理想汽車 (LI) 2023 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's first quarter 2023 earnings conference call. At this time, all participants are in the listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Janet Chang, Investor Relations Director of Li Auto. Please go ahead, Janet.

女士們，先生們，您好。感謝您期待理想汽車 2023 年第一季度財報電話會議。此時，所有參與者都處於只聽模式。今天的電話會議正在錄製中。我現在將把電話轉給你的主持人，理想汽車投資者關係總監 Janet Chang。請繼續，珍妮特。

Thank you, Operator. Good evening and good morning, everyone. Welcome to Li Auto's first quarter 2023 earnings conference call. The Company's financial and operating results were published in the press release earlier today and are posted on the Company's IR website.

謝謝你，運營商。大家晚上好，早上好。歡迎來到理想汽車 2023 年第一季度財報電話會議。公司的財務和經營業績已在今天早些時候的新聞稿中發布，並發佈在公司的 IR 網站上。

On today's call we have our Chairman and CEO, Mr. Xiang Li, and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our President, Mr. Donghui Ma, and other senior management will join for the Q&A discussions.

在今天的電話會議上，我們的董事長兼首席執行官 Xiang Li 先生和我們的 CFO Johnny Tie Li 先生首先準備了發言。我們的總裁馬東輝先生和其他高級管理人員將參與問答討論。

Before I continue, please be reminded 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 views expressed today. Further information regarding risks and uncertainties is included in certain - in Company filings with the US Securities and Exchange Commission and the Hong Kong Stock Exchange. The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

在我繼續之前，請注意今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際結果可能與今天表達的觀點存在重大差異。有關風險和不確定性的更多信息包含在公司向美國證券交易委員會和香港證券交易所提交的文件中。公司不承擔任何更新任何前瞻性陳述的義務，除非適用法律要求。

Please also note that Li Auto's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial matters. Please refer to Li Auto's disclosure documents on the IR section of our website, which contain a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

另請注意，理想汽車的收益新聞稿和本次電話會議包括對未經審計的 GAAP 財務信息以及未經審計的非 GAAP 財務事項的討論。請參閱理想汽車在我們網站 IR 部分的披露文件，其中包含未經審計的非 GAAP 指標與可比 GAAP 指標的對賬。

Our CEO will start with his remarks in Chinese. There will be translation after he finish all his remarks. With that, I will now turn the call over to our CEO, Mr. Xiang Li. Please go ahead.

我們的首席執行官將首先用中文發表講話。他所有的發言結束後會有翻譯。有了這個，我現在將把電話轉給我們的首席執行官 Xiang Li 先生。請繼續。

(Interpreted) Hi, everyone, and welcome to today's earnings call. In the first quarter of 2023, China's NEV market continued to grow. The market competition intensified, triggering a wait-and-see sentiment among consumers. Nevertheless, we firmly believe that true winners will emerge from competition.

（口譯）大家好，歡迎來到今天的財報電話會議。 2023年一季度，中國新能源汽車市場繼續保持增長態勢。市場競爭加劇，引發消費者觀望情緒。儘管如此，我們堅信真正的贏家將在競爭中產生。

In the first quarter, we achieved our best quarterly delivery results to date, with continued user recognition of the L8 and L9, we - as well as strong order intake for L7, and its rapid production ramp up, we delivered 52,584 vehicles this quarter, representing a year-on-year increase of 65.8%. This achievement placed us among the top three NEV brands priced over RMB200,000 in China, with a market share of approximately 11%, far surpassing any other emerging auto maker, and once again, showcasing our ability to design and build blockbuster models.

在第一季度，我們實現了迄今為止最好的季度交付結果，用戶對 L8 和 L9 的持續認可，我們 - 以及 L7 的強勁訂單接收，以及其快速生產提升，本季度我們交付了 52,584 輛汽車，同比增長65.8%。這一成績使我們躋身中國20萬元以上新能源汽車品牌前三，市場份額約為11%，遠超其他新興汽車製造商，再次展示了我們設計和打造重磅車型的能力。

It also demonstrates the strength and the collaborative efficacy of our supply chain, manufacturing and sales and servicing networks. We'll continue to do our best to grow rapidly and strengthen our market leadership.

它還展示了我們的供應鏈、製造、銷售和服務網絡的實力和協作效率。我們將繼續盡最大努力快速發展並加強我們的市場領導地位。

In April, our monthly deliveries hit a new high, reaching 25,681 units, with cumulative deliveries exceeding 335,000. The L7, L8 and L9 all performed outstandingly in their respective market segments. According to the insurance registration data of CIRI Auto Technology Institute, L7 became the sales champion in the large SUV market in China, after it started delivery in early March.

4月份，我們的單月出貨量再創新高，達到25681台，累計出貨量超過33.5萬台。 L7、L8和L9在各自的細分市場中都表現出色。根據建研所汽車技術研究院投保數據，L7自3月初開始交付後，成為國內大型SUV市場銷量冠軍。

In April, its first full month of delivery, L7 hit the 10,000-vehicle mark, becoming our first sports model to reach this milestone. In the meantime, the L8 has maintained its sales leadership in the six-seater subsegment, and in the full-size SUV market, the L9 has consistently topped the sales charts ever since its delivery started at the end of August last year.

4 月，即交付的第一個完整月份，L7 銷量突破 10,000 輛大關，成為我們首款達到這一里程碑的運動車型。同時，L8在六座細分市場繼續保持銷量領先地位，而在全尺寸SUV市場，L9自去年8月底交付以來一直穩居銷量榜首。

Driven by our strong deliveries and relentless pursuit of operating efficiency, our financial metrics improved across the board. In the first quarter, our total revenues reached RMB18.79 billion, representing a year-over-year increase of 96.5% (sic - see Press Release "96.9%").

在我們強勁的交付能力和對運營效率的不懈追求的推動下，我們的財務指標全面改善。第一季度，我們的總收入達到人民幣 187.9 億元，同比增長 96.5%（原文 - 參見新聞稿“96.9%”）。

At the same time, we delivered positive operating profit and positive net profit, and our free cash flow reached a record high of RMB6.7 billion. The healthy profitability and cash flow will fund our R&D in products, platforms and systems, creating a solid foundation for long-term development.

同時，我們實現了正的營業利潤和正的淨利潤，我們的自由現金流達到人民幣67億元的歷史新高。健康的盈利能力和現金流將支持我們在產品、平台和系統的研發，為長期發展奠定堅實的基礎。

With the launch of L7 and L8 Air models in April, we further expanded our price range and user coverage. We expect our market share in the NEV market at RMB200,000 and above to expand further in the next quarter, with expected deliveries to be between 76,000 and 81,000 units.

隨著 4 月份推出 L7 和 L8 Air 型號，我們進一步擴大了價格範圍和用戶覆蓋範圍。我們預計我們在人民幣 20 萬元及以上的新能源汽車市場份額將在下一季度進一步擴大，預計交付量將在 76,000 至 81,000 輛之間。

Physical product delivery is just the beginning. In order to continuously improve the experience of family users, we will enhance our products through OTAs. Since the beginning of this year, we have developed two OTA updates for our L series, OTA 4.3 and 4.4, updating more than 100 features in total. New features include Task Master, which allows users to create customized combinations of functions of seats, drive settings, navigation applications and more.

實物產品交付僅僅是個開始。為了不斷提升家庭用戶的體驗，我們會通過OTA來提升我們的產品。從今年年初開始，我們為L系列開發了兩個OTA更新，OTA 4.3和4.4，總共更新了100多個功能。新功能包括 Task Master，它允許用戶創建座椅、駕駛設置、導航應用程序等功能的自定義組合。

We also rolled out LKA Plus, the first feature of its kind in China, which can autonomously overtake on highways and urban expressways when not in navigation mode. Additionally, we will officially launch OTA 3.3 for Li One in the middle of this year.

我們還推出了國內首創的LKA Plus，可以在非導航模式下實現高速公路和城市快速路的自動超車。此外，我們將在今年年中正式推出李一的OTA 3.3。

For family users, safety is always the top priority. Every model of Li Auto is developed to meet the most stringent safety standards and has undergone comprehensive safety tests. In April 2023 the China Insurance Automotive Safety Index, C-IASI, released its latest batch of its evaluation results. The L8 received a G rating, the highest rating in occupant protection, pedestrian protection, and driver assistance system. It also received the G rating in the 25% offset frontal impact test on both the driver and passenger side. The L9 also received a five-star rating with a weighted score of 91.3% in the C-NCAP assessment test.

對於家庭用戶來說，安全永遠是重中之重。理想汽車的每一款車型都是為滿足最嚴格的安全標準而開發的，並經過了全面的安全測試。 2023年4月，中國保險汽車安全指數C-IASI發布了最新一批評價結果。 L8 獲得了 G 評級，這是乘員保護、行人保護和駕駛員輔助系統的最高評級。它還在駕駛員側和乘客側的 25% 偏置正面碰撞測試中獲得了 G 評級。 L9在C-NCAP評估測試中也以91.3%的加權得分獲得五星級評級。

In the first quarter of 2023, we continued to enhance our commercial capabilities by upgrading and expanding our integrated online and offline direct sales and servicing networks, to support the expanding product offering and provide better services to our users, while spreading our brand vision and increasing brand awareness.

2023 年第一季度，我們通過升級和擴展我們的線上線下一體化直銷和服務網絡，繼續提升我們的商業能力，以支持不斷擴大的產品種類並為我們的用戶提供更好的服務，同時傳播我們的品牌願景和增加品牌意識。

With respect to our retail sales network, we continue to add physical stores, while accelerating the upgrade and expansion of our existing stores to support multiple vehicles.

在我們的零售網絡方面，我們繼續增加實體店，同時加快現有門店的升級和擴展以支持多車型。

Since L9's launch in late June last year, we have relocated and expanded close to 50 existing stores and opened over 50 new stores. As of April 30, 2023, we have 302 retail stores in 103 cities, as well as 318 service centers and authorized body shops in 222 cities.

自去年 6 月下旬 L9 推出以來，我們已經搬遷和擴建了近 50 家現有門店，並開設了 50 多家新店。截至 2023 年 4 月 30 日，我們在 103 個城市擁有 302 家零售店，在 222 個城市擁有 318 個服務中心和授權車身修理廠。

As our business accelerates, sustainability has always been deeply ingrained in our products, services and corporate governance. On April 21 we released our 2022 ESG report, detailing our continued exploration and progress in ESG. We received an MSCI ESG AA rating for two consecutive years. In the future, we will continue to improve our ESG governance, promote the harmonious development of our brand, the environment, and our society, and create value for our users, partners, employees and other stakeholders.

隨著我們業務的加速發展，可持續發展一直深深植根於我們的產品、服務和公司治理中。 4月21日，我們發布了2022年ESG報告，詳細介紹了我們在ESG方面的持續探索和進展。我們連續兩年獲得 MSCI ESG AA 評級。未來，我們將持續完善ESG治理，促進品牌、環境、社會的和諧發展，為用戶、合作夥伴、員工等利益相關方創造價值。

As we enter the next phase of the development, we will execute our autonomous driving and BEV roadmap, unveiled on April 18 Shanghai Auto Show. City NOA will mark the beginning of autonomous driving 3.0 for our Company. Meanwhile, we will also enter a new chapter in terms of powertrain platforms and products, with EREVs and HPC BEVs being developed in parallel.

隨著我們進入下一階段的發展，我們將執行我們的自動駕駛和 BEV 路線圖，該路線圖於 4 月 18 日上海車展上公佈。 City NOA將標誌著我們公司自動駕駛3.0的開始。同時，我們在動力總成平台和產品方面也將邁入新篇章，增程式電動汽車和高性能純電動汽車並行發展。

In terms of autonomous driving, our highway NOA feature has served over 280,000 families, accumulating over 140 million kilometers of highways NOA mileage. In this quarter, we'll bring the NOA features to urban driving scenarios, we will release city NOA for beta testing on Li A Auto Max 3.0, and target to roll out the feature in 100 cities across the country by the end of 2023.

在自動駕駛方面，我們的高速公路NOA功能已服務超過28萬個家庭，累計高速公路NOA里程超過1.4億公里。本季度，我們將把NOA功能引入城市駕駛場景，我們將發布城市NOA在理想汽車Max 3.0上進行內測，併計劃在2023年底前在全國100個城市推出該功能。

Moving forward, with the application of Transformer models in autonomous driving, we believe we will be the biggest beneficiary since we have the largest dataset in China.

展望未來，隨著Transformer模型在自動駕駛中的應用，我們相信我們將是最大的受益者，因為我們擁有中國最大的數據集。

With respect to EREVs and HPC BEVs, we will adhere to our parallel development strategy. For EREVs, we will focus on enhancing the efficiency of the range extenders, allowing users to drive on battery power on urban commutes and on range extender during long-distance travel, a much better experience than driving ICE vehicles.

在 EREV 和 HPC BEV 方面，我們將堅持並行發展戰略。對於增程式電動汽車，我們將重點提高增程器的效率，讓用戶在城市通勤時使用電池供電，在長途旅行中使用增程器，這比駕駛 ICE 車輛的體驗要好得多。

For HPC BEVs, we will continue to improve our technology to offer a rapid charging experience comparable to filling up gasoline vehicle, so the users can make intercity trips without range anxiety.

對於 HPC BEV，我們將繼續改進我們的技術，以提供與加滿汽油車相媲美的快速充電體驗，讓用戶可以在城際旅行中沒有里程焦慮。

By 2025, our portfolio will consist of one supermodel, a flagship model, five EREVs and five HPC BEVs, 11 models in total, which will allow us to further expand our user base and expand to new markets.

到 2025 年，我們的產品組合將包括一款超級車型、一款旗艦車型、五款 EREV 和五款 HPC BEV，總共 11 款車型，這將使我們能夠進一步擴大用戶群並拓展新市場。

This year, we will redouble our efforts in fast charging network deployment. Our 4C fast chargers can reach peak power output of 480 kilowatts, adding 400 kilometers of driving range with a 10-minute charge. We plan to build 300 charging stations in highway service areas by the end of 2023, covering four major economic zones, including the Beijing-Tianjin-Hebei region and the Yangtze River Delta region and the Great Bay area, and the Chengdu-Chongqing region. We expect to further expand to 3,000 charging stations by the end of 2025, covering 90% of highway mileage nationally and all major tier 123 cities.

今年，我們將在快充網絡建設上加倍努力。我們的 4C 快速充電器可以達到 480 千瓦的峰值功率輸出，只需充電 10 分鐘即可增加 400 公里的續駛里程。計劃到2023年底，在高速公路服務區建設300個充電站，覆蓋京津冀、長三角、大灣區、成渝地區四大經濟區。我們預計到 2025 年底將進一步擴大到 3,000 個充電站，覆蓋全國 90% 的高速公路里程和所有主要的 123 線城市。

In the future, we will continue to refine our operations, build organizational capabilities to support the scaling of our business and maintain healthy sales growth. As we continue to strengthen our autonomous driving and smart cockpit capabilities and simultaneously implement our EREV and HPC BEV dual product strategy, we are confident we will also continue to strengthen our market leadership in the NEV market, creating more and better choices for family users, to create mobile homes and create happiness.

未來，我們將繼續完善我們的運營，建立組織能力以支持我們業務的擴展並保持健康的銷售增長。隨著我們不斷加強自動駕駛和智能座艙能力，同時實施我們的 EREV 和 HPC BEV 雙產品戰略，我們有信心我們也將繼續加強我們在新能源汽車市場的市場領導地位，為家庭用戶創造更多更好的選擇，打造移動家園，創造幸福。

With that, I will l turn it over to our CFO, Tie Li, for a closer look at our financial performance.

有了這個，我將把它交給我們的首席財務官李鐵，讓他更仔細地了解我們的財務業績。

Thank you, Li Xiang. Hello, everyone. I will now review some of our 2023 first quarter financials. Due to time constraints, I will address our financial highlights here and encourage you to refer to our earnings press release for further detail.

謝謝你，李想。大家好。我現在將回顧我們 2023 年第一季度的一些財務狀況。由於時間限制，我將在這裡介紹我們的財務亮點，並鼓勵您參閱我們的收益新聞稿以了解更多詳細信息。

Total revenues in the first quarter of 2023 were RMB18.79 billion or $2.74 billion, increasing 96.5% year over year and 6.4% quarter over quarter. This included RMB18.33 billion or $2.67 billion from vehicle sales, which was up 96.9% year over year and 6.1% quarter over quarter.

2023 年第一季度總收入為 187.9 億元人民幣或 27.4 億美元，同比增長 96.5%，環比增長 6.4%。其中包括汽車銷售額 183.3 億元人民幣或 26.7 億美元，同比增長 96.9%，環比增長 6.1%。

The year-on-year increase was mainly due to the increase of vehicle deliveries and higher average selling price contributed by the Li L series. The quarter-over-quarter increase was mainly due to the increase in vehicle deliveries, partially offset by the lower average selling price due to different product mix between the two quarters.

同比增長主要是由於Li L系列貢獻的車輛交付量增加和平均售價提高。環比增長主要是由於車輛交付量增加，部分被兩個季度不同產品組合導致的平均售價下降所抵消。

Revenues from other sales and services were RMB459.7 million or $66.9 million in the first quarter of 2023, growing 81.4% year over year and 20.5% quarter over quarter. The increase was mainly attributable to increased sales of accessories and services, in line with higher accumulated vehicle sales.

2023 年第一季度，其他銷售和服務收入為 4.597 億元人民幣或 6690 萬美元，同比增長 81.4%，環比增長 20.5%。增加的主要原因是配件和服務的銷售額增加，與較高的累計汽車銷售額一致。

Cost of sales in the first quarter was RMB14.96 billion or $2.18 billion, representing an increase of 102.2% year over year and an increase of 6.2% quarter over quarter.

第一季度銷售成本為人民幣 149.6 億元或 21.8 億美元，同比增長 102.2%，環比增長 6.2%。

Our gross profit in the first quarter of 2023 was RMB3.83 billion or $557.5 million, growing 77% compared with the first quarter of last year and 7.4% versus the fourth quarter of 2022.

我們在 2023 年第一季度的毛利潤為人民幣 38.3 億元或 5.575 億美元，與去年第一季度相比增長 77%，與 2022 年第四季度相比增長 7.4%。

Vehicle margin in the first quarter of this year was 19.8% compared with 22.4% in the first quarter of 2022 and 20% in the fourth quarter of 2022. The year-over-year decrease was mainly due to the different product mix between the two quarters.

今年第一季度汽車利潤率為 19.8%，而 2022 年第一季度為 22.4%，2022 年第四季度為 20%。同比下降主要是由於兩者的產品結構不同宿舍。

Gross margin in the first quarter of 2023 was 20.4% compared with 22.6% in the first quarter of last year and 20.2% in the fourth quarter of last year.

2023 年第一季度的毛利率為 20.4%，而去年第一季度為 22.6%，去年第四季度為 20.2%。

Operating expenses in the first quarter of 2023 were RMB3.42 billion or $498.7 million, increasing 32.9% year over year and decreasing 7.4% quarter over quarter.

2023 年第一季度營業費用為人民幣 34.2 億元或 4.987 億美元，同比增長 32.9%，環比下降 7.4%。

Research and development expenses in the first quarter of 2023 were RMB1.85 billion or $269.7 million, up 34.8% year over year and down 10.5% quarter over quarter. The year-over-year increase was primarily driven by increased expenses to support our expanding product portfolios as well as increased employee compensation as a result of our growing number of staff. The quarter-over-quarter decrease was mainly in line with timing and progress of new vehicle programs.

2023 年第一季度研發費用為人民幣 18.5 億元或 2.697 億美元，同比增長 34.8%，環比下降 10.5%。同比增長的主要原因是支持我們不斷擴大的產品組合的費用增加，以及員工人數增加導致員工薪酬增加。環比下降主要與新車項目的時間和進度一致。

Selling, general and administrative expenses in the first quarter of 2023 were RMB1.65 billion or $239.6 million, representing an increase of 36.8% year over year and an increase of 0.9% quarter over quarter. The year-over-year increase was primarily driven by increased employee compensation as a result of our growing number of staff as well as increased rental expenses associated with the expansion of our sales and servicing network.

2023 年第一季度的銷售、一般和管理費用為人民幣 16.5 億元或 2.396 億美元，同比增長 36.8%，環比增長 0.9%。同比增長的主要原因是員工人數增加導致員工薪酬增加，以及與銷售和服務網絡擴張相關的租金支出增加。

Income from operations in the first quarter was RMB405.2 billion or $59.0 million, compared with RMB413.1 million loss from operations in the first quarter of 2022 and RMB133.6 million loss from operations in the fourth quarter of 2022.

第一季度的運營收入為人民幣 4052 億元或 5900 萬美元，而 2022 年第一季度的運營虧損為人民幣 4.131 億元，2022 年第四季度的運營虧損為人民幣 1.336 億元。

Net income in the first quarter of 2023 was RMB933.8 million or $136 million compared with RMB10.9 million net loss in the first quarter of 2022 and more than triple the RMB265.3 million net income in the fourth quarter of 2022.

2023 年第一季度淨收入為 9.338 億元人民幣或 1.36 億美元，而 2022 年第一季度淨虧損為 1090 萬元人民幣，是 2022 年第四季度淨收入 2.653 億元人民幣的三倍多。

Turning to our balance sheet and cash flow, our balance of cash and cash equivalents, with restricted cash, time deposits and short-term investments was RMB65 billion or $9.46 billion as of March 31, 2023.

談到我們的資產負債表和現金流，截至 2023 年 3 月 31 日，我們的現金和現金等價物餘額，包括受限現金、定期存款和短期投資為 650 億元人民幣或 94.6 億美元。

Net cash provided by operating activities in the first quarter of 2023 was RMB7.78 billion or $1.13 billion. Free cash flow was RMB6.7 billion or $975.9 million in the first quarter of 2023.

2023 年第一季度經營活動提供的現金淨額為人民幣 77.8 億元或 11.3 億美元。 2023 年第一季度的自由現金流為 67 億元人民幣或 9.759 億美元。

Now for our business outlook. For the second quarter of 2023, the Company expects the delivery to be between 76,000 and 81,000 vehicles, representing an increase of 164.9% to 182.4% from the second quarter of 2022.

現在是我們的業務前景。對於2023年第二季度，公司預計交付量在76,000至81,000輛之間，較2022年第二季度增長164.9%至182.4%。

The Company also expects the second quarter total revenues to be between RMB24.22 billion and RMB25.86 billion or $3.53 billion and $3.77 billion, representing an increase of 177.4% to 196.1% from the second quarter of last year.

公司還預計第二季度總收入將在 242.2 億元人民幣至 258.6 億元人民幣或 35.3 億美元至 37.7 億美元之間，較去年第二季度增長 177.4% 至 196.1%。

This business outlook assumes supportive macroeconomic conditions, no significant disruption in the supply chain, and reflects the Company's current and preliminary view on the business situation and market condition, which is subject to change.

本業務展望假設宏觀經濟條件有利，供應鏈沒有重大中斷，反映了公司對業務狀況和市場狀況的當前和初步看法，可能會發生變化。

I will now turn the call over to the operator to start our q-and-a session.

我現在將把電話轉給接線員以開始我們的問答環節。

(Operator Instructions). For the benefit of all participants on today's call, please limit yourself to two questions, and if you have additional questions, you can re-enter the queue. If you are a Mandarin speaker, please ask your questions in Chinese first, then followed by the English translation. The first question comes from Tim Hsiao from Morgan Stanley. Please go ahead.

（操作員說明）。為了今天電話會議的所有參與者的利益，請將自己限制在兩個問題上，如果您有其他問題，可以重新進入隊列。如果您會說普通話，請先用中文提問，然後再進行英文翻譯。第一個問題來自摩根士丹利的Tim Hsiao。請繼續。

(Spoken in Chinese) So my first question is about gross profit margin, so first quarter gross profit margin was adversely affected by the inferior product mix and the lower utilization rate. So how should we think about the margin trajectory in the following quarters, given the interplay of the multiple factors?

（用中文說）所以我的第一個問題是關於毛利率，所以第一季度毛利率受到劣質產品組合和較低利用率的不利影響。那麼，考慮到多種因素的相互作用，我們應該如何看待接下來幾個季度的利潤率軌跡呢？

So on the bright side, the scale will rise in component costs, including the battery prices would fall. On the flipside, we expect the rising mix of L7 and the Air models might cause greater margin dilution. So any chance in the following quarter we could see the gross profit margin bounce back to a previous peak level, more than 22%? So that's my first question.

因此從好的方面來看，組件成本規模將上升，包括電池價格將下降。另一方面，我們預計 L7 和 Air 模型的組合增加可能會導致更大的利潤率攤薄。那麼在下個季度我們是否有機會看到毛利率反彈到之前的峰值水平，超過 22%？這是我的第一個問題。

Thank you, Tim, this is Johnny. Basically, we are confident of improving the gross margin starting from Q1. First, in the first quarter the Li ONE sales impact was [6%] on the gross margin negative if we excluding that. So we will sell out all the Li ONEs in the first half and there will be some room on the Li ONE's negative impact.

謝謝你，蒂姆，這是約翰尼。基本上，我們有信心從第一季度開始提高毛利率。首先，如果我們排除這一因素，第一季度 Li ONE 銷售對毛利率的影響為 [6%]。所以上半年我們會把李ONE全部賣光，李ONE的負面影響會有一些空間。

With the ramp up of our L7 series and also the Air series, there will be some room on that, yes. We still see there will be some other [inaudible] costs up stress so we still keep our 20% full year guidance. Thank you.

隨著我們 L7 系列和 Air 系列的升級，會有一些空間，是的。我們仍然看到會有一些其他 [聽不清] 成本增加壓力，因此我們仍然保持 20% 的全年指導。謝謝。

Got it, thank you very much, Johnny. (Spoken in Chinese) So my second question is about city NOA. Li Auto plans to push through the city NOA to a small group of users for early testing. So what's the size of the user group at the initial stage and when are you going to activate the function to all AD Max users?

知道了，非常感謝你，約翰尼。 （用中文發言） 那麼我的第二個問題是關於城市NOA。理想汽車計劃通過城市NOA推送給一小部分用戶進行早期測試。那麼初期的用戶群有多大，什麼時候對所有AD Max用戶開放？

Separately, when the Company thinks about Li Auto, the targeted customers, i.e. the family users, what's the value proposition of city NOA where a high level [in town] driving function, would does that mean to them? How important is it when family users make their decision to buy the cars and to enhance their user experience? So that's my second question, thank you.

另外，當公司考慮理想汽車時，目標客戶，即家庭用戶，城市 NOA 的高級 [in town] 駕駛功能的價值主張是什麼，這對他們意味著什麼？家庭用戶決定購買汽車和提升用戶體驗有多重要？這是我的第二個問題，謝謝。

(Interpreted) Overall we're making good progress in terms of city NOA, both on a system testing level and on real road testing. Our plan is still to release early bird testing in June and the policy, specific policy, as to who do we release it to is still being created. But generally, our rule of thumb is we will try to cover more frequent users of highway NOA, which are users who have more willingness and ability to use NOA. They also have higher tolerance and level of understanding of the NOA feature.

（解釋）總體而言，我們在城市 NOA 方面取得了良好進展，無論是在系統測試級別還是在實際道路測試方面。我們的計劃仍然是在 6 月發布早鳥測試，關於我們向誰發布它的政策，具體政策仍在製定中。但一般來說，我們的經驗法則是我們會盡量覆蓋高速公路 NOA 的更頻繁的用戶，這些用戶更願意也更有能力使用 NOA。他們對 NOA 特性也有更高的容忍度和理解水平。

By year end, we still plan to launch city NOA in 100 cities and as to which specific cities we will cover first is mostly dependent on the number of our existing vehicles in the cities. Because as you know our city NOA solution doesn't rely on high definition map, which means as long as we have navigation data for the city, as long as there's enough drivers driving our Max models, we will be able to accumulate enough data to allow users to use city NOA. Especially when it comes to complex intersections, as long as we achieve good coverage on those scenarios, we will be able to accumulate more data and open up those cities and locations for our users.

到年底，我們仍計劃在 100 個城市推出城市 NOA，具體先覆蓋哪些城市主要取決於我們在這些城市的現有車輛數量。因為你知道我們的城市 NOA 解決方案不依賴於高清地圖，這意味著只要我們有城市的導航數據，只要有足夠多的司機駕駛我們的 Max 模型，我們就能積累足夠的數據來允許用戶使用城市 NOA。尤其是在復雜的路口，只要我們把這些場景覆蓋好，我們就能積累更多的數據，為我們的用戶打通這些城市和位置。

Speaking of family users, as we've always believed, they care a lot about safety and also comfort, especially when it comes to mimicking human drivers to be able to drive smoothly and give the entire family a good experience. So to make that happen, we are running shadow testing in our existing vehicles already to try to improve the behavior of our NOA features, so that when they are launched they can provide the best experience for our family users.

說到家庭用戶，正如我們一直認為的那樣，他們非常關心安全和舒適性，尤其是在模仿人類駕駛員能夠平穩駕駛並給全家人帶來良好體驗方面。因此，為了實現這一目標，我們已經在現有車輛中進行影子測試，以嘗試改進我們的 NOA 功能的行為，以便在它們推出時能夠為我們的家庭用戶提供最佳體驗。

(Spoken in Chinese) Thank you very much for the detailed sharing, thank you.

（中文口語）非常感謝您的詳細分享，謝謝。

Thank you, the next question comes from Bin Wang with Credit Suisse. Please go ahead.

謝謝，下一個問題來自瑞士信貸的王斌。請繼續。

(Spoken in Chinese) Actually I've got two questions about the volume. In the last conference call, you mentioned you actually maybe try to do monthly 30,000 units per month. What's your expectation which will that deliver in the second quarter or in the future?

（用中文說）其實我有兩個關於音量的問題。在上次電話會議中，您提到您實際上可能嘗試每月生產 30,000 個單位。您對第二季度或未來的交付有何期望？

The second thing is about BEV. In a media interview you said that BEV has been postponed to next year. Do you confirm that? If yes, what's the reason behind that postponement to next year? Thank you.

第二件事是關於 BEV。您在接受媒體採訪時說 BEV 已推遲到明年。你確認嗎？如果是，推遲到明年的原因是什麼？謝謝。

(Interpreted) So first question, in Q2 we will gradually ramp up our delivery numbers and our current goal is to reach the 30,000 monthly mark by June of this quarter. Talking about the BEV flagship, our plan is still to release it in Q4 and after which we will be delivering the vehicles to retail stores for static viewing and test drives, which will follow a similar pace as you've observed with our L9 and L8.

（解釋）所以第一個問題，在第二季度，我們將逐步增加交付數量，我們目前的目標是到本季度的 6 月達到每月 30,000 輛。談到 BEV 旗艦，我們的計劃仍然是在第四季度發布，之後我們將把車輛交付給零售店進行靜態查看和試駕，這將遵循與您在我們的 L9 和 L8 上觀察到的類似的速度.

Thank you.

謝謝。

Thank you, the next question comes from Paul Gong with UBS. Please go ahead.

謝謝，下一個問題來自 UBS 的 Paul Gong。請繼續。

(Spoken in Chinese) So my first question is regarding the expense. It seems that both R&D and SG&A seems to be having either flattish quarter over quarter or even slightly decline and below our budget. Especially in terms of SG&A, even with the expanded network, it still seems to be well within control. So can you please give an update of the full year and the spending guidance, as well as SG&A expense ratio? Thank you.

(用中文說) 所以我的第一個問題是關於費用的。似乎 R&D 和 SG&A 的季度環比持平，甚至略有下降並低於我們的預算。特別是在 SG&A 方面，即使擴大了網絡，它似乎仍然在可控範圍之內。那麼，您能否提供全年更新和支出指導以及 SG&A 費用比率？謝謝。

Hi Paul, this is Johnny, I will take your question. Paul, for the R&D, we will still keep our full year guidance, which is over RMB10 billion to RMB12 billion for the full year. For the SG&A as a percentage of revenue, we will still improve starting from the first quarter of last year's ratio. Yes, this is our plan, thank you.

嗨保羅，我是約翰尼，我會回答你的問題。保羅，對於研發，我們仍將保持全年指導，全年超過 100 億元人民幣至 120 億元人民幣。對於 SG&A 佔收入的百分比，我們仍將從去年第一季度開始提高。是的，這是我們的計劃，謝謝。

(Spoken in Chinese) So my second question is regarding the competition. I think some other carmakers have announced a similar size of the vehicle with also plugin hybrid system and with even lower price than the L8. Have we observed any impact in terms of Li Auto intake and how should we think about the rising competition in the same segment? Thank you.

(用中文發言) 那麼我的第二個問題是關於比賽的。我認為其他一些汽車製造商已經宣布了類似尺寸的車輛，還配備了插電式混合動力系統，而且價格甚至低於 L8。我們是否觀察到理想汽車的攝入量有任何影響，我們應該如何看待同一細分市場日益激烈的競爭？謝謝。

(Interpreted) Looking at our actual order intake, the order for L8 is actually increasing very steadily. In fact, we believe as more players enter the market, it's actually good for our L8, which is the market leader, because many users read about these competitors and they start looking into this market segment and eventually they come over to L8 and order our products.

（解讀）從我們實際的訂單量來看，L8的訂單量其實是在非常穩定的增長。事實上，我們相信隨著越來越多的玩家進入市場，這實際上對我們作為市場領導者的 L8 有利，因為許多用戶閱讀了這些競爭對手的信息，他們開始關注這個細分市場，最終他們來到 L8 並訂購我們的產品。

So we generally don't think this to be a big threat and even when we look at the (inaudible) data for our L8 orders, this product you're talking about, this specific product, isn't even among the top competitors. Our top competitor is still the Tesla Model Y.

所以我們通常不認為這是一個大威脅，即使當我們查看 L8 訂單的（聽不清）數據時，你正在談論的這個產品，這個特定產品，甚至不在頂級競爭對手之列。我們最大的競爭對手仍然是特斯拉 Model Y。

(Spoken in Chinese) Thank you so much.

（用中文說）非常感謝。

Thank you, the next question comes from Ming-Hsun Lee from Bank of America. Please go ahead.

謝謝，下一個問題來自美國銀行的 Ming-Hsun Lee。請繼續。

Okay, thank you. (Spoken in Chinese) So my first question is regarding your business priority at the current moment. Is profitability and free cash flow more important for you, or market share is more important for you?

好的謝謝。 （用中文說）所以我的第一個問題是關於你目前的業務重點。盈利能力和自由現金流對您來說更重要，還是市場份額對您更重要？

Also how do you see the price competition in the second half this year, given the battery price already declined a lot? So will you consider to slightly give a little bit the discount in order to maintain an even higher market share?

另外，鑑於電池價格已經下降很多，您如何看待今年下半年的價格競爭？那麼你會考慮稍微給一點折扣，以保持更高的市場份額嗎？

(Interpreted) First of all, our top priority is going to be market share. In Q2, our goal is to increase our market share in NEV market above RMB200,000 MSRP from 11% to 13%. We don't have any plans to offer discounts because as we made our long-term sales and product plans, we have already considered to price our product as the most competitive, considering the size, the segment and the price segment. So this is all taken into consideration and we have confidence not to offer discounts.

（解釋）首先，我們的首要任務是市場份額。第二季度，我們的目標是將我們在 20 萬元人民幣以上新能源汽車市場的市場份額從 11% 提高到 13%。我們沒有任何提供折扣的計劃，因為在我們制定長期銷售和產品計劃時，我們已經考慮過將我們的產品定價為最具競爭力的價格，考慮到規模、細分市場和價格細分市場。所以這一切都考慮到了，我們有信心不打折。

Okay, thank you. (Spoken in Chinese) So my second question is regarding your battery EV plan. In April you already disclosed your long-term goal, by 2025 you will have five BEV models and also five EREV models and one flagship model. So how do you think about the long-term gross margin of your battery EV? Also what is your CapEx related to the BEV business?

好的謝謝。 （用中文說）所以我的第二個問題是關於你們的電動汽車計劃。在 4 月份，您已經透露了您的長期目標，到 2025 年，您將擁有五款 BEV 車型以及五款 EREV 車型和一款旗艦車型。那麼，您如何看待純電動汽車的長期毛利率？另外，與 BEV 業務相關的資本支出是多少？

I will take that question, this is Johnny. For this year's CapEx, in the last three years our CapEx is about RMB10 billion and rolling three-year starting from this year based on our current estimate, including the HPC CapEx, is about RMB18 billion. But it may expand if our early test on the HPC will succeed, we may adjust our present plan. ***

我來回答這個問題，我是約翰尼。對於今年的資本支出，過去三年我們的資本支出約為人民幣 100 億元，根據我們目前的估計，從今年開始的滾動三年，包括 HPC 資本支出，約為人民幣 180 億元。但它可能會擴展，如果我們在 HPC 上的早期測試能夠成功，我們可能會調整我們目前的計劃。 ***

Thank you.

謝謝。

Thank you. The next question comes from Yuqian Ding with HSBC. Please go ahead.

謝謝。下一個問題來自匯豐銀行的Yuqian Ding。請繼續。

(Spoken in Chinese). Two questions on the product map. First, on the pure battery electric vehicle product strategy and profit outlook. As BEV might have a quite different [bond] structure versus range extender, for the coming EV models (inaudible) and EV, will there be range extender version versus pure battery electric version? So far, we noticed that during the competition, BYDs and D9 have been selling well but 70% is PHEV.

（用中文講）。產品圖上的兩個問題。第一，關於純電動汽車產品策略和盈利前景。由於 BEV 可能具有與增程器完全不同的 [債券] 結構，對於即將推出的 EV 模型（聽不清）和 EV，是否會有增程器版本與純電池電動版本？到目前為止，我們注意到在競爭中，比亞迪和D9銷量不錯，但70%是PHEV。

Second, on the RMB200,000 to RMB300,000 pricing range. (Inaudible) by more competition, how would Li Auto differentiate itself in winning mid-size and compact size segment which already have crowded model supply? Thank you.

第二，關於20萬元至30萬元的定價區間。 （聽不清）通過更多的競爭，理想汽車將如何在已經擁擠的車型供應中贏得中型和緊湊型細分市場？謝謝。

(Interpreted) I'll answer this question from two angles. First of all, even though we haven't launched our HPC BEV product, in fact we have invested in R&D and supply chain, especially developing in-house parts very early on to prepare so that we can offer the best products at a price point very close to our EV product and deliver very similar gross margin as well. All this is reliant on our R&D efforts as well as in-house parts, which is deployment in our supply chain.

（解釋）這個問題我從兩個角度來回答。首先，雖然我們還沒有推出我們的HPC BEV產品，但實際上我們已經在研發和供應鏈上進行了投資，特別是很早就開發了內部零件來做準備，這樣我們就可以在一個價位上提供最好的產品非常接近我們的電動汽車產品，毛利率也非常相似。所有這一切都依賴於我們的研發努力以及內部零件，這些零件部署在我們的供應鏈中。

Without talking about specific models, whether it's BEVs or [EREVs], our goal has always been to massively replace ICE vehicles. In order to do that, the top priority is to tackle range anxiety so that our users can drive freely between cities and far away from their homes.

不談具體車型，無論是 BEV 還是 [EREV]，我們的目標一直是大規模取代 ICE 車輛。為了做到這一點，當務之急是解決範圍焦慮，以便我們的用戶可以在城市之間和遠離家園的地方自由駕駛。

So, our strategy for that product is to deploy charging stations which can charge very rapidly in service areas and highways so that it can provide a very similar experience even comparable to cars that are powered by [traditional] chemical fuels.

因此，我們對該產品的策略是部署可以在服務區和高速公路上快速充電的充電站，這樣它就可以提供非常相似的體驗，甚至可以與使用[傳統]化學燃料的汽車相媲美。

At the same time, as I mentioned earlier, with our strategy in R&D and in-house development, we're able to offer all of this without incurring additional costs for the users so that they can buy these products at pricing very similar to our EVs.

同時，正如我之前提到的，通過我們在研發和內部開發方面的策略，我們能夠提供所有這些，而不會給用戶帶來額外成本，這樣他們就可以以與我們非常相似的價格購買這些產品電動汽車。

Thank you. The next question comes from Yingbo Zu with CITIC Securities. Please go ahead.

謝謝。下一個問題來自中信證券的祖英波。請繼續。

Thank you. (Spoken in Chinese). My question is, how we plan our sales and service network in next two or three years to prepare for the large sales volume in future? Thank you.

謝謝。 （用中文講）。我的問題是，我們如何規劃未來兩三年的銷售和服務網絡，為未來的大銷量做準備？謝謝。

(Interpreted) I'll answer this on three levels. First of all, as we build multiple vehicles in our private portfolio, we'll be upgrading stores which only house one or two cars today so that they can house a bigger part of our product offering.

（解釋）我將在三個層面上回答這個問題。首先，當我們在我們的私人產品組合中製造多輛汽車時，我們將升級目前只容納一兩輛汽車的商店，以便它們可以容納我們提供的更多產品。

Secondly, we will change the format in the cities where we have very high market share. We'll change the format of some of our stores to be a sales complex which will offer better test-driving experience as well as drive higher conversion rates.

其次，我們會在我們佔有率很高的城市進行業態轉換。我們將把我們的一些商店的形式更改為一個銷售綜合體，這將提供更好的試駕體驗並推動更高的轉化率。

Thirdly, in tier 4 cities we plan to pretty much cover all of the tier 4 cities and the format will be very similar to what you see in auto complexes, offering a comprehensive store offering services as well as sales in the same complex.

第三，在四線城市，我們計劃幾乎覆蓋所有的四線城市，形式將與您在汽車綜合體中看到的非常相似，在同一綜合體中提供綜合商店，提供服務和銷售。

So, overall, as you look at our sales network, it will look very similar to what you see with Mercedes, BMW and Audi, both in terms of scale and format.

因此，總的來說，當您查看我們的銷售網絡時，無論是在規模還是形式方面，它都與您在梅賽德斯、寶馬和奧迪看到的非常相似。

Thank you. The next question comes from Jing Chang with CICC. Please go ahead.

謝謝。下一個問題來自中金公司的Jing Chang。請繼續。

(Spoken in Chinese). We can see that our average second quarter delivery guidance is around 78,500 units, which means that by the end of second quarter, the monthly sales volume will hit 30,000 units and therefore I want to ask whether the trend of new orders since May 1 we have already seen a significant improvement and [report] the continuous improvement of delivery volume in May and June.

（用中文講）。我們可以看到我們第二季度的平均出貨量指導是在78,500台左右，這意味著到第二季度末，月銷量將達到30,000台，因此我想問一下自5月1日以來新訂單的趨勢是否有已經看到顯著改善，[報告]5 月和 6 月的交貨量持續改善。

In addition, I want to ask whether the current proportion of Air version and also the proportion of sales volume in lower tier cities has already made a greater incremental contribution than before and what do you think for the further state of our three existing models after their quarterly sales volume has already reached 30,000 unit especially in the third and fourth quarter this year. Can you expect a higher level? Thank you.

另外想問下現在Air版本的佔比，還有下線城市的銷量佔比，是不是已經比之前做出了更大的增量貢獻，你覺得我們現有的三款機型在他們之後的進一步狀態如何？尤其是今年三、四季度，季度銷量已經達到3萬台。你能期待更高的水平嗎？謝謝。

(Interpreted) Answering these questions in order. First of all, May has typically been a low season in terms of vehicle sales but for us, we have seen a strong growth compared with April, both in terms of delivery numbers and order numbers. As the Air models hit our stores and we begin to offer test drives, we have also seen a greater share of Air models in both L8 and L7. Together, L8 and L7 Airs contribute about 20% of incremental sales (inaudible).

（解釋）按順序回答這些問題。首先，就汽車銷售而言，5 月通常是淡季，但對我們而言，與 4 月相比，無論是交付數量還是訂單數量，我們都看到了強勁的增長。隨著 Air 型號進入我們的商店並且我們開始提供試駕服務，我們還看到 Air 型號在 L8 和 L7 中的份額越來越大。 L8 和 L7 Airs 合計貢獻了約 20% 的增量銷售額（聽不清）。

Secondly, we divide a city by what we call new tier 1s and tier 2s and we see the best performance in these so-called new tier 1 cities because these are strong drivers in terms of buying SUVs that are priced over RMB300,000. They will continue to be strong drivers. In our next steps, we will expand into tier 3 and tier 4 cities and we believe they will be a growth engine for our next phase of development.

其次，我們將城市劃分為新一線和新二線城市，我們在這些所謂的新一線城市看到了最好的表現，因為這些城市是購買價格超過人民幣 30 萬元的 SUV 的強大驅動力。他們將繼續成為強大的驅動力。在接下來的步驟中，我們將擴展到三四線城市，我們相信它們將成為我們下一階段發展的增長引擎。

Thank you. Please go ahead.

謝謝。請繼續。

(Spoken in Chinese). My second question is we can see the number of our staff has expanded a lot and most of they open in the larger cities and this is one of the major driving force of our further sales volume growth. We also can see that we are constantly adjusting our distribution channels and organization makeup so can you share some detailed cases, especially for what difficulties do we see in the lower tier cities and how we adjust to make the Li improvement?

（用中文講）。我的第二個問題是，我們可以看到我們的員工數量增加了很多，而且他們中的大多數都在大城市開設，這是我們進一步銷售量增長的主要推動力之一。我們也看到我們在不斷地調整我們的分銷渠道和組織結構，你能不能分享一些詳細的案例，特別是我們在低線城市看到了哪些困難，我們如何調整來改善李？

(Interpreted) I can't disclose too many details but what I can share is that this quarter we have started a comprehensive organizational upgrade on the commercial side. We have changed from a regional organization structure to a province-based organizational structure so in terms of both customer acquisition and conversion resources, we've changed from a centrally allocated model to a more regional, more front line directed allocation model so that the resources can be allocated more efficiently.

（解釋）我不能透露太多細節，但我可以分享的是，本季度我們已經開始在商業方面進行全面的組織升級。我們從區域組織架構轉變為以省為單位的組織架構，因此在獲客和轉化資源方面，我們從集中分配模式轉變為更區域、更一線的定向分配模式，以便資源可以更有效地分配。

Compared with Q4 last year, actually our number of stores hasn't changed much but the sales per store and sales per person have both increased very dramatically. Also, the conversion rate from leads to order has also increased.

和去年Q4相比，其實我們的店鋪數量沒有太大變化，但是單店銷售額和人均銷售額都有非常大的增長。此外，從線索到訂單的轉化率也有所提高。

As to our strategy in tier 3 and 4 cities, what I can share right now is that we will trust this new process and organizational structure and give the power to the front-line workers so that they can use their judgement and experience to decide what is the best strategy that best suits their city and region to achieve the best results.

至於我們在三四線城市的策略，我現在可以分享的是，我們會相信這個新的流程和組織結構，把權力交給一線員工，讓他們根據自己的判斷和經驗來決定什麼。是最適合他們所在城市和地區的最佳策略，以達到最佳效果。

(Spoken in Chinese).

（用中文講）。

Thank you. The next question comes from Jiong Shao with Barclays. Please go ahead.

謝謝。下一個問題來自Jiong Shao with Barclays。請繼續。

(Spoken in Chinese).

（用中文講）。

(Interpreted) First of all, in the Changzhou factory, we currently operate two production lines. The first line manufactures L8 and L9 and we currently operate two shifts, which gives us a capacity of about 20,000 to 25,000 per month. The second line makes L7 and L8 and currently operates on one shift, still doing 10,000 to 12,000 per month. L8 is actually used to balance the load of the two lines so that they can operate at optimal efficiency.

（翻譯）首先，在常州工廠，我們目前有兩條生產線。第一條生產線生產 L8 和 L9，目前我們實行兩班制，每月產能約為 20,000 至 25,000。第二條線生產L7和L8，目前實行一班制，每月仍在做10,000到12,000件。 L8實際上是用來平衡兩條線路的負載，使它們能夠以最佳效率運行。

Going forward, based on demand, we can easily improve our production output with the current factory in Changzhou so this year, this factory should be enough to support our sales targets.

展望未來，根據需求，我們可以很容易地提高常州現有工廠的產量，所以今年這個工廠應該足以支持我們的銷售目標。

The Beijing factory is dedicated to our [BEV] product line and it's designed to initially offer 100,000 units production capacity annually and as we deliver more vehicles in the future, we will strategically increase the output of the production capacities to meet our demand.

北京工廠專門用於我們的 [BEV] 產品線，最初設計為每年提供 100,000 輛的產能，隨著我們未來交付更多的車輛，我們將戰略性地增加產能的產量以滿足我們的需求。

Thank you. As we are reaching the end of our conference now, I'd like to turn the call back over to the Company for closing remarks. Ms. Janet Chang, please go ahead.

謝謝。由於我們的會議即將結束，我想將電話轉回公司以作結束語。請 Janet Chang 女士繼續。

Thank you all once again for joining us today. If you have any further questions, please feel free to contact Li Auto's Investor Relations team. That's all for today. Thank you and have a good day.

再次感謝大家今天加入我們。如果您有任何其他問題，請隨時聯繫理想汽車的投資者關係團隊。今天就到此為止。謝謝你，有一個美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by

本抄本中標記（解釋）的部分由

an interpreter present on the live call. The interpreter was provided by the

實時通話中的口譯員。口譯員由

Company sponsoring this Event.

公司贊助本次活動。