蔚來集團2026Q2業績直播
【AI 要點總結】
財務表現
- 2026年第二季度總收入達321億元人民幣，同比增長69.1%，環比增長25.9%
- 車輛銷售收入291億元人民幣，同比增長80.1%，環比增長27.5%
- 整體毛利率18.4%，車輛毛利率18.5%，較去年同期10%大幅提升
- 實現非通用會計準則營業利潤2億元人民幣，經營現金流和自由現金流均爲正
業務進展
- 第二季度交付智能電動汽車107,658輛，同比增長49.4%
- 蔚來品牌交付60,945輛，在35萬元以上乘用車市場領先
- ONVO品牌交付29,124輛，螢火蟲品牌交付17,589輛
- ES8在335天內達成14萬輛交付里程碑，ES9開始交付並需求強勁
下一季度業績指引
- 2026年第三季度總交付量預計在108,000至111,000輛之間
- 目標第四季度實現月均交付量超過4萬輛
- 預計第三、四季度車輛毛利率維持在第二季度水平18.5%
- 年度資本支出預計60-70億元人民幣，與去年相似
機會
- 市場擴張：加速ONVO品牌天空店鋪推廣，觸達低線城市家庭用戶
- 產品創新：計劃明年推出ONVO戰略新品及蔚來五、六系列新產品
- 戰略合作：通過充電合作伙伴計劃與25省超40家國企合作建設充電基礎設施
- 運營效率：第五代換電站提升運營效率並降低建設成本
風險
- 市場競爭：ONVO所在細分市場競爭激烈，品牌和車型數量超過蔚來和螢火蟲細分市場
- 成本壓力：面臨原材料和芯片成本上漲壓力，第二季度單車平均成本增加14,000元人民幣
【AI 會議實錄】
Operator
For NEO Incorporated second quarter 2026 earnings conference call. At this time, all participants are in listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Roy Chen, AVP and Head of IR Corporate Finance and Strategic Investment of the Company. Please go ahead, Roy.
Roy Chen
Good morning and good evening, everyone. Welcome to the Neil's second Quarter 2026 Earnings Conference Call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website.
On today's call, we have Mr. William Lee, Founder, Chairman of the Board and Chief Executive Officer and Miss Danny Chu, Chief Financial Officer. Before we continue, please be kindly reminded 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 risks and uncertainties. As such, the Company's actual results may be materially different from views expressed today. Further information regarding risks and uncertainties is included in certain signing of the Company with the US Securities and Exchange Commission, the Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited.
The Company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that news earning press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non GAAP financial measures.
Please refer to news press release, which contains a reconciliation of the unaudited non GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr. William Lee. William, please go ahead.
William Lee
非常感謝各位參加未來2026年第二季度業績溝通會議。Hello, everyone, and thank you for joining NIO Inc's 2026 Q2 Earnings call. 第二季度公司共計交付107658輛智能電動汽車，同比增長49.4%。Delivered a total of 107,658 Smart EVs, achieving year over year growth of 49.4 percent.
二季度未來樂道螢火蟲三大品牌同比環比均實現量價齊升，其中未來品牌交付新車60945台，在中國成交價35萬元以上的乘用車市場中部分能源形式排名第一。樂道品牌交付新車兩萬9124台，持續釋放增長潛力。螢火蟲品牌交付新車17589台，繼續領跑高端小車市場。
In Q2, the new Ammo and Firefly brands all achieved year over year and quarter over quarter growth in both sales volume and average transaction price. More specifically, the new brand delivered 60,945 vehicles, leading China's passenger vehicle market with transaction prices above 350,000 RMB across all powertrain types.
The Ammo brand delivered 29,124 vehicles, demonstrating strong growth momentum, and the Firefly brand delivered 17,589 vehicles, maintaining its leadership in the high end compact car market. 八月，公司分別交付35934輛和35836輛智能電動汽車。展望三季度，我們預計總交付量將在10.8萬至11.1萬輛之間。
In July and August, the company delivered 35,534 and 35,836 vehicles respectively. In Q3, the total deliveries are expected to range between 100 and 8100 and 11,000 units. 火箭方面，第二季度公司綜合毛利率18.4%，其中得益於高毛利車型持續熱銷和成本結構進一步優化。
儘管面臨行業原材料和芯片成本大幅上漲的壓力，整車毛利率仍保持在18.5%，其他銷售毛利率達到17%，服務與社區相關業務持續共。On the financial side, in Q2, the company's gross margin stood at 18.4%, driven by continued strong performance from the higher margin products and ongoing cost optimization.
Despite pressure from sharply rising raw material and the chip costs, the vehicle gross margin remained solid at 18.5%. The gross margin of other sales was 17%, with services and community related businesses continuing to contribute to profitability.
公司保持non gap 經營利潤盈利，並達成正向經營現金流和自由自由現金流。現金儲備進一步提升至567億元人民幣，經營基本面進一步夯實，爲公司長期可持續增長提供了更強的資金保障。The company continued to generate non GAAP operating profit as well as positive operating cash flow and free cash flow, further increasing its cash reserves to 56.7 billion RMB.
This helped strengthen the company's business fundamentals while laying solid groundwork for its long term sustainable development. 下公司產品研發和運營方。Now turning to our product, R&D and operations. 未來品牌方面，7月9日，全場景科技旗艦SUV es 八大五座版正式上市，並隨後開啓交付，以大五座空間優勢更好的滿足用戶多元化全場景的出行需求。
全新es 八上市以來市場表現持續強勁，上市335天即實現第14萬輛新車交付，在四十萬級乘用車市場以及大型SUV 市場均保持領先。在捷南路用戶進推薦值的研究中，蔚來es 八位列純電車型第一，實現銷量與用戶口碑的雙冠軍。
與此同時，科技行政旗艦SUV es 九五月底開始交付，在逐步轉化傳統豪華原油SUV 的用戶群體。六月及七月在中國成交價五十萬以上的乘用車市場銷量位居第一，旗艦車型的持續放量，進一步鞏固未來品牌在高端純電市場的領先優勢。
At night, the flagship SUV ES9 launched and began deliveries of the five seat version, catering to more diverse user needs and scenarios. With its five seat layout and spacious interior, the ES8 has maintained strong momentum since launch and achieved the 140,000 units delivery milestone in just 335 days, leading China's passenger vehicle segment in the 400,000 RMB price range and the large SUV segment.
In the Net Promoter Score survey by Land Rhodes, the Neo ES8 achieved the highest NPS among Bev's, ranking first in both sales volume and product reputation. In the meantime, the flagship executive SUV ES9, which began deliveries in late May have started winning over users from traditional luxury fuel powered SUVs, leading in sales volume among passenger vehicles with transactional prices above 500,000 RMB in June and July.
The continued strong performance of new brands flagship models has further strengthened its leading position in the premium B market. L90交付滿一週年，累計銷量突破六萬台，在三十萬級純電大型SUV 市場位列第一。樂道L80持續穩定交付依託出色的專載空間與場景化的產品力獲得用戶的廣泛認可。
二季度依託L90和L80突出的產品優勢，樂道品牌在成交價三十萬以內的大型SUV 中位居第一。同時更新迭代後的L60實現了全面的升級，精準匹配目標用戶需求，對樂道整體銷量形成了有力的支撐。
For the Ammo brand, the L90 surpassed the 60,000 deliveries within its first year since launch, ranking number one among the large battery electric SUV's priced around 300,000 RMB. The L80 continued to see steady deliveries winning, brought vaccinations with its exceptional cargo space and the scenario based functionality in Q2.
Leveraging the outstanding product strength of the L90 and L80, the ammo became the sales leader among large SUVs priced below 300,000 RMB. In addition, the upgraded L60 better meets the needs of its target users, further strengthening onward sales momentum.
螢火蟲已經連續15個月位居中國高端小車市場佔有率第一，穩固細分市場的龍頭地位。憑藉精準的產品定位與獨特的品牌調性，持續獲得目標用戶的認可。The Firefly brand has been number one in market share among high end compact cars for 15 consecutive months, maintaining its leadership in the segment. Its precise product positioning and unique brand identity continue to win the hearts of target users.
八日，我們向超過七十萬的未來及樂道用戶推送了未來世界模型全新版本。此次升級繼續深挖未來世界模型加閉環，強化學習技術架構的潛力，功能體驗大幅迭代。今年經過兩次大版本更新後，總體用戶使用率不斷提高。
升級後至今，未來品牌用戶的城區領航輔助的行駛里程環比提升了92.8%。樂道的全量用戶也迎來全面體驗升級，升級後，樂道用戶城區領航輔助的行駛里程環比提升了100%。
In terms of smart driving, on June 18th, the latest version of new Word model was rolled out to over 700,000 new and onward users. As the second major release this year, the new version further leveraged the Word model architecture and closed loop reinforcement learning, delivering significant enhancements in functionality and user experience.
User adoption has continued to grow since the upgrade. New users mileage with Urban NOP has increased by 92.8%. The upgrade also covered all onboard users whose mileage with Urban NOA increased by 127.8% following the upgrade.
依託頂尖的模型算法系統架構與工程落地能力，未來是行業首家實現通用芯片平台與自研芯片平台系統貢獻開發同步發版的車企。我們實現了跨平台跨品牌用戶都能獲得全生命週期持續領先的自駕體驗，爲用戶帶來常用常新的智能出行體驗。
Power by leading Model algorithms, systematic architecture and strong engineering capabilities. Neo is the industry's first car company to develop and roll out smart driving systems in parallel across general purpose and proprietary chip platforms. With a common software branch and synchronized releases, users across different technology platforms and brands can enjoy a continuously evolving industry leading smart driving experience throughout the vehicle life cycle.
銷售服務網絡方面，截至目前，我們開設了165家未來中心376家未來空間樂道門店441家服務中心420家，交付中心93家。在2026年的JD power 售後服務滿意度研究中，蔚來同時獲得豪華品牌中國品牌售後服務滿意度第一。
自榜單設立以來，蔚來品牌持續保持這一成績，我們的高品質服務得到了用戶和行業的認可。Sales and service front So far, the company has 165 new houses, 376 new spaces, 441 ammo stores, as well as 420 service centers and 93 delivery centers.
In JD Power's 2026 Customer Service Index study for Nevs, the new brand ranked number one among both premium brands and Chinese brands, maintaining its top position since the rankings were first introduced. Our high quality services have earned widespread recognition from both the industry and users.
充換電網絡方面，截至目前，我們在全球已累計佈局4123座換電站，建成超過30294根超充樁和目的地充電樁。8月7日，未來第四千座同時也是首座第五代換電站正式落成。第五代換電站可以實現未來樂道螢武蟲三品牌全車型兼容覆蓋，從小型車到大型SUV 全尺寸車型。
五代站運營和服務效率顯著升級，進一步強化對外服務與開放運營能力。同時依託標準化規模化的能源運營體系，我們也在積極佈局電力交易等增值服務，持續拓寬並釋放換電模式的商業化價值。
The power network At present, the company has 4123 power swap station and 30,294 power chargers and destination chargers worldwide. On August the 7th, Neil's four thousandth power swap station went live, marking the launch of its first fifth generation station.
The 5th generation can support battery swaps for all models of new ammo and Firefly, covering a wide range of vehicle sizes from compact cars to full size SU VS. With significantly enhanced operational and service efficiency, the 5th generation station is able to provide enhanced external services and support open operations leveraging standardized power operations at scale.
The companies also exploring value added businesses such as electricity trading for the unlocking the commercial value of battery swapping. 23日，未來入選時代週刊全球最具可持續發展力企業榜單，也是本次唯一上榜的中國車企。我們將繼續堅持純電發展路線，與用戶一起共創可持續和更美好的未來。
On July 23rd, NEW was named by Time magazine as one of the World's Most Sustainable Companies of 2026, becoming the only Chinese automaker on the list. We will continue to advance our BV road map, shaping a more sustainable and brighter future with our users.
汽車市場競爭進入了新的階段，競爭格局迎來幾大核心的變化。純電滲透率持續快速提升，純電已經成爲市場主流的動力形式。行業從品牌混沌期進入品牌誠信期，品牌成爲用戶選擇產品的重要考量因素。
競爭也從單點的產品比拼轉向企業綜合體系化能力競爭的決賽階段。長期以來，我們始終專注沉澱專注高端專注體系能力建設的努力契合了行業的最新發展趨勢，未來正進入新的高質量增長週期，我們對實現既定的經營目標充滿信心。
Market enters a new phase of competition. The landscape is undergoing several important changes. First, with the rapid growth of Bev penetration, BE V's have become a mainstream powertrain in the market. 2nd, the industry is moving from a period of brand ambiguity toward greater brand clarity with brand becoming an increasingly important factor in consumers purchasing decisions.
3rd, the final round of competition is shifting from product level competition to competition in comprehensive system capabilities. For years, we have remained committed to the premium CV strategy and have been building our system capabilities. This puts us well aligned with the industry's evolution and positions us for a new phase of high quality growth. We are confident in achieving our operating targets.
三里將爲大家介紹2026年第二季度的財務業績，有請三里。Thank you for your support. With that, I will now turn the call over to Stanley for Q2's financial details. Over to you, Stanley.
Stanley
Thank you, William. Let's now review our key financial results for the second quarter of 2026. Our total revenues reached 32.1 billion RMB, up 69.1% year over year at 25.9% quarter over quarter. Vehicle sales were 29.1 billion RMB, up 80.1% year over year and 27.5% quarter over quarter.
The year over year growth was mainly due to the increased deliveries and a higher average selling price driven by a more favorable product mix. The quarter over quarter increase was driven by higher deliveries. Other sales were 3.1 billion RMB, up 7.2% year over year and 12% quarter over quarter.
The year over year growth was driven by increased sales of parts accessories and after sales vehicle services, partially offset by decreased sales of used cars and technical research and development services. The quarter over quarter increase was due to increase in revenues from used car sales and parts, accessories and after sales vehicle services sales.
Looking at margins, vehicle margin was 18.5% compared with 10.3% in Q2 last year and 18.8% last quarter. The year over year improvement was driven by a more favorable product mix, while quarter over quarter vehicle margin remained stable. Overall gross margin was 18.4% VS 10% in Q2 last year at 19% last quarter.
The year over year increase was mainly due to the increased vehicle margin and the quarter over quarter slight decrease was mainly due to gross margins from weak sales, provision of power solutions and sales of parts, accessories and after sales vehicle services.
Turning to OpEx, R&D expenses were 2.1 billion RMB decreased 28.7% year over year and increased 13.8% quarter over quarter. The year over year decrease was merely driven by lower personnel costs in R&D functions due to organizational optimization, reduced design and development costs from different development stages and improved operational efficiency.
The quarter of quarter increase was mainly due to the incremental design and development costs for new products and technologies, as well as the increased personal costs in research and development functions. SG and E expenses were 4.4 billion RMB increased 11.6% year over year and 22.5% quarter over quarter.
The year over year increase was mainly driven by increase in sales and marketing activities associated with new product launches, while the quarter of quarter increase also reflected increased sales and marketing activities associated with new product launches as well as higher personnel and related costs for marketing functions and share based compensation for general corporate functions.
Loss from operations was 0.3 billion RMB, down 92.9% year over year and up 12.4% quarter over quarter. Excluding share based compensation expenses, adjusted profit from operations was 0.2 billion RMB. Net loss was 0.5 billion RMB, showing a decrease of 89.4% year over year and an increase 59% quarter over quarter.
Excluding share based compensation expenses, adjusted net profit was 26.1 million RMB. Furthermore, our positive operating cash flow grows substantially and we achieved positive free cash flow. Our cash position strengthened further with 56.7 billion RMB in total cash and cash equivalents, restricted cash, short term investments and long term time deposits.
That wraps up our prepared remarks. For more information and details of our unaudited second quarter financial results, please refer to our earnings press release. Turn the call over to the operator to start our queuing session. Operator, thank you.
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. For the benefit of all participants on today's call, please limit yourself to two questions and if you have additional questions, you can reenter the queue. Your first question comes from Bin Wang with Deutsche Bank.
Bin Wang
Thank you. My question is about the order flow sustainability about your ESA and esmart SUV. We notified in the premium ACV market some of your peers competitor although show life only a few several months. So can you explain why that and how new differentiate to facing the competition in the high end premium ACV market? Thank you.
William Lee
好，謝謝王斌，呃，我們呃的這個主力旗艦產品es 九es 八的需求，呃，是還是非常強勁的，現在去看的話，呃我們es 八在八月份交付了10999台啊，接近11000台，那我們在這個呃11個月的時間吧，交付了14萬台。
那麼在接下來這九月就這個九月吧，我們肯定會迎來第15萬台的交付，那麼在呃，一年的時間裏邊吧，我們相當於是交付會交付超過15萬台，所以它這個是需求還是非常壯的，那我以前也講過這個中國的這個呃汽車產業，因爲這個新產品跌的太快，就很少有車啊，能持續熱銷。
那麼es 八應該說我們全新es 八是打破了這個這個行業的這樣的一個呃現狀啊，成爲了一個持續熱銷的這麼一個車，現在來看需求仍然是非常強勁的啊。Thank you for the question. Regarding new flagship models including the ES8 and ES9, they will continue to see strong demand for the ES8.
In August, we delivered around 10,099 units and in 11 months we have delivered more than 140,000, yes, 8. And in September, it's going to witness its next milestone of 150,000 deliveries, which means that in less than one year since its launch, it has already surpassed 100 and 50,000 unit delivery.
So the the demand for the models are pretty strong. And as previously, we've talked about how the products are critically iterated and introduced in the Chinese automotive market, where for a new model in the market, it's, it's normally difficult, we're having difficulty to lost its popularity and the tension by the market. But for the USA, it may be the first model that is breaking away from this market trend.
那我們的科技旗艦呃SUV es 九上市以後交付到現在的話呢，需求仍然是非常強勁的，那我們的這個呃，地平線特別版和我們的這個呃這個呃簽名版，那麼目前的等待週期還是要超過三個月啊，那麼接近四個月，呃三個多月了，那呃需求還是非常強勁，那麼呃從這個目前來看的話呢，我們如果去看，八月份和七月份相比。
我們的因爲七月份我們有一些以前的這個意向金的訂單，那麼如果我們看八月份的話，我們這個呃都沒有意向金訂單了，我們新增的這些訂單的話，和七月份相比的話呢，其實增長的還是比較多的，所以我們對於es 九的持續的這個熱銷還是非常有信心的。
And regarding our flagship executive as to the ES9, it also sees strong demand since it's launched especially for the Horizon Edition and the Signature Edition. Right now for users placing an order, they will need to wait for three months or nearly four months to pick up a new car.
And if we look at the sales number of the ES9 in August and the July, I think July we're we were still consuming some pre-orders. But if we are making a comparison between the incremental, incremental orders in July and August, we actually have seen a growth from July to August. So we are also confident in the continuous popularity and also demand for the ES9.
我們的es 九啊，4分3以上的用戶都是來自於未來社群以外的這個新增的這個用戶啊，也就是說它的破穿的效應還是非常明顯。And also one thing worth noting is that around 3/4 of the ES 9 users are actually from non existing new users from users outside of the new user community. This also shows that the ES9 has successfully reached out to a broader user base.
那這個原因的話呢，我覺得是這幾個方面，首先還是我們的技術領先啊，從技術創新的角度來講，像我們es 九有幾十項行業首發的這個技術和領先這個同級的技術，那這個技術技術創新，我們的還是我們的一個非常堅實的一個產品的競爭的一個競爭力的一個基礎。
and there are A number of reasons for the popularity and the demand for the ES9. The 1st is the technology innovation. On the ES9 we have introduced or debuted several thousand of industry first or industry leading technologies and tech innovation. Still so far a very important competitiveness and also differentiation of our products.
那第二個就是我們產品的定義是精準滿足了這個在高端市場的家庭啊，商務兼顧家庭的用戶，或者這種商務需求的用戶的這樣的一些情感和功能的這樣的一些體驗的需求啊，這方面的話呢，這個用戶的滿意度是非常高的。
The product definition has precisely catered to the needs of the users in the premium segment, especially users buying the car for their business needs and also for their family occasions, where our cars have catered to both their emotional as well as functional need and our users also speak highly of the product.
第三個的話呢，還是我們的這個充換電服務網絡，充換電網絡，還有我們售後服務的這個體系啊，帶來了非常難以複製的一個呃體系化的優勢，那麼我們呃，根據這個節能的報告，我們的售後服務在新能源汽車品牌中啊是連續三期奪冠。
那麼我們也在JD power 的這個2026年的這種售後服務，售後滿意度的研究中呢，是豪華品牌和中國品牌的雙料第一啊，這個持續好幾年了，所以這個也是，呃，對高端市場來說，這個服務的體系服務的體驗是非常重要。
3rd is the holistic and one-of-a-kind experience enabled by our charging and swapping network as well as our after sales services which are actually a systematic capability difficult to replicate by the competitors. According to the Land Rd. recent study on the aftermarket satisfaction on the new energy vehicles, we've been topping the least for three times conservatively and also in JD Powers recent research in terms of the post market satisfaction on the new energy vehicles, we are also ranking the 1st for several years in a row.
So for the premium segment, such experience centering on the services and post market services. Also very important 那最後一點也是非常重要的一點就是，呃，我也多次講到中國汽車市場在這個新能源汽車的市場，衆成這個品牌的混沌期進入到了品牌的澄清期。
那麼用戶的購車決策從這個過去幾年比參數，現在已經轉向了選品牌啊，先選品牌，那我們在高端的純電的這個市場已經建立了一個，這個，呃，建立了一個品牌的心智啊，那用戶其實也形成了廣泛的形成了一個BBA 的下一輛選未來高端的純電選未來這樣的一個市場的共識啊。
如果去看這個，我們未來品牌在購車，在我們未來的用戶啊，在購車的這個決策的原因裏面，品牌的原因佔比已經超過了30%，那也是印證了我們的這個未來在高端市場，已經建立了一個深入人心的一個品牌的形象。
The first one is as also previously talked about, the entire automotive market is now shifting from a period of brand ambiguity to a period of brand clarity where users purchasing decisions was previously largely based on the specifications of a product and now their decision is mostly driven by the brand.
And in that case, Neil has also established a pretty solid foothold and the clear brand awareness in the premium battery electric vehicle market among many users. They naturally believe that if they are going to choose a car to replace their existing Mercedes, BMW and Audi and the meal will be their natural choice.
And if they are looking for a premium BEB model, then Neil is also their go to car. Among our existing new users, we've also studied their purchasing decision where we find that the brand reputation and awareness is already accounted for more than 30% of their purchasing decision. This has further proven our solid foothold in the premium BV market, no.
從這個終端的上顯的數據去看的話，二季度呢，neo brand 在中國市場的平均的成交價是40.6萬元，那麼全面超越了傳統豪華品牌BBA 在主流高端品牌中排名第一，七月份未來品牌的平均成交價呢，也進一步來到了43萬元。
And if we further look at the numbers by the Insurance Association, in Q2, the average selling price of the new brand was 406,000 RMB, far higher than the prices of Mercedes, BMW and Audi and ranking the first among all the mainstream premium brands. And in July, the average selling price of the new brand was over 430,000 RM.
我們相信這個品牌的稀缺性和這個品牌的這個呃，這個它的這樣的一個競爭力啊，會成爲我們未來的三個品牌，在長期啊，參與市場競爭非常重要的一個基礎。Scarcity of such a preminence of our brands as well as the competitiveness of our brands across all three brands will also become a long term foundation for our competitiveness going into the future. Thank you, Wang Bin.
Bin Wang
Thank you.
Operator
Your next question comes from Tien Tsao with Morgan Stanley.
Tien Tsao
Hi, this is Tim from Morgan Stanley. Thanks for taking my questions. Dan. Congress on the 3rd consecutive profitable quarter. I have two questions. The first one is about on both because compared to the robust growth of the Neo and the Fire Firefly brands, how we notice on those customer conversion and order momentum have been relatively moderate to RAM since launch.
So just want to know that how's the progress in rest and adjustment to cut to customer incentive in the selling strategies and looking forward what further changes with management plan to effectively improve on both older momentum? Yeah, that's my first question. Thank you.
William Lee
See the team. 呃，安卓的所在的市場的競爭啊，確實要這個激烈很多啊，這個和neo 還有Firefly 相比的話，那確實它在參與的是一個非常這個激烈的這樣一個市場的競爭啊，不管是從品牌的數量還是從車型的數量都要多很多。
那如果我們去看的話呢，安卓這個從這個品牌發佈到現在取得的成績啊，其實也還是，從一個細分市場去看的話呢，還是也是非常的。Thank you for the question. It's true that ammo is actually in a more competitive market than New and Firefly where the level of competition, the intensity level of competition in terms of the number of brands and also the number of models are also much more intense than that of New and Firefly.
But if we look at the almost overarching performance since its launch, especially from its specific segment and market, it has actually done some good progress and achievements. 均價啊，就是今年上半年大家都知道中國的乘用車這個大盤呢，是是挑戰很大但樂道的品牌的平均的成交單價呢是超過了24萬啊，這個和這個去年同比是增長的還是比較多的。
那麼其實中國的這個今年上半年只有八個品牌啊，實現了量價齊升，那麼樂道就是其中之一啊，那所以從這個角度來講的話呢，它的平均單價成交均價啊，超越了部分的傳統的豪華品牌，所以我覺得做一個高品質的家庭用車的品牌，那它應該說從品牌的打造的方面，那你應該說是設立了一個比較好的一個基礎。
In terms of the, if we look at the average selling price of the ammo products, as we all know that the passenger vehicle market in the first half of this year was a bit challenging. And even amid this challenges, almost still achieved the an average selling price of 240,000 RMB, achieving also significant growth year over year.
And in the first half of this year in the China's automotive market, only 8 brands managed to achieve increase both in their sales volume as well as the average selling, where Onvo is 1 of this eight brands. So in terms of the average selling price, Onvo is even outperforming some traditional luxury brands.
So if we perceive Onvo as a premium family oriented brand, it is actually achieving a pretty good baseline as a from this brand definition perspective. 樂道的這個產品的綜合競爭力還是非常強的，那麼我們如果去看他從這個銷售線索到訂單的轉化率，這個在行業裏面是非常領先的。
也就是說用戶一旦接觸到了樂道的產品，那麼他其實最後買我們車的成功率是比較高的，這個也能夠看出來我們現在主要的一個挑戰還是品牌的知名度啊，那麼現在樂到的品牌知名度確實要只是相當於五六年前的未來的品牌。
那所以接下來呢，這個我們希望能夠通過更多更積極更主動的方式，通過跨界合作線下活動啊，深挖社群這樣的一些方式，那讓更多的人能夠接觸到樂到的品牌啊，這個就是我們啊，目前主要的一個工作的一個目標。
And in terms of the overall product competitiveness, we also see some good progress and also foundation, especially a good conversion rate from self leads and opportunities all the way to orders, which means that when users get to know about the brand and products, it's also more possible and likely for them to place an order on the Onward product.
So right now for the Onward brand, the challenge is more about its overall brand awareness, where it's current brand awareness is maybe comparable with Neil's awareness around 5:00 to six years ago. So right now, our focus is also to enlarge the brand awareness and also the popularity was through also different collaborations, offline activities and also engagements with more targeted communities.
舉措就是我們會加快未來樂到鹽湖城三個品牌共用的這個Sky 門店的佈局啊，持續加強這個銷售網絡的建設，能夠讓樂到的品牌更多的觸達這個呃三四線城市的家庭用戶群體。And the second actions we're taking is to keep rolling out our sky stores where we can host a new ammo and a Firefly brands under the same roof.
With that, we're able to further expand our self network and also to really introduce our ammo brand to more users in the lower tier cities. 呃，第三個的話呢，我們呃，還是接下來呢，還是會持續的推出這個新的產品啊，去服務更廣泛的家庭用戶群體啊，當然方向上來講，我們還是會保持樂道，作爲一個高品質家庭用車品牌的這樣的一個定位啊。
我們不會進到太低的這樣的一個市場，呃，還會保，還會平衡量和這個毛利的關係啊，總的來說的話呢，我們認，我們認爲中國市場現在是缺樂道這樣一個定位，在傳統的像豐田大衆，他們的高線的這樣一個產品的這樣一個品牌的啊，這樣的一個品牌的啊，我覺得樂道就是對於樂道來說是非常好的一個機會。
And the third action is to also introducing new onward products so that we can also reach out to broader family user base. But in the meantime, we will still maintain almost positioning as a premium high quality family oriented brand. So we will not be very aggressive in entering into the entry level of segment.
We will still strike a balance between the source volume and also the vehicle gross market. Right now in the Chinese automotive market, we actually see a vacancy where there is no such brand that is comparable with the upscale product lines of the Toyota or Volkswagen that can serve the needs of the family users. This is where we see the opportunity for on board to develop its awareness in that specific segment team. Thank you.
Tien Tsao
Thank you really for sharing the details. My second question is the quick one. Just want to know that if management can share next year's new model refresh and the key launch milestones for the Neo envelope and the Firefly, the three brands on that group? Yeah, that's it. Thank you.
William Lee
呃，謝謝Tim 呃，從未來品牌的角度來講，當然我們五系六系的產品，呃，當然會有一些新的產品的計劃啊，這個當然其實市場也也應該，也都大概也能夠也能夠了解得到，那樂道的話呢的話，我們明年還會有戰略級的新的產品上市，會進一步的去豐富我們的產品線。
從Firefly 的角度來講，我們還是這個brand Firefly brand 就是這一款車型啊，我們當然這個包括這個特別版，包括後續的一些技術的迭代，我們都會持續的去進行啊，總的來說Firefly 就是這個有點像iPhone 這樣啊，會持續的都會有一些新的這樣的一些特別版去推出。
Thank you for the question. For the new brand for next year, we will be introducing new products coming from the five and the six series product lines. I believe that the market is also aware of some of our latest plans where for the Oval brand next year we're going to introduce a major strategic new product that will also help to enrich our existing product lineup.
And for the Firefly brand, we will keep this single model strategy, but rolling out special editions and also technology upgrade. So for Farfly, it's a bit like taking the iPhone approach where it will stay in this same product, but with new additions. Thank you, Tim.
Tien Tsao
Thank you, really.
Operator
Your next question comes from Paul Gong with UBS.
Paul Gong
Hi, William, thanks for taking my question. My first question is regarding your vehicle gross margin outlook for the next two quarters and be it's ongoing cost inflation. We're aware that the memory costs continue to go up and I just want to listen to your thoughts, how does that impact the vehicle gross margin? Thank you.
Stanley
哎，你好炮，呃，確實今年呢，整個的呃，成本端的這個壓力確實比較大，呃呃，我們按照我們之前所講啊，我們對於未來來說呢，今年三月份開始，呃，從內存到大宗材料到電池的成本呢，其實都有所上升，整個從呃呃整個二季度來看呢。
呃，如果跟去年年底相比啊，整個的，單車成本平均來看呢，這個上漲大概在單車1.4萬左右，呃，所以這個其實給我們的這個毛利啊帶來的壓力還是比較大的，嗯。Thank you for the question. It's true that since this year, the cost of structure of of our of the automotive industry has been under pressure.
And for the company, we've been facing pressure coming from the rising material costs including memory chips, batteries and also other bulk materials. And if we look at the cost in Q2 as well as the cost in late Q4 last year, the average cost impact or cost increase is around 14,000 RMB.
塊對，當然那個在二季度公司也是做了大量的工作來，呃，呃，穩住我們的這個毛利，呃，來對沖這個成本上漲的壓力，那這裏面就包括一個呢，我們貨我們是維持了我們，呃呃，從三個品牌的這個價格的穩定，我們沒有通過這個單純的降價來換取這個銷量。
另外呢，我們在成本端也通過我們的這個，呃供應鏈的優化，商務的談判，vve 等措施，呃，總體來講，我們基本上實現了一個呃是呃，整車18.51個相對穩定的這個毛利率。
And also in Q2, we've taken a series of efforts to stabilize our vehicle margin and under the rising cost of pressure and AS previously mentioned, we've been actually using taking a very stable pricing strategies for our products. We didn't really lower the price, lower the price in exchange for the sales volume.
And secondly, on the supply side, we've been working with the supply chain to take a series of optimization measures they they efforts as well as commercial negotiations. With all these efforts combined, we managed to stabilize our stabilize our vehicle margin at 18.5% in Q2.
Don't say. 下半年呢，我們也看到這個材料成本有繼續上漲的這個風險我們預計啊，可能會在呃，兩千到三千元平均下來每每車那公司呢，當然也會繼續採取相應的這個措施，總的目標呢是希望呃Q3和Q4整個的這個呃的margin 能夠維持呃，跟Q2差不多。
And going into the second quarter, we expect the material costs to continue to increase by another 2 to 3000, but we will also take a series of content measures to mitigate these risks. In Q3 and Q4, we hope to still stabilize our equal gross margin to at the same level as interested.
Paul Gong
So my second question is, yeah, despite of all this cost pressure, you have done significant improvements in terms of profitability over the past one year. My question is, what gives you management confidence that these improvements are sustainable rather than say, say, critical?
Stanley
呃，對，確實，呃，這裏面，當然這個是一個綜合的一個一個措施了，呃，一方面呢，其實剛剛威廉美提到，就是整個的汽車市場也進入到一個品牌的競爭，那剛剛我們也提到我們未來的品牌，我們es 八和es 九的這個銷量還是非常這個穩定的。
然後呢，在整個的高端市場裏面的佔有率也非常高，那這兩款車型在我們整個portfolio 裏面的佔比還是非常可觀的，那這兩款車型的毛利呃，還是還是非常呃，也是超過20%，所以它是我們整個這個呃毛利的這一個基石啊，呃。
Thank you for the question to that. We need to take a comprehensive measure towards that. The first is that as also mentioned by William, the automotive competition in China is now shifting to more brand driven. And for the new brand, our Yes 9 and Yes 8 are still seeing pretty stable demand and also with significant market share in their respective segment.
These two models, they are also making major contributions in our product mix as well as vehicle margin as both of them has over 20% vehicle margin and this will be our foundation for the overall performance. 呃，當然第二點呢，我們還是會持續的去，呃，優化我們的成本結構，把我們的產品定義啊，做得更精準，跟我們的合作伙伴一起呢，去尋找這個降本的措施。
所以這個呢，其實從呃呃，過去這個幾個季度開始都已經在呃深入的進行結合，我們我們我們內部叫這個原子化的這個呃研發和供應鏈的這樣的一個能力，我們其實在這方面也也已經找到了非常，多的這樣的一個機會，那我們在接下來呢也會持續的去進行這樣的工作。
And the second is to keep rolling out optimizations towards our cost of structure by making more accurate product definition and also by working on the cost reduction opportunities together with our supply chain partners. These are the efforts that we've been working on in the past several quarters.
And internally, we've been doing all this decoupling and decoupling and analysis of our R&D and also supply chain capabilities, putting them to the autonomic granularity, identifying also opportunities for continuous cost reduction. And we will also keep up this good work.
William Lee
中國的這個汽車市場的這個壓力是非常大的，但如果你去看未來整個公司的增長的質量，這個還是非常的高啊，這個剛才丹也講到了我們一些這個長期盈利能力的這個持續性，今年上半年我們的銷量呢是漲了67%，但是我們的營收是高於這個銷量的增長。
我們營收是同比增長了86%，如果我們就看到毛利額啊，就毛利的總額，我們同比增長了是282%，這個增速呢是比營收的增長還要更快，那麼這個成績是在今年的原材料，這個和這個存儲芯片啊這樣的一些成本大幅上漲的情況就實現了。
那因爲我們二季度剛才三里也講了，我們二季度的這個呃成本呢，這個平均到每輛車上去，和去年年底是漲了一萬四，那麼今年下半年呢，還要再增加兩三千，也就是說要漲到一萬六到一萬七之間，和去年年底相比，但是我們仍然是有信心實現這個毛利額的總額的這樣一個高速的增長。
所以這一點呢，也是充分證明了我們整個公司從技術到產品，那麼到供應鏈的管理啊，到這個銷售啊，還有，這個各方面的管理啊，持續的這個，還有品牌的定位的一個體系的這麼一個競爭能力。
And as mentioned, the Chinese automotive industry has been under cost of pressure. But even amid all these challenges, the company has still managed to achieve high quality growth as shared by Stanley, some of the efforts we've been taking to secure the long term and sustainable growth of our business.
And I'd like to also share some numbers. In the first half of this year, our sales volume increased by 67% year over year, where our total revenue increased by 86% year over year. That is faster than our volume increase. And in terms of our gross profit, it increased by 282% year over year, much faster than the growth of our revenue.
And this is amid all the challenges coming from the supply side of the rising raw material costs on the trips and on, on everything. And in as mentioned also in Q2, the impact on the vehicle is around 14,000 RMB on average where compared from late. Last year where in the second-half of this year, such impact will continue to enlarge by another 2 to 3000 RMB, which means that in the second-half of this year compared with Q4 last year, our cost of structure will be burdened by another 16 to 17,000 RMB.
But even against this backdrop, we still aim to achieve a steady growth in our gross profit. This is also a demonstration of our system capabilities and also competitiveness in terms of our technology, products, supply chain, sales and also brand management. Thank you, Paul.
Paul Gong
Thank you very much. We understand and congratulations for the achievements. Thank you.
Operator
Your next question comes from Niklay with JP Morgan.
Niklay
Thank you for taking my question. My first question is, is the financial related with very strong operating cash flow and free cash flow generation by by first half? Can you can you make a reminder our cash burn including CapEx and R&D and what the level of free cash flow can we anticipate by year end and what's very strong position right now?
Can you remind us where do we plan to invest or spend our cash in terms of CapEx and R&D? That's my first question. Thank you.
Stanley
呃呃謝謝Nick 呃，我分分分幾塊來講呢，一個呢是我們的這個，呃，那我們今年的這個呃，資本性開支呢，基本上我們會維持跟去年差不多的這個水平，呃，按照之前呃也跟大家溝通過，基本上是在季度六十到七十億的這樣的一個啊，全年sorry 不是季度啊，全年六十到七十億這樣的一個水平。
呃主要的這個用途呢，也基本上是我們的這個車型的研發投入，然後我們的這個服銷售服務網絡的建設，呃，這方面，因爲，呃，基本上工廠相關的應該相對沒有那麼多了，在今年哦。
Well, thank you for the questions. I will answer to your question in through several major aspects. The first is regarding CapEx for this year, we expect our full year CapEx to be relatively flat from last year, roughly 6 to 7 billion RMB per year.
And such investment is mainly used for basically products research and the development as well as the roll out of our South and the service network, not much investment going into the capacity and also factory side. 呃，第二個方面呢，就是我們將持續呃呃高強度的去建設我們的充換電網絡，那今年的目標也依然是，呃，一千個換電站。
呃，當然這個跟呃我們呃之前不一樣的地方就是從二四年我們開始我們的這個家電合夥人的這樣的一個計劃以來，呃，今年呢，我們應該取得了一個長足的這個進步，我們也在呃全國25個省市，呃與超過四十，家的這個地方，國資和經經機構展開合作。
那從目前來看呢，我們全年的這個充換電網絡的建設計劃應呃，整個的目標是都呃，都來自於我們合作伙伴的資金。And the second is that we will continue to roll out and expand our charging and also swapping network for this year. We still plan to build 1000 new power swap stations, but different from previous years, we are in 2024 we've introduced the power up partner plan.
where through the plan we would like to collaborate with different partners for the construction of our charging and swapping infrastructure. And this year we've made the major progress in this plan where we being partnered with 20 with over 40 state owned enterprises, platforms and and also financial institutions across 25 provinces and the cities in China in constructing our charging and charging and swapping infrastructure.
And for this year, we expect all the newly built infrastructure will be sponsored or founded by our Power Up partners. 第三點呢，就是我們的，呃，baas 模式呢，越來越被用戶認可，那與baas 模式相關的這個電池電池資產其實也是取得我們這個呃金融機構啊，還有各種合作伙伴的這樣的一個一個認可和支持。
所以從未能的這個融資角度來講，呃今年上半年這個各方面的融資渠道也基本上完全打通，所以大家也看到未能對於未來的這個欠款，從年初的，這個160億其實下降到呃二季二季度末的這個150億不到，所以整個呢是在投放增加的情況下，其實整個的絕對金額還是出現了下降。
這個對於這個呃就未能的回款，對於這個未來現金流的這個改善和支撐也是非常重要。And the third is that our battery as a service business model is also earning more recognition from also more users. This is also helping our battery asset management and the battery asset management company getting stronger support from the financial institutions and also different partners.
in the first half of this year for the battery asset management company, Wayno, As we also see some good progress regarding the fundraising across different channels. And in terms of the amount due from the battery asset management company, it is also reduced from over 16 billion earlier this year to less than 15 billion in end of Q2.
Considering that we are also enlarging the user base and also the business size of the battery asset management, the increase in the absolute term is also relatively proportionally. So this is. 對，所以總的來說呢，隨着銷量的持續增長，以及包括我們經營的這個，呃，逐步的這個改善，我們整個呃三四季度的這個目標，對於現金流來說。
呃，依然是我們希望能夠實現經營現金流和這個自由自由現金流的這樣的一個正向的這個目標，呃，總的來說呢，整個整個的這個現金儲備的這個餘額，在這樣的一個背景下面，在三季度和四季度應該還可以持續提升。
With increase in South volume as well as ongoing efforts in improving our operational operating performance, we expect that in Q3 and the Q4, we can maintain the positive free cash flow as well as operating cash flow. With that, we also believe that in the second-half of this year, our cash position will continue to enhance. Thank you, Nick.
Niklay
Thank you. My second question is aiders related. The market is indeed very, very competitive every, every peers over the autopilot function or features. So I'm wondering from user standpoint, how do we differentiate ourselves from from peers across of our product, product offering from hiring to entry level?
And at the same time, given high adoption or penetration right now, will we consider a different payment option such as pay as you go or subscription option in the future? Thank you, Nick.
William Lee
那麼我們呃，AB 的話，我們的輔助駕駛在今年這個讓大家看到了這個世界模型加閉環，強化學習，再加上群體智能的這樣一個技術路線的這樣的一個優勢，那麼從這個我們的應該說我們的雲端的訓練的算力投入啊，遠低於這個我們同行的情況下呢，我們其實取得了一個，非常不錯的這樣一個用戶的體驗的這樣的一個呃，結果啊，充分證明了我們這個技術路線的一個。
Thank you for the question. This year people actually start to see the benefits and also the advantage of our overall architecture featuring the new word model plus the reinforcement, closed loop reinforcement learning and also collective intelligence. Especially considering that the actual investment computing investment and the computing power we use the for the cop training for the autonomous driving and smart driving functionalities relatively small, achieving such good experience with our latest release, this has also proven the advantages of our technology road map.
這個我們的這個，呃，新版本在今年這個6月18號，幾個品牌幾個平台新版本同步推送給七十萬用戶啊，那麼這個也是證明了我們技術架構的一個先進性。And also as mentioned earlier today, on June 18th, we actually have pushed our latest new world model version to over 700,000 users across different brands and also technology platform simultaneously. This has also proven the advances of our technology and architecture.
那麼在呃，有一個數字也可以分享一下，我們像我們這個，呃，搭載了我們自己芯片的這個P One X 啊，這個我們的9031X的這個芯片的，我們的C 的雪松的這樣的一些用戶的話，那麼他們在這個日常就6%58的用戶接近六成的用戶，他日常使用智能輔助駕駛的里程是超過一半以上。
And also I would like to share some numbers with you. For the Cedar user, that's our third generation platform equipped with NX1931 smart driving trip, where among this group of users around 58% of them have been engaging a smart driving functionalities for more than half of their trips.
模式收費模式方面，我們現在是對於新的新車的這個用戶未來和樂道，對於新車的用戶，我們都是五年啊，在上市的時候給他五年的這樣一個免費的這樣一個訂閱，但對於二手車的用戶或者說超過了這個呃這個呃五年的這樣的用戶呢，當然現在還他們還沒有到五年了，就是對二手車的用戶。
比如說這個用戶，如果首輪車主把他車出售了，我們呢，是會對這些二手車的用戶提供這種訂閱服務，那我們現在能夠收我們現在30081個月我們能夠收到的訂閱費啊，訂閱的這個比例啊，就是接近20%，那麼這個還是非常正向的一個說明，我們的這樣的一個呃產品的競爭力啊，我們的體驗的競爭力。
但是現在用戶收費的基數還比較少了，呃，今年我們也有幾千萬人民幣的一個訂閱收入，我想那個從隨着用戶這個基數的增加啊，那我們相信這個也會長期來說，訂閱收入會成爲我們公司非常重要的一個服務與社服務的收入。
And regarding the business model for the smart driving service, well, right now for the new new users and humble users, we offer them a five year complementary subscription to our smart driving capabilities and systems. But for the use of car users or when they expire on this five year complementary service, they will have to definitely pay for the subscription.
For the use of car users, they are paying 300 and ATR MB per month for the smart driving subscription where we now see a penetration rate of around 20%. Among this use the car users, this is also a pretty sizable amount showing also the competitiveness of our product and experiences.
And of course right now this is just a small user base. But for the longer term, we believe that this will also be a quite sizable source of a revenues for our business. Right now, every year, the revenue from that part of business is around several thousands of millions of RMB. Thank you.
Niklay
Thank you.
Operator
Your next question comes from Ming Sun Li with B of A
Ming Sun Li
Hi William, this is Ming. So I also have two question. So first question is related to your 5th generation battery substation with small expansion of your new substation and this can accommodate all of your three brands. Could you give us more details regarding the CapEx per station and also a maintenance cost compared to your previous generation swap station?
Besides that, right now you also open to some other auto OEM for your battery service. Could you elaborate your pricing strategy and also your unique economy model? Yeah, thank you. That's my first question.
William Lee
OK 呃，那呃，關於第五代換電站呢，呃，從從兼容度上就是，呃，我們用用了一個柔性的這個解決方案，所以未來樂道螢火蟲三個品牌不同尺寸的車型都可以在一個換電站裏面來進行換電，那從成本上來講呢，呃，第五代站在第四代站的基礎上，其實還是有進一步的這個下降，所以從一個單體的這個換電站的一個。
呃，建設，呃，這個材料成本上來講，其實是有有進一步的這個優化的，那從呃從總的來講呢，呃，目前如果呃，不含電池的一個呃和這個就是我們說那個高壓爆裝的一個建設成本五代站大概在140萬，其實比四代站大概有降低了十萬左右。
Thank you for the question. Regarding the 5th generation power substation, we have adopted a flexible design where the station can accommodate all models from Neo Owl and the Firefly. So basically can be compatible with cars of different dimensions and the sizes. And in terms of the cost, we've also achieved the continuous improvements on top of the Gen. 4 where the in terms of the material costs, we've achieved the also optimization and reduction in cost.
And for per station cost, if we excluding batteries in the station as well as all the costs related to the high voltage power supply and the energy preparation, if you only look at the the station itself, it's around the 1.4 million RMB per station. That is around the 100,000 RMB cheaper than the 4th generation.
營上來講呢，呃，分兩個層次吧，就是一個呢，我們所有的換電站其實都在做持續的這個運營的優化，那整個的這個，尤其是這裏面的這個值守的人效，其實隨着我們換電站的這個故障率的這個提升，隨着我們軟件能力的提升，整體的這個人效，其實今年我我記得跟去年年初相比呢，其實已經提升了有50%呃。
然後呢從五代站上來講呢，呃，我們，呃，是有機會，當然五代戰現在的這個故障率還在一個爬坡的過程哈，我們的目標從目前的表現來看呢，其實是比同期的前面幾代戰要優化的，而且從技術上來講，它能夠比前面幾代戰應該能夠做得更好，所以我們相信五代戰呢，它的運營效率會比前面幾代戰還要再進。
And in terms of the operations of the swap stations, we've been also making continuous improvements in terms of the actual people efficiency of supporting the the operations of all stations. We've also made improvements in terms of the first time through of the power swabs as well as the software features between current performance as well as the performance earlier last year. It's already improved by 50%.
Of course, for the 5th generation as they are new to the field. So we are still ramping up its first time through. But comparing with the previous generations around the same time frame, we already see quite significant improvement in terms of the success rate of our power swabs among the fifth generation station. Overall speaking, we also believe that the efficiency of generation will be much better than the previous ones.
呃，關於第三個，我們的這個對外合作，呃，其實我們跟多家主機廠在前兩年也簽署了這個換電聯盟的這個協議，當然呢，呃呃，這段時間呢，一些落地的一些項目也在，呃，這個或者是溝通和談判也在持續的進行過程當中，呃，也隨着這個呃，這兩年robot taxi 的發展。
其實robotaxi 和換電其實也是一個非常匹配的一個，呃，或者說基礎設施的支撐，呃，所以這些工作都還在進行當中，從目前的一個呃剛剛你提到的一個呃合作和收費的框架上來講呢，我們基本上會是用一個呃接入費的這樣的一個形式，但是這個還還還有待於後面的這個具體落地啊，等實際落地之後，我們再跟大傢俱體去披露這樣的一些細節。
呃，當然這些對外合作呢，其實大家也是，隨着這兩年，呃，呃，我們換就是，呃，新能源的發展進入到一個新的階段，大家也逐步認識到換電的這樣的一個優勢，所以越來越多的主機廠其實也是希望加入到這樣的一個隊伍當中來，那從單純從對未來能源來講呢，我覺得對於我們攤薄我們的運營成本。
對於我們去呃通過呃統一這個電池包來提升我們的電池上的這個效率，呃降本其實都是非常有幫助的。And the third is regarding the partnership and also alliance with other OEMs regarding power swap as several years ago with sign up with several OEMs regarding this power swap alliance.
And we still have this ongoing communications and also collaborations on some projects. And in the meantime, as Robotaxi is becoming a very popular area where we see power swap station and power swap service in general can be good infrastructure support for the robotaxi business.
So we are also exploring opportunities with our partners from that perspective in terms of the cooperation framework and also how we charge them on such services. We basically will charge them for the admission fee for the use of our for the use and access to our power swap network.
But more details are still being discussed and are to be closed when we have the actual project in the in the. Implementation and also for the entire new energy vehicle industry, it has been entering into this new stage where more and more people start to realize the benefits of a power swap and the more OEMs are also embracing the idea of a swappable vehicles where for the new power the advantages.
With more partners joining this effort, it can help us to optimize and amortize our operating costs. And by standardizing the battery packs, we can also improve the efficiency as well as optimize the cost of structure. Thank you, MI.
Ming Sun Li
Yeah, thank you, Stanley. My second question is related to your operating expense. Especially we noticed that your sales and marketing expense in second quarter is higher. Is it because you launch more new models during the quarter? Could you give more guidance for your 2026 operating expense? Thank you.
Stanley
OK me. 也是分兩塊兩塊來講，一個呢是我們的研發費用，研發費用的這個我們跟我們之前呃幾個季度跟大家講的基本也一樣，我們會維持在呃囊幹部季度在25億的這個水平，根據我們的呃研發項目和業務的進展來來動態調整這樣的一個呃就是支出水平和節奏，所以從二2026年每個季度來說，基本上是在這樣的一個水平上下來浮動。
Thank you for the question. I will still share the information according to two types of overall expenses. The 1st is regarding the R&D expenses. As mentioned, we will basically be staying flat with our R&D expenses non GAAP around 2.5 billion. And we will also make the adjustments, dynamic adjustments according to the actual cadence and the pace of our projects and the business. But for this year, it will be 2.5 billion per quarter in terms of the R&D.
當然大家也看到就研發費用跟我們的，呃，未來這個公司歷史上的這個投入相比，以及說可能跟我們的一些友商相比，出現了一定程度的這樣的一個呃減少，呃呃，但是呢，我覺得我們的研發效率其實是更高的，那這裏面我們分兩方面，一方面呢就是，呃我們呃，還是專注在這個純電路線，呃，沒有去在。
呃，沉澱包括混動增程，多條路線上去發力，所以這樣的話，我們的研發會更加聚焦，核心技術呢，可以在不同品牌不同車型上覆用，所以效率會更高，呃，第二個部分呢，也隨着從去年開始的我們整個CPU 的這樣的一個經營機制，呃，我們內部的這個研發的這個體系和組織的效率也不斷的優化。
所以總總的來說呢，在這樣的一個投入強度下面，依然能夠保證我們在覈心技術和關鍵產品上的這樣的一個競爭力。And in terms of the R&D expenses, maybe some will compare our current expenses with our previous level or with our competitors where definitely our expenses is relatively low.
But we also need to really pay attention to the utilization of such expenses and also the efficiency of our R&D activities. First of all, Neil has been staying committed to the battery electric vehicle road map. With that, we can be more focused on the technologies and the products related to the BV road map without spreading our efforts across BVP, Hive or Risk.
And secondly is that as we've been rolling out this CPU mechanism internally with the CPU we can also better measure and improve the efficiency of our R&D systems as well as our R&D organizations. So even with a relatively moderate investment into the R&D activities, we can still maintain our leadership and and advancements in the technologies and also products.
從這個sgia 角度來講，呃，首先我們來看它這個呃sgia 佔這個銷售收入的一個比例，呃，從囊幹部的角度來說呢，呃，我們一季度和二季度這個比例基本上都是在13%上下，那這個呢，整個的比例上來講呢，是符合我們的這個預期的，呃，其次呢就是我們二季度，呃，尤其在銷售費用上有很多在二季度一次性的這個投入。
呃，因爲呢，我們二季度的所有的新的產品，基本上今年啊，今年所有的新的產品基本上都集中在二季度發佈，那呃，包括我們的這個es 九，包括這個我們樂道的今年的一些換代，呃，大部分都集中在這樣，呃這個二季度裏面，那這樣的一次性的影響呢，呃，給二季度的這個這個這個研發。
呃這個SGA 帶來大概五個億的這樣的一個增長，呃，所以這個呢，在後面的兩個季度呢，應該不會有這麼多的這樣的一個一次性的影響發生，呃，從呃，那最後呢，從這個三四季度的一個展望來講呢，SGA 我們整個的控制目標還是，呃，希望能夠實現，呃non gap 的SGA 佔整個收入的比例在10%到11，呃，這個也這個呃，目前來看呢，應該也是一個，呃，可控也也也能夠，呃，通過努力實現的這個目標。
And regarding the SGNA expenses, if we look at the SGNA as percentage to the South revenue in the 1st and the second quarter under the non GAAP standard, it's around the 13% in the first half. And also in the second-half as we see a slight increase in terms of the sales expenses, it's mainly driven by someone of expenses as we have most of our new products for this year were launched in second quarter including our yes night and also some facelift models for Humble.
So that one of impact is roughly 500 million majorly happened in Q2 where in the second-half we don't expect to have such one of impact in terms of the sales expenses. So in terms of the second-half outlook in terms of the SG and A expenses as percentage to the South revenue under the non GAAP standard, we expected to be around 10 to 11%. This is also a controllable as well as an achievable target for us. Thank you, Ming.
Operator
Your next question comes from Jing Chang with CICC.
Jing Chang
Thank you for taking my question. Time is limited. I have only one question. We, we know that our senior best President, President, Mr. Renshao Qing has founded and embodied AI startup company in which we have made a strategic investment. So what are the long term cooperation potentials between this new company and new and also what long term value can't bring to our company?
William Lee
對這個呃，對，大家也看到這個消息，就是我們自駕的負責人少卿呢，他會這個開始在這個物理這個對這個AI 領域的創業，但未來會作爲一個戰略股東啊，去支持他這個創業啊，當然同時呢，少卿呢，仍然也會作爲未來智能駕駛部門的負責人啊，這個他的還是還是會有這樣的一個，負責這個自動駕駛的技術方向和和長期的這個戰略啊，但是會參與這個自駕方面的工作。
那我們相信呢，這樣的一個呃這樣的一個安排呢，對於未來來說的話呢，呃，在我們現在聚焦我們自己的核心業務的基礎上，仍然能夠保持對聚身智能和物理AI 領域的這樣的一個呃，戰略的這樣一個投這個投入吧，又不會影響我們的pml，也能把我們的一些資源也能用好啊，同時也能夠吸收到更多的這個外部的這個戰略性的股東和戰略性的投資人啊，我們認爲這個是一個比較好的這樣的一個安排。
Thank you for the question. Yes, Mr. Yan Xiaoqing, the head of our smart driving department is now also starting up a new business regarding physical AI and also embodied intelligence. And the Neil is supporting his business as a strategic shareholder. But in the meantime, he will still be the head of our smart driving department responsible for the overarching technology as well as the long term tax road map for our products.
And we also, I think that such arrangement is necessary and also meaningful as right now news is staying focused on our core business. But in the meantime, through this startup by Mr. Jen, we can also keep tracking of the latest developments in the physical AI and also embodied intelligence without diluting our focus affecting our PNL.
But in the meantime, such startup can also help to make full use of our resources as well as attracting external strategic shareholders and investors. So we think this is a good. 對，另外還有一點也想補充一下，大家知道這個呃，非這個AI 領域，這個人才競爭是非常激烈的，那麼呃，我們認爲呢，用一個創業公司的這樣一個呃架構的角度來講，去吸引行業裏面最優秀的這樣的一些人，才是能夠更能保證這樣一個創業方向的一個成功。
但長期來說，我們相信這兩個公司之間，我們和這個，啊，這個，這個聚成智能的這個創業公司之間會有非常多的這樣的一個戰略性的合作業務的業務的合作，戰略業務的合作。And also, as we all know that the competition for the AI talent within the arena of a physical AI is also quite intense.
So through such a startup, we can also better capture the top match talents in the industry. And that will also be beneficial to the long term development of both this startup as well As for our AI related business. And for the long term, we believe that we will have a lot of strategic collaborations and projects between you and also this AI startup. Yes, thank you.
Jing Chang
Thank you.
Operator
Your next question comes from Yukon Ding with HSBC.
Yukon Ding
Thank you, Tim. Hi, Sally. So my question is what's your volume outlook for this year and? I think your voice is breaking. Can you repeat your question? Thanks.
Yukon Ding
Yeah, Yeah, sure. We still can't hear you. Yeah, can you hear me now? Yes, much better. Hello. OK. Yeah, yeah. So I just repeat, my question is about the volume outlook in fourth quarter and 27 given maybe strong signality and the backdrop of new motorcycle next year.
William Lee
對四季度我們相信的話呢，這個今年的話呢，整個市場在四季度還是會有所恢復啊，那我們認爲這個平均來說的話呢，這個我們每個月實現四萬以上的這個平均實現四萬以上的這樣一個交貨量啊，這個是我們的目標，咱們從呃中長期來講，我們還是認爲這個我們每年四十到五十的這樣的一個呃年銷量的增長啊，這個從我們目前的呃產品的佈局，還有從我們的銷售呃能力的佈局的角度講的話，仍然是我們的目標。
We expect that the passenger vehicle market to be able to recover in Q4 this year where that's our target for Q4 is achieving an average volume of over 40,000 units per month. And for the mid and the long term, with our product lineup as well as our sales and service network coverage, we expect our annual volume growth to be around 40 to 50% and we will maintain that for the meet on the long term. Thank you
Operator
As there are no further questions now, I'd like to turn the call back over to the company for closing remarks.
Roy Chen
Thank you again for joining us today. If you have further questions, please feel free to contact our IR team through the contact information on the website. This concludes the conference call. You may now disconnect your line. Thank you. 再見
更多細節：NIO Inc IR
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