Xpeng Inc (XPEV) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the first-quarter 2025 earnings conference call for XPeng Inc. (Operator instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加小鵬汽車 2025 年第一季財報電話會議。 （操作員指示）今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company. Please go ahead, Alex.

現在我將電話轉給主持人、公司投資人關係和資本市場主管 Alex Xie 先生。請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's first-quarter 2025 earnings conference call. Our financial and operating results were issued by Newswire Services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xpeng.com.

謝謝。大家好，歡迎參加小鵬汽車2025年第一季財報電話會議。我們的財務和經營業績已於今天早些時候由新聞專線發布，可在網上查閱。您也可以造訪我們網站 ir.xpeng.com 的 IR 部分查看收益新聞稿。

Participants on today's call from our management will include a Co-Founder, Chairman and CEO, Mr. He Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu; and myself.

參加今天管理層電話會議的人員包括聯合創始人、董事長兼首席執行官何小鵬先生、副董事長兼總裁顧博仁博士、企業財務和大眾項目副總裁張朝陽先生、財務和會計副總裁吳建民先生以及我本人。

Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on our website IR. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

管理階層將以準備好的發言開始會議，並以問答環節結束。本次電話會議的網路直播重播將在我們的網站 IR 上提供。在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。

As such, the company's results may be materially different from views expressed today. Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

因此，該公司的業績可能與今天表達的觀點有重大差異。有關這些和其他風險和不確定性的更多資訊包含在公司向美國證券交易委員會提交的相關公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that XPeng's earnings press release and this conference call will include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

另請注意，小鵬汽車的獲利新聞稿和本次電話會議將揭露未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標。小鵬汽車的獲利新聞稿包含未經審計的非公認會計準則指標與未經審計的公認會計準則指標的對帳。

I will now turn the call over to our Co-Founder, Chairman and CEO, Mr. He Xiaopeng. Go ahead.

現在我將把電話轉給我們的共同創辦人、董事長兼執行長何小鵬先生。前進。

(interpreted) Hello, everyone. The first quarter of 2025 marked a promising start for XPeng as the company successfully navigated the traditional off-season in the automotive market. Our Q1 deliveries totaled 94,008 units, marking a 331% year-over-year increase and establishing a new historical record for quarterly deliveries. We secured the top position itself among emerging EV brands domestically and internationally.

（譯）大家好。2025年第一季度，小鵬汽車取得了良好的開局，成功度過了汽車市場的傳統淡季。第一季度，我們共交付94,008輛汽車，年增331％，創下了季度交付量的歷史新高。我們在國內外新興電動車品牌中佔據領先地位。

During this quarter, our vehicle gross margin has improved for seven consecutive quarters, propelling the company's overall gross margin to a record high of 15.6% in Q1 2025, with net loss narrowing significantly compared to the previous quarter. Free cash flow exceeded RMB3 billion in Q1.

本季度，我們的整車毛利率已連續七季改善，推動公司2025年第一季整體毛利率創下15.6%的歷史新高，淨虧損較上一季大幅收窄。一季自由現金流超過30億元。

(interpreted) Many are curious about our impressive performance in Q1. I believe it stems from XPeng's systemic enhancement across our abilities in organization, product development, marketing, technology and operations, along with a consistent commitment to AI-driven tech innovation and steady and long-term sustainable growth. The MONA M03 introduced eight months ago has surpassed 100,000 deliveries, securing its place as the best-selling A-class pure electric sedan.

（翻譯）很多人對我們在第一季的出色表現感到好奇。我認為這源自於小鵬汽車在組織、產品、市場、技術、營運等各方面能力的系統提升，以及對AI驅動技術創新和長期穩健永續發展的持續投入。MONA M03上市八個月以來，銷量已突破10萬輛，穩居A級純電動轎車暢銷榜首。

The P7+ achieved its 50,000 unit production, just five months after its launch, and the 2025 G6 and G9 models delivered over 7,500 units in total in their April debut. Our monthly deliveries have exceeded 30,000 units for six consecutive months.

P7+ 在上市僅五個月後就實現了 50,000 台的產量，而 2025 款 G6 和 G9 車型在 4 月份首次亮相時總共交付了 7,500 多台。我們的月出貨量已連續六個月超過3萬台。

(interpreted) I'm most excited by the fact that our growth potential is just starting to emerge, where spearheading integrated innovations powered by AI in various fields, including AI assisted driving, smart cabins, Turing chips, embodied intelligent robots and enterprise productivity tools. In Q2, we achieved significant progress in several areas, reinforcing our conviction that XPeng's comprehensive transformation toward AI has begun to achieve initial success across the full technology stack.

(翻譯) 我最興奮的是，我們的成長潛力才剛開始顯現，我們在各個領域引領由人工智慧驅動的整合創新，包括人工智慧輔助駕駛、智慧座艙、圖靈晶片、實體智慧機器人和企業生產力工具。第二季度，我們在多個領域取得了重大進展，進一步印證了小鵬汽車全面向AI轉型已開始在全技術堆疊中取得初步成效的信念。

Some of our key AI capabilities are poised to create generational leadership within the industry in 2026. I'm confident that through the extensive application of our physical world foundation model and turing chips and vehicles, the global deployment of AI-powered vehicles and related policies along with the innovative advancement of humanoid robots XPeng will lead three growth curves and attain sustainable long-term high growth.

我們的一些關鍵人工智慧能力預計將在 2026 年在業界打造代際領導力。我相信，透過我們物理世界基礎模型和圖靈晶片及車輛的廣泛應用、人工智慧汽車的全球佈局和相關政策以及人形機器人的創新進步，小鵬汽車將引領三條成長曲線，實現可持續的長期高成長。

(interpreted) XPeng has actively embraced a strategy of the monetizing technology aimed at reducing various to advanced technology through innovative R&D and crafting products that resonate with users. These efforts makes premium technology accessible to all.

(解讀)小鵬汽車積極實踐技術貨幣化策略，旨在透過創新研發，將各種先進技術轉化為用戶喜愛的產品。這些努力使得所有人都能享受優質科技。

On May 28, we will launch the MONA M03 Max. The full performance position will debut during AI assisted driving in the RMB150,000 price sector for the first time. This innovation enables tech-savvy young consumers to experience top-tier intelligent features once exclusive to luxury vehicles without compromise, ensuring safe and smooth AI assisted driving.

5月28日，我們將推出MONA M03 Max。全性能版將在15萬元價位的AI輔助駕駛中首次亮相。這項創新使精通科技的年輕消費者能夠毫無妥協地體驗曾經專屬於豪華車的頂級智慧功能，確保安全、順暢的人工智慧輔助駕駛。

This launch represents a pivotal moment for AI democratization, we deem the automotive sector, shaking up the current landscape where smart urban driving and highway driving is limited to high-end models at premium price points and showcasing Chinese automakers groundbreaking innovations in physical world AI.

我們認為，此次發布代表著汽車行業人工智慧民主化的關鍵時刻，它將改變目前智慧城市駕駛和高速公路駕駛僅限於高端車型和高價位車型的格局，並展示中國汽車製造商在物理世界人工智慧方面的突破性創新。

(interpreted) In June, the G7 will make its debut to the public, and I'm confident that it will stand out as a highly competitive new product in the RMB 250,000 class SUV market. In Q3, we'll launch the new generation P7, a luxury sports coupe in the 300,000 R&D segment. In Q4, our Kunpeng super electric models will gradually begin mass production, realizing the one vehicle dual energy options approach. The Kunpeng Series aims to expand our reach to a wider consumer base, both domestically and internationally, unlocking substantial sales growth potential.

(解說)6月份，G7即將上市，我相信它一定會在25萬級SUV市場中脫穎而出，成為一款極具競爭力的新品。第三季度，我們將推出新一代P7，這是一款30萬研發價位段的豪華運動轎跑。四季度，我們的鯤鵬超級電動車型將逐步量產，實現一車雙能源選擇。鯤鵬系列旨在擴大我們的影響力，涵蓋更廣泛的國內外消費者群體，釋放巨大的銷售成長潛力。

(interpreted) XPeng's global expansion represents our second growth curve. We anticipate that our overseas business will experience rapid growth over the next three years, becoming a significant contributor to our sales and profit increase. In Q1 2025, overseas deliveries sorted by more than 31,700 year-over-year, solidifying our status as China's leading exporter of mid- to high-end new energy vehicles. During Q1, we opened over 40 new stores abroad, entering key markets such as the UK and Europe and Indonesia in Southeast Asia. As a global technology company, we strive to enhance localized R&D, manufacturing and services globally, establishing a unique mid- to high-end brands rooted in technological innovation.

（解讀）小鵬汽車的全球擴張代表了我們的第二個成長曲線。我們預計未來三年我們的海外業務將快速成長，成為我們銷售額和利潤成長的重要貢獻者。2025年第一季海外交付量年增逾3.17萬輛，鞏固中國中高階新能源車領先出口企業地位。第一季度，我們在海外新開店超過40家，進入英國、歐洲、東南亞印尼等重點市場。作為一家全球性的科技公司，我們致力於在全球範圍內加強在地化的研發、製造和服務，建立以技術創新為基礎的獨特中高端品牌。

(interpreted)Let me now give you an update on XPeng's AI development. 2025 signifies the launch of XPeng's full-scale implementation of the physical world foundation model in AI-powered vehicles, further extending our generational advantage. We have developed the most comprehensive and sophisticated full stack in-house R&D system with the highest potential in the industry, which includes the Hawkeye Pure Vision ADAS solution, self-developed high-performance Turing chips, ultra large-scale cloud-based foundation model, fully localized VI models, vehicle EEA architecture and physical simulation systems.

(翻譯)現在我向大家介紹小鵬汽車在人工智慧領域的進展。 2025年，標誌著小鵬汽車在人工智慧汽車上全面實施物理世界基礎模型，進一步延續我們的世代優勢。我們擁有業界最全面、最成熟、最具潛力的全端式自主研發體系，包括鷹眼Pure Vision ADAS解決方案、自主研發的高效能圖靈晶片、超大規模雲端基礎模型、完全在地化的VI模型、車輛EEA架構以及實體模擬系統。

This strengthens our strategy for advanced autonomous driving, establishing formidable competitive barriers. Moving forward, we'll expedite R&D efforts from L2+ assisted driving to L3 and L4 autonomous driving technologies, widening our generational lead.

這加強了我們先進的自動駕駛策略，建立了強大的競爭障礙。未來，我們將加速從L2+輔助駕駛向L3、L4自動駕駛技術的研發，擴大世代領先優勢。

(interpreted) Experience is the pioneer in China's automotive sector for implementing urban smart driving without depending on LIDAR. Our Hawkeye Pure Vision ADAS solution, although difficult to develop, greatly enhances the upper limit of safety and user experience. We improved the capacity parameters and inference frequency of our visual perception models, significantly reducing end-to-end latency for quicker and safer assisted driving.

(翻譯) Experience 是中國汽車產業在不依賴光達的情況下實現城市智慧駕駛的先驅。我們的鷹眼Pure Vision ADAS解決方案，雖然開發難度較大，但卻大大提升了安全性和使用者體驗的上限。我們改進了視覺感知模型的容量參數和推理頻率，顯著減少了端到端延遲，從而實現更快、更安全的輔助駕駛。

Our enhanced 360-degree environmental perception performs exceptionally well in intricate urban environment, including turns, u-turns and under adverse weather conditions, such as rain, snow or fog, enhancing both safety and driving experience. Furthermore, XPeng Hawkeye Pure Vision ADAS solution is ideally position for the global rollout of high-end autonomous driving and the shift from AI cars to advanced intelligent robots.

我們增強的360度環境感知在複雜的城市環境中表現出色，包括轉彎、掉頭以及雨、雪或霧等惡劣天氣條件下，可提高安全性和駕駛體驗。此外，小鵬鷹眼Pure Vision ADAS解決方案非常適合全球高端自動駕駛的推廣以及從人工智慧汽車到高階智慧機器人的轉變。

(interpreted) In my view, the crown of physical world AI lies in chips, models, data and infrastructure with chips as a dual. XPeng has been committed to in-house chip development since 2021. In 2024, our self-developed chips succeeded in its first tape-out.

(解讀)在我看來，物理世界人工智慧的王冠在晶片、模型、資料和基礎設施，而晶片是其二元結構。小鵬汽車自 2021 年起致力於自主晶片研發。2024年，自主研發晶片首次流片成功。

The Turing chip delivers 3 times to 7 times the effective compute power of mainstream automotive chips through full sec in-house development and closed-loop integration of hardware, software, compilers and model architecture. We maximize synergy between chips and AI models. Our dedication to chip R&D will not only deliver industry-leading in-vehicle computing power and models, but also elevate the efficiency and overall experience of XPeng's AI models.

圖靈晶片透過全自主研發，以及硬體、軟體、編譯器和模型架構的閉環集成，可提供主流汽車晶片3倍到7倍的有效運算能力。我們最大限度地發揮晶片和AI模型之間的協同作用。我們對於晶片研發的投入，不僅將帶來業界領先的車載算力和模型，更將提升小鵬AI模型的效率和整體體驗。

(interpreted) In the ecosystem of the physical world AI model, the benefits of the scale in law are becoming clear. XPeng is working on larger-scale cloud-based foundation models and edge fi models. Our physical well foundation model is the cloud that in the cloud has achieved 72 billion parameters to facilitate its training. We established the first 10,000 GPU-AI computing cluster in the Chinese automotive industry, maintaining an operational efficiency of over 90% throughout the year.

（解讀）在物理世界AI模型的生態系統中，法律規模的優勢正在顯現。小鵬汽車正在研發更大規模的雲端基礎模式和邊緣運算模式。我們的實體井基礎模型是雲端的，在雲端已經實現了720億個參數，方便它的訓練。建成中國汽車產業首個萬塊GPU-AI運算集群，全年維持90%以上的運作效率。

By the end of the year, our high-quality training data will expand to 200 million via that depicts various driving scenarios across the country. Powered by large computing resources and extensive data, our foundation model can understand the real world and execute complex reasoning similar to human capabilities.

今年底，我們的高品質訓練數據將擴展到2億條，涵蓋全國各種駕駛場景。在大量計算資源和大量數據的支持下，我們的基礎模型可以理解現實世界並執行類似於人類能力的複雜推理。

It will evolve through reinforcement learning to outperform seasoned human drivers, laying the groundwork for L3, L4 autonomy and autonomous driving and eventually acting as a universal model for all expanse physical AI terminals. We create edge models via knowledge distillation and pruning to align with in-vehicle computing power, leveraging the foundation models capabilities as much as possible to enable industry-leading inference on devices.

它將透過強化學習不斷進化，超越經驗豐富的人類駕駛員，為L3、L4自動駕駛奠定基礎，並最終成為所有擴展實體AI終端的通用模型。我們透過知識提煉和修剪來創建邊緣模型，以適應車載運算能力，盡可能利用基礎模型的能力，實現業界領先的設備推理。

(interpreted) To truly outperform traditional vehicles, AI power cars must possess true intelligence, integrated three core capabilities of the brain, cerebrum and the spinal cord. For XPeng's smart we are currently developing a multi-model large model that entirely functions locally on Turing chips. This advancement facilitates smarter voice interactions and a more personalized user experience and ensures smooth operation even in office conditions, significantly enhancing safety and global scalability. This will be China's first large model capable of fully localized multilingual interaction and VRA features in a cockpit, paving the way for rapid improvement in the vehicles intelligence.

(解讀) 人工智慧汽車要真正超越傳統汽車，必須具備真正的智能，整合大腦、大腦和脊髓三大核心能力。對於小鵬汽車的智能，我們目前正在開發一個完全在圖靈晶片上本地運行的多模型大模型。這項進步促進了更智慧的語音互動和更個人化的使用者體驗，並確保即使在辦公室條件下也能順利運行，從而顯著提高安全性和全球可擴展性。這將是中國首款能夠實現全本地化多語言互動及VRA座艙功能的大型車型，為車輛智慧化的快速提升奠定了基礎。

(interpreted) Our investments in AI vehicles also provide distinct advantages in humanoid robot R&D in China's robotics industry. The -- our fourth-generation robot, celebrated at the Shanghai Auto Show will soon be followed by a fifth generation model powered by Turing chips significantly enhancing on-device computing capabilities.

(翻譯) 我們在人工智慧汽車方面的投資也為中國機器人產業的人形機器人研發提供了獨特的優勢。我們在上海車展上推出的第四代機器人很快就會推出搭載圖靈晶片的第五代機器人，將大大增強設備運算能力。

XPeng's robot models will surpass traditional industry approaches such as small reinforcement learning models and from systems utilizing the BLA architecture of our physical foundation model and taking advantage of our existing cloud AI infrastructure to improve robotic intelligence as a type of embodied intelligence, humanoid robots will represent XPeng's third growth curve. We aim to launch industry-leading humanoid robots for industrial and commercial applications in 2026 and evolve rapidly through data from mass production scenarios.

小鵬的機器人模型將超越小型強化學習模型等傳統行業方法，並從利用我們物理基礎模型的BLA架構的系統，利用我們現有的雲端AI基礎設施來提升機器人智能作為一種具身智能，人形機器人將代表小鵬的第三條增長曲線。我們的目標是在2026年推出業界領先的工業和商業應用人形機器人，並透過量產場景的數據快速進化。

(interpreted) I'm optimistic that the robust growth momentum will carry on in 2025. In the second quarter, we'll finalize annual upgrades or consideration improvements for five models with second major models set to begin deliveries in the third quarter. For the second quarter, we estimate total vehicle deliveries to range from 102,000 to 108,000 units, reflecting a year-over-year increase of 237.7% to 257.5%.

(翻譯) 我樂觀地認為，強勁的成長動能將在 2025 年持續下去。在第二季度，我們將完成五款車型的年度升級或考慮改進，第二款主要車型將於第三季度開始交付。我們預計第二季汽車總交車量將在 10.2 萬輛至 10.8 萬輛之間，年增 237.7% 至 257.5%。

Revenue is expected to be between RMB17.5 billion to RMB18.7 billion, representing a year-over-year growth of 115.7% to 130.5%. I believe will not only meet our goal of more than doubling sales growth this year, but we'll also achieve profitability in Q4 and generate substantial free cash flow for the entire year.

預計營業收入在人民幣175億元至人民幣187億元之間，年增115.7%至130.5%。我相信我們不僅能實現今年銷售額成長一倍以上的目標，而且還能在第四季度實現盈利，並在全年產生大量的自由現金流。

With enhanced self-sustaining capabilities will drive ongoing breakthroughs in AI technology and product development.

增強的自主維持能力將推動人工智慧技術和產品開發的不斷突破。

(interpreted)Thank you, everyone. With that, I will now turn the call over to our VP of Finance, Mr. James, who will discuss our financial performance for the first quarter of 2025.

(翻譯)謝謝大家。現在，我將把電話轉給我們的財務副總裁詹姆斯先生，他將討論我們 2025 年第一季的財務表現。

Thank you Xiaopeng, Now let me provide a brief overview of our financial results for the first quarter of 2025. I'll reference RMB only in my discussion today, unless otherwise stated. Our total revenues were RMB15.81 billion for the first quarter of 2025, an increase of 141.5% year-over-year and a decrease of 1.8% quarter-over-quarter.

謝謝小鵬，現在我來簡單介紹一下我們2025年第一季的財務表現。除非另有說明，我今天的討論只會提到人民幣。2025年第一季度，我們的總營收為人民幣158.1億元，年增141.5%，季減1.8%。

Revenues from vehicle sales were RMB14.37 billion for the first quarter of 2025, an increase of 159.2% year-over-year and a decrease of 2.1% quarter-over-quarter. The year-over-year increase was mainly attributable to higher deliveries.

2025年第一季汽車銷售收入為人民幣143.7億元，年增159.2%，季減2.1%。同比增長主要歸因於交付量的增加。

Revenues from services and others were RMB1.44 billion for the first quarter of 2025, representing an increase of 43.6% year-over-year and an increase of 0.5% quarter-over-quarter. The year-over-year increase was mainly attributable to the increased revenues from technical R&D services related to the Volkswagen Group, repair and maintenance services and auto financing services.

2025年第一季服務及其他收入為人民幣14.4億元，年增43.6%，季增0.5%。年比成長主要得益於大眾汽車集團相關技術研發服務、維修保養服務以及汽車金融服務收入的成長。

Gross margin was 15.6% for the first quarter of 2025 compared with 12.9% for the same period of 2024 and 14.4% for the fourth quarter of 2024. Vehicle margin was 10.5% for the first quarter of 2025 compared with 5.5% for the same period of 2024 and 10% for the first quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the ongoing cost reduction and economies of scale driven by the increase in sales volume, partially offset by the inventory provision and losses on purchase commitment related to the upgrade of certain vehicle models.

2025 年第一季的毛利率為 15.6%，而 2024 年同期為 12.9%，2024 年第四季為 14.4%。2025 年第一季汽車利潤率為 10.5%，而 2024 年同期為 5.5%，2024 年第一季為 10%。年比成長和環比成長主要歸因於銷售成長帶來的持續成本降低和規模經濟效應，但被庫存撥備和某些車型升級相關的採購承諾損失部分抵消。

R&D expenses were RMB1.98 billion for the first quarter of 2025, representing an increase of 46.7% year-over-year and a decrease of 1.3% quarter-over-quarter. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the company expanded its product portfolio to support future growth.

2025年第一季研發費用為人民幣19.8億元，年增46.7%，季減1.3%。年比成長主要是由於公司擴大產品組合以支持未來成長，導致與新車型和技術開發相關的費用增加。

SG&A expenses were RMB1.95 billion for the first quarter of 2025, representing an increase of 40.2% year-over-year and a decrease of 14.5% quarter-over-quarter. The year-over-year increase was primarily attributable to the higher commissions paid to the franchise stores, driven by higher sales volume. The quarter-over-quarter decrease was mainly due to lower marketing and advertising expenses.

2025年第一季銷售、一般及行政費用為人民幣19.5億元，較去年同期成長40.2%，季減14.5%。年比成長主要歸因於銷售量增加，向特許經營店支付的佣金增加。環比下降主要是由於行銷和廣告費用的下降。

As a result of the foregoing, loss from operations was RMB1.04 billion for the first quarter of 2025 compared with RMB1.65 billion year-over-year and RMB1.56 billion quarter-over-quarter. Net loss was RMB0.66 billion for the first quarter of 2025 compared with RMB1.37 billion year-over-year and RMB1.33 billion quarter-over-quarter.

受上述因素影響，2025年第一季營業虧損為人民幣10.4億元，去年同期為人民幣16.5億元，季增15.6億元。2025年第一季淨虧損為人民幣6.6億元，去年同期為人民幣13.7億元，季增13.3億元。

As of March 31, 2025, our company had cash and cash equivalents, restricted cash, short-term investments and time deposits in total of RMB45.28 billion. To be mindful of the length of our earnings call, I would encourage listeners to refer to our earnings press release for more details on our first quarter 2025 financial results.

截至2025年3月31日，本公司現金及現金等價物、受限現金、短期投資及定期存款總額為人民幣452.8億元。為了注意我們的收益電話會議的長度，我鼓勵聽眾參考我們的收益新聞稿，以獲取有關我們 2025 年第一季財務業績的更多詳細資訊。

This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead.

我們的準備好的演講到此結束。我們現在開始提問。接線員，請繼續。

(Operator instructions)

（操作員指示）

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

(interpreted) So my first question is about the volume sales because expense has successfully kept monthly run rate about 30,000 units for six months in a row, outperforming EV startup here during the low season. Given the strong model pipeline that the CEO just mentioned, should we expect more significant sales jump in the following quarters? So just wanted to get more clarity on the upside? That's my first question. Thank you.

(翻譯) 所以我的第一個問題是關於銷量，因為費用已連續六個月成功地將月運行率保持在 30,000 輛左右，在淡季期間的表現優於這裡的電動汽車初創企業。鑑於執行長剛才提到的強大的車型陣容，我們是否應該期待接下來幾季的銷售額出現更顯著的成長？那麼只是想更清楚地了解其好處嗎？這是我的第一個問題。謝謝。

(interpreted) Thank you so much for your question. First of all, I think it is -- -- our performance in the past quarter definitely aligns with our overall strategy of long-term and steady development. And we are doing everything we can to make nations very comprehensively for our future long-term development.

（翻譯）非常感謝您的提問。首先，我認為－我們上個季度的表現絕對符合我們長期穩健發展的整體策略。我們正在盡一切努力使國家全面發展，以利於我們未來的長遠發展。

For Q2, we expect to actually have five upgraded versions or improvement face look versions, which may cause some changes in the market in the midterm or short term, but it will be very beneficial for the long-term development of the country -- but for the company. But I would like to actually highlight three things.

對於第二季度，我們預計實際上會有五個升級版本或改進的外觀版本，這可能會在中期或短期內導致市場發生一些變化，但對於國家的長期發展非常有利——但對於公司而言。但我實際上想強調三件事。

First of all, starting from Q3, you're going to see our momentum of launching your models even more aggressively going into 2026 and it's going to generate more deliveries. The second aspect is our AI capability and our R&D efforts being translated into AI performance on our cars and also our robots, which will allow us to maintain a leader in the industry and really widening our generational difference between ourselves and our competitors. The last aspect, something that I want everyone to pay attention to is our Kunpeng electric drive system, which also will go into -- is going to power our future lineup. Thank you.

首先，從第三季開始，您將看到我們在 2026 年推出車型的勢頭更加積極，並且將產生更多的交付量。第二個方面是我們的人工智慧能力和研發努力正在轉化為我們汽車和機器人的人工智慧性能，這將使我們保持行業領先地位，並真正擴大我們與競爭對手之間的代差。最後一個方面，我希望大家關注的是我們的鯤鵬電驅系統，它也將為我們未來的產品線提供動力。謝謝。

Yes, Tim, it's Brian. Let me just add to what mentioned. First of all, the steady performance we saw in the previous many months actually also reflects improved operation quality. For example, the first quarter usually are the low season for Chinese auto sales and we maintain still steady growth. And also the second quarter, despite many transitions we need to handle for our refreshments of products, we still see a very stable and steady delivery numbers.

是的，提姆，我是布萊恩。讓我補充一下上述內容。首先，前幾個月我們看到的穩定表現其實也反映了經營品質的提升。例如，第一季通常是中國汽車銷售的淡季，我們仍然保持穩定的成長。在第二季度，儘管我們需要處理許多產品更新的轉變，但我們仍然看到非常穩定的交付數量。

So those actually, I would say, representative of the operation quality that we have. Looking forward, we actually have very strong confidence that with now the many new launches, for example, the MONA Max by the end of this month.

所以我想說，這些實際上代表了我們的營運品質。展望未來，我們實際上非常有信心，隨著許多新產品的推出，例如本月底推出的 MONA Max。

And also the next couple of months with G6 -- G7 and P7 launches, all of them, we think, will be catalysts for further growth. So we believe that in the third quarter, we'll see continued growth in our delivery numbers and hitting historical highs again.

此外，未來幾個月 G6、G7 和 P7 的推出，我們認為，它們都將成為進一步成長的催化劑。因此我們相信，第三季我們的交付數量將繼續增長並再次創下歷史新高。

And another thing I think I want to also highlight is that also, you can look at the new models that we're introducing, those will represent products in higher-priced categories as well as with better profit -- gross profit margins. So this also introduced a very, I would say, favorable mix towards our overall product mix.

我想強調的另一件事是，您可以看看我們推出的新車型，它們代表著更高價格類別的產品，並且利潤更高——毛利率更高。因此，這也為我們的整體產品組合帶來了非常有利的組合。

And I'll have James comment on the.

我會讓詹姆斯對此發表評論。

Ming Lee, Bank of America.

美國銀行的李明（Ming Lee）。

(interpreted)So for your export business, could you give us the latest guidance for your growth in 2025? And among all the different regions, which area do you see a higher growth? And for the EU zone because they increased the tariff for the EV made in China since last year. So right now, what is your current strategy in this market? Thank you.

(翻譯)那麼，對於您的出口業務，您能否為我們提供2025年成長的最新指引？在所有不同地區中，您認為哪個地區的成長更快？對歐盟地區來說，他們從去年開始就提高了中國產電動車的關稅。那麼目前，您在這個市場上的策略是什麼？謝謝。

Hey, Ming, it's Brian. Let me address your question. Yes, indeed, we have seen a very strong international growth and also contribution to our results, both on the top line as well as on the bottom line. It is actually an area we actually are increasing our efforts with investments as well as our team focuses. I would say that this year, our continued focus will be on the European, Middle East and Southeast Asia, those three core regions. And also some of the regions we also have launched recently, for example, the UK, Indonesia as well as, I think, continued growth we are seeing across a number of the markets that we entered later last year.

嘿，明，我是布萊恩。讓我來回答你的問題。是的，我們確實看到了非常強勁的國際成長，並且對我們的業績做出了貢獻，無論是在營收方面還是在利潤方面。這實際上是我們正在加大投資力度以及團隊重點關注的領域。我想說，今年我們將繼續關注歐洲、中東和東南亞這三個核心地區。此外，我們最近開拓了一些地區，例如英國、印度尼西亞，而且我認為，我們在去年稍後進入的許多市場都呈現持續成長的勢頭。

So I would say these actually are showing pretty balanced overall growth, all reaching triple-digit growth, I would say, in the last quarter year-over-year. Going forward, I think we are continue going to expand to additional markets.

所以我想說，這些實際上顯示出相當均衡的整體成長，我想說，上個季度的年成長率都達到了三位數。展望未來，我認為我們將繼續擴展到更多市場。

We're looking at also some of the other regions that we currently doesn't have a focus yet, for example, Latin America as well as some other countries in the Asian region. The the issue on the tariff, I think, is something that we are very, very focused on. Clearly, it's having an impact on the profitability of our business, for example, in Europe.

我們也在關註一些我們目前尚未關注的其他地區，例如拉丁美洲以及亞洲地區的其他一些國家。我認為，關稅問題是我們非常關注的問題。顯然，這對我們業務的獲利能力產生了影響，例如在歐洲。

However, I think we are committed to build for the longer term. We are also looking at ways to reduce the impact of these tariffs through more collaboration with our partners, a change in product mix on the ground as well as potentially local investments that give us ability to navigate some of these tariff hits. So these are things that we are focusing at the moment. And I think if there's any further progress, we'll be definitely sharing with you as well as the community.

然而，我認為我們致力於長期建設。我們也正在尋找方法減少這些關稅的影響，透過與我們的合作夥伴進行更多的合作，改變當地的產品結構，以及潛在的本地投資，使我們能夠應對一些關稅衝擊。這些就是我們目前關注的事情。我認為如果有任何進一步的進展，我們一定會與您和社區分享。

(interpreted) So my second question is related to your Turing chip. So is well (inaudible) be the first model to use the Turing ship in your product portfolio. And then going forward, will all of your XPeng's branded EV models use Turing chips? And by using these chips, I believe you can reduce your cost, will you share the cost reduction benefit with your customers? Yes. So that's my question. Thank you.

（解釋）所以我的第二個問題與您的圖靈晶片有關。那麼（聽不清楚）是第一個在您的產品組合中使用圖靈晶片的模型。那麼未來你們小鵬汽車旗下的所有電動車款都會使用圖靈晶片嗎？而且透過使用這些晶片，我相信你們可以降低成本，你們會與客戶分享成本降低的效益嗎？是的。這就是我的問題。謝謝。

(interpreted) Thank you. This is Xiaopeng. Thank you for the question. Now when it comes to our Turing chip, the development of it has been going really, really well. Not only when it comes to the application of our cars, but also in upgrading our autonomous driving capability, in our cockpit and across a lot of our models. Currently, everything is going really well.

（翻譯）謝謝。我是小鵬。謝謝你的提問。現在說到我們的圖靈晶片，它的開發進展非常非常順利。這不僅體現在我們汽車的應用上，也體現在我們駕駛艙和許多車型的自動駕駛能力的升級上。目前，一切進展順利。

We have already -- we have already begun our production in second quarter this year, and we expect to must produce some more models supported or with the Turing chip in the third quarter of the year. Now when it comes to the mass production in a wider scale, we believe that it's going to happen very, very soon because with the development of our chip, we not only will be able to have a stronger and more competitive autonomous driving capability, but also stronger capabilities to support our other products.

我們已經——我們已經在今年第二季開始生產，我們預計在今年第三季必須生產更多支援或配備圖靈晶片的型號。現在說到更大範圍的量產，我們相信這很快就會實現，因為隨著我們晶片的發展，我們不僅能夠擁有更強大、更有競爭力的自動駕駛能力，而且還能擁有更強大的能力來支持我們的其他產品。

When it comes to the Turing chip itself, AI computing power right now, the effect of computing power is we are leading the industry because it's about 3 times to 7 times the chip computing power in mainstream edge AI chips, which is very, very competitive, and it's a huge step-up of the game. So when it comes to the Turing chip and how it helps us to go into the next level or next stage of the AI world, especially the physical AI world, we are going to leverage our physical world foundation model also our ex AI or in-vehicle AI model, which will be very, very capable and powerful to allow us to go into higher level or more advanced level of autonomous driving.

就圖靈晶片本身而言，目前的AI運算能力，運算能力的效果是，我們處於業界領先地位，因為它的晶片運算能力大約是主流邊緣AI晶片的3倍到7倍，這是非常非常有競爭力的，也是遊戲的一大進步。因此，當涉及圖靈晶片以及它如何幫助我們進入人工智慧世界的下一個層次或下一個階段，特別是物理人工智慧世界時，我們將利用我們的物理世界基礎模型以及我們的前人工智慧或車載人工智慧模型，它將非常非常強大，使我們能夠進入更高水平或更先進的自動駕駛水平。

We believe that in a very, very near future, we will be able to really showcase our generational lead in this regard. By that time, we're not going to talking about the human interference within the current, how many miles we're going to enter the next stage of autonomous driving. And that's when I believe we can really generate benefits and optimize our user experience for our consumers because by that time, we not only will launch our new models with higher and advanced autonomous driving capability, but also leveraging our smart cockpits and also localize our VLA capability, XPeng cars will definitely bring to you a completely new experience because our target of the company has always been democratizing high-end technology, we will bring benefits to all of the people and hope that everyone can get access to this fancy technology one day and as soon as possible and we believe that this new Turing chip can help us to do that. Thank you.

我們相信，在不久的將來，我們將能夠真正展示我們在這方面的領先優勢。到那時，我們將不再討論目前的人為幹擾，我們將進入自動駕駛的下一個階段多少英里。我相信，只有這樣，我們才能真正創造效益，並優化消費者的用戶體驗，因為到那時，我們不僅會推出具有更高、更先進的自動駕駛能力的新車型，而且還會利用我們的智慧座艙，並實現 VLA功能的在地化，小鵬汽車一定會為您帶來全新的體驗，因為我們公司的目標一直是使高端技術民主化，我們將為所有人帶來利益，並希望有一天每個人都能盡快使用這種奇特的技術，我們相信這款新的圖靈晶片可以幫助我們做到這一點。謝謝。

Thank you. That's all my question.

謝謝。這就是我全部的問題。

Ping Le Wu, Citic Securities.

吳平樂，中信證券。

(interpreted) Thank you for taking my question. And my first question is about MONA. MONA, I'm looking forward to the release of MONA next? And what is the rule of the MONA Series AI strategy? And what percentage share of MONA next is our target? Thank you.

（翻譯）感謝您回答我的問題。我的第一個問題是關於 MONA 的。MONA，期待下期的MONA發布嗎？那麼MONA系列AI策略的規則又是什麼呢？那麼我們下一步的目標是在 MONA 中佔有多大的份額呢？謝謝。

(interpreted) Thank you for the question. Now this is definitely a question that we're going to explore. We are also curious about that as well because when you look at the current market, when it comes to the market segment of RMB150,000, there no real implementation of end-to-end large models or the computing power of 500 tops and above. So these available cars are not the so-called full performance models. So we are very excited about MONA, and we are very curious about its penetration rate in the market.

（翻譯）感謝您的提問。這絕對是我們要探討的問題。我們對此也很好奇，因為當你看目前的市場時，當涉及到 150,000 元人民幣的細分市場時，還沒有真正實現端到端的大型模型或 500 台及以上的計算能力。所以這些在販售的車款並不是所謂的全性能車款。所以我們對 MONA 感到非常興奮，我們對它在市場上的滲透率非常好奇。

I definitely have very high for it because of our capability. And when you look at the -- look across the industry, even for cars between 150,000 to 200,000 currently, there's very, very rare so-called full performance version available in the market.

由於我們的能力，我對此絕對非常滿意。而當你觀察整個產業時，即使是目前售價在 15 萬到 20 萬之間的汽車，市場上也很少有所謂的全性能版本。

So what is the penetration rate going to be, 50%, 70%, we don't know. And -- but we are curious, and we'll try our best to achieve the maximum amount. Thank you.

那麼滲透率會是多少，50%還是70%，我們不知道。而且——但我們很好奇，我們會盡力實現最大數量。謝謝。

(interpreted) And also regarding the part of your question that is about our M03 and the MONA series, obviously, M03 was our first model of the whole MONA series. And in 2026, we can expect to see more models from this series.

（翻譯）另外關於你問題中有關我們的 M03 和 MONA 系列的部分，顯然，M03 是我們整個 MONA 系列的第一個型號。到 2026 年，我們有望看到該系列的更多車型。

And MONA as a series, it really caters for young people's taste, it looks cool and beautiful, provide this emotional value and connection with younger consumers. So we definitely can cater to that. We believe that after next year, you will be able to see full potential of this series, and it's going to be very impactful across the industry. Thank you.

而MONA作為一個系列，它確實迎合了年輕人的口味，它看起來很酷很漂亮，提供了這種情感價值並與年輕消費者建立了聯繫。所以我們肯定能夠滿足這一點。我們相信，明年之後，您將能夠看到該系列的全部潛力，並且它將對整個行業產生巨大影響。謝謝。

(interpreted) And my second question is about the research and development investment. And for 2025, to what percent to the of the R&D expense will be allocated to AI-related areas? Or to what or how much to the increase of the R&D expense will be allocated to AI-related areas? Thank you.

（譯）我的第二個問題是關於研發投資。到2025年，研發費用中有多少比例將分配給人工智慧相關領域？或者說新增的研發費用將以什麼或多少分配到人工智慧相關領域？謝謝。

Thank you. This is James. So I'll answer your question regarding the overall R&D expenses for this year. So if you look at our total R&D expenses in 2024, it's around RMB6.5 billion. In 2025, we have guided around RMB8.5 billion of full year R&D expense, and this remains unchanged. I would say the increased R&D expenses will -- a good amount of that will be spent on AI-related activities, and that would primarily help us to improve our computational capability on a cloud basis, that will both as Xiaopeng mentioned earlier, be applied on the AI vehicle, autonomous driving training as well as humanoid robot line as well.

謝謝。這是詹姆斯。因此，我將回答您關於今年整體研發費用的問題。因此，如果你看看我們2024年的總研發費用，它大約是人民幣65億元。2025年，我們預計全年研發費用約為85億元人民幣，數字維持不變。我想說增加的研發費用——其中很大一部分將用於與人工智慧相關的活動，這主要有助於我們提高雲端的運算能力，正如小鵬之前提到的，這將應用於人工智慧汽車、自動駕駛訓練以及人形機器人系列。

Obviously, there are other areas that we will continue to invest include smart cockpit equipped with local VLA features that will allow us to increase our capability on multi-language voice command, interaction function as well. And we should be able to also personalize our customer experience with more enhanced capability.

顯然，我們也將繼續投資其他領域，包括配備本地 VLA 功能的智慧駕駛艙，這將使我們能夠提高多語言語音命令和互動功能的能力。我們還應該能夠透過更強大的功能來個性化我們的客戶體驗。

Other than AI, obviously, we will continue to invest on a vehicle basis. As you know, we will have additional vehicle models that we launched this year and into 2026 as well to enhance our product portfolio, and that will help us to complete our portfolio in the long term.

除了人工智慧之外，顯然我們還將繼續在車輛方面進行投資。如您所知，我們將在今年和 2026 年推出更多車型，以增強我們的產品組合，這將有助於我們長期完善我們的產品組合。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

(interpreted)

（翻譯）

Bin, this is James. So let me clarify it. So in the first quarter, we did receive some level of, let's say, regulatory subsidies as well as tax rebates, tax handling fees, refunds, things like that. The recognition of those revenues is based on the actual receipt of the cash proceeds, which occurred in the first quarter.

賓，這是詹姆斯。所以讓我澄清一下。所以在第一季度，我們確實獲得了一定程度的監管補貼以及退稅、稅務手續費、退款等。這些收入的確認是基於第一季實際收到的現金收益。

Now this is -- in the nature of, I would say, cash collections into the next couple of quarters, I'm not sure we'll continue to be benefited from this type of revenue recognitions. So that is on the other income side. You also asked a question about the FX movement in the first quarter.

現在，我想說，就未來幾季的現金收款而言，我不確定我們是否會繼續受益於這種類型的收入確認。這是另一邊的收入。您也詢問了第一季外匯走勢。

This is primarily driven by our business in Europe. We have a pretty sizable I would say, deliveries, we actually delivered more than 10,000 units in Europe over the course of last year. And we are exposed to euro from a revenue perspective.

這主要得益於我們在歐洲的業務。我想說，我們的交付量相當大，去年我們在歐洲交付了超過 10,000 台。從收入角度來看，我們受到歐元的影響。

The strength in euro in the first quarter resulted in a portion of FX gain in the first quarter. But we've seen that to circle back a little bit in the recent months in April and May, but we'll continue to monitor that exposure and be able to control our exposure to euro and not to ensure that FX impact through our exposure is not a surprise going forward. Thank you.

第一季歐元走強，帶來部分外匯收益。但我們發現，在最近幾個月（4 月和 5 月）這種狀況有所回落，但我們將繼續監控這種風險敞口，並能夠控制我們對歐元的風險敞口，並確保透過我們的風險敞口產生的外匯影響不會在未來造成意外。謝謝。

(interpreted) The second question is about the second quarter margin guidance. I seem that you have better product mix in the second quarter because it happened smaller proportion MONA (inaudible) can you provide guidance for the second quarter ASP and gross margin? Thank you.

（翻譯）第二個問題是關於第二季利潤率指引。我感覺第二季的產品組合更好，因為發生的比例較小 MONA（聽不清楚）您能否為第二季的 ASP 和毛利率提供指導？謝謝。

Sure. This is James again. From a gross margin perspective -- so first of all, I think we've observed we have achieved a seven consecutive months vehicle margin improvement. This is primarily due to our cost reduction efforts as well as achievement of certain levels of economies of scale. And then looking into Q2 and beyond, what I would say is there are still several areas we see that can help us further improve our vehicle margin.

當然。這又是詹姆斯。從毛利率的角度來看 - 首先，我認為我們已經觀察到我們已經實現了連續七個月的汽車利潤率提高。這主要歸功於我們努力降低成本以及實現一定程度的規模經濟。展望第二季及以後，我想說的是，我們仍然看到幾個領域可以幫助我們進一步提高汽車利潤率。

The first is continue the product mix, as you mentioned, as we introduce new models, even with the model year changes on G6 and G9, we've seen healthier margin compared to the old models. And this in line will also help us to further higher our average sales price. What I would say is the ASP you've seen in first quarter is probably the lowest throughout the year.

首先是繼續產品組合，正如您所說，隨著我們推出新車型，即使 G6 和 G9 的車型年份發生變化，與舊車型相比，我們的利潤率更高。這也將幫助我們進一步提高平均銷售價格。我想說的是，第一季的平均售價可能是全年最低的。

We will continue to sell better product mix to help us increase average sales price in the following quarters into 2025. The other thing that we continue to see is the mature cost reduction through our supply chain optimization.

我們將繼續銷售更好的產品組合，以幫助我們在 2025 年接下來的幾季提高平均銷售價格。我們繼續看到的另一件事是透過供應鏈優化來實現成本的成熟降低。

And then lastly, based on the volume projection and higher volume potentials in the third and fourth quarter, we should be able to achieve higher scale, which will help us to lower allocations and improved vehicle margins as well.

最後，基於第三季和第四季的銷售預測和更高的銷售潛力，我們應該能夠實現更大的規模，這將有助於我們降低配置並提高汽車利潤率。

So with all of that, we are pretty confident at this point that going into second half and into Q4, we believe that our total company gross margin should be able to get close to the high teens level to support us eventually achieve profitability in Q4 as we communicated earlier. Thank you.

因此，綜合以上所有因素，我們現在非常有信心，進入下半年和第四季度，我們相信公司整體毛利率應該能夠接近十幾歲的高位水平，以支持我們最終在第四季度實現盈利，正如我們之前所說的那樣。謝謝。

Thank you very much.

非常感謝。

Johnson Wan, Jefferies.

約翰遜·萬（Johnson Wan），傑富瑞集團（Jefferies）。

(interpreted) My question is regarding the humanoid robot. We noticed that iron has received a lot of attention at the Shanghai Auto Show. How are we going to leverage our existing know-how from autonomous driving to robotics? What are the advantages of our products? And also, do we have a specific goal for the mass production of humanoid robot products? Thank you.

(翻譯)我的問題是關於人形機器人的。我們注意到，在本次上海車展上，鐵藝受到了極大的關注。我們將如何利用現有的從自動駕駛到機器人的技術？我們的產品有哪些優勢？另外，對於人形機器人產品的量產，我們有沒有一個具體的目標？謝謝。

(interpreted) Thank you. So basically, robots or robotics -- robots development, they are operating as an independent center within the company, but it leverages our overall in-house full stack R&D capability. For example, the EEA of our robots are being developed by the EEA team of autonomous driving of our car department.

（翻譯）謝謝。所以基本上，機器人或機器人技術——機器人開發，它們作為公司內部的獨立中心運作，但它利用了我們整體內部的全端研發能力。例如我們機器人的EEA就是我們汽車部門自動駕駛的EEA團隊在開發的。

And also the joints within the humanoid robot are being developed by our powertrain team, XPeng Motors and also the other parts, for example, the spinal cord of humanoid robot, the cerebellum, which is the larger brain of the humanoid robot, I mean everything combined is being developed by both the robotic team but -- and also our autonomous driving intelligent driving team.

而且人形機器人內的關節是由我們的動力總成團隊、小鵬汽車開發的，其他部分，例如人形機器人的脊髓、小腦（人形機器人的大腦），我的意思是所有結合起來的東西都是由機器人團隊和我們的自動駕駛智慧駕駛團隊開發的。

So I would say, well, in addition to that, also our chips, we leveraged the Turing chip capability when it comes to developing our iron or humanoid robot. So I would say 70% of the development among our humanoid robots are coming from the same source as autonomous driving, our cars.

所以我想說，除此之外，還有我們的晶片，我們在開發鐵或人形機器人時利用了圖靈晶片的功能。所以我想說，我們人形機器人 70% 的開發都來自與自動駕駛相同的來源，也就是我們的汽車。

Now obviously, overall, these are two different products. They have different metrics. And so they do have different differences when it comes to their capabilities and features and form factors. So there are differences.

顯然，總體而言，這是兩種不同的產品。他們有不同的指標。因此，就其功能、特性和外形而言，它們確實存在不同的差異。所以存在差異。

(interpreted) I think XPeng is very different from other humanoid robots or robotics company. First of all, we are data-driven. We redefine how we should build a humanoid robot. Also, we have chips that we're developing in-house, the operating system, we can develop in-house, and we also have full stack development capability of our hardware and software. From that point of view, we are really guided by a super strong coupling capability to do things, especially when it comes to developing new products such as humanoid robot.

(翻譯)我認為小鵬汽車與其他人形機器人或機器人公司有很大不同。首先，我們以數據為驅動。我們重新定義如何製造人形機器人。此外，我們有內部開發的晶片、作業系統，我們可以內部開發，我們還擁有硬體和軟體的全端開發能力。從這個角度來說，我們確實是以超強的耦合能力來引導做事情的，特別是在開發像人形機器人這樣的新產品的時候。

So we expect to actually, by 2026, going into certain percentage of mass production capacity and can quickly going into -- can quickly enter a stage of OTA iteration. We also expect to actually bring -- reinforce some very surprising and brand new innovative products to the market, which will look very different from what we can see right now available in the market. Thank you.

因此，我們預計到 2026 年，將達到一定比例的量產能力，並能快速進入 OTA 迭代階段。我們也希望真正為市場帶來一些非常令人驚訝的全新創新產品，這些產品與我們目前在市場上看到的產品非常不同。謝謝。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Lou Jia, BOCI.

樓嘉，中銀國際。

(interpreted) My first question is regarding the vehicle margin in Q1. As we see that vehicle margin is negatively impacted by some inventory provision and loss on purchase commitments related to some old models. Wondering if excluding this with our core vehicle margin campaign in future, if this impact will persist. (spoken in foreign language).

(翻譯)我的第一個問題是關於第一季的車輛利潤率。我們看到，一些庫存撥備和一些舊車型的購買承諾損失對車輛利潤率產生了負面影響。想知道如果我們在未來的核心車輛利潤活動中將其排除在外，這種影響是否會持續存在。（用外語說）。

So we will answer your first question first. Thank you.

因此我們將首先回答您的第一個問題。謝謝。

This is James. So yes, we do recognize some level of purchase commitments as we change some of our models. One of the things you probably have seen from the media is that we have reviewed the very next generation of P7, which the outlook design has received very well feedback from the market. So that's part of the recognition that we have done in the first quarter around the current generation of P7. We also have recently launched changes for G6 and G9.

這是詹姆斯。所以是的，當我們改變一些模型時，我們確實認識到一定程度的購買承諾。大家可能已經從媒體上看到，我們評測了下一代P7，其外觀設計得到了市場的一致好評。這是我們在第一季對當前一代 P7 所做出的認可的一部分。我們最近也針對 G6 和 G9 推出了變更。

These have been included in the purchase commitments as well. Overall, I would say the impact of these in the scheme of things is relatively small. It doesn't change the overall trend of our margin improvement for the past seven consecutive months. What I would say is looking into the next couple of quarters in 2025, I wouldn't expect the purchase commitments related to our model changes is going to be significant. So you can take that as in your consideration.

這些也已包含在購買承諾中。總的來說，我認為這些對事物整體的影響相對較小。這並沒有改變我們過去連續七個月利潤率提高的整體趨勢。我想說的是，展望 2025 年接下來的幾個季度，我預計與我們的模型變化相關的購買承諾不會很大。所以你可以將其視為你的考慮因素。

What I would focus is, as I mentioned earlier, our vehicle margin, given our continued cost reduction, continued climbing of higher economy of scale as well as the product mix improvement, we forecast vehicle margin to steady growth in the following quarters in 2025. Thank you.

我重點關注的是，正如我之前提到的，鑑於我們持續降低成本、持續提升規模經濟效益以及產品組合改善，我們預測 2025 年接下來幾季汽車利潤率將穩定成長。謝謝。

(interpreted) So my second question is that looking forward into second half of the year, we will go upscale again by launching more high-priced models, how management get prepared for our primarization? Thank you.

(翻譯) 我的第二個問題是，展望下半年，我們將再次走向高端，推出更多高價位車型，管理層如何為我們的初級化做好準備？謝謝。

(interpreted) Thank you for the question. This is Xiaopeng. When it comes to our targeted market segment, I would say our current line of basically feature around RMB100,000 to RMB 400,000 in which MONA is around RMB100,000 to RMB200,000. But basically, across RMB180,000 to RMB500,000 will all be our target market segment.

（翻譯）感謝您的提問。我是小鵬。說到我們的目標市場，我想說我們目前的產品線基本上集中在人民幣10萬到人民幣40萬元左右，MONA的價格在人民幣10萬到人民幣20萬元左右。但基本上18萬到50萬都是我們的目標市場。

So starting from Q3 going into 2026, you can expect to actually see a lot of our new product launch that actually have brand-new capabilities across not only the the design of the car, but also the smart cockpit, overall autonomous driving capability.

因此，從 2026 年第三季開始，您可以期待看到我們推出的許多新產品，這些產品不僅在汽車設計方面具有全新的功能，而且在智慧駕駛艙、整體自動駕駛能力方面也具有全新的功能。

And people will be surprised. And I think a lot of people are going to really love our new launches. And so for example, as you can see from our brand-new P7 and also going -- which will be launched in Q3, we are going to actually integrate new capabilities when it comes to the whole vehicle, the powertrain, the architecture, the smart cockpit and also the craftsmanship.

人們將會感到驚訝。我認為很多人會非常喜歡我們推出的新產品。舉例來說，正如您從我們全新的 P7 以及即將於第三季度推出的車型中看到的那樣，我們將在整車、動力系統、架構、智慧駕駛艙以及工藝方面融入新的功能。

I think all of these areas are something that we're going to focus on in the coming three years. and we believe such an improvement in overhaul of our capability being reflected in our lineup will showcase how great a company XPeng really is.

我認為所有這些領域都是我們在未來三年要關注的重點。我們相信，我們產品線中體現出的這種能力的提升將展示出小鵬汽車是一家多麼偉大的公司。

Also, from our cash performance in recent months and quarters, you can also see that these improvements have been well accepted by the market. And we believe that no matter what price segments that we are targeting in, we are very confident of going into at least the top three, if not the top one, about selling models. In the future, we also are going to launch not only BEV models, but also electric or dual energy vehicles as well. So we're very confident going into our premium market segment. Thank you.

另外，從我們最近幾個月和幾季的現金表現來看，您也可以看到這些改進已被市場所接受。我們相信，無論我們瞄準哪個價格段，我們都非常有信心進入銷售前三名，甚至第一名。未來我們不僅會推出純電動車，還會推出電動或雙能源車。因此，我們對進入高端市場領域非常有信心。謝謝。

Nick Lai, JPMorgan.

摩根大通的 Nick Lai。

(interpreted) My first question is pretty simple. It is an too, we saw quite a few points in particular from Japan to launching what they call in China for China with localized supplier, local cost and a very competitive price. And we spoke Toyota, Honda in the past few days, and they indicate that in China in the next few years, they're going to launch a few more such products. So I'm curious to understand from XPeng's standpoint, how should we see the competition dynamic maybe from here?

（翻譯）我的第一個問題很簡單。我們也看到了不少來自日本的點，他們在中國推出了所謂的「為中國而生」的產品，擁有本地化的供應商、本地化的成本和極具競爭力的價格。過去幾天我們與豐田、本田進行了交談，他們表示未來幾年將在中國推出更多此類產品。所以我很好奇，從小鵬汽車的角度來看，我們該如何看待目前的競爭動態？

(interpreted) Thank you. Yes, we also observed the same trends from the market. I think competition are getting more and more aggressive from not only domestically, but also internationally as well. I think this is something that we will continue to see, and it's something that is destined to happen. But we're very firm on our position, which is technology company -- sorry, carmakers will need to have their technological capability in order to win in such a competition.

（翻譯）謝謝。是的，我們也從市場上觀察到了同樣的趨勢。我認為競爭不僅來自國內，而且來自國際的競爭也越來越激烈。我認為這是我們將繼續看到的事情，也是注定要發生的事情。但我們對我們的立場非常堅定，那就是科技公司——抱歉，汽車製造商需要擁有自己的技術能力才能在這樣的競爭中獲勝。

And there will be more and more impact on the market when you have a more powerful technological element, whereas your manufacturing capability or capacity will matter less and less. And also another trend that I want to highlight here is that automakers are going to sort of convert from an integrated R&D format to a model of maybe a single direction full spec R&D of all resources to multi aspects fusion integrated R&D capability.

當你擁有更強大的技術要素時，對市場的影響就會越來越大，而你的製造能力或產能就會越來越不重要。我還想強調的另一個趨勢是，汽車製造商將從綜合研發模式轉變為一種模式，即從單一方向的全方位研發模式轉變為多方面融合的綜合研發能力模式。

And I think it will take time to happen. But we are pretty assured that it's going to take place. So ultimately, no matter how good your sales and marketing teams are doing, you need to be able to deliver the products that popular and that resonates with the customers and fulfill user demands. So we are very happy to see a lot of companies are changing their traditional way of doing things.

我認為這需要時間。但我們非常確信它會發生。因此，最終，無論您的銷售和行銷團隊表現多麼出色，您都需要能夠提供受歡迎、引起客戶共鳴並滿足用戶需求的產品。因此，我們很高興看到許多公司正在改變其傳統的做事方式。

We are learning from them. We believe that they are learning something from us as well. And I think during this process, we also are able to change ourselves into -- from the full stack R&D kind of way of doing research and development to a fusion integrated R&D ecosystem, entering a matrix of different R&D aspects. We believe that it will allow us become even stronger than logically. And by that time, integrated companies with only integrated R&D capability are going to struggle, especially in the mid- to long-term competition. Thank you.

我們正在向他們學習。我們相信他們也從我們身上學到了一些東西。我認為在這個過程中，我們也能夠從全端研發的方式轉變為融合整合研發發展態系統，進入不同研發方面的矩陣。我們相信，它將使我們變得比邏輯上更強大。到那時，僅具有綜合研發能力的綜合型公司將會陷入困境，尤其是在中長期競爭中。謝謝。

(interpreted) My second question is a really quick update on our partnership with BW. We sold major model on any very quick update on milestone that share can share with us. Thanks.

(翻譯) 我的第二個問題是簡單介紹一下我們與 BW 的合作關係。我們銷售的主要模型對任何里程碑的非常快速的更新都可以與我們分享。謝謝。

Hi, Nick, it's Charles. I think the collaboration with Volkswagen has progressed at a very fast speed. And so far, we meet every milestone, and we are currently probably less than one year to SOP of some of our products.

嗨，尼克，我是查爾斯。我認為與大眾的合作進展非常快。到目前為止，我們已經實現了每一個里程碑，目前我們距離某些產品的 SOP 可能還不到一年的時間。

And yes, as you rightly pointed out, I think that our partner, Volkswagen unveiled some of the models, for example, one model based on our G9 platform. And also there are multiple models that will be based on the architecture that we are jointly developing.

是的，正如您正確指出的那樣，我認為我們的合作夥伴大眾汽車推出了一些車型，例如基於我們的 G9 平台的一款車型。並且還有多個模型將基於我們共同開發的架構。

So I think that all these models will start to come to market starting from early next year. So, so far, I think that -- I think the -- we are meeting all the milestones. And I think looking forward, I think that we continue, will work with our partner to jointly develop more products. And also we are also exploring potential new opportunities that can bring win-win value to our partnership.

所以我認為所有這些型號將從明年年初開始上市。所以，到目前為止，我認為——我認為——我們正在實現所有里程碑。我認為展望未來，我們將繼續與我們的合作夥伴共同開發更多產品。同時，我們也在探索可以為我們的合作帶來雙贏價值的潛在新機會。

Thank you. That does conclude our question and answer session. Now I'd like to turn over the call to the company for closing remarks.

謝謝。我們的問答環節到此結束。現在我想將電話轉給公司做最後發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact Xpeng investor relations through the contact information provided on our website or the (inaudible) and financial communications.

再次感謝您今天加入我們。如果您還有其他問題，請隨時透過我們網站上提供的聯絡資訊或（聽不清楚）和財務通訊聯絡小鵬投資者關係部。

This concludes today's conference call. You may not disconnect your line. Thank you.

今天的電話會議到此結束。您不能斷開您的線路。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助本次活動的公司提供