蔚來 (NIO) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded. I

各位女士、先生，大家好。感謝您撥冗參加蔚來（NIO Inc.）2026年第一季度業績電話會議。（接線員指示）今天的電話會議將被錄音。我

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

現在把電話交給本公司投資者關係與企業融資負責人陳瑞先生。Ray，請開始。

Good morning and good evening, everyone. Welcome to NIO's first-quarter 2026 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2026年第一季度業績電話會議。公司財務及營運結果已於今日稍早透過新聞稿發布，並已刊登於公司投資者關係網站。今天的電話會議出席者包括：創辦人、董事長兼執行長李斌先生，以及財務長曲玉先生。

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

在我們繼續之前，敬請留意今天的討論將包含依據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。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日所表達的觀點存在重大差異。

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.

有關風險與不確定性的進一步資訊，已載於公司向美國證券交易委員會、香港聯合交易所有限公司及新加坡交易所有限公司證券交易部提交的若干文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

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

另請注意，蔚來的業績新聞稿及本次電話會議包含未經審計的GAAP財務資訊，以及未經審計的非GAAP財務衡量指標之討論。請參閱蔚來新聞稿，其中載有未經審計的非GAAP指標與可比GAAP指標之調節表。

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斌先生。William，請開始。

(interpreted) Hello, everyone, and thank you for joining NIO Inc.'s 2026 Q1 earnings call. In Q1 2026, the company delivered a total of 83,465 smart EVs, representing a year-over-year increase of 98.3%. Breaking it down by brand, the NIO brand delivered 58,543 vehicles, maintaining its leadership in China's BEV segment priced above RMB300,000. The ONVO brand delivered 13,339 vehicles, continuing to unlock its growth potential. The FIREFLY brand delivered 11,583 vehicles, ranking number one in China's high-end small car segment.

（口譯）各位好，感謝參加蔚來公司2026年第一季度業績電話會議。2026年第一季度，公司共交付83,465輛智慧電動車，同比增長98.3%。按品牌拆分，蔚來品牌交付58,543輛，持續保持在中國售價30萬元人民幣以上純電（BEV）細分市場的領先地位。ONVO品牌交付13,339輛，持續釋放其成長潛力。FIREFLY品牌交付11,583輛，在中國高端小型車細分市場排名第一。

In April, the company delivered 29,356 vehicles, up 22.8% year over year. Starting Q2, the three brands have entered an intensive product launch and delivery cycle, which is expected to support continued rapid delivery growth. We expect the total deliveries in Q2 to range between 11,000 and 11,500 units, representing year-over-year growth of 52.7% to 59.6%.

4月，公司交付29,356輛，同比增長22.8%。自第二季度起，三大品牌進入密集的新產品發布與交付週期，預計將支撐交付量持續快速增長。我們預計第二季度總交付量介於11,000至11,500輛之間，同比增長52.7%至59.6%。

On the financial side, the company's gross margin was 19% in Q1, driven by a higher contribution from higher-margin products, Vehicle margin came in at 18.8%, improving quarter over quarter for the fourth consecutive quarter. Margin for other sales, mainly services and community-related businesses reached 20.6%, the highest level in the past four years, with both business scale and profitability achieving improvement.

財務方面，公司第一季度毛利率為19%，主要受高毛利產品貢獻提升所帶動；整車毛利率為18.8%，已連續第四個季度環比改善。其他銷售（主要為服務及社群相關業務）毛利率達20.6%，為過去四年最高水準，業務規模與獲利能力均實現提升。

In Q1, the company maintained positive non-GAAP operating profit and positive operating cash flow where cash reserves would increase to RMB48.2 billion. NIO has remained committed to the BEV road map while continuously strengthening its systemic innovation capabilities. Over the years, the company has built distinctive competitiveness across technology, products, services, and user community operations. Supported by these capabilities, the product and overall experience of NIO, ONVO, and FIREFLY have gained broad exclamation among their respective target users.

第一季度，公司維持非GAAP口徑經營利潤為正，且經營現金流為正，現金儲備增加至482億元人民幣。蔚來始終堅持純電（BEV）路線圖，同時持續強化系統性創新能力。多年來，公司在技術、產品、服務以及用戶社群運營等方面建立了差異化競爭力。在這些能力支撐下，蔚來、ONVO與FIREFLY的產品與整體體驗在各自目標用戶中獲得廣泛好評。

For the NIO brand, since delivery began in late September 2025, the all-new ES8 reached 100,000 delivery milestones in just 215 days, setting a new delivery record among passenger vehicles priced above RMB400,000 in China. As of April this year, the ONVO ES8 had remained number one in both the large SUV segment and the passenger vehicle segment priced above RMB400,000 for five consecutive months, regardless of powertrain types.

就蔚來品牌而言，自2025年9月底開始交付以來，全新ES8僅用215天即達成10萬輛交付里程碑，創下中國售價40萬元人民幣以上乘用車交付速度新紀錄。截至今年4月，ONVO ES8已連續五個月在大型SUV細分市場以及售價40萬元人民幣以上乘用車細分市場中保持第一，不論動力形式。

In early April, the 2026 ES6, EC6, ET5, and ET5T were launched and delivered, further addressing evolving user needs through enhanced product offerings. On April 9, we officially on-road the NIO ES9, our flagship executive SUV. The ES9 integrates multiple industry-first technologies and class-leading features, redefining the standards of executive flagship SUVs and leading segment into the BEV era. The ES9 will officially launch and begin deliveries on May 27, and we are confident that the ES9 will set a new benchmark in the flagship executive SUV market priced above RMB500,000.

4月初，2026款ES6、EC6、ET5與ET5T已上市並開始交付，透過更強的產品力進一步滿足用戶不斷演進的需求。4月9日，我們正式讓蔚來ES9——我們的旗艦行政級SUV——上路。ES9整合多項業界首創技術與同級領先配置，重新定義行政旗艦SUV標準，引領細分市場進入純電（BEV）時代。ES9將於5月27日正式上市並開始交付，我們有信心ES9將在售價50萬元人民幣以上的旗艦行政SUV市場樹立新標竿。

For the ONVO brand, the L90 continued its strong market momentum in Q1 2026, ranking number one in the large SUV segment priced between RMB200,000 and RMB300,000. This year, ONVO achieved comprehensive upgrades in both products as well as core technologies. The 2026 L90 has already been officially launched and delivered. The upgraded L90 now features NIO in-house developed NX9031 smart driving chip, NIO award model, and the SkyOS (inaudible) vehicle operating system.

就ONVO品牌而言，L90在2026年第一季度延續強勁市場動能，在售價20萬至30萬元人民幣的大型SUV細分市場排名第一。今年，ONVO在產品與核心技術方面均實現全面升級。2026款L90已正式上市並開始交付。升級後的L90搭載蔚來自研NX9031智慧駕駛晶片、蔚來獲獎模型，以及SkyOS（聽不清）車載作業系統。

On May 15, the ONVO L80, our flagship large SUV with an innovative front and trunk layout was officially launched and delivered. The L80 is a breakthrough product in the large five-seat SUV market and currently offers the largest cargo capacity among five-seat SUVs in China. Through innovative space and the scenario-based lifestyle solutions, the L80 supports a wide range of scenarios for large five-seat SUV users. In addition, the NIO L60 will make its debut in late May. The updated model will feature upgrades in exterior design and smart features, further enhancing its competitiveness.

5月15日，ONVO L80——我們採用創新前艙與後備箱佈局的旗艦大型SUV——已正式上市並開始交付。L80是大型五座SUV市場的突破性產品，目前提供中國五座SUV中最大的載物空間。透過創新空間設計與場景化生活方式解決方案，L80可支援大型五座SUV用戶的多元使用場景。此外，NIO L60將於5月下旬首次亮相。更新車型將在外觀設計與智慧功能方面升級，進一步提升競爭力。

For the FIREFLY brand, the refreshed model has already started the deliveries in Q2, bringing comprehensive upgrades in powertrain performance and smart experiences. Going forward, FIREFLY will continue to introduce limited additional models to further strengthen its distinctive brand identity. On smart driving, earlier this year, we officially rolled out a major new version of NIO World Model, or NWM, powered by the advanced architecture featuring the work model and both look reinforcement learning.

就FIREFLY品牌而言，改款車型已於第二季度開始交付，在動力系統性能與智慧體驗方面帶來全面升級。展望未來，FIREFLY將持續推出少量新增車型，以進一步強化其獨特的品牌識別。在智慧駕駛方面，今年稍早我們正式推出蔚來世界模型（NIO World Model，簡稱NWM）的重大新版本，採用先進架構，具備工作模型以及（聽不清）強化學習。

The new version significantly enhanced the full scenario navigate on pilot experience. Within one quarter of the rollout, Urban NOP milage increased by 92% quarter over quarter, while the proportion of smart driving usage time increased by 116%. So far, the smart driving system powered by NWM has been introduced across ONVO's new products. In June, both NIO and ONVO users will receive the next major NWM upgrade, bringing noticeable improvements across driving, parking, and active safety scenarios.

新版本大幅提升了全場景導航輔助的試點體驗。在推廣後的一個季度內，城市 NOP 里程環比提升 92%，而智慧駕駛使用時長占比提升 116%。截至目前，由 NWM 驅動的智慧駕駛系統已在 ONVO 的新產品中全面導入。6 月，NIO 與 ONVO 用戶都將收到下一次重大的 NWM 升級，將在駕駛、泊車與主動安全等場景帶來顯著改善。

In terms of sales and service networks, the company now operates 168 NIO Houses, 389 NIO Spaces, 430 ONVO stores, as well as 408 service centers and 90 delivery centers. We continue to optimize our sales and service network layout through the highly coordinated Sky Store model, expanding market coverage while strengthening local presence and increasing network density.

在銷售與服務網路方面，公司目前營運 168 家 NIO House、389 家 NIO Space、430 家 ONVO 門店，以及 408 個服務中心與 90 個交付中心。我們持續透過高度協同的 Sky Store 模式優化銷售與服務網路佈局，在擴大市場覆蓋的同時強化在地存在並提升網路密度。

As of now, the company has 3,916 power swap stations worldwide, along with more than 28,000 power chargers and destination chargers. On May 10, the NIO ES9 successfully completed the 10,000-kilometer challenge in just 94 hours 19 minutes and 11 seconds, setting a new record among BEVs in China. This further demonstrated the reliability, efficiency, and convenience of battery swap.

截至目前，公司在全球已建成 3,916 座換電站，並配備超過 28,000 個充電樁與目的地充電樁。5 月 10 日，NIO ES9 以 94 小時 19 分 11 秒成功完成 10,000 公里挑戰，在中國 BEV 中創下新紀錄。這進一步證明了換電的可靠性、效率與便利性。

On May 20, the company released its 2025 environmental, social, and governance report and announced its greenhouse gas emissions reduction target, aiming to reduce the carbon footprint per vehicle by 43% by 2035 from the 2023 baseline. By delivering the high-performance smart EVs and exceptional user experiences, we aim to build a sustainable and brighter future together with our users and partners.

5 月 20 日，公司發布 2025 年環境、社會與公司治理（ESG）報告，並公布溫室氣體減排目標：以 2023 年為基準，力爭到 2035 年將單車碳足跡降低 43%。透過交付高性能智慧電動車與卓越的用戶體驗，我們希望與用戶及合作夥伴共同打造更永續、更光明的未來。

After 11 years of long-term investment and persistence, the company has built a full stack technology capabilities around the core technologies of smart EVs. At the same time, we have gradually established a systemic innovation capability, spanning R&D, supply chain, manufacturing, quality, power services and user services. These capabilities not only enable us to continuously launch innovative products and lead industry development, but also serve as the core foundation for our continued brand development and long-term competitiveness.

經過 11 年的長期投入與堅持，公司已圍繞智慧電動車核心技術建立起全棧技術能力。同時，我們逐步建立了系統性的創新能力，涵蓋研發、供應鏈、製造、品質、能源服務與用戶服務。這些能力不僅使我們能持續推出創新產品並引領產業發展，也構成我們品牌持續發展與長期競爭力的核心基礎。

Today, NIO, ONVO and FIREFLY have each established clear market position with their core products steadily increasing market share in the respective segments. We are confident in achieving our business targets for the year and delivering sustainable growth beyond 2026.

目前，NIO、ONVO 與 FIREFLY 均已憑藉其核心產品建立清晰的市場定位，並在各自細分市場中穩步提升市占率。我們有信心達成今年的業務目標，並在 2026 年之後實現可持續成長。

Thank you for your support. With that, I will now turn the call over to Stanley for Q1 financial details. Over to you, Stanley.

感謝各位的支持。接下來我將把電話交給 Stanley，請他介紹 2026 年第一季度的財務細節。Stanley，交給你。

Thank you, William. Let's now review our key financial results for the first quarter of 2026.

謝謝你，William。現在我們來回顧 2026 年第一季度的主要財務結果。

Our total revenues reached RMB25.5 billion, up 112.2% year over year and down 26.3% quarter over quarter. Vehicle sales were RMB22.8 billion, up 129.2% year over year and down 27.9% quarter over quarter. The year-over-year growth was mainly due to increased deliveries and a higher average selling price, driven by positive product mix effects. The quarter-over-quarter decrease was mainly due to fewer deliveries.

我們的總營收達到人民幣 255 億元，同比增長 112.2%，環比下降 26.3%。整車銷售收入為人民幣 228 億元，同比增長 129.2%，環比下降 27.9%。同比增長主要由交付量提升以及在正向產品組合效應帶動下平均售價提高所致。環比下降主要由交付量減少所致。

Other sales were RMB2.7 billion, up 31.2% year over year and down 9.7% quarter over quarter. The year-over-year growth was driven by increased sales of parts, accessories and aftersales vehicle services and provision of power solutions, along with a rise in sales of auto financing services. The quarter-over-quarter decrease was due to a decrease in revenues from technical R&D services and used car sales.

其他銷售收入為人民幣 27 億元，同比增長 31.2%，環比下降 9.7%。同比增長主要由零部件、配件與售後車輛服務銷售增加，以及能源解決方案提供增加，同時汽車金融服務銷售上升所帶動。環比下降則由技術研發服務收入與二手車銷售收入下降所致。

Looking at margins. Vehicle margin was 18.8% compared with 10.2% in Q1 last year and 18.1% last quarter. The year-over-year and quarter-over-quarter improvements were driven by a more favorable product mix. Other sales margin reached a record high of 20.6% in recent four years, reflecting the continuing profitability improvement in our user base-driven service and community-related businesses. With the improvements in both vehicle and other sales margin, vehicle overall gross margin increased to 19% compared with 7.6% in Q1 last year and 17.5% last quarter.

再看毛利率。整車毛利率為 18.8%，相比去年第一季度的 10.2% 以及上一季度的 18.1%。同比與環比改善主要由更有利的產品組合所帶動。其他銷售毛利率達到近四年新高的 20.6%，反映出我們以用戶基礎驅動的服務與社群相關業務盈利能力持續提升。隨著整車與其他銷售毛利率雙雙改善，整體毛利率提升至 19%，相比去年第一季度的 7.6% 與上一季度的 17.5%。

Turning to OpEx. R&D expenses were RMB1.9 billion, decreased 40.7% year over year and 7% quarter over quarter. The year-over-year decrease was mainly driven by lower personnel costs in R&D functions due to organizational optimization, reduced the design and development costs from different development stages and improved operational efficiency.

接下來看營業費用。研發費用為人民幣 19 億元，同比下降 40.7%，環比下降 7%。同比下降主要由組織優化帶來研發職能人員成本降低、不同開發階段的設計與開發成本下降，以及營運效率提升所致。

The quarter-over-quarter decrease was also mainly due to lower design and development costs from different development stages and improved operational efficiencies. SG&A expenses were RMB3.5 billion, decreased 20.5% year over year and 1.1% quarter over quarter. The year-over-year decrease was mainly driven by lower personnel costs and related expenses in marketing and other supporting functions due to organizational optimization as well as reduced sales and marketing activities. The quarter-over-quarter SG&A expenses stayed stable.

環比下降亦主要由不同開發階段的設計與開發成本降低及營運效率提升所致。銷售、一般及行政費用為人民幣 35 億元，同比下降 20.5%，環比下降 1.1%。同比下降主要由組織優化帶來市場行銷及其他支援職能的人員成本及相關費用降低，以及銷售與市場活動減少所致。環比來看，SG&A 費用保持穩定。

Loss from operations was RMB0.3 billion compared with loss from operations of RMB6.4 billion in Q1 last year and profit from operations of RMB0.8 billion last quarter. Excluding share-based compensation expenses, adjusted profit from operations was RMB66.8 million. Net loss was RMB0.3 billion compared with net loss of RMB6.8 billion in Q1 last year and net profit of RMB0.3 billion last quarter.

營業虧損為人民幣 3 億元，相比去年第一季度營業虧損人民幣 64 億元，以及上一季度營業利潤人民幣 8 億元。剔除股權激勵費用後，調整後營業利潤為人民幣 6,680 萬元。淨虧損為人民幣 3 億元，相比去年第一季度淨虧損人民幣 68 億元，以及上一季度淨利潤人民幣 3 億元。

Excluding share-based compensation expenses, adjusted net profit was RMB43.5 million. Furthermore, we generated positive operating cash flow this quarter and ended the quarter with RMB48.2 billion in total cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits.

剔除股權激勵費用後，調整後淨利潤為人民幣 4,350 萬元。此外，本季度我們實現了正向經營現金流，並在季度末持有人民幣 482 億元的現金及現金等價物、受限制現金、短期投資與長期定期存款。

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

以上為我們的準備發言。如需更多資訊及未經審計的第一季度財務結果詳情，請參閱我們的業績新聞稿。現在我將把電話交給接線員，開始問答環節。接線員，請。

(Operator Instructions) Bin Wang, Deutsche Bank.

（接線員提示）德意志銀行 Bin Wang。

Congratulations for the great result. I've got two questions. The first one is about ES9. (inaudible) launched next week. Do you share with the core for order flow during the presale period? And do you think ES9 monthly volume in the next several months with the (inaudible) monthly volume guidance, and can ES9 order impact [ES8] order book? That's my first question.

恭喜取得優異的業績。我有兩個問題。第一個是關於 ES9。（聽不清）將於下週發布。能否分享一下預售期間的核心訂單流情況？以及你們如何看待未來幾個月 ES9 的月銷量，相對於（聽不清）的月度銷量指引？另外，ES9 的訂單是否會影響 [ES8] 的訂單簿？這是我的第一個問題。

And second question is about gross margin. Can you provide a second-quarter gross margin guidance given you have a better volume and also based on of the cost increase, such as memory. So basically, what's your outlook for the gross margin in the next several quarters?

第二個問題是關於毛利率。鑑於你們的出貨量更好，且也考量到成本上升（例如記憶體）等因素，能否提供第二季毛利率指引？也就是說，未來幾個季度你們對毛利率的展望是什麼？

(interpreted) Thank you for the question. Regarding your question on the ES9, we will officially launch and deliver the NIO ES9 on May 27. And since the prelaunch of the ES9, its technology as well as its exterior and interior design are well recognized and well received by the market and our users, we started the test drive of ES9 from May 11. And after the test drive, we also witnessed the growing momentum of the order intake on the model.

（口譯）謝謝你的提問。關於你對 ES9 的問題，我們將於 5 月 27 日正式發表並交付蔚來 ES9。自 ES9 預發布以來，其技術以及外觀與內裝設計都獲得市場與用戶的高度認可與良好反饋，因此我們自 5 月 11 日起開始 ES9 試駕。在試駕之後，我們也看到該車型訂單導入的動能持續增強。

Of course, for us, we seldom disclose the specific order momentum or order intake for the NIO models. However, we do have confidence in its overall performance in the executive flagship SUV segment above RMB500,000 in China. And we also believe that it is going to change the landscape of the battery electric vehicle segment above RMB500,000. (inaudible) we are confident in its competitiveness.

當然，我們很少披露蔚來車型的具體訂單動能或訂單導入數據。不過，我們對其在中國 50 萬人民幣以上的行政旗艦 SUV 細分市場中的整體表現有信心。我們也相信它將改變 50 萬人民幣以上純電動車細分市場的格局。（聽不清）我們對其競爭力充滿信心。

And also since the prelaunch of ES9, we actually didn't see that the launch of the ES9 diluting we're cannibalizing the circus or even your attention to the ES8. Instead, it is generating positive impact on the attention and the order intake of the ES8. Especially after we had the prelaunch and also test drive started for the ES9, we have welcomed a lot of in-store visits and traffic.

另外，自 ES9 預發布以來，我們其實沒有看到 ES9 的推出稀釋、蠶食，或分散大家對 ES8 的關注。相反地，它對 ES8 的關注度與訂單導入產生了正面影響。尤其是在 ES9 預發布且開始試駕之後，我們迎來了大量到店拜訪與客流。

Many of them maybe didn't know about the NIO brand or our product and after they were in the store by experiencing and comparing between the ES9 and the ES8, some of them point that, as I mentioned and also the use cases of the ES9 maybe a better much. For the (inaudible), we have actually witnessed an increase in the order intake of the ES8 after the prelaunch of the ES9. One week after the ES9 launch, actually, the order intake for the ES8 increased by 30%. And the starting -- since the test drive started from May 1, within one week of the quarter -- the week-over-week ES8 order intake increased by 30%.

其中很多人可能原本並不了解蔚來品牌或我們的產品；在到店體驗並比較 ES9 與 ES8 之後，有些人指出，如我所提到的，ES9 的使用情境可能更匹配。就（聽不清）而言，我們確實在 ES9 預發布後看到 ES8 的訂單導入增加。在 ES9 發布後的一週內，ES8 的訂單導入實際上提升了 30%。而自 5 月 1 日開始試駕以來，在一週之內（在本季度內）ES8 的訂單導入週比也提升了 30%。

And in the first 20 days of May, actually, the order intake on the ES8 has created a new history high since October, which is the ES8 launch. Last year, we actually -- after -- as we have been digesting the order backlog on the ES8, we have also maintained a pretty stable and a strong order intake on the ES8 without compromising the strong order intake for the ES9. So by having the strong order performance for both models, we can see the positioning of these two products are quite distinguished or differentiated from each other.

在 5 月前 20 天，ES8 的訂單導入實際上創下自去年 10 月（即 ES8 發布）以來的新高。去年，實際上——在——我們消化 ES8 的訂單積壓之後，我們也在不影響 ES9 強勁訂單導入的情況下，維持了 ES8 相當穩定且強勁的訂單導入。因此，兩款車型都具備強勁的訂單表現，顯示這兩款產品的定位相當清晰、彼此差異化明顯。

ES9 is more of a flagship executive SUV where it is more competing with the conventional combustion engine executive flagship SUV like BMW X7 or Mercedes GLS, where for the ES8, it is more of an all-around SUV that is catering both business scenarios as well as family purposes. So these two products are complementing each other well, price-wise, they are well differentiated. So we are happy to see that those products are well received in their respective segment.

ES9 更偏向旗艦行政 SUV，主要競爭對手是傳統燃油的行政旗艦 SUV，例如 BMW X7 或 Mercedes GLS；而 ES8 則更像是一款全能型 SUV，同時滿足商務場景與家庭用途。因此，這兩款產品彼此形成良好互補；在價格上也有明顯區隔。我們很高興看到這些產品在各自細分市場都獲得良好反饋。

(interpreted) Thank you for the question. Regarding your question on the gross margin. In Q1, we have achieved a vehicle margin of 18.8%, achieving quite good increments from both year over year as well as quarter over quarter. And in Q1, the increase in the vehicle margin is mainly because of the higher contribution by the higher-margin models, especially the ES8 contributing 50% of the margin where ES8 itself has over 20% vehicle margin in Q1.

（口譯）謝謝你的提問。關於你對毛利率的問題。第一季我們實現了 18.8% 的整車毛利率，無論同比或環比都有相當不錯的提升。第一季整車毛利率的提升主要來自高毛利車型貢獻占比提高，尤其是 ES8 貢獻了 50% 的毛利，而 ES8 本身在第一季的整車毛利率超過 20%。

And also, in the meantime, although there are rising cost pressure because of the rising material costs, however, our advanced inventories on such (inaudible) components have partially offset such pressure in Q1. And in terms of the Q2 and the full year, as you may have noticed that there is the rising material cost pressure faced by the entire industry, including the memory chips, battery materials like lithium carbonate as well as NCM, and also copper and aluminum raw materials.

同時，儘管原材料成本上升帶來成本壓力，但我們在（聽不清）等零組件上的提前備貨，在第一季部分抵消了這些壓力。至於第二季及全年，如你所見，整個行業都面臨原材料成本上升的壓力，包括記憶體晶片、電池材料如碳酸鋰以及 NCM，還有銅與鋁等原材料。

So starting Q2 and beyond, on average, the cost impact per unit is around RMB10,000 -- or more than RMB10,000. But for the full year, the company still aims to achieve a vehicle margin of around 17% to 18%.

因此從第二季起及之後，平均每台車的成本影響約為 1 萬元人民幣——或超過 1 萬元人民幣。但就全年而言，公司仍以實現約 17% 至 18% 的整車毛利率為目標。

And to achieve a Q2 and full year vehicle margin of 17% to 18%, we will be taking these several actions. The first is to further increase the product mix of products with higher prices and also higher margin contributions like the ES8 and ES9. And for other products with moderate margin, we will also maintain a stable pricing and also promotional policies. We will not compromise on the margin performance of such cars for the sake of volume contribution.

為了達成第二季及全年 17% 至 18% 的整車毛利率，我們將採取以下幾項措施。第一，進一步提升高售價且高毛利貢獻車型（如 ES8 與 ES9）的產品組合占比。對於其他毛利率中等的產品，我們也將維持穩定的定價與促銷政策。我們不會為了追求銷量貢獻而犧牲這些車型的毛利表現。

And second -- and thirdly, we will also work closely with our supply chain partners to promote on the engineering improvement, efficiency improvement as far as commercial negotiations to together mitigate the cost pressure. With that, we will target for a Q2 and full-year vehicle margin of around 17% to 18%.

第二——以及第三，我們也將與供應鏈夥伴緊密合作，推動工程改善、效率提升以及商務談判等，共同緩解成本壓力。基於此，我們將把第二季及全年整車毛利率目標定在約 17% 至 18%。

Thank you very much.

非常感謝。

Tim Hsiao, Morgan Stanley.

摩根士丹利 Tim Hsiao。

This is Tim Hsiao from Morgan Stanley. Thanks for taking the questions. And congratulations on another solid quarter. I have two questions. The first question is about the vehicle sales because we noticed ourselves of the 8 and 9 series large SUV are expected to likely more than triple year over year this year, while the rest of the lineup is likely to see a roughly 20% year-over-year decline on your 40% to 50% full-year volume guidance.

我是摩根士丹利的 Tim Hsiao。感謝讓我提問。也恭喜你們又交出一個穩健的季度。我有兩個問題。第一個問題是關於整車銷售，因為我們注意到，8 系與 9 系大型 SUV 今年預期同比可能超過三倍成長，而在你們全年 40% 至 50% 的銷量指引下，其餘產品線可能會出現約 20% 的同比下滑。

So once the growth of the 8 and 9 series is fully unfolded and the group's total volume, my approach like 500,000 unit target, how does NIO plan to reboost the growth of the subsequent models, for example, like a 5, 6, 7 series, which are likely to face greater competition in the market? That's my first question.

因此，當 8 系與 9 系的成長完全展開、集團總銷量逐步接近例如 50 萬台的目標時，蔚來計畫如何重新帶動後續車型的成長，例如 5、6、7 系等，這些車型在市場上可能面臨更激烈的競爭？這是我的第一個問題。

(interpreted) Thank you for the question. As you can see, the overall volume growth this year is mainly driven by the models with high price and also high margin. They are playing an important role in supporting both our volume growth as well as our vehicle margin improvement. For the ES8, we will maintain a stable and strong market performance. While very soon, we are going to start to deliver the ES9, and later, we will also introduce a five-seater of the ES8 as they all play in such role.

（口譯）謝謝你的提問。如你所見，今年整體銷量成長主要由高售價且高毛利的車型所帶動。它們在支撐我們的銷量成長以及整車毛利率改善方面扮演重要角色。對於 ES8，我們將維持穩定且強勁的市場表現。同時，我們很快就會開始交付 ES9；之後我們也會推出 ES8 的五座版本，這些車型都將在上述方面發揮作用。

And for the ONVO brand, we have L90 and L80 continue to lead in the market share and sell in the price segment between RMB20,000 to RMB300,000. So -- and also starting next year, our entire product portfolio will enter into a new phase of development where we are going to upgrade our ET5, ET5T, ES6, and EC6 also to the latest technology platform and digital architecture, where the ONVO brand next year will also have new products. So in general, we are going to maintain a pace of around seven to five new or relatively new products every year.

至於 ONVO 品牌，我們的 L90 與 L80 仍持續在市占率上領先，並在人民幣20,000至人民幣300,000的價格區間銷售。因此——同時從明年開始，我們的整體產品組合將進入新的發展階段：我們將把 ET5、ET5T、ES6 與 EC6 也升級到最新的技術平台與數位架構；而 ONVO 品牌明年也將推出新產品。總體而言，我們將維持每年約七到五款新產品或相對較新的產品的推出節奏。

Of course, with the launch of such NIO products, we don't pursue absolute increase in the volume of the cars, instead we would like to achieve a leading market share in each of their respective segments. And we also believe that our existing product portfolio and offering can support and sustain our competition and competitiveness in the market. In the first four months, the total sales of the company actually topped the passenger vehicle market in Shanghai.

當然，隨著這些蔚來產品的推出，我們並不追求車輛銷量的絕對成長，而是希望在各自細分市場中取得領先的市占率。我們也相信，現有的產品組合與供給能力足以支撐並維持我們在市場上的競爭與競爭力。在前四個月，公司總銷量實際上位居上海乘用車市場第一。

We've achieved 8% of the market share among Shanghai's passenger vehicle market. And as we continue to expand our channels and the network coverage, as we continue to deploy power swap sortations and facilities, as the users in the lower-tier cities open up their mind for the battery electric vehicle products, we believe that our existing product lines as well as our upcoming products will help us to achieve a reasonable market share within the passenger vehicle market in China.

我們在上海乘用車市場取得了8%的市占率。隨著我們持續擴張渠道與網路覆蓋、持續部署換電站型與設施，並且隨著低線城市用戶對純電動產品的接受度提升，我們相信現有產品線以及即將推出的產品，將有助於我們在中國乘用車市場取得合理的市占率。

Thank you. My second question is about the profit and OpEx because NIO has posted two consecutive non-GAAP profitable quarters. So do you anticipate maintaining the quarterly non-GAAP profit target throughout 2026?

謝謝。我的第二個問題關於利潤與營運費用（OpEx），因為蔚來已連續兩個季度實現非 GAAP 盈利。那麼，您是否預期在整個2026年都能維持季度非 GAAP 盈利目標？

In the meantime, can the current OpEx parameters, i.e., SG&A ratio below 10%, and the quarterly R&D spend gains at RMB2 billion to RMB2.5 billion, be adequate to support robust business growth moving forward? And when is the next R&D investment up cycle expected to begin? That's my second question.

同時，目前的 OpEx 參數，也就是銷售、一般及行政費用（SG&A）佔比低於10%，以及季度研發支出維持在人民幣20億到25億元，是否足以支持未來強勁的業務成長？下一輪研發投入上行週期預計何時開始？以上是我的第二個問題。

(interpreted) Thank you for the question. For the full-year 2026, our financial target is due to achieve positive non-GAAP operating profit. In terms of the OpEx guidance, for the R&D expenses, we target to maintain our non-GAAP R&D investments or expenses to be around RMB2 billion to RMB2.5 billion per quarter. For this level of spending, we believe that it will be enough to sustain and support our investments into the key technologies such as chips, operating systems and et cetera, to make sure that we have strong competitiveness and also technical leadership.

（口譯）謝謝您的提問。就2026年全年而言，我們的財務目標是實現非 GAAP 口徑的經營利潤轉正。在 OpEx 指引方面，研發費用上，我們的目標是將非 GAAP 研發投入或費用維持在每季約人民幣20億至25億元。以這一支出水準，我們認為足以支撐並支持我們在晶片、作業系統等關鍵技術上的投入，確保我們具備強勁的競爭力與技術領先。

And secondly, such investment scale will also support the launch and the rollout also of NIO models every year as introduced by William. And in the meantime, as we keep the expenses flat, we are also putting efforts in improving the overall efficiency and utilization of such resources. Last year, we rolled out the CBU mechanism, where under that mechanism, we are now using less money to yield more R&D results. As mentioned, the productivity or the yield of RMB2 billion investment as of today is equivalent to maybe the result of RMB3.5 billion R&D investment in the past years.

第二，這樣的投資規模也將支持如 William 所介紹的蔚來每年車型的發布與推廣落地。同時，在保持費用相對平穩的情況下，我們也在努力提升整體效率與資源使用率。去年我們推行了 CBU 機制，在該機制下，我們用更少的資金產出更多的研發成果。如前所述，以目前來看，人民幣20億元投入所產生的生產力或產出，可能相當於過去人民幣35億元研發投入的結果。

And also for the entire company, we've been staying with the battery electric vehicle road map, which can make us more focused than spreading our efforts were range-extended vehicles were (inaudible). In that case, we can be more efficient in making our investments, which is different from some of our peers, where they have to split their efforts for different powertrain systems.

此外，對於整個公司而言，我們一直堅持純電動（BEV）的路線圖，這使我們能更聚焦，而不是像增程式車型那樣分散精力（聽不清）。在這種情況下，我們能更有效率地進行投資；這與部分同業不同，他們必須在不同的動力總成系統之間分配資源與精力。

And regarding the SG&A expenses, in general, we hope that the SG&A as a percentage of the revenue is around 10%, but it can be different from quarter to quarter. For example, in Q2, we have a quite intensive product launch and the delivery cycle, where the corresponding marketing and the launch expenses are actually higher than the previous quarter. So the absolute amount in Q2 had a surge, especially the selling expenses in Q2 surged a lot from the Q1 baseline.

至於 SG&A 費用，我們整體上希望 SG&A 佔營收比重約在10%左右，但各季度之間可能會有所不同。例如在第二季，我們有相當密集的產品發布與交付週期，因此相應的行銷與發布費用實際上高於上一季。所以第二季的絕對金額出現上升，尤其是第二季的銷售費用相較第一季基準大幅增加。

But in Q3 and Q4, as most of the NIO products will be already in the market by then, then the absolute amount in the second half will also be relatively lower. So there will be also differences from quarter to quarter.

但在第三季與第四季，隨著大多數蔚來產品屆時已經在市場上，則下半年在絕對金額上也會相對較低。因此，各季度之間也會存在差異。

Thank you.

謝謝。

Paul Gong, UBS.

UBS 的 Paul Gong。

Congrats on this quarter. I have two questions. The first question is regarding the competition in the 9 series or large SUV segment. I think the success of the year site since late last year has attracted competitors launching the largest EV as we see in Beijing Auto Show and quite of them are even priced with very aggressive pricing.

恭喜本季度表現。我有兩個問題。第一個問題是關於 9 系列或大型 SUV 細分市場的競爭。我認為自去年底以來該車型的成功，吸引了競爭對手推出最大尺寸的電動車——我們在北京車展也看到不少，而且其中相當一部分的定價非常激進。

How do you think about the competition in this segment? And what is the moat for NIO? And how can NIO stay ahead in this segment as a sales lead champion in this high-end large SUV segment? That is my first question.

您如何看待這一細分市場的競爭？蔚來的護城河是什麼？蔚來如何在這個高端大型 SUV 細分市場中保持領先，作為銷量領先的冠軍？這是我的第一個問題。

(interpreted) Thank you for the question. It's true that the ONVO ES8 has created many records. It has achieved 100,000 delivery milestone in just 215 days, which is the fastest among all the cars priced above RMB400,000 in China. And for five consecutive months, it has been the sole champion in the price segment above RMB400,000 as well as in the large SUV segment regardless of the powertrain types. And looking at the sales of the large SUV priced above RMB400,000, yes, it has achieved 49.7% market share.

（口譯）謝謝您的提問。確實，ONVO ES8 創造了多項紀錄。它在僅215天內就達成10萬台交付里程碑，這是在中國所有售價高於人民幣40萬元的車型中最快的。並且連續五個月，它在人民幣40萬元以上價格區間以及大型 SUV 細分市場（不論動力形式）中均為唯一的冠軍。從人民幣40萬元以上大型 SUV 的銷量來看，是的，它取得了49.7%的市占率。

The reason for success is because itself is an embodiment of our 11 years of systematic capability and innovation development. In terms of such systemic capabilities and innovation, it includes our in-house capabilities for full stack technologies as well as our capabilities for the innovative supply chain. The reason I would like to highlight the innovative supply chain is that on the ES9, we have applied a lot of industry-first technologies where we needed to work partly with our supply chain partners to mass produce and make these advanced technologies happen.

成功的原因在於，它本身就是我們11年系統性能力與創新發展的體現。就這些系統性能力與創新而言，包含我們全棧自研技術能力，以及創新供應鏈能力。我之所以要特別強調創新供應鏈，是因為在 ES9 上，我們應用了大量業界首創技術，需要與部分供應鏈夥伴共同合作，才能實現量產並讓這些先進技術落地。

We also have leading capabilities for the advanced manufacturing life cycle quality, which is well recognized by many authorities in the automotive industry. We also have our smart power systems, our charging and the swapping network, and also, we have established a nationwide premium and holistic car user scenarios and also holistic experience for our users. With the six system capabilities established in the past 11 years, we now are establishing ourselves as a premium brand and also is leading in the premium segment.

我們在先進製造全生命週期品質方面也具備領先能力，並獲得汽車產業多個權威機構的高度認可。我們也擁有智慧電力系統、充電與換電網路；同時，我們已在全國建立高端且完整的用車場景，以及面向用戶的整體化體驗。憑藉過去11年建立的六大系統能力，我們如今正確立自身作為高端品牌的地位，並在高端細分市場中保持領先。

And in addition to these systemic capabilities, we also have spotted two findings among NIO users who have chosen our products. The first is that the competition landscape of the China's NIO energy vehicle market is now transitioning from a chaotic brand competition with a more clarified competition where the clarity has been introduced to the overall brand and the competition landscape for the NIO energy vehicle market in China, where among all these competitors, NIO is widely recognized as a premium brand and also well accepted by the public as a premium brand.

除了這些系統性的能力之外，我們也在選擇我們產品的蔚來用戶中觀察到兩點發現。第一點是，中國蔚來新能源車市場的競爭格局，正從過去較為混亂的品牌競爭，轉向更為清晰的競爭格局；整體品牌與競爭版圖的清晰度正在提升。在所有競爭者之中，蔚來被廣泛認可為高端品牌，也被大眾普遍接受為高端品牌。

Among many users, they have already established a consensus where NIO will be the next car after Mercedes, BMW, and Audi. And in Q1, the NIO brand has an average selling price of RMB390,000. That is around RMB50,000 higher than that of BMW and 50% higher than that of Audi.

在許多用戶之間，已經形成一種共識：蔚來會是繼賓士、BMW 與 Audi 之後的下一台車。而在第一季，蔚來品牌的平均售價為人民幣39萬元。這大約比 BMW 高人民幣5萬元，且比 Audi 高出50%。

So these are lively examples. And in cities like Shanghai, we're around the (inaudible) area, where in the first tier cities in China, actually, our market share has already surpassed the market share of the ICE models from all those traditional luxury brands. So in general, in the Chinese market, NIO has already established or starting to establish itself as a well-recognized premium brand.

所以這些都是很生動的例子。在像上海這樣的城市，我們在（聽不清）區域；在中國的一線城市，實際上，我們的市占率已經超過了所有傳統豪華品牌燃油車（ICE）車型的市占率。因此整體而言，在中國市場，蔚來已經建立起、或正在開始建立起其作為廣受認可的高端品牌的地位。

And for the ONVO brand it's average selling price is around RMB240,000, which is also comparable with many Tier 2 luxury brands. And now ONVO is also the go-to option for many families pursuing high-quality and also premium car usage experience. And for FIREFLY, it has achieved two-thirds of the market share in the high-end small car market. Its average selling price is around 50% higher than other small car competitors.

而 ONVO 品牌的平均售價約為人民幣24萬元，也可與許多二線豪華品牌相媲美。目前 ONVO 也成為許多追求高品質、且希望擁有高端用車體驗的家庭之首選。至於 FIREFLY，其在高端小型車市場已取得三分之二的市占率。其平均售價約比其他小型車競品高出50%。

But in terms of its design, safety, and also build quality, it is providing our users with sufficient value and also creating sufficient user value for them. So for the entire company, the NIO brand or ONVO brand or the FIREFLY brand, we are positioning ourselves as premium in general, and this is also a consensus among the users.

但就設計、安全以及製造品質而言，它為用戶提供了足夠的價值，也為他們創造了充分的用戶價值。因此對整個公司而言，無論是蔚來品牌、ONVO 品牌或 FIREFLY 品牌，我們整體定位皆為高端，這也已成為用戶之間的共識。

And also, in addition, for the NIO, ONVO, and FIREFLY brand, we have been insisting on the original design. We have been making long-term dedication and commitment to our products, and we also have corporate missions and values where our users find themselves can really identified with [investment] with all this mindset and mentality. Many users actually pursue beyond simple functions or configurations. They are more seeking for the emotion, connection and resonance, whereas we also have the community to create such emotion experience.

此外，對於蔚來、ONVO 與 FIREFLY 品牌，我們一直堅持原創設計。我們長期投入並承諾打磨產品，同時也有企業使命與價值觀；用戶能在這樣的思維與心態中找到認同，並願意投入其中。許多用戶其實追求的不僅是簡單的功能或配置。他們更在意情感、連結與共鳴；而我們也透過社群來創造這樣的情感體驗。

So when it comes to competition, such emotion touch point can really create a unique competitive edge where we don't need to be overaggressive with the prices. Not to mention that when the entire industry is under heavy cost pressure, a low price point may not generate you scale effect or economies of scale. In that case, a low price may not necessarily translate into an advantage, especially for the rising raw material costs on the memory chips, batteries, copper, aluminum, there is no economy of scales for such components, which means that a higher volume does not translate into a good margin performance of the car.

因此談到競爭，這樣的情感觸點能夠形成獨特的競爭優勢，使我們不需要在價格上過度激進。更何況當整個產業承受沉重的成本壓力時，低價位未必能帶來規模效應或規模經濟。在那種情況下，低價不一定能轉化為優勢；尤其在記憶體晶片、電池、銅、鋁等原材料成本上升之際，這些零組件並不存在規模經濟，意味著更高的銷量不會轉化為更好的整車毛利表現。

In that case, for us, we will insist on our premium brand positioning and insist on providing our users with emotion experience.

因此對我們而言，我們會堅持高端品牌定位，並堅持為用戶提供情感體驗。

Thanks, and well understood. My second question is regarding the potential indirect price risk under the challenge of the raw material cost inflation. Just now, Stanley mentioned the cost inflate by about RMB10,000 or more than RMB10,000. I think it's not only your challenge, but if you want a bigger challenge for your competitors who price the products at such a cheaper price level.

謝謝，理解得很清楚。我的第二個問題是，關於在原材料成本通膨挑戰下，可能存在的間接價格風險。剛才 Stanley 提到成本上升約人民幣1萬元或超過1萬元。我認為這不僅是你們的挑戰；如果要說更大的挑戰，可能是對那些把產品定價在更低價位的競爭對手而言。

Under this competition and the cost inflation challenge, do you think there is an opportunity to cut some of the incentives and the indirect (inaudible) better pricing for the industry and for yourself?

在這樣的競爭與成本通膨挑戰下，你是否認為有機會削減部分激勵措施與間接（聽不清），從而讓產業以及你們自身的定價更好？

(interpreted) Thank you for the question. It's true that the entire industry is facing the cost of pressure, mainly driven by the raw material costs as well as the prices of the semiconductors, especially the memory chips. As mentioned by Stanley, the cost impact is over RMB10,000 per car for our company. But our overall strategy is still to stabilize our prices while, in the meantime, we are also dialing back on some discounts and promotions.

（口譯）謝謝你的提問。確實，整個產業都面臨成本壓力，主要由原材料成本以及半導體價格所驅動，尤其是記憶體晶片。如 Stanley 所提到，對我們公司而言，每輛車的成本影響超過人民幣1萬元。但我們的整體策略仍是穩定價格，同時也在逐步收回部分折扣與促銷。

Facing the same pressure, different companies may have different coping mechanisms. And for us, it's about stabilizing the prices, while maintaining and improving our overall competitiveness on the products and services than just sacrificing on the margin for the sake of the volume.

面對同樣的壓力，不同公司可能有不同的應對機制。對我們而言，是在穩定價格的同時，維持並提升我們在產品與服務上的整體競爭力，而不是為了追求銷量而犧牲毛利。

Our strategy is to maintain a reasonable volume increase while keep improving our margins and the EBIT performance as those are our key business targets. So overall speaking, different companies have different coping mechanism and strategies. And for us, we will be insisting on our philosophy and to mitigate the impact.

我們的策略是在維持合理的銷量增長的同時，持續改善毛利與 EBIT 表現，因為這些是我們的關鍵經營目標。因此整體來看，不同公司有不同的應對機制與策略。而對我們而言，我們會堅持自身的理念，以降低影響。

And in the meantime, on the supply chain, since last year, we've been promoting some NIO models working with our partners. One is transparent supply chain and another is a mechanism or a principle called primary and preferred partners. In general, we work closely with our partners to identify costs and processes that are not creating user value, and we work with them to lower such costs or optimize such processes.

同時在供應鏈方面，自去年以來，我們推動部分蔚來車型與合作夥伴共同落地一些機制。一是透明供應鏈，二是一套稱為「主要與優先合作夥伴」的機制或原則。整體而言，我們與合作夥伴緊密合作，識別那些未能創造用戶價值的成本與流程，並與他們一起降低這些成本或優化流程。

In general, we believe that on the supply side, there should be around 5% to 10% opportunities driven by such optimization. So for this year, on the supply chain, we will be focusing on doing meticulous operations and management together with our partners to identify opportunities that can offset or mitigate the impact on the rising raw material costs.

整體而言，我們認為在供給端，透過這類優化大約有5%到10%的機會空間。因此今年在供應鏈方面，我們將聚焦於與合作夥伴一起進行更精細的營運與管理，找出可用來抵消或緩解原材料成本上升影響的機會。

Thank you very much. That's quite helpful. Thank you.

非常感謝。這很有幫助。謝謝。

Nick Lai, JPMorgan.

摩根大通的 Nick Lai。

Thank you for taking my question. This is Nick from JPMorgan. Two simple questions. The first question is, can you give us a quick recap and quick update of our ADAS strategy. And you mentioned earlier at the call that our own in-house chip engine has started to be put in our car selective model for now. And I wonder how fast will our in-house chip be deployed to the rest of the model, and how this ADAS strategy is going to be make our product much more competitive compared with our competitors?

謝謝讓我提問。我是摩根大通的 Nick。兩個簡單問題。第一個問題是，你能否快速回顧並更新一下我們的 ADAS 策略？你在電話會議前面提到，我們自研的晶片引擎目前已開始搭載在部分車型上。我想了解我們自研晶片會以多快的速度部署到其餘車型上，以及這套 ADAS 策略將如何讓我們的產品相較競爭對手更具競爭力？

And at the same time, I'm aware that our in-house chip subsidiary has raised RMB2 billion through fundraising in the first quarter. How would that help our financing and R&D? That's the first question.

同時，我也了解到我們的自研晶片子公司在第一季透過募資籌得人民幣20億元。這將如何幫助我們的融資與研發？這是第一個問題。

(interpreted) Thank you for the question. For NIO's in-house developed smart driving trip NX9031, it is the world's first automotive grade chip of 5-nanometer process, and it comes with the industry-leading capabilities in inference, data bandwidth, ISP performance as well as the inter-chip communications. And it was firstly mass produced on the NIO ET9 in last March. And to date, we have already shipped more than 250 pieces -- more than 250,000 pieces of the chips to our product.

(口譯) 感謝您的提問。關於蔚來自研的智慧駕駛晶片 NX9031，它是全球首款採用 5 奈米製程的車規級晶片，並具備業界領先的推理能力、資料頻寬、ISP 效能以及晶片間通訊能力。並且已於去年 3 月率先在蔚來 ET9 上量產搭載。截至目前，我們已經向我們的產品出貨超過 250 片——超過 25 萬片晶片。

So the chip solution itself is already pretty mature. And earlier, we have also introduced this chip to the ONVO's new products starting with L90, as by introducing this to the ONVO brand, we can also merge the autonomous driving or ADAS software baseline, improving the overall R&D efficiency as well as enhance their data close-loop capabilities.

因此，這套晶片解決方案本身已相當成熟。此外，先前我們也已將這顆晶片導入 ONVO 的新產品，從 L90 開始；透過導入 ONVO 品牌，我們也能合併自動駕駛或 ADAS 軟體基線，提升整體研發效率，並強化其資料閉環能力。

And in the second half of this year, we believe that more than 80% or 85% of our cars will be equipped with our in-house developed smart driving chips. And in terms of our AD solution and AD road map, as you see that starting this year, we are moving to the architecture featuring our NIO World Model plus the closed-loop reinforcement learning, and it has great potential for the continuous development and integrations as well as good efficiency.

我們相信在今年下半年，超過 80% 或 85% 的車型將會搭載我們自研的智慧駕駛晶片。在 AD 解決方案與 AD 路線圖方面，如各位所見，從今年開始我們正轉向以「蔚來世界模型（NIO World Model）+ 閉環強化學習」為特徵的架構，這對持續開發與整合具有很大潛力，同時效率也很高。

Because we are only using 20% of the car computing power in comparison to our competitors or our peers to achieve the same level where even better smart driving experience and performance. With this major version and upgrade, our users actually all speak highly of the smart driving experience. And later this year, we will have another two major upgrade. So we are quite confident with the overall AD performance as well as its growth potential.

因為相較於競爭對手或同業，我們只使用其 20% 的車端算力，就能達到同等甚至更好的智慧駕駛體驗與表現。在這次重大版本升級後，用戶對智慧駕駛體驗其實都給予高度評價。而在今年稍晚，我們還會有另外兩次重大升級。因此，我們對整體 AD 表現以及其成長潛力都相當有信心。

And in terms of the business model for the ADAS, we will continue our subscription services and the business model on the ADAS as it will also become a very important revenue driver among our other sales revenue mainly based on the services and also community-related businesses. Although right now, we are offering free subscriptions to some early users or new users, but for the use of cars, they will have to pay for the ADAS subscription. So for the long term, we see the potential in that.

在 ADAS 的商業模式方面，我們將持續推進 ADAS 的訂閱服務與商業模式；它也將成為我們除整車銷售之外、以服務及社群相關業務為主的其他收入中非常重要的營收驅動力。雖然目前我們對部分早期用戶或新用戶提供免費訂閱，但在車輛使用過程中，仍需支付 ADAS 訂閱費用。因此，從長期來看，我們看好其潛力。

So in terms of our AD solution, we have already completed the entire chain from the chip to the model and architecture to the closed-loop data as well as the business model. And in terms of the Shenji and the (inaudible) financing, of course, a smooth financing driven by the Shenji chip business can also give us more resources and the flexibility in developing our upcoming chip products, especially chips that are more affordable.

因此，就我們的 AD 解決方案而言，我們已完成從晶片、模型與架構、閉環資料到商業模式的全鏈路。至於神璣以及（聽不清）融資方面，當然，由神璣晶片業務帶動的順利融資，也能為我們在開發後續晶片產品時提供更多資源與彈性，尤其是更具性價比、更加可負擔的晶片。

Jing Chang, CICC.

常菁，中金公司。

Thank you for taking my question. And congratulations on our robust profit in the first quarter. So my first question is about ONVO. We see that L80 has opportunity launched this month. So how do you see from the market feedback on the orders? And also, we see competition currently. So how will the L80 overcome the NIO vehicle effect, which means we see some NIO model have quite large orders in the beginning, but later they will encounter a shop decrease.

感謝讓我提問。也恭喜我們第一季獲利表現強勁。我的第一個問題關於 ONVO。我們看到 L80 有機會在本月上市。那麼您如何看待市場回饋與訂單表現？另外，我們也看到目前競爭激烈。那麼 L80 將如何克服所謂的「蔚來車型效應」——也就是一些蔚來車型在初期訂單很大，但之後會遇到明顯下滑？

So [whatever] exact on the L80 sustainable monthly sales performance and also for the overall ONVO brand, what's our strategy to be implied to enhance the brand awareness for ONVO in total?

因此，關於 L80 的可持續月度銷售表現，以及整體 ONVO 品牌，我們將採取什麼策略來提升 ONVO 的整體品牌知名度？

(interpreted) Thank you for the question. For the ONVO L80, we believe it's a defining and also revolutionary product in the large five-seater SUV segment. In general, the market size for the five-seat SUV is 3 times of that for the three-row SUV segment, which means that for the L80, it is being able to tap into a greater and broader market than the L90.

(口譯) 感謝您的提問。對於 ONVO L80，我們認為它是在大型五座 SUV 細分市場中具有定義性、也具革命性的產品。整體而言，五座 SUV 的市場規模是三排座 SUV 細分市場的 3 倍，這意味著 L80 相較於 L90，能夠切入更大、更廣的市場。

And since the official launch of ONVO L80 on April 29, we actually have received a positive feedback both from the media as well as from the users who test drove the vehicles and its order intake is also meeting our expectations. Regarding the target users of the ONVO L80 actually, the car can cater to a pretty wide range of user groups, including young couples, couples with (inaudible), families with pet where families with kids that are already going up.

自 4 月 29 日 ONVO L80 正式上市以來，我們實際上收到了媒體與試駕用戶的正面回饋，訂單導入也符合我們的預期。關於 ONVO L80 的目標用戶，其實覆蓋面相當廣，包括年輕夫妻、有（聽不清）的夫妻、有寵物的家庭，以及孩子已經逐漸長大的家庭等。

So for the ONVO L80, we believe that it core competitiveness is still is powered by the technology as well as its overall product performance, including how it has reimagined the space as well as all this lifestyle and scenario-based solutions. So we believe that the ONVO L80 will drive the entire large five-seater SUV segment into the BEV era, just like how L90 and the ES8 did with the large payroll SUV segment.

因此，對於 ONVO L80，我們認為其核心競爭力仍然來自技術與整體產品力，包括它如何重新想像車內空間，以及各種生活方式與場景化解決方案。我們相信 ONVO L80 將推動整個大型五座 SUV 細分市場進入純電（BEV）時代，就像 L90 和 ES8 之於大型三排座 SUV 細分市場一樣。

And right now for the ONVO brand, the major challenges still because of its overall brand awareness, things after all, ONVO has just started its delivery for around 20 months. And we've also found the study on the ONVO awareness. It's current awareness is basically on par with the awareness of the NIO brand in the year of 2020. To list its brand awareness, we are also taking different approaches so that more people will be able to know about the brand.

目前 ONVO 品牌面臨的主要挑戰仍在於整體品牌知名度，畢竟 ONVO 交付至今大約才 20 個月。我們也做了關於 ONVO 知名度的研究。目前其知名度基本與 2020 年的蔚來品牌相當。為了提升品牌知名度，我們也採取不同方式，讓更多人能夠了解這個品牌。

For example, we have collaborated and invited some celebrities to promote our products and brands where many of these celebrities have good reach among the target users of ONVO. And we are also asking our front-line colleagues and teams to really go into the field to go door-to-door to promote our products and invite users for the test drive. It takes a lot of effort, but it is also taking effect. So overall, it takes time to really establish and build the brand awareness on the ONVO.

例如，我們與一些名人合作並邀請他們推廣我們的產品與品牌，其中許多名人在 ONVO 的目標用戶群中具有良好的觸達能力。同時，我們也要求一線同事與團隊真正深入一線，挨家挨戶推廣產品並邀請用戶試駕。這需要投入大量努力，但也正在產生效果。總體而言，建立並提升 ONVO 的品牌知名度確實需要時間。

But the good thing is that once the public for the users know about the brands, we have a pretty efficient conversion from knowing about the brand all the way to the order placement.

但好的一點是，一旦大眾與用戶了解了品牌，我們從「認知」到「下單」的轉化效率相當高。

Thank you. My second question is regarding to the other sales. We have seen the gross profit margin of other sales has been -- have a significant improvement in the first quarter to above 20%, which I think is a historical high. So could you quantify the main drivers behind this margin growth? And also, is there any one-off effect and also provide us maybe some outlook on the trend this year.

謝謝。我的第二個問題是關於其他銷售。我們看到第一季其他銷售的毛利率大幅提升至 20% 以上，我認為這是歷史新高。能否量化一下這次毛利率提升的主要驅動因素？另外，是否存在一次性因素？也請提供今年趨勢的展望。

(interpreted) Thank you for the questions. Regarding other sales, mainly includes aftersales services service and maintenance, accessory e-shop, power services and also NIO Life merchandise. And we've been witnessing significant improvement in the aftersales performance and also financial since Q4 last year. And in Q1 this year, we have achieved over 20% other sales margin.

(口譯) 感謝您的提問。關於其他銷售，主要包括售後服務與維修保養、配件電商、能源服務以及 NIO Life 商品。自去年第四季以來，我們一直看到售後表現與財務表現的顯著改善。在今年第一季，我們實現了超過 20% 的其他銷售毛利率。

And with this result, there was no one-off impact, and the key drivers of the improvement in other sales margins, mainly because, first of all, NIO, the entire company, has been committed to establishing this brand connections with our users and to deliver experience -- holistic experiences throughout the life cycle of the product that can go beyond their expectations. With that, we have a very strong user stickiness and also a strong willingness to pay for these premium services.

而在這個結果之下，並沒有任何一次性的影響；其他銷售毛利率改善的關鍵驅動因素主要在於：首先，蔚來整個公司一直致力於與用戶建立品牌連結，並在產品全生命週期中交付能夠超越其期待的體驗——全方位的整體體驗。因此，我們的用戶黏著度非常高，且對這些高端服務也有很強的付費意願。

For example, aftersales services, the accessory e-shop and the NIO Life products have actually are popular among our users, and they also generate a good result. And secondly, we've been improving the overall efficiency of such services, especially power services for the operating CapEx where operating costs per station we've actually achieved quite significant improvement. And thirdly, we are also leveraging our energy and power services by doing off-peak charging and also great interactions and also electricity trading to be able to also generate good results.

例如，售後服務、配件電商以及 NIO Life 產品實際上都很受用戶歡迎，也帶來了不錯的成果。其次，我們一直在提升這類服務的整體效率，特別是在電力服務方面的營運資本支出（CapEx）——我們已在單站營運成本上取得相當顯著的改善。第三，我們也透過離峰充電、更多互動以及電力交易來發揮能源與電力服務的價值，同樣能帶來良好成效。

And with that, we believe that our other sales, mainly our services and community-related businesses are also embracing an inflection point and entering into a new phase of development. And for the full year 2026, we have the target for a 20% other sales margin. And going into a longer term, as we continue to increase our user base and also the efficiency of such services, we believe that the profitability of other sales, as mentioned, services and community-related businesses, will also continue to improve.

基於此，我們相信其他銷售——主要是我們的服務與社群相關業務——也正迎來拐點並進入新的發展階段。對於 2026 全年，我們的目標是其他銷售毛利率達到 20%。從更長期來看，隨著我們持續擴大用戶基礎並提升這些服務的效率，我們相信其他銷售的獲利能力（如前所述的服務與社群相關業務）也將持續改善。

So in the long run, in addition to the NIO car sales, other sales will also become a very important and a key driver for our sustainable growth.

因此，從長期來看，除了蔚來整車銷售之外，其他銷售也將成為我們可持續成長非常重要的關鍵驅動力。

Yuqian Ding, HSBC.

丁宇倩，匯豐。

Yuqian here. Conscious of the time, I just got one question. So regarding the second half, could you talk a bit more about the NIO comp plan? Other than the current NIO models ramp up into second half, what's the biggest expectation in segment half? Could you share the ES7's timeline and position among the current big size of premium SUV pack you have?

我是宇倩。考量時間，我只有一個問題。關於下半年，能否再多談一些蔚來的競爭（comp）規劃？除了目前蔚來車型在下半年爬坡之外，下半年分部（segment）最大的期待是什麼？能否分享 ES7 的時間表，以及它在你們現有大型高端 SUV 產品組合中的定位？

(interpreted) Thank you for the question. In the second half of this year, the major NIO product we're going to launch will be the five-seater version of the all-new ES8. So in addition to that, our primary focus in the second half will be dedicated to selling cars and also serving our use as well.

（口譯）謝謝你的提問。在今年下半年，我們將推出的蔚來主要產品是全新 ES8 的五座版本。除此之外，我們下半年的主要重點將放在賣車，以及更好地服務我們的用戶。

Joey Yang, Bank of America.

楊喬伊，美國銀行。

Thank you, management, for taking my question. I also have one question on your battery swap station. Can you talk about what are the target number of your battery swap stations and also the targeted utilization rate by end of this year? And when will the battery swap business achieve probability on a stand-alone basis?

謝謝管理層回答我的問題。我也有一個關於你們換電站的問題。能否談談截至今年年底，你們換電站的目標數量以及目標利用率？以及換電業務何時能在單獨口徑下實現獲利？

(interpreted) Thank you for the question. Well, our power swap stations at its peak, mainly during the holidays were busy hours on average, each station can deliver around 45 swaps per day. And on the average days, it's around 30 swaps per day. And for the short term, our focus will still be on rolling out and expanding our power swap network. And this year, our target is to build a total of more than 1,000 power swap stations.

（口譯）謝謝你的提問。我們的換電站在高峰期——主要是節假日的繁忙時段——平均每站每天可完成約 45 次換電。而在一般日子，約為每天 30 次換電。短期內，我們的重點仍將是鋪設並擴張換電網路。今年我們的目標是累計建成超過 1,000 座換電站。

Especially starting in Q3, we will be able to roll out our fifth-generation power swap substation at the scale. In the meantime, we are continuously improving the operational efficiency of our swap stations. But for the short term, we will still need to make upfront investment and early deployment of stations. So for the short term, the profitability of the power swap network is not our primary focus.

特別是從第三季開始，我們將能夠以規模化方式推出第五代換電站。同時，我們也在持續提升換電站的營運效率。但短期內，我們仍需要進行前期投入與早期站點部署。因此在短期內，換電網路的獲利並不是我們的首要重點。

But I would like to mention that for the services and the community-related businesses, basically other sales, it has already achieved profit. And in that case, we -- and the power swap business is also included in that part of the profit, which means that we will have resources to sustain the continuous expansion of our swap station network.

但我想提到的是，服務與社群相關業務——也就是其他銷售——基本上已經實現獲利。在這種情況下，我們——而換電業務也包含在這部分的利潤之中——這意味著我們將有資源支撐換電站網路的持續擴張。

Thank you very much. That's very helpful.

非常感謝。這很有幫助。

There are no further questions. I'd like to turn the call back over to the company for closing remarks.

沒有進一步的問題。我想把電話交回公司作結語。

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 line. Thank you.

再次感謝各位今天參與。如有進一步問題，歡迎透過網站上的聯絡資訊與蔚來投資者關係（IR）團隊聯繫。本次電話會議到此結束。您現在可以掛線。謝謝。

That does conclude our conference for today. Thank you for participating. You may now disconnect.

我們今天的會議到此結束。感謝各位參與。您現在可以掛線。

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由在場口譯員所說。該口譯員由主辦本活動的公司提供。