Core Insights - Li Auto delivered 33,200 new vehicles in November 2023, indicating strong sales performance [2] - As of November 30, 2023, Li Auto has established 544 retail centers across 157 cities in China, enhancing its market presence [2]

Core Viewpoint - VinFast is considering a shift from its all-electric strategy to include range-extended electric vehicles (REEVs) to improve sales and reduce losses, while still adhering to its commitment to zero-emission vehicles by 2035 in leading markets and globally by 2040 [2][5][7]. Company Developments - VinFast has posted job openings for REEV specialists, indicating active exploration of this technology [1][7]. - The company produced around 104,000 electric vehicle units in Vietnam in the first nine months of the year, accounting for nearly 95% of its global sales, but its premium VF9 SUV only represents about 1% of domestic volumes [3][7]. Market Context - The Vietnamese government plans to restrict petrol-powered vehicles, including a ban on petrol motorbikes in central Hanoi from mid-2026, which aligns with VinFast's strategic shift [4][5][7]. - Competitors such as Chinese EV makers Li Auto and Leapmotor already offer REEVs, and legacy manufacturers are exploring petrol-assisted EV options [4][7]. Technological Position - VinFast's technological capabilities are noted to lag behind major rivals, holding fewer than 80 patents compared to Tesla's 347 patent families [3][7].

Core Viewpoint - Li Auto reported a total delivery of 33,181 vehicles in November 2025, bringing the cumulative delivery to 1,495,969 vehicles as of November 30 [1] Group 1: Delivery and Production - The cumulative orders for the pure electric SUVs i6 and i8 have surpassed 100,000 units [1] - To address production capacity, the i6 model has officially adopted a dual-supplier battery strategy to ensure consistent performance and quality standards [1] - The monthly production capacity for the i6 model is expected to gradually increase to 20,000 units by early next year [1] Group 2: Technology and Upgrades - The OTA 8.1 version is scheduled for release in early December, featuring enhancements such as the VLA driver model optimized through reinforcement learning, new functionalities for AI Li Auto assistant, and 20 experience updates related to smart electric charging and temperature control [1] Group 3: Strategic Development - The Chairman and CEO of Li Auto, Li Xiang, stated that the company is building long-term competitiveness through organizational structure, product layout, and technological innovation, driving the evolution of automobiles towards embodied intelligence [1] - As of the end of November, Li Auto has established 544 retail centers across 157 cities, along with 556 after-sales service and authorized repair centers [1]

12月1日，理想汽车公布，2025年11月交付新车33,181辆。截至2025年11月30日，理想汽车历史累计交 付量为1,495,969辆。公司预计，理想i6的月产能将在明年初提升至2万辆，OTA8.1预计于2025年12月初 推送。 ...

Core Insights - Li Auto (理想汽车) announced the delivery of 33,181 new vehicles in November 2025, bringing the total cumulative deliveries to 1,495,969 vehicles as of November 30, 2025 [1] - The company expects to increase the monthly production capacity of the Li Auto i6 to 20,000 units by early next year, with OTA 8.1 expected to be pushed in early December 2025 [1] - Li Auto is focusing on enhancing its competitiveness for the next decade through organizational structure, product layout, and technological innovation, aiming for a transformation towards intelligent vehicles [1] Company Operations - As of November 30, 2025, Li Auto has established 544 retail centers across 157 cities, along with 556 after-sales service and authorized repair centers covering 227 cities [1] - The company has deployed 3,614 Li Auto Supercharging stations, with a total of 20,027 charging piles in operation nationwide [1]

本公司预计，理想i6的月产能将在明年初提升至2万辆，OTA 8.1预计于2025年12 月初推送。本公司正 在从组织体系、产品布局和技术创新三方面构建面向下一个十年的竞争力，推动汽车向具身智能的蜕 变。 智通财经APP讯，理想汽车-W(02015)发布公告，于2025年12月1日，中国新能源汽车市场的领导者理想 汽车(理想汽车或本公司)(纳斯达克：LI;香港交易所：2015)宣布，2025年11月，理想汽车交付新车 33181辆。截至2025年11月30日，理想汽车历史累计交付量为1,495,969辆。 截至2025年11月30日，理想汽车在全国已有544家零售中心，覆盖157个城市;售后维修中心及授权钣喷 中心556家，覆盖227个城市。理想汽车在全国已投入使用3614座理想超充站，拥有20027个充电桩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 有關更多資料，請瀏覽： https://ir.lixiang.com 。 1 股東及潛在投資者於買賣本公司證券時，務請謹慎行事。 承董事會命 理想汽車 董事長 李想 自願公告 2025年11月交付更新資料 於2025年12月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年11月，理想汽車交付新車 33,181輛。截至2025年11月30日，理想汽車歷史累計交付量為1,495,969輛。 本公司預計，理想i6的月產能將在明年初提升至2萬輛，OTA 8.1預計於2025年12 月初推送。本公司正在從組織體系、產品佈局和技術創新三方面構建面向下一個 十年的競爭力，推動汽車向具身智能的蛻變。 截至2025年11月30日，理想 ...

Core Insights - Li Auto Inc. delivered 33,181 vehicles in November 2025, bringing cumulative deliveries to 1,495,969 as of November 30, 2025 [1] - The company anticipates that the monthly production capacity for the Li i6 will reach 20,000 units by early next year and plans to release OTA 8.1 in early December 2025 [2] - Li Auto operates 544 retail stores in 157 cities, 556 servicing centers, and 3,614 supercharging stations with 20,027 charging stalls across China as of November 30, 2025 [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4] - The company's mission is to create a mobile home and happiness, emphasizing innovations in product, technology, and business models to provide safe and convenient products and services [4] - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4] - The current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs, with plans for further expansion [4]

理想第二个十年，三大关键选择： 李想25Q3电话会议画饼压缩版： 组织： 从25Q4回归创业公司管理模式，放弃过去三年采用的职业经理人模式。 职业经理人模式成功三要素：1.行业和技术周期相对稳定。2.企业的行业地位领先且稳固。3.创始人 和创业团队没动力或不在了。案例：苹果/微软 创业公司模式成功三要素：1.行业和技术周期在发生巨大的变化。 2.行业格局不确定，企业还不是领 先者。 3.创始人和创业团队每天还在投入的努力工作，充满动力。案例：英伟达/特斯拉 产品： 停留在电动车，竞争逻辑只是参数与功能堆砌。未来10年具身智能最有价值的产品，一定是 具备自动和主动能力的汽车，提供飞机头等舱的服务与母亲般无微不至的照顾。 技术： 数字世界AI与物理AI是完全不同的系统能力。 具身智能系统包含：感知（眼睛、耳朵）模型（大脑）操作系统（神经）算力（心脏）本体（身 体）。行业急切需要改变的很多： 1.感知：行业现在的3D有效感知距离（非理论最大）为100多米，如果升级成人眼工作原理相似的3D 传感器，有效距离可以扩大2~3倍，今天辅助驾驶50%以上的常见问题将解决。3D感知不仅限于自动 驾驶的领域，在车外和车主的主动交 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company is currently facing pressure on sales and performance, particularly with the L series needing revitalization. The anticipated product upgrades in 2026 are seen as crucial for overcoming current challenges [4][7][8]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 27.4 billion yuan, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter, with a net loss of 6.2 billion yuan [4]. - The company delivered 93,000 vehicles in Q3 2025, down 39.0% year-on-year and 16.1% quarter-on-quarter. The automotive sales revenue was 25.9 billion yuan, reflecting a decline of 37.4% year-on-year and 10.4% quarter-on-quarter [7]. - The gross margin for automotive business in Q3 was 15.5%, down 5.4 percentage points year-on-year and 3.9 percentage points quarter-on-quarter. Excluding the impact of the MEGA recall, the gross margin would have been 19.8% [7]. Future Projections - Revenue projections for 2025 to 2027 have been adjusted to 9 billion, 36 billion, and 60 billion yuan respectively, reflecting a significant downward revision from previous estimates [8]. - The company expects Q4 2025 deliveries to be between 100,000 and 110,000 units, with October's deliveries at 32,000 units [7]. Product Strategy - The L series product upgrades are deemed essential for the company to navigate its current difficulties, with expectations for enhancements in features such as high-level autonomous driving capabilities and battery technology [7][8]. - The report highlights that the L9 model, which has been on the market for over three years, requires significant upgrades to improve its competitiveness [7]. Valuation Metrics - The company’s estimated P/E ratio for 2025 is 154.2, indicating a high valuation relative to earnings, while the P/B ratio is projected to be 2.0 [6][12].