A：The financial results for the first quarter of 2026 included in the conference call were not explicitly detailed in the provided text. However, it is mentioned that the company has issued its financial and operating results online and they are available for viewing on the IR section of the company's website.

A：The strategic focus of the company, as mentioned by the CEO, is to invest in AI-related research and development and to integrate physical AI into products like robot taxis and humanoid robots. This is seen as a global strategic opportunity, with plans to create a commercial ecosystem and generate new revenue and profit growth.

A：In the first quarter of 2026, the company delivered a total of 62,682 vehicles. The company's focus during this period was not just on scaling up deliveries but also on balancing delivery volume with operating quality and long-term development.

A：The company expects the second quarter交付量 to be between 40,000 and 60,000 vehicles, representing approximately a 60% increase from the first quarter. Four new SUV models are set to be launched and delivered in the next six months, with product definitions starting from a global perspective.

A：The 2026 models have seen the launch of the P7 with new Max and OPA versions, powered by the new 'Touring' chip, and the introduction of the G9, which is the first full-lane adaptive巡航 (L4)量产车型 and China's first such vehicle with full hardware redundancy. The P7 has gained popularity with over 85% of users opting for the Max or OPA versions, and the G9 is aimed at the A-class pure electric vehicle segment, offering advanced technology and safety features.

A：The G9 launch is significant as it represents the company's flagship vehicle designed for the L4 era and the first vehicle in China to be equipped with full hardware and software redundancy for level 4 autonomy. The G9 is seen as the starting point for the company's aggressive expansion into the SUV market. Additionally, the company plans to further its product line-up with the introduction of three new models later in the year, all featuring the new Touring chip and equipped for dual energy capability, designed for global markets.

A：The company is aiming to significantly accelerate its international business, with the P7 G车型 already starting overseas deliveries and plans to deliver four new全球化车型. The company expects to achieve a monthly overseas sales rate of over 10,000 units in the fourth quarter, marking a more than doubling of full-year overseas sales. Additionally, the company has established local production bases and aims to have a stronger presence in local markets, with rapid growth anticipated in its Munich R&D center.

A：The company's second-generation VOA models have seen the辅助驾驶里程占比首次突破50%, establishing the technology as a frequent, high-demand feature for users. The company has observed two major changes: the successful transition from end-to-end methods to physical event model-based paradigms and the evolution of users from using intelligent辅助驾驶 to utilizing it as a core functionality. The company plans to continue investing and scaling up, targeting the release of a new version in the third quarter that will significantly enhance model capabilities and maintain the company's lead in自动驾驶 technology.

A：50 percent of VLA 2.0 equipped vehicles saw a knowledge penetration increase, signaling that advanced intelligent driving has become a 'must have' feature.

A：The upcoming release schedule for Q3 is set to substantially elevate the upper limit of model performance.

A：Europe has initiated the certification process for high-level自驾技术， and小鹏的第二代车型正在欧洲进行测试。

A：Recent research shows that global users' demand for assistant smart driving system (DLA) and full scenario multilingual conversational system (DLM) is far stronger than anticipated.

A：The l four test for the GX fleet in Guangzhou is already in progress, with the target to launch a robot taxi demonstration operation in the city in the third quarter.

A：The company aims to create a multi-party win-win local taxi production, and realize business growth by creating and sharing business value with operation partners.

A：The new generation of robots is expected to be ready for delivery in the third quarter， with initial commercial deployment planned in smallp’s showrooms， followed by deliveries to Chinese and overseas commercial customers in the next year.

A：The development of the mass production humanoid robot 'X-POD'， which is based on the Lambda type， is progressing smoothly and is about to enter the E, T two software hardware integration stage. The robot is built to automotive grade safety and reliability standards with a substantial reduction in cost and an increased level of flexibility.

A：Current plans include the mass production and global expansion of physical AI applications， including robotaxis and humanoid robots. The company believes these areas present significant potential for commercial scale and investment returns, with the expectation that the B2B market will experience rapid growth and international markets will generate higher returns than domestic ones.

A：For the second quarter， the expected delivery range is 100,000 to 106,000 units with a projected revenue of RMB 19.6 billion to RMB 20.8 billion. It is anticipated that sales will continue to rise in the third and fourth quarters as a result of new global models， production capacity increases， and rapid growth in international business.

A：SGNA expenses were 1.88 billion for the first quarter of 2026, representing a decrease of 3.2% year over year and a decrease of 32.5% quarter over quarter. Loss from Operations was 1.87 billion for the first quarter of 2026 compared with 1.04 billion year over year and 0.000.04 billion quarter over quarter. Net loss was 1.78 billion for the first quarter of 2026 compared with a net loss of 0.66 billion year over year and a net profit of 0.38 billion.

A：The cash position as of March 31, 2026, was 42.09 billion.

A：The new model GX has shown strong market performance, with the flagship version proving to be popular, and the company is focusing on expanding supply chain support and production capacity. The company is also aiming to ensure high-quality service and delivery. As a flagship model, the gross margin is very good, and the company is actively promoting supply chain support and capacity building while also prioritizing quality assurance for long-term delivery sustainability.

A：The company is accelerating the robot taxi business and plans to further enhance operations in the second half of 2026. They have plans for domestic operations and global expansion. The company's approach to the robot taxi business is to focus on product development and take a commission through partnership arrangements rather than direct operation, which is expected to positively impact C端 sales. The development of the robot taxi business is seen as a separate growth track for the company.

A：The company plans to make two significant advancements in the VIA 2.0 and OTA strategy. The first is an important update in August (Q3) of this year, where the focus will be on significantly enhancing the上限 for the first version of VIA, resulting in a more intelligent and泛化的体验, and reducing the frequency of接管. The second development is expected by the end of the year, when VIA 2.0 will incorporate voice communication capabilities and start to lay the groundwork for future管家 functionality. These updates are designed to progressively roll out over three OTA updates, the first being in August, with the final update expected before the year-end.

A：In 2026, the esplanade VLA or BLA plus VLM capability is expected to progress through two key development phases. The first phase is anticipated to occur in August of the same year, where the system will feature a smarter and more communicative interface with improved generalization capabilities, reducing the need for human takeover or intervention.

A：The performance of the Valley's second version is expected to show significant improvement in terms of ceiling capability compared to the first version. In addition to enhanced safety engineering and basic experience, it will also develop an effective language communication capability that approaches the proficiency of human-like interaction.

A：By August 2023, there is an expectation of a substantial performance improvement in the robot's capabilities, particularly focusing on a reduction in the need for human intervention and a more effective language communication system that approaches the level of a human-like interaction.

A：The business model is expected to undergo significant changes as a result of the advancements in自动驾驶 technology, leading to a transformation in the industry with a focus on creating an 'alpha' software capability on level 2 hardware in the future.

A：The production of human-shaped robots involves considerations that are distinct from automobiles and even non-automotive production. These considerations include safety, human-machine interaction, coexistence in the world, reliability, stability, maintainability, scaling up the production process, supply chain management, data privacy, traffic, and云端算力等问题.

A：Currently, the cost structure of robots is similar to that of automobiles, but it is anticipated that in the long term, there will be more scalable and economical solutions for robots. However, at present, the cost structure for robots is closely aligned with that of cars.

A：The plans for the robot taxi service involve expanding to more cities outside of Guangzhou and entering into partnership agreements with local operators for localized service delivery. A significant milestone was obtaining a license for the robot taxi in Guangzhou. As for licensing approvals, there has been substantial interest and inquiry from potential partners globally, with the expectation to commence commercialization following the launch of the new economic vehicle model and the related solution in 2027.

A：The expected impact of the model mix shift and rising costs of memory chips and battery raw materials on the second quarter's毛利率 is minimal. The company anticipates the cost increases to be included in future quarters, with the full-size SUV model GX having a high gross profit margin. The delivery of the GX model is expected to begin in the following quarters, contributing to an improved product mix in the second half of the year. Consequently, the company expects the second quarter's total profit margin to be around the same as the first quarter.

A：Xiaopeng expects to make more than half of its revenue and profit in overseas markets in the next five years. With the launch of four global models, Xiaopeng plans to significantly increase the speed of globalization between 2027 and 2028, and will invest heavily overseas, including hardware, AI software, channels, services, and localized charging capabilities.

A：Xiaopeng has two factories in Indonesia and Malaysia in Southeast Asia to meet local demand, and cooperates with Austria's Magna to manufacture models for the European market. These manufacturers will increase production capacity this year, and new models will also be introduced to the local market. Among them, Southeast Asian countries mainly target the local market, while Austria provides support for the European market. Xiaopeng expects that European sales will mainly rely on local manufacturing, but where there are currently no manufacturing facilities in other countries, it will continue to maintain the existing business model. At the same time, as sales volume and market share in large markets grow, Xiaopeng is actively seeking to increase production capacity and localization efforts.

A：Xiaopeng's robot will be used interactively in the commercial environment. Initially, it will be applied to the function of shopping guide, such as introducing models in stores, but human employees are still required to participate in the test drive. In addition, robots can help introduce basic information and display product performance to improve efficiency. As the technology advances, Xiaopeng will work with ecosystem partners to develop data, train different models, and place them on the previously collaborated internal Apple store for download and activation. At the same time, Xiaopeng is also considering expanding to other areas, such as cashiers and other retail positions. From a commercial point of view, Xiaopeng's robots have a higher gross profit space, and consider charging for software when used in the cloud to achieve faster commercial development. For businesses or small B who buy robots, they will pay attention to the investment return period. Xiaopeng believes that it is possible to achieve the business goal in a few months overseas, while it may take longer in China. Xiaopeng is thinking about how to use and buy robots for customers and how robots create value for customers.

A：Xiaopeng Motors plans to raise barriers through economies of scale (including hardware and ecosystem effects), network effects (software fees and multilateral network effects), and the ant colony effect of intelligent agents, and integrate these three into its strategy. The company is currently focusing on brand upward, expanding scale and improving gross profit efficiency, and actively layout globalization strategy. At the same time, Xiaopeng Automobile emphasizes the continuous growth of business and technological innovation through cooperation with technology and service partners, especially overseas expansion.

A：Xiaopeng expects 2022 technology services and IP licensing revenue to be comparable to 2021. Starting in the second quarter, the company will deliver touring SOCs to its partners in Moscow. Xiaopeng Automobile believes that user monetization and technology commercialization related to this kind of cooperation is a very attractive business for the company. Given the company's proprietary technologies, Xiaopeng remains open and willing to expand opportunities to commercialize these technologies.