{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-89ddcca0331a", "slug": "eeb36d3ea12a", "title": "EHang Holdings, Ltd. (EH)", "subtitle": "Wolfpack Research · 2021-02", "author": "Wolfpack Research", "date": "2021-02-16 00:00:00", "pageCount": 33, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "EHang Holdings, Ltd.", "targetTicker": "EH", "document": { "id": "019dd923-622c-750b-8b9a-89ddcca0331a", "slug": "eeb36d3ea12a", "title": "EHang Holdings, Ltd. (EH)", "rawTitle": "b084d8 ce793fca80ba46738acf2b9ac4eb3160", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "authorDisplay": "Wolfpack Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "b084d8_ce793fca80ba46738acf2b9ac4eb3160.pdf", "sourceUrl": null, "sourceDate": "2021-02-16 00:00:00", "presentationDate": "2021-02-16 00:00:00", "ingestedAt": "2026-04-22 22:54:28+00", "status": "ready", "pageCount": 33, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "EHang Holdings, Ltd.", "targetTicker": "EH", "metadata": { "local_root": "/tmp/legacy-images/eeb36d3ea12a", "activist_firm": "Wolfpack Research", "origin_corpus": "contrarian", "extraction_seconds": 118.98195791244507 } }, "coverage": { "pageCount": 33, "pagesIndexed": 33, "pagesWithImages": 33, "pagesWithMetadata": 33, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 168, "chartCount": 1, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 2, "frameworkMatches": 20, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "48c6f596-55a4-4d2a-8d42-8d45aeb2f346", "evidence": "The document follows a narrative of exposing EHang's 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"name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 17, "name": "Other", "beatId": "027e0453-19fd-45ec-bc2c-ce88f991be8a", "matchId": "48c6f596-55a4-4d2a-8d42-8d45aeb2f346", "beatType": null, "evidence": "Slides present additional information and evidence.", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 9, "from": 7, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "a21430f4-675b-4a76-b4f9-62480ea346ee", "evidence": "Slides provide detailed information about EHang's manufacturing facility.", "position": 0, "objective": "To provide detailed information about EHang's manufacturing facility", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:43.57435+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e55d658b-3321-4e3c-8be9-7602dcd8696f", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5222934d-dcb1-419d-8fcf-09c00a2b9c88", "evidence": "Hu Huazhi (CEO/co-founder, EHang) and Feng Shuai (95% holder of EH Guangzhou)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e2bdb20d-962c-41e3-a56f-1c9e7581ab58", "evidence": "This slide presents a clear and concise summary of the report's findings, including the title, type, and components that outline the main arguments.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:55:58.598558+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "94aac501-154c-4957-8f3d-ba4f28b8169d", "evidence": "The quote from the CEO contradicts the information presented in the sales contracts.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:11:21.433027+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "01ae4b8b-da1e-4dee-bb3d-c48b93a8178e", "evidence": "The slide systematically deconstructs the legitimacy of a company's revenue source through investigative findings.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:48.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "frameworkName": "fraud-exposure" }, { "matchId": "7b3057fb-c820-4339-aff9-62433c7ffbf2", "evidence": "The slide uses physical site visits to contradict corporate filings.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:04.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "fraud-exposure" }, { "matchId": "16b82965-ba5e-4e4f-ae27-cdb387852dc7", "evidence": "The slide explicitly compares the current findings to 'China-based frauds we exposed a decade ago'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:48.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "fraud-exposure" }, { "matchId": "fb24c623-71bd-4499-a235-55702b289446", "evidence": "Compares subject company against industry peers (XAG and Robinson) to highlight deficiencies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:49.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "comparison_frame" }, { "matchId": "b6e2ed08-cad3-4e1e-97b9-711413f3cd33", "evidence": "The slide explicitly refutes a claim using on-site photographic evidence to prove a company's statement is false.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:09:50.493+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "fraud-exposure" }, { "matchId": "ba62f81b-30fd-4f64-86b1-e05fc9efbb00", "evidence": "The slide explicitly attempts to expose a contradiction between company claims and physical reality.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:04:27.024+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "62fcfb3f-a37b-4437-9d64-7fcb39f71256", "evidence": "The slide uses a transcript to expose a contradiction between EHang's claims and the reality of their components.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:49.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "fraud-exposure" }, { "matchId": "74fc52b5-ca86-4c6e-b6bf-134f0a9f5ead", "evidence": "Visual comparison used to debunk company claims of proprietary IP.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:04:28.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "fraud-exposure" }, { "matchId": "9dfc9651-b9c4-4001-8591-bd11996ed328", "evidence": "Implicit contrast between EH's marketed 'world class design and testing center' and the photographed reality.", "framework": null, "confidence": 0.55, "extraction": { "at": "2026-05-03 03:31:36.084+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "Before/after framing" }, { "matchId": "32185999-c239-4aa9-a126-6a5c36609e38", "evidence": "On-site investigation contrasting EH's SEC-filing claims with observed dilapidated, vacant facility.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-03 03:31:36.084+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "Fraud exposé" }, { "matchId": "7ee74898-87ac-493f-8b28-ff2408e23843", "evidence": "The slide explicitly compares two contradictory contracts to expose potential financial manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:50.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "2a6d0ea5-0698-4269-96ad-f8d9a140ff4c", "evidence": "The slide systematically presents evidence of 'sham contracts' and 'fabricated sales' to challenge the company's financial integrity.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:05.454+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "3c79f328-f9f4-4f0d-98a9-e76d32fce78a", "evidence": "The slide uses financial statement analysis (AR vs Revenue) to argue for fabricated sales.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:04:31.424+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "28d7a45c-60b5-48ae-bd5b-4cd4d17396dd", "evidence": "Pull-quote sourced directly to the EH 2019 20-F filing acts as the authoritative evidence.", "framework": null, "confidence": 0.75, "extraction": { "at": "2026-05-03 03:31:36.544+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "Authority citation" }, { "matchId": "f974b763-ecdf-4ae2-9d47-47c34d8685e0", "evidence": "Public bullish positioning is contradicted by EH's own 20-F top-risk disclosure quoted on the page.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-03 03:31:36.544+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "CEO quote contradiction" }, { "matchId": "e8a22b12-111e-4456-9d84-a431605b7089", "evidence": "The slide systematically compares public claims against verified regulatory reality to expose misleading statements.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:09:50.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "f1169b3c-13d4-46f7-8c5b-d743b7c3ecfa", "evidence": "The slide systematically deconstructs corporate claims against regulatory reality to expose misleading information.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:09:50.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "fraud-exposure" }, { "matchId": "299dab0c-f13b-431c-8bc9-ecaa6ecf2eaf", "evidence": "Uses Qichacha (official Chinese corporate registry) court records as primary documentary evidence.", "framework": null, "confidence": 0.7, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Authority citation" }, { "matchId": "cfc9183c-6a64-454f-b457-04bef94d6b2f", "evidence": "Numbered takeaways trace a logical chain from absence of SEC disclosure to inferred convertible-creditor structure.", "framework": null, "confidence": 0.6, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Causal Chain" }, { "matchId": "f5d8a635-f5ad-4e11-a685-71331874f1fb", "evidence": "Argues EH used a related-party convertible-creditor scheme to fabricate revenue and disguise it from SEC disclosures.", "framework": null, "confidence": 0.75, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Fraud exposé" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Wolfpack short-report format: Word-style document with cover header (date/company/ticker/industry/price/market cap + Wolfpack logo), bulleted 4-page executive summary, then evidence sections with site-visit photos, contract screenshots, and Qichacha court records. Strong use of bilingual press-release contradictions (English vs Chinese versions) in a 3-column comparison table on pp.26-27. No SCQA structure, no peer-gap chart, no sum-of-parts — just claim/evidence pattern. No explicit price target or upside figure beyond the title 'destined to crash and burn'. No explicit short-position size disclosed; standard WPR disclaimer states they may be long, short or neutral. No single named human author/signatory on the cover.", "kpisCited": [ { "detail": "Only ~20% collected since Dec-2019 IPO", "metric": "Cash collection rate on reported revenue" }, { "detail": "~200 days, despite stated 180-day terms", "metric": "Days sales outstanding" }, { "detail": "RMB125.5M (~$18M); only RMB25.2M (~$3.6M) collected in cash", "metric": "Reported revenue since IPO" }, { "detail": "50 press releases in first 14 months as a public company", "metric": "Press release cadence" }, { "detail": "RMB150M/unit (Feb 2019) vs RMB1.5M/unit (Jun 2019) — 100x discrepancy with same buyer Kunxiang", "metric": "Sales contract unit price gap" }, { "detail": "95% (570,000,000 shares) judicially frozen by Guangzhou Tianhe District People's Court", "metric": "EH Guangzhou equity frozen" }, { "detail": "RMB100M (~$14M) for ~1% of EH, worth ~RMB473M (~$68M) at report date", "metric": "Kunxiang pre-IPO investment in EH" }, { "detail": "Only $10–$20M lifetime — 'they should not even be flying people around'", "metric": "R&D spend (per Mark Moore)" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 22:54:28+00", "model": "unknown-legacy", "runId": null, "seconds": 118.98196, "promptVersion": null }, "scqaReward": "If the thesis is correct EH's reported revenue base is largely fictitious and the China-domiciled assets may be liquidated to repay creditors, implying a stock destined to 'crash and burn' from $124 toward zero.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "EH's main 'customer' Shanghai Kunxiang is a sham — empty offices and a pre-IPO investor in EH", "Sales contracts show RMB150M per unit then RMB1.5M per unit — a 100x price discrepancy", "95% of EH Guangzhou equity frozen by a Chinese court could render ADRs worthless" ], "scqaSituation": "EHang trades at $124 and a $6.8B market cap as the supposed leader in autonomous passenger-grade AAVs (eVTOL air taxis), pitching a Chinese ridesharing network built around its EH216 vehicle.", "thesisSummary": "Wolfpack argues EHang (NASDAQ: EH) is a fabricated-revenue stock promotion rather than a real autonomous-AAV manufacturer. Its only disclosed distributor, Shanghai Kunxiang, is a pre-IPO equity holder whose physical operations are a fraction of what it claims, and it signed two sales contracts with EH at wildly inconsistent unit prices (RMB150M then RMB1.5M, a 100x gap) that EH later asked the SEC to redact. Only 20% of reported revenue has been collected and DSOs run near 200 days. On-the-ground visits found EH's Guangzhou factory practically empty, using hobby-grade T-Motor motors that an ex-Uber Elevate engineer says are unsafe for passenger flight. English vs. Chinese press releases overstate regulatory approvals in the US, Canada, Austria, Norway and China. Finally, a Shenzhen creditor has secured a 95% judicial freeze on EH Guangzhou's equity, which holds essentially all of EH's assets — potentially leaving ADR holders with no recourse.", "primaryDemands": [ "Investors should recognize EH's revenues are largely fabricated via sham sales contracts with Shanghai Kunxiang", "Recognize that EH's manufacturing facility, R&D center and product (hobby-grade motors) cannot support its 'world-class autonomous AAV' narrative", "Recognize that 95% of EH Guangzhou's equity has been frozen by a Chinese court, putting ADR holders at risk of total loss" ], "scqaResolution": "Wolfpack publishes the field investigation, redacted-vs-unredacted SEC contracts, expert quotes from a former NASA/Uber Elevate aviation engineer and Chinese court records — implying investors should exit before the fraud unwinds.", "thesisOneLiner": "EHang is an elaborate stock promotion built on sham sales contracts with a pre-IPO investor masquerading as its main customer, with hobby-grade hardware and a court-frozen China entity that could leave ADRs worthless.", "precedentsCited": [ "Prior China-based fraud exposes by Wolfpack (decade-old precedents referenced re: empty facilities)" ], "scqaComplication": "Its sole disclosed customer is a sham pre-IPO investor signing contracts at impossible prices, the Guangzhou factory is empty and uses hobby-grade motors, English vs. Chinese press releases inflate regulatory approvals, and a Chinese court has frozen 95% of the operating entity's equity.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 7, 19, 26, 29 ], "peerCompaniesCited": [ "Joby Aviation", "Volocopter", "Airbus", "Textron-Bell", "Boeing", "Whisk (Larry Page / Boeing)", "Uber Elevate" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is the cover/summary page of a short-seller report by Wolfpack Research.", 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Government records and credit reports show that EH's major customer is Shanghai Kunxiang Intelligent Technology Co., Ltd.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:48.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbed892e-8c0f-4cf2-8069-afaede97c899", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.73, "x": 0.15, "y": 0.48 }, "kind": "list", "text": "(i) Kunxiang has an exaggerated physical presence... (ii) To the extent Kunxiang actually does sell vehicles, it did not want to sell EH's products... (iii) Kunxiang appears to be a willing participant in EH's stock promotion... (iv) As is common with a sham customer, SAIC files and national credit reports show that Kunxiang was established just 9 days before it signed a RMB450 million sales contract.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:48.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9d46191-575c-4c31-badf-6ad8c9f0117c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.12, "y": 0.05 }, "kind": "paragraph", "text": "Report Date: February 16, 2021. Company: EHang Holdings, Ltd. Ticker: EH US. Industry: Transportation Services. Stock Price (USD): $124.10. Market Cap (USD, Millions): $6,791.3", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:09:48.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "008718c6-bef1-46ae-97a2-332ee2d9701b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "source-note", "text": "All currency conversions in this report have been done at the exchange rate used in EH's 2019 20-F, $1.00 = RMB6.9618", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5aa-215a0220547a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.73, "x": 0.12, "y": 0.51 }, "kind": "list", "text": "Typical of a stock promotion, in just 14 months as a publicly traded company, EH’s PR team has put out 50 press 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However, EH’s constant stream of press releases are easily proven untrue.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:31.962+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03ccc47e-0e9c-4001-be8c-4dc5c2346a09", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.73, "x": 0.12, "y": 0.3 }, "kind": "list", "text": "Also common with a stock promotion, EH has only collected on a fraction of its reported sales since its mid-December 2019 IPO. 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Again, nothing resembling an industrial grade assembly line you would typically see in an automobile or drone factory.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5aa-83cc509d9a21", "parentComponentId": null }, { "bbox": { "h": 0.335, "w": 0.754, "x": 0.123, "y": 0.585 }, "kind": "image", 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"parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.736, "x": 0.146, "y": 0.173 }, "kind": "list", "text": "On the first floor – the purported “main manufacturing area” – we found a disorganized collection of EH216s, EH116s and some random fixed wing drones sitting around:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:26.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38f1ba61-cc48-48da-870e-aa06553970c7", "parentComponentId": null }, { "bbox": 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Below is a picture of Chinese agricultural drone manufacturer XAG’s facility in Guangzhou. XAG drones are un-manned (without passengers), hence EH’s passenger grade EH216 manufacturing setup should be substantially more robust than XAG’s. 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The Park Management Committee told us construction likely wouldn't be complete until sometime after the Chinese New Year (end of February 2021). Other workers we spoke to didn't know when the renovations would be completed. 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EH was conducting light-assembly of parts they purchased from ODMs like T Motor – whose motors should not be used to carry passengers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:28.456+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ef8a65e-f249-4e5c-8bfc-ee84dfd357e0", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.487 }, "kind": "paragraph", "text": "The picture on the left below is an EH216 motor from our on the ground investigation in China. 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The Hezhou E-Port would be a 3-story tall, 2,500 sq. meter futuristic-looking glass building with four landing pads on the roof, and it would be 'completed and operational' by Q4 2020.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:33.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "226307c1-e524-48bc-b57c-45fb90a4a0d6", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.763, "x": 0.118, "y": 0.625 }, "kind": "paragraph", "text": "Despite all of these grand claims, as of February 2021, the Hezhou E-Port doesn't exist. We couldn't even find a construction permit indicating EH even tried to follow through on this. EH does have a cute scaled down model of the E-Port in its office, though. This seems more realistic to us based on its de minimus CapEx spend last year:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:04:33.632+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29f5cfbd-068b-4b9c-8088-751137cac105", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.763, "x": 0.118, "y": 0.179 }, "kind": "paragraph", "text": "EH's capital expenditures ('CapEx') compared to the claims it makes are even more unrealistic, in our view. Since its IPO, EH has only spent RMB3.1 million ($445k) on CapEx. Based on Dr. Moore's assessment of the cost to build out this infrastructure, EH has spent ~0.5% of what would be required to complete this infrastructure in the past year. 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The legal basis of this case, according to the limited court information available, is “creditor’s right to cancel.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c687901-5dd5-4256-a546-c28abe79b72f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.77, "x": 0.13, "y": 0.34 }, "kind": "list", "text": "From our research in China, EHang Guangzhou appears to be where the substantial majority, if not all, of EH’s business is consolidated, with 200 Chinese patent applications and registrations, 452 Chinese trademark applications and registrations, 22 Chinese copyrights, and holds 22 Chinese government issued certificates such as and related to “CCC” (for power adapters), “CNCNA” (for power supply and battery pack), Hi-tech Company status, wireless power and software products.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e3ca021-5d09-423e-9f52-6ca55cce831c", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.77, "x": 0.13, "y": 0.73 }, "kind": "list", "text": "Here in this case, the creditor is most likely Shenzhen Join-Share, and the debtor is most likely EH Guangzhou. 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Any equity freeze or adverse actions against EHang GZ would seriously threaten the interest of EH and its investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.826+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ff29035-e3f6-4fe1-9e23-2ee0abcea2dc", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "creditor’s right to cancel. — Legal basis of the case against EHang Guangzhou.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ab-fee09d45853b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.1, "y": 0.92 }, "kind": "source-note", "text": "28 EH 2019 SEC Form 20-F, p. 73", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Table evidences a related-party financing scheme; Chinese-language screenshots paired with English translations of Plaintiff, Cause, Court, and Defendant fields.", "elementsJson": [ "comparison_table", "screenshot", "paragraph" ], "confidence": 0.84, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:31:37.125+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-89ddcca0331a/29", "deck": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Third, we suspect that Shenzhen Join-Share might be an investor turned creditor, who might have first invested in EH with a right to redeem its equity, and later found redemption meaningless as EH had moved away assets or funds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ac-3259f1085e9f", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.8, "x": 0.1, "y": 0.66 }, "kind": "list", "text": "Third (analytical takeaways): (i) EH's SEC disclosures do not identify or describe the Shenzhen Join-Share in any of EH's loans; (ii) by Q3 2020, EH's RMB 31m long-term debt balance went to zero, so EH had no loan creditors and Join-Share could not sue as a loan creditor; (iii) therefore Shenzhen Join-Share may be a 'convertible creditor' that financed EH through a hybrid security such as a convertible bond which EH violated, consistent with its name 'Shenzhen Join-Share Equity Investment Center.'", "attrs": { "items": 3, "lead_word": "Third" }, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55c55a74-3324-4288-9e63-dbd82594e3a2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.1, "y": 0.06 }, "kind": "subtitle", "text": "See the screenshots below from the Qichacha database, showing Join-Share's lawsuit against EH Guangzhou, and the granted judicial freeze against EH Guangzhou equity.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30bf76d3-068f-4627-8ba6-a5e80a049b48", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.8, "x": 0.1, "y": 0.1 }, "kind": "table", "text": "Rows: (1) Join-Share vs. Feng Mosai and Hu Huazhi - case Shenzhen Join-Share Equity Investment Center (LP) regarding creditor's right to cancel; first-instance civil; case number (2020) Yui 0106 Min Chu 37035; defendants Feng Mosai, Hu Huazhi; court Guangdong Province Guangzhou City Tianhe District People's Court; hearing 14:30 on 3-24-2021. (2) Join-Share successfully freezes EH Guangzhou equity held by Feng Shasi - related entity Guangzhou EHang Intelligent Technology Co Ltd; case (2020) Yui 0106 Min Chu 17035; number of shares 570,000,000; status frozen; publishing date 2020-12-15; enforcing court Guangdong Province Guangzhou City Tianhe District People's Court.", "attrs": { "rows": 2, "columns": [ "Court case classification", "Qichacha Screenshot", "Translation" ], "language": "zh+en" }, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e83d4530-4e80-4e55-98f6-7cdcab8befc2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "299dab0c-f13b-431c-8bc9-ecaa6ecf2eaf", "evidence": "Uses Qichacha (official Chinese corporate registry) court records as primary documentary evidence.", "framework": null, "confidence": 0.7, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Authority citation" }, { "matchId": "cfc9183c-6a64-454f-b457-04bef94d6b2f", "evidence": "Numbered takeaways trace a logical chain from absence of SEC disclosure to inferred convertible-creditor structure.", "framework": null, "confidence": 0.6, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Causal Chain" }, { "matchId": "f5d8a635-f5ad-4e11-a685-71331874f1fb", "evidence": "Argues EH used a related-party convertible-creditor scheme to fabricate revenue and disguise it from SEC disclosures.", "framework": null, "confidence": 0.75, "extraction": { "at": "2026-05-03 03:31:37.125+00", "model": "claude-cli", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "Fraud exposé" } ], "arcBeats": [ { "to": 30, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 2, "name": "Expose Contradiction", "beatId": "09165690-903f-49ae-9b06-deccd40234a0", "matchId": "48c6f596-55a4-4d2a-8d42-8d45aeb2f346", "beatType": null, "evidence": "Multiple slides expose contradictions in EHang's claims and operations.", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "The slide highlights a specific liability line item as evidence of a potential investor-to-creditor conversion and subsequent legal dispute.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 1219, "nDataPoints": 40, "notes": "The slide highlights a specific liability line item as evidence of a potential investor-to-creditor conversion and subsequent legal dispute.", "elementsJson": [ "paragraph", "data_table", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:06.268+00", "seconds": 3.114, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-89ddcca0331a/30", "deck": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9a-89ddcca0331a.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Looking at EH’s unaudited quarterly earnings reports, we noticed in Q2 2020, a new liability line-item worth RMB 40 million appears as “mandatorily redeemable non-controlling interest.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ac-150b4f297722", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.66 }, "kind": "list", "text": "According to our Chinese legal observer, the fact that Join-Share is suing to cancel certain of EH's transactions and it was able to secure protective freeze on EH's equity indicates that there are serious risks for EH and its investors.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.268+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "875beb21-6cae-4e76-a69d-6897700ac9b9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "mandatorily redeemable non-controlling interests: 40,000", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:34:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b5-7512-b5ac-19f08703c5f2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.17 }, "kind": "paragraph", "text": "Looking at EH's unaudited quarterly earnings reports, we noticed in Q2 2020, a new liability line-item worth RMB 40 million appears as \"mandatorily redeemable non-controlling interest.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.268+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0859126a-2e9f-4c29-980f-ff3238fa5088", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.61 }, "kind": "paragraph", "text": "Last but not least, from a legal perspective, this judicial freeze and the type of lawsuit present serious concerns to investors, mandating a complete and responsible explanation from EH.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:06.268+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c059c57f-add6-469f-b18d-8e4a786350b9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "A common way for an investor to turn into a creditor, is through the exercise of the investor's right to redeem its shares. 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