Pony AI Inc (PONY) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Pony.ai Inc., fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded, and a webcast replay will be available on the company's investor relations website at ir.Pony.ai.

女士們，先生們，感謝大家的支持，歡迎參加小馬智行 2024 年第四季和全年收益電話會議。此時，所有參與者都處於只聽模式。管理階層發表準備好的發言後，將進行問答環節。提醒一下，今天的電話會議正在錄製，網路直播重播將在公司投資者關係網站 ir.Po​​ny.ai 上提供。

I will now turn the call over to your host, [George Shao], Head of Capital Markets and Investor Relations at Pony.ai. Please go ahead, George.

現在我將電話轉給主持人，小馬智行資本市場和投資者關係主管 [George Shao]。請繼續，喬治。

Thank you. This is George speaking. Hello, everyone. We appreciate you joining us today for Pony.ai's fourth quarter and full year 2024 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our IR website.

謝謝。我是喬治。大家好。感謝您今天參加 Pony.ai 2024 年第四季和全年財報電話會議。今天早些時候，我們發布了一份新聞稿，其中包含我們的財務和營運結果，可在我們的 IR 網站上查閱。

Joining with me today on the call are Dr. James Peng, Chairman of the board, Co-Founder, and Chief Executive Officer; Dr. Tiancheng Lou, Director, Co-Founder, and Chief Technology Officer; and Dr. Leo Wang, Founding Member and Chief Financial Officer. They will provide prepared remarks followed by the Q&A session.

今天與我一起參加電話會議的還有董事會主席、聯合創始人兼首席執行官 James Peng 博士；樓天成博士，董事、聯合創始人兼首席技術官；以及創始成員兼首席財務官 Leo Wang 博士。他們將提供準備好的發言，然後進行問答環節。

Please note 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 are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company has filed with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

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的安全港條款做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。有關這些和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的相關公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that Pony.ai earnings press release and this conference call include discussions of both an audit GAAP information and an audit non-GAAP financial results. For reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to Pony.ai as disclosure documents available on our IR website.

另請注意，Pony.ai 收益新聞稿和本次電話會議包括審計 GAAP 資訊和審計非 GAAP 財務結果的討論。為了將這些非 GAAP 指標與最直接可比較的 GAAP 指標進行調節，請參閱我們 IR 網站上提供的 Pony.ai 揭露文件。

I will now turn the call over to our Chairman, Co-Founder, and CEO, Doctor James Peng. Please go ahead.

現在我將把電話轉給我們的董事長、聯合創始人兼執行長 James Peng 博士。請繼續。

Thanks, George. This is James Peng, Founder and CEO. We consider this is an exciting time for Pony.ai as we report our first earnings results as a public company. Our Nasdaq listing marks our significant milestone, and it's timed perfectly with the imminent mass commercialization of our Robotaxi services.

謝謝，喬治。我是創辦人兼執行長 James Peng。我們認為，對於 Pony.ai 來說，這是一個令人興奮的時刻，因為我們將公佈作為上市公司的第一份獲利結果。我們在納斯達克上市標誌著我們的重要里程碑，並且與我們即將推出的 Robotaxi 服務大規模商業化時間完美契合。

With ample financial resources now available, we are well positioned to lead and capitalize on the upcoming large-scale rollout of Robotaxis, making this year an inflection point for the widespread adoption of autonomous transportation solutions. We are taking Robotaxi first, China first, as the tier 1 cities-first approach. This is -- our current focus is on scaling Robotaxi operations in China, which not only generates sizeable recurring revenue but also offers a solid foundation for further expansion into various global markets.

憑藉目前充足的財務資源，我們完全有能力引領並利用即將大規模推出的 Robotaxis，使今年成為廣泛採用自動駕駛交通解決方案的轉捩點。我們首先在中國採用 Robotaxi 作為一線城市優先的策略。這就是——我們目前的重點是擴大在中國的 Robotaxi 業務，不僅可以產生可觀的經常性收入，而且可以為進一步擴展到全球各個市場奠定堅實的基礎。

China's online ride-hailing market is exceptional. The countries tier 1 cities, namely Beijing, Guangzhou, Shanghai, and Shenzhen offer a unique combination of demand, consumer readiness, and the regulatory clarity, making them ideal for large-scale Robotaxi deployment. We estimate each city can easily support a fleet of over tens of thousands of Robotaxis. With technology that meets regulatory standards and backed by the fully driverless fair charging licenses, we have already secured. We are all ready for quick scale-up.

中國的叫車市場是一個特殊市場。北京、廣州、上海和深圳等一線城市擁有獨特的需求、消費者準備和監管清晰度，非常適合大規模部署 Robotaxi。我們估計每個城市都能輕鬆支援數萬輛以上的 Robotaxis 車隊。憑藉符合監管標準的技術，以及完全無人駕駛公平充電許可證的支持，我們已經獲得了保障。我們已經做好了快速擴大規模的準備。

Launching large fleet in tier 1 cities will enable us to validate our business model, optimize our operations, and establish these markets as a benchmark and the scalable framework for future growth, either into other Chinese cities or extends to international markets.

在一線城市推出大型車隊將使我們能夠驗證我們的商業模式，優化我們的運營，並將這些市場確立為未來成長的基準和可擴展框架，無論是進入其他中國城市還是擴展到國際市場。

Next, I'll explain why we anticipate our Robotaxi service will soon achieve mass commercialization. First and foremost, we have achieved technological readiness for mass commercialization. Our operational records proved that our Robotaxi has achieved level 4 driverless operation 24/7 in all weather conditions, making it commercial-ready. Our technology is empowered by virtual driver and the world model. The virtual driver is a comprehensive full-stack system with proprietary software and hardware. This enables us to collaborate effectively with automakers and the transportation network companies, we call them TNCs, to create a scalable Robotaxi business model.

接下來，我將解釋為什麼我們預計我們的 Robotaxi 服務將很快實現大規模商業化。首先，我們已經實現了大規模商業化的技術準備。我們的營運記錄證明，我們的 Robotaxi 已實現全天候 4 級無人駕駛運行，具備商業化條件。我們的技術由虛擬駕駛員和世界模型提供支援。虛擬驅動程式是一個具有專有軟體和硬體的綜合全端系統。這使我們能夠與汽車製造商和交通網絡公司（我們稱之為 TNC）有效合作，創建可擴展的 Robotaxi 商業模式。

Additionally, our generative PonyWorld model trains our virtual driver to be much safer and better than the expert human driver through advanced reinforcement learning. Our PonyWorld simulates a wide range of scenarios, including extreme cases and the long tail events by employing a training method called learn by practicing. Our virtual driver does not just know what to do. It actually understands the reasons behind its actions.

此外，我們的生成式 PonyWorld 模型透過先進的強化學習訓練我們的虛擬駕駛員，使其比專業人類駕駛員更安全、更好。我們的 PonyWorld 採用一種稱為「邊學邊做」的訓練方法，模擬了各種各樣的場景，包括極端情況和長尾事件。我們的虛擬駕駛員不僅僅知道該做什麼。它實際上了解其行為背後的原因。

This is quite different from imitation learning that is widely used for the typical L2 systems because the L2 systems imitate the driving patterns of human drivers. They can only reach human level safety. In contrast, PonyWorld has improved our virtual drivers' safety by 16 times while at the same time, significantly improving its comfort and the driving efficiency. Our safety record enabled our commercial insurance cost per Robotaxi to be reduced to almost half that of the traditional taxis.

這與典型的 L2 系統廣泛使用的模仿學習有很大不同，因為 L2 系統模仿人類駕駛者的駕駛模式。它們只能達到人類等級的安全。相比之下，PonyWorld 將我們的虛擬駕駛員的安全性提高了 16 倍，同時顯著提高了其舒適度和駕駛效率。我們的安全記錄使每輛 Robotaxi 的商業保險成本降低到傳統計程車的近一半。

Second, we have established strong relationship with local governments and the secured the required policy approvals for large-scale commercialization. We have obtained all the most advanced licenses in China's tier 1 cities. For instance, in recent weeks, Pony.ai launched Paid Robotaxi service that connects key transportation hubs, such as Beijing South Railway Station, Beijing Daxing Airport, and Yizhuang District, with plans to gradually expand to Beijing city center.

其次，我們與地方政府建立了牢固的關係，並獲得了大規模商業化所需的政策批准。我們已獲得中國一線城市所有最先進的牌照。例如，最近幾週，小馬智行推出了付費Robotaxi服務，連接北京南站、北京大興機場、亦莊區等主要交通樞紐，並計劃逐步擴展到北京市中心。

Moreover, in February this year, we launched Paid Robotaxi services in Guangzhou city center, Guangzhou Baiyun International Airport, and Guangzhou South Railway Station. We are the first and only company approved to provide Robotaxi services on this high demand routes. Moving forward, we'll gradually expand our operations in these cities, paving the way for future growth.

此外，今年2月，我們在廣州市中心、廣州白雲國際機場、廣州南站等地推出了付費Robotaxi服務。我們是第一家也是唯一一家獲准在這條高需求路線上提供 Robotaxi 服務的公司。展望未來，我們將逐步擴大在這些城市的業務，為未來的發展鋪路。

Third, we have built extensive mass production partnerships to support large-scale commercialization. For example, in the first half of 2024, we established a joint venture with Toyota. As part of the deal, we will roll out mass production of the Robotaxis based on bZ4X as well as build the value chain of autonomous driving operations, including maintenance, charging, and other aspects.

第三，我們建立了廣泛的量產合作夥伴關係，以支持大規模商業化。例如，2024年上半年，我們與豐田建立了合資企業。作為交易的一部分，我們將實現基於bZ4X的Robotaxis的量產，並建立自動駕駛營運的價值鏈，包括維護、充電等方面。

In addition, in the second half of 2024, we respectively reached mass production partnerships with BAIC New Energy that is Beijing Auto and the GAC Group that is Guangzhou Auto. Based on the BAIC ARCFOX, ARCFOX T5 models and the GAC Aion models, we carried out cooperation in the mass production of auto-grade autonomous driving kit, vehicle model production, redundant safety design of the chassis, and some other areas. These partnerships have been reinforced through strategic equity investments from all these three OEMs.

此外，2024年下半年，我們分別與北汽新能源（即北京汽車）和廣汽集團（即廣州汽車）達成量產合作。基於北汽ARCFOX、ARCFOX T5車型以及廣汽Aion車型，在車規級自動駕駛套件量產、整車模型生產、底盤冗餘安全設計等方面進行合作。這三家 OEM 廠商的策略性股權投資進一步加強了合作關係。

All three upcoming Robotaxi vehicles are based on our seventh generation autonomous driving systems. This latest degeneration has achieved a major breakthrough in cost efficiency, reducing unit BOM cost by over 70% compared to the previous generation, with further cost reduction anticipated as we scale up.

即將推出的三款 Robotaxi 車輛均以我們的第七代自動駕駛系統為基礎。此次更新在成本效率方面取得了重大突破，與上一代產品相比，單位 BOM 成本降低了 70% 以上，預計隨著規模擴大，成本將進一步降低。

Fourth, we have fortified our operational capabilities to support the ramp-up of fleet [five] and accommodate fast-growing user demands. We have developed our own ride-hailing platform, which is called Pony Pilot, and forged strategic partnership with leading TNCs, such as OnTime mobility and Alipay to offer driverless Robotaxi services.

第四，我們加強了營運能力，以支援機隊規模的擴大（五架）並滿足快速成長的用戶需求。我們開發了自己的叫車平台Pony Pilot，並與OnTime mobility和支付寶等領先的跨國公司建立了戰略合作夥伴關係，提供無人駕駛Robotaxi服務。

In the fourth quarter of last year, we also established a partnership with Alibaba's online mapping and ride-hailing platform, Amap, and integrated our Robotaxi service into its mobile app and the media programs, making our services more accessible to the public. In 2024, the average daily orders per vehicle reached 15, and in Q1 2025, we continue to see the growth of daily orders per vehicle.

去年第四季度，我們也與阿里巴巴的線上地圖和叫車平台高德地圖建立了合作夥伴關係，並將我們的Robotaxi服務整合到其行動應用程式和媒體程式中，使我們的服務更容易被大眾所接受。2024年，每輛車的日均訂單量達到了15個，而2025年第一季度，我們將繼續看到每輛車的日均訂單量的增長。

With significant progress has been made in order for pillars of autonomous driving that is technology, regulations, mass production, and large-scale operation, we do see that a critical inflection point for mass commercialization is right in front of us.

隨著自動駕駛的技術、法規、量產、規模化營運等幾個支柱取得重大進展，我們確實看到，大規模商業化的關鍵轉折點已經擺在眼前。

Now, let's look at our Robotruck business, which we have also seen significant growth in 2024. We deepened our joint venture with Sinotrans, transforming it into a comprehensive autonomous driving transportation as a service platform. Together, we'll continue building a smart, efficient, safe, and environmental friendly logistics road transport network while further expanding our Robotruck fleet.

現在，讓我們來看看我們的 Robotruck 業務，我們在 2024 年也看到了顯著的成長。深化與中國外運的合資合作，將其轉型為全面性的自動駕駛運輸服務平台。我們將共同建立智慧、高效、安全、環保的物流公路運輸網絡，同時進一步擴大我們的 Robotruck 車隊。

A major milestone that highlights our leadership in Robotruck business is our approval as the first company in China to conduct Robotruck driver out platooning on cross-provincial highways linking Beijing, Tianjin, and Hebei province, with only the leading truck requiring 50 operator and the following trucks to be fully driverless. Testing has already begun on the Beijing-Tianjin-Tanggu Expressway, making a significant step towards full autonomy for all trucks in the platform, which will further reduce logistics cost and accelerate commercialization.

彰顯我們在 Robotruck 業務領先地位的一個重要里程碑是，我們被批准成為中國第一家在連接北京、天津和河北省的跨省高速公路上進行 Robotruck 司機出列行駛的公司，只有領頭卡車需要 50 名操作員，而後續卡車則完全無人駕駛。目前，該平台已在京津塘高速公路開始測試，向實現平台所有卡車完全自動駕駛邁出了重要一步，將進一步降低物流成本，加速商業化進程。

In summary, our transition to a public company marks the beginning of an exciting new chapter. We stand at a defining moment as we move towards the large-scale commercialization of autonomous mobility and continue to gain momentum, building on a solid foundation of technological advancements, regulatory support, and industry partnerships.

總而言之，我們向上市公司的轉型標誌著一個令人興奮的新篇章的開始。我們正處於一個決定性的時刻，朝著自動駕駛大規模商業化邁進，並在技術進步、監管支援和產業合作的堅實基礎上繼續獲得發展動力。

Looking ahead, our priority for this year is clear: accelerating the mass production and the deployment of our seventh generation Robotaxi fleet, further reducing the unit BOM cost, and expanding operation areas and the density in China's tier 1 cities.

展望未來，我們今年的重點很明確：加速第七代Robotaxi車隊的量產和部署，進一步降低單位BOM成本，擴大營運區域和在中國一線城市的密度。

With that, I will now pass it over to our CTO, Dr. Tiancheng Lou, to review our technological progress. Tiancheng, please go ahead.

現在，我將把時間交給我們的技術長樓天成博士，來回顧我們的技術進步。天成，請繼續。

Thanks, James. Hello, everyone. This is Tiancheng. So I'm delighted to have this opportunity to share with you the latest progress of our technologies. Pony's technological development is centered around enabling the mass commercialization of Robotaxi. To achieve successful road-testing commercialization, auto driving technology must meet three key criteria. First, it must attain a sufficiently high standard of safety. Over experience shows that a magnitude is safer than a typical human driver is attainable and should be needed.

謝謝，詹姆斯。大家好。這裡是天成。我很高興有這個機會與大家分享我們技術的最新進展。Pony 的技術開發圍繞著實現 Robotaxi 的大規模商業化。為了成功實現道路測試商業化，自動駕駛技術必須滿足三個關鍵標準。首先，它必須達到足夠高的安全標準。經驗表明，這種程度比典型的人類駕駛員所能達到的和需要的要安全。

Secondly, cost control is essential. Costs should be managed across various aspects, including sensors, computing hardware, daily operation, and insurance. Low cost ensure that Robotaxi service remains economically sustainable.

其次，成本控制至關重要。成本管理應涉及感測器、計算硬體、日常營運和保險等各個方面。低成本確保Robotaxi服務維持經濟永續性。

Finally, Robotaxi service should cover large enough in our graphical area to enable large-scale operations. According to our operational and city records, Pony's technology have matured to a level that can support the mass commercialization, focusing on safety, cost-effective, and intensive service coverage. Through years of effort, we have been commercially operating fully (inaudible) Robotaxi for over two years. During this time, 50 has already surpassed typical human driver by an order of magnitude.

最後，Robotaxi 服務應該涵蓋足夠大的圖形區域，以實現大規模營運。根據我們的營運和城市記錄，Pony的技術已經成熟到可以支援大規模商業化的水平，專注於安全性、成本效益和密集的服務覆蓋。經過多年的努力，我們已經全面商業運作（聽不清楚）Robotaxi兩年多了。在此期間，50 已經比典型的人類駕駛員高出一個數量級。

As we progress, costs are expected to decrease by 70% in that generation, which will be mass produced in the second half of this year. Moreover, our service coverage has received regulatory approval and licenses in all tier 1 cities in China, which are capable of operating tens of thousands of Robotaxis. Moving forward, our technical goal will remain focused on enhancing cost efficiency and operational capability without compromising safety. In a competitive landscape of the Robotaxi services, only companies that can run this commercial operation with a significant fleet hold a position at the forefront. Years of innovation, the [diligence] have given us a strong competitive edge.

隨著我們的進步，預計該代產品的成本將下降 70%，並將於今年下半年實現量產。此外，我們的服務涵蓋中國所有一線城市，已獲得監管部門的批准和許可，可容納數萬輛Robotaxis營運。展望未來，我們的技術目標仍將是專注於在不影響安全性的情況下提高成本效率和營運能力。在Robotaxi服務的競爭格局中，只有能夠擁有大量Robotaxi商業營運的公司才能佔據領先地位。多年的創新、勤奮賦予了我們強大的競爭優勢。

It took us four years to progress from initial (inaudible) to fully launching commercial Robotaxi service in China tier 1 cities. So you may wonder why it took companies like Waymo and Pony almost five years to get there from demo to commercial operation. The reason that we have to move from simply matching human driving capability to significantly exceeding them. This means we have to rebuild our core algorithms as older ones were designed in a way subject to human limitations.

我們花了四年時間從最初的（聽不清楚）發展到在中國一線城市全面推出商業 Robotaxi 服務。所以你可能會想知道為什麼像 Waymo 和 Pony 這樣的公司花了近五年的時間才從演示走向商業運營。原因在於我們必須從簡單地匹配人類的駕駛能力轉向大大超越人類的駕駛能力。這意味著我們必須重建我們的核心演算法，因為舊演算法的設計受到人類的限制。

Now, let me further explain why the technology evolution that allows us to bridge the gap and the launch over fully driverless services. The key is moving from imitation learning to reinforcement learning. A change that is the key driver brought us a seat at the forefront. With the imitation learning, which is still widely used by most of the L2 systems, so AI drivers learn by copying human behavior using data from the real-world driving. By mimicking human driving patterns, imitation learning cannot understand the reasoning behind the driving behavior. As a result, this solution is not general enough to handle ever-changing traffic scenarios.

現在，讓我進一步解釋為什麼技術的進步使我們能夠彌合差距並推出完全無人駕駛服務。關鍵是從模仿學習轉向強化學習。這項變革是關鍵驅動力，它使我們處於領先地位。透過模仿學習，大多數 L2 系統仍然廣泛使用這種技術，因此人工智慧駕駛員可以透過使用來自現實世界駕駛的數據來模仿人類行為進行學習。透過模仿人類的駕駛模式，模仿學習無法理解駕駛行為背後的原因。因此，該解決方案不夠通用，無法處理不斷變化的交通場景。

Reinforcement learning, on the other hand, uses a generative virtual environment called a world model or PonyWorld as (inaudible), where our virtual driver teach itself through billions of even trillions of generative acts of trial. This allows our virtual driver to understand why by analyzing the outcome of every action, equipping them to make smarter decisions in complicated scenario. Through repeated reinforcement learning, our virtual driver gradually learn to adapt to new situations, unexpected challenges, and [conacated], preparing them to operate in the real world.

另一方面，強化學習使用一種稱為世界模型或 PonyWorld 的生成虛擬環境（聽不清楚），其中我們的虛擬駕駛員透過數十億甚至數萬億次生成試驗行為進行自我教學。這使我們的虛擬駕駛員能夠透過分析每個動作的結果來了解原因，從而使他們在複雜的情況下做出更明智的決策。透過反覆的強化學習，我們的虛擬駕駛逐漸學會適應新情況、意外的挑戰和[conacated]，為在現實世界中駕駛做好準備。

Over time, all virtual drivers trained on the PonyWorld developed to advance the skills needed for complex tasks, such as mostly navigating busy street, handling unpredictable traffic scenarios, or safely operating for tens of thousand hours without any incident.

隨著時間的推移，所有在 PonyWorld 上接受過訓練的虛擬駕駛員都提高了完成複雜任務所需的技能，例如在繁忙的街道上行駛、處理不可預測的交通情況，或安全駕駛數萬小時而沒有任何事故。

There are three key components making our PonyWorld approach possible: the ability to generate realistic scenarios and sensor data, a high-fidelity simulation system, and the comprehensive set of evaluation metrics. Together, these elements allow our PonyWorld to effectively coach our virtual driver to handle real-world challenges.

我們的 PonyWorld 方法由三個關鍵組件構成：產生真實場景和感測器資料的能力、高保真模擬系統以及全面的評估指標。這些元素結合在一起，使我們的 PonyWorld 能夠有效地指導我們的虛擬駕駛員應對現實世界的挑戰。

I would like to highlight our high-fidelity simulation engine here, which levers the latest technology to create an environment that precisely replicate the real-world conditions in both subtle details and the dynamic responses. Unlike traditional systems that will allow on human driving data, our simulation engine generated on driving scenarios and the challenging situations for autonomous vehicles to understand, adapt to, and make decisions. The traffic participant in our simulation engines are designed to behave like real humans, interacting with (inaudible) vehicles in a natural and a human-like way. This makes our PonyWorld a powerful tool for coaching over virtual drivers.

我想在這裡重點介紹我們的高保真模擬引擎，它利用最新技術創建一個能夠精確複製真實世界條件的環境，無論是細微的細節還是動態響應。與允許使用人類駕駛數據的傳統系統不同，我們的模擬引擎根據駕駛場景和自動駕駛汽車需要理解、適應和決策的挑戰性情況產生模擬。我們的模擬引擎中的交通參與者被設計為像真實人類一樣行事，以自然和類似人類的方式與（聽不清楚）車輛互動。這使得我們的 PonyWorld 成為指導虛擬駕駛者的強大工具。

Finally, let me share the latest progress we were made in advancing our technology for mass production and the commercialization. Large-scale commercialization requires handling lower probability in extreme cases with hardware that has lower performance. To address this challenge, we continue to innovate our PonyWorld.

最後，我來分享我們在推動技術量產和商業化方面的最新進展。大規模商業化需要使用效能較低的硬體來處理極端情況下的較低機率。為了應對這項挑戰，我們不斷創新我們的 PonyWorld。

Here's how it works. We have trained an oracle, AI driver in our PonyWorld, a virtual environment that [time] can be rewarded. This oracle learned to predict future outcome and then act as a coach to train other AI drivers, helping them anticipate and respond to future events. Using similar methods, we will be able to maintain safety standards for mass produced and (inaudible) domain controllers and the larger Robotaxi fleet.

它的工作原理如下。我們在 PonyWorld（一個可以透過時間獲得獎勵的虛擬環境）中訓練了一位預言機、AI 駕駛員。這個預言機學會了預測未來的結果，然後充當教練來訓練其他人工智慧駕駛員，幫助他們預測和應對未來事件。使用類似的方法，我們將能夠維持大規模生產和（聽不清楚）網域控制器以及更大的 Robotaxi 車隊的安全標準。

PonyWorld has improved over virtual driver's safety record by 16 times while significantly improving its comfort and driving efficiency. This advancement has reduced the commercial insurance costs for Robotaxi to almost half of that for traditional taxis. And this is a clear objective measure by the insurers of safety of our technology.

PonyWorld 將虛擬駕駛員的安全記錄提高了 16 倍，同時顯著提高了舒適性和駕駛效率。這項進步使得Robotaxi的商業保險成本降低至傳統計程車的近一半。這是保險公司對我們技術安全性所做的明確客觀的衡量。

Before I conclude, I'd like to highlight, the creation of PonyWorld took years to dedicate research and development, driven by a team of exceptional talented engineers who evolved and thrived together with us over time. This journey was fueled by the belief of that our PonyWorld offer a greater potential and is critical for achieving jobless commercialization. Those years we spent were the toughest for our company and for me personally. I'm deeply grateful for the trust and the support of all investors and colleagues along the way.

在結束之前，我想強調一下，PonyWorld 的創建花費了多年的時間致力於研究和開發，由一支才華橫溢的工程師團隊推動，他們隨著時間的推移與我們一起發展和繁榮。我們堅信，PonyWorld 擁有更大的潛力，對於實現無就業商業化至關重要，而這一信念推動了我們踏上這趟旅程。那些年對我們公司和我個人來說都是最艱難的。衷心感謝各位投資人及各位同仁一路以來的信任與支持。

This concludes my prepared remarks. I will now pass the call over to our CFO, Dr. Leo Wang, for a closer look at our financial results. Leo, please go ahead.

我的準備好的發言到此結束。現在我將把電話轉給我們的財務長 Leo Wang 博士，以便更仔細地了解我們的財務表現。利奧，請繼續。

Thank you, Tiancheng, and hello, everyone. I'm pleased to present Pony.ai's financial results on our inaugural earnings call.

謝謝天成，大家好。我很高興在我們的首次財報電話會議上公佈小馬智行的財務表現。

Looking back on 2024, we kicked off our seventh generation auto driving system development with three OEM partners, which is critical to execute our Robotaxi-first, China-first, and tier 1 city-first strategy. We also deepened the partnership with industry leaders, creating a robust ecosystem that accelerates the adoption of these technologies.

回顧2024年，我們與三家OEM合作夥伴啟動了第七代自動駕駛系統的開發，這對於我們實施Robotaxi優先、中國優先、第一線城市優先的策略至關重要。我們也深化了與產業領袖的合作，創造了一個強大的生態系統，加速了這些技術的採用。

During our IPO late last year, we raised over USD400 million, which provided us with ample firepower to drive our strategy. Looking forward, we'll concentrate and accelerate our seventh generation auto driving system development and deployment in China's tier 1 cities, hence, to solidify Pony.ai's position for sustainable growth.

去年年底，我們在首次公開募股 (IPO) 中籌集了超過 4 億美元，這為我們推動策略提供了充足的火力。展望未來，我們將集中精力，加速推進第七代自動駕駛系統在中國一線城市的開發與部署，鞏固小馬智行的永續發展地位。

Moving to our financial performance. Please note, as we navigate the early stages of commercialization, we are experiencing volatility in our quarterly revenue and margins, which is expected to continue in the near term. But we are focused on executing our go-to market strategy and achieving key milestones laid out by James and his remarks, which we expect to reduce variability in our financial performance in the future.

轉向我們的財務表現。請注意，在我們進入商業化的早期階段時，我們的季度收入和利潤率正在經歷波動，預計這種情況將在短期內持續下去。但我們專注於執行我們的市場策略並實現詹姆斯和他的演講中提出的關鍵里程碑，我們預計這將減少未來財務表現的波動性。

Now, let's take a closer look at our financial results for 2024. For additional quarterly results, please refer to our earning release, which is posted online. Our full-year revenue totaled USD75 million, an increase of 4.3% year over year. Robotaxi services revenue was USD7.3 million, down 5.3% year over year. The decrease was primarily driven by reduced service fee from providing autonomous vehicle engineering solutions based on our project progression schedule.

現在，讓我們仔細看看我們 2024 年的財務表現。欲了解更多季度業績，請參閱我們在線上發布的收益報告。我們的全年營業收入達到 7,500 萬美元，年增 4.3%。Robotaxi服務收入為730萬美元，年減5.3%。下降的主要原因是根據我們的專案進度計劃提供自動駕駛汽車工程解決方案的服務費減少。

Our Robotaxi services revenue also include the passenger fares, which saw significant year-over-year increase, driven by the expansion of our public-facing fair-charging of taxi operations in tier 1 cities. We expect this part of growth will continue and even accelerate as we deploy the seventh generation of driving vehicles.

我們的 Robotaxi 服務收入還包括乘客票價，由於我們面向一線城市面向公眾的公平收費出租車業務的擴張，乘客票價同比大幅增長。我們預計，隨著我們部署第七代駕駛汽車，這部分成長將持續甚至加速。

Robotruck services grew strongly, delivering USD40.4 million in revenue, up 61.3% year over year. This robust growth was driven by the expansion of our fleet into new regions, where new demands can be fulfilled by our Robotruck fleet. Licensing and applications revenue was USD27.4 million, down 30.1% year over year, influenced by recognition schedule of project-based revenue. Total cost of revenue was USD63.6 million, up 15.6% year over year, in line with revenue trend and revenue mix.

Robotruck服務成長強勁，實現營收4,040萬美元，較去年同期成長61.3%。這一強勁成長得益於我們車隊向新地區的擴張，我們的 Robotruck 車隊可以滿足這些新地區的新需求。許可和應用收入為2740萬美元，年減30.1%，受基於專案的收入確認時間表的影響。總收入成本為 6,360 萬美元，年增 15.6%，符合收入趨勢和收入結構。

We achieved gross profit of USD11.4 million, resulting a growth margin of 15.2%, a decrease from 23% in 2023. The year-over-year decrease was mainly due to services with relatively low growth margin contributed increasingly to our revenues. Moving forward, we expect the growth margins to improve as we further scale and optimize operation over time.

我們實現毛利1,140萬美元，成長率為15.2%，低於2023年的23%。年比下降主要是因為成長幅度相對較低的服務對我們收入的貢獻增加。展望未來，我們預計隨著我們進一步擴大規模並優化運營，成長利潤率將會提高。

Total operating expenses were USD296.9 billion, an increase of 85.4% year over year. Excluding share-based compensation, non-GAAP operating expenses were USD169.9 million, up 8.7% year over year. The increase was mostly driven by accelerated R&D investment to support the launch of our seventh generation Robotaxi vehicles in collaboration with our OEM partners.

總營業費用為2,969億美元，年增85.4%。不包括股權激勵費用，非美國通用會計準則營業費用為 1.699 億美元，較去年同期成長 8.7%。這一成長主要得益於加速研發投資，以支持我們與 OEM 合作夥伴合作推出第七代 Robotaxi 車輛。

Loss from operations was USD285.5 million, compared to USD143.2 million in 2023. Non-GAAP loss from operations was USD158.5 million compared to USD139.5 million in 2023. Net loss was USD275 million compared to USD125.3 million in 2023. Non-GAAP net loss was USD153.6 million compared to USD118.5 million in 2023.

營業虧損為 2.855 億美元，而 2023 年為 1.432 億美元。非公認會計準則營業虧損為 1.585 億美元，而 2023 年為 1.395 億美元。淨虧損為 2.75 億美元，而 2023 年為 1.253 億美元。非公認會計準則淨虧損為 1.536 億美元，而 2023 年為 1.185 億美元。

Turning to our balance sheet. Our combined cash and cash equivalent, restricted cash, short-term investments, and long-term debt instruments for wealth management was USD825.1 million at the end of 2024.

轉向我們的資產負債表。截至 2024 年底，我們的現金及現金等價物、受限現金、短期投資以及用於財富管理的長期債務工具總額為 8.251 億美元。

And lastly, for our business outlook. As mentioned earlier, we expect continued fluctuation in our quarterly revenue as well as margin since we are at the nascent stage of commercialization. While we're not given formal guidance at this time, we are confident in our ability to scale up commercialization, drive sustainable growth, and deliver value to our shareholders.

最後，談談我們的業務展望。如前所述，由於我們正處於商業化的初期階段，我們預期季度營收和利潤率將持續波動。雖然目前我們還沒有得到正式的指導，但我們有信心擴大商業化規模，推動永續成長，並為股東創造價值。

I will now turn the call over to the operator to begin our Q&A session. Thank you.

我現在將把電話轉給接線員，開始我們的問答環節。謝謝。

(Operator Instructions) [Varina Jang], Goldman Sachs.

(操作員指示)[Varina Jang]，高盛。

I have two questions. My first question is about the business strategy. So what's the strategic rationale behind your Robotaxi-first, China-first, and also the tier 1 cities-first approach? If you could share more color behind, yeah, this will be appreciated.

我有兩個問題。我的第一個問題是關於商業策略的。那麼，你們「Robotaxi優先」、「中國優先」以及「第一線城市優先」策略背後的戰略原理是什麼？如果您可以分享更多背景顏色，那麼我們將非常感激。

I'm James Peng. I'll take the first question regarding our three-one strategy. Actually, from day one that Pony was founded, autonomous mobility everywhere has always been our company model. This model actually reflects our vision to bring autonomous transportation to all global markets and across all types of vehicles. We certainly have the ambition for other markets down the road.

我是彭詹姆斯。我來回答有關我們「三一」策略的第一個問題。事實上，從 Pony 成立的第一天起，自動駕駛出行就一直是我們公司的模式。這種模式實際上反映了我們將自動駕駛交通帶入全球所有市場和所有類型車輛的願景。我們當然有進軍未來其他市場的雄心。

The fundamental reason behind our China-first, Robotaxi-first, and tier 1 cities-first strategy [rising] our confidence in an imminent opportunity for mass commercialization. China has the largest ride-hailing market, with around 40% of the global market measured by the number of orders. This is roughly twice the size of the US market. Within China itself, tier 1 cities represents the largest share, backed by supportive regulatory environment and growing user demand.

我們實施中國優先、Robotaxi優先、第一線城市優先策略的根本原因是我們對即將到來的大規模商業化機會充滿信心。中國擁有最大的叫車市場，以訂單數量計算，約佔全球市場的40%。這大約是美國市場規模的兩倍。在中國國內，由於有利的監管環境和不斷增長的用戶需求，一線城市佔據最大份額。

In 2024 and 2025, we expanded our operations of paid Robotaxi to more railway stations, international airports, and the city centers in Beijing, Guangzhou, and Shenzhen. We also observed that China has established the regulatory framework for Robotaxis in a swifter and more transparent manner compared to many other regions. As a result, we believe the tier 1 cities in China are ripe and ideal for mass deployment of Robotaxi.

2024年和2025年，我們將付費Robotaxi的業務擴展到更多的火車站、國際機場以及北京、廣州和深圳的城市中心。我們也觀察到，與許多其他地區相比，中國以更迅速、更透明的方式建立了Robotaxis的監管架構。因此，我們相信中國一線城市已經成熟，適合大規模部署 Robotaxi。

Not only is Robotaxi representing the largest market, it is also representing the most difficult technical and the deployment challenges. The safety requirements in handling the bad weather conditions, such as rain and snow, and other unpredictable corona cases are very challenging. We have proven our capability to handle such challenges by successfully operating fully driverless Robotaxis in the last two years. It is from a commercialization perspective that we are currently more focused on Robotaxi in China's tier 1 cities. But certainly, our know-how can enable us to transfer to other transportation modes and also the global markets in the future.

Robotaxi不僅代表最大的市場，也代表最困難的技術和部署挑戰。應對雨雪等惡劣天氣條件以及其他不可預測的疫情情況的安全要求非常具有挑戰性。我們在過去兩年成功營運全無人駕駛Robotaxis，證明了我們有能力應對此類挑戰。從商業化角度來說，我們目前更關注中國一線城市的Robotaxi。但可以肯定的是，我們的專業知識可以使我們在未來轉向其他運輸方式以及全球市場。

So thank you. Now back to the second question.

所以謝謝你。現在回到第二個問題。

My second question is about the business model. Could you differentiate your business model against the OEM ride-sharing company and also the taxi company and any collaboration with these companies?

我的第二個問題是關於商業模式的。您能否將您的商業模式與 OEM 共乘公司和計程車公司區分開來，以及與這些公司有任何合作嗎？

For this question, I think, our CFO, Leo, is the right one to answer.

對於這個問題，我認為我們的財務長 Leo 是最適合回答的人。

Thank you, James. I'll take this question. So for our Robotaxi fare-charging service, actually, it's focusing on providing a virtual driver who takes charge of the driving in the transportation service. And if you look at the traditional transportation service, that's actually provided by a human driver to take charge of the driving. And we charge our passengers based on the distance driven by our virtual driver. During the ride, actually, we provide a more private and safer experience to the passengers.

謝謝你，詹姆斯。我來回答這個問題。因此，對於我們的 Robotaxi 收費服務來說，實際上，它專注於提供負責交通服務駕駛的虛擬駕駛者。如果你看一下傳統的交通服務，你會發現它實際上是由人類司機負責駕駛的。我們根據虛擬司機行駛的距離向乘客收費。實際上，在乘車過程中，我們為乘客提供了更私密、更安全的體驗。

So if you look at this business model, you can regard that as like an upgrade to the current ride-hailing business model, not a disruption. From a ride-hailing platform company perspective, its business still will be matching passenger demands with driver resources, in which you can consider our virtual driver to be part of the driver pool. Automakers or OEMs, on the other hand, they get revenues from selling purposely built vehicles that are co-developed with Pony. And these vehicles will be sold to Robotaxi operators. For example, Pony itself.

因此，如果你看一下這種商業模式，你可以將其視為目前叫車業務模式的升級，而不是顛覆。從叫車平台公司的角度來看，它的業務仍然是將乘客需求與司機資源進行匹配，其中你可以將我們的虛擬司機視為司機資源的一部分。另一方面，汽車製造商或原始設備製造商透過銷售與 Pony 共同開發的專用汽車獲得收入。這些車輛將出售給Robotaxi營運商。例如 Pony 本身。

In a nutshell, actually, each party in the value chain in ride-hailing business will still play its role in the transportation mobility services sector. We consider this will be a win-win concept. And because this concept not only supported by us but also supported by our partner, you can see that we have secured mass production plans with OEM partners, such as Toyota, Beijing Auto, and Guangzhou Auto. We have also integrated into different traffic map companies, such as Amap, Alipay, OnTime, and et cetera. So this is my answer to your question.

簡單來說，其實叫車產業鏈上的各個環節，在交通出行服務領域還是會發揮各自的作用的。我們認為這將是一個雙贏的理念。而且因為這個理念不僅得到了我們的支持，也得到了我們合作夥伴的支持，所以你可以看到我們已經和豐田、北汽、廣汽等OEM合作夥伴簽訂了量產計劃。我們也與不同的交通地圖公司進行了整合，例如高德地圖、支付寶、OnTime 等等。這就是我對你的問題的回答。

Now, I will turn back to the operator.

現在，我將轉回給接線員。

Ming Hsun Lee, Bank of America.

美國銀行的李明勳（Ming Hsun Lee）。

So my first question, do you foresee any challenges before mass commercialization? Maybe we can elaborate more in terms of the user acceptance, technology, maturity, and the regulation.

所以我的第一個問題是，您預見大規模商業化之前會面臨什麼挑戰嗎？也許我們可以從使用者接受度、技術、成熟度和監管方面進行更詳細的闡述。

I'm James Peng. I'll take this one first. Thanks, Ming Hsun. As I described in my opening remark, I'm very confident that the four key pillars for the mass production of Robotaxi, namely the technology, regulation, mass production, and the large-scale deployment, are actually all in place for Pony. I particularly want to emphasize that our technology has advanced the safety of our Robotaxis to a level that actually allows us for the large-scale commercialization of Robotaxis.

我是彭詹姆斯。我先拿這個。謝謝明勳。正如我在開場白中所描述的，我非常有信心，Robotaxi 量產的四大關鍵支柱，即技術、法規、量產和規模部署，對於 Pony 來說實際上都已經具備。我特別想強調的是，我們的技術已經將Robotaxis的安全性提升到了一定水平，實際上可以讓我們實現Robotaxis的大規模商業化。

We do not foresee any insurmountable challenges that prevent us from achieving that kind of (technical difficulty).

我們不預見任何無法克服的挑戰會阻礙我們實現這一目標（技術難度）。

Thirdly, we work hand in hand with OEMs and the supply chains to launch a new generation of cost-effective Robotaxis, successfully reducing our unit cost by 70%. Along with continued improvements in operational efficiency, we're now on the right track to achieve breakeven at the individual vehicle level. In other words, we will have a positive contribution margin from the seventh generation Robotaxis.

第三，我們與主機廠及供應鏈攜手推出新一代高性價比的Robotaxis，成功將單位成本降低70%。隨著營運效率的不斷提高，我們目前已走在實現單車層面收支平衡的正確軌道上。換句話說，我們將從第七代 Robotaxis 獲得正的貢獻利潤。

In general, we have seen supporting regulatory environment from both the central and the local governments. We take pride in being among the first companies in China to secure licenses for operating fully driverless taxi across all four tier 1 cities. Furthermore, we are the only autonomous driving technology company that has obtained all the necessary regulatory permits required to offer commercial public facing Robotaxi services in tier 1 cities.

整體來看，中央和地方政府均提供了支持性的監管環境。我們很榮幸成為中國首批獲得在四個一線城市營運全無人駕駛計程車牌照的公司之一。此外，我們是唯一一家獲得在一線城市提供面向公眾的商業 Robotaxi 服務所需的所有必要監管許可的自動駕駛技術公司。

Moving forward, our main priority will be expanding our fleet size, operational areas, and the vehicle density to scale up revenue and enhance our profitability. So that's the answer to your first question.

展望未來，我們的首要任務是擴大車隊規模、營運區域和車輛密度，以增加收入並提高獲利能力。這就是你第一個問題的答案。

So my second question, what are the key technological milestones that need to be achieved to enable your mass production of a Robotaxi service in 2025?

所以我的第二個問題是，為了在 2025 年實現 Robotaxi 服務的大規模生產，需要實現哪些關鍵的技術里程碑？

Thank you, Ming Hsun. I think this one is related to technology, so I'll hand over to Tiancheng to answer it.

謝謝你，明勳。我覺得這個問題跟技術有關，所以我交給天成來回答。

Yeah, sure. This is Tiancheng. So as I described in my remarks, so Pony technological development is centered around enabling mass composition of Robotaxi. To achieve successful Robotaxi commercialization, on top of driving technology must meet the three key criteria. They are safety, cost effectiveness, and intensive service coverage. So through years of effort, we have been commercial operating fully drive this Robotaxi for over two years. During this time, safety has already surpassed typical human driver by an order of magnitude.

是的，當然。這裡是天成。正如我在評論中所描述的，Pony 技術開發的核心是實現 Robotaxi 的大規模組合。Robotaxi要成功商業化，除了駕駛技術之外還必須滿足三個關鍵標準。它們是安全性、成本效益和密集的服務覆蓋。所以透過這些年的努力，我們已經商業運營全自動駕駛這台Robotaxi兩年多了。在此期間，安全性已經比典型的人類駕駛員高出一個數量級。

And cost-wise, as we progress, costs are expected to decrease by 70% in the next generation, which will be mass produced in the second half of this year. Moreover, our service coverage has received regulatory approval and the licenses in all tier 1 cities in China, which are capable of operating tens of thousands of Robotaxis. So according to our operational and city record, we believe Pony's technology has matured to a level that can support mass commercialization. And moving forward, our technical goal will remain focused on enhancing cost efficiency and optional capability without compromised safety.

從成本來看，隨著我們的進步，預計下一代產品的成本將下降70%，並將於今年下半年實現量產。此外，我們的服務覆蓋範圍已獲得監管部門的批准，並已取得中國所有一線城市的牌照，可容納數萬輛Robotaxis的營運。因此，根據我們的營運和城市記錄，我們相信 Pony 的技術已經成熟到可以支援大規模商業化的程度。展望未來，我們的技術目標仍將集中在提高成本效率和可選能力，同時不損害安全性。

Yeah, thank you, and back to the operator.

是的，謝謝，然後交給接線生。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

I just have one question about the technology. How do you achieve a very high safety level compared to human driver? And why you believe the level for (inaudible) driving technology depends on more you generate high [course] of data (inaudible) and the massive data you get from the street?

我對這項技術只有一個疑問。與人類駕駛員相比，如何實現非常高的安全水平？為什麼您認為（聽不清楚）駕駛技術的水平更多地取決於您產生的高[過程]數據（聽不清楚）以及您從街道上獲取的大量數據？

Tiancheng, this one, still yours.

天成，這個，還是你的。

Sure, yeah. So this is Tiancheng. So yeah, good point. Let me reemphasize that the L4 AI driver is trained using reinforcement learning in a virtual world where data is generated. So as a result, reinforcement learning does not require a huge amount of real-world data.

當然，是的。這就是天成。是的，說得好。讓我再次強調一下，L4 AI 駕駛員是在生成資料的虛擬世界中使用強化學習進行訓練的。因此，強化學習不需要大量的現實世界數據。

Let me further elaborate on why using real-world driving data to mimic human driving behavior cannot meet L4 safety requirements. The fundamental reason lies in the double standard applied to human drivers versus AI drivers. Society holds AI to have a much higher standard than human drivers. People are far less tolerant to AI mistakes, where AI is perceived as a machine, except to -- expected to eliminate human shortcomings. This creates a paradox.

我再進一步解釋一下，為什麼用真實駕駛數據來模擬人類的駕駛行為無法滿足L4安全要求。根本原因在於人類駕駛和人工智慧駕駛的雙重標準。社會對人工智慧的標準比人類駕駛高得多。人們對人工智慧的錯誤容忍度要低得多，人工智慧被視為一種機器，但期望能夠消除人類的缺點。這就產生了一個悖論。

L4 system must meet safety excitations far beyond that human driver can achieve. Imitation learning, by its nature, is limited by the failure of human performance, and [itself] cannot satisfy with safety requirements. So although the amount of data used for imitation learning driving is extremely large, it still cannot ensure that the driving capability can surpass that type of human.

L4 系統必須滿足遠遠超出人類駕駛員所能達到的安全誘因。模仿學習本質上受到人類表現失敗的限制，並且不能滿足安全要求。所以雖然模仿學習駕駛所使用的數據量非常大，但仍無法確保駕駛能力能夠超越人類。

Another important factor is that leveraging real-world data cannot understand the reasoning behind driving behavior because it only mimics the driving path of a human drivers. There's a common thing that describe this phenomenon. One knows what it is but doesn't know why it is so. Merely mimicking the action of human drivers but not guarantee our understanding of the reasoning behind this action.

另一個重要因素是，利用現實世界的數據無法了解駕駛行為背後的原因，因為它只模仿人類駕駛者的駕駛路徑。有一個常見的東西可以描述這種現象。人們知道它是什麼，但不知道為什麼會這樣。僅僅模仿人類駕駛者的行為，但不能保證我們理解這項行為背後的原因。

So in summary, compared to most L2 systems, L4 systems use a different data solution, where generative data is the key, not the real-world data.

總而言之，與大多數 L2 系統相比，L4 系統使用不同的資料解決方案，其中產生資料是關鍵，而不是真實世界的資料。

Thank you. Back to the operator.

謝謝。回到操作員。

Purdy Ho, Huatai Securities.

Purdy Ho，華泰證券。

This is Purdy Ho from Huatai. And my questions are from (inaudible), I guess, cause most of them are on cost and revenues. So would you mind giving some colors on why your 2024 cost and expenses were higher year over year, and also any guidance on costs going forward that you can provide?

我是華泰的 Purdy Ho。我想，我的問題來自（聽不清楚），因為大多數問題都與成本和收入有關。那麼，您能否解釋一下為什麼您的 2024 年成本和費用同比增加，以及您能提供任何有關未來成本的指導？

So I'll take this question. So as I mentioned in my earlier remarks, actually excluding share-based compensation, our non-GAAP on the expenses were USD137.8 million. It represents an increase of 14% compared to USD120.9 million in 2023. That's mostly because since the second half of 2024, we have been working on three vehicle models of our seventh generation auto driving system. This incurred the corresponding on the expenses growth. We consider this ongoing development is very critical to implement our Robotaxi-first, China-first, and tier 1 cities-first strategy. And much of this development work will be accomplished in this year.

所以我來回答這個問題。正如我在先前的評論中提到的，實際上不包括股權激勵費用，我們的非公認會計準則費用為 1.378 億美元。與 2023 年的 1.209 億美元相比，成長了 14%。主要是因為從2024年下半年開始，我們就在研發第七代自動駕駛系統的三款車型。這導致了相應的費用增長。我們認為，這項持續發展對於實施我們的 Robotaxi 優先、中國優先和第一線城市優先策略至關重要。大部分開發工作將在今年完成。

So on the other hand, during our IPO late last year, we raised over USD400 million. Now, we have a strong balance sheet with a total of USD825.1 million combined with cash, cash equivalent, restrict cash, short-term investments, and long-term debt instruments for wealth management as of December 31, 2024. This provides amplified power to execute our strategy. But also as a start-up, we still need to carefully manage our resource allocation and the investment to seek for the best efficiency and the returns.

另一方面，我們在去年年底的首次公開發行 (IPO) 中籌集了超過 4 億美元。現在，我們擁有強勁的資產負債表，截至 2024 年 12 月 31 日，資產負債表總額為 8.251 億美元，包括現金、現金等價物、限制現金、短期投資和用於財富管理的長期債務工具。這為執行我們的策略提供了更大的力量。但作為一家新創企業，我們仍然需要謹慎管理我們的資源配置和投資，以尋求最佳的效率和回報。

So we will continue and even accelerate our seventh generation development as our top priority and deploy these vehicles in tier 1 cities from hundreds to thousands. Therefore, we expect the corresponding expenditure will continue this year.

因此，我們將繼續甚至加速第七代車型的開發，並將此作為首要任務，將這些車輛部署到數百到數千個一線城市。因此，我們預計今年相應的支出將會持續。

Okay, sure. Yeah. I got a follow-up. So yeah, we also noticed that revenues in the entire year 2024 was up, but for the quarter, the fourth-quarter revenue was down. So any comments on that and any guidance going forward?

好的，當然。是的。我得到了後續消息。是的，我們也注意到，2024 年全年的收入有所上升，但就本季而言，第四季的收入有所下降。那麼對此您有何評論？未來有何指導？

So I'll continue to take this question. So if you look at our current revenue, it consists of recurring revenue, such as, we provide a Robotaxi fare-charging service to the public. We also provide Robotruck logistics service to our business partners, and we also have so-called a project-based revenue, for example, launching a proof of concept of Robotaxi fleet with our partners for a certain amount of time in certain markets.

因此我會繼續回答這個問題。因此，如果你看看我們目前的收入，它包括經常性收入，例如，我們向公眾提供 Robotaxi 收費服務。我們也為我們的業務合作夥伴提供 Robotruck 物流服務，我們還有所謂的基於專案的收入，例如，與我們的合作夥伴在特定市場推出一定時間的 Robotaxi 車隊概念驗證。

Given we have a portion of revenue that is tied to milestone-based projects, so that revenue will be recognized upon delivery of contractual obligations. Revenue recognition naturally would fluctuate across different quarters. This is very common for this type of revenues. But look, we are focusing on our seventh generation auto vehicle development and the deployment. And these new and more cost-effective vehicle will be put into Robotaxi fare-charging operations later this year, starting from hundreds to thousands. So as such, I think it will increase the recurring revenue portion and graduate to change our revenue mix. Hence, we think we can mitigate the fluctuation in the revenue stream in the future. And we also expect our over revenue will graduate to grow in the near term, following the revenue trajectory in the recent years.

鑑於我們有一部分收入與基於里程碑的項目相關，因此在履行合約義務時將確認收入。收入確認自然會在不同的季度間出現波動。對於這種類型的收入來說，這是非常常見的。但是，我們正專注於第七代汽車的開發和部署。而這些新型、更具性價比的車輛將於今年稍晚投入Robotaxi的計費營運中，起價從幾百到幾千不等。因此，我認為它將增加經常性收入的比例，並逐步改變我們的收入結構。因此，我們認為我們可以減輕未來收入流的波動。我們也預計，我們的總收入將在短期內逐步成長，延續近年來的營收軌跡。

So this is my answer to your question. Back to the operator.

這就是我對你的問題的回答。回到操作員。

Xiaoyi Lei, Jefferies.

雷曉毅，傑富瑞 (Jefferies)。

I have two questions. My first question is from the technology perspective. Given recent emergence of disruptive technologies like DeepSeek, how do you see these play-outs in the development of L4 autonomy from the industry level? Will they have a positive or negative impact on your technology roadmap? And how -- also, will they impact Pony's timeline for the mass deployment of Robotaxi? This is my first question.

我有兩個問題。我的第一個問題是從技術角度提出的。鑑於最近出現的像 DeepSeek 這樣的顛覆性技術，您如何從產業層面看待這些技術在 L4 自動駕駛發展中的作用？它們會對您的技術路線圖產生正面還是負面的影響？它們又將如何影響 Pony 大規模部署 Robotaxi 的時間表？這是我的第一個問題。

Yeah, thank you. This is Tiancheng. I can take this one. First, I would say, let's broaden the topic a little bit. In the past few years, many disruptive technologies have emerged, including end-to-end architecture, transformer, and also other technologies using the DeepSeek. They all are giving companies like Pony a greater and greater advantage. For example, the integration of the entry and the technology has significantly enhanced Pony's service coverage.

是的，謝謝。這裡是天成。我可以拿這個。首先，我想說，讓我們稍微拓寬一下話題。在過去的幾年裡，出現了許多顛覆性的技術，包括端對端架構、Transformer，以及其他使用DeepSeek的技術。它們都為 Pony 這樣的公司帶來了越來越大的優勢。例如入口與技術的融合，大幅增強了Pony的服務覆蓋範圍。

More importantly, the successful commercialization of Robotaxi involves multiple factors. The disruptive technology can only impact [welfare]. For instance, the factors include: number one, driving capability, such as safety, comfort, and efficiency; number two, cost, such as sensors, computing operations; and lastly, partnership, such as OEM suppliers, TNCs. The key to a successful commercialization of Robotaxi is ensuring that all these factors meet a certain standard.

更重要的是，Robotaxi的成功商業化涉及多重因素。顛覆性技術只能影響[福利]。例如，這些因素包括：第一，駕駛性能，如安全性、舒適性、效率等；第二，成本，例如感測器、計算操作；最後是合作夥伴關係，例如 OEM 供應商、跨國公司。Robotaxi 成功商業化的關鍵是確保所有這些因素都符合一定的標準。

Disruptive technology can only affect [welfare] -- well, can only affect [one] effect, and any singular breakthrough only provides marginal help for the entire auto driving system.

顛覆性技術只能影響[福利]—嗯，只能影響[一種]效果，任何單一的突破都只能為整個自動駕駛系統提供邊際幫助。

Yeah, thank you, and back to you.

是的，謝謝你，回到你身邊。

That's very helpful. And my second question is regarding your cooperation with the OEM. Could you please share more details about the current progress? How does such partnership help you to achieve your mass production goals?

這非常有幫助。我的第二個問題是關於您與 OEM 的合作。您能否分享更多有關當前進展的詳細資訊？這種合作關係如何幫助您實現量產目標？

This is regarding partnership, so I'll take it. I'm James. So our deep collaboration with OEM is one of the keys to actually ensure -- ensuring our Robotaxi commercialization at scale. We work closely with OEMs to co-develop and produce autonomous vehicles across various vehicle platforms. Most importantly, as I mentioned earlier, scale will be instrumental to enabling us to achieve positive unit economics at a quicker pace. Our collaboration with OEMs are set to significantly reduce unit costs, slashing the BOM by 70% compared to our sixth generation Robotaxi.

這是關於合作關係的，所以我會接受。我是詹姆斯。因此，我們與 OEM 的深度合作是確保 Robotaxi 大規模商業化的關鍵之一。我們與 OEM 密切合作，共同開發和生產跨各種汽車平台的自動駕駛汽車。最重要的是，正如我之前提到的，規模將有助於我們以更快的速度實現積極的單位經濟效益。我們與 OEM 的合作將大幅降低單位成本，與第六代 Robotaxi 相比，BOM 成本將降低 70%。

In 2024, we have reached agreements with three OEMs, Toyota, Beijing Auto, and Guangzhou Auto, to produce three new vehicle models. Our collaboration with BAIC and the GAC will also endow us with more robust government support in our key markets.

2024年我們與豐田、北汽、廣汽三家主機廠達成協議，生產三款新車型。我們與北汽集團和廣汽集團的合作也將使我們在主要市場獲得更強大的政府支持。

So in summary, I think our partnership with OEM actually also goes beyond manufacturing. For example, the joint venture we established with Toyota last year is actually have a more comprehensive partnership. It will provide capitals for vehicles, operate as a fleet company to burden the CapEx and also utilize the existing Toyota dealer network for the vehicle maintenance.

總而言之，我認為我們與 OEM 的合作實際上也超越了製造業。例如我們去年跟豐田建立的合資公司，其實就是比較全面的合作關係。它將為車輛提供資金，作為車隊公司運作以分擔資本支出，並利用現有的豐田經銷商網路進行車輛維護。

So that's the answer to the question. Now, back to the operator.

這就是問題的答案。現在，回到操作員。

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

沒有其他問題了。現在，我想將電話轉回給管理階層，請他們作最後發言。

Hi. This is George Shao again. Thank you, everyone, once again for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you in the next quarter.

你好。我又是喬治·邵。再次感謝大家今天的參與。如果您有任何其他問題，請隨時聯絡我們的 IR 團隊。我們期待下個季度與您交談。

This concludes the conference call. You may now disconnect your lines. Thank you, and have a great day.

電話會議到此結束。現在您可以斷開線路了。謝謝您，祝您有愉快的一天。