中经记者 陈茂利 张硕 北京报道 "人因为痛苦而改变，人因为受益而坚持。"这是理想汽车（以下简称"理想"，）创始人、董事长兼CEO 李想2023年6月在社交平台发表的观点。 时隔两年半，理想正在发展的阵痛中积极改变。近日，理想发布2025年交付量。2025年，理想共交付车 辆40.63万辆，同比下滑18.81%，未能如期完成其制定的年交付64万辆的目标。 事实上，理想汽车的销量与业绩增长压力在2025年第三季度已显现端倪——交付量同比下滑39%，净亏 损达6.24亿元（受理想MEGA召回成本影响）。 面对持续的经营挑战，理想在2025年11月的第三季度财报电话会上宣布，结束运行3年的职业经理人治 理体系，重新回归创业公司管理模式，以提升组织应对市场变化的敏捷性。李想本人反思，用职业经理 人模式管理公司，不符合当下的市场环境，更不符合理想的基因。 2025年，理想在产品线上实现纯电产品线布局，通过推出i6、i8等车型完成了对25万—40万元主流纯电 市场的布局。然而，市场表现未达预期，公司全年交付量出现两位数的同比下滑， 李想反思时，将原因归咎为职业经理人模式导致决策链条变长、产品迭代速度放缓，最终让公司在面对 ...

Core Insights - Li Auto's third-quarter financial report for 2025 marks the end of its nearly three-year profitability streak, reporting a revenue of 27.4 billion yuan, a year-on-year decline of 36.2%, and a net loss of 624 million yuan, the first quarterly loss since Q4 2022 [1][4] Financial Performance - The delivery volume in Q3 was 93,211 units, down 39% year-on-year, leading to a 37.4% decrease in vehicle sales revenue to 25.9 billion yuan, which was the main driver of revenue decline [4] - The company recorded a warranty cost provision of approximately 1.1 billion yuan in Q3, which impacted the gross margin, reducing it from 21.5% in the same period last year to 16.3% [5][6] - Even excluding this one-time cost, the adjusted gross margin was 20.4%, indicating a significant drop from historical highs [6] Market Challenges - Li Auto faces multiple pressures including the fading benefits of range-extended vehicles, challenges in transitioning to pure electric models, and intensified market competition [3][4] - The share of range-extended vehicles in the new energy vehicle wholesale structure has been declining, dropping to 7.5% in October 2025, while the share of pure electric models from new forces has increased from 49% to 74% [6] Strategic Adjustments - Despite short-term performance pressures, Li Auto continues to invest strategically, with R&D expenses reaching 3 billion yuan in Q3 and an expected total of 12 billion yuan for the year, focusing heavily on AI technology [7] - The company is adopting a dual-supplier model for i6 batteries to alleviate production bottlenecks, with expectations to stabilize monthly production capacity to 20,000 units by early 2026 [7] Management Changes - Li Auto's management model is undergoing a transformation, with the CEO expressing a desire to return to a startup management style, acknowledging the challenges faced after scaling up [11][14] - The company has recognized the need to enhance decision-making efficiency while maintaining operational stability, which will be a critical challenge moving forward [11][15] Future Outlook - For Q4 2025, Li Auto has provided conservative guidance, expecting deliveries between 100,000 to 110,000 units, a year-on-year decrease of 30.7% to 37.0%, and revenue between 26.5 billion to 29.2 billion yuan, a decline of 34.2% to 40.1% [11][15] - The ability to release production capacity for pure electric models, improve cost control, and effectively implement management changes will be crucial for the company's recovery and growth trajectory in 2026 [15]

Core Viewpoint - Li Auto reported a net loss of 624 million yuan in Q3, marking its first loss after 11 consecutive profitable quarters, prompting a significant reflection from CEO Li Xiang on the company's management approach [1][4]. Financial Performance - The company’s Q3 revenue guidance for Q4 is set at a maximum of 29.2 billion yuan, which, while not poor, is lower compared to NIO's guidance of 34.07 billion yuan [2]. - In Q3, Li Auto's vehicle deliveries fell to 93,200 units, a year-on-year decline of 39%, while competitors NIO and XPeng saw increases of 40.8% and 149.3%, respectively [3][4]. Management and Strategy - Li Xiang criticized the shift towards a professional management system over the past three years, suggesting a return to a more entrepreneurial management style similar to that of Tesla and Nvidia [2]. - The company is undergoing significant organizational changes, including reclaiming decision-making power by Li Xiang and adjusting strategies in response to declining sales [2][6]. Market Position and Competition - Li Auto's L series is facing increased competition from models like the AITO M8, which has seen significant delivery success, impacting Li Auto's target user base [7]. - The overall growth rate of the range-extended market has dropped to 3.5%, while the pure electric market continues to grow at 53.6%, indicating a necessary shift towards pure electric vehicles for Li Auto [7]. Product Development and Challenges - The launch of the MEGA model faced challenges, including a recall that affected profit margins, and the i8 model has not met sales expectations, leading to a reassessment of pricing strategies [6][13]. - Li Auto's strategy to lower the price of the i6 to 239,800 yuan aims to attract customers, but risks internal competition with the L6 model due to overlapping pricing [13][14]. Brand and Design Issues - The MEGA model's design has faced criticism, leading to a reconsideration of design strategies moving forward, with plans to differentiate future models more clearly [15][16]. - Li Auto's long-standing focus on the high-end market is being challenged as it attempts to penetrate the lower price segments without diluting its brand image [14][21]. Future Outlook - Despite current challenges, Li Auto maintains a strong cash position, with nearly 100 billion yuan available, allowing for a potentially sustained competitive stance in the market [21]. - The company plans to invest 12 billion yuan in R&D by 2025, with a focus on AI, indicating a long-term vision despite short-term sales pressures [20].

Core Viewpoint - Li Auto, the first profitable company among new car manufacturers, has reported a return to losses in Q3 2025, with significant declines in revenue and vehicle deliveries compared to previous periods [2][8]. Financial Performance - In Q3 2025, Li Auto's total revenue was 27.4 billion yuan (3.8 billion USD), a decrease of 36.2% from 42.9 billion yuan in Q3 2024 and a 9.5% decline from 30.2 billion yuan in Q2 2025 [2][4]. - The company reported a net loss of 624 million yuan (87.7 million USD) in Q3 2025, contrasting with net profits of 2.8 billion yuan and 1.1 billion yuan in Q3 2024 and Q2 2025, respectively [2][4]. - Vehicle sales revenue was 25.9 billion yuan (3.6 billion USD), down 37.4% from 41.3 billion yuan in Q3 2024 and 10.4% from 28.9 billion yuan in Q2 2025 [5]. - The gross profit for Q3 2025 was 4.5 billion yuan (627.8 million USD), a 51.6% decrease from 9.2 billion yuan in Q3 2024 [6]. Vehicle Deliveries - Li Auto delivered 93,200 vehicles in Q3 2025, a decline of 39.01% from 152,800 vehicles in the same period last year [3][9]. - The company has lost its position as the sales champion among new car manufacturers, with a reported 32.89 million vehicles delivered in the first ten months of 2025, down 16.36% year-on-year [11]. Operational Challenges - The company is facing operational challenges, including a significant drop in vehicle deliveries and a need to adjust its management approach back to a startup model to better respond to market changes [4][15]. - Li Auto's operating expenses were 5.6 billion yuan (793.1 million USD) in Q3 2025, a slight decrease from 5.8 billion yuan in Q3 2024 [7]. - The company has adjusted its annual sales target from 700,000 to 640,000 vehicles due to declining delivery numbers [12][13]. Strategic Adjustments - Li Auto plans to accelerate its product development cycle from a four-year major iteration to a two-year cycle to keep pace with competition [14][15]. - The company aims to differentiate its vehicle designs more distinctly rather than relying solely on configuration, moving away from a "cookie-cutter" approach [15].

Core Viewpoint - Li Auto's CEO Li Xiang announced a return to a startup management model starting Q4 2025 to address industry changes and internal growth challenges, reflecting on the inadequacies of the professional management system adopted over the past three years [1] Financial Performance - Vehicle sales revenue for Q3 2025 was 41.32 billion RMB, a decrease of 37.4% year-over-year and a decline of 10.4% compared to Q2 2025 [1] - Total revenue for Q3 2025 was 42.87 billion RMB, down 36.2% year-over-year and 9.5% from Q2 2025 [1] - Gross profit for Q3 2025 was 9.22 billion RMB, representing a 51.6% year-over-year decline and a 26.3% decrease from Q2 2025 [1] - Gross margin for Q3 2025 was 21.5%, down 5.2 percentage points year-over-year and 3.8 percentage points from Q2 2025 [1] - Operating profit margin for Q3 2025 was 8.0%, a decrease of 12.3 percentage points year-over-year [1] - Net loss for Q3 2025 was 6.24 billion RMB, marking the first quarterly loss after 11 consecutive profitable quarters [1] - Free cash flow (non-GAAP) for Q3 2025 was 9.05 billion RMB, a significant improvement compared to a loss of 8.91 billion RMB in the same quarter last year [1] Delivery and Market Impact - Li Auto delivered 93,211 vehicles in Q3 2025, a year-over-year decrease of 39% [1]

Core Viewpoint - Li Auto's third-quarter revenue fell by 36.2% year-on-year, resulting in a net loss of 624 million yuan, a stark contrast to a net profit of 2.8 billion yuan in the same period last year, highlighting significant delivery declines and pressures during the company's transition phase [1][16][18]. Financial Performance - Total revenue for Q3 was 27.4 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter, primarily due to reduced vehicle deliveries [16]. - Vehicle sales accounted for 25.9 billion yuan, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [16]. - Gross profit for Q3 was 4.5 billion yuan, down 51.6% year-on-year and 26.3% quarter-on-quarter, with a vehicle profit margin of 15.5% compared to 20.9% in the same period last year [17]. - Operating loss for Q3 was 1.2 billion yuan, contrasting with an operating income of 3.4 billion yuan in the same period last year [18]. - Cash balance at the end of Q3 was 98.9 billion yuan, with net cash used in operating activities amounting to 7.4 billion yuan [18]. Strategic Direction - CEO Li Xiang announced a return to a "startup management model" to navigate the challenges of the next decade, moving away from a professional manager system [1][5]. - The company aims to redefine its products as "embodied intelligent robots," focusing on AI's understanding of the physical world and proactive service capabilities [1][10]. - The self-developed M100 AI chip is expected to be delivered by 2026, marking a significant shift from passive functions to proactive automation services [1][10][40]. Technology Development - Li Auto is developing a full-stack self-research capability in electric drive systems, including self-developed silicon carbide power chips and power modules [2][25]. - The company plans to mass-produce its self-branded 5C battery next year, enhancing charging speed and safety [2][25]. - The next-generation platform and chip development has already commenced, with a focus on improving perception, understanding, and response capabilities [40]. Product Strategy - The L series will undergo significant updates by 2026, featuring an 800V high-voltage platform and 5C ultra-fast charging technology, aiming to regain leadership in range-extended products and increase pure electric penetration [2][33]. - The company is focusing on user value and efficiency, emphasizing the importance of deep dialogue and problem identification in a rapidly changing environment [6][7].