A：The key financial and operational results for the new conference call include a 126% increase in全年交付量 to 429,445 units, with milestones such as m03 becoming the top-selling pure electric轿车并在10万至15万级别，以及PG加在15至20万级别纯电轿车的销量领先。此外，实现了毛利率18.9%，全年自由现金流接近50亿元，现金储备477亿元，并首次达成季度性盈利，净利润超过3.8亿元。

A：The projected growth and financial outlook for the company include an expectation of high-scale expansion, with a focus on further improving operational capabilities. It aims to achieve robust financial support for continued investment in AI through the provision of substantial resources, as indicated by the positive trends in its financial metrics and profitability milestones.

A：The company plans to scale its product line by introducing four new models that span from large to compact vehicles, all featuring dual-functionality and support for advanced自动驾驶 capabilities. Among these, the first flagship, a six-seater SUV named Xingyu (小童GX)， is set to be launched in the second quarter, offering a unique balance of MPV-like comfort and premium features.

A：The strategies for expanding into international markets and increasing the company's global presence include building a more solid foundation for global production and delivery, focusing on global coordination in supply chain, manufacturing, logistics, and customer service. The company aims for a significant increase in海外销量, with a target of doubling its international business revenue contribution and growing its network to 680 stores by the end of the year. It also plans to introduce its smart charging network to more than ten key international markets, offering a leading ultra-fast charging experience to overseas users.

A：The company has made significant advancements in its autonomous driving technology, including a complete to reconstruct of the technology architecture, research and development paradigm and organizational structure to realize the leap from L2 to L4 full automatic driving. The introduction of the second-generation VI model marks an important step in the goal of full delivery to users. Its excellent performance and wide range of application scenarios have clearly separated the distance from industry competitors, and it is expected that advanced autonomous driving functions will be popularized from the niche to the mainstream market.

A：We plan to increase the number of parameters of the car-end model from billions to more than 20 billion this year, and by using more high-quality data for generalization training, we expect to increase the average takeover mileage by 25 times compared to the industry, and the safe mileage by 50 times. At this rate of progress, fully autonomous driving is expected to arrive within the next 1-3 years.

A：The robot taxi model equipped with the second-generation VI model has obtained the Guangzhou Intelligent Network Vehicle Road Test License and is undergoing a normalized L4 public road test. In the second half of this year, we will start the demonstration operation of robot taxi and start the road test of data v in overseas markets.

A：Xiaopeng's self-developed Turing chip has three times the effective efficiency of Youshang, and has actually achieved a ten-fold improvement. Since the research chip was mass produced in the third quarter of last year, the cumulative shipment has exceeded 200000 pieces. Starting from the second quarter of this year, all full-line models will be switched to self-developed Turing chips, with a shipment target of about 1 million chips for the whole year, which is expected to become the first chip shipment in China's big computing end-testing AI.

A：Recently, Xiaopeng completed a key organizational upgrade, merging the automatic driving center and the intelligent cockpit center to form a general intelligence center, which is responsible for the overall development of the car. This time is not only an architectural adjustment, but also an upgrade of the R & D paradigm, which makes decision interaction, motion control and other shared basic models, and greatly improves R & D efficiency and effectiveness.

A：Tucki has run through the complete AI link from end-side computing power and cloud computing power to data compilation, quantitative deployment, simulation testing and grayscale deployment. The underlying models of the physical world are rapidly evolving and will be applied to vehicles, robots, and more. By the end of this year, Xiaopeng plans to mass-produce Adam, a robot with three self-developed Turing chips, with far more end-side computing power than all robots in the industry, and is expected to achieve cross-generational leadership in motion control and intelligence.

A：Xiaopeng's robots will focus on the three major scenes of business, industry and family. This year, we will first support landing services such as store parks in China and overseas, and conduct commercial applications such as shopping guides. At the same time, Xiaopeng started the construction of energy grass-roots mass production base in Guangzhou, with the goal of producing thousands of units by the end of the year. It is expected to become one of the largest and most valuable high-end energy fund companies in the world with the advantage of high-quality large-scale mass production.

A：Xiaopeng will continue to firmly invest in the research and development of physical AI technology in the future. In 2025, it plans to invest 9.5 billion yuan in research and development, of which 4.5 billion yuan will be invested in AI. Xiaopeng has set up an industry-leading physical and AI integration self-research full stack system, and believes that the technical integration and commercial performance of the physical AI will begin to accelerate in 2026, the application market space is broad, will create new business models and network effects, Xiaopeng will be committed to becoming the global leader in physical AI intelligence.

A：The company expects quarterly sales to continuously trend upward and achieve zero retail growth in the second half of the year, significantly outpacing the industry. They are on the cusp of large-scale mass production for physical AI agents.

A：Year-over-year and quarter-over-quarter, total revenues experienced an increase of 38.2% and 9.2% respectively. Revenues from vehicle sales grew by 30% year over year and 5.6% quarter over quarter. Revenues from services and others saw a year over year increase of 121.9% and a quarter over quarter increase of 36.7%.

A：The financial results presented for the fourth quarter of 2025 show total revenues of $22.25 billion, an increase of 38.2% year over year and 9.2% quarter over quarter. Revenues from vehicle sales were $19.7 billion, up 30% year over year and 5.6% quarter over quarter. Revenues from services and others were $3.18 billion, up 121.9% year over year and 36.7% quarter over quarter.

A：The year-over-year and quarter-over-quarter revenue growth from services and others were primarily driven by increased revenues from technical RMB services rendered to the post-sales group due to the successful achievement of certain key milestones, parts and accessory sales in line with higher accumulated vehicle sales, and carbon credit trading.

A：The gross margin for the fourth quarter of 2025 was 21.3%, compared to 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025. The vehicle margin was 13.0% for the fourth quarter of 2025, compared to 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025.

A：R&D expenses were $2.87 billion for the fourth quarter of 2025, representing a 43.2% year over year increase and an 18.3% quarter over quarter increase. 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. S&A expenses were $2.79 billion for the fourth quarter of 2025, a 22.7% year over year and 12% quarter over quarter increase, primarily due to higher commissions to franchise stores related to sales volume and the launch of new models, and higher marketing and advertising expenses.

A：The vision for autonomous driving in the future is for it to become increasingly AI agent-oriented. The company believes that the sophistication of robot systems and the four levels of autonomous driving are closely aligned with navigation, and these will continue to evolve. It is anticipated that autonomous driving will become a core component of daily life, potentially reaching 100% usage.

A：The new V2.0 is expected to have significant impacts on sales conversion and user retention. In the quarter following its release, the company observed a doubling of the trial drive rate and a more than one倍 increase in sales占比 for the G and P versions. They expect even higher sales volume and a further increase in conversion rates when the full B, L, A 2 is launched to the market. The improvements in the autonomous driving experience are anticipated to lead to a higher average selling price of vehicles.

A：Post-OA 2.0 deployment, the company's priority will be to address safety issues and短板. However, with the changes in the launch of the second-generation OA, the company is expected to allocate more time to enhancing overall strengths and global deployment.

A：The company has initiated second-generation OA-related research and development test preparations and plans to roll out the second generation of OA in different regions from late 2022 to 2023.The company has not provided specific details on the monetization of the overseas deployment of the software. However, they are focusing on the deployment of the second generation of OA globally, which could potentially lead to monetization opportunities.

A：The advantages of VNA overseas are mainly reflected in two aspects. First of all, VNA has good generalization ability. In the test of multiple markets, it is found that VIA alone can achieve very good results without any overseas data. Secondly, VNA is superior to rival FSD in the ability of small road game, especially in Europe and Southeast. Based on these advantages, we believe that VNA can provide high-quality and high-safety autonomous driving solutions overseas more quickly and at lower cost. At present, the hardware is ready and plans to explore commercial charging opportunities for overseas self-driving software in the second half of this year.

A：First of all, we did not mention that there are relevant milestones at the April auto show, but we expect to start large-scale testing at the end of this year and gradually launch the second-generation test version. Regarding the robotics business, from smart cars to humanoid robots, we use automotive-level supply chain standards for forward research and development and fixed-point to ensure production and manufacturing. Xiaopeng Auto uses full stack self-research and cross-domain fusion, from joints to battery packs, from chips to basement membranes, to data training, with unique research and development logic and extensive coverage of technology development. The goal at the end of this year is to produce thousands of robots, and unlike cars, robots account for at least 50% of the value generated by software, which requires us to have global management capabilities in R & D, mass production, supply chain quality and production, supply and marketing service system. Compared with other robot companies and automobile companies, Xiaopeng automobile has shown significant competitive advantage in the process of robot research and development due to full stack self-research and cross-field integration.

A：The cost logic of the robot is different from the traditional car cost logic. Hardware costs may be close to automotive levels, but AI-related research and development costs are much higher than in traditional cars. Unlike in the past, cars can obtain mature software and hardware solutions through cooperation, AI era requires independent research and development of AI systems adapted to specific scenarios, and can not directly follow the off-the-shelf solutions. In addition, operating costs will continue to rise due to continuous data training, and there are differences in operating costs between general-purpose and professional robots. For mass production applications, Xiaopeng's strategy is to start from the commercial market with a high degree of safety and full-body movement. Then enter the industrial market and emphasize the ability to guard. Finally, gradually move towards the family scene and realize more complex functions. As technology advances, mass production will help reduce hardware costs, while software and operating costs will continue to grow.

A：The company's strategy for deploying robots is to first focus on commercial scenarios, then move to industrial applications, and finally tackle the challenging household deployment scenario, gradually moving from commercial to industrial and then to household.

A：The company's key markets for overseas sales growth in 2022 included Europe, Southeast Asia, with significant growth in countries like Thailand, Indonesia, and Malaysia. Additionally, emerging markets like the Middle East, Central Asia, and Latin America were identified as having great growth potential.

A：The company plans to launch four new global products that complement their current market segments and a new extended range pilot line by the end of the year. They are focusing on local production in key markets, launching smart driving technologies, and are also developing organizational structure, talent recruitment, brand building, and marketing strategies. Proprietary charging facilities are being rolled out in select countries to support global growth.

A：The company's AI investment strategy involves increasing投入 to 70 billion RMB by 2026, with a focus on more efficient spending. The company's AI investments include areas such as自动驾驶,智能座舱, and芯片 integration. For the future of physical AI, the company believes in new methodologies to solve the challenges of physical AI, including computing power and electricity, and anticipates sharing more on this in the coming years.

A：For the robot taxi business, the current milestones include progressing towards software layer full autonomy and successfully completing hardware development for local taxi applications. The future milestones involve obtaining testing licenses, addressing policy requirements, and expanding into global operations. The company expects to start with safety driver-assisted operations in the second half of this year, moving to no safety driver operations by next year, and eventually opening up the platform for partnership with global companies to provide diverse无人驾驶 operations.

A：The company's strategy for scaling its robot business involves assessing societal acceptance and regulatory environments. Future vehicle models that will integrate into the robot taxi business are yet to be specified but will be considered in the next two to three years. The company is contemplating whether vehicle models will drive the robot taxi business or vice versa, with the understanding that clarity will come with time and further testing.