EHang - Q4 2025
March 12, 2026
Transcript
Operator (participant)
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. 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. Now I will turn the call over to Anne Ji, EHang's Senior Director of Investor Relations. Anne, please proceed.
Anne Ji (Senior Director of Investor Relations)
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 fiscal 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. 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 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 these and other risks and uncertainties is included in the company's public filings with SEC. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Also, please note that all numbers presented are in RMB and are for the fourth quarter and the fiscal year of 2025, unless stated otherwise. With that, let me now turn the call over to our CEO, Mr. Huazhi Hu. Please go ahead, Mr. Hu.
Huazhi Hu (Founder, Chairman, and CEO)
Hello, everyone, and thank you for joining our call today. 2025 was a pivotal year for EHang as we strengthened our business foundation and made meaningful progress toward commercialization. In Q4, we delivered a strong set of results. Quarterly eVTOL 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 eVTOL aircraft, setting a new record and successfully meeting our annual revenues guidance. We also achieved non-GAAP profitability for the second consecutive year. These results reflect years of sustained investment and disciplined 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 EH216-S, is entering the final countdown. 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.
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 EH216-S flight services to the public this month at their operational sites in EHang Future City, our new headquarters in Guangzhou and Luogang Park in Hefei. This launch is expected to mark the world's first commercial service of a pilotless human-carrying VTOL aircraft. It also represents the completion of EHang's full lifecycle 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. 2026 marks the first year of China's Fifteenth Five-Year Plan period.
As the national strategic emerging pillar 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 airspace management reform, airworthiness certification frameworks, and infrastructure development. 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 a disciplined execution, strengthening our foundation while steadily advancing commercialization, operational ecosystem development, and global expansion. First, it has been nearly a year since EHang obtained OC for EH216-S. Over the past year, we have been working intensively to expand our customer and partner base.
At the same time, we built the operational systems required to support commercial flights. This year, our top priority is to launch routine and scaled commercial operations of human-carrying VTOL aircraft to the public, delivering reliable flight services, and continuously improving the flight experience. 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 responsibility, especially when safety and human lives are involved. Second, we'll continue advancing our global expansion strategy. Taking the Thailand AAM Sandbox Initiative as an example, we're steadily moving toward commercial flight operations and established benchmark projects.
I'm also pleased to share good news that EHang is expected to obtain the first commercial operation license for pilotless passenger eVTOL aircraft from the Civil Aviation Authority of Thailand, paving the way for regular urban air mobility services in the country. Third, we'll accelerate the commercialization readiness 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. 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 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. We will continue advancing our technology and product innovation, expanding multi-scenario commercial operations, and establishing AAM 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 operation services, infrastructure collaboration, and industry education integration. 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 three-dimensional aerospace resources and cultivating new forms of consumption, truly transforming the industry values into economic and social benefits.
At this important starting point of a pivotal year, our newly appointed Chief Technology Officer, Shuai Feng, 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. 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 Shuai Feng. Thank you.
Shuai Feng (CTO)
Thank you, Mr. Hu. Hello, everyone. I'm Shuai Feng, 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 four 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. 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. 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, VT-35, completed multiple critical tests, including multi-copter protected transition flights and locked prop fixed wing flights.
The aircraft also successfully completed its first public demonstration flight in Hefei after its grand debut in October. 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 system lines under multiple application scenarios. Our new GD 4.0 formation drone set a Guinness World Record with 22,500 units flying simultaneously at the China Spring Festival Gala, significantly enhancing our brand visibility and generating strong demand for both drone products and performance services.
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 long-endurance aerial logistic applications. At the same time, our proprietary command and control system continues to evolve. As a city-level digital infrastructure platform for a low-altitude economy, it's now in 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. The phase two expansion of our Yunfu production facility was successfully completed, bringing our total planned annual capacity to 1,000 units of the eVTOL 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. 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. On quality control, we maintain strict end-to-end quality control across the entire product lifecycle. Throughout 2025, our quality management system delivered strong performance with steady improvements across all key indicators. The post-certification airworthiness review for our RPQS achieved the third zero defect pass, and the EN9100 audit continues to pass. On supply chain, during the fourth quarter, we further expanded our supplier network and strengthened 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 will continue our strategy of maintaining strong partnerships while introducing additional high-quality suppliers. 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 and digital innovation. Strong R&D and smart manufacturing capabilities are the foundation of our long-term competitiveness. As CTO, I'll continue leading the RPQS team to drive technology innovation, advanced product development and certification, expand 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.
With that, I would like to turn the call over to our COO, Mr. Zhao Wang, for our sales and operations update in more detail. Thank you.
Zhao Wang (COO)
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 RMB 509 million in revenues and delivered 221 units of eVTOL aircraft, including 215 units of EH216 series and 6 units of VT-35 series. Our Q4 performance reached a new high. We delivered 95 units of EH216 series and 5 units of VT-35 series, generating RMB 240 million in revenues. In China, we continue to deepen our presence in key cities and build 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 the EH216 series human carrying and firefighting versions, the VT-35, and the GD 4.0 Formation Drone. We also continue to strengthen our partnership with Anshun in Guizhou Province and Guizhou Tourism Group. In Q4, 30 units of EH216-S were delivered to the local market, bringing total deliveries to 50 units to this customer, supporting the development of the local low-altitude economy applications. Building operational capability has been a major strategic focus throughout the year. After EHang General Aviation and HeYi Aviation obtained their operator certificates in March 2025, we began to conduct extensive internal testing and operational optimization across the entire service process, from ticket booking and on-site verification to boarding and flight operations to ensure a seamless user experience.
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. Based on the safety and operational experience we have accumulated, we plan to officially launch commercial operations of the EH216-S in this month. EHang General Aviation and HeYi Aviation will begin selling flight tickets to the public, offering EH216-S pilotless aerial sightseeing flights in our headquarters in Guangzhou and Luogang Park in Hefei. The public will be able to book flights through the EHang Trip and the HeYi Aviation mini programs with an early bird discount price of CNY 299 per person.
This will be the world's first ticketed commercial service for pilotless human-carrying eVTOL 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. 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 will leverage the experience from our AOC certification and operations to develop a comprehensive operational solution covering vertiport planning, routes design, ground crew team training, and operational system setup. 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're 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. We have completed multiple rounds of validation and refinement of training courses. Recently, the CAAC has expanded the number of special approval license 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 frontline operational experience into standardized training procedures. This helps establish professional standards for a new generation of aviation talent 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 Initiative remains our key focus. 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 eVTOL. The initial sandbox area is planned near the IMPACT Challenger in Bangkok, which will also host 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 eVTOL aircraft across 20 sandbox areas by the end of 2026.
Our plan is to establish Thailand as a model for overseas operations and gradually replicate this model in Southeast Asia and other Belt and Road markets. Overall, in 2025, we maintain a disciplined approach to growth, focusing on strengthening our product manufacturing and operational systems under a strict framework of safety and regulatory compliance. 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. 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. 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 to mature and integrate, we see three important shifts in our business model. First, our revenue streams will gradually become more diversified. 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 operation solution provider.
Leveraging the operational experience of EHang General Aviation and HeYi 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. 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 gradually expand to other regions, including Southeast Asia, Central Asia, and the Middle East as global regulatory framework continue to evolve. Overall, we remain committed to a strategy of safety first and disciplined execution. For 2026, we are targeting CNY 600 million of annual revenues while continuing to scale the business at a more steady pace.
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. Now I'll turn it over to our CFO, Conor, to walk us through the financial results.
Conor Yang (CFO)
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 will present some key financial data. In Q4 2025, the revenues were CNY 243.8 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 EH216 series and 5 units of VT-35 delivered this quarter. For the full year, the total eVTOL deliveries to reach 221 units and revenues totaled RMB 509.5 million, representing 11.7% increase year-over-year, surpassing our annual guidance. This growth reflects the sustained market demand for our products as well as our effective execution and delivery management, customer support and commercial operation readiness. 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 disciplined cost management in the eVTOL sector. Turning to operating expenses. In Q4, adjusted operating expenses, defined as operating expenses, excluding share-based compensation, were CNY 99.3 million, representing a 26% year-over-year increase from CNY 78.8 million in Q4 2024, and an 11.4% increase from CNY 89.1 million in Q3 2025. For 2025, adjusted operating expenses were CNY 348.9 million, representing a 20% increase from CNY 290.1 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.
As we scale our business, we have strategically expanded our sales network, strengthened our operations team, and added key R&D talents while maintaining ongoing investments in the development and iteration of new eVTOL models like VT-35 and EH216-F series and et cetera, and related technologies to enrich our product pipeline and lay the groundwork for future revenue streams. As the company's revenue continues to grow, with operating expenses increasing modestly, operating efficiency has been steadily improving, particularly in the fourth quarter, where overall profitability saw a significant improvement. In the fourth quarter, we achieved our first quarter of GAAP profitability, with net income reaching RMB 10.5 million. Adjusted operating income for the fourth quarter reached RMB 54.3 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 CNY 71.5 million, up 96.4% year-over-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 CNY 29.4 million in 2025. This not only underscores that we have captured the right direction for profitable growth, but also demonstrates our ability to translate operating leverage into sustainable financial returns. Looking ahead to 2026, the company will continue to advance the commercial operations and sales of the EH216-S, expand its non-passenger business, and further penetration into international markets. Full year total revenues are expected to reach CNY 600 million, representing a year-over-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. 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 high quality and sustainable growth, and delivering long-term and stable value to our shareholders. Thank you.
Operator (participant)
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. We'll now pause a short moment while questions register. Thank you. Your first question comes from Cindy Huang with Morgan Stanley. Please go ahead.
Cindy Huang (Research Analyst)
Hi, this is Cindy Huang from Morgan Stanley. Thank you for taking my questions and congratulations on good first quarter results. I have two questions today. First it's about the license for ground operating crew. Since we now expect to begin commercial operation in China soon, could management team please share some more color on the progress of getting those required license for the crew team? And the second one is about the projects in Thailand. Since we are also close to obtaining license for commercial operation, what is the expected timing of revenue contribution, and how will the volume ramp up going forward? These are my questions. Thank you.
Speaker 12
我是来自Morgan Stanley的Cindy，感谢管理层接受我的提问，非常恭喜我们取得强劲的第四季度业绩。我这边有两个问题，第一个问题是关于我们在地面人员的执照申请过程当中的一个进度，因为鉴于我们马上即将在中国境内开启商业化的进程，所以请管理层能不能分享一下更多的进展信息。我的第二个问题是关于泰国的进展情况，我知道我们即将在泰国拿到首张商业运行的执照，那么请管理层能不能给更多的介绍一下关于我们的时间线，以及什么时候能够有相应的业绩贡献，以及未来增长的大概趋势是什么样的，可否分享一下？
Zhao Wang (COO)
大家好，我是王昭，我来回答第一个问题。我们现在仍然在持续地推进操控员的培训项目，所有的培训材料都已经提交民航局审批，也已经具备了多项获批的课程，预计上半年首批操控员可以开班。
Speaker 12
This is Zhao Wang. I'll take the 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.
Zhao Wang (COO)
一个好消息是现在局方为了鼓励合格的运营商进行早期的商业化运营，已经给一航扩充了特批操控员。短期内我们可以通过这些操控员进行商业化运营，长期我们将通过操控员培训这个项目来补充人才储备。谢谢。
Speaker 12
The good news is that to encourage qualified operators to conduct early commercial operations, the authorities have extended 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.
Conor Yang (CFO)
我是Conor，我回答第二个问题啊。从去年十月以来，我们在泰国一直做了大量的这个测试跟飞行、运营，那中泰两国的民航局也充分沟通了，达成互航的这个共识，适航的共识，那适航工作已经在接近尾声。
Speaker 12
This is Conor Yang. 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.
Zhao Wang (COO)
近期，有望在泰国民航局的最终批准后，获得EH216-S无人驾驶eVTOL航空器的首张海外商业运营许可证，真正实现常态化的城市空中交通服务。
Speaker 12
We expected to obtain the first overseas commercial operation license for the EH216-S pilotless eVTOL aircraft following final approval from the Civil Aviation Authority of Thailand. This would mean that we would truly achieve a normalized urban air mobility services.
Zhao Wang (COO)
具体的商业运营点在陆续规划当中，在我们将获得泰国沙盒运行许可证之后，当地的客户计划进行采购的订单和批量交付。如果进展顺利的话，有机会在二季度开始进行，然后这个全年的订单有可能达到数十架。
Speaker 12
With respect to the commercial operation sites, they are still under planning. It will be through the sandbox initiative. Upon obtaining the sandbox commercial operation permit, the local customers will start to move forward with the purchase orders and deliveries. 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.
Zhao Wang (COO)
谢谢。
Speaker 12
Thank you.
Operator (participant)
Your next question comes from Wei Shen with UBS. Please go ahead.
Wei Shen (Research Analyst)
好的，各位管理层感谢接受我的问题。首先恭喜公司取得不错的成绩。我有两个问题想请教，一个是想问一下，国内的地空
政策有什么变化吗？因为我们看到两会中关于低空经济有了更多的文字。那第二个是想问一下关于海外市场，公司有没有一个大概的销售的指引，谢谢。
Speaker 12
This is Wei Shen from UBS. Thank you management for taking my question and congratulations on strong results. I've got two questions. One is on the current policy changes in the domestic low-altitude industries, because we saw more color mentioning about this industry or sector in the Two Sessions meetings. My second question is on the overseas markets sales guidance, whether management could share any? Thank you.
Zhao Wang (COO)
我是王昭，我来回答第一个问题。我们认为今年2026年整体的宏观环境，宏观环境是好于2025年的。十五五规划把低空经济已经列入这个新兴支柱产业。那未来低空行业的资源倾斜和政策支持力度会大幅度增强。发展低空经济也写入了今年新颁发的民航法，在今年七月生效。
Speaker 12
This is Zhao Wang, I'll take your first question. Generally, we believe the overall macro environment in 2026 will be better than in 2025. As you know, the 15th Five-Year Plan has lifted the low-altitude economy to an emerging pillar industry or strategic pillar industry. The level or intensity of resource allocation and policy support for this industry will be greatly enhanced in the future. The development of the low-altitude economy was included in the newly issued Civil Aviation Law, which will take effect this July.
Zhao Wang (COO)
这意味着行业将进入到法制化的阶段，各个层面的规章制度和标准体系都会逐步建立，这对新兴航空业来说是必经之路。那么对一航来说，我们走在行业的前列，在标准建设方面贡献一线经验。同时今年市场环境也会更好地发展。谢谢。
Speaker 12
This means the industry is entering a new stage, where it's gonna be ruled by law, governed by law, and regulations and standard systems at all levels will be gradually established. 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. Also we expect the overall market environment to improve. Thank you.
Conor Yang (CFO)
我是Conor，来回答第二个问题。2026年我们的营收指引是六亿人民币。那2025年呢，整体海外的收入占比是个位数，低的个位数。然后今年随着海外例如泰国商业化运营落地的话，预计海外收入较去年将有显著的增加，有机会达到两位数的占比。
Speaker 12
This is Conor, I'll take your second question. On the overseas revenue. The overall revenue guidance for 2026 is RMB 600 million. The overseas revenue in 2025 was in low single-digit%. 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% of the overall revenue.
Wei Shen (Research Analyst)
好的，谢谢。
Operator (participant)
Your next question comes from Laura Li with Deutsche Bank. Please go ahead.
Laura Li (Research Associate)
Thank you for taking my question. I want to ask about the CNY 600 million revenue guidance. What are the assumptions underpinning 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. How do you see this play out during this and next year? Thank you.
Speaker 12
Laura Li, right?
Cindy Huang (Research Analyst)
Yes.
Speaker 12
OK。
Laura Li (Research Associate)
我是来自德意志银行的Laura Li，首先感谢管理层接受我的提问，恭喜取得亮眼的业绩。我这边的问题主要是关于我们今年给出的预期指引，我们给出了人民币六亿的营收指引。那我想问一下，能不能请管理层就这个目标进一步做一些拆解，比如说我们之前有提到过，会通过不同的产品型号或者是配置，以及通过多元化的方式，通过提供商业化服务，以及OEM等多种形式来将我们的收入多元化。那么如何看待我们在这一年将实行落地这样的一些计划？谢谢。
Operator (participant)
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Cindy Huang (Research Analyst)
请大家短暂地等待一下，我们的主线暂时中断，我们稍等管理层接进来。谢谢。
Operator (participant)
Thank you. The speaker line has rejoined the call. You may now proceed.
Cindy Huang (Research Analyst)
好，我们现在可以继续。
Operator (participant)
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Cindy Huang (Research Analyst)
管理层又掉线了，我们稍等管理层重新接入。请耐心等待。谢谢。
Operator (participant)
Thank you for holding. The speaker line has rejoined the call. You may now proceed.
Cindy Huang (Research Analyst)
管理层有刚才有听清，听到问题吗？
Zhao Wang (COO)
可以麻烦重复一下吗？谢谢。
Laura Li (Research Associate)
瑞银银行 Laura Li 这边提问。我们今年给出的业绩指引目标是六亿人民币，那请管理层能不能继续进行一些拆解，比如说我们之前提到过，会通过多元化的形式来提升我们的营收，比如说我们会通过不同的产品机型引入商业化服务，走 AAM 等等其他的方式，那我们如何看待今年在实现这样一些计划？
Zhao Wang (COO)
大家好，我是王昭，我来回答这个问题。那么除了载人业务之外呢，今年我们确实会大力发展非载人板块，比如说应急消防、物流，还有GD 4.0编队无人机，还有指挥导的系统。那么大家可以看到，我们十二月份是有八架消防机交付的，这是一个很好的开端。同时在今年中国春节的时候，两万两千五百八十架无人机编队表演，也让一航重新获得了新的吉尼斯世界纪录。
Speaker 12
This is Zhao Wang. I'll take your question. Well, in addition to the human carrying eVTOL 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. You can see that actually we delivered eight firefighting aircraft in December 2025. Meanwhile, during the China Spring Festival Gala, our formation performance of 22,580 drones earned EHang a new Guinness World Records and attracted significant attention.
Zhao Wang (COO)
这边呢，我们获得了大量的关注，所以这部分的业，非载人业务这，这部分业务的咨询量也激增。这些都是我们通过不同的型号的飞行器和非载人业务而获得的结果。
Speaker 12
This, like I said, attracted a significant attention for EHang, leading to surge in inquiries for this business. These are all achievements from our diversified aircraft models and non-passenger business.
Zhao Wang (COO)
随着我们三月份开放商业化运营，对公众售票，一航通航会产生一定的运营服务收入。当然初期对整体运营的贡献不会很大，但是它是一个非常好的开端。谢谢。
Speaker 12
With our opening of commercial operations and ticket sales to the public in March, EHang General Aviation will generate some operational service revenue. Of course, the initial contribution to the overall revenue won't be large. Nevertheless, this is a good start. Thank you.
Operator (participant)
Thank you. Your next question comes from Fiona Liang with Bank of America. Please go ahead.
Fiona Liang (Equity Research Analyst)
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. Initially, how do we expect the fleet size of our commercial operation in the two cities in China? Given the current fare price, how do we think about the unit economics model and what's the operation?
我是来自Bank of America的Fiona Liang。我这边想问的是，我们即将在中国的主要核心城市开启商业化的运行，那我想问一下，我们目前的定价是多少钱，以及我们的这种商业模式所带来的利润率是多少？谢谢。
sorry，是那个fleet size，有多少台会进入运营。
就是我们会投入到商业运营的eVTOL的台数有多少，然后这个相关业务所带来的营收利润率。
Zhao Wang (COO)
我是王昭，回答这个问题。我们三月份开启的商业化运营，投入运营的飞机数量大约是六到十架，这个在后面会逐步增加。目前定的早鸟票价是¥299元一人，且票价可以覆盖飞行成本。那么具体的数据要等飞行一段时间再进行相关的公布。谢谢。
Speaker 12
Initially there will be around 6-10 aircrafts, and we will gradually increase the number of eVTOLs to be used for the commercial operations. The early bird ticket price for each passenger is set at 299 RMB 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.
Fiona Liang (Equity Research Analyst)
Thank you. My second question is about our cost control. EHang had a very good OPEX control in the last quarter in 2025. What's the reason behind that? Looking at 2026, how do we expect the OPEX and also the OPEX to sales ratio?
我的第二个问题是关于我们的费用率，那我们明显在过去一年当中的OPEX控制得非常好，那比起要低一点，那我想问一下背后的原因是什么？那么另外展望今年的OPEX，那这个和我们的营收增速相比会有什么样的一个预期呢？谢谢。
Conor Yang (CFO)
我是Conor，我来回答这个问题。2025年的整体费用来讲，特别是这个SBC，就是股权相关的费用呢，较2024年低一些，所以整体的OPEX呢，比预期的增幅低一些。那展望2026年的话，我们整体的OPEX，预计同比增速会低于收入的增速。我们的guidance的话，收入同比是18%，预期的OPEX的话，增速会低过这个数字。谢谢。
Speaker 12
This is Conor. I'll take your second question. Yes, you're right. Overall, the SBC 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%, and our OPEX is going to be definitely lower than that.
Fiona Liang (Equity Research Analyst)
Thank you. That's all of my questions.
好的，以上就是我的全部问题。
Operator (participant)
Thank you. Your next question comes from Alan Lau with Jefferies. Please go ahead.
Alan Lau (Managing Director and Senior Equity Research Analyst)
Hello. Thank you for taking my questions. Congratulations on the company for the strong results in Q4 and also achieving commercial operation in March. My first question is regarding the strong delivery in fourth quarter. We saw the company deliverable units on a single quarter. Would like to know who are the major clients contributing to such strong delivery? And do you expect further orders from the same clients? Thank you.
Speaker 12
我是来自Jefferies的Alan，感谢管理层接受我的提问。非常恭喜公司在第四季度取得强劲的业绩，也取得不错的运营进展。那我的问题是，留意到我们第四季度有交付有大幅的提升，那我想问一下我们的背后的贡献的客户主要是哪些？然后我们是否会预期这些客户会采购或下更多的订单？谢谢。
Zhao Wang (COO)
我是王昭，我来回答这个问题。那么四季度的交付增长主要还是二五年全年市场推广的结果。很多客户并不是四季度的新客户，而是前面几个季度一直在探讨具体的运营规划和业务场景的客户。
Speaker 12
This is Zhao Wang. 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, and that finally results in the deliveries.
Zhao Wang (COO)
对，这些客户最终实现了交付，并且
Speaker 12
Sorry.
Alan Lau (Managing Director and Senior Equity Research Analyst)
请继续。
Zhao Wang (COO)
这些客户最终实现了交付，并且还有一些客户是复购客户。主要贡献呢，是来自于合肥、文成、厦门、贵州、四川、广州等地。那么我们预期后面依然还会有复购客户，谢谢。
Speaker 12
Like I said, the engagement with these clients 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. We expect some repeat orders or purchases from repeat customers as well in the future.
Alan Lau (Managing Director and Senior Equity Research Analyst)
Thank you. That's very clear. My second question is regarding to the commercial operation in March. We'd like to know some specifics. Firstly, do you have an exact date on when the app will be launched or the public can book their flights in Luogang? Is it point A to point B flight, and each time it's one or two person? Thank you.
Zhao Wang (COO)
第二个问题是关于我们三月即将开启的商业化运营。那我想问一下，我们目前有没有具体的日期，也就是公众可以通过平台订票，也就是在我们的洛港公园的这个地点。那另外具体的飞行是从A点到B点这样的一个行程已经规划好的，然后单次的乘坐人数是一人还是两人。我是王昭，我来回答这个问题。我们三月份启动能够公开售票的商业化运营，没有公布具体日期，是因为我们正在调测小程序，但一定是在本月启动。相应的准备工作我们已经全部做好了。在文旅场景下，我们目前依然是A点到A点，并乘坐一人，那对于文旅观光场景已经足够应用了。谢谢。
Speaker 12
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. Operational readiness-wise, we are ready. As for the route, 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. Thank you.
Operator (participant)
Your next question comes from Yu Chen with GF Securities. Please go ahead.
Yuchen Chen (Assistant Account Manager)
好的，感谢管理层。我这边还有一个补充问题想请教一下，关于OC进展的，想了解一下其他客户的OC进展现在到什么程度了，或者说公司对其他客户的OC是如何促进和支持的，包括有没有这样的一个时间计划表，这是第一个问题。第二个问题我不确定前面有没有老师问过，因为我接入的较晚。是关于VT-35的，就是关于VT-35的取证时间，现在有没有什么规划，或者说有没有什么调整。
Zhao Wang (COO)
我是王昭，我来回答第一个问题。Oh, sorry.
Yuchen Chen (Assistant Account Manager)
Thank you, management, for taking my question. My question is on the AOC application for the existing customers or clients. What is the company doing on the company side? What initiatives or efforts is the company putting in to facilitate the AOC application? Are there any timelines that can be shared on the AOC application for these existing clients? My second question, I'm not sure whether any other analysts have already asked the same question. Are there any updates on the TC or airworthiness application for VT-35? What's the current plan? Are there any adjustments, changes, or updates on that? Thank you.
Zhao Wang (COO)
我是王昭，我来回答第一个问题。首批两家OC运营商即将启动商业飞行服务，这将积累常态化的运营经验，做好示范和样板。地面操控员的培训项目上半年有望开展，为扩大这个运营规模提供人才储备的这个基础，同时将大幅度增加可上报的OC数量。
Speaker 12
This is Zhao Wang. I'll take your first question. There will be two AOC, so two customers that have obtained the AOC, and their commercial operation will start to accumulate very valuable experience and become a demo project for the rest of the clients. We expect the training for the ground crew to begin in the first half of the year. This will start to build the solid foundation for the expertise that's needed to conduct the commercial operation. This would also increase the talent pool required to support the commercial operations of other clients.
Zhao Wang (COO)
那么很多客户，包括贵州的贵飞集团，他们的OC材料都已经准备，已准备上报。今年整体的政策环境优于去年，加上我们各项准备工作非常的扎实，我们预期下半年会有很大进展，可期待更多的OC。谢谢。
Speaker 12
Particularly, our client from Guizhou has already submitted their materials for the OC. Furthermore, the policy environment is much more favorable compared to that in 2025. We have done a lot of work and we are ready. 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. Thank you.
Shuai Feng (CTO)
我是冯帅，我来回答VT-35的取证进展。VT-35在Q4完成了多旋翼保护下的转换飞行，以及在关闭多旋翼螺旋桨固定翼飞行的试飞。那么在合肥开展了公开的首飞的关键测试，成功举办并召开了我们的适航审查的首次TCT会议，为适航取证取得了关键的一步。
Speaker 12
This is Shuai Feng. 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.
Shuai Feng (CTO)
我们目前正在开展包线试飞，目标是争取在两年内在中国取得TC认证。
Speaker 12
We are currently conducting flight envelope tests. We are aiming to obtain the type certification in China within two years.
Shuai Feng (CTO)
谢谢。
Speaker 12
Thank you.
Operator (participant)
Thank you all. Given that time is limited, let me turn the call back to Ms. Anne for closing remarks.