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.

女士們、先生們，大家好。感謝您的支持，歡迎參加蔚來汽車 2022 年第二季財報電話會議。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。將會有一個演講，然後是問答環節。如果您想提問，您需要按下電話鍵盤上的星號鍵，然後按數字鍵 1。

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

現在我想將會議交給資本市場部的 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.

大家早安，晚上好。歡迎參加蔚來2022年第二季財報電話會議。該公司的財務和經營業績已於今天早些時候的新聞稿中公佈，並發佈在該公司的 IR 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.

今天的電話會議由創辦人、董事會主席兼執行長李斌先生主持；財務長馮志強先生；以及財務高級副總裁 Stanley Qu 先生；以及資本市場副總裁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做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，公司的實際結果可能與今天表達的觀點有重大差異。有關風險和不確定性的更多資訊包含在公司最近提交給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的文件中。除適用法律要求外，本公司不承擔更新任何聲明的義務。

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未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務資訊的討論。請參閱 NIO 的新聞稿，其中包含未經審計的非 GAAP 指標與可比較 GAAP 指標的對帳。

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

現在，我將把電話轉給我們的執行長李威廉先生。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.

（譯）大家好。感謝您參加 NIO 2022 年第二季財報電話會議。蔚來2022年第二季共交車25,059輛，較去年成長14.4%。 2022年7月和8月，蔚來汽車交付量分別達10,052輛和10,677輛，較去年同期成長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新冠疫情、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，進一步加速我們車輛的生產和交付。

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.

受益於對高端電動車的持續需求，以及蔚來汽車出色的產品和服務競爭力，我們相信，隨著基於 NT2 平台的 ET7、ES7 和 ET5 以及升級版的 2022 年 ES8、ES6 和 ET6 的交付和生產加速，汽車交付量將在 2022 年下半年實現強勁增長。我們預計 2022 年第三季的總交付量將在 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，儘管第二季電池成本大幅上漲，但得益於高配置ET7的交付、部分訂單價格調整以及銷售政策的精細化管理，整車毛利率仍達到16.7%。

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，我想分享我們近期研發和營運的一些重點亮點。作為蔚來首款基於NT2平台的產品，ET7憑藉著業界領先的軟硬體平台、智慧數位體驗，在中大型豪華轎車領域展現出強勁的產品競爭力。

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，蔚來汽車正式上市，全新中大型五人座SUV－ES7。 ES7基於NT2平台打造，傳承蔚來高性能基因，擁有極致駕駛控制與安全性能，創造超越預期的舒適與智慧體驗。此外，ES7也提供選配的拖車桿，為牽引旅行大篷車帶來全新的用車體驗。

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.

ES7自8月開啟用戶試駕以來，獲得市場一致好評，並於8月28日起開始規模交付。

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.

我們也推出了2022款ES8、ES6、EC6，搭載全新數位系統Alder，全面提升了感知單元與運算能力。三款產品提供了更豐富的數位座艙體驗，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打造的中型智慧電動轎車ET5量產也在如火如荼地進行中，性能和配置較之上市時有了進一步的優化提升。

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、極致的性能表現、卓越的智慧體驗，ET5的綜合競爭力遠超同級車款。我們有信心ET5將成為最受歡迎的中型豪華轎車之一。 ET5的生產訂單確認將於9月9日開始，首批將於9月30日交付用戶。

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.

在數位系統方面，我們在8月發布了基於NT2的Banyan 1.1.0，新增功能和優化超過60項。數位座艙及駕駛體驗方面，引入了更多停車場景下的模式，豐富了座艙內影音體驗，並進一步優化了懸吊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.

在進階駕駛輔助系統方面，我們進一步升級了環境模擬顯示、自動緊急煞車等功能，提升了使用者的互動體驗和駕駛安全性。

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.

生產方面，首批ET5預產車已經在蔚來二工廠、蔚來零件工廠下線，計畫本月開始量產。

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.

銷售服務網絡方面，目前我們在全球149個城市擁有395個新店及新空間，新增263個服務中心及交付中心，遍及全球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.

充換電網絡方面，我們已建造高速公路換電網絡，覆蓋全國五縱三橫高速公路和四大城市群。累計建成換電站1094座，其中高速公路旁換電站285座，為用戶完成電池更換1200多萬次。

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，我們也部署了充電站1873座，其中包括充電樁5341座、目的地充電樁5466座，接入第三方充電樁超過56萬個，提供了超過86萬次的充電服務。

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、可換電、可升級的動力系統，讓充電體驗比加油更好。為此，我們不斷投入，在全國範圍內形成縱橫網絡，在大都會區形成軸輻式佈局。我們旨在為用戶帶來更便利、更愉快的出行體驗。

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率的充電設施，還可以充當虛擬發電廠。今年夏天，我們對不同城市的超過 100 個電站的電力削峰做出了回應。同時，高達60%的充電站定期參與錯峰充電，增加非尖峰時段的用電量。

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.

為支援節能減排，新換電站將繼續支援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8月蔚來ET7開始發往歐洲，今年我們新產品的下單和用戶交付將在德國、荷蘭、丹麥、挪威四國進行。

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，合肥被用戶社群選定為2022年NIO Day舉辦城市，活動籌備工作正式啟動。我們期待屆時與您分享我們產品和核心技術的最新進展。

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.

身為智慧電動車產業參與者，蔚來一直致力於實踐企業社會責任，支持全球永續發展。蔚來汽車自成立之初就支持中國大學生電動方程式賽車比賽，去年開始支持中國大學生自主方程式賽車比賽（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，蔚來正式成為德國大學生方程式賽車賽事夥伴。我們希望透過支持這些活動為全球汽車產業年輕人才的發展做出貢獻。

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，蔚來與聯合國發展計畫署（UNDP）正式達成合作夥伴關係，成為清潔公園平台合作夥伴。聯合國開發計畫署將與蔚來汽車在保護區和自然保護區環境保護、支持社會創業等領域進行深入合作，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年下半年是蔚來多款新產品交付及投產的關鍵時期，對供應鏈生產、交付和服務帶來巨大壓力。團隊將與我們的合作夥伴密切合作，提高系統效率，加速我們車輛的量產和交付，並確保高品質的產品和服務體驗。

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。說完這些，我現在將電話轉給史蒂文，讓他提供第二季的財務細節。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 年第二季的主要財務業績，並且考慮到本次電話會議的長度，今天我將僅參考國內現金。我鼓勵聽眾參閱我們在線上發布的[觀眾]新聞稿，以了解更多詳細資訊。

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.

我們第二季的總營業收入為人民幣103億元，較去年同期成長21.8%，較上季成長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.

第二季汽車銷售額為人民幣96億元，較去年成長21%，較上季成長3.5%。汽車銷量較去年同期成長主要歸因於交付量的增加。汽車銷量較上月成長主要由於平均售價上漲。

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.

第二季其他銷售額為人民幣7億元，較去年成長34.6%，較上季成長8.2%。其他銷售額年增主要歸因於汽車金融服務、服務和能源包銷售以及二手車銷售收入的增加。 2022 年第一季其他銷售額的成長主要歸因於二手車銷售和汽車融資服務帶來的收入增加。

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年第二季的毛利率為13.0%，而2021年第二季為18.6%，2022年第一季為14.6%。毛利率年減歸因於車輛利潤率下降以及電力和服務網絡投資擴大導致的其他銷售利潤率減少。毛利率季減主要由於整車利潤率的下降。

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，第二季的車輛利潤率為 16.7%，而 2021 年第二季為 20.3%，2022 年第一季為 18.1%。車輛利潤率同比和環比下降主要歸因於單位電池成本增加，但 ET7 銷售組合的有利變化部分抵消了這一影響。

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.

第二季研發費用為21億元，較去年成長143.2%，較上季成長22%。研發費用較去年同期增加主要由於研發人員成本增加，以及新產品、新技術設計和開發成本的增加。

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.

第二季銷售、一般及行政開支為人民幣 23 億元，較去年同期成長 50.4%（原文如此－請參閱新聞稿「52.4%」），較上季成長 13.3%。銷售、一般及行政開支年比增加主要由於人員成本以及銷售和服務網絡擴張相關成本的增加。

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.

銷售、一般及行政費用較上月增加主要由於人員成本增加以及行銷和促銷費用增加，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.

第二季營業虧損為28億元，年增272.8%，較上季成長30%。第二季淨虧損為28億元，年增369.6%，季增54.7%。第二季歸屬於蔚來普通股股東的淨虧損為27億元，較去年同期成長316.4%，較上季成長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、受限現金及短期投資餘額為 544 億元人民幣。

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

現在，我們的準備好的發言就結束了。我現在將把電話轉給接線員，以主持我們的問答環節。

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

謝謝。 （操作員指令）。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?

（以中文講解）。因此，我有兩個問題。第一個是零件供應緊張，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 ES7 和 ET5 等車型的生產可能會出現任何潛在障礙？

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?

鑑於中國新一輪新冠肺炎疫情爆發，蔚來團隊迄今為止採取了哪些措施來規避公司即將推出的車型可能出現中斷的風險，甚至在未來幾年我們將對 [EFAE]、ES6 和 EC6 進行 MT 2.0 升級？那麼，我們做了什麼來避免這種（附帶）生產風險呢？

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.

第二個問題是關於晶片組的。只是想了解一下，您對限制NVIDIA、AMD等公司高階GPU對華出口有何看法？雖然短期內對汽車產業的影響應該非常有限，但這是否會加速蔚來的半導體計畫、即將推出的車型的國產化，甚至加速我們未來用於自動駕駛等功能的晶片的內部開發？謝謝。

(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.

（口譯）提姆，謝謝你的提問。關於第一個問題，第三季度，特別是7、8月份，我們的供應鏈出現了一些波折，9月份中國部分地區疫情再次爆發，我們認為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 月停工經驗中累積的經驗，我們認為與第二季相比，COVID-19 的影響已得到控制。

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.

至於大型鑄造部件，成品率低於我們的預期，這影響了車輛向用戶的交付，但我們已經採取多項措施來提高大型鑄造部件的成品率。

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，我們已經派遣了幾十名工程師到我們的供應商那裡，幫助他們提高成品率，而且我們已經看到了一些進步。同時，我們也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，並且我們知道大概在十月份我們就應該能夠（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，我們面前還有很多挑戰，但我們會盡最大努力實現目標，提高第四季度的交付業績。

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.

至於美國對AI訓練晶片組的禁令，我們認為這不會對我們的業務運作產生影響。根據我們的估計，目前我們的運算能力足以支援我們在AI訓練方面的自動駕駛技術開發，並且我們一直與合作​​夥伴NVIDIA保持密切合作。

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，我們一直密切關注局勢發展。我們了解到中國也有很多人工智慧訓練晶片組公司正在進行晶片組的大規模生產，因此我們正在為這種人工智慧訓練晶片組評估一種不同的技術解決方案，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策略。

(Spoken in Chinese).

（以中文講解）。

(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.

(翻譯) 當然，我們正在建立我們的核心技術和能力，包括晶片組，我們相信我們的目標是在所有這些關鍵核心技術上實現全端內部能力。我們正在建立我們的能力，我們相信這將有助於我們降低政治風險和監管風險。同時，它也能幫助我們提高技術實力和毛利率。

(Spoken in Chinese).

（以中文講解）。

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）考慮到產業競爭加劇以及產業整體銷售放緩，您對銷售、一般及行政開支和研發費用比率的最新預期是什麼？您對銷售點有什麼新的目標嗎？

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在成都車展的反應非常好，但是目前產業競爭比較激烈，產品迭代也比較快。你們會加快新產品的上市速度嗎？另外，您能否就2023年新車型計畫給予一些指引？能否分享一下您對第三個品牌的計劃嗎？謝謝。

(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) 謝謝明先生的提問。是的，在行業中我們已經看到許多公司正在向市場推出好的產品，但在投資方面，我們希望遵循自己的策略和節奏。

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，當然這是我們的長期策略。我們希望對研發做出果斷的投資。今年我們加大了研發投入，以提高我們的長期競爭力。此外，我們認為銷售、一般及行政費用佔收入的百分比長期趨勢是下降的。我們不希望僅僅因為外部環境的競爭而改變我們的步伐或策略。我們希望確保我們能夠集中精力並確定我們自己的策略和步伐。

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以及其他展覽會、車展上以不同的方式展示了ET5。我們也收到了有關 ET5 的廣泛媒體報道。 ET5受到了用戶、公眾和媒體的廣泛關注，我們也從用戶本身獲得了非常好的評價和回饋。

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，並且計劃將我們目前的ES8、ES6、EC6升級到新的技術平台2.0。我們相信，隨著所有產品都轉向新的2.0技術平台，我們對當時的市場表現會非常有信心，因為如果我們看看ET7、ES7和ET5，我們可以看到NT2.0技術平台的綜合競爭力。

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

我們推出了許多創新，受到了用戶的熱烈歡迎。

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，目前我還不能分享太多有關新產品發布的細節，我們想說的是，我們將基於新的技術平台加速新產品的推出。

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，但是我們同時也會關注用戶的需求，不同價位段的需求，不同品牌的用戶對產品、對技術的需求可能也有所不同。對我們來說，我們希望有更多的智慧電動車使用者體驗到我們的產品，享受這些核心技術帶來的好處，我們將對此做好果斷的規劃。

(Spoken in Chinese)

（以中文朗讀）

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）我的第一個問題是關於全年銷售預期。根據您之前對今年下半年的預期，銷售預期將為 10 萬台。如果您正在考慮第三季度的指引，那就意味著在最後一個季度，也就是第四季度，您的銷售量將在 68,000 台左右。這是真的嗎？或者說，10 月大概是 20,000，11 月是 22,000，12 月是 24,000 到 25,000？這是思考音量進展的正確方法嗎？這是第一個問題。

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（聽不清楚）拜訪了經銷商。他們告訴我，所有新產品 ES7、ET7 和 ET5 的等候名單都要三到四個月。 [所以我可以問一下] 其中 15,000 輛是 ES7 的訂單，15,000 輛是 ET7 的訂單，大約 55,000 輛是 ET5 的訂單，所以 [再次] 有 80,000 輛汽車積壓訂單。這是思考汽車積壓問題的正確方式嗎？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的利潤率前景。根據第二季的指引，先前您預測利潤率將較上季成長 4%，但我知道利潤率可能比您的指引要好。您對第三季的展望是什麼？你們居然把舊產品的價格提高了兩次。三季毛利率是否能恢復到今年第一季的水準？謝謝。

(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 的提問。之前我也講過，我們會盡力完成今年的交貨目標。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.

我們從第三季開始就已經開始做交付的準備。我們相信從第四季度開始我們將有兩家工廠投入運作以確保我們能夠滿足交付需求。實際上，從第三季開始，我們已經在NeoPark的2號工廠開始了ET5大規模量產的準備工作。

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.

我們一開始認為2號工廠的產能相對於1號工廠來說是比較低的，因為2號工廠只需要生產一種產品，那就是ET5。所以我們相信第四季我們每個月都會創紀錄，我們有信心實現第四季創紀錄的目標，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，我們相信我們很久沒有披露這些信息了，因為不同的公司對於訂單的定義和理解是不同的。但我現在可以說的是，我們有足夠的 ES7 和 ET7 訂單積壓。對於 ES7，我們相信訂單表現遠勝於我們的預期。對於 ET5 來說，等待的時間要長得多。

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，我們認為瓶頸或限制因素與需求無關。主要是供應鏈的生產能力。當然，對於我們自己的產能，我們認為已經做好了充足的準備，但主要的限制因素是在供應鏈方面。

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.

第三季關於第三季的毛利率，下半年，公司採取了多項措施提高毛利率，並且提高了ES8、ES6、EC6、ET7等部分車型的售價，大部分的正面影響會在第三季體現出來。

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.

ES7 的大部分產品將在第三季開始交付，這是我們第一個價格和利潤率較高的版本。因此，我們預計第三季車輛利潤率將略有上升。但短期內，我們仍面臨電池成本的巨大不確定性和挑戰，這將對我們的毛利率產生負面影響。謝謝你，Bin。

(Spoken in Chinese)

（以中文朗讀）

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）我的第一個問題是關於ET5的生產能力。 12月我們可以生產多少台ET5？從 10 月到 12 月，ET5 的成長速度如何？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9月到12月整體產量成長的情況。我們的第三季指引表明，9月份的運行率將環比增長 15%。為了實現我們的全年目標，10月至12月的月環比運行率必須至少達到30％。那麼，我們是否應該預期直線上升或加速，十二月/十一月的部分可能比十月更為關鍵？謝謝。

***

***

(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.

（口譯）傑夫，謝謝你的提問。傑夫，實際上，我認為對於生產能力的提升，每個人都明白這需要一些時間，並且有一個過程，特別是在新產品生產提升方面。一開始，它的音量會相對較低，然後可以加速到穩定的水平。我們已經為ET5的量產做好了充足的準備，我們相信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.

如果我們看一下 12 月，我們對 ET5 的內部目標當然應該高於這個數字。我們相信，11月和12月的交付量將創下月度紀錄。尤其在12月份我們將迎來高峰。之前我也提到過，10月ES7和ET7的供應鏈瓶頸將會得到解決，屆時我們也將加速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.

這意味著我們將看到交付量逐步增加。但目前我們還無法準確預測，因為有許多因素是我們無法控制的。但在過去幾年中，我們經歷了許多挑戰和極端情況。過去，我們累積了許多經驗，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，我們在供應鏈和生產方面當然會面臨很多壓力，但我們有信心確保自己能夠達到目標。

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

（以中文講解）。所以我的問題是，如果生產能力達到每月 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.

（翻譯）當然，對於預訂訂單來說，存在一些波動和不確定性，但對於生產訂單確認，這是我們安排ET5實際生產的起點。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).

（以中文講解）。

(Spoken in Chinese).

（以中文講解）。

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，感謝您回答這些問題。首先，我們注意到威廉上個月訪問了美國，我們想知道他在美國期間做出了什麼樣的決定或考慮，也許是提前進入了美國？

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，原來的計畫是推出一款固體混合電池組，我相信是在第四季。有任何更新資訊嗎？ 它還在按計劃進行嗎？ （以中文講解）。

(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.

（譯）謝謝愛迪生的提問。蔚來汽車從第一天起就是一家全球性新創公司。其實我們在2016年就成立了聖荷西研發中心，因為疫情的原因，我已經好幾年沒能回去看美國的同事了。實際上，我們這裡有數百名同事，他們駐紮在美國，我們也有同事駐紮在歐洲，所以此時，我想去拜訪我們在美國的同事，然後我也會去歐洲拜訪我們那邊的同事。

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。我們早在2017年就已經開始思考進入美國市場的策略，這個計畫已經規劃了近五年。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，我們應該提供什麼樣的使用者體驗，什麼樣的商業模式應該是適合美國市場。

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.

我們認為現在我們對進入美國市場的計劃已經更加清晰了，並且我們已經根據對美國市場的計劃和策略做好了全面的準備。美國市場與中國市場和歐洲市場有很大不同。美國市場競爭非常激烈，監管環境與中國和歐洲也有很大不同。

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.

我們對進入美國市場做了長期的思考和準備，我們認為，做好全面準備並保持耐心才是我們正確的策略。當然，目前我們無法透露太多細節，但我們相信我們有一個明確的進入美國市場的策略，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，這個電池組提供了非常高的功率密度，我們正在對這個半固態電池組進行全面的評估。我們正在和合作夥伴一起為這款電池組的生產做準備，但根據目前的評估，我們認為很可能不會在第四季度向用戶提供這項服務。根據目前的評估，這款電池組將會延遲數月上市。

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，我們一直在與合作夥伴一起評估進展情況，這就是目前的情況，我們將努力與合作夥伴一起改善情況。

Thank you.

謝謝。

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?

（以中文講解）。我有兩個問題。第一個問題是，您是否意識到有些訂單可能是由某些人下的，他們並不是真的要購買車輛，而只是想插隊並試圖將訂單賣給其他人以賺取利潤，這可能會誇大訂單並為您的生產計劃提供一些誤導性的信息？ 您如何為此做準備？

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們的二級和三級品牌準備，ALPS 和 Firefly。我們注意到一些供應商已經下了訂單，特別是電池和其他零件的訂單。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）。感謝您的提問。對於第一個問題，當然如果我們不能及時滿足用戶的需求，那麼可能有些用戶就會把訂單轉移給別人。但是我們對訂單轉移的政策是非常嚴格的，所以我們相信訂單轉移的情況會非常少，而且訂單轉移的比例會非常低。這大概也是因為我們的後續機制。如果您現在下了預訂單，那麼我們[賣家]會跟進您具體的訂單，然後才能轉化為實際的生產訂單。

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，僅僅為了確保將來可以將訂單轉移給其他人而下訂單的用戶比例應該很低，因為我們已經建立了各種不同的機制。

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.

對於大眾品牌，之前我們已經討論過我們對大眾品牌的規劃。目前，研發進展順利。我們對大眾市場產品的計畫是遵循我們最新技術平台即NIO技術平台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，可能從媒體和供應鏈來看，已經有一些關於蔚來第三品牌的討論。 其實我們過去就已經體認到，如果要加速從內燃機到電動車的轉變，我們需要提供更多的產品來滿足不同細分市場的不同使用者。 我們相信，在過去的一年裡，我們見證了入門級市場對電動車需求的大幅成長，這也推動了電動車在中國市場的普及。

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.

我們意識到了一些有趣的商業模式創新機會，我相信蔚來非常擅長將創新技術與使用者體驗結合，並為使用者提供非常創新的體驗。 我們已經發現了一些機會，可以讓我們創造創新技術，並將其與我們的商業模式融合，為用戶提供服務，並向更廣泛的用戶群和社群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.

因此目前我們還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以供我們探索。

(Spoken in Chinese) Thank you so much.

（中文）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。 現在我將把發言權交還給唐伊芙女士，請她作最後發言。

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.

再次感謝您今天的參與。 如果您還有其他問題，請隨時透過我們網站上提供的聯絡資訊聯絡蔚來投資者關係團隊。 本次電話會議到此結束。 現在您可以斷開線路了。 謝謝。

Thank you.

謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助本次活動的公司提供。