Bei Jing Shang Bao·2025-11-27 16:37Core Viewpoint - Li Auto has entered a period of performance fluctuation, reporting a revenue decline and a shift from profit to loss in Q3 2023, attributed to various challenges including product cycles, public relations issues, supply chain recovery, and policy impacts [1][3]. Financial Performance - In Q3 2023, Li Auto's revenue was 27.4 billion yuan, a year-on-year decline of 36.2% [3] - The gross margin was 16.3%, down 5.2 percentage points year-on-year [3] - The net loss was 624 million yuan, marking a transition from profit to loss [3] - Vehicle revenue was 25.9 billion yuan, a decrease of 37.4% year-on-year, primarily due to reduced vehicle delivery volumes [3] - Excluding the estimated costs related to the MEGA recall, the vehicle gross margin could reach 19.8%, with an overall gross margin of 20.4% [3] - As of the end of Q3, Li Auto had cash reserves of 98.9 billion yuan, providing support for future development [3] Product Strategy - Li Auto is transitioning to a dual structure of "range-extended + pure electric" vehicles, with plans to launch its first pure electric model, MEGA, in 2024 [4][5] - The new pure electric SUV models, Li i8 and Li i6, are currently in the ramp-up phase, with total orders exceeding 100,000 units [4] - The company plans to enhance its product offerings in the range-extended market, with a major redesign of the Li L series planned for next year [6] Supply Chain and Production - To address production capacity issues, Li Auto has begun using dual suppliers for batteries, ensuring consistent performance and quality standards [6] - The monthly production capacity for the Li i6 is expected to steadily increase to 20,000 units by early next year [6] Research and Development - In Q3 2023, Li Auto's R&D expenses were 3 billion yuan, a year-on-year increase of 15%, with total expected R&D investment for the year reaching 12 billion yuan, including over 6 billion yuan in AI [7] - The company is focusing on developing its AI systems and has achieved a 91% usage rate for its VLA driver model as of October [7] - Li Auto is also expanding its presence in overseas markets, with initial setups in the Middle East, Central Asia, and North Africa, and plans to enter Latin America, Europe, and Southeast Asia next year [7] Management Approach - CEO Li Xiang announced a return to a startup management model starting Q4 2023, recognizing the differences between startup and professional management systems [8] - The company aims to develop vehicles with autonomous and proactive capabilities, emphasizing the importance of a distinct AI system for embodied intelligence [8] Open Source Initiatives - Li Auto has launched its self-developed smart car operating system, "Star Ring OS," with over 1 billion yuan invested in its development [9] - The open-source technology community for "Star Ring OS" has attracted 55 potential partners, with 16 signed agreements [9]