Xpeng Inc (XPEV) 2025 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the fourth quarter and fiscal year 2025 earnings conference call for XPeng Inc. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company.

各位女士、各位先生，大家好。感謝各位撥冗參加小鵬汽車（XPeng Inc.）2025年第四季度及2025財政年度業績電話會議。（接線員提示）今天的電話會議將被錄音。現在我將把電話交給本公司投資者關係與資本市場負責人謝先生（Alex Xie）。

Please go ahead, Alex.

Alex，請開始。

Thank you. Hello, everyone, and welcome to XPeng's fourth quarter and Fiscal Year 2025 Earnings Conference Call. Our financial and opportune results were issued by us earlier today and available online. You can also view the earnings press release by listing the IR section of our website at ir.xpeng.com. Participants on today's call from our management team will include Co-Founder, Chairman and CEO, Mr. Xiaopeng He; Vice Chairman and President, Mr. Brian Gu; Vice President, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu and myself.

謝謝。各位好，歡迎參加小鵬汽車2025年第四季度及2025財政年度業績電話會議。我們的財務及營運業績已於今天較早時發布，並可於網上查閱。您亦可瀏覽我們網站投資者關係（IR）欄目 ir.xpeng.com 查看業績新聞稿。今天出席電話會議的管理層包括：聯合創始人、董事長兼首席執行官何小鵬先生；副董事長兼總裁顧宏地先生（Brian Gu）；副總裁張先生（Charles Zhang）；財務與會計副總裁吳先生（James Wu）以及我本人。

Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available in the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of 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.

管理層將先發表準備好的發言，隨後進入問答環節。本次電話會議的網路重播將在我們網站的IR欄目提供。在繼續之前，請注意今天的討論將包含前瞻性陳述，該等陳述係依據1995年《美國私人證券訴訟改革法案》的安全港條款作出。前瞻性陳述存在固有風險與不確定性。因此，公司實際結果可能與今天表達的觀點存在重大差異。

Certain 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. 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.

有關上述及其他風險與不確定性的若干資訊，已載於公司向美國證券交易委員會提交的相關公開文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。另請注意，小鵬的業績新聞稿及本次電話會議包含未經審計的GAAP財務指標以及未經審計的非GAAP財務指標之披露。小鵬的業績新聞稿載有未經審計的非GAAP指標與未經審計的GAAP指標之對賬。

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

現在我將把電話交給我們的聯合創始人、董事長兼首席執行官何小鵬先生。請開始。

(interpreted) Hello, everyone. Reflecting on 2025, XPeng deliver a series of milestone breakthroughs across multiple fronts. Our Andean delivery reached 429,449, up 126% year-over-year. Mona M03 became the best-selling battery electric sedan in the RMB100,000 to RMB200,000 segment. B7 plus ranks number 1 among pure electric events in the RMB150,000 to RMB200,000 segment.

（翻譯）各位好。回顧2025年，小鵬在多個方面實現了一系列里程碑式突破。我們的年度交付量達到429,449台，同比增長126%。MONA M03成為人民幣10萬至20萬元區間最暢銷的純電轎車。B7 Plus在人民幣15萬至20萬元區間的純電車型中排名第一。

The Quinton Super Extended Range EV X9 entered mass production and started our one vehicle dual energy era. Our quality management system and customer satisfaction as measured by NPS improved rapidly. Overseas deliveries nearly doubled to 45,000 units with revenue from overseas markets contributing over 15% of total revenue. In addition, benefiting from enhanced organizational capabilities center on physical AI, we successfully brought our touring AI SoC into mass production and began deliveries to Volkswagen.

崑崙超級增程電動車X9進入量產，開啟了我們「一車雙能」的新時代。我們的品質管理體系與以NPS衡量的客戶滿意度快速提升。海外交付量接近翻倍至45,000台，海外市場收入貢獻超過總收入的15%。此外，受益於以物理AI為核心的組織能力提升，我們成功推動自研圖靈AI SoC量產，並開始向大眾汽車交付。

Our VLA 2.0 saw an Emergent and the debut of our humanoid robot iron Gonin significant attention globally. In 2025, we achieved not only high growth in scale but also significant improvement of operational capabilities. Our gross margin for fiscal year 2025 reached 18.9%, an increase of 4.6 percentage points year-over-year.

我們的VLA 2.0迎來了重要進展，同時我們的人形機器人「Iron」的亮相也在全球引發廣泛關注。2025年，我們不僅在規模上實現高速增長，也在營運能力上取得顯著提升。2025財年毛利率達到18.9%，同比提升4.6個百分點。

In response to national initiatives, we substantially reduced the turnover data of accounts payable to suppliers by 60 days. We had a free cash flow inflow of approximately RMB5 billion in 2025 and ended the year with RMB47.7 billion cash on hand, providing robust financial support for unwavering investment in fiscal R&D.

響應國家倡議，我們將對供應商的應付帳款周轉天數大幅縮短了60天。2025年我們實現約人民幣50億元的自由現金流流入，年末現金儲備達人民幣477億元，為我們在研發上的堅定投入提供了強有力的財務支持。

In Q4, Xpeng achieved its first ever quarterly profit with net profit exceeding RMB380 million. This marks the emergence of the business model, driven by technology leadership, which is a path to profitability distinct from that of traditional automakers.

在第四季度，小鵬首次實現單季盈利，淨利潤超過人民幣3.8億元。這標誌著由技術領先驅動的商業模式開始顯現，走出了一條不同於傳統車企的盈利之路。

I'm glad to see that with years of hardware investment and physical AI transformation, XPeng is at a pivotal inflection point in the application of physical AI. After years of sustained and significant R&D investment, we have built a full sec in-house developed technology systems, including SoC, foundation model, data EE architecture and AI infrastructure. We're now driving upward integration across autonomous driving and smart corporate systems while enabling cross-domain integration downward into power chain and Chuck systems.

我很高興看到，經過多年硬體投入與物理AI轉型，小鵬正處於物理AI應用的關鍵拐點。在多年持續且大力度的研發投入後，我們已建立起完整的自研技術體系，包括SoC、基礎模型、數據EE架構以及AI基礎設施。我們正在推動自動駕駛與智慧座艙系統的向上整合，同時也在向下打通動力鏈與底盤系統等跨域整合能力。

Looking ahead, we'll continue to push the technological frontier, accelerate the development of AI, XPI deployment and commercialization of our product technology innovations.

展望未來，我們將持續推進技術前沿，加速AI、XPI的部署與商業化，並加快產品與技術創新的落地。

In early March 2026, our VLA 2.0 successfully passed the physical touring test for autonomous driving and passengers can hardly distinguish if it's a human or AI who's driving the car, the vehicle has effectively evolved into a physical AI agent.

在2026年3月初，我們的VLA 2.0成功通過了自動駕駛的物理「圖靈測試」，乘客幾乎無法分辨是人類還是AI在駕駛，車輛已有效進化為一個物理AI智能體。

XPeng's VLA 2.0 was soon crossed the inflection point of both technology and large-scale deployment. Fully autonomous driving can be expected to come in the next one to three years. AI power vehicle and human robots will soon fundamentally reshape how everyone travels, works and lives.

小鵬的VLA 2.0很快將跨越技術與規模化部署的雙重拐點。未來一到三年內，有望實現完全自動駕駛。AI動力車與人形機器人將很快從根本上重塑每個人的出行、工作與生活方式。

2026 marks a major year of product portfolio expansion and upgrade in our product capabilities. We plan to launch four new models expanding into both large and compact sized vehicles. defined by our newly restructured and design team, these models are crafted for global markets and build on dual energy platforms, supporting the evolution of autonomous driving capabilities from L2 plus to L4 as deliveries of new models ramp up will achieve strong quarter-over-quarter growth in volume.

2026年將是我們產品矩陣擴張、產品能力升級的重要一年。我們計劃推出四款新車型，覆蓋大型與緊湊型車市場。這些車型由我們新近重組的設計團隊定義，面向全球市場打造，並基於雙能源平台，支持自動駕駛能力從L2+向L4演進；隨著新車型交付爬坡，銷量將實現強勁的環比增長。

In Q3 2026, we'll start preorders of our first flagship seed full-size EV, the XPeng GX bringing in a truly uncompromised best-in-class experience model to family users. GX delivers empty class comfort and spaciousness and share by wire and rear wheel steering. It will be our first model designed to support L4-level hardware and software capabilities.

在2026年第三季度，我們將開啟首款旗艦級全尺寸純電SUV——小鵬GX的預售，為家庭用戶帶來真正不妥協、同級最佳的體驗。GX提供同級領先的舒適性與寬敞空間，並配備線控轉向與後輪轉向。它將是我們首款在硬體與軟體層面支持L4級能力的車型。

Starting from this year, we'll further expand our AI vehicles global market share and bring our VLA 2.0 model to global markets. At the same time, our lead teams to bring both robotaxi and advanced humanoid robot into mass production.

從今年開始，我們將進一步擴大AI汽車在全球市場的份額，並把VLA 2.0模型推向全球市場。同時，我們的團隊將推動Robotaxi與先進人形機器人進入量產。

With global product sales increasing, in 2026, we'll further solidify our global scale-up capabilities across production, supply, sales and service. Our supply chain, manufacturing, logistics, spare parts, sales and service systems are moving towards greater global synergies, underpinning sustained improvement in quality and brand perception in international markets.

隨著全球產品銷售增長，2026年我們將進一步夯實在生產、供應、銷售與服務等方面的全球規模化能力。我們的供應鏈、製造、物流、備件、銷售與服務體系正朝著更高水平的全球協同邁進，支撐國際市場品質與品牌認知的持續提升。

Well, our overseas deliveries, the goal is set to double in 2026 year-over-year with international business contributing over 20% of total revenue. We plan to introduce four new models to global market. In the key SUV segment, we aim to launch more global flagship models.

我們設定的目標是：2026年海外交付量同比翻倍，國際業務收入貢獻超過總收入的20%。我們計劃向全球市場引入四款新車型。在關鍵的SUV細分市場，我們力爭推出更多全球旗艦車型。

We target to have 680 overseas stores for sales and service, doubling the number of stores from the end of 2025.

我們的目標是海外銷售與服務門店達到680家，較2025年末的門店數量翻倍。

XPeng's self-operated ultrafast charging network will also expand beyond China to 10 key international markets. This will bring our industry-leading 5C ultra fast charging experience to users globally. We then enhanced overseas competencies, our global expansion will further accelerate significantly through 2027 and 2028 and revenue from overseas markets will become one of the core drivers of the company's profitability.

小鵬自營的超快速充電網路也將從中國擴展至10個重點國際市場。這將把我們業界領先的5C超快速充電體驗帶給全球用戶。接著我們強化海外能力，我們的全球擴張將在2027年與2028年進一步顯著加速，海外市場收入也將成為公司獲利能力的核心驅動之一。

To make the leap -- to make the leap from L2 plus to L4 and enable global deployment, we have fundamentally redesigned the architecture of our autonomous driving technology. Starting yesterday, we began the gradual rollout of our VLA 2.02 users. This is our first release design for the autonomous driving era, delivering a safe and smooth experience with driving performance comparable to experience human drivers and representing a generational gap ahead of the industry.

為了實現跨越——從L2+躍升至L4並支援全球部署，我們從根本上重新設計了自動駕駛技術的架構。從昨天開始，我們已開始向VLA 2.02用戶逐步推送。這是我們面向自動駕駛時代的首個版本設計，提供安全且順暢的體驗，其駕駛表現可媲美有經驗的人類駕駛者，並代表著領先業界一個世代的差距。

The VLA 2.0 is transforming advanced autonomous driving from an early adopter feature into a truly mainstream mass market feature that even everyday drivers can trust, rely on and enjoy with confidence.

VLA 2.0正把高階自動駕駛從早期採用者功能，轉變為真正主流的大眾市場功能，讓即使是日常駕駛者也能信任、依賴並自信享受。

All of our 732 stores nationwide now offer VLA 2.0 test drives. So far in March, a number of our daily tax drives had several month-over-month and the percentage of the Ultra and ultra SE trims among all trends has also more than doubled.

我們全國732家門店目前都提供VLA 2.0試駕。截至3月目前為止，我們的日均試駕量出現了數個月環比提升，同時在所有趨勢中，Ultra與Ultra SE車型版本的占比也已翻倍以上。

Over the next three to six months, VLA 2.0 will notably improve test drives conversion rate and substantially increase user engagement and retention for XPeng.

在未來三到六個月內，VLA 2.0將顯著提升試駕轉化率，並大幅提高小鵬的用戶參與度與留存率。

The VLA 2.0 has broken down traditional rules and validated the applicability of scaling laws in the physical world.

VLA 2.0打破了傳統規則，並驗證了縮放定律（scaling laws）在物理世界中的適用性。

Next, we will continue to scale up to aggressively widen our lead. By the end of the year, we target to increase the number of parameters on the edge from [several] billion to 20 billion level. This will increase average miles per takeover by 25 times and the safety-critical miles per takeover by 50 times. At this pace of improvement, the era of fully autonomous driving is on track to emerge within the next one to three years.

接下來，我們將持續擴大規模，積極拉大領先優勢。到今年年底，我們目標把端側參數量從數十億級提升至200億級。這將使平均接管里程提升25倍，安全關鍵場景的接管里程提升50倍。以這樣的改進速度，完全自動駕駛時代有望在未來一到三年內到來。

Autonomous driving will become part of everyday mobility. Our GX robotaxi powered by VLA 2.0 has received official road testing approval in Guangzhou and is now conducting ongoing L4 corporate road tests.

自動駕駛將成為日常出行的一部分。我們由VLA 2.0賦能的GX Robotaxi已在廣州獲得官方道路測試許可，並正在進行持續的L4企業道路測試。

In the second half of the year, we plan to launch pilot passenger operations for our mobile taxi service to validate the technology use experience and the business model will also begin overseas road testing of the VLA 2.0 as technology advances and regulatory frameworks evolve, XPeng will be one of the few companies globally that is capable of scaling autonomous driving efficiently across multiple global markets.

在今年下半年，我們計畫啟動移動出行計程車服務的試點載客營運，以驗證技術使用體驗與商業模式；同時，隨著技術進步與監管框架演進，我們也將開始在海外進行VLA 2.0的道路測試。小鵬將成為全球少數能夠在多個全球市場高效率規模化自動駕駛的公司之一。

The strong performance of our VLA 3.0 is underpinned by the joint optimization of our in-house storing proprietary large foundational -- our foundational large model and compiler, delivering a 10 times improvement in effective compute even though the plan was only to achieve 3 times improvement.

我們VLA 3.0的強勁表現，得益於對自研專有基礎大模型——我們的基礎大模型與編譯器的聯合優化，使有效算力提升了10倍，儘管原計畫僅為提升3倍。

Since entering mass production and being deployed in vehicles in Q3 last year, the XPeng touring SoC has actually shipped over 200,000 units starting from the second quarter of this year, all XPeng models, including the MAX streams, which will fully transition to our in-house strong SoC shipment at SoC. Shipments of touring SoC are targeted to reach nearly 1 million units this year.

自去年第三季進入量產並在車輛上部署以來，小鵬圖靈SoC實際出貨已超過20萬顆；從今年第二季開始，小鵬所有車型（包含MAX版本）都將全面切換至我們自研的圖靈SoC出貨。圖靈SoC今年的出貨目標接近100萬顆。

SoC is positioned to become the leading high compute AIS deployed on the edge by shipment volume. Volkswagen is our first external customer for both our Turing SoC and VLA 2.0. Our deep collaboration with leading global automakers together with our ability to mass-produce efficiently demonstrates that our technology is scalable, replicable and globally competitive. We welcome more automakers in both AI companies and Tier 1 suppliers to adopt our touring SoC and integrate intelligent solutions for their customers.

按出貨量計，該SoC有望成為部署於端側的高算力AI SoC領導者。福斯汽車是我們圖靈SoC與VLA 2.0的首個外部客戶。我們與全球領先車企的深度合作，加上我們高效率量產的能力，證明了我們的技術具備可擴展、可複製且具全球競爭力。我們也歡迎更多車企、AI公司與一級供應商採用我們的圖靈SoC，並為其客戶整合智慧化解決方案。

In my view, the ultimate competition in physical AI will be determined by foundational -- by fundamental organizational capabilities and AI infrastructure. Recently, we completed a critical organizational upgrade, integrating our autonomous driving center and smart cabin center into general Intelligence Center.

在我看來，物理AI的終極競爭將由基礎——由根本的組織能力與AI基礎設施所決定。近期，我們完成了一次關鍵的組織升級，將自動駕駛中心與智慧座艙中心整合為通用智能中心。

This is more than a structural change. It represents a paradigm shift in building intelligent systems, driving physicians and human vehicle interactions will no longer exist in isolation. How the vehicle drives on road and how humans interact with it now share the same fiscal AI foundation model and infrastructure.

這不僅是結構上的變化。它代表了打造智慧系統的範式轉移：駕駛能力與人車互動將不再彼此孤立。車輛如何在道路上行駛，以及人類如何與其互動，如今共享同一套物理AI基礎大模型與基礎設施。

R&D efficiency and effectiveness have improved substantially. XPeng has established a full integrated AI infrastructure stack, including computing power on the cloud and on the edge data compilation, quantization, deployment, simulation and real load testing in Grayscale. Our fiscal AI foundation model will evolve at an exponential speed. It will power vehicles, robotaxis and humanoid robots and become a unified super foundation model for all of our physical AI agents.

研發效率與效果已大幅提升。小鵬已建立完整的一體化AI基礎設施堆疊，涵蓋雲端與端側算力、資料編譯、量化、部署、仿真，以及在灰度環境中的真實路測。我們的物理AI基礎大模型將以指數級速度演進。它將賦能車輛、Robotaxi與人形機器人，並成為我們所有物理AI智能體的統一超級基礎大模型。

Our next-generation humanoid robot iron is targeted to enter mass production by the end of 2026, powered by three tiring AI SoCs RMs computing power on the Edge far outpaces both robots in the industry. Our technology focuses on the robot's brain and cerebellum. The brain enables independent thinking and decision-making, while the cerebellum controls emotions.

我們下一代人形機器人Iron目標在2026年底前進入量產，由三顆圖靈AI SoC驅動，其端側算力遠超業界其他機器人。我們的技術聚焦於機器人的大腦與小腦。大腦負責獨立思考與決策，而小腦負責控制情緒。

At the same time, we continuously accumulate data for embodied intelligence models. Our VLA 2.0 technology stack is now running successfully on our robots. Paired with the full generation motion control system, RN will deliver industry-leading agility and motion control in the second half of the year, establishing a clear generational lead in intelligence capabilities. RN will focus on three key application scenarios, commercial, industrial and households.

同時，我們持續為具身智能模型累積資料。我們的VLA 2.0技術堆疊目前已在機器人上成功運行。搭配全新一代運動控制系統，RN將在下半年提供業界領先的靈活性與運動控制能力，建立清晰的代際領先優勢。RN將聚焦三大關鍵應用場景：商業、工業與家庭。

Initial deployment will support reception, guidance and retail assistance across XPeng's stores and campuses in China and overseas. In the first quarter of the year, we began construction of our humanoid robot mass production based in Guangzhou, RN aims for a monthly production target of over 1,000 units by the end of this year, leveraging our advanced intelligence and our strength in mass production with quality and supply chain management, XPeng will become one of the world's largest and most valuable humanoid robot companies.

初期部署將支援在中國及海外小鵬門店與園區的接待、導覽與零售協助。今年第一季，我們已開始在廣州建設人形機器人量產基地；RN目標在今年年底前達成月產超過1,000台。憑藉我們先進的智能能力，以及在品質與供應鏈管理方面的量產實力，小鵬將成為全球最大且最具價值的人形機器人公司之一。

Because we already saw the tremendous disruption that the fiscal AI world has brought to the original software development paradigm in 2025, reinvested RMB9.5 billion in R&D, including RMB4.5 billion in AI.

由於我們已在2025年看到物理AI世界對原有軟體開發範式帶來的巨大顛覆，我們在研發上再投入人民幣95億元，其中人民幣45億元投入AI。

Our sustained and efficient investment in AI R&D over the past few years has enabled us to build an industry-leading fully in-house physical AI technology stacks, including SoCs, foundation models and our infrastructure. powered by this technology stack, the pace of advancement in fiscal AI will accelerate significantly starting 2026. We'll see the mass production and application of fiscal AI agents of their scale poised to enter a steep growth curve.

過去幾年我們在AI研發上的持續且高效率投入，使我們建立了業界領先、完全自研的物理AI技術堆疊，涵蓋SoC、基礎大模型與基礎設施。在此技術堆疊驅動下，物理AI的進展速度將自2026年起顯著加快。我們將看到物理AI智能體的量產與應用，其規模有望進入陡峭的成長曲線。

Over the next 5 to 10 years, the market for physical AI is expected to surpass that of the automotive industry. Both robotaxi and humanoid robots represent RMB1 trillion to RMB10 trillion level global market opportunities in the future.

在未來5到10年，物理AI市場預計將超越汽車產業。Robotaxi與人形機器人都代表著未來全球人民幣1兆到10兆級的市場機會。

The sales rankings of physical AI agents may matter even more than the ICE vehicle volume chart a decade ago or any volume chart today, and they will change very, very fast. We're confident that XPeng will become the global leader of physical AI agents.

物理AI智能體的銷售排名，可能比十年前的燃油車銷量榜，或今天任何銷量榜都更重要，而且變化會非常、非常快。我們有信心小鵬將成為全球物理AI智能體的領導者。

Pushing the boundaries of physical AI is very exciting for my team and me. We're more committed than ever to intensifying our R&D investments. This year, in addition to vehicle development, investments in physical AI-related R&D will increase to RMB7 billion.

突破實體 AI 的邊界，對我和我的團隊而言非常令人振奮。我們比以往任何時候都更堅定地加大研發投入。今年，除整車研發之外，與實體 AI 相關的研發投入將增加至人民幣 70 億元。

In my view, this investment will not only help us increase our competitive advantage and deliver substantial long-term returns. Scale allows us to survive in competition, but it is sustained leadership in physical AI technology and commercialization that will define our core competitive advantage.

在我看來，這項投資不僅將幫助我們提升競爭優勢，並帶來可觀的長期回報。規模讓我們能在競爭中生存，但真正決定我們核心競爭優勢的，將是實體 AI 技術與商業化的持續領先。

For the first quarter of 2026, we expect deliveries to be between 61,000 and 66,000 units. Revenue is expected to be between RMB12.2 billion and RMB13.2 billion. March deliveries are expected to grow sequentially by 69% to 101% month-over-month as the VLA 2.0 and four new models enter mass production, we expect quarterly sales to continuously trend upward and achieve year-over-year growth in the second half of the year to significantly outpace the industry.

對於 2026 年第一季，我們預期交付量將介於 61,000 至 66,000 輛。營收預期介於人民幣 122 億元至 132 億元。隨著 VLA 2.0 與四款新車型進入量產，我們預期 3 月交付量將較前月環比成長 69% 至 101%；我們預期季度銷量將持續上行，並在下半年實現同比成長，顯著跑贏行業。

We are on the cusp of large-scale mass production, our full physical AI agent. Going forward, I will dedicate all of my efforts to develop strategies establishing organization and operational capabilities for XPeng's globalization and commercialization, with a focus on transiting our technological leadership into commercial success.

我們正站在大規模量產的門檻上——我們的完整實體 AI 智能體。展望未來，我將投入全部精力，制定策略並建立支撐小鵬全球化與商業化的組織與營運能力，重點是把我們的技術領先轉化為商業成功。

The innovative business models of physical AI will add network effects and agent effect on top of the traditional automotive economies of scale, meaningfully raising market entry barriers and industry concentration. As a leader in fiscal AI, we'll possess a long-term sustainable advantage, securing a higher share in a vastly expanded market and achieving greater corporate value.

實體 AI 的創新商業模式，將在傳統汽車規模經濟之上疊加網路效應與智能體效應，顯著提高市場進入門檻並提升行業集中度。作為實體 AI 的領導者，我們將擁有長期可持續的優勢，在大幅擴張的市場中取得更高份額，並實現更高的企業價值。

Thank you, everyone. With that, I will now turn the call over to our VP of Finance, James, who will walk you through our financial performance for the fourth quarter of 2025.

謝謝大家。接下來我把電話會議交給我們的財務副總裁 James，由他帶大家回顧 2025 年第四季的財務表現。

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the fourth quarter of 2025. I will reference RMBonly in my discussion today, unless otherwise stated. Our total revenues were RMB22.25 billion for the fourth quarter of 2025, an increase of 38.2% year-over-year and an increase of 9.2% quarter-over-quarter.

謝謝你，小鵬。接下來我簡要概述我們 2025 年第四季的財務結果。除非另有說明，我今天的討論將僅以人民幣為單位。2025 年第四季我們總營收為人民幣 222.5 億元，同比成長 38.2%，環比成長 9.2%。

Revenues from vehicle sales were RMB19.07 billion for the fourth quarter of 2025, an increase of 30% year-over-year and an increase of 5.6% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

2025 年第四季汽車銷售收入為人民幣 190.7 億元，同比成長 30%，環比成長 5.6%。同比與環比的增長主要歸因於交付量提升。

Revenues from services and others were RMB3.18 billion for the fourth quarter of representing an increase of 121.9% year-over-year and an increase of 36.7% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from.

2025 年第四季服務及其他收入為人民幣 31.8 億元，同比成長 121.9%，環比成長 36.7%。同比與環比的增長主要歸因於相關收入的增加。

Firstly, the technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter. Secondly, parts and accessories sales in line with higher accumulated vehicle sales, and lastly, carbon credit trading.

第一，因本季成功達成若干關鍵里程碑而向福斯集團提供的技術研發服務。第二，隨著累計整車銷量提升而增加的零件與配件銷售；最後是碳積分交易。

Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025. Vehicle margin was 13% for the fourth quarter of 2025 compared with 10% for the same period of 2024 and 13.1% for the third quarter of 2025.

2025 年第四季毛利率為 21.3%，相比 2024 年同期的 14.4% 以及 2025 年第三季的 20.1%。2025 年第四季整車毛利率為 13%，相比 2024 年同期的 10% 以及 2025 年第三季的 13.1%。

The year-over-year increase was primarily attributable to ongoing cost reduction and improvement in product mix of models. R&D expenses were RMB2.87 billion for the fourth quarter of 2025. representing an increase of 43.2% year-over-year and an increase of 18.3% quarter-over-quarter.

同比提升主要歸因於持續降本以及車型產品組合改善。2025 年第四季研發費用為人民幣 28.7 億元，同比增加 43.2%，環比增加 18.3%。

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 the future growth. SG&A expenses were $2.79 billion for the fourth quarter of 2025, representing an increase of 22.7% year-over-year and an increase of 12% quarter-over-quarter.

同比與環比增加主要由於公司擴充產品組合以支撐未來成長，帶來新車型與新技術開發相關費用上升。2025 年第四季銷售、一般及行政費用為 27.9 億美元，同比增加 22.7%，環比增加 12%。

The year-over-year and quarter-over-quarter increases were primarily due to higher commission to the franchise stores related to the sales volume and the launch of new models.

同比與環比增加主要由於與銷量及新車型上市相關的加盟門店佣金提高。

The year-over-year increase was further due to higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB0.04 billion for the fourth quarter of 2025 compared with RMB1.56 billion year-over-year, RMB0.75 billion quarter-over-quarter.

同比增加亦進一步受到更高的行銷與廣告費用影響。基於上述因素，2025 年第四季經營虧損為人民幣 0.04 億元，相較於同比的人民幣 15.6 億元，以及環比的人民幣 7.5 億元。

Net profit was RMB0.38 billion for the fourth quarter of 2025 compared with net loss of RMB1.33 billion year-over-year and net loss of RMB0.38 billion quarter-over-quarter. The company recorded positive net profit for a single quarter for the first time in Q4 of 2025. As of December 31, 2025, our cash position was RMB47.66 billion.

2025 年第四季淨利潤為人民幣 3.8 億元，相較於同比淨虧損人民幣 13.3 億元，以及環比淨虧損人民幣 3.8 億元。公司在 2025 年第四季首次實現單季淨利潤為正。截至 2025 年 12 月 31 日，我們的現金儲備為人民幣 476.6 億元。

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

為了控制財報電話會議的時長，我建議各位聽眾參閱我們的新聞稿——財報新聞稿，以了解 2025 年第四季及 2025 全年財務結果的更多細節。以上為我們的預先準備發言。接下來我們將開放提問。接線員，請開始。

(Operator Instructions)

(接線員指示)

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

(spoken in foreign language) I have two questions both are related to smart driving. The first one, what type of major upgrade should we expect for XPeng's VLA 2.0 in the coming months? How do you anticipate VLA 2.0 will impact order conversion and the user retention in the following quarters? That's my first question.

(以外語發言) 我有兩個問題，都與智慧駕駛相關。第一個，未來幾個月我們可以期待小鵬 VLA 2.0 有哪些重大升級？你們預期 VLA 2.0 在接下來幾個季度將如何影響訂單轉化率與用戶留存？這是我的第一個問題。

(interpreted) Thank you for your question. Let me answer your first question first. So basically, going forward, each quarter, we are expecting at least one major version of OTA. And I think we can share some of it, just to give you some examples.

(口譯) 謝謝你的提問。我先回答你的第一個問題。基本上，往後我們預期每個季度至少會有一次重大的 OTA 版本更新。我想我們可以分享其中一些內容，給你幾個例子。

In our Q2 OTA, for example, the autonomous driving is -- we'll be able to actually cover more road whereas currently or traditionally, it was only able to cover the major high rate and in the future for Q2 OTA, we'll be able to cover a small or parking lot and campuses or communities in different parts is actually a very critical change, meaning that our capability is evolving from navigation enable public growth to cover more areas.

以我們第二季的 OTA 為例，自動駕駛將——我們實際上能覆蓋更多道路；而目前或傳統上只能覆蓋主要的高頻路段。未來在第二季 OTA 中，我們將能覆蓋小路、停車場，以及校園或社區等不同場景，這是一個非常關鍵的變化，意味著我們的能力正從「導航輔助的公共道路」演進到覆蓋更多區域。

In addition to that, we would like to also highlight that autonomous driving in the future, we will also become more AI agent oriented. Actually, if you look at all of the scenarios of applications for robot systems is essentially very similar to that, also the four levels of autonomous driving and navigation also follow the same logic as well. This year, we also expect to do a lot more upgrades in terms of our capabilities.

除此之外，我們也想強調，未來自動駕駛也將更偏向 AI 智能體導向。其實如果你看機器人系統的各種應用場景，本質上非常相似；自動駕駛與導航的四個層級也遵循同樣的邏輯。今年我們也預期會在能力方面做更多升級。

For example, if you look at our model of the vehicle or the as side, we are increasing the parameters from billion level to actually up to 20 billion level. We also hope that we can increase our mileage takeover by about 5 to 10 times.

例如，如果你看我們的車輛模型或（AS）那一側，我們正把參數規模從十億級提升到實際上最高可達200億級。我們也希望能把接管前的行駛里程提升約5到10倍。

In addition to that, at some autonomous capability driving I mean, upgrade, we also have added some multi-language support capabilities as well. So that's another level of upgrade for localization support which will allow us to combine smart pocket with autonomous driving. Thank you.

除此之外，在某些自動駕駛能力（我指的是升級）方面，我們也新增了多語言支援能力。因此，這也是在地化支援的另一個層級升級，將使我們能把智慧座艙與自動駕駛結合起來。謝謝。

Now because our VLA 2.0 only started to be officially pushed our users yesterday. And I mentioned in the prepared remarks that we started promoting it in early March and as a result, we could actually see that the market will exit very positively.

目前因為我們的VLA 2.0昨天才開始正式推送給用戶。我在事先準備的發言中也提到，我們在3月初開始推廣，因此我們確實看到市場反應非常正面。

For example, our test drives actually more than doubled sequentially across our stores and also Ultra and Ultra TF1 cells are also more than double as well. And I believe when we fully launched our VLA 2.0 to the market and to our users, and continue to upgrade it, we are expecting actually a higher sales volume and also a higher level of conversion rate, which will also eventually raise the average selling price of our vehicles.

例如，我們門店的試駕量環比實際上翻倍以上，Ultra以及Ultra TF1車型的銷量也同樣翻倍以上。我相信當我們把VLA 2.0全面推向市場與用戶並持續升級後，我們預期銷量會更高、轉化率也會更高，最終也將抬升我們車輛的平均售價。

Now when it comes to user retention or engagement, I would like to share my own Kate and experience as well. after trying out the VLA 2.0, there's no going back for me, honestly, because I travel a lot. And a lot of the times, I actually rely on professional drivers who drive me around.

至於用戶留存或參與度，我也想分享我自己的案例與體驗。試用VLA 2.0之後，老實說我就回不去了，因為我經常出差旅行。很多時候我其實仰賴專業司機載我到處跑。

And after trying VLA 2.0, I realize when I now use other types of autonomous driving versions or when I ride our professional drivers cars, they are not really as good as the VLA 2.0 because VLA 2.0 now gives me the smoothness of driving and also on top of that piece of mind as well, that kind of experience that I've got offered is unparalleled. And it's been what only two, three months, and I'm no longer the same person. I mean there's no going back really.

試過VLA 2.0之後，我發現當我現在使用其他版本的自動駕駛，或是搭乘我們專業司機的車時，體驗都沒有VLA 2.0那麼好，因為VLA 2.0現在帶給我更平順的駕乘感，此外也更安心；我獲得的那種體驗是無可比擬的。而且才短短兩三個月，我就已經不是原來的我了。真的回不去了。

So I believe that in the future, autonomous driving will definitely be part of everyone's daily effectively. User rate potentially will reach basically 100%. And I feel this very, very strongly -- and recently, my professional drivers have been asking me a couple of times that from my perspective, when will our profession you talking about being a professional driver, be eventually spaced out.

所以我相信未來自動駕駛一定會成為每個人日常生活的一部分。使用率有可能基本上達到100%。我對此感受非常非常強烈——最近我的專業司機也問了我好幾次，從我的角度看，我們這個職業（也就是專業司機）什麼時候會最終被取代。

Now I would like to just add one brief last point, which is that this is really representing a completely new paradigm, which, from my perspective, that our current priority is to really address a lot of safety issues and many of our witnesses first. However, since the launch of our second-generation VLA, the rules have completely changed.

我想再補充最後一個簡短的觀點：這其實代表一個全新的典範。以我來看，我們當前的優先事項是先解決大量安全問題以及我們的許多短板。不過，自從我們第二代VLA推出後，規則已經完全改變了。

It's never the same again. So I believe that with making up of our weaknesses or the witnesses being compensated for, now we can actually spend a great deal of our time on enhancing our overall strength and deployment globally. Thank you.

一切都不再一樣了。因此我相信，當我們的弱點或短板被補齊之後，我們就能把大量時間投入到提升整體實力以及全球部署上。謝謝。

(spoken in foreign language) My second question is also related to smart driving. So what is the deployment road map for XPeng ultra model and VLA 2.0 in the office market? And how are the overseas expansion of smart driving affect XPeng's global sales and the Smart Driving software have the potential to be monetized along? That's my second question.

（外語發言）我的第二個問題也與智慧駕駛相關。那麼，小鵬Ultra車型與VLA 2.0在海外市場的部署路線圖是什麼？另外，智慧駕駛的海外擴張將如何影響小鵬的全球銷售？智慧駕駛軟體是否也有機會進行商業化變現？以上是我的第二個問題。

(interpreted) Let me briefly address this question. First of all, we have already launched the preparation for texting our VLA 2.0. So by end of this year or beginning of next year, we are going to gradually roll out the VLA second generation testing in Grayscale and also its delivery of deployment across different regions.

（口譯）我簡要回應一下這個問題。首先，我們已經啟動VLA 2.0的測試準備工作。因此在今年年底或明年年初，我們將逐步以灰度方式推出第二代VLA測試，並在不同地區推進交付與部署。

And I believe that VLA 2.0 has a significant advantage overseas. First of all, we found that it's actually very generalizable in our testing across multiple markets, we realized that even without any overseas actual data, VLA alone performed really well and achieved excellent results.

我認為VLA 2.0在海外具有顯著優勢。首先，我們發現它在多個市場的測試中具有很強的泛化能力；我們意識到即使沒有任何海外的實際數據，僅靠VLA本身也能表現得非常好並取得優異結果。

And the second point is that compared to some of our competition, for example, FSC out there, our VLA has a particular advantage over them in the capabilities across small roads and also country roads or into territories.

第二點是，與部分競爭對手相比，例如外部的FSD，我們的VLA在小路、鄉間道路等場景能力上具有特別的優勢。

And we expect -- we've seen that in some overseas markets such as Southeast Asia and Europe, so that made me, again, having a stronger conviction that our VLA 2.0 can actually provide high-quality, favor autonomous driving for our users overseas at a higher quality and also lower costs. So with that, we now have done all the preparation in the hardware. And so by second half of this year, we definitely are ready for a bigger test and also for the future launch as well.

我們預期——而且我們已在一些海外市場（如東南亞與歐洲）看到這一點——這讓我再次更堅信，VLA 2.0能以更高品質、同時更低成本，為海外用戶提供高品質、令人偏好的自動駕駛體驗。因此，我們在硬體方面已完成所有準備。所以在今年下半年，我們肯定已準備好進行更大規模的測試，也為未來的正式發布做好準備。

And I believe that we are also considering some business model upgrade or transition for our smart driving software in the overseas market. And I believe there's definitely a lot of opportunities for commercialization and monetization and we have strong confidence in converting our great technology into good business opportunities and revenue.

我也相信，我們正在考慮在海外市場對智慧駕駛軟體的商業模式進行升級或轉型。我認為商業化與變現機會非常多，我們也有很強的信心把優秀技術轉化為良好的商業機會與收入。

Nick Lai, JPMorgan.

摩根大通，Nick Lai。

(spoken in foreign language) My first question is really related to humanoid robot ambition and the long-term strategy. First of all, mentioned that in the near term, we'll see the product launch at Beijing Auto should follow by mass production by year-end. Aside from that, is there any major milestone that investors should be mindful in the next, say, one or two years?

（外語發言）我的第一個問題與人形機器人的雄心與長期策略相關。首先，你提到短期內會在北京車展看到產品發布，並在年底前進入量產。除此之外，在未來一到兩年內，還有哪些投資人需要留意的重要里程碑？

And in addition to that, when we expand our footprint from a smart vehicle to humanoid robot, anything we can leverage regarding R&D, production and also supply chain.

另外，當我們把版圖從智慧汽車擴展到人形機器人時，在研發、生產以及供應鏈方面，有哪些能力是可以複用或借力的？

(interpreted) First of all, thank you for your question. And I would like to clarify something. We didn't mention April, but very much in second half of this year. I just want to clarify that from your question. And again, what you asked is very, very big, and I'll try to address it.

（口譯）首先，謝謝你的提問。我想先澄清一點。我們沒有提到4月，而是更偏向今年下半年。我只是想就你問題中的時間點做個澄清。另外，你問的範圍非常大，我會盡量回答。

First of all, last year, a lot of supply chain partners and also a lot of companies ask us the same question about robots supply chain or humanoid robot supply chain and whether or not it should be car grade, we believe that car grade is the minimum requirement because obviously, costs, they typically have one engine. And if the engine breaks down, it already called A class accidents.

首先，去年有很多供應鏈夥伴以及很多公司都問過我們同樣的問題：機器人供應鏈或人形機器人供應鏈是否應該達到車規級。我們認為車規級是最低要求，因為顯然在成本上，它們通常只有一個引擎。如果引擎故障，就已經被稱為A級事故。

And when you look at humanoid robot, they have at least seven to eight joints and any kind of damage those so will cause information loss or big no loss, and it will cause a very, very serious accidents and will compromise on safety. And so we need to look at humanoid robot from at least a car grade standards.

而當你看人形機器人時，它至少有七到八個關節，任何一個部位的損壞都會造成資訊丟失或重大損失，並可能引發非常非常嚴重的事故，危及安全。因此，我們需要至少以車規級標準來看待人形機器人。

And since beginning of last year, we already started the development for our humanoid robot adopting car grade standards as well in preparation for its manufacturer.

自去年年初起，我們就已開始以車規級標準開發我們的人形機器人，並為其製造做準備。

So overall, you can see that XPeng is a very unique robotic company in that sense because we are adopting the same kind of high-level rigorous of developing a vehicle in developing our humanoid robots and you can actually see that we have to do a lot of in-house development covering not only the joints, but also the torso and other parts of the body from the SoC to the foundational model from data to all the training of the brain and cerebellum, et cetera.

總體而言，你可以看到小鵬在這方面是一家非常獨特的機器人公司，因為我們在開發人形機器人時採用與開發汽車同等的高標準與嚴謹流程。你也可以看到，我們必須做大量自研，不僅涵蓋關節，還包括軀幹與身體其他部位；從SoC到基礎模型，從數據到「大腦」與「小腦」的全部訓練等等。

And we are very unique in that trend. I believe that are actually using a very, very challenging way or a very new methodology, which can be 10 times harder than developing mobile taxi is doing our humanoid robots to achieve the highest quality mass production.

而我們在這個趨勢中非常獨特。我相信我們其實採用了一種非常、非常具挑戰性的方式或一種非常新的方法論，這可能比開發行動叫車要難上 10 倍，用於我們的人形機器人，以達成最高品質的量產。

And by the end of the year, our targeted production is at least 1,000 units and I think future vehicle companies will also be robotic companies. However, one of the biggest difference between humanoid robots and vehicles is that robots actually generate a lot of value from the software and it can start at 50% already since day one, and costs may start slow with only 10% to 15%. It will take some time to actually ramp up in the value creation.

到今年年底，我們的目標產量至少是 1,000 台，而且我認為未來的車企也將會是機器人公司。不過，人形機器人與車輛之間最大的差異之一在於：機器人其實能從軟體端創造大量價值，從第一天起就可能已經占到 50%，而成本端可能一開始只占 10% 到 15%，成長會比較慢。價值創造的爬坡實際上需要一些時間。

And I believe that they actually come from the same logic and also share the same origin. So whether when it comes to R&D, mass production, supply chain management, quality, et cetera, and also the global management, globalization management, the supply chain, sales and marketing services, et cetera, there's going to be a lot of similarity between car and product development.

而我相信它們其實來自相同的邏輯，也共享相同的起源。所以無論是在研發、量產、供應鏈管理、品質等等，以及全球管理、全球化管理、供應鏈、銷售與行銷服務等等，汽車與產品開發之間都會有很多相似之處。

And that sets us apart from our competition because we have always been doing things in-house with stack technology and also cross to make integration. And fundamentally, we use the same kind of logic as well. We develop our robot from the, I would say, elbow to hand to leg to feet, we do everything in-house or at least we do joint development, which again set us apart from other core companies or robot companies.

而這讓我們與競爭對手有所區隔，因為我們一直以來都採取自研的方式，做堆疊式技術，並且做跨域整合。而從根本上來說，我們也使用同樣的邏輯。我們開發機器人，從我會說的手肘到手、到腿到腳，我們幾乎全部自研，或至少是聯合開發，這也再次讓我們與其他核心公司或機器人公司區隔開來。

(spoken in foreign language) My second question is also related to humanoid robot regarding the cost and the selling price and how should we expect the cost reduction after mass production from year-end? And also, should we expect any external sales after mass production from year-end. Thank you.

(spoken in foreign language) 我的第二個問題也與人形機器人有關，關於成本與售價，以及在年底量產之後，我們應該如何預期成本下降？另外，在年底量產之後，我們是否應該預期會有對外銷售？謝謝。

(interpreted) This is a very good question. And I think when it comes to thinking about the cost structure for humanoid robot, first of all, it's very different from what we've seen in cost. There are three major cost items for similar robots. First of all, you have the hardware cost and then the R&D costs. Lastly, we have the operational cost.

(interpreted) 這是一個非常好的問題。我認為在思考人形機器人的成本結構時，首先，它與我們過去看到的成本結構非常不同。類似機器人主要有三大成本項目。第一是硬體成本，接著是研發成本。最後是營運成本。

Hardware cost of the robot is very similar to a car. But when it comes to R&D costs, AI related cost will be way higher than that of vehicles, especially in the past, costs used to partner with Tier 1 suppliers when they can actually do the rule-based system and they can just borrow other people's already very established software and hardware solution, but that was in the past.

機器人的硬體成本與汽車非常相似。但談到研發成本，AI 相關成本會遠高於車輛，尤其在過去，成本往往是與一級供應商（Tier 1）合作，因為他們可以做規則式系統，也可以直接借用別人已經非常成熟的軟硬體解決方案，但那是過去的做法。

In the AI era day and age, you cannot do it the way that it was for especially humanoid robots development. And when it comes to operational costs, it's a completely different world as well because there is different data with different scenarios. And when you apply it and deploy it in the new scenario, you need to retrain the AI and the robot as well.

在當今 AI 時代，你不能再用那種方式來做，尤其是在人形機器人開發上。而在營運成本方面，也完全是另一個世界，因為不同場景會有不同的資料。當你把它應用並部署到新的場景時，你也需要重新訓練 AI 與機器人。

And there are two types of humanoid robots. You have a general purpose, you have the specialized purpose robust as well. We mean by general purpose, basically, if you've attended college, you know that you first will take some durable purpose courses and allow you to have some transferable skills in general knowledge.

而人形機器人有兩種類型。一種是通用型，另一種是專用型機器人。所謂通用型，基本上就像你上大學時，會先修一些通識課，讓你具備可轉移的技能與一般知識。

However, if you want to specialize in investment, for example, or in medical practice, that will require a lot of special training, right? And it's the same for humanoid robots, so I believe that when it comes to mass production, there will be chances or mass production will allow us to continue to drive down the BOM cost for Humanoid robot.

但如果你想專精於例如投資，或是醫療實務，那就需要大量的專門訓練，對吧？人形機器人也是一樣，所以我相信在量產方面，量產將讓我們有機會持續降低人形機器人的 BOM 成本。

However, software and operational costs will continue to improve, depending on what model and also what application scenarios that we're talking about. And we are different from a lot of the other companies out there because we do not target academia, we actually target actual deployment and commercialization.

不過，軟體與營運成本會持續改善，取決於我們談的是哪一種模型，以及哪一些應用場景。而我們與許多其他公司不同，因為我們不以學術界為目標，我們實際上瞄準的是落地部署與商業化。

And we will start go into the commercial scenario before going to industrial and lastly, households. Commercial application actually requires a lot of motion control, especially for the full body control, which is something that we're really good at and leading the industry.

而我們會先進入商業場景，再進入工業場景，最後才是家庭場景。商業應用其實需要大量的運動控制，尤其是全身控制，這正是我們非常擅長、並且在產業中領先的部分。

Industrial application will focus more on the hand movement and the agility of both hands, which we are working towards. And then household will be the most challenging scenario to actually deploy human robots in. And so we'll gradually move towards commercialization from commercial to industrial into household.

工業應用會更聚焦在手部動作以及雙手的靈巧性，我們也正在朝這個方向努力。而家庭將是部署人形機器人最具挑戰的場景。因此我們會逐步推進商業化，從商業到工業，再到家庭。

Tina Hou, Goldman Sachs.

高盛，Tina Hou。

(spoken in foreign language) Congrats on a strong set of results. So my first question is regarding our overseas expansion. Wondering which will be the key market for us to achieve the 100% volume growth in overseas this year, and also looking at 2027 and 2028, what kind of products or technology are we going to introduce in order to drive further expansion overseas. And then also related to that, when will we start to launch our Kupon super hybrid platform models in the overseas market. Thank you.

(spoken in foreign language) 恭喜取得一組強勁的業績。我第一個問題是關於我們的海外擴張。想請問今年我們要在海外達成 100% 的銷量成長，關鍵市場會是哪裡？另外展望 2027 與 2028 年，我們將推出哪些產品或技術來推動海外進一步擴張？以及同樣相關的問題，我們何時會開始在海外市場推出我們的 Kupon 超級混動平台車型？謝謝。

It's Brian. Let me address your question. In terms of key markets, obviously, we start our global journey in Europe and now Europe -- European market, I would say, represents our largest regional market, approximately 50% of our overseas volume is in Europe.

我是 Brian。我來回應你的問題。就關鍵市場而言，很明顯我們的全球化旅程從歐洲開始，而現在歐洲——我會說歐洲市場——是我們最大的區域市場，我們海外銷量約有 50% 來自歐洲。

And we actually saw our premium position EVs in a number of countries, especially in Nordic countries have a leading position in their categories. And also, we saw very encouraging growth in large markets like Germany, France and Great Britain.

而且我們在多個國家銷售的高端定位電動車，特別是在北歐國家，在其細分品類中處於領先地位。同時，我們也在德國、法國、英國等大型市場看到非常令人鼓舞的成長。

So I think, obviously, Europe will pretty represent a key focus for us. And then after Europe, Southeast Asia last year also represent a large important growth market for us. We saw a very, very exciting growth for Thailand, for Indonesia, Malaysia, and we continue to see that market become a very key growth point for our business.

所以我認為，顯然歐洲將會是我們的關鍵重點。而在歐洲之後，東南亞在去年也代表了一個非常重要的大型成長市場。我們在泰國、印尼、馬來西亞看到非常、非常令人振奮的成長，並且持續看到該市場成為我們業務非常關鍵的成長點。

Outside of these two large markets, additional emerging markets like Middle East, like Central Asia, like Latin America also has great growth potential, and we actually have established operations last year, and we see continued penetration will lead to also good growth prospects in those emerging markets.

除了這兩個大型市場之外，中東、中亞、拉丁美洲等新興市場也具有很大的成長潛力；我們去年已建立營運據點，並且看到持續滲透也將帶來良好的成長前景。

So how do we really accelerate that development. I think it's actually a number of factors contributing to our growth prospects. First of all, as you mentioned, is actually we are launching more products that covers wider market segments for these international markets.

那我們要如何真正加速這樣的發展？我認為其實有多個因素共同促成我們的成長前景。首先，如你所提到的，我們正在推出更多產品，以覆蓋這些國際市場更廣泛的細分市場。

As we mentioned earlier this year, we intend to launch four new products, all four of them actually are global products. All four of them actually complements our current market segments either on the lower end or the high end. And also has a format that's actually, I would say, very, very attractive and potentially are useful for international markets as well.

如我們今年稍早所提到的，我們計畫推出四款新產品，而這四款其實都是全球化產品。這四款產品都能補足我們目前的市場區間，不論是在較入門端或較高端。同時也具備我會說非常、非常有吸引力的產品形態，並且可能也適用於國際市場。

Also, as you just alluded to, this year, we also intend to launch our extended range product line by the end of this year to select markets. I think that will also help us cover some of the international countries where charging facility as well as driving distances has been building a block for EV penetration.

另外，正如你剛才提到的，我們也計畫在今年年底前，將我們的增程產品線在部分市場推出。我認為這也將幫助我們覆蓋一些國際國家，因為在那些地方，充電設施以及行駛距離一直是電動車滲透的阻礙。

So I think that's one of the areas that we are focused on supporting the global growth. On top of it, we also have been stepping up our localization efforts, for example, last year in our key markets in Europe, in Southeast Asia, we have started local production for some of our products.

因此我認為這是我們專注於支持全球成長的其中一個領域。此外，我們也在加大本地化的努力，例如去年在歐洲與東南亞等重點市場，我們已開始針對部分產品進行在地生產。

And I think that will definitely be a very important part of our growth strategy by providing more attractive products, better service closer to the customers with local production facilities and supply chain associated with that.

我認為，透過提供更具吸引力的產品、以在地生產設施及其配套供應鏈，向客戶提供更貼近的更佳服務，這無疑將成為我們成長策略中非常重要的一部分。

We also intend to launch our smart driving technologies, along with obviously the expected CAS regulation in place by the end of the year, hopefully, by early next year, our autonomous driving VLA 2.0 system can be utilized the international markets such as Europe and select markets in Southeast Asia as well.

我們也計畫推出智慧駕駛技術；隨著預期在今年底前落地的 CAS 法規，希望在明年初，我們的自動駕駛 VLA 2.0 系統也能在歐洲以及東南亞部分市場等國際市場中使用。

And on top of it, I think there's other things we have to do as a company in organizational structure development, talent recruitment, brand building and marketing as well as we actually are starting to roll out our proprietary charging facilities in select countries as well.

此外，我認為公司在組織架構發展、人才招募、品牌建設與行銷方面也還有其他工作要做；同時，我們也開始在部分國家推出自有的充電設施。

All those efforts are intended to increase our competitiveness in international markets and elevate XPeng's brand awareness and positioning. So we have a very exciting prospect in the next I would say, three to four years. We anticipate the global overseas market were representing much faster market growth compared to our overall growth rate as well as becoming a core profit center for our business.

所有這些努力都是為了提升我們在國際市場的競爭力，並提高小鵬汽車的品牌知名度與定位。因此，我認為未來三到四年將有非常令人振奮的前景。我們預期海外全球市場的成長速度將明顯快於我們整體成長率，並且也將成為我們業務的核心利潤中心。

(spoken in foreign language) My second question is regarding our AI investment and the overall computing power. So as Mr. Xiaopeng mentioned that this year, the physical AI investment will increase to RMB7 billion. So wondering what is our compute power right now and also the plan for the next few years. And whether these investments are all recorded in R&D or some of it will be also allocated to capital expenses.

(以外語發言) 我的第二個問題是關於我們的 AI 投資以及整體算力。如小鵬先生提到，今年實體 AI 的投資將增加至人民幣 70 億元。想請問我們目前的算力是多少，以及未來幾年的規劃。另外，這些投資是否都記錄在研發費用中，或其中一部分也會計入資本支出。

(interpreted) Thank you for your question. Since this involves long-term investment, I can only provide a relatively general response to your question. In the coming years, I believe that R&D in the automotive sector of our business will continue to converge, and we will gradually stake that, but investment in AI will gradually increase and will trend upwards because of our conviction in AI development.

(口譯) 謝謝您的提問。由於這涉及長期投資，我只能就您的問題提供相對概括性的回覆。在未來幾年，我認為我們汽車業務的研發將持續趨於整合，我們會逐步推進；但由於我們對 AI 發展的信念，AI 方面的投資將逐步增加並呈上升趨勢。

And however, the R&D spending will become more efficient. So in the subsequent years, the growth rate of our AI R&D investment will not be as significant or aggressive as previous years.

不過，研發支出將變得更有效率。因此在後續幾年，我們 AI 研發投資的成長率不會像過去幾年那樣顯著或激進。

Also, our major investment will include autonomous driving, smart cockpits and also robotaxi and humanoid robots among multiple categories. and capabilities. And so in the future, after mass production of humanoid robot begin to launch, we also see greater investment in human oil robots as well. And all of those investments will be booked as R&D expenses and not CapEx.

此外，我們的主要投資將涵蓋自動駕駛、智慧座艙，以及 Robotaxi 與人形機器人等多個類別與能力。未來在人形機器人開始量產並推出之後，我們也預期在人形機器人方面會有更大的投入。而上述所有投資都將列為研發費用，而非資本支出（CapEx）。

Regarding the second part of your question, I think nobody nowadays can pinpoint exactly what is the compute power kind of requirements in the long term for physical AI. And right now, we have 100s of thousands of GPU. In the future, I think we need to at least reach 100,000 units for computing power accumulation for physical data training purposes, at least that number.

關於您問題的第二部分，我認為目前沒有人能精確指出，從長期來看實體 AI 對算力的需求到底會是什麼樣子。就目前而言，我們擁有數十萬顆 GPU。未來我認為，至少需要累積到 100,000 顆的算力規模，用於實體資料訓練，至少要達到這個數量級。

And I believe that cost training computing power requirement is going to be 1,000 time for digital -- over digital AI and humanoid robots or robotics, will be 100 -- sorry, 1,000 time of that of vehicles computing power requirements or entire and in the future, definitely, I believe new methodology will be used to solve the computing power issue or shortage for physical AI.

我也相信，成本訓練的算力需求將會是數位 AI 的 1,000 倍——而人形機器人或機器人領域，將會是——抱歉——車輛算力需求的 1,000 倍，或整體而言在未來我確信會採用新的方法論來解決實體 AI 的算力問題或短缺。

And also, the infrastructure, including power generation as well. Those will be long-term challenge for physical AI. However, we believe that we're going to figure something out to address that in the long term. Thank you.

此外，基礎設施也包括發電等。這些都將是實體 AI 的長期挑戰。不過，我們相信長期而言我們會找到方法來應對。謝謝。

Ming Lee, Bank of America.

美國銀行，Ming Lee。

(spoken in foreign language) So what is our current progress of robotaxi testing? Do you expect -- what do you expect an important milestone timing for our Robotics business with a safety driver and without a safety driver in operation.

(以外語發言) 想請問我們 Robotaxi 測試目前的進展如何？對於我們機器人業務在有安全員與無安全員運營方面，您預期的重要里程碑時間點是什麼？

(interpreted) Thank you. I think I've already touched upon that question. We believe that a fully autonomous driving capability on the software side will actually arrive in about one, two, three years' time, not only in China, but also around the world. Our hardware development and regarding that has been moving and progressing smoothly.

(口譯) 謝謝。我想我先前已經提到過這個問題。我們相信，軟體層面的完全自動駕駛能力大約會在一到三年內到來，不僅在中國，也會在全球範圍內實現。我們在相關硬體研發方面一直在穩步推進，進展順利。

And right now, what is left is to address the regulatory requirements, and I think it will take time to do it step by step to obtain the testing license and also to move from having a safety driver on board to go in without a safety driver on board. And we are also doing some extra R&D for robotaxi global operation as well.

目前剩下的是滿足監管要求；我認為需要循序漸進，逐步取得測試牌照，並從車上配備安全員過渡到車上不配備安全員。同時，我們也在針對 Robotaxi 的全球運營進行一些額外的研發。

And so I believe that by second half of this year, we should be able to do some of the test drive with safety driver onboard. And by beginning of next year, hopefully, we can do without the safety driver on board. And in the future, we're going to open the whole system to cover not only China but also around the world, partnering with reliable operational partners around the world, using our platform, our technology and also our products so that we can provide this global tech facility or autonomous driving capability for users around the world.

因此我相信，在今年下半年，我們應該能夠進行部分配備安全員的測試行駛。並且在明年初，希望可以做到車上不配備安全員。未來，我們將開放整個系統，不僅覆蓋中國，也覆蓋全球；並與全球可靠的運營合作夥伴合作，使用我們的平台、技術與產品，從而為全球用戶提供這一全球技術設施或自動駕駛能力。

(spoken in foreign language) So what do you expect the scale or costly number of our robotics business in the future? And which models will provide the robotaxi service?

(以外語發言) 那麼您預期未來我們機器人業務的規模或成本數量級會是什麼？以及哪些車型將提供 Robotaxi 服務？

(interpreted) Regarding this question, I think the or the actual deployment of robotaxi services depends on the regulatory development. And I think in the future, all parts of this ecosystem needs to quickly develop and what kind of vehicles or what kind of model will support robotaxi, I think in the couple of years, there will be a lot of thinking and exploration. And I think from the mentally, we need to really figure out whether or not robotaxi should be driven by car or should be driven by robots. And I think in some time from now, people will actually see clearer with very clear results or answer to that.

(口譯) 關於這個問題，我認為 Robotaxi 服務的實際部署取決於監管的發展。我也認為未來這個生態系的各個環節都需要快速發展；至於什麼樣的車輛或什麼樣的車型會支援 Robotaxi，我認為在未來幾年會有很多思考與探索。而且從理念上，我們需要真正釐清 Robotaxi 應該由汽車來承載，還是應該由機器人來承載。我認為再過一段時間，大家會看到更清晰、非常明確的結果或答案。

Thank you. As there are no further questions, now I would like to turn the call back over to the company for any closing remarks.

謝謝。由於沒有進一步的提問，現在我想把電話交回公司，請公司做結語。

Thank you once again for joining us today. If there are state questions, please feel free to contact XPeng's Investor Relations through the contact information provided on our website or the Financial Communications.

再次感謝各位今天參與。如有後續問題，歡迎透過我們網站上提供的聯絡資訊或財務傳播（Financial Communications）與小鵬汽車投資者關係部門聯繫。

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

今天的電話會議到此結束。您現在可以掛斷電話。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.

本逐字稿中標註為（口譯）的部分，為現場電話會議中由口譯員所說。該口譯員由本活動的主辦公司提供。