李想说，这是 "用自然方式与汽车甚至将来的机器人准确互动的一种尝试"。 文 丨 赵宇 贺乾明 编辑 丨 龚方毅 创业公司来了，雷鸟、Rokid、影目等，发布了数十款形态、功能各异的产品，他们觉得这是建立新 公司的机会。手机厂商来了，华为、小米、OPPO、荣耀等，看中这是重要的增长空间。互联网大厂 来了，Meta、阿里、百度已经发布，字节正在研发，他们看重这是新的 AI 入口。现在，车企也来 了。 12 月 3 日晚，理想汽车发布智能眼镜 Livis，起售价 1999 元，算上国补为 1699 元，标配无度数防蓝 光镜片，可以加钱换墨镜或配光学镜片；采用自由环面定制镜片、能够实现感光变色的高度近视版本 最贵，国补后价格去到 2974 元。 理想今年初成立穿戴机器人部门，由高级副总裁范皓宇负责。这款眼镜他们在汽车之外的第一款新 品，从内部研究到产品定型用了两年。 我们提前拿到两副 Livis，它们都从广州黄埔的蔡司仓库发货。平光镜片款在发布会开始前一周送达； 另一幅带度数的蔡司变色镜片款 12 月 3 日才到货。我们挑选了多个日常使用和车机交互场景，测评 了它的功能。 理想智能眼镜佩戴效果。 在上市发布会和提前举 ...

这两天对理想AI眼镜信息极其多，由于这几天在北京线下交流理想（眼镜是子话题之一，不是全 部），搜集信息/辨别信息/思考的时间不够，导致无法深入全面分析 。顺带一提，最近AI界也有很多 增量信息来不及深入学习。 据TOP2观察，最核心的是6个讨论角度： 1.理想第一代AI眼镜的实用性如何？受众是谁？ 2.李想/理想其他人对AI眼镜中长期重要度是如何看的？各种说法里原始材料里的原话是什么？ 5.理想对第一代眼镜的销量预期是多少，目前现状如何？ 6.理想与蔡司的合作，海外是如何考虑的？1-2年的野心是什么？ 这六个主流讨论角度里，前四个角度信息量极大，需要仔细交叉对比思考求证。 加微信，进群深度交流理想实际经营情况与长期基本面。不是车友群。 3.理想对后续眼镜迭代方向是什么？目前行业主流玩家是谁？理想AI眼镜不考虑控理想车，和他们比 较产品水准如何？各方认为的先进前进方向是什么？理想较其他家的潜在优势劣势是什么？ 4.AI眼镜终局市场有多大？理想是否有必要进入？现在进入的时机是否合适？物理AI公司是否必须得 做眼镜？对于想终局活下来的车企，是否必须得做眼镜？ ...

Core Insights - The launch of the AI glasses "Livis" by Li Auto marks the company's entry into the competitive smart glasses market, with a starting price of 1999 yuan and a promotional price of 1699 yuan until December 31 [2][4] - Livis is designed as a wearable device that integrates AI capabilities, aiming to enhance user interaction with both the glasses and Li Auto's vehicles [5][6] Product Features - Livis features a 1200-megapixel ultra-wide-angle camera, weighs 36 grams, and has a battery life of 18.8 hours, with wireless charging capabilities [2] - The glasses come equipped with Zeiss lenses and offer various customization options, including photochromic and sunglasses versions [2] AI Integration - The glasses are powered by Li Auto's self-developed MindGPT-4o multimodal model, enabling voice interaction, visual Q&A, and memory Q&A functionalities [2][6] - Li Auto positions Livis as a key component of its "human-vehicle-home" intelligent ecosystem, extending the smart experience beyond the vehicle [6] Competitive Landscape - The smart glasses market is highly competitive, with established players like Rokid, Xiaomi, and Baidu already present, making it challenging for Li Auto to gain market share [6][7] - Li Auto's strategy includes leveraging vehicle integration as a unique selling point, allowing users to access vehicle information and control functions through the glasses [6][8] Market Challenges - Concerns about the safety of using smart glasses while driving have been raised, as they may distract drivers similarly to mobile phone usage [7][8] - The potential user base for Livis is limited compared to internet giants with extensive ecosystems, raising questions about the glasses' market penetration among Li Auto's approximately 1 million vehicle owners [8]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨理想汽车-W（02015.HK） [Table_Title] 理想汽车三季报点评：MEGA 召回短期影响盈 利，转型具身智能战略打开公司远期空间 报告要点 [Table_Summary] 2025Q3 理想销量 9.3 万辆，同比-39.0%，实现营收 273.6 亿元，同比-36.2%，车辆毛利率达 15.5%，同比-5.4pct。理想汽车产品优势和品牌设计深入人心，后续车型规划清晰，直营渠道 结构持续优化，"双能战略"有望进一步扩大理想汽车的优势，未来销量空间广阔。 分析师及联系人 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 理想汽车-W（02015.HK） cjzqdt11111 [Table_Title 理想汽车三季报点评： 2] MEGA 召回短期影响盈 利，转型具身智能战略打开公司远期空间 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 [Ta ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨理想汽车-W（02015.HK） [Table_Title] 理想汽车点评：11 月销量 3.3 万辆，看好公司 管理及战略转型后带来销量及经营改善 报告要点 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 理想 2025 年 11 月销量 3.3 万辆，同比下降 31.9%，环比增长 4.5%。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 想汽车的优势，未来销量空间广阔。 分析师及联系人 %% %% research.95579.com 1 [Table_scodeMsg2] 理想汽车-W（02015.HK） cjzqdt11111 [Table_Title 理想汽车点评：2] 11 月销量 3.3 万辆，看好公司 管理及战略转型后带来销量及经营改善 [Table_Summary2] 事件描述 理想 202 ...

Core Viewpoint - Li Auto (LI) shows strong momentum in its electric vehicle models, with total orders for the Li i8 and i6 exceeding 100,000 units [1] Group 1: Company Performance - Li Auto's stock price increased by over 1%, reaching $17.62 at the time of reporting [1] - The company is implementing a dual battery supplier model for the i6 starting in November to address supply chain constraints [1] - The monthly production capacity for the i6 is expected to steadily increase to 20,000 units by early next year [1] Group 2: Product Development - The launch of Li Auto's first AI glasses, Livis, has garnered significant attention from the industry and market [1]

Core Insights - The launch of the AI glasses Livis by the company is a significant step towards establishing itself as a leader in the AI sector, with a focus on creating a new ecosystem around AI technology [1][3][5] - The company aims to develop a range of wearable robots, with Livis being the first generation product, and plans to introduce more advanced models in the future [4][5][8] Product Overview - Livis AI glasses are priced starting at 1999 yuan and feature capabilities such as photography, video recording, voice calls, music playback, and an AI assistant for various functions [1] - The glasses are equipped with custom Zeiss lenses, emphasizing quality and affordability [1] Strategic Vision - The company’s chairman has expressed ambitions to become a leading global AI enterprise within the next three to five years, focusing on embodied intelligence [2][3] - The company has restructured its organization to support the development of wearable robots, indicating a long-term commitment to this technology [4] Technology and Development - The AI glasses leverage a foundational model that supports various terminals, including robots and other devices, showcasing an integrated approach to technology development [5][6] - The company has invested significant resources in R&D for the AI glasses, ensuring high standards in quality control and technology integration [5][6] Market Context - The AI glasses market is experiencing rapid growth, with a reported 23.1% increase in online retail sales for smart wearable products in the first ten months of the year [7] - The company is aware of the competitive landscape but focuses on solving fundamental user problems rather than market share [8] Future Plans - The company plans to continue developing non-display AI glasses and eventually introduce models with displays, collaborating with Zeiss for these advancements [5] - The initial sales expectations for Livis are moderate, targeting existing customers and tech enthusiasts, with a focus on iterative improvements based on user feedback [8]

蔡司始终秉持着 "We challengethe limits of imagination" 的信念，以敏锐的光学洞见，持续挑战想象力的 极限。近180年来，蔡司始终处于视光学创新的前沿——如今，视野更进一步，致力于超越并扩展可感 知的现实。对理想汽车这样的合作伙伴来说，蔡司成立新的战略事业部证明了蔡司在XR领域进行长期 战略布局的决心，以及为智能眼镜打造卓越光学解决方案的承诺。 理想AI眼镜 Livis全系标配蔡司高品质镜片，并提供近/远视处方定制镜片、感光变色镜片、太阳镜片等 多种版本。2025年12月3日起，用户可前往理想汽车App商城、京东理想智能眼镜官方旗舰店购买，理 想全国零售中心店陆续开放，具体可查看理想官网。12月中下旬起，蔡司电商官方旗舰店、指定蔡司官 方授权合作门店也将陆续开售，届时用户可前往蔡司睛选小程序获取门店地址并了解新品详情。 作为战略合作的一部分，理想和蔡司携手打造卓越线上配镜服务，用户仅需上传验光单，配镜最快当天 完成并发货。理想与蔡司的合作不仅限于国内，也将面向全球市场，共同研发下一代智能眼镜光学技 术。 蔡司欣然宣布与中国电动汽车领域知名企业——理想汽车达成合作。理想汽车 ...

Core Insights - The launch of Livis, the first AI glasses by Li Auto, marks a significant crossover from the smart automotive sector to the smart wearable device market [1][2] - The AI imaging solution for Livis is developed through a deep collaboration with Hezhima Intelligent, showcasing the potential of AI imaging technology in the wearable sector [1] Company Developments - Li Auto's Livis features a comprehensive AI imaging solution that includes various imaging algorithms, covering high-frequency user scenarios such as night scenes and portraits [1] - Hezhima Intelligent has extensive experience in AI imaging, having collaborated with major companies like Samsung and Lenovo, and has equipped over 500 million devices with its technology [1] Industry Impact - The successful release of Livis signifies a breakthrough for Li Auto in diversifying its product offerings beyond smart vehicles [2] - Hezhima Intelligent's provision of core AI imaging solutions for Livis represents a significant industry milestone, demonstrating the successful integration of technology across different sectors [2]

"理想到底能够为眼镜带来什么？带来我们的操作系统、语义 模型、端到端的软硬一体的能力，真的能够让产品更好。"范 皓宇说，理想是围绕AI去做产品，而不是做一款消费电子产 品。 作者：高飞昌 封图：图虫创意 理想汽车造了一款AI眼镜。12月3日，理想AI眼镜Livis正式发布，售价1999元起。12月31日前 下单，可享受15%政府补贴，到手价1699元起。在AI眼镜日渐成为一个全新风口的当下，作为汽 车制造商的理想加入其中，会给这一领域带来哪些改变？ 当前，AI眼镜市场不断扩容。根据IDC数据，2025年上半年全球AI眼镜出货量达406.5万台，同比 增长64.2%。该机构预测，2025年全球AI眼镜出货量将达1451.8万台，中国市场为290.7万台； 2029年全球出货量突破4000万台，2024年—2029年复合年增长率为55.6%。 今年，Meta、百度、阿里、华为、小米、魅族等各大科技公司以及一些传统眼镜制造商，都发布 了AI眼镜产品，使这一赛道热度空前。有观点认为，AI眼镜将是AI时代的全新智能终端，甚至能够 取代手机。 理想汽车进入AI眼镜领域，与其企业战略转变相关。在理想汽车三季度财报电话会上， ...