Xpeng Inc (XPEV) 2026 Q1 法說會逐字稿

Thank you. Hello, everyone, and welcome to XPeng's first-quarter 2026 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。各位好，歡迎參加小鵬汽車2026年第一季度業績電話會議。我們的財務及營運業績已於今日稍早透過新聞稿服務發布並可於線上查閱。您亦可造訪我們網站 ir.xiaopeng.com 的投資者關係（IR）專區查看業績新聞稿。

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

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博士；副總裁張先生；財務與會計副總裁吳先生，以及我本人。

Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this call will be available on the IR section of our website.

管理層將先發表準備好的發言，隨後以問答環節結束。本次電話會議的網路重播將在我們網站的投資者關係（IR）專區提供。

Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions 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 news expected day.

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》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性。因此，公司實際結果可能與今日預期存在重大差異。

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.

有關上述及其他風險與不確定性的部分資訊，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。

Please also note that XPeng's earnings press release and this conference call includes the disclosure of unaudited GAAP financials and 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，小鵬的業績新聞稿及本次電話會議包含未經審計的GAAP財務數據，以及未經審計的非GAAP財務指標。小鵬的業績新聞稿中提供了未經審計的非GAAP指標與未經審計的GAAP指標之間的調節表。

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

現在我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. In the first quarter of 2026, we formally changed our official Chinese name from XPeng Motor to XPeng Group, reflecting XPeng's transformation from a smart TV company to a physical AI company.

（翻譯）各位好。2026年第一季度，我們正式將中文官方名稱由「小鵬汽車」更名為「小鵬集團」，以反映小鵬從智慧電動車公司向實體AI公司轉型。

With XPeng Group ecosystem, our smart EV business will drive rapid growth, consistently contributing substantial profitability and robust cash flow. Today, fiscal AI applications stand on the cusp of transforming from mass production deployment, explosive growth at scale.

在小鵬集團生態體系下，我們的智慧電動車業務將帶動快速成長，並持續貢獻可觀的盈利能力與強勁的現金流。當前，實體AI應用正站在從量產部署走向規模化爆發成長的臨界點。

We have proven that scaling law holds true in both autonomous driving and robotics, making the path to breaking technological ceilings through accelerated R&D investment undeniably clear. That is why at this pivotal moment, we choose to expand firmly on fiscal AI with increase in R&D on AI.

我們已證明，規模定律（scaling law）在自動駕駛與機器人領域同樣成立，使得透過加速研發投入來突破技術天花板的路徑變得清晰且確定。因此，在這個關鍵時刻，我們選擇堅定加碼實體AI，並增加AI研發投入。

And I believe physical AI applications represent one of the most significant global strategic opportunities of the next decade. This year, I'll lead the team to bring Robotaxis and human robots into mass production while also building the commercial ecosystem around them. Our goal is to turn our leadership in physical AI technologies, including our next-gen intelligent assisted driving systems, into a powerful new engine for revenue and profit growth and ultimately create substantial commercial value.

我相信，實體AI應用是未來十年全球最重要的戰略機遇之一。今年我將帶領團隊推動Robotaxi與人形機器人進入量產，同時打造其商業生態。我們的目標是把在實體AI技術（包括下一代智慧輔助駕駛系統）上的領先優勢，轉化為推動營收與利潤成長的強勁新引擎，並最終創造可觀的商業價值。

In the first quarter, amid broad market volatility in China's domestic new energy vehicle market, we delivered a total of 62,680 vehicles. Even in a market downturn, our focus extends beyond scale. We also placed greater emphasis on balancing delivery volume with operating quality, maintaining a long-term perspective.

第一季度，在中國國內新能源汽車市場整體波動的背景下，我們共交付62,680輛。即便在市場下行期，我們的關注不僅在規模。我們也更加重視在交付量與經營品質之間取得平衡，並保持長期視角。

I'm very confident that deliveries will grow substantially quarter-over-quarter in each of the remaining quarters this year. And I expect Q2 deliveries to reach between 100,000 and 106,000 units reflecting quarter-over-quarter growth of over 60%.

我非常有信心，今年剩餘各季度的交付量都將實現顯著的環比增長。我預計第二季度交付量將達到100,000至106,000輛，環比增長超過60%。

Starting with the GX, we plan to launch and begin deliveries of all new SUV models within the next six months. These models have been defined and designed from day one as global vehicles. I believe XPeng is entering the strongest delivery growth trajectory in our history.

從GX開始，我們計劃在未來六個月內推出並開始交付全新SUV車型。這些車型從第一天起就以全球車型為定位與設計。我相信，小鵬正進入公司歷史上最強的交付增長軌道。

In April 2026, we launched the 2026 XPeng MONA M03, including a new Max version powered by our Turing AI SoC and an Ultra SE version supporting VLA 2.0. This also marks the completion of the Turing AI SoC upgrade across our entire model lineup.

2026年4月，我們發布了2026款小鵬MONA M03，包括搭載我們圖靈AI SoC的全新Max版本，以及支援VLA 2.0的Ultra SE版本。這也標誌著圖靈AI SoC在我們全系車型上的升級已完成。

Through our full set in-house R&D capabilities from SoC to AI, we have made advanced computing power and technology more accessible. As a result, more than 85% of MONA M03's customers chose the Max or Ultra SE versions. The MONA M03 has remained China's top-selling A-class pure electric sedan for 19 consecutive months.

憑藉從SoC到AI的全棧自研能力，我們讓先進算力與技術更易普及。因此，超過85%的MONA M03用戶選擇了Max或Ultra SE版本。MONA M03已連續19個月保持中國A級純電轎車銷量第一。

With its leading technology and stylish design rarely seen in the A-class segment, MONA has become the broad -- the brand of choice for young users. We're confident that the MONA lineup will continue to achieve sustained success not only in China but also in overseas markets.

憑藉在A級細分市場中少見的領先科技與時尚設計，MONA已成為年輕用戶的首選品牌。我們有信心，MONA產品線不僅在中國，也將在海外市場持續取得長期成功。

On May 20, we launched the GX, a flagship model built for the L4 era. It is also China's first pre-installed, mass-produced global taxi model with full hardware redundancy, representing a new starting point for us to continuously expand our share in the SUV market. Among the initial firm orders from -- for the GX, the ultra-flagship trim priced above RMB350,000 accounted for over 80%, making the GX one of the most sought-after products in the premium luxury vehicle market.

5月20日，我們推出了面向L4時代打造的旗艦車型GX。它也是中國首款預裝、量產、面向全球的Robotaxi車型，具備全硬體冗餘，代表我們持續擴大SUV市場份額的新起點。在GX的首批確定訂單中，售價超過人民幣350,000元的超旗艦配置占比超過80%，使GX成為高端豪華車市場最受追捧的產品之一。

The GX's luxury is defined not only by its design, but more importantly, by its leading technology and ultimate safety standards, setting a new benchmark for tech-defined luxury. I've spent no effort to work with our supplying team partners to ramp up GX production capacity and deliver vehicles to customers sooner.

GX的豪華不僅體現在設計上，更重要的是其領先技術與極致安全標準，為科技定義的豪華樹立了新標杆。我已不遺餘力地與我們的供應鏈合作夥伴一起提升GX產能，讓車輛更早交付給客戶。

The three new models launching in the second half of this year will all be equipped with Turing SoC power VLA 2.0, featuring one vehicle dual energy capabilities and will be launched for global markets. With deliveries of the GX and the upcoming three new models ramping up, I'm confident that XPeng Group's quarterly delivery volume will grow significantly quarter-over-quarter.

今年下半年將推出的三款新車型都將搭載圖靈SoC並支援VLA 2.0，具備「一車雙能」能力，並將面向全球市場發布。隨著GX以及即將推出的三款新車交付爬坡，我有信心小鵬集團季度交付量將持續實現顯著的環比增長。

The success of the GX marks a key step in elevating the XPeng Group brands. In the second half of this year, we'll build in -- we'll build on this momentum by launching a series of technology products at high price points, including humanoid robots and flying cars, further strengthening our brand equity and profitability.

GX的成功標誌著小鵬集團品牌向上邁出的關鍵一步。今年下半年，我們將在此勢頭上繼續發力，推出一系列高價位的科技產品，包括人形機器人與飛行汽車，進一步強化品牌資產與盈利能力。

In 2026, we're accelerating international expansion on the back of a growing lineup of high-quality technology-led products and deepening localized operations. The P7+'s overseas delivery launch in April pushed our monthly international deliveries above 6,000 units for the first time. Starting in Q2, international revenue is expected to exceed 20% of total revenue.

2026年，我們將依託不斷豐富的高品質、科技引領型產品矩陣，加速國際化擴張並深化本地化運營。P7+於4月在海外啟動交付，使我們的月度國際交付量首次突破6,000輛。自第二季度起，國際收入預計將超過總收入的20%。

In the second half of this year, we plan to introduce four models for global markets. Starting with the GX, every upcoming XPeng model will be built as a global vehicle. Our target is to achieve sustained monthly overseas deliveries of over 10,000 units in the fourth quarter and to more than double full-year overseas deliveries.

今年下半年，我們計劃面向全球市場推出四款車型。從GX開始，未來每一款小鵬車型都將以全球車型打造。我們的目標是在第四季度實現海外月度交付量穩定超過10,000輛，並使全年海外交付量翻倍以上。

Starting this year by embedding international market net and certification requirements early in the vehicle deployment process, we will significantly shorten the time gap between domestic and overseas launches and accelerate our overseas sales momentum.

從今年開始，我們在車輛開發部署流程早期即嵌入國際市場的法規與認證要求，將大幅縮短國內與海外上市的時間差，加速海外銷售動能。

Our goal is to be recognized as a company committed to long-term localized operations in every market we operate in, building stronger ties with customers and partners across each region. To that end, we have established three localized production bases overseas since last year, and our Munich R&D center has become our fastest-growing research hub.

我們的目標是在每一個經營市場都被認可為長期投入本地化運營的公司，與各地區的客戶與合作夥伴建立更緊密的連結。為此，自去年以來我們已在海外建立三個本地化生產基地，而我們的慕尼黑研發中心也已成為成長最快的研發樞紐。

In April, ADAS mileage penetration on VLA 2.0-equipped XPeng vehicles surpassed 50% for the first time, signaling that advanced intelligence driving is becoming a cool, must-have features for users. VLA 2.0, with its generational lead in intelligent driving, has become a key reason customers choose XPeng, creating a strong and lasting user-mind share mode in the market.

4月，搭載VLA 2.0的小鵬車輛其ADAS里程滲透率首次超過50%，這表明高階智慧駕駛正成為用戶「很酷且必備」的功能。VLA 2.0憑藉代際領先的智慧駕駛能力，已成為客戶選擇小鵬的關鍵原因之一，在市場中形成強勁且持久的用戶心智佔有。

The success of VLA 2.0's first version also reinforces our belief that scaling data and model parameters can drive meaningful breakthroughs in real-world AI capabilities, strengthening our conviction in the scaling law for fiscal AI. We're set to accelerate our investment in scaling up with the upcoming release scheduled for Q3 this year will substantially elevate our up limit of our model performance, further widening our lead in the industry.

VLA 2.0首個版本的成功也進一步強化了我們的信念：擴大數據規模與模型參數能推動真實世界AI能力的實質性突破，並加深我們對實體AI規模定律的信心。我們將加速擴模投入；計劃於今年第三季度發布的下一版本將大幅提升模型性能上限，進一步擴大我們在行業中的領先優勢。

VLA 2.0 features a high-capability ceiling, operates with our HD maps, offers exceptional ability to generalize, enabling rapid deployment across overseas markets while supporting pre-installed mass-produced Robotaxis at scale. Our goal is to become the undisputed number one in the domestic market and take a critical step towards true global leadership in L4 autonomous driving, including Robotaxis.

VLA 2.0具備更高的能力上限，可與我們的高精地圖協同運行，並擁有卓越的泛化能力，能夠在海外市場快速部署，同時支援預裝量產Robotaxi的規模化落地。我們的目標是在國內市場成為無可爭議的第一，並在包括Robotaxi在內的L4自動駕駛領域邁出通往真正全球領導地位的關鍵一步。

I'm pleased to see the accelerated rollout of the UN-led DCAS regulatory framework with Europe, our most important international market, now beginning to open certification pathways for high-level ADAS. Our VLA 2.0 is currently being tested in Europe, and we hope to receive regulatory approval in multiple countries next year, allowing us to deliver the technology to overseas customers and begin the global generalization of our VLA 2.0.

我很高興看到由聯合國主導的 DCAS 監管框架正在加速推進；歐洲作為我們最重要的國際市場，如今也開始為高階 ADAS 開放認證途徑。我們的 VLA 2.0 目前正在歐洲進行測試，我們希望明年能在多個國家獲得監管核准，讓我們得以將該技術交付給海外客戶，並開始推動 VLA 2.0 的全球泛化。

Our recent research shows that global users demand for assisted smart driving system, VLA; and full-scenario multilingual conversational system, VLM, are far stronger than we had anticipated. In the second half of 2026, XPeng will lead and accelerate the intelligent transformation of China's automotive exports. In the process, I see substantial commercial opportunities emerging on both the B2B and B2C fund.

我們近期研究顯示，全球用戶對於輔助智慧駕駛系統 VLA，以及全場景多語言對話系統 VLM 的需求，遠比我們先前預期更為強勁。2026 年下半年，小鵬將引領並加速中國汽車出口的智慧化轉型。在此過程中，我看到 B2B 與 B2C 兩端都將浮現可觀的商業機會。

Our fully redundant GX feed is already undergoing L4 testing on public roads in Guangzhou. We aim to launch pilot passenger operations for our Robotaxi service in the city in Q3. The GX's L4 full redundancy hardware and software are decoupled from the vehicle platform, making them deployable across our entire lineup, including the MONA series.

我們具備全冗餘的 GX 方案已在廣州公共道路上進行 L4 測試。我們計畫於第三季在該市啟動 Robotaxi 服務的試點載客營運。GX 的 L4 全冗餘硬體與軟體與車輛平台解耦，因此可部署於我們全系車型，包括 MONA 系列。

I believe our Robotaxi offering has a clear edge over incumbent global taxi companies in terms of ability to generalize cost efficiency and scalability. These advantages position us to build a multi-stakeholder ecosystem where operating partners and expand work together to create and share commercial value. Following the overseas rollout of VLA 2.0, we'll also actively pursue bringing XPeng's cost-effective global taxi solutions to overseas and domestic markets.

我相信，我們的 Robotaxi 方案在成本效率的泛化能力與可擴展性方面，相較於既有的全球計程車公司具有明顯優勢。這些優勢使我們能夠打造一個多方利害關係人（multi-stakeholder）的生態系，讓營運夥伴與擴張夥伴攜手合作，共同創造並分享商業價值。在 VLA 2.0 海外落地之後，我們也將積極推動把小鵬具成本效益的全球計程車解決方案帶到海外與國內市場。

The software and hardware development for our mass production, IRON, human robot is progressing smoothly, and it's about to enter the ETG software hardware integration stage. The mass production version of IRON will be built to automotive-grade safety and reliability standards, and many of our existing automotive supply chain partners have also become a component partners or suppliers for IRON.

我們量產版 IRON 人形機器人的軟硬體研發進展順利，即將進入 ETG 軟硬體整合階段。量產版 IRON 將依照車規級安全與可靠性標準打造，我們現有的多家汽車供應鏈夥伴也已成為 IRON 的零組件合作夥伴或供應商。

We have also recently completed development of our proprietary next-generation dexterous hands, which is significantly more agile and substantially lower in cost. We have built-in multidimensional data system to train IRON's brain and cerebellum models, with our training data and scaling rapidly and outcomes improving significantly.

我們近期也已完成自研下一代靈巧手的開發，其靈活度顯著提升且成本大幅降低。我們內建多維度資料系統，用於訓練 IRON 的大腦與小腦模型；隨著訓練資料快速擴張，訓練成果也顯著改善。

XPeng is the only robotics company in China with full-tech in-house R&D capabilities of both hard and software spanning SoCs to physical AI foundation models, data generation, to pre-training and post-training joints to the storage hands and next-generation motion control for VLA and VLN. Through deep in-house software and hardware R&D and cross-domain innovation, IRON will deliver a more refined design, higher quality and more comprehensive capabilities.

小鵬是中國唯一一家在機器人領域具備從 SoC 到物理 AI 基礎模型、資料生成、預訓練與後訓練、到靈巧手以及面向 VLA 與 VLN 的下一代運動控制等，涵蓋軟硬體全技術鏈條的全自研研發能力公司。透過深度自研軟硬體與跨領域創新，IRON 將帶來更精緻的設計、更高的品質與更全面的能力。

I look forward to showcasing the next-generation arm in the third quarter, featuring multi-lingual communication, human like full body motion and gradually autonomous execution of professional tasks. We are targeting to achieve mass production of IRON by year-end with this initial trial commercial deployment in exponential rooms, followed by commercial customer deliveries in China and overseas next year.

我期待在第三季展示下一代機器人，具備多語言溝通、類人全身運動，以及逐步自主執行專業任務的能力。我們目標在年底前實現 IRON 量產，並先在指數型場景進行初步試商用部署，之後於明年在中國與海外向商業客戶交付。

I believe that once human robots reach mass production, the data flywheel will drive technology iteration and sell growth at a pace that outstrips what we saw in EVs. Starting next year, revenues from humanoid robot hardware and AI models are expected to emerge as a key driver for revenue and growth -- the growth of XPeng Group.

我相信，一旦人形機器人進入量產，資料飛輪將推動技術迭代與銷售成長，其速度將超越我們在電動車上所見。從明年開始，人形機器人硬體與 AI 模型的收入預計將成為推動營收與成長的關鍵動能——也就是小鵬集團成長的關鍵動能。

XPeng is now fully committed to advancing the mass production and global expansion of three physical AI applications, the VLA 2.0, Robotaxi and humanoid robots. We firmly believe these three areas present enormous potential in terms of both commercial scale and investment returns.

小鵬目前已全力投入推進三大物理 AI 應用的量產與全球擴張：VLA 2.0、Robotaxi 與人形機器人。我們堅信，這三個領域在商業規模與投資回報方面都具有巨大的潛力。

Looking at our road map, the B2B market will be the first to take off, while international markets will generate greater commercial returns than domestic markets. Backed by the deep experience we've gained through our partnership with Volkswagen, along with a business model already proven through mass production, XPeng is well positioned to execute this next phase of growth. We are making the large-scale commercialization of physical AI, a company-wide strategic priority and will move decisively towards large-scale deployment.

從我們的路線圖來看，B2B 市場將率先起飛，而國際市場將帶來高於國內市場的商業回報。憑藉我們與福斯合作所累積的深厚經驗，以及已透過量產驗證的商業模式，小鵬已具備執行下一階段成長的良好條件。我們已將物理 AI 的大規模商業化列為公司層級的戰略優先事項，並將果斷邁向大規模部署。

For the second quarter of 2026, we expect deliveries of 100,000 to 106,000 units, up 59.5% to 69.1% quarter-over-quarter with revenue of RMB19.6 billion to RMB20.8 billion, up 50.4% to 59.6% quarter-over-quarter. Having past the seasonal trial, we are entering a period of strong growth driven by four new models, increasing production capacity and expanding international business.

對於 2026 年第二季，我們預期交付量為 100,000 至 106,000 輛，較上一季成長 59.5% 至 69.1%；營收為人民幣 196 億至 208 億元，較上一季成長 50.4% 至 59.6%。在度過季節性波動後，我們正進入由四款新車型、產能提升以及國際業務擴張所驅動的強勁成長期。

In the third and fourth quarters, we'll continuously strive for higher sales target. And currently, our operational quality will improve significantly. Our supplier payment terms remain at an industry-leading level, gross margins demonstrate strong resilience against cost pressures and economies of scale in our EV business continues to strengthen.

在第三季與第四季，我們將持續努力達成更高的銷售目標。同時，我們的營運品質也將顯著提升。我們對供應商的付款條件仍維持在業界領先水準；毛利率展現出對成本壓力的強韌性，而我們電動車業務的規模經濟也持續增強。

I expect that the XPeng Group to build an entirely new business model anchored by our absolute leadership in physical AI technology with scale and network CapEx. Both XPeng vehicles Robotaxis and humanoids will become highly differentiated physical AI agents. Moving forward, both the hardware sales scale and recurring AI model revenue are poised for high-speed expansion, unlocking immense returns on our AI R&D capital.

我預期小鵬集團將建立一個全新的商業模式，以我們在物理 AI 技術上的絕對領先地位為核心，並以規模與網路型資本支出（CapEx）為支撐。未來，小鵬汽車、Robotaxi 與人形機器人都將成為高度差異化的物理 AI 代理（agents）。展望未來，硬體銷售規模與可重複的 AI 模型收入都將迎來高速擴張，為我們的 AI 研發資本釋放巨大的回報。

Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, James, who will walk you through our financial performance for the first quarter of 2026.

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 2026 年第一季的財務表現。

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the first quarter of 2026. I'll reference RMB only in my discussion today, unless otherwise stated. Our total revenues were RMB13.03 billion for the first quarter of 2026, a decrease of 17.6% year-over-year and a decrease of 41.4% quarter-over-quarter.

謝謝你，小鵬。接下來我將簡要概述我們 2026 年第一季的財務結果。除非另有說明，我今天的討論將僅以人民幣為單位。我們 2026 年第一季總營收為人民幣 130.3 億元，年減 17.6%，季減 41.4%。

Revenues from vehicle sales were USD11 billion for the first quarter of 2026, a decrease of 23.5% year-over-year and a decrease of 42.3% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries.

2026 年第一季汽車銷售收入為 110 億美元，年減 23.5%，季減 42.3%。年減與季減主要歸因於整車交付量下降。

Revenues from services and others were USD2.03 billion, for the first quarter of 2026, representing an increase of 41.2% year-over-year and a decrease of 36.1% quarter-over-quarter. The year-over-year increase was primarily attributable due to increased revenues from technical R&D services and parts and accessories sales.

2026 年第一季服務及其他收入為 20.3 億美元，年增 41.2%，季減 36.1%。年增主要歸因於技術研發服務收入以及零件與配件銷售收入增加。

The quarter-over-quarter decrease was primarily due to the reduction of technical R&D services revenues following a significant milestone catch-up in the prior quarter as well as no revenue contribution from carbon credit trading in the current quarter.

季減主要由於上一季在達成重要里程碑後技術研發服務收入出現顯著追趕式確認，而本季技術研發服務收入回落；同時，本季亦未有碳積分交易帶來的收入貢獻。

Gross margin was 20.6% for the first quarter of 2026 compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025. Vehicle margin was 12.1% for the first quarter of 2026 compared with 10.5% for the same period of 2025 and 13% for the fourth quarter of 2025.

2026 年第一季毛利率為 20.6%，相比 2025 年同期為 15.6%，以及 2025 年第四季為 21.3%。2026 年第一季整車毛利率為 12.1%，相比 2025 年同期為 10.5%，以及 2025 年第四季為 13%。

The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of malls. The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery-related costs.

年增主要歸因於成本下降以及車型組合改善。季減則由於單車成本上升，主要來自記憶體晶片與電池相關成本增加。

R&D expenses were RMB2.91 billion for the first quarter of 2026, representing an increase of 46.8% year-over-year and an increase of 1.1% quarter-over-quarter. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the company expanded its product portfolio to support the future growth.

2026 年第一季研發費用為人民幣 29.1 億元，年增 46.8%，季增 1.1%。年增主要由於公司擴充產品組合以支援未來成長，帶動新車型與 AI 相關技術開發費用增加。

SG&A expenses were USD1.88 billion for the first quarter of 2026, representing a decrease of 3.2% year-over-year and a decrease of 32.5% quarter-over-quarter. The year-over-year and quarter-over-quarter decreases were primarily due to the lower commission to the franchise stores.

2026 年第一季銷售、一般及行政費用（SG&A）為 18.8 億美元，年減 3.2%，季減 32.5%。年減與季減主要由於對加盟門店支付的佣金降低。

As a result of the foregoing, loss from operations was RMB1.87 billion for the first quarter of 2026 compared with RMB1.04 billion year-over-year and RMB0.04 billion quarter-over-quarter. Net loss was RMB1.78 billion for the first quarter of 2026 compared with net loss of RMB0.66 billion year-over-year and net profit of RMB0.38 billion quarter-over-quarter.

基於上述因素，2026 年第一季營運虧損為人民幣 18.7 億元，較去年同期人民幣 10.4 億元擴大，較上一季人民幣 0.04 億元擴大。2026 年第一季淨虧損為人民幣 17.8 億元，較去年同期淨虧損人民幣 6.6 億元擴大，較上一季淨利潤人民幣 3.8 億元轉為虧損。

As of March 31, 2026, our cash position was RMB42.09 billion. To be mindful of the length of our earnings call, I would encourage listeners to refer to our earnings press release for more details on first quarter 2026 financial results.

截至 2026 年 3 月 31 日，我們的現金部位為人民幣 420.9 億元。為了兼顧本次財報電話會議的時間長度，我建議各位聽眾參閱我們的財報新聞稿，以取得更多關於 2026 年第一季財務結果的細節。

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

以上為我們預先準備的發言。接下來我們將開放提問。接線員，請開始。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（接線員指示）Morgan Stanley 的 Tim Hsiao。

(spoken in foreign language) My first question is about GX because we noticed the new model has been selling very well since its launch on May 20. Could management share the current order book, your steady-state sales volume target and how we should think about the vehicle gross margin?

（以外語發言）我的第一個問題關於 GX，因為我們注意到新車型自 5 月 20 日上市以來銷售非常好。管理層能否分享目前的訂單能見度、穩態銷量目標，以及我們應如何看待整車毛利率？

(interpreted) Thank you for the question. Now honestly, the performance of GX is above our expectation. It's been performing really well. We also observed some interesting data regarding the sales numbers of GX as well. Currently, if you look at the BEV flagship version right now, the lead time has the past 30 weeks, even under the expectation of converting more to the auto version, it's still growing very, very fast.

（口譯）謝謝提問。坦白說，GX 的表現超出我們的預期，表現非常好。我們也觀察到一些關於 GX 銷售數據的有趣現象。目前如果看 BEV 旗艦版，交付等待時間已超過 30 週；即使在預期會有更多轉向自動版本的情況下，需求仍然以非常、非常快的速度成長。

On the other hand, our flagship model with initial orders over 80% of the total orders continue to grow in the mix as well. We also observed something very interesting. For example, the Max version is right now less than 5% of the mix, which is a little bit lower than our expectation. And the extended range version initially actually was performing less popular than our BEV version.

另一方面，我們的旗艦車型在初期訂單中占總訂單超過 80%，其占比也持續提升。我們也觀察到一些很有意思的情況。例如，Max 版本目前在組合中的占比不到 5%，略低於我們的預期。而增程版本在一開始其實不如我們的 BEV 版本受歡迎。

But right now, it's approaching the level of BEV popularity, especially with our increased promotion and a marketing campaigns in the Western and Northern part of China, which is very, very promising. We definitely have hopes for GX for it to be one of the top-selling vehicle models. It would be above RMB300,000 price range market for NDVs high-end luxury six-seater.

但目前它的受歡迎程度正逐步接近 BEV，特別是在我們加大於中國西部與北部地區的推廣與行銷活動之後，這非常令人振奮。我們對 GX 成為熱銷車型之一抱有很高期待。它將定位於人民幣 30 萬元以上價位區間的 NDV 高端豪華六座市場。

And to be honest, we are working very closely with our supply chain partners to support the capacity ramp up, and we definitely want our top-quality products to come with top quality service and aftersales services as well to support this sustainable GX deliveries. Our priority right now not only is about the deliveries of the product, but also the sustainability with GX being a [fraction] model of XPeng Group.

坦白說，我們正與供應鏈夥伴非常緊密合作，以支援產能爬坡；我們也希望頂級品質的產品能搭配頂級的服務與售後服務，來支撐 GX 的可持續交付。我們目前的優先事項不僅是產品交付，更是確保 GX 作為小鵬集團的「[fraction]」車型能夠長期可持續。

Now being a fraction model, obviously, the GP margin of GX is quite good. As I mentioned earlier, with the media, this GX -- only one SKU under the GX series is performing with a lower GP margin than our expectation. But the majority of SKUs of GX is actually having a higher than expectation kind of GP margin performance.

作為「fraction」車型，GX 的毛利率（GP margin）顯然相當不錯。如我先前對媒體所提到的，GX 系列中只有一個 SKU 的毛利率表現低於我們的預期；但 GX 的大多數 SKU 實際上都呈現高於預期的毛利率表現。

I also would like to add that starting in this new year, all of our new vehicles when it comes to their configuration and also their pricing, it will be under the consideration of their commercial value. The commercial consideration will be one of our key priorities starting this year.

我也想補充，從今年開始，我們所有新車在配置與定價方面，都會在商業價值的考量下進行。商業層面的考量將成為我們今年起的關鍵優先事項之一。

And the second thing is that we are looking for long-term sustainable sales performance rather than having a big beginning and subsequent diminishing sales. So we're looking for a better quality in terms of supply chain management and the modular management quality of the whole supply chain system to secure our supply and also production capacity ramp up to support our vehicle delivery.

第二點是，我們追求的是長期可持續的銷售表現，而不是一開始衝高、之後銷量逐步下滑。因此我們會在供應鏈管理品質，以及整體供應鏈系統的模組化管理品質上做得更好，以確保供應並推動產能爬坡，來支援整車交付。

So starting with GX, we are expecting to achieve a better balance between commercial value and also sales as well as long-term stable sales. Thank you.

因此從 GX 開始，我們期望在商業價值與銷售，以及長期穩定銷售之間取得更好的平衡。謝謝。

(spoken in foreign language) My second question is about Robotaxi. Could you please update us on your domestic operations and overseas expansion plans? Has the recent regulatory tightening in China had any adverse impact to the progress? And how do you view the impact of that to be Robotaxi business to the group to see passenger vehicle sales? That's my second question.

（以外語發言）我的第二個問題關於 Robotaxi。能否請您更新一下國內營運與海外擴張計畫？近期中國監管收緊是否對進展造成任何不利影響？以及您如何看待 Robotaxi 業務對集團、以及對乘用車銷售的影響？這是我的第二個問題。

(interpreted) Thank you for the question. And thank you for mentioning the recent tightening of the autonomous vehicle regulation in China. However, it hasn't placed any adversity to our rhythm of development yet. Because from our perspective, after 2028, we're going to expect a huge commercial opportunity for Robotaxi. And right now, we are doing step by step to prepare for the opportunity, both in and out of China -- and so our current plan is that we are going to do a lot of deployment and trial within China as well as the international market with VLA 2.0.

（口譯）謝謝提問，也謝謝您提到近期中國對自動駕駛車輛監管的收緊。不過，這目前尚未對我們的發展節奏造成不利影響。因為從我們的角度來看，2028 年之後 Robotaxi 將迎來巨大的商業機會。而現在我們正一步一步為這個機會做準備，涵蓋中國境內與境外——我們目前的計畫是，將以 VLA 2.0 在中國以及國際市場進行大量部署與試點。

We are confident that we can achieve success. In China, we are going to conduct, and we are actually in the midst of conducting rapid research and development retaining our current vehicle models. And in 2027, we're going to launch an economy car model to demonstrate and validate how to start the Robotaxi business model in this area in China. And we are sure that we have the capability to achieve a high-level success.

我們有信心能取得成功。在中國，我們將進行——而且我們目前正在進行——基於現有車型的快速研發迭代。並且在 2027 年，我們將推出一款經濟型車款，用以展示並驗證如何在中國啟動 Robotaxi 的商業模式。我們確信自己具備取得高水準成功的能力。

And we want to clarify that with XPeng, first of all, we want to focus on the products, and we can take a commission from working with our operational partners. We are not going to directly involve ourselves in the operation. Hence, we expect to have many, many domestic and international partners in the operation for Robotaxi.

我們也想澄清，對小鵬而言，首先我們會聚焦於產品，並透過與營運夥伴合作收取佣金。我們不會直接參與營運。因此，我們預期在 Robotaxi 的營運上，會有非常多的國內與國際合作夥伴。

And the second thing is that we are going to work not only in China but also globally. We believe that global Robotaxi has lots and lots of commercial potential and value to tap into.

第二點是，我們不僅會在中國，也會在全球推進。我們相信全球 Robotaxi 具有非常、非常大的商業潛力與可挖掘的價值。

Now regarding the second question that you asked about the impact of our B2B business to the B2C business, let me just add a few of our thoughts. First of all, we believe that the current testing and R&D and experimentation actually on Robotaxi has a positive impact on our B2C side of the business because our VLA model is going to offer all kinds of intelligent driving assistance strategies, for example, the speed mode, for example, the less human intervention mode, et cetera, that we can borrow from Robotaxi. And our belief that for the future, the market is going to diverse and actually transition into a period where policies and regulations and market situation is going to be more open with the B2B side versus B2C side being a different market segment. So that is our expectation for the future.

至於您問到的第二個問題——我們的 B2B 業務對 B2C 業務的影響——我補充幾點看法。首先，我們認為目前在 Robotaxi 上的測試、研發與實驗，對我們 B2C 端業務是正向的，因為我們的 VLA 模型將提供各種智慧駕駛輔助策略，例如速度模式、例如更少人為介入模式等，這些都可以從 Robotaxi 借鑑。我們也相信，未來市場將會更加多元，並逐步進入一個政策、法規與市場環境更開放的階段，其中 B2B 與 B2C 將成為不同的細分市場。這是我們對未來的預期。

Y.C. Lai, JPMorgan.

JPMorgan 的 Y.C. Lai。

(spoken in foreign language) My first question is about the VA 2.0 and medium and long-term strategy, including production road map and VTA. And I wonder if Chairman can also share with us the major change and advantage that we can anticipate from here.

（以外語發言）我的第一個問題關於 VA 2.0 以及中長期策略，包括量產路線圖與 VTA。我也想請董事長分享一下，從現在開始我們可以預期的主要變化與優勢是什麼。

(interpreted) I believe that within this year of 2026, XPeng's VLA or VLA plus VRM capability is going to have two key milestones or experience two key development phases. The first phase will actually happen in Q3, August this year.

（口譯）我認為在 2026 年這一年，小鵬的 VLA 或 VLA 加上 VRM 的能力，將達成兩個關鍵里程碑，或經歷兩個關鍵發展階段。第一個階段會發生在今年第三季，也就是今年 8 月。

During this period of time, VLA is going to have our second version, which will appear as smarter, more comm and also have better generalization capability with less MDI or human takeover or intervention penetration. Whereas in the past, with our VLA 1.0 version, it mainly focused on the basic capabilities of safety, engineering and also basic experience. We didn't -- or we were not able to increase the feeling of the capability significantly. However, by August and Q3 this year, we're expecting a lot significant performance improvement on that front.

在這段期間，VLA 將推出第二個版本，會呈現得更聰明、更「comm」，並且在更少 MDI（或人類接管／介入）滲透率的情況下，具備更好的泛化能力。過去我們的 VLA 1.0 版本主要聚焦於安全、工程以及基礎體驗等基本能力；我們並沒有——或說我們無法——顯著提升能力的體感。然而到今年 8 月、第三季，我們預期在這方面會有非常顯著的性能提升。

On the other hand, with the combination of VLA and VM, we're expecting not just ADAS capability, but also language communication capability and something that approach the capability of the so-called Butler like kind of experience in. And so, we are going to achieve gradual implementation through the OTA or 3 OTA releases in August this year and also at the end of this year.

另一方面，結合 VLA 與 VM，我們期待的不僅是 ADAS 能力，還包括語言溝通能力，以及某種接近所謂「管家式」體驗的能力。因此，我們將透過 OTA 的逐步落地來實現——今年 8 月會有 3 次 OTA 發布，並且在今年年底也會有更新。

I think that with gradual R&D development, we will be able to achieve L4 capability with L4 software capability on an L2 hardware in the future. And by that time, we expect to see tremendous changes in terms of the business model in all shape or form of the whole business. This is something that we are in the work. We are not going to discuss the detail about it today.

我認為，隨著研發的逐步推進，未來我們將能在 L2 硬體上實現具備 L4 能力的 L4 軟體能力。到那個時候，我們預期整個業務在各種形態與形式上，其商業模式都會出現巨大的變化。這是我們正在推進的工作，但今天不會討論細節。

(spoken in foreign language) My second question is related to robot in terms of cost advantage compared with our competitors. And in 2027, plans to export robot overseas market. Can we also share more about that long-term strategy?

（以外語發言）我的第二個問題與機器人相關：相較競爭對手，我們在成本優勢方面如何？以及在 2027 年將機器人出口到海外市場的計畫。能否也分享更多長期策略？

(interpreted) We actually encounter all kinds of differences during the mass production of (inaudible) robots between the structure of a robot versus an EV, especially when it comes to different aspects of consideration. Currently, there's a lot of areas where we need to address when it comes to the mass production of humanoid robot.

（口譯）在（聽不清）機器人的量產過程中，我們確實遇到各種差異，因為機器人的結構與電動車不同，尤其在不同面向的考量上差異很大。目前在人形機器人的量產方面，仍有許多領域需要我們去解決。

For example, the safety, hardware of humanoid robots are quite different from cars and currently do not concurrently consider the safety and security of the simulation and also human robots and how men across all kinds of scenarios. At the same time, the vast majority of the existing products out there do not consider reliability, stability and maintainability of the robots as well.

例如安全性：人形機器人的硬體與汽車差異很大，而目前也尚未同步考量模擬的安全與資安，以及人形機器人在各種情境下如何運作。同時，市面上絕大多數既有產品也沒有充分考量機器人的可靠性、穩定性與可維護性。

If you look at the level of structure production of the human art robot, a lot of data is actually consumer product grade versus our expectation of being car grade and production quality. At the same time, a lot of our competitors do not consider the supply chain, the capability development when premium robots achieved a certain level of mass production, how do you secure supply chain capability and safety -- at the same time, if you deploy you as you see, you ship in the human online they to so locally or are they on the cloud? Is there on the cloud, if we consider privacy, safety and security, et cetera, et cetera.

如果你看人形藝術機器人的結構化量產水準，很多數據其實是消費性產品等級，與我們原本期待的汽車等級與量產品質有落差。同時，我們很多競爭對手並未考量供應鏈與能力建設：當高階機器人達到一定程度的量產時，你要如何確保供應鏈能力與安全——同時，如果你部署（機器人）時，你是如你所見那樣出貨到本地端，還是放在雲端？如果在雲端，考量到隱私、安全與資安等等、等等。

That's why since the beginning of last year, 2025, we have already started a series of overall of our design and also preparation of humanoid robots, having the full stack hardware and software capability of whole robot allow us to actually have a more comprehensive capability preparation for human robot to release its potential and converging value in the future. So I would say that for now acceptable batteries all other parts of humanoid robot that we produce our in-house full-stack self-developed. So in the future, for sure, we believe that we can come up with a more scalable and economical solution to gain our robot, However, today, the cost structure of human robot is actually very similar to that of a car.

這也是為什麼從去年年初，也就是 2025 年開始，我們就已經啟動一系列整體設計與人形機器人的準備工作；具備機器人全棧硬體與軟體能力，讓我們能更全面地為人形機器人釋放潛力、並在未來匯聚價值做好準備。所以我會說，就目前而言，除了電池等可接受的外購項之外，我們生產的人形機器人其他零部件基本都是自研的全棧、全自研。未來我們當然相信可以提出更可擴展、也更具經濟性的機器人方案；不過今天，人形機器人的成本結構其實與汽車非常相似。

And the second point that I would like to make is about the overseas market. I think just like EV, all of our models developed and how these are considered as global vehicles and our robots are considered as global robots as well. Potentially, if you look at the overseas market, there's actually a bigger commercial value to replace human workers with humanoid robot there's lots of commercial perpetual to tap into globally speaking.

第二點我想談的是海外市場。我認為就像電動車一樣，我們開發的所有車型都被視為全球車型，而我們的機器人也同樣被視為全球機器人。從海外市場來看，以人形機器人替代人力的商業價值其實更大，全球範圍內有很多可持續的商業潛力可以挖掘。

At the same time, when you look at the regulatory side of things in terms of the hardware, in software and also data privacy, we also have prepared sufficiently in our humanoid robot design as well. When you look at our current VLA portage, we're looking at 200 million uses per hour that are for the VLA models after of the cloud. And if you were to consume everything or do the completion on the cloud, looking at the consumption of data of 100 gigabytes per hour, which is enormous.

同時，從監管角度來看，無論是硬體、軟體還是資料隱私，我們在人形機器人的設計上也已做了充分準備。以我們目前的 VLA 使用量來看，雲端的 VLA 模型每小時大約有 2 億次使用。如果把所有推理或完成都放在雲端，每小時的資料消耗大約是 100GB，這是非常驚人的。

And so, we have to start from day one ON how we incorporate that kind of data consumption or model usage in our humanoid robots that are may be defined or locally deployment as well. And so, the entire system for our humanoid robots has been decided for the global market since day one. And we expect to actually see more potential progresses internationally as our domestic R&D system continue to evolve or going forward.

因此，我們必須從第一天起就思考：如何把這種資料消耗或模型使用方式納入我們的人形機器人之中，並且可能也要支援端側或本地化部署。所以，我們的人形機器人整體系統從第一天起就是面向全球市場來決定的。隨著我們國內研發體系持續演進，我們也期待未來在國際上看到更多潛在進展。

Tina Hou, Goldman Sachs.

Tina Hou，高盛。

(spoken in foreign language) So my first question is regarding our Robotaxi business. So wondering what is our plan in terms of into more cities outside Guangzhou and the timing of that? Also accordingly, what has been the progress of our licensing approval?

（外語發言）我的第一個問題是關於我們的 Robotaxi 業務。想請問我們在廣州以外更多城市的拓展計畫與時間點是什麼？另外，相應地，我們的牌照審批進展如何？

(interpreted) Our Robotaxi deployment for exploration and experimentation on now is limited only in Guangzhou, where we already got the license of. Our plan for Robotaxi is that we are going to test the water here in Guangzhou and after we successfully developed the technology, the product and the business model here in Guangzhou, we then can and our business partnership in the whole of China and also outside of China, and we expect to work with multiple partners for their own localized operations.

（口譯）我們目前 Robotaxi 的部署、探索與試驗僅限於廣州，因為我們已在廣州取得牌照。我們的 Robotaxi 計畫是：先在廣州試水溫；在廣州成功打磨出技術、產品與商業模式之後，我們再把它推向全中國以及中國以外的市場，並預期與多個合作夥伴合作，由他們進行各自的本地化營運。

And since we made the announcement, right now, we have received a lot of inquiries and lots of interest both in and out of China from our potential business partners. And so, they are keeping a close eye on our future progress in the upcoming year. And I believe that after 2027, when we were able to launch our new economy to model for Robotaxis, we -- after we are able to announce maybe a better total solutions for Robotaxi future, we believe that we can actually increase our commercialization capability for Robotaxi in and out of China in the future.

自從我們發布公告以來，目前已收到大量詢問與高度興趣，無論來自中國境內或境外的潛在商業夥伴。他們都在密切關注我們未來一年的進展。我相信在 2027 年之後，當我們能推出 Robotaxi 的新經濟模型時——在我們能夠公布更完善的 Robotaxi 整體解決方案之後——我們相信未來可以提升 Robotaxi 在中國境內外的商業化能力。

(spoken in foreign language) My second question is regarding our second quarter gross margin. So on the one hand, we have higher volume as well as better model mix with GX. On the other hand, we have some headwind from higher raw material and some component costs. So just wondering what would be the guidance for vehicle gross margin as well as the company planted gross margin?

（外語發言）我的第二個問題是關於我們第二季的毛利率。一方面，我們的銷量更高，且 GX 帶來更好的車型組合；另一方面，原材料與部分零組件成本上升帶來一些逆風。想請問車輛毛利率以及公司整體毛利率的指引會是如何？

Tina, this is James. So as you can see, first of all, in the first quarter, our total gross profit is pretty close to the prior quarter Q4 of last year. So in that, we did see some level of cost increase, as mentioned in the earlier script, around the membership cost increase as well as the battery raw material cost. That is partially included in Q1, and we continue to expect that to be included in the following quarters in the year.

Tina，我是 James。你可以看到，首先在第一季，我們的總毛利與去年第四季其實非常接近。在這之中，我們確實看到一定程度的成本上升，如先前講稿提到的，主要是會員相關成本上升以及電池原材料成本上升。這部分在第一季已部分反映，我們也預期在今年接下來的季度會持續反映。

You did mention that we have launched the GX, the Fuse SUV in the second quarter, and we will start to deliver that in the following quarters as well. The GX gross profit is the highest in our portfolio. So from a product mix perspective, we'll start to see a better mix in Q2 as well as in the second half of the year. So all of that considered, we expect the Q2 total gross margin to be around the same level as Q1. So hopefully, that answers your question.

你也提到我們在第二季推出了 GX，也就是 Fuse SUV，並且我們也會在接下來的季度開始交付。GX 的毛利是我們產品組合中最高的。因此從產品組合角度來看，我們會在第二季以及下半年看到更好的組合。綜合以上因素，我們預期第二季總毛利率大致與第一季相當。希望這回答了你的問題。

Ming-Hsun Lee, Bank of America.

Ming-Hsun Lee，美國銀行。

(spoken in foreign language) So management, could you elaborate more about your long-term overseas market's growth driver, especially for your overseas production profitability versus your export business model?

（外語發言）管理層能否更詳細說明你們海外市場長期成長的驅動因素，特別是海外生產的獲利能力，相較於出口的商業模式？

(interpreted) First of all, since you asked your question, I'm going to address the first one first. Regarding our overseas market expansion or development, first of all, it's one of our most important four strategies. And in the coming five years, we expect to have maybe 50% of our revenue and profit coming from the overseas markets. And as we approach into the second half of the year with the launch of our 4 new models are coming, we believe that we are going to be able to tap into the overseas market even more following 2027 and 2028 because in the past, we mainly had 2 models serving the international market.

（口譯）首先，既然你提出這個問題，我先回答第一部分。關於我們海外市場的擴張或發展，首先這是我們四大核心策略之一。未來五年，我們預期大約 50% 的營收與利潤將來自海外市場。隨著下半年我們將推出 4 款新車型，我們相信在 2027、2028 年之後，我們將能更深入地開拓海外市場，因為過去我們主要只有 2 款車型服務國際市場。

And when it comes to our EV future and also robotic future, we have always considered overseas market as one important component or an important market for us. When it comes to our capability development, it doesn't matter if it's hardware, software or distribution channels, out servicing network, including localized charting capabilities, super charging capabilities as well as our profitability consideration, overseas has always been in the road map of development. And with our dedicated and committed R&D spending taking many, many years ago, we believe that we are well poised to tapping to the overseas market development future especially in the coming few years.

而談到我們電動車的未來以及機器人的未來，我們一直把海外市場視為重要組成與重要市場。在能力建設方面，不論是硬體、軟體或通路、售後服務網路，包括在地化充電能力、超級充電能力，以及獲利能力的考量，海外一直都在我們的發展路線圖中。憑藉我們多年前就開始、且持續投入的研發支出，我們相信自己已具備良好條件，在未來、特別是接下來幾年把握海外市場的發展機會。

So yes, I mean, let me just add here. First of all, if you look at the international sales volume contribution in the latest month, I think we already see it represents close to 20% of our volume. As you saw in last year, international sales is roughly 10% of our global volumes. You can see a significant increase in terms of the proportion that international sales is now represented in our global sales.

我再補充一下。首先，如果你看最近一個月的國際銷量貢獻，我想我們已經看到它接近我們總銷量的 20%。如你在去年看到的，國際銷售約占我們全球銷量的 10%。你可以看到，國際銷售在我們全球銷售中的占比已顯著提升。

Second point is on the profitability of our international vehicle sales is significantly better, even with obviously some of the tariff issues were faced some of the cost increases we saw this year. Still, I think that the international business generates significant better gross profit as well as net profit contribution to our bottom line.

第二點，國際市場整車銷售的獲利能力明顯更好，即便我們面臨一些關稅問題，以及今年看到的部分成本上升。即便如此，我認為國際業務對我們的毛利與淨利，對最終盈餘的貢獻仍然顯著更高。

And also, you probably saw that the new models that mentioned for the global markets has yet to be launched. So we anticipate that momentum will carry out throughout the year. So I think the contribution at the 30% levels will be consistent throughout the year because, obviously, China, we saw significant growth expectations as well.

另外，你可能也看到，前面提到面向全球市場的新車型尚未上市。因此我們預期這股動能會延續全年。我認為國際業務貢獻在 30% 水準將在全年保持一致，因為很顯然，中國市場我們也看到顯著的成長預期。

And then in terms of really dealing with sort of tariffs and other challenges, we are increasing our investment locally. I'm actually currently in our partner in Austria right now to make sure that we have capacity to tackle the expected growth for our Europe as well as global markets. So I think it is going to be, I would say, very exciting contributor to our overall momentum as well as profitability.

至於如何應對關稅與其他挑戰，我們正在加大本地投資。我現在就在奧地利與我們的合作夥伴一起，確保我們具備產能來承接歐洲以及全球市場預期的成長。我認為這將會是我們整體動能與獲利能力非常令人振奮的貢獻來源。

Ping Le Wu, CITIC Securities.

Ping Le Wu，中信證券。

(spoken in foreign language) And my first question is regarding the over production. And we've seen significant progress on export overseas production localization this year. And could you share more color on what percentage of cost for overseas market will be to produce local plans in this year and next year? And does the localization rate vary materially by region?

（外語發言）我的第一個問題是關於海外產能。我們看到今年在出口與海外生產在地化方面有顯著進展。能否分享更多細節：今年與明年，海外市場的成本中有多少比例會由當地工廠本地生產來承擔？此外，在地化率是否會因地區而有明顯差異？

So this is Brian. Let me address that question again. On the localization production, right now, we have 2 plants in Southeast Asia, in Indonesia and Malaysia, mostly addressing local demand. And also, we have the partnership with Magna in Austria, where we manufacture vehicles for the European market. All 3 of these manufacturing layout will see increased capacity this year as well as the new models being produced in those local markets.

所以我是 Brian。我再回應一次這個問題。關於在地化生產，目前我們在東南亞有 2 座工廠，分別在印尼與馬來西亞，主要是滿足當地需求。另外，我們也與奧地利的 Magna 合作，為歐洲市場製造車輛。今年這 3 個製造佈局都將提升產能，同時也會在這些當地市場生產新車型。

I would say that for the Southeastern Asian countries, it's mostly for the local market. And obviously, Austria is for Europe. So I would say the Austrian sort of operation will be very important capacity contributing to our European sales. I expect the majority of our European sales will have local manufacturing sort of this production and elsewhere I think we don't have manufacturing facilities yet. So I think it will continue to maintain the current business model. But I think as we increase our volume as well as market share in some of these large markets, we are actively looking at ways to increase our production capacity as well as localization sort of efforts to make sure we satisfy the localization content rules as we move into a more deepened local production model.

我會說，對於東南亞國家而言，主要是供應當地市場；而奧地利則是面向歐洲。因此我認為奧地利的營運將是對我們歐洲銷售非常重要的產能貢獻來源。我預期我們在歐洲的大部分銷售將來自本地製造的這部分產能；而在其他地區，我想我們目前還沒有製造設施，所以應會持續維持現有的商業模式。不過，隨著我們在一些大型市場提升銷量與市佔率，我們也在積極尋找提升產能與在地化投入的方法，以確保在我們走向更深度的本地生產模式時，能滿足在地化內容規則。

(spoken in foreign language) And my second question is about humanoid robot. And management team just mentioned that Expanse for mass production of similar report by year-end and store development in first quarter 2027. And a few specific examples of what functions the robot will perform in sports retail store and also in the client's client application. And additionally, could you elaborate on what the specific application scenario, can we see in the external corporate customers and what's our pricing strategy?

（以外語發言）我的第二個問題是關於人形機器人。管理團隊剛提到 Expanse 將在年底前進入類似機器人的量產，並在 2027 年第一季進行門店開發。想請問幾個更具體的例子：機器人在運動零售門店以及在客戶端應用中，將分別執行哪些功能？另外，能否進一步說明面向外部企業客戶的具體應用場景，以及我們的定價策略？

(interpreted) Our humanoid robots are actually different from the existing or available robots out there because we want to place them in an environment where they can actually interact with humans. So when we consider the business model or the potential application scenario for our humanoid robots, the first responsibility that they can carry could be turbines or assisted shoppers.

（口譯）我們的人形機器人其實與市面上既有或可取得的機器人不同，因為我們希望把它們放在能夠與人類互動的環境中。因此在考量商業模式或潛在應用場景時，我們的人形機器人首先可以承擔的職責之一，是擔任導購或協助購物的角色。

For example, in our offline stores or dealers we can have with labor we introduced with cars and introduce our products for you. And then there will be our human salesperson that come along and do the (inaudible) with you and find the order seller for the car. But I think robots can really help with the basic information introduction and do some performance of the product introduction, et cetera, to achieve a high efficiency.

例如，在我們的線下門店或經銷商處，我們可以由員工帶你看車並介紹產品，之後再由我們的人類銷售人員跟進，與你進行（聽不清）並完成下單購車。但我認為機器人可以在基礎資訊介紹、產品性能講解等方面提供很大幫助，以提升效率。

In addition to that, once the capability is more sophisticated, we then can open up more opportunities for collaboration with our partners in the ecosystem who may have different kind of barriers, dropped requirements that we can work to place on the service of our humanoid robots and we also can work with the ecosystem partners to generate data for pre-training and post-training to create different models for different human or robots for different scenarios. For example, in the retail space, there's opportunities for them to be a cashier person, for example, or if it is shopper with a more sophisticated level of capabilities. That's our plan.

此外，當能力更成熟之後，我們就能與生態系中的合作夥伴開啟更多協作機會；他們可能有不同類型的門檻與需求，我們可以共同把這些需求落在我們人形機器人的服務上。我們也可以與生態系夥伴合作，生成用於預訓練與後訓練的資料，為不同場景打造不同的人形機器人模型。例如在零售場景中，它們可以擔任收銀員，或在能力更高階時擔任導購等。這就是我們的規劃。

Now when it comes to the commercialization of our humanoid robot, we're still in the discussion phase of it. Even though the bone structure of a human or robot is very similar to that of a car, the ASP, the retail price of human robot is more expensive than a car naturally. And so, the TC margin, in terms of the hardware of a human robot, it will be more superior than that of a cost. We have incorporated multiple (inaudible) in our human robot with part top of computing power.

至於人形機器人的商業化，我們仍在討論階段。雖然人形機器人的骨架結構與汽車非常相似，但人形機器人的 ASP（平均售價）/零售價格自然比汽車更高。因此在人形機器人的硬體層面，其毛利率（聽不清）會優於汽車。我們在人形機器人中整合了多項（聽不清），並配備頂級的運算能力。

Even though we have that in the hardware, we believe that there's still a lot of commercial value for the software usage in terms of the cloud usage of their humanoid robot computing power. And so, with the software commercialization set or the software licensing fee revenue, I think humanoid robots have a better potential than cars.

即使在硬體上如此，我們仍相信在人形機器人的運算能力所帶來的雲端使用等軟體層面，仍有很大的商業價值。因此，透過軟體商業化或軟體授權費收入，我認為人形機器人的潛力會比汽車更大。

Now on the other hand, if you look at things our potential customers or travel business owners' perspective, if they are small business owners, when they make human decision of buying a humanoid robot, what they prioritize is the payback period, right? And so, I think in the overseas market, the payback period can be much shorter than that of what you would achieve in China so it would make more sense economically for overseas business owners by humanoid robots. And so, we have always been thinking the rationale of how customers use the humanoid robots and why they would purchase it and how I think humanoid robots can add value to them.

另一方面，從潛在客戶或（聽不清）業主的角度來看，如果他們是小型企業主，在做出購買人形機器人的決策時，最重視的是回收期，對吧？因此我認為在海外市場，回收期可能比在中國更短，這會讓海外業主購買人形機器人在經濟上更合理。所以我們一直在思考客戶如何使用人形機器人、他們為何會購買，以及人形機器人如何為他們創造價值。

Yuqian Ding, HSBC.

丁宇倩，匯豐。

(spoken in foreign language) I've got two questions. One on the mid- to long-term strategy and second is the financial in the near term. So the first question is we noticed the company changed the name to XPeng Inc, and it's shaping like a physical AI platform company. So can management share a bit of more discussion and a strategic thinking about the business model evolvement into mid- to long run? And how do we compartment, the strategic divisions commercialization timeline and how does into the mid- to long term, the revenue structure change?

（以外語發言）我有兩個問題。一個關於中長期策略，第二個是短期的財務表現。第一個問題是，我們注意到公司更名為 XPeng Inc，看起來正在塑造成一家實體 AI 平台公司。管理層能否分享更多對於中長期商業模式演進的討論與策略思考？以及我們如何拆分各戰略板塊的商業化時間表？中長期來看，收入結構會如何變化？

(interpreted) This is a broad question, and I'm trying to share with you my brief answer. First of all, right now, our main revenue stream definitely comes from the economy -- the discount economy. Basically, it comes from our hardware and comes from our ecosystem. And I think globally speaking, there are a few car manufacturers can actually build a software platform and form the next network effect based on the economies of sales of their hardware.

（口譯）這是一個很宏觀的問題，我嘗試給你一個簡要回答。首先，目前我們的主要收入來源確實來自汽車——也就是整車業務。基本上，收入來自我們的硬體，也來自我們的生態系。我認為從全球來看，能夠建立軟體平台並基於硬體銷售規模形成下一個網路效應的車企其實不多。

The network effects include both, for example, the software fees, software revenue and the entire of lateral network effect. -- which we actually have the potential to achieve. Going forward, we believe that the whole entire intelligent agent emergents will produce the so-called and cost effect. Basically, it's like the interaction between and colony where you have network effects in the decentralized and centralized clusters.

這些網路效應包括例如軟體費用、軟體收入，以及整體的橫向網路效應——而我們其實有機會實現。展望未來，我們相信整體智慧代理（intelligent agent）的湧現將產生所謂的（聽不清）與成本效應。基本上，這就像（聽不清）與群體之間的互動，在去中心化與中心化的集群中形成網路效應。

What we're trying to say is that these three effects is going to have their impact on our business model. And with these three effects playing together, interacting together within XPeng, we are going to actually enhance our competitive mode. And so, with this system, we actually have a very optimistic expectation for our future business strategy and our value creation.

我們想表達的是，這三種效應都將對我們的商業模式產生影響。當這三種效應在小鵬內部共同作用、相互交織時，我們將實際上提升我們的競爭模式。因此，基於這個系統，我們對未來的商業策略與價值創造抱持非常樂觀的預期。

Let me just add that in the short to medium term, we will prioritize more on the scale of effect of our brand equity and also gross profit. With the scale of globalization and enhanced GP margin, we will be able to have a positive effect on our overall profitability. Also with sufficient profitability, we will be able to support adequate R&D investment, which will also bring about new technological competitiveness and converting mode to the company.

我再補充一點：在短到中期，我們會更優先聚焦於品牌資產的規模效應以及毛利。隨著全球化規模擴大與毛利率提升，我們整體獲利能力將得到正向影響。同時，在具備足夠獲利能力後，我們也能支持充足的研發投入，進而帶來新的技術競爭力，並為公司帶來轉化動能。

(spoken in foreign language) My second question is about the service revenue. Can management share the trend above this year, especially in terms of the scope? Is that possible? We can expand our partnership from China to outside of China?

（以外語發言）我的第二個問題是關於服務收入。管理層能否分享今年的趨勢，特別是在範圍方面？是否有可能把合作夥伴關係從中國擴展到中國以外？

This is Charles. So I think that we continue to maintain the guidance that the total revenue generated from the technology and services and IP licensing revenue in 2026 is comparable to that of 2025. As you may be also aware of that starting from Q2, we will start the delivery of the (inaudible) to our partner of Volkswagen at scale. And I think that we continue to believe that the monetization of technology commercialization through such tough type of collaboration, it is a very attractive business to us. So I think that given all the proprietary technology we have in-house, I think that we are quite open mind to such on expanding such commercialization opportunities of our technologies.

我是 Charles。我認為我們仍維持此前指引：2026 年由技術與服務以及 IP 授權所產生的總收入，將與 2025 年大致相當。你可能也知道，從第二季開始，我們將開始向大眾汽車（Volkswagen）的合作夥伴進行（聽不清）的規模化交付。我們也持續相信，透過這類合作方式來實現技術商業化變現，對我們而言是一項非常有吸引力的業務。鑑於我們擁有大量自研的專有技術，我們對於擴大此類技術商業化機會也持相當開放的態度。

Thank you. As there are no further questions, now I'd like to turn the call back over to the company for 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作結語。

Okay. So thank you once again for joining us today. If you have further questions, please feel free to contact XPeng's Investor Relations through the contact information provided on our website or the Pearson Financial Communications.

好的。再次感謝各位今天參與。如果你有進一步問題，歡迎透過我們網站上提供的聯絡資訊，或透過 Pearson Financial Communications 聯繫小鵬的投資者關係團隊。

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

謝謝。今天的電話會議到此結束。各位現在可以掛線。

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（interpreted）的部分，為現場電話會議中由口譯員翻譯的內容。口譯員由主辦本活動的公司提供。