2025-07-31 Ferrari N.V. (RACE) Q2 2025 Earnings Call Transcript
Ferrari N.V. (NYSE:RACE) Q2 2025 Earnings Conference Call July 31, 2025 9:00 AM ET
Company Participants
Antonio Picca Piccon - Chief Financial Officer
Benedetto Vigna - CEO & Executive Director
Nicoletta Russo - Head of Investor Relations
Conference Call Participants
Adam Michael Jonas - Morgan Stanley, Research Division
Anthony Dick - ODDO BHF Corporate & Markets, Research Division
Flavio Cereda - Unidentified Company
Gautam Narayan - RBC Capital Markets, Research Division
Henning Cosman - Barclays Bank PLC, Research Division
José Maria Asumendi - JPMorgan Chase & Co, Research Division
Monica Bosio - Intesa Sanpaolo Equity Research
Nicolai Kempf - Deutsche Bank AG, Research Division
Stephen Michael Reitman - Sanford C. Bernstein & Co., LLC., Research Division
Susy Tibaldi - UBS Investment Bank, Research Division
Thomas Besson - Kepler Cheuvreux, Research Division
Operator
Good day, and thank you for standing by. Welcome to Ferrari 2025 Q2 Results Conference Call. \[Operator Instructions] Please be advised that today's conference is being recorded.
大家好，感谢各位的等待。欢迎参加 Ferrari 2025 年第二季度业绩电话会议。\[操作员指示] 请注意，今天的会议正在录音。
I would now like to hand the conference over to your speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead.
现在我想把会议交给今天的发言人，Ferrari 投资者关系主管 Nicoletta Russo。请开始。
Nicoletta Russo
Thank you, Maggie, and welcome to everyone who's joining us. Today, we plan to cover the group's second quarter 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the group CEO, Mr. Benedetto Vigna; and the group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the Investors section of the Ferrari corporate website. And at the end of the presentation, we will be available to answer your questions.
谢谢你，Maggie，也欢迎所有参加今天会议的朋友们。今天我们将介绍集团 2025 年第二季度的运营业绩，会议预计持续约 60 分钟。本次电话会议将由集团 CEO Benedetto Vigna 先生和集团 CFO Antonio Picca Piccon 先生共同主持。所有相关材料都可以在 Ferrari 公司官网的投资者版块找到。在演示结束后，我们将回答大家的问题。
Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation and the call will be governed by this language.
在开始之前，我想提醒大家，今天会议中可能会提到的任何前瞻性声明，都受限于演示文稿第二页的安全港声明中所述的风险和不确定性，并且本次电话会议将受该声明的约束。
With that said, I'd like to turn the call over to Benedetto.
说到这里，我想把会议交给 Benedetto。
Benedetto Vigna
Thank you, Nicoletta, and thank you, everyone, for joining us today. Despite an uncertain macroeconomic environment, ongoing geopolitical tensions and market volatility at Ferrari, we continue to execute our business plan with a focus, discipline and confidence. We base this confidence on the solidity and uniqueness of our business model, the remarkable level of visibility that we enjoy and the continued loyalty of our community.
谢谢你，Nicoletta，也感谢各位今天的参与。尽管宏观经济环境存在不确定性，地缘政治紧张局势持续，以及市场波动，但在 Ferrari，我们依然以专注、纪律和信心执行我们的业务计划。这份信心来自于我们商业模式的稳健性与独特性，我们所享有的高度可见性，以及我们社区的持续忠诚。
We remain confident and well prepared to navigate potential macro threats, including trade tensions, currency fluctuation and financial market volatility, which require an increased level of cautiousness. And while we can't say that we are completely immune to global events we might encounter, our ability to adapt has been remarkable. Among all factors that underscore our solidity and continuous progress, there are five I would like to underline with all of you.
我们依然保持信心，并做好了应对潜在宏观风险的准备，包括贸易紧张、汇率波动和金融市场波动，这些都要求我们保持更高的谨慎度。虽然我们不能说完全免疫于全球可能出现的事件，但我们的适应能力一直表现出色。在所有凸显我们稳健性和持续进步的因素中，我想与大家特别强调五点。
One, we are on track with our product development, in particular with the Ferrari Elettrica, which I had the pleasure to drive a couple of weeks ago on the race track. And I can \[indiscernible] you how excited we are for the upcoming launch. Two, we continue to evolve our stunning offering. In July, we introduced the Ferrari Amalfi, 11th model of the 15 model road map that we announced in 2022 during our last Capital Markets Day, and our third launch of this year after the two special series, the 296 Speciale and Speciale Aperta. Such a number of new model launches and technology advancements require an incredible team effort and effective management of complexity and utmost agility, something we should all be proud of, especially in the current context.
第一，我们的产品开发进展顺利，尤其是 Ferrari Elettrica，我几周前有幸在赛道上亲自试驾，对即将到来的发布我们充满期待。第二，我们持续丰富令人惊叹的产品阵容。今年七月，我们推出了 Ferrari Amalfi，这是我们在 2022 年资本市场日宣布的 15 款车型路线图中的第 11 款，也是今年继两款特别系列——296 Speciale 和 Speciale Aperta——之后的第三次发布。如此多的新车型发布和技术进步，需要极强的团队协作、对复杂性的有效管理以及高度的敏捷性。在当前环境下，这一点尤其值得我们骄傲。
Three, we continue to hold a strong order book entering 2027 without considering the new launched cars, and with all the range models currently in production substantially sold out. Indeed, the newly launched Ferrari Amalfi is at the initial stage of the order collection, and the demand for the 296 Speciale family is significantly high, nearly reaching full coverage of the life cycle.
第三，我们依然拥有强劲的订单储备，已经排至 2027 年，即便不考虑新发布的车型，目前所有在产车型几乎已经售罄。实际上，新发布的 Ferrari Amalfi 还处于订单收集的初期阶段，而 296 Speciale 家族的需求则异常旺盛，几乎覆盖了整个生命周期。
Fourth, we continue to invest in what makes us Ferrari: client centricity, product excellence, technology advancement. And it is especially thanks to the ideas of our people that we can continue to evolve and innovate. Proof of this are the 341 colleagues who were internally awarded for developing patent ideas in 2024. And last but not least, in line with our plans, the production ramp-up of our e- building is proceeding at pace, as is the construction of the new paint shop, where we have just finished the walls, and we are about to install the equipment. In addition, during the quarter, we began the construction of a new track near our facilities dedicated to sports car testing. This will enhance the accuracy and repeatability of road car testing, a further effort to ensure product excellence.
第四，我们持续投资于 Ferrari 的核心：以客户为中心、卓越的产品和技术进步。尤其要感谢我们的员工们的创意，使我们能够不断演进和创新。一个例子是 2024 年，共有 341 位同事因开发专利创意而获得内部表彰。最后但同样重要的是，按照计划，我们的 e-building 产能正在加速提升，新喷漆车间的建设也在推进，目前墙体已经完工，即将安装设备。此外，在本季度，我们还在工厂附近启动了一条专门用于跑车测试的新赛道建设。这将提升量产车测试的精度和可重复性，进一步确保产品卓越性。
Equally important is that we continue to deliver strong financial results. Indeed, Q2 '25 saw continued growth on all key metrics. A few key numbers to share with you and to highlight. One, total revenues reached approximately EUR 1.8 billion, a 4.4% growth year- over-year with flat deliveries. Two, strong profitability with EBITDA in excess of EUR 700 million. And three, the industrial cash flow at EUR 230 million.
同样重要的是，我们依然交出了强劲的财务业绩。事实上，2025 年第二季度的所有关键指标都实现了持续增长。这里有几个重点数据与大家分享。第一，总收入约为 18 亿欧元，同比增长 4.4%，交付量持平。第二，盈利能力强劲，EBITDA 超过 7 亿欧元。第三，工业现金流达 2.3 亿欧元。
At the beginning of July, we hosted over 1,500 guests from all over the world on Amalfi Coast for the spectacular premieres of the new Ferrari Amalfi, our latest V8 range models. The Ferrari Amalfi redefines the concept of contemporary sportiness, combining high performance, versatility and refined aesthetics. The name of the new model is a tribute to Southern Italy and one of the most fascinating coast lines in the world.
在七月初，我们在阿马尔菲海岸接待了来自世界各地的 1500 多位嘉宾，共同见证新款 Ferrari Amalfi 的盛大发布。这款最新的 V8 系列车型重新定义了当代运动性的概念，兼具高性能、多功能性和精致美学。新车型的命名是对意大利南部以及世界上最迷人的海岸线之一的致敬。
Amalfi was chosen to once again associate Ferrari with Italian beauty and a place that symbolizes our country. I was there for the first of three incredible evenings of the World Premiere, where we achieved unprecedented client engagement and brand visibility. Indeed, this new model was also displayed in the town's main square for all residents of the Amalfi Coast, the tourist and the enthusiast to enjoy. This model will allow us to nurture existing clients and attract new ones, enlarging the Ferrari community, and the initial feedback has been extremely encouraging.
我们选择“Amalfi”这个名字，再次将 Ferrari 与意大利的美丽以及象征国家的地方联系在一起。我亲自参加了三场全球首发活动中的第一场，那是一个令人难忘的夜晚，我们实现了前所未有的客户参与度和品牌曝光度。事实上，这款新车还被展示在阿马尔菲海岸小镇的主广场上，供当地居民、游客和爱好者欣赏。这款车型将帮助我们维护现有客户并吸引新客户，壮大 Ferrari 社区，而最初的反馈也非常令人振奋。
Moments like this always remind us of the importance of human relations. Such moments strengthen the sense of community and unite people with the company and with our Ferrariste. From our Ferrari Cavalcades to our Racing Days and Racing Challenges to our World Premiere, each of these exceptional events is designed to create unique memories and experiences, which are essential to nurture our community's passion and elevate our brand follow. Within client events, also racing activities play a key role. At the circuit of Spa-Francorchamps last June, we presented the new 296 GT3 Evo, a race car that will make its debut in 2026 season. The 296 GT3 Evo perfectly fits within the array of our activities and is instrumental to enrich the experience on track of our racing clients.
这样的时刻总是提醒我们人际关系的重要性。这些时刻增强了社区归属感，把人们与公司及我们的 Ferrariste 紧密联系在一起。从 Ferrari Cavalcades，到 Racing Days 和 Racing Challenges，再到 World Premiere，每一项特别的活动都旨在创造独特的记忆和体验，这对于激发我们社区的激情和提升品牌影响至关重要。在客户活动中，赛车活动同样发挥了关键作用。去年六月，在斯帕-弗朗科尔尚赛道，我们发布了全新 296 GT3 Evo，这款赛车将于 2026 赛季首次亮相。296 GT3 Evo 完美契合我们的各类活动，并在丰富客户赛道体验方面发挥着重要作用。
And on the subject of racing, I will once again express my personal congratulations to the Ferrari team who secured the third consecutive win at the 24 Hours of Le Mans. This is an incredible achievement and an encouraging reminder of our ambitions. Thanks to this extraordinary result, Ferrari will now keep the winners trophy forever, a right granted to those who secure victory in three consecutive editions. And in the same spirit, we are making good progress in Formula 1. We know that the season started below expectation, but in recent races, the team is constantly fighting for podiums and wins.
说到赛车，我要再次亲自祝贺 Ferrari 车队，他们在勒芒 24 小时耐力赛上实现了三连冠。这是一项了不起的成就，也再次提醒我们要不断追逐雄心。凭借这一非凡的成绩，Ferrari 现在将永久保留冠军奖杯——这是授予连续三次夺冠者的权利。与此同时，在同样的精神下，我们在一级方程式比赛中也取得了良好进展。我们知道赛季起步低于预期，但在最近的比赛中，车队正不断争夺领奖台乃至胜利。
Lastly, in line with our racing heritage and spirit of innovation, we have presented the Ferrari Hypersail project. This revolutionary boat is currently under construction in Italy, and it will see us take on an unprecedented new sporting challenge in the world of sailing, allowing us to keep on pushing the limits of possible in a new arena. Moreover, open innovation and two-way technological transfer between the sports car and nautical sector are key in this project. Aerodynamics, energy efficiency, power management and flight control system are just a few examples in this respect. All these challenges remind us that we have to continue to improve in everything we do with focus, determination and four wheels on the ground.
最后，秉承我们的赛车传统和创新精神，我们推出了 Ferrari Hypersail 项目。这是一艘正在意大利建造的革命性帆船，它将使我们在帆船领域迎接前所未有的全新运动挑战，让我们能够在新的竞技场上不断突破可能的极限。此外，该项目的关键在于开放式创新以及跑车和航海领域之间的双向技术转移。在空气动力学、能源效率、动力管理和飞行控制系统等方面，这一项目都体现了这种协同作用。所有这些挑战提醒我们，必须在所做的一切中持续改进，保持专注、决心，并让“四个轮子牢牢着地”。
1、现在的年轻人还有没有兴趣？2、这个文化不在最富裕、最有活力的美国。
And now, I would like to hand over to Antonio to review in detail the Q2 2025 results.
现在，我想把话交给 Antonio，详细回顾 2025 年第二季度的业绩。
Antonio Picca Piccon
Good afternoon, Benedetto, and good morning or afternoon to everyone joining us today. Starting on Page 5, we provide the highlights of the second quarter, which represents a solid continuation of the year. First of all, the second quarter was basically not impacted by the incremental tariff in the U.S. as we leverage the inventory already present in the country. Compared to the same quarter of last year, revenues and profitability grew single digits with flat deliveries. Mix and personalization were the main drivers of growth, along with rising revenues, which led to particularly strong percentage margins and a solid industrial free cash flow generation.
Benedetto 下午好，大家早上或下午好。我们先从第 5 页开始，这里展示了第二季度的要点，体现了全年稳健的延续。首先，第二季度基本没有受到美国新增关税的影响，因为我们利用了该国已有的库存。与去年同期相比，收入和盈利实现了个位数增长，而交付量保持平稳。增长的主要驱动因素是产品组合和个性化，加之收入的上升，带来了特别强劲的百分比利润率和稳健的工业自由现金流生成。
On Page 6, we deep dive into our Q2 2025 deliveries. Shipments in the quarter were driven by the 296 GTS, the Purosangue and the Roma Spider. The SF90 XX family increased its contribution. The 12Cilindri family continued its ramp-up phase, while the 296 GTB decreased and the SF90 Spider approached the end of its life cycle. Shipments of the Daytona SP3 were lower than the prior year and sequentially decreasing in line with our plans to conclude deliveries in the third quarter of 2025.
在第 6 页，我们深入分析了 2025 年第二季度的交付情况。本季度的交付主要由 296 GTS、Purosangue 和 Roma Spider 拉动。SF90 XX 家族的贡献增加，12Cilindri 家族继续处于爬坡阶段，而 296 GTB 的交付减少，SF90 Spider 则接近生命周期末期。Daytona SP3 的交付量低于去年同期，并按计划在 2025 年第三季度结束交付，因此环比下降。
In the quarter, we had a significant changeover of models. And despite the gradual phaseout of the Daytona SP3, the product mix was sustained by the higher end of our product offering, namely the SF90 XX family and the 12Cilindri family. As customary, the geographic breakdown reflects the different product cycle as well as the company deliberate allocation strategy.
本季度我们经历了显著的车型更替。尽管 Daytona SP3 正在逐步退出，但我们的产品组合依然由高端产品支撑，尤其是 SF90 XX 家族和 12Cilindri 家族。按照惯例，地域分布反映了不同的产品周期以及公司有意的分配策略。
On Page 7, the net revenues bridge shows a 5.1% growth versus the prior year at constant currency. \[indiscernible] cars and spare parts was driven by the richer product and country mix as well as higher personalizations. Personalizations keep on being very strong, accounting for approximately 20% of total revenues from cars and spare parts, supported by the Daytona SP3 and the SF90 XX family in terms of model and mainly by the adoption of carbon and paintings in terms of offering.
第 7 页的净收入桥显示，在固定汇率下，收入同比增长 5.1%。汽车及零部件的增长主要由更丰富的产品和地区组合以及更高的个性化需求驱动。个性化需求依然非常强劲，占汽车及零部件总收入的约 20%，其中车型方面主要由 Daytona SP3 和 SF90 XX 家族支撑，配置方面则主要受碳纤维和涂装选项的采用推动。
Sponsorship, commercial and brand increased, thanks to the additional sponsorship we have this year and improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Currency, net of hedges in place, had a slightly negative impact in the quarter, mainly related to the U.S. dollar dynamic.
赞助、商业和品牌收入增加，得益于今年新增的赞助、生活方式活动的改善表现，以及与去年更好一级方程式排名相关的更高商业收入。汇率在扣除对冲后，本季度带来了轻微负面影响，主要与美元走势有关。
聚集了一批特别高端的客户。
Moving to Page 8. The change in EBIT is explained by the following variances. First, mix and price, positive; thanks to the enriched product mix sustained by the SF90 XX and the 12Cilindri families, increased contribution from personalization and a positive country mix, supported by the Americas. These were only partially offset by lower deliveries of the Daytona SP3. Second, industrial costs and R\&D, mainly due to racing and sports cars R\&D costs expensed with flat D\&A. Third, higher SG\&A, reflecting racing expenses and brand investments. And fourth, other, was positive; mainly thanks to racing and lifestyle activities, lower cost due to the Formula 1 in- season ranking assumptions that we revised downward, partially offset by the comparison with last year's release of car environmental provisions. Percentage margins were very strong in the quarter with the EBITDA margin at 39.7% and EBIT margin close to 31%, also benefiting from flat D\&A determined by the model changeover.
转到第 8 页。EBIT 的变动由以下几个方面解释。第一，产品组合和价格，正面影响；得益于 SF90 XX 和 12Cilindri 家族的支撑，更高的个性化贡献，以及美洲市场带来的积极地区组合效应。这些部分被 Daytona SP3 交付减少所抵消。第二，工业成本和研发费用，主要由于赛车和跑车研发费用的支出，而折旧摊销保持平稳。第三，更高的销售与管理费用，反映了赛车开支和品牌投资。第四，其他，为正面贡献；主要得益于赛车和生活方式活动，以及由于我们下调了一级方程式赛季排名假设而减少的成本，部分被去年汽车环保准备金释放的对比效应抵消。本季度利润率非常强劲，EBITDA 利润率为 39.7%，EBIT 利润率接近 31%，也受益于车型更替所带来的折旧摊销平稳。
Turning to Page 9. Our industrial free cash flow generation for the quarter was strong at EUR 232 million, and reflected the increase in profitability, partially offset by the negative change in working capital provisions and others, mainly linked to higher inventory in line with our production plan. This quarter, the net impact of advances was positive, but far less significant than in Q1. Capital expenditures were mainly focused on product development and the progress in the new paint shop construction, and finally, the seasonal payment of taxes. Net industrial debt was EUR 338 million at the end of June 2025, also reflecting the dividend payment occurred at the beginning of May. Lastly, in relation to our multiyear share repurchase program of EUR 2 billion, we intend to resume the repurchases, aiming to complete the program by year-end.
转到第 9 页。本季度的工业自由现金流生成表现强劲，达到 2.32 亿欧元，反映了盈利能力的提升，部分被营运资本准备金及其他项目的负面变化所抵消，主要与生产计划下的库存增加相关。本季度预付款的净影响为正，但远低于第一季度。资本支出主要集中在产品开发和新喷漆车间建设进展上，最后还有季节性缴纳税款。截至 2025 年 6 月底，净工业债务为 3.38 亿欧元，也反映了 5 月初支付的股息。最后，关于我们 20 亿欧元的多年股票回购计划，我们打算恢复回购，并力争在年底前完成该计划。
重资产投入的都不是好的商业模式。
Moving to Page 10. We confirm the 2025 guidance with stronger confidence on all metrics and removed the 50 basis point risk on percentage margins following the recent agreement on U.S. tariffs as well as lower industrial costs in H2 compared to our initial expectations. All this based on current information despite the remaining uncertainty with respect to the time line of application of the lower U.S. duties on cars and other products manufactured in the European Union, which should impact the second part of the year.
转到第 10 页。我们确认 2025 年的指引，并在所有指标上表现出更强的信心。随着最近达成的美国关税协议，以及下半年工业成本低于我们最初预期，我们移除了利润率上 50 个基点的风险。这一切都是基于当前信息，尽管关于美国对欧盟生产的汽车及其他产品实施较低关税的时间表仍存在不确定性，该因素可能会影响下半年。
Bearing in mind that for the rest of 2025, we anticipate deliveries deliberately reduce compared to 2024 to prioritize quality of revenues over volume, softer product mix versus the first half of the year, mainly linked to the Daytona SP3 phaseout in Q3 and the first units of the F80 shipped in Q4, higher SG\&A linked to corporate and commercial activities planned for the remaining part of the year, higher D\&A in line with the development of our portfolio and considering the start of production of new models. And finally, greater headwind from FX, assuming that the current weakness of the U.S. dollar against the euro persists for the remainder of the year.
需要注意的是，在 2025 年剩余时间里，我们预计交付量将较 2024 年有意减少，以优先保证收入质量而非数量。产品组合将较上半年更弱，主要因为 Daytona SP3 在第三季度的停产以及第四季度首批 F80 的交付。销售与管理费用将更高，原因是下半年计划的企业与商业活动。折旧摊销也会增加，与产品组合的发展以及新车型投产有关。最后，外汇的不利影响将更大，假设美元兑欧元的疲软在全年余下时间持续。
The first half of 2025 reminded us of the world's unpredictability and importance of agility and flexibility. In this context, we continue to execute our strategy with discipline and focus. And today's strong results mark continued progress on our growth path, backed by our unique business model and the remarkable visibility that we enjoy.
2025 年上半年提醒了我们世界的不可预测性以及敏捷性和灵活性的重要性。在这样的背景下，我们继续以纪律性和专注力执行我们的战略。今天的强劲业绩标志着我们在增长道路上的持续进展，这得益于我们独特的商业模式和所享有的高度可见性。
Thanks for your attention, and I turn the call over to Nicoletta.
感谢大家的关注，我现在把话筒交还给 Nicoletta。
Nicoletta Russo
Thank you, Antonio. Maggie, we are now ready to open the Q\&A session. Over to you.
谢谢你，Antonio。Maggie，我们现在准备进入问答环节。交给你了。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] Our first question comes from the line of Stephen Reitman from Bernstein.
\[操作员指示] 我们的第一个问题来自 Bernstein 的 Stephen Reitman。
Stephen Michael Reitman
I have a few questions, please. First of all, could you comment on residual value developments in key markets? Secondly, could you give us a bit more detail about why these industrial costs in the second half are expected to be lower than originally expected? And third, could you talk about why there has been -- why we're seeing now the change in the R\&D capitalization versus amortization, so the lower benefit from this in what we saw in the second quarter?
我有几个问题。首先，你们能否评论一下主要市场残值的变化？其次，能否更详细地解释一下为什么下半年的工业成本预计会低于最初的预期？第三，能否谈谈为什么我们现在看到研发资本化与摊销之间出现了变化，从而在第二季度带来了较低的收益？
Benedetto Vigna
Thank you, Stephen. So the residual value in key market, we told you last time that there were -- there was U.K., that was a market a little bit under pressure. And we put in place some actions that are showing good trends. We are working also on some models in U.S., but nothing strange, I would like -- I would say. The second one was about the industrial costs, why it's lower. And here, Antonio can comment about that.
谢谢你，Stephen。关于主要市场的残值，上次我们提到过，英国市场压力稍大。我们采取了一些措施，现在已经显示出良好的趋势。我们在美国的一些车型上也在努力，但没有什么特别异常的情况。第二个问题是关于工业成本为何降低，这一点我请 Antonio 来补充说明。
Antonio Picca Piccon
Stephen, as far as the actual is concerned, this is mainly due to an easy comp versus last year. Since last year, we had -- I wouldn't call them seasonal, but we had significantly higher costs for racing in the second quarter. And this year, these costs are not there. And on top of this, we have a better reduced quality cost compared to what we had last year.
Stephen，就实际情况而言，主要是因为与去年的对比基数较低。去年第二季度，我们在赛车方面的支出显著增加，虽然我不会称之为季节性因素，但确实费用很高。而今年并不存在这些费用。除此之外，与去年相比，我们的质量成本也有所下降。
If we look forward to the second half of the year, the better expectations are now related to the fact that in terms of supply chain costs, what we have experienced in the first half of this year is better than we had originally anticipated. So call it, lower inflation.
展望下半年，更好的预期主要与供应链成本相关。今年上半年的实际情况比我们最初预想的更好，可以称之为通胀压力较低。
Third, R\&D capitalization in the quarter and why? This is simply due to the overlap of our project. You know that we capitalize the spending for models -- for the development of models that have been internally approved. So it very much depends on that. And obviously, the portion -- the remaining portion that is expensed to the P\&L is otherwise related to racing. So it very much depends on the pace of development of our car, both in Formula 1 and World Endurance Championship.
第三，关于本季度的研发资本化问题以及原因？这完全取决于项目的重叠情况。大家知道，我们会将内部批准的车型开发费用资本化，所以这很大程度上取决于具体的项目。当然，其余计入损益表的部分通常与赛车相关。因此，这非常取决于我们在一级方程式和世界耐力锦标赛中赛车开发的进度。
Stephen Michael Reitman
So to be clear, the reduction in industrial cost doesn't reflect maybe postponements or delays to any programs?
所以明确一点，工业成本的下降并不意味着任何项目的推迟或延误，对吗？
Antonio Picca Piccon
No, absolutely no.
不，绝对没有。
Operator
Next, we have Susy Tibaldi from UBS.
接下来是来自 UBS 的 Susy Tibaldi。
Susy Tibaldi
So first one, regarding your cars and spare parts growth at 3%. This is lower growth than we have seen in quite some time. So it seems that the ASP was weaker than maybe some people in the market expected. And was that something to do also with personalization? Or how do you expect this ASP to then evolve for the rest of the year? Because my impression was that Q3 was meant to be, let's say, the weakest part of the year, whereas Q2 also ended up being quite weak. So it would be helpful to get bit more clarity there.
第一个问题，关于你们汽车和零部件 3% 的增长。这一增长低于我们近来看到的水平。似乎平均售价（ASP）比市场上一些人预期的要弱。这是否也与个性化配置有关？你们预计今年余下时间 ASP 会如何演变？因为我的印象是，第三季度原本应该是全年最弱的一个季度，而第二季度也显得相当疲软。所以希望能得到更多澄清。
And secondly, regarding your COGS. The gross margin was extremely strong, stronger than we have seen in a very long time. And it was somewhat surprising given that your ASP ended up being a bit weaker than expected. So what were the moving parts in the COGS that really led to this sort of strength on gross margin? And how should we think about it going forward?
第二个问题，关于你们的销售成本（COGS）。毛利率异常强劲，强于我们很长时间以来看到的水平。但鉴于你们的 ASP 弱于预期，这有些令人意外。那么销售成本中哪些因素真正促成了如此强劲的毛利率？未来我们该如何看待这一情况？
And lastly, regarding the U.S. So now the tariffs have been lowered. I suppose that you will choose to not -- no longer increase prices to the same extent. But is there going to be maybe in Q3, some sort of friction because some cars were shipped that were affected by these higher tariffs. So how does it work, right? Some clients will get a different price compared to other clients. Can you just elaborate on that?
最后一个问题，关于美国。既然关税已降低，我想你们将不会再以相同幅度提高价格。但在第三季度是否会出现一些摩擦？因为部分汽车在关税较高时已出货。那么这该如何处理？一些客户会和其他客户拿到不同的价格，对吗？能否详细说明一下？
Benedetto Vigna
Okay. Susy, I'll take the third one. And then the first two, Antonio will comment. As you remember, we were very timely in announcing the commercial policy, 27th March when the tariffs were in place -- when the tariff get in place at 27.5%. So we will not change the commercial policy till this new 15% tariff will really become -- will be implemented. Because as of now, it is not yet implemented, it will take some time.
好的，Susy，第三个问题我来回答，前两个由 Antonio 说明。正如你记得的，我们在 3 月 27 日关税实施时非常及时地宣布了商业政策，当时关税是 27.5%。在新的 15% 关税真正生效之前，我们不会改变商业政策。因为截至目前，这一关税尚未实施，还需要一些时间。
But you may remember also that when last time we talked here in this event, we said that the invoice of the -- when the client will receive an invoice, you will have separated the tariff in a specific box. Because it's something that we want to make it clear to the client that one part is the price of what we do, another part is instead the tariff that depends on the country where, let's say, the car gets sold. So when the 15% will become really effective and implemented, then we will adapt our commercial policy. Item 1 and 2, Antonio please.
另外你可能记得，上次我们在这里交流时，我们提到过发票的问题。当客户收到发票时，关税会在一个单独的栏位标注。因为我们希望让客户清楚区分：一部分是我们的定价，另一部分则是取决于销售国的关税。所以，当 15% 关税真正生效时，我们将调整我们的商业政策。第一和第二个问题，请 Antonio 回答。
Antonio Picca Piccon
Thanks, Susy. For the first one, it is very much overlap to the question Stephen asked me before, meaning it has to do with the cost of goods. So first of all, cars and part growth 3%. Why? It only depends on the development of the product mix based on our plans. I don't know how an analyst are making their forecast. But basically, this is \[indiscernible] in line with our plan of deliveries in terms of model. And as far as personalization is concerned, as I said before, penetration is at 20%, and we actually see a continuing very strong trend. So that encourages us significantly.
谢谢你，Susy。第一个问题，其实和 Stephen 问我的内容有部分重叠，主要涉及销售成本。首先，汽车和零部件增长 3% 的原因？这完全取决于我们产品组合的发展，基于我们的计划。我不清楚分析师们是如何做预测的，但基本上这与我们按照车型的交付计划是一致的。至于个性化配置，正如我之前提到的，渗透率为 20%，而且我们看到这一趋势依然非常强劲，这让我们信心十足。
With respect to cost of goods sold, very strong in Q2. I think I already answered, I replied to Stephen before. It's not just for the sports car business, we have also racing, and that depends on how costs for racing, not just in Formula 1, but even World Endurance Championship evolve over the course of the year. For the rest is better efficiency, if you want to like that or lower inflation, including for quality. So I mean, that's the main drivers. Does it answer?
至于第二季度的销售成本，非常强劲。我想我之前已经回答过 Stephen 的问题了。这不仅与跑车业务有关，还包括赛车，取决于赛车成本的演变，不仅在一级方程式，还包括世界耐力锦标赛。其余的则归功于更高的效率，或者你可以说是较低的通胀，包括质量方面。所以这些就是主要驱动因素。这是否解答了你的问题？
Susy Tibaldi
Yes. But when we then think about the rest of the year because especially in terms of mix and so on, the expectation was that Q3 was going to be the bottom for this year. So that's still the case. So Q3 could still be weaker than...
是的。但当我们考虑今年余下时间，特别是从产品组合等角度来看，预期第三季度会是今年的低点。这一判断是否仍然成立？所以第三季度可能依然会比较弱…
Antonio Picca Piccon
If I look at the sports car business, I mean, it goes without saying that Daytona will be lower because it will be the last quarter we sell it. We don't have the F80 yet. And we just have a few units of the F80 in the last quarter. Then the overall development of our margins depends also on the racing activity and the development in the racing activity as far as cost of goods sold is concerned.
如果我看跑车业务，这毋庸置疑，Daytona 的销量会更低，因为第三季度是最后一个交付季度。我们目前还没有 F80，只会在第四季度交付少量 F80。然后，我们整体利润率的发展还取决于赛车活动，以及赛车相关的销售成本变化。
Operator
Next, we have Adam Jonas from Morgan Stanley.
接下来是来自 Morgan Stanley 的 Adam Jonas。
Adam Michael Jonas
My first question is on the Elettrica. And I'm not trying to get you to share any real significant details ahead of things. But remind us, is this product positioned for -- given it's your first electric vehicle, all-electric vehicle, is it positioned as more of a halo type of vehicle that would be offered to existing Ferrariste as like a very desired kind of -- obviously, it will be desired, but more for the existing family, the club, the members of the club, existing members of the club, who you can kind of trust, who will appreciate the engineering and the effort you put into it and also be a good source of feedback when you -- given it's such a big leap.
我的第一个问题是关于 Elettrica。我并不是想让你提前披露任何重大细节。但请提醒我们，这款车的定位是什么？考虑到它是你们的第一款电动车，完全电动的车型，它是否被定位为一种“光环”型车型，主要提供给现有的 Ferrariste，让他们作为极度渴望的对象——显然它会受追捧——但更多是面向现有家庭、俱乐部成员，也就是那些你们信赖的客户，他们能够理解你们投入的工程和努力，同时还能在这样一次巨大跨越中成为良好的反馈来源？
Or is it kind of designed to kind of expand and bring in new Ferrariste right away, right off the bat? How do you -- and I realize it can be both of those things, but I just wanted to ask that question to see where you took it in terms of kind of more controlled environment, trusted family members, a member of the House of Maranello? Or is it kind of a little more ambitious than that before you then launch into the future generations of electric cars? And then I have a follow-up.
还是说它被设计成一开始就能扩展客户群，引入新的 Ferrariste？我理解这可能两者兼有，但我想听听你们是如何看待的：是更偏向于在一个可控环境下，提供给值得信赖的“家族成员”，Maranello 之家的一员？还是说你们会更有雄心，在未来几代电动车发布前，就通过它直接扩大用户群？我还有一个跟进问题。
Benedetto Vigna
Thank you, Adam, for the question. I can tell you that we are -- about Elettrica definitely is a good try for you to understand how the car is positioned, but you still have to bear with us a few more weeks, and then October will be more clear. Sorry about that. I know you are curious, I would be curious already in your shoes. But it's a good try. You did well. I can tell you that this car is meant for the people that want it. As I said, we don't want to push the car, we want the people to have -- to be in love with the car. And it's for, let's say, people that are already in the community as well as for people that will join the community because of this addition, not transition, addition to our offering.
谢谢你，Adam，感谢你的提问。我可以告诉你，你对 Elettrica 定位的理解是一次不错的尝试，但还需要再等几周，等到十月份会更清晰。抱歉让你等待。我知道你很好奇，如果我是你也会如此。但你的尝试很好。我可以说，这款车是为那些真正想要它的人准备的。正如我所说，我们不想强推这款车，而是希望人们爱上它。它既面向已经在我们社区中的人，也面向因为这款新车型而加入社区的人。这是一种“新增”，而不是“过渡”，是对我们产品阵容的补充。
So it's a PV, you cannot try it. Me and Antonio keep trying sometimes with the test drivers on the track on different places where nobody can see during the night. So bear with us a few more weeks, 8th of October is close.
所以它还是一辆原型车，你们还不能试驾。我和 Antonio 有时会和试车手在夜晚没有人能看到的地方测试它。所以请再等几周，10 月 8 日很快就到了。
Adam Michael Jonas
Okay. Well, I thought it was a very good try if I say so myself, but you did better. You got me. Okay. My second question would be, are there enough changes? There have been some significant changes from key governments, especially in the United States, but also possibly in Europe on kind of the timing and some of the rules around CO2 emissions. And I understand Ferrari, you don't design products for CO2 rules. You design compelling beautiful products that people want, but can't get.
好的，我觉得自己提得已经算是不错的尝试了，但你的回答更胜一筹。你赢了。我的第二个问题是，最近一些主要政府出台了相当大的变化，尤其是在美国，欧洲也可能会有，涉及到二氧化碳排放规则的时间表和具体规定。而我理解 Ferrari，你们并不是为了 CO2 规则而设计产品，而是为了设计出令人心动、却难以得到的美丽产品。
But I'm just wondering if there's any impact from -- I mean, it seems like we don't have an EPA anymore in the United States. Some of those factors, do they at least affect some of the timing or medium or longer-term product rollouts in any way of your more electric products? Or is your answer, I think, predictably going to be, Adam, we do our own thing. We can't control the rules and it has nothing to do with us?
但我想知道，这些变化是否会对你们产生影响？比如，现在美国似乎已经没有一个真正发挥作用的环保署（EPA）了。这些因素是否至少会在某种程度上影响你们电动车产品中期或长期的推出时间？还是说，你们的答案就像我预想的那样：Ferrari 走自己的路，规则我们无法控制，与我们无关？
Benedetto Vigna
Adam, I think that for sure, I don't think there is any company in the world that can control how the things are moving outside their wall. So we control what we do. We proceed, as Antonio said, and I said as well, focus, determination, discipline and with agility. I think that in time of this, in these days, when things can change for whatever reason, the advantage to have a company such as Ferrari that is not big, that is more or less in the same place, it helps because we can take decision pretty fast. I think you know that I think we are being the only one that ahead of the 2nd of April, we updated our commercial policy because I think we know what we want to do and how we -- the best way to proceed. I think the time is of the essence.
Adam，我认为可以肯定的是，世界上没有哪家公司能够控制自己墙外的事情发展。所以我们专注于能控制的部分。正如 Antonio 和我都说过的，我们以专注、决心、纪律和敏捷来推进。在如今这个任何时候都可能发生变化的环境下，Ferrari 这种规模不算大的公司反而是优势，因为我们能更快地做出决策。你知道，在 4 月 2 日之前，我们可能是唯一一家提前更新商业政策的公司，因为我们清楚自己要做什么，以及最佳的推进方式。我认为时机就是一切。
When it comes to regulation, the regulation are important also for us, are important for us, and this is why we are working on the sustainability. So just to make you an example, I can remember what I said a couple of conference calls ago when I said that the 12Cilindri is a car that is compliant with the current regulation, but we did already some innovation that can help us to make this car also compliant with -- this kind of car can make us compliant with the future regulations.
当谈到监管时，法规对我们同样重要，这也是我们致力于可持续发展的原因。举个例子，我记得几次财报电话中提到过，12Cilindri 这款车符合当前法规，但我们已经在其中加入了一些创新，使这种车型未来也能符合新的监管要求。
So allow me to say in this way. When the boundary conditions change, it's a good push for us. It's an opportunity for us to keep challenging us, to keep learning and to keep redefining the limit. So I think this is -- I mean, we keep in consideration, and we know what is in our hand, we can control and what is instead what must be managed. And the external condition, we are managing them. And I think that we are managing pretty well with agility. And we have to be always, like I say, with the four wheels on the ground. We'll take when they come, we'll manage.
所以请允许我这样说：当边界条件发生变化时，对我们来说反而是一种推动，是一个不断挑战自我、持续学习并重新定义极限的机会。所以我们会将其纳入考量，我们清楚哪些在我们掌控之内，哪些需要去应对。至于外部条件，我们正在管理，而且我认为我们管理得相当灵活。我们必须始终如我所说，保持“四个轮子着地”。当变化来临时，我们会应对。
Operator
Next question comes from Monica Bosio from Intesa Sanpaolo.
下一个问题来自 Intesa Sanpaolo 的 Monica Bosio。
Monica Bosio
I hope you can hear me. My first question is on the Amalfi. So I'm just curious what the company aims to achieve with Amalfi. So do you expect to attract new customers at \[indiscernible] Roma? My second question is on the 296 Speciale. Benedetto, you already said that there is an overwhelming demand, and basically the order are approaching the completion of the life cycle. But any color in terms of regions or customers could be very useful. And my last question is on the Dodici Cilindri. I remember that in the last call, you said that Dodici Cilindri gets less traction in China because of the tax. So I'm just wondering what models do you see gaining more traction in China?
希望你们能听清楚。我的第一个问题是关于 Amalfi 的。我想知道公司希望通过 Amalfi 实现什么目标？你们是否预计它会吸引类似 Roma 那样的新客户？我的第二个问题是关于 296 Speciale 的。Benedetto，你已经说过需求非常旺盛，订单基本接近生命周期的尾声。但如果能提供一些区域或客户层面的信息会很有帮助。最后一个问题是关于 Dodici Cilindri 的。我记得上次电话会上你说过，由于税收原因，Dodici Cilindri 在中国的吸引力较弱。所以我想知道，你们认为哪些车型在中国会更有吸引力？
Benedetto Vigna
Okay. Thank you, Monica. I'll start from the last one. Last year -- last call, I was also generic telling Dodici Cilindri not only as a car, but as a motorization because usually, the tax on the Dodici Cilindri is higher in China. So the number of people that are willing to pay more or less 2.7x the price you pay in Italy is lower. So that's the reason why I said we will have a new car, and Amalfi is one of this, that will make -- that is more suitable for the Chinese market.
好的，谢谢你，Monica。我先回答最后一个问题。上次电话会上，我不仅仅是把 Dodici Cilindri 当作一款车来讲，而是作为一种动力总成来讲。因为在中国，Dodici Cilindri 的税负通常更高，所以愿意支付大约意大利价格 2.7 倍的人数会更少。这就是我当时说我们会推出一款新车的原因，而 Amalfi 就是其中之一，它更适合中国市场。
So the Amalfi, and I go back to the first of your questions, if you want two key messages. One, it offer us the possibility to improve the offering in countries such as China because over there, the offering was a little bit limited with the model we had before. And two, is a car that is meant that by putting together the sportiness and the comfort and elegance and the price that is meant also to bring in our world, in our community, clients from other brands. So this is -- I can tell you that -- I mean, we are starting to take orders. Delivery will start in first semester next year. And I can tell you that we have a decent amount of clients that are joining our community from other brands.
至于 Amalfi，回到你的第一个问题，有两点关键信息。第一，它让我们有机会在像中国这样的国家丰富产品供应，因为此前我们在那里的车型供应有限。第二，这款车兼具运动性、舒适性、优雅以及合理的价格，旨在把来自其他品牌的客户吸引到我们的世界和社区中。我可以告诉你，我们已经开始接受订单，交付将于明年上半年启动。并且我们确实有相当数量的客户是从其他品牌转投而来。
And the other question you had, the number two was about the 296 Speciale. The demand is very strong. We do not have any color or any, I would say, pattern -- geographical pattern. We have people from Middle East as well from Japan or U.S. or Europe that are extremely happy and anxious, let's say, to get a car like this. The commentary about the design that is completely new. It's about also the color offering. There are some color like the green Nürburgring, for example, that are making and attracting attention across the globe.
至于第二个问题，296 Speciale 的需求非常强劲。我们没有明显的区域特征或模式。来自中东、日本、美国和欧洲的客户都非常满意，也非常迫切地想要得到这款车。大家的评论主要集中在全新的设计以及配色方案上。例如绿色 Nürburgring 等配色在全球范围内都引起了很大关注。
So, so far, I would say that the model we selected are in line with our expectation in terms of appreciation and also in terms of, let's say, how the order book is moving.
所以到目前为止，我会说我们选择的这款车型无论在客户认可度方面，还是在订单进展方面，都符合我们的预期。
Monica Bosio
Very clear. If I may, a follow-up housekeeping. Susy asked about the third quarter. The last quarter, I'm referring to the last quarter, Daytona will no longer be there, but we will have the few deliveries of the F80 and a much more visible impact from SF90 XX and Dodici Cilindri. Can we say that this could compensate -- could offset the lack of the Daytona, Antonio?
非常清楚。如果可以的话，我有一个跟进的简短问题。Susy 提到过第三季度。我这里指的是第四季度，Daytona 将不再交付，但我们会有少量 F80 的交付，同时 SF90 XX 和 Dodici Cilindri 的影响会更明显。能否说这些可以弥补 Daytona 缺席带来的影响，Antonio？
Antonio Picca Piccon
Okay. In terms of mix, we expect the second half to be pretty neutral compared to last year, as a result of the changeover of lower Daytona disappearing in Q4 and the initial sales of the F80, and the ramp-up of the XX and Dodici Cilindri.
好的。从产品组合的角度来看，我们预计今年下半年与去年相比整体相对中性。这是因为 Q4 Daytona 退出后，会有 F80 的初步销售，以及 XX 和 Dodici Cilindri 的爬坡增长来平衡。
Operator
Next, we have Thomas Besson from Kepler Cheuvreux.
接下来是来自 Kepler Cheuvreux 的 Thomas Besson。
Thomas Besson
I have a few questions as well, please. I'd like to start with the share of hybrids in the quarter was the lowest in a couple of years. Could you give us some indications of what we should expect for the next 6, 12 months on that front? I guess it's linked with the lower volumes of the Speciale versus the regular versions, but I just wanted to hear your thoughts on that.
我这边也有几个问题。首先，本季度混合动力车型的占比是过去几年中最低的。能否给我们一些指引，让我们了解未来 6 到 12 个月在这一方面可以预期怎样的表现？我猜这可能与 Speciale 相较于常规版本的销量较低有关，但我想听听你们的看法。
Second question, you said you're more confident on the guidance and you removed the 50 bps cautious element of it. But at the same time, you say you're going to align the pricing to the evolution of tariffs. So could you explain why you don't keep this 50 bps element of caution?
第二个问题，你们说对指引更有信心，因此移除了 50 个基点的谨慎因素。但与此同时，你们也说会根据关税的变化调整定价。那么能否解释一下，为什么你们不保留这 50 个基点的谨慎空间？
And lastly, on the bridge, the other line was higher than usual for the second quarter in a row. You explained why. Can you tell us whether we should expect that other line to stay at a relatively high level and partly offset the lower mix in the second half of the year?
最后一个问题，在财务桥图中，“其他”这一行连续两个季度高于往常。你们已经解释过原因。那么能否告诉我们，这一项是否会在下半年保持相对较高水平，从而部分抵消产品组合较弱带来的影响？
Benedetto Vigna
Thank you, Thomas. I'll take the first one. The share of hybrid, you should not take, let's say, punctual quarter-by-quarter. What I can tell you is that it depends a lot what is offered. Today, if you see what we have in our offering, we have some, let's say, higher volume cars that are reducing. And we have -- I mean, so far, we announced in this year, three models, two hybrid, six-cylinder hybrid, 296 and one eight cylinder \[ turbo ].
谢谢你，Thomas。第一个问题我来回答。混合动力车型的占比，不应逐季来看。它很大程度上取决于我们推出的产品。如果你看看我们目前的产品阵容，一些高销量车型正在逐步减少。而到目前为止，我们今年已经发布了三款车型，其中两款是混合动力，分别是六缸混动 296，以及一款八缸 \[涡轮增压]。
So we are -- I would say that this demand, the ratio depends also on the volume of this car we want to produce. Clearly, 296 Speciale has a lower volume than 296. So we may have a slight decrease of the percentage of the hybrid cars because we have more IC to sell. The confidence and the EBIT, I think Antonio can comment in detail.
因此，我会说，这个比例也取决于我们想生产这些车型的数量。显然，296 Speciale 的产量低于 296。因此混动车型的占比可能会略微下降，因为我们有更多内燃机车型要销售。至于信心和 EBIT，我认为 Antonio 可以详细说明。
Antonio Picca Piccon
Sure. Thomas, on this confidence on the guidance and removal of the 50 basis points, the main reason is that we added in my explanation, meaning we expect now industrial costs for the second half of the year lower than we had originally anticipated. That helps us to compensate together obviously with the fact that the assumptions on the ranking in Formula 1 is now different compared to the beginning of the year. Those are the main -- then within industrial cost, we see there are a number of items going up and down, but the main trend is downward compared to expectations.
当然，Thomas。关于对指引的信心以及移除 50 个基点谨慎因素，主要原因正如我之前解释的：我们现在预计下半年的工业成本会低于最初预期。这帮助我们进行补偿，再加上一级方程式排名假设与年初相比有所不同，这是主要因素。在工业成本内部，虽然有一些项目会此消彼长，但整体趋势较预期是下降的。
Other in the EBIT line in the second half, I haven't done the math, honestly. I would expect the growth in terms of contribution of new sponsors to be lower compared to what we have seen in the first half because last year, we had already a number of sponsor or new sponsors in, still positive, but I would expect it to a lower extent. Better contribution from the Formula 1 commercial right holder should stay there. So I would expect positive, but not necessarily to the same extent as it was in the first half.
至于 EBIT 中“其他”这一项，下半年我还没有做具体测算。我的预期是新赞助商的贡献增速会低于上半年，因为去年我们已经引入了一些赞助商和新赞助商，虽然仍然是正面贡献，但幅度可能会更低。来自 F1 商业权益方的贡献应当会维持在那儿。所以我预计依然是正面的，但幅度不一定像上半年那么大。
Operator
Next, we have Flavio Cereda from GAM.
接下来是来自 GAM 的 Flavio Cereda。
Flavio Cereda
A question for Benedetto. A very quick question. Can you -- as you're aware, the story is about you guys delaying the launch of the second electric vehicle due to perceived lack or lower levels of demand. I find that quite incomprehensible. So given that you're on the line, can you clarify exactly what the position is, please?
我有一个问题要问 Benedetto，很快的一个问题。外界有传闻说，你们推迟了第二款电动车的发布，原因是被认为需求不足或水平较低。我觉得这有些难以理解。既然你在电话线上，能否澄清一下你们的真实立场？
Benedetto Vigna
Thank you, Flavio. That's a good question. I think that we said in 2022 that in Q4 '25, we were going to unveil our electric car, and that's what we will do. We are keeping, delivering on promise. So we are perfectly in line with what we said. We are trying the car. The car is proceeding as planned. There is not an hour of delay, single hours of delay on this project. It's very important.
谢谢你，Flavio，这是个好问题。我认为我们在 2022 年已经说过，会在 2025 年第四季度发布我们的电动车，而我们会照此执行。我们正在兑现承诺，完全符合我们当初所说的时间表。我们正在测试这款车，进展一切顺利。这个项目没有哪怕一小时的延误，这点非常重要。
So it's -- we never talked about the second car or the third electric cars. So we are very confident, okay? And 8th October, when there will be the unveil of this car, of the engineering of this car, you will see what's behind the article and our words, let's put it this way. You will see it. So you have to be a little bit more weeks of patience and then we will see. We are having a nice evening with Antonio and other colleague in a place with a lot of mosquitoes because we have to try the car during night, otherwise people see it, can take pictures. Unfortunately, there are a lot of mosquitoes, so it's not easy. But it's on track.
至于所谓的第二款或第三款电动车，我们从未谈论过。我们非常有信心。10 月 8 日，这款车及其工程设计将会正式亮相。到时你们就能明白新闻报道与我们表述之间的差别。只需要再耐心等待几周，你们就会看到结果。我和 Antonio 以及其他同事最近常常在一个蚊虫很多的地方度过夜晚，因为我们必须在夜间测试这辆车，否则可能会被人看见并拍照。虽然蚊子很多，测试不容易，但项目一切都在正轨上。
Operator
Next, we have Anthony Dick from ODDO BHF.
接下来是来自 ODDO BHF 的 Anthony Dick。
Anthony Dick
A couple of ones on tariffs. Firstly, I'm just wondering if you saw in the past couple of months, any signs of client cancellations or postponing orders and if this has changed at all since we've had more clarity on the tariff environment. And then secondly, more on the kind of modeling and cost side, but could you maybe help clarify how you expect tariff costs to evolve over Q3 and Q4? I know sometimes you batch your orders for the different regions. So I'm just wondering if we should expect a large share of volumes at the 27.5% rate in Q3? Or if there's kind of a way to work around that? And maybe just a final one is on the Daytona SP3. I'm just wondering if you could share the shipments that you had in Q3 -- in Q2, sorry.
关于关税有几个问题。首先，我想知道在过去几个月里，你们是否看到客户取消或推迟订单的迹象？在关税环境更明朗之后，这方面是否有变化？其次，关于模型和成本方面，你们能否说明一下对 Q3 和 Q4 关税成本的预期？我知道你们有时会为不同地区集中批量出货。那么我们是否应该预计 Q3 会有大部分销量适用 27.5% 的税率？还是说有办法绕过这一点？最后一个问题是关于 Daytona SP3，你们能否分享一下 Q2 的出货情况？
Benedetto Vigna
Antonio can manage all these questions with all the detail.
Antonio 可以详细回答所有这些问题。
Antonio Picca Piccon
Sure. Starting from the last one, shipment for Q3, we do not provide -- sorry, Q3 shipment for the Daytona. Q3 shipments overall, we do not provide in advance, as you may imagine. As far as Daytona is concerned, it will be around 40% tariffs expected in Q3 and Q4. Well, it all depends. The political agreement -- if you meant U.S. tariff, the political agreement has been reached. The question that I mentioned is it's still uncertain from when it will actually apply, meaning when there would be an executive order to make tariffs lower compared to today. As of now, we have a certain amount -- certain number of cars that have been imported at 27.5%. From then on, we'll keep on -- we will start importing at 15%.
好的。从最后一个问题开始，关于 Q3 的出货量，我们不提供提前指引——抱歉，Daytona 在 Q3 的出货情况无法提前披露。至于 Daytona，Q3 和 Q4 的关税预计大约在 40% 左右。当然这取决于情况。如果你指的是美国关税，目前政治协议已经达成。问题在于从何时起实际执行仍不确定，也就是说何时会有行政命令将关税降到比现在更低的水平。截至目前，我们已有部分汽车按 27.5% 税率进口。从那之后，我们将开始按 15% 税率进口。
Third -- your first question, cancellations, postponement for the tariff environment. We do not have the sense that tariffs have an implication in terms of customers' behavior, at least not a clarity in this respect. It's more -- perhaps if I had to mention, I did it to Benedetto, if you tell -- it's different, it's more somewhere the uncertainty that may have created a sort of wait and see in some areas of this world related to the uncertainty. But it's very difficult to judge because it's also -- the order intake very much depends on the cars that we have available for order. And since we are close to the end of life cycles of several of our models and the others are sold out, we can't really measure what's the overall sentiment in respect of introduction of a new car, at least for now.
第三，关于第一个问题，即关税环境下的取消或推迟订单。我们并没有感受到关税对客户行为有明显影响，至少目前没有明确的迹象。更多的是由于不确定性，在世界某些地区可能导致客户采取观望态度。但这很难判断，因为订单量很大程度上取决于我们有哪些车型可以接受订单。由于我们有几款车型接近生命周期尾声，其他车型已经售罄，因此目前很难真正衡量新车型发布对整体市场情绪的影响。
Benedetto Vigna
I think it's a good point. I think that on one side, we have, let's say, a model, let's say, portfolio with more or less all the models sold out and the new model joining our offering now. On the other side, we have -- we reached -- if you look at our order book that is -- it's entering into 2027, well, and it's not even considering all the order of the car we launched recently. We have, for example, a record backlog in Asia, if you consider all Asia with the exclusion of Mainland China because we account it under different region, where we have this really record backlog for this region.
我认为这是个好问题。一方面，我们的产品组合几乎所有车型都已售罄，同时新车型正逐步加入我们的产品阵容。另一方面，如果你看我们的订单簿，它已经延伸到 2027 年，而且这还不包括我们最近发布的新车型订单。例如，在亚洲（不包括中国大陆，因为我们单独作为一个区域统计），我们的积压订单量创下了历史新高。
So it's what Antonio said. We may have some wait and see that is confounded also with the fact that there are not enough model we can sell. So the client -- the offering is not as rich as it is becoming now with the announcement of the three models we did and also with the announcement of the other model that we will do in the second half of this year. Remember that this year, we unveiled six -- we announced six models, three have been done, three others will be done from now until end of this year.
所以正如 Antonio 所说，客户的观望态度可能也与我们可销售的车型数量有限有关。目前的产品供应不像现在这样丰富。而随着我们今年已经宣布的三款车型，以及将在下半年发布的另外三款车型，供应正在变得更加多样化。请记住，今年我们一共宣布了六款车型，三款已发布，另外三款将在今年年底前发布。
Operator
Next, we have Henning Cosman from Barclays.
接下来是来自巴克莱的 Henning Cosman。
Henning Cosman
If I could ask a similar related question to Flavio's earlier, but I'll try a different way. You also have this 40% electrification ratio for -- in your 2030 targets from the last CMD. And I'm just wondering, I appreciate you've never talked about an actual second electric vehicle. But just if there's any chance, maybe premature to ask this now, but is there any chance to revisit that in the upcoming CMD? That's the first question.
我的问题和 Flavio 之前的问题类似，但我换个角度来问。在上一次资本市场日，你们公布了到 2030 年实现 40% 电动化的目标。我知道你们从未提到过第二款电动车的具体情况，但是否有可能在即将到来的资本市场日上重新审视这一目标？也许现在问还为时过早，但我还是想确认一下。
And Benedetto, just because you mentioned now the remaining launches of the year, we're quite pleased to see the confidence and the resilience and the pricing of the launches so far. For example, Amalfi 10% above outgoing Roma, 20% above the original Roma price. Is there any reason to suspect that the upcoming launches may not follow that confident and constructive pricing strategy?
另外，Benedetto，因为你刚才提到今年剩余的新品发布，我们注意到你们在定价上的信心与韧性。例如，Amalfi 的定价比停产的 Roma 高出 10%，比最初的 Roma 定价高出 20%。有没有理由怀疑接下来的新品不会继续延续这种积极和自信的定价策略？
And if I can squeeze a final one just to clarify. I think, Antonio, you said there's 40 Daytonas left or so for Q3, which I suppose means you had delivered about 60 or so in Q2. But if you could just give us the exact number as customary, that would be great.
最后一个问题，请确认一下。Antonio，我记得你提到 Q3 还剩大约 40 辆 Daytona，这意味着你们在 Q2 已经交付了大约 60 辆。如果能像往常一样给我们一个确切数字就更好了。
Benedetto Vigna
Thank you, Henning. You remember well, 40% of our offering in 2030, that's what we said it was going to be electric. And it's a good try, but we will show you in a few weeks at Capital Markets Day what we are aiming to for the future. We will show with you and all other colleagues in the call as well as others all the detail of what this company intends to do for the next 5 years. Fact number one.
谢谢你，Henning。你记得没错，我们在 2030 年的目标中确实提到过 40% 的车型将实现电动化。这是个好问题，但答案要等到几周后的资本市场日。届时我们会向你和其他投资者详细展示未来 5 年的规划。这是第一点。
Fact number two. Usually, I mean, as we do not talk about the specificity of the model because it's important to keep them secret. Also the price is another important factor that we will disclose when it's time. We will have -- from now until end of the year, we will have this car launched and then we'll disclose what is the price also. Because imagine that you have to disclose first the price to our dealers, and then we can disclose it publicly. Otherwise, would not be fair with some people that are playing an important role in our community.
第二点，通常我们不会提前透露车型的具体信息，因为保密非常重要。价格也是如此，必须等到合适的时候才公布。从现在到年底，我们将发布这款新车，届时也会公布价格。但必须先告知经销商，然后才能对外公布，否则对我们社区中承担重要角色的合作伙伴不公平。
For the Daytona, I think...
至于 Daytona，我想……
Antonio Picca Piccon
On the first one, I can answer. You did the math right. So we were approximately 60 in the second quarter.
第一个问题我可以回答。你的计算是对的，我们在第二季度大约交付了 60 辆 Daytona。
Operator
Next we have Nicolai Kempf from Deutsche Bank.
接下来是德意志银行的 Nicolai Kempf。
Nicolai Kempf
Not many left, but coming back to CMD, and I don't want to steal your thunder, but we are all very excited. Can you just give us some ideas what we should look for in terms of the announcement?
问题不多了，但回到资本市场日（CMD）。我不想提前揭开悬念，但我们都非常期待。能否给我们一些提示，在发布会上我们应该重点关注哪些内容？
Benedetto Vigna
What does it mean announcement or what, of the car? No.
你是指发布的内容？还是新车？不是新车。
Nicolai Kempf
On everything, on what should be focused on at the event.
我是指整体内容，在活动中我们应该关注的重点。
Benedetto Vigna
Look, I can tell you that at the Capital Markets Day, we'll disclose you in detail what this company intends to do in terms of marketing strategy, product strategy, financial strategy, the business plan. I mean, expect from us to get the same kind of transparency and clarity that we got -- we did and we shared with all the world 3 years ago. I think for us, transparency clarity is key also because it's key for you, it's key also internally because we will use this material also to do the deployment of our strategy for all the people in the company.
我可以告诉你，在资本市场日上，我们会详细披露公司在营销战略、产品战略、财务战略以及整体业务计划方面的规划。你们可以期待我们提供与三年前相同水平的透明度和清晰度。当时我们向全世界展示了我们的战略，现在我们也会这么做。对我们来说，透明和清晰不仅对投资者至关重要，对公司内部同样重要，因为我们会用这些材料来推动全体员工执行战略。
So if I understand well, Nicolai, this is the answer to your question. So if you can -- I don't know what is your plan. You will see the same detail. You will see what we commit to do till end of this decade.
所以，如果我理解正确的话，Nicolai，这就是对你问题的回答。不管你计划如何，你们都会看到相同的细节，看到我们承诺在本十年结束前要完成的目标。
Operator
Next comes from José Asumendi from JPMorgan.
接下来是摩根大通的 José Asumendi 提问。
José Maria Asumendi
Antonio, can you please comment on the second half? When you look at the balance between mix price and then industrial cost, R\&D and SG\&A, do you think there's a chance that the balance of both categories are going to be a bit more in the positive territory or more neutral? I know you commented on each of the different buckets for Q3, Q4. But just wondering for the second half, how should we think about that?
Antonio，你能否谈谈下半年？在考虑产品组合与定价，以及工业成本、研发和销售管理费用之间的平衡时，你认为整体结果更可能偏向正面，还是比较中性？我知道你之前已经谈过Q3和Q4的单项因素，但我想问的是，下半年整体我们应该如何理解？
And then second, Benedetto, probably also a question for the Capital Markets Day. But can you comment on CapEx a little bit where we stand on the cycle and medium term, how do we think about CapEx, especially in the light of all the special projects you have, right? You have a lot of I think super interesting projects like Elettrica, et cetera. When do we start on CapEx? How do we see this 2 years out?
其次，Benedetto，这可能也属于资本市场日的问题。你能否谈谈资本开支（CapEx）？目前我们处于投资周期的哪个阶段？中期来看我们该如何看待资本开支，特别是考虑到你们有很多特别项目，比如 Elettrica 等。未来两年 CapEx 会如何演变？
Benedetto Vigna
So I take the second one and Antonio. So you may remember that many times I said that one important things for a company to be innovative and sustainable is to define clearly the boundary within which innovation must happen. Two, to keep on delivering what the company is committing to do in front of everyone. So what I can tell you that what we told you 3 years ago and the entire world, well, we are fully on track with that. I mean we -- I believe that the best source of innovation in the company is to define the boundary condition and then the people will find a solution.
我先回答第二个问题，Antonio再补充。你们可能记得，我多次强调过，一家企业要保持创新和可持续性，首先要清晰地定义创新所处的边界条件；其次是要持续兑现公司在外界面前做出的承诺。我可以告诉你们，三年前我们向全球公布的目标，现在我们完全按照计划推进。我相信，最好的创新源泉就是先设定边界条件，然后让公司的人才在其中找到解决方案。
So if you want, yes, we are in line what we said we were going to do with the CapEx. So there is no deviation. You will see more detail during the Capital Markets Day and how we intend to proceed for the future. But as of now, I can tell you that we are on track with everything we committed to all the shareholder community on all the fronts, CapEx included.
所以，就CapEx而言，我们完全按三年前的承诺执行，没有偏差。资本市场日上我们会披露更多未来的细节。但截至目前，我可以明确告诉你们，我们在各方面都保持在正轨上，包括资本开支在内。
Antonio Picca Piccon
Yes. And as far as your first question, I answer on a yearly basis. We expect mix and price to contribute positively to the development of the earnings for the year. Industrial costs and R\&D are generally a negative. But as I said before, because of a lighter second half of the year, I expect it to be lower negative than we originally anticipated but for the impact of tariffs, of course.
是的。至于你的第一个问题，我从全年角度回答。我们预计产品组合和定价对全年盈利的贡献将是正面的。工业成本和研发通常是负向因素，但正如我之前所说，由于下半年相对“轻松”，这些负面影响会比原先预期的要小——当然，不包括关税的影响。
SG\&A, I expect it to be a negative, and this is for a number of reasons, including the fact that this year is full of events, of launches of cars. And we keep on working on the infrastructure of the company. And I think I mentioned it all.
至于销售和管理费用（SG\&A），我预计是负向的，原因有很多，其中包括今年活动频繁、新车发布较多。同时我们也在持续投入公司基础设施建设。我想这已经涵盖了主要因素。
Operator
Our last question comes from Tom Narayan from RBC.
我们最后一个问题来自RBC的Tom Narayan。
Gautam Narayan
Tom Narayan, RBC. I wanted just to clarify, I think you said this, sorry, I missed it. Daytona's -- sorry, did you say it was 40 in Q2 or 60? Then next question was -- it's really a response to Stephen's question. I wonder if this is impacting the stock price right now because I'm getting questions on it. Did you mention something about residual values being contemplated in the U.S.? Maybe you could just put that to bed. It sounds like that's not what you're seeing.
Tom Narayan，RBC。我只是想确认一下，我想你刚才说了这个，对不起，我错过了。Daytona —— 抱歉，你是说Q2是40还是60？接下来的问题其实是对Stephen提问的回应。我想知道这是否正在影响股价，因为我收到了一些关于这方面的问题。你是否提到过在美国考虑残值问题？也许你可以澄清一下。听起来似乎不是你们所看到的情况。
And then third, on the guidance, Antonio. I know you said to expect mix in H2 '25 to be similar to H2 '24. I know this is just a mix comment. If I just use H2 '24 numbers, it feels like it implies '25 numbers close to the guidance floor. Just curious how you think of the order of magnitude of what greater than means.
然后第三个问题，关于指引，Antonio。我知道你说过预计2025年下半年与2024年下半年在组合上类似。我知道这只是一个组合的评论。如果我仅仅使用2024年下半年的数据，感觉这意味着2025年的数字接近指引下限。我只是好奇你们是如何理解“大于”的量级的。
Benedetto Vigna
Antonio can go through this question.
Antonio可以来回答这个问题。
Antonio Picca Piccon
Yes. So first, maybe just to take out the point from the table. On the stock price, we haven't discussed anything in respect to residual value in the U.S. I don't know what you were referring to, at least not in the call. Okay. If there is any doubt in this respect, please ask. I'd go through the other two questions.
好的。首先，也许我需要把这个问题澄清一下。关于股价，我们没有在美国残值方面讨论过任何内容。我不知道你指的是什么，至少在这次电话会议中没有提到。如果有这方面的疑问，请直接提出来。我会继续回答另外两个问题。
On Daytona, sorry if I spread it wrongly. But basically, in Q2, there were 60, 6-0. And in Q3, there will be approximately 40, 4-0. Mix in H2 '25 versus H2 '24, I said they rather neutral. Honestly, I don't want to go into the details of how much greater than compared to. Okay? Let's see the signs of the...
关于Daytona，很抱歉如果之前我说得不清楚。实际上，Q2是60台，6-0。而在Q3，大约是40台，4-0。关于2025年下半年与2024年下半年的组合，我说过基本上是中性。坦白说，我不想深入到“大于”的具体量级对比中。好吧？我们拭目以待……
Benedetto Vigna
I think for the first question -- on the second -- the third, what was it? Residual value? For the second one, correct me, Tom, to my comment when I said that U.K. and U.S. There is U.K. yes. U.K. that was we said already was a little bit under pressure, and we took some commercial action like to reduce the number of cars we are putting over there. And then I said that in U.S., we have some models that are a little bit under pressure for which we took some commercial actions that are showing some results. So this is what I was saying, Tom. It was not said in my speech, but it was said in the first question to Stephen.
我想对于第一个问题——第二个——第三个，是什么来着？残值问题？关于第二个问题，Tom，请纠正我，我当时的评论是关于英国和美国的。在英国，是的，我们已经说过有一些压力，因此我们采取了一些商业措施，比如减少我们投放到那里的车辆数量。然后我说在美国，我们有一些车型也面临一些压力，为此我们采取了一些商业措施，并且已经显示出一些效果。所以这就是我所说的，Tom。这不是在我演讲稿里提的，而是在回答Stephen的第一个问题时说的。
Gautam Narayan
Okay. So there's nothing to be concerned about for the U.S. residual?
好的。所以美国的残值问题没有什么需要担心的，对吗？
Benedetto Vigna
We do not have any specific concern about this. What I can tell you is that we -- for example, we said in a couple -- in a few conference calls ago that for some model, the hybrid, let's say, the aging of the battery was seen as a kind of concern. And that's reason why we put in place a kind of warranty scheme in terms of the battery that is having an adoption depending on the state from 20% -- from 15% to 20%. So basically, this was a concern that over the time, the battery can get -- can expire. And then we put in place since September last year, that is having a kind of warranty, that is having a good traction. Just today, we are around 15%, 20%, depending on the state. While for other usual guarantee, we are below 10%.
我们对此没有任何特别的担忧。我可以告诉你的是，例如，我们在几次电话会议中提到过，对于一些车型，比如混合动力车，电池老化被视为一种潜在问题。这也是为什么我们推出了一种电池保修计划，根据不同州的情况，采用率在15%到20%之间。基本上，这个担忧是电池可能随着时间推移而失效。因此，我们自去年9月起实施了这一保修方案，并且得到了良好的市场反应。截至目前，采用率大约在15%至20%之间，取决于不同的州。而对于其他常规保修，采用率低于10%。
Operator
Thank you for all the questions. This concludes the Q\&A session. And I will now turn the conference back to Benedetto Vigna, CEO of Ferrari for closing remarks.
感谢大家的提问。本次问答环节到此结束。现在我将把会议交还给Ferrari首席执行官Benedetto Vigna作闭幕发言。
Benedetto Vigna
So thank you for your time today and also for all your questions and for trials to get more information, but you have to bear a little bit more till the Capital Markets Day. We are really looking forward to see you here, back here in Maranello for the Capital Markets Day. It will be October 9, so a few weeks more. So the next appointment will be that one. And then I wish you a good morning, good afternoon, wherever you are on this globe. And thanks again for your questions, for your attention. Thanks from all the people here in Maranello. And if you have a rest, have a good rest in August. Thank you.
非常感谢大家今天的时间，也感谢你们的所有问题，以及你们为获取更多信息所做的努力。不过还请大家再耐心等待一段时间，直到资本市场日。我们非常期待在资本市场日与你们在Maranello再次相见。时间定在10月9日，还有几周的时间。所以下一个重要的日程就是那一天。最后，无论你们身处世界何处，我都祝愿大家早安、午安。再次感谢你们的提问和关注，也代表Maranello这里所有的人表示感谢。如果你们即将休假，祝你们八月假期愉快。谢谢。
Operator
This concludes today's conference call. Thank you for participating. You may now disconnect.
今天的电话会议到此结束。感谢各位的参与。现在可以结束连接。
热门主题
Recent Articles
2025-07-31 Apple Inc. (AAPL) Q3 2025 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q3 2025 Earnings Conference Call July 31, 2025 5:00 PM ET Company Participants Kevan Parekh - Senior VP & CFO Suhasini Chandramouli - Director of Investor Relations Timothy D. Cook - CEO & Director Conference Call ...2025-07-31 Arthur J. Gallagher & Co. (AJG) Q2 2025 Earnings Call Transcript
Arthur J. Gallagher & Co. (NYSE:AJG) Q2 2025 Earnings Conference Call July 31, 2025 5:30 PM ET Company Participants Douglas K. Howell - Corporate VP & CFO J. Patrick Gallagher - Chairman & CEO Conference Call Participants Andrew E. Andersen - ...2025-07-31 Ferrari N.V. (RACE) Q2 2025 Earnings Call Transcript
Refer To：《2025-07-31 Ferrari N.V. (RACE) Q2 2025 Earnings Call Transcript》。 Ferrari N.V. (NYSE:RACE) Q2 2025 Earnings Conference Call July 31, 2025 9:00 AM ET Company Participants Antonio Picca Piccon - Chief Financial Officer Benedetto Vigna - CEO & ...2025-07-31 Mastercard Incorporated (MA) Q2 2025 Earnings Conference Call Transcript
Mastercard Incorporated (NYSE:MA) Q2 2025 Earnings Call July 31, 2025 9:00 AM ET Company Participants Devin Corr - Executive Vice President of Investor Relations Michael Miebach - CEO & Director Sachin Mehra - Chief Financial Officer Conference Call ...2025-07-31 Sirius XM Holdings Inc. (SIRI) Q2 2025 Earnings Call Transcript
Sirius XM Holdings Inc. (NASDAQ:SIRI) Q2 2025 Earnings Conference Call July 31, 2025 8:00 AM ET Company Participants Hooper Stevens - Senior Vice President & Head of Investor Relations Jennifer C. Witz - CEO & Director Scott A. Greenstein - President ...