WeRide Inc (WRD) 2024 Q4 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to WeRide's fourth quarter and full year 2024 earnings conference call. (Operator Instructions)

女士們、先生們，早安、晚上好。感謝您的支持，歡迎參加文遠知行WeRide 2024 年第四季及全年財報電話會議。（操作員指令）

Please note that today's event is being recorded.

請注意，今天的活動正在記錄。

The company's financial and operating results were released by the news wire earlier today and are currently available online. Joining us today are WeRide's Founder, Chairman and CEO, Dr. Tony Xu Han, and CFO, Ms. Jennifer Lee. In addition, Co-Founder and CTO, Dr. Yan Li will also be available during the question and answer session.

該公司的財務和營運結果已於今天稍早透過新聞通訊社公佈，目前可以在網路上查閱。今天與我們一起出席的還有文遠知行創辦人、董事長兼執行長韓旭博士和財務長李婷儀女士。此外，共同創辦人兼技術長李岩博士也將出席問答環節。

Before we continue, I'd like to refer you to the safe harbor statement in the company's earnings press release, which also applies to this call, as today's call will include forward-looking statements, including our strategies and future plans. Actual results could differ materially from those stated or implied by these for the statements as a result of various important factors, and please refer to the risk factors section of our US perspectives filed with the SEC for full disclosure of these risk factors.

在我們繼續之前，我想請您參閱公司收益新聞稿中的安全港聲明，該聲明也適用於本次電話會議，因為今天的電話會議將包括前瞻性聲明，包括我們的策略和未來計劃。由於各種重要因素，實際結果可能與這些聲明中明示或暗示的結果有重大差異，請參閱我們向美國證券交易委員會提交的美國觀點中的風險因素部分，以全面揭露這些風險因素。

Please note that all numbers stated in matchment's prepared remarks are in RMB terms, and we will discuss non-IFRS measures today which are more thoroughly explained and reconciled to the most comparable measures reported in the company's earnings release and filings with the SEC.

請注意，matchment 準備好的評論中所述的所有數字都是以人民幣計算的，今天我們將討論非國際財務報告準則的指標，這些指標將得到更徹底的解釋，並與公司收益報告和向美國證券交易委員會提交的文件中報告的最具可比性的指標相協調。

With that, I'll now turn the call over to the company's founder, Chairman and CEO, Dr. Tony Han.

現在，我將把電話轉給公司創辦人、董事長兼執行長 Tony Han 博士。

Hello, everyone, and thank you for joining us for our first earnings call as a not that listed property company 2024 was an important year for we write marked by significant advance of our core tax business, international expansion, and product development.

大家好，感謝您參加我們作為一家非上市房地產公司的首次財報電話會議，2024 年對我們來說是重要的一年，標誌著我們的核心稅務業務、國際擴張和產品開發取得了重大進展。

As we continue to build on our positions as an industry leader, we may, we remain committed to our mission of transferring, transforming urban living through safe, reliable, and accessible autonomous driving solutions. The progress we have made during the fourth quarter has been particularly encouraging.

隨著我們繼續鞏固行業領先地位，我們將繼續致力於我們的使命，透過安全、可靠和可訪問的自動駕駛解決方案改變城市生活。我們在第四季的進展尤其令人鼓舞。

And the positions of well for 2025 and beyond. It also reflects our strategic focus on establishing foundations for long-term sustainable growth. We believe this will allow us to best deliver on our mission and create lasting value for our stakeholders. Let's begin with our core business, robotaxi.

以及 2025 年及以後的位置。這也體現了我們為長期永續成長奠定基礎的策略重點。我們相信這將使我們能夠最好地履行我們的使命並為我們的利害關係人創造持久的價值。讓我們從我們的核心業務——機器人出租車開始。

We have made exciting achievements together with our partners. In October, we launched our new purpose built robotaxi, the GXR, which represents a significant leap forward in AV technology. Just four months after the launch GXR has begun her full driverless commercial operation in Beijing, becoming our second AV authorized to provide unmanned and pay robotaxi in the capital of China.

我們與合作夥伴共同取得了令人振奮的成就。十月份，我們推出了全新專用機器人計程車 GXR，這代表了 AV 技術的重大飛躍。在推出僅四個月後，GXR 就在北京開始了全面無人駕駛商業運營，成為我們第二輛被授權在中國首都提供無人駕駛和付費機器人出租車的 AV。

This rapid development demonstrates both our techno technology superiority and the increasing regulatory acceptance of AV's. The debut of GXR also coincided with the 3rd anniversary of our robotaxi operation in UAE.

這項快速發展既證明了我們的技術優勢，也證明了監管機構對 AV 的接受度日益提高。GXR 的首次亮相也恰逢我們在阿聯酋的自動駕駛計程車營運三週年。

In the fourth quarter, we started a new chapter in this region by collaborating with Uber to launch a ride-hailing partnership in Abu Dhabi. This represents the first time that AVs are available on Uber outside the US. We are excited to announce that by mid-2025, the number of global taxi on the Uber platform will reach 50.

第四季度，我們與優步合作，在阿布達比建立了叫車服務合作夥伴關係，開啟了該地區的新篇章。這是 Uber 首次在美國以外地區提供自動駕駛汽車服務。我們很高興地宣布，到2025年中期，Uber平台的全球計程車數量將達到50輛。

With the support of Abu Dhabi Integrated Transport Center, our service is available in major areas, including Saadiyat Island, Yas Island, and Rock to the International Airport. This marks a key milestone of our commercialization in this region. We believe that the global taxi industry has entered an exciting development phase, powered by increasing public acceptance and a more favourable regulatory environment.

在阿布達比綜合交通中心的支持下，我們的服務涵蓋主要地區，包括薩迪亞特島、亞斯島、洛克至國際機場。這標誌著我們在該地區商業化的一個重要里程碑。我們相信，在公眾接受度不斷提高和監管環境更加有利的推動下，全球計程車產業已經進入令人興奮的發展階段。

As a first mover, we are well positioned to capitalize this shift and fully committed to improving the accessibility of our global tax service, Global tax service globally. In January, we launched our first strategic robotaxi pilot project in Switzerland. In March, we officially obtained a permit to conduct commercial robotaxi ride-hailing service in core urban area.

作為先行者，我們已做好準備利用這一轉變，並全力致力於提高我們的全球稅務服務、全球稅務服務的可及性。今年一月，我們在瑞士啟動了首個策略性自動駕駛計程車試點計畫。今年3月，我們正式取得在核心城區進行商業化Robotaxi叫車服務的許可。

In Beijing, our WeRide one foundation model enables us to operate successfully in diverse environments. Our robotaxi can manoeuvre smoothly in crowded tier one cities such as Guangzhou and Beijing and maintain very stable performance in extreme weather conditions such as very heavy rain and extreme heat.

在北京，我們的文遠知行（WeRide）一體化基礎模式使我們能夠在多樣化的環境中成功運作。我們的自動駕駛計程車可以在廣州、北京等人流密集的一線城市順暢行駛，並在暴雨、酷熱等極端天氣條件下保持非常穩定的性能。

Most importantly, we prioritize our operations, our robotaxi fleet has completed more than 1,900 days of commercial operation on public roads with zero regulatory discipline caused by automous driving system failure. Next, I'm going to share with you our market strategy, which focuses on internationalization. We have been spearheading commercialization in the global market since 2021.

最重要的是，我們優先考慮我們的運營，我們的自動駕駛計程車車隊已經在公共道路上完成了 1,900 多天的商業運營，沒有出現任何因自動駕駛系統故障而導致的監管紀律。接下來我跟大家分享我們以國際化為重點的市場策略。自 2021 年以來，我們一直在全球市場率先商業化。

Back then, we launched our robotaxi ride hailing service in Abu Dhabi, which was the first of its kind in the region. Our outstanding performance leads to UAE's first and only national permit, which was granted to WeRide in 2023. We were greatly encouraged by this success, which validate both our technology and service.

當時，我們在阿布達比推出了自動駕駛計程車叫車服務，這是該地區首個此類服務。我們的出色表現為文遠知行贏得了阿聯酋首個也是唯一一個國家級許可證，該許可證於 2023 年授予文遠知行。這次成功讓我們備受鼓舞，這是對我們的技術和服務的肯定。

In new markets, we are committed to fostering constructive dialogue with regulators to realize our mutual visions for safe autonomous driving. We have also built a robust ecosystem by forging strategic partnership with a wide range of key stakeholders besides joining forces with Uber in the Mideast.

在新市場，我們致力於與監管機構進行建設性對話，實現我們對安全自動駕駛的共同願景。除了與中東地區的 Uber 聯手之外，我們還透過與廣泛的關鍵利害關係人建立策略合作夥伴關係，建立了強大的生態系統。

We collaborate with the Zurich Airport in Switzerland to provide global bus shuttle service and partnered with Renault, Beti, and Macif in France to offer trial global bus service. We also provide driverless solutions to the largest sanitation operator in Singapore, chat of maintenance. These initiatives are evidence of our serious commitment to the global expansion.

我們與瑞士蘇黎世機場合作提供全球巴士接送服務，並與法國雷諾、Beti 和 Macif 合作推出試驗性全球巴士服務。我們也為新加坡最大的環衛營運商提供無人駕駛解決方案以及維修服務。這些舉措證明了我們對全球擴張的認真承諾。

As of today we have deployed L4 vehicles across more than 30 cities in 10 countries. Domestically, despite current economic headwind, we have expanded our footprint to over 20 cities in China with our robotaxi, robus, robosweeper, robovan, and related services. We are actively building a strong business development team and implementing dynamic pricing strategies to drive growth in our home market.

截至目前，我們已經在10個國家的30多個城市部署了L4車輛。在國內，儘管目前面臨經濟逆風，我們仍透過機器人計程車、機器人巴士、機器人清潔車、機器人貨車及相關服務將業務擴展到中國 20 多個城市。我們正在積極建立強大的業務發展團隊，並實施動態定價策略來推動本土市場的成長。

We remain optimistic about her long term potential our strategy of engaging in multiple markets provide us with resilience and the various opportunities for growth, thereby mitigating the risks associated with dependence on any single market through focusing on international expansion, we are confident in our ability to expand the customer base and the turbocharge our long-term growth.

我們對於她的長期潛力保持樂觀，我們參與多個市場的策略為我們提供了彈性和各種成長機會，從而透過專注於國際擴張來減輕對任何單一市場的依賴所帶來的風險，我們相信我們有能力擴大客戶群並推動我們的長期成長。

Now, let's discuss technology and products that underscore success. Our global strategy is governed by the focus on technology innovation. It ensures that we remain competitive in every single market we enter. We began deploying end-to-end models for both ADAS and L4 driverless systems in the second half of 2024.

現在，讓我們討論一下成功的技術和產品。我們的全球策略以技術創新為重點。它確保我們在進入的每個市場都保持競爭力。我們將於 2024 年下半年開始部署 ADAS 和 L4 無人駕駛系統的端對端模型。

The end-to-end model employs a large VLM visual language model, which is pre-trained with all the data available from the internet as a backbone to encode the word knowledge. It is then trained with nearly 1 million hours of carefully selected driving data from both human drivers and the simulated driving scenarios based on a world model. The training data continuously grow with high-quality driving data as well as more long tail cases covered by real-world data and simulated data.

端到端模型採用大型 VLM 視覺語言模型，該模型使用網路上可用的所有資料進行預訓練，作為對詞彙知識進行編碼的骨幹。然後，它利用從人類駕駛員和基於世界模型的模擬駕駛場景中精心挑選的近 100 萬小時駕駛資料進行訓練。隨著高品質駕駛數據的出現以及真實數據和模擬數據涵蓋的更多長尾案例，訓練數據不斷增長。

Such an approach ensures the train model has a general understanding of the world, as well as deep insight in driving. Eventually, our autonomous driving systems can perform like a seasoned taxi driver in various complex urban scenarios.

這種方法確保火車模型對世界有普遍的了解，同時對駕駛有深刻的洞察力。最終，我們的自動駕駛系統可以像經驗豐富的計程車司機一樣在各種複雜的城市場景中發揮作用。

For our L4 driverless products such as robotech and robobus, the end-to-end model is accompanied with safety critical frameworks to bring humanlike driving experience while maintaining the same high level of safety required by driverless system. They are available in our latest version of robotaxi GXR, which is currently running in multiple countries.

對於我們的 L4 無人駕駛產品，例如 robotech 和 robobus，端到端模型伴隨著安全關鍵框架，以帶來類似人性化的駕駛體驗，同時保持無人駕駛系統所需的相同高安全水平。它們在我們最新版本的 robotaxi GXR 中可用，該產品目前正在多個國家運行。

We have also achieved several key breakthroughs in product development in 2024. First and foremost, as mentioned at the beginning, we unveiled our newly, our new purpose-built robotaxi, the GXR. It is carefully tailored for scalable and driverless operation with an improved redundant system.

2024年，我們在產品開發方面也取得了幾項關鍵突破。首先，如同開頭所提到的，我們推出了全新的專用機器人計程車 GXR。它經過精心定制，具有改進的冗餘系統，可用於可擴展和無人駕駛操作。

It features an industry leading L4 drive-by we chassis architecture, spacious seating design, and WeRide proprietary sensor suite 5.6. With an auto-grid computing power of 1,300 tops, GXR is able to handle the highest level of complexity. We have also put into further consideration of user experience such as designated carry-on luggage area, a gradual stop button, and an electrical power sliding door.

它採用業界領先的L4級自動駕駛底盤架構、寬敞的座椅設計，以及文遠知行WeRide專有的5.6感光元件套件。 GXR 擁有最高 1,300 的自動網格運算能力，能夠處理最高複雜度。我們也進一步考慮了使用者體驗，例如指定隨身行李區域、逐漸停止按鈕和電動滑動門。

GXR has started serving citizens in Beijing in this February and will soon be deployed in Guangzhou and Abu Dhabi. With this ground breaking product, we are going to redefine autonomous driving experience by providing a safer and more comfortable mobility option. In other L4 segments, we extended our product family by releasing a new robosweeper, the S1, and a new robot one on the W5. Both represent our customer-centric productization philosophy.

GXR已於今年2月開始為北京市民提供服務，並將很快在廣州和阿布達比部署。透過這款突破性的產品，我們將提供更安全、更舒適的出遊選擇，重新定義自動駕駛體驗。在其他 L4 領域，我們透過發布新款掃地機器人 S1 和新款 W5 掃地機器人，擴展了我們的產品系列。兩者都代表了我們以客戶為中心的產品化理念。

S1 robosweeper complements and is deployed alongside our larger S6 global sweeper. It can navigate smoothly in narrow space while effectively cleaning various road surface W5 features the largest cargo capacity in its class, making it fit for various point to point logistic scenarios. We have seen strong demand just one month after we introduced the W5 Global one. These innovations expand our addressable market, enhance our capabilities, and offer to create additional revenue streams beyond our call taxi business.

S1 機器人掃地機是我們更大型的 S6 全球掃地機的補充，與其一起部署。它能在狹窄空間內平穩行駛，同時有效清潔各種路面。 W5擁有同級最大的載貨容量，適合各種點對點物流場景。我們在推出W5 Global後僅一個月就看到了強勁的需求。這些創新擴大了我們的目標市場，增強了我們的能力，並為我們在叫車業務之外創造了額外的收入來源。

As we look forward to the remainder of 2025, our strategy will focus on setting the stage for future growth through multiple coordinated initiatives. We are preparing to take advantage of the recovery of domestic market and expanding our process internationally. In tandem, we will continue to diversify our revenue streams through product innovation and upgrade.

展望 2025 年剩餘時間，我們的策略將專注於透過多項協調措施為未來成長奠定基礎。我們正準備利用國內市場的復甦，將我們的工藝拓展到國際上。同時，我們將繼續透過產品創新和升級來實現收入來源多元化。

Finally, we are committed to scaling our global tax fleet to a meaningful size that drives operational efficiencies and strengthens our industry leadership. These efforts will lead to sustainable long-term growth.

最後，我們致力於將我們的全球稅務團隊擴大到有意義的規模，以提高營運效率並加強我們的行業領導地位。這些努力將帶來可持續的長期成長。

With that, I will now turn the call over to our CFO Jennifer Lee, to discuss our financial.

說完這些，我現在將電話轉給我們的財務長 Jennifer Lee，討論我們的財務狀況。

Thank you, Tony. Hello, everyone. Before we get into the financials, please know that all amounts are in RMB and all comparisons are on year-over-year basis unless otherwise stated.

謝謝你，托尼。大家好。在我們了解財務數據之前，請注意，除非另有說明，所有金額均以人民幣計算，所有比較均為同比計算。

Now let's go through our fourth quarter and full year 2024 financial performance. In 2024, we reached record breaking global tax revenue and achieved the highest international revenue since our funding. Total revenue for the fourth quarter decreased by 3% to RMB141 million, primarily due to a decline in our service revenue, which was partially offset by the growth in product revenue.

現在讓我們來看看我們 2024 年第四季和全年的財務表現。2024年，我們的全球稅收收入創歷史新高，並取得了成立以來的最高國際收入。第四季總收入下降3%至人民幣1.41億元，主要由於服務收入的下降，但產品收入的成長部分抵消了這一下降。

For the full year of 2024, total revenue was RMB361 million. By revenue type, product revenue saw substantial growth, increasing by 46% to RMB52 million for the fourth quarter. This growth was mainly driven by a significant rise in the sale of robotaxi, roboSweepper, and robovan during the quarter, although partially offset by a decrease in revenue from the sale of robobuses.

2024年全年總收入為3.61億元。從營收類型來看，產品收入大幅成長，第四季成長46%至5,200萬元。這一增長主要得益於本季 robotaxi、roboSweepper 和 robovan 銷量的大幅增長，儘管被 robotbuses 銷售收入的下降部分抵消。

Service revenue, on the other hand, decreased to RMB89 million, mainly because customized R&D service for certain clients were completed during the previous quarter, with renewed contract expected to take effect in 2025.

另一方面，服務收入減少至人民幣 8,900 萬元，主要因為上一季完成了部分客戶的客製化研發服務，預計續約將於 2025 年生效。

For the full year of 2024, product revenue increased by 62% to RMB88 million, while service revenue decreased by 21% to RMB273 million. In terms of gross margins, product growth margin was 17% and service growth margin was 48% for Q4. For the full year, gross margin for products and services were 18% and 35% respectively.

2024年全年產品收入成長62%至8,800萬元人民幣，服務收入下降21%至2.73億元。毛利率方面，第四季產品成長率為17%，服務成長率為48%。全年產品和服務毛利率分別為18%和35%。

Now turning into our operating expenses. In the fourth quarter, operating expense rose by 82% to RMB640 million for the full year of 2024. The operating expense increased by 32% to RMB2.3 billion. The change was mainly due to a higher personnel related expense for both Q4 and the full year, as well as an increase in share-based compensation, which we will refer to as SBC from here on.

現在變成我們的營運費用。第四季度，2024年全年營業費用上漲82%至6.4億元。營業費用增加32%至人民幣23億元。這項變更主要是由於第四季和全年人員相關費用的增加，以及股權激勵費用的增加（下文我們稱之為 SBC）。

We believe that this increased operating costs will moderate relative to the market, and it will position the right for growth at scale, enabled us to build strong distribution network and become front runner in deploying our products in more international markets with better profit margin and significant growth potential.

我們相信，增加的營運成本相對於市場而言將有所緩和，並將為規模成長奠定基礎，使我們能夠建立強大的分銷網絡，並成為在更多國際市場上部署我們的產品的領先者，擁有更好的利潤率和巨大的成長潛力。

Breaking this further down, R&D expenses increased by 32% to RMB320 million in Q4 and increased by 3% to RMB1.1 billion for the full year of 2024, excluding SBC. R&D expense increased by 57% to RMB284 million in Q4 and increased by 39% to RMB857 million for the full year of 2024.

進一步細分，第四季研發費用成長 32% 至人民幣 3.2 億元，不包括 SBC，2024 年全年研發費用成長 3% 至 11 億元。第四季研發費用成長57%至人民幣2.84億元，2024年全年研發費用成長39%至人民幣8.57億元。

R&D expense grew as we continue to invest in attracting industry leading talents to constantly improving our tech technical capabilities and products, as well as launching new innovative autonomous driving products and services.

研發費用的成長源自於我們持續投入吸引業界領先人才，不斷提升我們的技術能力和產品，以及推出新的創新自動駕駛產品和服務。

Administrative expense increased by 205% to RMB305 million in Q4 and increased by 82% to RMB1.1 billion for the full year of 2024, excluding SBC, administrative expense increased by 63% to RMB66 million in Q4 and increased by 26% to RMB201 million for the full year of 2024.

第四季管理費用成長205%至3.05億元人民幣，2024年全年管理費用成長82%至11億元人民幣，若不包括SBC，第四季管理費用成長63%至6,600萬元人民幣，2024年全年管理費用成長26%至2.01億元人民幣。

The increase was primarily due to our continuous effort to execute our growth strategy, strengthening our organizational infrastructure, and recruit key employees across relevant functions. We also face higher professional services fee compared to previous quarters as we transition to being a public listed company.

成長主要歸功於我們持續努力執行成長策略，加強組織基礎設施，並招募相關職能部門的關鍵員工。隨著我們轉型為上市公司，與前幾季相比，我們也面臨更高的專業服務費用。

Selling expenses increased by 52% to RMB15 million in Q4 and increased by 29% to RMB14 million to RMB54 million for the full year of 2024, excluding SBC selling expenses were up 71% and 74% for the quarter and for the full year respectively.

第四季銷售費用成長52%至1,500萬元人民幣，2024年全年銷售費用成長29%至1,400萬元人民幣至5,400萬元人民幣，不包括SBC的銷售費用當季及全年分別成長71%及74%。

This increase reflects our continuous expansion of the sales and for initiative to promote the advantage of our autonomous driving products and services, as well as efforts to build brand awareness. With this increased spending, we successfully launched more commercial projects across multiple cities in China and rapidly expand our presence in key markets in Europe, the Middle East, and Asia.

這一成長反映了我們不斷擴大銷售額、積極推廣自動駕駛產品和服務優勢以及努力打造品牌知名度。透過增加支出，我們成功地在中國多個城市啟動了更多商業項目，並迅速擴大了我們在歐洲、中東和亞洲主要市場的影響力。

Our net loss increased by 66% to RMB592 million in Q4 and increased by 29% to RMB2.5 billion for the full year of 2024 on a non-IFRS basis, which excludes certain factors as outlined in our earning relief and corresponding US SEC filings. The net loss increased by 112% to RMB246 million for Q4 and increased by 60% to RMB802 million for the full year of 2024.

以非國際財務報告準則計算，我們的淨虧損在第四季度增加 66% 至人民幣 5.92 億元，2024 年全年增加 29% 至人民幣 25 億元，這不包括我們的盈利減免和相應的美國證券交易委員會文件中概述的某些因素。第四季淨虧損擴大112%至2.46億元人民幣，2024年全年淨虧損擴大60%至8.02億元。

As of December 31, 2024, we hold RMB4.9 billion in cash equivalent, and time deposits along with RMB40 million in restricted cash and RMB1.7 billion in financial assets measured at fair value for profit and loss. We expect our solid cash position will allow us to sustain ongoing R&D efforts and extend deployment of our autonomous driving vehicles across more cities. We believe this investment will yield significant commercial returns in the coming years.

截至 2024 年 12 月 31 日，我們持有人民幣 49 億元現金等價物、定期存款、人民幣 4,000 萬元受限現金及人民幣 17 億元以公允價值計量且其變動計入損益的金融資產。我們預計，穩固的現金狀況將使我們能夠維持持續的研發工作，並將我們的自動駕駛汽車部署到更多城市。我們相信這項投資將在未來幾年產生可觀的商業回報。

In closing, 2024 was a strong year for our company. WeRide has launched autonomous driving testing and the operation in 10 countries, achieved record breaking robotaxi revenue, and the highest international revenue. Our strategic investment in research and development and other key areas have led to innovative autonomous driving products and expanded global deployment.

最後，2024 年對我們公司來說是強勁的一年。文遠知行目前已在10個國家進行自動駕駛測試及運營，實現了Robotaxi營收破紀錄，國際營收最高。我們對研發等重點領域的策略性投入，帶來了創新的自動駕駛產品和擴大的全球佈局。

Looking ahead, we have a robust pipeline of opportunities to work on in 2025, which we believe will drive the development of advanced technology, shaping not only the future of our company but also the future of the autonomous driving industry. With that operator, we are now ready to take on questions.

展望未來，2025年，我們有大量的機會可供利用，我們相信這些機會將推動先進技術的發展，不僅塑造我們公司的未來，也塑造自動駕駛產業的未來。有了這個接線員，我們現在就可以回答問題了。

(Operator Instructions)

（操作員指令）

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

Hi, this is Tian from MSL. Thanks for taking my questions and congratulations on [NaO] project practices, globally. So, I have two questions. So, the first question. It's about revise this business model because we noticed, the industry has been evolving rapidly.

大家好，我是 MSL 的 Tian。感謝您回答我的問題，並祝賀[NaO]計畫在全球的實踐。所以，我有兩個問題。那麼，第一個問題。這是關於修改這個商業模式，因為我們注意到，這個行業一直在快速發展。

So we definitely want to know that what is the revise current local taxi business model and could management team also share the latest progress. I think that Tony has mentioned several exciting breakthroughs, about what could be the next? So that's my first question.

所以我們肯定想知道目前當地計程車商業模式的修改情況，管理團隊是否也可以分享最新進展。我認為托尼已經提到了幾個令人興奮的突破，下一個會是什麼？這是我的第一個問題。

Thank you, Tim. I'll take the first question. Our robotax business model is quite unique for others. For international markets outside China, we provide autonomous vehicles and services to local partners and global platform through a combination of selling the vehicles, charging a fixed service fee, and a revenue sharing arrangement.

謝謝你，提姆。我來回答第一個問題。我們的 robotax 商業模式對其他人來說非常獨特。對於中國以外的國際市場，我們透過銷售車輛、收取固定服務費和收入分成安排等方式向當地合作夥伴和全球平​​台提供自動駕駛汽車和服務。

This ensures we have a positive contribution margin from day one. Our strategy focuses on collaborating with leading platform in each market so that we can achieve faster robot taxi deployment, better utilization of robotaxi fleet, and stronger pricing power. Our goal is to establish a presence in core cities, moving from zero to one to capture the total stressful market for autonomous vehicles. We're expanding globally with certain overseas markets offer very attractive unit economic and time.

這確保我們從第一天起就有正的貢獻利潤。我們的策略專注於與每個市場的領先平台合作，以便我們能夠實現更快的機器人計程車部署、更好的機器人計程車車隊利用率和更強的定價能力。我們的目標是在核心城市建立業務，從零到一，佔領整個自動駕駛汽車市場。我們正在進行全球擴張，某些海外市場提供了非常有吸引力的單位經濟和時間。

While China provides very rich scenarios to prove and refine our technology and products. For example, in the Middle East, we partnered with Uber to launch commercial robotaxi services starting from December 2024 in Abu Dhabi. To the best of our knowledge, this is the largest commercial robotaxi service outside the US and China. We will continue to increase the fleet to 50 robotaxis by mid-2025 and improve operation by increasing pickup and drop-off points and operation areas.

而中國提供了非常豐富的場景來驗證和完善我們的技術和產品。例如，在中東，我們與 Uber 合作，從 2024 年 12 月開始在阿布達比推出商業機器人計程車服務。據我們所知，這是美國和中國以外最大的商業機器人計程車服務。到 2025 年中期，我們將繼續將車隊規模擴大到 50 輛機器人計程車，並透過增加接送點和營運區域來改善營運。

Another example is that we began working on pilot testing of robotaxi in Switzerland, with the largest local operator, and we expect to start open to public trial this year. Yeah, Also, in China, we run our own platform, we go to offer robotaxi services to users directly. We expect Unit Economic for robotaxi in first year cities in China to turn positive in the coming years. We plan to evolve to involve third party asset owners to purchase the fleet and operate them on our platform by then.

再例如，我們開始與瑞士當地最大的業者合作進行robotaxi的試點測試，預計今年開始公開試用。是的，此外，在中國，我們有自己的平台，直接向使用者提供機器人計程車服務。我們預計，未來幾年中國首批城市自動駕駛計程車的單位經濟效益將轉為正值。我們計劃到時候讓第三方資產所有者購買船隊並在我們的平台上運作。

In short, our goal is to maintain and as a life model and to scale the robotic lied as much as possible.

簡而言之，我們的目標是維持並盡可能地將機器人模型擴大規模。

Thanks for the detailed information and sharing. Just a quick follow-up, on robotaxi because we think that robotaxis, as Tony mentioned, remains the revise core business and a very topical these days. Could you elaborate a bit more about WeRide's current market position, in robotaxi industry, probably both domestically and globally? That's my second question.

感謝您的詳細資訊和分享。關於機器人計程車，讓我們來快速跟進一下，因為我們認為，正如 Tony 所提到的，機器人計程車仍然是修訂的核心業務，並且是當今非常熱門的話題。您能否詳細介紹一下文遠知行目前在自動駕駛計程車產業的市場地位，包括國內和全球的市場地位？這是我的第二個問題。

Okay, I will take this question. So, first of all I think wea is definitely in a leading position in robotaxi segment. So, I will explain more in details. First of all, I think we write maintain her global leadership in both technology and commercialization.

好的，我願意回答這個問題。所以，首先我認為WEA在Robotaxi領域絕對處於領先地位。因此，我將更詳細地解釋。首先，我認為我們應該在技術和商業化方面保持其全球領先地位。

And if you really look into the numbers, so far, we deployed one of the largest fleet globally with the best safety records. As I mentioned in the opening remarks, we are the only company back to our best knowledge that hold a track record of zero regulatory displaying caused by ADAS system failure. So that is an amazing number.

如果你認真研究這些數字，你會發現到目前為止，我們部署的機隊是全球最大的機隊之一，擁有最好的安全記錄。正如我在開場白中提到的，據我們所知，我們是唯一一家擁有因 ADAS 系統故障而導致監管顯示為零記錄的公司。這是一個驚人的數字。

And also, we are the only company that holds autonomous driving permits from four countries. We test and operate in various complex environments with dense population and that one is actually a best testament of our, a testament of our technological leadership and with our various products, including robotaxi and robovan. You can find like our robotaxi operation is highly scalable because we really build a very rigorous operating setup, including remote assistance center, fleet management system, and a fail operation design.

而且我們是唯一一家擁有四個國家自動駕駛許可證的公司。我們在各種人口密集的複雜環境中進行測試和運營，這實際上是我們技術領先地位的最佳證明，也是我們各種產品（包括 robotaxi 和 robovan）的證明。您會發現我們的機器人計程車營運具有高度的可擴展性，因為我們確實建立了非常嚴格的營運設置，包括遠端協助中心、車隊管理系統和故障營運設計。

We also, over the years, we have established streamlined SOP that enables successful developments in any new city within one month. We have launched a purposely built and cost-effective car model GXR that ensures safe and reliable driving performance at a large scale and last and also most important since the foundation of WeRide eight years ago, we always treat technology at the base of the whole company.

多年來，我們也建立了精簡的標準作業程序，使得任何新城市都能在一個月內成功開發。我們推出了專門打造的高性價比車型GXR，在大規模上確保了安全可靠的駕駛性能，最後也是最重要的，自文遠知行成立八年以來，我們始終把技術放在整個公司的基礎之上。

We don't devote tremendous efforts lots of research, efforts, lots of, fun fundings for R&D and we really put huge efforts to recruit talents. All of this finally result in a very, very advanced global taxi, technology, which reflects our performance and if you look at our current safety standards that reflects our technology advance so in so.

我們並沒有投入大量的精力、大量的研究、大量的資金用於研發，而是投入了巨大的精力去招募人才。所有這些最終造就了非常非常先進的全球計程車技術，這反映了我們的表現，如果你看看我們目前的安全標準，這反映了我們的技術進步。

With all of these results I do believe WeRide is definitely in a leading position.

憑藉這些成績，我確實相信文遠知行 (WeRide) 絕對處於領先地位。

Thank you, Tony, for the great callers and congratulations again for the remarkable recipe in the global market.

謝謝托尼的來電，再次恭喜這個配方在全球市場上取得了卓越的成績。

Jia Zheng, JP Morgan.

賈政，摩根大通。

Yes, thank you for taking my questions. This is from JP Morgan. First of all, congrats on your recent encouraging business development and expansion in global markets. I have two questions. The first one is, while scaling global taxi operation in both domestic and overseas markets, what major challenges do you foresee? And the second question is how do you view the future competitive landscape from here?

是的，感謝您回答我的問題。這是來自摩根大通的。首先，恭喜貴公司近期在全球市場的業務發展和擴張令人鼓舞。我有兩個問題。第一個問題，在國內和海外市場擴大全球計程車營運的同時，您預見哪些主要挑戰？第二個問題是，您如何看待未來的競爭格局？

Okay. Let me answer these two questions. I think the first question is really about like challenging in scaling global tech operation. That is a great question, and I think that is the challenges facing all the autonom driving company who has a business in robotaxi.

好的。我來回答這兩個問題。我認為第一個問題其實是關於擴大全球技術營運所面臨的挑戰。這是一個很好的問題，我認為這是所有在機器人計程車領域開展業務的自動駕駛公司面臨的挑戰。

And to WeRide that we believe these challenges also introduced lots of opportunities. Why? Because if you can conquer these challenges and handle the challenges very well, and the way you handle it become the mold of your business most specifically, city level opening up is necessary is necessary for commercial operation at scale. And weide has been known to be very good at taking this step by step.

對文遠知行來說，我們相信這些挑戰也帶來了許多機會。為什麼？因為如果你能夠克服這些挑戰並且很好地處理這些挑戰，並且你處理這些挑戰的方式成為你的業務的模式，那麼城市層面的開放對於規模化的商業運營是必要的。而眾所周知，Weide 非常擅長一步步實現這一目標。

Most authorities like municipal governments or state governments will prefer a responsible approach when they adopt AV and WeRide has a way to gradually introduce autonomous driving product like we can always introduce robosweeper at first and also fix up minibus, which, the challenges for safety for this product are relatively low compared to the requirements for local taxi but with this progress, progressive approach.

大多數政府部門，例如市政府或州政府，在採用自動駕駛汽車時都會採取負責任的方式，而文遠知行有辦法逐步推出自動駕駛產品，就像我們可以先推出掃地機器人，也可以修理小型巴士一樣，與當地出租車的要求相比，這類產品的安全挑戰相對較低，但隨著這種進步，我們會採取漸進式的方法。

We can gradually build up the mutual trust and actually, show the local government like our technology safe, and then we can gradually introduce robotaxi at a scale and new crystal challenges will emerge at each of the scale like when you deploy a 1,000, 10,000, and 100,000 levels of fleet size.

我們可以逐步建立相互信任，並真正向當地政府展示我們的技術是安全的，然後我們可以逐步大規模引入機器人計程車，並且在每個規模上都會出現新的挑戰，例如當你部署 1,000、10,000 和 100,000 級的車隊規模時。

And so, the backbone is really about the robustness and of your technology and how safe can you maintain your robotaxi fleet during the operation. With our tracker record, I think we have already shown we can handle this challenge, pretty well. Okay, that's, that is my answer to the first question about the, about challenging for gaining global tax operation.

因此，骨幹力量實際上在於您的技術的穩健性，以及您在營運過程中如何維護您的自動駕駛計程車車隊的安全。根據我們的記錄，我想我們已經證明我們可以很好地應對這項挑戰。好的，這就是我對第一個問題的回答，關於挑戰獲得全球稅收運作。

The second question is really about future competitive landscape and as I mentioned but during my answer of the first question, like global taxi has a very high entry barrier. So for a huge market, but there's, for such a huge market and there's to our best knowledge, there's only a hand of a handful of top players, maybe four or five. We are is one of the pioneers and it's very unlikely foresee any newcomers with a significant impact some peers.

第二個問題其實是關於未來的競爭格局，正如我在回答第一個問題時提到的，全球計程車的進入門檻非常高。對於這麼大的市場來說，據我們所知，只有少數幾家頂級企業，大概四、五個。我們是先驅者之一，不太可能預見任何新來者對同行產生重大影響。

Actually are doing a remarkable jobs, which propel the health development of the whole industry. For example, way more in San Francisco is very exciting. And we also committed to make our own contribution. We believe that global taxi represents a fundamental shift of core capability compared to traditional ride-hailing, which heavily relies on human element.

確實做出了卓越的成績，推動了整個產業的健康發展。例如，舊金山的更多方式非常令人興奮。我們也承諾做出自己的貢獻。我們認為，與嚴重依賴人為因素的傳統叫車服務相比，全球計程車代表著核心能力的根本轉變。

So I believe like, for the winning robot, robotaxi company, they have to adopt lots of cutting edge AI technology and luckily. WeRide has adopt VLA model, end-to-end model and also word model. All of this, large language model-based technique facilitate our robotaxi operation and guarantee our safety.

因此我相信，要想取得成功，機器人計程車公司必須採用大量尖端的人工智慧技術，而且幸運的是。文遠知行WeRide採用了VLA模型、端對端模型、世界模型。這一切，基於大型語言模型的技術促進了我們的自動駕駛計程車的運作並確保了我們的安全。

We are well positioned to tell our leadership, what differentiates us is our technology and the business flywheel enabled by our comprehensive skill set and I think we will continue to improve our technology and with our fast, very fast-paced technology development, I think we will maintain our leading position. So in future, I do believe we will keep our leading position in robotech business.

我們可以很好地告訴我們的領導層，我們的與眾不同之處在於我們的技術和由我們全面的技能所驅動的業務飛輪，我認為我們將繼續改進我們的技術，憑藉我們快速、非常快節奏的技術發展，我認為我們將保持領先地位。所以在未來，我相信我們將在太空堡壘業務中保持領先地位。

All right. Thank you.

好的。謝謝。

Li Ping Zhao, CICC.

趙李平，中金公司。

Okay, good evening, Tony, and Jennifer. I also got two questions here and thanks for taking my questions. The first question is for the robotaxi business. What's your current cost and path to profitability and how big a fleet can achieve the breakeven?

好的，托尼和詹妮弗，晚上好。我這裡也有兩個問題，謝謝您回答我的問題。第一個問題是關於自動駕駛計程車業務的。您目前的成本和獲利途徑是什麼，多大的車隊才能達到損益兩平？

And second question is about the overseas expansion. So, in general, why do you expand your business in so many countries instead of focusing on the domestic market?

第二個問題是關於海外擴張。那麼，總的來說，為什麼你們要在這麼多國家擴展業務，而不是專注於國內市場？

I'll take the first question.

我來回答第一個問題。

We believe in operating as part of a hybrid fleet as that will afford us to better ramp up the schedule and utilization of the global taxi fleet that said, our business model is not to be an operator outside China, so our margin is positive on day one.

我們相信作為混合車隊的一部分進行運營，因為這將使我們能夠更好地提高全球出租車隊的時間表和利用率，也就是說，我們的商業模式不是成為中國以外的運營商，因此我們的利潤率在第一天就是正的。

As of the bond cost, our current bond is highly competitive. We understand certain tiers unit cost goes over like $150,000. Well, ours is substantially much lower and it's still reducing. This is mainly benefiting from the mature and advanced eBay supply chain in China.

就債券成本而言，我們目前的債券極具競爭力。我們了解到某些層級的單位成本超過 15 萬美元。嗯，我們的數字要低得多，而且還在減少。這主要受惠於eBay在中國成熟、先進的供應鏈。

At the break even, it varies by market and by the business model, but in our target market, autonomous vehicle operating alongside human drivers in a hybrid mode, it can achieve quickly, quick profitability due to guaranteed utilization, like for instance, in high costs markets like say some of the European countries and some Middle East countries, we expect the operating profit margin of approximately 60% by 2030.

損益平衡點因市場和商業模式而異，但在我們的目標市場中，即自動駕駛汽車與人類駕駛員以混合模式共同行駛時，由於利用率有保證，它可以快速實現盈利，例如在高成本市場，例如一些歐洲國家和一些中東國家，我們預計到 2030 年的營業利潤率將達到約 60%。

So in terms of break even, as long as the utilization of robotax is high, breakeven is achievable even with a small robotech lead in a new city. However, if like say a robotaxi player, operates on its own platform in a small zone, for example, in 1/4 or 1/6 of a city area, it's relatively difficult to have a high utilization rate unless, they have a huge discount and the healing price is very low.

因此從損益平衡的角度來看，只要 robotax 的利用率很高，即使在新城市中 robottech 的領先優勢很小，也可以實現損益平衡。但如果像robotaxi這種公司，在自己的平台上，只在很小的一個區域運營，比如說一個城市面積的1/4或者1/6，那麼就很難有很高的利用率，除非他們有很大的折扣，而且修復價格很低。

Either way, it's pretty hard to to operate in a smaller zone on its own platform and to achieve quick even. This is why we will prefer the hybrid mode for outside China.

無論如何，在自己的平台較小的區域內運作並實現快速平衡都是相當困難的。這就是為什麼我們在中國以外地區會更傾向於採用混合模式。

Tony, you want to take the second question?

東尼，你想回答第二個問題嗎？

Okay, I'll take the second question. So, if I remember correctly, the second question is really about, why not just focusing on the domestic market. Well, first of all, I think, it's very natural if you can do well in both global market and domestic market, why not do well in both. Actually, look at our track record. And our numbers, I think we can say we do well in both markets. So, there are several reasons why we can do well in both markets with a relatively lean team.

好的，我來回答第二個問題。所以，如果我沒記錯的話，第二個問題其實是為什麼不只關注國內市場。首先，我認為，如果你能在全球市場和國內市場都做得很好，那麼為什麼不在兩個市場都做得很好呢？實際上，看看我們的過往記錄。從我們的數據來看，我認為我們可以說在兩個市場都表現良好。因此，我們能夠以相對精簡的團隊在兩個市場都取得良好業績的原因有幾個。

But the fact is we do believe we can do well in both markets and so one reason is like, we have a kind of a very general, very universal foundation model and, we build up our auto drive technology from just the same set of code library and then branch out for different products that's one unique advantage of revise.

但事實上，我們確實相信我們可以在兩個市場上都做得很好，原因之一是，我們有一個非常通用的基礎模型，我們從同一套程式碼庫中建立我們的自動駕駛技術，然後分支出不同的產品，這是 Revise 的獨特優勢之一。

And besides, we observe a strong demand from countries that are facing challenges of aging population and rising labor costs such as Singapore, Japan, European countries. So, they usually tradition, they are very good market. We can Definitely generating enough profit margin and so with this kind of good market and there are not very strong autonomous driving vehicle company can deploy there.

此外，我們也發現，面臨人口老化和勞動成本上升挑戰的國家（如新加坡、日本、歐洲國家）的需求強勁。所以，他們通常是傳統，他們是非常好的市場。我們肯定可以產生足夠的利潤率，因此在這種良好的市場中，並且沒有非常強大的自動駕駛汽車公司可以在那裡部署。

So that is definitely a natural market for we right and we also believe this is a definitely a favorable window to engage local stakeholders such as a first mover and shape local regulatory framework of our autonomous driving vehicle.

所以這對我們而言絕對是一個自然的市場，我們也相信這絕對是一個有利的窗口，可以吸引當地利益相關者，例如先行者，並塑造我們自動駕駛汽車的當地監管框架。

And besides a multi multi-market approach helps us diversify our revenue streams as I mentioned in the opening remarks, and that can improve our resilience against single market fluctuation. If you look at numbers, international markets represent 10% to 30% higher growth margin than the domestic market, leveraging the robustness of our products.

此外，正如我在開場白中提到的那樣，多元化市場方法有助於我們實現收入來源多樣化，並可以提高我們抵禦單一市場波動的能力。從數字上看，國際市場的成長幅度比國內市場高出 10% 到 30%，這得益於我們產品的穩健性。

So with all of these reasons, I think we can definitely do well both in domestic market and in global market, and we have unparalleled unique advantages to do both markets very well.

所以基於所有這些原因，我認為我們絕對能夠在國內市場和全球市場都做得很好，而且我們擁有無與倫比的獨特優勢，可以很好地做好兩個市場。

Got it. Thanks, Tania, and Jennifer. That's very helpful.

知道了。謝謝，塔妮亞和珍妮佛。這非常有幫助。

Ting Song of Goldman Sachs.

高盛的宋婷。

Thanks for taking my question. Congratulations on all the progress. So, I have two questions. The first one is, you have launched a robotech GXR and robovan W5. So, what will be your next milestone regarding technology and product development?

感謝您回答我的問題。祝賀您取得的所有進展。所以，我有兩個問題。第一個是，你們推出了 robottech GXR 和 robovan W5。那麼，您在技術和產品開發方面的下一個里程碑是什麼？

And the second question is, you just mentioned that you have started to deploy end-to-end models and VLM in your L4 system. Could you elaborate more on this, on how you could further develop your technology?

第二個問題是，您剛才提到您已經開始在 L4 系統中部署端對端模型和 VLM。您能否進一步詳細說明如何進一步開發您的技術？

So, since these two questions are technology related, so I will cover this question. Thank you for the question.

因此，由於這兩個問題與技術有關，所以我將介紹這個問題。感謝您的提問。

So I think that there are many exciting developments over the last year. So, I just want to highlight a couple of them. So, in 2025, we plan to deploy hundreds of vehicles across multiple cities, worldwide. So our next generation AV system will incorporate advanced high dynamic range cameras solid state ladders, as well as auto-grid compute units. So I think that these upgrades will significantly reduce the total bomb cost while enhancing our overall system reliability.

所以我認為過去的一年裡有很多令人興奮的發展。因此，我只想強調其中的幾個。因此，到 2025 年，我們計劃在全球多個城市部署數百輛汽車。因此，我們的下一代 AV 系統將採用先進的高動態範圍攝影機固態梯子以及自動網格計算單元。因此我認為這些升級將顯著降低炸彈的總成本，同時增強我們整體系統的可靠性。

And ensuring a robust and a cost effective solution for autonomous mobility. So next regarding the computer unit, we have established the strategic partnership with the Lenovo to implement an Nvidia drive so platform and could develop a next generation domain controller. This auto graded domain controller will feature Nvidia's latest, Blackwell architecture system on chip.

並確保為自主移動提供強大且經濟有效的解決方案。接下來關於電腦部門，我們與聯想建立了策略合作夥伴關係，以實施 Nvidia 驅動平台並開發下一代網域控制器。這個自動分級網域控制器將採用 Nvidia 最新的 Blackwell 架構系統單晶片。

It was engineered for L4 autonomous driving and we anticipate that deploying this cutting edge technology in our commercial robotaxi fleet by the second half of this year. I also want to talk a little bit about our data and the models by leveraging the extensive data collected from both ADAS and L4 vehicles, we are accumulating millions of long tail traffic scenarios.

它是為 L4 自動駕駛而設計的，我們預計將在今年下半年在我們的商用機器人計程車車隊中部署這項尖端技術。我還想談談我們的數據和模型，透過利用從 ADAS 和 L4 車輛收集的大量數據，我們累積了數百萬個長尾交通場景。

Those data sets will be integrated into our vision language models to encode a complex urban driving environment. As a result, our autonomous driving system will achieve unparalleled capability in navigating intricate urban scenarios, demons demonstrating the skill and the intuition of an experienced taxi driver.

這些數據集將被整合到我們的視覺語言模型中，以編碼複雜的城市駕駛環境。因此，我們的自動駕駛系統將在複雜的城市場景中實現無與倫比的導航能力，展現經驗豐富的計程車司機的技能和直覺。

So we are committed to advancing autonomous driving technology, driving innovation and delivering scalable, reliable solutions for the future of mobility. I think the second question is about how do we deploy the end-to-end models and how do we, train and deploy the VLM to our you know ADAS system.

因此，我們致力於推進自動駕駛技術，推動創新並為未來的行動移動提供可擴展、可靠的解決方案。我認為第二個問題是我們如何部署端到端模型以及如何訓練和部署 VLM 到我們的 ADAS 系統。

So actually we began developing end-to-end models approximately a year and a half ago. Initially targeting our ADAS system. So the result was remarkable with the end-to-end system demonstrating exceptional, maneuverability and the level of naturalism that exceeded our expectations. We were truly encouraged by those outcomes.

實際上，我們大約一年半前就開始發展端到端模型。最初針對的是我們的 ADAS 系統。因此，結果非常出色，端到端系統表現出卓越的可操作性和自然度，超出了我們的預期。這些結果確實讓我們深受鼓舞。

So we started integrating the end-to-end model into our L4 framework as an additional path planning method. So by combining those approach with the conventional modular design of the air force stack, we achieved an optimal balance between safety and comfort in our hybrid system.

因此，我們開始將端到端模型整合到我們的 L4 框架中，作為附加的路徑規劃方法。因此，透過將這些方法與空軍堆疊的傳統模組化設計相結合，我們在混合系統中實現了安全性和舒適性之間的最佳平衡。

Over time, we have observed the growing trend where the AI generated the path were increasingly selected as the final decision by the AV system that actually validates the effectiveness of this approach. So, more recently, we were inspired about the by the recent development of larger language models. We have incorporate incorporated vision language models.

隨著時間的推移，我們觀察到一種日益增長的趨勢，即人工智慧生成的路徑越來越多地被 AV 系統選為最終決策，這實際上驗證了這種方法的有效性。因此，最近我們受到了更大的語言模型的最新發展的啟發。我們已經融入了視覺語言模型。

Also known as the VRMs. As a foundational frame framework for our end-to-end system. The VRM is pre-trained on a vast array of internet data enabling to encode a broad understanding of world knowledge. So this foundation is then fine-tuned using nearly a million hours of meticulously curated autonomous driving data. This dual phase training ensures that the method not only protected a general comprehension of the world but also deep specialized insights into driving dynamics.

也稱為 VRM。作為我們端到端系統的基礎架構。VRM 經過大量網路資料的預先訓練，能夠對世界知識進行廣泛的理解。因此，我們利用近百萬小時精心整理的自動駕駛數據來微調這個基礎。這種雙階段訓練確保該方法不僅保護對世界的一般理解，而且還保護對駕駛動態的深刻專業見解。

So as a result, our autonomous driving system are capable of navigating complex urban environments with the skill and the intuition of an experienced taxi driver.

因此，我們的自動駕駛系統能夠憑藉經驗豐富的計程車司機的技能和直覺在複雜的城市環境中行駛。

Thank you. That's really helpful.

謝謝。這真的很有幫助。

Xinyu, UBS

新宇, 瑞銀

Hi, thank you for taking my question. This is Xinyu from UBS. I have two questions here. The first one is that we know that ADAS is a very important component of our service income.

你好，謝謝你回答我的問題。我是瑞銀的 Xinyu。我有兩個問題。第一個是我們知道ADAS是我們服務收入的一個非常重要的組成部分。

Can you elaborate a little bit more about this ADAS service? How do we partner with us with boss, our partner, and how do tech and technology wise how do our ADAS initiative, interact or transfer for our L4 technology? This is my second question.

能否詳細介紹一下這項 ADAS 服務？我們如何與老闆、我們的合作夥伴合作，以及科技方面我們的 ADAS 如何為我們的 L4 技術發起、互動或轉移？這是我的第二個問題。

Thank you for the question, Xingyu. So we started to co-develop L2+ a solutions with the world's largest tier one supplier Bosch, since 2022. We delivered our first solution for mass production cars within a record breaking 18 months. Our solutions have been deployed on the cherry platform.

謝謝你的提問，星宇。因此我們從2022年開始與全球最大的一級供應商博世共同開發L2+a解決方案。我們在創紀錄的 18 個月內交付了首個針對量產車的解決方案。我們的解決方案已經部署在cherry平台上。

So our system is actually designed to simulate the integrate with our L4 system through a unified architecture. It leverage the same data pipeline, two chains, simulation platform, and offboard the infrastructure.

因此，我們的系統實際上旨在透過統一架構模擬與我們的 L4 系統的整合。它利用相同的數據管道、兩條鏈、模擬平台和場外基礎設施。

So this one size fits all approach allows engineers to efficiently transition between L2, L3 and L4 development. So it enabled rapid rapid iteration and deployment across different targeted platforms. I also want to mention that this insights and expertise gained from our ADAS development have significantly influenced our Air Force deployment.

因此，這種一刀切的方法允許工程師在 L2、L3 和 L4 開發之間有效地過渡。因此它能夠在不同的目標平台上實現快速迭代和部署。我還想提一下，我們從 ADAS 開發中獲得的見解和專業知識對我們的空軍部署產生了重大影響。

For instance, the end-to-end model development for it serves as an alternative for path planning in our ADAS system. Additionally, Our HD mapre solution provides a robust mechanism to verify map accuracy and determine real-time updates during operation.

例如，它的端到端模型開發可作為我們 ADAS 系統中路徑規劃的替代方案。此外，我們的 HD mapre 解決方案提供了強大的機制來驗證地圖準確性並確定操作期間的即時更新。

So the rigorous upgraded standard applied in ADAS have also been instrumental in shaping system requirements defining performance metrics, advancing cutting cutting edges simulation tools, refining our validation framework, and mitigating risk associated with the commercial deployment.

因此，ADAS 中應用的嚴格升級標準也有助於塑造系統需求、定義效能指標、推進尖端模擬工具、改進我們的驗證框架以及降低與商業部署相關的風險。

So I think this symbiotic relationship between our ADAS and airport systems not only accelerates the development but also ensures a consistent level of reliability and safety across all levels of autonomy.

因此，我認為我們的 ADAS 和機場系統之間的這種共生關係不僅加速了發展，而且還確保了各個自主層級上的一致性可靠性和安全性。

So I hope that answers your question.

我希望這能回答你的問題。

Thank you very much for the color. My second question is about our R&D expense. Can we have any color on the R&D expense, going forward, in 2025 or, in more near term over the next few quarters?

非常感謝你提供的顏色。我的第二個問題是關於我們的研發費用。我們能否透露一下 2025 年或未來幾季的研發費用狀況？

I'll take the question. So, our R&D expense increased 3.1% in 2024. It's mainly due to increase in personnel related expense resulting from our expansion of the R&D team as well as the cost of upgrading our sensor suit and hardware design.

我來回答這個問題。因此，我們的研發費用在 2024 年增加了 3.1%。主要是由於我們擴大研發團隊導致的人員相關費用增加以及升級感測器套件和硬體設計的成本。

So we expect our R&D expense to continue to grow at a moderate rates, along with our progress in recruiting top talents to expand our R&D for and also picking up our computer resources throughout the years, we have been very cost cautious and maintained a much lower cash burn rate compared to our global and China peers.

因此，我們預計我們的研發費用將繼續以適度的速度增長，隨著我們多年來在招募頂尖人才以擴大我們的研發和增加我們的電腦資源方面的進展，我們一直非常謹慎地控製成本，並且與全球和中國同行相比，保持了較低的現金消耗率。

So our total liquidity position is around $910 million US dollars, which is like $6.6 billion. As of as of like end of last year, so, we believe that our current capital resource will be sufficient to meet our current and anticipated working capital requirements for the next couple of years, as well as for all the capital expenditure of R&D and the business expansion.

因此我們的總流動資金部位約為 9.1 億美元，即 66 億美元。截至去年年底，我們相信我們目前的資本資源將足以滿足未來幾年的當前和預期營運資本需求，以及研發和業務擴張的所有資本支出。

And in the next few years, we expect to see our, actually to see our business to take off. So, with as we make more commercial results, this, the liquidity position will be even stronger. Yeah, thank you.

在接下來的幾年裡，我們期望看到我們的業務真正起飛。因此，隨著我們取得更多商業成果，流動性狀況將會更加強勁。是的，謝謝。

Thank you very much for the additional color.

非常感謝您添加的顏色。

Jia Qi Huang, SPDBI.

黃佳琪，上海浦東發展銀行

High management. This is Jia from SPDBI, and I've got two questions. My first question is about our business partnership. Could you please share more about our collaboration with like media, Uber, and other key business partners?

高階管理。我是浦項銀行的賈先生，我有兩個問題。我的第一個問題是關於我們的商業夥伴關係。您能否分享更多我們與媒體、Uber 和其他主要業務合作夥伴的合作情況？

Okay. So, I will take this question. So, first of all, I think if you look at major business patterns of WeRide. They are Uber, Nvidia, Bosch, and the [GD] for a reason, many of them are just like top-notch company and a very impactful company. So, I think it's all because of what we write unique technology advance and our great business, operation and our advantages in the market, that.

好的。因此，我將回答這個問題。所以，首先，我認為如果你看看文遠知行 (WeRide) 的主要業務模式。它們是 Uber、Nvidia、Bosch 和 [GD]，其中許多都是頂尖公司和非常有影響力的公司。所以，我認為這一切都歸功於我們獨特的技術進步、我們偉大的業務、營運和我們在市場上的優勢。

All of these tech giants want to work with us. So, for Nvidia, we have very good relationships since the early years, like when we just found [thispo] in Silicon Valley and We have been in touch with Jensen and Janine Hong as an entrepreneur, always proof for the best technology. And at that time, we ride was a startup and those Jensen are the best technology. Today, we still show show the best autonomy driving technology.

所有這些科技巨頭都想與我們合作。因此，對於 Nvidia 而言，我們從早年開始就建立了非常好的關係，例如當我們剛剛在矽谷找到 [thispo] 時，我們一直與 Jensen 和 Janine Hong 作為企業家保持聯繫，始終證明最好的技術。當時，我們 Ride 是一家新創公司，而 Jensen 擁有最好的技術。今天，我們依然展示最好的自動駕駛技術。

So, and the Nvidia become our very early investor and also, we adopt Nvidia's SLC since. Video, error, and then we gradually adopt RNX, RNY, and now, together with Lenovo, we are developing, the newest SLC for both L4 and L3 systems based on them newest soft platform.

因此，Nvidia 成為我們早期的投資者，從那時起我們就採用了 Nvidia 的 SLC。影片、錯誤，然後我們逐漸採用RNX、RNY，現在，我們正在與聯想合作，基於最新的軟平台為L4和L3系統開發最新的SLC。

So, it's, I think our relationship with Nvidia is very strong and, we will continue to use their best SLCs available and to make to facilitate the development of our L4 system. With Uber, there's a, this is definitely a win-win partnership, as I mentioned in the opening remarks, like we are going to, have at least 50 robotaxi in Abu Dhabi by mean of 2025 and the numbers will be only be growing bigger and bigger and you will expect more collaborations and this is definitely a win-win partnership in mid-east and to our best knowledge.

因此，我認為我們與 Nvidia 的關係非常牢固，我們將繼續使用他們最好的 SLC，並促進我們的 L4 系統的發展。與 Uber 合作絕對是一個雙贏的合作夥伴關係，正如我在開場白中提到的那樣，到 2025 年，我們將在阿布扎比擁有至少 50 輛機器人出租車，而且這個數字只會越來越大，您將期待更多的合作，據我們所知，這絕對是中東地區一個雙贏的合作夥伴關係。

This is the first time Uber have autonomous driving com company have their robotaxi hooked up in their platform out of US. And we are really excited about providing globaltech service at larger scale in other regions together with Uber.

這是 Uber 首次在美國以外的自動駕駛汽車公司平台上接取機器人計程車。我們非常高興能與 Uber 合作在其他地區提供更大規模的全球科技服務。

And with the hybrid mode, we can conquer lots of potential challenges if you just homegrown your own global taxi service. So, Uber is definitely a strong partner and luckily and Uber also will only pick the top players and the Uber pick we will have a close partner. We also have very a close partnership with Bosch. Bosch as the number one tier one supplier in the auto industry.

如果您自主開發全球計程車服務，採用混合模式，我們就可以克服許多潛在的挑戰。因此，Uber 絕對是一個強大的合作夥伴，幸運的是，Uber 也只會挑選頂尖的參與者，而 Uber 挑選的將是我們的親密合作夥伴。我們也與博世保持了非常密切的合作關係。博世作為汽車行業排名第一的一級供應商。

Actually set up a lot of standards in a system.

一個體系裡面其實設立了很多的標準。

And.

和。

We are the largest part of Bosch.

我們是博世集團最大的組成部分。

In L2+ at a software stack. And the other system co-developed, co-developed by Uri and Bosch demonstrates top performance in the market in China. And you can see there's some lots of, real-time broadcast. There are head-to-head comparison to Tesla FSC and and then the system developed by Visual and then Bosch just so the shows, so the absolute technology superiority.

在 L2+ 軟體堆疊中。而由優睿和博世聯合開發的另一款系統，在中國市場上表現頂尖。您可以看到有很多即時廣播。與特斯拉 FSC 以及 Visual 開發的系統和博世進行的正面比較表明了其具有絕對的技術優勢。

And also, in future, we will work for the international market together, we are committed to serve a wider base of OEM customers both domestically and internationally with the GDP version, the GXR. We code develop with them. It's really a groundbreaking product and it's a purposely built autonomous driving vehicle for the taxi with lots of features I just mentioned at the beginning.

而且，未來我們將共同努力開拓國際市場，致力於透過GDP版本GXR為國內外更廣泛的OEM客戶提供服務。我們與他們一起進行程式碼開發。這確實是一個突破性的產品，它是一款專為計程車打造的自動駕駛汽車，具有我在一開始提到的許多功能。

And it's also so suitable for scalability because the great cost of advantage. And we will work closely to continue to upgrade the GXL and possibly for the future models. Okay. That's the question about our collaboration that's not my 10 that's not, yeah, please go ahead. You have a second question. .

而且由於巨大的成本優勢，它也非常適合可擴展性。我們將密切合作，繼續升級 GXL 並可能升級未來的車型。好的。這是關於我們合作的問題，這不是我的答案，是的，請繼續。您還有第二個問題。。

Yes. My second question is about our insights on autonomous driving. How do you think about the claim that autonomous driving will take away jobs?

是的。我的第二個問題是關於我們對自動駕駛的見解。您如何看待「自動駕駛將會搶走人們的工作」的說法？

Okay. Another very good question. I think probably last week, I was interviewed by CNBC and I was asked the same question. I think, if you look back to the human history, there are many jobs disappeared like the invention of, programmable switch machine replaced human operator. The invention of wash machines replace laundry workers. There are lots of jobs, it's, they are tedious, and they are not so friendly to human being.

好的。另一個非常好的問題。我想大概上週我接受了 CNBC 的訪問並且被問到了同樣的問題。我認為，如果回顧人類歷史，有很多工作消失了，例如可程式交換機的發明取代了人類操作員。洗衣機的發明取代了洗衣工。有很多工作，它們很繁瑣，而且對人類不太友善。

And also because of, in many developed societies, aging pro aging problem is a bigger society issue and for aging societies like in Japan and Europe, we are short of human labors. Especially for taxi drivers. So, if.We can replace this kind of jobs with the machines, that's really good. And that doesn't mean like we are killing jobs, we are actually get rid of jobs that can be good for the working class.

而且因為，在許多已開發社會，老化問題是一個更大的社會問題，而對於像日本和歐洲這樣的老化社會，我們缺乏人力勞動力。特別是對於計程車司機來說。所以，如果我們可以用機器取代這類工作，那就太好了。但這並不意味著我們正在消滅就業機會，事實上，我們正​​在消除那些對工人階級有利的工作。

We are basically facilitate the shipping of the jobs and there will be more other jobs created like in the related area like data labeling and the data and the fleet management and fleet fleet maintenance. I think all of these jobs are very amicable to human being well and nobody really want to be a taxi driver, drive a car for 8 hours, sit there.

我們基本上促進了作業的運輸，並將創造更多的其他工作，例如在相關領域，如數據標籤和數據以及車隊管理和車隊維護。我認為所有這些工作對人類都非常友好，沒有人真的想成為計程車司機，開 8 個小時的車，坐在那裡。

So we do. Our vision is like we work hard to make all human beings live better. And this is our mission and vision. And so, with this all-technology development, I think we can definitely just replace some tedious, not so well-paid jobs with better jobs. That's the Advance of our human society. And we are so lucky, we are proud to take part in this progress.

我們也這麼做。我們的願景是努力讓全人類生活得更好。這就是我們的使命和願景。所以，隨著全技術的發展，我認為我們絕對可以用更好的工作取代一些單調乏味、薪水不高的工作。這就是我們人類社會的進步。我們非常幸運，我們很自豪能夠參與這項進程。

Understood. That's all for my question.

明白了。我的問題就這些。

[Liu Yo] of CLSA.

里昂證券的[劉耀]。

Hi, thank you for taking my question. It's Leo from CLSA. So quick question first, what is your current robotaxi fleet size and with this fleet, how many orders, can you generate per day on average?

你好，謝謝你回答我的問題。我是里昂證券的 Leo。首先要問一個簡單的問題，您目前的自動駕駛計程車車隊規模是多少？有了這些車隊，您平均每天可以接到多少訂單？

I'll take that question. Hili. So, for now we have over 1,000 autonomous vehicles that includes robotaxi, robobus, robovan, and RoboSlippers, all of our products. And as for robotaxi, the total robotaxi flip size is around 400 for now, and with 300 plus, are in China and less than 100, are in the overseas markets, but. expanding quickly, so the daily orders are not very meaningful as we're still scaling given our operation operation area is suspending in different like cities, so we are optimistic about the mid-term deployment and we are really committed to expand.

我來回答這個問題。希利。目前，我們擁有超過 1,000 輛自動駕駛汽車，包括 robotaxi、robobus、robovan 和 RoboSlippers，這些都是我們的產品。而至於Robotaxi，目前Robotaxi的上市規模總計約400輛，其中中國有300多輛，海外市場不足100輛。由於我們的業務仍在迅速擴張，因此每日訂單量意義不大，因為我們的營運區域在不同城市暫停，所以我們對中期部署持樂觀態度，我們確實致力於擴張。

As I mentioned about in this call, so we believe as long as the utilization rate for the robotaxi can be higher and within the hybrid mode it will be very promising about the pickup like getting the daily order to a similar rate of human drivers and maybe higher giving you a taxi can drive up to 20 hours a day in the near future.

正如我在這次電話會議中提到的那樣，我們相信，只要機器人出租車的利用率更高，並且在混合模式下，它的前景就非常光明，比如讓日常訂單量達到與人類司機相似的水平，甚至可能更高，在不久的將來，出租車每天可以行駛 20 個小時。

Hi, thank you. I'm glad that you mentioned the other level 4 use cases and could you elaborate more on their business models and how do you think of these business lines when you propel the robotaxi at the same time?

你好，謝謝。我很高興您提到了其他 4 級用例，您能否詳細闡述它們的商業模式，以及當您同時推動機器人出租車時，您如何看待這些業務線？

Okay, I'll take this. So, for other use cases, we generally rep from the vehicle sales of, robobus, robovan, robosweepers, as well as the recurring fee for the ongoing operational and technical support services. So, all the robobuses, robovan, robosweepers, they are all purpose-built products with high level of market readiness. This is unlike a few years ago, we have retrofitted vehicles.

好的，我接受這個。因此，對於其他用例，我們通常從 robobus、robovan、robosweepers 的車輛銷售以及持續營運和技術支援服務的經常性費用中獲得代表。所以，所有的機器人巴士、機器人貨車、機器人清潔機都是專用產品，而且具有很高的市場準備度。這和幾年前我們改裝車輛不同。

All of those vehicles, they are already purpose-built vehicles and designed from ground up to be autonomous vehicles, so it has, very good performance and robustness. In the meantime, we expect lower unit costs for those use cases as we continue to scale.

所有這些車輛都已經是專用車輛，並且從一開始就設計為自動駕駛車輛，因此具有非常好的性能和穩健性。同時，隨著我們不斷擴大規模，我們預計這些用例的單位成本將會降低。

Yeah, in terms of the synergies, all the different use cases they do have great synergies with global taxes. So, these are the extension and complement of the global tax business. They provide rich data from a variety of operating scenarios, and for some of the market, other like ours [drupal super] and then business tend to serve as a spearhead when we enter into some of the new markets and and in some markets the stakeholder, they may prefer products with lower speed and in geo fencing deployment at the initial stage for them to understand the autonomous driving.

是的，就協同作用而言，他們所做的所有不同用例都與全球稅收有很大的協同作用。所以，這些都是全球稅務業務的延伸與補充。它們提供來自各種營運場景的豐富數據，對於某些市場，其他像我們 [drupal super] 這樣的業務往往在我們進入一些新市場時充當先鋒，而在某些市場中，利益相關者可能更喜歡速度較低的產品，並在初始階段採用地理圍欄部署，以便他們了解自動駕駛。

So this is all the synergies we can see. We're expanding our salesforce to promote those products as well as building a broader distribution network.

這就是我們能看到的所有協同效應。我們正在擴大銷售團隊來推廣這些產品並建立更廣泛的分銷網絡。

Thank you.

謝謝。

If there are no further questions, I'd like to hand the conference back to our management for closing remarks.

如果沒有其他問題，我想將會議交還給我們的管理階層，以便他們作結束語。

Okay. Thank you all. We are proud of the incredible progress. We have made in 2024, and we are keen to drive further innovation as a key to our long-term success. Thank you all again for joining our call.

好的。謝謝大家。我們為這一令人難以置信的進步感到自豪。我們已經制定了2024年的目標，並熱衷於推動進一步的創新，這是我們長期成功的關鍵。再次感謝大家加入我們的電話會議。

Today. If you have any further questions, please feel free to contact us or request us through our IR website. We look forward to speaking with you in our next call. Have a good day. Thank you.

今天。如果您有任何其他問題，請隨時聯絡我們或透過我們的 IR 網站向我們提出請求。我們期待在下次通話中與您交談。祝你有美好的一天。謝謝。

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

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。