Good morning and good evening, everyone. Welcome to NIO's second quarter 2026 earnings conference call.

The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website. On today's call, we have Mr.

William Li, Founder, Chairman of the Board and Chief Executive Officer, and Mr. Stanley Qu, Chief Financial Officer.

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from views expressed today.

Further information regarding risks and uncertainties is included in certain filings of the company with the U.S. Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited.

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that NIO's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures.

Please refer to NIO's press release, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr.

William Li. William, please go ahead.

大家好，非常感谢各位参加蔚来2026年第二季度业绩沟通会议。

Hello, everyone, and thank you for joining NIO Inc.' s 2026 Q2 earnings call.

2026年第二季度，公司共计交付107,658台智能电动汽车，同比增长49.4%。 In Q2, the company delivered a total of 107,658 smart EVs, achieving year-over-year growth of 49.4%.

二季度，蔚来、乐道、萤火虫三大品牌同比、环比均实现量价齐升。其中，蔚来品牌交付新车60,945台，在中国成交价35万元以上的乘用车市场中，不分能源形式排名第一。乐道品牌交付新车29,124台，持续释放增长潜力。萤火虫品牌交付新车17,589台，继续领跑高端小车市场。 In Q2, the NIO, ONVO, and Firefly brands all achieved year-over-year and quarter-over-quarter growth in both sales volume and average transaction price.

More specifically, the NIO brand delivered 60,945 vehicles, leading China's passenger vehicle market with transaction prices above 350,000 RMB across all powertrain types. The ONVO brand delivered 29,124 vehicles, demonstrating strong growth momentum.

The Firefly brand delivered 17,589 vehicles, maintaining its leadership in the high-end compact car market. 2026年7月和8月，公司分别交付35,934辆和35,836辆智能电动汽车。展望三季度，我们预计总交付量将在10.8万至11.1万辆之间。

In July and August, the company delivered 35,934 and 35,836 vehicles, respectively. In Q3, the total deliveries are expected to range between 108,000 and 111,000 units.

财务表现方面，第二季度公司综合毛利率18.4%。其中，得益于高毛利车型持续热销和成本结构进一步优化，尽管面临行业原材料和芯片成本大幅上涨的压力，整车毛利率仍保持在18.5%。其他销售毛利率达到17%，服务与社区相关业务持续贡献利润。 On the financial side, in Q2, the company's gross margin stood at 18.4%.

Driven by continued strong performance from the higher-margin products and ongoing cost optimization, despite pressure from sharply rising raw material and chip costs, the vehicle gross margin remained solid at 18.5%. The gross margin of other sales was 17%, with services and community-related businesses continuing to contribute to profitability.

二季度，公司保持Non-GAAP经营利润盈利，并达成正向经营性现金流和自由现金流。现金储备进一步提升至567亿元人民币，经营基本面进一步夯实，为公司长期可持续增长提供了更强的资金保障。 In Q2, the company continued to generate non-GAAP operating profit, as well as positive operating cash flow and free cash flow, further increasing its cash reserves to 56.7 billion RMB.

This helped strengthen the company's business fundamentals while laying solid groundwork for its long-term sustainable development. 接下来我跟大家交流一下公司产品、研发和运营方面的进展。

Now turning to our product, R&D, and operations.

蔚来品牌方面，7月9日全场景科技旗舰SUV ES8大五座版正式上市，并随后开启交付。以大五座空间优势更好地满足用户多元化全场景的出行需求。全新ES8上市以来，市场表现持续强劲，上市335天即实现第14万辆新车交付，在40万级乘用车市场以及大型SUV市场均保持领先。在杰兰路用户净推荐值研究中，蔚来ES8位列纯电车型第一，实现销量与用户口碑的双冠军。与此同时，科技行政旗舰SUV ES9 5月底开启交付，在逐步转化传统豪华燃油SUV的用户群体。6月及7月，在中国成交价50万以上的乘用车市场销量位居第一。旗舰车型的持续放量，进一步巩固蔚来品牌在高端纯电市场的领先优势。

For the NIO brand, on July 9th, the flagship SUV ES8 launched and began deliveries of the 5-seat version, catering to more diverse user needs and scenarios with its 5-seat layout and spacious interior. The ES8 has maintained strong momentum since launch and achieved the 140,000-unit delivery milestone in just 335 days, leading China's passenger vehicle segment in the 400,000 RMB price range and the large SUV segment.

In the Net Promoter Score survey by Land Roads, the NIO ES8 achieved the highest NPS among BEVs, ranking first in both sales volume and product reputation. In the meantime, the flagship executive SUV ES9, which began deliveries in late May, has started winning over users from traditional luxury fuel-powered SUVs, leading in sales volume among passenger vehicles with transactional prices above 500,000 RMB in June and July.

The continued strong performance of NIO brand's flagship models has further strengthened its leading position in the premium BEV market.

乐道品牌方面，L90交付满一周年，累计销量突破6万台，在30万级纯电大型SUV市场位列第一。乐道L80持续稳定交付，依托出色的装载空间与场景化的产品力，获得用户的广泛认可。二季度依托L90和L80突出的产品优势，乐道品牌在成交价30万以内的大型SUV中位居第一。同时，更新迭代后的L60实现了全面的升级，精准匹配目标用户需求，对乐道整体销量形成了有力的支撑。

For the ONVO brand, the L90 surpassed 60,000 deliveries within its first year since launch, ranking number one among large battery electric SUVs priced around 300,000 RMB. The L80 continued to see steady deliveries, winning broad recognitions with its exceptional cargo space and scenario-based functionality.

In Q2, leveraging the outstanding product strength of the L90 and L80, the ONVO brand became the sales leader among large SUVs priced below 300,000 RMB. In addition, the upgraded L60 better meets the needs of its target users, further strengthening ONVO's sales momentum.

萤火虫品牌方面，萤火虫已经连续15个月位居中国高端小车市场占有率第一，稳固细分市场的龙头地位。凭借精准的产品定位与独特的品牌调性，持续获得目标用户的认可。

The Firefly brand has been number one in market share among high-end compact cars for 15 consecutive months, maintaining its leadership in the segment. Its precise product positioning and unique brand identity continue to win the hearts of target users.

智能驾驶方面，6月18日，我们向超过70万的蔚来及乐道用户推送了蔚来世界模型全新版本。此次升级继续深挖蔚来世界模型加闭环强化学习技术架构的潜力，功能体验大幅迭代。今年经过两次大版本更新后，整体用户使用率不断提高。升级后至今，蔚来品牌用户的城区领航辅助的行驶里程环比提升了92.8%。乐道的全量用户也迎来全面体验升级。升级后，乐道用户城区领航辅助的行驶里程环比提升了127.8%。

In terms of smart driving, on June 18th, the latest version of NIO World Model was rolled out to over 700,000 NIO and ONVO users. As the second major release this year, the new version further leveraged the World Model architecture and closed-loop reinforcement learning, delivering significant enhancements in functionality and user experience.

User adoption has continued to grow. Since the upgrade, NIO users' mileage with urban NOP has increased by 92.8%.

The upgrade also covered all ONVO users, whose mileage with urban NOA increased by 127.8% following the upgrade. 依托顶尖的模型算法、系统架构与工程落地能力，蔚来是行业首家实现通用芯片平台与自研芯片平台系统共线开发、同步发版的车企。我们实现了跨平台、跨品牌用户都能获得全生命周期持续领先的智驾体验，为用户带来常用常新的智能出行体验。

Powered by leading model algorithms, systematic architecture, and strong engineering capabilities, NIO is the industry's first car company to develop and roll out smart driving systems in parallel across general-purpose and proprietary chip platforms with a common software branch and synchronized releases. Users across different technology platforms and brands can enjoy a continuously evolving, industry-leading smart driving experience throughout the vehicle lifecycle.

销售服务网络方面，截至目前，我们开设了165家蔚来中心，376家蔚来空间，乐道门店441家，服务中心420家，交付中心93家。在2026年的J.D. Power售后服务满意度研究中，蔚来同时获得豪华品牌、中国品牌售后服务满意度第一。自榜单设立以来，蔚来品牌持续保持这一成绩。我们的高品质服务得到了用户和行业的认可。

On the sales and service front, so far, the company has 165 NIO Houses, 376 NIO Spaces, 441 ONVO stores, as well as 420 service centers and 93 delivery centers. In J.D.

Power's 2026 Customer Service Index Study for NEVs, the NIO brand ranked number one among both premium brands and Chinese brands, maintaining its top position since the rankings were first introduced. Our high-quality services have earned widespread recognition from both the industry and users.

充换电网络方面，截至目前，我们在全球已累计布局4,123座换电站，建成了超过30,294根超充桩和目的地充电桩。8月7日，蔚来第4,000座，同时也是首座第五代换电站正式落成。第五代换电站可以实现蔚来、乐道、萤火虫三品牌全车型兼容，覆盖从小新车到大型SUV全尺寸车型。五代站运营和服务效率显著升级，进一步强化对外服务与开放运营能力。同时，依托标准化、规模化的能源运营体系，我们也在积极布局电力交易等增值服务，持续拓宽并释放换电模式的商业化价值。

In terms of the power network, at present, the company has 4,123 Power Swap Stations and 30,294 Power Chargers and Destination Chargers worldwide. On August 7th, NIO's 4,000th Power Swap Station went live, marking the launch of its first fifth-generation station.

The fifth generation can support battery swaps for all models of NIO, ONVO, and Firefly, covering a wide range of vehicle sizes, from compact cars to full-size SUVs. With significantly enhanced operational and service efficiency, the fifth-generation station is able to provide enhanced external services and support open operations.

Leveraging standardized power operations at scale, the company's also exploring value-added businesses such as electricity trading, further unlocking the commercial value of battery swapping.

7月23日，蔚来入选《时代周刊》全球最具可持续发展力企业榜单，也是本土唯一上榜的中国车企。我们将继续坚持纯电发展路线，与用户一起共创可持续和更美好的未来。

On July 23rd, NIO was named by TIME Magazine as one of the World's Most Sustainable Companies of 2026, becoming the only Chinese automaker on the list. We will continue to advance our BEV roadmap, shaping a more sustainable and brighter future with our users.

当前，中国汽车市场竞争进入了新的阶段，竞争格局迎来几大核心的变化。纯电渗透率持续快速提升，纯电已经成为市场主流的动力形式；行业从品牌混沌期进入品牌成长期，品牌成为用户选择产品的重要考量因素；竞争也从单点的产品比拼转向企业综合体系化能力竞争的决赛阶段。长期以来，我们始终专注纯电、专注高端、专注体系能力建设的努力，契合了行业的最新发展趋势。蔚来正进入新的高质量增长周期，我们对实现既定的经营目标充满信心。 As China's automotive market enters a new phase of competition, the landscape is undergoing several important changes.

First, with the rapid growth of BEV penetration, BEVs have become a mainstream powertrain in the market. Second, the industry is moving from a period of brand ambiguity toward greater brand clarity, with brand becoming an increasingly important factor in consumers' purchasing decisions.

Third, the final round of competition is shifting from product-level competition to competition in comprehensive system capabilities. For years, we have remained committed to the premium BEV strategy and have been building our system capabilities.

This puts us well aligned with the industry's evolution and positions us for a new phase of high-quality growth. We are confident in achieving our operating targets.

感谢大家的支持，现在Stanley将为大家介绍2026年第二季度的财务业绩。有请Stanley。

Thank you for your support. With that, I will now turn the call over to Stanley for Q2's financial details.

Over to you, Stanley. Uh

thank you, William. Let's now review our key financial results for the second quarter of 2026.

Our total revenues reached 32.1 billion RMB, up 69.1% year-over-year and 25.9% quarter-over-quarter. Vehicle sales were 29.1 billion RMB, up 80.1% year-over-year and 27.5% quarter-over-quarter.

The year-over-year growth was mainly due to the increased deliveries and a higher average selling price driven by a more favorable product mix. The quarter-over-quarter increase was driven by higher deliveries.

Other sales were 3.1 billion RMB, up 7.2% year-over-year and 12% quarter-over-quarter. The year-over-year growth was driven by increased sales of parts, accessories and after-sales vehicle services, partially offset by decreased sales of used cars and technical research and development services.

The quarter-over-quarter increase was due to increasing revenues from used car sales and parts, accessories, and after-sales vehicle servi-- uh services sales. Looking at margins, vehicle margin were was 18.5%, compared with 10.3% in Q2 last year and 18.8% last quarter.

The year-over-year improvement was driven by a more favorable product mix, while quarter-over-quarter vehicle margin remain remained stable. Overall gross margin was 18.4% versus 10% in Q2 last year and 19% last quarter.

The year-over-year increase was mainly due to the increased uh vehicle margin, and the quarter-over-quarter uh slight decrease was mainly due to gross margins from vehicle sales, provision of power solutions and sales of parts, accessories, and after-sales vehicle services. Turning to OpEx, R&D expenses were 2.1 billion RMB, decreased uh 28.7% year-over-year and increased 13.8% quarter-over-quarter.

The year-over-year decrease was mainly driven by lower personnel costs in R&D functions due to organizational optimization, reduced design and development costs from different development stages, and improved operational efficiency. The quarter-over-quarter increase was mainly due to the incremental design and development costs for new products and technologies, as well as the increased personnel costs uh in research and development functions.

SG&A expenses were 4.4 billion RMB, increased uh 11.6% year-over-year and 22.5% quarter-over-quarter. The year-over-year increase was mainly driven by increase in sales and marketing activities associated with new product launch launches, while the quarter-over-quarter increase also reflected increased increased sales and marketing activities associated with new product launches, as well as higher personnel and related costs for marketing functions and share-based compensation for general corporate functions.

Loss from operations was 0.3 billion RMB, down 92.9% year-over-year and up 12.4% quarter-over-quarter. Excluding share-based compensation expenses, adjusted for uh profit from operations was 0.2 billion RMB.

Net loss was 0.5 billion RMB, showing a decrease of 89.4% year-over-year and an increase uh 59% quarter-over-quarter. Excluding share-based compensation expenses, adjusted net profit was uh 26.1 million RMB.

Furthermore, our positive operating cash flow grew substantially, and we achieved positive free cash flow. Our cash position strengthened further with 56.7 billion RMB in total cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits.

That wraps up our prepared remarks. For more information and details of our unaudited second-quarter financial results, please refer to our earnings press release.

Now, I will turn the call over to the operator to start our Q&A session. Operator?

Thank you.

Thank you. My question is about the order flow sustainability about your ES8 and ES9 SUV.

We noticed that in the premium SUV market, some of your peers, competitor, all those showed nice only a few several months. Can you explain what's that and how NIO differentiate to facing the competition in the high-end, premium SUV market?

Thank you.

谢谢王斌。我们这个主力旗舰产品ES9、ES8的需求还是非常强劲的。从这个ES8来看的话，我们ES8在8月份交付了10,999台，接近11,000台。那我们在11个月的时间交付了14万台。在接下来9月，这个9月我们肯定会迎来第15万台的交付。在1年的时间里面，我们会交付超过15万台。所以它这个需求还是非常strong的。我以前也讲过，中国的汽车产业因为新产品迭代太快，所以很少有车能持续热销。那么ES8应该说我们全新ES8是打破了这个行业的现状，成为了一个持续热销的这么一个车。现在来看，需求仍然是非常强劲的。 Um

thank you for the question. Regarding NIO's flagship models, including the ES8 and the ES9, uh they will continue to see strong demand.

For the ES8, in August, we delivered around uh 10,099 units, um and in 11 months, we have delivered more than 140,000 ES8. In September, it's going to witness its next milestone of 150,000 deliveries, which means that in less than 1 year uh since its launch, it has already surpassed 150,000 uh unit deliveries.

The the demand for the models are uh pretty strong. As previously we've talked about um how the product are quickly iterated and introduced in the Chinese automotive market, where for a new model in the market, it it's normal to get difficult or having difficulty to last its popularity and attention uh by the market.

For the ES8, it may be the first model that is breaking away from this market trend.

那我们的科技旗舰SUV ES9上市以后，交付到现在的话呢，需求仍然是非常强劲的。那我们的这个地平线特别版和我们的这个签名版，目前等待周期还是要超过3个月，接近4个月，3个多月吧。那需求还是非常强劲。那么从这个目前来看的话呢，我们如果去看8月份和7月份相比，因为7月份我们有一些以前的意向金的订单，那么如果看8月份的话，我们这个都没有意向金订单了，我们新增的订单的话和7月份相比的话呢，其实增长还是比较多的。所以我们对于ES9的持续的热销还是非常有信心。

Regarding our flagship executive SUV ES9, it also sees strong demand since its launch, um especially for the Horizon Edition and the Signature Edition. Right now, for users placing an order, they will need to wait for uh 3 months or nearly 4 months to pick up a new car.

If we look at the sales number of the ES9 in August and the July, as in July where we were still consuming um some pre-orders. If we are making a comparison between the incremental incremental orders in July and August, we actually have seen a growth from July to August.

We are also confident in the continuous uh popularity and also demand for the ES9.

那特别想强调的是，我们的ES9 3/4以上的用户都是来自于未来社群以外的新增的用户。也就是说，它的破圈的效应还是非常明显。

Also, um one thing worth noting is that um around 3/4 of the ES9 users are actually from non-existing NIO users, from users outside of the NIO user community. Um this also shows that the ES9 has successfully reached out to a broader user base.

那这个原因的话呢，我觉得是这几个方面。首先还是我们的技术领先。从技术创新的角度来讲，像我们ES9有几十项行业首发的这个技术和领先同级的技术。那这个技术技术创新我们的还是我们的一个非常坚持的一个产品的竞争的一个竞争力的一个基础。

There are several reasons for the popularity and the demand for the ES9. The first is the technology innovation.

Um on the ES9, we have introduced or debuted several dozens of industry-first or industry-leading technologies. The tech innovation is still so far a very important competitiveness and also differentiation of our product.

第二个就是我们产品的定义是精准满足了这个在高端市场的家庭商务兼顾家庭的用户，或者这种商务需求的用户的一些情感和功能的一些体验的需求。在这方面的话呢，这个用户的满意度是非常高。 Secondly, the product definition has precisely catered to the needs of the users in the premium segment, especially users buying the car for their business needs and also for their family occasions, uh where our cars have catered to both their emotional as well as functional needs, and all users also speak highly of the product experience.

第三个的话呢，还是我们的这个充换电服务网络、充换电网络还有我们售后服务的这个体系，带来了非常难以复制的一个体系化的优势。那么我们根据这个杰兰路报告，我们的售后服务在新能源汽车品牌中是连续三期夺冠。那么我们也在J.D. Power的这个2026年的这种售后服务售后满意度的研究中呢，是豪华品牌和中国品牌的双料第一，这个也持续好几年了。所以这个也是对高端市场来说，这个服务的体系服务的体验是非常重要。

The third is the holistic and one-of-a-kind experience enabled by our charging and swapping network, as well as our after-sales services, which are actually a systematic capability difficult to replicate uh by the competitors. According to the Land Roads recent study on the aftermarket um satisfaction on the new energy vehicles, we've been topping the list for uh three times consecutively.

Also in J.D. Power's recent research in terms of the postmarket satisfaction on the new energy vehicles, we are also um ranking the first for several years in a row.

For the premium segment, such experience uh centering on the services and postmarket services are also very important.

那最后一点也是非常重要的一点，就是我也多次讲到中国汽车市场在这个新能源汽车的市场中，从这个品牌的混沌期进入到了品牌的澄清期。那么用户的购车决策从这个过去几年比参数，现在已经转向了选品牌，先选品牌。那我们在高端的纯电的这个市场已经建立了一个这个建立了建立了一个品牌的心智。那用户其实也形成了广泛的形成了一个BBA的下一辆选蔚来，高端的纯电选蔚来这样一个市场的共识。如果去看这个我们蔚来品牌在购车在蔚来的用户在购车的这个决策的原因里面，品牌的原因占比已经超过了30%，那也是印证了我们的这个蔚来在高端市场已经建立了一个深入人心的一个品牌的形象。

The fourth one um is, as also previously talked about, the entire um automotive market is now shifting from a period of brand ambiguity to a period of brand clarity, where users' purchasing decisions was previously largely uh based on the specifications of a product, and now their decision is mostly driven by the brand. In that case, NIO has also established a pretty solid foothold and a clear brand awareness in the premium battery electric vehicle market.

Um among many users, uh they naturally believe that if they are going to choose a car to replace their existing Mercedes, BMW, and Audi, and the NIO will be their natural choice. If they are looking for a premium BEV model, then NIO is also their go-to car.

Um among our existing new users, we've also studied their purchasing decision, uh where we find that the brand reputation and awareness is already accounted for more than 30% of their purchasing decision. This has further proven our solid foothold in the premium BEV market.

那我们这个从这个终端的保险的数据去看的话，二季度呢，NIO品牌在中国市场的平均的成交价是40.6万元，那么全面超越了传统豪华品牌BBA。在主流高端品牌中排名第一。7月份蔚来品牌的平均成交价呢，也进一步来到了43万以上。

If we further look at the numbers uh by the insurance associations, in Q2, the average selling price of the NIO brand was 406,000 RMB, far higher than the uh prices of Mercedes, BMW, and Audi, and um ranking the first among all the mainstream premium brands. In July, the average selling price of the NIO brand was over 430,000

RMB. 我们相信这个品牌的稀缺性 和这个品牌的这个它的这样一个竞争力会成为我们未来这三个品牌在长期的参与市场竞争非常重要的一个基础。

We believe that the scarcity of such a premiumness of our brand, as well as the competitiveness of our brand across all three brands will also become a long-term foundation for our competitiveness going into the future. 感谢王斌。

Thank you.

Hi, uh this is Tim from Morgan Stanley. Thanks for taking my questions and congrats on the third consecutive profitable uh quarter.

Uh I have two questions. Uh the first one is about ONVO uh because compared to the robust growth of the NIO and the Fire uh Firefly brands, uh we noticed ONVO's customer conversion and order momentum have been relatively moderate to rims since launch.

Um so just want to know that how's the progress in recent adjustments uh to uh to customer incentive and selling strategies? Looking forward, what further changes uh would management plan to effectively improve ONVO's order momentum?

That's my first question. Thank you.

谢谢Tim。ONVO的所在的市场的竞争确实要这个激烈很多，这个和NIO还有Firefly相比的话。那确实它在参与的是一个非常这个激烈的这样一个市场的竞争，不管是从品牌的数量还是从车型的数量都要多很多。那如果我们就看的话呢，ONVO这个从这个品牌发布到现在取得的成绩，其实也还是从一个细分市场去看的话呢，还是也是非常的不粗的。 Um

thank you for the question. It's true that ONVO is actually in a more competitive market than NIO and Firefly, uh where the level of uh competition, the intensity level of competition in terms of the number of brands and also the number of models are also uh much more intense than that of NIO and Firefly.

If we look at the ONVO's overarching performance since its launch, um especially from its specific segment and market, it has actually done some good progress and achievements.

那首先我们还是看它的成交均价，就是今年上半年大家都知道中国的乘用车这个大盘挑战很大，但乐道的品牌的平均的成交单价呢是超过了24万。这个和这个去年同比是增长的还是比较多的。那么其实中国的这个今年上半年 只有8个品牌实现了量价齐升，那么乐道就是其中之一。那所以从这个角度来讲的话呢，它的平均单价成交均价超越了部分的传统的豪华品牌。所以我觉得作为一个高品质的家庭用车的品牌，那它应该说从品牌的打造的方面，那应该说是设立了一个比较好的一个基础。 Um in terms of the

if we look at the average selling price of the ONVO products, as we all know that the passenger vehicle market in the first half of this year uh was a bit challenging. Even amid this challenges, ONVO still achieved an average selling price of 240,000 RMB, achieving also significant growth year-over-year.

In the first half of this year in the China's automotive market, only eight brands managed to achieve uh increase both in their sales volume as well as the average selling price, where ONVO is one of this eight brands. In terms of the average selling price, ONVO is even outperforming some traditional luxury brands.

If we perceive um ONVO as a premium, family-oriented brand, um it it is actually achieving a pretty good um baseline as a as from this brand definition perspective. 第二个就是乐道的这个产品的综合竞争力还是非常强的。那么我们如果去看它从这个销售线索到订单的转化率，这个在行业里面是非常领先的。也就是说，用户一旦接触到了乐道的产品，那么他其实最后买我们车的成功率是比较高的。这个也能够看出来我们现在主要的一个挑战还是品牌的知名度。那么现在乐道的品牌知名度确实要是相当于五六年前的蔚来的品牌。那所以接下来呢，这个我们希望能通过更多更积极更主动的方式，通过跨界合作、线下活动、深挖社群这样的一些方式，那让更多的人能够接触到乐道的品牌。这个就是我们目前主要的一个工作的一个目标。

Um

in terms of the overall product competitiveness, we also see um some good progress and also foundation, uh especially a good conversion rate from to sales leads and opportunities all the way to orders, which means that when users get to know about the brand and products, it's also more possible and likely for them to place an order on the ONVO product. Right now, for the ONVO brand, the challenge is more about its overall brand awareness, uh where its current brand awareness is maybe comparable with NIO's awareness around 5 to 6 years ago.

Right now, our focus is also to enlarge the brand awareness and also the popularity uh through also um different collaborations, offline activities, and also engagement with more targeted communities.

第二个举措就是我们会加快蔚来、乐道、萤火虫三个品牌共用的这个Sky门店的布局，持续加强这个销售网络的建设，能够让乐道的品牌更多的触达这个三四线城市的家庭用户群体。

The second actions we are taking is to uh keep rolling out our SKI stores, where we can host the NIO, ONVO, and Firefly brands under the same roof. With that, we are able to further expand our sales network and also to um really introduce our ONVO brand to more users in the lower-tier cities.

第三个的话呢，我们还是接下来呢，还是会持续的推出这个新的产品，去服务更广泛的家庭用户群体。当然方向上来讲，我们还是会保持乐道作为一个高品质家庭用车品牌的这样一个定位，我们不会进到太低的这样一个市场，还会保还会平衡量和这个毛利的关系。总的来说的话呢，我们乐我们认为中国市场现在是缺乐道这样一个定位在传统的像丰田、大众他们的高线的这样一个产品的这样一个品牌的这样一个品牌的。我觉得乐道这是对乐道来说是非常好的一个机会。 The third action is to also introducing new ONVO products so that we can also reach out to broader family user base.

Um but in the meantime, we will still um maintain ONVO's positioning as a premium, high-quality, family-oriented um brand. We will not be very aggressive in entering into the entry-level uh segment.

We will still strike a balance between the sales volume and also the vehicle gross margin. Right now in the Chinese automotive market, we actually see a a vacancy where uh there is no such brand that is comparable with the upscale uh product lines of Toyota or Volkswagen that can serve the needs of the family users.

This is where we see the opportunity for ONVO to develop its awareness in that specific segment.

Tim，谢谢。 Thank you,

William, for sharing the details. Uh my second question is a the quick one, just um want to know that if management can share uh next year's new model refresh and the key launch milestones uh for uh the NIO, ONVO, and the Firefly, the three brands under the group.

That's it. Thank you.

谢谢Tim。从蔚来品牌的角度来讲，当然我们5系、6系的产品当然会有一些新的产品的计划。这个当然其实市场也应该也都大概也能够也能够了解得到。那乐道的话呢，ONVO的话我们明年还会有战略级的新产品上市，会进一步的去丰富我们的产品线。从Firefly的角度来讲，我们还是这个brand，Firefly brand就是这一款车型，我们当然这个包括这个特别版，包括后续的一些技术的迭代我们都会持续的去进行。总的来说Firefly就是这个有点像iPhone这样，会持续的都会有一些新的这样的一些特别版去推出。 Um

thank you for the question. For the NIO brand, uh for next year, we will be introducing new products coming from the 5 and the 6 Series product lines.

I believe that the market is also aware of some of our latest um plans. Where for the ONVO brand next year, we're going to introduce a major strategic um new product um that will also help to enrich our existing product lineup.

For the Firefly brand, we will keep this single-model strategy, but keep rolling out uh special editions and also technology upgrades. For Firefly, it's a bit like taking the iPhone approach, where it will stay uh in this same product, but with new editions.

谢谢Tim。

Thank you very much.

Hi William, uh thanks for taking my question. Um my first question is regarding your uh vehicle gross margin outlook for the uh next few quarters uh amid the ongoing cost inflation.

Uh we are aware that the memory cost continue to go up and just want to listen to your thought, how does that impact the vehicle gross margin? Thank you.

你好Paul。确实今年整个的成本端的这个压力确实比较大。按照我们之前所讲，我们对于蔚来来说，今年3月份开始从内存到大宗材料到电池的成本其实都有所上升。整个从整个二季度来看呢，如果跟去年年底相比，整个的单车成本平均来看上涨大概在单车1.4万左右。所以这个其实给我们的这个毛利带来的压力还是比较大的。 Um

thank you for the question. It's true that since this year, the cost structure of um of our of the automotive industry has been under pressure.

For the company, uh we've been facing pressure coming from the rising material costs, including memory chips, batteries, and also other bulk materials. If we look at the cost in Q2, as well as the cost in late Q4 last year, um the average cost impact or cost increase is around 14,000 RMB per car.

所以当然那个在二季度公司也是做了大量的工作，来稳住我们的这个毛利，来对冲这个成本上涨的压力。这里面就包括一个呢我们我们是维持了我们从三个品牌的价格的稳定，我们没有通过这个单纯的降价来换取这个销量。另外我们从成本端也通过我们的这个供应链的优化、商务的谈判、VAVE等措施，总体来讲我们基本上实现了一个整车18.5%一个相对稳定的这个毛利率。 Uh

also in Q2, we've taken a series of efforts to uh stabilize our vehicle margin and under the rising cost of pressure. Um and as uh previously mentioned, uh we've been actually using taking a very stable pricing strategies for our products.

We didn't really lower the price uh lower the price in exchange for the sales volume. Secondly, on the supply side, we've been working with the supply chain to take a series of optimization measures, the VAVE efforts, as well as commercial negotiations.

With all these efforts combined, we managed to stabilize our stabilize our vehicle margin at 18.5% in Q2.

当然在下半年呢，我们也看到这个材料成本有继续上涨的这个风险，我们预计可能会在2,000到3,000元平均下来每车。公司呢当然也会继续采取相应的这个措施，总的目标呢是希望Q3和Q4整个的这个vehicle的margin能够维持跟Q2差不多的这个水平。

Going to the second quarter, we expect the material costs to continue to increase by another 2,000 to 3,000 RMB. Uh but we will also take a series of counter measures to mitigate this risk.

In Q3 and Q4, we hope to still stabilize our vehicle gross margin to at the same level as in Q2.

好，谢谢Paul。 Um so,

my second question is, yeah, uh despite of all these cost pressure, um you have done significant improvements in terms of profitability over the past one year. Um my question is what gives you uh management confidence that these improvements are sustainable rather than say cyclical?

对，确实

这里面当然这个是一个综合的一个一个措施了。一方面呢，其实刚刚William也提到就整个的汽车市场也进入到一个品牌的竞争。那刚刚我们也提到我们蔚来的品牌，我们ES8和ES9的这个销量还是非常这个稳定的。然后呢，在整个的高端市场里面的占有率也非常高，那这两款车型在我们整个portfolio里面的占比还是非常可观的。那这两款车型的毛利还是还是非常也是超过20%，所以它是我们整个这个毛利的这一个基石。 Um

thank you for the question. It's true that we need to take a comprehensive uh measure uh towards that.

Um the first is that, as also mentioned by William, the automotive competition in China is now shifting to more brand-driven. For the NIO brand, our ES9 and ES8 are still seeing um pretty stable demand, um and also with significant market share in their respective segment.

These two models, they are also making major contribution um in our product mix, as well as the vehicle margin, as both of them uh has over 20% vehicle margin. This will be our foundation uh for the overall performance.

当然第二点呢，我们还是会持续的去优化我们的成本结构，把我们的产品定义做得更精准，跟我们的合作伙伴一起去寻找这个降本的措施。所以这个呢其实从过去这个几个季度开始都已经在深入的进行，也结合我们我们内部叫这个原子化的这个研发和供应链的这样一个能力，我们其实在这方面也已经找到了非常多的这样一个机会。那我们在接下来呢也会持续的去进行这样的工作。 The second is to keep rolling out uh optimizations towards our cost structure by making more accurate product definition and also by working on the cost reduction opportunities together with our supply chain partners.

Uh these are the efforts that we've been uh working on in the past several quarters, and internally we've been doing all this decoupling and decoupling analysis of our R&D and also supply chain capabilities, uh putting them into the atomic granularity, identifying also opportunities for continuous cost reduction, and we will also keep up this good work. 那我想补充一下，今年确实中国了这个汽车市场的

这个压力是非常大的。但是如果你去看蔚来整个公司的增长的质量，这个还是非常的高。这个刚才Stanley也讲到了我们一些这个长期盈利能力的的持续性。今年上半年，我们的销量的是涨了67%，但是我们的营收是高于这个销量的增长，我们营收是同比增长了86%，如果我们看到毛利额，就毛利的总额，我们同比增长了是282%，这个增速呢是比营收的增长还要更快。那么这个成绩是在今年的原材料这个和这个存储芯片这样的一些成本大幅上涨的情况下来实现的。那因为我们二季度刚才Stanley也讲了我们二季度的这个成本这个平均到每辆车上去，和去年年底是涨了14,000。那么今年下半年呢还要再增加两三千，也就是说要涨到16,000到17,000之间，和去年年底相比。但是我们仍然是有信心实现这个毛利额的，总额的这样一个高速的增长。所以这一点呢也是充分证明了我们整个公司从技术到产品，那么到供应链的管理，到这个销售还有就是各方面的管理，持续的这个还有品牌的定位的一个体系的这么一个竞争能力。

As mentioned, the Chinese automotive industry has been under cost pressure, but even amid all these challenges, the company um has uh still managed to achieve high-quality growth. As shared by Stanley, some of the efforts we've been taking to uh secure the long-term and the sustainable growth uh of our business.

I would like to also share some numbers. In the first half of this year, our sales volume increased by 67% year-over-year, where our total revenue increased by 86% year-over-year, that is faster than our volume increase.

In terms of our gross profit, it increased by 282% year-over-year, much faster than the growth of our uh revenue. This um is amid all the challenges coming from the supply side, the rising raw material costs on the chips and on on everything.

In as mentioned, also in Q2, the impact on the vehicle is around uh 14,000 RMB on average where uh compared from late last year, where in the second half of this year, such impact will continue to enlarge by another 2,000 to 3,000 RMB, which means that in the second half of this year, compared with Q4 last year, our cost structure will be burdened by another 16,000 to 17,000 RMB. Even against this backdrop, we still aim to achieve a steady growth in our gross profit.

This is also a demonstration of our system capabilities and so also competitiveness in terms of our technology, product, supply chain, sales, and also brand management.

Thank you, Paul.

Thank you very much, William and Stanley, and congratulations for the achievements.

Thank you.

Thank you for taking my question. Uh my first question is is a financial related.

Uh with very strong operating cash flow and free cash flow generation by by first half, uh can can management remind us our cash burn including CapEx and R&D? What the level of free cash flow uh can we anticipate by year-end?

With very strong cash position right now, uh can you remind us where do we plan to uh uh invest or spend our cash in terms of CapEx and R&D? That's my first question.

Thank you.

谢谢Nick。我分分几块来讲。一个呢是我们的这个CapEx。那我们今年的这个资本性开支呢，基本上我们会维持跟去年差不多的这个水平。按照之前也跟大家沟通购，基本上是在季度60到70亿的这样一个 全年，sorry，不是季度，全年60到70亿这样一个水平。主要的這個用途呢也基本上是我们的这个车型的研发投入，然后我们的这个销售服务网络的建设，这方面因为基本上工厂相关的应该相对没有那么多了，在今年。 Uh

thank you for the questions. Uh I will um answer to your question in through several major aspects.

The first is regarding CapEx. Um for this year, we expect our uh full-year CapEx to be uh relatively flat from last year, uh roughly 6 to 7 billion RMB per year, and such investment is mainly used for uh basically product research and development, as well as the rollout of our sales and the service network.

Not much investment go going into the capacity and also factory site. 第二个方面呢，就是我们将持续

高强度的去建设我们的充换电网络，那今年的目标也依然是1,000个换电站。当然这个跟我们之前不一样的地方，就是从24年我们开始我们的这个加电合伙人的这样的一个计划以来，今年呢我们应该取得了一个长足的这个进步，我们也在全国25个省市与超过40家的这个地方国资和经营机构展开合作。那从目前来看呢，我们全年的这个充换电网络的建设计划，整个的目标是都都来自于我们合作伙伴的资金。

The second is that we will continue to roll out and expand our charging and also swapping network. For this year, we still plan to build 1,000 new Power Swap Stations, but different from previous years where in 2024 we've introduced the Power Up Partner plan, where through the plan we would like to collaborate with different partners for the construction of our charging and swapping infrastructure.

This year, we've made a major progress in this plan, where we've been partnered with 20 uh with over 40 state-owned enterprises platforms and and also financial institutions across 25 provinces and cities in China in constructing our uh charging and charging and swapping infrastructure. For this year, we expect all the newly built infrastructure will be sponsored or funded by our Power Up partners.

第三点呢，就是我们的BaaS模式呢越来越被用户认可，那与BaaS模式相关的这个电池电池资产，其实也是取得我们这个金融机构啊还有各种合作伙伴的 这样的一個一个认可和支持。所以从蔚能的这个融资角度来讲，今年上半年这个各方面的融资渠道也基本上完全打通，所以大家也看到蔚能对于蔚来的这个欠款从年初的这个160亿其实下降到二季二季度末的这个150亿不到。所以整个呢是在投放增加的情况下，其实整个的绝对金额还是出现了下降。这个对于这个就蔚能的回款，对于这个蔚来现金流的这个改善和支撑也是非常重要的。

The third is that our Battery as a Service business model is also um earning more recognition from um also more users. This is also helping uh our battery asset management and the battery asset management company getting stronger support from the financial institutions and also different partners.

Um in the first half of this year, for the battery asset management company Miran, as we also see some good progress regarding the fundraising across different channels. Um in terms of the amount due uh from the battery asset management company, it is also reduced from over 16 billion uh earlier this year to less than 15 billion in end of Q2, considering that we are also enlarging the user base and also the business size of the battery asset management.

Um the increase um in the absolute term is also relatively um proportionally. This is also a good sign.

所以总的来说呢，随着销量的持续增长，以及包括我们经营的这个逐步的这个改善，我们整个三四季度的这个目标对于现金流来说，依然是我们希望能够实现经营现金流和这个自由现金流的这样一个正向的这个目标。总的来说呢，整个整个的这个现金储备的这个余额，在这样一个背景下面，在三季度和四季度应该还可以持续提升。 With increase in sales volume, as well as ongoing efforts in uh improving our operational uh operating performance, we expect that in Q3 and the Q4, we can maintain the positive free cash flow, as well as operating cash flow.

Uh with that, we also believe that in the second half of this year, our cash position will continue to enhance.

Thank you, Nick. Um Thank

thank you. Um my my second question is a ADAS-related.

Uh the market is indeed very, very competitive, every every peers offer uh city autopilot function or or features. I'm I'm what I'm wondering uh from user standpoint, how do we differentiate ourselves um um from from peers across our our product product offering from high end to entry level?

At the same time, given high adoption or penetration right now, uh will we consider uh different payment options, such as pay as you go or subscrip- subscription uh option in the future? Thank you.

谢谢Nick。那么我们AD的话，我们的辅助驾驶在今年这个让大家看到了这个世界模型加闭环强化学习，加上群体智能的这样一个技术路线的这样一个优势。那么从这个 我们的应该说我们的云端的训练的算力投入远低于这个我们同行的情况下面，我们其实取得了一个非常不错的这样一个用户的体验的这样一个结果，充分证明了我们这个技术路线的一个优势。 Um

thank you for the question. Um this year, people uh actually start to see the benefits and also the advantage of our overall architecture featuring the World Model plus the reinforcement uh closed-loop reinforcement learning and also collective intelligence, especially considering that um the actual investment computing investment and the computing power we used for the cloud training uh for the autonomous driving and smart driving functionalities uh relatively small, um achieving such good experience um with our latest release.

This has also proven the advantages of our technology roadmap. 前面我也讲到了这个我们的

这个新版本在今年这个6月18号几个品牌几个平台新版本同步推送给70万用户。那么这个也是证明了我们技术架构的一个先进性。 Also,

as mentioned earlier today, on June 18th, we actually um have pushed our latest NIO World Model version to over 700,000 users across different brands and also technology platforms simultaneously. This has also proven the advances of our technology and architecture.

那么在有一个数据也可以分享一下，我们像我们这个搭载了我们自己芯片的，这个B1X，这是我们的9031X的这个芯片的，我们的Cedar雪松的这样的一些用户的话，那么他们在 这个日常就58%的用户，接近6成的用户，他日常使用智能辅助驾驶的里程是超过一半以上。

Also I'd like to share some numbers with you. Uh for the Cedar users, that's our third-generation platform equipped with NX9031 uh smart driving chip, where among this group of users, around 58% of them have been engaging smart driving functionalities for more than half of their trips.

那在模式收费模式方面，我们现在是对新的新车的这个用户，蔚来和乐道对于新车的用户，我们都是5年在上市的时候给他5年的这样一个免费的这样一个订阅。当然对于二手车的用户，或者说超过了这个 这个5年的这样的用户呢，当然现在还他们还没有到5年了，就是对二手车的用户，比如说这个用户如果首任车主把车出售了，我们呢是会对这些二手车用户提供这种订阅服务。那我们现在能够收，我们现在的380一个月，我们能够收到的订阅费， 订阅的这个比例啊，就是接近20%。那么这个还是非常正向的一个说明我们的这样一个产品的竞争力，我们的体验的竞争力。当然现在用户收费的基数还比较小，今年我们也有几千万人民币的一个订阅收入。我想那个随着用户 这个基数的增加，那我们相信这个也会长期来说，订阅收入会成为我们公司非常重要的一个服务与服务的收入。

Regarding the business model for the smart driving service, uh well right now for the new new users and ONVO users, we offer them 5-year complimentary subscription to our smart driving um capabilities and systems. Uh for the used car users or when they expire on this 5-year complimentary service, they will have to definitely pay for the subscription.

Uh for the used car uh users, uh they are paying 380 RMB per month for the smart driving subscription, where we now see a penetration rate of around 20% among this used car users. This is also a pretty sizeable amount showing also the competitiveness of our product and experiences.

Of course, right now, this is just a small user base. For the longer term, we believe that this will also be a quite sizeable source of revenues uh for our business.

Right now, every year, the revenue from that part of business is around um several dozens of millions of RMB.

Thank you. It's very clear.

Thank you.

hi, uh William, uh this is Ming. Uh so I also have two questions.

Uh so first question is related to your uh fifth-generation uh battery swap station. Uh with more expansion of your uh new uh swap station uh and uh uh this can uh accommodate uh all of your three brands, uh could you uh give us more details uh regarding the uh CapEx per station and also uh maintenance uh cost uh compared to your uh previous uh generation uh swap station?

Uh besides that, right now you also open uh to some other auto OEM for your battery service. Uh could you elaborate uh your pricing strategy and also uh your unit economy model?

Uh yeah, thank you. That's my first question.

OK, Ming. 关于第五代换电站呢，从从兼容度上就是我们用用了一个柔性的这个解决方案，所以蔚来、乐道、萤火虫三个品牌不同尺寸的车型都可以在一个换电站里面来进行换电。那从成本上来讲呢，第五代站在第四代站的基础上其实还是有进一步的这个下降。所以从一个单体的这个换电站的一个建这个材料成本上来讲，其实是有有进一步的这个优化的。那从从总的来讲呢，目前如果 不含电池的一个 和这个就是我们说那个高压包装的一个建设成本，五代站大概在140万，其实比四代站大概有降低了10万左右。

Um

thank you for the question. Regarding the fifth-generation Power Swap Station, we have adopted a flexible design where the station can accommodate all models from NIO, ONVO, and Firefly, basically can be compatible with cars of different dimensions and sizes.

In terms of the cost, we've also achieved continuous improvements on top of the Gen 4, where the in terms of the material costs, we've achieved also optimization and reduction in cost. For per-station cost, if we excluding batteries in the station, as well as all the costs related to the high-voltage power supply and energy preparation, if we only look at the the station itself, it's around 1.4 million RMB per station, that is around 100,000 RMB cheaper than the fourth generation.

对，从运营上来讲呢，分两个层次吧。就是一个呢，我们所有的换电站其实都在做持续的这个运营的优化，那整个的这个尤其是这里面的这个值守的人效，其实随着我们换电站的这个故障率的这个提升，随着我们软件能力的提升，整体的这个人员其实今年我记得跟去年年初相比呢，其实已经提升了有50%。 然后呢，从五代站上来讲呢，我们是有机会，当然五代站现在的这个故障率还在一个爬坡的过程。我们的目标从目前表现来看呢，其实是比同期的前面几代站要优化的，而且从技术上来讲，它能够比前面几代站应该能够做得更好。所以我们相信五代站呢，它的运营效率会比前面几代站还要再进一步提升。

In terms of the operations of the swap stations, uh we've been also making continuous improvements in terms of the actual people efficiency uh supporting the the operations of all stations. Um we've uh also made improvements in terms of the first-time through of the power swaps, as well as the software features.

Uh between current uh performance as well as the performance earlier last year, it's already improved by uh 50%. Of course, for the fifth generation, as they're new to the field, we are still ramping up its first-time through, uh but comparing with the previous generations around the same timeframe, we already see quite significant improvement in terms of the success rate of our power swaps um among the fifth-generation station.

Uh overall speaking, we also believe that the efficiency of fifth generation will be uh much better than the previous ones.

对，关于第三个我们的这个对外合作，其实我们跟多家具备厂在前两年也签署了这个换电联盟的这个协议。当然呢，这段时间呢一些落地的一些项目也在这个或者是沟通和谈判也在持续的进行过程当中。也随着这个这两年Robotaxi的发展，其实Robotaxi和换电其实也是一个非常匹配的一个 或者说基础设施的支撑。所以这些工作都还在进行当中。从目前的一个刚刚你提到的一个合作和收费的框架上来讲呢，我们基本上会是用一个接入费的这样一个形式，当然这个还还有待于后面的这个具体落地。等实际落地之后，我们再跟大家具体去披露这样的一些细节。当然这些对外合作呢，其实大家也是随着这两年我们换就是新能人的发展进入到一个新的阶段，大家也逐步认识到换电的这样一个优势，所以越来越多的主机厂其实也是希望加入到这样的一个队伍当中来。那从单纯从对蔚来能源来讲呢，我觉得对于我们摊薄我们的运营成本，对于我们去通过统一这个电池包来提升我们在电池上的这个效率、降本其实都是非常有帮助的。

The third is regarding the partnership and also alliance with other OEMs regarding power swap. As several years ago, we've signed up with several OEMs regarding this Power Swap Alliance, and we still have this ongoing communications and also collaborations on some projects.

In the meantime, as robotaxis becoming a very popular area, where we see Power Swap Station and power swap service in general can be a good infrastructure support for the robotaxi business, we are also exploring opportunities with our partners from that perspective. In terms of the cooperation framework and also how we charge them on such services, we basically will charge them for the admission fee for the use of our for the use and access to our power swap network.

More details are still being discussed and are to be closed when we have the actual projects in the in the implementation. Also for the entire new energy vehicle industry, it has been entering into this new stage where more and more people start to realize the benefits of a power swap and more OEMs are also embracing the idea of swapable vehicles, where for the new power, the advantages with more partners joining this effort, it can help us to optimize and amortize our operating costs.

By standardizing the battery packs, we can also improve the efficiency, as well as optimize the cost structure.

Thank you, Ming.

Thank you Stanley. Uh my second question is related to uh your operating expense.

Uh especially we noticed that the your uh sales and marketing expense in second quarter uh is higher. Is it because uh you launch more uh new models during the quarter?

Uh could you give uh more guidance uh for your uh 2026 uh operating expense? Thank you.

OK, Ming. 我也是分两块两块来讲。一个呢是我们的研发费用。研发费用的这个我们跟我们之前几个季度跟进大家讲的基本上一样，我们会维持在Non-GAAP季度在25亿的这个水平，根据我们的研发项目和业务的进展，来来动态调整这样一个 就是支出水平和节奏。所以从2026年每一个季度来说，基本上是在这样一个水平上下浮动。

Um

thank you for the question. Uh I will still share the information according to two types of um overall expenses.

The first is regarding the R&D expenses. Um as mentioned, we will basically be staying flat with our R&D expenses, non-GAAP um around 2.5 billion, and uh we will also make adjustments dynamic adjustments according to the actual cadence uh and the pace of our projects and the business.

For this year, it will be roughly 2.5 billion per quarter um in terms of the R&D investment.

大家也看到就研发费用跟我们的蔚来这个公司历史上的这个投入相比，以及说可能跟我们的一些友商相比，出现了一定程度的这样一个减少。但是呢我觉得我们的研发效率其实是更高的。那这里面我们分两方面，一方面呢就是我们还是专注在这个纯电线路线上，没有去在纯电包括混动增程多条路线上去发力。所以这样的话我们的研发会更加聚焦，核心技术呢可以在不同品牌不同车型上复用，所以效率会更高。第二个部分呢也随着从去年开始的我们整个CBU的这样一个经营机制，我们内部的这个研发的这个体系和组织的效率也不断的优化。所以总总的来说呢，在这样一个投入强度下面，依然能够保证我们在核心技术和关键产品上的这样一个竞争力。

In terms of the R&D expenses, maybe some will compare our current expenses with our previous level or with our competitors, where definitely our expenses is relatively low. We also need to really pay attention to the utilization of such expenses and also the efficiency of our R&D activities.

NIO has been staying committed to the battery electric vehicle roadmap. With that, we can be more focused on the technologies and the products related to the BEV roadmap without spreading our efforts across BEV, PHEV, or REVs.

Secondly, is that as we've been rolling out this CBU mechanism internally, with the CBU mechanism, we can also better measure and improve the efficiency of our R&D systems as well as our R&D organizations. Even with a relatively moderate investment into the R&D activities, we can still maintain our leadership and and advancements in the technologies and also products.

第二个方面呢，从这个SG&A角度来讲，首先我们来看它这个SG&A占这个销售收入的一个比例。从Non-GAAP的角度来说呢，我们一季度和二季度这个比例基本上都是在13%上下，那这个呢整个的比例上来讲呢是符合我们的这个预期的。其次呢就是我们二季度尤其在销售费用上有很多在二季度一次性的这个投入，因为呢我们二季度的所有的新产品，基本上今年啊今年所有的新产品基本上都集中在二季度发布，那包括我们的这个ES9，包括这个我们乐道的今年的一些换代，大部分都集中在这样这个二季度里面，那这样的一次性的影响呢给二季度的这个这个这个研发这个SG&A带来大概5个亿的这样的一個增长。所以这个呢在后面的两个季度呢，应该不会有这么多的这样的一次性的影响发生。从那最后呢从这个三四季度的一个展望来讲呢，SG&A我们整个的控制目标还是希望能够实现Non-GAAP的SG&A占整个收入的比例在10%到11%，这个也这个目前来看呢应该也是一个可控也也也能够通过努力实现这个目标。

Regarding the SG&A uh expenses, uh if we look at the uh SG&A as percentage to the sales revenue um in the first and the second quarter under the non-GAAP standard, it's around 13% um in the first half. Um and also uh in the second half, as we see a slight increase in terms of the sales expenses, it's mainly driven by some one-off expenses as we have most of our new products for this year were launched uh in second quarter, including our ES9 and also some facelift models for ONVO.

That one-off impact is roughly 500 million, um majorly happened in Q2, where in the second half, uh we don't expect to have uh such one-off uh impact in terms of the sales expenses. In terms of the second-half outlook, uh in terms of the SG&A expenses as percent percentage to the sales revenue under the non-GAAP standard, we expect it to be around 10% to 11%.

This is also a controllable, as well as an achievable target for us.

Thank you, Ming.

谢谢Stanley，谢谢。

thank you for taking my question. As uh time is limited, I have only one question.

Uh we uh we have know that our uh Senior Vice President President Mr. Ren Shaoqing uh has uh founded an embodied AI startup company, uh in which we have made a uh strategic investment.

Uh so uh what are the long-term cooperation uh potentials between uh this new company and the NIO, and also what uh long-term value can it bring to our company?

对，这个对，大家也看到这个消息，就是我们自驾的负责人少卿呢，他会这个开始在这个物理这个飞速的AI领域的创业。那未来会作为一个战略股东去支持他这个创业。当然同时呢，少卿呢仍然也会作为未来智能驾驶部门的负责人，这个他的还是还是会有这样一个负责这个智能驾驶的技术方向和和长期的这个战略，当然会参与这个自驾方面工作。那我们相信呢这样一个 这样一个安排呢，对于蔚来来说的话呢，在我们现在聚焦我们自己的核心业务的基础之上，仍然能够保持对具身智能和物理AI领域的这样一个 战略的这样一个这个投入吧，又不会影响我们的P&L，也能把我们一些资源也能用好。同时能够吸收到更多的这个外部的这个战略性的股东和战略性的投资人。我们认为这个是一个比较好的这样一个安排。 Um

thank you for the question. Yes, Mr.

Ren Shaoqing, the head of our smart driving department, is now also starting up a new business regarding physical AI and also embodied intelligence. The NIO is supporting his business as a strategic shareholder.

In the meantime, he will still be the head of our smart driving department, responsible for the overarching technology, as well as the long-term tech roadmap for our products. We also think that such arrangement is necessary and also meaningful, as right now NIO is staying focused on our core business.

In the meantime, through this startup by Mr. Ren, we can also keep tracking of the latest developments in the physical AI and also embodied intelligence without diluting our focus, affecting our P&L.

In the meantime, such startup can also help to make full use of our resources, as well as attracting external strategic shareholders and investors. We think this is a good arrangement.

另外还有一点也想补充一下，大家知道这个

非速的AI领域这个人才竞争是非常激烈的。那么我们认为呢，用一个创业公司的这样一个 架构的角度来讲，去吸引行业里面最 优秀的这样的一些人才，是能够更能保证这样一个创业方向的一个成功。那长期来说，我们相信这两个公司之间，我们和这个这个这个具身智能的这个创业公司之间会有非常多的这样一个战略性的合作，业务的 业务的合作，战略业务的合作。

Also, as we all know, that the competition for the AI talent within the arena of physical AI is also quite intense. Through such startup, we can also better capture the top-notch talent in the industry.

That will also be beneficial to the long-term development of both this startup, as well as for our AI-related business. For the long term, we believe that we will have a lot of strategic collaborations and projects between NIO and also this AI startup.

Yeah. Thank you.

Thank you.

thank you team. Um Hi, Stanley.

My question is what's your uh volume outlook for the Q4 this year and [crosstalk]? Yuqian,

I think your voice is breaking. Yuqian, can you repeat your question?

Thanks.

Sure. So, [unclear] Can now [unclear]?

Yuqian, we still can't hear you. Uh,

yeah. Can you hear me now?

Yes, much better.

Hello? Yeah.

I just repeat. Uh my question is about the volume outlook in fourth quarter and 2027 uh given maybe strong seasonality and the backdrop of uh new model cycle next year?

四季度我们相信的话呢，这个今年的话呢，主要的市场在四季度还是会有所恢复。那我们认为这个平均来说的话呢，这个我们每个月实现4万以上的，这个平均实现4万以上的这个交付量，这个是我们的目标。从在中长期来讲，我们还是认为这个我们每年40到50的 这样一个年销量的增长，这个从我们目前的 产品的布局，还有从我们的销售能力的布局的角来讲的话，这应该是我们的目标。 Um

we expect that the passenger vehicle market to be able to recover in Q4 this year. With that, our target for Q4 is achieving an average volume of over 40,000 units per month.

For the mid and long term, with our product lineup, as well as our sales and service network coverage, we expect our annual volume growth to be around 40% to 50%. We will maintain that for the mid and long term.

Thank you, Yuqian.

Thank you again for joining us today. If you have further questions, please feel free to contact our IR team through the contact information on the website.

This concludes the conference call. You may now disconnect your line.

Thank you.