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    Tim Yao

    Managing Director and Senior Analyst at Morgan Stanley

    Tim Yao is a Managing Director and Senior Analyst at Morgan Stanley, specializing in coverage of major technology and internet companies, including industry leaders such as Amazon, Alphabet, Meta Platforms, and Netflix. Known for producing top-tier research and maintaining a strong performance track record, Yao has consistently ranked in the top quartile on platforms like TipRanks, with a success rate exceeding 65% and generating above-market average annualized returns for his clients. He began his career in equity research in the early 2000s, previously holding influential analytical positions at JP Morgan and Deutsche Bank before joining Morgan Stanley in 2015. Tim Yao holds FINRA registrations including the Series 7 and Series 63 licenses, and is recognized for his rigorous investment analysis and notable contributions to institutional research.

    Tim Yao's questions to EHang Holdings (EH) leadership

    Tim Yao's questions to EHang Holdings (EH) leadership • Q2 2025

    Question

    Tim Yao of Morgan Stanley inquired about the rationale and timing behind the significant reduction in the full-year revenue guidance, questioning if it was driven by external factors or operational challenges. He also requested an update on the progress of Operating Certificate (OC) applications for EHang's clients.

    Answer

    COO Zhao Wang clarified that the strategic adjustment to lower the revenue guidance to approximately RMB 500 million is not due to a lack of market demand but reflects a deliberate shift in focus towards supporting existing clients in establishing safe, regular commercial operations post-OC attainment. He affirmed the company's confidence in meeting the revised target. Regarding client OC applications, Mr. Wang noted significant interest and outlined two progressing models: clients applying directly with EHang's full support, or EHang managing the application process on the client's behalf.

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