業績會第一現場

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小鵬集團2026Q2業績直播

【AI 要點總結】

財務表現

- 第二季度總收入197.4億元人民幣，同比增長8%，環比增長51.5%

- 汽車銷售收入170.5億元人民幣，同比增長1%，環比增長55%

- 服務及其他收入27億元人民幣，同比增長93.9%，環比增長32.6%

- 毛利率20.7%，去年同期17.3%，上季度20.6%

業務進展

- 小鵬機器人業務完成首輪融資，融資金額超過9億美元，投後估值超過63億美元

- 第二季度汽車交付量103,295台，環比增長65%

- 海外銷量首次突破2萬台，同比增長81%，海外業務營收佔比突破25%

- 搭載VLA的robotaxi在廣州完成超過2,000次內測訂單

下一季度業績指引

- 第三季度預計交付量約11.5萬台至12.1萬台，環比增長11.3%至17.1%

- 第三季度預計收入約217億元至234億元人民幣，環比增長9.9%至18.5%

- 預計四季度實現單月銷量突破6萬台

- 機器人業務計劃2026年底進入規模量產階段，2027年正式上市

機會

- 產品創新：高階通用人形機器人Ion具有76個自由度，搭載三顆圖靈AI芯片

- 市場擴張：海外業務快速增長，平均售價超過4萬歐元

- 戰略合作：與IDG資本、高瓴創投、騰訊、阿里等頂尖投資機構合作

- 運營效率：85%以上供應鏈合作企業與汽車業務重合，實現協同效應

風險

- 運營中斷：極端天氣和供應鏈影響產能爬坡節奏，影響交付速度

- 市場競爭：機器人技術門檻極高，需要在多個方面都具備獨一無二的能力

- 經濟波動：面對行業性整體成本上升壓力

【AI 會議實錄】

Operator

Hello ladies and gentlemen. Thank you for standing by for the Second Quarter 2026 Earnings Conference Call for X Pun 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 C, Head of Capital Markets of the company. Please go ahead, Alex.

Alex C

Thank you. Hello, everyone and welcome to Expo second quarter 2026 earnings conference call. Our financial and operating results were issued by our news file services early today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.shahom.com.

Participants of today's call from our management team will include Co founder, Chairman and CEO, Mr. Hershel Peng, live Chairman and President, Doctor Brian Group, Vice President of Finance and Accounting, Mr. James Wu and myself. Management will begin with prepared remarks and the call will conclude with a QA session. A webcast replay of this conference call will be available on the IRS section of our website.

Before we continue, note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risk and uncertainties. As such, the company's results may be materially different from the views expected today.

Further information regarding these and other risks and uncertainties is included in the relevant public filings of the Company as filed with the US Securities and Exchange Commission. The Company does not assume any obligation to update any forward-looking statements except as required under applicable law.

Also note that Expo's earnings press release and this conference call includes the social unauthited GAAP financial measures as well as unauthited non GAAP financial measures. Next post 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. Hershoppang.

Hershel Peng

大家好，很高興與各位股東投資者分享，我們在剛剛宣佈了小鵬集團旗下的人形機器人業務的首輪融資。那麼小鵬機器人的業務將會以超過63億美元的頭後估值獲得超過九億美元的融資，這次刷新中國人形機器人行業的私募的融資記錄。

本輪融資是由全球頂尖的投資機構主動發起，其中包括了IDG 領投高龍參投，同時我們獲得了騰訊和阿里兩家戰略投資者的大力支持。首輪的融資金額跟估值已經打破了行業的記錄，所以充分體現了資本市場對小鵬在物理AI 領域的領先地位，技術路線以及規模量產能力和長期商業價值的高度認同。

我相信農資不僅僅爲高階通用能源機器人ion 的量產和研發提供充裕的資金支持，更讓我們向物理AI 的chat gpt 時刻加速前進，也會讓機器人業務的生態建設和應用場景的拓展帶來更多的戰略和資源。我相信小鵬作爲全球領先的物理AI 公司，不僅僅要引領無人駕駛在全球的規模應用跟商業落地，還必將打造最具價值的能型期權公司。我很開心的是在今天，我們又向前邁出了重要的一步。

Good evening everyone. I am pleased to share with our shareholders and investors that we have just announced the first round of financing for Exponent Robotics business. The business raised over U.S. dollars and 900 million at over US 6.2 billion post money valuation.

This round was initiated by leading global investors led by IDG Capital with participation from Gorong Ventures in support from Tencent and Alibaba as strategic investors. Both the size and evaluation of the first round of financing have set a new private financing record in China's humanoid robotic industry, underscoring the capital markets strong endorsement of exponents and leadership in physical AI technology, road map, ability to manufacture at scale and long term commercial value.

The financing will provide ample capital to support the mass production and continued development of our advanced general purpose humanoid robot, IRM. We will accelerate our progress towards the ChatGPT moment for physical AI, whilst bringing additional strategic resources to strengthen the robotics ecosystem and expand real world applications.

As a global leader in physical AI, Expo will not only lead the large scale deployment and commercialization of autonomous driving worldwide, but also build the world's most valuable humanoid robots company. Today, we're very happy to see that we have taken another important step towards that goal.

那麼從今年的六月份開始，除了擔任小鵬的CEO 外，我還親自負責機器人業務的CEO。小鵬在過去12年始終堅持軟件和硬件的全棧資源，已經爲物理AI 時代構建了堅實的技術跟商業底座。那麼我們現在能夠調動全集團的優勢資源，共同協作，把汽車業務所積累的例如供應鏈，車規級的製造全球佈局，以及我們的自動駕駛業務積累的圖靈AI 芯片AI 的英法數據的底層能力物理世界的機動模型等整合應用到機器人的業務板塊。我相信一定會幫助小鵬機器人更快實現量產和商業化。

Since June, alongside my responsibilities as CEO of Expo, I have also taken up on the role of the CEO of our robotics business. Over the past 12 years, Expo has remained committed to full stack in house R&D across both software and hardware, building a solid technological and commercial foundation for the physical AI era.

We are able to bring together and integrate the strengths and resources of the entire group. These include the supply chain, automative grade manufacturing capabilities and global footprint developed through our automobile business as well as the Turing AI chips, AI infrastructure and world foundation models that developed through our others business. By applying these capabilities to our robotic business, I believe that we can accelerate the mass production and commercialization of Exponents Human the robots.

那麼小鵬的機器人研發已經有八年，隨着時間的過去，我越來越看到高階通用人形機器人的技術挑戰跟創新難度實際上是遠高於智能汽車的難度，我認爲至少相差二十倍。要做到如此大的創新，我們必須在設計和造型硬件和軟件，硬件和芯片軟件跟AI 數據跟管理，品質跟製造上都要做到兼具廣度和深度的正向研發和整體集成，我相信才可能把機器人做成功。

我相信小鵬機器人可能是中國所有機器人公司中間唯一在全部體系都進行自研的公司。正因爲如此，小鵬的艾倫跟目前市面上的競品，我相信有本質的差別，在多個方面，我們都具備獨一無二的能力跟整體的平衡。

We have been conducting our research and development in the area of robotics for more than eight years and I have always believed that the technological challenges in level of innovation required for advanced the general purpose of humanoid robots are far greater than those for smart EVs by at least 20 times.

To accomplish something that is this difficult we need to we need to have a broad and deep R&D and system integration capabilities, cross design and styling, hardware and chips, software and AI, data and control systems and quality in manufacturing. Only then can we succeed.

Expon is the only robot company in China with such comprehensive in house R&D capabilities across the entire technological stack. This is why Expon Ion fundamentally stands apart from other humanoid robots currency on the market with the differentiated capabilities across multiple areas.

那麼當前我們全站自研的技術站已經完整覆蓋了機器人的包括本體大腦小腦數據和相關的英法。那麼在本體方面，小鵬的艾倫具有行業最領先的理論狀態與造型，我們首創全包裹覆蓋柔性的晶格，兼具美觀和安全。全身一共有76個自由度，其中單手靈巧手的自由度爲21個，均處於行業的領先水平。

小鵬汽車圍繞最深智能自主設計開發了AI 原生的硬件平台跟基本上全部的核心零部件，包括芯片控制器運動的關鍵模組靈巧手，並且我們基於當前已經完善的智能電動車研發跟製造體系，打造車規級的機器人品質和大規模量產交付的整體能力。

Currently, our full in house technology stack covers Iron's body, brain, cerebellum, data and infrastructure. On the hardware's front, Expon Iron features the industry's most human like form and design. Expon pioneered the industry's of first of fully enclosed flexible lattice structure for Iron, combining aesthetic appeal with enhanced safety with the 76° of a freedom lost the body.

And the 21° of a freedom in each hand both are at industry. Exponent has independently designed and developed an AI native hardware platform and all core components specifically for embodied intelligence, including chips, controllers, motion modules and dexterous hands. Leveraging our established smart EVRND and manufacturing capabilities, we can achieve automotive or greater quality and build the capability to manufacture and deliver at scale.

在智能的方面，小鵬的ion 搭載三顆圖靈AI 芯片，有效算力高達2250個tops。那麼依託我相信這個機器人行業最大的本地算力，小鵬的物理AI 大模型，我們目前已經在端測部署成功，我們實現了無需遙操就可自主完成複雜的工作任務，並且保證整個的推理在本地是低時延跟高數據安全。

那麼高度擬人的機器人的硬件的平台呢，又天然具備了更強的數據規模化的優勢，它既可以最大程度複用學習人類日常生活產生的行爲數據，又能夠快速適配爲人而設計的廣泛應用場景甚至工具的使用。我相信隨着小鵬艾倫率先量產應用，我們還會獲得海量增值場景的數據跟人類的示教的數據。

那麼這些全部都會加速AI 模型訓練迭代，持續提升我們的模型能力，又將支持更多機器人進入更多的場景，從而產生更多的數據，從而整體形成的數據模型應用的飛輪效應，讓小鵬的艾倫在真實世界中間會加速的進化。

In terms of intelligence, Exponent Iron is powered by three Turing AI chips delivering effective computing power of up to 2250 tops with the industry's highest level of edge computing power. Exponent's physical AI foundation model runs directly on Iron, enabling it to autonomously perform a complex of work tasks without TEDDY operation whilst ensuring low latency inference and data security.

I run, the highly human like hardware platform provides a natural advantage in scaling data. It allows us to maximize the reuse of behavioral data generated in people's everyday lives and rapidly adapted to a broad range of environments designed for humans.

As Expon I Run moves ahead to mass production in real world deployment, we will gain access to vast amounts of real our world in human demonstration data, accelerating the training and iteration of our AI models. In turn, continued improvements in model capabilities will allow IRAM to enter more scenarios and generate more high quality data, creating a flywheel across data models and applications that will accelerate IRAM's evolution in the real world.

我們期望小鵬的艾倫兼具極致理論的造型，最聰明的AI 大腦和最高品質最高標準的安全品質，那麼這樣的話，艾倫才會成爲人類值得信賴的夥伴，走入大衆的工作與生活。我們面向量產的版本在近期已經達到了多個重要的里程碑，從下個月也就是九月份開始，我會逐步向大家展示跟介紹艾倫一系列與衆不同的能力。

我們並且計劃從今年的年底開始進入規模量產階段，然後從小鵬的門店園區開始落地商業場景應用，並且在2027年小鵬艾倫會正式上市，面向零售和服務業場景的外部客戶，在中國和海外開始規模的交付。那麼明年的月產能會根據市場的需求迅速的提升到數千臺美元。

我認爲高階通用人形機器人的技術門檻極高，供給也相當稀缺，所以每一臺艾倫在全生命週期的收入跟毛利貢獻，包括硬件銷售和軟件的AI 模型能力的相關的銷售服務，都將帶來持續性的收入，因此它一定會大幅度高於當前汽車業務的單車均價和毛利。

我期待人機器人在規模量產後，在國內跟海外的商業化快速落地，爲我們帶來可觀的毛利增長，並且以支持我們的物理AI 的更大的投入，持續擴大技術領先優勢。

Expound Iron combines an exceptionally human like design, the most intelligent AI brain, and the highest standards of safety and quality. Only by doing so can Iron become a trusted companion to people and truly become part of everyday working life. We have recently achieved several major milestones in the development of the mass production version.

Starting from the September, we will unveil and demonstrate a series of distinctive capabilities. We plan to enter scaled production by year end with initial commercial deployment in Expo stores and campuses. In 2027, Expo Era will officially launch and begin large scale deliveries in China and overseas to external customers in the retail and service sectors.

Next year, monthly production capacities can rapidly ramp up to several 1000 units in response to market demand. I believe the technological barriers to advance the general purpose of humanoid robots are exceptionally high, while the supply of a high quality humanoid robots remain limited.

As a result, the lifetime revenue and gross profits contribution of each item, including hardware sales and recurring revenue from upgrades to its AI model capabilities will be substantially higher than the current average setting price and gross profit per vehicle of automotive business. I expect the commercialization of humanoid robots to scale rapidly in China and overseas following mass production, generating meaningful gross profit growth, supporting our investment in physical AI RND and further widening our technological lead.

到汽車的業務，二季度，我們的汽車業務交付量爲103295台，環比增長65%，並且早於行業的恢復進行同比增長。面對行業性的整體成本上升的壓力，我們的經營繼續保持了穩健，得益於在高端化和國際化的突破，二季度小鵬的毛利率繼續超過20%。

其中科技豪華旗艦小鵬gx 從今年上市的一系列大六座SUV 產品中間脫穎而出，我們在七月份的中國國內的交付量就超過了七千台，成爲三十萬以上新能源SUV 市場排名前三的明星產品。那麼系列的首款SUV 產品L03在上市後更成爲現象級的爆款產品，它的訂單打破了小鵬所有車型的歷史記錄。

並且即使在三季度已經過去的七月份跟八月份，我們可以看到小鵬汽車的新增所在量環比增長超過50%，創了歷史的新高。我相信由於極端的天氣和供應鏈的影響，我們的產能爬坡節奏當前的確影響了交付速度，那麼在此我特別特別感謝各位車主的耐心等待。

我們已經開啓了Mona L03的雙班生產，並且正在全力以赴和供應鏈夥伴一起加速提升產能，我相信L03的交付量在之後幾個月一定會大幅度提高，持續向上。

Now I would like to come back to our alternatives of business. In the second quarter, our vehicle deliveries reached 100 and 3295 units up to 65% quarter over quarter and we achieved a year over year growth ahead of the broader industry. Despite industry wide cost pressures, our operations remained resilient, supported by our progress in the premium segment. In international markets, company's gross margin remained above 20% in the second quarter.

Our tech defined luxury flagship model GX stood out among a wave of large 6 seat SUVs launched this year. Domestic deliveries exceeded 7000 units in July, making it one of the top three models in China's NEVSUV segment, priced above RMB 300,000. Mona L 03, the first SUV in the Mona series, became a breakout hit immediately after its launch, with the orders setting a new record for any Expo model in the third quarter.

New uncancelable orders increased by 50% to quarter, 50% quarter over quarter to a record high. Extreme weather and supply chain disruptions affected our pace of ramping up into delivery. Here. I would like to especially express my sincere appreciations and to our customers for their patients. We have started to shift to productions for the Mona L 03 and are working closely with our supply chain partners to accelerate the capacity ramp. I expect that L 03 deliveries will increase substantially over the coming months and continue to trend upward.

Gx 和L03的連續成功，那我們對於後面的產品會更有信心，我們會將智能顏值品質等領先的優勢轉化爲更高的銷量目標和更強的品牌勢能。那麼我們的大五座旗艦車型G9L將在九月份正式上市，並且啓動交付，同時在四季度，小鵬的L05也將會在國內上市，我相信隨着這四款全新SUV 車型的上市，我們將實現對於SUV 主要細分市場的更好覆蓋。我相信小鵬的銷量會在四季度會大幅度提升，並且實現單月銷量突破六萬。

The success of the GX and the Mona L 03 gives us more confidence in our upcoming models. We are translating our competitive strengths in the best in class intelligence and stand out design into higher sales targets and stronger brand momentum. Our flagship 5 seat SUV, the G9L will officially launch and begin delivery in September. The Mona L 05 will also launch in China in the fourth quarter with the launch of four brand new SUV models.

We will cover all major SUV segments. We believe exponential deliveries to increase significantly in the fourth quarter with monthly deliveries targeting more than 60,000 units.

全球化的業務是小鵬汽車增長的第二曲線，也會是盈利改善的重要驅動力。那麼在二季度，我們的海外的銷量首次突破了兩萬台，同比增長81%。那麼今年上半年呢，小鵬的海外業務在營收的佔比突破了25%，並且取得了很高的經營質量，平均售價超過四萬歐元單車收入和單車毛利，我相信都處於中國車企出海的領先水平。

那麼在七月份，小鵬拉M03在德國慕尼黑麪向全球發佈後備受關注，那麼其中智能化造型空間都獲得了海外消費者的高度評價，我相信L03將會成爲小鵬第一款在全球多個市場銷量領先的大單品，並且我們預計在四季度開始交付，帶動公司的海外季度銷量突破四萬台。那麼在2027年，我們還將在海外推出多款明星車型，包括增程車型，進一步擴大小鵬在海外的地域覆蓋和市場份額。

Our international business is the second growth engine for Exponent Automotive business and also an important driver of improving profitability overseas. Quarterly deliveries exceeded 20,000 units for the first time in the second quarter, up 81% year over year. In the first half of the year, our international business accounted for more than 25% of total revenues.

Furthermore, our overseas operations boast exceptional quality with an average setting price of our export exceeding €40,000, placing our. Value, revenue and gross profits at the forefront of Chinese automakers. Trending globally since it's global launch in Munich in July, the Mona L 03 has attracted significant attention and earned high praise from overseas consumers for it's intelligent technology, distinctive styling and spacious interior.

I believe Mona L 03 will become exponent first major model to achieve a leading sales across multiple international markets. Overseas delivery of the Mona L 03 are expected to begin in the fourth quarter, driving firm wide quarterly overseas deliveries to exceed 40,000 units in 2027. We will also introduce multiple star models, including extended range EV models in overseas markets, further expanding our geographic coverage and market share.

那麼從八月底開始，我們的第二代va 大模型將會迎來首次重大的升級，那麼我們在自動駕駛領域再次驗證了scanner 爲體驗安全和泛化性帶來了巨大的提升。那麼在這次全新的6.3的版本里面，我們的模型參數擴大了3.5倍，與行業內常見的小模型拉開了數量級的差距。

新的版本還提高了我們的感知，靈敏度提升了300%，並且引入了超長時序的推理預判能力，運行的幀率也在行業做到了更加領先，讓AI 的司機做到了看得準會思考反應快。那麼並且這次我們新版本還首次實現了vl a 加vl M 的智倉聯合，將一部分小鵬的robotaxi 的L4級體驗也下放，例如靠語音能夠進行靠邊停車，那麼我相信這個第二代va 可以在保持自駕狀態下自主安全的尋找靠邊車位，並且完成泊車。

Starting from end of August, we will roll out a major upgrade to VRA 2.0, once again validating the stating law in others and delivering substantial improvements in both the user experience and safety. With a new six point 3.0 major version, the number of parameters that in the VRA 2.0 on device model will increase by 3.5 times, putting its parameter count in order of the magnitude above that of small models that commonly used in the industry.

The new version delivers a 300% improvement in perception sensitivity, introduces ultra long horizon reasoning and predictive capabilities and operates at an industry leading frame rate. This enables the AI driver to see accurately, think ahead and respond quickly. The new version will also integrate others and smart cockpit capabilities powered by VLA and VLM, bringing selected our four level capabilities developed for Exponent robotaxi to our passenger vehicles.

One example is a voice activated pullover. Parking users simply give a voice command and VLA 2.0 will autonomously find a suitable roadside parking space and park the vehicle without exiting others mode.

那麼近期我跟我的同事在中國美國澳洲歐洲分別都試駕了小鵬的第二代voa 以及我們分全球友商的最新版本，我認爲非常明顯的是在大陸上的路況的情況下，小鵬的第二代va 已經和我們的友商的產品已經並駕齊驅，但是在小路的博弈停車場內部園區，小鵬新的va 6.3的版本體驗明顯會更好。

我們支持直接從導航到停車位，全部可以做到高效和安全，我相信隨着算力和模型的升級，我們在這一代va 之後的幾個大版本會湧現出更強大的綜合能力，我們在量產車型上達到L4級別的自動駕駛體驗，也會快速超越其他友商，實現綜合的斷代智能領先。

Recently, together with my colleagues, we tested drove exponents of VLA 2.0 and the latest orders from a leading global peer in China, Europe and North America respectively. In my view, VLA 2.0 is already on par with the world's leading others on major roads, in narrow roads, when negotiating, as well as in campuses. In parking facilities, the user experience delivered by VLA 2.0 is even better.

It can navigate directly to a parking space with both efficiency and safety. I believe that as we upgrade the computing power and model capabilities, VLA 2.0 will develop even powerful capabilities over the next several version upgrades, delivering an L4 level others experience in mass produced vehicles, surpassing peers and establishing A generational lead.

同時，我們正在全力以赴加快第二代va 在全球的部署，那麼近期我跟團隊在德國完成了va 的本地化驗收測試，說實話，我當時非常的興奮，因爲我們的模型在幾乎不增加本地化訓練數據的情況下，都達到了在德國的體驗，跟中國的體驗高度的接近，我認爲這比友商的全球本全球多區域的泛化能力要明顯領先。

那麼我們的目標是明年2027年的上半年率先能夠在歐洲獲得監管許可，並且同時開始向更多國家的海外用戶交付第二代va，我們希望讓全球的用戶享受到安全舒適便捷的智能出行體驗。那麼當第二代via 在海外落地之後，我們也會非常開心跟全球其他友商最領先的輔助駕駛系統直接同台競技，那麼並且小鵬也會積極探索基於軟件的全新商業模式，形成商業化技術研發相互促進的正循環。

we continue to Times of VLA 2.0 some model capabilities whilst accelerating its global deployment. Recently, my team and I completed on road validation of a VLA 2.0 in Germany and which was particularly encouraging was that for the model primarily trained on data from China performed nearly as well on the European urban roads as it did in China with almost no additional local training data.

We aim to obtain regulatory approval for VLA 2.0 in Europe first in the first half of next year and roll out VLA 2.0 bringing a safer, more comfortable and more convenient driving experience to users worldwide. After deploying in overseas markets, VLA 2.0 will compete directly with the world's leading others and become exponents, defining competitive advantage for our global products. At the same time, we will actively explore new software based business models, creating a positive cycle in which commercialization and technology development reinforce each other.

那麼截止到現在，搭載voa 的前裝量產的已經在廣州完成了超過兩千次的內測訂單，並且我們跑通了載人示範運營的全流程，這爲邁向商業化運營做好了準備。我們在現最近已經完成了雲端接管的平台開發，我們的目標是在明年實現沒有安全語言的載客運營。

那麼在2027年，小鵬將繼續提升的技術和成本的競爭力，並且我們在國內外領先的出行平台合作，會在中國會在海外的核心城市快速的擴大業務規模，通過整車的銷售技術的服務和運營分成，創造更大的商業價值。

As of now, our pre installed mass producer Robotaxi powered by BLA 2.0 has completed more than 2000 internal test orders in Guangzhou and validated the full end to end process for trial passenger operations, laying the groundwork for commercial operations. Recently, we have completed the development of our cloud remote takeover platform and our goal is to begin passing. Operations without a safety operator in the car next year

In 2027, Expon will continue strengthening the technology and cost competitiveness of our robo taxi while partnering with the. Leading domestic and international mobility platforms to expand our. Robotaxi business across key cities in China and around the world. This will create greater commercial value through vehicle sales, technological services and revenue sharing from operations.

同時我們認爲小鵬的物理AI 的技術不僅僅需要技術突破，更需要打造好開放合作多方共贏的技術和商業生產。那麼爲爲了加速物理AI 的技術的商業化，我們在近期還組建了集團級的大BD 團隊，我們當前正在與海外和國內的合作伙伴積極的洽談，希望讓我們的行業領先的圖靈AI 芯片va 的模型，甚至能源機器人的技術能夠更快的走向全球。

In the meantime, we believe that the large scale application of a physical AI requires more than technological breakthroughs and open and collaborative technology and business ecosystem that creates a value for multiple participants is equally important. To accelerate the commercialization of physical AI, we recently established a group level business development team within the group and are actively engaging with the partners in China and overseas to bring our industry leading touring AI chips, BLA 2.0, robotaxi and humanoid robots technologies to global markets more quickly.

我預期2026年第三季度小鵬的交付量約爲11.5萬台至12.1萬台，那麼環比增長11.3至17.1收入預計約爲人民幣271億元至234億元，那麼環比增長是9.9%至18.5。我相信小鵬從下半年開始會進入多項業務共振所帶來的勢能提升，不僅在汽車的國內銷量和海外的銷量都會再創新高，而且我們相信我們的自動駕駛會形成更大範圍的領先，並且在全球開始逐批落地高階智能輔助駕駛技術。

我還期待我們在全球範圍內率先實現高階通用的機器人的規模量產跟商用，整體來說，圍繞在AI 生態，建立全新的技術能力跟全新的商業模式，爲我們的客戶和股東創造更大的價值。

For the third quarter of 2026, we expected deliveries to be approximately 115,000 to 121,000 units, representing quarter over quarter growth of 11.3% to 17.1%. Revenue is expected to be approximately RMB 21.7 billion to RMB 23.4 billion, representing quarter over quarter growth of 9.9% to 18.5%.

I believe Expon is entering a period of accelerating momentum across multiple business. In the second-half of the year, both domestic and overseas vehicle deliveries are expected to reach new highs. We are also expected to be among the. First, globally to achieve a scaled mass production and commercializing. Of advanced general purpose humanoid robots, we also expected to be among the first to deploy advanced others technologies in overseas markets and we will establish new business models around the physical AI ecosystem creating greater value for customers and shareholders worldwide.

那麼謝謝大家，下面由我們的財務VP James 爲大家介紹我們2026年第二季度的財務狀況。thank you every With that, I will now turn over the call to our VP of a Finance, James, who will walk you through our financial performance for the second quarter of 2026.

James Wu

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the second quarter of 2026. I will reference R&B only in my discussion today, unless otherwise stated. Our total revenues were 19.74 billion for the second quarter of 2026, an increase of 8% year over year and an increase of 51.5% quarter over quarter.

Revenues from vehicle sales were 17.05 billion for the second quarter of 2026, an increase of 1% year over year and an increase of 55% quarter over quarter. The quarter over quarter increase was mainly attributable to higher vehicle deliveries. Revenues from services and others were 2.7 billion for the second quarter of 2026, representing an increase of 93.9% year over year and an increase of 32.6% quarter over quarter.

The year over year and quarter over quarter increases were primarily attributable to the increased revenues from first, technical R&D services rendered to the Volkswagen Group due to the successful achievements of certain key milestones and secondly, parts and accessory sales. Gross margin was 20.7% for the second quarter of 2026 compared with 17.3% for the same period of 2025 and 20.6% for the first quarter of 2026.

Vehicle margin was 12.1% for the second quarter of 2026 compared with 14.3% for the same period of 2025 and 12.1% for the first quarter of 2026. The year over year decrease was primarily due to the production generation transition. R&D expenses were 2.91 billion for the second quarter of 2026, representing an increase of 32.1% year over year and an increase of 0.3% quarter over quarter.

The year over year increase was mainly due to higher expenses related to the development of new vehicle models and AI related technologies as the company expanded its product portfolio to support the future growth. SGNA expenses were 2.5 billion for the second quarter of 2026, representing an increase of 15.2% year over year and an increase of 32.5% quarter over quarter.

The year over year increase was primarily due to higher marketing and advertising expenses. The quarter over quarter increase was primarily due to the higher Commission to the franchise stores and higher marketing and advertising expenses. As a result of the foregoing, loss of operations was 1.14 billion for the second quarter of 2026 compared with 0.93 billion year over year and 1.87 billion quarter over quarter.

Net loss was 1.34 billion for the second quarter of 2026 compared with net loss of 0.48 billion year over year and net loss of 1.7 billion quarter over quarter. As of June 30th, 2026, our cash position was 14.48 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 second quarter 2026 financial results.

This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead.

Operator

Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. If you're 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. Your first question today comes from Tim Sowell with Morgan Stanley. Please go ahead.

Tim Sowell

啊，管理層你好，我是的Tim 啊，感謝接受我的提問，也恭喜這個旗下人形機器人這個項目以非常亮眼的估值完成啊融資，那我有兩個問題都是跟機器人相關的。那第一個問題主要還是想跟進一下，可能剛才小鵬總在簡報裏面也提到就是呃目前機器人二計，呃計劃是在今年年底進入一個規呃規模量產，那想請問一下就是整體產能爬坡的一個計劃，也可以提到了，明年會到幾千台，那另外的話就是2027年啊整體的交付目標是多少，因爲我們可能也做融資，所以想問一下這個基本假設是是什麼樣的一個情況啊，這是我第一個。

So my first question is about volume and production target. So what is the projected production capacity for expense humanoid robot hiring upon entering commercial mass production by late 2026? And what is the target delivery volume for physical year 2027? That's my first question.

Hershel Peng

謝謝，我是小鵬啊，呃，我覺得機器人的產能跟汽車的產能在我們角度來看還是有比較大的差異的，那麼汽車的產能的供應鏈廣度跟深度都非常大，那麼但是小鵬的艾倫的機器人，我們實際上不光多個角度都全站自研，而且我們在自制方面我們也做的非常的深入，所以我相信真正的機器人最後進入量產產能的挑戰，前期肯定是在質量上面，後期肯定是在銷售方面，我覺得基本上一定程度的產能相比汽車的這個場景都會小很多啊。

Thank you for your question. This is Sharpen. Speaking in terms of robots capacity, easy hands versus automobile capacities, from our perspectives, we do think that there is quite a large difference between those two. I think that's when it comes to the capacities of the supply chain of robots, it is rather broad and deep. But in our company we emphasize on multiple areas of a four stack research and development. And I think when it comes to about the challenge capacities, in the early stage it is about quality and in the later stage it is about sales.

關於量產，我們計劃是在2026年的年底開始進入規模量產階段，那麼在量產後，我們開始會進行守舊，並且率先將小鵬的愛人機器人應用在小鵬的門店開始落地商業場景，那麼在2027年的上半年，我們會先從自有的商業場景和素材場景開始部署，並且不斷的會加速啓動外部的交付。

那麼隨着產品研發質量以及供應鏈成熟度的提升，我們在年終和下半年會不斷的加快我們的產能爬坡，那麼我們會根據市場的需求擴展到月數千台甚至更高的月產能。

In terms of a mass production for 2026 and we expect that by year end of 2026. So we will see mass production at scale kicking in for irons those products. And so we believe that we will see the commercialization of the robot itself first starting with our stores. And in 2027 we will see that the commercialization will take place in the different areas of our own self operated scenarios and rolling out as well as picking up the speed to external commercialization and the user case scenarios in terms of R&D.

And I think that we are looking at starting from the mid in the second-half of next year. In 2027, we will pick up the R&D development and the mass production units will be at multiple of several 1000 units per month and further picking up the speed.

那麼我最後想補充一小段就是說因爲小鵬的艾倫他的交付是面向零售服務業場景，並且在中國海外都會逐步開始交付，所以我們的交付量一定是像汽車一樣是真實的，並且我們會跟行業其他的機器人公司在商業場景，例如在導購上的智能解決能力是完全不同的，我我我相信這些能力的真正的交付會快速看到有更強在不同崗位的行業的泛化能力，並且走向更全面的商業化。好，謝謝。

One final part that I would like to supplement which is that so for the iron robot to deliveries and this will mainly be rolled out in the areas of retail and the services both in China and abroad. And same as our ultimate business, the delivery of our robots and sales will be authentic and genuine data and the figures that we will share in terms of the quality of our robots and services that it can provide.

I believe versus the other peers out there in the market when it comes to either the shopping assistance perspective or where the intelligence level, we will definitely be better and stronger than the others as well as to be able to be used in the more wider and broader, more adaptive environment.

感謝呃，小鵬總詳解的分享啊，那我第二個問題，因爲剛才您也提到的就是說除了質量之外就是需求端嘛，所以想請教一下就是機器人我目前量產版本可能預計的一個單臺成本會處於一個什麼水平，那計劃後續採取什麼樣的一個定價策略，那量產之後的一個毛利率大概是什麼樣的一個水平。

My second question is about the unit economics and margin profile. So what is the estimated unit cost for the mass production variant of iron and what go to market pricing strategy does management intend to deploy and what is the anticipated gross profit margin trajectory especially after the full scale ramp? That's my second question. Thank you.

Hershel Peng

好的，謝謝嗯，因爲我們Aaron 的整個量產爲了創新的融合，爲了品質，爲了產能，所以我們自主設計開發了全部的原生硬件平台和軟件的體系，那麼整個供應鏈企業的供應鏈的合作企業也有85%以上與當前的小鵬在汽車方面是重合的，所以我們上次非常的相信最終，小鵬的機器人的成本競爭力在行業裏面肯定是領先的。

那麼當前中國我們看到機器人行業的產品定價通常它跟汽車是不一樣的，它是通常差不多是bom 的兩點五到三倍，而艾倫本身定位在通用類型機器人，我相信它具有非常廣闊的定價空間，它的供給也相當的稀缺，所以我相信它的硬件的毛利會大幅度高於當前我們的汽車業務的毛利的能力，並且我們在機器人裏面一定會除了硬件銷售之外，我們還會增加對AI 模型能力和軟件的相關的收入，會提高整體的收入跟利潤，謝謝。

Thank you for your question. With respect to the massive produced robots, a hand, I think that. So we are looking at from the perspective of innovation, quality, capacity and all of these for both our hardware and software we're looking at doing the R&D. All in house and when it comes to the supply chain of all these parts, actually over 85% of the supply chain partners that we work with actually all.

Overlap with the existing supply chain partners for our alternative business, I believe the cost of our robots, iron robots, the competitiveness will definitely be leading in this area. At the moment in terms of the pricing for robots in the market, generally speaking, it's about 2.5 to three times of the bomber material for Iran.

Given that this is a general purpose robots and that there is a very limited supply in the market. And I do believe that for our gross margins of the hardwares will definitely be better than the existing alternative business. In the meantime, not only that we are relying on the sales of the hardware, there will also be sales of our different models and the software services, subscriptions, etcetera. These, we believe, will all bring in profits for our business.

對，以上就是我的對這個問題的這個答覆，謝謝。Those conclude my answers to your question. So thank you.

Operator

Thank you. Your next question comes from Ming Sun Lee with Bank of America. Please go ahead.

Ming Sun Lee

喂，呃，小鵬總你好，那我這邊有兩個問題，呃，也是跟呃機器人相關，那第一個問題呢，呃，就是我們的呃，機器人的呃模型，呃，哪些部分呃，可與自動呃駕駛呃高度的協同，然後另外有哪些模塊是呃共同的，然後還有另外是相對呃獨立開發，但我翻譯一下我第一個問題，呃，which part of the 呃your robot Foundation model Can be highly synergistic with autonomous driving. Which modules are shared and which are developed relatively independently this year?

Hershel Peng

在行業裏面有非常多人說，嗯，機器人可能就需要一個大腦，一個大模型就可以了啊，也許很多很多年後這個可以做到，但是我認爲當前是完全沒有可能性。嗯，我認爲機器人裏面最主要有三個不同方向的模型，一個是超快的模型，比如說一秒鐘，一百幀到數百幀，一個是這個中速的模型，比如說一秒鐘，大概十幀到二十幀，例如自動駕駛的能力的模型，另外一個就是慢模型，是一個思考的模型，呃例如一秒鐘一幀，那麼當前小鵬的汽車裏面的模型像VOA，像我們的這一個多模態的模型，VOM 都是和集成裏面基本上絕大部分都是類似的。

比如說舉例，我們的VOA 現在正在所研發的在非導航道路，例如地下停車場的漫遊功能，那它跟機器人將來在室內的漫遊功能上是一個邏輯，那麼同時我們也看到機器人裏面也有一些模型將來會對汽車裏面有產生價值，例如機器人裏面的思考的vot 模型開放平台等系列的模型，這些在明年或以後也會反過來放到小鵬的汽車體系裏面去，那麼集成裏面實際上還有很多有趣的模型，比如說全身運控的模型，比如說有多個安全體系的模型，例如針對於嗯數據隱私的安全模型，針對於摔倒或者停快沒有電的安全模型等。

那麼這些是一些獨特的模型，整體來說互相都有可共通的點，所以在我們的體系裏面，我們會在小鵬的大體系裏面共同來開發相關的模型，包括更底層的，像世界模型的仿真，包括像世界模型的生成模型等等，我們都是在共同開發，謝謝。

Thank you for your question. And in order to answer this question, in our industry for instance, many people will say that in robots generally all they need is one brain and one large model that will be enough. Perhaps this is possible many years later, but I don't think that is a viable as of now. In terms of the difference of large models and there are different types of.

For instance, we have the Super fast models and those are operating at 100 frame per second or even several 100 frame per second. There are these medium speed models, large models and which are operating at 10 frames to 20 frames per second. And there are also the slow ones and the slow large models, we call them the thinking large models. They operate at 1 frame per second.

When it comes to the BLA and the BLM and for instance in those are the ones adopted in our alternative business. I believe that there are similarities and for instance, the currently BLA adopted in the alternative business. So when it comes to the roaming, roaming in non planned, in non planned roads and that will be quite similar to the roaming or moving around of the robots for robots.

On the other hand, I also believe that some of the thinking capabilities of robots such as on the open platform next year can also be put into use for our exponents automotive business. So you can see that there are definitely some synergistic commonalities there. In the meantime, there are also some unique perspective and the point of the robots and such as the different mode for safety.

And for instance that there are the models of safety such as data privacy and safety about prevention of folding and data safety about lack of running out of electricity, etcetera. So as you can see there are commonalities and all of these features that we are developing under the large exponents system altogether.

And Even so hand if we look at the further underlying system and there are many other areas that are quite dissimilar for instance at the generation of the model generative models and as well as the mimicking and the simulation models etcetera. So those are the similarities.

謝謝，那我的第二個問題就是我補充一句啊，就是除了模型之外，實際上無論是AI 的英法數據的管控和組織的英法，實際上在我們這兩條線也是共用的。OK，好，謝謝。

Sorry, before you move on to your second question. And I would also like to supplement to that apart from the model with the hands of whether it is about the AI applications or the applications of the overall architecture and structure. And these are also the ones that we do share across the two different parts of the business.

那，那我的第二個問題呢，呃，還是跟機器人相關，那如果跟呃，其他的呃機器人的新創公司比的話，呃，小鵬公司在呃數據採集訓練還有閉環迭代等啊，有哪一些呃差異化的優勢啊，我翻譯一下，呃花，呃differentiated Advantages does the export have in robot data collection, training and the closed loop iteration?

Hershel Peng

嗯，對，謝謝，非常好的問題，我認爲數據將來是物理AI 一個非常重要核心，並且取得差異化的一個核心的價值，那麼很多人說如果機器人有了足夠的數據，它就可以做到很好，嗯，它可能是必要條件，但一定不是充分條件，在今天做自動駕駛的汽車的公司非常多，但是能夠做好自動駕駛的很少，所以我相信如何把數據進行好的使用，包括它的質量多樣性管理以及訓練是最重要的一個事情。

那麼我覺得小鵬在機器人的數據跟小鵬的自動駕駛的數據，實際上我覺得一個非常核心重要的事情是，小鵬是擁有長達十年的自動駕駛的研發的經驗，數據的經驗，並且我們已經形成了我認爲在從這個月底我們的版本做到了在行業裏面最領先的能力，我覺得這是最重要的。

其次，我們的機器人的數據的管理數據的訓練，數據的整個的英法體系也跟小鵬的汽車是完全在一個體系裏面一個體系內進行研發的，我們僅僅在數據的採集數據的採集的硬件等系列的事情跟汽車不一樣，所以我是非常相信我們的數據的從採集到使用的全閉環的能力都是很強。

所以隨着小鵬艾倫率先的量產，我反而會認爲後面小鵬會收集到更多真實場景的數據和人類使用艾倫它所需要的示教數據，那麼這一系列數據我們全部都是高質量數據，我認爲今天很多低質量的數據的價值會使整個的精度下降，我們需要用高質量的數據形成數據模型應用的飛輪效應，讓艾倫在真實世界加速進化，好，謝謝，謝謝全部的回答。

Thank you. That is a great question. And I do believe that in terms of the physical AI and in the future and data is of course the key. Many people say that as long as you have enough data and that will help with the integration of the services, it is a necessary condition. However, it is not yet the full condition and what we would see is that for Expo and what we are good at is that we are have much better data and the training of the data, we also have a higher quality of the data.

For Expo. For instance, we have been in the area of autonomous driving for over 10 years within not only our R&D for the past over decade of experience as well as the data that we have collected. We are absolutely leading in the industry among our peers in terms of the robots, it is the same for the robots and management.

The robots, data management, data training and data quality, all of these are being developed under the same ecosystem as our company. And I believe that apart from the hardware. So being different in in terms of the collection of the data and to all the way to the application of the data at our company for our two different lines of business would be the same for I run again once at this products that become a mass produced and launched into the market.

Not only that. So we will be further continuing to collect the real world data as well as the human demonstrated data and which are both sets of high quality data. And this will further drive the development in R&D of our products. And this is different from the low quality data and which are not helpful at all. So I believe this answer by having all of these that would actually be able to create a flywheel of the high quality data and R&D that we are conducting and to continue to contribute to the development of our products. That's all my answer for your question. Thank you.

Ming Sun Lee

Thank you, Xiao Pong. That's all my question.

Operator

The next question comes from Jeff Chung with Citi. Please go ahead.

Jeff Chung

啊，謝謝小鵬總和管理層啊，感謝這個呃，問問題的機會啊，我第一個問題是關於小鵬機器人啊，爲何選擇啊三島啊，就是銷售啊導遊啊這些作爲首個落地場景啊，目標客戶會是誰啊，他們爲什麼會購買ion 啊，然後最重要的是後續啊，有沒有這個進入工業和家庭場景的這個計劃。

My first question is about the why did Expand robotics select the salesperson, the tour guide scenario as the initial real world deployment? Who are the target customers? Why would customers buy ION? And most importantly are their follow up plans to expand into industrial and the home use cases? Thank you.

Hershel Peng

嗯，謝謝啊，這個實際上我們小鵬的機器人跟很多公司的機器人，他思考的商業場景是蠻大的不同的，很多人會說他可能是從工廠進入或者從家庭進入，而是並且是以to B 的角度，呃，我們認爲實際上目標客戶是大C 中小B，我們先認爲是從商業進入，當然商業進入之後，我們也會進入工業和家庭，我們會用非常非常少的sku 來實現這樣的一個場景。

那麼爲什麼從商業進，從剛開始從三島進入我覺得一個最重要的一個能力，就是我們把我們的機器人嗯的全面的綜合能力分爲四大能力，我們認爲在中國和海外商業的體系裏面，最容易的是將整個的這四個我們小鵬的包括了本體的能力，包括了我們的環境的能力，包括我們的業務的能力和我們的整個的情緒價值的綜合的能力，把這四個能力的融合，我們認爲在商業化是最有可能服務於千行百業。

當然首先從少部分的行業開始，呃，同時我們會開放我們的艾倫，在使用之後我們會開放hdk，支持APP 開發和生態功能的拓展，所以這些都是我們在下一個階段要做的事情，那麼通過商業上的合作，我們會看到小鵬的機器人可以共享小鵬的整體的渠道，並且會創造新的線上銷售的渠道，那麼我們的客戶希望是通過這個線上跟線下的直接的這個大師一和中小B 的客戶，我相信這會是一個非常有價值的全新的跟現在其他機器人企業不一樣的一個商業的銷售邏輯，謝謝。

Thank you very much for your question For X Points robots, yes indeed when it comes to commercialization, so we have gone down a different route versus other competitors, Many other competitors they are focusing on breaking into the market by ways of entering into factories, home usage and mainly for to be business.

What we are looking at is that we are focusing on the large scale CS as well as the small and medium BS and that is so to speak we start entering into the market with business commercialization cases followed by industries and home uses at a later stage, later stage with a smaller SKUs.

The reason we have a picked the salespersons and tour guides etcetera, it is because that we believe both in China and abroad and there are four major comprehensive capabilities of our robots that are very helpful and would be able to be reflected very well in these sectors. And the four comprehensive capabilities are as follows. And #1 is the main body and the main hardware of the robots itself #2 the environment #3 the that it provides and #4 the emotional values that it brings.

Therefore, starting from commercial uses cases and starting from the smaller type of a business and the smaller and medium type of a business industries that we go in and later on with iron of course of when it starts opening up the market. And we will also open up SDKS to enable secondary development as well as a further expand its user cases with these commercial use scenarios for collaboration and.

We believe that this will also open up more channels for Excellence Robots business. Not only for offline sales, but as well As for online sales, so that our customers would be able to see the use cases for our robots and not only for the big customers, but as well As for the small and medium business. So this is our thinking in the regard and, which is different from our peers.

好好的，謝謝小鵬總，感謝我第二個問題是關於這個公司自研的靈巧手啊，最近進展如何，我們的靈巧手是採用哪一種整體的設計方案，而這些方案在性能成本方面啊，相比行業啊，又處於一個什麼樣的水平。

The second question is about the the latest progress on the company's self developed death stress hand. What overall design approach has been adopted and how does it compare with peers in terms of performance and cost?

Hershel Peng

呃，對，我覺得林教手是機器人公司一個極其重要的零部件，嗯，它有一套硬件，一套感知跟三套軟件的能力，我們全部都選擇了這個在硬件軟件的選擇的自研，呃，我覺得非常幸運的是我們林教手開發非常的順利，我們會在今年年底跟艾倫的整機一樣進行規模量產，而且我們不光研發，我們還在靈巧手的生產製造裏面投入了大量的這個這個工藝跟裝備的這個相關的工作。

那麼我們的靈巧手會用直軀，每隻手有21個自由度，嗯，我們的尺寸厚度與成年的真人的手基本上一樣，那麼我相信我們的林教授在負重抓握能力等都處於行處於行業的領先，我們並沒有用嗯，行業裏面現在有很多人在討論的健身手，因爲我們認爲他在當前並不是一個優秀的選擇。

那麼所以我們在做手的時候我們上並不追求很高的力量或者很強的精度，我們是關注更平衡的能力，例如安全，我們甚至連靈巧手的手的皮膚都正在做研發，呃，關注了成本，關注了可靠性，關注了可維修性快換關關注了量產的一次性，包括我們做生產製造，所以我們期望是在平衡的基礎上，把靈巧手能夠進行規模量產，謝謝。

Thank you very much for your question. And yes indeed Dexter's hand is a extremely important part for robots hands. For our robots hands, we have a one set of hardware, one set of software as well as three sets of different perceptive systems. In terms of the specific mass production plans that we will be communicating with the analysts by year end, we are not only just conducting in the R&D of Dexter's hand and we have also invested greatly into the manufacturing of the processing of Dexter's hands as well as the equipment.

In this regard, the Dexter's hand for our robots and we have 21° of freedom as mentioned earlier in terms of the size of the product of the Dexter's hand, it is the exact same size as the hand of an adult. And when it comes to the load bearing capabilities as well as grasping and gripping, we believe that our dexterous hand is in the leading position versus the other peers.

I know that in the industry that people often talk about another type of hand and we do not think that is the smart choice to go for. We are not focusing on the force or the accuracy itself of Dexter's hand. And what we are focusing on rather is on striking a good balance of safety, reliability, easy to maintain and cost. And for instance, our Dexter's hand also has a very nice set of skin that is very similar to the human hand.

Operator

Your next question comes from Nikolay with JP Morgan. Please go ahead.

Nikolay

好的，謝謝那讓我提問題我個問題，呃，有關這個adas LA 的業務，那當小鵬總有提到說，呃LA 的業務就是2.00年在海外會會不會上市，呃，那想知道說是在初步是哪些車型的規劃，還是說這個明年這個在海外推送的之前都會有這個LA2.0的這個這個技術，那同時當然有提到說商業商業模式，海外會考慮這個訂閱跟單獨收費，那這邊會特別是可以跟我們分享一下，那同時今天在海外的業務有沒有有沒有機會，中長期我們這個技術自動駕駛技術的能力可以跟其他主機廠合作，讓更創造這個收入更獲利的那個呃，潛在的這個上上行空間。

first question 是越高的Technology Chairman had mentioned that in first half 27 would start to deploy a model in overseas market, particularly starting from Germany, this VOA 2.1 technology, I wonder how many model will be equipped with, will be equipped with such technology in overseas market and also can be deliberate a bit more about our business model including prescription and one time, one time payment strategy. Yeah, in a long term in overseas market. Thank you.

Hershel Peng

嗯，謝謝啊，因爲信號不是很清晰，所以我我只能大概聽到，然後我快速回復一下，我想說配備圖靈芯片的L03目前已經在海外上市了，那麼之後我們所有的車的再發布，我們都會在海外擁有我們的ultra 版本，這是我想說的，第一個是那麼也就意味着我們的具備va 的硬件能力，會覆蓋O03跟之後所有的車型跟市場啊。

我們目前的進展是非常的順利的，實際上包括剛剛所說的法規的準備，以及我們在本地化的開始相關的測試，嗯，我們的確正在探索商業軟件訂閱的商業模式，那麼我們會在擇機開始會宣佈並且呃，我們也正在成立的相關的BD 團隊，以當前已經有多家的合作伙伴在跟我們探探討這一個如何將我們的voa 甚至其他的相關的能力走向全球。

Thank you very much for your question. Given that the signal wasn't coming through very clearly and I could only hear some keywords of your questions. And so I'll try my best to answer your question based on what I have heard. Number one, with respect to the Turing AI chips and this has already been deployed to our L 03 vehicles for the one start to which are launched into the overseas market as well.

And all of these will have the ultra version for VLA and this will be deployed in L03 models across all different markets. And in the meantime, we're also catching up and working with the compliance and local laws and the regulations and localization work testing. All of these are being done at the same time in tandem.

And in the meantime, we are looking at, for instance, about the subscription service of the softwares for our customers and such. So will be announced and shared with you or in due course we have also established. Another BD team and this team is actively discussing with our partners hands with respect to the BLA usage or even further expanded into other areas. Thank you.

Operator

Your next question comes from Tina Hu with Goldman Sachs. Please go ahead.

Tina Hu

啊，感謝給我提問的機會啊，我第一個問題是想要問一下，嗯，小彭總就是我們隨着這個人形機器人的一個量產和推進，包括也恭喜我們今天宣佈的這個首輪融資啊，想問一下咱們對人形機器人整體一個盈利性的一個展望，大概是一個什麼時間點，或者是到一個什麼樣的量產規模啊，然後另外一方面也想問一下公司有沒有計劃把把這個人形機器人和車的業務兩啊兩個業務的一個就是利潤，呃，可能呃，未來後續拆開來報，這樣的話可能呃能給到投資投資人和市場可能有更清晰的對兩個呃業務的一個呃呃財務方面的一個認認。

So my first question is regarding, so with the volume production of our humanoid robot product and also congratulations on the announced equity, equity raising today. Just wondering what would be the expected timeline of profitability for humanoid robot business or in other words, what level of sales volume should we achieve in order to become profitable? Also related to that, do we have any plans to report our profit level separately for the humanoid robot as well as the auto business so that I think the market investors could have a better understanding of the profitability of these two separate businesses? Thank you.

Brian Group

Hey, Tina, it's Brian. Let me address your question with regard to the financial outlook of the robotic business. I think it's a bit too early for us to comment. I would say we are now focused on the milestones that cellphone shared, which is reach SOP for our robots for volume production capability by the end of this year.

And also start deploying first in our internal scenarios and gradually offer to external customers starting I would say the first half of next year and gradually ramp up, you know from that. So, so that's our goal. I would say it's too early for us to provide a volume prediction guidance on the ability.

We anticipate the the product of human robot will achieve much higher gross profit potential compared to the automotive business. In fact, I would say it's the hardware is already much higher than the automotive business. In addition to that, we think there will be significant opportunities to add on future AI model training upgrade software capability related revenues, which is much higher margin as well.

So given the high probability, I would say expectation as well as I would say much smaller investment and CapEx requirement for robotic business. I would say once volume rampant is achieved, I would say probability can became reality much faster than the auto business. So that's our projection.

And also to answer your question regarding the, the the potential separation of the businesses, at the moment actually the business are operating together. In fact, we have not started. In a separation of the business, we obviously according to the announced. You saw we actually have a period of 18 months that gradually allows to achieve a separation.

But in the meantime what we're going to be focused on still achieving high degrees of synergy because we talked about leveraging the capabilities in AI, the capability you know sort of advanced manufacturing, powertrain, supply chain so forth. So actually the the two business can both achieve high efficiency and greater. I would say capabilities.

So with that, I think the near term. Expectation is it will still be mostly viewed as together as business and also as the volume production and also as the commercialization scenarios become more clear, we'll probably think about more likely separations. But in any event, given the ownership structure, this business will be 100% consolidated.

It will not impact our financials going forward even though the business may you know start to separate based on the plan. So I think in, in, in short, we still see the the group consolidating all the financials of the robotic business and the same time we'll really think about the most efficient and also most energetic way to run the business. Thank you.

Operator

Thank you. That concludes the question and answer session. Now I'd like to turn the call back over to the company for closing remarks.

Alex C

Thank you once again for joining us today. If you have further questions, please feel free to contact experts IR teams through the contact information provided on our website for the peers and financial communications. This concludes today's conference call. You may now disconnect your line. Thank you.

更多細節：XPeng IR

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