EHang Holdings Ltd (EH) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang third-quarter 2025 earnings conference call. Please note that the management's prepared remarks and the subsequent Q&A session, will primarily be conducted in Chinese and the corresponding simultaneous or consecutive interpretation can be accessed on the English line. As a reminder, all translations are for convenient purpose only. In case of any discrepancy, the management statement in the original language will prevail.

女士們、先生們，大家好。感謝您的耐心等待，歡迎參加億航2025年第三季財報電話會議。請注意，管理層的準備發言和隨後的問答環節將主要以中文進行，相應的同聲傳譯或交替傳譯可透過英文線路取得。再次提醒，所有翻譯僅供參考。如有任何出入，以原文管理階層聲明為準。

To listen to the original remarks by management, please join the Chinese line. Additionally, both Chinese and English lines are open for questions, and today's call is being recorded.

若要收聽管理階層的原話，請加入中文線。此外，中文和英文線路都已開通，歡迎提問，今天的通話將被錄音。

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

現在我將把電話交給億航投資者關係高級總監Anne Ji。安妮女士，請繼續。

Thank you all for joining us on today's conference call to discuss the company's financial results for the third-quarter of 2025. 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.

感謝各位參加今日的電話會議，共同討論公司 2025 年第三季的財務表現。獲利報告可在公司投資人關係網站查閱。請注意，本次電話會議正在錄音，錄音回放將發佈在公司投資者關係網站上。

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

今天參加電話會議的有：我們的創辦人、董事長兼執行長胡華志先生；營運長王鑷先生；以及財務長楊康納先生。

Before we continue, please note that today's discussion will contain forward-looking statements made pursuant to the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. 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作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，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.

有關此項及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的公開文件。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Also, please note that all numbers presented are in RMB and after the third quarter of 2025 unless stated otherwise.

另外請注意，除非另有說明，所有數字均以人民幣為單位，且均為 2025 年第三季之後的數據。

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

接下來，我將把電話交給我們的執行長胡華志先生。請講，胡先生。

Hello, everyone, and thank you for joining our call today. In the third quarter of 2025, we continue to advance our business road map in a steady and disciplined manner. We delivered 42 units during this quarter, generating $92.5 million in total revenues. In our annual strategy of operations-driven sales, we proactively optimized our delivery pace and a prioritized resources towards supporting existing customers in building regular operations in order to establish sustainable commercial operating capabilities.

大家好，感謝各位今天參加我們的電話會議。2025年第三季度，我們將繼續以穩健有序的方式推進我們的業務路線圖。本季我們交付了 42 台設備，總收入達 9,250 萬美元。在我們以營運為導向的年度銷售策略中，我們積極優化交付速度，並優先投入資源支持現有客戶建立常規運營，以建立可持續的商業營運能力。

As a result, delivery saw a temporary slowdown while new orders continue to grow strongly, and our order backlog further increased. We believe this strategy will strengthen the foundation for our commercial operations and drive EHang's healthier and more sustainable long-term growth.

因此，出貨速度暫時放緩，而新訂單持續強勁成長，我們的訂單積壓進一步增加。我們相信，這項策略將加強我們商業營運的基礎，並推動億航實現更健康、更永續的長期成長。

This quarter, we achieved a sustainable progress in product portfolio, product development, industrial deployment and international expansion, laying a solid foundation for the next phase of growth. First, in terms of product portfolio, we continue to expand our product line this year to cover more diverse application scenarios in the low altitude economy.

本季度，我們在產品組合、產品開發、產業部署和國際擴張方面取得了可持續的進展，為下一階段的成長奠定了堅實的基礎。首先，在產品組合方面，我們今年將繼續擴大產品線，以涵蓋低空經濟中更多樣化的應用場景。

In October, we officially launched the VT-35, our next-generation long-range lifting cruise pilotless human-carrying eVTOL. The VT35 has gone through a long six year period from finalization to productization, integrating the advantages of eVTOL while avoiding shortcomings of products with other configurations adopting an advanced tandem wing design, the VT35 maintains full aerodynamic efficiency and fly stability while minimizing the overall size of the aircraft.

10 月，我們正式推出了 VT-35，這是我們的下一代遠程升力巡航無人載人 eVTOL。VT35 從最終定型到產品化經歷了長達六年的時間，它融合了 eVTOL 的優勢，同時避免了其他配置產品的不足，採用了先進的串聯翼設計，VT35 在保持充分空氣動力效率和飛行穩定性的同時，最大限度地縮小了飛機的整體尺寸。

Its design range with a full load is at least 200 kilometers. This is only our conservative data under the strict conditions. It can cover various medium to long distance scenarios such as cities, islands and mountains areas, clearly expanding the application scope of eVTOL in intercity and regional transportation.

滿載時的設計續航里程至少 200 公里。這只是我們在嚴格條件下所得出的保守數據。它可以涵蓋城市、島嶼和山區等各種中長距離場景，明顯擴大了 eVTOL 在城際和區域交通中的應用範圍。

Consistent with our safety first to principle, the VT35 adopts a fully redundant systems and autonomous obstacle avoidance, ensuring further enhancements in safety and reliability. Meanwhile, the VT35 extensively reuses the mature system architecture of the EH216-S, including its command and control system and a ground infrastructure such as standardized vertiports and charging platforms.

秉承我們安全第一的原則，VT35 採用完全冗餘系統和自主避障功能，確保安全性和可靠性進一步提升。同時，VT35 廣泛復用了 EH216-S 成熟的系統架構，包括其指揮控制系統和地面基礎設施，如標準化的垂直起降場和充電平台。

In the future, this will enable the true realization of intercity door-to-door travel while significantly reducing infrastructure costs and deployment thresholds. We announced the presale price of RMB6.5 million for the standard version of VT35 in China, supported by China's strong manufacturing capabilities and new quality productive forces, we believe is compelling pricing advantages will make the VT35 highly competitive in global markets.

未來，這將真正實現城際門到門旅行，同時大幅降低基礎設施成本和部署門檻。我們宣布VT35標準版在中國的預售價格為人民幣650萬元，憑藉中國強大的製造能力和新一代高品質生產力，我們相信這一極具競爭力的價格優勢將使VT35在全球市場上具有很強的競爭力。

We have already received purchase orders from customers in Hefei, [Jiujiang] and Hainan and have started delivery and test flights in the third quarter.

我們已經收到來自合肥、九江和海南客戶的採購訂單，並已於第三季開始交付和試飛。

On certification and industrial deployment, the Civil Aviation Administration of China accepted the VT35 type certificate application in March of this year. And the certification progress is progressing steadily, we're following the proven certification path of the EH216-S and are fully accelerating the testing and certification efforts of the VT35.

在認證和產業化方面，中國民用航空局於今年3月受理了VT35型號合格證申請。認證進展穩步推進，我們正遵循 EH216-S 的成熟認證路徑，並全力加快 VT35 的測試和認證工作。

Meanwhile, we further deepen our strategic partnership with the Hefei government to establish the VT35 product top in Hefei. The Hefei government will provide a comprehensive support totaling RMB500 million, including purchase orders to build an integrated layout across R&D, manufacturing, airworthiness certification sales and operations. This partnership meaningfully strengthened our foundation across the entire industry chain.

同時，我們進一步深化與合肥市政府的策略夥伴關係，將VT35產品推向合肥市場。合肥市政府將提供總額達5億元人民幣的全面支持，包括採購訂單，以建構涵蓋研發、製造、適航認證、銷售和營運的一體化佈局。此次合作顯著增強了我們在整個產業鏈上的基礎。

From the product portfolio perspective, the EH216-S focuses on intra-city transportation while the VT35 addresses intercity and regional transportation. Covering major metropolitan clusters, such as the Yangtze River Delta, the Pearl River Delta and the Beijing-Tianjin-Hebei region, extending the radius of the one-hour air travel circle to hundreds of kilometers. Together, the two models form a intercity plus intercity product metrics that obviates and expands EHang's low attitude mobility network.

從產品組合的角度來看，EH216-S 專注於城市內部交通，而 VT35 則專注於城際和區域交通。覆蓋長江三角洲、珠江三角洲、京津冀等主要都會區，將一小時飛行圈的半徑擴大到數百公里。這兩個模型共同構成了一個城際+城際產品指標，從而消除並擴展了億航低姿態出行網路。

Separately, we also began mass production and a commercial deployment of our self-developed next-generation formation drone, the GT 4.0 in the third quarter, with a single charter line endurance of up to 45 minutes and a module or box launch and design deployment, the light water system with a high precision positioning enables long-duration highly stable flights and significantly announces visual effects and operational efficiency aerial light shows.

此外，我們在第三季也開始大量生產和商業部署我們自主研發的下一代編隊無人機 GT 4.0，其單次包機續航時間可達 45 分鐘，採用模組化或箱式發射和部署設計，高精度定位的輕型水面系統可實現長時間高度穩定的飛行，顯著提升空中燈光秀的視覺效果和操作效率。

During the 15 national games held in Guangzhou, we deployed more than 11,000 GT 4.0 drones for a night sky performance making our largest formation record to date. We're also advancing development on several next-generation models, including the firefighting variant of the EH216 Series, the VT Serious logistics aircraft and a two -- configuration to support a broader range of commercial applications.

在廣州舉行的第15屆全國運動會期間，我們部署了超過11,000架GT 4.0無人機進行夜空表演，創造了我們迄今為止最大的編隊飛行紀錄。我們也正在推動幾款下一代機型的研發，包括 EH216 系列的消防型、VT Serious 物流飛機以及雙機配置，以支援更廣泛的商業應用。

Our joint venture with Changan Automobile, EHang [Changan] has been formally established, and we will co-design and develop the next-generation product line, further strengthening industrial synergies and accelerating the diversification of our overall portfolio.

我們與長安汽車的合資企業億航[長安]已正式成立，我們將共同設計和開發下一代產品線，進一步加強產業協同效應，加速整體產品組合的多元化。

In terms of industrial development, we continue to strengthen our manufacturing system and long-term capacity planning our strategic cooperation with Mint group deepened further this quarter, leveraging this expertise in light of weight structural components and intelligent cabin system to enhance the core competitiveness of EHang's eVTOL products.

在產業發展方面，我們持續加強製造體系和長期產能規劃，本季與Mint集團的策略合作進一步深化，利用其在重量結構零件和智慧座艙系統方面的專業知識，增強億航eVTOL產品的核心競爭力。

Meanwhile, our joint venture with Enpower, Yunfu EHang has entered a trial production for its Phase 2 project at Yunfu production base. construction of our facilities in Hefei, Weihai and Beijing is also progressing as planned, forming a full value chain layout across R&D manufacturing airworthiness certification delivery and operations.

同時，我們與Enpower合資的雲浮億航二期計畫已在雲浮生產基地進入試生產階段。我們在合肥、威海和北京的工廠建設也按計劃推進，形成涵蓋研發、製造、適航認證、交付和營運的完整價值鏈佈局。

As these major industrial bases come online, we expect to further strengthen our production capacity, supply chain resilience and deliver efficiency. Internationally, we continue to advance global deployment in a steady and phased manner, establishing scalable market entry models through demonstration flights and local partnerships.

隨著這些主要工業基地的投產，我們期望進一步增強我們的生產能力、供應鏈韌性和交付效率。在國際上，我們繼續穩步分階段推進全球部署，透過示範飛行和本地合作建立可擴展的市場進入模式。

During the quarter, we achieved notable progress across Asia, the Middle East and Africa, including ongoing trial operations under Thailand's regulatory Sandbox program and completing the Middle East first intra-city pilotless human guaranteed flighting Qatar which showcased the efficiency of point-to-point low altitude transportation.

本季度，我們在亞洲、中東和非洲取得了顯著進展，包括在泰國監管沙盒計劃下進行的持續試驗運營，以及在卡達完成中東首個市內無人載人飛行保障飛行，這展示了點對點低空運輸的效率。

We also carried out a consistent demonstration flights and regulatory engagements in Africa and Japan. These overseas initiatives the path of flight verification, scenario application, commercial operation, laying a solid foundation for future large-scale business expansion.

我們也持續在非洲和日本進行示範飛行和監管互動。這些海外舉措為飛行驗證、場景應用、商業營運奠定了堅實的基礎，為未來大規模業務拓展提供了保障。

On the policy front, China is the 15 five-year plan proposal released in October, explicitly caught for accelerating the deployment development of industrial clusters in strategic low altitude economy, providing long-term stable and high certainty policy expectations for the industry.

在政策方面，中國在10月發布的「十五」規劃建議書中明確指出，要加快戰略低海拔經濟體產業群聚的部署發展，為該產業提供了長期穩定、高度確定性的政策預期。

Ongoing regulatory improvements, aerospace reform, infrastructure build-out and applications now to collectively create a comprehensive environment that supports the R&D production testing and operations of eVTOL.

持續的監管改進、航空航天改革、基礎設施建設和應用，共同創造了一個支援 eVTOL 研發、生產、測試和營運的綜合環境。

As an industry pioneer, EHang will continue to participate in standards development and demonstration programs, leveraging policy momentum to accelerate the technology deployment and initial expansion. Guided by national policy support, local governments are increasingly supporting the low altitude economy, providing more practical operational guidance for the industry.

身為產業先驅，億航將繼續參與標準制定和示範項目，利用政策契機加速技術部署和初期推廣。在國家政策支持的指導下，地方政府越來越支持低空經濟，為該產業提供更實際的營運指引。

For example, in October, Guangdong Province introduced several measures to promote the high-quality development of the low altitude economy. Supporting Guangzhou, Shenzhen and Shanghai in pioneering intracity and intercity low altitude passenger routes and promote in cross-border drone logistics in the Greater Bay area.

例如，10月份廣東省推出了幾項措施，促進低海拔經濟高品質發展。支持廣州、深圳、上海率先開通市內及城際低空客運航線，並推動粵港澳大灣區跨境無人機物流發展。

Similarly, in September, the Hong Kong government also proposed in its latest policy address to formulate a low attitude action plan and launch and advance the Sandbox pilot. The initiatives cover more complex scenarios, including cross-border flying routes and human carrying eVTOL operations.

同樣，香港政府在9月的最新施政報告中也提出製定低態度行動計劃，並啟動和推進沙盒試點。這些措施涵蓋了更複雜的場景，包括跨境飛行路線和載人電動垂直起降飛行器 (eVTOL) 操作。

We are currently working closely with the Hong Kong regulators to advance pilots initiatives. These policy breakthroughs will not only strengthen the industry's long-term outlook, but also provide a clear institutional guidance for our commercial implementation.

我們目前正與香港監管機構密切合作，推進試點計畫。這些政策突破不僅將增強產業的長期前景，而且將為我們的商業實施提供明確的製度指導。

We also continue to invest in the broader industrial and research ecosystem. Following the establishment of the joined Research Institute with the Tsinghua University this quarter, we recently signed a strategic cooperation framework agreement with the China Academy of Civil Aviation science and technology. The partnership will focus on six major areas, including flight safety, route management, operational support, regulatory standards, and technology validation and jointly building a standard system for low altitude commercial operations.

我們也會繼續投資更廣泛的產業和研究生態系統。繼本季與清華大學成立聯合研究所之後，我們最近又與中國民用航空科學技術研究院簽署了戰略合作框架協議。該合作將重點放在六個主要領域，包括飛行安全、航線管理、營運支援、監管標準和技術驗證，並共同建立低空商業營運的標準系統。

Looking ahead, we will continue to prioritize safety while leveraging our product strength, innovation capabilities and operational expertise as our core drivers. We will advance commercial operations in a disciplined manner and further deepen our global footprint, benefited from an increasingly supportive policy environment a more complete product portfolio and our continuously strengthen the full chain capabilities across R&D, manufacturing, airworthiness certification and operations, we remain confident in our long-term growth outlook.

展望未來，我們將繼續把安全放在首位，同時發揮我們的產品優勢、創新能力和營運專長作為我們的核心驅動力。我們將以嚴謹的方式推進商業運營，進一步深化我們的全球佈局。由於日益有利的政策環境、更完善的產品組合以及我們在研發、製造、適航認證和營運等全產業鏈能力的不斷加強，我們對長期成長前景充滿信心。

Meanwhile, we're also very pleased to welcome our new Board member, Ms. Haiyan Li to the company's Board of Directors, with her extensive global experience in capital markets, asset management and corporate strategy Her addition will provide significant support for enhancing the company's international perspective, capital market engagement and strategic decision-making in the future. Her appointment will also strengthen the diversified structure and the government's capabilities of our Board. We look forward to working with her to drive the company into its next phase of growth.

同時，我們也非常高興地歡迎李海燕女士加入公司董事會。李女士在資本市場、資產管理和企業策略方面擁有豐富的全球經驗。她的加入將為公司未來提升國際視野、資本市場參與度和策略決策能力提供重要支持。她的任命也將增強我們董事會的多元化結構和政府能力。我們期待與她合作，推動公司進入下一個發展階段。

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

現在我將把這項工作交給我們的營運長王鑷，讓他報告今年的營運狀況。

Thank you, Mr. Hu. In Q3, we continued to execute against our core strategy, focused on safety, operational excellence and commercial deployment. We generated revenues of RMB92.5 million and delivered 42 units of eVTOL, including 41 units of EH216 series and the first of VT35. Deliveries this quarter were mainly in China, totaling 39 units with overseas customers in Thailand and Malaysia.

謝謝您，胡先生。第三季度，我們繼續執行核心策略，重點關注安全、卓越營運和商業部署。我們創造了9,250萬元的收入，交付了42架eVTOL，其中包括41架EH216系列和首架VT35。本季交付的產品主要銷往中國，共 39 台，海外客戶則位於泰國和馬來西亞。

The quarter-over-quarter and year-over-year declines in revenues and deliveries were mainly due to the delayed payment schedules from certain customers. While some sales agreements were signed during the third quarter, payments were not completed in time resulting in a part of the originally planned Q3 deliveries are being deferred and therefore, not recognized as Q3 revenue.

營收和交付量環比和年減主要是由於某些客戶延遲付款造成的。雖然第三季簽署了一些銷售協議，但付款未能及時完成，導致原計劃在第三季交付的部分貨物被推遲，因此，這些貨物不計入第三季收入。

As of now, 30 units of those orders have been fully paid for and will be recognized in Q4. Based on our current delivery progress and order execution, we are maintaining our full year revenue guidance of RMB500 million.

截至目前，這些訂單中的 30 件已全額付款，將在第四季度確認利潤。根據我們目前的交貨進度和訂單執行情況，我們維持全年可營收5億元的預期。

On operational readiness, we are steadily preparing for the official commercial operations of the EH216-S in China. Our two certified operators EHang General Aviation and Hefei Aviation continued human carrying trial operations around the third quarter.

在作戰準備方面，我們正在穩步推進 EH216-S 在中國的正式商業運作。我們兩家認證的營運商億航通用航空和合肥航空在第三季繼續進行載人試驗營運。

As of now in the second half of 2025 a total of 1,147 flight emissions have been safely conducted by the two certified operators, including 359 human carrying flights, all demonstrating stable and reliable performance. Hefei Aviation's operations site is now ready for commercial operations and plan to gradually and carefully open to the public through a reservation system starting in December. This will allow more passengers to experience pilotless eVTOL mobility firsthand.

截至 2025 年下半年，兩家認證的營運商已安全進行了 1147 次飛行排放測試，其中包括 359 次載人飛行測試，所有測試均表現出穩定可靠的性能。合肥航空的營運場地現已準備就緒，可進行商業運營，並計劃從 12 月開始透過預約系統逐步謹慎地向公眾開放。這將使更多乘客能夠親身體驗無人駕駛電動垂直起降飛行器的出行方式。

Meanwhile, preparation for point A to B route trial flights and both sides are progressing well. Route planning, vertical assessment and aerospace surveys have been completed and multiple rounds of test applies appeared being conducted, leveraging capabilities of both certified operators, we will continue conducting additional human carrying flights and operational trials to advance the rollout of Point A to B route operations.

同時，A點到B點航線試飛的準備工作以及雙方的進展都很順利。航線規劃、垂直評估和航空航天調查已經完成，並且多輪測試應用似乎正在進行中，利用認證運營商的能力，我們將繼續進行額外的載人飛行和運行試驗，以推進 A 點到 B 點航線運營的推出。

Furthermore, we continue to support delivery to customers with the rod flights. These flights have been carried out across a variety of terrains and environments, including major Island in Fujian, Hangzhou, in Shanxi, Chongqing, in Mongolia and in Hongdao in Hubei. Through scenary specific verification and trial operations, we are gradually establishing an operational guide book for different applications and accumulating high-quality data and practical experience for future scale commercial operations.

此外，我們繼續支援向客戶運送魚竿。這些飛行已在各種地形和環境中進行，包括福建的主要島嶼、杭州、山西、重慶、蒙古和湖北洪島。透過針對具體場景的驗證和試驗操作，我們正在逐步建立不同應用的操作指南，並為未來的規模化商業運營積累高品質的數據和實踐經驗。

Flight tests in special environments such as plateaus, cold regions and strides are also progressing steadily, further demonstrating the strong line performance of the EH216-S. For external operational support, EHang have begun delivering or offering services of OC certification assistance and outsourced operation services through EHang General Aviation and HeYi General Aviation. Several customer projects are already underway.

在高原、寒冷地區和高原等特殊環境下進行的飛行測試也在穩步推進，進一步證明了 EH216-S 的強勁性能。對於外部營運支持，億航已開始透過億航通用航空和合宜通用航空提供機務人員認證協助和外包營運服務。目前已有多個客戶專案正在進行中。

To support future commercial scaling, we are accelerating the deployment, a development of our key capabilities. In Q3, we completed the design of all required materials for the EH216-S ground operator training program, including training plans, flat menus, course outlines, training materials and assessment systems.

為了支援未來的商業規模化發展，我們正在加速部署和開發我們的關鍵能力。第三季度，我們完成了 EH216-S 地面操作員培訓計劃所需所有材料的設計，包括培訓計劃、平面菜單、課程大綱、培訓材料和評估系統。

The Center South Regional Administration of CAAC has formally accepted our application and the first training program is expected to begin shortly. The training cycle will run through the end of the year and proceed under CAAC supervision. Our goal is to verify the first batch of ground operators early next year.

中國農業信貸銀行中南區區域管理處已正式接受我們的申請，預計第一期培訓計畫很快就會開始。培訓週期將持續到年底，並在中國民用航空局的監督下進行。我們的目標是在明年初對第一批地面操作人員進行資格審核。

We plan to build a team of about 100 professional ground operators to support scale to commercial operations and service delivery. While also training additional ground operators for our customers' own operating teams, once a certain number of certified ground operators are billable in the market, regular operations can be realized in various customer operations tariffs. And the progress for other operating companies to obtain OC will be further advanced.

我們計劃組建一支由約 100 名專業地面操作人員組成的團隊，以支援商業營運和服務交付的規模化。在為客戶自己的營運團隊培訓更多地面營運人員的同時，一旦市場上有一定數量的合格地面營運人員可以計費，就可以在各種客戶營運費率中實現常規營運。其他營運公司獲得營運許可證的進程也將進一步推進。

At the same time, we are making steady progress on developing the EHang Trip ticketing system. The internal testing version is now live, allowing our employees to book and experience flights through the online platform. and initial feedback has been very positive. This will prepare us for upcoming launch of the public online ticket service. Internationally, our global visibility and flight footprint continue to expand.

同時，我們在開發億航旅行票務系統方面也取得了穩定進展。內部測試版本現已上線，我們的員工可以透過線上平台預訂和體驗航班。初步反饋非常正面。這將為即將推出的公共線上票務服務做好準備。在國際上，我們的全球知名度和航班覆蓋範圍持續擴大。

To date, the EH216 series had accumulatively completed over 80,000 flights globally, further strengthening its international presence and credibility. In Japan, the EH216-S successfully flew near the Osaka Kansai Expo venue and the foot of Mountain Fuji, while the EH216-L completed first cargo logistic red flight in Ishikawa Prefecture.

截至目前，EH216系列直升機已在全球累積完成超過80,000次飛行，進一步鞏固了其國際地位和信譽。在日本，EH216-S 成功飛越了大阪關西世博會場館附近和富士山腳下，而 EH216-L 則在石川縣完成了首次貨運物流紅色飛行。

In Rwanda , in collaboration with the China Road and the Bridge cooperation, we completed the first human carrying flight of the EH216-S in Africa. Extending our flight footprint to 21 countries. Regarding overseas regulatory certification, we are working with the local partners and civil aviation authorities in multiple countries including Saudi Arabia, the UAE, Thailand, Brazil and South Africa to advance the establishment of bilateral airworthiness validation with the CAAC and to support the validation of type certificate application for the EH216-S relevant regulatory frameworks in these markets are accelerating and are maturing, laying important groundwork for future commercial eVTOL Operations.

在盧安達，我們與中國「路橋合作」組織合作，完成了EH216-S直升機在非洲的首次載人飛行。我們將航線網路擴展至21個國家。關於海外監管認證，我們正與沙烏地阿拉伯、阿聯酋、泰國、巴西和南非等多個國家的當地合作夥伴和民航當局合作，推動與中國民航局建立雙邊適航驗證，並支持EH216-S型號合格證申請的驗證。這些市場的相關監管框架正在加速發展並日趨成熟，為未來的商業化eVTOL營運奠定了重要的基礎。

Meanwhile, we are also actively exploring trial first pathways to initiate operational trials overseas. In October, together with Civil Aviation Authority of Thailand and local partners, we officially launched the Thailand Advanced Air Mobility Sandbox project through flight validation under the Sandbox framework. We were able to obtain special operational approval through an expedited regulatory process.

同時，我們也積極探索先試後做的方式，以便在海外進行營運試驗。10 月，我們與泰國民航局和當地合作夥伴一起，在沙盒框架下通過飛行驗證，正式啟動了泰國先進空中交通沙盒計畫。我們透過快速審批程序獲得了特殊作業許可。

This initiative represents the world's first regulatory Sandbox model for advancing commercial eVTOL operations and is expected to become a benchmark program globally. The EH216-S has now undergone over a month of continued strong operations within the Bank hawk sandbox area, showing strong stability and reliability across all trial flights.

這項舉措代表了全球首個推進商業化電動垂直起降飛行器營運的監管沙盒模式，並有望成為全球標竿計畫。EH216-S 直升機已在 Bank hawk 沙盒區域進行了超過一個月的持續高強度運行，在所有試飛中均表現出了極強的穩定性和可靠性。

We also conducted a series of on-site emergency response demonstrations for CAT covering scenarios such as a propeller failure, communication loss and other contingency situations to validate the autonomous handling capabilities and safety performance of our pilot list intelligence system. These efforts not only validate the commercial operational model for eVTOL, but also establish a solid foundation for replicable regulatory and operational framework.

我們還針對 CAT 進行了一系列現場緊急應變演示，涵蓋螺旋槳故障、通訊中斷和其他突發情況等場景，以驗證我們飛行員名單智慧系統的自主操作能力和安全性能。這些努力不僅驗證了 eVTOL 的商業營運模式，也為可複製的監管和營運框架奠定了堅實的基礎。

Looking ahead, we plan to expand the Sandbox to Pattaya, Koh Larn, Phuket and Koh Samui forming a demonstration network covering tourism commuting and intra-island transport. This will also provide a scalable and replicable pathway for a commercial pilot projects across other Southeast Asian markets.

展望未來，我們計劃將沙盒模式擴展到芭達雅、格蘭島、普吉島和蘇梅島，形成一個涵蓋旅遊通勤和島上交通的示範網絡。這將為在其他東南亞市場開展商業試點計畫提供可擴展和可複製的途徑。

In the Middle East, with operational authorization from the Qatar Civil Aviation Authority and the support from the Ministry of Transport, we successfully completed a series of human carrying flights with the EH216-S in downtown Doha and the region's first pilotless interested point to point of eVTOL flights.

在中東，我們獲得了卡達民航局的營運許可，並在交通部的支持下，成功完成了在多哈市中心使用 EH216-S 進行的一系列載人飛行，以及該地區首次無人駕駛的 eVTOL 點對點飛行。

The flights connected at Doha Port and the Qatar cultural Village reducing a 30-minute car right to just eight minutes. Clearly demonstrating the EH216-S as application potential in urban air mobility scenarios. We will continue deepening cooperation with the Qatar Ministry of Transport and advance the pilotless air taxi project in a phased manner.

航班在多哈港和卡達文化村銜接，將原本 30 分鐘的車程縮短至僅 8 分鐘。清楚地展示了 EH216-S 在城市空中交通場景中的應用潛力。我們將繼續深化與卡達交通部的合作，分階段推進無人駕駛空中計程車計畫。

In Central Asia, we signed an MOU in September with Allur Group, a major industrial and commercial enterprise in Kazakhstan, outlining a phased procurement plan for 50 units of EH216 series eVTOL. Together, we will establish the first UAM operations center in Central Asia and plan to build a localized assembly base further promoting the localized development of the low altitude economy industrial chain across the region.

在中亞，我們於 9 月與哈薩克一家大型工商業企業 Allur 集團簽署了一份諒解備忘錄，概述了分階段採購 50 架 EH216 系列 eVTOL 的計劃。我們將共同在中亞建立第一個城市空中交通運營中心，並計劃建造本地化組裝基地，進一步促進該地區低空經濟產業鏈的本地化發展。

The partnership has attracted strong attention from Kazakhstan's first Deputy Prime Minister and the Governor of Karaganda region, we held two meetings with the first Prime Minister in Beijing and Astana, during which EHang was invited to share China's leading operational experience and regulatory best practices to support Kazakhstan's extend in building a compliant and sustainable low altitude economy.

這項合作關係引起了哈薩克第一副總理和卡拉幹達州長的極大關注。我們分別在北京和阿斯塔納與第一總理舉行了兩次會晤，期間億航應邀分享了中國領先的營運經驗和監管最佳實踐，以支持哈薩克斯坦建立合規且可持續的低空經濟。

Beyond our human carrying business and in line with this year's strategic priorities, we are also actively expanding our non-passenger business including emergency, firefighting, logistics, urban inspection and drone light rose. For emergency response applications, we have developed an integrated system. It links small drones deployed from automated drone ports with our command and control system and specialized firefighting UAVs.

除了載人運輸業務外，根據今年的策略重點，我們也積極拓展非載人運輸業務，包括緊急、消防、物流、城市巡檢和無人機照明等。針對緊急應變應用，我們開發了一套整合系統。它將從自動化無人機港部署的小型無人機與我們的指揮控制系統和專用消防無人機連接起來。

This solution enables cities to build a comprehensive rapid response emergency framework several municipalities, including Fangshan District in Beijing have already expressed a strong interest and project planning and demonstration drills are underway.

該方案使城市能夠建立全面的快速響應應急框架，包括北京房山區在內的幾個城市已經表示了濃厚的興趣，項目規劃和示範演練正在進行中。

EHang was among the first enterprises to conduct a drawn light shows. This year, our newly developed GT 4.0 drone also demonstrated strong performance and high scalability, a successfully completed and 8,000 drone performance for [CCTV's] China science and technology innovation go and over 11,000 drones for the national games. And has the already achieved formations of up to 14,000 drones. Currently, test applies for a 20,000 drone show are in progress. which would surpass the current Guinness world record.

億航是最早開展手繪燈光秀的企業之一。今年，我們新開發的 GT 4.0 無人機也展現了強大的性能和高可擴展性，成功完成了為[中央電視台]中國科技創新大賽提供的 8000 架無人機表演，以及為全國運動會提供的 11000 多架無人機表演。並且已經實現了多達 14,000 架無人機的編隊。目前，一項涉及2萬架無人機的飛行表演測試申請正在進行中，這將打破現有的金氏世界紀錄。

In addition, the GT 4.0 is multifunctional with moderate modifications. It can be used for urban inspection and as a key component in building 3D digital twin models and smart city management systems. The strong overall performance of the GT 4.0 positions our aerial media business to shift its focus from primarily providing show performance series to becoming a hardware solution supplier through direct sales of formation drones. To date, the GD 4.0 has secured firm orders for 3,000 units and the customer purchase intentions exceeding 10,000 units.

此外，GT 4.0 經過適度改善後，具備多種功能。它可以用於城市巡檢，並作為建立 3D 數位孿生模型和智慧城市管理系統的關鍵組成部分。GT 4.0 的強勁整體表現使我們的空拍媒體業務能夠將重點從主要提供表演系列產品轉向透過直接銷售編隊無人機成為硬體解決方案供應商。截至目前，GD 4.0 已獲得 3,000 台的確定訂單，客戶購買意願超過 10,000 台。

Selling formation drones not only enables us to quickly recover R&D investments and generate a product-level margins, but also helps us cultivate the drone formation show market and capture greater market share. In addition, it brings recurring revenue opportunities from aircraft maintenance and consumables. This drives a more diversified and resilient revenue structure for the business.

銷售編隊無人機不僅能夠讓我們快速收回研發投資並產生產品層面的利潤，還有助於我們開拓無人機編隊表演市場並獲得更大的市場份額。此外，它還帶來了來自飛機維護和耗材的持續收入機會。這將為企業帶來更多元化和更具韌性的收入結構。

Looking ahead, we'll continue to strengthen our overall competitiveness through our diversified product portfolio modify this low altitude solutions and solid safety record, improving commercial operation capabilities and our growing global partnership network. These capabilities collectively reinforce the foundation for the company's long-term and sustainable growth.

展望未來，我們將繼續透過多元化的產品組合、改進低空解決方案和可靠的安全記錄、提高商業營運能力以及不斷擴大的全球合作夥伴網路來增強我們的整體競爭力。這些能力共同鞏固了公司長期可持續發展的基礎。

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

現在我將把發言權交給我們的財務長康納，讓他為我們解讀財務表現。

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 side. Now I will present some key financial data.

大家好。在詳細介紹之前，請注意，除非另有說明，所有數字均以人民幣 (RMB) 為單位。投資者關係的詳細分析請參閱我們的獲利新聞稿。現在我將介紹一些關鍵的財務數據。

Total revenues were RMB92.5 million in Q3 2025, these year-over-year and sequential decreases are primarily driven by decreased sales volume of EH216 series products. This was primarily due to the company's strategic focus being adjusted to the various operational preparations before the launch of operations as well as assisting customers in the establishment of operation certificate systems and the capabilities, which thus affected the short-term delivery.

2025年第三季總收入為人民幣9,250萬元，較去年同期下降主要是由於EH216系列產品銷售下降所致。這主要是由於公司策略重點調整為在營運啟動前進行各種營運準備工作，以及協助客戶建立營運證書體系和能力，影響了短期交付。

Gross profit was RMB56.2 million in Q3, showing both year-over-year and sequential decline caused by decreased revenues in the quarter. The gross margin in Q3 was 60.8%, slightly lower than 61.2% in Q3 2024 and 62.6% in Q2 2025. Despite a slight decline, our gross profit margin remains at a relatively high level, which reflects our competitive advantages in the eVTOL sector.

第三季毛利為人民幣5,620萬元，年比和季比均有所下降，原因是該季營收下降。第三季的毛利率為 60.8%，略低於 2024 年第三季的 61.2% 和 2025 年第二季的 62.6%。儘管略有下降，但我們的毛利率仍然處於相對較高的水平，這反映了我們在電動垂直起降飛行器領域的競爭優勢。

Turning to expenses. Total operating expenses in Q3 were RMB151 million, which remained basically flat year-over-year and decreased quarter-on-quarter. The quarter-on-quarter decrease was primarily due to significant decreases in sales and marketing expenses.

接下來談談費用。第三季總營運支出為人民幣1.51億元，與去年同期基本持平，季減。環比下降主要是因為銷售和行銷費用大幅下降。

The adjusted operating expenses for the third quarter, which excluded share-based compensation expenses, were 89.1 million, representing a slight year-on-year increase of 2.6% and a quarter-on-quarter decrease of 8%. This quarter-on-quarter decrease was mainly due to the company's continuous efforts to enhance operational efficiency, which has led to a reduction in various operating expenses.

第三季調整後的營運費用（不含股份支付費用）為 8,910 萬美元，年增 2.6%，季減 8%。這一季度環比下降主要是由於公司不斷努力提高營運效率，從而降低了各項營運費用。

Adjusted net loss was RMB20.3 million compared with adjusted net income of RMB15.7 million in the second quarter of 2024, and RMB9.4 million in the second quarter of 2025. The adjusted net loss was mainly caused by a decreased revenue generated in the quarter.

經調整後的淨虧損為人民幣2,030萬元，而2024年第二季經調整後的淨利為人民幣1,570萬元，2025年第二季經調整後的淨利為人民幣940萬元。調整後的淨虧損主要是由於本季營收下降所致。

In Q3, the company raised USD10 million through its at-the-market offering program. 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.

第三季度，該公司透過市場發行計畫籌集了 1,000 萬美元。所得款項將主要用於公司下一代技術和產品研發團隊及生產擴張、新總部建設、商業營運、營運資金和一般公司用途。

The company continues to have a strong capital reserves as of September 30, 2025, our cash and cash equivalents restricted short-term deposits and short-term investment totaled RMB1.13 billion. This solid foundation gives us the flexibility to support future R&D investments, expand our production capacity and grow our commercial operations.

截至2025年9月30日，公司資本儲備仍雄厚，現金及現金等價物、受限短期存款及短期投資總額為人民幣11.3億元。這一堅實的基礎使我們能夠靈活地支持未來的研發投資、擴大生產能力和發展商業業務。

With steady delivery progress for orders in hand in the fourth quarter, we currently remain confident in achieving our full year 2025 revenue guidance of approximately RMB500 million. Looking ahead as commercial operations begin to scale and international sandbox projects advance with establishment of a scalable operating system and the continued expansion of our global footprint, EHang is rapidly building a robust foundation for sustained long-term growth. We'll continue to pursue healthy, sustainable -- (technical difficulty)

鑑於第四季在手訂單的交付進展順利，我們目前仍有信心實現2025年全年營收目標約5億元。展望未來，隨著商業營運規模的擴大和國際沙盒計畫的推進，以及可擴展作業系統的建立和全球業務的持續擴張，億航正在迅速建立一個穩固的基礎，以實現可持續的長期成長。我們將繼續追求健康、永續的生活方式。（技術難題）

Thank you. (Operator Instructions) Tim Hsiao, Morgan Stanley.

謝謝。（操作說明）Tim Hsiao，摩根士丹利。

(interpreted) Hi. I'm -- from Morgan Stanley. I would like the management to share more color on the Sandbox initiative. Could you share more from the capital markets perspective in terms of the exact or rough time line that we are currently looking at. Particularly on specific crucial stages like OC application, transition from trial operations to official commercial operations. And I've heard that you are currently expanding the Sandbox initiative to four regions, and so collectively, what kind of scale are we looking at from this perspective?

（翻譯）你好。我是－來自摩根士丹利。我希望管理階層能更詳細地介紹 Sandbox 專案。能否從資本市場的角度，分享我們目前所關注的具體或大致時間表？尤其是在OC申請、從試營運過渡到正式商業營運等關鍵階段。我聽說你們目前正在將 Sandbox 計劃擴展到四個地區，那麼從這個角度來看，我們整體上將看到什麼樣的規模呢？

And additional separate question is that you are planning to replicate the Sandbox initiative to other Southeast Asian countries. I was wondering, could management share any progress on that front. Are there any engagements that we are having with various countries in that region, because we know that eVTOL is a good fit for many of these island countries. So could management share more color on that?

還有一個單獨的問題是，您是否計劃將 Sandbox 計劃複製到其他東南亞國家？我想請問管理階層能否分享一下這方面的進展？我們是否與該地區的各個國家進行過任何接觸？因為我們知道，電動垂直起降飛行器非常適合許多島國。那麼管理階層能否透露更多細節呢？

(interpreted) So let me answer this question. Actually, in mid-October, the regulators from Thailand, the Civil Aviation Regulators from Thailand has actually approved that we are -- we conducted AUM, a Sandbox initiative in Bangkok. This is a -- from point A to point B asset Sandbox Initiative. So the goal for us is to officially commence eVTOL commercial operations in the next three months.

（翻譯）那麼讓我來回答這個問題。事實上，10 月中旬，泰國民航監管機構已經批准我們在曼谷開展了 AUM（航空安全監管沙盒計劃）。這是一個從A點到B點的資產沙盒計劃。因此，我們的目標是在未來三個月內正式啟動 eVTOL 商業營運。

So currently, we are still conducting daily tests. And we are submitting these tested data to the Civil Aviation Regulator in Thailand. Actually, just for Monday, the Director General of the Thailand severe aviation authority just took a right of our video flying across the city center of Bangkok. This marks the very first of its kind for a director general of Civil Aviation Regulator to ride on eVTOL.

所以目前我們仍在進行每日檢測。我們將把這些測試數據提交給泰國民航監管機構。事實上，就在周一，泰國民航局局長剛剛同意觀看我們拍攝的飛越曼谷市中心的影片。這是民航監理機構總幹事首次搭乘電動垂直起降飛行器（eVTOL）。

And actually, there is an important industry conference called [ITL]. That's going to be held in Q4 in 2026. So given this important meeting, the goal for the Director General of the Thailand Civil Aviation Regulator is to officially launch commercial operation eVTOL before the conference took place.

實際上，有一個重要的產業會議叫做[ITL]。那將是在2026年第四季舉行的。鑑於這次重要的會議，泰國民航局局長的目標是在會議召開之前正式啟動 eVTOL 的商業運作。

Actually, we just released an interview, which is posted on YouTube and other social media platforms. It's available out there. So it's an interview between the founder of our Thailand operator between the founder of Aureal Company, which is our Thailand operator. So in the interview, they officially mentioned -- they proposed that they are going to have 20 sandbox initiatives in -- by the end of 2026. By the end, it's going to be commercial operations where it's going to generate revenue.

事實上，我們剛剛發布了一段採訪視頻，該視頻已發佈在 YouTube 和其他社交媒體平台上。市面上有售。所以這是一次對我們泰國營運商 Aureal 公司的創辦人的採訪，該公司是我們在泰國的營運商。因此，在訪談中，他們正式提到——他們提議到 2026 年底，他們將推出 20 個沙盒計畫。最終，它將實現商業運營，並產生收入。

So judging by this goal, we are looking at delivery of 100 EH216 units in 2026. And looking at the overall market, given the island and also the transportation requirements and needs, out there, we are looking at a potential over 1,000 units of EH216, I mean, to be delivered to this market.

因此，按照這個目標來看，我們預計在 2026 年交付 100 台 EH216 設備。從整體市場來看，考慮到島嶼的情況以及當地的交通需求，我們預計會有超過 1000 台 EH216 交付到這個市場。

But of course, we understand that there has been some misunderstanding from some industry analysts recently on our commercialization path. However, I want to assure you that with the preparations we have put in place over the years, we are preparing and we are going to see a breakthrough in EHang's commercial operations, both domestic and overseas.

當然，我們也理解，最近一些產業分析師對我們的商業化道路有些誤解。但是，我想向你們保證，憑藉我們多年來所做的準備，我們正在積極籌備，並將在億航的國內外商業運營方面取得突破。

And with the engagement with other regulators in the Southeast Asian countries. I'm going to tell you that they are progressing well. We are maintaining close communication with them. We are currently engaging the authorities in Cambodia, Malaysia, Singapore. Just to give you an information of the Director General of the Singapore Civil Aviation also visited and sold the 216 as demo flight.

並與東南亞其他國家的監管機構進行溝通。我可以告訴你，他們進展順利。我們與他們保持密切溝通。我們目前正在與柬埔寨、馬來西亞和新加坡的相關當局進行溝通。特此告知，新加坡民航局局長也曾造訪並購買了216型飛機作為示範飛行。

I personally offered the explanation. So it's a new industry, and it's with new, say, demo projects that we are going to enter into our commercial operation in Thailand, it's going to set up a good role model for the rest of the countries -- surrounding countries in Southeast Asia. So hopefully, that answers your question.

我親自解釋了原因。所以這是一個新興產業，透過新的示範項目，我們將在泰國開展商業運營，這將為東南亞週邊國家樹立一個良好的榜樣。希望這能解答你的疑問。

James Zou, UBS.

James Zou，瑞銀集團。

(interpreted) I was wondering why we're expanding into unmanned product portfolios, for instance, firefighting drones or eVTOL as well as the formation performance drones. What's their contribution to our revenue and also profit. So could management share more on that?

（翻譯）我想知道為什麼我們要擴展到無人產品組合領域，例如消防無人機或電動垂直起降無人機以及編隊飛行表演無人機。他們對我們的收入和利潤貢獻是多少？那麼管理層能否透露更多相關資訊？

This is Wang Zhao. Let me take your question. Actually, the low altitude economy [income pass] are consists of both manned business and unmanned the business. They are both critical components of this economy with EHang decade R&D investments, we first set up to pick manned operation as our goal because this is the most challenging sector because it involves flying men from the ground up to the sky, so it poses significant challenges. And over the years, we have accumulated a lot of technologies and patents.

這是王鑷。讓我來回答你的問題。實際上，低空經濟（收入通道）包括有人駕駛業務和無人駕駛業務。它們都是這個經濟體的關鍵組成部分。億航十年來投入研發，我們首先選擇載人飛行作為我們的目標，因為這是最具挑戰性的領域，因為它涉及將人們從地面送上天空，因此它帶來了巨大的挑戰。多年來，我們累積了大量技術和專利。

So with our capabilities, covering various travel systems, various size of the videos, we are able to tackle all of these problems.

因此，憑藉我們涵蓋各種旅行系統和各種尺寸影片的能力，我們能夠解決所有這些問題。

(interpreted) Actually, for our 216, it's actually a serious product. We have the 216-S, which is for manned transportation, and we have 216-L, which is dedicated for logistics, 216-F dedicated for firefighting and 216-LF dedicated for forest fire extinguishing. And additionally, we just launched a VT-35 in October. It also has a model dedicated for logistics services and without their application scenarios available.

（翻譯）實際上，對於我們的 216 來說，這確實是一款嚴肅的產品。我們有 216-S，用於載人運輸；有 216-L，專用於物流；有 216-F，專用於消防；還有 216-LF，專用於森林滅火。此外，我們剛剛在十月推出了VT-35。它還有一個專門針對物流服務的模型，但沒有提供其應用場景。

So what we are trying to do is to maximize the technology that we have. We are going to introduce more models. We are going to expand our product portfolio so as to increase the revenue and try to -- that's our strategy and how we are going about it in the low altitude economy.

所以我們現在要做的就是最大限度地利用我們現有的技術。我們將推出更多車型。我們將擴大產品組合，以增加收入，並嘗試——這就是我們的策略，也是我們在低海拔經濟中實施策略的方式。

Maybe in the past, analysts are not following unmanned products very closely. So in order to achieve sustainable, healthy development we need to extend our product portfolio so as to gain more market share. The reason why everyone is focused on the end evets. That's because it's the most challenging part, and that's the one that we're choosing to focus on first. So hopefully, that's the first bit.

或許在過去，分析師們並沒有密切關注無人產品。因此，為了實現永續、健康的成長，我們需要擴展產品組合，以獲得更大的市場份額。這就是為什麼大家都關注最終結果的原因。這是因為這是最具挑戰性的部分，也是我們選擇先專注於解決的部分。希望這算是第一步。

(interpreted) As our manned eVTOL hub is gradually entering commercial operation, we have been expanding the teams recruit more personnel and try to extend our unmanned business. What we're trying to do is to build a comprehensive product portfolio, which can generate positive cash flow for the company. As we mentioned at the end of last year and as well as earlier this year, what we're trying to do is to adjust the product mix and trying to have a more diversified portfolio.

（翻譯）隨著我們載人 eVTOL 中心逐步進入商業運營，我們一直在擴大團隊規模，招募更多人員，並努力拓展我們的無人業務。我們正在努力建立一個全面的產品組合，從而為公司創造正現金流。正如我們在去年年底和今年年初所提到的，我們正在努力調整產品組合，力求實現更多元的產品組合。

So Nevertheless, they all fall under the low altitude economy umbrella. So they're all going to be the major business for our company. So going forward, you're going to see a much more diversified product mix, which all going to contribute to the company's bottom line.

所以，儘管如此，它們都屬於低空經濟航空的範疇。所以它們都將成為我們公司的主要業務。因此，展望未來，你會看到更多元化的產品組合，所有這些都將有助於提高公司的獲利。

Chen Yu, Guangfa Securities.

陳宇，廣發證券。

(interpreted) I got two questions. One is on our VT35. Following the October announcement, we noticed that there is a 2 unit delivery of the VT35 in Q3. I was wondering what the plan is for the airworthiness application as well as type certificate application.

（翻譯）我收到了兩個問題。其中一個在我們的VT35上。繼 10 月的公告之後，我們注意到 VT35 在第三季交付了 2 台。我想知道適航申請和型號合格證申請的計劃是什麼。

And the second question, perhaps I joined the call a little bit late. I'm not sure whether you have touched on that or not. We noticed that the gross profit margin for Q3 declined slightly, which whether the gross profit margin will stabilize at around 60%? And what's the cause of the decline for Q3 in gross profit margin.

第二個問題，或許我加入通話有點晚了。我不確定你是否已經談到這一點。我們注意到第三季的毛利率略有下降，毛利率是否會穩定在 60% 左右？第三季毛利率下降的原因是什麼？

This is Wang Zhao. I'll take your first question. Actually, you're right. We debuted the VT35 model on October 13. Actually, we submitted the TC application as early as March this year. And the airworthiness application or review progress is progressing steadily. Maybe you have noticed that we released the VT35 route flight demo at the October press conference. It actually has successfully completed multiple key tests including the wind tunnel tests, ground load tests, multi-rotor test flights and many other tests.

這是王鑷。我先回答你的第一個問題。實際上，你是對的。我們於10月13日首次發布了VT35型號。事實上，我們早在今年三月就提交了TC申請。適航申請或審查進度順利。您可能已經注意到，我們在 10 月的新聞發布會上發布了 VT35 航線飛行演示。實際上，它已經成功完成了多項關鍵測試，包括風洞測試、地面載荷試驗、多旋翼試飛以及其他許多測試。

(interpreted) And additionally, the design of VT35 incorporates both the multi propeller as well as a fixed wing. It's -- we have accumulated rich experience in our EH216-S airworthiness review process and we're going to leverage those learnings and together with the R&D team, as well as the airworthiness application team that we have, it's going to accelerate the ACE process. We're pretty confident in that.

（譯文）此外，VT35 的設計融合了多螺旋槳和固定翼兩種形式。我們在 EH216-S 適航審查過程中累積了豐富的經驗，我們將利用這些經驗，並與我們的研發團隊以及適航申請團隊一起，加快 ACE 流程。我們對此相當有信心。

(interpreted) This is Conor. On the gross profit margin, yes, you're right. The decline is slightly. So the causes behind that for one, there is repeat purchases from some of our existing major customers. That's a good thing. And also, we have made sales to some of the distributors where we offered some discounts.

（翻譯）這是康納。關於毛利率，是的，你說得對。下降幅度略大。背後的原因之一是，我們的一些現有大客戶進行了重複購買。這是件好事。此外，我們也向一些經銷商提供了折扣，並進行了銷售。

So these two are the causes of the decline in the gross profit margin. And with regard to the VT35, we delivered 1 unit this quarter. However, you should know that this model is still in the trial production phase and not being mass produced. That's why the unit cost of this model is relatively high.

所以，這兩個因素就是毛利率下降的原因。至於VT35，我們本季交付了1台。但是，您應該知道，該型號目前仍處於試生產階段，尚未進行批量生產。這就是為什麼這款機型的單位成本相對較高的原因。

But we still have a lot of -- we have received a secure -- we have secured orders for VT35. Hopefully, that's going to bring down the unit cost of the VT35.

但我們仍然有很多——我們已經收到了一份安全的——我們已經獲得了VT35的訂單。希望這能降低VT35的單位成本。

And over the long term, we are going to expect our gross margin to remain stable at around 60%. But you're going to see the cross profit margin fluctuates slightly as we introduce more products to enrich our product mix, for instance, the unmanned business, such as the drone formation performance firefighting and the logistic aircraft and et cetera. As that increases, so it's going to make -- fluctuate to the gross revenue margin. But over the long run, 60% of gross profit margin.

從長遠來看，我們預計毛利率將穩定在 60% 左右。但隨著我們推出更多產品來豐富我們的產品組合，例如無人機業務，如無人機編隊表演消防和後勤飛機等，您將會看到交叉利潤率略有波動。隨著這一比例的增加，毛利率也會出現波動。但從長遠來看，毛利率可達 60%。

Jason Sum, DBS Bank.

Jason Sum，星展銀行。

(Operator Instructions) Pardon me, that is all the time we have for questions this evening. Thank you for participating. You may now disconnect.

（操作員指示）抱歉，今晚的提問時間就到這裡了。感謝您的參與。您現在可以斷開連線了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。