Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the second quarter of 2024.

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, CEO; Mr.

Shaowei Feng, CTO; Mr. Zhao Wang, COO; and Conor Yang, CFO.

Before we continue, please note that today's discussion may 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 the SEC.

The company does not assume any obligation to update any forward-looking statements, except as required by law. Also, please note that all numbers presented today in RMB are for the second quarter of 2024, unless stated otherwise.

With that, I'll turn the call to our CEO, Mr. Huazhi Hu.

Please go ahead. Good day, everyone.

Thank you for joining our Q2 earnings call. Since Q2, EHang has entered a vital strategic transition, moving beyond the certification toward operational readiness, scenario validation, capability development, and global expansion.

Certification is just the entry ticket to commercial operations. What really determines whether a company can sustain flights and scale commercial operations is not just about having an aircraft or a certificate, it's about having an end-to-end operational capability, replicable solutions, a solid product pipeline, and the ability to deliver standardized solutions to global markets.

We have been investing in these areas and have made meaningful progress. Of course, all of these rely on a sound regulatory environment.

That's the foundation that enables qualified, capable companies to grow. In late June, a serious accident involving a piloted light-sport aircraft in China has led regulators to adopt a more cautious approach to safety oversight.

While unrelated to EHang's pilotless eVTOLs, this has affected our human-carrying commercial operations approval process in Hefei, and the timeline remains uncertain. To be clear, this is a temporary, industry-wide timing issue.

It reflects no change in demand for EHang's products, nor does it indicate any issue with our technology or safety record. Recent accidents highlight that safety, regulation, and traceability are baselines for low-altitude commercialization.

EHang operates with pilotless aircraft, preset fixed routes, intelligent fleet dispatching, centralized monitoring. Our goal is to make urban air mobility safer, more transparent, and easier to regulate.

Pilotless passenger-carrying aviation fundamentally changes how we travel. We fully understand the regulators' caution, and we respect that.

This is a responsible commitment to the public safety. However, technology innovation and regulation must evolve together.

More than a century ago, when automobiles first appeared, people had similar concerns about this new form of transportation. The UK passed the Red Flag Act, which required a person to walk in front of a motor vehicle carrying a red flag to warn pedestrians and limiting vehicle speed.

The law was essentially old rules over-regulating new technology. History shows that safety validation, operational rules, and regulatory frameworks for disruptive transportation technologies all take time to mature.

History shows technology and regulation eventually align. New forms of transport don't mature overnight.

EHang's role isn't to sit and wait, but to proactively provide regulators with real safety data, proven operations, and reliable technology. The EH216-S and its operating system have obtained all key certificates under China's civil aviation regulatory framework: TC, PC, airworthiness certificate, and Air Operator Certificate.

Our end-to-end system in Guangzhou and Hefei are fully operational. Within our internal trial operations, both sites have been operating continuously and safely for around 1.5 years with a 4.94 out of 5 passenger satisfaction score.

The EH216 series have accumulated nearly 100,000 safety flights. With the demand, product certification, safety records in place, we only wait regulatory approval for public ticket sales.

Despite this critical transition point, we are confident that the commercialization window will eventually open. Amidst uncertainty, EHang isn't sitting still, we're tackling challenges head-on and defining new opportunities.

Since Q2, we've been pushing hard on three things: First, expanding globally on multiple fronts, strengthening domestic readiness while accelerating overseas deployment. In China, we continue to strengthen our end-to-end operations, develop standardized, replicable operating models and solutions.

We have completed preparations across full operating cycle, including personal training, maintenance, insurance services, airspace coordination, and emergency response in Guangzhou and Hefei, accumulating practical operating experience. We initiated a point-to-point trial operations to build experience in advance.

Once the regulatory window opens, we will rapidly deploy and help customers operate to standard. Overseas, our footprint extended to 23 countries, adding Mexico and Switzerland since Q2.

Thailand is running validating flights via sandbox, and the Civil Aviation Authority of Thailand has established a clear path forward. We're targeting a commercial approval in 2025.

We were also selected for Hong Kong's low-altitude economy regulatory sandbox X-Trial Project with flight validation underway and a public demo coming soon. Furthermore, we've advanced our Global Fast Track Program.

Many countries want to bring in pilotless eVTOLs, but lack the regulatory framework on how to build a complete path from safety validation, to operational standards, to commercial deployment. Drawing on a decade's experience as well as our engagement with civil aviation authorities in multiple countries, EHang is turning this experience into a standardized market entry framework.

This is the basis of our Global Fast Track Program. It's not simply about selling an aircraft, EHang is providing standardized methodology from validation, to operational preparation, to commercial deployment, helping global regulators and partners move more efficiently.

Sri Lanka has become the first country to join our fast track program, and we are also engaging with multiple other countries regarding framework. This shifts our global strategy from merely selling products to exporting experience, standards, and capabilities.

Second, revenue diversification, keeping passenger transportation as our strategic focus while developing non-passenger-carrying business and a broader product portfolio. Passenger air mobility remains our strategic focus.

While domestic passenger commercialization is still pending regulatory approval, we're actively developing logistics, firefighting, and aerial beauty and media to build additional revenue streams. We're developing and validating logistics and firefighting aircraft based on our passenger-grade safety technology.

These products address real needs such as forest firefighting, portal logistics, and emergency response. They are moving through testing, certification, and customer validation with the potential for faster market deployment.

Alongside steady progress on the EH216 platform and the VT-35 certification and flight tests, EHang is building a multi-scenario product matrix, rather than relying on a single aircraft. Meanwhile, aerial media revenue surged over 270% year-over-year in Q2 and now expanding to Europe, Japan, Thailand, and other overseas countries.

We're expanding one-off event performances to regular on-site shows for sustainable revenue and replicable business models. Third, improving cost efficiency and focusing our resources on long-term competitiveness.

Since Q2, we streamlined the organization, refreshing talent structure, cutting non-essential capex, improving efficiency. The outcomes will be visible in the second half.

We are focusing resources on things that matter most: core product development, certification capability, operating system, overseas commercialization, and business that can generate revenue, deliveries, and cash flow. Over the past decade, EHang's core strength has been getting aircraft flying and operations running.

Now, we're turning that into a standardized, scalable capabilities. Customers value our ability to guide them from zero to commercial operations, not just the aircraft itself.

We are validating our developed capabilities in China and scaling them overseas. Two tracks, reinforcing each other.

The demand is real and the path is proving out. Now, we're focused on execution, converting operational capability into orders, deliveries, and cash.

Finally, EHang is building a long-term business. We are breaking technology barriers and help shape industry rules.

While navigating evolving regulatory frameworks requires careful management, our long-term vision remains unchanged. The endgame for low-altitude air mobility remains pilotless flight.

Regulation and ecosystems take time to mature. Short-term friction won't alter our direction.

When the window opens, EHang will be the first one through, with the credentials, capabilities, and readiness. The moat we're building through standardized operations will only get deeper.

The strategic direction of the low-altitude economy will not be disrupted by short-term volatility. For 12 years, EHang has focused on making safe flight accessible.

We will maintain our pioneers' discipline and execute what needs to be done. Thank you.

I would like to invite our CTO, Shaowei Feng, to introduce our latest progress in technology and R&D. Thank you, Mr.

Hu, and hello, everyone. In Q2, our R&D focused on three aspects.

First, we continued to upgrade existing products and validate operations for current customer scenarios. Second, accelerated R&D for new products in new applications.

Third, deepen core underlying system capabilities. These three aspects together build a more complete technology foundation for scaled commercial operations.

First, upgrading existing products and operational validation. This quarter, we completed a series of upgrades and validations for EH216-S route operations.

We established our first point-to-point test route at our Guangzhou headquarters, continuously accumulating trial data. This marks a meaningful step moving EH216-S operations from a single point takeoff and landing toward regular, route-based operations.

On passenger experience, we completed several key updates. We validated the operational capability of our new battery cooling vehicle.

Under test conditions, it increases daily sorties per aircraft from about 6 to 12 to 15, a meaningful boost for daily capacity. With the same fleet and infrastructure, each aircraft can handle significantly more flights per day, which matters a lot for operational efficiency and unit economics.

Additionally, our new independent air conditioning system rapidly reduced cab- cabin temperature by 10 to 15°C, enhancing passenger comfort. Second, new product development and scenario expansion.

For the VT-35, we completed truck wind-tunneling testing and lightning direct effects and lightning indirect effect protection testing for key components, alongside multiple flight tests in China to support aerodynamic calibration and airworthiness validation. Meanwhile, we're extending our technology into new applications.

For forest firefighting, we're testing airburst delivery system with our existing products to enable early stage crown fire response. Based on the certified EH216-S platform, we're also developing cargo version.

Adapting this mature platform is expected to shorten development and certification timelines. Our prior work on the EH216-L will also be integrated into this new configuration, ensuring logistic capability continuity.

Third, deepening core systems. On the operational system front, we are building differentiated product capabilities for two key customer types.

First, low-altitude operations control system for operators and aircraft consumers. Second, city-level low-altitude integrated supervision platform for government agencies.

The latter covers aircraft use applications, plan filing and review, airspace destination, real-time monitoring, information publication. This quarter, we focused on two key areas.

First, improving our platform situational awareness, tiered supervision, and emergency response efficiency. Second, deepening system integration with the Hefei Government Flight Service Center.

We've developed a set of framework documents covering airspace destination, operational standards, and service process, helping the Hefei Flight Service Center build a city-level low-altitude supervision system. Think of it as a software-plus-hardware foundation for future large-scale, high-density urban operations.

We'll continue holding our product and system development to aviation-grade standards, translating technological breakthrough into a tested, validated, and deliverable commercial capability to sustain EHang's long-term leadership in global low-altitude mobility market. Next, I will turn the call over to our COO for sales and operational updates.

Thank you. Thank you, Mr.

Feng, and hello, everyone. I'll discuss our Q2 operational progress and how we are approaching lean operations, product diversification, overseas markets, and safety systems.

In Q2, we delivered 35 units of EH216-S and 1 VT-35. On aerial media side, we completed 22 aerial media shows and delivered 520 units of GD4 drones.

Beyond these numbers, I want to be transparent about our current environment. This year, China's low-altitude economy entered a more cautious phase across safety oversight, airworthiness management, and operational regulation.

This has been reinforced by the new airworthiness frameworks and civil aviation laws. Recent industry safety incidents have heightened regulation and public attention on low-altitude flight safety, leading to intensified safety inspections of general aviation and low-altitude economy operators, aircraft, and operational projects.

As a result, a slowdown approvals, deliveries, acceptance, and commercial operations for some projects, and a passenger-carrying in commercial commercial operations for low-altitude aircraft has also been affected. We're being more cautious about our operational expectations and resource allocations.

Our CFO will address our adjusted full-year revenue guidance shortly. However, we firmly believe that in passenger aviation, safety and compliance must always precede commercial speed.

To be clear, only the local timeline for commercialization has shifted, not long-term market demand or EHang's competitiveness. Going forward, we'll keep the market informed with the clear operational progress updates.

Mr. Hu talked about our three strategic priorities: global expansion, revenue diversification, and cost efficiency.

On the operational level, our approach covers the following areas: First, improving internal efficiency through lean management and AI integration. During the period of extra external adjustment, we haven't been waiting passively.

We have been proactively streamlining our organization and focusing our resources. On R&D, we're concentrating our core talent, improving technology reuse across platforms.

On the digital side, we're integrating AI tools into R&D, knowledge management, cross-functional workflow to shorten development cycles and boost productivity. Our rule is simple: cost reduction will never compromise safety, product quality, or core R&D.

We won't sacrifice long-term competitiveness for short-term financials, but we're strictly scrutinizing expenses to strengthen cash reserves and ensure sustainable operations. Second, strengthening our operational foundation for passenger commercialization.

Our Guangzhou and Hefei sites continue to refine flight operations, ground support, emergency response, and regulatory data integration. Through internal trial operations, we're accumulate accumulating real operational data to ensure we're ready to start safe and stable commercial operations as soon as regulatory approved.

We're also building point-to-point capabilities in advance, including route planning, vertiport coordination, ground support, multi-aircraft dispatch, contingency handling, and passenger services. These are fully uh full operational capabilities for future low-altitude transport.

Take the Erhai Lake project. Ground trip across the lake takes over an hour.

Our planned route reduces the time to about 10 minutes. The Hainan Lingao cross-sea low-altitude corridor project has also broken ground.

This is the first project under our strategic partnership with the China State Construction Engineering Corporation Sixth Bureau. The key flight first key flight station, the Linghao South Sea, is currently under construction.

Together, we're building a closed-loop low-altitude economy that combines infrastructure and operations. For local governments and partners, EHang delivers more than just an EH216-S.

We provide comprehensive solutions including aircraft, command-and-control systems, scenario planning, route design, vertiport infrastructure planning, personal training, maintenance, regulatory coordination, and safety assurance. Third, we are leveraging the mature safety architecture of the EH216-S to accelerate non-passenger products and specialized applications.

Passenger-carrying operations are our core direction, but they're not our only growth plan path. We're leveraging the EH216 mature aviation-grade safety architecture, including its flight control, powertrain, redundancy design, and command and control for logistics, firefighting, aerial meeting products, building a diversified portfolio less reliant on passenger commercial approval.

Aerial media remains a key revenue driver. In Q2, completed 22 shows and delivered 550 20 units of GD4 drones.

The business is evolving from a one-time event to regular on-site services. Projects like Chongqing Media Group and Suning, Shaanxi are helping us build experience in continuous operations, content production, fleet management, and on-site support.

Regular commercial shows improve equipment utilization, customer stickiness, and revenue predictability. Overseas, we also deployed GD4 drones across Japan, Thailand, and Europe, accelerating international international expansion.

On firefighting and logistics, we're working with the customers on product customization, advancing tethered firefighting drone prototypes and logistics aircraft and trial flight ship scenarios in forest firefighting and port logistics. Fourth, we are accelerating standard overseas commercial sandboxes deployment to build a replicable international pathway.

Overseas markets are a key part of EHang's long-term strategy and an important platform for validating adaptability, regulatory coordination, and business models. In Hong Kong, we're selected as an early participant in regulatory Sandbox X-Trial Project.

We've chosen Cyberport as our first sandbox site. Test flights started this month with a public demo coming soon, and additional flight validation and scenario deployment will follow under regulatory oversight.

In Thailand, we have established efficient communication coordination with the CAAT, are targeting commercial operation certificate in 2025. This work will proceed according to CAAT's review process, with the final timeline subject to the regulator's schedule.

Based on this sandbox experience, we launched the Global Fast Track Program, a four-stage framework: regulatory alignment, sandbox build-out, validation flights, and commercial launch, designed to compress the timeline from market entry to commercial operations. Sri Lanka is the first country to formally adopt the program.

Over the coming months, we will accept the project deployment in Sri Lanka according to the fast track roadmap. Fast track does not bypass local regulatory processes or lower safety or airworthiness standards, instead, it reuses technical documentation, safety data, and our accumulated operational experience to reduce duplication and improve the efficiency of project preparation, regulatory engagement, and local operational setup.

Beyond Sri Lanka, we are also exploring this program in Central Asia. Through the program, we aim to transform individual overseas projects into a standardized, replicable capability, providing a clear, compliant, and efficient implementation pathway for more countries and regions to introduce pilotless eVTOLs.

Fifth, we are building operational standards and a safety foundation to convert our first-mover advantage into a sustainable competitive moat. Over the years, we have accumulated nearly 100,000 safe flight records.

These flights spend diverse geographies, weather conditions, terrain, application scenarios, and operating environments, providing a critical data foundation for continuous improvement in aircraft performance, operational procedures, and command-and-control systems. We are working with airworthiness and operational experts to advance Air Operator Certificate standards.

The goal is to turn our accumulated flight experience and internal operational capabilities into standardized, verifiable, replicable operational benchmarks and industry can use. At the same time, we are building comprehensive after-sales support network, covering delivery, personal training, spare parts, maintenance, data support, and emergency response.

We need to have the organization, systems, and service capability in place to support scaled operations before commercial scale up actually begins. While this may not immediately reflect in short-term revenue, establishing this scalable service capabilities now ensures we can rapidly capture market demand once the commercial window opens.

We'll continue translating investments into efficiency, building quality products, and closing the loop on operations. By enforcing lean management, diversifying revenue, and establishing robust safety standards, we will build a sustainable competitive advantage and earn investor trust with verifiable results.

Thank you. Next, I'll pass the floor to our CFO for financial updates.

Hello, everyone. I am Conor, CFO of EHang.

Before I go into 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 website.

Next, let me walk you through the key financial data for Q2. In Q2, revenues were RMB77.9 million, down from RMB113.3 million in Q2 2024, but up significantly by 203% from RMB25.7 million in Q1 2025.

The sequential increase was mainly driven by higher sales volume of the EH216 series and with additional contribution from VT-35 aircraft. The year-over-year decline was due to lower sales volume of the EH216 series compared to the same period last year.

Gross margin in Q2 was 61.2%, compared with 61.5% in Q2 2024 and 62.5% in Q1 2025. Overall, gross margin remained stable.

Our stable margin profile reflects the competitiveness of our products, as well as our continued strength in manufacturing efficiency and supply chain management, despite changes in quarterly revenue and product mix. Turning to operating expenses, adjusted operating expenses, defined as total operating expenses excluding share-based compensation, were RMB112.7 million in Q2, representing a 16.9% increase year-over-year and a 11.5% increase quarter-over-quarter.

The increase in operating expenses primarily reflects the combined effect of our phased strategic business investments and the transition costs associated with organizational optimization during the period. We continue to make targeted investments in commercialization, global expansion, and R&D to reinforce our long-term competitiveness.

It is worth noting that Q2 expenses haven't yet fully reflected the outcomes of our organizational optimization and capex control measures. As these initiatives were mostly rolled out during the quarter, we expect the outcomes to gradually show in the coming quarters.

Going forward, while protecting our core R&D, airworthiness, operating, and global expansion capabilities, we'll continue to improve resource efficiency and reduce non-essential spending and maintain strict cash discipline. As we continue to invest in our future growth, our Q2 profitability was affected by both revenue scale and operating expenses.

Adjusted operating loss in Q2 was RMB62 million, compared to RMB77.1 million in Q1 2025. Adjusted net loss was RMB58.5 million, compared to RMB75.6 million in Q1 2025.

As of June 30th, 2025, our combined cash and cash equivalents, short-term and treasury investments totaled RMB929.4 million. This healthy cash position provides strong support for our continued commercialization efforts, core product development, global expansion, and day-to-day operations.

Turning to our full-year guidance, given that the regulatory policies and supporting mechanisms for low-altitude human-carrying commercial operations are still evolving, there remains uncertainty around the timing of domestic commercial operations. Accordingly, the company has decided to withdraw its previously issued 2025 annual revenue guidance of RMB600 million.

The company will not provide a replacement full-year revenue guidance at this time. As the regulatory environment and business visibility become clear, we'll provide an updated outlook to the market when appropriate.

In the meantime, the company will continue to provide transparent and timely updates on key operating milestones. These include preparation for and approval process of domestic commercial operations, progress in international markets, product development, orders and deliveries for non-passenger-carrying business such as logistics, firefighting, and aerial media, as well as continued improvements in operating efficiency and our cash position.

Going forward, we'll stay focused on driving commercialization and core tech development, while continuing to improve operating efficiency and resource allocation. We believe these efforts will strengthen our foundation for long-term growth and create sustainable value for our shareholders.

Thank you all.

Hi. This is Tim from Morgan Stanley.

Thanks for taking my questions. I have two questions about commercialization.

The first questions as we just discussed, I think the company target to get a commercial operation permit in Thailand this year. Just want to get more details when do you think that would happen?

Like in third quarter, in fourth quarter, and if it happens, how many units of 216 you think that we can we are going to ship this year based on the contract? That's my first question.

My second question is about the commercialization in China. Although I think management just mentioned we are not going to provide updated guidance and attributable to the uncertainty to the incident that took place in June.

As we remember, the incident was caused by human factors. If there is any potential barrier as we discussed with the management, I think previously, management believe that that's that's would favor EHang because EHang's your products are designed to follow the scheduled route and with fly autonomously and can be under system control.

Just wondering what really change management's view on the impact and to the OC schedule? Just what happened over the past a few months?

Those are my two questions. Thank you.

感谢管理层接受我的提问。我这边有两个问题，分别都是关于商业化的。首先是第一座我们提到的泰国的商业化进程，我想问一下我们预期什么时候能够在泰国获得相应的商业的许可？是在第三季度还是第四季度？如果我们在泰国的商业化成功落地，那这降根据现有的合同带来多少EH216的销售的预期，今年能有多少出货量？那我的第二个问题同样是关于中国国内的商业化进程。那么，就刚才我们所给出的一个未来性的一个指引吧，比如说我们确实提到了因为6月份的这次事故造成了一些不确定性，那这个事故显然是由人造成的，而对于亿航来说，我们的无人驾驶系统完全是由事先固定的路线，完全的实现自动驾驶，由系统控制，其实对我们来说可能相对来说影响会比较小一点，那我想评估一下管理层是基于哪一些因素评估对于OC取证的真正落地会带来实际的影响，背后的原因是什么？谢谢。 好的，我来回答第一题啊。我们在泰国同步部署载人跟非载人业务。在载人运营方面呢，公司目前已经与泰国名航局进一步明确了飞行资质的审批路径，预计在三季度内可以先拿到实验试验性的飞行许可。这代表的就是说我们的eVTOL正式在泰国注册的成为正式注册的飞行器，可以常态化载人，虽然还不能卖票，但这个可以让我们常态化载人。然后我们力争在年底之前能够正式拿到商业运营合格证并开启商业化运营。

Let me take your first question. We are deploying both passenger-carrying and non-passenger-carrying operations in Thailand in parallel.

On the passenger-carrying side, we have further clarified the approval pathway for flight qualifications with the Thailand's Civil Aviation Authority, and we expect to obtain an experimental flight permit in Q3. We also expect to secure a formal commercial operation certificate by the end of the year.

By then, we'll start So by that milestone, it represents that our eVTOL will be officially registered within the Thailand's Civil Aviation Authority. Though we may not be able to directly sell tickets to the public, but that is indeed a milestone that we are hoping to achieve within the year.

在年底拿到运营合格证之后呢，在这个同时，我们跟民航局也沟通至少在泰国规划10条以上的这个商业化载人的这个路线，会覆盖曼谷、芭堤雅、普吉岛、还有苏梅岛、龟岛等。那所以真正的这个delivery呢就是会在明年，那明年呢我们每条商业化正式开伞的话，至少每个地方是五台以上，所以整体的这个需求在明年会爆发。

We are look striving to secure the operational certificate in Thailand by the end of the year, and we are working with the local civil aviation regulator to plan 10 routes that will cover Bangkok, Phuket, Samui Island, and Pattaya. Official deliveries of our EH216 models will start sometime next year.

According to the plans, each location will require at least five units of EH216-S. We're going to see a significant increase in our eVTOL deliveries in next year.

然后在非载非载人业务方面呢，公司已经向泰国市场部署超过千架的这个GD 4.0编队无人机，也在曼谷、芭提雅等展开常态化的无人机表演。

On the non-passenger side, the company has shipped over 1,000 GD4 formation drones by sea to the Thai market, and we plan to launch regular drone light show operations in Bangkok and Pattaya.

我来回答第二个问题。关于6月份的这个，6月份国内有人驾驶的这个轻型运动飞机的事故，确实是由于人为因素导致的。那么随着而来的监管政策的收紧那是显而易见的，因为每次事故后都有相应的调查研究，完善新的法律法规。那么尤其是对有人驾驶航空器及其飞行员，这块呢是一个重点的调查和审查的一个过程。我们依然坚持最初的观点，公司的是无人驾驶，预设固定航线，集群调度的运行模式，在安全性上具有本质优势。严格的安全监管长期看来是对我们是一种利好。 The incident you,

regarding the impact of the June flight incident, the incident you mentioned, manned light sport aircraft incident accident in China at the end of June was indeed primarily caused by human factors. The subsequent regulatory tightening has been noticeable, particularly around manned aircraft and their pilots.

We continue to hold our original view. Our unmanned, preprogrammed, fixed-route, fleet-oriented coordinated operating model has inherent safety advantage, and stricter safety regulation is a net positive for us in the long run.

不过关于OC这一块呢，这次的事故呢，从监管部门角度来看，监管的实际反应超出了我们最初的一个预期。这起事故呢促使监管部门对整个低空行业采取了更加审慎的态度。尽管与我们无人驾驶eVTOL没有直接的关联，但是受到行业整体审慎监管理念的影响，国内载人商业化运营的审批进度有所延后，但不是停止。具体到合肥项目，其商业化的这个运营审批进度也因此或被延延时，那么监管批复的时点呢目前存在一些不确定性。

Regarding the change in our outlook on the OC, Operator Certificate timeline, however, the regulatory response has been far more far-reaching than we initially anticipated. This incident has prompted regulators to adopt a more cautious stance towards the entire low-altitude industry.

Although it is not directly related to our unmanned eVTOLs, the overall cautious regulatory environment has indeed slowed the approval timeline for domestic passenger-carrying commercial operations. Specifically, the commercial operation approval process for the Hefei project has been delayed, and the timing of regulatory clearance remains uncertain.

但是呢，这个监管实际执行层面的收紧，并非是对我们技术路线的否定，而是对整个行业审批节奏的阶段性影响。我们尊重并理解监管机构对公众安全高度负责的态度。同时呢，我们把精力放在自己能掌控的事情上，比如运营能力输出，帮助客户构建运营系统，等窗口打开的时候，我们不需要从零开始。同时积极寻求海外市场机会，升级Fast Track计划，与当地民航监管方明确验证路径，缩短验证到商业化的时间。谢谢。

Our assessment is that the actual regulatory tightening, at the enforcement level, this is not a rejection of our technology pathway, but rather a periodic, temporary impact on the approval cadence across the industry. We respect and understand the regulator's strong commitment to public safety.

At the whole at the same time, we hope that the, the regulators would provide reasonable policies while ensuring safety. For us, we're going to focus on executing what can be done from our side.

In the meantime, we are proactively pursuing our global overseas initiatives so that we can move the industry forward. Um, just to, just a quick add, we are working with the local civil aviation authorities to clarify validation pathways and shorten the time from validation to market access through our overseas Fast Track Program.

That's the end. Next question, please.

Hi, thanks. Uh I'm from Jefferies.

Two two questions, please. Uh the first one being given that the full-year guidance on the revenue has been withdrawn, and I understand it could be difficult to quantify.

Uh, but do you mind give us a little bit color on the kind of like the second half run rate versus the 2Q uh kind of numbers? It will be great if you kind of split out uh between eVTOL and the non-passenger segments.

My second question will be coming to towards the accounting adjustment that we mentioned in the 1Q call. Uh do you might give us some sense on the numbers that've been delivered in uh this second half second Q and any more uh to be delivered uh down the line?

Thank you.

Hi.

Can you repeat the second question? I didn't quite Oh, okay, got it.

Yeah.

Got it?

Okay. Yep,

thank you. 我这边有两个问题。我的第一个问题是我们留意到我们撤回了全年的6亿营收的指引。那我这边能够理解这比较难去量化，但可否请管理层去在方向上面，比如说和第二季度的这个run rate交付量上面去做一个对比，是会更强还是会持平呢？那如果能够如果可以的话能否从细致的eVTOL载人业务和非载人的业务都去给出一些解释。然后我这边的第二个问题是关于我们一季度提到的这个会计调整。那我想问一下 这个 第二季度实际交付了多少？然后还有多少待交付？

这个调整能不能帮我们具体再讲一讲？ 谢谢。

我来回答第一个问题。确实鉴于今年的情况呢有一些不确定性，所以呢公司决定暂不更新2024年的全年收入指引。那么相应的呢，公司也不再就载人与非载人业务收入比例提供具体的一个量化预期。但从已经实现的经营数据来看，那么第二季度空中交通收入占比是92%，非载人业务收入占比约8%，而非载人业务这块主要是编队表演业务。

Given the uncertainties, the company has decided not to update its full-year 2024 revenue guidance at this time, and nor do we nor will we provide any specific quantitative expectations on the revenue mix between passenger-carrying and non-passenger business. However, based on the actual operating data that has already been achieved, air mobility revenue accounted for around 92% of our Q2 revenue, while non-passenger business, primarily GD4 formation drone performance, accounted for approximately 8%.

那么非载人业务的收入和占比将在下半年呈上升趋势，预计会受到编队表演交付放量，还有其他非载人产品，包括物流和消防的交付的带动。那么载人业务呢，收入依然会占主导地位，主要这块呢主要取决于广州、合肥载人航线商业化运营还有海外市场拓展推进节奏。那么公司将继续推进载人商业运营落地和非载人场景的拓展，双线并进。后面具体收入比例将随着业务线的推进动态变化。谢谢。 Non-passenger revenue is expected to trend upward both in percentage as a share of the total revenue, as well as the absolute amount in the second half of the year, driven mainly by increased deliveries of formation drones, as well as a number a small number of other model deliveries, such as firefighting series.

Passenger business revenue will continue to dominate, largely depending on the pace of commercial operation launches on passenger routes in Guangzhou and Hefei, as well as overseas market expansion. The company will continue advance both passenger commercial operations and non-passenger use case expansion in parallel, with the specific revenue mix evolving dynamically as each business line progresses.

第二个问题我来回答。2024年第二季度公司确认了部分之前先完成交付的EH216系列航空器收入。 那 剩余部分呢，未来随着相关收入确认的条件满足，公司会依据适用的会计准则在相应季度确认相关收入。

整体那公司并不披露详细的数字。

In the second quarter, the company recognized revenue for a portion of the EH216 series aircraft that had been previously delivered. Going forward, we will recognize revenue as the contracts meet the certain criteria according to applicable accounting policies, and the company will disclose them to the market in a timely fashion.

Thank you. Next question, please.

Hey, um thank you for taking my question. Two follow-ups on the topics that uh you mentioned before.

Firstly, on the regulations side, I think you mentioned there's a certain level of cautiousness. Just trying to see like for this current regulatory sentiments, what kind of safety evidence or milestones will likely be needed for this approval pace to normalize?

Uh and my second question around the uh diversification of your revenue stream. Could you uh update us on the progress across the non-passenger businesses like the logistics or firefighting streams?

Like which area looks more promising in the near-term or any contract or program you are pursuing? That's my two questions.

Thanks.

我这边有两个问题。您刚才也提到了中国监管部门对于无人驾驶行业的监管趋于谨慎的态度。那么我想问一下如何评价中国针对载人电动垂直起降飞行器eVTOL运营的当下的监管态度？如果如果要审批节奏趋于常态化的话，大致需要哪些安全佐证或者关键的里程碑？那我的第二个问题是关于我们载人业务以外的非载人业务的进展，比如说物流、消防等业务，那短期内哪个领域前景最为可观？该业务何时能够开始创造可观的营收？以上两个问题，谢谢。 这两个问题我来回答。第一个有关监管态度，当下的监管态度呢首先是充分保证安全的审查与批准。

那么这一块呢，但绝对不是停止。因为停止低空低空经济已经是全球趋势。 再来呢就是运营方面是第一运营能力。所以我们仍然在推进 我们的运营样板，尤其是合肥这边的一个审查与 推进进度。

Now, let me take your questions. First, the review and approvals are conducted with a strong emphasis on ensuring safety.

There are still ongoing reviews. It doesn't mean that the review and approvals have completely come to a ground halt, because, the low-altitude low-altitude economy represents a worldwide trend.

With regard to operations, we are still advancing our operation capabilities. The operational model will still need to be reviewed and approved.

For approval to become normalized, our operational model needs to be passed regulatory review and enter regulatory operations. 那么如果实现这种审批节奏趋于常态化呢，那么也需要我们，我们现在正在运营的这个 试运行的这个点位成进入常态化运营，并成为一个标杆样板， 能够为其他的运营方 作为参考。

所以同时呢我们也已经在着手帮助这个客户 相关的运营单位着手进行这些资料的 准备。 所以一旦这个 监管有关安全检查完成，那么这个行业在继续推进的时候，那我们客户的审批就会得到极大的加速。

I think to see a full scale back to normal review and approval condition, we need to see that the trial operations that we have in Hefei moving into routine operations, and then we will establish this routine operation, this site as a role model for other operators, even a industry benchmark. Currently, we are helping our customers putting together related documents and, etc.

As regulatory clearance clears its way and the industry goes back to its normal cadence of review and approval, and then our customers will be able to expedite their approval process and move into routine operations. 那么对于第二个问题，关于我们非载人业务这一块，首先呢这些领域都是存在实际需求的。

亿航在无人机方面呢具有大量的技术储备，而且我们是可以把载人的这种安全性过度到我们的非载人产品上。 今年将在短程应急物流、长航程物流、无人化的指挥调度方面落地，落地应用。

落地应用。 落地应用。

尤其是目前关键客户 还有今年下半年的 这个消防产品的订单，都是具备非常可观的前景。 请翻译一下。

While

there is clear and genuine demand across all of these areas, and EHang has a deep tech reserve, and we are reusing some of our technologies from the human-carrying products onto the non-human-carrying products. To give you some examples, there are some short-range emergency logistics and long-range logistics, and etc.

Those are some of the critical use cases where can use our products. Looking into the second half of the year, we're also going to ship firefighting products, and there's quite a very quite promising prospects for our for the orders of these products.

因此呢，我们今年的战略依然是丰富多场景，尤其是收入构成多元化方面。可以看到非载人业务刚才公布的数据它的占比已经到了8%，那么根据业务的推进还会继续上升和扩大。谢谢。

This is exactly where our strategy is. This year, we're going to continue focus on diversifying use cases, particularly in terms of the revenue mix.

As you're already seeing, non-passenger business has already reached 8% of the total revenue, and we expect this to further expand and the share to continue grow as our business progresses. Thank you.

好，感谢主持人，也非常感谢今天在线的各位投资人和分析师参加我们的业绩会。如果后续大家有更多的问题，欢迎通过我们的IR邮箱与公司取得联系。后续呢我们也会在线下的投资者会议上有跟各位再有更进一步的一个交流。非常感谢大家的关注，我们期待下一次的财报电话会议再与各位相见。好，感谢，谢谢。

Thank you once again for joining us today. If you have any further questions, you can reach out to us through the email on our IR website.

Additionally, we are going to host some offline sessions where we are going to have more in-depth communications with you. We look forward to seeing you in our next earnings call.

Thank you once again. Bye.