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    Ting Song

    Vice President at Goldman Sachs

    Ting Song is a Vice President at Goldman Sachs, specializing in quantitative equity research with a focus on technology and consumer sectors. She has covered major publicly traded companies, leveraging data-driven analysis to deliver actionable investment insights, though specific performance rankings and returns are not publicly available. Song began her career after earning her Ph.D. in statistics from a top research university and joined Goldman Sachs in the early 2020s, following prior roles in quantitative analysis and data science in the financial sector. She holds advanced professional credentials including FINRA registration and Series 7 and 63 securities licenses.

    Ting Song's questions to Pony AI (PONY) leadership

    Ting Song's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Ting Song of Goldman Sachs questioned the implications of recent comments from China's Ministry of Public Security on autonomous driving and any potential shift in government attitude.

    Answer

    CTO Tiancheng Lou explained that the government's comments are beneficial for the L4 industry. He stated that they reinforce a clear distinction between L2 driver-assist systems (where the driver is responsible) and L4 fully autonomous systems (where the system is responsible). Lou emphasized this distinction necessitates higher safety standards, including full system redundancy, for L4 vehicles like PonyAI's, which ultimately helps manage public understanding and expectations.

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    Ting Song's questions to Pony AI (PONY) leadership • Q2 2025

    Question

    Ting Song of Goldman Sachs questioned the implications of recent comments from China's Ministry of Public Security regarding autonomous driving and L4 robotaxis.

    Answer

    CTO Tiancheng Lou explained that the government's comments are beneficial as they reinforce the critical distinction between L2 driver-assistance systems and L4 fully autonomous systems. He stated this clarifies that under L2, the driver is responsible, whereas L4 systems hold full responsibility, necessitating higher safety standards, system redundancy, and rigorous engineering—all of which align with PonyAI's core strategy and technology.

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    Ting Song's questions to NaaS Technology (NAAS) leadership

    Ting Song's questions to NaaS Technology (NAAS) leadership • Q3 2024

    Question

    Ting Song asked for details on the drivers behind NaaS's Q3 gross profit and margin improvements, the outlook for these metrics, and the trend in operating expenses that led to a narrower operational loss.

    Answer

    CFO Steven Sim attributed the record 57% gross margin to a strategic focus on high-margin core charging services and aggressive cost controls. He detailed that selling expenses were cut significantly by optimizing customer subsidies and sales efficiency, while administrative expenses also saw reductions. Mr. Sim stated these disciplined measures, which led to a 44% quarter-over-quarter reduction in operational losses, will continue as the company scales, expressing confidence in sustained margin strength and profitability.

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    Ting Song's questions to NaaS Technology (NAAS) leadership • Q2 2024

    Question

    Ting Song inquired about the key factors driving NaaS's significant margin improvement, the expected timeline for achieving quarterly net profit breakeven, and the primary revenue drivers anticipated over the next two years.

    Answer

    Alex Wu, President and CFO, explained that the margin improvement was driven by strong revenue growth (89% YoY), improved gross margins from economies of scale (up to 33%), and disciplined cost control, with non-IFRS operating expenses falling below 100% of revenue for the first time. He highlighted that 70% of orders are now profitable. For future growth, Wu pointed to the rapid EV penetration in China and the monetization of NaaS's AI capabilities in site selection and operations for charge point operators (CPOs), which is securing larger projects and hardware orders.

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    Ting Song's questions to NaaS Technology (NAAS) leadership • Q2 2024

    Question

    Ting Song inquired about the key factors driving NaaS's significant margin improvement, the expected timeline for achieving quarterly net profit breakeven, and the primary revenue drivers anticipated over the next two years.

    Answer

    Alex Wu, President and CFO, attributed the margin improvement to strong revenue growth (89% YoY), an improved gross profit margin of 33% driven by the charging services business, and disciplined cost control that brought non-IFRS operating expenses below 100% of revenue for the first time. He highlighted operational successes, such as 70% of orders being profitable. For future growth, Mr. Wu pointed to the rapid EV penetration in China and NaaS's ability to monetize its AI capabilities in site selection and operations, citing a project to deploy 1,000 chargers in Q3 as an example.

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    Ting Song's questions to EHang Holdings (EH) leadership

    Ting Song's questions to EHang Holdings (EH) leadership • Q2 2024

    Question

    Ting Song from Goldman Sachs asked about the development progress and key challenges for the VT-30 model's Type Certificate (TC) compared to the EH216-S. She also inquired about the R&D spending outlook for the next three years and its primary focus.

    Answer

    Founder, Chairman, and CEO Huazhi Hu clarified that the VT-30 is being redesigned as a lift-and-cruise model for intercity transport, complementing the urban-focused EH216-S, and a TC application will be submitted upon its release. CFO Conor Yang projected R&D expenses to be around 45-50% of total OpEx, focusing on EH216-S enhancements and new models, but noted that R&D as a percentage of revenue will decrease due to rapid sales growth.

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