Xpeng Inc (XPEV) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen, thank you for standing by for the second-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 年第二季財報電話會議。 （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 second-quarter 2025 earnings conference call. Our financial and operating results were issued by our 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.xiaopeng.com.

謝謝。大家好，歡迎參加小鵬汽車2025年第二季財報電話會議。我們的財務和經營結果已於今天早些時候由我們的新聞專線服務發布，並可在網上查閱。您也可以造訪我們網站 ir.xiaopeng.com 的 IR 部分查看收益新聞稿。

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

參加今天電話會議的管理團隊成員包括我們的共同創辦人、董事長兼執行長何小鵬、副董事長兼總裁顧博文博士、企業財務和大眾項目副總裁張朝陽先生、財務會計副總裁吳建民先生和我本人。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網站的 IR 部分提供。

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. As such, the company's results may be materially different from the views expressed today.

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。因此，該公司的業績可能與今天表達的觀點有重大差異。

Further information regarding these and other risks and uncertainties is included in the public filings of the company as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update forward-looking statements except as required under applicable law.

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公開文件中。除適用法律要求外，本公司不承擔更新前瞻性聲明的任何義務。

Please also note that XPeng's earnings press release and this conference call 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披露了未經審計的 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, please 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，請繼續。

(spoken in foreign language)

（用外語說）

(interpreted) Hello, everyone. In Q2 2025, we achieved a record high performance across our core business and financial metrics, including deliveries, revenues, gross profit margin and cash plan. During this quarter, our deliveries reached 103,181 units, a 242% increase year-over-year. The MONA M03 marks immediately became a best December upon launch.

（譯）大家好。2025 年第二季度，我們的核心業務和財務指標（包括交付量、收入、毛利率和現金計劃）均創下了歷史新高。本季度，我們的交付量達到103,181輛，年增242％。MONA M03 品牌一推出便迅速成為 12 月最佳品牌。

Accounting for over 80% of total MONA M03 sales and leading the way in bringing high-level other technology to the mass market. Despite the intense price competition, we remain focused on steady long-term sustainable growth. Prioritizing scaling up whilst continuously strengthening the foundation of systems.

佔 MONA M03 總銷量的 80% 以上，並引領將高水準的其他技術引入大眾市場。儘管價格競爭激烈，我們仍然專注於長期穩定的可持續成長。優先擴大規模，同時不斷加強系統基礎。

Our vehicle gross margin increased 3.8 percentage points quarter-over-quarter to 14.3%, marking the eighth consecutive quarter of improvement and rate in the company's overall gross margin to 17.3%. Net losses are narrowing further. Free cash flow in Q2 exceeded RMB2 billion and total cash on hand at the end of quarter supported RMB47.5 billion.

我們的汽車毛利率較上季上升3.8個百分點至14.3%，標誌著公司整體毛利率連續第八個季度提高，並達到17.3%。淨虧損進一步收窄。第二季自由現金流超過20億元人民幣，季末現金總額達475億元。

(spoken in foreign language)

（用外語說）

(interpreted) In July, we launched the G7, our first model featuring in-house developed a touring AI SoC. Over the past four weeks, it has become the top among its competitors. With the auto treatment making up over 50% of sales. The Max Ultra experience marks a new phase in high-level ADAS in the industry. Our Kunpeng Super Electric models will begin mass production in Q4 (inaudible) us to fully upgrade to a generation technology platform with intelligence and the new vehicle dual energy system by 2025.

(翻譯) 7 月，我們推出了 G7，這是我們第一款採用內部開發的旅行 AI SoC 的車型。在過去的四周裡，它已經成為競爭對手中的佼佼者。其中汽車護理佔銷售額的50%以上。Max Ultra的體驗標誌著業界高級ADAS進入了一個新階段。我們的鯤鵬超級電動車型將於第四季開始量產（聽不清楚），到2025年，我們將全面升級到具有智慧化和新型車輛雙能源系統的新一代技術平台。

This platform will include vision-based ADAS, advanced AI models, the Turing AI SoC, 5G ultra-fast charging battery (inaudible) and the Kunpeng Super Electric system. These innovations will give us a generational lead, allowing for greater modularity, better supply chain management and scalability during our product cycle over the next two years, boosting our sales growth.

該平台將包括基於視覺的ADAS、先進的AI模型、圖靈AI SoC、5G超快速充電電池（聽不清楚）和鯕鵬超級電動系統。這些創新將使我們在未來兩年的產品週期中保持領先地位，實現更高的模組化、更好的供應鏈管理和可擴展性，從而促進我們的銷售成長。

(spoken in foreign language)

（用外語說）

(interpreted) The rate for AI-powered vehicles will continue indefinitely. To succeed, I aim to strengthen the company's core capabilities in four key areas. First, focusing on technology leadership by developing AI capabilities in the physical world across all domains. This includes full stack sales development within specific vertical areas and cross-domain integration.

（解釋）人工智慧汽車的利率將無限期地持續下去。為了取得成功，我的目標是在四個關鍵領域中加強公司的核心能力。首先，專注於技術領先，開發各領域物理世界的人工智慧能力。這包括特定垂直領域內的全端銷售開發和跨領域整合。

In vertical areas, we are dedicated to enhancing design, AI and quality. Second, building organizational strength by attracting and retaining top talent suited to each role in world-class management practices, along with automated tools. Starting with [CEO] we will leverage AI to optimize the management, R&D and collaboration, maximizing organizational compounding effect.

在垂直領域，我們致力於提升設計、人工智慧和品質。第二，透過吸引和留住適合各個角色的頂尖人才，運用世界級的管理實務和自動化工具來增強組織實力。從[CEO]開始，我們將利用AI來優化管理、研發和協作，最大化組織複合效應。

The third focus is exiting in commercialization. Shifting from creating user-centric products to developing commercially successful products and establishing a strong brand, while reducing cost and increasing profitability. Lastly, our globalization approach is unique. Having integrated global market needs into our product planning years ago, we attracted international users with a superior technology and quality to long-term growth with patients.

第三個重點是商業化退出。從創造以用戶為中心的產品轉向開發商業上成功的產品並建立強大的品牌，同時降低成本並提高獲利能力。最後，我們的全球化方法是獨一無二的。我們多年前就將全球市場需求融入產品規劃中，以卓越的技術和品質吸引國際用戶，與患者共同成長。

(spoken in foreign language)

（用外語說）

(interpreted) Next week, the all-new XPeng P7 or premium intelligent sports sedan in the RMB300,000 price range will be officially launched. The P7 reflects our innovative spirit and core values, showcasing the exceptional design and advanced technology can set market trends rather than following them.

(解說)下週，30萬元等級高階智慧運動轎車－全新小鵬P7將正式上市。P7 體現了我們的創新精神和核心價值觀，展示了卓越的設計和先進的技術可以引領市場潮流而不是追隨潮流。

With its distinctive style troughing performance and generation ahead leading AI technology, the P7 is the ideal vehicle for younger consumers. It highlights XPeng's future design approach for all models following P7, combining top-tier technology with superior aesthetics. We are investing more strategically in our styling team to ensure future models deliver innovative, emotionally impactful designs.

P7 憑藉其獨特的風格、卓越的性能和領先一代的人工智慧技術，成為年輕消費者的理想汽車。它凸顯了小鵬汽車未來在 P7 之後所有車型上的設計思路，​​將頂級技術與卓越美學相結合。我們正在對造型團隊進行更具策略性的投資，以確保未來的車型能提供創新且具有情感衝擊力的設計。

Since its debut, user interest has vastly exceeded expectations with presales orders surpassing all previous XPeng models during the same period, I anticipate the new P7 will rank among the top 3 best-selling pure electric sedans in the sub-RMB300,000 segment. With deliveries of the new P7, we aim for monthly sales to steadily surpass 40,000 units starting in September.

自上市以來，用戶關注度遠超預期，預售訂單量超越同期所有小鵬車型，預計新款P7將躋身30萬元以下純電動轎車銷量前三名。隨著新款P7的交付，我們的目標是從9月開始，每月銷售量穩定突破4萬輛。

(spoken in foreign language)

（用外語說）

(interpreted) In Q4, we will introduce the X9 Kunpeng Super Electric edition. Our inaugural Kunpeng Super Electric vehicle marking the beginning of our one vehicle dual energy era with over 450 kilometers of a pure electric range in a combined range surpassing 1,500 kilometers, this model will lead in range within its category. Moving forward, we plan to launch several more super electric models. Each offering top-tier pure electric range and a 5G ultra-fast charging capabilities that exceed those of comparable NEVs on the market.

(翻譯) 第四季度，我們將推出X9鯕鵬超級電動版。我們首款鯕鵬超級電動車的推出，標誌著我們一車雙能源時代的開始，純電續航里程超過 450 公里，綜合續航里程超過 1,500 公里，該車型的續航里程將在同級別車型中處於領先地位。未來我們計劃推出更多超級電動車款。每款車型均提供頂級純電續航里程和 5G 超快速充電功能，超越市場上同類新能源車。

(spoken in foreign language)

（用外語說）

What distinguishes us from automakers and software companies is our decade-long delegation to full stack in-house development of core hardware and software technologies. This commitment has enabled us to co-develop high-performance AI chips and foundational models for the physical world, achieving true cross-domain integration and speeding up iterations through extensive data sets and computing infrastructure, ultimately leading to AI super agents operating in the physical world.

我們與汽車製造商和軟體公司的區別在於，我們十年來一直致力於核心硬體和軟體技術的全端內部開發。這項承諾使我們能夠共同開發高性能人工智慧晶片和物理世界的基礎模型，實現真正的跨領域集成，並透過廣泛的數據集和計算基礎設施加速迭代，最終實現在物理世界中運行的人工智慧超級代理。

Beginning with the XPeng G7 and P7 launches in Q3, we are leading the way in Level 3 -- in L3 level computing power. All ultra trends across our entire model lineup will feature the three in-house developed Turing AI SoCs providing a total computing power of 2,250 tops. This positions us as the global leader among mass-produced vehicles with over 3 times the computing power of our latest flagship competitors.

從第三季推出的小鵬G7和P7開始，我們在L3級算力方面處於領先地位。我們整個車型系列的所有超級趨勢都將採用三個內部開發的 Turing AI SoC，總運算能力可達 2,250 頂峰。這使我們成為量產車領域的全球領導者，其運算能力是我們最新旗艦競爭對手的三倍以上。

These ultra trims also include in-vehicle VLA plus VRM models. Driven by Turing AI SoCs, the scale of our in-vehicle models will increase by an order of magnitude, reaching billions of parameters with VLA models running at twice the frame rate of competitors, truly exemplifying smarter grain, agile control and elevating the safety and the user experience of ADAS.

這些超級裝飾還包括車載 VLA 加 VRM 模型。在圖靈AI SoC的驅動下，我們的車載模型規模將提升一個數量級，達到數十億個參數，VLA模型的運行幀率是競爭對手的兩倍，真正體現出更智能的粒度、更敏捷的控制，提升ADAS的安全性和用戶體驗。

(spoken in foreign language)

（用外語說）

(interpreted) I expect the XPeng's VLA plus VRM to become the safest driver and the most attentive smart assistant for users, simplifying and enhancing travel. We plan to roll out the initial VLA model to G7 ultra owners soon with rapid OTA updates over the coming months. Over 18 months, our touring SoC powered VLA is expected to outperform industry mainstream urban ADAS solutions by over 10 times.

(解讀)期待小鵬汽車的VLA+VRM成為使用者最安全的駕駛者與最貼心的智慧助手，讓出遊更便捷、更便捷。我們計劃很快向 G7 ultra 車主推出初始 VLA 車型，並在未來幾個月內進行快速 OTA 更新。在未來 18 個月內，我們基於巡航 SoC 驅動的 VLA 的性能預計將比行業主流城市 ADAS 解決方案高出 10 倍以上。

We aim to meet supermised L3 safety, coverage and user experience, marking a generational lead. Our L4 capable vehicles are scheduled for mass production in 2026, with pilot robotaxi services launching in selected regions. Although aftermarket retrofit enable L4 in some vehicles, no month produced models that currently have OEM integrated L4 hardware and software, a gap XPeng aims to fill in China.

我們的目標是滿足超級L3安全性、覆蓋範圍和用戶體驗，標誌著一代人的領先。我們的 L4 級車輛計劃於 2026 年實現量產，並在部分地區推出試點自動駕駛計程車服務。儘管售後改裝使部分車輛能夠達到 L4 級別，但目前還沒有哪款車型配備原廠集成的 L4 硬體和軟體，而小鵬汽車的目標是填補中國的這一空白。

In addition, our latest humanoid robots also have made promising advancements. With our Turing SoC, VLA and VLM, we are quickly moving towards a mass-produced version featuring initial L4 capabilities in robotics and we are actively preparing for mass production in the second half of 2026. During XPeng AI Tech Day, I will unveil the new generation of robots to everyone.

此外，我們最新的人形機器人也取得了令人鼓舞的進展。憑藉我們的 Turing SoC、VLA 和 VLM，我們正在快速邁向具有初始 L4 機器人功能的量產版本，並且我們正在積極準備在 2026 年下半年進行量產。在小鵬AI科技日的時候，我會向大家揭曉新一代的機器人。

(spoken in foreign language)

（用外語說）

(interpreted) We have introduced the industry's first AI chip dedicated to foundation models for smart cabins, providing over 12 times the effect of computing power of the leading cabin processes. Powered by the Turing AI SoC, our VLM model is designed to act as a smart assistant in AI-enabled vehicles. It not only collaborates with the VLA to enhance assisted driving, but also functions as a robust in-vehicle intelligent agent.

(解讀)我們推出了業界首款專用於智慧座艙基礎模型的AI晶片，可提供領先座艙流程12倍以上的算力效果。我們的 VLM 模型由 Turing AI SoC 提供支持，旨在充當支援 AI 的車輛中的智慧助理。它不僅可以與 VLA 協作增強輔助駕駛，還可以作為強大的車載智慧代理。

Looking ahead, it is expected to master multiple languages, communicate empathetically and offer proactive services, greatly improving the user experience of future AI-driven vehicles. I believe our combined independent and large model chips plus VRM solution will lead a paradigm shift in the next-generation intelligent cockpit technology, encouraging more OEMs to adopt and reference it. Our AI technology demonstrates a strong generalization abilities worldwide, not just in China. We welcome partnerships with top global players to explore opportunities for collaboration on our Turing AI SoC.

展望未來，它有望掌握多種語言、進行同理心交流並提供主動服務，從而大大改善未來人工智慧汽車的使用者體驗。我相信我們自主研發的大晶片+VRM的方案會引領下一代智慧座艙技術的典範轉移，並被更多的OEM廠商採用和參考。我們的人工智慧技術不僅在中國，而且在全球範圍內都表現出強大的泛化能力。我們歡迎與全球頂尖企業合作，探索在圖靈 AI SoC 上合作的機會。

(spoken in foreign language)

（用外語說）

(interpreted) In first half of 2025, our overseas business continued to show strong growth and built a top brand reputation. In the first half of the year, overseas deliveries exceeded 18,000 units, increasing over 200% year-over-year. XPeng now ranks as the best-selling Chinese NEV start-up brands in 10 markets, including Norway, France, Singapore and Israel and we lead in sales of mid- to high-end Chinese BEVs across Europe.

(翻譯) 2025年上半年，我們的海外業務持續強勁成長，並建立了頂級品牌聲譽。上半年海外交車量超過1.8萬輛，較去年同期成長超過200%。目前，小鵬汽車已成為挪威、法國、新加坡、以色列等10個市場最暢銷的中國新能源汽車新創品牌，並在歐洲中高端中國純電動汽車銷量中處於領先地位。

In July, we delivered the first locally produced XPeng X9 in Indonesia, marking a key milestone in our move towards global local manufacturing. By the second half of 2026, we aim to fully launch the entire Kunpeng super electric lineup in international markets, including ultra trims, expanding our global total addressable market significantly.

7月，我們在印尼交付了首款本土生產的小型鵬X9，標誌著我們邁向全球本土化製造的重要里程碑。到 2026 年下半年，我們的目標是在國際市場上全面推出整個鯕鵬超級電動系列，包括超級內飾，從而大幅擴大我們的全球總目標市場。

(spoken in foreign language)

（用外語說）

(interpreted) As deliveries of G7 and the new P7 ramp-up, we forecast Q3 deliveries to be 113,000 to 118,000 units, reflecting a year-over-year growth of 142.8% to 153.6%. Revenue is projected to reach between RMB19.6 billion and RMB21 billion, representing an increase of 94% to 107.9% year-over-year. Starting in Q4, we will introduce the one vehicle dual energy strong product cycle complemented by Turing AI-driven smart driving solutions, which will significantly strengthen our generational lead.

(解讀) 隨著 G7 和新款 P7 交付量的增加，我們預測第三季交付量將達到 11.3 萬至 11.8 萬輛，年增 142.8% 至 153.6%。預計營業收入將達到人民幣196億元至人民幣210億元之間，年增94%至107.9%。從第四季開始，我們將推出一車雙能強勢產品週期，並輔以圖靈AI驅動的智慧駕駛解決方案，這將顯著加強我們的世代領先優勢。

We are confident in leading the market at sale whilst advancing operational efficiency toward sustainable profitability. Over the next three years, our focus will be on expanding market share, both domestically and internationally, maintaining steady growth and harnessing disruptive AI innovation to enhance value for users worldwide.

我們有信心在銷售方面引領市場，同時提高營運效率，實現永續獲利。未來三年，我們將專注於擴大國內外市場份額，保持穩定成長，並利用顛覆性的人工智慧創新為全球用戶提升價值。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you, everyone. With that, I will now turn the call to our VP of Finance, Mr. James Wu, who will discuss our financial performance for the second 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 James Wu 先生，他將討論我們 2025 年第二季的財務表現。

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the second quarter of 2025. I'll reference RMB only in my discussion today, unless otherwise stated. Our total revenues were RMB18.27 billion for the second quarter of 2025, an increase of 125.3% year-over-year and an increase of 15.6% quarter-over-quarter.

謝謝你，小鵬。現在，讓我簡要概述一下我們 2025 年第二季的財務表現。除非另有說明，我今天的討論只會提及人民幣。2025年第二季度，我們的總營收為人民幣182.7億元，年增125.3%，季增15.6%。

Revenues from vehicle sales were RMB16.88 billion for the second quarter of 2025, an increase of 147.6% year-over-year and an increase of 17.5% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher vehicle deliveries.

2025年第二季汽車銷售收入為人民幣168.8億元，年增147.6%，季增17.5%。年比增長和環比增長主要歸因於汽車交付量的增加。

Revenues from services and others were RMB1.39 billion for the second quarter of 2025, representing an increase of 7.6% year-over-year and a decrease of 3.5% quarter-over-quarter. The year-over-year increase was mainly attributable to the increased revenues from parts and accessories sales in line with higher accumulated vehicle sales. The quarter-over-quarter decrease was mainly attributable to fluctuations in revenues from technical R&D services.

2025年第二季服務及其他收入為人民幣13.9億元，年增7.6%，季減3.5%。年比成長主要歸因於零件和配件銷售收入隨著累計汽車銷售增加而增加。環比下降主要由於技術研發服務收入波動所致。

Gross margin was 17.3% for the second quarter of 2025 compared with 14% for the same period of 2024 and 15.6% for the first quarter of 2025. Vehicle margin was 14.3% for the second quarter of 2025 compared with 6.4% for the same period of 2024 and 10.5% for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the ongoing cost reduction and improvement in product mix of models.

2025 年第二季的毛利率為 17.3%，而 2024 年同期為 14%，2025 年第一季為 15.6%。2025 年第二季汽車利潤率為 14.3%，而 2024 年同期為 6.4%，2025 年第一季為 10.5%。同比增長和環比增長主要歸因於持續的成本降低和車型產品組合的改善。

R&D expenses were RMB2.21 billion for the second quarter of 2025, representing an increase of 50.4% year-over-year and an increase of 11.4% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were 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年第二季研發費用為人民幣22.1億元，年增50.4%，季增11.4%。同比成長和環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 RMB2.17 billion for the second quarter of 2025, representing an increase of 37.7% year-over-year and an increase of 11.4% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher commissions paid to the franchise stores driven by higher sales volume.

2025年第二季銷售、一般及行政費用為人民幣21.7億元，較去年同期成長37.7%，較上季成長11.4%。年成長和環比成長主要歸因於銷售量增加帶動支付給特許經營店的佣金增加。

Moreover, the quarter-over-quarter increase was due also due to the higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB0.93 billion for the second quarter of 2025, compared with RMB1.61 billion year-over-year and RMB1.04 billion quarter-over-quarter. Net loss was RMB0.48 billion for the second quarter of 2025, compared with RMB1.28 billion year-over-year and RMB0.66 billion quarter-over-quarter.

此外，環比成長也歸因於行銷和廣告費用的增加。受上述因素影響，2025年第二季營業虧損為人民幣9.3億元，去年同期為人民幣16.1億元，較上季成長10.4億元。2025年第二季淨虧損為人民幣4.8億元，去年同期為人民幣12.8億元，較上季成長人民幣6.6億元。

As of June 30, 2025, our company had cash and cash equivalents restricted cash, short-term investments and time deposits in total of RMB47.57 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 second quarter 2025 financial results.

截至2025年6月30日，本公司持有現金及現金等價物（受限現金、短期投資及定期存款）總額為人民幣475.7億元。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 年第二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。

(spoken in foreign language)

（用外語說）

(interpreted) So my first question is about the brand position in the product pricing, because XPeng's average selling price has declined over the past two years being the product mix. How are you going to reverse the train and the effectively upgrade brand positioning and the sales make of high-end moderns? And where are we going to see more meaningful ASP upgrade and it can accelerate that can help to accelerate expense the profit improvement? That's my first question.

(翻譯)所以我的第一個問題是關於品牌在產品定價中的地位，因為小鵬汽車的平均售價在過去兩年裡有所下降，這是產品組合的問題。您將如何扭轉這種局面並有效提升高端現代汽車的品牌定位和銷售？我們將在哪裡看到更有意義的 ASP 升級，它可以加速並有助於加速利潤的改善？這是我的第一個問題。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you very much for your question, Timothy. And the answer is as follows: as you can see for our sales, it has always been in the range of RMB100,000 to RMB50,000. Internally, we are also looking at this, and we are approaching this from few different directions.

（翻譯）非常感謝您的提問，提摩西。答案是這樣的：正如你所看到的，我們的銷售額一直在10萬到5萬元人民幣的範圍內。在內部，我們也在關注這個問題，並且從幾個不同的方向著手解決這個問題。

Number one is with respect to the different layout of our products. Number two is to leverage technology to increase the premium. Number three, using emotion to increase premium. Number four, using the brand to increase the premium.

第一是關於我們產品的不同佈局。第二是利用科技來提高保費。第三，利用情感提高保費。第四，利用品牌提升溢價。

So if you look at the P7 that is soon to be launched and this is in the price range of above RMB300,000 and soon to be unveiled X9 will be in the range of RMB400,000 in 2026 to 2027, these will be our two major products, sales cycles, and there will be multiple of different cars to be launched in the market and their sales price will be above the RMB300,000 range at the moment.

因此，如果你看一下即將推出的 P7，其價格在 30 萬元人民幣以上，而即將在 2026 年至 2027 年發布的 X9 的價格將在 40 萬元人民幣左右，這將是我們的兩款主要產品和銷售週期，市場上將有多款不同的汽車，目前它們的價格將在以上 30 萬元。

And number two, using technology. And the technology has always been our strength, including ultra trim version as well as robotaxis starting from next year, you will see our investment being increased, and we believe that this will further drive up our premium and the number three, using technology.

第二，利用科技。而且技術一直是我們的優勢，包括超豪華版以及從明年開始的自動駕駛出租車，你會看到我們的投資在增加，我們相信這將進一步提升我們的溢價，第三，利用技術。

So we know that ADAS has always been our strength. Apart from the strength of technology, and we have another strength, which is becoming -- we're making aesthetically more beautiful cars will also be able to drive the sales volume. And finally, which is leveraging our brand. And I believe that in 2026 and 2027, these will be the two years of establishing more of a global brand of XPeng and the -- to be speeding up or acceleration of our brands will pick up.

所以我們知道 ADAS 一直是我們的優勢。除了技術實力之外，我們還有另一個優勢，那就是我們製造的美觀度更高的汽車也將能夠推動銷售。最後，就是利用我們的品牌。我相信，2026年和2027年將是小鵬汽車建立全球化品牌的兩年，我們的品牌加速發展的速度將會加快。

So as a result, I do believe that you will see the ASP of our products will increase. So will the gross profit as well as the net profit. Thank you.

因此，我相信您會看到我們產品的平均售價會增加。毛利潤和淨利潤也是如此。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) My second question is about smart driving because we noticed that since the beginning of this year, several carmakers have launched end-to-end smart driving solutions and new vehicles powered by (inaudible) chips and VOA models.

(翻譯) 我的第二個問題是關於智慧駕駛的，因為我們注意到自今年年初以來，一些汽車製造商已經推出了端到端的智慧駕駛解決方案和由（聽不清楚）晶片和 VOA 模型驅動的新車。

So how should we think about expense technology advantage in smart driving against such a backdrop of competition? Specifically, when could XPeng's Turing chip on Ultra trim effectively differentiated with a much better software experience versus our competitors? That's my second question. Thank you.

那麼在這樣的競爭背景下，我們該如何看待智慧駕駛的費用技術優勢呢？具體來說，小鵬Ultra版的圖靈晶片何時才能與競爭對手形成有效的差異化，提供更好的軟體體驗？這是我的第二個問題。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your second question. And actually, if you look at the current players in the market, when it comes to software and basically, all the Tier 1 players, I would say that everyone is roughly the same. And for those either with the computing power or the ones without the sufficient computing power, they would have computing power plus LiDAR to make up or bridge the gap.

（翻譯）感謝您的第二個問題。實際上，如果你看看市場上目前的參與者，當談到軟體時，基本上所有的一級參與者，我會說每個人都大致相同。而對於那些擁有計算能力或計算能力不夠的人來說，他們可以透過運算能力加上光達來彌補或彌補差距。

And in a way, we know that with the computing power plus model plus data, these three factors will be able to provide with better results. And we know that this was an idea were a principle that people have in mind. However, at XPeng, we have been able to validate this idea. And as you can see, our total computing power has already achieved 2,250 tops. In the meantime, if you look at our peers, they are still at 100 to 700 tops.

從某種程度上來說，我們知道，運算能力加上模型加上數據，這三個因素將能夠提供更好的結果。我們知道這是人們心中的想法和原則。然而，在小鵬汽車，我們已經能夠驗證這個想法。大家可以看到，我們的總算力已經達到2250tops了。同時，如果你看看我們的同行，他們的數量仍然在 100 到 700 之間。

And once we talk about this, when it comes to data and as well as model scaling and in terms of our frame rate, which is running at 2 times of our competitors. And this again shows our smarter brain as well as better control for motion. And in the meantime, for your next question about for Ultra trim when we would be able to ensure that there is a gap between us and we're leading the race ahead of our peers and for the Ultra trim version, and we will start with our initial VLA launch and hopefully, we will bring this to the same level as the [map] for now.

一旦我們談論這個問題，當涉及到數據以及模型擴展以及幀速率時，我們的運行速度是競爭對手的兩倍。這再次表明我們的大腦更聰明，並且對運動的控制更好。同時，對於您提出的下一個問題，關於 Ultra 裝飾，我們何時能夠確保我們之間存在差距，並且我們領先於同行和 Ultra 裝飾版本，我們將從最初的 VLA 推出開始，希望我們能夠將其提升到與現在的 [地圖] 相同的水平。

And by end of this year, would be able to see a significant improvement or difference between us and our peers. And if we're talking about huge differences between us and our peers, I would say that, that time will come in next year, not long after this year and roughly around when you will see the pilot running of our robotaxis and with L4 as well as Ultra trim, they come from the same source of the same model.

到今年年底，我們就能看到我們與同行之間的顯著進步或差異。如果我們談論我們與同行之間的巨大差異，我想說，那個時候將在明年到來，也就是今年之後不久，大約在那時，你就會看到我們的自動駕駛出租車進行試點運行，並且 L4 和 Ultra 裝飾都來自同一型號的同一來源。

And basically, the only difference is that there is no cloud and control. There is no hardware redundancy. So with the Ultra trim plus our turing AI SoCs. And I do believe next year, you will be able to see that our product will be leading ahead of our peers by 10 times or even more.

基本上，唯一的區別就是沒有雲端和控制。沒有硬體冗餘。因此，有了 Ultra 裝飾加上我們的圖靈 AI SoC。我相信明年，你會看到我們的產品將領先同業10倍甚至更多。

Thank you very much for sharing all the great details. Exciting promise. Thank you.

非常感謝您分享所有這些精彩的細節。令人興奮的承諾。謝謝。

Ming-Hsun Lee, Bank of America.

美國銀行的李明勳（Ming-Hsun Lee）。

(spoken in foreign language)

（用外語說）

(interpreted) So my first question is related to your cooperation with Volkswagen because recently, you just announced to broaden your cooperation with Volkswagen's EA and expand into more vehicle model, including ICEV. So could you give us more color and guidance regarding the future revenue from the cooperation with Volkswagen?

(翻譯) 所以我的第一個問題是關於你們與大眾的合作，因為最近你們剛剛宣布擴大與大眾 EA 的合作，並擴展到更多車型，包括 ICEV。那麼，您能否為我們提供更多與大眾合作未來收入的詳細資訊和指導？

Thank you, Ming. This is Charles here. So last week, we announced our fourth cooperation with Volkswagen basically, we're expanding our electrical and electronic architecture collaboration from the from the battery electrical EV in China into the IC and the PHEV of Volkswagen brand in China. And we believe that's a major expansion of our scope of the collaboration with our partner.

謝謝你，明。我是查爾斯。因此，上週我們宣布了與大眾汽車的第四次合作，基本上，我們正​​在將我們的電氣和電子架構合作從中國的電池電動車擴展到大眾品牌在中國的 IC 和 PHEV。我們相信，這是我們與合作夥伴合作範圍的重大擴展。

And I think that through this collaboration, we are really creating a very significant strategic value for our partner, and I believe that Volkswagen is probably the only global auto company that possess the technology that has one [E-architecture] platform across all the powertrain, so through which you can see the value creation that we created by both parties.

我認為，透過此合作，我們確實為合作夥伴創造了非常重要的戰略價值，我相信大眾汽車可能是唯一一家擁有涵蓋所有動力系統的單一[E-architecture]平台技術的全球汽車公司，因此，透過該平台，您可以看到我們雙方共同創造的價值。

Obviously, I think it was (inaudible) from XPeng side, we're also benefiting from such collaboration. So in terms of your second part of your question regarding the value of the potential creation from our partnership with Volkswagen, as you may be aware of, right now, since Q1 2024, we have started to recognize the IP licensing revenue from the G9 platform collaboration later on the [E/E] collaboration. And we believe that in the past couple of quarters, the revenue from such collaboration has been relatively stable within a certain range.

顯然，我認為（聽不清楚）從小鵬汽車方面來說，我們也受益於這種合作。因此，關於您問題的第二部分，即我們與大眾汽車的合作所創造的潛在價值，您可能已經知道，目前，自 2024 年第一季以來，我們已經開始確認來自 G9 平台合作以及後來的 [E/E] 合作的 IP 許可收入。我們認為，在過去的幾個季度中，此類合作的收入在一定範圍內相對穩定。

And for the second half of this year, we see some potential -- growth potential in such revenue from the past two collaborations. So in terms of the newly entered the expanded EA collaboration, the revenue will start to be recognized once those Volkswagen's IC and the PHEV vehicles start SOP. So that's basically the third recurring revenue stream on top of the previous two revenue streams. I hope this clarify your question, Ming.

對於今年下半年，我們看到了過去兩次合作帶來的收入成長潛力。因此，就新進入的擴展 EA 合作而言，一旦大眾的 IC 和 PHEV 車輛開始 SOP，就會開始確認收入。因此，這基本上是前兩個收入來源之上的第三個經常性收入來源。我希望這能澄清你的問題，明。

Thank you.

謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) So my second question is related to robotaxi business. Chairman already mentioned this business. So in the future, will you launch the 2D version of vehicles to differentiate from your current product for the consumers? And also, for your current cars, be able to provide Level 4 function next year for you provide OTA study? Thank you.

（翻譯）我的第二個問題與自動駕駛計程車業務有關。主席已經提到了這項業務。那麼未來你們會推出2D版本的車輛來與消費者區分開來嗎？另外，對於您目前的汽車，明年能否提供 4 級功能以供您提供 OTA 研究？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. And in the future, in my view, there will be two types of vehicles. And the first time will be L4 enabled or L4 capable vehicles with people driving those. And the second time will be L4 capable vehicles with no people driving it. And of course, this will take years to achieve. And we also know that with L4, this will need to obtain the permission and approval by different policies and the regulations in 2026.

（翻譯）感謝您的提問。我認為未來將會有兩種類型的車輛。並將首次推出配備 L4 功能或具備 L4 能力的車輛並由人員駕駛。第二次將是無人駕駛的 L4 級車輛。當然，這需要數年時間才能實現。我們也知道，L4 需要在 2026 年獲得不同政策和法規的許可和批准。

For XPeng, we will try out the airport in different pilots and, of course, the precondition is that we are running these pilot schemes whilst after we have obtained the relevant approvals. In terms of the questions that you have asked, there are areas that I'm not really in the position to answer today.

對於小鵬汽車來說，我們會在機場進行不同的試點，當然，前提是我們在獲得相關批准之後再進行這些試點。對於您提出的問題，有些方面我今天確實無法回答。

But what I can try to answer is number one, for XPeng's vehicle, and we are the front market where the mass produced vehicles with the no map, non-HD map model, and that is to say, we do not need LiDAR to the scan whole map, the whole city. And in the meantime, as I have mentioned earlier, we do not have the software redundancy nor do we need the cloud to take over to manage this, and what we strive to achieve between our future products and the robotaxi is not, there would be of models of the same sources.

但我可以嘗試回答的是，第一，對於小鵬汽車來說，我們是量產車型無地圖、非高清地圖的前端市場，也就是說，我們不需要雷射雷達來掃描整個地圖、整個城市。同時，正如我之前提到的，我們沒有軟體冗餘，也不需要雲端來接管管理，我們努力在未來的產品和機器人計程車之間實現的目標不是相同來源的模型。

And however, there are differences, for instance, for our robotaxis and there will be functions such as when the passengers on the street wave their hands, the robotaxis would stop. But for our own vehicles to consumers, obviously, there is no such functions when there is a passenger on the street, waving their hands, our own vehicles will not be stopping. So this is all about the strengthened learning of the whole process. And we, ourselves, obviously, will carry out our own trials and our own operations. And when all of these have passed, and we will be seeking out and speaking to partners and looking at how to expand this further.

但是也有不同之處，例如我們的自動駕駛計程車有這樣的功能，當街上的乘客揮手時，自動駕駛計程車就會停下來。但是對於我們自己的車輛給消費者來說，顯然是沒有這個功能，當街上有乘客的時候，只要揮揮手，我們自己的車輛就不會停下來。所以這都是整個過程的強化學習。顯然，我們自己也將進行我們自己的試驗和行動。當所有這些都過去後，我們將尋找合作夥伴並與他們交談，研究如何進一步擴大這一範圍。

That's all my questions.

這就是我所有的問題。

Pingyue Wu, Citic Securities.

吳平月，中信證券。

(spoken in foreign language)

（用外語說）

(interpreted) Let me translate the questions. First, congratulations on the successful launch of the presales of the new P7 and it's a very highly original design, also appreciated by customers who are also leading the area -- era. And could you please share more about the reason behind the P7 strong order performance and how do we forecast itself? Is it going to be a high-volume model just like the first generation of P7 or our latest P7+? Thank you.

（翻譯）讓我翻譯一下這些問題。首先恭喜新款P7預售成功，它的設計非常原創，也得到了顧客的讚賞，引領了這個領域－時代。您能否分享一下 P7 訂單表現強勁的原因以及我們如何預測它？它會像第一代 P7 或我們最新的 P7+ 一樣成為高銷量機型嗎？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you very much for your question. And for P7, and yes, indeed, the next week, P7 will be officially launched into the market. Certain detail to data, I'm not going to be elaborating on those today. However, there are a few points that I can comment on.

（翻譯）非常感謝您的提問。至於P7，是的，下週，P7將正式上市。對於某些數據細節，我今天不會詳細闡述。不過，有幾點我可以評論一下。

Number one, is that the attention and interest that we have received in P7 has indeed far exceeded our expectation from end of last year to earlier this year. And in terms of the presales of orders, as you have stated, it has exceeded all our historical data sales for different other series of cars such as MONA, et cetera. And if you look at the purchasers and the users, consumers who have purchased P7, and it is also quite interesting. There is a very high percentage of male consumers.

第一，從去年年底到今年年初，P7 所受到的關注和興趣確實遠遠超出了我們的預期。就訂單預售而言，正如您所說，它已經超過了我們其他系列汽車（如 MONA 等）的所有其他歷史數據銷售量。如果你看看購買者和用戶，買了 P7 的消費者，你會發現這也很有趣。男性消費者的比例非常高。

In addition, in terms of the age brackets of those who have placed an order for P7, so far it is the youngest age brackets that we have and their professions are also quite interesting. So this is what we have witnessed so far from the presales orders.

此外，從P7訂單用戶的年齡層來看，這是我們目前為止擁有的最年輕的年齡段，而且他們的職業也相當有趣。這就是我們目前從預售訂單中看到的情況。

And for P7, it is not only that it is an aesthetically beautiful car. It is also a very strong 30 car hand. So whether you are running a racetracks or running on highways and what we have received the feedback from the users as well as from the media reviews is that the chassis that we have worked together with Volkswagen is rather strong.

而對P7來說，它不僅僅是一輛外觀漂亮的車。這也是一手非常強勁的 30 輛車。因此，無論您是在賽道上行駛還是在高速公路上行駛，我們從用戶和媒體評論中收到的反饋是，我們與大眾合作的底盤非常堅固。

And so we are getting very good positive feedback from the users, from the media. And our aim is to become the top 3 in the pure battery vehicles -- in the pure battery electric vehicles in the price range of RMB200,000 to RMB300,000. And of course, we don't know whether we can achieve a better ranking for that, but we will strive to do so.

因此，我們從用戶和媒體那裡得到了非常積極的回饋。我們的目標是在純電動車領域——20萬到30萬價位的純電動車領域，做到前三名。當然，我們不知道是否能夠取得更好的排名，但我們會努力做到這一點。

(spoken in foreign language)

（用外語說）

(interpreted) My second question is about the robotaxi. And as we renewed our announcement of our robotaxi strategy and what opportunities such as technology or regulatory access do we see currently? Thank you.

（翻譯）我的第二個問題是關於自動駕駛計程車的。當我們重新宣布我們的自動駕駛計程車策略時，我們目前看到了哪些技術或監管准入等方面的機會？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. And as you can see for XPeng, we are an OEM company and -- which makes us essentially different from robotaxi software providers or robotaxi service providers. For [eVTOL] of course, in order to sell this to the customers and for the customers to be able to drive such cars are issues that we need to resolve or where we need to go about for instance, for regulation issues and the technology iterations, et cetera.

（翻譯）感謝您的提問。正如您所看到的，小鵬汽車是一家 OEM 公司，這使得我們與 Robotaxi 軟體供應商或 Robotaxi 服務提供者有本質區別。當然，對於 [eVTOL] 來說，為了將其銷售給客戶並讓客戶能夠駕駛這種汽車，我們需要解決一些問題，或者我們需要著手解決一些問題，例如監管問題、技術迭代等等。

But as you have stated, once we cross over those humps and once people are able to purchase our four vehicles, in terms of the upper limit of the growth, that has greatly improved, and that is number one point.

但正如您所說，一旦我們跨越了這些障礙，一旦人們能夠購買我們的四款汽車，就成長的上限而言，情況就會大大改善，這是最重要的一點。

And then number two, for robotaxis to operate within region, I do think that there will be such possibilities. However, to say that robotaxis will be rolled out on a global scale. I think it is difficult at this stage at least. And -- but I would also say that globally speaking, for robotaxis to be rolling out. It is also getting further expanded at the moment.

第二，對於在區域內營運的自動駕駛計程車，我確實認為會有這樣的可能性。不過，要說 Robotaxis 將會在全球推廣。我認為至少在現階段是困難的。而且——但我還要說，從全球來看，機器人計程車正在推廣。目前它也正在進一步擴大。

And we know that in the past, people will need to rely on navigation to use their cars and to drive it out of the system. And in the future, would people be able to rely on others without navigation and would people be able to update their OTAs by simply relying on the same source [cost] And those are questions and challenges that XPeng, we hope that we would be able to strive to resolve in the future.

我們知道，過去人們需要依靠導航來使用汽車並將其從系統中駕駛出來。未來，人們是否可以在沒有導航的情況下依賴其他人，人們是否只需依靠同一個來源就可以更新他們的OTA（成本）？這些都是小鵬汽車的問題和挑戰，我們希望我們能在未來努力解決。

Thank you so much.

太感謝了。

Tina Hou, Goldman Sachs.

高盛的 Tina Hou。

(spoken in foreign language)

（用外語說）

(interpreted) Thanks management for taking my question. So the first question is regarding vehicle gross margin. We see that on a quarter-over-quarter basis, it's up by 3.8%, which is much bigger versus previous quarters. So could management help us break down the different factors contributing to this sequential improvement? Thanks.

（翻譯）感謝管理層回答我的問題。所以第一個問題是關於汽車毛利率。我們看到，與上一季相比，這一數字成長了 3.8%，比前幾季的增幅大得多。那麼管理階層能否幫助我們分解促成這種持續改善的不同因素？謝謝。

Hi, Tina, this is James. Thanks for the question. You're right. I think you mentioned three aspects in terms of the product mix change, cost reduction as with scale. I think all three factors come into play. What I would say is the majority of the impact is still on the product mix side. So if you remember, the MONA M03 accounts for a pretty significant delivery percentage in the first quarter, and that percentage has reduced through the second quarter as we transition MONA into the new version.

你好，蒂娜，我是詹姆斯。謝謝你的提問。你說得對。我認為您提到了產品結構變化、成本降低和規模擴大三個面向。我認為這三個因素都會發揮作用。我想說的是，大部分影響仍然在產品組合方面。所以如果你還記得的話，MONA M03 在第一季的交付量佔了相當大的比例，而隨著我們將 MONA 過渡到新版本，這一比例在第二季度有所下降。

Whereas our new G6 and G9 has increased its product mix in the second quarter of 2025. What we've seen is the new G6 and G9 has a very healthy gross margin thanks to the improvement technology, as well as the specs that we offer to our customers that they like. In the meantime, we have achieved a higher level of platform harmonization through our engineering efforts. All of that have helped us to achieve healthier gross margin for our new model year changes.

而我們的新款 G6 和 G9 在 2025 年第二季增加了其產品組合。我們看到，由於技術的改進以及我們為客戶提供的他們喜歡的規格，新款 G6 和 G9 擁有非常健康的毛利率。同時，我們透過工程努力實現了更高水準的平台協調。所有這些都幫助我們在新車型年變化中實現了更健康的毛利率。

In the meantime, as we mentioned earlier, scale also come into play. We have delivered slightly higher volume in the second quarter as well. And last but not least, we have continued our efforts through our supply chain optimization, which helped us to further optimize our material costs as well in the second quarter. Thank you.

同時，正如我們之前提到的，規模也發揮了作用。我們第二季的交付量也略有增加。最後但同樣重要的一點是，我們繼續努力優化供應鏈，這有助於我們在第二季進一步優化材料成本。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) So my second question is regarding the operating expenses. So for R&D expense, is management still keeping the RMB8.5 billion of annual guidance. And also in terms of the sales and marketing expense because we're seeing just around RMB200 million increase from 2Q to 1Q with the new model launch schedule. And if we look at 3Q and 4Q, it seems that the new model launch schedule is very similar to the intensity is very similar to second quarter. So should we expect, excluding the channel fees, the sales and marketing expense should be quite similar to the second quarter? Thanks.

（翻譯）我的第二個問題是關於營運費用。那麼對於研發費用，管理階層是否仍維持每年85億元的指導水準？就銷售和行銷費用而言，隨著新車型的推出，我們看到第一季比第二季增加了約 2 億元。而如果我們看一下第三季度和第四季度，似乎新車型的發佈時間表非常相似，強度也與第二季度非常相似。那麼，我們是否應該預期，除去通路費用，銷售和行銷費用應該與第二季相當？謝謝。

This is James again. So with regard to the expenses, I'll answer in two parts. From an R&D perspective, you're right. We have been expanding our investment in the R&D segment, particularly to try to basically bring the AI capabilities from the digital world to the physical world.

這又是詹姆斯。那麼關於費用的問題，我會分兩部分來回答。從研發的角度來看，你是對的。我們一直在擴大對研發領域的投資，特別嘗試將人工智慧功能從數位世界帶到實體世界。

As well as Xiaopeng mentioned earlier, we will start to launch the one car with two dual energy platform in the fourth quarter of this year. So we have basically increased our engineering workforce and capabilities throughout this year as well as into the second half.

以及剛才小鵬提到的，今年第四季我們會開始推出一車兩用雙能源平台。因此，我們基本上在今年以及下半年增加了工程人員和能力。

In the meantime, our AI technology investment will help us to enhance our leadership in this area, which includes autonomous driving robotic investment as well as our enhancement of the engineering workforce. Also, the cloud-based competition of power something that we have continued to invest as well. So this is on the R&D side.

同時，我們的人工智慧技術投資將幫助我們增強在該領域的領導地位，其中包括自動駕駛機器人的投資以及我們對工程團隊的提升。此外，我們也一直持續投資基於雲端運算的電力競爭。這是研發方面的事。

With regard to the sales expenses, you're right, the second quarter has a slight increase versus the first quarter, partially also because of our higher deliveries in the second quarter as we pay commissions to our franchise stores, is part of that as well.

關於銷售費用，您說得對，第二季度與第一季相比略有增加，部分原因是我們第二季的交付量增加，因為我們向特許經營店支付佣金，這也是其中的一部分。

We have product launches in Q2, as you mentioned, but remember, we have more significant product launches in the third quarter. For example, the G7, which is a brand-new SUV as well as the new P7. These two launches, I would say, would be more significant and probably would require higher marketing and advertising expenses in the third quarter.

正如您所說，我們在第二季推出了一些產品，但請記住，我們在第三季推出了更重要的產品。例如全新SUV G7，以及新款P7。我想說，這兩場發表會意義更為重大，可能需要在第三季增加更多的行銷和廣告費用。

And going into end of third quarter and into fourth quarter, we'll be launching the Kunpeng Super Electric platform as well in our X9 product, which we will also provide and deploy sufficient resource to make the successful launch as well. In that regard, we will continue to invest and make sure the marketing and advertising expenses are appropriate to support the product launches in the second half. Thank you.

進入第三季末和第四季度，我們還將在X9產品中推出鯕鵬超級電動平台，我們也將提供和部署足夠的資源以確保其成功發布。在這方面，我們將繼續投資並確保適當的行銷和廣告費用以支持下半年的產品發布。謝謝。

Thank you very much, James.

非常感謝，詹姆斯。

Xiaoyi Lei, Jefferies.

雷曉毅，傑弗里斯。

(spoken in foreign language)

（用外語說）

(interpreted) So my first question is about your product strategy. The new -- the next P7 has made a significant leap in the efficacy side. Does this signal or shift in XPeng's product strategy towards prioritizing design? Should we understand this not just as a short-term adjustment, but as a core component of the company's long-term strategic transformation?

（翻譯）所以我的第一個問題是關於你們的產品策略。新款－下一代P7在功效方面有了顯著的飛躍。這是否預示著小鵬汽車的產品策略將轉向以設計為優先？我們是否應該將此理解為不僅僅是短期調整，而是公司長期策略轉型的核心組成部分？

(spoken in foreign language)

（用外語說）

(interpreted) Thank you very much for your question. And the overall answer to your question is yes. So last year, we were looking at this. And we were thinking that for technology has always been our strength. And we have always focused on autonomous driving and invested a huge amount of money and resources in the area.

（翻譯）非常感謝您的提問。對你的問題的整體答案是肯定的。所以去年我們就在關注這個問題。我們認為科技一直是我們的優勢。我們一直專注於自動駕駛，並在該領域投入了大量的資金和資源。

However, we have lapped in the other areas. And therefore, in the beginning of 2024, we started to think that we should shift more focus on the design as well. And for the past 24 months, as well as the next -- whatever month to come and in the near short-term future, I would say that the company's target is to ensure that our product does not have a any shortcomings that we try and improve the areas that we are doing okay.

然而，我們在其他領域已經落後了。因此，在 2024 年初，我們開始認為我們也應該將更多的焦點轉移到設計上。在過去的 24 個月以及接下來的幾個月和不久的將來，我想說，公司的目標是確保我們的產品不存在任何缺陷，我們會努力改進我們做得好的領域。

And further, adding on strength to our existing areas that we already outperformed others and which means that we are now currently giving more weightings and giving more attention to the styles and esthetics of our products. In the past, when we look at styles or when we look at aesthetics and design of a car, it comes at last. We first started with the engineering. We first then look at the cost and the positioning of the car.

此外，我們在現有領域中已經超越了其他領域，這意味著我們現在更加重視並更加關注我們產品的風格和美感。過去，當我們看汽車的風格或美觀和設計時，它是最後才出現的。我們先從工程開始。那我們先來看看這輛車的成本和定位。

And finally, it comes to the design and style and aesthetics of a car. But now it is reverse, sometimes we look at the style and aesthetics of a car first. We then decide on the engineering, the cost and the positioning of this vehicle. So in Shanghai currency, we have two buildings that are dedicated to work on the design and styles of our vehicle. In Guangzhou, we have one building. So that's three buildings in total. Globally, we are also building more different centers to help us with the designs.

最後，談到汽車的設計、風格和美學。但現在情況正好相反，有時我們首先看的是汽車的風格和美感。然後我們決定該車輛的工程、成本和定位。因此，在上海，我們有兩棟建築專門用於研究我們車輛的設計和風格。在廣州，我們有一棟大樓。所以總共有三棟建築。在全球範圍內，我們也正在建立更多不同的中心來幫助我們進行設計。

And overall, I would say that. So we are looking at providing our users with a better physical products, as well as a better overall user experience. And for the P7 and you can see that this is a process that we have been able to do so, and that is also target that we strive to achieve.

總的來說，我會這麼說。因此，我們希望為使用者提供更好的實體產品以及更好的整體使用者體驗。對於 P7，您可以看到我們已經能夠做到這一點，這也是我們努力實現的目標。

Thank you. That's very helpful.

謝謝。這非常有幫助。

(spoken in foreign language)

（用外語說）

(interpreted) My second question is regarding the policy response. As we might -- as we noticed that China's anti-evolution policy has become a key regulatory direction in the auto sector. How's XPeng adjusting the business operations in response to this policy? And what specific impact will this have on your operations and market positioning?

(翻譯)我的第二個問題是關於政策回應的。正如我們所注意到的，中國的反進化政策已經成為汽車領域的關鍵監管方向。小鵬汽車如何根據這項政策調整業務運作？這對你們的營運和市場定位會產生什麼具體的影響？

Hi, this is Brian. Let me address this question. First of all, I think we noticed the recent policy announcement around anti-evolution measures. And I think this is actually a culmination of a number of discussions that aim to improve the Chinese economy competitiveness as well as healthiness. I think that's good for the long run. I think as an industry, we need to have healthy competition.

你好，我是布萊恩。讓我來回答這個問題。首先，我想我們注意到了最近有關反進化措施的政策聲明。我認為這實際上是一系列旨在提高中國經濟競爭力和健康狀況的討論的成果。我認為從長遠來看這是件好事。我認為作為一個產業，我們需要有良性競爭。

At the same time, we need to have the ability to reinvest into new technology, reinvest into building better quality products, and this is actually the right direction. From our perspective, we actually always focused on achieving the most innovative technology products for our customers through relentless innovation, relentless development and I think this is actually, I would say, coincides with this new policy direction.

同時，我們需要有能力再投資新技術，再投資打造更優質的產品，這其實是正確的方向。從我們的角度來看，我們實際上始終專注於透過不懈的創新、不懈的發展為客戶提供最具創新性的技術產品，我認為這實際上與這一新的政策方向相一致。

We feel like by focusing on our target customers by delivering the best quality, the best technology and in products that actually has broader appeal is ultimately will be the right solution, and we'll earn the right recognition both from customers as well as from our partners as well as from our regulators.

我們認為，透過專注於目標客戶，提供最優質、最先進技術和具有更廣泛吸引力的產品，最終將是正確的解決方案，我們將贏得客戶、合作夥伴以及監管機構的認可。

So I think in that regard, we will continue to focus on full stack innovation, continue to focus on building innovative, also broadly appealed appealing products to our customers. At the same time, also be able to maintain a disciplined and orderly I would say, operations, for example, you probably noticed that [Xiaopeng] XPeng expand is actually one of the earliest OEMs to respond to the government's request to be improving sort of payment terms.

因此我認為在這方面，我們將繼續專注於全端創新，繼續專注於打造創新的、對客戶具有廣泛吸引力的產品。同時，還要能夠保持紀律性和有序性，我想說，例如運營，你可能注意到了，小鵬汽車實際上是最早響應政府要求改善付款條件的原始設備製造商之一。

We have -- really have being -- making sure that our partners, our suppliers are all benefiting from this new trend. And we believe that ultimately will lead to a more healthier ecosystem and industry for our company.

我們已經——確實已經——確保我們的合作夥伴、我們的供應商都能從這個新趨勢中受益。我們相信，這最終將為我們的公司帶來更健康的生態系統和產業。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

(spoken in foreign language)

（用外語說）

(interpreted) My question is about the G7 SUV. The company seems to be facing some difficulty in the [impact] (inaudible) chips. When this issue can be resolved? And what's the normalized monthly volume assumption the company currently have? Thank you.

(翻譯)我的問題是關於 G7 SUV 的。該公司似乎在[影響]（聽不清楚）晶片方面面臨一些困難。什麼時候可以解決這個問題？該公司目前的標準化月銷售假設是多少？謝謝。

Hey, Bin. Just to clarify, there's no issue with G7. So we will -- we announced that we will deploy the specific Turing SoC for infotainment in late October. And then and when we will roll out the [VLA and the VRM] models for the G7 customers.

嘿，Bin。需要澄清的是，G7 沒有問題。因此，我們宣布將在 10 月下旬部署用於資訊娛樂的特定 Turing SoC。然後我們將為 G7 客戶推出 [VLA 和 VRM] 型號。

(spoken in foreign language)

（用外語說）

(interpreted) My second question is about vehicle gross margin guidance for the third quarter. Previously, the guidance is that only the fourth quarter. Vehicle gross margin can go to high teens because the second quarter of vehicle cost margin has been higher than the market expectation. Do we expect in the third quarter, we already can achieve the high teens vehicle gross margin? Thank you.

(翻譯)我的第二個問題是關於第三季的汽車毛利率指引。此前，該指引僅為第四季。由於第二季汽車成本利潤率高於市場預期，汽車毛利率可望達到百分之十幾左右。我們是否預期在第三季我們已經能夠實現高十幾個百分點的汽車毛利率？謝謝。

Hi, Bin, this is James. So with regard to the vehicle margin, yes, we have improved significantly in Q2 and the reasons I have explained before. In the long term, we have always focused on taking into account the overall competitive landscape as well as improve our scale as our strategic priority.

你好，Bin，我是 James。因此，就車輛利潤率而言，是的，我們在第二季度有了顯著改善，原因我之前已經解釋過。長遠來看，我們始終把統籌兼顧整體競爭格局、提升規模當作策略重點。

So overall, we'll take that as our overall guidance from a pricing as well as margin perspective. What I would emphasize is going into the second half as we launch the brand new P7 as well as the X9 Super Electric version. I would focus on Q4, which we have communicated earlier that we are aiming at profitability in the fourth quarter, and that target has not changed.

因此總體而言，我們將從定價和利潤的角度將其作為我們的整體指導。我想強調的是，進入下半年，我們將推出全新的 P7 以及 X9 超級電動版。我將重點放在第四季度，我們之前已經表達過，我們的目標是在第四季度實現盈利，這個目標沒有改變。

And we have, as you remember, I mentioned that we hope to achieve high teens profitability -- overall profitability in the fourth quarter as well, and that target has not changed as well. But both of that will help us to solidify our target to achieve breakeven in the fourth quarter. Basically, that's my answer to your question. Thanks.

正如你們記得的，我曾提到我們希望在第四季度實現高百分比的盈利能力——整體盈利能力，而且這個目標也沒有改變。但這兩者都將幫助我們鞏固在第四季實現收支平衡的目標。基本上，這就是我對你的問題的回答。謝謝。

Thank you.

謝謝。

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

謝謝。我們的問答環節到此結束。現在我想將電話轉回給公司，請他們做最後發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact XPeng's Investor Relations through the contact information provided on our website or the Piacente 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或 Piacente Financial Communications 上提供的聯絡方式聯絡小鵬汽車投資者關係部。

This concludes today's conference call. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。現在您可以斷開線路了。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。翻譯由贊助此活動的公司提供。