production-based expansion in Yunfu. So the annual production capacity according to the plan is 1,000 units per year. That would guarantee our future deliveries.

（譯）我是康納。我們將繼續在雲浮進行生產擴張。因此，計畫年生產能力為1000台。這將保證我們未來的交付。

And in terms of the production expansion, I think that will reflect some changes based on the estimates of deliveries. But we will continue to expand for two reasons: one is to prepare for the long-term demand of different customers; second, this expansion is to prepare for deliveries of diverse models, including the VT35 model, as well as many fire rescue or firefighting models.

就生產擴張而言，我認為這將反映基於交付估計的一些變化。但我們仍會繼續擴張，原因有二：一是為了應對不同客戶的長期需求；二是為交付多種車型做準備，包括VT35車型，以及許多消防救援或消防車型。

And in terms of the 2025 CapEx, that would remain consistent with our previous disclosure that is at USD40 million and remains unchanged in terms of the 2025 capital expenditure guidance.

就 2025 年資本支出而言，這將與我們先前揭露的 4,000 萬美元保持一致，並且 2025 年資本支出指引保持不變。

(interpreted) All right. Thank you, management.

（翻譯）好的。謝謝管理層。

Laura Li, Deutsche Bank.

德意志銀行的 Laura Li。

Hey. Thank you for taking my questions. So I'd like to ask, how should we think about your business model as a eVTOL service provider, as you mentioned earlier? So basically, what's your role and how is the revenue generation will be like? And also, will this be a long-term strategy or mostly just for the initial stage of operations?

嘿。感謝您回答我的問題。所以我想問一下，正如您之前提到的，我們應該如何看待您作為 eVTOL 服務提供者的商業模式？那麼基本上，您的角色是什麼以及收入來源如何？此外，這是長期策略還是主要只是針對營運的初始階段？

(interpreted) I think our adjustment is in time adjustment to the development phase of the UAVs sector. Previously, in a couple of years, we put most of our efforts in pursuing the TC, making sure that we can produce a model that can fly and that can be sold. And the strategic target for this year is to make sure that we will pursue commercial operations for these existing models.

(翻譯)我認為我們的調整是及時適應無人機產業的發展階段的。在之前的幾年裡，我們把大部分精力都投入了爭取TC上，確保能夠生產出可以飛、可以賣的模型。今年的策略目標是確保這些現有機型能夠實現商業營運。

I think it's very hard to start any new business or a new initiative. I think our success in obtaining the airworthiness certificates for our very first UAV model has proven the success. And at this moment, our goal is to pursue sustainable long-term commercial operations for this model.

我認為開展任何新業務或新計劃都非常困難。我認為，我們成功獲得第一架無人機模型的適航證書已經證明了我們的成功。而目前我們的目標是追求這個模式的長期可持續的商業運營。

We admit there is going to be a lot of challenges and obstacles along the way. However, we are confident in overcoming them. Every time we make a breakthrough in terms of the challenges that we made, it instills a sense of confidence into the market.

我們承認，在前進的道路上將會面臨許多挑戰和障礙。但我們有信心克服這些困難。每當我們克服挑戰並取得突破時，市場就會充滿信心。

So going forward, our business model will be positioned as an eVTOL producer plus an operation service provider. We will be providing supporting services for all of our clients, ensuring that they can fly their eVTOLs safely. All of our efforts, for example, in conducting the test and trainings and et cetera are positioned to address all the challenges encountered by our clients. And we are confident in advancing the industry along the way with our customers together. So with all these hurdles cleared, we are able and going to deliver more UAVs to our clients going forward.

因此，未來我們的商業模式將定位為eVTOL生產商加營運服務提供者。我們將為所有客戶提供支援服務，確保他們能夠安全地駕駛 eVTOL。我們所有的努力，例如進行測試和培訓等，都是為了解決客戶遇到的所有挑戰。我們有信心與客戶一起推動產業進步。因此，在消除所有這些障礙之後，我們能夠並且將會向我們的客戶提供更多的無人機。

Thank you.

謝謝。

Okay. Thank you for the color. My second question is actually about the VT35. I think you mentioned the support from the Hefei government of RMB500 million. So any breakdown of this number? I mean, is this mainly the eVTOL orders or like mainly the infrastructure buildout or some shared cost or R&D?

好的。謝謝你的顏色。我的第二個問題其實是關於 VT35 的。我記得您提到了合肥市政府提供的5億元人民幣的支持。那麼這個數字有詳細分類嗎？我的意思是，這主要是 eVTOL 訂單還是主要是基礎設施或一些共享成本或研發？

(interpreted) This is Wang Zhao. Yes, on the VT35, to give an overview, this is a new model rolled out by EHang. And we have submitted the model for Type Certification. We have actually informed the CAAC about this model in February. Now, we are advancing the airworthiness application process.

（譯）我是王鑷。是的，關於VT35，概括地說，這是億航推出的新車型。並且我們已經提交了該模型以進行型式認證。事實上，我們在二月就已經向中國民航局通報了這個型號。目前，我們正在推動適航申請程序。

And today, we made the announcement of assigning the strategic partnership with the Hefei government. And we are going to bring this new model into Hefei and make it our base for this new model. This RMB500 million support from the Hefei government comes in the formats of orders, investments, as well as supply chain support. The support from Hefei government will definitely push the development of the VT35 model.

今天，我們宣布與合肥市政府建立策略夥伴關係。我們將把這個新模式引入合肥，並使其成為這個新模式的基地。合肥市政府此次提供的5億元支持，主要包括訂單支持、投資支持、供應鏈支持等形式。合肥市政府的支持必將推動VT35車型的發展。

Thank you.

謝謝。

Okay. Appreciate it. Thank you.

好的。非常感謝。謝謝。

Yu Chen, Guangfa Securities.

陳宇，廣發證券。

(interpreted) This is Yu Chen from Guangfa Securities. I got two questions. The first question is whether management could give us a breakdown in terms of the 68 units sold in Q2. How many of them are from domestic customers and how many of them are from Japanese customers? As well as the breakdown for the 150 new orders that we've signed, I would like to break it down between overseas and domestic markets.

（譯）我是廣發證券的餘晨。我有兩個問題。第一個問題是管理層是否可以向我們提供第二季售出的 68 台的詳細情況。其中有多少是國內客戶，有多少是日本客戶？除了我們簽署的 150 個新訂單的細分之外，我還想將其細分為海外和國內市場。

And the second question is on the solid-state battery initiative. Are there any updates on that? Thank you.

第二個問題是關於固態電池計畫的。有沒有什麼更新的消息？謝謝。

(interpreted) This is Conor. In terms of the 68 units that's delivered in Q2, they are the EH216 series. And to give you a breakdown, 67 of them are EH216-S models and one of them is EH216-L model, the logistic version. They are delivered to 13 customers, 12 of them are from domestic customers and one from Japan.

（譯）我是康納。就第二季交付的 68 台而言，它們是 EH216 系列。具體來說，其中 67 架為 EH216-S 型號，其中一架為 EH216-L 型號，即物流版本。共交付給13個客戶，其中12個來自國內客戶，1個來自日本。

And in terms of the 150 units, these are firm orders with a signed purchase agreement. And to give you a breakdown, 90% of them are from domestic customers and 10% of them are from overseas markets.

就 150 台而言，這些都是已簽署購買協議的確定訂單。具體來說，其中90％來自國內客戶，10％來自海外市場。

(interpreted) This is Wang Zhao. I will take your second question on the solid-state battery initiative.

（譯）我是王鑷。我將回答您關於固態電池計劃的第二個問題。

So currently, the company is adopting a dual multi-battery R&D strategy. That means we are pursuing multi-channel cooperation plus multi-directional deployment. We're exploring the optimization opportunities for our power systems. At the moment, we have established partnerships with battery manufacturers, including Greater Bay Technology, Gotion High-Tech, and Inx Technology, to explore the different battery solution development directions.

因此目前該公司採取的是雙多電池的研發策略。也就是說，我們追求的是多通路的合作，多方向的部署。我們正在探索電力系統的最佳化機會。目前我們與大灣科技、國軒高科、英克斯科技等電池廠商建立合作關係，共同探索不同的電池解決方案發展方向。

(interpreted) Thank you, management, for your answers.

（翻譯）謝謝管理層的回答。

(interpreted) So to elaborate on the question, just to make a quick add, so there are several directions that we're exploring with the battery R&D. Firstly, we are working to resolve the challenges of battery fast charging and discharging and life span issues to increase the daily flight operations. And the second direction is to develop universal cylindrical batteries to reduce the adaptation costs. And the third one is to do research on the semi-solid-state batteries. And the last direction we're working on the battery R&D is the solid-state battery development, which has achieved significant results.

（解釋）為了詳細闡述這個問題，我只想快速補充一下，我們在電池研發方面正在探索幾個方向。首先，我們正在努力解決電池快速充放電和壽命問題，以增加每日航班運行。第二個方向是開發通用的圓柱電池，降低適配成本。第三是進行半固態電池的研究。我們在電池研發上的最後一個方向是固態電池的開發，目前已經取得了顯著的成果。

So EHang is the world's first to install solid-state batteries on eVTOL aircraft and conduct actual flights. As we have demonstrated in the last year, so we have successfully increased the flight duration from -- to 48 minutes. And last year, we have successfully brought it to 66 minutes now.

因此億航是全球首個在eVTOL飛行器上安裝固態電池並進行實際飛行的飛行器。正如我們去年所展示的那樣，我們成功地將飛行時間從--增加到 48 分鐘。去年，我們成功地將其提高到了 66 分鐘。

So currently, our firefighting and logistic aircraft can exceed one hour of flight time. And one thing to note is that we are actively applying for the airworthiness for the solid-state battery on the eVTOL model. We are estimating to have the application reviewed and successfully granted by the end of the year.

所以目前我們的消防、後勤飛機的飛行時間可以超過一小時。需要注意的是，我們正在積極申請eVTOL機型固態電池的適航。我們預計將在今年年底前審核該申請並成功批准。

Thank you.

謝謝。

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

謝謝。看到隊列中沒有其他問題，讓我將電話轉回給安妮小姐，請她作最後發言。

(spoken in foreign language)

（用外語說）

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

再次感謝大家。這包括通話。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。