纵横研报
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#现金转化

02Reports
EH.US logo
·低空经济 ·内部研究

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.

EH.US EHang Holdings Limited #低空经济#eVTOL#中国监管#VIE架构#现金转化
Watch
FLNC.US logo
·锂电池与储能 ·内部研究

Fluence Energy: Real Storage Backlog, Not Yet Real Margins

Fluence Energy is a grid-scale battery storage systems integrator and software vendor that sells bankable project delivery and risk transfer rather than owning a battery-chemistry moat, backed by a record $5.6 billion order backlog as of March 2026 and two new hyperscaler data-center agreements. Fiscal 2025 revenue fell back to $2.26 billion, first-half fiscal 2026 gross margin was only 7.4% with free cash flow negative $285.4 million, Chinese integrators captured 76% of the global BESS market in 2025, and Fluence remains a Nasdaq-controlled company entangled in AES's pending $33.4 billion take-private sale. Rating Hold: real backlog and software optionality, but cash conversion and governance still lag the demand narrative, and at $16.74 the stock offers no margin of safety for new money.

FLNC.US Fluence Energy, Inc. #储能#电池#数据中心#治理风险#现金转化
Hold