eVTOL use cases in expansion with solid policy support; EHang down to Neutral on fair valuation

研报英文原文证据摘录

eVTOL use cases in expansion with solid policy support; EHang down to Neutral on fair valuation

Equity Research

14 July 2026 | 6:12PM HKT

GC TECH

eVTOL use cases in expansion with solid policy support; EHang down to

Neutral on fair valuation

eVTOL development in China continues to progress with growing commercial Allen Chang

+852-2978-2930 |

applications (e.g. sightseeing, logistics, and short-term transportation), evolving allen.k.chang@gs.com

Goldman Sachs (Asia) L.L.C.

ecosystem, strengthened policy support and more detailed regulation. The use case

Verena Jenginitially is in Aerial Tourism (point A to B), and has gradually expanded to short-haul +852-2978-1681 | verena.jeng@gs.com

logistics, with long-term upside from Air Taxi/ Airport Shuttle services. Goldman Sachs (Asia) L.L.C.

Ting Song

Policy support on the Low Altitude Economy: We review recent government +852-2978-6466Goldman Sachs (Asia)| ting.song@gs.comL.L.C.

standard, policies and regulations for the eVTOL industry. We note that the Civil

Aviation Law, announced in Dec 2025, aims to optimize the allocation of low-altitude

airspace resources, while the 15th Five-Year Plan positioned the low-altitude

economy as an emerging pillar industry in Mar 2026 (Link). We remain positive on the

favorable policies and regulation supporting UAM and the Low-Altitude economy.

n Anhui province: Operational subsidy for launching a new route with rewards of

Rmb400k; Production and manufacturing incentives.

n Shenzhen: Operational subsidy ranging from Rmb100-300 per flight per person

for eVTOL operation; Production and manufacturing incentives.

n Guangzhou: Operational subsidy of no more than Rmb1m for a single

human-carrying pilotless aerial route; Production and manufacturing incentives.