Core Viewpoint - Li Auto reported a third-quarter revenue of 27.4 billion RMB with a net loss of 624.4 million RMB, delivering 93,211 vehicles. The CEO acknowledged that the professional management model is unsuitable for the current unstable market and plans to revert to a startup model in Q4 [1][4]. Financial Performance - Vehicle sales revenue for Q3 was 41.32 billion RMB, down 37.4% year-on-year and 10.4% quarter-on-quarter [2]. - Total revenue for Q3 reached 42.87 billion RMB, reflecting a 36.2% year-on-year decline and a 9.5% quarter-on-quarter decrease [2]. - Gross profit for Q3 was 9.22 billion RMB, a decrease of 51.6% year-on-year and 26.3% quarter-on-quarter [2]. - The gross margin for Q3 was 21.5%, down 5.2 percentage points year-on-year [2]. - Operating profit for Q3 was 3.43 billion RMB, with an operating margin of 8.0%, down 4.3 percentage points year-on-year [2]. - The net cash from operating activities was 11.02 billion RMB, showing a significant improvement of 143.6% [2]. Strategic Direction - Li Auto plans to invest heavily in AI and related technologies, with R&D spending reaching 30 billion RMB in Q3 and an expected total of 120 billion RMB for the year, including over 60 billion RMB in AI [1][2]. - The company aims to transform vehicles into intelligent products, enhancing user experience through features like automated parking and charging [1][2]. - A major redesign of the L series is planned for 2026, with a strategic focus on regaining leadership in range-extended products [4]. Market Outlook - Despite the disappointing Q3 results, the market remains optimistic about Li Auto, with CICC maintaining an outperform rating for the company [4]. - Adjustments to profit forecasts for 2025 and 2026 have been made, with a 66% and 30% reduction respectively, reflecting challenges from recalls and increased competition [4].

Core Insights - The chairman of Li Auto, Li Xiang, announced a return to a startup management model starting from Q4 2023 to address challenges posed by new technologies and the evolving market [1] - Li Auto reported a revenue of 27.4 billion yuan for Q3 2025, with cash reserves amounting to 98.9 billion yuan [1] - The company plans to invest approximately 12 billion yuan in research and development for the entire year, with over 6 billion yuan specifically allocated to AI [1] - Looking ahead, Li Auto's product focus will shift from electric vehicles and smart terminals to embodied robots over the next decade [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Hong Kong automotive stocks, driven by government initiatives to boost automobile consumption and streamline the automotive market [1][3] - The Ministry of Commerce plans to promote reforms in automotive circulation and consumption, focusing on expanding the second-hand car market and enhancing various automotive-related sectors such as rentals and modifications [1][3] - Analysts suggest that the new policy aims to address consumer pain points throughout the automotive lifecycle, including challenges in purchasing, using, and selling vehicles, thereby stimulating consumption potential more sustainably than mere price cuts or tax reductions [1] Group 2 - GAC Group saw a stock price increase of over 4%, while other companies like Leap Motor and Beijing Automotive also experienced gains of 3.5% and 3.5% respectively [2] - Xpeng Motors reported a remarkable 149% year-on-year increase in third-quarter sales, indicating strong growth potential [3] - GAC Group announced the establishment of China's first large-capacity all-solid-state battery production line, contributing to its stock price surge [3]

Investment Rating - The report assigns a "Buy" rating to Li Auto, indicating a positive outlook for the company's stock performance [7]. Core Insights - Li Auto is positioned well in the NEV market with a 5% market share in China as of 2024, benefiting from improvements in urban NOA performance and a focus on AI, which supports volume growth and margin improvement [7]. - The company has the best net cash position among major Chinese OEMs, facilitating future R&D spending and capital expenditures [7]. - Li Auto's current trading multiples are below historical averages, suggesting potential for upside [7]. - Upcoming catalysts include new model launches and advancements in ADAS and AI technologies [7]. Financial Performance Summary - In 3Q25, Li Auto reported total revenue of Rmb27,365 million, exceeding expectations by 6%, while gross profit missed by 13% due to a one-time recall cost of approximately Rmb1.1 billion [1][5]. - Vehicle sales revenue was 6% higher than expected, driven by a higher average selling price of Rmb278,000, which is a 5% increase compared to the forecast [2]. - The vehicle gross margin was reported at 15.5%, lower than expected due to recall costs, but would have been 19.8% excluding these costs [2][5]. - Total operating expenses were 12% higher than expected, primarily due to increased R&D and SG&A expenses [2][5]. Guidance and Projections - For 4Q25, Li Auto's revenue guidance is set between Rmb26.5 billion and Rmb29.2 billion, which is a 1% increase at the midpoint compared to expectations [1]. - Vehicle sales volume is projected to be between 100,000 and 110,000 units, slightly below expectations by 1% at the midpoint [1].

Core Viewpoint - The report from CICC maintains an "outperform" rating for Li Auto-W (02015), despite lowering the Non-GAAP profit forecasts for 2025 and 2026 by 66% and 30% to 2.6 billion and 9.8 billion respectively, due to MEGA recall losses and increased market competition [1][3] Financial Performance - In Q3, the company reported revenue of 27.37 billion, with a Non-GAAP net loss of 360 million, which was below market expectations [3] - The company delivered a total of 93,211 vehicles in Q3, with the pure electric models contributing to sales [3] - The gross margin, after accounting for the MEGA recall costs, remained stable, with comprehensive gross margins of 20.4% and 16.3% when including and excluding the recall impact, respectively [3] Strategic Initiatives - The company has initiated a strategic review to address organizational, R&D, and product issues, aiming to enhance product differentiation and accelerate international expansion while increasing AI investments [3] - The CEO emphasized a return to a startup management model, focusing on deep user engagement and efficiency improvements, while also expanding the product line beyond just electric vehicles to include intelligent service terminals [3]

李想指出："英伟达和特斯拉仍以创业公司的方式管理，如果全世界最强的公司都是创业公司的管理模 式，理想汽车有什么理由放弃最擅长的方式？" 李想还称："过去三年，我们对于具身智能完整系统的技术储备，让我们下一代的产品充满信心，具身 智能机器人的元年从汽车机器人正式开启，千亿收入只是起步。""依托坚实的财务基础，我们会保持专 注，用我们最热爱的创业公司的管理模式，打造领先的具身智能产品，确保理想汽车能够穿越周期、引 领技术，成为一家长期为用户和社会创造独特价值的企业。" 【#李想承认管理模式错误#：#李想称理想重回创业公司模式#，告别职业经理人体系】理想汽车昨日发 布 2025 年第三季度财报。据报道，理想汽车 CEO 李想在财报电话会的一番自白中承认了过去的错误， 过去 3 年理想都在尝试用职业经理人的组织模式，但这种模式并不符合当下不稳定的市场环境以及理想 实际情况，因此，理想汽车从今年四季度开始全面回归创业公司模式。 ...

Core Insights - Li Auto reported a total revenue of 27.4 billion yuan for Q3 2025, a year-on-year decline of 36.2%, and a net loss of 624.4 million yuan compared to a net profit of 2.8 billion yuan in the same period last year [1] Financial Performance - Total revenue for Q3 2025 was 27.4 billion yuan, down 36.2% year-on-year [1] - The company incurred a net loss of 624.4 million yuan, contrasting with a net profit of 2.8 billion yuan in the previous year [1] Technological Developments - The self-developed AI inference chip M100 is currently in large-scale system testing, with commercialization expected to start next year [3] - The M100 chip, when integrated into the next-generation VLA autonomous driving system, is anticipated to offer a cost-performance ratio exceeding three times that of current high-end chips [3] - The company aims to transition vehicles from "passive tools" to "active service providers" by 2026 with the M100 chip [3] Product Innovations - The VLA model will continue to undergo iterations, with OTA 8.0 focusing on safety experience optimization and OTA 8.1 set to enhance perception capabilities [4] - Future innovations include the industry's first defensive automatic emergency braking (AEB) feature and a full-scene parking function [4] - The VLA model's capabilities have been validated through over 312 million kilometers of actual driving data [4] Chip Development Strategy - Li Auto is concurrently developing two types of chips: an AI inference chip for autonomous driving and a SiC power chip for motor control [4] - The AI inference chip architecture is similar to Tesla's Hardware 5.0, featuring approximately 40 billion transistors, and is expected to enter mass production in 2026 [4]

中金主要观点如下： 中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应15/14x 26E P/E，考虑到 MEGA召回损失及市场竞争加剧，下调2025/26年Non-GAAP盈利预测66%/30%至26/98亿元，市场对 2025年盈利下滑、26年市场竞争压力等都有一定预期，该行更关注公司强产品周期和长期AI投入带来 的反转，因此相应下调港美股目标价7%/7%至100港元/26美元，分别对应21/20x 26E P/E，存在40%/42% 上行空间。 3Q业绩低于市场预期 公司公布3Q业绩：营收273.7亿元，Non-GAAP净亏损3.6亿元，3Q产生MEGA车型召回损失，业绩低于 市场预期。 一次性计入召回成本，实际毛利率保持稳定 重回创业型企业思路，坚持长维度投入 本次业绩会中，公司CEO李想阐述了对未来十年长维度的思考。组织上，公司重回创业公司管理模式， 核心聚焦深度对话，聚焦用户价值，持续提升效率，识别关键问题并减少信息不对称。产品上，脱离单 纯电动车的智能终端，明确拓展为提供主动服务的具身智能终端(包含汽车及非车形态);技术上，继续提 升感知、模型、算力等核心技术，构建理解 ...

战略反思开启新周期，期待经营走出低谷 近期，公司开展秋季闭门战略会，对组织、研发、产品等问题进行反思，并计划后续的车型区分度加 大，加快出海节奏和加大AI投入力度。该行认为公司已在近期的理想i6车型上重回大单品的策略，并陆 续在渠道端进行了多项改革，期待新产品发布带动后续经营效率回归。 重回创业型企业思路，坚持长维度投入 公司公布3Q业绩：营收273.7亿元，Non-GAAP净亏损3.6亿元，3Q产生MEGA车型召回损失，业绩低于 市场预期。 一次性计入召回成本，实际毛利率保持稳定 公司3Q25合计交付93,211辆，纯电车型开始交付贡献销量，3Q实现营收273.7亿元。3Q公司一次性计入 MEGA召回成本，剔除/未剔除该影响的综合毛利率分别为20.4%/16.3%，相应的汽车毛利率分别为 19.8%/15.5%。费用端，3Q公司研发费用29.7亿元，销管费用27.7亿元，费控平稳。展望4Q25，考虑i6 爬坡上量、L系列促销等影响，该行预计汽车毛利率未来2个季度仍有挑战。 智通财经APP获悉，中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应15/14x 26E P/E，考虑到MEG ...

Group 1 - Luo Yonghao demands a public apology from Huashan, stating that if not issued by a specified deadline, the public relations industry in China will remember him instead of Huashan [2] - Huawei's Mate 80 series pricing surprised industry insiders, indicating Huawei's strong market position and prompting competitors to reassess their strategies [2] Group 2 - Apple is projected to surpass Samsung in global smartphone sales by 2025, with iPhone shipments expected to reach 255 million units, a 10% increase year-on-year [5] - In October, iPhone sales in China accounted for 25% of total smartphone sales, reflecting a 37% year-on-year growth [5] Group 3 - Xiaomi has conducted its fourth stock buyback this month, purchasing 7.5 million shares at an average price of 40.14 HKD, totaling over 300 million HKD [6] - The total number of shares repurchased by Xiaomi this month has reached 31.5 million, with a total expenditure exceeding 1.2 billion HKD [6] Group 4 - Li Auto reported Q3 revenue of 27.4 billion RMB, down from 42.87 billion RMB year-on-year, and anticipates Q4 deliveries between 100,000 and 110,000 vehicles [7] - The company has initiated a recall of certain models, impacting its Q3 financial results [7] Group 5 - Apple has launched a feedback form for its AI services in mainland China, indicating a focus on local user engagement [8] Group 6 - Tesla has completed the construction of its largest Supercharger station in California, featuring 168 charging stalls and a solar power system [9] - The station operates independently from the public grid, showcasing Tesla's commitment to sustainable energy solutions [9] Group 7 - Tesla's VP denied reports of supply chain decoupling from China, emphasizing the high localization rate of components produced at its Shanghai factory [10] Group 8 - Former Zeekr CBO Guan Haitao has joined Honor's marketing department, focusing on overseas market strategies [11] - Zhao Changjiang, former head of BYD's Tengshi brand, has joined Chery's collaboration with Huawei as marketing general manager [12] Group 9 - Qualcomm has officially launched the Snapdragon 8 Gen 5 processor, designed to provide flagship-level performance for lower-priced devices [14] - The new processor features significant improvements in CPU, GPU, and AI tasks, along with reduced power consumption [14] Group 10 - Ten airlines were summoned for discussions regarding consumer rights, particularly concerning the practice of charging for seat selection, which may infringe on consumer rights [16]