Xin Lang Cai Jing·2025-11-28 08:21Core Insights - Li Auto reported its first quarterly loss in nearly three years for Q3 2025, with total revenue of 27.4 billion yuan, a year-on-year decline of 36.2% [1] - Vehicle sales revenue was 25.9 billion yuan, down 37.4% year-on-year, and the company recorded a net loss of 624.4 million yuan compared to a profit of 2.8 billion yuan in the same period last year, ending a streak of 11 consecutive profitable quarters [1] - The gross margin for Q3 was 16.3%, a decrease of 5.2 percentage points year-on-year, but excluding the estimated costs related to the recall of the Li Auto MEGA model, the vehicle gross margin would have been 20.4% [1] Strategic Adjustments - The company plans to revert to a startup management model, as CEO Li Xiang expressed that the shift to a professional management system had not yielded positive results [2] - Li Auto aims to focus on embodied intelligence, which is seen as a core form of robotics and a valuable product for the next decade, requiring advanced sensory and computational capabilities [2] - The company intends to develop an AI system distinct from language intelligence, emphasizing the need for rapid and precise integration of hardware and software to enhance physical world perception [2] Future Outlook - Despite current performance pressures, Li Xiang remains optimistic about the future, emphasizing that competition will hinge on long-term direction and sustained investment [2] - The company has set a clear goal to become a leading player in the embodied intelligence sector within the next 3 to 5 years, aiming to deliver the highest user value [2]