Hello, ladies and gentlemen. Thank you for standing by for the Q4 and fiscal year 2025 earnings conference call for XPeng Inc. At this time, all participants are in a 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 Q4 and fiscal year 2025 earnings conference call. Our financial and operating results were issued via news wire services early 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 team will include Co-founder, Chairman, and CEO, Mr. He Xiaopeng; 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 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 this 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. Hello, everyone. Looking back at 2025, XPeng made milestone breakthroughs in multiple areas. Our annual delivery was 42,945 units, up 126% year-over-year. MONA M03 became the best-selling battery electric sedan in the CNY 100,000-CNY 200,000 segment. P7+ ranked number one among pure electric sedans in the CNY 150,000-CNY 200,000 segment. The Kunpeng Super Extended Range EV X9 entered mass production and started our one vehicle, dual energy era. Our quality management system and customer satisfaction, as measured by NPS, improved rapidly. Overseas deliveries nearly doubled to 45,000 units, with revenue from overseas markets contributing over 15% of total revenue. In addition, benefiting from enhanced organizational capabilities centered on physical AI, we successfully brought our Turing AI SoC into mass production and began deliveries to Volkswagen. Our VLA 2.0 saw an emergence, and the debut of our humanoid robot, IRON, garnered significant attention globally. In 2025, we achieved not only high growth in scale, but also significant improvement of operational capabilities. Our gross margin for fiscal year 2025 reached 18.9%, an increase of 4.6 percentage points year-over-year. In response to national initiatives, we substantially reduced the turnover days of accounts payable to suppliers by 60 days. We had a free cash flow inflow of approximately CNY 5 billion in 2025, and ended the year with CNY 47.7 billion cash on hand, providing robust financial support for unwavering investment in XPeng AI R&D. In Q4, XPeng achieved its first ever quarterly profit, with net profit exceeding CNY 380 million. This marks the emergence of a business model driven by technology leadership, which is a path to profitability distinct from that of traditional automakers. 我特别开心的是通过多年的硬件规模研发投入，并且在最近数年我们对AI的真正的转型，我相信小鹏汽车正处在物理AI应用的关键转折点。我们构建了芯片、机模、数据、E/E架构和AI算法的全栈的自研体系，包括技术跟组织。我们正看到了自动驾驶会成为物理AI第一个可以广泛应用并且有巨大的商业潜力的点，并且正在向上进行和智能座舱的融合，以及向下进行动力底盘的跨域融合。我相信我们将不断地突破技术的上限，并且实现AI的加速度向前，并且实现新的技术驱动全新的商业能力。 I'm glad to see that with years of hardware investment and physical AI transformation, XPeng is at a pivotal inflection point in the application of physical AI. After years of sustained and significant R&D investment, we have built a full stack in-house developed technology system including SoC, foundation model, data, E/E architecture, and AI infrastructure. We're now driving upward integration across autonomous driving and smart cockpit systems, while enabling cross-domain integration downwards into powertrain and chassis systems. Looking ahead, we'll continue to push the technological frontier, accelerate the development of AI, expedite deployment and commercialization of our product technology innovations. 那么在这个月的初，我们的第二代VLA通过了自动驾驶的物理图灵测试。当一个乘客已经很难分辨到底是司机在开车还是AI在开车的时候，汽车正在逐步成为一个物理AI的agent。我相信小鹏的第二代VLA很快会跨过技术跟规模应用的拐点，而完全的自动驾驶会在未来的一到三年到来。在不远的将来，AI的汽车、人形机器人会给我们每个人的出行、工作、生活都带来巨大的改变。 In early March 2026, our VLA 2.0 successfully passed the physical Turing test for autonomous driving, and passengers can hardly distinguish if it's a human or AI who's driving the car. The vehicle has effectively evolved into a physical AI agent. XPeng's VLA 2.0 will soon cross the inflection point of both technology and large-scale deployment. Fully autonomous driving can be expected to come in the next one to three years. AI powered vehicle and humanoid robots will soon fundamentally reshape how everyone travels, works, and lives. 那么我相信今年是小鹏的产品线扩容的大年，同时也是我们的产品力全面升维的关键一年。我们计划推出四款全新的车型，补充从大型车到紧凑型车的新品类。那么这些车型都是由全新重构的造型团队设计，面向全球市场研发，且都具备一车双能，且支持自动驾驶能力，包括L2加以升和面向L4的能力。那么我相信随着新车型的陆续交付，我有信心实现销量按季度的环比大幅度增长。 2026 marks a major year of product portfolio expansion and upgrades in our product capabilities. We plan to launch four new models, expanding into both large and compact size vehicles. Designed by our newly restructured AI design team, these models are crafted for global markets and built on dual energy platforms, supporting the evolution of autonomous driving capabilities from L2+ to L4. As deliveries of new models ramp up, we'll achieve strong quarter-over-quarter growth in volume. 那么在今年的二季度，我们的第一款旗舰级大六座的SUV，小鹏GX会正式上市，那么它会为家庭用户带来一款体验无需妥协的极致产品。那么GX不仅具备了MPV级别的舒适大空间，而且会搭载线控转向、后轮转向，也会是我们支持L4级别硬软件能力的首发车型。那么从今年起，小鹏不仅要扩大AI汽车的全球市场份额，我们让第二代VLA走向世界。我还会将带领团队去实现无人驾驶的Robotaxi、飞行汽车和高阶人形机器人的量产。 In Q2 2026, we'll start pre-orders of our first flagship six-seat full-size SUV, the XPeng GX, bringing in a truly uncompromised best-in-class experience model to family users. The GX delivers MPV-class comfort and spaciousness and features steer-by-wire and rear-wheel steering. It will be our first model designed to support L4-level hardware and software capabilities. Starting from this year, we'll further expand our AI vehicles global market share and bring our VLA 2.0 model to global markets. At the same time, we'll lead our teams to bring both Robotaxi and advanced humanoid robot into mass production. 那么在全球的产品即将有充分的供给之后，在2026年，我期望把全球的供产销服的规模和能力建得更扎实。我们会在供应链、制造、物流、备件、销服多方面走向全球协同，并且支持国际化的品质跟口碑继续提升。我们的目标是今年海外销量同比翻倍的增长，那么海外业务在收入的贡献提高到20%以上。我们今年有四款新车进入国际市场，在重要的SUV品类打造全球明星车型。我们在海外的销服目标今年是目标达到680家门店，相比25年增加一倍。并且小鹏的智能操纵网络将会从中国走向全球，覆盖十个海外核心市场，为海外用户带来5C超充的新一代领先体验。那么我相信基于海外全体系的产品技术、产供销服的能力提升，在2027到2028年，小鹏汽车的国际化的进程将会进一步大幅度提速，而海外收入也会成为公司盈利的核心驱动力之一。 With global product sales increasing, in 2026, we'll further solidify our global scale up capabilities across production, supply, sales and service. Our supply chain, manufacturing, logistics, spare parts, sales and service systems are moving towards greater global synergies, underpinning sustained improvement in quality and brand perception in international markets. For our overseas deliveries, the goal is set to double in 2026 year-over-year, with international business contributing over 20% of total revenue. We We plan to introduce four new models to global markets. In the key SUV segment, we aim to launch more global flagship models. We target to have 680 overseas stores for sales and service, doubling the number of stores from the end of 2025. XPeng's self-operated ultra-fast charging network will also expand beyond China to 10 key international markets. This will bring our industry leading 5C ultra-fast charging experience to users globally. With the enhanced overseas competencies, our global expansion will further accelerate significantly through 2027 and 2028, and revenue from overseas markets will become one of the core drivers of the company's profitability. 我们为了能够将自动驾驶从L2跨越实现到L4，并且能够实现这个全球的部署，我们在过去的一年，我们对整个自动驾驶的技术架构、研发范式跟组织都进行了激进的重构。那么从昨天开始，我们的第二代VLA模型正式开启对用户的陆续推送。那么我相信这是我们面向L4全自动驾驶交付的第一个版本，它安心、丝滑，以老司机的用户的体验和效率更大全场景的支持，明显与行业的其他的友商拉开了显著的代差。第二代VLA正在让高阶智驾从极客的长青，我们期望变成妈妈都爱开的国民智驾。我们当前已经在全国的732家门店都已经开放了第二代VLA的试驾。在开放后，我们三月的日均试驾量环比提升了一倍，其中Ultra和Ultra SE的版本销量占比提升也超过了一倍。我相信在未来的三到六个月，第二代VLA将会显著提高小鹏的试驾转换率，并且大幅度提高小鹏的科技属性和用户粘性。 To make the leap from L2 + to L4 and enable global deployment, we have fundamentally redesigned the architecture of our autonomous driving technology. Starting yesterday, we began the gradual rollout of our VLA 2.0 to users. This is our first release design for the L4 full autonomous driving era, delivering a safe and smooth experience with driving performance comparable to experienced human drivers and representing a generational gap ahead of the industry. The VLA 2.0 is transforming advanced autonomous driving from an early adopter feature into a truly mainstream mass- market feature that even everyday drivers can trust, rely on and enjoy with confidence. All of our 732 stores nationwide now offer VLA 2.0 test drives. So far in March, the number of our daily test drives has doubled month-over-month, and the percentage of the Ultra and Ultra SE trims among all trims has also more than doubled. Over the next three to six months, VLA 2.0 will notably improve test drive conversion rate and substantially increase user engagement and retention for XPeng. 那么第二代VLA模型基本上拆掉了所有的规则，并且在物理世界验证scaling model。接下来我们会坚定不移地把它放大，扩大我们的领先优势。我们的目标在今年的年内将车端的模型的参数量从现在的数十亿提升到200亿加的级别，我们会使用更多高质量的数据进行泛化，我们相信会使平均接管里程相比行业提高25倍，而接管里，安全接管里程会提升50倍。按照这样的进步速度，我认为完全自动驾驶会在未来的一到三年到来，那么会让自动驾驶成为人们日常出行的习惯。那么搭载第二代VLA模型的Robotaxi的车型，那么今天已经获得了广州的智能网联汽车道路测试许可，并且正在进行常态化的L4公开道路的测试。我们计划在今年的下半年开启Robotaxi的载客示范运营，打通技术、客户与商业的相关验证。此外，我们还会开启第二代VLA在海外市场的路测。我相信随着技术与法规的进展，小鹏的自动驾驶会成为全球屈指可数能够真正规模高效将高等级自动驾驶技术部署到全球市场的企业。 The VLA 2.0 has broken down traditional rules and validated the applicability of scaling laws in the physical world. Next, we'll continue to scale up to aggressively widen our lead. By the end of the year, we target to increase the number of parameters on the edge from several billion to 20 billion level. This will increase average miles per takeover by 25 x, and the safety critical miles per takeover by 50 x. At this pace of improvement, the era of fully autonomous driving is on track to emerge within the next one to two years. Autonomous driving will become part of everyday mobility. Our XPeng Robotaxi, powered by VLA 2.0, has received official road- testing approval in Guangzhou and is now conducting ongoing L4 public road tests. In the H2 of the year, we plan to launch pilot passenger operations for our Robotaxi service to validate the technology, user experience, and the business model. We'll also begin overseas road testing of the VLA 2.0. As technology advances and regulatory frameworks evolve, XPeng will be one of the few companies globally that is capable of scaling autonomous driving efficiently across multiple global markets. 那么第二代VLA模型能够有如此强劲的性能跟效果，得益于小鹏自研图灵芯片，并且联合优化了自研的机膜跟编译器。我们原计划自研的芯片是友商的三倍有效算力，但实际上实现了十倍的提升。那么图灵芯片从去年三季度量产以来，累计出货量已经超过了二十万片。那么今年从二季度开始，小鹏汽车所有的全系车型，包括Max版本，都会完成切换到自研的图灵芯片。今年自研的芯片全年的出货量目标达到约一百万片，有望成为中国大算力端侧AI芯片的出货量第一名。那么大众是我们图灵芯片跟第二代VLA对外合作的首发客户，与顶级车企的深度合作跟高效量产，那么印证了我们的技术具备易泛化、可复用、可输出的全球竞争力。我们欢迎更多的车企、智能企业以及Tier 1来使用我们的图灵芯片和智能化整体解决方案来服务客户。 The strong performance of our VLA 2.0 is underpinned by the joint optimization of our in-house Turing SoC, the proprietary foundational large model and compiler, delivering a 10x improvement in effective compute, even though the plan was only to achieve 3x improvement. Since entering mass production and being deployed in vehicles in Q3 last year, the XPeng Turing SoC has actually shipped over 200,000 units. Starting from the Q2 of this year, all XPeng models, including the Max trims, will fully transition to our in-house Turing SoC. Shipments of Turing SoC are targeted to reach nearly 1 million units this year. The Turing SoC is positioned to become the leading high compute AI SoC deployed on the edge by shipment volume. Volkswagen is our first external customer for both our Turing SoC and VLA 2.0. Our deep collaboration with leading global automakers, together with our ability to mass produce efficiently, demonstrates that our technology is scalable, replicable, and globally competitive. We welcome more automakers and all the AI companies and Tier 1 suppliers to adopt our Turing SoC and integrate intelligent solutions for their customers. 那么在我看来，物理AI的竞争越来越来自于技术能力的效能的变化，而它最终取决于底层的组织跟AI的算法的适配性。那么在近期我们完成了一次非常关键的组织升级，我们将自动驾驶中心和智能座舱中心合并，成立了通用智能中心，为汽车、为机器人整体开发。我相信这不仅仅是一次架构的调整，更是研发范式的升维。那么从此，无论是汽车还是机器人的决策、交互，小脑和大脑不会再分家。我们车在路上怎么开，人与车怎么沟通，会共享一套基础模型跟算法，研发的效率、效能大幅度提高。那么我很开心的是，过去的几年里面，小鹏已经跑通了算法的整条链路，从端侧算力、云侧算力、数据编译、量化部署、世界仿真以及测试的灰度。小鹏的整个的物理世界的基座模型正在以极快的自动化的速度正在进化。我相信很快大家看到它不仅仅跑在车上，也会跑在Robotaxi上，也会跑在人形机器人上，会成为我们所有在物理AI Agent上共同的超级基座模型。 In my view, the ultimate competition in physical AI will be determined by fundamental organizational capabilities and AI infrastructure. Recently, we completed a critical organizational upgrade, integrating our Autonomous Driving Center and Smart Cabin Center into General Intelligence Center. This is more than a structural change. It represents a paradigm shift in building intelligence systems. Driving decisions and human vehicle interactions will no longer exist in isolation. How the vehicle drives on road and how humans interact with it now share the same physical AI foundation model and infrastructure. R&D efficiency and effectiveness have improved substantially. XPeng has established a full integrated AI infrastructure stack, including computing power on the cloud and on the edge, data compilation, quantization, deployment, simulation, and real- world testing in grayscale. Our physical AI foundation model will evolve at an exponential speed. It will power vehicles, robotaxis, and humanoid robots, and become a unified super foundation model for all of our physical AI agents. 同时我们的目标在今年年底我们量产我们的IRON机器人。小鹏IRON搭载三颗自研的Turing AI芯片，我们端侧的有效算力远高行业里面所有的机器人。我们当前的技术路线跟很多的机器人公司是不同，我们不光做好本体，我们非常专注如何把机器人的大脑负责自主思考跟决策，小脑负责运动以及整个的控制体系，加上智能的聚成智能的模型的数据积累和做好。特别特别开心的是，我们最近VLA 2.0的技术栈在机器人上面已经成功地跑通。那么结合小鹏机器人的全新的第四代运动控制系统，我相信会在今年下半年看到业界最好的运动和控制效果。那么我也很有信心IRON的智能水平会跟行业拉开跨代的领先优势。那么小鹏的机器人会按照顺序依次主攻商业、工业和家庭三大场景。那么期望今年首先支持在中国小鹏和海外小鹏的门店、园区等落地服务进行导购、导览等相关的商业场景。那么今年一季度我们在广州还启动了一个专门的人形机器人量产基地的建设。IRON机器人在今年年底的月产能目标是上千台。我们期待在IRON的高度智能以及我们高质量高品质的规模量产的优势上，小鹏会成为全球最大和最具价值的领先人形机器人公司之一。 Our next generation humanoid robot, IRON, is targeted to enter mass production by the end of 2026. Powered by three Turing AI SoCs, IRON's computing power on the edge far outpaces most robots in the industry. Our technology focuses on the robot's brain and cerebellum. The brain enables independent thinking and decision making, while the cerebellum controls motions. At the same time, we continuously accumulate data for embodied intelligence model. Our VLA 2.0 technology stack is now running successfully on our robots. Paired with the fourth- generation motion control system, IRON will deliver industry leading agility and motion control in the H2 of the year, establishing a clear generational lead in intelligence capabilities. IRON will focus on three key application scenarios, commercial, industrial, and households. Initial deployment will support reception, guidance, and retail assistance across XPeng stores and campuses in China and overseas. In the Q1 of the year, we began construction of our humanoid robot mass production base in Guangzhou. IRON aims for a monthly production target of over 1,000 units by the end of this year. Leveraging IRON's advanced intelligence and our strength in mass production with quality and supply chain management, XPeng will become one of the world's largest and most valuable humanoid robot companies. 那么因为我们已经看到了物理AI世界对原来软件研发范式的巨大颠覆，我们在研发投入上会继续非常地坚定向前。那么在2025年，我们小鹏的研发投入为95亿元，其中对AI的投入达到了45亿元。那么在过去的几年，我们在AI领域里面坚定高效的投入，我们已经搭建了行业领先的物理和AI这两个领域的融合自研的全栈体系，刚才讲的包括芯片、机模、英法等。那么我相信凭借这个体系的基础，小鹏在2026年开始物理AI的技术的融合和商业的表现都会极大地加速。那么我们物理AI的agent的量产会应用开启，即将进入规模上升的陡峭曲线。我相信未来的五到十年，物理AI的应用市场空间比汽车行业更加宽广，比数字AI行业更加广阔。那么我们相信全球的Robotaxi和人机群都是万亿到十万亿级别的市场。同时我们相信在物理AI的agent销量榜单，包括了物理AI的汽车，将会是类似十年前的汽油车的销量榜单，跟今天的新能源销量榜单一样，会是一个非常快速的变化。我们期待我们会成为全球物理AI智能机的领跑者。 Because we already saw the tremendous disruption that the physical AI world has brought to the original software development paradigm. In 2025, we invested CNY 9.5 billion in R&D, including CNY 4.5 billion in AI. Our sustained and efficient investment in AI R&D over the past few years has enabled us to build an industry-leading fully in-house physical AI technology stack, including SoCs, foundation models and AI infrastructure. Powered by this technology stack, the pace of advancement in physical AI will accelerate significantly starting in 2026. We'll see the mass production and application of physical AI agents with their scale poised to enter a steep growth curve. Over the next five to 10 years, the market for physical AI is expected to surpass that of the automotive industry. Both Robotaxi and humanoid robots represent $1 trillion-$10 trillion level global market opportunities. In the future, the sales rankings of physical AI agents may matter even more than the ICE vehicle volume charts a decade ago, or any volume charts today, and they will change at very, very fast. We are confident that XPeng will become the global leader of physical AI agents. 那么能够不断地探索物理AI技术的上限，让我跟我的团队都非常地兴奋。我们比之前任何时候都更加笃定加大在AI和物理世界的研发强度。那么小鹏在今年除了整车研发外，我们在物理AI的AI相关的研发投入会提升到七十亿元。在我看来，对AI的研发不仅是有长板的提高，更在短中长期都会创造巨大的商业回报。那么扩大规模会让我们在竞争中间赢深沉跟胜利。那么我们在物理AI的技术跟商业化的领先会打造我们新的核心竞争力。 Pushing the boundaries of physical AI is very exciting for my team and me. We're more committed than ever to intensifying our R&D investments. This year, in addition to vehicle development, investment in physical AI-related R&D will increase to CNY 7 billion. In my view, this investment will not only help us increase our competitive advantage and deliver substantial long-term returns. Scale allows us to survive in competition, but it is sustained leadership in physical AI technology and commercialization that will define our core competitive advantage. 我预计在2026年的一季度，小鹏的交付量约为6.1万至6.6万台，那么收入预计约为人民币122亿元至132.8亿元。那么我非常开心的是，我们在春节以后，势能正在快速恢复，我预计三月的交付量环比增长69%至101%。那么随着第二代VLA和四款全新车型的量产和交付，我相信今年后续的季度销量会节节攀升，并且在下半年实现远超行业的同比增长。那么我们正处在物理AI整体规模量产的前夜。在未来，我会把更多的精力用在构建小鹏的全球化、商业化的战略、组织跟运营体系，并且把AI和物理的耦合转成真正的商业的成功。我认为物理AI会创新新的商业模式，会将原来的汽车的规模效应之外，进一步增加新的网络效应跟agent的效应，市场的进入壁垒和集中度会大幅度提高。我们作为物理AI的领先者，将会越来越具备长期的领先优势，而在同时在更大的市场空间里面获取更高的份额，让企业实现更高的价值。 For the Q1 of 2026, we expect deliveries to be between 61,000 and 66,000 units. Revenue is expected to be between CNY 12.2 billion and CNY 13.2 billion. March deliveries are expected to grow sequentially by 69%- 101% month-over-month. As the VLA 2.0 and four new models enter mass production, we expect quarterly sales to continuously trend upwards and achieve year-over-year growth in the H2 of the year to significantly outpace the industry. We are on the cusp of large- scale mass production of four physical AI agents. Going forward, I will dedicate more of my efforts to develop strategies, establishing organization and operational capabilities for XPeng's globalization and commercialization. With a focus on translating our technological leadership into commercial success. The innovative business models of physical AI will add network effects and agent effect on top of the traditional automotive economies of scale, meaningfully raising market entry barriers and industry concentration. As a leader in physical AI, we'll possess a long-term sustainable advantage, securing a higher share in a vastly expanded market and achieving greater corporate value. Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, James Wu, who will walk you through our financial performance for the Q4 of 2025. Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the Q4 of 2025. I'll reference CNY only in my discussion today, unless otherwise stated. Our total revenues were CNY 22.25 billion for the Q4 of 2025, an increase of 38.2% year-over-year, and an increase of 9.2% quarter-over-quarter. Revenues from vehicle sales were CNY 19.07 billion for the Q4 of 2025, an increase of 30% year-over-year, and an increase of 5.6% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries. Revenues from services and others were CNY 3.18 billion for the Q4 of 2025, representing an increase of 121.9% year-over-year and an increase of 36.7% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from, firstly, the technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter. Secondly, parts and accessories sales in line with higher accumulated vehicle sales. And lastly, carbon credit trading. Gross margin was 21.3% for the Q4 of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the Q3 of 2025. Vehicle margin was 13% for the Q4 of 2025, compared with 10% for the same period of 2024 and 13.1% for the Q3 of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models. R&D expenses were CNY 2.87 billion for the Q4 of 2025, representing an increase of 43.2% year-over-year and an increase of 18.3% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to development of new vehicle models and technologies as the company expanded its product portfolio to support the future growth. SG&A expenses were CNY 2.79 billion for the Q4 of 2025, representing an increase of 22.7% year-over-year and an increase of 12% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily due to higher commission to the franchise stores related to the sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses. As a result of the foregoing, loss from operations was CNY 0.04 billion for the Q4 of 2025, compared with CNY 1.56 billion year-over-year, CNY 0.75 billion quarter-over-quarter. Net profit was CNY 0.38 billion for the Q4 of 2025, compared with net loss of CNY 1.33 billion year-over-year and net loss of CNY 0.38 billion quarter-over-quarter. The company recorded positive net profit for a single quarter for the first time in Q4 of 2025. As of December 31, 2025, our cash position was CNY 47.66 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 Q4 full year 2025 financial results. This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead. Thank you. If you would like to ask a question, please press star one on your telephone and wait for your name to be announced. If you would like to cancel your request, please press star 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 would like 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. Your first question today comes from Tim Hsiao from Morgan Stanley. Please go ahead. Tim. I have two questions. Both are related to smart driving. The first one, what type of major upgrade should we expect for XPeng's VLA 2.0 in the coming months? How do you anticipate VLA 2.0 will impact order conversion and the user retention in the following quarters? That's my first question. 谢谢。我先回答您的第一个问题。那么在后面的每个季度，我们都有至少一个大版本的OTA。我觉得可以分享其中的部分。比如说我们在二季度的OTA里面会将原来的自动驾驶仅仅是覆盖高速城区的主要路段，我们会开始覆盖更多的小路、停车场、园区。实际上这是一个非常关键的变化，也就是说从一个有导航的公共道路的自动驾驶变成了一个没有导航、没有规则的内部道路的自动驾驶。实际上机全体系里面基本上全部都是这样，就是叫四类自动驾驶跟导航。那么我们在今年还会做非常多的能力上的升级，比如说我们将车端模型从数十亿级别提升到超过两百亿级别，我们希望安全的接管里程能够在今年的现有基础上再提高五到十倍。我们实际上还有挺多我们在自动驾驶之外的升级，例如加入了多语言本地化的支持，例如增加更多座舱跟自动驾驶的整合。先帮我翻译一段，谢谢。 All right, thank you for your question. Let me answer your first question first. Basically, going forward, each quarter, we are expecting at least one major version of OTA, and I think we can share some of it, just to give you some examples. In our Q2 OTA, for example, the autonomous driving will be able to actually cover more roads, whereas currently or traditionally it was only able to cover the major highways and in the future for Q2 OTA will be able to cover small roads, parking lots, and campuses or communities in different parts. It's actually a very critical change, meaning that, our capability is evolving from navigation-enabled public roads to cover more areas. In addition to that, we would like to also highlight that autonomous driving in the future, you know, we will also become more AI agent oriented. Actually, if you looked at all of the scenario's applications for robot systems, it's essentially very similar to that. Also, the four levels of autonomous driving and navigation also follow the same logic as well. This year we also expect to do a lot more upgrades in terms of our capabilities. For example, if you look at our model on the vehicle or the edge side, we are increasing the parameters from 10 billion level to actually up to 20 billion level. We also hope that we can increase our mileage per takeover by about 5x-10x. In addition to that, apart from autonomous capability driving, I mean, upgrade, we also have added some multi-language support capabilities as well. So that's another level of upgrade for localization support, which will allow us to combine smart cockpit with autonomous driving. Thank you. 那么因为我们的VLA 2.0是从昨天开始向用户逐步正式开始推送。我只能说在从三月初开始宣传之后，我们看到门店的试驾量环比是翻倍的。我们看到Ultra跟Ultra SE的版本的销量占比提升了不止一倍。我们相信当真正全量推送之后，并且不断地升级，第二代VLA会有，我期望会有更高的客流跟再进一步大幅度的转化，并且也会拉高我们的所有单车的均价。那么说到使用粘性，我只能分享一个我自己的case。在用了第二代VLA之后，我再用其他的智能驾驶的版本，因为我经常出差，我都需要有很多的司机帮我开车，我就发现我已经觉得无论其他的车型的自动驾驶或者专业的司机的开车，他都比不过VLA的丝滑安心。所以我现在看到，当我习惯了VLA，只是习惯了可能两个多月、三个月的开的一个过程之后，我完全已经改变了，我觉得高等级的自动驾驶一定会成为日常生活中间可能99%到100%的使用的需求，我觉得这是一个非常非常强烈的感受。我的司机最近已经两次问我，从我的角度来看，这个专业的司机什么时候会开始淘汰的问题。 Now because our VLA 2.0 only started to be officially pushed to our users yesterday, and I mentioned in the prepared remarks that we started promoting it in early March, and as a result, we could actually see that the market reacted very, very positively. For example, our test drives actually more than doubled sequentially, you know, across our stores and also Ultra and Ultra SE sales are also more than double as well. I believe when we fully launch our VLA 2.0 to the market and to our users and continue to upgrade it, we are expecting actually a higher sales volume and also a higher level of conversion rate, which will also eventually raise the average selling price of our vehicles. Now, when it comes to user retention or engagement, I would like to share my own case and experience as well. After trying out the VLA 2.0, there's no going back for me, honestly, because I travel a lot, and a lot of the times I actually rely on professional drivers who drive me around. After trying VLA 2.0, I realize when I now use other types of autonomous driving versions or, you know, when I ride our professional drivers' cars. They are not nearly as good as the VLA 2.0 because the VLA 2.0 now gives me the smoothness of driving and also on top of that, peace of mind as well. That kind of experience that I've got offered is unparalleled. And it's been what? Only two, three months, and I'm no longer the same person. I mean, there's no going back, really. I believe that in the future, advanced autonomous driving will definitely be part of everyone's daily necessity. User rate potentially will reach basically 100%. I feel this very, very strongly. Recently, my professional drivers have been asking me a couple of times that, you know, from my perspective, when will our profession, you know, he was talking about being a professional driver, be eventually phased out. I would like to just add one brief last point, which is that this is really representing a completely new paradigm, which from my perspective, that our current priority is to really address a lot of safety issues and many of our weaknesses first. However, since the launch of our second generation VLA, you know, the rules have completely changed. It's never the same again. I believe that with making up, you know, of our weaknesses, or the weaknesses being compensated for, now we can actually spend a great deal of our time on enhancing our overall strength and deployment globally. Thank you. My second question is also related to smart driving. What is the deployment roadmap for XPeng Ultra model and VLA 2.0 in the overseas market? And how will the overseas expansion of smart driving affect XPeng's global sales? And does the smart driving software have the potential to be monetized alone? That's my second question. Thank you. Thank you. Let me briefly address this question. First of all, we have already launched the preparation for testing our VLA 2.0. By end of this year or beginning of next year, we are going to gradually roll out the VLA's second generation testing grayscale, and also its delivery or deployment across different regions. I believe that VLA 2.0 has a significant advantage overseas. First of all, we found that it's actually very generalizable. In our testing across multiple markets, we realized that even without any overseas actual road data, our VLA alone performs really well and achieve excellent results. The second point is that compared to some of our competition, for example, FSD out there, our VLA has a particular, you know, advantage over them in the capabilities across smaller roads, and also country roads or uncharted territories. We've seen that in some overseas markets, such as Southeast Asia and Europe. That made me, again, you know, having a stronger conviction that our VLA 2.0 can actually provide high quality, safer, autonomous driving for our users overseas at a higher quality and also lower cost. With that, we now have done all the preparation in the hardware. By H2 of this year, we definitely are ready for a bigger test and also for the future launch as well. I believe that we are also considering some business model upgrade or transition for our smart driving software in the overseas market. I believe there's definitely a lot of opportunities for commercialization or monetization. We have strong confidence in converting our great technology into good business opportunities and revenue. Thank you. Your next question comes from Nick Lai from JP Morgan. Please go ahead. 好的，谢谢小鹏总，欢迎陈。我是JP Morgan Nick，我有两个问题，也是想讨论这个机器人的部分，就是除了刚提到这个自动驾驶部分。那第一个部分有关机器人这部分，刚小鹏总提到说接下来这个四月份的车展会上市，到年底的亮相等等，就是上量、量产等等，我们可以再讨论一下，在机器人在未来短期、中期，在研发或是在产品这边有没有比较重要的里程碑，投资人必须关心的。同时间在发展机器人过程中，我们已经是在国内跟全球算比较领先的这个智能汽车的这个企业，在把这个business footprint伸展到机器人的时候，在研发还有规模量产跟供应链上面，有没有一些比较重要的竞争优势可以提供我们分享。My first question is related to humanoid robot ambition and the long- term strategy. First off, though, mentioned that in the near term, we'll see the product launch at Beijing Auto Show followed by mass production by year-end. Aside from that, is any major milestone that investors should be mindful in the next, say, one or two years. In addition to that, when we expand our footprint from a smart vehicle to humanoid robot, anything we can leverage regarding R&D, production and also supply chain. Thank you. 对，谢谢Nick。我觉得首先纠正您的问题，里面有一部分的内容，我们并没有说在今年四月份的一个milestone，我们是说在今年下半年的年底。您的问题特别大，我觉得首先回到一个问题，去年有很多的企业家和供应链的合作伙伴都问我们同样一个问题，他说到底机器人的供应链是消规的、工规的，还是车规的？我们认为它最起码是车规级，例如一台车只有一个引擎，如果你引擎坏了，那你绝对是A级事故。但是一个机器人有七十到八十个关节，好多关节的损坏，好多信号的丢失都可能是严重的安全问题，如果从汽车的角度来看。所以我们在去年年初开始用汽车的方式正向研发，来进行供应链的定点，来进行准备生产制造。所以整体的逻辑你会看到小鹏是一个非常理性的机器人，是用一个车在进行正向，从关节到电池包，从芯片到机膜，从数据到整个的脑干、小脑、大脑的训练，我觉得是会有非常多的不同。我认为，所以换一个角度，我们认为我们是用一台比Robotaxi可能还要难十倍以上的方式去期望做到机器人的有质量的量产。今年年底的目标是上千台。那么未来的汽车都会是机器人的公司。但是机器人跟汽车的一个很大的不同是，机器人在软件上所产生的价值一开始就起码是50%，而汽车可能最开始只有10%、15%，会逐步放大。我觉得汽车跟机器人是同源的，所以无论在研发、量产、供应链、品质，还是在产、供、销、服务全球化上，我相信都会有很多类似性。而小鹏跟很多的汽车公司不一样，因为我们全栈自研，跨域融合，我们在机器人里面也是完全一样的逻辑。我们从手的关节到脚到身体，我们基本上全部都会研发，或者是自研或者联合研发。所以我相信这些是相比其他机器人公司跟汽车公司不一样的差异。谢谢。 First of all, thank you for your question and I would like to clarify something. We didn't mention April, but very much in a H2 of this year. Just want to clarify that from your question. Again, you know, what you ask is very, very big and I'll try to address it. First of all, last year a lot of supply chain partners and also a lot of company asked us the same question about robot supply chain or humanoid robot supply chain and whether or not it should be car grade. We believe that car grade is the minimum requirement, because obviously cars, they typically have one engine, and if the engine breaks down, it already causes A class accidents. When you look at humanoid robots, they have at least 70-80 joints, and any kind of damage to those joints will cause information loss or signal loss. It will cause very, very serious accidents and will compromise our safety. We need to look at humanoid robots from at least a car grade level of standards. Since beginning of last year, we already started the development of our humanoid robot adopting car grade standards as well in preparation for its manufacture. Overall, you can see that XPeng is a very unique robotic company in that sense, because we are adopting the same kind of high level. A rigorous of developing a vehicle and developing our humanoid robots. You can actually see that we do a lot of in-house development, covering not only the joints but also the torso and other parts of the body, from the SoC to the foundational model, from data to all the training of the brain and cerebellum, et cetera. We are very unique in that sense. I believe that we are actually using a very, very challenging way or a very new methodology, which can be 10x harder than developing Robotaxi, in doing our humanoid robots to achieve the highest quality mass production. By end of the year, our target of production is at least 1,000 units. I think future vehicle companies will also be robotic companies. However, one of the biggest difference between humanoid robots and vehicles is that, robots actually generate a lot of value from the software, and it can start at 50% already, since day one, and cars may start low, you know, with only 10%, 15%, it will take them some time to actually ramp up in the value creation. But I believe that they actually come from the same logic and also share the same origin. Whether when it comes to, you know, R&D, mass production, supply chain management, quality, et cetera, and also the global, you know, management, globalization management, the supply chain sales, and marketing services, et cetera, there is going to be a lot of similarity between car and robotic development. That sets us apart from our competition because we have always been doing things in-house with full stack technology and also cross-domain integration. Fundamentally, you know, we use the same kind of logic as well. We, when we develop our robots from the, I would say elbows, the hands to legs to feet, you know, we do everything in-house, or at least we do joint development, which again set us apart from other car companies or robot companies. Thank you. 好的，谢谢小鹏总，非常清楚。我接着再跟进的问题也是有关机器人的部分，也是大部分客户比较关心的，就是未来机器人的成本跟售价，我们该怎么思考这个问题，包含刚刚提到说在年底之后开始量产，这个成本的下降我们应该有什么样的指引。那另外在机器人这个在量产之后对外销售的这个场景跟一些指引。My second question is also related to humanoid robot, regarding the cost and the selling price, and how should we expect the cost reduction after mass production from year end? Also, should we expect any external sales after mass production from year end? Thank you. 对，这是一个非常好的问题。我觉得机器人的成本逻辑跟汽车的成本逻辑是不一样的。因为机器人的成本我觉得有三个成本，第一个是硬件成本，第二个是研发成本，第三个是运营成本。那么我觉得硬件成本可能跟汽车接近，但是研发的成本里面跟AI相关的研发成本会远高过汽车，特别是在过去汽车习惯跟Tier 1合作，可以把别人的软件跟硬件解决方案拿过来，那是在规则时代。但是在AI时代里面，同样的规则拿过来，它是同样的AI，它不是一个规则，它不能这样直接拿过来。那么第三个就是运营成本，因为你会不断地有新的数据重新进行训练，然后一个机器人里面有通用跟专有，比如什么叫通用？一个正常的人，如果你读过大学，你有通用能力，但是对不起，如果你去写程序，或者你去做投资，或者你去做医生，他是不同的专业性。所以人形机器人里面的通用跟专用上又有很多的运营的成本。所以我实际上是认为规模的量产的人形机器人会让硬件的成本不断地下降，但是软件跟运营的成本会持续地提高。那么对机器人量产有什么应用场景？我们跟绝大部分公司也不一样，我们首先不是面向科研市场，我们最开始是希望进入商业，再进入工业，然后再进入家庭。这三个场景取决于我们对于技术能力的变化。进入商业需要很安全，需要整个的运动能力，全身的运动能力是最好的。我相信这个能力我们现在目前是行业的绝对的第一。进入工业需要很好的操控能力，我们相信我们第二步会实现。那进入家庭我相信是一个更困难的能力，这是我们的第三步。所以我们会按照这样的逻辑，逐步从商业进入工业再到家庭。谢谢。 This is a very good question, and I think when it comes to, you know, thinking about the cost structure for humanoid robots, first of all, it's very different from what we've seen in cars. There are three major cost items for a humanoid robot. First of all, you have the hardware cost, and then the R&D cost, lastly, you have the operational cost. Hardware cost of a robot is very similar to a car, you know, but when it comes to R&D costs, you know, AI related R&D costs will be way higher than that of a vehicle, especially in the past, cars used to partner with Tier 1 suppliers, when they can actually do the rule-based system and they can just borrow other people's already very established software and hardware solution. But that was in the past. In the AI era day and age, you know, you cannot do it the way that it was for especially humanoid robots' development. When it comes to operational costs, it's a completely different world as well because there's different data for different scenarios. When you apply it and deploy it in a new scenario, you need to retrain the AI and the robots as well. There are two types of humanoid robots. You have the general purpose; you have the specialized purpose robots as well. What we mean by general purpose, basically, if you've attended college, you know that you first would take some general- purpose courses that allow you to have some, you know, transferable skills and general knowledge. However, if you want to specialize in investment, for example, or in a medical practice, that will require a lot of special training, right? It's the same for humanoid robots. I believe that when it comes to mass production, you know, mass production will allow us to continue to drive down the BOM costs for humanoid robot. However, software and operational costs will continue to improve depending on what model and also what application scenarios that we're talking about. We are different from a lot of the other companies out there because we do not target academia. We actually target actual deployment and commercialization. We will first go into the commercial scenario, you know, before going to industrial and lastly, household. Commercial application actually requires a lot of motion control, especially for the full body control, which is something that we're really good at and leading the industry. Industrial application will focus more on the hand movement and the agility of both hands, which we are working towards. Household will be the most challenging scenario to actually deploy human robots in. We'll gradually move towards commercialization from commercial to industrial and to household. Thank you. Thank you. Your next question comes from Tina Hou from Goldman Sachs. Please go ahead. Thank you for taking my question, and congrats on a strong set of results. My first question is regarding our overseas expansion. Wondering which will be the key markets for us to achieve the 100% volume growth in overseas this year? And also looking at 2027 and 2028, what kind of products or technology are we going to introduce in order to drive further expansion overseas? And then also related to that, when will we start to launch our Kunpeng Super Hybrid platform models in the overseas market? Thank you. Hey, Tina. It's Brian. Let me address your question. In terms of key markets, obviously, we start our global journey in Europe and now Europe, pan-European market, I would say, represents our largest regional market. Approximately 50% of our overseas volume is in Europe. We actually saw our premium positioned EVs in a number of countries, especially in northern countries, have a leading position in there, you know, categories. Also, we saw very encouraging growth in large markets like Germany, France and Great Britain. I think, obviously Europe will represent a key focus for us. After Europe, Southeast Asia last year also represent a large important growth market for us. We saw very exciting growth for Thailand, for Indonesia, for Malaysia, and we continue to see that market become a very key growth point for our business. Outside of these two large markets, additional emerging markets like Middle East, like Central Asia, like Latin America, also has great growth potential. We actually have established operations last year. We see continued penetration will lead to also good growth prospects in those emerging markets. How do we really accelerate that development? I think there's actually a number of factors contributing to our growth prospects. First of all, as you mentioned, is actually we are launching more products that covers wider market segments for these international markets. As we mentioned earlier, this year, we intend to launch four new products. All four of them actually are global products. All four of them actually complement our current market segments, either on the lower end or the high end. And also has formats that's actually, I would say, very, very attractive and potentially are useful for international markets as well. Also, as you just alluded to, this year, we also intend to launch our extended range product line, by the end of this year to select markets. I think that will also help us cover some of the international countries where charging facilities as well as driving distances have been a big enough, you know, I would say blocker for EV penetration. I think that's one of the areas that we are focused on supporting the global growth. On top of it, we also have been stepping up our localization efforts. For example, last year, in our key markets in Europe, in Southeast Asia, we have started local production for some of our products, and I think that will definitely be a very important part of our growth strategy by providing more attractive products, better service closer to the customers with local production facilities and supply chain associated with that. We also intend to launch our smart driving technologies along with obviously the expected DCAS regulation in place by the end of the year. Hopefully, by early next year, our autonomous driving VLA 2.0 system can be utilized in international markets such as Europe and select markets in Southeast Asia as well. On top of it, I think that there's other things we have to do as a company in organizational structure development, talent recruitment, brand building and marketing, as well as we actually are starting to roll out our proprietary charging facilities in select countries as well. All those efforts are intended to increase our competitiveness in international markets and elevate, expand brand awareness and positioning. We have a very exciting prospect in the next, I would say three to four years. We anticipate the global overseas market will represent much faster market growth compared to our overall growth rates, as well as becoming a core profit center for our business. 好的，感谢，期待小鹏在海外市场的表现。我第二个问题是跟咱们的AI算力相关的。刚才小鹏总也提到我们这个2026年会把跟物理AI相关的这个研发投入上涨到70亿元。想要问一下我们在目前，到目前为止以及接下来的几年，我们计划这个算力规模大概需要多大，然后是不是所有的算力的这个投资都是在研发里面，还是说有一部分会划分到CapEx里边。我翻译一下。Uh, my second question is regarding our AI investment and then overall computing power. Mr. He Xiaopeng mentioned that this year the physical AI investment will increase to CNY 7 billion. Wondering what is our compute power right now and also the plan for the next few years and whether these investments are all recorded in R&D or some of it will be also allocated to capital expenses. Thank you. 因为这一个问题涉及到长期的一些投入，我只能相对框架性地回答您这一个。在未来的数年里面，我相信我们在汽车上的研发会稳定，会逐步地收敛，那么在AI上的投入会逐步地向上，但是会越来越有效能，我觉得之后的增长的比例会比最近两年都会要小。我们在AI领域的投入包括了现在的自动驾驶、智能座舱，包括了我们的芯片、Robotaxi、人形机器人等多个能力。那么我唯一觉得将来有可能放大更多投入在人形机器人，如果人形机器人在商业量产之后，会进一步去放大。我们所有的这些投入都是一次性作为研发，没有作为资本开支。谢谢。 Thank you for your question. Since this involves long-term investment, I can only provide a relatively, you know, general response to your question. In the coming years, I believe that R&D in the automotive sector of our business will continue to converge, and we will gradually stabilize that. Investment in AI will gradually increase and will trend upwards because of our conviction in AI development. However, the R&D spending will become more efficient. In the subsequent years, the growth rate of our AI R&D investment will, you know, not be as significant or aggressive as previous years. Also, our major investment will include autonomous driving, smart cockpit and also Robotaxi and humanoid robot, you know, among multiple categories and capabilities. In the future, after mass production of humanoid robot begin to launch, you know, we also see greater investment in humanoid robot as well. All of those investments will be booked as R&D expenses and not CapEx. 好的，谢谢小鹏总。 觉得关于算力规模的问题。对，好。 不好意思，您继续。 好，抱歉。我觉得关于算力规模的事情，今天没有人可以在物理AI领域给出一个清晰面向长时间的一个判断。我们现在是数万卡的规模，我相信一定要到达十万卡的规模。在物理AI的世界的数据量，大概我认为汽车是数字AI的一千倍，而机器人大概是汽车的一千倍。那么我们将来会用新的方法来解决物理AI的算力的问题。我认为算力是一个长期，算力跟电力都是一个长期要解决的一个大问题，但是我觉得我们有方法，在以后会跟大家分享，谢谢。 Regarding the second part of your question, I think nobody nowadays can pinpoint exactly, you know, what is the compute power, you know, kind of requirements in the long term for physical AI. Right now, we have dozens of thousands or so GPUs. In the future, I think we need to at least reach 100,000 units, you know, for computing power accumulation for physical AI basic training purposes, at least that number. I believe that training computing power requirement is going to be a thousand times for digital, you know, over digital AI and humanoid robot or robotics training will be one thousand times of that of vehicles' computing power requirements or standards. In the future, definitely I believe new methodology will be used to solve the computing power issue or shortage or for physical AI and also the infrastructure including power generation as well. Those will be long-term challenge for physical AI. However, we believe that we're going to figure something out to address that in the long term. Thank you. Thank you. Your next question comes from Ming Lee from Bank of America. Please go ahead. 小鹏总您好，我是美林证券的Ming，那我这边就两个问题。第一个问题呢，是关于我们现在Robotaxi目前的研发测试的进展进度如何，然后今年有哪些重要的里程碑节点，包括这个有安全员载客、无安全员载客的运营目标，预计在什么时候跑通？可以用英文翻译一下。So what is our current progress of Robotaxi testing? What do you expect, the important milestone and the timing, for our Robotaxi business, with safety driver and without safety driver, in operation? 对，谢谢。刚刚我已经回答过，我说我们认为大概在一到三年后会进入到软件层的完全自动驾驶的能力的到达，包括中国，包括全球。那么我们在硬件的有关Robotaxi的进展也现在非常的顺利，我们正在去解决政策的问题，因为政策里面需要step by step地去进行，从测试牌照，从有安全员到无安全员的过程，我们也需要在Robotaxi的一些全球化的运营上，去做一些额外的少量的研发。我相信今年的下半年我们会展开有安全员的载客，我们在明年年初我们希望能够无安全员，并且在更后面我们会开放我们的整个的体系，让更多的来自于中国、来自全球的合作伙伴，用我们的平台，用我们的技术和产品，能够去提供各个地方不同的无人驾驶的相关运营。谢谢。 Thank you. I think I've already touched upon that question. We believe that a fully autonomous driving capability on the software side will actually arrive in about one to three years' time, not only in China but also around the world. Our hardware development regarding that has been moving and progressing smoothly. Right now, what is left is to address the regulatory requirements, and I think it will take time to do it step by step, you know, to obtain the testing license and also to move from having a safety driver on board to going without a safety driver on board. We are also doing some, you know, extra R&D for Robotaxi global operation as well. I believe that by H2 of this year, we should be able to do some test drive with a safety driver on board. By beginning of next year, hopefully, we can do without the safety driver on board. In the future, we're going to open the whole system, you know, to cover not only China but also around the world, partnering with reliable operational partners around the world, using our platform, our technology, and also our products so that we can provide this Robotaxi capability or autonomous driving capability for users around the world. Thank you. 谢谢。那我第二个问题呢，是对于这个Robotaxi业务的未来我们预计的这个规模拓展的策略，怎么看？然后还有我们，小鹏汽车，之后会有哪一些车型，计划进入这个Robotaxi的业务。我翻译一下。So, what do we expect the scale or car fleet number of our Robotaxi business in the future? And which models will provide the Robotaxi service? 我认为Robotaxi将来的拓展，我觉得最主要看根据社会的接受度和政策的允许度。我认为在未来的两年到也许三四年里面，会在部分的国家跟区域优先，然后快速的成长。我觉得未来什么样的车型会开启Robotaxi业务，我觉得这个问题也许再过两到三年，我们会来思考到底是以车来驱动Robotaxi呢，还是以Robo来驱动RoboX的业务。我觉得让子弹再飞一下，我觉得大家会看到更清晰的结果。谢谢。 Regarding this question, I think the expansion or the actual deployment of Robotaxi services depends on the regulatory development. I think in the future all parts of this ecosystem need to quickly develop. Whether and what kind of vehicles or what kind of model will support Robotaxi? I think in the couple of years there will be a lot of thinking and exploration. I think fundamentally we need to really figure out whether or not, you know, Robotaxi should be driven by cars or should be driven by robots. I think in some time, you know, from now, people will actually see a clearer with very clear results or answer to that. Thank you. Thank you, He Xiaopeng. That's all my question. Thank you. As there are no further questions now, I would like to turn the call back over to the company for any closing remarks. 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. This concludes today's conference call. You may now disconnect your line. Thank you.