Lotus Technology Inc (LOT) 2025 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 2025 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Ms. Michelle Ma, Head of Investor Relations. Please go ahead.

各位好，感謝您撥冗等候。歡迎參加蓮花科技公司（Lotus Technology Inc）2025 年第四季及全年財報電話會議。（接線員指示）。請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者——投資者關係主管 Michelle Ma 女士。請開始。

Thank you, and welcome to Lotus Tech's fourth-quarter and full-year 2025 earnings call. My name is Michelle Ma, the Head of Investor Relations here at Lotus. With me today are the CEO, Mr. Qingfeng Feng, and the CFO, Dr. Daxue Wang. Our conference call materials were issued today and are available on our Investor Relations website. We are also broadcasting this call via webcast.

謝謝，歡迎參加蓮花科技 2025 年第四季及全年財報電話會議。我叫 Michelle Ma，是蓮花科技的投資者關係主管。今天與我一同出席的有執行長馮清峰先生，以及財務長王大學博士。我們的電話會議資料已於今日發布，並可於我們的投資者關係網站查閱。本次電話會議也將透過網路直播。

Before we continue, please be reminded that today's discussion will contain forward-looking statements, permanent to the three-part acquisitions of the US finance Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual future results may be materially different from the views expressed today.

在我們繼續之前，提醒各位今天的討論將包含前瞻性陳述，並受 1995 年《美國私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）相關條款所規範。前瞻性陳述具有內在風險與不確定性。因此，公司未來實際結果可能與今天所表達的觀點存在重大差異。

Further information regarding risks and uncertainties is included in Lotus Tech's relevant filings with the US Securities Exchange Commission. The company undertakes no obligation to update any forward-looking statements, except as required under applicable law. Please also note that our earnings press release and this conference call will include disclosure of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures.

有關風險與不確定性的更多資訊，已載於蓮花科技向美國證券交易委員會（SEC）提交的相關文件中。除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。另請注意，我們的財報新聞稿及本次電話會議將披露未經審計的 GAAP 財務資訊，以及未經審計的非 GAAP 財務衡量指標。

You can find a reconciliation of the figures in the press release available on our Investor Relations website at ir.group-lotus.com. With that, I'm delighted to turn the call over to our staff member, Dr. Wang, please.

您可在我們投資者關係網站 ir.group-lotus.com 上的新聞稿中找到相關數據的調節表（reconciliation）。接下來，我很高興把電話會議交給我們的同事王博士，請。

Good morning, good afternoon, and good evening to our shareholders, analysts, and media friends. Thank you very much for joining us for Lotus' fourth-quarter and full-year 2025 earnings discussion. I'm Daxue Wang, Chief Financial Officer of Lotus Tech. It's my privilege to once again present the company's audited financial results. In the fourth quarter, the company delivered 1,908 vehicles, including [1,238] (corrected by company after the call) lifestyle SUVs and Sedans and 670 sports cars.

各位股東、分析師以及媒體朋友們，早安、午安、晚安。非常感謝各位參加蓮花 2025 年第四季及全年業績討論。我是蓮花科技財務長王大學。我很榮幸再次向各位匯報公司經審計的財務結果。第四季，公司交付 1,908 輛汽車，其中包括 [1,238]（公司於會後更正）輛生活方式 SUV 與轎車，以及 670 輛跑車。

For the full year 2025, total deliveries reached 6,520 units. While this represents a [46%] (corrected by company after the call) year-on-year decrease, these figures reflect the traditional year marked by the impact of tires, the phase start of the upgraded model deliveries, and intensified market competition.

2025 全年總交付量達到 6,520 輛。雖然這代表年減 [46%]（公司於會後更正），但這些數據反映了該年度受到關稅影響、升級車型交付進入起步階段，以及市場競爭加劇等因素的影響。

Total revenues for the fourth quarter were [$163 million], a 40% year-on-year decrease. For the full year 2025, total revenues were [USD519 million], some 44% year-on-year. Sales of goods fell 48% year-on-year to USD463 million, driven by lower sales volume, while services revenue surged.

第四季總營收為 [$163 million]，年減 40%。2025 全年總營收為 [USD519 million]，約為年減 44%。商品銷售收入年減 48% 至 4.63 億美元，主要由於銷量下降所致，而服務收入則大幅成長。

69% year-over-year to USD56 million, primarily due to the R&D service revenue. The commercialization of our intellectual properties through technical licensing and other channels has demonstrated significant market recommendation of our pioneering technologies. Gross marketing improved significantly to 10% in the fourth quarter, compared to negative 11% in the same period of 2024.

年增 69% 至 5,600 萬美元，主要來自研發服務收入。我們透過技術授權及其他渠道將智慧財產商業化，顯示市場對我們開創性技術的高度認可。第四季毛利率顯著改善至 10%，相較於 2024 年同期為負 11%。

For the full year, gross margin improved to 9% from 3% in 2024. This improvement was driven by the global rollout of upgraded model deliveries, a favorable shift in our sales mix, healthier inventory dynamics, and disciplined cost control. We continued our track record of disciplined cost management.

全年毛利率由 2024 年的 3% 提升至 9%。此改善主要受惠於升級車型在全球的交付推進、銷售組合的有利變化、更健康的庫存動態，以及嚴格的成本控制。我們持續保持嚴謹的成本管理紀律。

Operating loss narrowed by 65% year-over-year to USD66 million in the fourth quarter, consecutive sequential quarterly reductions in operating losses demonstrate the company's commitment to operational efficiencies. In fiscal year 2025, lifestyle vehicles deliveries accounted for [70%] (corrected by company after the call) of the total, with sports cars making up the remaining 30%. Deliveries were primarily driven by the China and European markets.

第四季營業虧損年減 65% 至 6,600 萬美元；營業虧損連續按季下降，展現公司對營運效率提升的承諾。在 2025 財年，生活方式車型交付量占總交付量的 [70%]（公司於會後更正），跑車占其餘 30%。交付主要由中國與歐洲市場帶動。

Importantly, growth in Chinese deliveries outpaced the broader premier order segment, underscoring the competitive stress of our product portfolio within China. By region, China accounted for 45% of full-year deliveries, Europe 34%, North America 16%, and the rest of the world 5%. In the fourth quarter of 2025, our sports car deliveries to North America achieved remarkable Q2 growth, even with a [7%] (corrected by company after the call) local price increases.

值得注意的是，中國市場交付成長速度超越整體高端訂單細分市場，凸顯我們產品組合在中國的競爭實力。按地區劃分，全年交付中中國占 45%，歐洲占 34%，北美占 16%，世界其他地區占 5%。在 2025 年第四季，即使當地價格上調 [7%]（公司於會後更正），我們對北美的跑車交付仍實現了顯著的 Q2 成長。

Earlier current hikes hit our Q2 sales card by the US adjusting UK auto import tariffs down to 10% brought policy clarity. The recovery of sports car sales in the US during the third and fourth quarters fully demonstrates our strong brand appeal and price acceptability in the region.

先前的價格上調對我們的 Q2 銷售造成影響，而美國將英國汽車進口關稅下調至 10% 則帶來政策明朗化。美國市場跑車在第三季與第四季的銷售回升，充分展現我們品牌在當地的強大吸引力以及價格接受度。

Driving a due rebound in sales volume and gross profit margin. Research and development expenses were USD171 million for the full year, down from USD275 million in 2024, reflecting targeted prioritization of our technology investments.

從而帶動銷量與毛利率的同步回升。全年研發費用為 1.71 億美元，較 2024 年的 2.75 億美元下降，反映我們對技術投資的重點聚焦與優先排序。

Selling and marketing expenses decreased to [USD148 million] (corrected by company after the call). From USD322 million, and general and administrative expenses declined to USD136 million from USD227 million. These reductions underscore our strong commitment to enhancing operational efficiency. Together with gross profit increase in 2025, operating loss mattered 46% year-on-year, and net loss decreased 58% year-on-year.

銷售與行銷費用下降至[USD148 million]（公司於會後更正），由 3.22 億美元降至該水準；一般及行政費用亦由 2.27 億美元降至 1.36 億美元。這些下降凸顯我們對提升營運效率的堅定承諾。結合 2025 年毛利的提升，營業虧損年減 46%，淨虧損年減 58%。

On a non-GAAP adjusted basis, adjusted EBITDA for the full year improved by 63% year-over-year, narrowing to a loss of USD356 million from USD961 million in 2024. Beyond these numbers, I would like to reiterate that we have not reduced operating expenses for multi-consecutive quarters through value-added measures.

以非 GAAP 調整後口徑計，全年調整後 EBITDA 年增改善 63%，虧損由 2024 年的 9.61 億美元收窄至 3.56 億美元。除了這些數字之外，我也想再次強調，我們並非透過削減營運費用來達成連續多季的改善，而是透過提升附加價值的措施。

Our improved margin performance in the fourth quarter and the full year of 2025 demonstrated our continued focus on cost optimization and operational efficiency, and this was also reflected in our significantly improved bottom line of results. Going forward, we expect the global launch of our PHEV model for me to drive sales and revenue growth.

我們在 2025 年第四季及全年毛利率表現的改善，展現了我們持續聚焦成本優化與營運效率提升，這也反映在我們顯著改善的最終損益結果上。展望未來，我們預期 PHEV 車型的全球上市將帶動銷量與營收成長。

Additionally, we expect that the combination of focusing on revenue growth efforts, maximizing product positioning, and enhancing margins through strict cost reductions will allow our business to progress towards profitability and enable us to deliver long-term value to shareholders. With that, I will now turn the floor over to Qingfeng Feng. Thank you.

此外，我們預期，透過聚焦營收成長、最大化產品定位，以及藉由嚴格降本增效來提升利潤率的組合，將使我們的業務朝向獲利邁進，並為股東創造長期價值。接下來，我把時間交給馮清峰。謝謝。

(interpreted). Hello everyone, this is Qingfeng Feng, CEO of Lotus Group. Thank you for joining the Lotus Technology quarter four and full-year 2025 earnings conference call. Last year, 2025, was a really important year for us, a true turning point in our strategic transformation.

(口譯)。各位好，我是蓮花集團執行長馮清峰。感謝各位參加蓮花科技2025年第四季及全年業績電話會議。去年，也就是2025年，對我們而言是非常重要的一年，是我們策略轉型的真正轉捩點。

Even with all the global market ups and downs and higher tariffs, we made solid progress on our core operating metrics by staying focused on smart execution, pushing technological innovation, and the tightening of how we run the business every day. I'll walk you through the latest developments in four key areas. Our recent highlights, market strategy, product line-up, and the progress on our new hybrid model for me or Eletre X.

即便全球市場起伏不定且關稅上升，我們仍透過專注於高效執行、推動技術創新，以及日常營運管理的持續精益化，在核心營運指標上取得了扎實進展。我將帶各位回顧四個關鍵領域的最新進展。包括我們近期亮點、市場策略、產品陣容，以及我們全新混合動力車型For Me（或Eletre X）的推進情況。

With our 78-year racing heritage, building the Lotus brand has always been front and center for us. In 2025, we scored some real breakthroughs on both the business and the brand fronts. In 2025, we scored some real breakthroughs on both the business and brand fronts.

憑藉我們78年的賽車傳承，打造蓮花品牌一直是我們工作的核心重點。在2025年，我們在業務與品牌兩方面都取得了實質性突破。在2025年，我們在業務與品牌兩方面都取得了實質性突破。

In motorsports, we wrapped up to the very first Lotus Cup one-make race at Sepang International Circuit in Malaysia back in November last year. 44 race-backed Lotus mirrors hit the track and was a sensational showcase of the brand's racing DNA. The 2026 season actually kicks off on April 3, this year.

在賽車運動方面，我們於去年11月在馬來西亞雪邦國際賽道成功舉辦首屆Lotus Cup單一品牌賽。共有44輛賽道規格的蓮花車輛下場競逐，精彩呈現了品牌的賽車DNA。2026賽季將於今年4月3日正式開跑。

And we will keep using this platform to share our motorsports spirit and cutting-edge tech with fans everywhere. In equity financing, we secured a strategic equity investment of USD23 million from ECARX, deepening our global strategic partnership through capital price. Going forward, we will jointly accelerate innovation in next-gen intelligent cockpit ecosystems to deliver AI-driven experiences to consumers and collectively enhance products competitiveness.

我們將持續利用這個平台，向全球車迷分享我們的賽車精神與尖端科技。在股權融資方面，我們獲得ECARX 2,300萬美元的策略性股權投資，透過資本層面的合作深化我們的全球策略夥伴關係。展望未來，我們將共同加速下一代智慧座艙生態系的創新，為消費者帶來AI驅動的體驗，並共同提升產品競爭力。

On the tech side, our hyper SUV Eletre became the first and only Chinese-made electric vehicle to earn UN R171.01 certification for highway navigation systems. Lotus is also only the second automate in the world to achieve this, which is a huge validation of our advanced driver assistance systems and opens more doors in the premium European market.

在技術方面，我們的超級SUV Eletre成為首款且目前唯一一款獲得UN R171.01高速公路導航系統認證的中國製造電動車。蓮花同時也是全球第二家達成此認證的車廠，這是對我們先進駕駛輔助系統的重大肯定，也為我們在歐洲高端市場打開更多機會。

On-brand development we teamed up with the Haus of Automotive for the exclusive In Progress exhibition at the 2026 Milan Design Week. We showcased our industrial design philosophy and the theory 1 concepts of car, proving once again how Lotus blends technology and aesthetics in a way that feels luxurious and forward-thinking.

在品牌發展方面，我們與Haus of Automotive合作，於2026米蘭設計週推出獨家「In Progress」展覽。我們展示了工業設計理念與Theory 1概念車，再次證明蓮花如何以兼具奢華感與前瞻性的方式融合科技與美學。

For our market strategy, Lotus is continuing to refine our global footprint and make our sales channels more efficient. We now have a well-balanced distribution network across four major regions. As of the end of December, we had 211 sales outlets worldwide, 67 in Europe, 58 in China, 48 in North America, and 38 in the rest of the world.

在市場策略方面，蓮花持續優化全球布局，並提升銷售通路效率。我們目前已在四大區域建立均衡的經銷網絡。截至12月底，我們在全球共有211個銷售據點，其中歐洲67個、中國58個、北美48個、其他地區38個。

In China, we kept expanding and upgrading our dealer network we opened a new store in the city of Dalian in China and refreshed several others. Dealers have been hiring more staff, adding more outlets, and ramping up online marketing, which has clearly improved both customer acquisition and satisfaction.

在中國，我們持續擴張並升級經銷網絡：在大連新開一家門店，並翻新了數家既有門店。經銷商也在增聘人員、增加網點並加大線上行銷投入，顯著提升了獲客能力與客戶滿意度。

And in North America, we plan to grow our Canadian dealer network on the basis of existing channels. Now we have six dealers in Canada, we are expected to expand to 12 by the end of the year. Fully leveraging local tariffs policy opportunities. The Eletre is the only Chinese-made electric vehicle priced above USD80,000 that's fully certified for the North American market. So we expect a strong sales growth there. We will start customer deliveries in Canada in May.

在北美方面，我們計畫在既有通路基礎上擴大加拿大經銷網絡。目前加拿大有6家經銷商，預計年底擴增至12家。並充分把握當地關稅政策帶來的機會。Eletre是唯一一款售價高於8萬美元、且已完成北美市場全套認證的中國製造電動車。因此，我們預期當地銷售將強勁成長。我們將於5月在加拿大開始向客戶交付。

In Europe, we streamlined our organization and run leaner and gave each region more freedom to tailor strategies to local needs. For example, we introduced the business edition models and vehicle value protection plans in Germany and by expanding corporate and leasing business in the UK.

在歐洲，我們精簡組織、以更精益的方式運營，並賦予各區域更大的自主權，以便依據在地需求制定策略。例如，我們在德國推出商務版車型與車輛價值保障方案，並在英國擴大企業與租賃業務。

As I previously mentioned in the quarter three earnings conference call, Lotus is staying disciplined on costs while closing a few underperforming stores, expanding the high-performing ones and redirecting resources to the market that matter most.

正如我在第三季業績電話會議中提到的，蓮花在嚴守成本紀律的同時，關閉少數表現不佳的門店、擴大高績效門店，並將資源重新配置到最重要的市場。

On our product lineup, we are driving product competitiveness by expanding both our product range and the powertrain options, playing to our strengths while fixing any gaps. The extension and upgrading of the product portfolio were core highlights of our work throughout the year.

在產品陣容方面，我們透過擴大產品範圍與動力系統選項來提升產品競爭力，發揮優勢並補齊短板。產品組合的延伸與升級，是我們全年工作的核心亮點。

In 2025, new variants of EMEYA, ELETRE and EMIRA were launched and delivered in major markets, receiving positive market feedback. The sales proportion of new models continues to increase, helping stabilize product sales.

2025年，EMEYA、ELETRE與EMIRA的新衍生車型已在主要市場上市並交付，獲得正面的市場回饋。新車型的銷售占比持續提升，有助於穩定整體產品銷量。

In 2025, we also focused on hybrid product development, and in the first quarter of this year, we launched our all-new hybrid SUV For MeEletre X, and the delivery started just one day after the launch. This hybrid model gives mainstream luxury buyers another great option, let us reach markets that are moving more slowly towards the full EVs like Italy, Spain, and Saudi Arabia. It's also bringing in a broader mix of customers.

2025年，我們也聚焦混合動力產品開發，並在今年第一季推出全新混合動力SUV For Me／Eletre X，且在發布後僅一天即開始交付。這款混合動力車型為主流豪華車買家提供了另一個優質選擇，讓我們得以觸及向純電轉型較慢的市場，例如義大利、西班牙與沙烏地阿拉伯。同時也帶來更廣泛的客群組合。

In the future, we will keep strengthening both the sports car and lifestyle vehicle to our lineup, and we will roll out more hybrids built on our new X hybrid architecture. This gives consumers real choice, combustion, battery, electric or hybrids, whichever fits their needs.

未來，我們將持續強化跑車與生活風格車款在產品陣容中的布局，並基於全新的X混合動力架構推出更多混合動力車型。這將為消費者提供真正的選擇：燃油、純電或混合動力，依其需求而定。

(interpreted)

(口譯)

Also allow me to share with you the progress of the launch of For Me, which is the first hybrid in Lotus 78-year [history] (added by company after the call). In the EU, it is badged as Eletre X, like I previously mentioned. It completely changes what the hybrid SUV can do. For Me was launched in China on March 29, 2026, and deliveries began on March 30.

另外，也請允許我與各位分享For Me上市推進的最新進展；這是蓮花78年[歷史]上的首款混合動力車型（公司於會後補充）。在歐盟市場，它以Eletre X為車型標識，正如我先前提到的。它徹底改變了混合動力SUV的能力邊界。For Me已於2026年3月29日在中國上市，並於3月30日開始交付。

(interpreted)

（口譯）

Before the launch, we actually invited the dealers and the media outlets from the EU to test the ride and to test the drive for this particular vehicle, and we have received a wide positive feedback.

在上市之前，我們其實邀請了來自歐盟的經銷商與媒體進行試乘與試駕這款車型，並且收到了非常多正面的回饋。

(interpreted)

（口譯）

For me, it runs on our X hybrid architecture, a 900-volt high voltage platform paired with a 70-kilowatt hour battery and a total output of 952 horsepower. In CLTC testing, it delivers more than 1,400 kilometers of total range. Fuel consumption is just [0.07] (corrected by company after the call) liters per 100 kilometers in WLTC, and even when the battery is depleted, it's only 6.1 liters per 100 kilometers.

就我而言，它採用我們的 X 混合動力架構，900 伏高壓平台，搭配 70 千瓦時電池，綜合輸出達 952 匹馬力。在 CLTC 測試中，總續航里程超過 1,400 公里。在 WLTC 工況下，油耗僅為每 100 公里 [0.07] 公升（公司於電話會議後更正），即使電池耗盡，也只有每 100 公里 6.1 公升。

(interpreted)

（口譯）

From 0 to 100 kilometers of power. Lotus's For Me Electric only takes 3.3 seconds, and even when the battery is down to 10%, it still hits 3.5 five seconds. In other words, performance stays strong no matter the battery level. Braking is equally impressive. 100 to 0 kilometres per hour in just 33.9 metres, and the car stays above international standards even after 12 heavy stopsin a row. Plus, at high speeds, the four-speed active rear wing can flip into airbrake at 170 kilometres per hour, generating 120 kilograms of downforce to help shorten the stopping distance. And keep the car stable, bringing safety protection and driving confidence to drivers and passengers.

0 到 100 公里加速。Lotus 的 For Me Electric 只需 3.3 秒，即使電量降到 10%，也仍可達到 3.5 秒。換言之，無論電量高低，性能都能維持強勁。煞車表現同樣出色：時速 100 公里到 0 只需 33.9 公尺，而且即使連續 12 次重煞，車輛表現仍高於國際標準。此外，在高速下，四段式主動後尾翼可在時速 170 公里切換為空氣煞車，產生 120 公斤下壓力，以協助縮短煞停距離。並保持車身穩定，為駕駛與乘客帶來安全防護與駕乘信心。

(interpreted)

（口譯）

Aerodynamics remain a Lotus signature. For me, carries forward our porosity design language with a low purposeful stance and functional air ducts. Every line has a purpose. Eight-race aero ducts use the venturi effect to boost the downforce and the 26-degree windshield angle cut drag effectively.

空氣力學仍是 Lotus 的標誌性特色。For Me 延續我們的「孔隙化」設計語彙，採用低趴且目的性明確的姿態與功能性導風通道。每一條線條都有其用途。八個賽道級空氣導流通道利用文丘里效應提升下壓力，而 26 度的擋風玻璃傾角則能有效降低風阻。

(interpreted)

（口譯）

For meanwhile, we gradually launched to the global market in the second half of the year. Wholesale deliveries in the EU start at the end of October. Certification for Middle East will wrap up by year-end, with orders opening in October, official launch in November and deliveries in December. In the UK, we expect the wholesale to begin in mid-2027.

同時，我們將在下半年逐步推向全球市場。歐盟的批發交付將於 10 月底開始。中東的認證將在年底前完成，10 月開放訂購、11 月正式上市、12 月開始交付。在英國，我們預期批發將於 2027 年年中開始。

(interpreted)

（口譯）

Looking ahead, we will keep accelerating product updates and the market expansion. On the one hand, we will ramp up For Me global deliveries and at the same time advance the R&D and launch of new models as planned. On the other hand, we will deepen our channel partnerships and technical collaborations to make the Lotus name even stronger worldwide.

展望未來，我們將持續加速產品更新與市場拓展。一方面，我們會提升 For Me 的全球交付，同時按計畫推進研發並推出新車型。另一方面，我們將深化通路夥伴關係與技術合作，讓 Lotus 品牌在全球更具影響力。

(interpreted)

（口譯）

Thank you again for your time and support. I will now hand it back to the host for your questions.

再次感謝各位的時間與支持。接下來我把時間交還給主持人，進行提問。

(Operator Instructions)

（接線員指示）

Laura Li, Deutsche Bank.

Laura Li，德意志銀行。

Hey, thank you for taking my question. I want to ask about -- just thinking about the total delivery rates of 2025. We actually went down year-on-year by almost half. So what are the main drivers of this volume decline in '25? And how should we think about the potential impact of geopolitical situation on the future sales?

嗨，謝謝讓我提問。我想問一下——就 2025 年的總交付率來看。我們其實年對年下降了將近一半。那麼，造成 2025 年銷量下滑的主要驅動因素是什麼？以及我們應該如何看待地緣政治情勢對未來銷售的潛在影響？

(interpreted) Yes, I do see there's a decrease -- delivery volume decrease year-on-year, and it has been affected by a lot of elements. The first one is the uncertainty of tariffs. It has negatively impacts our production and also inventory. For example, the US tariff to UK make vehicles affected our volumes about 60%. In addition to that, the EU and US tariffs against Chinese made EVs have also exerted pressure on our pricing in the EU and for the US market, basically, it is impossible for us to enter.

（口譯）是的，我確實看到交付量年對年有所下降，而這受到許多因素影響。第一個是關稅的不確定性。這對我們的生產以及庫存都造成了負面影響。例如，美國對英國製造車輛的關稅，使我們的銷量受到約 60% 的影響。此外，歐盟與美國對中國製造電動車的關稅，也對我們在歐盟的定價造成壓力；至於美國市場，基本上我們無法進入。

For those influences, they have also affected our inventory management and our destocking progress. We actively started destocking in 2025 and adjusted our product lineup. But after the adjustment, the logistics have also take some time and leading us to some late entry to some markets.

這些影響也衝擊了我們的庫存管理與去庫存進度。我們在 2025 年積極啟動去庫存，並調整了產品組合。但調整之後，物流也需要一些時間，導致我們在部分市場的進入時間有所延後。

In 2025, our stock level has been reduced dramatically by 43% to a very healthy level and is set a very solid accounts for our 2026. In addition to that, we've also adopted a lean efficient organization to help us boost our profit margin.

在 2025 年，我們的庫存水位大幅下降 43%，降至非常健康的水平，並為 2026 年奠定了非常穩固的基礎。此外，我們也採取精實高效的組織架構，以協助提升利潤率。

(interpreted)

（口譯）

Despite the negative impact of geos and tariffs, we do see some new opportunities. For example, the tariff between US and UK have been settled. The UK making vehicles to the US will be charged to 10% tariff and it is beneficial news for our Emira sales. And actually, the Emira sales in the US have been recovered to a normal status. In addition to that, Canada has also announced a policy towards China-made EV, the tariff will be lowered from 100% to 6.1%.

儘管地緣政治與關稅帶來負面影響，我們也看到一些新的機會。例如，美國與英國之間的關稅已經解決。英國製造車輛出口到美國將被課徵 10% 關稅，這對我們 Emira 的銷售是利多。而且，Emira 在美國的銷售其實已恢復到正常水準。此外，加拿大也宣布了針對中國製造電動車的政策，關稅將從 100% 降至 6.1%。

And it is conducive to our exploration in North America, given we have already certified our Eletre for US it's a good opportunity to leverage such chance to boost our sales volume. In addition to that, for our PHEV, EU at this moment, currently kept 10% tariff to Chinese-made PHEV. So this is also a good window opportunity for us to launch PHEV in October to EU markets.

這有利於我們在北美的拓展；鑑於我們已完成 Eletre 的美國認證，這是個很好的機會，可把握此契機提升銷量。另外，就我們的 PHEV 而言，歐盟目前對中國製造 PHEV 仍維持 10% 關稅。因此，這也為我們在 10 月於歐盟市場推出 PHEV 提供了一個良好的窗口期。

(interpreted)

（口譯）

Despite the challenges that we've seen in the US and the EU markets, we do see some positive feedback from China market. Our sales volume have been increased from 2,800 to 2,900, an increase of 3% year-on-year. And actually, in 2025, the luxury market in China priced over RMB400,000, dropped to 4.4%. But in that circumstances, we actually kept a 3% increase, and it is a demonstration that the Lotus product is very competitive.

儘管我們在美國與歐盟市場看到一些挑戰，但我們也從中國市場獲得了正面回饋。我們的銷量從 2,800 增至 2,900，年對年成長 3%。而且在 2025 年，中國售價超過人民幣 40 萬元的豪華車市場下滑至 4.4%。但在這樣的情況下，我們仍維持 3% 的成長，這也證明 Lotus 產品具備很強的競爭力。

We can achieve stable increase in such a year's competition and the brand of Lotus have been gradually recognized in China market.

我們能夠在這樣一年的競爭中實現穩定成長，而蓮花（Lotus）的品牌也已在中國市場逐步獲得認可。

(interpreted)

（口譯）

In 2026, as we are going to roll out the PHEV in different markets, it will help us to reach a wider market. For example, some markets with the slow adoption of BEV, such as Italy or in Spain, and it also helped us to touch a wider customer group who may have a range anxiety about battery electric vehicle and in the future, we are pretty confident that 2026, is going to a year for notice to recover.

在2026年，隨著我們將在不同市場推出PHEV，這將幫助我們觸及更廣泛的市場。例如，一些BEV導入較慢的市場，如義大利或西班牙；同時也能讓我們接觸到更廣泛的客群，這些客戶可能對純電動車有里程焦慮。展望未來，我們相當有信心，2026年將會是需求回升、值得關注的一年。

(interpreted)

（口譯）

In addition to that, we're also exploring new markets such as South America, Brazil, we've already had a dealer there the [store] (corrected by company after the call) to be opened in mid of this year and the first batch of the vehicle has been wholesaled.

此外，我們也在探索南美等新市場，例如巴西；我們已經在當地有一家經銷商門店（公司於會後更正）將於今年年中開業，且首批車輛已完成批發出貨。

(interpreted)

（口譯）

Again, in summary, despite there is a negative influence the last year, we see some positive opportunities lying ahead. Thank you.

再次總結，儘管去年有一些負面影響，我們仍看到前方存在一些正面的機會。謝謝。

Okay. Great. Appreciate the color. Just to follow up on this volume perspective. So after the launch of Lotus For Me, the PHEV model, which I believe should have started the release by the end of last month.

好的。很好。感謝補充說明。我想就銷量展望再追問一下。所以在推出Lotus For Me之後，PHEV車型我相信應該在上個月底開始發佈。

Could you provide an update on the current order intake and delivery programs? And could you like elaborate more about the volume expectation and the strategic positioning this big model? Thank you.

能否更新一下目前的訂單承接與交付安排？另外，能否更詳細說明這款車型的銷量預期以及其策略定位？謝謝。

(interpreted)

（口譯）

After the launch of the For me of March 29, the order status is actually telling our expectation. For me, is the first hybrid model of in the past 78 years. It redefined the hyper SUVs, covers all scenario. And this is one of the reasons that we can reach a wider customer group. Our consumer asset have been increased by five times. And on the Douyin, the TikTok equivalent platform, we ranked the 20th on the vehicle consultation target. And on other integration platform. For the vehicle priced above RMB500,000, we rank the 10th.

自3月29日For Me上市以來，訂單狀況其實符合我們的預期。For Me是我們過去78年來的第一款混合動力車型。它重新定義了超級SUV，覆蓋全場景。這也是我們能觸及更廣泛客群的原因之一。我們的消費者資產提升了五倍。在抖音（相當於TikTok的平台）上，我們在車輛諮詢目標方面排名第20。在其他整合平台上，針對售價高於人民幣50萬元的車型，我們排名第10。

In other words, those indicate that For me and Lotus gains greater visibility and exposure and wider brand recognition.

換句話說，這些都顯示For Me以及蓮花（Lotus）獲得了更高的能見度與曝光度，以及更廣泛的品牌認知。

(interpreted)

（口譯）

For PHEV, particularly PHEV SUV priced above RMB400,000, in China, we see a trend of increasing. In [2023] (corrected by company after the call), the total volume of such segment is around 140,000. In 2024, it's increased to 280,000. And in 2025, we see it is getting closer to 290,000. In other words, for PHEV in China, now it is a good time to enjoy the benefits.

就PHEV而言，特別是在中國，售價高於人民幣40萬元的PHEV SUV，我們看到其規模呈上升趨勢。在[2023]（公司於會後更正），該細分市場總量約為14萬輛。2024年增至28萬輛。而在2025年，我們看到其接近29萬輛。換句話說，對於中國的PHEV而言，現在是享受紅利的好時機。

(interpreted)

（口譯）

Notice when we have noticed to reach a wider customer group. In the past, the customers who are interested in our BEV of offerings are most of our most entrepreneurs and the owner of a business or business owners. Now the company management actually shows their interest in our products. And for our target customer age group, previously it's a bit younger, now we reached it to a more senior age level.

請注意，當我們注意到能觸及更廣泛的客群時：過去，對我們BEV產品感興趣的客戶多為企業家以及企業主。現在，公司管理層也開始對我們的產品表現出興趣。而在目標客群年齡方面，先前偏年輕，現在我們觸及到更高齡、更資深的年齡層。

(interpreted)

（口譯）

Among all those customer groups, the owners of the BMW X5 and also Porsche Cayenne shows greatest interest on our products.

在所有這些客群中，BMW X5以及保時捷Cayenne的車主對我們的產品表現出最大的興趣。

(interpreted)

（口譯）

We are going to launch this For Me or Eletre X in the second half of the year to EU market. And for EU market per se, the PHEV penetration rate is also getting higher, given the emission regulation is getting stricter. The tariff for Chinese-made PHEV in the EU is 10%, and for Chinese-made EV is 28.8%. There's a difference of 18.8%, which means this is a good opportunity that we can leverage.

我們將在今年下半年把這款For Me或Eletre X推向歐盟市場。就歐盟市場本身而言，隨著排放法規日趨嚴格，PHEV的滲透率也在提高。在歐盟，中國製PHEV的關稅為10%，而中國製EV為28.8%。兩者相差18.8%，這意味著這是一個我們可以加以利用的良好機會。

(interpreted)

（口譯）

In the EU, PHEV are increasing, particularly from 2024 to 2025, there's an increase of [PHEV penetration of 9.4% versus] (added by company after the call) 7.2% [last year, especially] (added by company after the call) in some major [countries] (corrected by company after the call), Spain, Italy, and Germany. And in 2025 December itself, we see an increase [of PHEV] (added by company after the call) of [36.7%] (corrected by company after the call) year on year.

在歐盟，PHEV正在增加，特別是從2024年到2025年，PHEV滲透率由（公司於會後補充）去年的7.2%提升至（公司於會後補充）9.4%，尤其是在一些主要（公司於會後更正）國家：西班牙、義大利與德國。而僅在2025年12月，我們看到PHEV（公司於會後補充）年增（公司於會後更正）36.7%。

(interpreted)

（口譯）

And overall speaking, the PHEV is going to help us to have a well-balanced product lineup and product portfolio and give our targeted luxury consumers more options to choose. The BEV and PHEV from Lotus will help us to acquire more market share and wider market coverage. Thank you.

整體而言，PHEV將幫助我們建立更均衡的產品線與產品組合，並為我們鎖定的豪華車消費者提供更多選擇。蓮花（Lotus）的BEV與PHEV將幫助我們取得更多市占率並擴大市場覆蓋。謝謝。

Okay, got it. Appreciate it.

好的，了解。謝謝。

Brian Lantier, Zacks Small-Cap Research.

Brian Lantier，Zacks Small-Cap Research。

Great. Thank you for taking my question. It was really encouraging to see the improvement in gross margin going up to 9% for the full year and 10% in Q4. Obviously, services appear to have driven a lot of that. How recurring do you think that is? And do you have any guidance for 2026 gross margins?

很好。謝謝讓我提問。看到全年毛利率提升至9%、第四季達到10%，確實令人鼓舞。顯然服務業務似乎推動了其中很大一部分。你們認為這種改善有多大的經常性？另外，對2026年的毛利率有任何指引嗎？

Thank you, Brian. The company's gross margin improvement in 2025 driven by three key factors. First, as Qingfeng has just elaborated, we successfully clear aged vehicle inventories in the first half of the year and thenthe second half saw a higher portion of new vehicle sales and a significant reduction in overall variable sales subsidies.

謝謝你，Brian。公司2025年毛利率的改善主要由三個關鍵因素驅動。第一，正如清峰剛才所闡述，我們在上半年成功清理了老舊車輛庫存，而下半年新車銷售占比更高，且整體可變銷售補貼大幅下降。

And second, continuously reduced material costs through Geely's centralized procurement platform As third, we increased the share of the high-margin service revenue, which lifted the overall gross margin. Looking hard 2026, despite significant external headwinds such as continued price increase for car components like batteries and chips, which will put pressure our gross margin. Weexpect total procurement costs, production costs and unit D&A to decline.

第二，透過吉利的集中採購平台持續降低材料成本。第三，我們提高了高毛利服務收入的占比，從而帶動整體毛利率提升。展望 2026 年，儘管外部逆風顯著，例如電池、晶片等汽車零組件價格持續上漲，將對我們的毛利率造成壓力。我們預期總採購成本、生產成本以及單位折舊與攤銷（D&A）將下降。

At the same time, let's start to maintain the overall production pricing at count levels leading to further gross margin improvement. And in addition, the ongoing merger with the UK local cars is expected to enhance the production and R&D efficiency and further support our gross margin growth. Thank you.

同時，我們也開始在目前水準上維持整體生產定價，進一步推動毛利率改善。此外，與英國本地汽車業務的持續合併，預期將提升生產與研發效率，並進一步支持我們的毛利率成長。謝謝。

Great. That's helpful. Obviously, operating expenses were cut significantly in 2025, which helped to narrow your operating loss. Could you talk about any key cost control measures that you've implemented? And whether you feel like they're sustainable in 2026?

很好。這很有幫助。顯然，2025 年營業費用大幅削減，這有助於縮小你們的營業虧損。你能談談你們已實施的任何關鍵成本控制措施嗎？以及你是否認為它們在 2026 年具有可持續性？

Yeah, thank you. So the company's cost control plan consists of structural long-term initiatives rather than these temporary measures. On the R&D front, the company fully leverages Geely's R&D and resources enabling us to reduce investment in general-purpose technologies and focus on technology development, very improving our R&D efficiency. And on the marketing front, the company dynamically and flexibly manage its marketing plan to enhance marketing efficiency, as Mr. Feng as collaborated.

好的，謝謝。公司的成本控制計畫由結構性的長期舉措構成，而非臨時性措施。在研發方面，公司充分利用吉利的研發與資源，使我們能夠減少對通用技術的投入，並聚焦於技術開發，從而大幅提升我們的研發效率。在行銷方面，公司以動態且靈活的方式管理行銷計畫，以提升行銷效率，正如馮先生所闡述的。

And on the management front, the company strictly controls administrative expenses streamlined organizational structure and optimizes the personal management reworks to improve operational efficiency, and we believe these factors will continue to play a positive role in 2026. Thank you.

在管理方面，公司嚴格控制行政費用，精簡組織架構，並優化人員管理流程以提升營運效率；我們相信這些因素將在 2026 年持續發揮正面作用。謝謝。

Great. That's all I had.

很好。我就這些。

Thank you very much for the questions. I'll now turn back to the room full of questions from the webcast.

非常感謝各位的提問。我現在把時間交回會議室，回答網路直播上的問題。

Thank you for all questions on our conference call. We will now be answering investor questions a webcast. Our first question is Service revenue grew 69% year-over-year in 2025. What are its core breakdown and the key drivers behind?

感謝各位在我們電話會議上的所有提問。我們現在將回答網路直播上的投資人問題。第一個問題是：2025 年服務收入年增 69%。其核心構成是什麼？背後的關鍵驅動因素有哪些？

I'll take this question. The company's service revenue primarily consists of R&D service revenue and vehicle service income. In 2025, R&D service revenue accounted for over 75% of the total with the customers, including first tier OEM manufacturers. This fully demonstrates the market's strong recognition of company's R&D capabilities as well as the company's ability to commercialize our intellectual properties. Thank you.

我來回答這個問題。公司的服務收入主要由研發服務收入與車輛服務收入構成。2025 年，研發服務收入占總額超過 75%，客戶包括一線 OEM 製造商。這充分展現市場對公司研發能力的高度認可，以及公司將智慧財產商業化的能力。謝謝。

Our second question from the webcast is what's the implication that the risk of rising global oil price has on the company?

網路直播的第二個問題是：全球油價上升風險對公司有何影響？

(interpreted)

（口譯）

Well, I think it's a good news for PHEV new energy vehicle and a good opportunity for us, particularly for PHEV For Me, our first PHEV model can be solely present by gasoline fill or solely driven by battery. It's a case or different tax of needs from our consumers. And it's a consumption of both the fuel and the late are very low. As I previously mentioned, the comprehensive fuel consumption is only 0.07 liters per 100 kilometers. And even at the depleted status, the fuel consumption is only 6.1 liters, 100 kilometers. So overall, this is a good opportunity for us to catch.

我認為這對 PHEV 新能源車是個好消息，對我們而言也是一個好機會，特別是對 PHEV 而言。以我們的首款 PHEV 車型為例，它既可以僅加注汽油行駛，也可以僅靠電池驅動。這能滿足消費者不同類型的需求。而且其燃油與用電的消耗都非常低。如我先前提到的，綜合油耗僅為每 100 公里 0.07 公升。即使在電量耗盡狀態下，油耗也僅為每 100 公里 6.1 公升。總體而言，這對我們是個值得把握的好機會。

(interpreted)

（口譯）

Especially in the markets such as Middle East, where the charging infrastructure has not been very mature. The BEV adoption rate is slow. In those markets, we believe the PHEV model for me is going to play an important role.

尤其是在中東等市場，充電基礎設施尚未非常成熟。純電（BEV）的採用率較慢。在這些市場，我們相信我們的 PHEV 車型將發揮重要作用。

(interpreted)

（口譯）

Of course, we do see some headwinds given the hikes of oil price. For example, the cost of our supply chain might be increased under the BOM cost might be also increased correspondingly and those are some negative influence we may see.

當然，鑑於油價上漲，我們也確實看到一些逆風。例如，我們供應鏈的成本可能上升，物料清單（BOM）成本也可能相應增加，這些都是我們可能看到的負面影響。

(interpreted)

（口譯）

And some of these established luxury OEMs may take this opportunity of field pressure to accelerate their pace into PHEV arena, such as we see Porsche has been releasing the Cayenne BEV model. And we also see that Volkswagen Group are launching some ranging standard models.

此外，一些既有的豪華 OEM 可能會藉由燃油價格壓力的機會，加速進入 PHEV 領域，例如我們看到保時捷已發布 Cayenne BEV 車型。我們也看到福斯集團正在推出一些增程標準車型。

(interpreted)

（口譯）

Of course, for Lotus, we would keep demonstrate our spirits to be differentiated and the customization and player leading round in this front. Thank you.

當然，對於 Lotus 而言，我們將持續展現差異化精神，並在客製化以及相關領域保持領先。謝謝。

Of the question-and-answer session. And with that, I'll now hand the conference back to Ms. Michelle Ma for her closing comments.

以上為問答環節。接下來，我將把會議交回給 Michelle Ma 女士作結語。

Thank you all again for joining us today. We will conclude the call now. The Investor Relations team remains available to answer any further questions you may have. Please feel free to contact us through the contact information on our website. Have a great day. Thank you.

再次感謝各位今天加入我們。我們現在結束本次電話會議。投資人關係團隊仍可隨時為您解答任何後續問題。歡迎透過我們網站上的聯絡資訊與我們聯繫。祝各位有美好的一天。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝您參與今天的會議。本節目到此結束。您現在可以掛斷電話。

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.

本逐字稿中標示為（口譯）的部分，為現場電話會議中由口譯員所說。口譯員由主辦本活動的公司提供。