蔚來 (NIO) 2020 Q1 法說會逐字稿

Hello, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by for NIO Inc.'s First Quarter 2020 Earnings Conference Call.

感謝您出席蔚來汽車 2020 年第一季度收益電話會議。

(Operator Instructions) Today's conference call is being recorded.

（操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. Rui Chen, Director of Investor Relations of the company.

現在我把電話轉給你們的主持人，公司投資者關係總監陳銳先生。

Please go ahead, Rui.

請繼續吧，瑞。

Thank you, Rachel.

謝謝你，雷切爾。

Good evening, and good morning, everyone.

大家晚上好，早上好。

Welcome to NIO's First Quarter 2020 Earnings Conference Call.

歡迎參加蔚來汽車 2020 年第一季度收益電話會議。

The company's financial and operating results were published in the press release earlier today and are posted at the company's IR website.

該公司的財務和經營業績已在今天早些時候的新聞稿中發布，並發佈在該公司的投資者關係網站上。

On today's call, we have Mr. William Li, Founder, Chairman of the Board and CEO; Mr. Steven Feng, Chief Financial Officer; Mr. Stanley Qu, VP of Finance.

今天的電話會議有創始人、董事長兼首席執行官李威廉先生；馮峰先生，首席財務官；瞿先生，財務副總裁。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

在我們繼續之前，請注意今天的討論將包含根據 1995 年美國私人證券訴訟改革法案“安全港”條款做出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, the company's actual results may be materially different from the views expressed today.

因此，公司的實際結果可能與今天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 U.S. Securities and Exchange Commission.

有關風險和不確定性的更多信息包含在該公司向美國證券交易委員會提交的某些文件中。

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

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 measures as well as unaudited non-GAAP financial measures.

另請注意，蔚來的盈利新聞稿和本次電話會議包括對未經審計的公認會計準則財務措施以及未經審計的非公認會計準則財務措施的討論。

Please refer to NIO's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

請參閱蔚來的新聞稿，其中包含未經審計的非公認會計原則措施與可比公認會計原則措施的調節表。

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

現在，我將把電話轉給我們的首席執行官李威廉先生。

William, go ahead, please.

威廉，請繼續。

[Interpreted] Hello, everyone.

【解讀】大家好。

Thank you for joining NIO's 2020 Q1 Earnings call.

感謝您參加蔚來汽車 2020 年第一季度財報電話會議。

In the first quarter of 2020, NIO delivered an aggregate of 3,838 ES8 and ES6.

2020年第一季度，蔚來累計交付ES8、ES6 3,838輛。

Starting from April, our sales and deliveries have witnessed a solid recovery.

從4月份開始，我們的銷售和交付量穩步回升。

We delivered a total of 3,155 ES8 and ES6 in April, representing a robust 105.8% month-over-month growth.

4 月份，我們共交付了 3,155 輛 ES8 和 ES6，環比增長 105.8%。

We are extremely proud that since October 2019, new ES6 has outperformed others and ranked as the top-selling electric SUV in China auto market for 7 consecutive months, it is the only electric vehicle among the top 10 best-selling luxury mid-sized SUVs.

令我們無比自豪的是，自2019年10月起，新ES6一枝獨秀，連續7個月穩居中國汽車市場電動SUV銷量第一，是豪華中型SUV銷量前十的唯一一款電動汽車。

Due to the impact of COVID-19, the overall passenger vehicle sales in China has slumped by 41% year-over-year yet our Q1 deliveries decreased only by 3.8% compared with the same period of 2019, our bucking the trend performance is mainly attributable to the end-to-end direct sales business process and the cloud-based service system.

受COVID-19影響，中國整體乘用車銷量同比下滑41%，但我們一季度交付量較2019年同期僅下降3.8%，我們的逆勢表現主要是得益於端到端的直銷業務流程和基於雲的服務體系。

Our products and services systems have withstood the arduous test during this unprecedented outbreak and won wide recognition from the market and users.

我們的產品和服務體係經受住了這場史無前例的疫情考驗，贏得了市場和用戶的廣泛認可。

On April 19, the all-new ES8 commenced deliveries to users.

4月19日，全新ES8開始向用戶交付。

It boasts over 180 improvements with the NEDC range reaching up to 580 kilometers.

它擁有超過180項改進，NEDC續航里程達到580公里。

With further enhancement and its comprehensive competitiveness, the all-new ES8 has received rave reviews across the board from the users and media after the deliveries.

全新ES8的綜合競爭力進一步提升，交付後受到用戶和媒體的一致好評。

As the novel coronavirus outbreak has been brought under control in China, since April, our business operations have started to return to normalcy in every aspect, including supply chain, manufacturing, sales, services and R&D.

隨著新型冠狀病毒疫情在中國得到控制，自4月份以來，我們的業務運營在供應鏈、製造、銷售、服務和研發等各個方面開始恢復正常。

The supply chain and manufacturing have gradually recovered from the pandemic.

供應鍊和製造業已從疫情中逐步恢復。

In the meantime, our R&D activities are picking up speed, and the off-line sales network is also bouncing back.

與此同時，我們的研發活動正在加快，線下銷售網絡也正在恢復。

Starting from April, we have been continuously exploring innovative sales channels leveraging the advantages of both online and off-line platforms.

從4月份開始，我們利用線上線下平台的優勢，不斷探索創新的銷售渠道。

In 2020, we have opened 44 new NIO Spaces in 24 cities.

2020年，我們在24個城市開設了44個新蔚來空間。

So far, we have opened 22 NIO Houses and 92 NIO Spaces in 76 cities around China.

截至目前，我們已在全國76個城市開設了22家蔚來之家和92家蔚來空間。

We will continue to open more efficient and flexible NIO Spaces to increase our off-line touch points and community presence.

我們將繼續開設更加高效、靈活的蔚來空間，增加線下接觸點和社區影響力。

Since late April, our daily new order rate has already returned to the level before the outbreak.

4月下旬以來，我們的每日新訂單率已經恢復到疫情爆發前的水平。

In light of the normalization of supply chain and production, we are confident to deliver 9,500 to 10,000 ES8 and ES6 in total in the second quarter, reaching all-time high in our quarterly deliveries.

隨著供應鍊和生產的正常化，我們有信心在第二季度交付 9,500 至 10,000 輛 ES8 和 ES6，創季度交付歷史新高。

As for the gross margin, along with the strong recovery of quarterly deliveries, reduction of the battery pack and other BOM costs, optimization of manufacturing expenses and efficiency and the steady rise of the average selling price, we expect our overall gross margin to substantially improve and the vehicle gross margin to reach over 5% in the second quarter this year.

毛利率方面，隨著季度出貨量的強勁復甦、電池組及其他BOM成本的降低、製造費用和效率的優化以及平均售價的穩步上升，我們預計整體毛利率將大幅改善今年二季度整車毛利率將達到5%以上。

After a series of restructuring and operational optimization initiatives across the company since 2019, our overall efficiency has been significantly improved.

2019年以來，經過公司一系列重組和運營優化舉措，我們的整體效率得到了顯著提升。

In the first quarter 2020, the company SG&A has dropped by 45.1% from Q4 2019 and the operating loss has decreased by 44.4% quarter-over-quarter.

2020年第一季度，公司SG&A較2019年第四季度下降45.1%，運營虧損環比下降44.4%。

In the second quarter, the SG&A and R&D expenses will increase to some extent.

第二季度SG&A和研發費用將有所增加。

But considering our gross margin improvement, we are still confident to reduce operating loss.

但考慮到我們的毛利率改善，我們仍然有信心減少經營虧損。

Next, I like to share with you the latest progress on two important tasks in the second quarter.

下面我向大家介紹一下第二季度兩項重要工作的最新進展。

First, the progress on the innovative business model of Battery as a Service.

一是電池即服務創新商業模式取得進展。

It is widely acknowledged that we have always been working on the chargeable, swappable, and upgradable battery service model based on the separation of vehicle and battery.

眾所周知，我們一直致力於基於車電分離的可充、可換、可升級的電池服務模式。

BaaS can lower the initial purchase price and enable users to continuously upgrade the battery and enjoy better power replenishment experience.

BaaS可以降低初始購買價格，並使用戶能夠不斷升級電池，享受更好的補電體驗。

NIO owns more than 1,200 battery swap-related patents on the vehicle, battery pack, battery swap stations, and cloud service solutions.

蔚來擁有1200多項換電相關專利，涵蓋整車、電池組、換電站、雲服務解決方案等。

To date, we have deployed 131 battery swap stations in 58 cities nationwide and completed over 500,000 battery swaps accumulatively.

截至目前，我們已在全國58個城市部署了131個換電站，累計完成換電超過50萬次。

NIO's innovative business model based on the separation of battery and vehicle has won wide recognition from the users and the industry.

蔚來基於電池與車輛分離的創新商業模式贏得了用戶和行業的廣泛認可。

In April, the Ministry of Industry and Information Technology, the Ministry of Science and Technology, the National Development and Reform Commission and the Ministry of Finance jointly issued the latest new energy vehicle subsidy policy, which clearly stated to encourage the development of battery swap technology and innovative business models based on the separation of battery and vehicle.

4月，工信部、科技部、發改委、財政部聯合發布最新新能源汽車補貼政策，明確提出鼓勵換電技術發展以及基於電池與整車分離的創新商業模式。

With the new policy, NIO is the only premium EV brand with products priced over RMB 300,000, yet still receiving the national EV subsidy.

新政策下，蔚來成為唯一一家30萬元以上產品仍享受國家電動汽車補貼的高端電動汽車品牌。

Based on the latest published policy, we will speed up the development of BaaS products and service solutions which are planned to release to users in the second half of this year.

根據最新公佈的政策，我們將加快BaaS產品和服務解決方案的開發，計劃在今年下半年向用戶發布。

As the time goes on, we believe our competitive edge enhanced by BaaS will become more self-evident.

隨著時間的推移，我們相信BaaS增強的競爭優勢將變得更加不言而喻。

Last but not least, I would like to share with you the progress of NIO China project.

最後，我想跟大家分享一下蔚來中國項目的進展情況。

On April 29, NIO entered into definitive agreements with a group of strategic investors.

4月29日，蔚來汽車與一批戰略投資者簽署了最終協議。

Under the agreement, NIO will inject its core businesses and assets in China into NIO China, including vehicle research and development, supply chain, sales and services and NIO Power.

根據協議，蔚來將把其在中國的核心業務和資產注入蔚來中國，包括車輛研發、供應鏈、銷售和服務以及蔚來動力。

The strategic investors will invest an aggregate of RMB 7 billion into NIO China.

戰略投資者將合計向蔚來中國投資70億元人民幣。

In addition, NIO will invest RMB 4.26 billion into NIO China.

此外，蔚來還將向蔚來中國投資42.6億元人民幣。

Upon the completion of the investment, NIO will hold 75.9% of controlling equity interests in NIO China, while the strategic investors will collectively hold the remaining 24.1%, and NIO China will be a subsidiary of NIO.

本次投資完成後，蔚來汽車將持有蔚來中國75.9%的控股股權，戰略投資者將合計持有蔚來中國剩餘24.1%的股權，蔚來中國將成為蔚來汽車的子公司。

The strategic investment in NIO China is another important milestone of NIO for its long-term growth.

此次對蔚來中國的戰略投資，是蔚來汽車長期發展的又一重要里程碑。

With the investment, NIO will have sufficient funds to support its business development and to open RMB financing channels in order to enhance its leadership in the products and technologies of smart electric vehicles and offer services exceeding users' expectations.

此次投資，蔚來汽車將擁有充足的資金支持業務發展，並打通人民幣融資渠道，增強蔚來汽車在智能電動汽車產品和技術方面的領先地位，提供超越用戶期望的服務。

The launch of NIO China headquarters in Hefei will enable NIO to improve its operational efficiency and to sustain its growth and competitiveness in the long run.

蔚來中國總部落戶合肥，將有助於蔚來提高運營效率，保持長期增長和競爭力。

The transactions are proceeding well according to plan.

交易按計劃順利進行。

We're fully confident that it will be closed before the end of June 2020.

我們完全有信心在 2020 年 6 月底前關閉。

Thank you for your support.

感謝您的支持。

With that, I will now turn the call over to Steven to provide the financial details for the quarter.

現在，我將把電話轉給史蒂文，以提供本季度的財務詳細信息。

Steven, please go ahead.

史蒂文，請繼續。

Thank you, William.

謝謝你，威廉。

I will now go over our key financial results for the first quarter of 2020.

現在我將回顧一下我們 2020 年第一季度的主要財務業績。

And to be mindful of the length of this call, I encourage listeners to refer to our earnings press release, which is posted online for additional details.

為了注意本次電話會議的長度，我鼓勵聽眾參考我們發佈在網上的收益新聞稿，以了解更多詳細信息。

Our total revenue in the first quarter was RMB 1.37 billion or USD 193.8 million, representing a decrease of 51.8% quarter-over-quarter and a decrease of 15.9% year-over-year.

第一季度總收入為13.7億元人民幣（1.938億美元），環比下降51.8%，同比下降15.9%。

The decrease in total revenues quarter-over-quarter was due to decrease of vehicle deliveries during the COVID-19 outbreak in China.

總收入環比下降的原因是中國 COVID-19 疫情期間車輛交付量減少。

Our total revenues are made of two parts: vehicle sales and other sales.

我們的總收入由兩部分組成：車輛銷售和其他銷售。

Vehicle sales in the first quarter were RMB 1.26 billion or USD 177.3 million, representing a decrease of 53.2% quarter-over-quarter and a decrease of 18.2% year-over-year.

第一季度汽車銷量為12.6億元人民幣（1.773億美元），環比下降53.2%，同比下降18.2%。

Vehicle sales accounted for 92% of total revenues in this quarter.

本季度汽車銷量佔總收入的92%。

Other sales in the first quarter were RMB 116.4 million or USD 16.4 million, representing a decrease of 29.2% quarter-over-quarter and an increase of 21.2% year-over-year.

第一季度其他銷售額為1.164億元人民幣（1640萬美元），環比下降29.2%，同比增長21.2%。

The decrease in other sales over last quarter was mainly attributed to decreased revenues derived from the home chargers installed and accessories sold, which were in line with the decreased sales -- vehicle sales in the first quarter of 2020.

其他銷售額較上季度下降的主要原因是安裝的家用充電器和銷售配件帶來的收入減少，這與 2020 年第一季度汽車銷量的下降一致。

Cost of sales in the first quarter was RMB 1.54 billion or USD 217.4 million, representing a decrease of 50.4% quarter-over-quarter and a decrease of 16.8% year-over-year.

第一季度銷售成本為15.4億元人民幣（2.174億美元），環比下降50.4%，同比下降16.8%。

The decrease in cost of sales compared to the fourth quarter of 2019 was mainly driven by the decrease of delivery volume of the ES6 and ES8 in the first quarter of 2020.

銷售成本較2019年第四季度下降主要是由於2020年第一季度ES6和ES8的交付量減少所致。

Gross margin in the first quarter was negative 12.2% compared with negative 8.9% in the fourth quarter of 2019 and negative 13.4% in the same quarter of 2019.

第一季度毛利率為負12.2%，而2019年第四季度毛利率為負8.9%，2019年同季度毛利率為負13.4%。

The decrease of gross margin compared to the fourth quarter of 2019 was mainly driven by the decrease of vehicle margin in the first quarter of 2020.

毛利率較2019年第四季度下降主要是由於2020年第一季度整車利潤率下降所致。

More specifically, vehicle margin in the first quarter was negative 7.4% compared with negative 6.0% in the fourth quarter of 2019 and a negative 7.2% in the same quarter of 2019.

更具體地說，第一季度汽車利潤率為負7.4%，而2019年第四季度為負6.0%，2019年同季度為負7.2%。

The decrease of vehicle margin compared to the fourth quarter of 2019 was mainly driven by the decrease of production and delivery volume of ES6 and ES8 in the first quarter of 2020.

整車利潤率較2019年第四季度下降的主要原因是2020年第一季度ES6和ES8的產量和交付量下降。

R&D expenses in the first quarter were RMB 522.4 million, representing a decrease of 49.1% quarter-over-quarter and a decrease of 51.6% year-over-year.

一季度研發費用為人民幣5.224億元，環比下降49.1%，同比下降51.6%。

The substantial decrease in research and development expenses was primarily attributed to the COVID-19 outbreak that caused the significant reduction of design and development activities.

研發費用大幅減少主要歸因於COVID-19疫情導致設計和開發活動大幅減少。

SG&A expenses in the first quarter were RMB 848.3 million, representing a decrease of 45.1% quarter-over-quarter and a decrease of 35.7% year-over-year.

第一季度的銷售管理費用為人民幣8.483億元，環比下降45.1%，同比下降35.7%。

The decrease over the fourth quarter of 2019 was primarily attributed to some one-off expenses incurred for the optimization of our sales network structure in late 2019 and the COVID-19 outbreak that caused significant decrease of marketing and promotional activities as well as the decrease of activities in business support functions in the first quarter of 2020.

較2019年第四季度的下降主要是由於2019年底優化銷售網絡結構而產生的一些一次性費用以及COVID-19的爆發導致營銷和促銷活動大幅減少以及2020 年第一季度業務支持職能活動。

The decrease of R&D expenses and SG&A expenses was also attributed to the improvement of operating efficiency resulted from our operation optimization and cost control efforts.

研發費用和SG&A費用的減少還歸因於我們的運營優化和成本控制努力帶來的運營效率的提高。

Loss from operations in the first quarter was RMB 1.57 billion, representing a decrease of 44.4% quarter-over-quarter and a decrease of 40% year-over-year.

一季度經營虧損15.7億元，環比下降44.4%，同比下降40%。

Share-based compensation expenses in the first quarter were RMB 32.4 million, representing a decrease of 36.8% quarter-over-quarter and a decrease of 72.9% year-over-year.

一季度股權激勵費用為人民幣3240萬元，環比下降36.8%，同比下降72.9%。

The decrease in share-based compensation expenses over the fourth quarter of 2019 was primarily attributed to the continuous decline in the number of employees and the impact of part of the share-based compensation expenses being recognized by using the accelerated method previously.

股權激勵費用較2019年第四季度減少主要是由於員工數量持續下降以及之前採用加速法確認部分股權激勵費用的影響。

Net loss was RMB 1.69 billion in the first quarter, representing a decrease of 40.9% quarter-over-quarter and a decrease of 35.5% year-over-year.

一季度淨虧損16.9億元人民幣，環比下降40.9%，同比下降35.5%。

Net loss attributable to NIO's ordinary shareholders in this quarter was RMB 1.72 billion, representing a decrease of 40.5% quarter-over-quarter and a decrease of 35% year-over-year.

本季度歸屬於蔚來普通股股東的淨虧損為17.2億元人民幣，環比下降40.5%，同比下降35%。

Basic and diluted net loss per ADS in the first quarter were both RMB 1.66 or $0.23 per ADS.

第一季度每股美國存託股的基本和攤薄淨虧損均為人民幣 1.66 元或每股美國存託股 0.23 美元。

Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, non-GAAP adjusted basic and diluted net loss per ADS were both RMB 1.60 or $0.22 per ADS in the first quarter.

不包括基於股份的補償費用和可贖回非控股權益對贖回價值的增加，第一季度每份美國存託股的非公認會計原則調整後的基本和稀釋淨虧損均為人民幣1.60元或0.22美元。

Our balance of cash and cash equivalents, restricted cash and short-term investment was RMB 2.40 billion as of March 31, 2020.

截至2020年3月31日，我們的現金及現金等價物、受限制現金和短期投資餘額為人民幣24億元。

And now for business outlook.

現在談談業務前景。

As William mentioned, for the second quarter of 2020, the company expects deliveries to be between 9,500 and 10,000 vehicles, representing an increase of approximately 147.5% to 160.6% from the first quarter of 2020 and an increase of approximately 167.4% to 181.5% from the second quarter of 2019.

正如William提到的，公司預計2020年第二季度的交付量將在9,500至10,000輛之間，較2020年第一季度增長約147.5%至160.6%，較2020年第一季度增長約167.4%至181.5%。 2019年第二季度。

The company also expects the total revenues of the second quarter of 2020 to be between RMB 3.37 billion to RMB 3.53 billion or between USD 475.7 million to USD 499.1 million.

該公司還預計2020年第二季度的總收入將在33.7億元人民幣至35.3億元人民幣之間，即4.757億美元至4.991億美元之間。

This would represent an increase of approximately 145.5% to 157.6% from the first quarter of 2020 and an increase of approximately 123.3% to 134.3% from the second quarter of 2019.

這將比 2020 年第一季度增長約 145.5% 至 157.6%，比 2019 年第二季度增長約 123.3% 至 134.3%。

This business outlook reflects the company's current and preliminary review on the business situation and market condition, which is subject to change.

本業務展望反映了公司對業務狀況和市場狀況的當前初步審查，可能會發生變化。

Now this concludes our prepared remarks.

現在我們準備好的發言就到此結束。

I will now turn the call over to operator to facilitate our Q&A session.

我現在將把電話轉給接線員以方便我們的問答環節。

Operator, let's start the Q&A session, please.

接線員，我們開始問答環節。

(Operator Instructions) Your first question comes from the line of Tim Hsiao from Morgan Stanley.

（操作員指令） 您的第一個問題來自摩根士丹利的Tim Hsiao。

Congratulations on the solid progress.

祝賀你們取得了紮實的進展。

So just 2 quick questions.

所以只有兩個簡單的問題。

First is about Volkswagen strategic move of purchasing a big stake in JAC.

首先是大眾汽車收購江淮汽車大量股權的戰略舉措。

Although we know that deal might take place at parent level and shouldn't have any immediate impact to your current partnership with JAC, but were you concerned about the long-term collaboration with JAC?

雖然我們知道交易可能會在母公司層面進行，不會對您當前與江淮汽車的合作關係產生任何直接影響，但您是否擔心與江淮汽車的長期合作？

Or that would urge NIO to reconsider the capacity expansion plans or alternative manufacturing partner?

或者這會促使蔚來重新考慮產能擴張計劃或替代製造合作夥伴？

That's the first question.

這是第一個問題。

And my second question is about our agreement with the Hefei investors.

我的第二個問題是關於我們與合肥投資者的協議。

According to the details shared, I think the NIO-Hefei needs to apply for IPO within 4 years and complete that deal within 5 years after the initial investment.

根據分享的細節，我認為蔚來合肥需要在4年內申請IPO，並在初始投資後5年內完成交易。

So could you please share a little bit more color regarding the potential listing with the current progress, the updated schedule and any expectation from you or any thoughts?

那麼您能否分享一下有關潛在上市的更多信息，包括當前進度、更新的時間表以及您的任何期望或任何想法？

That's my 2 questions.

這是我的兩個問題。

[Interpreted] Thank you for your questions.

[解釋]謝謝您的提問。

Recently, we do hear a lot of market speculations about the in-depth cooperation between Volkswagen and JAC.

近期，市場確實聽到不少關於大眾汽車與江淮汽車深度合作的猜測。

To be honest, we don't really know much about the details.

說實話，具體細節我們還不太了解。

Although JAC has also issued some comments about the speculation, but if we are going to have more automakers located in Hefei, I think this is a good news for us because this is going to be beneficial for the development of supply chain and production capacity in Hefei.

雖然江淮汽車也針對這一猜測發表了一些評論，但是如果我們將有更多的汽車製造商落戶合肥，我認為這對我們來說是一個好消息，因為這將有利於合肥供應鍊和產能的發展。合肥。

Our cooperation with JAC is a win-win corporation.

我們與江淮汽車的合作是雙贏的。

So if JAC is going to work very closely with Volkswagen, which we're not really sure, but if this is the case, we think this is not going to affect our manufacturing.

因此，江淮汽車是否會與大眾汽車密切合作，我們並不確定，但如果是這樣，我們認為這不會影響我們的製造。

If they're going to work very closely together, we think this is very beneficial for our cooperation with JAC.

如果他們要密切合作，我們認為這對我們與江淮汽車的合作非常有利。

In terms of the question on the NIO China, from the strategic perspective, NIO China opens the RMB financing channel for NIO.

關於蔚來中國的問題，從戰略角度來看，蔚來中國為蔚來汽車打開了人民幣融資渠道。

So we're very happy to enter the definitive agreements with a group of investors.

因此，我們很高興與一群投資者達成最終協議。

According to our preliminary research, we believe that NIO China meets the requirements to go public in China, but we will make this a dynamic decision based on the market situation.

根據我們的初步研究，我們認為蔚來中國符合在中國上市的要求，但我們將根據市場情況做出動態決定。

Our strategy is NIO Inc.

我們的戰略是 NIO Inc.

is going to hold the controlling stake in NIO China for the long term.

擬長期持有蔚來中國控股權。

According to our previous press release, NIO Inc.

根據我們之前的新聞稿，NIO Inc.

has the redemption rights and the warrants on the NIO China project.

擁有蔚來中國項目的贖回權和認股權證。

So overall speaking NIO Inc.

總的來說，蔚來公司

can have the long-term controlling stake in NIO China.

可以長期控股蔚來中國。

According to our previous annual report, we have the right for the redemption and the warrants on the NIO China.

根據我們之前的年報，我們擁有蔚來中國的贖回權和認股權證。

Actually, if you refer to the annual report that the company filed in early May, we have filed the investment agreement for the strategic investment in NIO China.

實際上，如果你看公司5月初提交的年報，我們已經提交了戰略投資蔚來中國的投資協議。

According to that, NIO Inc.

據介紹，蔚來公司

has the warrant to purchase more shares of NIO China.

擁有購買更多蔚來中國股份的認股權證。

And also, we have the repurchase right of the shares from the strategic investors for partial of their shareholdings in the future.

而且，我們還擁有未來從戰略投資者手中回購其部分股權的權利。

Your next question comes from the line of Bin Wang of Crédit Suisse.

你的下一個問題來自瑞士信貸銀行的王斌。

I actually got 3 questions.

我實際上有 3 個問題。

Number one about the order.

關於訂單的第一件事。

If you recall in the last call you already provided orders in the past 30 days.

如果您記得在上次通話中您已經在過去 30 天內提供了訂單。

So right now can you provide one now in the past 30 days how much order you received?

那麼現在您能提供一下您在過去 30 天內收到了多少訂單嗎？

And what's the order flow?

訂單流程是怎樣的？

Because there was a local news supposed that in the end of April, just the last week, you got 2,000 orders.

因為當地有新聞說，四月底，就在最後一周，你們接到了2000個訂單。

That's why I want to get a number what's the order in the past 30 days?

這就是為什麼我想得到一個數字過去30天內的訂單是什麼？

That's number one.

這是第一。

Number two, actually, is about gross margin in the second quarter.

實際上，第二個問題是關於第二季度的毛利率。

You mentioned vehicle gross margin would go to about 5%.

您提到汽車毛利率將達到5%左右。

Can you provide a guidance for the overall gross margin, not just the vehicle but also including everything, with better gross margin overall will we turn positive in the second quarter?

您能否提供整體毛利率的指導，不僅是車輛，還包括所有東西，總體毛利率更好，我們會在第二季度轉正嗎？

That's my second question.

這是我的第二個問題。

And my last question about the potential risk that came from the U.S. delisting.

我的最後一個問題是關於美國退市帶來的潛在風險。

Think about recent China-U.

想想最近的中美關係。

S. relation, naturally had some news flow about all the Chinese companies having delisting risk.

與美國的關係，自然也有一些中國公司都有退市風險的消息。

So do you have any alternative, let's say, to list in Hong Kong?

那麼，您還有其他選擇嗎？比方說，在香港上市嗎？

Or actually, your NIO China may have prepared for the IPO?

或者說其實你們蔚來中國可能已經做好IPO的準備了？

And what are your -- I mean, alternative plan if you have to be delisted in the U.S.?

如果你必須在美國退市，你的替代計劃是什麼？

[Interpreted] Thank you for your question.

[解釋]謝謝你的提問。

Actually, since the late April, our order growth rate has returned to the level before the outbreak.

事實上，從4月下旬開始，我們的訂單增速已經恢復到了疫情爆發前的水平。

Our current order growth momentum is actually quite strong for the last 30 days because we had the live streaming event and other activities.

我們目前的訂單增長勢頭實際上在過去 30 天里相當強勁，因為我們有直播活動和其他活動。

So at this moment, I cannot disclose the specific number of the orders we received in the last 30 days.

所以目前我無法透露過去30天內我們收到的訂單的具體數量。

But what I can say now is that the order growth momentum is very positive.

但我現在可以說的是，訂單增長勢頭非常積極。

In terms of the gross margins, we believe the vehicle gross margin can be over 5%.

從毛利率來看，我們認為整車毛利率可以達到5%以上。

But for the overall gross margin because we have implemented a series of efficiency improvement and cost control measures, so our estimation is it should be over 3%.

但對於整體毛利率來說，因為我們實施了一系列效率提升和成本控制措施，所以我們預計應該在3%以上。

Thank you for your question.

謝謝你的問題。

I would like to answer your question about the impact of the new set of deal on NIO Inc.

我想回答一下你關於新一輪交易對蔚來汽車的影響的問題。

We have noticed that a few Chinese companies have achieved the dual-listing in exchanges of the U.S. and [HongKong] (corrected by company after the call), such as Alibaba.

我們注意到，一些中國公司已經實現了美國和香港交易所的雙重上市（公司在電話會議後更正），例如阿里巴巴。

Looking forward, we will actively and closely monitor the changes and trends of the markets and adopt plans that best serve the interests of NIO Inc.'s investors and shareholders.

展望未來，我們將積極密切關注市場的變化和趨勢，採取最符合蔚來投資者和股東利益的方案。

I think that's our comment to your question.

我想這就是我們對你的問題的評論。

Okay.

好的。

I have a very quick follow-up on first one.

我對第一個進行了非常快速的跟進。

Can -- right now, you actually undersupply or actually is there a overcapacity?

可以——現在，你們實際上是供應不足還是實際上產能過剩？

So which means there is so much demand, what's the maximum monthly supply volume?

那麼需求量這麼大，每月最大供應量是多少呢？

What's the number?

號碼是多少？

Maximum capacity right now?

現在最大容量？

[Interpreted] In fact, a lot of users or actually many users have been waiting for the deliveries.

【解讀】其實很多用戶或者實際上很多用戶都在等待發貨。

For example, users of the ES8 and ES6, it will be even longer for the users of the EC6.

比如ES8和ES6的用戶，EC6的用戶會更長。

In the Hefei plant under one shift, the monthly production capacity should be around 4,000 units with 15 JPH and this means that the workers will need to work around 10 hours every day.

合肥工廠一班制下，每月產能應在4000台左右，15JPH，這意味著工人每天需要工作10小時左右。

But because some supply chain partners in our supply chain, they have some constraints on the production capacity, which means the production capacity for those supply chain partners is around 3,400 to 3,500.

但是因為我們供應鏈上有一些供應鏈夥伴，他們對產能有一些限制，也就是說這些供應鏈夥伴的產能在3400到3500左右。

So although we still have some capacity in our own Hefei plant, but the overall capacity in the supply chain is limited.

所以雖然我們自己的合肥工廠還有一定產能，但是供應鏈整體產能有限。

We understand that many users have been waiting for the vehicle deliveries.

據我們了解，許多用戶一直在等待車輛交付。

That is why we would like to boost the capacity in the overall supply chain system, which means our partners will also need to increase their production capacity.

這就是為什麼我們要提高整個供應鏈系統的產能，這意味著我們的合作夥伴也需要提高他們的產能。

This requires systematic efforts across the supply chain.

這需要整個供應鏈的系統性努力。

According to our plans, around August and September, we should be able to increase the monthly production capacity to around 4,500 to 5,000.

按照我們的計劃，8、9月份左右，我們的月產能應該可以增加到4500到5000輛左右。

Overall speaking, we are quite conservative in terms of the production capacity increase.

總體來說，我們對於產能的增加還是比較保守的。

But we would like to strike a balance between the order growth and our production capacity increase, considering the strong momentum on the demand side.

但考慮到需求方面的強勁勢頭，我們希望在訂單增長和產能增加之間取得平衡。

Your next question comes from the line of Lei Wang of CICC.

你的下一個問題來自中金公司王雷。

This is Lei Wang speaking from CICC.

我是中金公司的王雷。

Congrats on very strong deliveries.

祝賀非常強勁的交付。

I have 2 questions, if you don't mind.

如果你不介意的話，我有兩個問題。

So we have achieved a historically low SG&A and R&D expenses in the first quarter.

因此，我們在第一季度的銷售、行政管理和研發費用實現了歷史最低水平。

That's mainly attributed to the virus outbreak, I believe.

我認為這主要歸因於病毒的爆發。

Can we have your guidance on the operating expense for the next few quarters?

我們能否得到您對未來幾個季度運營費用的指導？

That was the first question.

這是第一個問題。

And the second question is about the deal again because as the last day of the first quarter, we have cash and equivalents around like RMB 2.4 billion, while we show just about like total RMB 2.5 billion cash before June 2020.

第二個問題又是關於這筆交易的，因為截至第一季度的最後一天，我們的現金和等價物約為 24 億元人民幣，而我們顯示 2020 年 6 月之前的現金總額約為 25 億元人民幣。

So do we need to issue new convertible bonds for issue the new private placements?

那麼新的定向增發是否需要發行新的可轉債呢？

(foreign language)

（外語）

Okay.

好的。

This is Stanley.

這是斯坦利。

Regarding the first question, in Q1 2020, we have seen expected results from the cost control efforts, including the organization optimization and some restructuring initiatives.

關於第一個問題，2020年第一季度，我們看到了成本控制工作的預期效果，包括組織優化和一些重組舉措。

And expenses in Q2 and going forward, I think will increase quarter-over-quarter compared with Q1 due to more R&D and marketing activities being performed in Q2.

由於第二季度進行了更多的研發和營銷活動，我認為第二季度及未來的支出將比第一季度環比增加。

But considering our gross margin improvements, we are still confident to reduce the operating loss, and we expect the trend to continue in 2020.

但考慮到我們毛利率的改善，我們仍然有信心減少經營虧損，並且我們預計這一趨勢將在2020年持續下去。

Yes, that's all for question one.

是的，這就是問題一的全部內容。

Okay.

好的。

So on -- for your second question, yes, you're right, we have RMB 2.4 billion on our balance sheet, and we will inject RMB 2.4 billion into NIO China.

那麼，對於你的第二個問題，是的，你說得對，我們的資產負債表上有24億元人民幣，我們將向蔚來中國註資24億元人民幣。

So first of all, we still have some cash, as you see in our balance sheet, unused from the previous, which can be injected into NIO China as part of the investment from NIO Inc.

首先，正如你在我們的資產負債表中看到的那樣，我們仍然有一些現金，以前未使用過，可以作為蔚來公司投資的一部分注入蔚來中國。

And then we will closely monitor the market and determine future financing plans to support our further cash injections.

然後我們將密切關注市場並確定未來的融資計劃以支持我們進一步的現金注入。

And yes, that's all.

是的，僅此而已。

Follow-up quick question on the OpEx because we have roughly RMB 500 million monthly OpEx in the first quarter.

關於運營支出的後續快速問題，因為我們第一季度的每月運營支出約為 5 億元人民幣。

And what's the estimation on the absolute dollar amount for the next few quarters, like RMB 700 million sounds like a reasonable one or even lower?

對未來幾個季度的絕對美元金額的估計是多少，比如人民幣 7 億元聽起來是一個合理的數字，甚至更低？

Operating expense wise, as I mentioned, I think there will be an increase in Q2, since the more R&D and marketing activities, yes.

正如我所提到的，運營費用方面，我認為第二季度將會有所增加，因為研發和營銷活動更多，是的。

But generally, the operating loss, I think, will continue to be reduced.

但總體而言，我認為經營虧損將繼續減少。

So the exact number...

那麼具體的數字...

I don't think that we are supposed to give the guidance on the absolute dollar amount of the expenses for the current quarter.

我認為我們不應該就本季度費用的絕對美元金額提供指導。

But our goal is to reduce the operating loss through the gross margin gains as well as efficiencies through controlling the operating expenses.

但我們的目標是通過提高毛利率來減少運營損失，並通過控制運營費用來提高效率。

Your next question comes from the line of Fei Fang of Goldman Sachs.

你的下一個問題來自高盛的費方。

Congratulations on the strong results.

祝賀取得了優異的成績。

My first question is about vehicle margin.

我的第一個問題是關於車輛利潤。

How would you guide vehicle margin to progress beyond second quarter's 5%?

您將如何引導車輛利潤率超越第二季度的 5%？

Are we still tracking towards double-digit vehicle margin by the fourth quarter?

到第四季度我們的汽車利潤率是否仍將達到兩位數？

That's the first question for me.

這是我的第一個問題。

Second question is how many of your cars were sold in NIO Houses versus NIO Space in the first quarter and also in April?

第二個問題是，第一季度和四月份，你們在 NIO Houses 和 NIO Space 上售出了多少輛汽車？

Okay.

好的。

The first question about the vehicle margin, we still expect the gross margin to expect double digits in -- by the end of 2020 with further decrease in BOM cost, including the battery package and also sales of more products with higher gross margin and continued optimization of our manufacturing cost.

第一個問題關於整車利潤率，我們仍然預計到2020年底毛利率將達到兩位數，隨著BOM成本進一步下降，包括電池包以及銷售更多毛利率更高的產品並持續優化我們的製造成本。

Yes.

是的。

[Interpreted] In terms of the first question for the gross margin, we still would like to keep our guidance regarding the double-digit gross margin by the end of this year.

【解讀】關於第一個問題毛利率，我們仍然希望在今年年底前保持兩位數毛利率的指引。

At this moment, we are still quite confident to achieve this objective.

目前，我們對實現這一目標還是很有信心的。

With respect to your second question, I would like to say that at this moment, most of the vehicle sales happens in the NIO Houses and the online channels.

關於你的第二個問題，我想說的是，目前大部分汽車銷售都發生在蔚來汽車之家和線上渠道。

This is mainly because the NIO Houses are located in those big cities.

這主要是因為蔚來之家位於那些大城市。

But we believe NIO Spaces are going to play a very important role in the future, especially in terms of the channel expansions in the Tier 2 and the Tier 3 cities, and it's going to play a very bigger role in the third quarter for the channel expansion in those lower tiered cities.

但我們相信NIO Spaces在未來將會發揮非常重要的作用，特別是在二三線城市的渠道拓展方面，並且在第三季度它將為渠道發揮非常大的作用向低線城市擴張。

Overall speaking, currently, 70% of the vehicle sales are through the NIO Houses and the online touch points.

總體來看，目前70%的汽車銷量是通過蔚來汽車之家和線上觸點實現的。

Your next question comes from line of Ming Hsun of Bank of America.

你的下一個問題來自美國銀行明勳的電話。

And congrats on the good results.

並祝賀取得的好成績。

So I have few questions.

所以我有幾個問題。

My first question is that when will you start to deliver EC6 and also decide a price?

我的第一個問題是，你們什麼時候開始交付 EC6 並決定價格？

And also when will you start to ship the 100 kWh battery with your cars.

還有什麼時候開始隨車配備 100 kWh 電池。

And will there be any meaningful spec change, for example, like a driving range improvement and also increase of weight or overall the weight will be maintained similar level compared to your current 84 kWh model, the reason I'm asking is because I also want to know that when you start to use some more advanced cells to pack the battery to improve the battery density so that the horsepower can be maintained or even improved, even you use a bigger size battery.

是否會有任何有意義的規格變化，例如，行駛里程的改進以及重量的增加，或者總體重量將與您當前的 84 kWh 型號相比保持相似的水平，我問的原因是因為我也想要要知道，當你開始使用一些更先進的電芯來封裝電池，以提高電池密度，從而使馬力能夠保持甚至提高時，即使你使用更大尺寸的電池。

And my third question is regarding your cooperation with Hefei government.

我的第三個問題是關於你們與合肥市政府的合作。

So besides the investment from Hefei, I believe Hefei will also give you more support from other, I think, financial aspect.

所以除了合肥的投資之外，我認為合肥還會在其他方面給予你們更多的支持，我認為是在金融方面。

So could you elaborate more on support and cooperation from Hefei government?

您能否詳細介紹一下合肥市政府的支持與配合？

[Interpreted] Our plan is to start the deliveries of the EC6 in September and the delivery of the 100 kWh battery pack in the fourth quarter.

【解讀】我們的計劃是9月份開始交付EC6，第四季度開始交付100kWh電池組。

For the battery pack, the current battery pack will upgrade within the same size.

電池組方面，目前的電池組將在同尺寸範圍內進行升級。

The weight will not change, but the power density will improve.

重量不會改變，但功率密度會提高。

In this case, it's not going to impact on the performance of the vehicle.

在這種情況下，它不會影響車輛的性能。

And this is one of the parameters and the criteria in our technology development.

這是我們技術開發的參數和標準之一。

This is a very important endorsement to offer technical competence because within the same battery pack size, we can upgrade the battery from the 70 kWh to 84 kWh.

這是對技術能力的一個非常重要的認可，因為在相同的電池組尺寸下，我們可以將電池從70kWh升級到84kWh。

And this year, we're going to shift to 100 kWh battery pack.

今年，我們將轉向 100 kWh 電池組。

In terms of our cooperation and development in Hefei regarding NIO China, we will work together with Hefei government and other related departments to work out the specific policies.

關於蔚來中國在合肥的合作發展，我們將與合肥市政府等相關部門共同製定具體政策。

We believe we should be able to get some preferential and supportive policies.

我們認為我們應該能夠得到一些優惠和支持政策。

Thank you, William.

謝謝你，威廉。

Sorry, I got one more quick question.

抱歉，我還有一個簡單的問題。

So maybe it's still early, but for the year-end NIO Day will you consider to launch another new product as per your previous guidance, but then the launch probably will be postponed to 2021 or 2022?

所以也許現在還為時過早，但在年底的 NIO Day 上，您是否會考慮按照之前的指導推出另一款新產品，但發布可能會推遲到 2021 年或 2022 年？

So in this year-end, there is no possibility to launch sedan or other new models?

那麼今年年底有沒有可能推出轎車或者其他新車型呢？

Thanks for your question.

謝謝你的提問。

I would understand everyone is looking forward to the NIO Day and of a new product launch.

我理解每個人都在期待蔚來日和新產品的發布。

This actually proves we have a very high product development and R&D efficiency.

這實際上證明了我們有非常高的產品開發和研發效率。

Because starting from the NIO Day in 2017, we launched our new product every year on the NIO Day.

因為從2017年NIO Day開始，我們每年都會在NIO Day推出我們的新產品。

Of course, we don't want to break this tradition but at this moment we cannot disclose the specific details.

當然，我們不想打破這個傳統，但目前我們還不能透露具體細節。

Your next question comes from the line of Jiajie Shen of JPMorgan.

你的下一個問題來自摩根大通的沈家傑。

It's Nick Lai from JPMorgan.

我是摩根大通的尼克·賴 (Nick Lai)。

So 2 very simple high-level questions.

這是兩個非常簡單的高級問題。

The first one on the cash flow, can you walk us through on the cash flow, yes, in terms of inflow and outflow?

第一個關於現金流，您能否向我們介紹一下現金流，是的，就流入和流出而言？

You mentioned earlier in the first quarter, we issued roughly about $435 million CB.

您在第一季度早些時候提到，我們發行了大約 4.35 億美元的可轉換債券。

That's roughly about RMB 3 billion.

大約是30億元人民幣左右。

But at the same time, for the investment in China -- in NIO Inc.

但與此同時，對於在中國的投資——蔚來公司。

The first 2 installments due in June, we need to invest altogether RMB 2.5 billion and on top of that, presumably, at each quarter, the cash burn is somewhere about RMB 1.5 billion to RMB 2 billion.

前兩期6月份到期，總共需要投資25億元人民幣，除此之外，想必每個季度的現金消耗在15億元到20億元人民幣左右。

So if you can provide some number or guidance on the quarterly cash inflow and also that will be appreciated?

那麼，如果您能提供一些有關季度現金流入的數字或指導，我們將不勝感激？

And should we assume with all the investment maybe in the next 1 year we probably don't need to go to capital market and raise funds again.

如果我們假設在未來一年內進行所有投資，我們可能不需要再次進入資本市場籌集資金。

So that's a free cash flow related question.

這是一個與自由現金流相關的問題。

And the second simple question is really on volume.

第二個簡單的問題實際上是關於音量的。

I remember, in 2019, we had about 5,000 units of backlog order.

我記得2019年，我們的積壓訂單大約有5000台。

Can you give us an update of that number by first quarter?

您能否在第一季度之前向我們提供該數字的最新情況？

And also 2Q, the guidance of 9,500 to 10,000 units of delivery, is the split between ES8 and ES6 similar to first quarter?

還有第二季度的交付量指導為9,500至10,000輛，ES8和ES6之間的劃分是否與第一季度類似？

Then lastly, on EC6, new model, how should we think about volume?

最後，對於EC6這個新型號，我們應該如何考慮體積？

Would it be similar or close to ES6?

它會與 ES6 相似或接近嗎？

Okay.

好的。

So thank you for your questions.

謝謝你的提問。

This is Jade.

這是傑德。

I'm going to answer the first question that you have.

我將回答你的第一個問題。

Yes, as of the -- at the end of the first quarter, we did have about RMB 2.4 billion as cash on our balance sheet thanks to the CBs that we have raised in the first quarter, which has supported our operating and cash need.

是的，截至第一季度末，我們的資產負債表上確實有約 24 億元人民幣的現金，這要歸功於我們在第一季度籌集的可轉債，這支持了我們的運營和現金需求。

And also that the rest of the money that we have right now definitely can be injected from NIO Inc.

而且我們現在剩下的錢肯定可以從蔚來公司注入。

to NIO China for the installment as the investment we need to make in NIO China.

向蔚來中國分期付款，作為我們在蔚來中國需要進行的投資。

So as for the future plans of the cash injection, we are going to monitor the market very carefully and see what's the best time and the appropriate method to raise the capital in the future.

所以對於未來的注資計劃，我們會非常仔細地觀察市場，看看未來什麼是最佳的融資時機和合適的融資方式。

And we definitely will get sufficient cash to support our future business development and expansion.

我們肯定會獲得足夠的現金來支持我們未來的業務發展和擴張。

So that is on the cash side.

這是現金方面的情況。

And on your second question regarding the orders, I think William can answer some on that.

關於你關於訂單的第二個問題，我認為威廉可以回答一些。

[Interpreted] At this moment, we cannot disclose the specific number of the order backlog.

【解讀】目前我們無法透露積壓訂單的具體數量。

But according to our data, the current backlog should be over 5,000, just like you mentioned.

但根據我們的數據，目前的積壓應該超過5000，就像你提到的那樣。

In terms of the product mix of the ES8 and ES6, as you know, the starting price of the ES8 is CNY 110,000 more than that of the ES6.

從ES8和ES6的產品結構來看，眾所周知，ES8的起售價比ES6高出11萬元。

So it's quite natural that ES6 has a higher volume compared with the ES8.

所以ES6的音量比ES8高也是很自然的。

But after we start the delivery of the ES8, we also need some time to ramp up the production, the sales and the deliveries to the users.

但在ES8開始交付之後，我們還需要一些時間來加快生產、銷售和向用戶的交付。

According to our current data, the percentage of the ES8 and ES6 should be 1:3.

根據我們目前的數據，ES8和ES6的比例應該是1:3。

And this is because of the specific market segment.

這是因為特定的細分市場。

For the EC6 because we haven't released the specific pricing yet, we still need some time to understand what should be the pricing strategy for the EC6 and what is our target user group for the EC6.

對於EC6，因為我們還沒有公佈具體的定價，所以我們還需要一些時間來了解EC6的定價策略應該是什麼，以及我們的EC6的目標用戶群是什麼。

So we will need to understand those specific information to have a clear picture for the market demand.

因此，我們需要了解這些具體信息，才能清楚地了解市場需求。

At that time, we also need to make a dynamic decision based on the production capacity, competition landscape and our product strategy to determine the pricing.

到時候我們還需要根據產能、競爭格局以及我們的產品策略進行動態決策來確定定價。

At this moment, we have received some intention orders, but because we haven't released the pricing yet, so we cannot receive the nonrefundable orders at this moment.

目前，我們已經收到了一些意向訂單，但由於我們還沒有發布定價，所以目前我們無法接收不可退款的訂單。

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

由於現在沒有其他問題了，我想將電話轉回公司進行結束語。

Thank you, again, for joining us today.

再次感謝您今天加入我們。

If you have any questions, just feel free to contact us through the contact information provided on our IR website.

如果您有任何疑問，請隨時通過我們 IR 網站上提供的聯繫信息與我們聯繫。

This concludes the conference call.

電話會議到此結束。

You may now disconnect the line.

您現在可以斷開線路。

Thank you.

謝謝。

Stay safe

注意安全

Thank you, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]