蔚來 (NIO) 2026 Q2 法說會逐字稿

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

各位女士、先生，大家好。感謝您撥冗參加蔚來汽車（NIO Inc.）2026年第二季度業績電話會議。（接線員指示）今天的電話會議將被錄音。

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

現在我將把電話交給本次會議主持人——公司企業融資與策略投資部投資者關係副總裁兼負責人陳睿先生。睿，請開始。

Good morning, and good evening, everyone. Welcome to NIO's second 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 Ms. Stanley Qu, Chief Financial Officer.

各位早安、晚安。歡迎參加蔚來2026年第二季度業績電話會議。公司財務及營運業績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。今天的電話會議上，我們有公司創辦人、董事長兼執行長李斌先生，以及財務長曲玉女士。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

在繼續之前，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》安全港條款所作之前瞻性陳述。前瞻性陳述具有內在風險與不確定性。

As such, the company's actual results may be materially different from views expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with the US Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited.

因此，公司實際結果可能與今日所表達之觀點存在重大差異。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。

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. 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.

除非適用法律另有規定，公司不承擔更新任何前瞻性陳述之義務。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財務指標。請參閱蔚來新聞稿，其中載有未經審計之非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。

Hello, everyone, and thank you for joining NIO Inc.'s 2026 Q2 earnings call. In Q2, the company delivered a total of 107,658 smart EVs, achieving year-over-year growth of 49.4%. In Q2, the NIO, ONVO and FIREFLY brands all achieved year-over-year and quarter-over-quarter growth in both sales volume and average transaction price.

各位好，感謝參加蔚來汽車2026年第二季度業績電話會議。第二季度，公司共交付107,658輛智慧電動車，同比成長49.4%。第二季度，蔚來、樂道（ONVO）與螢火蟲（FIREFLY）三個品牌在銷量與平均成交價方面均實現同比與環比成長。

More specifically, the NIO brand delivered 60,945 vehicles, leading China's passenger vehicle market with transaction prices above RMB350,000 across all powertrain types. The ONVO brand delivered 29,124 vehicles, demonstrating strong growth momentum. And the FIREFLY brand delivered 17,589 vehicles, maintaining its leadership in the high-end compact car market. In July and August, the company delivered 35,534 (sic -- 35,934) and 35,836 vehicles, respectively.

具體而言，蔚來品牌交付60,945輛，在成交價高於人民幣35萬元、涵蓋所有動力形式的中國乘用車市場中保持領先。樂道（ONVO）品牌交付29,124輛，展現強勁成長動能。螢火蟲（FIREFLY）品牌交付17,589輛，持續領跑高端緊湊型車市場。7月與8月，公司分別交付35,534（原文如此——35,934）輛及35,836輛。

In Q3, the total deliveries are expected to range between 108,000 and 111,000 units. On the financial side, in Q2, the company's gross margin stood at 18.4%, driven by continued strong performance from the higher-margin products and ongoing cost optimization despite pressure from sharply rising raw material and chip costs. The vehicle gross margin remained solid at 18.5%.

第三季度，預計總交付量介於108,000至111,000輛之間。財務方面，第二季度公司毛利率為18.4%，主要受益於高毛利產品持續強勁表現及持續成本優化，儘管原材料與晶片成本大幅上升帶來壓力。整車毛利率保持穩健，為18.5%。

The gross margin of other sales was 17%, with services and community-related businesses continuing to contribute to profitability. In Q2, the company continued to generate non-GAAP operating profit as well as positive operating cash flow and free cash flow, further increasing its cash reserves to RMB56.7 billion. This helped strengthen the company's business fundamentals while laying solid groundwork for its long-term sustainable development.

其他銷售毛利率為17%，服務與社群相關業務持續貢獻獲利。第二季度，公司持續實現非GAAP營業利潤，並保持正向營運現金流與自由現金流，進一步將現金儲備提升至人民幣567億元。這有助於強化公司經營基本面，並為長期可持續發展奠定堅實基礎。

Now turning to our products, R&D and operations. For the NIO brand, on July 9, the flagship SUV [ES9] launched and began deliveries of the 5-seat version, catering to more diverse user needs and scenarios with its 5-seat layout and spacious interior. The ES8 has maintained strong momentum since launch and achieved the 140,000 units delivery milestone in just 335 days, leading China's passenger vehicle segment in the RMB400,000 price range and the large SUV segment.

接下來談談產品、研發與營運。蔚來品牌方面，7月9日，旗艦SUV [ES9] 上市並開始交付5座版本，憑藉5座佈局與寬敞座艙，滿足更為多元的用戶需求與使用場景。ES8自上市以來保持強勁勢頭，僅用335天即達成累計交付14萬輛里程碑，在人民幣40萬元價位段乘用車及大型SUV細分市場中領先。

In the Net Promoter Score survey by Land Roads, the NIO ES8 achieved the highest NPS among BEVs, ranking first in both sales volume and product reputation. In the meantime, the flagship executive SUV ES9, which began deliveries in late May, has started winning over users from traditional luxury fuel-powered SUVs, leading in sales volume among passenger vehicles with transactional prices above RMB500,000 in June and July.

在Land Roads的淨推薦值（NPS）調查中，蔚來ES8在純電動車（BEV）中取得最高NPS，並在銷量與產品口碑兩方面均排名第一。同時，於5月下旬開始交付的旗艦行政SUV ES9，已開始吸引傳統豪華燃油SUV用戶，並於6月與7月在成交價高於人民幣50萬元的乘用車中銷量領先。

The continued strong performance of NIO brand flagship models has further strengthened its leading position in the premium BEV market. For the ONVO brand, the L90 surpassed 60,000 deliveries within its first year since launch, ranking number one among the large battery electric SUVs priced around RMB300,000.

蔚來品牌旗艦車型的持續強勁表現，進一步鞏固其在高端純電市場的領先地位。樂道（ONVO）品牌方面，L90自上市首年交付即突破60,000輛，在約人民幣30萬元價位的大型純電SUV中排名第一。

The L80 continued to see steady deliveries, winning broad recognitions with its exceptional cargo space and scenario-based functionality. In Q2, leveraging the outstanding product strength of the L90 and L80, the ONVO brand became the sales leader among large SUVs priced below RMB300,000.

L80持續穩定交付，憑藉卓越的載物空間與場景化功能獲得廣泛認可。第二季度，依託L90與L80的突出產品力，樂道（ONVO）品牌成為人民幣30萬元以下大型SUV銷量領先者。

In addition, the upgraded L60 better meets the needs of its target users, further strengthening ONVO's sales momentum. The FIREFLY brand has been number one in market share among high-end compact cars for 15 consecutive months, maintaining its leadership in the segment. Its precise product positioning and unique brand identity continue to win the hearts of target users.

此外，升級後的L60更好地滿足目標用戶需求，進一步強化樂道的銷售動能。螢火蟲（FIREFLY）品牌已連續15個月在高端緊湊型車市場份額排名第一，持續領跑該細分市場。其精準的產品定位與獨特的品牌識別度，持續贏得目標用戶青睞。

In terms of smart driving, on June 18, the latest version of NIO WorldModel was rolled out to over 700,000 NIO and ONVO users. As the second major release this year, the new version further leveraged the world model architecture and closed-loop reinforcement learning, delivering significant enhancements in functionality and user experience. User adoption has continued to grow.

智慧駕駛方面，6月18日，最新版本的NIO WorldModel已向超過70萬名蔚來與樂道用戶推送。作為今年第二次重大版本發布，新版本進一步運用世界模型架構與閉環強化學習，在功能與用戶體驗方面帶來顯著提升。用戶採用率持續提升。

Since the upgrade, NIO users' mileage with urban NOP has increased by 92.8%. The upgrade also covered all ONVO users whose mileage with urban NOA increased by 127.8% following the upgrade. Powered by leading model algorithms, systematic architecture and strong engineering capabilities, NIO is the industry's first car company to develop and roll out smart driving systems in parallel across general purpose and proprietary chip platforms with a common software branch and synchronized releases.

升級後，蔚來用戶使用城市NOP的里程提升92.8%。本次升級亦覆蓋所有樂道用戶，其城市NOA里程在升級後提升127.8%。依託領先的模型演算法、系統化架構與強大的工程能力，蔚來成為業界首家在通用與自研晶片平台上並行開發與推送智慧駕駛系統的車企，並實現同一軟體分支與同步發布。

Users across different technology platforms and brands can enjoy a continuously evolving industry-leading smart driving experience throughout the vehicle life cycle. On the sales and service front, so far, the company has 165 NIO Houses, 376 NIO Spaces, 441 ONVO stores as well as 420 service centers and 93 delivery centers.

不同技術平台與品牌的用戶，均可在整個車輛生命週期內享受持續演進、業界領先的智慧駕駛體驗。銷售與服務方面，截至目前，公司擁有165家NIO House、376家NIO Space、441家樂道門店，以及420個服務中心與93個交付中心。

In J.D. Power's 2026 Customer Service Index study for NEVs, the NIO brand ranked number one among both premium brands and Chinese brands, maintaining its top position since the rankings were first introduced. Our high-quality services have earned widespread recognition from both the industry and users.

在J.D. Power 2026年新能源車（NEV）客戶服務指數研究中，蔚來品牌在高端品牌與中國品牌兩個類別均排名第一，自該排名首次推出以來一直保持首位。我們的高品質服務獲得業界與用戶的廣泛認可。

In terms of the power network, at present, the company has 4,123 power swap stations and 30,294 power chargers and destination chargers worldwide. On August 7, NIO's 4000th power swap station went live, marking the launch of its first fifth-generation station. The fifth generation can support battery swaps for all models of NIO, ONVO and FIREFLY, covering a wide range of vehicle sizes from compact cars to full-size SUVs. With significantly enhanced operational and service efficiency, the fifth-generation station is able to provide enhanced external services and support open operations.

就換電網路而言，截至目前，公司在全球已建成 4,123 座換電站，以及 30,294 根充電樁與目的地充電樁。8 月 7 日，蔚來第 4,000 座換電站正式上線，標誌著其首座第五代換電站投入運營。第五代換電站可支援蔚來、ONVO 與 FIREFLY 全系車型換電，覆蓋從緊湊型轎車到全尺寸 SUV 的多種車身尺寸。在運營與服務效率顯著提升的情況下，第五代換電站能夠提供更強的對外服務能力並支援開放式運營。

Leveraging standardized power operations at scale, the company is also exploring value-added businesses such as electricity trading, further unlocking the commercial value of battery swapping. On July 23, NIO was named by TIME Magazine as one of the world's most sustainable companies of 2026, becoming the only Chinese automaker on the list. We will continue to advance our BEV road map, shaping a more sustainable and brighter future with our users.

依託規模化的標準化換電運營，公司亦在探索電力交易等增值業務，進一步釋放換電的商業價值。7 月 23 日，蔚來被《TIME》雜誌評選為 2026 年全球最具永續性的公司之一，成為榜單中唯一的中國汽車製造商。我們將持續推進純電（BEV）路線圖，與用戶共同塑造更永續、更光明的未來。

As China's automotive market enters a new phase of competition, the landscape is undergoing several important changes. First, with the rapid growth of BEV penetration, BEVs have become a mainstream powertrain in the market. Second, the industry is moving from a period of brand ambiguity towards greater brand clarity with brand becoming an increasingly important factor in consumers' purchasing decisions. Third, the final round of competition is shifting from product-level competition to competition in comprehensive system capabilities.

隨著中國汽車市場進入新的競爭階段，競爭格局正在發生幾項重要變化。第一，隨著純電（BEV）滲透率快速提升，BEV 已成為市場主流動力形式。第二，行業正從品牌辨識度不清晰的階段走向更清晰的品牌格局，品牌正日益成為消費者購車決策中的重要因素。第三，最終一輪競爭正從產品層面的競爭轉向綜合系統能力的競爭。

For years, we have remained committed to the premium BEV strategy and have been building our system capabilities. This puts us well aligned with the industry's evolution and positions us for a new phase of high-quality growth. We are confident in achieving our operating targets. Thank you for your support. With that, I will now turn the call over to Stanley for Q2 financial details.

多年來，我們始終堅持高端純電（BEV）策略，並持續打造系統能力。這使我們與行業演進方向高度一致，並為進入新一輪高品質成長奠定了基礎。我們有信心達成既定的經營目標。感謝各位的支持。接下來我把電話交給 Stanley，請他介紹 2026 年第二季度的財務細節。

Over to you, Stanley.

Stanley，交給你。

Thank you, William. Let's now review our key financial results for the second quarter of 2026. Our total revenues reached RMB32.1 billion, up 69.1% year-over-year, at 25.9% quarter-over-quarter. Vehicle sales were RMB29.1 billion, up 80.1% year-over-year and 27.5% quarter-over-quarter.

謝謝你，William。下面我們回顧 2026 年第二季度的主要財務業績。我們的總營收達到人民幣 321 億元，同比增長 69.1%，環比增長 25.9%。汽車銷售收入為人民幣 291 億元，同比增長 80.1%，環比增長 27.5%。

The year-over-year growth was mainly due to the increased deliveries and a higher average selling price driven by a more favorable product mix. The quarter-over-quarter increase was driven by higher deliveries. Other sales were RMB3.1 billion, up 7.2% year-over-year and 12% quarter-over-quarter.

同比增長主要由交付量提升以及更有利的產品組合帶來的平均售價上升所驅動。環比增長則主要由交付量提升所帶動。其他銷售收入為人民幣 31 億元，同比增長 7.2%，環比增長 12%。

The year-over-year growth was driven by increased sales of parts, accessories and aftersales vehicle services, partially offset by decreased sales of used cars and technical research and development services. The quarter-over-quarter increase was due to increase in revenues from used car sales and parts, accessories and aftersales vehicle services sales.

同比增長主要由零部件、配件及售後車輛服務銷售增加所帶動，但部分被二手車銷售及技術研發服務銷售下降所抵消。環比增長主要由二手車銷售收入以及零部件、配件及售後車輛服務銷售收入增加所致。

Looking at margins, vehicle margin was 18.5% compared with 10.3% in Q2 last year and 18.8% last quarter. The year-over-year improvement was driven by a more favorable product mix, while quarter-over-quarter vehicle margin remained stable. Overall gross margin was 18.4% versus 10% in Q2 last year and 19% last quarter.

從毛利率來看，整車毛利率為 18.5%，相比去年第二季度的 10.3% 以及上季度的 18.8%。同比改善主要由更有利的產品組合所驅動，而環比整車毛利率保持穩定。整體毛利率為 18.4%，相比去年第二季度的 10% 以及上季度的 19%。

The year-over-year increase was mainly due to the increased vehicle margin, and the quarter-over-quarter slight decrease was mainly due to gross margins from vehicle sales, provision of power solutions and sales of parts, accessories and aftersales vehicle services.

同比提升主要由整車毛利率提高所致；環比小幅下降主要由整車銷售、提供能源解決方案以及零部件、配件及售後車輛服務銷售的毛利率變動所致。

Turning to OpEx. R&D expenses were RMB2.1 billion, decreased 28.7% year-over-year and increased 13.8% quarter-over-quarter. The year-over-year decrease was mainly driven by lower personnel costs in R&D functions due to organizational optimization, reduced 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 21 億元，同比下降 28.7%，環比上升 13.8%。同比下降主要由於組織優化帶來研發職能人員成本降低、不同研發階段導致的設計與開發成本下降，以及運營效率提升。

The quarter-over-quarter increase was mainly due to the incremental design and development costs for new products and technologies as well as the increased personnel costs in research and development functions. SG&A expenses were RMB4.4 billion, increased 11.6% year-over-year and 22.5% quarter-over-quarter.

環比上升主要由新產品與新技術帶來的新增設計與開發成本，以及研發職能人員成本增加所致。銷售、一般及行政費用為人民幣 44 億元，同比上升 11.6%，環比上升 22.5%。

The year-over-year increase was mainly driven by increase in sales and marketing activities associated with new product launches, while the quarter-over-quarter increase also reflected increased sales and marketing activities associated with new product launches as well as higher personnel and related costs for marketing functions and share-based compensation for general corporate functions.

同比上升主要由新產品上市相關的銷售與市場活動增加所致；環比上升亦反映新產品上市相關的銷售與市場活動增加，以及市場職能人員及相關成本上升，並包含一般公司職能的股份支付費用增加。

Loss from operations was RMB0.3 billion, down 92.9% year-over-year and up 12.4% quarter-over-quarter. Excluding share-based compensation expenses, adjusted profit from operations was RMB0.2 billion. Net loss was RMB0.5 billion, showing a decrease of 89.4% year-over-year and an increase of 59% quarter-over-quarter.

經營虧損為人民幣 3 億元，同比下降 92.9%，環比上升 12.4%。剔除股份支付費用後，調整後經營利潤為人民幣 2 億元。淨虧損為人民幣 5 億元，同比下降 89.4%，環比上升 59%。

Excluding share-based compensation expenses, adjusted net profit was RMB26.1 million. Furthermore, our positive operating cash flow grew substantially, and we achieved positive free cash flow. Our cash position strengthened further with RMB56.7 billion in total cash and cash equivalents, restricted cash, short-term investments and long-term time deposits. That wraps up our prepared remarks. For more information and the details of our unaudited second quarter financial results, please refer to our earnings press release.

剔除股份支付費用後，調整後淨利潤為人民幣 2,610 萬元。此外，我們的經營活動現金流大幅改善，並實現自由現金流為正。我們的現金狀況進一步增強，現金及現金等價物、受限制現金、短期投資及長期定期存款合計為人民幣 567 億元。以上為我們的準備發言。如需更多資訊及未經審計的第二季度財務業績詳情，請參閱我們的業績新聞稿。

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

現在我把電話交給接線員，開始我們的問答環節。

Operator?

接線員？

(Operator Instructions)

（接線員指示）

Bin Wang, Deutsche Bank.

德意志銀行，王斌。

My question is about the order flow sustainability about your ES8 and ES9 SUV. We noticed that in the premium SUV market, some of your peers' competitor although (inaudible) on a few -- several months. So can you explain why is that and how NIO differentiates in facing the competition in the high-end premium SUV market?

我的問題是關於你們 ES8 和 ES9 SUV 的訂單流可持續性。我們注意到在高端 SUV 市場，一些同業競爭對手雖然（聽不清）在過去幾個——數月。所以你們能否解釋一下原因，以及蔚來在面對高端豪華 SUV 市場競爭時如何實現差異化？

Thank you for the question. Regarding NIO's flagship models, including the ES8 and ES9, they will continue to see strong demand. For the ES8 in August, we delivered around 10,099 units. And in 11 months, we have delivered more than 140,000 ES8s. And in September, it's going to witness its next milestone of 150,000 deliveries, which means that in less than one year since its launch, it has already surpassed 150,000 unit delivery. So the demand for the models are pretty strong.

謝謝你的提問。關於蔚來的旗艦車型，包括 ES8 和 ES9，它們將持續保持強勁需求。就 ES8 而言，8 月我們交付約 10,099 輛。在 11 個月內，我們已交付超過 140,000 輛 ES8。而在 9 月，將迎來下一個里程碑——累計交付 150,000 輛，這意味著自上市以來不到一年，交付量就已突破 150,000 輛。因此，這些車型的需求相當強勁。

And as previously, we've talked about how the products are quickly iterated and introduced in the Chinese automotive market, where for a new model in the market, it's normally difficult. We're having difficulty to lost its popularity and attention by the market. But for the ES8, it may be the first model that is breaking away from this market trend.

另外，正如我們此前提到的，中國汽車市場產品迭代與新車推出速度很快，對於一款新車型而言，通常很難。我們很難讓它失去市場的熱度與關注度。但對於 ES8 來說，它可能是第一款打破這一市場趨勢的車型。

And regarding our flagship executive SUV ES9, it also sees strong demand since its launch, especially for the Horizon Edition and the Signature Edition. Right now, for users placing an order, they will need to wait for three months or nearly four months to pick up a new car. And if we look at the sales number of the ES9 in August and July, I think July, we were still consuming some preorders.

至於我們的旗艦行政級 SUV ES9，自上市以來同樣需求強勁，尤其是 Horizon 版與 Signature 版。目前用戶下單後，需要等待三個月或接近四個月才能提車。如果我們看 ES9 在 8 月和 7 月的銷量，我認為 7 月我們仍在消化部分預售訂單。

But if we are making a comparison between the incremental orders in July and August, we actually have seen a growth from July to August. So we are also confident in the continuous popularity and also demand for the ES9. And also, one thing worth noting is that around three-fourth of the ES9 users are actually from nonexisting NIO users, from users outside of the NIO user community. This also shows that ES9 has successfully reached out to a broader user base.

但如果我們比較7月與8月的新增訂單，其實我們看到從7月到8月是有成長的。因此，我們也對ES9持續的受歡迎程度以及需求充滿信心。另外值得注意的是，ES9用戶中約有四分之三其實來自非現有蔚來用戶，也就是蔚來用戶社群之外的用戶。這也顯示ES9已成功觸及更廣泛的用戶基礎。

And there are several reasons for the popularity and the demand for the ES9. The first is the technology innovation. On the ES9, we have introduced or debuted several dozens of industry first or industry-leading technologies and tech innovation is still so far, a very important competitiveness and also differentiation of our products.

而ES9之所以受歡迎、需求旺盛，有幾個原因。第一是技術創新。在ES9上，我們導入或首發了數十項業界首創或業界領先的技術，而技術創新至今仍是我們產品非常重要的競爭力與差異化來源。

And secondly, the product definition has precisely catered to the needs of the users in the premium segment, especially users buying the car for their business needs and also for their family occasions, where our cars have catered to both their emotional as well as functional needs. And our users also speak highly of the product experience.

第二，產品定義精準滿足了高端細分市場用戶的需求，尤其是因商務需求以及家庭使用場景而購車的用戶；我們的車同時滿足了他們的情感需求與功能需求。用戶也對產品體驗給予高度評價。

And the third is the holistic and one-of-a-kind experience enabled by our charging and swapping network as well as our aftersales services, which are actually a systematic capability difficult to replicate by the competitors. According to the Land Roads recent study on the aftermarket satisfaction on the new energy vehicles, we've been topping the list for 3 times consecutively.

第三，是由我們的充電與換電網路以及售後服務所帶來的整體且獨一無二的體驗；這其實是一種系統性能力，競爭對手很難複製。根據Land Roads近期針對新能源車售後滿意度的研究，我們已連續三次位居榜首。

And also in J.D. Power's recent research in terms of the post-market satisfaction on the new energy vehicles, we are also ranking the first for several years in a row. So for the premium segment, such experience centering on the services and post-market services are also very important.

此外，在J.D. Power近期關於新能源車售後市場滿意度的研究中，我們也已連續多年排名第一。因此，對於高端細分市場而言，這種以服務與售後服務為核心的體驗同樣非常重要。

And the fourth one is, as also previously talked about, the entire automotive market is now shifting from a period of brand ambiguity to a period of brand clarity, where users' purchasing decisions was previously largely based on the specifications of a product, and now their decision is mostly driven by the brand.

第四點是，如先前所談到的，整體汽車市場正從品牌模糊期轉向品牌清晰期；過去用戶的購買決策很大程度上基於產品規格，如今決策更多由品牌驅動。

And in that case, NIO has also established a pretty solid foothold and a clear brand awareness in the premium battery electric vehicle market. Among many users, they naturally believe that if they are going to choose a car to replace their existing Mercedes, BMW and Audi and NIO will be their natural choice. And if they are looking for a premium BEV model, then NIO is also their go-to car.

在這種情況下，蔚來也已在高端純電動車市場建立了相當穩固的立足點與清晰的品牌認知。在許多用戶心中，如果他們要選擇一輛車來替換現有的賓士、BMW與奧迪，蔚來會是他們的自然選擇。而如果他們在尋找一款高端BEV車型，蔚來同樣是他們的首選。

Among our existing NIO users, we've also studied their purchasing decision, where we find that the brand reputation and awareness is already accounted for more than 30% of their purchasing decision. This has further proven our solid foothold in the premium BEV market.

在我們現有的蔚來用戶中，我們也研究了他們的購買決策，發現品牌口碑與認知在其購買決策中的占比已超過30%。這進一步證明了我們在高端BEV市場的穩固地位。

And if we further look at the numbers by the insurance associations, in Q2, the average selling price of the NIO brand was RMB406,000, far higher than the prices of Mercedes, BMW and Audi and ranking the first among all the mainstream premium brands. And in July, the average selling price of the NIO brand was over RMB430,000. And we believe that the scarcity of such premiumness of our brands as well as the competitiveness of our brands across all three brands will also become a long-term foundation for our competitiveness going into the future.

如果我們再看保險協會的數據，第二季蔚來品牌的平均售價為人民幣406,000元，遠高於賓士、BMW與奧迪的價格，並在所有主流高端品牌中排名第一。而在7月，蔚來品牌的平均售價超過人民幣430,000元。我們相信，我們品牌高端性的稀缺性，以及在三個品牌維度上的競爭力，將成為我們未來長期競爭力的基礎。

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

This is Tim from Morgan Stanley. Congrats on the third consecutive profitable quarter. I have two questions. The first one is about ONVO because compared to the robust growth of the NIO and the FIREFLY brands, we noticed ONVO's customer conversion and order momentum have been relatively moderate to ramp since launch.

我是摩根士丹利的Tim。恭喜連續第三個季度實現盈利。我有兩個問題。第一個是關於ONVO，因為相較於蔚來與FIREFLY品牌的強勁成長，我們注意到ONVO自上市以來的客戶轉化與訂單動能提升相對溫和。

So I just want to know that how is the progress in recent adjustment to customer incentive and selling strategies. And looking forward, what further changes would management plan to effectively improve ONVO's order momentum? Yes, that's my first question.

所以我想了解，近期在客戶激勵與銷售策略調整方面的進展如何。展望未來，管理層還計畫做哪些進一步的改變，以有效提升ONVO的訂單動能？以上是我的第一個問題。

Thank you for the question. It's true that ONVO is actually in a more competitive market than NIO and FIREFLY, where the level of competition, the intensity level of competition in terms of the number of brands and also the number of models are also much more intense than that of NIO and FIREFLY.

謝謝提問。確實，ONVO所處的市場比蔚來與FIREFLY更具競爭性；無論是品牌數量還是車型數量，競爭的程度與強度都比蔚來與FIREFLY更為激烈。

But if we look at the ONVO's overarching performance since its launch, especially from its specific segment and market, it has actually done some good progress and achievements. In terms of the -- if we look at the average selling price of the ONVO products, as we all know that the passenger vehicle market in the first half of this year was a bit challenging.

但如果我們看ONVO自上市以來的整體表現，尤其是在其所屬的細分市場與市場區間，其實已取得一些不錯的進展與成果。就——如果我們看ONVO產品的平均售價，大家都知道今年上半年乘用車市場有些具挑戰性。

And even amid these challenges, ONVO still achieved an average selling price of RMB240,000, achieving also significant growth year-over-year. And in the first half of this year in the China's automotive market, only eight brands managed to achieve increase both in their sales volume as well as the average selling price, where ONVO is one of these eight brands.

即便在這些挑戰之下，ONVO仍實現了人民幣240,000元的平均售價，且同比也取得顯著成長。而在今年上半年中國汽車市場中，只有八個品牌同時實現銷量與平均售價的提升，ONVO就是其中之一。

So in terms of the average selling price, ONVO is even outperforming some traditional luxury brands. So if we perceive ONVO as a premium family-oriented brand, it is actually achieving a pretty good baseline from this brand definition perspective. And in terms of the overall product competitiveness, we also see some good progress and also foundation, especially a good conversion rate from sales leads and opportunities all the way to orders, which means that when users get to know about the brand and products, it's also more possible and likely for them to place an order on the ONVO product.

因此在平均售價方面，ONVO甚至超過了一些傳統豪華品牌。所以如果我們將ONVO定位為高端、以家庭為導向的品牌，從品牌定義的角度來看，它其實已建立了相當不錯的基礎盤。在整體產品競爭力方面，我們也看到一些良好進展與基礎，特別是從銷售線索與機會到訂單的轉化率表現不錯；這意味著當用戶了解品牌與產品後，更有可能下單購買ONVO產品。

So right now, for the ONVO brand, the challenge is more about its overall brand awareness, where its current brand awareness is maybe comparable with NIO's awareness around five to six years ago. So right now, our focus is also to enlarge the brand awareness and also the popularity through also different collaborations, offline activities and also engagement with more targeted communities.

所以目前對ONVO品牌而言，挑戰更多在於整體品牌認知度；其當前的品牌認知度可能相當於蔚來五到六年前的水平。因此，我們目前的重點也在於透過不同合作、線下活動，以及與更精準的社群互動，來擴大品牌認知與熱度。

And the second actions we are taking is to keep rolling out our Sky stores where we can host NIO, ONVO and FIREFLY brands under the same roof. With that, we are able to further expand our sales network and also to really introduce our ONVO brand to more users in the lower-tier cities.

第二項行動是持續推進我們的Sky門店，在同一屋簷下同時承載蔚來、ONVO與FIREFLY三個品牌。藉此，我們能進一步擴大銷售網路，並真正把ONVO品牌介紹給更多低線城市的用戶。

And the third action is to also introducing new ONVO products so that we can also reach out to broader family user base. But in the meantime, we will still maintain ONVO's positioning as a premium high-quality family-oriented brand. So we will not be very aggressive in entering into the entry-level segment.

第三項行動是推出新的ONVO產品，以便觸及更廣泛的家庭用戶群。但同時，我們仍會維持ONVO作為高端、高品質、以家庭為導向品牌的定位。因此，我們不會非常激進地進入入門級細分市場。

We will still strike a balance between the sales volume and also the vehicle gross margin. Right now, in the Chinese automotive market, we actually see a vacancy where there is no such brand that is comparable with the upscale product lines of Toyota or Volkswagen that can serve the needs of the family users. This is where we see the opportunity for ONVO to develop its awareness in that specific segment.

我們仍會在銷量與整車毛利率之間取得平衡。目前在中國汽車市場，我們其實看到一個空缺：缺少一個能夠對標豐田或大眾高端產品線、並能服務家庭用戶需求的品牌。這正是我們看到ONVO在該細分市場提升認知、發展的機會所在。

Thank you very much for sharing the details. My second question is a quick one. Just want to know that if management can share next year's new model refresh and the key launch milestones for the NIO, ONVO and FIREFLY, three brands on the group. Yes, that's it.

非常感謝分享這些細節。我的第二個問題很簡短。想請管理層分享一下明年蔚來、ONVO與FIREFLY三個品牌的新車型改款更新，以及關鍵上市里程碑。以上，謝謝。

Thank you for the question. For the NIO brand, for next year, we will be introducing new products coming from the five and six series product lines. I believe that the market is also aware of some of our latest plans. Where for the ONVO brand next year, we are going to introduce a major strategic new product that will also help to enrich our existing product lineup.

感謝您的提問。就 NIO 品牌而言，明年我們將推出來自第五與第六系列產品線的新產品。我相信市場也已經了解我們的一些最新規劃。至於 ONVO 品牌，明年我們將推出一款重大的策略性新產品，也將有助於豐富我們現有的產品陣容。

And for the FIREFLY brand, we will keep this single model strategy, but keep rolling out special editions and also technology upgrade. So for FIREFLY, it's a bit like taking the iPhone approach where it will stay in this same product, but with new additions.

而對於 FIREFLY 品牌，我們會維持單一車型策略，但會持續推出特別版，同時也會進行技術升級。因此對 FIREFLY 來說，有點像採取 iPhone 的做法：會維持同一款產品，但不斷加入新內容。

Paul Gong, UBS.

Paul Gong，瑞銀（UBS）。

Hi, William. Thanks for taking my question. My first question is regarding your vehicle gross margin outlook for the next two quarters amid the ongoing cost inflation. We are aware that the memory costs continue to go up. And I just want to listen to your thoughts, how does that impact the vehicle gross margin.

嗨，William。謝謝你回答我的問題。我的第一個問題是，在持續的成本通膨之下，未來兩個季度你們對車輛毛利率的展望如何？我們知道記憶體成本仍在上升。我想聽聽你的看法，這會如何影響車輛毛利率。

Thank you for the question. It's true that since this year, the cost structure of the automotive industry has been under pressure. And for the company, we've been facing pressure coming from the rising material costs, including memory chips, batteries and also other bulk materials.

感謝您的提問。確實，自今年以來，汽車產業的成本結構一直承受壓力。對公司而言，我們面臨來自原材料成本上升的壓力，包括記憶體晶片、電池以及其他大宗材料。

And if we look at the cost in Q2 as well as the cost in late Q4 last year, the average cost impact or cost increase is around RMB14,000 per car. And also in Q2, we've taken a series of efforts to stabilize our vehicle margin and under the rising cost pressure. And as previously mentioned, we've been actually using -- taking a very stable pricing strategies for our products. We didn't really lower the price -- lower the price in exchange for the sales volume.

如果我們比較今年第二季以及去年第四季末的成本，平均每輛車的成本影響或成本增加約為人民幣14,000元。同時在第二季，我們也採取了一系列努力，在成本上升壓力下穩定車輛毛利率。如先前所提，我們實際上一直採取——維持相當穩定的產品定價策略。我們並沒有真正透過降價——以降價來換取銷量。

And secondly, on the supply side, we've been working with the supply chain to take a series of optimization measures, the efforts as well as commercial negotiations. With all these efforts combined, we managed to stabilize our vehicle margin at 18.5% in Q2. And going into the second quarter, we expect the material cost to continue to increase by another RMB2,000 to RMB3,000, but we will also take a series of countermeasures to mitigate this risk. In Q3 and Q4, we hope to still stabilize our vehicle gross margin at the same level as in Q2.

第二，在供應端，我們一直與供應鏈合作，採取一系列最佳化措施、相關努力以及商務談判。在這些努力的綜合作用下，我們在第二季將車輛毛利率穩定在18.5%。展望第三季，我們預期材料成本仍將再增加約人民幣2,000至3,000元，但我們也會採取一系列對策以降低此風險。在第三季與第四季，我們希望仍能將車輛毛利率穩定在與第二季相同的水準。

So my second question is, yes, despite of all this cost pressure, you have done significant improvement in terms of profitability over the past one year. My question is, what gives you management confidence that these improvements are sustainable rather than say cyclical?

那我的第二個問題是，是的，儘管有這些成本壓力，過去一年你們在獲利能力方面仍有顯著改善。我的問題是，管理層為何有信心這些改善是可持續的，而不是例如屬於景氣循環性的？

Thank you for the question. To do that we need to take a comprehensive measure towards that. The first is that, as also mentioned by William, the automotive competition in China is now shifting to more brand-driven. And for the NIO brand, our ES9 and ES8 are still seeing pretty stable demand and also with significant market share in their respective segment.

感謝您的提問。要做到這一點，我們需要採取全面性的措施。第一，如 William 也提到的，中國汽車市場的競爭正轉向更以品牌驅動。對於 NIO 品牌，我們的 ES9 與 ES8 仍維持相當穩定的需求，並且在各自細分市場中擁有顯著的市占率。

These two models, they are also making major contribution in our product mix as well as vehicle margin as both of them has over 20% vehicle margin. And this will be our foundation for the overall performance.

這兩款車型也在我們的產品組合以及車輛毛利率方面做出重大貢獻，因為它們的車輛毛利率都超過20%。這將成為我們整體表現的基礎。

And the second is to keep rolling out optimizations towards our cost structure by making more accurate product definition and also by working on the cost reduction opportunities together with our supply chain partners. These are the efforts that we've been working on in the past several quarters.

第二，是持續透過更精準的產品定義，以及與供應鏈夥伴共同挖掘降本機會，來推進我們成本結構的最佳化。這些都是我們在過去幾個季度一直在推動的工作。

And internally, we've been doing all this decoupling and analysis of our R&D and also supply chain capabilities, putting them into the alternate granularity, identifying also opportunities for continuous cost reduction, and we will also keep up this good work.

在內部，我們一直在對研發以及供應鏈能力進行解耦與分析，把它們拆解到更細的粒度，並識別持續降本的機會；我們也會持續把這項工作做好。

And as mentioned, the Chinese automotive industry has been under cost pressure. But even amid all these challenges, the company has still managed to achieve high-quality growth as shared by Stanley, some of the efforts we've been taking to secure the long-term and sustainable growth of our business.

如前所述，中國汽車產業一直承受成本壓力。但即便在這些挑戰之下，公司仍然如 Stanley 所分享的那樣，實現了高品質成長；這些都是我們為確保業務長期且可持續成長所採取的一些努力。

And I'd like to also share some numbers. In the first half of this year, our sales volume increased by 67% year-over-year, where our total revenue increased by 86% year-over-year. That is faster than our volume increase. And in terms of our gross profit, it increased by 282% year-over-year, much faster than the growth of our revenue. And this is amid all the challenges coming from the supply side, the rising raw material costs on the chips and on everything.

我也想分享一些數據。今年上半年，我們的銷量年增67%，而總營收年增86%。營收增速快於銷量增速。在毛利方面，年增282%，遠快於營收增長。而這是在供應端挑戰、晶片等各項原材料成本上升的背景下取得的。

And as mentioned, also in Q2, the impact on the vehicle is around RMB14,000 on average, where compared from late last year, where in the second half of this year, such impact will continue to enlarge by another RMB2,000 to RMB3,000, which means that in the second half of this year, compared with Q4 last year, our cost structure will be burdened by another RMB16,000 to RMB17,000.

如前所述，第二季車輛平均成本影響約為人民幣14,000元，相較於去年末；而在今年下半年，這種影響還會再擴大人民幣2,000至3,000元。

But even against this backdrop, we still aim to achieve a steady growth in our gross profit. This is also a demonstration of our system capabilities and also competitiveness in terms of our technology, products, supply chain, sales and also brand management.

但即便在這樣的背景下，我們仍以實現毛利的穩健成長為目標。這也體現了我們在技術、產品、供應鏈、銷售以及品牌管理方面的系統能力與競爭力。

Thank you very much, and congratulations for the achievement.

非常感謝，也恭喜你們取得的成果。

Thank you.

謝謝。

Nick Lai, JPMorgan.

Nick Lai，摩根大通（JPMorgan）。

Thank you for taking my question. My first question is financial related. With very strong operating cash flow and free cash flow generation by first half, can management remind us our cash burn, including CapEx and R&D? And what the level of free cash flow can we anticipate by year-end? And with very strong cash position right now, can you remind us where do we plan to invest or spend our cash in terms of CapEx and R&D? That's my first question.

謝謝讓我提問。我的第一個問題與財務相關。上半年你們的營運現金流與自由現金流產生非常強勁，管理層能否提醒我們目前的現金消耗（cash burn）情況，包括資本支出（CapEx）與研發（R&D）？以及到年底我們可以預期的自由現金流水準大概是多少？另外，在目前現金部位非常充裕的情況下，能否也提醒我們在資本支出與研發方面，計畫把現金投資或花在哪些方向？這是我的第一個問題。

Thank you for the questions. I will answer to your question through several major aspects. The first is regarding CapEx. For this year, we expect our full year CapEx to be relatively flat from last year, roughly RMB6 billion to RMB7 billion per year. And such investment is mainly used for basically product research and development as well as the rollout of our sales and service network. Not much investment going into the capacity and also factory side.

感謝您的提問。我將從幾個主要面向回答。第一是關於資本支出（CapEx）。今年我們預期全年 CapEx 與去年相比大致持平，約每年人民幣60億至70億元。這些投資主要用於產品研發，以及我們銷售與服務網路的鋪設。在產能與工廠端的投資不多。

And the second is that we will continue to roll out and expand our charging and also swapping network. For this year, we still plan to build 1,000 new power swap stations. But different from previous years where in 2024, we've introduced the Power Up Partner plan, where through the plan, we would like to collaborate with different partners for the construction of our charging and swapping infrastructure.

第二，我們將持續鋪設並擴張充電與換電網路。今年我們仍計畫新建1,000座換電站。但不同於以往的是，在2024年我們推出了 Power Up Partner 計畫，透過該計畫，我們希望與不同合作夥伴共同建設充電與換電基礎設施。

And this year, we've made major progress in this plan, where we've been partnered with over 40 state-owned enterprises, platforms and also financial institutions across 25 provinces and cities in China in constructing our charging and swapping infrastructure. And for this year, we expect all the newly built infrastructure will be sponsored or funded by our Power Up partners.

今年我們在該計畫上取得了重大進展：我們已與中國25個省市的40多家國有企業、平台以及金融機構合作，共同建設充電與換電基礎設施。並且今年我們預期所有新建的基礎設施都將由我們的 Power Up 合作夥伴贊助或出資。

And the third is that our Battery-as-a-Service business model is also earning more recognition from also -- more users. This is also helping our battery asset management and the battery asset management company getting stronger support from the financial institutions and also different partners. In the first half of this year for the battery asset management company, we know as we also see some good progress regarding the fundraising across different channels.

第三點是，我們的電池即服務（Battery-as-a-Service, BaaS）商業模式也正獲得更多使用者的認可。這也有助於我們的電池資產管理，以及電池資產管理公司獲得金融機構與不同合作夥伴更強的支持。今年上半年，就電池資產管理公司而言，我們也看到其在不同融資渠道的募資方面取得了一些良好進展。

And in terms of the amount due from the battery asset management company, it is also reduced from over RMB16 billion earlier this year to less than RMB15 billion in end of Q2. Considering that we are also enlarging the user base and also the business size of the battery asset management. The increase in the absolute term is also relatively proportionally. So this is also a good sign.

此外，就電池資產管理公司應付款項的金額而言，也已從今年年初超過人民幣160億元，下降至第二季末低於人民幣150億元。考慮到我們同時也在擴大使用者基礎以及電池資產管理的業務規模，絕對值的增加在相對比例上仍屬可控。因此這也是一個良好的訊號。

With increase in sales volume as well as ongoing efforts in improving our operating performance, we expect that in Q3 and Q4, we can maintain the positive free cash flow as well as operating cash flow. With that, we also believe that in the second half of this year, our cash position will continue to enhance.

隨著銷量提升以及我們持續改善營運表現的努力，我們預期在第三季與第四季可以維持正向的自由現金流與營運現金流。基於此，我們也相信在今年下半年，我們的現金部位將持續改善。

My second question is ADAS related. The market is indeed very, very competitive. Every peer offer Autopilot function or features. So I'm wondering from a user standpoint, how do we differentiate ourselves from peers across our product offering from high end to entry level. And at the same time, given high adoption or penetration right now, will we consider different payment options such as pay-as-you-go or subscription option in the future?

我的第二個問題與 ADAS 有關。市場確實非常、非常競爭。每一家同業都提供自動駕駛（Autopilot）功能或特性。因此我想從使用者角度了解，我們如何在從高端到入門級的產品供給上與同業做出差異化。同時，鑑於目前採用率／滲透率已很高，未來我們是否會考慮不同的付費選項，例如按次付費（pay-as-you-go）或訂閱制？

Thank you for the question. This year, people actually start to see the benefits and also the advantage of our overall architecture featuring the NIO WorldModel plus the reinforcement -- closed-loop reinforcement learning and also collective intelligence, especially considering that the actual investment -- computing investment and the computing power we use for the cloud training for the autonomous driving and smart driving functionality is relatively small, achieving such good experience with our latest release, this has also proven the advantages of our technology road map.

謝謝你的提問。今年大家其實開始看到我們整體架構的效益與優勢：以 NIO WorldModel 加上強化學習——閉環強化學習，以及群體智慧（collective intelligence）為特色。尤其考慮到我們在雲端訓練自動駕駛與智慧駕駛功能所投入的算力投資與使用的計算資源相對較小，卻能透過最新版本帶來如此好的體驗，這也證明了我們技術路線圖的優勢。

And also, as mentioned earlier today, on June 18, we actually have pushed our latest NIO WorldModel version to over 700,000 users across different brands and also technology platform. Simultaneously, this has also proven the advances of our technology and architecture. And also, I would like to share some numbers with you. For the Cedar user, that's our third-generation platform equipped with NX9031 smart driving chip, where among these group of users, around 58% of them have been engaging smart driving functionalities for more than half of their trips.

另外，如同今天稍早提到的，6 月 18 日我們已將最新的 NIO WorldModel 版本推送給超過 70 萬名使用者，涵蓋不同品牌與技術平台。同時，這也證明了我們技術與架構的進展。我也想與你分享一些數據。以 Cedar 使用者為例，也就是我們搭載 NX9031 智慧駕駛晶片的第三代平台使用者，在這群使用者中，約有 58% 在超過一半的行程中使用了智慧駕駛功能。

And regarding the business model for the smart driving service, well, right now, for the new NIO users and ONVO users, we offer them a five-year complimentary subscription to our smart driving capabilities and systems. But for the used car users or when they expire on this five-year complimentary service, they will have to definitely pay for the subscription.

至於智慧駕駛服務的商業模式，目前對於新的 NIO 使用者與 ONVO 使用者，我們提供五年的智慧駕駛能力與系統免費訂閱。但對於二手車使用者，或是五年免費服務到期後，他們就必須付費訂閱。

For the used car users, they are paying RMB380 per month for the smart driving subscription, where we now see a penetration rate of around 20% among this used car users. This is also a pretty sizable amount, showing also the competitiveness of our product and experiences. And of course, right now, this is just a small user base. But for the longer term, we believe that this will also be a quite sizable source of revenues for our business. Right now, every year, the revenue from that part of the business is around several thousands of millions of RMB.

對於二手車使用者，他們的智慧駕駛訂閱費為每月人民幣 380 元，目前我們看到在這些二手車使用者中的滲透率約為 20%。這也是相當可觀的規模，並顯示我們產品與體驗的競爭力。當然，目前這仍是一個較小的使用者基礎。但從長期來看，我們相信這也將成為公司相當可觀的營收來源。目前，這部分業務每年的營收約為數十億元人民幣。

Ming-Hsun Lee, BofA.

李明勳，美國銀行（BofA）。

Hi Will, this is Ming. So I also have two questions. So first question is related to your fifth-generation battery swap station. With more expansion of your new swap station, and this can accommodate all of your three brands. Could you give us more details regarding the CapEx per station and also maintenance cost compared to your previous generation swap station?

嗨 Will，我是 Ming。我也有兩個問題。第一個問題與你們第五代換電站有關。隨著你們新換電站的進一步擴張，且可同時支援你們三個品牌，能否提供每座換電站的資本支出（CapEx）以及維護成本，相較於上一代換電站的比較細節？

Besides that, right now, you also open to some other auto OEMs for your battery service. Could you elaborate your pricing strategy and also your unit economy model? Yes. That's my first question.

此外，目前你們也向其他汽車 OEM 開放電池服務。能否進一步說明你們的定價策略以及單位經濟模型（unit economy model）？是的。這是我的第一個問題。

Thank you for the question. Regarding the fifth-generation power swap station, we have adopted a flexible design where the station can accommodate all models from NIO, ONVO and FIREFLY. So basically it can be compatible with cars of different dimensions and sizes.

謝謝你的提問。關於第五代換電站，我們採用了彈性設計，使該站可支援 NIO、ONVO 與 FIREFLY 的所有車型。基本上可相容不同尺寸與車身規格的車輛。

And in terms of the cost, we've also achieved continuous improvements on top of the Gen 4, where the -- in terms of the material costs, we've achieved also optimization and reduction in cost. And for per station cost, if we're excluding batteries in the station as well as all the costs related to the high-voltage power supply and energy preparation, if you only look at the station itself, it's around RMB1.4 million per station. That is around RMB100,000 cheaper than the fourth generation.

在成本方面，我們也在第四代的基礎上持續改進——在材料成本上做了優化並降低成本。就單站成本而言，若不包含站內電池，以及所有與高壓供電與能源準備相關的成本，僅看站體本身，每座約為人民幣 140 萬元。這比第四代便宜約人民幣 10 萬元。

And in terms of the operations of the swap stations, we've been also making continuous improvements in terms of the actual people efficiency supporting the operations of all stations. We've also made improvements in terms of the first time through of the power swaps as well as the software features between current performance as well as the performance earlier last year, it's already improved by 50%. Of course, for the fifth generation, as they are new to the field, so we are still ramping up its first time through.

在換電站營運方面，我們也持續提升支援所有站點營運的人效。我們也在換電一次成功率（first time through）以及軟體功能上做了改進；相較於去年年初的表現，目前已提升 50%。當然，第五代因為是新投入運營，我們仍在爬坡提升其一次成功率。

But comparing with the previous generations around the same time frame, we already see quite significant improvement in terms of the success rate of our power swaps among the fifth-generation station. Overall speaking, we also believe that the efficiency of fifth generation will be much better than the previous ones.

但與前幾代在相同時間窗口相比，我們已看到第五代換電站在換電成功率方面有相當顯著的改善。整體而言，我們也相信第五代的效率將明顯優於以往。

And the third is regarding the partnership and also alliance with other OEMs regarding power swap. Several years ago, we've signed up with several OEMs regarding this power swap alliance, and we still have this ongoing communications and also collaborations on some projects.

第三點是關於與其他 OEM 在換電方面的合作與聯盟。幾年前，我們已與多家 OEM 簽署換電聯盟相關協議，目前仍持續就部分專案保持溝通並展開合作。

And in the meantime, as robotaxis is becoming a very popular area where we see power swap station and power swap service in general can be a good infrastructure support for the robotaxi business. So we are also exploring opportunities with our partners from that perspective.

同時，隨著 Robotaxi 成為非常熱門的領域，我們看到換電站與換電服務整體而言可作為 Robotaxi 業務的良好基礎設施支撐。因此我們也從這個角度與合作夥伴探索相關機會。

In terms of the cooperation framework and also how we charge them on such services, we basically will charge them for the admission fee for the use of our -- for the use and access to our power swap network. But more details are still being discussed and are to be closed when we have the actual project in the implementation.

在合作框架以及我們如何就此類服務向對方收費方面，我們基本上會就其使用——使用並接入我們換電網路——收取准入費（admission fee）。但更詳細內容仍在討論中，待實際專案落地實施時再行確定。

And also for the entire new energy vehicle industry, it has been entering into this new stage where more and more people start to realize the benefits of a power swap and more OEMs are also embracing the idea of swappable vehicles. Where for the NIO power, the advantage is with more partners joining this effort, it can help us to optimize and amortize our operating costs. And by standardizing the battery packs, we can also improve the efficiency as well as optimize the cost structure.

此外，整個新能源汽車產業正進入新的階段，越來越多人開始認識到換電的好處，也有更多 OEM 開始接受可換電車型的理念。對於 NIO Power 而言，優勢在於有更多合作夥伴加入後，能幫助我們優化並分攤（amortize）營運成本。同時，透過電池包標準化，我們也能提升效率並優化成本結構。

My second question is related to your operating expense. Especially, we noticed that your sales and marketing expense in the second quarter is higher. Is it because you launched more new models during the quarter? Could you give more guidance for your 2026 operating expense?

我的第二個問題與你們的營運費用有關。特別是，我們注意到你們第二季的銷售與行銷費用較高。這是否因為你們在該季度推出了更多新車型？你們能否就 2026 年的營運費用提供更多指引？

Thank you for the question. I will still share the information according to two types of overall expenses. The first is regarding the R&D expenses. As mentioned, we will basically be staying flat with our R&D expenses. Non-GAAP around RMB2.5 billion, and we will also make adjustments -- dynamic adjustments according to the actual cadence and the pace of our projects and the business. But for this year, it will be roughly RMB2.5 billion per quarter in terms of the R&D investment.

謝謝你的提問。我仍將按照兩類整體費用來分享資訊。第一類是研發費用。如前所述，我們的研發費用基本將維持持平。非 GAAP 口徑約為人民幣 25 億元，我們也會根據專案與業務的實際節奏與進度做出調整——動態調整。但就今年而言，研發投入大致為每季人民幣 25 億元。

And in terms of the R&D expenses, maybe some will compare our current expenses with our previous level or with our competitors, where definitely our expenses is relatively low. But we also need to really pay attention to the utilization of such expenses and also the efficiency of our R&D activities.

就研發費用而言，可能有人會將我們目前的費用與以往水準或與競爭對手相比，確實我們的費用相對較低。但我們也需要真正關注這些費用的使用效率，以及我們研發活動的效率。

First of all, NIO has been staying committed to the battery electric vehicle road map. With that, we can be more focused on the technologies and the products related to the BEV road map without spreading our efforts across BEV, PHEV or EREV.

首先，蔚來一直堅持純電動車（BEV）的路線圖。在此基礎上，我們可以更專注於與 BEV 路線圖相關的技術與產品，而不必把精力分散在 BEV、PHEV 或 EREV 上。

And secondly is that as we've been rolling out this CBU mechanism internally, with the CBU mechanism, we can also better measure and improve the efficiency of our R&D systems as well as our R&D organizations. So even with a relatively moderate investment into the R&D activities, we can still maintain our leadership and advancements in the technologies and also products.

其次，隨著我們在內部推行 CBU 機制，透過 CBU 機制，我們也能更好地衡量並提升研發體系以及研發組織的效率。因此，即使對研發活動的投入相對適中，我們仍能在技術與產品上保持領先與進步。

And regarding the SG&A expenses, if we look at the SG&A as a percentage to the sales revenue in the first and the second quarter under the non-GAAP standard, it's around 13% in the first half. And also in the second half, as we see a slight increase in terms of the sales expenses, it's mainly driven by some one-off expenses as we have -- most of our new products for this year were launched in second quarter, including our ES9 and also some facelift models for ONVO.

至於 SG&A 費用，如果我們以非 GAAP 口徑來看第一季與第二季 SG&A 佔銷售收入的比例，上半年約為 13%。另外，在下半年，我們看到銷售費用略有上升，主要是由一次性費用所驅動，因為——我們今年大部分新產品都在第二季上市，包括 ES9，以及 ONVO 的一些改款車型。

So that one-off impact is roughly RMB500 million, majorly happened in Q2, where in the second half, we don't expect to have such one-off impact in terms of the sales expenses. So in terms of the second half outlook, in terms of the SG&A expenses as a percentage to the sales revenue, under the non-GAAP standard, we expect it to be around 10% to 11%. This is also a controllable as well as an achievable target for us.

因此，這個一次性影響約為人民幣 5 億元，主要發生在第二季；而在下半年，我們預期銷售費用不會再有這樣的一次性影響。所以就下半年展望而言，以非 GAAP 口徑計算，SG&A 佔銷售收入的比例我們預期約為 10% 到 11%。這對我們而言也是可控且可達成的目標。

Jing Chang, CICC.

常菁，中金公司。

Time is limited. I have only one question. We know that our Senior Vice President, Mr. Ren Shaoqing, has founded an embodied AI start-up company in which we have made a strategic investment. So what are the long-term cooperation potentials between this new company and NIO? And also what long-term value can it bring to our company?

時間有限。我只有一個問題。我們知道，我們的資深副總裁任少卿先生創立了一家具身 AI 新創公司，我們已對其進行策略性投資。那麼，這家新公司與蔚來之間有哪些長期合作的潛力？另外，它能為我們公司帶來哪些長期價值？

Thank you for the question. Yes, Mr. Ren Shaoqing, the Head of our Smart Driving Department is, now also starting up a new business regarding physical AI and also embodied intelligence and NIO is supporting his business as a strategic shareholder. But in the meantime, he will still be the head of our Smart Driving department responsible for the overarching technology as well as the long-term tech road map for our products.

謝謝你的提問。是的，我們智慧駕駛部門負責人任少卿先生，現在也在創辦一項與物理 AI 以及具身智慧相關的新業務，蔚來作為策略股東支持他的事業。但同時，他仍將擔任我們智慧駕駛部門的負責人，負責我們產品的整體技術以及長期技術路線圖。

And we also think that such arrangement is necessary and also meaningful. As right now, NIO is staying focused on our core business. But in the meantime, through this start-up by Mr. Ren, we can also keep tracking of the latest developments in the physical AI and also embodied intelligence without diluting our focus, affecting our P&L.

我們也認為這樣的安排是必要且有意義的。目前蔚來專注於核心業務。但同時，透過任先生的這家新創，我們也能在不分散焦點、且不影響損益表（P&L）的情況下，持續追蹤物理 AI 與具身智慧的最新發展。

But in the meantime, such start-up can also help to make full use of our resources as well as attracting external strategic shareholders and investors. So we think this is a good arrangement. And also, as we all know that the competition for the AI talent within the arena of physical AI is also quite intense. So through such start-up, we can also better capture the top-notch talent in the industry.

同時，這家新創也能幫助更充分地利用我們的資源，並吸引外部策略股東與投資人。因此我們認為這是一個很好的安排。而且眾所周知，在物理 AI 領域對 AI 人才的競爭也相當激烈。透過這樣的新創，我們也能更好地吸引行業內的頂尖人才。

And that will also be beneficial to the long-term development of both the start-up as well as for our AI-related business. And for the long term, we believe that we will have a lot of strategic collaborations and projects between NIO and also this AI start-up.

這也將有利於該新創以及我們 AI 相關業務的長期發展。從長期來看，我們相信蔚來與這家 AI 新創之間會有大量策略合作與專案。

Yuqian Ding, HSBC.

丁宇倩，匯豐。

So my question is what your volume outlook for this year and maybe sell into fourth quarter --

我的問題是你們今年的銷量展望，以及可能到第四季的銷售情況——

I think your voice is breaking. Yuqian, can you repeat your question?

我覺得你的聲音斷斷續續。宇倩，你能重複一下你的問題嗎？

Yes, sure. So --

好的，當然。所以——

We still can't hear you.

我們還是聽不到你。

Yes. Can you hear me now?

好的。你們現在能聽到我嗎？

Yes, much better.

是的，好很多了。

Okay. So I'll just repeat my question is about the volume outlook in fourth quarter and '27, given maybe strong seasonality and the backdrop of new model cycle next year?

好的。那我就重複一下我的問題：在可能存在較強季節性、以及明年新車型週期的背景下，你們對第四季和 2027 年的銷量展望是什麼？

We expect that the passenger vehicle market to be able to recover in Q4 this year. With that, our target for Q4 is achieving an average volume of over 40,000 units per month. And for the mid and long term, with our product lineup as well as our sales and service network coverage, we expect our annual volume growth to be around 40% to 50%, and we will maintain that for the mid and long term.

我們預期今年第四季乘用車市場能夠回升。在此基礎上，我們第四季的目標是實現月均超過 40,000 輛的銷量。就中長期而言，憑藉我們的產品矩陣以及銷售與服務網路覆蓋，我們預期年銷量增長約為 40% 到 50%，並將在中長期維持這一增長水準。

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

由於目前沒有進一步的問題，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 our IR team through the contact information on the website. This concludes the conference call. You may now disconnect your lines. Thank you.

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

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中的英文陳述由現場電話會議中的口譯員口述。該口譯員由主辦本活動的公司提供。