Microvast Holdings, Inc. (MVST) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to Microvast's full year 2025 earnings call.

感謝您的耐心等候。我是會議接線員。歡迎參加 Microvast 2025 全年財報電話會議。

(Operator Instructions)

(接線員指示)

The conference is being recorded. I would now like to turn the conference over to Microvast Investor Relations. Please go ahead.

本次會議正在錄音。現在我想將會議交給 Microvast 投資人關係部門。請開始。

Thank you, operator, and thank you, everyone, for joining our update today. This is Rodney Worthen, Chief Financial Officer of Microvast; and with me on today's call is Mr. Wu, Founder, Chairman and Chief Executive Officer of Microvast. Mr. Wu will start off with a high-level overview of our 2025 results before providing some operational and business updates.

謝謝您，接線員，也謝謝各位今天加入我們的最新進展說明。我是 Microvast 財務長 Rodney Worthen；今天與我一同參與電話會議的是 Microvast 創辦人、董事長兼執行長吳先生。吳先生將先就我們 2025 年業績做高層次概述，並提供一些營運與業務更新。

I will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our outlook for 2026 and closing remarks. Ahead of this call, Microvast issued its 2025 full year earnings press release, which can be found on the Investor Relations section of our website, ir.microvast.com. We have also posted a slide presentation to accompany management's prepared remarks for today's call.

接著我將更詳細地說明我們的財務表現，之後再交回給吳先生，請他以 2026 年展望與結語作收。在本次電話會議之前，Microvast 已發布 2025 全年財報新聞稿，可於我們網站的投資人關係專區 ir.microvast.com 查閱。我們也已上傳投影片簡報，以配合管理層今天電話會議的預先準備發言。

As a reminder, please note that this call may include forward-looking statements. These statements are based on current expectations and assumptions and should not be relied upon as representative of views for subsequent dates. We undertake no obligation to revise or release the results of any revision to these forward-looking statements due to new information or future events. Actual results may differ materially from expectations due to a variety of risks and uncertainties.

提醒各位，本次電話會議可能包含前瞻性陳述。這些陳述係基於目前的預期與假設，不應被視為代表未來日期的觀點。因新資訊或未來事件而導致的任何前瞻性陳述修訂，我們不承擔修訂或公布修訂結果之義務。由於各種風險與不確定性，實際結果可能與預期存在重大差異。

For more information on material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. We may also discuss non-GAAP financial measures during this call.

有關可能影響我們財務結果之重大風險及其他重要因素的更多資訊，請參閱我們向美國證券交易委員會（SEC）提交的文件。我們也可能在本次電話會議中討論非 GAAP 財務衡量指標。

These measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. These non-GAAP measures have been reconciled to their most comparable GAAP metrics in the tables included at the end of our press release and our slide presentation.

這些指標應作為 GAAP 結果的補充，而非替代，亦不應單獨或孤立地解讀。這些非 GAAP 指標已在我們新聞稿末尾及投影片簡報所附表格中，與最可比的 GAAP 指標進行調節。

After the conclusion of this call, a webcast replay will be available on the Investor Relations section of Microvast's website. Now I will turn the call over to Mr. Wu to kick things off.

本次電話會議結束後，投資人關係專區將提供網路直播重播。現在我將把電話交給吳先生，請他開始。

Hello, everyone, and welcome. Thank you for joining us today. As always, I want to start by reminding you of our core mission. Founded in Texas in 2006, Microvast has grown into a global leader in advanced battery technologies with over 890 patents granted or pending and our electrified solutions successfully deployed worldwide. We are proud to be a driving force in the global energy transition, building a more sustainable future, one battery at a time.

各位好，歡迎大家。感謝各位今天與會。如同以往，我想先提醒各位我們的核心使命。Microvast 於 2006 年在德州成立，已成長為先進電池技術的全球領導者，累計已獲授權或申請中的專利超過 890 件，且我們的電動化解決方案已在全球成功部署。我們很自豪能成為全球能源轉型的重要推動力量，以一顆電池為單位，打造更永續的未來。

We are excited about our upcoming product launches. The 55 amp-hour cell combines the high-power performance of our 48 amp-hour cell with the high energy output of our 53.5 amp-hour cell, converging into a very exciting platform. We are also launching our next-generation LTO cell, which provides high-power output and ultra-fast charging capability. It's particularly well suited for rail and tram, specialty vehicles, high-torque applications and AGVs.

我們對即將推出的產品感到振奮。55 安時電芯結合了我們 48 安時電芯的高功率性能與 53.5 安時電芯的高能量輸出，匯聚成一個令人非常期待的平台。我們也將推出下一代 LTO 電芯，提供高功率輸出與超快速充電能力。其特別適用於鐵路與有軌電車、特種車輛、高扭矩應用以及 AGV。

Join me on slide 4, and I will provide a brief overview of our 2025 results. We are thrilled to achieve another year of record annual revenue of $427.5 million, representing a 12.6% year-over-year increase. While we navigated a shifting landscape, we delivered an annual gross margin of 28.6%. This change was primarily attributable to an inventory impairment charge, which negatively impacted our gross margin by 7.6-percentage-points. Our GAAP net loss for the year was $29.2 million. On a non-GAAP basis, we achieved an adjusted net profit of $13 million.

請與我一同看第 4 頁投影片，我將簡要概述我們 2025 年的業績。我們很高興再度達成年度營收新高 4.275 億美元，年增 12.6%。在因應環境變化的同時，我們實現了 28.6% 的年度毛利率。此變動主要歸因於存貨減損費用，該費用使我們的毛利率下降 7.6 個百分點。我們全年 GAAP 淨損為 2,920 萬美元。以非 GAAP 基礎計算，我們達成調整後淨利 1,300 萬美元。

In 2025, we recorded a non-GAAP adjusted EBITDA of $44.7 million. This demonstrates that we are not only able to grow our top line, but also that we are making the necessary adjustments to leverage our operations as we continue to scale. While our full year revenue landed just below guidance due to both evolving regulatory shifts in Korea market and the customer platform ramp-up delays, our underlying fundamentals remained strong. We delivered 2025 revenue growth at industry-leading gross margin, demonstrating the high value our customers place on Microvast technology.

2025 年，我們錄得非 GAAP 調整後 EBITDA 為 4,470 萬美元。這顯示我們不僅能夠推動營收成長，也正在進行必要調整，以在持續擴張規模的同時提升營運槓桿。雖然全年營收因韓國市場監管變動以及客戶平台爬坡延遲而略低於指引，但我們的基本面仍然強勁。我們在具產業領先毛利率的情況下實現 2025 年營收成長，展現客戶對 Microvast 技術高度重視的價值。

The momentum in EMEA is encouraging as we continue into 2026, particularly as the previous vehicle platform delays in the region begin to resolve the -- reach SOP.

隨著我們邁入 2026 年，歐洲、中東與非洲（EMEA）地區的動能令人鼓舞，特別是該地區先前的車輛平台延遲開始逐步解除——並達到 SOP。

In APAC, while we navigated a regulatory environment in Korea, we are focused on a long-term via our Huzhou Phase 3.2 expansion, which is expected to bring additional capacity online in 2026. We anticipate achieving serial production after the ramp-up period.

在亞太（APAC）地區，儘管我們在韓國面對監管環境的挑戰，我們仍透過湖州三期 3.2 擴建聚焦長期布局，預計將於 2026 年帶來新增產能上線。我們預期在爬坡期後達成量產。

Our focus on efficiency and profitability is a long-term commitment. The growth we have seen from 2022 through 2025, where our revenue has more than doubled, our GAAP gross profit has gone up approximately 13 times and we achieved positive adjusted EBITDA is a testament to the increasing market demand for our high-performance products. We believe this trajectory continue to validate our ability to successfully commercialize our innovative technology and operate effectively in a mature industry.

我們對效率與獲利能力的重視是一項長期承諾。我們在 2022 至 2025 年間所見的成長——營收超過翻倍、GAAP 毛利約成長 13 倍，並達成正向調整後 EBITDA——證明市場對我們高性能產品的需求持續提升。我們相信，這一發展軌跡持續驗證我們具備成功商業化創新技術的能力，並能在成熟產業中有效營運。

Let's turn to slide 5 for an operational update on our Huzhou 3.2 expansion. I'm pleased to report that our Huzhou Phase 3.2 project is progressing well with clean rooms and utility equipment already in operation. Trial production for our 55 amp-hour cell has begun on the electrode section, assembly and formation, and no-load test has started. This expansion is a critical component of our growth strategy as Phase 3.2 is expected to add up to 2 gigawatt hour of annual production capacity and anticipated to be modular across our LBC platform.

接著請看第 5 頁投影片，了解我們湖州 3.2 擴建的營運更新。我很高興報告，湖州三期 3.2 專案進展順利，無塵室與公用工程設備已投入運作。我們 55 安時電芯已在電極段、組裝與化成開始試產，並已啟動空載測試。此擴建是我們成長策略的關鍵組成部分，三期 3.2 預計可新增每年最高 2 GWh 的產能，並預期可在我們的 LBC 平台上採模組化配置。

Please turn to slide 6 for a look at how our technology translates into market-leading applications. Whether our customers need maximum energy for long-haul duty cycles or ultra-high power for rapid charging, Microvast has a high-performance solution. On the left, our HpCO-55 amp-hour cell is a workhorse for high energy needs. It's purpose-built for segments where range and longevity are key.

請翻到第6頁投影片，看看我們的技術如何轉化為市場領先的應用。無論客戶需要用於長途工況循環的最大能量，或是用於快速充電的超高功率，Microvast 都能提供高性能解決方案。左側的 HpCO-55 安時電芯，是滿足高能量需求的主力產品。它是為續航里程與壽命至關重要的細分領域量身打造。

From city buses and heavy-duty trucks to maritime vessels, it delivers the energy density required to keep those fleets running longer between charges. On the right, our HpTO-37 amp-hour cell leads in ultra-fast charging and high-power performance combined with long cycle life. This is the ideal solution for rail and tram systems, AGVs and high-torque robotics. These are environments where power must be delivered instantly and recharged rapidly to maintain 24/7 operations.

從市區巴士與重型卡車到海事船舶，它提供所需的能量密度，使這些車隊在兩次充電之間能運行更久。右側的 HpTO-37 安時電芯在超快速充電與高功率性能方面領先，同時具備長循環壽命。這是軌道與電車系統、AGV 與高扭矩機器人的理想解決方案。在這些環境中，必須即時輸出功率並能快速回充，以維持 24/7 的運作。

By offering this specialized duality, we show that Microvast isn't just a battery supplier, but a strategic partner capable of electrifying the most demanding industry and commercial segments globally.

透過提供這種專業化的雙重產品組合，我們展現 Microvast 不僅是電池供應商，更是能在全球為最嚴苛的工業與商業細分領域實現電動化的策略夥伴。

On slide 7, let's look at the progress in our all-solid-state battery milestones. Building upon our Q3 updates, we are entering an exciting new phase of development focused on high-voltage bipolar integration. As shown in Figure 1 , our 12-layer monolithic stack has now surpassed 200 cycles while maintaining a 99.97% Coulombic efficiency. This indicates minimal energy loss and validates the durability of full solid-state design. Even more significant is our new milestone, a 72-volt monolithic stack.

在第7頁投影片，我們來看看全固態電池里程碑的進展。在第三季更新的基礎上，我們正進入令人振奮的新開發階段，重點聚焦於高電壓雙極整合。如圖1所示，我們的 12 層單體堆疊目前已超過 200 次循環，同時維持 99.97% 的庫倫效率。這表示能量損失極小，並驗證全固態設計的耐久性。更重要的是，我們達成新的里程碑：72 伏單體堆疊。

By using a proprietary internal series-connected bipolar architecture, we have achieved our highest stable voltage density to date as illustrated in Figure 2, voltage-capacity profile. This stack has successfully completed 100 cycles.

透過採用專有的內部串聯雙極架構，我們已達成迄今最高且穩定的電壓密度，如圖2的電壓-容量曲線所示。該堆疊已成功完成 100 次循環。

The cross-section analysis in Figure 3 confirms a uniform layer construction, which is essential for long-term power stability. By eliminating liquid electrolytes and external wiring, this architecture reduced weight and system complexity, making it ideal for direct integration into next-generation robotics and high-power system. These milestones show that potential to scale our high-voltage all-solid-state platform, one that maintains structural integrity under stress.

圖3的剖面分析確認其層結構均勻，這對長期功率穩定性至關重要。透過消除液態電解液與外部配線，該架構降低了重量與系統複雜度，使其非常適合直接整合至下一代機器人與高功率系統。這些里程碑顯示我們具備擴大全固態高電壓平台的潛力，且該平台能在受力下維持結構完整性。

Now I will turn this call over to Ronnie to discuss our 2025 financials.

現在我把電話會議交給 Ronnie，請他說明我們 2025 年的財務表現。

Thank you, Mr. Wu. Please join me on slide 9. We are pleased to report that Microvast achieved record annual revenue in 2025, reaching $427.5 million, a 12.6% increase compared to the $379.8 million in 2024. This growth was primarily due to a year-over-year increase in our sales volume, approximately 16.5% or 266 megawatt hours.

謝謝您，吳先生。請與我一同看第9頁投影片。我們很高興報告，Microvast 在 2025 年創下年度營收新高，達 4.275 億美元，較 2024 年的 3.798 億美元成長 12.6%。此成長主要來自我們銷售量年增，約 16.5% 或 266 兆瓦時。

While our fourth-quarter revenue of $96.4 million was impacted by evolving regulatory changes in South Korea and customer platform ramp-up delays in EMEA, our full year performance highlights the transformation in our margin profile and business expansion. Full year gross profit reached $122.1 million. This resulted in full year gross margin of 28.6% compared to 31.5% in 2024.

雖然我們第四季營收 9,640 萬美元受到南韓監管變動以及 EMEA 客戶平台爬坡延遲的影響，但全年表現凸顯了我們毛利結構的轉型與業務擴張。全年毛利達 1.221 億美元。因此全年毛利率為 28.6%，相較 2024 年的 31.5%。

This change was primarily attributable to $32.5 million in inventory impairment charge related to specialized ESS components, which negatively impacted our gross margin by 7.6-percentage-points. Excluding the impact of the specific non-cash charge, the underlying gross margin performance reflected a more favourable product mix and improved manufacturing efficiencies across our battery solution portfolio.

此變動主要歸因於與特定 ESS 專用零組件相關的 3,250 萬美元存貨減損費用，使毛利率受到 7.6 個百分點的負面影響。若排除該特定非現金費用的影響，基礎毛利率表現反映出更有利的產品組合，以及我們電池解決方案產品組合在製造效率上的提升。

Full year operating expenses were $118.3 million compared to $238.3 million in 2024. General and administrative expenses for the year decreased by $23.7 million or 29% compared to 2024. The decline was primarily driven by $17.4 million reduction in share-based compensation expenses, or SBC, and a favourable $8.6 million impact from foreign exchange rate fluctuations related to the euro and RMB. Research and development expenses for the year decreased by $7 million or 16.9% compared to 2024. This reduction in R&D expense was primarily driven by a $5.5 million decrease in SBC. Selling and marketing expenses for the year remained relatively flat compared to 2024 but overall decreased by $0.4 million or 1.7%.

全年營業費用為 1.183 億美元，較 2024 年的 2.383 億美元下降。全年一般及行政費用較 2024 年減少 2,370 萬美元或 29%。下降主要由股權基礎薪酬費用（SBC）減少 1,740 萬美元所帶動，並受惠於與歐元及人民幣相關的匯率波動帶來 860 萬美元的有利影響。全年研發費用較 2024 年減少 700 萬美元或 16.9%。研發費用下降主要由 SBC 減少 550 萬美元所致。全年銷售與行銷費用相較 2024 年大致持平，但整體仍減少 40 萬美元或 1.7%。

In 2025, we reported an operating profit of $6.98 million and a GAAP net loss of $29.2 million. This is compared to an operating loss of $116.1 million and a net loss of $195.5 million in 2024. After adjusting for SBC of $3.1 million and fair value changes of our warrant liability and convertible loan of $39.1 million, we achieved non-GAAP adjusted net profit of $13 million for the full year 2025. This is compared to non-GAAP adjusted net loss of $84.6 million in 2024.

2025 年，我們錄得營業利益 698 萬美元，以及依 GAAP 計算的淨損 2,920 萬美元。相較之下，2024 年為營業損失 1.161 億美元與淨損 1.955 億美元。在調整 SBC 310 萬美元，以及權證負債與可轉換貸款公允價值變動 3,910 萬美元後，我們 2025 全年達成非 GAAP 調整後淨利 1,300 萬美元。相較 2024 年非 GAAP 調整後淨損 8,460 萬美元。

For 2025, we achieved non-GAAP adjusted EBITDA of $44.7 million compared to non-GAAP adjusted EBITDA of a negative $44.8 million in 2024, which shows an improvement in our operational performance year-over-year. Reconciliations of these non-GAAP metrics to the most comparable GAAP metrics are included in the tables of this presentation and our earnings press release.

2025 年，我們達成非 GAAP 調整後 EBITDA 4,470 萬美元，相較 2024 年非 GAAP 調整後 EBITDA 為負 4,480 萬美元，顯示我們營運表現年對年改善。這些非 GAAP 指標與最可比 GAAP 指標之間的調節表，已收錄於本簡報與我們的財報新聞稿表格中。

Please turn to slide 10, where we will review our revenue by region. US revenue grew 173% year-over-year from $14.4 million in 2024 to $39.3 million in 2025, contributing to 9% of our total revenue mix. While the increase was primarily driven by customers bringing forward deliveries due to uncertainty on tariff outcomes, we continue to pursue and engage with new markets as we build our domestic customer pipeline.

請翻到第10頁投影片，我們將按地區檢視營收。美國營收年增 173%，由 2024 年的 1,440 萬美元增至 2025 年的 3,930 萬美元，占我們總營收組合的 9%。雖然成長主要由於客戶因關稅結果不確定而提前拉貨交付，我們仍持續開拓並接觸新市場，同時建立我們的國內客戶管線。

EMEA remains our strongest growth engine with a 13% year-over-year revenue increase, growing to $211.9 million in 2025 compared to $187.7 million in 2024. This region again accounted for approximately half of our total revenue. In Asia Pacific, revenue declined slightly from $177.7 million in 2024 to $176.3 million in 2025, a 1% year-over-year decrease. While we navigate the current regulatory landscape in South Korea, we remain focused on the long-term potential of the region via our capacity expansions.

EMEA 仍然是我們最強勁的成長引擎，2025 年營收年增 13%，由 2024 年的 1.877 億美元成長至 2025 年的 2.119 億美元。該地區再次約占我們總營收的一半。在亞太地區，營收自 2024 年的 1.777 億美元小幅下滑至 2025 年的 1.763 億美元，年減 1%。在我們因應南韓目前的監管環境之際，我們仍專注於透過產能擴張來把握該地區的長期潛力。

Now turning to slide 11. We'll walk through our cash flow performance for 2025. We generated a net positive operating cash flow of $75.9 million; a significant improvement compared to $2.8 million in 2024. The net loss for the year was primarily offset by $27.1 million decrease in inventory, non-cash adjustments of $33.1 million in D&A, $38.3 million in impairment disposal and write-down and $39.1 million from changes in fair value of our warrant liability and convertible loan. This was partially offset by $54.6 million increase in net receivables and $11.1 million decrease in net liabilities and accrued expenses.

現在請看第 11 頁投影片。我們將說明 2025 年的現金流表現。我們產生了 7,590 萬美元的正向營運現金流；相較 2024 年的 280 萬美元，顯著改善。本年度淨損主要由以下項目抵銷：存貨減少 2,710 萬美元、折舊與攤銷（D&A）3,310 萬美元的非現金調整、減損處置與沖銷 3,830 萬美元，以及因認股權證負債與可轉換貸款公允價值變動帶來的 3,910 萬美元。上述部分被以下項目抵銷：應收款項淨額增加 5,460 萬美元，以及負債淨額與應計費用減少 1,110 萬美元。

Net cash used in investing activities totalled $16 million in 2025, primarily from $19.8 million in capital expenditures towards our Huzhou 3.2 expansion line and partially offset by $3.8 million in asset disposals. From financing activities, we used $2.7 million in net cash, which included $85.7 million in new bank borrowings and $28.8 million in gross proceeds from the sale of common stock, offset by $96.1 million in repayments and $18.9 million in deferred CapEx.

2025 年投資活動使用的淨現金合計 1,600 萬美元，主要來自用於湖州 3.2 擴產線的資本支出 1,980 萬美元，並由資產處置 380 萬美元部分抵銷。在籌資活動方面，我們使用了 270 萬美元的淨現金，其中包括新增銀行借款 8,570 萬美元及出售普通股取得的總募資款 2,880 萬美元，並由償還款項 9,610 萬美元及遞延資本支出（CapEx）1,890 萬美元所抵銷。

Finally, after recognizing $2.5 million in foreign exchange gain, we ended the year with a net increase in cash of $59.6 million, bringing our total cash, cash equivalents and restricted cash to $169.2 million as of year-end. Now I will turn the call over back to Mr. Wu to go over our outlook for 2026 and closing remarks.

最後，在認列 250 萬美元的外匯收益後，我們全年現金淨增加 5,960 萬美元，使得截至年末的現金、約當現金及受限制現金合計達 1.692 億美元。現在我將把電話交回吳先生，請他說明我們對 2026 年的展望以及結語。

Thank you. Please turn to slide 13. As we look ahead to 2026, we are entering a phase of business defined by strategic agility. While we expect continued revenue growth, our 2026 profile is being carefully assessed against a backdrop of evolving tariff structures and shifting geopolitical dynamics. Our priorities remain clear, and we will continue to focus on high-margin deliveries.

謝謝。請翻到第 13 頁投影片。展望 2026 年，我們正進入一個以策略敏捷性為特徵的業務階段。雖然我們預期營收將持續成長，但在關稅結構演變與地緣政治動態變化的背景下，我們正審慎評估 2026 年的整體輪廓。我們的優先事項依然明確，並將持續聚焦於高毛利交付。

Our strategy is built on three actionable pillars: innovate, expand, and capture. We are future-focused, expanding our portfolio with specialized products and services as we strive to define the industry benchmark for performance and efficiency.

我們的策略建立在三個可落地的支柱之上：創新、擴張與掌握。我們著眼未來，透過專業化產品與服務擴充產品組合，並致力於為績效與效率樹立產業標竿。

We are supporting growth by synchronizing our production increases with accelerating customer demand while continuously optimizing workflows to reach a cash flow positive state. We are pursuing market share by transitioning our validated technologies from a development to full-scale deployment in high-margin segments. Ultimately, our forward strategy is clear, accelerate our path to profitability by optimizing R&D to production cycles and scale with margin integrity.

我們透過將產量提升與加速成長的客戶需求同步，並持續優化工作流程，以支持成長並達成正向現金流狀態。我們正透過把已驗證的技術由開發階段轉向在高毛利領域的全面部署，以爭取市占率。最終，我們的前瞻策略很清楚：透過優化研發到量產的週期、並在維持毛利完整性的前提下擴大規模，加速邁向獲利。

We are aiming to strike a balanced approach with our industry-leading margins, one that maintains the operational efficiencies we fought hard for in 2025, while absorbing the planned costs associated with the ramp-up of our Huzhou Phase 3.2 expansion. This expansion remains our primary operational catalyst for the year. We are on track to achieve serial production in 2026.

我們的目標是在業界領先的毛利水準下取得平衡：一方面維持我們在 2025 年努力爭取到的營運效率，另一方面吸收與湖州 3.2 期擴產爬坡相關的既定成本。這項擴產仍是本年度最主要的營運催化劑。我們正按計畫在 2026 年達成量產。

Phase 3.2 is a critical milestone that brings online the capacity necessary to meet upcoming demand for our next-generation cell technology. Looking at our global pipeline, we continue to see robust interest across EMEA, North America and APAC. Our business development teams are focused on high barrier-to-entry segments, specifically heavy industrial and transit, where Microvast's vertical integration and technology provide a clear competitive advantage.

3.2 期是一個關鍵里程碑，將使滿足下一代電芯技術即將到來需求所需的產能正式上線。從我們的全球案源來看，我們持續看到 EMEA、北美與亞太地區的強勁興趣。我們的業務開發團隊聚焦於高進入門檻的細分市場，特別是重工業與交通運輸領域；在這些領域，Microvast 的垂直整合與技術提供了明確的競爭優勢。

Towards the end of 2025, we made a targeted investment in our Clarksville facility to establish a pack assembly line, expanding our domestic capabilities and supporting anticipated customer demand. Customer deliveries are expected from the pack line in 2026 and additional updates throughout the year are anticipated.

在 2025 年底，我們對克拉克斯維爾（Clarksville）廠進行了具針對性的投資，以建立電池包組裝產線，擴大我們的國內能力並支援預期的客戶需求。預計 2026 年將由該電池包產線開始對客戶交付，並預期全年將提供更多更新。

To summarize, our goals for 2026 remain set on three core objectives. Achieving our production ramp-up milestones, protecting our margins despite macro volatility, and diversifying our customer base into stable, high-value market. This disciplined approach is necessary for us to navigate near-term headwinds while continuing to build long-term value for our shareholders.

總結而言，我們 2026 年的目標仍聚焦於三項核心目標。達成產能爬坡里程碑、在宏觀波動下保護毛利，以及將客戶基礎多元化至穩定且高價值的市場。這種自律的方法對我們在因應短期逆風的同時，持續為股東建立長期價值至關重要。

Thank you very much, everyone, for joining us today. While 2025 presented its share of challenges, it was also a year where Microvast proved its resilience, achieving record annual revenue and a significant shift toward profitability with new products and opportunity on the horizon. We look forward to updating you on our progress at Huzhou and our ongoing operational plans in the coming months. Operator, that concludes our prepared remarks.

非常感謝各位今天與會。雖然 2025 年帶來不少挑戰，但也是 Microvast 證明其韌性的一年：我們創下年度營收新高，並在新產品與未來機會的推動下，朝獲利能力出現顯著轉變。我們期待在未來幾個月向各位更新湖州的進展以及我們持續推進的營運計畫。主持人，我們的準備發言到此結束。

And this is the conference operator, and this concludes the webcast. Thank you for joining Microvast full year 2025 earnings call. You may now disconnect.

我是會議主持人，本次網路直播到此結束。感謝您參加 Microvast 2025 全年財報電話會議。您現在可以斷線。