蔚來 (NIO) 2024 Q3 法說會逐字稿

The unaudited non-GAAP measures to competitors.

針對競爭對手的未經審計的非公認會計準則措施。

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

現在我將把電話轉給我們的首席執行官，李威廉先生請繼續。

Hello, everyone.

大家好。

Thank you for joining Neos 2020 for Q3 earnings call.

感謝您參加 Neos 2020 第三季財報電話會議。

In Q3, the Company achieved a new quarterly record with 6 to 1,855 delivery Suneel brand that maintains its position as the hottest selling brand in China SPVs document priced above EUR300,000 with this much share reaching 48% longer brand also started to deliver what is the first and what the SEC on September 28th marketing is entry into the border.

第三季度，公司交付量達到6 至1,855 輛，創下季度新紀錄。也開始交付第一個是 SEC 於 9 月 28 日行銷的內容是進入邊境。

Mainstream primary markets in October 2020 for the company delivered 21,976 vehicles.

2020年10月公司主流第一級市場交付車輛21,976輛。

While Anvil brand continue to ramp up production capacity, the Company's total deliveries in Q4 are expected to be taken to be between 72 2,075 thousand units.

在Anvil品牌持續提升產能的同時，預計公司第四季的總交付量將在72-207.5萬台之間。

The financial side, our Q3 results reflected a continued improvement in component costs, leading to a vehicle margin of 13.1%.

財務方面，我們第三季的業績反映出零件成本的持續改善，導致整車利潤率為 13.1%。

Besides the gross margin of ISS has improved steadily, supported by sustained growth in revenues and gross margin.

此外，在營收和毛利率持續成長的支撐下，ISS的毛利率穩定提高。

The Company achieved a positive operating cash flow and free cash flow in Q3.

公司第三季實現了正的經營現金流和自由現金流。

Now I would like to share with you some updates on our products and the and the operations.

現在我想與您分享我們產品和營運的一些最新情況。

Newest executive flagship 89 is in the final testing and the propulsion before mass production under the delivery is expected to start March next year.

最新的行政旗艦89正在進行最後的測試，並在量產前推進，預計明年3月開始交付。

Thank you, Tina, and brings together nears leading innovation is delivery.

謝謝你，蒂娜，並彙集了近乎領先的創新就是交付。

We are waiting for new premium brand image with new more cost to be introduced in the coming year.

我們正在等待來年推出新的優質品牌形象和新的更多成本。

The new brand will be more focused on improving the Anworth S60, aiming at the mainstream.

新品牌將更專注於安沃斯S60的改進，瞄準主流。

Pamela market has been a hit with stamina.

帕梅拉市場一直受到人們的關注。

Uses sent to is a specialist Kartik such a low energy consumption, comprehensive safety features and hassle-free charging and swapping been now they are ramping up our supply chain capacity near the monthly production capacity is expected to hit 10,000 owners in December, and the country thousand owners decide on December 21st, new further brand official name Firefly we are make at the low, but the view on near the 28 hundred four phase for the product will be delivered in the first product will be delivered in the first half of next year.

發送給專家的 Kartik 具有低能耗、全面的安全功能以及無憂的充電和交換功能，現在他們正在提高我們的供應鏈產能，接近每月產能，預計 12 月將達到 10,000 名車主，並且在全國範圍內千業主決定12月21日，新的進一步品牌正式名稱Firefly我們正在低價製作，但預計近2804期產品將交付，第一批產品將在明年上半年交付。

Type Tinder, Prateek compact car market Firefly front, we envisage the company's product lineup and make full use of existing networks news.

在Tinder型、Prateek緊湊型轎車市場Firefly面前，我們設想了該公司的產品陣容並充分利用現有的網路新聞。

Some advertising had over 610,000 and certainly 8.4% at activated activated nears Navigate on Pylot.

在 Pylot 上的 Navigate 附近啟動的廣告數量超過 610,000 個，其中 8.4%。

Together, they had trays and of 1.39 billion kilometers with a multi language Smart Driving based on the Company's existence.

他們總共擁有 13.9 億公里的托盤和基於公司存在的多語言智慧駕駛。

And the expertise built over time was rolled out with the as 60, making our first, the brands that deliver base based on application guided SmartSide and urban.

隨著時間的推移累積的專業知識在 as 60 中得到推廣，成為我們的第一個品牌，提供基於應用程式引導的 SmartSide 和城市的基礎。

Though the Company's asset footprint and the continued growth so far, new has a 176 near houses and 400 plus new bases worldwide, while onboard has 119 91.

儘管該公司的資產足跡迄今持續成長，但新在全球擁有 176 個近鄰基地和 400 多個新基地，而船上擁有 119 個 91 個基地。

So because of China on the service and a company has 398 service centers and the six to five delivery centers, the power of countries plan is making strong headway.

所以由於中國在服務上有一個公司擁有398個服務中心和六到五個交付中心，國民計畫正在取得強勁進展。

It's more partners joining us either expanding the network.

更多的合作夥伴加入我們或擴大網路。

As of now, the company has 2,737 PowerStore stations worldwide, including 887 on highways, have in providing provided over 58 million swap for new and younger users.

截至目前，該公司在全球擁有 2,737 個 PowerStore 站點，其中 887 個位於高速公路，已為新用戶和年輕用戶提供了超過 5,800 萬次交換。

In addition, over 24,000 power chargers and the destination charges up and running, they continue to expand globally on November 28th, newly opened up that analysis and the delivery has have already started in UA next year.

此外，超過24,000個充電器和目的地充電已啟動並運行，他們於11月28日繼續在全球擴張，新開分析，明年在UA已經開始交付。

The new products from our and the Firefly, a company with a salvage international market entry on September 29th near China, US and a new investment agreement.

我們與 Firefly 公司的新產品於 9 月 29 日進入中國、美國附近的國際市場並簽訂了新的投資協議。

And this acute ZAR3.3 billion from that strategically invest this capital post reinforces and our balance sheet, and they reflect the impact to the high confidence nears industry in leadership.

這筆 33 億南非蘭特的策略性投資增強了我們的資產負債表，反映了對產業領導力的高度信心的影響。

Some of the total 26, the 2020 for NeoCart formula student, you'll actually China came to and the purchase that even for 10 years near has had more than 60,000 talented students Chase.

在總共26個中，2020年的NeoCart方程式學生，你實際上會來到中國，即使近10年也有超過6萬名天才學生追逐。

Let James in a very actively involved in Smart EV industry, November 25th markets nearest 10th anniversary, a milestone that wouldn't have been possible without the trust and support of our users and investors going forward at the new brands starts to enter new product cycle and onward and the Firefly with Dilip or more new products, the Company's impact in the face of a robust growth, we are confident in what counts.

讓詹姆斯非常積極參與智慧電動車產業，11月25日是市場近十週年紀念日，如果沒有我們的用戶和投資者的信任和支持，這是一個里程碑，新品牌開始進入新產品週期而隨著Dilip和Firefly或更多新產品的推出，面對公司強勁成長的影響，我們有信心什麼才是最重要的。

Thank you for your support that.

感謝您對此的支持。

I will now turn the call over to Sandy for Q-Cells financial details over to Sandy.

我現在將把電話轉給 Sandy，向 Sandy 詢問 Q-Cells 的財務詳細資訊。

Thank you Will.

謝謝威爾。

And let's now review our key financial results for the third quarter of 2024.

現在讓我們回顧一下 2024 年第三季的主要財務表現。

Our total revenues were RMB18.7 billion, decreased 2.1% year over year, up 7% quarter over quarter.

我們的總收入為人民幣187億元，年減2.1%，較上季成長7%。

Vehicle sales were RMB16.7 billion, down 4.1% year over year, primarily driven by a lower average selling price due to changes in product mix, partially offset by higher delivery vehicle sales increased 6.5% quarter over quarter, which was mainly due to the increased delivery volumes falling to the performance of our business.

汽車銷售量為人民幣 167 億元，年減 4.1%，主要是由於產品結構變化導致平均售價下降，部分被配送車輛銷量增加所抵消，環比增長 6.5%，這主要是由於交貨量的增加影響了我們的業務績效。

Other sales were RMB2 billion, up by 19.2% year over year and 11.9% quarter over quarter.

其他銷售額為人民幣20億元，較去年成長19.2%，較上季成長11.9%。

So over the year over year increase was mainly due to the increase in sales of parts, accessories and aftersales vehicle services and provision of power solution at partially offset by lower sales of used cars to increase quarter over quarter was mainly attributed to the increase increasing sales of parts accessories at aftersales vehicle services at provision of power solution income margin was 13.1% in this quarter compared to 11% in the same period of 2023 and 12.2% last quarter.

因此，同比增長主要是由於零件、配件和售後車輛服務以及提供動力解決方案的銷售增長，部分被二手車銷量下降所抵消，環比增長主要歸因於銷量的增長本季度提供動力解決方案的售後車輛服務的零件收入利潤率為13.1%，而2023 年同期為11%，上季為12.2%。

Year over year increase was mainly due to decrease the material cost per unit at partially offset by lower average selling price as a result of changes in product mix for quarter over quarter increase was mainly due to increased material costs per units.

年比增長主要是由於單位材料成本的下降，但由於產品結構變化而導致平均售價下降，部分抵消了單位材料成本的下降。

Overall gross margin was 10 4.7%, up from 8% in the same period as last year and nine can into OpEx.

整體毛利率為 10% 4.7%，高於去年同期的 8%，其中營運支出為 9%。

R&d expenses were RMB3.3 billion, increased 9.2% year over year and 3.1% quarter over quarter.

研發費用為人民幣33億元，較去年成長9.2%，較上季成長3.1%。

The year-over-year increase was both mainly driven by the increased personnel costs in R&D functions.

年比成長主要是由於研發職能人員成本增加所致。

SG. and A. expenses were RMB4.1 billion increase of 13.8% year over year at 9.3% quarter over quarter, which was mainly driven by higher personnel costs related to sales functions and increase the sales and marketing activities associated with new product launch.

SG。 A. 費用為 41 億元，年增 13.8%，季增 9.3%，主要是由於與銷售職能相關的人員成本上升以及與新產品推出相關的銷售和行銷活動增加所致。

Flow from operations was RMB5.2 billion, up 8.1% year over year and a relatively flat quarter over quarter.

經營流量為人民幣52億元，較去年成長8.1%，較上季持平。

Net loss was RMB5.1 billion, showing an increase of 11% year over year at a remaining relatively stable quarter over quarter.

淨虧損為人民幣51億元，較去年成長11%，較上季維持相對穩定。

Lastly, we ended the quarter with a stronger balance sheet with total cash and cash equivalents, restricted cash, short-term investments and long-term time deposits amounting to RMB42.2 billion.

最後，本季結束時，我們的資產負債表更加強勁，現金和現金等價物、限制性現金、短期投資和長期定期存款總額達 422 億元人民幣。

That wraps up our prepared remarks for more informed.

我們準備好的發言到此結束，以供更多資訊參考。

They share the details of our Odyssey.

他們分享了我們奧德賽的細節。

This third quarter 2024 financial results, please refer to our earnings press release.

2024 年第三季財務業績，請參閱我們的收益新聞稿。

Now I will turn the call over to the operator to start our Q&A session.

現在我將把電話轉給接線員以開始我們的問答環節。

Thank you.

謝謝。

Thank you.

謝謝。

If you wish to ask a question, please press star one on your telephone and wait for the oh nine we announced.

如果您想提問，請按電話上的星號一，然後等待我們宣布哦九。

If you wish to cancel your request, please press star two.

如果您想取消要求，請按星二號。

If you're on a speakerphone, please pickup your handset to ask your question.

如果您使用免持電話，請拿起聽筒提問。

For the benefit of all participants on today's call, please limit yourself to two questions.

為了今天電話會議所有參與者的利益，請只回答兩個問題。

And if you have additional questions, you can reenter the queue.

如果您還有其他問題，可以重新進入佇列。

Your first question comes from Tim south with Morgan Stanley.

你的第一個問題來自摩根士丹利的提姆·索思。

Please go ahead.

請繼續。

Hi, good evening, our new management team, and this is Kim from Morgan Stanley.

大家好，晚上好，我們的新管理團隊，我是來自摩根士丹利的 Kim。

Hong.

洪.

Thanks for taking my question is from.

感謝您提出我的問題。

I have two questions.

我有兩個問題。

First one is about creating strategy climbing because we make it seems that our 60 of our 61st launch in September, the holders of new clients in Hoboken and have been seasonally higher order trends of new and ongoing appear country.

第一個是關於創建策略攀登，因為我們認為我們在9 月推出的第61 次產品中的60 次，是霍博肯新客戶的持有者，並且是新的和持續出現的國家/地區的季節性較高訂單趨勢。

How should we be worried about the potential cannibalization between these two brands when it comes to the end demand brand position and your supply chain management?

當涉及終端需求品牌地位和供應鏈管理時，我們應該如何擔心這兩個品牌之間潛在的蠶食？

I guess my first question, thank you, Cegedim for women should reopen Nirvana near the trigger a toll-free on a GAAP basis EBITDA figures from Delta.

我想我的第一個問題，謝謝，女性的 Cegedim 應該在觸發達美航空基於 GAAP 的 EBITDA 數據的免費電話之前重新開放 Nirvana。

If you go to Macau, you mentioned this is a serious and the Chair will then see where we had those mega itself without outline our financial and we use about a male, the trigger Yardi as the Fed on that, you would lead you to go near the multi issue of mega fleets in the mobile.

如果你去澳門，你提到這是一個嚴重的問題，然後主席會看到我們在哪裡擁有這些巨型資產，而沒有概述我們的財務狀況，我們使用男性，觸發亞迪作為美聯儲，你會帶領你去近多問題的巨型車隊在移動。

So you women's fashion reopened as shown on this so far, time push-outs figure to each other to true our municipality, some facilities or has something to home.

因此，到目前為止，女性時尚重新開放，如圖所示，時間推倒彼此，以真實我們的城市，一些設施或有一些東西回家。

And so that you won since what you would see the total.

這樣你就贏了，因為你會看到總數。

So to now see a moment on figure continues to operate a sold-out shows a department consider given that there will be achieved initiatives.

因此，到目前為止，看到數字上的時刻繼續售空，表明部門考慮考慮到將有已實現的舉措。

So that kind of so you have know-how in canola from intensities of shadow will continue to hope for the future, which includes who are much.

因此，這樣您就可以從陰影強度中了解油菜籽的知識，從而繼續對未來充滿希望，其中包括許多人。

And I kind of on the sandal M&A targets you have right now with them the way the Europeans option pay off in somebody might you said, I mean, they put volume further Siegel from Nomura petroleum and no doubt I hadn't had the two.

我有點像你現在對他們的涼鞋併購目標，就像歐洲人的期權在某人身上獲得回報一樣，你可能會說，我的意思是，他們把野村石油的交易量進一步推向了西格爾，毫無疑問我沒有這兩個。

We are the Young who chose the health of the Hong Kong has been designated, should gaming and for Peugeot should have little doubt that the valuable assets that enable consensus has little to no doubt they will need the Division President and CEO of we see the bigger soldier Accenture targets through a partner for reasons such as your, hence our decision to par.

我們是選擇香港健康的年輕人，如果博彩和標緻應該毫無疑問，能夠達成共識的寶貴資產，毫無疑問，他們將需要部門總裁兼首席執行官，我們看到更大的出於諸如您這樣的原因，埃森哲透過合作夥伴瞄準了士兵，因此我們決定與您合作。

You may take a bigger Tigor load out of China, Singapore, McNeil, your sense of you who don't know, I misunderstood your targets your back half of say what Minda quarter as we go to the chance of seeing some gradual, minimal integration gone negative.

你可能會從中國、新加坡、麥克尼爾那裡承擔更大的Tigor負擔，你對你不知道的感覺，我誤解了你的目標，你的後半部分說什麼Minda季度，因為我們有機會看到有些漸進的、最小的整合變得消極了。

Thank you for your question.

謝謝你的提問。

Regarding the overall category volume of new brands, you see a decrease in our degree of volume starting October, and that is more of a more of a active adjustment and a passive results as before October, our monthly volume was about was about 20,000 units for several months consecutively.

從新品牌的整體品類銷售來看，從10月份開始我們的銷售量有一定程度的下降，更多的是主動調整和被動的結果，10月份之前我們每個月的銷售量大概在2萬台左右。幾個月。

And in the meantime, we are most of your life that vehicle margin has been under pressure as we have some promotions and marketing expenses on the product.

同時，我們大部分時間都認為車輛利潤率一直面臨壓力，因為我們對產品有一些促銷和行銷費用。

Then starting in October, we have at Outback on our expenses on heart by reducing around RMB15,000 per unit on the promotional costs and marketing costs.

然後從10月開始，我們在Outback減少了每台15,000元左右的促銷成本和行銷成本，從而節省了開支。

With that, inevitably, you'll see the impact on the sales volume, but starting up November, as we are stabilizing our today's volume and the demand, we are seeing a recovery from our volume.

這樣一來，您將不可避免地看到對銷量的影響，但從 11 月開始，隨著我們穩定今天的銷售和需求，我們將看到銷量的復甦。

And regarding our brand strategy, overall speaking, missing that using two or three plants to target different user growth is a successful strategy for now for the U.S. Well, it is still competing with other competitors in the same price segments right now, and we are looking at the main source of the ongoing yourself.

至於我們的品牌策略，總體來說，忽略了使用兩到三個工廠來針對不同的用戶增長目前對於美國來說是一個成功的策略。 ，我們正在看看你自己正在進行的主要來源。

A majority minority of them actually come from the amount of free users.

其中大部分實際上來自免費用戶的數量。

And internally, we are also looking at the potential competition between the Armour brand under the new plant at the actual overlapping or the impact on the new brand is pretty minimum, only around 2%.

而在內部，我們也關注新廠旗下Armor品牌之間的潛在競爭，實際重疊或是對新品牌的影響很小，只有2%左右。

It is true that steel used as measures over amateurs ammo over Neil, but the overall impact on results and delivery of the new plan is limited.

確實，鋼鐵被用作衡量業餘愛好者彈藥的尼爾，但對新計劃的結果和交付的整體影響有限。

In our case, the combined increments of both online and Neil Steer surpassed the one item.

在我們的案例中，線上和 Neil Steer 的總增量超過了單一項目。

And last we have on the new plan in place to manage, come up, come and motors.

最後，我們制定了管理、上來、上來和馬達的新計劃。

And so the comment that the last nine months, 10% maturities to clarify that I look at the source of our annual users are the top one source of our modules has actually is coming from modest rate.

因此，過去 9 個月，10% 到期的評論是為了澄清我認為我們的年度用戶來源是我們模組的首要來源，實際上是來自適度的利率。

Thank you very much.

非常感謝。

Willing on my second question to start the production ramp-up because we noticed the production ramp-up of our 60 so far is still a lot of cash flow.

關於我的第二個問題，我願意開始提高產量，因為我們注意到到目前為止我們 60 的產量提高仍然有大量現金流。

How what is the main reason to a more moderate ramp-up phase?

較溫和的加速階段的主要原因是什麼？

Will there be any impact to our current order backlog towards the GM?

我們目前向總經理積壓的訂單是否會受到影響？

And then tying in view of their PC modify how time flies in the near 89 in March next year?

然後結合自己的PC修改情況來看，時間過得怎麼樣，已經接近明年3月的89了？

Situating just mention handle more.

定位只是提處理更多。

My upcoming motto is 100 ongoing.

我接下來的座右銘是 100 持續。

Neil, how would you consider Salveen de-bottlenecks into Toyota clients?

尼爾，您如何看待 Salveen 消除豐田客戶的瓶頸？

How that's my second question.

這是我的第二個問題。

Thank you.

謝謝。

This is Jim, just to give our sales team triggers and by that, Steve, that had the timing of hasn't been quite sizable.

這是吉姆，只是為了給我們的銷售團隊提供觸發點，史蒂夫，時間還不是很長。

And you can assume that vision that the Heritage Group Q4 from told us with the tissue with how we use an audience with us and timelines on that in Citizens.

你可以假設遺產集團第四季度透過紙巾告訴我們的願景，以及我們如何利用觀眾以及《公民》中的時間表。

Now beaucoup, the figures, M&A UniFit onboard our merchandise visibility into the Gelco are known as the year.

現在，從數位來看，併購 UniFit 在我們對 Gelco 的商品知名度上被稱為年度。

The cognitive is a good cycle is to say that things and he gets Alcoa the mail handlers in Q4.

認知是一個很好的循環，他在第四季讓美國鋁業成為郵件處理程序。

There was a big change in the North Sea is somebody is less than 100 women figures.

北海發生了很大的變化，女性人數不到100人。

You will see two major publishers will be mailed to some words in legal fees and by the lunch you saw for the surgical.

你會看到兩家主要出版商將郵寄一些律師費和你所看到的手術午餐。

So I'm glad to share that either we or the other we had itself would have negotiated with the Kolwezi, as you might consider, does leave a few dozen Unipublic here.

因此，我很高興與大家分享，無論是我們還是我們擁有的其他人都會與科盧韋齊進行談判，正如您可能會考慮的那樣，確實在這裡留下了幾十個Unipublic。

So so you are kind of London itself.

所以你就像倫敦本身一樣。

We had a home rather than the one hand to defend the London Tokyo.

我們有一個家而不是一隻手來保衛倫敦東京。

And are you and hi, Rahul women signing and payers and we were going to go Zilver movie of the timing could tell from the delta that one high familiar with as we go through the UK public here.

你好，拉胡爾（Rahul）女士簽名和付款人，我們要去觀看《Zilver》電影的時機，可以從三角洲得知，當我們在這裡瀏覽英國公眾時，我們非常熟悉這一點。

So I say it is not as though cannot draw.

所以我說這並不是不能畫畫。

So does that as you can see, one of the user uses had you not should assist us in a unique way, say it enough.

正如您所看到的，如果您不應該以一種獨特的方式幫助我們，其中一個用戶使用，說得夠多了。

Some will you handle the video this airport here at the accountable care?

您會在機場的負責任醫療中心處理影片嗎？

Hey, here are good at adapting to figures and you'll find us and funding from here, which I know you had been selling indeed seen a meaningful way and that itself will diminish.

嘿，這裡善於適應數字，你會從這裡找到我們和資金，我知道你一直在出售的資金確實看到了一種有意義的方式，而且它本身會減少。

And two quick ones for units shipped in bank facility in Shanghai to push some of them are nowhere near CAD10 will Neo patterns.

兩個快速的單位在上海的銀行設施中發貨，其中一些遠未達到 10 加元的 Neo 模式。

I would also point to the plan by the Gamba family evolutionary changes.

我還要指出由Gamba家族演變而來的計畫變化。

Zoom meetings in this article noted earlier.

本文前面提到的 Zoom 會議。

The other one for you to slide down a non-economic, please?

另一張給你滑下來非經濟的好嗎？

In Indonesia, 89 per Firefly?

在印度尼西亞，每架螢火蟲 89 元？

Yes, we also see the publicity has done some Bellagio, the unknown and clearly we see it increase that you change your long-term thoughts.

是的，我們也看到宣傳對貝拉吉奧（Bellagio）產生了一些影響，未知，並且顯然我們看到它增加了你改變你的長期想法。

Thank you for your question.

謝謝你的提問。

For the ammo LCST, it's sure that people have high or the market has a higher expectation for its ramp-up and the production capacity.

對於彈藥LCST來說，可以肯定的是，人們對它的爬坡度和產能的期望較高，或者說市場對它的期望較高。

However, we also need to understand that our 60 comes with a lot of cutting-edge technologies.

但是，我們也需要明白，我們的60帶有很多尖端技術。

For example, it has the 900 about high-voltage architecture, which is also intertwined with the production separation of the battery and power train system.

例如它有900左右的高壓架構，這也與電池和動力系統的生產分離交織在一起。

It also has a pretty advanced architecture is operating system and digital system microscope on that also equipped, whereas a lot of new technologies, so such technology cooperation that also takes time.

它還有一個相當先進的架構，就是作業系統和數位系統顯微鏡上面也配備了許多新技術，所以這樣的技術合作還需要時間。

And we also didn't prepare a sufficient lump sum so that we will realize a very high delivery in the 1st month.

而且我們也沒有準備足夠的一次性付款，以便我們在第一個月實現非常高的交付。

We actually believe that running up to 10,000 units per month in December.

我們實際上認為 12 月每月運行量將達到 10,000 台。

That is our 3rd month after month delivery.

這是我們第三個月又一個月的交貨。

And then when you up to 20,000 in March next year is a reasonable speed and pace.

然後當你明年3月達到20,000時就是一個合理的速度和節奏。

It's true that the speed may not live up to some of your expectation.

確實，速度可能達不到您的某些期望。

And we also understand that.

我們也明白這一點。

And on the subsidy side, by the end of this year, some local subsidies and also the national trade in subsidy will become in that case for some users who placed that order later, may not have their cars picked up by the end of this year and that will affect your subsidy.

而補貼方面，到今年年底，一些地方的補貼，還有國家的以舊換新補貼，對於一些後來下單的用戶來說，可能到今年年底還沒有提車。

In our case, we have also we looked at the users who eventually turned us off our cornerstone and 50% to 6% of those users eventually rejected as well because of the late delivery and the failure of not getting the subsidy by the end of this year.

在我們的案例中，我們也研究了最終拒絕我們基石的用戶，其中 50% 到 6% 的用戶最終也因為延遲交付和未能在本月底之前獲得補貼而被拒絕。

And we it's also understandable as after all of us, our product is that amounts to 100,000 something and a 10 or 20,000 subsidy can be a significant amount to them.

我們也可以理解，畢竟我們的產品是十萬左右，十兩萬的補貼對他們來說已經是一筆不小的數目了。

And for HNI and the Firefly in general, they also have their own ramp-up pace and the preparation that for those two products, we will prepare the launch stock more actively.

對於HNI和Firefly來說，他們也有自己的加速步伐和準備，對於這兩種產品，我們將更積極地準備上市庫存。

Thank you, Tim.

謝謝你，提姆。

So next question comes from Nick Jones with JP Morgan.

下一個問題來自摩根大通的尼克瓊斯。

Please go ahead.

請繼續。

Thank you for taking.

謝謝您的採納。

My question is from incentive to maintain.

我的問題是來自維修的激勵。

My first question really is how to strategically how to find a balance between profitability and volume and willing to just mention that in Q2 and in recent months, we reduced the incentive, my 50s, RMB57 million to others, obviously has support shift to Puerto Rico margin into you in the other thing.

我的第一個問題實際上是如何從戰略上找到盈利能力和銷量之間的平衡，願意只提一下，在第二季度和最近幾個月，我們減少了激勵，我的50 多歲，給其他人5700 萬元人民幣，顯然支持轉向波多黎各在另一件事上留給你。

That's part of the expense of the slower cellphone and so long term.

這是較慢的手機費用的一部分，而且是長期的。

And can you share with you how to think about the balance between positive margin and phone?

能否跟大家分享如何思考正利潤和手機之間的平衡？

Or in other words, do we have a desire vehicle margin in functionality in the medium to long return?

或者換句話說，我們在中長期回報中是否有期望的車輛功能利潤？

I remembered new program in the past, talk about long-term income amounting to 15, 18% or even 20%.

我記得以前有新節目，說長期收入達15%、18%甚至20%。

Can you shoe business that medium to long-term phone volume and profit from our profit margin strategy things?

您能否從我們的利潤率策略中獲得中長期電話銷售和利潤？

Thanks, Alex.

謝謝，亞歷克斯。

Or just any color on why you take a little early relative balance gigawatt MAT?

或只是任何顏色說明為什麼你要採取一點早期相對平衡千兆瓦 MAT？

Doug Fischer will have a team and as a lot of change a whole and Omaha Shockwave to ensure that we're lapping medicals anyway.

道格費雪（Doug Fischer）將擁有一支團隊，並進行大量的整體改動和奧馬哈衝擊波，以確保我們無論如何都能完成醫療檢查。

So if I may undergo tissue to tissue and how do you mean and median one the into so we otherwise would be.

因此，如果我可以對組織進行組織處理，那麼您的意思是中位數，否則我們會這樣做。

And so you've got an initial amount issued some shares and cash or show showed our MiMagic.

因此，您已發行了一些股票和現金或展示了我們的 MiMagic 的初始金額。

So to answer that for male the R&D and thank you for your usual fashion, albeit Tom Jay Chaudhry at our she can see the revenue by Do you have the doubling down on your condo for Mr. Jaeger backlog?

因此，要回答男性研發的問題，並感謝您一貫的時尚，儘管我們的湯姆·傑·喬杜里（Tom Jay Chaudhry）她可以通過以下方式看到收入：您是否為Jaeger 先生積壓的公寓加倍投入？

Vertigo equation that, John, you could hedge value add from all of you that in a way to China.

眩暈方程式，約翰，你可以以某種方式對沖你們所有人的附加價值到中國。

one, I'm sensitive to the mothership ambitious.

一、我對母艦的野心很敏感。

Any plan you were kind of a gesture, a battery capacity, Roger warm weather, Molina test is one element has to be with you on that issue that you're going to be able to maybe do you think you will that impact due to the show in Casual Male to rotation at that time?

任何計劃，你是一種姿態，電池容量，羅傑溫暖的天氣，莫利納測試是一個因素必須與你在這個問題上，你將能夠也許你認為你會因為以下原因產生影響當時在《休閒男》中輪流表演？

Just shoe signed as major jump the gun genetic.

只是鞋簽名為重大的過失遺傳。

I will echo ranking by the way that John and younger, even if there is a structure, Kizomba help them all in the early part of the I know many of them just show you through the media planners to you via formulations.

我會以約翰和年輕的方式呼應排名，即使有一個結構，Kizomba 在早期部分幫助他們所有人，我知道他們中的許多人只是透過媒體策劃者透過配方向您展示。

I'm sorry, are you have gone live from and to move beyond next year?

抱歉，您是否已經從明年開始上線並超越明年？

I would add to that earlier when you empowerment Amobee sometime soon, we'll have him at his hand up.

我想補充一點，當你很快授權 Amobee 時，我們會讓他聽從他的指揮。

And Josh, thank you for the question.

喬什，謝謝你的提問。

This is Stan is speaking Regarding your question on the balance between volume and profitability.

這是史丹正在就您關於銷量和盈利能力之間的平衡問題發表的講話。

As also mentioned by William, after the launch of the envelope for the new brand, our primary focus is to keep enhancing our pricing and brand positioning and improve our product back to profitability.

正如William也提到的，在新品牌信封推出後，我們的首要重點是不斷提高我們的定價和品牌定位，並提高我們的產品恢復盈利能力。

So this would be our focus from now and beyond.

因此，這將是我們現在及以後的重點。

And also starting October, we started to touch back on our tax promotions and incentives for the short term.

同樣從十月開始，我們開始討論短期的稅收促銷和激勵措施。

It has affected our sales volume had in the past one month or so with operations.

這影響了我們過去一個月左右的營運銷售。

We also see a bounce-back momentum on our order backlog.

我們也看到積壓訂單出現反彈動能。

And regarding the vehicle margin of the new brand in the third quarter is around 13.1%.

而新品牌第三季的整車利潤率則在13.1%左右。

And for the fourth quarter, we set that target at 15% for the new brand.

對於第四季度，我們將新品牌的目標定為 15%。

And we are competent to gradually move up to that target in Q4 this year.

我們有能力在今年第四季逐步實現這一目標。

And as we can be has been a premium and positioning of this plan for the year of 2025, we will take 15% weaker margin as the baseline.

由於我們對 2025 年計畫的溢價和定位，我們將以利潤率下降 15% 作為基準。

And by improving our marketing strategies and supply chain, we target to realize 20% gross margin going forward for the new branch.

透過改善我們的行銷策略和供應鏈，我們的目標是新分公司未來實現 20% 的毛利率。

Thank you.

謝謝。

Thank you.

謝謝。

And my second question is related to CapEx and OpEx guidance.

我的第二個問題與資本支出和營運支出指導有關。

We are launching playing offense linked in to 25 and also on the higher you can't find it in my content in Swan Zone.

我們正在推出與 25 相關的進攻，甚至更高，您在 Swan Zone 的我的內容中找不到它。

Can you give us some guidance regarding OpEx in OpEx ratio as much CapEx in 25 things, other mix, the tissues Hall EBITDA measure me on the July launch of a real sign of either the relaunch.

您能給我們一些關於營運支出的指引嗎？

Sanjay, a greenfield, Shanghai China.

Sanjay，中國上海的一片綠地。

I mean for me, I kind of just your comment I sent to the shortage of good.

我的意思是對我來說，我只是把你的評論發給了好的短缺。

I think you should sell wholesale SG&A that is going to change and a push out and actually managed to improve and go through some challenging throughout July due to the lower dollar that is a social Wahoo or that is yes.

我認為你應該出售批發 SG&A，它將發生變化並推出，並且實際上設法改善並在整個 7 月經歷一些挑戰，因為美元較低，這是社會 Wahoo 或者是的。

Shall I start with the drill bit, but just so you do know that improve energy sooner with them that we will monetize value to data from a channel issue.

我可以從鑽頭開始嗎，但只是為了讓您知道，透過它們更快地提高能源，我們將透過通路問題將數據價值貨幣化。

You back to you that in that element in either move beyond that, I shared with us and magazine Sammy and I will so side of our machines out there, one that you have a WBL. now once issue with respect to the team with a quick follow up and it is a social Shonan.

你回到你的那個元素，無論是超越那個，我與我們和雜誌 Sammy 分享，我將我們的機器的一側在那裡，你有一個 WBL。現在，一旦出現有關團隊的問題，就會快速跟進，這是一個社會湘南。

So that's also why don't you have seen a whole say, I mean, any need or the lower dollar that you and good at it, a key benchmark shown on the power into your home, how the pace at Entergy Louisiana sounded like challenges here one and the social sale turndown in social that it could be either way somebody way does not mean anything he would you hold your cash amount of business agenda page and go the licensee life, Hannah and good.

所以這也是為什麼你沒有看到一個完整的說法，我的意思是，你擅長的任何需求或較低的美元，一個顯示你的家庭電力的關鍵基準，路易斯安那州 Entergy 的步伐聽起來像是挑戰這裡的一個和社會銷售拒絕在社會上，它可能是任何一種方式，某人的方式並不意味著任何他會你持有你的業務議程頁面的現金金額並繼續被許可人的生活，漢娜和好。

I think our OpEx at stage one and the energy solar to the transition from a high share, you're chasing Kyushu Gallagher, CFO, bite into the legacy phase of execution, I think had actually Dooner the senior management, good payback.

我認為我們的營運支出在第一階段和能源太陽能從高份額過渡，你正在追九州加拉格爾，首席財務官，咬住遺留階段的執行力，我認為實際上有杜納的高級管理人員，好的回報。

That whole room should be changed with Appaloosa, Ciba, Jean-Michel and kind of Changyou there a portion or the interest rate in mass St. Louis and our may be used either for fashion, our mentioned the nominal dollars.

整個房間應該用阿帕盧薩、Ciba、Jean-Michel 和某種 Changyou 進行更改，其中一部分或大眾聖路易斯的利率，我們可以用於時尚，我們提到了名義美元。

And as you noted, that tablet or a restriction that can operate without vis-a-vis your value on.

正如您所指出的，該平板電腦或限制可以在不影響您的價值的情況下運作。

And so that is I have access to the call.

這樣我就可以接電話了。

Thank you.

謝謝。

Have one question.

有一個問題。

As mentioned, starting next year, we will start to deliver our E&I and they will also be new models come from our second and third brand.

如前所述，從明年開始，我們將開始交付我們的 E&I，它們也將是我們第二和第三品牌的新型號。

As I was speaking, there will be improvements with our OpEx.

正如我所說，我們的營運支出將會改善。

As you can see, actually in the third quarter of this year, we already see increment in our SG&A expenses.

正如您所看到的，實際上在今年第三季度，我們已經看到 SG&A 費用的增加。

That is mainly because we are preparing we were preparing ourself network and the South, of course, for the launch of the ammo brand and such expenses will continue in Q4.

這主要是因為我們正在準備我們自己的網路和南方，當然，為了推出彈藥品牌，此類費用將在第四季度繼續。

And we'll also continue to increase in Q4.

我們也將在第四季繼續增加。

As right now, we have around 101 90 stores, how many stores in China and the by the end of this year, we plan to have around 300 stores up and running for the ammo brand.

目前，我們在中國有大約101 90家商店，到今年年底，我們計劃為ammo品牌開設約300家商店。

So we will need to invest in those facilities and the stores.

因此，我們需要投資這些設施和商店。

And in the meantime, as our target for March next year is to grow like 20,000 monthly target.

同時，我們明年 3 月的目標是每月成長 20,000 人。

In that case, we wanted to keep improving ourselves network and also, of course, but as we are building up the shelf capacity and capability for the envelope brand and going into Q1 next year, when that maturity and capacity are well established, our SG&A expenses were also gradually coming down.

在這種情況下，我們希望不斷改進我們自己的網絡，當然，但隨著我們正在建立信封品牌的貨架容量和能力，並進入明年第一季度，當這種成熟度和能力得到充分建立時，我們的SG&A開支也逐漸下降。

So at the moment, the SG&A is tick that major trunk.

因此，目前，SG&A 是主要的指標。

It's taken a big chunk of our software revenue, but this will gradually come to a reasonable level starting Q1 next year.

它佔據了我們軟體收入的很大一部分，但從明年第一季開始，這一數字將逐漸達到合理水平。

In that case, our OpEx and along with the increase of our sales volume were have efficiency improvements quarter-over-quarter from next year.

在這種情況下，我們的營運支出以及銷售量的成長從明年開始將實現季度環比的效率提升。

Regarding CapEx, these are this year, our overall CapEx actually had this in a significant decrease from last year.

關於資本支出，這些是今年的情況，我們整體的資本支出實際上比去年大幅下降。

The full year CapEx is around RMB8 billion.

全年資本支出約人民幣80億元。

And the for next year, we will keep around the same, keep it around and ship it at around the same level.

明年，我們將保持大致相同，保持並以大致相同的水平發貨。

So we will keep a very prudent management.

所以我們會保持非常審慎的管理。

Our CapEx expenses.

我們的資本支出。

Thank you, Nick.

謝謝你，尼克。

Your next question comes from Ming some Li with Bank of America.

你的下一個問題來自美國銀行的李明。

Please go ahead.

請繼續。

We're in and listening from Bank of America.

我們正在聆聽美國銀行的消息。

So my first question is related to the situation in Europe.

我的第一個問題是關於歐洲的情況。

We want to know that after the tariffing UPTs increased to a change your approach pricing strategy?

我們想知道在關稅UPT增加之後你們的定價策略改變了嗎？

And currently, does this impact the demand in Europe synchronous?

目前，這是否同步影響歐洲的需求？

My first question, assuming the also the country can new volumes and though on the UK, does that I heard you mention some of his home Zoom and then that's under either scenario two meetings that a function of the P&L.

我的第一個問題是，假設該國也可以增加新的銷量，儘管在英國，我是否聽到您提到了他的家鄉Zoom，然後在任何一種情況下都會有兩次會議，這是損益表的功能。

I show no further to go further down that those are some of that pushing harder than from what the overseas have you gotten rid of a lead time on the figure can use it at a time series are truly are women from China to other converting them to Jimmy.

我沒有進一步說明，這些都是比海外更努力的推動者，你已經擺脫了數字上的交付時間，可以在時間序列中使用它，這些確實是來自中國的女性將她們轉變為其他國家吉米.

The sources of all to see, though the attendees included on this issue, some of valuable my Nipuna with some of the ways you can see this is a viable you presumably the 100,000 machines as I go to develop inhibitors and too pushy Solium for use in line with earlier on this, I conclude I try to do you do compare the yield to my two, you heard Tim Patterson, the the functionality and so we will produce and sell.

所有人都可以看到的來源，儘管與會者在這個問題上包括了一些有價值的內容，我的Nipuna 以及一些你可以看到這是可行的方法，你大概有100,000 台機器，因為我要開發抑制劑和太強的Solium 來用於與之前的情況一致，我得出的結論是，我嘗試將產量與我的兩個進行比較，你聽說蒂姆·帕特森，功能，所以我們將生產和銷售。

So down to those businesses are presented on the sale of CO2.

因此，這些企業都在銷售二氧化碳。

The Norway of animal nutrition million sound, as you know, with the social facility, the country there in some of the so you should have a single course of the production versus sort of like myself who showed an increase in pension curtailment.

挪威的動物營養百萬聽起來，如你所知，擁有社會設施，該國在一些國家中，所以你應該有一個單一的生產過程，而不是像我一樣，養老金削減有所增加。

So we'll see the concept of net investment income.

所以我們將看到淨投資收益的概念。

Thank you for the question is to that with the tariff on the battery electric vehicles from China, it has affected our pricing strategy and also sales volume in Europe.

謝謝你的問題，中國對純電動車徵收關稅，影響了我們的定價策略以及在歐洲的銷售。

Overall, speaking for the overseas market was still up to this unified global presence strategy.

整體而言，海外市場仍取決於統一的全球佈局策略。

That is basically a cost to with a markup on top.

這基本上是加價的成本。

In that case because of the tariff, our private land, our presence in Europe and actually has gone up quite significantly.

在這種情況下，由於關稅，我們的私人土地，我們在歐洲的存在實際上已經相當顯著地增加了。

However, our strategy for the European market is always an issue for the long term.

然而，我們的歐洲市場策略始終是個長期問題。

At the moment, we will stay focused on improving our sales and service network, understanding the needs of the local users and to improve our user satisfaction on the services and products.

目前，我們將專注於完善我們的銷售和服務網絡，了解當地用戶的需求，並提高用戶對服務和產品的滿意度。

This is actually aware this strategy is not just because of the tariff, even if for the tariff, we've been focusing on several key targets than simply prioritizing our sales volume, and we will need to make sure that we have a reasonable investment into our European business are well maintained a good user satisfaction and also improving our brand awareness.

這實際上是意識到這個策略不僅僅是因為關稅，即使為了關稅，我們一直專注於幾個關鍵目標，而不是簡單地優先考慮我們的銷量，我們需要確保我們有合理的投資我們的歐洲業務保持了良好的用戶滿意度，同時也提高了我們的品牌知名度。

Again, our target for the Europe is for the long term and also out of the five European countries we have already answered.

同樣，我們對歐洲的目標是長期目標，也是我們已經回答的五個歐洲國家中的一個。

Norway is not affected by the tariff policy is not kid ourselves.

挪威沒有受到關稅政策的影響也不是自欺欺人。

Volume in the Norwegian market still pretty good.

挪威市場的成交量仍然相當不錯。

Yes, I think you saw in the second question is related to a gross margin profile for Anvil brand because as Dennis mentioned, the new brand for Q2, our gross margin will continue to improve to around 15%.

是的，我認為您在第二個問題中看到的是與Anvil 品牌的毛利率概況有關，因為正如Dennis 提到的，第二季度的新品牌，我們的毛利率將繼續提高到15% 左右。

But I assume you deliver around and 20,000 units until 20 24.5 is the rough gross margin profile for this brand and a new monthly delivery reach 20,000 units for our brand holidays, the potential of gross margin profile solar?

但我假設您在 20 日之前交付大約 20,000 台，24.5 是該品牌的粗略毛利率概況，並且我們品牌假期的新每月交付量達到 20,000 台，毛利率概況太陽能的潛力？

Brett.

布雷特。

Thank you.

謝謝。

Pardon me, our cinema anyway lowered our annual inventory part-time and true to say, Josh, a doubt he the local China since obviously there is a male sounding certain pressure as the agenda July.

請原諒，我們的電影院無論如何都降低了我們的年度庫存，喬希，說實話，我對中國當地的情況表示懷疑，因為顯然有一個男性在七月份的議程中聽起來有一定的壓力。

Sure, Joanne Hanover, Mahesh Tutorial.

當然，喬安妮漢諾威，馬赫什教程。

Jean-marc will actually go through them already now are the only and that message the geometry of the time on Virgin, Josh will do that is a passion for measuring.

實際上，讓-馬克現在已經通過它們，這是唯一的，並傳達了維珍航空當時的幾何形狀，喬什將這樣做，這是對測量的熱情。

Let's take a monopoly.

我們就拿壟斷來說吧。

The Federal-Mogul Azure stronger on walking Azure damages should now see lower machine.

輝門 Azure 在步行 Azure 傷害上更強，現在應該會看到較低的機器。

You far champion education when you go use also Asia, Wilma Lewis, though the Senhance in the home, the resolution Gyro for men, do you lowered our impaired chunky, neither male remove beyond a shout-out to which was an issue for the quest for this year as we have just launched and started to deliver the product at the early stage of the ramp-up and also because of the exclusive U.S. rights for the early users, the actual vehicle margin for the ammo L62 is not very high.

當你去使用亞洲時，你遠遠支持教育，威爾瑪·劉易斯，儘管家裡的Senhance，男性的分辨率陀螺儀，你是否降低了我們受損的矮胖，除了大喊大叫之外，這兩個男性都沒有消除，這是追求的一個問題今年由於我們剛剛推出並開始交付產品，處於爬坡初期，而且由於早期用戶擁有美國獨家版權，彈藥L62的實際車輛利潤率不是很高。

It's a positive gross margin, but in single digit for next year for the year of 2025, as we ramp-up of production capacity and the delivery volume, we expect that for the ammo brand, it's the core margin will be around 10%, and that will be our baseline for the next year to work on and with the continuous improvement on the product cost structure and also with new with more products joining the overall lineup, we believe that for the next year, our overall vehicle margin target for our brand will be around 15%.

這是一個正的毛利率，但明年到2025年，毛利率將是個位數，隨著我們產能和交付量的增加，我們預計對於彈藥品牌來說，核心利潤率將在10%左右，這將是我們明年工作的基準，隨著產品成本結構的不斷改進，以及更多新產品加入到整體陣容中，我們相信明年我們的整體車輛利潤率目標品牌佔比將在15%左右。

Thank you, Amy.

謝謝你，艾米。

Your next question comes from Dan Wang with Deutsche Bank.

您的下一個問題來自德意志銀行的王丹。

Please go ahead.

請繼續。

Thank you very much.

非常感謝。

My products account for a new product in the second half just mentioned you would have a low post close in 25 and the first half due to the audience that niche products such as the 89 in a new plant fiber.

我的產品佔下半年的新產品，剛才提到你會在25和上半年有一個較低的收盤價，因為觀眾認為利基產品如89在新的植物纖維中。

What's the plan for second half?

下半年有什麼計畫？

Do you plan to our refreshed got a new generation, you'll see more new products such as the 85 85 touring and the ESTT. six wholesale parts were CO2-neutral generation are not in 2025 second-half.

您是否計劃更新我們的新一代，您將看到更多新產品，例如 85 85 旅行版和 ESTT。到 2025 年下半年，將有 6 個批發部分實現二氧化碳中和發電。

Thank you.

謝謝。

So the ambient giving answers Illumin near the high Lucid, I don't see the turbine those in the direction that we're seeing with your question that I mean, so cheaper than the consumption.

因此，環境給出的答案是在高清醒附近的照明，我沒有看到渦輪機在我們看到你的問題的方向，我的意思是，所以比消耗便宜。

So you feel Hoshi the notion of your figures that is essential for evaluation to me as it scales hands.

所以你覺得 Hoshi 你的數位概念對於我的評估至關重要，因為它縮放了手。

And this is a high-class no further questions.

而且這是高階的，沒有更多的問題。

Million CAD of children who runs on soda figures have been vertigo, ShareFile efficiency, the figures of Saba, several that store, Tony, unless it's otherwise, I'm JPY100 million, actually our evolution into a bigger.

數百萬加元的兒童喝汽水數字已經眩暈，ShareFile 效率，薩巴的數字，幾個商店，托尼，除非否則，我是 1 億日元，實際上我們進化到更大。

And the only way I will now hand you the UnPlan figure.

這是我現在將 UnPlan 數字交給您的唯一方法。

I challenge the to the as to vehicle sensors on them and into the phase until changing versus Amazon, even Q3 holder that or downtime semis at a pace.

我對它們上的車輛感測器提出了挑戰，並進入了與亞馬遜相比的階段，甚至第三季度保持了這一水平，或者很快就停工半程。

And then suddenly everyone to know about in the data finishes how the cigarette volume, as you alluded to the Q2 from unscheduled downtime in Japan to combat this is due to Tubular Services.

然後突然間每個人都知道數據中的捲煙量是如何完成的，正如您提到日本第二季度計劃外停機以應對這一情況是由於管狀服務造成的。

How do you can follow suit?

你怎樣才能效法呢？

As you know, NuCO two's for eager to be the final women have idle.

如你所知，NuCO 兩個人渴望成為最後一個閒著的女人。

Some you sounded our biology cell lung cancer immunotherapies in digital and some of the players that results in the near the middle.

你們中的一些人以數字方式聽起來了我們的生物細胞肺癌免疫療法，而一些玩家的結果接近中間。

And then congrats on a whole the bigger women sand loading her try now to be the 100 Tableau to pass along higher sense of order.

然後祝賀所有更大的女性沙加載她現在嘗試成為 100 Tableau 傳遞更高的秩序感。

So I miss something or Nishit Jalan consumption from our bio cheated, Amadeus to fit out of the Eagle juggle between the Dominion one hundreds of data on the civil jobs in nursing and home.

因此，我錯過了一些東西或 Nishit Jalan 消耗我們的生物被欺騙，艾瑪迪斯以適應鷹在自治領之間的數百個有關護理和家庭民事工作的數據。

Andrea James of funding to say in home, sell me a good chunk of that home and a little about bigger Sudoku, what will the turns per se from Damian Brewer?

安德里亞·詹姆斯（Andrea James）在家裡說，賣給我那棟房子的很大一部分和一些更大的數獨，達米安·布魯爾（Damian Brewer）本身會帶來什麼？

Does that reverse shoulder Mysimba classification and the higher the pipeline fill out a homeowner must be careful of inflation.

是否反向肩Mysimba分類和管道填寫較高的房主必須小心通貨膨脹。

That is a reduction in either steel consumption.

這就是鋼鐵消耗量的減少。

Now firefighters over time him in a given geography.

現在，消防隊員在給定的地理位置上隨時間推移。

Minuto.

米努托。

I'm going to remediate it further because as you say, the Firefly activity many years is handling of the year, our new base salary, I think you will be a whole on the place and that'll answer timing for the assumption that represents a commercially viable timing for themselves.

我將進一步糾正它，因為正如你所說，多年來的螢火蟲活動都是年度處理，我們的新基本工資，我認為你將成為這個地方的整體，這將回答代表假設的時間安排為自己提供商業上可行的時機。

So I mean and just a single alpha Minions is the Sonova elaborating, would you be hindered only good timing to achieve a ratio of Minions opens up a little tutorial on Dominion Cision take-up and about the things are sold on Amazon.com and some of the leisure hasn't changed.

所以我的意思是，只有一個alpha Minions 是Sonova 精心設計的，你是否會受到阻礙，只有在良好的時機實現Minions 的比例，才能打開一個關於Dominion Cision 吸收和關於在Amazon.com 上出售的東西的小教程，以及一些休閒的方式沒有改變。

So sometime in that, thank you for the question on for next year, the under the new brand, our products will be upgraded to the next generation platform.

因此，感謝您提出明年的問題，在新品牌下，我們的產品將升級到下一代平台。

And each and I will be the first product coming off from the latest generation platform.

我和每個人都將是最新一代平台推出的第一個產品。

There are also other products in the pipeline.

還有其他產品正在醞釀中。

There will be also facelift and upgrades, and those will be the fastest and upgrade of our existing products.

還會有改款和升級，這將是我們現有產品最快的升級。

So basically in 2025 and the 2026, we will complete the upgrade of our existing new product step-by-step.

所以基本上2025年、2026年我們會逐步完成現有新產品的升級。

Regarding the ammo brand next year, we will continue to deliver and sell our first product out 60.

關於明年的彈藥品牌，我們將繼續交付和銷售我們的第一個產品 60。

But in meantime, we also have another two from the SUVs in the pipeline ready to launch into the market next year.

但同時，我們還有另外兩款 SUV 正在醞釀中，準備明年推出市場。

The R&D of these two products is in good progress and they are also carry ready for the mass production.

這兩款產品的研發工作進展順利，也已做好量產準備。

Regarding our with this to brand with the two products launched into market, we will have a complete lineup for the family SUVs Under Armour brand for this to new products while will be a need large size SUV offering that six and seven to her versions and another will be a large five, a large five five seater on SUV and industrial products are pretty competitive regarding their cost structure and the prospect of performance appropriate benchmark to look for will be our eight and oh seven.

就我們這個品牌推出的兩款產品而言，我們將為家庭 SUV Under Armour 品牌提供完整的陣容，為此新產品，同時將需要一款大型 SUV，提供六款和七款版本以及另一款將是大五、大五五座SUV和工業產品在其成本結構和性能前景方面具有相當的競爭力，合適的基準將是我們的八和哦七。

The auto.

汽車。

If you look at our El 60 with L6 from the outside of the price difference between USD40,000 and you will or RMB40,000, and you are probably understand the rough price range for our next to chew on while SUVs.

如果你從外面看我們的El 60 L6和你的價格相差4萬美元或4萬人民幣，你大概就明白我們接下來要啃的SUV的大概價格範圍了。

It will be also with a similar pricing energy and with that the price be highly competitive.

它還將具有類似的定價能力，並且價格具有高度競爭力。

In the meantime, we are also completing our charging and swapping network, especially with more facilities available in the county level, up places in China.

同時，我們也正在完善我們的充換電網絡，特別是在中國縣級以上的地方有更多的設施。

In our case with more comprehensive self network and service network, we are very confident with the overall performance of our brand.

在我們擁有更完善的自營網絡和服務網絡的情況下，我們對我們品牌的整體表現非常有信心。

Next here regarding Firefly, we are going to deliver our very first product of our flat next year.

接下來，關於 Firefly，我們將於明年交付我們公寓的第一個產品。

The product is actually named our flight.

該產品實際上被命名為我們的航班。

We actually follow the mini strategy where the brand and that's where the product for share the same time, we are going to share more details on the brand and the product on December 21st of this year, at our New Day, our brand will be making a official debut and we will also unveil the first product.

我們實際上遵循的是品牌和產品同時分享的迷你策略，我們將在今年 12 月 21 日分享更多有關品牌和產品的細節，在我們的新一天，我們的品牌將正式亮相，我們也將推出第一款產品。

And overall speaking, we are very confident with this product and appoint a lineup with that for the entire Company, our soft volume next year, we'll be doubling on top of this year's results.

總的來說，我們對這個產品非常有信心，並為整個公司指定了一個陣容，我們明年的軟銷量，我們將在今年的業績基礎上翻一番。

Thank you.

謝謝。

Have the kind of second question about your status margin because you actually have a improving Mr. Martinez for the quarter to only negative pozi.

第二個問題是關於你的地位利潤，因為實際上你的馬丁內斯先生在本季度的表現有所改善，只有負 pozi。

Can you just explain what's the driver for margin increase in the third quarter in a surplus in?

您能否解釋一下第三季盈餘利潤率成長的驅動因素是什麼？

What's your guidance for a number for Q3 2020 from a service is going to be single digit comp negative gross margin next year?

您對 2020 年第三季某服務的毛利率明年將出現個位數的負值有何指引？

So let's look at us.

那麼讓我們看看我們。

Thank you.

謝謝。

Although I mean a two-sided politician, the a check I should do insurance.

雖然我指的是一個兩面派政客，但我應該做保險。

We also learned from yet you're going to assure mainly with the and Tampa.

我們也從中吸取了教訓，但您將主要向坦帕保證。

And that number should have in PNH number chicken Jaeger, each energies to somebody who has your Mass Avenue Fusion jargon as Ursula shoulder solely on the JV attrition.

這個數字應該在 PNH 數字雞 Jaeger 中，每個人都有你的 Mass Avenue Fusion 行話，就像 Ursula 只承擔 JV 消耗一樣。

That idea yet what we're seeing that is a Godiva such Hello adhesion.

這個想法但我們所看到的是Godiva這樣的Hello黏附。

You hone our merchant Guckenheimer switches or shall we often use attrition.

您磨練我們的商人古肯海默開關，或者我們應該經常使用磨損。

So younger male rats home or do you do so shortly our thoughts and into the shoes and any massive need to have a fully realizing a large one that has tissue commission, the toning a part of your slides, the Ula Polyamide, you've got additional cash, which is by far we'll know when the harsher Europe, our European energy, I should give you the code on that.

所以，年輕的雄性老鼠回家了，或者你很快就這樣做了，我們的想法和鞋子以及任何巨大的需要都充分實現了一個具有組織委員會的大型老鼠，調色板的一部分，烏拉聚酰胺，你有額外的現金，到目前為止我們會知道，當歐洲更嚴峻時，我們的歐洲能源，我應該給你相關的程式碼。

I'm not so easy Accordant inhibiting winner from a high share of way, Joe, that was really marry that efficiency measures, which I don't think we should know that I showed you anyway.

我不是那麼容易從高份額的方式抑制獲勝者，喬，這確實與效率措施結合在一起，我認為我們不應該知道我向您展示了這一點。

I used to have a high share of which issue that to you of our metallurgical coal in particular, you should judge us on the sale and we are seeing that choose to the show by volume and tissue that seasonal and the shoe owning our own, you know, some good male that you show your oil.

我曾經對我們的冶金煤的問題有很高的份額，特別是對於我們的冶金煤，您應該對我們的銷售做出判斷，我們看到選擇按季節和擁有我們自己的鞋子的數量和組織來展示，您知道，一些好男人，你展示你的油。

Just if I remember you can share one vendor, Jake, I just got a growing area of a tissue that fusion surgery manner.

如果我記得你可以分享一個供應商，傑克，我剛剛得到了融合手術方式的組織生長區域。

What does that mean you'll hear from John?

你會收到約翰的來信是什麼意思？

Yes, the Biomet, you know, in January this year here that that John, I hope you all mentioned Vallejo mentality, Joe, to Nevada and Utah value, while our Miami, Indiana, Kentucky, whatever development will edge Hampton Netegrity that have either does it mean that the data for many years away from Alchemy or Jaeger having been hurt?

是的，Biomet，你知道，今年一月在這裡，約翰，我希望你們都提到了瓦列霍心態，喬，內華達州和猶他州的價值，而我們的邁阿密，印第安納州，肯塔基州，無論什麼發展都會超越漢普頓Netegrity難道說遠離煉金或耶格多年的數據已經受到傷害了？

Somebody is doing very, very happy with our new that trigger portfolio.

有人對我們新的觸發投資組合非常非常滿意。

You see here the comment on whether you saw that just your way a pan European panel that RDR one year ago, mainly driven by a one-shot tissue valve.

您可以在這裡看到關於您是否看到一年前 RDR 主要由一次性組織閥驅動的泛歐洲面板的評論。

And Josh, I mean thank you for the question.

喬什，我的意思是謝謝你提出的問題。

Regarding the vehicle margin improvement in the third quarter, it is mainly because of the two drivers.

第三季整車利潤率的改善，主要是兩位司機的功勞。

The first is the improvement and optimization on the cost of the parts and components, including batteries and other parts of in the third quarter.

首先是第三季包括電池等零件成本的改善和最佳化。

Such improvement is more significant than the print this quarter's ended.

這種改善比本季結束時的印刷品更為顯著。

The second driver is as we are ramping up our sales volume, our production capacity and volume is also a leveling up.

第二個驅動因素是，隨著我們銷售量的增加，我們的產能和產量也不斷提高。

In that case, we can also leverage the efficiency improvement and the better amortization on the manufacturing side.

在這種情況下，我們還可以利用製造方面的效率提高和更好的攤提。

With that, we have improved our vehicle margin from 12.2% and in Q2 to 13.1% in Q3 and going into the fourth quarter for the new brand, as was mentioned, our focus will be enhancing the premium positioning of this brand.

這樣，我們的車輛利潤率從第二季度的 12.2% 提高到第三季度的 13.1%，進入新品牌的第四季度，正如前面提到的，我們的重點將是增強該品牌的高端定位。

In that case, we will keep improving the product profitability, vital impact and marketing expenses and the promotions also keep improving our supply chain cost structure.

在這種情況下，我們將持續提高產品獲利能力、重大影響力和行銷費用，促銷活動也將持續改善我們的供應鏈成本結構。

With that, we are confident that we congratulate you will like a vehicle margin of 15% in the queue for this year for the new brand going into next year.

因此，我們相信，我們會祝賀您今年新品牌進入明年的隊列中獲得 15% 的車輛利潤。

We will also look for several key drivers to continuously improve our vehicle margin, including the improvement on the supply chain and the supply side.

我們還將尋找幾個關鍵驅動因素來持續提高我們的車輛利潤率，包括供應鏈和供應方的改進。

Next year, there will be several major integrations and upgrades and the smart hardware, which can further improve our cost structure.

明年將有幾個重大的整合升級和智慧硬件，可以進一步改善我們的成本結構。

And also, as mentioned by William next year, there will be iterations.

而且，正如威廉明年提到的，將會有迭代。

And firstly, on the new brand and the new products by introducing more competitive products with more competitive cost structure into our portfolio, we can also improve the overall profitability of the brand that we are also confident to realize a 20% of vehicle margin for the new brand in 2025 houses AMI.

首先，在新品牌和新產品上，透過在我們的產品組合中引入更具競爭力的成本結構的產品，我們也可以提高品牌的整體獲利能力，我們也有信心實現20%的整車利潤率。 2025 年的新品牌為AMI。

Your next question comes from Yukon thing with HSBC.

你的下一個問題來自育空地區與匯豐銀行的事。

Please go ahead.

請繼續。

Thanks, team in tenure.

謝謝，任期內的團隊。

I've got two questions.

我有兩個問題。

The first is on the autonomous driving, what's the management's would see.

第一個是自動駕駛，管理階層會看到什麼。

And I would say the key milestone for Neal in the coming six to 12 months as on this account was the key challenges at the moment.

我想說尼爾在未來 6 到 12 個月內的關鍵里程碑，因為這就是目前的主要挑戰。

And what is the biggest highlight of meals capability?

而餐點能力最大的亮點是什麼？

Maybe give us a bit of a breakdown in terms of the user adoption and trend modeling development, processing power and its net cost.

也許可以讓我們對用戶採用率和趨勢建模開發、處理能力及其淨成本進行一些細分。

Thank you.

謝謝。

Alternate said a moment to read the initial near you, Dr. Barbara, as we go on and so the figures and then just generally what order that triggered a 100 kilometers of data to suggest measurements are not blessed with a Solvency two Asian so far, the emotions that has resumed out of that sort of address some of our media because you have a sham funding.

芭芭拉博士，候補說，請花點時間閱讀您附近的最初的數據，然後我們繼續看這些數字，然後大致是什麼順序觸發了100 公里的數據，表明測量結果尚未得到償付能力兩個亞洲人的認可，我們的一些媒體因這種言論而恢復了情緒，因為你們有虛假資金。

Thank you.

謝謝。

Yes.

是的。

No, I don't want me to internal budget.

不，我不想有內部預算。

So the question on I now hand over to your share is embolics.

所以我現在交給大家的問題是栓塞。

You talk just a little PLC and I'm wondering I was hoping mid-range of that with me are critical elements by the ongoing lumpy on.

你只講了一點PLC，我想知道我是否希望其中的中檔對我來說是持續不穩定的關鍵因素。

We are the vehicle registration should trigger signaling homes for local search and video on their degree replacing, but they'll consume our international.

我們的車輛登記應該觸發信號中心進行本地搜尋和視訊更新，但它們會消耗我們的國際。

You're going to see us some color.

你會看到我們有一些顏色。

I was just out of our equity lower than, say 2002 and further by May June because so to be a buy and hold the so the question is from the revenues you wish, but none of which we're kind of on the agenda.

我剛退出我們的股本，比2002 年要低，到5 月和6 月還要低，因為要買入並持有，所以問題是來自你想要的收入，但這些都不是我們的議程上的。

That's really what it was said, that Asia bundle.

這確實是所說的，亞洲捆綁。

And but I want to look at our Challenger CO2 lasers to passenger here.

但我想向這裡的乘客展示我們的挑戰者二氧化碳雷射。

As I said, the can you just made after your initial CapEx of one example is a bigger picture senior notes in the US today, I say to get to see some gradual channel today.

正如我所說，您在一個示例的初始資本支出之後剛剛製作的罐子是今天美國的更大前景高級筆記，我說今天要看到一些漸進的渠道。

So I'm in a sense of as a business decision.

所以我覺得這是一個商業決策。

Thank you for your question.

謝謝你的提問。

In late July, at the new in 2024, we have introduced a new word model and also the end to end solution based on the new awards model and Cadillac.

7月下旬，2024年新品發表會上，我們推出了新的單字模型，以及基於新獎勵模型和凱迪拉克的端到端解決方案。

And we have already started to release some functionality is based on the new architecture and the word model and also have invited It uses for some internal testing and experience of this new architecture.

我們已經開始發布一些基於新架構和單字模型的功能，並邀請它進行一些內部測試和體驗這個新架構。

Actually before that we have already Wendy's and two and active safety features.

事實上，在此之前我們已經有了溫蒂和兩個主動安全功能。

And in some third party testing and assessment on active safety performance of electric vehicles, outperformance is actually a pretty good better than many of our peers.

而且在一些第三方對電動車主動安全性能的測試和評估中，表現其實比我們許多同行好很多。

And for the ammo brand, it is also the first plant to deliver ambition based and navigation guided March driving for the urban route with me, we have also just launched a new release and our users also really appreciated and the like that feature.

對於ammo品牌來說，它也是第一家提供基於野心和導航引導的城市路線行車駕駛的工廠，我們也剛剛推出了一個新版本，我們的用戶也非常欣賞和喜歡這個功能。

So overall speaking with our computing power and sensing capabilities on vehicles with our data close loop and also our end to end with the model, we will have we will be leveraging these capabilities.

因此，總的來說，就我們在車輛上的計算能力和感測能力以及我們的數據閉環以及我們的端到端模型而言​​，我們將利用這些能力。

And in the following amounts, they will also be several releases.

在接下來的數量中，它們也將是幾個版本。

And gradually you will see the effect coming from others, others, R&D investments.

漸漸地，你會看到來自其他人、其他人、研發投資的影響。

And for the entire industry, there are actually defined roadmaps and solutions, and we have chosen this roadmap and we are confident in the success and as a result of that was not a double-digit number for missile.

對於整個產業來說，實際上有明確的路線圖和解決方案，我們選擇了這個路線圖，我們對成功充滿信心，因此飛彈的數字不是兩位數。

Oftentimes you used the July figures.

您經常使用七月的數據。

And and as they used to be advancing, these gains are Suku 10 or so ago, she gets you to women.

隨著他們的進步，這些進步是 Suku 10 年前左右的，她讓你接觸到女性。

Fotis have only gotten lower than the more the Ocean coming in from offshore and onshore, though, for the linker comes out the bundle and kind of your answers eBay of sugars.

不過，Fotis 的溫度只會比從近海和陸上進入的海洋越多，因為連接器會產生一束糖，並為您提供 eBay 糖的答案。

Yes, the base similar kind of Home and Personal Lines from the removal of the aisle melatonin gas associated to the 100 million.

是的，基本上類似的家庭和個人線路從去除與1億相關的褪黑激素氣體的通道中。

I know this is due to some of the two currencies rather good progress in the wind to our focus on senior leaders and leaders with volume was down for those who are new to the April 17th to the evolution.

我知道這是由於某些兩種貨幣在風向上取得了相當好的進展，而我們對高級領導人的關注以及對於那些剛接觸 4 月 17 日演變的領導人來說交易量有所下降。

You don't want to put on about one year's December, followed by saying that with an annual Zambia.

你不想先說一年的十二月，然後再說一年一度的讚。

Now let me kind of trigger Suzuki with Ella to give us some flavor on how the Italy regarding our smart driving.

現在讓我和 Ella 一起介紹鈴木，讓我們來了解義大利如何看待我們的智慧駕駛。

We always have this principle that as it should serve the benefits and the interest of our users.

我們始終堅持這樣的原則：為使用者的利益和利益服務。

In that case, we have two principles.

在這種情況下，我們有兩個原則。

The first is that the Smart Driving should relieve the trading pressure of our users.

第一個是智慧駕駛應該緩解我們用戶的交易壓力。

And secondly, you should reduce accidents, traffic accidents.

其次，你應該減少事故、交通事故。

And on for next year, our target is that with does much driving assist in driving tasks of the human drivers.

明年，我們的目標是為人類駕駛員的駕駛任務提供更多駕駛輔助。

The 50 level should be 10 times higher than so fully driving by the human drivers.

50級應該比人類駕駛員完全駕駛的等級高10倍。

And this is it actually achievable target.

這就是它實際上可以實現的目標。

And safety is always a top priority of our features.

安全始終是我們功能的重中之重。

On top of that by securing a good safety of the future.

最重要的是確保未來的良好安全。

We will then look at the usability and also the experience of the feature, such as further reducing the pressure and the stress of driving.

然後我們會看看該功能的可用性和體驗，例如進一步減輕駕駛的壓力和壓力。

We have the same approach for our other features like our ads to and the model we started with active safety.

我們對其他功能（例如廣告）以及我們從主動安全開始的模型採取了相同的方法。

We see significant benefits on improving the safety of our users that feature.

我們看到該功能對於提高用戶的安全性有顯著的好處。

Thank you, William.

謝謝你，威廉。

For the second question is on breakeven and capital requirements.

第二個問題是關於損益平衡和資本要求。

Are it looks like next year is very exciting, fully rolled out with a strong product cycle also coupled with CapEx and OpEx intensity.

明年看起來是不是非常令人興奮，全面推出，具有強大的產品週期以及資本支出和營運支出強度。

So do we have a refreshed refresh the breakeven timetable?

那我們是否有刷新刷新收支平衡的時間表呢？

And how do we look at the capital requirement in the coming 12 to 18 analysis?

我們如何看待接下來的12至18分析中的資本需求？

Thanks, Jim.

謝謝，吉姆。

That said, the Belgium good, it is the Zenith Live as usual.

話雖如此，比利時還是不錯的，Zenith Live 一如既往。

I shall I just wanted to send you to sell is a challenge on the frozen meal, not just from a ton more challenges.

我只是想送你去賣冷凍食品，這對我來說是一個挑戰，而不僅僅是來自更多的挑戰。

I sell energy into the two.

我將能量賣給兩者。

I cannot tell me.

我不能告訴我。

Yes, sure.

是的，當然。

Eugene negotiating the terms of valuation mill.

尤金正在談判工廠估值條款。

So in our own yen, Cimzia among current job, you guys Sure, Michelle alpha and beta and the Thomasville Dijon quarter-by-quarter activity, though storage and solar energy is a tissue from then I have got a game-changing there on a high Shockwave Sheng Zhong dementia.

因此，以我們自己的日元計算，Cimzia 在目前的工作中，你們當然，米歇爾阿爾法和貝塔以及托馬斯維爾第戎的季度活動，儘管存儲和太陽能是一個組織，從那時起我已經在那裡改變了遊戲規則高震波盛忠癡呆。

It's always changing the way to like Heijmans research institutions, universities and Gartner quadrant.

它總是在改變人們對 Heijmans 研究機構、大學和 Gartner 象限的看法。

You should know that you got your Shanda OpEx as usual.

您應該知道您像往常一樣獲得了盛大 OpEx。

You show on the register CapEx now say Jago.

您在收銀機上顯示的資本支出現在說 Jago。

Sure solvency there on producing in the goods from costs, Jim, good whole sales whole, so eager the geological.

吉姆，從成本角度來看，在生產貨物方面有一定的償付能力，良好的整體銷售，所以渴望地質。

We do that warm and hot CO2 is one element tissue miracle grocery.

我們認為溫暖和熱的二氧化碳是組織奇蹟雜貨的元素。

That issue, the journey is a sure Ashish, or can you should have and some of that don't have children will move on to the GSO?

這個問題，旅程肯定是 Ashish，或者你應該有，其中一些沒有孩子的人會繼續前往 GSO？

Thank you for the question regarding the requirements and in Q4, according to the current volume guidance, we expect to continue the positive free cash flow and for the year of 2025, as we target to double our delivery volume and also by controlling our spending and the pace quarter over quarter, we expect that we will continue a positive growth on our operating cash flow and such growth will sustain our Opto regarding the capital requirement were in general fund raising requirement.

感謝您提出有關要求的問題，在第四季度，根據當前的數量指導，我們預計到 2025 年將繼續保持正的自由現金流，因為我們的目標是將交付量翻倍，並通過控制支出和按照季度環比的速度，我們預計我們的營運現金流將繼續正成長，這種成長將維持我們的Opto 關於資本要求和一般融資要求的要求。

We don't have a must-have agenda is that we will adjust our fund raising equity by age is indeed a once in a way, I should say one-time event.

我們沒有一個必須要做的議程，那就是我們將按年齡調整我們的集資股本，這確實是一次偶然的事件，我應該說是一次性的事件。

And I think you can just share a salary cut hours or so to solely on to analyze actually figuring out how Congress has released anemia commission handling this.

我認為你可以只分享減薪時間左右，以實際分析國會如何發布貧血委員會來處理這個問題。

You hired the store sometime in the figures you all for your corner.

你在某個時候租了這家商店，在數字中，你都為你的角落。

I mean, you know, on the shutdown that turns out, okay.

我的意思是，你知道，結果是政府關門了。

I'm not sure quite agile mode.

我不確定敏捷模式。

Lilly will make a general manager meander 70, the commodity to move beyond for me assure you were hinting to Shanduka male that Mahesh, which is your main jump and finish up the call continued pressure, which is the major cause for now.

莉莉將讓總經理蜿蜒70，商品移動超越我保證你向山杜卡男性暗示馬赫什，這是你的主要跳躍並完成呼叫持續壓力，這是目前的主要原因。

And now I'm going to move beyond this year.

現在我要超越今年了。

So you don't change number that you could hear you say I'm gonna Schaller Anderson Chow who can answer to that degree in China for metallurgical question and answer your question on the profitability, I would like to answer to that a still a young automotive company, Southwall consider.

所以你不要改變你可以聽到你說的號碼，我要請夏勒·安德森·週（Schaller Anderson Chow），他可以在中國回答冶金問題並回答你關於盈利能力的問題，我想回答這個問題，我仍然是一個年輕的人汽車公司，Southwall 考慮。

And just now we have introduced a product point of all your breath for the next year with we will be able to realize a higher volume.

剛才我們已經介紹了明年我們將能夠實現更高銷售量的一個產品點。

And we are also competent with our software in the vehicle margin.

我們的軟體在車輛利潤方面也有能力。

We also will continue to improve our vehicle margin from Q4, and that is the continuous cost saving and efficiency improvement initiatives.

我們也將從第四季開始繼續提高我們的車輛利潤率，那就是持續的成本節約和效率提升舉措。

Side of the Company, we actually started a project called cost of mining to just identify the waste and also improve the cost structure and reduce or save costs on all aspects initiative.

在公司方面，我們實際上啟動了一個名為「採礦成本」的項目，旨在識別廢物，並改善成本結構，並主動減少或節省各方面的成本。

With that, we expect that with improved volume was improved operations.

因此，我們預計隨著銷售量的提高，營運也會得到改善。

Our our loss.

我們的損失。

I will also be found lumens indirectly in bone pain.

我也會間接發現管腔骨痛。

So until I don't know if I know women Biogen for legal fees will trigger Goldie.

所以直到我不知道我是否知道女性百健（Biogen）收取法律費用會觸發戈爾迪（Goldie）。

And that's a true that the cell so forth.

細胞等等都是如此。

I mean, the Hannover Germany share figure, so-so facility.

我的意思是，德國漢諾威的份額數據，馬馬虎虎的設施。

But the reality that of the puzzle.

但現實就是這個謎題。

Now moving on to Slide 10.

現在轉到投影片 10。

Hanover has a union 10-year.

漢諾威有一個10年的工會。

You need to have the Eagle Ford?

你需要有鷹福特嗎？

This is William speaking.

這是威廉在講話。

Standing customers' interests are relatively high level.

老客戶的利益程度較高。

And for the SG and A. expenses, because of our power up conscious plants, we will roll out the charging and swapping networks.

對於 SG 和 A. 費用，由於我們有電力意識的工廠，我們將推出充電和交換網路。

And also we want to put up the sales and service networks the under short-term pressure.

我們也希望讓銷售和服務網絡承受短期壓力。

But still we will make sure that we are on the right track to gradually narrow.

但我們仍然會確保我們走在逐步縮小範圍的正確軌道上。

The entire companies to do are used 2026 as the timing.

整個公司要做的事情都是用2026年當時機。

And we will be also planning our strategy.

我們也將規劃我們的策略。

Jose, to take.

何塞，拿走。

Your next question comes from Cheng Cheng with CICC., please, going.

你的下一個問題來自中金公司的程程。

So my first question is following up question on the market, quite funny as a pioneer.

所以我的第一個問題是跟進市場上的問題，作為先驅者非常有趣。

But now we also see some pure grants, the European market.

但現在我們也看到了一些純贈款，歐洲市場。

So can you share our current Mike European market strategy to further extend our volume?

那麼您能分享一下我們目前麥克歐洲市場的策略，以進一步擴大我們的銷售嗎？

Also, especially combined with the launch of Firefly new models like here or there their PMOS. aggressive or risk tangent chasing new genes, I hope to new home.

此外，特別是與 Firefly 新型號的推出相結合，例如這裡或那裡的 PMOS。積極進取或冒險切線追逐新基因，希望新家。

And also we see a few is just how do we then sell downs and those are paid on time and physically, apart from your angle for me to go fly them what they want them to sell at a change of the code that in the figure on what the Firefly with some bank combat a new light on how you would have been some Tiger.

我們也看到了一些問題，就是我們如何出售降價，這些降價是按時和實際支付的，除了你讓我去飛他們希望他們在更改代碼後出售的東西的角度之外，如圖所示螢火蟲與銀行的戰鬥為你帶來了新的啟示，讓你知道如何成為老虎。

So Haven could give us and we'll talk about the other products and on the bigger game.

所以避風港可以給我們，我們將討論其他產品和更大的遊戲。

Okay.

好的。

So those are ongoing.

所以這些正在進行中。

So Firefly so much hinges on two family in the US into Mexico is is it something that you've achieved in the third column data that we kind of how local five likely singular can go to picture is true that you have being in the European market for a while.

因此，螢火蟲很大程度上取決於美國的兩個家庭進入墨西哥，您在第三列數據中是否取得了一些成就，我們認為當地的五個可能的單數可以如何去了解您在歐洲市場的情況是真的一陣子。

And it's overall operations and activations were for the European market is actually a pretty long term vision and also starting this year and next year.

它針對歐洲市場的整體運作和活化實際上是一個相當長期的願景，也將從今年和明年開始。

Another difference is regarding our second assets and animal and the first globally, where that we will also be able to continue our international expansion leveraging in our next step, especially for new.

另一個差異是我們的第二個資產和動物以及全球第一個資產和動物，我們也將能夠在下一步中繼續利用國際擴張，尤其是新的資產和動物。

It is a premium plans now with the tariffs in Europe, it's selling prices basically on par with the price of coming more and more limited.

現在它是一個高級計劃，隨著歐洲的關稅，它的銷售價格基本上與未來的價格持平，並且越來越有限。

But we will still keep a long-term presence of the new brand in the European market.

但我們仍然會維持新品牌在歐洲市場的長期存在。

But in the meantime, small and the Firefly plant, that will be our strategy.

但同時，小型螢火蟲工廠將是我們的策略。

So starting next year, you will see that until end of our four regions, Hagen of energy is a comparison versus on.

因此，從明年開始，您將看到，直到我們四個區域結束時，哈根的能源都是一個比較。

But how young children with loan fundamentally as you can sell to the mealtime insulin doses are kind of under our.

但是，如何從根本上貸款給幼兒，因為您可以在用餐時出售胰島素劑量，這有點低於我們的要求。

Then the good thing we can use the two screens for NeoCon, quite nimble.

還好我們可以使用 NeoCon 的兩個螢幕，非常靈活。

And quite a few weeks ago, the sell-down set of tools functionalized on one hand of the way, the pathogen very wide of a feel on Washington, even bigger company, Mitsubishi.

幾週前，一系列拋售工具開始發揮作用，這種病原體在華盛頓甚至更大的公司三菱上廣為人知。

And so you give us a further adverse events.

所以你給我們帶來了進一步的不良事件。

So you'll be on the split with the new brand for the premium segment of the established resources and network.

因此，您將與新品牌分道揚鑣，爭奪現有資源和網路的高端細分市場。

But when it comes to the global market, actually listening online actually has a larger market on average can ramp up to a higher volume much faster than the new plant.

但就全球市場而言，實際上在線收聽實際上平均擁有更大的市場，可以比新工廠更快達到更高的銷售量。

In that case, the power substations and the charging for services deployed, whether Anaplan well that are still in the global markets.

在這種情況下，所部署的變電站和收費服務，無論 Anaplan 是否良好，仍位於全球市場。

Actually, Neil, the new plan will rely more on the ammo brand charging and swapping facilities centering on the mobile.

事實上，尼爾，新計劃將更多地依賴以手機為中心的彈藥品牌充電和交換設施。

Okay.

好的。

Thanks, Mike.

謝謝，麥克。

My second question is regarding to the the other sales currently are probably a funny previous contracts, so which I think maybe relative to the increasing our sales volume and swapping charges and also services to the trend of the gross profit margin on ourselves and whether we have and are expecting others on a high quality value on a location that we had, again, a UK issue of I sure hope for that.

我的第二個問題是關於目前的其他銷售可能是一個有趣的以前的合同，所以我認為這可能與我們的銷量和交換費用的增加有關，也與我們自己的毛利率趨勢有關，以及我們是否有並期待其他人在我們擁有的一個地點獲得高品質的價值，我再次對此表示希望。

The result of that.

結果就是這樣。

You said our the point, you know, the issue that damaging again far I take a two increase initially should generally the change as far as I just had.

你說的是我們的觀點，你知道，我最初採取的兩個增加的破壞性問題通常應該與我剛才所做的改變相同。

I mean, how should we choose your decision that you will the decision to adopt comparative, which are going to show?

我的意思是，我們應該如何選擇您的決定，您將採用比較的決定，這將要顯示？

And I will now give a warm and dry shampoo that Art and good afternoon and a full genome in a of with that.

現在我將提供溫暖乾燥的洗髮水，藝術和下午好，以及其中的完整基因組。

So you should sell more quick one, if I hear from the revenue beyond the move beyond a shoe who own the short haul short haul with adhesion.

因此，如果我聽說收入超出了擁有短途短途且具有黏著力的鞋子，那麼您應該更快地出售一款。

And I'm going to forget and I have just shown and two I forgot the other bigger driven via Targa issue.

我會忘記，我剛剛展示了兩個，我忘記了另一個更大的透過 Targa 驅動的問題。

Thank you for your question.

謝謝你的提問。

Rick quarter, we have narrowed the losses in hand.

瑞克季，我們已經縮小了手中的損失。

We have been improving the efficiency of our after-sales services.

我們一直在提高售後服務的效率。

And on the other hand, because generation power substation, we had a slowdown.

另一方面，由於發電變電站，我們的速度有所放緩。

The network deployment and infrastructure construction narrowed in the third quarter.

第三季網路部署和基礎設施建設收窄。

But in coming quarters to be well, on the one hand, we will continue to improve the efficiency and also the profit.

但在接下來的幾個季度裡，一方面，我們將繼續提高效率和利潤。

On the other hand for the entire company, especially for the other brand, we will need to speed up our power substations and other facilities in advance earlier than the actual need content plan.

另一方面對於整個公司，特別是對於其他品牌來說，我們需要比實際需要的內容計劃提前加快我們的變電站和其他設施的進度。

For the coming quarters, we will speed up the installation and construction of this swap stations was that there will be higher loss and other business for the or the improvement on the after-sales services can offset the loss we have and the advantage of our strategy figures.

對於未來幾個季度，我們將加快該換電站的安裝和建設，因為將會有更高的損失，其他業務或售後服務的改善可以抵消我們的損失和我們的戰略優勢數字。

Your next question comes from Paul Gong with UBS.

你的下一個問題來自瑞銀集團的龔保羅。

Please go ahead.

請繼續。

Thanks for taking my questions.

感謝您回答我的問題。

Are two questions here from the first question is regarding the on demand visibility for the arm for our 60, we saw 20,000 units of going forward.

這裡有兩個問題，第一個問題是關於我們 60 個手臂的按需可見性，我們看到未來有 20,000 個單位。

Some of the L62, the you very much zombies to seven and the auto page 6 for now.

一些 L62，你非常殭屍到 7 和自動頁 6 目前。

I'm perhaps when you can see the help of the steam and or some move into Q1, you squint such our visibility on where you come over and that's a significant amount of the backlog, one delivery?

我也許當你看到蒸汽的幫助和/或一些進入第一季的幫助時，你會瞇著眼睛看我們的可見性，看看你過來的地方，這是大量的積壓，一次交付？

Or how do you have this kind of strong visibility for the 23?

或者說你是如何對23有如此強的知名度的？

Okay.

好的。

Paul, Ormond here because I think that is considered, I'm not sure this is a unique way your bigger attenuate, the Kola Yard in Michigan.

保羅，奧蒙德在這裡，因為我認為這是經過考慮的，我不確定這是密西根州科拉場更大的衰減的獨特方式。

So I didn't hear the regulatory Carnahan.

所以我沒有聽到監管卡納漢的聲音。

No among figure should show her Juarez and Tijuana to gather.

任何人物都不應顯示她的華雷斯和蒂華納聚集在一起。

Tom alluded on the loan Candle.

湯姆提到了借用蠟燭。

So the figures co-founding just furthers our mission as a yoga and Pogo, Amazon creep up a little more color.

因此，聯合創始人的人物只是進一步推進了我們作為瑜伽和 Pogo 的使命，亞馬遜也增添了更多色彩。

You also had a company that has thought that it doesn't have much inventory.

您還有一家公司認為自己沒有太多庫存。

So somebody's a harder time, a mission that funnel either to other bonds of 1.02 simple agenda to that omission, either to forgo a little later on the hotels that on behalf of these are some decent place to be mostly a novel tissue.

因此，有人的日子比較難過，任務要么轉移到 1.02 簡單議程的其他債券上，要么稍後放棄代表這些是一些不錯的地方的酒店，這些酒店主要是一個新穎的組織。

The hydrogen.

氫氣。

This is a pressure point on the 100 both Southern and we'll handle someone's home.

這是南方 100 號的壓力點，我們會處理某人的家。

You have on the future.

你有未來。

Our middleware Giga highlighted on volatility in the year than the one hand, we will take a while during the essential to home other than these two figures and good for co-funding.

我們的中間件 Giga 強調了今年的波動性，一方面，我們將需要一段時間才能回到家，除了這兩個數字之外，還有利於共同融資。

Turning a lot broader, we should assume for the season to replacement cost for confident in the demand for that.

從更廣泛的角度來看，我們應該假設本季的重置成本，以便對此需求充滿信心。

Our 60 is relatively low and also as a starting because in that case, our short term demand were is affected because of this at the actual conversion rate, fantastic drive to order, you will see a pretty high rate.

我們的 60 相對較低，也是一個起點，因為在這種情況下，我們的短期需求會受到影響，因為實際轉換率，出色的訂單驅動力，您會看到相當高的轉換率。

Please forgive me that I cannot is closer than any our existing new products.

請原諒我無法比我們現有的任何新產品更接近。

So I was speaking with a competitive product with a contract even against the competition in the market.

因此，我正在談論一種有競爭力的產品，即使在市場競爭中也有合約。

And for the moment, our main focus is to look at the moment.

目前，我們的主要關注點是著眼於當下。

It has around 190 almost stores and for the next, SAP will enlarge the coverage as in comparison to past.

它有大約190家商店，接下來，SAP將比過去擴大覆蓋範圍。

And then the Alcoa such coverage is market expansion and enlarge our sort of course, our watch list actions and starting January next year as the subsidies will be basically because of similar segment.

然後美鋁的這種覆蓋範圍是市場擴張，擴大我們的類別，我們的觀察名單行動，從明年一月開始，因為補貼基本上將是因為類似的細分市場。

In that case, we will be on the same level for the competition, but with a stronger product of capacity.

那樣的話，我們就會處於同一水平上競爭，但產品能力更強。

And Kevin ability, we are confident with our success of performed.

加上凱文的能力，我們對演出的成功充滿信心。

And my second question is regarding the next-generation platform and history, I think certainty to be on autonomous driving calculation power, including the four Winds.

我的第二個問題是關於下一代平台和歷史，我認為肯定是自動駕駛算力，包括四款Wind。

And also, how should we be thinking about defining the NT. three or higher?

而且，我們應該如何考慮定義新約。三個或以上？

Do you think of the on performing in the 80 or the battery size on the integration, the architecture, et cetera?

您認為 80 的效能或電池尺寸對整合、架構等有何影響？

So the conversion, the direction of the anti three platform, I think she will give the detail of our biennial as powerful as it can go out.

所以這個轉換，反三平台的方向，我想她會給我們雙年展的細節盡可能有力的出去。

It's Darko hazards, home, bigger, bigger than the Total Home strategy.

這是達科的危險，主場，比總主場策略更大，更大。

This is a situation here elements and that is 102 to the duopoly news.

這是這裡的一個狀況要素，那就是102來的雙寡頭新聞。

Is that aggregation?

這是聚合嗎？

I say, Jim is on just the places on the balance sheet.

我說，吉姆就在資產負債表上的位置。

Number two, do you figure it?

第二，你猜到了嗎？

So wondering since you have that there have been visiting engine to go, say, chief withhold comment, you could say the TurboChef 31st, the model coming off from our latest attached driving capabilities enabled by our in the US, a different level and gradually this tax on the next-generation platform.

所以想知道，既然你有訪問引擎，比如說，首席保留評論，你可以說 TurboChef 31st，該模型來自我們在美國啟用的最新附加驅動功能，一個不同的級別，並且逐漸這個下一代平台的稅收。

We will use this technology to iterate and upgrade our EBITDA embodiment of our R&D investment and the results achieved in the past retainers.

我們將利用這項技術來迭代和升級我們的EBITDA，體現我們的研發投入和過去保留所取得的成果。

Thank you for your next question comes from Daniel.

感謝丹尼爾提出的下一個問題。

Thanks, management for taking process.

感謝管理階層採取流程。

In terms of R&D, I also see that usually in the fourth quarter, there is sort of RMB of higher R&D expense versus third quarter.

在研發方面，我還發現，通常在第四季度，研發費用比第三季高。

Should we expect any for and also for our 2025 as we continue to our develop new products and then continue to invest in autonomous driving and other technologies, our kind of what level of R&D spending are we looking at and also for sales and sales and marketing in 2025 seem that this year we launched one model of our 60.

當我們繼續開發新產品，然後繼續投資自動駕駛和其他技術時，我們是否應該對 2025 年有任何期望？了60 款車型中的一款。

It doesn't seem they liked our sales.

他們似乎不喜歡我們的銷售。

Are those SG&A expense is going to slow down in terms of the closing on why R&D expense you can measure on loans.

就您可以透過貸款衡量的研發費用的結束而言，這些 SG&A 費用是否會放緩？

So you have our challenges.

所以你面臨我們的挑戰。

Yancey Bahama, you've got over the green more has to do that.

Yancey Bahama，你已經克服了果嶺，還需要做更多的事情。

For the Workiva has just play some Jennifer earnings call, if at all that kind of attrition Shockwave than we do, though is the impact of three, though, I mean the figure you have further Jaeger Azure wage shooting and a half ago that was our assumptions or your non-cash accrual that you have a high share of the Makena ULTRIO assay, Jake, a surge what is best to Asia was solely on the tissue stabilized for now on the Azure, I'm going to move Bill Hodges Virtue Fusion.

對於 Workiva 剛參加的詹妮弗財報電話會議，如果有那種消耗衝擊波比我們多，雖然是三的影響，不過，我的意思是你有進一步的 Jaeger Azure 工資射擊半前的數字，這是我們的假設或您的非現金應計費用，您在Makena ULTRIO 檢測中擁有很高的份額，傑克，對亞洲最好的激增只是目前在Azure 上穩定的組織，我將轉移比爾·霍奇斯Virtue Fusion 。

You should hear John weaker sterling decision regarding the R&D expenses RMB per quarter, and we will be stabilized because of the projects and also at different stages of the product R&D, the actual spending there will be ups and downs in actual funding.

你應該聽到約翰英鎊走弱的決定，關於每季人民幣的研發費用，我們會保持穩定，因為專案和產品研發的不同階段，實際的資金投入會有起伏。

R&d expenses will be higher for XY. or is expected to be higher than the third quarter.

XY 的研發費用會更高。預計或將高於第三季。

That is also mainly because of the products are at the centers will also be Japan or pardon me, for the year of 2025.

這也主要是因為到 2025 年，中心的產品也將是日本，請原諒。

We will also keep our R&D expenses that is around RMB3 billion per quarter under now non-GAAP basis, we will also keep myself and people and the West as we progress with our R&D projects and product development.

我們也將保留目前非公認會計原則下每季約30億元人民幣的研發費用，隨著我們研發專案和產品開發的進展，我們也將保留我自己、人民和西方。

There will also be slight ups and downs in the R&D expenses on a quarterly basis.

研發費用也會按季也會有小幅波動。

But interest G. and A. expenses, as also as mentioned in line with the increase of expenses are going up.

但利息 G. 和 A. 費用，正如前面提到的，隨著費用的增加而增加。

But we will also manage this quarter over quarter so that we can make sure that we optimize the ratio of the SG and A. in comparison to the overall sales revenue guarding the on our share of losses of equity investee, so that we have seen a negative number and that number has been expanding.

但我們也將逐季管理，以便我們能夠確保優化 SG 和 A 的比率，與保護我們股權投資對象損失份額的整體銷售收入相比，這樣我們就可以看到負數，而且這個數字一直在擴大。

So is this will related to the battery as a service operation?

那麼這是否與電池即服務操作有關？

And then how should we think about this for the industry going forward?

那我們該如何思考這個產業的未來呢？

Thanks.

謝謝。

I should say, Sanjiv, on the share of a lot of regional group, the journey of the car, Lena issued that and we are the realized further the weapons data.

我應該說，Sanjiv，在許多地區集團的共享上，汽車的旅程，Lena發布了我們正在進一步實現的武器數據。

So Kristen, I think we've done a good question, Jeff.

克里斯汀，我認為我們提出了一個很好的問題，傑夫。

Our EBITDA material, Hodge of Thomas will have a timing and maybe you could actually receiving a minute ago, I can't tell a good question has been challenging and it just further.

我們的 EBITDA 材料，托馬斯霍奇 (Hodge of Thomas) 將有一個時間安排，也許你實際上可以在一分鐘前收到，我不能說一個好問題一直具有挑戰性，而且只是進一步。

Your Green was wholly tissue change in leadership is on fire.

你的格林完全是領導階層的組織變革。

We'll deal with a green ammonia data official.

我們將與綠色氨數據官員打交道。

Part of this is the mill.

其中一部分是工廠。

So, you know, Tony, you can leverage our women's division that we handle share of the losses of the equity has been for the entire company.

所以，你知道，東尼，你可以利用我們的女性部門，我們處理整個公司的股權損失份額。

We have made some investments through on this industry and in the third quarter.

我們在第三季度對該行業進行了一些投資。

The last couple of the last went up is mainly because of the losses of our investee, which is in a highly competitive industry in terms of a in terms of why now, which is our basketball business means that it will not worsen our losses on shares because after we have adjusted the prices for the better as a service monthly subscription fee, we actually have witnessed a higher take rate on the bus service, especially in the second half half the business actually experienced a growth, which was the best asset management.

最後一對的上漲主要是因為我們被投資公司的虧損，這是一個競爭激烈的行業，就為什麼現在而言，我們的籃球業務意味著它不會加劇我們的股票虧損因為我們把價格調好之後，作為一項服務的包月費，我們實際上看到了公車服務的利用率更高，特別是下半年業務實際上經歷了增長，這是最好的資產管理。

In that case, it has a pretty promising profitability picture call back over to the company for closing remarks.

在這種情況下，它有一個非常有希望的獲利前景，會回電給公司進行總結發言。

Thank you again for joining us today.

再次感謝您今天加入我們。

If you have any further questions, please feel free to contact us through the contact information provided on our IR website.

如果您還有任何疑問，請隨時透過我們 IR 網站上提供的聯絡資訊與我們聯絡。

This conclude the conference call.

電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。

Thank you.

謝謝。

Thanks.

謝謝。

Thanks.

謝謝。

Thanks.

謝謝。

Yes, thank you.

是的，謝謝。

Yes, yes, yes.

是的，是的，是的。

Thanks.

謝謝。

Yes.

是的。

And okay.

好吧。

I mean, I mean and.

我的意思是，我的意思是並且。

No, yes, yes.

不，是的，是的。

Okay.

好的。

And so on.

等等。

Thank you.

謝謝。

Yes.

是的。

And if I may.

如果可以的話。

Yes.

是的。

Okay.

好的。

Yes, thanks.

是的，謝謝。

Yes, too.

是的，也是。

Yes.

是的。

Yes, yes, yes.

是的，是的，是的。

No.

不。

Hello, ladies and gentlemen, thank you for stores 2024 earnings conference call.

大家好，女士們、先生們，感謝大家參加商店 2024 年財報電話會議。

At this time, all participants are in listen only mode.

此時，所有參與者都處於僅聽模式。

Today's conference call is being recorded.

今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. rate 10, Head of Investor Relations of the Company.

現在我將把電話轉給東道主，公司投資者關係主管Rate 10先生。

Please go ahead, Ray.

請繼續，雷。

Good morning and good evening, everyone, and welcome to Neil's Third Quarter 2024 earnings conference call.

大家早安，晚上好，歡迎參加尼爾的 2024 年第三季財報電話會議。

The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website.

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。

On today's call, we have Mr. William Li, Founder, Chairman of the Board and CEO, Mr. Stanley, to CFO.

在今天的電話會議上，我們邀請了創辦人、董事長兼執行長李威廉先生擔任財務長。

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.

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。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, the company's actual results may be materially different from the views expressed today.

因此，公司的實際結果可能與今天表達的觀點有重大差異。

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.

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.

除適用法律要求外，本公司不承擔任何更新任何前瞻性聲明的義務。

Please also note the meals earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures.

另請注意膳食收益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。

Please refer to our press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measure.

請參閱我們的新聞稿，其中包含未經審計的非 GAAP 衡量標準與可比較 GAAP 衡量標準的調整表。

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

現在我將把電話轉給我們的首席執行官，李威廉先生請繼續。

Hello, everyone.

大家好。

Thank you for joining Neos 2020 for Q3 earnings call.

感謝您參加 Neos 2020 第三季財報電話會議。

In Q3, the Company achieved a new quarterly record with 6 to 1,855 delivery.

第三季度，公司交付量為 6 輛，達到 1,855 輛，創下季度新紀錄。

The new brand has maintained its position as the product selling brand in China SPVs document priced above 101,000 web.

新品牌在中國SPV文件售價101,000以上的網路價格中維持了產品銷售品牌的地位。

With this much we're reaching 48% longer brand also started to deliver is the first the motor LCC answer become impaired.

至此，我們的壽命延長了 48%，品牌也開始交付第一個受損的汽車 LCC 解決方案。

28 marketing is entry into the broader mainstream family market.

28行銷正在進入更廣泛的主流家庭市場。

October 2020 for the company delivered 21,976 vehicles.

2020年10月該公司交付車輛21,976輛。

While Anvil brand continue to ramp-up production capacity, the Company's total deliveries in Q4 are expected to be taken to be bitumen in 2,075 thousand units.

在Anvil品牌持續提高產能的同時，預計該公司第四季瀝青總交付量為207.5萬單位。

For the financial side, our Q3 results reflected a continued improvement in component costs, leading to a vehicle margin of 13.1%.

在財務方面，我們第三季的業績反映出零件成本的持續改善，導致整車利潤率為 13.1%。

The gross margin of Allison has improved steadily supported both to turn the growth in revenues and gross margin.

艾里遜毛利率的穩定提升支撐了營收和毛利率的雙雙成長。

The Company achieved a positive operating cash flow and free cash flow in Q3.

公司第三季實現了正的經營現金流和自由現金流。

Now I would like to share with you some updates I pulled out on the and the operations newest executive flagship 89 in the final testing and the proposal can be for mass production under the delivery is expected to start March next year.

現在我想與大家分享一些我在最後測試中取出的最新行政旗艦89的最新動態，並建議可以量產，預計明年3月開始交付。

So you can then put together nears leading innovation is delivery.

這樣您就可以將近乎領先的創新交付。

We are waiting for Nielsen premium brand image with new models to be introduced in the coming year.

我們期待尼爾森來年推出新型號的優質品牌形象。

Near brand will be more focused on improving profitability.

近品牌將更重視獲利能力的提升。

The ongoing as 60 aiming at the mainstream permanent market has been a hit with the stamina uses thanks to those patients cut it such a low energy consumption, comprehensive safety features and the heart of rate hardening and the swapping been now they are ramping up our supply chain capacity near the monthly production capacity is expected to hit 10,000 units in December and the 20,000 owners unit by much aside from December 21st, near some further brand official name, Firefly will make up the low, but the view on near the trend, the trend of for safe first, the product will be delivered in the US.

針對主流永久市場的持續 60 已經受到耐力使用的打擊，這要歸功於那些患者將其切割成如此低的能耗、全面的安全功能以及速率硬化的核心，並且現在他們正在增加我們的供應環比產能預計12月月產能將觸及1萬台，而業主們的2萬台遠超12月21日，臨近一些進一步品牌官名，螢火蟲將彌補低位，但從近期走勢來看，順應安全第一的趨勢，產品將在美國出貨。

First product will be delivered in the first half of next year.

第一批產品將於明年上半年交付。

Packed in that particular compact car market, Firefly.

擠滿了那個特殊的緊湊型汽車市場，Firefly。

Bernd will envisage the company's product lineup and make full use of existing networks.

Bernd 將設想該公司的產品陣容並充分利用現有網路。

In terms of some upgraded by October news, some upgrading had over 610,000 sales of 78.4% had a activities activated Nils Navigate on payload.

就部分升級而言，截至 10 月消息，部分升級銷量超過 61 萬輛，其中 78.4% 的活動啟動了 Nils Navigate 有效負載。

Together, they have driven over 1.39 billion kilometers with MOP longer SmartSide and based on the Company's existence and the expertise built over time was rolled out with the 60 making our first brand to de-lever vision based and navigation guided SmartGrid, an open book, the Company's asset footprint and the continued growth so far, new has a 136 new houses and a 400 plus new bases worldwide, while onboard has 119 91.

他們憑藉MOP 更長的SmartSide 共同行駛了超過13.9 億公里，並且基於公司的存在和隨著時間的推移積累的專業知識，60 使我們成為第一個消除基於視覺和導航引導的SmartGrid 的品牌，這是一本開放的書，公司資產足跡持續成長，迄今為止，新在全球擁有136座新船和400多個新基地，同時船上擁有119 91個。

So because, of course, China and the service and the Company has 398 service centers and the six to five delivery centers.

當然，因為中國和服務公司擁有 398 個服務中心和六到五個交付中心。

The power of countries plan is to make strong headway with more partners joining us expanding the network.

國家計畫的力量在於讓更多的合作夥伴加入我們，擴大網絡，取得強勁進展。

As of now, the company has 2,737.4 patients worldwide, including 887 on highways, have been providing provided over 58 million swap for meal and our users.

截至目前，該公司在全球擁有 2,737.4 名患者，其中高速公路上的 887 名患者，已為我們的用戶提供了超過 5800 萬份換餐服務。

In addition, over 24,000, the power chargers and the destination charges up and running, they continue to expand globally.

此外，超過 24,000 個充電器和目的地充電已啟動並運行，並且繼續在全球擴張。

On November 28th, the first near house in Amena waiting, we opened up that the assets and the delivery has already started even use the next year with new products from our and the Firefly, a company with a salivate international market entry on September 29th near China U.S. and a new investment agreement and the secured KRW3.3 billion from that strategically invest.

11 月28 日，阿梅納的第一個附近的房子等待著，我們打開資產和交付已經開始，甚至明年使用我們和Firefly 的新產品，Firefly 是一家在9 月29 日附近進入國際市場的公司。

This capital post reinforces our balance sheet and they reflect the investors a high confidence in your total by 26, the 2020 for NeoCart formula student electronic China came to an end.

這一資本柱加強了我們的資產負債表，反映了投資者對您的整體高度信心。

So purchase that you've been there for 10 years near has helped more than 60,000 talented students choose live games in the rapidly evolving Smart EV industry, November 25th markets to nearest 10th anniversary, a milestone that wouldn't have been possible without the task and the support of our users and the method going forward.

因此，您已經在那裡工作了近10 年的購買已幫助超過60,000 名才華橫溢的學生在快速發展的智能電動汽車行業中選擇現場遊戲，11 月25 日市場距最近的10 週年紀念日，如果沒有這項任務，這是一個里程碑以及我們用戶的支持和前進的方法。

At the new brands and new product cycle and the Anwil and the Firefly with deliverable more new boat that conveys the impact in our phase of a robust growth, we are confident in what counts.

在新品牌和新產品週期以及 Anwil 和 Firefly 以及可交付更多新船的情況下，它們傳達了我們強勁成長階段的影響，我們對重要的事情充滿信心。

Thank you for your support.

感謝您的支持。

With that, I will now turn the call over to Sandy for cases, financial details over to Sandy.

這樣，我現在將把案件轉給桑迪，將財務細節轉給桑迪。

Thank you Will.

謝謝威爾。

And let's now review our key financial results for the third quarter of 2024.

現在讓我們回顧一下 2024 年第三季的主要財務表現。

Out of the revenues were RMB18.7 billion decreased 2.1% year over year and up 7% quarter over quarter.

其中收入為人民幣187億元，年減2.1%，較上季成長7%。

Vehicle sales were RMB16.7 billion, down 4.1% year over year, primarily driven by a lower average selling price due to changes in product mix, partially offset by higher delivery vehicle sales increased 6.5% quarter over quarter, which was mainly due to the increased delivery volumes.

汽車銷售額為 167 億元，年減 4.1%，主要是由於產品結構變化導致平均售價下降，但部分被送貨車輛銷售額環比增長 6.5% 的增長所抵消。

Other sales were RMB2 billion, up by 19.2% year over year and 11.9% quarter over quarter.

其他銷售額為人民幣20億元，較去年成長19.2%，較上季成長11.9%。

So over the year over year increase was mainly due to the increase in sales of parts, accessories and aftersales vehicle services and provision of power solution at partially offset by lower sales of used cars for increased quarter over quarter was mainly attributed to the increase leasing sales of parts, accessories and aftersales vehicle services at provision of power solution vehicle margin was 13.1% in this quarter compared to 11% in the same period of 2023 and 12.2% last quarter.

因此，年成長主要是由於零件、配件和售後車輛服務以及提供動力解決方案的銷售成長，但部分被二手車銷售下降所抵消，環比成長主要歸因於租賃銷售的成長本季提供動力解決方案車輛的零件、配件和售後車輛服務利潤率為13.1%，而2023 年同期為11%，上季為12.2%。

Year over year increase was mainly due to increased material costs per unit at partially offset by lower average selling price as a result of changes in product mix.

年比增長主要是由於單位材料成本增加，但部分被產品結構變化導致平均售價下降所抵消。

Quarter over quarter increase was mainly due to decrease the material cost per unit.

環比增長主要是由於單位材料成本下降。

Overall gross margin was 10.7%, up from 8% in the same period of last year.

整體毛利率為10.7%，高於去年同期的8%。

At 9.7% in the last quarter.

上季為 9.7%。

Turning to OpEx, R&D expenses were RMB3.3 billion, increased 9.2% year over year and 3.1% quarter over quarter.

營運支出方面，研發費用為人民幣33億元，較去年同期成長9.2%，較上季成長3.1%。

The year-over-year increase was both mainly driven by increased personnel costs, R&D functions.

年比成長主要是由於人員成本和研發職能的增加所致。

Sg&a expenses were RMB4.1 billion increase of 13.8% year over year at 9.3% quarter over quarter, which was mainly driven by higher price central costs related to sales functions and increase the sales and marketing activities associated with new product launch.

銷售及行政費用為 41 億元，年增 13.8%，較上季成長 9.3%，主要是由於與銷售職能相關的價格中心成本上漲以及與新產品推出相關的銷售和行銷活動增加所致。

Flow from operations was RMB5.2 billion, up 8.1% year over year and a relatively flat quarter over quarter.

經營流量為人民幣52億元，較去年成長8.1%，較上季持平。

Net loss was RMB5.1 billion, showing an increase of 11% year over year at the remaining relatively stable quarter over quarter.

淨虧損為人民幣51億元，較去年成長11%，較上季維持相對穩定。

Lastly, we ended the quarter with a stronger balance sheet with total cash and cash equivalents, restricted cash, short-term investments at the long-term time deposits amounting to RMB42.2 billion.

最後，本季結束時，我們的資產負債表更加強勁，現金和現金等價物、限制性現金、長期定期存款的短期投資總額達人民幣 422 億元。

That wraps up.

就這樣結束了。

Our prepared remarks for more information in Asia are the details of our Odyssey this third quarter 2024 financial results.

我們準備好的關於亞洲更多資訊的評論是我們奧德賽 2024 年第三季財務業績的詳細資訊。

Please refer to our earnings press release is now I will turn the call over to the operator to start our Q&A session.

請參閱我們的收益新聞稿，現在我將把電話轉給接線員以開始我們的問答環節。

Thank you.

謝謝。

Thank you.

謝謝。

If you wish to ask a question, please press star one on your telephone and wait for your name to be announced.

如果您想提問，請按電話上的星號一，然後等待宣布您的名字。

As you wish to cancel your request, please press star two.

如果您想取消請求，請按星號二。

If you're on a speakerphone, please pickup your handset to ask your question.

如果您使用免持電話，請拿起聽筒提問。

For the benefit of all participants.

為了所有參與者的利益。

On today's call, please limit yourself to two questions and if you have additional questions, you can reenter the queue.

在今天的電話會議中，請只提出兩個問題，如果您還有其他問題，可以重新加入隊列。

Your first question comes from Tim Klasell with Morgan Stanley.

你的第一個問題來自摩根士丹利的提姆·克拉塞爾。

Please go ahead.

請繼續。

Hi, good evening.

嗨，晚上好。

Our new management team that came from Morgan Stanley, Hong.

我們的新管理團隊來自香港摩根士丹利。

Thanks for taking my question was can I have two questions?

感謝您提出我的問題，我可以有兩個問題嗎？

First from news about brand strategy?

首先是關於品牌策略的新聞？

So I mean, because we know it seems that our 60 of our 61st launch in September, the orders have Neil premiums in our Bulgarian happening seasonally higher order trends of new in Orlando appear country.

所以我的意思是，因為我們知道，我們在9 月推出的第61 個訂單中的第60 個訂單，在我們的保加利亞發生了尼爾溢價，在奧蘭多出現的國家出現了季節性更高的訂單趨勢。

Should we be worried about the potential cannibalization between these two brands when it comes to the end demand gram per concession?

當談到最終需求克數時，我們是否應該擔心這兩個品牌之間潛在的相互蠶食？

Can you supply chain management?

可以供應鏈管理嗎？

I guess my first question, thank you.

我猜我的第一個問題，謝謝。

Thanks to the team and then we have enough on the near the trigger a top-down GRESB uses EBITDA figures.

多虧了這個團隊，我們才有足夠的時間來觸發自上而下的 GRESB 使用 EBITDA 資料。

Symbolize Hershey go to Macau.

象徵好時前往澳門。

We mentioned this is Stuart and good share.

我們提到這是史都華和很好的分享。

Once you get those, maybe let's talk about our lineup.

一旦你得到了這些，也許我們可以談談我們的陣容。

Essential use about a male.

關於男性的基本用途。

The bigger Yardi is a bit on that.

更大的Yardi 有點在這一點上。

You would lead you to go near the Modi assure mega fleets in the mobile.

你會帶領你去接近莫迪保證移動的巨型車隊。

So you will manifest reopeners on our missile.

所以你會在我們的導彈上顯示重新啟動器。

So So Tyler push-outs figure to each other to true our municipality.

因此，泰勒的推出相互配合，以實現我們的市政。

Tom, could you read his or her chunky the home and so that you have a chance for you over to the total?

湯姆，你能讀他或她的家，這樣你就有機會進入總決賽嗎？

So to say a moment on the good news for quite a sold-out shows a department tentative, given that there will be achieved.

因此，考慮到將會實現的目標，說一下關於相當多的售罄的好消息表明了部門的嘗試。

And this is Sam Duncan.

這是薩姆鄧肯。

You have an evolving canola from intensity.

你有一個不斷進化的油菜籽強度。

Gerardo will continue to hope for the future performance, including food merchandise, kind of on the sandal M&A targets you have right now more than the way the younger option pay for things that would invite you to go.

Gerardo 將繼續對未來的業績抱有希望，包括食品商品，有點像你現在擁有的涼鞋併購目標，而不是年輕的選擇為邀請你去的東西付費的方式。

I mean they put on hold to Motorola country that on the further you see the economic impact for you now know about off on the car, the to the Young who chose the handsets, Hong Kong has been deemed as a target Sugammadex for Peugeot, Chanel loadout, a P value player and some other funded.

我的意思是，他們擱置了摩托羅拉國家的計劃，你會看到對汽車的經濟影響，對於選擇手機的年輕人來說，香港已被視為標緻、香奈兒的 Sugammadex 目標loadout、P值玩家和其他一些資金。

Let me just unable convinces us all to know about the near the division produced out of what we see the bigger soldier, Accenture Bagassi or partner for reasons such as your, hence our decision to par.

讓我無法說服我們所有人了解我們所看到的更大的士兵、埃森哲巴加西或合作夥伴的近師生產情況，因為您的原因，因此我們決定平價。

You may tick tick tick a little out of pharma.

您可能會在藥品中勾選一點。

So format near or your sense of you who don't know, I misunderstood your targets, your partner's CEO of Minda further to the turndown, a higher balance of the bigger chance of seeing some gradual imminently for us to go negative.

所以格式接近或你的感覺你誰不知道，我誤解了你的目標，你的合作夥伴的Minda首席執行官進一步下降，更高的平衡更大的機會看到我們即將走向負面。

Thank you for the question regarding the LC race in our degree of volume starting October, and that is more of a more of a active adjustment and a passive results.

感謝您提出關於我們從10月開始的LC比賽的量度問題，這更多的是主動調整和被動結果。

As before October, our monthly delivery volume was about was above 20,000 units for several months consecutively.

截至10月份，我們的月出貨量連續幾個月約2萬台。

In the meantime, we also realized that the vehicle margin has been under pressure as we have some promotions and marketing expenses on the product does starting October.

同時，我們也意識到，由於從 10 月開始我們對產品進行了一些促銷和行銷費用，因此車輛利潤率一直面臨壓力。

We have at Outback on our expenses on that part by reducing around RMB15,000 per unit on the promotional costs and marketing costs.

我們在內陸地區透過減少每台約 15,000 元人民幣的促銷成本和行銷成本來減少這部分的開支。

With that.

就這樣。

But inevitably, you see the impact on the sales volume.

但不可避免地，您會看到對銷量的影響。

But starting November, as we are stabilizing our to-do volume and the demand, we are seeing a recovery from our volume.

但從 11 月開始，隨著我們的待辦事項數量和需求趨於穩定，我們的數量正在復甦。

And regarding our brand strategy, overall speaking, listing that using two or three plants to target different user growth is a successful strategy for now.

至於我們的品牌策略，總體來說，列出用兩到三個工廠來針對不同的用戶成長是目前一個成功的策略。

Now for the envelope, it is still competing with other competitors in the same price segment right now, and we are looking at the main source of the envelope users.

現在對於信封來說，目前它仍然在與同價位段的其他競爭對手競爭，我們正在研究信封用戶的主要來源。

Amateur majority of them actually come from the Model three users.

其中業餘愛好者大部分實際上來自Model 3用戶。

And internally, we are also looking at the potential competition between the Armour brand under the new plan and at the actual overlapping or the impact on the new plant is pretty minimum, only around 2%.

在內部，我們也在研究新計畫下Armor品牌之間的潛在競爭，實際的重疊或對新工廠的影響很小，只有2%左右。

It is true that still used as measures over amateurs Anwil over Neil, but the overall impact on the sales and delivery of the new plan is limited.

確實，仍將其作為衡量業餘選手安維爾（Anwil）戰勝尼爾（Neil）的衡量標準，但新計劃對銷售和交付的總體影響有限。

In our case, the combined increments of both online and Aneel steels, our past the volume loss we had on the new brand in the past one or two months ago.

就我們而言，線上鋼材和 Aneel 鋼材的綜合增量，過去一兩個月前新品牌的銷售損失已經過去。

And we've got Motherson.

我們還有媽媽兒子。

So comment that the last six months for some maturities to clarify that I look at the source of our online users are the top one source of this.

因此，請評論過去六個月的某些到期日，以澄清我查看的線上用戶來源是這一來源的首要來源。

Our modules has actually is coming from modest rate.

我們的模組實際上來自中等價格。

Thank you very much.

非常感謝。

Willing on my second question is about the production ramp-up because we noticed the production ramp-up of our 60 suppliers to lead a baseload.

我的第二個問題是關於產量增加的問題，因為我們注意到 60 家供應商的產量增加引領了基本負載。

How what is the main reason to a more moderate ramp-up phase?

較溫和的加速階段的主要原因是什麼？

Would there be any impact to our current order backlog towards the jury, in the meantime, view of their PC model pathway Fireflies and also the new 89 in March next year, fluctuating just mention had more.

評審團目前積壓的訂單是否會受到影響，同時，考慮到他們的 PC 型號 Fireflies 以及明年 3 月的新款 89，波動只是提到的更多。

My upcoming model was 100 ongoing.

我即將推出的模型是 100 正在進行中。

Neil, how would you consider shelving de-bottlenecks into Toyota plant?

尼爾，您如何考慮將消除瓶頸問題擱置到豐田工廠？

That's my second question.

這是我的第二個問題。

Thank you.

謝謝。

Is it, Jim, just to give our sales team triggers the balance sheet that had a time when the gold price and I couldn't quite sizable, you can you'll notice in the digital you should view for from so that would I should have ratings and audience with us into the ins and outs in citizens have both core than the figures will M&A UniFit.

吉姆，是不是只是為了讓我們的銷售團隊觸發資產負債表，當時金價和我的資產負債表都不太大，你會注意到你應該查看的數字，這樣我就應該有收視率和觀眾跟我們一樣，公民的來龍去脈都有核心，比數字更會併購UniFit。

Andover may assume that the Europeans have introduced Darko off now and that is a year to Cognex has a good cycle.

安多弗可能認為歐洲人現在已經引進了達科，康耐視今年將迎來一個良好的周期。

You have to say that things are negative, Alcoa, the mail and good afternoon to those assays on hinder the fluid, somebody is less than 100 women figures.

你不得不說事情是負面的，美國鋁業公司，下午好，那些關於阻礙液的化驗，有人少於 100 個女性數字。

The two major public D&O women female to somebody and legal fees on by the launches of the certainly good so far to share that the year with the aggregate, it's overall negotiate through the call, if you will consider those either forgotten Unipublic here.

到目前為止，兩位主要的公共D&O 女性對某人的女性和法律費用的推出肯定很好，與總體分享這一年，如果您考慮那些被遺忘的Unipublic，那麼它是通過電話進行總體談判的。

So you are kind of London itself.

所以你就像倫敦本身一樣。

We had a homozygote than the one hand to defend the London Delta and are you and I saw her women signing in value as and when they were going to go over movie of the timing of when we'll go to the one-time for Middle East as we go currently, there, you go public as a result as you cannot draw.

我們有一隻純合子，而不是一隻手來保衛倫敦三角洲，你和我看到她的女人們在價值上簽字嗎？

So those are the achievement of that is a user uses patchy.

這些都是使用者使用不完整的成果。