Hua Er Jie Jian Wen·2025-11-26 14:06Core Viewpoint - Li Auto's third-quarter revenue fell by 36.2% year-on-year, resulting in a net loss of 624 million yuan, a stark contrast to a net profit of 2.8 billion yuan in the same period last year, highlighting significant delivery declines and pressures during the transition period [1][16][19]. Financial Performance - Total revenue for Q3 was 27.4 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter, primarily due to reduced vehicle deliveries [16]. - Vehicle sales accounted for 25.9 billion yuan, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [16]. - Gross profit for Q3 was 4.5 billion yuan, down 51.6% year-on-year and 26.3% quarter-on-quarter, with a gross margin of 16.3% compared to 21.5% in the same period last year [16][19]. - Operating expenses were 5.6 billion yuan, a decrease of 2.5% year-on-year but an increase of 7.8% quarter-on-quarter [17][19]. - The company reported an operating loss of 1.2 billion yuan, compared to an operating income of 3.4 billion yuan in the same period last year [19]. Strategic Direction - CEO Li Xiang announced a return to a "startup management model" to navigate the challenges of the next decade, moving away from a professional manager system [1][6][8]. - The focus will shift towards redefining products as "embodied intelligent robots," emphasizing AI's understanding of the physical world and proactive service capabilities [1][10][11]. - The self-developed M100 AI chip is expected to be delivered by 2026, aiming to transform vehicles from passive functions to proactive automated services [1][22][41]. Technological Development - Li Auto is developing a full-stack self-research capability in electric drive systems, including self-developed silicon carbide power chips and power modules [2][24]. - The company plans to mass-produce its self-branded 5C battery next year, focusing on ultra-fast charging capabilities [2][25]. - The next-generation platform and chip development has already commenced, with expectations of achieving performance-cost ratios exceeding current high-end chips by three times [1][41]. Product Strategy - The L series will undergo significant upgrades by 2026, featuring an 800V high-voltage platform and 5C ultra-fast charging technology, aiming to regain leadership in range-extended products and significantly increase pure electric penetration [2][24][33]. - The company is committed to enhancing user experience by focusing on the core value of products rather than merely competing on specifications [9][10].