Guan Cha Zhe Wang·2026-01-23 12:21Group 1 - The core viewpoint is that Li Auto's delivery volume for 2025 is projected to be 406,000 units, representing a year-on-year decline of approximately 19%, failing to meet the adjusted sales target [1][3] - Li Auto plans to close some underperforming retail stores as part of a strategy to improve operational efficiency, although the exact number of closures is still under evaluation [2] - The number of retail centers has significantly increased from 206 in 2021 to 467 in 2023, with further growth expected to 502 by the end of 2024 and 548 by the end of 2025 [2] Group 2 - Li Auto's performance in 2025 is impacted by several factors, including the MEGA recall, low sales of the L series before its upgrade, and the nascent stage of its pure electric products [3] - The company plans to revert to a "startup management model" starting in Q4 2025 to address challenges posed by new technologies and market conditions [3] - Li Auto's self-developed chip, the M100, is set to be commercially deployed next year, which is expected to transform the vehicle experience from a passive product to one that actively provides services to users [3]