蔚來 (NIO) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Inc. second-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. I will now hand the call over to your host, Mr. Rui Chen, Head of Investor Relations and Corporate Finance of the company. Please go ahead, Rui.

女士們、先生們，大家好。感謝您參加蔚來汽車 2025 年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。現在我將電話交給主持人、公司投資人關係和企業財務主管陳睿先生。請繼續，瑞。

Good morning and good evening, everyone. Welcome to NIO's second-quarter 2025 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted under the company's IR website. On today's call, we have Mr. William Li, Founder, Chairman of the Board and CEO; and Mr. Stanley Qu, CFO.

大家早安，晚上好。歡迎參加蔚來2025年第二季財報電話會議。該公司的財務和營運結果已於今天早些時候的新聞稿中公佈，並發佈在該公司的 IR 網站上。參加今天電話會議的有創辦人、董事會主席兼執行長李斌先生和財務長 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.

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。

As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with the US Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited, and the Singapore Exchange Securities Trading Limited. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

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。有關風險和不確定性的更多資訊包含在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，本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 news press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

另請注意，蔚來汽車的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。請參閱新聞稿，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威廉李先生。威廉，請繼續。

(interpreted) Hello, everyone. Thank you for joining NIO's 2025 Q2 earnings call. In Q2, the company delivered 72,056 smart EVs, up 25.6% year-over-year. The NIO brand refreshed four products to model year 2025, further enhancing its product competitiveness with improved organizational efficiency and growing brand awareness.

（譯）大家好。感謝您參加蔚來 2025 年第二季財報電話會議。第二季度，該公司銷售smart EV汽車72,056輛，較去年同期成長25.6%。蔚來品牌將四款產品更新至2025款車型，進一步增強產品競爭力，提升組織效率，並增強品牌知名度。

The ONVO brand is gaining momentum in the mainstream family market. And thanks to the clear product positioning and deep market insights into the high-end small car market, the FIREFLY has been well received by the target audience.

ONVO品牌在主流家庭市場中發展勢頭強勁。憑藉著清晰的產品定位和對高端小型車市場的深刻洞察，FIREFLY獲得了目標受眾的一致好評。

The company delivered 21,017 vehicles in July and 31,305 in August. The launch of the ONVO L90 in late-July and the prelaunch of the new All-New ES8 in late-August drove strong market demand, boosted user confidence, and listed overall sales. We expect total deliveries in Q3 to range from 87,000 to 91,000, representing a new high of 40.7% to 47.1% growth year-over-year.

該公司7月交付了21,017輛汽車，8月交付了31,305輛。7月下旬ONVO L90的上市、8月下旬全新ES8的預售，帶動了強勁的市場需求，提振了用戶信心，帶動了整體銷量的上漲。我們預計第三季總交貨量將在 87,000 至 91,000 輛之間，年增 40.7% 至 47.1%，創下新高。

On the financial side, vehicle gross margin remained stable, while other sales saw significant margin improvements. Moreover, the implementation of the sale business unit mechanism has begun to yield tangible cost reductions and efficiency gains. In Q2, the non-GAAP operating loss narrowed more than 30% quarter-over-quarter.

財務方面，汽車毛利率維持穩定，其他銷售毛利率則大幅提升。此外，銷售事業部機制的推行已開始產生實際的成本降低和效率提升的效果。第二季度，非公認會計準則營業虧損較上季收窄30%以上。

Since the start of deliveries in Q2, NIO ET9 has performed strongly in the executive flagship sedan market. Building on continuous R&D investment, NIO was the first to bring the in-house developed smart driving chip and full domain vehicle operating system on production models such as ET9 as well as the 2025 ET5, ET5T, ES6, and EC6.

自第二季開始交付以來，蔚來ET9在行政旗艦轎車市場表現強勁。蔚來汽車在持續研發投入的基礎上，率先在ET9等量產車型以及2025款ET5、ET5T、ES6、EC6等車型上搭載自主研發的智慧駕駛晶片和全域車輛作業系統。

In late June, we rolled out the new world model across All-New vehicles equipped with our proprietary smart driving chip. Within just five months, this in-house developed chip enabled the mass release of functions and the seamless migration of core models and applications across five vehicle models, representing China's and also the industry's first full function delivery on a self-developed flagship smart driving chip.

6月下旬，我們在搭載自主研發智慧駕駛晶片的全新車型上推出了全球新模式。該款自主研發晶片在短短五個月內實現了五款車型的功能批量發布和核心模型及應用的無縫遷移，這是中國乃至業界首次實現自主研發旗艦智慧駕駛晶片的全功能交付。

On August 21, NIO hosted the product and the technology launch of its core strategic model, the All-New ES8 as an all-around tax flagship SUV designed for the success of business, family, and individuals. The third generation ES8 is an epitome of NIO's tech innovation.

8月21日，蔚來汽車舉行核心戰略車型全新ES8的產品及技術發布會，全新ES8是一款為商務、家庭、個人成功打造的全能型旗艦SUV。第三代ES8是蔚來科技創新的縮影。

The All-New ES8 features original and distinctive design language, class-leading cabin, and storage space, premium features, and comfort experience, flagship safety as well as smart driving and cabin experience ahead of its time. It is the most competitive model in the premium large three-row SUV segment, receiving significant attention and recognition from both media and users. Preorders have started with test drives starting in mid-September followed by the official launch at NIO Day in mid-September and deliveries afterwards.

全新ES8擁有獨創獨特的設計語言、同級領先的座艙及儲物空間、頂級配置與舒適體驗、旗艦級安全性能以及領先時代的智能駕駛與座艙體驗。作為豪華大型三排SUV細分市場中最具競爭力的車型，受到了媒體和用戶的廣泛關注和認可。該車已開始接受預訂，試駕將於 9 月中旬開始，隨後在 9 月中旬的 NIO Day 上正式發布，並隨後進行交付。

On July 31, the ONVO L90, a game-changing product among large three-row family SUVs was launched. With ingenious space and comfort design, all around smart safety, competitive pricing, and comprehensive charging and swapping services, the L90 redefines the large three-row SUV experience, making it a good fit for large families.

7月31日，大型三排家用SUV的顛覆之作－昂沃L90上市。L90 憑藉巧妙的空間和舒適設計、全方位的智慧安全、具有競爭力的價格以及全面的充電和換電服務，重新定義了大型三排 SUV 體驗，非常適合大家庭使用。

The ONVO L90's sales performance exceeds our expectations. In its first full delivery month, its deliveries reached a history high of 10,575. We are working closely with our supply chain partners to further ramp up production capacity and keep pace with the strong market demand. L90's strong market performance has also boosted ONVO's brand awareness and the demand for the L60. In August, the L60's order intake also hit a new high this year.

ONVO L90的銷售表現超出了我們的預期。在其首個完整交割月，其交割量達到歷史最高水準10,575份。我們正在與供應鏈合作夥伴密切合作，進一步提高生產能力，滿足強勁的市場需求。L90的強勁市場表現也提升了ONVO的品牌知名度和L60的需求。8月份，L60的訂單量也創下了今年以來的新高。

As for FIREFLY, since delivery has begun, over 10,000 FIREFLY has been delivered within just three months. It's already the best-selling model in the high-end small [brand] markets. Its novel design, flagship level safety, and agile driving dynamics have been well received. Notably, in recent C-IASI test, FIREFLY, together with ONVO L60, achieved the highest safety rating ever. We are pleased to see the growing brand awareness is driving growing demand for FIREFLY.

FIREFLY方面，自開始出貨以來，短短三個月內已出貨超過10,000輛。它已經是高端小品牌市場上最暢銷的車款。其新穎的設計、旗艦級的安全性、敏捷的駕駛動力獲得了一致好評。值得一提的是，在近期的C-IASI測試中，FIREFLY與ONVO L60一起獲得了有史以來最高的安全評級。我們很高興看到不斷增長的品牌知名度正在推動對 FIREFLY 的需求不斷增長。

In terms of product quality, in June, NIO ET5 and ET5T ranked segment first in J.D. Power's NEV-IQS study, where the EC6 and ES6 ranked top two in the premium brand segment in J.D. Power's NEV APEAL study. With outstanding product quality, NIO has been the segment leader in J.D. Power's quality study for seven consecutive years in 2019.

產品品質方面，6月份，蔚來ET5、ET5T在J.D. Power NEV-IQS研究中位列細分市場第一，EC6、ES6在J.D. Power NEV APEAL研究中位列高端品牌細分市場前兩名。憑藉卓越的產品品質，蔚來汽車在2019年J.D. Power品質研究中連續七年位居細分市場領先地位。

As of now, the company operates 176 NIO Houses and 46 NIO Space, as well as 414 NIO stores. On the service side, the company has 388 service centers and 68 delivery centers. Our sales and service network now operates efficiently and cohesively across all three brands. earning recognition from our users.

截至目前，蔚來已營運176家蔚來中心、46家蔚來空間，以及414家蔚來門市。服務方面，公司擁有388個服務中心、68個配送中心。我們的銷售和服務網絡目前在三個品牌上有效率、緊密地運作，贏得了用戶的認可。

Regarding charging and swapping, the company has 3,542 power swap stations worldwide, including over 1,000 stations on highways in China, and has provided over 84 million swaps to users. By July this year, the battery swap network had thoroughly covered the highways between major cities in China, connecting 550 cities with three-minute swaps and eliminating users' range varieties on long trips.

在充電和換電方面，該公司在全球擁有3542個換電站，其中包括中國高速公路上的1000多個換電站，並已為用戶提供了超過8400萬次換電。截至今年7月，電池更換網路已全面覆蓋中國主要城市之間的高速公路，實現550個城市的三分鐘換電，解決了用戶長途旅行里程問題。

In August, we completed the power swap route around China's iconic GE318 [Sichuan-Tibet] highway. NIO and ONVO users now can drive their cars and swap all the way to the base camp of Mount Qomolangma. Besides, the company has built over 27,000 superchargers and destination chargers. So far, NIO is the car company with the most chargers in China.

8月份，我們完成了中國標誌性的GE318（川藏）公路的電力交換路線。NIO 和 ONVO 用戶現在可以駕駛他們的汽車一路換乘到珠穆朗瑪峰大本營。此外，該公司還建造了超過27,000個超級充電站和目的地充電站。目前，蔚來是中國擁有充電樁數量最多的車商。

In Q2, NIO has entered a new cycle where its continuous investment in technology, innovation, infrastructure, and the multi-brand strategy in the past decade began to translate into market competitiveness. The strong sales momentum of the NIO's All-New ES8 and ONVO L90 proves that our decade loan commitment to the [brand] roadmap with chargeable, swappable, and upgradable technologies can create user value beyond expectations, increasingly recognized and embraced by a growing base of users. We believe the All-New ES8 and L90 will drive the transition of the large three-row SUV market towards full electrification and boost the sales growth across other models.

第二季度，蔚來汽車進入新周期，近十年來在技術、創新、基礎設施以及多品牌策略方面的持續投入開始轉化為市場競爭力。蔚來全新ES8和ONVO L90的強勁銷售勢頭，證明了我們十年來對可充電、可換電、可升級技術的堅持，能夠創造超出預期的用戶價值，越來越受到越來越多用戶的認可和歡迎。我們相信全新 ES8 和 L90 將推動大型三排 SUV 市場向全面電動化的轉型，並促進其他車型的銷售成長。

At the same time, with NIO's continued efforts in the charting and swapping infrastructure, its power swap network now covers major highways and expands into more counties in China. As the network effect of power swap is becoming more evident, over time, more users will experience and understand the unique benefits of the NIO's power swap.

同時，隨著蔚來汽車在換電基礎建設方面的持續發力，其換電網絡目前已覆蓋主要高速公路，並拓展至中國更多縣區。隨著換電網路效應的不斷顯現，隨著時間的推移，會有更多用戶體驗並了解蔚來換電的獨特優勢。

Built on the company's top full-stack technological capabilities and the nationwide charging and swapping network, the three brands are reaching a broader user base. Starting in Q3, the multi-brand strategy will drive our sales growth and capture greater market shares across various segments, helping to advance our mission of shaping a sustainable and brighter future.

依托公司頂尖的全端技術能力和覆蓋全國的充換電網絡，三大品牌正在觸及更廣泛的用戶群。從第三季開始，多品牌策略將推動我們的銷售成長並在各個領域佔據更大的市場份額，幫助我們推進塑造永續和更美好未來的使命。

Since the beginning of this year, the company has focused on systematically enhancing operational efficiency and execution, leading to significant improvement in both R&D as well as sales and service. With rising sales, improving gross margin, and a more efficient cost of control, we expect to see a substantial improvement in the company's financial performance, paving the way for the next phase of rapid growth.

今年以來，本公司注重系統性提升營運效率與執行力，研發、銷售服務等方面均顯著提升。隨著銷售額的成長、毛利率的提高以及更有效的成本控制，我們預計公司的財務表現將大幅改善，為下一階段的快速成長鋪平道路。

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

感謝您的支持。說完這些，我現在將電話轉給史丹利，詢問第二季的財務細節。交給你了，史丹利。

Thank you, William. Let's now review our key financial results for the second quarter of 2025. Our total revenues reached CNY19 billion, increased 9% year-over-year, and 57.9% quarter-over-quarter. Vehicle sales were CNY16.1 billion, up 2.9% year-over-year and 62.3% quarter-over-quarter.

謝謝你，威廉。現在讓我們回顧一下 2025 年第二季的主要財務表現。總營收達190億元人民幣，較去年成長9%，季增57.9%。汽車銷售額為161億元，較去年成長2.9%，較上季成長62.3%。

The year-over-year growth was mainly due to higher deliveries, partially offset by a lower average selling price from product mix changes. The quarter-over-quarter increase was mainly from higher deliveries.

同比增長主要歸因於交付量增加，但產品組合變化導致的平均售價下降部分抵消了這一增長。環比成長主要得益於交付量的增加。

Other sales were CNY2.9 billion, grew by 62.6% year-over-year and 37.1% quarter-over-quarter. Annual growth was driven by increased sales of used cars, technical R&D services, sales of parts and after vehicle services at power solutions, while the quarter-over-quarter increase was mainly due to the increase in revenues from used cars, technical R&D services, parts, accessories, and aftersales vehicle services.

其他銷售額為29億元人民幣，較去年同期成長62.6%，較上季成長37.1%。年度成長主要得益於二手車銷售、技術研發服務、零件銷售和動力解決方案售後服務的成長，而環比成長主要得益於二手車、技術研發服務、零件、配件和售後汽車服務收入的成長。

Looking at margins. Vehicle margin was 10.3% compared with 12.2% in the Q2 last year and 10.2% last quarter. The year-over-year decline was mainly due to changes in product mix, partially offset by lower material cost per unit, while quarter-over-quarter vehicle margin remained stable.

看看利潤。汽車利潤率為 10.3%，而去年第二季為 12.2%，上季為 10.2%。年比下降主要由於產品結構變化，部分被單位材料成本下降所抵消，而汽車利潤率則是環比保持​​穩定。

Overall gross margin was 10% and versus 9.7% in Q2 last year and 7.6% last quarter. The year-over-year gross margin stayed stable and the quarter-over-quarter increase was mainly attributable to positive mix effect driven by the increase in revenue from used cars and technical R&D services.

整體毛利率為 10%，而去年第二季為 9.7%，上季為 7.6%。毛利率年增穩定，季增主要得益於二手車及技術研發服務收入增加所帶來的正面組合效應。

Turning to OpEx. R&D expenses were CNY3 billion, decreased 6.6% year-over-year and 5.5% quarter-over-quarter. The decreases year-over-year and quarter-over-quarter was mainly driven by lower design and development costs from different development stages with the year-over-year also reflecting reduced depreciation and amortization expenses.

轉向 OpEx。研發費用為30億元，年減6.6%，季減5.5%。年比和季減主要是由於不同開發階段的設計和開發成本降低，年減也反映了折舊和攤提費用的減少。

SG&A expenses were CNY4 billion, up 5.5% year-over-year and down 9.9% quarter-over-quarter. The year-over-year increase was mainly driven by higher personnel costs, rental and related expenses associated with the expansion of sales and service network, partially offset by decreased sales and marketing activities. The quarter-over-quarter decrease was mainly due to the decrease in personnel cost and marketing and promotional expenses, primarily driven by the company's comprehensive organizational optimization efforts in marketing and other supporting functions.

銷售、一般及行政費用為 40 億元人民幣，較去年同期成長 5.5%，較上季下降 9.9%。年比增長主要由於人員成本、租金以及與銷售和服務網絡擴張相關的費用增加，但被銷售和行銷活動的減少部分抵消。環比下降主要由於人員成本和行銷及推廣費用的下降，這主要得益於公司在行銷和其他支援職能方面的全面組織優化工作。

Loss from operations was CNY4.9 billion, down 5.8% year-over-year and 23.5% quarter-over-quarter. Excluding share-based compensation expenses and organizational optimization charges, adjusted loss from operation was CNY4 billion, representing a decrease of 14% year-over-year and 32.1% quarter-over-quarter.

營業虧損為49億元，年減5.8%，較上季下降23.5%。剔除股權激勵費用及組織優化費用，調整後營業虧損為40億元人民幣，較去年同期下降14%，較上季下降32.1%。

Net loss was CNY5 billion, showing a decrease of 1% year-over-year and a decrease of 22% (sic - see press release, "26%") quarter-over-quarter. Excluding share-based compensation expenses and organizational optimization charges, adjusted net loss was CNY4.1 billion, representing a decrease of 9% year-over-year and 34.3% quarter-over-quarter.

淨虧損為 50 億元人民幣，年減 1%，季減 22%（原文如此 - 請參閱新聞稿「26%）。不計股權報酬費用和組織優化費用，調整後淨虧損41億元人民幣，較去年同期下降9%，季減34.3%。

That wraps up our prepared remarks. For more information and the details of our unaudited second-quarter 2025 financial results, please refer to our earnings press release. Now, I will turn the call over to the operator to start our Q&A session. Thank you.

我們的準備好的演講到此結束。有關更多資訊和我們未經審計的 2025 年第二季度財務業績的詳細信息，請參閱我們的收益新聞稿。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) Jeff Chung, Citi.

（操作員指示）花旗銀行 Jeff Chung。

This is Jeff from Citi. Congratulate with the good results. My first question is about ES8 and L90's capacity ramp-up pace and the delivery target for the rest of the year. And due to the strong order backlog, can we expect the December single month run rate for the group to hit 55,000 units or above? This is my first question.

我是花旗銀行的傑夫。恭喜取得好成績。我的第一個問題是關於ES8和L90的產能提升速度以及今年剩餘時間的交付目標。而由於訂單積壓強勁，我們是否可以預期該集團12月份單月產量能達到55,000輛或以上？這是我的第一個問題。

(interpreted) Thank you for the question. It's true that with the launch of the ONVO L90 and also the NIO All-New ES8, we actually see a stronger market demand, higher than what we've expected before the launch. In that case, we've been working closely with our supply chain partners to improve and enhance the production capacity throughout the value chain and also the supply chain.

（翻譯）感謝您的提問。確實，隨著 ONVO L90 和蔚來全新 ES8 的推出，我們實際上看到了更強勁的市場需求，高於我們在推出之前的預期。在這種情況下，我們一直與我們的供應鏈合作夥伴密切合作，以改善和提高整個價值鏈和供應鏈的生產能力。

Our target is that in October, the full supply chain capacity for the ONVO L90 can achieve and reach 15,000 units a month. And for the ES8, as the ramp-up of production takes slightly longer, we hope that the full supply chain capacity can achieve 150,000 units in December.

我們的目標是，10月份，ONVO L90的全供應鏈產能能夠實現並達到每月15,000台。對ES8來說，由於產能爬坡所需的時間稍微長一些，我們希望12月全供應鏈產能能夠達到15萬輛。

With that, by looking at both the demand and the supply availabilities and capacity, our Q4 target is to achieve an average of 50,000 units deliveries per month for all three brands, which means that in Q4, our quarterly delivery target, combining all three brands is 150,000 units.

透過同時考慮需求和供應的可用性和產能，我們第四季度的目標是實現三個品牌每月平均交付 50,000 台，這意味著在第四季度，我們三個品牌的季度交付目標是 150,000 台。

So my second question is about the gross profit margin and whether the fourth quarter can break even at the bottom line level. So if we look at the second quarter, our revenue of 58%, but our gross profit up more than 100% QoQ.

所以我的第二個問題是關於毛利率以及第四季是否能夠達到損益兩平。因此，如果我們看第二季度，我們的收入成長了 58%，但我們的毛利環比成長了 100% 以上。

So could you give us more color on the second half vehicle GP margin trend and the non-vehicle GP margin trend? And also to be specific, how do you see the L90 and the ES8 GP margin independently?

那麼，您能否向我們詳細介紹下半年汽車毛利率趨勢與非汽車毛利率趨勢？另外具體來說，您又如何看待 L90 和 ES8 GP 的利潤率？

(interpreted) Thank you for the question. I would like to walk you through our Q2 product margin. In terms of the vehicle margin in the second quarter of this year, it was 10.3%. As in the second quarter, we have conducted the model year upgrade on the ET5, ET5T, EC6, ES6, as the product upgrades happened in the mid and late May.

（翻譯）感謝您的提問。我想向您介紹我們第二季的產品利潤率。從今年第二季的整車利潤率來看，為10.3%。和第二季一樣，我們對ET5、ET5T、EC6、ES6進行了車型年度升級，產品升級發生在5月中下旬。

In that case, among the 72,000 units we've delivered in Q2, only around 20% was contributed by the model year '25 products. In that case, the actual margin improvement contributed by these four models is not that significant in comparison to Q1.

在這種情況下，我們在第二季度交付的 72,000 輛汽車中，只有約 20% 是由 25 款車型貢獻的。這樣一來，這四款機型實際帶來的利潤率提升與第一季相比就沒那麼顯著了。

And then in the third quarter, as we have the full quarter deliveries for the model year '25 products as well as the start of deliveries of the L90, which will further help improve the vehicle gross margin. And then in Q4, as William mentioned, starting late September, we are going to start the deliveries of the ES8.

然後在第三季度，由於我們完成了 25 款車型的整個季度交付以及 L90 的交付，這將進一步幫助提高汽車毛利率。然後在第四季度，正如威廉所提到的，從 9 月底開始，我們將開始交付 ES8。

We expect the vehicle margin to further growth -- to further grow. So Q4 also represents the first full quarter for the deliveries of both L90 the ES8. With that, we expect the Q4 vehicle margin to be around 16% to 17% for the entire group to be able to achieve breakeven.

我們預計汽車利潤率將進一步成長。因此，第四季也是 L90 和 ES8 交付的第一個完整季度。因此，我們預計第四季度汽車利潤率將在 16% 至 17% 左右，整個集團能夠實現盈虧平衡。

As is on the decade's long battery tech innovation, the in-house development of core parts and components as well as the continuous efforts in the cost control and the savings on the supply side as well as the product cost structure, we achieved not only competitive product performance for the L90 and the All-New ES8, but also a very competitive cost structure and the pricing point. With that, in Q4, our gross margin target for the L90 and ES8 is 20%.

正是基於十餘年來電池技術的創新、核心零件的自主研發以及在成本控制和供應端及產品成本結構上的持續投入和節約，我們不僅實現了L90和全新ES8極具競爭力的產品性能，而且也實現了極具競爭力的成本結構和定價點。因此，在第四季度，我們對 L90 和 ES8 的毛利率目標是 20%。

In terms of the gross margin of other sales, it's 8.2% in Q2, and it's mainly contributed by two factors. The first is regarding the revenues contributed by our existing users, including via our aftermarket services, our auto financing business, as well as the narrowed loss on the power services.

其他銷售毛利率方面，第二季為8.2%，主要有兩個因素貢獻。第一是現有用戶貢獻的收入，包括售後市場服務、汽車金融業務，以及電力服務虧損的收窄。

And the second factor is regarding the margin contributed by our technological service provided to our partners. With these two combined, we've achieved a good and positive gross margin on other sales in Q2.

第二個因素是我們為合作夥伴提供的技術服務所貢獻的利潤。結合這兩項因素，我們在第二季的其他銷售中實現了良好的正毛利率。

And in terms of the revenues or margin contributed by the technological services we provide to the partners, as it is highly dependent on the product and the project stage, the actual revenues contributed may not be consistent from quarter-to-quarter. In that case, excluding that part, our expectation for the gross margin on other sales is to be breakeven or slightly -- with a slight loss quarter-over-quarter.

而就我們向合作夥伴提供的技術服務所貢獻的收入或利潤而言，由於它高度依賴產品和專案階段，因此實際貢獻的收入可能在各個季度之間並不一致。在這種情況下，除去這部分，我們預計其他銷售的毛利率將達到收支平衡或略有下降——環比略有下降。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

I just want to ask for more detail about the number four quarter breakeven. Number one is that what's your R&D expense guide for number three and number four quarter? I think you actually guide close to CNY2 billion in the number four quarter. Do you still maintain the same guidance for the number four quarter?

我只是想詢問有關第四季盈虧平衡的更多細節。第一，您對第三季和第四季的研發費用指引是多少？我認為您實際上預計第四季度的收入將接近 20 億元。您對第四季的業績指引是否仍維持不變？

And secondly, it's the same for SG&A? Lastly, what's the breakeven means, do you break even in the OP level or that profit level? It's GAAP or non-GAAP?

其次，銷售、一般及行政費用 (SG&A) 也是一樣嗎？最後，盈虧平衡是什麼意思，你是在 OP 水平還是在利潤水平實現盈虧平衡？它是 GAAP 還是非 GAAP？

(interpreted) Thank you for the question. Regarding the breakeven target, our quarterly breakeven target is based on the non-GAAP basis. And regarding the R&D and SG&A guidance, starting Q2 this year, we have conducted a series of measures, combining our CBU mechanism to control our R&D expenses.

（翻譯）感謝您的提問。關於損益平衡目標，我們的季度損益平衡目標是基於非公認的會計準則 (Non-GAAP) 基礎。關於研發和銷售、一般及行政費用指引，從今年第二季開始，我們採取了一系列措施，結合我們的CBU機制來控制研發費用。

Our principle is that without compromising on the major and core R&D activities and also product planning, we will keep improving the R&D efficiency, which means that without compromising or affecting our major product planning and R&D, we will push for higher efficiencies in the R&D activities. With that, our target for the Q3 and the Q4 R&D expenses on a non-GAAP basis will be CNY2 billion per quarter.

我們的原則是在不影響主要核心研發和產品規劃的前提下，不斷提升研發效率，也就是說在不影響我們主要產品規劃和研發工作的前提下，不斷推動研發活動的效率提升。因此，我們第三季和第四季非公認會計準則研發費用的目標為每季 20 億元。

And in terms of the SG&A expenses, also based on our CBU mechanism, we've conducted measures to improve the overall SG&A efficiency. In the second quarter, our sales volume is at the magnitude of around 70,000 units. So the SG&A ratio to the sales revenue still accounts for a relatively high percentage.

在銷售、一般及行政費用方面，我們也根據CBU機制採取了措施，以提高整體銷售、一般及行政費用的效率。第二季我們的銷售量在7萬台左右的量級。所以SG&A費用佔銷售收入的比例還是比較高的。

But as in Q3 and Q4, we grew our sales volume and also sales revenue, we expect the percentage of SG&A in the sales revenue to actually -- coming down to a more reasonable range. But as in Q3, we are planning several new product launches.

但正如第三季和第四季一樣，我們的銷售量和銷售收入都有所成長，我們預期銷售費用、一般及行政費用在銷售收入中的百分比實際上會下降到一個更合理的範圍。但與第三季一樣，我們計劃推出幾款新產品。

There will also be corresponding marketing and go-to-market expenses. In that case, in Q3, we are still not able to achieve of breakeven on the SG&A expenses. But in Q4, the non-GAAP target for the SG&A expenses will be within 10% of the sales revenue.

還會有相應的行銷和上市費用。在這種情況下，在第三季度，我們仍然無法實現銷售、一般和行政費用的收支平衡。但第四季度，非公認會計準則下的銷售、一般及行政費用目標將在銷售收入的 10% 以內。

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

This is Tim Hsiao from Morgan Stanley. So two questions. The first one is about the new model pipeline. Given the robust demand for L90 and ES8 that's by occupied our capacity, will the company adjust the launch schedule for the upcoming models?

我是摩根士丹利的 Tim Hsiao。所以有兩個問題。第一個是關於新模型管道。鑑於L90和ES8的強勁需求，已經佔用了我們的產能，公司是否會調整即將推出的車型的上市時間表？

And we noticed that the NIO Days has notably moved forward to late September. Can management team also share more insight into the updated market pipeline in the following quarters? That's my first question.

我們注意到，NIO Days 明顯提前到了 9 月底。管理團隊是否還可以分享有關接下來幾季更新的市場管道的更多見解？這是我的第一個問題。

(interpreted) Thank you for the question. It's true that at the moment, we actually prioritize the production of the L90 and also the All-New ES8 from the production capacity perspective. For the ONVO brand, we even have to really give way to the L90 productions and compromising on the production of L60.

（翻譯）感謝您的提問。確實，目前，從生產能力的角度來看，我們確實優先生產 L90 和全新 ES8。對於ONVO品牌來說，我們甚至不得不真正放棄L90的生產，並在L60的生產上做出妥協。

So that you will find that our L60 users are also waiting up to pick up their cars. So right now, we actually have four models with order backlogs accumulated and users will need to wait for the new car pickup, including L90, All-New ES8, L60, and also FIREFLY.

所以你會發現我們的L60用戶也在等著取車。所以現在我們實際上有四款車型的訂單積壓，用戶需要等待新車提車，包括L90、全新ES8、L60，還有FIREFLY。

And regarding the production capacity for the ONVO product, starting October, we expect the capacity to come back to a normal range, mainly supported and fueled by the production capacity of the battery. As in the past several months, we've been working closely with our battery partners to ramp up the production capacity.

關於ONVO產品的產能，我們預計從10月開始，產能將恢復到正常範圍，主要由電池產能支撐和推動。與過去幾個月一樣，我們一直與電池合作夥伴密切合作，以提高生產能力。

With that, in Q4, for the ONVO brand, we expect the full supply chain production capacity to be around 25,000 units a month. And regarding the NIO brand for the launch of the All-New ES8, we also have challenges regarding the supply of the brand new 102-kilowatt hour battery.

因此，對於 ONVO 品牌，我們預計第四季度整個供應鏈的生產能力將達到每月 25,000 台左右。而對於蔚來品牌全新ES8的推出，我們也面臨全新102千瓦時電池供應的挑戰。

As the demand of the ES8 is actually stronger than we expected, then we -- at the beginning, we underestimated the demand for the ES8 and also the volume assumption for the battery packs. We've been working closely also with the battery suppliers and partners to secure the supply of this new battery pack. With that, in Q4, we expect the full supply chain capacity for the NIO brand can also achieve a 25,000 units monthly capacity.

由於 ES8 的需求實際上比我們預期的要強勁，所以我們——一開始，我們低估了 ES8 的需求以及電池組的容量假設。我們一直與電池供應商和合作夥伴密切合作，以確保這種新電池組的供應。由此，我們預期第四季蔚來品牌的全供應鏈產能也能達到月產能25,000輛。

And regarding FIREFLY, we are also steadily increased its production and supply capacity. And in Q4, we expect the production capacity to ramp up to up to 6,000 units a month at its peak. So it means that in Q4, the combined production capacity of all three brands will be as high as 56,000 units a month to be able to support our demand.

關於FIREFLY，我們也在穩步提高其生產和供應能力。我們預計第四季產能將達到高峰每月 6,000 台。因此，這意味著在第四季度，這三個品牌的總產能將高達每月 56,000 輛，才能滿足我們的需求。

As we have already dedicated our full capacity to the production of the existing models in the market, so for this year, we will not have any new models launched or delivered to the market. Previously, we've mentioned that we plan to also launched the L80 of the ONVO brand.

由於我們已經將全部產能用於生產市場上現有的車型，因此今年我們將不再向市場推出或交付任何新車型。之前我們提到過，我們也計劃推出ONVO品牌的L80。

But as now, we have run out of all the capacities available. We actually have to decide to delay the deliveries of this new model. But in terms of the launch or the go-to-market cadence for the L80, that's to be decided.

但截至目前，我們已經用盡了所有可用的產能。我們實際上必須決定推遲這款新車型的交付。但就 L80 的發布或上市節奏而言，仍有待決定。

In addition to the ONVO L80, next year, in the coming quarters, we also have another two new models coming under the NIO brand to -- also two large SUVs, one is the ES9, as many of the users and the public already know about this. And also ES7, a large five-seater SUV model.

除了 ONVO L80 之外，明年在接下來的幾個季度裡，我們還將推出另外兩款以 NIO 品牌命名的新車型——也是兩款大型 SUV，一款是 ES9，正如許多用戶和公眾已經知道的那樣。還有ES7，一款大型五人座SUV車型。

As for the NIO Day this year, as it is happening in September, the protagonist of this event will be definitely the All-New ES8.

至於今年的NIO Day，由於是在9月舉辦，所以這次活動的主角肯定是全新ES8。

My second question is about the pricing strategy and also just a quick follow-up on the margin side. Because mentioned that both the L90 and the new ES8 have launched with aggressive pricing strategies. So I just want to know that will this pricing strategy be extended to own the upcoming models on the both brands?

我的第二個問題是關於定價策略，以及利潤方面的快速跟進。因為提到 L90 和新款 ES8 都採用了激進的定價策略。所以我只是想知道這種定價策略是否會延伸到這兩個品牌即將推出的車款？

And if that's case, how should we think about NIO's gross profit margin trajectory into next year? What would be a more sustainable and ideal [eco] margin level once all the new models are upgraded next year? That's my second question.

如果是這樣的話，我們該如何看待蔚來汽車明年的毛利率走勢？一旦明年所有新車型都升級，更可持續和更理想的[生態]利潤水平是多少？這是我的第二個問題。

(interpreted) Thank you for the question. For the entire company, as we've also previously mentioned, for the long term, our group level product margin is actually 20%. That's our target. More specifically on the gross margin by brand for the NIO brand, our target is to achieve a 20% vehicle gross margin and even target a higher margin of 25%. And for ONVO, no lower than 15% for the long term and for FIREFLY, around 10%.

（翻譯）感謝您的提問。對於整個公司而言，正如我們之前提到的，從長遠來看，我們集團層面的產品利潤率實際上是 20%。這就是我們的目標。具體到蔚來品牌的毛利率，我們的目標是整車毛利率達到20%，甚至達到25%的更高水準。對於 ONVO 來說，長期來看不低於 15%，對於 FIREFLY 來說，長期來看不低於 10% 左右。

For the ES8 and the L90 newly launched this year, as well as the new models coming up next year, we also have this -- we also contribute to this target as the product definition and design stage, we have already prepared for an aggressive pricing strategy and our cost structure can also support such strategy to be able to achieve more competitive pricing of our products without compromising on the product competitiveness itself. This is actually driven and enabled by our decade-long tech innovation, technology accumulation, in-house developed parts and systems, and also stringent cost control.

對於今年新推出的ES8和L90，以及明年即將推出的新車型，我們也有這個——我們在產品定義和設計階段也為這個目標做出了貢獻，我們已經為積極的定價策略做好了準備，我們的成本結構也可以支持這樣的策略，以便能夠實現我們產品更具競爭力的定價，而不會損害產品本身的競爭力。這其實是我們十多年來的技術創新、技術累積、自主研發的零件和系統以及嚴格的成本控制所推動和實現的。

Jing Chang, CICC.

張靜，中金公司。

My first question is still about our L90 and also ES8. So we have already seen that these two new models have already demonstrated our enhanced product capability and also very competitive pricing still with a very solid gross profit margin.

我的第一個問題仍然是關於我們的L90和ES8。因此，我們已經看到，這兩款新車型已經證明了我們增強的產品能力以及非常有競爭力的定價以及非常穩固的毛利率。

So besides previously, Stanley has already told us of the technology and also the platform upgrades. Could you share more about the underlying successful experience about these two new models such as our changes on maybe supply chain, maybe dealers networks? This is my first question.

此外，此前史丹利已經向我們介紹了這項技術以及平台升級。您能否分享更多關於這兩種新模式的底層成功經驗，例如我們在供應鏈、經銷商網路方面的變化？這是我的第一個問題。

(interpreted) Thank you for the question. Regarding the overall product competitiveness on the third generation, it is actually getting stronger and better. And this also allows for a more competitive product competitiveness as well as the cost structure.

（翻譯）感謝您的提問。從第三代的整體產品競爭力來看，其實是越來越強、越來越好。這也使得產品競爭力和成本結構更具競爭力。

And as we've mentioned, this is enabled by our continuous tech innovation. Let's say, the 900-volt high-voltage architecture. This platform actually allows for more integrated and lightweight design that's not only in the powertrain system as well as the high-voltage architecture throughout the vehicle to be able to achieve high performance and the lightweight design.

正如我們所提到的，這是透過我們不斷的技術創新來實現的。比如說900伏高壓架構。該平台實際上允許更加整合和輕量化的設計，不僅在動力系統，而且在整個車輛的高壓架構中，都能夠實現高性能和輕量化設計。

Such lightweight design also allows for improved cost structure and also experience competitiveness. For example, on the ES8 and also L90, we've achieved a huge front and also trunk space. Such huge storage space is also enabled by the high integration level of our architecture and systems.

這種輕量化設計還可以改善成本結構並提高體驗競爭力。例如，在 ES8 和 L90 上，我們實現了巨大的前部和後行李箱空間。如此巨大的儲存空間也是得益於我們的架構和系統的高整合度。

And another example is regarding the smart technologies, the digital architecture. On the third generation, we adopted the innovative digital architecture with the central computing cluster plus the zonal controllers. This can help achieve a better cost as well as the max performance and management.

另一個例子是關於智慧技術和數位架構。第三代我們採用了中央運算叢集加區域控制器的創新數位架構。這有助於實現更好的成本以及最大的性能和管理。

Let me take e-fuse as an example. Previously, on other older models, there are physical fuse boxes, which is as heavy as 10 kilos per car, and it can take up eight liters of the space. But with e-fuse, we are able to integrate them into the master board that can actually manage the power supplies throughout the vehicle at a very detailed and process level, but still contributing to the mass reduction and cost improvement. So this improvement in both cost structure as well as user experiences are enabled by the tech innovation.

我以電子保險絲為例。此前，在其他舊款車型上，都有實體保險絲盒，每輛車的重量高達 10 公斤，並且會佔用 8 公升的空間。但有了電子保險絲，我們就能將它們整合到主機板中，從而可以在非常詳細和流程的層面上管理整個車輛的電源，同時仍然有助於減輕重量和改善成本。因此，成本結構和使用者體驗的改善都是由技術創新實現的。

Another example is regarding our proprietary smart driving chip. Of course, we've made the major upfront investment in the chip development, but the performance of our in-house developed smart driving chip [NX1931], can achieve the performance that is on par with four flagship chips in the industry. So R&D-wise, we made investment upfront, yet (inaudible) cost-wise, this smart driving chip can also achieve savings.

另一個例子是關於我們專有的智慧駕駛晶片。當然，我們在晶片研發上做了很大的前期投入，但是我們自主研發的智慧駕駛晶片[NX1931]的性能，可以達到與業界四款旗艦晶片相當的性能。所以從研發的角度來說，我們進行了前期的投入，但是（聽不清楚）從成本的角度來說，這款智慧駕駛晶片也可以實現節省。

Another thing is regarding the technology roadmap, mainly the chargeable, swappable, and upgradable technologies for our products. With this, we are able to select the most suitable and optimal battery pack, including its capacity and the size for our users.

另外就是技術路線圖，主要是我們產品的可充電、可更換、可升級的技術。透過這種方式，我們可以為使用者選擇最合適、最佳的電池組，包括其容量和尺寸。

For example, for some of our peers and competitors, they actually need to strike a balance between the battery costs and also the battery range. Then they choose the LFP as a chemical system, and they make a battery pack of around 90- or 100-kilowatt hour capacity. But with that, the battery pack is actually very big and heavy.

例如，對於我們的一些同行和競爭對手來說，他們實際上需要在電池成本和電池續航里程之間取得平衡。然後他們選擇 LFP 作為化學系統，並製作容量約為 90 或 100 千瓦時電池組。但這樣一來，電池組其實又大又重。

If you look at our battery packs for the ONVO L90, we put a 85-kilowatt hour battery inside. And for the ES8, a 102-kilowatt hour battery inside. They can achieve the driving range and performance on par with those peers. But in terms of the mass, the 85 one is only around 400 kilos and the 102-kilowatt hour battery package, only around 500 kilos.

如果您看一下我們為 ONVO L90 配備的電池組，您會發現我們在裡面放置了一個 85 千瓦時的電池。ES8 內部配備 102 千瓦時的電池。它們可以達到與同行相當的行駛里程和性能。但就品質而言，85型只有400公斤左右，102千瓦時電池組只有500公斤左右。

So it is actually around 200 kilos lighter than many of our peers' solutions. This is also another mass and cost optimization enabled by our chargeable, swappable, and upgradable tech solution.

因此，它實際上比我們許多同行的解決方案輕約 200 公斤。這也是我們的可充電、可交換和可升級的技術解決方案實現的另一項品質和成本優化。

And in terms of a competitive product in both cost as well as the user experience, I think three things will define the competitiveness of a product. The first is regarding the technology roadmap, the second is regarding the product planning, and the third is regarding the product definition it solves.

就成本和使用者體驗的競爭產品而言，我認為有三個因素決定了產品的競爭力。第一是關於技術路線圖，第二是關於產品規劃，第三是關於它解決的產品定義。

And our past practice and experiences prove that our technology roadmap, including our multi-brand strategy, our chargeable, swappable, upgradeable solutions, our cost full stack tech capabilities developed in-house, as well as our product planning are, in general, in the right direction. Yet when it comes to the product definition, we did have some lessons learned from the previous generations and platforms.

我們過去的實踐和經驗證明，我們的技術路線圖，包括我們的多品牌策略，我們的可充電、可更換、可升級的解決方案，我們內部開發的成本全端技術能力，以及我們的產品規劃，總體上都是朝著正確的方向發展的。然而，當談到產品定義時，我們確實從前幾代產品和平台中吸取了一些教訓。

With that, on the third generation, with our All-New ES8 and L90, we not only draw the best practices from the industry and peers that also make corrections from within to be able to achieve a better product performance and success with the ES8 and L90. As it is actually joined the effort of our competitive technology roadmap, reasonable product planning, as well as more precise product definition and market insights that can fit for the users' needs in the Chinese market.

因此，在第三代全新 ES8 和 L90 中，我們不僅借鑒了業界和同行的最佳實踐，還從內部進行了修正，以便能夠透過 ES8 和 L90 實現更好的產品性能和成功。因為它實際上結合了我們有競爭力的技術路線圖、合理的產品規劃，以及更精確的產品定義和市場洞察，以適應中國市場用戶的需求。

In terms of the supply chain, this is also playing a very important role in achieving the long-term competitiveness of our product cost structure by establishing a win-win cooperation with our partners. And in the past one or two years, we've also made adjustments to our supply chain and the partner strategy.

從供應鏈角度來說，透過與合作夥伴建立雙贏的合作關係，實現我們產品成本結構的長期競爭力，也扮演著非常重要的角色。而且在過去的一兩年裡，我們也對供應鏈和合作夥伴策略做出了調整。

In general, we look for the partners who believe in the roadmap technology decisions of the company, as well as believe in the long-term potentials of the company. And we work closely with these partners to jointly define the cost of targets and all types of targets. So for the existing products and also the coming platforms, we will also adopt this principle in our nomination and the sourcing strategy to be able to work with our partners closely.

總的來說，我們尋找的是相信公司路線圖技術決策並相信公司長期潛力的合作夥伴。並且我們與這些合作夥伴密切合作，共同確定目標和所有類型目標的成本。因此，對於現有產品和即將推出的平台，我們也將在提名和採購策略中採用這項原則，以便能夠與我們的合作夥伴密切合作。

Ming Hsun Lee, Bank of America.

美國銀行的李明勳（Ming Hsun Lee）。

Congrats for the good results. I also have two questions. So my first question, could you confirm your new model pipeline for 2026? Can I confirm there will be at least five new cars, which include ES6, ES7, ES9, L80, and also the second model under the FIREFLY brand?

恭喜你取得好成績。我也有兩個問題。所以我的第一個問題是，您能確認 2026 年的新車型管路嗎？請問能否確認至少會有五款新車，包括ES6、ES7、ES9、L80，還有FIREFLY品牌下的第二款車型？

(interpreted) Regarding our product strategy for 2026, as we've mentioned, we will focus on three large SUV models for the ONVO and also the NIO brand. Regarding the ET5, ET5T, ES6, and EC6 this year, we have just upgraded these four models to the model year 2025. For next year, we don't have major plans to upgrade these four models.

(翻譯)關於我們 2026 年的產品策略，正如我們所提到的，我們將專注於 ONVO 和 NIO 品牌的三款大型 SUV 車型。關於今年的ET5、ET5T、ES6、EC6，我們剛剛把這四款車型升級到了2025款。對於明年，我們沒有對這四款車型進行重大升級的計劃。

As on the model year 2025, we've already upgraded interior, exterior, the smart system is also upgraded to the latest Cedar platform, with both upgrade in the smart driving chip as well as the operating system. And recently, we have also announced to make the 100-kilowatt hour battery as a standard configuration on these four models.

與2025年車型一樣，我們已經升級了內裝、外觀，智慧系統也升級到了最新的Cedar平台，智慧駕駛晶片和作業系統都進行了升級。而且最近我們也宣布將以100千瓦時電池作為這四款車型的標準配備。

We believe that with all these changes, the competitiveness of these four models will continue to be strong in the coming quarters. Of course, it doesn't mean that we will make zero changes to these models. We will still roll out some product calendars as this year -- earlier this year, we have released a champion addition for the 5 and 6 series. And in the coming year, we will also have such special versions and additions for these models.

我們相信，透過這些改變，這四款車型的競爭力在未來幾季仍將保持強勁。當然，這並不代表我們會對這些模型做零改動。我們仍將推出一些產品日曆，就像今年早些時候一樣，我們發布了 5 系列和 6 系列的冠軍附加產品。並且在未來的一年裡，我們也將為這些型號推出這樣的特殊版本和附加功能。

And also for the FIREFLY brand, we don't have a plan for the second model next year.

對於 FIREFLY 品牌，我們明年還沒有推出第二款車型的計畫。

And my second question is regarding to the operating expense control. So in 2026, what level do you expect for your R&D expense per quarter. Are you -- do you think you can maintain around CNY2 billion non-GAAP R&D expense per quarter? And also, could you guide your latest CapEx plan for 2025 and '26?

我的第二個問題是關於營業費用控制。那麼到2026年，您預計每季的研發費用將達到什麼水準？您認為每季可以維持約 20 億元的非 GAAP 研發費用嗎？另外，您能指導一下 2025 年和 2026 年的最新資本支出計畫嗎？

(interpreted) Regarding the R&D expenses, starting this year, we've made major efforts based on the CBU mechanism, improving our R&D efficiencies and the overall ROI of our R&D activities and investment. For the next year, our quarterly R&D expense non-GAAP will be around CNY2 billion to CNY2.5 billion per quarter.

(翻譯)關於研發費用，從今年開始，我們根據CBU機製做了大量工作，提高了研發效率以及研發活動和投資的整體回報率。明年，我們每季的非公認會計準則研發費用將約為20億元至25億元。

That is a reasonable range for us to also maintain our long-term competitiveness from the technology perspective. The major viabilities comes from the new model development as we believe that the investment for the foundational level R&D activities and technologies are mostly finished.

從技術角度來看，這也是我們維持長期競爭力的合理範圍。主要的活力來自於新車型的開發，因為我們相信基礎級研發活動和技術的投資大部分已經完成。

And also regarding the CapEx, as we haven't started the operational target discussion and setting for the next year, I may not have a very clear or precise outlook regarding the CapEx for 2026. But I can share with you two principles we have.

另外關於資本支出，由於我們還沒有開始討論和設定明年的營運目標，我可能對 2026 年的資本支出沒有非常清晰或準確的展望。但我可以與你們分享我們的兩個原則。

The first is regarding the power swap network. In general, we still hope to leverage as much as possible the customers' resources and -- for the power swap network construction. And regarding the R&D CapEx, and it's -- regarding the CapEx on the product, it's mainly dependent on the overall R&D cadence and also go-to-market strategies of the new models.

第一是關於電力交換網路。整體來說，我們還是希望盡可能的利用客戶的資源來進行換電網路的建置。至於研發資本支出，以及產品的資本支出，它主要取決於整體研發節奏以及新車型的上市策略。

Overall speaking, for next year, we hope the CapEx can be similar to the level of this year, or if possible, achieve even better results next year. But as I've emphasized, it's highly dependent on the overall launch cadence and also R&D cadence of the new model.

總體來說，對於明年，我們希望資本支出能夠與今年的水平相似，或者如果可能的話，明年取得更好的成績。但正如我所強調的，這在很大程度上取決於新車型的整體發布節奏和研發節奏。

Paul Gong, UBS.

保羅龔，瑞銀。

My first question is regarding the impact of the 100-kilowatt hours of the battery that you're going to adopt across new brands. Can you share with us the financial impacts of this strategy? Definitely, we can see that the competitiveness of the vehicles are getting enhanced because because of this 100 watts of hours of the battery. But what would be the incremental cost on your front? This is my first question.

我的第一個問題是關於你們將在新品牌中採用的 ​​100 千瓦時電池的影響。您能與我們分享這項策略的財務影響嗎？毫無疑問，我們可以看到，由於電池容量達到100瓦時，車輛的競爭力得到了增強。但是您需要增加的成本是多少呢？這是我的第一個問題。

(interpreted) Thank you for the question. When we announced the policy changes on the 100-kilowatt hour battery pack, we've already introduced the potential impact or implications on the financials of the product as when we launched the model year five and -- model year 2025 project, we offered a series of special offers and discounts to our users together with the products.

（翻譯）感謝您的提問。當我們宣布 100 千瓦時電池組的政策變化時，我們已經介紹了對產品財務的潛在影響或影響，因為當我們推出第五年車型和 2025 年車型項目時，我們為用戶提供了一系列特別優惠和折扣。

And this time, when we make the 100-kilowatt hour battery a standard configuration of the 5 and 6 series, we actually withdrawed many of these offers we provided at the launch of the product. And in exchange, we offer the 100-kilowatt hour battery as a standard configuration.

而這次，當我們把100千瓦時的電池作為5系、6系的標準配置時，我們實際上撤回了在產品發佈時提供的許多這樣的優惠。作為交換，我們提供 100 千瓦時的電池作為標準配置。

So from a transactional perspective, there is no major change. From the user's perspective as well as from the vehicle margin perspective, there is also no major impact.

因此從交易角度來看，沒有重大變化。從使用者角度以及車輛利潤角度來看，也沒有太大的影響。

And another impact is more on the south and the upper funnel of our sales leads for the 5 and 6 series. After announcing the change on the 100-kilowatt hour battery, we actually observed increase in the upper funnel incoming leads. Of course, this is a newly launched policy. In terms of the long-term implications, we will still need some time to observe, but overall impact is more positive than negative.

另一個影響則更集中在 5 系列和 6 系列銷售線索的南部和上層管道。在宣布對 100 千瓦時電池進行更改後，我們實際上觀察到了上部漏斗流入線索的增加。當然，這是一項新推出的政策。對於長期影響，我們仍需要一段時間觀察，但整體而言，利大於弊。

Okay. So my second question is regarding the impact of switching to your self-developed chips. Just now, I think we then mentioned that it is saving cost, and it is also depending on the volume because of the fixed cost versus the volume.

好的。我的第二個問題是關於轉換到自主研發晶片的影響。剛才，我想我們提到過，這可以節省成本，而且由於固定成本與產量的關係，這也取決於產量。

So can you give us some color that so, for example, if you are delivering 20,000 per month with a new self-developed chip, what would be the cost saving on a per car basis? If this volume is coming to 50,000 per month, what would be the positive impact from the cost saving angle due to the switching of the self-developed chips? Just want to have the better estimate and sensitivity on that.

那麼，您能否為我們提供一些細節，例如，如果您每月交付 20,000 輛採用新型自主研發晶片的汽車，那麼每輛車可以節省多少成本？如果這個產量達到每月5萬片，從成本節約的角度來說，改用自研晶片會帶來什麼正面影響？只是想對此有更好的估計和敏感度。

(interpreted) Thank you for the question. Regarding the chip R&D expenses and investment, as we actually recognize that in our immediate financials and the P&L, so its actual cost savings per unit is not really closely tied in the actual volume we saw or actual number of pieces we saw.

（翻譯）感謝您的提問。關於晶片研發費用和投資，正如我們實際上在當前的財務狀況和損益表中認識到的那樣，因此其每單位實際成本節省與我們看到的實際數量或實際件數並沒有密切聯繫。

In terms of the production of these chips, we purchased the wafers directly from our chip manufacturing partners. So in that case, the cost of saving per unit through the in-house developed chip is not tied into the delivery volumes we achieved.

在生產這些晶片方面，我們直接從晶片製造合作夥伴那裡購買晶圓。因此在這種情況下，透過內部開發的晶片節省的每單位成本與我們實現的交付量無關。

But in comparison to the chip solution we used on the second-generation products, achieving the same level of computing performance, the cost is actually more advantageous and competitive with our own solution. And even on the third generation, in comparison to the industry flagship smart driving chips, we still have a cost advantage and competitiveness with our in-house solution. But here, I will not elaborate on the specific savings achieved per piece.

但跟我們在第二代產品上採用的晶片方案相比，達到同樣的運算效能，成本其實更有優勢，更有競爭力。即使是第三代，與業界旗艦智慧駕駛晶片相比，我們的內部解決方案仍然具有成本優勢和競爭力。但在這裡，我不會詳細說明每件產品的具體節省金額。

Yuqian Ding, HSBC.

丁宇謙，匯豐銀行。

The first question would be more exploration on the pricing side. So ES8, L90, attractive pricing, good volume traction. So how the management would evaluate the potential internal [cannibalization] to the existing portfolio, such as the ES6 or L60 and the potential splash impact into next year's new model pipeline?

第一個問題是在定價方面進行更多探索。因此，ES8、L90 的定價具有吸引力，銷售也很好。那麼管理層將如何評估對現有產品組合（例如 ES6 或 L60）的潛在內部蠶食以及對明年新車型系列的潛在影響？

(interpreted) As we've mentioned, the pricing of -- the pricing strategy for a product is highly dependent on the market, competition, the cost structure of the product, as well as the volume and the pricing sensitivity of the product in the segment. For the L90, as we've mentioned, with its launch, actually, it has helped boosted the sales volume of L60.

(解釋)如我們所提到的，產品的定價策略高度依賴市場、競爭、產品的成本結構以及該產品在該領域的產量和定價敏感度。對於L90，正如我們所提到的，它的推出實際上有助於提高L60的銷售量。

Right now, even for the L60 users, they will have to wait for the new cars deliveries and pickup. Actually, in August, we even achieved a new high for the order intake of L60 for this year. So the overall impact from L90 on L60 is positive.

目前，即使是 L60 用戶，他們也必須等待新車的交付和取貨。事實上，8月份，我們甚至創下了今年L60訂單量的新高。因此 L90 對 L60 的整體影響是正面的。

And regarding the All-New ES8, as we've also mentioned, we have now made the 100-kilowatt hour battery a standard configuration on the 5 and the 6 series. So the attractive pricing of ES8 is helping boost the brand awareness of the new brand, which can also introduce more attention to the 5 and 6 series.

關於全新 ES8，我們也提到過，我們現在已經將 100 千瓦時電池作為 5 系列和 6 系列的標準配備。因此，ES8 極具吸引力的定價有助於提升新品牌的知名度，同時也能為 5 系列和 6 系列帶來更多關注。

So with this logical and clear pricing system setup for the brand, we believe that the overall impact will also be positive on the new brand. Maybe at the beginning, our fellow will struggle with how to allocate their focuses and time across different products. But for the long term, we believe that the impact of these two models and the new models will be positive across the brands and the products.

因此，我們相信，透過為品牌建立這種合理且清晰的定價體系，整體上也會對新品牌產生正面的影響。也許一開始我們的同事會糾結於如何在不同的產品之間分配精力和時間。但從長遠來看，我們相信這兩款車型以及新車型對品牌和產品的影響將是積極向上的。

And also, as we see strong demand for the All-New ES8 and the L90, we have also observed the successful product or great product -- great -- large three-row battery electric SUV models launched not only by NIO, but also by our competitors who used to have only (inaudible) products in the market.

此外，我們看到全新 ES8 和 L90 的需求強勁，我們還看到不僅蔚來汽車推出了成功的產品或偉大的產品——偉大的——大型三排電池電動 SUV 車型，而且我們的競爭對手也推出了這些車型，而他們以前在市場上只有（聽不清楚）產品。

So with all this large three-row SUVs coming into the market, we also observed a market trend. In the first half of this year, the growth rate of (inaudible) segment increased by 39% year-over-year and for [risk], that's only 14%.

因此，隨著所有這些大型三排 SUV 進入市場，我們也觀察到了一種市場趨勢。今年上半年，（聽不清楚）部分的成長率年增了 39%，而（風險）部分的成長率僅為 14%。

If we consider about the sales volume in July and August, for the [brand] and [risk] respectively, I believe that the growth rate of the brand will be even faster than that of risk. In that case, we are observing growing competitiveness of the products in the mid- and mid-large battery electric SUV segment as this is more well received and also evident to the public.

如果我們分別考慮7月份和8月份[品牌]和[風險]的銷量，我相信品牌的成長速度將比風險的成長速度更快。在這種情況下，我們觀察到中型和中大型電池電動 SUV 領域的產品競爭力日益增強，因為這更受歡迎並且也為大眾所熟知。

This is why we say that the golden era of the large serial battery electric SUV is arriving. As with more mature user mindset and also stronger competitiveness of the product, the market is shifting towards that direction. This will also help the long-term competitiveness and the popularity of our existing SUV models, including ES6 and L60

這就是為什麼我們說大型純電動SUV的黃金時代已經來臨。隨著使用者心態更加成熟，產品競爭力也更強，市場正朝這個方向轉變。這也將有助於我們現有 SUV 車型（包括 ES6 和 L60）的長期競爭力和受歡迎程度

Yes. Got it. The second question is a little bit more exploration on the OpEx side. You touched upon the innovation, redesign, and R&D commitment. So could you give us a little bit more quantification and breakdown in terms of the OpEx cuts target, if there is any or just break down the cost optimization initiatives in a little bit more detail?

是的。知道了。第二個問題是對營運支出的進一步探索。您談到了創新、重新設計和研發承諾。那麼，您能否就營運支出削減目標給我們提供更多的量化和細分資訊（如果有的話），或者更詳細地分解成本優化措施？

(interpreted) Thank you for the question. As we've introduced, towards the Q4 non-GAAP breakeven target, our overall principle is that for the R&D expenses, without compromising on the major R&D activities and also long-term competitiveness, we would like to control the quarterly R&D expenses to be within CNY2 billion for this year.

（翻譯）感謝您的提問。我們介紹過，對於第四季度非美國通用會計準則盈虧平衡的目標，我們的總體原則是，對於研發費用，在不影響主要研發活動和長期競爭力的前提下，我們希望今年將每季的研發費用控制在20億元人民幣以內。

And for SG&A ratio to the sales revenue, around 10% this year. That's our target for this year towards the quarterly breakeven.

今年SG&A費用佔銷售收入的比例約為10%。這是我們今年實現季度收支平衡的目標。

And for the long term, as we've also mentioned, for the year of 2026, our R&D expenses will be around CNY2 billion to CNY2.5 billion per quarter, depending on the product go-to-market and also development cadence. And as for the SG&A expenses, we would like to continue to achieve higher efficiency and utilization of expenses. That's the overall principle.

從長遠來看，正如我們所提到的，到 2026 年，我們的每季研發費用將在 20 億元至 25 億元人民幣左右，具體取決於產品的上市情況和開發節奏。至於銷售、一般及行政費用，我們希望繼續實現更高的效率和費用利用率。這就是總體原則。

Tina Hou, Goldman Sachs.

高盛的 Tina Hou。

Just a very quick one. So in the longer term, how should we think about the stabilized sales volume of L90 as well as ES8 on a like average monthly basis?

只是非常快而已。那麼從長遠來看，我們該如何看待L90和ES8的月均銷量穩定下來呢？

(interpreted) Thank you for the question. For the automotive industry -- thank you for the question. As the automotive industry here in China is highly competitive. And if you look at the sales trend of the smart electric vehicles, you seldom see any new model that can capture a very stable market share and a very major trend or popularity in the market for a very long time.

（翻譯）感謝您的提問。對於汽車產業—感謝您的提問。由於中國汽車產業競爭激烈。如果你觀察一下智慧電動車的銷售趨勢，你很少會看到任何新車型能夠在很長一段時間內佔據非常穩定的市場份額，並在市場上佔據非常大的趨勢或受歡迎程度。

In that case, it's also difficult for us to really share with you a clear outlook regarding what's the stabilized sales volume of the ES8 and L90 will be for the long term. But definitely, we set ourselves a higher target and we will also try the best.

在這種情況下，我們也很難真正與您分享 ES8 和 L90 的長期穩定銷售的明確前景。但毫無疑問，我們為自己設定了更高的目標，我們也會盡最大努力。

Starting this year, for the NIO and ONVO brand, we also started to build up the team capabilities by implementing a completely new sales and marketing paradigm. We hope that through this new sales and marketing paradigm, it can actually help us to maintain and capture the market share of our new models as long as possible to prolong their impact and the influence in the market and also to stabilize their reasonable and satisfying sales volume in the market against the fierce competition as long as possible.

從今年開始，針對蔚來和ONVO品牌，我們也開始透過實施全新的銷售和行銷模式來打造團隊能力。我們希望透過這種新的銷售和行銷模式，能夠真正幫助我們盡可能長時間地保持和佔領新車型的市場份額，延長新車型在市場上的衝擊力和影響力，並在激烈的競爭中盡可能長時間地穩定新車型在市場上合理、令人滿意的銷量。

But as we have just implemented this paradigm, and it will also take time for us to understand if it is truly helping us with the stabilization of these two great models, ES8 ad L90. But overall, we hope that this can achieve a good result that is satisfying to the market, investors, and also our users.

但由於我們剛剛實施了這個範例，我們還需要時間來了解它是否真正幫助我們穩定這兩個偉大的模型，ES8 和 L90。但整體來說，我們希望這能夠取得一個令市場、投資者、以及用戶都滿意的好結果。

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

由於現在沒有其他問題，我想將電話轉回給公司進行結束語。

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

再次感謝您今天加入我們。如果您還有其他問題，歡迎透過網站上的聯絡方式聯繫蔚來投資者關係團隊。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。