Evolution Analysis of Valuation Model of Emerging Technology Enterprises -- Taking Ehang Intelligence as an Example

Against the backdrop of the rapid rise of emerging technology enterprises and the inadaptability of traditional valuation models, this paper explores the dynamic evolution of valuation logics for such firms based on the corporate life cycle theory. Taking EHang Holdings, a pioneer in the global urban air mobility sector, as a typical case, it adopts a longitudinal case study method combined with qualitative analysis and quantitative modeling to systematically track the evolution of its valuation models from the start-up to the expansion stage. The study finds that the valuation models of emerging technology enterprises show a high degree of dynamic adaptation to their life cycle stages, with the valuation logics shifting from qualitative assessment driven by non-financial factors to relative valuation based on operating data, and finally to absolute valuation centered on free cash flow creation capacity. It also reveals that the evolution of valuation models is jointly determined by internal enterprise development, external regulatory policies, capital market sentiment and industry competition patterns. This study enriches the dynamic valuation theoretical system for emerging technology enterprises and provides practical references for valuation decision-making in related sectors.