Ge Long Hui·2025-11-28 00:54Core Viewpoint - The automotive industry is characterized by strategic endurance and resilience, with market fluctuations and intensified competition being inevitable challenges for all companies. Li Auto's recent financial report reflects "transformation pain," but the real core competitiveness lies in its strategic resilience to navigate through cycles and pressures [1] Group 1: Financial Performance and Strategic Transition - Li Auto reported a revenue of 27.4 billion RMB, with a gross margin of 20.4% after excluding MEGA recall costs, indicating some financial pressure [1] - The company is transitioning from a single-core strategy focused on range-extended vehicles to a dual-core strategy that includes both range-extended and pure electric vehicles, which is seen as a necessary investment for future growth [1][2] - The financial pressures are viewed as a "strategic tuition fee" for this transition, emphasizing the importance of focusing on the effectiveness of its pure electric strategy for long-term development [1] Group 2: Market Response and Product Performance - Li Auto's pure electric strategy has shown positive market feedback, with the Li MEGA achieving the highest sales in the MPV segment above 500,000 RMB and in the pure electric category [2] - The company has successfully launched the Li i8 and Li i6 pure electric SUVs, accumulating over 100,000 orders, marking it as one of the most successful new entrants in the pure electric market [2] - Li Auto's ability to establish a foothold in the pure electric market demonstrates its capability to define the market rather than relying solely on its range-extended vehicles [2] Group 3: Innovation as a Competitive Advantage - The success of Li Auto's pure electric strategy and its position as an industry leader is attributed to its deep-rooted innovation capabilities, which serve as a buffer against market fluctuations and ensure strategic implementation [3] - The company is not dependent on a single model but is rapidly iterating its product matrix based on market feedback, allowing for differentiated competitive advantages [3] - Li Auto's strategy includes reducing SKU numbers to focus on creating standout products, which enhances long-term product advantages and supports future growth [3] Group 4: Technological Investment and Global Strategy - Following its "All in AI" announcement, Li Auto has committed over 6 billion RMB annually to AI research and development, enhancing its product differentiation and reducing reliance on external suppliers [4] - The company's approach of combining user insights with technological innovation positions it well for global market competition, allowing for adaptable product strategies based on regional user preferences [4] - This innovative model not only strengthens its position in the Chinese market but also provides a foundation for participating in global competition [4] Conclusion - Companies that can evolve and adapt over time possess enduring vitality, with innovation being the key driver of this resilience. Li Auto's growth trajectory illustrates the value of its innovative system and its ability to navigate industry changes [5] - The fundamental assessment of a company's future should focus on its capacity to create value and exceed user expectations through innovation, a trait that Li Auto has embedded in its core [5]