李想反思：重新回归业务一线，未来要做具身智能表现最好的企业

Core Viewpoint - Li Auto reported a transition from profit to loss in Q3, delivering 92,000 vehicles with revenue of RMB 27.4 billion, and a net loss of RMB 600 million, ending an 11-quarter profit streak [1][2] Financial Performance - Q3 revenue was RMB 27.4 billion, with a net loss of RMB 600 million, marking a decline in both deliveries and revenue [1] - Gross margin decreased by 4 percentage points to 16.3%, with vehicle gross margin at 15.5% [1] - Excluding the impact of the MEGA recall, the adjusted gross margin would be 20.4% [1] MEGA Recall Impact - Li Auto recalled over 11,000 MEGA vehicles, incurring a warranty cost of approximately RMB 1.1 billion, averaging RMB 110,000 per vehicle [2][3] - The recall was driven by safety concerns, with the company prioritizing customer safety and addressing potential risks [2] R&D and Future Plans - Li Auto maintained high R&D investment, with Q3 expenses reaching RMB 3 billion, and an expected annual total of RMB 12 billion, over half allocated to AI [3] - The company aims to become a leader in embodied intelligence within 3-5 years, focusing on organizational, product, and technological innovations [4][5] Management Strategy - The CEO emphasized a return to a startup management model, reflecting on the limitations of a professional management approach in a rapidly changing industry [4][5] - Key strategic choices include enhancing user value, improving efficiency, and focusing on critical issues rather than creating information asymmetry [6] Technological Development - Li Auto is developing the self-researched M100 chip to address the challenges of embodied intelligence, aiming for a significant upgrade in user experience [8][11] - The company plans to enhance its product offerings with a focus on physical world applications of AI, moving beyond just electric vehicles or smart terminals [6][7] 2026 Goals - Li Auto's targets for 2026 include successful deployment of the M100 chip, regaining leadership in range-extended products, and deepening its electric vehicle offerings [10][12] - The company plans to build 4,800 supercharging stations and improve charging efficiency with an 800V high-voltage platform [12]