蔚來 (NIO) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Inc's third quarter 2025 earnings conference call. (Operator Instructions).

各位女士、先生們，大家好。感謝您耐心等待蔚來汽車2025年第三季財報電話會議。（操作說明）

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

現在我將把電話交給主持人，公司投資人關係及企業融資部負責人芮晨先生。請繼續，瑞。

Good morning and good evening, everyone. Welcome to NIO's third quarter 2025 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.

各位早安/晚安。歡迎參加蔚來汽車2025年第三季財報電話會議。公司財務和營運業績已於今日早些時候在新聞稿中公佈，並發佈在公司投資者關係網站上。今天參加電話會議的有公司創辦人、董事長兼執行長李偉倫先生和財務長曲國強先生。

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安全港條款所作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績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 statements, except as required under applicable law.

有關風險和不確定性的更多信息，請參閱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。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 may conclude 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，蔚來汽車的獲利新聞稿和本次電話會議可能會討論未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標。請參閱蔚來汽車的新聞稿，其中包含未經審計的非GAAP指標與可比較GAAP指標的調節表。

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

接下來，我將把電話交給我們的執行長李偉先生。威廉，請繼續。

(interpreted) Hello, everyone, and thank you for joining NIO's 2025 Q3 earnings call. In Q3 2025, the company delivered 87,071 smart EVs, representing a year over year growth of 40.8%. During the quarter, we launched two large battery electric SUVs, the ONVO L90 and the NIO all-new ES8. Both models have received strong recognition from users from their comprehensive competetiveness to see solid demand. In the meantime, FIREFLY continued to see steady market growth by covering a broader range of price segments and meeting more diverse needs. The NIO, ONVO and FIREFLY brand are able to drive significant growth in deliveries.

（翻譯）大家好，感謝各位參加蔚來汽車2025年第三季財報電話會議。2025 年第三季度，該公司交付了 87,071 輛智慧電動車，年增 40.8%。本季度，我們推出了兩款大型純電動SUV，分別是ONVO L90和NIO全新ES8。這兩款車型憑藉其全面的競爭力，獲得了用戶的廣泛認可，市場需求強勁。同時，FIREFLY 透過涵蓋更廣泛的價格區間並滿足更多樣化的需求，繼續保持穩定的市場成長。蔚來、ONVO 和螢火蟲品牌能夠推動交付量實現顯著成長。

In October, the company delivered 40,397 smart EVs, up 92.6% year over year, marking three consecutive months of record high delivery. For Q4, we expect total deliveries to be in the range of 120,000 to 125,000, a year over year increase of 60.1% to 72%, achieving a new quarterly high. On the financial front, thanks to the ongoing cost optimization. In Q3, the vehicle gross margin improved to 14.7%, and the gross margin of other sales was 7.8%, resulting in an overall gross margin of 13.9%, the highest in nearly three years. This reflects the company's strengthened product and service profitability.

10 月份，該公司交付了 40397 輛智慧電動車，年增 92.6%，連續三個月交車量創歷史新高。預計第四季總交付量將在 12 萬輛至 12.5 萬輛之間，年增 60.1% 至 72%，創季度新高。財務方面，得益於持續的成本優化。第三季度，汽車毛利率提高至 14.7%，其他銷售毛利率為 7.8%，整體毛利率為 13.9%，為近三年來最高。這反映了公司產品和服務獲利能力的增強。

Operational efficiency in R&D, sales and general and administration continued to improve. Non-GAAP operating loss was narrowed by 30% quarter over quarter. In Q3, the company's operating cash flow and free cash flow both turned positive.

研發、銷售和行政管理等部門的營運效率持續提高。非GAAP營業虧損季減30%。第三季度，公司經營現金流量和自由現金流均轉正。

NIO remains committed to a battery electric vehicle road map, featuring chargeable, swappable and upgradable batteries, leveraging the company's full stack R&D capabilities in 12 key pack areas. The three brands are able to precisely meet users' needs across multiple market segments and the competitiveness of our NIO products under all three brands have been well received.

蔚來汽車仍致力於發展電池電動車路線圖，該路線圖採用可充電、可更換和可升級的電池，並充分利用該公司在 12 個關鍵電池組的全端研發能力。這三個品牌能夠精準滿足多個細分市場用戶的需求，我們蔚來汽車旗下這三個品牌的產品都展現出了強大的競爭力，並獲得了用戶的好評。

The NIO brand recently introduced three color themes for the ET9 Horizon Edition. The Horizon edition is a special collection reserved for NIO most prominent flagship models. The distinctive design, advanced technology, executive excellence and exclusive services makes the ET9 Horizon edition a standout in the market.

蔚來汽車最近為ET9地平線版推出了三種配色。Horizo​​n版是蔚來專為其最傑出的旗艦機型打造的特別系列。ET9 Horizo​​n版憑藉其獨特的設計、先進的技術、卓越的執行力和專屬服務，在市場上脫穎而出。

The all-new ES8 an all-around tech flagship SUV was launched and started delivery at NIO Day in September. Leveraging the unrivaled space and driving experiences made possible by all electric technology. The all-new ES8 has remained a top seller in the premium large three row SUV segment, surpassing 10,000 deliveries within just 41 days, the fastest were above price above RMB400,000.

全新ES8是一款全能科技旗艦SUV，於9月蔚來汽車日正式發表並開始交付。充分利用全電動技術帶來的無與倫比的空間和駕駛體驗。全新ES8在高階大型三排座SUV市場依然暢銷，僅用41天就突破了1萬輛的交車量，其中售價超過40萬元人民幣的車款交付速度最快。

In November, the ES6, another all around SUV in NIO's lineup celebrated its 300,000 unit delivery milestone topping the south chart of China's fabs models priced over RMB300,000. Within the ONVO brand, the L90 delivered over 33,000 units in three months since its launch in late July, leading the large battery electric SUV segment for three consecutive months. The L60 also delivered strong performance, maintaining a top two position in the battery electric SUV segment with MSRP above RMB200,000 during the first three quarters. With exceptional products, experiences and word-of-mouth, the ONVO brand increasingly becomes the preferred choice for families.

11 月，蔚來汽車旗下另一款全能 SUV ES6 的交付量突破 30 萬輛大關，在中國售價超過 30 萬元人民幣的國產車型中位居南方銷量榜首。在 ONVO 品牌下，L90 自 7 月下旬上市以來，三個月內交付了超過 33,000 輛，連續三個月領先大型純電動 SUV 細分市場。L60 也表現出色，在前三個季度中，其在建議零售價超過 20 萬元的純電動 SUV 細分市場中保持了前兩名的位置。憑藉卓越的產品、體驗和口碑，ONVO 品牌正日益成為家庭的首選。

Since deliver began, FIREFLY has led the high-end small EV market in sales volume, establishing itself as a benchmark in the market. With creative launches of special edition, it continues to strengthen its appeal among users who value quality and individuality. This dynamic small car is already making its way into global markets and will expand into more countries and regions across Europe and Asia.

自交付以來，螢火蟲在高端小型電動車市場的銷量一直處於領先地位，確立了自身在市場上的標竿地位。透過創意性地推出特別版產品，它不斷增強對重視品質和個性的用戶的吸引力。這款充滿活力的小型車已經開始進入全球市場，並將擴展到歐洲和亞洲的更多國家和地區。

In Smart Driving, the NIO world model, NWM is the first word model that not only understand and predict the real world, but also operates with a close-loop training system. Actually, the industry trend is increasingly shifting towards a word model road map. Next, we will gradually roll out upgrades on NWM for vehicles equipped with NIO's NX-931 and NVIDIA's Wing X smart driving chip, further enhancing urban and highway NOP plus, parking and smart safety performance. The upgrades will also enable execution of OpenSat command.

在智慧駕駛領域，蔚來世界模型（NWM）是第一個不僅能夠理解和預測現實世界，而且還能與閉環訓練系統協同運作的世界模型。事實上，產業趨勢正日益轉向世界模型路線圖。接下來，我們將逐步推出針對搭載蔚來NX-931和英偉達Wing X智慧駕駛晶片的車輛的NWM升級，進一步提升城市和高速公路NOP Plus、停車和智慧安全性能。此次升級也將使 OpenSat 指令的執行成為可能。

For the ONVO's Smart Driving, the (inaudible) scheduled for release at year-end will upgrade its model-based end-to-end solution for urban and highway NOA as well as parking, delivering a more seamless driving experience.

ONVO 的智慧駕駛功能計劃於年底發布，該功能將升級其基於模型的端到端解決方案，用於城市和高速公路的 NOA 以及停車，從而提供更無縫的駕駛體驗。

Our sales and service network currently includes 172 NIO houses, 395 NIO spaces, 422 ONVO stores as well as 405 service centers and 70 delivery centers. Our global charging and swapping network now operates 3,641 power swap stations, providing users with more than 92 million swaps. Besides, NIO has built over 27,000 power chargers and destination chargers.

我們目前的銷售和服務網絡包括 172 家蔚來體驗店、395 個蔚來空間、422 家 ONVO 門市以及 405 個服務中心和 70 個配送中心。我們遍佈全球的充電和換電網路目前營運 3,641 個換電站，為用戶提供超過 9,200 萬次換電服務。此外，蔚來汽車已建成超過27,000個行動充電樁和目的地充電樁。

On September 17, NIO completed a total of USD1.16 billion in equity financing on both the US and Hong Kong Stock Exchanges, further strengthening its balance sheet and providing ample resources with long-term commitment to R&D and user services. On November 23, the 2025 new formula student electric China successfully concluded in (inaudible). NIO has been supporting this competition since 2015, helping culture that tens of thousands of young professionals for the industry. Today also marks the company's 11th anniversary.

9月17日，蔚來汽車在美國和香港證券交易所完成了總計11.6億美元的股權融資，進一步增強了其資產負債表，並為長期致力於研發和用戶服務提供了充足的資源。11月23日，2025年中國新型大學生電動方程式錦標賽圓滿落幕。（聽不清楚）蔚來汽車自 2015 年以來一直支持這項賽事，幫助培養了數萬名行業青年專業人才。今天也是公司成立11週年紀念日。

Over the past 11 years, we have remained committed to in-house R&D in core Smart EV technologies, continued investing in charging and swapping infrastructure, build a multi-brand sales and service system and created a vibrant community for over 900,000 users to share joy and grow together. These advantages have been increasingly recognized by our users. This year, our NIO products across three brands have performed strongly in their respective market segments, marking the beginning of a new phase of rapid growth. At the same time, through the cell business unit mechanism, we have comprehensively optimized our organization and enhanced operational efficiency, consistently improving our business results. Rooted deep and growing beyond.

過去 11 年來，我們始終致力於智慧電動車核心技術的自主研發，持續投資充電和換電基礎設施，建立多品牌銷售和服務體系，並為超過 90 萬用戶打造了一個充滿活力的社區，讓他們分享快樂，共同成長。這些優勢越來越受到用戶的認可。今年，我們旗下三大品牌的蔚來產品在各自的細分市場中表現強勁，標誌著快速成長新階段的開始。同時，透過單元業務單元機制，我們全面優化了組織結構，提高了營運效率，並不斷提升了業務成果。根深蒂固，不斷生長。

Looking ahead, we will continue to provide more competitive technology, products and services to deliver better user experience and greater user value. As the company evolves into a user enterprise leading in technology and experience, we aim to shape a sustainable and brighter future with more users. Thank you for your support.

展望未來，我們將繼續提供更具競爭力的技術、產品和服務，以帶來更好的用戶體驗和更大的用戶價值。隨著公司發展成為以技術和體驗為主導的用戶型企業，我們的目標是與更多用戶共同塑造一個可持續發展的、更好的未來。感謝您的支持。

With that, I will now turn the call over to Stanley for Q3's financial details. Over to you, Stanley.

接下來，我將把電話交給史丹利，讓他介紹第三季的財務細節。接下來就看你的了，史丹利。

Thank you, William. Let's now review our key financial results for the third quarter of 2025. Our total revenues reached RMB21.8 billion increased a 16.7% year over year and 14.7% quarter over quarter. Vehicle sales were RMB19.2 billion, up 15% year over year and 19% quarter over quarter. The year over year growth was mainly due to higher deliveries, partially offset by a lower average selling price from product mix changes.

謝謝你，威廉。現在讓我們回顧一下2025年第三季的主要財務表現。我們的總收入達到人民幣218億元，年增16.7%，季增14.7%。汽車銷售額達人民幣192億元，較去年成長15%，較上季成長19%。年比成長主要歸功於交付量的增加，但部分被產品組合變化導致的平均售價下降所抵消。

The quarter over quarter increase was mainly from higher deliveries. Other sales were RMB2.6 billion, up 31.2% year over year and down 9.8% quarter over quarter. The year over year growth was driven by increased sales of used cars, technical R&D services and sales of parts, accessories and after-sales vehicle services, while the quarter over quarter decrease was mainly due to the decrease in revenues from used cars, technical R&D services, partially offset by the increase in parts, accessories and aftersales vehicle services and provision of Power Solutions.

環比成長主要來自於交付量的增加。其他銷售額為人民幣26億元，較去年成長31.2%，較上季下降9.8%。年比成長主要得益於二手車銷售、技術研發服務以及零件、配件和售後車輛服務的銷售成長，而環比下降主要是由於二手車和技術研發服務收入下降，部分被零件、配件和售後車輛服務以及動力解決方案的成長所抵消。

Looking at margins. Vehicle margin was 14.7% compared with 13.1% in the Q3 last year, and 10.3% last quarter. The year over year and quarter over quarter increase were mainly due to the decreased material costs per unit primarily driven by our comprehensive cost reduction efforts. Overall gross margin was 13.9% versus 10.7% in Q3 last year at 10% last quarter. The year over year increase mainly reflected higher vehicle margin and better profitability in sales of parts, accessories and after sales vehicle services driven by cost reduction and efficiency improvements. The quarter over quarter increase was mainly attributable to higher vehicle margin.

看看利潤率。車輛利潤率為 14.7%，而去年第三季為 13.1%，上一季為 10.3%。年比和環比成長主要歸因於單位材料成本的下降，而這主要得益於我們全面的成本削減措施。整體毛利率為 13.9%，而去年第三季為 10.7%，上季為 10%。與去年同期相比，成長主要反映了車輛利潤率的提高以及零件、配件和售後服務銷售獲利能力的改善，而這又得益於成本降低和效率提高。環比成長主要歸功於車輛利潤率的提高。

Turning to OpEx. R&D expenses were RMB2.4 billion, decreased 28% year over year and 20.5% quarter over quarter. The decreases year-over-year and quarter over quarter were mainly driven by lower personnel costs in R&D functions due to organizational optimization and decreased design and development costs from different development stages.

轉向營運支出。研發費用為人民幣24億元，年減28%，季減20.5%。與去年同期和上一季相比的下降，主要是由於組織優化導致研發職能部門人員成本降低，以及不同開發階段的設計和開發成本下降所致。

SG&A expenses were RMB4.2 billion, up 1.8% year over year and 5.5% quarter over quarter. The year over year SG&A expenses stayed stable. The quarter over quarter increase was mainly driven by the increase in sales and marketing activities associated with new product launches. Loss from operations was RMB3.5 billion, down 32.8% year over year and 28.3% quarter over quarter. Excluding share-based compensation expenses and organizational optimization charges, adjusted loss from operations was RMB2.8 billion, representing a decrease of 39.5% year over year and 31.3% quarter over quarter.

銷售、管理及行政費用為人民幣42億元，較去年成長1.8%，較上季成長5.5%。與上年相比，銷售、管理及行政費用維持穩定。環比成長主要由新產品上市相關的銷售和行銷活動的增加所推動。營業虧損為人民幣35億元，年減32.8%，季減28.3%。剔除股權激勵費用及組織優化費用後，經調整後的營業虧損為人民幣28億元，較去年同期減少39.5%，較上季下降31.3%。

Net loss was RMB3.5 billion, showing a decrease of 31.2% year over year and a decrease of 30.3% quarter over quarter. Excluding share-based compensation expenses and organizational optimization charges, adjusted net loss was RMB2.7 billion, representing a decrease of 38% year over year and 33.7% quarter over quarter. Furthermore, we generated positive operating cash flow and positive free cash flow this quarter, together with the USD1.16 billion equity offering in September. We ended the quarter with RMB36.7 billion in total cash and cash equivalents, restricted cash, short-term investments and long-term time deposits, laying a solid foundation for our future growth.

淨虧損為人民幣35億元，年減31.2%，季減30.3%。剔除股權激勵費用及組織優化費用後，調整後淨虧損為人民幣27億元，較去年同期減少38%，較上季下降33.7%。此外，本季我們實現了正的經營現金流和正的自由現金流，加上9月11.6億美元的股權發行。本季末，我們持有現金及現金等價物、受限現金、短期投資及長期定期存款共計人民幣367億元，為未來的成長奠定了堅實的基礎。

That wraps up our prepared remarks for more information and the details of our unaudited third quarter 2025 financial results, please refer to our earnings press release.

以上就是我們準備好的發言內容。有關更多資訊和我們未經審計的 2025 年第三季財務業績的詳細信息，請參閱我們的盈利新聞稿。

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

現在我將把電話轉交給接線員，開始我們的問答環節。操作員？

(Operator Instructions)

（操作說明）

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

This is Tim from Morgan Stanley. So I have two questions. So the first question is about the breakeven target because we noticed that NIO's updated fourth quarter delivery guidance of 120,000 to 125,000 came in like around 20% lower than our previous target of 150,000. So just wondering that with the evolving volume shortfall, adversely affect the company's breakeven target for fourth quarter. And considering the sub-seasonal demand and positive uncertainty, when could the company achieve previous monthly run rate of 50,000? That's my first question.

我是摩根士丹利的提姆。我有兩個問題。所以第一季度是關於盈虧平衡目標的，因為我們注意到蔚來汽車更新後的第四季度交付量預期為 12 萬至 12.5 萬輛，比我們之前設定的 15 萬輛目標低了約 20%。所以我想知道，隨著銷售持續下滑，是否會對公司第四季的損益平衡目標產生不利影響。考慮到非季節性需求和積極的不確定性，該公司何時才能達到先前每月 50,000 的運行率？這是我的第一個問題。

(interpreted) Thank you for the question. Actually, for the company, we still have the confidence in achieving quarterly breaking even in Q4, and this is still our financial target towards the end of the year. But in the meantime, we did see the impact coming from the phaseout and determination of the trading and replacement subsidies in the mid of October. But this is actually the challenge faced by the entire industry. In that case, in Q4 for the entire industry, we may not see the year-end sales spike that we normally expect towards the end of the year.

（翻譯）謝謝你的提問。事實上，對於公司而言，我們仍然有信心在第四季度實現季度收支平衡，這仍然是我們年底的財務目標。但同時，我們確實看到了 10 月中旬逐步取消和確定交易和替代補貼所帶來的影響。但這其實是整個產業面臨的挑戰。在這種情況下，整個行業在第四季度可能不會出現我們通常在年底預期的銷售高峰。

As you are closely tracking the market and all the numbers, probably you have also foresee that potential change towards the end of the year. And in the meantime, as next year, the purchase tax exemptions on the NIO energy vehicles will be further reduced for the new products like the ES8 with order backlog that will continue towards the next year, car companies, including NIO provide the guarantee for the purchasing tax exemptions to users waiting up for their cars next year.

由於您密切關注市場和所有數據，您可能也預見了年底可能出現的變化。同時，由於明年蔚來汽車能源汽車的購置稅優惠將進一步減少，像ES8這樣的新產品訂單積壓情況將持續到明年，包括蔚來在內的汽車公司向等待明年提車的用戶保證購置稅優惠。

Yet, no car company is going to provide the guarantee for the trading and replacement subsidy. In that case, the overall market demand has been affected because of the cancellation of the trading subsidy, especially for our company, our ONVo L60 and L90 are majorly affected by this cancellation as they are of relatively low-priced segment and are more sensitive to such changes, yet we still have confidence in achieving Q4 breakeven target.

然而，沒有一家汽車公司會為置換補貼提供擔保。在這種情況下，由於貿易補貼的取消，整體市場需求受到了影響，特別是對於我們公司而言，我們的 ONVo L60 和 L90 受此取消影響最大，因為它們屬於價格相對較低的細分市場，對這種變化更為敏感，但我們仍然有信心實現第四季度的盈虧平衡目標。

This is mainly because we do see a strong demand for our high-margin products like the all-new ES8, we still have order backlog and also new order intake for that product. So overall speaking, the order intake on the ONVo has been affected because of the cancellation of the trading subsidy, yet the overall impact on the gross profit is limited. In that case, we do have the confidence for the financial targets.

這主要是因為我們看到市場對高利潤產品（如全新 ES8）的需求強勁，我們仍然有該產品的訂單積壓，並且還有新的訂單正在接收。總的來說，由於交易補貼的取消，ONVo 的訂單量受到了影響，但對毛利的整體影響有限。在這種情況下，我們對實現財務目標充滿信心。

In the meantime, in terms of the vehicle gross margin, in Q3, we have achieved a legal gross margin of 14.7% better than we expected. In the meantime, we are also working with our supply chain partners on the continuous cost reduction and also commercial negotiation efforts towards Q4. With that, we foresee the vehicle gross margin in Q4 to be around 18%. And for the ES8 in Q4, we also expect significant growth in sales and delivery volume with a very lucrative margin of over 20%. Then the overall gross profit for the entire company will be significantly improved from Q3.

同時，就車輛毛利率而言，第三季我們實現了 14.7% 的法定毛利率，比預期高出不少。同時，我們也與供應鏈合作夥伴共同努力，不斷降低成本，並朝著第四季進行商業談判。據此，我們預計第四季汽車毛利率將在 18% 左右。對於 ES8，我們預計第四季度銷量和交付量也將大幅增長，利潤率將非常可觀，超過 20%。那麼，公司整體毛利將比第三季大幅提高。

In the meantime, we also see good financial performance of our non-car sales business, and we also expect such momentum to continue into Q4. So we see both -- we see improvement both in the sales revenue contributed by the non-eco business as well as the gross margin improvement of that part. With that, the gross profit the vehicle gross profit or the non-vehicle gross profit will also see improvement from Q3 to Q4.

同時，我們的非汽車銷售業務也取得了良好的財務業績，我們預計這種勢頭將延續到第四季度。因此，我們看到兩方面都有所改善——非環保業務的銷售收入和毛利率都有所提高。因此，車輛毛利或非車輛毛利也將從第三季到第四季有所改善。

And in terms of the expense and also cost control, since this year, we've been -- we've been taking a series of actions in improving our operational efficiency and also our expenses utilization. And we already see some good results from the Q3 financials. And we will also continue such efforts in Q4 in improving the South -- SG&A expenses as well as the R&D expenses and their efficiency. Especially in Q4, we don't expect any major high-profile marketing or campaigns. In that case, we will be controlling our expenses in Q4 with our SG&A as well as the R&D.

至於費用和成本控制方面，從今年開始，我們一直在採取一系列措施來提高營運效率和費用利用率。我們已經從第三季的財務數據中看到了一些不錯的成果。第四季度，我們將繼續努力改善南方地區的銷售、管理及行政費用以及研發費用及其效率。尤其是在第四季度，我們預計不會有任何大型的高調行銷活動或宣傳活動。在這種情況下，我們將在第四季度透過控制銷售、管理及行政費用以及研發費用來控制支出。

So I'll sum up, our sales volume was affected by the phaseout of the trading and replacement subsidy, yet the gross profit is not majorly affected. In the meantime, we will continue our efforts in improving the efficiency and utilization of our investments and expenses. In that case, we expect also improved business results from Q4 and also have the confidence in achieving the quarterly breakeven target. Thank you, Tim.

綜上所述，雖然交易和置換補貼的逐步取消影響了我們的銷售量，但毛利並未受到太大影響。同時，我們將繼續努力提高投資和支出的效率和利用率。在這種情況下，我們預期第四季業務業績也將有所改善，並且有信心實現季度損益平衡目標。謝謝你，提姆。

My second question is about our volume targets together with the new model schedule because I think back to previous quarters, the management mentioned that we target like 50,000 market run rate in fourth quarter. So if we are not going to achieve that, when can we achieve 50,000 market sales? And considering all the macro uncertainties, would NIO need to consider moving up the launch schedule of the new models to first quarter or earlier to bolster the sales momentum into next year? That's my second question.

我的第二個問題是關於我們的銷售目標以及新車型上市計劃，因為回想之前的幾個季度，管理層提到我們第四季度的目標是市場運行率達到 5 萬輛。如果我們無法達成這個目標，那麼我們什麼時候才能達到 5 萬的市場銷售呢？考慮到宏觀經濟的不確定性，蔚來汽車是否需要考慮將新車型的發佈時間提前到第一季或更早，以提振明年的銷售動能？這是我的第二個問題。

(interpreted) Thank you for the question. As also previously mentioned in my remarks, the guidance we provide for Q4 is 120,000 to 125,000 units. In terms of the adjustment on the guidance, as also explained, it's mainly because of the impact on the phase out of the trading and replacement subsidy. With that, we will not be able to see the year-end sales spike driven by the seasonality towards the end of the year, especially this will affect the sales of our cars that have already experienced their new car high stage. But this is also the challenge faced by the entire industry.

（翻譯）謝謝你的提問。正如我之前在演講中提到的，我們對第四季的銷售預期是 12 萬至 12.5 萬台。至於指導意見的調整，正如之前解釋的那樣，主要是因為交易和置換補貼的逐步取消產生了影響。如此一來，我們將無法看到年底季節性因素帶來的銷售高峰，尤其是那些已經經歷過新車銷售高峰期的車型，其銷量將受到嚴重影響。但這也是整個產業面臨的挑戰。

Based on our current product lineup and also launch cadence, we do expect that sometime next year, in the first half of next year, we will achieve 50,000 monthly delivery. This is based on the consideration that we will be launching three large models next year and also based on the continuous improvement in our sales capacity and also our sales and marketing efficiency. So we do see opportunity of achieving more than 50,000 units per month, somewhere first half of next year. And in the meantime, we will also not just randomly change our new car launch cadence or plan simply because of a short-term or temporary policy changes will impact. We will still keep our original launch cadence that is to launch two new models in Q2 next year and one new model Q3 next year.

根據我們目前的產品陣容和發布節奏，我們預計明年上半年，我們將實現每月 5 萬件的交付量。這是基於我們明年將推出三款大型車型，以及我們銷售能力和銷售行銷效率不斷提高的考量。因此，我們看到了在明年上半年每月 5 萬台以上銷售量的機會。同時，我們也不會因為短期或臨時政策變化會產生影響，就隨意改變新車發布節奏或計畫。我們將繼續保持原有的發布節奏，即明年第二季推出兩款新車型，明年第三季推出一款新車型。

Looking forward to the first breakeven quarter and more to come.

期待第一個盈虧平衡季度，並期待未來能有更多佳績。

Paul Gong, UBS.

Paul Gong，瑞銀集團。

My first question is regarding the 2026 outlook, given there would be 5% of the purchase tax being levied on the EVs, how should we think about the company's preparation for such policy change? Should we compensate for the customers for these amounts and adjust it along the supply chain and internal cost control? Or do you expect the consumers take majority of the (inaudible). This is my first question.

我的第一個問題是關於 2026 年的展望，考慮到屆時電動車將徵收 5% 的購置稅，我們應該如何看待公司為應對這種政策變化所做的準備？我們是否應該對客戶進行補償，並根據供應鏈和內部成本控制進行調整？或者您認為消費者將佔據大部分市場份額？（聽不清楚）這是我的第一個問題。

(interpreted) Thank you for the question. As next year, the purchasing tax on the new energy vehicles will be halved. Actually, the impact on us is less major in comparison to other new energy vehicle models and also companies as 80%, 90% of our users choose to buy the car while subscribing to the battery. In that case, the price of the battery is excluded from the tax base. In that case, our tax exemption is still more advantages than other companies and also non-swappable models.

（翻譯）謝謝你的提問。明年起，新能源車的購置稅將減半。事實上，與其他新能源汽車車型和公司相比，對我們的影響較小，因為我們80%、90%的用戶選擇在購買汽車的同時訂閱電池。在這種情況下，電池的價格不計入稅基。在這種情況下，我們的免稅政策仍然比其他公司更有優勢，而且是不可互換的模式。

And in the meantime, for the popular products like the all-new ES8 with a very long waiting time for the deliveries and pick up, we are also the first acquired company to announce the purchasing tax guarantee for our users who have to pick up their cars next year. We have made this purchasing tax guarantee already at the launch of the year.

同時，對於像全新 ES8 這樣交付和提車等待時間很長的熱門產品，我們也是第一家宣佈為明年提車的用戶提供購車稅保障的收購公司。我們在年初就已經做出了這項採購稅保證。

For other products and models as their waiting time is not as long as ES8, so far, we don't have the guarantee policy for other models. As for the specific measures that we are going to take to -- in the face of the purchasing tax changes next year, while it highly depends on the dynamics of the market, the landscape of the competition and also the practices of other peers. So we will keep flexibility in our measures and also policies but currently, we don't have a very specific plan.

由於其他產品和型號的等待時間不像 ES8 那麼長，因此目前我們還沒有針對其他型號的保固政策。至於我們將採取的具體措施——面對明年採購稅的變化，這很大程度上取決於市場動態、競爭格局以及其他同行的做法。因此，我們將在措施和政策上保持靈活性，但目前我們還沒有非常具體的計劃。

And in the meantime, we also see that the entire industry, including the public and users are gradually digesting the phaseout of the purchase impact policies on the new energy vehicles, especially right now, if we look at the smart EV industry in China, it is now less policy-driven as the actual user experience and also the cost advantage of battery electric vehicles are more evident and also becoming more attractive to the users. In the first 10 months of this year, the sales volume growth of the bat actually increased significantly. This also gave us the confidence in continuing such momentum. So there will be impact from the purchasing tax phase out, but will be very limited.

同時，我們也看到，包括公眾和用戶在內的整個行業正在逐步消化新能源汽車購置影響政策的逐步取消，尤其是在目前中國智能電動汽車行業，政策驅動的程度有所降低，因為實際用戶體驗以及電池電動汽車的成本優勢更加明顯，也對用戶更具吸引力。今年前 10 個月，球棒的銷售成長實際上顯著提高。這也讓我們更有信心維持這種發展動能。因此，購置稅逐步取消會產生影響，但影響將非常有限。

My second question is regarding the expense control. And we have already seen quite some cost reduction, especially from the R&D in Q3. And per your guidance, Q4 should see further efficiency improvement. Heading into 2026, should we expect a lower cost structure on the expense side to stay at constant and new normal, i.e., should we expect like low RMB2 billion for the R&D per quarter and around RMB4 billion or even lower than RMB4 billion on the SG&A per quarter?

我的第二個問題是關於費用控制的。我們已經看到成本大幅降低，尤其是在第三季的研發方面。根據您的指導，第四季效率應該會進一步提高。展望 2026 年，我們是否應該預期支出方面的成本結構會降低，並維持現狀和新的常態，例如，研發支出每季約為 20 億元人民幣，銷售、管理及行政費用每季約為 40 億元甚至低於 40 億元？

(interpreted) Thank you for the question. As mentioned, in Q3, our R&D expenses is around RMB2 billion in the non-GAAP basis. And also for Q4 and the next year, we expect our quarterly R&D expenses to be flat, also around RMB2 billion per quarter. And so far, we don't have any plan to dial back on the R&D expenses. But in the meantime, we will focus more on improving the efficiency of our R&D activities, especially leveraging our sales business unit mechanism. We will make full use of the output of this RMB2 billion investment every quarter.

（翻譯）謝謝你的提問。如前所述，第三季度，我們的研發費用（以非GAAP準則計算）約為人民幣20億元。此外，我們預期第四季及明年季度研發費用將維持不變，約為每季人民幣20億元。到目前為止，我們還沒有任何削減研發開支的計畫。但同時，我們將更加重視提高研發活動的效率，特別是利用我們的銷售業務部門機制。我們將充分利用這筆20億元投資的產出，每季都是如此。

Inside the company for the project initiation and approval, we have established the ROI evaluation mechanism. We also have the closed loop with the project review and also improvement. By continuing such efforts, we believe that at RMB2 billion per quarter in R&D, we will be maintaining our existing product development as well as the key technology development without compromising on the competitiveness of the entire company.

公司內部針對專案啟動與審批，建立了投資報酬率評估機制。我們也建立了專案評審和改進的閉環機制。我們相信，透過持續這樣的努力，每季投入20億元人民幣的研發經費，我們將能夠在不損害公司整體競爭力的前提下，維持現有產品開發和關鍵技術開發。

And in terms of the SG&A expenses and it's percentage to the sales revenue, as in Q4, based on the sales volume guidance, we have lowered our volume from 50,000 units per month to -- we have lowered from that base. In that case, originally, our target is to achieve 10% ratio between SG&A and the sales revenue, and now it's around 12%.

至於銷售、一般及行政費用及其占銷售收入的百分比，根據第四季度的銷售量指導，我們已將銷量從每月 50,000 台下調至——我們已從該基準下調。在這種情況下，最初我們的目標是使銷售、一般及行政費用與銷售收入之比達到 10%，而現在這個比例約為 12%。

And in Q4, we will also be keeping that level. But this is against the overall background of achieving the quarterly breaking even in Q4. And in terms of the absolute amount, that's around RMB4 billion per quarter, as you mentioned. And the next year, we will focus on improving our efficiency in sales and also overall activities. Overall, we believe that 10% between SG&A to the total sales revenue should be a reasonable target for us to achieve.

第四季度，我們也將維持這一水準。但這是建立在第四季度實現季度收支平衡的整體背景之上的。如您所說，就絕對金額而言，約為每季人民幣 40 億元。明年，我們將專注於提高銷售效率和整體營運效率。總的來說，我們認為銷售、一般及行政費用佔總銷售收入的 10% 應該是合理的目標。

Looking forward for more efficient operations going forward.

期待未來營運效率能夠更高。

Nick Lai, JPMorgan.

Nick Lai，摩根大通。

This is Nick from JPMorgan. My first question is really on the possibility into 2026 based on William's comment earlier, second quarter and next year, we have three new models and monthly does likely hitting 50,000 units. And Stanley also mentioned that the expense ratio will essentially be contained. So with all this comment, is it fair to say that second quarter 2025 breakeven then next year for the full year for the next year -- profitability should also be very strong. That's my first question. How should we think about probability in 2026?

我是摩根大通的尼克。我的第一個問題實際上是關於 2026 年的可能性，根據 William 先前的評論，第二季和明年，我們有三款新車型，每月銷售量可能會達到 5 萬輛。史丹利也提到，費用率將基本上受到控制。綜上所述，是否可以說 2025 年第二季達到損益平衡，然後明年全年獲利能力也應該非常強勁？這是我的第一個問題。我們該如何看待2026年的機率問題？

(interpreted) Thank you for the question. Actually, for the full year, our business target is to achieve profit for the full year 2026 on a non-GAAP basis. And we do see confidence in achieving this profitability target for next year, non-GAAP. As we basically look at this from both market trend perspective as well as the relative competitiveness of our products and services. Here are some insights into the market and the trends over the past one year or so. We will be really looking at the penetration rate of the battery electric vehicle in the premium segment and also more specifically in the large payroll SUV market.

（翻譯）謝謝你的提問。實際上，我們全年的業務目標是在 2026 年全年實現非 GAAP 準則下的利潤。我們有信心實現明年的非GAAP獲利目標。我們主要從市場趨勢以及我們產品和服務的相對競爭力兩個角度來看待這個問題。以下是對過去一年左右的市場和趨勢的一些見解。我們將重點放在電池電動車在高端市場的滲透率，尤其是大型SUV市場的滲透率。

In Q3, the sales volume of the tax increased by 26% quarter over quarter while for REEV and BEEHIVE, the sales volume only increased by 12% and 7%, well actually decreased by 12% and 7% quarter over quarter. And if we look at the entire new energy vehicle market, penetration rate has reached 55% in Q3. And this is majorly powered by the growth in the battery electric vehicle. And in the first or third quarter, the sales volume of BAV has increased by 33%, while for REEV it's only 3%. And more specifically, in October, the BEV sales volume increased by 13%, while for the REEV, it decreased by 13%.

第三季度，該稅項的銷售額環比增長了 26%，而 REEV 和 BEEHIVE 的銷售額分別僅增長了 12% 和 7%，實際上環比下降了 12% 和 7%。如果我們縱觀整個新能源汽車市場，第三季滲透率已達到 55%。而這主要得益於電池電動車的成長。在第一季或第三季度，BAV 的銷售量成長了 33%，而 REEV 的銷售量僅成長了 3%。更具體地說，10 月純電動車銷量成長了 13%，而混合動力電動車銷量下降了 13%。

So this is also showing how well received and adopted the BEV model is. And more specifically on the premium segment, priced above RMB300,000, this is where our new brand and our products are in. For the BEV, it's still a -- it used to be at a relatively low penetration rate, but we do see a trend of improving that penetration. This also gives a huge opportunity. We're enlarging our penetration and market share in that segment.

這也顯示了純電動車模式的受歡迎程度和普及程度。更具體地說，在售價超過 30 萬元的高端市場，這就是我們的新品牌和產品所處的領域。對於純電動車而言，它仍然——過去滲透率相對較低，但我們確實看到滲透率正在提高的趨勢。這也帶來了巨大的機會。我們正在擴大在該細分市場的滲透率和市場份額。

For this year, especially we see the trend where the premium battery electric vehicle products are more and more received by the users. We have already seen the awareness and also the upside with such products. And also this has powered the increase in the penetration rate of this product. For full year last year, the penetration rate of the battery electric vehicle in the premium segment was only 12%. But in Q3 this year, it's already 18%. And in the first three quarters, the penetration rate of BEV has increased by 33%, yet for the range extended vehicles, it actually decreased by 10%.

今年尤其可見，高端純電動車產品越來越受到用戶的青睞。我們已經看到了這類產品的知名度以及它帶來的好處。這也推動了該產品滲透率的成長。去年全年，高端市場純電動車的滲透率僅為 12%。但今年第三季度，這一比例已達 18%。前三個季度，純電動車的滲透率成長了 33%，但增程型汽車的滲透率實際上下降了 10%。

And more specifically, for the large payroll SUV segment, the sales volume of BEV took the first place for the first time in September and it continued such momentum in October. In October, we see the total volume of BEV registration was around 39,000 units. Well for REEV, that was only 24,000 units. Regarding the sales volume and outlook for next year, as for the NIO L90 and also the NIO all-new ES8 next year, we will still continue the BEV around these two products relatively new to the market, plus we are going to introduce another three new large models. So we will be having five new large models available to the market next year from the NIO and ONVo brand.

更具體地說，在大型SUV細分市場中，純電動車的銷量在9月首次位居榜首，並在10月繼續保持了這種勢頭。10 月份，我們看到純電動車註冊總量約為 39,000 輛。對於 REEV 來說，那隻有 24,000 台。關於明年的銷售和展望，對於蔚來L90以及明年即將上市的蔚來全新ES8，我們將繼續圍繞這兩款相對較新的純電動車產品進行佈局，此外，我們還將推出另外三款新的大型車型。因此，明年我們將有五款來自蔚來和安沃品牌的新型大型車型上市。

And if we look at the mid to large and also the large SUV segments where our new models will be targeting, in Q3, the sales volume of BEV model increased by 146%, well for REEV, it's only 19%. But as mentioned, the overall penetration rate of BEV among the premium large vehicle models, it's still relatively low, which means that we do have huge opportunities and potential in this segment.

如果我們看看我們新車型將瞄準的中大型 SUV 和大型 SUV 細分市場，在第三季度，純電動車的銷量增長了 146%，而混合動力電動車的銷量僅增長了 19%。但正如前面所提到的，電動車在高端大型車型中的整體滲透率仍然相對較低，這意味著我們在這個細分市場中擁有巨大的機會和潛力。

So overall speaking, our product launch cadence is in line with the market shift and also the trend, especially considering our large models are also competitive in both products as well as the charging and swapping experience. And also for these five large models, they will also contribute to the major sales volume among all of our products. As they are a high-margin product, they will also contribute more significantly to the vehicle gross margin. With that, next year, we expect the vehicle gross margin to be around 20%. That is the further improvement on top of our existing gross margin for Q3 and also outlook for Q4. But also, this result will be dependent also on the continuous cost optimization efforts together with our supply chain partners.

總的來說，我們的產品發布節奏與市場變化和趨勢相符，尤其考慮到我們的大型號產品在產品本身以及充電和更換體驗方面也具有競爭力。此外，這五款大型機型也將為我們所有產品的銷售做出重大貢獻。由於它們是高利潤產品，因此它們對車輛毛利率的貢獻也會更大。因此，我們預計明年汽車毛利率將在 20% 左右。這是對我們第三季現有毛利率的進一步提升，也是對第四季的展望。但同時，這項結果也將取決於我們與供應鏈合作夥伴共同努力，不斷優化成本。

And in terms of the expenses, as we have rolled out this cell business unit mechanism, we have tightened our control over expenses. We already see some good results, and we will continue such efforts next year in controlling the R&D and also SG&A expenses. And also for our large vehicle models, based on its strong market performance and demand, it already proved that with the right product designation and also with our unique advantages in battery swap, we do can capture a decent market share in that segment. And in the meantime, we also see a positive trend and also huge potential for the battery electric vehicles to take up a higher market share and also penetration among large models and also premium models.

至於費用方面，隨著我們推出這種單元業務單位機制，我們加強了對費用的控制。我們已經看到了一些好的結果，明年我們將繼續努力控制研發和銷售、管理及行政費用。此外，對於我們的大型車型，基於其強勁的市場表現和需求，已經證明，憑藉正確的產品定位以及我們在電池更換方面的獨特優勢，我們確實可以在該細分市場中獲得可觀的市場份額。同時，我們也看到電池電動車呈現出積極的趨勢，並擁有巨大的潛力，預計將佔據更高的市場份額，並在大型車型和高端車型中實現更高的滲透率。

And also, thirdly, we have confidence in achieving the product gross margin of 20% plus our continuous efforts on the cost and expenses control. With all that combined, we think that achieving full year profitable -- achieving full year profitability on a non-GAAP basis where the year of 2026 is a reasonable target for the team.

第三，我們有信心實現 20% 的產品毛利率，這得益於我們在成本和費用控制方面持續不斷的努力。綜合所有因素，我們認為實現全年盈利－即在非GAAP準則下實現全年盈利，2026年是團隊的合理目標。

Yes, very clear and exciting outcome for next year. My second question is more about the choice between in-house cheap against media. Can you remind us what is our long-term strategy between insourcing and outsourcing? And what is the important pros and cons between these two strategies?

是的，明年將會有非常清晰且令人振奮的結果。我的第二個問題更多的是關於內部低成本方案和媒體方案之間的選擇。您能否提醒我們一下，我們在內部資源配置和外包之間的長期策略是什麼？這兩種策略的主要優缺點是什麼？

(interpreted) Thank you for the question. Our NX9031 is the first smart driving chip made also 5-nanometer process and its tape out mass production application on the car and also full-set operations were all earlier than the competitiveness of the similar performance in the industry. And we also see how this in-house developed chip is contributing to both performance improvement as well as the cost structure optimization. So for the long term, we will continue our investments and also efforts in the trip-related technologies.

（翻譯）謝謝你的提問。我們的 NX9031 是首款採用 5 奈米製程製造的智慧駕駛晶片，其流片量產應用到汽車以及整套運作都比業界同等性能的競爭產品更早。我們還可以看到，這款自主研發的晶片在性能提升和成本結構優化方面都做出了貢獻。因此，從長遠來看，我們將繼續投資並努力研發與旅行相關的技術。

And in the meantime, maybe you have also noticed that recently, we have announced a partnership where we are going to share our trip solution and the technologies to more industry players, both from the automotive industry as well as from the nonautomotive industry as we do see a good potential of applying this high computing power within chip on different types of devices, for example, on robots. So we will work with our tax customers together to explore more use cases and also application scenarios of our chip.

同時，您可能也注意到，我們最近宣布了一項合作計劃，我們將與更多行業參與者分享我們的行程解決方案和技術，包括汽車行業和非汽車行業的參與者，因為我們看到了將這種晶片內的高計算能力應用於不同類型的設備（例如機器人）的良好潛力。因此，我們將與稅務客戶共同探索更多我們晶片的使用案例和應用場景。

Bin Wang, Deutsche Bank.

王斌，德意志銀行。

My first question is about the margin in the third quarter. It clearly is a big margin dropped by 4.4% by just explain because of cost reduction. It seems not just enough. Is that because of the mix because LRIT has been volume contribution more than 20,000 units. Can you break down about the margin driver? How much came from the margin from the overall LID, how much from the cost reduction -- really construction was the key item you actually going to cost the job in the three quarter?

我的第一個問題是關於第三季的利潤率。很明顯，利潤率下降了 4.4%，這僅僅是因為成本降低。這似乎還不夠。這是因為產品組合的原因嗎？因為 LRIT 的銷售貢獻超過 20,000 台。能詳細分析一下利潤率的驅動因素嗎？有多少來自整體 LID 的利潤，有多少來自成本降低——實際上，施工才是你在第三季真正要計算成本的關鍵項目？

(interpreted) Thank you for the question. As you've mentioned, our vehicle gross margin result in Q3 and the improvement from the previous quarter is majorly driven by two factors: The first is the cost reduction contributed by the supply chain, driven by the increase in our sales volume. And the second factor is the south and the delivery of the L90, which is a high-margin product that we have started to deliver from Q3 in comparison to Q2, we have delivered more than 20,000 L90 contributing better margin performance than the L60 in the previous quarters. These are two major drivers of the gross margin improvement in Q3. As for the specific breakdowns, I will also share more information offline with you.

（翻譯）謝謝你的提問。正如您所提到的，我們第三季的汽車毛利率以及與上一季相比的改善主要受兩個因素驅動：首先是供應鏈成本的降低，而供應鏈成本的降低又是由我們銷售的成長所驅動的。第二個因素是南方市場以及 L90 的交付。 L90 是一款高利潤產品，我們從第三季開始交付，與第二季相比，我們已經交付了超過 20,000 輛 L90，其利潤率表現優於前幾季的 L60。這是第三季毛利率改善的兩大主要驅動因素。至於具體細節，我之後會私下跟你分享更多。

But here, I can share with you some of the legal margin performance model by model. For the NIO ES8, as mentioned by William, is the vehicle margin is 20%. Of course, we didn't start the delivery of ES8 onto late Q3, so its actual contribution in the volume side is relatively small. And for the ET5, ET5T the vehicle gross margin is between 15% to 20%. And for ES6 and EC6, the vehicle gross margin is over 20% and even reaching 25% as these are already products being in the market for a while, we have already were of the new car bus of these models. And for the L90s vehicle margin is around 15% to 20%. So while speaking for the new models plus the ONVO L90 do have a pretty good vehicle margin performance.

但在這裡，我可以逐一模型地與大家分享一些合法利潤率表現模型。正如 William 所提到的，NIO ES8 的車輛利潤率為 20%。當然，我們直到第三季末才開始交付 ES8，因此它在銷售方面的實際貢獻相對較小。而對於 ET5、ET5T 來說，整車毛利率在 15% 到 20% 之間。對於 ES6 和 EC6 而言，車輛毛利率超過 20%，甚至達到 25%，因為這些產品已經在市場上銷售了一段時間，我們已經了解了這些車型的新型汽車巴士。L90車型的利潤率約為15%至20%。所以，就新車型而言，ONVO L90 的確具有相當不錯的車輛裕度性能。

My second question about your related to the joint venture with Accela, this may be major shareholder with 36.4% stake in the company. So my question is, number one, why are you choosing partners, Accela from Chongqing. Why it's not somebody else?

我的第二個問題與您和 Accela 的合資企業有關，Accela 可能是主要股東，持有該公司 36.4% 的股份。所以我的問題是，第一，你們為什麼選擇重慶的Accela作為合作夥伴？為什麼不是別人？

Secondly, what's the first model about this joint venture? Is it just a sales company. And actually, you really made a joint venture to make a chip balances. Meanwhile, do you actually get any license fee in already from this joint venture because this seems to be we sell your chips?

其次，關於這個合資企業，第一種模式是什麼？它只是一家銷售公司嗎？實際上，你們確實成立了一家合資企業來生產晶片平衡器。同時，你們是否已經從這個合資企業獲得任何許可費？因為這看起來像是我們出售你們的晶片。

(interpreted) Well, thank you for the question. Yes, Sun Media has covered the establishment of this chip joint venture. And also, we are leveraging our partners of this joint venture to sell our chip and also our IC design capabilities to other clients and also potential users. But this is not an exclusive partnership. We still have the possibility and also the opportunities to sell our chip solution and product to other partners and companies from our side. So that's one part of the way to sell that solution. We can also leverage our partner's resources to provide our chip solution to other car companies or other clients and they will be acting as a Tier 1, providing such a solution.

（翻譯）謝謝你的提問。是的，太陽媒體報導了這家晶片合資企業的成立。此外，我們還利用合資夥伴的力量，向其他客戶和潛在用戶銷售我們的晶片和積體電路設計能力。但這並非獨家合作關係。我們仍然有可能也有機會將我們的晶片解決方案和產品出售給其他合作夥伴和公司。這是推銷該解決方案的方法之一。我們還可以利用合作夥伴的資源，向其他汽車公司或其他客戶提供我們的晶片解決方案，他們將作為一級供應商提供此類解決方案。

In the meantime, as mentioned, we also see opportunities of applying such chip in the non-car -- nonautomotive industry. So that is also a pretty common practice for the car companies to share their technologies across different industries. And for our partners, they do have mature experience and also skills in the industry -- in the chip design industry. They also have their own client and also network connections. And also they have some chip products that can be complemented to our chip across different scenarios. So while speaking, we believe that this is a win-win partnership.

同時，如同前面所提到的，我們也看到了這種晶片在非汽車產業（非汽車產業）的應用機會。因此，汽車公司在不同產業之間共享技術也是相當普遍的做法。對於我們的合作夥伴而言，他們在晶片設計行業擁有豐富的經驗和技能。他們也有自己的客戶和網路連線。此外，他們還有一些晶片產品，可以在不同的應用場景中與我們的晶片互補。因此，我們認為，在溝通中，這將是一個雙贏的合作關係。

Jeff, Citi.

傑夫，花旗銀行。

This is Jeff from Citi. My first question is on the 4Q ASP. So it looked like the RMB34 billion revenue guidance should match with vehicle ASP up 12% Q-on-Q at RMB246,000. So if the GP margin reached 18%, that's around RMB6 billion gross profit, right? So this is my first question.

我是花旗銀行的傑夫。我的第一個問題是關於第四季的平均售價（ASP）。因此，340億元人民幣的營收預期應該與汽車平均售價季增12%至24.6萬元人民幣相符。如果毛利率達到 18%，那麼毛利大約是 60 億元人民幣，對嗎？這是我的第一個問題。

And my second question is the first quarter because we recognize the 4Q guidance, such as revenue up 56% Q-on-Q, right? And the GP margin reached 18%. But having said that, entering into first quarter next year, our volume is not going to drop back to the third quarter level, right? And secondly, look like our high-margin products like Q-on-Q volume into the first quarter is going to be stable. So therefore, the product mix should further improve into 1Q on a Q-on-Q basis. So my second question is would the first quarter vehicle margin also stayed closer to the 18% level because the higher-margin products contribute more to the mix?

我的第二個問題是關於第一季的，因為我們注意到第四季的業績指引，例如營收季增 56%，對吧？毛利率達到 18%。但話雖如此，進入明年第一季度，我們的銷量不會回落到第三季度的水平，對吧？其次，看起來我們高利潤產品（如第一季的銷售）將保持穩定。因此，產品組合在第一季應該會比上一季進一步改善。所以我的第二個問題是，由於高利潤率產品在產品組合中的佔比更大，第一季汽車利潤率是否也會維持在 18% 左右？

(interpreted) Thank you for the question. Regarding the average selling price, it will increase in Q4. This is mainly driven by the sale of the high-margin products of ES8. As for the full year, our volume guidance for ES8 is around 40,000 units, and most of these sales will be happening in Q4. So it is also contributing to the improvement of the average selling price from Q3 to Q4.

（翻譯）謝謝你的提問。至於平均售價，第四季將會上漲。這主要是由ES8高利潤產品的銷售所驅動的。至於全年，我們對 ES8 的銷售預期約為 40,000 台，其中大部分銷售將在第四季度實現。因此，這也促成了第三季到第四季平均售價的提升。

And regarding your second question on the gross margin outlook for Q1 next year. Well normally, Q1 is the low season of the automotive industry. So overall speaking, the source volume in Q1 will be -- won't be as good or as high as we normally expect for Q3 and Q4 in the previous years. As also mentioned, in Q4 this year, we may not see the common sales spikes fueled by the seasonality. In that case, even if we are going to encounter the low season Q1 next year, the actual impact was reduced or decreased from Q4 this year to Q1 next year won't be that significant in comparison to the previous years.

關於您提出的第二個問題，即明年第一季的毛利率前景。通常來說，第一季是汽車產業的淡季。總的來說，第一季的貨源量不會像往年第三季和第四季那麼好或高。如前所述，今年第四季度，我們可能不會看到由季節性因素推動的常見銷售高峰。在這種情況下，即使我們明年第一季會遇到淡季，與往年相比，今年第四季到明年第一季的實際影響減少或下降幅度也不會太大。

Now to mention that we also have the ES8 order backlog that were lost on to next year. This will also help to offset the seasonality impact in Q1 next year. So overall speaking, our operations and also volume forecast for Q1 next year will not be as good as in Q4 this year, but will also not be as low as in Q1 this year. So overall speaking, the vehicle gross margin falls into the same trend. It will be lower than the margin outlook we have for Q4 this year, but will be better than Q1 last year.

另外要說明的是，我們還有 ES8 的訂單積壓，這些訂單被延後到了明年。這也有助於抵消明年第一季的季節性影響。總的來說，我們對明年第一季的營運和銷售預測不會像今年第四季那麼好，但也不會像今年第一季那麼低。整體而言，汽車毛利率也呈現同樣的趨勢。雖然會低於我們對今年第四季的利潤率預期，但會比去年第一季好。

Ming-Hsun Lee, Bank of America.

李明勳，美國銀行。

My first question is regarding your overseas plan because I think in the past few years, you have built several sales channel in Europe. And could you give us more of your strategy for overseas expansion for next few years. That's my first question.

我的第一個問題是關於你們的海外計劃，因為我認為在過去的幾年裡，你們已經在歐洲建立了幾個銷售管道。能否請您詳細介紹一下未來幾年的海外擴張策略？這是我的第一個問題。

(interpreted) Thank you for the question. We entered into Europe in 2021 and from '21 to '24 in the past several years, we've been doing direct to customers or direct to users, the direct selling model for the European market. Yet in the meantime, with all the external factors, such as the tariffs in EU, we also started to realize that for a broader market entrance, we do need to rely on and leverage more on the partner support and resources. That's why starting this year, we have started to look for local partners for our market entry. Right now, we already have identified high-quality partners in more than 10 countries and regions.

（翻譯）謝謝你的提問。我們於 2021 年進入歐洲市場，在過去幾年的 2021 年至 2024 年期間，我們一直採用直接面向客戶或直接面向用戶的銷售模式，即歐洲市場的直銷模式。然而同時，由於歐盟關稅等外部因素的影響，我們也開始意識到，為了更廣泛地進入市場，我們需要更多地依靠和利用合作夥伴的支持和資源。因此，從今年開始，我們開始尋找當地合作夥伴，以進入市場。目前，我們已經在超過 10 個國家和地區找到了高品質的合作夥伴。

And the FIREFLY will be the first brand where we introduced to the overseas markets, leveraging our partners' resources and the network. The product will become available not only in Europe, Asia, but also in Middle East and also South America. So overall speaking, for the global market expansion, we are switching our business model from the direct selling business model to a more partnership base and also local partners supported business model.

而 FIREFLY 將成為我們第一個引入海外市場的品牌，我們將利用合作夥伴的資源和網絡來實現這一目標。該產品不僅將在歐洲、亞洲上市，還將在中東和南美洲上市。總的來說，為了拓展全球市場，我們正在將業務模式從直銷模式轉變為以合作夥伴為基礎，並由當地合作夥伴支持的業務模式。

And also for the FIREFLY and its products, it's actually a very good product suitable for broader markets and also its European version and the right-hand drive version already developed, ready for the global market entry. So we do have confidence in the global expansion of the FIREFLY product. And in the meantime, we are also developing the other products for the global market. It is also a brand with a reasonable price range and product lineup for the global market expansion.

此外，FIREFLY 及其產品實際上是一款非常優秀的產品，適合更廣泛的市場，其歐洲版本和右舵版本也已經開發完成，準備進入全球市場。因此，我們對 FIREFLY 產品的全球擴張充滿信心。同時，我們也在為全球市場開發其他產品。它也是一個價格合理、產品線豐富的品牌，適合全球市場擴張。

As for the NIO brand, it targets the premium segment, it does take patience and time to establish brand awareness on the new product. In that case, we are also more patient and also more long term for the global market expansion of the NIO brand. So overall speaking, in China, we started with the NIO brand, the premium one and then we have the ONVO brand and the FIREFLY. But for the global market expansion, we will take the opposite way where we will start with FIREFLY, and then when ONVO has the product ready for the global markets, we will then push out ONVO and then NIO.

至於蔚來品牌，它瞄準的是高端市場，因此需要耐心和時間才能建立新產品的品牌知名度。在這種情況下，我們對蔚來品牌的全球市場擴張也更有耐心，也更有長遠眼光。總的來說，在中國，我們最初是蔚來汽車（NIO）品牌，也就是高端品牌，然後是安沃汽車（ONVO）品牌和螢火蟲（FIREFLY）品牌。但對於全球市場擴張，我們將採取相反的方式，先推出螢火蟲，然後當蔚來汽車的產品準備好面向全球市場時，我們將推出蔚來汽車，然後再推出蔚來汽車。

Thank you, William. My second question is regarding the expansion of more mass market opportunity. So since the ONVO is very successful in L90. And also recently, your L60 volume sales also continue to grow. So in the future, do you expect to launch more products under the ONVO brand and to have more business opportunity for the segment at the RMB200,000 or even below?

謝謝你，威廉。我的第二個問題是關於拓展更多大眾市場機會的問題。由於 ONVO 在 L90 中非常成功。而且最近，你們的L60銷售也持續成長。那麼未來您是否計劃推出更多ONVO品牌的產品，並在20萬元人民幣甚至更低價的細分市場獲得更多商機？

(interpreted) Thank you for the question. For the ONVO brand, it is defined as a family-oriented brand for the mass market. So just like Toyota and the Volkswagen, for the long term, we do need to create a wide and broad product bandwidth to cater to more needs and also to cover more press and market segments. So for the long term, for the ONVO brand, our price bandwidth will be ranging from RMB100,000 to RMB300,000. Within that range, we are going to offer more diverse products and also options for our users to choose from.

（翻譯）謝謝你的提問。ONVO品牌被定義為面向大眾市場的家庭品牌。所以就像豐田和大眾一樣，從長遠來看，我們需要打造廣泛的產品線，以滿足更多需求，並涵蓋更多媒體和市場領域。因此，從長遠來看，ONVO品牌的價格區間將在人民幣10萬元至30萬元之間。在這個範圍內，我們將提供更多樣化的產品，並為使用者提供更多選擇。

We started with L60 priced around RMB200,000. And for the L90, the fully loaded one has a price point of around or close to RMB300,000. And the next year for the L80, it will also be between RMB200,000 to RMB300,000. So that is already a press segment captured by the existing three projects.

我們最初以售價約20萬元人民幣的L60起步。至於L90，頂配版的價格在人民幣30萬元左右。而明年L80的售價也將在人民幣20萬至30萬元之間。所以，這已經是現有三個項目所涵蓋的新聞領域的一部分了。

And in the meantime, we are also developing a new product platform where we are targeting the price range below RMB200,000. We believe that with this diversified product and price lineup plus more mature power swap network, we are able to achieve a reasonable market share in the price range from RMB100,000 to RMB300,000. This is also the single largest priced segment and the market in China's passenger vehicle market with a total volume of RMB15 million. In such a large market, there is no reason for us to not launch enough products to capture a sufficient market share.

同時，我們也正在開發一個新產品平台，目標價格區間為人民幣20萬元以下。我們相信，憑藉多元化的產品和價格陣容，以及更成熟的換電網絡，我們能夠在10萬元至30萬元人民幣的價格區間內取得合理的市場份額。這也是中國乘用車市場中價格最高的細分市場，總銷售量達1,500萬元。在如此龐大的市場中，我們沒有理由不推出足夠的產品來獲得足夠的市場份額。

Jing Chang, CICC.

張靜，中金公司。

I have only one question -- a follow-up question regards to the R&D expense. We have already seen our R&D expense in third quarter further decreased a lot to our previously guided level. So -- but the industry has increased investment in intelligence and also AI-related other area, how do we allocate our limited R&D expense and how we balance the sharper R&D efficiency and also long-term R&D goals?

我只有一個問題──關於研發費用的後續問題。我們已經看到，第三季的研發支出進一步大幅下降，達到我們先前預期的水平。所以——但是，隨著產業對智慧和人工智慧相關其他領域的投資增加，我們如何分配有限的研發費用，以及如何在提高研發效率和實現長期研發目標之間取得平衡？

(interpreted) Thank you for the question. Actually, this year, our major focus in the R&D activities is to improve the efficiency and also to identify the priority of different R&D activities and the projects. In that regard, the CBU mechanism has played a very important role in helping to make full use of the R&D investments and expenses. And in the meantime, we will also make sure that we will not lose our long-term competitiveness as that is a baseline that we will not cross.

（翻譯）謝謝你的提問。實際上，今年我們在研發活動方面的主要重點是提高效率，並確定不同研發活動和專案的優先順序。在這方面，CBU機制在幫助充分利用研發投資和費用方面發揮了非常重要的作用。同時，我們也會確保不會失去長期競爭力，因為這是我們絕對不會逾越的底線。

So with the CBU, we actually are pleased to see that even if we are dialing back on the R&D expenses in the recent quarters, yet we still maintained the R&D capabilities and competitiveness in the full-stack capabilities for the smart EV. So we are also confident to control -- to continue that competitiveness. And also in the past several years, we've made major investments in developing the fundamental technologies for the core EV products, including our chips, operating systems, intelligent chassis and also 900 volts high-voltage architecture.

因此，透過 CBU，我們很高興地看到，即使我們在最近幾季削減了研發支出，我們仍然保持了智慧電動車全端能力的研發能力和競爭力。因此，我們也有信心維持這種競爭力。此外，在過去的幾年裡，我們也對電動車核心產品的基礎技術進行了重大投資，包括我們的晶片、作業系統、智慧底盤以及 900 伏特高壓架構。

As the foundation is already laid for the future products and the technology platforms, the follow-up iterations won't be as costly as developing the foundation and also the fundamental technology as the future iterations will also get more efficient in utilizing limited R&D resources.

由於未來產品和技術平台的基礎已經奠定，後續迭代的成本不會像開發基礎和基礎技術那樣高昂，而且未來的迭代在利用有限的研發資源方面也會更有效率。

And also regarding the AI technology and the applications like the Smart Driving and also our AI companion, Know Me, as well as the internal management and efficiency tools, we will continue our R&D intensity and also efforts, but we'll achieve that in a more efficient way. And in terms of using algorithms and the data, we actually have identified some good practices and approaches that can be more efficient than simply putting up investment or resources for the sake of achieving a high computing power or data performance. So we have identified some approaches with higher return on the investment.

此外，關於人工智慧技術和應用，例如智慧駕駛和我們的人工智慧助理“了解我”，以及內部管理和效率工具，我們將繼續加強研發力度和努力，但我們將以更有效率的方式實現這些目標。就演算法和資料的使用而言，我們實際上已經發現了一些良好的實踐和方法，這些方法比單純投入資金或資源來實現高運算能力或資料效能要高效得多。因此，我們已經找到了一些投資報酬率更高的方法。

And actually, in the AI industry, the success of (inaudible) has also proven that you don't need to make costly investments into developing a good large language model performance. So it's the same practice for us. Not to mention that we can also leverage our collective artificial intelligence equipped on all the vehicles and also our data close loop with that to achieve the same level of computing performance, we actually don't need to use that much computing power as our competitors or other peers are doing.

事實上，在人工智慧產業，（聽不清楚）的成功也證明，你不需要投入大量資金來開發一個表現良好的大型語言模型。所以我們也採取同樣的做法。更何況，我們還可以利用所有車輛上配備的集體人工智慧以及與之相關的數據閉環，達到相同的計算性能水平，實際上我們並不需要像競爭對手或其他同行那樣使用那麼多的計算能力。

So overall speaking, in terms of the R&D, we have being putting more focus on the return on investment evaluation as well as doing a better priority for our R&D activities.

總的來說，就研發而言，我們更重視投資回報評估，並更重視研發活動的優先順序。

Yuqian Ding, HSBC.

丁宇謙，匯豐銀行。

I've got two questions. First one is, could you share the cost benefit when we hit the volume threshold, the current run rate is RMB0.5 million now, and it's only going to get higher next year. What benefit can we get, let's say, battery and other critical components that have high weight in the BOM structure?

我有兩個問題。首先，能否分享一下達到銷售門檻後的成本效益？目前的運作率為 50 萬元，明年只會更高。例如，對於物料清單結構中權重較高的電池和其他關鍵零件，我們能獲得什麼好處？

(interpreted) Thank you for the question. As mentioned, when the sales volume reached a certain level of scale, we will actually see how the economy of scale is contributing to the improvement in the financial performance, and it's mainly contributed where it's mainly from two perspectives. The first is regarding stronger bargaining power along the supply chain. This can also help improve the vehicle cost structure as you already see in our Q3 and Q4 vehicle margin guidance. And for the next year, we don't have a clear picture regarding how much it will be contributed by the economy of scale from the supply side.

（翻譯）謝謝你的提問。如前所述，當銷售量達到一定規模時，我們就能真正看到規模經濟如何促進財務績效的改善，而這種促進作用主要體現在兩個方面。第一點是關於供應鏈中更強的議價能力。這也有助於改善車輛成本結構，正如您在我們第三季和第四季的車輛利潤率預期中所看到的那樣。至於明年，我們尚不清楚供應方面的規模經濟將做出多大貢獻。

Yet as mentioned by William, our gross margin target for next year is 20%. That will actually partially be driven by the -- by the economy of scale on the supply side. And the second is regarding the improvement in the manufacturing efficiency and also cost optimization driven by the manufacturing. As we improve our sales volumes, the overall amortized manufacturing cost per unit will be gradually optimized. That will also contribute to the improvement in the cost structure of our products.

但正如威廉所提到的，我們明年的毛利率目標是 20%。這實際上部分是由供應方面的規模經濟所驅動的。第二點是關於製造效率的提高以及製造過程驅動的成本最佳化。隨著銷售量的提高，單位攤提製造成本將逐步優化。這將有助於改善我們產品的成本結構。

Thank you, Stanley. The second question is regarding next year's new model, could you help us to put in context the potential higher scale and also the mix impact? We talked about the bigger vehicle has a better margin. But we also talked about ONVO L90 to 15% to 20%. So L80 will be below 90% in terms of the pricing, presumably, Will there be dilution or joint ONVO scale outweigh that?

謝謝你，史丹利。第二個問題是關於明年的新車型，您能否幫助我們分析潛在的更高規模以及對產品組合的影響？我們討論過，車身更大的車輛利潤率更高。但我們也討論了 ONVO L90 到 15% 到 20% 的情況。因此，L80 的定價應該會低於 90%，那麼是否存在稀釋效應，或者聯合 ONVO 的規模效應能否抵消這種影響？

(interpreted) Thank you for the question. As mentioned, the three new large SUV models that we're going to introduce next year, they are all positioned at the higher end of the price spectrum of their respective segment. We haven't finalized the prices for these new models yet. Yes, we already expect more significant margin contribution by these three models. Not to mention that these three large models, they are further synergized with the current ES8 and L90's from the cost structure.

（翻譯）謝謝你的提問。如同前面所提到的，我們明年將推出的三款全新大型SUV車型，它們的定位都處於各自細分市場價格範圍的高端。我們尚未最終確定這些新車型的價格。是的，我們預計這三款車型將貢獻更顯著的利潤率。更何況，這三款大型車型在成本結構上與現有的 ES8 和 L90 車型進一步實現了協同效應。

So this year and the next year for the cost structure -- for the cost optimization and cost saving opportunities that we've identified on the ES8 and L90 can also be carried over to this three new models. So with five large models combined, we expect them to contribute to good product -- good product performance as well as on the margin levels over seeking achieving 20% of equal margin.

因此，今年和明年的成本結構——我們在 ES8 和 L90 上發現的成本優化和成本節約機會也可以應用到這三款新車型上。因此，我們期望這五款大型車型能夠帶來良好的產品性能，並在利潤率方面超越 20% 的目標。

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

由於沒有其他問題，現在我想把電話轉回給公司，請他們作總結發言。

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

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過網站上的聯絡方式聯絡我們的投資者關係團隊。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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。