XPeng Inc. American depositary shares, each representing two Class A ordinary shares 2026 Q2 Earnings Call

Thank you. Hello everyone, and welcome to XPeng's second quarter 2026 earnings conference call. Our financial and operating results were issued via news wire services early today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xpeng.com. Participants on today's call from our management team will include cofounder, Chairman and CEO Mr. He Xiaopeng, Vice Chairman and President Dr. Brian Gu, Vice President of Finance and Accounting Mr. James Wu and myself. Management will begin with prepared remarks and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Such information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that XPeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our cofounder, Chairman and CEO Mr. He Xiaopeng.

Please go ahead. 大家好，很高兴与各位股东、投资人分享。我们在刚刚宣布了小鹏集团旗下的人形机器人业务的首轮融资。那么小鹏机器人业务将会以超过63亿美元的投后估值，获得超过9亿美元的融资。这是刷新中国人形机器人行业的私募的融资纪录。本轮融资是由全球顶尖的投资机构主动发起，其中包括了IDG领投，高榕参投。同时我们获得了腾讯和阿里两家战略投资者的大力支持。首轮的融资金额跟估值已经打破了行业的纪录，所以充分体现了资本市场对小鹏在物理AI领域的领先地位、技术路线以及规模量产能力和长期商业价值的高度认同。我相信融资不仅仅为高阶通用人形机器人Iron的量产和研发提供充裕的资金支持，更让我们向物理AI的ChatGPT时刻加速前进，也会让机器人业务的生态建设和应用场景的拓展带来更多的战略和资源。我相信小鹏作为全球领先的物理AI公司，不仅仅要引领无人驾驶在全球的规模应用跟商业落地，还必将打造最具价值的人形机器人公司。我很开心的是，在今天我们又向前迈出了重要的一步。 Good evening, everyone. I am pleased to share with our shareholders and investors that we have just announced the first round of financing for XPeng Robotics business. The business raised over US$900 million at over US$6.2 billion post-money valuation. This round was initiated by leading global investors led by IDG Capital, with participation from Gaorong Ventures and support from Tencent and Alibaba as strategic investors. Both the size and valuation of the first round of financing have set a new private financing record in China's humanoid robotic industry, underscoring the capital market's strong endorsement of XPeng's leadership in physical AI, technology roadmap, ability to manufacture at scale and long term commercial value. The financing will provide ample capital to support the mass production and continued development of our advanced general purpose humanoid robot, Iron. We will accelerate our progress towards the ChatGPT moment for physical AI, whilst bringing additional strategic resources to strengthen the robotics ecosystem and expand real world applications. As a global leader in physical AI, XPeng will not only lead the large scale deployment and commercialization of autonomous driving worldwide, but also build the world's most valuable humanoid robot company. Today, we're very happy to see that we have taken another important step towards that goal.

那么从今年的6月份开始，除了担任小鹏的CEO外，我还亲自负责机器人业务的CEO。小鹏在过去12年始终坚持软件和硬件的全栈自研，已经为物理AI时代构建了坚实的技术跟商业底座。那么我们现在能够调动全集团的优势资源，共同协作，把汽车业务所积累的，例如供应链车规级的制造、全球布局以及我们的自动驾驶业务积累的图灵AI芯片、AI的基础设施、数据的底层能力、物理世界的机动模型等整合应用到机器人的业务板块，我相信一定会帮助小鹏机器人更快实现量产和商业化。 Since June, alongside my responsibilities as CEO of XPeng, I have also taken up the role of the CEO of our robotics business.

Over the past 12 years, XPeng has remained committed to full-stack in-house R&D across both software and hardware, building a solid technological and commercial foundation for the physical AI era. We are able to bring together and integrate the strengths and resources of the entire group. These include the supply chain, automotive-grade manufacturing capabilities and global footprint developed through our automobile business, as well as the Turing AI chips, AI infrastructure and world foundation models developed through our other businesses. By applying these capabilities to our robotic business, I believe that we can accelerate the mass production and commercialization of XPeng's humanoid robots.

那么小鹏的机器人研发已经有8年。随着时间的过去，我越来越看到高阶通用人形机器人的技术挑战跟创新难度实际上是远高于智能汽车的难度，我认为至少相差20年。要做到如此大的创新，我们必须在设计和造型、硬件和软件、硬件和芯片、软件跟AI、数据跟管理、品质跟制造上都要做到兼具广度和深度的正向研发和整体集成，我相信才可能把机器人做成功。我相信小鹏机器人可能是中国所有机器人公司中间唯一在全部体系都进行自研的公司。正因为如此，小鹏的Iron跟目前市面上的竞品我相信有本质的差别，在多个方面我们都具备独一无二的能力跟整体的平衡艺术。 We have been conducting our research and development in the area of robotics for more than 8 years, and I have always believed that the technological challenges and level of innovation required for advanced general-purpose humanoid robots are far greater than those for smart EVs by at least 20 times.

To accomplish something that is this difficult, we need to have broad and deep R&D and system integration capabilities across design and styling, hardware and chips, software and AI, data and control systems, and quality and manufacturing. Only then can we succeed. XPeng is the only robotics company in China with such comprehensive in-house R&D capabilities across the entire technological stack. This is why XPeng Iron fundamentally stands apart from other humanoid robots currently on the market, with differentiated capabilities across multiple areas.

那么当前我们全栈自研的技术栈已经完整覆盖了机器人，包括本体、大脑、小脑、数据和相关的基础设施。那么在本体方面，小鹏的Iron具有行业最领先的拟人状态与造型。我们首创全包裹覆盖柔性的晶格，兼具美观和安全。全身一共有76个自由度，其中单手灵巧手的自由度为21个，均处于行业的领先水平。小鹏机器人围绕自身智能，自主设计开发了AI原生的硬件平台跟基本上全部的核心零部件，包括芯片、控制器、运动的关键模组、灵巧手。并且我们基于当前已经完善的智能电动车研发跟制造体系，打造车规级的机器人品质和大规模量产交付的整体能力。 Currently, our full in-house technology stack covers Iron's body, brain, cerebellum, data and infrastructure.

On the hardware front, XPeng Iron features the industry's most human-like form and design. XPeng pioneered the industry's first fully enclosed flexible lattice structure for Iron, combining aesthetic appeal with enhanced safety. With 76 degrees of freedom across the body and 21 degrees of freedom in each hand, both are at industry-leading levels. XPeng has independently designed and developed an AI-native hardware platform and all core components specifically for embodied intelligence, including chips, controllers, motion modules and dexterous hands. Leveraging our established smart EV R&D and manufacturing capabilities, we can achieve automotive-grade quality and build the capability to manufacture and deliver at scale.

那么在智能的方面，小鹏的Iron搭载3颗图灵AI芯片，有效算力高达2250个TOPS。那么依托我相信这个机器人行业最大的本地模型，小鹏的物理AI大模型，我们目前已经在端侧部署成功。我们实现了无需遥操就可自主完成复杂的工作任务，并且保证整个的推理在本地是低时延跟高数据安全。那么高度拟人的机器人的硬件的平台又天然具备了更强的数据规模化的优势，它既可以最大程度复用学习人类日常生活产生的行为数据，又能够快速适配为人而设计的广泛应用场景，甚至工具的使用。我相信随着XPeng Iron率先量产应用，我们还会获得海量真实场景的数据跟人类的赐教的数据。那么这些全部都会加速AI模型训练迭代，持续提升我们的模型能力，又将支持更多机器人进入更多的场景，从而产生更多的数据，从而整体形成的数据与模型应用的飞轮效应，让XPeng的Iron在真实世界中间会加速地进化。 In terms of intelligence, XPeng Iron is powered by three Turing AI chips, delivering effective computing power of up to 2,250 TOPS.

With the industry's highest level of edge computing power, XPeng's physical AI foundation model runs directly on Iron, enabling it to autonomously perform complex work tasks without heavy operation, whilst ensuring low latency inference and data security. Iron's highly humanlike hardware platform provides a natural advantage in scaling data. It allows us to maximize the reuse of behavioral data generated in people's everyday lives, and rapidly adapt to a broad range of environments designed for humans. As XPeng Iron moves ahead to mass production and real-world deployment, we will gain access to vast amounts of real-world and human demonstration data, accelerating the training and iteration of our AI models.

In turn, continued improvements in model capabilities will allow Iron to enter more scenarios and generate more high-quality data, creating a flywheel across data, models, and applications that will accelerate Iron's evolution in the real world.

我们期望XPeng的Iron兼具极致拟人的造型、最聪明的AI大脑和最高品质、最高标准的安全品质。那么这样的话，Iron才会成为人类值得信赖的伙伴，走入大众的工作与生活。我们面向量产的版本在近期已经达到了多个重要的里程碑。从下个月，也就是九月份开始，我会逐步向大家展示跟介绍Iron一系列与众不同的能力。我们并且计划从今年的年底开始进入规模量产阶段，然后从小鹏的门店、园区开始落地商业场景应用，并且在2027年，XPeng Iron会正式上市，面向零售和服务业场景的外部客户，在中国和海外开始规模的交付。那么明年的月产能会根据市场的需求迅速地提升到数千台规模。我认为高阶通用人形机器人的技术门槛极高，供给也相当稀缺。所以每一台Iron在全生命周期的收入跟毛利贡献，包括硬件销售和软件的AI模型能力的相关的销售服务都将带来持续性的收入，因此它一定会大幅度高于当前汽车业务的单车均价和毛利。我期待人形机器人规模量产后，在国内跟海外的商业化快速落地，为我们带来可观的毛利增长，并且以支持我们的物理AI的更大的投入，持续扩大技术领先优势。 XPeng Iron combines an exceptionally humanlike design, the most intelligent AI brain, and the highest standards of safety and quality.

Only by doing so can Iron become a trusted companion to people and truly become part of everyday work and life. We have recently achieved several major milestones in the development of the mass production version. Starting from September, we will unveil and demonstrate a series of distinctive capabilities. We plan to enter scaled production by year-end, with initial commercial deployments in XPeng stores and campuses. In 2027, XPeng Iron will officially launch and begin large-scale deliveries in China and overseas to external customers in the retail and service sectors. Next year, monthly production capacities can rapidly ramp up to several thousand units in response to market demand. I believe the technological barriers to advanced general-purpose humanoid robots are exceptionally high, while the supply of high-quality humanoid robots remain limited.