Gogoro Inc (GGR) 2026 Q1 法說會逐字稿

Welcome to the Gogoro Inc 2026 first-quarter earnings call. This conference call is now being recorded and broadcast live over the internet. Webcast replay will be available within an hour after the conference is finished. I would like to turn the call over now to the Gogoro Team.

歡迎收聽 Gogoro Inc 2026 年第一季財報電話會議。本次電話會議現正錄音，並透過網際網路進行直播。網路重播將於會議結束後一小時內提供。現在我想把電話會議交給 Gogoro 團隊。

Welcome to Gogoro's 2026 first-quarter earnings conference call, hosted by our CEO, Henry Chiang; and CFO, Bruce Aitken. Hopefully by now, you have a chance to review our earnings release. If you haven't, it is available on the investor relations tab of our website, investor.gogoro.com.

歡迎參加 Gogoro 2026 年第一季財報電話會議，本次會議由我們的執行長 Henry Chiang 與財務長 Bruce Aitken 主持。希望各位現在已經有機會閱讀我們的財報新聞稿。若尚未閱讀，可至我們網站 investor.gogoro.com 的投資人關係頁籤取得。

We are hosting this call via live webcast, and the presentation materials will be displayed on your screen as we go. Henry will start with an overview of Gogoro's business progress, followed by Bruce who will take you through the financial results in more detail. After that, we will open the line for Q&A as time allows.

我們透過線上直播方式舉行本次會議，簡報資料將隨著進行顯示在各位螢幕上。Henry 將先概述 Gogoro 的業務進展，接著由 Bruce 更詳細說明財務結果。之後，我們將在時間允許下開放問答。

Before we begin, please note that today's discussion may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially and include statements relating to trends, opportunities, and uncertainties in the markets we operate, future financial metrics, and product launches.

在開始之前，請注意今天的討論可能包含前瞻性陳述，這些陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異，並包含與我們所營運市場的趨勢、機會與不確定性、未來財務指標以及產品上市相關的陳述。

Please refer to our press release and investor presentation for further information. We will also discuss certain non-IFRS financial measures today. Reconciliation to the comparable IFRS measure can be found in our earnings release.

更多資訊請參閱我們的新聞稿與投資人簡報。我們今天也將討論若干非 IFRS 財務衡量指標。與可比 IFRS 指標的調節表可在我們的財報新聞稿中找到。

With that, let me turn the call over to Henry.

接下來，讓我把電話會議交給 Henry。

Thank you for joining us. Q1 sets a strong tone to kick off the year. We execute it with precise discipline. Scooter volume increased, triggering the first step in rolling out our new product roadmap. Our energy network revenue continues to grow. Subscriber counts continue to expand. Our recurring revenue engine proves its stickiness.

感謝各位加入我們。第一季為全年開局奠定了強勁基調。我們以精準的紀律執行。機車銷量提升，觸發我們新產品藍圖推進的第一步。我們的能源網路營收持續成長。訂閱用戶數持續擴大。我們的經常性收入引擎證明其黏著度。

The baseline is set. We are carrying this top-to-bottom momentum straight into Q2 and the rest of the year. Let's start with our Q1 financials. The numbers are the direct result of our continued focus on cost efficiency and operational discipline. We generated $3.1 million in positive operating cash flow, marking a $12 million year-over-year increase.

基準已經確立。我們將把這股由上而下的動能直接延續到第二季以及今年其餘時間。先從第一季財務表現談起。這些數字是我們持續聚焦成本效率與營運紀律的直接成果。我們創造了 310 萬美元的正向營運現金流，較去年同期增加 1,200 萬美元。

Most importantly, we hit the major structural milestone. Our IFRS and non-IFRS gross margins are now converging at the 20% level. This optimized cost structure allowed us to cut our net loss by $10.7 million down to $7.9 million, while expanding adjusted EBITDA to $16.3 million.

更重要的是，我們達成了關鍵的結構性里程碑。我們的 IFRS 與非 IFRS 毛利率如今正收斂至 20% 的水準。這個最佳化的成本結構讓我們將淨損縮減 1,070 萬美元至 790 萬美元，同時把調整後 EBITDA 擴大至 1,630 萬美元。

Reaching this leaner, stronger baseline is a huge encouragement to me and our entire team. Our energy business is tracking to plan, validating the stickiness of our recurring base. We improved our customer satisfaction and elevating the rider experience even further requires decisive action. In Q1, we began systematically retiring our Gen 1 batteries and staging our next-generation technology. We also introduced GoStation Q.

達到更精實、更強健的基準，對我以及整個團隊都是極大的鼓舞。我們的能源業務按計畫推進，驗證了經常性用戶基礎的黏著度。我們提升了客戶滿意度，而要進一步提升騎乘體驗需要果斷行動。在第一季，我們開始系統性地汰換第一代電池，並部署下一代技術。我們也推出了 GoStation Q。

With one-third the footprint, standard 220 volts, and faster charging, it unlocks aggressive overseas expansion. Together, these upgrades are engineered to drive down costs, maximize performance, and fortify our long-term economics. To execute, we have allocated approximately $30 million in CapEx this year for these targeted network upgrades.

其占地僅為三分之一、採用標準 220 伏特且充電更快，得以解鎖積極的海外擴張。這些升級的設計目的在於降低成本、最大化效能，並強化我們的長期經濟效益。為了執行，我們今年已配置約 3,000 萬美元的資本支出（CapEx），用於這些具針對性的網路升級。

Product is king. Q1 marks the first step in our elevated product roadmap, bound by a targeted, consumer-centric strategy. We are doubling down on engineering our portfolio with clear philosophy and focus. Every vehicle must be exceptionally well-designed, easy to use, and a joy to ride, merging immediate emotional appeal with fundamental everyday utility.

產品為王。第一季標誌著我們升級版產品藍圖的第一步，並以聚焦、以消費者為中心的策略為依歸。我們將加倍投入，以清晰的理念與聚焦來打造產品組合。每一款車都必須設計出色、易於使用、騎乘愉悅，將即時的情感吸引力與日常實用性相融合。

Our Ezzy 500 Disney collaboration brought this strategy to life. It is a vehicle that delivers big smiles, pure joy, and deep emotional connection, winning the hearts of family riders. With over 1,000 units ordered in the first month, it drove volume across the entire Ezzy 500 family and solidified our entry-level leadership. It also pulled a new, younger 26 to 35 demographic into our network ecosystem. Capturing this entry-level volume caused an expected slight ASP dilution this quarter, but we expect the primary revenue impact to materialize in Q2 as we fulfill our Q1 orders.

我們的 Ezzy 500 迪士尼聯名將這項策略具體落地。這是一款能帶來滿滿笑容、純粹喜悅與深度情感連結的車款，贏得家庭騎士的喜愛。首月訂單超過 1,000 台，帶動整個 Ezzy 500 家族的銷量，並鞏固我們在入門級市場的領導地位。它也把新的、更年輕的 26 至 35 歲族群帶入我們的網路生態系。本季因掌握入門級銷量而出現預期中的平均售價（ASP）些微稀釋，但我們預期主要營收影響將在第二季、隨著第一季訂單交付而顯現。

In June, we execute step two of our product roadmap. Shifting focus to elevate our product mix and capture diverse customer segments, we plan to launch an all-new premium vehicle, tailored explicitly for female riders. This new product is strategically positioned to capture a surging mid to high-end demand, drive ASP expansion, and solidify our position as the undisputed brand of choice among female riders.

在 6 月，我們將執行產品藍圖的第二步。我們將轉而聚焦提升產品組合並掌握多元客群，計畫推出一款全新高階車款，專為女性騎士量身打造。此新產品在策略上定位為掌握快速成長的中高端需求、推動 ASP 擴張，並鞏固我們作為女性騎士無可爭議首選品牌的地位。

We plan to continue to execute targeted product rollouts throughout the year to capture distinct market segments and fuel sustainable growth. We continue to deepen our commercial and government reach. In Q1, we successfully delivered scooters to law enforcement and public sector fleets. This proves the reliability of our battery swapping platform for mission-critical, nonstop use.

我們計畫全年持續推進具針對性的產品上市，以掌握不同市場區隔並驅動可持續成長。我們也持續深化商用與政府端的觸及。第一季，我們成功向執法單位與公部門車隊交付機車。這證明我們的電池交換平台在任務關鍵、不中斷使用情境下的可靠性。

We also officially finalized partnerships with leading shared mobility operators to fully integrate our open ecosystem. We are pleased to see this collaborative industry growth. This collective momentum is exactly what is needed to scale shared mobility and drive mass electrification. Together, these commercial and government expansions secure sticky, long-term demand for our ecosystem.

我們也正式完成與領先共享移動營運商的合作夥伴關係，以全面整合我們的開放式生態系。我們樂見這種協作式的產業成長。這股集體動能正是擴大共享移動規模並推動大規模電動化所需要的。綜合這些商用與政府端的擴張，將為我們的生態系帶來具黏著度的長期需求。

Taiwan was our proving ground, the critical foundation we built over the last 10 years. Now we are taking this proven blueprint into Southeast Asia. The Vietnam market dynamic shows a clear EV inflection point. We are seeing accelerating EV penetration across a massive total addressable market. The broader two-wheeler market grew 8.3% to approximately 730,000 units in Q1, but electric vehicles are driving the growth narrative.

台灣是我們的驗證場，也是我們過去 10 年建立的關鍵基礎。現在，我們正把這套經驗證的藍圖帶進東南亞。越南市場動態顯示電動車明確的拐點。我們看到在龐大的可服務市場（TAM）中，電動車滲透率正在加速提升。第一季整體二輪車市場成長 8.3% 至約 73 萬台，但電動車正主導成長敘事。

Even with temporary government controls on stabilizing fuel prices, local EV adoption is surging. Leading electric brands are reporting double to triple-digit year-over-year volume growth, overtaking market share from ICE brands. This consumer shift sets the runway for the launch of our upcoming pilot in the second quarter.

即使政府暫時採取穩定燃油價格的管制措施，當地電動車採用仍在快速攀升。領先電動品牌回報年增率達雙位數至三位數的銷量成長，並從燃油車（ICE）品牌手中奪取市占。這股消費者轉變為我們即將於第二季啟動的試點計畫鋪設了跑道。

Our market entry into Vietnam is well timed. We thank our local competitors for validating battery swapping as the most effective way for urban electrification. The market is educated. Last year, local [leaders] sold over 400,000 electric two-wheelers. Recent fuel price volatility is driving unprecedented demand. However, this growth has created a clear infrastructure bottleneck. Key municipalities, including Ho Chi Minh City, are now mandating large-scale deployments of battery swapping stations to support this volume.

我們進入越南市場的時機恰到好處。我們也感謝在地競爭者驗證電池交換是城市電動化最有效的方式。市場已被教育。去年，在地[領導者]售出超過 40 萬台電動二輪車。近期燃油價格波動正推動前所未有的需求。然而，這樣的成長也造成明顯的基礎設施瓶頸。包括胡志明市在內的主要城市，現正要求大規模部署電池交換站，以支撐這樣的量能。

Demand is surging, policy is accelerating yet premium infrastructure remains underserved. This is our window. Our ecosystem powers the needs of high-mileage B2B riders with always-on infrastructure. We are striking at the perfect moment. We are stepping directly into a market right at the peak of demand.

需求正在激增，政策正在加速推進，然而高端基礎設施仍供給不足。這正是我們的窗口期。我們的生態系以全天候運作的基礎設施，滿足高里程B2B騎士的需求。我們正切入在最完美的時點。我們正直接踏入一個需求正處於高峰的市場。

With that, I will hand the call over to Bruce to walk you through our Q1 financial results in more detail.

接下來，我將把電話會議交給Bruce，請他帶各位更詳細地回顧我們第一季的財務結果。

Our Q1 financial results directly reflect our ongoing commitment to disciplined execution. Let me provide the overall market context. The Taiwan two-wheeler market rebounded in the first quarter. The overall two-wheeler market grew by 7.9% year-over-year to 173,700 registered units.

我們第一季的財務結果，直接反映了我們持續致力於紀律執行。讓我先提供整體市場背景。台灣兩輪車市場在第一季回溫反彈。整體兩輪車市場年增7.9%，達到173,700台掛牌數。

While the electric segment grew even faster by 18.2% to 8,957 units and Gogoro's scooter sales grew by 32.8% to 6,216 units, outpacing both the electric growth rate as well as the overall market recovery and representing 69.4% share of the electric segment.

同時，電動車細分市場成長更快，年增18.2%至8,957台；而Gogoro機車銷量年增32.8%至6,216台，不僅超越電動市場成長率，也超越整體市場復甦幅度，並在電動車細分市場中占有69.4%的市占率。

Our open ecosystem added to this performance, powered by an 80.7% surge in PBGN partner sales, and so Gogoro and partners consolidated sales were 7,219 units in Q1, accounting for an 80.6% share of Taiwan's electric two-wheeler market.

我們的開放式生態系也為此表現加分，PBGN合作夥伴銷量大增80.7%提供動能；因此Gogoro與合作夥伴合併銷量在第一季達7,219台，占台灣電動兩輪車市場80.6%的市占率。

In Q1, we delivered disciplined financial execution. Despite top-line transitions, our cost controls and working capital management drove meaningful year-over-year improvements in operating cash flow and profitability. We maintained strong gross margins, we closed a new equity financing, which significantly strengthened our balance sheet and provides the capital flexibility to execute to our strategic priorities.

第一季，我們展現了有紀律的財務執行。儘管營收結構正在轉換，我們的成本控管與營運資金管理，帶動營業現金流與獲利能力較去年同期出現顯著改善。我們維持強勁的毛利率，並完成一筆新的股權融資，顯著強化資產負債表，並提供執行策略優先事項所需的資本彈性。

Moving forward, we strive to continue to maintain strict cost discipline, invest in our core business, and drive continuous improvement in the Gogoro network economics as momentum builds throughout the year. Based on our Q1 results, we're well positioned to continue the year in a similar direction.

展望未來，隨著全年動能逐步建立，我們將持續維持嚴格的成本紀律、投資核心業務，並推動Gogoro網路經濟性的持續改善。基於第一季的結果，我們已具備條件在今年持續朝相同方向推進。

Q1 total revenue was $62.9 million, a 1.1% reduction year-over-year. This reflects a deliberate strategic transition in our hardware mix, offset by consistent growth in our recurring services business. Battery swapping revenue increased 6.2% to $36.6 million, and we now serve 670,000 subscribers, an increase of 4% year over year. This sticky recurring revenue base continuously improves our operating leverage and network efficiency.

第一季總營收為6,290萬美元，年減1.1%。這反映我們在硬體組合上的刻意策略性轉換，並由經常性服務業務的穩健成長所抵銷。電池交換營收成長6.2%至3,660萬美元；目前我們服務670,000名訂閱戶，年增4%。這個黏著度高的經常性營收基礎，持續提升我們的營運槓桿與網路效率。

Hardware and other revenues were $26.3 million, down 9.8%. As discussed earlier, this is primarily driven by our strategic product mix shift. As we successfully captured demographic market share with our entry-level models, we saw a temporary anticipated drop in average selling price alongside a softening in component and sharing revenues. We are addressing this ASP dilution with our upcoming premium product launch to elevate and rebalance this product mix and recover our hardware ASPs.

硬體及其他營收為2,630萬美元，年減9.8%。如先前所述，主要原因是我們策略性的產品組合轉移。隨著我們以入門款車型成功取得特定族群的市占，我們看到平均售價（ASP）出現符合預期的短期下滑，同時零組件與共享相關營收也有所走弱。我們將透過即將推出的高階產品上市來因應ASP稀釋，提升並重新平衡產品組合，並回復硬體ASP水準。

We delivered solid improvement in gross margin. Q1 IFRS gross margin expanded to 20.4%, up from 4.9% in the same quarter last year, closely aligning with our non-IFRS margin of 20.5%. This expansion was primarily driven by the successful completion of our voluntary battery upgrade program in late 2025, which reduced costs by $8.3 million year over year.

我們在毛利率方面取得扎實改善。第一季IFRS毛利率擴張至20.4%，高於去年同期的4.9%，並與我們的非IFRS毛利率20.5%高度一致。此一擴張主要來自我們於2025年末成功完成自願性電池升級計畫，使成本較去年同期降低830萬美元。

We also realized favorable production absorption from higher volumes and lower battery depreciation. Importantly, this lower depreciation directly reflects the extended lifespan and efficiency gains generated by our recent battery upgrades. While our gross margin expansion was partially offset by lower ASPs of our entry-level products, our core network economics are structurally strong. The completion of our battery initiative validates our second-life thesis and positions us for sustainable margin resilience.

我們也因出貨量提升與電池折舊降低，而實現有利的產能吸收效益。重要的是，折舊降低直接反映近期電池升級所帶來的壽命延長與效率提升。雖然毛利率擴張部分受到入門產品ASP較低的影響而被抵銷，但我們的核心網路經濟性在結構上依然強健。電池計畫的完成驗證了我們的「第二生命」論點，並使我們具備可持續的毛利韌性。

Q1 net loss narrowed significantly to a loss of $7.9 million, representing a $10.7 million improvement year over year. This progress was driven by two operational factors: first, gross profit expanded by $9.7 million, directly tied to the completion of our battery upgrade program and secondly, operating expenses declined by $2.5 million. This reflects overseas organizational restructuring and disciplined timing of our sales and marketing spending. These operational gains were partially offset by a $1.7 million non-cash unfavorable adjustment in the fair value of our financial liabilities.

第一季淨損大幅收斂至790萬美元，較去年同期改善1,070萬美元。此進展由兩項營運因素帶動：第一，毛利增加970萬美元，直接與電池升級計畫完成相關；第二，營業費用減少250萬美元。這反映海外組織重整，以及我們在銷售與行銷支出時點上的紀律控管。上述營運改善部分被1.7百萬美元的非現金不利調整所抵銷，該調整來自我們金融負債公允價值的變動。

Our core operations are running more efficiently, and we remain focused on sustaining and extending these bottom-line improvements throughout the year. We generated $16.3 million in adjusted EBITDA in Q1 up $2 million from the prior year. This growth directly reflects our focus on operational efficiency. The increase was primarily driven by a $600,000 expansion in core gross profit and a $1 million reduction in cash operating expenses, validating the success of our ongoing cost savings initiatives.

我們的核心營運正以更高效率運作，並將持續專注於在全年維持並擴大這些損益端的改善。第一季我們創造1,630萬美元的調整後EBITDA，較去年同期增加200萬美元。此成長直接反映我們對營運效率的聚焦。增加主要來自核心毛利增加60萬美元，以及現金營業費用減少100萬美元，驗證我們持續推動成本節省措施的成效。

A minor $300,000 improvement in non-operating items contributed to the balance. We continue to demonstrate steady, measurable progress in our core profitability.

非營運項目小幅改善30萬美元，補足其餘差額。我們持續在核心獲利能力上展現穩健且可衡量的進展。

Our balance sheet shows a significant year-over-year improvement in cash generation. We generated $3.1 million in positive operating cash flow in the first quarter, successfully reversing an $8.9 million outflow in the same quarter last year. This directly reflects our disciplined approach to working capital, tighter inventory management and structural cost reductions.

我們的資產負債表顯示現金創造能力較去年同期顯著改善。第一季我們產生310萬美元的正向營業現金流，成功扭轉去年同期890萬美元的現金流出。這直接反映我們在營運資金上的紀律作法、更嚴謹的庫存管理，以及結構性成本降低。

We ended the quarter with a solid cash balance of $77.3 million and to further strengthen our balance sheet, we secured a $16.7 million equity injection from our largest shareholder, Gold Sino in the first quarter, marking the first tranche of a committed $80 million funding facility. Combined with our improved operating cash flow, this capital ensures we are well funded and well positioned to support our 2026 strategic priorities.

本季末我們的現金餘額穩健，達7,730萬美元；為進一步強化資產負債表，我們在第一季自最大股東Gold Sino取得1,670萬美元的股權注資，這是承諾總額8,000萬美元資金額度的第一期撥款。結合我們改善的營業現金流，這些資本確保我們資金充足，並具備良好條件支援2026年的策略優先事項。

While we see early signs of a gradual market recovery in Taiwan, our revenue outlook remains prudent. We continue to project full-year revenues of $285 million to $305 million, representing a measured top-line growth from 2025, with Taiwan continuing to drive approximately 95% of our sales.

儘管我們看到台灣市場逐步復甦的早期跡象，我們對營收展望仍維持審慎。我們仍預估全年營收為2.85億至3.05億美元，代表相較2025年的溫和營收成長，其中台灣仍將貢獻約95%的銷售。

Most importantly, our timeline for structural profitability remains firmly on track. We anticipate the Gogoro network battery swapping business will achieve non-IFRS profitability in 2026, with the hardware business continuing to target non-IFRS profitability in 2028. We will manage our capital and cost structures strictly to be able to deliver against these critical financial milestones.

最重要的是，我們達成結構性獲利的時程仍穩健按計畫推進。我們預期Gogoro網路的電池交換業務將於2026年達成非IFRS獲利，而硬體業務則持續以2028年達成非IFRS獲利為目標。我們將嚴格管理資本與成本結構，以確保達成這些關鍵財務里程碑。

And with that, I will hand the call back to Annie. Thank you.

接下來，我把電話會議交回給Annie。謝謝。

Thank you, Henry and Bruce for the update. As attendees are formulating their questions, I will ask two questions that we have collected. Question number one. You've emphasized a strict focus strategy over the last 18 months. Now with the new product roadmap and an aggressive entry into Vietnam, how do these moves validate your broader strategy?

感謝 Henry 與 Bruce 的最新進度更新。在與會者整理問題的同時，我先提出我們彙整到的兩個問題。第一個問題。過去 18 個月你們強調嚴格聚焦的策略。如今隨著新的產品路線圖以及積極進軍越南，這些舉措如何驗證你們更廣泛的策略？

This is step one of our turnaround. For the past 18 months, we deliberately stepped back to execute a focused strategy. We stripped away the noises, and we significantly tightened our operational discipline. We optimized our margins and we prioritized financial health over volume. Strict operational discipline built a leaner, stronger baseline you are seeing today.

這是我們轉型的第一步。在過去 18 個月，我們刻意放慢腳步，以執行聚焦策略。我們去除雜音，並大幅強化營運紀律。我們優化毛利，並將財務健康置於規模成長之上。嚴格的營運紀律建立了你們今天所看到更精實、更強健的基礎。

Our IFRS and non-IFRS gross margins are now converging at the 20% level. We cut our net loss by $10.7 million, and we generated positive operating cash flow. This optimized linear cost structure is what we directly fund our growth offensive today. We are accelerating our energy business profitability. We complete our battery upgrades, started to retire our first-generation batteries and initiate next-generation technology and maximize network efficiency.

我們的 IFRS 與非 IFRS 毛利率目前正收斂至 20% 的水準。我們將淨損縮減 1,070 萬美元，並產生正向的營運現金流。這個經優化的線性成本結構，正是我們今日能直接為成長攻勢提供資金的原因。我們正在加速能源事業的獲利能力。我們完成電池升級，開始汰換第一代電池，並導入下一代技術，同時最大化網路效率。

Our discipline keeps us firmly on track for the global network to achieve non-IFRS profitability by the end of 2026, re-establishing the foundation for our future. We elevated our product roadmap. We are no longer just launching scooters. We are executing a precise we are executing a precision targeted series of vehicle rollouts designed to capture specific demographics. And we have seen that in our [EZZY 500 scooter], and the new collaboration with was also a hit.

我們的紀律讓我們穩健朝向在 2026 年底前使全球網路達成非 IFRS 獲利的目標前進，重新奠定未來基礎。我們提升了產品路線圖。我們不再只是推出機車。我們正在執行一系列精準鎖定的車款上市計畫，旨在掌握特定族群。我們已在 [EZZY 500 scooter] 上看到成果，而新的合作案也同樣大受歡迎。

With our core strategy and hardware business model proven in Taiwan, we can take this blueprint and expand into Southeast Asia. The timing to enter Vietnam is just right. The local EV demand is booming. This rapid consumer shift is the perfect runway for our Q2 pilot, and we are expanding into a massive market right at the peak of infrastructure demand.

在台灣驗證了我們的核心策略與硬體商業模式後，我們可以把這套藍圖擴展到東南亞。進入越南的時機正好。當地電動車需求正蓬勃成長。這波快速的消費者轉移，為我們第二季的試點提供了完美跑道，而我們也在基礎建設需求高峰期切入這個龐大市場。

The turnover is in motion. We're tightening up our financial and pave the path to our energy business profitability. The foundation is set, and we will continue to carefully execute our strategy to reach our next phase of growth.

轉型正在進行中。我們正在強化財務體質，並鋪設通往能源事業獲利的道路。基礎已就位，我們將持續謹慎執行策略，邁向下一階段的成長。

Question number two. You're rolling out new infrastructure like GoStation Q and transitioning to next-generation batteries. What is the core strategy and motivation driving this major evolution of your energy platform?

第二個問題。你們正在推出如 GoStation Q 等新基礎設施，並轉換至下一代電池。推動能源平台重大演進的核心策略與動機是什麼？

I think we have a series of products -- of our vehicle products. We are taking decisive action to elevate our service commitment and deploying a strategic extension of our portfolio to maximize agility and performance to our energy product. GoStation Q operates standard 220 volts and delivers faster charging and feature increased heat dissipation with lower power demand. It is designed feature a significantly smaller footprint, just one-third the size which dramatically reduced installation time.

我想我們有一系列產品——包括我們的車輛產品。我們正採取果斷行動以提升服務承諾，並策略性延伸產品組合，以最大化能源產品的敏捷性與效能。GoStation Q 採用標準 220 伏特運作，提供更快的充電，並在較低功率需求下具備更高的散熱能力。其設計具備顯著更小的占地面積，僅為原本的三分之一，可大幅縮短安裝時間。

This allows us to add network density with precision and ensuring we meet ride this demand exactly where it is needed. This compact design acts as the key to unlocking our overseas extension in Vietnam. We are optimizing our battery life cycle. We are retiring Gen 1 battery and deploy our next generation technology. These are not just hardware upgrades. They are structural efficiency and cost optimization.

這讓我們能更精準地提升網路密度，並確保我們能在需求所在之處精準滿足騎乘需求。這種緊湊設計是我們在越南進行海外擴張的關鍵解鎖因素。我們正在優化電池生命週期。我們正汰換第一代電池並部署下一代技術。這不只是硬體升級。而是結構性效率提升與成本最佳化。

Now, we open the line for more questions.

現在我們開放更多提問。

(Operator Instructions)

(接線員指示)

Please stand by while we compile the Q&A roster.

請稍候，我們正在彙整問答名單。

We have an online question that we've collected. There's been a margin improvement from 2025, how should we look at this continue on for 2026? Is this sustainable for the remainder of this year, especially as you ramp up your Vietnam pilot and launch new vehicles?

我們收到一個線上彙整的問題。自 2025 年以來毛利率有所改善，我們應該如何看待這個趨勢延續到 2026 年？這在今年剩餘期間是否可持續，尤其是在你們加速越南試點並推出新車款之際？

There has been a lot of hard work put in by a number of different teams to make sure that we have been able to hit this 20% margin level, which is a great result. And as both Henry and I pointed out, maybe the most important thing to take away from this is that non-IFRS and IFRS margins are now converging at about the 20.5% level. And that's largely because we've now completed our voluntary battery upgrades, which stand us in good stead for kind of continuing at this kind of margin level.

許多不同團隊投入了大量努力，以確保我們能達到 20% 的毛利率水準，這是非常好的成果。正如 Henry 和我都指出的，或許最重要的重點是：非 IFRS 與 IFRS 的毛利率如今正收斂至約 20.5% 的水準。這主要是因為我們已完成自願性的電池升級，讓我們在未來能更有利地維持這樣的毛利率水準。

It's really driven by two things. The first is some of our savings initiatives. Whether it's bill of material savings, whether it's the lower depreciation that we mentioned earlier, whether it's higher factory utilization, all of those things contribute to an improved gross margin profile, and we'll continue to work hard. We're not providing specific guidance for 2026 from a margin standpoint. But certainly, we believe that we'll be able to continue to perform in this range going forward as well.

這主要由兩個因素驅動。第一是我們的一些節省計畫。不論是物料清單（BOM）節省、我們先前提到的較低折舊，或是更高的工廠稼動率，這些都促成毛利率結構的改善，我們也會持續努力。我們不就 2026 年的毛利率提供具體指引。但我們確實相信，未來我們也能持續在這個區間內表現。

(Operator Instructions)

(接線員指示)

There seems to be no further questions. I will hand back to Henry for closing remarks.

看起來沒有其他問題。我將把時間交回給 Henry 作結語。

Our Q1 execution sets the stage for the rest of the year. The operational focus is clear. We are launching highly targeted products, and we are seeing massive international momentum. We are pleased with this strong start and remain cautiously optimistic about the quarter ahead. We have the right strategy and more importantly, the right execution. We will keep our heads down and carry the discipline into Q2 and keep executing.

我們第一季的執行為今年其餘時間奠定了舞台。營運聚焦方向很清楚。我們正在推出高度精準鎖定的產品，並看到強勁的國際動能。我們對這個強勁開局感到欣慰，並對接下來的季度保持審慎樂觀。我們有正確的策略，更重要的是，有正確的執行。我們將持續埋頭苦幹，把紀律帶進第二季並持續落實執行。

Thank you for joining us today, and we look forward to updating you on our progress throughout the year.

感謝各位今天的參與，我們期待在今年持續向各位更新我們的進展。

This concludes today's conference call. Thank you for participating you may now disconnect.

今天的電話會議到此結束。感謝各位參與，您現在可以掛線。