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    Tina Hou • Goldman Sachs

    Tina Hou's questions to Xpeng Inc (XPEV) leadership

    Tina Hou's questions to Xpeng Inc (XPEV) leadership • Q2 2025

    Question

    Tina Hou of Goldman Sachs requested a breakdown of the drivers for the significant 3.8 percentage point sequential increase in vehicle gross margin. She also asked about the full-year R&D spending guidance and the expected trend for sales and marketing expenses in the second half of the year.

    Answer

    Jiaming Wu, VP of Finance & Accounting, stated the margin improvement was primarily due to a favorable product mix shift towards the higher-margin G6 and G9 models. He also cited benefits from increased scale and ongoing supply chain cost reductions. He confirmed continued R&D investment and projected higher marketing expenses in Q3 and Q4 to support significant new model launches.

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    Tina Hou's questions to Xpeng Inc (XPEV) leadership • Q3 2024

    Question

    Tina Hou asked about the long-term potential for cost reduction across powertrain, ADAS, and vehicle body components. She also requested more details on the 2025 new model pipeline, including launch timing, price ranges, body types, and the overall volume outlook for the year.

    Answer

    CEO He Xiaopeng detailed a multi-faceted cost reduction strategy focusing on technology-driven improvements, such as 'super integration' of parts, optimizing the supply chain by empowering Tier 1 suppliers, and upgrading manufacturing processes. President Brian Gu confirmed plans for four new models and several refreshed models in 2025, spread throughout the year, but declined to provide specific launch details or volume guidance. He expressed confidence that the new models would be highly competitive leaders in their respective segments.

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    Tina Hou's questions to NIO Inc (NIO) leadership

    Tina Hou's questions to NIO Inc (NIO) leadership • Q1 2025

    Question

    Tina Hou from Goldman Sachs questioned how NIO plans to scale production capacity to meet its target of over 50,000 monthly deliveries in Q4. She also asked for an explanation for the increase in working capital days and the company's long-term target for its cash conversion cycle.

    Answer

    Management stated that current production capacity is sufficient for Q4 targets, with a third factory coming online in September and the flexibility to add double shifts. Regarding working capital, they explained the shift to an inventory-based sales model increases inventory levels, while the accounts payable duration remains around 90 days, with the absolute value growing with sales volume.

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    Tina Hou's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Tina Hou from Goldman Sachs asked for guidance on operating expenses, specifically the trajectory of R&D and SG&A spending for Q4 2024 and full-year 2025, given the multiple upcoming model launches. She also inquired about the expanding share of losses from investees.

    Answer

    CEO Bin Li stated that quarterly R&D expenses will be managed to stay around RMB 3 billion on a non-GAAP basis, with some quarterly fluctuations. He confirmed SG&A will rise with sales volume but will be managed for efficiency relative to revenue. Regarding investee losses, management explained the Q3 increase was due to the performance of upstream and downstream companies in a competitive market, clarifying that the battery asset management company's business is growing and has promising profitability.

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    Tina Hou's questions to NIO Inc (NIO) leadership • Q3 2024

    Question

    Tina Hou from Goldman Sachs asked for guidance on operating expenses, questioning the potential for higher R&D spending in Q4 and 2025, and whether SG&A growth would accelerate with new model launches. She also sought clarification on the expanding losses from equity investees.

    Answer

    CEO Bin Li stated that quarterly R&D expenses will stabilize around RMB 3 billion on a non-GAAP basis, though quarterly fluctuations will occur. He confirmed Q4 R&D would likely be higher than Q3. SG&A will increase with sales volume, but the company will manage the SG&A-to-revenue ratio. Regarding investee losses, the increase was attributed to investments in upstream/downstream companies, not the battery asset management company (BaaS), which is seeing growth and has promising profitability.

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    Tina Hou's questions to NIO Inc (NIO) leadership • Q2 2024

    Question

    Tina Hou of Goldman Sachs inquired about the expected gross margin for the ONVO L60 at different volume levels and the company's capacity expansion and CapEx plans for 2025-2026. She also asked for a breakdown of the drivers behind the Q2 SG&A expense growth and details on ONVO store economics versus NIO stores.

    Answer

    CEO William Li projected a 15% vehicle margin for the L60 at target volumes and confirmed a third factory will be ready by Q3 2025 to support growth. CFO Stanley Qu noted that 2024 CapEx will be significantly lower than 2023, with 2025 intensity expected to be similar. The Q2 SG&A increase was attributed to higher staff costs from increased sales and marketing for 2024 model launches. William Li added that ONVO store CapEx and rent are significantly lower than NIO's, with strict cost controls on renovations.

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    Tina Hou's questions to Li Auto Inc (LI) leadership

    Tina Hou's questions to Li Auto Inc (LI) leadership • Q1 2025

    Question

    Tina Hou asked about Li Auto's target leverage ratio, its payable cycle with suppliers, and the primary selling points and competitive advantages of the upcoming i8 BEV model.

    Answer

    CFO Tie Li stated that the company maintains a healthy payable cycle of 2 to 4 months with suppliers. CEO Xiang Li highlighted the i8's key advantages, including its innovative styling, spacious interior, superior handling, and the ability to gain 500 km of range in 10 minutes, supported by a network of 2,500 supercharging stations at launch.

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    Tina Hou's questions to Li Auto Inc (LI) leadership • Q1 2025

    Question

    Tina Hou of Goldman Sachs inquired about Li Auto's balance sheet management, specifically its target leverage ratio and supplier payable cycle. She also asked about the key selling points and competitive advantages of the upcoming i8 BEV model.

    Answer

    CFO Tie Li stated that the company maintains a healthy payable cycle of two to four months with suppliers. Management highlighted the i8's key advantages as its VLA driver model, innovative spatial design, superior handling, and rapid charging capability (500 km in 10 minutes), supported by a growing supercharging network.

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    Tina Hou's questions to Li Auto Inc (LI) leadership • Q4 2024

    Question

    Tina Hou of Goldman Sachs requested management's outlook for the NEV industry and competition in 2026, particularly regarding the focus on autonomous driving. She also asked about potential monetization models for future L3 and L4 autonomous driving software.

    Answer

    CEO Xiang Li projected that by 2026, NEV penetration will continue to rise, and competition will shift from growth to market share, favoring established brands. He anticipates intensified competition in autonomous driving, drive-by-wire systems, and AI cockpits. Regarding monetization, Mr. Li explained that while L2/L3 are driver-assist tools, L4 represents a fundamental shift to a 'driver agent' that users would pay for as a service. This would also unlock new business models for in-car experiences.

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    Tina Hou's questions to Li Auto Inc (LI) leadership • Q2 2024

    Question

    Tina Hou questioned Li Auto's strategy to maintain sales momentum in the second half of 2024 without new model launches. Additionally, she asked for an updated CapEx guidance and capacity expansion plan, given the previously lowered full-year volume forecast.

    Answer

    SVP James Liangjun Zou outlined the sales strategy, focusing on efficient operations, optimizing store deployment, strengthening online lead generation, and leveraging AD publicity. He set a goal to increase market share in the RMB 200k+ NEV segment to 16% in Q4. CFO Johnny Tie Li revised the full-year CapEx guidance down from approximately $2 billion to a range of $1.1 billion to $1.2 billion. He also expressed confidence in exceeding 500,000 deliveries for the year and expects free cash flow to turn positive starting in Q3.

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    Tina Hou's questions to Hesai Group (HSAI) leadership

    Tina Hou's questions to Hesai Group (HSAI) leadership • Q1 2025

    Question

    Tina Hou from Goldman Sachs inquired about Hesai's full-year 2025 guidance, asking if the strong Q1 results and high LiDAR take-rates suggested potential upside to the initial shipment and margin forecasts.

    Answer

    CFO Andrew Fan confirmed that Hesai is maintaining its full-year 2025 guidance, which includes RMB 3-3.5 billion in revenue, 1.2-1.5 million total shipments, and a gross margin around 40%. He provided Q2 guidance for revenue between RMB 680-720 million with over 300,000 shipments, noting that despite the ramp-up of the lower-priced ATX LiDAR, the gross margin is expected to remain healthy, and the company anticipates reaching GAAP breakeven in Q2.

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    Tina Hou's questions to Hesai Group (HSAI) leadership • Q4 2024

    Question

    Tina Hou from Goldman Sachs asked about the long-term total addressable market (TAM) and margin profile for the robotics LiDAR business, and also questioned the potential for further cost reductions on the ATX platform.

    Answer

    CFO Peng Fan and CEO David Li addressed the robotics market, stating its TAM could be several times larger than the ADAS market with sustainably higher margins due to its functional necessity and diversified customer base. Regarding cost, Li explained that the ATX platform, priced at ~$200, is already highly optimized with 4th-gen ASICs and is unlikely to see significant further price reductions without compromising its safety function. He contrasted this with higher-priced L3 LiDARs, which create more value.

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    Tina Hou's questions to Hesai Group (HSAI) leadership • Q3 2024

    Question

    Tina Hou from Goldman Sachs inquired about the outlook for 2025 shipment volume, revenue, and margin, considering the product mix with the new ATX. She also asked for the normalized Q3 2024 gross margin excluding NRE revenue.

    Answer

    CEO David Li projected that 2025 shipments could reach 'millions of units' based on customer forecasts. He detailed that three AT models will be in production: the current ATP, a higher-priced ultra-high-performance L3 model, and the cost-effective ATX. Li clarified that the normalized Q3 gross margin, excluding NRE revenue, would be in line with previous quarters at approximately 40% plus.

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    Tina Hou's questions to Hesai Group (HSAI) leadership • Q2 2024

    Question

    Tina Hou from Goldman Sachs asked for a breakdown of autonomous mobility LiDAR shipments between AT128 and Pandar models and the pricing differences for units sold to robotaxi clients versus EV OEMs. She also requested a detailed analysis of the Q2 gross margin improvement, the reason for the lower Q3/Q4 guidance, and the outlook for 2025.

    Answer

    Executive Yuanting Shi explained that robotaxi clients are increasingly adopting ADAS LiDARs and typically pay a higher price, yielding better margins compared to high-volume passenger car OEMs. CEO Yifan Li attributed the strong 45% Q2 gross margin to cost management on the upgraded AT128, economies of scale, and a one-off high-margin NRE service fee. He guided Q3 and Q4 margins to be closer to 40%, with the sequential decrease due to the absence of the one-off fee, while emphasizing the company's strong financial position and path to profitability.

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    Tina Hou's questions to Zeekr Intelligent Technology Holding Ltd (ZK) leadership

    Tina Hou's questions to Zeekr Intelligent Technology Holding Ltd (ZK) leadership • Q1 2025

    Question

    Tina Hou from Goldman Sachs inquired about Zeekr Group's sales performance in the first four months of 2025, the updated full-year sales target, and the key models expected to drive growth. She also asked for management's comments on the Geely Auto privatization offer.

    Answer

    CEO An Cong Hui confirmed that while April sales were not fully satisfying, they met internal expectations. He reaffirmed the full-year sales target of 710,000 vehicles for the Group, driven by upcoming models like the Zeekr 9X, 8X, and a new Lynk & Co sedan. Regarding the privatization offer, Mr. An stated the company could not comment directly but noted a special committee of independent directors has been formed to evaluate the offer and will ensure proper disclosure.

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

    Question

    Tina Hou inquired about the specific conditions required to achieve the 2025 breakeven target, including sales volume, gross margin, and cost synergies from the Lynk & Co consolidation. She also asked for the company's outlook for 2026 regarding its product pipeline, sales volume, and CapEx guidance.

    Answer

    Executive Jing Yuan stated that while market conditions are uncontrollable, the company is focused on integrating Lynk & Co to lower its R&D expense ratio to 6% and SG&A ratio to 8% over the medium term. Executive Cong Hui An, via an interpreter, added that the company has already cut its R&D pipeline by 20% to avoid internal competition and expects over 20% lower R&D expenses. He also noted that new, higher-margin super electric hybrid SUV models would be launched to improve profitability.

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