Hello, ladies and gentlemen. Thank you for standing by for the third quarter 2025 earnings conference call for XPENG Inc. At this time, all participants are in listen-only mode. After management's remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company. Please go ahead, Alex. Thank you. Hello, everyone, and welcome to XPENG's third quarter 2025 earnings conference call. Our financial and operating results were issued by Newswire Services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com. Participants on today's call from the management team will include Co-Founder, Chairman, and CEO Mr. He Xiaopeng, Vice Chairman and President Dr. Brian Gu, Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang, Vice President of Finance and Accounting, Mr. James Wu, and myself. Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on the IR section of our website. 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 financial measures as well as unaudited non-GAAP financial measures. XPENG's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our Co-Founder, Chairman, and CEO, Mr. He Xiaopeng. Please go ahead. 大家好。 Hello, everyone. 2025年三季度。2025年三季度，小鹏汽车的各项关键的经营指标，包括销量、收入、毛利率，在手的现金都再创新高。我们的交付量为116,007台，同比增长149%。在全新的小鹏P7上市后，迅速进入了20-30万，纯电交车市场前三，带动我们从月销量从9月起突破了4万。那么在三季度，公司的综合毛利首次突破了20%，净亏损也进一步收窄。我们的目标在四季度实现公司的盈亏平衡。那么公司的经营的持续改善，让我们更加笃定的投入物理AI研发，加速第二代VA模型Robotaxi和人形机器人在2026年的量产和规模量产。 In Q3 2025, XPENG reported record sales and record results in key operating metrics, with new highs in deliveries, revenue, gross margin, and cash reserves. Vehicle deliveries for the quarter totaled 116,007 units, a 149% increase year- over- year. The all-new XPENG P7, launched recently, quickly became one of the top three BEV sedans, priced between RMB 200,000-RMB 300,000, boosting monthly deliveries to over 40,000 units starting in September. Additionally, the company's gross margin exceeded 20% for the first time in Q3, and we reduced our net loss further. Our goal is to achieve break-even for the company in the fourth quarter. These continuous operational improvements strengthen our focus on Physical AI R&D, supporting the targeted mass production of our VLA 2.0 model, Robotaxi, and humanoid robots in 2026. 这个AI大模型与物理世界在数据的深度融合，那么我相信机器将会逐步具备在物理世界里面交互、沟通、改变，甚至在未来可以创造。那么我相信这会改变未来的出行方式和生活方式。小鹏汽车在过去的11年里面，我们坚持全站置业。那么从软件定义汽车发展到今天的物理AI，我们强烈的感觉到汽车和人形机器人这两个物理AI的最大的应用，可以基于同源的物理世界的模型、芯片以及英法体系快速的迭代跟进化。那我倍感兴奋的是，我们的物理AI体系已经开始出现了许多能力的涌现。在新的十年，我们的愿景是让小鹏汽车成为面向全球的巨升智能公司，围绕在物理AI应用，我们会打造一个强大的产品技术体系跟商业生态。我们不仅要将AI汽车带给全球市场的广大消费者，大规模部署前装量产的Robotaxi，而且要实现人形机器人的规模量。我认为物理AI应用为人类创造的价值，必须通过开放的生态来最大化，为此我们将开源我们的物理世界模型，以及和出行平台合作推出Robotaxi的服务，并且开放人形机器人的SDK。那么这些与商业和技术的合作伙伴一起，会扩大我们的物理AI应用的生态，并且加速创造价值。 As AI models advance and become increasingly integrated with real-world data, machines are slowly gaining the ability to interact, communicate, transform, and create within our physical environment. This development is reshaping the future of mobility and daily life. Over the past 11 years, XPENG has dedicated itself to building full-stack technologies in-house, evolving from software-defined vehicles to the emerging realm of physical AI. We understand that vehicles and humanoid robots, the two primary applications of physical AI, share a homogeneous physical world model, SoCs, and infrastructure, allowing for rapid iteration and evolution. Excitingly, new capabilities are continuously emerging from our physical AI technology stack. Over the next decade, my goal is to make XPENG a leading global company in embodied intelligence. Focused on physical AI applications, we're developing an extensive portfolio of technologies, products, and a supporting business ecosystem. Besides providing AI-powered vehicles to consumers worldwide, we aim to deploy pre-installed mass-produced Robotaxi on a large scale and achieve the mass production of humanoid robots. We believe that an open and dynamic ecosystem is crucial to unlocking the full potential of physical AI for humanity. To achieve this, we plan to open-source our physical world model, launch Robotaxi services in partnership with mobility platforms, and release our humanoid robot SDK. This approach will expand the physical AI application ecosystem through collaborations with business and technology partners and accelerate the value creation process. 我非常开心的是，我们的AI汽车业务正在开启一车双人的大产品周期。那么通过更全面的动力和产品的组合布局，会加速扩大规模以及在新能源市场的份额。那么在11月6号，我们推出行业领先的大电池磷酸铁锂51的增程车型，也就是小鹏F9超级增程，开启预售，综合续航达到了1,602公里。我相信这是全球续航最长、AI算力也最大、转弯半径最小、空间利用率最高的大七座车型。我相信超级增程将会显著加快大量燃油车用户过渡到新能源汽车的进程。在我们的超级增程启动预售后，我们看到我们在北方区域跟更多的内陆城市获得了前所未有的用户关注。那么这转化了一批我们在纯电难以触达的客群。X9超级增程的预售订单达到了在上次预售同期数据的近四倍。小鹏X9超级增程将于11月20日正式上市，并且上市即交付。我相信在12月份，我们的续业销量将会再创新高。 I'm also glad to report that as we introduce the one-vehicle dual-energy product cycle for AI vehicles, we'll expand our scale and increase our NEV market share through a wider product range. On November the 6th, we launched pre-sales for the XPENG X9 Super Extended Range EV, an industry front-runner in extended range vehicles, equipped with a 5C rate high-capacity LFP battery and a total range of up to 1,602 km. It is the world's first large seven-seater to offer the longest range, highest AI computing power, smallest turning radius, and most efficient space utilization in its category. We see super extended range EVs as crucial for accelerating the shift from ICE vehicles to NEVs. Since pre-sales began for the X9 Super EREV, we've experienced unprecedented interest, especially in northern regions and inland cities of China, attracting many customers who previously hesitated to switch to BEV models. To date, pre-orders for this model are nearly three times higher than the pre-sale of the previous X9 on a like-for-like basis. The X9 Super EREV will officially launch on November the 20th, with deliveries starting immediately afterward. I anticipate reaching a new delivery record in December. 我们计划在2026年的一季度继续推出三款超级增程产品，用更长的纯电续航、更快的5C超快充来解决增程市场的用户痛点，进一步提升我们在增程市场的份额。此外，大家看到我们在2025年的研发费用快速的增长，我们非常开心，我们在26年会开始进入更大的产品周期。在2026年，小鹏还将推出四款一车双人的全新的车型。那么这其中包括我们在重要细分市场投放的首款产品，这为我们在这些品类实现过去的从无到有的突破，并且会打造更多像Mora M03一样引领市场的热销的爆款。我相信在明年上市的七款具备超级增程配置的一车双人车型将会极大幅度拓宽我们车型可达市场空间，也就是TAM，为我们带来显著的销量增长。 We plan to introduce three super extended range products in Q1 2026, focusing on alleviating key challenges for EREV users by offering long pure electric range and quicker 5C supercharging, thereby capturing more of the EREV market. We have put in more R&D expenses in 2025. As a result, in 2026, we'll also launch four new one-vehicle dual-energy models, including our first product launch in some key market segments. These innovative products will help us establish a presence in these markets and build leading products like the Mona M03. I'm confident that the seven one-vehicle dual-energy models with super extended range technology debuting next year will greatly increase our total addressable market, or TAM, and provide significant sales growth opportunities. 那么在全球市场，我们不仅销量保持高速增长，而且正在通过本地化的布局，为长期增长打下更坚实的基础。在9月份，小鹏的海外月销量首次突破了5,000台，同比增长79%。那么在三季度，海外新增了56家门店，销售服务网络覆盖全球52个国家和地区。在三季度，我们首个欧洲本地化的生产项目位于奥地利的格拉茨的麦格纳工厂正式启动。那么首批的小鹏的G6和G9顺利量产下线。同时，小鹏汽车在德宏布里赫的研发中心也已经启用。我们将会加强更深度的挖掘海外用户的需求，加快技术创新和产品落地。那么在2026年，我们还计划面向海外市场推出最少三款新车型，其中包括更受全球用户期待的中小型SUV车型，满足全球消费者多样化的购车需求。 On the global business front, we maintain strong sales growth and establish a solid foundation for long-term expansion through our localized approach. In September 2025, our monthly overseas deliveries exceeded 5,000 units for the first time, a 79% increase year- over- year. During the third quarter, we grew our global presence with 56 new overseas stores, expanding our sales and service network to 52 countries and regions worldwide. Additionally, our first European localized production facility at Magna in Graz, Austria, officially commenced operations, with the initial batch of XPENG G6 and G9 rolling off the line. Simultaneously, XPENG's R&D center in Munich, Germany, officially began functioning, helping us better understand overseas customer needs and accelerate technological advancement and product launches. In 2026, we plan to introduce three new overseas models, including popular mid to small SUVs that meet the diverse preferences of global consumers. 我们的AI模型算力数据正在全力以赴，将其转化为物理世界大模型所看到的能力以及持续的智能涌现。我们即将推出小鹏第二代VOA大模型。那么它比上一代端到端模型的参数量提高了10倍，将整个自驾的体验跟能力提升到了全新的高度。那么在我最近自己试驾这个VOA模型的反应来看，整个在复杂路况的体验是极其的惊艳，没有任何在这个当前阶段的这个端到端能够比拟。在12月底开始，我们会开放先锋用户的共创体验。在2026年的一季度，我们计划面向欧甲车型，全量会推送小鹏第二代的VA模型。我相信这一代的VA模型的量产会是一次巨大的跃迁，会为用户带来跨代升级的体验，让更多人因为自驾领先而选择小鹏汽车。 Our strong focus on investing in AI large models, computing infrastructure, and datasets is driving the continuous emergence of advanced capabilities from our physical world model. Our upcoming VLA 2.0 model, which has 10 times more parameters than its predecessors, will substantially enhance safety and user experience in intelligent driving. From my own recent driving experience during very complicated and complex road conditions, we experienced very impressive and unparalleled driving experience from the intelligent VLA model. Starting from late December, we will initiate a co-creation program with our early adopters. In the early quarter of 2026, we aim to deploy the VLA 2.0 model across the entire Ultra lineup. I see the mass production of VLA 2.0 as a major breakthrough in physical AI models, offering a significant generational leap in user experience and attracting more people to choose XPENG for its leading intelligent driving technology. 那么接下来，小鹏第二代的VA模型也会对全球市场的商业伙伴开源。我们希望将一流的智能驾驶体验带给全球更多的用户。那么大众将成为小鹏第二代VI模型的首发客户，同时小鹏的图灵AI芯片也获得了大众的定点。我们双方合作研发的车型将会在2026年初量产。 Going forward, XPENG will open-source its VLA 2.0 model to global commercial partners, aiming to provide industry-leading advanced driver assistance experience to a wider audience. Volkswagen will be the initial launch customer for the VLA 2.0 model. Additionally, XPENG's Turing AI SoC has earned a formal sourcing designation from Volkswagen, with co-developed vehicles expected to start mass production early next year. 我们在对外技术合作中会产生授权收入，这将反哺我们在研发。那么投入到包括图灵芯片、VA模型等迭代升级，形成技术研发与商业化相互促进的正循环。我们也非常欢迎更多整车厂和TIOWAN厂商与我们开展基于图灵芯片和第二代VI模型的合作。我们希望共同推动领先的智能化技术在中国和全球市场的大规模普及。 Revenue from licensing our technology to external partnerships will be reinvested into our R&D, mainly to support iteration and upgrades of the Turing SoC and VLA models. This fosters a positive cycle of innovation and commercialization. We invite more automakers and Tier 1 manufacturers to collaborate with us on the Turing SoC and VLA 2.0, working together to promote the adoption of advanced intelligent technologies in both Chinese and global markets. 我认为在过去的端到端的大模型，它最多是做成一个最好的L2的智能辅助驾驶。但是今天我们非常开心地看到物理世界大模型，让无人驾驶的时代真正加速到来。我相信只有前装量产，并且拥有泛化能力极强的Robotaxi才能够大规模普及，并且同时跑通商业模型。在2026年，小鹏汽车会推出三款Robotaxi。我们的Robotaxi的技术路线不使用高级地图，不使用激光雷达，那么反而可以很好地解决Robotaxi行业成本高昂，特别是部署成本高昂、出行限制多、泛化能力弱等系列问题。那么支持会在全球范围内的高速高效规模化的部署。我们计划在2026年在中国开启小鹏Robotaxi的试运营，并且进一步打磨好Robotaxi的软硬件和运营生态。我认为只有形成全产业链共赢的生态，才可以快速扩大规模。所以小鹏Robotaxi会开放SDK，那么高德将会成为小鹏Robotaxi的首个生态合作伙伴。同时我们也再次欢迎出行领域更多的企业与我们洽谈Robotaxi的未来合作。 Traditionally, end-to-end models were able to maybe reach advanced level two at its best. However, the rise of physical world model is speeding up the arrival of true autonomous driving. I believe that only pre-installed mass-produced robotaxis with the strong ability to generalize can achieve widespread adoption and create a sustainable business model. In 2026, XPENG plans to launch three robotaxi models. Our technology set for robotaxi does not depend on high-definition maps or LiDAR. This approach enables us to address current industry's challenges, including high costs, operational limitations, and poor generalization, allowing for an efficient and scalable deployment worldwide. We intend to begin pilot operations of XPENG Robotaxi in China in 2026, continuously improving both software and hardware of robotaxi while building an operational ecosystem. I believe that a collaborative ecosystem where all industry stakeholders benefit is key to scaling rapidly. Therefore, we plan to open our SDK to our partners, and AMAP will be the first ecosystem partner for XPENG Robotaxi. We also invite more companies in the mobility sector to explore Robotaxi collaboration opportunities with us. 小鹏的人形机器人采用了同样在物理世界模型驱动的技术路线。那么依托我们在整车动力等多个团队的全力支持，这一次小鹏在科技日展示了新一代的IRON机器人，并且其理论的形态轻盈优美的步态，最终给非常多的朋友带来了巨大的惊喜和感动，也产生了巨大的跨圈效应。这让我们看到了人形机器人未来的非常大的商业化潜力。实际上，这一次IRON仅仅展示了很少一部分的能力。在2026年的二季度，我们期望通过跨域融合创新实现人形机器人全面丰富的能力集成，这一定会带来远超现在市面上所有机器人的效果和体验。在2026年底，我们期待率先规模量产高阶人形机器人。那么然后我们会首先进入到商业场景提供服务，包括导览、导购和导寻。我希望在明年的时间内能够在小鹏的各个门店、办公园区、工厂都逐步能看到IRON成为我们的新同学。那么同时在下一步，小鹏汽车也会向全球的开发者开放SDK，欢迎各类应用场景的合作伙伴在IRON上一起开发，让IRON在更多元更长尾的场景里面拥有更强大的能力，创造更广泛的应用。从长期视角看，我认为人形机器人的市场潜力比汽车更大。一旦当机器人像中国EV产业一样跨过了智能化和电动化的拐点，我相信会迎来极大的爆发性增长。我期待在2030年小鹏机器人的年销量超过100万台每一年。 Our humanoid robots adopt a technology roadmap driven by physical world model. With full support from our vehicle and power chain R&D teams, we unveiled our next-generation IRON robot at the latest XPENG Tech Day. The IRON's human-like posture and agile gait surprised and deeply moved many XPENG fans and also highlighted the great commercial potential of humanoid robots. Currently, IRON demonstrates only a very small fraction of its capabilities. In Q2 2026, we plan to achieve full capability integration through cross-domain innovation, aiming for performance and user experience far surpassing current market offerings. Our target is to begin mass production of advanced humanoid robots by the end of 2026. Once produced, IRON will be first deployed in commercial scenarios, providing services like tour guiding, retail assistance, and patrols. By the end of next year, I hope IRON will be working alongside us at XPENG stores, campuses, and factories as our new team members. Additionally, XPENG Robotics will open its SDK to global developers, inviting partners from various industries to collaborate on secondary development. This will enable IRON to be trained and to evolve across diverse and long-tail real-world scenarios, unlocking broader application possibilities. From a long-term perspective, I believe the market potential for humanoid robots will exceed that of automobiles. Once a new generation of robots reaches the inflection point, just as China's EV industry did with electrification, we expect explosive growth ahead. I envision that by 2030, XPENG Robots could sell over 1 million units annually. 随着一车双轮的产品周期的开启，我预计四季度的总交付量为12.5万至13.2万台，同比上升36%至44%。在四季度的收入预计约为人民币215亿元至230亿元，同比上升33%至42%。那么小鹏AI的规模跟市场份额正处在高速扩张的早期阶段。我相信Robotaxi和人形机器人正在加速规模量产。我坚信小鹏会成为中国甚至全球物理AI的引领者，为全球的客户和股东们创造更大的价值。 With the launch of our one-vehicle dual-energy product cycle, I expect total deliveries in the fourth quarter to reach between 125,000 and 132,000 units, reflecting a year-over-year growth of 36.6%-44.3%. We project fourth quarter revenue to be roughly between RMB 21.5 billion-RMB 23 billion, up 33.5%-42.8% from the previous year. XPENG's AI-driven vehicle business is in the early stages of rapid expansion in terms of scale and market shares, while Robotaxi and humanoid robot programs are swiftly moving forward and towards mass production. I'm confident that XPENG will establish itself as a leader in physical AI, both in China and globally, delivering greater value for our customers and shareholders worldwide. 那么谢谢大家，下面由我们的财务VP James为大家介绍我们2025年第三季度的财务状况。 Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, Mr. James, who will discuss our financial performance for the third quarter of 2025. Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the third quarter of 2025. I'll reference RMB only in my discussion today unless otherwise stated. Our total revenues were RMB 20.38 billion for the third quarter of 2025, an increase of 101.8% year-over-year, and an increase of 11.5% quarter-over-quarter. Revenues from vehicle sales were RMB 18.05 billion for the third quarter of 2025, an increase of 105.3% year-over-year, and an increase of 6.9% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries from newly launched vehicle models. Revenues from services and others were RMB 2.33 billion for the third quarter of 2025, representing an increase of 78.1% year-over-year and an increase of 67.3% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from after-sales services and technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter. Gross margin was 20.1% for the third quarter of 2025, compared with 15.3% for the same period of 2024 and 17.3% for the second quarter of 2025. Vehicle margin was 13.1% for the third quarter of 2025, compared with 8.6% for the same period of 2024 and 14.3% for the second quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction, while the quarter-over-quarter decrease was due to targeted promotion to clear outgoing inventory during product transition. R&D expenses were RMB 2.43 billion for the third quarter of 2025, representing an increase of 48.7% year-over-year and an increase of 10.1% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the company expanded its product portfolio to support future growth. SG&A expenses were RMB 2.49 billion for the third quarter of 2025, representing an increase of 52.6% year-over-year and an increase of 15% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily due to higher commission to the franchise stores driven by higher sales volume, as well as higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB 0.75 billion for the third quarter of 2025, compared with RMB 1.85 billion year-over-year and RMB 0.93 billion quarter-over-quarter. Net loss was RMB 0.38 billion for the third quarter of 2025, compared with RMB 1.81 billion year-over-year and RMB 0.48 billion quarter-over-quarter. As of September 30, 2025, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits in total of RMB 48.33 billion. To be mindful of the length of the earnings call, I would encourage listeners to refer to our earnings press release for more details on our third quarter 2025 financial results. This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead. Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. For the sake of clarity and order, please ask one question at a time. Management will respond, and then feel free to follow up with your next question. The first question today comes from Tim Hsiao with Morgan Stanley. Please go ahead. 观点粉你好，我是 Morgan Stanley 的 Tim。感谢接受我的提问，也恭喜集团的毛利在这个季度达到一个新高。那我有两个问题。第一个问题呢，主要想聚焦在小鹏总刚才提到这个物理 AI 的研发，因为我们也看到过去车企的竞争优势主要体现在成本、品牌、渠道等方面。那我想小鹏总刚才也提到了一些应用，但想跟进一下，就是小鹏汽车在 physical AI 的长期竞争优势主要会体现在哪些方面，那公司如何持续增强这些领域的优势。My first question is about the physical AI, because in the past the competitive advantages of other companies were reflected in several aspects like cost, brand, and channels. Just wondering if the management could elaborate a bit more about in what aspects XPENG's long-term competitive advantage in physical AI will be demonstrated, and how will the company continuously enhance its strength in these areas. That's my first question. [Foreign language] I think this is definitely a big question. The traditional way for automakers to make money is completely different from the new physical AI model generated kind of business format. They come from different DNAs. Traditionally, older traditional automakers focus on their own positioning and also about how they target their user segments. Then everything boils down to their integration of Tier 1 suppliers and other different parts of the supply chain. However, when it comes to a physical AI generated model, the definition is different. We determine what the—everything boils down to the definition of the future tech. It involves full-stack technology capability and also cross-domain integration. For example, the launch of our IRON robot is a great example of that. That is why different DNA is going to generate different products and different growth momentum. In the future, I believe that cars will be a new format of robotics, and it's going to actually come to real life in the coming 5-10 years as the next generation of robotics in our life. Traditionally, the integration of supply chain is completely different from what we are looking at right now, which is the physical AI technology integration across different domains. It involves software, hardware, and infrastructure upgrades, which will lead to a completely new set of products. As a result, traditionally, software was only a small percentage of traditional car development, whereas right now it takes up a large part of new product development. I believe that when you look at our future development, we are actually going to see more and more physical AI components in the future for car development, over 50%. We are going to see that very, very soon. Thank you. 感谢小鹏总。那我第二个问题想请教一下有关于大众收入这一块的问题。就是首先也恭喜这个小鹏投资芯片获得大众车型的定点。那也想请问就是相关收入从哪个季度开始会记录？那我们如何展望四季度和 2026 年这个大众合作收入的一个趋势？ My second question is about revenue from the collaboration with Volkswagen. So first of all, congratulations on the project wins of Turing chips at the Volkswagen. Now I know from which quarters the related revenue will start to kick in. How should we think about the trend of the revenue contribution from the collaboration with Volkswagen in December quarter and the full year 2026? That's my second question. Thank you. Hi, Tim. This is Charles. In Q3, we delivered a few key development milestones on time. You probably have seen that the revenue from the technology collaboration increased significantly quarter over quarter. We continue to see that there are a few key development milestones to be delivered in Q4. We believe that the revenue from technical collaboration in Q4 will be expected at a comparable level we see in Q3 2025. Regarding your question on the Turing SoC, yes, our Turing SoC was selected by Volkswagen for the two B-class vehicles we are joint developing. We have already started to supply the Turing SoC to some of our partners, the pre-production and the verification vehicles. Therefore, we would expect that the revenue from Turing SoC will start to be recognized in Q4 and probably in a small amount. However, as our jointly developed vehicle SOP from early next year, we would expect that the revenue from the Turing SoC will ramp up with the sales volume of the two vehicles we jointly developed. In terms of the revenue from the technical collaboration in 2026, we expect that as long as we can deliver the key milestones that are scheduled in 2026, we would expect that the revenue from the technical collaboration for the full year 2026 would be comparable to that of the revenue we recognize in 2025. I think looking back, we have demonstrated that we delivered the revenue from commercialization of technology for seven consecutive quarters. I think we believe that there are still opportunities we would like to explore to commercialize our technology. As our CEO, Xiaopeng, mentioned, we will reinvest such revenue from the licensing or technical collaboration back into our R&D. Thank you, Tim. That's great. Thanks for sharing all the details and congratulations again on all the project breakthrough. Thank you. The next question comes from Nick Lai with J.P. Morgan. Please go ahead. 好的，谢谢。谢谢让我提。我是 JPMorgan 的 Nick，也非常兴奋。刚刚小鹏总有提到这个机器人 2030 年 100 万的目标。我有两个简单的问题想再展开一下，对机器人这个业务跟中长期的发展。第一个就是在科技日的时候，Iron 的这个机器人的行走姿势跟人非常类似。然后想讨论一下小鹏机器人这个技术路线跟现在市场上的人形机器人有哪一些差异，可以跟我们深入讨论一下。然后小鹏在国内外的机器人的行业非常多的竞品公司，我们的竞争优势体现在哪里？ My first question is my two questions actually related to human robot strategy and ambition in the longer term. At a recent technology day, Xiaopeng demonstrated our first humanoid robot IRON, which looked really like a human. Can you talk about our technology roadmap and compare with comparable peers? Where is our competitive advantage comparing with the peers in the medium and longer term? That's my first question. Thank you. 因为这个市场上有非常多的机器人公司，说实话，小鹏的人形机器人的技术路线跟产品路线是在按照我们的期待中间向前进。我们上并没有关注其他的公司的人形机器人有哪些差异。我只能说一下小鹏自己。比如说我们的产品理念是非常期望拟人的。大家会看到这一次我们有肌肉，有皮肤。实际上我们发现一个非常有趣的点，就是当一个机器人有肌肉跟皮肤之后，大家敢抱它。在我们以前做人形机器人，从来没有一个人敢去拥抱它。那么它真正的可以融入到我们的未来的生活、未来的工作的很多的体系里面。那么小鹏现在这一代的机器人上次我们推出第七代，我们将在第八代会进行真正的量产。实际上整个行业的机器人，我看到一部分的机器人，我认为还是处在小鹏的第三到第五代之间，是以关节为驱动整个软件、整个硬件的能力，主要是在运控上面。所以大家会看到很多机器人的步态是非常的一致的。我认为这些机器人很难最终进入到商业化。所以在我们的后面的几代机器人里面，我们都思考应该用全融合的 AI 去驱动全集成的硬件该怎么去设计。所以我们真正在这一次是全栈自研加上跨域融合。我认为小鹏汽车在机器人里面有非常多的优势。例如我们的物理 AI 的资源跟我们的 AI 汽车是有协同效应。例如我们更多的思考机器人将来应该是车规甚至超过车规。例如我们考虑的如何进行商业和如何进行量产的思考逻辑，是比因为我们有了汽车的积累，又例如我们将来的销售、售后服务和全球化上拥有大量的协同效应。我相信在未来机器人行业里面，其中有一部分的公司肯定是来自于整车厂。我相信小鹏在机器人上的先发优势还会有数据等一系列的优势。谢谢。 Thank you. Because there are so many robotics companies in the market, to be honest, the technological and product development roadmap and strategy of XPENG's robotics is moving forward as we expect, according to our own plan. We have paid really little attention to any other differences in the robotics industry to other companies before we launch our own products. Now, when we look at XPENG, for example, our product philosophy is highly theoretical. You can actually, well, it is highly human-like. That is the goal of developing our own humanoid robot. What's interesting about our product is that we realized that when we incorporate muscles and very bionic skin onto our robots, we actually attracted a lot of people to dare to hug him. This is very, very exciting because traditional robots really were not that attractive and appealing for human beings to give them a hug. In addition to that, we also would like to mention that in the future, I believe that across many aspects of life and work, we are going to see more and more robots that are working alongside us. For the current generation of XPENG robots, last time that we launched it, it was actually the seventh generation, and we are going to begin mass production of the eighth generation of our humanoid robots. In fact, when we look at some of the available robotics in the market, I believe that a lot of them are between generation three and five, which is mainly being driven by joints and all the operation of different hardware. When you look at the operation of hardware and software, you can see that the available products in the market look very similar in the way that they walk and they move. These kinds of robots, I believe, are very, very hard or difficult to commercialize in the end. In the future generations of our robots, we actually have been thinking about what kind of technological route we should use. We have fully integrated, actually, hardware and software driven by integrated AI. This time, you can see that the robot that we show to the market is based on our full-stack R&D capability and cross-domain integration. I believe that XPENG has many advantages when it comes to our robotics and humanoid robot development. For example, our physical AI resources have a synergy effect with our AI cars. For example, we actually are considering maybe producing higher-than-car grade performance for our humanoid robots. Our thinking logic on how to conduct business and mass production of our humanoid robots is largely driven by our knowledge and industry know-how in the EV industry. For example, when we built the future sales and marketing layout and globalization, there are a lot of synergistic effects that we can enjoy from the existing layout with our car sales. I believe when it comes to the future robotics development, some company will still, some of the players will come from the automaking industry. I believe that XPENG will definitely have a first-mover advantage in this regard because of the data, the SoCs, and the capability that we have. Thank you. 好的，谢谢。我第二个问题也是想在机器人这边再深入讨论一下。那从现在这个时间点来看，IRON从现在到量产，还有哪几个比较重要的关键任务需要achieve？然后在2026年底，咱们机器人的产能跟应用规模大概会有达到什么样的水准？刚刚提到说三年是100万，那几年之后，五年之后，机器人的应用场景会除了这个在刚刚讲到这个在店里面或者这个当保安等等，五年之后的机器人的使用场景会有什么样的变化？My second question is also related to humanoid robot long-term strategy and operation. From here to commercialization, what are the key critical milestones that we should be mindful? From now to the end of 2026, can you remind us what's the capacity and expected scale of our human robot operation? Also in terms of use case, by say 2030, you mentioned that 2030 we target to deliver 1 million units. Can you also talk about the use case in the longer term? Thank you. [Foreign language] Thank you. To be honest, IRON's mass production is probably the most challenging kind of vehicle or product I've ever worked on at XPENG, if I have to make the comparison between mass producing IRONs and other cars, because there's still a lot of challenges. For example, our ultimate goal is for it to be easily trained with human language so that it can really help us in various ways. There's a lot of room for improvement there when it comes to capability integration. For example, if this robot can walk or run in various safe postures, that requires a lot of integration of capability as well. For example, it needs to have all the joints embedded in management and also the full coupling of different wiring, etc. Also, if we need to allow it to have more generalized kind of dexterous hand movements, it will also require a lot of hand-based VLA, which we believe by beginning of next year will be integrated. We also need to allow it to have that kind of communication and language-based communication capability between the robots and humans. That also will come from, for example, a lot of VLM and VLT, which is the small brain and large brain kind of modeling capability. What I'm really excited to share here is that we will start entering the 1.0 stage of our new generation of mass-produced models next month. I believe that in the next 10 months, we'll be able to actually promote the robot development in an orderly manner during mass production. I think that's the first part of my answer. Thank you. [Foreign language] I think the ramp-up in robot production capacity is much simpler compared to cars. However, the commercialization of robots is indeed very, very challenging. It requires us to look for really new heights of technology and ultimately achieving more capabilities. Therefore, we hope to initially implement in several commercial scenarios, including tour guiding, shopping or retail assistance, etc. In 2026, we hope that we actually can see a lot of our own robots working alongside us at our XPENG's stores, campuses for the first stage of field testing. At the same time, we are also opening our SDK to more of our partners so that our partners can easily and simply buy our robots and train them for commercialization purposes. If your question is about future possibilities of scenario application, I think it's going to be even more than you think. For example, for commercialized robots, maybe you can switch their arms and allow them to go into the industrial production scenarios. When will the robots go into our household setting? I think maybe five years' time. We still have a big chance of achieving that. I hope that through opening our SDK, we can allow more kind of partners to help us tackle those diverse and long-tail scenarios of application so that we can all enjoy a better robotic future and build a better ecosystem. Thank you. 好的，谢谢小鹏总非常详细的介绍，也祝公司中长期顺利成功。谢谢，我没有其他问题了。 The next question comes from Ming from Bank of America. Please go ahead. 谢谢给我提问的机会。我是本银的 Ming，然后也是两个问题。第一个问题，公司为什么选择在 2026 年推出 Robotaxi，能否分享一下背后的技术拐点或者是成本的有效降本？面向无人驾驶，小鹏公司的技术路线跟商业模式与行业中其他 L4 的友商相比有哪些优势？我翻译一下这个问题。 Why does XPENG choose to launch Robotaxi service in 2026? Could you share your technology inflection point or how fast you lower your cost? And compared to other Robotaxi companies in China, what is XPENG's technology path or business model? What is your advantages? 谢谢，这是我第一个问题。 谢谢 Ming。在小鹏的研发策略里面有其中的两条，包括全栈自研和跨域融合。我相信在 2026 年推出 Robotaxi，这意味着小鹏在多个的自研的体系里面出现了集中的拐点。比如说我们在当前车型里面增加到 Robot 的配置，对我们来说这个研发已经到达时间点。再比如说我们的 VOM 能够为将来的汽车变成机器人形成全新的能力。再比如说我们现在第二代 VOA 可以用一种模型，不同的逻辑去训练我们的智能辅助驾驶 Ultra，或者我们的 Robotaxi，甚至将来我们的 Max 版本。所以换一个角度，我们所跨域融合的 Robotaxi，它可以解决当前 Robotaxi 行业里面的，比如说车的贵，比如说出行很多地方都不能去，比如说小路、小区、停车场，比如说需要激光雷达提前的扫描跟部署等系列的问题。所以在 2026 年，小鹏我们希望把 L4 的商业化推出 Robotaxi 的全共享模式跟乘用车的 Robot 的有人驾驶 L4 的模式，两种方式共同推出。我相信在之后的时间里面会更快速地证明小鹏在这样的商业逻辑上比其他的 L4 公司拥有巨大的优势。我相信，谢谢。 Thank you, Ming, for your question. I think that within our R&D strategy, there are two key aspects, which are full-stack self-development and also cross-domain integration. I believe that in 2026, we'll be actually seeing a collection of inflection points within our own development system. For example, we are going to be able to launch our current models into the Robotaxi configuration or fleet, which by that time we believe that the inflection point will arrive. At the same time, our VLM models will continue to offer new capabilities for our future vehicles to be more robotic-like. In addition to that, our current second-generation VLA can actually train our intelligent driving Ultra cars and also in the future maybe also train our mass version of cars using the same kind of large model too. In other words, we have our cross-domain capability based on our robotic development, which really can solve a lot of Robotaxi current limitations. For example, the high cost of production and also the limitation of the mobility destinations. For example, current Robotaxi now cannot really handle very complicated and complex road conditions and also in residential areas that have a lot of unpredicted scenarios, and also a lot of them currently require LiDARs for their perception capability and so on. In 2026, we hope that by commercializing fully shared L4 capability in our Robotaxi, we actually can have the dual development of the driverless L4 model together with an assisted driving L4 model. With the launch of both method or roadmap in the future, I think very soon it will be proven that XPENG has actually a better commercial logic thinking compared to other Robotaxi companies, and that will give us a great competitive advantage. Thank you. 那我第二个问题还是跟 Robotaxi 有关。管理层如何思考 Robotaxi 之后的商业化，然后包括我们未来有哪些里程碑，比如说我们的 fleet number 或者是我们有没有一个大概的一个出海的时间点。公司已经宣布跟高德的合作，可不可以多讲一下之后如何展开，后续是否计划跟更多的伙伴展开合作。我也翻译一下第二个问题。 So how does the management team think about the commercialization of your Robotaxi business, especially in the future? What is your planned milestone, for example, in terms of the number of fleets, or when will you plan to roll out in different cities or overseas markets? Also, currently, you already have a cooperation with AMAP, and could you elaborate more about your cooperation? In the future, do you plan to cooperate with more partners like other ride-hailing companies? Thank you. [Foreign language] Thank you. Actually, next year, XPENG is going to launch three different types of Robotaxi models at different price points to support different mobility purposes and demands. The next phase of development, I believe, with the premise of regulatory approval, our priority is to really get everything running smoothly when it comes to the whole technological and operation and business model. In that scenario, we hope to work with more and more business partners in the ecosystem. For example, AMAP will be a great partner. They are going to give us more development support when it comes to traffic and also payment and operation and services, etc. That really sets us apart from a lot of the autonomous driving OEMs. I believe that in the future, for different countries and regions and different steps of development, we are going to actually launch more partnerships with different service providers across different links. For XPENG, what we need to do is that we are building our toolbox really well, and we're opening up our interface capability so that we can work more with our ecosystem partners in the future across different countries and cities. Once we really get everything up and running commercially in different environments, we can then quickly build our ecosystem. This is one of our considerations. Thank you. Thank you. That's all my question. The next question comes from Tina Hou with Goldman Sachs. Please go ahead. 感谢管理层接受我的提问。我第一个问题是想问一下，我们包括像 Robotaxi，然后人形机器人和这个低空飞行器陆地航母这一块，有没有大致的一个，比如说未来三年大致的一个收入体量？因为刚才提到可能也会开始商业化量产，然后合作伙伴也可以来买我们的这个人形机器人。所以想要看看就是有没有一个大致的一个收入规模。然后包括就是人形机器人这边，小鹏总讲到2030年的这个100万台，想要看一下有没有，就是有哪几类就是应用场景，然后每种应用场景，这100万台大致怎么分配？然后到那个时候，人形机器人咱们认为的这个售价以及成本大概是什么样子的？ Let me translate my first question. So first, I would like to understand over the next one to three years, do we have a rough revenue estimate or breakdown for our new businesses, including Robotaxi, humanoid robot, as well as eVTOL? Thank you. Hey, Tina, it's Brian. First of all, I would say that for these future development areas, we do not provide any numerical guidance at the moment. Clearly, all those three areas, we anticipate volume, scale level production and operation in the next 12 months. For example, the land aircraft carrier from our flying car company is aimed to be delivered to end customers before the end of next year, will be in volume, also scale, which I would say in the thousands of range. The other two, for example, the humanoid robot as well as autonomous driving Robotaxi, as we just discussed earlier, next year will be actually a year we'll see a lot of operational testing as well as scaling up process to make them ready for large quantity production and use. I would say the contribution from next year will probably be limited, but I think the volume we will expect to ramp up rapidly once the model and the stability of these products is proven in the use consumer end as well as your application end. The long-term goal of having 1 million per year humanoid robot sort of sales by 2030 is our long-term goal. That is something that we have good confidence in given we see the quick ramp-up in terms of technology as well as multiple application areas in home, in offices, in factory settings. With all these future areas, we believe the potential is immense. At this moment, unfortunately, I cannot give you the exact breakdown as well as precise cost estimates because these are still, I would say, evolving. I think the overall trend is very exciting for us. 好的，感谢。然后我第二个问题还是想问一下车这边。就刚才讲到明年我们也有，比如说四款全新的车型，然后国内一季度会有三款就是双能的这个增程，然后包括海外也会有三款新的车型。想要看一下能不能给我们更多的一些这个细节，可能这个 launch 的时间点，然后还有这些车型大致的一个在哪个 segment，然后大致的一个价格带，然后包括我们对2026年有没有一个就是车这边一个销量目标。 So my second question is regarding our passenger vehicles. So wondering if we can get more details on the new models, their segment as well as price segment, both in the domestic market as well as overseas, and also do we have a volume target for 2026. Thank you. Hi, Tina, it's Charles here. I think we believe that when chassis to powertrain vehicles present very attractive opportunities, it is also one of our strategic initiatives to expand the volume and the TAM of each of our vehicles. I think on November 20th, we are launching the X9 with pricing. That will be our first, we call it the super EREV product to be launched. You probably also have noticed that we already have three existing vehicles, super electric model already registered with the regulators, and we plan to launch those three products in early 2026. As Xiaopeng also mentioned, we have four new vehicles when we launch. It will be equipped with both BEV as well as EREV powertrain options. Those four new vehicles are positioned in the different various pricing segments we're in. We believe that that will continue to enhance our product portfolio in each of the price segments we're targeting. In terms of the growth into next year, we believe that the one chassis dual powertrain vehicle models, the seven models, will significantly drive our growth next year. Another growth driver we have seen is that the international market will continue to be a major growth driver for us. With our current products available in the international market, we have already hit 5,000 per month for September and also October, the two consecutive months already. Of the seven new vehicles we are launching next year, three of them, at least three of them, will go to international market. We are confident that the international market volume will continue to be a very important growth driver for us into 2026. 好的，感谢，非常感谢。 The next question comes from Pengwei Yu with [audio distortion]. Please go ahead. [Foreign language] My first question is about the new EREV model. What do we think about the growth potentials of our new EREV models in 2026? My second question is about the humanoid robots. How do we think about the scale economy of the humanoid robots since we have implemented some new technologies? For example, the solid-state batteries and so on. In terms of affordability, will IRON robots be affordable for a family, say like RMB 200,000 or even less? Thank you. 谢谢。第一个问题关于这个超级增程，从我们现在 X9 的数据来看，实际上纯电跟增程的用户真的还是差别非常大的。所以我们还是蛮开心，我们相信 X9 在超级增程交付的时候会比原来的纯电会有数倍的环比增长。那么这些用户群而且来自于不同的用户群，在不同的区域，他们有不同的场景。这还是一个非常有趣的现象。我们相信看到其他的公司在纯电加上混动或者纯电加上增程上面也有类似的情况，这是我想分享的。在不同的汽车的情况下，我认为纯电跟增程的比例会是不一样。我觉得大型的汽车里面增程的比例会比较偏高，而小型的汽车里面，特别是 A 级的车，我觉得纯电的比例反而会偏高。具体等我们很快，在今年的第四季度加上明年第一季度，我们的增程就会出来有几款。那个时候我们有更准确的数据。谢谢。这是第一个问题。 First of all, regarding the first question, I think what's interesting that we discover from the sales figures that we gathered since the launch of X9 was that the targeted customers and also the actual users of BEV and EREV are quite different. We believe that we can expect to actually see several times of quarter-over-quarter growth when the new version of X9 actually got delivered. Actually, different customer groups when they purchase BEV versus EREV, they're using the cars across different scenarios as well. Specifically, what I want to share is that obviously BEV and EREV users in different sizes or scale of cars are also different. In larger vehicles, the percentage of EREV adoption is higher, whereas for class A vehicles, especially smaller passenger vehicles, BEV ratio is actually higher. I think we'll have to wait for more numbers to show maybe by Q4 and also Q1 next year before we actually can give you a more concrete answer. Thank you. 第二个问题，我觉得小鹏也在探索这个。在去年和今年，小鹏在第六跟第七代的机器人里面的 BOM 还是很高的。但是我们在今年上半年开始真正的量产的准备之后，我们认为这个机器人的成本最终会跟汽车的 BOM 会接近。所以我也认为将来机器人跟汽车的销售价格也是一个接近。第二点我觉得有一个非常大的不同。在汽车领域里面，有时候是根据重量，比如说地心原理有多少铁，有多少锂。但是我觉得机器人有一个非常大的不同。汽车在过去的时间里面可能软件只占 10%-20%，但机器人一开始可能就占到了 50%。所以换一个角度，软件的训练费用或者说软件的整体的集成的能力的投入，例如预控制器，比如说我们如何把四个 SoC 集成到一个超级的预控里面去能够尽量的轻小跟便宜，这全部都是巨大的挑战。所以换一个角度，我们是非常期望将来小鹏会推出面向不同领域的少数的 SKU 的机器人，不会像汽车有那么多的 SKU，会是一个非常少数的 SKU。我也努力希望做到机器人的价格是一个适合的，这样的一个价格能够让这个将来真正走向千家万户。 The second part of your question regarding the pricing affordability of robotics, I think first of all, the pricing logic is very different between cars and robots. When we look at the BOM cost of our Gen 6 and Gen 7 robots, they remain very high last year. By the first half of this year, when we were preparing for true mass production, we actually have enough reasons for us to actually believe that the future retail sales price of the robots can be very similar to car prices. The second point that I want to mention here is that the traditional way of pricing a car is weight-based. It involves how many kind of iron and lithium and all kinds of elements included and components included in making a car, whereas robots, it's very different because the percentage of software in a robot is over 50% since day one, whereas the number is only 10-20% for a lot of cars. In other ways, you have to put in a lot of cost to train the software and the model, and you need to have the overall capability to do a lot of integration and also domain controller as well. For example, you need to be able to combine all four SoCs into a super domain controller so that you can make them as light as possible and as affordable as possible. These remain very challenging for many industry players. In other words, we really have high hopes for our future when it comes to robotics development. Hopefully, we are going to, we expect to handle a limited amount of SKU integration, not as many SKUs as when you're making a car. We also will try our best to make the pricing of robots as affordable as possible so it really can truly help and empower thousands of households in the future. Thank you. The next question comes from Xiaoyi Lei with Jefferies. Please go ahead. 感谢管理层接受我的提问。我这边就一个问题，请问一下我们明年在海外本地化生产这块的推进情况如何？另外就是我们怎么样去发挥智能驾驶这块的优势来赋能我们海外市场的销售增长？ Thank you for taking my question. I have just one question. Could you please provide an update on the progress of our overseas localized production for next year? Additionally, how do we plan to leverage our smart driving capabilities to drive the sales growth in international markets? Hi, it's Brian again. Just to address your question on overseas plan for next year, you're right. We actually initiated our local production this second half of this year with first factory in Indonesia and also another factory production facility with partnership with Magna in Austria. Those, I think, are slowly ramping up the capacity. We anticipate the volume for next year's production in these two plants will continue to rise and support our overall sort of overseas growth. I think in Europe, we are looking at the tens of the thousands in terms of numbers of vehicles locally produced there. In Indonesia, I think probably a smaller, but also a sizable number, high thousands is something that we want to achieve. Looking beyond those two plants, we continue to look at additional opportunities to have local capabilities in other markets, as well as building local supply chain capabilities to support the localization in these key regions. We will be increasing our local content, increasing our local source materials, and also looking for further localization strategy to be implemented. That is something I think is ongoing. I think it is a must-do for a company that has global ambitions. Looking at the global product sales next year, I think, as Charles mentioned, we are looking for higher growth in the international markets compared to our domestic market. We are also looking for higher contribution economically from those markets. I would say in the next year or the year beyond, we are looking at a faster growing, a higher profit contribution for our international businesses. Thank you. That's very helpful. If there are no further questions, I'd like to turn the call back over to the company for any closing remarks. 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 for the PSM Financial Communications. This concludes today's conference call. You may now disconnect your line. Thank you.