Kandi Technologies Group Inc (KNDI) 2025 Q4 法說會逐字稿

Greetings. Welcome to Kandi Technologies full-year 2025 financial results call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加康迪科技 2025 全年財務業績電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Kewa Luo, IR Director. Thank you. You may begin.

現在我把會議交給投資人關係總監 Kewa Luo。謝謝。您可以開始了。

Thank you. Hello, everyone, and welcome to Kandi Technologies Group full-year 2025 earnings conference Call. As a reminder, today's call is being recorded. The company's financial and operational highlights were issued in our press release earlier today and available online. You can access the earnings press release and subscribe to the company's e-mail alerts by visiting the Investor Relations section of our website at ir.kandigroup.com. Joining us today are Mr. Feng Chen, Chief Executive Officer; and Mr. Alan Lim, Chief Financial Officer.

謝謝。各位好，歡迎參加康迪科技集團 2025 全年業績電話會議。提醒各位，今天的電話會議將被錄音。公司財務與營運重點已於今日稍早在新聞稿中發布，並可於線上查閱。您可造訪我們網站 ir.kandigroup.com 的投資人關係專區，取得業績新聞稿並訂閱公司電子郵件提醒。

Before we begin, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the expectations expressed today.

在開始之前，請注意今天的討論將包含依據 1995 年《美國私人證券訴訟改革法》安全港條款所作之前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日所表達之預期存在重大差異。

Further information regarding these and other risks and uncertainties is included in the company's public filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable laws. Unless otherwise noted, all financial figures discussed today are in US dollars.

關於上述及其他風險與不確定性的更多資訊，已載於公司向美國證券交易委員會（SEC）提交的公開文件中。除非適用法律要求，公司不承擔更新任何前瞻性陳述之義務。除非另有說明，今天討論的所有財務數據均以美元計。

I will now turn the call over to our CEO, Mr. Feng Chen, who will deliver his remarks in Chinese, followed immediately by English translation. Mr. Chen, please go ahead.

現在我把電話會議交給我們的執行長陳峰先生。他將先以中文發言，隨後立即提供英文翻譯。陳先生，請開始。

(spoken in foreign language)

(以外語發言)

Good day, investors and analysts. Welcome to Kandi Technologies earnings conference call for the full year 2025. Thank you for your continued interest in and support of us.

各位投資人與分析師，大家好。歡迎參加康迪科技 2025 全年業績電話會議。感謝各位持續的關注與支持。

(spoken in foreign language)

(以外語發言)

2025 was a pivotal year for Kandi. The past two years have been defined by a challenging macro backdrop marked by evolving geopolitical, shifting trade policies and uneven demand across our end markets, which weighed on our operating performance.

2025 年對康迪而言是關鍵的一年。過去兩年在充滿挑戰的宏觀環境下前行，地緣政治持續演變、貿易政策變動，以及終端市場需求不均，均對我們的營運表現造成壓力。

We are clear-eyed about near-term revenue dynamics. At the same time, we are encouraged by what our team delivered beneath the surface, meaningful improvements in operating quality, a stronger cash flow profile, and a materially healthier balance sheet.

我們對短期營收走勢保持清醒認知。同時，我們也對團隊在表面之下所交出的成果感到鼓舞：營運品質顯著提升、現金流結構更強，以及資產負債表明顯更健康。

(spoken in foreign language)

(以外語發言)

In 2025, our gross margin improved to 42.6%, up from 30.8% in 2024. We generated $96.8 million in net cash from operating activities and ended with $211.9 million in cash on hand. These results reflect our commitment to high-quality earnings, more sustainable cash flows, and stronger returns on invested capital.

2025 年，我們的毛利率提升至 42.6%，高於 2024 年的 30.8%。我們自營運活動產生的淨現金為 9,680 萬美元，期末現金餘額為 2.119 億美元。這些成果反映我們對高品質獲利、更可持續的現金流，以及更高投入資本報酬的承諾。

(spoken in foreign language)

(以外語發言)

Over the past 18 months, one of my key priorities as CEO, together with the management team, has been to review and reassess Kandi's business boundaries, growth trajectory, and long-term overall direction. Amid the opportunities presented by technological innovation and industrial upgrading, we are placing even greater emphasis on focused execution, disciplined capital allocation, and the consistent delivery of major milestones.

過去 18 個月，我作為執行長的一項核心優先事項，是與管理團隊一起檢視並重新評估康迪的業務邊界、成長軌跡，以及長期整體方向。在科技創新與產業升級帶來的機遇之下，我們更加強調聚焦執行、嚴謹的資本配置，以及持續交付重要里程碑。

(spoken in foreign language)

(以外語發言)

Beginning in 2026, Kandi is entering new phase of growth. Our strategy will be anchored around two core engines.

自 2026 年起，康迪將進入新的成長階段。我們的策略將以兩大核心引擎為支柱。

(spoken in foreign language)

(以外語發言)

Our first engine is the off-road electric vehicle business centered on the North American market and spanning UTVs, golf cars, electric off-road products, and others. This business represents Kandi's core franchise, underpinning stable cash flows and a well-established go-to-market distribution network.

第一個引擎是以北美市場為中心的越野電動車業務，涵蓋 UTV、高爾夫球車、電動越野產品等。此業務是康迪的核心事業，支撐穩定的現金流，並擁有成熟的市場進入與通路分銷網路。

In the first quarter this year, the overall core business remained stable with continued progress in distribution channel expansion. Our dealer network continues to scale with a notable improvement in per dealer sales performance, further broadening our market coverage and a brand presence in key markets, and laying a solid foundation for full-year growth.

今年第一季，整體核心業務保持穩定，通路拓展亦持續取得進展。我們的經銷商網路持續擴張，單店銷售表現明顯改善，進一步擴大市場覆蓋與在重點市場的品牌能見度，並為全年成長奠定堅實基礎。

In addition, as we enter 2026, we are actively advancing our North American UTV business across 4 dimensions: next-generation model development, enhanced product experience, improved channel efficiency, and strengthened supply chain capabilities. We have set internal sales targets, meaningfully above historical levels, and have engaged an external automotive design team with proven mass production experience to help design our next-generation UTV products.

此外，隨著我們邁入 2026 年，我們正從四個面向積極推進北美 UTV 業務：下一代車型開發、提升產品體驗、改善通路效率，以及強化供應鏈能力。我們已設定顯著高於歷史水準的內部銷售目標，並聘請具備量產實績的外部汽車設計團隊，協助設計下一代 UTV 產品。

Our ambition goes beyond simply selling more units. We are focused on boosting Kandi's product competitiveness across the North American outdoor recreation and low-carbon mobility market.

我們的企圖不僅是賣出更多台數。我們更著重於提升康迪產品在北美戶外休閒與低碳移動市場的競爭力。

(spoken in foreign language)

(以外語發言)

In December 2025, we signed a agreement to acquire Rawrr, a premium US-based electric off-road vehicle motorcycle brand. With Rawrr now part of the Kandi family, our goal is to establish premier electric off-road motorcycles as a meaningful new growth category within our North American product portfolio by 2026.

2025 年 12 月，我們簽署協議收購 Rawrr——一家美國高端電動越野機車品牌。Rawrr 加入康迪大家庭後，我們的目標是在 2026 年前，將高端電動越野機車打造為北美產品組合中一個具實質意義的新成長品類。

We see strong synergies between Rawrr and Kandi's existing North American distribution network, supply chain, and product lineup. As we advance the integration, our primary priorities will be brand alignment, channel coordination, supply chain optimization, and product development aiming to ensure this acquisition translates into meaningful, measurable revenue contribution rather than a transaction of paper.

我們看到 Rawrr 與康迪既有的北美通路網路、供應鏈與產品線之間具有強大的協同效應。在推進整合的過程中，我們的首要重點將是品牌對齊、通路協同、供應鏈優化與產品開發，力求確保此次收購能轉化為具意義、可衡量的營收貢獻，而非僅止於紙面交易。

(spoken in foreign language)

(以外語發言)

Our second engine comprises emerging battery swapping equipment and intelligent robotics business.

第二個引擎由新興的換電設備與智慧機器人業務構成。

(spoken in foreign language)

(以外語發言)

Battery swapping equipment represents our most important breakthrough opportunity in 2026. In August 2025, our subsidiary, China Battery Exchange, was qualified as a battery swap equipment supplier within CATL's supply chain, securing its first order for heavy truck battery swap stations equipment.

換電設備是我們在 2026 年最重要的突破機會。2025 年 8 月，我們的子公司中國換電（China Battery Exchange）取得寧德時代（CATL）供應鏈中的換電設備供應商資格，並獲得其首筆重卡換電站設備訂單。

In January 2026, China Battery Exchange entered into a 3-year strategic cooperation agreement with CATL's subsidiary, covering the mass production and delivery of heavy truck battery swap station equipment. Based on our current order visibility and a production schedule, we are confident in achieving meaningful revenue growth in 2026.

2026 年 1 月，中國換電與寧德時代（CATL）旗下子公司簽署為期三年的策略合作協議，涵蓋重卡換電站設備的量產與交付。基於目前訂單能見度與生產排程，我們有信心在 2026 年實現具意義的營收成長。

(spoken in foreign language)

(以外語發言)

In our view, the battery swap equipment business represents more than an incremental revenue stream for Kandi. It demonstrates a remarkable extension of our footprint from low-carbon mobility products into the broader new energy infrastructure sector. Looking ahead, our priorities are centered on execution on heavy truck battery swap station order deliveries, ramping up our mass delivery capacity, and capturing emerging commercial opportunities across ports, mining operations, and long-haul freight applications.

在我們看來，換電設備業務對康迪而言不僅是新增的一條營收來源。它展現了我們的版圖從低碳移動產品延伸至更廣泛新能源基礎設施領域的顯著拓展。展望未來，我們的重點將聚焦於重卡換電站訂單的交付執行、提升量產交付能力，以及把握港口、礦區作業與長途貨運等應用場景中的新興商機。

(spoken in foreign language)

（以外語發言）

On the intelligence robotics business front, our focus is on the deployment of autonomous quadruped robots in security, patrol, and logistics park environment. We have entered a strategic partnership agreement with Hawk Robo Systems LLC to form a joint venture, KH robotics, through which we are developing localized testing, validation, and commercial operation capabilities in North America.

在智慧機器人業務方面，我們的重點是將自主四足機器人部署於安防、巡邏以及物流園區等環境。我們已與 Hawk Robo Systems LLC 簽署策略合作夥伴協議，成立合資公司 KH robotics，透過該合資公司，我們正在北美建立在地化的測試、驗證與商業化營運能力。

We expect to complete the first functional demo by approximately June 2026, followed by field testing and initial pilot deployments in the second half of the year. This business remains at an early stage of deployment rather than providing near-term revenue guidance. We will evaluate and communicate progress through clearly defined product milestones and real-world use case validation.

我們預期將於約 2026 年 6 月完成首個功能展示，並在下半年進行場域測試及初步試點部署。此業務仍處於部署早期階段，因此我們目前不提供短期營收指引。我們將透過明確定義的產品里程碑與真實世界使用情境驗證，評估並對外溝通進展。

(spoken in foreign language)

（以外語發言）

Regarding supply chain capabilities, we will continue to build out our global footprint, anchored by core R&D and manufacturing in Mainland China with flexible capacity in Taiwan and local assembly and front-end distribution network in the United States. The architecture provides meaningful structural insulation against geopolitical uncertainty and trade volatility while also enabling us to respond more quickly and effectively to evolving demand in the North American market.

就供應鏈能力而言，我們將持續擴大全球布局，以中國大陸的核心研發與製造為基礎，並在台灣保有彈性產能，同時在美國建立在地組裝與前端配送網路。此架構可在地緣政治不確定性與貿易波動下提供具實質意義的結構性緩衝，同時也使我們能更快速且更有效地回應北美市場不斷演變的需求。

(spoken in foreign language)

（以外語發言）

In sum, looking ahead to 2026, we are focused on 4 clear priorities: first, restoring sales momentum and advancing product upgrade across our UTV and low-carbon mobility lineup in the North America; second, successfully integrating Rawrr and translating the acquisition into tangible revenue contribution; third, advancing the battery swaps equipment business from initial order delivery to large-scale deliveries; and fourth, advancing our intelligent robotics business through the completion of functional demo followed by field testing and initial pilot deployment.

總結而言，展望 2026 年，我們聚焦於四項明確優先事項：第一，恢復銷售動能，並推進我們在北美的 UTV 與低碳移動產品線的產品升級；第二，成功整合 Rawrr，並將此次收購轉化為可量化的營收貢獻；第三，推動電池換電設備業務由初期訂單交付邁向大規模交付；第四，推進智慧機器人業務，完成功能展示後，進一步進行場域測試與初步試點部署。

(spoken in foreign language)

（以外語發言）

At the same time, we will maintain a disciplined approach to capital allocation. Our cash positions are not a justification for indiscriminate expansion, but rather it means to preserve flexibility in an uncertain environment. Any future investments in new business initiatives, acquisitions, or capacity expansion must be guided by long-term shareholder returns and will be rigorously evaluated against clear benchmarks, including commercial progress, cash payback cycles, and risk-adjusted returns.

同時，我們將維持嚴謹的資本配置紀律。我們的現金部位並非用來支持不加選擇的擴張，而是用以在不確定的環境中保留彈性。未來任何對新業務計畫、併購或產能擴張的投資，都必須以長期股東報酬為指引，並將依據明確的衡量標準嚴格評估，包括商業進展、現金回收週期以及風險調整後報酬。

(spoken in foreign language)

（以外語發言）

Today, Kandi has a clear platform structure, a focused dual engine strategy, a resilient global supply chain, and a solid cash position. I firmly believe that with this core competencies and strategic positioning in place, we are well equipped to translate our vision of manufacturing joy, driving the future into tangible, long-term value for shareholders.

今天，Kandi 已具備清晰的平台架構、聚焦的雙引擎策略、具韌性的全球供應鏈，以及穩健的現金部位。我堅信，在這些核心能力與策略定位到位的情況下，我們已做好充分準備，將「製造喜悅、驅動未來」的願景轉化為可落地、可持續的長期股東價值。

(spoken in foreign language)

（以外語發言）

Now, let me turn the call over to our CFO, Alan Lim, who will provide details on our full-year 2025 financial performance. Thank you.

現在，我把電話交給我們的財務長 Alan Lim，他將說明我們 2025 全年的財務表現細節。謝謝。

Thank you, Mr. Chen and Kewa, and thank you, everyone, for joining us today. I will go over our financial results for 2025.

謝謝陳先生與 Kewa，也謝謝各位今天加入我們。我將說明我們 2025 年的財務結果。

The net revenues were $87.4 million, a decrease of 31.5% from $127.6 million for 2024, primarily due to reduced demand for EV products in the PLC market and fewer sales of crossover golf carts and other vehicle models. Ongoing trade uncertainties, including the potential tariffs and trade restrictions, together with persistent inflation and elevated interest rates, adversely affected consumer demand for higher price migration of vehicles, which in turn impacted sales to the Kandi's major retail customers and distributors.

淨營收為 8,740 萬美元，較 2024 年的 1.276 億美元下降 31.5%，主要由於 PLC 市場對電動車（EV）產品需求下降，以及跨界高爾夫球車與其他車型銷售減少。持續的貿易不確定性（包括潛在關稅與貿易限制），加上通膨持續與利率維持高檔，對消費者對較高價位車輛的需求造成不利影響，進而影響 Kandi 主要零售客戶與經銷商的銷售。

The cost of goods sold was $50.1 million, a decrease of 43.2% from $88.3 million for 2024. The decrease was primarily due to the corresponding decrease in sales.

銷貨成本為 5,010 萬美元，較 2024 年的 8,830 萬美元下降 43.2%。下降主要是由於銷售同步減少所致。

The gross profit was $37.3 million compared with $39.3 million for 2024. Gross margin was 42.6%, up from 30.8% for 2024. The improvement in gross margin was primarily driven by increased sales of the previously impacted inventory.

毛利為 3,730 萬美元，2024 年為 3,930 萬美元。毛利率為 42.6%，高於 2024 年的 30.8%。毛利率改善主要受先前受影響庫存的銷售增加所帶動。

The total operating expenses were $94.5 million, a decrease of 12.6% from $108.1 million for 2024. The factors, including the research and development expenses were $7.6 million, up 52.6% from $5.8 million (sic – see press release, "$5.0 million") for 2024, mainly due to the completion of research and development projects during the current period.

營業費用總額為 9,450 萬美元，較 2024 年的 1.081 億美元下降 12.6%。其中，研發費用為 760 萬美元，較 2024 年的 580 萬美元（原文誤植—請參見新聞稿「500 萬美元」）增加 52.6%，主要由於本期完成研發專案所致。

Secondly, the selling and market expenses were $16.7 million, a decrease of 21.5% from $21.2 million for 2024. The decrease was mainly due to the decreases in trade expenses and commission expenses, in line with the decrease in revenue.

其次，銷售與行銷費用為 1,670 萬美元，較 2024 年的 2,120 萬美元下降 21.5%。下降主要由於貿易費用與佣金費用減少，與營收下降趨勢一致。

The general administrative expenses were for $54.4 million, a decrease of 5.7% from $ 57.7 million for 2024. The decrease was mainly due to the decreased depreciation and amortization in the current period following the material impairment of long-lived assets provisioned in 2024.

一般及行政費用為 5,440 萬美元，較 2024 年的 5,770 萬美元下降 5.7%。下降主要由於 2024 年已就長期資產計提重大減損後，本期折舊與攤銷減少所致。

The loss from operations was $57.2 million, compared with $68.8 million for 2024. The net loss for the current year was $95.6 million, compared with $51.0 million for 2024. The decrease in net loss was primarily attributed to the higher other expenses resulting from the anti-dumping building expenses and increased litigation costs, compared to the prior year.

營業損失為 5,720 萬美元，2024 年為 6,880 萬美元。本年度淨損為 9,560 萬美元，2024 年為 5,100 萬美元。淨損變動主要歸因於其他費用較高，係由反傾銷相關建置費用及訴訟成本增加所致，相較前一年更為顯著。

The basic and diluted net loss attributable to the company's shareholders per share were $1.12 compared with basic and diluted net loss per share of $0.59 for 2024.

歸屬於公司股東之基本及稀釋每股淨損為 1.12 美元，2024 年基本及稀釋每股淨損為 0.59 美元。

Turning to our balance sheet, our financial position remains healthy and stable. As of December 31, 2025, the company had cash and cash equivalents, the restricted cash and certificates of deposit totaling $211.9 million, compared with $126.3 million as of December 31, 2024.

接著看資產負債表，我們的財務狀況仍然健康且穩定。截至 2025 年 12 月 31 日，公司持有的現金及約當現金、受限制現金與定期存款合計為 2.119 億美元，相較於 2024 年 12 月 31 日的 1.263 億美元。

That concludes my remarks. I will now hand the call back to Kewa for any final comments. Thank you.

以上為我的說明。我現在把電話交回給 Kewa，請他做最後補充。謝謝。

Thank you once again for joining us today. If you have any further questions, please reach out using the contact information provided on our website. We appreciate your time and interest in Kandi Technologies.

再次感謝各位今天與會。如有任何進一步問題，請透過我們網站上提供的聯絡資訊與我們聯繫。感謝各位撥冗並關注 Kandi Technologies。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。