Lotus Technology Inc (LOT) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Lotus Technology Inc. fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Lotus Technology Inc. 第四季和 2023 年全年財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

It is now my pleasure to hand you over to the Head of Investor Relations, Ms. Demi Zhang. Please go ahead.

現在我很高興將您交給投資者關係主管張黛米女士。請繼續。

Thank you, Amber. Good morning, good afternoon, good evening, everyone. Welcome to Lotus Tech's fourth-quarter and fiscal year 2023 earnings conference call. This is Demi Zhang, the Head of IR at Lotus. Joining me today is our CEO, Mr. Qingfeng Feng; and CFO, Alexious Lee. On today's call, we will have CFO, Alexious, begin with prepared remarks, while CEO, Mr. Feng, will join for the Q&A.

謝謝你，琥珀。大家早安，下午好，晚上好。歡迎參加蓮花科技第四季和 2023 財年財報電話會議。我是 Demi 張，Lotus 的 IR 主管。今天加入我的是我們的執行長馮慶峰先生；和首席財務官亞歷克斯·李。在今天的電話會議上，財務長 Alexious 將首先發表準備好的講話，而執行長馮先生將參加問答。

Before we continue, please be reminded that today's discussion will contain forward-looking statements pursuant to 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.

在我們繼續之前，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。因此，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 the relevant filings of Lotus Tech with the US Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statement except as required under applicable law.

有關風險和不確定性的更多資訊包含在 Lotus Tech 向美國證券交易委員會提交的相關文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that Lotus Tech's earnings press release and this conference call will include the disclosure of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to our press release, which contains a reconciliation of unaudited and non-GAAP measures to comparable GAAP measures.

另請注意，Lotus Tech 的收益新聞稿和本次電話會議將包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的披露。請參閱我們的新聞稿，其中包含未經審計和非公認會計原則措施與可比較公認會計原則措施的調節表。

Lotus Tech is a pioneering luxury BEV maker under the iconic British brand, Lotus, with 76 years of racing heritage, world-class R&D capabilities, unique asset-light model, and a well-balanced global distribution network. We are delivering high-performance, environmental-friendly product portfolio and strong growth with healthy margin financial performance to all.

Lotus Tech是英國標誌性品牌路特斯旗下領先的豪華純電動車製造商，擁有76年的賽車傳統、世界一流的研發能力、獨特的輕資產模式以及均衡的全球分銷網絡。我們正在為所有人提供高性能、環保的產品組合和強勁的成長以及健康的利潤率財務表現。

This is the first earnings call since we become a public company. We are very grateful for the attention and support from everyone during the past. In today's call, CFO, Alexious, will take us to review Lotus Tech's financial and operational results in the past year and forward looking in 2024 and onwards.

這是我們成為上市公司以來的第一次財報電話會議。我們非常感謝大家過去的關注與支持。在今天的電話會議中，財務長 Alexious 將帶我們回顧蓮花科技過去一年的財務和營運業績，並展望 2024 年及以後的情況。

I will now turn over to our CFO, Alexious. Please go ahead.

現在我將把工作交給我們的財務長 Alexious。請繼續。

Thank you, Demi. Good morning, good afternoon, good evening to everyone online. My name is Alexious Lee. I'm the CFO of the company. Let me go the slide, please. Thank you.

謝謝你，黛咪。祝線上的各位早安，下午好，晚上好。我叫亞歷克斯李。我是公司的財務長。請讓我去滑投影片。謝謝。

Yes, so I want to begin with sharing our financial year 2023, which was the first year that Lotus Tech had the BEV, battery electric vehicle, and got it delivered. Lotus Tech delivered approximately 7,000 units and generated nearly $680 million in revenue, followed by record numbers in the 76 years of the Lotus history.

是的，所以我想先分享我們的 2023 財年，這是 Lotus Tech 擁有 BEV（純電動車）並交付的第一年。 Lotus Tech 交付了大約 7,000 輛，創造了近 6.8 億美元的收入，創下了 Lotus 76 年歷史的紀錄。

Quarter-on-quarter and peak half-on-half growth momentum was strong. And most notably, fourth-quarter '23 will contribute more than 40% of both revenue and volume. Gross profit margin was 15% in the first year, much better than most EV startups' first year of delivery and comparable traditional marketing for mass-market peers. Next slide, please.

環比和峰值半環比增長勢頭強勁。最值得注意的是，2023 年第四季將貢獻超過 40% 的營收和銷售量。第一年的毛利率為 15%，遠高於大多數電動車新創公司第一年的交付情況以及大眾市場同行的傳統行銷方式。請下一張投影片。

The chart to your left will show that in FY23, Lifestyle BEV model contributes 63% of total volume, while the sportscar sales contributes about 37% of volume. The electric SUV luxury model is a result of our product portfolio expansion to tap into the broader luxury branding. The brand got a positive impact, and traditional sportscar sales also grew significantly. All of these are pointing to Lotus evolving from a niche sportscar supplier to a luxury performance mobility brand.

左圖顯示，23 財年，Lifestyle BEV 車型貢獻了總銷量的 63%，而跑車銷量則貢獻了約 37%。電動 SUV 豪華車型是我們擴大產品組合以進入更廣泛的豪華品牌的結果。該品牌受到正面影響，傳統跑車銷售也大幅成長。所有這些都表明路特斯正在從小眾跑車供應商轉型為豪華性能移動品牌。

The chart in the middle and the right shows the vehicle delivery and the retail network distribution across the world. China market takes up 30% of total vehicle stores, while more than 40% of total vehicle delivery.

中右圖顯示了全球的車輛交付量和零售網路分佈。中國市場佔汽車保有量的30%，汽車交車量的40%以上。

The China market contribution is artificially inflated because other market delivery was slower given two to three months for international treatment and clearance. Lotus brand was well established globally, and our regional distribution mix was normalized gradually with China contributing around 35% to 40% of total demand.

中國市場的貢獻被人為誇大，因為其他市場的交付速度較慢，需要兩到三個月的時間進行國際處理和清關。蓮花品牌在全球享有盛譽，我們的區域分銷組合逐漸標準化，中國約佔總需求的35%至40%。

Lotus Tech, the company that's listed in Nasdaq, is responsible for the global distribution of Lotus-branded vehicles and will capture all the financial returns from the Lotus development. Over the last 12 to 15 months, effort was spent by our commercial department to achieve five major deliverables. Number one, we put together the global distribution network, which includes 100-plus traditional sportscar retailers.

路特斯科技是一家在納斯達克上市的公司，負責路特斯品牌汽車的全球分銷，並將獲得路特斯開發的所有財務回報。在過去的 12 到 15 個月裡，我們的商務部門付出了努力，實現了五項主要成果。第一，我們整合了全球分銷網絡，其中包括 100 多家傳統跑車零售商。

The work of these network partners to expand their product portfolios to include lifestyle models such as Eletre E-class SUV and the Emeya electric E-class sedan and others. Number three, we help them upgrade their retail stores to house more vehicles, integrate into the new Lotus identity, and plan their customer events.

這些網路合作夥伴致力於擴展其產品組合，包括 Eletre E-Class SUV 和 Emeya 電動 E-Class 轎車等生活方式車型。第三，我們幫助他們升級零售店以容納更多車輛，融入新的蓮花標識，並規劃客戶活動。

Number four, we increased expertise and investments in charging infrastructures, digital ecosystems and areas, and these are potential new revenue streams for both the network partners and Lotus. Number five, we identified pockets of synergies in logistics, warehousing, marketing, branding, and realized OpEx reduction, CapEx optimizations to share costs and boost efficiencies.

第四，我們增加了充電基礎設施、數位生態系統和領域的專業知識和投資，這些對網路合作夥伴和蓮花來說都是潛在的新收入來源。第五，我們確定了物流、倉儲、行銷、品牌方面的協同效應，並實現了營運支出的減少和資本支出的優化，以分攤成本並提高效率。

This slide shows our award-winning e-car electric SUV, the Eletre model, which was launched in 2022 and began delivery in 2023 early. The image shows the traditional Lotus Yellow on our Eletre, which has a single eyelid-like headlight design. The Eletre model will begin delivery in the US market from the second half of 2024.

這張幻燈片展示了我們屢獲殊榮的 e-car 電動 SUV Eletre 車型，該車型於 2022 年推出，並於 2023 年初開始交付。圖中是我們Eletre上傳統的蓮花黃，它有一個單眼皮式的頭燈設計。 Eletre車型將於2024年下半年開始在美國市場交付。

This slide shows our four-door E-class electric sedan model, which was launched in New York City in September 2023. The number of awards and positive feedback are piling up as we speak. Besides the superior performance and interior luxury concoction, the Emeya model is most known for is double-eyelid headlight design versus the single-eyelid Eletre.

這張幻燈片展示了我們的四門 E-Class 電動轎車車型，該車型於 2023 年 9 月在紐約市推出。除了卓越的性能和豪華的內裝外，Emeya 車型最出名的是雙眼皮頭燈設計，而不是單眼頭燈 Eletre。

This model just began its China delivery, and EU and UK customers will start receiving their orders for the second half of this year. Next slide.

該車型剛開始在中國交付，歐盟和英國客戶將於今年下半年開始收到訂單。下一張投影片。

Lotus has always been an award winner, known for innovations and F1 tradition and excellence. While we are previously known for our market-leading engineering services, aerodynamic design, and material science, Lotus is also known for its relentless pursuit for next generation of mobilities technologies.

路特斯一直是屢獲殊榮的品牌，以創新和 F1 傳統及卓越而聞名。雖然我們之前以市場領先的工程服務、空氣動力學設計和材料科學而聞名，但蓮花也因其對下一代行動技術的不懈追求而聞名。

Now let's point to the middle row, if everyone can take a look. These are the display of our awards in electric charging, digital OS systems, and also smart application AIs. These are next-generation technologies which Lotus pioneering in. Next slide.

現在讓我們指著中間一行，大家可以看一下。這些是我們在充電、數位作業系統、智慧型應用AI方面的獎項展示。這些是蓮花開創的下一代技術。

We value our brand mission for the drivers and put them into action. During the Lotus Day 2023, we invited more than 600 Lotus drivers and VIPs to not only celebrate the new product launch in China Formula One circuit, but we also used the test-driving session of our smart BEVs, engaged with their customers to capture their ideas, contributions that can potentially be accepted in our next upgrades, our next-generation innovations, and designs.

我們重視對駕駛者的品牌使命，並將其付諸行動。 2023 年蓮花日期間，我們邀請了 600 多名蓮花車手和貴賓，不僅慶祝新產品在中國一級方程式賽車場的發布，還利用智能純電動車的試駕環節，與客戶互動，捕捉他們的感受我們的下一次升級、下一代創新和設計中可能會接受的想法、貢獻。

As a pioneer among traditional luxury brands to spearhead into the full transformation towards electrification model, Lotus is also way ahead in terms of establishing our charging infrastructure. More than 300,000 charging stations across Europe and China are now accessible for Lotus BEV drivers. We expect to outperform.

作為傳統豪華品牌全面電動化轉型的先驅，路特斯在充電基礎設施建設方面也走在前列。現在，蓮花 BEV 駕駛員可以使用歐洲和中國超過 30 萬個充電站。我們預計會跑贏大盤。

We also look to potentially double this number when the full roll-out of the US and the rest of the world market infrastructures are well established to keep up. Among them, some of the Lotus-owned charging stations would offer fully robotic charging arm to provide a world-class experience and a seamless charging field. Next slide.

我們也希望，當美國和世界其他地區的市場基礎設施​​全面鋪開時，這個數字可能會翻倍。其中，蓮花旗下的一些充電站將配備全機器人充電臂，以提供世界一流的體驗和無縫充電場。下一張投影片。

As the Chair of the ESG Committee, I will emphasize that sustainability is at the core of our Vision 80 strategy, and Lotus Tech joined several organizations such as the UNGC and others on the bottom left corner to commit to our -- to support our commitments.

身為 ESG 委員會主席，我將強調永續發展是我們 Vision 80 策略的核心，Lotus Tech 與 UNGC 等多個組織以及左下角的其他組織一起致力於我們的承諾，支持我們的承諾。

Some of the recognitions and achievements in 2023 include 100% renewable energy usage in our Germany and London office. The Lotus Smart Factory in Wuhan was awarded as the National Green Factory, which is a very exclusive award.

2023 年的一些認可和成就包括我們的德國和倫敦辦事處 100% 使用再生能源。武漢蓮花智慧工廠被評為國家綠色工廠，這是一個非常獨家的獎項。

We have solar power charging infrastructures to achieve decarbonization. More importantly, many joint research were conducted to protect customer data privacy, drive supply chain decarbonization, and become part of the first ESG report that was published by the company in 2023.

我們擁有太陽能充電基礎設施來實現脫碳。更重要的是，雙方開展了多項聯合研究，以保護客戶資料隱私、推動供應鏈脫碳，並成為該公司2023年發布的第一份ESG報告的一部分。

Now coming back to the financials, the first column shows our 4Q '23 financials, which was the very strong quarter-over-quarter growth versus the third quarter. Fourth-quarter '23 was a strong quarter with more than 110% quarter-over-quarter growth in units driven by delivery into the US market. The second column to the right shows our FY23 financials, which is the big jump versus 2022.

現在回到財務數據，第一欄顯示了我們 23 年第四季的財務數據，與第三季相比，季度環比成長非常強勁。 23 年第四季是一個強勁的季度，在美國市場交付的推動下，銷售量較上季成長超過 110%。右側第二欄顯示了我們 2023 財年的財務數據，與 2022 年相比出現了大幅躍升。

Nearly 7,000 units were delivered, a huge jump over 7 units in 2022, which is also a testament of the company's ability to operate globally as the business scales up before unprecedented times in 2020 and before. The management team will continue to build on this strength and improve operational excellence to support overall growth.

交付量接近7,000台，比2022年的7台大幅躍升，也證明了該公司在2020年及之前前所未有的業務規模擴大的全球營運能力。管理團隊將繼續發揮這一優勢，提高卓越營運水平，以支持整體成長。

Revenue generation of USD680 million means an ASP of nearly USD100,000 per unit for the year, in line with management expectation and guidance. Gross profit margin of 15%, despite rising costs, uncertainties from global shipping, and insurances. Adjusted EBITDA was a loss of $693 million was in line with 2022, similar to the EBIT and net loss categories. Next slide, please.

6.8 億美元的收入意味著全年每台的平均售價接近 10 萬美元，符合管理層的預期和指導。儘管成本上升、全球航運和保險存在不確定性，但毛利率仍達 15%。調整後 EBITDA 虧損 6.93 億美元，與 2022 年持平，與 EBIT 和淨虧損類別類似。請下一張投影片。

A key point here is that we have currently four Lotus models available in 2024. To your right, you'll note the progressive volume available in 2024. In 2023, only 90% and 60% of markets will have access to the Emira sportscar and the Eletre SUV. This will change very quickly as 100% of the total retail market will have access to these models in 2024, especially in the second half.

這裡的關鍵點是，我們目前有四種蓮花車型將在2024 年上市。使用Emira 跑車和SUV Eletre。這種情況將很快發生變化，因為到 2024 年，尤其是下半年，整個零售市場的 100% 將能夠使用這些型號。

More importantly that 30% of the market will have access to the newly launched Emeya, the E-class electric sedan model that was launched into Europe last fall. To your left, you will note the progressive plan we have to expand the number of Lotus retail stores in 2024 and 2025.

更重要的是，30%的市場將有機會接觸新推出的Emeya，這是去年秋天在歐洲推出的E-Class電動轎車車型。在您的左邊，您會注意到我們必須在 2024 年和 2025 年擴大蓮花零售店數量的漸進計劃。

More importantly, existing stores will also be upgraded and expanded to house more models and provide space for better customer engagement. In short, our FY24, '25 growth will be powered by more models into more markets through more stores. Next slide, please.

更重要的是，現有門市也將進行升級和擴建，以容納更多車型，並為更好的客戶互動提供空間。簡而言之，我們的 24、25 財年成長將由更多車型透過更多商店進入更多市場來推動。請下一張投影片。

Lotus also looked at growing out our exclusive bespoke services in 2024 to offer exclusivity luxury specifications to Lotus friends and owners. Many of these designs are limited edition and tailor made. Higher adoption of the bespoke service will not only drive ASP but also GPM improvement.

蓮花也考慮在 2024 年擴大我們的獨家客製化服務，為蓮花朋友和車主提供獨家豪華規格。其中許多設計都是限量版和定制的。客製化服務的更高採用率不僅會推動平均售價 (ASP) 的提高，還會推動毛利率 (GPM) 的提高。

This is a quick look at our Evija, the [hypercar], which is the electric type of sportscar with (inaudible) 2,000 horsepower and priced at $2.2 million per unit. This model is a symbol of the great bespoke opportunity, with lots of positive customization for superior luxury customer segments.

快速瀏覽我們的 Evija（超級跑車），這是一款電動跑車，功率為（聽不清楚）2,000 匹馬力，每台售價 220 萬美元。該車型象徵著巨大的客製化機會，為高級奢侈品客戶群提供了大量積極的客製化服務。

Evija will begin delivery in 2024, and its first racetrack debut in China was two weeks ago. Jenson Button, Formula One gold champion, track drove the Evija during China Lotus Day and generated great traction with high-net-worth Chinese car owners.

Evija 將於 2024 年開始交付，兩週前首次在中國賽道亮相。一級方程式金牌冠軍簡森巴頓 (Jenson Button) 在中國蓮花日期間駕駛 Evija 賽道賽車，在中國高淨值車主中產生了巨大的吸引力。

Lotus Day is a valuable opportunity for the brand to engage with the customers by the debuts and track driving of the limited edition Evija and the launch of the new Emeya E-class electric sedan model. (inaudible) of the F1 category was reelected with thousands of customers getting together to know the brand and see the history and pass both the sportscar and Lifestyle models.

蓮花日是該品牌與客戶互動的寶貴機會，限量版Evija的首次亮相和賽道駕駛以及全新Emeya E級電動轎車車型的發布。 （聽不清楚）F1 類別再次當選，成千上萬的客戶齊聚一堂，了解該品牌，了解歷史，並透過跑車和生活風格車款。

One important notice here under all is the (inaudible) that was actually in China for customers to take photos and to engage with. Other marquee events in 2024 to help build our iconic brand includes the Monterey Carweek, Goodwood Festival of Speed, and other exclusive racetrack events.

這裡的一個重要通知是（聽不清楚）實際上是在中國供顧客拍照和互動的。 2024 年有助於打造我們標誌性品牌的其他大型活動包括蒙特利汽車週、古德伍德速度節和其他獨家賽道活動。

Our commitment to ESG will continue. We will publish our second Lotus ESG report and engage stakeholders' communications through a variety of channels such as public survey, roadshows, and even seminars. Evaluation and training internally with our employees and externally with our suppliers will become the focus in 2024. Next slide, please.

我們將繼續致力於 ESG。我們將發布第二份路特斯ESG報告，並透過公眾調查、路演甚至研討會等多種管道與利害關係人溝通。對我們員工的內部評估和培訓以及對供應商的外部評估和培訓將成為 2024 年的重點。

Coming back to our 2024 outlook, to your left, it is important to note that before that the BEV was delivered, only an average of 1,200 units Lotus-branded vehicles were sold annually between 2018 and 2022. We achieved nearly 7,000 units of sales in 2023, and we are targeting 46,000 units in 2024.

回到我們的2024 年展望，在您的左邊，值得注意的是，在純電動車交付之前，2018 年至2022 年間，平均每年僅售出1,200 輛蓮花品牌汽車。輛的銷售量。

Expansion into the lifestyle model of SUV, sedan open up opportunities for much bigger luxury automakers, auto brands in this segment. Getting listed in Nasdaq allows access to capital and better strategic partners. The Lotus franchise is definitely becoming stronger with more models in more markets through bigger and better stores.

擴展到 SUV、轎車等生活方式模式為該細分市場中規模更大的豪華汽車製造商和汽車品牌帶來了機會。在納斯達克上市可以獲得資本和更好的策略夥伴。透過更大更好的商店，蓮花特許經營權肯定會變得越來越強大，在更多市場上推出更多車型。

Given the bright evolution, we also expect sales of the sportscar to continue to ride on the opportunity and grow continuously. In the middle segment, we expect the sales revenue of USD2.5 billion to USD2.7 billion in financial year 2024. ASP already expanded versus the 2018 to 2022 average, but we continue to see upside opportunity potentially from higher adoption of high-spec auto models and bespoke services.

鑑於光明的發展，我們也預期跑車的銷售將繼續抓住機會並持續成長。在中段，我們預計2024 財年的銷售收入將達到25 億美元至27 億美元。帶來的潛在上昇機會汽車模型和客製化服務。

To the right, you will see the gross profit margin evolution at Lotus. Company continues to see positive GPM improvement to 17% to 19% as compared to 15% in 2023 This will be mainly driven by positive scale effects and operating leverage. This set, focusing on identifying the synergies and cost-saving opportunities, coupled with the execution on cost-down measures in both sourcing and operation, will continue to boost bottom line. Next slide.

在右側，您將看到蓮花的毛利率演變。該公司的毛利率將繼續從 2023 年的 15% 上升至 17% 至 19%，這主要是由積極的規模效應和營運槓桿推動的。這一系列措施的重點是確定協同效應和節省成本的機會，再加上在採購和營運方面執行成本降低措施，將繼續提高利潤。下一張投影片。

As mentioned previously, four models of Lotus-branded vehicles will be available for sale in different markets this year. By 2025, all of these models would be available in 100% of our retail stores. The next model of Type 134, a D-class electric SUV, will be launched in FY25 with a stable cycle volume of 70,000 to 80,000 units per year. That next mode of the BEV sportscar, our Type 135, will be launched in FY26. This would imply that we have six models in our hand to support our future growth trajectory. Next slide.

如前所述，蓮花品牌汽車今年將在不同市場上市銷售四款車型。到 2025 年，所有這些型號都將在我們 100% 的零售店出售。 Type 134的下一款車型是D級電動SUV，將於25財年推出，年銷量穩定在7萬至8萬輛。 BEV 跑車的下一個模式，即我們的 Type 135，將於 2026 財年推出。這意味著我們手中有六種模型來支持我們未來的成長軌跡。下一張投影片。

Strong British heritage, historical F1 pedigree, and well-known quality engineering and service excellence is what sets Lotus apart from EV start-ups. Our full commitment to transformation to smart BEV and pioneer in advanced automobility technology development also puts us ahead of our traditional luxury peers, especially during these disruptive times.

深厚的英國傳統、歷史悠久的 F1 血統以及著名的品質工程和卓越服務是蓮花與電動車新創公司的區別所在。我們對智慧純電動車轉型的全面承諾以及先進汽車技術開發的先驅也使我們領先於傳統豪華車同行，尤其是在這個顛覆性的時代。

Geely is a strategic shareholder and mean to empower Lotus in global manufacturing, supply chain procurement, talent incubation, R&D, and other opportunities for growth. Lotus Tech also has a strategic partner with L Catterton that offers brand-unique consumer insights and access to other (inaudible) sources. Next slide.

吉利身為策略股東，意味著賦予路特斯全球製造、供應鏈採購、人才孵化、研發等成長機會。 Lotus Tech 也與 L Catterton 建立了策略合作夥伴，提供品牌獨特的消費者洞察和其他（聽不清楚）來源的存取權限。下一張投影片。

On the ESG front, every new model since '23 are fully electric BEVs, and all new models or all new car sales by 2028 will be fully electric. The company aims to achieve carbon neutral from supply chain and operational facilities, business operations, distribution network, and customer engagement activities. The aim is to secure top ESG ratings with our stakeholders and aim for long-term sustainability for the industry and the company. Next slide.

在 ESG 方面，自 23 年以來的每一款新車型都是全電動 BEV，並且到 2028 年所有新車型或所有新車銷售都將是全電動的。該公司的目標是從供應鏈和營運設施、業務運營、分銷網絡和客戶參與活動中實現碳中和。目的是與我們的利害關係人一起獲得最高的 ESG 評級，並實現行業和公司的長期永續發展。下一張投影片。

Besides our long-term ESG commitment, we also have a mid-term business plan. Vision 80 strategy was formed in 2018 and will end in 2028, which is the 80th anniversary for the Lotus brand. The objectives are portfolio expansion through lifestyle models such as SUVs, sedan, and others; and number two, a full transformation towards BEVs and an early mover in smart technology production.

除了我們的長期 ESG 承諾外，我們還有中期業務計劃。 Vision 80策略於2018年形成，並將於2028年結束，即蓮花品牌成立80週年。目標是透過 SUV、轎車等生活方式車型擴展產品組合；第二，向純電動車的全面轉型以及智慧技術生產的先驅。

By 2028, management's view is for 4% market share in the luxury segment that is twice above USD8,000 per unit and 80% CAGR delivery volume growth. More importantly, more than 30% gross profit margin. Revenue profile will expand from traditional car sales, whether new or used, racing, and aftermarket to include high-margin revenue streams such as technology IP licensing to both Geely family and friends and other luxury peers; number two, ADAS, both L2 and L3 plus software subscription; number three, charging services; number four, in-car purchases, part of purely digital operating system. The growth is enormous.

管理層預計，到 2028 年，豪華車領域的市佔率將達到 4%，每單位售價將超過 8,000 美元，複合年增長率將達到 80%。更重要的是，毛利率超過30%。收入狀況將從傳統的汽車銷售（無論是新車還是二手車）、賽車和售後市場擴大到包括高利潤收入流，例如向吉利家人和朋友以及其他豪華同行提供技術智慧財產權許可；第二，ADAS，L2 和 L3 加上軟體訂閱；第三，充電服務；第四，車內購買，純數位作業系統的一部分。增長是巨大的。

We appreciate your attendance today, and we look forward to continuing delivering our cars to Lotus drivers and cash your shareholders. I'll thank you for the session today. I'll pass it over the Demi Zhang. Thank you.

我們感謝您今天的出席，我們期待繼續向蓮花司機提供我們的汽車並為您的股東兌現。我要感謝你參加今天的會議。我會把它傳給張黛咪。謝謝。

Thank you, Alexious, and thank everyone. Operator, Amber, we're ready for Q&A.

謝謝你，亞歷克斯，也謝謝大家。接線員，Amber，我們已準備好進行問答。

(Operator Instructions) Edison Yu, Deutsche Bank.

（操作員指示）Edison Yu，德意志銀行。

Hi, thank you for taking our questions. First one is on the guidance for this year. How should we think about the mix of models and also the quarterly cadence of achieving that?

您好，感謝您回答我們的問題。第一個是今年的指導。我們應該如何考慮模型的組合以及實現這一目標的季度節奏？

Thank you, Edison, for your question. And I will take -- I will invite CFO, Alexious, to answer your question. Alexious, please.

謝謝愛迪生的提問。我將邀請財務長 Alexious 回答你的問題。亞歷克斯，請。

So the first question is on the mix in 2024?

那麼第一個問題是關於 2024 年的組合？

Yes, the mix of models in '24.

是的，24 年的模型組合。

So thank you for asking the question, and thanks for the participation today. In 2024, lifestyle vehicles, which is a composite of both the Eletre E-class electric SUV and also the Emeya, the E-class electric sedan, will contribute more than 80% of total volume. And the remaining. 20% is coming from the sportscar. So at that end, the mix is showing growth in both the. BEV segment and also the sportscar segment.

感謝您提出問題，也感謝您今天的參與。到2024年，由Eletre E級電動SUV和Emeya E級電動轎車組成的生活方式車將佔總銷量的80%以上。還有剩下的。 20% 來自跑車。因此，最終，兩者的組合都顯示出成長。 BEV 細分市場以及跑車細分市場。

Edison also asked about the quarterly outlook during the year if there is any comment on the quarterly performance this year.

Edison也詢問了今年的季度展望，是否對今年的季度業績有任何評論。

So based on the first quarter, we are already in line with our outlook and forecast. We think that definitely, as a brand that is going through more stores, offering more models at the same time into more markets, the growth of the quarter is going to be growing on a quarter-over-quarter basis, similar to what we experienced in 2023.

因此，根據第一季的情況，我們已經符合我們的展望和預測。我們認為，作為一個正在開設更多商店、同時向更多市場提供更多型號的品牌，本季的成長肯定會環比成長，與我們經歷的情況類似2023年。

As I mentioned just now, 2024 second half is a pivotal period where we will not only have entrance into the US market but also indicate entering into other world markets. So that way, we think that we are in a good position on targets for this year. Thank you.

正如我剛才提到的，2024年下半年是一個關鍵時期，我們不僅要進入美國市場，還要進入其他世界市場。因此，我們認為我們在實現今年的目標方面處於有利位置。謝謝。

Understood. Second question, can we get updates on the on the order book? I think you last disclosed it exiting the third quarter. Do we have an updated number for the -- either exiting the fourth quarter or as of -- even end of March?

明白了。第二個問題，我們可以獲得訂單簿上的更新嗎？我想你最後一次披露它是在第三季。我們是否有第四季或截至 3 月底的最新數據？

Yes. Thank you, Edison. I will invite the CEO, Mr. Feng, to answer your question. Mr. Feng, please.

是的。謝謝你，愛迪生。我請馮總來回答你的問題。請馮先生。

(interpreted) Like, Alexious, our CFO, previously mentioned, we are pretty much in line with our targets for this year, quarter one.

（解釋）就像我們的財務長 Alexious 之前提到的那樣，我們幾乎符合今年第一季的目標。

In addition to that, our company is currently expanding towards the sportscar. We have already started now delivering in the US markets for our E-segment SUV, Eletre. It is going to open its order channel in the US in quarter two this year. And our E-segment electric GT, Emeya, has already opened the order channel in the EU this March.

除此之外，我們公司目前正在向跑車領域擴張。我們現在已經開始在美國市場交付我們的 E-Class SUV Eletre。該公司將於今年第二季在美國開放訂單管道。而我們的E級電動GT Emeya今年3月就已經在歐盟開啟了訂單管道。

In the US, we have been expanding our retail channels and we have already prepared the testing vehicle of Eletre for our consumers to try. And getting into the quarter two, we will be clearer about our performance.

在美國，我們一直在拓展零售通路，我們已經準備了Eletre的測試車供消費者試用。進入第二季度，我們將更加清楚我們的表現。

This year, our most important indicator would be the delivery numbers, particularly in the regions that we have already started ourselves instead of orders. As of today, we are pretty confident and happy about the current performance.

今年，我們最重要的指標是交付數量，特別是在我們已經開始營運的地區，而不是訂單。截至今天，我們對目前的表現非常有信心和高興。

In the second half of this year, we are going to start delivery in North America region, Japan, and South Korea. So order book is not only our indicator, and we are -- will pivot on the delivery of those orders that we have already acquired.

今年下半年，我們將在北美地區、日本、韓國開始出貨。因此，訂單簿不僅是我們的指標，而且我們將重點放在我們已經獲得的訂單的交付上。

Yes, thank you.

是的，謝謝。

[Ming Yang Lin, Zhong De Securities].

[中德證券明陽林]。

Thank you. My question is what is the market strategy of overseas market in 2024? And what is the market plan in US?

謝謝。我的問題是2024年海外市場的市場策略是什麼？美國的市場計畫是什麼？

(interpreted) For the delivery numbers and the sales numbers, non-China market is going to account for 60% of our total sales.

（解讀）就交付數量和銷售數量而言，非中國市場將占我們總銷售額的60%。

And for the US market, it is absolutely important for us that sportscar has already acquired a good performance on its delivery numbers, and it can deliver our annual targets this year. For lifestyle vehicle, we have already acquired the US manufacturer registration. And in the later phases, we will progress based on the certification plan.

而對於美國市場來說，跑車已經在交車量上取得了良好的表現，並且能夠實現我們今年的年度目標，這對我們來說絕對是重要的。對於生活用車，我們已經獲得了美國製造商註冊。後期我們會按照認證計畫進行。

This April, when we opened the order channel, we are going to take a look at the order performance and follow it closely. And in the second half of this year, we will commence the deliveries in the US markets. Although at this moment, we haven't opened the order channel. However, we have already received the positive feedback through the test-driving activities arranged in the market.

今年4月，我們開放訂單通道後，我們就來看看訂單表現，密切注意。今年下半年，我們將開始在美國市場交付。雖然目前我們還沒有開通下單通道。不過，透過市場安排的試駕活動，我們已經得到了正面的回饋。

I am confident that once we open the order channel in the US market, performance is going to be excellent. Please feel free to stay tuned. Thank you.

我相信，一旦我們打開美國市場的訂單管道，業績將會非常出色。請隨時關注。謝謝。

(Spoken in foreign language)

（用外語說）

Daniel Lau, UE Capital.

劉丹尼爾，UE Capital。

Hello, can you hear me?

你好，你聽得到我說話嗎？

Yes, Daniel.

是的，丹尼爾。

Thanks, management for taking the questions. I'm Daniel from UE Capital. I have two questions for management, and the first one is in regard to the breakdown of -- geographic breakdown of the volumes, especially considering the company has achieved extraordinary results in 2023. So how do you see the evolvement or evolution of oversea market as a percent of the total deliveries in 2024 or ahead into your Vision 80, 2028?

感謝管理層提出問題。我是UE Capital 的丹尼爾。我有兩個問題要問管理層，第一個問題是關於銷售的地理細分，特別是考慮到該公司在 2023 年取得了非凡的業績。或2028 年80 願景中總交付量的百分比？

Yes, thank you. We will invite CFO, Alexious, to take this question. Alexious?

是的，謝謝。我們將邀請財務長 Alexious 回答這個問題。阿萊克斯？

Thank you, Daniel. So you asked a very good question. Like it was mentioned during my presentation, 2023, the Chinese market contribution was about 30% of volume and about -- more than [40%] of volume and (inaudible)

謝謝你，丹尼爾。所以你問了一個非常好的問題。正如我在演講中提到的，到 2023 年，中國市場的貢獻約為銷售量的 30%，超過 [40%] 的銷售量（聽不清楚）

Now this number is slightly distorted mainly because the other markets in the world will take more time to actually distribute the products through global international shipping. In 2024, China will represent about 40% of (inaudible) models, like the Emeya (inaudible).

現在這個數字略有扭曲，主要是因為世界其他市場將需要更多時間透過全球國際運輸實際分配產品。到 2024 年，中國將佔（聽不清楚）車型的約 40%，例如 Emeya（聽不清楚）。

The UK and Europe will represent about 30% of the total volume; the US market, about 20%; and the rest of the world, which is [increasing impact] and also the Middle East, will present the remaining 10%. This will be in favor of [ex-prime] market into 2025, so China will probably be looking at about 20%, 25% in about 2025, with US and Europe taking up the chunk.

英國和歐洲將佔總銷量的約30%；美國市場，約20%；世界其他地區（影響力不斷增加）以及中東將呈現剩餘的 10%。這將有利於 2025 年的[前優質]市場，因此中國可能會在 2025 年左右達到 20%、25% 左右，而美國和歐洲將佔據這一份額。

Our internal revenue mix, we definitely have the highest ASP contribution in the likes of Middle East and others. Generally, ASP is managed very well through global commercial.

從我們的內部收入組合來看，我們在中東和其他地區的平均售價貢獻絕對是最高的。一般來說，ASP 透過全球商業管理得很好。

Thank you.

謝謝。

Thank you. My second question is about infrastructure because I noticed that company has mentioned that you have already partnered with some charging stations across Europe and in China. And also, can we have more details on the infrastructure or company's future plan on the charging stations? Because we know that the infrastructure right now in Europe, US seem to be like the bottleneck for the penetration increase of EV market. Thank you.

謝謝。我的第二個問題是關於基礎設施的，因為我注意到該公司提到您已經與歐洲和中國的一些充電站合作。另外，我們能否了解更多有關基礎設施或公司未來充電站計劃的詳細資訊？因為我們知道，目前歐洲、美國的基礎設施似乎是電動車市場滲透率提升的瓶頸。謝謝。

Thank you, Daniel. I will invite the CEO, Mr. Feng, to answer your question.

謝謝你，丹尼爾。我請馮總來回答你的問題。

(interpreted) It is very true that charging is applicable to electric vehicle as it is very important for such a convenience to customers. In China, we have ourselves going to a lot of faster charging stations with 480 kilowatts. So if you charge your vehicle (technical difficulty)

（解釋）充電確實適用於電動車，因為它對於為客戶提供便利非常重要。在中國，我們有許多480千瓦更快的充電站。所以如果你給你的車輛充電（技術難度）

Meanwhile, we have also (inaudible) with many public charging infrastructures and companies to further bring convenience to consumers in need. In the US market, we have already collaborated with Tesla and other potential public charging infrastructure players to bring convenience to our consumers. In the EU markets, our strategic partner is Bosch, who operates more than 30,000 charging stations, which can further bring convenience to our consumers. Thank you.

同時，我們也（聽不清楚）與許多公共充電基礎設施和公司合作，進一步為有需要的消費者帶來便利。在美國市場，我們已經與特斯拉和其他潛在的公共充電基礎設施參與者合作，為我們的消費者帶來便利。在歐盟市場，我們的策略合作夥伴是博世，博世經營超過30,000個充電站，這可以進一步為我們的消費者帶來便利。謝謝。

Thank you. Okay, and congrats completing the FY23 results.

謝謝。好的，恭喜完成 2023 財年結果。

Thank you, Daniel.

謝謝你，丹尼爾。

(Operator Instructions) Edson Yu, Deutsche Bank.

（操作員指示）Edson Yu，德意志銀行。

Hi. I want to also ask on the OpEx and CapEx for this year. Can you provide us maybe any direction on where those are trending or where you think those will trend?

你好。我還想問一下今年的營運支出和資本支出。您能否向我們提供有關這些趨勢的任何方向或您認為這些趨勢的方向？

Thank you, Edison. I will invite our CFO, Alexious, to give you an answer on that question. Alexious, please.

謝謝你，愛迪生。我將邀請我們的財務長 Alexious 來回答這個問題。亞歷克斯，請。

Yes. Thank you, Edison. In 2020 -- the best way to understand this is still -- numbers is that -- in 2023, a lot of investment has been put in place to actually expand the stores, build the net growth, and others. Now we will think that our marketing budget in terms of OpEx for the burn and marketing in the spectrum of distribution-level expansion was really at the peak in 2023.

是的。謝謝你，愛迪生。 2020 年——理解這一點的最佳方式仍然是——數字是——2023 年，大量投資已經到位，用於實際擴大門市、建立淨增長等。現在我們會認為，我們在營運支出方面的行銷預算以及分銷層面擴展範圍內的行銷預算確實在 2023 年達到了高峰。

So on an overall perspective, the whole budget and SG&A or both the OpEx and the CapEx side of things will remain probably flattish as compared to 2023 as we ramp up in terms of enjoying from the positive operating leverage and also the scale effect.

因此，從整體角度來看，隨著我們從積極的營運槓桿和規模效應中受益，整個預算和銷售管理費用（SG&A）或營運支出和資本支出方面與 2023 年相比可能保持持平。

Now we definitely would have in place the necessary infrastructure, both in shipping, warehousing, logistics to support growth trajectory all the way to 2025. So on that basis, we expect that 2024 OpEx and CapEx to remain probably the same level as in 2023.

現在，我們肯定會在運輸、倉儲和物流方面建立必要的基礎設施，以支援直至2025 年的成長軌跡。相同的水平。

Thank you. And if I could just sneak in a bit of a longer-term question, do we have any intention or any -- have we thought about trying to somehow return to F1 in any way? Obviously, the heritage in F1 is there, but some I'm not sure if we're sort of contemplating taking a more active role.

謝謝。如果我可以偷偷地問一個更長期的問題，我們是否有任何意圖或任何——我們是否考慮過以某種方式嘗試以某種方式重返F1？顯然，F1 的傳統就在那裡，但我不確定我們是否正在考慮扮演更積極的角色。

Yes. Thank you, Edison. We are surely very proud of our racing heritage and the passion for speed. I will invite the CEO, Mr. Feng, to answer your question. Mr. Feng, please.

是的。謝謝你，愛迪生。我們當然為我們的賽車傳統和對速度的熱情感到非常自豪。我請馮總來回答你的問題。請馮先生。

(interpreted) At this moment, we do not have a plan when we will go back to the F1 racetrack, but we are closely monitoring these spots. In 2023 and 2024, we're going to working to answer the GP4 [release]. I think last year in the Macau Grand Prix, we have acquired the first and the second place. And this year, we're going to participate in more GP4 races. And at the same time, we will also pull up closely with the F1 race. Thank you.

（解說）目前，我們還沒有計劃何時重返F1賽道，但我們正在密切關注這些地點。 2023 年和 2024 年，我們將努力回答 GP4 [發布]。我想去年在澳門格蘭披治大賽車，我們獲得了第一名和第二名。今年，我們將參加更多的 GP4 比賽。同時，我們也將與F1賽事緊密拉動。謝謝。

Thank you. [See you at the final].

謝謝。 [決賽見]。

(Operator Instructions)

（操作員說明）

Thanks, Amber. As we are waiting for more questions to come in, I also received the two retailer questions. So I may raise it to the management instead of our curious guests.

謝謝，安布爾。當我們等待更多問題時，我也收到了兩個零售商的問題。所以我可能會向管理層而不是我們好奇的客人提出這個問題。

So the first question I received is that the gross margin -- as management indicated, the gross margin in 2023 was already very strong and in 2024 is expected to increase to 17% to 19%. What do you think is the strong gross margin growth driver? I will stop here for answers. I will invite CEO, Mr. Feng, to first address this question. Mr. Feng, please.

因此，我收到的第一個問題是毛利率——正如管理層表示的那樣，2023 年的毛利率已經非常強勁，預計 2024 年將增至 17% 至 19%。您認為強勁的毛利率成長動力是什麼？我將在這裡停下來尋求答案。我先請馮總來回答這個問題。請馮先生。

(interpreted) As we previously mentioned, in 2023, we have already acquired a good performance with the 16% gross margin. In 2024, we are expecting to see the gross margin increasing. Particularly, the increase is attributed from our lifestyle vehicle.

（解讀）正如我們之前提到的，2023年我們已經取得了不錯的業績，毛利率達到16%。 2024年，我們預期毛利率將會上升。尤其是，這一增長歸功於我們的生活方式工具。

And in China market, as we adopt a direct-to-customer model, the gross margin is going to be high. In addition to that, in 2024, we will launch the Chapman Bespoke service globally, which can further increase our gross margin.

而在中國市場，由於我們採用直接面對客戶的模式，毛利率將會很高。除此之外，2024年，我們將在全球推出Chapman Bespoke服務，這可以進一步提高我們的毛利率。

Another good news is that as we have two different models for our Eletre, S-model and R-model, the take rate of the R-model is higher than our expectation. And the R model also provides us with greater profits. So long-term view, we -- in the era of electrification and intelligence driven, we have already developed cutting-edge technologies, which can help us to offer IP licensing that can further boost our gross margins.

另一個好消息是，由於我們的 Eletre 有兩種不同的模型，S 模型和 R 模型，R 模型的採用率高於我們的預期。而R車型也為我們提供了更大的利潤。因此，從長遠來看，在電氣化和智慧化驅動的時代，我們已經開發出了尖端技術，這可以幫助我們提供知識產權許可，從而進一步提高我們的毛利率。

For example, our advanced autonomous driving technology, we have already provided engineering services and licensing to external parties. We have already signed an agreement with a couple of our partners, and we are still negotiating with some potential cooperatives in the EU.

例如我們先進的自動駕駛技術，我們已經向外部提供了工程服務和許可。我們已經與幾個合作夥伴簽署了協議，並且仍在與歐盟的一些潛在合作夥伴進行談判。

To continuously improve our gross margins is that our ultimate target, in 2028, we're expecting to achieve the gross margin of 30%. Thank you.

持續提高毛利率是我們的最終目標，2028年我們預期毛利率達到30%。謝謝。

Thank you, Mr. Feng. And the second question I received is on the price. Considering that we see the price reduce over the past few months, do you expect to do any price cut or introduce lower-priced products? Thank you. I will invite the CEO, Mr. Feng, to answer this question, please.

謝謝馮先生。我收到的第二個問題是關於價格的。考慮到過去幾個月我們看到價格下降，您是否預計會降價或推出更低價格的產品？謝謝。我請馮總是來回答這個問題。

(interpreted) I think it's an unfortunate thing that we are in the segment of not relying on the price score. The most important thing is to offer the value to our consumers and sort of emotional connection to our consumers so that -- to boost our sales volume and to boost our margins. And we are not going to enter the price war, and we are not going to lower our price and introduce any lower-priced models. Thank you.

（解釋）我認為我們處於不依賴價格得分的領域是一件不幸的事情。最重要的是為我們的消費者提供價值，並與消費者建立某種情感聯繫，從而提高我們的銷售並提高我們的利潤。我們不會打價格戰，我們不會降低價格並推出任何低價型號。謝謝。

I will add on to this a little bit. Lotus is an early mover in the electrification given our full commitment to BEVs. We are --we have very great opportunities to go to the market with the right products having the advantage that they don't have much from the competitive peers. Well, that would give a gap in a way that was mentioned. We are going to more markets, more of those, and at the same time, to more stores.

我會補充一點。鑑於我們對純電動車的全面承諾，路特斯是電氣化領域的先驅。我們有非常好的機會向市場提供合適的產品，這些產品具有競爭對手所沒有的優勢。嗯，這會以前面提到的方式產生差距。我們將進入更多的市場，更多的市場，同時進入更多的商店。

The general market outlook remains positive while there's pockets of slowdown globally. Lotus is a small brand. Volume growth is not -- pricing is not the most important determining factor in this particular luxury segment, as what our CEO, Mr. Feng, has mentioned. We need to continue to improve and maintain our execution so that we are on time to deliver our cars to the customers and excel in this customer experience. Thank you.

整體市場前景仍然樂觀，但全球經濟出現一些放緩。蓮花是一個小品牌。正如我們的執行長馮先生所提到的，銷售成長並不是——定價並不是這個特定奢侈品領域最重要的決定因素。我們需要繼續改進並保持我們的執行力，以便我們能夠按時向客戶交付汽車，並在客戶體驗方面表現出色。謝謝。

Thank you, Mr. Feng and Alexious. Amber, back to you.

謝謝馮先生和Alexious。安布爾，回到你身邊。

Thank you. I am showing no further questions. Thank you very much for all of your questions. I'll now turn the conference back to Ms. Demi Zhang for any additional closing comments.

謝謝。我沒有提出任何進一步的問題。非常感謝您提出的所有問題。現在，我將把會議轉回給張黛米女士，以徵求任何補充的閉幕意見。

Thank you, Amber, and thank you, everyone, for joining us today again. And now, we will conclude the call very soon. If you have any further questions, please feel free to contact Lotus Tech's IR team by e-mail, by call, or online request, which you can find all listed on our website, which is ir.group-lotus.com.

謝謝你，Amber，也謝謝大家今天再次加入我們。現在，我們很快就會結束通話。如果您還有任何其他問題，請隨時透過電子郵件、電話或線上要求聯絡 Lotus Tech 的 IR 團隊，您可以在我們的網站 ir.group-lotus.com 上找到所有問題。

Now, I wish everybody have a great day. And this concludes the conference call. Thank you, management, and thank you, everybody.

現在，我祝福每個人都有美好的一天。電話會議到此結束。謝謝領導，謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。