Pony AI Inc (PONY) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by and welcome to Pony AI Inc's third-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 irpony.ai under the news and events section.

各位女士、先生們，大家好。感謝您的耐心等待，歡迎參加 Pony AI Inc. 2025 年第三季財報電話會議。（操作員說明）提醒各位，今天的電話會議正在錄音，網路直播回放將在公司投資者關係網站 irpony.ai 的新聞和活動版塊提供。

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.

現在我將把電話交給主持人，Pony AI 資本市場和投資者關係主管 George Shao。請繼續，喬治。

Thank you, operator, and hello, everyone. We appreciate you joining us today for Pony AI's third-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'll 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 AI 2025 年第三季財報電話會議。今天早些時候，我們發布了一份新聞稿，其中包含了我們的財務和營運業績，該新聞稿可在我們的投資者關係網站上查閱。您可以在我們投資者關係網站上造訪和下載我們在本次電話會議中將要提到的獲利簡報。

Joining with me on the call today are Dr. James 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.

今天與我一起參加電話會議的有：公司董事長兼執行長彭建國博士；技術長樓天成博士；以及公司財務長王磊博士。他們將發表事先準備好的講話，隨後進行問答環節。

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 Investor Relations website and filings with the SEC and Hong Kong Stock Exchange.

在開始之前，請參閱我們盈利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，我們今天還將討論非GAAP指標，這些指標在我們的投資者關係網站上發布的盈利報告中以及向美國證券交易委員會和香港聯合交易所提交的文件中，有更詳細的解釋，並與根據GAAP報告的最可比指標進行了調整。

I will now hand it over to our Chairman and CEO, Dr. James Peng. Please go ahead.

現在我將把發言權交給我們的董事長兼執行長彭定康博士。請繼續。

Thank you, George. Hello, everyone. Thank you for joining our earnings call. I'm excited to share that we have successfully completed the dual primary listing on the Hong Kong Stock Exchange under stock code 2026 on November 6, just one year after our NASDAQ listing. With strong support from both international and domestic investors, we secured the largest IPO in the global autonomous driving sector this year, raising more than USD800 million.

謝謝你，喬治。大家好。感謝您參加我們的財報電話會議。我很高興地宣布，我們已於 11 月 6 日在香港聯合交易所成功完成雙重主要上市，股票代碼為 2026，距離我們在納斯達克上市僅一年。在國內外投資者的鼎力支持下，我們今年成功完成了全球自動駕駛領域規模最大的IPO，籌集資金超過8億美元。

This significantly strengthens our balance sheet and provides the dry powder to accelerate mass production and large-scale commercialization. We now expect stronger growth, surpassing 1,000 robotaxi fleet plan by year-end and expanding to more than 3,000 vehicles for 2026. We have already seen the flywheel in action. Expanded fleet is driving higher user adoption, shorter wait time, more orders and strong revenue growth.

這將顯著增強我們的資產負債表，並為加速大規模生產和商業化提供充足的資金。我們現在預計成長勢頭將更加強勁，到年底將超過 1000 輛無人駕駛計程車車隊的計劃，到 2026 年將擴大到 3000 多輛。我們已經見識過飛輪的運作了。車隊規模擴大，推動了用戶採用率提高、等待時間縮短、訂單增加和收入強勁成長。

After launching Gen-7 robotaxi, we have already seen a citywide unit economics breakeven. This, in turn, gives us more room to increase fleet size. The capital we raised also fuels our business development, research and development making strategic investments in new markets, new applications and attracting world-class AI talent. All these are set to further propel our technology leadership and long-term growth. Our Hong Kong IPO also powers our core mission, bringing autonomous mobility to everyone around the world. We are firmly delivering on this commitment.

在推出第七代無人駕駛計程車後，我們已經看到全市範圍內的單位經濟效益實現了損益平衡。這反過來又給了我們更大的空間來擴大船隊規模。我們籌集的資金也用於推動業務發展、研發，對新市場、新應用進行策略性投資，並吸引世界一流的人工智慧人才。所有這些都將進一步推動我們的技術領先地位和長期成長。我們在香港的IPO也為我們的核心使命提供了動力，那就是為世界各地的人們帶來自動駕駛旅行。我們正在切實履行這項承諾。

Earlier this month, we officially launched fully driverless commercial service for Gen-7 robotaxis across Guangzhou, Shenzhen and Beijing. Today, our management team, including myself, actually arrived at our Shenzhen office in a fully driverless Gen-7 robotaxis to host this conference earnings call. This is more than just a normal ride for us. It actually marks a giant leap in autonomous driving advancement. We are making Level 4 autonomy more accessible than ever to a much broader user base.

本月初，我們正式在廣州、深圳和北京推出了第七代無人駕駛計程車的全自動駕駛商業服務。今天，包括我在內的管理團隊乘坐第七代全自動無人駕駛機器人計程車抵達深圳辦公室，召開本次財報電話會議。對我們來說，這不僅僅是一次普通的旅行。這實際上標誌著自動駕駛技術發展的巨大飛躍。我們正在讓更多用戶比以往任何時候都更容易獲得 L4 級自動駕駛功能。

I'm excited to share a critical milestone. Our Gen-7 robotaxis have reached city level UE breakeven in Guangzhou shortly after their official commercial launch. This is pivotal to validate our viable business model. It not only gives us strong confidence to further scale our fleet, but also attract more and more third-party partners in enabling them to fund our fleet and support our asset-light model. The scaling up of fleet is key to our growth as large-scale operational footprint drives efficiency through the economic of scale.

我很高興與大家分享這一重要的里程碑。我們的第七代無人駕駛計程車在廣州正式商業化營運後不久，就實現了城市級用戶當量盈虧平衡。這對於驗證我們可行的商業模式至關重要。這不僅讓我們更有信心進一步擴大我們的機隊規模，而且還能吸引越來越多的第三方合作夥伴，使他們能夠為我們的機隊提供資金，並支持我們的輕資產模式。擴大船隊規模是我們發展的關鍵，因為大規模的營運規模可以透過規模經濟提高效率。

Our robotaxi vehicles are essentially moving billboards. In fact, many new users discover and download our PonyPilot app after spotting our vehicles on the road for daily operation. Fleet expansion serves as a highly efficient self-reinforcing marketing engine, facilitating user adoption and strengthening brand recognition.

我們的無人出租車本質上就是行動廣告看板。事實上，許多新用戶在路上看到我們用於日常運營的車輛後，發現並下載了我們的 PonyPilot 應用程式。車隊擴張是一種高效的自我強化行銷引擎，有助於用戶接受產品並增強品牌認知度。

This creates a powerful upward spiral, more vehicles generate greater visibility, which attracts more users and establish network effects. The results are already evident. Building on that momentum, new registered users nearly doubled within just 1 week of launching Gen-7 from late October, reflecting robust user demand and an effective go-to-market strategy.

這會形成強大的上升螺旋，更多的車輛帶來更大的曝光度，從而吸引更多用戶並建立網路效應。結果已經很明顯了。憑藉這一勢頭，自 10 月下旬推出 Gen-7 以來，短短一周內新註冊用戶數量就幾乎翻了一番，這反映出強勁的用戶需求和有效的市場推廣策略。

Now let me highlight some key advances we made in recent months in executing our scale-up strategy. First, we have ramped up production at an accelerating pace since the start of production in the middle of this year. By November, more than 600 Gen-7 robotaxis had rolled off our assembly lines, bringing the total fleet size to be over 900 vehicles.

現在讓我重點介紹一下我們近幾個月來在執行規模化策略方面取得的一些關鍵進展。首先，自今年年中投產以來，我們的產量一直在加速成長。到 11 月，已有 600 多輛第七代無人駕駛計程車下線，使車隊總規模超過 900 輛。

Thanks to the streamlined production process, we now expect to outperform our full year target of 1,000 vehicles, delivering ahead of schedule. This gives us increasing confidence to sustain robust momentum, driving fleet size to surpass 3,000 vehicles in 2026.

由於生產流程的精簡，我們現在預計將超額完成全年 1000 輛汽車的目標，提前交付。這讓我們更有信心保持強勁的發展勢頭，推動車隊規模在 2026 年超過 3000 輛。

Second, in Q3, our robotaxi revenue surged by 90% year-over-year with fare-charging revenues delivering over 200% year-over-year growth. This was fueled by rising user adoption across all four Tier 1 cities, improved fleet operational efficiency and tailored pricing strategy for diverse user segments. We have seen that the higher order density leads to lower users' average waiting time and, in turn, higher vehicle utilization rate. This allows us to continuously optimize our pricing strategy.

其次，在第三季度，我們的無人駕駛計程車收入年增 90%，其中車費收入較去年同期成長超過 200%。這得益於四大一線城市用戶數量的成長、車隊營運效率的提高以及針對不同用戶群的客製化定價策略。我們已經看到，更高的訂單密度會導致用戶平均等待時間更短，進而提高車輛利用率。這使我們能夠不斷優化定價策略。

Third, we have continued to expand our operational footprint. For example, in Shanghai, we became the city's first company to launch fully driverless commercial robotaxi operations earlier this July, covering the Jinqiao and Huamu areas of Pudong. In Shenzhen, we extended commercial fully driverless operations to more and bigger city areas, including Shekou and Overseas Chinese Town.

第三，我們持續擴大業務範圍。例如，今年 7 月初，我們在上海成為該市第一家推出完全無人駕駛商業機器人計程車服務的公司，服務範圍涵蓋浦東的金橋和花木地區。在深圳，我們將商業化的全無人駕駛營運擴展到了更多更大的城區，包括蛇口和華僑。

Fourth, we're taking major steps towards scale-up strategy. So following our collaboration with Xihu in June, we recently forged another partnership with Sunlight Mobility. This alliance reflects growing market recognition of our business model with an increasing number of third parties wanting to fund fleet deployment. This actually enables us to speed up further fleet expansion.

第四，我們正在採取重大措施來推動規模化策略。繼 6 月與 Xihu 合作之後，我們最近又與 Sunlight Mobility 建立了合作關係。這項聯盟反映出市場對我們商業模式的認可度不斷提高，越來越多的第三方希望為車隊部署提供資金。這實際上使我們能夠加快艦隊的進一步擴張。

Now let me turn to our global expansion. We are deeply dedicated to advance robotaxi services while strategically expanding our international fleet. Now we have robotaxi presence established in 8 countries across China, the Middle East, East Asia, Europe and the US.

現在讓我談談我們的全球擴張計畫。我們致力於推動無人駕駛計程車服務，同時策略性地擴大我們的國際車隊規模。目前，我們的無人駕駛計程車業務已在中國、中東、東亞、歐洲和美國等8個國家建立。

We entered a new market in the Middle East, Qatar, through a partnership with Mowasalat in third quarter. Mowasalat is the country's largest transportation service provider. As part of this collaboration, our robotaxis have recently begun testing on public roads in Doha, the capital of Qatar.

第三季度，我們透過與 Mowasalat 的合作，進入了中東的新市場—卡達。Mowasalat是該國最大的運輸服務提供者。作為合作的一部分，我們的無人駕駛計程車最近已開始在卡達首都多哈的公共道路上進行測試。

We have also advanced our presence in South Korea by securing nationwide robotaxi permits, enabling operation across the country's autonomous testing and operational zones. Our collaboration with local partners continue to deepen. We're collaborating closely with ComfortDelGro, the country's largest transportation service provider to begin road testing. In Luxembourg, we plan to deploy testing vehicles based on the Peugeot e-Traveller through our alliance with Stellantis as a European leader in light commercial vehicles.

我們還透過獲得全國範圍內的無人駕駛計程車許可證，進一步擴大了我們在韓國的業務，從而能夠在韓國的自動駕駛測試和營運區域內開展業務。我們與當地合作夥伴的合作不斷深化。我們正與全國最大的運輸服務提供者康福德高密切合作，開始道路測試。在盧森堡，我們計劃透過與歐洲輕型商用車領導者 Stellantis 的聯盟，部署基於標緻 e-Traveller 的測試車輛。

This effort will initially focus on vehicles designed for European diverse mobility needs to enable a range of use cases. In addition, we have partnered with global ride-hailing platforms that also participated in our Hong Kong IPO. Those platforms include Uber and Bolt. Bolt is an Estonia-based mobility company operating in over 50 countries and 600 cities. Built upon our collaboration with Uber, we aim to leverage Uber's robust ecosystem to enter the Middle East and then scale into additional international markets.

這項工作初期將重點放在為滿足歐洲多樣化的旅行需求而設計的車輛，以實現一系列應用場景。此外，我們也與參與我們香港IPO的全球叫車平台建立了合作關係。這些平台包括 Uber 和 Bolt。Bolt 是一家總部位於愛沙尼亞的旅遊公司，業務遍及 50 多個國家和 600 多個城市。基於我們與 Uber 的合作，我們旨在利用 Uber 強大的生態系統進入中東市場，然後擴展到其他國際市場。

Last but not least, we recently released our fourth-generation robotruck with production and initial fleet deployment expected in 2026, featuring fully automotive-grade components, optimized software hardware integration and the transition from internal combustion engine vehicles to electric vehicles. The Gen-4 Robotruck delivers a significant more efficient cost structure and greater energy saving.

最後，我們最近發布了第四代機器人卡車，預計將於 2026 年投入生產和初步車隊部署，該卡車採用全汽車級組件、優化的軟體硬體集成，並實現了從內燃機汽車到電動車的過渡。第四代機器人卡車實現了更有效率的成本結構和更大的節能效果。

The new platform fully leverages the technological foundation and operational expertise developed through our Gen-7 Robotaxi vehicles. In addition, we deepened our collaboration with SANY Group and added Liuzhou Motor as a new partner to have multiple vehicles to support our further operations.

新平台充分利用了我們第七代機器人計程車所累積的技術基礎和營運經驗。此外，我們深化了與三一集團的合作，並新增柳州汽車作為合作夥伴，以獲得多輛汽車來支持我們未來的營運。

To sum up, 2025 is a critical year of mass production and commercialization for Pony AI. We take pride in the progress we have made and are steadily delivering on the promise we have made to our shareholders at the time of our US IPO last year. Our recent Hong Kong listing not only marks a major milestone for our company but also underscores the promising future of the industry.

總而言之，2025 年是 Pony AI 大規模生產和商業化的關鍵一年。我們為取得的進展感到自豪，並正在穩步兌現去年在美國上市時對股東所做的承諾。我們最近在香港上市，不僅標誌著我們公司發展的一個重要里程碑，也凸顯了該行業充滿希望的未來。

Moving forward, we will drive technological innovation and create lasting values by scaling fast, efficient and comfortable autonomous mobility services towards our mission, Autonomous Mobility Everywhere.

展望未來，我們將透過擴大快速、高效、舒適的自動駕駛出行服務規模，推動技術創新並創造持久價值，朝著「自動駕駛出行無所不在」的使命邁進。

With that, now I'll hand it over to our CTO, Dr. Tiancheng Lou, to share more about our technology strategies. Tiancheng, please go ahead.

接下來，我將把麥克風交給我們的技術長樓天成博士，讓他來詳細介紹一下我們的技術策略。天城，請繼續。

Thanks, James. Hello, everyone. This is Tiancheng. Let me first share my thoughts on autonomous driving technology stack. From day 1, we believe that full stack integration across software, hardware and operations was the only way to build a truly scalable autonomous mobility. That conviction being validated again and again, especially for this critical year of scaling up. With the achievement we made it is clear that our early technology bet helped us achieve the leading position and it will further accelerate our future growth.

謝謝你，詹姆斯。大家好。這裡是天城。首先，我想分享一下我對自動駕駛技術堆疊的看法。從一開始，我們就相信，軟體、硬體和營運的全端整合是建立真正可擴展的自動駕駛出行的唯一方法。這一信念一次又一次地得到驗證，尤其是在今年這個規模擴張的關鍵之年。我們所取得的成就清楚地表明，我們早期對科技的投入幫助我們取得了領先地位，並將進一步加速我們未來的發展。

Our deep foresight into tech stack is what is positioning us as a leader in the industry today as we become one of the few companies to operate large-scale full driverless robotaxi services. So as early as 2020, we recognized the importance of training closed-loop based on reinforced learning unit simulation. In that year, we transitioned our tech stack into a world model, which is what we call the PonyWorld today.

我們對技術堆疊的深刻遠見使我們成為當今行業的領導者，並成為少數幾家運營大規模全無人駕駛機器人出租車服務的公司之一。早在 2020 年，我們就認識到基於強化學習單元模擬的閉環訓練的重要性。那一年，我們將科技棧轉型為世界模型，也就是我們今天所說的 PonyWorld。

Through years of R&D effort and real-world validation of our top driving model have evolved into a closed-loop training. We achieved unsupervised self-improving iterations. In recent years, we are seeing the broader autonomous and robotic industry coverage converge on world model, validating the approach we adopted today. This foresight in AI tech stack has given us a meaningful head start, and we are confident that we will stay ahead for multiple years.

經過多年的研發努力和現實世界的驗證，我們頂級的駕駛模型已經發展成為閉環訓練。我們實現了無監督自改進迭代。近年來，我們看到更廣泛的自主和機器人產業覆蓋範圍正在向世界模式靠攏，這驗證了我們今天所採取的方法。這種在人工智慧技術堆疊方面的前瞻性使我們獲得了顯著的先發優勢，我們有信心在未來幾年內保持領先地位。

Then let me dive into the three criteria that put us the frontier forefront of world model development. First, the high-fidelity interactive simulation. This is far beyond the ability to just generate scenarios and render sensor data. Driving is by nature interactive. The robotaxis action directly affect how surrounding agents behave, such as other vehicles and pedestrians need to react to overall driving behavior.

接下來，我將深入探討使我們處於世界模型發展前沿的三個標準。首先是高保真互動模擬。這遠遠超出了僅僅生成場景和渲染感測器資料的能力。駕駛本質上是一種互動行為。無人駕駛計程車的行為直接影響周圍環境主體的行為，例如其他車輛和行人需要對整體駕駛行為做出反應。

It must understand and adapt to new situation and complex physical interaction in real time during true on-road interactions. It enables robotaxi operations that are safe, smooth and social aware. After 10 billion kilometer of test miles that only were to generate each week, more than 99% capture vehicle agent interactions, while less than 1% are static environment such as center rendering.

它必須能夠在真實的道路交通互動中，即時理解並適應新的情況和複雜的物理互動。它能夠實現安全、平穩且具有社會意識的無人出租車營運。經過每週僅產生的 100 億公里測試里程，超過 99% 的測試里程捕捉了車輛代理的交互，而靜態環境（如中心渲染）的測試里程不到 1%。

Okay. Second, the ability to reproduce scale and realistic corner cases. While this long-tail scenario don't occur frequently, they are critical to safety in autonomous driving. More importantly, every scenario must be something that could really happen in the real world, not those useless age cases with no basis in reality.

好的。其次，能夠再現規模和真實的極端情況。雖然這種長尾情況並不經常發生，但它們對自動駕駛的安全至關重要。更重要的是，每個場景都必須是現實世界中可能真正發生的事情，而不是那些毫無現實依據的無用年齡案例。

So the third, the AI-based learning evaluator. This is the reward-based evaluation mechanism. Driving the multiple objects of addition problem, what is considered as a good driving also changes in various driving scenarios. Within the closed-loop training environment, pointing word and our virtual driver are continuously evaluating on key driving metrics.

所以第三個是基於人工智慧的學習評估器。這是基於獎勵的評價機制。在討論多物件加法問題時，在不同的駕駛場景中，何為良好的駕駛行為也會有所不同。在閉環訓練環境中，Pointing Word 和我們的虛擬駕駛者會持續評估關鍵駕駛指標。

This assessment does not rely on real-world data, human label data or rules. Instead, it used AI-empowered model to learn what good driving looks like directly from outcomes, turning real and simulated experience into a powerful cycle of self-improvement. A best-in-class world model must meet all 3 criteria to enable truly unsupervised and self-improving closed-loop training. This is critical to realizing large-scale driverless autonomous driving.

此評估不依賴真實世界的數據、人工標註的數據或規則。相反，它利用人工智慧模型直接從結果中學習良好駕駛的特徵，將真實和模擬經驗轉化為強大的自我提升循環。一流的世界模型必須滿足所有 3 個標準，才能實現真正無監督和自我改進的閉環訓練。這對於實現大規模無人駕駛自動駕駛至關重要。

And leveraging our full stack technology as a core strength, I will now turn to how to drive business progress during the third quarter. First, on cost and operational efficiency. We pioneered 100% automotive-grade autonomous driving kit for Gen-7 robotaxis with optimized design reducing BOM cost by 70% compared with the previous generation. The Gen-7 vehicles have been officially operating for public in Guangzhou, Shenzhen and Beijing, fully validating our safety standard and operational efficiency.

接下來，我將運用我們的全端技術這項核心優勢，探討如何在第三季推動業務發展。首先，從成本和營運效率方面來看。我們率先推出了 100% 汽車級自動駕駛套件，用於第七代無人駕駛計程車，其優化設計使物料清單成本比上一代降低了 70%。第七代車輛已在廣州、深圳和北京正式投入運營，充分驗證了我們的安全標準和營運效率。

We built on our momentum and delivered further progress driving by scaled production and enhanced R&D. We have already realized an additional 20% reduction in the autonomous driving kit BOM cost for the Gen-7 platform designed for 2026 production compared with 2025 baseline. This laid foundation for sustained cost saving.

我們乘勢而上，透過擴大生產規模和加強研發，取得了進一步進展。與 2025 年基準相比，我們已經實現了 2026 年生產設計的第七代平台自動駕駛套件物料清單成本額外降低 20%。這為持續降低成本奠定了基礎。

Our robust AI algorithm and fleet management exercise has proven effective at driving operational efficiency to better identify user demand in hotspot areas during rush hours, and we enhanced our algorithm for order dispatch, matching and scheduling, thereby ensuring sustained and efficient robotaxi utilization. We have also improved our virtual driver to recognize more and more complex scenarios. This allow us to improve our remote-assistance-to-vehicle ratio substantially on the track to reach 1:30 by year-end.

我們強大的 AI 演算法和車隊管理實踐已證明能夠有效提高營運效率，更好地識別高峰時段熱點地區的用戶需求，並且我們改進了訂單調度、匹配和調度演算法，從而確保了機器人出租車的持續高效利用。我們還改進了虛擬駕駛員系統，使其能夠識別越來越複雜的場景。這將使我們能夠大幅提高賽道上遠端協助車輛的比例，到年底達到 1:30。

Our superior service experience has become the key reason users choose Pony AI robotaxi. After the launch of Gen-7 robotaxis, we have earned a world widespread positive feedback and generated great social media buzz from users. As we deliver high-quality experience, users are increasingly willing to pay a premium for the enhanced effort, reliability and safety of our autonomous journey.

我們卓越的服務體驗已成為用戶選擇 Pony AI 機器人計程車的關鍵原因。第七代無人出租車推出後，我們獲得了全球範圍內的積極反饋，並在社交媒體上引起了用戶的熱烈討論。隨著我們提供高品質的體驗，使用者越來越願意為我們自動駕駛旅程中更高的效率、可靠性和安全性支付更高的費用。

For ride comfort, our advanced interactive planning capability intelligently optimized for the frequency and the magnitude of acceleration, braking and steering. This delivers smooth natural motion control tailored to the electronic vehicles and the ridesharing market, offering consistent comfort experience for every Pony AI robotaxi ride. This enhancement have reflected in a measurable improvement for Gen-7 such as emergency brakes and steering over the past few months.

為了提升乘坐舒適性，我們先進的互動式規劃功能可智慧地優化加速、煞車和轉向的頻率和幅度。這實現了專為電動車和共享出行市場量身定制的流暢自然的運動控制，為每一次 Pony AI 機器人出租車之旅提供始終如一的舒適體驗。過去幾個月裡，這種改進已經體現在第七代車型的顯著性能提升上，例如緊急煞車和轉向性能。

Additionally, our robotaxi features a superior in-cabin experience. We also pioneered the innovative Smart Repositioning feature. With one tap, users can remotely adjust their vehicle position for more convenient pickup and drop-off. We introduced voice-activated features, we call the Popo Voice Assist, allow users to start trips and control the air conditioning, et cetera. We will continue to upgrade the cabin into an AI-powered mobility terminal. Together, this upgrade creates a more accessible and streamlined user experience.

此外，我們的無人駕駛計程車還擁有卓越的車內體驗。我們也率先推出了創新的智慧重新定位功能。使用者只需輕觸一下，即可遠端調整車輛位置，以便更方便地取車和還車。我們引入了語音啟動功能，我們稱之為 Popo 語音助手，使用戶能夠啟動行程和控制空調等。我們將繼續把機艙升級為人工智慧驅動的行動終端。此次升級將帶來更便利、更流暢的使用者體驗。

So third, our tech stack is also built for generalization. The L4-native tech architecture allow us to adapt quickly to new markets and platforms. In terms of cross-region generalization, our virtual driver assurance can quickly understand and adapt to diverse traffic conditions around the world. For example, leveraging our high fidelity training environment and variation mechanism powered by PonyWorld. We extend our fully driverless coverage in Pudong District in just a few weeks.

第三，我們的技術堆疊也是為了通用性而建構的。L4原生技術架構使我們能夠快速適應新的市場和平台。在跨區域通用性方面，我們的虛擬駕駛員保障能夠快速理解並適應世界各地不同的交通狀況。例如，利用我們由 PonyWorld 提供支援的高保真訓練環境和變化機制。我們將在幾週內將無人駕駛服務擴展到浦東新區。

In addition, when expanding to Europe, the system intelligently identified and adapted key difference in local road conditions, such as unique traffic signals configuration and various driving patterns. Our technology boost generalization power across platform as well. The latest generation robotruck will commence production and operations from next year. This demonstrates our capability to create synergy between robotaxi and robotruck tech stack.

此外，在擴展到歐洲時，該系統能夠智慧地識別和適應當地道路條件的關鍵差異，例如獨特的交通號誌配置和各種駕駛模式。我們的技術也提升了跨平台的泛化能力。最新一代無人駕駛卡車將於明年開始生產營運。這證明了我們有能力在機器人計程車和機器人卡車技術堆疊之間創造協同效應。

Looking ahead, we will leverage our success Hong Kong listing to reinforce our technology core leadership, increasing R&D investment and attract top AI talent to advance our robotaxi, robotruck and new market initiatives. We will continue pushing the frontier of the autonomous mobility and refining what is possible in the transportation.

展望未來，我們將利用在香港上市的成功，鞏固我們的技術核心領先地位，加大研發投入，吸引頂尖人工智慧人才，推進我們的無人出租車、無人卡車和新市場計劃。我們將繼續推動自動駕駛技術的前沿發展，並不斷完善交通運輸領域的可能性。

Okay. 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.

好的。我的發言稿到此結束。現在我將把電話轉交給我們的財務長王磊博士，讓他更詳細地了解我們的財務表現。利奧，請繼續。

Thank you, Tiancheng. Hello, everyone. This is Leo. I will focus on year-over-year comparisons for the third quarter, unless otherwise noted. Q3 2025 was a landmark quarter. We delivered robust revenue growth, specifically with solid progress in robotaxi large-scale commercialization. And now we expect to outperform our full year fleet target of 1,000 vehicles.

謝謝你，天成。大家好。這是利奧。除非另有說明，否則我將重點放在第三季的同比數據。2025年第三季是一個具有里程碑意義的季度。我們實現了強勁的收入成長，尤其是在機器人計程車大規模商業化方面取得了堅實進展。現在我們預計全年車隊​​規模目標將超過 1000 輛。

Moreover, our newly deployed Gen-7 robotaxi fleet have reached a pivotal citywide unit economic breakeven milestone. This lay out a solid foundation for further scaling up and the implementation of asset-light business model, which will be further accelerated by our successful Hong Kong IPO capital raise.

此外，我們新部署的第七代無人計程車車隊已達到全市單位經濟損益平衡的關鍵里程碑。這為進一步擴大規模和實施輕資產商業模式奠定了堅實的基礎，而我們在香港成功完成IPO融資將進一步加速這一進程。

In this quarter, revenue finished at USD25.4 million, growing by 72%. This strong performance was primarily driven by the continuous optimization of our robotaxi services and the sustained demand in our licensing and application business. Firstly, robotaxi services revenue reached USD6.7 million, representing a remarkable growth of 89.5% year-over-year and 338.7% quarter-over-quarter. Specifically, fare-charging revenue continued to deliver a triple-digit growth, surging 233.3%. This was achieved even before the commercial rollout of our Gen-7 robotaxis.

本季營收達 2,540 萬美元，成長 72%。這一強勁的業績主要得益於我們不斷優化自動駕駛計程車服務以及許可和應用業務的持續需求。首先，機器人計程車服務收入達到 670 萬美元，年增 89.5%，季增 338.7%。具體而言，票價收入持續維持三位數成長，飆升 233.3%。甚至在我們第七代無人計程車商業化推出之前，我們就實現了這一目標。

Supported by a stable commercial fleet of our Gen-5 and Gen-6 vehicles, the strong growth during Q2 and Q3 stemmed from growing user demand in Tier 1 cities in China. Our continuous effort to optimize fleet operation and pricing strategy, altogether leading to increased fleet utilization and efficiency. This is a testament to growing user recognition and the brand royalty to PonyPilot service. Going forward, as we follow this strong momentum towards a significant fleet expansion of over 3,000 vehicles by 2026, we expect robotaxi revenue growth to accelerate even further, driving more orders and higher operational efficiency.

憑藉我們第五代和第六代車輛穩定的商用車隊，第二季和第三季的強勁成長源自於中國一線城市用戶需求的成長。我們不斷努力優化車隊營運和定價策略，最終提高了車隊利用率和效率。這證明了 PonyPilot 服務的用戶認可度不斷提高，品牌聲望日益增強。展望未來，我們將保持這一強勁勢頭，力爭到 2026 年實現車隊規模大幅擴張，達到 3000 多輛汽車，我們預計自動駕駛出租車的收入增長將進一步加速，從而帶來更多訂單和更高的運營效率。

In Q3, another key robotaxi update is the implementation of our asset-light model for fleet expansion. As we have shown promising numbers in vehicle unit economics, we received a strong interest from third parties who are willing to purchase Gen-7 vehicle to run as robotaxi operators. Such partners include but are not limited to leading ride-hailing or taxi operators, for instance, Shenzhen Xihu Group and Sunlight Mobility.

第三季度，自動駕駛計程車領域的另一個重要更新是實施我們的輕資產模式以擴大車隊規模。由於我們在車輛單位經濟效益方面展現出了令人鼓舞的數據，我們收到了許多第三方的濃厚興趣，他們願意購買第七代車輛作為無人出租車運營商運營。此類合作夥伴包括但不限於領先的叫車或計程車營運商，例如深圳西湖集團和陽光出行。

The asset-light model has contributed revenues through technology licensing fee and vehicle sales while giving us further leverage and capital efficiency for further fleet expansion. Aside from strong top line growth domestically, we are also seeing fast growth of robotaxi revenues from overseas market. Moving forward, we expect robotaxi revenues from overseas market to continue to grow. Currently, our robotaxi footprint have already expanded into eight countries globally, serving as a promising foundation in our exploration of the international opportunities.

輕資產模式透過技術許可費和車輛銷售貢獻了收入，同時為我們提供了更大的槓桿和資本效率，以進一步擴大車隊規模。除了國內強勁的營收成長外，我們還看到海外市場的無人駕駛計程車收入也在快速成長。展望未來，我們預期海外市場的無人駕駛計程車收入將持續成長。目前，我們的無人駕駛計程車業務已擴展到全球八個國家，為我們探索國際機會奠定了良好的基礎。

Secondly, moving to robotruck. Robotruck service revenues were USD10.2 million, growing by 8.7%. Moreover, as we launch our Gen-4 fully auto-grade robot truck, we expect to reduce the BOM cost of its ADK, autonomous driving hardware kit, by 70% and reach 1,000 unit scale of robotruck fleet going forward. This new generation of robotruck will powerfully accelerate the progress of robotruck commercialization at scale. Thirdly, licensing and application revenues were USD8.6 million, growing significantly by 354.6%. We continue to see robust and growing demand of our autonomous domain controller, primarily from robot delivery clients.

其次，轉向機器人卡車。Robotruck 服務收入為 1,020 萬美元，成長 8.7%。此外，隨著我們推出第四代全自動級機器人卡車，我們預計其自動駕駛硬體套件 (ADK) 的物料清單成本將降低 70%，並有望在未來實現 1000 台機器人卡車的規模。新一代無人卡車將有力地加速無人卡車大規模商業化的進程。第三，授權和應用收入為 860 萬美元，成長了 354.6%。我們持續看到市場對我們自主域控制器的強勁且不斷增長的需求，主要來自機器人配送客戶。

Turning to gross margin. We delivered a significant gross profit margin improvement from 9.2% in Q3 2024 to 18.4% in Q3 2025, with gross profit of USD4.7 million in the third quarter. This remarkable improvement was firstly driven by our strategic initiatives to optimize the revenue mix and, secondly, by a greater contribution from robotaxi services, which carry a relatively higher margin. The unit economic breakeven achievement validates our dual focus on go-to-market execution and optimized operational efficiency.

接下來我們來看毛利率。我們實現了毛利率的顯著提升，從 2024 年第三季的 9.2% 提高到 2025 年第三季的 18.4%，第三季毛利為 470 萬美元。這項顯著進步首先得益於我們優化收入結構的策略性舉措，其次得益於利潤率相對較高的機器人計程車服務的更大貢獻。單位經濟損益平衡點的實現驗證了我們對市場推廣執行和優化營運效率的雙重關注。

Since the launch of Gen-7 commercial operations in Guangzhou, the daily net revenue per vehicle has reached RMB299. The net revenue refers to the total RMB value generated from ride-hailing services after deducting discounts and refunds.

自第七代車型在廣州投入商業營運以來，每輛車的日淨收入已達到 299元人民幣。淨收入是指叫車服務扣除折扣和退款後產生的人民幣總值。

Notably, daily average orders per vehicle have reached 23 fueled by a robust widespread user demand and our operational optimization. Meanwhile, we have also optimized hardware depreciation as well as operational costs, including charging, remote assistant, ground support, service and maintenance, insurance, parking and network costs.

值得注意的是，在用戶需求強勁且營運優化的推動下，每輛車的每日平均訂單量已達到 23 筆。同時，我們也優化了硬體折舊以及營運成本，包括充電、遠端協助、地面支援、服務和維護、保險、停車和網路成本。

This will further improve our margin down the road. The total operating expenses were USD74.3 million, up by 76.7%. Excluding share-based compensation expenses, non-GAAP operating expenses were USD67.7 million, up 63.7%. The increase primarily reflects the one-off R&D investment in Gen-7 vehicles and the expansion of our R&D personnel, critical to securing and extending our technological leadership. Specifically, approximately half of the increase in research and development expenses stemmed from onetime customized development fee of USD12.7 million for Gen-7 vehicles.

這將進一步提高我們未來的利潤率。總營運支出為 7,430 萬美元，成長 76.7%。不計入股權激勵費用，非GAAP營運費用為6,770萬美元，成長63.7%。此次成長主要反映了對第七代汽車的一次性研發投資以及研發人員的擴充，這對於確保和擴大我們的技術領先地位至關重要。具體來說，研發費用增加的大約一半源於為第七代汽車一次性支付的 1,270 萬美元客製化開發費。

Net loss for the third quarter was USD61.6 million compared to USD42.1 million in the same period of last year. Non-GAAP net loss was USD55 million compared to USD41.4 million last year. Looking ahead, we expect to sustain disciplined investment to accelerate large-scale commercial deployment.

第三季淨虧損為 6,160 萬美元，去年同期淨虧損為 4,210 萬美元。非GAAP淨虧損為5,500萬美元，去年同期為4,140萬美元。展望未來，我們預計將持續進行穩健的投資，以加速大規模商業部署。

Turning to the balance sheet. Our cash and cash equivalents, short-term investments, restricted cash and long-term debt instrument for wealth management were USD587.7 million as of September 30, 2025, compared to the balance as of June 30, 2025, of USD747.7 million. Around half of this decrease comes from one-off cash outflow, including capital injection to Zhuifeng, our joint venture with Toyota to support the Gen-7 mass production and deployment. All of the capital commitment in Zhuifeng has been completed.

接下來看一下資產負債表。截至 2025 年 9 月 30 日，我們的現金及現金等價物、短期投資、受限現金和用於財富管理的長期債務工具為 5.877 億美元，而截至 2025 年 6 月 30 日，餘額為 7.477 億美元。其中約一半的減少來自一次性現金流出，包括向我們與豐田合資的追風公司注資，以支持第七代產品的大規模生產和部署。追峰專案的所有資本投入均已完成。

The remaining cash balance reduction primarily reflects our mass production and large-scale deployment status, including, firstly, ongoing operational cash outflow; and secondly, capital expenditure for the procurement of Gen-7 vehicle in Q3 to support our goal of 1,000 vehicle fleet by year-end. For the nine months ending September 30, 2025, we have an accumulative free cash outflow of USD173.6 million. With the completion of our recent Hong Kong IPO, we have over USD800 million cash newly added, providing us with substantial fuel for the next phase of growth.

剩餘現金餘額減少主要反映了我們的大規模生產和大規模部署狀況，包括：首先是持續的營運現金流出；其次是第三季度為購買第七代車輛而進行的資本支出，以支持我們在年底實現1000輛車的目標。截至 2025 年 9 月 30 日的九個月內，我們累計自由現金流出為 1.736 億美元。隨著我們近期在香港完成首次公開募股，我們新增了超過 8 億美元的現金，為我們下一階段的成長提供了充足的動力。

The IPO proceeds will help us accelerate fleet expansion into key addressable markets, further optimize our platform for scale and deepen our R&D investments to further solidify our technology moat. Looking ahead, our mass production momentum continues to strengthen, and we are on track to exceed our full year vehicle target of 1,000, achieving this milestone ahead of schedule. This acceleration reinforce our confidence in scaling rapidly, and we now anticipate to grow our fleet to be more than 3,000 vehicles by 2026.

IPO所得將幫助我們加速向關鍵目標市場擴張船隊，進一步優化我們的平台以實現規模化，並加深我們的研發投資，以進一步鞏固我們的技術護城河。展望未來，我們的大規模生產動能持續增強，我們可望提前實現全年1000輛的產量目標。這項加速發展增強了我們對快速擴張的信心，我們現在預計到 2026 年，我們的車隊規模將超過 3000 輛。

In addition, we've already transitioned to an asset-light model for a meaningful portion of our new vehicles. This will enhance our capital expenditure efficiency and provide greater leverage for scalable fleet expansion. With the proven operational model and the financial runway from the recent Hong Kong IPO, we are uniquely positioned to accelerate our business plan, turning momentum into sustained profitable growth.

此外，我們已經對相當一部分新車採用了輕資產模式。這將提高我們的資本支出效率，並為可擴展的船隊擴張提供更大的槓桿作用。憑藉成熟的營運模式和近期香港IPO帶來的資金支持，我們擁有獨特的優勢來加速我們的業務計劃，將發展動能轉化為持續的獲利成長。

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

現在我將把電話轉交給接線員，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。現在開始問答環節。（操作說明）

Ming-Hsun Lee, Bank of America.

李明勳，美國銀行。

Thank you. Thank you to give the opportunity for me to ask a question. So I just have one question. So could the management team give us more update on the fleet size for this year and also the outlook in 2026. For the new vehicles added, what is the fleet deployment plan across different cities? Thank you.

謝謝。謝謝您給我這個提問的機會。我只有一個問題。那麼管理團隊能否提供我們今年的船隊規模以及 2026 年的展望等更多資訊？對於新增車輛，在不同城市的車隊部署計畫是什麼？謝謝。

This is James. I'll take this one. So as you can see that since the launch of our Gen-7 robotaxi, we actually have seen a much faster-than-expected production and the deployment. So for this year, we certainly expect to outperform our previous target of 1,000 robotaxis by the year-end. We certainly expect this strong momentum to continue into 2026, now with a conservative target of over 3,000 vehicles. This is mainly because we have already seen an upward spiral with the launch of our Gen-7 vehicles. Essentially, the fleet density creates a much shorter wait time for the passengers.

這是詹姆斯。我選這個。因此，正如您所看到的，自從我們推出第七代機器人計程車以來，我們的生產和部署速度實際上比預期的要快得多。因此，我們預計今年年底前實現1000輛無人駕駛計程車的目標將超過先前設定的目標。我們預計這一強勁勢頭將持續到 2026 年，目前保守的目標是超過 3000 輛汽車。這主要是因為隨著第七代車型的推出，我們已經看到了銷量的螺旋式上升。從本質上講，車隊密度的提高大大縮短了乘客的等待時間。

And then that creates a better user experience and the user experience leads to much higher utilization for our vehicles and then -- we can actually then charge a better pricing. So this spiral really created a strong momentum for us to expand much faster. In addition, we also started experimenting with the asset-light model by collaborating with fleet managers such as Xihu, Sunlight and, certainly, we'll add more partners. This asset-light model allows us to deploy a much larger fleet with less CapEx. So this is our growth plan.

這樣就能創造更好的使用者體驗，而更好的使用者體驗又能提高我們車輛的使用率，然後──我們就可以收取更優惠的價格了。因此，這種螺旋式發展為我們更快擴張創造了強大的動力。此外，我們也開始嘗試輕資產模式，與 Xihu、Sunlight 等車隊管理公司合作，當然，我們也會增加更多合作夥伴。這種輕資產模式使我們能夠以更少的資本支出部署更大規模的車隊。這就是我們的成長計劃。

Then in terms of the fleet deployment plan, we'll go deeper on our existing markets. And at the same time, we'll go much wider to explore some new opportunities. The city-wide UE breakeven for the Gen-7 in Guangzhou, in my view, it's a pivotal milestone to validate our business model. This gives us a huge confidence and allow us to deepen our collaboration and our operation in the existing markets, which are the Tier 1 cities in China.

然後，在車隊部署計劃方面，我們將深入挖掘現有市場。同時，我們將拓展更廣闊的領域，探索一些新的機會。在我看來，廣州第七代產品實現全市用戶當量損益平衡，是驗證我們商業模式的關鍵里程碑。這給了我們極大的信心，使我們能夠深化與現有市場（即中國一線城市）的合作和營運。

This is because, as I already mentioned, expanded fleet size creates an upward spiral. But at the same time, we'll also expand into many more domestic cities and also the overseas markets. We see those for our future growth. Our go-to-market strategy on those markets is that we'll collaborate deeply with the local partners and the local government agencies to establish presence and prepare for our future growth. So stay tuned. I think we'll have great news ahead of us.

這是因為，正如我之前提到的，艦隊規模的擴大會形成惡性循環。但同時，我們也將拓展到更多國內城市以及海外市場。我們認為這些對我們未來的發展至關重要。我們在這些市場的進入策略是，我們將與當地合作夥伴和當地政府機構深入合作，以建立市場地位並為未來的成長做好準備。敬請期待。我認為我們接下來會有好消息。

With that, back to the operator.

就這樣，我們把話題轉回操作員身上。

Bin Wang, Deutsche Bank.

王斌，德意志銀行。

Thank you for taking my question. I just have one question, which is about the fare-charging. I'd like to know fare-charging revenues have made another growth in 3Q '25. So what is the outlook for fare-charging revenues as we deploy more vehicles? Thank you.

感謝您回答我的問題。我只有一個問題，是關於票價收費的。我想知道2025年第三季票價收入是否再次成長。隨著我們投入更多車輛，票價收入前景如何？謝謝。

Yeah. This is Leo. I'll take this question. Yes, in Q3, our fare-charging revenue actually surged even faster. It was growing about 233%. Though at that time, our fleet were still with the Gen-5 and Gen-6 vehicles. So we believe such growth was driven by both the demand side as well as the operational side. On the demand side, we have been continuously to do our effort to improve the whole riding experience and also the user experience. So with this effort, we've seen robust and organic user demand in Tier 1 cities.

是的。這是利奧。我來回答這個問題。是的，第三季我們的票價收入實際上成長得更快。它增長了約 233%。雖然當時我們的車隊仍以第五代和第六代車輛為主。因此，我們認為這種成長是由需求端和營運端共同推動的。在需求方面，我們一直在努力改善整體騎乘體驗和使用者體驗。因此，透過這項努力，我們在一線城市看到了強勁且自然的用戶需求。

This is also a signal of a strong consumer adoption of our robotaxi service. Giving you an example that the total registered user was more than doubled year-over-year in Q3. And on the operational side, we have also been optimizing the fleet operation to improve our vehicle utilization and order fulfillment, as Tiancheng already mentioned in his remarks.

這也顯示消費者對我們的無人駕駛計程車服務接受了度很高。舉例來說，第三季註冊用戶總數比去年同期增加了一倍以上。在營運方面，我們也一直在優化車隊運營，以提高車輛利用率和訂單履行率，正如天成在演講中提到的那樣。

So for example, we enhanced our fleet dispatching and deployment. This has consistently reduced our wait time. It's approximately 50% shorter compared to the same period in 2024. And we also continue to expand our pickup and drop-off points to create a much more smooth user experience.

例如，我們加強了車隊調度和部署。這持續縮短了我們的等待時間。與 2024 年同期相比，大約縮短了 50%。我們也不斷擴大取貨和還貨點，以創造更流暢的用戶體驗。

For example, in Shenzhen, now we have more than 10,000 such points, more than 300% increase since the end of June this year. With all this demand side and operational side improvement, I believe we could see sustained strong growth momentum through the continuous fleet expansion with more and more Gen-7 vehicles are into our service. First of all, we expect that our fleet has been growing exponentially from 270 last year and to be more than 1,000 this year, and a target of more than 3,000 next year.

例如，在深圳，我們現在有超過 10,000 個這樣的點，比今年 6 月底增長了 300% 以上。隨著需求面和營運側的全面改善，我相信隨著越來越多的第七代車輛投入使用，車隊將不斷擴張，我們將看到持續強勁的成長勢頭。首先，我們預計我們的機隊規模將呈指數級增長，從去年的 270 艘增加到今年的 1000 多艘，明年的目標是 3000 多艘。

This scaling up would also create a better network effect, which means shorter wait time and higher vehicle utilization and higher user adoption. We would also progressively expanding our service area in cities such as Shanghai, Shenzhen, we've already been doing so today. We would increase the population coverage and expanding to more drivable mileages, et cetera, et cetera. With all these being done, I think we can boost the average order value per trip.

這種規模擴大也將產生更好的網路效應，這意味著更短的等待時間、更高的車輛利用率和更高的用戶接受度。我們也將逐步擴大在上海、深圳等城市的服務範圍，目前我們已經在這樣做了。我們將擴大人口覆蓋範圍，並擴展到更多可行駛里程等等。完成這些措施後，我認為我們可以提高每次行程的平均訂單價值。

Okay. Now I'll get back to the operator.

好的。現在我得回去跟接線員聯絡了。

Kailin Wu, Citi Research.

吳凱琳，花旗研究部。

Thanks for taking my questions. This is Kailin from Citi Research. And congratulations on achieving the milestone of Citywide UE breakeven. Could you elaborate more about the assumption behind the UE breakeven, including daily order pricing, daily operating hours and the ratio of remote assistance? Thank you.

謝謝您回答我的問題。我是花旗研究部的凱琳。恭喜你們實現了全市用戶當量收支平衡這一里程碑式的成就。您能否詳細說明 UE 損益平衡點背後的假設，包括每日訂單定價、每日營運時間和遠端協助比例？謝謝。

Yeah, I'll take this question. Like you said, we all believe the citywide unit economic breakeven is a pivotal milestone for the company and also for the industry. First of all, we achieved this pivotal milestone in Guangzhou city since our Gen-7 vehicle has been put into commercial service. And we always believe China is the largest market of global ride-hailing market. And for the Tier 1 cities, the total TAM accounts for a huge percent of ride-hailing market in China. So achieving this milestone in this market is far more meaningful from a commercial perspective.

好的，我來回答這個問題。正如您所說，我們都認為全市單位經濟損益平衡點對於公司乃至整個產業來說都是一個關鍵的里程碑。首先，我們的第七代車輛已在廣州市投入商業運營，我們實現了這一關鍵里程碑。我們始終認為中國是全球叫車市場中最大的市場。對於一線城市而言，總潛在市場規模在中國叫車市場中佔了很大的比例。因此，從商業角度來看，在這個市場取得這個里程碑式的成就意義更為重大。

Then if we talk about the unit economic, there is the revenue side, there's always the cost side. On the revenue side, first of all, on the daily net revenue per vehicle. As I mentioned, our daily net revenue per vehicle has hit RMB299. It's based on a two-week daily average figures as of November 23, following the launch of our Gen-7 vehicle in Guangzhou. And this net revenue also refers to the total RMB value generated from ride-hailing service after deducting discounts and refunds. And in terms of daily orders from this RMB299 number, it was average 23 orders per day. It's fueled by robust widespread of user demand.

如果從單位經濟效益的角度來看，既有收入方面，也有成本方面。首先，從收入方面來看，從每輛車的每日淨收入來看。正如我之前提到的，我們每輛車的日淨收入已經達到299元人民幣。這是根據我們在廣州推出第七代車型以來，截至 11 月 23 日的兩週每日平均數據得出的結果。淨收入也指叫車服務扣除折扣和退款後產生的人民幣總值。而從這款售價299元人民幣的手機來看，每日平均訂單量為23單。這是由用戶需求的強勁成長所推動的。

Now let's look into the cost side. So the cost side of the unit economic basically has 2 major components. First of all, it is the hardware depreciation. For Gen-7 vehicle, the annual vehicle depreciation is based on a six-year useful life.

現在我們來看看成本方面。因此，單位經濟效益的成本方面基本上包含兩個主要組成部分。首先是硬件折舊。對於第七代車輛，年度車輛折舊是基於六年使用壽命計算的。

The other major component on the cost side is the operational cost, which includes the charging, remote assistant and the ground supporting staff, vehicle service and maintenance, insurance, parking, Internet network cost. So regarding the remote assistant, we are on track to achieve our 1:30 vehicles. And from this milestone that we achieved, we are very confident to capture the China huge TAM.

成本方面的另一個主要組成部分是營運成本，其中包括充電、遠端協助和地面支援人員、車輛維修保養、保險、停車、網路網路費用。所以關於遠程助手，我們正朝著實現 1:30 車輛的目標穩步前進。基於我們所取得的這項里程碑式的成就，我們非常有信心拿下中國巨大的潛在市場。

Meanwhile, it also established a strategic foundation for further scaling up domestically and internationally. This not only gives us strong confidence to further scale our fleet, but we also see more and more third-party companies are enabled to fund their fleet and helping us to transition into an asset-light model. So all these together, we believe will drive our top line growth and also the cost optimization.

同時，它也為進一步擴大國內和國際規模奠定了戰略基礎。這不僅讓我們更有信心進一步擴大我們的車隊規模，而且我們也看到越來越多的第三方公司能夠為其車隊提供資金，並幫助我們過渡到輕資產模式。因此，我們相信所有這些因素加在一起，將推動我們的營收成長並實現成本優化。

Okay. I'll get back to the operator.

好的。我會盡快回覆接線員。

Purdy Ho, Huatai Securities.

Purdy Ho，華泰證券。

Hey, hello. Thank you for taking my question and Congratulations on the results. We've observed a surge in diverse players attempting to enter into the robotaxi operations, particularly the EV makers, right? So what's your take on these new entrants in the Level 4 autonomous driving space? And also specifically, could you elaborate on the main technical and operational challenges such as tackling corner cases and fleet management for digital commerce? Thank you.

嘿，你好。感謝您回答我的問題，並祝賀您取得好成績。我們已經觀察到，越來越多不同的參與者試圖進入無人駕駛計程車營運領域，尤其是電動車製造商，對嗎？那麼，您對這些進入L4級自動駕駛領域的新玩家有何看法？此外，您能否具體闡述主要技術和營運方面的挑戰，例如如何處理特殊情況以及如何進行數位商務的車隊管理？謝謝。

This is James. I'll take this one. So first and foremost, I think it's definitely, as we see more and more companies announcing that they're going to enter into robotaxi industry, I think itself is actually a great thing because it indicates increasing recognition and confidence in robotaxi imminent potential for the large-scale of commercialization. As the awareness increase, more resources, more companies come in, more resources will pour into this robotaxi industry to actually accelerate its development. So overall, I view this as a good thing.

這是詹姆斯。我選這個。首先，我認為隨著越來越多的公司宣布進軍無人駕駛計程車行業，這本身絕對是一件好事，因為它表明人們對無人駕駛計程車大規模商業化的潛力越來越有認識和信心。隨著人們意識的提高，更多的資源、更多的公司將會湧入這個無人駕駛計程車產業，從而真正加速其發展。總的來說，我認為這是一件好事。

But on the flip side, the robotaxi industry is actually not a one that any new player can easily enter because as you can see, the fact is that currently, none of the new entrants being OEM maker or being a ride-hailing platforms, none of them have fully driverless vehicles deployed on the open road. So it's a clear evidence this is not an easy industry to be entered. I think there are certainly three huge hurdles for any new players. And those hurdles are business side, regulatory side and also technical challenges.

但另一方面，機器人出租車行業實際上並不是任何新玩家都能輕易進入的領域，因為正如你所看到的，事實是，目前沒有任何新進入者，無論是 OEM 製造商還是網約車平台，都沒有在開放道路上部署完全無人駕駛的車輛。這清楚地表明，進入這個行業並不容易。我認為對於任何新玩家來說，肯定有三大障礙。這些障礙既有商業方面的，也有監管方面的，還有技術方面的挑戰。

Let's probably look at the business challenges first. Because robotaxi, as you see, it's not just about L4 driving itself. It also has many more aspects such as user acquisition, vehicle production, fleet dispatching, fleet maintenance, such as the cleaning, charging and everything else. So as a leader and first mover in this industry, we certainly enjoyed the early mover advantages.

我們不妨先來看看業務挑戰。正如你所看到的，機器人計程車不僅僅是 L4 級自動駕駛。它還涉及用戶獲取、車輛生產、車隊調度、車隊維護等許多方面，例如清潔、充電等等。因此，作為該行業的領導者和先行者，我們當然享受了先行者的優勢。

As we have a much bigger L4 fleet on the road, we generated better brand awareness. We have optimized the cost on every aspect of the business, as Leo already mentioned in his answer to the last question. And we -- because of early mover, we also have secured more partners.

由於我們路上行駛的 L4 車隊規模更大，我們的品牌知名度也得到了提升。正如Leo在回答上一個問題時提到的那樣，我們已經優化了業務各個方面的成本。而且，由於我們先發優勢，我們也獲得了更多合作夥伴。

I think all those are important and creates a big hurdle for any new entrants. The second hurdle that I want to mention is on the regulatory front because L4 or robotaxi needs a very high safety requirements. All the policymakers worldwide have fundamentally will require a much, much higher safety requirements for the robotaxis compared with the traditional taxi.

我認為所有這些都很重要，並且對任何新進入者來說都是一個巨大的障礙。我想提到的第二個障礙是監管方面的問題，因為 L4 級自動駕駛或機器人計程車需要非常高的安全要求。世界各地的政策制定者從根本上來說都會要求無人駕駛計程車的安全要求比傳統計程車高得多。

That means in any city, a new player needs to prove its safety step by step before they can expand even into a fully driverless fleet. Typically, a new player will start with a testing with just a few dozen or maybe even less vehicles. And then once those vehicles prove to be safe, they add more vehicles and then expand operational areas after they can accumulate the safety records. And along the way, they also need to acquire all the required licenses and permits. And this in itself is actually a lengthy process.

這意味著在任何城市，新玩家都需要逐步證明其安全性，才能擴展到完全無人駕駛車隊。通常情況下，新玩家會先用幾十輛甚至更少的車輛進行測試。然後，一旦這些車輛被證明是安全的，他們就會增加車輛，並在累積了足夠的安全記錄後擴大營運區域。此外，他們還需要在過程中獲得所有必要的執照和許可證。而這本身就是一個漫長的過程。

So overall, the whole process takes time, and this code starting process cannot be easily accelerated. So that's the second challenge. The third challenge is certainly, in my view, is on the technical side.

所以總的來說，整個過程需要時間，這個程式碼啟動過程不容易加快。這是第二個挑戰。在我看來，第三個挑戰無疑是技術性的。

And probably for this one, I'll turn to Tiancheng to elaborate.

而對於這個問題，我可能要請天城來詳細解釋。

Yeah, sure. So I'm Tiancheng. So let me continue from a technology perspective. So as I said in my prepared remarks, we are now seeing the broader industry starting to using world model, such as robotaxi players and automakers. Essentially, they are all about using reinforcement learning based on simulation training environments. First and foremost, I would say we started developing reinforced learning for autonomous driving five years ago. This gives us an early mover advantage, making us one of the most experienced company in the world model.

當然可以。那我就是天成。那麼，讓我從技術角度繼續談談。正如我在準備好的演講稿中所說，我們現在看到更廣泛的行業開始採用世界模式，例如無人駕駛計程車公司和汽車製造商。本質上，它們都是基於模擬訓練環境的強化學習方法。首先，我想說我們五年前就開始研發自動駕駛的密集學習技術了。這使我們擁有先發優勢，使我們成為世界上經驗最豐富的公司之一。

We believe that we will continue to stay ahead as more peers follow the same path. So once the world model mature, there was a human feedback and the real-world data are no longer used for further iterations. So at the stage of training closed-loop, the world model and the virtual driver co-evolve into a dual spiral cycle. This means the world model is training the virtual driver. And at the same time, the world model improves sales through feedback of the virtual driver. This sharply reduced reliance on the real world data.

我們相信，隨著越來越多的同行效仿，我們將繼續保持領先地位。因此，一旦世界模型成熟，就會有人類的回饋，而現實世界的數據將不再用於進一步的迭代。因此，在閉環訓練階段，世界模型和虛擬駕駛者共同演化成雙螺旋循環。這意味著世界模型正在訓練虛擬駕駛員。同時，該全球模型透過虛擬駕駛員的回饋來提高銷售量。這大大降低了對現實世界數據的依賴。

The question will touch on the technical challenges for meeting the corner cases. Maybe an example here that when the virtual driver need some corner cases, so this can fuel feedback to the world model and the world model will improve its distribution of the corner cases, then the next generation -- next version of world model will be able to create or generate and testing and also improving the capability of the virtual driver to handle the corner cases.

這個問題將涉及應對特殊情況的技術挑戰。這裡舉個例子，當虛擬駕駛員需要一些特殊情況時，這可以為世界模型提供反饋，世界模型將改進其特殊情況的分佈，然後下一代——下一個版本的世界模型將能夠創建或生成並測試，同時提高虛擬駕駛員處理特殊情況的能力。

Okay. So looking ahead, our real advantage lies in ability to validate new technologies quickly and deploy that at scale. So based on our proven track record of scaling robotaxi operations, so we believe we can quickly capture the next wave of innovation. Also last but not least, our current Hong Kong IPO will further accelerate R&D and education cycles, reinforcing our technical leadership and widening our competitive moat.

好的。展望未來，我們真正的優勢在於能夠快速驗證新技術並大規模部署。因此，基於我們擴大機器人計程車營運規模的成功經驗，我們相信我們能夠迅速抓住下一波創新浪潮。最後但同樣重要的是，我們目前的香港IPO將進一步加快研發和教育週期，鞏固我們的技術領先地位，並拓寬我們的競爭優勢。

With that, back to the operator.

就這樣，我們把話題轉回操作員身上。

Xiaoyi Lei, Jefferies.

雷曉毅，傑弗里斯。

Thanks for taking my question. I have one as well. My question is about what do you see as the main factors behind the faster expansion of your operational areas? And beyond technology, what else do you think really matters? And from a technical perspective, are you using large language models? And if so, how are they helping push L4 autonomy forward? Thank you.

謝謝您回答我的問題。我也有一個。我的問題是，您認為推動貴公司業務範圍快速擴張的主要因素是什麼？除了科技之外，你認為還有哪些因素真正重要？從技術角度來看，你們是否使用了大型語言模型？如果真是如此，他們是如何推動L4級自動駕駛技術發展的？謝謝。

Thank you. This is Tiancheng. I will continue to answer this question. I think your question consists of two parts. Let me answer your question on generalization first, then I will address the other one on large language model later. For generalization, I would say, technically, our tech stack is by nature built for generalization.

謝謝。這裡是天城。我將繼續回答這個問題。我認為你的問題包含兩個部分。讓我先回答你關於泛化的問題，之後我會再回答關於大型語言模型的問題。總的來說，從技術角度來看，我們的技術棧本質上就是為了實現通用性而建構的。

So a good example is that our operational area expansion into new areas in Shanghai, Pudong and Shenzhen Nanshan District in the third quarter. In both cases, it only took us only a few weeks from verifying the city to truly realizing fully serviced operation to the public. There was no need for additional model training.

一個很好的例子是，我們在第三季將業務範圍擴展到了上海、浦東和深圳南山區等新地區。在這兩種情況下，從核實城市情況到真正實現向公眾提供全面服務，我們都只花了短短幾週。無需進行額外的模型訓練。

The quick key reason that an L4 native architecture is built for handling corner cases there and [June] cases. While these cases are actually very consistent across different regions, they are really nothing more than things like small obstacles, boxes on the road, pedestrians suddenly are crossing and suddenly lane-change from other cars without looking at the vehicle behind, et cetera. So it's just about the likelihood and the probabilities of each one happening. So I hope that can help understand why the L4 tech stack is by nature built for generalization.

L4 本地架構旨在處理那裡的特殊情況和 [June] 情況，其主要原因就在這裡。雖然這些案例在不同地區實際上非常一致，但它們實際上只不過是一些小障礙物、路上的箱子、行人突然過馬路、突然從其他車輛變換車道而不看後面的車輛等等。所以關鍵在於每件事發生的可能性和機率。所以我希望這能幫助理解為什麼 L4 技術堆疊本質上是為通用性而設計的。

So at this moment, I will say the key to our new area expansion is number of robotaxi vehicles. If we expand to too many areas without adding more cars, it will instead dilute the density. So that is the reason why the speed of operational area expansion cannot significantly be faster than that of fleet size.

所以目前，我認為我們新區域擴張的關鍵在於無人計程車的數量。如果我們擴張到太多區域而不增加汽車數量，反而會降低密度。所以，這就是為什麼作戰區域擴張速度不可能比艦隊規模擴張速度快很多的原因。

So then let me share my thoughts on the second part that is large language model. First, I will say, first and foremost, there are two nonnegotiable requirements for L4 onboard driving model, uncompromising safety and also low latency. There, the large language model and chatbot don't meet and they are not designed to meet as well. So for safety, large language models generally have issues like [mod hallucination] which is unacceptable for L4 in terms of safety.

那麼，接下來我想分享我對第二部分——大型語言模型——的看法。首先，我要說，L4 車載駕駛車型有兩個不容商榷的要求：絕對的安全性和低延遲。在那裡，大型語言模型和聊天機器人無法相容，而且它們的設計目的也不是為了相容。因此，出於安全考慮，大型語言模型通常存在諸如[模態幻覺]之類的問題，這對於 L4 來說在安全性方面是不可接受的。

And for latency, large language models are optimized for throughput like tokens per second. In contrast, L4 is optimized for low latency and the ability to run fully driverless robotaxies on chips that have both low power consumption and are cost efficient. Moreover, large language model overly run human data, which fundamentally limits them to the boundary of the existing human knowledge as it inevitably makes them pick up human errors and bad habits from human driver.

至於延遲，大型語言模型會針對吞吐量（例如每秒標記數）進行最佳化。相比之下，L4 針對低延遲進行了最佳化，能夠在低功耗且成本效益高的晶片上運行完全無人駕駛的機器人計程車。此外，大型語言模型過度依賴人類數據，從根本上限制了它們只能達到現有人類知識的水平，因為它們不可避免地會從人類駕駛員那裡吸取人類的錯誤和壞習慣。

So we also extensively used large language model in the R&D efforts such as AI-enhanced human machine interaction, engineering productivity tools for coding and documentation and analysis for the rider feedback for experience improvement. But however, due to the multiple reasons mentioned above, large language model is by nature not good for driving model on board.

因此，我們也廣泛地在研發工作中使用了大型語言模型，例如人工智慧增強的人機互動、用於編碼和文件編制的工程生產力工具以及用於分析騎手反饋以改善體驗的工具。但是，由於上述多種原因，大型語言模型本質上並不適合車載駕駛模型。

So with that, so back to the operator. Thank you.

那麼，接下來就回到操作員這邊。謝謝。

Thank you. That's very helpful.

謝謝。那很有幫助。

Xinyu Fang, UBS.

方新宇，瑞銀。

Hi. Thank you, man for taking my question. I have one question here. It is currently that Pony cooperate with multiple OEMs for robotaxi manufacturing, including BAIC, JAC and Toyota. Does management see potential for improving operating leverage through working with only 1 OEM instead? Thank you.

你好。謝謝你回答我的問題。我有一個問題。目前，Pony 與多家 OEM 廠商合作生產無人計程車，包括北汽、江淮和豐田。管理層是否認為，透過只與一家原始設備製造商 (OEM) 合作，可以提高營運槓桿率？謝謝。

This is James. I'll take this one. So the matter of the reality is that in the whole global taxi industry, local governments and the local residents actually have a strong preference for the local branded taxi vehicles. So that's the reality. Typically, when robotaxi fleet is relatively small, the brand doesn't really matter much. But if we need to deploy a significant fleet size, the requirements certainly is no longer true and the local branded OEMs is much more preferred. So it is necessary for us to cooperate with multiple local OEMs in different regions.

這是詹姆斯。我選這個。因此，現實情況是，在全球計程車行業中，地方政府和當地居民實際上更偏愛本地品牌的計程車。這就是事實。通常情況下，當無人駕駛計程車隊規模相對較小時，品牌就沒那麼重要。但是，如果我們需要部署相當規模的車隊，那麼上述要求就不成立了，本地品牌的 OEM 廠商會更受青睞。因此，我們需要與不同地區的多個本地OEM廠商合作。

It actually can help us to expand into different markets much quickly. And that's why we are now collaborating with three OEMs to produce our Gen-7 robotaxis. It is true that fitting our autonomous driving kit into different vehicles actually post a huge technical challenge. But on the -- if you look at from the other side, the mere fact that we were able to standardize our technology and being able to fit our setup into different vehicles, that shows our technical generalization.

它實際上可以幫助我們更快地擴展到不同的市場。因此，我們現在正與三家原始設備製造商合作生產我們的第七代無人計程車。將我們的自動駕駛套件安裝到不同的車輛中，確實面臨巨大的技術挑戰。但從另一個角度來看，我們能夠標準化我們的技術，並能夠將我們的裝置適配到不同的車輛中，這本身就表明了我們的技術通用性。

And down the road, it actually can create a huge competitive edge. So as a result, we can add new models much faster to accelerate our expansion into new regions. For example, in Europe, we currently added a partnership with Stellantis.

從長遠來看，它實際上可以創造巨大的競爭優勢。因此，我們可以更快地添加新型號，從而加速向新地區的擴張。例如，在歐洲，我們目前與Stellantis建立了合作關係。

So with that, back to the operator.

那麼，接下來我們把話題轉回操作員身上。

Tang Xuxia, Guosen.

唐旭霞，國信。

Thanks for taking my question. I have one question. Why Pony can't use remote assistant on robotaxi when the car meets difficulty, instead of remote control or human takeover? And what is the technology difference behind that?

謝謝您回答我的問題。我有一個問題。為什麼 Pony 在無人駕駛計程車遇到困難時，不能使用遠端助手來輔助車輛，而是採用遠端控製或人工接管的方式？那背後的技術差異是什麼呢？

This is Tiancheng. I will take this one. I think one of the previous questions also touched on the remote assistance for robotaxi. So let me elaborate on that in a little more detail. First and foremost, I'll say, our remote assist never control the vehicle through the steering wheel or pedal. Instead, they provide remote support and suggestions by responding to service requests. For all the time, the vehicle can independently drive -- independently make decisions without remote assistance. Assistance only initiates when a vehicle request it rather than through the remote driving.

這裡是天城。我選這個。我認為之前的問題中也涉及了機器人計程車的遠端協助。讓我再詳細闡述。首先我要說明的是，我們的遠端協助系統絕對不會透過方向盤或踏板來控制車輛。相反，他們透過響應服務請求來提供遠端支援和建議。車輛始終可以獨立駕駛—無需遠端協助即可獨立做出決策。只有當車輛發出請求時才會啟動輔助功能，而不是透過遠端駕駛啟動。

So when vehicle receives the assistant response, the onboard driving system will still make timely decision based on the actual situation because the vehicle never wait for remote command to act. So it remains safe operation without any dependence on network latency. So one typical example of remote assistance is the situation of a temporary traffic control. In such cases, the system may request remote assist, which can provide high-level suggestion to confirm the car decision navigating through a scenario.

因此，當車輛收到助手的回應時，車載駕駛系統仍會根據實際情況及時做出決定，因為車輛從不等待遠端命令來採取行動。因此，它能夠安全運行，不受網路延遲的影響。遠端協助的典型例子是臨時交通管制的情況。在這種情況下，系統可能會請求遠端協助，遠端協助可以提供高級建議，以確認車輛在特定場景下的行駛決策。

But also, as I mentioned, we have continuously improved the AI algorithm and also leveraged the general AI capability to recognize more and more complex context. This allows us to improve remote-assist-to-vehicle ratio in the third quarter to reach 1:30 by year-end. I hope that can answer your question.

但正如我之前提到的，我們不斷改進人工智慧演算法，並利用通用人工智慧能力來識別越來越複雜的上下文。這樣一來，我們就可以在第三季提高遠端協助車輛與車輛的比例，並在年底前達到 1:30。希望這能解答你的疑問。

So back to the operator.

所以，讓我們回到操作員的問題。

Serena Lee, China Securities.

Serena Lee，中國證券。

Okay, thank you for taking my question. This is Serena Lee from China Securities. As far as we know, some countries in the Middle East have issued fully driverless robotaxi license recently. What's our view on that? What's Pony's overseas strategy?

好的，謝謝您回答我的問題。我是來自中國證券的李小姐。據我們所知，中東一些國家最近已經頒發了完全無人駕駛的機器人計程車許可證。我們對此有何看法？Pony的海外策略是什麼？

Sure. This is James again. Let me take this one. Our company's mission has always been autonomous mobility everywhere. So we certainly have the global ambition since our founding to actually utilize our technology to benefit the local societies worldwide. Currently, our global efforts are focused on the markets with hyper growth potential. So those are the markets with typically strong mobility demand, well-developed infrastructure and a supportive regulatory environment.

當然。我是詹姆斯。讓我來做這個吧。我們公司的使命始終是實現全球的自主移動。因此，自公司成立以來，我們一直懷抱著全球性的雄心壯志，那就是利用我們的技術造福世界各地的當地社會。目前，我們的全球努力主要集中在具有高速成長潛力的市場。因此，這些市場通常具有強勁的出行需求、完善的基礎設施和有利的監管環境。

When we evaluate a potential market to enter, on a high level, three factors we will consider. One is the addressable market size, which is 10. Second is the openness and the execution of the local government to support and issue permits for the fully driverless commercial operation. Third is how strong is the local partner for their on-the-ground resources and operational capacities. So as you can see, our current global expansion status is that we have already entered 8 countries for our robotaxi.

當我們評估一個潛在市場並決定進入該市場時，從宏觀層面來說，我們會考慮以下三個因素。一是潛在市場規模，即 10。其次是地方政府對完全無人駕駛商業運營的支持和許可發放的開放態度和執行力。第三點是當地合作夥伴的實地資源和營運能力有多強。如您所見，我們目前的全球擴張狀況是，我們的無人計程車業務已經進入了 8 個國家。

And we also -- for example, in Q3, we added Qatar as a new market by collaborating with Mowasalat. In Q3, we have also saw a rapid revenue growth, especially for the robotaxi for our -- from our overseas markets, and we certainly expect this momentum to continue. So going forward, we will enter other global markets if we see there's a good growth opportunities. So this is our overseas strategy.

例如，在第三季度，我們透過與 Mowasalat 合作，將卡達作為一個新市場納入我們的業務範圍。第三季度，我們的營收也實現了快速成長，尤其是來自海外市場的無人駕駛計程車業務，我們當然希望這種成長勢頭能夠持續下去。因此，展望未來，如果我們發現有良好的成長機會，我們將進入其他全球市場。這就是我們的海外戰略。

With this, back to the operator.

這樣，就把話題轉回操作員那裡了。

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

由於沒有其他問題，我想把電話轉回給公司，請他們作總結發言。

Thank you, operator. This is George again. If anyone has any more questions, feel free to contact the IR team. We will conclude our call today. Thank you, everyone.

謝謝接線生。我是喬治。如果還有其他問題，請隨時聯繫投資者關係團隊。我們今天的通話到此結束。謝謝大家。

This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your line.

今天的電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了。