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NASDAQ · AIRCRAFT PARTS & AUXILIARY EQUIPMENT, NEC · LARGE CAP

EHang Holdings Ltd. EH

9 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 418.0M
▼ 8.4% YoY
CNY -276.0M
CNY -327.4M
▼ 375.1% YoY
In brief

What this company does

EHang provides electric vertical take-off and landing (eVTOL) aircraft products and services in the global advanced air mobility industry and China's low-altitude economy industry. Its headquarters is located in Guangzhou, China, where it developed and established its first command-and-control system and center in 2017. Complementing the EH216 series, its product lineup includes the VT35, a lift-and-cruise eVTOL aircraft engineered for longer-haul, higher-speed regional connectivity, and GD4.0, aerial media performance drones for large-scale aerial advertising and light shows. In October 2023, the company obtained the Type Certificate for the EH216-S from the Civil Aviation Administration of China, certifying that the aircraft's type design complies with the CAAC's safety standards and airworthiness requirements for human-carrying commercial operations. The company has cumulatively delivered a total of 628 units of its eVTOL products, including 593 EH216-S, 17 EH216-F, 12 EH216-L and six VT35 units, along with four command-and-control centers or systems for smart city management in China. Its revenue increased from RMB117.4 million in 2023 to RMB456.2 million in 2024, then decreased to RMB418.0 million (US$59.8 million) in 2025. As of December 31, 2025, its pilotless eVTOL aircraft had accumulated more than 83,000 safe flights across 21 countries in Asia, Europe, the Americas and Africa, predominantly in China. As of December 31, 2025, the company held 506 issued patents, 324 pending patent applications, 698 registered trademarks, and 25 registered software copyrights.

Written from the business description in EHang Holdings Limited's annual report to the U.S. Securities and Exchange Commission, filed 15 May 2026. Every sentence was checked against that document before publication.

Growth
CNY 418.0M
Revenue, FY2025 · full 9-year series below
Revenue CNY M Net income CNY M
FY2025 · Revenue 418.0 · Net income -276.0
200M400M-200M201720182019202020212022202320242025
Compound annual growth
+111.3%
+18.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +18.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−66 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -75.8% · Net -66.1%
-200%-400%-600%201720182019202020212022202320242025
ROE
FY2025 · ROE -27.3%
-50%-100%-150%201720182019202020212022202320242025

Each CNY of equity lost 27 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow CNY M
FY2025 · FCF -327.4
40M80M-200M201720182019202020212022202320242025

Total assetsCNY 2.0B
EquityCNY 1.1B
CashCNY 256.4M
Gross debtCNY 82.7M
Net debtCNY -173.7M
Current ratio2.07×

The company holds more cash than debt.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue CNY B0.40.50.10.00.10.20.10.10.0
Operating income CNY B−0.3−0.3−0.3−0.3−0.3−0.1−0.0−0.1−0.1
EBITDA CNY B−0.3−0.2−0.3−0.3−0.3−0.1−0.0−0.1−0.1
Income tax CNY B−0.00.00.00.00.00.00.00.00.0
Net income CNY B−0.3−0.2−0.3−0.3−0.3−0.1−0.0−0.1−0.1
Free cash flow CNY B−0.30.1−0.1−0.2−0.1−0.2−0.1−0.0−0.1
EPS, diluted CNY −1.88−1.71−2.48−2.86−2.78−0.80−1.24−1.39−1.67
Dividend / sh CNY ·········
Payout %·········
ROE %−27.3−39.3−178.5−143.7−103.1−29.8···

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 43 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 52 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityAircraft Parts & Auxiliary Equipment, NEC
Listed onNASDAQ
Incorporated inoutside the United States — SEC code E9
Fiscal year endsDecember 31
Data on record since2017

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