XPeng Inc.

Hello, ladies and gentlemen. Thank you for standing by for the second quarter 2025 earnings conference call for Xpeng Inc. At this time, all participants are in a listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alexei, Head of Investor Relations and Capital Markets of the company.

Thank you. Hello, everyone, and welcome to XPeng's second quarter 2025 earnings conference call. Our financial and operating results were issued by our Newswire services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com. Participants on today's call from our management team will include our co-founder, chairman, and CEO, Mr. He Xiaopeng, Vice Chairman and President, Dr. Brian Gu, Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang, Vice President of Finance 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 certainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included In the public filing of the company as filed with the U.S. Securities and Exchange Commission, the company does not assume any obligation to update forelooking statements except as required under applicable law. Please also note that EXPEN's earnings price release and this conference call include the disclosure of unordered GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a full reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our co-founder, chairman, and CEO, Mr. He Xiaopeng. Please go ahead.

Hello, everyone. In 2025, the second quarter, the trend of small and medium-sized cars has a core business and financial indicators, including sales, In the second quarter, our delivery volume is 103,181 units, with a growth of 242%. Among them, the M03 Max version of Mora is on the market and on sale. In the middle of the whole series of orders, the ratio continues to exceed 80%. So the independent high-end supply value is near the general market. Not only that, in the face of the intense price competition and roll in the industry, Xiaopeng insists on long-term monitoring of news resources. At the same time, we continuously improve the capabilities of various infrastructure systems at a priority scale, including our ability to operate. Therefore, our interest rate has improved in the past eight consecutive seasons. In the second season, it increased by 3.8% and reached 14.3%. Hello everyone, in Q2 2025, we achieved a record high performance across our core business and financial metrics.