Ecarx Holdings Inc. (ECX) 2024 Q4 法說會逐字稿

Good morning and welcome to ECARX’s fourth-quarter and full-year 2024 earnings conference call. With me today from ECARX are our Chairman and Chief Executive Officer, Ziyu Shen; Chief Operating Officer, Peter Cirino; and Chief Financial Officer, Phil Zhou.

早上好，歡迎參加 ECARX 2024 年第四季和全年財報電話會議。今天與我一起的還有 ECARX 的董事長兼執行長沈子宇；營運長 Peter Cirino；以及財務長 Phil Zhou。

Following their prepared remarks, they will all be available to answer your questions. Before we start, I would like to refer you to our forward-looking statements at the bottom of our earnings press release, which also applies to this call.

在發表準備好的發言後，他們將隨時回答您的問題。在我們開始之前，我想請您參閱我們收益新聞稿底部的前瞻性聲明，這些聲明也適用於本次電話會議。

Specifically, we will discuss certain forecasts and projections which represent the current and preliminary view of our management team and is therefore subject to change and uncertainties as well as these forward-looking statements.

具體來說，我們將討論代表我們管理團隊當前和初步觀點的某些預測和預計，因此可能會發生變化和不確定，以及這些前瞻性陳述。

Further information on specific risk factors that could cause actual results to differ materially can be found in our filings with the SEC. In addition, this call will include discussions of certain non-GAAP financial measures. A reconciliation of the non-GAAP financial measures to the GAAP financial measures can also be found at the bottom of our earnings release.

有關可能導致實際結果大不相同的具體風險因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。此外，本次電話會議也將討論某些非公認會計準則財務指標。在我們的收益報告底部也可以找到非 GAAP 財務指標與 GAAP 財務指標的對帳表。

With that, I'd like to hand the call over to Ziyu. Please go ahead.

說完這些，我想把發言權交給子瑜。請繼續。

Thank you, Rene. Hello, everyone, and thank you for joining our fourth-quarter and full-year earnings call today. 2024 was a remarkable year for ECARX, marked by significant milestone and progress across our business. We continued to execute on our strategic vision further strengthening our position as a leading provider of intelligent solutions for automakers on a global scale. With market momentum continuing to build towards software defined vehicles, we remain at the forefront with a clear focus on strengthening and expanding our portfolio of cutting-edge, cost-effective solutions.

謝謝你，雷內。大家好，感謝您今天參加我們的第四季和全年財報電話會議。 2024 年對 ECARX 來說是非凡的一年，標誌著我們業務取得了重大的里程碑和進步。我們繼續執行我們的策略願景，進一步鞏固我們作為全球領先的汽車製造商智慧解決方案提供者的地位。隨著市場繼續向軟體定義汽車方向發展，我們始終走在前列，明確致力於加強和擴大我們的尖端、經濟高效的解決方案組合。

The global automotive market continued to grow, although at a slow pace in an increasingly challenging environment. Global vehicle sales grew by approximately 2% in 2024 to 91 million, including 64 million passenger vehicles.

全球汽車市場持續成長，儘管在日益嚴峻的環境中成長緩慢。2024年全球汽車銷量成長約2%，達到9,100萬輛，其中包括6,400萬輛乘用車。

China continued to outpace the rest of the world in 2024 with passenger vehicle sales increasing 6% to 28 million. This was primary driven by NEVs, where sales surged to an impressive 13 million, up 36% and accounting for over 40% of sales. Chinese investment into advanced high-quality and high-tech production is powering a new economic future.

2024年，中國將持續領先世界其他地區，乘用車銷售量將成長6%，達到2,800萬輛。這主要得益於新能源汽車的推動，新能源汽車銷量飆升至驚人的 1,300 萬輛，成長 36%，佔總銷量的 40% 以上。中國對先進高品質、高科技生產的投資正在為新的經濟未來提供動力。

As growth slows and remains uneven globally, it becomes ever more important for companies to stand out from competition and define themselves. We are capitalizing on this growing demand and helping automakers distinguish themselves with our innovative product portfolio, diverse customer base, and strategic global partnerships. This is already having an impact, which is clearly reflected in our performance last quarter and throughout the year.

隨著全球經濟成長放緩且不平衡，企業在競爭中脫穎而出並確立自己的地位變得越來越重要。我們正在利用這一不斷增長的需求，並透過創新的產品組合、多樣化的客戶群和策略性的全球合作夥伴關係幫助汽車製造商脫穎而出。這已經產生了影響，這在我們上個季度和全年的表現中得到了明顯的體現。

Revenue during the quarter and the year was up 4% and 18% respectively with gross margins of 21.2% and 20.8% respectively. Notably, our operating loss consistently narrowed throughout the year, while our business kept growing. With the partial sale of an equity investment, this allowed us to hit breakeven at the EBITDA level during the quarter, strengthening our confidence in reaching full year breakeven in 2025.

本季和全年營收分別成長 4% 和 18%，毛利率分別為 21.2% 和 20.8%。值得注意的是，我們的經營虧損全年持續收窄，而業務則持續成長。透過部分出售股權投資，我們在本季度實現了 EBITDA 收支平衡，增強了我們對 2025 年實現全年收支平衡的信心。

Total shipments reached a record high of 2 million last year, up 33% year over year with over 700,000 shipped during the fourth quarter alone, up 10% from last quarter. By the end of 2024, there were over 8.1 million vehicles on the road, incorporating ECARX technology. This strong performance was driven by robust demand for Geely models deploying ECARX technology, such as Galaxy E5, Star Wish, and Starship 7. The success of these models helped Geely exceed its annual sales target last year with momentum carrying into January 2025 where Geely’s sales volumes for the month hit a record high.

去年總出貨量達到創紀錄的 200 萬台，年增 33%，光第四季出貨量就超過 70 萬台，比上一季成長 10%。到 2024 年底，道路上將有超過 810 萬輛汽車採用 ECARX 技術。這一強勁表現得益於市場對搭載 ECARX 技術的吉利車型（如 Galaxy E5、Star Wish 和 Starship 7）的強勁需求。這些車型的成功幫助吉利去年超額完成了年度銷售目標，而這一勢頭一直延續到2025年1月，吉利當月銷量創下了歷史新高。

We secured a new project with Volkswagen Group during the quarter, expanding our global customer base to 18 automakers across 28 brands. This project win is a milestone for us and our solutions, which will be deployed in vehicles across EMEA and the Americas, expanding our global reach and demonstrating to a broader audience how our full stack solutions can be seamlessly customized for deployment, regardless of market. We also won a number of new projects from existing customers as our solutions are expanded to cover even more of their vehicles. We released our AutoGPT in-vehicle AI large language model application last quarter and quickly integrated multiple LLMs, including OpenAI and most recently DeepSeek. This underscores the unique value proposition we offer to global automakers with cutting-edge technologies supported by a growing ecosystem of strategic partnerships.

本季度，我們與大眾汽車集團簽訂了一個新項目，將我們的全球客戶群擴大到 28 個品牌的 18 家汽車製造商。該專案的勝利對於我們和我們的解決方案來說都是一個里程碑，這些解決方案將部署在歐洲、中東和非洲地區以及美洲的車輛中，擴大我們的全球影響力，並向更廣泛的受眾展示我們的全端解決方案如何無縫定制部署，無論市場如何。隨著我們的解決方案擴展到覆蓋更多車輛，我們也從現有客戶那裡贏得了許多新項目。我們在上個季度發布了 AutoGPT 車載 AI 大型語言模型應用程序，並快速整合了多個 LLM，包括 OpenAI 和最近的 DeepSeek。這凸顯了我們向全球汽車製造商提供的獨特價值主張，即由不斷發展的戰略合作夥伴生態系統支持的尖端技術。

Before I hand the call over to Peter, I would like to reiterate the optimism and the confidence we have in our future growth prospects. Having achieved breakeven during the quarter, we are targeting positive EBITDA for full-year 2025. The $20 million share repurchase program we announced in December further underscores this optimism. The growing prominence of software-defined vehicles continues to create tremendous opportunities for us as we replicate and scale our solutions globally, enabling us to drive sustainable growth and value for our shareholders.

在將電話交給彼得之前，我想重申我們對未來成長前景的樂觀和信心。本季我們實現了收支平衡，我們的目標是 2025 年全年實現正 EBITDA。我們 12 月宣布的 2000 萬美元股票回購計畫進一步強調了這種樂觀情緒。隨著我們在全球範圍內複製和擴展我們的解決方案，軟體定義汽車的日益突出繼續為我們創造巨大的機會，使我們能夠為股東帶來可持續增長和價值。

I will now pass the call over to Peter, who will go through the operating results of the quarter in more detail.

現在我將把電話轉給彼得，他將更詳細地介紹本季的經營業績。

Thank you, Ziyu, and good day to everyone. I'll start with our growing customer base, where Ziyu mentioned, we secured a milestone project win with the Volkswagen Group during the quarter. This project will deploy our Antora 1000 computing platform and ECARX Cloudpeak integrated with Google Automotive Services in multiple vehicles through Volkswagen's Global Entry Infotainment initiative, which is set to launch across EMEA and the Americas towards the end of this decade. We also won three new design wins from our existing customers with two deploying our Galena computing platforms and one deploying Makalu. On the product front, we had several exciting new vehicles launched this quarter. Following the strong launch in China of the Geely Galaxy E5 last August, an overseas version known as the Geely Galaxy EX5, entered start of production during the quarter and began deliveries in early 2025. The EX5 will be the first vehicle overseas to deploy the Antora 1000 computing platform, demonstrating our technological strengths and ability to deliver this solution for both the PRC and the international markets. We cumulatively shipped approximately 500,000 Antora series units by the end of last year, with shipments expected to surpass 1 million in 2025. This provides automakers with a cost-effective way to integrate digital cockpit and driving capabilities into a single board using the Antora 1000, which will be deployed as Geely's mainstream entry-level solution on future models. The Hongqi Tiangong 05 started production late last year and was launched in January 2025, deploying the first intelligent cockpit jointly developed under our strategic partnership with FAW. Powered by the Antora 1000 Pro and integrated with a customized Hongqi FAW OS, built on top of the ECARX Cloudpeak and AutoGPT, the Tiangong 05 will set new industry benchmarks with an immersive and AI-driven intelligent cockpit experience. A similar solution will be deployed on another Hongqi model, which is expected to launch in the first quarter of 2025. We are also working on an ADAS solution for 5 Hongqi vehicles with start of production scheduled for the third quarter, further deepening our relationship.

謝謝你，子瑜，祝大家有美好的一天。我首先要說的是我們的不斷成長的客戶群，正如子瑜所提到的，我們在本季與大眾汽車集團贏得了一個里程碑式的專案。該計畫將透過大眾汽車的全球入門資訊娛樂計畫在多款車輛中部署我們的 Antora 1000 運算平台和與 Google 汽車服務整合的 ECARX Cloudpeak，預計將於本世紀末在歐洲、中東和非洲地區以及美洲推出。我們也從現有客戶贏得了三項新的設計勝利，其中兩家部署了我們的 Galena 運算平台，另一個部署了 Makalu。在產品方面，本季我們推出了幾款令人興奮的新車。繼去年 8 月吉利 Galaxy E5 在中國強勢上市後，其海外版本吉利 Galaxy EX5 也於本季開始生產，並將於 2025 年初開始交付。EX5將成為海外首款搭載Antora 1000運算平台的車型，彰顯了我們的技術實力以及為中國和國際市場提供此解決方案的能力。截至去年年底，我們累計出貨了約 50 萬台 Antora 系列產品，預計 2025 年出貨量將超過 100 萬台。這為汽車製造商提供了一種經濟高效的方式，可以使用 Antora 1000 將數位駕駛艙和駕駛功能整合到單一主機板中，Antora 1000 將作為吉利未來車型的主流入門級解決方案進行部署。紅旗天宮05於去年底投產，將於2025年1月上市，搭載我們與一汽戰略合作共同開發的首個智慧座艙。天宮 05 搭載 Antora 1000 Pro 並整合客製化的紅旗一汽操作系統，建立在 ECARX Cloudpeak 和 AutoGPT 之上，將以身臨其境的人工智慧智慧駕駛艙體驗樹立新的行業標竿。類似的解決方案也將部署在另一款紅旗車型上，預計2025年第一季上市。我們也正在為 5 款紅旗車開發 ADAS 解決方案，計劃於第三季開始生產，進一步加深我們的關係。

We continue to drive innovation in other areas as well, ensuring that our automaker partners have access to cutting-edge solutions. Our Cloudpeak hypervisor, a core component of the Cloudpeak software stack, received ISO 26262 ASIL-D certification in January, the highest level of certification and a reflection of our focus on functional safety throughout the product life cycle. Cloudpeak was integrated into the Makalu computing platform and deployed on the Lynk & Co Z10 STARBUFF, which was launched in November of last year. This customized eSports version of the Z10 allows users to play AAA games on the go with an immersive gaming experience.

我們也持續推動其他領域的創新，確保我們的汽車製造商合作夥伴能夠獲得尖端解決方案。我們的 Cloudpeak 虛擬機器管理程式是 Cloudpeak 軟體堆疊的核心元件，於 1 月獲得了 ISO 26262 ASIL-D 認證，這是最高層級的認證，反映了我們在整個產品生命週期中對功能安全的關注。Cloudpeak 被整合到 Makalu 運算平台中，並部署在去年 11 月推出的領克 Z10 STARBUFF 上。這款客製化的電競版 Z10 讓用戶隨時隨地玩 AAA 遊戲，享受身臨其境的遊戲體驗。

Momentum for the Skyland Pro ADAS solution is building as automakers are increasingly seeking cost-effective solutions that they can rapidly bring to market. Skyland Pro has been integrated into Geely's G-Pilot unified intelligent driving system, powering the recently launched Galaxy E8 all-electric sedan. The solution can be easily replicated and scaled across various brands and models, offering users a unique driving experience with advanced features such as automatic parking, assistance and highway NOA. The Skyland Pro already powers vehicles, including the Lynk & Co 08 and Lynk & Co 07 launched in 2023. The 08 model received a high C-NCAP rating and remains in strong demand. With the battleground for automakers to differentiate themselves now expanding to ADAS and vehicle intelligence, intelligent driving solutions will be crucial to drive the long-term sustainable development of our business and the global automotive industry. With a clear roadmap for future ADAS solutions, we are already capitalizing on this opportunity and we will continue to drive innovation going forward.

隨著汽車製造商越來越多地尋求能夠快速推向市場的經濟高效的解決方案，Skyland Pro ADAS 解決方案的發展勢頭正在增強。Skyland Pro 已融入吉利 G-Pilot 統一智慧駕駛系統，為近期推出的 Galaxy E8 全電動轎車提供動力。該解決方案可輕鬆複製並擴展到各種品牌和型號，為用戶提供自動停車、輔助和高速公路 NOA 等先進功能的獨特駕駛體驗。Skyland Pro 已為包括 2023 年推出的 Lynk & Co 08 和 Lynk & Co 07 在內的車型提供動力。08 年車型獲得了 C-NCAP 的高評級，並且仍然需求旺盛。隨著汽車廠商的差異化戰場拓展至ADAS及車輛智慧化，智慧駕駛解決方案對於推動公司業務乃至全球汽車產業的長期永續發展至關重要。憑藉未來 ADAS 解決方案的清晰路線圖，我們已經開始利用這一機遇，並將繼續推動未來的創新。

Our robust intellectual property portfolio keeps growing with 692 registered patents and 723 patent pending applications globally as of December 31, 2024.

我們強大的智慧財產權組合不斷成長，截至 2024 年 12 月 31 日，全球已註冊專利 692 項，待批准專利 723 項。

To demonstrate our robust portfolio of technologies, we attended numerous industry events during the quarter. In November, we showcased the Skyland Pro ADAS solution at AutoSens China, demonstrating how it can empower automakers with high-performance, cost-effective intelligent driving solutions. That same month, we also represented the automotive sector at the Saudi Arabia National Quality Conference, where we received the SASO Award for contributions to generative AI quality assurance, reflecting the impact that AutoGPT is having on the industry.

為了展示我們強大的技術組合，我們在本季度參加了許多行業活動。11月，我們在AutoSens China上展示了Skyland Pro ADAS解決方案，展現了其如何為汽車製造商提供高性能、高性價比的智慧駕駛解決方案。同月，我們也代表汽車產業參加了沙烏地阿拉伯國家品質大會，並因對生成式人工智慧品質保證的貢獻而獲得了 SASO 獎，這反映了 AutoGPT 對產業的影響。

We carried this momentum into 2025 at CES in January, where one of the dominant themes was AI. Interest in automotive applications of AI was extremely high this year, making AutoGPT a real point of interest.

我們在 1 月的 CES 上將這一勢頭帶入了 2025 年，其中一個主要主題是人工智慧。今年人們對人工智慧在汽車上的應用的興趣極高，這使得 AutoGPT 成為一個真正的關注點。

Over four days at CES, our management team packed in more than 50 meetings, including 17 with automakers from across the world. We also showcased the power and versatility of our solutions at our booth, including the Galena, Antora, and Makalu platforms -- solutions that all have been validated and deployed in vehicles currently in production, along with our ADAS technologies. A key point of our messaging conversations was the power of AutoGPT, specifically its core AutoAgent, AutoFlow, AutoScene and AutoECO capabilities built on top of several of the world's leading LLMs to enhance the in-vehicle experience. Automakers and ecosystem partners were captivated by the AutoAgent's adaptability to unique driver preferences, AutoScene's monitoring of in-vehicle behavior, AutoFlow's interaction with mobile apps, and AutoECO's seamless connectivity with in-vehicle applications across devices, creating a comprehensive range of AI-enhanced solutions. Our presentation at CES helped us set the agenda for the year to come with a focus on expanding our global business by empowering automakers with cost and power-efficient high-quality solutions.

在 CES 的四天時間裡，我們的管理團隊參加了 50 多次會議，其中包括與來自世界各地的汽車製造商的 17 次會議。我們還在展位上展示了我們解決方案的強大功能和多功能性，包括 Galena、Antora 和 Makalu 平台——所有這些解決方案以及我們的 ADAS 技術都已在目前正在生產的車輛中得到驗證和部署。我們訊息對話的一個關鍵點是 AutoGPT 的強大功能，特別是其核心 AutoAgent、AutoFlow、AutoScene 和 AutoECO 功能，這些功能建立在世界上幾個領先的 LLM 之上，以增強車載體驗。汽車製造商和生態系統合作夥伴對 AutoAgent 對獨特駕駛員偏好的適應性、AutoScene 對車內行為的監控、AutoFlow 與行動應用程式的互動以及 AutoECO 與跨裝置車載應用程式的無縫連接著迷，從而創建了全面的 AI 增強解決方案。我們在 CES 上的演示幫助我們制定了來年的議程，重點是透過為汽車製造商提供成本高效、高品質的解決方案來擴大我們的全球業務。

I'd like to end with a quick update on our Fuyang smart facility and our strategy to integrate manufacturing and supply chain processes. Production continues to ramp up with more than 60,000 Antora units produced in December alone and further capacity expansions planned throughout this year.

最後，我想簡單介紹一下我們的阜陽智慧工廠以及我們整合製造和供應鏈流程的策略。產量持續提升，光是 12 月就生產了超過 6 萬台 Antora，並且計劃在今年全年進一步擴大產能。

In conclusion, 2024 was a remarkable year for us, and I remain highly optimistic that this will continue into 2025, especially as we lean into technological innovation and continue to diversify our customer base globally.

總而言之，2024 年對我們來說是非凡的一年，我仍然非常樂觀地認為這種勢頭將持續到 2025 年，特別是當我們依靠技術創新並繼續在全球範圍內實現客戶群多元化時。

I will now turn the call over to Phil, who will go through our financial results.

現在我將把電話轉給菲爾，他將介紹我們的財務結果。

Thank you, Peter, and hello, everyone.

謝謝你，彼得，大家好。

We closed out the year with a strong growth momentum despite intense market competition, keeping breakeven at the EBITDA level during the fourth quarter.

儘管市場競爭激烈，但我們仍以強勁的成長勢頭結束了這一年，並在第四季度保持了 EBITDA 的盈虧平衡。

Total revenue for the quarter was RMB1.9 billion, an increase of 4% year over year and 36% sequentially.

本季總營收為人民幣19億元，年增4%，季增36%。

Sales of goods revenue was RMB1.5 billion, up 16% year over year, driven by robust demand for our computing platforms, especially the Antora series and Makalu, which accounted for approximately 29% of sales of goods revenue.

商品銷售收入為 15 億元，年增 16%，這得益於我們運算平台的強勁需求，尤其是 Antora 系列和 Makalu，佔商品銷售收入的約 29%。

Software license revenue came in at RMB90 million, a decrease of 3% year over year and an increase of 7% sequentially. The year-over-year decrease was due to a decrease in the volume of legacy project software sales, while the sequential increase was driven by the ramp-up of ECARX operating system in line with the increase in shipments of the Antora platform. Service revenue was RMB326 million, a decrease of 31% year over year and a substantial increase of 102% sequentially, primarily impacted by engineering planning schedules and the timing of booking design and development contracts revenue.

軟體授權收入為人民幣 9,000 萬元，年減 3%，季增 7%。年比下降是由於傳統項目軟體銷售量的下降，而環比增長則是由於 ECARX 作業系統的普及以及 Antora 平台出貨量的增加。服務收入為人民幣3.26億元，年減31%，較上季大幅成長102%，主要受到工程規劃進度以及設計開發合約收入預訂時間的影響。

Gross profit for the quarter was RMB411 million, down 4% year over year, resulting in a gross margin of 21.2%. Total cost of revenue increased 6% year over year during the quarter, mainly driven by an increase in sales volumes for digital cockpits. The decrease in gross margin was primarily the result of our pricing strategy to deepen penetration and drive computing hardware growth as well as a shift in the overall revenue mix compared to prior quarters.

本季毛利為4.11億元，年減4%，毛利率為21.2%。本季總收入成本年增 6%，主要原因是數位駕駛艙銷售增加。毛利率的下降主要是由於我們為深化滲透和推動計算硬體成長而採取的定價策略，以及與前幾個季度相比整體收入結構的變化。

As the industry-wide pricing pressure for automakers have deepened, we expect margins on hardware products to remain challenging over the medium-term. To address this challenge, we will focus on optimizing product costs through economics of scale, our supply chain and manufacturing strategy and improving overall operational efficiency. Furthermore, we will continue to strike a careful balance between top-line growth, profitability and capital investment.

隨著汽車製造商面臨的全產業定價壓力不斷加大，我們預期中期內硬體產品的利潤率仍將面臨挑戰。為了應對這項挑戰，我們將專注於透過規模經濟、供應鏈和製造策略來優化產品成本並提高整體營運效率。此外，我們將繼續在收入成長、獲利能力和資本投資之間取得謹慎的平衡。

Operating expenses during the quarter decreased 32% year over year, primarily driven by the continuous expansion of our global operations and R&D efficiency improvements as well as synergies created by reallocation and integration of R&D resources. Adjusted EBITDA gains were RMB74 million during the quarter, a significant improvement compared to a loss of RMB236 million during the same period last year, primarily attributable to the decrease in total operating expenses as well as gains from the partial sales of an equity investment.

本季營業費用年減32%，主要由於全球業務的不斷擴張和研發效率的提升，以及研發資源的重新分配和整合所產生的綜效。本季調整後EBITDA收益為人民幣7,400萬元，較去年同期的人民幣2.36億元虧損大幅改善，主要由於總營業費用的減少以及部分股權投資出售收益。

Loss per share was RMB0.11 compared to the same period last year, RMB0.89. We closed out the year with a robust performance with a full year total revenue of RMB5.6 billion, up 18% year over year; gross profit of RMB1.2 billion, down 9% year over year and gross margins of 20.8%.

每股虧損0.11元，去年同期為每股虧損0.89元。我們以強勁的業績結束了這一年，全年總營業收入達到人民幣56億元，年增18%；毛利12億元，年減9%，毛利率20.8%。

During the year, we further improved operating and R&D efficiency by consolidating and reallocating resources and prioritizing investments in our international business and R&D expansion. Full-year operating expenses decreased 7% year over year with an adjusted EBITDA loss of RMB592 million, an improvement of RMB119 million from last year.

年內，我們透過整合及重新配置資源，優先投資國際業務及研發拓展，進一步提升營運及研發效率。全年營業費用年減7%，調整後EBITDA虧損為5.92億元人民幣，較去年同期改善1.19億元。

Moving on to our balance sheet, as of the end of the year, we had RMB367 million of cash and restricted cash. As we continue to optimize working capital and enhance profitability, we are proactively exploring options for a capital raise, including equity or debt financing to support our strategic objectives. As part of this effort, we recently filed an F3 registration statement, allowing us to rapidly capitalize on favorable market conditions as they arise.

從我們的資產負債表來看，截至年底，我們擁有現金和受限現金 3.67 億元。隨著我們不斷優化營運資金並提高獲利能力，我們正在積極探索籌集資金的選擇，包括股權或債務融資，以支持我們的策略目標。作為這項努力的一部分，我們最近提交了 F3 註冊聲明，使我們能夠迅速利用出現的有利市場條件。

Looking forward, we will further improve operating expenses and product costs with a particular focus on procurement, supply chain and manufacturing strategy and efficiency. We will continue to drive growth and expand the addressable market for our solutions by penetrating deeper into the Geely and Geely ecosystems and growing our global automaker customer base further. For product offerings, we will continue to invest in R&D to capitalize on mid to long-term growth opportunities. Additionally, we will accelerate the build-out of two closed-loop systems, one for China and the other for global markets, each spanning the entire process from R&D to delivery.

展望未來，我們將進一步改善營運費用和產品成本，特別關注採購、供應鏈和製造策略和效率。我們將繼續深入吉利和吉利生態系統並進一步擴大我們的全球汽車製造商客戶群，以推動成長並擴大我們解決方案的潛在市場。對於產品供應，我們將繼續投資研發，以利用中長期成長機會。同時，我們將加速建構中國市場和全球市場兩個閉環體系，涵蓋從研發到交付的全流程。

In summary, we will focus on the unique value proposition we offer to automakers, further diversify our global customer base, proactively mitigate the impact of an increasingly challenging geopolitical environment and improve our cost structure to ensure the long-term sustainability of our business model and the financial performance.

總而言之，我們將專注於為汽車製造商提供獨特的價值主張，進一步多元化我們的全球客戶群，積極減輕日益嚴峻的地緣政治環境的影響，並改善我們的成本結構，以確保我們的商業模式和財務表現的長期可持續性。

That concludes our prepared remarks today. I would now like to hand the call back to the operator to begin the Q&A session.

我們今天的準備演講到此結束。現在我想將電話交回給接線員，開始問答環節。

(Operator Instructions)

（操作員指示）

Danlin Ren, CICC.

任丹林，中金公司。

This is Danlin Ren from CICC Auto team. Congratulations on your strong results last year. And I have three quick questions to check with you. The first one is: could you share the company's global production capacity layout and how you expect to pace the implementation of global orders in the coming years?

我是中金汽車團隊的任丹林。恭喜您去年取得的優異成績。我有三個簡單的問題想向您核實一下。第一個問題：能否分享一下公司全球產能佈局狀況以及未來幾年預計如何推動全球訂單的執行？

The second one is: what's your current plan for ADAS or AD products? Which clients are you working with? And where do you see growth opportunities in your collaboration with Geely?

第二個問題是：您目前對ADAS或AD產品的計畫是什麼？您正在與哪些客戶合作？您認為與吉利的合作有哪些成長機會？

The last one is: what's your overall strategic road map and development goals over the next three to five years? That's all my questions.

最後一個問題是：未來三到五年你們整體的策略路線圖和發展目標是什麼？這就是我全部的問題。

Danlin, this is Peter. I'll take your first question and just talk a little bit about our manufacturing strategy. 2024 was a big milestone year for us in terms of manufacturing because we ramped up our capabilities in China quite extensively. If you remember, we took the control of a joint venture we had established quite early in ECARX's life and also opened our new Fuyang facility. We're today, very close to that site; we're holding a big Supplier Day.

丹林，這是彼得。我將回答您的第一個問題並簡單談談我們的製造策略。 2024 年對於我們的製造而言是一個重要的里程碑，因為我們在中國的產能得到了相當大的提升。如果你還記得的話，我們在 ECARX 成立初期就控制了一家合資企業，並且還開設了新的阜陽工廠。今天，我們已經非常接近該地點了；我們正在舉辦大型供應商日。

So the Fuyang facility continues to ramp up very aggressively to serve our needs in China and will continue to be our premier site where we're investing heavily in technology there to have a leading manufacturing facility in the China region.

因此，阜陽工廠將繼續積極擴大規模以滿足我們在中國的需求，並將繼續作為我們的首要基地，我們將在那裡大力投資技術，以在中國地區擁有領先的製造工廠。

Globally, as we expand, as we mentioned earlier in our remarks, we had a big milestone win with Volkswagen. And as we continue to expand with opportunities in South America, India and Europe, I would expect that we would probably use some EMS or contract manufacturing partners that will help us expand our production capacity, while we're continuing to expand engineering services or engineering capabilities to serve the global OEMs.

在全球範圍內，隨著我們的擴張，正如我們之前在發言中提到的那樣，我們與大眾汽車的合作取得了重大的里程碑式勝利。隨著我們在南美、印度和歐洲的機會不斷擴大，我預計我們可能會利用一些 EMS 或合約製造合作夥伴來幫助我們擴大生產能力，同時我們將繼續擴大工程服務或工程能力，為全球 OEM 提供服務。

So I think we will use very similar strategy that we utilized in China as we continue our growth over the last seven years that we have started with some partnership relationships and then we'll continue to expand as it makes sense as we grow our business.

因此，我認為我們將採用與在中國非常相似的策略，因為我們在過去七年中將繼續成長，我們已經從一些合作夥伴關係開始，然後隨著業務的成長，我們將繼續擴張。

Okay. So this is Ziyu speaking. So I will take the second question just about the ADAS. We have already made the Skyland Pro product operating on Lynk & Co car 08 and 07 last year -- yes, I think two years ago, yes. So that's a 10 camera solution with 5 radar and also can support highway NOP function.

好的。我是子瑜。所以我將回答有關 ADAS 的第二個問題。我們去年就已經讓 Skyland Pro 產品在領克 08 和 07 車型上運行了——是的，我想是兩年前吧，是的。因此，這是一個配備 10 個攝影機和 5 個雷達的解決方案，還可以支援高速公路 NOP 功能。

Also, we are following the urban feature as well. And this product already be a part of the Geely ADAS road map they just announced. Also, we are keep working on this platform, Skyland Pro and Skyland.

此外，我們也遵循城市特徵。而這款產品已經成為了吉利剛公佈的ADAS路線圖的一部分。此外，我們將繼續致力於這個平台，Skyland Pro 和 Skyland。

Also, we just announced AD1000 SoC with SiEngine company together. That is a very high-performance AI computing SoC platform from SiEngine IC design company we invested. So very similar like SE1000 for our Antora platform we get digital cockpit from them. This one we will get ADAS computing unit for very high performance feature on this platform. We are starting investments on development and we have make production next two years that is ongoing still.

此外，我們剛剛與SiEngine公司共同發布了AD1000 SoC。這是我們投資的SiEngine IC設計公司推出的一款非常高效能的AI運算SoC平台。與我們的 Antora 平台的 SE1000 非常相似，我們從他們那裡獲得了數位駕駛艙。我們將在這個平台上獲得具有極高效能功能的 ADAS 運算單元。我們正在開始投資開發，並且我們將在未來兩年內進行生產，而且這個過程仍在進行中。

Also, I think we are investing the ADAS road map to strengthen our portfolio and to earn more growth next three years. That's our expectation here.

此外，我認為我們正在投資 ADAS 路線圖以加強我們的產品組合併在未來三年內獲得更多成長。這是我們的期望。

Okay. Thank you. It's very clear. Thank you.

好的。謝謝。非常清楚。謝謝。

Tony Shen, SPDBI.

浦項製鐵銀行 (SPDBI) 的 Tony Shen。

Dear management, this is Tony from SPDB International. First of all, congratulations on the EBITDA breakeven in the fourth quarter of 2024. This is perfect. And so I've got two questions here. The first question is about the guidance or the outlook of 2025. Can the management share some color or guidance for revenue, gross margin and also the breakeven point of 2025? This is my first question.

尊敬的管理階層，我是浦發國際的 Tony。首先恭喜2024年第四季EBITDA達到損益兩平。這太完美了。我這裡有兩個問題。第一個問題是關於2025年的指導或展望。管理階層能否就收入、毛利率以及 2025 年的損益平衡點提供一些說明或指引？這是我的第一個問題。

And the second question may be also related to the ADAS penetration rate increasing significantly, especially powered by BYD in February this year. How do we see the opportunities for ECARX and the customers' demand for both the cockpit and the driving solutions? These are my two questions.

第二個問題也可能與ADAS滲透率大幅提升有關，尤其是今年2月在比亞迪的推動下。我們如何看待ECARX的機會以及客戶對座艙和駕駛解決方案的需求？這是我的兩個問題。

So this is Ziyu speaking. So thank you for your questions. The first question, I think the answer is very clear. I think in 2025, we are very, very focused on breakeven. That's very main priority for us.

我是子瑜。感謝您的提問。第一個問題，我想答案已經非常清楚了。我認為到 2025 年，我們將非常非常注重實現損益平衡。這對我們來說是最重要的事。

So of course, we still will have a growth for revenue, but that will be the second priority from the breakeven. So the breakeven is top priority for us because we believe the health of the cash flow and the finance and balance sheet is the most important for the company, the global journey because we are already with the global OEM and we have to get very healthy finance balance sheet to support our global expansion. So that's why breakeven is my main priority for the company, to answer your first question, okay?

因此，當然，我們的收入仍然會成長，但這將是盈虧平衡的第二要務。因此，盈虧平衡對我們來說是重中之重，因為我們相信現金流量、財務和資產負債表的健康對公司來說是最重要的，而全球之旅是因為我們已經與全球 OEM 合作，我們必須獲得非常健康的財務資產負債表來支持我們的全球擴張。所以這就是為什麼收支平衡是我為公司考慮的首要任務，回答你的第一個問題，好嗎？

And second question about the ADAS opportunity and also digital cockpit opportunity, yes, everybody knows BYD announcement. So we believe that ADAS growth is very significant in China market.

第二個問題是關於 ADAS 機會和數位駕駛艙機會，是的，每個人都知道比亞迪的公告。因此我們相信ADAS在中國市場的成長非常顯著。

And most of OEMs is following the journey BYD is doing. So that's why I think it's a good opportunity. I just answered the question to CICC before that. We invested in Skyland and Skyland Pro already.

大多數原始設備製造商都在追隨比亞迪的腳步。所以我認為這是一個很好的機會。我之前剛回答過中金公司的問題。我們已經投資了 Skyland 和 Skyland Pro。

Also, we are fast moving with the SiEngine chipset, SoC AD1000. Also, we will go NVIDIA platform as well for Thor. So that's why I think ADAS portfolio will be very important to be part of the ECARX next three years' growth. So that's why we believe ADAS feature and ADAS software development will be very key for the company and we will continue to invest in this area.

此外，我們正在快速推進 SiEngine 晶片組 SoC AD1000 的發展。此外，我們也將為 Thor 採用 NVIDIA 平台。所以我認為 ADAS 產品組合對於 ECARX 未來三年的成長非常重要。因此，我們相信 ADAS 功能和 ADAS 軟體開發對公司來說非常重要，我們將繼續在這一領域進行投資。

Okay, perfect. That is very clear. Now I have a quick follow-up. Can we have any color on the gross margin maybe for 2025? Especially how do we see the price trend related to gross margin? Okay. This is my last question.

好的，完美。這非常清楚。現在我有一個快速的後續行動。我們能否對 2025 年的毛利率做出一些預測？特別是我們如何看待與毛利率相關的價格趨勢？好的。這是我的最後一個問題。

Tony, this is Phil. I'm happy to address your question. So regarding the margin performance, as I can see that in Q4 last year, we just recovered our gross margin performance back to 20% and above. And that reflects our ability to manage the portfolio selling. So in Q4, we sold our balanced software and services.

托尼，這是菲爾。我很高興回答你的問題。因此，關於利潤率表現，我可以看到，去年第四季度，我們的毛利率剛剛恢復到 20％ 以上。這反映了我們管理投資組合銷售的能力。因此，在第四季度，我們銷售了平衡的軟體和服務。

At the same time, we also drove a very effective cost down activities. So that's why in the end we are able to recover the margin back to 20%. So coming -- when moving into 2025, this strategy will continue. For sure, we foresee the headwinds ahead regarding the pricing erosion, pricing pressure. But at the same time, the company is ready to drive the upstream supply chain management.

同時，我們也進行了非常有效的成本降低活動。所以這就是為什麼我們最終能夠將利潤率恢復到 20%。所以，進入 2025 年，這項戰略仍將持續。可以肯定的是，我們預見到未來在價格侵蝕和價格壓力方面將面臨阻力。但同時，該公司已準備好推動上游供應鏈管理。

So we will keep optimizing cost and as well as the scale -- economics of scale. So at the same time, right, back to add some to your first question regarding our breakeven, right? Our breakeven, the path to breakeven in '25 is still on the data-driven strategy and with measurable progress. And we focus on multi-financial dimensions as well.

因此，我們將繼續優化成本和規模—規模經濟。所以同時，對吧，回到你的第一個問題，補充一些關於我們損益平衡的問題，對吧？我們的損益平衡，即 25 年實現盈虧平衡的道路仍然基於數據驅動策略，並取得了可衡量的進展。我們也關注多金融維度。

First of all, we will -- for sure, we will accelerate the top-line growth with the volume scaling. You may observe that our Antora series installation rate and penetration rate keep increasing. Last year, we shipped in total nearly 500,000 units in our customers. At the same time, we foresee such kind of mix will keep climbing, which will definitely contribute to our revenue growth as well as our margin performance. Second, we will drive the operational efficiency improvement as well. So we already systematically reduced our OpEx versus revenue ratio from '22 53% to 34% in '24.

首先，我們肯定會透過擴大銷售量來加速營收成長。大家可能注意到我們Antora系列的安裝率和普及率不斷提高。去年，我們總共向客戶出貨了近50萬台。同時，我們預計這種組合將持續攀升，這肯定會促進我們的收入成長和利潤率表現。第二，我們還要推動營運效率的提升。因此，我們已經有系統地將營運支出與收入的比率從 22 年的 53% 降低到 24 年的 34%。

And in '25, we foresee the percentage will further optimize to 20% plus, which is really helpful for our breakeven achievement. And yes, as I mentioned earlier, the effective cost structure optimization definitely will help us to achieve that as well. So hopefully, I can address your question and by adding more meat with this answer.

而在25年，我們預期該比例將進一步優化至20％以上，這對我們實現損益平衡非常有幫助。是的，正如我之前提到的，有效的成本結構優化肯定也會幫助我們實現這一目標。因此希望我可以回答您的問題並透過這個答案補充更多內容。

Okay. Perfect. Thank you, management.

好的。完美的。謝謝管理層。

(Operator Instructions)

（操作員指示）

Jenny Wang, UBS.

瑞銀的 Jenny Wang。

This is Jenny Wang from UBS Auto team. Congratulations on breakeven EBITDA. And thank you for taking my questions. I have two questions. First, could you please provide a revenue breakdown by client for 2024 and maybe share us your outlook for your client mix for the next 5 to 10 years?

我是瑞銀汽車團隊的 Jenny Wang。恭喜您實現損益兩平 EBITDA。感謝您回答我的問題。我有兩個問題。首先，您能否提供 2024 年按客戶劃分的收入明細，並與我們分享您對未來 5 到 10 年客戶組合的展望？

And the second question is that as the largest smart cockpit supplier for Geely brand, do you expect ECARX to benefit from Geely supply chain consolidation and increase the share at Geely brands further? Where was the ceiling of your share at Geely?

第二個問題是，身為吉利品牌最大的智慧座艙供應商，您是否預期億咖通科技將受益於吉利供應鏈整合並進一步提高在吉利品牌的份額？你在吉利的股份上限在哪裡？

Okay. Jenny, maybe I'll take your questions. I think as we look across our customer base, as Ziyu has highlighted many times, continuing to diversify our revenue from additional customers is very critical for our strategic path forward. And we are very selective as we do that. In 2024, at the end of the year, we launched the two Hongqi models that will happen I think between December and January.

好的。珍妮，也許我可以回答你的問題。我認為，正如子瑜多次強調的那樣，當我們審視我們的客戶群時，繼續透過增加客戶來實現收入多元化，對於我們未來的策略道路至關重要。我們在這樣做時非常謹慎。2024年，也就是年底，我們會推出兩款紅旗車型，我想會在12月到1月之間。

And then as we go through 2025, we'll see additional launches with Hongqi with FAW as we continue to expand our relationship and deepening our partnership with them. Additionally, we'll certainly see some expansion of our product set with Hongqi as well beyond the digital cockpit, which is where we've started that relationship.

到 2025 年，隨著我們繼續擴大與一汽的關係並深化合作夥伴關係，我們將看到紅旗與一汽推出更多車型。此外，我們與紅旗合作的產品系列肯定會有所擴展，超越數位駕駛艙，而這正是我們開始合作的地方。

We are continuing to focus in China on selective expansion as we see customers that align with our winning strategy. We're very excited to engage with them and develop similar relationships that we have with our existing customers. From a global perspective, as we mentioned, the activity with Volkswagen is certainly a very important milestone for the company.

當我們看到符合我們制勝策略的客戶時，我們將繼續專注於在中國進行選擇性擴張。我們非常高興與他們合作並發展與現有客戶類似的關係。從全球角度來看，正如我們所提到的，與大眾的合作對於公司來說無疑是一個非常重要的里程碑。

That product will launch, as we mentioned, a few years from now, which is the normal development cycle in the international market. And we're already engaged on already a number of mature RFQs that we would expect to be able to continue to gain traction in the global market and capitalize on the capabilities that we've built up. Our largest vehicle in the global market that we launched was the EX30 and we're continuing to expand our relationship with Volvo Cars.

正如我們所提到的，該產品將在幾年後推出，這是國際市場的正常開發週期。我們已開始著手處理一些成熟的 RFQ，希望這些 RFQ 能繼續在全球市場上獲得關注，並充分利用我們已經累積的能力。我們在全球市場上推出的最大車型是 EX30，我們將繼續擴大與沃爾沃汽車的合作關係。

And then lastly, you talked about Geely. I mean, we've definitely seen growth with the Geely brands. The Antora platform is a key element of Geely's current architecture. And we'll continue to deploy across additional models as we go through the next few design cycles, I believe Ziyu had mentioned earlier around the growth of the Antora shipments expected in 2025 and beyond.

最後，您談到了吉利。我的意思是，我們確實看到了吉利品牌的成長。Antora平台是吉利目前架構的關鍵要素。在接下來的幾個設計週期中，我們將繼續部署到更多型號中，我相信 Ziyu 之前提到預計 2025 年及以後 Antora 出貨量的成長。

So we expect that product continues to gain good share throughout the market and deliver a very fantastic user experience to the consumers of the vehicle. So we're quite excited about the deep partnership that we have built with the Geely brand. And we expect to continue to build off that, both in developing hero products like our Antora series as well as deepening our relationship with them.

因此，我們預計該產品將繼續在整個市場上獲得良好的份額，並為汽車消費者帶來非常出色的用戶體驗。因此，我們對與吉利品牌建立的深厚合作關係感到非常興奮。我們希望在此基礎上繼續發展，既開發像 Antora 系列這樣的主打產品，又加深與它們的關係。

Yes. And regarding the revenue mix from different customer types, and as Peter mentioned, in '25, we will massively support FAW Hongqi. There are multi-programs to launch. At the same time, starting from '26, FAW Hongqi volume will climb up. And by moving to the '27, '28 timeframe, the Volkswagen business, we will start to do the mass supply as well.

是的。關於不同客戶類型的收入組合，如 Peter 所提到的，25 年我們將大力支持一汽紅旗。有多個程式可以啟動。同時，從26年開始，一汽紅旗銷售將逐步攀升。進入 27、28 年，大眾汽車業務我們也將開始實現大規模供應。

So in the end, by '27, '28 timeframe, the revenue mix -- business mix from Geely and non-Geely will eventually achieve 50% versus 50%. That is our goal. And we are on the right trajectory to achieve that.

因此，到 2027 年和 2028 年，吉利和非吉利業務的收入結構將最終達到 50% 對 50%。這就是我們的目標。我們正朝著實現這一目標的正確方向前進。

Thank you so much. That's all for me.

太感謝了。對我來說這就是全部了。

Okay. Thanks, Jenny.

好的。謝謝，珍妮。

Wei Huang, Deutsche Bank.

德意志銀行黃偉。

Hi, thanks for taking my question. Congratulations on the very strong set of results. I have three quick questions. The first one is: can you maybe give us the Geely share of your total revenue in 2024?

你好，謝謝你回答我的問題。恭喜您取得如此優異的成績。我有三個簡單的問題。第一個問題是：您能否告訴我們 2024 年吉利在貴公司總收入中所佔的份額？

The second is the Lynk & Co brand is a significant customer for ECARX. And do we see any impact on our business with them given their merger into Zeekr?

第二，領克品牌是億咖通的重要顧客。他們與 Zeekr 合併後，我們的業務是否會受到影響？

And the third is the Geely recently announced the Galaxy E8 with the Qualcomm 8295 chip. Is this using our Pikes computing platform?

第三款是吉利近期發表的搭載高通8295晶片的Galaxy E8。這是使用我們的 Pikes 運算平台嗎？

Thank you. I'm sorry, the first question is regarding the Geely revenue contribution to 2024 performance, right?

謝謝。抱歉，第一個問題是關於吉利營收對2024年業績的貢獻，對嗎？

Yes.

是的。

Okay. So in 2024, I would say that majority of our revenue still came from Geely, but we significantly shift our focus to non-Geely expansion. So far, nearly 80% of the revenue still came from Geely and Geely-related -- Geely ecosystem business and 20% is from non-Geely business. So that is the general answer, general summary about our revenue performance.

好的。因此，到 2024 年，我想說我們的大部分收入仍然來自吉利，但我們會將重點轉向非吉利擴張。截至目前，近80%的營收仍來自吉利及吉利相關性—吉利生態系統業務，20%來自非吉利業務。這就是整體答案，關於我們收入表現的總體總結。

Yes, that's in 2024. And also, you are regarding information from public, we just launched the FAW vehicle. And also in 2025, we will have significant revenue from FAW will strengthen non-Geely revenue.

是的，那是在 2024 年。另外，您提到的公開資訊是，我們剛剛推出了一汽轎車。而且到2025年，我們將從一汽獲得可觀的收入，這將增強非吉利的收入。

Also, we just win the Volkswagen Global deal in 2027. So that's why we have super confidence in coming three years, we will strongly strengthen non-Geely revenue in the company.

此外，我們剛剛在 2027 年贏得了大眾全球交易。所以，我們對未來三年充滿信心，我們將大力加強公司的非吉利收入。

The first question is okay?

第一個問題可以嗎？

Yes, that is very clear. Thank you.

是的，非常清楚。謝謝。

Okay. So the second question about the Lynk & Co and Zeekr, right? So I think we don't have too much impact on that because we are still very strong Tier 1 supplier for Lynk & Co, the current demand volume. Actually, as everybody know, as you know, though Lynk & Co 08 deal is very successful, we contributed Antora platform with Flyme Auto software together in Lynk & Co car. Also, we are keep working with them very closely.

好的。那麼第二個問題是關於領克和 Zeekr 的，對嗎？所以我認為我們不會受到太大的影響，因為我們仍然是領克非常強大的一級供應商，目前的需求量很大。實際上，正如大家所知，儘管領克 08 交易非常成功，但我們在領克汽車中一起貢獻了 Antora 平台和 Flyme Auto 軟體。此外，我們將繼續與他們密切合作。

And also every end user very, very enjoy the user experience from Flyme Auto in the system. So that's why I think in near future, in the coming years, we're still very important partner with Lynk & Co brand. There's no doubt about that, I think.

而且每位終端使用者都非常非常享受Flyme Auto系統帶來的使用者體驗。所以我認為在不久的將來，在未來幾年，我們仍然是領克品牌非常重要的合作夥伴。我認為這一點毫無疑問。

And also, you mentioned Galaxy E8, right? So Galaxy E8, I think is still using the Flyme Auto. We are a software partner with Geely for the Flyme Auto adoption. But this hardware 8295 is not from us. That's from other supplier. But in Galaxy E8, also we provided Skyland ADAS system directly to E8. And also, we provided the full feature, including highway NOP feature on the Galaxy E8.

另外，您提到了 Galaxy E8，對嗎？所以我認為 Galaxy E8 仍在使用 Flyme Auto。我們是吉利在 Flyme Auto 應用方面的軟體合作夥伴。但這個硬體8295不是我們的。那是來自其他供應商的。但在 Galaxy E8 中，我們也直接為 E8 提供了 Skyland ADAS 系統。此外，我們還提供了完整的功能，包括 Galaxy E8 上的高速公路 NOP 功能。

Understood. That is very clear. That's all from me. Thank you.

明白了。這非常清楚。我要說的就這些。謝謝。

Thank you.

謝謝。

Thank you. There are no further questions at this time, so I'll hand the call back to COO, Peter for closing remarks.

謝謝。目前沒有其他問題，因此我將把電話交回給營運長彼得 (Peter) 做最後發言。

Okay. Well, first of all, I just wanted to thank all the members who joined the call. We appreciate the questions. ECARX really had a milestone quarter and a great end of the year of 2024. Achieving positive EBITDA was a big effort that the organization was extremely focused on.

好的。嗯，首先，我只想感謝所有參加電話會議的成員。我們很感謝你們的提問。ECARX 確實度過了一個里程碑式的季度，並在 2024 年取得了圓滿的結局。實現正的 EBITDA 是該組織極為重視的一項重大努力。

As Ziyu mentioned, we're continuing to focus on repeating those results throughout full-year 2025. We had a robust launch pipeline that we discussed as we continue to deepen our relationship with new customers such as FAW and our announcement for Volvo Cars -- or excuse me, for Volkswagen was a big impact for the organization that we're excited to continue to deepen our global relationships with key customers. So thank you, everyone, for the call today, and I appreciate everyone's engagement.

正如子瑜所說，我們將繼續致力於在 2025 年全年重複這些成果。我們有一個強大的發布管道，我們正在討論如何繼續深化與一汽等新客戶的關係，我們為沃爾沃汽車發布的公告——或者對不起，對於大眾汽車來說，這對組織產生了很大的影響，我們很高興繼續深化與主要客戶的全球關係。所以，感謝大家今天的來電，感謝大家的參與。