同样都是2000MPa热成型钢，理想通过自研材料，获得了1500MPa弯曲角，在冲击测试中，可以不断 裂，有最好的吸能。 和特斯拉一样，理想是行业中极其罕见的专门建立材料博士研究员团队，潜心研究各类创新材料群， 形成底层技术领先。 理想是新能源车企中少有的将材料和底盘、电池列为同等级部门的企业，因为理想认为材料是底层科 学，能从根本上提升整车性能，达到更高的效率和天花板。 举三个例子： 理想已经自研了三代自研不锈钢UFHS-X用于高压油箱，此前油箱可能会面临底部的一些戳穿，理想 现在开发的材料强度提高1倍，通过高分子材料解决摩擦异响和振动，在底层把材料配方改了。 TOP2在与理想材料技术负责人段吉超交流过程中得知，理想是 理想是自研材料种类最多、量产应用 最广的车企，没有之一。一位群友是某直接供应商，反馈理想是最早尝试把铝合金电池pack上盖更换 成玻纤复合材料的车企，已完成新材料全面替代，当前在电池pack材料中已实现大幅度降本降重成 果。横向对比各家车企，在材料应用的更新验证速度上，理想是反应最快的先驱者之一。 目前首发行业创新材料30+，申请百余项专利，覆盖电驱、增程、车身等各大系统。 汽车大约涉及上千 ...

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

内容来自理想电池性能开发负责人罗博士的三个视频。 长时间大功率充电过程中电池自身会有很大发热，控制不好电池温度会影响电池长期寿命。 控制温度核心两点 1.降低电池发热（降低电池内阻） 2.提升电池系统冷却能力 理想组建专项攻关小组，花1年时间攻克。 建立高精度电芯内阻解耦模型，行业常规将电芯内阻拆解2层，5-6项的组份构成。理想拆为3层17项。 罗博士说做到了有史以来最精细的电芯内阻拆解。 通过对这17项逐一去寻找优化方案，花1年时间成功实现0.30 mΩ。 设计目标单颗电芯内阻0.30mΩ，当时行业普遍是 0.5mΩ，找了五六家电池供应商去评估，初步反馈都是没办法。行业最领先的 电池供应商预估可以做 到 0.38mΩ。 这是理想在5C开发过程中遇到的最核心最难的技术要点，做不到 0.3mΩ，整个5C开发项目就会失败。 理想MEGA OTA升级 与充电速度NPS 12min500km 19min充满电 22min充满电 95.2 91.6 96.9 100 de s 93.1 91.7 91.5 80 ୧୦ 理想MEGA量产 OTA6.0升级 40 20 0 2024/4 2024/6 2024/8 15mi ...

Group 1 - IKEA launches instant retail service in partnership with JD.com, marking its entry into the instant retail sector, covering 13 stores across 9 cities in China [7] - Bubble Mart's Valentine's Day limited edition series "Star People" sees prices surge nearly 7 times, with popular hidden items selling for up to 699 yuan [5] - Ideal Auto plans to close underperforming stores as part of a strategic evaluation, with the number of closures yet to be determined [4] Group 2 - Tencent's anti-fraud department reported over 90 employees were dismissed for violating company policies, with some cases referred to law enforcement [4] - Intel's CFO indicates the company is operating at a "hand to mouth" state, focusing on high-end products due to supply constraints, which may affect market share in lower-end segments [4] - Amazon is set to initiate another round of layoffs affecting thousands of employees as part of a broader plan to reduce its workforce by approximately 30,000 [5] Group 3 - Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, although the company has not confirmed any specific updates [6] - The Chinese securities regulator imposed a record fine exceeding 1 billion yuan on individual Yu Han for manipulating the stock market [7] - Toyota has incurred an additional cost of approximately 5.1 trillion yen over the past four and a half years due to rising prices in the automotive industry [10]

Core Viewpoint - Li Auto is reportedly planning to close some underperforming stores, particularly unprofitable supermarket locations, although the exact number of closures is currently unknown [1] Group 1 - An internal source indicated that the company is in the evaluation stage regarding the closure of low-efficiency stores [1] - Li Auto's staff responded to rumors of mass store closures and layoffs, stating that these claims are false [1] - The company confirmed that it will close a small number of low-efficiency supermarket stores this year, but it does not involve mass closures [1]

导读：2025年，理想汽车的交付量为40.6万辆，同比下滑约19%，未达成调整后销量目标。 （文 / 观察者网 周盛明 编辑 / 高莘） 1月23日，理想汽车内部人士向观察者网证实，理想汽车后续将关闭一些能效低、扩张期铺开的门店， 目前还处于评估阶段，门店关闭数量不详。 "（关店原因）确实（是出于）经营效率考量。"该内部人士表示。 从数据中可以看出，理想汽车的零售中心数量在2023年增长最快。 从总体来看，由于MEGA召回、L系列处于换代前的销量低点、纯电产品处于起步阶段等多方面的影 响，理想汽车2025年的业绩并不出色。2025年，理想汽车的交付量为40.6万辆，同比下滑约19%，未达 成调整后销量目标。 在2025年第三季度财报电话会议上，理想汽车创始人兼CEO李想表示，从2025年四季度开始，理想汽车 回归"创业公司的管理模式"，以此来面对"新时代、新技术的挑战"。 理想汽车执行董事兼总裁马东辉则表示，随着增程产品L系列大改款的临近，理想汽车将"重新夺回中 大型SUV的领导地位"，简化SKU、消除入门版体验"打折"的问题，用"确定性的技术升级+确定性的交 付节奏+确定性的用户价值"应对市场不确定性。 此 ...

Core Viewpoint - The company, Li Auto, plans to close underperforming stores to enhance overall operational efficiency and reallocate resources to more promising areas [2]. Group 1: Store Operations - The company has been expanding its store network significantly over the past five years, with a total of 548 retail centers across 159 cities as of December 31, 2025 [2]. - The company also operates 561 after-sales service and authorized repair centers, covering 224 cities [2]. Group 2: Market Strategy - Analysts suggest that during the expansion phase, companies may open numerous stores to quickly capture market share, but some locations may suffer from poor site selection, market saturation, or intense competition, leading to low operational efficiency [2]. - Closing these low-efficiency stores allows the company to concentrate resources in core markets or high-potential areas, thereby strengthening market competitiveness and brand influence in those regions [2].

Core Viewpoint - Li Auto is experiencing a stark contrast in production at its Changzhou base, with significant declines in sales of its range-extended models while its pure electric models are seeing increased production and demand [2] Group 1: Production and Sales Performance - The production area for range-extended models L7 and L8 is quiet, with workers on a "three days on, four days off" schedule for nearly a month, leading to a sharp decline in income [2] - In contrast, the production line for the pure electric model i6 is operating at full capacity with a double shift, achieving a daily output of over 700 units [2] - In 2025, Li Auto's total sales volume dropped by 19% year-on-year, with retail sales of the L7 and L8 models plummeting by 66% and 79% respectively, losing market share to competitors like AITO and Leap Motor [2] Group 2: Financial Performance - Li Auto delivered a total of 406,300 vehicles in 2025, only achieving 63% of its revised sales target, and ended the third quarter with a net loss of 624 million yuan, marking the end of 11 consecutive profitable quarters [2] Group 3: Strategic Adjustments - In response to the declining performance, Li Auto has initiated a strategic adjustment, returning to a startup management model, focusing on range-extended and high-end markets, and streamlining the L series models [2] - The company plans to launch a new version of the L9 equipped with its self-developed M100 chip [2] - 2026 is identified as a critical year for the company to improve production line operations and fulfill salary commitments, with the success of this strategic transformation pending market validation [2]

Core Viewpoint - The company, Li Auto, plans to close underperforming stores to enhance overall operational efficiency and reallocate resources to more promising areas [1] Group 1: Store Operations - Li Auto will shut down some low-efficiency stores that were opened during its expansion phase to quickly capture market share [1] - The closures are attributed to factors such as poor site selection, market saturation, and intense competition, which have led to low operational efficiency [1] - By closing these stores, the company aims to concentrate resources in core markets or high-potential areas, thereby strengthening its market competitiveness and brand influence [1] Group 2: Store Growth Data - Over the past five years, Li Auto has seen a year-on-year increase in the number of its stores [1] - As of December 31, 2025, Li Auto will have 548 retail centers across 159 cities, along with 561 after-sales service and authorized repair centers covering 224 cities [1]

公开数据显示，2021年，理想汽车全年交付量为9.05万辆，同比增长177.4%；2022年，全年交付量为13.32万辆，同比增长47.2%；2023年，全年交付量为 37.6万辆，同比增长182.2%；2024年，全年交付量同比增长33.1%至50.05万辆。2025年，理想L7、L8车型全年零售量分别为8.07万辆、4.33万辆，同比分别 大跌66%、79%。理想汽车2025年的交付量为40.6万辆，同比下滑约19%，未达成调整后销量目标。 近日，据蓝鲸财经报道，有知情人士透露，新能源汽车制造商理想汽车正计划关闭一批能效较低的门店，具体关闭数量仍在评估中，据悉这些门店主要是此 前快速扩张时期开设的。 截至目前，理想汽车官方尚未对此消息作出正式回应。 理想汽车的零售渠道近年急速扩张。尤其在2023年，理想汽车一年内新增179家零售中心，扩张速度达到顶峰。截至2025年底，理想汽车在国内已布局超过 540家零售中心，覆盖近160个城市。 值得关注的是，2025年年中，理想汽车启动"百城繁星计划"，旨在通过招募合作伙伴的轻资产模式，进一步向下沉市场渗透。公开资料显示，理想汽车成立 于2015年，是中国新能源车市 ...