Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

EH

EHang Holdings Ltd

Screen state: Passing Source state: Verified 20-F | 2026-05-15 Filing currency: CNY
Open Filing Back to Register Report a correction
Internal NCAV Discount 99.0%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
1,483,513,000CNY
Total Liabilities
923,191,000CNY
NCAV
83,025,429CNY
Cash
256,400,000CNY
NCAV per share
3,820.42CNY/share
Evidence
7 annual | 0 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection High NCAV Burn since the previous filing 560,322,000
Latest
560,322,0002025-12-31
Comparison
728,336,0002024-12-31
Change
-23.1%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-226608; REPORTED_FILING 20-F 2024-12-31

Requires inspection Material 1Y Share Increase 146,665
Latest
146,6652025-12-31
Comparison
134,3672024-12-31
Change
+9.2%

Basis: 1Y share change >= +2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-226608; REPORTED_FILING 20-F 2024-12-31

Requires inspection Negative OCF -179,506,000
Latest
-179,506,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-226608

Supporting observation Current Ratio > 1.5 2.07
Latest
2.072025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001193125-26-226608

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001193125-26-226608 2026-05-15 20-F Verified Data Vault | sec/cleaned/cik=0001759783/accession=0001193125-26-226608/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 0 quarterly periods available from Data Vault for this company.

quarterly periods are missing

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
CNY
2024-12-31
20-F
CNY
2023-12-31
20-F
CNY
2022-12-31
20-F
CNY
2021-12-31
20-F
CNY
2020-12-31
20-F
CNY
2019-12-31
20-F
CNY
Revenue 417,981,000 456,152,000 117,426,000 44,317,000 56,807,000 180,093,000 121,814,000
Operating Income -316,712,000 -254,075,000 -296,252,000 -303,950,000 -320,536,000 -91,296,000 -46,345,000
Net Income -275,977,000 -229,776,000 -301,700,000 -328,221,000 -313,959,000 -87,619,000 -48,545,000
Cash From Operations -179,506,000 157,959,000 -88,410,000 -173,458,000 -121,629,000 -151,696,000 -55,518,000
Capex -147,903,000 -38,966,000 -7,832,000 -12,166,000 -15,645,000 -8,742,000 -2,740,000
Free Cash Flow -327,409,000 118,993,000 -96,242,000 -185,624,000 -137,274,000 -160,438,000 -58,258,000
Cash And Equivalents 256,400,000 610,877,000 228,250,000 249,310,000 246,863,000 137,840,000 321,662,000
Accounts Receivable 111,670,000 58,180,000 34,786,000 20,298,000 56,189,000 163,146,000 41,103,000
Inventory 101,634,000 75,687,000 59,488,000 72,364,000 78,075,000 47,094,000 18,490,000
Total Current Assets 1,483,513,000 1,357,020,000 453,048,000 387,155,000 477,150,000 424,461,000 428,513,000
Total Assets 1,991,533,000 1,584,498,000 598,645,000 530,867,000 535,434,000 484,549,000 449,413,000
Total Current Liabilities 715,797,000 470,343,000 250,075,000 282,341,000 136,447,000 158,047,000 95,598,000
Total Liabilities 923,191,000 628,684,000 384,426,000 406,189,000 201,388,000 206,849,000 134,058,000
Shareholders Equity 1,068,927,000 955,643,000 213,792,000 124,258,000 332,601,000 276,318,000 311,574,000
Shares Outstanding n/a n/a n/a n/a n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 146,665 134,367 121,494 114,695 112,985 109,563,000 61,136,000
Weighted Avg Shares Basic 146,665 134,367 121,494 114,695 112,985 109,563,000 61,136,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 0 quarterly periods available from Data Vault for this company.

Metric
Revenue
Operating Income
Net Income
Cash From Operations
Capex
Free Cash Flow
Cash And Equivalents
Total Current Assets
Total Liabilities
Shares Outstanding
Shares Outstanding Diluted
Weighted Avg Shares Diluted
Weighted Avg Shares Basic
Net Share Count Change (Normalized)
Ownership Claim Change (Normalized)
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 1,483,513,000CNY us-gaap:AssetsCurrent 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Total Liabilities 923,191,000CNY us-gaap:Liabilities 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Cash 256,400,000CNY us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Shares Outstanding 146,665 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-12-31 1.00 Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
NCAV 560,322,000CNY derived 2025-12-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 3,820.42CNY derived 2025-12-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 99.0% derived 2025-12-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001759783
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001759783/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
7
Imported At
2026-08-15T12:51:54+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0001193125-26-226608
CIK
0001759783
Mary Filing Date
2026-05-15
Filing Currency
CNY
Internal Discount
99.0%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-15; mary_accession=0001193125-26-226608; mary_cik=0001759783; gnni_supporting_filing_date=2026-05-15; internal_discount=0.98986; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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