Hua Er Jie Jian Wen·2025-08-29 01:24Core Insights - Li Auto's recent earnings call revealed significant strategic adjustments to accelerate product iteration, reduce SKU numbers, strengthen "public opinion defense," and restructure the sales system to address current market challenges [1][2] Financial Performance - In Q2, Li Auto reported revenue of 30.2 billion RMB, a year-on-year decline of 4.5%, with deliveries exceeding 110,000 vehicles, capturing a 13.4% market share in the above 200,000 RMB new energy vehicle segment [1] - The company anticipates Q3 deliveries between 90,000 to 95,000 vehicles, representing a year-on-year decline of 37.8% to 41.1% [1] - Q3 revenue is expected to drop sharply by 38.8% to 42.1%, falling to between 24.8 billion to 26.2 billion RMB [1] Product Strategy - Li Auto acknowledged its lag in product iteration speed, committing to simplify its product strategy by reducing SKU numbers and returning to a single SKU strategy to maximize competitiveness [2] - The upcoming Li Auto i6 is positioned to be the most competitive product in the large five-seat SUV market, featuring unique design, industry-leading comfort, and extended range [4][2] Technology Advancements - Li Auto continues to lead in AI technology, with the recently launched VLA driving model boasting 4 billion parameters, a tenfold improvement over previous models [5] - The VLA system has significantly enhanced driving smoothness and comfort, with user feedback indicating difficulty in distinguishing between automated and human driving [5] - Progress in self-developed chips is on track, with expectations to integrate them into flagship models next year, offering double the performance of the market's strongest chips for GPT-like models [5] Global Expansion Strategy - Li Auto has officially launched its globalization strategy, with plans to focus on the Middle East, Central Asia, and Europe from 2025 onwards [8] - The company has established R&D centers in Germany and the U.S. and is building overseas sales and service organizations [8] - Li Auto currently operates over 3,100 charging stations and 17,000 charging piles, with plans to open its charging network to other brands while ensuring optimal charging experiences for its own customers [8]