LI AUTO(US:LI) 理想TOP2·2025-11-26 14:53Core Viewpoint - The article discusses Li Auto's strategic choices for the next decade, focusing on organization, product, and technology as key areas for development and adaptation to market changes [2][9]. Group 1: Organization - Li Auto has transitioned from a startup management model to a professional management model over the past three years, recognizing the differences in governance systems between the two [2][6]. - The company believes that the current environment, characterized by rapid technological changes and industry uncertainty, aligns more with a startup management approach, emphasizing dialogue, user value, efficiency, and problem-solving [4][5]. Group 2: Product - The company is contemplating its product direction for the next decade, questioning whether to focus solely on electric vehicles, smart terminals, or embodied intelligence [6][8]. - A shift towards embodied intelligence is proposed, where vehicles could evolve into intelligent robots capable of providing automated and proactive services, enhancing user experience significantly [8][12]. Group 3: Technology - Li Auto emphasizes the need for a complete system technology choice, focusing on embodied intelligence rather than just language intelligence, which requires a different set of capabilities [9][10]. - The company is developing a comprehensive system for embodied intelligence, including perception, modeling, operating systems, computing power, and hardware modifications to enhance vehicle capabilities [11][12]. - The M100 chip is central to the company's future technology strategy, expected to significantly improve performance and cost-effectiveness in the next generation of products [29]. Group 4: Market Strategy and Financials - Li Auto is addressing supply chain challenges and production ramp-up for its i6 and i8 models, with plans to enhance battery supply through dual sourcing [18]. - The company is optimistic about future sales growth despite potential market fluctuations due to changes in government subsidies and taxes, focusing on user value and technological advancements to maintain competitiveness [20][22]. - The company has made significant investments in core technologies related to electric drive, battery, and electronic control systems, aiming to provide a reliable user experience [16][17].