EHang Holdings Q2 2026 Earnings Call - Domestic Passenger Approval Delayed Amid Regulatory Caution; Global Fast Track Program Launched

Moderator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang second quarter 2026 earnings conference call. Please note that management’s prepared remarks and the subsequent Q&A session will be primarily conducted in Chinese, and the corresponding simultaneous or consecutive interpretation can be accessed on the English line. As a reminder, all translations are for convenience purposes only. In case of any discrepancy, the management statement in the original language will prevail. To listen to the original remarks by 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 Senior Director of Investor Relations. Ms. Anne, please proceed.

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: 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 2026. 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. Hu Huazhi, our Founder, Chairman, CEO, Mr. Feng Choi, CTO, Mr. Wang Zhao, 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 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 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 in RMB are for the second quarter of 2026, unless stated otherwise. With that, I’ll turn the call to our CEO, Mr. Hu Huazhi. 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 into 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 vehicles, 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 the delivery of 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 a pilotless aircraft, pre-set of 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. It is a responsible commitment to 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 U.K. 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 vehicles 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 a reliable technology. The EH216-S and its operating system have obtained all key certificates under China 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 of product certification safety records in place, we only await regulatory approval for public ticket sales. Despite this critical transition point, we are confident that commercialization window will eventually open. Amidst uncertainty, EHang isn’t sitting still. We’re tackling challenges head-on and finding 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 to develop standardized or 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 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 expanded 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 2026.

We were also selected for Hong Kong’s Low-altitude Economy Regulatory Sandbox X trial projects with flight validation underway and a public demo coming soon. Furthermore, we advanced our Global Fast Track Program. Many countries want to bring in pilotless eVTOLs, but lack the regulatory framework on how to build the complete path from safety validation to operational standards to commercial deployment. Drawing on a decade experience, as well as our engagement with the 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 a 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 Global Fast Track Program, and we’re 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 mobility remains our strategic focus while domestic passenger commercialization is still pending regulatory approval. We’re actively developing logistics, firefighting, and aerial 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 test, 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 complex, 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 end game for low-altitude mobility remains pilotless flight, but regulation and ecosystems take time to mature. Short-term friction will not alter our direction. When the window opens, EHang will be the first one through with the credentials, capabilities, and the 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 life accessible. We will maintain a pioneer’s discipline and execute what needs to be done. Thank you. I would like to invite our CTO, Feng Chuai, 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 continue to upgrade existing products and validate operations for current customers and scenarios. Second, accelerated R&D for new products and new applications. Third, deepen core underlying system capabilities. These three aspects together build a more completed technology foundation for scaled commercial operations. First, upgrading the existing products and operational validation.

This quarter, we completed a series of operations 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 a 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 orders per aircraft from about 6 to 12 to 15, a meaningful boost for daily capacity. With the same fleet 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 cabin temperature by 10 to 15 degrees Celsius, enhancing passenger comfort. Second, new product development and scenario expansion.

For the VT-35, we completed a truck wind tunneling testing and the lightning direct effects, and LDE protection testing for key components alongside multiple flight tests in China to support aerodynamic collaboration and airworthiness validation. Meanwhile, we are extending our technology into new applications. For forest firefighting, we are testing air bust delivery system with our existing product to enable early-stage crown fire response. Based on the EH216-S platform, we are also developing a 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 designation, real-time monitoring, information publication. This quarter, we focus 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 have developed a set of framework documents covering airspace designation, operational standards, and service process, helping the Hefei Flight Service Center build a city-level longitude and supervision system. Think of it as a software plus hardware foundation for future large-scale, high-density urban operations. We will 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 CFO for sales and operational updates. Thank you. Thank you, Mr. Feng, and hello everyone.

I will 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 one VT-35. On aerial media side, we completed 22 aerial media shows and delivered 520 units of GD4 drones. Beyond these numbers, we 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 the regulation and public attention on low altitude flight safety, leading to intensified safety inspections of the general aviation and low altitude economy operators, aircraft, and operational projects.

As a result, a slowdown of progress, deliveries, acceptance, and commercial operations for some projects and a passenger carrying commercial operations for low altitude aircraft has also been affected. We are 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 will keep the market informed with 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 external adjustment, we have not been waiting passively.

We have been proactively streamlining our organization and focusing our resources. On R&D, we are concentrating our core talent, improving technology reuse across platforms. On the digital side, we are 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 will not sacrifice long-term competitiveness for short-term financials, but we are strictly scrutinizing expenses to strengthen cash reserves and ensure sustainable operations. Second, strengthening our operational foundation for passenger commercialization. Our Guangzhou and Anhui sites continue to refine flight operations, ground support, emergency response, and regulatory data integration. Through internal trial operations, we are accumulating real operational data to ensure we are ready to start safe and stable commercial operations as soon as regulatory approved.

We are also building pilot-to-point capabilities in events including route planning, vertiport coordination, ground support, multi-aircraft dispatch, contingency handling, and passenger services. These are full operational capabilities for future low altitude transport. Take the Erhai Lake project. Ground trip across the lake takes 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. First key flight station, the Wanning South Sea, is currently under construction. Together, we are building a closed loop out to the economy that combines infrastructure and operations. For local governments and partners, EHang delivers more than just an EH216-S. We provide a comprehensive solution, including aircraft, command and control system, scenario planning, route design, vertiport infrastructure planning, and personal training, maintenance, regulatory coordination, and safety assurance.

Third, we are leveraging the mature safety architecture of the EH216-S to accelerate the non-passenger products into specialized applications. Passenger carrying operations are a core direction, but they are not our only growth path. We are leveraging the EH216-S 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 520 units of GD4 drones. The business is evolving from a one-time event to regular onsite services. Projects like Chongqing Media Group and Xinyi in Shanxi are helping us to build experience in continuous operations, content production, fleet management, and onsite 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 expansion.

On firefighting and logistic, we are working with the customers on product customization, advancing VT-30 firefighting drone prototypes and logistic aircraft, and trial flagship scenarios in forest firefighting and port logistics. Fourth, we are accelerating center of overseas commercial sandbox 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 are selected as an early participant in the Low-altitude Economy Regulatory Sandbox X trial project. We have chosen Sunny Port as our first sandbox site. Test flight started this month with a public demo coming soon. An additional flight validation and its narrow deployment will follow under regulatory oversight. In Thailand, we have established efficient communication coordination with the CAAT.

We are targeting commercial operations certificate in 2026, and this work will proceed according to CAAT’s review process with the final timeline subject to the regulatory schedule. Based on the sandbox experience, we launched the Global Fast Track Program, a four-stage framework of regulatory alignment, sandbox build-out, and 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 reliability 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 research projects into a standardized and replicable capability, providing a clear, compliant, and efficient implementation pathway for more countries and regions to introduce pilotless eVTOLs. Fifth, we are building operational centers and a safety foundation to convert our first-mover advantage into a sustainable competitive mode. Over the years, we have accumulated nearly 100,000 safe flight records, and these are flights spread over 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 the 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 these scalable service capabilities now ensures we can rapidly capture market demand once the commercial window opens. We will 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 will pass the floor to our CFO for financial updates. Hello, everyone. I am Conor Yang, 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 RMB 77.9 million, down from RMB 113.3 million in Q2 2025, but up significantly by 203% from RMB 25.7 million in Q1 2026. 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 the 61.5% in Q2 2025 and the 62.5% in Q1 2026. Overall, gross margin remained stable. Our stable margin profile reflects the competitiveness of our products, as well as our continuous 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 the total operating expenses excluding share-based compensation were RMB 112.7 million in Q2, representing a 16.9% increase year-over-year and an 11.5% increase quarter-over-quarter. The increase in operating expenses primarily reflects the combined effect our phase strategic business investments and the transitioning 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’s 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 will 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 RMB 62 million, compared to RMB 77.1 million in Q1 2026. Adjusted net loss was RMB 58.5 million, compared to RMB 75.6 million in Q1 2026. As of June 30th, 2026, our combined cash and cash equivalents, short-term and treasury investments totaled RMB 929.4 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 and 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 2026 annual revenue guidance of RMB 600 million.

The company will not provide a replacement of full-year revenue guidance at this time. As the regulatory environment and business feasibility 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. This includes preparation for an approval process of domestic commercial operations, process in international markets, product development orders and deliveries for non-passenger carrying business, such as logistics, firefighting, and aerial media, as well as continuing improvements in operating efficiency and our cash position. Going forward, we will stay focused on driving commercialization and core tech development. We’ll continue 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.

Moderator: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Tim Hsiao with Morgan Stanley. Please go ahead.

Tim Hsiao, Analyst, Morgan Stanley: Hi. This is Tim from Morgan Stanley. Thanks for taking my questions. I have two questions about commercialization. The first question, as we just discussed, I think the company targeted 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 Q3, in Q4? If it happens, how many units of EH216 do you think we are going to ship this year based on the contract? That is my first question. My second question is about the commercialization in China. For those, I think management just mentioned we are not going to provide update guidance, attributable to the uncertainty to the incidents that took place in June.

But as we remember, the incident was caused by human factors. If there is any potential barrier, as we discussed with management, I think previously management believe that would favor EHang, because EHang’s drone products are designed to follow the scheduled route and will fly autonomously and can be under system control. Just wondering what really changed management’s view on the impact and to the OC’s schedule. Just what happened over the past few months. Those are my two questions. Thank you.

Hu Huazhi, Founder, Chairman, and CEO, EHang Holdings Limited: 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 Civil Aviation Authority of Thailand, and we expected to obtain an experimental flight permit in Q3. We also expected to secure a formal commercial operations certificate by the end of the year. By then we will start. By that milestone, it represents that our eVTOL will be officially registered within 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，在这个同时，我们跟民航局也沟通，至少在泰国规划10条以上的商业化载人的路线，会覆盖曼谷、芭提雅、普吉岛，还有苏梅岛、龟岛等。那所以真正的delivery会在明年。明年我们每一条商业化正式开展的话，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。

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: We are striving to secure the operational certificate in Thailand by the end of the year. We are working with the local Civil Aviation Authority of Thailand regulator to plan 10 routes that will cover Bangkok, Phuket, Koh Samui, and Pattaya. Official deliveries of our EH216 models will start sometime next year. According to the plans, each location will require at least 5 units of EH216s, so we are going to see a significant increase in our eVTOL deliveries next year.

Hu Huazhi, Founder, Chairman, and CEO, EHang Holdings Limited: 然后在飞载业务方面，秋之已经向泰国市场部署超过千架的GD4.0编队无人机，也在曼谷、芭提雅等展开常态化的无人机表演。

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: On the non-passenger side, the company has shipped over 1,000 GD4 formation drones by sea to the Thai market. We plan to launch regular drone light show operations in Bangkok and Pattaya.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 我要回答第二个问题，关于六月份国内有人驾驶的轻型运动飞机的事故，确实是由于人为因素导致的。那么随之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和完善新的法律法规。尤其是对有人驾驶航空器及其飞行员，这块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对我们是一种利好。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Regarding the impact of the June flight incident. The incident you mentioned, land light sport aircraft 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 pre-programmed 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.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 那么关于OC这一块，这次的事故从监管部门的角度来看，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造成的影响，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，其商业化的运营审批进度也因此会有所延迟。那么监管批复的时点目前存在一些不确定性。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Regarding the change in our outlook on the OC operator certificate timeline. However, the regulatory response has been more far reaching than we initially anticipated. This incident has prompted regulators to adopt a more cautious stance toward 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 carrying commercial operations. Specifically, the commercial operation approval process for the Hefei project has been delayed, and the timing of regulatory clearance remains uncertain.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 但是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，缩短验证到交付的时间。谢谢。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: 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 regulators strong commitment to public safety. At the same time, we hope that the regulators would provide reasonable policies while ensuring safety. For us, we are 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. 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 Global Fast Track Program. Thank you. Next question, please.

Moderator: Your next question comes from Wei Gu with Jefferies. Please go ahead.

Wei Gu, Analyst, Jefferies: Hi, thanks. From Jefferies. Two questions, please. The first one being, given the full year guidance on the revenue has been withdrawn, I understand it could be difficult to quantify, but do you mind give us a little bit color on the second half run rates versus the Q2 kind of numbers? It would be great if you kind of split out between eVTOL and the non-passenger segments. My second question will be coming towards the accounting adjustment that we mentioned in the Q1 call. Do you mind give us some sense on the numbers being delivered in this Q2 and any more to be delivered down the line? Thank you.

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Can you repeat the second question? I didn’t quite. Okay, got it.

Wei Gu, Analyst, Jefferies: Yeah.

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: Got it.

Wei Gu, Analyst, Jefferies: 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，从我这边能够理解，这比较难去量化，但可否请管理层在方向上面，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？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，那我们想问一下，这个第二季度实际交付了多少，然后还有多少待交付？这个调整能不能帮忙具体再讲一讲？谢谢。

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 我来回答第一个问题。确实鉴于今年的情况有一些不确定性，所以公司决定暂不更新2026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，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%。而非载人业务这一块主要是编队表演业务。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Given the uncertainties, the company has decided not to update its full year 2026 revenue guidance at this time, 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%.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 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，这方面主要取决于广州和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扩展双线并进。后面具体收入比例将随着业务线的推进动态变化。谢谢。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: 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 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 a specific revenue mix evolving dynamically as each business line progresses.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 第二个问题我来回答。2026年第二季度，公司确认了部分之前已经完成交付的EH216系列的航空器收入。那剩一部分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。整体那样，公司并不披露详细的数字。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: 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 contract 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.

Moderator: Thank you. Your next question comes from Laura Li with Deutsche Bank. Please go ahead.

Laura Li, Analyst, Deutsche Bank: Hey, thank you for taking my question. So two follow-ups on the topics that you mentioned before. Firstly, on the regulation side, I think you mentioned a certain level of cautiousness, but just trying to see, for this current regulatory sentiment, what kind of safety evidence or milestones will likely be needed for this approval pace to normalize? My second question around the diversification across your revenue stream. Could you update us on the progress across the non-passenger businesses, like the logistics or firefighting streams? Which area looks more promising in the near term, or any contract or program you are pursuing? Yeah, that’s my two question. Thanks.

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: 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器低空运营的当前的监管态度？如果说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的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。

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 这两个问题我来回答。第一个有关监管态度。当前的监管态度，首先是充分保证安全的审查与批准。那么这一块但绝对不是停止，因为低空经济已经是全球趋势。再来就是运营方的实际运营能力，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实际经营。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Now let me take your questions. First, the review and approvals are conducted with a strong emphasis on ensuring safety. So there are still ongoing reviews. It doesn’t mean that the review and approvals have completely come to a ground halt. Because you know, the low-altitude economy represent 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.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 那么如果实现这种审批节奏趋于常态化，那么也需要我们现在正在试运营的这个点位进入常态化运营，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上的准备。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。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: 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. Then we will establish this routine operation at this site as a role model for other operators, even an industry benchmark. So 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, then our customers will be able to expedite their approval process and move into routine operations.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 那么对于第二个问题，关于我们非载人业务这一块。首先这些领域都是存在实际需求的。EHang在无人机方面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渡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实。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: There is real demand.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 还有今年下半年的消防产品的订单都是具备非常可观的前景。请翻译。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: Well, there is clear and genuine demand across all of these areas. 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 we can use our products. Looking into the second half of the year, we are also going to ship firefighting products, and there is quite promising prospects for the orders of these products.

Feng Chuai, Chief Technology Officer (CTO), EHang Holdings Limited: 因此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发布的数据，它的占比已经到了8%。那么根据业务的推进，还要继续上升和扩大。谢谢。

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: This is exactly where our strategy is. This year we’re going to continue to focus on diversifying use cases, particularly in terms of the revenue mix. As you already seen, non-passenger business has already reached 80% of the total revenue. We expect this to further expand and the share to continue grow as our business progresses. Thank you.

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

Conor Yang, Chief Financial Officer (CFO), EHang Holdings Limited: 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。如果后续大家有工作的问题，欢迎通过我们的IR邮箱与公司取得联系。后续我们也会在线下的投资者会议上，与各位再有更进一步的交流。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。

Anne Ji, Senior Director of Investor Relations, EHang Holdings Limited: 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 bye.