Pony AI Inc (PONY) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by, and welcome to Pony Ai Inc.'s second quarter 2025 earnings conference call. (Operator Instructions). 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.ponyai under the News and Events section. I will now turn the conference over to your host, George Shao, Head of Capital Markets and Investor Relations at Pony AI.

女士們、先生們，大家好。感謝您的支持，歡迎參加小馬智行 2025 年第二季財報電話會議。（操作員指令）。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.ponyai 的「新聞和活動」部分提供。現在，我將會議交給主持人、小馬智行資本市場和投資者關係主管 George Shao。

Please go ahead, sir.

先生，請繼續。

Thank you, operator, and hello, everyone. We appreciate you joining us today for Pony's second quarter 2025 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our Investor Relations website. An earnings presentation, which we will refer to during this conference call can also be accessed and downloaded on our Investor Relations website.

謝謝接線員，大家好。感謝您今天參加 Pony 2025 年第二季財報電話會議。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經營業績，可在投資者關係網站上查閱。我們將在本次電話會議中提到的收益報告也可以在我們的投資者關係網站上存取和下載。

Joining me today on today's call are Dr. Jun Peng, Chairman of the Board and Chief Executive Officer; Dr. Tiancheng Lou, Chief Technology Officer; and Dr. Leo Wang, Chief Financial Officer of the company. They will provide prepared remarks followed by a Q&A session.

今天參加電話會議的有公司董事長兼執行長彭軍博士、技術長樓天成博士和財務長王利奧博士。他們將提供準備好的發言，然後進行問答環節。

Before we begin, please refer to the Safe Harbor statement in our earnings release, which applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release available on our IR website and filings with the SEC. I will now hand it over to our Chairman and CEO, Dr. Jun Peng. Please go ahead.

在我們開始之前，請參閱我們的收益報告中的安全港聲明，該聲明適用於本次電話會議，因為我們將做出前瞻性陳述。另請注意，我們今天將討論非 GAAP 指標，這些指標在我們的 IR 網站上的收益報告和向美國證券交易委員會提交的文件中進行了更詳細的解釋，並與 GAAP 下報告的最具可比性的指標進行了協調。現在我將把主席職務交給我們的董事長兼執行長彭軍博士。請繼續。

Thank you, George. Hello, everyone. Thank you for joining our earnings call. We have actually had a very exciting quarter. Let me walk you through three achievements that define our success this quarter.

謝謝你，喬治。大家好。感謝您參加我們的收益電話會議。事實上，我們經歷了一個非常令人興奮的季度。讓我向您介紹我們本季取得成功的三項成就。

First, in June, we finished building assembly lines for our Seventh Generation Robotaxi vehicles. In the last two months, we ramped up production capacity with more than 200 Gen-7 vehicles rolled off the assembly line. This puts us firmly on track to hit our target of 1,000-plus vehicles by year-end of 2025.

首先，6 月份，我們完成了第七代 Robotaxi 車輛的裝配線建設。在過去兩個月中，我們提高了生產能力，已有超過 200 輛第七代汽車下線。這使我們預計在 2025 年底實現 1,000 多輛汽車的目標。

We have operated Gen-7 Robotaxi in all our four Tier 1 cities in China with over 2 million kilometers of open road autonomous driving. The path towards positive unit economics is also very clear as we made substantial reduction in key cost items such as remote assistance and vehicle insurance.

我們已在中國全部四個一線城市運營第七代Robotaxi，並在開放道路上進行了超過200萬公里的自動駕駛。由於我們大幅削減了遠端協助和車輛保險等關鍵成本項目，實現單位經濟效益正增長的道路也非常清晰。

Second, we continue to expand our Robotaxi service areas and our user reach. The registered users surged by 136% year over year in Q2. In addition, we secured Shanghai's first fully driverless commercial license and expanded presence globally in cities such as Dubai, Seoul, and Luxembourg.

第二，我們持續擴大Robotaxi的服務區域和使用者覆蓋範圍。第二季註冊用戶較去年同期成長136%。此外，我們還獲得了上海首個全自動駕駛商業牌照，並在杜拜、首爾和盧森堡等城市擴大了全球業務。

Third, our strong operational momentum has translated into outstanding financial results. On a year over year basis, our total revenues surged by a remarkable 76%. Robotaxi revenues have more than doubled with fare charging revenues growing more than 300%.

第三，我們強勁的營運動能轉化為出色的財務表現。與去年同期相比，我們的總收入大幅成長了 76%。自動駕駛計程車的收入增加了一倍多，車資收入增加了 300% 以上。

Now let me share more details in these areas. As I mentioned previously, we positioned 2025 as a pivotal year of mass production. So first, let me talk about the mass production of Gen-7 Robotaxi vehicles. The first two models of Gen 7, namely the Guangdhou Automobile Group, the JAC and the Beijing Automotive Industry Corporation, the BAIC models, have entered mass production in June and July, respectively.

現在讓我分享這些領域的更多細節。正如我之前提到的，我們將2025年定位為量產的關鍵一年。首先，我要來談談第七代 Robotaxi 車輛的量產狀況。第七代車型首批兩款車型，分別為廣汽集團、江淮汽車及北汽集團車型，分別於6月、7月實現量產。

As of today, over 200 vehicles have been produced, which puts us well positioned to reach the 1,000-plus vehicle milestone by year-end. We have made significant improvements to our Gen-7 vehicles in terms of safety, cost, reliability and even appearance. The platform features a 100% automotive-grade autonomous driving kit designed for a 600,000-kilometer life cycle. All the sensors are highly integrated with the vehicle and can be preassembled. The total bond cost has also reduced 70% compared to our previous generation. That is the cost dropped to even less than one-third.

截至今天，我們已經生產了 200 多輛汽車，這使我們預計在年底前達到 1,000 多輛汽車的里程碑。我們對第七代車輛在安全性、成本、可靠性甚至外觀方面都做出了重大改進。該平台採用100%汽車級自動駕駛套件，設計使用壽命為60萬公里。所有感測器都與車輛高度集成，並且可以預先組裝。與上一代產品相比，總債券成本也降低了 70%。也就是說成本下降到甚至不到三分之一。

Building on this foundation, we launched the operation of multiple Gen-7 Robotaxi models in all four Tier 1 cities. This highlights how our autonomous driving systems can reliably adapt to different vehicle platforms and road environment. Since launching our Gen-7 vehicles have exceeded over 2 million kilometers of on-road autonomous driving mileage.

在此基礎上，我們在四個一線城市均投入營運多款第七代Robotaxi車型。這凸顯了我們的自動駕駛系統如何可靠地適應不同的車輛平台和道路環境。自推出以來，我們的第七代車輛的道路自動駕駛里程已超過 200 萬公里。

The operational environment include extreme weather conditions such as tropical storms, high temperature and cold weather conditions, further validating our vehicle safety and reliability. So far, we have an impeccable safety track record. The overall performance of Gen-7 Robotaxi also exceeded our previous generation. The newly designed in cabin interface provides a much better user experience.

運行環境包括熱帶風暴、高溫、寒冷天氣等極端天氣條件，進一步驗證了我們車輛的安全性和可靠性。到目前為止，我們的安全記錄無可挑剔。第七代Robotaxi的整體表現也超越了我們的上一代。全新設計的機艙介面提供了更好的使用者體驗。

We have also made Robotaxi fleet operation much more efficient. Notably, we achieved reductions across key cost items such as energy, vehicle insurance, maintenance, remote assistance, and ground support. There are two developments standing out in Q2. The first one is that we have sequentially improved the remote assistance to vehicle ratio, making us confident in achieving 1 to 30 ratio by year-end. This means that on remote assistant will be capable of monitoring 30 vehicles.

我們也讓 Robotaxi 車隊的營運更有效率。值得注意的是，我們在能源、車輛保險、維護、遠端協助和地面支援等關鍵成本項目上實現了削減。第二季有兩項發展引人注目。第一，我們逐步提升了遠端協助與車輛的比例，並有信心在年底達到1比30的比例。這意味著遠端助手將能夠監控 30 輛車輛。

The second highlight is that we have secured an 18% reduction in vehicle insurance costs compared with our prior renewal cycle. As actually mentioned in the last quarter, our insurance premium was already at just half of the typical cost for traditional human operating taxis. This further decreased in cost reflects the growing recognition by insurers of our safety track record.

第二個亮點是，與先前的續保週期相比，我們的車輛保險成本降低了 18%。正如上個季度所提到的，我們的保險費僅為傳統人力計程車平均成本的一半。成本的進一步下降反映了保險公司對我們的安全記錄的日益認可。

With mass production underway, licensed secured and service optimized, we are now well positioned to meet the rising demand from users. We continue to accelerate commercial deployment and expand our ecosystem at scale. Our commercial growth continued to gain momentum with global taxi service revenue up by 158% year over year.

隨著大規模生產的進行、許可證的取得和服務的最佳化，我們現在已做好準備，滿足用戶日益增長的需求。我們繼續加速商業部署並大規模擴展我們的生態系統。我們的商業成長持續保持強勁勢頭，全球計程車服務收入較去年同期成長 158%。

Particularly, we delivered more than 300% year over year growth in fair charging revenues. The impressive growth momentum was fueled by our accelerated deployment of global taxi across all four Tier 1 cities enabling us to expand into a broader range of use cases and boost higher user adoption.

特別是，我們的公平收費收入年增了 300% 以上。這一令人印象深刻的成長勢頭得益於我們在所有四個一線城市加速部署全球出租車，這使我們能夠擴展到更廣泛的用例並提高用戶採用率。

Additionally, our efforts to optimize the user experience significantly enhanced user engagement, briefing customers' recognition, and trust in our Robotaxi services. To further accelerate this momentum, we continued our efforts in building a mobility ecosystem.

此外，我們優化使用者體驗的努力顯著增強了使用者參與度，贏得了客戶對我們的 Robotaxi 服務的認可和信任。為了進一步加速這一勢頭，我們繼續努力建構移動生態系統。

In June, we formed a strategic partnership with Xihu Group, which is the largest taxi operator and sleep manager in Shenzhen. We plan to jointly deploy over 1,000 global taxis in Shenzhen in the coming years. This collaboration pairs our AI-powered technology and service expertise with Xihu's operational scale and deep local experience.

6月，我們與深圳最大的計程車業者和睡眠管理公司西湖集團結成策略夥伴關係。我們計劃未來幾年在深圳聯合部署1000多輛全球計程車。此次合作將我們的人工智慧技術和服務專業知識與西湖的營運規模和豐富的本地經驗完美結合。

Now let me switch gear towards expanding services to a broader user reach. We have seen strong user adoption in the second quarter with registered users surging by 136% year over year. Even with a larger user base, our user satisfaction rate remains well above 4.8 out of 5. Currently, we have secured permits in all four Tier 1 cities for our Gen-7 vehicles.

現在讓我轉到如何將服務擴展到更廣泛的用戶範圍。我們在第二季度看到用戶採用率強勁成長，註冊用戶年增 136%。即使用戶群擴大，我們的用戶滿意度仍遠高於 5 分中的 4.8 分。目前，我們已在所有四個一線城市獲得了第七代汽車的許可。

As we continue to add more vehicles to our fleet, we expect to enter even larger scale operations for many more users to enjoy. Particularly, we are one of the first companies to receive a permit for fully driverless commercial Robotaxi service in Shanghai's Pudong District. Following the acquisition of this permit, we become the owning company to have commercial fully driverless operations in all four Tier 1 cities. This showcases both our technological maturity and solid operational capabilities.

隨著我們繼續增加車隊車輛，我們期望進入更大規模的運營，以便讓更多用戶享受。特別是，我們是上海浦東區首批獲得全無人駕駛商業Robotaxi服務許可的公司之一。獲得此許可證後，我們成為在所有四個一線城市開展商業全無人駕駛運營的擁有公司。這體現了我們的技術成熟度和穩健的營運能力。

Recently, we also expanded the fair charging global taxi service from 15 hours per day to a 24/7 coverage in Guangzhou and Shenzhen to better meet the rising user demand. This expanded operating window now captures late night and early morning trips. So now let me share the update on our global expansion. Our international playbook focused on entering strategic markets with high port growth potential.

近期，我們也將公平充電全球計程車服務由每天15小時擴展至廣州、深圳兩地全天候覆蓋，以更好地滿足日益增長的用戶需求。這個擴展的操作窗口現在可以涵蓋深夜和清晨的行程。現在讓我分享一下我們全球擴張的最新進展。我們的國際策略重點是進入具有高港口成長潛力的策略市場。

To date, we have established presence in seven countries across China, East Asia, Europe, and the Middle East. During Q2 this year, we made significant strides in Dubai, Seoul, and Luxembourg. In the Middle East, we established our presence in Dubai, the largest and most populous city in UAE. We formed a strategic collaboration with the Dubai roles and the transport authority to integrate our autonomous driving technology into the city's transportation ecosystem. Initial trials will begin in late 2025, followed by fully driverless operations shortly after.

迄今為止，我們已在中國、東亞、歐洲和中東的七個國家建立了業務。今年第二季度，我們在杜拜、首爾和盧森堡取得了重大進展。在中東，我們在阿聯酋最大、人口最多的城市杜拜建立了業務。我們與杜拜相關部門和交通部門建立了策略合作關係，將我們的自動駕駛技術融入該市的交通生態系統。初步試驗將於 2025 年底開始，隨後不久將實現完全無人駕駛營運。

We have also advanced our presence in South Korea by securing nationwide permits. We are conducting extensive on-road operations in Gangnam District, which is the heart of Sol. We have navigated complex urban environments which shows reliability under challenging conditions such as winter snowfalls. In the second quarter, we began nighttime and early morning operations, which is a significant step towards 24/7 operations.

我們也透過獲得全國許可來提升我們在韓國的影響力。我們正在 Sol 中心的江南區進行大規模的道路作業。我們已經在複雜的城市環境中導航，在冬季降雪等惡劣條件下表現出可靠性。從第二季開始，我們開始夜間和清晨運營，這是朝著全天候營運邁出的重要一步。

Shifting to Europe, we have obtained a testing permits early this year in Rotenberg by partnering with Emile Weber, the Luxembourg's leading mobility and fleet service provider. We launched our road test in the city of Latican. Our goal is to use Luxembourg as a launch path to serve future European expansions. In summary, we have laid a solid foundation for large-scale commercial Robotaxi operation. 2025 is the pivotal year of mass production for Pony AI, and we have already made it happen.

轉向歐洲，我們今年年初透過與盧森堡領先的行動和車隊服務提供商 Emile Weber 合作，在羅滕貝格獲得了測試許可。我們在拉蒂坎市開始了道路測試。我們的目標是利用盧森堡作為未來歐洲擴張的啟動路徑。綜上所述，我們已經為Robotaxi的規模化商業營運打下了堅實的基礎，2025年是小馬智行量產的關鍵一年，我們已經做到了。

With Gen-7 Robotaxi rolling off the production line and deployment across major cities globally. We are driving strongly towards positive unit economics and entering a new phase of multiple year accelerating growth. In the coming quarters, our main focus will be scaling up with a solid plan and great execution in place. I'm extremely excited about the future of Pony AI in revolutionizing the mobility industry.

隨著第七代Robotaxi下線並在全球各大城市部署。我們正大力推動單位經濟效益的提高，並進入多年加速成長的新階段。在接下來的幾個季度中，我們的主要重點是透過制定周密的計劃並實施出色的執行來擴大規模。我對 Pony AI 未來在行動出行領域帶來變革感到非常興奮。

This concludes my remarks. Now I will hand it over to our CTO, Dr. Tiancheng Lou. Tiancheng, please go ahead.

我的發言到此結束。現在我將把時間交給我們的技術長樓天成博士。天成，請繼續。

Thanks, Jun. So hello, everyone. This is in Tiancheng. I'm very proud of what we have achieved in the second quarter. We have started mass production of Gen-7 Robotaxi.

謝謝，Jun。大家好。這是在天成。我對我們在第二季所取得的成就感到非常自豪。我們已開始量產第七代Robotaxi。

This shows that we have scaling up our autonomous mobility technology. It also proves that we have constructed two important pillars for the Robotaxi industry, fully driverless and scale, this two pillars are the foundation of setup robotized business. Let me elaborate a little more.

這顯示我們正在擴大自主移動技術的規模。這也證明我們建構了Robotaxi產業的兩大重要支柱，完全無人駕駛和規模化，這兩大支柱是建立機器人化業務的基礎。讓我再詳細闡述。

The fully driverless means no safety operator inside the car at all. This is a strong indicator that technology already meet safety standards. It also means the developer software and hardware system provides sufficient redundancy to handle extreme cases. So if something breaks, the car can still work well.

完全無人駕駛意味著車內根本沒有安全操作員。這有力地表明該技術已經符合安全標準。這也意味著開發人員的軟體和硬體系統提供了足夠的冗餘來處理極端情況。因此，即使出現故障，汽車仍可正常行駛。

After we get to fully driving, the next pillar is scale. This refers to the number of fully driverless Robotaxis should be enlisted hundreds run on the road every day with a large enough of ODD. People can just open their right share apps and call Robotaxi at their convenience. Based on these two standards, the development of L4 Robotaxi technology universally follows three conceptual stages.

在我們完全實現駕駛之後，下一個支柱就是規模。這意味著每天應該有數百輛完全無人駕駛的 Robotaxis 在道路上行駛，並且有足夠的 ODD。人們只需打開合適的共享應用程式並在方便的時候呼叫 Robotaxi。基於這兩個標準，L4級Robotaxi技術的發展普遍遵循三個概念階段。

The first stage, costs still need a safety operator, either in the driver seat of passenger seats. The safety operator inside the vehicle has to step in to take over to mitigate any potential incidents. This incident may be caused by AI model errors, hardware fillers or simply graphic scenarios that the vehicle cannot handle.

第一階段，成本仍需要一名安全操作員，無論是在駕駛座或乘客座。車輛內的安全操作員必須介入接管，以減輕任何潛在事故。該事件可能是由 AI 模型錯誤、硬體填充或車輛無法處理的圖形場景引起的。

Second stage, cars can run without any shift operation in the car. Although it's still limited in a relative small scale, such as of dozen cars. At this stage, vehicles equipped with redundant systems, which can handle hardware filers. It also means the safety capability of the whole system reached roughly a similar level as a typical human driver.

第二階段，汽車無需在車內進行任何換檔操作即可行駛。雖然還局限於十幾輛車這樣的小規模。現階段，車輛配備了冗餘系統，可以處理硬體文件。這也意味著整個系統的安全能力達到了與典型人類駕駛員大致相同的水平。

Moving to the third stage. Robotaxis can go fully drive this with hundreds of cars opened to the public. They can also run 24/7 in all weather conditions, especially during washers. Once Robotaxis can operate without any safety opportunity in the heart, it must reach a significant high level of city to enable large-scale operations. Reading that statistically speaking, as the fleet size gets bigger and the cars drive more mileage every day, they are higher possibility for potential errors to occur. As such, to [drive] safely, the whole system has to meet much higher safety standards.

進入第三階段。Robotaxis 可以全面投入運營，目前已有數百輛汽車向公眾開放。它們還可以在任何天氣條件下全天候運行，尤其是在洗衣機期間。一旦Robotaxis能夠在沒有任何安全隱患的情況下運行，它就必須達到相當高的城市水平才能實現大規模運營。從統計數據來看，隨著車隊規模的擴大和汽車每天行駛里程的增加，潛在錯誤的可能性也會更高。因此，為了安全駕駛，整個系統必須符合更高的安全標準。

As a result, the size of the fully driverless fleet is directly proportional to the high standard of city and liability only teams that truly trust their technology will run fully drive the service on a large scale. At this stage, the system can handle complex scribing situations. And this is at lease than a human driver. That means user can easily access fully drive the Robotaxi service whenever they want. Even through top conditions like heavy rains or snowstorms, we will get right that is reliable and safe at all time.

因此，全無人駕駛車隊的規模與城市和責任的高標準成正比，只有真正信任其技術的團隊才會大規模運行全無人駕駛服務。現階段，系統可以處理複雜的劃線情況。這至少比人類駕駛員好。這意味著用戶可以隨時輕鬆存取 Robotaxi 服務。即使在暴雨或暴風雪等惡劣條件下，我們也能隨時提供可靠、安全的解決方案。

So we are proud that Pony AI have already achieved the Thursday in 2024 last year. With our current extended operation in Shanghai is a good example. Let me elaborate. In July, we secured the newly issued fully drive compute license in Pudong district of Shanghai, and we offer the Robotaxi service in the -- to the public during World AI conference at WAIC, we show up in two ways.

因此，我們很自豪，Pony AI 去年就已經實現了 2024 年星期四的目標。我們目前在上海的擴展業務就是一個很好的例子。讓我詳細說明一下。7 月份，我們獲得了上海浦東新區頒發的全自動駕駛計算牌照，並在世界人工智慧大會（WAIC）期間向公眾提供 Robotaxi 服務，我們以兩種方式亮相。

Number one, we were the only company with fully driverless and on-demand ridesharing service to the public.

首先，我們是唯一一家向公眾提供完全無人駕駛和按需共乘服務的公司。

Number two, Shanghai was raining during the conference, we were the only company to remain operational in heavy rains. The fast speed at which we are scaling up fully driverless Robotaxi in Shanghai shows over strong generalization capability. This is powered by our high fidelity training environment and the evaluation system.

第二，會議期間上海下雨，我們是唯一一家在大雨中繼續營運的公司。我們在上海快速推廣全無人駕駛Robotaxi的速度，體現了其強大的泛化能力。這是由我們的高保真訓練環境和評估系統提供支援的。

Today, people in all four Tier 1 cities can call our fully drive this Robotaxi and get to anywhere they are going. Our latest Gen-7 Robotaxi prefer powers a fully driverless scalable services. We also enforce regular engineering practice to enforce our safety-first principle. We have already produced over 200 Gen-7 Robotaxi and a proven they are ready for large-scale deployment.

如今，四個一線城市的人們都可以叫上我們的 Robotaxi 自行前往任何想去的地方。我們最新的第七代 Robotaxi 更傾向於提供完全無人駕駛的可擴展服務。我們也執行常規工程實務來執行我們的安全第一原則。我們已經生產了超過 200 輛第七代 Robotaxi，並證明它們已準備好進行大規模部署。

Our multiple Gen-7 models are equipped with multisensor switch and the new computing platform with the 40 chips. This vehicle has achieved over 2 million kilometers on public roads across all four Tier 1 cities. The testing in diverse conditions shows reliability of our entire auto-driving specs, which must better integrate sensor setup and upgrades to the (technical difficulty) system the vehicle are much more reliable in extreme weather and heavy traffic conditions.

我們的多款第七代機型配備了多感測器開關和擁有40個晶片的新型運算平台。該車已在四個一線城市的公共道路上行駛超過200萬公里。在不同條件下進行的測試表明了我們整個自動駕駛規格的可靠性，必須更好地整合感測器設定和系統升級（技術難度），才能使車輛在極端天氣和交通擁堵條件下更加可靠。

More importantly, the target of our 1,000 robotaxi vehicles just start. As a service area expanded and the fleet gets denser, the network effect will kick in. This means that the user can reach more destinations and with less type for right overall, a much better unit terms. We have also enhanced the in-cabin experience for (technical difficulty) Robotaxis, such as voice interactive features. All this will lead to accelerating multi-year growth trajectory.

更重要的是，我們1000輛Robotaxi的目標才剛開始。隨著服務區域的擴大和車隊密度的增加，網路效應將開始顯現。這意味著用戶可以到達更多的目的地，並且用更少的類型獲得更好的整體單位條件。我們也增強了（技術難度）Robotaxis的車內體驗，例如語音互動功能。所有這些都將加速多年的成長軌跡。

To wrap up over achievement makes the second quarter reinforced our confidence in the path forward. Mass production is firmly on track. With Guangzhou Auto and (technical difficulty), Auto Gen-7 vehicle production ramping up fast. We are continuously improving our operational efficiency and reducing the revenue cost. All this effort puts us in a strong position to scale up autonomous mobility rapidly.

總結第二季的成就，增強了我們對未來道路的信心。量產正穩步推進。隨著廣州汽車和（技術難題）汽車第七代汽車產量的快速提升。我們正在不斷提高營運效率並降低收入成本。所有這些努力使我們有能力迅速擴大自主移動能力。

This concludes my prepared remarks. I will now pass the call to our CFO, Haojun Wang to review our financial results. Leo, please go ahead.

我的準備好的發言到此結束。我現在將電話轉給我們的財務長王浩軍來審查我們的財務結果。利奧，請繼續。

Thank you, Tiancheng. Hello, everyone. This is Leo. I will be focusing on year over year comparisons for the second quarter unless otherwise specified. Q2 was another strong quarter marked by robust revenue growth and the significant progress in the mass production of our Gen-7 Robotaxi fleet, while also maintaining disciplined investment.

謝謝你，天成。大家好。這是利奧。除非另有說明，我將重點放在第二季的年比情況。第二季度是另一個表現強勁的季度，其特點是收入強勁增長，第七代 Robotaxi 車隊的量產取得了重大進展，同時也保持了嚴謹的投資。

In the second quarter, total revenues finished at USD21.5 million, growing by 76% year over year mainly driven by robust growth in both Robotaxis services and licensing and applications, a clear demonstration of our effective commercialization execution.

第二季度，總營收達到 2,150 萬美元，年成長 76%，主要得益於 Robotaxis 服務以及授權和應用的強勁成長，這充分證明了我們有效的商業化執行力。

Robotaxi service revenues reached USD1.5 million, representing another quarter of rapid year over year growth of 158%. Both fair charging services and the project-based engineering solutions continued to expand strongly. In particular, fair charging revenues expanded by more than 300% year over year. The strong growth was driven by expanding user adoption and the demand in Tier 1 cities in China, as well as an increased fleet of Robotaxi vehicles.

Robotaxi服務營收達150萬美元，較去年成長158%，再創季度新高。公平充電服務和基於專案的工程解決方案均持續強勁擴張。其中公平充電收入較去年同期成長超過300%。強勁成長的動力來自於用戶採用率的提高和中國一線城市的需求，以及 Robotaxi 車輛數量的增加。

In addition, through ongoing optimization of our pricing and operational strategies across diverse user segments, we continued to enhance user engagement and the service efficiency. Such growth momentum underscores our commitment to establishing a scalable and recurring monetization model. enhancing our long-term business visibility.

此外，透過持續優化針對不同使用者群體的定價和營運策略，我們持續提高用戶參與度和服務效率。這種成長勢頭凸顯了我們致力於建立可擴展和可重複的貨幣化模式，從而提高我們的長期業務可見度。

Moving to Robotruck services. Revenues were USD9.5 million as we proactively optimized our operation to focus on high-margin revenues. Global truck services revenue were down by 10% year over year for the second quarter. Licensing and application revenues were USD10.4 million, growing significantly by 902% year over year. We saw increasing orders and deliveries for autonomous domain controller sales, driven by both new and existing Robo delivery clients.

轉向 Robotruck 服務。由於我們積極優化營運以專注於高利潤收入，因此收入達到 950 萬美元。第二季全球卡車服務收入較去年同期下降 10%。授權和應用收入為1040萬美元，較去年同期大幅成長902%。我們看到自主域控制器銷售的訂單和交付量不斷增加，這得益於新舊 Robo 交付客戶的推動。

Turning to gross margin, it improved year over year to 16.1%, with gross profit of USD3.5 million in the second quarter. As mentioned in the last quarter, we continue to advance initiative aimed at reducing gross margin variability with a focused strategy on prioritizing high-margin revenues within Robotaxi and Robotruck Services.

毛利率方面，年減至16.1%，第二季毛利為350萬美元。正如上個季度所提到的，我們繼續推動旨在降低毛利率波動的舉措，重點關注 Robotaxi 和 Robotruck 服務中的高利潤收入。

I also want to highlight that we made solid progress in optimizing Robotaxi unit economics such as remote assistance and vehicle insurance. Total operating expenses were USD64.7 million, up by 75% year over year. The increase in share-based compensation expenses reflected the normalization of expense recognition following our IPO in November 2024, as vesting is no longer contingent of IPO completion.

我還想強調的是，我們在優化 Robotaxi 單位經濟效益（例如遠端協助和車輛保險）方面取得了堅實的進展。總營業費用為6,470萬美元，較去年同期成長75%。股權激勵費用的增加反映了我們 2024 年 11 月首次公開發行 (IPO) 後費用確認的正常化，因為歸屬不再取決於 IPO 的完成。

Excluding share-based compensation expenses, non-GAAP operating expenses were USD57.5 million, up 59% year over year. The increase was primarily driven by increased investments in mass production, alongside employee expenses aimed at strengthening our R&D capacity for Gen-7 Robotaxi vehicles.

不包括股權激勵費用，非美國通用會計準則營業費用為5,750萬美元，較去年同期成長59%。成長的主要原因是大規模生產投資的增加，以及旨在加強第七代 Robotaxi 汽車研發能力的員工支出。

Net loss for the second quarter was USD53.3 million, an increase from USD30.9 million in the same period last year. Non-GAAP net loss was USD46.1 million compared with USD30.3 million in the same period of last year primarily reflecting increased investments in mass production and R&D employee expenses for concurrent development of Gen-7 vehicle models. As we drive towards large-scale Robotaxi mass production and deployment, our disciplined investments remain a top priority as we enter this critical scaling phase. Turning to the balance sheet and cash flow.

第二季淨虧損為5,330萬美元，較去年同期的3,090萬美元擴大。非美國通用會計準則淨虧損為 4,610 萬美元，而去年同期為 3,030 萬美元，主要反映了為同步開發第七代車型而增加的量產投資和研發員工費用。隨著我們推進 Robotaxi 的大規模量產和部署，在進入這個關鍵擴展階段時，我們嚴謹的投資仍然是重中之重。轉向資產負債表和現金流。

Our combined cash and cash equivalents, restricted cash, short-term investments, and the long-term debt instrument for wealth management was USD747.7 million as of June 30, 2025. The quarterly financing cash inflow increased by USD33.1 million mainly due to employee share sales following the expiration of the lockup period, resulting in funds collected on behalf of employees for future distribution.

截至 2025 年 6 月 30 日，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 7.477 億美元。季度融資現金流入增加3,310萬美元，主要由於鎖定期結束後員工股份出售，因此代員工收取資金未來分配。

With the imminent scaling up and the commercial deployment, we believe our current cash reserves are well positioned to support our operational needs. In the same time, we remain proactive in exploring additional opportunities to ensure long-term financial resilience.

隨著即將到來的擴大規模和商業部署，我們相信我們目前的現金儲備足以支持我們的營運需求。同時，我們將繼續積極探索更多機會，以確保長期的財務韌性。

Looking ahead, with disciplined investment in place and mass production underway, we are very on track to reach 1,000 Robotaxi fleet size target, already with over 200 contributed by the Gen-7 Robotaxi. With a competitive cost structure for the latest Gen-7 vehicles and a well-executed go-to-market strategy, we have laid a solid foundation for large-scale commercialization moving forward.

展望未來，隨著嚴謹的投資和大規模生產的進行，我們預計將實現 1,000 輛 Robotaxi 車隊規模的目標，其中第七代 Robotaxi 已貢獻了 200 多輛。憑藉最新第七代汽車的競爭性成本結構和執行良好的市場進入策略，我們為未來大規模商業化奠定了堅實的基礎。

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

我現在將把電話轉給接線員並開始我們的問答環節。謝謝。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Ming-Hsun Lee, Bank of America.

美國銀行的李明勳（Ming-Hsun Lee）。

Thank you management for congratulations on the solid progress of your mass production. So I only have one question. Could you share more thoughts on your production plan throughout the second half of 2025?

謝謝管理階層對貴公司量產穩定進展的祝賀。所以我只有一個問題。您能否分享更多關於 2025 年下半年生產計畫的想法？

This is Jun. I'll take this call. As I mentioned in my prepared remarks today, we are firmly on track to reach our 2025 production target. In less than two months, we have already ramped up production with over 200 Gen-7 Robotaxi vehicles. It showed a clear accelerating momentum.

我是 Jun。我來接電話。正如我在今天的準備好的發言中提到的那樣，我們正穩步實現 2025 年的生產目標。在不到兩個月的時間裡，我們已經生產了 200 多輛第七代 Robotaxi 汽車。呈現出明顯的加速動能。

As of now, we are very confident in surpassing a fleet size of 1,000 plus by year-end. The key actually to achieve the Robotaxi mass production less in the ramping up efficiency, which involves comprehensive process such as equipment calibration and also the staff chaining. These steps ensure a steady increase in production volume while upholding the highest safety standards. As of now, we have already reached a scalable production cycle.

截至目前，我們非常有信心到年底機隊規模將超過 1,000 架。其實Robotaxi要達到量產，關鍵不在於產能提升，而是設備校準、人員鍊式運作等全方位的環節。這些措施確保了產量的穩定成長，同時維持了最高的安全標準。截至目前，我們已經達到了可擴展的生產週期。

In addition, the key components are already secured through our agile and holistic sourcing strategy. This not only ensures sufficient inventory to support production pace but also helps to maintain the bond cost stability. Currently, we have completed the returning of assembly lines for both the BEIC and the DAC Gen-7 Robotaxi models. Both of these models have entered the SOP phase.

此外，我們已透過靈活、全面的採購策略確保關鍵零件的安全。這不僅確保了足夠的庫存來支持生產速度，也有助於維持債券成本的穩定。目前，我們已經完成了BEIC和DAC第七代Robotaxi車型的組裝線回歸。這兩款型號均已進入SOP階段。

That is the start-up action phase with steady production rate, reflecting our strong execution. These vehicles have begun on-road testing. And so far, we have impeccable safety track record, with more than 2 million kilometers of operation, and the results confirm they met all our stringent safety requirements.

這是啟動行動階段，生產力穩定，體現了我們強大的執行力。這些車輛已經開始道路測試。到目前為止，我們的安全記錄無可挑剔，運行里程已超過 200 萬公里，結果證明它們滿足了我們所有嚴格的安全要求。

Now let's also look at the unit economics. The bond cost of over Gen-7 Robotaxi has been reduced by 70% compared with the previous generation. During Q2, we have also made major improvements in global taxi fleet operations such as enhanced remote assistance efficiency and decrease in the vehicle insurance. This is further reinforced by our proven go-to-market strategy as we have seen a strong growth in fare charging revenues.

現在我們來看看單位經濟學。第七代以上Robotaxi的債券成本較上一代降低了70%。在第二季度，我們也對全球計程車隊營運做出了重大改進，例如提高了遠端協助效率並降低了車輛保險費用。我們行之有效的行銷策略進一步鞏固了這一優勢，因為我們已看到票價收入的強勁成長。

So with all these improvements, I'm actually now very confident in reaching positive unique economics for our Gen-7 Robotaxi vehicles. With this, back to the operator.

因此，透過所有這些改進，我現在實際上非常有信心讓我們的第七代 Robotaxi 車輛實現積極的獨特經濟效益。說完這些，回到操作員那裡。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

Robotaxi revenue growth is very strong also again this quarter. Can you elaborate the key drivers behind the solid growth, for example, with the three sites at the beginning of the quarter and the end of the second quarter. Thank you.

本季度，Robotaxi 的營收成長也非常強勁。您能否詳細說明穩健成長背後的關鍵驅動因素，例如本季初和第二季末的三個站點。謝謝。

Yes, this is Leo. I'll take this question. As I mentioned earlier, our Robotaxi service revenue rose by 158% year over year powered by more than 300% expansion in fare charging revenues. This growth actually stems from expanding user adoption and the demand in Tier 1 cities in China coupled with an increased deployed fleet of Robotaxis through ongoing optimization to our pricing and also operation strategies across diverse user segment. We have greatly improved the user engagement and service efficiency.

是的，這是 Leo。我來回答這個問題。正如我之前提到的，我們的 Robotaxi 服務收入年增 158%，這得益於車費收入成長 300% 以上。這種成長實際上源於不斷擴大的用戶採用率和中國一線城市的需求，以及透過持續優化我們的定價和針對不同用戶群體的營運策略而增加的 Robotaxis 部署車隊。我們大大提高了用戶參與度和服務效率。

Our current user satisfaction rate is well above 4.8 out of 5. Additionally, we are currently operating across 2,000 square kilometers in Tier 1 cities in China. That's more than 20 times the size of City of San Francisco. This provides us ample market space to deploy a larger-scale Robotaxi fleet. So looking ahead, increasing vehicle density in these regions remains our top priority.

我們目前的用戶滿意度遠高於 5 分中的 4.8 分。此外，我們目前在中國一線城市經營業務，覆蓋面積達 2,000 平方公里。其面積是舊金山市的20倍以上。這為我們部署更大規模的Robotaxi車隊提供了充足的市場空間。因此展望未來，提高這些地區的車輛密度仍然是我們的首要任務。

We expect notable improvements in vehicle accessibility and user experience, which in turn, will incentivize higher demand. By continuously scaling of production and deployment, we are well positioned to improve vehicle utilization and user experience. We believe these factors will be the key drivers of a scalable and a recurring monetization model that strengthening our business visibility over the long term. Now I'll get back to the operator.

我們預計車輛可及性和用戶體驗將顯著改善，這反過來將刺激更高的需求。透過不斷擴大生產和部署，我們能夠更好地提高車輛利用率和使用者體驗。我們相信這些因素將成為可擴展和重複性貨幣化模式的關鍵驅動力，從而長期增強我們的業務可見性。現在我要回覆接線生。

Ting Song, Goldman Sachs.

宋婷，高盛。

I have one question. Currently, China's Ministry of Public Security commented on the intelligent driving systems and autonomous driving. What does this mean for the full Robotaxi industry? And are there any changes in the government's attitude on the industry?

我有一個問題。目前，中國公安部對智慧駕駛系統和自動駕駛作出了評論。這對整個 Robotaxi 產業意味著什麼？政府對該行業的態度有什麼改變嗎？

This is Tiancheng. I will take this question. The recent comment you mentioned actually reinforced the distinguishing between L2 driving assistant and L4 autonomous driving. The government's core message that L2 and L4 are two completely different products. Current L2 driving assistant intel-driven system have not yet achieved full autonomy that forecasted. And on the L2, the driver remains ultimately responsible for vehicle operation.

這裡是天成。我將回答這個問題。您提到的最近的評論實際上強化了 L2 駕駛助手和 L4 自動駕駛之間的差異。政府的核心訊息是 L2 和 L4 是兩種完全不同的產品。目前的L2級駕駛輔助系統還未實現預測的完全自動駕駛。在 L2 上，駕駛員仍然對車輛的運作負最終責任。

This is aligned with the MIT comment early in April this year. They offset a clear boundary that L2 is driving assistance system and L4 is automotive. So this is actually beneficial for us. It helped the public clearly understand the distinguishing between L2 and L4 systems, and reduces the risk of user mistakenly treating L2 as for L4 auto driving.

這與麻省理工學院今年 4 月初的評論一致。它們劃出了一條明確的界限，L2是駕駛輔助系統，L4是汽車。所以這其實對我們有利。幫助大眾清楚了解L2與L4系統的差異，降低使用者誤將L2當成L4自動駕駛的風險。

In addition, the difference in responsibility will result in different safety standards. The L2 systems liability lies with the drivers. In contrast, the L4 system has full responsibility resulted in our 51 principle and the regular engineering practice.

此外，責任的不同，也會導致安全標準的不同。L2 系統的責任在於駕駛員。相較之下，L4系統具有全部責任，這符合我們的51原則和常規工程實務。

Given above, Pony AI is a company dedicated to L4 solutions, achieving L4 term driving requires very high city standards. It was also needed a market layer software and hardware architecture that provides redundancy in the event of system component figures. Its map include critical components as centers, computing, controls, and power systems.

綜上所述，小馬智行是一家專注於L4解決方案的公司，而實現L4級的駕駛對城市標準要求非常高。還需要一個市場層軟體和硬體架構，以便在系統組件出現問題時提供冗餘。其地圖包括中心、計算、控制和電力系統等關鍵組件。

In China, to obtain fully driverless permit, redundancy must be tested in many complicated situations such as handling perfective coming out of blind spot. That's why most math produce vehicles out there need to add actual redundancy to meet this basic requirement. With that, back to the operator.

在中國，要取得完全無人駕駛牌照，必須對車輛駛出盲區等諸多複雜情況進行冗餘度測試。這就是為什麼大多數數學生產的車輛需要增加實際冗餘以滿足這一基本要求。說完這些，回到操作員那裡。

Chuuyang Yi, (technical difficulty) Securities.

Chuuyang Yi，（技術難度）證券。

So first of all, Congress on recent business development expansion. So my question is, as we look at new market expansion, what are the key technical requirements to enter new geographies? And how confident are you in your system's ability to adapt quickly and safely to different environments?

首先，國會最近討論了業務發展擴張問題。所以我的問題是，當我們考慮新市場擴張時，進入新地區的關鍵技術要求是什麼？您對您的系統快速且安全地適應不同環境的能力有多大信心？

This is Tiancheng. I will take this question. The core of L4 driving is all about ability to handle connected and animators. In different geographics, this type of scenario is actually similar. For example, protection step into the road, a vehicle suddenly transient or their unaffected road construction, these situations are fundamentally the same even if their frequency can be varied by location.

這裡是天成。我將回答這個問題。L4駕駛的核心在於處理連接和動畫師的能力。在不同的地域，這種情況其實是類似的。例如，保護措施踏入道路、車輛突然過境或未受影響的道路施工，這些情況即使其發生頻率會因地點而異，但本質上是相同的。

The over software system have achieved fully drive scalable and 10% operations across different environments. This key enabler is our Puna model, which we deploy consistently across cities and the countries. It enables us to generate normal challenges scenarios and replicate existing scenario many variations. This significantly enhanced AI driving model's ability to handle a wide range of challenging situations.

上述軟體系統已實現完全可擴展和跨環境的運作。這個關鍵推動因素是我們的 Puna 模型，我們在各個城市和國家都一致部署了該模型。它使我們能夠產生正常的挑戰場景並複製現有場景的多種變化。這大大增強了AI駕駛模型處理各種挑戰性情況的能力。

While entering a new area, we can quickly launch to testing and validation. Additionally, tuning of the AI model is not needed. So for example, our core operations at ARC in Shanghai have already improved that our system is robust, adaptable, and beautiful rapid fiction. This resilience is also enhanced by dealing with complex urban environments. This gives us a solid foundation for efficient and reliable extension into large ODD and scalable operations. So with this, back to the operator.

當進入一個新領域時，我們可以快速啟動測試和驗證。此外，不需要調整 AI 模型。例如，我們在上海 ARC 的核心業務已經得到改進，我們的系統更加強大、適應性更強，並且能夠快速創作出精美的作品。透過應對複雜的城市環境，這種適應力也得到了增強。這為我們高效、可靠地擴展到大型 ODD 和可擴展操作奠定了堅實的基礎。那麼，回到操作員的問題。

Xinyu Fang, UBS.

方新宇，瑞銀。

Thank you and congrats on rapid growth of Robotaxi services this quarter. My question is that we've seen news reports about potential Hong Kong IPO plans of the company. Do you have any timetable that you can share for now for such IPO, please? Thank you.

謝謝您，並恭喜本季 Robotaxi 服務的快速成長。我的問題是，我們看到了有關該公司可能在香港上市的新聞報導。您目前有可以分享的有關此類 IPO 的時間表嗎？謝謝。

Yes, this is Leo. I'll take this question. First of all, I would say we do not comment on market speculation. Additionally, we actually have been closely monitoring the market conditions. In line with our strategic priorities of scaling up, we remain focused on executing our go-to-market strategy. Meanwhile, we will actively explore more capital market opportunities to maximize shareholders' value. I'll get back to the operator.

是的，這是 Leo。我來回答這個問題。首先，我想說我們不對市場猜測發表評論。此外，我們實際上一直在密切關注市場狀況。按照我們擴大規模的策略重點，我們將繼續專注於執行我們的市場進入策略。同時，我們將積極探索更多的資本市場機會，以實現股東價值最大化。我會回覆接線生。

Eveline Zhang, Daiwa.

大和的 Eveline Zhang。

Yes. Thanks for taking my question. So my question is about your overseas market expansion. Could you please elaborate more on your future plan to expand your Robotaxi business in the overseas market? And as you mentioned earlier, you have deployed Robotaxi in Middle East and in South Korea and Europe. And could you please share your insights and framework looks like? For example, your Robotaxi in these three areas are still in the road testing stage or in a commercial service stage right now?

是的。感謝您回答我的問題。我的問題是關於你們的海外市場擴張。您能否詳細說明未來在海外市場拓展 Robotaxi 業務的計畫？正如您之前提到的，您已經在中東、韓國和歐洲部署了 Robotaxi。您能否分享您的見解和框架？比如說你們在這三個地區的Robotaxi現在還處於路測階段還是商業化服務階段？

This is Jun. Let me begin with an overview of our global expansion strategy. As you can see that our current global expansion actually focused on markets with hyper growth potential. That is we are focused on markets with strong mobility demand well-developed infrastructure and supportive regulatory environments. So we have built our process through deep collaboration with the local partners and policymakers.

我是 Jun。首先，我來概述一下我們的全球擴張策略。正如您所看到的，我們當前的全球擴張實際上集中於具有超高成長潛力的市場。也就是說，我們專注於流動性強、需求發達、基礎設施和支持性監管環境的市場。因此，我們透過與當地合作夥伴和政策制定者的深入合作建立了我們的流程。

So given our proven ecosystem, technology expertise and large-scale operation experience in China, I think we are very much well positioned to rapidly replicate of our success to the international markets. As I mentioned in my prepared remarks, during Q2, we entered Dubai as a new market, advanced our operations in South Korea. We also strengthened local partnership in Luxembourg, where road tests have now started. Every step forward reflects our core belief autonomous mobility everywhere in terms of the our operational and some details of our global expansion.

因此，鑑於我們在中國成熟的生態系統、技術專長和大規模營運經驗，我認為我們完全有能力將我們的成功迅速複製到國際市場。正如我在準備好的發言中提到的，在第二季度，我們進入了杜拜這個新市場，並推動了我們在韓國的業務。我們也加強了與盧森堡的本地合作關係，目前路試已在盧森堡開始。從我們的營運和全球擴張的一些細節來看，我們前進的每一步都體現了我們的核心信念——自主移動無所不在。

I'll hand it over to Leo, who will give you further perspective.

我會把它交給 Leo，他會給你進一步的觀點。

Thank you, Jun, and this is Leo. So from an operation perspective, scaling to hundreds of commercial fully driverless Robotaxis requires strong local policy support, technology cost competitiveness and user adoption. As of now, a few countries have achieved this level of readiness and deployment except for the US and China. Other than these two countries, most countries only have the regulation allowing the testing with a safety driver. And most of these commercialization remain limited project-based or one-off pilot program such as vehicle sales as of now.

謝謝你，Jun，這是Leo。因此，從營運角度來看，擴展到數百輛商業全無人駕駛 Robotaxis 需要強大的本地政策支援、技術成本競爭力和用戶採用。截至目前，除美國和中國外，少數國家已達到此準備和部署水準。除這兩個國家外，大多數國家只有允許安全駕駛員進行測試的規定。目前，這些商業化大多仍停留在專案階段，或屬於汽車銷售等一次性試點階段。

We believe it still takes time for a sustainable far-charging business model to mature in terms of both monetization and the unit cost front in this region. I would also emphasize that scaling full driverless Robotaxis fleet demand a fundamentally higher level of safety and operation rigor, and it becomes increasingly critical as the operation expanding. This leap from dozens to hundreds is a big jump in complexity.

我們認為，在該地區，可持續的遠端充電商業模式在貨幣化和單位成本方面仍需要時間才能成熟。我還要強調的是，擴大全無人駕駛 Robotaxis 車隊的規模需要更高水準的安全性和操作嚴謹性，而且隨著營運規模的擴大，這一點變得越來越重要。從幾十到幾百的飛躍是複雜性的一大躍進。

So building this operational capability is very essential. Only then can we validate the model and begin replicating it in other cities or countries. With that, I'll get back to the operator.

因此，建立這種作戰能力非常必要。只有這樣，我們才能驗證模型並開始在其他城市或國家複製它。說完這些，我就回去聯絡接線員了。

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

謝謝。由於沒有其他問題，我想將會議交還給公司進行總結發言。

Yes. Thank you once again for joining us today. If you have any questions, please feel free to contact our IR team. We look forward to speaking with you in the next quarter.

是的。再次感謝您今天加入我們。如果您有任何疑問，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 today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。現在您可以斷開線路了。