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].

Core Viewpoint - 2025 is expected to be a challenging year for Li Auto, but the company demonstrates strong operational resilience despite fluctuations in quarterly financial results, maintaining a leading position among new energy vehicle manufacturers [1] Financial Performance - Li Auto reported a quarterly revenue of 27.4 billion yuan, with a cumulative revenue of 83.5 billion yuan for the first three quarters, maintaining its leadership in the new energy vehicle sector [1] - The company recorded a gross margin of 15.5%, which increases to 19.8% when excluding the impact of a recall cost of approximately 1.1 billion yuan for the Li Auto MEGA [1] Strategic Decisions - Li Auto's founder, Li Xiang, made three key decisions during the third-quarter earnings call, marking a significant turning point for the company as it enters its second decade [1] - The company has upgraded its vision to become a "globally leading embodied intelligence enterprise," indicating a fundamental shift in product positioning [3] Product Development and Innovation - Li Auto has established a dual-energy product strategy with the Li ONE and L series, and the introduction of the Li MEGA and i series has created a complete pure electric matrix [3] - The company aims to transform cars into "embodied intelligent products" that provide emotional and cognitive capabilities, moving beyond traditional transportation roles [5] Technological Advancements - Li Auto plans to overcome key technological bottlenecks in three areas: perception, model optimization, and hardware innovation, with a focus on enhancing autonomous driving capabilities [6] - The company is developing a self-researched M100 chip tailored for embodied intelligence, expected to enhance performance and cost efficiency, set to be deployed in vehicles next year [6][8] Research and Development Investment - Li Auto's total R&D investment for the year is projected to reach 12 billion yuan, with over 6 billion yuan allocated specifically for artificial intelligence [8] - The company has a strong cash reserve of 98.9 billion yuan, providing substantial support for its R&D efforts in embodied intelligence [8] Future Outlook - Li Auto is committed to becoming the best-performing company in the field of embodied intelligence within the next 3-5 years, with a clear technological direction and a return to its entrepreneurial roots [8]

该行下调公司2025-27财年预测年销量6%、25%及30%，下调非 GAAP 净利润预测48%、49%及55%， 反映当前L系列竞争压力上升，明年推出大改款前将面临4个月产品周期走弱的挑战。公司现金流充 裕、团队能力强，但执行效果尚需观察。预计未来四个月公司基本面缺乏强劲催化剂。 招商证券发布研报称，将理想汽车-W(02015)目标价从115港元下调36%至74港元，评级由"增持"下调 至"中性"。理想第三季归母净亏损6.25亿元人民币，为三年来首次，低于市场预期的盈利4.4亿元人民 币，主要受MEGA召回影响，若剔除该影响则基本符合预期。 ...

Core Viewpoint - The report from China Merchants Securities indicates a significant downgrade for Li Auto-W (02015), with the target price reduced by 36% from HKD 115 to HKD 74 and the rating lowered from "Buy" to "Neutral" [1] Financial Performance - In Q3, Li Auto reported a net loss attributable to shareholders of RMB 625 million, marking the first loss in three years and falling short of market expectations of a profit of RMB 440 million, primarily due to the MEGA recall impact [1] - Excluding the recall impact, the company's performance was generally in line with expectations [1] Sales and Profit Forecasts - The company has seen a downward revision in sales forecasts for the fiscal years 2025-2027, with expected sales decreasing by 6%, 25%, and 30% respectively [1] - Non-GAAP net profit forecasts have been cut by 48%, 49%, and 55% for the same periods, reflecting increased competitive pressure on the L series [1] Product Cycle and Market Conditions - Li Auto is anticipated to face a challenging four-month product cycle before the launch of a major model update next year, which may weaken its market position [1] - Despite having strong cash flow and a capable team, the execution effectiveness remains to be observed, and the company is expected to lack strong catalysts for its fundamentals in the upcoming four months [1]