Financial Data and Key Metrics Changes - The LIFO effect for Q1 was just under $100 million, and for Q2, it is expected to be around $60 million due to higher incoming costs and tariffs [12][13][14] Business Line Data and Key Metrics Changes - The company has been diversifying its sourcing strategies across multiple countries and categories to mitigate tariff impacts and control costs [14] Market Data and Key Metrics Changes - The company opened 89 stores in Mexico and 7 or 8 in Brazil last year, indicating a strong international expansion strategy [15][16] Company Strategy and Development Direction - The long-term strategy includes opening around 300 stores domestically and 200 stores internationally by 2028, aiming for a total of approximately 500 stores globally [16] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of providing exceptional customer service and expressed confidence in the company's mission moving forward [17] Other Important Information - The company successfully re-elected all 11 directors and ratified the appointment of Ernst & Young LLP as the independent auditor for fiscal year 2026 [10] Q&A Session Summary Question: What is the LIFO effect due to the tariffs, and are there any changes in the supply chain? - The LIFO effect is primarily caused by higher incoming costs, with charges expected to continue due to tariffs [12][13] - The company has been working on diversifying its sourcing strategies since 2016 to mitigate risks and control costs [14] Question: What is the strategy for international expansion, especially in Mexico? - The company plans to continue its expansion in Mexico and Brazil, with a goal of opening around 500 stores globally by 2028 [15][16]

Financial Data and Key Metrics Changes - The LIFO effect for Q1 was just under $100 million, and for Q2, it is expected to be around $60 million due to higher incoming costs and tariffs [12][13] Business Line Data and Key Metrics Changes - The company opened 89 stores in Mexico and 7 or 8 in Brazil last year, indicating a strong focus on international expansion [13] Market Data and Key Metrics Changes - The company is diversifying its sourcing strategies across multiple countries and categories to mitigate tariff impacts and ensure a sustainable supply chain [13] Company Strategy and Development Direction - The long-term strategy includes opening around 300 stores domestically and 200 stores internationally by 2028, aiming for a total of approximately 500 stores globally [13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of providing excellent customer service and maintaining a strong commitment to their mission [15] Other Important Information - The appointment of Ernst & Young LLP as the company's Independent Registered Public Accounting Firm for fiscal year 2026 was ratified [10] Q&A Session All Questions and Answers Question: What is the LIFO effect due to the tariffs, and are there any changes in the supply chain? - The LIFO effect is caused by incoming costs being higher than current inventory, with charges for Q1 just under $100 million and expected to be around $60 million for Q2 due to higher tariffs [12] - The company has been working on changing supply chain strategies since the first tariffs in 2016 and 2017, focusing on diversifying sourcing and having multiple suppliers to control costs [13] Question: What is the strategy for international expansion in Mexico? - The company plans to continue its strategy in Mexico and Brazil, having opened 89 stores in Mexico last year and aiming for a total of 500 stores globally by 2028 [13]

每经记者｜刘曦 每经编辑｜何小桃 余婷婷 11月26日，特斯拉全球副总裁陶琳通过社交平台发文表示：无论是美国、中国还是欧洲，Tesla全球各生产基地的供应商选择都采用同样严格、客观的标 准，完全基于质量、总成本、技术能力成熟度以及长期供货连续性。陶琳强调，供应商的原产国或地理来源不构成排除性标准。 图片来源：新浪微博（@Grace陶琳-Tesla） 陶琳在回应中强调，无论是针对美国、中国还是欧洲市场，特斯拉的供应链策略核心始终围绕质量、总成本、技术能力成熟度以及长期供货连续性展开。 她透露，得益于供应链的深度整合，目前特斯拉上海超级工厂生产的Model 3和Model Y零部件本土化率已超过95%，这直接促成了相关车型在中国市场具 有竞争力的价格体系。 据陶琳此前发文，特斯拉上海超级工厂生产的车辆，已远销欧洲、亚太等多个国家和地区。 此前有消息称，特斯拉计划在未来一两年内将其美国制造汽车中的中国零部件全部替换，引发了市场关于其供应链策略出现"区域差异化"的猜测。对此， 一位特斯拉中国工作人员向《每日经济新闻》记者指出，陶琳今日的表态正是对上述传闻的直接否认。 特斯拉官方财报显示，今年三季度，特斯拉营收为281 ...

Core Viewpoint - Tesla's global supply chain strategy is based on strict and objective standards, focusing on quality, total cost, technological maturity, and long-term supply continuity, regardless of the geographical origin of suppliers [1][2]. Group 1: Supply Chain Strategy - Tesla's Vice President, Tao Lin, emphasized that the supplier selection process is consistent across the U.S., China, and Europe, with no exclusion based on the country of origin [1][2]. - The localization rate of parts produced at Tesla's Shanghai Gigafactory for Model 3 and Model Y has exceeded 95%, contributing to competitive pricing in the Chinese market [2]. Group 2: Financial Performance - In Q3, Tesla reported revenues of $28.1 billion, a 12% year-over-year increase, while net profit fell by 29% to $1.77 billion (non-GAAP) [2]. - The core automotive business revenue grew by 6% in Q3, reaching $21.2 billion compared to $20 billion in the same period last year [2]. Group 3: Production and Delivery Data - Tesla's global production in Q3 was 447,400 vehicles, a 4.8% year-over-year decline, while global deliveries reached 497,000 vehicles, a 7.4% increase, surpassing market expectations [4]. - In the Chinese market, Tesla's sales for the first half of 2025 totaled 263,400 vehicles, a decrease of approximately 5.4% compared to the same period last year, but Q3 sales showed a turnaround with 169,200 vehicles sold, a 31% increase from the previous quarter [4].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with a revenue of 1.215 billion yuan, representing a year-on-year growth of 28.25%, and a net profit of 16.7767 million yuan, up 10.33% year-on-year [1] Financial Performance - The company achieved a revenue of 1.215 billion yuan in Q1 2025, marking a 28.25% increase compared to the same period last year [1] - The net profit after deducting non-recurring items was 16.7767 million yuan, reflecting a year-on-year growth of 10.33% [1] Impact of US Tariff Policy - The recent US tariff adjustments have had a limited impact on the company, as only a small portion of its aluminum alloy automotive wheels are exported to the US, while other products are minimally affected [1] - The company operates under a FOB sales model, meaning that tariffs are borne by the customers, which mitigates the impact of tariff changes [1] - The company’s production facility in Thailand maintains a low tax rate advantage, allowing it to continue exporting to the US effectively [1] Expansion in Thailand - To meet the growing market demand from Chinese automotive companies expanding into Thailand, the company is increasing its investment in the region, with a new project expected to produce 3 million aluminum alloy wheels annually, set to be completed by Q4 2025 [2] - The subsidiary in Thailand has secured multiple projects with a leading new energy vehicle manufacturer, preparing for the benefits of increased production capacity [2] - The company has also obtained export licenses for motorcycle wheels to India, with its high-strength, high-pressure molded motorcycle wheels passing certification from Honda [2] Future Outlook - The company views overseas markets as a key growth driver and plans to continue refining its products and technologies in the global market [2] - The company will actively adjust its supply chain strategies in response to changes in international trade policies to ensure the healthy development of its overseas business [2]