管理層發言
Good day, ladies and gentlemen. Thank you for standing by, and welcome to the EHang Fourth Quarter and Fiscal Year of 2025 Earnings Conference Call. Please note that the management's prepared remarks and the subsequent Q&A session will primarily be conducted in Chinese, and the corresponding simultaneous or consecutive interpretation can be accessed on the English line. As a reminder, all translations are for convenient purposes only. In case of any discrepancy, the management's statements in the original language will prevail. To listen to the original remarks by the management, please join the Chinese line. Additionally, both the Chinese and English lines are open for questions. And today's call is being recorded. Now I will turn the call over to Anne Ji, EHang's Senior Director of Investor Relations. Ms. Anne, please proceed.
Hello, everyone. Thank you for joining us on today's conference call to discuss the company's financial results for the fourth quarter and the fiscal year of 2025. The earnings release is available on the company's investor relations website. Please be aware that this conference call is being recorded, and an audio replay will be posted on the company's investor relations website. On the call today, we have Mr. Huazhi Hu, our Founder, Chairman, and Chief Executive Officer; Mr. Shuai Feng, Chief Technology Officer; Mr. Zhao Wang, Chief Operating Officer; and Mr. Conor Yang, Chief Financial Officer. Before we proceed, please keep in mind that today's discussion will include forward-looking statements made in accordance with the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve inherent risks and uncertainties, and the company's actual results may differ materially from the expectations expressed today.
Additional details regarding these risks and uncertainties can be found in the company's public filings with the SEC. The company does not have any obligation to update forward-looking statements except as required by law. Also, all numbers presented are in RMB and pertain to the fourth quarter and the fiscal year of 2025, unless stated otherwise. Now, I will turn the call over to our CEO, Mr. Huazhi Hu. Please go ahead, Mr. Hu.
Hello, everyone, and thank you for joining our call today. 2025 was a pivotal year for EHang as we strengthened our business foundation and made meaningful progress towards commercialization. In Q4, we delivered a strong set of results. Quarterly eVTOL sales volume reached 100 units for the first time. Revenues grew significantly both year-over-year and sequentially, and we achieved our first-ever quarterly GAAP profitability. For the full year, we delivered 221 units of eVTOL aircraft, setting a new record and successfully meeting our annual revenue guidance. We also achieved non-GAAP profitability for the second consecutive year. These results reflect years of sustained investment and disciplined execution across product innovation, regulatory certification, industrial ecosystem development, and market expansion, laying a solid foundation for our commercialization progress in 2026. I am pleased to announce that the commercial operation of our flagship product, the EH216-S, is entering the final countdown.
Following comprehensive preparation across our commercial operation system, we're about to officially open our commercial flight services to the public. After nearly a year of internal trial operations, we have established standardized procedures across the entire operational chain from route planning and fleet management to boarding services. At the same time, we have optimized our maintenance systems and safety assurance mechanisms while actively supporting the Civil Aviation Administration of China in advancing the training and certification program for our ground operating crew. Our two OC certified operators, EHang General Aviation and Heyi Aviation, both plan to begin offering ticketed EH216-S flight services to the public this month from their operational sites in EHang Future City, our new headquarters in Guangzhou, and Luogang Park in Hefei. This launch is expected to mark the world's first commercial service of pilotless human-carrying eVTOL aircraft.
It also represents the completion of EHang's full life cycle ecosystem from technology development and airworthiness certification to manufacturing and commercial operations. Going forward, we are evolving from being an aircraft manufacturer to a comprehensive provider of integrated advanced air mobility solutions. 2026 marks the first year of China's 15th 5-year plan period. As the national strategic emerging pillar industry, the low altitude economy is embracing unprecedented strategic development opportunities. Supportive policy direction is now shifting from encouraging exploration to systematic advancement with the continued progress in aerospace management reform, airworthiness notification frameworks, and infrastructure development. Together, these initiatives are creating a favorable policy environment for industry development. With that in mind, EHang's core strategy for this year is to move forward with disciplined execution, strengthening our foundation while steadily advancing commercialization, operational ecosystem development, and global expansion.
First, it has been nearly a year since EHang obtained OC for EH216-S. Over the past year, we have been working intensively to expand our customer and partner base. At the same time, we built the operational systems required to support the commercial flights. This year, our top priority is to launch routine and scaled commercial operations of human-carrying eVTOL aircraft to the public, delivering reliable flight services and continuously improving the flight experience. Our goal is to transform scenes in science fiction into everyday reality for people. This is a milestone many people have been waiting for, and so have we. But aviation has always been an industry that moves forward with patience and responsibility, especially when safety and human lives are involved. Second, we'll continue advancing our global expansion strategy. Taking the Thailand AAM Sandbox initiative as an example, we are steadily moving towards commercial flight operations and establishing benchmark projects.
I'm also pleased to share good news that EHang is expected to obtain the first commercial operation license for pilotless passenger eVTOL aircraft from the Civil Aviation Authority of Thailand, paving the way for regular urban air mobility services in the country. Third, we'll accelerate the commercialization readiness of the VT35. In 2026, our focus will be on advancing its type certification and conducting extensive flight tests in more diverse and complex environments to fully validate its passenger flight capabilities. At the same time, we'll continue improving the performance of the EH216 series and expanding the deployment of non-passenger products and applications, including firefighting and logistics, further broadening our market reach. Fourth, we'll further strengthen our end-to-end industrial chain integration capabilities by coordinating our R&D, manufacturing, supply chain, and quality management systems.
We aim to improve operational efficiency across the entire value chain, reinforce our long-term competitive advantages, and contribute to the establishment of industry standards. EHang remains committed to the principles of safety first, innovation-driven growth, and collaborative development. We will continue advancing our technology and product innovation, expanding multi-scenario commercial operations, and establishing AAM operational models in more regions around the world. At the same time, we're building a comprehensive business model combining technology, R&D, intelligent manufacturing, commercial operation services, infrastructure collaboration, and industry education and integration. We believe the low altitude economy industry will evolve from demonstration programs to scaled commercial operations and then to public accessible services. It will become a vital engine for activating 3-dimensional aerospace resources and cultivating new forms of consumption, truly transforming the industrial values into economic and social benefits.
At this important starting point of a pivotal year, our newly appointed Chief Technology Officer, Feng Shuai, is also joining today's earnings call. Under my leadership, he will oversee our technology R&D, supply chain management, manufacturing and quality system development, driving a more integrated end-to-end management approach from technology innovation to product delivery. By strengthening coordination and the integration across the entire industry chain, we believe our innovation capability, product competitiveness, and overall execution will continue to improve. With that, I would like to hand the call over to Feng Shuai. Thank you.
Thank you, Mr. Hu. Hello, everyone. I'm Feng Shuai, CTO of EHang. It is a great honor to join today's earnings call for the first time. I am pleased to share our progress in four key areas during the fourth quarter: R&D, production and manufacturing, quality management, and supply chain assurance, which we refer to as the RPQS Center. We'll also briefly outline our priorities for 2026. The RPQS Center is the core engine of our technology and industrial execution. We focus on technology innovation as the foundation, production capacity as the driver, quality control as the bottom line, and supply chain as the cornerstone. Together, these capabilities support the development, commercialization, and scaled delivery of our products. Let me walk through the key highlights in each area. Starting with R&D, the fourth quarter of 2025 marked major breakthroughs across our core product. Our flagship passenger-carrying aircraft, VT35, completed multiple critical tests, including multicopter protected transition flights and locked-to-prop fixed-wing flights.
The aircraft also successfully completed its first public demonstration flight in Hefei after its grand debut in October. During the quarter, we held the first type certification team meeting with the CAAC, marking a key step forward in the airworthiness certification progress. We are currently conducting flight envelope testing and aim to obtain the type certification in China within the next two years. For the non-passenger business, we are also developing and deploying product and system lines under multiple application scenarios. Our new GD4.0 formation drones set a Guinness World Record with 22,580 units flying simultaneously at the China Spring Festival Gala, significantly enhancing our brand visibility and generating strong demand for both drone products and performance services. In the firefighting aircraft program, we are upgrading the current models while advancing the next-generation R&D to support emergency response scenarios.
For logistics, we are accelerating the development and first flight of the VT series lift and cruise cargo aircraft, developing longer endurance aerial logistics applications. At the same time, our proprietary command and control system continues to evolve as a city-level digital infrastructure platform for a low attitude economy that is now being trialed in Hefei, providing solid technical support for future skilled commercial operations and air traffic management. On manufacturing, we continue to expand our production capability and enhance our smart manufacturing capabilities during the fourth quarter. The Phase II expansion of our Yunfu production facility was successfully completed, bringing our total planned annual capacity to 1,000 units of the eVTOL aircraft and components. The automated production lines have entered a trial production stage, and our smart manufacturing systems will further improve production efficiency and supply chain management.
Meanwhile, additional facilities in Hefei, Weihai, and Beijing are progressing as planned. Our nationwide manufacturing footprint is steadily taking shape. We follow a manufacturing-to-order approach, ensuring stable production planning while preparing for large-scale deliveries in the future. On quality control, we maintain strict end-to-end quality control across the entire product life cycle. Throughout 2025, our quality management system delivered strong performance with steady improvements across all key indicators. The post-certification airworthiness review for our PC achieved the third zero-defect pass and the EN9100 audit continues to pass. On supply chain, during the fourth quarter, we further expanded our supplier network and strengthened our supply chain resilience. Our core supplier system remained stable with a 100% on-time delivery rate for key components, fully supporting our production and deliveries.
Going forward, we will continue our strategy of maintaining strong partnerships while introducing additional high-quality suppliers. This approach will strengthen our stable and scalable supply chain, providing support for future capacity expansion and new model development. The low attitude economy represents a new frontier for technological industrial innovation. Strong R&D and smarter manufacturing capabilities are the foundation of our long-term competitiveness. As CTO, I'll continue leading the RPQS team to drive technology innovation, advance product development and certification, expand manufacturing capacity and smart production capabilities, maintain strict quality standards, and strengthen supply chain resilience. Our goal is to efficiently translate technological innovation into real commercial deployment and provide solid technical and industrial support for the company's long-term growth. With that, I'd like to turn the call over to our COO, Mr. Wang Zhao, for our sales and operations update in more detail. Thank you.
Thank you, Mr. Hu and Mr. Feng. In 2025, we advanced our business across three key priorities: safety, operations, and commercialization. For the full year, we generated RMB 509 million in revenues and delivered 221 units of eVTOL aircraft, which included 215 units of the EH216 series and 6 units of the VT35 series. Our Q4 performance reached a new high, with 95 units of the EH216 series and 5 units of the VT35 series delivered, generating RMB 240 million in revenues. In China, we continue to enhance our presence in key cities and build flagship partnerships. Our collaboration in Hefei with the local government has expanded from a single product to a full product portfolio, covering multiple applications including the EH216 series human-carrying and firefighting versions, the 5 VT35, and the GD4. We are also strengthening our partnership with Anshun in Guizhou Province and Guizhou Tourism Group.
In Q4, we delivered 30 units of EH216-S to the local market, bringing total deliveries to 50 units to this customer, supporting the development of local low altitude economy applications. Building our operational capability has been a major strategic focus this year, especially after EHang General Aviation and Heyi Aviation obtained their operator certificates in March 2025. We began extensive internal testing and operational optimization across the entire service process to ensure a seamless user experience. Additionally, we have established standard operating procedures for battery charging, maintenance, and fault troubleshooting to ensure continued airworthiness and operational stability of the fleet. Based on the safety and operational experience we've accumulated, we plan to officially launch commercial operations with the EH216-S this month. EHang General Aviation and Heyi Aviation will begin selling flight tickets to the public for EH216-S pilotless aerial sightseeing from our headquarters in Guangzhou and Luogang Park in Hefei.
The public will be able to book flights through the EHang Trip and Heyi Aviation mini programs at an early bird discount price of RMB 299 per person. This will be the world's first ticketed commercial service for pilotless human-carrying eVTOL in the urban air mobility industry, making the low altitude economy accessible to the general public. Over the past year, we have refined every aspect of the operation, always prioritizing safety, user experience, and sustainability. Delivering a high-quality flight experience for our passengers in the initial phase is crucial to building public trust and supporting long-term market adoption. Looking ahead, we will leverage our OC certification and operational experience to develop a comprehensive operational solution that encompasses planning, route design, ground crew training, and operational system setup. We plan to replicate this model across more locations in China and internationally to assist our customers and partners in launching commercial operations.
We are also building a core network for our operational capabilities along with a professional talent system. We are working with the CAAC on a trial project for the administration of licenses for the ground operating crew of large civil unmanned aerial vehicles. We have completed multiple validation rounds and refinement of training courses, and recently the CAAC has expanded the number of special approval licenses for our ground operating crew, providing additional talent support for our upcoming commercial operations. This initiative, beyond addressing immediate operational needs, is helping to establish a long-term industry talent training system. Together with regulators, we are converting our operational experience into standardized training procedures, thereby establishing professional standards for the next generation of aviation talent and reinforcing the industry's safety foundation.
Over time, this training framework will allow us to support partners and export our operational capabilities as commercial operations expand. Internationally, the Thailand AAM Sandbox program remains a key focus. Since its launch in October, we have completed several verification flights and ongoing trial operations, and we are collaborating closely with the Civil Aviation Authority of Thailand to obtain the first commercial operation license under the Sandbox initiative. If approved, this could become the first overseas commercial operation of a pilotless human-carrying eVTOL. Initial Sandbox areas are planned near the IMPACT Challenger International Convention Center in Bangkok, which will also host the ICAO Second Advanced Air Mobility Symposium in 2026. The CAAT and local partners aim to operate up to 100 eVTOL aircraft across 20 Sandbox areas by the end of 2026. Our plan is to establish talent as a model for overseas operations and gradually replicate this model in Southeast Asia and other Belt and Road markets.
In 2025, we maintained a disciplined growth approach, focusing on strengthening our product, manufacturing, and operational systems under strict safety and regulatory compliance. We believe that these foundational capabilities are essential for sustainable growth and scalable international expansion in the coming years. The low altitude economy industry is entering a significant policy window. China's 15th 5-year plan has recognized the low altitude economy as a strategic emerging pillar industry, marking the transition from early demonstration efforts to a new phase of national industry development. The low altitude economy has also been formally incorporated into the newly amended civil aviation law of China, which goes into effect in 2026. Looking ahead to 2026, we believe the company is entering a new stage of development. Over the past several years, we have systematically built the key capabilities needed for the urban air mobility industry, including aircraft R&D, airworthiness certifications, smart manufacturing, and commercial operation readiness.
As these foundational capabilities become more mature and integrated, we anticipate three significant shifts in our business model. First, our revenue streams will begin to diversify. Applications beyond passenger transport, such as logistics, aerial firefighting solutions, and command and control systems, are progressing steadily and may provide additional growth drivers as the market evolves. Second, we are shifting from being merely an aircraft provider to a comprehensive low altitude operation solution provider, drawing on the operational experience of EHang General Aviation and Heyi Aviation and our standardized operating systems to offer integrated solutions to customers, including aircraft deliveries, construction, route planning, team building, training, and operational guidance. Third, we are outlining a clear pathway for international expansion that combines regulatory Sandbox programs, partnerships with local operators, and a systematic deployment of our technology and operational capabilities.
Thailand is the first market where this model is emerging, and we aim to gradually expand to other regions, including Southeast Asia, Central Asia, and the Middle East as global regulatory frameworks continue to develop. Overall, we remain committed to a strategy focusing on safety and disciplined execution. For 2026, we are targeting RMB 600 million in annual revenues while scaling the business at a steadier pace. As the industry is still in its early stages, we will continue to work with regulators, partners, and local governments to transition the low altitude economy from demonstration programs to broader commercial adoption, unlocking the long-term potential of urban air mobility as a new transportation form. Now I’ll turn it over to our CFO, Conor, to guide us through the financial results.
Hello, everyone. Before I provide the details, please be aware that all figures are in RMB unless specified otherwise. A comprehensive analysis can be found in our earnings press release on the investor relations site. Now, I will share some key financial information. In the fourth quarter of 2025, revenues were RMB 243.8 million, marking a 48.4% increase year-over-year and a 163.6% increase sequentially. The growth for the quarter was mainly due to an increase in product sales, which included 95 units of the EH216 series and 5 units of the VT35 delivered this quarter. For the entire year, total eVTOL deliveries reached 221 units, with revenues totaling RMB 509.5 million, indicating an 11.7% year-over-year growth that exceeded our annual guidance. This increase demonstrates the continued market demand for our products, along with our successful execution and delivery management, customer support, and readiness for commercial operations.
The gross margin in Q4 was 62.1%, rising from 60.7% in Q4 2024 and 60.8% in Q3 2025. For the full year of 2025, we achieved a gross margin of 62%, up from 61.4% in 2024. As we ramped up production, overall cost efficiency improved. The company maintained a gross margin over 60%, showing our strong product competitiveness, enhanced production capabilities, and effective cost management in the eVTOL sector. Turning to operating expenses, in Q4, adjusted operating expenses, which exclude share-based compensation, were RMB 99.3 million, reflecting a 26% increase year-over-year from RMB 78.8 million in Q4 2024 and an 11.4% increase from RMB 89.1 million in Q3 2025. For 2025, adjusted operating expenses amounted to RMB 348.9 million, representing a 20% increase from RMB 290.1 million in 2024. The rise in operating expenses was mainly due to ongoing R&D innovation, product sales expansion, and the company's efforts in commercialization.
As we grow our business, we have strategically broadened our sales network, augmented our operations team, and recruited key R&D talent while continuing to invest in the development of new eVTOL models like the VT35 and EH216-F series and related technologies to enhance our product pipeline and establish a foundation for future revenue streams. As the company’s revenue continues to rise with only a modest increase in operating expenses, operational efficiency has been consistently improving, especially in the fourth quarter, where we experienced a notable increase in overall profitability. We achieved our first quarter of GAAP profitability in Q4, with net income reaching RMB 10.5 million. Adjusted operating income for the fourth quarter reached RMB 54.3 million, signifying a year-over-year increase of 99.5% and a significant sequential improvement from a loss. The adjusted net income for Q4 was RMB 71.5 million, an increase of 96.4% year-over-year, also marking a return to profitability sequentially.
Annually, the company recorded a second consecutive year of profitability under non-GAAP measures with adjusted net income of RMB 29.4 million in 2025. This not only highlights that we are on the right path toward profitable growth but also illustrates our capacity to convert operational leverage into sustainable financial returns. Looking forward to 2026, the company will continue to enhance commercial operations and sales of the EH216-S, expand into non-passenger businesses, and deepen our international market penetration. We anticipate full-year total revenues to reach RMB 600 million, indicating a year-over-year increase of approximately 18%. As our manufacturing and operational systems continue to evolve, the overseas Sandbox projects advance, global market expansion quickens, and ongoing investments in next-generation products solidify the groundwork for our long-term growth. This necessitates a careful balance between strategic execution and financial discipline in resource allocation, ensuring each investment yields sustainable long-term value.
We will remain focused on managing risks, improving efficiency, and ensuring our expansion solidifies our financial standing for the next phase of high-quality, sustainable growth while delivering long-term and stable value to our shareholders. Thank you.
分析師問答
Your first question comes from Peggy Wang with Morgan Stanley.
This is Peggy from Morgan Stanley. Congratulations on good first quarter results. So I have two questions today. First, it's about the license for ground operating crew since we now expect to begin commercial operation in China soon. So could the management team share some more color on the progress of getting those required licenses for the crew team? And the second one is about the projects in Thailand. Since we are also close to obtaining a license for commercial operation, what is the expected timing of revenue contribution? And how will the volume ramp up going forward? So these are my questions.
This is Wang Zhao. I will take your first question. As mentioned previously, we are still moving forward with the operator training program. All training materials have been submitted to the CAAC for approval, and several courses have already been authorized. We expect the first class for operators to begin in the first half of the year. The good news is that to encourage qualified operators to conduct early commercial operations, the authorities have expanded the number of specially authorized operators for EHang. In the short term, we can conduct commercial operations through these operators. In the long term, we will replenish our talent pool through the operator training program. Thank you.
This is Conor. I will address your second question. Since last October, we have been carrying out extensive test flights and trial operations in Thailand. The Civil Aviation Authorities of China and Thailand have communicated thoroughly and reached an agreement on mutual airworthiness recognition. This process is nearly complete. We anticipate obtaining the first overseas commercial operation license for the EH216-S pilotless eVTOL aircraft after receiving final approval from the Civil Aviation Authority of Thailand. This development would allow us to truly realize urban air mobility services. Regarding the commercial operations, they are still in the planning phase and will occur through the Sandbox initiative. Once we secure the Sandbox commercial operation permit, local customers will begin to place purchase orders and deliveries. We expect this to begin in Q2. If everything progresses smoothly, we could see dozens of units delivered by the end of 2026. Thank you.
This is Wei Shen from UBS. Congratulations on the strong results. I have two questions. One is about the recent policy changes in the domestic low altitude industries, as we've seen increased discussions regarding this sector during the two sessions meetings. My second question is about the sales guidance for the overseas market; could management provide any insights?
This is Wang Zhao. I'll address your first question. We believe that the macro environment in 2026 will improve compared to 2025. The 15th five-year plan has elevated the low altitude economy to a key emerging industry, which will see increased resource allocation and policy support going forward. The development of this sector has also been included in the new civil aviation law, set to take effect this July. This indicates that the industry is transitioning to a phase governed by laws and regulations, with standard systems being gradually established. This is an essential step for the emerging aviation sector. EHang is leading in this industry, contributing valuable experience to the development of standards. We anticipate an overall improvement in the market environment.
This is Conor. I'll address your second question. For overseas revenue, the overall revenue guidance for 2026 is RMB 600 million. In 2025, the overseas revenue was a small percentage in the low single digits. Looking ahead to this year, with commercial operations beginning in countries like Thailand, we anticipate a significant increase in overseas revenue compared to last year. If everything goes well, we could see the contribution from overseas revenue rise to the double digits as a percentage of total revenue.
I would like to ask about the RMB 600 million revenue guidance. What assumptions are behind that figure? Can you discuss how you're diversifying revenue through different models, such as service revenue compared to aircraft delivery or the OEM model versus the operator model, and how the overseas market fits into this? How do you foresee this evolving in the upcoming year and the next?
This is Wang Zhao. I'll take your question. In addition to the human-carrying eVTOL business, we will proactively develop the non-passenger segment this year, including emergency firefighting, logistics, GD4.0 drone formations, and command and dispatch systems. We delivered 8 firefighting aircraft in December 2025. Meanwhile, during the Chinese Spring Festival Gala, our formation performance of 22,580 drones earned EHang a new Guinness World Record and attracted significant attention. This attention led to a surge in inquiries for this business, highlighting our achievements in diversified aircraft models and non-passenger operations. With the opening of commercial operations and public ticket sales in March, EHang General Aviation will generate some operational service revenue, though the initial contribution to overall revenue won't be substantial. Nevertheless, this marks a positive start. Thank you.
I have two questions for the management. The first one is about our commercial operation plan this month in China. Initially, how do we expect the fleet size of our commercial operation in the two cities in China? And given the current fare price, how do we think about the unit economy model? And what's the profit margin of this operation?
Initially, there will be around 6 to 10 aircraft, and we will gradually increase the number of eVTOLs used for commercial operations. The introductory ticket price for each passenger is set at RMB 299, which will essentially cover the flight costs. With the specific data, we will need some time before we can share further details with the public.
This is Conor. I'll address your second question. Yes, you're correct. Overall, the expenses in 2025 were lower than in 2024, leading to a smaller-than-expected rise in operating expenses. Looking forward to 2026, the year-over-year growth rate for operating expenses is anticipated to be lower than our revenue growth rate. We are projecting our revenue growth at 18% year-over-year, and our operating expenses will certainly be lower than that.
Congratulations for the company on the strong results in Q4 and also achieving commercial operation in March. So my first question is regarding the strong delivery in the fourth quarter. So we saw the company deliver units on a single quarter. So I would like to know who are the major clients contributing to such strong delivery? And do you expect further orders from the same clients?
This is Wang Zhao. The increase in deliveries during Q4 was primarily due to our marketing efforts throughout 2025. Many of the customers were not new to Q4, but rather had been in discussions with us about specific operational plans and scenarios in previous quarters, which ultimately led to these deliveries. Some of these clients were repeat customers. The main contributions came from clients in Hefei, Wencheng, Xiamen, Guizhou, Sichuan, and Guangzhou, and we anticipate future repeat orders from these returning customers.
That's very clear. And then my second question is regarding the commercial operation in March. So I would like to know some specifics. Firstly, do you have an exact date on when the app will be launched or the public can book their flights in the program? And then is it point A to point B flight and each time, is it 1 or 2 persons?
Yes, our commercial operations will be launched in March. We haven't yet disclosed the exact date as we are still fine-tuning the booking platform and the mini program. However, operationally, we are ready. The flight is for tourism purposes, and it operates from point A to point B, carrying one passenger. We believe this is sufficient to meet customer needs.
So my question is about the OC application for the existing customers. What is the company doing to facilitate the OC application? Are there any timelines that can be shared regarding this? Additionally, I'm wondering if there are any updates on the QC or airworthiness application for VT35. What's the current plan? Are there any changes or updates on that?
This is Wang Zhao. I'll address your first question. Two customers have received the operational certification, and their commercial operations will begin gaining valuable experience, serving as a model project for other clients. We anticipate that training for the ground crew will commence in the first half of the year, laying a strong foundation for the expertise required for commercial operations. Our client from Guizhou has already submitted their documentation for the certification. Additionally, the policy environment is significantly more favorable than it was in 2025. We have completed extensive preparations and are ready. We believe that as we progress with these applications, we will see an increase in the number of customers applying for and receiving their operational certifications in the upcoming year.
This is Feng Shuai. I will address your second question regarding the progress of VT35 certification. In the fourth quarter, our VT35 successfully completed crucial tests, including multi-rotor protective transition and shutdown, as well as locked propeller fixed-wing flights. We have also conducted our first TCT meeting for the airworthiness review. Currently, we are performing flight envelope tests and aim to secure type certification in China within two years.
This is Feng Shuai. I will address your second question regarding the progress of VT35 certification. In the fourth quarter, our VT35 completed essential tests, such as multi-rotor protective transition and shut-down, as well as locked propeller fixed-wing flights. Furthermore, we conducted our first TCT meeting for the airworthiness review. We are currently in the process of flight envelope tests and aim to secure the type certification in China within the next two years.