WeRide Inc (WRD) 2025 Q1 法說會逐字稿

Good morning and good evening, ladies and gentlemen.

女士們、先生們，早安、晚上好。

Thank you for standing by and welcome to WeRide's first quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加文遠知行 2025 年第一季財報電話會議。（操作員指示）

Joining us today are WeRide's Founder, Chairman, and CEO Doctor Tony Han; and CFO Ms. Jennifer Li.

今天與我們一起出席的有文遠知行WeRide的創始人、董事長兼首席執行官韓旭博士；以及首席財務官Jennifer Li女士。

Before we continue, I'd like to refer you to the Safe Harbor statement and the company's earnings press release, which also applies to this call as today's call will include forward-looking statements, including rewrite strategies and future plans.

在我們繼續之前，我想請您參閱安全港聲明和公司的收益新聞稿，這些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，包括重寫策略和未來計劃。

These forward-looking statements are made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risk and uncertainties.

這些前瞻性陳述是根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的。前瞻性陳述涉及固有風險和不確定性。

The company's actual results could differ materially from those stated or implied by these forward-looking statements, as a result of various important factors, and please refer to the risk factor section of the company's Form 20-F, filed with the FEC for full disclosure of these risk factors.

由於各種重要因素，本公司的實際結果可能與這些前瞻性陳述所明示或暗示的結果有重大差異，請參閱本公司向聯邦選舉委員會提交的 20-F 表格中的風險因素部分，以全面揭露這些風險因素。

The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please note that all numbers stated in management'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，管理層準備的評論中所述的所有數字均以人民幣計算。今天我們將討論非國際財務報告準則指標，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 Doctor Tony Han. Please go ahead, sir.

現在，我將電話轉給公司創辦人、董事長兼執行長韓東博士。先生，請繼續。

Hello, everyone. Thank you for joining us today. I'm excited to give you an update on our last quarter. We have reached a number of new milestones as we continue our global expansion and also semantic deeper collaboration with key partners such as Uber.

大家好。感謝您今天加入我們。我很高興向您通報我們上個季度的進展。隨著我們繼續全球擴張以及與 Uber 等主要合作夥伴進行更深入的語義合作，我們已經達到許多新的里程碑。

So basically, with Uber, we have committed to providing global taxi service in 15 additional cities internationally and accept -- and accepted a commitment for an additional $100 million in equity investment on the heels of their initial investment at our IPO.

因此，基本上，我們已與 Uber 達成協議，承諾在全球另外 15 個城市提供全球計程車服務，並接受——並在其於我們 IPO 時進行初始投資後，接受額外 1 億美元股權投資的承諾。

Other notable milestones included launching the first driverless robot taxi testing in Abu Dhabi, the first of its kind in the Middle East. In China, we roll out the country's first autonomous mobility service in the central area of Guangzhou, the number three city in China.

其他值得注意的里程碑包括在阿布達比啟動首個無人駕駛機器人計程車測試，這是中東地區首個此類測試。在中國，我們在中國第三大城市廣州的中心區域推出了全國首個自動駕駛出行服務。

So some of this will be reflected in our near-term financial results, others laid the foundation for the robust growth in the quarters to come.

其中一些將反映在我們的近期財務業績中，其他一些則為未來幾季的強勁成長奠定了基礎。

First, let's quickly discuss our latest Uber announcement. This expanded partnership and the incremental $100 million dollar investment is a testament to our shared commitment to autonomous mobility and the confidence in our operational and technological excellence.

首先，讓我們快速討論一下我們最新的 Uber 公告。此次擴大的合作夥伴關係和 1 億美元的增量投資證明了我們對自動駕駛的共同承諾以及對我們營運和技術卓越的信心。

We began our partnership with Uber in the Mideast and they continue to scale our operations there. As a reminder, we first launched Abu Dhabi in December of last year and have recently announced plans to expand in Dubai.

我們從中東開始與 Uber 合作，他們繼續在那裡擴大我們的業務。提醒一下，我們在去年 12 月首次啟動阿布達比業務，最近又宣布了在杜拜擴張的計畫。

There has also been mentions of expansion to a third city recently in the press. So look out for more information there. We are excited by our progress in the region and the opportunities that it presents.

最近媒體也提到了向第三個城市擴張的消息。因此請留意那裡的更多資訊。我們對我們在該地區取得的進步及其帶來的機會感到非常興奮。

In addition to the Mid East, we expect to scale and expand our global taxi presence to other geographies such as Europe, with a particular focus on markets, where we have already deployed some of our other autonomous mobility products such as our autonomous buses.

除了中東之外，我們還希望將我們的全球計程車業務擴大到歐洲等其他地區，特別關注那些我們已經部署了其他一些自動駕駛產品（例如自動駕駛公車）的市場。

We believe having multiple autonomous mobility products widens over time and also makes dialogues with stakeholders such as regulators, more substantial cases. We continue to expand our autonomous mobility operations in China and abroad.

我們相信，隨著時間的推移，多種自主移動產品將會不斷擴大，同時也使得與監管機構等利害關係人的對話變得更加實質。我們繼續在中國和國外擴大我們的自動駕駛出行業務。

As alluded to the earlier, we launched a full driverless robotaxi testing in Abu Dhabi. This means that we will be the first company to have robotaxi running without safety drivers. At the same time, we also expanded our operational service to include the new destinations such as Al Maryah Island and Al Reem Island, covering a range of vibrant areas in the city.

正如前面提到的，我們在阿布達比啟動了全無人駕駛機器人計程車測試。這意味著我們將成為第一家在無需安全駕駛員的情況下運行自動駕駛計程車的公司。同時，我們也擴大了營運服務，將 Al Maryah 島和 Al Reem 島等新目的地納入其中，涵蓋了城市中一系列充滿活力的地區。

Through this, you can see in action, our phased approach to operational expansion. This phase approach allows to ensure a high quality of service, while ensuring that we meet all regulatory and safety standards. To date, we have a leading safety track record in the commercial delivery of our services.

透過這種方式，您可以看到我們分階段實施的營運擴展方法。這種階段性方法可以確保高品質的服務，同時確保我們符合所有監管和安全標準。迄今為止，我們在商業服務交付方面擁有領先的安全記錄。

In China, we expanded our local taxi service in Beijing and Guangzhou. In Beijing, we added the routes between the subcenter of the city, Beijing, Yizhuang, and the Beijing railway station, spanning over 600 square kilometers.

在中國，我們擴大了北京和廣州的本地計程車服務。在北京，我們新增了北京城市副中心、亦莊至北京站之間的線路，覆蓋範圍超過600平方公里。

In Guangzhou, we launched China's first 24/7 autonomous ride-hailing network and added eight routes in the city center, connecting landmarks and transport hubs such as airport, Guangzhou South Railway Station, Canton Tower, and the Canton Fair Complex. These routes cover more than 250 kilometers of public roads in a densely populated urban area with very busy traffic.

在廣州，我們推出了中國首個全天候自動駕駛叫車網絡，並在市中心新增了8條線路，連接機場、廣州南站、廣州塔、廣交會展館等地標建築和交通樞紐。這些路線涵蓋了人口密集、交通非常繁忙的城區超過250公里的公共道路。

Going forward, our local taxi service in China will be integrated into Tencent smart transportation meaning program on WeChat to serve a wider use base in China. We also continue to expand our other autonomous mobility businesses.

未來，我們在中國的本地計程車服務將融入微信上的騰訊智慧交通意義計劃，以服務中國更廣泛的用戶群體。我們也將繼續擴大其他自動駕駛業務。

Our Robobus has entered downtown Guangzhou, one of the most complex urban environments. The development followed our -- follows our launch of the first robust BRT route in the city last year.

我們的Robobus已經進入廣州市中心，這是最複雜的城市環境之一。此次開發是繼我們去年在該市推出第一條強大的 BRT 路線之後進行的。

Robobus has now become an integral part of the day life of Guangzhou citizens who can easily hop on the driverless shuttle in the main district by simply tapping their city pass. It stands a paradigm of the future mobility that we envision, where autonomous vehicles are fully integrated with the local transportation system, enabling safe and seamless movement for the communities.

Robobus如今已成為廣州市民日常生活中不可或缺的一部分，市民只需刷一下城市通行證，就可以輕鬆搭乘主城區的無人駕駛班車。它是我們所設想的未來交通的典範，其中自動駕駛汽車與當地交通系統完全集成，為社區提供安全無縫的出行。

We are also making headway in the international market, bringing our products to Switzerland, Spain, and France. In March, our Robobus was granted an operation permit by France, making WeRide, the first and to-date, only autonomous driving company whose products have received operational approvals in five countries, including China, the UAE, Singapore, France, and the US.

我們也在國際市場上取得進展，將我們的產品推廣到瑞士、西班牙和法國。今年3月，文遠知行Robobus獲得法國營運許可，成為首家、也是迄今唯一一家在中國、阿聯酋、新加坡、法國、美國等五個國家獲得營運許可的自動駕駛公司。

Technology and safety are the cornerstones of our success. Our autonomous mobility product all operates atop what we call we ride one and autonomous driving technology platform designed to handle a broad spectrum of operational environments from complex urban settings to full-day functionality and varying weather conditions.

技術和安全是我們成功的基石。我們的自動駕駛產品全部運行在我們所謂的「We Ride One」和自動駕駛技術平台上，旨在處理從複雜的城市環境到全天功能和各種天氣條件的廣泛操作環境。

It is proven adaptability. It's proven adaptability in a range of real-world applications provide a fundamental tech advance, tech advantage over our peers.

已證明其適應性。事實證明，它在一系列實際應用中具有適應性，可以提供根本性的技術進步，並超越我們的同行。

The high level of universality of WeRide One has recently demonstrated once again through our [Robo One advertise], which secured Guangdong's first top, first group of driverless testing permits for logistic equipment in less than three months after the product launch.

文遠知行WeRide One的高通用性最近透過我們的[Robo One廣告]再次體現，產品發布後不到三個月，文遠知行WeRide One就獲得了廣東省首張、首批物流設備無人駕駛測試許可證。

The powerful adaptability of rewrite one is further demonstrated by our real-world operations across a broad geographic area. The initial deployment of our AV fleets in a new city can be completed in just a couple of weeks, enabling rapid adoption for our partners.

我們在廣闊地理區域內的實際運作進一步證明了重寫一的強大適應性。我們的 AV 車隊在新城市的初始部署只需幾週即可完成，使我們的合作夥伴能夠快速採用。

We believe safety is the best test of autonomous driving technology. In over 2000 days of operation, our safety records remaining industry leading. Well, we have iterated multiple times. We have not had any accidents attributed to the failure of our autonomous driving systems. Our commitment to safety and transparency is key to earning the confidence of both regulator and partners.

我們相信安全是自動駕駛技術最好的考驗。在超過 2000 天的營運中，我們的安全記錄始終保持行業領先。嗯，我們已經迭代多次了。我們還沒有發生過因自動駕駛系統故障而導致的事故。我們對安全和透明的承諾是贏得監管機構和合作夥伴信任的關鍵。

We also leverage our core autonomous mobility know-how in our ADAS business. In April this year, we announced a partnership with QNX, a division of BlackBerry, to work together to enhance the safety and the reliability of our ADAS solution.

我們還在 ADAS 業務中利用了核心的自動駕駛技術。今年 4 月，我們宣布與黑莓旗下 QNX 建立合作關係，共同提升我們的 ADAS 解決方案的安全性和可靠性。

By integrating QNX OS for safety into our a system we pilot, we ride is helping OEMs and tier-one companies fast track the future of intelligent vehicles.

透過將 QNX 安全操作系統整合到我們的駕駛系統中，我們正在幫助 OEM 和一級公司快速實現智慧汽車的未來。

I will now hand over the call to our CFO, Jennifer Li, to discuss our financial results in more details. Jennifer, please go ahead.

現在，我將把電話交給我們的財務長 Jennifer Li，以更詳細地討論我們的財務表現。詹妮弗，請繼續。

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。在我們討論財務數據之前，請注意，除非另有說明，所有金額均以人民幣為單位，所有比較均以同比為基礎。

Now let's discuss our first quarter financial performance. Total revenue for the first quarter of 2025 increased 1.8% to RMB72.4 million, primarily driven by the growth in product revenue, which was partially offset by a slight decline in our service revenue.

現在讓我們討論一下第一季的財務表現。2025年第一季總營收成長1.8%至人民幣7,240萬元，主要得益於產品收入的成長，但服務收入的輕微下降部分抵銷了這一成長。

Robotaxi has been one of the core drivers in our business following our -- achieving the record high Robotaxi revenue for the financial year of 2024. We continue with the momentum in the first quarter of this year, with Robotaxi revenue of RMB16.1 million.

繼 2024 財年 Robotaxi 營收創下歷史新高後，Robotaxi 已成為我們業務的核心驅動力之一。今年第一季度，我們延續了這一勢頭，Robotaxi 營收達到 1,610 萬元。

RoboTaxi's contribution in group revenue reaches 22.3%, rising from 11.9% of the same period of 2024. Product revenue delivers strong growth, increasing by 46.7% to RMB9.5 million for the first quarter. This encouraging growth was primarily driven by a substantial increase in the sales of RoboTaxi and Robosweepers, which were introduced into a new international market with expanded operations.

RoboTaxi 對集團營收的貢獻達到 22.3%，高於 2024 年同期的 11.9%。產品收入強勁成長，第一季成長46.7%至950萬元人民幣。這一令人鼓舞的成長主要得益於 RoboTaxi 和 Robosweepers 銷量的大幅成長，這兩款產品透過擴大業務規模進入了新的國際市場。

And RMB62.9 million, primarily due to a reduction of RMB33.5 million in revenue from ADAS research and development services as the customized R&D project for a certain client has been completed in 2024.

人民幣6,290萬元，主要是由於2024年某客戶客製化研發項目完成，導致ADAS研發服務收入減少人民幣3,350萬元。

This decline was partially offset by an increase of RMB29.8 million in revenue from intelligent data services and an increase of RMB1.9 million in revenue from operational and technical support services as technical support engagement increases quarter along with the transition into the operation phase of certain projects.

由於技術支援參與度逐季增加以及部分專案進入營運階段，智慧數據服務收入增加 2,980 萬元人民幣，營運及技術支援服務收入增加 190 萬元人民幣，部分抵消了這一下降。

We recorded a group level growth margin of 35.0%, representing a gross margin for a product of 49.9% and a gross margin for service of 32.8%, respectively. This reflects a sustaining improvement of our business structure in line with our Robotaxi business expansion and globalized commercialization.

我們錄得集團層級成長利潤率為 35.0%，其中產品毛利率為 49.9%，服務毛利率為 32.8%。這體現了我們業務結構的持續改善，符合Robotaxi業務的拓展和全球化商業化。

We are building a sustainable business model by engaging trusted partners and localize deployment. It helps us sustain a healthy gross profit level.

我們正在透過與值得信賴的合作夥伴合作並進行在地化部署來建立可持續的商業模式。它幫助我們維持健康的毛利水準。

Now, turning into our operating expenses, we recorded a rise of 14.2% for the first quarter, amounting to RMB463.5 million. The increase was driven by a 48.4% rise in personnel-related expense compared to the same period of 2024.

現在，我們的營運費用在第一季成長了 14.2%，達到 4.635 億元。與 2024 年同期相比，人員相關費用增加了 48.4%，推動了這一成長。

We remain highly cost cautious and disciplined. The increase of operating expense is mainly driven by our incremental R&D efforts. In this important phase of development, we prioritize strategic investment in talent acquisition and retention to drive our technological advancements. Combining with our expansion of selling and marketing activities, we aim to solidify our leading position by laying a sustainable foundation.

我們對成本保持高度謹慎和自律。營業費用的增加主要是因為我們加大了研發力道。在這個重要的發展階段，我們優先對人才的取得和保留進行策略性投資，以推動我們的技術進步。結合我們銷售和行銷活動的擴大，我們的目標是奠定可持續的基礎，鞏固我們的領先地位。

To further break down, R&D expense represents 70.3% of operating expenses. This [line] item increased by 17.3% to RMB325.7 million compared to the same period of 2024, excluding share-based compensation, R&D expenses increased by 54% to RMB278 million.

進一步細分，研發費用佔營業費用的70.3%。該項目較2024年同期成長17.3%至人民幣3.257億元，不含股權激勵費用，研發費用成長54%至人民幣2.78億元。

Administrative expense increased by 5.2% to RMB123.9 million compared to the same period of 2024, excluding SBC, administrative expense increased by 105.8% to RMB73.9 million. Selling expense increased by 32.4% to RMB13.9 million compared to the same period of 2024, excluding [SBC]. Selling expenses were up 66.7% in the first quarter.

管理費用較2024年同期成長5.2%至人民幣1.239億元，若不計入SBC，管理費用則成長105.8%至人民幣7,390萬元。銷售費用較2024年同期成長32.4%至人民幣1,390萬元，不包括[SBC]。第一季銷售費用上漲66.7%。

Our net loss decreased by 17.7% to RMB385.1 million in the first quarter of 2025. On a non-IFRS basis, the net loss increased by 108.2% to RMB294.6 million, which was mainly contributed to our continuous investment in R&D.

2025年第一季度，我們的淨虧損減少17.7%至人民幣3.851億元。以非國際財務報告準則計算，淨虧損增加108.2%至人民幣2.946億元，主要由於我們對研發的持續投入。

As of March 31, 2025, we held a total capital reserve of RMB6.2 billion, including RMB4.4 billion in cash equivalent, and time deposit.

截至2025年3月31日，我們持有總資本儲備人民幣62億元，其中包括人民幣44億元現金等價物及定期存款。

RMB14.7 million in restricted cash and RMB1.7 billion in financial assets, mattered at fair value through profit and loss. We believe that our strong cash capital position will continue to support our ongoing R&D initiative and facilitate the expansion of our growing global business.

受限現金1,470萬元人民幣，金融資產17億元人民幣，以公允價值計量且其變動計入損益。我們相信，我們強大的現金資本狀況將繼續支持我們正在進行的研發計劃，並促進我們不斷增長的全球業務的擴張。

On a separate note, our board has recently authorized a share repurchase program under which the company may repurchase up to $100 million of its class A ordinary shares over the next 12 months. It indicates a vote of confidence in our business fundamentals, growth trajectory, and long-term outlook.

另外，我們的董事會最近批准了一項股票回購計劃，根據該計劃，公司可在未來 12 個月內回購價值高達 1 億美元的 A 類普通股。這表明我們對我們的業務基礎、成長軌跡和長期前景充滿信心。

In conclusion, we feel encouraged by our financial performance of the first quarter. As we continue to scale our operation with additional deployment underway in international markets, we are confident to build on the success and turn global opportunity into long-term value for our stakeholders. With that operator, we are not ready to take on questions.

總之，我們對第一季的財務表現感到鼓舞。隨著我們繼續擴大業務規模並在國際市場上進行更多部署，我們有信心在成功的基礎上將全球機會轉化為利害關係人的長期價值。有了那個接線員，我們還沒準備好回答問題。

(Operator Instructions)

（操作員指示）

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

Hi, thanks for taking my question. This is Tim from Morgan Stanley. I have two questions, and both are related to collaboration with Uber.

你好，謝謝你回答我的問題。我是摩根士丹利的提姆。我有兩個問題，都與 Uber 的合作有關。

So the first question, we noticed that Tony briefly touched on the collaboration with Uber at the beginning of the call. I just want to quickly follow up on why WeRide and Uber decided to expand this partnership. It'd be great if you can share more callers on the deal with us. That's my first question. Thank you.

第一個問題，我們注意到 Tony 在通話開始時簡要地談到了與 Uber 的合作。我只是想快速了解為什麼 WeRide 和 Uber 決定擴大這項合作關係。如果您能與我們分享更多關於該交易的來電者信息，那就太好了。這是我的第一個問題。謝謝。

Okay, I will take this question. Thank you, Tim, for this question. So first of all, I think our expanded partnership with Uber builds on a proven model. This model is demonstrated by our successful integration of WeRide Robotaxi into Uber's in Abu Dhabi.

好的，我回答這個問題。提姆，謝謝你提出這個問題。首先，我認為我們與 Uber 擴大的合作關係是建立在一個經過驗證的模式上。我們將文遠知行 (WeRide) Robotaxi 成功整合到阿布達比的 Uber 中，證明了這個模式的有效性。

Under this collaboration, WeRide delivers our tried and tested autonomous driving product. With Uber manages -- Uber will manage fleet operations and the customer success via its platform.

在此次合作下，文遠知行將提供我們久經考驗的自動駕駛產品。透過 Uber 管理－Uber 將透過其平台管理車隊營運和客戶成功。

Together, we also announced a joint global taxi launch in Dubai, where we are currently finalizing mapping and expect to begin operations soon.

我們也共同宣佈在杜拜推出聯合全球計程車，目前我們正在完成地圖繪製並預計很快就會開始營運。

So, I want to talk about this strong collaboration. So we have committed to deploying services across 15 major global cities within the next five years. This is a significant milestone for scalable autonomous mobility. And I think this partnership combines WeRide's world-class, autonomous driving technology and the international expertise with Uber's unparalleled marketplace reach and the operational excellence.

所以，我想談談這次強而有力的合作。因此，我們承諾在未來五年內在全球 15 個主要城市部署服務。這是可擴展自主移動性的一個重要里程碑。我認為，此次合作將文遠知行世界一流的自動駕駛技術和國際專業知識與優步無與倫比的市場覆蓋範圍和卓越營運結合在一起。

And also, I want to reemphasize as a testament of this alignment. Uber is already our shareholder, and we will invest an additional $100 million in WeRide over the next six months. To my best knowledge, this ranks among Uber's largest investment in non-affiliated autonomous driving companies.

此外，我想再次強調這一致性的證明。Uber已經是我們的股東，未來六個月我們將向WeRide額外投資1億美元。據我所知，這是 Uber 對非關聯自動駕駛公司的最大投資之一。

Besides, beyond the technology, I think mission is very important. Our shared mission is to make autonomous mobility affordable and accessible worldwide. WeRide operates in over 30 cities across 10 countries with our research, R&D testing commercial deployments.

此外，除了技術之外，我認為使命也非常重要。我們的共同使命是讓自動駕駛出行在全世界變得經濟實惠且便利。WeRide 的業務範圍涵蓋 10 個國家的 30 多個城市，我們的研究、研發測試和商業部署都已進行。

When into new markets, we are not just solving the mobility challenges. We want to invest in local ecosystem by creating jobs in management, maintenance, and customer support. So we have a community-oriented approach to ensure sustainable growth and I think we share this kind of mission with Uber.

當進入新市場時，我們不僅要解決行動性挑戰。我們希望透過創造管理、維護和客戶支援方面的就業機會來投資當地的生態系統。因此，我們採取以社區為導向的方法來確保永續成長，我認為我們與 Uber 有著共同的使命。

We also believe that by leveraging both companies' leadership in our respective fields, we can accelerate the global adoption of autonomy of autonomous mobility service. So I think in terms of [not] to some technology and mission and approach and the shared value, I think Uber and WeRide are well-aligned. We are very excited for the next five years and 15 cities, globally.

我們也相信，透過利用兩家公司在各自領域的領導地位，我們可以加速全球採用自動駕駛行動服務。因此，我認為就某些技術、使命、方法和共同價值而言，Uber 和 WeRide 是一致的。我們對未來五年和全球 15 個城市感到非常興奮。

Great. Thank you very much for sharing all the details, Tony. And just another quick follow-up on the collaboration. So according to the announcement, also what you just shared, out of the 15 cities and probably others, the potential global market, which regions or market would be the main focus to rewrite for the Robotaxi right out?

偉大的。非常感謝您分享所有細節，托尼。這只是對合作的另一個快速跟進。那麼根據公告，以及您剛剛分享的內容，在 15 個城市以及其他潛在的全球市場中，哪些地區或市場將成為 Robotaxi 改寫的主要重點？

And then, in the following quarters, any signposts or milestones, the investors should monitor? Yeah, that's my second question. Thank you.

那麼，在接下來的幾個季度中，投資者應該關注哪些路標或里程碑？是的，這是我的第二個問題。謝謝。

So about the regions of focus currently, we are focusing on markets mainly in Europe and the Mid East. So we are going to take a phased approach. So basically, we are not going to roll out like a Robotech service in one night in 15 cities, simultaneously.

關於目前的重點區域，我們主要關注歐洲和中東市場。因此我們將採取分階段的方法。所以基本上，我們不會像《太空堡壘》那樣，在一個晚上內在 15 個城市同時推出服務。

Basically, we want to add cities one by one. So new cities will come online each year, maybe probably three new cities every year. It's just a rough estimate. And we will be following a pattern of regulatory approval and then testing and then commercial operation and then scale deployment. So there are four stages.

基本上，我們想逐一添加城市。因此，每年都會出現新的城市，大概每年都會出現三個新的城市。這只是一個粗略的估計。我們將遵循監管部門批准、測試、商業營運和規模部署的模式。所以有四個階段。

As for this fourth stage has been approved in our current deployment in Abu Dhabi, and I think soon it will also be improved in Dubai. And cities will be chosen based on favorable policies, guidelines, and the initiatives for autonomous driving.

至於第四階段，目前我們在阿布達比的部署已經獲得批准，我認為很快它也將在杜拜得到改進。城市的選擇將基於有利於自動駕駛的政策、指導方針和舉措。

And also we are -- we want to, we are looking forward to really maximize social value and also want to create value for our long-term stakeholders.

而我們也希望，我們期待真正實現社會價值最大化，也希望為我們的長期利害關係人創造價值。

Li Ping Zhao, CICC.

趙立平，中金公司。

Good evening, Tony and Jennifer. Congrats for the strong Robotaxi revenue in this quarter. I got two questions here.

晚上好，托尼和珍妮佛。恭喜本季 Robotaxi 營收強勁。我這裡有兩個問題。

First, could you, share with us your Robotaxi economics? How should we consider the cost structure as you scale?

首先，您能與我們分享一下您的 Robotaxi 經濟狀況嗎？在擴大規模時我們應該如何考慮成本結構？

And second, could you please share more about your recent rollout at Guangzhou City Center? When should we expect you to start to provide a Robotaxi service in the whole city? Thank you.

第二，能否分享一下您最近在廣州市中心推出的產品的情況？我們應該什麼時候期待你們開始在全市提供 Robotaxi 服務？謝謝。

Okay, I'll take the first question, Tony. We'll take a second. And so the first question on the Robotaxomics, let's just take a look at the number.

好的，我來回答第一個問題，東尼。我們稍等片刻。關於 Robotaxomics 的第一個問題，我們先來看看數字。

In the conventional rackuline, driver takes home roughly like 60% of each fare that's like 6 out of every 10. RoboTaxis revolutionized its model by reducing the driver cost to nearly nothing. Yes, we do have the vehicle cost for RoboTaxi, which is slightly higher than traditional taxi, but eliminating the 60% cost changes everything about the business model.

在傳統的叫車服務中，駕駛大約能拿到每輛車的 60% 的收益，也就是每 10 輛車中就有 6 輛能拿到。RoboTaxis 透過將司機成本降至幾乎為零，徹底改變了其模式。是的，RoboTaxi 的車輛成本確實比傳統計程車略高，但消除 60% 的成本會徹底改變商業模式。

And cost optimization has been one of our key focuses, and we are making cautious, continuous progresses.

成本優化一直是我們關注的重點之一，我們正在謹慎、持續地推進。

First, let's talk about the vehicle cost. Leveraging on the booming and like more mature EV supply chain here in China, we have access to components of high quality and competitive pricing.

首先我們來談談車輛成本。利用中國蓬勃發展且更成熟的電動車供應鏈，我們可以獲得高品質且價格具競爭力的零件。

Second, we have also build in-depth collaboration with global OEM such as Reno and Nissan, and thirdly, we got a mobilized design of our sensors which enable -- enabling 90% shared component across different like autonomous driving products. We also converted to the more -- to the most cost effective semi-solid leather a few years ago.

其次，我們也與 Reno 和日產等全球 OEM 建立了深入的合作；第三，我們對感測器進行了行動化設計，從而實現了不同自動駕駛產品之間 90% 的共享組件。幾年前，我們也改用了更具成本效益的半固體皮革。

So leveraging on all of those, our autonomous vehicles are quite cost competitive. For instance, the cost of our sensor suite has reduced by more than 70% over the past five years. And going forward with the more integrated design and increasing adoption of redundant drive-by wire services, we anticipate another 20% to 30% headroom for a future, cost reduction for the next gen of Robotaxi.

因此，利用所有這些優勢，我們的自動駕駛汽車具有相當強大的成本競爭力。例如，過去五年來，我們的感測器套件的成本降低了 70％ 以上。隨著更整合的設計和冗餘線控服務的日益普及，我們預計下一代 Robotaxi 的成本將進一步降低 20% 至 30%。

And today, we operate one of the world's largest AV fleet globally, over 1,200 vehicles, and with more than 500 dedicated robotaxis. All of our vehicles using the standardized tech as well as the similar sensors, same computing platform.

如今，我們經營著全球最大的自動駕駛汽車車隊之一，擁有超過 1,200 輛汽車，以及超過 500 輛專用機器人計程車。我們所有的車輛都使用標準化技術以及類似的感測器和相同的計算平台。

This gives us -- this will give us tremendous buying power and make the maintenance so much simpler in the long run. Our OEM partnerships will help -- helps us keeping optimizing every part of the supply chain.

這給了我們——這將為我們帶來巨大的購買力，並從長遠來看使維護變得更加簡單。我們的 OEM 合作夥伴關係將幫助我們持續優化供應鏈的每個部分。

So in short, compared to the traditional taxi and road [dealing] services, RoboTaxi is expected to be 50% or more cost effective in developed markets. We're doing testing and operation of AV in 10 countries already.

簡而言之，與傳統的計程車和道路[交易]服務相比，RoboTaxi 預計在已開發市場的成本效率將提高 50% 或更多。我們已經在 10 個國家進行 AV 的測試和運行。

We're seeing that on the ground, confirms a very critical pinpoint, many markets are facing very severe driver shortage, also this growing challenge in hiring and retention of the drivers. This is exactly where our solution and by working hand in hand with our local partners, we're not just deploying technology. We're solving real transportation prices caused by the labor shortage, yeah.

我們在實地看到的情況證實了一個非常關鍵的觀點，許多市場都面臨著非常嚴重的司機短缺問題，而且在招募和留住司機方面也面臨越來越大的挑戰。這正是我們的解決方案，透過與當地合作夥伴攜手合作，我們不僅僅是部署技術。是的，我們正在解決勞動力短缺造成的實際運輸價格問題。

That's all for this first question, Li Ping [weighs]. Tony, I'll leave you to the second question on the Guangzhou plan.

第一個問題就到這裡，李平[稱重]。東尼，我把第二個問題留給你，關於廣州計畫。

Yeah, I believe the second question is about like we want to discuss a little bit about our recent rollout at Guangzhou City Center.

是的，我認為第二個問題是關於我們最近在廣州市中心推出的產品。

And also, you know, want some details about our local taxi service. So first of all, I want to say, last week, we launched China's first 24/7 autonomous ride-hailing network, covering the core areas of Guangzhou. As I mentioned, Guangzhou is a number 3 city in China.

而且，您還想了解一些有關我們當地計程車服務的詳細資訊。首先我想說，上週我們推出了中國首個全天候自動駕駛叫車網絡，涵蓋廣州的核心區域。正如我所提到的，廣州是中國第三大城市。

And then our expanded Robotech service features actually 8 pilot operation routes in the city center, connecting landmarks and transport hubs such as the airport, Guangzhou South Railway Station, Canton Tower, and the Canton Fair complex.

然後，我們擴展的 Robotech 服務實際上在市中心設有 8 條試點營運路線，連接機場、廣州南站、廣州塔和廣交會展館等地標和交通樞紐。

If you are familiar with Guangzhou, they are all the most -- busiest and also the most important place and the hubs and you probably if you come to Guanghou, you will visit these places. And when we first kick off commercial taxi service back in the year of 2019, we started in Guangzhou, this is a mega city with traffic, very busy traffic and the population is at least 20 million.

如果你熟悉廣州，你就會知道它們都是最繁忙、最重要的地方和樞紐，如果你來到廣州，你可能會參觀這些地方。當我們在 2019 年首次推出商業計程車服務時，我們從廣州開始，這是一個交通非常繁忙的特大城市，人口至少有 2000 萬。

To date, we have been providing autonomous mobility service to the local citizens for more than 200 days, so I'm quite confident and quite proud for this achievement. The expansion of this service is very important milestone in the industry.

到目前為止，我們已經為當地民眾提供了超過200天的自動駕駛出行服務，因此我對這項成就充滿信心，也感到非常自豪。此項服務的擴展是業界非常重要的里程碑。

For the first time, Robotaxis is allowed in the central area of such a big city. That's not easy, actually. It incorporates some of the most complicated scenarios we have ever seen, including really various road types and traffic conditions as well as very subtle interactions with a wide range of road users like passenger cars, engineering cars, pedestrians, cyclists, the three wheelers. You have to handle all of these things.

這是 Robotaxis 首次獲准在如此大的城市中心區域行駛。事實上這並不容易。它融合了我們所見過的一些最複雜的場景，包括各種道路類型和交通狀況，以及與各種道路使用者（如乘用車、工程車、行人、騎自行車的人、三輪車）的非常微妙的互動。你必須處理好所有這些事情。

So it is a big challenge to our technology, but I think we solve all these issues quite well. And also being allowed to operate in central Guangzhou underscores our confidence in safety records and robust technology.

所以這對我們的技術來說是一個巨大的挑戰，但我認為我們很好地解決了所有這些問題。獲准在廣州市中心運作也凸顯了我們對安全記錄和強大技術的信心。

And we will strive to maintain a high standard of service and we will also be very careful. We will expand progressively and responsibly in accordance with the requirement of local authorities. So I think that's all I want to say about this question.

我們將努力保持高標準的服務，我們也會非常小心。我們將根據地方政府的要求，逐步、負責任地擴張。我想這就是我想就這個問題說的全部。

Joel Ying, Nomura.

野村證券的 Joel Ying。

Thank you for taking my question. This is Joe from Nomura, and I have two questions. For the first one, what's the implication of the recent launch of driver testing in Abu Dhabi? Is there any operation plan as the next step?

感謝您回答我的問題。我是野村證券的喬，我有兩個問題。第一個問題，阿布達比最近啟動駕駛員測試有何意義？下一步有什麼營運計畫嗎？

And my second question is since we see some aggressive OEMs, also plan to enter into a Robotaxi business. So what's our company's view on it? Are they comparative, compared to level 4 players given their, they have more driving data and what is our edge on this? Thank you.

我的第二個問題是，由於我們看到一些積極的 OEM，也計劃進入 Robotaxi 業務。那麼我們公司對此有何看法？與 4 級球員相比，他們是否具有可比性，他們擁有更多的駕駛數據，我們在這方面的優勢是什麼？謝謝。

And then I'll take the first question. We're very excited about the driverless test in Abu Dhabi. To my knowledge, this is the first of its kind in the Middle East, and it's also the first time that Robotaxi without safety driver on public road is allowed outside China and the US.

然後我來回答第一個問題。我們對阿布達比的無人駕駛測試感到非常興奮。據我所知，這在中東地區尚屬首例，也是中國和美國以外地區首次允許無安全駕駛員的Robotaxi在公共道路上行駛。

WeRide is a veteran in the Middle East. We started Robotaxi trial in UAE as early as 2021. The desert climate of the country, including high temperature and the sunny environment, created all the special challenges to the autonomous vehicles. Nevertheless, our Robotaxi delivered a high level of reliability and safety during the initial two-year public operation.

WeRide 是中東地區的老企業。我們早在 2021 年就在阿聯酋開始了 Robotaxi 試驗。該國的沙漠氣候，包括高溫和陽光充足的環境，為自動駕駛汽車帶來了特殊的挑戰。儘管如此，我們的 Robotaxi 在最初兩年的公開營運中展現了高度的可靠性和安全性。

Building on this confidence, so WeRide secured the first national autonomous driving permit in UAE in 2023, which also remains the only national permit in the world as of today. Last year, our local operation entered into a new chapter. I'm sorry. (inaudible)

基於這樣的信心，文遠知行於2023年獲得了阿聯酋首個國家級自動駕駛許可證，這也是迄今為止全球唯一一張國家級許可證。去年，我們的本地業務進入了新的篇章。對不起。（聽不清楚）

Have some water and then, we have plenty of time.

喝點水，我們就有充足的時間。

Yeah, speaking of our our join forces with Uber, it also allows us to provide local citizens with better services and accessibilities. So the driverless testing marks a major milestone as we begin driverless testing. This is a significant leap forward in the journey, in our journey in the Middle East.

是的，說到我們與 Uber 的聯手，這也使我們能夠為當地居民提供更好的服務和便利。因此，無人駕駛測試標誌著我們開始無人駕駛測試的一個重要里程碑。這是我們在中東之旅中一次重大的飛躍。

We are also particularly excited to have received approval to expand our service area to include Abu Dhabi's Al Maryah Island and our community. So both islands, they'll be most like dynamic urban center in Abu Dhabi. We're very excited to bring the cutting-edge transportation solution to those places.

我們也特別高興地獲得批准將我們的服務範圍擴大到阿布達比的 Al Maryah 島和我們的社區。因此，這兩個島嶼將最像阿布達比的充滿活力的城市中心。我們非常高興能將尖端的交通解決方案帶到這些地方。

So now, Tony, I'll leave you to to the next question. Thank you.

那麼現在，東尼，我讓你回答下一個問題。謝謝。

Okay, yeah. You can take this time to really clear the throat. Okay. I'll answer the question. So, I think -- thank you, this question is really deep, and I really appreciate this question.

好的，是的。您可以利用這段時間來真正清嗓子。好的。我來回答這個問題。所以，我認為——謝謝你，這個問題真的很深奧，我真的很欣賞這個問題。

So question is about like our competition about against major car [audience] for Robotaxi service and my view and our edge. So first of all, I want to say the competition is ubiquitous. If you are [wild], if you are afraid of competition, you are not eligible to be a leading company. We already is the first mover and a leading company, autonomous industry.

所以問題是關於我們在 Robotaxi 服務方面與主要汽車[受眾]的競爭以及我的看法和我們的優勢。首先我想說的是競爭是無所不在的。如果你很狂野，如果你害怕競爭，你就沒有資格成為一家領先的公司。我們已經是自主產業的先驅和領先公司。

So we welcome competition and as long as the winner can bring the best quality of service, most reliable robotaxi service to ordinary people, the citizen, I think that will be great enough. But we are confident with WeRide because, first of all, I think our proven record has already shown, the superiority of our technology and also the reliability of our technology.

因此，我們歡迎競爭，只要獲勝者能夠為普通人、公民帶來最優質的服務、最可靠的自動駕駛計程車服務，我認為這就足夠了。但我們對文遠知行 (WeRide) 充滿信心，因為首先，我認為我們的記錄已經證明了我們技術的優越性以及我們的技術的可靠性。

And we -- over the past seven years, we have been closely working with some major car OEMs. The major car EMs help us to build the reliable vehicle platforms for global taxi service. And I want to say OEM actually plays a very important part in the whole ecosystem. We did learn a lot from them.

在過去的七年裡，我們一直與一些主要的汽車原始設備製造商密切合作。各大汽車廠商幫助我們打造全球計程車服務可靠的車輛平台。我想說的是，OEM 其實在整個生態系統中扮演著非常重要的角色。我們確實從他們身上學到了很多。

Having all this said, I want to emphasize the difference between the ADAS system and the global tax system. Okay. ADAS system stands for advanced driver assistance system. So the major component who are responsible for driving a car is the person. L4 level Robotaxi is for autonomous driving vehicle. There are two different things, two different species.

說了這麼多，我想強調一下 ADAS 系統和全球稅收系統之間的差異。好的。ADAS系統代表高階駕駛輔助系統。因此，負責駕駛汽車的主要因素是人。L4級Robotaxi為自動駕駛車輛。這是兩種不同的東西，兩個不同的物種。

Mistakenly using ADAS for Robotaxi, it's just like mistakenly using an L2 system for L3 system will lead to very tragic accidents. I think some accidents we have already experienced.

誤將ADAS用在Robotaxi上，​​就好比誤將L2系統用在L3系統上，會導致非常慘烈的事故。我認為我們已經經歷過一些事故。

So I want to emphasize, if you really want to do Robotaxi to L4, you really need to spend lots of time, lots of energy in simulation platform in Robotaxi fleet, sharper technology and test for millions of miles, only have a big user base is not enough.

所以我想強調的是，如果真的想把Robotaxi做到L4，真的需要花很多時間，很多精力在Robotaxi車隊的模擬平台上，更尖端的技術，進行數百萬英里的測試，僅僅擁有龐大的用戶群是不夠的。

Okay. Lots of time, a big user base only tells you that your car is very good, can produce a very good L2 system, but there's nothing to do. You have -- you can do an L4 system. So basically, a warrior, a great warrior on the land, maybe not so good warrior in the seafare, the sea warfare. So they are totally different.

好的。很多時候，龐大的用戶群只會告訴你，你的車很好，可以生產出很好的L2系統，但卻無能為力。你有－你可以做一個 L4 系統。所以基本上，一個戰士，一個陸地上的偉大戰士，可能在航海、海戰中並不是那麼優秀的戰士。所以它們是完全不同的。

So today, we ride real-world Robotaxi operation in multiple locations is actually supported by continuous investment in building and improving our platform. And it has, it's -- the safety has been proved over -- we want to pro -- very proudly announced like over the past seven years, we have a very good record that we haven't experienced any autonomous driving system failure. I think that's a very remarkable score.

所以今天我們在現實世界中多個地點運營的Robotaxi，其實是得到了我們平台建設和改進的持續投入的支持。而且它的安全性已經得到證明——我們非常自豪地宣布，在過去的七年裡，我們有著非常好的記錄，沒有遇到任何自動駕駛系統故障。我認為這是一個非常了不起的成績。

And currently, we write is one of very few companies that have brought level 4 mobility to the public and we are really confident to maintain a leading position in this industry. Okay. Thank you for this question. That's all I want to say about this question.

目前，我們是極少數向公眾提供 4 級行動出行的公司之一，我們非常有信心保持該行業的領先地位。好的。感謝您的提問。關於這個問題我想說的就這些。

Yawen Tan, BMP Paribas.

Yawen Tan，法國巴黎銀行。

Hi, this is Yawen from BMP. Thanks for Tony and Jennifer's time. And thanks for the opportunities to discuss the exciting industry here. And I have two questions.

大家好，我是 BMP 的 Yawen。感謝 Tony 和 Jennifer 的時間。感謝有機會在這裡討論這個令人興奮的行業。我有兩個問題。

The first one is there any specific plan for further expansion of the full size and operation area? And secondly, what's your view on regulations in different markets? Have we seen there are countries that is accelerating the adoption of L4 technology? Thank you.

第一個問題，對於進一步擴大整體規模和經營面積，有沒有具體的計畫？其次，您對不同市場的監管有何看法？我們是否看到有些國家正在加速採用L4技術？謝謝。

Thank you. I will take the first question for the plan for future expansion. So as Robotaxi is penetrating, traditional mobility in different regions will remain a balanced strategy, between China market and international markets.

謝謝。我將回答第一個問題，關於未來的擴展計劃。因此，隨著Robotaxi的滲透，不同地區的傳統出行方式仍將在中國市場和國際市場之間保持平衡的策略。

So in China, we will gradually increase the deployment in selected tier-one cities. Our service was throughout step by step and which is in accordance to this adoption was map by the local authority. We have a track record of more than five years public operation in China and our recent development that entered into the city center in both Beijing and Guangzhou, it's a natural progress built on the existing momentum.

因此在中國，我們將逐步增加在選定的一線城市的部署。我們的服務全程都是循序漸進的，並且符合地方政府採用的地圖。我們在中國擁有超過五年的公共營運經驗，最近我們的開發案也進入了北京和廣州的市中心，這是在現有勢頭基礎上的自然進展。

And we'll keep the momentum, keep on the momentum, already on the momentum. And in overseas market, we'll be scouting through strong global partnerships, so by working together with mobility and transportation stakeholders worldwide, will be able to localize and accelerate our deployment in the market, more in the international market more, effectively.

我們將保持這種勢頭，繼續保持這種勢頭，已經保持的勢頭。在海外市場，我們將透過強大的全球合作夥伴關係進行探索，透過與世界各地的行動和運輸利益相關者合作，我們將能夠更有效地在地化和加速我們在國際市場上的部署。

For example, some of our global partners including like say UAE, we have the integrated transportation center in Abu Dhabi and the road and the transportation authority in Dubai that are extremely helpful.

例如，我們的一些全球合作夥伴，包括阿聯酋，我們在阿布達比設有綜合交通中心，在杜拜設有道路和交通管理局，這些都非常有幫助。

And in France, we have -- we have Renault, Beti, and Macif as our partner. And in Switzerland, we have the SPB which is the Swiss National Railway and we have the Canton of Zurich and Swiss Transit Lab, that are also, we are working on multiple projects in Switzerland as well.

在法國，我們有雷諾、Beti 和 Macif 作為我們的合作夥伴。在瑞士，我們有瑞士國家鐵路公司 SPB，還有蘇黎世州和瑞士交通實驗室，我們也在瑞士進行多個專案。

And in Singapore, we have Chye Thiam Maintenance in Singapore. And we also have in Germany, we have Bosch as a key partner. So, last but not least, Uber is a key partner with our plan rolling out commercial Robotaxi service in 15 new cities, globally.

在新加坡，我們有 Chye Thiam Maintenance。在德國，我們也有博世作為我們的重要夥伴。最後但同樣重要的一點是，Uber 是我們在全球 15 個新城市推出商業 Robotaxi 服務的計畫的重要合作夥伴。

So, like say, if we're talking about the size, the expansion plan, so all those cities we're planning to enter typically have -- already have an existing red healing and taxi ecosystem that ranges from a few thousands to tens of thousands of shared mobility vehicles.

因此，比如說，如果我們談論規模、擴張計劃，那麼我們計劃進入的所有城市通常都已經擁有現有的紅色康復和出租車生態系統，其中包含數千輛到幾萬輛共享出行車輛。

So this is an ideal environment for L4 technology to integrate and to scale up. So as part of this partnership, we [rush] Robotaxi service will be available through Uber's app, and Uber will be responsible for the big operation.

因此，這對於 L4 技術整合和擴展來說是一個理想的環境。因此，作為此次合作的一部分，我們 [rush] Robotaxi 服務將透過 Uber 的應用程式提供，而 Uber 將負責這項大型營運。

So as you can see, our global partner strategy is based on our shared execution, risk management, and local market insight. We're not entering into the new market alone, so alone, we're building a network of trusted global collaborators to accelerate adoption, to shorten the deployment cycle, and to meet the regulators expectation of each region together.

正如您所看到的，我們的全球合作夥伴策略是基於我們的共享執行、風險管理和本地市場洞察。我們並不是單獨進入新市場，因此我們正在單獨建立一個值得信賴的全球合作者網絡，以加速採用，縮短部署週期，並共同滿足每個地區監管機構的期望。

Tony, I'll leave you to the next question on the regulation in different markets.

東尼，下一個問題是關於不同市場的監管。

Okay, so I'll talk about like the regulations of different markets. And actually, there are markets that are favorable to autonomous driving vehicles. And so currently, I want to name a few like several countries in Mid East like UAE and Saudi and also several countries in Europe and of course, China.

好的，我將談論不同市場的規定。事實上，有些市場對自動駕駛汽車持利態度。目前，我想列舉幾個，像是中東的幾個國家，如阿聯酋和沙烏地阿拉伯，還有歐洲的幾個國家，當然還有中國。

China is very welcome and it's also very -- China is actually fostering auto driving vehicle. And so they are the major markets we want to deploy. So actually, there are also for the cities actually, for the countries like, if they really want to welcome or embrace the autonomous driving vehicle, that's because of, there are several factors they can consider.

中國非常歡迎，而且中國實際上正在培育自動駕駛汽車。所以它們是我們想要部署的主要市場。因此，實際上，對於城市和國家來說，如果他們真的想要歡迎或接受自動駕駛汽車，那是因為他們可以考慮幾個因素。

Number one is the safety, number two is the cost of labors. So we -- you need to take all of these factors into account. And also, for in this region, for the countries that's favorable autonomous driving or need autonomous driving, or need global taxi service, I think that represents huge opportunities for first movers like WeRide.

第一是安全，第二是勞動成本。所以我們——你需要考慮所有這些因素。而且，對於這個地區，對於那些支持自動駕駛或需要自動駕駛或需要全球計程車服務的國家來說，我認為這對像文遠知行這樣的先行者來說意味著巨大的機會。

Actually, we experience like this kind of increasing interest in every technology and actually, this kind of increasing interest can be demonstrated by our expansion and our operation.

實際上，我們對每種技術都表現出這種日益增長的興趣，實際上，這種日益增長的興趣可以透過我們的擴張和營運來體現。

I just want to name a few actually, in January and May, we roll out our Robotaxi and Robobus service in Guangzhou City Center successfully. And that's what I have already mentioned. And in February, we actually received approval to launch our GXR for fully online paid red handing service in Beijing, just only four months after we officially announced the new purposely built Robotaxi GXR.

實際上我只想舉幾個例子，一月和五月，我們在廣州市中心成功推出了 Robotaxi 和 Robobus 服務。這就是我已經提到的。今年 2 月，我們實際上已獲得批准在北京推出 GXR 完全在線付費紅線服務，而這距離我們正式宣布推出全新專用 Robotaxi GXR 僅僅過去了四個月。

And in March, we obtained level 4 operation permit in France. In April, we parted with Dubai, Dubai's Road and Transportation Authority and Uber to integrate our local taxi fleet into Dubai's public transportation system. I'm -- I can't wait for this to come because in our dream, our mission is like to deploy local taxi all over the world.

並於3月份獲得了法國4級營運許可。今年 4 月，我們與杜拜、杜拜道路交通管理局和 Uber 合作，將我們當地的計程車隊整合到杜拜的公共交通系統中。我迫不及待地等待這一天的到來，因為在我們的夢想中，我們的使命是在世界各地部署當地計程車。

In May, we have started for the driver is testing in Abu Dhabi. Actually, I'm currently -- in Abu Dhabi, I just tested, and I think it's fantastic.

五月份，我們已經開始在阿布達比進行駕駛員測試。實際上，我目前在阿布扎比，我剛剛進行了測試，我認為這很棒。

We now have deployed in 10 countries across Asia, Mid East, and Europe. From our experience, we understand that regulators are generally supportive towards autonomous driving, but condition on -- we can keep our track record for safety.

目前，我們的業務已覆蓋亞洲、中東和歐洲的 10 個國家。根據我們的經驗，我們了解到監管機構總體上支持自動駕駛，但條件是——我們能夠保持我們的安全記錄。

Overall, we are really optimistic about the future and we believe WeRide is well positioned to capture the expanding penetration for autonomous driving technology. That's my answer to this question. Thank you for this question.

總體而言，我們對未來非常樂觀，我們相信文遠知行 (WeRide) 已做好準備，抓住自動駕駛技術不斷擴大的滲透率。這就是我對這個問題的回答。感謝您的提問。

Tian Wang Hu, China Securities.

中信證券，天旺虎。

Hi, everyone. Can you hear me?

大家好。你聽得到我嗎？

Yes, we can.

是的，我們可以。

Yeah, my first question is there any new product development that you could share, especially Robotaxi?

是的，我的第一個問題是您可以分享什麼新產品開發，尤其是 Robotaxi？

Okay. So, new products, we are actually, last October, we launched a new generation of Robotaxi GXR which is really a purpose-built Robotaxi tailored for L4 driverless. We also trimmed it for the deployment in the Mideast in like for like in today, like the temperature is like 40 degrees Celsius, or you have to have a car that is with very powerful AC and a very big battery.

好的。所以，新產品，我們實際上是在去年 10 月推出了新一代 Robotaxi GXR，這是一款真正為 L4 無人駕駛量身定制的 Robotaxi。我們還針對中東地區的部署進行了調整，就像今天一樣，那裡的溫度是 40 攝氏度，你必須有一輛配備非常強大的空調和非常大電池的汽車。

We actually upgrade our GXR to make it more suitable. It's a purpose to build global taxi to make it more suitable for the market of Abu Dhabi and the Dubai. And we -- to work on this, we worked closely with the GD Verizon to customize GXR. We spent tons of time and efforts on it.

我們實際上升級了我們的 GXR，使其更加適用。目標是打造全球計程車，使其更適合阿布達比和杜拜市場。為了實現這一目標，我們與 GD Verizon 密切合作，對 GXR 進行客製化。我們為此花費了大量的時間和精力。

Now, our proprietary sensors with 5.6 and our HPC are ready and integrating into GXR and it's very suitable for the extreme heat weather condition. And we also work on some redundant system. Okay. So the whole system, the GXR is full redundancy, several round of redundancies so that we have very reliable and stable braking and steering system.

現在，我們的專有 5.6 感測器和 HPC 已經準備就緒並整合到 GXR 中，非常適合極端高溫天氣條件。我們也致力於一些冗餘系統。好的。因此整個系統，GXR 是完全冗餘的，多輪冗餘使我們擁有非常可靠和穩定的煞車和轉向系統。

And there's another thing I want to mention like for the new products and new things like that is we are going to further upgrade GXR with the computational platform. In the second half of the year, we will build our computational platform for by newest Nvidia DRIVE Thor platform as you have already probably noticed.

另外我想提一下，對於新產品和新事物，我們將使用計算平台進一步升級 GXR。您可能已經注意到，今年下半年我們將透過最新的 Nvidia DRIVE Thor 平台建立我們的運算平台。

Nvidia is the next generation Thor platform, extremely powerful and it has like, has a computational power, the whole computational power in our controller is actually more than 2000 tops. So, for the past five years, we also try to reduce the cost, like the cost of our census we have reduced by more than 70%.

Nvidia 是下一代 Thor 平台，功能極其強大，具有運算能力，我們控制器的整個運算能力實際上超過 2000 個。因此，在過去的五年裡，我們也試圖降低成本，例如我們的人口普查成本就降低了 70% 以上。

So we want to do it through innovation and new products. And for the next generation will taxi currently under development, I think we look forward to another 20% to 30% cost reduction and further details, we will review it after the spec be finalized.

因此我們希望透過創新和新產品來實現這一目標。對於目前正在開發的下一代計程車，我認為我們期待將成本再降低 20% 到 30%，並期待更多細節，我們將在規格最終確定後對其進行審查。

So there are a lot of things, new things ongoing, that's the really happenings working on Robotaxi and this AI stuff, the new things comes every day. And we believe that with a powerful and smart brain, the new GXR will not only provide a high level of safety and comfortability, it will also our new purpose-built GXR will redefine the Robotaxi business and this car is ready for large deployment.

所以有很多事情，新事物正在發生，這就是 Robotaxi 和人工智慧領域正在發生的事情，每天都有新事物出現。我們相信，憑藉強大而聰明的大腦，新款 GXR 不僅能提供高水準的安全性和舒適性，我們全新打造的 GXR 還將重新定義 Robotaxi 業務，這款車已經準備好大規模部署。

I really look forward to see the large deployment of GXR in Abu Dhabi and Dubai. Okay, that's my answer to this question.

我非常期待看到 GXR 在阿布達比和杜拜的大規模部署。好的，這就是我對這個問題的回答。

Thank you. And my -- and I have another question. My second question is what's your view on the growing level of competition in China as more companies are rolling out autonomous driving technology?

謝謝。我還有一個問題。我的第二個問題是，隨著越來越多的公司推出自動駕駛技術，您如何看待中國日益激烈的競爭？

As I mentioned in my answers in the previous question, right, as a leading global company, you have to face all kinds of competition, either globally or inside China, either from [Haoyue] or from ADAS system company or from Robotaxi, another Robotaxi company.

正如我在上一個問題的回答中提到的那樣，作為一家全球領先的公司，你必須面對各種各樣的競爭，無論是來自全球還是中國國內，無論是來自[昊悅]還是來自ADAS系統公司，還是來自另一家Robotaxi公司。

So, for my view over my view is like the competition is good. I love the beauty of the free market, right, so through trading through competition, the customers can get the most cost-effective and high-quality products. What's wrong with that? That's a great thing.

所以，我的觀點是競爭是好的。我喜歡自由市場的美妙，對吧，透過競爭交易，客戶可以獲得最具成本效益和高品質的產品。這有什麼問題嗎？這是一件很棒的事。

And but based -- are you worried about losing in this competition? I think for the past eight years of record has already shown, we might growth from 10 people start up to leading autonomous driving company with more than 2000 employees.

但是基於—您是否擔心在這次比賽中失敗？我想過去八年的記錄已經表明，我們可能從10人的新創公司成長為擁有2000多名員工的領先自動駕駛公司。

It has already proven that, when we have nothing, we only have a few people, a very small farm, we can start to grow, and now, we are in very advantagous and in a leading position. We are very confident.

事實證明，當我們一無所有，只有幾個人，一個很小的農場時，我們就可以開始發展，現在，我們處於非常有利和領先的地位。我們非常有信心。

So, I always mention like we have 4-core pillars that we write apart from the competition. The four pillars, I want to name them one by one. They are tech competence; technology is always our foundation. Second, proven business model, and we are really looking to the large-scale deployment and also deploying global market.

所以，我總是提到我們有 4 個核心支柱，與競爭對手不同。這四大支柱，我想一一列舉。他們是技術能力；科技永遠是我們的基石。第二，經過驗證的商業模式，我們確實希望進行大規模部署並部署全球市場。

Third one is the safety and reliability collaboration record. Please go ahead to check your record. I believe we have the best safety record all over the world. And we have the first pillar is a strong partnership network.

三是安全可靠性協作記錄。請繼續檢查您的記錄。我相信我們的安全記錄是全世界最好的。我們的第一支柱是強大的合作夥伴網絡。

If I have a time, do I still have some time? I want to elaborate actually these four pillars. Thanks for this question. So first of all, technology one, over the past eight years, we build up, we write one universal platform that can be deployed to use for Robotaxi, Robobus, Robosweeper, Robovan, and ADAS system.

如果我有時間，我還有時間嗎？我實際上想詳細闡述這四大支柱。謝謝你的提問。首先，技術方面，在過去的八年裡，我們建立並編寫了一個通用平台，可以部署用於 Robotaxi、Robobus、Robosweeper、Robovan 和 ADAS 系統。

At the same time, you get data from all over these five branches. So basically you are five times more efficient in collecting data, collecting common cases and five times more efficient improve your idea. You are deploying a large scale, not only in Robotaxi fleet, but also in Robo -- when in Robosweeper. That's a grand vision from me right?

同時，您可以獲得這五個分支機構的數據。因此，基本上，您在收集數據、收集常見案例方面的效率提高了五倍，並且改進您的想法的效率也提高了五倍。您正在大規模部署，不僅在 Robotaxi 車隊中，而且在 Robo——在 Robosweeper 中。這對我來說是一個宏偉的願景，對吧？

And I think no other company has such a grand vision, and I see no other company has achieved the concrete steps for such grand vision.

我認為沒有其他公司擁有如此宏偉的願景，而且我認為也沒有其他公司已經實現了這個宏偉願景的具體步驟。

And for proven business, look at our operation, I think I'm quite proud and every step we have create a repeatable, scalable, and monetizable business model across multiple verticals, including mobility, logistics, and the sanitation.

對於經過驗證的業務，看看我們的運營，我認為我感到非常自豪，我們的每一步都在多個垂直領域創建了可重複、可擴展和可貨幣化的商業模式，包括移動性、物流和衛生設施。

So that proves actually our autonomous solution can address a variety of real-world challenges. So, we operate in 30 cities across 10 countries. So that means like the business-model approved, not in a time frame but also globally.

這實際上證明我們的自主解決方案可以應對各種現實世界的挑戰。因此，我們的業務範圍遍及 10 個國家的 30 個城市。這意味著該商業模式不僅在時間範圍內獲得批准，而且在全球範圍內獲得批准。

Third pillar, safe and reliable record. I want to read you something about some record. So our L4 autonomous vehicles have undergone successfully, successful tests, and commercial deployment in diverse and extreme environments including urban village in China such as congested and unpredictable road environments in downtown Guangzhou.

第三支柱，安全可靠的記錄。我想唸一些關於某些記錄的內容給你聽。因此，我們的 L4 自動駕駛汽車已經在中國的城中村等各種極端環境中（例如廣州市中心擁擠且不可預測的道路環境）成功地進行了測試和商業部署。

And in a very northern part of China, Heihe, and that is like 30 degrees below, 30 Celsius degrees below zero in winter and also, in Abu Dhabi, the high heat where I'm currently sitting in the office, 40 degrees Celsisu. We show that we can still operate safely.

在中國最北部的黑河，冬天氣溫會降到攝氏零下 30 度，而我現在所在的阿布達比辦公室的氣溫高達攝氏 40 度。我們證明我們仍然可以安全地運作。

Last one, very strong partnership, we emphasize many times our collaboration with Uber, with all different local authority in Switzerland, with France, Singapore, UAE, and Japan.

最後一點，非常強大的合作關係，我們多次強調與 Uber 的合作，以及與瑞士、法國、新加坡、阿聯酋和日本各個地方當局的合作。

And we also have partners with multiple partners in Singapore, like in Resort World Sentosa and the robots operation. So I won't be able to name them this way long list and also for ADAS system, we work with the top one, tier-one supplier Bosch. So with all of this, I think, from the competition, we are confident, and I think that's also the value of WeRide. Okay, that's my answer to this question.

我們在新加坡也有多家合作夥伴，例如聖淘沙名勝世界和機器人營運。因此我無法列出長長的名單，而且對於 ADAS 系統，我們與頂級一級供應商博世合作。所以有了這一切，我認為，從競爭中，我們是充滿信心的，我認為這也是文遠知行的價值所在。好的，這就是我對這個問題的回答。

Leo You, CLSA.

Leo You，里昂證券。

Hi. Good evening, management. Thank you for the opportunity. So I want to ask about the use of cash. So we're quite excited about the share repurchase program. So would you please share more about your thoughts behind rolling out the program now? And how would you strike the balance between the shareholder return and investing in technology and products.

你好。晚上好，管理層。感謝您提供的機會。所以我想問一下有關現金的使用問題。因此，我們對股票回購計畫感到非常興奮。那麼，您能否分享一下現在推出該計劃背後的想法？您將如何在股東回報和對技術和產品的投資之間取得平衡？

I'll take this question. Thank you.

我來回答這個問題。謝謝。

So, the board has authorized a share repurchase of $100 million, which reflecting their -- reflects their strong confidence in the company's solid foundation, and the leading position in the autonomous driving industry and the compiling long-term growth trajectory.

因此，董事會已批准回購 1 億美元的股票，這反映了他們對公司堅實基礎、自動駕駛行業領先地位和長期成長軌蹟的堅定信心。

And the proposed restructure can be made from time to time in the form of compliant transactions. So yeah, so, we think this initiative can allow us to opportunistically to buy back shares, we miss these opportunities, which also demonstrating our commitment to deliver value to the shareholder while maintaining financial flexibility for future growth. Yeah.

並且擬議重組可以不時以合規交易的形式進行。是的，我們認為這項措施可以讓我們有機會回購股票，我們錯過了這些機會，這也顯示了我們致力於為股東創造價值，同時保持未來成長的財務靈活性。是的。

Okay. Thank you, Jennifer. And I have another question on the financial part, so can you share more about the growth drivers behind the product revenue and service revenue in the first quarter and how do you see the trend of the revenue line?

好的。謝謝你，詹妮弗。我還有一個關於財務方面的問題，您能否分享一下第一季產品收入和服務收入背後的成長動力，以及您如何看待收入線的趨勢？

Yeah, so, at this stage, so our growth momentum for the first quarter, it's primarily attributed to the growth of the Robotaxi business and our global expansion.

是的，在現階段，我們第一季的成長動能主要歸功於 Robotaxi 業務的成長和我們的全球擴張。

So at this stage, given, all the revenue for different product line is still relatively small, so we think we'll just like focusing on the product itself, instead of like breaking down for -- because the product and service makes changes every quarter as sometimes when we deliver like a mega project for one quarter, so the product revenue can significantly increase and on a different quarter while the service revenue can be the dominant factor for the quarter.

因此，在現階段，鑑於不同產品線的所有收入仍然相對較小，因此我們認為我們只會關注產品本身，而不是細分——因為產品和服務每個季度都會發生變化，有時當我們在一個季度交付一個大型項目時，產品收入可能會在不同的季度顯著增加，而服務收入可能是該季度的主導因素。

And then, let's -- if they're talking about the Robotaxi service at Robotaxi as a business. So this is our core business from day one and so the revenue contribution for Robotaxi witnessed a significant increase of 10.4% year on year, which marking up like 22% of the total revenue of this quarter. This is based on our knowledge and it's also like largest, like published, like announced the Robotaxi revenue among the peers.

然後，如果他們在談論 Robotaxi 的 Robotaxi 服務作為一項業務。從第一天起，這就是我們的核心業務，因此 Robotaxi 的營收貢獻年比大幅成長了 10.4%，佔本季總營收的 22%。這是基於我們的知識，也是同行中最大的、已發布的、已宣布的 Robotaxi 收入。

Yeah, and the margin level, we're still at a very healthy like level of around like gross margin of around 35%. So yeah.

是的，我們的利潤率仍然處於非常健康的水平，毛利率約為 35%。是的。

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

謝謝。如果沒有其他問題，我想將會議交還給我們的管理階層結束語。

Okay. So, everyone, thank you again for your participation. I would also like to take this opportunity to thank our partners and our employees. I have to say none of the progress is possible without their support and hard work.

好的。那麼，再次感謝大家的參與。我也想藉此機會感謝我們的合作夥伴和員工。我必須說，如果沒有他們的支持和努力，任何進步都不可能實現。

And we look forward to speaking with everyone again in our next call. Thank you. Goodbye.

我們期待在下次通話中再次與大家交談。謝謝。再見。

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

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。