EHang Holdings Limited (EH) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang first quarter 2026 earnings conference call.

各位女士、先生，大家好。感謝您耐心等候，歡迎參加億航2026年第一季度業績電話會議。

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

請注意，管理層的準備發言及隨後的問答環節將主要以中文進行，相應的同聲或交替傳譯可在英文線路收聽。提醒您，所有翻譯僅為便利之用；如有任何歧義，以管理層原語言陳述為準。如需收聽管理層原聲發言，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 Anne Ji, EHang's Senior Director of Investor Relations. Ms. Anne, please proceed.

現在我將把電話會議交給億航投資者關係高級總監Anne Ji。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 first quarter of 2026. The earnings release is available on the company's IR website. Please note that 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2026年第一季度的財務業績。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; Ms. Li Xiaona, China General Manager; and Mr.

今天參會的管理層包括：我們的創始人、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；中國區總經理李曉娜女士；以及

Conor Yang, Chief Financial Officer.

首席財務官Conor Yang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 U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today. Further information regarding this and other risks and uncertainties is included in the company's public filings with SEC.

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》安全港條款所作的前瞻性陳述。前瞻性陳述存在固有風險與不確定性，因此公司實際結果可能與今日所表達的預期存在重大差異。關於此及其他風險與不確定性的更多信息，請參閱公司向美國證券交易委員會（SEC）提交的公開文件。

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, please note that all numbers presented are in RMB and are for the first quarter of 2026, unless stated otherwise.

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。同時請注意，除非另有說明，本文所呈現的所有數據均以人民幣計，且均為2026年第一季度數據。

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

接下來，我把電話會議交給我們的首席執行官胡華智先生。胡先生，請開始，謝謝。

(interpreted) Hello, everyone, and thank you for joining our earnings call. In the first quarter of 2026, EHang is navigating a critical transition from certification to commercial operation. We are fully committed to launching the world's first pilot-less human carrying eVTOL into commercial service.

（翻譯）大家好，感謝各位參加我們的業績電話會議。2026年第一季度，億航正處於從取證走向商業運營的關鍵轉折期。我們全力以赴，致力於推動全球首款無人駕駛載人eVTOL投入商業運營。

Today, I'd like to share updates from two perspectives, the fundamental shift in regulatory environment and progress on our four core strategies.

今天我想從兩個角度分享最新進展：監管環境的根本性變化，以及我們四大核心戰略的推進情況。

First, policy and industry developments. The biggest change in Q1 was institutional. The low-altitude economy now has a solid legal foundation and policy anchor we're moving from the policy concept stage to one truly governed by law. On the legal front, the newly revised Civil Aviation law was passed in January and will take effect on July 1. And formally recognizing the low-altitude economy for the first time.

首先是政策與行業動態。第一季度最大的變化是制度層面的：低空經濟如今具備了堅實的法律基礎與政策錨點，我們正從“政策概念”階段邁向真正“依法治理”的階段。在法律層面，新修訂的《民用航空法》已於1月通過，將於7月1日生效，並首次正式確認低空經濟。

On the regulatory front, the CAAC has established a new low-altitude safety bureau while the NDRC and CAAC have formed a 2-tier governance model with the NDRC providing top-level coordination and the CAAC handling industry-specific implementation.

在監管層面，中國民航局（CAAC）成立了新的低空安全司；同時，國家發展改革委（NDRC）與民航局建立了“兩級治理”模式，由發改委負責頂層統籌協調，民航局負責行業具體落地實施。

Separately, China's State Administration for Market Regulation together with 10 government departments in China have jointly issued the low-altitude economy standard system development guide aiming to establish a basic standard system by 2027.

此外，中國國家市場監督管理總局會同國內10個政府部門聯合發布了《低空經濟標準體系建設指南》，目標是在2027年前建立基本標準體系。

Some worry that more regulations may slow the industry down. I believe the opposite, this is a positive development, a clear regulatory and standard framework helps everyone in the industry move faster and more properly. As a pioneer, EHang is turning our certification and talent development know-how into building blocks for industry standards. These first-mover advantages not only contribute to industry development, but also strengthen our long-term competitive moat.

有人擔心更多監管會拖慢行業發展。我認為恰恰相反，這是積極信號：清晰的監管與標準框架能幫助行業各方更快、更規範地前進。作為先行者，億航正把我們在取證與人才培養方面的經驗沉澱為行業標準的“積木”。這些先發優勢不僅推動行業發展，也進一步加固我們長期的競爭護城河。

Meanwhile, state-owned enterprises and local governments are accelerating their deployment low-altitude economy has been featured in the government work report for three consecutive years and is now designated as one of the six emerging strategic pillar industries under China's 15th five-year plan. More cities are actively planning aerospace, building vertiports and rolling out subsidy programs. And the altitude industry ecosystem is accelerating toward maturity.

同時，國有企業與地方政府正在加速布局。低空經濟已連續三年寫入政府工作報告，並在中國“十五五”規劃中被定位為六大新興戰略支柱產業之一。越來越多城市積極規劃航空產業、建設垂直起降場（vertiports）、推出補貼政策，低空產業生態正加速走向成熟。

Now let me turn to progress on our for core strategies for this year. Routine, commercial operations, global expansion, VT35 certification and industrial chain integration. First, routine and scale to commercial operations remain our top priority.

接下來我談談我們今年四大核心戰略的進展：常態化商業運營、全球化拓展、VT35取證以及產業鏈整合。首先，推進常態化與規模化商業運營仍是我們的首要任務。

We have cleared a certification hurdle and are now fully focused on the commercial operation hurdle we have obtained TC, PC and AC and our two operators holds OCs. Over the past year, we have continued to refine the entire operational chain, ticketing insurance, aerospace, approval, maintenance, charging infrastructure, crew training and command and control systems to launch the world's first commercial pilot-less human-carrying eVTOL service. We are now working closely with the regulator to fine-tune our operational capabilities and make the final push from internal trial operations to public ticketed service. That day will not be far away.

我們已跨越取證門檻，當前正全力攻克商業運營門檻。我們已獲得TC、PC和AC，且我們的兩家運營方已持有OC。過去一年，我們持續打磨全流程運營鏈條，包括售票、保險、空域、審批、維保、充電基礎設施、機組/人員培訓以及指揮控制系統，為推出全球首個無人駕駛載人eVTOL商業服務做準備。我們正與監管部門緊密合作，進一步完善運營能力，並從內部試運營向面向公眾的售票服務做最後衝刺。那一天不會太遠。

The market demand is real. Take our RMB299 experienced ticket as an example. We continue to receive a large volume of inquiries asking when can I buy a ticket and take a flight. This reflects a strong public enthusiasm for eVTOL commercial flights.

市場需求是真實存在的。以我們299元人民幣的體驗票為例，我們持續收到大量諮詢，詢問何時可以購票乘飛。這反映出公眾對eVTOL商業飛行的強烈熱情。

Importantly, our operational capabilities extend beyond passenger vehicles. Our formation drone fleet has use of proven experience in February, our new GD 4.0 drones completed 22,580 units of formation flights, setting a Guinness World Record.

更重要的是，我們的運營能力不僅限於載人飛行器。我們的編隊無人機機隊也積累了成熟經驗：今年2月，我們全新的GD 4.0無人機完成了22,580架次編隊飛行，創下金氏世界紀錄。

In Q1, the proportion of revenue from the aerial media solution increased noticeably. The experience processes and teams, we have built through these large-scale, highly reliable unmanned aircraft operations will directly benefit EH 216 commercialization.

第一季度，空中媒體解決方案收入占比明顯提升。通過這些大規模、高可靠的無人機運營所建立的流程與團隊，將直接賦能EH216商業化。

As the same goes, the last leg of the journey marks the halfway point. Obtaining the 4 certificates was only the first half the real second half is the commercial operation. In the global eVTOL industry, EHang remains the only company with TC, PC, AC and the license for commercial operations. The first-mover advantage here is not a short sprint nor a manufacturing race.

同樣地，行程的最後一段也意味著走到半程。拿到四張證書只是上半場，真正的下半場是商業運營。在全球eVTOL行業中，億航仍是唯一同時擁有TC、PC、AC以及商業運營許可的公司。這裡的先發優勢不是短跑，也不是製造競賽。

It is an operational race who can run a safe, sustainable commercial model. Second, deepening our global footprint. We are making steady progress overseas. The Thailand AAM Sandbox program continues with the routine validation flights to address hard weather conditions, we completed a battery cooling vehicle testing in Thailand and Guangzhou this month. Adding independent quoting systems that significantly improved charging efficiency in a passenger comfort.

而是一場運營競賽——誰能跑出安全、可持續的商業模式。第二，深化全球布局。我們在海外穩步推進。泰國AAM Sandbox項目持續開展常態化驗證飛行，以應對惡劣天氣條件；本月我們在泰國與廣州完成了電池冷卻相關測試，並新增獨立報價系統，顯著提升了充電效率與乘坐舒適性。

We are also actively working with Civil Aviation Authority of Thailand to issue EH216-S first overseas operating license. Our experience in Thailand Sandbox has become an important reference for our global expansion.

我們也在積極與泰國民航局合作，推動發放EH216-S首張海外運營許可。我們在泰國Sandbox積累的經驗，已成為全球拓展的重要參考。

Third, accelerating VT35 certification and commercialization. Certification for VT35, our new longer-range pilotless human-carrying eVTOL is progressing steadily. In Q1, we completed multiple system functions and flight performance tests and held in-depth discussions with the CAAC on certification basis, our VT35 was for future intercity and regional air mobility enriching our product portfolio. At the same time, we are developing non-human-carrying models, including fire fighting and logistics for more application scenarios to further expand our addressable market.

第三，加速VT35取證與商業化。VT35是我們新一代更長航程的無人駕駛載人eVTOL，其取證工作正穩步推進。第一季度，我們完成了多項系統功能與飛行性能測試，並就取證基礎與民航局（CAAC）進行了深入溝通。VT35面向未來城際與區域空中出行，將豐富我們的產品組合。同時，我們也在研發非載人機型，包括消防與物流等，以覆蓋更多應用場景，進一步擴大可服務市場。

Fourth, strengthening industrial chain integration. We are turning our first-mover certification and ecosystem experience into industry consensus. EHang is not only China's leader in pilotless human-carrying eVTOL certification, but also the earliest practitioner and contributor to national and industry standards for unmanned aircraft in China.

第四，強化產業鏈整合。我們正將先行者的取證優勢與生態系經驗轉化為產業共識。億航不僅是中國無人駕駛載人 eVTOL 取證的領導者，也是中國最早參與並貢獻於無人航空器國家與行業標準的實踐者之一。

As the world's first mover about to enter routine commercial operation, we are taking steady steps to strengthen our operational capabilities and build a compliance mode. And at the same time, we are integrating R&D, manufacturing, supply chain and quality systems to improve and an efficiency and scale delivered capabilities.

作為全球首個即將進入常態化商業運營的先行者，我們正穩步提升運營能力並建立合規模式。同時，我們正整合研發、製造、供應鏈與品質體系，以提升效率與規模化交付能力。

In closing, I want to reiterate the low-altitude economy is a long-term strategic arena with the deep potential. EHang will never lose sight of safety, compliance and operational quality. We're committed to being long-term players who shape eVTOL industry standards with craftsmanship so that China developed in China operated pilots eVTOL will continue to lead the global low-altitude mobility market. I will now turn the call over to our CTO, Shuai Feng. Thank you.

最後，我想重申：低空經濟是一個具有深厚潛力的長期戰略賽道。億航將始終不忘安全、合規與運營品質。我們致力於以工匠精神塑造 eVTOL 行業標準，成為長期參與者，讓「中國研發、中國製造、中國運營」的無人駕駛載人 eVTOL 持續引領全球低空出行市場。接下來我把電話交給我們的 CTO 馮帥。謝謝。

(interpreted) Thank you, Mr. Hu. Hello, everyone. Hi, I'm Shuai Feng. In Q1 2026, our work focused on three priorities: product R&D and upgrades, certification progress and commercial operation support.

（口譯）謝謝胡先生。各位好。大家好，我是馮帥。2026 年第一季度，我們的工作聚焦三個重點：產品研發與升級、取證進展以及商業運營支持。

On one hand, we accelerated VT35 development and certification. On the other, we continue to optimize the EH216-S performance operational efficiency and passenger experience to support upcoming operations, strengthening the foundation for scale deployment.

一方面，我們加速 VT35 的研發與取證；另一方面，我們持續優化 EH216-S 的性能、運營效率與乘客體驗，以支持即將到來的運營，夯實規模化部署的基礎。

Number one, VT35 progress. VT35 R&D and certification progressed steadily in Q1. The program has now entered a certification basis definition stage where we are working closely with the CAAC to establish the safety evaluation framework. We're engaged in in-depth discussions on special conditions, safety objectives and performance requirements.

第一，VT35 進展。第一季度 VT35 的研發與取證穩步推進。該項目目前已進入取證基礎定義階段，我們正與中國民航局（CAAC）緊密合作，建立安全評估框架，並就特殊條件、安全目標與性能要求展開深入討論。

On the engineering side, critical ground and flight tests are advancing as planned to validate system functionality, flood performance and safety redundancy. Meanwhile, the VT35 avionics system has entered a detailed design stage, preparing for certification prototype manufacturing and conformity verification.

在工程方面，關鍵的地面與飛行測試正按計畫推進，用於驗證系統功能、飛行性能與安全冗餘。同時，VT35 航電系統已進入詳細設計階段，為取證原型機製造與符合性驗證做準備。

Building on the EH216-S certification experience and our eVTOL technical expertise we are advancing VT35 efficiently, laying the groundwork for future intercity and regional air mobility.

基於 EH216-S 的取證經驗以及我們在 eVTOL 方面的技術專長，我們正高效推進 VT35，為未來城際與區域空中出行奠定基礎。

Number two, EH216-S performance upgrade. This quarter, we focus on hot weather operational efficiency and passenger experience through targeted upgrades to better thermal management and cap and comfort systems.

第二，EH216-S 性能升級。本季度，我們透過針對性升級，聚焦高溫天氣下的運營效率與乘客體驗，重點改善熱管理以及座艙舒適系統。

On operational efficiency to address battery thermal management challenges during high-frequency takeoffs and landings, we developed a dedicated battery cooling vehicle. It has completed production testing and is undergoing further optimization. The cooling vehicle significantly shortens battery cooldown time from high temperatures to safe operating levels, increasing daily charging cycles and flight volume.

在運營效率方面，為解決高頻起降過程中的電池熱管理挑戰，我們研發了專用電池冷卻車。該設備已完成生產測試，並正在進一步優化。冷卻車可顯著縮短電池從高溫降至安全工作溫度的冷卻時間，提升每日充電循環次數與飛行架次。

In field tests, the cooling vehicle doubled EH216-S utilization, directly supporting higher frequency commercial flights. The unit can be quickly deployed across operational sites, providing flexible and reliable thermal management for large-scale high-density operations.

在實地測試中，冷卻車使 EH216-S 的利用率提升了一倍，直接支持更高頻次的商業飛行。該設備可快速部署至各運營場站，為大規模、高密度運營提供靈活且可靠的熱管理能力。

On passenger experience, we upgraded the cabin air conditioning system. The new independent and cooling system is separate from flight control and AvNOx circuits. So it doesn't interfere with the critical functions while improving comfort in tests, the system quickly reduces cabin temperature after prolonged sun exposure and maintains a comfortable level throughout the flight. This upgrade directly addresses a key pain point in hot climates, improving passenger experience, commercial reputation and market acceptance.

在乘客體驗方面，我們升級了座艙空調系統。新的獨立冷卻系統與飛控及 AvNOx 電路相互獨立，因此在提升舒適性的同時不會干擾關鍵功能。測試顯示，該系統可在長時間日照後快速降低座艙溫度，並在整個飛行過程中維持舒適水平。此升級直接解決了炎熱氣候下的一個核心痛點，提升乘客體驗、商業口碑與市場接受度。

Number three, digital infrastructure for low-altitude operations. Our Guangzhou Command and Control Center is now fully operational, supporting passenger, firefighting, logistics and formation drones. It provides integrated capabilities, including aerospace management, flight planning, dispatch approval, real-time monitoring, operation records and risk alerts.

第三，低空運營的數位基礎設施。我們的廣州指揮控制中心現已全面投入運行，支持載客、消防、物流以及編隊無人機等業務。該中心提供一體化能力，包括空域管理、航線規劃、放行審批、即時監控、運營記錄與風險預警。

In Hefei, the command and control system has been deployed and is connected to the city's low-altitude sensing network and EHang's operational data. Together, these platforms establish a solid foundation for regional scaled, low-altitude operations management.

在合肥，指揮控制系統已完成部署，並已接入城市低空感知網路以及億航的運營數據。這些平台共同為區域化、規模化的低空運營管理奠定了堅實基礎。

Number four, new product development. We are also actively advancing the R&D and fly testing of new products, including logistics and firefighting aircraft further expanding our product portfolio and low-altitude economy applications. Under our CEO, Mr. Hu's leadership, I will continue to lead our team in advancing product iteration with aviation grade standards, translating technological progress into commercial value efficiently and providing a strong foundation for EHang's long-term growth.

第四，新產品開發。我們也在積極推進新產品的研發與試飛測試，包括物流與消防航空器，進一步擴充產品組合與低空經濟應用場景。在胡先生的領導下，我將持續帶領團隊以航空級標準推進產品迭代，高效將技術進步轉化為商業價值，為億航的長期成長提供堅實支撐。

I will now turn the call over to our COO, Zhao Wang, for sales and operations update. Thank you.

接下來我把電話交給我們的 COO 王釗，請他更新銷售與運營情況。謝謝。

(interpreted) thank you, Mr. Feng. Hello, everyone. I am Zhao Wang. As EHang enters a new phase of commercial operations, I want to introduce a new member of our management team, Ms.

（口譯）謝謝馮先生。各位好。我是王釗。隨著億航進入商業運營的新階段，我想介紹我們管理團隊的一位新成員，李曉娜女士。

Li Xiaona, formerly our Vice President and General Manager of East China has been promoted to China General Manager, she will lead our sales, operations and marketing teams overseeing business development and operations management in both China and overseas markets.

李曉娜此前擔任我們的副總裁兼華東區總經理，現已晉升為中國區總經理。她將領導我們的銷售、運營與市場團隊，統籌中國及海外市場的業務拓展與運營管理。

Over the years, Li Xiaona has led our East China team to build our presence in Hefei from the ground up. She established Hefei aviation secured its operator certificate built a highly effective operational system and team with strategic industrial layout covering R&D, manufacturing and commercial operations and delivered outstanding results. I look forward to seeing the Hefei model scale further under her leadership.

多年來，李曉娜帶領華東團隊從零開始在合肥建立據點。她推動成立合肥航司、取得運營人證書，打造了高效的運營體系與團隊，並以涵蓋研發、製造與商業運營的戰略性產業布局取得了出色成果。我期待在她的帶領下，「合肥模式」能進一步規模化複製與推廣。

Now let me walk you through our Q1 business results and strategic plans. In Q1 2026, we achieved revenues of RMB25.7 million. We delivered four units of the EH216-S and 1,000 units of the GD 4.0 formation drones and completed 22 drone formation performances.

接下來我向大家介紹我們 2026 年第一季度的業務成果與戰略規劃。2026 年第一季度，我們實現營收人民幣 2,570 萬元。我們交付了 4 架 EH216-S，以及 1,000 架 GD 4.0 編隊無人機，並完成了 22 場無人機編隊表演。

The year-over-year and sequential decline in eVTOL deliveries was mainly due to the seasonal impact of the Chinese New Year holiday and customer delivery timing.

eVTOL 交付量同比與環比下降，主要是受春節假期的季節性影響以及客戶交付節奏所致。

Look at our revenue mix, our Aerial Media business grew faster and contributed approximately 40% of the total revenue in Q1. The parallel development of our multiple business lines is driving revenue diversification, reflecting continued demand growth across low-altitude application scenarios.

從收入結構來看，我們的空中媒體業務增長更快，第一季度約貢獻總營收的 40%。多條業務線並行發展正推動收入多元化，反映低空應用場景的需求持續增長。

Looking ahead to the full year, we remain confident in our 2026 revenue target of RMB600 million. This will be supported by the progress we have made on three strategic initiatives. First, diversified revenue streams beyond passenger eVTOL sales and operations, our non-human-carrying businesses, including Aerial Media, firefighting solution and command and control systems are expected to become new growth drivers. Second, continued overseas expansion.

展望全年，我們對 2026 年人民幣 6 億元的營收目標仍充滿信心，這將由我們在三項戰略舉措上的進展所支撐。第一，拓展載客 eVTOL 銷售與運營之外的多元收入來源；我們的非載人業務，包括空中媒體、消防解決方案以及指揮控制系統，預計將成為新的增長動力。第二，持續拓展海外市場。

We expect to replicate our overseas model that combines regulatory sandbox program, local partners and our integrated operational capabilities to drive sales and operations in Thailand and other global markets. Third, advancing domestic commercial operations, Preparation for EH216-S commercial operations have entered the its final stage. We're working with the CAAC on the last mile of commercial operation. We'll continue to prioritize both sales and operations, ensuring steady and compliant commercialization progress.

我們預期複製海外模式：結合監管沙盒計畫、當地合作夥伴以及我們的一體化運營能力，推動在泰國及其他全球市場的銷售與運營。第三，推進國內商業運營。EH216-S 商業運營的準備工作已進入最後階段。我們正與中國民航局（CAAC）推進商業運營「最後一公里」。我們將持續同時重視銷售與運營，確保商業化進程穩健且合規。

I will now turn the call over to Li Xiaona for a detailed review of our Q1 execution. Thank you.

接下來我把電話交給李曉娜，請她對我們第一季度的執行情況做更詳細的回顧。謝謝。

(interpreted) Thank you, Mr. Wang. Hello, everyone. I'm Li Xiaona. I'm pleased to join the earnings call for the first time.

（口譯）謝謝王先生。各位好。我是李曉娜。很高興首次參加財報電話會議。

Let me walk you through our Q1 results, operational strategy and future plans.In February, we featured 16 EH216-S aircraft and 22,580 GD 4.0 formation drones and the CMG 2026 Spring Festival Gala Hefei have segment. We completed a flawless performance and set a new Guinness World Record. This appearance significantly enhanced our brand awareness and industry visibility helped to intoduce the concept of low-altitude mobility to a broad public audience and demonstrated our leadership in fleet flight, remote dispatch and communication integration strengthening our brand foundation for commercial partnerships and market expansion both at home and abroad.

接下來我向大家介紹我們第一季度的業績、運營策略與未來規劃。2 月，我們在 CMG 2026 春節聯歡晚會合肥分會場展示了 16 架 EH216-S 航空器與 22,580 架 GD 4.0 編隊無人機，完成了零失誤演出並創造新的金氏世界紀錄。此次亮相顯著提升了我們的品牌知名度與行業能見度，幫助向更廣泛的大眾介紹低空出行概念，並展示了我們在機隊飛行、遠端調度與通信融合方面的領先能力，進一步夯實我們在國內外商業合作與市場拓展的品牌基礎。

As of May 2026, the EH216-S Series has accumulated over 90,000 safe flight globally in 21 countries. This long-term stable, safe track record is our core competitive advantage in global market expansion. Overseas, we have achieved multiple milestones completed first human-carrying flight in Mexico, Latin America and trial flight permits in Thailand, Japan, South Korea and Middle East and Spain.

截至2026年5月，EH216-S系列已在全球21個國家累計超過90,000次安全飛行。這一長期穩定且安全的運行紀錄，是我們在全球市場拓展中的核心競爭優勢。在海外，我們達成多項里程碑，包括在墨西哥完成拉丁美洲首個載人飛行，以及在泰國、日本、韓國、中東地區與西班牙取得試飛許可。

On overseas strategy, we made a strategic adjustment this year, making VTC our top priority to fully open the commercial pathway in overseas markets. Given how civil aviation regulations work, we plan to leverage China's existing bilateral air worthiness agreements with 32 countries for our certification applications.

在海外策略方面，我們今年進行了策略性調整，將VTC列為首要任務，以全面打通海外市場的商業化路徑。鑑於民航監管的運作方式，我們計劃利用中國與32個國家既有的雙邊適航協議，推進我們的認證申請。

Thailand is our first flagship overseas market. Five vertiport locations have been identified and the first route survey has been completed. We have adapted our hardware, including batteries and outboard air conditioning for hot and humid tropical environment and are pushing hard on commercial operation permit progress. We have formed a dedicated overseas team integrating R&D, commercial airworthiness and communications functions.

泰國是我們首個海外旗艦市場。我們已確定五個垂直起降場（vertiport）選址，並完成首條航線勘察。我們已針對炎熱潮濕的熱帶環境調整硬體配置，包括電池與外掛式空調，並全力推進商業運營許可的進展。我們已組建專門的海外團隊，整合研發、商業適航與傳播溝通等職能。

Going forward, we will systematically map out our bilateral civil aviation policies globally and develop differentiated overseas deployment plans for human-carrying and cargo aircraft, targeting key markets one by one.

展望未來，我們將系統性梳理全球雙邊民航政策，並針對載人與貨運航空器制定差異化的海外部署方案，逐一攻克重點市場。

On domestic human-carrying air mobility network continues to expand. To date, our customers have built over 40 eVTOL operational sites across China, some of which are already in routine operation. This year, we are shifting our business focus to high-demand tourism scenarios using light asset models such as equipment leasing joint operations and direct sales to lower the barrier for partners while putting existing aircraft to fly.

在國內，載人空中出行網路持續擴張。截至目前，我們的客戶已在中國建成超過40個eVTOL運營點，其中部分已進入常態化運行。今年，我們將業務重心轉向需求旺盛的文旅場景，採用設備租賃、聯合運營與直銷等輕資產模式，降低合作夥伴門檻，同時推動現有航空器投入飛行。

We are prioritizing locations with high foot traffic and natural commercial appeal, such as Daoli, [Wencheng] and Taishan, running small-scale trials to accumulate safety data then progressively helping customers apply for operator certification.

我們優先選擇人流量大且具備天然商業吸引力的地點，例如道里、[文成]與泰山，先行開展小規模試點以累積安全數據，並逐步協助客戶申請運營人認證。

To improve project executing efficiency, we have set up a dedicated sales support team that works alongside frontline teams, to develop customized integrated operation plans based on local aerospace conditions, tourism resources and the commercial landscape.

為提升專案執行效率，我們成立了專門的銷售支援團隊，與一線團隊協同工作，基於當地航空條件、旅遊資源與商業環境，制定客製化的一體化運營方案。

On commercial operation preparation, the CAAC has raised the requirement for the world's first pilotless human-carrying eVTOL commercial operation with higher and more detailed standards. At this stage, our two OC certified operators in Hefei and Guangzhou continue to refine their operations systems ground support, crew training and emergency procedures while running internal trial operations routinely and accumulating flying data and service experience.

在商業運營準備方面，中國民航局（CAAC）對全球首個無人駕駛載人eVTOL商業運營提出了更高且更細化的標準。在此階段，我們位於合肥與廣州的兩家已取得OC的運營人，持續完善其運營體系、地面保障、機組培訓與應急程序，同時常態化開展內部試運營，累積飛行數據與服務經驗。

Since obtaining their OCs in March 2025, both operators have maintained a perfect safe record, 0 accidents and 0 violations.

自2025年3月取得OC以來，兩家運營人均保持完美安全紀錄：0事故、0違規。

As domestic benchmarks, EHang General Aviation and Hawaii Aviation have completed over 3,000 of EH216-S flights. We have built a complete end-to-end service system covering ticket pricing, online and off-line ticketing channels, customer service and complaints handling. Service capacity is being expanded in phases.

作為國內標杆，億航通用航空與海鷗航空已完成超過3,000架次EH216-S飛行。我們已建立覆蓋票價制定、線上與線下售票渠道、客戶服務與投訴處理的端到端完整服務體系，並正分階段擴充服務能力。

Going forward, we'll continue to refine our standardized SOPs for passenger services, ticketing management and vertiport operations and then exported these proven models. Crew training progress is on track. We have completed internal structure training for the EH216-S model and submitted all required materials. The plan has been reviewed by the Central and Southern Regional Administration of the CAAC and once formally approved by the CAAC, officer training will begin.

展望未來，我們將持續完善乘客服務、票務管理與垂直起降場運營的標準化SOP，並輸出這些已驗證的成熟模式。機組培訓進展按計畫推進。我們已完成EH216-S機型的內部結構培訓並提交全部所需材料。該計畫已由民航局中南地區管理局審核，待民航局正式批准後，將啟動人員培訓。

After internal instructor training wraps up in late June, we'll begin full scale crew training.

在6月下旬完成內部教員培訓後，我們將開始全規模機組培訓。

Our non-human-carrying business is an important second growth driver. We focus on two areas: firefighting and inland waterway logistics. On firefighting side, based on real-world operational scenarios, we have identified a clear product iteration directions. R&D of the new firefighting aircraft is on schedule, and will be formally launched to the market upon product validation, together with supporting maintenance and training systems.

我們的非載人業務是重要的第二成長引擎。我們聚焦兩大方向：消防與內河水運物流。在消防方面，基於真實運營場景，我們已明確產品迭代方向。新一代消防航空器研發按進度推進，待產品驗證完成後，將連同配套維保與培訓體系一併正式推向市場。

In the second half of the year, we'll showcase product performance through firefighting drills at various levels. while actively working to get our products included fire equipment procurement catalogs, tapping into the emergency response market.

在下半年，我們將透過各級消防演練展示產品性能，同時積極推動產品納入消防裝備採購目錄，切入應急救援市場。

On inland waterway logistics side, we have completed site selection for test routes at Guangzhou Port and the Pearl River main channel. The project will be rolled out in phases near term, continued test flights and routine safety reviews, medium-term routine delivery services on the Pearl River and expansion of our new application scenarios. Long term, replication of the proven model, application for government of funding and building a benchmark inland waterway low-altitude of logistics project in China.

在內河水運物流方面，我們已完成廣州港與珠江主航道測試航線的選址。該專案將分階段推進：短期持續試飛並進行常態化安全評估；中期在珠江開展常態化配送服務並拓展新的應用場景；長期複製成熟模式、申請政府資金支持，打造中國內河低空物流標杆專案。

On formation drone performances, the industry is seeing increasingly intense low price competition. We are avoiding price competition and have set a clear strategy to build benchmark projects, replicate profitable models and expand both domestically and overseas.

在編隊無人機表演方面，行業正面臨愈發激烈的低價競爭。我們將避免價格戰，並制定清晰策略：打造標杆專案、複製可盈利模式，並在國內外同步擴張。

In overseas markets, we are simultaneously rolling out formation products, leveraging local tourism resources to create routine performance venues that complement our human-carrying business.

在海外市場，我們也在同步推進編隊產品落地，結合當地旅遊資源打造常態化演出場地，與我們的載人業務形成互補。

Going forward, I'll lead the sales, marketing and operations team to execute our strategic plan steadily with the dedication, efficiency and compliance with safety as the first priority. I will now turn the call over to our CFO, Conor Yang.

展望未來，我將帶領銷售、市場與運營團隊，以投入、效率與合規為準則，穩步執行我們的策略計畫，並始終將安全放在首位。接下來我把電話會議交給我們的財務長Conor Yang。

Thank you.

謝謝。

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.

各位好。在進入細節之前，請注意除非另有說明，所有數字均以人民幣計。更詳細的分析可參見我們在投資者關係（IR）端發布的業績新聞稿。

Now let me walk you through the key financial data. In Q1 2026, revenues were RMB25.7 million, on par with RMB26.1 million in Q1 2025 but down from RMB177.6 million in Q4 2025. The decline was mainly due to lower eVTOL deliveries, partly offset by growth from our non-human-carrying business.

下面我帶大家回顧關鍵財務數據。2026年第一季度營收為人民幣2,570萬元，與2025年第一季度的人民幣2,610萬元基本持平，但較2025年第四季度的人民幣1億7,760萬元下降。下降主要由於eVTOL交付量減少，部分被非載人業務增長所抵消。

During the quarter, we delivered four units of the EH216 series compared to 11 units in Q1 2025 and 61 units of EH216 series plus five units of VT35 in Q4 2025. The lower deliveries were primarily due to seasonal factors at the beginning of the year and the customer delivery schedules.

本季度我們交付了4架EH216系列，對比2025年第一季度的11架，以及2025年第四季度的EH216系列61架加上VT35 5架。交付量下降主要由於年初季節性因素以及客戶交付排程所致。

On a positive note, our revenue mix continues to diversify, benefiting from increased brand visibility and growing market demand, our aerial media business grew faster and contributed approximately 40% of the total revenue in Q1, highlighting the synergies across our diversified business lines.

積極的一面是，我們的收入結構持續多元化。受益於品牌能見度提升與市場需求增長，我們的空中媒體業務增長更快，並在第一季度貢獻約40%的總營收，凸顯我們多元業務線之間的協同效應。

Gross margin in Q1 was 62.5%, and stable compared to 62.4% in Q1 2025 and up slightly from 61.6% in Q4 2025. Our consistently strong margin profile reflects continued improvement in manufacturing efficiency and supply chain management.

第一季度毛利率為62.5%，與2025年第一季度的62.4%基本持平，並較2025年第四季度的61.6%小幅提升。我們持續強勁的毛利率表現，反映製造效率與供應鏈管理的持續改善。

Turning to operating expenses. Adjusted operating expenses defined as total operating expenses, excluding share-based compensation, were RMB101.1 million in Q1, up 59% from RMB 63.6 million in Q1 2025 and up 7.9% from RMB93.7 million in Q4 2025. The increase was driven by our continued commercialization efforts, R&D team expansion and increased technology investment.

接下來看營業費用。經調整營業費用（定義為營業費用總額扣除股份支付費用）在第一季度為人民幣1億110萬元，較2025年第一季度的人民幣6,360萬元增加59%，較2025年第四季度的人民幣9,370萬元增加7.9%。增長主要由於我們持續推進商業化、研發團隊擴張以及技術投入增加。

As our business scales, we have strengthened our operational R&D and global expansion teams while continuing to invest in EH216 series upgrade, VT35 development and future generation of products and core technologies to enrich our product pipeline and reinforce our long-term competitive advantages.

隨著業務規模擴大，我們強化了運營研發與全球拓展團隊，同時持續投入EH216系列升級、VT35研發，以及下一代產品與核心技術，以豐富產品管線並鞏固我們的長期競爭優勢。

As we continue to invest for future growth, our near-term profitability was impacted by lower revenue scale and higher R&D expenditure. Adjusted operating loss in Q1 was RMB77.1 million compared to RMB42.6 million in Q1 2025. Adjusted net loss was RMB75.6 million compared to RMB31.1 million in Q1 2025.

隨著我們持續投資於未來成長，由於營收規模較小以及研發支出較高，我們的短期獲利能力受到影響。第一季經調整營業虧損為人民幣7,710萬元，而2025年第一季為人民幣4,260萬元。第一季經調整淨虧損為人民幣7,560萬元，而2025年第一季為人民幣3,110萬元。

As of March 31, 2026, our combined cash and cash equivalents restricted to short-term deposits and short-term and treasury investment totaled RMB1.03 billion. This healthy cash position provides a solid support for the continued execution of our commercialization strategy global expansion plans and technology development programs.

截至2026年3月31日，我們的現金及現金等價物（包括受限於短期存款以及短期與國庫投資的部分）合計為人民幣10.3億元。這一健康的現金部位為我們持續推進商業化策略、全球擴張計畫及技術研發專案提供了堅實支撐。

While near-term financial performance was impacted by delivery timing and strategic investments, we remain committed to a long-term growth strategy and maintain our 2026 annual revenue guidance of RMB600 million. Our confidence is supported by our diversified revenue mix, continued global market of progress, including the commercial breakthrough in Thailand, and the advancement of EH216-S commercial operations in China.

儘管短期財務表現受到交付時點與策略性投資的影響，我們仍致力於長期成長策略，並維持2026年全年營收指引為人民幣6億元。我們的信心來自多元化的營收組合、全球市場持續取得進展（包括在泰國的商業突破），以及EH216-S在中國商業營運的推進。

Meanwhile, we remain focused on improving our operational efficiency and capital allocation as we scale our business. We believe these efforts will strengthen our foundation for long-term growth and create sustainable value for our shareholders.

同時，隨著業務規模擴大，我們仍專注於提升營運效率與資本配置。我們相信這些努力將強化我們長期成長的基礎，並為股東創造可持續的價值。

Based on our confidence in the company's future inhaled cash position, our Board of Directors has approved a share repurchase program. Over the next 12 months, the company may repurchase up to USD30 million worth of its ADS. Repurchases will be funded from existing cash reserves and management will execute them flexibly based on market conditions.

基於我們對公司未來現金部位的信心，董事會已核准一項股份回購計畫。在未來12個月內，公司最多可回購價值3,000萬美元的ADS。回購將以現有現金儲備提供資金，管理層將依市場狀況彈性執行。

This initiative reflects our commitment to returning value to shareholders and demonstrating our long-term confidence. Thank you all.

此項舉措反映我們致力於回饋股東價值，並展現我們對長期發展的信心。謝謝大家。

(Operator Instructions)

（接線員指示）

Pei-Chi Wang, MS.

王佩琪，碩士。

Hello, this is Peggy from . Can you hear me?

您好，我是Peggy，來自。您聽得到我嗎？

Yes.

是的。

Thank you for asking my questions. And so I have two questions for the first quarter results. I think first, I think most investors are curious about what is the expected revenue mix for remaining 3 quarters of 2026 because we have been exploring more revenue streams from products outside of eVTOL. So the management can give more color on the revenue mix in the following quarters? So this is my first question.

謝謝讓我提問。我有兩個關於第一季業績的問題。第一個，我想多數投資人都很好奇，2026年剩餘三個季度的預期營收組合會是什麼，因為我們一直在探索eVTOL以外產品帶來的更多營收來源。管理層是否可以就接下來幾個季度的營收組合提供更多說明？這是我的第一個問題。

And the second question is about the overseas business. So how should we look at the contribution on the overseas market in the coming months?

第二個問題是關於海外業務。我們應該如何看待未來幾個月海外市場的貢獻？

(spoken in foreign language)

（以外語發言）

(interpreted) Hello, Okay. Now I'll provide a translation for Conor. So the key strategy for the company is to execute revenue diversification strategy and the results have been shown in our Q1 results. And we have our projects both at home and overseas for our human-carrying business as well as our GD4 aerial business. The projects are scattered across both China and overseas.

（口譯）您好，好的。現在我為Conor提供翻譯。公司的核心策略是執行營收多元化策略，而相關成果已在我們第一季業績中展現。我們在國內與海外均有人載業務以及GD4空中媒體業務的專案，這些專案分布於中國及海外。

Some of them are -- some more the typical examples of projects in [ Changsha ], Xiamen and an overseas example would be Thailand, and we are going to increase the number of performances for the GD4 drone performances in the upcoming 2 quarters. We are also advancing the R&D for our logistics and firefighting models, and they will be rolled out to the market later this year.

其中一些——較典型的專案例子包括[長沙]、廈門；海外的例子則是泰國。我們將在接下來兩個季度增加GD4無人機表演的場次。我們也在推進物流與消防機型的研發，並將於今年稍晚推向市場。

In terms of the revenue mix breakdown for our human-carrying business, roughly -- specifically speaking, that will be revenue contributed by the sales and deliveries of EH216-S and the VT35. Together, they will contribute 60% of our revenue for non-human-carrying businesses, they are going to contribute roughly 40% of our revenue.

就人載業務的營收組合拆分而言，大致上——具體來說，將由EH216-S與VT35的銷售與交付貢獻營收。兩者合計將貢獻我們約60%的營收；非人載業務則將貢獻約40%的營收。

And now moving on to the second question. The proportion of the overseas revenue will increase significantly. We have made obtaining overseas VTCs (i.e., Validation of Type Certificates), , our top priority this year, relying on bilateral agreement channels and have established a dedicated team pioneer projects in Thailand and Mexico are progressing smoothly. In the medium to long term, overseas markets are expected to continuously contribute to revenue. Thank you.

接著回答第二個問題。海外營收占比將顯著提升。我們已將取得海外VTC（即型式合格驗證，Validation of Type Certificates）作為今年的首要任務，並依託雙邊協議管道，同時成立專責團隊；在泰國與墨西哥的先導專案進展順利。中長期而言，預期海外市場將持續貢獻營收。謝謝。

Shen Wei, UBS.

沈偉，瑞銀。

(spoken in foreign language)

（以外語發言）

(interpreted) Thank you management for taking that question. My first question is on the gross profit margin. As you can see, it stayed elevated in Q1. And I also noticed that 40% of the revenue from Q1 was contributed by media business or non-human-carrying related services. I was wondering what's the gross profit margin for this segment? And what is the market and competition outlook is like for this segment?

（口譯）謝謝管理層回答問題。我的第一個問題是關於毛利率。如各位所見，第一季毛利率維持在較高水準。我也注意到第一季有40%的營收來自媒體業務或非人載相關服務。我想請問這一分部的毛利率是多少？以及該分部的市場與競爭前景如何？

My second question is on your overseas business. As we have heard from management, the orders -- potential orders from overseas markets was around 100 units. I was wondering if there is any update to this number. And if you can, please also provide a time line on that. Thank you.

第二個問題是關於海外業務。正如我們從管理層聽到的，海外市場的訂單——潛在訂單約為100台。我想請問這個數字是否有更新？如果可以，也請提供相關時間表。謝謝。

(spoken in foreign language)

（以外語發言）

On the gross profit margin, the gross profit margin is -- so that specifically means the proper margin of sales and performance of the flight performance of the GD 4.0. That is around 50%. And for our human-caring-business, that's contributing a higher and higher profit margin this year. Therefore, we are seeing the overall mix staying above 60% for the first quarter. And we also keep that as our full year target.

關於毛利率，毛利率——具體而言是指GD 4.0飛行表演的銷售與演出所帶來的毛利率，約為50%。而我們的人載業務今年的毛利率貢獻也在持續提高。因此，我們看到第一季整體組合毛利率維持在60%以上，並且我們也將其作為全年目標。

So that's on the gross profit margin.

以上是關於毛利率的回答。

(spoken in foreign language)

（以外語發言）

(interpreted) And with your question on the overseas orders, we are expecting the revenue contribution to rise up to 10% of the overall revenue. However, this specific contribution is closely tied to our commercial development in Thailand.

（口譯）至於您關於海外訂單的問題，我們預期海外營收貢獻將提升至總營收的10%。不過，這一具體貢獻與我們在泰國的商業化進展密切相關。

We have been spending every effort in our communication with the CAAC. Our overall target is to launch the official commercial operation by the end of the year. Before the AAM conference is going to be held in Bangkok in the end of this year. If that -- if the commercial operation could we achieved earlier. We are going to see a higher contribution to the revenue from the overseas market. Thank you.

我們一直全力與中國民航局（CAAC）保持溝通。我們的整體目標是在今年年底前啟動正式商業營運，並在今年年底於曼谷舉行的AAM大會之前完成。如果——如果商業營運能更早實現，我們將看到海外市場對營收的貢獻更高。謝謝。

Alan Lau, Jefferies.

劉艾倫，Jefferies。

This is Alan. So I'd like to follow-up on the question regarding to the gross margins. So what are the major cost items for the non-eVTOL business because the margin is 50%. I would like to know what are the key cost of goods sold in that business line?

我是Alan。我想追問一下關於毛利率的問題。由於非eVTOL業務的毛利率為50%，請問該業務線的主要成本項目有哪些？我想了解該業務線的銷貨成本（COGS）關鍵構成。

And the second question is, is there any operation data that management is I can share to investors regarding to the operations in Hefei. Thank you.

第二個問題是，管理層是否可以向投資人分享一些關於合肥營運的營運數據？謝謝。

(spoken in foreign language)

（以外語發言）

Sorry, we have to clarify, my first question is regarding to the non-EVO part, the media, aerial media part, like what are the cost of goods sold in that business? Thank you.

抱歉，我們需要澄清一下，我的第一個問題是關於非eVTOL部分，也就是媒體、空中媒體部分，該業務的銷貨成本有哪些？謝謝。

(spoken in foreign language)

（以外語發言）

(spoken in foreign language)

（以外語發言）

(spoken in foreign language)

（以外語發言）

(interpreted) Now the sales and the performance is a drone slides is contributing 50% profit margin. And to break it down, majority of the costs for the sales, it comes -- of the drones is, first of all, the drone costs, plus the battery, the costs used occurred in the assembly line. And when it comes to performing the majority cost of that depends on the size as well as the units of the drones to be deployed for the performance. And given that these drones are possessed by the company as the fixed assets, so there is a cost of depreciation plus the cost of sending personnel and staff to operate and fly these trends at different places. So together, these form the costs of the operation and sales.

（口譯）目前無人機燈光秀的銷售與演出貢獻約50%的毛利率。拆分來看，銷售端的大部分成本來自——首先是無人機本體成本，加上電池，以及在組裝產線上發生的成本。至於演出端，主要成本取決於演出規模以及需要投入的無人機數量。由於這些無人機由公司持有並作為固定資產，因此會有折舊成本，另外還包括派遣人員與工作人員到各地操作與飛行這些無人機的成本。上述共同構成營運與銷售成本。

And now moving on to the non-human-carrying business, specifically, we're talking about the firefighting models. It has a higher well, gross margin. In terms of the cost, one-third of it comes from the carbon fiber material used in building the model. Another one-third of the cost comes from the powertrain as well as the battery with the remaining one-third coming from the components that you used to build the model.

接下來談到非載人業務，具體而言，我們指的是消防機型。其毛利率更高。在成本方面，其中三分之一來自用於製造機型的碳纖維材料；另外三分之一來自動力系統以及電池；剩餘三分之一則來自用於組裝機型的各類零組件。

(spoken in foreign language)

（外語發言）

(interpreted) this is Wang Zhao. I'll take your second question. I know the market is keen on watching the progress of the operation site in Hefei. I would say it is right now in the final stage of official commercial operations.

（口譯）我是王釗。我來回答您的第二個問題。我知道市場非常關注合肥運營點的進展。我想說，目前它正處於正式商業運營的最後階段。

At the moment, the Hefei and Guangzhou operation sites are currently still in preparation for commercial operations. And given the unique nature of that site being the world's first pilotless human-carrying eVTOL commercial operation project, the CAAC has proposed a higher and stricter operational standards.

目前，合肥與廣州運營點仍在為商業運營做準備。鑑於該項目作為全球首個無人駕駛載人 eVTOL 商業運營試點項目的特殊性，中國民航局（CAAC）提出了更高、更嚴格的運營標準。

And since obtaining the OC in March 2025, we have been maintaining close communications with the CAAC. We are accumulating precious and valuable trial flight data making sure that there is no accidents or no violations of the standards in place.

自 2025 年 3 月取得 OC 之後，我們一直與中國民航局（CAAC）保持密切溝通。我們正在累積寶貴的試飛數據，確保不發生事故，也不出現任何違反既定標準的情況。

(spoken in foreign language)

（外語發言）

(interpreted) To supply some key data since obtaining the OC in March 2025, the two partner or two operational sites have maintained stable operations with a safe flag record of 0 accident and 0 violations, completing over 3,000 flights.

（口譯）補充一些關鍵數據：自 2025 年 3 月取得 OC 以來，兩個合作方/兩個運營點一直保持穩定運行，安全記錄為 0 事故、0 違規，累計完成超過 3,000 架次飛行。

As we have disclosed at the price, early bird price, we set for the Hefei operation side is RMB 299. Currently, there are four units of EH216-S at this site and they are scheduled to fly 14 flights per day related to mini apps for ticket booking is now up and running. We are fully ready for commercial operations. Once we get to the approval from the CAAC we will soon roll out the commercial operation. Thank you.

正如我們在定價（早鳥價）中所披露的，合肥運營點的早鳥票價為人民幣 299 元。目前該運營點配置了 4 架 EH216-S，計劃每日執行 14 架次飛行；用於訂票的小程序也已上線運行。我們已為商業運營做好充分準備。一旦獲得中國民航局（CAAC）的批准，我們將很快啟動商業運營。謝謝。

Laura Li, Deutsche Bank.

Laura Li，德意志銀行。

Thank you for taking my question. So my first question, could you provide more color on the order intake so far in '26. And? Are the new orders, mainly from like existing customers or that you're seeing demand from new clients as well?

謝謝讓我提問。第一個問題，能否請您提供更多關於 2026 年迄今為止訂單獲取情況的細節？另外，新訂單主要來自既有客戶，還是也看到新客戶的需求？

And my second question will be, could you update the expected time line for the operator training, because once your program is approved, like how long it takes to -- like for the first group of the ground crew to complete the training?

第二個問題，能否更新一下運營方培訓的預期時間表？因為一旦你們的方案獲批，第一批地勤人員完成培訓大概需要多久？

(spoken in foreign language)

（外語發言）

(spoken in foreign language)

（外語發言）

(spoken in foreign language)

（外語發言）

(interpreted) On the revenue question, we remain confident in our full year revenue target of RMB 600 million. Actually, this confidence is based on the diversified revenue structure that achieved in Q1. The predictability of overseas market breakthroughs and domestic commercial operations entering the final sprint phase.

（口譯）關於營收問題，我們仍然對全年人民幣 6 億元的營收目標充滿信心。這份信心主要基於：我們在第一季度已形成多元化的收入結構；海外市場突破的可預見性；以及國內商業運營進入最後衝刺階段。

Majority of the orders will be coming in, in the second half of the year. We have many orders moving in parallel, given that a majority of the orders coming from government-related or institutions or enterprises, the overall approval for the budget is primarily ready in the second half of the year. We also have seen a lot of new customers expressing strong interest in purchasing our models, we expect that over 50% of the revenue for this upcoming year is going to come from new customers.

大部分訂單將在下半年落地。我們有多個訂單在並行推進；由於多數訂單來自政府相關部門、機構或企業，整體預算審批通常主要集中在下半年。我們也看到許多新客戶表達了強烈的購買意向，預計即將到來的一年中，超過 50% 的收入將來自新客戶。

(spoken in foreign language)

（外語發言）

Sorry. (spoken in foreign language) Sorry.

抱歉。（外語發言）抱歉。

(spoken in foreign language)

（外語發言）

(interpreted) Let me explain, the crew training usually is break down into three stages. In the very first stage, CAAC has officially stipulated the large-scale civil eVTOL pilot training, our crude training mechanism. And we have deeply involved in this process. We actually submitted all the related documents teaching materials and everything. We also participate in making the related teaching materials and formulating the tests required to test all of the training personnel.

（口譯）我來說明一下，機組/地勤培訓通常分為三個階段。第一階段，中國民航局（CAAC）已正式制定了大規模民用 eVTOL 飛行員培訓以及我們機組培訓機制的相關規定。我們深度參與了該流程，提交了所有相關文件、教材等，並參與編制相關教材以及制定用於考核所有受訓人員的測試要求。

Actually, in May this year, the CAAC has already published formally published the requirements for the civil eVTOL training related standards. And that actually provided a key compliant reference for the whole industry. And we actually -- EHang, has been deeply involved in that process, and we have actually lend our experience to this process, informing the standards.

實際上，今年 5 月，中國民航局（CAAC）已正式發布民用 eVTOL 培訓相關標準要求，這為整個行業提供了關鍵的合規參考。我們——億航——也深度參與其中，並將我們的經驗融入該流程，為標準制定提供了參考。

(spoken in foreign language)

（外語發言）

(interpreted) And following the formulating these standards is the internal training of the instructors. This process has kicked off and it's about to wrap up. We have submitted associated plans, which has been reviewed by the CAAC. Right now, this has been progressing quite steadily. We're expecting the training of the instructor program to wrap up by the end of the month.

（口譯）在這些標準制定之後，下一步是教員的內部培訓。該流程已啟動並即將收尾。我們已提交相關方案並已由中國民航局（CAAC）審核。目前進展相當穩定。我們預計教員培訓項目將在本月底完成。

And the third stage is to kick off the official training of the crew, ground crew and that will expected to start in the following quarters. Once all these stages have completed, EHang we'll be in a good position and ready to launch batch trainings with each training group, we can train 5 to 10 personnel and with multiple classes training groups moving in parallel. By that, time, we will be ready to supply a sufficient number of the qualified ground crew to the market. Thank you.

第三階段是啟動機組/地勤的正式培訓，預計將在接下來的季度開始。待上述各階段完成後，億航將具備良好條件並準備好開展批量培訓；每個培訓班可培訓 5 至 10 名人員，並可多個班組並行推進。屆時，我們將能向市場提供充足數量的合格地勤人員。謝謝。

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

謝謝大家。由於時間有限，我把電話交回給 Anne 女士作結語。

Okay. Thank you, operator, and thank you all for participating in today's call. We understood that there are many analysts and the investors still waiting on the line. But due to the time limit, if you have any further questions, please contact our IR team by e-mail or participating in our following investors through the calendar information provided on our IR site. And we appreciate your interest and look forward to our next earnings call.

好的。謝謝接線員，也謝謝各位參與今天的電話會議。我們理解仍有許多分析師和投資人在線等候。但由於時間限制，如您還有任何問題，請透過電子郵件聯繫我們的投資者關係（IR）團隊，或根據我們 IR 網站上提供的行事曆資訊參與後續投資者活動。感謝各位的關注，期待下次財報電話會議再見。

Thank you.

謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝各位參與。您現在可以掛線。

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

本逐字稿中標註為（口譯）的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。