自动驾驶飞行器科技企业亿航在美提交招股书

2019-11-01 22:37

      美国当地时间10月31日,中国智能自动驾驶飞行器科技企业亿航智能向美国证券交易委员会(SEC)提交首次公开发行的招股书(Form F-1)文件显示,其拟在纳斯达克(8360.5489, 68.19, 0.82%)全球市场募资1亿美元,股票代码为“EH”。

  对于此次公开发行股票后取得的净收益用途,招股书中披露,主要有5项:一是用于产品、服务和技术的研发工作;二是用于销售和市场营销,包括开发全球销售渠道;三是扩大生产能力;四是发展城市空中交通运输解决方案,包括客运和货运服务;五是一般用途,包括补充公司营运资金和进行潜在的战略投资和收购。

  招股书中介绍,亿航是一家自动驾驶飞行器(AAV)技术平台公司,通过自主开发的自动驾驶飞行器和相关商业解决方案探索交通的未来。亿航称,相信其是全球首家推出载人级自动驾驶飞行器的公司,为自动驾驶飞行器技术的开发和推广树立了新的里程碑。此外,亿航还承担设计、开发、制造、销售和运营自动驾驶飞行器及其支持系统和基础设施的工作,这一产品和技术应用广泛,涉及行业包括客运、物流、智慧城市管理和航空媒介解决方案。

  亿航主营业务共有三块,一是城市空中交通(包括客运和物流),二是智慧城市管理,三是空中媒体解决方案。具体而言,城市空中交通主要为使用无人机在市区内或市区附近的低空空域提供客运和货运服务;智慧城市管理是指部署无人机执行城市管理中的各种任务,例如消防、环境监测、交通管理等;空中媒体解决方案主要指的是空中机队编队表演,即部署大型机队的发光无人机在空中创建2D或3D编排的灯光秀。

  具体来看财务数据。

亿航财务数据

  2018年,亿航营收6649万元人民币,较2017年营收3170万元人民币增长109.7%;净亏损8046万元人民币,较2017年净亏损8658万元人民币减少了7.6%。

  2018年全年,亿航城市空中交通(包括客运和物流)业务板块营收310万元人民币,智慧城市管理业务板块营收3050万元人民币,空中媒体解决方案业务板块营收3130万元人民币,上述三大板块分别占总营收的4.7%、45.8%和47.0%。

  在支出方面,亿航的运营支出总共分为三大块,一是销售和市场支出;二是一般行政开支;三是研发支出。2018年全年,亿航在销售和市场方面支出2017万元,在一般行政开支方面支出3594万元,在研发方面支出6028万元,分别占到运营支出的17.3%、30.9%和51.8%。

  2019年上半年,亿航实现营收3239万元人民币,较去年同期3836万元人民币下降15.6%;净亏损则有所增加,2019年上半年净亏损3764万元人民币,较去年同期2649万元人民币增加了42.1%。

  值得注意的是,2019年上半年,亿航核心业务空中交通解决方案的营收增长至2390万元人民币,占总营收的73.7%。
  在现金流方面,2017年、2018年亿航在运营活动现金流流出分别为3843万元人民币、4341万元人民币;2019年上半年在运营活动现金流流出为3989万元,2018年上半年的运营活动现金流流出为2917万元。

       对于其内部研发能力,招股书中称,截至2019年9月30日,该公司由125名成员组成的研究和产品开发团队占员工总数的一半以上。亿航的研发工作由公司创始人、董事长兼首席执行官胡华智领导,其余研发团队成员包括在电气工程、航空航天工程、机械工程、自动化、材料工程和软件开发方面拥有丰富背景的人员。截至2019年9月30日,亿航在中国拥有138项授权专利,其中许多涉及公司核心技术,如飞行控制和指挥控制系统。

  对于合作伙伴,招股书中说明,亿航目前的战略合作伙伴包括在中国进行最后一公里快递服务的中外运敦豪(DHL-Sinotrans)、在欧洲提供5G服务和从事自动驾驶飞行器技术创新的沃达丰(20.39, -0.03, -0.15%)(Vodafone GmbH)以及在欧洲从事自动驾驶飞行器生产的FACC。

  亿航在招股书中称,在其设计和测试中心,已经对自动驾驶飞行器进行了大量测试,包括爬升飞行测试、高机动能力测试、速度测试、夜间飞行测试,以及恶劣天气条件下的飞行测试。目前已经完成了2000多次载人级自动驾驶飞行器飞行测试,包括在时速70公里的风中,以及能见度约50米的雾中。

  截至招股书发布当日,亿航已经交付了38台载人级自动驾驶飞行器,用于测试、培训和演示,并开发了两个用于智慧城市管理的指挥控制中心。此外,截至招股书发布当日,亿航还有28个载人级自动驾驶飞行器订单尚未完成。

  在风险方面,招股书中提到,其未来的增长取决于市场和客户对载人级自动驾驶飞行器和空中交通解决方案的需求和接受程度,包括市场对载人级自动驾驶飞行器作为交通工具和物流运输工具的接受程度;新的、不断发展的监管环境;是否及时履行产品订单;持续生产安全、高质量和高效益载人级自动驾驶飞行器的能力;和客户期待相匹配的载人级自动驾驶飞行器的性能,以及客户对该产品的兴趣与需求;能否打造一个公认的、受人尊敬的品牌。

  招股书中称,若未能管理上述风险,可能会阻止当前或潜在客户购买产品与相关解决方案,且产品及相关解决方案可能会面临价格下跌的压力。如果载人级自动驾驶飞行器或空中交通解决方案没有像预期那样发展,或者发展速度比预期慢,那么公司的业务、前景、财务状况和经营业绩将受到重大不利影响。

  在管理人员方面,现年42岁的亿航创始人胡华智担任公司董事长兼首席执行官。据招股书披露,胡华智1992年至1997年就读于清华大学计算机科学专业,2006年至2008年在北京今典集团任负责信息管理的副总裁,2008年至2010年间在北京999应急救援中心担任首席技术官,负责应急指挥和控制中心的发展,2005年创立亿航。

  亿航联合创始人熊逸放现年30岁,担任公司董事兼首席营销官。GGV纪源资本管理合伙人李宏玮担任公司董事。

  此外,还有首席财务官Richard Jian Liu,首席战略官Edward Huaxiang Xu和2名独立董事Haoxiang Hou和Conor Chia-hung Yang。

       在高管持股方面,胡华智持股45.6%,为公司第一大股东;公司第二大股东为李宏玮,持股10.8%。熊逸放持股3.4%,Richard Jian Liu持股1.3%。在机构持股方面,真格基金持股7.6%,为第三大股东;Ballman Inc.持股7.1%,为第四大股东。

英文版

English version

On October 31, US local time, China’s intelligent self-driving aircraft technology company Yihang Intelligent submitted its initial public offering prospectus (Form F-1) to the US Securities and Exchange Commission (SEC), which it plans to be on Nasdaq ( 8360.5489, 68.19, 0.82%) The global market raised $100 million under the ticker symbol "EH."

For the net income use obtained after the public offering of shares, there are five main disclosures in the prospectus: one is for research and development of products, services and technologies; the other is for sales and marketing, including the development of global sales channels. The third is to expand production capacity; the fourth is to develop urban air transport solutions, including passenger and freight services; and the fifth is general use, including supplementing company working capital and conducting potential strategic investments and acquisitions.

According to the prospectus, Yihang is an AAV technology platform company that explores the future of transportation through self-developed self-driving aircraft and related commercial solutions. Yihang said that it is the first company in the world to launch a manned-class self-driving aircraft, setting a new milestone for the development and promotion of autonomous vehicle technology. In addition, Yihang also undertakes the design, development, manufacture, sale and operation of autonomous pilot aircraft and its supporting systems and infrastructure. This product and technology is widely used in industries including passenger transport, logistics, smart city management and aviation media solutions. Program.

Yihang has three main businesses, one is urban air traffic (including passenger transportation and logistics), the other is smart city management, and the third is air media solutions. Specifically, urban air traffic is mainly used to provide passenger and freight services in low-altitude airspace in urban areas or near urban areas using smart drones; smart city management refers to deploying drones to perform various tasks in urban management, such as fire fighting. , environmental monitoring, traffic management, etc.; air media solutions mainly refer to the air fleet formation performance, that is, the deployment of large fleet of luminous drones to create 2D or 3D choreographed light show in the air.

Specifically look at the financial data.

In 2018, Yihang's revenue was 66.49 million yuan, an increase of 109.7% from the 2017 revenue of 31.7 million yuan; the net loss was 80.46 million yuan, a decrease of 7.6% from the 2017 net loss of 86.58 million yuan.

In 2018, Yihang City's air traffic (including passenger and logistics) business segment revenue was 3.1 million yuan, smart city management business segment revenue was 30.5 million yuan, and air media solution business segment revenue was 31.3 million yuan. The above three sectors accounted for 4.7%, 45.8% and 47.0% of the total revenue, respectively.

In terms of expenditure, Yihang’s operating expenses are divided into three major segments, one is sales and market expenditure; the second is general administrative expenses; the third is research and development expenditure. In the whole year of 2018, Yihang spent RMB 10,000 in sales and marketing, RMB 35.94 million in general administrative expenses, and RMB 60.28 million in research and development, accounting for 17.3%, 30.9% and 51.8% of operating expenses, respectively.

In the first half of 2019, Yihang achieved revenue of RMB 32.39 million, down 15.6% from RMB 38.36 million in the same period last year; net loss increased, with a net loss of RMB 37.64 million in the first half of 2019, compared with RMB 26.49 million in the same period last year. The yuan has increased by 42.1%.

It is worth noting that in the first half of 2019, the revenue of Yihang's core business air traffic solutions increased to 23.9 million yuan, accounting for 73.7% of the total revenue.


In terms of cash flow, cash flow from operating activities in 2017 and 2018 was 38.43 million yuan and 43.41 million yuan respectively; in the first half of 2019, cash flow from operating activities was 39.89 million yuan, in the first half of 2018. The cash flow outflow from operating activities was 29.17 million yuan.


For its in-house R&D capabilities, the prospectus states that as of September 30, 2019, the company's 125-member research and product development team accounted for more than half of the total workforce. The research and development work of Yihang is led by Hu Huazhi, founder, chairman and CEO of the company. The rest of the R&D team includes people with backgrounds in electrical engineering, aerospace engineering, mechanical engineering, automation, materials engineering and software development. As of September 30, 2019, Yihang had 138 authorized patents in China, many of which involved the company's core technologies, such as flight control and command and control systems.

For the partners, the prospectus indicates that Yihang’s current strategic partners include DHL-Sinotrans, which provides the last mile express delivery service in China, 5G services in Europe, and Vodafone (innovative in the technology of autonomous vehicles). 20.39, -0.03, -0.15%) (Vodafone GmbH) and the FACC for autonomous aircraft production in Europe.

In its prospectus, Yihang said that a number of tests have been carried out on its self-driving aircraft at its design and test center, including climb flight test, high mobility test, speed test, night flight test, and flight test in bad weather conditions. . More than 2,000 manned-level autonomous pilot flight tests have been completed, including in the wind at 70 km/h and in fog with a visibility of about 50 m.

As of the date of the release of the prospectus, Yihang has delivered 38 manned self-driving aircraft for testing, training and demonstration, and developed two command and control centers for smart city management. In addition, as of the date of the promulgation of the prospectus, there are still 28 orders for manned self-driving aircraft that have not been completed.

In terms of risk, the prospectus mentions that its future growth depends on the market and customer demand and acceptance of manned self-driving aircraft and air traffic solutions, including the market for manned self-driving aircraft as a means of transport and Acceptance of logistics and transportation tools; new and evolving regulatory environment; timely fulfillment of product orders; continuous production of safe, high-quality and high-efficiency manned-class self-driving aircraft; and manned automatic matching with customer expectations The performance of the aircraft and the customer's interest and demand for the product; whether it can create a recognized and respected brand.

The prospectus states that failure to manage the above risks may prevent current or potential customers from purchasing products and related solutions, and products and related solutions may face downward pressure on prices. If the manned self-driving aircraft or air traffic solution does not develop as expected, or if the development rate is slower than expected, the company's business, prospects, financial condition and operating results will be significantly adversely affected.

In terms of management personnel, Hu Huazhi, the 42-year-old founder of Yihang Airlines, served as chairman and chief executive officer of the company. According to the prospectus, Hu Huazhi studied computer science at Tsinghua University from 1992 to 1997. He was the vice president of information management at Beijing Jindian Group from 2006 to 2008. He served as the chief of the Beijing 999 Emergency Rescue Center from 2008 to 2010. The technical officer, responsible for the development of the emergency command and control center, founded Yihang Airlines in 2005.

Xiong Yifang, co-founder of Yihang Airlines, is 30 years old and serves as director and chief marketing officer of the company. Li Hongwei, managing partner of GGV Jiyuan Capital Management, served as a director of the company.

In addition, there is Chief Financial Officer Richard Jian Liu, Chief Strategy Officer Edward Huaxiang Xu and two independent directors Haoxiang Hou and Conor Chia-hung Yang.


In terms of executive shareholding, Hu Huazhi holds 45.6% of the shares and is the company's largest shareholder; the company's second largest shareholder is Li Hongwei, holding 10.8%. Xiong Yi holds 3.4% of the shares and Richard Jian Liu holds 1.3%. In terms of institutional shareholding, Zhenge Fund holds 7.6%, the third largest shareholder; Ballman Inc. Holding 7.1%, it is the fourth largest shareholder.

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