蔚來 (NIO) 2023 Q2 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for the NIO Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Ms. Eve Tang from Capital Markets.

女士們、先生們，大家好，感謝大家出席蔚來汽車 2023 年第一季度收益電話會議。 （操作員指示）今天的電話會議正在錄音。現在我將把電話轉給主持人，資本市場部的 Eve Tang 女士。

Good morning and good evening, everyone. Welcome to NIO's Second Quarter 2023 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. On today's call, we have Mr. William Li, Founder, Chairman of the Board and Chief Executive Officer; Mr. Steven Feng, Chief Financial Officer; Mr. Stanley Qu, Senior VP of Finance; and Ms. Jade Wei, VP of Capital Markets.

大家早上好，晚上好。歡迎參加蔚來汽車 2023 年第二季度收益電話會議。該公司的財務和經營業績已在今天早些時候的新聞稿中發布，並發佈在該公司的投資者關係網站上。出席今天的電話會議的有創始人、董事會主席兼首席執行官李威廉先生；馮峰先生，首席財務官；瞿先生，財務高級副總裁；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 that 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 certain 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 forward-looking 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的風險和不確定性。因此，公司的實際結果可能與今天表達的觀點存在重大差異。有關風險和不確定性的更多信息包含在該公司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某些文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

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 measures. Please refer to NIO's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr. William Li. William, please go ahead.

另請注意，蔚來的盈利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 財務指標的討論。請參閱蔚來的新聞稿，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調節表。現在，我將把電話轉給我們的首席執行官李威廉先生。威廉，請繼續。

[Interpreted] Hello, everyone. Thank you for joining NIO's 2023 Q2 earnings call. In the second quarter of 2023, NIO delivered a total of 23,520 smart electric vehicles. In July 2023, as we started mass production and the ramp-up of more NIO models, NIO's monthly delivery volume grew rapidly to 20,462 units, representing a year-over-year growth of 104% and a new monthly high. According to the retail statistics of Carpark, in July, NIO was the best-selling brand in the premium electric vehicle segment with a transaction price of over RMB 300,000, claiming a 59% market share.

【解讀】大家好。感謝您參加蔚來汽車 2023 年第二季度財報電話會議。 2023年第二季度，蔚來累計交付智能電動汽車23,520輛。 2023年7月，隨著蔚來汽車量產和更多蔚來車型的上線，蔚來月度交付量快速增長至20,462輛，同比增長104%，再創月度新高。據Carpark零售統計，7月，蔚來成為高端電動汽車細分市場最暢銷品牌，成交價格超過30萬元，市場份額達59%。

As NIO completes its product lineup, further expand the sales and service network and the power network enhances its all-round sales capability and the role of sales and marketing plans. The competitiveness of the NT 2 products have been further unleashed. The delivery volume in the third quarter of 2023 is expected to be between 50,000 -- 55,000 and 57,000 units.

隨著蔚來產品陣容的完善，銷售和服務網絡的進一步拓展，電力網絡增強了其全方位的銷售能力和銷售營銷計劃的作用。 NT 2產品的競爭力進一步釋放。 2023年第三季度的交付量預計在50,000-55,000至57,000輛之間。

And now I would like to share with you the recent highlights of our products, R&D and operations. Following the delivery of the flagship coupe SUV EC7, the flagship sedan 2023 NIO ET7 and the all-round SUV, All-New ES6 earlier this year, we started to deliver the smart electric tour, ET5 Touring, or ET5T for short, and the flagship SUV All-New ES8 in June.

現在我想跟大家分享一下我們近期的產品、研發和運營的亮點。繼今年年初交付旗艦轎跑SUV EC7、旗艦轎車2023蔚來ET7以及全能SUV全新ES6之後，我們開始交付智能電動旅行車ET5 Touring，簡稱ET5T， 6月旗艦SUV全新ES8。

In the second quarter, NIO achieved high-quality delivery of 5 new models with user satisfaction exceeding our expectations. This also proves NIO's capabilities of conducting fast product iteration and managing product complexity.

第二季度，蔚來實現了5款新車型的高質量交付，用戶滿意度超出了我們的預期。這也證明了蔚來進行產品快速迭代和管理產品複雜性的能力。

In September, we plan to launch and deliver the new mid-size coupe SUV ES6, which marks the completion of our product transition to the NT 2 platform. With that, NIO's entire NT2 product lineup featuring 8 different models will have entered the premium BEV market to better cater to the diverse needs of the users in the premium segment and drive the steady growth of deliveries.

9月，我們計劃推出並交付新款中型轎跑SUV ES6，這標誌著我們完成了向NT 2平台的產品過渡。至此，蔚來NT2全系列8款車型將進軍高端純電動市場，更好地滿足高端用戶的多樣化需求，帶動銷量的穩定增長。

NIO's product safety has been highly recognized by authoritative institutions worldwide. On July 12, 2023, NIO's smart electric mid-sized sedan ET5 and the mid large SUV EL7, which is called ES7 in China, both obtained the 5-star safety rating from Euro NCAP making NIO the first car brand receiving the 5-star rating since Euro NCAP adopted the new testing protocols for 2023.

蔚來的產品安全得到了全球權威機構的高度認可。 2023年7月12日，蔚來智能電動中型轎車ET5和中大型SUV EL7（國內簡稱ES7）雙雙獲得Euro NCAP五星級安全評級，蔚來成為首個獲得五星級安全評級的汽車品牌自Euro NCAP 採用2023 年新測試協議以來的評級。

Enabled by the full stack technologies developed in-house and the closed-loop data management, NIO has made significant progress in the assisted and intelligent driving. User base and engagement continue to grow. At present, over 100,000 NIO users have activated Navigate on Pilot Plus or NOP+, and have driven on it for over 80 million kilometers. The mortgage penetration rate of NOP+ has reached 53%.

憑藉自主研發的全棧技術和閉環數據管理，蔚來在輔助駕駛和智能駕駛方面取得了重大進展。用戶群和參與度持續增長。目前，已有超過10萬蔚來用戶激活Pilot Plus或NOP+導航，行駛里程超過8000萬公里。 NOP+的抵押貸款滲透率已達到53%。

In the meantime, we have carried out multiple rounds of early bird program in Beijing and Shanghai for NOP+ in all operational domains, including in urban environments. In terms of the sales and service network, so far, we have 420 NIO house, NIO space and pop-up stores in 143 cities and 304 service centers as well as 58 delivery centers in 201 cities worldwide.

與此同時，我們在北京和上海針對NOP+在所有運營領域（包括城市環境）開展了多輪早鳥計劃。在銷售和服務網絡方面，截至目前，我們在全球143個城市擁有420家蔚來之家、蔚來空間和快閃店，在全球201個城市擁有304個服務中心和58個配送中心。

Since July, we have started to take a more active manner in expanding the user touch points and sales channels and enlarging the sales team in China. These actions will further increase our sales capabilities and propelling sales growth.

從7月份開始，我們開始更加積極地拓展中國的用戶接觸點和銷售渠道，擴大銷售團隊。這些舉措將進一步提高我們的銷售能力並推動銷售增長。

As for the charging and swapping network, to date, we have installed 1,747 Power Swap stations worldwide and provided more than 27 million battery swaps. Our Expressway battery swap network in China consists of 476 swap stations along the 10 major expressways, connecting 6 to 8 major cities. We've also deployed over 7,900 power chargers and 9,700 destination chargers. NIO has become the automotive brand with the most public charters and the most chargers along expressways in China.

在充換電網絡方面，迄今為止，我們已在全球安裝了1,747個換電站，並提供了超過2700萬次電池更換。我們在中國的高速公路電池交換網絡由 10 條主要高速公路沿線的 476 個交換站組成，連接 6 至 8 個主要城市。我們還部署了 7,900 多個充電器和 9,700 個目的地充電器。蔚來已成為中國公共包車最多、高速公路充電樁最多的汽車品牌。

In the meantime, NIO's charging map has connected with over 1.36 million third-party charges worldwide. On July 20, NIO announced the flexible battery upgrade service by day, providing users with more options and fulfilling more use cases. In July, we organized the host city election for NIO day 2023, and the city of Xi'an was voted by NIO users as the host city this year.

同時，蔚來充電地圖已連接全球超過136萬個第三方充電樁。 7月20日，蔚來宣布推出電池靈活升級服務，為用戶提供更多選擇，滿足更多用例。 7月，我們組織了2023年蔚來日主辦城市選舉，西安市被蔚來用戶投票選為今年的主辦城市。

On August 20, we partnered with Worldwide Fund for Nature and Chilean Mountain National Park in installing the world's first photovoltaic self-consumption system with V2G capability. It features solar power stations, V2G chargers and battery electric vehicles. Moreover, we initiated the Clean Park citizen scientist program, to engage more users and the public in conserving biodiversity and supporting the establishment of a volunteer system for national parks in hope of striving for a shared vision of Blue Sky.

8月20日，我們與世界自然基金會、智利山地國家公園合作，安裝了全球首個具有V2G功能的光伏自耗系統。它具有太陽能發電站、V2G 充電器和純電動汽車。此外，我們還發起了清潔公園公民科學家計劃，讓更多用戶和公眾參與保護生物多樣性，支持建立國家公園志願者體系，為共同的藍天願景而奮鬥。

In July, NIO received a strategic equity investment from CYVN Holdings, an investment vehicle majorly owned by the Abu Dhabi government. The investment package totaled USD 1.1 billion. In addition, we will also cooperate with the NIO strategic investor to jointly pursue opportunities in our international business.

7月，蔚來獲得了CYVN Holdings的戰略股權投資，CYVN Holdings是主要由阿布扎比政府擁有的投資工具。一攬子投資總額為11億美元。此外，我們還將與蔚來戰略投資者合作，共同尋找國際業務的機會。

Although the smart EV market is full of challenges and the competition is increasingly fierce, with our continuous efforts in core technologies, product portfolio, sales capabilities, manufacturing and logistics, we are fully ready to rise to the challenge. We believe that with focused marketing and self-strategy as well as execution, NIO can drive the steady growth of sales and deliveries while further optimizing the cost structure and enhancing operating efficiency on all fronts. We look forward to Nio's strong market performance in the second half.

儘管智能電動汽車市場充滿挑戰，競爭日益激烈，但憑藉我們在核心技術、產品組合、銷售能力、製造和物流方面的不斷努力，我們已做好迎接挑戰的充分準備。我們相信，通過聚焦營銷、自身戰略和執行力，蔚來能夠帶動銷量和交付量的穩定增長，同時進一步優化成本結構，全面提昇運營效率。我們期待蔚來下半年的強勁市場表現。

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

一如既往，感謝您的支持。現在，我將把電話轉給史蒂文，他將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 the second quarter of 2023. And be mindful of the length of call, I'll reference to RMB only in my discussion today. I encourage listeners to refer to our earnings press release, which is posted online for additional details. Our total revenues in the second quarter were RMB 8.8 billion, representing a decrease of 14.8% year-over-year and a decrease of 17.8% quarter-over-quarter.

謝謝你，威廉。我現在將回顧 2023 年第二季度的主要財務業績。請注意通話時間，我將在今天的討論中僅提及人民幣。我鼓勵聽眾參考我們發佈在網上的收益新聞稿，以了解更多詳細信息。第二季度我們的總收入為人民幣88億元，同比下降14.8%，環比下降17.8%。

Our total revenue in the mid of 2 parts: vehicle sales and other sales. Vehicle sales in the second quarter were RMB 7.2 billion, represent a decrease of 24.9% year-over-year and 22.1% quarter-over-quarter. The decrease in vehicle sales year-over-year was mainly due to the lower average selling price as a result of higher proportion of 25 and 75-kilowatt hour standard of range battery pack deliveries and decrease in delivery volume.

我們的總收入分為2部分：整車銷售和其他銷售。第二季度汽車銷量為72億元人民幣，同比下降24.9%，環比下降22.1%。整車銷量同比下降的主要原因是25千瓦時和75千瓦時標準續航里程電池組交付比例較高，導致平均售價較低以及交付量減少。

The decrease in vehicle sales quarter-over-quarter was mainly due to a decrease in delivery volume. Other sales in the second quarter were RMB 1.6 billion, representing an increase of 119.9% year-over-year and 9.3% quarter-over-quarter. The increase in other sales year-over-year was mainly due to the increase in sales of used cars, accessories and provisional power solutions as a result of continued growth of our users.

汽車銷量環比下降的主要原因是交付量減少。第二季度其他銷售額為人民幣16億元，同比增長119.9%，環比增長9.3%。其他銷售額同比增長主要是由於用戶持續增長導致二手車、配件和臨時電源解決方案銷售額增加。

The increase in other sales quarter-over-quarter was mainly due to the increase in sales of used cars and provisional power solutions as a result of continued growth of our users, partially offset by decrease in revenue from provision of auto financing services. Gross margin in second quarter of continued (inaudible) was 1.0% compared with 7.0% in the second quarter of 2022 and 1.5% in the first quarter of 2023.

其他銷售額環比增長主要是由於用戶持續增長導致二手車和臨時電源解決方案銷售額增加，但部分被提供汽車金融服務收入的下降所抵消。持續（聽不清）第二季度的毛利率為 1.0%，而 2022 年第二季度為 7.0%，2023 年第一季度為 1.5%。

Vehicle margins in the second quarter was 6.2% compared with 16.7% in the second quarter of 2022 and 1.1% in the first quarter of 2023. the decrease in vehicle margin year-over-year was mainly attributed to changes in product mix, partially offset by the credit cost per unit. The increase in vehicle margin quarter-to-quarter was many due to the current promotion discount for the previous generation of ES8, ES6 and EC6.

第二季度整車利潤率為6.2%，而2022年第二季度為16.7%，2023年第一季度為1.1%。整車利潤率同比下降主要歸因於產品結構的變化，部分抵消了按單位信用成本計算。整車利潤率環比增幅較多，是由於目前上一代ES8、ES6、EC6的促銷折扣所致。

Our own expenses in the second quarter were RMB 3.3 billion, represented an increase of 55.6% year-over-year, an increase of 8.7% quarter-over-quarter. The increase in research and development expenses year-over-year and quarter-over-quarter was mainly attributed to: first, the increased personnel costs, in R&D functions and increased share-based compensation expenses with (inaudible) in the second quarter of 2023.

第二季度我們的自有費用為人民幣33億元，同比增長55.6%，環比增長8.7%。研發費用同比和環比增加的主要原因是：首先，2023年第二季度研發職能人員成本增加以及（聽不清）股權激勵費用增加。

And second, the incremental design and development costs for NIO products and technologies. SG&A expenses in second quarter were RMB 2.9 million, represent an increase of 25.3% year-over-year, an increase of 16.8% quarter-over-quarter. The increase in SG&A expenses year-over-year and quarter-to-quarter was primarily due to, first, the increase in personnel costs related to sales functions; second, the increase in sales and marketing activities, increase the launch of NIO products; and third, increased rental and related expenses related to company's sales and service network expansion.

其次，蔚來產品和技術的增量設計和開發成本。第二季度SG&A費用為人民幣290萬元，同比增長25.3%，環比增長16.8%。 SG&A費用同比和環比增加的主要原因是，首先，與銷售職能相關的人員成本增加；第二，增加銷售和營銷活動，增加蔚來產品的推出；第三，與公司銷售和服務網絡擴張相關的租金和相關費用增加。

Loss from operation in the second quarter was RMB 6.1 billion, represent an increase of 170.5% year-over-year, an increase of 18.8% quarter-over-quarter. Loss in the second quarter was RMB 6.1 billion revenue increase of 119.6% year-over-year, an increase of 27.8% quarter-over-quarter. Our best cash and cash equivalents, restricted cash, short-term investments and long-term power deposits was RMB 31.5 billion as of June 30, 2023. Now this concludes our prepared remarks. I will now turn the call over to the operator to facilitate our Q&A session.

第二季度經營虧損為人民幣61億元，同比增長170.5%，環比增長18.8%。第二季度虧損61億元人民幣，營收同比增長119.6%，環比增長27.8%。截至 2023 年 6 月 30 日，我們的最佳現金和現金等價物、受限制現金、短期投資和長期動力存款為人民幣 315 億元。現在我們準備好的發言結束。我現在將把電話轉給接線員以方便我們的問答環節。

(Operator Instructions) And the first question will come from Bin Wang of Credit Suisse.

（操作員說明） 第一個問題將由瑞士信貸銀行的王斌提出。

My question is about your sales network structure. Recently, I heard you hired a few of the salesperson from other luxury brands such as BMW, Mercedes and Audi. So what's the reason you hire on non-NIO salesperson recently? And how is the impact so far for your sales volume increase? We also found that in your third quarter guidance, you actually employed in August and September, September will be lower compared to July. So kind of what's the reason behind it? It's because supply chain issue?

我的問題是關於你們的銷售網絡結構。最近，聽說你們聘請了一些來自寶馬、奔馳、奧迪等其他豪華品牌的銷售人員。那麼您最近聘用非蔚來銷售人員的原因是什麼？到目前為止，對你們銷量增長的影響如何？我們還發現，在你們第三季度的指導中，你們8月和9月的實際就業人數，9月會比7月低。那麼這背後的原因是什麼？是因為供應鏈問題嗎？

[Interpreted] Well, thank you, Bin Wang. For your first question, actually, around June, we have realized that inside of the company in terms of the number of our salespersons as well as the capabilities of selling products, we are lagged behind by the competitors in the market. For example, for those luxury brands like BMW and Mercedes, the size of their sales team is 6 to 7x of ours. Without sufficient personnel or touch point, we cannot realize a very good user satisfaction, realize very good test drives or high conversion rate from these 2 orders.

[翻譯]好的，謝謝王斌。關於你的第一個問題，其實到了6月份左右，我們就已經意識到，在公司內部無論是從銷售人員的數量還是銷售產品的能力上，我們都落後於市場上的競爭對手。例如，像寶馬、奔馳這樣的豪華品牌，他們的銷售團隊規模是我們的6到7倍。如果沒有足夠的人員或接觸點，我們無法從這兩個訂單中實現很好的用戶滿意度，實現很好的試駕或高轉化率。

So starting from June and -- July and August, we have taken a more active manner in improving our sales capabilities. And with that, we hope that the company will be able to support the NIO orders of 30,000 units per month that will be contributed by our sales network as well as the personnel increase. So that by the end of September, we will be able to realize that target. Of course, it takes time for us to really train the personnel and also to find the locations. So the -- we will have that initial capability ready by the end of September, and then the real effect will kick in from October. That is our existing plan for the improvement. This is also why starting July and August, we've been taking some active measures and actions in expanding our sales network and touch points, especially in lower-tier cities where we don't have full-fledged facilities or stores, we hope to really secure and hire experience and season salespersons who have their networks and user bases already to help us with the sales test.

所以從六月、七月、八月開始，我們採取了更加積極的方式來提高我們的銷售能力。由此，我們希望公司能夠通過我們的銷售網絡以及人員的增加來支持蔚來每月3萬輛的訂單。這樣到九月底，我們就能夠實現這個目標。當然，我們還需要時間來真正培訓人員，也需要時間來尋找地點。因此，我們將在 9 月底之前準備好初始功能，然後真正的效果將從 10 月開始生效。這是我們現有的改進計劃。這也是為什麼從7、8月份開始，我們一直在採取一些積極的措施和行動來擴大我們的銷售網絡和接觸點，特別是在我們沒有成熟設施或商店的低線城市，我們希望能夠真正確保並聘請有經驗和季節的銷售人員，他們已經擁有自己的網絡和用戶群來幫助我們進行銷售測試。

And regarding your second question, in July, we have delivered more than 20,000 vehicles. And as shown by our guidance, our delivery volume in August and September are lower than that in July. This is mainly because by the end of July, we have announced the adjustment to our Power Swap user benefits before users enjoy or are entitled to 4 or 6 free swaps per month. But starting from August 1, all the NIO orders are not entitled to free swaps anymore. This also helped us to pull ahead some orders or users with strong demand for Power Swap in July, and this has also affected the delivery volume in July.

關於你的第二個問題，7月份我們交付了2萬多​​輛汽車。正如我們的指引所示，我們 8 月和 9 月的交付量低於 7 月。這主要是因為到7月底，我們已經宣布調整我們的Power Swap用戶福利，然後用戶才能享受或有權每月4或6次免費交換。但從8月1日起，所有蔚來訂單將不再享受免費掉期。這也幫助我們提前了一些7月份Power Swap需求旺盛的訂單或者用戶，而這也影響了7月份的發貨量。

In terms of the August, we believe that it will take some time for the order momentum and intake to be back to the normal track. But in the meantime, in August, we've also witnessed a new high of the numbers of test drives and leads. Average speaking, during the weekends, we have more than 10,000 test drives. This represents a significant growth from the past month. And in the meantime, we also understand that it will take some time for the test drive to be truly converted into orders and we will wait for that. But overall speaking, we are very confident in stabilizing the order intake as well as the delivery volume.

就8月份而言，我們認為訂單勢頭和進口量要恢復到正常軌道還需要一段時間。但與此同時，8月份，我們也見證了試駕和引導數量的新高。平均而言，週末我們的試駕次數超過一萬次。這比上個月有顯著增長。同時，我們也了解到，試駕真正轉化為訂單還需要一段時間，我們會等待。但總體來說，我們對於穩定訂單量和出貨量是非常有信心的。

In the meantime, we also need to understand the external challenges, especially the challenges and the pressure from the macroeconomic environment. So our fair cost and guidance have also considered that those external factors. But overall speaking, we are confident in the delivery volumes we provided. Also, we must understand that in July, inside of the premium battery electric vehicle segment priced over RMB 300,000. We have already realized the 59% market share. This has proven a very solid foothold of NIO in this segment, and we will continue to make efforts in transforming and converting ICE users into buying EVs in the premium segment. In this case, we will also make more efforts in expanding our channels at touch point. Thank you, Wang Bin.

同時，我們也要認識外部挑戰，特別是來自宏觀經濟環境的挑戰和壓力。因此，我們的公平成本和指導也考慮了這些外部因素。但總體而言，我們對我們提供的交付量充滿信心。另外，我們還必須看到，7月份，高端純電動汽車細分市場的價格在30萬元以上。我們已經實現了59%的市場份額。這證明了蔚來在這一細分市場的站穩了腳跟，我們將繼續努力將ICE用戶轉變為購買高端電動汽車。在這種情況下，我們也會在觸點渠道的拓展上做出更多的努力。謝謝你，王斌。

The next question comes from Tim Hsiao of Morgan Stanley.

下一個問題來自摩根士丹利的 Tim Hsiao。

So my first question, basically, just want to follow-up regarding the sales volumes into second half. Because as William just mentioned, we successfully upgraded our sales team and sales network. So looking into fourth quarter, I recall that we expect our monthly sales can stay above 20,000. So if that's the case, looking into fourth quarter, should we expect NIO to grow the sales further to above 20,000 or even like 25,000?

所以我的第一個問題基本上只是想跟進下半年的銷量。因為正如William剛才提到的，我們成功地升級了我們的銷售團隊和銷售網絡。所以展望第四季度，我記得我們預計我們的月銷量可以保持在2萬輛以上。那麼如果是這樣的話，展望第四季度，我們是否應該期望蔚來汽車的銷量進一步增長到20,000輛以上，甚至25,000輛左右？

And what could be the contribution from the 4 volume driving models covering like ET5, ES6. So could you just provide some update regarding volume.

ET5、ES6等4款量產車型又將帶來怎樣的貢獻？您能否提供一些有關交易量的最新信息？

And my second question is about the gross profit margin. It is according to the management's previous guidance, I think the vehicle gross profit margin could you go back to double digit in the second half. So after the RMD 30,000 cost in late June, do you still stick to your previous view on sequential margin expansion into second half? What would be the pace in the quarter and fourth quarter, respectively. That's my second question.

我的第二個問題是關於毛利率。根據管理層之前的指引，我認為下半年整車毛利率能回到兩位數。那麼，在6月下旬經歷了RMD 30,000的成本之後，您是否仍然堅持之前對下半年利潤率環比擴張的看法？第二季度和第四季度的增速分別是多少？這是我的第二個問題。

[Interpreted] Thank you, Tim, for your question. Regarding your first question, of course, we target to realize and stabilize our monthly delivery to be above 20,000 units starting Q4 this year. But in the meantime, we are also preparing our [sales] capability so that we can support the new orders of 30,000 units per month. In this case, we are expanding our channels and also personnels. As mentioned, we will be occurring this initial capabilities by the end of September, and we will take some time for the preparation and the ramp-up. We believe that the effect of our sales capability improvement will be kicking in from October and November with positive progress from that time point. .

[解釋]謝謝蒂姆的提問。關於你的第一個問題，當然，我們的目標是從今年第四季度開始實現並穩定每月交付量在2萬台以上。但與此同時，我們也在準備我們的[銷售]能力，以便我們能夠支持每月3萬台的新訂單。在這種情況下，我們正在擴大我們的渠道和人員。如前所述，我們將在 9 月底之前實現這一初步功能，並且我們將需要一些時間進行準備和提升。我們相信，我們銷售能力提升的效果將從10月和11月開始顯現，並從那時起取得積極進展。 。

In terms of the reference to the NT 1 products we've experienced. Normally, we realize that it will take around 1 to 2 years for the new product to reach a sound and stable volume on a monthly basis. For example, for our first generation ES6 was launched in 2019, and it was not until 2021 that it has a rather stable and sound monthly delivery. So we are very confident with our new products.

就參考我們體驗過的NT 1產品而言。通常情況下，我們意識到新產品大約需要1到2年的時間才能達到每月穩定的銷量。比如我們的第一代ES6是2019年推出的，直到2021年，它的月度交付量才比較穩定和良好。所以我們對我們的新產品非常有信心。

In terms of the volume products, including ET5, ET5 T, ES6 and EC6, these are 4 volume products. For the EC6, it will be delivered starting September and it will take some time for the production and the delivery ramp up. But within its own segment, it will be dominating the major market share. So with these 4 models combined, we believe that its monthly volume will be stabilized at around 15,000 to 20,000 units.

從量產產品來看，包括ET5、ET5 T、ES6、EC6，共4款量產產品。 EC6將於9月份開始交付，生產和交付量的提升還需要一段時間。但在其自己的細分市場中，它將佔據主要市場份額。所以這4款車型加在一起，我們認為其月銷量將穩定在15,000至20,000台左右。

In terms of higher volume -- higher service products like EC7, ET7 and ES7 as well as ES8, we are expecting also increments on their sales volume.

在更高的銷量方面——EC7、ET7、ES7以及ES8等更高服務的產品，我們預計它們的銷量也會增加。

Yes. Stanley will answer the second question.

是的。斯坦利將回答第二個問題。

Tim, regarding the gross profit margin, as shown in our Q2 financials, the vehicle margin is 6.2%, similar with Q1. The key reasons are sales and production volume at a lower level, driving higher manufacturing cost and other cost allocation and also more promotions to the users and also marketing efforts during the product transition period. But along with our sales and volume ramp-up of our -- all our NT2 product, our target to achieve double-digit gross profit margin in Q3 and 15% in Q4. If we can control the battery cost and other costs well. So, yes.

Tim，關於毛利率，如我們第二季度的財務數據所示，整車利潤率為 6.2%，與第一季度類似。主要原因是銷量和產量處於較低水平，導致製造成本和其他成本分配更高，以及產品轉型期間對用戶的更多促銷和營銷力度。但隨著我們所有 NT2 產品的銷量和銷量的增長，我們的目標是在第三季度實現兩位數的毛利率，在第四季度實現 15% 的毛利率。如果我們能很好地控制電池成本和其他成本。所以，是的。

[Interpreted] So we have already digested the impact of the price reduction.

【解讀】所以我們已經消化了降價的影響。

The next question comes from Yuqian Ding of HSBC.

下一個問題來自匯豐銀行的丁宇謙。

Yuqian here. I got 2. First question is, we practically have all the models are now refreshed and then newly launched based on 2.0 platform. Therefore, NT model is a pretty comprehensive coverage. We will be expecting strong ramp-up in the coming 6 months in a visible way. But how do we expect the key growth drivers, if we're looking at 12 to 18 months, especially in terms of new product? How do we [filling] in the already comprehensive product portfolio where the software is going to be the next leg of growth?

雨倩來了我得到了2。第一個問題是，我們現在幾乎所有的型號都基於2.0平台進行了刷新，然後重新推出。因此，NT模型是一個相當全面的覆蓋。我們預計未來 6 個月將出現明顯的強勁增長。但如果我們著眼於 12 至 18 個月，我們如何預期關鍵的增長動力，尤其是在新產品方面？我們如何[填充]已經很全面的產品組合，使軟件成為下一個增長點？

The second question is on the OpEx side. So this year, we have new model launches and we have the sales channel upgrade. But next year, when we're rolling into next year, could we see the absolute OpEx value dialed down a little bit?

第二個問題是OpEx方面的。所以今年我們有新車型的推出，我們有銷售渠道的升級。但明年，當我們進入明年時，我們是否會看到運營支出的絕對值略有下降？

[Interpreted] Thank you for your question. Regarding your first question, as you may know that starting from September, we will launch our EC6 into the market. And with that all its models on the NT 2.0 platforms will be launched to the market. .

[解釋]謝謝你的提問。關於你的第一個問題，你可能知道，從9月份開始，我們將向市場推出EC6。至此，其NT 2.0平台全系車型將全面上市。 。

And over the past several months, we have launched 5 brand new models plus a facelift. In such a short time frame, we are able to realize the high-quality deliveries of this model. This has also demonstrated our R&D efficiency as well as the strong execution.

在過去的幾個月裡，我們推出了 5 款全新車型以及一款改款車型。在如此短的時間內，我們能夠實現該車型的高質量交付。這也體現了我們的研發效率以及強大的執行力。

But in the meantime, we also need to realize that it's a challenge brought by the smart electric vehicles to the entire industry as in a very short time frame we needed to catch up to the changes of all the smart technologies. But in the meantime, for all the NT 2.0 products, we are looking at more software features to be updated and released.

但同時我們也需要認識到，這是智能電動汽車給整個行業帶來的挑戰，我們需要在很短的時間內跟上所有智能技術的變化。但與此同時，對於所有 NT 2.0 產品，我們正在考慮更新和發布更多軟件功能。

For example, our NIO Assisted and Intelligent Driving. For the coming months, we will be rolling out some new features and also services. This will help us to improve the competitiveness of the project.

比如我們的蔚來輔助和智能駕駛。在接下來的幾個月裡，我們將推出一些新功能和服務。這將有助於我們提高項目的競爭力。

And also, as we've mentioned, we are developing the sales capabilities inside of the company so that we can reach out to broader channels with more salespersons and support the new orders of 30,000 units per month. This will also be a very concrete foundation for the continuous growth of the sales and deliveries in the coming months.

此外，正如我們所提到的，我們正在開發公司內部的銷售能力，以便我們能夠接觸更廣泛的渠道，擁有更多的銷售人員，並支持每月 30,000 台的新訂單。這也將為未來幾個月銷量和交付量的持續增長奠定非常堅實的基礎。

If you look at our 8 models on the NT 2.0 platform, they are already covering 80% of the needs in the premium market. And also, we have also adjusted our organizational structure starting from the third quarter. So that from the headquarters to the regional companies, we will be having dedicated teams managing and responsible for each of the model across the life cycle. This is also the efforts we've made from the sales and marketing perspective.

如果你看看我們NT 2.0平台上的8款車型，它們已經滿足了高端市場80%的需求。另外，從第三季度開始，我們還對組織架構進行了調整。因此，從總部到區域公司，我們將有專門的團隊管理和負責每個模型的整個生命週期。這也是我們從銷售和營銷角度所做的努力。

Regarding the OpEx of next year, the negative -- the budget for us has not been ready. So at this moment, I may not be able to give you the precise number, but I can give you some feeling.

關於明年的運營支出，不利的一面是——我們的預算還沒有準備好。所以現在我可能無法給你一個準確的數字，但是我可以給你一些感覺。

Regarding the R&D expense, as introduced in last quarters, on average each quarter this year, the non-GAAP R&D investments will be RMB 3 billion to RMB 3.5 billion for this year. I think for next year, the -- we will keep similar like investment R&D activities.

研發費用方面，根據前幾個季度的介紹，今年平均每個季度的非美國通用會計準則研發投入為人民幣30億元至人民幣35億元。我認為明年，我們將保持類似的投資研發活動。

And regarding the SG&A expense, as explained by William, we have the relatively more aggressive sales targets for the second half of this year, I think should be for next year. So the absolute value for SG&A will grow accordingly since we need more market activities and events. But the percentage of total sales revenue, I think, will decline compared with the first half of this year and also the whole -- I think the whole year of 2023. Because of the improvements in both, I think, delivery volume and also operating efficiency. Thank you, Yuqian.

至於SG&A費用，正如William所解釋的，我們今年下半年有相對更激進的銷售目標，我認為明年也應該如此。因此，SG&A 的絕對值將相應增長，因為我們需要更多的市場活動和活動。但我認為，與今年上半年以及整個 2023 年全年相比，我認為佔總銷售收入的百分比將會下降。我認為，因為交付量和運營方面都有所改善效率。謝謝你，于謙。

The next question comes from Jeff Chung of Citi.

下一個問題來自花旗銀行的傑夫·鐘（Jeff Chung）。

(foreign language) I have 2 questions. First question is our refinancing plan going forward. And the second question is our cash flows projection into the third quarter and fourth quarter. So why I am asking this is because we saw the first quarter, the net cash outflow was JPY 10.6 billion but improved to a cash outflow of JPY 5.9 billion in the second quarter.

（外語）我有兩個問題。第一個問題是我們未來的再融資計劃。第二個問題是我們對第三季度和第四季度的現金流預測。所以我問這個問題是因為我們看到第一季度的淨現金流出為106億日元，但第二季度的現金流出改善為59億日元。

And within the second quarter, we also saw the inventory Q-on-Q delta of around 5 billion, while the account payable -- account receivable remains stable. So that said, if the third quarter inventory came down plus the operating leverage with a volume hike whether we should see the cash outflow should be significantly narrowing further? This is my first question.

在第二季度，我們還看到庫存環比增量約為 50 億，而應付賬款 - 應收賬款保持穩定。話雖如此，如果第三季度庫存下降，加上經營槓桿隨著銷量增加，我們是否應該看到現金流出進一步大幅收窄？這是我的第一個問題。

And my second question is about the third quarter and fourth quarter GP margin guidance. When can we return to a 10% or double-digit level as well as the third quarter, fourth quarter SG&A as a percentage of the revenue guidance. That's all from me.

我的第二個問題是關於第三季度和第四季度的毛利率指引。我們什麼時候才能恢復到 10% 或兩位數的水平以及第三季度、第四季度的 SG&A 佔收入指導的百分比。這就是我的全部。

Okay. Thank you, Jeff. Stanley, please answer the first question.

好的。謝謝你，傑夫。斯坦利，請回答第一個問題。

Yes. Yes, regarding the cash flow, I think -- sorry. Yes, regarding the cash flow and also the refinancing plans, I think several points about this.

是的。是的，關於現金流，我想——抱歉。是的，關於現金流以及再融資計劃，我認為有幾點。

One is regarding operating cash flow, I think as the delivery volume ramp-up from Q3 this year, our operating cash flow will be significantly improved compared with Q1 and Q2 of this year. And we also carried out a series of measures to control the CapEx investment and also manage the -- our investment cadence prudently like delay or cancel of certain CapEx investments. This will also help us to manage the healthy cash flow.

一是關於經營現金流，我認為隨著今年第三季度交付量的增加，我們的經營現金流將比今年第一季度和第二季度有顯著改善。我們還採取了一系列措施來控制資本支出投資，並謹慎管理我們的投資節奏，例如推遲或取消某些資本支出投資。這也將有助於我們管理健康的現金流。

And additionally, as explained in William's comments, we received USD 740 million strategic investment from CYVN. And we also completed the offering of our first of balance sheet (inaudible) in Q3. I think both our U.S. dollar and also RMB financing channels remain drafted. And all those will enable us to keep a healthy cash position and support the ongoing business development of the company.

此外，正如 William 評論中所解釋的，我們還獲得了 CYVN 7.4 億美元的戰略投資。我們還在第三季度完成了第一份資產負債表（聽不清）的發行。我認為我們的美元和人民幣融資渠道都還在起草中。所有這些將使我們能夠保持健康的現金狀況並支持公司的持續業務發展。

And regarding the refinancing plan, we will disclose our plan accordingly if there is any capital market-related updates. But at this moment, I think we don't have the precise information to comment with you. Yes, that's the first question regarding the cash flow and also refinancing plan. The second is for this year's margin?

至於再融資計劃，如果有資本市場相關的消息，我們會及時披露。但目前，我想我們還沒有確切的信息可以向你發表評論。是的，這是關於現金流和再融資計劃的第一個問題。第二個是今年的利潤？

Yes.

是的。

For this year's margin, I think we have explained in the previous questions. And for Q3, our target is to achieve the double-digit gross profit margin and Q4 is 15%. And for SG&A guidance, I think the absolute value will grow along with our delivery volume and sales growth but the percentage of total revenue will decrease. But according to the market situation, the adjustment and the change of our marketing strategy will be quite dynamic. So at this moment, I cannot give you precise guidance about the percentage of SG&A over sales revenue. Thank you, Jeff.

對於今年的利潤率，我想我們在前面的問題中已經解釋過。對於第三季度，我們的目標是實現兩位數的毛利率，第四季度是15%。對於SG&A指導，我認為絕對值將隨著我們的交付量和銷售額的增長而增長，但佔總收入的百分比將會下降。但根據市場情況，我們營銷策略的調整和變化會是相當動態的。因此，目前我無法就 SG&A 佔銷售收入的百分比向您提供準確的指導。謝謝你，傑夫。

Just a correction here. I mentioned the inventory Q-on-Q delta was 5 billion, which was wrong. I just checked that. The Q-on-Q delta was only 2 billion. That's it from my side.

這裡只是更正一下。我提到庫存環比增量是 50 億，這是錯誤的。我剛剛查了一下。環比增量僅為 20 億。從我這邊來說就是這樣。

Yes, welcome. Thank you.

是的，歡迎。謝謝。

The next question comes from Ming-Hsun Lee of Bank of America.

下一個問題來自美國銀行的 Ming-Hsun Lee。

(foreign language) So I have 2 questions. The first question is currently, you have [8] product to cover the majority of the luxury car segment. So could you give more guidance on any of the new product plan next year in -- under the NIO brand as well as the ALPS brand. And the second question is, what is your latest business progress for the mobile business?

（外語）所以我有兩個問題。第一個問題是，目前，你們的產品 [8] 可以覆蓋大部分豪華車細分市場。那麼，您能否就明年蔚來品牌和阿爾卑斯品牌下的任何新產品計劃提供更多指導。第二個問題是，你們移動業務的最新進展是什麼？

[Interpreted] Thank you for your question. For NIO brand, actually, we don't plan to launch any new products in the year of 2024. Of course, we will still roll out some routine facelifts or product upgrades, but we haven't planned any new products for next year because we think that it's more important for us to stay focused on our existing [8] products on the NT 2.0 platform to continuously improve its qualities and also market performance.

[解釋]謝謝你的提問。對於蔚來品牌來說，其實我們並沒有計劃在2024年推出任何新產品。當然，我們還是會推出一些例行的改款或者產品升級，但是明年我們沒有計劃推出任何新產品，因為我們認為對我們來說更重要的是繼續專注於NT 2.0 平台上現有的[8] 產品，不斷提高其質量和市場表現。

Just like in 2021, we didn't launch any new models, but still, we have realized a very good gross margin, sales volume as well as quality performance. So that's the plan for the brand of NIO.

就像2021年一樣，我們沒有推出任何新車型，但我們仍然實現了非常好的毛利率、銷量以及質量表現。這就是蔚來品牌的規劃。

In terms of our mass market brand, ALPS, we plan to launch the very first model from ALPS in the second half of next year. Right now, the R&D activities are proceeding according to the plan. And actually, we have just rolled out the verification build of the first model from ALPS and this model will be highly competitive in its product segment.

就我們的大眾市場品牌ALPS而言，我們計劃在明年下半年推出ALPS的首款車型。目前，研發活動正在按計劃進行。事實上，我們剛剛推出了 ALPS 第一個模型的驗證版本，該模型將在其產品領域具有很強的競爭力。

And also for the brands of ALPS, its R&D philosophy is different from that of NIO. ALPS is targeting at the mass market, and we will not have many products in the lineup for ALPS.

而同樣對於ALPS旗下的品牌來說，其研發理念也與蔚來有所不同。 ALPS 的目標是大眾市場，我們不會在 ALPS 的產品陣容中提供太多產品。

But for NIO, it's different. It is targeting at the premium segment where we care more about the personalization and also the differentiation of the products. Just like Mercedes and BMW in China, they are solving 40, 50 models. That is a unique character of the premium segment. But for ALPS, for the mass market, it will be more family oriented and we will also care more on the sales volume of each model launched by ALPS.

但對於蔚來來說，情況就不一樣了。它針對的是高端市場，我們更關心產品的個性化和差異化。就像中國的奔馳和寶馬一樣，他們正在解決40、50款車型。這是高端市場的獨特特徵。但對於ALPS來說，對於大眾市場來說，會更加面向家庭化，我們也會更加關心ALPS推出的每一款車型的銷量。

In terms of our phone business, our mobile phone will be developed mainly for our new users, especially the users of our NT 2.0 products. And the phone itself is developed centering on the vehicles but with better mobility and connectivity experience, we are actually believing that with the phone business, it can help us to improve the competitiveness of our vehicle products because our phone business is not to compete with those phone makers. Instead, we would like to use the phone as a carrier to provide the best experience for our vehicle users.

在我們的手機業務方面，我們的手機將主要針對我們的新用戶，特別是我們的NT 2.0產品的用戶開發。而且手機本身是圍繞汽車來開發的，但是有更好的移動性和連接體驗，我們實際上相信通過手機業務，它可以幫助我們提高我們的汽車產品的競爭力，因為我們的手機業務不是與那些汽車產品競爭。手機製造商。相反，我們希望使用手機作為載體，為我們的車輛用戶提供最佳的體驗。

Moreover, the underlying software and the underlying logic between the phone and the cars shares quite a lot of similarities. In terms of the launch plan for the phone, we plan to introduce our first phone product in the second half or in late September.

而且，手機和汽車的底層軟件和底層邏輯有很多相似之處。從手機的上市計劃來看，我們計劃在下半年或者九月下旬推出我們的第一款手機產品。

The next question comes from Paul Gong of UBS.

下一個問題來自瑞銀集團的保羅·龔。

So 2 questions here. The first question is regarding the sales channel. You mentioned that you are going to expand it. You feel it's behind of the BMW and Mercedes Benz in terms of the channel as well as a sales person. But how does it compare to other EV start-ups, are we ahead or are we behind?

所以這裡有兩個問題。第一個問題是關於銷售渠道。您提到您將擴大它。你感覺它無論是渠道還是銷售人員都落後於寶馬和奔馳。但與其他電動汽車初創企業相比，我們是領先還是落後？

And how much do you think about the expansion of the store network and the sales personnel versus the sales efficiency improvement? And you also mentioned you are going to reach 30,000 monthly sales capability. How does that compare to today? Is that fair to assume currently, we have the capability to sell 20,000 monthly sales, given we already achieved that in July and expanding would be about 50% compared to today to 30,000. How does this mathematics work? This is my first question.

與銷售效率的提高相比，您對門店網絡和銷售人員的擴張有何看法？您還提到您將達到每月 30,000 輛的銷售能力。與今天相比如何？假設目前我們有能力每月銷售 20,000 輛，因為我們已經在 7 月份實現了這一目標，並且與今天相比將擴大約 50% 至 30,000 輛，這樣假設是否公平。這個數學是如何運作的？這是我的第一個問題。

The second question is regarding the battery swap versus fast charging given the batteries, the semiconductors as well as even the charging piles, DC charging stations or this seems to be rolling out with the industrial efforts. How -- I understand it's good to have both, the battery swap as well as the fast charging, but would you consider the rolling out of the fast charging kind of weak and the battery swap convenience and the competitive edge of used cars?

第二個問題是關於電池更換與快速充電，考慮到電池、半導體，甚至充電樁、直流充電站，或者這似乎正在隨著工業的努力而推出。怎麼樣——我知道同時擁有電池更換和快速充電是件好事，但是您是否認為快速充電的推出有點弱，電池更換的便利性和二手車的競爭優勢？

[Interpreted] Thank you for your questions. If you look at the size of the sales teams in comparison to other EV start-ups in China, actually, by the end of June, the size of our sales team is only half of those of other companies.

[解釋]謝謝您的提問。如果你對比一下中國其他電動汽車初創企業的銷售團隊規模，實際上，到6月底，我們的銷售團隊規模只有其他公司的一半。

Of course, in terms of the service network, we have specialties and the teams working for the Power Swap stations, roadside services as well as the new houses. So for the service and community part, we have a bigger team than other EV start-ups. But when it comes to the actual sales person in our company, we call them silos. In terms of the number of silos, we are -- actually have a much smaller team than all the other companies in the industry.

當然，在服務網絡方面，我們有專職人員和團隊，負責換電站、路邊服務以及新房的工作。因此，在服務和社區部分，我們比其他電動汽車初創企業擁有更大的團隊。但當談到我們公司的實際銷售人員時，我們稱他們為筒倉。就孤島數量而言，我們的團隊實際上比業內所有其他公司要小得多。

In April and May this year, our delivery volume was not very high. By then, we didn't really realize the importance of the sales capabilities for taking any actions. But starting from June, as we ramp up our delivery volumes, we gradually realize that the insufficient sales teams has affected the satisfaction and also the execution of many things, including test drive and also order conversions. That's why starting from July, we have started to develop our sales channels as well as the sales teams.

今年四五月份，我們的發貨量不是很高。那時，我們還沒有真正意識到銷售能力對於採取任何行動的重要性。但從6月份開始，隨著我們交付量的增加，我們逐漸意識到銷售團隊的不足影響了滿意度，也影響了很多事情的執行，包括試駕和訂單轉化。這就是為什麼從7月份開始，我們開始開發我們的銷售渠道和銷售團隊。

For comparison to ramp up to the comparable size, we believe that we need around 5,000 people working on the sales team. But of course, it takes time for us to have that many people on the team and also to train them with the corresponding capabilities. In terms of the delivery volume in July, we have delivered more than 20,000 cars, but that demonstrated our capability in terms of the deliveries, which is relatively easier than realizing sales capabilities.

為了達到同等規模，我們認為我們的銷售團隊需要大約 5,000 人。當然，我們團隊有這麼多人，也需要時間來培養他們相應的能力。從7月份的交付​​量來看，我們交付了2萬多​​輛汽車，但這也說明了我們的交付能力，這比實現銷售能力相對容易。

And another thing is about the channels. If you look at our sales distribution, Jiangsu and Shanghai, this replaces basically contribute half of our sales volume. But for other provinces like in Anhui, the capital city itself is contributing around 80% to 90% of the sales volume.

另一件事是關於渠道。如果你看我們的銷售分佈，江蘇和上海，基本上就貢獻了我們一半的銷量。但對於安徽等其他省份來說，省會城市本身就貢獻了約 80% 至 90% 的銷量。

If we take Anhui as an example for other brands like BMW or Mercedes, half of their sales volume in Anhui province is contributed by cities outside of Anhui -- sorry, outside of the Hefei. And they basically have dealership stores in all the cities in Anhui province. And for us, we opened -- we've just opened our NIO house in the second largest city in Anhui province that is in Wuhu.

如果我們以安徽為例，像寶馬、奔馳這樣的其他品牌，它們在安徽省的銷量有一半是由安徽以外的城市貢獻的——對不起，是合肥以外的城市。他們基本上在安徽省的所有城市都有經銷店。對於我們來說，我們剛剛在安徽省第二大城市蕪湖開設了我們的蔚來之家。

In this case, we will need to take efforts in increasing our penetration into the lower-tier cities. In addition to the sales channels, we are also developing and expanding our Power Swap networks into more cities. For the past several months, we've been developing our Power Swap stations in a much faster manner. And in August, we expect that we will deploy and install more than 100 Power Swap stations. Of course, it will take time for all these measures to kick in, but this investment will be very important for our long-term capability.

在這種情況下，我們需要努力提高對低線城市的滲透率。除了銷售渠道外，我們還正在開發 Power Swap 網絡並將其擴展到更多城市。在過去的幾個月裡，我們一直在以更快的速度開發我們的換電站。 8 月份，我們預計將部署和安裝 100 多個換電站。當然，所有這些措施的實施都需要時間，但這項投資對於我們的長期能力非常重要。

Regarding your second question about power swapping versus faster charging, as we've always mentioned, that chargeable, swappable and upgradable have been the philosophy of our power solutions and we've been choosing the optimal solutions and also the best experience for our users based on the actual scenarios and the use cases.

關於你提到的第二個問題，關於換電和快充的問題，我們一直提到，可充電、可換電、可升級一直是我們電源解決方案的理念，我們一直在根據用戶的需求來選擇最佳的解決方案和最佳的體驗。根據實際場景和用例。

And as we are developing our power swapping network, we are also the automotive brand with the most public chargers in China, as I've mentioned in my opening remarks. Of course, we believe that with the development of the fast charging technology, it will also help us with the power swap operations as this can improve the service capacity of the swap stations. Not to mention that many of the stations we've installed as of today are integrated stations, which are in both chargers as well as Power Swap.

正如我在開場白中提到的，在我們發展換電網絡的同時，我們也是中國擁有最多公共充電器的汽車品牌。當然，我們相信隨著快充技術的發展，也會對我們換電業務有所幫助，可以提高換電站的服務能力。更不用說我們今天安裝的許多充電站都是集成充電站，它們既包含在充電器中，也包含在 Power Swap 中。

So in terms of the power swapping and the faster charging, we've also had many discussions between these 2 technologies, but we believe that, so far, power swapping is still having a much better experience than faster charging, and it will continue to be a very unique advantage and the competitiveness of NIO.

所以在換電和更快的充電方面，我們對這兩種技術也進行了很多討論，但我們相信，到目前為止，換電仍然比更快的充電有更好的體驗，並且會繼續是蔚來非常獨特的優勢和競爭力。

The next question comes from Jing Chang of CICC.

下一個問題來自中金公司張靜。

I have 2 follow-up questions. The first is about our other sales revenue and profit margin. As we can see that after our policy adjustment, what is our expectation for the future revenue and also profit margin for other sales? After our battery swap started to gain profit. And in particular, do we have any internal calculation of the profitability of the battery swapping business? So what is the upward trend of our gross profit margin for other sales in the following few quarters? And when will it turn positive? This is my first question.

我有 2 個後續問題。第一個是關於我們的其他銷售收入和利潤率。我們可以看到，政策調整後，我們對未來其他銷售的收入和利潤率的預期是多少？在我們的電池交換開始獲得利潤之後。特別是換電業務的盈利能力我們內部有沒有計算過？那麼接下來幾個季度我們其他銷售的毛利率上升趨勢是怎樣的呢？什麼時候會轉為正值？這是我的第一個問題。

And my second is about the technology improvement. We have always been focused more on R&D investment and also technology accumulation. So looking forward regarding to our next generation platform, NT 3. So what improvement can we expect? What are the major areas of our effort to (inaudible)? So can you just share a few insights of information about that? This is my 2 questions.

我的第二個是關於技術改進。我們一直更注重研發投入和技術積累。那麼我們對下一代平台 NT 3 充滿期待。那麼我們可以期待哪些改進呢？我們努力的主要領域是什麼（聽不清）？那麼您能分享一些有關這方面的信息嗎？這是我的2個問題。

This is Stanley. Regarding your first question about the other sales revenue and margin. As we mentioned, we canceled the 3 battery swap policies in Q3. So therefore, there will be more users to pay for battery swap services. And as the sales keep growing, we think more battery swap service revenue can be realized. But since it's only one month from the policy adjustment, so we still need some time to observe and assess the impact of this policy change.

這是斯坦利。關於你的第一個問題，其他銷售收入和利潤。正如我們提到的，我們在第三季度取消了 3 次換電政策。因此，將會有更多的用戶支付換電服務費用。隨著銷量的持續增長，我們認為可以實現更多的電池更換服務收入。但由於距離政策調整隻有一個月的時間，所以我們還需要一些時間來觀察和評估這一政策變化的影響。

And second is with the Power Swap station, the third generation put into operation starting from this April, we will accelerate the deployment of the Power Swap stations in the following quarters. And for this year, our plan is to build 1,000 stations. But at current stage, the capacity won't be fully utilized. So the losses from the accelerated construction of Power Swap station will increase. So I think that's basically the guidance for the other sales revenue.

第二個是隨著第三代換電站從今年4月份開始投入運營，我們將在接下來的幾個季度加快換電站的部署。今年，我們的計劃是建設 1,000 個車站。但現階段產能還沒有得到充分利用。因此，加快換電站建設帶來的損失將會增加。所以我認為這基本上是其他銷售收入的指導。

[Interpreted] Actually, the inherent efficiency of the Power Swap business is pretty high. Before we have negative margin on this part, it's mainly because when we were offering free Power Swaps, the electricity costs were also included in that offering. But now we are charging that separately. In addition, we are also charging our users RMB 30 per swap as a service fee.

【解讀】其實，Power Swap業務的內在效率是相當高的。之前我們在這部分出現負利潤，主要是因為當我們提供免費換電服務時，電費也包含在該服務中。但現在我們單獨收費。此外，我們還向用戶收取每次兌換30元人民幣的服務費。

Actually, we are seeing growing demand for such charged power swap services. Especially many used car users, they are actually using the service. So the percentage for the users to use the paid swap service is also growing. It's mainly a business for the existing users and existing population.

事實上，我們看到對此類充電換電服務的需求不斷增長。尤其是很多二手車用戶，他們實際上都在使用這項服務。因此，使用付費兌換服務的用戶比例也在不斷增長。它主要是針對現有用戶和現有人群的業務。

For the third-generation Power Swap stations, we've also done a rough calculation. When it completes 60 swaps per day, it basically can be breaking even and its service revenues will be covering its operating costs. Right now, around 20% of our third-generation stations are able to realize such performance and capability. So for the long run, we believe that power swap is also a sustainable business. As in addition to offering Power Swap services, we also have other diversified business models like we can leverage the energy storage.

對於第三代換電站，我們也做了粗略的計算。當每天完成60次互換時，基本上可以實現盈虧平衡，其服務收入將覆蓋運營成本。目前，我們大約20%的第三代站點能夠實現這樣的性能和能力。所以從長遠來看，我們相信換電也是一項可持續的業務。除了提供換電服務外，我們還擁有其他多元化的商業模式，例如我們可以利用儲能。

Regarding your second question about our next-generation technology, of course, we will be leveraging our full stack capabilities developed in-house. With that, we will continue to improve the experience and also the performance of our products. And we believe that this will give us a strong product competitiveness worldwide. And also the continuous investment into the research and the development of the core technologies will also help us to optimize and improve the vehicle margin as well as improving the efficiencies of our operations and R&D.

關於你關於我們下一代技術的第二個問題，當然，我們將利用我們內部開發的全棧功能。為此，我們將繼續改善產品的體驗和性能。我們相信，這將使我們在全球範圍內擁有強大的產品競爭力。而對核心技術研發的持續投入也將有助於我們優化和提高整車利潤率以及提高我們的運營和研發效率。

The next question comes from Edison Yu of Deutsche Bank.

下一個問題來自德意志銀行的Edison Yu。

I have one question. I'm wondering what is the management team's openness to embarking on some more strategic action? We've obviously seen a lot of activity from the European OEMs in China trying to revive or restructure their efforts.

我有一個問題。我想知道管理團隊是否願意採取一些更具戰略性的行動？我們顯然已經看到歐洲原始設備製造商在中國開展了大量活動，試圖重振或重組他們的業務。

And I also think in the context of -- I think NIO has made some mistakes. We talked a lot about sales, the sales force today. We had a lot of supply issues last year. Many of which are related actually to more traditional auto side. Can we perhaps benefit actually from having some more closer strategic relationships with some of the OEMs out there?

我還認為，我認為蔚來汽車犯了一些錯誤。今天我們談論了很多關於銷售、銷售隊伍的話題。去年我們遇到了很多供應問題。其中許多實際上與更傳統的汽車方面有關。我們是否真的可以從與一些原始設備製造商建立更密切的戰略關係中受益？

[Interpreted] Thank you, Edison, for your question. Overall speaking, we are very open to all kinds of cooperations with peers in the industry. But so far, we don't have much information to update or share with you. But if you look at our smart technologies as well as our charging and swapping networks, actually, we aim to use these technologies to catalyze the transformation of the entire industry.

[解釋]謝謝愛迪生的提問。總體來說，我們對與業內同行的各種合作持非常開放的態度。但到目前為止，我們沒有太多信息可以更新或與您分享。但如果你看看我們的智能技術以及我們的充換電網絡，實際上我們的目標是利用這些技術來催化整個行業的轉型。

As we've also announced at the Power Day 2023, we are willing to open up our next-generation battery technologies as well as our charging and swapping networks to the entire industry. Right now, we are in some initial communications with certain OEMs. They are also thinking about using our battery technologies for swapping networks. But to use that technology, they need to adapt their products to our standards, which can take some time for them to make the final decisions. But overall speaking, we are very open to all kinds of cooperation.

正如我們在 2023 年電力日上宣布的那樣，我們願意向整個行業開放我們的下一代電池技術以及我們的充電和交換網絡。目前，我們正在與某些原始設備製造商進行一些初步溝通。他們還考慮使用我們的電池技術來交換網絡。但要使用該技術，他們需要使自己的產品符合我們的標準，這可能需要一些時間才能做出最終決定。但總體來說，我們對各種合作都是非常開放的。

And in terms of our existing charging network, so far, 80% of our electricities are actually charged for the non-NIO users. Maybe you've also read this news recently in Xinjiang, Sayram Lake because it's such a popular tourist spot, we have to limit access to our public chargers for the non-NIO users at certain time frames, and that caused some complaints by the non-NIO users. But overall speaking, is also a very good example of showing our existing charging and swapping facilities are helping many EV users, not just the user from NIO.

而就我們現有的充電網絡而言，到目前為止，我們80%的電實際上是為非蔚來用戶充電的。也許你最近也看到了這條新聞，在新疆賽里木湖，因為這是一個非常受歡迎的旅遊勝地，我們不得不在特定時間限制非蔚來用戶使用我們的公共充電樁，這引起了一些非蔚來用戶的投訴。 -蔚來用戶。但總體而言，這也是一個很好的例子，表明我們現有的充電和換電設施正在幫助許多電動汽車用戶，而不僅僅是蔚來的用戶。

As there are no questions now, I'd like to turn the call back over to the company for any closing remarks.

由於現在沒有問題，我想將電話轉回公司以進行結束語。

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。如果您還有其他疑問，請隨時通過我們網站上提供的聯繫信息聯繫蔚來投資者關係團隊。電話會議到此結束。您現在可以斷開線路。謝謝。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]