高举 AI、产品为本：理想的两幅面孔丨一分钟财报

Core Viewpoint - Li Auto has elevated AI to the company's top priority, yet it remains focused on automotive products for now [1][5]. Group 1: Performance Overview - In the first quarter, Li Auto delivered 92,864 vehicles, a year-on-year increase of 15.5% [2]. - The automotive sales revenue reached 24.68 billion yuan, up 1.8% year-on-year, with a net profit of 650 million yuan, reflecting a 9.4% increase and marking ten consecutive quarters of profitability [2]. - The average selling price of vehicles decreased by 11.9% year-on-year to 266,000 yuan (excluding VAT) due to a significant increase in the sales proportion of the L6 model and pre-launch price promotions [2]. Group 2: Market Reactions and Challenges - Following the earnings report, Li Auto's stock initially dropped nearly 5% due to concerns over lackluster performance guidance and increased competition, but later rebounded over 4% as management discussed product strategies and competitive advantages [3]. - The company faces significant challenges in successfully launching the i8 and i6 models, with analysts questioning their market competitiveness against rivals like the AITO M8 and Xiaomi YU7 [4]. Group 3: Future Strategies and Product Development - Li Auto plans to evaluate the launch of more affordable sedan and MPV models after achieving over 300 billion yuan in revenue, aiming to expand into other Asian and European markets [4]. - The company has restarted discussions on developing sedans, with the first model likely to belong to the third product line, although pricing and energy forms remain uncertain [5]. - Li Auto's market share in the new energy vehicle segment priced above 200,000 yuan has reached 14.7%, with expectations to double the growth rate of this market segment by 2025 [5].