蔚來 (NIO) 2024 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated second-quarter 2024 earnings conference call. At this time, all participants are in listen only mode. Today's conference call is being recorded.

女士們、先生們，大家好。感謝您出席蔚來汽車公司 2024 年第二季財報電話會議。此時，所有參與者都處於僅聽模式。今天的電話會議正在錄音。

I'll now turn the call over to your host, Mr. Rui Chen, Head of Investor Relations of the company. Please go ahead, Rui.

現在我把電話轉給你們的主持人，公司投資人關係部主管陳銳先生。請繼續吧，瑞。

Thank you. Good morning and good evening, everyone. Welcome to NIO second-quarter 2024 earnings conference call.

謝謝。大家早安，晚上好。歡迎參加蔚來汽車 2024 年第二季財報電話會議。

The company's financial and operating results were published in the press release earlier today and posted on the company's IR website. On today's call, we have Mr. William Li, Founder, Chairman of the Board, and Chief Executive Officer; and Mr. Stanley Qu, Chief Financial Officer.

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。在今天的電話會議上，我們有創辦人、董事會主席兼執行長李威廉先生；曲志剛先生，財務長。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

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。

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 US Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited, and the Singapore Exchange Securities Trading Limited.

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。

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. 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.

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。另請注意，蔚來的獲利新聞稿和本次電話會議包括對未經審計的 GAAP 財務資訊以及未經審計的非 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較公認會計原則措施的調節表。

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。

Hello, everyone. Thank you for joining NIO's 2024 Q2 earnings call. In the first half of this year, the NIO brand completed the 2024 model year [sales list], further enhancing the competitiveness of its NT2 products.

大家好。感謝您參加蔚來汽車 2024 年第二季財報電話會議。今年上半年，蔚來品牌完成了2024車型年【銷售排行榜】，進一步增強了旗下NT2產品的競爭力。

In the meantime, as NIO's technologies, products, services, and the user community were recognized by more people, its order intake and delivery continued to grow. NIO's delivery in Q2 reached a quarterly record of 57,373 units, up 143.9%.

同時，隨著蔚來的技術、產品、服務和用戶群被更多人認可，其訂單量和交付量持續成長。蔚來第二季交付量創季度紀錄，達57,373輛，較去年同期成長143.9%。

In China, new models had over 40% market share among all BEVs with a transaction price higher than RMB300,000. Since Q3, new product mix has been continuously optimized. In July and August, the delivery was 20,498 and 20,176 respectively. With that, NIO's monthly delivery has been more than 200,000 for four consecutive months.

在中國，新車型在所有純電動車的市佔率超過40%，成交價格超過30萬元。三季以來，新產品結構不斷優化。 7月和8月交付量分別為20,498輛和20,176輛。至此，蔚來汽車月交車量已連續四個月超過20萬輛。

The total delivery in Q3 is expected to be between 61,000 and 63,000 units. In terms of NIO's financial performance, with continuous cost optimization of core components and supply chain, the vehicle margin in Q2 increased to 12.2%. As the user community became larger and more vibrant, the second quarter also witnessed rapid growth in revenues from after-sales and power services. The gross margin of other sales continued to improve.

第三季的總交付量預計在 61,000 至 63,000 輛之間。從蔚來財務表現來看，隨著核心零件和供應鏈成本持續優化，第二季整車利潤率提升至12.2%。隨著使用者群體越來越大、越來越活躍，第二季售後和電力服務收入也快速成長。其他銷售毛利率持續改善。

Now, I would like to share with you the recent highlights of our products, R&D and operations. On July 27, NIO hosted NIO IN 2024. At the event, we introduced the full domain operating system, SkyOS, and the smart system, Banyan3. Moreover, we also announced the successful takeout of Shenji NX9031, our in-house-developed chip for smart driving. As for NAD, NIO continued to increase its system capabilities.

以下我跟大家分享我們近期的產品、研發和營運的亮點。 7月27日，蔚來舉辦NIO IN 2024，會上我們介紹了全域作業系統SkyOS和智慧型系統Banyan3。此外，我們也宣布自主研發的智慧駕駛晶片深機NX9031成功下線。 NAD方面，蔚來持續增強系統能力。

In July, the industry's first AEB function based on end-to-end architecture was released, with the scenario coverage 6.7 times better than traditional AEB. It makes driving safer. At NIO IN, we also introduced the NIO World Model, NWM, the brand new architecture for smart driving.

7月，發佈業界首個基於端對端架構的AEB功能，場景覆蓋能力較傳統AEB提升6.7倍。它使駕駛更安全。在NIO IN上，我們也推出了蔚來世界模式NWM，這是智慧駕駛的全新架構。

NAD Arc2 will also be released. This is the most advanced end-to-end architecture based on NWM. NIO features and [experiences] of NAD Arch 2.0 will be released in the second half of this year.

NAD Arc2也將發表。這是基於NWM的最先進的端到端架構。 NIO NAD Arch 2.0的功能和【體驗】將於今年下半年發布。

On September 19, our family-centric mass market brand, ONVO, is going to celebrate the launch of its first model, L60. And the user delivery will start in late September. With strong confidence in this all-around product, we will spend no effort in ramping up production and fulfilling the market demand.

9月19日，我們以家庭為中心的大眾市場品牌ONVO將慶祝其首款車型L60的上市。並且將於9月下旬開始用戶交付。我們對這款全能產品充滿信心，將不遺餘力地提高產量，滿足市場需求。

For sales and services, as of now, the NIO brand has 161 NIO houses and 408 NIO spaces, as well as 351 service centers and 63 delivery centers. The ONVO brand has already opened 105 stores in 55 cities. And we have over 200 stores at the end of the year -- by the year-end. About charging the swapping network, so far, NIO has over 2,561 power swap stations worldwide and has provided over 52 million swaps.

在銷售和服務方面，截至目前，蔚來品牌擁有161個蔚來房屋和408個蔚來車位，以及351個服務中心和63個交付中心。 ONVO品牌已在55個城市開設105家門市。到今年年底，我們的商店數量已超過 200 家。在換電站充電方面，截至目前，蔚來在全球擁有超過2,561個換電站，累計提供超過5,200萬次換電站。

Besides, NIO has installed over 23,000 power chargers and destination chargers. Quick and hassle-free recharging is critical for convincing ICE owners to drive the EV. On August 20, we hosted the NIO Power Up event, where we announced the plan of Power Up Counties. In the first half of 2025, NIO's charging network will become available in every county in Chinese Mainland.

此外，蔚來也安裝了超過23,000個充電樁和目的地充電樁。快速、無憂的充電對於說服內燃機車主駕駛電動車至關重要。 8月20日，我們舉辦了蔚來Power Up活動，宣布了Power Up縣計畫。 2025年上半年，蔚來充電網路將覆蓋中國大陸各縣。

By the end of 2025, the swapping network will become available in more than 2,300 counties in China. To better support this initiative, we also announced the Power Up partner plan and signed an agreement with the first partner. The continuous deployment of the charging and swapping network will help expand the market reach of NIO and ONVO, and further drive sales growth.

到2025年底，兌換網路將覆蓋全國2300多個縣。為了更好地支持這項舉措，我們還宣布了Power Up合作夥伴計劃，並與首個合作夥伴簽署了協議。充換電網路的持續部署將有助於擴大蔚來和ONVO的市場覆蓋範圍，進一步帶動銷售成長。

As for market development, we are accelerating the international expansion. On August 20, NIO's UAE website went live. And in Q4, the products will be launched and delivered in UAE. While ensuring controllable investment and efficient operations, we will also actively evaluate opportunities worldwide, introducing products to more markets.

在市場開發方面，我們正在加速國際化拓展。 8月20日，蔚來阿聯酋網站上線。第四季度，產品將在阿聯酋上市並交付。在確保投資可控、營運高效的同時，我們也將積極評估全球機會，將產品推向更多市場。

In the NEV quality study released by J.D. Power in early June, NIO models ranked the highest in the respective segments. NIO is also the only NEV company winning top rankings for six consecutive years. Ever since its establishment, NIO has been committed to making itself a global benchmark of quality and providing great user experience through life cycle quality management.

在J.D. Power 6月初發布的新能源汽車品質研究中，蔚來車型在各自細分市場中排名最高。蔚來也是唯一連續六年蟬聯榜首的新能源汽車企業。自成立以來，蔚來汽車一直致力於打造全球品質標桿，透過全生命週期品質管理為使用者提供優質體驗。

As NIO has been [founded] for almost 10 years with a market brand strategy and the international business rolled out as well as the external change, we upgraded the company's value system in July. In the quest of Blue Sky Coming, NIO aspires to shape a sustainable and a bright future and envisions itself as a user enterprise where innovative technology meets experience excellence.

由於蔚來已經成立近10年了，市場品牌策略和國際業務的推出以及外部的變化，我們在7月對公司的價值體系進行了升級。在藍天來臨的旅程中，蔚來立志塑造永續發展的美好未來，將自己定位為創新技術與卓越體驗結合的使用者企業。

With new brands and the product being launched step by step, the fundamental capability and the long-term strategical planning that NIO has been developing will have a greater effect. NIO's cumulative R&D investment, sophisticated community operations, and the efficient infrastructure deployment will lead to better sales and margin. We look forward to NIO's performance in the second half.

隨著新品牌、新產品的逐步推出，蔚來一直以來的基礎能力和長期策略規劃將發揮更大的作用。蔚來累積的研發投入、成熟的社區運作以及高效的基礎設施部署將帶來更好的銷售和利潤。我們期待蔚來下半年的表現。

Thank you for your support. With that, I will now turn the call over to Stanley for Q2's financial details. Over to you, Stanley.

感謝您的支持。現在，我將把電話轉給史丹利，以了解第二季的財務細節。交給你了，史丹利。

Thank you, William. Now let me go over our key financial results for the second quarter of 2024. I will refer to RMBonly in my discussion today, unless otherwise stated.

謝謝你，威廉。現在讓我回顧一下我們 2024 年第二季的主要財務業績。

Our total revenue were RMB17.4 billion, up 98.9% year over year and up 76.1% quarter over quarter. Revenues from vehicle sales were RMB15.7 billion, representing an increase of 118.2% year over year and an increase of 87.1% quarter over quarter.

我們的總收入為人民幣174億元，年增98.9%，季增76.1%。汽車銷售收入為人民幣157億元，較去年成長118.2%，較上季成長87.1%。

The increase year over year was mainly attributed to higher deliveries, partially offset by lower average selling price due to changes in product mix and user rights adjustment since June 2023. The increase quarter over quarter was mainly attributed to higher deliveries.

年比成長主要歸因於交付量增加，部分被2023年6月以來產品結構變化和用戶權限調整導致平均售價下降所抵消。

Other sales were RMB1.8 billion, representing an increase of 11.3% year over year and an increase of 15.6% quarter over quarter. The year-over-year increase was mainly due to the increase in sales of parts, accessories, and after-sales vehicle services, and provision of power solutions, which both grow with our user base and partially offset by lower sales of used cars.

其他銷售額為人民幣18億元，較去年成長11.3%，較上季成長15.6%。年比成長主要是由於零件、配件、售後車輛服務以及提供動力解決方案的銷售增加，這兩者都隨著我們的用戶群的增長而增長，但部分被二手車銷量的下降所抵消。

The increase quarter over quarter was mainly attributed to the increase in sales of parts, accessories, and after-sales vehicle services, provision of power solutions and other products, and the increased revenues from technical R&D services.

環比成長主要歸因於零件、配件及售後車輛服務銷售、提供動力解決方案等產品的銷售成長以及技術研發服務收入的成長。

Vehicle margin was 12.2% in this quarter compared with 6.2% for the same period of 2023 and 9.2% for the last quarter. The year-over-year increase was mainly due to the decreased material costs and was partially offset by a lower average selling price. The quarter-over-quarter increase was mainly due to decreased material costs. Overall, gross margin was 9.7% compared with 1% in the same period of last year and 4.9% in the last quarter.

本季車輛利潤率為 12.2%，而 2023 年同期為 6.2%，上季為 9.2%。年比成長主要是由於材料成本下降，但部分被平均售價下降所抵消。環比成長主要是由於材料成本下降。整體而言，毛利率為9.7%，去年同期為1%，上季為4.9%。

R&D expenses were RMB3.2 billion, decreased 3.8% year over year and increased 12.4% quarter over quarter. The quarter-over-quarter increase was mainly due to the incremental design and the development costs and increased personnel costs in R&D functions.

研發費用為人民幣32億元，較去年同期下降3.8%，較上季成長12.4%。環比成長主要是由於增量設計和開發成本以及研發職能人員成本的增加。

SG&A expenses were RMB3.8 billion, increased 31.5% year over year and increased 25.4% quarter over quarter, which was mainly driven by higher personnel costs related to sales functions and increased sales and marketing activities.

SG&A 費用為人民幣 38 億元，年增 31.5%，季增 25.4%，主要是由於與銷售職能相關的人員成本上升以及銷售和行銷活動增加所致。

Loss from operations was RMB5.2 billion, representing a decrease of 14.2% year over year and a decrease of 3.4% quarter over quarter. Net loss was RMB5 billion, representing a decrease of 16.7% year over year and a decrease of 2.7% quarter over quarter.

經營虧損為人民幣52億元，年減14.2%，季減3.4%。淨虧損為人民幣50億元，年減16.7%，季減2.7%。

As of June 30, 2024, our company had cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits in total of RMB41.6 billion. For more information and the details of our audited second-quarter 2024 financial results, please refer to our earnings press release.

截至2024年6月30日，本公司持有現金及現金等價物、限制性現金、短期投資及長期定期存款共計人民幣416億元。有關更多資訊以及我們經審計的 2024 年第二季度財務業績的詳細信息，請參閱我們的收益新聞稿。

Now this concludes our prepared remarks. I will turn the call over to the operator to facilitate our Q&A session. Thank you.

現在我們準備好的發言就到此結束。我會將電話轉接給接線生以方便我們進行問答。謝謝。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（操作員指示）Tim Hsiao，摩根士丹利。

Hi, management team, and thanks for taking my question. I have two questions. The first question is about our new model, L60, because L60 started presale in mid-May. And since then, I think the model has received tens of thousands of preorders, which is very robust compared to all the new launches lately.

您好，管理團隊，感謝您提出我的問題。我有兩個問題。第一個問題是關於我們的新型號L60，因為L60在5月中旬開始預售。從那時起，我認為該模型已經收到了數以萬計的預訂單，與最近發布的所有新產品相比，這非常強勁。

But how could you also ensure a high conversion rate this time after the official launch on September 19? Would the company consider getting more aggressive with the official pricing given the competition? And in the meantime, what client and supply chain preparation the team has done to avoid any potential supply disruption after the delivery starts? That's my first question. Thank you.

但9月19日正式上線後，這次如何保證高轉換率？考慮到競爭，該公司是否會考慮在官方定價上採取更積極的態度？同時，團隊為避免交付開始後任何潛在的供應中斷做了哪些客戶和供應鏈準備？這是我的第一個問題。謝謝。

(interpreted) Thank you for the question. On August 15, we have witnessed the [offline] of the very first mass-produced L60. And the head of sales of the ONVO brand is actually driving this very first mass-produced car, having a road trip in China.

（解釋）謝謝你的提問。 8月15日，我們見證了首款量產L60的【下線】。而ONVO品牌的銷售負責人，竟然駕駛著這輛首款量產車，在中國進行了一場公路之旅。

And he has been driving the car for almost 20 days while doing the broadcast on the social media. It has received a lot of attention from the public. Every day, there are several millions of views of the broadcast by the members.

在社群媒體上進行直播的同時，他已經駕駛這輛車近20天了。它受到了公眾的廣泛關注。會員的廣播每天都有數百萬的觀看次數。

In terms of the preorder intake, it actually is pretty good and has surpassed our expectations. So we are quite confident with the overall competitiveness of this project. Regarding the pricing strategy, while we launched the product in mid-May, we have announced a presale price, which is RMB290,900. That is around RMB30,000 triple than Model Y.

從預訂量來看，其實還不錯，超出了我們的預期。所以我們對這個專案的整體競爭力還是很有信心的。在定價策略上，我們在5月中旬推出該產品的同時，也公佈了預售價，為29.09萬元。這大約是 Model Y 的三倍人幣。

And before the official launch of the product on September 19, we still have some time and room for the final price adjustments and decision. But overall speaking, we will try to strike a balance between the vehicle margin and the price point of the product to find the sweet spot. In general, we will not be very aggressive as we needed to realize a reasonable margin for the project.

而在9月19日產品正式上市之前，我們還有一定的時間和空間來進行最終的價格調整和決定。但總體而言，我們會嘗試在車輛利潤率和產品價位之間取得平衡，找到最佳點。總的來說，我們不會太激進，因為我們需要為專案實現合理的利潤。

Regarding the supply chain security, our target is that by the end of this year, which is in September, we hope that we can realize a supply capacity of 10,000 units. And sometime next year, we will be able to realize a supply capacity of 20,000 units per month. Next question?

關於供應鏈安全，我們的目標是今年年底，也就是9月份，我們希望能夠實現1萬台的供應能力。明年某個時候，我們將能夠實現每月 20,000 台的供應能力。下一個問題？

Sure. Thank you, William, for sharing the details. My second question is about the NIO brand, vehicles under NIO brand. Because we noticed the monthly sales of models on the NIO brand have stabilized at the 20,000 levels in second quarter.

當然。謝謝威廉分享詳細資訊。我的第二個問題是關於蔚來品牌、蔚來品牌下的車輛。因為我們注意到蔚來品牌的車型第二季月銷量穩定在2萬輛的水平。

So looking forward, would there be any further upside to the vehicle sales and the gross profit margin based on the current product portfolio? If yes, please share with us where would be the upside to the volume and the margin of NIO-branded vehicles are coming from? That's my second question. Thank you.

那麼展望未來，基於目前的產品組合，汽車銷售和毛利率還會有進一步的上升空間嗎？如果是，請與我們分享蔚來品牌汽車的銷售和利潤率的上升空間來自哪裡？這是我的第二個問題。謝謝。

(interpreted) Tim, this is Stanley. Thank you for your question. Regarding the vehicle margin of the NIO brand. In the second quarter, we have achieved a vehicle margin of 12.2%. That is mainly because of the efficiency improvements on the supply side and also in the production.

（翻譯）提姆，這是史丹利。謝謝你的提問。關於蔚來品牌的車輛利潤率。第二季度，我們的車輛利潤率為 12.2%。這主要是由於供給側和生產側效率的提高。

As in the past four months, we have realized the monthly delivery volume of 20,000 units -- of more than 20,000 units. We also see the opportunities for further improvements, including the cost optimization of the product as well as to improve the high-margin products in the product mix from the marketing side. With that, we will keep improving the vehicle margin in the following two quarters of this year and expect to realize a vehicle margin of around 15% by the end of the year.

與過去四個月一樣，我們實現了每月 20,000 台的交付量——超過 20,000 台。我們也看到了進一步改進的機會，包括產品的成本優化以及從行銷方面改進產品組合中的高利潤產品。據此，我們將在今年接下來的兩個季度持續提高整車利潤率，預計年底實現整車利潤率15%左右。

(interpreted) And also a comment to add here is that we also see opportunities to improve our delivery volumes month over month, yet we will also need to strike a balance between the vehicle delivery volume and the vehicle margin. Both will increase, but it will not be in a very drastic manner for either margin or the vehicle volume, as we -- ultimately, we pursue a very good gross profit with our product. So we need to find the sweet spot in between.

（解釋）這裡還要補充的一點是，我們也看到了逐月提高交付量的機會，但我們還需要在車輛交付量和車輛利潤之間取得平衡。兩者都會增加，但無論是利潤率還是車輛數量，都不會以非常劇烈的方式增加，因為我們最終會透過我們的產品追求非常好的毛利。所以我們需要找到兩者之間的最佳點。

And for the much longer time as NIO brand targets, our premium segments priced over RMB300,000 as we are going to launch NIO products and also do facelifts and upgrades on the product. We believe that in the battery electric vehicle segment, realizing a monthly volume of around 30,000 to 40,000 units is a reasonable target in the volume. So all summed up, for the NIO brand, our long-term operational target is to realize a monthly volume of 40,000 units and a vehicle margin of 25%.

在蔚來品牌目標的較長時間內，我們的高階細分市場售價將超過30萬元，因為我們將推出蔚來產品，並對產品進行改款和升級。我們認為，在純電動車領域，實現每月銷售量3萬至4萬輛左右是合理的銷售目標。綜上所述，對於蔚來品牌來說，我們的長期營運目標是實現月銷量4萬輛，整車利潤率25%。

As for the ONVO brand, it faces a much larger market with a total [car park] of more than 8 million. In that case, leveraging our battery-as-a-service as well as our well-established charging and swapping network, we believe that ONVO's products will be competitive even against the competition with [p-Hive, Rav], and other [BAS] models.

對於ONVO品牌來說，它面臨更大的市場，總車位超過800萬個。在這種情況下，利用我們的電池即服務以及我們完善的充換電網絡，我們相信 ONVO 的產品即使在與 [p-Hive、Rav] 和其他 [BAS] 的競爭中也將具有競爭力。 ] 型號。

So for ONVO products, they do have a higher potential or bigger potential for a higher sales volume month over month. And for the longer term, our operational target for ONVO products will be 15% -- more than 15% for the vehicle margin. And we believe that it's also a reasonable target.

所以對於ONVO的產品來說，他們確實有更高的潛力或更大的潛力來逐月提高銷售量。從長遠來看，我們 ONVO 產品的營運目標將是 15%——超過車輛利潤率的 15%。我們相信這也是一個合理的目標。

Thank you very much, William and Stanley. Thanks for the audience, and looking forward to the L60 launch. Thank you.

非常感謝威廉和史丹利。感謝觀眾的關注，期待L60的上市。謝謝。

Thank you.

謝謝。

Bin Wang, Deutsche Bank.

王斌，德意志銀行。

Okay. Thank you so much. My first question is also about ONVO L60. Previously, you mentioned that this year, your volume target is about 20,000 units. Given the strong order, do you still maintain such a volume target? And if you could break down by month because we are not exactly in the end of the month, so what's the progress for October, November, December? So that is my first question.

好的。太感謝了。我的第一個問題也是關於ONVO L60的。此前您提到今年的銷售目標是2萬台左右。在訂單強勁的情況下，您還維持這樣的成交量目標嗎？如果你可以按月細分，因為我們還沒到月底，那麼 10 月、11 月、12 月的進度如何？這是我的第一個問題。

And second question is about the expense, SG&A expense. It seems like expenses keep increasing. What's your targets for this quarterly SG&A expense? Do you have guidance for each quarter in the upcoming second half? Thank you.

第二個問題是關於費用，SG&A 費用。看來開支一直在增加。您本季 SG&A 支出的目標是多少？您對即將到來的下半年的每個季度有指導嗎？謝謝。

(interpreted) I will take the first question. This is William. Regarding the ONVO L60, we will start the delivery of the products from late September. But it will take some time for us to ramp up the production and supply of the new product. So most of our deliveries this year will happen in Q4.

（解釋）我回答第一個問題。這是威廉.關於ONVO L60，我們將從9月下旬開始交付產品。但我們還需要一段時間才能提高新產品的生產和供應。因此，我們今年的大部分交付將發生在第四季度。

We will start delivery from September, but not in a very significant volume. And towards the end of the year, we hope that our monthly delivery will be around 10,000 units for the month of December. In terms of the supply side, as the car is equipped with many new technologies, it will also take some time for the supply side to ramp up their production. Thank you.

我們將從 9 月開始交貨，但數量不會很大。到今年年底，我們希望 12 月的月交付量能達到 1 萬台左右。從供給端來看，由於汽車搭載了許多新技術，供給端的產能提升也需要一段時間。謝謝。

(interpreted) This is Stanley. I will take the second question. Regarding expenses, there are two categories. The first is R&D expenses. We will still keep the similar R&D investment pace and intensity on a quarterly basis.

（翻譯）這是史丹利。我來回答第二個問題。關於費用，有兩類。首先是研發費用。我們仍將按季度維持類似的研發投入速度和強度。

So roughly, on the non-GAAP basis, it will be around RMB3 billion every quarter. But there will also be fluctuations or slight differences from quarter to quarter, as they are relevant to our actual R&D activities conducted.

粗略計算，依照非公認會計準則計算，每季約30億元。但每季也會有波動或略有差異，因為這與我們實際進行的研發活動有關。

And regarding the second category, SG&A expenses, as we have mentioned that in late Q3, we will start the delivery of L60. With that, there will be increase in our SG&A expenses. But as we ramp up the delivery volume of the product, we also think that we will keep optimizing the percentage of the SG&A expenses against the overall sales revenue from L60. Thank you.

關於第二類，SG&A 費用，正如我們所提到的，在第三季末，我們將開始交付 L60。這樣，我們的銷售、管理及行政費用將會增加。但隨著我們增加產品的交付量，我們也認為我們將繼續優化 SG&A 費用佔 L60 整體銷售收入的百分比。謝謝。

Thank you, Wang Bin.

謝謝你，王斌。

Thank you.

謝謝。

Tina Hou, Goldman Sachs.

蒂娜·侯，高盛。

Thanks for taking my question. So my first question is also regarding on ONVO L60. So just wondering at, let's say, 10,000 volume in December this year and 20,000 volume next year, what kind of gross margin should be reasonable for this model?

感謝您提出我的問題。所以我的第一個問題也是關於 ONVO L60 的。那就想知道，比如說，今年12月銷量1萬輛，明年銷量2萬輛，這款車型的毛利率應該是多少才算合理？

Also, as we are ramping up to higher and higher volume, what is our capacity expansion plan and also CapEx plan for 2025 and maybe 2026? Should we expect CapEx to become higher versus 2024? So that's the first question.

此外，隨著我們的產量越來越大，我們 2025 年甚至 2026 年的產能擴張計畫和資本支出計畫是什麼？我們是否應該預期資本支出會比 2024 年更高？這是第一個問題。

The second question is also regarding the sales and marketing expense. So we had over 30% SG&A expense growth in the second quarter. Wondering, could you give more details on the sub-items, which is the one that's growing the fastest? And also, is any of the sales policy recorded in the SG&A expense? Yeah, so that's my second question. Thanks.

第二個問題也與銷售和行銷費用有關。因此，第二季我們的 SG&A 費用增加了 30% 以上。想知道，您能否提供有關成長最快的子專案的更多詳細資訊？另外，銷售政策是否記錄在 SG&A 費用中？是的，這是我的第二個問題。謝謝。

Thank you, Tina. (interpreted) Thank you for your question. This is William. I will take your first question. Regarding L60, when its overall production volume reaches a reasonable and expected targets, we believe that it will naturally realize a 15% vehicle margin.

謝謝你，蒂娜。 （翻譯）謝謝你的提問。這是威廉.我將回答你的第一個問題。對於L60，當其整體產量達到合理預期目標時，我們相信其自然會達到15%的整車利潤率。

Of course, against the fierce competition, we have also reserved some room for the variable marketing of the product so that we will be more flexible in the competition. Yet overall speaking, as the product itself is designed for efficiency and cost, 15% vehicle margin is a reasonable target for this model, as we actually managed to realize a good balance between the technology advancement and the cost competitiveness.

當然，面對激烈的競爭，我們也為產品的變數行銷預留了一定的空間，以便我們在競爭中更加靈活。但總體來說，由於產品本身就是為了效率和成本而設計的，所以15%的整車利潤率對於這款車型來說是一個合理的目標，因為我們實際上在技術先進性和成本競爭力之間實現了很好的平衡。

Regarding the capacity preparation, we are having the mid- and long-term planning for our production capacity in 2025 and '26. As of now, we already have two factories in operation. F2 has already started to upgrade to double shifts to support the production of L60. In late September or early October, the upgrade to two shifts will be completed in F2.

關於產能準備，我們正在對2025年和26年的產能進行中長期規劃。截至目前，我們已經有兩家工廠投入營運。 F2已經開始升級為雙班制，以支援L60的生產。 9月底或10月初，F2將完成兩班制升級。

And in the meantime, we are also planning our third factory. And around Q3 next year, the third factory will be ready to produce the products, which means that by Q3 next year, we will have three factories in operations. And it will be sufficient to support our production.

同時，我們也在規劃我們的第三家工廠。明年第三季左右，第三家工廠將準備生產產品，這意味著到明年第三季度，我們將有三個工廠投入運作。這足以支持我們的生產。

Overall speaking, we don't think production capacity will be a bottleneck for us, especially it will not be a long-term bottleneck for us. Here in China, the production capacity and capabilities of vehicles and parts are quite competent.

整體來說，我們認為產能不會成為我們的瓶頸，特別是不會成為我們長期的瓶頸。在中國，整車及零件的生產能力和能力是相當有競爭力的。

Maybe some companies will face short-term disturbance in their capacity and the supply, yet for long term, it will not be a bottleneck. Especially last year, we have obtained independent manufacturing qualification. This has also laid a foundation for our long-term stable capacity.

也許有些企業的產能和供應會面臨短期的困擾，但長期來看，不會成為瓶頸。特別是去年，我們獲得了獨立製造資格。這也為我們長期穩定的產能奠定了基礎。

(interpreted) This is Stanley. I will take your second question. Regarding the CapEx, according to the [set of code] of the company, we are making prudent control and the management of the pace of our investment and expenses. Especially starting last year, we have already started such management by postponing certain projects or even canceling some projects.

（翻譯）這是史丹利。我來回答你的第二個問題。關於資本支出，根據公司的【一套代碼】，我們正在對投資和費用的節奏進行審慎的控制和管理。特別是從去年開始，我們已經開始了這樣的管理，推遲了一些項目，甚至取消了一些項目。

So overall speaking, the R&D -- or the CapEx in the year of 2024 will be significantly lower than that in 2023. As for 2025, as we haven't started budgeting for the next year, we don't have a clear picture over that. But we believe that the overall expense intensity will be similar to this year. Thank you.

所以總體來說，2024 年的研發——或者說資本支出將顯著低於 2023 年。但我們認為整體費用強度將與今年相似。謝謝。

As for the increase in the SG&A expenses in Q2, it's mainly contributed to two reasons. The first is that in Q1, we delivered around 30,000 units. And in Q2, we delivered a total of more than 57,000 units. The increase of our sales volume naturally drove up the staff cost, mainly because the team size has grown, and also the incentives for the sales force has increased as well.

至於第二季SG&A費用的增加，主要有兩個原因。首先是第一季我們交付了大約 30,000 台。第二季度，我們總共交付了超過 57,000 台。我們銷售量的增加自然就推高了員工成本，主要是因為團隊規模擴大了，而且對銷售人員的誘因也增加了。

And the second reason is that in the first half of this year, we have launched our model year facelifts. And many of the NIO products were launched in around April -- around May and -- around March and April. In that case, we have also started a series of communications and marketing campaigns relevant to our model-year products, that has also increased the development expenses from Q1.

第二個原因是，今年上半年，我們推出了年度改款車型。蔚來的許多產品都是在四月左右、五月左右以及三月和四月左右推出的。在這種情況下，我們還啟動了一系列與我們的車型年產品相關的溝通和行銷活動，這也增加了第一季的開發費用。

Thank you so much. Can I have a very quick follow-up? So in terms of ONVO store, do you have the average store rental cost versus a NIO store? And also, how many employees do you plan to deploy in an ONVO store versus that of a NIO store? Thank you.

太感謝了。我可以快速跟進嗎？那麼就ONVO商店而言，您的平均商店租金成本與蔚來商店相比是否相同？另外，您計劃在 ONVO 商店和 NIO 商店部署多少員工？謝謝。

(interpreted) Regarding the opening of ONVO stores, we actually require the team to open up the stores in a quick and efficient manner. So in terms of the CapEx, as well as the rent of a single ONVO store, it is significantly lower than that of a NIO store.

（解讀）關於ONVO開店，我們其實要求團隊快速有效率地開店。所以從CapEx來看，以及ONVO單店的租金來說，它明顯低於蔚來汽車店。

But we don't have the specific numbers for comparison as the actual expenses may be quite different depending on the locations and the type of the store. But overall, the expense is lower, significantly lower than that of NIO.

但我們沒有具體數字可供比較，因為根據地點和商店類型的不同，實際費用可能會大不相同。但整體來說，費用較低，明顯低於蔚來。

And in terms of the renovation fee for each of the ONVO store, we actually have a very strict requirement. For the ONVO -- for the existing 100 ONVO stores we have just opened, for each store, the renovation fee was no more than RMB1 million. And for the following 100 stores we are going to open by the end of the year, we will have an even more strict requirement on renovation.

而對於ONVO每個門市的裝潢費用來說，我們其實有一個非常嚴格的要求。對於ONVO來說－我們現有的100家ONVO新開店，每家店的裝潢費用不超過100萬元。而接下來年底我們要開的100家店，我們對裝修的要求會更加嚴格。

With that, we will be able to make use of the existing resources and to renovate the store in a more efficient manner. In terms of the team size for each of the stores, it depends on the actual number of orders and deliveries we plan for each store in each city. But in general, we will make sure that the team is also set up in the most efficient and compact way.

這樣，我們就可以利用現有的資源，更有效率地改造店家。每個門市的團隊規模，取決於我們每個城市每個門市的實際訂單量和出貨量。但總的來說，我們會確保團隊也是以最高效、最緊湊的方式組成的。

(spoken in Chinese)

(用中文說)

Thank you, Tina.

謝謝你，蒂娜。

Yuqian Ding, HSBC.

丁宇謙，匯豐銀行。

Thank you, team. Yuqian Ding here. I've got two questions. First is about autonomous driving programs, and second is about market and competition dynamics. First question, could you share the NIO NLP progress? Especially, could you break down in terms of the consumer take rate, our disengagement rate, scenario coverage, the regional expansion, these aspects?

謝謝你，團隊。丁於謙在這裡。我有兩個問題。首先是自動駕駛項目，其次是市場和競爭動態。第一個問題，可以分享一下蔚來NLP的進展嗎？特別是可以從消費者的接受率、我們的脫離率、場景覆蓋率、區域擴張這些面向來具體分析一下嗎？

The second question is to ask -- against the backdrop of -- in the premium EV segment, there's a couple of new models coming, especially in the coming months until the end of the year. And also, we noticed the high-tier city versus the low-tier city, the consumer consumption is sliding in general and more so than the low-tier city.

第二個問題是在高端電動車領域的背景下提出的，有幾種新車型即將推出，特別是在未來幾個月直到年底。另外，我們注意到，高線城市與低線城市相比，消費者消費整體下滑，且下滑幅度大於低線城市。

So could you help us to get comfortable and a conviction on NIO and ONVO's portfolio product technology and service expansion could counter these macro headwinds and still book growth quarter-on-quarter perspective, maybe in an aspect of channel order momentum and the latest consumer feedback? Thank you.

那麼，您能否幫助我們確信蔚來和 ONVO 的產品組合產品技術和服務擴展可以應對這些宏觀阻力，並仍然實現季度環比增長，也許是在渠道訂單勢頭和最新消費者反饋方面？謝謝。

(interpreted) Thank you for your question. We also noticed the fierce competition in the area of smart driving, yet we are also confident that NIO is among the top players in this area.

（翻譯）謝謝你的提問。我們也注意到智慧駕駛領域的競爭非常激烈，但我們也有信心蔚來在該領域處於領先地位。

Regarding NOP+, it is now being used by more than 300,000 users as it is now offered as a standard feature on our NT 2.0 product. In the meantime, the cumulative knowledge driven with NOP and NOP+ has reached -- or has surpassed 1.1 billion kilometers. So in terms of the user base as well as the total mileage driven with the functionality, we are also a top player in China.

至於 NOP+，目前已被超過 30 萬名用戶使用，因為它現已作為我們 NT 2.0 產品上的標準功能提供。同時，NOP和NOP+驅動的累積知識已達到或超過11億公里。所以從用戶基數以及功能驅動的總里程來看，我們在中國也是頂尖的。

Regarding the technology road map, right now inside of the industry, many players are converging their technology solutions and the roadmap into end-to-end model, be it Tesla or other players in China. For NIO, we are also working on our end-to-end model, and we have already released our first end-to-end based feature that is end-to-end AEB. Its performance has been significantly improved than the traditional AEB functionality as its scenario coverage is 6.7 times better than the traditional AEB.

關於技術路線圖，目前產業內，無論是特斯拉還是中國的其他玩家，許多玩家都在將他們的技術解決方案和路線圖整合成端到端的模型。對於蔚來來說，我們也在研究我們的端到端模型，並且我們已經發布了第一個基於端到端的功能，即端對端 AEB。其效能較傳統AEB功能顯著提升，場景覆蓋範圍是傳統AEB的6.7倍。

And in the meantime, at the NIO Inc., we have also released our end-to-end architecture based on the NIO work model because end-to-end is an architecture, but its foundation technology is also very important. And we are the first company to develop and announce such work model and the end-to-end architecture based on the model.

同時，在蔚來公司，我們也發布了基於NIO工作模型的端對端架構，因為端到端是一個架構，但它的基礎技術也非常重要。我們是第一家開發並公佈這種工作模型以及基於該模型的端到端架構的公司。

We have also released the NAD Arc 2.0. So the end-to-end model will be based on the NIO -- the end-to-end architecture will be based on the NIO work model where you can see that the NIO work model is developed with the end-to-end architecture solution.

我們也發布了 NAD Arc 2.0。所以端到端模型將基於NIO——端對端架構將基於NIO工作模型，在這裡你可以看到NIO工作模型是用端對端架構開發的解決方案。

Overall speaking, we believe that we are still leading the block in terms of the smart driving technologies. We have already tested the latest functionality on NAD Arc 2.0 at the small scale, and its performance is pretty impressive. Overall speaking, with the model and end-to-end architecture, we will be able to realize quicker functionality iteration, better experience at a lower cost.

總體而言，我們認為我們在智慧駕駛技術方面仍然處於領先地位。我們已經小規模測試了 NAD Arc 2.0 的最新功能，其性能相當令人印象深刻。整體來說，有了這樣的模型和端到端的架構，我們將能夠以更低的成本實現更快的功能迭代、更好的體驗。

In terms of the ONVO brand, its product will come with a single range with pure vision technology solution. But even with that, it has realized a very good performance in the urban driving scenario. The other day, I have tested the functionality in Shanghai and it's also pretty good.

就ONVO品牌而言，其產品將配備純視覺技術解決方案的單一系列。但即便如此，它在城市駕駛場景中也實現了非常好的表現。前幾天在上海測試了一下功能，也還不錯。

So overall speaking, we believe that -- and we also saw facts that the smart driving functionalities will help users improve the safety of driving. In terms of the actual usability of the functionality, we will also keep working on that.

所以總的來說，我們相信——而且我們也看到了事實，智慧駕駛功能將幫助用戶提高駕駛安全性。至於功能的實際可用性，我們也會繼續努力。

Regarding your second question, we also understand the intensity of the market competition, and this is not the first time for us to face such fierce competition. Yet the NIO brand has been realizing a pretty stable market share in the premium segment for years.

關於你的第二個問題，我們也了解市場競爭的激烈程度，這不是我們第一次面臨如此激烈的競爭。然而，蔚來品牌多年來一直在高端市場實現相當穩定的市場份額。

This is mainly because we have a diversified and rich product portfolio to offer for the premium segment. We have ET5T, ES6, EC6, ET7, EC7, ES7 plus ES8. So it's a pretty wide range of a product offering that will be enough to cover many product segments.

這主要是因為我們為高端市場提供多元化且豐富的產品組合。我們有 ET5T、ES6、EC6、ET7、EC7、ES7 加 ES8。因此，它提供的產品範圍相當廣泛，足以涵蓋許多產品領域。

And many of these products are also leading the sales volume in their respective BEV product segment. Not to mention that for some niche products like ET5T, EC7 or EC6, in their respective segments, their volume is even higher than some of the ICE competitors.

其中許多產品在各自的純電動車產品領域的銷售也處於領先地位。更不用說一些小眾產品，如ET5T、EC7或EC6，在各自的細分市場中，其銷售量甚至高於一些ICE競爭對手。

So overall speaking, we have made a quite successful product portfolio and offering strategy. Plus we also have other advantages such as charging and the swapping network, leading technologies, good product experience, service, and the user community.

總的來說，我們已經制定了相當成功的產品組合和提供策略。另外，我們還擁有充換電網路、領先的技術、良好的產品體驗、服務、使用者群等優勢。

This has further enhanced and solidified our foothold in the premium segment. Of course, in the meantime, we also hope that more players can also come into this segment so that we can work with them together to enlarge the size of this premium segment, premium BEV segment.

這進一步增強和鞏固了我們在高端市場的立足點。當然，同時我們也希望更多的玩家也能進入這個細分市場，這樣我們就可以和他們一起共同做這個高端細分市場，也就是高端純電動車細分市場的規模。

In the meantime, for the entire NIO company, we actually have a pretty clear and straightforward strategy for the continuous business growth. The first is by a wider price range. From next year, we are going to have three brands in the market.

同時，對於整個蔚來公司來說，我們實際上有一個非常清晰和直接的策略來實現業務的持續成長。首先是更廣泛的價格範圍。從明年開始，我們將在市場上擁有三個品牌。

With that, our price range -- the price range that can be covered by these three brands will be as wide -- will be pretty wide, ranging from RMB140,000 all the way to RMB800,000. And with battery-as-a-service, the price range will be from RMB100,000 to RMB700,000, which will be a very strong competition to the ICE costs in the respective segments. With three brands with wide price range, we will be able to reach a broader market than many of our other competitors.

這樣一來，我們的價格範圍——這三個品牌能涵蓋的價格範圍就很廣了——從14萬元一直到80萬元。而電池即服務的價格範圍將在10萬元到70萬元之間，這對於各個細分市場的ICE成本來說將是非常激烈的競爭。憑藉三個價格範圍廣泛的品牌，我們將能夠比許多其他競爭對手進入更廣泛的市場。

The second approach is via our products, wide product range. We have three brands. We also have a very diversified product portfolio of each brand. In that case, we will be able to cover a pretty comprehensive product segment with clear differentiation between each brand.

第二種方法是透過我們的產品，廣泛的產品範圍。我們有三個品牌。我們也擁有每個品牌非常多元化的產品組合。在這種情況下，我們將能夠涵蓋相當全面的產品領域，每個品牌之間都有明顯的差異化。

And the third approach is through the markets and regional coverage. Right now, we are expanding our point of sales into the lower-tier cities. Especially for NIO at the moment, most of our sales are in the first- and second-tier cities. So such coverage expansion is also very important. We have also announced other plants like the County Power Up plan where we will expand our charging and the swapping network to the counties at all levels.

第三種方法是透過市場和區域覆蓋。目前，我們正在將銷售點擴展到低線城市。尤其是目前蔚來，我們大部分銷售都在一二線城市。所以這樣的覆蓋範圍擴大也是非常重要的。我們還宣布了其他工廠，例如縣供電計劃，我們將把充電和交換網路擴展到各級縣。

With that, it will help us to further enhance the reach of all three brands. Plus we also have the business development plan for the overseas market. So overall speaking, for the long-term growth and the development, we have a clear road map. That is by a wide price range, wide product range and also further regional coverage.

這樣，它將幫助我們進一步提高這三個品牌的影響力。另外我們還有海外市場的業務發展計畫。所以總體來說，對於長期的成長和發展，我們有一個清晰的路線圖。即廣泛的價格範圍、廣泛的產品範圍以及進一步的區域覆蓋。

Awesome. Thank you.

驚人的。謝謝。

Paul Gong, UBS.

龔保羅，瑞銀集團。

Hi, William. Thanks for taking my questions. Two questions here. The first one is regarding the flagship sedan, ET9. I think it was announced to schedule for launch in Q1 next year. Is that still on schedule? And can you give some updates regarding this model in terms of the position in new technology adoption as well as, say, the target volume outlook?

嗨，威廉。感謝您回答我的問題。這裡有兩個問題。第一個是關於旗艦轎車ET9。我認為它已宣布計劃在明年第一季推出。還在按計劃進行嗎？您能否提供有關該模型在新技術採用方面的地位以及目標銷售前景等方面的一些最新資訊？

Yeah. The second question is regarding the overseas expansion. You are going to open the store in UAE and start delivering there. Is that a signal of the change of a direction as a result of the EU tariff that you are switching the direction from Europe into Middle East?

是的。第二個問題是關於海外擴張的問題。您將在阿聯酋開設商店並開始在那裡送貨。這是否是歐盟關稅導致方向改變的訊號，即你們正在將方向從歐洲轉向中東？

Also, one of your peers has nowadays been delivering over 10% of their volume into the overseas markets. Do you think this serves as a benchmark for your overseas expansion over the next one or two years? Thank you.

此外，您的一位同行目前已將超過 10% 的銷售量投放到海外市場。您認為這可以作為您未來一兩年海外擴張的標竿嗎？謝謝。

(interpreted) (interpreted) Thank you for the question. Regarding the further question on the ET9, we're still proceeding the ET9 launch preparation according to the plan and we haven't made any changes on SUD of this product.

（解釋）（解釋）謝謝你的提問。關於ET9的進一步問題，我們仍在按計劃進行ET9的上市準備，我們沒有對該產品的SUD進行任何更改。

But in the meantime, as you know, that the ET9 is equipped with many new technologies, including steer-by-wire, fully active suspension, in-house developed chip as well as SkyOS. So we will need to bear no effort in making sure and preparing for the successful launch of this product next year.

但同時，如你所知，ET9配備了許多新技術，包括線控轉向、全主動懸吊、自研晶片以及SkyOS。因此，我們將不遺餘力地確保和準備明年該產品的成功推出。

Regarding your second question on our international expansion, we haven't changed our direction. Yes, because of the tariffs in Europe, now selling or exporting costs from China to Europe becomes more expensive. So we will focus on the existing five European markets that we have already started. We also know that to establish NIO such a premium brand in the European market will also take a longer time and we are very patient with that.

關於你提到的第二個問題，我們的國際化發展方向並沒有改變。是的，由於歐洲的關稅，現在從中國向歐洲銷售或出口的成本變得更昂貴。因此，我們將重點關注我們已經啟動的現有五個歐洲市場。我們也知道，在歐洲市場建立蔚來這樣的高端品牌也需要更長的時間，我們對此非常有耐心。

But in the meantime, it doesn't mean that we have stopped our activities there. Earlier this year, we have just opened our NIO house in Amsterdam, and we are still installing and deploying our power swap stations in Europe. So we will still keep the same plan.

但同時，這並不意味著我們已經停止了在那裡的活動。今年早些時候，我們剛在阿姆斯特丹開設了蔚來工廠，並且仍在歐洲安裝和部署換電站。所以我們仍然會保持同樣的計劃。

In terms of the market entry into UAE, as you may know that last year, we have received the USD 3 billion strategic investment from the Abu Dhabi government. And then the market entry into UAE is part of the plan. With that, we will work with our strategic partners in UAE to offer our products and the services to the local market.

在進入阿聯酋市場方面，大家可能知道，去年我們獲得了阿布達比政府30億美元的策略投資。進入阿聯酋市場也是該計劃的一部分。這樣，我們將與阿聯酋的策略合作夥伴合作，向當地市場提供我們的產品和服務。

Starting next year, a big difference is that we not only have NIO brand and products, but also products from ONVO and Firefly, which are more suitable for the global market. With that, we will be actually more active with our international expansion. But in the meantime, we will also need to keep a good balance between our investment scale and the efficiency to make sure that we enter into the global market in a smarter and more efficient way. Thank you.

從明年開始，一個很大的不同是，我們不僅有蔚來品牌和產品，還有ONVO和Firefly的產品，這些產品更適合全球市場。這樣，我們實際上將更加積極地進行國際擴張。但同時，我們也需要在投資規模和效率之間保持良好的平衡，確保我們以更聰明、更有效率的方式進入全球市場。謝謝。

Thank you. That's quite helpful.

謝謝。這很有幫助。

Thank you, Paul.

謝謝你，保羅。

Ming-Hsun Lee, Bank of America.

李明勳，美國銀行。

Hello. William and Stanley, I also have two questions. So my first question is more related to the overall macro. So in your view, what is the potential growth rate for the China EV market in the next few years?

你好。威廉和史丹利，我還有兩個問題。所以我的第一個問題更與整體宏觀相關。那麼您認為未來幾年中國電動車市場的潛在成長率是多少？

Because I think recently, some investors expect that the EV penetration will still be down because right now, the EV penetration is already very high. So yeah, just in your view, what is the EV penetration in the next three years?

因為我認為最近一些投資者預計電動車的滲透率仍將下降，因為目前電動車的滲透率已經非常高了。那麼，是的，在您看來，未來三年電動車的普及率是多少？

Yeah. That's my first question. And my second question is regarding the Firefly pipeline. So right now, will you launch one or two models in 2025 for Firefly? Yeah, thank you. That's my two questions.

是的。這是我的第一個問題。我的第二個問題是關於螢火蟲管道的。那麼現在，你們會在 2025 年為 Firefly 推出一兩個型號嗎？是的，謝謝。這是我的兩個問題。

(interpreted) Thank you for the question. If you look at the overall passenger vehicle market, in the first half of this year, it has increased by around 3.6%. For the longer term, actually, if you look at the total PV population in China, it is as big as 20 million to 30 million units.

（解釋）謝謝你的提問。如果看整個乘用車市場，今年上半年成長了3.6%左右。事實上，從長遠來看，如果你看看中國的光電總保有量，它有2000萬到3000萬輛。

So it's already a very significant amount. Definitely, it will keep growing, but probably not at a very significant growth rate. And it's even normal for the PV segment or PV market to suffer a slight decrease. But even with that, the Chinese market will still be the largest passenger vehicle market in the world.

所以這已經是一個非常可觀的數字了。當然，它會繼續增長，但可能不會以非常顯著的速度增長。而光伏板塊或光伏市場出現小幅下滑也是正常的。但即便如此，中國市場仍將是全球最大的乘用車市場。

In terms of the penetration rate of the new energy vehicle, it has already surpassed 50%. And I think that it will continue to increase and at an even faster manner. Because for the replacement of the ICE cost, by BEVs or PHEVs, it will be much faster once it has surpassed this 50% keeping point.

從新能源車的滲透率來看，已經超過50%。我認為它將繼續以更快的速度成長。因為對於ICE成本的替代，純電動車或是插電式油電混合車，一旦超過這個50%的維持點，就會快得多。

We can take Norway as a reference, for example. It actually grew at 50% penetration rate at first, and then it has quickly increased to 80% and 90%. So similarly for China, I believe that in two to three years, the penetration rate of new energy vehicles among new vehicle sales will surpass 80%.

我們可以以挪威為例。實際上一開始滲透率增加了50%，然後迅速成長到80%和90%。那麼對於中國來說，我相信在兩到三年內，新能源汽車在新車銷售的滲透率將超過80%。

If we look at the ICE cars in China, actually they have entered into unsustainable cycle or a vicious cycle because many ICE brands have to cut their prices to keep their market share, be it premium brands or mass market brands, be it brands from China or from other countries.

如果我們看看中國的內燃機汽車，實際上它們已經進入了不可持續的循環或惡性循環，因為許多內燃機品牌必須降價以保持其市場份額，無論是高端品牌還是大眾市場品牌，無論是來自中國的品牌或來自其他國家。

Many of these ICE costs are having a price flushed for the sake of market share. But as they cut prices, it also hurts the profit and interest of their dealers, hurt the image of the brand as well as the residual value of their products.

為了爭奪市場份額，許多 ICE 成本的價格都被提高了。但在降價的同時，也損害了經銷商的利潤和利益，損害了品牌形像以及產品的剩餘價值。

With that, it is even more difficult for them to keep a very strong market share in your segment. So their -- the decline of their market share is even faster than it should be. For the recent years, we have already witnessed the significant decline of the market shares of the Korean brands like Hyundai, Kia, including Ford and General Motors. And for the recent years, Japanese brands like Toyota, Honda, and Nissan are also entering the same space.

這樣一來，他們就更難在您的細分市場中保持非常強大的市場份額。因此，他們的市佔率下降得比應有的速度還要快。近年來，我們看到現代、起亞等韓國品牌的市佔率大幅下降，包括福特、通用汽車。近年來，豐田、本田、日產等日本品牌也進入了同一領域。

So in general, we believe that the ICE costs from these joint venture brands will face quite difficulties in the future competition. And when they lose some market shares, they normally lose market shares to other new energy vehicle brands, including brands from China and Europe.

所以總的來說，我們認為這些合資品牌的ICE成本在未來的競爭中將面臨相當的困難。當他們失去一些市場份額時，他們通常會失去其他新能源汽車品牌的市場份額，包括中國和歐洲的品牌。

So in that regard, I believe that the penetration rate of the new energy vehicle will grow at a pretty quick pace even faster than we expected. And regarding your second question, yes, we are going to deliver the product from Firefly from 2025. We are in smooth progress with our product preparation.

所以從這個角度來看，我相信新能源車的滲透率將會以相當快的速度成長，甚至比我們預期的還要快。關於你的第二個問題，是的，我們將從 2025 年開始交付 Firefly 的產品。

Thank you, Ming.

謝謝你，明。

(spoken in Chinese)

(用中文說)

Chang, Jing; CICC.

張靜;中金公司。

Okay, thank you for taking my questions. I have two questions. The first is in regard to our NIO operating system, SkyOS, which has been released in July. So it has shown very comprehensive and invest our software self-development ability.

好的，謝謝你回答我的問題。我有兩個問題。第一個是我們的蔚來作業系統SkyOS，它已經在7月發布了。所以它表現出了非常全面和投入的我們的軟體自主開發能力。

So can you just introduce -- and ask more details -- so what are the technical challenges we have faced and work advantages and also the improvement of our product can be brought by the new system? So this is the first question.

那麼您能否介紹一下——並詢問更多細節——那麼我們面臨的技術挑戰和工作優勢以及新系統可以為我們的產品帶來哪些改進？這是第一個問題。

The second is with regard to the other income, gross profit margin. We have seen the second -- in the second quarter, the gross profit margin has improved significantly. So how to understand these major drivers?

第二個是關於其他收入，即毛利率。我們看到了第二個——第二季度，毛利率明顯改善。那麼如何理解這些主要驅動因素呢？

And also what's our forecast for the trend and the continuity of the margin improvement in the future? So also, with our growth of our sales volume, can we see that our -- especially charging and battery swap business can turn to profit in future?

我們對未來利潤率改善的趨勢和持續性有何預測？那麼，隨著我們銷售的成長，我們能否看到我們的——尤其是充電和換電業務——未來能夠扭虧為盈？

(interpreted) Thank you for the question. Regarding SkyOS, it's the world's first full domain vehicle operating system. That is the special thing with SkyOS, which is also the difficulty or the challenge we have faced when developing the SkyOS. Because when it comes to the era of the smart electric vehicles, we cannot use the fragmented operating systems to manage the electric architecture of the car anymore.

（解釋）謝謝你的提問。至於SkyOS，它是世界上第一個全域車載作業系統。這就是SkyOS的特殊之處，也是我們在開發SkyOS時所面臨的困難或挑戰。因為到了智慧電動車時代，我們不能再用碎片化的作業系統來管理汽車的電動架構了。

With that, we have developed the SkyOS. It comes at three levels. At the bottom, we have the SkyOS-H. That is the hypervisor. And in the middle, we have four kernels for the SkyOS. And on the top, we have SkyOS middleware. So it's a very comprehensive solution we have developed. We've used the four years with 20,000 [personnel] with this great work.

至此，我們開發了SkyOS。它分為三個層次。在底部，我們有 SkyOS-H。那就是虛擬機器管理程式。在中間，我們有四個適用於 SkyOS 的核心。最重要的是，我們有 SkyOS 中間件。所以這是我們開發的一個非常全面的解決方案。我們花了四年的時間和 20,000 名[人員]完成了這項偉大的工作。

In terms of its benefit, the SkyOS is definitely making the car safer and more secure. It also makes the system stabler and it also help us to realize more efficient R&D process and iteration process. It also helped us solve the problems faced by the smart electric vehicles like huge data throughput, domain -- cost domain fusion and also the latency along the communications.

就其好處而言，SkyOS無疑讓汽車變得更安全、更有保障。這也使得系統更加穩定，也幫助我們實現更有效率的研發流程與迭代流程。它還幫助我們解決了智慧電動車面臨的問題，例如巨大的數據吞吐量、域-成本域融合以及通訊延遲。

Because we know that it's impossible to realize such benefit by simply working on the application, the year adaptation, we need to do something at the foundational level. And we are very happy that we have made it happen. The SkyOS will be applied to our [other] brands, including NIO ONVO and Firefly. We can say that SkyOS is a software cornerstone for our future products and development.

因為我們知道，僅靠應用、年份適配是不可能實現這樣的效益的，所以我們需要在基礎層面做些什麼。我們很高興我們實現了這一目標。 SkyOS將應用於我們的[其他]品牌，包括NIO ONVO和Firefly。可以說，SkyOS是我們未來產品和發展的軟體基石。

Regarding the revenues, where the loss on other sales in Q2, we have significantly narrowed the losses on other results in Q2. It's mainly because of the two reasons. I think Q2, we have improved or increased our user deliveries. With that -- well, actually, there are two reasons. The first is that we have improved the profitability and the efficiency of our aftermarket sales.

就收入而言，第二季其他銷售的損失，我們已經大大縮小了第二季其他業績的損失。主要是因為兩個原因。我認為第二季度，我們改善或增加了用戶交付量。事實上，有兩個原因。首先是我們提高了售後銷售的獲利能力和效率。

Earlier this year, in February -- on February 20, we have released the 2024 (inaudible) service policy. With the new policy, our aftersales services become more efficient and also more profitable. And secondly, we have also decoupled the lifetime [free power] swap from the sales of the vehicles. With that, more and more users, especially new users, have to pay for the power swap services. This has also helped us improve the revenues and the margin on the power swap related services.

今年早些時候，2月——2月20日，我們發布了2024年（聽不清楚）服務政策。有了新政策，我們的售後服務變得更有效率，利潤也更高。其次，我們也將終身[免費動力]交換與車輛銷售脫鉤。隨之而來的是，越來越多的用戶，尤其是新用戶，必須為換電服務付費。這也幫助我們提高了換電相關服務的收入和利潤。

With that, we have significantly narrowed the losses on the other sales. And we believe that in the future, as we continue to grow the total user base and the sales volume, especially with the launch and delivery of the ONVO products, the profitability of the other sales will also become stronger, and we look forward to the breakeven or even profit from this part.

這樣，我們就大大縮小了其他銷售的損失。並且我們相信，未來隨著我們總用戶基數和銷量的不斷增長，特別是ONVO產品的推出和交付，其他​​銷售的盈利能力也會變得更強，我們期待盈虧平衡甚至利潤來自這部分。

And in terms of the profitability of the power swap service or in general power swap stations, if we look at the single swap station, if it can offer more than 60 power swaps per day, it itself will -- and in the meantime, if we charge all the power swap services at the same level for the supercharging, then the single station will become breakeven.

就換電服務或一般換電站的盈利能力而言，如果我們看一下單一換電站，如果它每天能夠提供超過 60 次換電，那麼它本身就會——同時，如果我們對所有換電服務按同一水平收取增壓費，那麼單站將實現盈虧平衡。

And right now, in China, we have more than 2,500 power substations. And on average, each station can complete around 30 to 40 swaps per day. So from 30 to 40 to 60, it's not a long way to go for us to make the power swap station breakeven.

目前，在中國，我們有2500多個變電站。平均而言，每個站點每天可以完成約 30 至 40 次交換。所以從30到40再到60，我們要讓換電站達到損益兩平並不是很長的路要走。

But in the meantime, we still suffer the loss on the power swap business. It's mainly because of two reasons. The first is that at the early stage for the early adopters of the NIO products, we have offered free lifetime power swaps to many of these users, which has actually worsened the burden on the cost of the power swap stations and the power swap services.

但同時，我們的換電業務仍處於虧損狀態。主要是因為兩個原因。首先是，在蔚來產品的早期用戶中，我們為許多用戶提供了終身免費換電服務，這實際上加重了換電站和換電服務的成本負擔。

And secondly, as we roll out our business and the network, we also came to realize that the network effect of the power swap station actually has a very significant meaning to the boost of the sales volume. In that case, we are more active in installing power swap stations, even ahead of the actual need. So these swap stations deployed in advance also bring additional losses or burden to the business.

其次，隨著我們的業務和網路的推出，我們也意識到換電站的網路效應對於銷售量的提升其實有著非常重大的意義。在這種情況下，我們會更積極地安裝換電站，甚至提前於實際需求。所以這些提前部署的換電站也為企業帶來了額外的損失或負擔。

So in general, if we look at the power swap station itself, it's not far away from breakeven and profitability. Yet considering its actual contribution to the sales volume, we have decided to deploy many stations in advance, and this has caused the loss on the business.

所以總的來說，如果我們看看換電站本身，它離損益兩平和獲利並不遙遠。但考慮到其對銷售的實際貢獻，我們決定提前部署許多站點，這造成了業務上的損失。

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

由於現在沒有其他問題了，我想將電話轉回公司進行結束語。

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

再次感謝您今天加入我們。如果您還有其他疑問，請隨時透過我們網站上的聯絡方式聯繫蔚來IR團隊。電話會議到此結束。現在您可以斷開線路。謝謝。

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

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。