Xpeng Inc (XPEV) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the Third Quarter 2025 Earnings Conference Call for XPeng Inc. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生們，大家好。感謝您參加小鵬汽車2025年第三季財報電話會議。 （操作說明）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.

現在我將把電話交給主持人，公司投資人關係和資本市場主管謝先生。請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's Third 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.xiaopeng.com.

謝謝。大家好，歡迎參加小鵬汽車2025年第三季財報電話會議。我們的財務和營運業績已於今日早些時候透過新聞專線發布，並可在網路上查閱。您也可以造訪我們網站的投資者關係部分 ir.xiaopeng.com 查看收益新聞稿。

Participants on today's call from management team will include 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. 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.

今天參加電話會議的管理團隊成員包括：共同創辦人、董事長兼執行長何小鵬先生；副董事長兼總裁顧博士；企業財務及大眾汽車專案副總裁張先生；財務及會計副總裁吳先生；以及我本人。管理層將首先發表準備好的講話，電話會議將以問答環節結束。本次電話會議的網路直播回放將在我們網站的投資者關係板塊提供。

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. 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.

在繼續之前，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作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績可能與今天表達的觀點有重大差異。有關這些及其他風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的相關公開文件。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 includes 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揭露了未經審計的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中包含未經審計的非GAAP指標與未經審計的GAAP指標的調節表。

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

現在我將把電話交給我們的共同創辦人、董事長兼執行長何小鵬先生，請您發言。

(interpreted) In Q3 2025, XPeng reported record sales -- record results in key operating metrics with new highs in deliveries, revenue, gross margin and cash reserves. Vehicle deliveries for the quarter totaled 116,007 units, a 149% increase year-over-year. The all-new XPeng P7 launched recently quickly became one of the top 3 BEV sedans priced between RMB200,000 to RMB300,000 we're seeing monthly deliveries to over 40,000 units starting in September.

（譯文）2025 年第三季度，小鵬汽車公佈了創紀錄的銷售額——關鍵營運指標創下歷史新高，交付量、收入、毛利率和現金儲備均創歷史新高。本季車輛交付總量為 116,007 輛，較去年同期成長 149%。全新小鵬P7近期上市，迅速成為售價在20萬至30萬元人民幣之間的三大純電動轎車之一，從9月開始，我們看到每月交付量超過4萬輛。

Additionally, the company's gross margin exceeded 20% for the first time in Q3, and we reduced our net loss further. Our goal is to achieve breakeven for the company in the fourth quarter. These continuous operational improvements strengthen our focus on physical AI R&D, supporting the targeted mass production of our VLA 2.0 model, robotaxi and humanoid robots in 2026.

此外，該公司第三季毛利率首次超過 20%，淨虧損也進一步減少。我們的目標是公司在第四季實現損益兩平。這些持續的營運改善加強了我們對實體人工智慧研發的關注，支持我們在 2026 年實現 VLA 2.0 型號、機器人計程車和人形機器人的大規模生產目標。

As AI models events become increasingly integrated with real-world data, machines are slowly gaining the ability to interact, communicate, transform and create within our physical environment. This development is reshaping the future of mobility and daily life.

隨著人工智慧模型事件與現實世界數據的融合日益加深，機器正逐漸獲得在我們的實體環境中互動、溝通、轉換和創造的能力。這項發展正在重塑未來的出行方式和日常生活。

Over the past 11 years, XPeng has dedicated itself to building full stack technologies in-house evolving from software-defined vehicles to the emerging realm of physical AI. We understand that vehicles and humanoid robot, the two primarily applications of physical AI, share a homogeneous physical world model, SoCs and infrastructure, allowing for rapid iteration and evolution.

過去 11 年來，小鵬汽車一直致力於自主研發全端技術，從軟體定義汽車發展到新興的實體人工智慧領域。我們了解到，車輛和人形機器人是實體人工智慧的兩大主要應用領域，它們共享同質化的實體世界模型、SoC 和基礎設施，因此可以實現快速迭代和演進。

Excitingly, new capabilities are continuously emerging from our physical AI technology stack. Over the next decade, my goal is to make Xpeng a leading global company in embodied intelligence. Focused on physical AI applications, we're developing an extensive portfolio of technologies, products and supporting business ecosystem.

令人興奮的是，我們的實體人工智慧技術棧正在不斷湧現新的功能。未來十年，我的目標是讓小鵬汽車成為具身智慧領域的全球領導者。我們專注於實體人工智慧應用，正在開發廣泛的技術、產品和配套的商業生態系統。

Besides providing AI-powered vehicles to consumers worldwide, we aim to deploy pre-installed mass-produced robotaxis on a large scale and achieve the mass production of humanoid robots. We believe that an open and dynamic ecosystem is crucial to unlocking the full potential of physical AI for humanity.

除了向全球消費者提供由人工智慧驅動的車輛外，我們還計劃大規模部署預先安裝人工智慧系統的量產型無人計程車，並實現人形機器人的量產。我們認為，開放且充滿活力的生態系統對於釋放物理人工智慧對人類的全部潛力至關重要。

To achieve this, we plan to open source our physical world model, launch robotaxi services in partnership with mobility platforms and relieve our humanoid robot SDK. This approach will expand the physical AI application ecosystem through collaborations with business and technology partners and accelerate the value creation process. I'm also glad to report that as we introduce the one vehicle dual energy product cycle for AI vehicles, we'll expand our scale and increase our NAV market share through a wider product range. On November 6, we launched presales for the XPeng X9 Super Extended Range EV, an industry frontrunner in extended-range vehicles equipped with a 5C raised high-capacity LFP battery and a total range of up to 1,602 kilometers.

為了實現這一目標，我們計劃開源我們的實體世界模型，與旅遊平台合作推出機器人計程車服務，並開放我們的人形機器人 SDK。這種方法將透過與商業和技術合作夥伴的合作，擴展實體人工智慧應用生態系統，並加速價值創造過程。我也很高興地宣布，隨著我們推出適用於人工智慧車輛的單車雙能源產品循環，我們將透過更廣泛的產品範圍擴大規模並提高我們的 NAV 市場份額。11月6日，我們啟動了小鵬X9超增程電動車的預售，該車型是增程型汽車行業的領導者，配備了5C高容量磷酸鐵鋰電池，總續航里程可達1602公里。

It is the world's first large seven-seater to offer the longest range, highest AI computing power, smallest turning radius and most efficient space utilization in its category. We see super extended range EVs as crucial for accelerating the shift from ICE vehicles to NEVs. Since presales began for the 9 Super EREV, we've experienced unprecedented interest, especially in Northern regions and inland cities of China, attracting many customers who previously hesitated to switch to BEV models.

它是全球首款大型七人座車型，擁有同級車型中最長的續航里程、最高的AI運算能力、最小的轉彎半徑和最高效的空間利用率。我們認為超長續航里程電動車對於加速從內燃機汽車轉向新能源汽車的轉變至關重要。自從9系列超級增程型電動車開始預售以來，我們獲得了前所未有的關注，尤其是在中國北方地區和內陸城市，吸引了許多以前對純電動車猶豫不決的客戶。

To date, preorders for this model are nearly 3x higher than the presale of the previous X9. On a like-for-like basis, the X9 Super EREV will officially launch on November 20 with deliveries starting immediately afterward. I anticipate reaching a new delivery record in December.

截至目前，該機型的預售量幾乎是上一代 X9 預售量的 3 倍。X9 Super EREV 將以同等配置正式發布，發布日期為 11 月 20 日，隨後立即開始交付。我預計12月將創下新的交付記錄。

We plan to introduce three super extended range products in Q1 2026 focusing on alleviating key challenges for our EREV users by offering long, pure electric range and quicker 5C supercharging, thereby capturing more of the EREV market. We have put in more R&D expenses in 2025; as a result in 2026, we'll also launch four new one vehicle dual-energy models, including our first product launch in some key market segments. These innovative products will help us establish a presence in these markets and build leading products like the MONA M03. I'm confident that the [7 1] vehicle dual energy models with super extended range technology debuting next year will greatly increase our total addressable market, or TAM, and provide significant sales growth opportunities.

我們計劃在 2026 年第一季推出三款超增程產品，重點在於透過提供更長的純電續航里程和更快的 5C 超級充電來緩解增程型電動車用戶面臨的關鍵挑戰，從而佔據更多的增程型電動車市場份額。我們在 2025 年投入了更多研發費用；因此，在 2026 年，我們還將推出四款新的單車雙能源車型，其中包括我們在一些關鍵市場領域的首款產品。這些創新產品將幫助我們在這些市場站穩腳跟，並打造像 MONA M03 這樣的領先產品。我相信，明年推出的[7 1]型雙能源汽車，採用超增程技術，將大大增加我們的潛在市場規模（TAM），並提供顯著的銷售成長機會。

On the global business front, we maintained strong sales growth and established a solid foundation for long-term expansion through our localized approach. In September 2025, our monthly overseas deliveries exceeded 5,000 units for the first time, a 79% increase year-over-year. During the third quarter, we grew our global presence with 56 new overseas stores, expanding our sales and service network to 52 countries and regions worldwide. Additionally, our first European localized production facility at (inaudible) in Grass, Austria, officially commenced operations with the initial batch of XPeng G6 and G9 rolling off the line. Simultaneously, XPeng's R&D center in Munich, Germany, officially began functioning, helping us better understand overseas customer needs and accelerate technological advancement and product launches.

在全球業務方面，我們保持了強勁的銷售成長，並透過在地化策略為長期擴張奠定了堅實的基礎。2025年9月，我們的海外月出貨量首次超過5,000台，較去年同期成長79%。第三季度，我們透過新增 56 家海外門市擴大了全球業務，將銷售和服務網路擴展至全球 52 個國家和地區。此外，我們在奧地利格拉斯（聽不清楚）的第一個歐洲本地化生產基地正式投產，首批小鵬G6和G9已下線。同時，小鵬汽車位於德國慕尼黑的研發中心正式投入運營，幫助我們更了解海外客戶的需求，並加速技術進步和產品發布。

In 2026, we plan to introduce three new overseas models, including popular mid to small SUVs that meet the diverse preferences of global consumers. Our strong focus on investing in AI large models, computing infrastructure and data set is driving the continuous emergence of advanced capabilities from our physical world model. Our upcoming VLA 2.0 model, which has 10x more parameters than its predecessors, will substantially enhance safety and user experience in intelligent driving.

2026年，我們計劃推出三款新的海外車型，其中包括滿足全球消費者多樣化喜好的熱門中小型SUV。我們大力投資人工智慧大型模型、運算基礎設施和資料集，推動我們的實體世界模型不斷湧現先進的功能。我們即將推出的 VLA 2.0 模型，其參數數量是前代產品的 10 倍，將大幅提升智慧駕駛的安全性和使用者體驗。

From my own recent driving experience during very complicated and complex road conditions, we experienced very impressive and unparalleled driving experience from the intelligent VLA model. So starting from late December, we will initiate a co-creation program with our early adopters.

根據我最近在非常複雜多變的路況下的駕駛經驗，我們從智慧 VLA 車型中體驗到了非常令人印象深刻且無與倫比的駕駛體驗。因此，從 12 月下旬開始，我們將與早期用戶啟動一項共同創造計劃。

In the early quarter of 2026, we aim to deploy the VLA 2.0 model across the entire Ultra line up. I see the mass production of VLA 2.0 as a major breakthrough in physical AI models. Offering a significant generational leap in user experience and attracting more people to choose Xpeng for its leading intelligent driving technology.

我們計劃在 2026 年第一季將 VLA 2.0 模型部署到整個 Ultra 產品線。我認為 VLA 2.0 的大規模生產是物理人工智慧模型的重大突破。憑藉領先的智慧駕駛技術，小鵬汽車在用戶體驗方面實現了顯著的世代飛躍，吸引了更多人選擇小型鵬汽車。

Going forward, XPeng will open source it's VLA 2.0 model to global commercial partners, aiming to provide industry-leading advanced driver assistance experience to a wider audience. Volkswagen will be the initial launch customer for the VLA 2.0 model. Additionally, XPeng's Turing AI SoC has earned a formal sourcing designation from Volkswagen with codeveloped vehicles expected to start mass production early next year. Revenue from licensing our technology to external partnerships will be reinvested into our R&D, mainly to support iteration and upgrades of the Turing SoC and BLA models. This fosters a positive cycle of innovation and commercialization.

展望未來，小鵬汽車將向全球商業合作夥伴開源其 VLA 2.0 模型，旨在為更廣泛的用戶群提供業界領先的高級駕駛輔助體驗。大眾汽車將成為 VLA 2.0 車型的首個上市客戶。此外，小鵬汽車的圖靈人工智慧SoC已獲得大眾汽車的正式採購資格，雙方共同開發的車輛預計將於明年初開始量產。我們將把技術授權給外部合作夥伴所獲得的收入再投資於我們的研發，主要用於支援 Turing SoC 和 BLA 模型的迭代和升級。這促進了創新和商業化的良性循環。

We invite more automakers and Tier 1 manufacturers to collaborate with us on the Turing SoC and VLA 2.0, working together to promote the adoption of advanced intelligent technologies in both Chinese and global markets. Traditionally, end-to-end models were able to maybe reach advanced Level 2 at its best; however, the rise of physical world model is speeding up the arrival of true autonomous driving. I believe that only preinstalled mass-produce robotaxis with a strong ability to generalize can achieve widespread adoption and create a sustainable business model. In 2026, XPeng plans to launch three robotaxi models. Our technology stack for robotaxi does not depend on high-definition maps or LIDAR. This approach enables us to address current industry's challenges, including high cost, operational limitations and poor generalization, allowing for an efficient and scalable deployment worldwide.

我們邀請更多汽車製造商和一級供應商與我們合作開發 Turing SoC 和 VLA 2.0，共同推動先進智慧技術在中國和全球市場的應用。傳統上，端到端模型最多只能達到高級的 L2 級；然而，物理世界模型的興起正在加速真正自動駕駛的到來。我認為只有預先安裝了通用性強的量產型無人出租車才能實現廣泛應用，並創造可持續的商業模式。2026年，小鵬汽車計劃推出三款無人駕駛計程車車型。我們的無人駕駛計程車技術堆疊不依賴高清地圖或光達。這種方法使我們能夠應對當前行業的挑戰，包括高成本、營運限制和通用性差等問題，從而實現高效且可擴展的全球部署。

We intend to begin pilot operations of XPeng robotaxi in China in 2026, continuously improving both software and hardware of robotaxi while building an operational ecosystem. I believe that a collaborative ecosystem where all industry stakeholders benefit is key to scaling rapidly. Therefore, we plan to open our SDK to our partners, and AMAP will be the first ecosystem partner for XPeng robotaxi. We also invite more companies in the mobility sector to explore robotaxi collaboration opportunities with us. Our humanoid robots adopt a technology road map driven by its physical world model.

我們計劃於 2026 年在中國啟動小鵬汽車無人駕駛出租車的試點運營，在構建運營生態系統的同時，不斷改進無人駕駛出租車的軟體和硬體。我認為，建立一個讓所有產業利害關係人都能從中受益的協作生態系統，是實現快速擴張的關鍵。因此，我們計劃向合作夥伴開放我們的 SDK，而 AMAP 將成為小鵬自動駕駛計程車的首個生態系統合作夥伴。我們也邀請更多出行領域的公司與我們探討機器人計程車合作機會。我們的類人機器人採用以物理世界模型為驅動的技術路線圖。

With full support from our vehicle and powertrain R&D teams, we unveiled our next-generation Iron robot at the latest XPeng Tech Day. The Iron human-like posture and agile gate surprised and deeply moved many XPeng fans and also highlighted the great commercial potential of humanoid robots.

在車輛和動力總成研發團隊的全力支持下，我們在最近的小鵬汽車技術日上發布了我們的下一代Iron機器人。鋼鐵般的人形姿態和敏捷的步伐讓許多小鵬汽車的粉絲感到驚訝和感動，同時也凸顯了人形機器人的巨大商業潛力。

Currently, Iron demonstrates only a very small fraction of its capabilities. In Q2 2026, we plan to achieve full capability integration through cross-domain innovation aiming for performance and user experience for far surpass current market offerings. Our target is to begin mass production of advanced humanoid robots by the end of 2026.

目前，Iron 只展現了其極小一部分功能。2026 年第二季度，我們計劃透過跨領域創新實現全面能力整合，目標是在效能和使用者體驗方面遠遠超越當前市場上的產品。我們的目標是到 2026 年底開始大規模生產先進的人形機器人。

Once produced, Iron will be first deployed in commercial scenarios, providing services like tour guiding, retail assistance and patrols. By the end of next year, I hope Iron will be working alongside us at XPeng stores, campuses and factories as our new team members. Additionally, XPeng Robotics will open its STK to global developers, inviting partners from various industries to collaborate on secondary development.

Iron 機器人一旦生產出來，將首先應用於商業場景，提供導覽、零售協助和巡邏等服務。我希望到明年年底，Iron能夠作為我們的新團隊成員，與我們一起在小鵬汽車的門市、園區和工廠工作。此外，小鵬機器人將向全球開發者開放其STK平台，邀請各行各業的合作夥伴共同進行二次開發。

This will enable Iron to be trained and to evolve across diverse and long-tail real-world well scenarios, unlocking broader application possibilities. From a long-term perspective, I believe the market potential for humanoid robots will exceed that of automobiles. Once a new generation of robots reaches the inflection point just as China's EV industry did with electrification, we expect explosive growth ahead. I envision that by 2030, XPeng robots could sell over 1 million units annually.

這將使 Iron 能夠在各種長期存在的現實世界油井場景中進行訓練和發展，從而解鎖更廣泛的應用可能性。從長遠來看，我認為人形機器人的市場潛力將超過汽車。就像中國電動車產業實現電氣化一樣，一旦新一代機器人達到轉捩點，我們預計未來將出現爆炸性成長。我預計到 2030 年，小鵬機器人的年銷售量可以超過 100 萬台。

With the launch of our one vehicle dual energy product cycle, I expect total deliveries in the fourth quarter to reach between 125,000 and 132,000 units reflecting a year-over-year growth of 36.6% to 44.3%. We project fourth quarter revenue to be roughly between RMB21.5 billion to RMB23 billion, up 33.5% to 42.8% from the previous year. XPeng's AI-driven vehicle business is in the early stages of rapid expansion in terms of scale and market shares, while robotaxi and humanoid robot programs are swiftly moving forward and towards mass production. I'm confident that XPeng will establish itself as a leader in physical AI, both in China and globally, delivering greater value for our customers and shareholders worldwide.

隨著我們推出一車雙能源產品週期，我預計第四季度總交付量將達到 125,000 至 132,000 輛，年增 36.6% 至 44.3%。我們預計第四季營收將在人民幣215億元至230億元之間，比上年同期成長33.5%至42.8%。小鵬汽車的人工智慧驅動汽車業務在規模和市場份額方面正處於快速擴張的早期階段，而無人計程車和人形機器人計畫正在迅速推進並走向量產。我相信小鵬汽車將在中國乃至全球實體人工智慧領域確立領先地位，為我們全球的客戶和股東創造更大的價值。

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

謝謝大家。接下來，我將把電話交給我們的財務副總裁詹姆斯先生，他將討論我們2025年第三季的財務表現。

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the third quarter of 2025. I'll reference RMB only in my discussion today, unless otherwise stated.

謝謝你，小鵬。現在讓我簡要概述一下我們2025年第三季的財務表現。除非另有說明，我今天在討論中只會提及人民幣。

Our total revenues were RMB20.38 billion for the third quarter of 2025, an increase of 101.8% year-over-year and an increase of 11.5% quarter-over-quarter. Revenues from vehicle sales were RMB18.05 billion for the third quarter of 2025, an increase of 105% year-over-year and an increase of 6.9% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries from newly launched vehicle models.

2025年第三季度，我們的總營收為人民幣203.8億元，年增101.8%，季增11.5%。2025年第三季汽車銷售收入為人民幣180.5億元，年增105%，季增6.9%。年比和環比成長主要歸功於新推出的車型交付量增加。

Revenues from services and others were RMB2.33 billion for the third quarter of 2025, representing an increase of 78.1% year-over-year and an increase of 67.3% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from after sales services and technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter.

2025年第三季服務及其他收入為人民幣23.3億元，年增78.1%，季增67.3%。年比和環比成長主要歸功於本季成功實現某些關鍵里程碑，從而帶動了大眾汽車集團售後服務和技術研發服務收入的成長。

Gross margin was 20.1% for the third quarter of 2025 compared with 15.3% for the same period of 2024 and 17.3% for the second quarter of 2025. Vehicle margin was 13.1% for the third quarter of 2025 compared with 8.6% for the same period of 2024 and 14.3% for the second quarter of 2025.

2025 年第三季的毛利率為 20.1%，而 2024 年同期為 15.3%，2025 年第二季為 17.3%。2025 年第三季汽車利潤率為 13.1%，而 2024 年同期為 8.6%，2025 年第二季為 14.3%。

The year-over-year increase was primarily attributable to the ongoing cost reduction, while the quarter-over-quarter decrease was due to targeted promotion to clear outgoing inventory during product transition. R&D expenses were RMB2.43 billion for the third quarter of 2025 representing an increase of 48.7% year-over-year and an increase of 10.1% quarter-over-quarter.

同比增幅主要歸因於持續的成本削減，而環比下降則是由於在產品過渡期間有針對性地進行促銷以清理庫存。2025年第三季研發費用為人民幣24.3億元，年增48.7%，季增10.1%。

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. SG&A expenses were RMB2.49 billion for the third quarter of 2025, representing an increase of 52.6% year-over-year and an increase of 15% quarter-over-quarter.

年比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，導致與開發新車型和技術相關的支出增加。2025年第三季銷售、一般及行政費用為人民幣24.9億元，較去年同期成長52.6%，較上季成長15%。

The year-over-year and quarter-over-quarter increases were primarily due to higher commission to the franchise stores, driven by higher sales volume as well as higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB0.75 billion for the third quarter of 2025 compared with RMB1.85 billion year-over-year and RMB0.93 billion quarter-over-quarter.

年比和環比成長主要是由於加盟店佣金增加，而佣金增加又是由銷售額成長以及行銷和廣告費用增加所推動的。受上述因素影響，2025年第三季營業虧損為人民幣7.5億元，去年同期虧損為人民幣18.5億元，較上季虧損為人民幣9.3億元。

Net loss was RMB0.38 billion for the third quarter of 2025 compared with RMB1.81 billion year-over-year and RMB0.48 billion quarter-over-quarter. As of September 30, 2025, our company had cash and cash equivalents, restricted cash, short-term investments and time deposits in total of RMB48.33 billion.

2025年第三季淨虧損為人民幣3.8億元，去年同期淨虧損為人民幣18.1億元，季淨虧損為4.8億元人民幣。截至2025年9月30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483.3億元。

To be mindful of the length of the earnings call, I will encourage listeners to refer to our earnings press release for more details on our third quarter 2025 financial results. This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead.

考慮到財報電話會議的時間，我建議聽眾參考我們的財報新聞稿，以了解更多關於我們 2025 年第三季財務業績的詳細資訊。我們的發言稿到此結束。現在開始接受提問。操作員，請開始。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（操作說明）Tim Hsiao，摩根士丹利。

(spoken in foreign language) So my first question is about the physical AI because in the past, the competitive advantages of other companies were reflected in several aspects like cost, brand and channels. Just wondering if the management could elaborate a bit more about what aspects XPeng's long-term competitive advantage in physical AI will be demonstrated? And how will the company continuously enhance its strength in these areas? That's my first question.

（用外語說）所以我的第一個問題是關於實體人工智慧的，因為在過去，其他公司的競爭優勢體現在成本、品牌和通路等幾個方面。我想請問管理階層能否詳細說明一下，小鵬汽車將在物理人工智慧領域的哪些方面展現其長期競爭優勢？公司將如何持續增強在這些領域的實力？這是我的第一個問題。

(interpreted) I think this is definitely a big question. The traditional way for automakers to make money is completely different from the new physical AI model generated kind of business format. They come from different DNAs. Traditionally, older traditional automakers focus on their own positioning and also about how they target their user segments and then everything boils down to their integration of Tier 1 suppliers and all the other different parts of the supply chain. However, when it comes to physical AI-generated model, the definition is different.

（翻譯）我認為這絕對是一個大問題。汽車製造商傳統的獲利方式與新型實體人工智慧模式產生的商業模式完全不同。它們源自於不同的DNA。傳統上，老牌汽車製造商專注於自身的市場定位，以及如何瞄準用戶群體，而一切最終都歸結於他們與一級供應商以及供應鏈中所有其他不同環節的整合。然而，對於實體 AI 產生的模型而言，其定義則有所不同。

We determine what the -- we -- everything boils down to do the definition of the future tech. It involves full stack technology capability and also custom integration. For example, the launch of our Iron robot is a great example of that. So that's why different DNA is going to generate different products and different growth momentum. In the future, I believe that cars will be a new format of robotics, and it's going to actually come to the real life in the coming 5 to 10 years as the next generation of robotics in our life.

我們決定一切最終歸結為做什麼——我們——那就是定義未來科技。它涉及全端技術能力以及定制集成。例如，我們推出的Iron機器人就是一個很好的例子。所以這就是為什麼不同的DNA會產生不同的產品和不同的成長動能。我認為，未來汽車將成為機器人技術的一種新形式，並且在未來 5 到 10 年內，它將作為下一代機器人技術真正走進我們的生活。

So traditionally, the integration of supply chain is completely different from what we are looking at right now, which is the physical AI technology integration across different domains and involves software, hardware and infrastructure upgrades, which will lead to a completely new set of products.

因此，傳統上，供應鏈的整合與我們現在所看到的完全不同，後者是跨不同領域的實體人工智慧技術整合，涉及軟體、硬體和基礎設施的升級，這將帶來一套全新的產品。

As a result, traditionally, software were only a small percentage of traditional car development, whereas right now, it takes up a large part of new product development. And I believe that when you look at our future development, we are actually going to see more and more physical AI components in the future for car development over 50%, and we are going to see that very, very soon. Thank you.

因此，傳統上，軟體在汽車開發中只佔很小一部分，而現在，它在新產品開發中佔據了很大一部分。我相信，展望未來，我們將看到越來越多的實體人工智慧元件應用於汽車開發，佔比超過 50%，而且我們很快就會看到這一幕。謝謝。

(spoken in foreign language) My second question is about revenue from the collaboration with Volkswagen. So first of all, congratulations on the project wins of Turing chips at Volkswagen. So may I know from which quarters related revenue will start to kick in? And how should we think about the trend of the revenue contribution from the collaboration with Volkswagen in December quarter and the full year 2026? That's my second question.

（用外語說）我的第二個問題是關於與大眾汽車合作的收入。首先，恭喜大眾汽車的圖靈晶片專案獲得成功。請問相關收入將從哪個季度開始產生？那麼，我們應該如何看待與大眾汽車合作在 2026 年 12 月季度和全年的營收貢獻趨勢呢？這是我的第二個問題。

Tim, this is Charles. So in Q3, we delivered a few key development milestones on time. So you probably have seen that the revenue from the technology collaboration increased significantly quarter-over-quarter. And we continue to see that there are a few key development milestones to be delivered in Q4. So we believe that the revenue from technical collaboration in Q4 will be expected at a comparable level we see in Q3 2025.

蒂姆，這位是查爾斯。因此，在第三季度，我們按時完成了幾個關鍵的開發里程碑。所以您可能已經注意到，技術合作帶來的收入較上季大幅成長。我們看到，第四季還有一些關鍵的發展里程碑需要完成。因此，我們認為第四季度技術合作帶來的收入預計將與 2025 年第三季的水平相當。

And then regarding your question on the Turing SoC. Yes, we were -- our Turing SoC was selected by Volkswagen for the two B class vehicles were jointly developing. And we have already started to supply the Turing SoC to some of our partners preproduction verification vehicles. So therefore, the revenue -- we would expect that the revenue from Turing SoC will start to be recognized in Q4 and probably in the small amount. But however, as our jointly developed vehicle SOP from early next year, and we would expect the revenue from the Turing SoC will ramp up with the sales volume of the two vehicles we going to develop.

然後是關於您提出的關於圖靈SoC的問題。是的，我們被選中了——大眾汽車選擇我們的 Turing SoC 用於他們共同開發的兩款 B 級車型。我們已經開始向一些合作夥伴的預生產驗證車輛提供 Turing SoC。因此，我們預計 Turing SoC 的收入將在第四季度開始確認，而且金額可能較小。但是，隨著我們共同開發的車輛 SOP 從明年年初開始，我們預計 Turing SoC 的收入將隨著我們即將開發的兩款車型的銷售而增長。

In terms of the revenue from the technical collaboration in 2026, and we expect that as long as we can deliver the key milestones that are scheduled in 2026, we would expect that the revenue from the technical revenue from the full year 2026 would be comparable to that of the revenue we recognized in 2025.

就 2026 年的技術合作收入而言，我們預計，只要我們能夠實現 2026 年計畫的關鍵里程碑，2026 年全年的技術收入將與我們 2025 年確認的收入相當。

So I think looking back, we have demonstrated that we can -- we delivered the revenue from commercialization of our technology for seven consecutive quarters. And I think we believe that there are still opportunities we would like to explore to commercialize our technology and also as our CEO, Xiaopeng mentioned, and we will reinvest such revenue from the licensing or technical collaboration back into our R&D. Thank you, Tim.

所以我覺得回顧過去，我們已經證明了我們能夠做到——我們連續七個季度實現了技術商業化帶來的收入。我認為我們相信，我們仍然有機會探索如何將我們的技術商業化，正如我們的執行長小鵬所提到的那樣，我們將把從許可或技術合作中獲得的收入再投資到我們的研發中。謝謝你，提姆。

Nick Lai, J.P. Morgan.

Nick Lai，摩根大通。

(spoken in foreign language) My first question is -- my two questions is actually related to (inaudible) strategy and ambition in the longer term. At a recent technology day, XPeng demonstrated our first humanoid robot Iron which worked really like human. And can you talk about our technology road map and compare with the comparable peers. And where is our competitive advantage comparing with the peers in the medium and longer term? That's my first question.

（用外語說）我的第一個問題是──我的第二個問題其實與（聽不清楚）長期策略和抱負有關。在最近的科技日活動上，小鵬汽車展示了我們首款人形機器人Iron，它的運作方式與人類非常相似。您能否談談我們的技術路線圖，並與同類競爭對手進行比較？從中長期來看，我們與同業相比的競爭優勢在哪裡？這是我的第一個問題。

(interpreted) Thank you. Because there are so many robotics companies in the market, to be honest, technological and product development road map and strategy of XPeng's robotics is moving forward as we expect, according to our own plan. We have paid really little attention to any other differences in the robotics industry to other companies before we launch our own products.

（翻譯）謝謝。坦白說，由於市場上有很多機器人公司，小鵬汽車的技術和產品開發路線圖和策略正按照我們自己的計劃，按預期向前推進。在推出我們自己的產品之前，我們幾乎沒有關注機器人產業與其他公司之間的任何差異。

Now when we look at XPeng, for example, our product philosophy is highly theoretical. You can actually -- well, it's highly human-like. That is the goal of developing our own humanoid robot. What's interesting about our product is that we realize that when we incorporate muscles and very bionic skin on to our robots, we actually attracted a lot of people to dare to hug him.

以小鵬汽車為例，我們的產品概念非常理論化。實際上，你可以——嗯，它非常像人類。這就是我們研發自主人形機器人的目標。我們產品的有趣之處在於，我們發現，當我們把肌肉和仿生皮膚融入機器人時，實際上吸引了許多人敢於擁抱它。

And this is very, very exciting because traditional robots really were not that attractive and appealing for human beings to give them a hug. In addition to that, we also would like to mention that in the future, I believe that across many aspects of life and work, we are going to see more and more robots that is working alongside us.

這非常非常令人興奮，因為傳統的機器人對人類來說真的沒有那麼大的吸引力，讓人想擁抱它們。除此之外，我們還想提一下，我相信在未來，在生活和工作的許多方面，我們將會看到越來越多的機器人與我們一起工作。

So for the current generation of XPeng robots, last time that we launched it, it was actually the seventh generation, and we are going to begin mass production of the eighth generation of our humanoid robots. In fact, we look at some of the available robotics in the market, I believe that a lot of them are between generation 3 and 5, which is mainly being driven by joints and all the operation of different hardware.

所以，就目前小鵬機器人而言，上次我們推出的是第七代產品，而我們即將開始量產第八代人形機器人。事實上，我們觀察一下市場上現有的一些機器人，我認為其中許多都屬於第三代到第五代之間，主要由關節和各種硬體的操作驅動。

And when you look at the operation of hardware and software, you can see that the available products in the market look very similar in the way that they walk and they move. And these kind of robots, I believe, are very, very hard or difficult to commercialize in the end. So in the future generations of our robot, we actually have been thinking about what kind of technological route we should be used, and we have fully integrated actually hardware and software driven by integrated AI.

當你觀察硬體和軟體的運作時，你會發現市場上現有的產品在運作和移動方式上都非常相似。我認為，這類機器人最終很難實現商業化。因此，在未來的幾代機器人中，我們一直在思考應該採用什麼樣的技術路線，並且我們已經完全整合了由整合人工智慧驅動的硬體和軟體。

So this time, you can see that the robot that we showed to the market is based on our full stack R&D capability and cross domain integration. I believe that XPeng motors has many advantages when it comes to our robotics and humanoid robot development. For example, our physical AI resources have a synergy effect with our AI cars.

所以這次，您可以看到我們向市場展示的機器人是基於我們的全端研發能力和跨領域整合。我認為，在機器人和人形機器人開發方面，小鵬汽車馬達具有許多優勢。例如，我們的實體人工智慧資源與我們的人工智慧汽車具有協同效應。

For example, we actually considering may be producing higher than car grade performance for our humanoid robot. And also our thinking logic on how to conduct business and mass production of our humanoid robot is largely driven by our knowledge and industry know-how in the EV industry.

例如，我們正在考慮為我們的人形機器人製造出性能高於汽車等級的產品。此外，我們開展業務和大規模生產人形機器人的思維邏輯，很大程度上受到我們在電動車行業的知識和行業經驗的驅動。

For example, when we build the future sales and marketing layout and globalization, there's a lot of synergistic effects that we can enjoy from the existing layout with our car cells. Also I believe when it comes to the future robotics development, some company will still -- some of the players will come from auto-making industry. And I believe that XPeng will definitely have a first-mover advantage in this regard because of the data, the SoCs and the capability that we have. Thank you.

例如，當我們建立未來的銷售和行銷佈局以及全球化策略時，我們可以從現有的​​佈局和我們的汽車單元中獲得許多協同效應。此外，我認為在未來的機器人技術發展中，一些公司——其中一些參與者將來自汽車製造業。我相信，憑藉我們擁有的數據、SoC 和能力，小鵬汽車在這方面肯定會擁有先發優勢。謝謝。

(spoken in foreign language) My second question is also related to humanoid robot long-term strategy and operations and (inaudible) to commercialization. What are the key critical milestones that we should be mindful? And from now towards the end of '26, can you remind us what the capacity and expect the scale of our human robot operations? And also in terms of use case, by, say, 2030, you mentioned that 2030 we target to deliver 1 million units, can we also talk about the use case in the longer term?

（用外語說）我的第二個問題也與人形機器人的長期策略和營運以及（聽不清楚）商業化有關。我們應該關注哪些關鍵里程碑？從現在到 2026 年底，您能否提醒我們一下，我們的人機協作運作能力和預期規模是多少？另外，就應用場景而言，比如說到 2030 年，您提到我們的目標是到 2030 年交付 100 萬台，我們能否也談談更長遠的應用場景？

(interpreted) Thank you. To be honest, Iron's mass production probably the most challenging kind of vehicle of products I've ever worked on at XPeng Motors, if I have to make the comparison between mass-producing Iron's and other cars because there's a lot of challenges. For example, our ultimate goal is for it to be easily trained with human language so that it can really help us in various ways and there's a lot of room for improvement there when it comes to capability integration.

（翻譯）謝謝。說實話，如果要把Iron的量產與其他汽車進行比較的話，Iron的量產可能是我在小鵬汽車參與過的最具挑戰性的車型，因為它面臨著許多挑戰。例如，我們的最終目標是讓它能夠輕鬆地用人類語言進行訓練，從而真正以各種方式幫助我們，而這方面在能力整合方面還有很大的改進空間。

For example, if this robot can walk or run in various safe postures that requires to a lot of integration of capability as well. For example, it needs to have all the joints embedded in management and also coupling of different wiring, et cetera. Also, if we need to allow it to have more generalized kind of dexterous hand movements, well, it will also require a lot of hand-based VLA, which we believe by beginning of next year will be integrated.

例如，如果這個機器人能夠以各種安全姿勢行走或奔跑，那麼也需要整合很多功能。例如，它需要將所有連接點嵌入到管理中，以及不同線路的連接等等。此外，如果我們需要允許它進行更一般的靈巧手部動作，那麼也需要大量的基於手的 VLA，我們相信到明年年初，這將得到整合。

We also need to allow it to have that kind of communication and language-based communication capability between the robot and humans. So that also will come from, for example, a lot of VLM and VLT, which is the small brain and large brain kind of modeling capability. But what I'm really excited to share here is that we will start entering the 1.0 stage of our new generation of mass-produced models next month. I believe that in the next 10 months, we'll be able to actually promote the robot development in an orderly manner during mass production. And I think that's the first part of my answer. Thank you.

我們還需要讓它具備這種溝通能力，以及機器人與人類之間基於語言的溝通能力。所以，這也將來自例如大量的 VLM 和 VLT，也就是小腦和大腦的建模能力。但我真正想和大家分享的是，下個月我們將開始進入新一代量產機型的 1.0 階段。我相信在接下來的10個月裡，我們將能夠在大量生產的同時，有條不紊地推進機器人研發。我想這就是我答案的第一部分。謝謝。

I think the ramp-up in robot production capacity is much simpler compared to cars. However, the commercialization of robots is indeed very, very challenging. It requires us to look for really new heights of technology and ultimately achieving more capabilities. Therefore, we hope to initially implement in several commercial scenarios included tour guiding, shopping or retail assistance, et cetera.

我認為，與汽車相比，機器人產能的提升要簡單得多。然而，機器人的商業化確實面臨著非常非常大的挑戰。這要求我們追求科技的新高度，並最終獲得更強大的能力。因此，我們希望首先在幾個商業場景中實施，包括導遊、購物或零售協助等。

In 2026, we hope that we actually can see a lot of our own robots working alongside us at our XPeng stores, campuses for the first stage of field testing. At the same time, we are also opening our SDK to more of our partners so that our partners can easily and simply buy our robots and train them for commercialization purposes.

我們希望在 2026 年，能夠看到我們自己的許多機器人與我們一起在我們的小鵬汽車門市和校園里工作，這將是第一階段的實地測試。同時，我們也向更多合作夥伴開放了我們的 SDK，以便我們的合作夥伴可以輕鬆簡單地購買我們的機器人並對其進行商業化訓練。

If your question is about future possibilities of scenario application, I think it's going to be even more than you think. For example, for commercialized robots, maybe you can switch their owns and allow them to go into the industrial production scenarios. And when will the robots go into our household setting? I think maybe five years' time, we still have a big chance of achieving that.

如果你的問題是關於場景應用的未來可能性，我認為它的可能性會比你想像的還要大。例如，對於商業化的機器人，或許可以更換它們自身的零件，使它們能夠進入工業生產場景。機器人何時才能進入我們的家庭生活？我認為或許五年後，我們仍有很大的機會實現這個目標。

And I hope that through opening our SDK, we can allow more kind of partners to help us tackle those diverse and long-tail scenarios of application so that we can all enjoy a better robotics future and build a better ecosystem. Thank you.

我希望透過開放我們的SDK，能夠讓更多類型的合作夥伴幫助我們應對各種多樣的長尾應用場景，從而讓我們都能享受更美好的機器人未來，並建立一個更好的生態系統。謝謝。

Ming, Bank of America.

明，美國銀行。

(spoken in foreign language) Why does XPeng choose to launch robot taxi service in 2026? Could you share your technology inflection point or how fast you lower your cost? And compared to other robot taxi companies in China, what is XPeng's technology path or business model? What is your advantages?

（用外語說）為什麼小鵬汽車選擇在2026年推出無人駕駛計程車服務？能否分享一下貴公司的技術轉折點或降低成本的速度？與中國其他無人駕駛計程車公司相比，小鵬汽車的技術路線或商業模式是什麼？你的優勢是什麼？

(interpreted) Thank you, Ming, for your question. I think that within our R&D strategy, there are two key aspects, which are full stack self-development and also cross-domain integration. I believe that in 2026, we will be actually seeing a collection of inflection points within our own development system.

（翻譯）謝謝你的提問，明。我認為，我們的研發策略有兩個關鍵面向，即全端自主研發和跨領域整合。我相信，到 2026 年，我們將看到我們自身的發展體系中出現一系列轉折點。

For example, we are going to be able to launch our current models into the robotaxi configuration of fleets, which, by that time, we believe that the inflection point will arrive. At the same time, our VRL models will continue to offer new capabilities for our future vehicles to be more robotic-like.

例如，我們將能夠將我們目前的車型投入到無人駕駛計程車車隊的配置中，我們相信，到那時，轉折點將會到來。同時，我們的 VRL 車型將繼續為未來的車輛提供新的功能，使其更具機器人特性。

In addition to that, our second-generation VLA can actually train our intelligent driving Ultra cars and also in the future, maybe also train our mass version of cars using the same kind of large model, too. In other words, we have our cross-domain capability based on our robotic development, which really can solve a lot of robotaxi current limitations, for example, the high cost of production and also the limitation of the mobility destinations.

除此之外，我們的第二代 VLA 實際上可以訓練我們的智慧駕駛 Ultra 汽車，而且在未來，或許可以使用同樣的大型模型來訓練我們的大規模版本汽車。換句話說，我們擁有基於機器人開發的跨領域能力，這確實可以解決目前機器人計程車的許多局限性，例如生產成本高以及出行目的地受限等問題。

For example, current mobile taxi now cannot really handle very complicated and complex road conditions and also in residential areas that has a lot of unpredicted scenarios and also a lot of them currently require LiDAR for their perception capability and so on. So in 2026, we hope that by commercializing fully share L4 capability in our robotaxi, we actually can have the dual development of the driverless L4 model together with an assisted driving L4 model. With the launch of both method or road map in the future, I think very soon, it will be proven that XPeng has actually a better commercial logic thinking compared to other robotaxi companies and that will give us a great competitive advantage. Thank you.

例如，目前的行動計程車無法真正應對非常複雜的道路狀況，也無法應對居民區中許多無法預測的情況，目前許多行動計程車都需要雷射雷達來增強其感知能力等等。因此，我們希望在 2026 年，透過在我們的機器人計程車中實現完全共享的 L4 能力的商業化，我們實際上可以同時開發無人駕駛 L4 型號和輔助駕駛 L4 型號。隨著未來兩種方法或路線圖的推出，我認為很快就會證明，小鵬汽車的商業邏輯思維確實比其他無人出租車公司更勝一籌，這將為我們帶來巨大的競爭優勢。謝謝。

(spoken in foreign language) So how does the management team think about the commercialization of your robot taxi business? Especially in the future, what is your planned milestone, for example, like in terms of the number of our fleet? Or when will you plan to roll out in different cities or overseas market? And also currently, you already have a cooperation with and could you elaborate more about your cooperation? And in the future, do we expand -- do you plan to cooperate with small partners like other ride-hailing companies?

（用外語說）那麼，管理團隊是如何看待你們的機器人計程車業務商業化的呢？尤其是在未來，你們計畫的里程碑是什麼？例如，就我們的機隊數量而言？或者，你們計劃何時在其他城市或海外市場推出這項服務？另外，您目前已經與某公司合作，能否詳細介紹一下你們的合作狀況？未來，我們會擴張嗎？你們是否計劃與其他叫車公司等小型合作夥伴合作？

(interpreted) Thank you. Actually, next year, XPeng is going to launch three different types of robotaxi models at different price points to support different mobility purposes and demands. In the next phase of development, I believe, with the premise of regulatory approval, our priority is to really get everything running smoothly, when it comes to the whole technological and operation and business model.

（翻譯）謝謝。事實上，明年小鵬汽車將推出三種不同價位的自動駕駛計程車車型，以滿足不同的旅遊目的和需求。我認為，在下一階段的發展中，在獲得監管部門批准的前提下，我們的首要任務是確保整個技術、營運和商業模式順利運作。

So in that scenario, we hope to work with more and more business partner in the ecosystem. For example, AMAB will be a great partner. They are going to give us more development support when it comes to traffic and also payment and operation and services, et cetera. That really set us apart from a lot of the autonomous driving OEMs.

因此，在這種情況下，我們希望與生態系統中越來越多的商業夥伴合作。例如，AMAB 將是一個很棒的合作夥伴。他們將在流量、支付、營運和服務等方面為我們提供更多發展支援。這使我們有別於許多其他自動駕駛汽車製造商。

And I believe that in the future, for different countries and regions and different steps of development, we are going to actually launch more partnership with different service providers across different links. And for XPeng, what we need to do is that we are building our toolbox really well, and we're opening up our interface capability so that we can work more with our ecosystem partners in the future across different countries and cities. And so once we really get everything up and running commercially in different environments, we can then quickly build our ecosystem. This is one of our considerations. Thank you.

我相信，未來針對不同的國家和地區以及不同的發展階段，我們將在不同的環節與不同的服務提供者進行更多合作。對於小鵬汽車來說，我們需要做的就是完善我們的工具箱，並開放我們的介面能力，以便將來能夠與不同國家和城市的生態系統合作夥伴進行更多合作。因此，一旦我們在不同的環境中真正實現商業化運營，我們就可以迅速建立我們的生態系統。這是我們考慮的因素之一。謝謝。

Tina Hou, Goldman Sachs.

Tina Hou，高盛集團。

(spoken in foreign language) Let me translate my first question. So first, I would like to understand, over the next one to three years, do we have a rough revenue estimate or breakdown for our new businesses, including robotaxi humanoid robot as well as --

（用外語說）讓我翻譯一下我的第一個問題。首先，我想了解一下，在未來一到三年內，我們是否有關於新業務（包括機器人出租車人形機器人以及其他業務）的大致收入預測或細分數據？--

Tina, it's Brian. First of all, I would say that for these future development areas, we do not provide any numerical guidance at the moment. Clearly, all those three areas, we anticipate volume, scale level production and operations in the next 12 months. For example, the land aircraft carrier from our flying car company is aimed to be delivered to end customers before the end of next year, will be in volume also scale, which I would say, in the thousands of range.

蒂娜，我是布萊恩。首先，我想說的是，對於這些未來的發展領域，我們目前不提供任何具體的數位指導。顯然，我們預計未來 12 個月內，這三個領域的產量、規模和營運水準都將有所提高。例如，我們飛行汽車公司的陸地航空母艦計劃在明年年底前交付給終端客戶，產量也將達到一定規模，我認為數量將達到數千艘。

But the other two, for example, the humanoid robot as well as autonomous driving robotaxi, as we just discussed earlier, next year, will be actually here, we'll see a lot of operational testing as well as scaling up process to make them ready for large quantity production and use. So I would say the contribution from next year will probably be limited.

但另外兩項技術，例如人形機器人和自動駕駛計程車，正如我們剛才討論的那樣，明年將真正面世，我們將看到大量的運行測試以及流程擴展，使它們為大規模生產和使用做好準備。所以我認為明年的貢獻可能有限。

But I think the volume will expect to ramp up rapidly once the model and the stability of these products is proven in the use consumer end as well as your application end. So the long-term goal of having 1 million per year humanoid robots sort of sales by 2030 is our long-term goal. And that is something that we have good confidence given we see the quick ramp-up into technology as well as multiple application areas in home, in offices, in factory settings.

但我認為，一旦這些產品的模式和穩定性在消費者端和應用端得到驗證，銷售就會迅速成長。因此，到 2030 年實現每年 100 萬台人形機器人的銷售量是我們的長期目標。鑑於我們看到這項技術正在迅速普及，並且在家庭、辦公室、工廠等多個應用領域都有應用，因此我們對此充滿信心。

So with all these future areas, we believe the potential is immense. So at this moment, unfortunately, I cannot give you the exact breakdown as well as precise cost estimates because these are still, I would say, evolving. But I think the overall trend is very exciting for us.

因此，我們認為這些未來領域的潛力是巨大的。所以目前，很遺憾，我無法提供具體的明細以及精確的成本估算，因為這些仍在不斷變化之中。但我認為整體趨勢對我們來說非常令人振奮。

(spoken in foreign language) So my second question is regarding our passenger vehicles. So wondering if we can get more details on the new models, their segment as well as price segment, both in the domestic market as well as overseas and also do we have a volume target for 2026?

（用外語說）所以我的第二個問題是關於我們的乘用車。所以，我們能否獲得更多關於新車型的詳細信息，包括它們的細分市場和價格區間，涵蓋國內市場和海外市場，以及我們是否有 2026 年的銷售目標？

Tina, it's Charles here. I think we believe that one powertrain vehicles present very attractive opportunities. It is also one of our strategic initiatives to expand the volume of our each of our vehicles. So I think on November 20, we are launching the X9 with pricing, that will be our first, we call it the Super EV product to be launched. And then you probably also have noticed that we have -- we already have three existing vehicles, Super Electric model, already registered with regulators, and we plan to launch those three products in early 2026.

蒂娜，我是查爾斯。我認為我們相信，單動力總成汽車蘊藏著非常有吸引力的機會。擴大我們每款車型的銷售也是我們的策略舉措。所以我認為，我們將在 11 月 20 日發布 X9 及其定價，這將是我們推出的第一款，我們稱之為超級電動車產品。而且您可能也注意到，我們已經有三款現役車型，包括超級電動車型，已經向監管機構註冊，我們計劃在 2026 年初推出這三款產品。

As Xiaopeng also mentioned that we have four vehicles new vehicles when we launch, it will be equipped with both BEV as well as EREV powertrain options. And those four new vehicles are positioned in the different segment -- various pricing segments we're in. And we believe that, that will continue to enhance our product portfolio in each of the price segments we're targeting.

正如小鵬所提到的，我們推出時將有四款新車型，它們將配備純電動車 (BEV) 和增程式電動車 (EREV) 動力系統選項。這四款新車定位在不同的細分市場——我們所處的不同價格區間。我們相信，這將繼續增強我們在各個目標價格區間的產品組合。

So in terms of the growth into next year, and we believe that the huge -- the one chassis dual powertrain vehicle models, the seven models will significantly drive our growth next year. And also another growth driver we have seen is that the international market will continue to be a major growth driver for us.

因此，就明年的成長而言，我們相信，巨大的——單底盤雙動力總成車型，這七款車型將顯著推動我們明年的成長。此外，我們也看到國際市場將繼續成為我們主要的成長動力。

With our current products available in the international market, we have already hit 5,000 per month for September and also October, the two consecutive months already. And of the seven new vehicles we're launching next year, three of them -- at least three of them will go to international market. And so we are confident that the international market volume will continue to be a very important growth driver for us into 2026.

憑藉我們目前在國際市場上銷售的產品，我們在9月和10月連續兩個月的銷售量都達到了每月5000件。明年我們將推出七款新車，其中至少有三款將銷往國際市場。因此，我們有信心，到 2026 年，國際市場規模將繼續成為我們非常重要的成長動力。

Pingyue Wu, Citic.

吳平月，中信。

(spoken in foreign language) I have two questions. And my first question is about the new EREV model. And what do we think about the growth potential of our new EREV models in 2026? And my second question is about the humanoid robots. And how do we think about the real economy of the humanoid robots since we have implemented some new technologies, for example, the solid-state batteries and in terms of affordability, we are adding robot be affordable for family and say like RMB200,000 or even less?

（用外語說）我有兩個問題。我的第一個問題是關於新款增程式電動車（EREV）車型的。那麼，我們如何看待我們新款增程式電動車在 2026 年的成長潛力？我的第二個問題是關於人形機器人的。既然我們已經應用了一些新技術，例如固態電池，那麼我們該如何看待人形機器人的真正經濟性呢？就可負擔性而言，我們正在努力使機器人價格被家庭接受，例如20萬元甚至更低？

(interpreted) First of all, regarding the first question, I think what's interesting that we discover from the sales figures that we gather from -- since the launch of X9 was that the targeted customers and also the actual users of BEV and EREV are quite different. So we believe that we can expect to actually see several times of quarter-over-quarter growth when the new version of X9 actually get delivered and actually different customer groups, when they purchase BEV versus ERV, they are using the cars across different scenarios as well.

（翻譯）首先，關於第一個問題，我認為我們從X9上市以來收集的銷售數據中發現的有趣之處在於，BEV和EREV的目標客戶和實際用戶之間存在很大的差異。因此我們相信，當新款 X9 真正交付時，我們有望看到季度環比增長數倍，而且不同的客戶群體，無論是購買純電動車還是節能汽車，都會在不同的場景下使用這些車輛。

And specifically, what I want to share is that, obviously, BEV and EREV users in different sizes of scale of cars are also different. In larger vehicles, the percentage of EREV adoption is higher, whereas for Class A vehicles, especially smaller passenger vehicles, BEV ratio is actually higher. So I think we'll have to wait for more numbers to show maybe by Q4 and also Q1 next year before we actually can give you a more concrete answer. Thank you. And the second part of your question, regarding the pricing affordability of robotics, I think, first of all, the price logic is very different between cars and robots.

具體來說，我想分享的是，很顯然，不同規模汽車的純電動車 (BEV) 和增程式電動車 (EREV) 用戶也存在差異。在大型車輛中，增程式電動車的採用率較高，而對於 A 類車輛，尤其是小型乘用車，純電動車的比例實際上更高。所以我覺得我們可能需要等到第四季和明年第一季有更多的數據出來，才能給你一個更確切的答案。謝謝。至於你問題的第二部分，關於機器人的價格可負擔性，我認為，首先，汽車和機器人的價格邏輯非常不同。

When we look at the cost of our Gen 6 and Gen 7 robots, they remain very high last year, but by first half of this year, when we were preparing for true mass production, we actually have enough reasons for us to actually believe the future retail sales price of the robotics -- the robots can be very similar to car prices.

當我們審視第六代和第七代機器人的成本時，會發現它們去年仍然非常高，但到了今年上半年，當我們準備真正大規模生產時，我們實際上有足夠的理由相信機器人的未來零售價格——機器人的價格可能與汽車的價格非常接近。

And the second point that I want to mention here is that the traditional way of pricing a car is weight-based. It involves how many kind of iron and lithium and all kinds of elements included and components included in making a car, whereas robots, it's very different because the percentage of software in a robot is over 50% since day 1, whereas number is only 10% to 20% for a lot of cars.

我想提的第二點是，傳統的汽車定價方式是基於重量的。它涉及到製造一輛汽車需要多少種鐵、鋰以及各種元素和組件，而機器人則截然不同，因為機器人從一開始就有超過 50% 的軟體佔比，而許多汽車的軟體佔比只有 10% 到 20%。

In other ways, you have to put in a lot of cost to train the software and the model, and you need to have the overall capability to do a lot of integration and also domain controller as well. For example, you need to be able to combine all four SoCs into a super domain controller so that you can make them as light as possible and as affordable as possible.

換句話說，你需要投入大量成本來訓練軟體和模型，而且你還需要具備進行大量整合以及網域控制器的整體能力。例如，你需要將所有四個 SoC 組合成一個超級網域控制器，以便盡可能減輕重量並降低成本。

These remain very challenging for many industry players. In other words, we really have high hopes for our future when it comes to robotics development. Hopefully, we are going to -- we expect to handle a limited amount of SKU integration, not as many SKUs as when you're making a cars. And we also will try our best to make the pricing of robots as affordable as possible. So it really can truly help and empower thousands of households in the future. Thank you.

對許多業內人士來說，這些仍然是非常具有挑戰性的問題。換句話說，我們對機器人技術的未來發展抱持著很高的期望。希望我們能夠做到——我們預計處理有限的 SKU 集成，不會像製造汽車時那樣涉及那麼多 SKU。我們也會盡力使機器人的價格盡可能實惠。所以它確實能在未來真正幫助和賦能成千上萬個家庭。謝謝。

Xiaoyi Lei, Jefferies.

雷曉毅，傑弗里斯。

(spoken in foreign language) I have just one question. Could you please provide an update on the progress of our overseas localized production for next year? And additionally, how do we plan to leverage our smart driving capabilities to drive the sales growth in international markets?

（用外語說）我只有一個問題。能否提供我們明年海外在地化生產的進展？此外，我們計劃如何利用我們的智慧駕駛能力來推動國際市場的銷售成長？

It's Brian, again. Just to address your question on overseas plan for next year. You're right, we actually initiated our local production this half -- second half of this year with first factory in Indonesia and also the -- another factory production facility with partnership with Magna in Austria. Those, I think, is slowly ramping up the capacity. So we anticipate the volume for next year's production in these two plants will continue to rise and support our overall sort of overseas growth.

又是布萊恩。我只是想回答你關於明年出國計畫的問題。你說得對，我們實際上在今年下半年啟動了在地化生產，第一家工廠位於印度尼西亞，另一家工廠則是與奧地利麥格納公司合作建立的。我認為，這正在逐步提升產能。因此，我們預計這兩家工廠明年的產量將繼續成長，並支持我們整體的海外成長。

I think in Europe, we are looking at the tens of thousands in terms of numbers of vehicle locally produced there. And in Indonesia, I think probably smaller, but also a sizable number, high thousands is something that we want to achieve.

我認為在歐洲，本地生產的車輛數量已經達到數萬輛。在印度尼西亞，我認為人數可能會少一些，但也是相當可觀的，我們希望達到數千人。

Looking beyond those two plants, we continue to look at additional opportunities to have local capabilities in other markets as well as building local supply chain capabilities to support the localization in these key regions. So we will be increasing our local content, increasing our local stores materials and also looking for further localization strategy to be implemented.

除了這兩家工廠之外，我們還將繼續尋找在其他市場建立在地化能力的機會，並建立本地供應鏈能力，以支援這些關鍵地區的在地化。因此，我們將增加在地化內容，增加本地門市物料，並尋求進一步實施在地化策略。

So that's something I think is ongoing. I think it's a must do for a company has global ambitions. Looking at the global product sales next year, I think, as Charles mentioned, we're looking for higher growth in the international markets compared to our domestic market. We're also looking for higher contribution economically from those markets. So I would say in the next year or the year beyond, we're looking at a faster growing, higher profit contribution for our international businesses.

所以我認為這是正在進行的事情。我認為對於一家有全球化野心的公司來說，這是必須要做的事。展望明年的全球產品銷售，我認為，正如查爾斯所提到的那樣，我們預計國際市場的成長速度將高於國內市場。我們也希望這些市場能為經濟做出更大的貢獻。因此，我認為在未來一年或更遠的一年裡，我們的國際業務將實現更快的成長，並貢獻更高的利潤。

Since there are no further questions, I'd like to turn the call back over to the company for any closing remarks.

由於沒有其他問題，我想把電話轉回給公司，請他們作總結發言。

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 (inaudible) Financial Communications.

再次感謝您今天蒞臨。如果您還有其他疑問，請隨時透過我們網站（聽不清楚）財務通訊中提供的聯絡資訊聯絡小鵬汽車投資者關係部門。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。