Lotus Technology Inc (LOT) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Lotus Technology Inc., first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加蓮花科技股份有限公司2025年第一季財報電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to hand the conference over to Mrs. Demi Zhang from the company. Please go ahead.

現在我將會議交給公司裡的張黛米女士。請開始吧。

Thank you, operator. Good morning, good afternoon, and good evening, everyone. Thank you for joining Lotus Tech's first-quarter 2025 earnings call. This is Demi Zhang, the Head of IR at Lotus Tech. I'm honored to introduce and welcome company management with us today, CEO, Mr. Qingfeng, Feng; and CFO, Dr. Daxue Wang.

謝謝接線生。各位早安、下午好、晚上好。感謝各位參加蓮花科技2025年第一季財報電話會議。我是蓮花科技投資人關係負責人張黛米。今天，我榮幸地向大家介紹並歡迎公司管理階層，執行長馮慶峰先生和財務長王大學博士。

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. Further information regarding risks and uncertainties is included in relevant filings of Lotus Tech with the US Securities and Exchange Commission.

在繼續討論之前，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》安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。有關風險和不確定性的更多信息，請參閱Lotus Tech向美國證券交易委員會提交的相關文件。

The company undertakes no obligation to update any forward-looking statements, except as required by law. Please also be noted that our earnings press release and this conference call will include the disclosure of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. You can find a reconciliation of these figures in the press release available on our Investor Relations website at ir.group/lotus.com.

除法律另有規定外，本公司不承擔更新任何前瞻性聲明的義務。另請注意，我們的獲利新聞稿和本次電話會議將揭露未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標。您可以在本公司投資人關係網站ir.group/lotus.com上查閱新聞稿，以了解這些資料的調節表。

With that, I'd like to turn the call over to our CFO, Dr. Wang. Dr. Wang, please.

接下來，我想把電話交給我們的財務長王博士。王博士，請您發言。

Good day and good evening. Distinguished shareholders, analysts and members of the press, thank you very much for joining our Q1 2025 earnings release. My name is Daxue Wang, Chief Financial Officer of the Lotus. I'm honored to take this opportunity to brief you on the company's unaudited financial results.

各位尊敬的股東、分析師和媒體朋友，大家好！非常感謝各位參加我們2025年第一季財報發表會。我是蓮花汽車財務長王大學，很榮幸能藉此機會向各位介紹公司未經審計的財務表現。

In Q1, the company delivered nearly 1,300 vehicles to the distributors, up 42% year on year, and user vehicle deliveries exceeded 2,000 units, up by more than 10% year on year. These numbers reflect the scheduled transition period if upgraded models started delivery in Q2 related to the effect of the prior destocking activities in the Q4 last year.

第一季度，該公司向經銷商交付了近1,300輛汽車，較去年同期成長42%；用戶車輛交付量超過2,000輛，較去年同期成長超過10%。這些數據反映了計劃中的過渡期，即如果升級車型於第二季度開始交付，則與去年第四季度之前的去庫存活動的影響有關。

As you may know, we started revamping our Eletre Hyper SUV and Emeya Hyper-GT line map with upgraded configurations. We kicked off customer delivery on the upgraded models in China during the second quarter and expect to begin deliveries in Europe in the upcoming third quarter. Although the quarterly revenues narrowed to $93 million in the first quarter, the company achieved a notable gross margin recovery, improving from the negative Q4 last year to the current 12%, placing us firmly in positive territory as the impact from prior destocking effects eased.

如您所知，我們已開始對Eletre Hyper SUV和Emeya Hyper-GT車型進行升級，以推出全新配置。第二季度，我們已在中國啟動升級版車型的交付，預計第三季在歐洲開始交付。儘管第一季營收收窄至9,300萬美元，但公司毛利率顯著回升，從去年第四季的負值回升至目前的12%，隨著此前去庫存的影響逐漸消退，公司已穩居盈利區間。

Now I will break down our sales by category and by regions. By category, lifestyle vehicles accounted for 56% of the total Q1 deliveries, consistent with the full-year 2024 figures. By region, Europe, China and North America, each contributed approximately one-third of the company's total deliveries, while the rest of the world region accounted for the remaining 4%.

現在我將按類別和地區細分我們的銷售情況。按類別劃分，生活風格車型佔第一季總交付量的56%，與2024年全年數據一致。按地區劃分，歐洲、中國和北美各占公司總交付量的約三分之一，世界其他地區佔剩餘的4%。

Regarding our sales channels, the total number and the composition of the sales starts by region remained stable during the first quarter. For the key financial indicators, deliveries, revenue and gross margin, profit margin has just been reported.

關於我們的銷售管道，第一季各地區的銷售啟動總數和組成保持穩定。關鍵財務指標，如交付量、收入和毛利率，以及利潤率，已於近期公佈。

Cost of revenue decreased by 43% year on year to USD82 million. Consequently, gross profit was $11 million. We reported an operating loss of $103 million for quarter one, a 56% year-on-year decrease. The net loss of the quarter was $183 million, representing a 29% reduction.

營業成本較去年同期下降43%至8,200萬美元。因此，毛利為1100萬美元。第一季營業虧損為1.03億美元，較去年同期下降56%。該季淨虧損為1.83億美元，年減29%。

For your information, the adjusted net loss under the non-GAAP measures for the quarter was unchanged. But behind these financial numbers, we have to highlight our achievements of reducing operating expenses for six consecutive quarters, driven by continued rigorous implementation of efficient enhancement plans.

特此告知，本季依非GAAP準則調整後的淨虧損與上季持平。但這些財務數據背後，我們必須強調我們連續六個季度降低營運成本的成就，這得益於我們持續嚴格地執行各項效率提升計畫。

And now I will stop here and hand over to Mr. Feng. Thank you.

現在我就說到這裡，把麥克風交給馮先生。謝謝。

(interpreted) Hello, my name is Qingfeng, Feng, CEO of Lotus. Allow me to share with you the most recent business progress and the strategies of Lotus.

（翻譯）您好，我叫馮慶峰，是蓮花公司的執行長。請容許我向您介紹蓮花公司最新的業務進展和策略。

As a premium brand, we highlighted the importance of brand establishment, particularly on Sportscar. And this is something that we have been doing this year on racing track.

作為高端品牌，我們強調了品牌建立的重要性，尤其是在跑車領域。而這正是我們今年在賽道上一直實踐的理念。

On May 30, we launched a national-level GT1 main racing series Lotus Cup features high ground span in China and Malaysia. We successfully completed the first race in the city of Chengdu. The racing series stands as China's premier FIA-recognized GT Series eligible for international C-license upgrade.

5月30日，我們正式啟動了橫跨中國和馬來西亞的全國性GT1主賽事—蓮花盃。首站比賽在成都成功舉行。該賽事是目前中國首屈一指的獲得國際汽聯（FIA）認可的GT賽事，參賽車手有資格申請國際C級駕照。

Among our customer group of Lotus, they may highlight the vehicle's aesthetic styling and the performance of the vehicle. And this is why that this year, we've been spending most of our efforts on the performance side.

在路特斯的客戶群中，他們可能會特別關注車輛的外觀設計和性能。因此，今年我們把大部分精力都投入了車輛性能的提升。

As ultimate handling and riding iconic features of Lotus, we've been trying to stand out among other premium brands. And this one -- this is also one of the reasons that this year, we are trying to leverage race series to improve our brand awareness.

作為路特斯標誌性的卓越操控和駕駛體驗，我們一直努力在許多高端品牌中脫穎而出。而今年，我們嘗試利用賽車系列來提升品牌知名度，這也是原因之一。

And on May 26, we have also released our 2024 year ESG report, highlighting our progress in advancing sustainable practices, developing innovative green products and demonstrating global leadership in green mobility.

5月26日，我們也發布了2024年ESG報告，重點介紹了我們在推動永續發展實踐、開發創新綠色產品以及展現綠色出行領域全球領導地位方面取得的進展。

Back in 2024, we have launched a new technology called Hyper Hybrid EV Technology. This has gained a lot of interest. And what I can share with you is that the progress of this technology is very good. And later, I will elaborate more on the details.

早在2024年，我們就推出了一項名為「超級混合動力電動車技術」的新技術。這項技術引起了廣泛關注。我可以告訴大家的是，這項技術的進展非常順利。稍後，我會詳細介紹。

As for our product pipeline and the product planning, our EMIRA model year '26 has already started its delivery in August as the vehicle will commence its delivery in the US. In April, we've also started to deliver our Eletre and Emeya model year '26. It has started in China market first and then we are going to commence the delivery in the EU.

關於我們的產品線和產品規劃，EMIRA 2026款車型已於8月開始交付，首批交付地為美國。 4月，我們也開始交付Eletre和Emeya 2026款車型。首批交付地為中國，之後我們將開始在歐盟市場交付。

In recent years, premium brands BEV's penetration is -- does not tell our expectation. However, the interest on PHEV is gaining its momentum. We believe that such a technology of a Hyper Hybrid can supplement the disadvantages of BEV. For customers who like ICE, they can still enjoy the drivetrain. For customers who may fund us for BEV, they can feel free to worry about the range.

近年來，高端品牌純電動車的滲透率——並未達到我們的預期。然而，人們對插電式混合動力車的興趣正在迅速增長。我們相信，這種超級混合動力技術可以彌補純電動車的不足。對於喜歡燃油車的客戶來說，他們仍然可以享受動力系統帶來的樂趣。而對於可能選擇純電動車的客戶來說，他們不必再為續航里程而擔憂。

Our new model is expected to debut at the end of this year and the delivery of this vehicle is expected to happen in quarter one next year. And allow me to share with you some of the highlights of this particular model.

我們的新車型預計將於今年底亮相，並於明年第一季開始交付。現在，請容許我與大家分享這款車型的亮點。

Performance will still remain our iconic feature for this model, and this vehicle is going to be the world's first mass-produced PHEV, that is performance-oriented. Particularly in the market with the low penetration rate for BEV such as APAC and [GCC Region] (corrected by company after the call), we believe such a hybrid technology could be widely accepted in those markets.

性能仍將是這款車型的標誌性特徵，它將成為全球首款量產的性能導向型插電式混合動力車。尤其是在亞太和海灣合作委員會地區等純電動車滲透率較低的市場（公司在電話會議後更正了這一點），我們相信這種混合動力技術在這些市場能夠得到廣泛認可。

And this Hyper Hybrid Technology features a 300 kilometers of range when it is driven by the pure battery, and in high speed, for example, the combined driving range can reach over 1,000 kilometers. In addition to that, it also features a Dual Hyper Charging Technology, Ultra-Fast Plug-In Charging and Ultra-Fast On-The-Drive Charging. On-The-Drive Charging rate is 5 times the power consumption of the typical driving scenarios. It can deliver a battery charge from 10% to 80% within 12 minutes, pretty much on par with the battery swap speed.

這款超級混合動力技術在純電池驅動下續航里程可達300公里，例如高速行駛時，綜合續航里程可超過1,000公里。此外，它還配備了雙重超級充電技術，包括超快插電充電和超快行駛中充電。行駛中充電速度是典型駕駛場景耗電量的5倍，可在12分鐘內將電池電量從10%充至80%，速度幾乎與電池更換速度相當。

As we are -- very highlights on the performance side of this vehicle, it can deliver the ultimate performance under any circumstances. Even though the battery may consume to lower than 5%, the performance can still be secured. And this is why that I previously highlighted the features that On-The-Drive charging rate is five times the power consumption of typical driving scenarios.

正如我們所看到的——這款車的性能亮點非常突出，它在任何情況下都能提供極致的性能。即使電池電量低於5%，性能仍能獲得保障。這就是為什麼我之前強調過，它的「行駛中充電」功能，充電速度是典型駕駛場景下耗電量的五倍。

Again, this both first performance-oriented Hyper SUV is going to debut at the end of this year, and the delivery will start next quarter one. Our initial target is to deliver a balanced delivery distribution across our markets, 30% in the US, 30% in EU, and 30% in China, 1% in rest of the world.

再次強調，這款首款高性能超級SUV將於今年底亮相，並於下季開始交付。我們的初步目標是在各市場實現均衡的交付分配：美國30%，歐盟30%，中國30%，世界其他地區1%。

Between 2023 and 2025, the main challenge is around the US tariff hike, which led us not be able to export many vehicles to the US market. Given that, the current regional share of deliveries since 2024 are as follows: 22% in North America, 38% in Europe, 14% for the rest of the world, and 26% for China. And this year, we are expecting the China's contribution is going to be a bit higher compared with the previous year.

2023年至2025年間，主要挑戰在於美國關稅上調，導致我們無法向美國市場出口大量車輛。有鑑於此，自2024年起，各地區的交付量佔比分別為：北美22%，歐洲38%，世界其他地區14%，中國26%。我們預計今年中國市場的貢獻將略高於去年。

In the future, we are trying to leverage our US strategy to catch up the losses due to the tariff hike. At this moment, we are discussing with our strategic partners in the US on localization plans in order to avoid the influence of US tariff.

未來，我們將嘗試利用美國市場策略來彌補關稅上調造成的損失。目前，我們正與美國的戰略合作夥伴探討在地化方案，以避免受到美國關稅的影響。

With our strategic partners, we had an in-depth discussion around US landscape, and we believe that localization is a feasible plan. We will continue to explore US markets with our PHEV and also BEV products.

我們與戰略合作夥伴就美國市場進行了深入探討，並認為在地化是一個可行的方案。我們將繼續開拓美國市場，推廣我們的插電式混合動力車（PHEV）和純電動車（BEV）產品。

Thank you very much, Mr. Feng and Dr. Wang. Due to the time constraints, we will not be holding a Q&A session today. However, we have received a number of questions regarding the progress of our Hyper Hybrid initiatives and our global market strategies.

非常感謝馮先生和王博士。由於時間有限，我們今天不設問答環節。不過，我們收到了一些關於超混合架構專案進度和全球市場策略的問題。

So to address these key topics, I would like to invite Mr. Feng to share more of his insights. Mr. Feng, please.

為了探討這些關鍵議題，我想邀請馮先生分享更多他的見解。馮先生，請您發言。

(interpreted) For our PHEV products, I'd like to start with our observation regarding the PHEV market. It is actually growing very fast in both China and the US. And for Lotus PHEV, it is actually quite different from the traditional PHEV structure, which is engine driven. We combined the advantages of ICE engine and also electric motor. It can deliver ultimate performance when it is needed for our customers.

（翻譯）關於我們的插電式混合動力產品，我想先談談我們對插電式混合動力市場的觀察。事實上，無論在中國或美國，插電式混合動力市場都在快速成長。而路特斯插電式混合動力車型與傳統的燃油插電式混合動力車型截然不同。我們結合了內燃機和電動馬達的優勢，能夠在客戶需要時提供極致的性能。

For example, on high-speed driving, if it is driven by the motor, it may not be that energy saving. And for our technology, when you drive on the high speeds, this vehicle can be driven by engine. And in total, the technology can deliver both performance and energy-saving features. And it can satisfy the scenarios of lifestyle as well as racetrack.

例如，高速行駛時，如果車輛由馬達驅動，可能並不節能。而我們的技術則不同，高速行駛時，車輛可以由引擎驅動。總而言之，這項技術能夠兼顧性能和節能特性，既能滿足日常通勤需求，也能滿足賽道競速的要求。

For the Hyper Hybrid Technology, at this moment, it has been widely proven and accepted in China market. And we have also done thorough study for the US and the EU markets. At this moment, there hasn't been such a product existing in those markets. But if our customers is well aware of these products, we believe that they will be interested in this particular model because it can satisfy both the demand from performance vehicle as well as lifestyle vehicle.

目前，超級混合動力技術已在中國市場廣泛驗證和認可。我們也對美國和歐盟市場進行了深入研究。目前，這些市場尚無同類產品。但如果我們的客戶充分了解這些產品，我們相信他們會對這款車型感興趣，因為它既能滿足高性能汽車的需求，又能滿足生活方式汽車的需求。

In the future, our technology is going to be pivoted around this Hyper Hybrid Technology. And at this moment, we are also investigating the feasibility of the Sportscar Hyper Hybrid solution.

未來，我們的技術將圍繞著這項超級混合動力技術。目前，我們也正在研究跑車超級混合動力解決方案的可行性。

As for Sportscar, we understand that there is a wider market for the ICE Sportscar, and we were definitely satisfying those Lotus fans and also petrol head for the Sportscar. At the same time, we also understand that pure electrics Sportscar is not going to attract those attentions. So we are trying to investigate the feasibility of a Hyper Hybrid Sportscar to see if it is going to work. In the future, we will prioritize the Hyper Hybrid Technology for both lifestyle vehicle and the Sportscar.

至於跑車，我們明白燃油跑車的市場更廣闊，我們也確實滿足了蓮花車迷和那些熱愛汽油跑車的消費者的需求。同時，我們也意識到純電動跑車無法吸引同樣的關注。因此，我們正在研究超級混合動力跑車的可行性，看看它是否可行。未來，我們將優先把超級混合動力技術應用於生活用車和跑車領域。

Back in -- if you look at the history of Lotus, I think many of you may be aware that Lotus have been relying on external parties or suppliers on its engines such as Toyota and AMG. However, when it comes to PHEV, when Lotus possesses such a technology, we believe we can supplement the drawback of the ICE -- of the lack of ICE engine. Thank you.

回到正題——如果您了解路特斯的歷史，我想很多人都會知道，路特斯一直以來都依賴外部供應商提供的發動機，例如豐田和AMG。然而，就插電式混合動力汽車而言，路特斯擁有這項技術，我們相信可以彌補內燃機（ICE）的不足——即缺少內燃機。謝謝。

Thank you very much, Mr. Feng, for your sharing of the insights. And again, thank you all for joining us today. We will conclude the call soon. If you have any questions, please feel free to contact our IR team.

馮先生，非常感謝您分享寶貴見解。再次感謝各位今天參加我們的電話會議。會議即將結束。如有任何疑問，請隨時聯絡我們的投資者關係團隊。

This concludes the call. Have a good day, everybody. Thank you.

通話到此結束。祝大家今天愉快。謝謝。

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.

本記錄中標示「（已翻譯）」的部分由現場通話的翻譯員提供。該翻譯員由本次活動的贊助公司提供。