WeRide Inc (WRD) 2025 Q4 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide's fourth quarter and full year 2025 earnings conference call. Please note that today's event is being recorded. (Operator Instructions) Please note that the Chinese interpretation is for convenience purposes only. In the case of any discrepancy, management statements in their original language will prevail.

女士們、先生們，早安，晚上好。感謝您的耐心等待，歡迎參加 WeRide 2025 年第四季及全年財報電話會議。請注意，今天的活動正在錄影。（操作說明）請注意，中文翻譯僅供參考。如有任何出入，以管理階層原文聲明為準。

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

今天與我們一同出席的有 WeRide 的創辦人、董事長兼執行長韓東尼博士，以及財務長兼國際業務負責人李女士。

Before we continue, I'd like to refer you to the safe harbor statement in the company's earnings press release, which also applies to this call as today's call will include forward-looking statements, including WeRide's strategies and future plans. 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 risks and uncertainties. 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 Factors section of the company's Form 20-F filed with the SEC and announcements on the website of the Hong Kong Stock Exchange for a full disclosure of these risk factors. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. 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 and the Hong Kong Stock Exchange. The company's unaudited financial and operating results were released earlier today via Newswire and can be found on the company's IR website.

在我們繼續之前，我想請各位注意公司盈利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含前瞻性聲明，包括 WeRide 的戰略和未來計劃。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的風險和不確定性。由於各種重要因素的影響，本公司的實際業績可能與這些前瞻性聲明中所述或暗示的業績存在重大差異，請參閱公司向美國證券交易委員會提交的 20-F 表格中的「風險因素」部分以及香港聯合交易所網站上的公告，以全面披露這些風險因素。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。請注意，管理層準備的發言稿中所述的所有數字均以人民幣計價，我們今天將討論非國際財務報告準則（IFRS）指標，這些指標已在公司盈利報告以及提交給美國證券交易委員會和香港聯合交易所的文件中進行了更詳細的解釋和調整，並與最可比的指標進行了核對。該公司未經審計的財務和營運業績已於今日早些時候透過新聞稿發布，可在該公司投資者關係網站上找到。

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

接下來，我將把電話交給公司創辦人、董事長兼執行長東尼韓博士。請繼續，先生。

Hi, everyone. Thank you for joining us today. As a global leader in autonomous driving, we delivered strong results over the past year with a record high revenue of RMB685 million, growing 90% year-over-year, driven by expanding robotaxi deployments as well as robust demand for robobus and other autonomous driving products.

大家好。感謝您今天蒞臨。作為自動駕駛領域的全球領導者，我們在過去一年取得了強勁的業績，營收達到創紀錄的人民幣6.85億元，同比增長90%，這主要得益於自動駕駛出租車部署的擴大以及對自動駕駛巴士和其他自動駕駛產品的強勁需求。

Robotaxi revenue has increased 210% year-over-year, reflecting the continued commercialization of our technology. By today, our global robotaxi fleet size has reached a new height of 1,125 vehicles. We are seeing encouraging momentum across both our domestic operations in China and our international markets. As we continue to scale, I'll walk you through the key developments driving our growth.

Robotaxi 的營收年增了 210%，反映了我們技術的持續商業化。截至目前，我們的全球無人駕駛計程車車隊規模已達到1,125輛的新高。我們看到，無論是在中國國內業務或國際市場，都呈現出令人鼓舞的發展動能。隨著我們規模的不斷擴大，我將帶您了解推動我們成長的關鍵發展因素。

Let's first turn to China, which continues to be one of our most important operating markets. During the period, we have advanced toward a more data-driven autonomy stack by incorporating end-to-end learning, leveraging large-scale data training and world model simulation as well as improving algorithm generalization. We also made solid progress in operating efficiency, fleet expansion, service coverage, and user adoption.

我們先來看中國，中國仍然是我們最重要的營運市場之一。在此期間，我們透過整合端到端學習、利用大規模資料訓練和世界模型模擬以及改進演算法泛化能力，朝向更數據驅動的自主技術堆疊邁進了一步。我們在營運效率、車隊擴張、服務覆蓋範圍和用戶接受度方面也取得了實質進展。

On the operation front, total cost of ownership decreased by approximately 38%, driven by reduction of vehicle BOM costs and improvement of operating efficiency. The BOM cost of our latest robotaxi GXR is cut by 15% enabled by the adoption of our cost-effective computing platform, HPC 3.0. At the same time, our remote assistance human-to-vehicle ratio improved from 1:10 in 2024 to 1:40, currently making labor cost marginal and further strengthening unit economics. Fleet size and service coverage also continued to improve.

在營運方面，總擁有成本降低了約 38%，這主要得益於車輛物料清單成本的降低和營運效率的提高。由於採用了我們經濟高效的運算平台 HPC 3.0，我們最新自動駕駛計程車 GXR 的物料清單成本降低了 15%。同時，我們的遠端協助人員與車輛比例從 2024 年的 1:10 提高到目前的 1:40，使得人工成本微乎其微，並進一步增強了單位經濟效益。車隊規模和服務覆蓋範圍也持續改善。

Our commercial and testing fleet in China has grown to more than 800 robotaxis, covering over 1,000 square kilometers across key urban areas. As fleet density increased, we also saw meaningful improvement in service performance. Average daily orders per vehicle reached 15 trips over the past six months, rising to 26 during peak periods. Average passenger waiting time declined to under 10 minutes, reflecting stronger demand and improved vehicle utilization.

我們在中國的商業和測試車隊已發展到 800 多輛無人駕駛計程車，覆蓋了主要城市地區 1000 多平方公里。隨著機隊密度的增加，我們也看到服務表現有了顯著提升。過去六個月，每輛車平均每天完成 15 次訂單，高峰期則達到 26 次。乘客平均等待時間下降至 10 分鐘以內，反映出需求增加和車輛利用率提高。

We continued expanding our presence in Beijing and Guangzhou, focusing on populated area, connecting key transportation hubs such as major airports and railway stations, along with further penetration into downtown area. In Guangzhou, for example, our robotaxi service is now available in Tianhe District, one of the city's most active commercial hubs.

我們繼續擴大在北京和廣州的業務，重點關注人口密集地區，連接主要機場和火車站等重要交通樞紐，並進一步滲透到市中心區域。例如，在廣州，我們的無人駕駛計程車服務現已在天河區推出，天河區是市內最活躍的商業中心之一。

On the product side, we launched a flexible free PUDO feature, allowing riders to select any pickup or drop-off location within the service area. At the same time, we broadened access through major mobility platforms, including Amap, WeChat and Tencent Mobility.

在產品方面，我們推出了靈活的免費PUDO功能，讓騎士可以選擇服務區域內的任何上車或下車地點。同時，我們透過包括高德地圖、微信和騰訊移動在內的主要移動平台擴大了服務範圍。

Encouragingly, we are seeing substantial increase of registered users of WeRide robotaxi service. Take the fourth quarter as an example, the year-over-year growth of registered users exceeds 900%, reflecting stronger user acceptance and engagement.

令人鼓舞的是，我們看到 WeRide 機器人計程車服務的註冊用戶數量大幅增加。以第四季為例，註冊用戶年增超過 900%，反映出用戶接受度和參與度顯著提高。

Overall, we believe WeRide's long-standing leadership in robotaxi technology, combined with extensive real-world operational experience forms a durable and hard-to-replicate competitive moat, continues to resonate with users. As our operations scale, we expect further growth in vehicle utilization and user adoption going forward.

總的來說，我們相信 WeRide 在機器人計程車技術領域的長期領先地位，加上豐富的實際營運經驗，形成了持久且難以複製的競爭優勢，並繼續引起用戶的共鳴。隨著我們業務規模的擴大，我們預計未來車輛利用率和用戶接受度將進一步成長。

Let's now turn to our international operations, where we continue to build on our progress expanding our global footprint. Today, we have deployed autonomous vehicles in 12 countries with official permits already granted in eight of those markets. This progress demonstrates our ability to navigate complex regulatory environment while meeting local requirements. Taken together, these milestones position us as the most globally deployed autonomous driving company today.

現在讓我們來看看我們的國際業務，我們將繼續鞏固已取得的進展，擴大我們的全球影響力。目前，我們已在 12 個國家部署了自動駕駛汽車，其中 8 個國家已獲得官方許可。這項進展顯示我們有能力在複雜的監管環境下滿足當地要求。綜合來看，這些里程碑使我們成為當今全球部署量最大的自動駕駛公司。

Europe is shaping up to be another major growth area for us. Back in November 2025, we achieved a historic milestone, receiving Europe's first-ever driverless robotaxi permit for passenger service from Switzerland's Federal Roads Office. That head start gives us a real advantage as we look to expand further across Europe in the coming years.

歐洲正在成為我們的另一個主要成長地區。早在 2025 年 11 月，我們就取得了歷史性的里程碑，從瑞士聯邦公路局獲得了歐洲首個無人駕駛機器人計程車客運服務許可證。這項先發優勢讓我們在未來幾年進一步拓展歐洲市場時擁有真正的優勢。

Apart from this, just this month, we added another country to our global map as we announced our entry into Slovakia. We are deploying our full product lineup there, launching the country's first-ever AV program. Slovakia is also the fourth country for our European footprint.

除此之外，就在本月，我們宣布進軍斯洛伐克市場，將另一個國家納入了我們的全球版圖。我們將在該國部署我們的全線產品，推出該國首個自動駕駛汽車專案。斯洛伐克也是我們在歐洲的業務拓展的第四個國家。

The Middle East remains one of the most promising regions. In Abu Dhabi, we secured the world's first city level fully driverless robotaxi commercial permit outside the US in October 2025. Today, our service covers about 70% of the city's core area and passengers can book through various categories on Uber app, including Uber Comfort, Uber X, all the new autonomous category, Uber's first dedicated autonomous ride option globally. In that quarter, we also launched commercial robotaxi rides in both Dubai and Riyadh. We've also started pilot operations in Ras Al Khaimah, giving us a presence in a third UAE Emirate.

中東仍然是最有發展前景的地區之一。2025 年 10 月，我們在阿布達比獲得了美國以外全球首個城市級完全無人駕駛機器人計程車商業許可證。目前，我們的服務涵蓋了該市核心區域的約 70%，乘客可以透過 Uber 應用預訂各種類型的車輛，包括 Uber Comfort、Uber X 以及全新的自動駕駛類別，這是 Uber 在全球推出的首個專用自動駕駛乘車選項。該季度，我們也在杜拜和利雅德推出了商業機器人計程車服務。我們也在拉斯海瑪酋長國啟動了試點運營，使我們在阿聯酋第三個酋長國擁有了業務。

In Asia Pacific, we are building early momentum with strong local presence. In Singapore, WeRide and Grab began autonomous vehicle testing in the Punggol district back in November 2025. Our robotaxi GXR and robobus are expected to open to the public by April 2026, making Punggol Singapore's first residential neighborhood with an autonomous shuttle service.

在亞太地區，我們憑藉著強大的在地化實力，正迅速建立早期發展動能。在新加坡，WeRide 和 Grab 於 2025 年 11 月在榜鵝區開始進行自動駕駛汽車測試。我們的機器人計程車 GXR 和機器人巴士預計將於 2026 年 4 月向公眾開放，屆時榜鵝將成為新加坡第一個擁有自動駕駛接駁車服務的住宅區。

A big part of what makes all this possible is our disciplined approach to international expansion. Our strategy focuses on markets with supportive regulatory environment and favorable economic conditions that are conducive to sustainable operations.

這一切之所以成為可能，很大程度上歸功於我們嚴謹的國際擴張策略。我們的策略重點是監管環境有利、經濟條件優越，有利於永續營運的市場。

Today, our international robotaxi fleet has surpassed 250 vehicles, and we continue to scale deployments across key international markets, including Abu Dhabi, Dubai, Riyadh, Switzerland, Slovakia, and Singapore. Each new market we enter becomes a regional blueprint for expansion into adjacent markets. Looking ahead, we expect our global robotaxi fleet to reach 2,600 by the end of 2026, subject to regulatory approvals and market conditions. These milestones represent the early stage of our long-term vision to deploy tens of thousands of robotaxis worldwide by 2030.

如今，我們的國際無人駕駛計程車車隊已超過 250 輛，我們將繼續在包括阿布達比、杜拜、利雅德、瑞士、斯洛伐克和新加坡在內的主要國際市場擴大部署規模。我們進入的每一個新市場都會成為我們向鄰近市場擴張的區域藍圖。展望未來，我們預計到 2026 年底，我們的全球無人駕駛計程車隊規模將達到 2600 輛，但這取決於監管部門的批准和市場情況。這些里程碑標誌著我們長期願景的早期階段，即到 2030 年在全球部署數萬輛無人駕駛計程車。

While robotaxi services at the core of our business, we are actively diversifying into other areas of autonomous mobility to build a broader portfolio and generate additional revenue streams. Across our diversified applications, WeRide's global AV fleet spanning robotaxis, robobuses, robovans and robosweepers grew rapidly from 1,089 vehicles at the end of 2024 to 2,113 as of today, strengthening our global presence across 12 countries.

雖然自動駕駛計程車服務是我們業務的核心，但我們正在積極向其他自動駕駛出行領域多元化發展，以建立更廣泛的產品組合併創造額外的收入來源。WeRide 的全球自動駕駛車隊涵蓋了各種應用，包括機器人計程車、機器人巴士、機器人貨車和機器人清掃車，其規模從 2024 年底的 1,089 輛迅速增長到今天的 2,113 輛，鞏固了我們在 12 個國家的全球影響力。

Take our robobus business as an example, it has seen impressive growth in 2025, increasing by 190% year-over-year. We've entered multiple European markets, including Switzerland, France, Belgium, Spain, and Slovakia, where labor shortages in public transit systems are creating real opportunities for autonomous shuttles. By leveraging our technology to meet this demand, we're able to address a pressing need while also expanding our market presence.

以我們的無人駕駛巴士業務為例，該業務在 2025 年實現了令人矚目的成長，年增 190%。我們已經進入了多個歐洲市場，包括瑞士、法國、比利時、西班牙和斯洛伐克，這些國家公共交通系統的勞動力短缺為自動駕駛班車創造了真正的機會。透過利用我們的技術來滿足這一需求，我們既能夠解決迫切的需求，又能擴大我們的市場份額。

Additionally, our L2+ advanced driver assistance system, WePilot 3.0. WePilot 3.0 is being adopted by leading OEMs and Tier 1 suppliers, including Chery, GAC, and Bosch. This system uses a one-stage end-to-end architecture with vision-based perception, enables vehicles to operate safely and efficiently across diverse driving conditions. In the second China Urban Intelligent Driving competition, hosted by D1EV.COM, Chery Exeed, a mass market passenger car model powered by WePilot 3.0 made history by winning first place in three cities' competition stops. This business expansion helps us capitalize on the growing demand for L2+ ADAS technologies even outside of our L4 fleet.

此外，我們的 L2+ 高級駕駛輔助系統 WePilot 3.0 已被包括奇瑞、廣汽和博世在內的領先 OEM 和一級供應商採用。該系統採用基於視覺感知的單階段端到端架構，使車輛能夠在各種駕駛條件下安全且有效率地運作。在由D1EV.COM主辦的第二屆中國城市智慧駕駛大賽中，搭載WePilot 3.0系統的奇瑞Exeed大眾市場乘用車車型創造了歷史，在三個城市的比賽站點中均獲得第一名。此次業務擴張有助於我們利用市場對 L2+ ADAS 技術日益增長的需求，即使在我們的 L4 車隊之外也是如此。

Innovation remains at the heart of our strategy. Building on our strength in L2+ end-to-end systems, WeRide is converging its technology stack toward L4 by integrating end-to-end learning with large-scale simulation and real-world data loops to enhance generalization and edge case handling.

創新仍然是我們策略的核心。WeRide 憑藉其在 L2+ 端到端系統方面的優勢，正透過將端到端學習與大規模模擬和真實世界資料循環相結合，向 L4 過渡，以增強泛化能力和邊緣案例處理能力。

Our latest development, WeRide GENESIS, is a general-purpose simulation platform that integrates physical AI and generative AI. WeRide GENESIS generates high fidelity driving scenarios much more efficiently, reducing simulation time for complex edge cases from days to minutes. This boosts our development efficiency and enables us to quickly test and deploy improvements to our systems while significantly reducing on-road testing costs reinforcing the technological moat underpinning our L2 to L4 product portfolio.

我們最新研發的 WeRide GENESIS 是一個通用模擬平台，它整合了實體人工智慧和生成式人工智慧。WeRide GENESIS 能夠更有效率地產生高保真駕駛場景，將複雜極端情況的模擬時間從幾天縮短到幾分鐘。這提高了我們的開發效率，使我們能夠快速測試和部署系統改進，同時大幅降低路測成本，從而加強了支撐我們 L2 至 L4 產品組合的技術護城河。

On the hardware side, we've taken our partnership with Geely Farizon to the next level. The latest GXR as a purpose-built factory pre-installed autonomous vehicle is delivering higher safety consistency and lower unit cost. The upgraded model incorporates our proprietary HPC 3.0, a high-performance computing platform, which is a more compute-efficient architecture.

在硬體方面，我們與吉利飛馳的合作已經提升到了一個新的水平。最新 GXR 作為一款專為自動駕駛而設計的工廠預裝自動駕駛系統的車輛，具有更高的安全性和更低的單位成本。升級後的型號採用了我們專有的 HPC 3.0 高效能運算平台，該平台是一種運算效率更高的架構。

And here's the number that really shows the efficiency gain. Per vehicle production time is now under 10 minutes. These advancements will give us a significant edge in terms of both vehicle performance and scalability of our global robotaxi fleet.

下面這個數字真正體現了效率的提升。每輛車的生產時間現在不到10分鐘。這些進步將使我們在車輛性能和全球機器人計程車車隊的可擴展性方面獲得顯著優勢。

With that overview, I'll now turn the call over to our CFO, who will walk you through our financial performance and outlook in more detail.

概述完畢，現在我將把電話交給我們的財務官，他將更詳細地向大家介紹我們的財務表現和前景。

Thank you, Tony. Hello, everyone. Before we dive into the financials, I want to highlight that all figures are in RMB and comparisons are year-over-year unless stated otherwise.

謝謝你，托尼。大家好。在深入探討財務數據之前，我想強調的是，除非另有說明，所有數字均以人民幣計價，比較均為同比。

Now let's discuss our fourth quarter and full year 2025 financial performance. Looking back, Q4 2025 will be remembered as a defining chapter in WeRide's journey as we continue to make steady progress in scaling operations, improving unit economics, and advancing our technological leadership. Our fleet and geographic coverage grew significantly, showing strong momentum as a global leader in autonomous driving.

現在讓我們來討論一下我們2025年第四季和全年的財務表現。回顧過去，2025 年第四季將被視為 WeRide 發展歷程中的一個重要篇章，因為我們將繼續穩步推進業務規模擴張、提高單位經濟效益和提陞技術領先地位。我們的車隊規模和地理覆蓋範圍顯著擴大，展現了我們作為自動駕駛領域全球領導者的強勁發展勢頭。

Now let me walk you through the financial performance that reflects these developments. In Q4 2025, total revenue was CNY314 million, representing an increase of 123%. Product revenue increased 309% to CNY211 million, mainly driven by increased sales of robotaxis and robobuses. Service revenue increased 15% to CNY103 million.

現在讓我帶您了解反映這些發展的財務表現。2025 年第四季總營收為 3.14 億元，年增 123%。產品收入成長309%至2.11億元人民幣，主要得益於無人計程車及無人巴士銷售的成長。服務收入成長15%，達到人民幣1.03億元。

For the full year 2025, total revenue increased 90% to record high CNY685 million. Product revenue and service revenue were CNY360 million and CNY325 million, respectively, representing an increase of 310% and 19%, respectively. Robotaxi continues to be one of the most crucial drivers among the business lines.

2025 年全年總營收成長 90%，創歷史新高 6.85 億元。產品收入和服務收入分別為人民幣3.6億元和人民幣3.25億元，分別成長了310%和19%。機器人計程車仍然是各業務線中最關鍵的驅動力之一。

In Q4 2025, WeRide has reached another record high quarterly robotaxi revenue since its foundation as its robotaxi revenue has increased 66% to CNY51 million. For the full year 2025, robotaxi revenue also achieved an annual record high of CNY148 million with a 210% growth year-over-year.

2025 年第四季度，WeRide 的機器人計程車季度收入再次創下歷史新高，自成立以來，其機器人計程車收入成長了 66%，達到 5,100 萬元人民幣。2025 年全年，機器人計程車收入也創下年度新高，達到 1.48 億元人民幣，較去年同期成長 210%。

This growth is powered by our asset-light model. We provide the autonomous driving brain while mobility and fleet partners handle operations and vehicle ownership. This keeps vehicles off our balance sheet, enables efficient scaling, and aligns incentives to deliver a consistent user experience.

這一增長得益於我們輕資產的營運模式。我們提供自動駕駛技術核心，而出行和車隊合作夥伴則負責營運和車輛所有權。這樣可以避免車輛進入我們的資產負債表，實現高效擴展，並協調各方利益，從而提供一致的用戶體驗。

Our robotaxi revenue is also supported by a combination of ongoing service fee and recurring ride-hailing revenue share from platform partners. Our global expansion in robotaxi operations has firmly established us as a leader in the rapidly evolving autonomous mobility landscape. In particular, our international business is becoming an increasingly important driver of group revenue.

我們的機器人計程車收入也來自持續的服務費和平台合作夥伴支付的經常性叫車收入分成。我們在自動駕駛計程車業務方面的全球擴張，使我們穩固地確立了在快速發展的自動駕駛出行領域的領導地位。尤其值得一提的是，我們的國際業務正日益成為集團收入的重要驅動力。

For full year 2025, overseas markets contributed approximately 29% of total revenue, spanning a diverse set of geographies, including the Middle East, Europe, and Asia Pacific. At the same time, our focus on operating efficiency has allowed us to sustain healthy margins even as we scale.

2025 年全年，海外市場貢獻了約 29% 的總收入，涵蓋了中東、歐洲和亞太地區等多個地區。同時，我們對營運效率的重視使我們能夠在擴大規模的同時保持健康的利潤率。

In Q4 2025, group level gross profit increased 74% to CNY89 million with a group level gross margin of 28%. For the full year 2025, group level gross profit was CNY207 million, representing an increase of 87% with a group level gross margin of 30%. These results highlight the strength of our business model and reinforce our confidence in our global expansion strategy.

2025年第四季，集團毛利成長74%至8,900萬元人民幣，集團毛利率為28%。2025 年全年，集團毛利為 2.07 億元人民幣，較去年同期成長 87%，集團毛利率為 30%。這些結果凸顯了我們商業模式的優勢，並增強了我們對全球擴張策略的信心。

In Q4 2025, operating expenses increased slightly by 2% year-over-year to CNY655 million, with R&D representing 63% of the total. For full year 2025, operating expenses decreased by 11% to CNY2.04 billion, with R&D representing 67% of the total.

2025 年第四季，營運支出年增 2%，達到 6.55 億元人民幣，其中研發支出佔總數的 63%。2025 年全年營運支出下降 11% 至 20.4 億元人民幣，其中研發支出佔總額的 67%。

The decrease in operating expenses was primarily driven by lower administrative expenses, partially offset by increases in R&D and selling expenses. As our primary investment area, the rise in R&D spending reflects our focus on long-term technological leadership, while disciplined cost management kept overall operating expenses under control.

營運費用的下降主要是由於管理費用的降低，但部分被研發費用和銷售費用的增加所抵銷。作為我們的主要投資領域，研發支出的成長反映了我們對長期技術領先地位的重視，而嚴格的成本管理則控制了整體營運費用。

To break down further, R&D expenses increased by 29% to CNY411 million in Q4 2025 and increased by 26% to CNY1.37 billion for the full year 2025, primarily driven by our continued investments in top-tier talent and the expansion of our next-generation data center infrastructure, building a high-performance backbone to support our L2+ to L4 autonomous driving capabilities. This continuous R&D commitment is essential to maintaining our competitive edge and driving future growth.

具體來說，2025 年第四季度研發支出增長 29% 至 4.11 億元人民幣，2025 年全年研發支出增長 26% 至 13.7 億元人民幣，主要得益於我們對頂尖人才的持續投資以及下一代數據中心基礎設施的擴展，高性能構建骨幹網以支持我們的 L2+ 至 L4 自動駕駛能力。持續的研發投入對於維持我們的競爭優勢和推動未來的成長至關重要。

Administrative expenses decreased by 29% to CNY217 million in Q4 2025 and decreased by 48% to CNY596 million for the full year 2025. The decrease was mainly driven by lower share-based compensation and partially offset by growing professional service fees, personnel costs and depreciation and amortization expenses.

2025 年第四季行政費用下降 29% 至 2.17 億元人民幣，2025 年全年行政費用下降 48% 至 5.96 億元。下降的主要原因是股權激勵減少，但部分被不斷增長的專業服務費、人事成本以及折舊和攤銷費用所抵消。

Selling expenses increased by 76% to CNY27 million in Q4 2025 and increased by 37% to CNY74 million for the full year 2025. These increases are in line with the growth of our business. Our net loss narrowed by 6% to CNY5,565 million in Q4 2025 and narrowed by 34% to CNY1.65 billion for the full year 2025.

2025 年第四季銷售費用成長 76% 至 2,700 萬元人民幣，2025 年全年銷售費用成長 37% 至 7,400 萬元人民幣。這些成長與我們業務的成長相符。2025 年第四季，我們的淨虧損收窄 6% 至 55.65 億元；2025 年全年，淨虧損收窄 34% 至 16.5 億元。

Building on our successful Hong Kong IPO in Q4 2025, we ended the year with a strong capital position. As of December 31, 2025, we had total capital reserves of CNY7.13 billion, comprising CNY6.97 billion in cash and cash equivalents and time deposits, CNY144 million in investments in wealth management products and CNY19 million in restricted cash. We maintained short-term bank loans of CNY324 million to support daily operations. With disciplined cash deployment, this level of capital provides a solid operating buffer and underscores our financial strength to support continued growth.

憑藉2025年第四季在香港成功上市，我們以強勁的資本實力結束了這一年。截至2025年12月31日，我們的資本儲備總額為人民幣71.3億元，其中現金及現金等價物及定期存款為人民幣69.7億元，財富管理產品投資為人民幣1.44億元，受限現金為人民幣1,900萬億元。我們維持了3.24億元的短期銀行貸款，以支持日常營運。透過有條不紊地運用現金，這一水準的資本提供了堅實的營運緩衝，並凸顯了我們支持持續成長的財務實力。

On March 23, 2026, our Board of Directors authorized a share repurchase program under which we may repurchase up to USD100 million of our Class A ordinary shares, including in the form of American depositary shares over the next 12 months. This authorization also reflects our commitment to shareholders and our confidence in the long-term value of WeRide.

2026 年 3 月 23 日，我們的董事會批准了一項股份回購計劃，根據該計劃，我們可以在未來 12 個月內回購至多 1 億美元的 A 類普通股，包括以美國存託股份的形式回購。這項授權也體現了我們對股東的承諾以及我們對 WeRide 長期價值的信心。

Looking ahead, we are moving forward with clarity and conviction. By end of 2026, we expect to have 2,600 robotaxis globally, marking the first phase of our path toward tens of thousands of robotaxis by 2030. As our fleet scales, we see a clear path to extending our proven deployment model to more cities worldwide, supported by a strong balance sheet, relentless focus on operating efficiency and deepening partnerships, we are well positioned to lead the next chapter for autonomous driving industry.

展望未來，我們將以清晰的思路和堅定的信念向前邁進。到 2026 年底，我們預計全球將擁有 2600 輛無人駕駛計程車，這標誌著我們向 2030 年擁有數萬輛無人駕駛計程車的目標邁出了第一步。隨著車隊規模的擴大，我們看到了將我們成熟的部署模式推廣到全球更多城市的清晰路徑。憑藉著強勁的資產負債表、對營運效率的不懈追求以及不斷深化的合作夥伴關係，我們已做好充分準備，引領自動駕駛產業的下一個​​篇章。

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

好了，操作員，我們現在可以開始回答問題了。

(Operator Instructions) Kai Xiao, CICC.

（操作說明）Kai Xiao，CICC。

This is Ben from CICC. So I have two questions. First one is quite a few OEM and Tier 1 peers are also working on L4 robotaxi such as Horizon Robotics and Momenta. So what's your view on this matter?

這位是來自中金公司的Ben。我有兩個問題。首先，還有不少 OEM 和一級供應商也在研發 L4 級機器人計程車，例如 Horizo​​n Robotics 和 Momenta。那你對此事有何看法？

And the second one is on the L2+. So recently, vRS ADAS showed an industry-leading capability in a highly challenging real-world competition. So could you share the key differentiation between vRS ADAS capability versus the peers?

第二個是在 L2+ 上。最近，vRS ADAS 在極具挑戰性的真實世界競賽中展現了業界領先的能力。那麼，您能否分享一下vRS ADAS功能與同類產品的主要差異？

Thank you very much, Kai, for these two important questions. And I truly appreciate you asked these two questions. So first of all, the first question is about like quite a few OEM and Tier 1s you just mentioned like a few names like Horizon and Momenta. They claim that was robotaxi and what's my view. So first of all, I think as a first mover and the industrial leader -- as the CEO of first mover and industrial leader of autonomous driving company like WeRide, I have to say we welcome other players to join this competition. And that means like the whole ecosystem and the whole industry is really attractive and there's a great market potential. So only in a very interesting and juicy and profitable market, you can see -- you can experience competition.

凱，非常感謝你提出的這兩個重要問題。我非常感謝您提出這兩個問題。首先，第一個問題是關於你剛才提到的一些 OEM 和一級供應商，例如 Horizo​​n 和 Momenta。他們聲稱那是無人駕駛計程車，我的看法是什麼？首先，作為先驅和行業領導者——作為像 WeRide 這樣的自動駕駛公司先驅和行業領導者的首席執行官，我必須說，我們歡迎其他參與者加入這場競爭。這意味著整個生態系統和整個產業都非常有吸引力，並且具有巨大的市場潛力。所以只有在非常有趣、有利可圖、利潤豐厚的市場中，你才能看到——才能體驗到競爭。

Having that said, I just want to remind like some competitors or new players, the difference between ADAS system, which they are very familiar and the L4 driverless robotaxi system, which they are not familiar, okay? A lot of time, people have to do some contractual of extrapolation from what they have -- what they are familiar like L2++ system and then they want to think, okay, we just increase the reliability, increase a little bit speed of our system and we can achieve driverless operation.

話雖如此，我還是想提醒一些競爭對手或新玩家，他們非常熟悉的ADAS系統和他們不熟悉的L4無人駕駛機器人計程車系統之間的區別，好嗎？很多時候，人們必須根據他們所擁有的——他們熟悉的，例如 L2++ 系統——進行一些合約式的推斷，然後他們想，好吧，我們只要提高可靠性，稍微提高一下我們系統的速度，我們就可以實現無人駕駛操作。

My answer to that kind of extrapolation or extrapolative thinking is like you don't -- you haven't seen the difficulty what you haven't seen. So the thing is, like why am I in a position to say that? Because WeRide is the only company currently to my best knowledge in this world, good at ADAS system, at the same time, good at driverless operation or robotaxi. So for example, in China Urban Intelligent Driving competition just finished like last month, we -- actually, two days ago, we won the championship once again. So WeRide is the only company won this championship three times in a row, we made a history. So which means like in that competition, the companies you mentioned like Momenta and Horizon, they all enter the competition, but WeRide just won three times over them. So we know pretty much the ADAS, and we are very familiar in the ADAS area that they are familiar.

對於這種推論或推論性思維，我的回答是：你沒有看到你沒有看到的困難。所以問題是，我為什麼有資格說這些話？因為據我所知，WeRide 是目前世界上唯一一家既擅長 ADAS 系統，又擅長無人駕駛操作或機器人計程車的公司。例如，在剛結束的中國城市智慧駕駛大賽中，就在上個月，我們——實際上，就在兩天前，我們再次贏得了冠軍。因此，WeRide 是唯一一家連續三次贏得該冠軍的公司，我們創造了歷史。所以這意味著，就像在那場比賽中，你提到的 Momenta 和 Horizo​​​​n 等公司都參加了比賽，但 WeRide 三次擊敗了它們。所以我們對ADAS系統相當了解，而且我們對ADAS領域的了解程度也跟他們一樣高。

On the other hand side, I would say, if you want to claim yourself to be an L4 level autonomous driving company or a robotaxi company, you have to have a substantial operation. What do I mean? You should have at least 50 driverless cars running in the city with a population of at least 1 million people, okay? If you just have 10 cars and with a safety driver behind steering wheel, you cannot claim yourself as a robotaxi company.

另一方面，我認為，如果你想自稱是 L4 級自動駕駛公司或無人計程車公司，你就必須擁有相當規模的營運。我的意思是？在一個人口至少100萬的城市裡，至少應該有50輛無人駕駛汽車在運行，好嗎？如果你只有 10 輛車，而方向盤後面還有一名安全駕駛員，你就不能自稱是無人駕駛計程車公司。

Of course, a lot of people can claim like you are working on something, that's great. But to make sure you are real the player of the field, you have to demonstrate you have the real driverless operation. Therefore, I want to emphasize the technology barrier between L2++ and L4 is huge. And to really make yourself like a significant serious player in the robotaxi field, you really need to demonstrate your capability in driverless operation.

當然，很多人都可以聲稱自己在做某件事，這很棒。但要確保你真正成為該領域的佼佼者，你必須證明你擁有真正的無人駕駛操作能力。因此，我想強調 L2++ 和 L4 之間的技術壁壘非常巨大。要真正讓自己成為無人駕駛計程車領域的重要參與者，你真的需要證明你在無人駕駛操作方面的能力。

Besides, there's other factors like hardware maturity, software integration, full redundancy architecture, regulatory approvals, operational stability, all of these factors traditional ADAS company haven't experienced. So my view is like WeRide and also with some other leading autonomous driving L4 level robotaxi company has really a strong advantage. So we welcome this kind of competition, but we are very confident with our current leading position, our current footprint in the international market. That is a huge gap. I don't foresee any newcomers can catch up soon. So this is my answer to the first question.

此外，還有硬體成熟度、軟體整合、完全冗餘架構、監管核准、運作穩定性等其他因素，而這些都是傳統ADAS公司尚未經歷過的。所以我的觀點是，像 WeRide 以及其他一些領先的 L4 級自動駕駛計程車公司確實擁有強大的優勢。因此，我們歡迎這種競爭，但我們對我們目前的領先地位以及在國際市場上的影響力非常有信心。這是一個巨大的差距。我預計新來者短期內難以趕上。這就是我對第一個問題的回答。

Okay. The second question is about our recent extraordinary results in China Urban Intelligent Driving competition. And so what differentiates us between our peers? So I think the ranking and scores tells all, right? So this kind of autonomous -- this China Urban Intelligent Driving competition hold once every month or once every two months, depends on period, okay?

好的。第二個問題是關於我們最近在中國城市智慧駕駛大賽中取得的優異成績。那麼，我們與同儕之間的差異是什麼呢？所以我覺得排名和分數說明了一切，對吧？所以這種自主駕駛——中國城市智慧駕駛大賽，每月或每兩個月舉辦一次，視週期而定，好嗎？

And in the history, there's only one company won this kind of championship twice in a row. That was Huawei. At that time, they have a very big advantage. But there has never been a company that has won this kind of championship three times in a row. Since last year, November, and then December and this year, March, we won three times in a row.

歷史上，只有一家公司連續兩次獲得這種冠軍。那是華為。那時，他們擁有非常大的優勢。但此前從未有一家公司連續三次贏得這種級別的冠軍。從去年11月、12月到今年3月，我們連續三度獲勝。

The competition has been entered by all the companies, famous autonomous driving company of cars in China, you can name it. XPeng, Li Auto, NIO, Xiaomi, Momenta, Horizon, Huawei, Zeekr, they all entered the competition. But we write won this kind of competition three times in a row. That demonstrates our capability.

所有公司都參加了這次比賽，包括中國著名的自動駕駛汽車公司，你能想到的都參加了。小鵬汽車、理想汽車、蔚來汽車、小米、Momenta、Horizo​​n、華為、Zeekr，它們都參加了比賽。但我們曾連續三次贏得此類比賽。這證明了我們的能力。

And what is the secret sauce behind it, we have several. First, one of our one-stage end-to-end system training based on both synthetic and real data from our L4-level autonomous driving robotaxi from our L2++ level data. And that helps a lot and our unique one-stage end-to-end architecture which is different from LLA -- from VLA, and that one gives us a big advantage. Thirdly, the data generated from our GENESIS model. And this GENESIS model is superior, and it can generate data according to our needs and also reduce our data collection cost by 75% with all this technology combined give us a kind of leading position in the ADAS field.

至於背後的秘訣是什麼，我們有好幾種。首先，我們基於 L4 級自動駕駛機器人計程車的合成數據和真實數據，以及 L2++ 級數據，進行了單階段端到端系統訓練。這很有幫助，我們獨特的單階段端到端架構與 LLA 和 VLA 不同，這給我們帶來了巨大的優勢。第三，我們 GENESIS 模型產生的資料。而這款 GENESIS 模型性能卓越，它能夠根據我們的需求產生數據，並將我們的數據收集成本降低 75%。所有這些技術的結合使我們在 ADAS 領域處於領先地位。

That's all my answer to these two questions. Again, thanks for the question, Kai.

這就是我對這兩個問題的全部回答。再次感謝你的提問，凱。

Ming-Hsun Lee, Bank of America.

李明勳，美國銀行。

I also have two questions for you. So first, could you please elaborate the robotaxi expansion plan of both China and international markets? And what is the delivery schedule for the 2,000 vehicles signed with Geely Farizon?

我還有兩個問題想問你。首先，能否請您詳細介紹一下自動駕駛計程車在中國和國際市場的擴張計畫？與吉利Farizon簽訂的2000輛汽車的交付時間表是什麼？

And second question, could you also share your forward-looking plan for the Middle East, given peers' market entry, geopolitical conflict and also the involvement of the partnership with Uber. Specifically, what is the timeline of the deployment of 1,200 vehicle with Uber?

第二個問題，鑑於同行進入中東市場、地緣政治衝突以及與 Uber 的合作，您能否分享一下您對中東市場的展望計劃？具體來說，Uber部署1200輛車的具體時間表是什麼？

Okay. I'll take the first question. I guess you can take the second question. Thank you, Ming. Both China and international markets are core to WeRide's growth strategy.

好的。我來回答第一個問題。我想你可以回答第二個問題。謝謝你，明。中國市場和國際市場都是WeRide成長策略的核心。

As we just mentioned, we recently signed still that it's actually an extended agreement with Geely Farizon for additional 2,000 upgraded robotaxi, we call GXR in 2026. So by end of last year, our fleet has surpassed over 1,000 robotaxis. Taking into consideration of the phased delivery of the newly like pre-installed GXR and then also the retirement of some of the older vehicles we have, we expect to reach around 2,600 robotaxi globally by end of this year.

正如我們剛才提到的，我們最近與吉利飛馳簽署了一份延期協議，將在 2026 年額外提供 2,000 輛升級版自動駕駛出租車，我們稱之為 GXR。因此，到去年年底，我們的無人駕駛計程車數量已超過 1000 輛。考慮到新預裝 GXR 的分階段交付，以及我們一些舊車輛的退役，我們預計到今年年底，全球機器人計程車數量將達到 2600 輛左右。

China definitely is going to be the -- it is a cornerstone of our business, where we focus on cities with very supportive policies for autonomous driving and high population densities, those Tier 1 cities in China, like, say, Guangzhou and Beijing, they both fit this profile very well. In Guangzhou, for example, we plan to gradually scale towards city level operation like what we already have in Abu Dhabi. We are also expanding into another major Tier 1 city in China, and we look forward to share more of that details soon with everyone.

中國肯定會成為——它是我們業務的基石，我們專注於那些對自動駕駛有非常支持政策且人口密度高的城市，例如中國的一線城市，像廣州和北京，它們都非常符合這個條件。例如，在廣州，我們計劃逐步擴大規模，達到像我們在阿布達比那樣的城市級營運水準。我們也將業務拓展到中國另一個主要的一線城市，期待很快能與大家分享更多細節。

And on the international side, Middle East continued to be a very strong base for us. We run the largest robotaxi fleet at city level in Abu Dhabi, and we are the first who started robotaxi public operation in Dubai and in Riyadh as well. So we'll continue to -- our strong like momentum in the Middle East. Also, Europe is a key focus. Our robotaxi obtained the first and only driverless operation permit in Europe from like the Switzerland government last year. Building on this momentum, we are really looking to further expand it in market, like, say, Madrid and potentially one more core city in Europe this year. And of course, we'll continue to expand our robotaxi operation in Zurich as well.

在國際方面，中東仍然是我們非常強大的基地。我們在阿布達比經營市內規模最大的無人駕駛計程車車隊，我們也是首家在杜拜和利雅德開展無人駕駛計程車公共營運的公司。所以我們會繼續保持我們在中東的強勁勢頭。此外，歐洲也是重點關注區域。去年，我們的無人駕駛計程車獲得了歐洲首個也是唯一一個由瑞士政府頒發的無人駕駛營運許可證。乘著這股勢頭，我們真的希望進一步拓展市場，例如今年進軍馬德里，甚至可能在歐洲再拓展一個核心城市。當然，我們也將繼續擴大在蘇黎世的無人駕駛計程車業務。

Tony, do you want to take the next question?

東尼，你想回答下一個問題嗎？

Sure. So just kind of a general reminder to everybody like the second question is really about our future plan for the Middle East and what is the timeline of deployment claimed 1,200 vehicles with Uber. Right now, we have around like 200 vehicles in Middle East. And together with Uber, we plan to add at least 1,000 more by 2027. And we expect to be the first to reach 1,000 vehicle scale in this region, okay? It's really not easy, and we have spent a ton of efforts and planned a lot and sometimes retrofit and redesign our vehicles and do lots of technology efforts to meet this number.

當然。所以，這裡要提醒大家一下，第二個問題實際上是關於我們未來在中東的計劃，以及優步聲稱的 1200 輛車的部署時間表。目前，我們在中東地區大約有200輛車。我們計劃與 Uber 合作，到 2027 年至少再增加 1,000 家。我們預計會成為該地區第一個達到 1000 輛規模的企業，好嗎？這真的不容易，我們投入了大量精力，做了很多計劃，有時還會對車輛進行改造和重新設計，並在技術方面做了很多努力才達到這個目標。

Operationally, we are carrying out business as usual. I think you have known we are already running city level full driverless robotaxi service in Abu Dhabi, and we aim to do the same in Dubai this year. We are currently the only company offering robotaxi service to the public in both cities, and that first-mover advantage is meaningful. Our scale regulatory progress, strong partnerships and safety record all support this position.

營運方面，我們一切照常進行。我想您應該已經知道，我們已經在阿布達比經營城市級的全無人駕駛機器人計程車服務，我們的目標是今年在杜拜也實現同樣的目標。目前，我們是這兩個城市唯一一家向大眾提供無人駕駛計程車服務的公司，這種先發優勢意義重大。我們在監管方面的規模化進展、強大的合作夥伴關係和安全記錄都支持這一立場。

On the geopolitical tensions you have -- we are currently experiencing, we are monitoring developments very closely with a continued focus on the safety of our local teams and maintaining a reliable operation. So far, we have not seen any material impact on our business. Our global footprint and diversified presence also give us confidence in navigating potential uncertainties. Regarding our partnership with Uber, our five-year 15-city rollout plan remains on track, and we expect to announce new city launches in due course this year, okay? That's the answer to this question.

關於你們目前面臨的地緣政治緊張局勢，我們正在密切關注事態發展，並將繼續關注我們當地團隊的安全和維持可靠的運作。目前為止，我們尚未看到對我們的業務產生任何實質影響。我們的全球佈局和多元化業務也讓我們有信心應對潛在的不確定性。關於我們與 Uber 的合作，我們為期五年、涵蓋 15 個城市的推廣計劃仍在按計劃進行，我們預計將在今年適當的時候宣布新的城市上線計劃，好嗎？這就是這個問題的答案。

Any other questions?

還有其他問題嗎？

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

This is Tim from Morgan Stanley. I have two questions. I think the first one is basically, I want to follow up on the L4 competition because at NVIDIA GDC earlier this month, we noticed that WeRide again showcased the robotaxi GXR. I think the model is powered by NVIDIA Hyperion platform and the Thor SoC. Although we noticed the collaboration with NVIDIA has helped WeRide to effectively reduce the cost, accelerate global expansion. But these days, I think NVIDIA also supplies similar ready solution to many of WeRide's competitors and also automaker for the long-term L4 development. So my question is, how does WeRide address the challenge of robotaxi homogenization in the long term and can keep successfully differentiating? That's my first question.

我是摩根士丹利的提姆。我有兩個問題。我認為第一個問題主要是，我想跟進 L4 競賽，因為在本月初的 NVIDIA GDC 大會上，我們注意到 WeRide 再次展示了機器人出租車 GXR。我認為該型號採用的是NVIDIA Hyperion平台和Thor SoC。雖然我們注意到與 NVIDIA 的合作幫助 WeRide 有效地降低了成本，並加速了全球擴張。但如今，我認為英偉達也為 WeRide 的許多競爭對手以及汽車製造商提供了類似的成熟解決方案，用於長期的 L4 開發。所以我的問題是，WeRide 如何從長遠角度來應對自動駕駛計程車同質化的挑戰，並保持成功的差異化優勢？這是我的第一個問題。

Thank you, Tim. This is a great question. So first of all, I think currently, like many players, they define their autonomous driving system based on NVIDIA's Thor AGX platform. But I want to emphasize, just to make announcements like we are going to adopt NVIDIA Thor AGX is easy. But to really make a reliable and workable autonomous driving system based on NVIDIA's Thor AGX is very challenging.

謝謝你，提姆。這是一個很好的問題。首先，我認為目前像許多玩家一樣，他們基於 NVIDIA 的 Thor AGX 平台定義了他們的自動駕駛系統。但我想強調的是，發布像我們將採用 NVIDIA Thor AGX 這樣的公告很容易。但要真正基於英偉達的 Thor AGX 打造一個可靠且可行的自動駕駛系統，是非常具有挑戰性的。

WeRide team up with Lenovo and NVIDIA spent two years to design our HPC 3.0 auto grade. And we actually produced the first of its kind of computational -- autograde computational platform for robotaxi with a computational power of 2,000 TOPS.

WeRide 與聯想和英偉達合作，花了兩年時間設計了我們的 HPC 3.0 汽車級產品。我們實際上生產出了首個此類計算平台——用於機器人出租車的自動坡度計算平台，其計算能力為 2,000 TOPS。

You can look around and see whether any other people have this kind of computational platform of 2,000 TOPS and with redundancy, not easy, okay? We have lots of buildup on top of this autograde computational platform. Besides, we build up our simulation, simulator and data collection integrated platform GENESIS. And this one can generate a lot of data and can be integrated into the training and then can be evaluated with HPC 3.0. So that one is actually a very, very advanced system.

你可以四處看看，有沒有其他人擁有這種 2000 TOPS 的運算平台，並且具備冗餘功能，這並不容易，懂嗎？我們在這個自動分級運算平台之上建構了很多東西。此外，我們也建立了我們的模擬、模擬器和資料收集整合平台 GENESIS。而這個系統可以產生大量數據，可以整合到訓練過程中，然後可以用 HPC 3.0 進行評估。所以這其實是一個非常非常先進的系統。

So in the long run, I don't think like just a general, very generic universal platform can help like experienced or not that strong technological player so that everybody can become a significant player in robotaxi, i.e., democratize the whole industry. No, it's not like that. People actually have tried that before. I just want people to remember like four, five years ago, Baidu rolled out this Apollo platform. The goal is very close to what NVIDIA want to do is roll out open source some code and everybody can work on it. But today, to our best knowledge, no driverless robotaxi fleet are developed use Apollo. Even Baidu used his own closed source platform to work on it.

所以從長遠來看，我不認為一個通用的、非常普通的通用平台能夠幫助經驗豐富或技術實力較弱的參與者，使每個人都能成為自動駕駛出租車領域的重要參與者，即實現整個行業的民主化。不，事情不是那樣的。其實以前就有人嘗試過這種方法。我只是想讓大家記住，大約四、五年前，百度推出了 Apollo 平台。其目標與英偉達想要做的非常接近，即發布一些開源程式碼，讓所有人都能參與開發。但據我們所知，目前還沒有任何無人駕駛機器人計程車車隊使用 Apollo 技術進行開發。甚至百度也使用了自己閉源平台進行開發。

So whether that open source can be used by some third party and then deploy reliable driverless operation is an unproved concept. And actually, I'm quite skeptical on that. So we are very confident for our competitive edge in the next five years and in the next 10 years, and we have a leading and -- leading position, I think, we have maybe larger and larger leading advance. So in that part, we are quite advanced. That's my answer to your question, Tim.

因此，第三方能否利用此開源軟體部署可靠的無人駕駛操作，目前尚屬未經證實。事實上，我對此相當懷疑。因此，我們對未來五年和十年內的競爭優勢非常有信心，我們處於領先地位，而且我認為，我們的領先優勢可能會越來越大。所以，在這方面，我們已經相當先進了。這就是我對你問題的回答，提姆。

Thank you, Tony, for sharing all the details. My second question is also a quick follow-up regarding our global partnership with Uber because I think most of us noticed that WeRide has formed a close strategic tied up with Uber for a global expansion. Yet in the meantime, I think Uber has a ride-hailing platform, the company continues to onboard more robotaxi service provider like in the US, Rivian, Zoox, Motional and in the rest of the world, like Wayve, et cetera. So facing this kind of dynamic of both cooperation and competition, how does WeRide ensure its long-term share of ride-hailing orders in overseas market can keep growing and the stay as a major supplier to Uber? And lastly, how does WeRide plan to enhance its [to see] capability globally? That's my second question.

謝謝托尼分享所有細節。我的第二個問題也是關於我們與 Uber 的全球合作夥伴關係的快速後續問題，因為我認為我們大多數人都注意到，WeRide 已經與 Uber 建立了緊密的策略合作關係，以實現全球擴張。但同時，我認為 Uber 擁有一個叫車平台，該公司繼續引入更多機器人計程車服務提供商，例如美國的 Rivian、Zoox、Motional，以及世界其他地區的 Wayve 等。面對這種既合作又競爭的動態，WeRide 如何確保其在海外叫車市場長期份額持續成長，並保持作為 Uber 主要供應商的地位？最後，WeRide計劃如何提升其在全球範圍內的[視野]能力？這是我的第二個問題。

Tony, you want to take this?

東尼，你想接這個嗎？

Jen, if you want, you can go ahead to take. Yes, please go ahead.

Jen，如果你願意的話，你可以繼續拿。好的，請繼續。

Yes, I'll take this question. So Tim, first of all, Uber is an important shareholder and partner for WeRide. We believe their incentive is to maximize our WeRide's like robotaxi utilization. And as a matter of fact, with all the like partnership they have signed to today, you can only get robotaxi from Uber on the Uber platform from WeRide and from Waymo. That's it. And we do have a very concrete plan to scale together.

好的，我來回答這個問題。提姆，首先，Uber 是 WeRide 的重要股東和合作夥伴。我們認為他們的動機是最大限度地提高我們 WeRide 等自動駕駛計程車的利用率。事實上，憑藉他們今天簽署的所有類似合作協議，你只能在 Uber 平台上透過 WeRide 和 Waymo 獲得 Uber 提供的自動駕駛計程車服務。就是這樣。我們確實有一個非常具體的計劃，可以共同擴大規模。

In the key markets, like say, Middle East, we have the first and foremost operation right, and we're going to have launched 1,200 robotaxi, which will be fully delivered by 2027. This is going to be a very, very large and definitely the largest robotaxi fleet outside China and the US.

在中東等關鍵市場，我們擁有首要且最重要的營運優勢，我們將推出 1200 輛無人駕駛計程車，到 2027 年將全部交付完畢。這將是一個非常非常龐大的車隊，絕對是除中國和美國以外最大的無人駕駛計程車車隊。

And on top of that, we operate robotaxi, robobus, robovan and other products globally. We act like more like an infrastructure partner to -- directly to the local government. Like say, in the [rotislava], we are bringing our robotaxi, robobus, robovan, robosweeper all together in one go. We are the infrastructure partner to those local governments. So we're not just like Uber supplier, and we own most of the autonomous driving license. The government directly issues license to us.

除此之外，我們還在全球各地經營無人計程車、無人巴士、無人貨車和其他產品。我們更像是地方政府的基礎建設合作夥伴。比如說，在[rotislava]中，我們將機器人計程車、機器人巴士、機器人貨車、機器人清潔車全部集中在一起。我們是這些地方政府的基礎建設合作夥伴。所以我們不只是 Uber 的供應商，我們還擁有大部分自動駕駛許可證。政府直接向我們發放許可證。

So also in the presentation we just did in the video, you can see that our global taxi partners worldwide, including besides Uber, and we also have like Grab, FBB, FTL, IOK, TXAI, and a number of local partners. We have different local partners in different local markets. So yes -- and just to emphasize on the licensing moat, we are the only one that holds autonomous driving permits in eight countries. Based on our knowledge, this is definitely the broadest in our industry. This creates a very high barrier to entry.

所以，在我們剛才的影片示範中，你也可以看到，我們的全球計程車合作夥伴遍布世界各地，除了 Uber 之外，我們還有 Grab、FBB、FTL、IOK、TXAI 以及許多當地合作夥伴。我們在不同的本地市場有不同的本地合作夥伴。所以，是的——為了強調我們的牌照優勢，我們是唯一一家在八個國家擁有自動駕駛許可證的公司。據我們所知，這絕對是我們行業內覆蓋範圍最廣的。這就造成了很高的進入門檻。

And also even on Uber and through like other product categories like whenever we have like the public service deployment, we are building the WeRide brand recognition directly with end consumers as well. So if you talk like, say, in Singapore, like in Abu Dhabi, in Middle East, in Dubai, in those cities, people know that the WeRide brand quite well, I would say. So the bottom line is like we are not just one of Uber's vendor where their equity-linked key operator and key robotaxi providers in key markets with a proven unit economic -- economy. And then we think our multi-scenario, multi-country footprint will make us a very essential part of the urban mobility infrastructure, not just a replaceable supplier anyone. That's my answer to your question.

而且，即使在 Uber 和其他產品類別中，例如當我們部署公共服務時，我們也直接與終端消費者建立 WeRide 品牌認知度。所以，如果你說在新加坡、阿布達比、中東、杜拜等城市，人們對 WeRide 這個品牌相當了解，我想是這樣的。所以歸根結底，我們不僅是 Uber 的供應商之一，我們也是 Uber 在關鍵市場中與其股權掛鉤的關鍵營運商和關鍵機器人計程車供應商，並且擁有成熟的單位經濟效益。我們認為，我們涵蓋多個場景和多個國家的佈局將使我們成為城市交通基礎設施中非常重要的一部分，而不僅僅是一個可替代的供應商。這就是我對你問題的回答。

Jiajie Shen, J.P. Morgan.

沉家傑，摩根大通。

Congratulations on the very strong results. My first question is regarding fleet utilization. How do you expect it to grow in China? And what are the implications to unit economics?

祝賀你們取得非常優異的成績。我的第一個問題是關於車隊利用率的。你認為它在中國的發展前景如何？那麼，這對單位經濟效益有何影響？

And my second question is regarding overseas business. Your global business is showing great progress, and this is truly impressive. Could you please share more about key figures of the overseas business in 2025? And what are the 2026 guidance of key operational and financial metrics?

我的第二個問題是關於海外業務的。貴公司的全球業務取得了巨大進展，這真是令人印象深刻。能否請您分享一下2025年海外業務的關鍵數據？2026 年關鍵營運和財務指標的指導目標是什麼？

Okay. I will take the first question. The first question is about the fleet utilization growth in China. And also, it's about like the implications to unit economics. So first of all, we are taking a number of steps to improve utilization, raising fleet density in existing service areas, rolling out free pickup, drop-off, i.e. PUDO, and extending operation hours. And we are seeing that translate into results.

好的。我先回答第一個問題。第一個問題是關於中國車隊利用率的成長。而且，這也與單位經濟效益有關。首先，我們正在採取一系列措施來提高利用率，提高現有服務區域的車隊密度，推出免費取還車服務（即PUDO），並延長營運時間。我們看到這些努力正在轉化為實際成果。

User adoption rate has been strong. Our robotaxi user cases in China grew over 900% year-over-year in Q4. This is an extraordinary number, and I don't expect we can keep this kind of number every year, but still it's kind of extraordinary number.

用戶採納率一直很高。第四季度，我們在中國推出的無人駕駛計程車使用者案例較去年同期成長超過 900%。這是一個非同尋常的數字，我不指望我們每年都能保持這樣的數字，但這仍然是一個非同尋常的數字。

And our vehicle utilization is also trending up. Today, each vehicle averages about 15 trips per day with peak days reaching around 26 trips, some peak day like festival or some very special Valentine's Day. The average trip distance is about 5 kilometers and pricing is roughly RMB2 per kilometer, which represents 30% to 50% discount to traditional ride-hailing. This is a deliberate promotional strategy as we scale region by region and drive our user adoption.

我們的車輛利用率也呈上升趨勢。如今，每輛車平均每天行駛約 15 次，高峰日可達約 26 次，高峰日包括節日或一些非常特殊的情人節。平均行程距離約 5 公里，價格約每公里 2 元人民幣，比傳統叫車優惠 30% 至 50%。這是我們逐步擴大區域規模、推動用戶成長的精心策劃的推廣策略。

As we expand to citywide coverage like what we are working on to Guangzhou and the deepening integrations with platforms such as Amap from Alibaba, WeChat from Tencent, and Tencent Mobility to match convenience of traditional ride-hailing. We expect pricing to move closer to the standard rate around RMB3 per kilometer. At this point, we see a clear and achievable path to improve unit economy in China.

隨著我們逐步擴大服務範圍，例如我們正在為廣州開展的項目，以及與阿里巴巴旗下的Amap、騰訊旗下的微信和騰訊出行等平台的深化整合，我們將努力達到傳統網約車服務的便捷性。我們預期價格將逐漸接近每公里人民幣3元左右的標準價格。目前，我們看到了提高中國單位經濟效益的清晰可行的途徑。

Over years, as our fleet size and coverage expand, we are targeting 25 trips per vehicle per day because autonomous driving, the autonomous driving vehicles, robotaxi, they don't need a driver and then you don't want to -- you don't have an exhaustive driver. Therefore, we can keep on going as long as we can take orders. At steady state, we expect contribution margins in China to be over 40%, okay? That's my answer to your first question. I think Yes, that's my answer to your question, yes.

多年來，隨著我們車隊規模和覆蓋範圍的擴大，我們的目標是每輛車每天完成 25 次行程，因為自動駕駛汽車、無人駕駛出租車不需要司機，這樣你就不需要——你不需要一個疲憊不堪的司機。因此，只要我們還能接單，我們就能繼續下去。穩定營運後，我們預計中國市場的貢獻毛利率將超過 40%，可以嗎？這就是我對你第一個問題的回答。我想，是的，這就是我對你問題的回答。

The second question is about the overseas business and some of the forecast, right? So yes, so our international business is growing at a really, really pleasant rate. And for the Q4 2025, the overseas revenue was up 140% year-over-year, and it's contributing 31% of the total revenue and with the gross margin at like 40%-ish, almost 50%. And for the full year 2025 and our overseas revenue grew about 305% year-over-year and accounting for roughly 29% of the total revenue. So the gross margin was around almost 50% as well. So overseas market offers a significantly stronger like growth and profitability potential. For example, our Middle East subsidiary is already profitable on a stand-alone basis.

第二個問題是關於海外業務和一些預測，對嗎？是的，我們的國際業務正以非常非常令人滿意的速度成長。2025 年第四季，海外營收年增 140%，佔總營收的 31%，毛利率約 40%，接近 50%。2025 年全年，我們的海外收入年增約 305%，約佔總營收的 29%。因此，毛利率也接近 50%。因此，海外市場具有更強勁的成長和獲利潛力。例如，我們的中東子公司已經實現了獨立獲利。

So looking ahead to 2026, we expect the revenue to continue to grow at a healthy pace. We are also on track to reach our goal for the global robotaxi fleet as well as for different regions. We believe we can still reach the goal by end of the year.

展望 2026 年，我們預期營收將持續維持健康的成長速度。我們正按計畫實現全球機器人計程車車隊的目標以及不同地區的目標。我們相信我們仍然可以在年底前實現目標。

And on the gross margin side, we expect the gross margin to remain relatively stable for the international business. And yes, on the cash side, the operating cash flow may increase modestly on the group level since we are continuing to invest for talent and our R&D to support the long-term like core growth of the company.

在毛利率方面，我們預期國際業務的毛利率將保持相對穩定。是的，在現金方面，由於我們持續投資於人才和研發，以支持公司的長期核心成長，集團層級的營運現金流可能會略有增加。

We'll provide more detailed guidance in the upcoming earnings release. But directionally, this reflects how we are thinking about how we build up the business and the financial forecast.

我們將在即將發布的財報中提供更詳細的指導。但從方向來看，這反映了我們對業務發展和財務預測的思考方式。

Leo You, CLSA.

Leo You，CLSA。

It's Leo from CLSA. Also two questions from me. And first is, could you please walk us through the key cost reductions and technology innovations behind the upgraded GXR? And how would that drive further unit economics improvement going forward?

我是里昂證券的Leo。我還有兩個問題。首先，能否請您詳細介紹升級後的 GXR 背後的主要成本降低和技術創新之處？那又將如何推動未來單位經濟效益的進一步提升呢？

And secondly, we are also very glad to see that you announced the share buyback plan. And could you please elaborate more on the thought process and how you're going to execute the share buyback plan going forward?

其次，我們也非常高興地看到您宣布了股票回購計畫。您能否詳細說明您制定股票回購計劃的思路以及接下來將如何執行該計劃？

Okay. I'll take both questions -- I'll answer both questions. Thank you, Leo. The first one is on the cost reduction on GXR. And maybe I try to answer the question in a different way from the total cost of ownership perspective.

好的。我會回答這兩個問題。謝謝你，Leo。第一個問題是降低 GXR 的成本。或許我可以試著從整體擁有成本的角度，用不同的方式來回答這個問題。

As we mentioned earlier, the TCO for the China fleet has declined by as much as 38% in 2025. And the two main factors -- the two main drivers are below. First of all, we have -- which is now Tony has already shared, there's a significant improvement in the remote assistance ratio from 1:10 in 2024 to 1:40 by end of 2025. So we also have a similar efficiency gains for the grid operator. So on both ends, we -- there's efficiency improvement on the operation level.

正如我們之前提到的，到 2025 年，中國船隊的總擁有成本 (TCO) 將下降多達 38%。而兩個主要因素——兩個主要驅動因素如下。首先，正如托尼已經分享的那樣，遠端協助比例將從 2024 年的 1:10 大幅提高到 2025 年底的 1:40。因此，電網營運商也能獲得類似的效率提升。因此，在營運層面，我們兩方面的效率都有所提升。

And second, we have seen overall a 30% reduction in the BOM cost, that including the upgraded the HPC as well as for the pre-installed new GXR robotaxi. Meanwhile, now we are starting to have like a larger volume. So scale is starting to deliver the real benefit. As our fleet expands, we see a meaningful cost reduction through the volume procurement.

其次，我們看到物料清單成本整體降低了 30%，其中包括升級後的 HPC 以及預先安裝的新型 GXR 機器人計程車。同時，我們現在開始擁有更大的銷售量。所以規模經濟開始帶來真正的好處。隨著我們車隊的擴張，透過批量採購，我們看到了顯著的成本降低。

Also on the software side, I still want to remind everyone, so the game changer here is really our WeRide GENESIS. This GENESIS -- the GENESIS allows us to handle the edge case much more efficiently and accelerate the iteration cycles. So it's easier for us to deploy in a much larger ODD and with less remote assistance needed. So together, this will deliver a very meaningful improvement in our cost structure.

另外，在軟體方面，我還是要提醒大家，真正改變遊戲規則的是我們的 WeRide GENESIS。這個 GENESIS——GENESIS 讓我們能夠更有效地處理極端情況並加快迭代週期。因此，我們可以更輕鬆地在更大的光碟機中部署，並且需要的遠端協助也更少。因此，這三者結合起來將對我們的成本結構帶來非常顯著的改善。

Yes. And the other one is regarding the share buyback. So today, our Board of Directors authorized a share repurchase program effectively as of March 23, 2026, which is today as well. We may repurchase up to USD100 million worth of our Class A ordinary share from both Hong Kong Stock Exchange and NASDAQ over the next 12 months. It is actually subject to the scope and limit of the repurchase mandate granted by the shareholder of the company on March 13, 2026, and approval of a similar repurchase mandate to be put forward to shareholders at the upcoming 2026 Annual General Meeting for the company.

是的。另一個問題是關於股票回購的。因此，今天，我們的董事會批准了一項股票回購計劃，該計劃自 2026 年 3 月 23 日起生效，也就是今天。未來 12 個月內，我們可能會從香港聯合交易所和納斯達克回購價值高達 1 億美元的 A 類普通股。實際上，這取決於公司股東於 2026 年 3 月 13 日授予的回購授權的範圍和限制，以及在即將召開的公司 2026 年年度股東大會上提交股東批准的類似回購授權。

So our proposed repurchase may be made from time to time on the open market at the prevailing market price and the privately negotiated transaction in block trade, depending on the market condition and in accordance to the applicable rule and regulation. Yes. That's my answer to your question, Leo.

因此，我們提出的回購計畫可能會根據市場狀況，依照適用的規則和條例，不時在公開市場上以現行市場價格進行回購，或透過私下協商的大宗交易進行回購。是的。這就是我對你問題的回答，Leo。

Xinyu Fang, UBS.

方新宇，瑞銀。

Congratulations on delivering solid revenue growth and operation expansion. My first question is about revenue structure. We noticed that there has been quarterly fluctuations in the contribution of product and services revenue. How should we think about the revenue structure of the company going forward, both in the near term and medium term?

祝賀公司實現了穩健的營收成長和業務擴張。我的第一個問題是關於收入結構。我們注意到產品和服務收入的貢獻有季度波動。我們該如何看待公司未來短期和中期的收入結構？

And as for my second question, apart from the CNY100 million share buyback program, could you please share a little bit more on the future cash deployment plan of WeRide?

至於我的第二個問題，除了1億元人民幣的股票回購計畫之外，您能否再多分享WeRide未來的現金部署計畫？

Okay. I will take the first question. So -- so in 2025, our robotaxi contributed 22% of the total revenue and robobus contributed 34% and our L2++ ADAS and data service contribute 29%. Together, these three pillars accounted for around 85% of our business with robovan and robosweeper making up the remaining 15%. So that's the detailed numbers.

好的。我來回答第一個問題。因此，到 2025 年，我們的機器人計程車貢獻了總收入的 22%，機器人巴士貢獻了 34%，而我們的 L2++ ADAS 和數據服務貢獻了 29%。這三大支柱業務合計占我們業務的 85% 左右，而掃地機器人和掃地機器人則佔剩餘的 15%。以上就是詳細數據。

But if you do forward looking -- looking ahead, robotaxi, robobus and L2++ will remain our core growth engines, supported by strong synergies across our integrated autonomous driving ecosystem. We have a platform strategy.

但如果你展望未來——展望未來，機器人計程車、機器人巴士和 L2++ 仍將是我們的核心成長引擎，並得到我們一體化自動駕駛生態系統中強大的協同效應的支持。我們擁有平台戰略。

Robotaxi is the fastest-growing segment with significant scalability and improving unit economics, especially overseas. So we expect its revenue share to increase over time. Just want to emphasize, WeRide inherently is a robotaxi technology company, okay? We have many products, but robotaxi is the core. Robobus is currently our most geographically deployed business and benefits from clear synergies with robotaxi in both regulation and commercialization.

機器人計程車是成長最快的細分市場，具有顯著的可擴展性和不斷提高的單位經濟效益，尤其是在海外。因此，我們預計其收入份額會隨著時間的推移而增加。我只想強調一點，WeRide本質上是一家機器人計程車科技公司，懂嗎？我們有很多產品，但自動駕駛計程車是核心產品。Robobus 目前是我們地理分佈最廣的業務，並且在監管和商業化方面與機器人計程車有著明顯的協同效應。

L2++ continues to gain traction with partners like Chery, GAC, and Bosch, serving both as a revenue stream and a platform to validate our technology. Meanwhile, robovans and robosweepers provide complementary value with lower cost, fixed route operation that also help us enter and educate new markets. Overall, this diversified portfolio give us both scale and balance, which we see a key strength. I think if you look at all autonomous driving company in this world, WeRide is unique and only WeRide adopt this technology.

L2++ 持續獲得奇瑞、廣汽和博世等合作夥伴的青睞，既是收入來源，也是驗證我們技術的平台。同時，機器人貨車和機器人清掃車以更低的成本和固定路線運行提供了互補價值，也有助於我們進入和開拓新市場。總體而言，這種多元化的投資組合為我們帶來了規模和平衡，我們認為這是我們的關鍵優勢。我認為，縱觀全球所有自動駕駛公司，WeRide 是獨一無二的，只有 WeRide 採用這項技術。

Okay. I'll answer Xin's last question. So for the cash deployment side, we end 2025 with a little bit over CNY1 billion in the cash reserve and which is a strong foundation to support our expansion. And our net cash burn rate is less than USD200 million based on the past pattern.

好的。我來回答辛的最後一個問題。因此，就現金部署方面而言，到 2025 年底，我們的現金儲備將略高於 10 億元人民幣，這將為我們的擴張奠定堅實的基礎。根據以往的模式，我們的淨現金消耗率低於2億美元。

At the same time, our revenue growth is really accelerating, we can see from today's results. And our operating cash flow is becoming increasingly a more important funding source for us. So as we scale, we are not just like investing and like raising capital from the capital market and then spending just on R&D, that's it. We are generating cash ourselves and at a relatively fast speed as well. So overall, we are in a very solid liquidity position, and we'll continue to invest with discipline while we are -- we still maintain ample runway to execute our growth strategy. Yes.

同時，從今天的業績可以看出，我們的營收成長確實在加速。我們的經營現金流正日益成為我們重要的資金來源。所以隨著我們規模的擴大，我們不僅僅是像投資和從資本市場籌集資金那樣，然後僅僅把錢花在研發上，僅此而已。我們自己就能創造現金流，而且速度也相對較快。所以總的來說，我們的流動性狀況非常穩健，我們將繼續有紀律地進行投資——我們仍然有足夠的資金來執行我們的成長策略。是的。

Thank you. Due to time constraints, I'll conclude the call today. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。由於時間有限，我今天的通話就到此結束。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。

Thank you very much.

非常感謝。

Thank you.

謝謝。