EHang: From Bleeding On Paper To Thriving In Reality

EHang Holdings Limited earns a Buy rating as it expands eVTOL operations globally, including first passenger flights in Mexico and regulatory progress in Thailand. EH's Yunfu facility enables the production of 1,000 eVTOLs annually, with commercialization in China and a presence in 21 countries supporting future demand consolidation. FY2025 revenue grew 11.7% YoY to RMB 509.5M, with gross margin at 61.5% and management guiding 18% revenue growth for FY2026.