EHang Outlook: A Deteriorating Technical Picture Amid Weak Fundamentals

1. Market SnapshotTakeaway: EHang (EH.O) is currently experiencing a significant price decline (-16.69% recently) and faces bearish signals across both technical and fundamental indicators.

2. News Highlights Strategic Deals in Air Cargo: Toppoint Holdings signed an MOU with Jinyangcheng, a Chinese air cargo leader, to expand its global freight capabilities. While not directly related to EHang, it shows growing industry momentum and potential sector-wide opportunities. Regulatory and Operational Shifts: Exactitude Consultancy highlighted that the air cargo industry is evolving rapidly, with new regulatory challenges and innovations such as blended-wing aircraft being explored—key themes EHang might need to adapt to in the long run. Logistics Market Growth: Reports suggest a growing air freight and logistics market driven by e-commerce and trade, yet EHang appears to be losing ground to more agile competitors based on recent stock performance.

3. Analyst Views & FundamentalsAnalysts and models are in general agreement that EHang is underperforming. The simple average rating is 3.00 out of 10, while the weighted average rating is 0.00 due to poor historical performance. The rating consistency is low, with only one analyst (Beatrice Lam of JPMorgan) having provided a "Neutral" rating in the last 20 days.

These scores align closely with the current price trend, which shows a sharp fall (-16.69%). The weighted average of 0.00 reflects JPMorgan's historical performance of 0% in accuracy over its single prediction.

Key Fundamental Factors ROA (Return on Assets): -0.09% — an internal diagnostic score of 1.32 (low), indicating poor asset efficiency.

EV/EBIT: -7.85 — score of 0.25 (very low), suggesting weak earnings power relative to enterprise value. PS (Price to Sales): 60.83 — score of 0.41 (very low), pointing to overvaluation of sales multiples. PE (Price to Earnings): -110.50 — score of 0.24 (very low), showing unaffordable earnings multiples. PB (Price to Book): 0.01 — score of 0.23 (low), suggesting low book value relative to stock price.

4. Money-Flow TrendsDespite the stock's poor price performance, there is a notable contrast in money-flow patterns: Large and Extra-large investors are showing a positive trend, with inflow ratios of 0.47 and 0.51, respectively. Small and medium investors are bearish, with inflow ratios at 0.47 and 0.46.

This suggests that institutional investors are not entirely convinced by the current price decline, while retail investors are clearly bearish. The overall fund-flow score is 7.67 (internal diagnostic score, 0-10), indicating a relatively strong institutional position despite the stock's recent drop.

5. Key Technical SignalsEHang is currently flashing strong bearish signals on key technical indicators: Williams %R (WR): internal diagnostic score of 2.88 — a "Neutral rise" signal but still in the over-sold territory for five consecutive days. RSI (Relative Strength Index): internal diagnostic score of 1.00 — strongly bearish with a win rate of just 18.18% historically and an average return of -3.88%.From November 18 to November 24, 2025, EHang triggered both WR and RSI "Oversold" signals every day. This repeated pattern suggests a strong bearish momentum.According to the key insights from the model, the overall trend is “weak”, with bearish indicators clearly dominating the technical picture.

6. ConclusionEHang is currently facing a triple threat: bearish technical indicators, poor fundamental scores, and a weak analyst outlook. Investors who are long the stock should consider limiting new exposure and possibly taking profits, especially in light of the recent sharp decline and lack of institutional support.

Actionable Takeaway: Consider avoiding new positions or waiting for a clearer reversal signal before entering. Keep a close eye on any developments related to EHang’s logistics ambitions and regulatory environment, but for now, the technical and fundamental outlook remains deeply bearish.