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EHang Holdings Limited logo
EHang Holdings Limited EH
$ 4.12 0.0%
report update icon

Annual report 2025
added 05-15-2026

EHang Holdings Limited Income Statement 2025-2011 | EH

Brief overview of financial results at EHang Holdings Limited

The conclusions below are based on five years of reported results. Revenue reported by EHang Holdings Limited was 180 million yuan at the beginning of the period and 418 million yuan at the end. The five-year change reached +132.1%, while CAGR stood at 18.3%. The trajectory reflects meaningful expansion of the business.

The gross result shifted from 106 million yuan to 257 million yuan, or +142.2%. The cost base moved more slowly than the top line, which supported margins. Comparing the endpoints gives gross margins of 59% and 61.5%. Improving gross profitability strengthens the quality of revenue growth.

EBITDA was −85.1 million yuan at the beginning and −298 million yuan at the end of the period (−249.9%). Changes in revenue did not translate into comparable EBITDA performance. EBITDA margin was −47.3% at the start and −71.2% at the end. Operating return per unit of revenue declined.

Across the five years, the net result shifted from −87.6 million yuan to −276 million yuan. The loss widened and increased the financial risk.

The market value of the business moved from 5.1 million yuan to 2.3 million yuan, or −54%. The market is not yet fully reflecting the fundamental progress.

What the figures show

The results contain several connected negative signals. The financial profile benefits from improving gross profitability and revenue expansion. The main areas of concern are declining net profitability, limited operating profitability and lower investor confidence. Investors should continue to monitor margins, costs, and earnings quality.

Annual Income Statement EHang Holdings Limited

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Market Cap

2.33 M 2.25 M 2.13 M 1.91 M 1.68 M 5.08 M 676 K 948 M 948 M - - - - - -

Shares

147 K 134 K 121 K 115 K 113 K 110 K 61.1 K 56.8 M 56.8 M - - - - - -

Historical Prices

15.9 16.7 17.5 16.7 14.9 46.3 11.1 - - - - - - - -

Net Income

-276 M -230 M -302 M -328 M -314 M -87.6 M -48.5 M -79.1 M -87.4 M - - - - - -

Revenue

418 M 456 M 117 M 44.3 M 56.8 M 180 M 122 M 66.5 M 31.7 M - - - - - -

Cost of Revenue

161 M 176 M 42.1 M 15.1 M 20.8 M 73.9 M 50.6 M 32.7 M 27.5 M - - - - - -

Gross Profit

257 M 280 M 75.3 M 29.2 M 36 M 106 M 71.2 M 33.7 M 4.18 M - - - - - -

Operating Income

-317 M -254 M -296 M -304 M -321 M -91.3 M -46.3 M -74.3 M -126 M - - - - - -

Interest Expense

- - 2.93 M 2.14 M 1.8 M 2.34 M 837 K 564 K - - - - - - -

EBITDA

-298 M -241 M -284 M -295 M -313 M -85.1 M -40.7 M -68.7 M -121 M - - - - - -

Operating Expenses

586 M 564 M 378 M 339 M 368 M 197 M 118 M 108 M 130 M - - - - - -

General and Administrative Expenses

270 M 233 M 150 M 151 M 187 M 61.6 M 36.9 M 35.9 M 35.4 M - - - - - -

All numbers in CNY currency

Quarterly Income Statement EHang Holdings Limited

2025-Q4 2024-Q4 2023-Q4 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

147 K 134 K 121 K - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Net Income

-276 M -230 M -302 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Revenue

418 M 456 M 117 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Cost of Revenue

161 M 176 M 42.1 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Gross Profit

257 M 280 M 75.3 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Income

-317 M -254 M -296 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

EBITDA

-298 M -241 M -284 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Operating Expenses

586 M 564 M 378 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

General and Administrative Expenses

270 M 233 M 150 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

All numbers in CNY currency

The income statement is one of the three key financial reports of a company EHang Holdings Limited (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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