Zhi Tong Cai Jing·2025-11-27 06:37Core Viewpoint - Li Auto's third-quarter financial results show a significant decline in revenue and a shift from profit to loss, raising concerns about the company's current operational challenges and future direction [1] Financial Performance - Li Auto reported third-quarter revenue of 27.4 billion yuan, a year-on-year decrease of 36.2% [1] - The company incurred a net loss of 620 million yuan, compared to a net profit of 2.8 billion yuan in the same period last year [1] - Gross margin for the third quarter was 16.3%, with a gross profit of 4.469 billion yuan; excluding the impact of the MEGA recall, the gross margin would have been 20.4% [1] - The MEGA recall event is estimated to have caused a loss of approximately 1.113 billion yuan for the third quarter [1] Recall Information - In October, Li Auto announced a recall of 11,411 MEGA vehicles to replace components such as coolant and power batteries due to insufficient corrosion resistance, which could lead to thermal runaway risks [1] Strategic Direction - CEO Li Xiang stated that for the next decade, Li Auto's products will evolve from electric vehicles and smart terminals to embodied robots [1] - The company plans to return to a "startup management model," moving away from a professional manager system [1] - Li Auto aims to redefine its products as "embodied intelligent" robots, focusing on AI's understanding of the physical world and proactive service capabilities [1] - The self-developed M100 chip AI system is expected to be delivered by 2026, marking a shift from passive functionality to proactive automated services [1]