A：In 2025, the company had the top rank among all EV startups in China for vehicle cells. Their total delivery reached 596,905 units, up by 103%, making it the only startup with monthly sales exceeding 70,000. The company also topped all BUV startups in terms of exports with more than 100,000 units exported. In 2025, the company managed to break even and be profitable with a net profit of 540 million RMB. The company's gross profit margin (GP margin) was 14.5%, 6.1% higher than in 2024, and the quarterly record for the GP margin was 15%.

A：In 2025, the company's total cash balance increased to 37.8 billion RMB, up by 13.2 billion RMB, or 50.9%. The revenue exceeded 64 billion RMB, up by 101.1%. The yearly gross profit margin (GP margin) was 14.5%, up by 6.1 percentage points from 8.4% in 2024. The company also became profitable, achieving a quarterly gross profit margin (GP margin based on equity assets) increase of 3.4 billion RMB and a cash flow from operations of over 12 billion RMB, up by 4.15 billion RMB versus 2024. The company's own cash flow was 7.8 billion RMB, up by 1.5 billion RMB versus 2024. The company's cash and cash equivalence ended at 73.788 billion RMB, up by 1.4 billion RMB versus 2024.

A：For the year 2025, the company's total delivery exceeded 1.2 million units, marking a significant improvement from the previous year. The company's sales volume doubled for two consecutive years, and it was the only EV startup in China to achieve this feat by December 31st. In terms of specific models, the C11 achieved a net recommendation rate at the top in its category, and by February, the B series approached a total sales volume of 200,000 units. The Lava 5 model, launched three months prior, saw a sales volume of over 20,000 units after three months on the market. The B10, launched in July, exceeded 10,000 sales units in just 11 months. New models such as the B2, B3, and the D99 were launched, expanding the company's product range and customer options.

A：In 2025, the company launched several new models including the B10 on April 10th, the B5 on July 24th, and the Lapa 5 on November 27th. The B10 is based on the Leaf 3.5 architecture and features the latest Qualcomm AI chips and smart cockpit chips with OS 4.0, creating a new benchmark in its segment and winning 18 awards after one month on the market. The Lapa 5, positioned as a high-end sports coupe for metropolitan youth, has also received numerous awards including the China Association of Automotive Research and Development. The company's D platform was launched on October 16th, providing a new flagship model with significant technology breakthroughs, authenticity of design, and safety features, becoming a new benchmark for the 300,000 price range. The MPV99, launched on December 28th, is another luxury model demonstrating the strength of the D99 platform, offering comfort, smart technology, battery technology, and luxury experience.

A：The company's vision for the electric drive and battery business in 2025 focused on sustainability and high-quality development. Battery trace integration developed ahead of schedule and received official recognition. The company utilized fast charging and solid-phase battery technology as well as lightweight technologies, maintaining its position as an industry leader. Additionally, the electric drive technology made three significant breakthroughs: torque-veteran G technologies tested successfully in extreme cold conditions, the introduction of the first new-generation hybrid electric drive system, and the validation phase for the fully hybrid transmission technology. These achievements pave the way for the company to become an industry leader in electric drive technology.

A：Service and other income is a split of $2.72 billion, with the main subjects including judgment income from overseas sales in 2025, investment in trial rights with partners on cooperative projects, and export-related maritime premium income. Regarding the issue of continuity, the overall revenue related to overseas business, with the substantial increase in overseas sales this year, especially in Europe, will also receive a corresponding year-on-year increase in this part of business revenue. Although the single unit revenue this year is lower than that in 2025, as the overall sales volume will increase more, we believe that the revenue of the service and other sectors will continue to grow in 2025. In addition, with regard to the status of royalty income, the company mentioned in the report that the cooperation project with Solantes Group has entered the stage of in-depth key negotiations, and the two sides have the intention to cooperate on a number of projects. and with the domestic partner FAW Group cooperation has also achieved initial results. Both domestic and international partners, expect further good news this year, which will have a sustained positive impact on overall revenue.

A：The company's full-year sales target is 1 million vehicles, including 12-150000 overseas. From the company's point of view, it is expected that China's urban market in 2026 will not fluctuate significantly compared with 2025, and the overall new energy penetration rate will continue to rise. Therefore, we are optimistic and not pessimistic about the overall development and trend of the domestic market in 2022. Although demand was relatively low in December, we believe that this is only an adjustment in the time structure of demand, which will continue to release demand in subsequent months. Therefore, we are confident of achieving our annual sales target.

A：At present, the South American market is our focus. We will focus on the eight-phase standard and gradually enter the markets of South American countries including Brazil, Argentina, and Chile. Among them, Brazil, as the largest market in South America, is the key to the north-south layout. In South America, we have launched 3D models and plan to introduce more models, and we are also carrying out transformation and communication work to adapt to the local market.

A：The A16 model will go on sale on March 26. The D19 model is expected to go on sale in mid-to-late April. The A05 and D99 models will go on sale in about half a year, that is, from late June to early July. Regarding the innovation of scenario-based products, this involves the direction of the company's next new products. It is still in a highly confidential state, and it is inconvenient to conduct detailed exchanges.

A：From the company's point of view, we have given guidance on 5 billion net profit for the full year 2025, and this year's goal is to achieve 5 billion net profit, OK.

A：In the field of intelligence, especially stents, we have increased investment this year, including talents, technology, funds, etc., and plan to make the stent technology recognized by everyone before the end of the year and reach the first echelon level of the industry. Regarding whether to introduce partners, volume domain self-research is our strategic direction and will not change. At the same time, there are also business exchanges with partners, but this does not affect the global self-research project of Zhijia.

A：In terms of overseas profitability this year, the company has been investing in the first 3-4 years of overseas markets to support the rapid development of Zero Run International and increase its global market share. For the problem of accelerating the growth of new energy vehicles in Europe, it depends on changes in the international environment, especially the impact of events such as the conflict between Russia and Ukraine on oil and gas supply. If the conflict continues to worsen, it may further promote the growth of new energy in Europe. In addition, sales of models in the European market performed well and were recognized by consumers. In terms of research and development costs, the research and development costs in 2025 will be significantly increased from 2022. With the continuous investment of new technologies, new brands, new models and the increase of research and development talents, the research and development capabilities will be significantly enhanced.

A：Regarding the export of parts and components, in terms of overall progress, although there will be substantial sales and revenue in 2026, the scale will not be particularly large this year, and the overall export revenue is expected to be within 1 billion. A massive revenue explosion is expected in 2027. As for flying points revenue in the fourth quarter of 2025, it is probably at the 1 billion level.

A：Regarding terminal inventory, starting from December 2025, we began to reduce terminal inventory in a planned way and achieved 596500 sales in 2025. Due to the forecast that the overall environment may be poor in the first quarter of 2026, we have taken measures to reduce dealer inventory in advance. At present, based on sales in the past eight weeks or so, the overall inventory level is between 1.5 months and 2 months. For March and April sales forecasts, we are dynamically adjusting dealer inventory to ensure that it remains at a healthy inventory level. We attach great importance to the impact of dealer inventory on the overall sales volume and are committed to controlling it within a reasonable range.

A：We hope that on the basis of last year, there will be an increase in 2025, and it is expected to reach 600000 vehicles, including 40000 new models, but the specific proportion is a rough estimate. In the annual budget, we will make a corresponding detailed evaluation of the sales volume of each model.

A：We expect the first cooperative model in the region to be mass-produced in the third quarter of this year, mainly responsible for the research and development and manufacturing of the model. Since the model is an overseas model, Liu Hao is responsible for the overall manufacturing. Regarding the revenue that this model can bring, the specific amount will depend on the overall sales of the model. Although mass production is expected around September, due to the existence of overseas sales cycle, the overseas listing time of models has been delayed to the end of 2026, so the impact on the operating performance of the year is limited.