Q4 2025 WeRide Inc Earnings Call

March 23, 2026

Operator: Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide's Q4 and full year 2025 earnings conference call. Please note that today's event is being recorded. At this time, all participants are in listen-only mode. For today's call, management will use English as the main language. A third-party interpreter will provide simultaneous Chinese interpretation. The company will be hosting a question-and-answer session after management's prepared remarks. If you wish to listen to management's original statements or ask a question during the question-and-answer session, please make sure you are dialed into the English language line. Please note that the Chinese interpretation is for convenience purposes only. In the case of any discrepancy, management statements in their original language will prevail. Joining us today are WeRide's founder, chairman, and CEO, Dr. Tony Han, and CFO and Head of International, Ms. Jennifer Li.

Speaker #1: Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to WeRide Inc. fourth quarter and full year 2025 Earnings Conference Call. Please note that today's event is being recorded.

Speaker #1: At this time , all participants are in listen only mode . For today's call , management will use English as the main language .

Speaker #1: A third party interpreter will provide simultaneous Chinese interpretation . The company will be hosting a question and answer session after management's prepared remarks .

Speaker #1: If you wish to listen to management's original statements or ask a question during the question-and-answer session, please make sure you are dialed into the English language line. Please note that the Chinese interpretation is for convenience purposes only.

Speaker #1: In the case of any discrepancy , management statements in their original language will prevail . Joining us today , are we rights founder , chairman and CEO , Doctor Tony Hahn and CFO and head of International Miss Jennifer Lee Before we continue , I would like to refer you to the Safe Harbor statement in the company's earnings press release , which also applies to this call as today's call will include forward looking statements , including rewrites , strategies , and future plans These four looking statements are made under the safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995 .

Operator: Tony Han, and CFO and Head of International, Ms. Jennifer Li. Before we continue, I'd like to refer you to the safe harbor statement in the company's earnings press release, which also applies to this call, as today's call will include forward-looking statements, including WeRide's strategies and future plans. These forward-looking statements are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. The company's actual results could differ materially from those stated or implied by these forward-looking statements as a result of various important factors. Please refer to the Risk Factors section of the company's Form 20-F filed with the SEC and announcements on the website of the Hong Kong Stock Exchange for a full disclosure of these risk factors.

Operator: Before we continue, I'd like to refer you to the safe harbor statement in the company's earnings press release, which also applies to this call, as today's call will include forward-looking statements, including WeRide's strategies and future plans. These forward-looking statements are made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. The company's actual results could differ materially from those stated or implied by these forward-looking statements as a result of various important factors. Please refer to the Risk Factors section of the company's Form 20-F filed with the SEC and announcements on the website of the Hong Kong Stock Exchange for a full disclosure of these risk factors.

Speaker #1: Forward-looking statements involve inherent risks and uncertainties. The company's actual results could differ materially from those stated or implied by these forward-looking statements.

Speaker #1: As a result of various important factors. And please refer to the Risk Factors section of the Company's Form 20-F, filed with the SEC, and announcements on the website of the Hong Kong Stock Exchange for a full disclosure of these risk factors.

Operator: The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please note that all numbers stated in management's prepared remarks are in RMB terms, and we will discuss non-IFRS measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in the company's earnings release and filings with the SEC and the Hong Kong Stock Exchange. The company's unaudited financial and operating results were released earlier today via Newswire and can be found on the company's IR website. With that, I now turn the call over to the company's founder, chairman, and CEO, Dr. Tony Han. Please go ahead, sir.

Speaker #1: The company does not assume any obligation to update any forward looking statements except as required under applicable law . Please note that all numbers stated in management's prepared remarks are in RMB terms , and we will discuss non IFRS measures today , which are more thoroughly explained and reconciled to the most comparable measures reported in the company's earnings release and filings with the SEC and the Hong Kong Stock Exchange The company's unaudited financial and operating results were released earlier today via Newswire and can be found on the company's IR website And with that , I'll now turn the call over to the company's founder , chairman and CEO , Doctor Tony Hahn .

Speaker #1: Please go ahead, sir.

Tony Han: Hi, everyone. Thank you for joining us today. As a global leader in autonomous driving, we delivered strong results over the past year with a record high revenue of RMB 685 million, growing 90% year over year, driven by expanding Robotaxi deployments as well as robust demand for Robobus and other autonomous driving products. Robotaxi revenue has increased 210% year over year, reflecting the continued commercialization of our technology. By today, our global Robotaxi fleet size has reached a new height of 1,125 vehicles. We are seeing encouraging momentum across both our domestic operations in China and our international markets. As we continue to scale, I'll walk you through the key developments driving our growth. Let's first turn to China, which continues to be one of our most important operating markets.

Speaker #2: Hi , everyone . Thank you for joining us today As a global leader in autonomous driving , we delivered strong results over the past year with a record high revenue of RMB 685 million growing 90% year over year , driven by expanding robotaxi deployments as well as robust demand for robo bus and other autonomous driving products .

Speaker #2: Robotaxi revenue has increased 210% year over year, reflecting the continued commercialization of our technology. By today, our global robotaxi fleet size has reached a new height of 1,125 vehicles.

Speaker #2: We are seeing encouraging momentum across both our domestic operations in China and our international markets . As we continue to scale our walk you through the key developments driving our growth Let's first turn to China , which continues to be one of our most important operating markets During the period , we have advanced toward a more data driven autonomy stack by incorporating end to end learning , leveraging large scale data training and model simulation , as well as improving algorithm generalization We also made solid progress in operating efficiency , fleet expansion , service coverage , and user adoption on the operations front , total cost of ownership decreased by approximately 38% , driven by reduction of vehicle bomb costs and improvements of operating efficiency .

Tony Han: During the periods, we have advanced toward a more data-driven autonomy stack by incorporating end-to-end learning, leveraging large-scale data training and world model simulation, as well as improving algorithm generalization. We also made solid progress in operating efficiency, fleet expansion, service coverage, and user adoption. On the operation front, total cost of ownership decreased by approximately 38%, driven by reduction of vehicle BOM costs and the improvements of operating efficiency. The BOM costs of our latest robotaxi, GXR, is cut by 15%, enabled by the adoption of our cost-effective computing platform, HPC 3.0. At the same time, our remote assistance human-to-vehicle ratio improved from 1:10 in 2024 to 1:40, currently making labor costs marginal and further strengthening unit economics. Fleet size and service coverage also continue to improve.

Speaker #2: The Bom costs of our latest robotaxi are is cut by 15% , enabled by the adoption of our cost effective computing platform , HPC 3.0 .

Speaker #2: At the same time , our remote assistance human to vehicle ratio improved from 1 to 10 in 2024 to 1 to 40 . Currently making labor cost marginal and further strengthening unit economics .

Speaker #2: Fleet size and service coverage also continue to improve. Our commercial and testing fleet in China has grown to more than 800 robotaxis, covering over 1,000 km² across key urban areas.

Tony Han: Our commercial and testing fleet in China has grown to more than 800 robotaxis, covering over 1,000 sq km across key urban areas. As fleet density increased, we also saw meaningful improvements in service performance. Average daily orders per vehicle reached 15 trips over the past six months, rising to 26 during peak periods. Average passenger waiting times declined to under 10 minutes, reflecting stronger demand and improved vehicle utilization. We continued expanding our presence in Beijing and Guangzhou, focusing on populated area, connecting key transportation hubs such as major airports and railway stations, along with further penetration into downtown area. In Guangzhou, for example, our robotaxi service is now available in Tianhe District, one of the city's most active commercial hubs. On the product side, we launched a flexible free Pudu feature, allowing riders to select any pickup or drop-off location within the service area.

Speaker #2: As fleet density increased, we also saw meaningful improvements in service performance. Average daily orders per vehicle reached 15 trips over the past six months, rising to 26 during peak periods. Average passenger waiting times declined to under ten minutes.

Speaker #2: Reflecting stronger demand and improved vehicle utilization. We continue expanding our presence in Beijing and Guangzhou, focusing on populated areas and connecting key transportation hubs such as major airports and railway stations, along with further penetration into downtown areas in Guangzhou.

Speaker #2: For example , our robotaxi service is now available in Tianhe district , one of the city's most active commercial hubs . On the product side , we launched a flexible free portal feature , allowing riders to select any pickup or drop off location within the service area .

Tony Han: At the same time, we broadened access through major mobility platforms, including Amap, WeChat, and Tencent Mobility. Encouragingly, we are seeing substantial increase of registered users of WeRide Robotaxi service. Take Q4 as an example. The year-over-year growth of registered users exceeds 900%, reflecting stronger user acceptance and engagement. Overall, we believe WeRide's longstanding leadership in Robotaxi technology, combined with extensive real-world operational experience, forms a durable and hard-to-replicate competitive moat, continues to resonate with users. As our operations scale, we expect further growth in vehicle utilization and user adoption going forward. Let's now turn to our international operations, where we continue to build on our progress expanding our global footprint. Today, we have deployed autonomous vehicles in 12 countries, with official permits already granted in 8 of those markets. This progress demonstrates our ability to navigate complex regulatory environments while meeting local requirements.

Speaker #2: At the same time , we broadened access through major mobility platforms , including Amap , WeChat and Tencent Mobility Encouragingly , we are seeing substantial increase of registered users of We Ride robotaxi service , take the fourth quarter as an example .

Speaker #2: The year over year growth of registered users exceeds 900% , reflecting stronger user acceptance and engagement overall We believe we ride long standing leadership in robotaxi technology combined with extensive real world operational experience , forms a durable and hard to replicate competitive mode continues to resonate with users as our operations scale .

Speaker #2: We expect further growth in vehicle utilization and user adoption going forward. Let's now turn to our international operations, where we continue to build on our progress, expanding our global footprint.

Speaker #2: Today, we have deployed autonomous vehicles in 12 countries, with official permits already granted in eight of those markets. This progress demonstrates our ability to navigate complex regulatory environments while meeting local requirements.

Tony Han: Taken together, these milestones position us as the most globally deployed autonomous driving company today. Europe is shaping up to be another major growth area for us. Back in November 2025, we achieved a historic milestone, receiving Europe's first-ever driverless robotaxi permit for passenger service from Switzerland's Federal Roads Office. That head start gives us a real advantage as we look to expand further across Europe in the coming years. Apart from this, just this month, we added another country to our global map as we announced our entry into Slovakia. We are deploying our full product lineup there, launching the country's first-ever AV program. Slovakia is also the fourth country for our European footprint. The Middle East remains one of the most promising regions. In Abu Dhabi, we secured the world's first city-level, fully driverless robotaxi commercial permit outside the US in October 2025.

Speaker #2: Taken together, these milestones position us as the most globally deployed autonomous driving company today. Europe is shaping up to be another major growth area for us.

Speaker #2: Back in November 2025, we achieved a historic milestone, receiving Europe's first ever driverless robotaxi permit for passenger service from Switzerland's Federal Roads Office. That head start gives us a real advantage as we look to expand further across Europe in the coming years.

Speaker #2: Apart from this , just this month we added another country to our global map . As we announced our entry into Slovakia . We are deploying our full product lineup there , launching the country's first ever AV program Slovakia is also the fourth country for our European footprint .

Speaker #2: The Middle East remains one of the most promising regions in Abu Dhabi. We secured the world's first city-level, fully driverless robotaxi commercial permit outside the US in October 2025.

Tony Han: Today, our service covers about 70% of the city's core area, and passengers can book through various categories on Uber app, including Uber Comfort, UberX, or the new autonomous category, Uber's first dedicated autonomous rides option globally. In that quarter, we also launched commercial Robotaxi rides in both Dubai and Riyadh. We've also started pilot operations in Ras al-Khaimah, giving us a presence in a third UAE emirate. In Asia Pacific, we are building early momentum with strong local presence. In Singapore, WeRide and Grab began autonomous vehicle testing in the Punggol District back in November 2025. Our Robotaxi, GXR, and the Robobus are expected to open to the public by April 2026, making Punggol Singapore's first residential neighborhood with an autonomous shuttle service. A big part of what makes all this possible is our disciplined approach to international expansion.

Speaker #2: Today , our service covers about 70% of the city's core area and passengers can book through various categories on Uber app , including Uber Comfort , Uber X , all the new autonomous category Over first dedicated autonomous ride option globally In that quarter .

Speaker #2: We also launched commercial robotaxi rides in both Dubai and Riyadh. We've also started pilot operations in Ras Al Khaimah, giving us a presence in a third UAE emirate in Asia Pacific.

Speaker #2: We are building early momentum with a strong local presence in Singapore. WeRide and Grab began autonomous vehicle testing in the Punggol District back in November 2025.

Speaker #2: Our robotaxi, GSR, and Robust are expected to open to the public by April 2026, making Punggol Singapore's first residential neighbourhood with an autonomous shuttle service.

Speaker #2: A big part of what makes all this possible is our disciplined approach to international expansion. Our strategy focuses on markets with supportive regulatory environments and favorable economic conditions that are conducive to sustainable operations.

Tony Han: Our strategy focuses on markets with supportive regulatory environments and favorable economic conditions that are conducive to sustainable operations. Today, our international Robotaxi fleet has surpassed 250 vehicles, and we continue to scale deployments across key international markets, including Abu Dhabi, Dubai, Riyadh, Switzerland, Slovakia, and Singapore. Each new market we enter becomes the regional blueprint for expansion into adjacent markets. Looking ahead, we expect our global Robotaxi fleet to reach 2,600 by the end of 2026, subject to regulatory approvals and market conditions. These milestones represents the early stage of our long-term vision to deploy tens of thousands of Robotaxis worldwide by 2030. While Robotaxi service is at the core of our business, we are actively diversifying to other areas of autonomous mobility to build a broader portfolio and generate additional revenue streams.

Speaker #2: Today , our international robotaxi fleet has surpassed 250 vehicles and we continue to scale deployments across key international markets , including Abu Dhabi , Dubai , Riyadh , Switzerland , Slovakia and Singapore .

Speaker #2: Each new market we enter becomes a regional blueprint for expansion into adjacent markets. Looking ahead, we expect our global robotaxi fleet to reach 2,600 by the end of 2026, subject to regulatory approvals and market conditions.

Speaker #2: These milestones represent the early stage of our long term vision to deploy tens of thousands of robotaxis worldwide by 2030 . While robotaxi services at the core of our business , we are actively diversifying to other areas of autonomous mobility to build a broader portfolio and generate additional revenue streams across our diversified applications We rise global AV fleet spanning robotaxis , robo buses , robo vans and robo sweepers grew rapidly from 1089 vehicles at the end of 2024 to 2113 as of today , strengthening our global presence across 12 countries .

Tony Han: Across our diversified applications, WeRide's global AV fleet, spanning Robotaxis, Robobuses, Robovans, and Robosweepers, grew rapidly from 1,089 vehicles at the end of 2024 to 2,113 as of today, strengthening our global presence across 12 countries. Take our Robobus business as an example. It has seen impressive growth in 2025, increasing by 190% year over year. We've entered multiple European markets, including Switzerland, France, Belgium, Spain, and Slovakia, where labor shortages in public transit systems are creating real opportunities for autonomous shuttles. By leveraging our technology to meet this demand, we're able to address a pressing need while also expanding our market presence. Additionally, our L2+ advanced driver assistance system, WePilot 3.0, is being adopted by leading OEMs and tier one suppliers, including Chery, GAC, and Bosch.

Speaker #2: Take our robust business as an example . It has seen impressive growth in 2025 , increasing by 190% year over year . We've entered multiple European markets , including Switzerland , France , Belgium , Spain and Slovakia , where labour shortages in public transport systems are creating real opportunities for autonomous shuttles By leveraging our technology to meet this demand , we're able to address a pressing need while also expanding our market presence Additionally , our L2 plus advanced Driver Assistance System , we pilot 3.0 .

Speaker #2: We pilot 3.0 is being adopted by leading OEMs and tier one suppliers , including Sherry , Jack and Bosch This system uses a one stage end to end architecture with vision based perception enables vehicles to operate safely and efficiently across diverse driving conditions In the second China Urban Intelligent Driving Competition hosted by the EV Comp Sherry exceeded a mass market passenger car model powered by .

Tony Han: This system uses a one-stage end-to-end architecture with vision-based perception, enables vehicles to operate safely and efficiently across diverse driving conditions. In the second China Urban Intelligent Driving Competition, hosted by Yiche, Chery EXEED, a mass-market passenger car model powered by WePilot 3.0, made history by winning first place in three cities competition stops. This business expansion helps us capitalize on the growing demand for L2+ ADAS technology, even outside of our L4 fleet. Innovation remains at the heart of our strategy. Building on our strength in L2+ end-to-end systems, WeRide is converging its technology stack toward L4 by integrating end-to-end learning with large-scale simulation and real-world data loops to enhance generalization and edge case handling. Our latest development, WeRide GENESIS, is a general-purpose simulation platform that integrates physical AI and generative AI.

Speaker #2: We pilot 3.0 made history by winning first place in three cities . Competition stops . This business expansion helps us capitalize on the growing demand for L2 , Adas technologies , even outside of our L4 fleet Innovation remains at the heart of our strategy , building on our strengths in L2 plus end to end systems , we ride is converging .

Speaker #2: Its technology stack is moving toward L4. By integrating end-to-end learning with large-scale simulation and real-world data loops, it enhances generalization and edge case handling.

Speaker #2: Our latest development we ride Genesis , is the general purpose simulation platform that integrates physical AI and generative AI We ride Genesis generates high fidelity driving scenarios much more efficiently , reducing simulation time for complex edge cases from days to minutes .

Tony Han: WeRide GENESIS generates high-fidelity driving scenarios much more efficiently, reducing simulation time for complex edge cases from days to minutes. This boosts our development efficiency and enables us to quickly test and deploy improvements to our systems while significantly reducing on-road testing costs, reinforcing the technological moat underpinning our L2 to L4 product portfolio. On the hardware side, we've taken our partnership with Farizon to the next level. The latest GXR, as a purpose-built, factory pre-installed autonomous vehicle, is delivering higher safety consistency and lower unit costs. The upgraded model incorporates our proprietary HPC 3.0, a high-performance computing platform, which is a more compute efficient architecture. Here's a number that really shows the efficiency gain. Per vehicle production time is now under 10 minutes. These advancements will give us a significant edge in terms of both vehicle performance and scalability of our global Robotaxi fleet.

Speaker #2: This boosts our development efficiency and enables us to quickly test and deploy improvements to our systems, while significantly reducing on-road costs and reinforcing the technological model underpinning our L2 to L4 product portfolio.

Speaker #2: On the hardware side , we've taken our partnership with GD to the next level . The latest Gxr as a purpose built factory pre-installed autonomous vehicle is delivering higher safety , consistency and lower unit costs .

Speaker #2: The upgraded model incorporates our proprietary HPC 3.0 , a high performance computing platform which is a more compute efficient architecture . And here's the number that really shows the efficiency gain per vehicle .

Speaker #2: Production time is now under ten minutes. This advancement will give us a significant edge in terms of both vehicle performance and scalability of our global robotaxi fleet.

Tony Han: With that overview, I'll now turn the call over to our CFO, who will walk you through our financial performance and outlook in more detail.

Speaker #2: With that overview, I'll now turn the call over to our CFO, who will walk you through our financial performance and outlook in more detail.

Jennifer Li: Thank you, Tony. Hello, everyone. Before we dive into the financials, I want to highlight that all figures are in RMB and comparisons are year over year, unless stated otherwise. Now, let's discuss our Q4 and full year 2025 financial performance. Looking back, Q4 2025 will be remembered as a defining chapter in WeRide's journey as we continue to make steady progress in scaling operations, improving unit economics, and advancing our technological leadership. Our fleet and geographic coverage grew significantly, showing strong momentum as a global leader in autonomous driving. Now, let me walk you through the financial performance that reflects these developments. In Q4 2025, total revenue was RMB 314 million, representing an increase of 123%.

Speaker #3: Hello, everyone. Before we dive into the financials, I want to highlight that all figures are in RMB, and comparisons are year over year.

Speaker #3: Unless stated otherwise Now let's discuss our fourth quarter and full year 2025 financial performance Looking back , Q4 2025 will be remembered as a defining chapter in We Rise journey as we continue to make steady progress in scaling operations , improving unit economics , and advancing our technological leadership Our fleet and geographic coverage grew significantly , showing strong momentum as a global leader in autonomous driving .

Speaker #3: Now, let me walk you through the financial performance that reflects these developments in Q4 2025. Total revenue was $314 million, representing an increase of 123%.

Jennifer Li: Product revenue increased 309% to RMB 211 million, mainly driven by increased sales of Robotaxis and Robobuses. Service revenue increased 15% to RMB 103 million. For the full year 2025, total revenue increased 90% to record high RMB 685 million. Product revenue and service revenue were RMB 360 million and RMB 325 million, respectively, representing an increase of 310% and 19%, respectively. Robotaxi continues to be one of the most crucial drivers among the business lines. In Q4 2025, WeRide has reached another record high quarterly Robotaxi revenue since its foundation, as its Robotaxi revenue has increased 66% to RMB 51 million.

Speaker #3: Product revenue increased 309% to $211 million, mainly driven by increased sales of robotaxis and robo buses. Service revenue increased 15% to $103 million for the full year 2025. Total revenue increased 90% to a record high of $685 million.

Speaker #3: Product revenue and service revenue were $360 million and $325 million, respectively, representing an increase of 310% and 19%, respectively. Robotaxi continues to be one of the most crucial drivers among the business lines.

Speaker #3: In Q4 2025 , we Ride has reached another record high quarterly robotaxi revenue since its foundation , as its revenue has increased 66% to 51 million for the full year 2025 robotaxi revenue also achieved an annual record high of 148 million , with a 210% growth year over year .

Jennifer Li: For the full year, 2025, Robotaxi revenue also achieved an annual record high of RMB 148 million, with a 210% growth year-over-year. This growth is powered by our asset-light model. We provide the autonomous driving brain while mobility and fleet partners handle operations and vehicle ownership. This keeps vehicles off our balance sheet, enables efficient scaling, and aligns incentives to deliver a consistent user experience. Our Robotaxi revenue is also supported by a combination of ongoing service fee and recurring ride-hailing revenue share from platform partners. Our global expansion in Robotaxi operations has firmly established us as a leader in the rapidly evolving autonomous mobility landscape. In particular, our international business is becoming an increasingly important driver of group revenue.

Speaker #3: This growth is powered by our asset-light model. We provide the autonomous driving brain, while mobility and fleet partners handle operations and vehicle ownership.

Speaker #3: This keeps vehicles off our balance sheet, enables efficient scaling, and aligns incentives to deliver a consistent user experience. Our robotaxi revenue is also supported by a combination of ongoing service fees and recurring ride-hailing revenue share from platform partners.

Speaker #3: Our global expansion in robotaxi operations has firmly established us as a leader in the rapidly evolving autonomous mobility landscape. In particular, our international business is becoming an increasingly important driver of group revenue for full year 2025.

Jennifer Li: For full year 2025, overseas markets contributed approximately 29% of total revenue, spanning a diverse set of geographies, including the Middle East, Europe, and Asia Pacific. At the same time, our focus on operating efficiency has allowed us to sustain healthy margins even as we scale. In Q4 2025, group level gross profit increased 74% to RMB 89 million, with a group level gross margin of 28%. For the full year 2025, group level gross profit was RMB 207 million, representing an increase of 87%, with a group level gross margin of 30%. These results highlight the strength of our business model and reinforce our confidence in our global expansion strategy. In Q4 2025, operating expenses increased slightly by 2% year-over-year to RMB 655 million, with R&D representing 63% of the total.

Speaker #3: Overseas markets contributed approximately 29% of total revenue, spanning a diverse set of geographies including the Middle East, Europe, and Asia Pacific.

Speaker #3: At the same time , our focus on operating efficiency has allowed us to sustain healthy margins even as we scale in Q4 2025 , group level gross profit increased 74% to 89 million , with a group level gross margin of 28% for the full year 2025 group level gross profit was 207 million , representing an increase of 87% , with a group level gross margin of 30% .

Speaker #3: These results highlight the strengths of our business model and reinforce our confidence in our global expansion strategy. In Q4 2025, operating expenses increased slightly by 2% year over year to $655 million, with R&D representing 63% of the total for full year 2025.

Jennifer Li: For full year 2025, operating expenses decreased by 11% to RMB 2.04 billion, with R&D representing 67% of the total. The decrease in operating expenses was primarily driven by lower administrative expenses, partially offset by increases in R&D and selling expenses. As our preferred investment area, the rise in R&D spending reflects our focus on long-term technological leadership, while disciplined cost management kept overall operating expenses under control. To break down further, R&D expenses increased by 29% to RMB 411 million in Q4 2025, and increased by 26% to RMB 1.37 billion for the full year 2025, primarily driven by our continued investments in top-tier talent and the expansion of our next-generation data center infrastructure, building a high-performance backbone to support our L2+ to L4 autonomous driving capabilities.

Speaker #3: Operating expenses decreased by 11% to $2.04 billion, with R&D representing 67% of the total. The decrease in operating expenses was primarily driven by expenses, partially offset by increases in our primary investment area.

Speaker #3: The rise in R&D expenditures reflects our focus on long term technological leadership . While disciplined cost management kept . Overall operating expenses under control to break down further R&D expenses increased by 29% to 411 million in Q4 2025 , and increased by 26% to 1.37 billion for the full year 2025 , primarily driven by our continued investments in top tier talent and the expansion of our next generation data center infrastructure .

Speaker #3: Building a high-performance backbone to support our L2 to L4 autonomous driving capabilities. This continuous R&D commitment is essential to maintaining our competitive edge and driving future growth. Administrative expenses decreased by 29% to $217 million in Q4 2025, and decreased by 48% to $596 million.

Jennifer Li: This continuous R&D commitment is essential to maintaining our competitive edge and driving future growth. Administrative expenses decreased by 29% to RMB 217 million in Q4 2025, and decreased by 48% to RMB 596 million for the full year 2025. The decrease was mainly driven by lower share-based compensation and partially offset by growing professional service fees, personnel costs, and depreciation and amortization expenses. Selling expenses increased by 76% to RMB 27 million in Q4 2025, and increased by 37% to RMB 74 million for the full year 2025. These increases are in line with the growth of our business. Our net loss narrowed by 6% to RMB 5,565 million in Q4 2025, and narrowed by 34% to RMB 1.65 billion for the full year 2025.

Speaker #3: For the full year 2025 , the decrease was mainly driven by lower share based compensation and partially offset by growing professional service fees , personnel costs and depreciation , and amortization expenses .

Speaker #3: Selling expenses increased by 76% to $27 million in Q4 2025, and increased by 37% to $74 million for the full year 2025.

Speaker #3: These increases are in line with the growth of our business. Our net loss narrowed by 6% to $556.5 million in Q4 2025, and narrowed by 34% to $1.65 billion for the full year 2025.

Jennifer Li: Building on our successful Hong Kong IPO in Q4 2025, we ended the year with a strong capital position. As of 31 December 2025, we had total capital reserves of RMB 7.13 billion, comprising RMB 6.97 billion in cash and cash equivalents and time deposits, RMB 144 million in investments in wealth management products, and RMB 19 million in restricted cash. We maintained short-term bank loans of RMB 324 million to support daily operations. With disciplined cash deployment, this level of capital provides a solid operating buffer and underscores our financial strength to support continued growth.

Speaker #3: Building on our successful Hong Kong IPO in Q4 2025 , we ended the year with a strong capital position . As of the 31st of December 2025 , we had total capital reserves of 7.13 billion , comprising 6.97 billion in cash and cash equivalents and time deposits , 144 million in investments in wealth management products and 90 million in restricted cash .

Speaker #3: We short-term bank loans of $324 million to support daily operations, with disciplined cash deployment. This level of capital provides a solid operating buffer and underscores our financial strength to support continued growth.

Jennifer Li: On 23 March 2026, our board of directors authorized a share repurchase program under which we may repurchase up to $100 million of our Class A ordinary shares, including in the form of American depository shares over the next twelve months. This authorization also reflects our commitment to shareholders and our confidence in the long-term value of WeRide. Looking ahead, we are moving forward with clarity and conviction. By end of 2026, we expect to have 2,600 robotaxis globally, marking the first phase of our path toward tens of thousands of robotaxis by 2030. As our fleet scales, we see a clear path to extending our proven deployment model to more cities worldwide. Supported by a strong balance sheet, relentless focus on operating efficiency, and deepening partnerships, we are well-positioned to lead the next chapter for autonomous driving industry.

Speaker #3: On the 23rd of March 2026 , our Board of Directors authorized a share repurchase program under which we may repurchase up to US dollars 100 million of our class A ordinary shares , including in the form of American Depositary shares over the next 12 months .

Speaker #3: This authorization also reflects our commitment to shareholders and our confidence in the long term value of WeRide Inc. . Looking ahead , we are moving forward with clarity and conviction by end of 2026 , we expect to have 2600 robotaxis globally , marking the first phase of our path toward tens of thousands of robotaxis by 2030 .

Speaker #3: As our fleet scales, we see a clear path to extending our proven deployment model to more cities worldwide, supported by a strong balance sheet, relentless focus on operating efficiency, and deepening partnerships.

Speaker #3: We are well positioned to lead the next chapter for the autonomous driving industry. With that, operator, we're now ready to take some questions.

Jennifer Li: With that, operator, we're now ready to take some questions.

Operator: Thank you. We will now begin the question-and-answer session. As a reminder, we only accept questions in the English language line. To ask a question, please dial in to the English line and then press star one one on your telephone's touch tone keypad. If you have any follow-up question, please re-enter the queue. Thank you. A moment for our first question. We will now take our first question from the line of Kai Shao of CICC. Please ask your question, Kai. Your line is now open.

Speaker #1: Thank you We will now begin the question and answer session As a reminder , we only accept questions in the English language line To ask a question , please dial in to the English line and then press star one one on your telephone's touch tone keypad .

Speaker #1: If you have any follow-up questions, please re-enter the queue. Thank you. A moment for an office question. We will now take the first question from the line of Chi Xiao of Chi CC.

Speaker #1: Please ask your question, Chi. Your line is now open.

[Analyst] (CICC): Thank you, Tony and Jennifer. This is Ben from CICC. I have two questions. First one is, quite a few OEM and tier-one peers are also working on L4 Robotaxi, such as Horizon Robotics and Momenta. What's your view on this matter? The second one is on the ADAS. Recently, WeRide ADAS showed an industry-leading capability in a highly challenging real-world computation. Could you share the key differentiation between WeRide ADAS capability versus the peers? Thank you.

Speaker #4: Thank you . Tony and Jennifer , this is Ben from CDC . So I have two questions . First one is quite a few OEM and tier one Pierce are also working on it for robotaxi , such as Horizon Robotics and Momenta .

Speaker #4: So what's your view on this matter And the second one is on the . L2 plus . So recently we read Ada's showed an industry leading capability in a highly challenging real world competition .

Speaker #4: So could you share the key differentiation between various ADAS capabilities versus the peers? Thank you.

Tony Han: Thank you very much, Kai, for these two important questions. I truly appreciate you ask these two questions. First of all, the first question is about, like, quite a few OEM and tier ones you just mentioned, like a few names like Horizon and Momenta. They claim they are working on robotaxi, and what's my view. First of all, I think, as a first mover and the industrial leader, as the CEO of first mover and the industrial leader of autonomous driving company like WeRide, I have to say, we welcome all the players to join this competition. That means like the whole ecosystem and the whole industry is really attractive and, there's a great market potential.

Speaker #2: Thank you very much , Kai , for this . Two important questions . And I truly appreciate you all these two questions . So first of all , the first question is about like quite a few OEM on tier one .

Speaker #2: You just mentioned like a few names like horizon and Momenta . They , they claim they are working on robotaxi and what's my view ?

Speaker #2: So first of all, I think as a first mover and the industrial leader, as the CEO of a first mover and industrial leader of our time driving company like we—

Speaker #2: Right. I have to say, we welcome all the players to join this competition. And that means, like, the whole ecosystem and how the industry is really attractive.

Speaker #2: And there's a great , great market potential . So only in a very interesting and juicy and profitable market , you can see , you can experience competition .

Tony Han: Only in a very interesting and juicy and profitable market you can see you can experience competition. Having that said, I just want to remind, like, some competitors or new players, the difference between ADAS system, which they are very familiar, and the L4 driverless robotaxi system, which they are not familiar. Okay. Lots of time people have to do some conjecture or extrapolation from what they have with what they are familiar, like L2++ system, and then they want to think, "Okay, we just increase the reliability, increase a little bit speed of our system, and we can achieve driverless operation." My answer to that kind of extrapolation or extrapolative thinking is like, you haven't seen the difficulty, you haven't seen.

Speaker #2: Having that said, I just want to remind some competitors or new, new players about the difference between the ADA system, which they are very familiar with, and the L4 driverless robotaxi system, which they are not familiar with.

Speaker #2: Okay , lots of time people have have to do some conjecture or extrapolation from what they have , what they are familiar , like L2 plus , plus system , and then they want to think , okay , we just increase the reliability , increasing increase a little bit speed of our , our system .

Speaker #2: And we can achieve driverless operation . My answer to that , that kind of extrapolation or extrapolative thinking is like , you , don't , you haven't seen the difficulty , what you have , you haven't seen .

Tony Han: The thing is, like, why am I in a position to say that? Because WeRide is the only company currently, to my best knowledge, in this world, good at ADAS system, at the same time, good at driverless operation or robotaxi. For example, in the China Urban Intelligent Driving Competition, just finished, like last month, Actually, two days ago, we won the championship once again. WeRide is the only company won this championship three times in a row. We made a history. Which means, like, you know, in that competition, the companies you mentioned, like Momenta and Horizon, they all entered the competition, but WeRide just won three times over them. We know pretty much the ADAS, and we are very familiar in the ADAS area that they are familiar.

Speaker #2: So the thing is , like , why am I in a position to say that ? Because we . Right is only company currently , to my best knowledge in this world .

Speaker #2: Good at Ada system . At the same time , good at driverless operation or robotaxi . So for example , in the China urban intelligent Driving competition , just finished like last month , we , we actually two days ago , we won the championship once again .

Speaker #2: So we are is not only company won this championship three times in a row . We made a history . So which means like in , in , you know , in that competition , the companies you mentioned like momentum and horizon , they all enter the competition .

Speaker #2: But we . Right . Just won three times over them . So we know pretty much the Adas and we are very familiar in the Adas system area that they are familiar .

Tony Han: On the other hand side, you know, I would say if you want to claim yourself to be a L4 level autonomous driving company or robotaxi company, you have to have a substantial operation. What do I mean? You should have at least 50 driverless cars running in a city with a population of at least 1 million people, okay? If you just have 10 cars and with a safety driver behind the steering wheel, you cannot claim yourself as a robotaxi company. Of course, lots of people can claim, like, you are working on something, that's great, but to make sure you are a real player in the field, you have to demonstrate you have the real driverless operation. Therefore, I want to emphasize the technology barrier between L2++ and L4 is huge.

Speaker #2: On the other hand , side , you know , I would say if you want to claim yourself to be a L4 level autonomous driving company or robotaxi company , you have to have a substantial operation .

Speaker #2: What do I mean? You should have at least 50 driverless cars running in the city with a population of at least 1 million people.

Speaker #2: Okay, if you just have ten cars, and with a safety driver behind the steering wheel, you cannot claim yourself as a robotaxi company.

Speaker #2: Of course , lots of people can claim , like you are working on something that's great , but to make sure you are real , the player of the field , you have to demonstrate you have the real driver's operation Therefore , I want to emphasize the technology barrier between L2 and L4 is huge and to really make yourself like a significant or or serious player in the robotaxi field , you really need to demonstrate your capability in driverless operation .

Tony Han: To really make yourself a significant or serious player in the robotaxi field, you really need to demonstrate your capability in driverless operation. Besides, you know, there are other factors like hardware maturity, software integration, full redundancy architecture, regulatory approvals, operational stability. All of these factors are traditional ADAS companies haven't experienced. My view is like, WeRide and also with some other leading autonomous driving L4 level robotaxi companies have really a strong advantage. We welcome this kind of competition, but we are very confident with our current leading position, our current footprint in the international market. That is huge gap. I don't foresee any newcomers can catch up soon. This is my answer to the first question.

Speaker #2: Besides , you know , there's the other factors like hardware maturity , software integration , redundancy , architecture , regulatory approvals , operational stability , all of these factors are traditional at company , have experienced .

Speaker #2: So my view is, like, we are right. And also with some other leading autonomous driving Level 4 robotaxi companies, we have a really strong advantage.

Speaker #2: So, we welcome this kind of competition. But we are very confident in our current leading position, our current footprint in the international market.

Speaker #2: That is a huge gap. I don't foresee any newcomers catching up soon. So, this is my answer to the first question.

Tony Han: Okay, the second question, Kai's question is about our recent, extraordinary results in, China Urban Intelligent Driving Competition. What differentiate us between our peers? I think the ranking and scores tells all, right? Back in this kind of China Urban Intelligent Driving Competition holds once every month or once every two months, depends on period, okay? In the history, there's only one company won this kind of championship twice in a row. That was Huawei. At that time, they have a very big advantage. There has never been a company that has won this kind of championship three times in a row. Since last year, November and then December and this year, March, we won three times in a row.

Speaker #2: Okay , the second question question is about our recent extraordinary results in the China urban Intelligent Driving competition . And so what's what what differentiates us between our peers ?

Speaker #2: So I think the ranking and scores tell all, right. So back in this kind of autonomous, this China Urban Intelligent Driving Competition is held once every month or once every two months, depends on the period.

Speaker #2: Okay. And in history, there's only one company that has won this kind of championship twice in a row. That was Huawei at that time.

Speaker #2: They have a they have a very big advantage , but there's never there has never been a company that has won this kind of championship three times in a row since last year .

Speaker #2: November . And and then December . And this year , March , we won three times in a row . You know , the competition has been entered by all the companies famous autonomous driving company acquired in China .

Tony Han: You know, the competition has been entered by all the companies, famous autonomous driving company or car apps in China. You can name it, XPeng, Li Auto, NIO, Xiaomi, Momenta, Horizon, Huawei, Zeekr. They all entered the competition, but WeRide won this kind of competition three times in a row. That demonstrate our capability. What is the secret sauce behind this? We have several. First, one of our one-stage end-to-end system training based on both synthetic and a real data from our L4 level autonomous driving robotaxi from our L2++ level data. That helped a lot. Our unique one-stage end-to-end architecture, which is different from LLM, from VLA, and that one gave us a big advantage.

Speaker #2: You can name it Xpeng , Li Auto , Nio , Xiaomi , momenta , horizon , Huawei , Zeekr , they all entered the competition , but we ride one of these kind of competition three times in a row .

Speaker #2: That's demonstrate our capability and what is the secret sauce behind this ? We have several . First , one of our one stage end to end system training based on both synthesis , synthetic and and real data from our L4 level .

Speaker #2: Autonomous driving robotaxi from our L2 level data . And that helped a lot . And our unique one stage end to end architecture , which is different from FLA or from Villa .

Tony Han: Thirdly, the data generated from our GENESIS model, and this GENESIS model is superior, and it can generate data according to our needs and also reduce our data collection cost by 75%. With all this technology combined give us a kind of leading position in the ADAS field. That's all my answers to these two questions. Again, thanks for the question, Kai.

Speaker #2: And that one gave us a big advantage . Thirdly , the data generated from our Genesis model and this Genesis model is superior and it can generate data according to our needs .

Speaker #2: And also reduce our data collection costs by 75%. With all these technologies combined, it gives us a kind of leading position in the ADAS field.

Speaker #2: That's all my answers to these two questions. Again, thanks for the question, Kai.

Operator: Thank you. We will now take our next question from the line of Ming-Sen Li of Bank of America. Please ask your question, Ming-Sen, your line is open.

Speaker #5: You .

Speaker #1: We will now take our next question from the line of Ming Sun Lee of Bank of America. Please ask your question. Mason, your line is open.

Ming-Sen Li: Hi, Tony and Jennifer. Thank you for taking my question. I also have two questions for you. First, could you please elaborate the Robotaxi expansion plan of both China and international markets? What is the delivery schedule for the 2,000 vehicles signed with Geely Farizon? Thank you. Second question, could you also share your forward-looking plan for the Middle East, given peers market entry, geopolitical conflict, and also the involvement of the partnership with Uber? Specifically, what is the timeline of the deployment of 1,200 vehicles with Uber? Thank you, Tony.

Ming Hsun Lee: Hi, Tony and Jennifer. Thank you for taking my question. I also have two questions for you. First, could you please elaborate the Robotaxi expansion plan of both China and international markets? What is the delivery schedule for the 2,000 vehicles signed with Geely Farizon? Thank you. Second question, could you also share your forward-looking plan for the Middle East, given peers market entry, geopolitical conflict, and also the involvement of the partnership with Uber? Specifically, what is the timeline of the deployment of 1,200 vehicles with Uber? Thank you, Tony.

Speaker #6: Hi , Tonya . And Jennifer , I thank you for taking my question . I also have two questions for you . So first , could you please elaborate the robotics expansion plan of both China and international markets ?

Speaker #6: And what is the delivery schedule for the 2000 vehicles signed with Geely Verizon . Thank you . And a second question . Could you also share your forward looking plan for the Middle East , given Pierce market entry , geopolitical conflict , and also the involvement of the partnership with Uber ?

Speaker #6: Specifically, what is the timeline of the deployment of 1,200 vehicles with Uber? Thank you. Tony

Jennifer Li: Okay. I'll take the first question. I guess, you can take the second question. Thank you, Ming. Both China and international markets are core to WeRide's growth strategy. As you just mentioned, we recently signed a deal that it's actually an extended agreement with Geely Farizon for additional 2,000 upgraded Robotaxi we call GXR in 2026. By end of last year, our fleet has surpassed over 1,000 Robotaxis. Take into consideration of the phase delivery of the newly, like pre-installed GXR, and also the retirement of some of the older vehicles we have. We expect to reach around 2,600 Robotaxi globally by end of this year.

Speaker #3: Okay , I'll take the first question . I guess we can take the second question . Thank you . Ming . Both China and International markets are core to various growth strategy .

Speaker #3: As you just mentioned, we recently signed a deal that is exactly an extended agreement with GDP Horizon. For an additional 2,000, upgraded Robotaxi Recall GXR in 2026.

Speaker #3: So by end of last year , our fleet has surpassed over a thousand robotaxis . Taking into consideration of the phase delivery of the newly like it's pre-installed GSR then and then also the retirement of some of the older vehicles we have .

Speaker #3: We expect to reach around 2600 robotaxi globally by end of this year . China definitely is going to be the . It is the it is the cornerstone of our business where we focus on cities with very supportive policies for autonomous driving and high population densities .

Jennifer Li: China definitely is the cornerstone of our business, where we focus on cities with very supportive policies for autonomous driving and high population densities. Those tier one cities in China, like, say, Guangzhou and Beijing, they both fit this profile very well. In Guangzhou, for example, we plan to gradually scale towards city-level operation, like what we already have in Abu Dhabi. We're also expanding into another major tier one city in China, and we look forward to share more of that details soon with everyone. On the international side, Middle East continue to be a very strong base for us.

Speaker #3: Those tier one cities in China , like , say , Guangzhou and Beijing , they both fit this profile very well in Guangzhou , for example , we plan to gradually scale towards city level operation like what we already have in Abu Dhabi .

Speaker #3: We are also expanding into another major tier-one city in China, and we look forward to sharing more about that. Details will be shared soon with everyone.

Speaker #3: And on the international side, the Middle East continues to be a very strong base for us. We ran the largest robotaxi fleet at the city level in Abu Dhabi, and we're the first to start it.

Jennifer Li: We run the largest Robotaxi fleet at city level in Abu Dhabi, and we are the first to start Robotaxi public operation in Dubai and in Riyadh as well. We'll continue our strong momentum in the Middle East. Also, Europe is a key focus. Our Robotaxi obtained the first and only driverless operation permit in Europe from the Swiss government last year. Building on this momentum, we are really looking to further expand it in markets like, say, Madrid and potentially one more core city in Europe this year. Of course, we'll continue to expand our Robotaxi operation in Zurich as well. Tony, you wanna take the next question?

Speaker #3: Robotaxi public operation in Dubai and in Raya as well . So we'll continue to our strong like momentum in the Middle East . Also , Europe is is a key focus .

Speaker #3: Our robotaxi obtained the first and only driverless operation permit in Europe from like the the Switzerland government last year . Building on this momentum , we are really looking to further expand it and market like say , Madrid and potentially one more core city in Europe this year .

Speaker #3: And of course, we'll continue to expand our robotaxi operation in Zurich as well. Tony, you want to take the next question?

Tony Han: Sure. So just a general reminder to everybody, like, the second question is really about our future plan for the Middle East. You know, what is the timeline of deployment claimed 1,200 vehicles with Uber. Right now we have around like 200 vehicles in Middle East, and together with Uber, we plan to add at least 1,000 more by 2027. We expect to be the first to reach 1,000 vehicle scale in this region. Okay. It's really not easy, and we have spent ton of efforts and planned a lot and sometimes retrofit and redesign our vehicles and do lots of technology efforts to meet this number. Operationally, we are carrying out business as usual.

Speaker #2: Sure . So just to kind of a gentle reminder to everybody like in the second question is really about our future plan for the Middle East .

Speaker #2: And, you know, what is the timeline of deployment? Claimed 1,200 vehicles with Uber. Right now we have around, like, 200 vehicles in the Mid East.

Speaker #2: And together with Uber, we plan to add at least 1,000 more by 2027. And we expect to be the first to reach 1,000-vehicle scale in this region.

Speaker #2: Okay. It's really not easy, and we have spent a lot of effort and planned a lot. Sometimes we retrofit and redesign our vehicles and put in a lot of technological effort to meet this number.

Tony Han: I think you have known, you know, we are already running city-level full driverless Robotaxi service in Abu Dhabi, and we aim to do the same in Dubai this year. We are currently the only company offering Robotaxi service to the public in both cities, and that first-mover advantage is meaningful. Our scale, regulatory progress, strong partnerships, and safety record all support this position. On the geopolitical tensions we are currently experiencing, we are monitoring developments very closely with a continued focus on the safety of our local teams and maintaining a reliable operation. So far, we have not seen any material impact on our business. Our global footprint and the diversified presence also give us confidence in navigating potential uncertainties.

Speaker #2: Operationally , we are carrying out business as usual . I think you have know you know , we are already running city level , full drive robo taxi service in Abu Dhabi , and we aim to do the same in Dubai this year .

Speaker #2: We are currently the only company offering robotaxi service to the public in both cities , and that first mover advantage is meaningful . Our scale , regulatory progress , strong partnerships and safety record all support this position on the geopolitical tensions you have .

Speaker #2: We are currently experiencing. We are monitoring developments very closely with our continued focus on the safety of our local teams and maintaining a reliable operation.

Speaker #2: So far , we have not seen any material impact on our business . Our global footprint and diversified presence also give us confidence in navigating potential uncertainties regarding our partnership with Uber , our five year , 15 city rollout plan remains on track and we expect to announce new city launches in due course this year .

Tony Han: Regarding our partnership with Uber, our 5-year 15-city rollout plan remains on track, and we expect to announce new city launches in due course this year. Okay, that's the answer to this question. Any other questions?

Operator: Thank you. We will take our next question from Tim Hsiao of Morgan Stanley. Please ask your question, Tim. Your line is now open.

Speaker #2: Okay, that's the answer to this question. Any other questions?

Speaker #1: Thank you. We will take our next question from Tim Shell of Morgan Stanley. Please ask your question. Tim, your line is now open.

Tim Hsiao: Hi, Tony and Jennifer. This is Tim from Morgan Stanley. Thanks for taking my questions. I have two questions. I think the first one is, basically I want to follow up on the L4 competition because, at the NVIDIA GTC earlier this month, we noticed that WeRide again showcased the Robotaxi GXR. I think, the model is powered by NVIDIA DRIVE Hyperion platform and the NVIDIA DRIVE Thor SoC. Although we noticed the collaboration with NVIDIA has helped, WeRide to effectively reduce the cost, accelerate global, expansion. This data, I think NVIDIA also supplies similar ready solution to many of WeRide's competitors and also automaker, for the long-term L4 development. So my question is: How does WeRide address the challenge of Robotaxi, homogenization in the long term and, can keep successfully differentiating?

Speaker #7: Hi , Tony and Jennifer , this is Tim from Morgan Stanley . Thanks for taking my questions . I have two questions . I think the first one is basically I want to follow up on the L4 competition because at the Nvidia GDC earlier this month , we noticed that the rewrite again showcased the robotaxi gcgr .

Speaker #7: I think the model is powered by the Nvidia Hyperion platform and the SoC. Although we noticed the collaboration with Nvidia has helped, what we write to effectively reduce the cost, accelerate global expansion.

Speaker #7: But these days, I think Nvidia also supplies similar ready solutions to many of its revised competitors and also automakers for the long-term L4 development.

Speaker #7: So my question is, how does Levi address the challenge of robotaxi homogenization in the long term? And can he keep successfully differentiating?

Tim Hsiao: That's my first question. Thank you.

Tony Han: Thank you, Tim. You know, this is great question. First of all, I think you know, currently like many players, they define their autonomous driving system based on NVIDIA's DRIVE Thor platform. I want to emphasize, you know, just to make announcement like we are going to adopt NVIDIA DRIVE Thor is easy, but to really make a reliable and workable autonomous driving system based on NVIDIA DRIVE Thor is very challenging. WeRide team up with Lenovo and NVIDIA spent 2 years to design our HPC 3.0 automotive-grade. You know, we actually produced the first of its kind of computational, automotive-grade computational platform for Robotaxi with a computational power of 2000 TOPS.

Speaker #7: That's my first question. Thank you.

Speaker #2: Thank you Jim , you know , this is a great question . So first of all , I think , you know , currently , like many players , they define their autonomous driving system based on , on , on Nvidia's thorax platform .

Speaker #2: But I want to emphasize, you know, just to make an announcement like we are going to adopt Nvidia for X is easy, but to really make a reliable and workable, or autonomous driving system based on Nvidia Thorax is very challenging.

Speaker #2: We we right . Came up with Lenovo and Nvidia spent two years to design our HPC 3.0 . Auto grade . And you know , we actually produce the first of its kind of computational autograde computational platform for robotaxi with a , with a computational power of 2000 tops , you can look around and see whether any other people have this kind of computational platform of 2012 .

Tony Han: You can look around and see whether any other people have this kind of computational platform of 2000 TOPS and with redundancy. Not easy, okay? We have lots of build-up on top of this auto-grade computational platform. Besides, we build up our simulation simulator and the data collection integrated platform Genesis. This one can generate lots of data and can be integrated into the training and then can be evaluated with HPC 3.0. That one is actually a very advanced system. In the long run, I don't think like just a general, very generic universal platform can help like the inexperienced or not that strong technological player so that everybody can become a significant player in Robotaxi or i.e., democratize the whole industry. No, it's not like that.

Speaker #2: And with redundancy , not easy . Okay , we have lots of build up on top of this auto computational platform . Besides , we build up our simulation simulator and data collection integrated platform , Genesis .

Speaker #2: And this one can generate lots of data, and can be integrated into the training, and then can be evaluated with HPC 3.0.

Speaker #2: So that one is actually very , very advanced system . So in the long run , I don't think like just a general , very generic universal platform can help like the inexperienced or not that strong technological player .

Speaker #2: So that, so that everybody can become a significant player in robotaxi, or I democratize the whole industry. No, it's not like that.

Tony Han: People actually have tried that before. I just want people to remember like 4 or 5 years ago, Baidu roll out this Apollo platform. The goal is very close to what NVIDIA want to do, is roll out open source some code and everybody can work on it. Today, to our best knowledge, no driverless robotaxi fleet are developed using Apollo. Even Baidu use its own closed source platform to work on it. You know, whether that open source can be used by some third party and then deploy reliable driverless operation is an unproven concept. Actually I'm quite skeptical on that. We are very confident for our competitive edge in the next 5 years and in the next 10 years. We have a leading position.

Speaker #2: People actually have tried that before. I just want people to remember, like four or five years ago, Baidu rolled out this Apollo platform.

Speaker #2: The goal is very close to what Nvidia wants to do with roll open source code, and everybody can work on it.

Speaker #2: But today , to our best knowledge , no driverless robotaxi fleet are developed . Use Apollo , even Baidu use his own clothes .

Speaker #2: Close closed source platform to work on it . So you know , whether that's open source can , can , can be used used by some third party and then and then deploy reliable driverless operation is an unproved concept .

Speaker #2: And actually I'm quite skeptical on that. So we are very confident in our competitive edge in the next five years and in the next ten years.

Tony Han: I think we have maybe a larger and larger leading ones. In that part, we are quite advanced. That's my answer to your question, Tim.

Speaker #2: And we have a leading and leading position . I think we we have maybe a Larger and larger leading , leading advance . So in that part , we are quite advanced .

Tim Hsiao: Thank you. Thank you, Tony, for sharing all the details. My second question is also a quick follow-up regarding our global partnership with Uber. Because I think most of us noticed that WeRide has formed a close strategic tie-up with Uber for global expansion. Yet in the meantime, I think Uber has a ride-hailing platform. The company continues to onboard more robotaxi service providers, like in the US, Rivian, Zoox, Motional, and in the rest of the world, like Wayve, etc. Facing this kind of dynamic of both cooperation and competition, how does WeRide ensure its long-term share of ride-hailing orders? You know, this market can keep growing and to stay as a major supplier to Uber. Lastly, how does WeRide plan to enhance its 2C capability globally?

Speaker #2: So that's my answer to your question, Tim.

Speaker #7: Thank you . Thank you , Tony , for sharing all the details . My second question is also a quick follow up on regarding our global partnership with Uber , because I think most of us notice that we ride has worn a close strategic tie up with ribbon for global expansion .

Speaker #7: Yet in the meantime , I think Uber has the right in platform . The company continues to onboard more robotaxi service provider like in the US , Rivian Motion and in the rest of the world , like a wave , etc.

Speaker #7: . So facing this kind of dynamic of both cooperation and competitions , how does rewrite ensure its long term share of ride hailing orders in overseas market can keep growing ?

Speaker #7: And the data as a major supplier to Uber. And lastly, how does we plan to enhance its ToC capability globally? That's my second question.

Tim Hsiao: That's my second question. Thank you.

Tony Han: Okay.

Jennifer Li: Tony, you wanna take this?

Tony Han: No, Jennifer Li, if you want, you can go ahead to take. Yeah, please go ahead.

Speaker #7: Thank you .

Speaker #5: Okay .

Speaker #3: Tony, you want to take this?

Jennifer Li: Yeah, I'll take this question. So Tim, first of all, Uber is a important shareholder and partner for WeRide. We believe their incentive is to maximize our WeRide's, like, Robotaxi's utilization. And as a matter of fact, with all the like partnerships they have signed till today, you can only get Robotaxi from Uber on the Uber platform from WeRide and from Waymo. That's it. We do have a very concrete plan to scale together. In the key market like, say, Middle East, we have the first and foremost operational ride, and we're gonna launch 1,200 Robotaxi, which will be fully delivered by 2027. This is gonna be a very, very large and definitely the largest Robotaxi fleet outside China and US.

Speaker #2: If you want, you can go ahead and take it. Yeah, please go ahead.

Speaker #3: Okay . I'll take this question . So so Tim , first of all , Uber is an important shareholder and partner for me , right ?

Speaker #3: We believe their incentive is to maximize our rights . Like robotaxis utilization and , and as a matter of fact , with all the like partnership they have signed to today , you can only get robotaxi from Uber on Uber platform from V , right .

Speaker #3: And from Waymo, that's it. And we do have a very concrete plan to scale together in the key market, like, say, Middle East.

Speaker #3: We have the first and foremost operation, right? We're going to launch 1,200 robotaxis, which will be fully delivered by 2027.

Speaker #3: This is this is going to be a very , very large and definitely the largest robotaxi fleet outside China . And the US .

Jennifer Li: On top of that, we operate Robotaxi, Robobus, Robovan, and other products globally. We act more like an infrastructure partner directly to the local government. Like, say, in Saudi Arabia, we are bringing our Robotaxi, Robobus, Robovan, RoboSweeper all together in one go. We are the infrastructure partner to those local governments. We're not just like an Uber supplier, and we own most of the autonomous driving license. The government directly issue the license to us. Also in the presentation we just did, in the video, you can see that, our Robotaxi partners worldwide, including, besides Uber, and we also have like Grab, FBB, FTL, IOK, TXAI, and a number of local partners. We have different local partners in different local markets.

Speaker #3: And on top of that , we , we , we operate robotaxi robot bus and other products globally . We act like more like a infrastructure partner to directly to the local government , like , say in the rusty .

Speaker #3: Lava . We , we are bringing our robotaxi bus , robot bus , robo van , sleeper all together in one go . We are the infrastructure partner to those local government .

Speaker #3: So we're not just like an Uber supplier, and we own most of the autonomous driving licenses. The government directly issues the licenses to us.

Speaker #3: So also in the in the presentation , we just we just did in the video , you can see that our global taxi partners worldwide , including besides Uber and we also have like graph , SBB , FTL , I o key , like Txi and a number of local partners .

Speaker #3: We have different local partners in different local markets . So , so yeah , and just to emphasize on the licensing mode , we hope we , we are the only one that holds autonomous driving permits in eight countries based on our knowledge , this is definitely the broadest in our industry .

Jennifer Li: Yeah. Just to emphasize on the licensing mode, we are the only one that holds autonomous driving permits in eight countries. Based on our knowledge, this is definitely the broadest in our industry. This creates a very high barrier to entry. Also, even on Uber and through like other product categories, like, whenever we have like the public service deployment, we are building the WeRide brand recognition directly with end consumers, as well. If you talk, like say in Singapore, like in Abu Dhabi, in the Middle East, in Dubai, in those cities, people know the WeRide brand quite well, I would say. The bottom line is like we're not just one of Uber's vendors.

Speaker #3: This creates a very high barrier to entry and also even even on Uber and through like other other product categories like whenever we have like the , the , the , the public , like the public service deployment , we are building the brand recognition directly with the end consumers as well .

Speaker #3: So if you talk in like , say in Singapore , like in Abu Dhabi , in Middle East , in , in Dubai , in those cities .

Speaker #3: People know that the they ride brand quite well . I would say . So the bottom line is like , we're not just one of Uber's vendor .

Jennifer Li: We're the equity linked key operator and key Robotaxi providers in key markets with a proven unit economy. We think our multi-scenario, multi-country footprint will make us a very essential part of the urban mobility infrastructure, not just a replaceable supplier to anyone. Yeah. That's my answer to your question.

Speaker #3: We're there equity linked key operator . And key robotaxi providers in key markets . These are proven unit economic in economy . And then we think our multi scenario multi-country footprint will make us a very essential part of the urban mobility infrastructure , not just the replaceable supplier by anyone .

Speaker #5: Yeah .

Tony Han: Thank you so much, for all the details, and congratulations again on the strong results. Thank you.

Tim Hsiao: Thank you so much, for all the details, and congratulations again on the strong results. Thank you.

Speaker #3: That's my answer to your question.

Speaker #7: Thank you so much for the details, and congratulations again on the strong results. Thank you.

Jennifer Li: Thank you.

Operator: Thank you. We will now take our next question from Jiajie Shen of JP Morgan. Please ask your question, Jiajie. Your line is open.

Speaker #5: Thank you .

Speaker #1: Thank you. We will now take our next question from Jia Jia Shen of J.P. Morgan. Please ask your question. Your line is open.

Jiajie Shen: Yes, thank you for taking my question, and congratulations on the very strong results. My first question is regarding fleet utilization. How do you expect it to grow in China, and what are the implications to unit economics? My second question is regarding overseas business. Your global business is showing great progress and this is truly impressive. Could you please share more about key figures of the overseas business in 2025, and what are the 2026 guidance of key operational and financial metrics? Thank you.

Speaker #1: Yes. Thank you for taking my question.

Speaker #8: Question. And congratulations on the very strong results. My first question is regarding fleet utilization. How do you expect it to grow in China, and what are the implications to unit economics? And my second question is regarding the overseas business.

Speaker #8: Your global business is showing great progress, and this is truly impressive. Could you please share more about the key figures of the overseas business in 2025, and what are the 2026 guidance for key operational and financial metrics?

Tony Han: Okay. I will take the first question. The first question is about the fleet utilization growth in China, and also it's about like the implications to unit economics. First of all, we are taking a number of steps to improve utilization: raising fleet density in existing service areas, rolling out free pick-up drop-off, i.e. Pudu, and extending operation hours. We are seeing that translating to results. User adoption rate has been strong. Our Robotaxi use cases in China grow over 900% year over year in Q4. You know, this is an extraordinary number, and I don't expect we can keep this kind of number every year, but still, it's kind of extraordinary number. Our vehicle utilization is also trending up.

Speaker #8: Thank you .

Speaker #2: Okay . I will take the first question . The first question is about the fleet utilization growth in China . And and also it's about like the implications to unit economics .

Speaker #2: So first of all , we are taking a number of steps to improve utilization , raising fleet density in existing service areas , rolling out free pickup , drop off , i.e. Q2 and extending operation hours .

Speaker #2: And we are seeing that translate into results. User adoption rate has been strong. Our robotaxi user cases in China grew over 900% year over year in Q4.

Speaker #2: You know, this is an extraordinary number. And I don't expect we can keep this kind of number every year. But still, it's kind of an extraordinary number.

Speaker #2: And our vehicle utilization is , is also trending up to today . Each vehicle average average is about 15 trips per day with peak days reaching around 26 trips .

Tony Han: Today, each vehicle averages about 15 trips per day, with peak days reaching around 26 trips, you know, some peak day like festival or some very special Valentine's Day. The average trip distance is about 5km, and pricing is roughly 2 RMB per kilometer, which represents 30% to 50% discount to traditional ride-hailing. This is a deliberate promotional strategy as we scale region by region and drive our user adoption. As we expand to citywide coverage, like what we are working on toward Guangzhou, and the deepening integrations with platforms such as Amap from Alibaba, WeChat from Tencent, and Tencent Mobility, to match convenience of traditional ride-hailing. We expect pricing to move closer to the standard rate, around 3 RMB per kilometer.

Speaker #2: You know , some , some , some peak day , like fast forward or some very special Valentine's Day . The average , the average trip distance is about five kilometers .

Speaker #2: And pricing is roughly 2 RMB per kilometer, which represents a 30% to 50% discount to traditional ride hailing. This is a deliberate promotional strategy as we scale region by region and drive our user adoption as we expand to citywide coverage, like what we are working on toward Guangzhou, and the deepening integrations with platforms such as AMP from Alibaba, WeChat from Tencent, and Tencent Mobility to match the convenience of traditional ride hailing.

Speaker #2: We expect pricing to move closer to the standard rate around three RMB per kilometer . At this point , we see a clear and achievable path to improve unit economy in China over years as our fleet size and coverage expand , we are targeting 25 trips per vehicle per day because , you know , autonomous driving , they they are autonomous driving vehicles , robotaxi .

Tony Han: At this point, we see a clear and achievable path to improve unit economics in China. Over years, as our fleet size and coverage expand, we are targeting 25 trips per vehicle per day because, you know, auto driving, they are auto driving the vehicles, Robotaxi, they don't need a driver. Robovan, you know, you don't have an exhausted driver. Therefore, we can keep on going as long as we can take orders. At steady state, we expect contribution margins in China to be over 40%. Okay. That's my answer to your first question. I think, yeah, that's my answer to your question. Yes.

Speaker #2: They don't need a driver . And then , you know , you don't don't want to , you don't have a exhaustive drivers .

Speaker #2: Therefore, we can keep on going as long as we can take orders at steady state. We expect contribution margins in China to be over 40%.

Speaker #2: Okay . That's my answer to your first question . I think . Yeah , that's my two question . Yes

Jennifer Li: The second question is about the overseas business and some of the forecast, right? Our international business is growing at a really like pleasant rate. For the Q4 2025, the overseas revenue was up 140% year over year, and it's contributing 31% of the total revenue. With the gross margin at like 40-ish, almost 50%. For the full year 2025, our overseas revenue grow about 305% year over year, and accounting for roughly 29% of the total revenue. The gross margin was around almost 50% as well. Overseas market offers a significantly stronger like growth and profitability potential.

Speaker #3: The second question is about the oversea business . And and some of the forecasts . Right . So so yeah , so , so our our international business is growing at a , at a really , really like placement rate .

Speaker #3: And for quantitative , for the Q4 2025 , the oversea revenue was up 140% year over year . And it's , it's contributing 31% of the total revenue .

Speaker #3: And with the gross margin at like 40 ish , almost 50% . And for the full year 2025 and our oversee revenue growth , about 305% year over year .

Speaker #3: And accounting for roughly 29% of the total revenue . So the gross margin was around almost 50% as well . So oversea market offers significantly stronger , like growth and profitability potential for example , our Middle East subsidiary is already a profitable on a steady standalone basis .

Jennifer Li: For example, our Middle East subsidiary is already profitable on a standalone basis. Looking ahead to 2026, we expect the revenue to continue to grow at a healthy pace. We are also on track to reach our goal for the global Robotaxi fleet as well as for different regions. We believe we can still reach the goal by end of the year. On the gross margin side, we expect the gross margin to remain relatively stable for the international business. Yeah. On the cash side, the operating cash flow may increase modestly on the group level, since we're continuing to invest in talent and our R&D to support the long-term, like, core growth of the company. We'll provide more detailed guidance in the upcoming earnings release.

Speaker #3: So looking ahead to 2026, we expect the revenue to continue to grow at a healthy pace. We are also on track to reach our goal for the global robotaxi fleet, as well as for different regions.

Speaker #3: We believe we can still reach the goal by end of the year and on the gross margin side , we , we , we expect the gross margin to remain relatively stable for the international business and yeah , on the cash side , the operating cash flow may increase more .

Speaker #3: The modestly on the group level , since we're continuing to invest for talent and , and , and our R&D to support the long term , like core growth of the company , we'll provide more detailed guidance in the upcoming earnings release .

Jennifer Li: Directionally, this reflects how we are thinking about how we build up the business and the financial forecast. Yeah. Thank you.

Speaker #3: But directionally, this reflects how we are thinking about how we build up the business and the financial forecast. Yeah.

Operator: We will now take our next question from Leo Yu of CLSA. Please ask your question, Leo, your line is open.

Speaker #5: Thank you

Speaker #1: We will now take our next question from Leo Yau of C S.A. Please ask your question, Leo, your line is open.

Leo Yu: Hi, good evening, Tony and Jennifer. It's Leo from CLSA. Also two questions from me. First is could you please walk us through the key cost reductions and technology innovations behind the upgraded GXR? How would that drive further unit economics improvement going forward? Secondly, we are also very glad to see that you announced the share buyback plan. Could you please elaborate more on the thought process and how you're going to execute the share buyback plan going forward? Thanks very much.

Speaker #9: Hi . Good evening , Tony and Jennifer , it's Leo from CSA , also , two questions from me And first is , could you please walk us through the key cost reductions and technology innovations behind the upgraded Gkr ?

Speaker #9: And how would that drive further unit economics improvement going forward? And secondly, we are also very glad to see that you announced the share buyback plan.

Speaker #9: And could you please elaborate more on the thought process and how you're going to execute the share buyback plan going forward? Thanks very much.

Jennifer Li: Okay. I think I'll answer both questions. Thank you, Leo. The first one is on the cost reduction on GXR. Maybe I try to answer the question in a different way from the total cost of ownership perspective. As we mentioned earlier, the TCO for the China fleet has declined by as much as 38% in 2025. The two main drivers are below. First of all, as Tony has already shared, there's a significant improvement in the remote assistant ratio from 1 to 10 in 2024 to 1 to 40 by end of 2025. We also have similar efficiency gains for the grid operator.

Speaker #3: Okay . I think both questions answer those questions . Thank you . Leo . The first one is on the on the cost reduction of GSR .

Speaker #3: And then maybe I try to answer the question in a different way from the total cost of ownership perspective. As we mentioned earlier on, the TCO for the China fleet has declined by as much as 38% in 2025.

Speaker #3: And the main two main factors , the two main drivers are below . First of all , we have just now Tony has already shared there's a significant improvement in the remote assistance ratio from 1 to 10 in 2024 to 1 to 40 by end of 2025 .

Jennifer Li: On both ends, there's an efficiency improvement on the operation level. Second, we have seen an overall 30% reduction in the BOM cost. That, including the upgraded HPC as well as for the pre-installed new GXR Robotaxi. Meanwhile, now we are starting to have like larger volume, scale is starting to deliver the real benefits. As our fleet expands, we see a meaningful cost reduction through the volume of procurement. Also on the software side, I still want to remind everyone, the game changer here is really our WeRide GENESIS. With GENESIS allows us to handle the edge case much more efficiently and accelerate the iteration cycles.

Speaker #3: So we also have a similar efficiency gain for the grid operator. So on both ends, there is an efficiency improvement on the operational level.

Speaker #3: And second , we have seen overall a 30% reduction in the Bom cost that including the upgraded the the HPC as well as for the the pre-installed new Jackster robotaxi .

Speaker #3: Meanwhile . Now we are starting to have a larger volume . So scale is starting . It's starting to deliver the real benefits as our fleet expands , we see a meaningful cost reduction through the volume procurement .

Speaker #3: Also, on the software side, I still want to remind everyone: the game changer here is really our viral genesis with Genesis.

Speaker #3: The genesis allows us to handle the edge cases much more efficiently and accelerate the iteration cycles. So it's easier for us to deploy and at a much larger scale.

Jennifer Li: It's easier for us to deploy and in a much larger ODD and with less remote assistance needed. Together, these are delivering very meaningful improvement in our cost structure. Yeah. The other one is regarding the share buyback. Today, our board of directors authorized a share repurchase program, effectively as of 20 March 2026, which is today as well. We may repurchase up to $100 million worth of our Class A ordinary shares from both Hong Kong Stock Exchange and NASDAQ over the next 12 months. It's actually subject to the scope and limit of the repurchase mandate granted by the shareholders of the company on 13 March 2026.

Speaker #3: And with less remote assistance needed . So together , these are the delivery . Very meaningful improvement in our cost structure . Yeah .

Speaker #3: And the other one is , is regarding the share buyback . So today our board of directors authorized a share repurchase program effectively as of March 2023 , 2020 , 26 , which is today as well .

Speaker #3: We may repurchase up to US$100 million worth of our Class A ordinary shares from both the Hong Kong Stock Exchange and Nasdaq over the next 12 months.

Speaker #3: It's actually subject to the scope and limit of the repurchase mandate granted by the shareholders of the company. On March 13, 2026, and the approval of a similar repurchase mandate to be put forward to shareholders at the upcoming 2026 Annual General Meeting for the company.

Jennifer Li: Approval of a similar repurchase mandate to be put forward to shareholders at upcoming 2026 annual general meeting for the company. Our proposed repurchase may be made from time to time on open market at a prevalent market price and in the privately negotiated transaction in block trade, depending on the market condition and in accordance with the applicable rule and regulation. That's my answer to your question, Leo. Thank you.

Speaker #3: So our proposed repurchase may be made from time to time on the open market at the prevailing market price and in privately negotiated transactions in blockchain.

Speaker #3: Yeah . Depending on the market condition and in accordance to with the applicable rule and regulation . Yeah . That's my answer to your question , Leo .

Operator: Thank you. We will now take our next question from Xinyu Fang of UBS. Please ask your question, Xinyu. Your line is open.

Speaker #3: Thank you

Speaker #1: Thank you. We will now take our next question from Singh Yu Fang of UBS. Please ask your question, as your line is open.

Xinyu Fang: Hi. Thank you for taking my question, and congratulations on delivering solid revenue growth and operation expansion. My first question is about revenue structure. We noticed that there has been quarterly fluctuations in the contribution of product and services revenue. How should we think about the revenue structure of the company going forward, both in the near term and medium term? As for my second question, apart from the $100 million share buyback program, could you please share a little bit more on the future cash deployment plan of WeRide? Thank you.

Speaker #5: Hi. Thank you for taking my question, and congratulations on delivering solid revenue growth and operational expansion. My first question is about your revenue structure.

Speaker #5: We noticed that there has been quarterly fluctuations in the contribution of product and services revenue . How should we think about the revenue structure of the company going forward , both in terms in the near term and medium term ?

Speaker #5: And as for my second question, apart from the $100 million share buyback program, could you please share a little bit more on the future cash deployment plan of WeRide Inc.?

Tony Han: Okay. I will take the first question. In 2025, our Robotaxi contributed 22% of the total revenue, and the Robobus contributed 34%, and our L2++ ADAS and data service contributed 29%. Together, these three pillars accounted for around 85% of our business, with the Robovan and the RoboSweeper making up the remaining 15%. Those are the detailed numbers. If you do a forward-looking, looking ahead, Robotaxi, Robobus, L4, and L2++ will remain our core growth engines, supported by strong synergies across our integrated autonomous driving ecosystem. You know, we have a platform strategy. Robotaxi is the fastest growing segment with significant scalability and improving unit economics, especially overseas. We expect its revenue share to increase over time. Just want to emphasize, WeRide inherently is a Robotaxi technology company, okay?

Speaker #5: Thank you .

Speaker #2: Okay . I will take the first question . So so in 2025 , our robotaxi contributed 22% of the total revenue . And robust contributed 34% .

Speaker #2: And our L2 plus ADAS and data service contribute 29%. Together, these three pillars accounted for around 85% of our business, with robo.

Speaker #2: When the robot sweeper is making up the remaining 15%. So, those are the detailed numbers. But if you do a forward looking...

Speaker #2: Looking ahead, robotaxi robots and L2 Plus Plus will remain our core growth engines, supported by strong synergies across our integrated autonomous driving ecosystem.

Speaker #2: You have a platform strategy . Robotaxi is the fastest growing segment with significant scalability , scalability , and improving unit economics , especially overseas .

Speaker #2: So we expect its revenue share to increase over time . Just just want to emphasize we inherently is a robotaxi technology company , okay , we have many products , but robotaxi is the core robot bus is currently our most geographic geographically deployed business .

Tony Han: We have many products, but Robotaxi is the core. Robobus is currently our most geographically deployed business and business, and benefits from clear synergies with Robotaxi in both regulation and commercialization. L2++ continues to gain traction with the partners like Chery, GAC, and Bosch, serving both as a revenue stream and a platform to validate our technology. Meanwhile, Robovans and RoboSweepers provide complementary value with lower cost fixed route operation that also help us enter and educate new markets. Overall, this diversified portfolio give us both scale and balance, which we see a key strength. I think if you look at all autonomous driving company in this world, WeRide is unique, and only WeRide adopt this technology.

Speaker #2: And business . And benefits from clear synergies with robotaxi in both regulation and commercialization . L2 plus plus continues to gain traction with the partners like cherry , Jack and Bosch serving both as a revenue stream and stream and a platform to validate our technology .

Speaker #2: Meanwhile , robo vans and robo sweepers provide complementary value with lower cost fixed route operation that also help us enter and educate new market .

Speaker #2: Overall , this diversified portfolio gives us both scale and balance , which we see a key strength . I think if you look at autonomous driving companies in in this world , we ride this unique and only we ride adopt this technology

Jennifer Li: Okay. I'll answer Xinyu's last question. For the cash deployment side, we end 2025 with a little bit over $1 billion in the cash reserve, which is a strong foundation to support our expansion. Our net cash burn rate is less than $200 million, based on the past pattern. At the same time, our revenue growth is really accelerating. We can see from today's results. Our operating cash flow is becoming increasingly a more important funding source for us. At the scale, we are not just like investing and like raising capital from the capital market and then spending all just on R&D, that's it.

Speaker #3: Okay , I'll answer this last question . So for the cash deployment side Are we we 2025 ? With a little bit over $1 billion in cash reserve and which is a strong foundation to , to support our expansion and our net cash burn rate is , is less than 200 million USD based on the past pattern .

Speaker #3: At the same time, our revenue growth is really accelerating. We can see from today's results, and our operating cash flow is becoming an increasingly important funding source for us.

Speaker #3: So as the scale , we are not just like investing and like raising capital from the capital market . And then spending on just on R&D .

Jennifer Li: We are generating cash ourselves and at a relatively fast speed as well. Overall, we are in a very solid liquidity position, and we'll continue to invest with discipline while we still maintain an ample runway to execute our growth strategy. Yeah. Thank you.

Speaker #3: That's it . We are generating cash ourselves . And at a relatively fast speed as well . So , so overall , we are in a very solid liquidity position and we'll continue to invest with discipline while we are we still maintain an abundant runway to execute our growth strategy .

Operator: All right. Thank you. Due to time constraints, I'll conclude the call today. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Speaker #3: Yeah . Thank you .

Speaker #1: All right . Thank you . Due to time constraints , I'll conclude the call today . Thank you for your participation in today's conference .

Tony Han: Thank you very much.

Speaker #1: This does conclude the program. You may now disconnect.

Q4 2025 WeRide Inc Earnings Call

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