#中国监管

EHang Holdings: China's Certified eVTOL Leader, Not Yet a Scaled Business

EHang Holdings is China's first fully certified pilotless passenger eVTOL maker, still funded by aircraft sales into tourism and demonstration use rather than a scaled urban air-mobility network. A May 2026 ASC 606 restatement cut 2025 revenue to RMB418.0 million and widened the net loss to RMB276.4 million, Q1 2026 revenue fell to just RMB25.7 million on only four deliveries, and a June 2026 Beijing light-aircraft crash that did not involve EHang still triggered a nationwide regulatory chill across the low-altitude sector. Rating Watch: certification leadership is real and cash of RMB1.03 billion buys time, but revenue-recognition and regulatory-timing risk make the shares too uncertain for new money at $5.63.