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    Bin Wang • Deutsche Bank

    Bin Wang's questions to Xpeng Inc (XPEV) leadership

    Bin Wang's questions to Xpeng Inc (XPEV) leadership • Q2 2025

    Question

    Bin Wang of Deutsche Bank asked for clarification on a perceived issue with the G7's infotainment chip and its normalized sales volume. He also sought guidance on whether the vehicle gross margin could reach the high teens in Q3, given the strong Q2 performance.

    Answer

    Charles Zhang, VP of Corporate Finance, clarified there is no issue with the G7 and that the Turing SoC for infotainment will be deployed in October. Jiaming Wu, VP of Finance & Accounting, did not provide specific Q3 margin guidance but reiterated the company's unchanged target to achieve overall profitability and high-teens gross margin in Q4 2025.

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    Bin Wang's questions to Xpeng Inc (XPEV) leadership • Q1 2025

    Question

    Bin Wang from Deutsche Bank asked for clarification on the large government subsidy and FX gains in Q1. He also requested guidance on the average selling price (ASP) and gross margin for Q2, considering the evolving product mix.

    Answer

    VP of Finance James Wu explained the Q1 'other income' was from non-recurring tax rebates and subsidies, while FX gains were driven by a stronger Euro. He expressed confidence in continued margin improvement in Q2 and beyond, driven by better product mix, cost reductions, and scale, stating Q1 ASP was likely the year's low point and targeting high-teens gross margin by Q4.

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    Bin Wang's questions to Xpeng Inc (XPEV) leadership • Q4 2024

    Question

    Bin Wang requested financial guidance, asking for the first quarter gross margin forecast. He also sought clarification on financial line items, including long-term investment revaluations and a fair value gain potentially linked to the DiDi acquisition.

    Answer

    VP of Finance and Accounting Jiaming Wu confirmed that Q4 vehicle margin improved due to cost reductions and scale, and he expects the margin to remain in the double digits. He clarified the fair value gain was from releasing a liability related to a DiDi earn-out mechanism, as the MONA model will now target consumers (2C) instead of ride-hailing (2B), making the milestone unlikely to be met. He added that long-term investment revaluations were not significant in Q4.

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    Bin Wang's questions to Xpeng Inc (XPEV) leadership • Q3 2024

    Question

    Bin Wang requested a quantification of the factors driving the Q3 vehicle gross margin expansion and asked if the margin could reach double digits in Q4. He also questioned the potential impact of reported Taiwanese foundry restrictions on XPeng's future chip development.

    Answer

    VP James Wu attributed the Q3 margin improvement primarily to continued engineering cost reductions (VAVE), lower battery costs, and a reduced end-of-production (EOP) impact compared to Q2. He stated that the new P7 plus, with its double-digit gross margin, will help further improve the overall vehicle margin in Q4. VP Charles Zhang confirmed that the mass production of their 'touring' SoC is progressing well and has not been impacted by any foundry issues.

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    Bin Wang's questions to Pony AI Inc (PONY) leadership

    Bin Wang's questions to Pony AI Inc (PONY) leadership • Q2 2025

    Question

    Bin Wang from Deutsche Bank asked for the key drivers behind the strong robotaxi revenue growth and inquired about the fleet size at the start and end of Q2.

    Answer

    CFO Haojun Wang attributed the 158% year-over-year growth in robotaxi service revenue to expanding user adoption in Tier 1 cities and an increased fleet size. He noted that fare-charging revenue grew over 300% and highlighted ongoing optimizations in pricing and operational strategies, with a key focus on increasing vehicle density to improve user experience and drive demand.

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    Bin Wang's questions to Pony AI Inc (PONY) leadership • Q2 2025

    Question

    Bin Wang from Deutsche Bank asked about the key drivers behind the strong robotaxi revenue growth and requested details on the fleet size changes during Q2.

    Answer

    CFO Haojun Wang attributed the 158% year-over-year growth in robotaxi service revenue to a more than 300% increase in fare-charging revenue. He cited expanding user adoption in Tier 1 Chinese cities, an increased deployed fleet, and optimized pricing strategies as key drivers. Wang noted the user satisfaction rate remains high at over 4.8 out of 5 and that the top priority is increasing vehicle density within their 2,000 square kilometer operational area.

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    Bin Wang's questions to NIO Inc (NIO) leadership

    Bin Wang's questions to NIO Inc (NIO) leadership • Q1 2025

    Question

    Bin Wang from Deutsche Bank asked if new higher-priced models and in-house semiconductors could lead to vehicle margin expansion in Q2, pushing overall gross margin to double digits. He also sought clarification on the assumptions underlying the Q4 breakeven target.

    Answer

    Management confirmed the target for Q2 overall gross margin to return to double digits, driven by the NIO brand's vehicle gross margin improving to around 15% due to new models and in-house chip savings. They affirmed that the Q4 breakeven assumptions—monthly sales over 50,000 units, combined vehicle gross margin of 17-18%, and controlled OpEx—are aligned with internal operational targets.

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    Bin Wang's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Bin Wang from Deutsche Bank inquired about the new product pipeline for the second half of 2025 across the NIO, ONVO, and Firefly brands. He also asked for an explanation of the recent improvement in service margin and guidance for its future trend.

    Answer

    CEO Bin Li detailed a robust 2025 pipeline, including platform upgrades for existing NIO models, two new family SUVs for the ONVO brand, and the first product from the Firefly brand. He confidently projected that these launches would help double the company's total sales volume in 2025. CFO Stanley Qu attributed the Q3 vehicle margin improvement to lower component costs and better manufacturing amortization, guiding for the NIO brand to reach 15% in Q4 and targeting 20% in 2025.

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    Bin Wang's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Bin Wang from Deutsche Bank asked about NIO's product pipeline for the second half of 2025, including potential refreshes for existing models. He also sought an explanation for the improved 'other sales' margin in Q3 and guidance for this metric going forward.

    Answer

    CEO Bin Li confirmed that NIO brand products will be upgraded to the next-generation platform starting with the ET9, with existing models receiving facelifts in 2025 and 2026. For the ONVO brand, two new family SUVs are planned for next year. The Firefly brand's first product will be unveiled on NIO Day and delivered in H1 2025. Li projected that total sales volume would double in 2025. CFO Stanley Qu attributed the Q3 vehicle margin improvement to lower component costs and better manufacturing amortization, reiterating the 15% Q4 margin target for the NIO brand and a 20% target for 2025.

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    Bin Wang's questions to NIO Inc (NIO) leadership • Q2 2024

    Question

    Bin Wang from Deutsche Bank asked for clarification on the ONVO L60's delivery volume targets for the remainder of the year, questioning if the 20,000 unit goal was still in place given strong orders. He also requested guidance on the expected quarterly SG&A expense for the second half of the year.

    Answer

    CEO William Li clarified that ONVO L60 deliveries will begin in late September and ramp up through Q4, with a target of around 10,000 units for the month of December. CFO Stanley Qu explained that quarterly R&D expenses will remain around RMB 3 billion (non-GAAP), while SG&A expenses will increase in Q3 with L60 deliveries but will be optimized as a percentage of revenue as sales volume grows.

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    Bin Wang's questions to Li Auto Inc (LI) leadership

    Bin Wang's questions to Li Auto Inc (LI) leadership • Q1 2025

    Question

    Bin Wang asked for details on the Q1 gross margin expansion, the outlook for Q2 margin, and a timeline for when the company expects to see meaningful export volumes, such as exceeding 1,000 units per month.

    Answer

    CFO Tie Li projected the vehicle margin for Q2 to remain around 19%. CEO Xiang Li explained that overseas expansion is a long-term strategy and will only commence once the company can provide strong hardware, aftersales support, and smart software services in a new market, with a long-term goal of 30% of sales coming from overseas.

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    Bin Wang's questions to Li Auto Inc (LI) leadership • Q1 2025

    Question

    Bin Wang of Deutsche Bank questioned the drivers behind the Q1 gross margin expansion and the outlook for Q2 margins. He also asked for a timeline on when Li Auto's export business might achieve meaningful volume, suggesting a benchmark of over 1,000 units per month.

    Answer

    CFO Tie Li projected the Q2 vehicle margin to remain around 19%, factoring in the model year transition and the production ramp-up of the new Li Mega Home. On exports, management described it as a long-term strategy focused on Asian and European markets, with a goal of reaching 30% of total sales from overseas, but did not provide a specific volume timeline.

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    Bin Wang's questions to Li Auto Inc (LI) leadership • Q4 2024

    Question

    Bin Wang from Deutsche Bank asked for guidance on the first-quarter gross margin, considering component pricing and discounts. He also sought clarification on reports about the Chairman shifting focus to AI and the resulting changes in management responsibilities.

    Answer

    CFO Tie Li provided guidance for the Q1 vehicle gross margin to be around 19%, citing the seasonal slowdown for Chinese New Year and sales promotions. An unnamed executive clarified that CEO Xiang Li's role remains unchanged, and he continues to oversee the core auto business, including vehicle lines, product, and branding, while the company focuses on efficient collaboration for long-term success.

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    Bin Wang's questions to Li Auto Inc (LI) leadership • Q2 2024

    Question

    Bin Wang asked if Li Auto maintains its full-year 20% gross margin guidance and what the vehicle gross margin outlook is for Q3, considering the rising proportion of AD Max versions. He also questioned if the delayed pure EV models would undergo design changes to differentiate them from the MEGA.

    Answer

    CFO Johnny Tie Li addressed the margin question, stating that Q2 vehicle margin was 18.7%. He guided for Q3 vehicle margin to recover to over 19% and the total gross margin to be above 20%. CEO Xiang Li handled the EV question, explaining that the key challenges for the new BEV SUVs are styling and charging network expansion, not core technology. He expressed confidence in becoming a Tier 1 player in the premium BEV market within two years.

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    Bin Wang's questions to Zeekr Intelligent Technology Holding Ltd (ZK) leadership

    Bin Wang's questions to Zeekr Intelligent Technology Holding Ltd (ZK) leadership • Q4 2024

    Question

    Bin Wang sought clarification on the 15% gross margin target for Q1 2025, asking if it was for vehicles or overall, its comparison to Q4 2024, and details on any one-off positives. He also asked for the reason behind the sharp decline in the battery source business in Q4 2024.

    Answer

    Executive Jing Yuan clarified the target is a 15% vehicle gross margin for Q4 2025 (not Q1) on a consolidated basis, an improvement from the ~12% pro forma margin in 2024. This is driven by synergies in supply chain and manufacturing post-consolidation. Regarding the battery business, he explained it primarily relates to the 'nimble' business supplying Geely Group and Volvo, with the Volvo EX-30 model contributing to margin in Q4.

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