Company Overview - Li Auto, established on July 1, 2015, is a Chinese manufacturer of new energy smart vehicles headquartered in Shunyi, Beijing, specializing in the design, research, manufacturing, and sales of luxury smart electric vehicles [2] - The company is a pioneer in the commercialization of range-extended electric vehicles in China and was listed on the NASDAQ on July 30, 2020, followed by a secondary listing on the Hong Kong Stock Exchange on August 12, 2021 [2] Supply Chain Management - Li Auto categorizes all suppliers into five categories: strategic suppliers, preferred suppliers, qualified suppliers, limited suppliers, and eliminated suppliers, to enhance the efficiency and precision of supplier management [3] - The company conducts quarterly performance evaluations of suppliers based on quantifiable assessment criteria and regularly updates evaluation standards to improve the standardization and refinement of supply chain management [3] ESG Initiatives - Li Auto incorporates ESG assessments as a key condition for potential supplier admission, evaluating suppliers on professional certifications, compliance, energy conservation, and waste management during the product industrialization development phase [5] - The company has established a supplier exit mechanism for those with significant integrity issues, concealment behaviors, or safety incidents, placing them on an elimination list [5] - In 2024, Li Auto's Changzhou branch and Beijing base received "Green Supply Chain Management Enterprise" certification through optimized green manufacturing and environmental protection supply chain management processes [5] Supplier Quality and Training - In 2024, Li Auto conducted partner empowerment projects through online, offline, and specialized formats, aiming to enhance supplier quality and industrial capabilities, with over 1,000 supplier participations [6] - The company tailored training content based on strategic development needs and supplier quality performance, helping suppliers improve overall quality levels while ensuring a more robust and reliable supply chain [6] - Li Auto performed on-site improvements and capability enhancements for over 10 suppliers, focusing on key management areas such as quality systems, critical characteristics, statistical process control, and production line error-proofing [6] Expert Commentary - Li Auto demonstrates outstanding performance in supply chain responsibility, actively fulfilling its supply chain obligations, with its production base recognized as a national-level green supply chain management enterprise, setting a benchmark for sustainable development in the automotive manufacturing industry [7]

Core Viewpoint - The establishment of a joint venture between Li Auto and Sunwoda Power Technology marks a deepening of their partnership, reflecting a strategic move to enhance supply chain stability in the electric vehicle industry [1][2]. Group 1: Joint Venture Formation - Li Auto and Sunwoda Power Technology have formed a joint venture named Shandong Li Auto Battery Co., Ltd., with a 50:50 investment ratio, focusing on the production and sales of lithium-ion batteries for electric vehicles [1]. - This joint venture is a continuation of their collaboration that began in 2017, indicating a shift towards a more integrated partnership [2]. Group 2: Historical Context and Strategic Importance - In 2022, Li Auto invested 400 million yuan in Sunwoda, acquiring a 3.22% stake, which established a dual role as both a customer and shareholder, laying a solid foundation for future cooperation [3]. - As of March 2025, Li Auto has become one of Sunwoda's top five customers, contributing 5.8% to its revenue, with key models like L6, L7 Air, and L8 Air utilizing Sunwoda batteries [3]. Group 3: Industry Dynamics and Supply Chain Strategy - The joint venture is seen as a necessary response to industry changes, with Li Auto aiming to stabilize its supply chain where battery costs account for 30%-40% of vehicle production costs [3][4]. - Sunwoda's strategy involves deepening ties with leading automakers to secure stable sales and transition from a supplier to a profit-sharing partner [4]. Group 4: Operational Goals and Market Positioning - The joint venture will be led by Li Auto in product, process, and material design, with a target to achieve mass production of self-developed batteries by 2026 [4]. - The collaboration reflects a broader trend in the electric vehicle sector where automakers and battery manufacturers are forming joint ventures to ensure supply chain security and enhance production efficiency [5]. Group 5: Competitive Landscape and Risks - The partnership model has been validated by other industry examples, such as BYD and FAW, indicating a mature paradigm for supply chain collaboration [5]. - However, risks associated with deep integration exist, such as potential impacts on short-term orders if vehicle models change, highlighting the need for a balanced supply chain strategy [5][6]. - Li Auto's simultaneous agreement with CATL for a five-year strategic partnership underscores the importance of supply chain diversification while maintaining competitive pressure on Sunwoda [6].

Core Insights - Li Auto has shifted its marketing strategy by signing a brand ambassador, Yi Yangqianxi, which marks a significant change from its previous stance of not hiring celebrity endorsements [2][5] - The launch of the Li Auto i6 is positioned to attract younger consumers, aligning with the brand's new strategic direction [5][9] - The i6 is set to be a key model for Li Auto, with ambitious sales targets and features aimed at enhancing its market competitiveness [6][10] Group 1: Marketing Strategy - The announcement of Yi Yangqianxi as a brand ambassador coincides with the i6's launch, creating a strong buzz and engagement on social media [2][5] - This partnership is expected to leverage Yi Yangqianxi's influence across various age groups, particularly appealing to the Z generation and young adults [5][9] - Previous successful endorsements by Yi Yangqianxi, such as with BMW, indicate his potential impact on Li Auto's brand visibility and sales [6][9] Group 2: Product and Sales Strategy - The Li Auto i6 is positioned as a large five-seat pure electric SUV, priced between 250,000 to 300,000 yuan, featuring advanced technology and spacious design [6][10] - The CEO has set a sales target of 9,000 to 10,000 units per month for the i6, contributing to an overall goal of 18,000 to 20,000 units for all pure electric models [6][10] - Analysts suggest a more aggressive pricing strategy for the i6 to enhance its competitiveness in the market [9]

Core Viewpoint - 2025 is a pivotal year for automotive intelligence, initiating a three-year cycle that will drive domestic electrification penetration rates to achieve a leap of 50%-80%+, reshaping the vehicle landscape [4][12]. Group 1: Industry Trends - The leading intelligent driving manufacturers have successfully implemented urban NOA experiences, including complex scenarios like roundabouts and U-turns, while enhancing high-level functions such as parking and scene understanding [4][12]. - The report includes both large-sample centralized road tests and small-sample in-depth road tests, evaluating the intelligent driving experiences of ten manufacturers, including XPeng, NIO, and Tesla, across various dimensions [5][12]. Group 2: Performance Improvements - Compared to Q1 2025, Q3 2025 saw improvements in intelligent driving capabilities across all manufacturers, with narrowing absolute gaps. The first-tier manufacturers achieved full-scene NOA and continued to optimize user experience [6][12]. - New entrants in self-research have shown impressive intelligent driving performance, with expectations for significant iterations in the next six months, potentially leading to substantial changes in overall experience [7][12]. Group 3: Specific Manufacturer Insights - XPeng, Huawei, and Li Auto remain in the first tier, with XPeng's self-developed Turing chip achieving 2250 TOPS of effective local computing power, enhancing driving logic [7][12]. - NIO and Xiaomi have rapidly caught up to near-first-tier levels, transitioning from "usable" to "well-usable" experiences, with NIO's world model exceeding expectations and Xiaomi enhancing complex scenario handling capabilities [8][12]. Group 4: Road Test Results - XPeng's average total takeover count was 1.51, indicating excellent overall performance, particularly in roundabout capabilities and efficiency [46][49]. - The average takeover count for the Huawei ADS-equipped vehicle was 0.60, with high scores in stability and comfort during driving [50][52]. - Li Auto's average takeover count was 1.47, demonstrating strong performance in roundabout scenarios and overall driving stability [53][56]. - NIO's average takeover count was 2.03, with good performance in roundabouts and a generally smooth driving experience [57][60]. - Xiaomi's average takeover count was 1.94, showing stable performance and the ability to handle complex scenarios effectively [60][62].

Core Insights - The automotive industry is experiencing a significant performance divergence among companies in the first half of 2025, with some achieving growth in both revenue and net profit, while others face declines in both metrics [1][4]. Revenue and Profit Performance - Among 16 A/H share listed automotive companies, 11 reported revenue growth, and 9 achieved profitability, with over half of the companies being profitable [1][4]. - BYD leads the industry with revenue of 371.281 billion yuan, a year-on-year increase of 23.3%, and a net profit of 15.511 billion yuan, up 13.79% [3][4]. - Traditional automakers like Geely, Great Wall, and SAIC maintained net profits above 6 billion yuan, but all experienced approximately 10% declines in net profit [1][4][5]. - The overall automotive industry revenue reached 509.17 billion yuan, a year-on-year increase of 8%, while costs rose by 9% to 447.8 billion yuan, resulting in a profit of 24.44 billion yuan, up 3.6% [4]. Company-Specific Insights - Geely's revenue grew by 27% to 150.285 billion yuan, but net profit fell by 13.9% to 9.29 billion yuan, attributed to a previous asset sale in 2024 [4][5]. - Great Wall's revenue was 92.335 billion yuan, a slight increase of 0.99%, with net profit declining by 10.21% to 6.337 billion yuan [5]. - Changan, Dongfeng, and GAC faced performance pressures due to challenges in joint ventures, with Changan's revenue down 5.25% to 72.691 billion yuan and net profit down 19.09% to 2.291 billion yuan [5][6][7]. - GAC reported a revenue decline of 7.95% to 42.166 billion yuan and a net loss of 2.538 billion yuan, a significant drop of 267.39% [7]. New Energy Vehicle Collaborations - Companies collaborating with Huawei on the "Five Realms" brand, particularly Seres, have shown significant performance improvements, with Seres achieving a net profit increase of 81.03% to 2.941 billion yuan [8][9]. - Other companies like BAIC Blue Valley and Jianghuai faced challenges, with Jianghuai's revenue down 9.1% to 19.36 billion yuan and a net loss of 777 million yuan, marking a 356.89% decline [9]. Emerging Players Performance - Among the new energy vehicle startups, Li Auto continues to lead with a revenue of 56.17 billion yuan, down 2%, and a net profit of 1.743 billion yuan, up 2.8% [13][14]. - Xpeng and NIO reported revenues of 34.09 billion yuan and 31.043 billion yuan, respectively, with Xpeng showing a significant growth of 132.51% [13][14]. - Leap Motor achieved its first half-year profit of 33 million yuan, while NIO and Xpeng continue to struggle with profitability [13][14]. Market Trends and Future Outlook - The overall market is seeing a shift towards high-end models, with Seres' high-end models leading sales in their respective price segments [8]. - Companies are focusing on cost control and operational efficiency to improve profitability, with NIO implementing a comprehensive cost reduction plan [14].

Core Viewpoint - Alibaba Group's CEO emphasizes that AI will be the next generation operating system, with aspirations towards Artificial Superintelligence (ASI) [1] Group 1: AI in Automotive Industry - The automotive industry is increasingly integrating AI agents into smart cockpits, with companies like Li Auto, BYD, and NIO leading the charge [1][2] - Li Auto's AI agent can perform tasks such as ordering food through voice commands, showcasing the practical applications of AI in vehicles [1] - The goal is to create a closed-loop system for users that connects "people, cars, and life" through the vehicle's AI capabilities [2] Group 2: Functionality of AI Agents - AI agents in vehicles primarily assist with navigation, food ordering, and ride-hailing, but require external ecosystem connectivity to function effectively [3] - Li Auto's AI agent operates on two frameworks: CUA (Cockpit Using Agent) and MCP/A2A (Multi-Channel Processing/Agent-to-Agent), allowing for task execution through third-party applications [3][5] - CUA is the prevalent technical route, enabling multi-modal understanding and task execution via apps like Alipay [3] Group 3: Challenges and Solutions - CUA faces limitations, particularly in complex tasks where accuracy is low, with only about 30% success in multi-step tasks [4] - Li Auto proposes a solution by breaking down tasks into manageable steps, improving prediction accuracy for user actions [4] Group 4: Future Developments - The vision for Li Auto's AI agent includes "full memory" and "environmental perception," allowing the agent to remember user actions and recognize environmental cues [7] - Full memory encompasses user interactions and relationships, enabling the AI to proactively assist rather than just react [7] - Environmental perception is crucial for the AI to interact with real-world data, enhancing its ability to perform tasks effectively [8]

9月24日，阿里巴巴集团CEO吴泳铭在云栖大会上抛出几个坚定的判断：AI会是下一代操作系 统。AGI迟早到来，接下来要剑指ASI（Artificial Superintelligent，超人工智能）。当天，阿 里巴巴港股盘中拉升，涨幅一度超过6%，创下2021年10月以来新高。 市场的即时反应，印证了当下对一个更强大AI的关注和想象。今年云栖大会的主题是"云智一 体 碳硅共生"，21记者现场观察到，智能体（Agent）和具身智能，成为多个展台和分论坛的 焦点。而在众多行业参与者中，车企的身影难以忽视。 记者丨 肖潇 编辑丨王俊 视频 丨 杨浩凯 在云栖大会的一项分论坛上，理想汽车空间AI负责人江会星展示了一段演示视频：车主说了一 句"点一杯星巴克"，车机屏幕里的智能体"理想同学"便开始调用星巴克小程序，选择门店，确 认口味，最后刷脸支付。整个视频大约持续了一分多钟。 除了理想，过去半年里，比亚迪、智己、蔚来等车企都已宣布将AI智能体引入智能座舱。 车内智能体在加速落地， 不少车主已经可以在行车过程中语音点餐，到达后无缝拿到餐 食。 而车企的野心不仅仅是"一句话点咖啡"。江会星在前述论坛提到，理想同学agent ...

Investment Rating - The report does not provide specific investment recommendations for individual companies or suppliers in the intelligent driving sector [4][9]. Core Insights - 2025 is identified as a pivotal year for automotive intelligence, with a projected increase in domestic electrification penetration rates to 50%-80% over the next three years, leading to a reshaping of the automotive landscape [4]. - Major intelligent driving manufacturers have successfully implemented complex urban NOA (Navigation on Autopilot) experiences, enhancing high-level functionalities such as parking and scene understanding [4]. - The report evaluates the intelligent driving experiences of ten manufacturers, including XPeng, NIO, and Tesla, through both large sample and small sample road tests, focusing on various dimensions such as scene implementation and comfort [4][9]. Summary by Sections Road Test Overview - The report includes both large sample concentrated road tests and small sample deep road tests to assess the performance of intelligent driving systems [8][27]. - The large sample tests involved approximately 50 participants testing various models along a standardized route, while the small sample tests were conducted by the same evaluators under similar conditions [9][27]. Intelligent Driving Models Tested - The models tested in September 2025 include XPeng P7, NIO ES8, and Tesla Model 3, among others, with specific versions noted for each [10][11]. Performance Evaluation - Compared to Q1 2025, Q3 2025 shows improvements in intelligent driving capabilities across all manufacturers, with a narrowing gap between the leading and following manufacturers [4]. - The report highlights that new entrants in the self-research sector are showing promising performance, with significant iterations expected in the coming months [4]. Specific Model Insights - XPeng's XOS 5.7.7 demonstrated excellent performance with an average takeover frequency of 1.51 times, showcasing strong capabilities in complex scenarios [34]. - The NIO ES8 with cedar model achieved an average takeover frequency of 2.03, indicating robust performance in urban environments [43]. - Tesla's FSD version 13.2 recorded a higher average takeover frequency of 5.73, suggesting areas for improvement in its intelligent driving capabilities [49]. Technical Developments - The report notes advancements in hardware and software across various manufacturers, with many now utilizing self-developed chips and algorithms [26][24]. - Specific improvements in driving comfort and efficiency were reported, with some models achieving significant enhancements in user experience metrics [22].

Core Insights - The domestic new energy passenger vehicle market in China continues to expand, with a cumulative retail volume of 5.468 million units in the first half of 2025, reflecting a year-on-year growth rate of 33.3% [1] - The profitability landscape among new energy vehicle manufacturers has become increasingly polarized, with some companies achieving profitability while others struggle with losses [1] Company Performance - Li Auto maintained its status as a "profitability leader," achieving a net profit of 1.097 billion yuan in Q2 2025, marking its 11th consecutive profitable quarter, although its sales growth was only 7.9% [3] - Leap Motor emerged as a significant player, reporting a revenue of 24.25 billion yuan in the first half of 2025, a 174% increase year-on-year, and achieving a net profit of 30 million yuan, reversing a loss from the previous year [5] - Xpeng Motors delivered 197,189 vehicles, generating revenue of 34.09 billion yuan, a 132.5% increase, while narrowing its net loss to 1.14 billion yuan [6] - Xiaomi's automotive division reported revenue of 39.843 billion yuan, with a gross margin of 26.4%, and reduced its operating loss to 300 million yuan, nearing breakeven [8] - NIO, despite a 30.6% increase in sales to 114,150 units, faced a net loss of 11.745 billion yuan due to high operational costs and insufficient sales to cover expenses [10] Strategic Challenges - Leap Motor's low-price strategy has led to short-term success but raises concerns about long-term brand value and potential vulnerability to competitors adopting similar pricing strategies [12] - Xpeng Motors faces challenges in maintaining brand positioning for its high-end models while expanding its low-end offerings, risking internal competition [14] - Li Auto's reliance on a single technology route has shown signs of fatigue, with new electric models underperforming, necessitating innovative solutions to regain market momentum [16] - Xiaomi's rapid growth is hindered by production capacity issues, with long delivery times potentially affecting customer satisfaction and market share [18] - NIO's multi-brand strategy has led to resource dilution, complicating its ability to manage costs and maintain brand strength [19] Industry Outlook - The competition among new energy vehicle manufacturers is shifting from scale to refined competition, with a focus on cost control and technological innovation [19] - Companies must find a balance between scale, profitability, and brand value to survive in an increasingly competitive market [19]

Core Insights - Alibaba's CEO, Wu Yongming, asserts that AI will become the next generation operating system, with a focus on advancing towards Artificial Superintelligence (ASI) [1] - The market reacted positively to these statements, with Alibaba's stock rising over 6%, reaching its highest point since October 2021 [1] Group 1: AI Integration in Automotive Industry - Several automotive companies, including Li Auto, BYD, and NIO, have introduced AI agents into their smart cockpits, enabling features like voice-activated food ordering while driving [2] - The initial applications of these AI agents are relatively simple, focusing on navigation, food ordering, and ride-hailing, but the ultimate goal is to create a seamless "human-vehicle-life" interaction [2][3] - Li Auto's AI agent, "Li Xiang," aims to enhance its capabilities with environmental awareness and comprehensive memory, allowing for more complex interactions [2] Group 2: Technical Frameworks for AI Agents - Li Auto employs two frameworks for its AI agent: CUA (Cockpit Using Agent) and MCP/A2A (Multi-Channel Processing/Agent-to-Agent) [2][3] - CUA involves multi-modal large model understanding tasks and executing them through apps, while MCP/A2A allows the AI agent to delegate tasks to third-party agents for efficiency [3][4] - The accuracy of current AI agents in completing complex tasks is around 30%, indicating a need for improved predictive capabilities [3] Group 3: Future Developments in AI Capabilities - Li Auto's vision for its AI agent includes "full information memory," which encompasses user actions, environmental interactions, and semantic memory regarding relationships [5] - The AI agent is expected to not only remember user behaviors but also proactively assist by mimicking past actions, enhancing user experience [5] - Environmental perception is crucial for the AI agent, enabling it to recognize real-world cues and complete tasks autonomously [5][6] Group 4: Industry Perspectives on AI - Wu Yongming emphasizes that for AI to surpass human capabilities, it must continuously interact with the physical world to gather comprehensive data [6] - The advancement of autonomous driving technology is cited as an example of how AI learns from raw data to improve performance [6]