Moderator: A lot has happened in 2020, and the economic situation at home and abroad has also been ups and downs. What do you think are the current challenges and opportunities? Zhou Ying: In fact, from the perspective of the new energy vehicle industry, there have been great changes this year. Especially in the recent period, we have seen that various types of products have begun to be intensively launched on the market. I think the trend of the new four modernizations has become the common sense of the industry. Maybe originally everyone would still discuss what this process looks like and what this direction looks like. But at this stage, the new four modernizations, especially At the level of intelligence and electrification, it should be said that it has reached an accelerated process. Competition in the entire market will become more and more intense in the future, and current users of new energy vehicles are becoming more and more professional. This should also be a very, very big impact on the marketing of our next automotive products. challenge. In the past, Chinese car consumers first looked at the appearance, style, interior, and configuration of the car, and at most talked about the number of cylinders and engines, and that was about it. But it's different now. What he talks about now is very, very professional, and he also understands your car and other very professional issues. For us, the next step is how to fully communicate the leading technical advantages of our automotive product manufacturers with users. This has become a very, very big issue and challenge. In addition, for these professional users, how to let them speak out better is also a very, very big topic. The current situation of the new energy vehicle market is a bit like the early IT industry. There may be some "enthusiasts" in the early stage, who may have a thorough understanding of the product. These first batch of core users have become A seed, how can we spread it from this group of seeds and let more people know about our products? This will be a very important word-of-mouth communication method for the future development of automobile products. Moderator: How to deal with communication with professional consumers, and how to cultivate these seed users? Zhou Ying: First of all, we must give him very good products. This is the first big premise, we must have excellent products. The other thing is how to provide him with good services. I think there are several foundations for service. The first one is that we need to have some relatively complete offline service outlets. For example, we now have more than 80 offline service outlets across the country. The purpose of sales and service outlets is to ensure that our users can find a terminal nearby to provide services when they need services. In addition, we have also signed some strategic cooperation with some professional third-party service groups. Through the integration of third-party resources, we can further expand the service radius and service density for our users. As a technology-oriented automobile company, especially in the area of ??intelligent interconnection, we have a comparative advantage in Leappao. We take advantage of this part, so at this level of service, we rely more on the big data of the terminal. , relying on our software to provide users with forward-looking services. For example, you can use a mobile APP to set the battery charging time in advance. Features like this can help save money. Maybe you don’t know that there is such a function, so we use some function reminder services to remind him so that he can fully feel the superiority of our product. At the same time, we can also use remote big data diagnosis to see if there may be some problems with your car. You don’t have to drive the car to a 4S shop. We can help sort it out through remote big data diagnosis. Find out what the problem is with this car, and we can even solve the problem directly through software upgrade through remote OTA. Only after our products and service providers make it perfect, can we have a better reputation among users.

The next step is how we can have a better platform to let our users speak out, including how our users’ voices can be seen by more people who want to know about Leapbo. We need, for example, our APP , we have also seen a lot of users in our APP, and the frequency with which they publish their car experience is also very, very high. Next, we may have to find ways to let more people see their voices, so that everyone can fully It should be very, very important to understand what people who use Zero sports cars really feel like. And what we just mentioned, how do we gather the core users who are willing to speak out so that they have a full sense of belonging? I think there may be many peers in the industry who are doing very well, for example. Like Weilai, I think there is a lot of experience that we can learn from. Host: As you mentioned just now, Weilai and Xiaopeng call their customers "Pengyou", so do we have Lingbao? Zhou Ying: We are called "Leaper". In fact, based on our products, we call the group of people who identify with Leaper and hope to grow together with Leaper. In fact, not only the car owners are called "Leaper", but our employees are also called "Leaper", so we actually Think of us and the car owners as having "the same destiny". Host: We have done a lot of work to enhance user stickiness. How was the sales of Leapout in August this year? Zhou Ying: Our total sales volume of the two models in August was more than 900 units, of which the Leapmo T03 accounted for the majority, with more than 800 units. The other one is the Leapmo T03. We launched the T03 in May this year. We have seen that the sales of this model have been gradually increasing. From the very beginning of the definition of T03, we have defined it as a high-end car, so regardless of the cruising range, we have redefined the cruising range of the A00-class car to a range of 400 kilometers, which solves the user's mileage problem. Anxiety issues. At the same time, T03 should be said to be "fully armed", equipped with a large number of intelligent driving assistance, vehicle-machine interconnection and other functions. In terms of safety, T03 is equipped with 70% high-strength steel, so we have done a very adequate job in these parts that may be easily perceived by the naked eye. Host: I just mentioned that the sales of our two models are very good. We have launched two small cars in succession. We also saw the sketch of the C11 on the Internet. What expectations do we have for this car? Zhou Ying: The C11 should be said to be a very important strategic model for us. It is the first model based on the C brand architecture. Because the C architecture itself has high-end characteristics, we have equipped the C11 with: The cruising range of 600km includes more than 20 intelligent driving assistance functions, including that our chassis suspension system uses a front double wishbone suspension system. It should be said that this is a suspension configuration at the luxury car level, so Speaking of the C11 product, we hope it can become a benchmark product in the new energy SUV market. What we see now is that there is a lack of real star models among new energy SUVs, because we see that even the best-selling new energy SUVs may only have a fraction of the sales of fuel-powered SUVs, and our new energy SUVs When will we be able to truly compete directly with fuel-powered SUVs? In fact, this is also a very important reason why after we made two small cars at Leapmotor, we are now making SUVs. Because at this stage, including the cost of a supply chain in the entire industry, especially the battery part, we have a stronger ability to integrate, and the cost of batteries is more controllable. At this time, if we build such a pure electric SUV, it will be able to fully compete with fuel-powered SUVs, both in terms of price and product strength.

Host: We started with two small cars like this. Why is the span so big? Zhou Ying: In fact, this should be said to be a set rhythm for our entire model planning. I just mentioned why the first two cars are two small cars. In fact, it is mainly because of the majority of the new energy industry in the past two years. I should talk about most of the cost, which is in the battery part. At the previous stage, if we did it, we also saw that many of our peers made a lot of SUV products, but their prices were not competitive at all. , products that easily cost RMB 300,000 have no competitive advantage. So our strategy in the early stage is to use small cars. On the premise of ensuring the cruising range of small cars, the cost of small cars will not be as uncontrollable as SUVs. Of course, we have also seen that first of all, there is a very strong demand in the small car market. Because especially after the T03 we launched this year, we can see that a large number of A00-level products have appeared on the market since the launch of T03 in May, including very distinctive products like Hongguang mini, including a series of A00-level products like Euler small cars, so this market has a very large user demand, especially their needs should be said to be the needs for upgrading. This part of the demand may have been ignored before, and everyone may think that buying a small car Maybe people can only buy such a small car because their budget is so big, and they don’t have too high requirements for the product. In fact, this is not the case. It is our users’ needs, and their needs are With continuous upgrading, we need to use products like Leapao T03 to meet the needs of users who are upgrading their consumption in this part of the A00 market. In the mid-level SUV market, there is also a lack of something like the C11. We say it is a bucket-shaped model. It is very balanced and has no shortcomings in all aspects. We do not necessarily say that it must be particularly special in one place. It catches people's attention and is particularly eye-catching, but for the user, what he may need is a product that he can choose with peace of mind. He does not need to have too many worries. Don't buy a car and go back with a knot in your heart. This car is very good. , I like everything, but maybe that’s where it’s a bit unsatisfactory, that is, he doesn’t have to carry such a knot, he may think that everything is good, and we need to give them a product like this. So from the perspective of the entire model strategy of Zero Pao, we should say that we are advancing step by step according to our previously established rhythm, including those based on the C platform. We will also have sedans and other models in the next stage. , so from an overall perspective, our general direction as a Leapmo brand should be to provide our users with a higher travel value through the extreme convenience and extreme intelligence of our models. , so from this perspective, whether it is S01, T03, or the subsequent C11, they are all launched on the market based on this direction. Host: Thank you. Just now you mentioned our two small cars, because I went to participate in the new energy rural activities, and we also participated. What do you think of this situation of going to the countryside? Will it help our sales and brand? Zhou Ying: It should be said that, in fact, the matter of going to the countryside has just begun this year. From the perspective of zero running, we have also said that we hope to provide users with higher cost performance, ultimate intelligence and convenience. It should be said that we are actively participating in the process of bringing new energy to the countryside. However, we do not mean that we will immediately achieve a large sales increase in these markets. I think this is not very realistic, because first of all, our channels, this is a big premise. Our channels may not have really touched the market at the township and county level yet, and may be more based on things like one game after another. We may gradually penetrate such activities. This process may take a long time. This is a level, that is, we need to match the development of channels to realize this rural area.

To another extent, the same is true for our services. We don’t want our car to arrive at this place. Maybe the user can’t find the terminal that serves him, which will be very, very troublesome, so we hope that, First of all, we need to further penetrate our channels and services, and at the same time consider how to better serve our users. In addition, we just talked about the characteristics of our products. In fact, the characteristics of our products It is very in line with the needs of users, especially at the township and county level, because a product like the Leopao T03, first of all, its cost of use, its cruising range, etc., should be said to be very suitable for such a rural market. demand, so what we may want to consider next is how to let more people know about the Leappa brand, because maybe a big topic for us now is that when we reach the lower market, users may We don’t know much about this brand yet. How do we tell him at this time what is our brand heritage and what are the technical advantages of our products? These things may be one. We will next One of the key issues to be solved in the so-called process of going to the countryside is, for example, how can we let more fellow villagers see us through product experience or through various forms of communication? This may be It is a relatively big topic, so we are not based on saying that I hope to increase sales immediately by going to the countryside, but how we can do it step by step, whether I sell 1 car or 10,000 units. For cars, we must provide them with very complete services and experiences that are the same as those in first- and second-tier cities. This is the most important thing. Host: Just now you mentioned service and experience. What is the current after-sales system of our company? Zhou Ying: We now have more than 80 sales and service outlets across the country. As mentioned just now, we have cooperated with third-party professional service organizations to further improve cooperation and supplement. In this part, we hope that every buyer Users of zero sports cars can get repairs and services very conveniently in their local area. Of course, in the new energy vehicle industry, the number of existing brands of each brand is actually relatively small. We are not saying that I must provide a specialized service. It is a terminal like this for zero sports car owners, so we think the future trend may be more of a collection of functions that can serve various platforms. It is nothing more than that there may be some software mentioned just now. We may be able to solve the problem remotely. Moderator: Not long ago this year, I participated in an event held by the Committee of 100. Director Xu Changming gave a statistic, saying that China’s current consumption of electric vehicles is 20% driven by the market and 80% driven by policies. We have zero success in policy and policy. What is the response between the two market drivers? Zhou Ying: I think the most important thing from an enterprise perspective is how to develop our first core technology, how to strengthen our core technology, how to accumulate our core technology, and the other is how we How to build excellent products, and how can we better talk to users. I think based on these three core issues, in fact, whether it is policy or market, in the end what we need is Users pay, what is needed is users paying, so we have to grasp the three core points, so for Leapao, the first one is the part of our core technology just mentioned, because Leapao itself has Dahua It is a technological inheritance, so now we have accumulated a lot of core technologies in intelligent driving, intelligent network connection, and electric power, so it should be said that Leapmoon is a company with complete intelligent pure electric development For a company with such capabilities, we first mastered this core technology, so we won’t be stuck. Now everyone is saying that we won’t be stuck, right, including ours. We have our own vehicle factory in Jinhua. We are technologically advanced. In fact, at the manufacturing level, we don't have to be controlled by others. We can give full play to our advantages.

In addition, as mentioned just now, at the product level, we have been established for five years now. At present, we will launch the C11 product in November this year, which means that we should actually launch the C11 product relatively early in the industry. As a brand of mass-produced models, it can be seen that based on our front-end technology accumulation, we have the ability to quickly launch new products and the ability to quickly launch excellent new products. Our T03 has also had a very good reputation among users since its launch. It shows that Liepao is capable of building good cars. At the product level, our products must have real competitiveness, which is also a very important aspect. There is also what we have actually talked about before, about users, because now our users’ touch points have become very scattered, because everyone’s interests and preferences are different, how do we accurately Capture the user, and then communicate with him in the way he likes, so that he can understand our brand and our products. These topics may be our next big topic. If we systematically address these three issues together Once done, I think whether it is policy or market, it is actually the same. Host: They all lead to the same goal by different paths. Finally, there are two issues regarding the market structure. Now there are three star companies in the new car-making forces. Weilai, Ideal, and Xpeng have all been listed. How are you positioned within the group? Zhou Ying: We actually had some lists released by the media some time ago. In fact, whether we look at the lists released by the media or we objectively look at the overall sales strength, the current Zero Run should be heading towards the first echelon. such a state. In this process, there are several core indicators. The first one is our sales volume, right? The first one is our sales volume. We are also very confident, whether it is the next Q4 quarter or next year. , we have very good products, and in addition to accumulating more user reputation, our sales will definitely reach a new level. From another perspective, from the perspective of zero-running, we have regarded it as a very long-term business from the beginning of building cars, so in fact, judging from the current ranking, we may be ranked sixth or seventh. Such a state, but this is just a process, this is not the final state. If we say that the new forces started to be created in the past five years, it has only been five years now, but the automobile industry has been a century-old automobile industry, so there is still a way to go. It’s very, very long, and we have more to see next. From the perspective of the future, first of all, we have made sufficient preparations. The other is to build cars for zero runs. We don’t just want to make a product and end it. We treat it as a long-distance race. , we insist on pursuing a kind of long-distance running and long-termism, so we will continue to work steadily and intensively. In this way, we will move forward step by step. So you can also see that you just mentioned the problem of positioning yourself in the new forces. Maybe last year or the year before last year, the zero run might have been in the teens. At that time, it might have been in the teens. We might not be that kind of person. I'm going to jump out, but I may make progress this year, move forward by two places, and move forward by two places next year. I will move forward step by step, and in this way I think we can Walk more steadily.

Moderator: There is one last question, which is what is your judgment on the entire electric vehicle market this year? What do you predict will be the future trend? Zhou Ying: The first question I was talking about at the beginning is that overall this year, it should be said that the acceptance level of new energy vehicle users has become higher and higher, including the fact that we have noticed that many users have stopped talking. Regarding the cruising range, I don’t know if you netizens here at Autohome have the same situation, because we mentioned it when we were chatting with some media teachers about new energy vehicles before. It seems that everyone often talked about it in the past two years. We talk about cruising range, but since this year we have talked about it less and less. Instead, what we want to pay more attention to is that it is inconvenient to charge my car. Is there such a charging pile near our home? , or what is the subsequent value preservation of this car, so the consumption dynamics and consumption trends have changed. It is also based on the development of our overall industry. In fact, the mentality of users has also changed. In fact, I think from a product perspective, it should be said that the maturity of new energy vehicle products has become higher and higher. There have even been a lot of replacement supplies that we call new energy vehicles that have been used for two or three years before. At this stage, new energy vehicles may have to be replaced. For example, we invited some media teachers to Hangzhou some time ago to see our C11 model. At that time, some media teachers suggested that our C11 model is particularly suitable for early purchasers. A user like this who has bought some new energy vehicle products may want to change his car at this stage, because at that time, the technology of new energy vehicle products in previous years was relatively old. Maybe this year When you want to switch to a product with more advanced technology, C11 is a very good choice. So I think that new energy vehicle users have reached a process like the consumption upgrade just mentioned. It is no longer like the past two years. In the past two years, I may have really just wanted a green card. Then I can choose There may only be a few cars, and you can only choose hard, but then it will not be like this. The next thing is that our market has a variety of products, whether it is SUVs, sedans, or A00-class products. Whether it is small cars or even MPVs, the products are becoming more and more abundant, so the competition will become more and more fierce. What users may need is a sub-type of product that can better meet their needs in a certain segment. Moderator: Actually, I want to ask you about this trend, and I just want to ask about the growth of sales, because this year’s epidemic has had a greater impact on the entire industry, but I found that our company has maintained such a steady growth, so I just want to ask Question: With the entire market changing so much, why can we have such a steady growth situation at Lingpao? Zhou Ying: I think the first and most core thing should be based on our products, because as mentioned just now, the bulk of our sales should be in T03. It is indeed in the A00-class pure electric market segment where T03 is located. That is to say, from the perspective of product strength, it should have absolute advantages. As mentioned just now, our users are becoming more and more rational and professional. As long as they know that there is a product like T03 , if he knows something about this product, he will definitely not be able to avoid this product. He must go. I am in Hangzhou and I have to see if there is a Lingpao store in Hangzhou. I have to go to the Lingpao store to take a look. Looking at this car, at least I might have looked at other things. I might have looked at Euler, Black Cat, etc. Then I still have to look at T03 before I place an order to buy Black Cat. After I look at T03, I might It's possible to be impressed by it.

So I think from the perspective of zero-running, because it is true that whether we are talking about channels or brands, there is still a relatively large gap compared with traditional brands. In terms of what we rely on to impress users at this stage, I think the core thing is to rely on products to impress users, so I am very happy that we can see that products like T03 can indeed be seen by users through very sincere product strength. The next probably bigger issue for us is how to further amplify the reputation of these users in the early stage. This is our biggest issue, so we think that the sales volume of T03 should continue in the Q4 quarter. To reach a new level, we also hope that especially in some of our core cities, some of our key cities, sales volume in the next few months should be able to gradually surpass our competitors. Host: Okay, that’s it for today’s interview. Thank you, our zero-run is getting better and better. Thank you, Mr. Zhou. Zhou Ying: Thank you.