EHang Holdings Limited

Good day, ladies and gentlemen. Thank you for standing by and welcome to the Ehang Fourth Quarter 2021 and Fiscal Year 2021 Earnings Conference Call. As a reminder, we are recording today's call. Now, I will turn the call over to Julia Chen, Managing Director of the Blue Shirt Group Asia, Ehang's IR firm. Ms. Chen, please proceed.

Hello, everyone. Thank you all for joining us on today's conference call to discuss the company's financial results for the fourth quarter and the fiscal year of 2021. The earnings release is available on our website as well as from Newswire Services. Please note the conference call is being recorded and the audio replay will be posted on the company's IR website. Today, Yihao Management Team, which includes Mr. Hu Huazi, Chief Executive Officer, Mr. Edward Xu, Chief Strategy Officer, Mr. Xin Fang, Chief Operating Officer, and Mr. Richard Liu, Chief Financial Officer, will successfully give prepared remarks. Remarks delivered in Chinese will be followed by English translations. All translation is for convenience purpose only. In the case of any discrepancy, management statements in the original language will be prevailed. A Q&A session will follow afterwards. Before we continue, please note that today's discussion will contain forward-looking statements made in pursuit to the safe harbor provision of the U.S. Private Security Litigation Reform Act of 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 the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also, please note that all the numbers presented are in RMB and are for the fourth quarter and the fourth year of 2021, unless stated otherwise. With that, Let me now turn the call over to CEO Mr. Hu Huazi. Please go ahead, Mr. Hu.

谢谢Julia 大家好 感谢各位今天参加我们的业绩电话会议 我很高兴向大家汇报一航智能2021年四季度和全年的经营概况 以及最近的一些进展 过去一年 虽然面临内部和外部环境的挑战 但一航智能作为一家技术创新型企业 一直专注于开拓城市空中交通的蓝图, 致力于为行业合作伙伴和股东创造价值, 在以下方面取得了突破进展。 首先,在一航216S的试航认证方面, 我们始终将试航项目视为一切工作的重中之重, 在过去一年也取得了重要进展。 中国民航局和我们紧密合作, 制定了一航216S的型号合格审定专用条件, and will be officially approved and released in February this year. This also means that the world's first manned automatic pilot aircraft, the Y-216S, has the standards to be executed. Currently, the Y-216S is undergoing a comprehensive inspection. Thank you very much to the Chinese Civil Aviation Bureau for its strong support for the aviation industry of the Y-216S. In terms of the operation of the air traffic line plan, we are first in line in China, In close cooperation, we have accumulated more than 1,000 pre-sale orders and pre-sale orders for our passenger and self-driving aircraft products for the past few years, and we have established a good foundation for our future performance in terms of new products and technical development. First, VT30, an industry that has accumulated over the past few years, has a large amount of technical reserves in terms of UAM aircraft manufacturing and aircraft control. For VT30-type products, We follow the principle of safety first. No haste, no rush. In the design and research and testing process of this product, we began to establish this kind of pilot test flight system. At present, we have added a larger number of pilot component tests to ensure the complete safety of the aircraft and carry out a larger number of flight tests. Until March 25, the test flight time of VT30 has exceeded 50 hours. Second, in terms of logistics, We have not stopped the development of logistics aircraft in the past few years. The main logistics scene of Yihang is for cross-strait air logistics and long-distance logistics in the mountains and mountains. Currently, there are five different types of logistics aircraft in the fully automatic flight system that has entered the automatic transfer system. The actual test load is from 2 kg to 200 kg. Yihang is conducting a lot of test operation in the sea and island logistics scene in the coastal areas. Hezhou to Guangzhou city's cross-provincial rail logistics line is also about to open. This also means that Yihang will take an important step forward in the operation of cross-provincial rail logistics in the air. In terms of the team, in the past year, our staff size has expanded. The focus is on the technical and research departments. Yihang 216 is established as the audit and control team. At the same time, we have also established an experienced UAM operation team. In addition, I am very happy to introduce Mr. Fang Xin, the Chief Operator who just took office in February this year. Today is also his first time attending our business meeting. Mr. Fang has 20 years of experience in business management, technology product solution and sales, travel project development and operation. I believe Mr. Fang's participation will bring strong support to the next stage of the company's business development. Next, please welcome our Chief Strategic Officer, Mr. Xu, Thank you.