蔚來 (NIO) 2022 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by and welcome to the NIO Inc second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. Please note today's conference call is being recorded. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press the star key, followed by the number one on your telephone keypad.

你好，女士們，先生們。感謝您的支持並歡迎參加 NIO Inc 2022 年第二季度財報電話會議。此時，所有參與者都處於只聽模式。請注意，今天的電話會議正在錄音中。將有一個演示文稿，然後是問答環節。如果您想提問，您需要按星號鍵，然後按電話鍵盤上的數字 1。

I'd now like to hand the conference over to Ms. Eve Tang from Capital Markets. Please go ahead, Eve.

我現在想把會議交給資本市場的 Eve Tang 女士。請繼續，夏娃。

Good morning and good evening, everyone. Welcome to NIO's second quarter 2022 earnings conference call. The Company's financial and operating results were published in the press release earlier today and are posted at the Company's IR website.

大家早上好晚上好。歡迎來到蔚來汽車 2022 年第二季度財報電話會議。公司的財務和經營業績於今天早些時候發佈在新聞稿中，並發佈在公司的投資者關係網站上。

On today's call, we have Mr. William Li, Founder, Chairman of the Board, and Chief Executive Officer; Mr. Stephen Feng, Chief Financial Officer; and Mr. Stanley Qu, Senior VP of Finance; and Ms. Jade Wei, VP of Capital Markets.

在今天的電話會議上，我們有創始人、董事會主席兼首席執行官 William Li 先生；馮峰先生，首席財務官；以及財務高級副總裁Stanley Qu先生；和資本市場副總裁 Jade Wei 女士。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. 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 recent filings of the Company with the U.S. Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited. The Company does not assume any obligation to update any for statements, except as required under applicable law.

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，本公司的實際結果可能與今天所表達的觀點存在重大差異。有關風險和不確定性的進一步信息包含在公司最近向美國證券交易委員會、香港聯合交易所有限公司和新加坡證券交易所有限公司提交的文件中。除適用法律要求外，本公司不承擔更新任何 for 聲明的義務。

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

另請注意，蔚來汽車的收益新聞稿和本次電話會議包括對未經審計的 GAAP 財務信息以及未經審計的非 GAAP 財務信息的討論。請參閱蔚來汽車的新聞稿，其中包含未經審計的非公認會計原則措施與可比公認會計原則措施的對賬。

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

有了這個，我現在將把電話轉給我們的首席執行官 William Li 先生。威廉。請繼續。

(Interpreted) Hello, everyone. Thank you for joining NIO's Q2 2022 earnings call. NIO delivered a total of 25,059 vehicles in Q2 2022, representing a 14.4% increase year over year. In July and August 2022 NIO delivered 10,052 and 10,677 vehicles respectively, marking increases 26.7% and 81.6% year over year.

（翻譯）大家好。感謝您參加 NIO 的 2022 年第二季度財報電話會議。蔚來汽車在 2022 年第二季度共交付了 25,059 輛汽車，同比增長 14.4%。 2022 年 7 月和 8 月，蔚來汽車分別交付 10,052 輛和 10,677 輛，同比增長 26.7% 和 81.6%。

During this period, the Company's vehicle production and delivery were faced with challenges from the COVID-19 pandemic, extreme weather conditions and supply chain uncertainties. We will work closely with our supply chain partners to further accelerate the production and delivery of our vehicles.

在此期間，公司的車輛生產和交付面臨著 COVID-19 大流行、極端天氣條件和供應鏈不確定性的挑戰。我們將與供應鏈合作夥伴密切合作，進一步加快車輛的生產和交付。

Benefiting from the continued demand for premium electric vehicles, and NIO's outstanding products and service competitiveness, we believe the vehicle deliveries will win its robust growth in the second half of 2022 with the delivery and production ramp-up of ET7, ES7 and ET5, based on the NT2 platform and the upgraded 2022 ES8, ES6 and ET6. We expect the total delivery in the third quarter of 2022 to be between 31,000 to 33,000 units.

受益於高端電動汽車的持續需求，以及蔚來汽車卓越的產品和服務競爭力，我們相信隨著ET7、ES7和ET5的交付量和產量的增加，2022年下半年汽車交付量將實現強勁增長。在NT2平台和升級的2022 ES8、ES6和ET6上。我們預計 2022 年第三季度的總交付量將在 31,000 至 33,000 台之間。

In terms of financial performance, despite the significant increase in battery cost in Q2, the vehicle gross margin reached 16.7%, contributed by the deliveries of ET7 with high specifications, part of the orders with adjusted prices and refined management of sales policies.

財務表現方面，雖然二季度電池成本大幅上漲，但整車毛利率達到16.7%，主要得益於ET7高規格交付、部分訂單價格調整以及銷售政策管理精細化。

Next, I would like to share some recent key highlights of our R&D and operations. As NIO's first products are based on the NT2 platform, the ET7 has demonstrated strong product competitiveness in the mid-large premium sedan segment with its industry-leading software and hardware platforms, and the smart digital experience.

接下來，我想分享一下我們最近在研發和運營方面的一些重要亮點。作為蔚來首款基於NT2平台的產品，ET7憑藉業界領先的軟硬件平台和智能數字體驗，在中大型豪華轎車領域展現了強大的產品競爭力。

On 15 June, NIO launched the ES7 of a mid-large five-seater SUV. Based on the NT2 platform, inheriting NIO's high-performance DNA, the ES7 boast ultimate driving and handling and the safety performance, creating comfort and the intelligent experiences beyond expectations. In addition, ES7 offers an elective tow bar as an option, enabling a new auto experience with a towed touring caravan.

6月15日，蔚來推出中大型五座SUV ES7。基於NT2平台，繼承蔚來高性能DNA，ES7擁有極致的駕駛操控性和安全性能，打造超乎想像的舒適與智能體驗。此外，ES7 還提供可選牽引桿作為選項，通過牽引旅行房車實現全新的汽車體驗。

Since the start of user test drive, in August, the ES7 has been well received in the market, and kicked off deliveries at scale, starting from 28 August.

自8月開始用戶試駕以來，ES7受到市場好評，並於8月28日開始大規模交付。

We have also launched the 2022 ES8, ES6 and EC6, fitted with new digital system Alder, which comprehensively enhanced the perception unit and computing power. The three products offer richer digital cockpit experience and have strengthened their competitiveness in the market.

我們還推出了2022款ES8、ES6和EC6，搭載全新數字系統Alder，全面提升感知單元和計算能力。三款產品提供更豐富的數字座艙體驗，增強了市場競爭力。

The mass production [incorporation] of the ET5, a mid-size smart electric sedan based on NT2, is also in full swing, while its performance and configuration have been further optimized and enhanced, compared with those at the time of the product launch.

基於NT2的中型智能電動轎車ET5的量產也在緊鑼密鼓地進行中，其性能和配置與產品發佈時相比得到了進一步的優化和提升。

With pure and progressive designs, ultimate performance and outstanding intelligent experience, the comprehensive competitiveness of the ET5 far surpasses the peers in the same segment. We are confident that ET5 will become one of the most popular mid-sized premium sedans. The production order confirmation of ET5 will start from 9 September, and the first batch will be delivered to users on 30 September.

純粹前衛的設計、極致的性能、卓越的智能體驗，ET5的綜合競爭力遠超同級。我們有信心ET5將成為最受歡迎的中型豪華轎車之一。 ET5的生產訂單確認將從9月9日開始，第一批將於9月30日交付給用戶。

With regards to digital systems, we released the Banyan 1.1.0, based on NT2 in August, with over 60 new features and optimizations. In terms of the digital cockpit and the driving experience, this aspect has introduced more modes under the parking scenario, diversified the audio and video experience in the cabin and further optimized the suspension comfort and the vehicle handling.

在數字系統方面，我們在 8 月發布了基於 NT2 的 Banyan 1.1.0，其中包含 60 多項新功能和優化。在數字座艙和駕乘體驗方面，這方面引入了更多停車場景下的模式，豐富了車內影音體驗，進一步優化了懸掛舒適性和車輛操控性。

In aspects of the advanced driver assistance system, we have further upgraded the environment simulation display and automatic emergency braking, which has the enhanced the interaction experience and the driving safety for the users.

在高級駕駛輔助系統方面，我們進一步升級了環境模擬顯示和自動緊急制動，增強了用戶的交互體驗和行車安全。

As for production, we rolled the first batch of the ET5 preproduction vehicles off the production lines at NIO's Factory 2 and NIO Parts, and we plan to start the mass production this month.

在生產方面，我們在蔚來二廠和蔚來零部件的生產線上下線了首批ET5試制車，我們計劃本月開始量產。

With regards to sales and service network, we now have 395 new houses and new spaces in 149 cities across the globe and 263 new service centers and delivery centers, covering 151 cities in the world.

在銷售和服務網絡方面，我們目前在全球149個城市擁有395個新房和新空間，新設263個服務中心和配送中心，覆蓋全球151個城市。

In terms of the charging and swapping networks, we have built an expressway power swapping network, covering five vertical and three horizontal expressways and four metropolitan areas in China. We have installed 1094 power swap stations, including 285 situated by the expressways, and completed over 12 million battery swaps for the users.

在充換電網絡方面，我們已建成高速公路換電網絡，覆蓋全國五縱三橫高速公路和四個大都市圈。安裝換電站1094座，其中高速公路285座，完成用戶換電1200萬次。

At the same time, we have deployed 1873 power charger stations, including 5341 power chargers and 5466 destination chargers, and connected with more than 560,000 third party chargers, offering over 860,000 times of [inaudible] power services.

同時，我們部署了 1873 個充電站，其中充電樁 5341 個，目的地充電樁 5466 個，接入第三方充電樁超過 56 萬個，提供超過 86 萬次的[聽不清]用電服務。

NIO is dedicated to putting in place a power system with chargeable, swapable and upgradable experiences, making the recharging experience better than refueling. To this end, we have been making continuous investments with a vertical and horizontal network across the country and a hub and a spoke layout in the metropolitan areas. We aim to bring a more convenient and joyful travel experience for the users.

蔚來致力於打造可充電、可更換、可升級的動力系統，讓充電體驗比加油更好。為此，我們一直在持續投資，在全國范圍內建立縱橫網絡，在都市圈形成樞紐輻射佈局。我們旨在為用戶帶來更便捷、更愉悅的出行體驗。

Our charge stations are not only efficient recharging facilities, but also serve as virtual power plants. During this summer, we responded to power break peak [shavings] in different cities, well over 100 stations. In the meantime, up to 60% of the stations are regularly involved in the off-peak charging by increasing the electricity consumption in off peak hours.

我們的充電站不僅是高效的充電設施，而且還充當虛擬發電廠。今年夏天，我們響應了不同城市的電力中斷高峰[刨花]，超過 100 個站點。同時，通過增加非高峰時段的用電量，高達 60% 的站點定期參與非高峰充電。

To support energy saving and emissions reduction, new power swap stations will continue to support power grid demand response and off-peak charging in more regions.

為支持節能減排，新建換電站將繼續支持更多地區的電網需求響應和錯峰充電。

As for the global markets, with the NIO ET7 being shipped to Europe in August, the order placement and user delivery of our new products will take place in Germany, the Netherlands, Denmark and Norway this year.

全球市場方面，隨著蔚來ET7在8月發往歐洲，今年我們新產品的下單和用戶交付將在德國、荷蘭、丹麥和挪威進行。

On August 28 Hefei was chosen by our user community as the host city for NIO Day 2022 and the preparations for the event have been officially kicked off. We look forward to sharing with you our latest progress regarding our products and the core technologies at that time.

8月28日，合肥被我們的用戶社區選為2022蔚來汽車日的主辦城市，活動籌備工作正式拉開帷幕。我們期待與您分享我們當時在產品和核心技術方面的最新進展。

As a player in the smart electric vehicle industry, NIO has been devoted to practicing corporate social responsibility and supporting global sustainable development. Since the very beginning of our establishment, NIO has been endorsing the Formula Student Electric China and starting from last year, we began to endorse the Formula Student Autonomous China, FSAC.

作為智能電動汽車行業的參與者，蔚來一直致力於踐行企業社會責任，支持全球可持續發展。從我們成立之初，蔚來就一直在為電動方程式中國代言，從去年開始，我們開始代言中國大學生方程式賽車，FSAC。

In August this year, NIO officially became a partner of the Formula Student Germany. We would like to contribute to the development of young talent in the global automotive industry by supporting these events.

今年8月，蔚來正式成為德國學生方程式的合作夥伴。我們希望通過支持這些活動，為全球汽車行業的年輕人才發展做出貢獻。

On August 15, NIO officially entered into a partnership with the United Nations Development Program, UNDP, as a partner of the Clean Parks platform. The UNDP will conduct in-depth collaborations with NIO in areas such as the environmental protection of protected areas and the natural reserves and supporting social entrepreneurship to encourage young innovators to explore business solutions to advance biodiversity conservation and ecological protection.

8月15日，蔚來正式與聯合國開發計劃署UNDP建立合作夥伴關係，成為Clean Parks平台的合作夥伴。聯合國開發計劃署將與蔚來汽車在保護區、自然保護區環境保護、支持社會創業等領域開展深入合作，鼓勵青年創新者探索商業解決方案，推動生物多樣性保護和生態保護。

The second half of 2022 will be a critical period for the delivery and production ramp-up of multiple new products of NIO which will present huge pressure on the supply chain production, delivery and services. The teams will work closely with our partners to improve system efficiency, accelerate the mass production and the delivery of our vehicles and ensure high quality product and service experience.

2022年下半年將是蔚來多個新產品交付量產的關鍵時期，對供應鏈生產、交付和服務構成巨大壓力。這些團隊將與我們的合作夥伴密切合作，以提高系統效率，加速我們車輛的量產和交付，並確保高質量的產品和服務體驗。

As always, thank you for your support. With that, I will now turn the call over to Steven to provide the financial details for the second quarter. Over to you, Steven.

一如既往，感謝您的支持。有了這個，我現在將把電話轉給史蒂文，提供第二季度的財務細節。交給你了，史蒂文。

Thank you, William. I will now go over our key financial results for second quarter of 2022, and to be mindful of length of this call, I will reference to only domestic cash today. I encourage listeners to refer to our [audience] press release, which is posted online, for additional details.

謝謝你，威廉。我現在將回顧我們 2022 年第二季度的主要財務業績，並註意這次電話會議的長度，我今天將僅提及國內現金。我鼓勵聽眾參考我們在網上發布的[觀眾]新聞稿，了解更多詳情。

Our total revenues in second quarter was RMB10.3 billion, representing an increase of 21.8% year over year and 3.9% quarter over quarter. Our total revenues are made of two parts, vehicle sales and other sales.

第二季度總收入為人民幣103億元，同比增長21.8%，環比增長3.9%。我們的總收入由兩部分組成，汽車銷售和其他銷售。

Vehicle sales in the second quarter was RMB9.6 billion, representing an increase of 21% year over year and 3.5% quarter over quarter. The increase in vehicle sales year over year was mainly attributed to higher deliveries. Increase in vehicle sales quarter over quarter was mainly driven by higher average selling price.

第二季度汽車銷售額為人民幣96億元，同比增長21%，環比增長3.5%。汽車銷量同比增長主要是由於交付量增加。汽車銷量環比增長主要是由於平均售價較高。

Other sales in the second quarter was RMB0.7 billion, representing an increase of 34.6% year over year and 8.2% quarter over quarter. The increase in other sales year over year was mainly attributed to the increased revenue derived from auto financing services, sales of service and energy packages, and sales of used cars. The increase in other sales over the first quarter of 2022 was mainly attributed to the increased revenue derived from sales of used car and auto financing services.

第二季度其他銷售額為人民幣7億元，同比增長34.6%，環比增長8.2%。其他銷售額同比增長的主要原因是汽車金融服務、服務和能源包銷售以及二手車銷售收入增加。其他銷售額較 2022 年第一季度增加的主要原因是二手車銷售和汽車金融服務收入增加。

Gross margin in the second quarter of 2022 was 13.0% compared with 18.6% in the second quarter of 2021 and 14.6% in the first quarter of 2022. The decrease of gross margin year over year was attributed to the decrease of vehicle margin and the reduction in other sales margin resulting from expanded investment in power and service network. The decrease of gross margin quarter over quarter was mainly attributed to the decrease of vehicle margin.

2022年第二季度毛利率為13.0%，而2021年第二季度和2022年第一季度分別為18.6%和14.6%。因擴大電力和服務網絡投資而產生的其他銷售利潤。毛利率環比下降主要是由於車輛毛利率下降所致。

More specifically, vehicle margin in the second quarter was 16.7% compared with 20.3% in the second quarter of 2021 and 18.1% in the first quarter of 2022. The decrease of vehicle margin year over year and quarter over quarter was mainly attributed to the increased battery cost per unit, which was partially offset by favorable changes in sales mix of the ET7.

更具體地說，第二季度車輛利潤率為 16.7%，而 2021 年第二季度和 2022 年第一季度分別為 20.3% 和 18.1%。單位電池成本，部分被 ET7 銷售組合的有利變化所抵消。

R&D expenses in second quarter was RMB2.1 billion, representing an increase of 143.2% year over year and 22% quarter over quarter. Increase in R&D expenses year over year and quarter over quarter was mainly attributed to the increased personnel costs in research and development functions, as well as the incremental design and development costs for new products and technologies.

第二季度研發費用為人民幣21億元，同比增長143.2%，環比增長22%。研發費用同比和環比增加的主要原因是研發部門的人員成本增加，以及新產品和技術的增量設計和開發成本。

SG&A expenses in second quarter was RMB2.3 billion, representing an increase of 50.4% (sic -- see press release, "52.4%") year over year and 13.3% quarter over quarter. The increase in SG&A expenses year over year was primarily due to the increase in personnel costs and costs related to sales and service network expansion.

第二季度SG&A費用為人民幣23億元，同比增長50.4%（原文見新聞稿，“52.4%”），環比增長13.3%。 SG&A費用同比增加主要是由於人員成本增加以及與銷售和服務網絡擴張相關的成本。

The increase in SG&A expenses quarter over quarter was mainly attributed to the increase in personnel costs and increase in marketing and promotional expenses, including expenses related to launch of ES7.

SG&A 費用環比增加的主要原因是人員成本增加以及營銷和促銷費用增加，包括與推出 ES7 相關的費用。

Loss from operations in second quarter was RMB2.8 billion, representing an increase of 272.8% year over year and 30% quarter over quarter. Net loss in the second quarter was RMB2.8 billion, representing an increase of 369.6% year over year and 54.7% quarter over quarter. Net loss attributable to NIO's ordinary shareholders in the second quarter was RMB2.7 billion, representing an increase of 316.4% year over year and 50.4% quarter over quarter.

第二季度經營虧損為人民幣28億元，同比增長272.8%，環比增長30%。第二季度淨虧損為人民幣28億元，同比增長369.6%，環比增長54.7%。第二季度歸屬於蔚來普通股股東的淨虧損為人民幣27億元，同比增長316.4%，環比增長50.4%。

Our balance cash and cash equivalents, restricted cash and short-term investment was RMB54.4 billion as of June 30, 2022.

截至 2022 年 6 月 30 日，我們的現金及現金等價物、限制性現金和短期投資餘額為人民幣 544 億元。

Now, this concludes our prepared remarks. I will now turn the call over to Operator to facilitate our Q&A session.

現在，我們準備好的評論到此結束。我現在將把電話轉給接線員，以方便我們的問答環節。

Thank you. (Operator instructions). The first question comes from Tim Hsiao from Morgan Stanley. Please go ahead.

謝謝你。 （操作員說明）。第一個問題來自摩根士丹利的 Tim Hsiao。請繼續。

(Spoken in Chinese). So, I've got two questions. The first one is about the component supply crunch because the supply bottleneck continuously capped the sales outside of the models like ET7. Should we be concerned about any potential hiccups to the production of models like ES7 and ET5 in upcoming months?

（用中文講）。所以，我有兩個問題。第一個是關於零部件供應緊縮，因為供應瓶頸持續限制了 ET7 等車型以外的銷售。我們是否應該擔心未來幾個月內 ES7 和 ET5 等模型的生產可能會出現問題？

In light of fresh round of COVID outbreak in China, what has NIO team done so far to hedge the risk of potential disruption to the Company's upcoming models and even for next years that we are going to have the MT 2.0 upgrade for [EFAE], ES6 and EC6? So, what have we done to avoid this [collateral] risk to our production?

鑑於中國新一輪 COVID 爆發，NIO 團隊迄今為止做了什麼來對沖公司即將推出的車型的潛在中斷風險，甚至在未來幾年我們將為 [EFAE] 進行 MT 2.0 升級， ES6 和 EC6？那麼，我們採取了哪些措施來避免對我們的生產造成這種 [附帶] 風險？

The second question is about the chip set. Just want to learn that what's your take on the restriction to the export of high-end GPU from companies like NVIDIA and AMD to China? While near term the impact to auto industries should be pretty limited but would that accelerate NIO's plan of semiconductors, the localization in the upcoming models or even speed up the inhouse development of our own chips for functions like autonomous driving in the future? Thank you.

第二個問題是關於芯片組的。只是想了解一下，您對英偉達、AMD等公司限制高端GPU出口中國有何看法？雖然短期內對汽車行業的影響應該是非常有限的，但這是否會加速蔚來的半導體計劃、即將推出的車型的本地化，甚至加速我們自己的芯片的內部開發，用於未來自動駕駛等功能？謝謝你。

(Interpreted) Thanks, Tim, for your questions. Regarding the first question, in the third quarter especially in terms of July and August we have seen come through some supply chain hiccups, and we believe the COVID-19 resurgence in some regions in China in September will also affect our supply chain to some extent. But based on our experience accumulated throughout the March and April shutdown experience in Shanghai, we believe the COVID-19 impact is under control compared with that of the second quarter.

（翻譯）謝謝蒂姆，你的問題。關於第一個問題，在第三季度，特別是在 7 月和 8 月，我們看到供應鏈出現了一些問題，我們認為 9 月中國某些地區的 COVID-19 死灰復燃也會在一定程度上影響我們的供應鏈.但根據我們在上海 3 月和 4 月停工期間積累的經驗，我們認為與第二季度相比，COVID-19 的影響是可控的。

Regarding the mega casting components, the yield rate is below our expectation and this has affected the vehicle deliveries to our users but we have already taken multiple measures to improve the yield rate of the mega casting components.

關於巨型鑄件，良率低於我們的預期，這影響了我們向用戶交付的車輛，但我們已經採取了多種措施來提高巨型鑄件的良率。

For example, we have already sent over dozens of engineers to our suppliers to help them to improve their yield rate and we have already witnessed some improvement. At the same time, we have also introduced some new partners for the mega casting components. We believe we have already resolved this issue to some extent at a preliminary stage and we understand probably in October we should be able to resolve this issue [at once].

例如，我們已經向我們的供應商派遣了數十名工程師來幫助他們提高良率，我們已經見證了一些改進。同時，我們還為大型鑄造部件引入了一些新的合作夥伴。我們相信我們已經在初步階段在一定程度上解決了這個問題，我們理解可能在 10 月份我們應該能夠[立即]解決這個問題。

Of course, we are very confident about our delivery in the fourth quarter and we are confident to achieve our delivery targets for the whole year. Of course, there will be many challenges ahead of us but we will try the best to achieve the target and improve our delivery performance in the fourth quarter.

當然，我們對第四季度的交付非常有信心，我們有信心實現全年的交付目標。當然，我們將面臨許多挑戰，但我們將盡最大努力實現目標並改善第四季度的交付績效。

Regarding the US chip ban related with the AI training chipsets, we believe this will not have an impact on our business operations. Based on our estimations, our computing power is sufficient for our autonomous driving technology development in the aspect of the AI training for now and we have been working very closely with our partner NVIDIA.

關於與 AI 訓練芯片組相關的美國芯片禁令，我們相信這不會對我們的業務運營產生影響。根據我們的估計，目前我們的計算能力足以支持我們在人工智能訓練方面的自動駕駛技術開發，我們一直在與我們的合作夥伴英偉達密切合作。

At the same time, we have been keep monitoring the situation very closely. We understand there are also many AI training chipset companies in China who are working on the mass production of their chipsets so we are evaluating a different kind of technical solution for this AI training chipset and we would like to work with different companies on this respect. Basically, we believe this is not going to affect our long-term strategy.

同時，我們一直在密切關注事態發展。我們了解到，中國也有許多 AI 訓練芯片組公司正在大規模生產他們的芯片組，因此我們正在評估這種 AI 訓練芯片組的不同技術解決方案，我們希望在這方面與不同的公司合作。基本上，我們認為這不會影響我們的長期戰略。

(Spoken in Chinese).

（用中文講）。

(Interpreted) Of course, we are building out our core technology and the capabilities, including the chipsets, and we believe our target is to do the full stack inhouse capabilities in all those key core technologies. We are building our capabilities and we believe that this is going to help us to mitigate the political risks and the regulatory risks. At the same time, it can also help us to improve our technology powers and also our gross margin as well.

（解釋）當然，我們正在構建我們的核心技術和能力，包括芯片組，我們相信我們的目標是在所有這些關鍵核心技術中實現全棧內部能力。我們正在建設我們的能力，我們相信這將幫助我們降低政治風險和監管風險。同時，它也可以幫助我們提高我們的技術實力以及我們的毛利率。

(Spoken in Chinese).

（用中文講）。

The next question comes from Ming Hsun Lee from Bank of America. Please go ahead.

下一個問題來自美國銀行的 Ming Hsun Lee。請繼續。

(Spoken in Chinese) What is your latest guidance in SG&A and R&D ratio considering more industry competition and also overall slower sales for the industry? Do you have any new targets for your points of sale?

（中文發言） 考慮到行業競爭加劇以及行業整體銷售放緩，您對 SG&A 和研發比率的最新指導是什麼？您的銷售點有什麼新目標嗎？

Second question, your ET5 and ET7 had very good feedback during the Chengdu Auto Show, but currently there is more competition and product iteration in the industry. Will you speed up the new product launch? Also, could you give some guidance regarding your 2023 new model plan? Can you also share do you have any plans for a third brand? Thank you.

第二個問題，你們的ET5和ET7在成都車展期間反饋非常好，但是目前行業競爭和產品迭代比較多。你們會加快新產品的發布嗎？另外，您能否就您的 2023 年新車型計劃提供一些指導？你也可以分享一下你有第三個品牌的計劃嗎？謝謝你。

(Interpreted) Thanks, Ming, for the question. Yes, in the industry we have seen many companies that are launching good products in the market, but in terms of the investment we would like to follow our own strategy and cadence.

（翻譯）謝謝，明，你的問題。是的，在這個行業中，我們看到很多公司在市場上推出了好產品，但在投資方面，我們希望遵循自己的戰略和節奏。

In terms of R&D, of course this is our long-term strategy. We would like to make decisive investment in R&D. This year we have ramped up our R&D investment to improve our long-term competitiveness. Also, for the SG&A as a percentage of the revenue, we believe the long-term trend is going down. We don't expect to change our pace or our strategy just because of the competition in the external environment. We would like to make sure we can focus and determine our own strategy and pace.

在研發方面，這當然是我們的長期戰略。我們願意在研發方面做出果斷的投資。今年我們加大了研發投入，以提高我們的長期競爭力。此外，對於 SG&A 佔收入的百分比，我們認為長期趨勢正在下降。我們不期望僅僅因為外部環境的競爭而改變我們的步伐或我們的戰略。我們希望確保我們能夠專注並確定我們自己的戰略和步伐。

For the ET5, we have already showcased the ET5 in different aspects in the Chengdu Auto Show and other exhibitions and auto shows as well. We have also received a wide range of media coverage for the ET5. ET5 has attracted a lot of attention from the users, the public and the media, and we have received very good reviews and feedback from the user itself.

對於ET5，我們已經在成都車展等展會和車展上多方面展示了ET5。我們還收到了 ET5 的廣泛媒體報導。 ET5引起了用戶、公眾和媒體的廣泛關注，我們收到了來自用戶本身的非常好的評價和反饋。

Next year we plan to further launch more products based on the NT2.0 technology platform, and we plan to upgrade our current ES8, ES6 and EC6 to the new technology platform 2.0. We believe with all the products rolled over to the new technology platform 2.0 we will be very confident regarding our market performance at that time, because if we look at the ET7, the ES7 and the ET5, we can see the comprehensive competitiveness of the NT2.0 technology platform.

明年我們計劃進一步推出更多基於NT2.0技術平台的產品，我們計劃將我們現有的ES8、ES6和EC6升級到新的技術平台2.0。我們相信隨著所有產品都滾到新的技術平台2.0，我們對當時的市場表現非常有信心，因為如果我們看看ET7、ES7和ET5，我們可以看到NT2的綜合競爭力。 .0 技術平台。

We have launched many innovations that have been very much welcomed by our users.

我們推出了許多深受用戶歡迎的創新。

Of course, at this moment I cannot share much detail regarding the new product launch, and we would like to say that we are going to accelerate the ramp-up of our new products based on the new technology platform.

當然，目前我不能透露太多關於新品發布的細節，我們想說的是，我們將在新技術平台的基礎上，加快新品的上鍊。

Regarding the third question, of course we would like to have more and more users to use our products and enjoy our technology, but at the same time we are going to pay attention to the users' needs and the demands at different price ranges, and users of different brands may have different needs regarding the products and the technologies. For us, we would like to have more smart EV users to experience our products and enjoy the benefits of those core technologies, and we will make decisive planning regarding this.

關於第三個問題，我們當然希望有越來越多的用戶使用我們的產品，享受我們的技術，但同時我們也會關注用戶的需求和不同價位的需求，以及不同品牌的用戶可能對產品和技術有不同的需求。對我們來說，我們希望有更多的智能電動車用戶體驗我們的產品，享受這些核心技術帶來的好處，我們將對此做出果斷的規劃。

(Spoken in Chinese)

（用中文講）

Your next question comes from Bin Wang from Credit Suisse. Please go ahead.

您的下一個問題來自瑞士信貸的王斌。請繼續。

(Spoken in Chinese) My first question is about the full-year volume guidance. As per your earlier previous guide second half of year, the volume guidance will be 100,000 units. If you're considering third quarter guidance, that means that in that last quarter, number 4 quarter, your volume will be [rather] around 68,000 units. Is that true or roughly in October 20,000, in November 22,000 and December 24,000 to 25,000? Is that the right way to think about your volume progress? That's number 1 question.

（中文發言）我的第一個問題是關於全年銷量指導。根據您之前的下半年指南，數量指導將為 100,000 單位。如果您正在考慮第三季度的指導，這意味著在最後一個季度，第 4 季度，您的銷量將 [相當] 大約 68,000 台。 10 月的 20,000、11 月的 22,000 和 12 月的 24,000 到 25,000 是這樣嗎？這是思考你的銷量進展的正確方式嗎？這是第 1 個問題。

Number 2 is about the order backlog. We actually (inaudible) to call on dealers. They told me that they've got three to four month waiting list for all the new products, ES7, ET7 and ET5. [So can I ask] 15,000 are orders for ES7, 15,000 for ET7 and roughly 55,000 for ET5, so [again] got an 80,000 auto backlog. Is that the right way to think about the auto backlog? That's the second question.

第二個是關於訂單積壓。我們實際上（聽不清）拜訪經銷商。他們告訴我，所有新產品 ES7、ET7 和 ET5 都有三到四個月的等待名單。 [所以我可以問] 15,000 是 ES7 的訂單，15,000 是 ET7 的訂單，大約 55,000 是 ET5 的訂單，所以 [再次] 獲得了 80,000 的自動積壓。這是考慮自動積壓的正確方法嗎？這是第二個問題。

The last one is about margin outlook in number 3 quarter. Based on second quarter guidance, previously you guide with 4% q-on-q although I know that margins could be better than your guidance. What is your outlook for the number 3 quarter? You actually have raised the price two times for the old products. Should the third quarter gross margin return to a level in the first quarter this year? Thank you.

最後一個是關於第三季度的利潤率前景。根據第二季度的指導，之前你的指導是 4% q-on-q，儘管我知道利潤率可能比你的指導更好。您對第三季度的展望如何？您實際上已經將舊產品的價格提高了兩倍。三季度毛利率是否應該回到今年一季度的水平？謝謝你。

(Interpreted) Thanks, Bin, for the question. Previously, I've also mentioned that we will try our best to meet the delivery target for this year. Of course, this means that the fourth quarter is going to witness a lot of pressure and challenges on our delivery and supply.

（翻譯）謝謝，Bin，提出這個問題。之前我也提到過，我們會努力完成今年的交付目標。當然，這意味著第四季度我們的交付和供應將面臨很大的壓力和挑戰。

We have already started to make the preparations for the delivery starting from the third quarter. We believe starting from the fourth quarter we're going to have two factories running to make sure we can support the delivery demands. Actually, starting from the third quarter, we have already kicked off the tooling and the preparations for the mass production of ET5 large scale in Factory 2 in the NeoPark.

從第三季度開始，我們已經開始著手準備交貨。我們相信從第四季度開始，我們將有兩家工廠運行，以確保我們能夠支持交付需求。實際上，從第三季度開始，我們就已經在 NeoPark 2 工廠啟動了 ET5 大規模量產的工裝和準備工作。

At the beginning, we believe the production capacity of Factory 2 is relatively lower compared with Factory 1, because the Factory 2 will only need to manufacture one product, that is the ET5. So, we believe in the fourth quarter we're going to break records every month, and we are confident to achieve the record-breaking target for the fourth quarter, and we have been making active preparations to meet this target as well.

一開始，我們認為Factory 2的產能相對於Factory 1相對較低，因為Factory 2只需要生產一種產品，即ET5。所以，我們相信第四季度我們每個月都會破紀錄，我們有信心實現第四季度的破紀錄目標，我們也一直在為實現這個目標做積極的準備。

Regarding the specific order information, we believe we haven't disclosed this information for a long time, because different companies have different definitions and understandings regarding the orders. But what I can say now is we have a sufficient order backlog regarding the ES7 and the ET7. For the ES7, we believe the order performance is much better than our expectation. For the ET5, the waiting time is much longer.

關於具體的訂單信息，我們相信我們已經很久沒有披露這些信息了，因為不同的公司對訂單有不同的定義和理解。但我現在可以說的是，我們有足夠的關於 ES7 和 ET7 的訂單積壓。對於 ES7，我們認為訂單表現要好於我們的預期。對於ET5，等待時間要長得多。

Recently, we believe the bottleneck or the constraint is not about the demand. It's mainly about the production capacity of the supply chain. Of course, for our own production capacity we believe we have already made sufficient preparations, but the main constraint was in the supply chain.

最近，我們認為瓶頸或約束與需求無關。主要是供應鏈的產能。當然，對於我們自己的產能，我們相信我們已經做好了充分的準備，但主要的製約因素還是在供應鏈上。

For the third question about the gross profit margin in Q3, second half-year, the Company has taken multiple measures to improve our gross margin profits and we raised the selling prices of certain vehicle models like ES8, ES6, EC6 and ET7, and most of the positive impact will be reflected in Q3.

關於下半年第三季度毛利率的第三個問題，公司採取了多項措施來提高我們的毛利率，我們提高了ES8、ES6、EC6和ET7等部分車型的銷售價格，大部分的積極影響將反映在第三季度。

Most of ES7 are starting to be delivered in Q3, our first edition with higher price and margins. So, we expect a slight increase of vehicle margin in Q3. But in the short term, we're still facing great uncertainty and challenges regarding the battery cost, which will have a negative impact on our gross margin. Thank you, Bin.

大部分 ES7 都在第三季度開始交付，這是我們的第一版，價格和利潤更高。因此，我們預計第三季度汽車利潤率將略有增加。但短期內，我們在電池成本方面仍面臨很大的不確定性和挑戰，這將對我們的毛利率產生負面影響。謝謝你，斌。

(Spoken in Chinese)

（用中文講）

The next question comes from Jeff Chung from Citi. Please go ahead.

下一個問題來自花旗的 Jeff Chung。請繼續。

(Spoken in Chinese) My first question is about the ET5 production capacity. How many ET5s can we produce in December? What is the pace on ET5's ramp-up from October to December? This is the first question.

（中文發言）我的第一個問題是關於ET5的產能。我們在 12 月可以生產多少 ET5？從 10 月到 12 月，ET5 的加速增長速度如何？這是第一個問題。

The second question is about the overall production ramp-up from September to December. Our third quarter guidance implied the September run rate should accelerate by 15% month on month. In order to meet our full-year's target, the October to December month-on-month run rate has to be at least 30% month-on-month every month. So, should we expect a straight-line ramp-up or accelerating pace, that December/November's portion could be more critical compared to October? Thank you.

第二個問題是關於從 9 月到 12 月的整體產量增長。我們的第三季度指引暗示 9 月的運行率應環比加快 15%。為了實現我們全年的目標，10 月至 12 月的月環比運行率必須每月至少達到 30%。那麼，與 10 月相比，12 月/11 月的部分可能會更加關鍵，我們是否應該期待直線上升或加快步伐？謝謝你。

***

***

(Interpreted) Thank you, Jeff, for your questions. Jeff, actually, I think for the production capacity ramp-up, everyone understands this will need some time, and there is a process, especially when it comes to new products production ramp-up. At the beginning, it will start as a relatively low volume, and then it can accelerate to a stable level. We have already made sufficient preparations for the mass production of the ET5, and we believe the ET5 will have the opportunity to surpass 10,000 units in one month.

（翻譯）謝謝你，傑夫，你的問題。 Jeff，實際上，我認為對於產能提升，每個人都明白這需要一些時間，並且有一個過程，特別是在新產品產能提升方面。一開始，它會以一個相對較低的音量開始，然後它可以加速到一個穩定的水平。我們已經為ET5的量產做好了充分的準備，相信ET5有機會在一個月內突破10000台。

If we look at December, of course our internal target for ET5 should be higher than this. For the November and December, we believe we are going to break the delivery record month over month. Especially, we are going to see the peak at December. Previously, I've also mentioned, in October, the supply chain bottleneck will be resolved for the ES7 and the ET7, and around that time, we will also ramp up the production of the ET5.

如果我們看 12 月，當然我們對 ET5 的內部目標應該比這更高。對於 11 月和 12 月，我們相信我們將逐月打破交付記錄。特別是，我們將在 12 月看到高峰。之前我也提到過，10月份，ES7和ET7的供應鏈瓶頸將得到解決，屆時我們也會增加ET5的產量。

So it means that we're going to see the delivery volume to gradually ramp up. But at this moment, we cannot predict with certainty, because there are many factors outside of our control. But in the past few years, we have experienced many challenges and extreme situations. In the past, we have accumulated a lot of experience, so our team knows how to handle those challenges and ramp-up of production to meet those challenges.

所以這意味著我們將看到交付量逐漸增加。但目前，我們還不能確定地預測，因為有很多因素是我們無法控制的。但在過去的幾年裡，我們經歷了許多挑戰和極端情況。在過去，我們已經積累了很多經驗，所以我們的團隊知道如何應對這些挑戰並提高產量來應對這些挑戰。

We believe in the fourth quarter, of course, we're going to experience many pressures in terms of the supply chain and production, but we're confident to make sure that we can meet the target with that for ourselves.

我們相信，在第四季度，我們當然會在供應鍊和生產方面遇到很多壓力，但我們有信心確保我們能夠實現自己的目標。

(Spoken in Chinese). So my question is, if the production capacity reaches 10,000 units a month - okay, initial (spoken in Chinese).

（用中文講）。所以我的問題是，如果產能達到每月 10,000 台 - 好的，初始（用中文說）。

(Interpreted) Of course, for the reservation orders, there are some fluctuations and uncertainties, but for the production order confirmation, this is the starting point for us to make the arrangements of the actual production of ET5. If you would like to get your ET5 earlier, then of course you should place your orders as soon as possible.

（解讀）當然，對於預訂訂單，會有一些波動和不確定性，但是對於生產訂單的確認，這是我們安排ET5實際生產的出發點。如果您想早點拿到您的 ET5，那麼您當然應該盡快下訂單。

(Spoken in Chinese).

（用中文講）。

(Spoken in Chinese).

（用中文講）。

The next question comes from Edison Yu from Deutsche Bank. Please go ahead.

下一個問題來自德意志銀行的 Edison Yu。請繼續。

Hey, thanks for taking the questions. First one, we noticed that William visited the US last month, and we're wondering what kind of decisions or perhaps considerations were taken while he was there, perhaps earlier entry into the US?

嘿，謝謝你的提問。第一個，我們注意到威廉上個月訪問了美國，我們想知道他在那裡的時候做了什麼樣的決定或考慮，也許是更早進入美國？

Then the second question is, the original plan was to introduce a solid hybrid battery pack, I believe in the fourth quarter. Is there any updates to this? Is it still on track? (Spoken in Chinese).

那麼第二個問題是，原計劃是推出固態混合動力電池組，我相信在第四季度。這有什麼更新嗎？它還在軌道上嗎？ （用中文講）。

(Interpreted) Thanks, Edison, for your questions. NIO is a global startup from day one. Actually, we set up the San Jose R&D center back in 2016. Because of the COVID-19 situation, I haven't been able to visit our colleagues in the US for several years. We actually have hundreds of colleagues here, based in the US, and we also have colleagues based in Europe, so at this time, I would like to visit our colleagues here in the US, but then I will also go to Europe to visit our colleagues over there.

（翻譯）謝謝，愛迪生，你的問題。 NIO 從一開始就是一家全球初創公司。實際上，我們早在 2016 年就成立了聖何塞研發中心。由於 COVID-19 的情況，我已經好幾年沒能拜訪我們在美國的同事了。我們這裡實際上有數百位同事，在美國，我們也有在歐洲的同事，所以這個時候，我想拜訪我們在美國的同事，但隨後我也會去歐洲拜訪我們的同事。那邊的同事。

For the US market entry, we have been making preparations for a long time. We have been thinking about the US market entry strategy back in 2017, and this has been in planning for almost five years already. We have been thinking about what kind of a product should be the best products for the US market, what kind of user experience we should provide and what should be the right business model for the US market.

對於進入美國市場，我們已經做了很長時間的準備。早在 2017 年，我們就一直在考慮進入美國市場的戰略，而這已經計劃了將近五年。我們一直在思考什麼樣的產品應該是最適合美國市場的產品，應該提供什麼樣的用戶體驗，什麼樣的商業模式應該是適合美國市場的商業模式。

We believe right now we have a much clearer plan regarding the US market entry and we have been making comprehensive preparations based on our plan and strategy for the US markets. The US market is quite different from the China market and also the European markets. The US market is very competitive and the regulatory environment is also quite different from China and Europe.

我們相信，目前我們對美國市場的進入有了更清晰的規劃，我們已經根據我們對美國市場的計劃和戰略進行了全面的準備。美國市場與中國市場以及歐洲市場截然不同。美國市場競爭非常激烈，監管環境也與中國和歐洲有很大不同。

We have been making long-term thinking and preparations about the US market entry, and we believe that the right strategy for us is to make comprehensive preparations and be patient. Of course, there isn't much details that we can disclose at this moment, but we believe we have a clear strategy for the US market entry, and we just need to be patient for the execution.

對於進入美國市場，我們一直在做長期的思考和準備，我們認為正確的策略是做好全面的準備和耐心等待。當然，目前我們無法透露太多細節，但我們相信我們對美國市場的進入有明確的策略，我們只需要耐心等待執行。

For the 150-killowatt hour semi-solid-state battery pack, this battery pack offers the very high power density, and we are making comprehensive evaluations of this semi-solid battery pack. We are making preparations for the production of this battery pack together with our partners, but according to our current evaluations, we believe that probably we are not going to provide this service to our users in the fourth quarter. According to the current evaluation, this battery pack will be delayed for several months.

對於150千瓦時的半固態電池組，這款電池組提供了非常高的功率密度，我們正在對這款半固態電池組進行綜合評測。我們正在與我們的合作夥伴一起準備生產這種電池組，但根據我們目前的評估，我們認為我們可能不會在第四季度為我們的用戶提供這項服務。根據目前的評估，這款電池組將延遲幾個月。

Of course, we have been working with our partners to evaluate the progress, and this is the current situation and we will try to work with our partners to improve the situation.

當然，我們一直在與我們的合作夥伴一起評估進展情況，這是目前的情況，我們將努力與我們的合作夥伴一起改善這種情況。

Thank you.

謝謝你。

The next question comes from Paul Gong from UBS. Please go ahead.

下一個問題來自瑞銀的 Paul Gong。請繼續。

(Spoken in Chinese). So two questions from me. The first one is, have you realized that there might be some orders that have been placed by certain people who is not really intending to get the vehicle but just to jump the queue and try to sell the order to someone else for profit, which might inflate the orders and give some misleading information for your production plan? How do you prepare for that?

（用中文講）。所以我有兩個問題。第一個是，您是否意識到某些人可能已經下了一些訂單，這些人並不是真的打算獲得車輛，而是為了插隊並試圖將訂單出售給其他人以獲取利潤，這可能誇大訂單並為您的生產計劃提供一些誤導性信息？你如何為此做準備？

My second question is regarding your secondary and tertiary brand preparation, ALPS and Firefly. We noticed that there are some orders have been entered with some suppliers, especially from the batteries and other components. Is there more color management can share compared to, let's say, two quarters ago?

我的第二個問題是關於你的二級和三級品牌準備，ALPS 和 Firefly。我們注意到，已經與一些供應商簽訂了一些訂單，特別是來自電池和其他組件的訂單。與兩個季度前相比，是否有更多的色彩管理可以分享？

(Interpreted). Thanks for your question. Regarding the first question, of course, if we cannot meet the user demands in a timely manner, then probably some users may transfer their orders to others. But we have very strict policies regarding the order transfers, so we believe there will be very few cases for the order transfer, and the percentage of order transfer will be quite low. This is probably also because of our follow-up mechanism. If you place a reservation order for now, then our [seller] will follow up with you regarding the specific orders, and then this can be converted to the actual production orders.

（解釋）。謝謝你的問題。對於第一個問題，當然，如果我們不能及時滿足用戶的需求，那麼很可能有的用戶會將訂單轉移給其他人。但是我們對於轉單的政策非常嚴格，所以我們相信轉單的情況會非常少，轉單的比例會很低。這可能也是因為我們的後續機制。如果您現在預訂訂單，那麼我們的【賣家】會跟進您的具體訂單，然後可以轉換為實際的生產訂單。

In our current order backlog, we believe that the percentage of users who are only placing the orders to make sure they can transfer the orders to others in the future, this percentage should be quite low, because of all those different mechanisms we have in place.

在我們目前的訂單積壓中，我們認為僅下訂單以確保他們將來可以將訂單轉移給其他人的用戶百分比應該很低，因為我們擁有所有這些不同的機制.

For the mass-market brands, previously, we have already discussed about our plans for the mass-market brand. Currently, the R&D progress is on track. Our plan for the mass-market products is to follow the schedule and the cadence of our latest technology platform that is the NIO Technology Platform 3.0. We're going to launch the mass market products based on the NIO Technology Platform 3.0.

對於大眾市場品牌，我們之前已經討論過我們對大眾市場品牌的計劃。目前，研發進展順利。我們對大眾市場產品的計劃是遵循我們最新的技術平台 NIO Technology Platform 3.0 的時間表和節奏。我們將推出基於蔚來技術平台3.0的大眾市場產品。

Yes, probably from the media and the supply chain, there have been some discussions about the third brand of NIO. Actually, in the past, we have recognized that if we want to accelerate the conversion from the ICE to EV, we will need to provide more products to cater to different users in different segments. We believe in the past year, we have witnessed tremendous growth in terms of the EV demand at the entry level market segment, which has also been driving the EV penetration here in the China market.

是的，大概從媒體和供應鏈上，已經有一些關於蔚來第三品牌的討論了。實際上，過去我們已經認識到，如果我們想要加速從內燃機到電動汽車的轉換，我們需要提供更多的產品來滿足不同細分市場的不同用戶。我們相信，在過去的一年裡，我們見證了入門級市場的電動汽車需求的巨大增長，這也推動了電動汽車在中國市場的滲透率。

We have realized some interesting opportunities for the business model innovations, and I believe that NIO is very good at combining the innovation technologies with the user experience and providing very innovative experiences to our users. We have identified some opportunities for us to make innovative technologies and blended together with our business models to provide services to the users and provide different kinds of products to a wider range of user groups and the communities.

我們已經意識到商業模式創新的一些有趣機會，我相信蔚來非常擅長將創新技術與用戶體驗相結合，為我們的用戶提供非常創新的體驗。我們發現了一些機會讓我們進行創新技術，並與我們的商業模式相結合，為用戶提供服務，為更廣泛的用戶群體和社區提供不同類型的產品。

So at this moment, we cannot disclose much information about this, but what I can say is we do believe that there are some opportunities for us to explore.

所以目前我們不能透露太多這方面的信息，但我可以說的是，我們確實相信有一些機會可供我們探索。

(Spoken in Chinese) Thank you so much.

（用中文說）非常感謝。

This concludes our question-and-answer session. I will now hand the call back to Ms Eve Tang for closing remarks.

我們的問答環節到此結束。現在，我將把電話交還給 Eve Tang 女士，以致閉幕詞。

Thank you once again for joining us today. If you have further questions, please feel free to contact NIO's investor relations team through the contact information provided on our website. This concludes the conference call. You may now disconnect your lines. Thank you.

再次感謝您今天加入我們。如果您還有其他問題，請隨時通過我們網站上提供的聯繫方式聯繫蔚來的投資者關係團隊。電話會議到此結束。您現在可以斷開線路。謝謝你。

Thank you.

謝謝你。

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.

此成績單中標記（翻譯）的部分由現場通話中的口譯員朗讀。翻譯由主辦本次活動的公司提供。