EHang Holdings Limited

Good day, ladies and gentlemen. Thank you for standing by and welcome to Yihang's second quarter 2020 earnings conference call. At this time, all participants are in the listen-only mode. Later, we'll conduct the question and answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now, I'll turn the call over to Julia Chen. Managing Director of the Blue Shirt Group Asia. Ms. Chen, please proceed.

Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial result for the second quarter of 2020. We released the result early today. The press release is available on the company's website as well as from Newswire Services. On the call with me today are Mr. Hu Huazi, Chief Executive Officer, Mr. Edward Xu, Chief Strategy Officer, and Mr. Richard Liu, Chief Financial Officer. Before we continue, please note that today's discussion will contain forward-looking statements made on the safe harbor provision of the U.S. Private Security Litigation Reform Act 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 filing with SEC. The company does not assume any obligation to update any forward-looking statement, except as required under applicable law. Also, please note that unless otherwise stated, all the figures mentioned during the conference call are in Chinese R&B. With that, let me now turn the call over to Mr. Hu Huazi, our CEO. Mr. Hu was speaking Chinese. Then our CSO, Edward, will translate his comments into English. Please go ahead, Mr. Hu.

Thank you, Julia. Hello, everyone. Thank you for attending our telephone meeting today. In recent months, everyone should have a feeling that the pandemic and geopolitics have had a more profound impact on the global economy. But here I want to thank our team for their efforts in the past few months to keep our company's business stable. Our total income for the second quarter is RMB35.7 million, which has increased by 62.7% in total. The net profit is RMB20.6 million, which has increased by 60% in total. What I want to emphasize here is that in such a big environment, The sales of E-Hang 216 exceeded the level of the same period last year. As the only technology company in the world to achieve commercial delivery of smart driving aircraft, technology is our core competitiveness. We rely on the flight platform of E-Hang 216 to achieve the rapid customization of air rescue and fire, and solve the problems of high-level extinguishing in the field of fire, and fill the blanks in the field of fire. Not only does it achieve the rapid customization of products, We have achieved a lot of breakthroughs in management in China and Canada, including the commercial license of the world's first aeronautical self-driving aircraft used in the air, and the special flight license issued by the Canadian Civil Aviation Bureau to us. We re-evaluate and adjust the strategy of the global target market based on the impact of the epidemic and the risk of geopolitical policies. In addition to Asia, We will continue to develop the Chinese market and expand our investment in the European market. Although we are cautious about the situation of the global epidemic, we are still full of confidence. In the future, we will see more major releases coming to the market. These releases will break our limit of more than 100 kilometers. It will make our market even broader. I believe that our continuous efforts to innovate will make our development even more successful. We are confident that we will achieve 200% of our annual income growth. Next, let me introduce our Chief Strategist, Edward Xu.