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.

Participants on today's call from our management will include our co-founder, Chairman and CEO, Mr. Xiaopeng He; Vice Chairman and President, Dr.

Brian Gu; Vice President, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr.

James Wu; and myself. Management will begin with prepared remarks, and the call will conclude with a Q&A session.

A webcast replay of this call will be available on the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the U.S.

Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Please also note that XPeng's earnings press release and this conference call include 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.

I will now turn the call over to our co-founder, Chairman and CEO, Mr. Xiaopeng He.

Please go ahead.

大家好。在2026年一季度，我们将企业的中名由小鹏汽车变更为小鹏集团。这标志着我们从一家智能电动车企到物理AI公司的蜕变。在小鹏集团的体系里面，智能电动车的业务将会高速增长，持续贡献可观的盈利和强劲的现金流，支撑我们面向物理AI的研发投入。那么在今天，我相信物理AI应用正在处于从量产落地到规模爆发式增长的前夜。我们已经验证了scaling law同样在物理AI，包括自动驾驶跟机器人领域是适用的。我们现在通过加大工程和研发投入突破上线的路径已经变得无比清晰。所以在这一时间点，我们会选择坚定地加大在AI相关的研发下注物理AI。我相信物理AI应用会在未来10年是全球性的战略机会。我会带领团队在今年完成Robotaxi和人形机器人的量产，并着手培育商业的生态，把领先的物理AI技术和应用，包括自动驾驶、人形机器人等转化为新的收入和利润增长引擎，从而创造更好的商业价值。

Hello, everyone. In the first quarter of 2026, we formally changed our official Chinese name from XPeng Motors to XPeng Group, reflecting XPeng's transformation from a smart EV company to a physical AI company.

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

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 bet firmly on physical AI with increasing R&D on AI.

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 humanoid 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.

首先谈一下一季度。受国内整个新能源汽车市场大盘的波动，我们的交付量为62,682台。但是我想跟大家分享的是，我们没有在市场有挑战下行的时候仅仅关注规模，我们更关注是销量跟经营质量的平衡，并且长期如何发展。我非常有信心在今年接下来的每个季度的销量都会环比大幅度增长。那么其中我预计二季度交付量为10万到10万6千台，环比增长约60%。从GX车型开始，我们有四款全新的SUV车型将会在最近6个月上市并且交付。那么这几款车型从产品定义的初始就是全球车型。我相信小鹏将迎来历年来最强劲的销量增长曲线。

In the first quarter, amid broad market volatility in China's domestic new energy vehicle market, we delivered a total of 62,682 vehicles. Even in a market downturn, our focus extends beyond scale.

We also place greater emphasis on balancing delivery volume with operating quality, maintaining a long-term perspective. I'm very confident that deliveries will grow substantially quarter-over-quarter in each of the remaining quarters this year.

I expect Q2 deliveries to reach between 100,000 and 106,000 units, reflecting quarter-over-quarter growth of over 60%. Starting with the GX, we plan to launch and begin deliveries of four 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.

今年4月份，2026款小鹏的MONA M03上市，我们推出来搭载图灵芯片的全新的Max版本以及支持第二代VLA的Ultra SE版本。这标志着我们完成了所有车型向图灵芯片的升级。那么我们从通过从芯片到AI整个领域的硬件、软件的全栈自研，实现了算力平权，实现了科技平权。我们有即使在M03上，我们都有超过85%的用户选择了Max跟Ultra SE。同样，MONA的M03连续20个月稳居A级纯电轿车的销量冠军。那么让在A级车的市场，我们的稀缺的极致科技和时尚让MONA成为年轻用户的首选。我们有信心实现MONA系列产品不仅在国内，之后也会在海外市场的持续成功。

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.

Through our full-stack 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. With its leading technology and stylish design rarely seen in the A-class segment, MONA has become 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.

在5月20号上市的GX是小鹏面向L4时代打造的旗舰车型，也是中国第一个搭载硬件、软件全冗余的前装量产的Robotaxi车型。那么它会成为我们在SUV市场持续扩大份额的全新起点。在GX的首批大定里面，价格超过35万元的旗舰版本，那么占比超过八成，成为高端豪华车市场最受用户欢迎的产品之一。GX的豪华不仅在于设计，更在于领先的技术、极致的安全。它重新定义了科技豪华的标杆。那么在之后，我会全力以赴跟我们的供应链伙伴一起提升GX的产能，让用户更早提车。同时在今年下半年我们上市的三款车型都将搭载基于图灵芯片的第二代VLA，并且具备一车双能，同时面向全球发车，全球发售。随着GX跟后续三款新车的规模交付，我相信小鹏集团的季度交付量环比会大幅度增长。那么特别开心的是GX成功也是小鹏集团品牌向上的关键一步。在下半年，我们会乘势而上，推出一系列更具更酷的科技产品，包括了人形机器人、飞行汽车，不断提升我们的品牌力和利润。

On May 20th, we launched the GX, a flagship model built for the L4 era. It is also China's first pre-installed, mass-produced Robotaxi 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 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. 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'll spare no efforts to work with our supply chain partners to ramp up GX production capacity and deliver vehicles to customers sooner. The three new models launching in the second half of this year will all be equipped with Turing SoC-powered 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. The success of the GX marks a key step in elevating the XPeng Group brand.

In the second half of this year, we will 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.

在2026年，我们将会通过更多高品质、高科技的产品，并且持续深入的本地化运营，极大地加快我们在国际业务的投入跟发展。在4月份，P7+车型启动海外交付，我们在海外的月销量首次突破了6,000台。从二季度开始，小鹏国际业务的收入贡献预计将超过20%。在今年下半年，随着我们四款全球化新车型的交付，并且小鹏后面所有的新车型都是全球车，我们的目标四季度实现海外月销持续过万，在全年海外销量实现翻倍以上的增长。那么因为我们从今年起发布的后面的所有车型都已经考虑了国际市场，所以我们在将来海外和国内上市的时间差将会大幅度缩短，实现海外销量和交付的加速度。我们希望在海外市场被视为长期深耕、本地化经营的企业，并且与当地的用户跟合作伙伴建立更强的链接。从去年开始，小鹏在海外已经建立了三个本地化生产基地。我们在慕尼黑的研发中心当前成为我们发展最快的研发中心。

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. 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.

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

在今年4月份，小鹏搭载的第二代VLA车型的辅助驾驶里程占比首次突破了50%。他们让高阶的自驾逐渐成为用户高频刚需的一个产品。跨代领先的VLA 2.0成为用户选择小鹏最重要的理由之一，也在市场上建立起新的用户心智的壁垒。我认为第二代VLA让我们看到的两个巨大的变化，第一个就是从原来的端到端的范式进入到全新的跟物理世界模型相关的范式的认真的成功。第二个点就是用户从可以用智能辅助驾驶到将来可能可以变成要用、好用的一个全新的变化。所以在第二代VLA的第一个版本的成功就验证了整个的通过放大数据、通过扩大模型的参数量所带来的能力飞跃。我们也看到了物理世界物理世界AI的scaling law。在后面我们会继续加码投入scale up。在今年三季度，我们计划推出的新版本会非常大幅度地提高模型能力的上限，加速扩大我们在自动驾驶的领先优势。我相信第二代VLA能力上限高，不使用高精地图，泛化能力极强。我们一开始就考虑到如何部署到海外市场，并且支持前装量产的Robotaxi。我们跟自动驾驶团队的目标是做到市场上绝对的第一，并且走向真正的L4，包含Robotaxi里面使用的L4，快速拉开关键的优势。

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

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 physical AI. We're set to accelerate our investment in scaling up.

With the upcoming release scheduled for Q3 this year, we will substantially elevate our upper limit of our model's performance, further widening our lead in industry. VLA 2.0 features a high capability ceiling, operates without 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.

我很欣喜地看到联合国正在牵头制定有关全球自动驾驶法规，也就是DCAS监管框架正在加速落地。我们最重要的国际化市场欧洲已经开始对高阶自驾技术的认证。那么同时我们的第二代VLA正在欧洲进行测试。我期望第二代VLA明年初能够开始在多个国家获得监管许可，并且逐步推送给我们的客户。经过我们近阶段全球客户的调研，我们发现一个非常大的变化，就是全球用户对高等阶的智能辅助驾驶系统，包括例如VLA，和全场景的多语言本地对话系统，例如VLM，的期盼远高于我们最开始的判断。那么在2026的下半年，小鹏将引领中国汽车出口的智能化进程，并且加速向前。在这个过程中间，我现在看到了无论是To B的商机还是To C的需求，都有巨大的商业化机会。

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.

Our recent research shows that global user demand for advanced smart driving systems, VLA, and full-scenario multilingual conversational systems, 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 fronts.

我们配备的全冗余的GX车队当前已经在广州进行公开道路的L4测试。我们的目标是在今年三季度在广州启动载客的Robotaxi示范运营服务。GX车型的L4级全冗余的硬件以及软件它是与车型解耦的，因此在之后会下放到我们其他的任何一款车型上，包括MONA系列。我相信我们的Robotaxi无论从泛化能力到成本、到scale up的能力，都是传统Robotaxi公司难以企及的。那么基于这些优势，我们希望在未来打造一个多方共赢的Robotaxi生态，我们希望与运营合作伙伴共同创造和分享商业价值。在第二代VLA海外落地之后，我们同时会积极探索将小鹏之后的经济型的Robotaxi部署到海外和国内的市场。

Our fully redundant GX fleet 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. I believe our Robotaxi offering has a clear edge over incumbent Robotaxi 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 XPeng work together to create and share commercial value. Following the overseas rollout of VLA 2.0, we will also actively pursue bringing XPeng's cost-effective Robotaxi solutions to overseas and domestic markets.

同时小鹏人形机器人的IRON，面向量产版本的软、硬件研发目前进行的都顺利，即将进入ET2的软硬件合围阶段。那么量产版的IRON我们是按照车规级的安全、可靠性来进行研发和设计的。我们有一大批优秀的汽车零部件合作伙伴也成为IRON零部件的合作伙伴。我们在最近完成了自研灵巧手的开发。新一代灵巧手不仅非常灵活，而且成本大幅度下降。我们为训练机器人的大脑、小脑等搭建了多个维度的数据体系跟模型。当前的数据量正在快速增加，模型的训练效果明显提高。小鹏可能是国内唯一一个全栈软硬件都自研的机器人公司。从芯片到物理大模型，从数据的生产到模型的预训练和后训练，从关节到灵巧手，从全新一代的运控到VLA、VLM、VLT，深度软硬件自研跨域进行融合创新，这才是使IRON具有更高颜值和高品质，以及全面可量产的能力。我期待在三季度会让大家看到新一代IRON人形机器人的相关的这个演示。它不仅能够多语言沟通，具有拟人的全运动姿态，还可以逐步开始执行专业的工作。我们目标是在今年年底前实现IRON的量产，并且首先在小鹏的门店进行试商用。在明年我们会对中国和海外的商业客户进行交付。我认为机器人一旦到量产之后，数据飞轮驱动的技术迭代以及规模增长的速度会远超同期的新能源汽车。从明年开始，小鹏在人形机器人的硬件收入和AI模型收入会是小鹏集团在收入和毛利增长的一个新的驱动力。

The software and hardware development for our mass-production humanoid robot, IRON, is progressing smoothly and is about to enter the ET2 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 component partners or suppliers for IRON.

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 systems to train IRON's brain and cerebellum models, with our training data scaling rapidly and outcomes improving significantly.

XPeng is the only robotics company in China with full-stack in-house R&D capabilities of both hardware and software, spanning SoCs to physical AI foundation models, data generation to pre-training and post-training, joints to dexterous hands, and next-generation motion control to VLA and VLM. 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.

I look forward to showcasing the next-generation IRON in the third quarter, featuring multilingual 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 its initial trial commercial deployment in XPeng showrooms, followed by commercial customer deliveries in China and overseas next year.

I believe that once humanoid robots reach mass production, the data flywheel will drive technology iteration and scale 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 gross profit growth for XPeng Group.

在当前，小鹏正在全力推进VLA 2.0模型加图灵芯片，以及Robotaxi和人形机器人这三大物理AI应用的量产落地和全球的扩大小鹏。我们相信这三个赛道都蕴含着巨大的商业规模跟资本回报。从路径上看，To B的市场将率先爆发，同时海外市场的商业回报将远超国内。得益于与大众汽车战略合作沉淀的经验，以及经过量量产验证的业务模式，小鹏已经做好了全面的准备。我们将以公司级的战略优先去加快物理AI应用的规模商业化。

XPeng is now fully committed to advancing the mass production and global expansion of three physical AI applications: 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.

Looking at our roadmap, 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.

我预计2026年二季度小鹏的交付量约为10万到10万6千台，环比增长59.5%到69.1%。收入预计约为人民币196亿元至208亿元，环比增长50.4%至59.6%。我相信我们的销量已经走出来了走出行业淡季的底部，并且随着四款全球车型的交付，以及产能的爬升，以及国际业务的快速扩仓，在三季度、四季度，小鹏将会不断冲击更高的销量目标。与此同时，我们的经营质量也正在显著改善。我们的付款账期在新造车势力里面处于领先水平。我们的毛利率面对成本的压力保持韧性，汽车业务的规模效应会持续的增强。我期待小鹏集团通过物理AI技术的绝对领先，构建规模化、网络化以及集群效应的全新的商业模式。在未来汽车、Robotaxi、机器人都会是差异化巨大的物理AI智能体。无论是硬件的销售规模还是AI模型的经常性收入都将高速成长，让我们在AI研发投资产生极其丰厚的回报。

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 19.6 billion RMB to 20.8 billion RMB, up 50.4% to 59.6% quarter-over-quarter. Having passed the seasonal trough, we are entering a period of strong growth driven by four new models, increasing production capacity, and expanding international business.

In the third and fourth quarters, we'll continuously strive for higher sales targets. Concurrently, our operational quality will improve significantly.

Our supplier payment terms remain at an industry-leading level, gross margin demonstrates strong resilience against cost pressures, and economies of scale in our EV business continue to strengthen. 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 effects.

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.

谢谢大家，下面由我们的财务VP James为大家介绍我们2026年一季度的财务状况。

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.

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 13.03 billion for the first quarter of 2026, a decrease of 17.6% year-over-year and a decrease of 41.4% quarter-over-quarter.

Revenues from vehicle sales were 11 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.

Revenues from services and others were 2.03 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 to the increased revenues from technical R&D services and parts and accessory sales.

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. 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. The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of models.

The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery-related costs. R&D expenses were 2.91 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. SG&A expenses were 1.88 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. As a result of the foregoing, loss from operations was 1.87 billion for the first quarter of 2026, compared with 1.04 billion year-over-year and 0.04 billion quarter-over-quarter.

Net loss was 1.78 billion for the first quarter of 2026, compared with net loss of 0.66 billion year-over-year and net profit of 0.38 billion quarter-over-quarter. As of March 31st, 2026, our cash position was 42.09 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. This concludes our prepared remarks.

We'll now open the call to questions. Operator, please go ahead.

各位管理层你好，我是摩根士丹利的Tim，感谢接受我的提问，也恭喜这个公司新上市的GX获得市场热烈的反响。我会有两个提问。第一个问题是有关于新车型GX。我们看到在这个一周前上市的GX就是呈现热销，所以想跟管理层请教，就目前我们整体的在手订单大概有多少？然后我们对于这个稳态销量的一个目标是什么样的一个水平？以及后续这个单车的毛利率怎么看？ My first question is about GX.

Because we noticed the new model has been selling very well since its launch on May 20th. Could management team share the current order book, your steady-state sales volume target, and how we should think about the vehicle gross margin?

Thank you.

对，谢谢Tim。GX目前说实话超过我们的预期，表现是非常好的。这个我们看到一些有趣的数据，例如我们的纯电的旗舰版本目前等待时间已经超过30周，并且在我们极度的期望转到Ultra的情况下面，还在快速的增长。那么所以换一个角度，在最开始我们旗舰版的订单超过八成，一直到现在旗舰版仍然是我们最高的比例的销售车型。但是也看到一些很有趣的数据，包括比如说Max版本，Max版本在GX上小于5%，比我们想象的要小。增程的数据在最开始小于纯电，但是正在逐步地向纯电靠拢。特别是我们最近增强了我们在北部和西部我们原来并不擅长的区域的相关的营销之后，我们看到的一个非常有趣的现象。我们非常期待GX成为新能源高端大六座SUV销量的前三，打造30万以上市场的头部的爆款。那么说实话，我们第一正在全力推动供应链的支持与产能爬坡，但是我们也非常期望能够推出高品质的整个的服务跟质量，能够稳定GX在长期的这个交付的数据。所以换个角度，我对GX的持续性是最关注的。那么GX因为作为小鹏的一个旗舰，实际上毛利是非常不错的。在我之前和媒体朋友们交流的时候，当时我说只有只有一个SKU这个毛利比我们想象的期望要差，实际上都是好于我们的整体的毛利的。抱歉要翻译。

Thank you for the question. Now honestly, the performance of GX surpassed 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 surpassed 30 weeks. Even under the expectation of converting more to the Ultra version, it's still growing very, very fast.

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 lower than our expectation. Extended-range version initially actually was performing less popular than our BEV version, but right now is approaching the level of BEV popularity, especially with our increased promotion and marketing campaign in the western and northern part of China, which is very, very promising.

We definitely have high hopes for GX for it to be one of the top-selling vehicle models in the above RMB300,000 price range market for NEVs, high-end luxury big six-seater. 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 after-sales 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 flagship model of XPeng Group. Now being a flagship model, obviously, the GP margin of GX is quite good.

As I mentioned earlier with the media, only one SKU under the GX series is performing with a lower GP margin than our expectation, but majority of SKUs of GX is actually having a higher than expectation kind of GP margin performance. Thank you.

我想补充一下，从今年开始我们所有的新车都会关注两个新的点。第一个就是如何在商业定配置、商业定价格追求合适的商业的质量。这是我们今年开始做的一个事。第二个事情就是我们并不追求前期的销量高，后期的销量会下行，我们追求更稳定的销量。所以我们对整个供应链的管理、模块化以及爬坡以及供应链安全，我们有新的体系。所以我相信从GX开始，我们都期望能够有更好的商业面积跟规模的平衡，以及有更长期的稳态的销量。

I also would like to add that starting 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. Commercial consideration will be one of our key priorities starting this year.

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

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

好的，非常感谢管理层的回答。那我第二个问题是有关于Robotaxi。因为我们看到就是下半年Robotaxi这边会进步的加速嘛，那想请问一下就是Robotaxi国内运营和出海的计划，然后近期看到国内监管收紧是否对这块的进展有影响？那另外我们怎么看这个B端Robotaxi的业务对于小鹏汽车汽车这块C端乘用车销售的一个影响？ My second question is about Robotaxi.

Could you please update us on your domestic operations and the overseas expansion plans? Has the recent regulatory tightening in China had any adverse impact to the progress?

How do you view the impact of the to-B Robotaxi business to the group's to-C passenger vehicle sales? That's my second question.

Thank you.

对，谢谢。我们看到了中国国内近期对自动驾驶监管的收紧，但它对我们的整体的节奏呢并没有任何影响。因为从我们的角度来看，从我角度来看，Robotaxi是在2028年和之后会是一个巨大的全新的商业机会。那么在现在小鹏正在国内和全球来尝试来把它跑通。所以我们整个的节奏是把VLA 2.0在中国和海外落地，并且做好。我们在中国会通过当前车进行快速的研发跟实验，并且在2027年小鹏会推出经济型的车来做好Robotaxi的示范和商业验证。小鹏的Robotaxi我相信有两点的，我觉得第一点，我们只做产品，并且抽佣，我们不愿意直接做运营，所以我们会有非常多的合作伙伴。第二，小鹏Robotaxi主力做全球。我认为全球化Robotaxi是有巨大的商业价值的，谢谢。

Thank you for the question. 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. Right now we are doing step by step to prepare for that opportunity, both in and out of China.

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. 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 and experimentation using our current vehicle models. 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.

We are sure that we have the capability to achieve a high-level success. 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 operations, hence we expect to have many, many domestic and international partners in the operations of Robotaxi. 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. Thank you.

那么关于您刚刚问的是否担心Robotaxi做B端对C端的销量影响，我想补充几个我们的想法吧。我觉得第一个我觉得当前做Robotaxi的测试跟研发、试验实际上对C端是有正面的影响的，因为在之后小鹏VLA会提供多个不同的智能辅助驾驶的策略，例如急速模式，例如类似Robotaxi的这种少接管的模式。我认为Robotaxi之后会进入到逐步进入到一个政策法规逐步放开，并且经济化商业化运营的时候，那个时候Robotaxi会逐步的我认为从现在的跟C端车逐步会分离，成为第二个车的赛道。它可能是一种另外方向的一种新型的交通工具。谢谢。 Now

regarding the second questions that you asked about the impact of our B2B business to the B2C business, let me just add a few of our thoughts. We believe that the current testing and R&D and experimentation actually on Robotaxi have a positive impact on our B2C side of the business, because our VLA model is going to offer all kinds of intelligent driving system strategies.

For example, the speed mode, for example, the less human intervention mode, etc., that we can borrow from Robotaxi. I believe that as for the future, the market is going to digress 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 to a different market segments.

That is our expectation for the future. Thank you.

好的，感谢管理层的分享。非常感谢，谢谢。

好的，谢谢，谢谢小鹏总跟管理层，我是JPMorgan的Nick。有两个比较重要中长期战略的问题。刚才电话会议中小鹏总花了很多时间在讲这个VLA 2.0跟OTA的这个中长期的这个战略。那我想请教在今年下半年或未来的一年左右，这个VLA 2.0的几个OTA会有什么比较重要的趋势跟变化？还有刚才小鹏总有提到以后物理AI的应用跟商业化，这几个部分可以帮我们再展开讲一讲，谢谢。这是第一个问题。 My first question is Chairman He talked vividly about the VLA 2.0 and medium- and long-term strategy, including production roadmap and the VOTA.

I wonder if Chairman can also share with us the major trends and advantage that we can anticipate from here. Thanks.

对。我认为今年年内小鹏的VLA或者VLA加VLM的能力，我们会有两个重要的阶段。我觉得第一个阶段在今年的8月份，就在今年的三季度。我们认为在过去的时间小鹏VLA的第一个版本上线实际上主要在做工程、做安全、做基础客户体验，但我们没有去提高上限。所以在今年的三季度，小鹏的VLA最重要是极大程度提高上限。那么最终对用户的体感就是更加聪明、泛化、极大地降低MPI的接管率。那么在今年的年底，那么我们还期望第一次我们把VLA、VLM通过组织上的合并，能够能体现出来除了自动驾驶的司机能力，更有语言沟通的能力，甚至为未来的汽车的管家能力打下基础。我认为这是L5的初阶能力。我们期望在今年年底初步通过8月份和年底的三个OTA逐步实现。谢谢。这是第一段。

Thank you. I believe that within this year of 2026, XPeng's VLA or VLA plus VLM 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. During this period of time, our VLA is going to have our second version, which will appear as smarter, more communicative, and also have better generalization capability with less MPI 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 ceiling of the capability significantly.

However, by August and Q3 this year, we're expecting a lot significant performance improvement on that front. On the other hand, with the combination of VLA and VLM, we're expecting not just ADAS capability, but also better language communication capability and something that approach the capability of the so-called butler-like kind of experience in-car.

We are going to achieve gradual implementation through the OTA or three OTA releases in August this year and also at the end of this year. Thank you.

我觉得逐步当自动驾驶真正能够在一个L2级别的硬件上实现一个完美的L4的软件能力的时候，整个的业务形态、商业模式都会产生巨大的变化。我觉得这是我们之后会去做的。这个在今天就先不详细解答，谢谢。

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. By that time, we expect to see tremendous changes in terms of the business model and all shape or form of the whole business.

This is something that we are in the work of. We're not going to discuss the detail about it today.

Thank you.

好的，谢谢小鹏总。我第二个问题是想有关有关人形机器人这部分。刚才有提到说我们在灵巧手这边成本有大量的下降，可以再帮我们展开一下机器人在硬件跟成本在未来一年的这个差异化跟优势？然后刚才也提到说机器人在明年27年有可能海外做硬件跟这个模型的收入，这部分也可以可不可以跟我们分享一下？ My second question is related to humanoid robot in terms of cost advantage compared with competitors.

In 2027, XPeng plans to export humanoid robot to overseas market. Can we also share more about that long-term strategy?

Thanks.

对，我们在机器人的量产过程中间碰到了非常多和汽车量产不一样的逻辑，实际上它跟非汽车量产也不太一样。例如现在人形机器人的硬件没有考虑安全、仿生安全、人机交互的安全，以及它怎么在人的世界上能共存的安全的系列的事情。又比如说绝大部分当前的机器人不考虑可靠性、稳定性、可维修性，都是消规级的，它不是车规级的。然后很多的人形机器人公司，它没有考虑如何把它scale up的规模化。供应链怎么去解决良品率、品质的系列的问题，以及它没有考虑到比如这些硬件，实际上实际上软件的底层，比如说我们的芯片、我们的EE电子电气架构，它是在本地端还是云端？如果在云端，如何解决数据隐私、流量、算力、延时等系列的问题。所以换个角度，这也是为什么我们从去年初开始就在可以说在人形机器人的硬件、软件我们除了电芯没有自研，我们基本上唯一的全栈自研的机器人公司。所以这才是使我们能够超级集成。我认为机器人最开始的硬件的成本结构会类似一台汽车，但是会逐步跟一台在长期来说会更有可有更大规模更经济的解决方案。但是在今天，机器人的成本结构跟一台车上是非常接近。第一段，谢谢。

Thank you. We actually encounter all kinds of differences during the mass production of humanoid 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 robots. For example, the safety, the hardware of a humanoid robot are quite different from cars.

Currently, the available robots in the market do not concurrently consider safety and security of the simulation and also of the humanoid robot and how humanoid robots will interact with humans 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.

If you look at the level of mass-scale structured production of the humanoid robots, a lot of it is actually consumer product-grade versus our expectation of being car-grade safety and production quality. At the same time, a lot of our competitors do not consider the supply chain capabilities development.

When humanoid robots achieve a certain level of mass production, how do you secure supply chain capability and safety? At the same time, if you deploy your SoCs and your chips in the humanoid robots, is the data stored locally or are they on the cloud?

If they're on the cloud, have we considered privacy, safety, and security, etc., etc.? That's why since the beginning of last year, 2025, we had already started a series of overhaul of our design and also preparation of humanoid robot, having the full-stack hardware and software capability of whole humanoid robot allow us to actually have more comprehensive skill set and capability preparation for humanoid robots to release its potential and commercial value in the future.

I would say that for now, except for batteries, all the other parts of humanoid robots that we produce are in-house, full-stack, self-developed. In the future, for sure, we believe that we can come up with a more scalable and economical solution to humanoid robots.

However, today, the cost structure of humanoid robots is actually very similar to that of a car. Thank you.

好的，谢谢，非常清楚。

那么，OK，关于海外的问题啊，我补充一段啊，这个 就像我们汽车一样，我们现在的汽车都是考虑全球化的。这个我们的机器人实际上从第一个产品就考虑全球化。所以 像机器人在全球的销售的逻辑比中国可能会更加，因为从辅助甚至取代岗位的角度来看，在这个海外的人工对机器人更适合。第二，在硬件的如何符合海外的政策和软件以及数据如何符合海外政策，我们做了很多的事情。比如说举个例子吧，小鹏当前VLA

2每个小时的token使用量大概在两个亿。那么如果把机器人的模型放到云端，我认为大概每个小时的token可能有5到10个亿，每个小时的云端的流量费可能在100 GB以上。所以它不可能是把它的算力是放到通过云端的方式来完全解决。所以如何符合海外的硬件、软件的数据隐私，综合的使用成本，可商业化的逻辑，我们在最开始就是用考虑到海外。所以机器人的整个的体系，我们期望在明年的这个随着国内的推展推进，我们在海外可以看到新的变化。谢谢。

The second point that I would like to make is about the overseas market. I think just like EV, all of our models developed nowadays are considered as global vehicles.

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 robots.

There's lots of commercial potential to tap into, globally speaking. At the same time, when you look at the regulatory side of things in terms of the hardware and software and also data privacy, we also have prepared sufficiently in our humanoid robot design as well.

When we look at our current VLA 2.0 usage, we're looking at 200 million uses per hour that are for the VLA model out of the cloud. If you were to consume everything or do the computing on the cloud, you're looking at the consumption of data of 100 GB per hour, which is enormous.

We have to start from day one, consider how we incorporate that kind of data consumption or model usage in our humanoid robots that are maybe designed or locally deployed as well. The entire system for our humanoid robot has been designed 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 going forward.

Thank you. 好的，谢谢，非常期待海外的进展，谢谢。

感谢管理层接受我的提问。我是高盛的Tina。我第一个问题是关于咱们Robotaxi这边的。可能最近市场比较关注的也是咱们接下来的一些扩城计划，就广州之外的一些扩城的计划和时间点，以及我们这个可能申请相应牌照的一些进展。 So my first question is regarding our Robotaxi business.

Wondering what is our plan in terms of expanding to more cities outside Guangzhou and the timing of that? Also, accordingly, what has been the progress of our licensing approval?

Thank you.

谢谢Tina。我们的Robotaxi实际上在当前只考虑在广州，我们在广州已经拿到牌照了。我们非常期望在广州能够把整个的技术、产品跟商业模型跑通之后，我们在国内和海外有更多的合作伙伴，由他们在本地化运营。那从过去的时间我们宣布到现在，我们收到了大量的海外和部分的国内的合作伙伴的需求，他们都非常感兴趣，会观察我们的未来一年的整体的推进。所以等我们2027年推出经济型的适合Robotaxi的这个车辆和更好的相关的total solution之后，我相信在之后的时间会看到我们在Robotaxi里面的商业化的能力会持续的提高。谢谢。

Thank you, Tina, for your question. Our Robotaxi deployment for experimentation right 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 expand our business partnerships in the whole of China and also outside of China. We expect to work with multiple partners for their own localized operation.

Since we made the announcement to right now, we have received lots 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. I believe that after 2027, when we were able to launch our new economy car model for Robotaxi, after we are able to announce maybe a better total solution for Robotaxi in the future, we believe that we can actually increase our commercialization capability for Robotaxi in and out of China in the future.

Thank you.

非常感谢。然后我第二个问题是关于咱们二季度的一个毛利率情况。因为一方面我们这个销量提升，然后包括可能model mix，GX这种高毛利的车型占比也提升，但是另外一方面可能也有一些原材料成本上升的一些这个一些问题，所以想看一下对我们二季度的毛利率，车的毛利率和整体公司的毛利率有没有指引？ My second question is regarding our second quarter gross margin.

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.

Just wondering what would be the guidance for vehicle gross margin as well as the company blended gross margin? Thank you.

Hi, Tina. This is James.

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. In that, we did see some level of cost increase as mentioned in the earlier script around the memory chip 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. You did mention that we have launched the GX, the full-size SUV in the second quarter, and we will start to deliver that in the following quarters as well.

The GX gross profit is among the highest in our portfolio. From a product mix perspective, we'll start to see better mix in Q2, as well as in the second half of the year.

All of that considered, we expect the Q2 total gross margin to be around the same level as Q1. Hopefully, that answers your question.

好的，非常感谢。Thank you.

小鹏总还有管理层，您好。我是美银的Ming。那我这边就一个问题。那还是想要多问一下就是关于就是我们这个海外市场，包括如果看更长期的这个包括它是一个增长的一个催化剂，然后还有包括未来三年可能可以带给我们怎么样的一个利润或者是销量的贡献？然后另外的话可不可以也稍微讲一下，比如说我们现在有一些车是这个出口，然后如果它是变成这个麦格纳然后本地生产，我们这个可能关税低了一些，但是这个这个可能要付合作伙伴一些这个生产的一个成本。那这样比较起来的话，怎样的一个利润会比较好？那这是我就这个问题，那我也翻译一下。 So management, could you elaborate more about your long-term overseas market growth driver, especially for your overseas local production profitability versus your export business model?

对，谢谢。虽然你问了两个问题，第一个问题我先来先来答一部分啊。我觉得海外对小鹏来说，是我们四个最重要的战略方向之一。我希望在这五年里面，我们的海外的销销量占一半，那就是收入跟利润肯定会超过一半。那么我认为随着今年下半年小鹏四款全球化的车开始出来之后，在明年、后年，就是2027和2028年小鹏的全球化的速度会巨大的提高。这是我非常有信心的，因为我们以前的车型主要是两款。所以整个海外无论从硬件，还是从我们AI的软件，还是从我们的渠道，还是从我们的服务，包括本地化的充电能力、超充能力，还是我们的利润，我是我们会不论在汽车还是机器人领域都会在海外做巨大的这个投入。所以实际上今年我们在汽车方面的研发投入主要就集中在海外。所以我是非常有信心海外在小鹏的未来的三年里面有加速的提高。

Since you asked two questions, 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 core strategies.

In the coming five years, we expect to have maybe 50% of our revenue and profit coming from the overseas market. As we approach into the second half of the year with the launch of our four new models upcoming, 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 two models serving the international market.

When it comes to our EV future and also robotics future, we have always considered overseas market as one important component or important market for us. When it comes to our capability development, doesn't matter if it's hardware, software, our distribution channels, our servicing network, including localized charging capabilities, supercharging capabilities, as well as our profitability consideration, overseas has always been in the roadmap of development.

With our dedicated and committed R&D spending starting many, many years ago, we believe that we are well poised to tap into the overseas market development future, especially in the coming three years. Thank you.

Hey Ming, this is Brian. Let me just add here.

Hi, Ming. Let me just add here.

If you look at the international sales volume contribution in the latest month, I think we already see it represent close to 20% of our volume. As you saw in last year, international sales is roughly 10% of our global volume.

You can see a significant increase in terms of the proportion that international sales is now represented in our global sales. Second point is on the profitability of our international vehicle sales is significantly better, even with obviously some of the tariff issues we faced, some of the cost increases we saw this year.

Still, I think the international business generates significant better gross profit as well as net profit contributions to our bottom line. Also, you probably saw that the new models that Xiaopeng mentioned for the global markets has yet to be launched.

We anticipate that momentum will carry on throughout the year. I think the contribution at the 20% levels will be consistent throughout the year because obviously China we saw significant growth expectations as well.

Then in terms of really dealing with sort of tariff and other challenges, we are increasing our investments locally. I'm actually currently in our partner Austria right now to make sure that we have capacity to tackle the expected growth for our Europe as well as global markets.

I think it is going to be, I would say, very exciting contributor to our overall momentum as well as profitability.

Thank you for taking my question. I'm Ping Wu representing CITIC Securities and also CSI.

My first question is regarding the overseas production. We've seen significant progress on XPeng's overseas production localization this year.

Could you share more color on what percentage of vehicles for overseas market will be produced at local plants in this year and next year? Does the localization rate vary materially by region?

Thank you.

This is Brian. Let me address that question again.

On the localization production, right now we have two plants in Southeast Asia, in Indonesia and Malaysia, mostly addressing local demand. Also we have the partnership with Magna in Austria, where we manufacture vehicles for the European market.

All three of these manufacturing layout will see increased capacity this year, as well as the new models being produced in those local markets. I would say that for the Southeast Asian countries, it's mostly for the local market.

Obviously, Austria is for Europe. I would say the Austrian sort of operation will be a very important sort of capacity contributing to our European sales.

I expect the majority of our European sales will have local manufacturing sort of at this production. Elsewhere where I think we don't have manufacturing facilities yet, I think it will continue to maintain the current business model.

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're moving to a more deepened local production model.

好的，好的，感谢。然后我第二个问题是关于机器人。因为管理层刚才也提到了时间点，年底的时候量产，27年Q1的时候进入生产门店。然后想请问能否可以举几个小例子来帮助我们理解机器人机器人在我们的门店以及这个客户的门店的一些客户的这个商业场景的一些功能？然后是否可以在特别是在这个外部客户那边介绍一下小鹏的机器人可能的一些应用场景？然后包括对外销售的价格策略。因为此前也提到可能在成本结构上是接近于一个汽车的，那我们的这个销售的这个策略是否也可以和汽车进行一个比较？ And my second question is about humanoid robot.

Management team just mentioned that XPeng is aiming for mass production of humanoid robot by year-end and for development in first quarter 2027. Could you share a few specific examples of what functions the robot will perform in XPeng's retail store or also in the client application?

Additionally, could you elaborate on what the specific application scenario can we see in the external corporate customers and what's our pricing strategy? Thank you.

对。我们的机器人实际上跟大部分机器人不同，我们是想在一个跟人交互的环境进行使用。因此我们考虑的很多的环境最开始是商业环境。我们最开始思考的是在导览、导购，不管是中国还是海外。它可以介绍，比如说在我们的门店介绍我们的车，但是这个车的试驾、签单可能还是由一个人来负责。但是对公司的介绍、对产品的介绍、对性能的介绍等，我觉得可以由机器人来帮助人来实现。那么当导览、导购这个在全球已经非常多的岗位、场景做了不错的情况之下，我们实际上更期望是能够往这个销售的零售角度去思考，比如说一个收银员。您可以看到在全国全球收银员或者销售零售的岗位是在全球的岗位数量是非常之多的。所以换一个角度，小鹏在机器人的体系里面，从商业化我们会聚焦在从导购的角度的深度，但是我们会开放我们很多的合作跟我们的合作伙伴，他们可能有不同的岗位的需求，他们可能会跟我们一起来生成数据，来进行预训练和后续练，来生成不同的模型。那么这些模型我们会放到我们机器人的对外的合作的例如App Store的上面，可以去来下载跟激活。那么抱歉先翻译第一段吧。

Thank you for the question. 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.

When we consider the business model or the potential application scenario for our humanoid robot, the first responsibilities that they can carry could be tour guides or assistant shoppers. For example, in our offline stores or dealer shops, we can have these humanoid robots to introduce the cars and introduce our products for you.

Then there will be our human salesperson that come along and do the test drive with you and sign the order or sales order for the car. I think robots can really help with the basic information introduction and do some performance of the product introduction, etc., to achieve a higher efficiency.

In addition to that, once that capability is more sophisticated, we then can open up more opportunities or collaboration with our partners in the ecosystem who may have different kind of various job requirements that we can work with to place on the shoulders of our humanoid robot. We also can work with ecosystem partners to generate data for pre-training and post-training to create different models for different humanoid robots for different scenarios.

For example, in the retail space, there's opportunities for them to be a cashier person, for example, or assistant shopper with a more sophisticated level of capabilities. That's our plan.

Thank you.

那么谈到机器人将来的商业化，我们也在讨论中。但是我们看到机器人的BOM很像一台车，所以机器人的销售价格肯定是一台比一台一般的车要贵的，所以机器人是会有比较好的毛利在硬件上。同时我相信虽然我们的机器人身上有多颗图灵芯片，有小几千T的算力，但是我们也认为机器人在云端使用的token量也是要有的，所以我们也期望机器人是在软件收费里面更快的跨出了一步。所以换一个角度，我觉得对于一家商家或者一个小B来说，他在买一个机器人的时候，他会考虑我多少个月我能够把这个钱给挣回来。所以我们相信在海外我们能够甚至几个月就把这个事情给能实现商家的目标，在中国可能也是时间稍微长一些。所以我们一直在考虑客户如何去使用、为什么购买，以及为什么他会获得价值的思考去考虑他的商业逻辑。谢谢。 Now

when it comes to the commercialization of our humanoid robot, we're still in the discussion phase of it. Even though the BOM structure of a humanoid robot is very similar to that of a car, the RASP, the retail price of a humanoid robot is more expensive than a car, naturally.

The GP margin in terms of the hardware of a humanoid robot, it will be more superior than that of a car. We have incorporated multiple Turing chips in our humanoid robots with thousands TOPS of computing power.

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's computing power. For the software commercialization set or the software licensing fee revenue, I think humanoid robots have a better potential than cars.

Now on the other hand, if you look at things from our potential customers, for example, business owners' perspective, if they are smart business owners, when they make the procurement decision of buying a humanoid robot, what they prioritize is the payback period, right? I think in the overseas market, the payback period can be much shorter than that of what you would achieve in China.

It would make more sense economically for overseas business owners to buy a humanoid robot. We have always been thinking the rationale how customers use a humanoid robot, why they would purchase it, and how our humanoid robot can add values to them.

Thank you. 哎，谢谢，我没有其他问题了。

各位管理层好，我是汇丰的于倩。我有两个问题。第一个是关于中长期的这个战略，还有一个是关于短期的这个财务。那第一个问题战略方向的问题想请教，看到公司最近有改名成这个小鹏集团，看起来像是走向一个physical AI platform company的一个趋势。那管理层能不能分享一下对于长期的商业模式的这个演进的思考，然后我们如何去看待各个战略板块产生收入的时间点和就整个中长期在收入中的这个结构的变化？ I've got two questions, one on the mid- to long-term strategy and second is financial in a near term.

The first question, as we noticed the company changed the name to XPeng Inc., and it's shaping like a physical AI platform company. Can management share a bit more discussion and a strategic thinking about the business model evolution into mid- to long-term?

How do we compartment the strategic divisions' commercialization timeline, and how does into the mid- to long-term, the revenue structure change? 这是第一个问题。

谢谢。那么这个问题我只能非常简要的跟你分享一点点我们的一些简单思考。我觉得在当前实际上最主要的收入肯定来自于规模效应，主要来自于硬件，以及我们如果从生态角度是体系的效应。但是我觉得全球很少有汽车厂商在硬件的规模效应上能够搭建一个软件的platform，形成下一个的网络效应。由软件的收费，由整个的多边网络效应。那么再往后我觉得整个智能的agent的起来，会产生蚁群效应，也就是像蚂蚁的蚁群之间在中心化跟非中心化里面产生新的效应。我觉得这三个效应都会提高壁垒，都有不同的商业逻辑。所以在这一体系里面，小鹏的未来的数年在战略上都会有这一部分的关键观点。这一块先让翻译分享一下，谢谢。

Thank you for the question. This is a broad question, and I'm trying to share with you my brief answer.

Right now, our main revenue stream definitely comes from the economy, the scale economy basically. It comes from our hardware and comes from our ecosystem.

I think, globally speaking, very few car manufacturers can actually build a software platform and form the next network effect based on the economies of scale for their hardware. The network effect include both, for example, the software fee, software revenue, and the entire multilateral network effect, which we actually have the potential to achieve.

Going forward, we believe that the whole entire intelligent agent emergence will produce the so-called ant cluster effect. Basically, it's like the interaction between ant colonies where you have network effect in the decentralized and centralized clusters.

What we're trying to say is that these three effects is going to have their impact on our business model. With these three effects playing together, interacting together within XPeng agent, we are going to actually enhance our competitive moat.

With this system, we actually have a very optimistic expectation for our future business strategy and our value creation. Thank you.

我补充一下，短中期 短中期我们更关注品牌向上的规模毛利的效应，和全球化的规模也拥有好的毛利的这样一个效应。我认为在新的时代需要足够的毛利，才有足够的研发投入，才会带来全新的科技竞争力。 Let me just add that in the short to medium term, we will prioritize more on the scale 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 competitive moats to the company.

谢谢小鹏总。那我第二个问题是想请教服务收入这块今年的趋势，那我们和这个合作伙伴的技术授权有没有在海外拓展的可能？

My second question is about the service revenue. Can management share the trend about this year, especially in terms of the scope?

Is that possible we can expand our partnership from China to outside of China? Hi,

Yuqian, this is Charles. I think that we continue to maintain the guidance that the total revenue generated from the technology and the 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 Turing SoC to our partner of Volkswagen at scale. I think that we continue to believe that the monetization or technology commercialization through such type of collaboration, it is a very attractive business to us.

I think that given all the proprietary technology we have in-house, I think that we are quite open-minded to expanding such commercialization opportunities of our technologies.

Got it. Thank you, team.

Okay. Thank you once again for joining us today.

If you have further questions, please feel free to contact XPeng's Investor Relations through the contact information provided on our website or the Piacente Financial Communications.