WeRide Inc (WRD) 2026 Q2 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the WeRide second quarter and first half 2026 earnings conference call. Please note that today's event is being recorded. (Operator Instructions) Please note that Chinese interpretation is for convenience purposes only. In the case of any discrepancy, management statements in the original language will prevail.

各位女士、各位先生，早安、晚安。感謝各位耐心等候，歡迎參加文遠知行（WeRide）2026 年第二季及上半年業績電話會議。請注意，今天的活動將被錄音。(接線員指示) 請注意，中文口譯僅為便利之用。如有任何歧異，以管理層以原文所作之陳述為準。

Joining us today are WeRide's Founder, Chairman and CEO, Dr. Tony Han; and CFO and Head of International, Ms. Jennifer Li. Before we continue, I would like to refer you to the safe harbor statement in the company's earnings press release, which also applies to this call as today's call will include forward-looking statements, including BY'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.

今天與會者包括文遠知行創辦人、董事長兼執行長韓旭博士（Dr. Tony Han），以及財務長兼國際業務負責人李詩涵女士（Ms. Jennifer Li）。在我們繼續之前，我想請各位參閱公司業績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 BY 的策略與未來計畫。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 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 announcement of 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.

由於多項重要因素，公司實際業績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公告，以完整揭露相關風險因素。除非適用法律另有要求，公司不承擔更新任何前瞻性陳述之義務。

Please note that all numbers stated in the management's prepared remarks are in RMBterms and will be discussed 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. With that, we will now begin with the company's video presentation.

請注意，管理層事先準備的發言中所提及的所有數字均以人民幣計價；我們今天也將討論非 IFRS 指標，相關指標在公司業績新聞稿以及向 SEC 與香港交易所提交的文件中有更完整的說明，並與最可比的報告指標進行調節。公司未經審計的財務與營運結果已於今日稍早透過 Newswire 發布，並可於公司投資人關係（IR）網站查閱。接下來，我們將先播放公司的影片簡報。

(video playing)

(影片播放中)

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。先生，請開始。

Hello, everyone. Thanks for joining us today. We had a great second quarter this year. To begin, I'd like to highlight three key factors that define our strong performance in the second quarter and emphasize the exciting progress we are making today, that is overseas acceleration, asset-light scaling and a clear path to self-sustaining cash generation. We made strong progress across all three areas during the quarter, positioning the company for the next phase of growth.

各位好。感謝大家今天參與。我們今年第二季表現非常出色。首先，我想強調三個關鍵因素，這些因素界定了我們第二季的強勁表現，也凸顯我們目前令人振奮的進展：海外加速、輕資產擴張，以及清晰的自我造血現金生成路徑。本季我們在這三個面向均取得顯著進展，為公司下一階段成長奠定定位。

Turning to our financial performance. Total revenue delivered robust growth, nearly doubling year-over-year and more than doubling quarter-over-quarter with growth of 103%. Overseas revenue increased 164% year-over-year and approximately 170% quarter-over-quarter. Meanwhile, gross margin reached a record high of 38%, representing an improvement of approximately 10 percentage points compared with the second quarter of last year. Benefiting from continued improvement in operating efficiency, EBITDA also improved with a loss narrowing by 8% compared with second quarter of 2025.

接著談我們的財務表現。總營收實現強勁成長，年增近一倍，季增亦超過一倍，增幅達 103%。海外營收年增 164%，季增約 170%。同時，毛利率創下 38% 的歷史新高，較去年第二季提升約 10 個百分點。受惠於營運效率持續改善，EBITDA 亦有所改善，虧損較 2025 年第二季收窄 8%。

On operational metrics, our L4 fleet reached approximately 3,400 units, up 22% since earnings release in April. Within that, our robotaxi fleet grew by 500 units to more than 1,800 vehicles, making a 40% growth over the same period. Furthermore, our 1-stage end-to-end L2+/L3 solution has progressed from securing design wins to full-scale mass production. Revenue from this business surged nearly 2,600% year-over-year and increased 219% quarter-over-quarter in the second quarter.

在營運指標方面，我們的 L4 車隊規模約達 3,400 台，較 4 月發布業績以來增加 22%。其中，Robotaxi 車隊增加 500 台，總數超過 1,800 輛，較同期間成長 40%。此外，我們的一段式端到端 L2+/L3 解決方案已從取得定點（design wins）進展至全面量產。該業務營收在第二季年增近 2,600%，季增 219%。

During the quarter, we delivered approximately 30,000 units of our L2+/L3 solutions, making the beginning of a scaled high-growth commercialization for our L2+/L3 business. Across the industry, we believe we are uniquely positioned with both mature technology stacks and large-scale commercial deployment for both product lines, the multi-sensor fusion L4 autonomous driving solution and the proprietary one-stage end-to-end L2+/L3 solution for mass production.

本季我們交付約 30,000 套 L2+/L3 解決方案，標誌著我們 L2+/L3 業務進入規模化、高成長的商業化起點。放眼全產業，我們相信我們具備獨特優勢：在兩條產品線上同時擁有成熟的技術堆疊與大規模商業部署能力——多感測器融合的 L4 自動駕駛解決方案，以及用於量產的自研一段式端到端 L2+/L3 解決方案。

Turning to our strategy. This quarter, we segmented our business into three areas: L4, L2+/L3 ADAS and AI infrastructure to provide greater clarity into our long-term strategic planning. In second quarter, we further advanced our strategy as physical AI company. Built on proprietary infrastructure and foundation models with autonomous driving representing the most commercially advanced application of physical AI.

接著談我們的策略。本季我們將業務劃分為三大領域：L4、L2+/L3 ADAS，以及 AI 基礎設施，以更清晰呈現我們的長期策略規劃。在第二季，我們進一步推進作為「實體 AI」公司的策略。該策略建立在自研基礎設施與基礎模型之上，而自動駕駛是實體 AI 最具商業成熟度的應用。

Our physical AI infrastructure enables us to distill the capabilities of large foundation models into efficient lightweight onboard models. The key lies in our ability to transfer the underlying knowledge and the representations learned by large-scale models, not merely their output into smaller models while preserving the intelligence, generalization and decision-making capabilities required for real-world autonomous driving.

我們的實體 AI 基礎設施使我們能將大型基礎模型的能力蒸餾為高效率、輕量化的車載模型。關鍵在於：我們能將大型模型所學得的底層知識與表徵（representations）——而不僅僅是其輸出——轉移到較小模型中，同時保留真實世界自動駕駛所需的智慧、泛化能力與決策能力。

This enables us to bring increasingly powerful AI capabilities to cost-efficient onboard systems supporting both the scaling of our L4 business and the continuous evolution of our WRD 3.0, i.e., our L2+/L3 solutions. More importantly, this creates a powerful technology flywheel. Our real-world L4 operations generate high-value data that continuously improve safety, robustness and generalization, while our growing L2+/L3 generate additional road data, accelerating L4 model development and expanding coverage of long-tail scenarios.

這使我們能在具成本效益的車載系統上導入愈來愈強大的 AI 能力，既支援 L4 業務擴張，也支援 WRD 3.0（即我們的 L2+/L3 解決方案）的持續演進。更重要的是，這形成強大的技術飛輪。我們在真實世界的 L4 營運產生高價值數據，持續提升安全性、穩健性與泛化能力；同時，持續成長的 L2+/L3 也產生更多道路數據，加速 L4 模型開發並擴大長尾場景覆蓋。

There are two separate businesses. These are not two separate businesses. There are two reinforcing layers of physical AI platform where every vehicle deployed, and every mile driven makes our technology smarter, safer and more capable.

這裡有兩個獨立的業務。這並不是兩個彼此分離的業務。而是實體 AI 平台中兩個相互強化的層次：每一輛部署的車、每一英里行駛里程，都讓我們的技術更聰明、更安全、更有能力。

Next, I will walk through our specific progress this quarter across technology development and commercial deployment. Starting with our L4 business, specifically robotaxi. Our core themes are asset-light overseas acceleration and strengthening regulatory mode. Our overseas operations are built upon an asset-light model. We do not own operating vehicle assets.

接下來，我將說明本季我們在技術研發與商業部署方面的具體進展。先從我們的 L4 業務，特別是 Robotaxi 開始。我們的核心主題是：以輕資產模式加速海外拓展，以及強化監管模式。我們的海外營運建立在輕資產模式之上。我們不持有營運車輛資產。

Vehicle serves as a hardware entry point for market expansion, while we work with local partners to deploy and operate the business. This model allows us to scale our footprint with significantly lower capital requirements and greater operational flexibility. Based on optimal utilization under normalized fess operations, we estimate the steady state annualized technology service revenue for robotaxi could exceed USD 50,000.

車輛作為市場擴張的硬體入口，而我們與當地合作夥伴共同部署並營運業務。此模式使我們能以顯著更低的資本需求與更高的營運彈性擴大版圖。在常態化費率營運下、基於最佳化利用率，我們估計 Robotaxi 的穩態年化技術服務收入可超過美元50,000。

As our fleet scales, we expect increasing benefits from the data network effects, cross-market learning and algorithm generalization, which should further improve vehicle level economics and create meaningful operational leverage. I would also like to clarify how we define unit economics. Our overseas UE is not based on our fleet ownership plus ride-hailing platform model. Their revenue is derived from fare charging at a gross level. Instead, our economics are based on a licensed virtual driver technology model.

隨著車隊規模擴大，我們預期將愈加受惠於數據網路效應、跨市場學習與演算法泛化，進一步改善單車經濟性並帶來顯著的營運槓桿。我也想釐清我們如何定義單位經濟效益（unit economics）。我們的海外 UE 並非基於我們自有車隊加上叫車平台的模式。該模式的收入來自以總額口徑計收的車資。相反地，我們的經濟模型是基於授權的虛擬駕駛技術模式。

We provide regulated, locally verified and recognized autonomous driving capability and charge a recurring fee from autonomous driving technology services and knowledge-based fees. Because our positioning and our business model differ fundamentally, the same term UE carries very different operational and financial implications from those in traditional ride-hailing platform.

我們提供受監管、經當地驗證並獲認可的自動駕駛能力，並就自動駕駛技術服務與知識型費用收取經常性費用。由於我們的定位與商業模式在根本上不同，同一術語 UE 在營運與財務層面的含義，與傳統網約車平台有著截然不同的影響。

Backed by partners like Grab, Uber, Green Mobility, SBB and et cetera, we are replicating -- we are replicating this proven asset-light operational model across Mid East, Europe and Southeast Asia. This marks that our overseas expansion is now entering a phase of large-scale commercialization. To put into more details in second quarter, we announced new robotaxi commercial partnerships in Madrid, Spain and Zurich, Switzerland and Copenhagen, Denmark.

在 Grab、Uber、Green Mobility、SBB 等合作夥伴的支持下，我們正在——我們正在把這一經驗證的輕資產營運模式複製到中東、歐洲與東南亞。這標誌著我們的海外擴張正進入大規模商業化階段。更具體而言，在第二季，我們宣布在西班牙馬德里、瑞士蘇黎世以及丹麥哥本哈根新增 robotaxi 商業合作夥伴。

In the Middle East, we continue to expand food driver age robotaxi operations in Abu Dhabi and Dubai this quarter, now covering over 70% of the core urban areas. In Riyadh, our robotaxi operation zone has expanded to the airport terminals and surrounding central business districts.

在中東地區，本季我們持續擴大在阿布達比與杜拜的 food driver age robotaxi 營運，目前已覆蓋超過 70% 的核心城市區域。在利雅德，我們的 robotaxi 營運區域已擴展至機場航廈及周邊中央商務區。

By the end of 2026, we will be fully entering a phase of meaningful growth supported by secure licenses, expanding fleet, recurring orders, solid revenue and profitability in overseas markets. This will demonstrate the successful execution of our overseas acceleration and asset-light expansion strategies. For the domestic market, we continue to strengthen our operational capabilities and expand our driverless operation zones in Guangzhou to key areas of Tianhe District, including Zhujiang New Town and the Haizhou District, including the Canton Fair Complex. This represents a nearly threefold expansion in our ODD compared to the end of 2026.

到 2026 年底，我們將在穩健牌照、車隊擴張、經常性訂單、扎實營收與海外市場獲利能力的支撐下，全面進入具實質意義的成長階段。這將展示我們海外加速與輕資產擴張策略的成功落地。在國內市場方面，我們持續強化營運能力，並將廣州的無人駕駛營運區域擴展至天河區的重點區域（包括珠江新城），以及海珠區的重點區域（包括廣交會展館）。相較於 2026 年底，這代表我們的 ODD 幾乎擴大了近三倍。

More importantly, our operating efficiency continued to improve meaningfully during the quarter. Average daily ride per vehicle reached 21, up by 24% quarter-over-quarter, while peak daily rides completed per vehicle climbed to 28. As a riding-hailing platform with self-operated robotaxis, we recorded nearly 35% quarter-over-quarter growth in registered users in China. This simultaneous expansion in scale, utilization and user base drove a 140% sequential surge in our ride-hailing revenue, further demonstrating the scalability and strengthening the profitability of our operations.

更重要的是，本季我們的營運效率持續顯著改善。單車日均訂單量達到 21 單，較上季成長 24%，而單車單日峰值完成訂單量提升至 28 單。作為一個自營 robotaxi 的網約車平台，我們在中國的註冊用戶數較上季成長近 35%。規模、使用率與用戶基礎的同步擴張，帶動我們網約車收入環比激增 140%，進一步驗證了營運的可擴展性並強化了獲利能力。

Looking ahead, as China's regulatory framework for autonomous driving continues to mature, we expect to further expand our robotaxi operations into more cities in near term. At the same time, we will continue to build Guangzhou as our domestic benchmark with the goal of integrating driverless robotaxi into public transportation system at scale. Together, these initiatives will provide a strong foundation for the next phase of domestic commercialization.

展望未來，隨著中國自動駕駛監管框架持續成熟，我們預期短期內將把 robotaxi 營運擴展至更多城市。同時，我們將持續把廣州打造為國內標竿，目標是在更大規模上將無人駕駛 robotaxi 納入公共交通系統。這些舉措將共同為下一階段的國內商業化奠定堅實基礎。

Beyond this, I would like to take a step back and discuss our regulatory mode. The operational licenses we have secured overseas are by no means simple administrative approvals. They are a combination of years of technology adaptation, ecosystem integration and rigorous safety validation. This creates a core competitive moat that puts us two to three years ahead of the market.

此外，我想退一步談談我們的監管模式。我們在海外取得的營運牌照絕非單純的行政核准。它們是多年技術適配、生態系整合與嚴格安全驗證的綜合成果。這形成了核心競爭護城河，使我們領先市場兩到三年。

This mode is built on three core pillars. First, the technology localization and regulatory engagement. We adapt our technology to local traffic loss, road conditions and driving behaviors while working closely with regulators throughout the process. Second, ecosystem and infrastructure integration. We established deep technical integration with local operators and service providers, supported by strong on-the-ground execution.

這一模式建立在三大核心支柱之上。第一，技術在地化與監管互動。我們在與監管機構全程密切合作的同時，將技術適配於當地交通 loss、道路條件與駕駛行為。第二，生態系與基礎設施整合。我們與當地營運商及服務供應商建立深度技術整合，並以強大的在地執行力作為支撐。

Third, rigorous field validation and safety performance. Our fleet continuously accumulate localized real-world data, while safety framework and track record provide the foundation for earning regulatory trust and securing commercial licenses. Importantly, as regulatory -- as regulatory frameworks become increasingly aligned across markets, our experience and validation in one jurisdiction can help accelerate approvals in the others.

第三，嚴格的實地驗證與安全表現。我們的車隊持續累積在地化真實世界數據，而安全框架與過往紀錄為贏得監管信任、取得商業牌照奠定基礎。重要的是，隨著監管——隨著監管框架在各市場間日益趨同，我們在某一司法管轄區的經驗與驗證可協助加速其他地區的核准。

This reduced margin compliance costs, avoid redundant work and creates increasing operating leverage, allowing us to scale our asset-light autonomous driving business globally with greater speed and capital efficiency. As a growing industry consensus on L4 core barriers was also shared by the same mobility platform during its Q2 investor presentation. Technical competitiveness depends on not on total driving miles, but on the acquisition cost of rare scenarios, scenario diversity and practical data quality.

這降低了邊際合規成本，避免重複工作，並創造更高的營運槓桿，使我們能以更快速度與更高資本效率，在全球擴張輕資產自動駕駛業務。同時，關於 L4 核心壁壘的產業共識，也在同一出行平台的第二季投資人簡報中被分享。技術競爭力不取決於總行駛里程，而取決於稀有場景的獲取成本、場景多樣性以及實用數據品質。

Besides generic large foundation models cannot satisfy autonomous driving needs. AV systems rely on exclusive vehicle hardware and strict regulatory oversight, which demands customized models matching hardware specification and compliance requirements. Backed by our robust proprietary end-to-end data tool chain, diversified data set accumulated from long-term cross-border L4 operations and outstanding self-developed algorithms, we keep upgrading vehicle engineering safety.

此外，通用的大型基礎模型無法滿足自動駕駛需求。自動駕駛系統依賴專用車載硬體與嚴格的監管監督，因此需要與硬體規格及合規要求相匹配的客製化模型。依託我們強健的自有端到端數據工具鏈、長期跨境 L4 營運累積的多元數據集，以及卓越的自研演算法，我們持續升級車輛工程安全。

Our field-proven safety performance earns sustained trust from global regulators, accelerate regional expansion and build an exclusive core advantage for global layout. Then turning to our L2+/L3 business, three things define our progress: industry-leading technology, rapid commercialization at scale and a path towards self-sustaining cash generation. Leveraging on our leading technology advantage in L2+/L3 algorithms, we have secured six consecutive championships at China's Intelligent Driving Competition, reinforcing our leadership position in intelligent driving technology. Commercially, we are entering a clear acceleration phase with multiple OEM mass production programs advancing steadily.

我們經實地驗證的安全表現，持續贏得全球監管機構的信任，加速區域擴張，並為全球布局建立獨有的核心優勢。接著談到我們的 L2+/L3 業務，有三點界定我們的進展：業界領先的技術、快速且可規模化的商業化，以及邁向自我造血的現金產生路徑。憑藉我們在 L2+/L3 演算法上的領先技術優勢，我們已在中國智能駕駛競賽中連續六次奪冠，鞏固了我們在智能駕駛技術上的領導地位。在商業化方面，隨著多個 OEM 量產專案穩步推進，我們正進入明確的加速階段。

Recently, we launched an L3 autonomous driving POC program with Mercedes-Benz, making an important validation of our technology by a leading global OEM and further demonstrating strong industry recognition of our technological capabilities. As of June 30, cumulative diverse delivery of vehicles equipped with our one-stage end-to-end L2+/L3 solution has exceeded 30,000 units during the reporting period. Looking ahead, we expect the number of vehicles powered by our solution to exceed 100,000 by year-end and surpass 0.5 million units in cumulative deliveries next year, positioning us for significant scale up in our L2++ ADAS business.

近期，我們與梅賽德斯-賓士啟動了一項 L3 自動駕駛 POC 專案，這是全球領先 OEM 對我們技術的重要驗證，也進一步展現業界對我們技術能力的高度認可。截至 6 月 30 日，在報告期內，搭載我們一段式端到端 L2+/L3 解決方案的車輛累計多元交付已超過 30,000 輛。展望未來，我們預期至年底採用我們解決方案的車輛數將超過 100,000 輛，並在明年累計交付量突破 50 萬輛，使我們在 L2++ ADAS 業務上具備顯著的規模化提升空間。

Finally, I will provide a brief update on our AI infrastructure. In this quarter, we officially launched the WIT model, which is a physical fact foundation large model, completing a fully -- a full capability loop spanning data comprehension, data generation and end-to-end technical stack. It delivers deep synergy with our Genesis world model. The WIT model extracts and verifies physical facts from road test data to build a cognitive foundation for machines to perceive and understand the real world, leveraging validated physical facts, Genesis reconstructs diverse extreme operating conditions and long-tail scenarios via simulation.

最後，我將簡要更新我們的 AI 基礎設施。本季，我們正式發布 WIT 模型，這是一個物理事實基礎的大模型，完成了一個覆蓋數據理解、數據生成與端到端技術棧的完整——完整能力閉環。它與我們的 Genesis 世界模型形成深度協同。WIT 模型從道路測試數據中提取並驗證物理事實，為機器感知與理解真實世界建立認知基礎；基於已驗證的物理事實，Genesis 透過仿真重建多樣的極端運行條件與長尾場景。

The two models work in tandem to perform a closed loop covering data generation, simulation and algorithm iteration, driving continuous upgrades to autonomous driving technology. Currently, it underpins our core business lines of L4 autonomous driving and mass produced L2+/L3.

兩個模型協同運作，形成涵蓋數據生成、仿真與演算法迭代的閉環，推動自動駕駛技術持續升級。目前，它支撐我們 L4 自動駕駛與量產 L2+/L3 兩條核心業務線。

In closing, in the second quarter, we delivered meaningful milestones and strong results across the business, which lead us to return to three key themes I highlighted at the beginning of today's call, overseas acceleration, asset-light expansion and self-sustaining cash generation. Looking ahead, our focus remains clear. On the L4 side, in overseas market, leveraging our regulatory leadership and permit advantages, we will replicate our robotaxi proven model across Europe and other markets, accelerating the transition from successful validation to scale deployment.

總結而言，在第二季，我們在各項業務上達成了具實質意義的里程碑並取得強勁成果，這也使我們回到我在今天電話會議開場時強調的三個關鍵主題：海外加速、輕資產擴張，以及自我造血的現金產生。展望未來，我們的重點依然清晰。在 L4 方面，在海外市場，我們將憑藉監管領先與許可優勢，把已驗證的 robotaxi 模式複製到歐洲及其他市場，加速從成功驗證走向規模化部署的轉換。

In China, we will continue to expand our deep market strategy, building benchmark operations that are fully integrated into urban transportation system before expanding in a disciplined and repeatable manner across major cities nationwide. On the L2+/L3 side, our top priority is straightforward with more OEM partnerships, increase our market share with key OEMs and accelerate deployments at scale.

在中國，我們將持續擴大深耕市場策略，先打造可完全融入城市交通系統的標竿營運，再以嚴謹且可複製的方式，逐步擴展至全國主要城市。在 L2+/L3 方面，我們的首要任務很明確：拓展更多 OEM 合作夥伴、提升與關鍵 OEM 的市占率，並加速大規模部署。

Gross installed vehicles in our ultimate objective -- I'm sorry, growth is the key. We will invest where we see clear conviction and meaningful scale potential rather than pursue growth for growth's sake. At the same time, we will remain focused on both long-term cash flow generation and profitability rather than expand simply for the sake of expansion.

已安裝車輛總量是我們的最終目標——抱歉，成長才是關鍵。我們將把投資投入在我們具備明確信心且具有可觀規模潛力的領域，而不是為了成長而成長。同時，我們將持續聚焦於長期現金流創造與獲利能力，而非僅為擴張而擴張。

Here, beyond the numbers, I would like to thank my team. This is a team that embraces hard problems, confront reality head-on and remain relentlessly focused on execution. That culture of intellectual honesty and operational excellence is what enables us to consistently turn vision into products, products into services and services into large-scale commercial value even in uncertain environments.

在此，除了數字之外，我想感謝我的團隊。這是一支擁抱艱難問題、正面面對現實，並始終以執行為核心、毫不鬆懈的團隊。這種智識誠實與卓越營運的文化，使我們即使在不確定的環境中，也能持續把願景轉化為產品、把產品轉化為服務，並把服務轉化為大規模的商業價值。

Just as our physical AI foundation model, the WIT, word intelligence toward truth reminds us true intelligence must be grounded in observable, verifiable facts about the physical world. The same holds our business. What ultimately matters is not what we claim, but what we continue to deliver in the real world.

正如我們的實體 AI 基礎模型 WIT（word intelligence toward truth）提醒我們：真正的智慧必須建立在對物理世界可觀測、可驗證的事實之上。我們的業務亦然。最終重要的不是我們宣稱什麼，而是我們在真實世界中持續交付了什麼。

Narratives may change, technologies may evolve and market cycles may come and go, but facts endure. Real-world performance endures and a proven track record remains the most powerful language of all. Next, I will turn the call over to our CFO, Jennifer, who will walk you through our second quarter 2026 financial performance in detail.

敘事可能改變、技術可能演進、市場循環可能起落，但事實長存。真實世界的表現長存，而經過驗證的實績仍是最有力的語言。接下來，我將把電話會議交給我們的 CFO Jennifer，由她為各位詳細說明我們 2026 年第二季的財務表現。

Thank you, Tony. Hello, everyone. Let me start with the key message from the quarter. Q2 marked an important inflection point for WeRide with strong revenue growth, continued gross margin expansion and increasing operating leverage across the businesses. Importantly, this growth was driven by three areas where we believe we can support a more sustainable financial model over time, the acceleration of our overseas business, the scaling of our asset-light L4 model and the rapid commercialization of our L2+/L3 business.

謝謝你，Tony。各位好。我先從本季的關鍵訊息開始。第二季對 WeRide 而言是重要的拐點：營收強勁成長、毛利率持續擴張，且各業務的營運槓桿提升。更重要的是，這一成長來自三個我們認為可在時間推移下支撐更可持續財務模型的領域：海外業務加速、輕資產 L4 模式的規模化，以及 L2+/L3 業務的快速商業化。

We're increasingly seeing the benefit of the strategy in our financial results, particularly revenue growth, gross margin and capital efficiency. In Q2, we generated RMB232 million of revenue, up 82% year-over-year and 103% quarter-over-quarter. Importantly, growth is broadening across both our businesses and geographies. Our L4 revenue reached RMB125 million, up 47% year-over-year, primarily driven by robotaxi. Our focus remains on scaling the core L4 business, particularly robotaxi.

我們在財務結果上愈來愈看到該策略帶來的效益，尤其體現在營收成長、毛利率與資本效率上。第二季我們實現營收人民幣 2.32 億元，同比成長 82%，環比成長 103%。重要的是，成長正在我們的業務與地理區域之間同步擴大。我們的 L4 營收達到人民幣 1.25 億元，同比成長 47%，主要由 Robotaxi 推動。我們仍將重點放在擴大核心 L4 業務規模，尤其是 Robotaxi。

Meanwhile, some of our other L4 businesses have natural seasonal cycle with commercial negotiation typically complete in the first half and revenue recognized as deployment takes place in the second half of the year. As those projects move into deployment, we expect stronger contribution from our broader L4 portfolio in the second half of this year.

同時，我們其他部分 L4 業務具有自然的季節性週期：商務談判通常在上半年完成，而收入則隨著下半年部署落地而確認。隨著這些專案進入部署階段，我們預期今年下半年更廣泛的 L4 產品組合將帶來更強的貢獻。

Our L2+/L3 business continued to accelerate rapidly with revenue increasing approximately 26x year-over-year and 219x quarter-over-quarter. This reflects an important transition from project development into mass production and scaled vehicle deployment. As more OEM programs move forward -- move towards mass production, we expect L2+/L3 to become an increasingly important driver of our overall gross revenue growth.

我們的 L2+/L3 業務持續快速加速，營收同比約成長 26 倍、環比成長 219 倍。這反映出我們正從專案開發階段，重要地轉向量產與規模化車輛部署。隨著更多 OEM 專案推進——走向量產，我們預期 L2+/L3 將成為推動整體總營收成長愈來愈重要的動力。

Overseas market accounts for nearly 40% of group revenue and is becoming an increasingly important growth driver as well. Overseas revenue increased 164% year-over-year and approximately 170% quarter-over-quarter. More importantly, the economics of our overseas business are increasingly attractive.

海外市場貢獻了集團近 40% 的營收，也正成為愈來愈重要的成長驅動力。海外營收同比成長 164%，環比約成長 170%。更重要的是，我們海外業務的經濟性正變得愈來愈具吸引力。

Our asset-light model allows us to scale through local partners and operating ecosystem without requiring a proportional increase in our own balance sheet investments. This gives us three important advantage: faster geographic expansion, improving margin as operation scales and lower incremental capital requirements. We believe this model is an important foundation for our long-term path towards self-sustained growth.

我們的輕資產模式使我們能透過在地合作夥伴與營運生態系擴張，而無需按比例增加自身資產負債表上的投資。這帶來三項重要優勢：更快的地理擴張、隨營運規模擴大而提升的利潤率，以及更低的新增資本需求。我們相信，這一模式是我們長期邁向自我造血式成長的重要基礎。

Turning to profitability at the gross profit level. Gross profit increased 143% year-over-year to RMB87 million, while gross margin expanded 9.4 percentage points to 37.5% compared to 28.1% in the same quarter last year. The improvement was driven by continued scaling of our high-margin asset-light overseas L4 business, rapid growth in L2++ and an overall shift towards higher-value AI service-oriented revenue.

接著看毛利層面的獲利能力。毛利同比成長 143% 至人民幣 8,700 萬元；毛利率較去年同期的 28.1% 提升 9.4 個百分點至 37.5%。改善主要來自高毛利的輕資產海外 L4 業務持續擴張、L2++ 的快速成長，以及整體收入結構轉向更高價值、以 AI 服務為導向的收入。

As this mix continues to improve, we believe gross profit can grow even faster than the revenue over time. Total operating expense were RMB533 million in Q2, slightly up 9.2% year-over-year, slightly slower than the revenue growth. This is an early indication that operating leverage is taking hold. R&D expense increased 36% year-over-year to RMB434 million, primarily reflecting our additional investment in AI infrastructure and foundation models.

隨著這一組合持續改善，我們相信毛利在時間推移下可望比營收成長更快。第二季總營運費用為人民幣 5.33 億元，同比小幅增加 9.2%，增速略低於營收成長。這是營運槓桿開始顯現的早期跡象。研發費用同比增加 36% 至人民幣 4.34 億元，主要反映我們對 AI 基礎設施與基礎模型的額外投入。

At the same time, a much slower growth in the total operating expense demonstrate that we are beginning to achieve greater efficiency as business scales. G&A declined significantly to RMB69 million, mainly due to lower share-based compensation and professional fees, while selling expense only increased to RMB29 million as we expand our commercial activities. Overall, we are seeing increasing operating leverage while operating expense growing well below the revenue.

同時，總營運費用增速顯著放緩，顯示隨著業務規模擴大，我們正開始實現更高效率。一般及行政費用大幅下降至人民幣 6,900 萬元，主要由於股份支付薪酬與專業服務費降低；而隨著我們擴大商業活動，銷售費用僅增加至人民幣 2,900 萬元。整體而言，我們看到營運槓桿持續提升，營運費用增長明顯低於營收增長。

Putting all this together, our net loss narrowed 1% year-over-year to RMB401 million in Q2 while EBITDA loss narrowed 8.1% year-over-year to RMB335 million. This result reflects the early benefit of our asset-light model and increasing operating leverage, particularly as we sell our overseas business and reinforce our path towards sustained cash generation.

綜合以上因素，第二季我們的淨虧損同比收窄 1% 至人民幣 4.01 億元，而 EBITDA 虧損同比收窄 8.1% 至人民幣 3.35 億元。這一結果反映了我們輕資產模式與營運槓桿提升的早期效益，尤其是在我們拓展海外業務並強化邁向持續現金創造的路徑之際。

Finally, as of June 30, we have approximately RMB5.4 billion in cash and other liquid financial resource. This provides us a strong financial foundation for continued expansion. Let me close with four key takeaways. First, revenue growth is accelerating and become increasingly diversified. Second, our revenue mix is shifting towards higher-margin physical AI service-oriented business. Third, operating leverage is beginning to emerge with expense growing significantly slower than revenue. And fourth, our strong balance sheet and asset-light model provide a capital-efficient foundation for continued expansion.

最後，截至 6 月 30 日，我們擁有約人民幣 54 億元的現金及其他流動性金融資源。這為我們持續擴張提供了堅實的財務基礎。我以四點重點作結。第一，營收成長正在加速，且來源愈來愈多元。第二，我們的收入結構正轉向毛利率更高、以實體 AI 服務為導向的業務。第三，營運槓桿開始浮現，費用增長顯著慢於營收增長。第四，我們強健的資產負債表與輕資產模式，為持續擴張提供了資本效率高的基礎。

We believe Q2 demonstrate an early financial benefit of the model and we have been building global expansion, asset-light deployment, higher physical AI service revenue and increasing operating leverage. Looking ahead, our focus is to convert our commercial pipeline into scale deployment, continue improving margin and progressively translating revenue growth into stronger cash generation. We believe these are the key building blocks for durable capital-efficient growth, a leading position in global autonomous driving and a sustained path to profitability.

我們認為，第二季展現了該模式帶來的早期財務效益，而我們一直在推進全球擴張、輕資產部署、更高的實體 AI 服務收入，以及不斷提升的營運槓桿。展望未來，我們的重點是將商業管線轉化為規模化部署、持續改善利潤率，並逐步把營收成長轉化為更強的現金創造能力。我們相信，這些是實現持久且資本效率高的成長、在全球自動駕駛領域取得領先地位，以及走向可持續獲利的關鍵基石。

With that, operator, we are now ready to take questions.

那麼，接線員，我們現在準備開始提問。

(Operator Instructions) Jeff Chung, Citi.

(接線員指示) Jeff Chung，花旗。

Congratulations with the great results. And my first question is that we note that WeRide currently has a diversified business portfolio spanning L4, L2++, L3 as well as AI infrastructure. And the question for me is how does management prioritize resources allocation across different business and regions? And what are your goals for the second half this year?

恭喜取得優異的業績。我的第一個問題是，我們注意到 WeRide 目前擁有多元化的業務組合，涵蓋 L4、L2++、L3 以及 AI 基礎設施。我想請問管理層如何在不同業務與不同地區之間優先配置資源？以及你們對今年下半年的目標是什麼？

Okay. Thanks for the question. So first, let me start with a detailed -- a little bit explanation about our financial information model. As you have noticed like these days, I think almost every industry have their capability boost like back to five years ago, with our large language model and AI progress. And I don't think any company in this world can do L4 and L2++, L3 and AI infrastructure simultaneously.

好的。謝謝你的問題。首先，讓我先從較詳細的——稍微說明一下我們的財務資訊模型。如你所注意到的，近來我想幾乎每個產業的能力都在提升，相較五年前，隨著大型語言模型與 AI 的進展。而我不認為世界上有任何公司能同時做 L4、L2++、L3 以及 AI 基礎設施。

But recently, we noticed like with our boost in AI model, especially our Genesis and WIT, and we found certainly like we can build a lot of technology into data synergies. That is by the way, I want to explain a little bit about the name of the WIT. This model WIT, we announced in 2026 AI World Conference. It is a solution to a famous German philosopher. I think the greatest philosopher, Ludwig Wittgenstein.

但最近我們注意到，隨著我們在 AI 模型上的提升，特別是 Genesis 和 WIT，我們確實發現可以把大量技術整合成資料協同效應。順帶一提，我想稍微解釋一下 WIT 這個名字。這個 WIT 模型，我們在 2026 AI World Conference 上發布。它是向一位著名的德國哲學家致意。我認為是最偉大的哲學家——路德維希・維根斯坦（Ludwig Wittgenstein）。

His meaning -- his famous words like the limit of my language is the limit of my world. It's exactly what we just learned. We can segment every video into what we call so-called minimal fact units. And we basically can effect every video and analyze every video into a very atomic fact. And combined with our Genesis model, we finally find out we can generate all kinds of data as we desired, just like in the matrix one day, Leo just noticed he see the nature of the world.

他的意思——他有句名言：「我的語言的界限，就是我的世界的界限。」這正是我們剛學到的。我們可以把每段影片切分成我們所謂的最小事實單元。基本上，我們可以把每段影片拆解並分析成非常原子化的事實。再結合我們的 Genesis 模型，我們最終發現我們可以按需求生成各種資料，就像有一天在《駭客任務》裡，Neo 突然看見了世界的本質。

So we have this kind of feeling. And so drastically, we reduce the resource we need. And we can just -- with one investment, we can do three things, that is L4 and L2+/L3 ADAS and AI infra. So we build up our infra very, very strongly and generate data from L4 and also generate data from ADAS and make these two things complement each other, build up what we call it double data flywheel. Actually, this flywheel is why we are the only company globally that has achieved driverless vehicle operation at large scale.

所以我們有這種感覺。因此，我們大幅降低了所需資源。我們可以——用一次投入，同時做三件事，也就是 L4、L2+/L3 的 ADAS，以及 AI 基礎設施。因此我們把基礎設施打造得非常、非常強，從 L4 生成資料，也從 ADAS 生成資料，讓兩者相互補足，形成我們所謂的「雙資料飛輪」。事實上，這個飛輪就是為什麼我們是全球唯一一家在大規模上實現無人駕駛車輛營運的公司。

At the same time, we have many car OEMs adopt our ADAS system. For the goal of our second quarter, we have several aspects. One is like we want toward accumulated 0.5 million installation goal to work. And we want to really push forward to have lots of car OEMs adopting our ADAS system. And hopefully, in the fourth quarter, Tesla FSD may enter China, and we want to do a direct head-to-head comparison against FSD because I'm a heavy FSD user in California, and I drove our own ADAS system, our own cars based on ADAS system WRD 3.0.

同時，也有許多車廠（OEM）採用我們的 ADAS 系統。至於我們第二季的目標，有幾個面向。第一，我們希望朝累計 50 萬套安裝的目標推進。我們也希望大力推動更多車廠採用我們的 ADAS 系統。並且希望在第四季，特斯拉 FSD 可能進入中國時，我們能與 FSD 進行正面對比，因為我在加州是重度 FSD 使用者，我也開過我們自家的 ADAS 系統、基於 ADAS 系統的自家車款 WRD 3.0。

I think these two things are comparable. So, I want to see more car OEMs adopt ADAS system. And meanwhile, we will continue to expand our robotaxi fleet. And thirdly, for our AI infrastructure, we want more companies in the robotic industry, humanized robot industry to adopt our infrastructure. That's the goal. Here, I conclude my answer.

我認為這兩者是可比的。所以，我希望看到更多車廠採用 ADAS 系統。同時，我們也會持續擴大我們的 robotaxi 車隊。第三，對於 AI 基礎設施，我們希望有更多機器人產業、擬人化機器人產業的公司採用我們的基礎設施。這就是目標。以上我回答完畢。

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

This is Tim from Morgan Stanley. First of all, congratulations on the robust top line growth and the global expansion during the quarter. Just a quick question about the overseas business. I think on the call, the management has highlighted accelerating overseas expansion and large-scale commercialization. So just wondering, could you share more detail? How should we view your overseas strategy? And in the meantime, can it be replicated across different regions? That's my question.

我是摩根士丹利的 Tim。首先，恭喜本季營收端強勁成長以及全球擴張。我有個關於海外業務的簡短問題。我想在電話會議中，管理層強調了加速海外擴張與大規模商業化。想請問能否分享更多細節？我們應該如何看待你們的海外策略？同時，這套模式能否在不同地區複製？以上是我的問題。

Thank you, Tim. So, like we just mentioned, overseas market is an important growth driver engine for us, and it's already contributed approximately almost 40% of the group revenue. And we do believe there is significant room to run. And the software case is very compelling. Those markets we're entering into, they're all facing acute labor shortage and rising labor costs, which creates a strong natural demand for autonomous mobility.

謝謝你，Tim。如同我們剛才提到的，海外市場是我們重要的成長驅動引擎，而且目前已貢獻集團營收約將近 40%。我們也相信仍有很大的成長空間。而且軟體的商業案例非常有吸引力。我們進入的那些市場都面臨嚴重的勞動力短缺與勞動成本上升，這自然形成對自動駕駛移動服務的強勁需求。

So let me give you a sense of the pace. So for the Q2 in the past quarter, we launched three new robotaxi deployments and in Spain and in Switzerland and in Denmark, and in the Middle East. Our robotaxi fleet has roughly doubled to around 400 vehicles since last quarter.

我先讓你感受一下推進速度。在剛結束的第二季，我們在西班牙、瑞士、丹麥以及中東推出了三個新的 robotaxi 部署。自上季以來，我們的 robotaxi 車隊規模大約翻倍至約 400 輛。

So if you recall from the Q1 like earnings, so at that time, we have like around 200. And like even given, considering the recent geopolitical tension in the region, and we have doubled the fleet in the quarter. So the momentum is real and it's accelerating. So also on the rapid capability. So this is where we think our model generally differentiated.

如果你回想第一季的財報電話會議，當時我們大約是 200 輛。即便考量到該地區近期的地緣政治緊張情勢，我們仍在本季把車隊規模翻倍。所以這個動能是真實存在的，而且正在加速。另外在快速落地能力方面。這也是我們認為自身模式具備差異化的地方。

So we operate overseas. We don't own any of the vehicles in operation. So what we do is we handle the localized tax adaptation and regulatory compliance. Then we license our digital AI driver to local partners. So we captured recurring technological service revenue especially as our operation scales. So this can lead us to, let us expand very quickly without having heavy capital and also we can maintain a good margin and good cash flow.

我們在海外營運。我們不擁有任何正在營運的車輛。我們所做的是處理在地化的稅務適配與法規合規。接著我們把數位 AI 駕駛授權給當地合作夥伴。因此，特別是在營運規模擴大時，我們能取得可重複的技術服務收入。這讓我們能在不需要大量資本投入的情況下快速擴張，同時也能維持良好的毛利率與現金流。

And what's more important is we're looking at on the unit economics, the annualized recurring revenue per vehicle it exceeds USD40,000 to USD60,000. So and it also has meaningful upside as density builds up in each city. So for us, our primary goal is just to increase the fleet size in cities where we already operate. We're very disciplined about where we go next. Really, we pick the market with proven like commercial potential and a reasonable regulatory barrier to entry.

更重要的是，從單位經濟效益來看，每輛車的年化經常性收入（ARR）超過 40,000 至 60,000 美元。而且隨著每個城市的密度提升，還有顯著的上行空間。因此，我們的首要目標就是在既有營運城市中擴大車隊規模。我們對下一步要去哪裡非常自律。我們確實會挑選已被驗證具有商業潛力、且具備合理監管進入門檻的市場。

And the playbook is well established. Everywhere we go, we secure the permits, we adapt the technology locally. We set up like a benchmark project in the region and flagship project in the region and then we replicate at a lower marginal cost. So we generally believe this is going to be repeatable at scale. And today, we have active 4 operations across 12 countries, all well on track. We are confident in the model and in our pipeline, and we look forward in serving passengers in more markets.

而且這套作戰手冊已經非常成熟。我們到任何地方，都會先取得許可、再進行技術在地化適配。我們會在該地區建立一個標竿專案與旗艦專案，然後以更低的邊際成本進行複製擴張。因此我們普遍相信，這在規模化下是可重複的。截至今天，我們在 12 個國家有 4 項正在進行的營運，全部都按計畫推進。我們對這個模式與我們的專案管線充滿信心，也期待在更多市場為乘客提供服務。

Paul Gong, UBS.

Paul Gong，瑞銀。

I have two questions. The first question is regarding the ADAS. Can you please update the latest progress and future plan for your business? And given the relatively small size of team on this front, what is your competitive advantage in this highly intensive competition? My second question, if I may, is how do you see the OEMs and also the ADAS companies that they can build robotaxi by leveraging the data accumulated to the ADAS. How do you see the trends? Does this a threat to your robotaxi?

我有兩個問題。第一個問題是關於 ADAS。請問您能否更新一下貴公司在這項業務上的最新進展與未來規劃？另外，鑑於你們在這方面的團隊規模相對較小，在競爭極為激烈的環境下，你們的競爭優勢是什麼？第二個問題（如果可以的話）是，你如何看待 OEM 以及 ADAS 公司利用 ADAS 累積的數據來打造 robotaxi？你如何看待這個趨勢？這是否會對你們的 robotaxi 構成威脅？

Thank you so much for the very two important questions. Let me answer them one by one, okay? The first question is about our latest progress and plan for our L2+/L3 ADAS system. So to make it short, I will just use the ADAS to be our business, so including both L2++ and L3 systems. And also the question is about our currently competitive edge.

非常感謝這兩個非常重要的問題。我來逐一回答，好嗎？第一個問題是關於我們 L2+/L3 ADAS 系統的最新進展與規劃。為了簡潔起見，我就把 ADAS 作為我們的業務來概括，包括 L2++ 與 L3 系統。同時，問題也涉及我們目前的競爭優勢。

So first of all, I think I have to say the competition in ADAS system in China and also globally is quite intensive. And now everybody is trying to compare their ADAS system to the FSD 14 -- version 14. And according to our internal evaluation, I think we are currently definitely in the urban scenario in China, we are on par with FSD. I'm not sure whether you have noticed or not.

首先，我必須說，無論在中國還是在全球，ADAS 系統的競爭都相當激烈。現在大家都在嘗試把自家的 ADAS 系統與 FSD 14——第 14 版——做比較。根據我們內部評估，我認為目前在中國的城區場景下，我們已經可以與 FSD 不相上下。我不確定你是否有注意到。

Just last week, I did a live stream with our ADAS experience in Zhujiang New Town i.e., the Pearl Harbor New Town, which is the central CBD area in Guangzhou. And I drove the N60 based on our WRD 3.0 ADAS system. At the same time, I do the live stream answering the questions from all audience from my live stream room. And I do this live stream for 2 hours and just driving rush hour in Guangzhou without any intervention, okay? The video is online.

就在上週，我在珠江新城（也就是廣州的核心 CBD 區域）做了一場 ADAS 體驗直播。我駕駛的是基於我們 WRD 3.0 ADAS 系統的 N60。同時我一邊直播，一邊回答直播間所有觀眾的問題。我做了 2 小時直播，在廣州的尖峰時段行駛，全程沒有任何人工介入，好嗎？影片已經在網上。

You can check it. I think according to my best knowledge, this is the first time a founder of an ADAS company or autonomous driving company do a live stream in Russia or in first-tier city without any intervention and answering questions. That shows the breakthrough of our technology.

你可以去看。據我所知，這是第一次有一家 ADAS 公司或自動駕駛公司的創辦人，在一線城市進行全程無介入的直播駕駛，並同時回答問題。這展示了我們技術的突破。

And in terms of the installation units, right, our revenue grows by 2,600%, 26x year-over-year and 220% quarter-over-quarter. And we have in a very short time, we have already had like 30,000 units installed in a quarter. But our goal this year is to get 100,000 units installed.

另外，在裝機量方面，我們的營收年增 2,600%，也就是年增 26 倍，季增 220%。而且在非常短的時間內，我們單季就已經有大約 30,000 套的裝機量。但我們今年的目標是達到 100,000 套裝機。

And next year, cumulatively, we want to get to 0.5 million and this is by far the fastest speed I have ever noticed in the ADAS growth in terms of the installation unit. And this is actually why can we do that? Thank you for your high like we are doing with a very relatively small team.

明年我們希望累計達到 50 萬套；就裝機量成長速度而言，這是我所見過 ADAS 成長最快的節奏。那我們為什麼能做到？也謝謝你提到我們是以相對較小的團隊在推進。

The key secret sauce is our two important large language model, Genesis model and the WITT model. And I do believe, as you guys already noticed with AI, people sometimes call people can form a one-person company. And with our very good AI infrastructure and foundation model, we can actually build the best ADAS solution in China and in the world with a team of 200 or 300 people. That's the power of AI, okay? So that is what I want to mention about our current progress.

關鍵的「秘密武器」是我們兩個重要的大語言模型：Genesis 模型與 WITT 模型。我也相信，正如大家在 AI 領域已經看到的，有時候人們會說可以形成「一人公司」。憑藉我們非常好的 AI 基礎設施與基礎模型，我們其實可以用 200 或 300 人的團隊，打造出中國乃至全球最好的 ADAS 解決方案。這就是 AI 的力量，好嗎？以上是我想提到的我們目前的進展。

The second question, thank you. It's an outstanding question. That is we can -- we have seen like many OEMs what car OEMs or some company with ADAS solutions claim like in a very high tone that we are entering robotaxi sector, and we will do great things, lots of PR. So my answer to this kind of claim or this goal is , actually, first of all, we welcome this kind of competition.

第二個問題，謝謝。這是一個非常出色的問題。我們確實看到很多 OEM（車廠）或一些提供 ADAS 解決方案的公司，以非常高調的方式宣稱要進入 robotaxi 領域，並且會做出很大的成績，做了很多公關宣傳。對於這類宣稱或目標，我的回答是：首先，我們歡迎這樣的競爭。

And because this competition will make us stronger, we write as the leader and the first mover in robotaxi industry, we expand globally. And we know we also have a very strong background in ADAS. We know the big difference. We know the requirements for redundancy for the reliability. There is a 1,000x difference.

因為競爭會讓我們更強；作為 robotaxi 產業的領導者與先行者，我們正在全球擴張。我們也知道自己在 ADAS 方面同樣有非常強的背景。我們了解其中的巨大差異。我們知道在可靠性方面對冗餘的要求。這之間有 1,000 倍的差距。

So I just want to -- as I mentioned at the beginning of this year, I proposed a qualification threshold for robotaxi. That is a company needs to operate at least for half year with a fleet of 100 driver robotaxi without any significant accidents, without severe accidents, they can claim themselves a robotaxi company. Otherwise, it's just a claim. People may claim every day. And I don't need to respond to this kind of claim.

所以我想說——正如我在今年年初提到的——我提出了 robotaxi 的資質門檻。也就是說，一家公司至少需要以 100 輛無人駕駛 robotaxi 的車隊運營至少半年，且沒有重大事故、沒有嚴重事故，才可以宣稱自己是 robotaxi 公司。否則就只是宣稱。人們每天都可以宣稱。而我不需要對這類宣稱做回應。

But I just want to mention like there's a big difference between ADAS system and L4 robotaxi. And people will say, okay, with this progress in large language model, we can solve the problems like previously, it takes like 10 years of your efforts, we can solve probably half year.

但我想強調的是，ADAS 系統與 L4 robotaxi 之間存在很大的差異。有人會說，好吧，隨著大語言模型的進展，我們可以把以前需要你們 10 年努力才能解決的問題，在大概半年內解決。

Now I make another claim that is hallucination in digital AI may be entertaining, but it is fatal in physical AI. So in physical AI, you can -- our society, our public roles cannot stand a fatal accidents if we can avoid it. But in digital world, you can just -- you can just restart the computer or just do it again. But in the real world, a life lost is lost. You can never get it back.

現在我再提出另一個觀點：數位 AI 的幻覺可能很有趣，但在實體 AI 中是致命的。在實體 AI 裡，如果可以避免，我們的社會、公共規則無法承受致命事故。但在數位世界裡，你可以——你可以重啟電腦，或再做一次。但在真實世界裡，一條生命失去就是失去。你永遠無法挽回。

So with this kind of philosophy, with this kind of priority on safety, we know that we have very, very strong competitive edge. We have very deep moat for our L4 business. Okay? Here are my answers to your two great questions. Thank you.

因此，基於這樣的理念、基於對安全的優先排序，我們知道自己擁有非常、非常強的競爭優勢。我們在 L4 業務上有非常深的護城河。好嗎？以上就是我對你兩個問題的回答。謝謝。

Tianyi Lu, CITIC Securities.

盧天一，中信證券。

I have only one question. How about management view the overall trajectory of future operating expenses, particularly R&D spend?

我只有一個問題。管理層如何看待未來營運費用的整體走勢，特別是研發支出？

Tianyu, I'll take your question. Well, so like we just explained our financial results, you can see the operating leverage is already emerging. So revenue grew 87% this quarter and R&D only increased like 36%. And our R&D is largely shared like the technology platform supporting L4, L2++, L3 and all the other product categories. So it does not really scale linearly with revenue or the vehicle deployment.

天宇，我來回答你的問題。嗯，正如我們剛才解釋的財務結果，你可以看到營運槓桿已經開始顯現。本季營收成長 87%，而研發僅增加約 36%。而且我們的研發在很大程度上是共享的——同一套技術平台支援 L4、L2++、L3 以及其他所有產品類別。因此它並不會隨著營收或車輛部署線性成長。

So as we can see like as we scale across different business, the R&D cost per vehicle will continue to decline. We have also moved past the peak investment phase for the AI infrastructure buildup and where the steady deployment costs taper significantly once operations are established.

因此，正如我們所看到的，隨著我們在不同業務之間擴張規模，每輛車的研發成本將持續下降。我們也已經度過了 AI 基礎設施建置的投資高峰期；一旦營運建立完成，持續部署成本就會明顯趨緩並大幅回落。

So looking ahead, we think we will remain very disciplined in R&D spending and continue to invest in the technology mode, let's say, for the foundation model like on the Genesis on what Tony just described. As our asset-light L4 business scales and L2+/L3 enter into mass commercialization, we expect the operating leverage to accelerate. So we remain very well on track to achieve a positive cash flow in a single quarter by 2028, and we aim to have like a breakeven in the full year 2029.

展望未來，我們認為我們會在研發支出上保持非常嚴謹的紀律，並持續投入技術模式——例如 Tony 剛才描述的、以 Genesis 為代表的基礎模型。隨著我們的輕資產 L4 業務擴張，以及 L2+/L3 進入大規模商業化，我們預期營運槓桿將加速釋放。因此，我們仍非常有把握在 2028 年於單一季度實現正向現金流，並以 2029 年全年達到損益兩平為目標。

Mai Liu, HSBC.

Mai Liu，匯豐。

Yes, the company just launched the WIP model. So Tony, could you please share more about on this?

是的，公司剛剛發布了 WIP 模型。所以 Tony，您能否請分享更多相關內容？

Okay. I would like to share more about the WIP model, okay? You can see from the WIP model. So basically, I would say the key part of the WIP model is trying -- it provides WeRide a unique analysis tool for video and combined with Genesis model in tandem, we can -- so first of all, give you a video, it has many facts and you cannot do -- simply do causal inference across different videos. And so it's just like I give you a machine and WIP model can help you to defect the machine and find out the relationship between different components.

好的。我想多分享一些關於 WIP 模型的內容，好嗎？你可以從 WIP 模型看到。基本上，我會說 WIP 模型的關鍵部分在於——它為 WeRide 提供了一個獨特的影片分析工具，並且與 Genesis 模型搭配使用，我們可以——首先，給你一段影片，裡面有很多事實，但你無法——僅僅在不同影片之間做因果推論。所以這就像我給你一台機器，而 WIP 模型可以幫你把機器拆解，找出不同零組件之間的關係。

And Genesis gives you another capability of learning the functionality of components and put them together to build another machine. So basically, just like if I give you a LEGO toy of maybe, say, for example, a LEGO toy of Jeep and then I can detect it and make it into a cargo ship, okay?

而 Genesis 則提供你另一種能力：學習各個零組件的功能，並把它們組合起來建造另一台機器。所以基本上，就像我給你一個樂高玩具——例如一台吉普車的樂高——然後我可以把它拆解，再把它改造成一艘貨船，好嗎？

So by putting these two together, we believe we find a very unique path to analyze hundreds of videos, billions of videos and find out the causal relationship between all the facts and then use them to generate the relevant data or very long tail data for our autonomous driving. By this way, we actually boost our training capability and lower our training cost and build up the desired distill onboard model in the urban challenge like we won six consecutive championships.

把這兩者結合起來，我們相信我們找到了一條非常獨特的路徑：去分析數百段影片、數十億段影片，找出所有事實之間的因果關係，然後用它們來生成與自動駕駛相關的資料，或是非常長尾的資料。透過這種方式，我們實際上提升了訓練能力、降低了訓練成本，並在城市挑戰賽中建立出我們想要的蒸餾後車載模型——就像我們連續六次奪冠那樣。

Our on domain controller is relatively slower and the top is much lower than our competitors. They may have 2,000 TOPS domain controller. We only have 200 TOPS controller, but we are winning. Why? Because we can distill model according to our special needs and we can get long tail. So that's the power of our tool foundation model. I will stop here. If you have further questions, you can also ask.

我們的車載域控制器相對較慢，TOPS 峰值也比競爭對手低很多。他們可能有 2,000 TOPS 的域控制器。我們只有 200 TOPS 的控制器，但我們仍然在贏。為什麼？因為我們可以依照自身的特殊需求來蒸餾模型，並且我們能取得長尾資料。這就是我們工具型基礎模型的力量。我先說到這裡。如果你還有進一步的問題，也可以再問。

Ming Lee, Bank of America.

Ming Lee，美國銀行。

I just only have one question. We have noted that management emphasis your competitive advantages. The market's view on the industry are currently split. Could management articulate your competitive moat?

我只有一個問題。我們注意到管理層強調你們的競爭優勢。市場目前對這個產業的看法分歧。管理層能否闡述一下你們的競爭護城河？

So I want to understand what are the splits -- can you be a little bit more specific? So what kind of split view?

所以我想了解這些分歧是什麼——你能否更具體一點？是什麼樣的分歧看法？

What I mean is that I think the industry -- I think currently, I think the competition is getting more intensified. So, I think that's why the capital market has a different view on the industry competitive landscape. So, I just want the management team can articulate more about your competitive moat.

我的意思是，我認為這個產業——目前競爭正在變得更激烈。所以我想這也是為什麼資本市場對產業競爭格局有不同看法。因此我想請管理團隊更清楚地闡述你們的競爭護城河。

Okay. I got you. Okay. Thank you for the clarification. I think I just mentioned explained the foundation model we developed, right, WIP and Genesis. And I think people may want to try to do the same thing, but we have all the same objectives. But like everybody wants to build electric cars, but the company who build up the best motor, the best battery, who has the best design aerodynamics will win big orders.

好的。我明白你的意思了。好的。謝謝你的澄清。我想我剛才已經提到並解釋了我們開發的基礎模型，對吧，WIP 和 Genesis。我想大家可能也想做同樣的事情，我們的目標都一樣。但就像每個人都想造電動車一樣，能做出最好馬達、最好電池、擁有最佳空氣動力設計的公司，就會拿到大量訂單。

And for ADAS, I think there's a grand challenge I keep on saying that we won six consecutive championships. That is a challenge like we compete against all the top-notch system company. And also leverage on our L4 capability, we have a very large-scale L4 driver lease operations fleet, and it also operates globally in Europe and in China.

至於 ADAS，我認為有一個我一直在說的重大挑戰：我們連續六次奪冠。那是一個我們與所有頂尖系統公司同場競爭的挑戰。另外，憑藉我們的 L4 能力，我們擁有非常大規模的 L4 司機租賃營運車隊，而且也在歐洲與中國進行全球化營運。

We can gather all kinds of different data and improve our model. And I think the only company in this world has so-called dual flywheel mechanism that is getting data from L4 robotaxi to help to improve L2/L3 ADAS system and also get from L2, L3 ADAS data and help to improve L4 because with WeRide design, they are built on the same foundation model based on the same -- very similar sensor configuration. We can use the two things in tandem to help leverage on each other and boost on each other.

我們可以收集各式各樣不同的資料並改進我們的模型。而且我認為全世界唯一一家擁有所謂「雙飛輪機制」的公司，是能從 L4 Robotaxi 取得資料來幫助改進 L2/L3 ADAS 系統，同時也能從 L2、L3 的 ADAS 資料回饋來改進 L4；因為依照 WeRide 的設計，它們建立在同一個基礎模型之上，並採用相同——非常相近的感測器配置。我們可以把兩者搭配使用，彼此槓桿、彼此增強，並相互促進。

So, with this, I think we have our unique competitive edge and our results, our financial numbers, our competition numbers, our evaluation numbers have already shown like we're really in a leading position. Just a simple question, which company else have their founder, have their ADAS system doing live stream video and in the Tier 1 city for 2 hours without any intervention, parking lot to parking lot.

因此，基於這些，我認為我們有獨特的競爭優勢，而我們的成果、財務數字、競賽成績、評測數據都已經顯示我們確實處於領先位置。再問一個簡單的問題：還有哪家公司像我們一樣，創辦人讓自家的 ADAS 系統在一線城市進行 2 小時的直播影片、全程零接管，從停車場到停車場？

To me, I'm the only guy who first tried it. And next month, I'm going to try it again. So, I think all the results make it quite straightforward that weight have very -- is a leader in both L2++ and L4 and we have a very strong competitive edge.

對我來說，我是第一個嘗試這件事的人。而下個月，我還會再試一次。所以我認為所有結果都很清楚地表明，WeRide 在 L2++ 與 L4 兩方面都是領導者，而且我們有非常強的競爭優勢。

[Walter Patrick, LightShed].

[Walter Patrick，LightShed]。

On the asset-light model and the platform relationships, under this structure, your partners own the vehicles and the platforms basically own the riders. So we ride basically sitting in the middle licensing the driver that makes the durability of those relationships, kind of the whole thing?

關於輕資產模式與平台合作關係，在這種架構下，你們的合作夥伴擁有車輛，而平台基本上掌握乘客。所以 WeRide 基本上坐在中間，透過授權「駕駛」來運作；那麼這些關係的耐久性——整個模式的核心——是什麼？

And then on Uber, one of your partners, obviously, in some markets, their track record here is obviously, you had them rotating way more out in Phoenix. They just wound down their serve robotics relationship. So, I guess if you can just review what exclusivity or minimum volume commitments that you have in the Uber markets. And in the asset-light model where you don't own the cars or the customers, what ends up being your leverage if the platform, Uber or whoever decides to route demand to other partners?

另外關於 Uber——你們的合作夥伴之一——顯然在某些市場，他們過去的紀錄是，你們在鳳凰城的部署被他們大幅輪替調整。他們也剛結束與 Serve Robotics 的合作關係。所以我想請你們回顧一下，在 Uber 覆蓋的市場中，你們有哪些排他性或最低量承諾。以及在輕資產模式下，當你們既不擁有車也不擁有客戶時，如果平台（Uber 或其他）決定把需求導向其他合作夥伴，你們最終的槓桿是什麼？

Jeniffer, do you want to take this question or you want me to take this question?

Jeniffer，你想回答這個問題，還是要我來回答？

Sure. I can take this question. Yes. So about water, we have like this asset-light business model so that we can expand relatively faster in the global market. And especially wherever we go, we try to build like the ecosystem with the local partners and of course, also with the platform partners.

當然。我可以回答這個問題。是的。關於 WeRide，我們採用這種輕資產的商業模式，讓我們能在全球市場相對更快地擴張。尤其是我們到任何地方，都會嘗試與當地合作夥伴建立生態系，當然也包括與平台合作夥伴一起。

And so we work with multiple platform partners, and we work with multiple and local partners. So for us, and this is really a huge market out there. This is really at the beginning. And we want -- we think setting up like a healthy ecosystem is going to set a good foundation for everybody. And if you are looking at the real deployment figures globally, we believe we have the largest robotaxi fleet outside China and the US among all of the AV competitors by a lot. And we think our strategic moat is not only like just deploying the asset there, and that's it.

因此我們與多個平台合作夥伴合作，也與多個在地合作夥伴合作。對我們而言，外面確實是一個非常龐大的市場。這其實才剛開始。而我們希望——我們認為建立一個健康的生態系統，將為所有人奠定良好的基礎。如果你看全球實際部署數據，我們相信在所有自動駕駛（AV）競爭者中，除中國與美國之外，我們擁有規模最大、且領先幅度很大的 robotaxi 車隊。而我們認為我們的策略護城河不只是把資產部署出去就結束了。

So basically, if you're looking at what we do everywhere, we sell the assets and to the local partners or the fleet operators. And then we -- because we do have like a BOM advantage from China, so we're going to keep that advantage. And then what's more importantly, because WeRide has a superior like safety record, that's why we can get autonomous driving license in so many countries. Right now, we have autonomous driving license, official license on 8 countries. We operate in 12 countries.

基本上，如果你看我們在各地的做法，我們會把資產出售給在地合作夥伴或車隊營運商。然後我們——因為我們確實有來自中國的 BOM（物料清單）成本優勢，所以我們會維持這個優勢。更重要的是，因為 WeRide 擁有更優異的安全紀錄，所以我們才能在這麼多國家取得自動駕駛牌照。目前我們在 8 個國家擁有自動駕駛牌照、官方許可。我們在 12 個國家營運。

Nobody else, based on my knowledge, has such an operation scale. And for us, the responsibility is -- also the key responsibility is to -- sorry, to get the regulatory permit. So that responsibility is right. And that's going to be the key for the longer term.

就我所知，沒有其他人有這樣的營運規模。對我們而言，責任是——同時關鍵責任也是——抱歉——取得監管許可。所以這個責任是對的。而這將是長期的關鍵。

And everyone can be on the platform, but not everyone can get the regulatory permit. And the regulator, everything is a merit basis. So for the AV player who keeps having like a good safety record locally, globally, they definitely can get more permit as business scales. But for some of them who doesn't have such a good record, in fact, some of the competitors are getting -- like they will get questions -- get suspension from the regulator when their safety accident continues to happen.

每個人都可以在平台上，但不是每個人都能取得監管許可。而監管機構，一切都是以實績為基礎。因此，對於在本地與全球都能持續維持良好安全紀錄的 AV 業者，隨著業務規模擴大，他們肯定能取得更多許可。但對於一些沒有那麼好紀錄的業者，事實上，有些競爭對手在安全事故持續發生時，會被監管機構質疑——甚至遭到暫停。

So we have a strong confidence in our tech capability and our local deployment capability, our regulators, our communication and our safe capability, and we have strong confidence in WeRide's like safety record. So with all of that, that's how we build a strategic moat globally. So I hope that answers.

所以我們對自身的技術能力與在地部署能力、與監管機構的溝通、以及安全能力都非常有信心，也對 WeRide 的安全紀錄非常有信心。因此，綜合以上，這就是我們如何在全球建立策略護城河。希望這回答了你的問題。

No, that's actually very helpful, especially on the regulator side in terms of who has the power in the market. I just have one follow-up on the OEM side and specifically with Mercedes. On the call, you just framed the L3 proof of concept as kind of a validation of the leading OEMs.

不，這其實非常有幫助，特別是在監管端，關於誰在市場上握有主導權這一點。我只有一個關於 OEM 端、尤其是 Mercedes 的追問。在電話會議上，你剛把 L3 概念驗證（proof of concept）描述為對領先 OEM 的一種驗證。

But then Mercedes is also an NVIDIA flagship partner doing this autonomous program on the full NVIDIA stack. So they're not just using NVIDIA's open model, they're obviously doing the full stack. Can you just help us understand what Mercedes -- like how this OEM, as an example, is evaluating WeRide, which NVIDIA wouldn't already cover?

但 Mercedes 同時也是 NVIDIA 的旗艦合作夥伴，使用完整的 NVIDIA 技術堆疊來做這個自動駕駛專案。所以他們不只是使用 NVIDIA 的開放模型，他們顯然是在做全堆疊。你能否幫我們理解，Mercedes——以這家 OEM 為例——是在評估 WeRide 的哪些面向，而這些是 NVIDIA 本來就無法涵蓋的？

Is this just a Chinese market thing difference where NVIDIA stack wouldn't necessarily be accepted? Is it about cost? Is it again on the regulatory? Is it that the OEMs will have multiple sources for L3 or L4 or L2++, whatever it is? And then I guess the bigger question is, over time, if NVIDIA has a lot of money and they mature, what's ultimately going to have your software win at a company like Mercedes. Obviously, NVIDIA with its open model and doing everything else, whether that's China, regulatory or just cost?

這只是中國市場的差異，因為 NVIDIA 的技術堆疊未必會被接受嗎？是成本因素嗎？還是同樣是監管因素？是因為 OEM 會針對 L3 或 L4 或 L2++（不管是哪一種）採用多個來源嗎？然後我想更大的問題是，隨著時間推移，如果 NVIDIA 有很多資金、而且逐漸成熟，最終是什麼會讓你們的軟體在像 Mercedes 這樣的公司勝出？顯然 NVIDIA 有其開放模型並且也在做其他一切，不論是中國、市場監管或只是成本？

Okay. Let me answer this question. I think, first of all, under the contracts, we cannot reveal too many detailed things. But I really appreciate this question. I always make a joke internally I said, look, if you look at the internal nature of the company, we were doing lots of things just like we speak.

好的。我來回答這個問題。我想首先，基於合約，我們不能揭露太多細節。但我非常感謝這個問題。我在內部常開玩笑說，你看，如果從公司的內在本質來看，我們做了很多事情，就像我們說的那樣。

I think previously, I always heard like Sam Edelman answered the questions from India engineer saying, okay, if you don't have such money, I don't remember that exact figure. It's like maybe if you don't have USD20 billion, never think about try large language model. But look what DeepSeek has done, okay? So I always believe the genius, the great engineers, the great minds can beat bond, okay? That's why I like Silicon Valley.

我想以前我常聽到 Sam Edelman 回答來自印度工程師的問題說，好吧，如果你沒有那麼多錢，我不記得那個確切數字。大概是說，如果你沒有 200 億美元，就別想嘗試做大型語言模型。但看看 DeepSeek 做到了什麼，好嗎？所以我一直相信，天才、優秀的工程師、卓越的頭腦可以戰勝資本，好嗎？這就是我喜歡矽谷的原因。

I believe the creativity of human nature. Therefore, I think WeRide is such a company with a great creativity with a lot of genius, and we will build up the best ADAS system, the best robotaxi, which have already proved by the market. Look at the resource we put in our company and look at results we have got so far. I think the answer to this question is very straightforward, and I really appreciate this great question. Thank you.

我相信人性的創造力。因此，我認為 WeRide 就是這樣一家公司，擁有很強的創造力與許多天才，我們將打造最好的 ADAS 系統、最好的 robotaxi，而這些已經被市場證明。看看我們在公司投入的資源，以及我們迄今取得的成果。我認為這個問題的答案非常直接，我也非常感謝這個很棒的問題。謝謝。

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

由於時間限制，我將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。

Thank you very much.

非常感謝。