李想否定三年来的理想，要做回创业公司

Core Viewpoint - The company is shifting back to a startup management model to address challenges posed by new technologies and market dynamics, rejecting the previous attempt to adopt a professional management system which was deemed ineffective [4][6]. Group 1: Company Performance - In Q3 2025, the company delivered over 110,000 new vehicles, but faced a 16% decline in sales quarter-on-quarter and a gross margin drop to 16.3% [4][8]. - The company reported a net loss of 620 million yuan in Q3, marking the first time it lost to a competitor, with the recall of the MEGA model contributing significantly to this loss [8][11]. - Excluding the impact of the MEGA recall, the gross margin would have been 20.4%, indicating a loss of approximately 1.12 billion yuan in gross profit due to this event [8]. Group 2: Market and Competitive Landscape - The domestic electric vehicle industry is transitioning from policy-driven to market-driven, with expectations of a sales adjustment due to the phasing out of purchase tax subsidies [14]. - The company anticipates that by 2026, the penetration rate of new energy vehicles in China will reach 55% to 60%, with the high-end market exceeding 60% [14]. - The competitive landscape is intensifying, with new models from competitors being launched, which may affect the company's market position and product delivery continuity [14]. Group 3: Future Strategy and Product Development - The company aims to redefine its product strategy by focusing on "embodied intelligence" rather than just electric vehicles, positioning itself as a technology company rather than merely an automotive manufacturer [8][14]. - Plans for future product iterations include adopting an 800V high-voltage platform and expanding the number of supercharging stations to approximately 4,800 by 2026 [14]. - The company recognizes the need for significant changes in product and marketing strategies to keep pace with competitors who are rapidly iterating their offerings [14].