WeRide Inc (WRD) 2026 Q1 法說會逐字稿

Good morning and good evening ladies and gentlemen. Thank you for standing by and welcome to WeRide's first quarter 2026 earnings conference call. Please note that today's event is being recorded at this time. All participants are in a listen only mode.

各位女士、先生，早安、晚安。感謝各位撥冗等候，歡迎參加文遠知行（WeRide）2026 年第一季財報電話會議。請注意，今天的活動正在錄音。所有與會者目前皆為只聽模式。

For today's call, management will use English as the main language. A third party interpreter will provide a simultaneous Chinese interpretation. (Operator Instructions) Joining us today, WeRide's Founder, Chairman and CEO Dr. Tony Hahn; and CFO and Head of International Ms. Jennifer Lee.

今天的會議，管理層將以英文作為主要語言。第三方口譯員將提供中文同聲傳譯。（接線員指示）今天與會的有：文遠知行創辦人、董事長兼執行長韓旭博士（Dr. Tony Hahn）；以及財務長兼國際業務負責人 Jennifer Lee 女士。

Before we continue, I would like to refer you to the Safe harbor statement in the company's earning press release. Which also applies to the call as today's call will include forward looking statements including re write strategy and future plans.

在我們繼續之前，我想請各位參閱公司財報新聞稿中的「安全港」聲明。該聲明同樣適用於本次電話會議，因為今天的會議將包含前瞻性陳述，包括 WeRide 的策略與未來計畫。

These forward looking statements are made under the Safe harbor Provision of the US Private Securities Litigation Reform Act of 1995. Forward looking statements involve inherent risks and uncertainties.

這些前瞻性陳述係依據 1995 年《美國私人證券訴訟改革法案》的安全港條款作出。前瞻性陳述涉及固有風險與不確定性。

The company's actual results could differ materially from those stated or implied by those forward looking statements as a result of various important factors and please refer to the Risk Factor section of the company's Form 20-F filed with the SEC and announcements on the website of the Hong Kong Stock Exchange for full closure of these risk factors.

由於多項重要因素，公司實際結果可能與這些前瞻性陳述所述或所暗示者存在重大差異；請參閱公司向美國證券交易委員會（SEC）提交之 Form 20-F 的「風險因素」章節，以及香港交易所網站上的公告，以完整揭露相關風險因素。

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

除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

Please note that all numbers stated in the Management's prepared remarks are RMB terms and will be discussed in non-IFRS measures today which are more thoroughly explained and recalled on those comparable measures reported in the company's earnings release and filings of the SEC and the Hong Kong Stock Exchange.

請注意，管理層預先準備的發言中所提及的所有數字均以人民幣計價；今天也將討論非 IFRS 指標，相關更完整的說明以及與可比指標的對照，已載於公司財報新聞稿以及向 SEC 與香港交易所提交的文件中。

The company's unaudited financial and operating results are released earlier today via newswire and can be found on the company's investor relations website. With that, I will now begin the company's video presentation.

公司未經審計的財務與營運結果已於今日稍早透過新聞稿發布，並可於公司投資人關係網站查閱。接下來，我將開始播放公司的影片簡報。

(video playing)

（播放影片）

Now, I would like to pass the floor to the company's Founder, Chairman, and CEO, Dr. Tony Han. Please go ahead, sir.

現在，我想把時間交給公司創辦人、董事長兼執行長韓旭博士。博士，請開始。

Hello everyone and thank you for joining us today. We started 2026 with strong momentum as a global leader in autonomous driving. In the first quarter the total revenue of WeRide reached RMB114 million, 58% up year over year.

各位好，感謝今天加入我們。作為自動駕駛領域的全球領導者，我們在 2026 年以強勁動能開局。第一季，文遠知行總營收達人民幣 1.14 億元，年增 58%。

These results are driven by our accelerating Robotaxi deployment growth across our broader autonomous driving business and the great success of our L2++ Level ADAS solution. By the end of April our global Robotaxi fleet grow to around 1,300 vehicles, representing one of the largest Robotaxi fleets globally.

這些成果主要來自我們在更廣泛自動駕駛業務中 Robotaxi 部署的加速成長，以及我們 L2++ 級 ADAS 解決方案的巨大成功。截至 4 月底，我們的全球 Robotaxi 車隊增至約 1,300 輛，為全球規模最大的 Robotaxi 車隊之一。

At the same time, our Level 4 autonomous driving fleet including Robovan and Robobus has grown to around 2,800 units. They have been deployed to or tested in 12 countries and over 40 cities worldwide.

同時，我們的 L4 級自動駕駛車隊（包含 Robovan 與 Robobus）已成長至約 2,800 台。這些車輛已在全球 12 個國家、超過 40 座城市部署或進行測試。

We believe the steady and significant progress this quarter reflects not only the maturity of our technology but also the growing operational experience for thousands level fleet in multiple cities.

我們相信，本季穩健且顯著的進展，不僅反映了我們技術的成熟度，也反映了在多座城市、千台級車隊運營所累積的日益豐富的營運經驗。

First of all, I want to point out that we have made a major technical breakthrough through Genesis, our closed loop world model based simulation engine which boosted our model evolution pace by several folds.

首先，我想指出，我們透過 Genesis 取得重大技術突破。Genesis 是我們基於閉環世界模型的模擬引擎，使我們的模型演進速度提升了數倍。

We can now train AI model for autonomous driving with synthesized corner cases which may be very rare or even imaginary. With a compact AI model leveraged on our Genesis, we have achieved four consecutive championships in China Urban Intelligence Driving Competition.

我們現在可以用合成的極端案例來訓練自動駕駛 AI 模型，這些案例可能非常罕見，甚至是想像出來的。藉助基於 Genesis 的精簡 AI 模型，我們在中國城市智慧駕駛競賽中連續四次奪冠。

This is unprecedented. The best previous record is held by Huawei ADAS System which got two consecutive championships. Today many companies talk about world model and simulation platforms, but WeRide is one of very few companies that have publicly demonstrate footage of a highly realistic autonomous driving world model at scale.

這是前所未有的。此前最佳紀錄由華為 ADAS 系統保持，曾連續兩次奪冠。如今許多公司都在談世界模型與模擬平台，但文遠知行是少數幾家公開展示大規模、高度逼真的自動駕駛世界模型影像的公司之一。

We have already released Genesis demonstration video on YouTube where viewers can check the model's ability to reconstruct and simulate visually realistic driving environments strictly following physical laws as well.

我們已在 YouTube 發布 Genesis 示範影片，觀眾可查看該模型在嚴格遵循物理定律的前提下，重建並模擬視覺上高度真實的駕駛環境的能力。

Genesis can generate holistic virtual driving environment consistent to the desired locations including traffic flows, pedestrians, weather conditions and the complex interactions between vehicles and the surrounding objects.

Genesis 能生成與目標地點一致的整體虛擬駕駛環境，包括車流、行人、天氣條件，以及車輛與周邊物體之間的複雜互動。

More importantly, we can edit this environment components to simulate highly challenging scenarios such as aggressive driving behavior, dense traffic, extreme weather on euro road conditions and many other long tail corner cases that are very difficult and extremely expensive to replicate in the real world.

更重要的是，我們可以編輯這些環境組件，以模擬極具挑戰的情境，例如激進駕駛行為、密集車流、歐洲道路條件下的極端天氣，以及許多其他在真實世界中極難、且成本極高才能複現的長尾極端案例。

By leveraging on synthetic data and large scale simulation, Genesis improves training and validation efficiency by thousands of times compared to traditional road testing.

透過合成資料與大規模模擬，Genesis 相較於傳統道路測試，可將訓練與驗證效率提升數千倍。

It also significantly reduces the crucial dependence on large scale testing fleet and accelerates deployment process in new operational regions globally. Genesis is not just a capability, it is a unified simulation and AI training platform supporting applications from L2 ADAS to L4 Robotaxi and it is very same tech stack that makes us the only company in the world to have already achieved the scaled commercialization of both L4 and the mass production L2 vehicles.

它也大幅降低對大規模測試車隊的關鍵依賴，並加速在全球新營運區域的部署流程。Genesis 不僅是一項能力，更是一個統一的模擬與 AI 訓練平台，支援從 L2 ADAS 到 L4 Robotaxi 的各類應用；同時，這也是使我們成為全球唯一一家已同時實現 L4 規模化商業化與 L2 車型量產商業化的公司之同一套技術棧。

The newly developed Genesis now has paved the way of WeRide to the physical AI world. With Genesis the ADAS system developed by WeRide is comparable to the performance of FSD 14.3 from Tesla in California.

全新開發的 Genesis 如今已為文遠知行邁向「物理 AI」世界鋪平道路。在 Genesis 的加持下，文遠知行開發的 ADAS 系統在加州的表現可與特斯拉的 FSD 14.3 相媲美。

You know I personally own two Tesla and I drive 14.3 with FSD 14.3 from Tesla every day. I look forward to entering a global urban intelligence driving competition directly facing FSD 14.3 from Tesla.

大家知道，我個人擁有兩輛特斯拉，我每天都在使用特斯拉的 FSD 14.3 駕駛。我期待能參加全球城市智慧駕駛競賽，直接與特斯拉的 FSD 14.3 正面對決。

Hope one day we can meet in US or Europe and give our consumers a head to head comparison. Today, we are seeing our technology leadership translate into real global commercial scale. Let me walk you through the key operational and commercialization milestones we have achieved this quarter.

希望有一天我們能在美國或歐洲相見，為消費者帶來一場正面對比。今天，我們正看到技術領先轉化為全球商業化規模的實際落地。接下來我將帶各位回顧本季我們達成的關鍵營運與商業化里程碑。

First in China, our Robotaxi business continue to make strong progress in scale, operational efficiency and commercialization debt. First in China, our Robotaxi business continue to make strong progress in scale and operational efficiency.

首先在中國，我們的 Robotaxi 業務在規模、營運效率與商業化深度方面持續取得強勁進展。首先在中國，我們的 Robotaxi 業務在規模與營運效率方面持續取得強勁進展。

By the end of April, our domestic Robotaxi fleet expanded to about 1,000 vehicles, while our service area in Guangzhou increased by 97% compared to the end of 2025, including additional downtown districts.

截至 4 月底，我們的國內 Robotaxi 車隊擴大至約 1,000 輛；同時，廣州的服務範圍較 2025 年底增加 97%，並涵蓋新增的市中心區域。

On the demand side, average daily order per vehicle domestically reached 17 trips during Q1, with peak periods reaching 28 trips per vehicle. Registered Robotaxi users also doubled almost every year.

在需求端，第一季國內單車日均訂單量達 17 趟，高峰時段可達每車 28 趟。Robotaxi 註冊用戶數也幾乎每年翻倍。

We believe these metrics continue to demonstrate growing user adoption and improving unit economics as Robotaxi commercialization scales. In this quarter, we also continue to deepen our partner ecosystem.

我們相信，這些指標持續展現用戶採用度的提升，以及隨著 Robotaxi 商業化規模擴大而改善的單位經濟效益。本季我們也持續深化合作夥伴生態系。

In April, we extended our collaboration with Lenovo in autonomous driving computing platforms with a joint target to deploy 200,000 autonomous driving vehicles globally over the next five years. Together with geely far reason, we plan to deliver 2000 upgraded purposely built Robotaxi gxr in 2026.

4 月，我們與聯想在自動駕駛運算平台方面延伸合作，並共同設定目標：未來五年在全球部署 20 萬輛自動駕駛車輛。我們也將與吉利遠程（Geely Farizon）合作，計畫於 2026 年交付 2,000 輛升級版、專為 Robotaxi 打造的 GXR。

We believe these partnerships further strengthen our manufacturing scalability and deployment capability globally. Now turning into international markets, we also continue to see strong momentum in both new market launches and the commercialization progress.

我們相信，這些合作夥伴關係將進一步強化我們在全球的製造可擴展性與部署能力。接著看國際市場，我們在新市場啟動與商業化進展方面也持續展現強勁動能。

In Singapore, we launched the country's first public autonomous driving service together with grab. Since the initial deployment plan began in the second half of last year, the fleet has built a trustworthy operational track record in a highly regulated international market.

在新加坡，我們與 Grab 共同推出該國首個公開的自動駕駛服務。自去年下半年啟動初期部署計畫以來，該車隊已在高度監管的國際市場中建立了值得信賴的營運紀錄。

In the Mid east, we have launched fully driverless commercial Robotaxi operation in Dubai. Together with Uber and Dubai's rta, this is the city's first fully driverless commercial Robotaxi service. Meanwhile, Abu Dhabi service coverage expanded to around 70% of the city's core area.

在中東地區，我們已在杜拜推出完全無人駕駛的商業 Robotaxi 營運。與 Uber 及杜拜 RTA 合作，這是該市首個完全無人駕駛的商業 Robotaxi 服務。同時，阿布達比的服務覆蓋範圍已擴大至該市核心區域約 70%。

Across the Mid East, together with Uber, we remain on track to deploy at least 1,200 Robotaxis across Abu Dhabi, Dubai and Riyadh by 2027. In Europe, we entered Slovakia in March, our fourth European market, and continue progressing toward fully driverless commercialized commercial operation in Zurich.

在整個中東地區，我們與 Uber 合作，仍按計畫於 2027 年前在阿布達比、杜拜及利雅德部署至少 1,200 輛 Robotaxi。在歐洲，我們於 3 月進入斯洛伐克，成為我們第四個歐洲市場，並持續推進在蘇黎世實現完全無人駕駛的商業化營運。

Overall, we continue to believe WeRide remains the most globally deployed autonomous driving company today, with deployments across 12 countries and permits in eight markets.

整體而言，我們仍相信 WeRide 目前是全球部署最廣的自動駕駛公司，已在 12 個國家部署，並在 8 個市場取得許可。

This global footprint not only diversify our revenue, but also demonstrates operational and regulatory capabilities that are hard for borrowers to replicate. It also keeps us on track toward our long term vision of deploying tens of thousands of Robotaxi globally by 2030.

這樣的全球布局不僅使我們的營收來源更多元，也展現出在營運與監管合規方面的能力，這些能力是借款方難以複製的。同時也讓我們持續朝著長期願景邁進：在 2030 年前於全球部署數以萬計的 Robotaxi。

Beyond Robotaxi, our ADASS business is also seeing growing commercial traction. Our current version of ADASS system, WRD 3.0 has been adopted by nearly 30 vehicle models including vehicles from leading OEMs such as GAC and Cherry.

除了 Robotaxi 之外，我們的 ADASS 業務也正獲得日益增長的商業牽引力。我們目前版本的 ADASS 系統 WRD 3.0，已被近 30 款車型採用，其中包括廣汽與奇瑞等領先 OEM 的車款。

In April, GAC Ion launched pre sales for the Aion N60, the first mass production vehicle with VRI solution. Leveraging the generalization capability of Genesis, our WRD 3.0 solution is now supporting three major chip Nvidia Drive, Qualcomm, Snapdragon and the Cengine Starlight.

4 月，廣汽埃安（GAC Aion）為 Aion N60 啟動預售，該車是首款搭載 VRI 解決方案的量產車。憑藉 Genesis 的泛化能力，我們的 WRD 3.0 解決方案目前已支援三大晶片平台：Nvidia Drive、高通 Snapdragon，以及 Cengine Starlight。

We believe this level of multi chip compatibility for crucial because it enables faster mass production, greater cost optimization and broader OEM adoption. At the same time, we continue expanding internationally with partners including Tigo, Lapis, Omanda JCO bringing WeRide powered AWS solution to consumer globally.

我們認為，這種多晶片相容性至關重要，因為它能加速量產、進一步優化成本，並促進更廣泛的 OEM 採用。同時，我們也持續與 Tigo、Lapis、Omanda JCO 等合作夥伴拓展國際市場，將 WeRide 賦能的 AWS 解決方案帶給全球消費者。

Finally, for Robopass, we also continue making progress globally. We are collaborating with the Geneva public transport operator TPG on autonomous bus deployment.

最後，在 Robopass 方面，我們也持續在全球取得進展。我們正與日內瓦公共交通營運商 TPG 合作部署自動駕駛巴士。

Meanwhile, we are preparing for the robobus operation with Renault at the Holongarho French open for the third consecutive year.

同時，我們正為與雷諾（Renault）在 Holongarho French open 的 Robobus 營運做準備，這已是連續第三年。

To summarize, the first quarter of 2026 was about substantiating technology leadership of WeRide into commercial scalability through growing Robotaxi operations, expansion into new international market, growing deployment pipelines or continued unrivaled winning momentum in ADAS.

總結而言，2026 年第一季的重點在於，透過 Robotaxi 營運成長、拓展新的國際市場、擴大部署管線，以及 ADAS 持續保持無可匹敵的勝勢動能，將 WeRide 的技術領先地位落實為可商業化擴張的規模能力。

We believe we are executing well with our global strategy and we continue to see a clear path toward long term growth. With that, let me turn the call over to our CFO Jennifer Li for a deeper view of the financial results this quarter.

我們相信，我們的全球策略執行良好，並持續看到通往長期成長的清晰路徑。接下來，我把電話交給我們的財務長 Jennifer Li，為大家更深入解讀本季的財務結果。

Thank you, Tony. Hello, everyone. Before we dive into the financials, I want to highlight that all figures are in R&D. Comparisons are year-over-year unless stated otherwise, and we will discuss non-IFARS measures today, which are more solely explained and reconciled to the most comparable measures reported in the company's earnings release and filing with SEC and Hong Kong Stock Exchange.

謝謝你，Tony。各位好。在深入財務數據之前，我想先強調所有數字均以人民幣計。除非另有說明，所有比較均為年對年；此外，我們今天也會討論非 IFRS 指標，其更詳細的說明與與最可比的指標之對帳，已載於公司新聞稿以及向美國證券交易委員會（SEC）與香港交易所提交的文件中。

Now let's discuss our first-quarter financial performance. We delivered total revenue of RMB114 million in the first quarter, representing an increase of 58%. Product revenue increased 116% to RMB20 million, mainly driven by increased deployment of Robotaxi and other L4 vehicles.

現在我們來討論第一季的財務表現。第一季我們實現總營收人民幣 1.14 億元，年增 58%。產品營收年增 116% 至人民幣 2,000 萬元，主要由 Robotaxi 及其他 L4 車輛部署增加所帶動。

Service revenue increased 49% to RMB94 million. This revenue growth mirrors the solid commercial progress we made in this quarter, together with our proven track record in execution and deployment.

服務營收年增 49% 至人民幣 9,400 萬元。這一營收成長反映了我們本季取得的扎實商業進展，以及我們在執行與部署方面經驗證的良好紀錄。

Considering the seasonal impact of Chinese New Year and Ramadan in the Middle East, our business performance surpassed our original internal targets.

考量到中國農曆新年以及中東齋月的季節性影響，我們的業務表現仍超出原先的內部目標。

Group-level gross profit increased 56% to RMB40 million in the first quarter, with a group-level gross margin of approximately 35%. We maintain top-line expansion without sacrificing margin discipline, underscoring the inherent profitability of our autonomous-driving business at this further scale.

第一季集團層面毛利年增 56% 至人民幣 4,000 萬元，集團毛利率約 35%。我們在不犧牲毛利率紀律的前提下維持營收擴張，凸顯自動駕駛業務在進一步規模化下的內在獲利能力。

This was also supported by the increased exposure of our ex-China markets. Where we continue to see the structural stronger margin profile as we expand into new additional international territories.

這也受益於我們中國以外市場曝險的提升。隨著我們擴張至更多新的國際地區，我們持續看到結構性更強的毛利率輪廓。

Operating expense were at RMB469 million, with R&D expense accounting for 77% of the total operating expense. Our operating expense are stable in absolute dollar amount compared to the same period in 2025.

營業費用為人民幣 4.69 億元，其中研發費用占總營業費用的 77%。與 2025 年同期相比，我們的營業費用在絕對金額上保持穩定。

To break down further, R&D expense increased by 12% to RMB363 million in Q1 2026. Excluding share-based compensation, R&D expense grew 16% to RMB322 million. This consistent investment in R&D underpins our technology roadmap and ensures to stay at the forefront of autonomous-driving innovation.

進一步拆解，2026 年第一季研發費用年增 12% 至人民幣 3.63 億元。剔除股份基礎給付後，研發費用年增 16% 至人民幣 3.22 億元。對研發的持續投入支撐我們的技術路線圖，並確保我們始終站在自動駕駛創新的最前沿。

Administrative expense decreased by 33% to RMB83 million in the first quarter, excluding share-based compensation, administrative expense decreased by 17% to RMB61 million.

第一季行政費用年減 33% 至人民幣 8,300 萬元；剔除股份基礎給付後，行政費用年減 17% 至人民幣 6,100 萬元。

The decrease was primarily driven by lower professional services fee, mainly related to audit and legal compliance services, and partially offset by increased personnel costs for the expansion of our team as a for a growing business.

下降主要由專業服務費降低所致，主要與審計及法規遵循相關服務有關；部分被人員成本上升所抵銷，該上升源於我們為支撐業務成長而擴充團隊。

Selling expense increased by 63% to RMB23 million in Q1 2026. Excluding share-based compensation, selling expense increased by 81% to RMB22 million.

2026 年第一季銷售費用年增 63% 至人民幣 2,300 萬元。剔除股份基礎給付後，銷售費用年增 81% 至人民幣 2,200 萬元。

The increase corresponded to ongoing expansion for our business, underscoring our commitment to support growth appropriately. Our net loss kept stable at RMB369 million in the first quarter. On a non-IFAS basis.

費用增加與我們持續擴張業務相對應，凸顯我們致力於以適當投入支持成長。第一季淨虧損維持穩定，為人民幣 3.69 億元。以非 IFRS 口徑計。

The net loss increased slightly by 11% to RMB326 million in the first quarter. The slight uptick was largely driven by ongoing R&D expanding and as we continue to invest ahead of scale in our long-term technology leadership.

第一季淨虧損小幅增加 11% 至人民幣 3.26 億元。這一小幅上升主要由研發持續擴張所致，因為我們在規模化之前持續前置投入，以鞏固長期技術領先。

As of March 31, 2026, we had total capital reserve of RMB6.22 billion, comprising RMB6.18 billion in cash and cash equivalents and time deposits, RMB29 million in investment and wealth management products, and RMB18 million in restricted cash.

截至 2026 年 3 月 31 日，我們的資本儲備總額為人民幣 62.2 億元，其中包括人民幣 61.8 億元的現金及現金等價物與定期存款、人民幣 2,900 萬元的投資及理財產品，以及人民幣 1,800 萬元的受限制現金。

We maintain short-term bank loans of RMB294 million to support daily operations. We have well-positioned our capital base to match our cash deployment need. We've had room to support ongoing growth and strategic initiatives.

我們維持人民幣 2.94 億元的短期銀行借款，以支持日常營運。我們已妥善配置資本基礎，以匹配我們的現金使用需求。我們也有充足空間支持持續成長與策略性舉措。

Under the US dollar RMB100 million share repurchase program authorized by our Board of Directors on March 23, 2026. We have repurchased approximately RMB24.4 million Class A ordinary shares, including in the form of American depository shares, as of market close on May 12.

根據董事會於 2026 年 3 月 23 日核准的 1 億美元股份回購計畫。截至 5 月 12 日收盤，我們已回購約人民幣 2,440 萬元的 A 類普通股（包括以美國存託股份形式回購）。

For a total consideration of approximately RMB61.4 million in US dollar. This reflects our firm belief in company's long-term value and growth potential.

總對價約為 6,140 萬美元。這反映我們對公司長期價值與成長潛力的堅定信心。

Moving forward, we proceeded with confidence and a well-defined focus. By end of 2026, we remain on track to deploy 2,600 Robotaxis worldwide, marking the first milestone in our journey toward hundreds of thousands by 2030.

展望未來，我們將以信心與清晰的重點持續推進。到 2026 年底，我們仍按計畫在全球部署 2,600 輛 Robotaxi，這將是我們邁向 2030 年部署數十萬輛旅程中的第一個里程碑。

As we continue to scale, our approach is to enter new regions and cities which have proven which has proven effective and replicable.

隨著我們持續擴大規模，我們的做法是進入已被證明有效且可複製的新區域與城市。

Supported by strong technological leadership, operational know-how, and increasingly robust global rollout, we're prepared to lead the next phase of autonomous driving. With that, operator, we are now ready to take some questions.

在強大的技術領先、營運專業能力，以及日益健全的全球推進節奏支持下，我們已準備好引領自動駕駛的下一階段。接下來，接線員，我們現在準備開始回答一些問題。

(Operator Instructions) Stanley Wayne from Morgan Stanley.

（接線員指示）摩根士丹利的 Stanley Wayne。

Thank you, Tony and Jennifer. This is Stanley from Morgan Stanley. I have two questions. So first one is on your Robotaxi expansion. Are you on track to meet your expansion roadmap in 2026 and could you update us on the latest expansion progress in China, the Middle East and the rest of the world?

謝謝你，Tony 和 Jennifer。我是來自摩根士丹利的 Stanley。我有兩個問題。第一個是關於你們的 Robotaxi 擴張。你們是否按計畫在 2026 年達成擴張路線圖？能否更新一下你們在中國、中東以及全球其他地區的最新擴張進展？

And my second question is on WeRise's overseas business with the company's core advantage being its possession of overseas operating licenses in eight countries and in light of the global expansion of players like Waymo and Zoox, and also the accelerating regulatory approvals.

第二個問題是關於 WeRise 的海外業務。公司的核心優勢在於持有八個國家的海外營運牌照；同時考量到 Waymo、Zoox 等玩家的全球擴張，以及監管核准正在加速。

How do you view the key growth drivers profitability path and timeline for tangible contributions from your overseas operations in 2026 to 2027? Thank you.

你如何看待 2026 到 2027 年海外營運的關鍵成長驅動因素、獲利路徑與時間表，以及何時能帶來實質性貢獻？謝謝。

So I will take the first question and then I will let Jennifer to answer the second question about the profitability. So first question is about the on track, whether we are on track with our Robotaxi expansion.

我先回答第一個問題，然後請 Jennifer 回答第二個關於獲利能力的問題。第一個問題是我們的 Robotaxi 擴張是否按計畫推進。

I think overall, we are very optimistic and confident in our global Robotaxi expansion. And we have been making the steady progress all the time. I would share some numbers I have already told to the market that is, at the end of April, our global Robotaxi fleet reached approximately 1,300 vehicles.

我認為整體而言，我們對全球 Robotaxi 擴張非常樂觀且有信心。我們一直都在穩步推進。我分享一些我之前已向市場提過的數據：截至 4 月底，我們的全球 Robotaxi 車隊規模約達 1,300 輛。

That is, to my best knowledge, one of the biggest Robotaxi fleets globally. In China, our Robotaxi fleet has grown to approximately 1,000 vehicles with a solid demand, healthy daily order volume and a growing user base.

就我所知，這是全球最大的 Robotaxi 車隊之一。在中國，我們的 Robotaxi 車隊已成長至約 1,000 輛，需求穩健、每日訂單量健康，且用戶基礎持續擴大。

And I want to share you a number. Our average daily order per vehicle excmeeded 17 trips during the first quarter. That is an amazing number. And our overseas Robotaxi fleet has expanded to approximately 300 vehicles across multiple markets.

我想再分享一個數字。第一季期間，我們每車平均每日訂單超過 17 趟。這是非常驚人的數字。而我們的海外 Robotaxi 車隊已擴張至約 300 輛，覆蓋多個市場。

In the Middle East, we recently launched a full driverless commercial operation in Dubai and on Uber platform. Today, if you really want to hail a full driverless Robotaxi. My best knowledge, I look at all our competitors.

在中東，我們近期在杜拜透過 Uber 平台啟動了完全無人駕駛的商業營運。今天，如果你真的想叫到一台完全無人駕駛的 Robotaxi。就我所知，我看過我們所有競爭對手。

Outside of US And China, if you want to hail a full driverless Robotaxi, the only way is through Uber hailing WeRide Robotaxi in Abu Dhabi or Dubai, okay. That's our current stage.

在美國和中國以外，如果你想叫到一台完全無人駕駛的 Robotaxi，唯一的方式就是透過 Uber 叫到 WeRide 的 Robotaxi，在阿布達比或杜拜，好的。這就是我們目前的階段。

With regional tensions created some I know regional tensions create some short-term softness in utilization, but we remain very confident. More important, we remain firmly committed to the Middle East, and our long-term investment and operational presence are well received by local governments.

區域緊張局勢造成了一些——我知道區域緊張局勢在短期內使使用率略有走弱，但我們仍然非常有信心。更重要的是，我們仍堅定投入中東，我們的長期投資與營運布局也獲得當地政府的高度肯定。

We remain on track toward our commitment to deploy 1,200 vehicles across Dubai, Abu Dhabi, Riyadh as additional driverless ODD to be added.

我們仍按計畫履行承諾，在杜拜、阿布達比、利雅德部署 1,200 輛車，並將新增更多無人駕駛 ODD。

In Europe, we are expanding our footprint. In Switzerland, we obtained regional's first driverless commercial permit and continue progressing toward public operations in Zurich. We also recently launched our national upon the driving program in Slovakia.

在歐洲，我們正在擴大布局。在瑞士，我們取得了該地區首張無人駕駛商業許可，並持續推進在蘇黎世的公開營運。我們最近也在斯洛伐克啟動了全國性的自動駕駛計畫。

Making our entry into another new European market. More broadly, we believe LeeWise has established a meaningful advantage, first mover advantage through years of global expansion.

這也代表我們進入了另一個新的歐洲市場。更廣泛來看，我們相信 LeeWise 透過多年來的全球擴張，建立了有意義的優勢，也就是先行者優勢。

And overall, I think this global operation and regulatory footprint is becoming an increasing important differentiator as autonomous driving commercialization accelerates worldwide.

整體而言，我認為這樣的全球營運與監管布局，正隨著自動駕駛商業化在全球加速，而成為越來越重要的差異化因素。

So that overall concludes my answer to your question, our global roadmap and our plan. About profitability, would you pick up the question, Jennifer?

以上就是我對你問題的回答：我們的全球路線圖與計畫。至於獲利能力，Jennifer 你來接著回答可以嗎？

Yeah, I'll answer the second one. Yeah, so just now, Tony also mentioned the (inaudible) core advantage is having like an operating license in eight countries. Actually, now comparing the total number of Robotaxi deployed and driverless permit hold by any autonomous vehicle autonomous driving company outside China and the US.

好的，我來回答第二個問題。剛才 Tony 也提到，（聽不清）核心優勢是我們在八個國家擁有營運牌照。其實，若比較中國與美國以外任何自動駕駛公司所部署的 Robotaxi 總數，以及所持有的無人駕駛許可數量。

WeRide ranks first across like among all the different companies outdoor companies. We are very encouraged by the momentum of our international expansion so far.

WeRide 在所有不同公司之中排名第一——在所有海外公司中。我們對目前國際擴張的動能感到非常振奮。

And as we can recall from the last earnings release, international revenue already accounts for approximately one-third of the total group revenue last year, and our Middle East subsidiary was already profitable at net level.

而且如同我們在上一季財報中提到的，去年國際營收已約占集團總營收的三分之一；同時，我們的中東子公司在淨利層面已經實現獲利。

Also, Tony just discussed, just already talked through our key developments in some of the regions of China this year, and we will announce some more exciting announcements in Robotaxi deployments in due course.

另外，Tony 也已經討論並說明了我們今年在中國部分地區的關鍵進展；我們也會在適當時機宣布更多令人振奮的 Robotaxi 部署消息。

So this year, we expect international revenue to grow even faster and contribute an even larger share of group revenue supported by the positive unit economics. And maybe I would like to just to also to elaborate a little bit more about our city selection criteria here.

因此，今年我們預期國際營收將成長得更快，並在正向單位經濟的支持下，對集團營收貢獻更高的占比。我也想再多補充一點我們的城市選擇標準。

Now, people always ask us, you guys already have like presence in like 40 cities. So do you want to expand to more cities or focusing on the current ones? So our strategy is to focusing on scale in existing city as well as entering additional cities.

大家常常問我們：你們已經在大約 40 個城市有布局了。那你們是想擴張到更多城市，還是專注在現有城市？我們的策略是：一方面在既有城市做規模化，同時也進入更多城市。

And there are more selective criteria. So we really need to, we really consider whether the market has the potential to support scalable and commercially attractive operations over long-term.

而且我們有更嚴格的篩選標準。我們會認真評估該市場是否有潛力在長期支持可規模化、且具商業吸引力的營運。

And especially on the monetization potential side, we pay close attention to the overall growth-booking opportunities. As well as the ghost bookings per mile, because both scale and unit price matter significantly for long-term robo-taxi unit economics.

特別是在變現潛力方面，我們會密切關注整體的成長與訂單（booking）機會，以及每英里（mile）的訂單金額，因為規模與單價對長期 Robotaxi 的單位經濟都非常關鍵。

And besides, we focus heavily on whether there's a realistic path to scale. For all the cities we are currently deploying. We do see potentials for each city to deploy thousands of autonomous driving vehicles. Yeah.

此外，我們也非常重視是否存在一條可行的規模化路徑。對於我們目前正在部署的所有城市，我們確實看到每個城市都有潛力部署數千輛自動駕駛車輛。是的。

And something more to mention here, Europe remains to be a key focus for us this year. We will share our exciting news in more deployment in more cities in Europe, hopefully soon. Yeah, that concludes my answer for this question.

另外還要補充的是，歐洲仍將是我們今年的重點。我們希望很快就能分享在歐洲更多城市進一步部署的好消息。以上就是我對這個問題的回答。

Ming Hsun Lee from Bank of America.

美國銀行的 Ming Hsun Lee。

Hi, Tony and Jennifer. Thank you for giving me the opportunity to raise a question. I also have two questions. So the first one, how do the recent report about China holding a new self-driving approvals to impact WeRide?

嗨，Tony 和 Jennifer。謝謝你們給我提問的機會。我也有兩個問題。第一個，近期有報導稱中國暫停新的自動駕駛核准，這會如何影響 WeRide？

And a second question, it's about the technology difference. So I think since the past, there has been a consistent and industry-wide debate over the [LiDAR] and the HD map approach that Waymo adopts and the camera-only solution by Tesla, Huaiza, WeRise view.

第二個問題是關於技術差異。我認為一直以來，業界對 Waymo 採用的 [LiDAR] 與高精地圖（HD map）路線，以及 Tesla 的純攝影機方案之間，存在持續且全產業的辯論；想請問 Huaiza、WeRise 的看法。

I think i will take them one by one, okay, i did take some notes. So let's see, the first question, i think everybody have already realized the recent halt about the recent halting about the new self-driving approvals.

我想我會逐一回答，好嗎，我有做一些筆記。我們先看第一個問題：我想大家都已經注意到近期對新的自動駕駛核准的暫停。

We all noticed this kind of accident of Baidu in Wuhan and we have seen the reports. So first of all, our view is that, it is we view this as more of a short-term regulatory adjustment rather than structural change to the industry.

我們都注意到百度在武漢的那起事故，也看到了相關報導。首先，我們的看法是：我們將此視為較偏短期的監管調整，而非產業結構性的改變。

Because from our discussion with the central government and local government and through this kind of communication and the careful investigation, first of all, we write if you check our record, we write have a very good safety and operational record and both central government and local government just gave us very strong support.

因為透過我們與中央政府及地方政府的討論，以及這類溝通與審慎調查，首先，如果你查看我們的紀錄，WeRide 一直有非常良好的安全與營運紀錄；而且中央與地方政府都給了我們非常強力的支持。

And through our discussion, we were assured that the central government and local government's support to the autonomous driving remains very strong. That is what we have learned. And we talked with the local regulators, legislators, and officials.

透過我們的討論，我們也確認中央政府與地方政府對自動駕駛的支持仍然非常強勁。這是我們所了解到的。我們也與地方監管機構、立法者以及官員進行了溝通。

This remains very supportive, it is a short-term adjustment, they basically halting the new approvals for the added autonomous driving vehicles, but current autonomous driving vehicles remain actively operation for WeRide and our orders are increasing as I have already mentioned to you.

這仍然非常具支持性，這是一項短期調整；他們基本上暫停了對新增自動駕駛車輛的新的核准，但現有的自動駕駛車輛仍在為文遠知行（WeRide）積極運營，而且正如我先前提到的，我們的訂單正在增加。

As autonomous driving moves from early pilots toward larger-scale commercialization, I think it is natural for regulators to place great focus on safety, and we really think this is a very responsible attitude. We actually we we think this is definitely a very responsible action and we fully support this.

隨著自動駕駛從早期試點走向更大規模的商業化，我認為監管機構自然會高度關注安全，我們也確實認為這是一種非常負責任的態度。我們其實——我們認為這絕對是一項非常負責任的舉措，我們完全支持。

From our perspective, this is ultimately positive for the long-term development for the industry, a company with a safety with a very good safety record should be rewarded, a company with lousy safety reward should be punished, that is definitely I think just just think about airlines, it's the same results, right, so the airlines with good safety record remain in the market, airline without a good safety record kind of got eliminated.

從我們的角度看，這最終對產業的長期發展是正面的：安全紀錄非常好的公司應該被獎勵，安全表現糟糕的公司應該被懲罰；這點我覺得就像航空業一樣，結果是一樣的，對吧？安全紀錄好的航空公司會留在市場上，沒有良好安全紀錄的航空公司就會被淘汰。

And we do suggest like the regulatory framework should favor companies with proven technology, operational experience and a strong safety record. We also expect regulation over time to become more differentiated based on factors such as safety performance, operational track record and technical capability.

我們也建議監管框架應該偏向那些技術已被驗證、具備運營經驗且安全紀錄強的公司。我們也預期，隨著時間推移，監管會根據安全表現、運營紀錄與技術能力等因素，變得更加差異化。

For WeRide specifically, we remain confident because we have accumulated meaningful real-world operational experience, both in China and internationally, just two numbers, right? We operate and test across more than 40 cities in 12 countries.

就文遠知行（WeRide）而言，我們仍然有信心，因為我們在中國及海外都累積了具實質意義的真實世界運營經驗；就用兩個數字來說，對吧？我們在12個國家的40多座城市進行運營與測試。

Who else have achieved such number? Overall, we view this necessary step for the industry and believe it will ultimately lead to a more sustainable competitive landscape. I don't want a kind of company with lowly safety record to ramp around in the market.

還有誰能達到這樣的數量？總體而言，我們把這視為產業必要的一步，並相信它最終會帶來更可持續的競爭格局。我不希望安全紀錄很差的公司在市場上橫衝直撞。

It's not safe to the public, not safe to our community. So we are very confident that safety company with very safe, with very good safety record like WeRide have a higher motor and the WeRide will continue as a leading player, a first mover to keep our very good safety record and keep our reliable operation.

這對公眾不安全，對我們的社區也不安全。所以我們非常有信心：像文遠知行（WeRide）這樣安全、且擁有非常良好安全紀錄的公司會有更高的門檻優勢；文遠知行將持續作為領先者、先行者，保持我們非常好的安全紀錄並維持可靠運營。

We try every effort we possibly can to maintain this very good record. Second question, because my answer is a little bit lengthy, sorry about that, for the first question. The second question is just want to remind everybody, a question is about actually is the long-term debate, that is LiDAR versus HD map.

我們會盡一切可能努力來維持這項非常好的紀錄。第二個問題——因為我對第一個問題的回答有點長，抱歉。第二個問題是想提醒大家，這其實是一個長期的爭論：也就是LiDAR（光達）對比HD map（高精地圖）。

And the approach from Waymo versus Tesla. So my view is Cinco, okay, I spent many years in Missouri, okay, more than 12 years. Missouri has been long called a Xiaomi state, okay. To me, I don't want to argue about the approach, I want to see the results.

以及Waymo對比Tesla的路線。所以我的看法是「Show me」（看結果），好嗎？我在密蘇里州待了很多年，超過12年。密蘇里州長期被稱為「Show-Me State」（給我看州）。對我來說，我不想爭論路線，我想看結果。

For L4 level Robotaxi, today, I think everybody have already seen that Waymo did quite thousands of Robotaxi and safely operated in many cities in the United States. There are all kinds of claimers, but I just want to say for L4 level Robotaxi, it's a driverless autonomous driving vehicle, and safety is very important.

就L4級Robotaxi而言，今天我想大家都已經看到Waymo在美國多個城市安全運營了數千輛Robotaxi。外界有各種說法，但我只想說，對L4級Robotaxi來說，它是無人駕駛的自動駕駛車輛，安全非常重要。

If we can use HD map as an actual layer of information, why not? We have long adopted multi-sensor redundancy-oriented technology paths. We believe that camera and the LiDAR combining together build a strong, robust autonomous driving system.

如果我們可以把HD map作為一層額外資訊，為什麼不用？我們長期採用以多感測器冗餘為導向的技術路線。我們相信相機與LiDAR結合能建立一個強大、穩健的自動駕駛系統。

And this approach actually is broadly aligned with the direction adopted by leading global robot taxi players like Waymo, okay? At the same time, we are closely watching the progress of vision-only based on the Mike Light approach, including Tesla's recent approach.

而這種做法其實與Waymo等全球領先Robotaxi玩家採用的方向大體一致，對吧？同時，我們也在密切關注純視覺（vision-only）基於「map-light」路線的進展，包括特斯拉近期的做法。

I have to say FFD 14.3 make a very good progress and we admire Tesla's achievement. However, it is still not Robotaxi, not driverless. But we took a similar approach, as I mentioned at the opening remarks, right?

我必須說，FSD 14.3取得了非常好的進展，我們也欽佩特斯拉的成就。然而，它仍然不是Robotaxi，還不是無人駕駛。但我們也採取了類似的方法，正如我在開場發言中提到的，對吧？

Our ADAS system based on one-stage end-to-end world model has achieved four consecutive championships in China. Basically, we beat all other ADAS system solutions.

我們基於一階段端到端世界模型（one-stage end-to-end world model）的ADAS系統，已在中國連續四次奪冠。基本上，我們擊敗了其他所有ADAS系統方案。

I think the only competitor, we haven't have a direct face-to-face matching that is Tesla FSD 14.3, and we look forward, as I mentioned, we look forward to head-to-head comparison and give our consumers best experience.

我認為唯一的競爭對手——我們還沒有進行直接正面對決的——是特斯拉FSD 14.3；我們也期待，正如我提到的，我們期待進行正面比較，為消費者帶來最佳體驗。

So with that said, I just want to emphasize, we are very, very the advantage of camera-only solution based on foundation model and world model, and we are pretty good at it. That's why I think I'm currently the best suitable CEO to answer this question.

所以在此我想強調，我們非常、非常看重基於基礎模型（foundation model）與世界模型（world model）的純相機方案的優勢，而且我們在這方面做得相當好。這也是為什麼我認為目前我最適合以CEO的身份來回答這個問題。

And we really consider about very complicated traffic scenarios in cities like Madrid in Europe. We have already spent a lot of time to solving all possible corner cases in Madrid because we have.

而且我們確實在考慮歐洲像馬德里這樣城市中非常複雜的交通場景。我們已經花了很多時間在馬德里解決所有可能的corner case（邊緣案例），因為我們已經。

Be prepared to deploy a busy city in a busy European city like Madrid. Historically, a city like Zurich and Madrid would require significant localization and passing resources. But with our Genesis model, we believe we can really combine the HD map approach with the MapLive version.

做好準備要在像馬德里這樣繁忙的歐洲城市部署。歷史上，像蘇黎世和馬德里這樣的城市會需要大量的在地化與投入資源。但透過我們的Genesis模型，我們相信可以真正把HD map路線與MapLive版本結合起來。

One of WeRide's strengths is flexibility across different architectures, and we can make a perfect marriage between this HDMAP LiDAR-based with camera solution and map light solution. But overall, I just want to emphasize, to have a reliable and safe HD, safe Robotaxi deployment at current stage, we need to really rely on HD map.

文遠知行（WeRide）的優勢之一是在不同架構之間具備彈性；我們可以把基於HD map與LiDAR、並結合相機的方案，與map-light方案做出完美的結合。但總體而言，我想強調的是：在現階段要進行可靠且安全的Robotaxi（高品質、安全的Robotaxi）部署，我們確實需要依賴HD map。

Gradually, we may use map-like approach to accommodate emergency road construction and map change, and we can keep the freshness of map.

逐步地，我們可能會使用類似map-light的方法來應對緊急道路施工與地圖變更，並保持地圖的新鮮度。

But overall, we have to cherry-pick the advantage of camera solution, map-like solution based on world model like Tesla's approach into L4 system, that's our approach.

但總體來說，我們必須把相機方案的優勢、以及像特斯拉那樣基於世界模型的map-light方案的優勢，擇優整合到L4系統中——這就是我們的路線。

And I think currently, only company are capable of doing this in the world is we. Because our ADAS ProWest in ADAS ProWest and because our L4 level deployment operational experience. Okay, that concludes my answer. Thank you.

而我認為目前全世界只有一家公司有能力做到這一點，那就是我們。因為我們的ADAS ProWest（在ADAS ProWest方面）以及我們L4級部署的運營經驗。好，以上就是我的回答。謝謝。

Thank you, Tony. That's all my questions.

謝謝你，Tony。我的問題就這些。

Purdy Ho from Huatai Securities.

來自華泰證券的Purdy Ho。

Hello, Tony and Jennifer. Yeah, thank you for taking my question. So yeah, I got two questions for you guys. So first of all, like we're seeing more and more Level 2 for police announcing times to enter Level 4 market.

你好，Tony和Jennifer。是的，謝謝你們回答我的問題。我有兩個問題想請教。首先，我們看到越來越多的L2玩家宣布要進入L4市場的時間表。

So what's the view on this? And then also can you give us more details on your multi chip platform compatibility for Level 2? And I understand that this chip. So how do you achieve this?

你們對此有什麼看法？另外，也能否請你們提供更多關於你們L2多晶片平台相容性的細節？我理解這個晶片。那你們是如何做到的？

Okay. So thank you for these two questions. I think these questions are more like technical questions. So I'll answer both questions. So first question is about like overview about like the so-called L2 company or ADAS company, although they themselves don't want to call themselves as L2 company plans.

好的。謝謝這兩個問題。我認為這些更偏技術層面的問題。所以我會一起回答。第一個問題是關於所謂的L2公司或ADAS公司（雖然他們自己不想把自己稱為L2公司）的概況。

To enter L4 market, what's our view? So to us, like currently, I still want to emphasize, there's only one company to my best knowledge, like doing L4 level Robotaxi at the same time doing L2++ ADAS system.

要進入L4市場，我們怎麼看？就我們而言，目前我仍想強調，據我所知，只有一家公司能同時做L4級Robotaxi、也同時做L2++的ADAS系統。

I have some standard that is for a company you claim yourself as a Robotaxi company or L4 level company, you have to have a Robotaxi fleet of 100 driverless Robotaxi fleet open to public, operate for more than half a year and without any significant or serious accidents.

我有一套標準：如果一家公司宣稱自己是Robotaxi公司或L4級公司，你必須擁有一支100輛的無人駕駛Robotaxi車隊，對公眾開放運營超過半年，且沒有任何重大或嚴重事故。

So, I'm sorry, may I remind like the listeners, if you are not speaking, please mute your mic, because I hear some background noise, so please mute your noise if you are not speaking.

所以，不好意思，我想提醒各位聽眾，如果您沒有在發言，請將麥克風靜音，因為我聽到一些背景雜音；若您未發言，請把麥克風靜音。

Okay, so for our four-level company, you have to have a fleet of 100 vehicles open to public operate for half a year, and then you can call yourself a global taxi company. For ADAS company, you have to deploy your system to mass production car.

好的，對於我們的四級公司，你必須有一支對公眾開放營運、規模達100輛車的車隊，並運營半年，然後你才能稱自己為全球計程車公司。對於ADAS公司，你必須把你的系統部署到量產車上。

Previously, I would say, three years ago or four years ago, we, although have some ADAS solution in our lab, but we cannot call ourselves ADAS company because we haven't deployed our system to mass production car.

以前我會說，三年前或四年前，我們雖然在實驗室裡有一些ADAS解決方案，但我們不能稱自己為ADAS公司，因為我們還沒有把系統部署到量產車上。

But now we can because we have deployed our ADAS system to more than close to 30 types of vehicles and several of them are selling by tens of thousands every month, okay. So now we know the difference.

但現在我們可以，因為我們已經把ADAS系統部署到接近30種車型上，其中有幾款每月銷量達到數萬台，好嗎。所以現在我們知道差異了。

I believe with all of that, I believe there is still a significant gap between advanced driver assistance system, i.e. ADAS system, and the true L4 Robotaxi driverless system. The challenge is fundamentally about system robustness, operation capability, and scalability.

我相信即便如此，我仍然認為先進駕駛輔助系統，也就是ADAS系統，與真正的L4 Robotaxi無人駕駛系統之間仍存在顯著差距。挑戰本質上在於系統魯棒性、營運能力與可擴展性。

So there are some numbers I want to share with you, okay? So usually most of the ADAS system today, according to our test, mile per critical intervention, if you matter in kilometers, although it's called MPCI, mile per critical intervention, lots of competitors in China, they aim to reach 1,000 kilometers of MPCI.

所以我有一些數據想跟大家分享，好嗎？通常今天大多數ADAS系統，根據我們的測試，每次關鍵介入的里程（如果用公里衡量，雖然它叫MPCI，mile per critical intervention，每次關鍵介入的英里數），中國很多競爭對手的目標是把MPCI做到1,000公里。

But I want to show you a number that for alpha-level autonomic driving, you can see numbers from V1 from Waymo. And the mileage per critical intervention is at above 1 million kilometers level. So there is a three magnitude of difference.

但我想給大家看一個數字：對於alpha級自動駕駛，你可以看到Waymo的V1數據。其每次關鍵介入的里程在100萬公里以上的量級。所以差了三個數量級。

So although some quantity claimed they can boost their MPCI by a factor of 10 every year, that's still three years away. But let me tell you, like you boost your MPCI every.

所以即便有些人宣稱他們每年可以把MPCI提升10倍，那也還要三年。但我想告訴你，就像你每年把你的MPCI提升。

Times every year is a formidable task, a mission impossible because if some company can do that, then we write Waymo, so many good companies start.

每年提升若干倍是一項艱鉅的任務，幾乎是不可能的任務，因為如果有公司能做到，那我們就會寫Waymo，這麼多優秀公司開始。

Start autonomous driving in the year of 2017, within seven years, think about the MPCI. So basically, all I'm saying is like you really need to operate for half a year before you know the difficulties about L4. So it's great to have ambitious goal, but always you need to really.

在2017年開始做自動駕駛，七年之內，想想MPCI。所以基本上我想說的是，你真的需要運營半年，才會知道L4的困難。所以有雄心勃勃的目標很好，但你始終需要真正地。

Try to achieve your ambitious goals through a concrete path. And the concrete path is the key. And from our past experience, it takes many years to really make your feet available and reliable for driverless operation.

透過一條具體路徑去實現你的宏大目標。而具體路徑是關鍵。根據我們過去的經驗，要真正讓你的車隊能夠用於無人駕駛營運並且可靠，需要很多年。

So I have a golden test rule that is made a driverless fleet of at least 100 cars, make it available to the market, operate for half a year and see what happens. And I don't want to see some tragedy names.

所以我有一條黃金測試規則：打造至少100輛車的無人車隊，把它投放市場，運營半年，看看會發生什麼。我不希望看到一些悲劇性的名字。

You see some companies actually quit the market because of some accidents. You all know the names, so I don't want to mention them anymore.

你會看到有些公司其實因為一些事故而退出市場。你們都知道那些名字，所以我不想再提了。

Second question is about. Our multi-chip platform, that is actually something I'd love to answer. I think the key source is the secret source is our Genesis model. Our Genesis model create AI model that can trim to a different chip set of different complexity.

第二個問題是關於。我們的多晶片平台，這其實是我很願意回答的。我認為關鍵來源、祕密武器是我們的Genesis模型。我們的Genesis模型能建立AI模型，並可裁剪以適配不同複雜度的不同晶片組。

And so far, we have already rolled out our system based on NVIDIA's SOREX, Dual SOREX, Orion X, Orion WAN system, and also we rolled. Out our system GACN60 based on Qualcomm 8,650, and we are going to roll out a system based on side engines of chipset.

到目前為止，我們已經基於NVIDIA的SOREX、雙SOREX、Orion X、Orion WAN系統推出了我們的系統，同時我們也推出了。基於Qualcomm 8,650的系統GACN60，並且我們將基於side engines的晶片組推出一套系統。

So basically, we believe with our current genesis-based approach, we build up world model and we can really support different platforms. And this gives us a great competitive advantage.

所以基本上，我們相信透過目前以Genesis為基礎的方法，我們建立了世界模型，並且確實能支援不同平台。這給了我們很大的競爭優勢。

And again, to my best knowledge, we haven't seen any other company can support such a wide spectrum of chipset, at the same time make them available for ADA solution as well as for global taxis solution. Okay, that's my answer to these two questions. Thank you.

而且再次強調，就我所知，我們還沒看到任何其他公司能同時支援如此廣泛的晶片組範圍，並且同時把它們落地為ADAS解決方案以及全球計程車解決方案。好的，以上是我對這兩個問題的回答。謝謝。

[Kai Siao] from CICC.

來自中金公司的[Kai Siao]。

Thank you, Tony and Jennifer. This is Kai from CICC. So I also have a question on the multi-chip platform strategy you mentioned. Can you share why is this strategy important for your L2++ ADAS business?

謝謝，Tony和Jennifer。我是中金的Kai。我也有一個關於你提到的多晶片平台策略的問題。你能分享一下為什麼這個策略對你們的L2++ ADAS業務很重要嗎？

Okay. So basically, the main reason is like different OEMs have different hardware preference. Some OEMs, they want extremely cost-effective chipsets, some chipsets, some OEMs want very high-tops computational platform.

好的。基本上，主要原因是不同的OEM有不同的硬體偏好。有些OEM希望使用極具成本效益的晶片組，有些晶片組，有些OEM則希望使用算力TOPS非常高的計算平台。

And they have different supply chain requirements. Basically, a flexible multi-chip architecture allows us to support a broader range of vehicle platforms without like redesigning system.

而且他們有不同的供應鏈要求。基本上，靈活的多晶片架構讓我們能支援更廣泛的車輛平台，而不需要重新設計系統。

But the secret result is really our genesis model because genesis model can help us to tune a spectrum of AI onboard AI model, which accommodates different TOPS requirements like 86, 50, 200 tops, SOYU 700 tops, SOAX1000 tops, RX 250 tops. So we have to be able to adjust.

但真正的祕密其實是我們的Genesis模型，因為Genesis模型能幫助我們調校一系列車載AI模型，以適配不同的TOPS需求，例如86、50、200 TOPS、SOYU 700 TOPS、SOAX1000 TOPS、RX 250 TOPS。所以我們必須能夠調整。

More importantly, multi-chip vendor flexibility enables faster mass production and great cost optimization. Different chip platforms offer different cost and supply chain advantages.

更重要的是，多晶片供應商的彈性可以帶來更快的量產導入與更好的成本最佳化。不同晶片平台在成本與供應鏈方面各有優勢。

And so that one, if a company, if ADAS company or autonomous driving software company can supply a spectrum of solutions based on the different chipsets, the car OEM tends to work with you more closely.

因此，如果一家ADAS公司或自動駕駛軟體公司能基於不同晶片組提供一系列解決方案，車廠OEM往往會更願意與你緊密合作。

And we believe this flexibility also help us secure more production, more vehicle type. And we also look forward to deploy all these systems for the abroad market. One thing I want to bring all the investors attention that is.

我們相信這種彈性也能幫助我們拿到更多量產、更多車型。我們也期待把所有這些系統部署到海外市場。我想提醒所有投資人注意的一點是。

This year, you'll see the export of Chinese automobile to the Chinese automobile product to the rest of the world. It's actually growing, but most of them don't have a very good ADAS system and we actually have already secured more than Thai vehicle models to supply ADAS system for them.

今年你會看到中國汽車、也就是中國汽車產品出口到世界其他地區。其實在增長，但其中大多數沒有很好的ADAS系統，而我們其實已經拿下超過泰國車型的訂單，為它們提供ADAS系統。

So maybe next year, you will see some overseas. Models, you can maybe drive a car with WeRide ADAS system in Mideast Asia, Southeast Asia, in some countries, even in Europe. Please stay tuned. Thank you.

所以也許明年，你會看到一些海外。車型，你可能在中東、東南亞的一些國家，甚至在歐洲，能開到搭載WeRide ADAS系統的車。敬請期待。謝謝。

Xingyu Feng from UPS.

UPS的Xingyu Feng。

Hi, thank you for taking my question. I have one question about the strategic balance and prioritization between China and international business.

嗨，謝謝你們回答我的問題。我有一個關於中國與國際業務之間戰略平衡與優先順序的問題。

As we know, as Polly mentioned, there has been news about tightening scrutiny for autonomous driving permits domestically, and WeRide has been making steady advancement in international markets with better UE.

我們知道，正如Polly提到的，近期有消息稱國內對自動駕駛牌照的審查正在收緊，而WeRide在國際市場上也在穩步推進，並且UE更好。

Could management please share your thoughts on the balance and priority of domestic and overseas operation lately. Thank you.

管理層能否分享一下，近期你們對國內與海外營運的平衡與優先順序的看法。謝謝。

Okay, so I'll take your question. So we see both China and international markets that's specifically important for WeRide. In, of course, a nearer to medium term, certain international market offers a clearer and faster pass to commercially attractive Robotaxi economics.

好的，我來回答你的問題。我們認為中國與國際市場對WeRide都特別重要。當然，在較近到中期的時間範圍內，某些國際市場為實現具商業吸引力的Robotaxi經濟模型提供了更清晰、更快速的路徑。

Thanks to the favorable pricing, partnership, and suddenly favorable regulations, and demonstrating sustainable profitability early on is critical for our industry.

這得益於有利的定價、合作夥伴關係，以及突然變得有利的監管環境；而在早期展示可持續的獲利能力，對我們這個產業至關重要。

Where healthy cash flow enables self-sustained growth. And in local market, that's actually very important. We think it's very important to get into this, we call it the massive effect type of like self-sustained growth.

在健康的現金流支持下，實現自我可持續的成長。而在本地市場，這其實非常重要。我們認為切入這一點非常重要，我們稱之為那種「規模效應」式的自我可持續成長。

So we started building a significant international mode starting in 2021 ahead of most of the peers and we have since then gained like a very hard to replicate expertise in global deployment, in regulation, localization, home location and fleet operation.

因此，我們自2021年起就領先多數同業開始建立重要的國際化模式，並自那時以來在全球部署、監管、在地化、本地落地以及車隊營運方面，累積了難以複製的專業能力。

And meanwhile, China remains to be a key long-term market due to the size, the ecosystem, infrastructure, and after all, it's our home.

同時，由於市場規模、生態系、基礎設施等因素，且畢竟這裡是我們的家，中國仍將是關鍵的長期市場。

And we continue to maintain a very strong presence here as well. So overall, we see a powerful flywheel effect at the scale across more cities and more countries, and we have more data and more validation to improve the performance and also to improve the regulatory trust.

我們也持續在這裡維持非常強的市場存在。整體而言，隨著覆蓋更多城市與更多國家，我們在規模上看到強大的飛輪效應；我們也擁有更多數據與更多驗證，來提升表現並增進監管信任。

So, this accelerating the permits, audit expansion and commercialization. So, yeah, so both are very important for us.

因此，這將加速許可核發、審核擴張與商業化。所以，是的，兩者對我們都非常重要。

So, of course, we are very pleased to say we see a huge potential that international revenue will grow rapidly this year, and we are very on track to achieve our, your revenue target this year. That's all to you.

當然，我們也很高興地表示，我們看到今年國際營收將快速成長的巨大潛力，而且我們非常按計畫推進，有望達成我們、你們所關注的今年營收目標。以上交給你。

Thank you.

謝謝。

Tan liu from (inaudible) Securities.

（聽不清）證券的 Tan Liu。

Hi, Tony and Jennifer, this is Tim from (inaudible), and I have two questions. The first one is, what's Uber's current shareholding and how should investors think about the relationship between WeRide and Uber? And secondly, could you share your automatic model across different markets? Thank you very much.

嗨，Tony 和 Jennifer，我是（聽不清）的 Tim，我有兩個問題。第一個是，Uber 目前的持股比例是多少？投資人應該如何看待 WeRide 與 Uber 之間的關係？第二個，能否分享你們在不同市場的資產輕量化模式？非常感謝。

All right, thank you, Tim. So, Uber holds more than 5%. Uber is a statistical shareholder and a key partner for WeRide. So, based on their latest public filing, they hold over 5% of WeRide, which we view as a strong endorsement of the technology and our solid deployment and commercialization strategy.

好的，謝謝你，Tim。Uber 持股超過 5%。Uber 是 WeRide 的策略性股東，也是關鍵合作夥伴。根據其最新的公開申報文件，他們持有 WeRide 超過 5% 的股份，我們將此視為對我們技術以及穩健部署與商業化策略的強力背書。

So operationally, we're already deploying this Uber in more cities outside the US. Than any of the AV players out there. So which reflects both, the depth of our relationship and our ability to execute at scale.

在營運層面，我們已經在美國以外的更多城市與 Uber 進行部署，比任何其他自動駕駛（AV）業者都多。這反映了我們合作關係的深度，以及我們具備規模化執行的能力。

We expect we will expand. Yeah, we will enter into more status over this year. And we remain to be a trusted partner as they build up, as they build their global strategy. Of course, at the same time, our go-to-market approach is diversified.

我們預期會持續擴張。是的，我們今年會進入更多州。在他們建立全球策略的過程中，我們仍將是值得信賴的合作夥伴。當然，同時我們的市場進入（go-to-market）策略也是多元化的。

We work with partner that fits, best fit each other in each market. And in China, we opened our own app and to build the brand awareness and operational capabilities. You can get our Robotaxi on WeRide Go and you can also get it from the AMAP.

我們會在各個市場與最適合彼此的合作夥伴合作。在中國，我們推出了自有 App，以建立品牌認知與營運能力。你可以在 WeRide Go 叫到我們的 Robotaxi，也可以透過高德地圖（AMAP）叫車。

And then also the Tensor Mini Program. In Southeast Asia, we partner with Grab, and in Europe, we collaborate with local platforms, operators, and PTOs, including SPB in Zurich, TPG in Geneva, and Alevit in Slovakia, et cetera.

以及騰訊小程式。在東南亞，我們與 Grab 合作；在歐洲，我們與當地平台、營運商與公共運輸業者（PTO）合作，包括蘇黎世的 SPB、日內瓦的 TPG，以及斯洛伐克的 Alevit 等等。

So all of this will accelerate our deployment and the permanent process. Yeah, so overall, we see strong alignment with the platform like Uber installing our Robotaxi globally. And of course, we continue to take flexible approach in working with multiple platforms to ensure that we execute very effectively across different markets.

這些都將加速我們的部署與許可流程。整體而言，我們看到與 Uber 這類平台在全球上線我們 Robotaxi 方面具有高度一致性。當然，我們也會持續以彈性方式與多個平台合作，確保能在不同市場非常有效地落地執行。

Thank you. And the second one, the other one is our asset-light business model for Robotaxi. Yeah, I think the time is running out, I'll just be short. I'll try to be quick. So other China, we already implement at business model in all markets. It's a mature and proven structure for WeRide.

謝謝。第二個問題，也就是我們 Robotaxi 的資產輕量化商業模式。是的，我想時間不多了，我就簡短回答。我會盡量快。除中國以外，我們已在所有市場落實該商業模式。這對 WeRide 來說是成熟且經驗證的架構。

So like I'll just give you an example. In some cases, Robotaxi are purchased by the Ride Healing platform or like local customers. In some other cases, they're owned by third-party fleet owners. We have already executed in both models successfully.

我舉個例子。在某些情況下，Robotaxi 由網約車平台或當地客戶購買。在另一些情況下，則由第三方車隊持有者擁有。我們已在這兩種模式下都成功落地執行。

So the SLI model means like WeRide will focus on providing the tag and operation while leveraging the local capital to scale more efficiently.

因此，SLI 模式的意思是，WeRide 將專注於提供技術與營運，同時利用當地資本，以更高效率擴大規模。

And in China right now, the priority is to continue improving the unit economic and, of course, operational efficiency with a larger ODD so that the revenue share will become sizable enough for it to become appealing to a third-party as an owner to participate.

而在中國目前，優先事項是持續改善單位經濟效益，當然也包括在更大的 ODD 下提升營運效率，讓分成收入規模足夠可觀，進而對第三方作為車輛持有者參與具備吸引力。

So over long-term, we also expect China to move into the same direction. As utilization continues to strengthen, the model should naturally transition towards more as a life structure. Thank you.

從長期來看，我們也預期中國會朝同樣方向發展。隨著使用率持續提升，該模式應會自然轉向更資產輕量化的結構。謝謝。

Mei Liu from HSBC.

匯豐的 Mei Liu。

Hi. Thanks, management, for taking my questions. This is Mei from HSBC. So I will only have one question. So what's the trajectory for Robotaxi vehicle cost reduction? Thanks.

嗨。謝謝管理層回答我的問題。我是匯豐的 Mei。我只有一個問題。Robotaxi 車輛成本下降的路徑（趨勢）是怎樣的？謝謝。

Okay, I'll take this one. Thank you, Mei. So cost reduction, of course, always remain to be one of our key focus areas. And we continue to see meaningful progress.

好的，這題我來回答。謝謝你，Mei。成本降低當然一直是我們的重點工作之一，而且我們持續看到顯著進展。

There are three main drivers. The first one is the hardware and the system integration. So with our latest platform and our purpose-built vehicle like GXR, we are moving towards like the pre-integrated and very standard solution.

主要有三個驅動因素。第一是硬體與系統整合。透過我們最新的平台以及像 GXR 這樣的專用車型，我們正朝向預整合、且高度標準化的解決方案邁進。

And every year, the (inaudible) costs continue to drop. And the second is scale and supply chain optimization. As now, we are moving to like a few thousand unit deployment. As we can see, we are able to do better cost efficiency across different components and manufacturing.

而且每年（聽不清）的成本都在持續下降。第二是規模效應與供應鏈優化。目前我們正邁向數千台的部署規模。我們可以看到，在不同零組件與製造環節上，我們能做到更好的成本效率。

And the last one is on the operational efficiency. We already see that there's a strong efficiency improvement as fleet scales and utilization increase. For example, in last quarter, we already announced that our remote safety officer ratio has already improved to 1 to 40 from previously as a 1 to 10 to 1 to 20, now it's already 1 to 40.

第三是營運效率。隨著車隊規模擴大、使用率提升，我們已看到效率顯著改善。例如在上一季，我們已宣布遠端安全員的配置比例已從先前的 1 比 10 到 1 比 20，提升到現在的 1 比 40。

And internationally, we are following the same trend, but now, of course, it's not 1 to 40 yet, but we're moving into the same direction. So we believe all of this very important because remote operation efficiency, it's a very meaningful has a very meaningful impact over per vehicle, TCO and overall unit on the overall unit economic.

在國際市場，我們也遵循同樣趨勢；當然目前還沒到 1 比 40，但正朝同一方向前進。我們認為這非常重要，因為遠端營運效率會對單車 TCO（總持有成本）以及整體單位經濟效益產生非常顯著的影響。

So additionally, when we enter some new market, there might be some upfront like homologation and localization costs, which sometimes temporarily increase the previous low cost in early stage. However, as deployment scales within each market, those costs are amortized and the overall impact will become very limited and manageable.

此外，當我們進入一些新市場時，可能會有一些前期成本，例如型式認證（homologation）與在地化成本，這有時會在早期階段暫時推高原本較低的成本。不過，隨著各市場內的部署規模擴大，這些成本會被攤銷，整體影響將變得非常有限且可控。

So yeah, so this is a cost reduction as a combination of hardware as well as operational efficiency. Thank you, Mei.

所以，是的，成本降低是硬體與營運效率共同作用的結果。謝謝你，Mei。

Thank you. Due to time restraints, I will conclude the call today. Thank you for participation in today's conference. This concludes the program. You may now disconnect.

謝謝。由於時間限制，我將在此結束今天的電話會議。感謝各位參與今天的會議。本節目到此結束。您現在可以斷線。