WeRide Inc (WRD) 2025 Q2 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to WeRide's second-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

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 2025 年第二季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

The company's unaudited financial and operating results were released by the newswire earlier today and are currently available online. Joining us today are WeRide's Founder, Chairman and CEO, Dr. Tony Han; and CFO and Head of International, Ms. Jennifer Li.

該公司未經審計的財務和營運結果已於今天稍早由新聞專線公佈，目前可在網路上查閱。今天與我們一起出席的還有文遠知行 (WeRide) 創辦人、董事長兼執行長韓旭博士，以及財務長兼國際業務主管李珍妮女士。

Before we continue, I would 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 WeRide’s strategies and future plans.

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 WeRide 的戰略和未來計劃。

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 factors section of the company’s US prospectus file with the SEC for a full disclosure of these risk factors.

由於各種重要因素，實際結果可能與這些前瞻性聲明所明示或暗示的結果有重大差異，請參閱本公司向美國證券交易委員會提交的美國招股說明書中的風險因素部分，以全面了解這些風險因素。

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

請注意，管理層準備好的評論中所述的所有數字均以人民幣計算，我們今天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。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。請繼續。

Hello? Hello, can you hear me now?

你好？你好，現在能聽到我說話嗎？

Tony, You may begin.

東尼，你可以開始了。

Hello, can you hear me? Can you hear me now? Just want to double check with you.

你好，你聽得到我說話嗎？現在你能聽到我說話嗎？只是想再跟你確認一下。

Tony, your line is loud and clear. You may begin.

東尼，你的台詞很響亮、很清晰。你可以開始了。

Okay, thank you. Sorry about this, technical problem. I'll start now. Hello everyone. And thank you for joining us today. This past quarter has been both exciting and full of progress. At WeRide, we remain committed to our long-term vision, transforming the future of mobility through safe and accessible driverless solutions.

好的，謝謝。抱歉，技術問題。我現在就開始。大家好。感謝您今天加入我們。過去的這個季度既令人興奮又充滿進步。在文遠知行，我們始終致力於我們的長期願景，透過安全、便利的無人駕駛解決方案改變未來的出行方式。

Over the past few months, our team have reached significant milestones – most notably, the rollout of our robotaxi service to Dubai, Riyadh, and Shanghai. These new locations expand our global footprint to 10 cities around the globe, marking a major step forward.

在過去的幾個月裡，我們的團隊取得了重大的里程碑——最值得注意的是，我們的自動駕駛計程車服務已在杜拜、利雅德和上海推出。這些新地點將我們的全球業務範圍擴大到全球 10 個城市，標誌著我們向前邁出了重要一步。

We also partnered with Lenovo to launch our latest computing platform, HPC 3.0. This breakthrough offers a new level of cost-effectiveness and scalability for level four autonomous vehicles. With that in mind, let’s take a look at some of the key highlights from this quarter. We have made major progress in expanding our global robotaxi operations, and this is just the beginning.

我們也與聯想合作推出了最新的運算平台HPC 3.0。這項突破為四級自動駕駛汽車帶來了全新的成本效益和可擴展性。考慮到這一點，讓我們來看看本季度的一些主要亮點。我們在拓展全球自動駕駛計程車業務方面取得了重大進展，而這只是個開始。

Today, we operate the largest public commercial robotaxi fleet outside the US and China. The Middle East is a strategic priority for WeRide, and it will remain one of our key growth regions throughout 2025. In 2023, we became the first company to be granted a nationwide permit in the UAE, and last December, we launched a partnership with Uber. In just six months, the WeRide-Uber robotaxi fleet has tripled in size, now covering roughly 50% of Abu Dhabi’s core areas, including major highways and the airport.

如今，我們經營著美國和中國以外最大的公共商業自動駕駛計程車車隊。中東是文遠知行的戰略重點，2025年它仍將是我們的重點成長地區之一。2023年，我們成為阿聯酋第一家獲得全國許可的公司，去年12月，我們與Uber建立了合作關係。短短六個月內，文遠知行-優步自動駕駛計程車車隊規模擴大了兩倍，目前涵蓋了阿布達比約 50% 的核心區域，包括主要高速公路和機場。

By year end, we aim to further scale the fleet to hundreds of vehicles and expand service into new areas such as Khalifa City, Masdar City, and more of downtown Abu Dhabi. This growth is expected to double our ride volume.

到今年年底，我們的目標是將車隊規模進一步擴大到數百輛，並將服務擴展到哈利法城、馬斯達爾城以及阿布達比市中心等新地區。預計這一增長將使我們的乘車量翻倍。

On average, each robotaxi is expected to complete dozens of rides in a typical of 12-hour shift, with each typical ride exceeding six kilometers. We’ve also begun driverless testing in Abu Dhabi, paving the way for a commercial driverless launch in the months ahead.

平均而言，每輛自動駕駛計程車預計在典型的 12 小時輪班中完成數十次行程，每次行程通常超過 6 公里。我們也開始在阿布達比進行無人駕駛測試，為未來幾個月推出無人駕駛商業化服務鋪路。

We couldn’t be more excited about what’s to come. In June, we kicked off testing in Dubai, and anticipate launching of our pilot operation later this year. During this initial phase, a safety driver will be present in the vehicle. Much like our approach in Abu Dhabi, our ultimate goal is to introduce a fully driverless service in Dubai next year.

我們對即將發生的事情感到無比興奮。6 月份，我們在杜拜啟動了測試，並預計將於今年稍後啟動試點營運。在此初始階段，車內將有一名安全駕駛員。與我們在阿布達比的做法非常相似，我們的最終目標是明年在杜拜推出完全無人駕駛服務。

As part of our strategic plan with Uber, we are expanding commercial robotaxi services to 15 additional cities. Earlier this month, we partnered with the Transport General Authority of Saudi Arabia to launch the Kingdom’s first-ever robotaxi pilot in Riyadh.

作為我們與 Uber 策略計畫的一部分，我們正在將商業機器人計程車服務擴展到另外 15 個城市。本月初，我們與沙烏地阿拉伯交通總局合作，在利雅德啟動了沙烏地阿拉伯王國首個機器人計程車試點計畫。

This initial rollout covers key locations, including King Khalid International Airport, major highways, and several city-center destinations. Riyadh is now the third city where WeRide and Uber have introduced robotaxi services together.

首次推出的服務涵蓋了多個主要地點，包括哈立德國王國際機場、主要高速公路和幾個市中心目的地。利雅德目前是文遠知行和優步合作推出Robotaxi服務的第三個城市。

We’re also making waves in China, where our robotaxi service not only serves as a proving ground for our technology, but also plays a vital part of our commercial operations. This month, at the World Artificial Intelligence Conference, we announced our debut in Shanghai through a collaboration with Chery and Jinjiang Taxi. Together, we’re launching autonomous rides to major city landmarks including the Shanghai World Expo Center, Pudong International Airport, and Shanghai Disney Resort.

我們也在中國掀起了波瀾，我們的自動駕駛計程車服務不僅是我們技術的試驗場，而且在我們的商業運營中發揮著至關重要的作用。本月，在世界人工智慧大會上，我們宣布與奇瑞、錦江計程車合作在上海首次亮相。我們將攜手推出前往上海世博中心、浦東國際機場和上海迪士尼度假區等主要城市地標的自動駕駛服務。

On the heels of our robotaxi success, new opportunities are emerging for the commercialization of our other L4 products. In Guangzhou, our robovan W5 has secured a second round of permits following its successful debut in April. In Singapore, we launched fully driverless robobus operations in Sentosa, the first of its kind in Southeast Asia. Meanwhile in Paris, we partnered with Renault Group for the second consecutive year to provide robobus shuttle service at the prestigious Roland-Garros tennis tournament.

在我們的自動駕駛計程車成功之後，我們的其他 L4 產品的商業化也迎來了新的機會。在廣州，我們的無人駕駛貨車 W5 繼 4 月成功亮相後，又獲得了第二輪許可。在新加坡，我們在聖淘沙推出了全無人駕駛機器人巴士運營，這是東南亞首個此類運營。同時，在巴黎，我們連續第二年與雷諾集團合作，為著名的法國網球公開賽提供機器人巴士接送服務。

These milestones reflect our commitment to safety and our proven track record of transporting tens of thousands of passengers around the world. What truly sets us apart isn’t just our ability to commercialize, but our relentless drive to innovate. Earlier this month, we unveiled HPC 3.0, our proprietary computing platform developed in collaboration with Lenovo.

這些里程碑體現了我們對安全的承諾以及我們在全球範圍內運送數萬名乘客的成功經驗。真正讓我們脫穎而出的不僅是我們的商業化能力，還有我們不懈的創新動力。本月初，我們推出了與聯想合作開發的專有運算平台 HPC 3.0。

HPC 3.0 Featuring dual NVIDIA DRIVE Thor X chips. It delivers up to 2,000 TOPS of AI computing power, making it one of the most powerful computing platforms for L4 autonomy. This full automotive-grade computing platform with a design of 10 years of lifespan is rigorously tested under extreme weather conditions.

HPC 3.0 配備雙 NVIDIA DRIVE Thor X 晶片。它可提供高達 2,000 TOPS 的 AI 運算能力，使其成為 L4 自動駕駛最強大的運算平台之一。這款全汽車級運算平台的設計使用壽命為 10 年，並在極端天氣條件下經過了嚴格的測試。

Not only does it deliver exceptional performance, it also cuts the cost of our autonomous driving suite by 50% -- positioning WeRide strongly for large-scale commercial deployment. HPC 3.0 is already integrated into our GXR robotaxi, making it the world’s first mass-produced Level-4 autonomous vehicle using the NVIDIA Thor chip.

它不僅提供了卓越的性能，還將我們的自動駕駛套件的成本降低了 50%——為文遠知行 (WeRide) 的大規模商業部署奠定了堅實的基礎。HPC 3.0 已整合到我們的 GXR 機器人計程車中，使其成為世界上第一款使用 NVIDIA Thor 晶片量產的 4 級自動駕駛汽車。

In partnership with Chery, we have also introduced our next-gen robotaxi, CER, which is now ready for mass production. CER is built with five-layer redundancy across core systems -- including steering system, braking system, communication system, and power supply, ensuring we maintain the same high safety standards proven over past 2,200 days of public operation.

我們也與奇瑞合作推出了下一代機器人計程車 CER，目前已準備好進行量產。CER 的核心系統採用五層冗餘設計——包括轉向系統、煞車系統、通訊系統和電源，確保我們保持過去 2,200 天公共運作中證明的相同高安全標準。

As we continue to scale our operations, policy compliance remains a critical pillar for our strategy. We are incredibly proud of the trust we’ve earned globally. We are now the only company in the world whose products were granted autonomous driving permits in six countries.

隨著我們不斷擴大業務規模，政策合規仍然是我們策略的重要支柱。我們為在全球範圍內贏得的信任感到無比自豪。我們現在是世界上唯一一家產品在六個國家獲得自動駕駛許可的公司。

Each of these permits represents not only the right to operate, but also a stamp of recognition, showing that our vehicles meet the highest standards wherever we go. To date, we have logged more than 40 million kilometers of real-world autonomous driving mileage, continuously making our system smarter, safer, and more reliable.

每一張許可證不僅代表營運的權利，也是一種認可，顯示我們的車輛無論走到哪裡都符合最高標準。到目前為止，我們的實際自動駕駛里程已超過4000萬公里，我們的系統不斷變得更加智慧、更安全、更可靠。

Now, I will pass to our CFO, Jennifer Li to discuss the company’s financial performance.

現在，我將邀請我們的財務長 Jennifer Li 討論公司的財務表現。

Thank you, Tony. Hello, everyone. Before we dive into the 2Q financials, I want to highlight that all figures are in RMB, and comparisons are year-over-year unless stated otherwise. Now, let's discuss our second quarter financial performance.

謝謝你，托尼。大家好。在深入研究第二季財務數據之前，我想強調的是，所有數字均以人民幣為單位，除非另有說明，否則比較的是同比數據。現在，讓我們討論一下第二季的財務表現。

We delivered total revenue of RMB127.2 million, up 60.8% year over year , driven by strong growth across both product and service segments. This performance underscores the accelerating commercial momentum of our global strategy.

由於產品和服務部門的強勁成長，我們實現總收入 1.272 億元人民幣，年增 60.8%。這項業績凸顯了我們全球策略的商業動能正在加速。

Product revenue delivered strong growth of 309.6% year over year to RMB59.8 million in Q2, driven by steadily increasing demand for our robotaxis and robosweepers. Robotaxi revenue reached a record high of RMB45.9 million, up 836.7% year over year, marking its highest-ever contribution to group revenue at 36.1% since 2021.

受自動駕駛計程車和機器人掃地機需求穩定成長的推動，第二季產品營收年增 309.6%，達到 5,980 萬元人民幣。Robotaxi營收達4,590萬元，年增836.7%，創歷史新高，對集團營收貢獻率達36.1%，為2021年以來最高。

This growth reflects our global market leadership. We now operate the largest robotaxi fleet in the Middle East, with rapid expansion in Abu Dhabi and Saudi Arabia’s first-ever robotaxi pilot operation in Riyadh. We also have strong regulatory momentum.

這一增長體現了我們在全球市場的領導地位。我們目前經營中東地區最大的自動駕駛計程車車隊，並在阿布達比迅速擴張，並在利雅德開展了沙烏地阿拉伯首個自動駕駛計程車試點業務。我們的監管勢頭也強勁。

WeRide is the only company with autonomous permits in six countries, which means our technology meets the high global safety standards. This demonstrates our technology advantages and the encouraging success of our globalization strategy.

文遠知行WeRide是唯一一家在六個國家擁有自動駕駛許可證的公司，這意味著我們的技術符合全球高安全標準。這反映了我們的技術優勢和全球化策略令人鼓舞的成功。

Service Revenue grew 4.3% year over year to RMB67.4 million, supported by a RMB35.8 million increase in intelligent data services and operational support, which is partially offset by the completion of legacy ADAS R&D contracts.

服務收入年增4.3%至人民幣6,740萬元，主要得益於智慧數據服務和營運支援增加人民幣3,580萬元，但部分被遺留ADAS研發合約的完成所抵銷。

Group-level gross profit increased 40.6% to RMB35.7 million for the second quarter, with a group-level gross margin of 28.1%, underscoring our continued commercial leadership in the industry. This healthy margin reflects the strength of our international expansion and robotaxi business growth.

第二季集團毛利成長40.6%至3,570萬元人民幣，集團毛利率為28.1%，持續維持產業商業領先地位。這一健康的利潤率反映了我們國際擴張和自動駕駛計程車業務成長的強勁勢頭。

Operating expenses increased 42.5% year over year to RMB487.8 million, with R&D accounting for 65.4% of the total. To break down further, R&D expenses increased by 33.1% to RMB318.9 million in the second quarter of 2025 compared to the same period of 2024.

營業費用年增42.5%至人民幣4.878億元，其中研發費用佔營業費用總額的65.4%。進一步細分，2025年第二季研發費用與2024年同期相比成長33.1%至人民幣3.189億元。

Excluding share-based compensation, R&D expenses increased by 50.5% to RMB280.3 million. The increase in R&D expenses was primarily due to an increase of RMB45.1 million in personnel-related expenses from headcount increase as well as average salary increase.

不含股權激勵費用，研發費用增加50.5%至人民幣2.803億元。研發費用的增加主要是因為員工人數增加以及平均薪資上漲導致人員相關費用增加人民幣4,510萬元。

Also, there’s an increase of RMB31.5 million in service fees for R&D projects. Administrative expenses increased by 71.3% to RMB155.1 million. Excluding share-based compensation, administrative expenses increased by 93.8% to RMB75.6 million.

研發項目服務費增加3150萬元。行政開支增加71.3%至人民幣1.551億元。不包括股權激勵費用，管理費用增加93.8%至人民幣7,560萬元。

The increase was primarily due to an increase of RMB28.9 million in professional services fees mainly related to audit and legal compliance service. Selling expenses increased by 12.9% to RMB13.8 million, excluding share-based compensation, selling expenses increased by 17.5% to RMB12.1 million.

成長的主要原因是與審計和法律合規服務相關的專業服務費用增加了 2,890 萬元人民幣。銷售費用增加12.9%至1,380萬元人民幣，若剔除股權激勵費用，銷售費用增加17.5%至1,210萬元。

We continue to prioritize our talent strategy, recognizing that a growing team of high-caliber professionals remains pivotal to sustaining our technological leadership. Together with our expanding commercial outreach, these investments are laying a resilient foundation for long-term competitiveness.

我們繼續優先考慮我們的人才策略，並認識到不斷成長的高素質專業團隊對於維持我們的技術領先地位仍然至關重要。這些投資加上我們不斷擴大的商業範圍，為長期競爭力奠定了堅實的基礎。

Our net loss decreased by 1.7% to RMB406.4 million in the second quarter of 2025. On a non-IFRS basis, the net loss increased to RMB300.6 million, mainly due to continued investment in R&D and broader operating activities.

2025年第二季度，我們的淨虧損減少1.7%至人民幣4.064億元。以非國際財務報告準則計算，淨虧損增加至人民幣3.006億元，主要由於對研發和更廣泛的經營活動的持續投入。

As of June 30, 2025, we held a total capital reserve of RMB5.8 billion, including RMB4.1 billion in cash and cash equivalents and time deposits, RMB1.7 billion in wealth management products, and RMB15.4 million in restricted cash.

截至2025年6月30日，我們持有總資本儲備人民幣58億元，其中包括人民幣41億元的現金及現金等價物及定期存款、人民幣17億元的理財產品以及人民幣1,540萬元的受限現金。

We believe our sustainable liquidity positions will continue to fuel robust R&D effort and support our scale-up ambitions. In conclusion, our recent progress in driverless activities which is now underway in Abu Dhabi and recent launches in Riyadh, Shanghai, and Singapore validate our path to commercialization. With robotaxi unit economics improving and partnerships accelerating, we’re confident in our ability to convert global potential into long-term value.

我們相信，我們可持續的流動性狀況將繼續推動強勁的研發努力並支持我們的擴大規模目標。總而言之，我們最近在阿布達比開展的無人駕駛活動以及最近在利雅德、上海和新加坡開展的無人駕駛活動取得了進展，證明了我們商業化的道路。隨著自動駕駛計程車單位經濟效益的提高和合作關係的加速發展，我們有信心將全球潛力轉化為長期價值。

With that, operator, we're now ready to take some questions.

接線員，現在我們可以回答一些問題了。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Like Museo, CIPP.

例如 Museo、CIPP。

Good evening, Tony and Jennifer. Congrats on your strong results and thanks for taking my questions. For Tony, could you elaborate a little bit about how should we consider your company's multi-product strategy? What is the relationship between Robotaxi and other products such as Robobus? And for Jennifer, we see an expanding revenue contribution of your Robotaxi business. Is this trend going to sustain in the coming quarters and what are the key drivers? Thanks.

晚上好，托尼和珍妮佛。恭喜您取得優異的成績，並感謝您回答我的問題。對於 Tony，您能否詳細說明一下我們應該如何考慮貴公司的多產品策略？Robotaxi和Robobus等其他產品是什麼關係？對於珍妮佛來說，我們看到您的 Robotaxi 業務的收入貢獻正在不斷擴大。這一趨勢在未來幾季會持續下去嗎？主要驅動因素是什麼？謝謝。

Okay, so thank you for the question. I will answer the first one and I think Jennifer can follow up with the second one. So this is about our multi-product strategy. I think all over the world, among all autonomous driving companies, I mean the leading top rated, leading autonomous driving company, WeRide is the only company have this multiproduct strategy.

好的，謝謝你的提問。我將回答第一個問題，我認為珍妮佛可以回答第二個問題。這就是我們的多產品策略。我認為在全世界所有的自動駕駛公司中，我的意思是在領先的頂級自動駕駛公司中，文遠知行是唯一一家擁有這種多產品策略的公司。

And at WeRide, we take a one platform approach. That is, we do build up a universal platform called WeRide One. And that platform powers multiple urban mobility applications, including all of the products you mentioned.

在 WeRide，我們採用單一平台方法。也就是說，我們確實建構了一個名為WeRide One的通用平台。該平台支援多種城市出行應用，包括您提到的所有產品。

Among all of this, Robotaxi is our flagship user case. And, but what is the advantage of this one? Okay, the advantage one, there are several advantages of this strategy. One is like this setup give us access to a huge pool of high quality of L4 data.

其中，Robotaxi 是我們旗艦使用者案例。但是，這個有什麼好處呢？好的，優點一，這個策略有幾個優點。一個是這樣的設定讓我們可以存取大量高品質的 L4 數據。

That means the data you collected with a Robosweeper or with a Robobus actually can be used for Robotaxi. And during over the past eight years, people are talking about in order to build a great Robotaxi or any L4 products, you need to cover lots of long tail corner cases. These corner cases are very rare.

這意味著您使用 Robosweeper 或 Robobus 收集的資料實際上可以用於 Robotaxi。在過去的八年裡，人們一直在討論，為了打造一款出色的 Robotaxi 或任何 L4 產品，你需要涵蓋許多長尾角落案例。這些極端情況非常罕見。

There's no guarantee like you can use your Robotaxi to capture all corner cases. However, if we have Robosweeper, Robovan, and Robobus all over the city, then we have much bigger, four or five times bigger chance to capture this very precious corner case so that we can improve our system. And besides for the marketing expansion reason, not every market is actually ready for full blown Robotaxi service yet. You know, that is the reality.

沒有任何保證能像使用 Robotaxi 一樣捕捉到所有極端情況。然而，如果我們在整個城市都有 Robosweeper、Robovan 和 Robobus，那麼我們就有更大的機會（四到五倍）來捕捉這種非常寶貴的極端情況，以便我們能夠改進我們的系統。除了市場擴張的原因之外，並不是每個市場都已經為全面的 Robotaxi 服務做好了準備。你知道，這就是現實。

So our multi-product lineup gives partners and governments the flexibility to roll out autonomy in a way that fits their pace and priorities. For example, take Paris, Singapore, and Japan as examples. These regions, these countries actually having some problem of aging population and a shrinking public transport workforce. For them, Robobus is often the entry point to L4 autonomy.

因此，我們的多產品陣容為合作夥伴和政府提供了靈活性，使他們能夠以適合其節奏和優先事項的方式推出自主權。例如，以巴黎、新加坡、日本為例。這些地區、這些國家其實存在著人口老化和大眾運輸勞動力減少的問題。對他們來說，Robobus 通常是 L4 自主技術的切入點。

Starting with Robobus actually help us to build public trust and it gives regulators time to develop the right framework. It's a smart way to actually avoid “cold-start” problem that often stop the new tech rollouts. And also I'm proud to share with you that because all these products and we have already worked with all governments, I'm appointed as a member of Singapore Steering Committee on AVs.

從 Robobus 開始實際上有助於我們建立公眾信任，並讓監管機構有時間制定正確的框架。這是一種真正避免「冷啟動」問題的聰明方法，該問題通常會阻止新技術的推出。而且我很自豪地與大家分享，由於所有這些產品以及我們已經與所有政府合作，我被任命為新加坡 AV 指導委員會成員。

This Committee actually is chaired by the Acting Minister for Transport Mr. Jeffrey Siow. The committee is tasked to look into ensure AVs safely integrated into Singapore's land transport system, create new jobs and improve everyday's connectivity for residents.

該委員會實際上由代理交通部長 Jeffrey Siow 先生擔任主席。該委員會的任務是確保自動駕駛汽車安全地融入新加坡的陸路交通系統，創造新的就業機會並改善居民的日常生活。

Actually, it is a great honor for us to contribute to this important national initiative and also to support the development of AVs through strategic guidance and leadership. So overall, I think with all these products and we have many more opportunities, many times more efficiency in data collection, and in many times more robust in supply chain. And so I believe this strategy is a one key factor that make WeRide so successful. That's all I want to say about this first question and Jen, do you want to answer the second question?

事實上，我們很榮幸能夠為這項重要的國家舉措做出貢獻，並透過策略指導和領導支持自動駕駛汽車的發展。所以總的來說，我認為有了這些產品，我們就有了更多的機會，數據收集的效率提高了許多倍，供應鏈也變得更加穩健。所以我相信這個策略是文遠知行如此成功的關鍵因素之一。關於第一個問題，我想說的就這些。 Jen，你想回答第二個問題嗎？

Yeah, I'll take the second question. For the revenue contribution on Robotaxi side, we have seen strong momentum in our Robotaxi revenue and we believe this trend is here to stay. In Q2, 2025, Robotaxi revenue hit a record high accounting 36% of the total revenue.

是的，我回答第二個問題。對於 Robotaxi 的營收貢獻，我們看到 Robotaxi 營收動能強勁，我們相信這種趨勢將會持續下去。2025年第二季度，Robotaxi營收創歷史新高，佔總營收的36%。

And going forward, we expect it to continue and remain to be a major revenue contributor as we continue to scale globally and lead the charge in commercialization of the Robotaxi. So our core engines are driving the growth are as below. So first of all, it's on the fleet expansion side.

展望未來，隨著我們繼續在全球範圍內擴大規模並引領 Robotaxi 商業化，我們預計它將繼續成為主要的收入貢獻者。因此，推動我們成長的核心引擎如下。首先，這是在船隊擴張方面。

As we roll out more Robotaxi and launch operation in key oversea market, a larger fleet directly translate into a stronger revenue. Secondly, our Robotaxi runs a triple growth engine. It started with the hardware sales and it follows with the service revenue as well as the revenue sharing. While the hardware anchors the growth today, the service and service revenue as well as the revenue sharing model offers a long-term upside as our operation mature.

隨著我們推出更多 Robotaxi 並在主要海外市場開展運營，更大的車隊規模直接轉化為更強勁的收入。其次，我們的 Robotaxi 擁有三重成長引擎。它從硬體銷售開始，然後是服務收入以及收入分成。雖然硬體是目前成長的支柱，但隨著我們營運的成熟，服務和服務收入以及收入分享模式將帶來長期的上升空間。

Thirdly, we're targeting markets with a stronger unit economics, especially in those with a higher price per kilometer. This is a key factor in scaling revenue efficiently. So Robotaxi isn’t just part of our product lineup, it’s at the heart of our global strategy. That will be all from my answer.

第三，我們瞄準的是單位經濟效益較強的市場，尤其是每公里價格較高的市場。這是有效擴大收入的關鍵因素。因此，Robotaxi 不僅是我們產品系列的一部分，更是我們全球策略的核心。我的回答就到這裡。

Got it. Thank you for telling me Jennifer. That's helpful.

知道了。謝謝你告訴我，詹妮弗。這很有幫助。

Thank you. Tim Hsiao, Morgan Stanley.

謝謝。摩根士丹利的 Tim Hsiao。

Yeah, thank you very much. I'm sorry I forgot to mute. This is Tim from Morgan Stanley. Thanks, Tony, Jennifer, and team for taking my questions and congratulations on the solid progress in the Robotaxi business. I have two questions.

是的，非常感謝。抱歉，我忘了靜音。我是摩根士丹利的提姆。感謝 Tony、Jennifer 和團隊回答我的問題，並祝賀 Robotaxi 業務取得穩步進展。我有兩個問題。

The first one is about the Auto-grade HPC 3.0 platform. Apparently, it's a supreme process that the new generation platform could cut the cost by 50%. So just want to know that when are we going to deploy the HPC 3.0 platform on our next generation Robotaxi?

第一個是關於Auto-grade HPC 3.0平台。顯然，新一代平台能夠將成本降低50%是一個極致的製程。所以我只想了解我們什麼時候會在下一代 Robotaxi 上部署 HPC 3.0 平台？

And when are we going to start the mass production? And in the meantime, I also want to know if there will be any design changes to revise the next generation Robotaxi seat that can help to really enhance the passenger user experience. So that's my first question. Thank you.

我們什麼時候開始量產？同時，我也想知道是否會對下一代 Robotaxi 座椅進行任何設計變更，以真正提升乘客的使用者體驗。這是我的第一個問題。謝謝。

Okay, thank you, Tim. So, first of all, about the one question, I think HPC 3.0 is already on the road. So, we have spent more than two years working on this very exciting project. And now, finally, we got the result, a very satisfactory result.

好的，謝謝你，提姆。首先，關於這個問題，我認為 HPC 3.0 已經在路上了。因此，我們花了兩年多的時間致力於這個非常令人興奮的項目。現在，我們終於得到了結果，一個非常令人滿意的結果。

Our Robotaxi GXR is the world’s first mass-produced L4 autonomous driving Robotaxi, actually with NVIDIA Thor platform. As people know, Thor is currently the most advanced auto-grade computational platform produced by NVIDIA. So, we have achieved that.

我們的Robotaxi GXR是全球首款量產的L4級自動駕駛Robotaxi，搭載的是NVIDIA Thor平台。眾所周知，Thor是NVIDIA目前最先進的汽車級運算平台。所以，我們實現了這個目標。

I do believe HPC 3.0, with that dual Thor X chipset is a game changer. Why is that? Because the computational power is absolutely next level. Previously, competitors' computational platform is around anything between 500 tops to at most 1,000 tops. But now, our fully auto-grade computational platform is 2,000 tops.

我確實相信，配備雙 Thor X 晶片組的 HPC 3.0 將會改變遊戲規則。這是為什麼？因為運算能力絕對是更高水準的。先前，競爭對手的運算平台大約在 500 個 tops 到最多 1,000 個 tops 之間。但現在，我們的全自動級運算平台最多有 2,000 個。

And also, this extra horsepower allows us to process more sensor data using large models and have lower latency, all in real time. So, that must lead to much better user experience. And I also want to emphasize, making a computational platform of 2,000 tops is quite hard. Make it full auto-grade is much harder, okay. This is actually really critical.

此外，這種額外的馬力使我們能夠使用大型模型處理更多的感測器數據，並降低延遲，所有這些都是即時的。因此，這必定會帶來更好的使用者體驗。而且我還想強調一下，做一個2000個tops的運算平台是相當困難的。使其完全自動化要困難得多，好吧。這實際上非常關鍵。

And there's a lot of industry standards, such as ISO [26262] and for functional safety, and AEC-Q100 for quality. We have to handle all of this. And actually, the HPC 3.0 meets these standards. And also, HPC 3.0 also cuts our manufacturing cost by up to 50%. So, it's ready for large-scale mass production. That's a very important breakthrough.

並且有許多行業標準，例如功能安全標準 ISO [26262] 和品質標準 AEC-Q100。我們必須處理好這一切。事實上，HPC 3.0 符合這些標準。此外，HPC 3.0 也將我們的製造成本降低了 50%。因此，它已準備好進行大規模量產。這是一個非常重要的突破。

And also, one major improvement in terms of our planning algorithm is actually, with this enhanced computational platform, we can launch a groundbreaking free pick-up, drop-off, called PUDO setup for users.

此外，我們的規劃演算法方面的一個重大改進實際上是，透過這個增強的運算平台，我們可以為用戶推出一項突破性的免費接送服務，稱為 PUDO 設定。

Now, at Beijing Yizhuang, and we achieved this kind of PUDO functionality. So, pick-up, dropoff. Of course, you cannot drop-off at any street that is not allowed to pick-up and drop-off. But as long as the municipal government allows to pick-up and drop-off, we can achieve that kind of functionality. So, the user experience has been improved a lot. Okay, that's my answer to the question.

現在，在北京亦莊，我們實現了這個PUDO功能。所以，接送。當然，您不能在任何不允許接送的街道上下車。但只要市政府允許接送，我們就可以實現這種功能。所以，使用者體驗得到了很大的改善。好的，這就是我對這個問題的回答。

That's super helpful. Thank you, Tony. And my second question is also about Robotaxi. As Jennifer mentioned during the presentation, WeRide leads the pack to hold the AD permits in six countries. And I think Tony also mentioned that this is just beginning.

這非常有幫助。謝謝你，托尼。我的第二個問題也是關於 Robotaxi 的。正如Jennifer在演講中提到的，文遠知行WeRide目前在六個國家擁有自動駕駛汽車許可證，處於領先地位。我認為托尼也提到這才剛開始。

So, just want to know that how many permits currently are in our pipelines? Where we can get by end of this year? And separately, if excluding China, what's WeRide’s currently fleet size in those countries globally? And what's our expansion target for Robotaxi by end of this year and for 2026? That's my second question. Thank you.

那麼，您只是想知道我們目前有多少許可證在審批中嗎？今年年底我們能取得什麼進展？另外，如果不包括中國，文遠知行目前在全球這些國家的車隊規模是多少？到今年年底以及 2026 年，我們對 Robotaxi 的擴張目標是什麼？這是我的第二個問題。謝謝。

I'll take this question. So, about the permit side, right? The granting of the permit, it's a rigorous progress in each country. We are making responsive progress every step along the way. Now we have obtained the driverless testing permit in Abu Dhabi, and we expect to upgrade the testing permit to driverless commercial permit in the coming months, which is a huge step for Abu Dhabi. And we will have the similar progress will take place in other countries.

我來回答這個問題。那麼，關於許可證方面，對嗎？許可證的頒發，對於每個國家來說都是一個嚴格的過程。我們每一步都在積極地進步。現在我們已經獲得了阿布達比的無人駕駛測試許可證，我們預計在未來幾個月內將測試許可證升級為無人駕駛商業許可證，這對阿布達比來說是一個巨大的進步。而其他國家也會取得類似的進展。

On fleet size-wise, we have now totally, we have a fleet size of more than 1,300 autonomous vehicles globally, and we're just still growing. And now about a little bit less than one-third of the fleet is outside China.

就車隊規模而言，我們目前在全球擁有超過 1,300 輛自動駕駛汽車，而且還在持續成長中。目前，大約有不到三分之一的船隊位於中國境外。

In the domestic market, so our focus will be just on steady policy-aligned expansion so wherever the policy allows us, we will just go to those places. We are building on those existing open zones and open regulator progress.

在國內市場，我們的重點將放在穩定的、符合政策的擴張上，只要政策允許，我們就會去那些地方。我們正在現有開放區和開放監管機構的基礎上繼續努力。

And recently, we just (inaudible) the autonomous driving permit in Shanghai together with Chery. And in China, we expect by end of this year, we aim to add hundreds more vehicles to our fleet. And internationally, which is more a focus, like for the earning, and you can see, you can tell that we can see that tremendous upside, especially in those regions, like say Middle East, Singapore, Europe, where the market potential and a unit economics are highly attractive for Robotaxi deployment.

最近，我們剛與奇瑞合作在上海獲得了自動駕駛許可證。在中國，我們預計到今年年底，我們的車隊將增加數百輛汽車。在國際上，我們更關注的是獲利，你可以看到，我們看到了巨大的上升空間，特別是在中東、新加坡、歐洲等地區，這些地區的市場潛力和單位經濟效益對 Robotaxi 的部署具有很大的吸引力。

Governments in those regions are also setting very ambitious goals. I'll give you one example. The Saudi Arabia’s Transport General Authority has publicly committed that they will reach 25% autonomous driving penetration by 2030.

這些地區的政府也制定了非常雄心勃勃的目標。我給你舉一個例子。沙烏地阿拉伯交通總局已公開承諾，到 2030 年自動駕駛普及率將達到 25%。

Similar plans were also announced by Abu Dhabi and by Dubai. So that sends a clear signal that autonomous driving products will be a key part of the region's future mobility. So we did a simple math. If by hitting like a similar penetration rate in the region, that will give us the room of 30,000 or more, like (inaudible) products in this region, like for Robotaxi as example.

阿布達比和杜拜也宣布了類似的計劃。這明確表明，自動駕駛產品將成為該地區未來交通的關鍵部分。所以我們做了一個簡單的數學計算。如果透過在該地區達到類似的滲透率，那麼我們將有 30,000 個或更多的產品空間，例如該地區的（聽不清楚）產品，例如 Robotaxi。

Yeah, so we're moving fast to capture those early opportunities in those developed countries. So our goal is to develop hundreds and maybe next year thousands vehicles globally. This year we'll do hundreds, and next year hopefully if the permit allows, we will love to do thousands. And we would like to focusing on those markets where the demand, the support, and the infrastructure are already lining up. Those are the targeted area. Yeah, I hope that answers your question, Tim.

是的，所以我們正在迅速採取行動，抓住這些已開發國家的早期機會。因此，我們的目標是在全球開發數百輛汽車，明年甚至可能開發數千輛汽車。今年我們將做數百個，明年如果許可允許的話，我們希望做數千個。我們希望專注於那些需求、支援和基礎設施已經齊備的市場。這些是目標區域。是的，我希望這回答了你的問題，提姆。

Yes, thanks for sharing all the details and congratulations again, team. Looking forward for more good news. Thank you.

是的，感謝您分享所有細節，再次恭喜你們，團隊。期待更多好消息。謝謝。

Thank you. Jiajie Shen, JPMorgan.

謝謝。沈家傑，摩根大通。

Yeah. Thank you for taking my question. This is Jiajie from JPMorgan. I have two questions. The first one is regarding the business model of your Robotaxi in long run, how should we think about it? Through your collaboration with ride-hailing platforms, what kind of role will they play?

是的。感謝您回答我的問題。我是摩根大通的賈傑。我有兩個問題。第一個問題是關於你們Robotaxi的長期商業模式，我們該怎麼思考？透過與叫車平台的合作，他們將扮演什麼樣的角色？

And my second question is regarding the HPC. It's glad to see you launch the new generation of the computing platform, and my question is how is HPC 3.0 going to drive your scaling from here, and what's the implication to your unit economics? Thank you.

我的第二個問題是關於 HPC 的。很高興看到您推出新一代運算平台，我的問題是 HPC 3.0 將如何推動您的擴展，以及對您的單位經濟有何影響？謝謝。

Okay. So, can you hear me? Can you hear me clearly? I'm not sure. Okay, good. Okay. So first of all, about the Robotaxi business model, I think to WeRide, so the key words for WeRide's business model is actually partnership. So for WeRide's Robotaxi strategy, we want to develop and build a deep win-win partnership with top mobility players in the market, and that means we focus on what we are good at.

好的。那麼，你聽得到我說話嗎？你聽得清楚我說話嗎？我不知道。好的，很好。好的。首先，關於 Robotaxi 的商業模式，我認為對於 WeRide 來說，WeRide 商業模式的關鍵字實際上是合作夥伴關係。因此，對於文遠知行的 Robotaxi 策略，我們希望與市場上的頂級旅遊公司建立深度雙贏的合作夥伴關係，這意味著我們專注於我們擅長的領域。

Okay, we are good at developing L4 level autonomous driving technology, and while at the same time, our strong partners will bring their expertise in fleet operations, maintenance, marketplace, and customer service. So this kind of collaboration will build up a kind of union which supply the best service to our users. So just give an example, right?

好的，我們擅長開發 L4 級自動駕駛技術，同時，我們強大的合作夥伴將帶來他們在車隊營運、維護、市場和客戶服務方面的專業知識。因此，這種合作將建立一種聯盟，為我們的用戶提供最好的服務。那就舉個例子吧？

Our partnership with Uber, not only led to their second investment in WeRide, but also set up blueprint for how we enter new international markets together. We provide actually autonomous driving technology, and they bring operational know-how.

我們與Uber的合作，不僅促成了Uber對文遠知行的第二次投資，也為我們共同進軍新的國際市場制定了藍圖。我們提供真正的自動駕駛技術，他們帶來操作技術。

Across the whole Mid-East, we also collaborate with SteerAI in Saudi Arabia and TXAI in the UAE. In Europe, we’ve launched Robobus services with Renault, and kicked off Robotaxi testing with SBB and STL. Over in Southeast Asia, our strategic alliances with Grab, and also SMRT, and others are helping us in the relative regions, we are very actively seeking for the collaborators.

在整個中東地區，我們也與沙烏地阿拉伯的 SteerAI 和阿聯酋的 TXAI 合作。在歐洲，我們與雷諾合作推出了 Robobus 服務，並與 SBB 和 STL 啟動了 Robotaxi 測試。在東南亞，我們與 Grab、SMRT 等公司建立的策略聯盟正在為我們在相關地區提供輔助，我們正在積極尋找合作夥伴。

So with all that said, we believe for strategy, we believe first mover advantage is critical. And by partnering with strong local operators, global operators, we are not only shortening our time to market, but also build a very robust, scalable ecosystem that combines cutting edge technology with proven operation excellence. So that's how we push for the large scale. That's our strategy.

所以綜上所述，我們相信對於策略而言，先發優勢至關重要。透過與強大的本地營運商和全球營運商合作，我們不僅縮短了產品上市時間，而且還建立了一個非常強大、可擴展的生態系統，將尖端技術與成熟的卓越運營相結合。這就是我們推動大規模發展的方式。這就是我們的策略。

Xinyu Fang, UBS.

方新宇，瑞銀。

Can you hear me, please? Hi, can you hear me?

你聽見我說話嗎？嗨，你聽得到我說話嗎？

Yes, we can we can.

是的，我們可以。

Okay, great. Thank you for your answer. That's very clear. My second question is, can you also elaborate on how WeRide leverage new AI models such as the world model or VLM or VLA? How would you think about the future technology trend for Robotaxi and other autonomous vehicles? Thank you.

好的，太好了。謝謝你的回答。這很清楚。我的第二個問題是，您能否詳細說明一下文遠知行如何利用新的 AI 模型，例如世界模型、VLM 或 VLA？您如何看待Robotaxi等自動駕駛汽車未來的科技趨勢？謝謝。

Okay, so I'll take this question. So it's about like a competitive landscape. First of all, I want to mention like Robotaxi because it is such an important area and with huge market potential. In this field, over the past 10 years, there have never been one day that we've lost lots of competitors. Since we found this company in the year 2017, there are many very well-known giants and also very well-known startups like enter this field.

好的，我來回答這個問題。這就像一個競爭格局。首先，我想提一下 Robotaxi，因為它是一個非常重要的領域，具有巨大的市場潛力。在這個領域，過去10年來，我們從來沒有一天失去很多競爭對手。自從我們在2017年創立這家公司以來，已經有許多非常知名的巨頭和非常知名的新創公司進入這個領域。

The Robotaxi competition actually have been ongoing for more than eight years. But over the eight years, WeRide has grown into a top autonomous driving and Robotaxi company in this world. And we have expanded our operations in more than 10 countries and many, many cities. We our products hold taxi permits from six countries.

Robotaxi競賽其實已經持續了八年多。但八年來，文遠知行已經成長為全球頂尖的自動駕駛和Robotaxi公司。我們的業務已擴展到十多個國家和許多城市。我們的產品持有六個國家的計程車許可證。

So I think we are very confident about like our competition capability. Just, I want to emphasize what really sets WeRide apart is actually WeRide’s proven ability to deliver safe, reliable and scalable public transportations.

所以我認為我們對我們的競爭能力非常有信心。我只是想強調，WeRide 真正與眾不同之處在於其提供安全、可靠和可擴展的公共交通的能力。

And we have been offering public Robotaxi service since the year of 2019. And we are still proud to say over past [2,200] days of operation, there's a zero regulatory discipline caused by our autonomous driving systems failure.

我們自 2019 年起開始提供公共 Robotaxi 服務。我們仍然可以自豪地說，在過去 [2,200] 天的營運中，我們的自動駕駛系統沒有出現任何因故障而導致的監管違規行為。

This is a very, very good safety track record. And in future, what is our competitive edge? I think we have many capabilities. Just to name a few, one is our HPC 3.0 I just mentioned. You know, WeRide’s computational platform is the most advanced around the world. And our products and algorithms are highly adaptable.

這是一個非常非常好的安全記錄。未來我們的競爭優勢是什麼？我認為我們有很多能力。舉幾個例子，一個是我剛才提到的HPC 3.0。你知道，文遠知行的運算平台是全世界最先進的。而且我們的產品和演算法具有很強的適應性。

And some numbers in some cities, we can go from zero to deployment in just two weeks. This agility has helped us to secure permits for our products in six countries. And also we have already successfully built a win-win collaboration model with local partners.

在某些城市，我們可以在短短兩週內從零開始完成部署。這種敏捷性幫助我們在六個國家獲得了產品許可。而且我們已經成功地與當地合作夥伴建立了雙贏的合作模式。

So with all that said, I think, you know, the other things like we have a very strong mission, that is we want to provide safe, reliable, and greater rider experience to our (inaudible) with our cutting-edge autonomous driving technology. So with all of this, I think we are very confident for the competition today and for the competition of tomorrow.

所以綜上所述，我認為，你知道，我們有一個非常強大的使命，那就是我們希望利用我們尖端的自動駕駛技術為我們的（聽不清楚）提供安全、可靠和更好的乘客體驗。所以，有了這些，我認為我們對今天的比賽和明天的比賽都非常有信心。

Okay, thank you for your answer. That's very clear. My second question is, can you also elaborate on how WeRide leverage new AI models such as the world model or VLM or VLA? How would you think about the future technology trend for Robotaxi and other autonomous vehicles? Thank you.

好的，謝謝你的回答。這很清楚。我的第二個問題是，您能否詳細說明一下文遠知行如何利用新的 AI 模型，例如世界模型、VLM 或 VLA？您如何看待Robotaxi等自動駕駛汽車未來的科技趨勢？謝謝。

Okay, very good question. I think, you know, so for VLM, you know, now everybody's talking about VLM and in the era of developing AGI, a great program in AGI. Of course, everybody talking about this real language model. And one thing I want to mention is like, there are some good technology, but in order to really adopt this good technology, you have to have very good pool of talents to develop this technology.

好的，非常好的問題。我認為，對於 VLM，現在每個人都在談論 VLM，在開發 AGI 的時代，這是一個 AGI 中的偉大程式。當然，每個人都在談論這個真實的語言模型。我想說的是，有一些很好的技術，但為了真正採用這種好的技術，你必須擁有非常優秀的人才來開發這種技術。

These days, we all witness like this kind of competition of the talents in Silicon Valley, right? So luckily, WeRide has a pool of great talents working on deep learning, large language model and VLM. We have a lot of very, very excellent talented engineers.

如今，我們都見證了矽谷的這種人才競爭，對嗎？幸運的是，文遠知行擁有一群致力於深度學習、大型語言模型和 VLM 的優秀人才。我們有很多非常優秀的才華洋溢的工程師。

And, one thing I want to point out is like, we actually working on the VLM at the same time, we actually build a proprietary end-to-end architecture that can function independently on other system. And on our L4 fleet, actually we can make this other system integrated into our L4 system. And to my best knowledge, this is very unique. So we have this kind of visual language model based end-to-end system, and it's already integrated into our L4 system.

而且，我想指出的一點是，我們實際上同時在研究 VLM，我們實際上建立了一個可以在其他系統上獨立運行的專有端到端架構。在我們的 L4 車隊上，實際上我們可以將這個其他系統整合到我們的 L4 系統中。據我所知，這是非常獨特的。所以我們有這個基於視覺語言模型的端到端系統，它已經整合到我們的 L4 系統中。

And so we actually are also working on how to really utilize this VLM with lots of data. But of course, the data labeling is kind of very, very tedious and also sometimes very expensive. So to work with visual large language model and all kinds of deep learning algorithm, we actually developed a very, very important platform, GENESIS. This GENESIS stands for Generative Engineered Neural Environment for Simulated Intelligence in Self-Driving.

因此，我們實際上也在研究如何真正利用這個具有大量數據的 VLM。但當然，資料標記是非常非常繁瑣的，有時也非常昂貴。因此，為了與視覺大型語言模型和各種深度學習演算法協同工作，我們實際上開發了一個非常非常重要的平台，GENESIS。GENESIS 代表用於自動駕駛模擬智慧的生成工程神經環境。

It's actually our core part of task training and validate our system. And with this new deep learning algorithm, we can actually have a mechanism or an environment to generate a world. WeRide GENESIS can actually reconstruct full urban environments in minutes and also complete with camera and the radar views that help us to simulate all kinds of scenario.

這其實是我們任務訓練和驗證系統的核心部分。透過這種新的深度學習演算法，我們實際上可以擁有一種機製或環境來產生一個世界。WeRide GENESIS 實際上可以在幾分鐘內重建完整的城市環境，並配有攝影機和雷達視圖，幫助我們模擬各種場景。

And also it's capable of 3D reconstruction of everything with all the geolocation information and very realistic. And with the generative AI function, we can support actually different scenarios like snowing weather, raining weather, all of this kind of scenario we can generate and put all of this generated data to train our visual large language model. I believe this is one of our muscle, one of our competitive edge. So with all of this new developed technique and algorithm, we hope to develop the best autonomous driving technology for our users.

而且它能夠對所有事物進行 3D 重建，包含所有地理位置信息，非常逼真。透過生成式人工智慧功能，我們可以支援不同的場景，例如下雪天氣、下雨天氣，我們可以產生所有這類場景，並將所有這些產生的資料用於訓練我們的視覺大語言模型。我相信這是我們的優勢之一，也是我們的競爭優勢之一。因此，透過所有這些新開發的技術和演算法，我們希望為用戶開發最好的自動駕駛技術。

That's it. Thank you.

就是這樣。謝謝。

Olivia Niu, BOCI.

中銀國際的 Olivia Niu。

Hi Tony, hi Jennifer. Thanks for taking my questions. And here I have two questions. The first one is regarding the global market expansion because we see that WeRide is accelerating the global market expansion to deploy Robotaxi business in recent quarters, especially in Middle East. So just wondering, do you see any challenges of deploying Robotaxi service in such destination markets maybe from the perspective of market adaptation and compliance related issues? That's my first question.

嗨，托尼，嗨，珍妮佛。感謝您回答我的問題。這裡我有兩個問題。第一個是關於全球市場擴張，因為我們看到文遠知行WeRide在最近幾季正在加速全球市場擴張，部署Robotaxi業務，特別是在中東地區。所以我只是想知道，從市場適應和合規相關問題的角度來看，您是否認為在這些目的地市場部署 Robotaxi 服務有任何挑戰？這是我的第一個問題。

Yeah, Olivia, I'll take your question. For the challenge side of deploying overseas, let's start with adaptation. Taking our tech globally means we have to tailor everything to the local conditions, which are always often very different from what we have seen in China.

是的，奧莉維亞，我回答你的問題。對於海外部署的挑戰，讓我們先從適應開始。將我們的技術推向全球意味著我們必須根據當地情況進行調整，而當地情況往往與我們在中國看到的情況大不相同。

I'll give you a few examples. Like say in some regions, if the climate changes, if the climate is different, some extreme temperature, like heavy snow. And like say in the Middle East, we deal with the extreme like desert heat and unusual encounters like large construction sites on the road. And sometimes the road direction changes like on a monthly basis for those construction sites.

我給你舉幾個例子。比如說在某些地區，如果氣候變化，如果氣候不同，就會出現極端溫度，例如大雪。例如在中東，我們要應對沙漠高溫等極端情況以及道路上的大型建築工地等不尋常的情況。有時，這些建築工地的道路方向會按月變化。

So yeah, to prepare, we've leaned heavily on the robust model we have developed over the years, as well as all the diverse data we collect locally. Tony just explained our model progress. GENESIS, it's extremely helpful. It's not only a world model, but it's a closed loop simulation system.

所以，為了做好準備，我們嚴重依賴多年來開發的強大模型，以及我們在當地收集的各種數據。托尼剛剛解釋了我們的模型進展。GENESIS，它非常有用。它不僅是一個世界模型，也是一個閉環模擬系統。

And all of that has given us a very solid base to fine tune our algorithm before we're scaling the operation locally. And then if we move on to the compliance side, every market has its own stance on autonomous driving vehicles. And many countries, they're still figuring it out.

所有這些都為我們在本地擴展操作之前微調演算法提供了非常堅實的基礎。然後，如果我們轉向合規方面，每個市場對自動駕駛汽車都有自己的立場。許多國家仍在探索這個問題。

Some, like say the Middle East, they are pushing aggressively to bring in autonomous driverless solutions. And there are other countries, they're taking a more step-by-step approach. But for both scenarios, early movers, they have a real advantage.

一些國家，例如中東，正在積極推動引入無人駕駛解決方案。其他國家則採取了更循序漸進的方式。但對於這兩種情況來說，先行者都具有真正的優勢。

By getting early, we can help to shape the regulatory framework itself. Just like Tony just mentioned, he sits on the regulatory board in Singapore. And that, in turn, will help to smooth our path into those new regions. Together with the regulatory side, licensing is another major piece of the puzzle. And every market followed a phased regulatory path. That's pretty common.

透過儘早採取行動，我們可以幫助塑造監管框架本身。正如東尼剛才提到的，他是新加坡監管委員會的成員。而這又將有助於我們順利進入這些新地區。除了監管方面，許可證也是難題的另一個重要部分。每個市場都遵循分階段的監管路徑。這很常見。

And you have to get from the testing permit and then do it for a while and then move it into commercial license if the regulator is happy with the performance. And then you do it with a safety driver on board and gradually you move it to fully driverless. It's a rigorous process.

您必須獲得測試許可證，然後進行一段時間，如果監管機構對其性能感到滿意，則將其轉為商業許可證。然後，在安全駕駛員的陪同下，逐步實現完全無人駕駛。這是一個嚴格的過程。

And we're very proud to say we are, now if you look at the results, we're the only tech company with products granted autonomous driving license in six different countries. We run all of our autonomous driving products in 10 countries in more than 30 cities. That's a very strong testament of the maturity and the readiness of our technology and our getting permit know-how.

我們非常自豪地說，現在如果你看看結果，你會發現我們是唯一一家在六個不同國家獲得自動駕駛許可證的產品的科技公司。我們所有的自動駕駛產品都運行在10個國家的30多個城市。這有力地證明了我們的技術和獲取許可證的專業知識的成熟度和準備度。

Last but not least, we'd like to mention on the data privacy and localization. We do take those very seriously and we don't engage in cross-border data transfer. And all the data we collect, they stay within the country where it's generated. And usually we definitely strictly follow the local data, like governance, privacy, and cybersecurity, all the requirements.

最後但同樣重要的一點是，我們想提一下資料隱私和在地化。我們確實非常重視這些問題，並且我們不參與跨境資料傳輸。我們收集的所有資料都保留在產生資料的國家境內。通常我們肯定會嚴格遵守本地資料治理、隱私和網路安全等所有要求。

So yeah, so with all this years experience on overseas deployment, and we have built a very deep understanding of what it really takes to succeed in different markets. This kind of like hands-on know-how were earned through the actual deployment. And it's not just like signing some MOU and some very beginning pilot program. We believe this is one of our core modes and this will set us up for scale up efficiently and competently around the world.

是的，憑藉這些年來在海外部署方面的經驗，我們對在不同市場取得成功的真正條件有了非常深刻的理解。這種親身實踐的經驗是透過實際部署而獲得的。這不僅僅是簽署一些諒解備忘錄和一些剛開始的試點計畫。我們相信這是我們的核心模式之一，這將使我們在全球範圍內高效、高效地擴大規模。

Thanks, Jennifer. It's quite clear. And my second question is about the technology competency. If we look at all autonomous driving software developers of maybe traditional L4 players that focus on developing fully automated vehicles, like Waymo, and also the others originally focused on developing L2 or L2 plus ADAS system, but now play catch up in L4 competition, such as Tesla. So just wondering if from the technological perspective, how do we think about the competitive edge of WeRide and how to sustain the tech leadership in future? Thanks.

謝謝，珍妮佛。很清楚。我的第二個問題是關於技術能力。如果我們看看所有自動駕駛軟體開發商，也許是專注於開發全自動汽車的傳統 L4 廠商，例如 Waymo，以及其他原本專注於開發 L2 或 L2 加 ADAS 系統，但現在在 L4 競爭中迎頭趕上的廠商，例如特斯拉。所以我想知道從技術角度來看，我們如何看待文遠知行的競爭優勢以及如何在未來保持技術領先地位？謝謝。

I'll take this question. People have been debating about like, whether Waymo's approach will realize autonomous driving or is there a possibility like Tesla's approach will reach autonomous driving? So people can debate this for a long time. But I want to point out actually, so you have to show all the people like with real operation.

我來回答這個問題。人們一直在爭論，像Waymo的方式能不能實現自動駕駛，或者有沒有可能像特斯拉的方式達到自動駕駛？因此人們可以就此爭論很久。但實際上我想指出的是，你必須向所有人展示真實的操作。

So here, I just want to say, no matter what kind of approach you mentioned, finally, you have to supply very reliable, very affordable and honorable taxi service with very good user experience. So having that said, I just want to emphasize like, there's only one company in the world like it can, currently is doing full- (inaudible) taxi service using L4 level of autonomous driving technology and at the same time, supplying ADAS system for massive production car. That is WeRide.

所以在這裡，我只想說，無論你提到哪種方式，最終你都必須提供非常可靠、非常實惠、非常尊貴的出租車服務，並提供非常好的用戶體驗。所以話雖如此，我只想強調，世界上只有一家公司可以像它一樣，目前正在使用 L4 級自動駕駛技術提供全（聽不清楚）計程車服務，同時為量產車提供 ADAS 系統。這就是文遠知行WeRide。

We can do all range of autonomous driving system or algorithm starting from L2 Plus Plus to L4 system. Our L4 vehicles actually already operate with some very good performance in Beijing and Guangzhou. And I think they are comparable to Waymo's operation in San Francisco or in LA or potentially in New York.

我們可以做從 L2 Plus Plus 到 L4 系統的所有範圍的自動駕駛系統或演算法。我們的L4車輛實際上已經在北京和廣州運行，並且表現得非常好。我認為它們與 Waymo 在舊金山、洛杉磯或紐約的運作相當。

Our ADAS set, we have built state-of-the-art, one-stage end-to-end model and also we are integrating VLM as I mentioned before. And so our ADAS system has been adopted by many mass product production client and have very good ADAS experience.

我們的 ADAS 套件，我們已經建立了最先進的單階段端到端模型，正如我之前提到的，我們正在整合 VLM。因此我們的ADAS系統已經被許多量產產品客戶採用，並且擁有非常好的ADAS經驗。

By advancing L4 autonomous driving system and ADAS technology in parallel, we are building a tech foundation with the potential to break past traditional autonomous driving systems performance ceiling and achieve a much higher level of generalization.

透過並行推進L4自動駕駛系統和ADAS技術，我們正在建立一個有可能突破傳統自動駕駛系統性能上限並實現更高水準通用化的技術基礎。

That's exactly why we are able to support a wide range of urban mobility applications and has successfully deployed in 10 diverse countries and in all different conditions. So that's actually just want to share with all the people like no matter which approach people think have high likelihood, actually WeRide is the only company doing very, very significant progress and actually generates significant results on both ends. So hopefully in future, we will have a great system, have the merits of the both approaches with a very efficient model and we can bring the best quality of service of Robotaxi service to the world.

這正是我們能夠支援廣泛的城市交通應用並已在 10 個不同國家和各種不同條件下成功部署的原因。所以這實際上只是想與所有人分享，無論人們認為哪種方法具有很高的可能性，實際上 WeRide 是唯一一家取得非常非常重大進展並在兩端都產生重大成果的公司。因此，希望在未來，我們能夠擁有一個優秀的系統，透過一個非常有效率的模型，兼具兩種方法的優點，為世界帶來最優質的 Robotaxi 服務。

Thanks, Tony, quite helpful. I have no further questions and I'm looking forward to hear more good news next quarter. Thanks.

謝謝，托尼，非常有幫助。我沒有其他問題，期待下個季度聽到更多好消息。謝謝。

Thank you, Olivia.

謝謝你，奧莉維亞。

Thank you, thank you, everybody. Thank you.

謝謝大家，謝謝大家。謝謝。

Do we have more questions coming?

我們還有其他問題嗎？

Tianyu Lu, CITIC Securities.

陸天宇，中信證券。

Okay, good morning, I'm Tianyu Lu from CITIC Securities and thank you very much and congratulations on the results. We believe that the level for autonomous driving is an international topic, not only in China. And my question is that as some companies are also eyeing the Middle East, what's your take and how does WeRide stand out? Thank you.

好的，早安，我是中信證券的陸天宇，非常感謝，並祝賀您取得的成績。我們認為自動駕駛水平是一個國際性的話題，並不只在中國。我的問題是，有些公司也在關注中東，您怎麼看？文遠知行WeRide又有何優勢？謝謝。

Thank you. I'll take your test question, Tianyu. And so yeah, like what we just mentioned, Middle East is a dynamic market with huge potential and which is exactly why we chose it as the launchpad for our global expansion back in 2021.

謝謝。天宇，我來回答你的測驗問題。是的，就像我們剛才提到的，中東是一個充滿活力且潛力巨大的市場，這正是我們在 2021 年選擇它作為全球擴張的啟動平台的原因。

So even then, back then, we weren't the first one to announce plan there, but today, WeRide operates the largest commercial Robotaxi fleet in the entire region and we're just getting started. Just to look back the past few years, like in 2023, we became the first and only autonomous driving company to receive a national autonomous driving permit in the UAE granted to us by the UAE Prime Minister.

所以即使在那時，我們也不是第一個在那裡宣布計劃的人，但今天，文遠知行經營整個地區最大的商業 Robotaxi 車隊，而我們才剛剛起步。回顧過去幾年，例如在 2023 年，我們成為第一家也是唯一一家獲得阿聯酋總理頒發的國家自動駕駛許可證的自動駕駛公司。

And that milestone opens the door for our flagship partnership with Uber, which actually kicked off last December. And yeah, so now we have a strong partnership like in the region with Uber, with TXAI, with TGA, with AI Driver.

這一里程碑為我們與 Uber 的旗艦合作打開了大門，該合作實際上在去年 12 月啟動。是的，現在我們在該地區與 Uber、TXAI、TGA 和 AI Driver 建立了強大的合作夥伴關係。

And to the best of my knowledge, today we are the only Robotaxi player based operation in Abu Dhabi and we're the one of the two that who has started testing in Abu Dhabi, in Dubai. And obviously we're the only one in Riyadh, in the Saudi Arabia as well. And if we're coming back to like say Abu Dhabi, our Robotaxi fleet already covers half of the urban city.

據我所知，目前我們是阿布達比唯一一家基於 Robotaxi 玩家的營運公司，也是兩家在阿布達比和杜拜開始測試的公司之一。顯然，我們是利雅德乃至沙烏地阿拉伯唯一的一家。如果我們回到阿布達比，我們的 Robotaxi 車隊已經涵蓋了城市的一半。

So that is unprecedented for the region. So yeah, so what makes all of that possible is like we have a very standardized deployment playbook and it's a proven localized capabilities. It's not easy for everyone to, it's not like anyone can just go into the region and it started to deploy. There are a lot of the localized issue that they have to solve.

這對該地區來說是前所未有的。是的，使這一切成為可能的是，我們有一個非常標準化的部署劇本，它是一種經過驗證的本地化功能。這對每個人來說都不容易，並不是任何人都可以進入該地區並開始部署。他們必須解決許多本地化問題。

But we have already getting there, we can get the fleet up and running in weeks. And also we have the local team to support. Yeah, even in the region's extreme like environment, like say two weeks ago, I was down there in Riyadh for the Robotaxi like deployment ceremony.

但我們已經到達了目標，我們可以在幾週內讓艦隊啟動並運行。而且我們還有當地團隊的支持。是的，即使在該地區極端的環境下，例如兩週前，我還在利雅德參加了 Robotaxi 的部署儀式。

So weather is already 46, 47 degrees. And you can imagine when we first hit it, like open the car, it's the temperature within the vehicle is even higher. So all of other issues that every participants in the region have to overcome.

氣溫已經是 46、47 度了。你可以想像，當我們第一次碰到它時，就像打開汽車一樣，車內的溫度甚至更高。因此，該地區的每個參與者都必須克服所有其他問題。

And it takes a strong team to overcome those challenges. With all the expertise that we build there, we think we will remain to be the leading one in the Middle East, and we'll take it global to scale faster, smarter, and with very strong local impact. I hope that answers your question.

需要一支強大的團隊來克服這些挑戰。憑藉我們在那裡積累的所有專業知識，我們相信我們將繼續成為中東地區的領先者，並且我們將把它推向全球，以更快、更聰明的方式擴大規模，並產生非常強大的本地影響力。我希望這能回答你的問題。

Ladies and gentlemen, it does conclude today's conference. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開連接。

Thank you. We'll see you next quarter. Thank you.

謝謝。我們下個季度再見。謝謝。

Thank you.

謝謝。