Sou Hu Cai Jing·2025-12-01 03:23Core Viewpoint - 2025 is expected to be a challenging year for Li Auto, but the company demonstrates strong operational resilience despite fluctuations in quarterly financial results, maintaining a leading position among new energy vehicle manufacturers [1] Financial Performance - Li Auto reported a quarterly revenue of 27.4 billion yuan, with a cumulative revenue of 83.5 billion yuan for the first three quarters, maintaining its leadership in the new energy vehicle sector [1] - The company recorded a gross margin of 15.5%, which increases to 19.8% when excluding the impact of a recall cost of approximately 1.1 billion yuan for the Li Auto MEGA [1] Strategic Decisions - Li Auto's founder, Li Xiang, made three key decisions during the third-quarter earnings call, marking a significant turning point for the company as it enters its second decade [1] - The company has upgraded its vision to become a "globally leading embodied intelligence enterprise," indicating a fundamental shift in product positioning [3] Product Development and Innovation - Li Auto has established a dual-energy product strategy with the Li ONE and L series, and the introduction of the Li MEGA and i series has created a complete pure electric matrix [3] - The company aims to transform cars into "embodied intelligent products" that provide emotional and cognitive capabilities, moving beyond traditional transportation roles [5] Technological Advancements - Li Auto plans to overcome key technological bottlenecks in three areas: perception, model optimization, and hardware innovation, with a focus on enhancing autonomous driving capabilities [6] - The company is developing a self-researched M100 chip tailored for embodied intelligence, expected to enhance performance and cost efficiency, set to be deployed in vehicles next year [6][8] Research and Development Investment - Li Auto's total R&D investment for the year is projected to reach 12 billion yuan, with over 6 billion yuan allocated specifically for artificial intelligence [8] - The company has a strong cash reserve of 98.9 billion yuan, providing substantial support for its R&D efforts in embodied intelligence [8] Future Outlook - Li Auto is committed to becoming the best-performing company in the field of embodied intelligence within the next 3-5 years, with a clear technological direction and a return to its entrepreneurial roots [8]