蔚來 (NIO) 2025 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated's fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生們，大家好。感謝您耐心等待參加蔚來汽車2025年第四季及全年業績電話會議。（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host Mr. Rui Chen, Head of Investor Relations 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陳瑞先生。請繼續，瑞。

Good morning and good evening, everyone. Welcome to NIO's fourth-quarter and full-year 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年第四季及全年財報電話會議。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。今天的電話會議上，我們有創辦人、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 include discussion of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to NIO's press release which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

另請注意，蔚來汽車的獲利新聞稿和本次電話會議包含對未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標的討論。請參閱蔚來汽車的新聞稿，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. Thank you for joining NIO Inc.'s 2025 Q4 and full-year earnings call.

（譯）大家好。感謝您參加蔚來汽車2025年第四季及全年財報電話會議。

In Q4 2025, we delivered 124,807 smart EVs, achieving a year-over-year increase of 71.7%. Quarterly deliveries for all three brands reached record highs. For the full year 2025, the NIO, ONVO, and FIREFLY brands worked in close synergy and delivered a total of 326,028 vehicles, up 46.9% year over year. This marks our return to a strong growth trajectory.

2025 年第四季度，我們交付了 124,807 輛智慧電動車，年增 71.7%。三大品牌季度出貨量均創歷史新高。2025 年全年，蔚來、安視和螢火蟲三大品牌緊密合作，共交付 326,028 輛汽車，較去年同期成長 46.9%。這標誌著我們重回強勁成長軌道。

In January and February of 2026, we delivered 27,182 and 20,797 vehicles, respectively. For the first quarter, we expected total deliveries to be between 80,000 and 83,000 vehicles, representing a year-over-year increase of 90.1% to 97.2%.

2026 年 1 月和 2 月，我們分別交付了 27,182 輛和 20,797 輛汽車。第一季度，我們預計總交付量將在 80,000 至 83,000 輛之間，年增 90.1% 至 97.2%。

Turning to the financial performance. In Q4 2025, our vehicle margin reached 18.1%. The continuous improvement in margins was mainly driven by strong sales growth, a higher mix of high-margin models, and also continued vehicle cost optimization. Meanwhile, the margin of other sales reached 11.9%, supported by the expanding scale and improving profitability of our services and community-related businesses as our user base continues to grow.

接下來看一下財務業績。2025年第四季，我們的車輛利潤率達到18.1%。利潤率的持續提高主要得益於強勁的銷售成長、高利潤車型佔比的提高以及持續的車輛成本優化。同時，隨著用戶群的不斷成長，我們的服務和社區相關業務規模擴大，獲利能力提高，其他銷售利潤率達到 11.9%。

In Q4, non-GAAP operating profit reached RMB1.25 billion, while GAAP operating profit reached RMB810 million. On the cash flow side, we delivered positive free cash flow for 2 consecutive quarters and achieved positive operating cash flow for the full year of 2025. This quarterly profitability also further validates the competitiveness of our technology road map products and business models.

第四季，非GAAP營業利潤達到人民幣12.5億元，而GAAP營業利潤達到人民幣8.1億元。在現金流方面，我們連續兩季實現了正的自由現金流，並實現了 2025 年全年的正經營現金流。本季獲利情況也進一步驗證了我們技術路線圖產品和商業模式的競爭力。

It also demonstrates the continued strengthening of our operational capabilities and efficiency, providing a solid foundation for long-term sustainable development. Since 2025, we've been serving a broader group of users through the NIO, ONVO and FIREFLY brand. The 3 brands have been well recognized by users in their respective segments. For the new brand, the All-New ES8 has shown strong market momentum since deliveries began at the end of September 2025. In just 160 days, it reached the milestone of 70,000 deliveries, setting a monthly delivery record among vehicles priced above RMB400,000.

這也顯示我們的營運能力和效率不斷增強，為長期永續發展奠定了堅實的基礎。自 2025 年以來，我們透過 NIO、ONVO 和 FIREFLY 品牌為更廣泛的用戶群體提供服務。這三個品牌在其各自的細分市場中都獲得了用戶的廣泛認可。對於這個新品牌而言，全新 ES8 自 2025 年 9 月底開始交付以來，已展現出強勁的市場動能。僅花了 160 天，就達到了 7 萬輛的交付里程碑，創下了售價超過人民幣 40 萬元的車輛的月交付記錄。

In Q2 this year, we will introduce the new ES9 and executive flagship SUV. As a combination of NIO's 11 years of technological innovation and user experience development, the new ES9 is equipped with multiple industry-leading technologies, delivering a luxurious experience -- luxurious executive mobility experience for users. In addition, the (inaudible) and ES6 will introduce the 2026 version in Q2. Overall, the new brand will continue strengthening the product lineup and its position in the premium fab market. For the ONVO brand, its L90 has been very well received by large family users since its launch.

今年第二季度，我們將推出新款ES9和行政旗艦SUV。結合蔚來汽車11年來的技術創新與使用者體驗開發，全新ES9配備了多項業界領先的技術，為使用者帶來奢華體驗－奢華的行政出行體驗。此外，（聽不清楚）和 ES6 將於第二季推出 2026 年版本。總體而言，新品牌將繼續加強產品陣容及其在高端布料市場的地位。ONVO品牌旗下的L90自上市以來就深受大家庭用戶的歡迎。

Thanks to its innovative experience, outstanding safety performance and exceptional space design, the ONVO L90 became the best-selling large battery electric SUV in 2025. Next, the ONVO L80, a large 5-seat SUV with front and rare tons will be introduced in Q2. At the same time, L90 and L60 will also receive product upgrades and refreshes. With an expanding product lineup and continuous product upgrades, the ONVO brand will deliver the finest mobility experiences to more family users, driving steady sales growth. The FIREFLY brand officially launched in 2025 has quickly established itself thanks to its earmarked positioning class-leading product competitiveness and innovative user co-creation model.

憑藉其創新經驗、卓越的安全性能和出色的空間設計，ONVO L90 成為 2025 年最暢銷的大型純電動 SUV。接下來，ONVO L80，一款大型 5 人座 SUV，配備前部和後部噸位，將於第二季推出。同時，L90 和 L60 也將獲得產品升級和更新。隨著產品陣容的不斷擴大和產品的持續升級，ONVO 品牌將為更多家庭用戶提供最佳的出行體驗，從而推動銷售穩步成長。FIREFLY 品牌於 2025 年正式推出，憑藉其明確的市場定位、領先的產品競爭力以及創新的用戶共創模式，迅速確立了自己的地位。

In 2025, the FIREFLY ranked #1 in the high-end mall power market for 7 consecutive months. User interest in the FIREFLY continues to grow across more regions. Our long-term investments in core technologies are beginning to bear fruit. Key technologies, such as the woodfirst automotive-grade 5-nanometer chip was Smartdriving, the full domain vehicle operating system and the Skylight Intelligent chassis have all achieved a mass production. This innovation not only elevate product performance and user experience, but also deliver significant cost advantages.

2025年，FIREFLY連續7個月位居高階商場電源市場第一。用戶對 FIREFLY 的興趣在更多地區持續增長。我們對核心技術的長期投資開始取得成效。關鍵技術，如首款汽車級 5 奈米晶片 Smartdriveing、全局車輛作業系統和 Skylight 智慧底盤等，均已實現量產。這項創新不僅提升了產品效能和使用者體驗，也帶來了顯著的成本優勢。

Together, they form a strong foundation for the company's long-term competitiveness. In late January this year, we released a new version of new work model known as NWM. In this version, we adopted a training paradigm with complete closed-loop reinforcement learning, one of the first implementations of its kind in China. With the advanced architecture of word model and slow-loop reinforcement learning, NWM has significantly enhanced the performance of Navigate on Pilot or NOP across other means. February marked the first 4 months following the rollout of the new version.

它們共同為公司的長期競爭力奠定了堅實的基礎。今年1月下旬，我們發布了新版新工作模式，即NWM。在這個版本中，我們採用了完全閉環強化學習的訓練範式，這是中國最早實現的此類範式之一。憑藉先進的詞模型架構和慢循環強化學習，NWM 顯著提高了 Navigate on Pilot 或 NOP 在其他方面的表現。二月是新版本推出後的前四個月。

During the month, the share of driving time using smart driving increased by more than 80% compared with January. With this update, over 2,000 power substations in urban areas nonsupport Power Swap Pilot seamlessly integrating with urban NOP and offering users the industry's only fully automated recharging experience. ONVO Smart Driving has also achieved end-to-end upgrade across Navigate on Autopilot for urban roads, parking assist and Smart safety. This year, ONVO will further upgrade the smart driving hardware and software systems across its lines, allowing more users to benefit from our full stack proprietary technologies. On the sales side, we currently operate 171 new houses and 395 new spaces, while ONVO has 420 stores.

當月，使用智慧駕駛的駕駛時間佔比1月份增加了80%以上。透過此次更新，城市地區超過 2000 個電力變電站將支援 Power Swap Pilot 與城市 NOP 無縫集成，為用戶提供業內唯一的全自動充電體驗。ONVO 智慧駕駛系統也實現了城市道路自動駕駛導航、停車輔助和智慧安全功能的端到端升級。今年，ONVO 將進一步升級旗下所有產品線的智慧駕駛硬體和軟體系統，使更多用戶能夠受益於我們全端專有技術。在銷售方面，我們目前經營 171 棟新房和 395 個新空間，而 ONVO 擁有 420 家門市。

For the service network, we have 406 service centers and 75 delivery centers. In 2026, the 3 brands will continue to strengthen their presence in key markets while expanding into more lower-tier markets through Sky stores, which serve as a shared sales and service stores for all the brands. As of now, we have 3,815 power stop stations and more than 28,000 power chargers and destination charters worldwide. On February 6, 2026, the company reached the milestone of 100 million cumulative swaps, which demonstrates that battery swapping has been widely validated by both users and the market. During the Chinese New Year holiday, our swap volume reached new highs, surpassing 177,000 swaps in a single day.

在服務網路方面，我們有 406 個服務中心和 75 個配送中心。2026 年，這 3 個品牌將繼續加強在重點市場的地位，同時透過 Sky 門市拓展到更多低階市場。 Sky 門市是所有品牌共享的銷售和服務門市。截至目前，我們在全球擁有 3,815 個充電站和超過 28,000 個充電樁和目的地包車服務。2026年2月6日，該公司累計換電次數達1億次，顯示換電模式已獲得用戶和市場的廣泛認可。春節假期期間，我們的互換交易量創下新高，單日互換交易量超過 177,000 筆。

Power Swap is a systematic and innovative solution to addressing the mismatched life cycles of vehicles and batteries, serving also as a form of energy storage, it is increasingly becoming an integral part of the new power system. Over time, the continued expansion of the power swap network will enhance the EV user experience and provide a unique competitive advantage for the company's long-term success. While continuing to deepen our presence in the Chinese market, we are also steadily advancing our global strategy. So far, the FIREFLY including its right-hand drive version is available in 10 countries. In 2026, we will continue to expand overseas through the country distributor model with FIREFLY serving as a leading brand.

換電是一種系統且創新的解決方案，旨在解決車輛和電池生命週期不匹配的問題，它同時也是一種儲能方式，並且日益成為新型電力系統不可或缺的一部分。隨著時間的推移，換電站網路的不斷擴展將提升電動車用戶的體驗，並為公司的長期成功提供獨特的競爭優勢。在不斷深化我們在中國市場的業務的同時，我們也在穩步推進我們的全球策略。目前，FIREFLY（包括其右舵版本）已在 10 個國家/地區上市。2026年，我們將持續透過國家經銷商模式拓展海外市場，FIREFLY將成為領導品牌。

Last month, our Smart Driving chip subsidiary, (inaudible), or Shenji signed an agreement with its first run of equity financing. The round raised RMB2.257 billion getting Shenji a post-money valuation of more than RMB8 billion. Shenji's chip technology, R&D capabilities and commercialization outlook have been widely recognized by multiple leading industry investors and top market institutions. This financing will support Shenji's continued development of high-performance chip products and strengthen our long-term positioning in autonomous driving and embodied AI. The company has now entered the third stage of its development, embarking on a new cycle of high-speed work.

上個月，我們的智慧駕駛晶片子公司（聽不清楚）或神基公司簽署了首輪股權融資協議。此輪融資共籌集人民幣22.57億元，使深基的投後估值超過人民幣80億元。申基的晶片技術、研發能力和商業化前景已得到多家行業領先投資者和頂級市場機構的廣泛認可。這項融資將支持神基繼續開發高性能晶片產品，並加強我們在自動駕駛和具身人工智慧領域的長期地位。公司現已進入發展的第三階段，開啟了新一輪高速發展。

We will continue to make determined and sustained investments in the 12 full stack technology domains for smart EVs, ensuring our leadership in both products and technology. In 2026, we will launch 3 new models, further strengthening our product portfolio and expanding our share in the premium large vehicle segment. We will also continue investing in charging and swapping infrastructure, while improving the commercial operations of our infrastructure network. In addition, we will further strengthen our sales and service network, ensuring that our overall system remains resilient in an increasingly competitive market. In 2026, we will continue to deepen organizational transformation.

我們將繼續在智慧電動車的 12 個全端技術領域進行堅定而持續的投資，確保我們在產品和技術方面的領先地位。2026年，我們將推出3款新車型，進一步加強我們的產品組合，擴大我們在高端大型車市場的份額。我們將繼續投資充電和換電基礎設施，同時改善基礎設施網路的商業運作。此外，我們將進一步加強銷售和服務網絡，確保我們的整體系統在競爭日益激烈的市場中保持韌性。2026年，我們將持續深化組織轉型。

We find the CBU mechanism centered on user value creation and strengthen our company-wide business system with heightened ROI awareness and improved cost control. We remain committed to our original aspiration and user enterprise, delivering more competitive products and technology, better services and stronger business performance to honor the trust and support of our users, shareholders and investors.

我們發現 CBU 機制以使用者價值創造為中心，並透過提高投資報酬率意識和改進成本控制來加強我們公司範圍內的業務系統。我們將繼續秉承初心，以用戶為中心，提供更具競爭力的產品和技術、更好的服務和更強勁的業務表現，以回報用戶、股東和投資者的信任和支持。

Thank you, William. Let's now review our key financial results for the fourth quarter of 2025. Our total revenues reached RMB34.7 billion, up 75.9% year-over-year and 59% quarter-over-quarter. Vehicle sales were RMB31.6 billion, representing a strong increase of 80.9% year-over-year and 0.6% quarter-over-quarter. The year-over-year and quarter-over-quarter growth were mainly due to increased deliveries and higher average selling price driven by positive product mix effect.

謝謝你，威廉。現在讓我們回顧一下2025年第四季的主要財務表現。我們的總收入達到人民幣347億元，年增75.9%，季增59%。汽車銷售額達人民幣316億元，較去年成長80.9%，季增0.6%。年比和環比成長主要歸功於交付量增加和平均售價上漲，而這又得益於正面的產品組合效應。

Other sales were RMB3 billion, up 36.6% year-over-year and 17.5% 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 increase was mainly due to the increase in revenues from technical R&D services and sales of parts, accessories and after sales vehicle services. Looking at margins. Vehicle margin was 18.1% compared with 13.1% in Q4 last year and 14.7% last quarter.

其他銷售額為人民幣30億元，較去年成長36.6%，較上季成長17.5%。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。季度環比成長主要歸功於技術研發服務收入以及零件、配件和售後車輛服務銷售收入的成長。看看利潤率。車輛毛利率為 18.1%，而去年第四季為 13.1%，上季為 14.7%。

The year-over-year and quarter-over-quarter improvement were driven by positive product mix effect with the ramp-up of higher-margin products. Moreover, gross margin from other sales reached a record high of 11.9% during the quarter, reflecting the continued enhancement in the profitability of our user base-driven service and community-related businesses. With the improvement in both vehicle margin and other sales margins, overall gross margin increased to 17.5% compared with 11.7% in Q4 last year, and 13.9% last quarter. With the implementation of sale business unit mechanism and the progress of organizational optimization we are seeing a sustained improvement in operational efficiency. R&D expenses were RMB2 billion, decreased 44.3% year-over-year and 15.3% quarter-over-quarter.

年比和季增主要得益於高利潤產品增產帶來的正向產品組合效應。此外，本季其他銷售的毛利率達到創紀錄的 11.9%，反映出我們以用戶基礎為驅動的服務和社區相關業務的獲利能力持續提高。由於車輛毛利率和其他銷售毛利率均有所提高，整體毛利率從去年第四季的 11.7% 和上一季的 13.9% 提高到 17.5%。隨著銷售業務單位機制的實施和組織優化工作的推進，我們看到營運效率持續提高。研發費用為人民幣20億元，年減44.3%，季減15.3%。

The year-over-year decrease mainly driven by lower personnel costs in R&D functions due to organizational optimization and decreased design and development costs from different development stages. The quarter-over-quarter decrease was primarily driven by lower personnel costs in R&D functions due to organizational optimization. SG&A expenses were RMB3.5 billion, decreased 27.5% year-over-year and 15.5% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases were mainly driven by a decrease in personnel and related costs in marketing and other supporting functions as a result of organizational optimization as well as the decrease in sales and marketing activities. In the fourth quarter, we achieved an important milestone, our first ever quarterly profit.

年比下降的主要原因是研發職能部門人員成本因組織優化而降低，以及不同開發階段的設計和開發成本降低。環比下降的主要原因是組織優化導致研發部門人員成本降低。銷售、一般及行政費用為35億元，年減27.5%，較上季下降15.5%。與上年同期和環比同期相比的下降，主要是由於組織優化導致行銷和其他支援職能部門的人員和相關成本下降，以及銷售和行銷活動的減少所致。第四季度，我們取得了一項重要的里程碑式成就，實現了公司有史以來的第一個季度獲利。

Profit from operations was RMB0.8 billion compared with loss from operations of RMB6 billion in Q4 last year and RMB3.5 billion last quarter. Excluding share-based compensation expenses, adjusted profit from operations was RMB1.25 billion. Net profit was RMB0.3 billion compared with net loss of RMB7.1 billion in Q4 last year and RMB3.5 billion last quarter. Excluding share-based payment compensation expenses, adjusted net profit was RMB0.7 billion. Furthermore, we delivered positive operating cash flow and positive free cash flow this quarter.

營業利潤為人民幣8億元，而去年第四季營業虧損為人民幣60億元，上一季營業虧損為人民幣35億元。不計入股權激勵費用，調整後的營業利益為人民幣12.5億元。淨利為人民幣3億元，去年第四季淨虧損人民幣71億元，上一季淨虧損35億元。剔除股權激勵費用後，調整後淨利為人民幣7億元。此外，本季我們實現了正的經營現金流和正的自由現金流。

We ended this quarter with a stronger balance sheet with total cash and cash equivalents restricted cash, short-term investments and long-term time deposits amounting to RMB45.9 billion. That wraps up our prepared remarks. For more information and the details of our unaudited fourth quarter and full year 2025 financial results, please refer to our earnings press release.

本季末，我們的資產負債表更加穩健，現金及現金等價物總額（受限現金、短期投資和長期定期存款）達人民幣459億元。我們的發言稿到此結束。有關我們未經審計的 2025 年第四季和全年財務業績的更多資訊和詳情，請參閱我們的獲利新聞稿。

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) Tim Hsiao, Morgan Stanley.

（操作說明）Tim Hsiao，摩根士丹利。

Hi, management. Tim from Morgan Stanley. Congratulations for achieving the first ever quarterly profitability I have 2 questions. The first question is about the product and the volume sales growth target. I guess, during the call, I think William just mentioned he is going to launch ES5 series and the 6 series was waving L80 in second quarter. So what's our plan for second half? Could we have a quick update on the model pipeline for second half? And separately, given the challenging auto industry backdrop, is NIO still maintaining annual volume growth target of 40% to 50% this year? That's my first question. Thank you.

您好，管理層。摩根士丹利的提姆。恭喜貴公司首次實現季度獲利！我有兩個問題。第一個問題是關於產品和銷售成長目標的。我猜，在電話會議期間，威廉好像提到他將在第二季推出 ES5 系列，而 6 系列則推出了 L80。那我們下半年的計畫是什麼？能否簡單介紹一下下半年的模型開發計畫？另外，鑑於汽車產業面臨嚴峻挑戰，蔚來汽車今年是否仍能維持 40% 至 50% 的年銷售成長目標？這是我的第一個問題。謝謝。

(interpreted) Thank you for the question. It's true that the entire industry has encountered challenges in the first quarter of this year as a lot of industry numbers and data have already shown the market and the environment. For this year, we also believe that the size of the Chinese passenger vehicle market will also see a slight decline from last year. But within the China's passenger repo market, we believe that the penetration rate of the new energy vehicles will continue to grow. And among the new energy vehicles, battery electric vehicle will see a stronger growing momentum.

（翻譯）謝謝你的提問。今年第一季度，整個行業確實遇到了挑戰，許多行業數據和統計結果已經顯示了市場和環境的現狀。今年，我們也認為中國乘用車市場規模將比去年略有下降。但我們相信，在中國乘用車市場，新能源汽車的滲透率將持續成長。在新能源汽車中，純電動車將呈現更強勁的成長動能。

Actually, last year, the increase of the new energy vehicle market as a whole is largely driven by the increase of the BaaS, the penetration rate of above increased by 26% to 33%. This is largely driven by the BaaS models. And as technology and infrastructure network continue to mature, we believe that the above market segment will maintain the strong momentum also this year. And also more specifically for the BaaS segment, we also see a good potential within the premium segment as the perception and the awareness on the premium battery electric vehicle model has already established in that segment. The penetration will also be growing driven by that.

事實上，去年新能源汽車市場的整體成長很大程度上是由BaaS的成長所驅動的，BaaS的滲透率提高了26%至33%。這主要是由BaaS模式驅動的。隨著技術和基礎設施網路的不斷成熟，我們相信上述細分市場今年也將繼續保持強勁的成長動能。更具體地說，對於 BaaS 細分市場，我們也看到了高端細分市場的良好潛力，因為高階電池電動車車型的認知和意識在該細分市場中已經確立。受此影響，滲透率也將持續提高。

For all the vehicles priced above RMB300,000, we actually see an increase of above penetration of 38% year-over-year. Well, for the risk model, the penetration waiting back segment actually decreased by 4%. And the overall BaaS penetration in the premium segment also increased from only 14% in Q4 2024 to 27% in Q4 2025. And more specifically on the large solar electric SUVs as well as a large 5-year battery electric SUVs. We also see a strong momentum last year.

對於所有售價超過人民幣30萬元的車輛，我們看到其滲透率年增了38%。就風險模型而言，等待回落部分的滲透率實際上下降了 4%。高端市場的整體 BaaS 滲透率也從 2024 年第四季的 14% 成長到 2025 年第四季的 27%。更具體地說，是關於大型太陽能電動SUV以及大型5年電池電動SUV。我們也看到了去年強勁的發展動能。

In September last year -- since September last year, the large battery electric SUV model has been leading the segment across all powertrain and energy types for 5 consecutive months. And in the second half of last year, the (inaudible) sales actually increased by 350% well (inaudible) decreased by 6%. So we believe that with this trend where (inaudible) is actually growing within the segment, our product launch cadence is also in a perfect match with the core trend in the industry. This is also where we have the confidence for the continuous growth this year. And also as mentioned in Q2, this -- actually on April 9, we are going to host the technological launch event for the NIO ES9, which is our flagship executive, SUV also a technological flagship and the official launch of the NIO ES9 will be in Q2 this year.

自去年 9 月以來，大型純電動 SUV 車型已連續 5 個月在所有動力系統和能源類型中領先該細分市場。去年下半年，（聽不清楚）銷售額實際上成長了 350%，（聽不清楚）下降了 6%。因此，我們相信，隨著（聽不清楚）在該細分市場中實際成長的趨勢，我們的產品發布節奏也與產業的核心趨勢完美契合。這也是我們有信心今年繼續保持成長的原因。如第二季所述，實際上，我們將在 4 月 9 日舉辦蔚來 ES9 的技術發布會，它是我們的旗艦級行政 SUV，也是技術旗艦，蔚來 ES9 將於今年第二季正式發布。

And in the meantime, in Q3, we are going to introduce the large 5-seater SUV developed on the same platform as the All-New ES8. And in Q2 this year, for the ONVO brand, we are going to introduce the L80, which is a large 5-seater SUV. Together with the L90 as well as the All-New ES8 that are already in the market and also popular among the users, we will be having 5 midsized and mid- to large SUV models to complete our product lineup in the large premium model. And this is also where we believe that it will be the key drivers for our full year growth. And also for the ET5, ET5T, ES6 and EC6, they are also leading in their respective segments.

同時，在第三季度，我們將推出基於與全新ES8相同平台開發的大型5人座SUV。今年第二季度，我們將為 ONVO 品牌推出 L80，這是一款大型 5 人座 SUV。加上已經上市且深受用戶歡迎的 L90 和全新 ES8，我們將擁有 5 款中型和中大型 SUV 車型，從而完善我們在大型高端車型領域的產品陣容。我們也相信，這將是我們全年成長的關鍵驅動力。此外，ET5、ET5T、ES6 和 EC6 也都在各自的細分市場中處於領先地位。

For the ONVO L60, it is also the top 3 among its among the peers in each segment. Very soon, we are also going to introduce upgrades on the L60 and we can really look forward to the refreshes of this product. And worth noting that for firefight is actually performing pretty well among the high-end smart small car segment with a very significant market share. And for the full year, we also are having confidence with the soft volume of FIREFLY since after the Spring Festival holiday, we are seeing a rebounding demand for the FIREFLY model. So for the full year, we do have confidence of achieving a year-over-year volume growth of 40% to 50%.

ONVO L60 在各個細分市場中也位列同類產品前三名。不久之後，我們也將推出 L60 的升級版，我們非常期待這款產品的更新換代。值得注意的是，Firefight 在高階智慧小型車領域表現相當不錯，擁有非常可觀的市佔率。對於全年而言，我們也對 FIREFLY 的銷量充滿信心，因為春節假期後，我們看到對 FIREFLY 車型的需求正在反彈。因此，我們有信心全年實現同比增長 40% 至 50% 的銷量增長。

The first 2 months of this year is normally a typical seasonal low for the entire industry. But even against this backdrop, we still achieved a year-over-year growth in our sales volume. And for the Q1 guidance, we also target for an over 90% year-over-year growth. So for the full year, we do have confidence to achieve our volume target.

今年前兩個月通常是整個行業的典型季節性淡季。但即便在這樣的背景下，我們的銷售額仍然實現了年成長。對於第一季業績指引，我們也預期年增將超過 90%。因此，我們有信心實現全年的銷售目標。

Thank you. My second question is about the autonomous driving because I think during the opening remarks, we mentioned after the rollout of the role model, the tie of AD usage grew 80% month-over-month in February. So we know that -- what key feedback has been received regarding user experience? Additionally, we noticed several EV peers have or would introduce a more meaningful system model upgrades this year. What would be NIO's key technological highlights and differentiators, especially in the tight Level 3, Level 4 range? That's my second question. Thank you.

謝謝。我的第二個問題是關於自動駕駛的，因為我認為在開場白中，我們提到在推出原型車之後，2 月份自動駕駛的使用量環比增長了 80%。所以我們知道——關於使用者體驗，我們收到了哪些關鍵回饋？此外，我們注意到，今年一些電動車同行已經或將推出更有意義的系統模型升級。蔚來汽車的關鍵技術亮點和差異化優勢是什麼？尤其是在競爭激烈的L3、L4自動駕駛領域？這是我的第二個問題。謝謝。

(interpreted) Thank you for the question. Actually, for us, we believe that there are 2 key parameters to showcase is the smart driving experience and functionality is the best for our users. The first is the share of the smart driving time online, the total driving time for users in the real-life driving scenarios. And the second is the number of accesses that are mitigated or avoided under the smart driving functionality. As you've mentioned, from January to February this year after the rollout of the version, the usage of the smart driving functionality actually increased by more than 80% month-over-month.

（翻譯）謝謝你的提問。實際上，我們認為要展示的兩個關鍵參數是：智慧駕駛體驗和功能，這才是對我們使用者來說最好的。第一個指標是智慧駕駛線上時間佔比，也就是使用者在真實駕駛場景中的總駕駛時間。其次，智慧駕駛功能可以減少或避免的訪問次數。正如您所提到的，今年 1 月至 2 月該版本推出後，智慧駕駛功能的使用率較上季成長超過 80%。

And this is based on the new world model version with limited computing investments we made last year. And this year, we are going to actually increase our investments into the computing power resources and also be able to roll out more training sessions for our new word model technology. And we are targeting 2 major releases in Q2 and Q4 this year. Over speaking, with this new version, we have already verified that our architecture, featuring work model and the reinforcement learning is actually capable of achieving good experience. And it also has a lot greater potential for the continuous capability and functionality upgrades.

這是基於我們去年投入有限運算資源打造的新世界模型版本。今年，我們將增加對運算能力資源的投入，並為我們新的詞模型技術推出更多培訓課程。我們計劃在今年第二季和第四季發布兩款主要產品。總的來說，透過這個新版本，我們已經驗證了我們的架構，包括工作模型和強化學習，確實能夠獲得良好的體驗。而且它在持續的性能和功能升級方面也具有更大的潛力。

We also see that a huge amount of data is also helping us with the experience improvement. So over speaking, we will be having these 2 major releases.

我們也發現，大量數據也有助於我們改善用戶體驗。綜上所述，我們將推出這兩個主要版本。

Thank you, Tim.

謝謝你，提姆。

Thanks.

謝謝。

Bin Wang, Deutsche Bank.

王斌，德意志銀行。

Thank you for taking my question. I came from two. Number one is about the first-quarter margin guidance based on your volume assumption, what shall we look at because actually facing the providing memory cost and be some of the loan material. And recently, we may actually launched (inaudible) about RMB10,000. So can you provide a first quarter margin guidance. And the second question is more about receivable from related parties because investors see this number keep increased every single quarter. Can you provide a forecast with the change for this receivable from the parties exactly came from your battery develop partners. Thank you.

感謝您回答我的問題。我來自兩個家庭。第一點是關於基於您的銷售假設的第一季利潤率指引，我們應該關注什麼，因為實際上面臨著提供記憶體成本和一些貸款材料的問題。最近，我們可能真的推出了（聽不清楚）大約10000元人民幣的產品。那麼，您能否提供第一季利潤率預期？第二個問題更與關聯方應收帳款有關，因為投資者看到這個數字每季都在成長。能否提供一份預測，說明來自電池開發合作夥伴的應收帳款的具體變動？謝謝。

(interpreted) Thank you for the question. Overall speaking for the vehicle gross margin in Q1, it will be maintained at a similar level as in Q4 last year. In the (inaudible) there were seasonality factors as well as the policy impacts. But over speaking, we still have ES8 order backlogs. And also since the spring festival holidays, we see a pretty good recovery on the order momentum of the ES model.

（翻譯）謝謝你的提問。總體而言，第一季汽車毛利率將與去年第四季的水平持平。（聽不清楚）其中既有季節性因素，也有政策影響。但是，即便如此，我們仍然有 ES8 的訂單積壓。此外，自春節假期以來，ES模型的訂單動能也出現了相當不錯的復甦。

So overall speaking, the ES8 model will still be playing a major part in our total deliveries in Q1. So that part is guaranteed with the product mix largely decided by the high-margin products like the ES8, we will also be able to maintain a relatively flat vehicle gross margin in Q1 this year. But as you've also mentioned, there are other external factors, including the rising raw material costs, rising costs for the chip -- memory chips as well as the lithium carbonate for the battery packs. Those impacts are also going to take effect starting in Q1. But as they have just get started, the current impact on our Q1 vehicle margin is also limited.

總的來說，ES8 車型仍將在第一季我們的總交付量中佔據重要地位。因此，由於產品組合主要由像 ES8 這樣的高利潤產品決定，這部分利潤是有保障的，我們今年第一季也將能夠維持相對穩定的車輛毛利率。但正如您所提到的，還有其他外部因素，包括原材料成本上漲、晶片成本上漲（內存晶片成本上漲）以及電池組用碳酸鋰成本上漲。這些影響也將從第一季開始生效。但由於他們才剛起步，目前對我們第一季汽車利潤率的影響也有限。

And regarding your questions on the accounts payable by the affiliated party, it's mainly the accounts payable by our battery asset management company, (inaudible). As in the recent months, we are seeing growth in both source volume of our products as well as the take rate of the Battery as a Service. We also see increasing account payable by the battery asset management company. But for them, they've been keeping a smooth and also diversified financing channels through that financing, equity financing or the bank back to consumer installment financing. So overstating base having a diversified and smooth financing channels financing channels.

至於您提到的關聯方應付帳款問題，主要指我們電池資產管理公司的應付帳款。（聽不清楚）與最近幾個月一樣，我們看到我們產品的供應量以及電池即服務的採用率都在增長。我們也看到電池資產管理公司的應付帳款不斷增加。但對他們來說，他們一直保持著順暢且多元化的融資管道，包括股權融資或銀行向消費者提供的分期付款融資。因此，誇大基礎，擁有多元化且順暢的融資管道。

This is also we believe that we will have a good control and organize the control over the account payable by the better asset management company as well as the payment terms.

我們也相信，透過更好的資產管理公司，我們將能夠更好地控制和組織應付帳款以及付款條件。

Okay. Thank you.

好的。謝謝。

Paul Gong, UBS.

Paul Gong，瑞銀集團。

Thanks for taking my question. My first question is continuing with raw material cost inflation. Just now, I think, Stanley has mentioned that the pressure is just beginning to be felt in Q1. And I think probably in Q2 that some more pressure could be failed. Given NIO is a position that's relatively high end and still have a relatively strong demand and new orders compared to the peers. Do you think you can pass this part of the cost inflation to the downstream to the customers? That is my first question regarding the raw material cost inflation pass-through.

謝謝您回答我的問題。我的第一個問題是關於原物料成本上漲的後續情況。剛才，史丹利好像提到過，第一季才剛開始感受到壓力。而且我認為第二季可能會出現更多壓力不足的情況。鑑於蔚來汽車定位相對高端，且與同行相比，其需求和新訂單仍然相對強勁。你認為可以將這部分成本上漲轉嫁給下游的客戶嗎？關於原物料成本通膨轉嫁問題，我的第一個問題是：

(interpreted) I will follow up on my previous answer. For this year, we do face pressures coming from the vehicle cost structure and also because of the trend on the AI and computing power as well as the tensions on the geopolitical side, we do see the rising material costs were the volatilities in the prices regarding memory chips, copper or lithium carbonate and all kinds of raw materials. So we do have pressure regarding our cost structure as well as the vehicle margin. But for the full year, so far, we don't have a fear picture regarding the implication of all these volatilities and uncertainties. But in the meantime, we will keep working with our supply chain partners to improve the supply chain efficiency and to mitigate the negative impact of such uncertainties as much as possible.

（翻譯）我將對先前的回答進行補充說明。今年，我們面臨著來自車輛成本結構的壓力，同時由於人工智慧和運算能力的發展趨勢以及地緣政治方面的緊張局勢，我們看到材料成本上升，記憶體晶片、銅或碳酸鋰以及各種原材料的價格波動也加劇了這一趨勢。因此，我們在成本結構和車輛利潤率方面都面臨壓力。但就全年而言，到目前為止，我們還沒有看到所有這些波動和不確定性所帶來的影響的恐慌景象。但同時，我們將繼續與供應鏈合作夥伴共同努力，提高供應鏈效率，並盡可能減輕此類不確定性的負面影響。

It also has introduced by William. This year, we are going to launch 3 new large models. So together, we will be having 5 large SUV models in our lineup, and they will be making major contributions to our sales and delivery volume as larger vehicle models have higher margin and they are more resilient towards this raw material volatilities and uncertainties. In that case, we -- well, we do have confidence to try to mitigate or offset the impact out by the rising raw material costs and try to maintain our vehicle gross margin within a reasonable range for full year this year.

它還是由威廉介紹的。今年，我們將推出3款新的大型車型。因此，我們的產品陣容中將有 5 款大型 SUV 車型，它們將為我們的銷售和交付量做出重大貢獻，因為大型車型利潤率更高，而且更能抵禦原材料價格波動和不確定性的影響。在這種情況下，我們——嗯，我們有信心努力減輕或抵消原材料成本上漲的影響，並努力將我們今年的汽車毛利率維持在合理的範圍內。

If I may have, my second question. That is regarding the expense. We have seen that the cost control has taken quite some effects, especially from the R&D that has reduced from RMB3 billion in Q2 into RMB2 billion in Q4. Given Q4 is traditionally the strong season with the expense. So moving to Q1 and Q2, do you foresee further optimization on the expense side? Or do you think the $2 billion quarter is going to be the new loan?

如果可以的話，我想問第二個問題。這是關於費用方面的問題。我們已經看到成本控制取得了相當大的效果，特別是研發支出從第二季的30億元減少到第四季的20億元。鑑於第四季歷來是支出較大的旺季。那麼展望第一季和第二季度，您是否預期在費用方面會有進一步的優化？還是你認為這20億美元的季度貸款會是新的貸款？

(interpreted) Thank you for the question. In 2026, on a quarterly basis, we will be maintaining our R&D investment at the level of around RMB2 billion to RMB2.5 billion per quarter. So for the full year, the R&D expenses will be at a similar level as we spend in 2025. In the meantime, as now we have the cell business unit mechanism in place, we will use that mechanism to keep improving the R&D efficiency to eradicate the low efficiency items among our R&D activities and also to keep improving the return of all the R&D activities.

（翻譯）謝謝你的提問。2026年，我們將按季度維持研發投入在每季人民幣20億元至25億元的水平。因此，全年的研發支出將與 2025 年的支出水準大致相同。同時，由於我們現在已經建立了單元業務單元機制，我們將利用該機制不斷提高研發效率，消除研發活動中效率低下的項目，並不斷提高所有研發活動的回報。

And in the meantime, in this year, based on our business performance as well as the overall return on investment analysis, we will keep a dynamic tracking and also management of our R&D expenses to make sure that we can adapt the pace and intensity of our R&D activities based on all these changing factors so that we don't compromise on the investments into key products and also technologies or the long-term competitiveness of the company.

同時，今年我們將根據業務表現和整體投資回報率分析，動態追蹤和管理研發支出，以確保我們能夠根據所有這些變化因素調整研發活動的速度和強度，從而確保我們不會在關鍵產品和技術的投資或公司的長期競爭力方面做出妥協。

Thank you, Paul.

謝謝你，保羅。

Thank you very much.

非常感謝。

Nick Lai, JPMorgan.

Nick Lai，摩根大通。

Yeah, thank you for taking my question. I'd like to follow up a previous question on profit and also cost. Given, Will, you talked about very strong volume outlook, yes, for '26 also, we have a lot of new model coming higher, higher pricing, higher margin products from second quarter and onward, but at the same time, the cost inflation pressure taken in from second quarter as well.

是的，謝謝你回答我的問題。我想就之前提出的關於利潤和成本的問題再問一下。威爾，你剛才提到銷售前景非常強勁，是的，2026 年也是如此。從第二季開始，我們將推出許多新車型，價格更高，利潤率更高。但同時，從第二季開始，成本通膨壓力也會隨之而來。

So I mean, putting all this together, can you help us understand how should we think about the ability maybe for second half or second quarter? Or should we expect NIO can be potentially reached a non-GAAP profit or breakeven sometime in second half or maybe in the second half? And what does that mean for our free cash flow proceeding for the full year? Thanks.

所以我的意思是，綜合以上所有因素，您能否幫助我們理解我們應該如何看待下半場或第二季的能力？或者我們是否應該預期蔚來汽車有可能在下半年或下半年實現非GAAP獲利或損益兩平？那對我們全年的自由現金流意味著什麼？謝謝。

(interpreted) Thank you for the question. Regarding the sales volume, we still keep -- keep on track on the target of achieving 40% to 50% year-over-year growth in our sales volume. As we've introduced this year, we are going to launch 3 large models. That give us the confidence in the volume target. And in the meantime, regarding the vehicle gross margin, we do have pressure on the margin and also the vehicle cost structure.

（翻譯）謝謝你的提問。關於銷售量，我們仍然保持——保持正軌，以實現銷售量同比增長 40% 至 50% 的目標。正如我們今年所宣布的，我們將推出 3 款大型車型。這讓我們對成交量目標充滿信心。同時，就車輛毛利率而言，我們確實面臨毛利率和車輛成本結構的壓力。

But as mentioned, we will be having more large models introduced this year as they will be contributing more significant margin. Like for the ES8 in Q4 last year, its vehicle gross margin was close to 25%. So overall speaking, large models are more resilient towards the price volatilities in the market. with the volume and also the vehicle margin outlook combined, we still have the target of achieving full year non-GAAP operating profit breakeven in 2026.

但正如前面提到的，今年我們將推出更多大型車型，因為它們將貢獻更大的利潤空間。與去年第四季的 ES8 一樣，其整車毛利率接近 25%。總的來說，大型車型對市場價格波動的抵抗力更強。綜合考慮銷售量和車輛利潤率預期，我們仍有目標在2026年實現全年非GAAP營業利潤損益平衡。

Yeah, thank you. Certainly very exciting to hear that. That's my second question, if it's okay. My second question, if it's okay. My second question is really about the Shenji (inaudible) chip. And after recent successful fundraising $300 million, can you share with us our eaters strategy in the medium term, aside from supporting internal sales. Is it fair to say that Shenji will also try to explore internal customer like other OEM or other suppliers?

是啊，謝謝。聽到這個消息真是令人興奮。如果可以的話，這是我的第二個問題。我的第二個問題，可以嗎？我的第二個問題其實是關於神基（聽不清楚）晶片的。在最近成功籌集了 3 億美元資金之後，除了支持內部銷售之外，您能否與我們分享我們在中期內的消費者策略？可以這樣說，申基公司也會像其他OEM廠商或其他供應商一樣，嘗試開拓內部客戶嗎？

(interpreted) Thank you for the question. For Shenji, it has just completed the first rough equity financing where during the fundraising, it has also received a wide planations by the professional institutions as well as the institutions. And they all speak highly of the capabilities and R&D of the change company. And for the ongoing R&D activities of the Shenji company, it will be developing our next-generation high-performance chips for our products. But in the meantime, they are also planning and exploring mid-end chips that are more approachable by more clients in the industry, including potential partners and clients in global taxi were embodied AI applications as we do see a good fit of our products in such areas and industries.

（翻譯）謝謝你的提問。對於申基來說，它剛剛完成了第一輪粗略的股權融資，在融資過程中，它也得到了專業機構和機構的廣泛關注。他們都對這家變革公司的能力和研發實力給予了高度評價。而對於申基公司持續的研發活動，它將為我們的產品開發下一代高性能晶片。但同時，他們也在規劃和探索更容易被業內更多客戶接受的中階晶片，包括全球計程車產業的潛在合作夥伴和客戶，這些晶片體現了人工智慧應用，因為我們確實看到我們的產品在這些領域和產業中非常契合。

Actually, in the meantime, we are already exploring possibilities with some external clients, including some automotive companies who have also shown interest into our trip products. Actually, the second chip product form Shenji, which is actually chip still made of high and advanced processing but can be used by a broader client base. It's already achieved a successful tape-out and it's also preparing for the mass production. And this is a very competitive chip product.

事實上，同時，我們已經在與一些外部客戶探討合作的可能性，其中包括一些汽車公司，他們也對我們的旅行產品表現出了興趣。實際上，這是神基推出的第二款晶片產品，它仍然是一款採用先進製程製造的晶片，但可供更廣泛的客戶群使用。該晶片已成功完成流片，並正在為量產做準備。而且這是一款極具競爭力的晶片產品。

Thank you.

謝謝。

Jing Chang, CICC.

張靜，中金公司。

Okay, thank you for taking my question. My first question is about our upcoming model, which is ES9. So compared with (inaudible) release last year, so could you elaborate on its new capability enhancements? And also how is our pricing position for this new vehicle?

好的，謝謝您回答我的問題。我的第一個問題是關於我們即將推出的型號，也就是 ES9。與去年的版本相比，您能否詳細介紹它的新功能增強之處？另外，我們這款新車的定價策略如何？

(interpreted) Thank you for the question. NIO ET9 is our executive flagship. It is also the most premium and advanced products in our lineup. Recently, we have also released the horizons for the new ET9, it's well received by the users.

（翻譯）謝謝你的提問。NIO ET9 是我們的旗艦產品。它也是我們產品線中最優質、最先進的產品。最近，我們也發布了新款 ET9 的地平線，受到了用戶的好評。

And for the ES9, definitely, it carries over advanced technologies and also features from the new ET9, but it also comes with its unique tech innovation, positioning and product type-wise these 2 products are quite different. ET9 is an executive sedan where ET9 is actually a tax flagship as well as a flagship SUV model.

至於 ES9，它確實繼承了新款 ET9 的先進技術和功能，但它也擁有自己獨特的技術創新、定位和產品類型，這兩款產品截然不同。ET9 是一款行政轎車，實際上它既是稅收旗艦車型，也是旗艦 SUV 車型。

Thank you. My second question is about the energy replacement mass. There has been more market discussion recently. So against the -- on the background of the rapid development of fast charging. So could you elaborate on the advantages and also necessity of battery sorting especially from structured construction and also as long as our mid- and long-term charging and working construction plan.

謝謝。我的第二個問題是關於能量替代品質的。最近市場討論增加。因此，在快速充電技術快速發展的背景下。那麼，您能否詳細說明電池分類的優勢和必要性，特別是從結構化建築的角度來看，以及從我們的中長期充電和工作建設計劃來看。

(interpreted) Thank you for the question. Actually, we are happy to see that more automotive companies are participating into the construction of the charging and swapping network as more players coming into the joint development of the infrastructure network, it can help accelerate the adoption of the battery electric people as well as the acceleration of the conversion from the ice cars, rigs and hypes to the bat models. So we are happy to see such trends. But (inaudible) and swapping the are not contradictory. We also have developed more than 280,000 power chargers and destination chargers.

（翻譯）謝謝你的提問。事實上，我們很高興看到越來越多的汽車公司參與到充電和換電網絡的建設中來，隨著越來越多的參與者加入到基礎設施網絡的聯合開發中，這有助於加快電池電動汽車的普及，並加速從燃油汽車、燃油車和燃油炒作向電池車型的轉變。所以我們很高興看到這樣的趨勢。但是（聽不清楚）和交換並不矛盾。我們也開發了超過 28 萬個電源充電器和目的地充電器。

We are also one of the most active Chinese car companies in terms of the charging network development. For swapping, home charging and supercharging they come at different benefits and they serve different purposes for users in different use cases and scenarios. And for us, we always offer this holistic solutions featuring charging, swapping and upgradability. And also, we see some industry peers they have announced advanced technologies in terms of the charging and the charging speed. We are also happy to see such technological innovation and development.

在充電網路建設方面，我們也是中國最活躍的汽車公司之一。對於換電、家用充電和超級充電而言，它們各有不同的優勢，並且在不同的使用場景和情況下為用戶提供不同的用途。而我們始終提供充電、更換和升級等全方位解決方案。此外，我們還看到一些業內同行宣布了在充電和充電速度方面的先進技術。我們也樂見這樣的科技創新與發展。

But in the foreseeable future, no matter how fast the charging becomes, it will never outperform the feed or the experience of power swapping. And also, there are channel benefits brought by the swapping that charging will never offer. We believe that swapping is also a systematic solution to solve the problems regarding the mismatched life cycles between the vehicles and the batteries. In the Chinese automotive industry, the warranty period for the battery pack is normally 8 years, 160,000 kilometers or at 70% state of health after use. For the vehicles, for the business and commercial purposes, normally, their duration is shorter.

但在可預見的未來，無論充電速度變得多快，它都永遠無法超越電源交換的效能或體驗。此外，換電也帶來了充電永遠無法提供的管道優勢。我們認為，更換電池也是解決車輛和電池壽命週期不匹配問題的系統性解決方案。在中國汽車產業，電池組的保固期通常為 8 年、16 萬公里或使用後健康狀況達到 70% 時。對於用於商業用途的車輛而言，其使用壽命通常較短。

But for the private sectors, the vehicle can be used for up to 15 years. In that case, the battery life cycle is significantly shorter than that vehicle. But if the battery and vehicles are tightly coupled with each other after 9 or 10 years, this mismatched life cycle will become a major problem for the users and industries. And for that, we believe that power swap enables a flexible solution or an innovative solution to solve the mismatched life cycles between vehicles and batteries. And also under our power swap system, together with our long life factory, our charging and discharging strategy as well as our life cycle monitoring and also inspection on the battery house.

但對於私營部門而言，該車輛可使用長達 ​​15 年。在這種情況下，電池的使用壽命週期比該車輛短得多。但如果電池和車輛在 9 到 10 年後緊密結合，這種不匹配的生命週期將成為用戶和產業面臨的重大問題。因此，我們認為換電技術能夠為解決車輛和電池生命週期不匹配的問題提供靈活的解決方案或創新的解決方案。此外，我們還採用了電力交換系統，結合長壽命工廠、充放電策略以及電池室的生命週期監控和檢查。

All this measures come as a very systematic and holistic operational approach for us to keep monitoring the safety of the battery and also maximize the longevity of our battery products. And this requires systematic thinking and systematic design. So it's one a matter of charging were swapping speed, it actually provides the industry as a magic solution. And also for the Power Swap system, it is also a distributed energy storage system as with renewable energy and green electricity generation. The storage and consumption of such renewable energy is a big challenge.

所有這些措施都是我們採取的一種非常系統化和全面的操作方法，旨在持續監控電池安全，並最大限度地延長電池產品的使用壽命。這需要係統性的思考和系統性的設計。所以，這其實是充電和換速的問題，它為業界提供了一個神奇的解決方案。此外，電力交換系統也是一個分散式儲能係統，它利用再生能源和綠色電力進行發電。此類再生能源的儲存和利用是一項巨大的挑戰。

This is also why the Chinese government is now building up the new power system to be able to digest all this green energy. And the Power Swap station is also a type of a new power system as it can help with energy storage, energy consumption as well as the interaction with the power grid. In that case, we do see opportunities as well as the value the business side brought by our Power Swap system and also different from the supercharging requiring energy storage. We actually only need to charge and discharge the battery one, which can help to reduce the secondary energy loss that can contribute to an efficiency improvement or benefit of around 6%. So economic-wise, Power Swap is also more efficient and viable.

這也是中國政府目前正在建造新的電力系統，以便能夠消化所有這些綠色能源的原因。換電站也是一種新型電力系統，因為它有助於能源儲存、能源消耗以及與電網的互動。在這種情況下，我們看到了我們的換電系統帶來的機會和商業價值，而且它也不同於需要儲能的超級充電。實際上我們只需要對電池進行充電和放電，這有助於減少二次能量損失，從而提高效率或帶來約 6% 的收益。因此，從經濟角度來看，電力互換也更有效率可行。

And for the charging -- for the swapping network, now so far in China, we already have installed more than 3,800 Power Swap stations. If every station comes with a full battery pack installment, it will be a total energy storage volume of around 6 to 7 gigawatt hour, which is already pretty sizable from the energy storage perspective. So overall speaking, power swap not only provides better charging or recharging experience for our users. For the long term, it is also helping with our business development and also success. So this is also bringing us a long-term business success and it's highly defensive.

至於充電——至於換電網絡，目前在中國，我們已經安裝了超過 3800 個換電站。如果每個站點都配備完整的電池組，總儲能容量將達到約 6 至 7 吉瓦時，從儲能角度來看，這已經相當可觀了。總的來說，電源交換不僅為我們的用戶提供了更好的充電或充電體驗。從長遠來看，這也有助於我們的業務發展和成功。所以，這也為我們帶來了長期的商業成功，而且具有很強的防禦性。

Ming Hsun Lee, Bank of America.

李明勳，美國銀行。

William, I have follow 2 questions. So my first question is related to the chip business. So I think previously, you already mentioned that the second ship will be more powerful, more competitive compared to your first chip. So could you give a little bit guidance on this chip. So in the future, where you only focus on atomic driving and assume no robot for the chips in the future or you will also develop smart cabin used chip.

威廉，我還有以下兩個問題。我的第一個問題與晶片產業有關。所以我覺得你之前已經提到過，第二艘飛船會比你的第一艘飛船更強大，更有競爭力。您能稍微指導一下這款晶片嗎？所以，在未來，你只專注於原子驅動，並假設未來晶片中沒有機器人，或者你也會開發使用智慧座艙晶片。

And also, I think you save a lot of cost because you start to adopt your chip. So could you give some guidance about the vehicle model coverage for your chip? How much percent of the cost can be saved? Thank you.

而且，我認為，由於你開始採用自己的晶片，你會節省很多成本。那麼，您能否就您的晶片的車型覆蓋範圍提供一些指導？可以節省多少百分比的成本？謝謝。

(interpreted) Thank you for the question. So the second chip product function deal will also be a 5-nanometer automotive grid chip, but it comes with a more competitive and efficient cost structure. Performance-wise, it will be on par with 3 or wing. Cost-wise, it will also be more approachable and efficient than our first generation 931 chip. So in terms of the utilization, it can be used for autonomous driving, smart driving as well as all the AI applications and embodied AI.

（翻譯）謝謝你的提問。因此，第二款晶片產品功能協議也將是一款 5 奈米汽車級網格晶片，但它的成本結構更具競爭力和效率。性能方面，它將與 3 或翼型相當。從成本角度來看，它也比我們的第一代 931 晶片更易於接受且更有效率。因此，從應用角度來看，它可以用於自動駕駛、智慧駕駛以及所有人工智慧應用和具身人工智慧。

In terms of the average chip product, we will not do the training chip, but focusing more on the on-device inference chip and our trip product will be also qualified to be on devising (inaudible) chip. And also, it has a lot more potential to be applied across different scenarios and products. In terms of which vehicle models will be equipped with our second chip product. So far, we cannot disclose such information, especially if it's related to our external clients but we do have some industry peers and also clients showing strong interest into this chip product.

就平均晶片產品而言，我們不會做訓練晶片，而是更專注於設備端推理晶片，我們的旅行產品也將有資格成為設計（聽不清楚）晶片。而且，它在不同的場景和產品中具有更大的應用潛力。至於哪些車型將配備我們的第二款晶片產品。目前，我們無法披露此類信息，尤其是與我們的外部客戶相關的信息，但我們確實有一些業內同行和客戶對這款晶片產品表現出濃厚的興趣。

And my second question is related to your service business. So in 4Q, your service revenue gross margin reached 11.9%. Is it mainly cost the utilization of your substation continue to increase? And looking into 2026, do you expect the gross margin of the service business will continue to improve because based on your projection? Thank you.

我的第二個問題與貴公司的服務業務有關。因此，在第四季度，您的服務收入毛利率達到了 11.9%。貴公司變電站利用率持續成長的主要原因是成本嗎？展望 2026 年，根據您的預測，您認為服務業務的毛利率會繼續提高嗎？謝謝。

(interpreted) Thank you for the question. Regarding the revenues from other sales, it's mainly our service revenues as well as the revenues from community-related businesses. And in 2025, as our user base growth and the operational efficiency growth, we have also achieved the growth in our other sales revenue, more than RMB10 billion last year, which is also a growing part in our total revenue. And for this year, as we continue to grow our user base, we also are expecting the growth in our other sales revenue and also it will continue to make a positive contribution to the group level gross margin. And regarding the charging and the swapping business as we will continue to develop and deploy our infrastructure network, especially our Power Swap network at the pace of around 1,000 new stations every year, with all this upfront investment in the infrastructure for the near term, we will still see operational losses on the charging and swapping network side.

（翻譯）謝謝你的提問。至於其他銷售收入，主要包括我們的服務收入以及社區相關業務的收入。到 2025 年，隨著用戶群的成長和營運效率的提高，我們的其他銷售收入也實現了成長，去年超過 100 億元人民幣，這在我們總收入中所佔的比例也在不斷增長。今年，隨著用戶群的不斷擴大，我們預計其他銷售收入也將成長，並將繼續為集團毛利率做出積極貢獻。至於充電和換電業務，我們將繼續發展和部署我們的基礎設施網絡，特別是我們的換電網絡，每年新增約 1000 個站點。儘管近期在基礎設施方面進行瞭如此多的前期投資，但我們在充電和換電網路方面仍將面臨營運虧損。

But the profit from other sales can basically cover the losses on the power and -- on the power side. So this -- the overall business development will be actually conducted in a controlled pace. And also, I would like to add a comment here. In 2025, we have achieved the profitability on our other sales, mainly our services and community-related businesses. And in 2026, we also believe that we will continue to enhance the profitability of this part even against the precondition that we are going to install 1,000 new Power Swap stations this year, we will still target to achieve improved profitability for this part of the business.

但其他銷售的利潤基本上可以彌補電力方面的損失。因此，整體業務發展實際上將以可控的步伐進行。另外，我還想補充一點。到 2025 年，我們已在其他銷售領域實現了盈利，主要包括我們的服務和社區相關業務。我們相信，即使在今年要安裝 1,000 個新的換電站的情況下，到 2026 年，我們仍將繼續提高這部分業務的盈利能力，我們仍將以提高這部分業務的盈利能力為目標。

Thank you, Ming Hsun.

謝謝你，明勳。

Yuqian Ding, HSBC.

丁宇謙，匯豐銀行。

Yeah. Thank you, team. I've had 2 questions. The first is to follow up on the OpEx optimization. We talked about R&D guidance before. Could we share more color in terms of SG&A? So fourth quarter, we hit SG&A absolute value at RMB3.5 billion. So can we extrapolate to understand that the baseline if we multiply it by 4, that's the baseline or range we can understand 2026.

是的。謝謝團隊。我有兩個問題。首先要跟進營運支出優化。我們之前討論過研發指導問題。我們能否詳細介紹一下銷售、一般及行政費用（SG&A）方面的情況？因此，第四季度，我們的銷售、管理及行政費用絕對值達35億元人民幣。所以我們可以推斷，如果將基線乘以 4，那就是我們可以理解到 2026 年的基線或範圍。

(interpreted) Thank you for the questions. In Q4 2025, as we have seen growth both in sales volume as well as sales revenue, the percentage of SG&A to the sales revenue has also fall into a viable range. That is also driven by our CBU mechanism as well as the continuous efforts in the organizational efficiency improvement. And also, it's partially because that in Q4, we didn't introduce or launch any new models. So didn't have much expenses on the marketing and the relevant activities and events.

（翻譯）謝謝大家的提問。2025 年第四季度，隨著銷售量及銷售收入的成長，銷售、一般及行政費用佔銷售收入的比例也降至合理的範圍內。這也得益於我們的CBU機制以及在提高組織效率方面不斷做出的努力。部分原因也是因為在第四季度，我們沒有推出任何新車型。因此，在行銷及相關活動和活動方面的支出並不多。

And for 2026, we will also continue our CBU efforts to make sure that our SG&A expenses are of the highest efficiency and good return. The absolute amount of the SG&A expenses this year will be growing, but proportionally to our sales revenue increase, we would like to control that to be winning 10% of our sales revenue.

2026 年，我們將繼續推進 CBU 工作，確保銷售、一般及行政費用達到最高效率並獲得良好回報。今年的銷售、一般及行政費用絕對金額將會成長，但我們希望將其與銷售收入的成長比例控制在銷售收入的 10% 以內。

Okay. Got. It. Thank you, Stanley. The second question is to ask about the volume and margin breakdown by brand. We talked about our volume target, and we also talked about a reasonable margin. So could you help us to understand between like 3 portfolio brands or between the core 5 big SUV portfolio versus rest? Just give us a bit of a sense to understand the dynamics between the brand or how do we cluster our volume mix so that can support sustainable margin expansion?

好的。得到。它。謝謝你，史丹利。第二個問題是詢問各品牌的銷售量和利潤率細分情況。我們討論了銷售目標，也討論了合理的利潤率。那麼，您能否幫助我們理解旗下 3 個品牌組合之間的區別，或者核心的 5 款大型 SUV 產品組合與其他產品組合之間的區別？請您簡單介紹一下品牌動態，或者說，我們如何調整銷售組合才能支持可持續的利潤成長？

(interpreted) Thank you for the question. Regarding the sales volume and the vehicle gross margin breakdown, as we've mentioned, the market will be still highly dynamic in 2026. So at the moment, it will be very difficult for us to give a specific or precise breakdown on the volume or margin contribution model. To give you some high-level information, for the 5 large SUV models that we've mentioned, they will be playing a major role in our sales volume. That's one.

（翻譯）謝謝你的提問。關於銷量和車輛毛利率細分，正如我們之前提到的，2026 年市場仍將保持高度動態。因此，目前我們很難對銷售量或利潤貢獻模型給出具體或精確的細分數據。簡單來說，我們提到的這 5 款大型 SUV 車型將在我們的銷售中發揮重要作用。這是其中之一。

And secondly, for the FIREFLY, since after the Spring Festival holidays, we also see a quick rebound of its volume and order momentum back to the level -- back to the stable level as it has last year. So this will also be another indicator regarding the volume driver. And regarding the vehicle gross margin, as we've mentioned, for all 3 brands, they will be under cost pressure due to the external volatility reasons. But in the meantime, we will still keep improving the vehicle gross margin across all 3 brands. At the moment, we cannot give you a specific margin outlook or assumptions for each brand, but put that against a longer time spectrum, we always target to achieve 20% to 25% vehicle gross margin for the new brand, above 15% vehicle gross margin for the ONVO brand and above 10% vehicle gross margin for the FIREFLY brand.

其次，就螢火蟲而言，春節假期過後，我們也看到其交易量和訂單動能迅速反彈，恢復到去年的穩定水平。所以這也將成為衡量銷售驅動因素的另一個指標。至於車輛毛利率，正如我們之前提到的，由於外部波動的原因，這三個品牌都將面臨成本壓力。但同時，我們將持續提高旗下所有三個品牌的車輛毛利率。目前，我們無法提供每個品牌的具體利潤率預期或假設，但從更長的時間跨度來看，我們始終致力於使新品牌的車輛毛利率達到 20% 至 25%，ONVO 品牌的車輛毛利率超過 15%，FIREFLY 品牌的車輛毛利率超過 10%。

So that is our margin target for all 3 brands against a longer time spectrum. It has also been our internal target. In addition to that, our management mindset has also made a switch since last year, where before it was purely sale volume driven. But now we are trying to find the optimal balance between sales volume, vehicle gross margin and the overall business performance. This is also driven by our CBU mechanism.

所以，這是我們針對這三個品牌在較長時間範圍內所設定的利潤率目標。這也是我們內部的目標。除此之外，我們的管理理念也與去年以來發生了轉變，以前完全是靠銷售額驅動的。但現在我們正在努力尋找銷售量、車輛毛利率和整體業務績效之間的最佳平衡。這也是由我們的CBU機制所驅動的。

As for each vehicle model, we have established a dedicated vehicle strategy team that will be taking the overarching responsibilities for the vehicles business performance finding balance between the margin and also the volume of the product. That is a major change we have made since last year when we had the CBU in place. This is also reflected in our business performance improvement from Q4 to Q1 this year.

對於每款車型，我們都成立了專門的車輛策略團隊，負責車輛業務績效的全面管理，並力求在利潤率和產品銷售之間取得平衡。這是自去年以來我們採用CBU以來所做的一個重大改變。這一點也反映在我們今年第四季到第一季的業務業績提升。

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

現在沒有其他問題了，我想把電話轉回給公司，請他們做總結發言。

Thank you again for joining us today. If you have further questions, please feel free to contact NIO's IR team through the contact information on the website. This concludes the conference call. You may now disconnect your lines. 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繫蔚來汽車的投資者關係團隊。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。