李想反思：重新回归业务一线，未来要做具身智能表现最好的企业

Core Viewpoint - Li Auto reported a transition from profit to loss in Q3, delivering 92,000 vehicles with a revenue of RMB 27.4 billion and a net loss of RMB 600 million, ending an 11-quarter profit streak. The decline in deliveries and revenue was attributed to the recall of the MEGA model, which incurred significant costs [1][2]. Financial Performance - In Q3, Li Auto's gross margin decreased by 4 percentage points to 16.3%, with vehicle gross margin at 15.5%. Excluding the recall costs, the gross margin would have been 20.4%, indicating stability above 19% [1][2]. - The recall of over 11,000 MEGA vehicles cost approximately RMB 1.1 billion, averaging RMB 110,000 per vehicle, marking the company's first large-scale recall [2][3]. Strategic Direction - CEO Li Xiang emphasized a commitment to becoming a leader in embodied intelligence within 3-5 years, indicating a shift back to a startup management style to enhance agility and innovation [1][7]. - The company plans to focus on user value, efficiency, and identifying key issues rather than creating information asymmetry, reflecting a strategic pivot towards a more user-centric approach [8][9]. Research and Development - Li Auto maintained high R&D investment, with Q3 expenses reaching RMB 3 billion and an expected annual total of RMB 12 billion, over half of which is allocated to artificial intelligence [3][10]. - The self-developed M100 chip is aimed at addressing the challenges of embodied intelligence, with expectations for significant performance improvements in user experience [10][11]. Future Goals - For 2026, Li Auto aims to successfully integrate the M100 chip into its vehicles, enhance the L series to regain market leadership in range-extended products, and expand its supercharging network to improve user charging experiences [10][11][12]. - The company is also focused on deepening its electric vehicle technology and increasing the number of supercharging stations to enhance customer convenience [11][12].