蔚來 (NIO) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您出席蔚來汽車公司 2024 年第四季和全年財報電話會議。（操作員指示）今天的電話會議正在錄音。

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

現在我將電話轉給主持人、公司投資人關係主管陳睿先生。請繼續，瑞。

Good morning and good evening, everyone. Welcome to NIO's fourth-quarter and full-year 2024 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website. On today's call, we have Mr. William Li, Founder, Chairman of the Board and Chief Executive Officer; and Mr. Stanley Qu, Chief Financial Officer.

大家早安，晚上好。歡迎參加蔚來汽車2024年第四季及全年財報電話會議。該公司的財務和營運結果已在今天早些時候的新聞稿中公佈，並發佈在該公司的 IR 網站上。今天的電話會議由創辦人、董事會主席兼執行長李斌先生主持；以及財務長 Stanley Qu 先生。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該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. The company does not assume any obligation to update any forward-looking statement, except as required under applicable law.

有關風險和不確定性的更多資訊包含於公司向美國證券交易委員會、香港聯合交易所有限公司和新加坡證券交易所有限公司提交的某些文件中。除適用法律要求外，該公司不承擔更新任何前瞻性聲明的義務。

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

另請注意，蔚來汽車的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。請參閱 NIO 的新聞稿，其中包含未經審計的非 GAAP 指標與可比較 GAAP 指標的對帳。

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

現在，我將把電話轉給我們的執行長李威廉先生。威廉，請說。

Hello, everyone. Thank you for joining NIO's 2024 Q4 and full-year earnings call.

大家好。感謝您參加 NIO 2024 年第四季和全年財報電話會議。

In Q4, the company delivered a total of 72,689 smart EVs, setting a new quarterly record. In December, our monthly deliveries surpassed 30,000 for the first time. For 2024, the company's total deliveries reached 221,970, marking a 38.7% increase year over year.

第四季度，該公司共交付smart EV 72,689輛，創下季度新高。12月份，我們的月出貨量首次突破3萬輛。2024年，該公司的總交付量達到221,970輛，較去年同期成長38.7%。

The NIO brand continued to lead the premium segment, delivering 201,209 vehicles, securing a 40% market share in China's BEV segment priced above RMB300,000. The ONVO brand delivered 20,761 vehicles in the mainstream family market. The market share of the ONVO L60 has been steadily increasing since its launch, ranking among the top three in China's BEV SUV market price between RMB200,000 and RMB300,000.

蔚來品牌持續領先高階汽車市場，共交車201,209輛，佔中國30萬元以上純電動車市場40%的市場。ONVO品牌在主流家庭市場交付汽車20,761輛。昂沃L60自上市以來市佔率穩定提升，名列中國20萬至30萬純電動SUV市場前三名。

In January and February, due to seasonality and the Chinese New Year holiday, the company delivered 27,055 vehicles. We expect total deliveries in Q1 to reach 41,000 to 43,000 units, reflecting a year-over-year growth of 36% to 43%.

1-2月，受淡季及春節假期影響，公司汽車交車量達27,055輛。我們預計第一季總交付量將達到 41,000 至 43,000 輛，年增 36% 至 43%。

On the financial side, our efforts in supply chain optimization and cost control have delivered strong results. NIO's vehicle margin improved to 14.9% in Q4, while ONVO achieved a positive vehicle margin in the early stage of production ramp-up. As a result, the company's overall vehicle margin reached 13.1% in Q4. At the same time, the profitability of our aftersales services continued to improve, along with growth in technology service revenue, leading to a positive growth margin in other sales in Q4.

在財務方面，我們在供應鏈優化和成本控制方面的努力取得了強勁成果。蔚來汽車第四季的整車利潤率提升至14.9%，而ONVO在產能提升初期實現了正的整車利潤率。因此，該公司第四季的整體汽車利潤率達到13.1%。同時，售後服務獲利能力持續提升，技術服務收入成長，帶動第四季其他銷售利潤率呈現正成長。

Now, I'd like to share some updates on our products and operations. Starting this year, our three smart EV brands have entered a new product cycle. For the premium brand NIO, at the NIO Day on December 21, we launched NIO ET9, a flagship smart executive sedan. As a result of NIO's 10-year tech innovation, ET9 sets a new benchmarks for premium smart executive EVs.

現在，我想分享一些有關我們的產品和營運的最新情況。從今年開始，我們的三個智慧電動車品牌都進入了新的產品週期。高階品牌蔚來方面，12月21日的NIO Day上，我們發表了旗艦智慧行政轎車蔚來ET9。凝聚蔚來十年技術創新，ET9為高階智慧行政級電動車樹立了新標竿。

With industry-leading technology and a distinctive experience, it has been well-received by users in the segment. The first edition, in a limited offering of 999 units, sold out within hours, and the signature version continues to see strong demand. ET9 delivery will begin at the end of this month.

憑藉著業界領先的技術和獨特的體驗，受到該領域用戶的一致好評。第一版限量發售 999 份，數小時內便已銷售一空，而簽名版也持續受到強勁需求。ET9將於本月底開始交付。

Besides, NIO's version products, ET5, ET5T, ES6, and EC6, will launch their 2025 models in Q2, featuring upgrades in design, cutting-edge experience, and a smart driving chip. Moreover, with another major product launching in the second half of this year, the enhanced product lineup will further solidify NIO's leadership in the premium BEV market while driving its overall profitability.

此外，蔚來汽車版本產品ET5、ET5T、ES6、EC6將於第二季推出2025款車型，在設計、前沿體驗、智慧駕駛晶片等方面都有升級。此外，隨著今年下半年另一款重磅產品的上市，增強的產品陣容將進一步鞏固蔚來在高端純電動車市場的領導地位，同時推動其整體獲利能力。

For the mainstream mass market brand ONVO, the first product, L60, gained strong recognition among family users for its safety, space, class-leading energy efficiency, and convenient recharging experience. ONVO's second product, L90, is positioned as a flagship large-family SUV. It will be introduced in Q2 and delivered in Q3. ONVO's third product will be launched in Q4, forming a well-rounded SUV lineup to cater to a broader range of mass market users.

對於主流大眾市場品牌ONVO來說，首款產品L60憑藉著安全性、空間、一流的節能效果、便利的充電體驗，獲得了家庭用戶的強烈認可。ONVO第二款產品L90的定位是旗艦大型家用SUV。它將在第二季推出，並在第三季交付。ONVO第三款產品將於第四季上市，形成完整的SUV陣容，滿足更廣泛的大眾市場用戶。

For the high-end small car brand Firefly, since its debut in December 2024, Firefly has received bold attention, particularly from young buyers and families looking for a second car. The brand is set to launch and begin delivery in April, leveraging NIO's sales network for rapid market expansion.

對於高階小型車品牌 Firefly 來說，自 2024 年 12 月首次亮相以來，Firefly 就獲得了大膽的關注，尤其是來自年輕買家和尋找第二輛車的家庭的關注。該品牌預計4月上市並開始交付，利用蔚來的銷售網絡快速擴張市場。

With these three brands, the company is building a comprehensive product metric spanning RMB150,000 to RMB800,000, catering diverse user groups. As we expand our sales and service networks, we are set to reach more users and drive sustainable growth.

憑藉這三個品牌，公司正在建構覆蓋15萬至80萬元的全面產品體系，滿足不同用戶群的需求。隨著我們銷售和服務網路的擴大，我們將接觸更多的用戶並推動永續成長。

In terms of smart driving technology and experience, AI technology continues to drive us towards our vision of relieving stress and reducing accidents. Prioritizing AI-based safety enhancements, NIO released the industry's best automatic emergency steering feature. It leads the market in speed runs, object detection, and use case coverage. To date, NIO's Smart Safety has prevented over 3.4 million potential accidents for users, and the release of AES has further improved driving safety.

在智慧駕駛技術和體驗方面，AI技術不斷推動我們邁向緩解壓力、減少事故的願景。蔚來汽車注重基於AI的安全增強，發布了業界最好的自動緊急轉向功能。它在速度運行、物體檢測和用例覆蓋方面領先市場。截至目前，蔚來智慧安全已為用戶預防超過340萬起事故隱患，AES的發表讓行車安全進一步提升。

Meanwhile, we've made breakthroughs in switching to our next-generation architecture based on the NIO WorldModel, NWM. We'll provide driving, parking, and safety assistance across all scenarios. The early bird program will begin in early April, with mass release gradually rolled out.

同時，我們在基於NIO WorldModel，NWM的下一代架構切換上也取得了突破。我們將在所有場景中提供駕駛、停車和安全援助。早鳥計劃將於四月初開始，並逐步推出大規模發行。

Globally, NIO has 183 NIO Houses and 462 NIO Spaces, while ONVO has 449 stores in China, ensuring a well-balanced sales coverage. On the service side, the company operates 388 service centers and 64 delivery centers. We are putting more efforts improving operational efficiency so as to better support our new product cycle and deliver on its best exceptional user experience. As of now, the company has deployed 3,245 post-op stations worldwide, including 970 stations on highways in China, having provided over 69 million swaps for NIO and ONVO users. In addition, NIO has built over 25,000 power chargers and destination chargers.

其中，蔚來在全球擁有183家蔚來中心和462家蔚來空間，ONVO在中國則擁有449家門市，確保了銷售覆蓋均衡。在服務方面，公司營運388個服務中心和64個配送中心。我們正在加大努力提高營運效率，以便更好地支援我們的新產品週期並提供最佳的卓越用戶體驗。截至目前，蔚來已在全球部署3,245座營運後換電站，其中包括中國境內970座高速公路換電站，已為蔚來及ONVO用戶提供了超過6,900萬次換電。此外，蔚來也建造了超過25,000個充電樁和目的地充電樁。

Battery swap remains the preferred recharging solution for NIO users on long trips. During the Chinese New Year holiday, they set a new record with over 137,000 battery swaps in a single day, with top stations handing over 180 swaps. With unmatched speed and convenience, battery swap is the optimal recharging solution for long distance and holiday travel. Its strategic advantage will reinforce our competitive edge of the BEV market, laying a strong foundation for the sales goals of our three brands during the upcoming product cycle.

換電依然是蔚來用戶長途出遊的首選充電方式。春節期間，他們單日更換電池超過13.7萬次，創下新紀錄，其中頂級站點更換電池超過180次。換電具有無與倫比的速度和便利性，是長途旅行和假期旅行的最佳充電解決方案。其策略優勢將增強我們在純電動車市場的競爭優勢，為我們三個品牌在即將到來的產品週期內的銷售目標奠定堅實的基礎。

We will actively engage with partners in more countries and regions to expand our global footprint. As we grow our global sales channels and start Firefly deliveries, the company is accelerating its global expansion while delivering best-in-class EV solutions to users worldwide.

我們將積極與更多國家和地區的合作夥伴合作，擴大我們的全球影響力。隨著我們擴大全球銷售管道並開始 Firefly 交付，該公司正在加速全球擴張，同時為全球用戶提供一流的電動車解決方案。

The company remains committed to social responsibility and sustainability. In December, MCSI upgraded NIO's ESG rating from A to AA. In general, Corporate Knights ranked NIO as the number one car company in its list of 2025 Global 100 Most Sustainable Companies.

該公司始終致力於社會責任和永續發展。12 月，MCSI 將蔚來汽車的 ESG 評級從 A 上調至 AA。總體而言，Corporate Knights 將蔚來汽車列為 2025 年全球 100 家最具永續發展能力公司榜單中排名第一的汽車公司。

The competition landscape in the smart EV industry is evolving rapidly, making 2025 a critical year for market reshaping. This year, with nine new models across three brands, the company is forming a comprehensive product lineup. While tech-driven cost optimization with further enhanced profitability with global expansion picking up speed, the company will be able to unlock new revenue opportunities.

智慧電動車產業競爭格局正在迅速演變，2025年將成為市場重塑的關鍵一年。今年，該公司推出了三個品牌的九款新車型，形成了全面的產品陣容。隨著技術驅動的成本優化和盈利能力的進一步增強以及全球擴張速度的加快，公司將能夠釋放新的收入機會。

In the meantime, the company is enhancing operational capabilities and business awareness across teams, ensuring great value creation and efficiency. With this action in place, we are confident in navigating fair competition and achieving our full-year operating targets.

同時，公司正在提升各團隊的營運能力和業務意識，確保創造巨大的價值並提高效率。透過這項舉措，我們有信心在公平競爭中實現全年經營目標。

Thank you for your support. With that, I will now turn the call over to Stanley for Q4's financial details. Over to you, Stanley.

感謝您的支持。說完這些，我現在將把電話轉給史丹利，詢問第四季的財務細節。交給你了，史丹利。

Thank you, William. Let's now review our key financial results for the fourth quarter of 2024.

謝謝你，威廉。現在讓我們回顧一下 2024 年第四季的主要財務表現。

Our total revenues reached RMB19.7 billion, increased 15.2% year over year and 5.5% quarter over quarter. Vehicle sales were RMB17.5 billion, up 13.2% year over year and 4.7% quarter over quarter, primarily driven by higher deliveries, partially offset by a lower average selling price due to changes in product mix.

我們的總收入達到人民幣197億元，年增15.2%，季增5.5%。汽車銷售額為 175 億元，年增 13.2%，環比增長 4.7%，主要由於交付量增加，但產品結構變化導致的平均售價下降部分抵消了這一影響。

Our other business segments also delivered solid performance. Other sales were RMB2.2 billion, grew by 33.8% year over year and 12.7% quarter over quarter. The annual growth was from increased sales of parts, accessories, aftersales vehicle services, and provision of power solutions, along with a rise in sales of technical R&D services. The increase quarter over quarter was driven by higher sales in technical R&D services, used cars and other parts, accessories, and aftersales vehicle services.

我們的其他業務部門也表現穩健。其他銷售額為人民幣22億元，較去年成長33.8%，較上季成長12.7%。這項年度成長主要源自於零件、配件、售後汽車服務和動力解決方案銷售額的成長，以及技術研發服務銷售額的成長。環比成長主要是由於技術研發服務、二手車及其他零件、配件以及汽車售後服務的銷售增加。

Looking at margins, vehicle margin was 13.1% in this quarter, compared with 11.9% in the Q4 last year and unchanged from last quarter. The year-over-year increase was mainly due to lower material cost per unit. Other margin turned positive this quarter, mainly due to the increase in the provision of technical R&D services, as well as the sales of parts, accessories, and aftersales vehicle services, with relatively higher margins. Overall, gross margin was 11.7%, up from 7.5% in Q4 last year and 10.7% last quarter.

從利潤率來看，本季汽車利潤率為13.1%，去年第四季為11.9%，與上季持平。年比成長主要由於單位材料成本下降。本季其他利潤率轉為正值，主要由於技術研發服務提供以及零件、配件和汽車售後服務的銷售增加，利潤率相對較高。整體而言，毛利率為 11.7%，高於去年第四季的 7.5% 和上季的 10.7%。

Turning to OpEx, R&D expenses were RMB3.6 billion, decreased 8.5% year over year and increased 9.6% quarter over quarter. The year-over-year decrease was mainly driven by reduced personnel cost and design and development cost, while the quarter-over-quarter rise reflects additional investment in design and development, partially offset by the decreased personnel cost.

營運支出方面，研發費用為36億元，年減8.5%，較上季成長9.6%。年比下降主要由於人員成本和設計與開發成本的降低，而環比增長則反映了對設計與開發的投資增加，但被人員成本的下降部分抵消。

SG&A expenses were RMB4.9 billion, up 22.8% year over year and 18.7% quarter over quarter. The year-over-year increase was mainly driven by increased sales and marketing for new brands and products and higher personnel cost from sales and service network expansion. The quarter-over-quarter increase was mainly due to the enhanced sales and marketing efforts and higher professional services costs for general corporate functions.

銷售、一般及行政開支為 49 億元，年增 22.8%，季增 18.7%。年比成長主要由於新品牌和新產品的銷售和行銷成長以及銷售和服務網路擴張導致的人員成本增加。環比成長主要由於銷售和行銷力度的加強以及一般企業職能專業服務成本的提高。

Loss from operations was RMB6 billion, down 8.9% year over year and up 15.2% quarter over quarter.

經營虧損為人民幣60億元，較去年同期下降8.9%，較上季成長15.2%。

Interest and investment loss was RMB0.2 billion, compared with investment income of RMB1.4 billion in 2023 Q4 and RMB0.3 billion in 2024 Q3, primarily due to the fair value change of equity investment. Other loss, net, in Q4 was RMB0.5 billion, primarily due to the loss from the revaluation of overseas RMB-related assets caused by the depreciation of RMB against US dollars this quarter. Net loss was RMB7.1 billion, showing an increase of 32.5% year over year and 40.6% quarter over quarter.

利息及投資損失為人民幣 0.2 億元，而 2023 年第四季的投資收益為 14 億元，2024 年第三季的投資收益為 0.3 億元，主要由於股權投資的公允價值變動所致。第四季度其他損失淨額為5億元，主要因本季人民幣兌美元貶值導致的海外人民幣相關資產重估損失。淨虧損為71億元，年增32.5%，季增40.6%。

Lastly, we ended the quarter with total cash and cash equivalents, restricted cash, short-term investment and long-term time deposits amounting to RMB41.9 billion.

最後，本季結束時，我們的現金及現金等價物、受限現金、短期投資及長期定期存款總額為 419 億元。

That wraps up our prepared remarks. For more information and details of our unaudited fourth-quarter and full-year 2024 financial results, please refer to our earnings press release.

我們的準備好的演講到此結束。有關我們未經審計的第四季度和 2024 年全年財務業績的更多資訊和詳細信息，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. Thank you.

現在，我將把電話轉給接線員，開始我們的問答環節。謝謝。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

(操作員指示) 摩根士丹利的 Tim Hsiao。

Hi. This is Tim from Morgan Stanley. Thanks for taking my question. I have two questions. The first question is about cost reduction effort because a lot of market focus is put on NIO's latest round of restructuring. So I just want to know that how much of cost saving would management expect to achieve? And when are we going to see the contribution emerging in upcoming quarters? That's my first question. Thank you.

你好。我是摩根士丹利的提姆。感謝您回答我的問題。我有兩個問題。第一個問題是關於降低成本的努力，因為市場很大一部分注意力都集中在蔚來汽車最新一輪的重組上。所以我只是想知道管理階層期望節省多少成本？我們什麼時候才能在接下來的幾季看到貢獻的出現？這是我的第一個問題。謝謝。

(interpreted) Thank you for the question. Regarding the cost reduction, actually, since last year, we have already started the cost mining initiatives, and for the 2024 full year, we were also on track for the cost reduction initiatives. As you can see, in our vehicle margin, for Q4, it has fulfilled our expectation, and we will continue such cost reduction actions this year from multiple aspects, including supply chain, R&D. In that case, we foresee that our vehicle margin will also continue to grow starting Q2.

（翻譯）謝謝您的提問。至於降低成本，實際上，從去年以來，我們就已經開始了成本挖掘計劃，而對於 2024 年全年，我們也正在按計劃實施降低成本的計劃。正如您所看到的，就第四季度而言，我們的車輛利潤率達到了我們的預期，今年我們將從供應鏈、研發等多個方面繼續採取此類成本削減措施。在這種情況下，我們預計從第二季開始我們的汽車利潤率也將繼續增長。

In terms of expenses, actually, in Q4 last year, as we have launched the new brand, ONVO, together with its product, we have started to make investments and expenses in developing its sales and service networks, as well as in the brand-related activities. Such activities and expenses will continue in Q1 this year, including of the NIO brand and also the sales and service networks.

至於費用方面，實際上在去年第四季度，隨著我們推出了新品牌ONVO及其產品，我們開始對其銷售和服務網絡的發展以及與品牌相關的活動進行投資和支出。此類活動和費用將在今年第一季繼續，包括蔚來品牌以及銷售和服務網絡。

But in the meantime, starting Q1 this year, we have started an all-employee comprehensive cost reduction initiative covering R&D, supply chain, sales, and also service teams. We call it CBU or cost business unit. Basically, we ask all the teams and employees to take the ownership and accountability of the company's operational targets. We already have seen some good results and actions taken voluntarily by the R&D teams, by the sales and service teams in reducing the cost and improving the efficiency.

但同時，從今年第一季開始，我們啟動了一項涵蓋研發、供應鏈、銷售和服務團隊的全員全面成本削減計畫。我們稱之為 CBU 或成本業務單位。基本上，我們要求所有團隊和員工對公司的營運目標負責。我們已經看到研發團隊、銷售和服務團隊在降低成本、提高效率方面自覺採取的一些良好成果和行動。

And the results of such actions will be reflected in our balance sheet in the coming quarters starting Q2. As we continue to strengthen our cost control and also expenses management in the second half of this year, together with improvements in the sales volume, in the vehicle margin, as well as in the expense control, we are confident that we are going to achieve our breakeven target in Q4.

這些行動的結果將從第二季開始反映在我們的資產負債表中。隨著我們今年下半年繼續加強成本控制和費用管理，加上銷售、車輛利潤率以及費用控制的改善，我們有信心在第四季度實現損益平衡的目標。

Thank you. My second question is about ONVO. I just want to know what actions could ONVO take to regain the growth momentum? Will NIO stick to the [bounty] brand strategy, or it could potentially change ONVO to a sub-brand onto NIO to save cost and enhance efficiency? So that's my second question. Thank you.

謝謝。我的第二個問題是關於 ONVO 的。我只是想知道 ONVO 可以採取什麼行動來恢復成長勢頭？蔚來汽車是否會堅持[賞金]品牌策略，或者它可能會將ONVO改為蔚來汽車的子品牌，以節省成本並提高效率？這是我的第二個問題。謝謝。

(interpreted) Thank you for the question. Regarding ONVO, its sales performance starting this year didn't meet our expectations, and we have also reviewed the comprehensive reasons and causes for its performance.

（翻譯）謝謝您的提問。對於ONVO來說，今年以來的銷售表現並未達到我們的預期，我們也對其表現的綜合原因進行了分析。

The first reason is because of the brand awareness and exposure. As ONVO is still a new brand, in terms of its brand awareness and awareness, it is actually far below its competitors. We have also done some study and research on the influence of the brand awareness of ONVO, and in terms of the brand awareness, it is only one-third of that of NIO. In that case, as we consumed all the existing order backlogs, we are facing larger pressures regarding the fresh orders.

第一個原因是由於品牌知名度和曝光度。由於ONVO還是一個新品牌，從品牌知名度和認知度來看，其實還遠低於競爭對手。我們也對ONVO的品牌知名度影響力做過一些研究，從品牌知名度來看，只有蔚來車的三分之一。這樣，原有的訂單積壓都已經消耗完了，新訂單的壓力就更大了。

Starting this year, especially during and after the spring festival holidays, we have also taken a series of actions to help strengthen and improve the brand awareness and exposure. We have rolled out some offline advertisements in train stations and also in the elevators of apartment buildings. We have also doubled down on the social media campaigns to help improve the exposure, and we are seeing some good effects in helping ONVO being more famous and well-known.

從今年開始，特別是春節期間和春節後，我們還採取了一系列舉措，幫助加強和提高品牌的知名度和曝光度。我們在火車站、公寓大樓的電梯裡推出了一些線下廣告。我們也加倍投入社群媒體活動來幫助提高曝光度，並且我們看到了幫助 ONVO 提高知名度和知名度的一些良好效果。

The second reason is regarding the coverage of the points of sales. We have been ramping up the sales store coverage of the ONVO brand. Last year, when we just launched the brand, we had around 105 stores in China, and by the end of last year, we have opened up another 100 stores. And so far, we have more than 400 stores in China. Yet, most of the stores are still quite new in terms of their efficiencies and productivity. They are not yet to a mature level, so it will take some time for these new stores to start to yield real results.

第二個原因與銷售點的覆蓋範圍有關。我們一直在擴大 ONVO 品牌的銷售店鋪覆蓋率。去年我們剛推出品牌的時候，在中國有大概105家門市，到去年年底，我們又開了100家門市。到目前為止，我們在中國有400多家門市。然而，大多數商店的效率和生產力仍然比較新。它們尚未達到成熟的水平，因此這些新店還需要一段時間才能開始產生真正的成果。

We have also done a comparison between a mature store being in operations for more than three months in comparison to a newly established store. The productivity can be as different as three times. As these new stores get more mature and skillful, we believe that they will also start to play a bigger role. As you can see, we have made some investments in our sales and service networks in Q4 last year and also Q1 this year. And we've been under the pressure for this investment and expenses, yet we also believe that these stores and the network will soon start to yield results and taking with effects.

我們也將營運三個月以上的成熟商店與新成立的商店進行了比較。生產效率可能相差三倍。隨著這些新店變得更加成熟和技術嫻熟，我們相信它們也將開始發揮更大的作用。正如您所看到的，我們在去年第四季度和今年第一季對我們的銷售和服務網絡進行了一些投資。我們一直承受著這些投資和開支的壓力，但我們也相信這些商店和網路很快就會開始產生成果並產生效果。

The third reason is also relevant to the maturity that is regarding the maturity level of our sales force. For the fellow teams of the ONVO brand, 60% of them have been in the company for less than three months, and it will take some time to train the team and for the sales teams to polish their sales skills to be able to yield good results and make deals.

第三個原因也與成熟度有關，即與我們銷售團隊的成熟度有關。對於ONVO品牌的其他團隊來說，60％的人加入公司不到三個月，需要一段時間來培養團隊，也需要一段時間來磨練銷售團隊的銷售技能，才能取得好成績，促成交易。

As the team is getting more mature day after day, we also see that more and more fellows are now able to making deals. And we also encourage these fellows to do more proactive outreach by going out of the stores to actively reach out to the potential users and help expand the funnel, and this will also help us to improve the order performance.

隨著團隊日漸成熟，我們也看到越來越多的小夥伴已經具備了做交易的能力。我們也鼓勵這些夥伴們進行更多的主動拓展，走出門市，積極接觸潛在用戶，幫助擴大管道，這也有助於我們提升訂單績效。

For this year, if we look at the month-over-month trend for the number of fresh orders, it has been increasing steadily. And in terms of the number of test drives that we've been receiving and doing month over month, it is also breaking the record, and we believe that these fresh orders and test drives will also soon be converted into orders and sales volume.

就今年而言，如果我們看新訂單數量的月環比趨勢，它一直在穩步增長。而且從我們月環比接到和進行的試駕數量來看，也是創下了紀錄，我們相信這些新訂單和試駕也將很快轉化為訂單和銷售量。

And the fourth reason is regarding the Power Swap station's availability for the ONVO users. As in the past several months, we've been making more progressive modifications on the Power Swap stations to make sure that they are compatible with the ONVO product and also providing more batteries for the swap stations. Now, more than 1,500 Power Swap stations in China are available for ONVO users.

第四個原因與 Power Swap 站對 ONVO 使用者的可用性有關。與過去幾個月一樣，我們對 Power Swap 站進行了更漸進的修改，以確保它們與 ONVO 產品相容，並為交換站提供更多電池。目前，全國已有超過1,500座換電站可供ONVO用戶使用。

And also, at the early stage of the product launch, we had the short supply of batteries. In that case, there was only one battery for the available Power Swap stations, not enough for the ONVO users to experience the full Power Swap service. But now, we are supplying more batteries for the Power Swap. In that case, the experience for the Power Swap among ONVO users are also improving, also enhancing a better word of mouth for the brand.

而且在產品發布的初期，我們遇到了電池供應短缺的問題。在這種情況下，可用的 Power Swap 站只有一顆電池，不足以讓 ONVO 使用者體驗完整的 Power Swap 服務。但現在，我們為 Power Swap 提供更多的電池。這樣一來，ONVO 使用者對於 Power Swap 的體驗也會得到改善，進而提升品牌的口碑。

And also, in many regions where we see more Power Swap stations available for ONVO users, we also see actually more sales volume for the ONVO products. Together with our Power Up Counties initiative, we believe that with more Power Swap stations available in the lower-tier cities, this will also help improve the penetration rate of ONVO in those lower-tier cities.

此外，在許多地區，我們看到為 ONVO 用戶提供的 Power Swap 站越來越多，因此 ONVO 產品的銷量實際上也增加了。結合我們的「縣域充電」計劃，我們相信，隨著更多換電站在低線城市投入使用，這也將有助於提高 ONVO 在這些低線城市的滲透率。

And a very interesting number to share with you is that, actually, in 12 regions in China, the sales volume of ONVO has already outnumbered the volume of NIO. This is also a good effect or result of our dual-brand synergy and also strategy.

還有一個非常有趣的數字要跟大家分享，其實在中國的12個地區，ONVO的銷售量已經超過了蔚來。這也是我們雙品牌協同策略的一個良好效果或結果。

Also, another factor is that our recent sales volume is majorly affected by the fierce competition as well as the negative public opinion on the brand and also PR attacks. That has affected our volume by around 30% to 40%.

另外，另一個因素是，我們最近的銷售量受到激烈的競爭以及品牌的負面輿論和公關攻擊的嚴重影響。這對我們的銷量影響了約30％至40％。

But still, even against this difficult environment, we still see a very high user satisfaction on the product L60. Actually, L60 has the highest product user satisfaction among all the products launched by the NIO company, and we also see a pretty good referral rate on the L60. This has given us confidence on the product going forward.

但即使在如此困難的環境下，我們仍然看到使用者對 L60 產品的滿意度非常高。事實上，在蔚來汽車目前推出的所有產品中，L60是產品用戶滿意度最高的，我們也看到L60的推薦率相當不錯。這讓我們對未來的產品充滿信心。

As we pick up speed with our orders and also test drives as we further enhance the brand awareness, expanding our sales and service network, growing our team and their maturity level, and also enhance the coverage and availability of the Power Swap stations for the ONVO users, we believe that the sales volume of L60 will pick up and also fulfill our expectations.

隨著我們訂單和試駕的加速，隨著我們進一步提高品牌知名度，擴大我們的銷售和服務網絡，壯大我們的團隊並提高他們的成熟度，以及提高換電站對 ONVO 用戶的覆蓋範圍和可用性，我們相信 L60 的銷量將會回升並達到我們的預期。

And regarding your question on the efficiency improvement and also the synergies can be leveraged between two brands, actually, in terms of the aftersales services, Power Swap stations, as well as the supporting functions such as finance, human resources, and some regional functions, this has been shared across two brands from the beginning. And recently, we are also making further adjustments in some regions for the supporting and management roles. We are also trying to have one team to oversee both brands, and we see some good effects by having one team overseeing two brands in terms of the sales and service management.

至於你問到的效率提升，以及兩個品牌之間可以發揮的協同作用，實際上，在售後服務、換電站以及財務、人力資源和一些區域職能等支持性職能方面，這兩個品牌從一開始就是共享的。而最近我們也在一些地區對配角和管理職位做了進一步的調整。我們也正在嘗試用一個團隊來監管兩個品牌，我們看到，在銷售和服務管理方面，用一個團隊來監管兩個品牌取得了良好的結果。

And in terms of the point of sales of ONVO or the sales network of ONVO, we will keep it separated and independent of the NIO brand, as these two brands are targeting different user groups and also are from different brand segments. Recently, we are also having some pilot programs where we have the incentives and the policies to encourage the sales team to also sell the product from the other brands. We already see some good results by rolling out the pilot program.

而ONVO的銷售點，或者說ONVO的銷售網絡，我們會把它和NIO品牌分開，獨立起來，因為這兩個品牌針對的是不同的用戶群，也是不同的品牌細分領域。最近，我們也開展了一些試點項目，提供激勵措施和政策來鼓勵銷售團隊銷售其他品牌的產品。透過推行試點計劃，我們已經看到了一些良好的成果。

Thank you, Tim.

謝謝你，提姆。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

(spoken in foreign language) My first question is about your guidance about gross margin, including vehicle gross margin and overall gross margin. Meanwhile, you mentioned that and here we are -- even in the number four quarter this year. So what's your assumption in terms of gross margin and volume?

（外語）我的第一個問題是關於您對毛利率的指導，包括車輛毛利率和整體毛利率。同時，您提到了這一點，我們現在甚至已經進入了今年第四季。那麼，您對毛利率和銷售的假設是什麼？

(spoken in foreign language) And my second and last question is that, previously, you guided that your 2025 volume will be double year over year. After the first quarter, can you provide an update on the volume guidance? Thank you.

（外語）我的第二個也是最後一個問題是，之前您預測 2025 年的銷售量將比去年同期成長一倍。第一季之後，您能提供有關銷售指導的更新嗎？謝謝。

(interpreted) Thank you for the question. Regarding your questions on the vehicle margin, normally, Q1 is the off-season in the sales of the vehicle products. And also, in Q1, we are in between generations for our 5 and 6 Series as they will soon be upgraded to the model year 2025 to clean up the inventories for the existing generation. We are also under pressure regarding the vehicle margin for the NIO brand.

（翻譯）謝謝您的提問。關於你提到的整車利潤率的問題，一般來說Q1是整車產品的銷售淡季。而且，在第一季度，我們的 5 系列和 6 系列正處於換代之間，因為它們很快就會升級到 2025 年車型年，以清理現有一代的庫存。我們也面臨著蔚來品牌車輛利潤率的壓力。

And in terms of the ONVO brand, as William has mentioned, the sales performance of the ONVO product didn't meet our expectation in this year, considering the amortizations and other factors. So we are also under pressure and a challenging situation managing the ONVO product and its vehicle margin.

就 ONVO 品牌而言，正如 William 所提到的，考慮到攤銷和其他因素，ONVO 產品的今年銷售業績未達到我們的預期。因此，我們在管理 ONVO 產品及其車輛利潤方面也面臨壓力和挑戰。

So overall speaking, the company's vehicle margin in Q1 will not be as good as you would expect it based on our margin performance in Q4 last year. But still, our full-year target is to achieve breakeven in Q4. In that case, we have also mapped out a roadmap of our product margin. For the NIO brand, we would like to achieve a vehicle margin of 20%, and for the ONVO brand, it will be 15%.

因此總體而言，該公司第一季的汽車利潤率不會像我們根據去年第四季的利潤率表現所預期的那樣好。但我們的全年目標仍是在第四季實現收支平衡。在這種情況下，我們也制定了產品利潤的路線圖。對於NIO品牌，我們希望實現20％的整車利潤率，對於ONVO品牌，我們希望實現15％的整車利潤率。

Regarding the actual actions that we have taken to control the cost and also improve the vehicle margin, there are several actions. The first is to implement a more systematic cost reduction initiative by making our products more platform-based and improving the commonalities across different products and also across brands. There are several examples. For example, we have implemented an overall platform strategy for the seats. Now, the products from the NIO brand and ONVO brand share the same seat structure. With that, we are able to reduce the total BOM cost for the seat system by 10%.

關於我們為控製成本並提高車輛利潤率所採取的實際行動，有幾項。第一是實施更有系統的成本削減舉措，使產品更加平台化，提高不同產品之間、不同品牌之間的共通性。有幾個例子。例如，我們針對座椅實行了整體平台策略。目前，蔚來品牌與ONVO品牌的產品採用相同的座椅結構。這樣，我們能夠將座椅系統的總BOM成本降低10％。

The second example is regarding the smart hardware. We have standardized the interfaces of most of the smart hardware in the vehicles. In that case, we can further reduce the cost on the cables and connectors. The piece price per vehicle is reduced from RMB2,000 to only RMB1,000.

第二個例子是智慧硬體。我們對車輛中大部分智慧硬體的介面進行了標準化。這樣的話，我們可以進一步降低電纜和連接器的成本。每輛車的單價由原來的2000元降至僅1000元。

The third example is regarding the in-house developed parts and components. As we have been making efforts in doing in-house development in the past two to three years, we also see a very helpful cost reduction result over the past two years. For example, ET9 will soon be delivered with the NX9031, our chip for the smart driving. This chip will also be available on the model year '25 for the 5 and the 6 Series product, our volume product. In that case, the piece price will be decreased by around RMB10,000 in comparison to the 4R ring solution.

第三個例子是關於內部開發的零件。由於我們在過去兩三年一直努力進行內部開發，我們也看到了過去兩年非常有益的成本降低效果。例如ET9即將交付，搭載的是我們的智慧駕駛晶片NX9031。這款晶片也將在 25 年款的 5 系列和 6 系列產品（我們的大量產品）上推出。這樣的話，單價相比4R環方案會下降1萬元左右。

In addition to these cost reduction measure, we are also taking some systematic measures. For example, we have a very capable team doing cost management analysis and engineering. Starting 2023, we have been enabling and empowering the team. And now, the team directly reports to me for any quotation where nominating prices surpassing the cost estimation results by 7.5%, such nomination decisions will need to be escalated to the EC level for the joint approval. With all these measures taken together, in 2024, we managed to reduce our BOM cost by 10%, and we will continue such efforts in 2025.

除了這些降低成本的措施之外，我們還採取了一些系統性措施。例如，我們有一支非常有能力的團隊進行成本管理分析和工程。從 2023 年開始，我們一直在為團隊提供支援和授權。現在，如果任何報價的提名價格超過成本估算結果 7.5%，團隊都會直接向我匯報，此類提名決定將需要上報至 EC 級別進行聯合批准。透過採取所有這些措施，我們在 2024 年成功將 BOM 成本降低了 10%，並將在 2025 年繼續做出這樣的努力。

The second major action or the second major contributor of improved vehicle margin will be contributed by the launch of our new models. As mentioned by William, this year, we are going to introduce and launch nine new models, including completely new models as well as the model year facelift. For the model year facelift, they will help improve the overall cost for these existing models. And in terms of the new models, in the second half of this year, the NIO brand is going to ONVO and introduce a major product with actually higher margin, as well as more elevated brand and product positioning. This will help improve the overall vehicle margin of the NIO brand.

車輛利潤率提高的第二個主要因素或者說第二個主要貢獻因素將來自於我們新車型的推出。正如 William 所說，今年我們將推出 9 款新車型，包括全新車型和今年的改款車型。對於今年的改款車型，它們將有助於改善這些現有車型的整體成本。在新車型方面，今年下半年，蔚來品牌將向ONVO推出一款利潤率更高、品牌和產品定位更高的主力產品。這將有助於提高蔚來品牌整體車輛利潤率。

And for the ONVO brand, in Q2, actually in April, they will unveil their second brand, L90, and then start to deliver this product in Q3. And in the meantime, in Q4, ONVO is going to introduce another product. Both products from the ONVO brand will target higher-margin and also higher-priced segments. This will also help improve the overall product margin for the ONVO brand. So together with the cost reduction actions that we've been taking, as well as the margin increase driven by the new products, we will gradually achieve our margin targets in Q4 and also for the full year.

對於 ONVO 品牌，他們將在第二季度，也就是 4 月推出第二個品牌 L90，然後在第三季度開始交付該產品。同時，ONVO 將在第四季推出另一款產品。ONVO 品牌的兩款產品都將瞄準利潤率更高、價格更高的市場。這也有助於提高ONVO品牌的整體產品利潤率。因此，結合我們採取的成本削減措施以及新產品推動的利潤率提高，我們將逐步實現第四季乃至全年的利潤率目標。

(interpreted) Regarding your questions on the sales volume and the guidance for this year, in Q1, our sales guidance is to achieve a year-over-year growth of 36% to 43%, so around 40% year-over-year growth, for the deliveries in Q1. As for the full year, our target is still the same, just to double the sales volume from last year.

(翻譯)關於您提到的今年的銷售量和預期，我們的銷售預期是，第一季的交付量同比增長 36% 至 43%，即同比增長 40% 左右。至於全年，我們的目標還是一樣，就是讓銷售量比去年翻倍。

And there are several drivers behind this. The first is the new car effect. As we've mentioned, this year, we are going to introduce nine new products under three brands. Starting next week, we are going to deliver ET9. And with the launch and delivery of these nine new models, we will be able to fill up our sales volume for this year.

這背後有多種驅動因素​​。第一是新車效應。正如我們所提到的，今年我們將推出三個品牌下的九款新產品。從下週開始，我們將交付 ET9。而且隨著這9款新車型的上市和交付，我們將能夠填補今年的銷售量。

The second key driver is regarding the ONVO brand, as we are improving the overall sales network and service network of ONVO, enhancing the maturity level of the team and also strengthening its brand awareness. It will also gradually yield better results, even if it didn't fulfill the sales target we set for Q1, yet we are confident in the continuous improvement in the ONVO brand.

第二個關鍵驅動力是關於 ONVO 品牌的，我們正在完善 ONVO 的整體銷售網絡和服務網絡，提高團隊的成熟度，並加強其品牌知名度。也會逐步取得更好的成績，即使沒有完成我們Q1所訂定的銷售目標，但我們對ONVO品牌的持續提升有信心。

And also, a further comment on the key driver behind the sales volume is the network effect of our Power Swap network and the recharging network in general. If you look at the cumulative sales volume of the NIO brand and the distribution of the sales, actually, half of this volume is contributed by the sales in the Yangtze River Delta area. For the Jiangsu province, we have already achieved the Power Up Counties plan, which means that in every county in Jiangsu province, there is at least one Power Swap station. And for the Zhejiang province, we aim to achieve also county-level coverage by end of this month, except for two islands where they will not have the Power Swap stations.

此外，關於銷售量背後的關鍵驅動因素的進一步評論是我們 Power Swap 網路和整個充電網路的網路效應。如果看蔚來品牌的累積銷售以及銷售分佈，其實有一半是來自長三角地區的銷售量。對於江蘇省來說，我們已經實現了「縣城通電」計劃，這意味著江蘇省的每個縣至少有一個換電站。對於浙江省，我們的目標是在本月底實現縣級覆蓋，除了兩個島嶼沒有建立換電站。

Also, for the Power Swap strategy in general, as you may know, our recent strategic partnership with CATL, this will further help us to expand our reach in the county levels with our Power Swap facilities. In the first half of this year, our Power Swap network will cover the counties of more than 10 provinces in China. And by the end of this year, cumulatively, 27 provincial-level divisions will have Power Swap stations available at the county level.

此外，就整個電力交換策略而言，正如大家可能知道的，我們最近與 CATL 建立了戰略合作夥伴關係，這將進一步幫助我們透過電力交換設施擴大在縣級的影響力。今年上半年，我們的換電網路將覆蓋全國10多個省份的縣域。今年底，全國將有27個省會市建成縣級換電站。

The network effect of these swap stations will play a very important role because we have already proved that, last year, we doubled our efforts on the Power Swap network in bigger provinces like Hubei and Anhui provinces. We already see some good results. Before, the swap stations were merely available in big cities, but then we find that the county-level coverage is more important in promoting the sales.

這些換電站的網路效應將發揮非常重要的作用，因為我們已經證明，去年，我們加倍努力在湖北、安徽等較大省份建設換電站網路。我們已經看到了一些好的成果。以前，換電站只在大城市設立，後來我們發現，縣級覆蓋對促進銷售更為重要。

For the sales volume in these two provinces, after we achieve the county-level coverage, their sales volume is far above the average. And this year, we will continue such efforts to cover more counties in more provinces, especially big provinces like Henan, Shandong, and Sichuan. With that, we will help improve the overall market share and the market reach of not only the NIO brand, but also the ONVO brand.

對於這兩個省的銷量，我們做到縣級覆蓋之後，他們的銷量是遠高於平均的。今年我們還要繼續這樣的努力，涵蓋更多省份的更多縣，特別是河南、山東、四川這樣的大省。這樣一來，我們將有助於提高 NIO 品牌和 ONVO 品牌的整體市場份額和市場覆蓋率。

Especially ONVO brand.

尤其是ONVO品牌。

Paul Gong, UBS.

瑞銀的保羅·龔（Paul Gong）。

Hi, William. Thanks for taking my question. The AI and robotics has been a very hot topic in this early season. In one of your peers' earnings call, the AI has been mentioned 49 times during the whole call, but I guess it hasn't been mentioned here. Can you please remind us your latest thoughts on the AI, autonomous driving, robotics, et cetera?

你好，威廉。感謝您回答我的問題。人工智慧和機器人技術一直是本季初期非常熱門的話題。在您的一次同儕財報電話會議上，整個會議期間人工智慧被提及了 49 次，但我猜這裡沒有提到。您能否向我們介紹一下您對人工智慧、自動駕駛、機器人等方面的最新想法？

(interpreted) Thank you for the question. Regarding the application of AI technologies, NIO is the first car company to introduce an AI companion in the car. It's NOMI, and it's loved and well received by many users. For NOMI, it has its own large language model capabilities, NOMI GPT, but on top of that, it is also supporting third-party large language models. With that, the satisfaction and also the interaction rate of NOMI is growing. NOMI is also a quite profit-making IP with a lot of popular merchandise and also high take rate.

（翻譯）謝謝您的提問。在AI技術應用方面，蔚來是第一家在車載引進AI伴侶的車企。它就是NOMI，受到眾多用戶的喜愛與好評。對於NOMI來說，它有自己的大型語言模型能力NOMI GPT，但在此基礎上，它也支援第三方大型語言模型。由此，NOMI的滿意度和互動率也不斷提升。NOMI也是相當賺錢的IP，有很多受歡迎的商品，而且收入也很高。

And in addition to the AI application on NOMI, we also have AI applied to our smart driving technologies and experience, as last year, we have introduced the NIO WorldModel, NWM, and the latest AD version with smart driving release will be based on the NIO WorldModel. And actually, I have participated in some internal beta version tryout, and I can say that I really look forward to that version. It has quite good performance in terms of the active safety and the experience in general.

而且除了NOMI上的AI應用，我們也把AI應用到我們的智慧駕駛技術和體驗上，像去年我們推出了NIO WorldModel、NWM，而最新發表的AD版智慧駕駛也會基於NIO WorldModel。事實上，我已經參加了一些內部測試版本的試用，我可以說我真的很期待那個版本。整體來說在主動安全性以及體驗感方面都有著相當不錯的表現。

Of course, AI is a very important basic capability in terms of AGI, in terms of robots, in terms of the fundamental capabilities for AI. But for the foreseeable future, for us, we will mainly focus on our core business, that is the automotive product. In that case, AI will be more of an enabler to achieve better product experience as well as better business and management, as AI itself is one of our 12 full-stack capabilities. It is ever-present in every aspect of our business.

當然，就AGI、就機器人、就人工智慧的基本能力而言，人工智慧是一項非常重要的基本能力。但在可預見的未來，對我們來說，我們將主要專注於我們的核心業務，即汽車產品。那麼AI更多的會是一個實現更好的產品體驗，以及更好的業務和管理的推動者，因為AI本身就是我們12個全端能力之一。它存在於我們業務的各個方面。

As many people are talking about how the automotive product is becoming an AI agent, I believe that the company itself is also turning into an AI agent. But still, for the short term, our primary focus is still our core business as well as our operating target.

正如許多人都在談論汽車產品如何成為人工智慧代理一樣，我相信公司本身也正在變成人工智慧代理。但短期內，我們的首要關注點仍然是我們的核心業務以及我們的營運目標。

But a side note here is that NIO Capital has invested in a lot of AI companies, especially industry-leading AI companies. And in that case, we are in close contact with the cutting-edge technologies and also the outstanding funding teams in the AI arena. And in-house, we also have capable AI talents working on the relevant field.

不過要補充的是，蔚來資本投資了許多人工智慧公司，尤其是業界領先的人工智慧公司。在這種情況下，我們與人工智慧領域的尖端技術以及優秀的資金團隊保持密切聯繫。而在公司內部，我們也有在相關領域工作的有能力的人工智慧人才。

Thank you, Paul.

謝謝你，保羅。

Sorry, my second question is regarding the number of models. I think the company has eight models at the same time right now. And after this year's new model launch, it will move into some mid-teens. Given the cannibalization between each other, and also one of the peers has demonstrated with even only one single model, the volume could still be achieved.

抱歉，我的第二個問題是關於模型的數量。我認為該公司目前同時擁有 8 種車型。今年新車型推出後，這一數字將進入十五六歲左右。考慮到彼此之間的蠶食，以及其中一家同行即使只使用一種型號進行演示，仍然可以達到產量。

Shall we consider to concentrate more into some blockbuster models and eliminate some of the less popular models to be more focused? What do you think is the most optimal number of models for each of the brands?

我們是否應該考慮將更多的精力集中在一些熱門車型上，並淘汰一些不太受歡迎的車型，以更加專注？您認為各品牌最優的型號數量為何？

(interpreted) Thank you for the question. As we now have three brands -- NIO, ONVO and Firefly -- our overall product strategy and portfolio for these three brands will also be quite different as it is also dependent on their respective segment and also brand positioning.

（翻譯）謝謝您的提問。由於我們現在有三個品牌：NIO、ONVO和Firefly，我們對這三個品牌的整體產品策略和組合也將有很大不同，因為這也取決於它們各自的細分市場和品牌定位。

For the NIO brand, we will basically keep the existing lineup, spanning from RMB300,000 all the way to RMB800,000, and it will covering for me, for family, and for business segments. With ET9 being delivered, we are completing this price coverage from RMB300,000 all the way to RMB800,000 price segments in the premium market.

對於蔚來品牌，我們基本上會保持現有的產品線，從30萬一直到80萬，涵蓋個人版、家用版、商務版。隨著ET9的交付，我們完成了從30萬元到80萬元高端市場價格段的價格覆蓋。

For the premium market users, they actually care more on the personalization and also the unique identity of the vehicle products. If you look at other premium brands like BMW and Mercedes, they actually offer 40, 50 products in their lineup. So for this segment, users care more about the differentiation and also the personality of their products.

對於高端市場的使用者來說，他們其實更關心車輛產品的個人化和獨特性。如果你看看寶馬和賓士等其他高端品牌，你會發現他們的產品線實際上有 40 到 50 種產品。因此對於這一部分，使用者更關心產品的差異化和個性。

As for the ONVO brand, we will be more careful with the number of products in the lineup. This year, we are going to introduce two new products under the ONVO brand. Together with L60, there will be three products in the lineup by end of this year, and we will not drastically increase or expand the existing portfolio, but to control that within a reasonable range.

對於 ONVO 品牌來說，我們會更謹慎地安排產品線的數量。今年，我們將推出ONVO品牌下的兩款新產品。加上L60，到今年年底，產品線中將有三款產品，我們不會大幅增加或擴大現有的產品組合，而是將其控制在合理的範圍內。

As for the Firefly brand, it is a high-end small car brand. In that case, it's not necessary to really offer too many different products. So our overall strategy is to have a differentiated product portfolio and lineup for different brands, but overall maintaining a rather stable and reasonable product lineup across three brands. But for each model, there will be also emphasized highlights and also targeted user group.

而螢火蟲品牌則是高階小型車品牌。在這種情況下，實際上沒有必要提供太多不同的產品。因此，我們的整體策略是為不同品牌提供差異化的產品組合和陣容，但整體上保持三個品牌相當穩定且合理的產品陣容。但每個型號也會有強調的亮點和目標用戶群。

Thank you.

謝謝。

Yuqian Ding, HSBC.

丁玉倩，匯豐銀行。

(spoken in foreign language) The first question is about cash position, supply chain perspective against that, and also potential financing. So we see our net cash position at above RMB25 billion. But given the volatility between quarters, the supply chain coming from more conservative perspective and how sustained -- would that require additional financing, no matter if it's debt or equity? Can we have a little bit more clarification on that?

（外語）第一個問題是關於現金狀況、供應鏈前景以及潛在融資。因此，我們預計我們的淨現金狀況將超過250億元。但考慮到季度之間的波動，供應鏈​​從更保守的角度來看以及持續性如何——這是否需要額外的融資，無論是債務還是股權？我們能對此做進一步的澄清嗎？

(spoken in foreign language) Second question is about the CapEx guidance. Can we see a little bit of breakdown into a refreshed CapEx guidance this year? We talked about a commitment into swap network. But since we signed the collaboration with CATL, can we leverage partnership to do some CapEx building? Can we expect the CapEx to taper off this year? Thank you.

（外語）第二個問題是關於資本支出指導。我們能否看到今年更新後的資本支出指引的詳細情況？我們討論了對交換網路的承諾。但既然我們與 CATL 簽署了合作協議，我們能否利用合作關係來進行一些資本支出建設？我們能預期今年的資本支出會逐漸減少嗎？謝謝。

(interpreted) Thank you for the question. Regarding your first question on the cash reserves, by the end of 2024, our cash position was RMB49.1 billion. In Q1, as we see the decrease in the sales volume quarter over quarter, we did experience an operating cash outflow. Yet, as we have introduced that this year will be a pivotal year for our product launch, as we witness the rebound starting in Q2, we will also see major improvement in the operating cash flow.

（翻譯）謝謝您的提問。關於您第一個問題，關於現金儲備，截至2024年底，我們的現金狀況為人民幣491億元。在第一季度，由於我們看到銷售量環比下降，我們確實經歷了經營現金流出。然而，正如我們所介紹的那樣，今年將是我們產品發布的關鍵一年，隨著我們見證第二季開始的反彈，我們也將看到經營現金流的重大改善。

Also, as we have previously introduced, starting Q1 this year, we have conducted a series of adjustments and also streamlining activities. This will also be reflected in our financial performance starting Q2. Overall speaking, we will be prudent with our cash flow management to make sure that our resources can sustain our continuous growth and development.

另外，正如我們之前介紹的那樣，從今年第一季開始，我們進行了一系列調整和精簡活動。這也將反映在我們第二季開始的財務表現。整體來說，我們會審慎管理現金流，以確保我們的資源能維持我們的持續成長和發展。

Regarding your second question on the fundraising, we have various options -- fundraising channels for the capital markets, for the US capital markets, RMB capital markets, public or private. We will be planning our fundraising requirements and activities according to the operations of the company, as well as the changes in the market.

關於你提到的第二個融資問題，我們有多種融資方式，包括資本市場的融資管道，美國資本市場的融資、人民幣資本市場的融資、公募的融資、私募的融資。我們將根據公司的營運狀況和市場的變化來規劃我們的融資需求和活動。

Regarding the question on CapEx, as we have mentioned that this year we will launch major products, in that case, we have made the CapEx spending in the toolings and also the production equipment together with our supply chain partners. In the meantime, as we are launching new products, our third factory is also going to be put in operation depending on the overall production plan. So our CapEx this year will be higher than last year, but still, we will have a very prudent measure and manner in managing our investment pacing and also our cash position to make sure that we have a very good control over the spending.

關於資本支出的問題，正如我們所提到的，今年我們將推出主要產品，在這種情況下，我們已經與供應鏈合作夥伴一起在工具和生產設備上進行了資本支出。同時，隨著我們不斷推出新產品，我們的第三家工廠也將根據整體生產計畫投入營運。因此，我們今年的資本支出將高於去年，但是，我們仍然將採取非常審慎的措施和方式來管理我們的投資節奏和現金狀況，以確保我們對支出有良好的控制。

In terms of the CapEx for the Power Swap stations, starting last year, in terms of the Power Swap network expansion, we have already started to adopt one principle, that is to leverage the resources of our Power Swap partners as much as possible. Last year, we have announced the Power Up Partners plan where we invite the partners to jointly build the swap stations and the network. For the Power Up Counties plan this year, most of the stations will actually be sponsored or built by our partners than by ourselves. In that case, the CapEx utilization for the Power Swap stations will also be relatively limited.

對於換電站的資本支出，從去年開始，在換電站網路擴張方面，我們已經開始採取一個原則，那就是盡可能地利用換電站合作夥伴的資源。去年，我們宣布了Power Up Partners計劃，邀請合作夥伴共同建造換電站和網路。對於今年的 Power Up Counties 計劃，大多數網站實際上將由我們的合作夥伴贊助或建造，而不是我們自己。在這種情況下，電力交換站的資本支出利用率也將相對有限。

Thank you, Yuqian.

謝謝你，雨倩。

Ming Hsun Lee, Bank of America.

美國銀行的李明勳（Ming Hsun Lee）。

(spoken in foreign language) So first question is regarding your autonomous driving technology plan. When do you plan to roll out your end-to-end model? And in the future, do you consider to use the Thor chips in your car or you will use your Shenji chips in all of your NIO branded models? Thank you. That's my first question.

（外語）第一個問題是關於你們的自動駕駛技術計畫。您計劃何時推出端到端模型？那麼未來，您是否考慮在您的汽車上使用Thor晶片，或者您將在所有NIO品牌車型上使用神機晶片？謝謝。這是我的第一個問題。

(interpreted) Thank you for the question. Actually, last year, we have already implemented the end-to-end solution to our active safety features. As different companies may have a different priority or force ranking on the technology applications, for us, we believe that safety matters the most. That's why we have implemented the end-to-end model firstly in our active safety features, and we did see major improvement regarding the safety level week over week by 40%. So it is playing a very important role in providing a safer trip for our users.

（翻譯）謝謝您的提問。實際上，去年我們就已經為我們的主動安全功能實施了端到端的解決方案。雖然不同的公司對科技應用的優先順序或力度排名可能有所不同，但對我們來說，我們認為安全是最重要的。這就是為什麼我們首先在主動安全功能中實施端到端模型，並且我們確實看到安全水準每週都有顯著提高，提高了 40%。因此，它在為我們的用戶提供更安全的旅程方面發揮著非常重要的作用。

In terms of the end-to-end solution-based Navigate on Pilot Plus for the city roads, we have also started small-scale testing and internal testing. We plan to release that to our users by the end of April after a series of preparations and also approval applications.

在針對城市道路端到端解決方案的Navigate on Pilot Plus方面，我們也已經開始了小規模測試和內部測試。我們計劃經過一系列的準備和審批申請後，在四月底向用戶發布該功能。

Regarding the use of the chip for smart driving, ET9 is going to premiere our in-house developed chip for the smart driving. It is made with advanced manufacturing process, NX9031. After ET9, our 2025 model year, the 5 and 6 Series will also be launched and equipped with the in-house developed chip for the smart driving. So all the future new models will be equipped with this in-house chip. As for the ONVO brand, currently, it is using the Orin X chip for the smart driving functionalities and it does not have plan to use Thor.

在智慧駕駛晶片的使用上，ET9將首發我們自主研發的智慧駕駛晶片。它採用先進的製造流程 NX9031 製造。繼我們的2025車型ET9之後，5系和6係也將推出，並配備自主開發的智慧駕駛晶片。所以未來所有新車型都將配備這款內部晶片。ONVO品牌方面，目前智慧駕駛部分採用的是Orin X晶片，暫無使用Thor的計畫。

Thank you. My next question is regarding the OpEx. Because in the past few quarters, we continue to see your gross margin continue to improve QoQ. But for the operating expense, do you have the latest guidance and a new plan? For example, in the past, William mentioned that the stabilized R&D will be RMB13 billion every year. Could you give any new update for this number? And also, for the sales and marketing expense, do you have any target ratio -- OpEx ratio for this number? Thank you.

謝謝。我的下一個問題是關於 OpEx 的。因為在過去幾季中，我們持續看到您的毛利率較上季持續提高。但是對於營業費用，您有最新的指導和新計劃嗎？例如，威廉過去就提到，每年要穩定在130億的研發投入。您能提供這個號碼的任何新更新嗎？另外，對於銷售和行銷費用，您是否有任何目標比率 - 該數字的營運支出比率？謝謝。

(interpreted) Thank you for the question. Regarding OpEx, in terms of the R&D funding and expenses, for this year, we will continue to have the same intensity level for the R&D expenses, around RMB3 billion every quarter on the non-GAAP basis. Of course, as mentioned by William, this year, we have rolled out the CBU mechanism where we emphasize more on the project with high return and also high yield. In that case, we will also optimize our project initiation and approval process to make sure that our R&D expenses are reasonable and also efficient.

（翻譯）謝謝您的提問。至於營運支出，就研發資金和費用而言，今年我們的研發費用將繼續保持同樣的強度水平，按非公認會計準則計算，每季約為人民幣 30 億元。當然，正如William所提到的，今年我們推出了CBU機制，更重視高回報、高收益的專案。我們也會優化專案立項和審核流程，確保研發費用合理、有效率。

Regarding the SG&A expenses, we did have bigger challenges to manage in the first quarter of this year. As Q1 is normally the off-peak season for the sales, the overall volume in Q1 is not so high. In that case, the SG&A expenses account for a bigger part to the sales revenue.

至於銷售、一般及行政費用，我們在今年第一季確實面臨更大的挑戰。由於第一季一般是銷售淡季，因此第一季的整體銷售量不是很高。在這種情況下，銷售、一般及行政費用 (SG&A) 佔銷售收入的較大份額。

Also, in this quarter, we are still building up and expanding the sales and service network, as well as growing the sales force capabilities for the ONVO brand. In that case, ONVO's SG&A expenses are also higher. But as we have introduced, we are going to take a series of actions to improve the efficiency and the productivity of the teams and also to streamline the non-frontline sales functions to consolidate some of the sales functions between the NIO and the ONVO brand and also to leverage NIO's network for the sales of Firefly.

此外，本季我們仍在建立和擴大銷售和服務網絡，並增強 ONVO 品牌的銷售團隊能力。在這種情況下，ONVO 的銷售、一般及行政費用 (SG&A) 也會更高。但正如我們已經介紹過的，我們將採取一系列措施來提高團隊的效率和生產力，並簡化非一線銷售職能，以整合 NIO 和 ONVO 品牌之間的一些銷售職能，並利用 NIO 的網絡來銷售 Firefly。

With all these actions taken, we expect the better results to be reflected in our financial performance in the coming quarters. As we grow our sales volume and also gradually achieve the breakeven target in Q4, you will also see SG&A accounting for smaller portions to the sales revenue. And with that, you will see also the effect reflected by the improvement in both volume and also in the efficiency of people and expenses.

透過採取所有這些行動，我們預計未來幾季的財務表現將反映出更好的結果。隨著我們銷售量的成長，並在第四季逐步實現損益平衡目標，您也會看到銷售、一般及行政費用在銷售收入中所佔的比例越來越小。同時，您也會看到產量以及人員和費用效率的提升所帶來的效果。

Jing Chen, CICC.

陳靜，中金公司。

(spoken in foreign language) So my question is regarding to the other sales -- other revenues. And we can see that, in the fourth quarter, the gross profit margin of other sales has already turned positive and reached 1.1%. So could you please break down the reasons for this?

（用外語說）所以我的問題是關於其他銷售——其他收入。而且我們可以看到，第四季其他銷售毛利率已經轉正，達到了1.1%。那麼，您能分析一下造成這種情況的原因嗎？

(interpreted) Thank you for the question. Regarding the gross margin of other sales, it mainly consists of three things: the revenues from the aftersales services, revenues from the power services, and also revenues from the technical services we provide to the supply chain partners and also to affiliated parties.

（翻譯）謝謝您的提問。至於其他銷售的毛利率主要包括三個部分：售後服務收入、電力服務收入以及我們向供應鏈合作夥伴和關聯方提供的技術服務收入。

And in Q4, we have the positive margin on other sales. It's mainly because we have been continuously improving the efficiency of the aftersales services. Of course, in terms of the Power Swap -- the power service in general, as we are still making advanced deployment of the facilities and infrastructure network, the loss is actually not significantly narrowed from the power perspective.

在第四季度，我們的其他銷售利潤率為正。主要是因為我們一直在不斷提高售後服務的效率。當然，就電力交換而言，總體而言，由於我們仍在對設施和基礎設施網路進行高級部署，因此從電力角度來看，損失實際上並沒有顯著縮小。

And for the other sales to be with positive gross margin in Q4 last year, it's mainly because of the revenues from our technology services provided to the partners and also the affiliated parties. It's around RMB220 million in Q4 last year, yet such revenues are more project-based, and also it's relevant to the cadence and the progress of the services we provide to them. In that case, in the future, there will be also similar revenues, but it will not be a recurring regular revenue from that perspective.

而去年第四季其他銷售的毛利率為正，主要是因為我們向合作夥伴及關聯方提供技術服務的收入。去年四季大概是2.2億左右，但這個收入更多的還是基於專案的，也跟我們給他們提供的服務的節奏、進度有關係。那麼，未來也會有類似的收入，但從這個角度來看，它不會是經常性的定期收入。

In 2025, as we continue to increase our vehicle population, we also foresee continuous increase in the efficiency of our aftersales services. As for the power networks, as we are still making advanced deployment of the Power Swap stations, we will still encounter slight loss-making with the combined margin of the aftersales services and the power services if we exclude the technical services. In terms of the technical services, if we can make major deals or if we can make major progress, probably there will be some good news to disclose.

2025年，隨著我們車輛數量的不斷增加，我們預計售後服務的效率也將持續提高。電網部分，由於我們仍在深度佈局換電站，若剔除技術服務，售後服務加上電力服務的利潤率仍會輕微虧損。在技​​術服務方面，如果我們能夠達成重大交易或取得重大進展，可能會有一些好消息可以披露。

Thank you.

謝謝。

Tina Hou, Goldman Sachs.

高盛的 Tina Hou。

Thanks, management, for taking my question. I have a quick one just regarding our longer-term outlook. Say, by 2030, do we still maintain our previous, I think, volume and margin outlook? And could you please remind us of your revenue scale -- sorry, your sales volume scale target as well as your maybe overall growth margin as well as operating margin? Thank you.

謝謝管理層回答我的問題。關於我們的長期展望，我只想簡單談談。比如說，到 2030 年，我們是否還會維持先前的銷售和利潤前景？您能否提醒我們一下您的營收規模—抱歉，您的銷售量規模目標以及可能的整體成長利潤率和營業利潤率？謝謝。

(interpreted) As right now, the company is still striving to be breaking even in Q4 this year. If we set for a longer-term outlook for the future, we believe that for the smart EV companies or for the automotive industry in general to maintain a relative competitive edge among the competitions, an annual volume of 2 million units with 20% growth margin, 7% to 8% net margin, that will be a baseline for a smart EV company to survive for the longer term.

(翻譯) 截至目前，該公司仍在努力爭取在今年第四季實現收支平衡。如果從更長遠的角度來看，我們認為，對於智慧電動車企業或整個汽車產業來說，要想在競爭中保持相對的競爭優勢，年銷量200萬輛，成長率20%，淨利潤率7%-8%，將是智慧電動車企業長期生存的底線。

Thank you, Tina.

謝謝你，蒂娜。

Thank you. Thank you, William.

謝謝。謝謝你，威廉。

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

謝謝。由於現在沒有其他問題，我想將電話轉回給公司做結束語。

Thank you so much for joining us today. If you have further questions, please feel free to contact NIO's IR team through the contact information on our website.

非常感謝您今天加入我們。如果您還有其他問題，請隨時透過我們網站上的聯絡資訊聯絡 NIO 的 IR 團隊。

This concludes the conference call. You may now disconnect your lines. Thank you.

本次電話會議到此結束。現在您可以斷開線路了。謝謝。

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

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