小牛電動 (NIU) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to the NIU Technologies second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time.

女士們、先生們，大家好。感謝您的支持，歡迎參加 NIU Technologies 2025 年第二季財報電話會議。（操作員指示）提醒一下，我們正在錄製今天的通話。如果您有任何異議，您可以立即斷開連接。

Now, I'll turn the call over to Ms. Kristal Li, Investor Relations Manager of NIU Technologies. Ms. Li, please go ahead.

現在，我將電話轉給 NIU Technologies 投資者關係經理 Kristal Li 女士。李小姐，請講。

Thank you, operator. Hello, everyone. Welcome to today's conference call to discuss NIU Technologies results for the second quarter of 2025. The earnings press release, corporate presentation, and financial spreadsheets have been posted on our investor relations website. This call is being webcast from companies IR set as well, and a replay of the call will be available soon.

謝謝您，接線生。大家好。歡迎參加今天的電話會議，討論 NIU Technologies 2025 年第二季的業績。收益新聞稿、公司介紹和財務電子表格已發佈在我們的投資者關係網站上。這次電話會議也正在公司 IR 組進行網路直播，會議重播將很快提供。

Please note, today's discussion will contain forward-looking statement made under the safe cover provision of the US Private Security Litigation Reform Act of 1995. Forward-looking statements involves risks, uncertainties, assumptions, and other factors. The company's actual result may be materially different from those expressed today. Further information regarding the risk factors is included in the company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statement except as required by law.

請注意，今天的討論將包含根據 1995 年美國私人安全訴訟改革法案的安全保障條款所作出的前瞻性聲明。前瞻性陳述涉及風險、不確定性、假設和其他因素。公司的實際結果可能與今天表達的結果有重大差異。有關風險因素的更多資​​訊包含在公司向美國證券交易委員會提交的公開文件中。除法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Our early press release and this call include discussion of certain non-GAAP financial measures. The press release contained the definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results.

我們早期的新聞稿和本次電話會議討論了某些非公認會計準則財務指標。新聞稿包含非公認會計準則財務指標的定義以及公認會計準則與非公認會計準則財務結果的調整。

On the call with me today are our CEO Dr. Yan Li; and CFO, Ms. Fion Zhou.

今天與我一起參加電話會議的有我們的執行長李岩博士和財務長週菲昂女士。

Now, let me turn the call over to CEO, Yan.

現在，讓我把電話轉給執行長 Yan。

Thank you, Kristal. Hello, everyone. Thank you for joining us today. Second quarter of 2025 marked another strong performance for us, building our solid momentum from Q1. This quarter, our total sales volume reached 350,000 units, representing a 37% year-over-year increase. In the China market, the sales volume surged by 54% to 318,000 units, continuing the growth trend in Q1.

謝謝你，克里斯塔爾。大家好。感謝您今天加入我們。2025 年第二季我們再次取得了強勁表現，延續了第一季以來的強勁勢頭。本季度，我們的總銷量達到35萬台，較去年同期成長37%。中國市場銷量飆升54%至31.8萬輛，延續第一季的成長態勢。

The overseas market recorded 31,000 units, a 35% year-over-year decline, mainly due to the impact of the US tariff, coupled with intensifying competition in the European market for micromobility segments. While in in overseas market, our electric two-wheelers continue to grow at 4X. However, we have seen positive signs on the structural improvements in our overseas operations, which I'll elaborate in subsequent sections.

海外市場銷售3.1萬輛，年減35%，主要受美國關稅影響，加上歐洲微出行市場競爭加劇。而在海外市場，我們的電動兩輪車繼續以4倍的速度成長。不過，我們已經看到海外業務結構性改善的正面跡象，我將在後續章節中詳細闡述。

Our revenue and gross margin also demonstrate a strong improvement this quarter. Revenue reached RMB1.26 billion, a year-over-year growth of 34%. While the gross margin stood at 20.1 percentage, up 3.1% year-over-year or 2.8 percentage quarter-over-quarter compared to Q1.

本季我們的營收和毛利率也顯示出強勁的改善。營業收入達人民幣12.6億元，較去年成長34%。毛利率為20.1%，較上一季年增3.1個百分點，較上一季成長2.8個百分點。

As previously mentioned, this positive outcome is primarily driven by the product portfolio optimization and the cost reduction achieved through platformizations of our products and components.

如前所述，這一積極成果主要得益於產品組合優化以及透過產品和組件平台化實現的成本降低。

We achieved a net profit of RMB5.9 billion. While we're still navigating the challenges on the profitability front, our discipline, execution, and our focused strategy continue to position us well for both the revenue and profit growth.

實現淨利59億元。雖然我們仍在應對獲利方面的挑戰，但我們的紀律、執行力和專注的策略繼續為我們的收入和利潤成長奠定良好的基礎。

The performance of this quarter reaffirmed our growth strategy from product development, technology innovation, expanded sales channels, to brand management. Our teams have delivered strong results across all those fronts.

本季的業績再次肯定了我們從產品開發、技術創新、擴大銷售管道到品牌管理的成長策略。我們的團隊在所有這些方面都取得了出色的成績。

I'll now provide more details, starting with our progress in the China market.

現在我將提供更多細節，首先介紹我們在中國市場的進展。

In China market, Q2 sales, as I mentioned, reached about 318,000 units, representing 54% year-over-year growth. Although this volume growth rate is 12% lower compared with the Q1 results of year-over-year growth rate of 66%. The actual revenue growth from scooters year-over-year for China is 45%, 6 percentage higher than the Q1 results.

在中國市場，正如我所提到的，第二季的銷量達到約 318,000 輛，較去年同期成長 54%。儘管這一銷量成長率與第一季66%的年成長率相比低了12%。中國踏板車實際營收年增45%，較第一季成長6個百分點。

As mentioned in the last call, we observed the ASP decline in Q1 as we introduce two entry-level models, MT and MMT, in the market responsible for the ASP drop and partially responsible for the high volume growth in Q1.

正如上次電話會議中所提到的，我們觀察到第一季的平均售價下降，因為我們在市場上推出了兩款入門級型號 MT 和 MMT，這導致了平均售價下降，也是第一季銷售大幅成長的部分原因。

In Q2, as we continue to optimize our product portfolio, the ASP increased by 11% compared with Q1, and the Q2 ASP is back close to the 2024 annual level.

第二季度，隨著我們持續優化產品組合，平均售價較第一季上漲11%，第二季平均售價已回升至接近2024年全年水準。

Now, in 2024, last year, our development effort in product was centered around the electric bicycle product withdrawal of NXT, NT, MT, and has driven a strong growth since then.

現在，2024年，也就是去年，我們在產品方面的開發工作圍繞著NXT、NT、MT的電動自行車產品撤出展開，並從此推動了強勁的成長。

In the first half of this year, we really focused on electric motorcycle product development to really strengthen our positions in the sector. As we mentioned in the previous quarter, we launched NX Pro electric motorcycle priced at RMB9,999, positioned as the speed champion among the sub-RMB10,000 electric motorcycles.

今年上半年，我們真正專注於電動摩托車產品的開發，以真正鞏固我們在該領域的地位。正如我們在上一季提到的，我們推出了售價9999元的NX Pro電動摩托車，定位為萬元以下電動摩托車中的速度冠軍。

In Q2, we expanded our high-end electric motorcycle lineup by introducing three core models, the NXL, ML, and FX Pro, covering a price range from RMB4,000 to over RMB10,000.

第二季度，我們擴大了高階電動摩托車產品線，推出了NXL、ML、FX Pro三款核心車型，價格覆蓋4,000元至10,000元以上。

All those models are equipped with advanced intelligent features aligning with our new performance and safety standard, such as a full-color TFT display with screen metering navigation, the OKGo technology, boosting the top speed between 55 to 80 kilometers per hour, undergoing a comprehensive upgrade in handling and performance, and delivering a premium intelligent experience. Those models account for 12% of our total sales will in Q2.

所有車型均搭載符合全新性能和安全標準的先進智慧配置，如全彩TFT顯示器帶螢幕計量導航、OKGo技術，最高時速提升至55至80公里/小時，操控性和性能全面升級，帶來尊貴的智慧體驗。這些型號占我們第二季總銷量的 12%。

Now, building on that momentum, we introduced the NX in July, entry-level smart e-motorcycle price featuring RMB3,599 to RMB4,499. The NX is built for young urban riders featuring a compact nimble body, a 100 kilometer extended range, and the intelligent features such as the dual-way throttle and downhill assist. Those functionalities typically reserved for premium model are now accessible in the sub-RMB4,000 e-motorcycle segment, giving NX a strong potential to capture this (inaudible) market share.

現在，我們乘著這樣的勢頭，在7月推出了NX，入門級智慧電動摩托車售價在3599元至4499元之間。NX 專為年輕的城市騎乘者打造，具有緊湊靈活的車身、100 公里的延長續航里程以及雙向油門和下坡輔助等智慧功能。這些通常為高端車型保留的功能現在可以在 4,000 元人民幣以下的電動摩托車領域使用，這使得 NX 具有強大的潛力來佔領這個（聽不清楚）市場份額。

Now, with those add-ons, we have a complete line of motorcycle product in N-Series ranging from RMB3,599 entry level product, to a sub-RMB10,000 high-speed motorcycle product.

現在，有了這些附加組件，我們擁有完整的 N 系列摩托車產品線，從售價 3,599 元人民幣的入門級產品到售價低於 10,000 元人民幣的高速摩托車產品。

With the launch of FX Pro, we also have a good lineup of F-Series product with more to come in the second half of this year. The current electric motorcycle sales only represent less than 20% of total volume, with much more growth potential.

隨著 FX Pro 的推出，我們也擁有了優秀的 F 系列產品陣容，今年下半年還將推出更多產品。目前電動摩托車銷量僅佔總銷量的不到20%，成長潛力巨大。

Now, talking about the new national standard for the electric bicycle product, which will take effect in September 1, this new regulation will have a set of new requirements for electrical bicycle products such as a percentage of plastic being used, the total weight, and the form factors. We are developing new product lines and modifying the existing product lines to comply with the new requirements. Those products that fit with the new requirements will be rolled out in September and Q4 this year.

現在談到將於9月1日生效的電動自行車產品新國標，該新標準將對電動自行車產品的塑膠使用比例、總重量、外形尺寸等提出一系列新的要求。我們正在開發新的產品線並修改現有的產品線以滿足新的要求。符合新要求的產品將於今年9月和第四季推出。

The new requirement required the manufacturer to stop shipping all standard product by August 31. However, it allows distributors and retailers to continue to sell all standard product until November 30. Hence, with the prepared new product as well as the actual buffer time for the retailer to sell the old standard product, we expect a rather smooth transition from old standard to the new standard in Q4.

新規定要求製造商在 8 月 31 日之前停止運送所有標準產品。但是，它允許分銷商和零售商繼續銷售所有標準產品，直到 11 月 30 日。因此，有了準備好的新產品以及零售商銷售舊標準產品的實際緩衝時間，我們預計第四季度從舊標準到新標準的過渡將相當平穩。

Now, we continue to invest in technology innovation, mainly focusing on smart technology and powertrain systems. On the smart technology side, we continue to focus on the seamless driving experience, smart controlling assistance and AI smart ecosystem features.

現在，我們繼續投入技術創新，主要集中在智慧技術和動力系統方面。在智慧技術方面，我們持續專注於無縫駕駛體驗、智慧控制輔助和AI智慧生態系統功能。

As safety continues to be an important topic for two-wheel mobility, in Q1, primarily focused on enhancing driving safety, gradually rolling out features such as the driver dynamic safety warning system, developed in collaboration with Google Maps. Additionally, more products are standardized to meet our new safety standards, equipped with screen metering navigation, millimeter wave radar, and dual-channel ABS.

由於安全性仍然是兩輪機動車輛的重要主題，在第一季度，我們主要專注於提高駕駛安全性，逐步推出與Google地圖合作開發的駕駛員動態安全預警系統等功能。此外，更多產品實現標準化，滿足我們新的安全標準，配備螢幕測光導航、毫米波雷達、雙通道ABS等。

Where the industry first introduced the dual-channel ABS adoption in electric bicycles in 2024 on our NX model in Q2 last year, after one year of continuous development integration, we have incorporated dual-channel ABS in many of our electric bicycle models. As of now, about one-third of the electric bicycle models sold are equipped with ABS, covering from (inaudible) to mid to high-end electric bicycle series.

去年第二季度，我們在NX車型上率先在電動自行車上採用雙通道ABS，預計2024年將實現電動自行車的雙通道ABS應用。經過一年的持續開發整合，我們已在多款電動自行車車型中採用雙通道ABS。截至目前，在售電動自行車車型中約有三分之一配備了ABS，涵蓋了從（聽不清楚）到中高端電動自行車系列。

Now, in Q2, we focus shift to be implementation of AI smart control assistance with long-term features such as the dual-way throttle and downhill assistance. Leveraging the sensors and gyroscope installed across the scooter, we monitor its real-time status, such as the low-speed driving mode, as well as the steering direction angle data.

現在，在第二季度，我們將重點轉移到實施人工智慧智慧控制輔助，以及雙向油門和下坡輔助等長期功能。利用安裝在滑板車上的感應器和陀螺儀，我們可以監控滑板車的即時狀態，例如低速駕駛模式以及轉向方向角數據。

With our proprietary algorithms, we use those data to develop smart control system to provide driver assistant functionalities such as assisted pushing or reverse backing on the parking functions, making the consumer's control experience more effortless and convenient.

利用我們專有的演算法，我們使用這些數據來開發智慧控制系統，為駕駛輔助功能（例如輔助推車或倒車等停車功能）提供功能，讓消費者的控制體驗更加輕鬆、方便。

In the power tray system, we continue to collaborate with industry-leading battery suppliers to really develop forward-looking R&D initiatives and technology adaptations on new battery technologies. Those innovations will be released in subsequent quarters.

在電源托盤系統中，我們繼續與業界領先的電池供應商合作，真正開發出具有前瞻性的新電池技術研發計畫和技術改造。這些創新將在接下來的幾季發布。

In Q2, our brand strategy is centered along aligning product launch with high-impact marketing milestone events to demonstrate our technology innovation. We showcased our technology powers on the tracks. On May 23, we have professional research setting a China record of lap time of 2 minutes, 58 seconds with our NX model on the Shanghai F1 circuit.

在第二季度，我們的品牌策略將圍繞產品發布與高影響力的行銷里程碑事件相結合，以展示我們的技術創新。我們在賽道上展示了我們的技術實力。5月23日，我們專業研究的NX車型在上海F1賽道上創造了2分58秒的中國單圈紀錄。

In the product launch dynamics, our May 13 All-Star E-Motorcycle launch event with NXL, NL, and FX that emerged as a sales sensation, taking RMB100 million GMV within just five hours and moving over 10,000 units across all online platforms. This momentum continued into the 618 shopping campaign where we surpassed our previous record with RMB1.06 billion in GMV, 128% year-over-year surge, fueled by massive live streaming sessions. The campaign generated about 1.56 billion impressions, further solidifying our premium brand positioning in 37 key urban markets.

在產品發布動態方面，我們於 5 月 13 日與 NXL、NL 和 FX 聯合舉辦的全明星電動摩托車發布會引起了轟動，在短短五個小時內就實現了 1 億元人民幣的 GMV，並在所有在線平台上銷售了超過 10,000 輛。這一勢頭延續到了 618 購物活動，在大量直播的推動下，我們的 GMV 突破了先前的紀錄，達到 10.6 億元人民幣，同比增長 128%。這項活動產生了約15.6億次曝光，進一步鞏固了我們在37個重點城市市場的高端品牌地位。

And in July 17, we saw another successful launch with our NXT Ultra and FXT Ultra models, showing about 49 million views and 3.6 million live stream viewers. Within five hours, those models achieved a staggering 20,000 units sold and RMB220 million in GMV, securing top rankings across all major e-commerce platforms.

2017 年 7 月，我們的 NXT Ultra 和 FXT Ultra 型號再次成功發布，觀看次數約達 4,900 萬次，直播觀眾達 360 萬。短短五小時，銷售量就突破2萬台，成交總額達2.2億元，榮登各大電商平台榜首。

To celebrate our remarkable 10th anniversary, we'll also sponsored a play festival on June 1 with 30,000 participants, among which, many are new users. The total view of such an event reached 220 million.

為了慶祝我們非凡的十週年紀念日，我們還將在 6 月 1 日主辦一場遊戲節，屆時將有 30,000 人參加，其中許多是新用戶。活動總觀看人數達2.2億人。

Now, in terms of content placement, our Q2 media campaign (inaudible) yet a targeted campaign spanning 41 cities and included over 500,000 outdoor placements across six major urban scenes. Online engagement on platforms like Douyin, Weibo, Xiaohongshu, and Bilibili. Partnering with 1,000 creators across 12 verticals and generate 4 billion exposures. By the quarter end, the total's campaign (inaudible) exceeded 4.5 billion, underscoring the effectiveness of our integrated brand approach.

現在，就內容投放而言，我們的第二季媒體活動（聽不清楚）是一項有針對性的活動，涵蓋 41 個城市，並在六個主要城市場景中包括超過 500,000 個戶外投放。在抖音、微博、小紅書和嗶哩嗶哩等平台上的線上互動。與 12 個垂直領域的 1,000 名創作者合作，產生 40 億次曝光。截至本季末，整個活動的資金（聽不清楚）已超過 45 億，凸顯了我們綜合品牌方法的有效性。

Now, speaking of channel expansion, we have continued our previous strategy with a strong focus on penetrating the (inaudible) underrepresented market in China. We're strategically expanding our retail footprint to ensure that product reach a broader consumer base.

現在，談到通路擴展，我們繼續執行先前的策略，重點是滲透中國（聽不清楚）代表性不足的市場。我們正在策略性地擴大我們的零售足跡，以確保產品涵蓋更廣泛的消費者群體。

In Q2, we expanded our retail footprint by net adds 185 new stores, with significant focus on Tier 3 and Tier 4 cities, which accounts for 50% of net adds. Here today, we have net adds total of 569 stores. This strategic expansion not only refined our distribution network, but also laid a solid foundation for the upcoming product launch in the second half of the year. Now with this effort, in the first half, the percentage of sales from Tier 3 cities grew by 4 percentage points in terms of contributions, demonstrating our successful effort in penetrating the lower-tier cities.

在第二季度，我們擴大了零售業務範圍，新增了 185 家門市，重點是三線和四線城市，佔淨增門店數量的 50%。今天，我們總共淨增了 569 家門市。此次策略擴張不僅完善了我們的經銷網絡，也為下半年即將推出的產品奠定了堅實的基礎。透過這樣的努力，上半年三線城市的銷售佔比成長了4個百分點，證明了我們在滲透低線城市方面取得了成功。

Additionally, our online presence has been significantly strengthened with sales performance improving across multiple online channels. Our currently managed 11 official branded accounts, our 48 localized accounts, and the close to 800 store accounts, those multi-tier strategy have hosted about 20,000 live broadcasts, generating about 620 million views, an 8X increase compared with last year. This robust NIU's online visibility and customer interactions contributing about 250,000 units in sales, representing 77% of total sales volume.

此外，我們的線上業務得到了顯著加強，多個線上管道的銷售業績都有所提高。我們目前管理著 11 個官方品牌帳戶、48 個本地化帳戶和近 800 個商店帳戶，這些多層級策略已經舉辦了約 20,000 場直播，產生了約 6.2 億次觀看，與去年相比增長了 8 倍。這款強大的 NIU 的線上可見性和客戶互動貢獻了約 25 萬台的銷量，佔總銷量的 77%。

Now turning into our overseas business, we recorded a total sales volume of 31,000 units in Q2, representing a 35% year-over-year decline. However, the scooter revenues declined by only 20% as electric scooter products started to contribute more in the sales with higher ASP. The micromobility declined by 41% due to the impact, as mentioned, a tariff-driven adjustment in the US market and the pressure from intensive price completion in the key European market.

現在轉向我們的海外業務，我們第二季的總銷量為31,000輛，年減了35％。然而，由於電動滑板車產品的平均售價更高，開始對銷售做出更多貢獻，滑板車收入僅下降了 20%。微型交通工具下降了 41%，原因是如上所述，受到美國市場關稅驅動的調整以及主要歐洲市場密集價格競爭的壓力。

Now, let's first talk about electric moped segments. Our strategic transition to a direct distribution model in key markets begin to yield a tangible results. In Q2, we deliver over 3,200 electric two-wheeler units in overseas market, marking a more than 4X increase compared with the same period last time. And close to 45% of those sales originated from our direct distributed channels, making a significant shift from last year and confirming the growth traction of our direct sales approach.

現在，我們先來談談電動助力車細分市場。我們在主要市場向直接分銷模式的策略轉型開始取得實際成果。第二季度，我們在海外市場交付了超過3,200輛電動兩輪車，與去年同期相比成長了4倍多。其中近 45% 的銷售額來自我們的直接分銷管道，與去年相比發生了重大轉變，並證實了我們的直銷方式的成長動力。

Our core market, including Germany and Italy, have now secured a top position in market share, a direct outcome of this robust and efficient direct distribution system we have built in the past years. Our retail network for the direct distribute regions have also expanded. In Q2, we increased the number of direct distribute stores from 181 to 244, adding 63 locations. This figure is 3 times the number of stores we had during the same period last year and aligns closely with our target of building a 250-store network.

我們的核心市場，包括德國和義大利，現在已經佔據了市場份額的首位，這是我們過去幾年建立的強大而高效的直接分銷系統的直接結果。我們的直接分銷區域的零售網絡也得到了擴展。在第二季度，我們將直接分銷商店的數量從 181 家增加到 244 家，增加了 63 個地點。這數字是去年同期門市數量的3倍，與我們建立250家門市網路的目標非常吻合。

On the micromobility segment, it declined by 41% year-over-year, although we saw a 50% quarter-over-quarter increase. The year-over-year downturn is primarily attributed to challenging market conditions in Europe and the United States market, where the emerging bright spot emerging in the Asian market.

在微型交通領域，儘管環比增長了 50%，但同比下降了 41%。同比下滑主要歸因於歐洲和美國市場嚴峻的市場環境，而亞洲市場則成為新興亮點。

Our US sales declined by 17% in Q2, particularly due to a strategic channel management and market trend shift. In Q2, the retail and sell-through prices were not adjusted to reflect the recent tariff changes. To avoid channel staffing, we proactively reduced the selling volume. Notably, the activation number, basically the sell number to the consumers, still grow by 10% year-over-year, indicated a healthy end user demand.

我們在美國第二季的銷售額下降了 17%，主要原因是策略通路管理和市場趨勢轉變。在第二季度，零售價和銷售價並未根據最近的關稅變化進行調整。為了避免通路人員配備，我們主動減少了銷售量。值得注意的是，啟動數量（基本上是銷售給消費者的數量）仍比去年同期成長 10%，顯示最終用戶需求旺盛。

We also observe the custom preference in the US are trending towards the low to mid-pricing scooters, leading to a decline in sales of or premium scooter models. To address this, we have provided our entry-level K90 model which is scheduled to be launched in Q4.

我們也觀察到，美國的客製化偏好趨向於中低價位的踏板車，導致高階踏板車車型的銷售量下降。為了解決這個問題，我們推出了入門級 K90 車型，並計劃於第四季度推出。

Now, the European market faced a significant headwind due to intensified price competition across key markets, including Germany, France, Italy, and Spain. This aggressive pricing environment pressured our sales performance in the region, contributing substantial overall segment decline.

現在，由於德國、法國、義大利和西班牙等主要市場的價格競爭加劇，歐洲市場面臨巨大的阻力。這種積極的定價環境給我們在該地區的銷售業績帶來了壓力，導致整個部門的銷售業績大幅下滑。

Now, in contrast to the Europe and the United States market, the Asian market delivered health growth with 21% year-over-year increase. This positive performance reflected strong market demand and the effect of execution of our regional strategy.

目前，與歐美市場相比，亞洲市場呈現健康成長態勢，較去年同期成長21%。這一積極表現反映了強勁的市場需求和我們區域策略執行的效果。

On the retail coverage side, our channel expansion is reaching maturity with over 2,100 retail locations now carrying new mobility products globally. A key highlight in Q2 is our participation in the Best Buy Achiever event in the US where we connected with top performing sales associates, conducted 68 test rides, and explored new service partnerships such as in-store repair solutions with Best Buy's Geek Squad. Those interactions paved the way for deeper retail integration and long-term growth in the United States market.

在零售覆蓋方面，我們的通路擴展正在成熟，目前全球有超過 2,100 個零售點銷售新的行動產品。第二季的一大亮點是我們參加了美國百思買成就者活動，在活動中我們與表現最佳的銷售助理進行了聯繫，進行了 68 次試駕，並探索了新的服務合作夥伴關係，例如與百思買的 Geek Squad 合作提供店內維修解決方案。這些互動為美國市場更深層的零售整合和長期成長鋪平了道路。

Now, looking ahead, we remain optimistic about the performance both of China overseas market in the second half of the year. In China, we be believe in Q3, we'll benefit from both seasonal trends, the strong product momentum, and the potential temporary demand surge due to the new regulations. The launch of highly competitive electric motorcycle and also the upgraded smart electric bicycle product in Q2 has positioned us effectively to meet evolving consumer preferences.

現在展望未來，我們仍然對下半年中國海外市場的表現持樂觀態度。在中國，我們相信在第三季度，我們將受益於季節性趨勢、強勁的產品動能以及新法規帶來的潛在暫時需求激增。極具競爭力的電動摩托車以及第二季升級的智慧電動自行車產品的推出，使我們能夠有效地滿足不斷變化的消費者偏好。

Our channel expansion efforts throughout 2024 and the first half of 2025 are the second driver to the sales growth as we target to add about 1,000-plus stores for the entire 2025. We have added about 589 stores in the first half with more to come in Q3 and Q4.

我們在 2024 年和 2025 年上半年的通路擴張努力是銷售成長的第二個驅動力，因為我們的目標是在整個 2025 年增加約 1,000 多家門市。我們在上半年增加了約 589 家門市，第三季和第四季還會增加更多門市。

Furthermore, the upcoming implementation of new national regulation for electric bicycles indicates that the manufacturers cannot manufacture all standard bicycles after August 31 and the retailers cannot sell all standard bicycles after November 30. This will in turn drive distributors to build up inventories in Q3 and also drive a big demand surge in Q4 as consumers won't be able to buy the old standard product after November 30.

此外，即將實施的電動自行車國家新規規定，規定製造商在8月31日後不得生產所有製式自行車，零售商在11月30日後不得銷售所有製式自行車。這反過來會促使分銷商在第三季度增加庫存，並推動第四季度的需求激增，因為消費者在 11 月 30 日之後將無法購買舊標準產品。

And also, our effort in the product portfolio optimization and platformization has also demonstrated positive results in gross margin improvement and ASP improvement. Looking forward, we're confident that we can maintain a healthy gross margin and stable ASP throughout the second half of the year.

此外，我們在產品組合優化和平台化方面的努力也在毛利率提高和平均售價提高方面取得了積極成果。展望未來，我們有信心在下半年保持健康的毛利率和穩定的平均售價。

Now looking forward for the overseas market, we're on a path towards recovery and profitability. The significant growth in the electric two-wheeler, i.e. electric motorcycle, and moped sales, and the strong performance of direct distributed regions this year validated both the market competitiveness of our products and the retail capability of our channels.

現在展望海外市場，我們正走在復甦和獲利的道路上。今年電動兩輪車即電動摩托車、輕型摩托車銷量的大幅成長，以及直營區域的強勁表現，驗證了我們產品的市場競爭力和通路的零售能力。

Our direct distributed electric moped business has demonstrated a distinctive local advantage. But here in the strategy, our continuing to expand in this direct distribution, we expect to continue the growth trend as we observe in Q2.

我們的直接分銷電動助力車業務已顯示出獨特的本地優勢。但在此策略中，我們將繼續擴大直接分銷，我們預計將延續第二季觀察到的成長趨勢。

In the micromobility segment, we're closing the gap between the losses and breakevens. In the US market, as tariffs are finalized for the Southeast Asia and China, we continue to negotiate a price increase for existing products with retailers and they rule out the low cost version to better address the market. This will help the US market to turn profitability. In the European market, we're planning to recover from the declined first half and focus more on the profitability in the selected market.

在微型移動領域，我們正在縮小虧損和損益平衡之間的差距。在美國市場，隨著東南亞和中國的關稅最終確定，我們繼續與零售商協商現有產品的漲價，他們排除了低成本版本以更好地滿足市場需求。這將有助於美國市場獲利。在歐洲市場，我們計劃從上半年的下滑中恢復過來，並將更多精力放在特定市場的獲利能力上。

Now with that, let me turn the call to Fion.

現在，讓我把電話轉給 Fion。

Hello, everyone, please note that our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the second quarter figures unless I say otherwise, and all monetary figures are in RMB if not specified.

大家好，請注意，我們的新聞稿包含您需要的所有數據和比較，我們還將 Excel 格式的數據上傳到我們的 IR 網站，以方便您參考。當我回顧我們的財務結果時，除非另有說明，我指的是第二季的數據，並且所有貨幣數字均以人民幣為單位。

As Yan just mentioned, our total sales volume for the second quarter was 350,000 units, up 37% compared to the same period of last year. 319,000 units were sold in China while the remaining 31,000 units were sold overseas. Nearly 50% of our sales volume in China came from our top three models this quarter.

剛才嚴總提到了，我們第二季的總銷量是35萬台，比去年同期成長了37%，其中國內銷量是31.9萬台，海外銷量是3.1萬台。本季度，我們在中國近 50% 的銷量來自前三款車型。

The total revenue for the second quarter amounted to RMB1.26 billion, an increase of RMB350 million, or nearly 34% compared to the same period of last year. China revenue was RMB1.15 billion, accounting for 91% of total revenue. Of this, the scooter revenues were RMB1.6 billion, a year-over-year increase of 45%. And this increase was mainly due to the increase in sales volume.

第二季總營業收入為12.6億元人民幣，較去年同期增加3.5億元人民幣，成長近34%。中國區收入為人民幣11.5億元，佔總收入的91%。其中，踏板車收入為16億元，年增45%。而這成長主要得益於銷量的成長。

China scooter ASP was RMB3,316, down 5% year-over-year, but up 11% quarter-over-quarter. And this decline was primarily attributable to a shift in product mix. In last year's Q2, large-scale scooters like NXP and (inaudible) dominated our best sellers with average retail price exceeding RMB5,000. In this year's Q2, however, the MT models, our more compact scooter, emerged as the top seller, capturing over one-fifth of the total sales unit at a retail price range of RMB3,700 to RMB4,600. And overseas revenue was RMB110 million, representing 9% of total revenues.

中國踏板車平均售價為3,316元人民幣，較去年同期下降5%，但較上季上漲11%。這種下降主要歸因於產品結構的轉變。去年第二季度，NXP 和（聽不清楚）等大型踏板車佔據了我們的暢銷產品榜首，平均零售價超過 5,000 元。然而，在今年第二季度，我們更緊湊的踏板車 MT 型號成為最暢銷產品，佔據了總銷量的五分之一以上，零售價在 3,700 元至 4,600 元人民幣之間。其中海外收入1.1億元，佔總收入的9%。

The scooter revenue, including electronic motorcycles and mopeds, kick scooters and e-bikes, amounted to RMB103 million, down from RMB130 million in the same period of last year. And this decline was driven by the decrease in sales volume and ASP of kick scooters. While overseas scooter ASP increased at 23% year-over-year to RMB3,288 and driven by the increased proportion of electronic motorcycles in the total sales volume.

踏板車收入（包括電動摩托車和輕便摩托車、滑板車和電動自行車）為人民幣 1.03 億元，低於去年同期的 1.3 億元。這一下降是由於滑板車銷量和平均售價的下降造成的。而海外踏板車平均售價年增23%至人民幣3,288元，這得益於電動摩托車在總銷量的佔比增加。

Revenue from accessories, spare parts, and services amounted to RMB96 million, a 15% increase compared to the same period of last year due to the increase in spare parts sales in China market. The gross margin exceeded RMB252 million, marking a significant improvement compared to RMB160 million during the same period of last year and RMB118 million last quarter. The gross margin was 20.1%, 3.1 PPT higher than the same period of last year and 2.8 PPT higher than the previous quarter.

配件、備品及服務收入達人民幣9,600萬元，較去年同期成長15%，主要由於中國市場備件銷售量增加。毛利率超過2.52億元人民幣，較去年同期的1.60億元人民幣及上季的1.18億元有顯著改善。毛利率為20.1%，較去年同期上升3.1個百分點，較上季上升2.8個百分點。

Domestic market gross margin improved due to the successful cost reduction initiatives, contributing to a 5.1 PPT increase in overall gross margin. However, the overseas margins reduced the overall gross margin by 2 PPT, primarily due to three factors: A change in kick scooters product mix, the impact of US tariffs, and aged inventory write-downs.

國內市場毛利率因成本削減措施成功而改善，帶動整體毛利率上升5.1個百分點。然而，海外利潤率使整體毛利率降低了 2 個百分點，主要由於三個因素：滑板車產品組合的變化、美國關稅的影響以及陳舊庫存減記。

The operating expenses for the second quarter of RMB265 million increased to 38% compared to the same period of last year. The OpEx ratio rose slightly to 21.1% from 20.4% year-over-year, but decreased from 24.2% last quarter and 22.8% for the whole year 2024.

第二季營業費用為2.65億元人民幣，較去年同期成長38%。營運支出比率較去年同期的 20.4% 小幅上升至 21.1%，但較上一季的 24.2% 和 2024 年全年的 22.8% 有所下降。

Selling and marketing expenses rose by RMB82 million year-over-year to RMB202 million, primarily driven by a higher spending on online shopping festivals and marketing events in China. Selling and marketing expenses representing 16.1% of revenue, compared to 12.8% in the same period of last year, but down from 16.8% last quarter.

銷售和行銷費用較去年增加人民幣 8,200 萬元至人民幣 2.02 億元，主要由於中國線上購物節和行銷活動支出增加。銷售及行銷費用佔營收的 16.1%，去年同期為 12.8%，但低於上季的 16.8%。

R&D expenses increased by RMB11 million year-over-year to RMB44 million, primarily due to a higher staff cost and share-based compensation, as well as higher design and testing expenses. R&D expenses representing 3.5% of revenue compared to 3.4% in the same period of last year, but down from 4.4% last quarter.

研發費用較去年增加1,100萬元人民幣至4,400萬元人民幣，主要由於員工成本和股權激勵費用增加，以及設計和測試費用增加。研發費用佔營收的 3.5%，去年同期為 3.4%，但低於上一季的 4.4%。

G&A expenses decreased by RMB20 million year-over-year to RMB19 million, largely attributed to foreign currency exchange gains. G&A expenses representing 1.5% of revenue, a notable reduction from 4.2% in the same period of last year and 3% last quarter.

一般及行政開支年減 2,000 萬元至人民幣 1,900 萬元，主要歸因於外匯匯兌收益。一般及行政費用佔營收的 1.5%，較去年同期的 4.2% 和上季的 3% 大幅下降。

Net income was RMB5.9 million, with a net income margin of 0.5% on the GAAP accounting, compared to a net loss of RMB25 million for the same period of last year. The non-GAAP net income was RMB13.7 million with non-GAAP net margin of 1.1%.

淨利為590萬元人民幣，以美國通用會計準則計算的淨利率為0.5%，去年同期淨虧損為2,500萬元。非美國通用會計準則淨利為1,370萬元人民幣，非美國通用會計準則淨利率為1.1%。

And turning to our balance sheet and cash flow, we ended the quarter with RMB1.4 billion versus RMB1.1 billion last year in the cash, restricted cash, term deposits, and short term investments. Our operating cash inflow amounted to RMB590 million. CapEx amounted to RMB32 million, reflecting an increase of RMB12 million compared to the same period of last year, and this can be attributed primarily to an increase in opening of new stores and modules cost in China.

談到我們的資產負債表和現金流，本季末我們的現金、限定現金、定期存款和短期投資為 14 億元人民幣，而去年同期為 11 億元。經營現金流入5.9億元。資本支出為人民幣3,200萬元，較去年同期增加人民幣1,200萬元，主要由於中國新店開設及模組成本增加。

And now let's turn to guidance. We expected third quarter revenue to be in the range of RMB1.4 billion to RMB1.6 billion, an increase of 40% to 60% year-over-year.

現在讓我們來談談指引。我們預計第三季營收將在14億元至16億元之間，年增40%至60%。

Please be aware that this outlook is based on the information available as of the date and reflects the company's current and preliminary expectation, which is subject to change due to uncertainties reflecting various factors.

請注意，此展望基於截至目前可用的信息，反映了公司當前和初步的預期，該預期可能會因反映各種因素的不確定性而發生變化。

And with that, we'll now open the call for any questions that you may have for us. Operator, please go ahead.

現在，我們將開始回答大家可能提出的任何問題。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Ya Ting Chen, CICC.

陳亞婷，中金公司。

Hi. This is Ya Ting from CICC. Congratulations on your outstanding performance. I have one question. I'd like to know, what are the reasons for the increase of unit price and the gross profit margin in the second quarter? And what's your outlook for the unit price and gross profit margin in the third quarter?

你好。我是中金公司的雅婷。恭喜你的出色表現。我有一個問題。我想了解一下，第二季單價和毛利率上升的原因是什麼？您對第三季的單價和毛利率有何展望？

Okay. This is Fion. I'll take this question. Regarding to the overall branded ASP, the ASP improvements quarter-over-quarter are mainly due to the product mix improvement, especially in China scooters. Last quarter, our ASP is around RMB3,000 in the domestic market, just because we launched two smaller or more compact scooters, MT and MMT, which the retail price range is from RMB3,500 to RMB4,800. So this dragged down the ASP last quarter. And this quarter, since we launched the upgraded version of the NXT 2025 version, the NLT and N-Play, which are the large-scale scooters and the operated version from our best sellers and the retail price exceeding RMB5,000. So the branded product mix in China market rose up by those best sellers.

好的。這是菲昂。我來回答這個問題。就整體品牌平均售價而言，平均售價較上月改善主要歸因於產品結構的改善，尤其是中國踏板車。上個季度，我們在國內市場的平均售價在3000元人民幣左右，只是因為我們推出了兩款更小或更緊湊的踏板車MT和MMT，零售價範圍在3500元至4800元人民幣之間。因此這拖累了上個季度的平均售價。而本季以來，我們推出了NXT 2025版的升級版，NLT和N-Play，分別是我們最暢銷的大型滑板車和可操作版本，零售價超過5000元。因此，中國市場的品牌產品結構因這些暢銷產品而上升。

Additionally, in the overseas market, this quarter, our e-motorcycle sales volume increased to more than 3,000 units. And our motorcycle ASP was around RMB15,000, which includes the FOB models and also the DDP models. And this will improve the overseas plan with ASP as well.

此外，在海外市場，本季我們的電動摩托車銷量成長至3,000多輛。我們的摩托車平均售價約為15,000元人民幣，其中包括FOB車型和DDP車型。這也將改善ASP的海外計畫。

As to the gross margin, actually, both on the cost reduction side and also our ASP improvements brought up the overall China market gross margin. Actually, in this quarter, our domestic gross margin with the scooters and also the non-scooters altogether, the gross margin in the domestic market is more than 21% overall. So this is a very optimistic and a very good figure for the past six quarters and this also gives us a better total gross margin for our business this quarter. Hope this will answer your question.

至於毛利率，實際上，成本降低和平均售價的提高都提高了中國市場的整體毛利率。實際上，本季我們國內踏板車和非踏板車的毛利率加起來，國內市場的整體毛利率超過了21%。因此，對於過去六個季度來說，這是一個非常樂觀且非常好的數字，這也為我們本季的業務帶來了更好的總毛利率。希望這能回答你的問題。

Thank you. I have another question. I'd like to know, how do you predict sales volume next year for the domestic electric two-wheeled vehicles? Some investors are worried about that.

謝謝。我還有一個問題。我想問一下，您預測明年國內電動兩輪車的銷售量如何？一些投資者對此感到擔憂。

Yeah. This is Yan. Let me address this question. I think currently, it's still really early to predict the sales for next year. I think one thing we're looking at is actually with this, as I mentioned, there's this new regulation that's going to be effective with two dates, right? One date is actually September 1, that's for the manufacturers; one day is December 1, that's for the retailers.

是的。這是 Yan。讓我來回答這個問題。我認為目前預測明年的銷售情況還為時過早。我認為我們正在考慮的一件事實際上是，正如我所提到的，這項新規定將在兩個日期生效，對嗎？一個日期實際上是 9 月 1 日，這是針對製造商的；另一個日期是 12 月 1 日，這是針對零售商的。

So if you look at the entire market, there are speculations that maybe some of the demand from next year will shift to this year because of regulatory changes. But we're still being very cautious at this point to actually observe the market.

因此，如果你看一下整個市場，就會有猜測稱，由於監管變化，明年的部分需求可能會轉移到今年。但目前我們仍然非常謹慎地觀察市場。

In terms of new, I think, what we are doing right now is actually we're preparing. We have a multiple line of products. There are new series that will comply with the new standard and also we're modifying our existing series to comply with the new standard. At the same time, we continue to increase the number of retail stores. And those two actions will help us to really drive the growth for next year, regardless of market changes.

就新事物而言，我認為我們現在正在做的事情實際上是準備。我們有多條產品線。有新的系列將符合新標準，同時我們也在修改現有系列以符合新標準。同時，我們不斷增加零售店的數量。無論市場如何變化，這兩項措施將幫助我們真正推動明年的成長。

Thank you. That's all my questions.

謝謝。這就是我所有的問題。

(inaudible), CITIC.

（聽不清楚），中信。

Hi. Thank you for this opportunity. This is Kai Wang from CITIC. Congratulations for the strong performance in the second quarter. And I also have two questions. And the first question is about the overseas market. So we know that in the last 2 years we were under high pressure in overseas market. Our performance was under pressure. So do we think we have working out of the woods or going out of the bottom and climbing up again, due to our new driver on each scooter and also our new direct, selling channel in overseas market. So can we expect, maybe a better, brighter future, since the second half and then to the next year in overseas market. Thanks.

你好。感謝您給我這次機會。我是中信公司的王凱。恭喜您第二季的強勁表現。我還有兩個問題。第一個問題是關於海外市場。所以我們知道，過去兩年我們在海外市場承受著很大的壓力。我們的表現承受著壓力。那麼，由於我們每輛摩托車都有了新司機，而且我們在海外市場也有了新的直銷管道，我們是否認為我們已經走出了困境，或者走出了低谷並再次攀升？因此，我們可以期待，從下半年到明年，海外市場可能會有一個更好、更光明的未來。謝謝。

Right. So TRY to address your question, I think, the short answer is yes. I, we really, we spent the last two years, because I, the overseas market for electric two-wheelers, the moped. Europe is actually one of our largest market and we really spent the last 2 years building up the direct distributed models. It's very complex. It requires setting up our own operations from logistics to dealer financing. So we really spent last year to giving out that. And then we, it really started to turn around, basically second quarter this year. We look at the, our market share based on the registered vehicles because many of mopeds you sell in Germany, Italy require restistration. We look at our market share register vehicles. We're actually ranked number one market share in, Germany and Italy at this point, with much faster growing rate than our competitors in those markets. So we actually expect, continue the growth trend, basically, in the electric two-wheeler market overseas, to hopefully to get back to the peak level where, which will be in 2020 or 2021.

正確的。因此，請嘗試回答您的問題，我認為，簡短的回答是肯定的。我，我們真的，我們花了過去兩年的時間，因為我，電動兩輪車、輕便摩托車的海外市場。歐洲實際上是我們最大的市場之一，我們確實花了兩年時間建立直接分銷模式。這非常複雜。它需要我們建立自己的運營，從物流到經銷商融資。所以我們確實花了去年的時間來提供這個。然後，情況真的開始好轉，基本上是在今年第二季。我們根據註冊車輛來查看我們的市場份額，因為你們在德國、義大利銷售的許多輕型摩托車都需要重新註冊。我們查看我們的市佔率登記車輛。目前，我們在德國和義大利的市佔率排名第一，成長速度比這些市場的競爭對手快得多。因此，我們實際上預計，海外電動兩輪車市場將繼續保持成長趨勢，並預計在 2020 年或 2021 年回到高峰。

Thanks. And I have another question about the dealer network in China. So we know the last one year, the dealer network was the strong driver of our performance in the domestic Chinese E2W market, that revenue. So do we think we'll keep open more new stores at the very fast pace, and like this year, in the next year, that means maybe next year our dealer network stores number in China will reach about maybe 6,000 or 7,000, maybe some bit like that.

謝謝。我還有一個關於中國經銷商網路的問題。因此，我們知道，去年，經銷商網路是我們在中國國內 E2W 市場業績和收入的強大推動力。所以我們認為我們會以非常快的速度繼續開設更多的新店，就像今年、明年一樣，這意味著明年我們在中國的經銷商網絡店數量可能會達到大約 6,000 或 7,000 家，也許差不多。

So, I think right now we're at a 4,300, right? And we're expecting to, because this year, our total target was open about 1,000 stores or so. We have net ads. So we have net ads added about 589 69 stores. So we're looking at another about 400 stores to be net added in queue3 and Q4. So let's say we achieve that target that will get us to the number of about 4,700 stores. I think if you look at the, our competitors in this market, and then with the same price range, I think at least the ceiling for us will be somewhere around 8,000 to 9,000 stores, and we still have a long way to go. So you look at basically for the next 3 years, we should, you should be looking at, we'll continue to expand our stores. At the same time, as we're opening stores, our per store sales, hasn't really been, dropped.

所以，我認為現在我們的數字是 4,300，對嗎？我們期待這一點，因為今年我們的總目標是開設約 1,000 家門市。我們有網路廣告。因此，我們在約 589 家 69 家商店中增加了淨廣告。因此，我們正在考慮在第三季和第四季淨增加約 400 家商店。假設我們實現了這個目標，我們的門市數量將達到約 4,700 家。我認為，如果你看看我們在這個市場上的競爭對手，然後在相同的價格範圍內，我認為至少我們的上限將在 8,000 到 9,000 家門市左右，我們還有很長的路要走。所以基本上你看看未來 3 年，我們應該，你應該看看，我們將繼續擴大我們的商店。同時，雖然我們開設了商店，但我們每家商店的銷售額並沒有下降。

It's actually the per store sales or also has a slightly increased, like I think it's more around like 7 to 8% per store sales. So with that, basically, that demonstrates that, by opening the stores, we didn't dilute the sales per stores and That actually shows a a sort of a a trend for healthy growth, or healthy channel expansion.

實際上每家商店的銷售額也略有增加，我認為每家商店的銷售額大約在 7% 到 8% 左右。因此，從根本上說，這表明，透過開設商店，我們並沒有稀釋每家商店的銷售額，這實際上顯示出一種健康成長或健康管道擴張的趨勢。

Very clear. Thanks a lot. Thanks.

非常清楚。多謝。謝謝。

(Operator Instructions)

（操作員指示）

Michael Simmons, Global View.

麥可‧西蒙斯，《全球視野》。

Thank you. Yeah, it's Michael speaking here. Congratulations, Mr. Li. Congratulations, Ms. Chan is, very good results for Q2. I just say you've been for the last few calls posting, some good volume, sales growth, volume growth in the number of scooters, but, revenue growth has always fallen behind that. This last quarter it seems to be catching up a bit.

謝謝。是的，我是麥可。恭喜你，李先生。恭喜陳女士，第二季的成績非常好。我只是說，在過去的幾次電話會議中，您都發布了一些不錯的銷量、銷售增長、踏板車數量的增長，但是，收入增長一直落後於這些。上個季度，情況似乎有所改善。

Ms. Chan, from the comments you've just been making, it sounds as though in this next quarter where you're predicting 40 to 60% revenue sales growth. Do you think that this will be the first quarter where, that's going to be actually ahead of the volume in scooters?

陳女士，從您剛才的評論來看，您預計下個季度的收入銷售額將增長 40% 至 60%。您認為這將是第一個踏板車銷售真正成長的季度嗎？

So Michael, sorry, I didn't fully get the question. So you, the question based on the volume growth will be similar in line with the revenue growth for Q3.

邁克爾，抱歉，我沒有完全明白這個問題。因此，基於銷售成長的問題將與第三季的營收成長類似。

Well, yeah, I mean, so far for the for a little while now you've been achieving revenue growth that's been behind the volume growth in scooters, but from what you're saying on this call, it sounds as though in your guidance of revenue growth of 40 to 60% that actually this could be ahead of scooter growth, volume scooter growth in this quarter. Is is is my assumption correct?

嗯，是的，我的意思是，到目前為止，你們的收入增長一直落後於滑板車的銷量增長，但從你在這次電話會議上所說的來看，你預計的收入增長將在 40% 到 60% 之間，實際上這可能領先於本季度滑板車的銷量增長。我的假設正確嗎？

I think it would be, so let me actually go back to my, data here. You feel has data in front of her, she could be better answering the question. My sense is actually will be very similar because you look at our two, basically, you look at our Q3, 20, the, if I remember correctly, our ASP for China market for Q3 2024, is around actually RMB3,000. It's actually significantly lower than Q2 2024. And, compared with our Q2 2025, which is around 3,000, RMB3,300.

我認為是的，所以讓我回到我的數據。你覺得有了數據在她面前，她可以更好地回答這個問題。我的感覺實際上會非常相似，因為看看我們的兩個，基本上，看看我們的 2020 年第三季度，如果我沒記錯的話，我們 2024 年第三季度中國市場的平均銷售價格實際上約為 3,000 元人民幣。實際上，它明顯低於 2024 年第二季。而且，與我們 2025 年第二季的 3,000 元左右相比，這一數字是 3,300 元。

So Q3, typically to be, it's actually a low quarter for ASP because it's actually a top sell season for China. So, a lot of the low-end scooters, even for us, we represent a higher percentage. So we're still, halfway through, you're not halfway about 40 days in Q3. So we're still actually don't have the full picture on what our ASP is. Currently, we roughly estimate that, the growth will be very similar in line.

因此，第三季度通常是平均銷售價格較低的一個季度，因為這實際上是中國的銷售旺季。因此，即使對我們來說，許多低端踏板車也佔有較高的比例。所以我們仍然處於中途，距離第三季的 40 天還有一半。因此我們實際上仍然不完全了解我們的 ASP 是什麼。目前我們粗略估計，成長將會非常相似。

Okay. Thank you. That's helpful.

好的。謝謝。這很有幫助。

(Operator Instructions) I'm seeing no more questions in the queue. Let me turn the call back to Mr. Li for closing remarks.

（操作員指示）我看到隊列中沒有其他問題。請容許我把電話轉回給李先生，請他作最後發言。

Thank you, operator. And thank you all for participating on today's call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you.

謝謝您，接線生。感謝大家參加今天的電話會議並給予支持。我們感謝您的關注，並期待下個季度再次向您報告我們的進展。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。