Hello everyone. Welcome to Leapmotor 2026 interim results conference call. We have a CFO, Mr. Li Tengfei of Leapmotor, as well as the Co-President, Mr. Wu Qiang, as well as the Board Secretary, Mr. Shen Ke. First of all, may I invite Mr. Shen Ke to announce the disclaimer.
Thank you. Ladies and gentlemen, good evening. I am Board Secretary Shen Ke. Before we proceed, please note the following important legal and regulatory disclosures. The conference call and accompanying materials may contain forward-looking statements, including but not limited to projections regarding revenue, profitability, growth, and strategic plans, as well as future market conditions. These statements are based on the company's current expectations, estimates, and assumptions, and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from these expressed or implied in such statements.
Therefore, we would like to remind you not to rely too much on these forward-looking messages, because these messages reflect our opinion as of now. The company undertakes no obligations to update, revise, or otherwise modify any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on these forward-looking statements. Other than that, the information and materials presented in this call are not suggestions of investment. Therefore, shareholders and potential investors need to make your investment decisions prudently.
Thank you. Now I am going to invite Mr. Li Tengfei to report the interim results.
Thank you. Distinguished guests. I am Li Tengfei from Leapmotor. I am going to brief you the interim results of the first half of the year. In 2026 H1, our net profit is CNY 210 million.
In the first half of the year, our total delivery is 356,000 units, an increase of 60.8% year-on-year, ranking first in China's EV startup. In July, our sales volume exceeded 100,000, and this is the first time we exceed over 100,000 units in one month. We are the first EV startup company to achieve these results, and Leapmotor is a leader. In the first half of 2026, our export is 96,294 units, up by 72%, exceeding the year total export of 2024. In July, our export exceeds 17,000 units, and the overseas market has become our important growth curve. D19 was launched in April. The sales volume has been increasing. Monthly average exceeds 7,000. In July 2026, the sales volume exceeds 10,000, ranking first for large SUV with a price range below CNY 400,000.
In terms of financial revenue, we achieved CNY 38.11 billion, up by 57.2% year-on-year. GP margin is 11.7%, down by 2.4% versus 14.1% of the same period in 2025. In Q2, our GP margin is 12.6%, up by 3.2% year-on-year. By June 3, 2026, net profit owned by our shareholders also increased. Adjusted net profit is CNY 270 million. By the end of June, our cash flow is CNY 270 million. The same period of 2025 is CNY 2.86 billion. Our free cash flow is CNY 140 million, while the same period last year is CNY 860 million. By the end of June, our cash and cash equivalents are CNY 38.59 billion. In terms of sales volume, our sales volume has increased by 60.8%. Leapmotor ranked number four among all global EV brands.
In July 2026, our sales volume increased by 102%, becoming the only EV startup with monthly delivery exceeding 100,000 units. Our total exports has grown by 37.3%, exceeding the yearly export total in 2025. In July 2026, our export exceeds 17,000 units, and from January to July 2026, the total shipment has exceeded 1.13 million units. In terms of product, by the end of the first half of 2026, we have fulfilled A, B, C, D series launch and covering all the mainstream price range. For all our models, they are leaders in their different sectors. We have created a very complete product lineup and have created synergy among different model lines. In March, we launched our A10 series. For the first time, we actually make this model with lidar as well as high-end autonomous driving systems available within CNY 100,000.
Together with the latest technology of CLTC, long CLTC, as well as smart technologies, providing a new mobility choice. After launch of A10, it's a great success. By August 7th, we managed to produce the 100,000 units. This create a new record of creating 100,000 units. From May to July 2026, for three consecutive months, it has become the sales champion for SUVs in China, becoming a new popular product. It also ranked very top in various kinds of tests. In April 16th, 2026, the first D model, D19, was also launched to market. After years of technology accumulation together with the product advantage, D19 is a great success. Order number has been a great success as well as its buzz created among the consumers. For two months in a row, it has become the champion for large SUV sales rank.
Also in the health ranking of EV models, D19 was ranked top as the most recommended models. For the range extender models, it has this new 8.3 kilowatt batteries. For the pure electric model, it use a battery of 111 kWh with CATL's battery cells, together with the Qualcomm's 8295 chips with the tops reaching 12,080. So this is the true flagship models in this sector, providing very comprehensive comfort for both the driving and the passenger experience. On April 24th, we also launched this new model of Lafa, providing a new sedan choice for the customers. In terms of the sports packages quality as well as materials, there are major breakthroughs addressing various needs of the younger generation, not only providing the top technology but also the emotional value with a very affordable price range of CNY 100,000 to CNY 150,000 unit.
After this Lafa series launched at the end of 2025, the total sales volume has exceeded 40,000 units. In the future, this new model will continue to tap into this blue sea market. In June 16th, our C10, C11, and C16 were also launched to market. This is an upgrade of this C-series, focusing on the customer needs, new upgrade of the style, range, smart technology, covering CNY 120,000 to CNY 180,000 price range. For these three facelift models, the result of the market was very optimistic. In June, the sales volume exceeded 30,000 units. C10 is a really benchmark of this segment. For C11, after launch in 2021, the total sales volume has exceeded 350,000 units. The C16 is also a sales leader in this segment. For C-series, we have accumulated over 850,000 customers. The word of mouth has been proven over the years.
In June 26, D99 was launched to the market. It is the flagship MPV model. It is the flagship of the D-series, providing great technology, range, safety, and also the smart technology. D99 fills the void of Leapmotor. It is a model in the MPV market. The average selling price exceeds CNY 300,000 after its launch to the market. The market performance has been a great success, proving our premiumization strategy. In July 16, 2026, we also launched two B-platform upgrade models with a very long range, B10 and B01. These two models are proving our strategy of democratizing technology. For B01 and B10, we use the 800 volt technology as well as zero gravity seats, as well as large central console.
All these address the pain points of the market with affordable price range within CNY 100,000, providing the technologies and experience of CNY 200,000 price range. In August 2026, A05 was launched to the market with five different versions. The price starts with CNY 63,900. With our years of technology expertise, we provide the best-in-class quality. A very good choice within the price range of CNY 100,000. In terms of R&D, Leap 4.0 was first used in D19. Based on 8797 chips, smart technology is further improved. This architecture supports single or double 8797 chip platforms. Based on different use cases, the chip's performance can be adjusted accordingly. GPU, CPU, together with NPU, can fully utilize the hardware resources. At the same time, the data can be better shared between the passenger cabin as well as the driving system.
The smart technology condition can also be synchronized at the central dashboard. At the same time, the response is within milliseconds, providing very good handling experience. At the same time, city autopilot has also been available in all A-series, B, C, D-series. In September 2026, we are going to launch brand-new autonomous driving solutions, providing further upgrade of the driving experience, covering all our product range from A-series to D-series. In terms of channel, by June 30, our sales network has covered 298 cities, covering 87.4% of the cities. We have 1,064 stores, as well as 562 services stores. Compared with 2025, we have increased 258 sales outlets as well as 101 service stores. We also launched our brand-new multifunction stores, which can provide demo, test drive, delivery, as well as after-sales services. Currently, our flagship store in Shanghai and Shenzhen is in operation.
This is going to further enhance the customer experience and channel operation. Retail-wise, H1 2026, we continue to focus on the customer's lifestyle management, refine our operations. By the end of 2026, in terms of NEV market, our market share has increased to 5.71%, which is an increase versus the 4.22% at the end of Q1. The conversion rate in the first half of the year has achieved 4.3%. In terms of the channel and the store management, we continue to upgrade our service so that we can create synergy among different stores, creating new benchmark. In terms of service, in 2026, the company focused on serving our customers as our top priority, addressing customers' needs as much as we can so that we can really create a better word of mouth. Our service NPS reached 57.8%, up by 39.6%.
In the first half of 2026, we practiced our full service commitment, and also upgraded our service standard. At the same time, we also have owner events to further optimize the experience of Leapmotor's owners. For globalization, from January to July, our total export has exceeded 1.13 million units. Throughout the year, we can exceed 150,000 units. In the first half of 2026, our export was 96,294 units, and especially in Italian markets, our market share has exceeded 25% in the EV pure electric sector. In June 2026, we are also becoming the number one EV brand, Chinese EV brand in German market. In U.K., we are number three in China's EV brand. All this means our globalization strategy has taken effect.
By the end of June 2026, in Europe, South America, Africa, as well as 45 countries, we have established over 1,000 stores. In Europe, over 900, Asia-Pacific, 50, South America, over 30, and North America South America, over 30. In Q2, we entered Mexico market. We have established our channel network there. Leapmotor right now is also localizing our production. In Southeast Asia, our assembly plant in Malaysia has achieved a great success, and also our SOP for C10 models in Malaysia has also been fulfilled. For B10, in Q3, we are going to start mass production and market launch. In Europe, say, in Spain, we have fulfilled our factory together with Stellantis. In 2027, we plan to officially produce B05. In South America, together with Stellantis, we have selected Stellantis Brazilian factory as a localized assembly plant.
This is going to take the lead in locally assembled B10, and the production is projected to start in the second half of 2027. In terms of environment, social, and governance, in the first half of 2026, we have launched our fourth independent annual report demonstrating our sustainability practice. Our sustainability practice has gained recognition. We got two accreditations. For three years in a row, we were MSCI accredited, and in a new round of EcoVadis accreditation, we have become silver from copper. Our ranking also became the top 15 from the previous top 35%. As for digitalization, in the first half of 2026, we have launched our AI product, which is developed in-house, and also upgraded to version 2.0. This is going to ensure that AI technology can be fully integrated into our R&D marketing and internal use.
We continue to utilize AI in various processes, centering around very complex business cases. We are improving our innovation, risk detection, customer service, as well as operation efficiency. In R&D, focusing on styling, AIGC, and voice recognition, knowledge management. We are also trying to improve our design innovation, diagnosis of problems as well as the problem response. In supply chain, we are also better analyzing the risks and decision-making. In marketing, focusing on customer, say, defects, description, smart scoring. We can also improve customer insights. By doing so, we can improve our customer service. As well, in the administrative area, we are also using AI for smart translation and document treatment. By integrating AI capability in our key business processes, we are also scaling up the use of AI technologies, paving the way for high-quality development in the future. Thank you.
Thank you very much.
Now we will open the floor for questions. You can raise your questions through text message or raise your hand. Next question. Please identify yourself.
Thank you. Good evening, management. I am [inaudible] from CICC. Congratulations on the very good interim results. I have two questions. The first question goes to Mr. Li Tengfei. Can you break us down your revenue contribution of carbon credits as well as the R&D services in Q2? The second question, looking into the second half of the year, do you see any changes cost-wise? Are you going to update the profitability guidance? Any change of the guidance of the GP margin?
For H1, our carbon credit revenue is CNY 800 million-CNY 900 million. In Q2, it is around CNY 500 million. When we are looking at our carbon credit revenue, Leapmotor has achieved a lot in European market.
However, the price of carbon credit, as we mentioned in Q1, the selling price dropped versus the previous year. That is why the overall carbon revenue is not growing as fast as the absolute ratio. As for R&D services, in the first half of the year, you probably have noticed that with FAW and Stellantis in R&D service, we have continued, and I am sure that you will hear the announcement very soon. So please stay tuned for the good news. As for the second question, the profitability guidance, you mean throughout the year 2026, right?
Yes.
Throughout the year, at the beginning of the year, we set this CNY 5 billion net profit guidance. Now, judging from the current condition, CNY 5 billion is very challenging. This is mostly due to reasons that is known to all because of the price uplift of raw materials, which actually affected our GP margin.
According to the current condition, we expect the NP margin throughout the year is around CNY 3 billion. As for GP margin, which is around 13%-14%.
Thank you. Follow-up question. In H1, in R&D service, there is no revenue contribution?
There is some, but it is not significant. When we have our business officially launched, we are going to announce that.
GP margin 13%-14%, what is the GP margin for vehicle sales then?
Vehicle sales, the margin is around 10%-11%.
Thank you.
Next question.
I am [Wu Pingyue ] from CITIC Auto Team. I also have two questions. The first question is about Leapmotor and Stellantis cooperation. We know that Stellantis announced its technology partnership for the electric models. So can you share with us, how do you expect to benefit from this partnership? Any possibility for range extender or the second model?
Also, we noticed that for localized procurement, European Union has some new requirements, and Leapmotor International, can you use Stellantis supply chain? So that is my first question. The second question is for overseas sales. Can you update next year's target for overseas sales and the breakdown in different regions?
First question, our partnership with Stellantis. In fact, in the previous question, we have mentioned that we expect that recently we are going to announce some new good news to launch the new partnership. This is based on our very, very sophisticated supply of parts and components. We hope that we can benefit our partners by using this strength from Leapmotor. This is the direction for the partnership. The benefit for us from this partnership. For this part, I want to share more information with you when our partnership has been announced.
As for your second question, local procurement. Can we use the Stellantis supply chain? Stellantis Group has existing supply chain, which is a very important resource for us. When we are selecting supply chains, Stellantis will provide support for Leapmotor International. However, we will not rely completely on Stellantis local supply chain. Because our pursuit is better quality, better cost, and this is going to be the criteria when we select supply chain, together with Stellantis. But of course, with Leapmotor International's local supply chain as a foundation, I think our work can be more efficient. The cost control will be more efficient. As for overseas target next year. This year, our overseas sales target is 100,000 to 150,000 units. It seems that this year we can fulfill this target of 150,000 units. We expect the overseas sales can reach 200,000 units.
As for next year's target, we are very confident about next year's overseas sales. Our overall target is 350,000 to 400,000 units for next year. Next year, together with Stellantis, we hope that we can fulfill 400,000 units. As for sales distribution in different regions, which is not going to vary too much from this year's distribution. The main market is Europe. South American market will be a very important part of our overseas sales, together with Asia Pacific as well as Australian market.
Thank you. Next question. Again, please identify yourself and your institution. Thank you.
Hello. Two questions. First, your production capacity in overseas market has been growing very fast. Looking to next year in Europe, Spain, and Latin America, what is your planned capacity? The first question. And the second question.
We know that for Stellantis they were saying that for the first three years, profitability is not the main target. So I want to know, for the actual sales revenue per vehicle, what is the profit margin?
First, capacity question. Right now, in Europe and South America, we are using our partners' production capability. Together with Stellantis Group, we have discussed very thoroughly, and they have been very supportive in Europe, South America. Our partners are doing everything they can to provide Leapmotor's capacity needs. You all know that in Europe, South America, Stellantis has sufficient production capability. Therefore, production capacity is our strength. We have such a strong partner. There is no concern production capacity-wise. We also have a very good plan working together with Stellantis. We believe that the production capacity can fulfill our needs in those regions. As for the second question, profitability.
From Leapmotor's perspective, Leapmotor International is a JV company. We own 49% of the share. They own 51%. Therefore, GP margin for us is before we sell to Leapmotor International. For the first three years, we have mentioned that our overall GP margin will remain very low because that is not our top priority. Three years passed very quickly. For both sides of this partnership, we will sit down and continue the discussion. For the first three years, our cooperation has achieved a lot. You can see the sales volume, and Leapmotor International last year managed to be profitable. This year, Leapmotor International's operation is also very good. We have been growing very fast. So now it's time for us to sit down and continue the discussion of the operation of Leapmotor International.
From our perspective, right now, our top priority is still the sales volume in overseas market, because we are in a fast-growing period. That is why we still need to grab more market share in those regions. We, of course, value the importance of profitability, but sales volume is our top priority right now.
Thank you very clearly, and best wishes to the company.
Thank you. Next question. Please introduce yourself. Sorry, there is some audio issue.
Sorry, I was on mute. Good evening, management. Congratulations on the very good results. I have two questions. I am Liu Lin. My question has to do with autonomous driving. We know that for A10 and D Series, autonomous technology has very good quality. Leapmotor has a late mover's advantage. With limited investment, you can achieve very good results. So what is the secret? That is the first question.
The second question is, for L2+ and L3 autonomous driving, we have seen some trends. For instance, the differences among tier 1 players are not so obvious, therefore, the competition is more on cost. The second trend is L2+ and L3 players are getting closer to L4. So my question is, for Leapmotor's smart driving technology roadmap, are you focused on cost control for L2+ and L3, or do you want to approach L4 technology?
First question. Smart driving technology. As you said, for A series and D series, in the middle of the year, we also launched B series products. All these solutions has been very well-recognized by the market. For A and D series, the smart technology, very good positive feedback from consumers. As I mentioned earlier, this year in September, we will launch new smart driving products.
A little sneak preview is, for this new solution compared with the current solution, we believe there is a major leap forward. We hope that you can all stay tuned. You are all welcome to come to [Huzhou] to experience our new smart driving technology. As for why we can invest small but achieve a lot, I would say in terms of the smart technology, the investment did not start recently. At the beginning of the company's foundation, smart technology has become a very important technology direction for us. But at early stage, we focus more on paving the way or building a foundation. We are not in a hurry to make major investments for output. We see that technology roadmap has evolved a lot from high-resolution map to mapless technology. We have seen a lot of changes.
We did not make a decision in a hurry until we see that physical models, large model technology. We believe that these technologies will be the direction of our future. That is why in the second half of last year, we have stepped up our investment in smart driving technology, not only budget-wise, but also talent-wise. Last year, we have launched models with our own solutions and it has generated a lot of data. That is why, say this, we can launch our new smart driving solutions in September. We believe that we are in the right direction, and that is why we can control our investment more effectively. Once we see the correct direction, we can step up the investment and achieve good results within a comparatively shorter time frame. As for future technology roadmap, be it L2+, L3 or L4, we have made plans in both areas.
We're not only trying to achieve L2+, L3, L4, including software and hardware. Hardware includes smart driving hardware, but also chassis. For all these technology aspects, we have a complete plan.
Thank you. Next question. Please introduce yourself first.
Thank you. Good evening. I am [Zhang Jiaying[ from [inaudible] . I have three questions. The first question has to do with export. Next year, the guidance is 350,000 to 400,000 units. Do we have a breakdown of local produced vehicles? Also, is the Spanish factory still be commissioned in October? Any changes on that? Also, the net profit each vehicle after the operations, any guidance on that? The second question is, in September, you're going to launch your new smart driving technology. Other than that, any other information we can expect? Third question, I noticed that in your subsidiary companies, robot business is also included.
We're also seeing that this year, your competitors have announced the news of the robotic-related businesses. Any prospects for Leapmotor?
First question. Locally produced vehicle. Our factory in Spain, our plan is in October, Mr. Zhu will go to the Spain factory together with the Stellantis top management to attend the opening ceremony of the Spanish factory. The plan has been going on smoothly. As for next year, our locally produced vehicles will be B10. That is B10's share among this total 350,000 to 400,000 units will be very small because B10 is the only model that will be produced locally. We expect that next year, B10's volume will be around 50,000 units. Of course, with the company's continuous development, locally produced models will also increase. As I said, production capacity is not our concern.
We are working very closely with our partner to increase our sales volume. Actually, you also asked about the net profit of locally produced models. I would say definitely localization has some tariff advantage. However, compared with the parts procurement, locally procured parts and components will be more expensive. So, if you factor in all this, the GP margin of localized vehicles will improve compared with the current CBU, but not that much, as you may expect. With the tariff policy continues to change, we believe that localization will benefit more. Therefore, we believe that net profit improvement for localization strategy will not be very immediate, but it will eventually happen. We believe that localization in Europe, in South America, in other markets, localization strategy will be very important for Leapmotor. It will be a very important strategic direction. You also asked about technology release in September.
It's set on September the 16th. Other than smart driving technology, there will be other new technologies announced. We will have industry experts, they will join us. But right now, I am not in a position to disclose too much, but I would like to extend my invitation to all of you to come to Huzhou City in Zhejiang Province to attend our press release so that you can see the brand-new technology of Leapmotor. I can tell you that be it smart driving technology, battery, motors, we will have a new technology announcement. Lastly, the business scope includes robotics. Yes, we do see the news lately. In our subsidiary company, we added a new business scope. This is a very common practice. I know that you are looking very closely at any robotic-related moves.
Well, what I can say is we believe that NEV companies, especially NEV companies with in-house R&D capabilities, we have unique strengths in embodied robotic or humanized robot business. I can tell you that we do have a plan in this regard, and in the near future, or I can say very soon, you will hear our official announcement of a robots-related business announcement.
Thank you. Next question. Please introduce yourself and the institution you are in.
I am [Jang Su] from [Huaxi Securities]. I have two questions. The first question is our yearly GP margin. Just now, you mentioned that GP margin in the second half of the year will increase versus the first half. Why? The second question is for the sales structure of our models. Because in the past two months, you have upgraded the C-series, and the A05 launched.
What is your monthly sales target for A, B, C, and D series?
For GP margin improvement, there are several reasons. Number one, our sales increase has been fast in the past months. This will bring about a scale effect, say, better raw material cost and better manufacturing cost. Secondly, is raw material price uplift. You have seen that in the first half of the year, the price increase or the price of materials, of commodities has stabilized. So lithium carbonate price will be more stable. Together with our scale effect, as well as optimized production costs, we believe that our GP margin will improve. However, I would say the GP margin will recover to the level, same period of last year. We cannot say that this is a very good GP margin. However, this target would require a lot of efforts from us.
As for the sales structure for our B and C series, the sales volume, as you may see, compared with last year, the B and C series sales volume has increased slightly compared with last year. As for D series, from D19 and D99's launch, the sales volume has been very strong. Together with A series, A10 and A05, the product launch has already been completed. These two models combined will have a total sales volume of over 30,000 units. That is roughly the sales structure.
Thank you very much. We will take the final two questions. Next question, please.
Hello. Thank you for giving me this opportunity. I am [Mai Chi] from [Young's River Motor]. The first question is, A10, D19, D99, A05, all these models are very successful. So I want to know what are the new product launch plans for 2027?
The second question is the Spanish factory, which will be in operation very soon. The production capacity will be tens of thousands of units, and then in one or two years, the second factory will be in operation. So I want to know that pure electric vehicle and maybe plug-in hybrid will have some new policies. So what are the risk exposures for your export to European market?
The first question is new product launch next year. I can tell you, for this year's new product release after A05, we have finished all these major launches. There may be some small facelift. For 2027, our brand new model launch will be more than 2026. For D series, we will have a new product launch. C series, we will have a new launch together with upgrade of current C series. So both C series and B series will have that.
That is why next year is still going to be a very major year for new launches. Right now, internally, product preparation is not a big challenge. We are still considering the pace of new product launches next year because we have a lot of new products. We also have plans of existing products facelift. How to have a better rhythm, better pace of new launches, that is our focus right now. Second question, Spanish factory and production capacity. I have responded to part of the question. I would like to reassure all of you that there is no concern for production capacity because we have our local partner. We are both very cautious capacity-wise. In Europe, in South America, we have sufficient production capacity to ensure the implementation of a localization strategy. Our partner in overseas market has a sufficient capacity.
We are selecting factories that will be best for our future development, which includes capacity they can give to us as well as the location of the factory, the supply chain. We are considering all these factors to find the most suitable factories. Again, this is very important or a very big advantage to have a local partner like Stellantis so we can implement a localization strategy at a lower cost. We also have more choices, which is benefiting our strategy.
Well, thank you very much. Congratulations on improving market share and the sales volume.
Next question.
Hello. [Zhonghua Security], I am [Mong Lu]. Two questions. The first question is return on investment. In the first half of the year, there is a loss. Why? Second question is about export. In Q1, you are saying that the order volume actually exceeds the shipping capacity.
I am not sure if you still have a bottleneck for your shipping capacity. What about overseas channels? As you said, there is over 1,000 stores. Any plan to expand overseas network?
First question, return on investment. Yes, in the first half of the year, there was loss. The key reason is foreign exchange, which caused a problem for our joint venture company's profitability. We expect that this would be offset in the second half of the year, so that Leapmotor International's yearly profitability will not be affected. Second, the shipping capacity. If you read news, you may know that because of the new energy vehicles exports from China, the roll-on and roll-out shipping demand has increased tremendously. There is a tight supply in the first half of the year. We have been working with major shipping companies as well as Stellantis global strategic partners to discuss cooperation.
Right now, compared with March and April, the shipping speed has improved. We believe this can ensure our overseas sales volume of 200,000 units this year. As for channel network, we have exceeded 1,000 stores. The majority is in Europe. We will continue to develop our network in Europe. Say, Eastern Europe and North Europe. Those are the areas we are going to further expand the network. Another important area is South America. Last month, we have officially entered Argentina market. We will start our sales there. Brazil, Argentina, Uruguay. This South American market will be expanded very fast. Together with Asia-Pacific market, the channel will continue to expand. We work with Stellantis in Europe, Asia-Pacific, in South America. They have a very well-established channel network. For example, in South America, Stellantis market share ranks first. It is far ahead of number two.
That is why by using this strength of Stellantis, our channel network will be developing very healthily, paving the way for sales increase.
Thank you.
Thank you very much, and best wishes for the company.
Thank you.
Thank you for the company management, and thank you for all investors. If you have any other questions, please reach out to the IR team of Leapmotor. Thank you for joining us. See you next time.