理想汽車 (LI) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's fourth quarter and full year 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加理想汽車 2024 年第四季和全年財報電話會議。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Ms. Janet Chang, Investor Relations Director of Li Auto. Please go ahead, Janet.

現在我將電話轉給主持人、理想汽車投資者關係總監 Janet Chang 女士。請繼續，珍妮特。

Thank you. Good evening, and good morning, everyone. Welcome to Li Auto's fourth quarter and full year 2024 earnings conference call. The company's financial and operating results were published in our press release earlier today and are posted on the company's IR website.

謝謝。大家晚上好，早安。歡迎參加理想汽車2024年第四季及全年財報電話會議。該公司的財務和經營業績已在我們今天早些時候的新聞稿中公佈，並發佈在該公司的 IR 網站上。

On today's call, we will 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 our Senior Vice President, Mr. James Liangjun Zou, will join for the Q&A discussion.

今天的電話會議由我們的董事長兼執行長李翔先生主持；以及我們的財務長 Johnny Tie Li 先生首先發表準備好的發言。我們的總裁馬東輝先生；我們的高級副總裁鄒良軍先生將參加問答討論。

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.

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做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的實際結果可能與今天表達的觀點有重大差異。

Further information regarding risks and uncertainties is included in certain company filings with the US Securities and Exchange Commission and the Stock Exchange of Hong Kong Limited. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

有關風險和不確定性的更多資訊包含在某些公司向美國證券交易委員會和香港聯合交易所有限公司提交的文件中。除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

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

另請注意，理想汽車的獲利新聞稿和本次電話會議包括未經審計的美國 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。請參閱我們網站 IR 部分中理想汽車的揭露文件，其中包含未經審計的非 GAAP 指標與可比較美國 GAAP 指標的對帳。

Our CEO will start his remarks in Chinese. There will be English translation after he finishes all his remarks.

我們的執行長將用中文發表講話。他全部發言結束後將會有英文翻譯。

With that, I will now turn the call over to our CEO, Mr. Xiang Li. Please go ahead.

現在，我將把電話轉給我們的執行長李翔先生。請繼續。

(interpreted) Hi, everyone. Welcome to today's conference call. China's NEV market maintained rapid growth in 2024. According to insurance registration data from the China Automotive Technology and Research Center, China's NEV penetration rate exceeded 50% for many consecutive months in 2024, reaching 45.9% for the full year, up 12 percentage points year-over-year.

(翻譯) 大家好。歡迎參加今天的電話會議。2024年中國新能源汽車市場維持快速成長。根據中國汽車技術研究中心保險登記數據，2024年中國新能源汽車滲透率連續個多月超過50%，全年達45.9%，年增12個百分點。

Leveraging our outstanding product portfolio, organizational efficiency and continuous breakthroughs in artificial intelligence, we further solidified our position as the sales champion among Chinese auto brands in the RMB200,000 and above NEV market, taking our full year market share to 15.3%.

憑藉著卓越的產品組合、組織效率以及在人工智慧方面的不斷突破，我們進一步鞏固了20萬以上新能源汽車市場中國品牌銷量第一的地位，全年市佔率提升至15.3%。

In the fourth quarter of 2024, we delivered over 158,000 vehicles, setting a new quarterly record. Our full year deliveries exceeded 500,000 units, making us both the first emerging NEV branding and first Chinese premium auto brand to reach this milestone. In addition, each bottle in our Li L series, including the L6, L7, L8 and L9, have achieved cumulative deliveries of over 200,000 units, respectively, showcasing the strong user recognition of our products and our highly efficient and consistent delivery capability.

2024年第四季度，我們交付了超過158,000輛汽車，創下了新的季度紀錄。我們全年交付量超過50萬輛，這使我們成為第一個達到這一里程碑的新興新能源汽車品牌和中國高端汽車品牌。此外，我們Li L系列的L6、L7、L8和L9等各款瓶子的累計交付量均已超過20萬瓶，彰顯了用戶對我們產品的高度認可以及我們高效一致的交付能力。

These achievements will not have impossible without the effort and dedication of every team member in Li Auto, the support of our partners and the trust of our users. I would like to express my heartfelt gratitude to them and look forward to reaching new milestones in collaboration.

這些成績的取得，離不開理想汽車每一位團隊成員的努力與付出，離不開合作夥伴的支持，離不開用戶的信賴。我向他們表示衷心的感謝，並期待在合作中不斷邁上新的里程碑。

As our business continues to expand, a number of financial metrics have reached record highs for the quarter. In Q4 2024, total revenues reached RMB44.3 billion, taking full year total revenues to RMB144.5 billion.

隨著我們的業務不斷擴大，本季多項財務指標均創下歷史新高。2024年第四季，總收入達443億元人民幣，全年總收入達1,445億元。

As of the end of 2024, our cash on hand has reached RMB112.8 billion. Our robust cash generation capabilities and substantial cash reserves provides solid support to our long-term investments in electrification and artificial intelligence, advancing our progress toward our long-term vision. Looking forward, we expect continued growth in 2024, aiming for 88,000 to 93,000 vehicle deliveries in Q1.

截至2024年底，我們的庫存現金已達人民幣1,128億元。強勁的現金創造能力和充足的現金儲備為我們在電氣化和人工智慧領域的長期投資提供了堅實的支持，推動我們邁向長期願景。展望未來，我們預計 2024 年將繼續成長，目標第一季交付 88,000 至 93,000 輛汽車。

There is no doubt that intelligence is the theme of the next phase of auto industry's evolution. We continue to invest in R&D and accelerate innovation. Our R&D investments exceeded RMB11 billion in 2024, driving further breakthroughs and growth in our autonomous driving system.

毫無疑問，智慧化是汽車產業下一階段進化的主題。我們持續投入研發，加速創新。2024年，我們的研發投入超過110億元人民幣，推動自動駕駛系統的進一步突破與成長。

In terms of autonomous driving, we solidified our position as a top-tier player in the sector. Our industry pioneering [jewel] system, autonomous driving solution, combining an end-to-end model with a vision language model sets in trend in the industry with industry-leading pace of iteration and performance.

在自動駕駛方面，我們鞏固了業界領先地位。我們業界首創的[jewel]系統，自動駕駛解決方案，結合端到端模型與視覺語言模型，以業界領先的迭代速度與效能引領產業潮流。

In January, we rolled out AD Max V13, upgrading highway NOI to an end-to-end architecture, providing end-to-end capability across both urban and highway driving scenarios. In parallel, we introduced a first-of-a-kind AI reasoning visualization feature for autonomous driving, providing users with a better understanding of how the autonomous driving function works.

今年 1 月，我們推出了 AD Max V13，將高速公路 NOI 升級為端到端架構，為城市和高速公路駕駛場景提供端到端功能。同時，我們推出了首個用於自動駕駛的 AI 推理視覺化功能，讓使用者更了解自動駕駛功能的工作原理。

In February, we rolled out our latest end-to-end and DLM model trained on 10 million video clips for all AD Max users, making us the first automaker in China to deploy large models train out 10 million video clips.

今年 2 月，我們向所有 AD Max 用戶推出了基於 1000 萬個視訊片段訓練的最新端到端和 DLM 模型，這使我們成為中國第一家部署基於 1000 萬個視訊片段訓練的大型模型的汽車製造商。

Our autonomous driving system has been evolving at an industry-leading pace, taking only seven months to grow from 1 million to 10 million video clips. In addition, our 10 million video clips AD Max V13 boast industry-leading performance, which was clearly demonstrated in our recent press reviews that evaluated top tier on autonomous driving systems from global and domestic auto brands. AD Max V13 secured first place in a number of these head-to-head reviews, with a significant advantage in terms of number of interventions.

我們的自動駕駛系統一直以業界領先的速度發展，僅花了七個月的時間就從 100 萬個影片片段成長到 1000 萬個影片片段。此外，我們的1000萬視頻片段AD Max V13擁有業界領先的性能，這在我們最近的新聞評論中得到了明確的證明，這些評論評估了全球和國內汽車品牌的頂級自動駕駛系統。AD Max V13 在許多此類頭對頭評估中都名列第一，並在幹預次數方面具有顯著優勢。

Additionally, we have already initiated R&D for next-generation model base on the vision language action or VLA architecture. We plan to launch it alongside our first battery electric SUV, Li i8, this year, delivering refreshed autonomous driving experience to our users.

另外，我們已經啟動基於視覺語言動作或VLA架構的下一代模型的研發。我們計劃今年與我們的第一款純電動SUV Li i8一起推出它，為我們的用戶帶來全新的自動駕駛體驗。

Moving on to supercharging network. We're accelerating its deployment in preparation for the launch of BEV models in 2025. In 2024, we built 1,420 supercharging stations at an industry-leading pace. We operate the largest highway supercharging network of any auto OEM in China. As of now, we have over 1,900 supercharging stations, with over 10,000 charging stalls in our operation.

轉向超級充電網路。我們正在加速部署，為 2025 年推出 BEV 車型做準備。2024年，我們以業界領先的速度建造1,420座超級充電站。我們經營中國汽車原始設備製造商中最大的高速公路超級充電網路。截至目前，我們已擁有超過 1,900 個超級充電站，營運超過 10,000 個充電攤位。

Our supercharging networks covers a wide range of reasons, boasting rapid charging speed and high uptime rate. In even winter, Li MEGA can charge up to 500 kilometers in 12 minutes with battery precondition. Even under the heavy load of Spring Festival holiday, our targeting facilities reached an uptime rate of 99.9%. The overall charging experience and efficiency are essential to BEV users.

我們的超級充電網路覆蓋範圍廣泛，充電速度快，正常運行時間高。即使在冬季，在電池預熱的情況下，Li MEGA只需12分鐘即可充電，行駛500公里。即使在春節假期負載龐大的情況下，我們的目標設施的正常運作率也達到了99.9%。整體充電體驗和效率對於純電動車用戶來說至關重要。

Looking forward, we will continue to accelerate the deployment of our supercharging network, aiming to have 2,500 supercharging stations by the time we launched Li i8, our first battery electric SUV. We plan to expand to 4,000 stations by the end of 2025.

展望未來，我們將繼續加快超級充電網路的部署，目標是在我們推出首款純電動 SUV Li i8 時擁有 2,500 個超級充電站。我們計劃在 2025 年底擴展到 4,000 個站點。

Moving on to a sales and service network. In 2024, the overall quality and sales efficiency of our retail stores have improved substantially. By replacing lower-performing shopping mall stores with sales centers located in major auto parks, our proportion of sales centers has increased from 24% at the end of 2023, to 42% at the end of 2024. Total nationwide display box increased from over 2,600 to over 3,700.

轉向銷售和服務網絡。2024年，我們零售門市整體品質與銷售效率大幅提升。透過將業績較差的購物中心門市替換為位於大型汽車園區的銷售中心，我們的銷售中心比例從 2023 年底的 24% 增加到 2024 年底的 42%。全國總展示箱由2600多個增加到3700多個。

In terms of same-store sales, taking the newly opened [Tongo] high-tech zone sales center, as an example, if same-store sales has reached 175 units per month in just 4 months since -- this fully demonstrates the operating efficiency of our new sales centers. As of February 28, 2025, we had 500 retail stores in 150 cities nationwide.

從同店銷售來看，以新開業的【同好】高新區銷售中心為例，開業4個月以來，同店銷售已達175台/月，這充分體現了我們新銷售中心的營運效率。截至2025年2月28日，我們在全國150個城市擁有500家零售店。

Looking at half to 2025, while we continue to strengthen our offline presence, we will continue to pursue high-quality expansion of our sales network at a reasonable pace, prioritizing operating efficiency.

展望2025年上半年，我們將繼續加強線下佈局的同時，繼續以合理的速度追求銷售網絡的高品質擴張，優先考慮經營效率。

We're also advancing our overseas expansion as planned. In January 2025, we opened our R&D center in Munich, Germany. This is our first overseas R&D center, marking the first step in our globalization R&D strategy. Additionally, we have established directly operated servicing centers in three regions: Kazakhstan, Dubai and Uzbekistan.

我們也按計畫推進海外擴張。2025年1月，我們在德國慕尼黑開設了研發中心。這是我們首個海外研發中心，標誌著我們全球化研發策略邁出的第一步。此外，我們也在哈薩克、杜拜和烏茲別克三個地區建立了直營服務中心。

In 2025, we plan to enhance our overseas expansion efforts with a continued focus on markets with high growth potential. We believe that in the future, we will see an increasing number of Li Auto vehicles on the road in different countries.

2025年，我們計畫加強海外擴張力度，並持續關注具有高成長潛力的市場。我們相信，未來我們將看到越來越多的理想汽車行駛在不同國家的道路上。

Looking forward to 2025, we will maintain our product competitiveness with a relentless focus on creating user value. We will further upgrade our existing models and ensure the smooth launch of our new BEV models. In addition, we will continue to embrace intelligent transformation by strengthening our R&D, technological innovation and cash generation capabilities to ensure sustainable, long-term development and breakthroughs in this artificial intelligence era.

展望2025年，我們將維持產品競爭力，堅持不懈地致力於創造用戶價值。我們將進一步升級現有車型，並確保新款純電動車車型的順利上市。此外，我們將持續擁抱智慧轉型，加強研發、技術創新和創收能力，確保在人工智慧時代實現永續、長期的發展和突破。

I will now turn the call over to our CFO, Johnny, to walk you through our financial performance.

現在我將把電話轉給我們的財務長約翰尼，向你們介紹我們的財務表現。

Thank you, Xiang. Hello, everyone. I will now walk you through some of our fourth quarter 2024 financials. Due to time constraints, I will address financial highlights here and encourage you to refer to our earnings press release for further details.

謝謝你，翔。大家好。現在我將向您介紹我們 2024 年第四季的一些財務狀況。由於時間限制，我將在這裡介紹財務亮點，並鼓勵您參閱我們的收益新聞稿以了解更多詳細資訊。

Total revenue in the fourth quarter were RMB44.3 billion or USD6.1 billion, up 6.1% year-over-year and 3.3% quarter-over-quarter. This included RMB42.6 billion or USD5.8 billion from vehicle sales, up 5.6% year-over-year and 3.2% quarter-over-quarter. Both the year-over-year and the sequential increase were primarily attributable to the increase in vehicle delivery, partially offset by the lower average selling price.

第四季總營收為人民幣 443 億元（約 61 億美元），年增 6.1%，季增 3.3%。其中汽車銷售額426億元（58億美元），較去年同期成長5.6%，較上季成長3.2%。同比增長和環比增長主要歸因於汽車交付量的增加，但平均售價的下降部分抵消了這一增長。

The year-over-year ASP decline was mainly due to different product mix, while the sequential ASP change was mainly due to the interest subsidies provided to customers.

平均售價較去年同期下降主要由於產品組合不同，而平均售價較上季變動主要由於提供給顧客的利息補貼。

Cost of sales in the fourth quarter was RMB35.3 billion or USD4.8 billion, up 10.5% year-over-year and 4.9% quarter-over-quarter. Gross profit in the fourth quarter was RMB9 billion or USD1.2 billion, down 8.3% year-over-year and 2.8% quarter-over-quarter.

第四季銷售成本為人民幣 353 億元（48 億美元），年增 10.5%，季增 4.9%。第四季毛利為人民幣 90 億元（約 12 億美元），年減 8.3%，季減 2.8%。

Vehicle margin in the fourth quarter was 19.7% compared with 22.7% in the same period last year, and 20.9% in the prior quarter. The year-over-year decrease was mainly due to different product mix. The sequential decrease was mainly due to the loss on purchase commitments and lower average selling price due to interest subsidies provided to customers.

第四季汽車利潤率為 19.7%，去年同期為 22.7%，上季為 20.9%。年比下降主要由於產品結構不同。環比下降主要由於購買承諾的損失以及向客戶提供的利息補貼導致的平均售價下降。

Gross margin in the fourth quarter was 20.3% versus 23.5% in the same period last year, and 21.5% in the prior quarter.

第四季毛利率為20.3%，去年同期為23.5%，上季為21.5%。

Operating expenses in the fourth quarter were RMB5.3 billion or USD721.6 million, down 22% year-over-year, and 9.1% quarter-over-quarter. R&D expenses in the fourth quarter were RMB2.4 billion or USD329.9 million, down 31% year-over-year and 6.9% quarter-over-quarter.

第四季營業費用為53億元或7.216億美元，年減22%，季減9.1%。第四季研發費用為人民幣 24 億元（3.299 億美元），年減 31%，季減 6.9%。

The year-over-year decrease was primarily due to the decreased expenses related to product portfolios and technologies and decreased employee compensation. The sequential decrease was primarily due to the decreased employee compensation.

年比下降主要由於與產品組合和技術相關的費用減少以及員工薪資減少。連續下降主要是因為員工薪資減少。

SG&A expenses in the fourth quarter were RMB3.1 billion or USD421.5 million, down 5.9% year-over-year and 8.4% quarter-over-quarter. The year-over-year decrease was primarily due to decreased employee compensation and improved operating efficiency. The sequential decrease was primarily due to decreased employee compensation associated with recognition of CEO's performance-based awards in the third quarter of 2024, partially offset by the increased marketing and promotion activities.

第四季銷售、一般及行政費用為 31 億元或 4.215 億美元，年減 5.9%，季減 8.4%。年比下降主要由於員工薪資下降及營運效率提高。環比下降主要由於 2024 年第三季對執行長績效獎勵的認可導致員工薪酬減少，但行銷和促銷活動的增加部分抵消了這一影響。

Income from operations in the fourth quarter was RMB3.7 billion USD507.4 million, up 22% year-over-year and 7.9% quarter-over-quarter. Operating margin in the fourth quarter was 8.4%, improved from 7.3% in the same period last year and 8% in the prior quarter.

第四季營業利潤為37億元人民幣（5.074億美元），較去年同期成長22%，較上季成長7.9%。第四季營業利益率為8.4%，高於去年同期的7.3%和上一季的8%。

Net income in the fourth quarter was RMB3.5 billion or USD484 million, down 38.6% year-over-year and up 25.3% quarter-over-quarter. Diluted net earnings per share attributable to ordinary shares was RMB3.31 or USD0.45 in the fourth quarter versus RMB5.32 in the same period last year and RMB2.66 in the prior quarter.

第四季淨收入為人民幣35億元（4.84億美元），年減38.6%，季增25.3%。第四季歸屬於普通股的每股攤薄淨利潤為 3.31 元人民幣或 0.45 美元，去年同期為 5.32 元人民幣，上季為 2.66 元。

And now turning to our balance sheet and cash flow. Our cash position remained strong and stood at RMB112.8 billion or USD15.5 billion as of December 31, 2024. Net cash provided by operating activities in the fourth quarter was RMB8.7 billion or USD1.2 billion versus RMB17.3 billion in the same period last year and RMB11 billion in the prior quarter. Free cash flow was RMB6.1 billion or USD830.1 million in the fourth quarter versus RMB14.6 billion in the same period last year and RMB9.1 billion in the prior quarter.

現在來談談我們的資產負債表和現金流。我們的現金狀況依然強勁，截至 2024 年 12 月 31 日為 1,128 億元或 155 億美元。第四季經營活動產生的淨現金為87億元人民幣（約12億美元），去年同期為173億元人民幣，上季為110億元。第四季自由現金流為人民幣 61 億元（約 8.301 億美元），去年同期為人民幣 146 億元，上季為 91 億元人民幣。

As of December 31, 2024, we had a total of 32,248 employees. For more information and details of our 2024 full year financial results, please refer to our earnings press release.

截至 2024 年 12 月 31 日，我們共有員工 32,248 名。有關我們 2024 年全年財務業績的更多資訊和詳細信息，請參閱我們的收益新聞稿。

And now for our business outlook. For the first quarter of 2025, the company expects the delivery to be between 88,000 and 93,000 vehicles, representing a year-over-year increase of 9.5% to 15.7%. The company also expects the first quarter total revenue to be between RMB23.4 billion and RMB24.7 billion or USD3.2 billion and USD3.4 billion, representing a year-over-year decrease of 8.7% to 3.5%. This business outlook reflects the company's current and preliminary view on the business situation and market condition, which is subject to change.

現在談談我們的業務展望。該公司預計2025年第一季交付量在8.8萬至9.3萬輛之間，年增9.5%至15.7%。該公司也預計第一季總營收將在人民幣234億元至247億元之間或32億美元至34億美元之間，年減8.7%至3.5%。此業務展望反映了公司對業務狀況和市場條件的當前和初步看法，可能會發生變化。

That concludes our prepared remarks. I will now turn the call over to the operator and start our Q&A session. Thank you.

我們的準備好的演講到此結束。我現在將把電話轉給接線員並開始我們的問答環節。謝謝。

(Operator Instructions)

（操作員指令）

Paul Gong, UBS.

瑞銀的保羅·龔（Paul Gong）。

(interpreted) So I was translating my questions. The first one is regarding the BEV launch. Can you remind us the overall, the latest launch and timing of the new models and also the highlights of your BEV models you could share with us.

（翻譯）所以我正在翻譯我的問題。第一個是關於BEV的發布。您能否向我們介紹新車型的整體情況、最新發佈時間和新車型的亮點，以及您可以與我們分享的 BEV 車型的亮點。

The second is regarding the AI strategy. We noticed how management is spending more focus -- is increasingly more focused on the AI. Can you please share us with the latest development strategy?

第二是關於AI戰略。我們注意到管理層越來越關注人工智慧。能否與我們分享最新的發展策略？

(interpreted) We're planning to launch two pure electric SUVs this year. The first one being the Li i8, which will be launched in July. And the second one, Li i6, will also be launched in the second half of this year. The two cars will be launched -- part of the reason we launched it in the second half of this year is partly to catch the sales momentum and typically the sales season of Q3 and Q4, and also partly to save enough orders to support deliveries for next Q1 and Q2.

(翻譯)我們計劃今年推出兩款純電動 SUV。第一款是李書福 i8，將於7月上市。而第二款車型李寧i6也將於今年下半年上市。這兩款車將會在今年下半年推出，部分原因是為了趕上銷售勢頭以及典型的第三季度和第四季度的銷售旺季，也部分是為了積累足夠的訂單以支持明年第一季度和第二季度的交付。

We tend not to release too much information before official profit release because we think is a -- it needs to be considered holistically with users buying experience, delivery experience. So please stay tuned for our official product release.

在正式公佈盈利之前，我們傾向於不發布太多信息，因為我們認為這需要從用戶的購買體驗、交付體驗等方面進行全面考慮。因此請繼續關注我們的官方產品發布。

First of all, our overall view is that at this stage, the most important thing for our artificial intelligence is to grow capabilities, improve capabilities. And I'll provide one example using autonomous driving.

首先我們整體的看法是，現階段我們的人工智慧最重要的是發展能力，提升能力。我將舉一個使用自動駕駛的例子。

Under rule-based system is very analogous to teaching infect or permanent creatures of drive. And later, when we move on to end-to-end, VLM is comparable to monkey learning drive with a human on site. It is an improvement versus previous rule-based system, but it's still nothing comparable to a professional driver. And this is determined by the fundamental architecture of the models because VLM and end-to-end are two separate bring systems, and neither of them are strong enough.

基於規則的系統非常類似於教導感染或永久的生物驅動力。稍後，當我們轉向端到端時，VLM 可與現場有人類的猴子學習驅動力相媲美。與以前基於規則的系統相比，它是一種改進，但與專業駕駛員相比仍然無法相比。這是由模型的基本架構決定的，因為 VLM 和端到端是兩個獨立的系統，而且它們都不夠強大。

So the real question for us is how can we allow a big model to operate just like human being, like they could understand the physical world, understand the software world, which includes navigation, a bunch of other things, as well as the intentions of the passengers. So we need to build a model that combines all three categories and build them into one foundational model, which includes understanding of physical space using 3D vision and understanding of the language space using LLM and understanding the physical world using end-to-end.

所以對我們來說真正的問題是如何讓一個大模型像人類一樣運作，就像它們能夠理解物理世界、理解軟體世界，包括導航、一系列其他的東西以及乘客的意圖。因此我們需要建立一個結合這三個類別的模型，並將它們建構成一個基礎模型，其中包括使用 3D 視覺理解物理空間、使用 LLM 理解語言空間以及使用端到端來理解物理世界。

Only if we combine these three into one model, can we understand the world just like human beings and drive like humans. And this is our overall understanding of breakthroughs in artificial intelligence and we don't tend to make specific plans in this area.

只有將這三者結合為一個模型，我們才能像人類一樣理解世界，像人類一樣駕駛。這是我們對人工智慧突破的整體理解，我們往往不會在這個領域制定具體的計畫。

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

(interpreted) So my first question is about how should we think about the Li Auto's (technical difficulty) this year against the backdrop of top competition? When would you expect readout of Li Auto's monthly sales to be returned to the previous (technical difficulty) or even chief record level, considering the new phase of [LCs] and together with BEV launches into second half? That's my first question.

(翻譯)所以我的第一個問題是，在頂級競爭的背景下，我們該如何看待今年理想汽車的(技術難度)？考慮到 [LCs] 的新階段以及下半年 BEV 的推出，您預計理想汽車的月度銷量何時能恢復到之前的（技術難度）甚至是最高記錄水平？這是我的第一個問題。

(interpreted) Our overall strategy for sales growth for this year consists of several aspects. One is product upgrade, expansion of sales network as well as reinforce marketing practices and expansion overseas.

(翻譯) 我們今年的銷售成長整體策略包括幾個方面。一是產品升級，擴大銷售網絡，加強行銷實務與海外擴張。

First of all, on the product front, we'll be launching the upgraded version of L series and MEGA series this year as well as our new -- completely new BEV electric SUV model. The new pure electric SUV will help us tap into a bigger market. In the meantime, our upgraded autonomous driving system, V13, trained on 10 million video clips, has also improved its capability significantly, which also forms a solid foundation for our sales growth.

首先在產品方面，我們今年將推出L系列和MEGA系列的升級版，以及全新的BEV電動SUV車型。新款純電動SUV將協助我們開拓更大的市場。同時，我們升級後的V13自動駕駛系統經過1000萬條影片的訓練，性能也得到了大幅提升，這也為我們的銷售成長奠定了堅實的基礎。

On the sales network front, we currently operate 502 retail stores. And on top of that, we have started to work with after sales partners to increase coverage in Tier 4 and Tier 5 cities.

在銷售網絡方面，我們目前經營 502 家零售店。除此之外，我們已經開始與售後合作夥伴合作，以擴大四線和五線城市的覆蓋範圍。

Apart from the official stores, we have -- apart from these permanent stores, we have also opened over 200 retail stores and pop-up stores, [60] pop-up stores in the shopping malls to open up our customer acquisition channel.

除了官方商店之外，除了這些永久商店之外，我們還在購物中心開設了 200 多家零售店和快閃店 [60]，以開闢我們的客戶獲取管道。

On the marketing front, we have introduced professional live streaming sales representatives to help us open up our customer acquisition channel. In the meantime, with our dedicated DCC call center personnel, we can also increase conversion rate of fees increased new customers acquired through those above channels.

在行銷方面，我們引進了專業的直播帶貨銷售代表，幫助我們打通獲客管道。同時，透過我們專門的DCC呼叫中心人員，我們還可以提高費用的轉換率，增加透過上述管道獲得的新客戶。

On the overseas front, our overseas expansion plan is proceeding as planned, and we have made significant progress in Middle Asia, in Asia Pacific and various other markets. We will continue to increase our investments in Latin America, Middle East and European markets.

在海外方面，我們的海外擴張計劃正在按計劃推進，並在中亞、亞太等多個市場取得了重大進展。我們將繼續增加對拉丁美洲、中東和歐洲市場的投資。

We have also made progress in working with authorized dealers overseas. And through a group of high-quality and experienced authorized dealers, we are confident to achieve a major growth overseas this year. And with -- overall with sales movement technology improvements and nimble marketing strategies as well as expansion of sales network, I'm pretty confident about overall sales growth this year.

我們與海外授權經銷商的合作也取得了進展。並且透過一群高素質、經驗豐富的授權經銷商，我們有信心今年在海外大幅成長。總體而言，隨著銷售活動技術的改進、靈活的行銷策略以及銷售網路的擴展，我對今年的整體銷售成長非常有信心。

(interpreted) So my second question is also related to AI because Li Auto been investing in AI aggressively over the past two quarters. Whatever be the scale of Li Auto's AI (technical difficulty) invest in, in the following years?

(翻譯)所以我的第二個問題也與人工智慧有關，因為理想汽車在過去兩個季度一直在積極投資人工智慧。那麼，未來幾年理想汽車在AI（技術難度）的投入規模到底會達到什麼程度呢？

And in addition to two key applications on (technical difficulty) and the other one is autonomous driving. Will there be any new applications for or beyond (inaudible) in the following quarters? That's my second question.

而且除了兩個關鍵應用（技術難度）另外一個就是自動駕駛。在接下來的幾個季度或之後還會有任何新的申請嗎？這是我的第二個問題。

(interpreted) Overall, the investments in AI-related initiatives will see substantial growth in the next few years, but it will mainly be funded by our cash from operations.

(翻譯) 整體而言，未來幾年對人工智慧相關項目的投資將大幅成長，但主要資金將來自我們的營運現金。

So when we think about this overall positioning, what we need to do in the AI period, I think the first fundamental question is our positioning, because different position requires different types of capability and provide different types of user value.

所以當我們思考這個整體的定位的時候，我們在AI時期要做什麼，我覺得第一個根本的問題是我們的定位，因為不同的定位需要不同類型的能力，提供不同類型的使用者價值。

So let's take an example of -- after 1975 in the PC world, the merge of Mac -- Apple making Macintosh and there was a Window making (technical difficulty) -- sorry, there was Microsoft making (technical difficulty) and Windows and there were also device manufacturing. And similarly, in the mobile age, there was iPhone and there was Android offering device, OS and open platform et cetera.

讓我們舉個例子——1975 年以後在 PC 領域，Mac 的合併——Apple 生產 Macintosh，而 Windows 則生產（技術難度）——對不起，是 Microsoft 生產（技術難度）和 Windows，並且還有設備製造。同樣，在行動時代，有 iPhone，也有 Android 提供裝置、作業系統和開放平台等等。

Each one of these companies achieved great market success, but they chose different positionings and they use different models, and they have to make different trade-offs. For example, Apple chose a less open approach and provide a better user experience, whereas Android had a more open approach and -- but the user experience may not be perfect at all times.

這些公司都取得了巨大的市場成功，但他們選擇了不同的定位，採用了不同的模式，必須做出不同的權衡。例如，蘋果選擇了一種不太開放的方式，提供了更好的使用者體驗，而安卓則採取了更開放的方式——但使用者體驗可能並不總是完美的。

So coming back to Lee auto, which one of these positioning should we choose? First of all, we think in the AGI world, our positioning is to become a hardware or device manufacturing -- manufacturer. But this in from PC or mobile world, device manufacturer for AGI world requires a different set of capabilities and experience.

那麼回到李汽車，我們該選擇哪一個定位呢？首先，我們認為在AGI世界裡，我們的定位是成為硬體或設備製造－製造商。但無論是PC世界還是行動世界，AGI世界的設備製造商都需要一套不同的能力和經驗。

So in general, the device we make in the AGI world or the overall AGI device is, broadly speaking, a robot. Therefore, it needs to have the cognitive, the execution, the feedback, the reasoning and decision-making capabilities. And that, of course, includes software, AI functionalities, OS on the software side. And on the hardware side, it includes not only the physical movement pieces, but also the computing power.

所以一般來說，我們在 AGI 世界中製造的設備或整體 AGI 設備廣義來說就是機器人。因此它需要具備認知能力、執行能力、回饋能力、推理能力和決策能力。當然，這包括軟體、人工智慧功能、軟體方面的作業系統。在硬體方面，它不僅包括物理運動部件，還包括運算能力。

And on top of that, it also requires operation. We need a robust system to operate these devices in the AGI world. We can't simply rely on an IT software. Probably we need to use something more like a world model. So how do we manage the silicon-based devices is also going to change. And at the same time, how we manage carbon-based human beings are also going to change, and they're going to be managed differently. So in the AGI world, to sum up, we want to become a device maker providing with the above capabilities.

而且除此之外，它還需要操作。我們需要一個強大的系統來操作 AGI 世界中的這些設備。我們不能簡單地依賴IT軟體。也許我們需要使用更像世界模型的東西。那麼我們管理矽基設備的方式也會改變。同時，我們管理碳基人類的方式也將發生變化，而且管理方式也將有所不同。所以在 AGI 的世界裡，總而言之，我們想成為一家提供上述能力的設備製造商。

The second thing we need to think about is user scenario. And from this point, I can see three types of robots in general. The first is more closely, L4 vehicle, or we call space robotics and navigate itself in open space with its own cognition and decision-making and execution power. The second type is the type of robot that enhances human capabilities. And the third one, which I think is the most difficult one, operates indoors. It has the shape of the human being and it can navigate itself.

我們需要考慮的第二件事是使用者場景。從這一點來看，我大體上可以看到三種類型的機器人。第一種更接近 L4 飛行器，或者我們稱之為太空機器人，它能夠憑藉自己的認知、決策和執行能力在開放空間中自主導航。第二種是增強人類能力的機器人。第三個，我認為也是最困難的一個，是在室內操作的。它具有人類的形狀並能自行導航。

So these are the 3 different robots that I see in the AGI world, and they combine pretty much cover all aspects of human life, and we want to be a maker of all these devices so we can provide services to our users in different scenarios. It is comparable, for example, to Apple, which provides the Macintosh, the iPhone, the iPad, and iWatch, which covers different aspects of users' life. Here's our latest thinking for the next 3 to 5 years and probably even longer and we'll iterate over time.

所以，這些是我在 AGI 世界中看到的 3 種不同的機器人，它們組合起來幾乎涵蓋了人類生活的各個方面，我們希望成為所有這些設備的製造商，以便我們可以在不同的場景中為用戶提供服務。例如，它可以與蘋果相媲美，蘋果提供 Macintosh、iPhone、iPad 和 iWatch，涵蓋用戶生活的不同方面。這是我們對未來 3 到 5 年甚至更長的最新思考，我們會隨著時間的推移進行迭代。

Tina Hou, Goldman Sachs.

高盛的 Tina Hou。

(interpreted) So my first question is in terms of the 2026 outlook, in terms of the, I think, overall auto industry and EV industry, your volume outlook as well as the competition intensity. And then also this year, the competition is mainly focused on autopilot. So next year, do you see a continuation or change in that?

(翻譯) 所以我的第一個問題是關於 2026 年的展望，就我認為的整體汽車行業和電動汽車行業而言，您的銷量展望以及競爭強度如何。今年的比賽主要集中在自動駕駛方面。那麼明年，您認為這種情況會持續還是會改變？

And then the second question is regarding autonomous driving itself. So in the future, in the world of L3 and L4 becoming more like prevalent, does management think there is a monetization method for these autonomous driving software?

第二個問題是關於自動駕駛本身。那麼在未來，當 L3 和 L4 變得越來越普遍時，管理階層是否認為這些自動駕駛軟體有貨幣化的方法？

(interpreted) First of all, on industry and competition, we believe that the penetration rate of NEV will continue to increase in 2026. The market competition will transition from competing for growth to competing for market share. Brand will play a very important role in users' purchase decisions, and users tend to choose brands that are well known and have good word of mouth.

（解讀）首先，從產業和競爭來看，我們認為2026年新能源車的滲透率還會持續提升。市場競爭將從爭成長轉向爭市場佔有率。品牌在用戶的購買決策中會扮演非常重要的作用，使用者傾向於選擇知名度高、口碑好的品牌。

In different price segments, the top brands are going to increase market share through their advantages in product, technology, brand and overall service experience. In other words, the market concentration is going to continue to increase.

在不同價格區間，頭部品牌將憑藉產品優勢、技術優勢、品牌優勢、整體服務體驗優勢，持續提升市場佔有率。換句話說，市場集中度還會持續增加。

Another trend that we see is many car brands will continue to improve and accelerate their development of advanced autonomous driving. The competition here is going to be more intense.

我們看到的另一個趨勢是，許多汽車品牌將繼續改進和加速其先進自動駕駛的發展。這裡的競爭將會更加激烈。

On the technology front, technologies like drive by wire, which includes ride and handling experience, technologies like AI cockpit, which includes user interaction experience will also become a focus of competition in 2026 and beyond.

從技術層面來看，包括乘坐舒適度和操控體驗在內的線控駕駛技術、包括使用者互動體驗在內的AI座艙技術也將成為2026年及以後競爭的焦點。

And for Li Auto, our strategy is to continue to complete our product portfolio with many -- several cars launching in 2026. We will complete our full coverage of the range extended pure electric product matrix, covering different price ranges and different segments and to cater to more users -- as many users as possible.

對於理想汽車來說，我們的策略是繼續完善我們的產品組合，並在 2026 年推出多款汽車。我們將完成增程式純電動產品矩陣的全覆蓋，涵蓋不同價位段、不同細分市場，滿足更多用戶，盡可能多的用戶。

In the meantime, we'll increase our investments in autonomous driving and other artificial intelligence technologies to maintain our lead in product -- in overall product experience. We will also expand our expansion of our supercharging network and increase coverage as well as service experience and to fully eradicate [rent] anxiety for our users.

同時，我們將增加對自動駕駛和其他人工智慧技術的投入，以維持我們在產品——整體產品體驗的領先地位。我們也會進一步擴大超級充電網路的覆蓋範圍，提升服務體驗，徹底打消用戶的租車憂慮。

Apart from the domestic market, we will work with different types of partners through different assets to accelerate our growth in overseas sales and service networks. Thank you.

除了國內市場外，我們還將透過不同的資產，與不同類型的合作夥伴一起，加速我們海外銷售和服務網路的成長。謝謝。

On L3 and L4, so coming back to the current state, including L2 and L3, they are essentially machines assisting humans to drive. They're really tools. There may be different approaches to L2 and L3, but the main difference is in the range of usage, the coverage of usage and also the availability of different features. But fundamentally, it's really still the human driver taking control of the car. There's no fundamental change in the relationship between human and the car.

在L3和L4上，所以回到現在的狀態，包括L2和L3，它們本質上都是機器輔助人類駕駛。它們實際上只是工具。L2 和 L3 可能有不同的方法，但主要區別在於使用範圍、使用覆蓋範圍以及不同功能的可用性。但從根本上來說，汽車的控制仍是人類駕駛。人與車的關係並沒有發生根本性的變化。

But as we evolve to L4, this car will become an agent, or we call a driver agent. So there's going to be a fundamental change between the human and car relationship. The autonomous driving system will evolve from just being a tool to become an actual agent that can replace human beings in driving. It's comparable to hiring a professional driver. In this scenario, we believe that users will be willing to pay for this kind of service.

但是當我們進化到L4的時候，這輛車就會變成一個代理，或者我們叫駕駛員代理。人與汽車的關係將會發生根本性的變化。自動駕駛系統將從單純的工具逐漸演變成真正能夠取代人類駕駛的主體。這與僱用一名專業司機相當。在這種場景下，我們相信用戶會願意為這種服務付費。

And on top of that, when users are relieved from the burden of driving, cars will become a robot or we call space robots that can navigate the physical world in the AI age. And in this era, the in-car information -- an in-car software and experience and services will have greater value and may lead to new business models, which gives us more room for imagination.

除此之外，當使用者從駕駛負擔中解放出來時，汽車將成為機器人，或者我們稱之為人工智慧時代可以在物理世界中導航的太空機器人。而在這個時代，車載資訊——車載軟體和體驗與服務將會有更大的價值，可能會引發新的商業模式，這給了我們更多的想像空間。

So with the huge potential of L4 era, our team is already very actively exploring, and our goal is to capture this very big opportunity when the time of L4 comes.

所以面對L4時代的巨大潛力，我們團隊已經在非常積極的探索，我們的目標是在L4時代到來的時候，抓住這個非常大的機會。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

(interpreted) My first question is about the first quarter gross margin guidance. We have been notice some of the positive side from the component pricing reduction, also (technical difficulty) provide from some cash discount. So can you provide the first quarter gross margin guidance?

（翻譯）我的第一個問題是關於第一季的毛利率指引。我們已經注意到零件價格降低帶來的一些正面影響，同時（技術難度）也帶來了一些現金折扣。那麼您能提供第一季的毛利率指引嗎？

This is (technical difficulty) And at the first quarter is the low season due to Chinese New Year. And also, we have some sales promotion after Chinese New Year. So all that concludes together, we expect our Q1 vehicle gross margin to be around 19%.

這是（技術難度）而且第一季由於農曆新年是淡季。另外，農曆新年後我們也進行了一些促銷活動。綜合以上所有因素，我們預期第一季汽車毛利率約為 19%。

(interpreted) Right. Great. My second question is about the media reports that the Chairman actually were no longer taking of the auto business and the focus were shifting to the AI R&D. Can I -- my question is that, what's the change in the management (inaudible) allocation and how to balance the vehicle business in the upcoming AI business?

（解釋）對。偉大的。我的第二個問題是關於媒體報道稱董事長實際上不再負責汽車業務並且將重點轉向人工智慧研發。我的問題是，管理層（聽不清楚）分配方面有什麼變化，如何在即將到來的人工智慧業務中平衡汽車業務？

(interpreted) Mr. Li is still the CEO of the company and he still oversees the different departments related to the car business, including vehicle lines, including product department, branding and strategy department. This remains unchanged from 2024. And we have allocated new responsibility under our VLM and PDST framework, assigned new person in charge. And we remain devoted to relying on efficient collaboration across the company to support our success in the long term.

(翻譯)李書福仍為該公司首席執行官，並負責監督與汽車業務相關的不同部門，包括整車生產線、產品部、品牌和戰略部。與 2024 年相比保持不變。並且我們在 VLM 和 PDST 框架下分配了新的職責，任命了新的負責人。我們將繼續致力於依靠整個公司的高效協作來支持我們的長期成功。

Yingbo Xu, Citic Securities.

徐英波，中信證券。

(interpreted) So I have 2 questions. The first one is how is the MEGA's market performance and what's our expectation or plan for MEGA in future? And the second question is, what's our long-term plan for internal -- internationalization?

(翻譯) 所以我有兩個問題。第一個問題是MEGA的市場表現如何，我們對MEGA未來的期待或計畫是什麼？第二個問題是，我們對內部國際化的長期計畫是什麼？

(interpreted) Li MEGA is a luxury pure electric MPV priced at over RMB500,000, and it has been the number two in sales in this segment for many consecutive months, only second to the Toyota Alphard. This year, we hope that Li MEGA will remain top 3 in this segment, and we have expected annual sales between [10,000 and 15,000].

(翻譯) 利MEGA是一款50萬以上豪華純電動MPV，連續個多月位居細分市場銷量第二，僅次於豐田埃爾法。今年，我們希望 Li MEGA 能維持該細分市場的前三名，我們預計年銷售額將在[10,000 和 15,000]。

On top of that, Li MEGA is one of the cars with the highest Net Promoter Score among our product portfolio. In periods like the Chinese Spring Festival, Li MEGA has been widely praised for chassis, seat comfort, NVH, smart cockpit, autonomous driving and highway 5C charging experience, and has significantly exceeded our user expectation, which further led to an increase in MEGA NPS after the Spring Festival, which speaks to user satisfaction with the product and services and their willingness to recommend the car to people around them.

最重要的是，Li MEGA 是我們產品組合中淨推薦值最高的汽車之一。在春節等特殊時期，理想MEGA在底盤、座椅舒適性、NVH、智慧座艙、自動駕駛以及高速公路5C充電體驗等方面的表現均獲得廣泛好評，大幅超出用戶預期，這也進一步帶動了春節後MEGA NPS的提升，反映出用戶對產品與服務的滿意度，並願意向身邊的人推薦這款車。

In the meantime, we are -- a number of our directly operated 5C charging stations has exceeded 1,900. So MEGA users, whether they're driving on highways or driving in cities, they have easy access to 5C charging experience, which eliminates any anxiety with charging on long road trips.

同時，我們直營的5C充電站數量已經超過1900個。因此，MEGA 用戶無論是在高速公路上行駛還是在城市中行駛，都可以輕鬆享受 5C 充電體驗，從而消除長途旅行中充電的任何憂慮。

In the meantime, we're also accelerating our rollout of more 5C supercharging stations. And as planned, we will have over 2,000 stations by the end of the first quarter, connecting the 5 transfers -- the 9 transversal longitudinal highway routes in China.

同時，我們也正在加快部署更多5C超級充電站。按計劃，到第一季末，我們將建成超過2000個車站，連接5大換乘樞紐，連接全國9條橫縱向高速公路。

By the time we launched Li i8 this year, we expect to have over 2,500 stations of supercharging stations. And in April this year, we plan to cover the entire distance of the G318, a well-known Chinese road way, so that our MEGA users can drive their cars on G318. And we also have plans to open up 50 travel routes or [roto] routes to provide easy charge experience for our users.

到今年推出 Li i8 時，我們預計將擁有超過 2,500 個超級充電站。今年 4 月，我們計劃涵蓋中國著名公路 G318 全程，以便我們的 MEGA 用戶可以在 G318 上駕駛他們的汽車。而我們也計劃開闢50條旅行路線或[roto]路線，為我們的用戶提供便利的充電體驗。

By the end of this year, we will be -- our charging stations will be covering over 67,000 kilometers of highway and over 10,000 of inter-province highways, totaling over 77,000 kilometers. And we have already built 483 charging stations across the 4 major economic zones in China, with an average interval of 99 kilometers. By the end of this year, we will be covering all of our 4 economic zones with highway supercharging stations.

今年底，我們的充電站將覆蓋6.7萬多公里的高速公路和1萬多條省際公路，總里程超過7.7萬公里。目前我們已經在全國四大經濟區興建了483座充電站，平均充電站間距為99公里。今年底，我們的高速公路超級充電站將涵蓋4個經濟區。

As we continue to build out our supercharging station and as we roll out Li i8 and other pure electric models with the scale -- economy of scale, we are very confident in the sales volume of Li MEGA.

隨著我們繼續建造超級充電站，並隨著我們推出 Li i8 和其他純電動車型，實現規模經濟，我們對 Li MEGA 的銷量非常有信心。

In 2025, we are very aligned that overseas expansion is going to be one of the core strategies of this company. So we will be devoted to expanding the overseas market and building capabilities across branding, marketing, channel and aftersales as well as organization and recruiting.

2025年，我們非常一致地認為海外擴張將成為公司的核心策略之一。因此，我們將致力於拓展海外市場，並建立品牌、行銷、通路、售後以及組織和招募等方面的能力。

At the beginning of this year, we have -- had already established an independent overseas expansion department and have moved many experienced personnel from the company.

今年年初，我們已經成立了獨立的海外拓展部門，並從公司調走了不少經驗豐富的人員。

On the market front, we will be building on this luxury brand image that we have already established in middle era and in other markets to expand our market share.

在市場方面，我們將利用我們在中端市場和其他市場已經建立的奢侈品品牌形象來擴大我們的市場份額。

In the meantime, in the past year, we have already built service centers and after sales centers in Kazakhstan, Uzbekistan and UAE. At the same time, we'll also provide original spare parts and tech support to qualified after sales partners so that our overseas customers can enjoy the same level of service that we provide to our domestic customers.

同時，在過去的一年裡，我們已經在哈薩克、烏茲別克和阿聯酋建立了服務中心和售後中心。同時，我們也將為合格的售後合作夥伴提供原廠備件和技術支援，以便我們的海外客戶能夠享受與國內客戶同等水準的服務。

In the meantime, we also expand our market in Middle East, Latin America and Asia Pacific. We've been working with high-quality local partners to expand our overseas market. We'll also be picking a small number of dealers as our local partners to expand the market together. We'll also expand our marketing and building out a very complete aftersales market -- after sales network.

同時，我們也擴大中東、拉丁美洲和亞太地區的市場。我們一直與本地優質合作夥伴合作，拓展我們的海外市場。我們也將挑選少數經銷商作為當地合作夥伴，共同擴大市場。我們還將擴大我們的行銷範圍並建立一個非常完整的售後市場——售後網路。

2025 is our first year officially launching into the overall overseas market, and we will be building on capabilities that we have built in the domestic metric market, and we're confident to have made significant progress in the overseas market this year.

2025年是我們正式進軍整體海外市場的第一年，我們將在國內公制市場已經建立的能力的基礎上，有信心今年在海外市場取得重大進展。

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

由於我們的電話會議即將結束，我想將電話轉回給公司做結束語。請 Janet Chang 女士發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact Reata's Investor Relations team. That's all for today. Thank you, and have a nice weekend.

再次感謝您今天的參與。如果您還有其他問題，請隨時聯絡 Reata 的投資者關係團隊。今天就到這裡。謝謝，祝您週末愉快。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。