EHang Holdings Limited (EH) 2025 Q4 法說會逐字稿

Good day ladies and gentlemen. Thank you for standing by and welcome to the EHang fourth quarter and fiscal year of 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.

各位女士、先生，大家好。感謝各位撥冗等候，歡迎參加億航2025年第四季度及2025財年業績電話會議。請注意，管理層的預備發言及隨後的問答環節將主要以中文進行，相關的同步或交替口譯可透過英文線路收聽。

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

提醒各位，所有翻譯僅為方便之用。如有任何歧義，將以管理層以原語言所作陳述為準。如需收聽管理層的原始發言，請接入中文線路。此外，中英文線路均開放提問，且本次電話會議正在錄音。

Now I will turn the call over to Ay Ehang, Senior Director of Investor relations. Miss Anne, please proceed.

現在我把電話交給億航投資者關係高級總監Ay Ehang。Anne女士，請開始。

Hello everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the fourth quarter and the physical year 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.

各位好。感謝大家參加今天的電話會議，討論公司2025年第四季度及2025財年的財務業績。業績新聞稿已發布於公司投資者關係網站。請注意，本次電話會議正在錄音，音頻回放將上傳至公司投資者關係網站。

On the call today, we have Mr. Huazhi Hu, our Founder, Chairman and Chief Executive Officer; Mr. Shuai Feng, Chief Technology Officer; Mr. Zhao Wang, Chief Operating Officer; and Mr. Conor Yang, Chief Financial Officer. 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 Security Litigation Reform Act of 1,995.

今天參會的管理層包括：創始人、董事長兼首席執行官胡華智先生；首席技術官馮帥先生；首席運營官王釗先生；以及首席財務官楊康諾先生。在繼續之前，請注意，今天的討論將包含前瞻性陳述，該等陳述係依據1995年《美國私人證券訴訟改革法案》的安全港條款作出。

Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC.

前瞻性陳述具有固有風險與不確定性。因此，公司實際結果可能與今天表達的預期存在重大差異。有關上述及其他風險與不確定性的更多信息，已載於公司向美國證券交易委員會（SEC）提交的公開文件中。

The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Also, please note that all numbers presented are in RMB and are for the fourth quarter and the fiscal year of 2025, unless stated otherwise. With that, let me now turn the call over to our CEO, Mr. Hua zhi Hu. Please go ahead, Mr. Hu.

除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。另外請注意，除非另有說明，所有披露數據均以人民幣計價，且均針對2025年第四季度及2025財年。下面我把電話交給我們的首席執行官胡華智先生。胡先生，請。

Hello everyone, and thank you for joining our call today. 2025, it was a pivotal year for EHang, as we strengthened our business foundation and made a meaningful progress toward commercialization. In Q4, we delivered a strong set of results.

各位好，感謝大家參加今天的電話會議。2025年對億航而言是關鍵的一年，我們夯實了業務基礎，並在商業化進程上取得了實質性進展。在第四季度，我們交出了一份強勁的成績單。

Quarterly evio sales volume reached 100 units for the first time. Revenues grew significantly both year over year and sequentially, and we achieved our first ever quarterly GAAP profitability. For the full year, we delivered 221 units of vido aircraft, setting a new record and successfully meeting our annual revenues guidance.

季度eVTOL銷量首次達到100架。營收同比與環比均大幅增長，我們也首次實現單季度GAAP口徑盈利。全年方面，我們交付了221架eVTOL航空器，創下新紀錄，並成功達成年度營收指引。

We also achieved a non-GAAP profitability for the second consecutive year. These results reflect years of sustained investment and discipline execution across product innovation, regulatory certification, industrial ecosystem development and market expansion, laying a solid foundation for our commercialization progress in 2026. I am pleased to announce that the commercial operation of our flagship product, the 216S is entering the final countdown.

我們也連續第二年實現非GAAP口徑盈利。這些成果反映了我們多年在產品創新、監管取證、產業生態建設與市場拓展方面的持續投入與嚴謹執行，為2026年的商業化進展奠定了堅實基礎。我很高興宣布，我們旗艦產品216S的商業運營已進入最後倒計時。

Following comprehensive preparation across our commercial operation system, we're about to officially open our commercial flight services to the public. After nearly a year of internal trial operations, we have established standardized procedures across the entire operational chain, from route planning and fleet management to boarding services.

在完成商業運營體系的全面準備後，我們即將正式向公眾開放商業載人飛行服務。經過近一年的內部試運營，我們已在從航線規劃、機隊管理到登乘服務的全流程運營鏈條上建立了標準化流程。

At the same time, we have optimized our maintenance systems and safety assurance mechanisms while actively supporting the Civil Aviation Administration of China in advancing the training and certification program for our ground operating crew. Our two OC certified operators, EHang General Aviation and Heyi Aviation, both plan to begin offering ticketed 216-S flight services to the public this month at their operational sites in EHang Future City, our new headquarters in Guangzhou and Logan Park in Hefei.

同時，我們優化了維護體系與安全保障機制，並積極支持中國民用航空局推進地面運營人員的培訓與取證工作。我們兩家已獲OC認證的運營商——億航通用航空與合翼航空——均計劃於本月在其運營場站向公眾提供可購票的216-S飛行服務，場站分別位於廣州億航未來城（我們的新總部）以及合肥駱崗公園。

This launch is expected to mark the world's first commercial service of a pilotless human carrying VO aircraft. It also represents the completion of EHang's full life cycle ecosystem from technology development and airworthiness certification to manufacturing and commercial operations. Going forward, we are evolving from being an aircraft manufacturer into a comprehensive provider of integrated advanced air mobility solutions.

此次啟動預計將標誌著全球首個無人駕駛載人eVTOL航空器的商業服務。這也代表億航已完成從技術研發、適航取證到製造與商業運營的全生命週期生態閉環。展望未來，我們將從航空器製造商進一步演進為綜合性的先進空中交通一體化解決方案提供商。

2026 marks the first year of China's 15th five-year plan period. As the national strategic emerging pillars industry, the low altitude economy is embracing unprecedented strategic development opportunities. Supported policy direction is now shifting from encouraging exploration to systematic advancement, with the continued progress in aerospace management reform, airworthiness certification frameworks and infrastructure development.

2026年是中國「十五五」規劃期的第一年。作為國家戰略性新興支柱產業，低空經濟正迎來前所未有的戰略發展機遇。政策導向正從鼓勵探索轉向系統性推進，並伴隨空域管理改革、適航認證體系與基礎設施建設的持續進展。

Together, these initiatives are creating a favorable policy environment for industry development. With that in mind, Ehang's core strategies for this year are to move forward with the discipline execution, strengthening our foundation while steadily advancing commercialization, operational ecosystem development and global expansion.

上述舉措共同為行業發展營造了有利的政策環境。基於此，億航今年的核心策略是保持嚴謹執行，夯實基礎，同時穩步推進商業化、運營生態建設與全球拓展。

First, it has been nearly a year since Ehang obtained OC for 216-S. Over the past year, we have been working intensively to expand our customer and partner base. At the same time, we build the operational systems required to support the commercial flights. This year, our top priority is to launch route. And scaled commercial operations of human carrying V aircraft to the public, delivering reliable flight services and continuously improving the flight experience.

第一，自億航獲得216-S的OC已近一年。過去一年，我們密集推進客戶與合作夥伴拓展。同時，我們也在搭建支撐商業飛行所需的運營體系。今年，我們的首要任務是開通航線。並面向公眾推進載人eVTOL航空器的規模化商業運營，提供可靠的飛行服務，並持續提升飛行體驗。

Our goal is to transform scenes in science fiction into everyday reality for people. This is a milestone many people have been waiting for, and so have we. But aviation has always been an industry that moves forward with patience and a responsibility, especially when safety and human lives are involved. Second, we'll continue advancing our global expansion strategy.

我們的目標是把科幻場景變成大眾的日常現實。這是一個許多人期待已久的里程碑，我們同樣如此。但航空業一向需要以耐心與責任感穩步前行，尤其在涉及安全與生命時更是如此。第二，我們將持續推進全球拓展戰略。

Taking the Thailand AAM Sandbox initiative as an example. We're steadily moving toward a commercial flight operations and established benchmark projects. I'm also pleased to share good news that Ehang is suspected to obtain the first commercial operation license for pilotless passenger EVdo aircraft from the Civil Aviation Authority of Thailand, paving the way for regular urban air mobility services in the country.

以泰國AAM Sandbox（先進空中交通沙盒）計劃為例。我們正穩步邁向商業飛行運營並打造標杆項目。我也很高興分享一則好消息：億航預計將獲得泰國民航局頒發的首張無人駕駛載人eVTOL航空器商業運營許可，為該國常態化城市空中交通服務鋪平道路。

Third, we'll accelerate the commercialization reads of the VT 35 in 2026, our focus will be on advancing its type certification and conducting extensive Flight tests in more diverse and complex environments to fully validate its passenger flight capabilities.

第三，我們將在2026年加速VT 35的商業化準備工作，重點推進其型號合格取證，並在更多元、更複雜的環境中開展廣泛飛行測試，以充分驗證其載人飛行能力。

At the same time, we'll continue improving the performance of the EH216 series and expanding the deployment of non-passenger products and applications, including firefighting and logistics, further broadening our market reach. Fourth, we'll further strengthen our end to end industrial. Chain integration capabilities.

同時，我們將持續提升EH216系列的性能，並擴大非載人產品與應用的部署，包括消防與物流等，進一步拓寬市場覆蓋。第四，我們將進一步強化端到端的產業。鏈整合能力。

By coordinating our R&D manufacturing supply chain and quality management systems, we aim to improve operational efficiency across the entire value chain, reinforce our long-term competitive advantages, and contribute to the establishment of industry standards. EHang remains committed to the principles of safety first innovation driven growth and collaborative development.

透過協調我們的研發、製造、供應鏈與品質管理系統，我們旨在提升整個價值鏈的營運效率，鞏固我們的長期競爭優勢，並為建立行業標準作出貢獻。億航仍然堅守「安全第一、創新驅動成長、協同發展」的原則。

We will continue advancing our technology and products innovation, expanding multi-scenario commercial operations, and establishing AA am operational models in more regions around the world. At the same time, we're building a comprehensive business model combining technology, R&D, intelligent manufacturing, commercial operations services, infrastructure collaboration and industry education integration.

我們將持續推進技術與產品創新，拓展多場景商業化運營，並在全球更多地區建立 AAM 的運營模式。同時，我們正在打造一個結合技術、研發、智慧製造、商業運營服務、基礎設施協作以及產業教育整合的綜合商業模式。

We believe the low altitude economy. Industry will evolve from demonstration programs to scaled commercial operations and then to public accessible services. It will become a vital engine for activating 3 dimensional aerospace resources and cultivating new forms of consumption, truly transforming industrial values into economic and social benefits.

我們相信低空經濟。該產業將從示範項目演進至規模化商業運營，進而走向面向公眾的可及服務。它將成為激活三維航空航天資源、培育新型消費形態的重要引擎，真正把產業價值轉化為經濟與社會效益。

And this important starting point of a pivotal year, our newly appointed Chief Technology Officer Feng Shuai is also joining today's earnings call. Under my leadership, he will oversee our technology. R&D, supply chain management, manufacturing, and quality system development, driving a more integrated end to end management approach from technology innovation to product delivery.

在這個關鍵年份的重要起點，我們新任命的首席技術官馮帥也將出席今天的業績電話會議。在我的領導下，他將負責我們的技術、研發、供應鏈管理、製造以及品質體系建設，推動從技術創新到產品交付更為一體化的端到端管理方式。

By strengthening coordination and integration across the entire industry chain, we believe our innovation capability, product competitiveness, and overall execution will continue to improve. With that, I would like to hand the call over to Feng Shuai. Thank you.

透過加強全產業鏈的協同與整合，我們相信我們的創新能力、產品競爭力以及整體執行力將持續提升。接下來，我想把電話交給馮帥。謝謝。

Thank you, Mr. Hu. Hello, everyone. I'm Feng Shuai, CTO of EHang. It is a great honor to join today's earnings call for the first time. I am pleased to share our progress in 4 key areas during the fourth quarter, R&D, production and manufacturing, quality management and supply chain assurance, which we refer to as the RPQS Center. We'll also briefly outline our priorities for 2026.

謝謝胡先生。各位好。我是億航首席技術官馮帥。非常榮幸首次參加今天的業績電話會議。我很高興分享我們在第四季度於四個關鍵領域的進展：研發、生產與製造、品質管理與供應鏈保障，我們將其稱為 RPQS 中心。我們也將簡要概述 2026 年的工作重點。

The RPQS Center is the core engine of our technology and industrial execution. We focus on technology innovation as the foundation, production capacity as the driver, quality control as the bottom line, and supply chain as the cornerstone. Together, these capabilities support the development, commercialization and Scale delivery of our products.

RPQS 中心是我們技術與產業化執行的核心引擎。我們以技術創新為基礎、以產能為驅動、以品質管控為底線、以供應鏈為基石。這些能力共同支撐我們產品的研發、商業化以及規模化交付。

Let me walk through the key highlights in each area. Starting with R&D, the fourth quarter of 2025 marked major breakthroughs across our core products. Our flagship passenger carrying aircraft, VD35 completed multiple critical tests, including multi-copter protected transition flights and locked to prop fixed wing flights. The aircraft also successfully completed its first public demonstration flight in Hefei after its grand debut in October.

我將逐一介紹各領域的重點亮點。先從研發開始，2025 年第四季度我們的核心產品取得重大突破。我們的旗艦載人航空器 VD35 完成多項關鍵測試，包括多旋翼保護過渡飛行以及鎖定螺旋槳的固定翼飛行。該航空器在 10 月盛大亮相後，也在合肥成功完成首次公開示範飛行。

During the quarter, we held the first type certification team meeting with the CAAC marking a key step forward in the airworthiness certification progress. We are currently conducting flight envelope testing and aim to obtain the type certification in China within the next two years. For the non-passenger business, we are also developing and deploying product and the system lines under multiple application scenarios.

本季度，我們與中國民航局（CAAC）召開了首次型號合格審定團隊會議，標誌著適航取證進程向前邁出關鍵一步。我們目前正在進行飛行包線測試，目標是在未來兩年內取得中國的型號合格證。在非載人業務方面，我們也在多個應用場景下開發並部署產品與系統線。

Our new GD 4.0 formation drones set a Guinness World Record with 22,580 units flying simultaneously at the China Spring Festival Gala, significantly enhancing our brand of visibility and generating strong demand for both drone products and performance services.

我們全新的 GD 4.0 編隊無人機在中國春節聯歡晚會上實現 22,580 架同時飛行，創下金氏世界紀錄，顯著提升了品牌曝光度，並帶動無人機產品與演出服務的強勁需求。

In the firefighting aircraft program, we are upgrading the current models while advancing the next generation R&D to support emergency response scenarios. For logistics, we are accelerating the development and first flight of the VT series lift and cruise cargo aircraft, developing laundry endurance aerial logistic applications. At the same time, our proprietary command and control system continues to evolve.

在消防航空器項目方面，我們在升級現有機型的同時推進下一代研發，以支援應急響應場景。在物流方面，我們正加速 VT 系列升力+巡航貨運航空器的研發與首飛，開發長航時的空中物流應用。同時，我們自研的指揮與控制系統也在持續演進。

As a city level digital infrastructure platform for a low altitude economy, it's now trial operations in Hefei and Guangzhou, providing solid tech support for future scaled commercial operations and air traffic management. On manufacturing, we continue to expand our production capability and enhance the smart manufacturing capabilities during the fourth quarter.

作為面向低空經濟的城市級數位基礎設施平台，目前已在合肥與廣州開展試運營，為未來規模化商業運營與空中交通管理提供堅實的技術支撐。在製造方面，我們在第四季度持續擴充產能並提升智慧製造能力。

The phase two expansion of our Yunfu production facility was successfully completed, bringing our total plan annual capacity to 1,000 units of the BO aircraft and components. The automated production. Lines have entered a trial product stage and our smart manufacturing systems will further improve production efficiency and supply chain management.

我們雲浮生產基地二期擴建已順利完成，使 BO 航空器及零部件的規劃年產能提升至 1,000 架（套）。自動化生產線已進入試產階段，我們的智慧製造系統將進一步提升生產效率與供應鏈管理能力。

Meanwhile, additional facilities in Hefei, Weihai and Beijing are progressing as planned. Our nationwide manufacturing footprint is steadily taking shape. We follow a manufacturing to order approach, ensuring stable production planning while preparing large scale deliveries in the future.

同時，合肥、威海與北京的新增設施也按計劃推進。我們的全國製造佈局正在穩步成形。我們採取按單生產（MTO）的方式，在確保穩定生產規劃的同時，為未來的大規模交付做好準備。

On quality control, we maintain strict and quality control across the entire product life cycle. Throughout 2025, our quality management system delivers strong performance with steady improvements across all key indicators. The post certification errorworthiness review for our PC achieved the third zero defect pass, and the EN 9,100 audit continues to pass.

在品質管控方面，我們在產品全生命週期內保持嚴格的品質控制。在 2025 年全年，我們的品質管理體系表現強勁，各項關鍵指標持續穩步改善。我們的 PC 在取證後的適航審查中第三次實現零缺陷通過，EN 9100 審核也持續通過。

On supply chain during the fourth quarter, we further expanded our supplier network and strengthen our supply chain resilience. Our core supplier system remained stable with a 100% on time delivery rate for key components, fully supporting our production and deliveries. Going forward, we'll continue our strategy of maintaining strong partnerships while introducing additional high-quality suppliers.

在第四季度的供應鏈方面，我們進一步擴大供應商網絡並強化供應鏈韌性。我們的核心供應商體系保持穩定，關鍵零部件準時交付率達 100%，充分支援我們的生產與交付。展望未來，我們將在維持強夥伴關係的同時，引入更多高品質供應商。

This approach will strengthen our stable and scalable supply chain, providing support for future capacity expansion and new model development. The low altitude economy represents a new frontier for technological industrial innovation. Strong R&D and smart manufacturing capabilities are the foundation of our long-term competitiveness.

此舉將強化我們穩定且可擴展的供應鏈，為未來產能擴張與新機型開發提供支撐。低空經濟代表著科技與產業創新的新前沿。強大的研發與智慧製造能力是我們長期競爭力的基礎。

As CTO, I'll continue leading the RPQS team to drive technology innovation, advanced product development and certification, expanded manufacturing capacity and smart production. Capabilities, maintain strict quality standards and strengthen supply chain resilience. Our goal is to efficiently translate technological innovation into real commercial deployment and provide a solid technical and industrial support for the company's long-term growth.

作為首席技術官，我將持續帶領 RPQS 團隊推動技術創新、先進產品研發與取證、擴大製造產能與智慧生產能力，維持嚴格的品質標準並強化供應鏈韌性。我們的目標是高效地將技術創新轉化為實際商業部署，為公司長期成長提供堅實的技術與產業支撐。

With that, I'd like to turn the call over to our COO Mr. Wang Zhao for our sales and operations update in more detail. Thank you.

接下來，我想把電話交給我們的營運長王釗先生，為大家更詳細更新銷售與營運情況。謝謝。

Thank you, Mr. Hu and Mr. Feng. In 2025, we advanced our business across three key priorities, safety operations and commercialization. For the full year, we generated RMB509 million in revenues and delivered 221 units of EVO aircraft, including 215 units of 216 series and six units of VT35 series. Our Q4 performance. A new high. We delivered 95 units of EH216 series and 5 units of VT 35 series, generating RMB240 million in revenues.

謝謝胡先生與馮先生。2025 年，我們圍繞三項關鍵重點推進業務：安全、運營與商業化。全年我們實現人民幣 5.09 億元營收，交付 221 架 EVO 航空器，其中包括 216 系列 215 架以及 VT35 系列 6 架。我們第四季度表現創下新高。我們交付了 95 架 EH216 系列與 5 架 VT 35 系列，實現人民幣 2.40 億元營收。

In China, we continue to deepen our presence in key cities and build a flagship partnerships. In Hefei, our collaboration with the local government expanded from a single product to a full product portfolio. The corporation now covers multiple applications, including In the EH216 series human carrying and firefighting versions, the VT-35 and the GD4.0 formation drone, we also continue to strengthen our partnership with Anun in Guizhou province and Guizhou Tourism Group.

在中國，我們持續深耕重點城市並打造旗艦合作夥伴關係。在合肥，我們與當地政府的合作從單一產品擴展至完整產品組合。合作現已覆蓋多項應用，包括 EH216 系列載人與消防版本、VT-35 以及 GD4.0 編隊無人機；我們也持續強化與貴州省的安順以及貴州旅遊集團的合作夥伴關係。

In Q4, 30 units of EEH 216s were delivered to the local market, bringing total deliveries to 50 units to this customer, supporting the development of a local low altitude economy applications building operational capability has been a major strategic focus throughout the year. After Ehang General Aviation and Heyi Aviation maintained their operator certificates.

第四季，我們向本地市場交付了30架EEH 216S，使對該客戶的累計交付量達到50架；支持本地低空經濟應用、建立營運能力，一直是我們全年重點推進的主要戰略方向。在億航通用航空與合翼航空維持其營運人證書之後。

In March 2025, we began to conduct extensive internal testing and operational optimization across the entire service process. Ticket booking and on-site verification to boarding and flight operations to ensure a seamless user experience.

2025年3月，我們開始在整個服務流程中進行廣泛的內部測試與營運優化。從訂票與現場核驗到登機與飛行營運，以確保無縫的使用者體驗。

At the same time, we have established a comprehensive set of standard operating procedures covering battery charging, maintenance, and fault troubleshooting to ensure the continued airworthiness and operational stability of the fleet.

同時，我們建立了一套完整的標準作業程序，涵蓋電池充電、維護保養與故障排除，以確保機隊持續適航與營運穩定性。

Based on the safety and operational experience we have accumulated, we plan to officially launch commercial operations with the 216S in this month. EHang General Aviation and Hei Aviation will begin selling flight tickets to the public, offering 216S pilotless aerial sightseeing flights in our headquarters in Guangzhou and Luogan Park in Hefei. The public will be able to book flights through the Ehang trip and the Heyivi Aviation mini programs.

基於我們累積的安全與營運經驗，我們計畫於本月正式啟動216S的商業營運。億航通用航空與合翼航空將開始向公眾售票，在我們位於廣州的總部及合肥駱崗公園提供216S無人駕駛空中觀光飛行服務。公眾可透過「億航出行」及「合翼航空」小程式預訂航班。

With an early bird discount price of RMB299 per person, this will be the world's first ticketed commercial service for pilotless human carrying individual in the urban air mobility industry, transforming the low altitude economy from a concept into a reality that is accessible to the general public. Over the past year, we have carefully refined every aspect of the operation.

以每人人民幣299元的早鳥優惠價，這將成為城市空中交通（UAM）產業全球首個面向公眾售票的無人駕駛載人個人商業服務，將低空經濟從概念轉化為一般大眾可觸及的現實。在過去一年中，我們對營運的每一個環節都進行了細緻打磨。

Our approach has always been safety first, experience focused and sustainability driven. Delivering a high-quality flight experience for our passengers in the initial phase is crucial to building public trust and supporting long-term market adoption. Looking ahead, we'll leverage the experience from our OC certification and operations to develop a comprehensive operational solution covering vertiport, planning, routes design.

我們的方法始終是安全第一、體驗導向、以永續為驅動。在初期為乘客提供高品質的飛行體驗，對於建立公眾信任並支持長期市場採用至關重要。展望未來，我們將運用OC取證與營運經驗，打造涵蓋垂直起降場（vertiport）、規劃與航線設計的完整營運解決方案。

Ground crew team training and operational system set up. We plan to replicate this model across more locations in China and overseas to support our customers and partners in launching commercial operations. It is worth noting that we are building a core mode for our operational capabilities, a professional talent system. We are actively working with the CAAC on the trial project for the administration of licenses for the ground operating crew of Large civil unmanned aerial vehicles.

地面保障團隊訓練與營運系統建置。我們計畫在中國及海外更多地點複製此模式，支持客戶與合作夥伴啟動商業營運。值得一提的是，我們正在打造營運能力的核心模式——專業人才體系。我們正積極與中國民航局（CAAC）合作，推進大型民用無人航空器地面營運人員執照管理試點專案。

We have completed multiple rounds of validation and refinement of training courses. Recently, the CAAC has expanded the number of special approval licensed to ground operating crew for us, providing additional talent support for our upcoming commercial operations. Beyond meeting immediate operational needs, this initiative is helping establish a long-term industry talent training system. Together with the regulator, we are converting our.

我們已完成多輪培訓課程的驗證與完善。近期，CAAC已擴大授予我們地面營運人員的特批執照名額，為即將到來的商業營運提供更多人才支持。除滿足當前營運需求外，該舉措亦有助於建立長期的產業人才培訓體系。我們與監管機構一道，正在把我們的。

Frontline operational experience into standardized training procedures. This helps establish professional stances for a new generation of aviation talents and strengthens the safety foundation of the industry. Over time, this training framework will enable us to support partners and export our operational capabilities as commercial operation expands. On the international front, the Thailand AAM sandbox program remains our key focus.

一線營運經驗轉化為標準化培訓流程。這有助於為新一代航空人才建立專業標準，並夯實產業的安全基礎。隨著時間推進，該培訓框架將使我們能在商業營運擴張時支持合作夥伴，並輸出我們的營運能力。在國際方面，泰國AAM沙盒計畫仍是我們的重點。

Since its launch in October last year, we have completed a series of verification flights and ongoing trial operations. We are now working closely with the Civil Aviation Authority of Thailand to obtain the first commercial operation license under the sandbox initiative. If approved, this could become the first overseas commercial operation of a pilotless human carrying vehicle.

自去年10月啟動以來，我們已完成一系列驗證飛行及持續的試運行。我們目前正與泰國民航局密切合作，力爭在沙盒機制下取得首張商業營運許可。若獲批准，這可能成為首個海外無人駕駛載人飛行器的商業營運。

The initial sandbox areas are planned near the Impact Challenger International Convention Center in Bangkok, which will also. The ICAO Second Advanced Air Mobility Symposium, or AAM 2026. The CAAT and our local partners have set a clear goal of operating up to 100 AVO aircraft across 20 sandbox areas by the end of 2026.

首批沙盒區域規劃在曼谷Impact Challenger國際會展中心附近，該地也將。舉辦國際民航組織（ICAO）第二屆先進空中交通研討會，即AAM 2026。泰國民航局（CAAT）與我們的本地合作夥伴已設定明確目標：到2026年底在20個沙盒區域內營運最多100架AVO航空器。

Our plan is to establish Thailand as a model for overseas operations and gradually replicated this model. In Southeast Asia and other Belt and Road markets. Overall, in 2025, we maintained a disciplined approach to growth, focusing on strengthening our product, manufacturing and operational systems under a strict framework of safety and regulatory compliance.

我們的計畫是將泰國打造為海外營運的示範樣板，並逐步複製此模式。至東南亞及其他「一帶一路」市場。總體而言，2025年我們保持審慎有序的成長節奏，在嚴格的安全與合規框架下，聚焦強化產品、製造與營運體系。

We believe that building these foundational capabilities is essential to support sustainable growth and scalable international expansion in the years ahead. At the same time, the low altitude economy industry is entering an important policy window.

我們相信，打造這些基礎能力對於支撐未來數年的可持續成長與可規模化的國際擴張至關重要。同時，低空經濟產業正進入重要的政策窗口期。

China's 15th five year plan has elevated the low altitude economy to a level of strategic emerging pillar industry. This signals a transition from early demonstration programs to a new phase of national level industry development. The low altitude economy has also been formally incorporated to the newly amended Civil Aviation Law of China, which Took effect in 2026.

中國「十五五」規劃已將低空經濟提升至戰略性新興支柱產業的高度。這標誌著產業將從早期示範專案過渡到國家層面的新一輪產業發展階段。低空經濟亦已正式納入新修訂的《中華人民共和國民用航空法》，並於2026年生效。

Looking ahead to 2026, we believe the company is entering a new stage of development. Over the past several years, we have been systematically building the key capabilities required for the urban air mobility industry, including aircraft, R&D, airworthiness certification, smart manufacturing and commercial operation readiness. As these foundational capabilities continue.

展望2026年，我們認為公司正進入新的發展階段。過去數年，我們系統性地建設城市空中交通產業所需的關鍵能力，包括航空器、研發、適航取證、智慧製造以及商業營運準備。隨著這些基礎能力持續。

To mature and integrate, we see three important shifts in our business model. First, our revenue streams will gradually become more diversified. Applic applications beyond passenger transportation, including logistics, aerial firefighting solutions, and command and control systems are progressing steadily and could become additional growth drivers as the market develops. Second, we are evolving from an aircraft provider to a one-stop, low altitude.

成熟並整合，我們看到商業模式出現三項重要轉變。第一，我們的收入來源將逐步更加多元化。除載客運輸外的應用，包括物流、空中消防解決方案以及指揮與控制系統，正穩步推進，並可能隨市場發展成為新的成長動能。第二，我們正從航空器供應商演進為一站式低空。

Operation solution provider, leveraging the operational experience of Ehang General Aviation and He Yi Aviation, along with our standardized operating systems, we will offer integrated solutions to customers. These include aircraft deliveries, vertiport construction, route planning team, build up and training and operational guidance.

營運解決方案供應商，依託億航通用航空與合翼航空的營運經驗，以及我們的標準化營運系統，向客戶提供整合式解決方案。內容包括航空器交付、垂直起降場建設、航線規劃、團隊搭建與培訓，以及營運指導。

Third, we're establishing a clear pathway for overseas expansion that combines regulatory sandbox programs, partnerships with the local operators, and systematic deployment of our technology and operational capabilities. Thailand is the first market where this model is taking shape, and we expect it to gradually expand to other.

第三，我們正在建立清晰的海外擴張路徑，結合監管沙盒計畫、與本地營運商的合作夥伴關係，以及我們技術與營運能力的系統化部署。泰國是該模式率先成形的第一個市場，我們預期其將逐步擴展至其他。

Regions including Southeast Asia, Central Asia and the Middle East as global regulatory framework continued to evolve. Overall, we remain committed to a strategy of safety first and discipline and execution. For 2026, we are targeting RMB600 million of annual revenues while continuing to scale the business at a more steady pace.

地區，包括東南亞、中亞及中東，並隨著全球監管框架持續演進而推進。總體而言，我們仍將堅持安全第一、紀律性與執行力的策略。2026年，我們的目標是實現年度營收人民幣6億元，同時以更穩健的節奏持續擴大業務規模。

As the industry is still in its early stages, we'll continue to work closely with regulators, partners and local governments to help move the low altitude economy from demonstration programs to a broader commercial adoption, unlocking the long-term potential of urban air mobility as a new form of transportation.

由於產業仍處於早期階段，我們將持續與監管機構、合作夥伴及地方政府緊密合作，推動低空經濟從示範專案走向更廣泛的商業化採用，釋放城市空中交通作為新型運輸方式的長期潛力。

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

接下來，我把時間交給我們的財務長Connor，請他帶大家回顧財務業績。

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. Now I'll present some key financial data. In Q4 2025, the revenues were RMB243.8 million, up 48.4% year over year, and 163.6 sequentially. The quarterly increase was primarily driven by higher sales volume of our products, including 95 units of the 216 series and 5 units of VT35 delivered this quarter.

各位好。在我進入細節之前，請注意除非另有說明，本文所呈現的所有數字均以人民幣計。更詳細的分析已刊載於我們投資人關係（IR）網站上的財報新聞稿中。現在我將介紹一些關鍵財務數據。2025年第四季，營收為人民幣2.438億元，年增48.4%，環比增長163.6%。本季營收增加主要由產品銷量提升所帶動，其中包括本季交付216系列95架及VT35 5架。

For the full year, the total eVo deliveries to reach 221 units, and revenues totaled RMB509.5 million representing 11.7% increase year over year. Surpassing our annual guidance. This growth reflects a sustained market demand for our products as well as our effective execution and delivery management, customer support and commercial operation readiness.

全年eVo交付總量達到221架，營收合計人民幣5.095億元，年增11.7%。超越我們的年度指引。此成長反映市場對我們產品的持續需求，以及我們在執行與交付管理、客戶支援與商業化營運準備方面的有效落實。

Gross margin in Q4 was 62.1%, improving from 60.7% in Q4 of 2024 and 60.8% in Q3. Of 2025. For the full year of 2025, gross margin was 62%, improving from 61.4% in 2024. As production scale expanded, overall cost efficiency continued to improve. Overall, the company maintained a gross margin above 60%, reflecting our strong product competitiveness, scaling production capability, and displaying. Management in the sector.

第四季毛利率為62.1%，較2024年第四季的60.7%及2025年第三季的60.8%提升。（2025年）。2025年全年毛利率為62%，較2024年的61.4%提升。隨著產能規模擴大，整體成本效率持續改善。整體而言，公司毛利率維持在60%以上，反映我們強勁的產品競爭力、規模化生產能力，以及在該領域的卓越。管理能力。

Turning to operating expenses in Q4, adjusted operating expenses defined as operating expenses, excluding share-based compensation, were RMB99.3 million, representing a 26% a year to year increase from RMB78.8 million in Q4 2024 and An 11.4% increase from RMB89.1 million in Q3 2025.

接著看第四季營業費用，經調整營業費用（定義為營業費用扣除股份基礎給付）為人民幣9,930萬元，較2024年第四季的人民幣7,880萬元年增26%，並較2025年第三季的人民幣8,910萬元增加11.4%。

For 2025, adjusted operating expenses were RMB348.9 million, representing a 20% increase from RMB290.1 million in 2024. The increase in operating expenses was primarily driven by the continued R&D innovation, expansion of our product sales, and the company's commercialization efforts.

2025年經調整營業費用為人民幣3.489億元，較2024年的人民幣2.901億元增加20%。營業費用增加主要由持續的研發創新、產品銷售擴張，以及公司商業化推進所帶動。

As we scale our business, we have strategically expanded our sales network, strengthened our operations team, and added a key R&D talents, while maintaining ongoing investments in the development and iteration of new Evio models like VT 35. And 216F series and etc. And related technologies to enrich our product pipeline and lay the groundwork for future revenue streams.

隨著業務規模擴大，我們策略性擴展銷售網路、強化營運團隊並新增關鍵研發人才，同時持續投入VT 35等新款Evio機型的開發與迭代。以及216F系列等，並投入相關技術，以豐富產品管線並為未來營收來源奠定基礎。

As the company's revenue continues to grow with operating expenses increasing modestly, operating efficiency has been steadily improving, particularly in the 4th quarter, where overall profitability saw a significant improvement. In the fourth quarter, we achieved our first quarter of GAAP profitability with the net income reaching RMB10.5 million.

隨著公司營收持續成長、營業費用僅溫和增加，營運效率穩步提升，尤其在第四季整體獲利能力顯著改善。第四季我們首次實現GAAP口徑的季度獲利，淨利達人民幣1,050萬元。

Adjusted operating income for the fourth quarter reached RMB54.3 million, representing a year over year increase of 99.5% and a substantial sequential turnaround from a loss. Adjusted net income for the fourth quarter was RMB71.5 million, up 96.4% a year to year, also achieving a sequential return to profitability. On a full year basis, the company recorded its second consecutive year of profitability under non-GAAP measures, with adjusted net income of RMB29.4 million in 2025.

第四季經調整營業利益達人民幣5,430萬元，年增99.5%，並較前一季由虧轉盈大幅改善。第四季經調整淨利為人民幣7,150萬元，年增96.4%，亦實現較前一季回到獲利。以全年計，公司在非GAAP口徑下連續第二年維持獲利，2025年經調整淨利為人民幣2,940萬元。

This not only underscores that we have captured the right direction. For profitable growth, but also demonstrates our ability to translate the operating leverage into sustainable financial returns. Looking ahead to 2026, the company will continue to advance the commercial operations and sales of the EH216S, expand its non-passenger business, and further penetration into international markets.

這不僅凸顯我們已掌握正確方向。以實現獲利性成長，也展現我們將營運槓桿轉化為可持續財務回報的能力。展望2026年，公司將持續推進EH216S的商業化營運與銷售，擴大非載客業務，並進一步深入國際市場。

Full year total revenues are expected to reach RMB600 million, representing a year to year increase of approximately 18%. As our manufacturing and operational systems continue to mature, overseas sandbox projects progress, global market expansion accelerates and ongoing investment in next generation products, the foundation for our long-term growth continues to solidify.

預期全年總營收可達人民幣6億元，約年增18%。隨著製造與營運系統持續成熟、海外沙盒專案推進、全球市場拓展加速，以及對下一代產品的持續投入，我們長期成長的基礎將進一步鞏固。

This requires us to strike a balance between strategic execution and financial discipline in our resource allocation, ensuring that every investment translates into sustainable long-term value. We will remain committed to controlling risks and enhancing efficiency amid our expansion, solidifying the financial foundation for the next phase of a high-quality and sustainable growth and delivering long-term and stable value to our shareholders. Thank you.

這要求我們在資源配置上兼顧策略執行與財務紀律，確保每一項投資都能轉化為可持續的長期價值。在擴張過程中，我們將持續致力於風險控管與效率提升，鞏固下一階段高品質、可持續成長的財務基礎，並為股東創造長期且穩定的價值。謝謝。

(Operator Instructions)

（接線員指示）

[ Peggy Wong, MOCE]

[ Peggy Wong，MOCE]

Hi. This is. Peggy from MoCE. Thank you for taking my questions and congratulations on good first Korea results. So, I have two questions today. First is about the license for ground operating crew since, we now expect to begin a commercial operation in China soon. So could, management team please share some more color on the progress of getting those required license for the crew team.

嗨。我是。來自MoCE的Peggy。謝謝讓我提問，也恭喜第一季業績表現不錯。我今天有兩個問題。第一個是關於地面營運機組人員的執照，因為我們現在預期很快就會在中國開始商業營運。管理團隊能否分享一下取得機組團隊所需執照的進展情況，提供更多細節。

And the second one is about the projects in Thailand. Since, we are also close to obtaining license for commercial operations, what is the expected timing of revenue contribution and how will the volume ramp up going forward? So these are my questions. Thank you.

第二個問題是關於泰國的專案。由於我們也接近取得商業營運執照，預期營收貢獻的時間點為何？未來量能將如何爬坡？以上是我的問題。謝謝。

(spoken in foreign language)

（以外語發言）

(interpreted) This is Wang Zhao. I'll take your first question. As mentioned previously, we are still moving forward with the operator training program. All training materials have been submitted to the CAAC for approval, and several courses have already been authorized. We expect the first class for operators to begin in the first half of the year.

（口譯）我是王釗。我來回答第一個問題。如先前所提，我們仍在推進操作員培訓計畫。所有培訓材料已提交中國民航局（CAAC）審批，且已有數門課程獲得核准。我們預期第一期操作員課程將於上半年開班。

(spoken in foreign language) (interpreted) The good news is that to encourage qualified operators to conduct early commercial operations, the authorities have expanded the number of specially authorized operators for EHang. In the short-term, we can conduct commercial operations through these operators. In the long-term, we will replenish our talent pool through the operator training program. Thank you.

（以外語發言）（口譯）好消息是，為鼓勵合格操作員開展早期商業營運，主管機關已擴大對億航特別授權操作員的數量。短期內，我們可透過這些操作員開展商業營運。長期而言，我們將透過操作員培訓計畫補充人才庫。謝謝。

(spoken in foreign language) (interpreted) This is Connor. I will take your second question. Ever since last October, we have been conducting extensive test flights and trial operations in Thailand. The civil aviation authorities of China and Thailand have communicated thoroughly, and they have reached a consensus on mutual airworthiness recognition. This work is now nearing completion.

（以外語發言）（口譯）我是Connor。我來回答第二個問題。自去年10月以來，我們一直在泰國進行大量試飛與試運營。中泰兩國民航主管機關已充分溝通，並就適航互認達成共識。這項工作目前已接近完成。

(spoken in foreign language) (interpreted) We expected to obtain the first overseas commercial operation license for the 216-S pilotless Evido aircraft following final approval from the Civil Aviation Authority of Thailand. So this would mean that we would truly achieve a normalized urban air mobility services.

（以外語發言）（口譯）我們預期在獲得泰國民航局最終核准後，將取得216-S無人駕駛Evido航空器的首張海外商業營運執照。這意味著我們將真正實現常態化的城市空中交通服務。

(spoken in foreign language) (interpreted) With the specific to the commercial operations sites, they are still under planning, so it will be through the sandbox initiative. So, once obtaining the, sandbox commercial operation permit, the local customers will start to move forward with the purchase orders, and deliveries. So we are expecting that to start in Q2. If the progress goes smoothly, there could be dozens of units, for the full year of 2026. Thank you.

（以外語發言）（口譯）至於具體商業營運場址，目前仍在規劃中，將透過沙盒機制推進。因此，一旦取得沙盒商業營運許可，當地客戶將開始推進採購訂單與交付。我們預期將於第二季開始。若進展順利，2026年全年可能達到數十架的規模。謝謝。

Teo Wei Xin, UBS.

Teo Wei Xin，瑞銀（UBS）。

This is Wei Xin from UBS. Thank you, management, for taking my question and congratulations on strong results. So I've got two questions. One is on the current policy changes in the domestic, low altitude industries because we saw more callers, mentioning about this industrial sector in the two sessions meetings.

我是瑞銀（UBS）的魏欣。感謝管理層回答我的提問，並恭喜取得強勁業績。我有兩個問題。第一個是關於國內低空產業目前的政策變化，因為我們看到在兩會期間有更多與會者提到這個產業。

And my second question is on the, overseas market sales guidance, whether management could share any. Thank you.

第二個問題是關於海外市場銷售指引，管理層是否可以分享一些看法。謝謝。

(spoken in foreign language) (interpreted) This is Wang Zhao. I'll take your first question. Generally, we believe the overall macro environment in 2026 will be better than in 2025. As the 15th five-year plan has, lifted the low altitude economy to, emerging pillar industry or strategic, pillar industry.

（外語發言）（翻譯）我是王釗。我來回答第一個問題。總體而言，我們認為2026年的宏觀環境將優於2025年。隨著「十五五」規劃將低空經濟提升為新興支柱產業或戰略性支柱產業。

And the level of or intensity of resource allocation and policy support for this industry will be greatly enhanced in the future, and the also the development of the low altitude economy was included in the newly issued civil aviation law, which will take effect this July.

未來對該產業的資源配置力度與政策支持強度將大幅提升；同時，低空經濟的發展也被納入新頒布的《民用航空法》，並將於今年7月生效。

(spoken in foreign language) (interpreted) So this means the industry is entering a new stage where it's going to be ruled by law, governed by law, and regulations and standard systems at all levels will be gradually established.

（外語發言）（翻譯）這意味著行業正進入一個新的階段，將依法規範、依法治理，各層級的法規與標準體系也將逐步建立。

This is a necessary path for the new aviation industry. For EHang. We are at the forefront of this industry, and we are contributing first hand experience to the standard construction. And also we expected the overall market environment to improve.

這是新航空產業的必經之路。對於億航而言，我們處於行業前沿，並正以第一手經驗為標準建設作出貢獻。同時我們也預期整體市場環境將改善。

Thank you.

謝謝。

(spoken in foreign language) (interpreted) This is Connor. I'll take your second question. On the overseas revenue, so the overall revenue guidance for 2026 is RMB600 million. The overseas revenue in 2025 was in low single-digit as a percentage. Looking ahead to this year, as the overseas commercial operations take place, in countries like Thailand. The overseas revenue is expected to increase significantly, compared to last year. If things progress well, we may expect to see the revenue contribution move into the double-digit as a percentage of the overall revenue.

（外語發言）（翻譯）我是Connor。我來回答第二個問題。關於海外收入，我們對2026年的整體收入指引為人民幣6億元。2025年海外收入占比為低個位數百分比。展望今年，隨著在泰國等國家的海外商業運營落地，海外收入預計將較去年顯著提升。若進展順利，我們可能看到海外收入貢獻占總收入的比例提升至雙位數百分比。

Laura Li, Deutsche Bank.

Laura Li，德意志銀行。

Hey, thank you for taking my question. So I want to ask about for the RMB100 million revenue guidance. So what are the assumptions and pinning that because you talk about diversifying the revenue through different models or the service revenue versus aircraft delivery or the OEM model versus operator model or the overseas market. So how do you see this play out during this and the next year?

嗨，謝謝讓我提問。我想問關於人民幣1億元的收入指引。這背後的假設與依據是什麼？因為你們提到透過不同模式來分散收入來源，例如服務收入相對於飛行器交付、OEM模式相對於運營商模式，以及海外市場等。那麼你們如何看待今年與明年的演進？

Thank you.

謝謝。

(spoken in foreign language)

（外語發言）

This is the conference operator. We have temporarily lost connection with the speaker line. Please continue to hold, the conference will recommence shortly.

我是會議接線員。我們暫時與發言線路失去連線。請繼續保持在線，會議將很快恢復。

(spoken in foreign language)

（外語發言）

Thank you. The speaker line has rejoined the call. You may now proceed.

謝謝。發言線路已重新加入通話。您現在可以繼續。

Apologies, we have temporarily lost connection with the speaker line. Once again, we will pause shortly and proceed once they rejoin.

抱歉，我們暫時與發言線路失去連線。我們將再次短暫暫停，待其重新加入後繼續。

Thank you for holding. The speaker line has rejoined the call. You may now proceed.

感謝您的等待。發言線路已重新加入通話。您現在可以繼續。

(spoken in foreign language) (interpreted)

（外語發言）（翻譯）

This is Wang Zhao. I'll take your question. Well, in addition to the, human carrying vital business, we will proactively develop the non-passenger, segment this year, such as emergency firefighting, logistics, GD 4.0 drone formations, and command and dispatch systems.

我是王釗。我來回答您的問題。除了載人核心業務之外，我們今年也將主動拓展非載人業務板塊，例如應急消防、物流、GD 4.0無人機編隊，以及指揮調度系統。

You can see that actually we delivered 8 firefighting aircraft in December 2025. Meanwhile, during the Chinese Spring Festival Gala, our formation performance of 22,580 drones earned Ehangg a new Guinness World Record and attracted significant attention.

您可以看到，我們在2025年12月實際交付了8架消防飛行器。同時，在中國春節聯歡晚會上，我們22,580架無人機的編隊表演為億航創造了新的金氏世界紀錄，並引發了廣泛關注。

(spoken in foreign language) (interpreted) This, like I said, attracted a significant attention for Ehang, leading to, a search in inquiries for this, business. These are all achievements from our diversified aircraft models and non-passenger business.

（外語發言）（翻譯）正如我所說，這為億航帶來了大量關注，並帶動了對該業務的搜尋與諮詢。這些都是我們多元化機型與非載人業務所取得的成果。

(spoken in foreign language) (interpreted) With our opening of commercial operations and ticket sales to the public in March, Yihong General Aviation will generate some operational service revenue, but of course, the initial contribution to the overall revenue won't be large, but, nevertheless, this is a good start. Thank you.

（外語發言）（翻譯）隨著我們在3月向公眾開放商業運營並開始售票，億航通用航空將產生一定的運營服務收入；當然，初期對整體收入的貢獻不會很大，但無論如何，這是一個良好的開端。謝謝。

Fiona Liang, Bank of America.

Fiona Liang，美國銀行。

Hi, thank you for taking my questions. I have two questions for the management. The first one is about our commercial operation plan in this month in China. So, initially how do we expect the size of our commercial operation in the two cities in China. And, given the current, fair price, how do we think about the unit economy model and, what's the, profit margin of this, operation?

嗨，謝謝讓我提問。我有兩個問題想請教管理層。第一個是關於我們本月在中國的商業運營計畫。初期我們預期在中國兩個城市的商業運營規模會是多大？另外，考慮到目前的票價，我們如何看待單位經濟模型，以及這項運營的利潤率是多少？

(spoken in foreign language) (interpreted)

（外語發言）（翻譯）

See you soon. So initially there will be around 6 to 10 aircraft, and we will gradually increase the number of Avios, to be used for the, commercial operations. And the early bird ticket price for each passenger is set at RMB299 per person, which will basically cover the flight costs. With the specific data, I think we'll have to give it a period of time, before we can disclose, further details to the public.

很快見。初期大約會有6到10架飛行器，我們會逐步增加用於商業運營的飛行器數量。每位乘客的早鳥票價定為人民幣299元，基本可以覆蓋飛行成本。至於更具體的數據，我認為還需要一段時間，之後才能向公眾披露更多細節。

Thank you. My second question is about our cost control. Ehang had a very good, Oax control in the last quarter, in 2025. So what's the reason behind that? And, looking at 2026, how do we expect the old tax and also the old tax to sales ratio?

謝謝。我的第二個問題是關於成本控制。億航在2025年第四季度的營運費用（OpEx）控制得非常好。背後原因是什麼？展望2026年，我們如何預期營運費用以及營運費用占銷售收入比率？

(spoken in foreign language) (interpreted)

（外語發言）（翻譯）

Mr. O'Connor, I'll take your second question. Yes, you're right, overall, the SPC expenses in, 2025 were lower than that of, 2024, so that resulted in a smaller than expected increase in OpEx. Looking ahead to 2026, the year over year growth rate for OpEx is expected to be, lower than our revenue growth rate. We are setting our revenue growth year over year at 18 per 18, and our OpEx is going to be definitely lower than that.

O'Connor先生，我來回答您的第二個問題。是的，您說得對，整體而言，2025年的SPC費用低於2024年，因此營運費用（OpEx）的增幅小於預期。展望2026年，OpEx的同比增速預計將低於我們的收入增速。我們設定的收入同比增長為18%對18%，而我們的OpEx增速肯定會低於這個水平。

Thank you, that's all of my questions.

謝謝，我的問題就這些。

(spoken in foreign language)

（外語發言）

Alan Lau, Jeffries.

Alan Lau，Jefferies。

Hello. Thank you for taking my questions, and congratulations, on the company, for the strong results in 4Q and also, achieving commercial operation in March. So, my first question, is regarding to the strong delivery in 4th quarter. So we saw, the company deliver 100 units, on a single quarter. So we'd like to know.

您好。感謝讓我提問，也恭喜公司在第四季取得強勁業績，並於三月達成商業營運。我的第一個問題是關於第四季強勁的交付表現。我們看到公司在單一季度交付了100台。因此我們想了解。

Who are the major clients contributing to such strong delivery and and do you expect further orders from the same clients? Thank you.

有哪些主要客戶促成了如此強勁的交付？您是否預期同一批客戶後續還會有進一步訂單？謝謝。

(spoken in foreign language) (interpreted) This is Wang Zhou. The growth in the Q4 deliveries was primarily the result of the year-long marketing efforts in 2025. Many of them were not new Q4 customers, but actually customers who we have been discussing specific operational plans and scenarios over the previous quarters with, so, and that finally resulted in the deliveries.

（外語發言）（口譯）我是王舟。第四季交付量的成長主要是2025年全年行銷推廣努力的成果。其中許多並非第四季的新客戶，而是我們在前幾個季度已就具體營運方案與情境持續討論的客戶，因此最終促成了交付。

Come on. Sorry.

來吧。抱歉。

(spoken in foreign language) (interpreted)

（外語發言）（口譯）

And like I said, so the, engagement with these clients have finally lead to the deliveries in Q4. Some of them were repeat customers, and the key contributions come from clients from Hefei, Wencheng, Xiamen, Guizhou, Sichuan, and Guangzhou, and we expected some, repeat, orders or purchases from repeat customers as well in the future.

如我所說，與這些客戶的互動最終帶動了第四季的交付。其中一些是回購客戶，主要貢獻來自合肥、文成、廈門、貴州、四川與廣州的客戶；我們也預期未來回購客戶仍會有一些重複訂單或採購。

Thank you. That's very clear. And then, my second question is, regarding to the, commercial operation in March. So we'd like to know, some specifics. Firstly, do we have an exact date on when the app will be launched or the public can, book their flights, in, loga. And then, is it point A to point A, flight, and each time it's one or two persons? Thank you.

謝謝。非常清楚。第二個問題是關於三月的商業營運。我們想了解一些細節。首先，App 何時上線、或大眾何時可以在平台上預訂航班，是否有確切日期？另外，航線是A點到A點的飛行嗎？每次搭乘是一人或兩人？謝謝。

(spoken in foreign language) (interpreted)

（外語發言）（口譯）

Yes, our commercial operations will be launched in March. We haven't yet disclosed the exact date as we are still fine-tuning the booking platform, the mini program. But, operational, readiness wise, we are ready. And, as for the route, it is, the flight is for, tourism. Purposes and it's from point A to point B, carrying one passenger. We believe this is, enough to fulfill the needs of the, customer.

是的，我們的商業營運將於三月啟動。我們尚未公布確切日期，因為仍在微調預訂平台（小程式）。但就營運準備度而言，我們已經就緒。至於航線，該航班是用於旅遊。是從A點到B點，載運一名乘客。我們相信這已足以滿足客戶需求。

Thank you.

謝謝。

Chen Yu, GF Securities.

陳宇，廣發證券。

For.Oh, sorry. Thank you management for taking my question. So my question is, on the OC application for the existing customers or clients. So what is the company doing, on the company side, what initiatives or efforts is the company putting in to facilitate the OC application? Are there any timelines, that can be shared on the OC application for these existing, clients?

呃……抱歉。謝謝管理層回答我的問題。我的問題是關於現有客戶的OC申請。公司端正在做哪些工作、有哪些措施或投入，以協助推動OC申請？對於這些現有客戶的OC申請，是否有可分享的時間表？

And my second question, I'm not sure whether, any other analysts have already, asked the same question. Are there any updates on the, QC or errorworthiness application for VT35? What's the current plan? Are there any adjustments, changes, or updates on that?

第二個問題，我不確定是否已有其他分析師問過。VT35的QC或適航（airworthiness）申請是否有最新進展？目前的計畫是什麼？是否有任何調整、變更或更新？

(spoken in foreign language) (interpreted)

（外語發言）（口譯）

This is Wang Zhou. I'll take your first question. There will be, 2, OC, so 2 customers that have obtained the OC, and their commercial operation will start to accumulate very, valuable experience and become a demo, project for the rest of the clients. And we expect the training for the ground crew to begin in the first half of the year.

我是王舟。我先回答第一個問題。將會有2家客戶已取得OC，他們的商業營運將累積非常寶貴的經驗，並成為其他客戶的示範專案。我們預期地勤人員的訓練將在上半年開始。

So this will start to build the solid foundation for the expertise that's needed to conduct the commercial operation, and this would also increase the talent pool required to support the commercial operations of other clients.

這將為開展商業營運所需的專業能力奠定堅實基礎，也會擴大支援其他客戶商業營運所需的人才庫。

(spoken in foreign language) (interpreted)

（外語發言）（口譯）

And particularly, our client from Guizhou has already submitted their materials for the OC and furthermore, the policy environment is much more favorable compared to that in 2025, and we have done a lot of work and we are ready. So we believe as we make more progresses on these applications, there will be more customers, that can apply and obtain their OCs in this upcoming year.

特別是我們來自貴州的客戶已提交OC申請材料；此外，相較於2025年，目前的政策環境更為有利，我們也做了大量工作並已準備就緒。因此我們相信，隨著這些申請取得更多進展，未來一年將有更多客戶能夠申請並取得OC。

Thank you.

謝謝。

(spoken in foreign language) (interpreted) This is Fenghai. I'll take your second question on VT 35's certification progress. In Q4, our VT 35 completed key tests, including multi-rotor protective transition and shut down and locked propeller fixed wing flights. Additionally, we've also held a first TCT meeting for airworthiness review.

（外語發言）（口譯）我是鳳海。我來回答第二個問題，關於VT 35的取證進度。在第四季，我們的VT 35完成了關鍵測試，包括多旋翼保護性過渡，以及關車並鎖定螺旋槳的固定翼飛行測試。此外，我們也召開了首次TCT會議，用於適航審查。

(spoken in foreign language) (interpreted) Currently conducting flight envelope tests. We're aiming to obtain the type certification in China within two years.

（外語發言）（口譯）目前正在進行飛行包線測試。我們的目標是在兩年內取得中國的型號合格證。

Did you?

您有嗎？

Thank you. Thank you all. Given that time is limited, let me turn the call back to Ms. Anne for closing remarks.

謝謝。謝謝各位。由於時間有限，讓我把電話交回給Anne女士作結語。

(spoken in foreign language)

（外語發言）

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員翻譯的內容。口譯員由主辦本活動的公司提供。