首席执行官Xiang Li先生发言： 现在为Mr. Li进行翻译。2025年第三季度，正好是Li Auto进入第二个十年的开端。在这一时期，我们面临了诸多挑战，包括供应链问题、产品生命周期管理、公共关系危机以及政 策环境的变化。这些因素都对我们的日常运营和交付造成了不利影响。不过，今天我想借这个机会，谈谈我们对未来十年的长远规划，以及我们必须做出的三项关键决策，分别 是组织架构、产品布局和技术方向。 我们首先要决定公司的组织模式。当前的难题是，是继续采用创业型模式，还是转向职业经理人模式。在理想汽车过去十年里，前七年我们一直以创业公司的方式运营。但随着 公司规模不断扩大，尤其是营收增长到前所未有的水平，到了2022年，很多人建议我们应该转型为职业经理人模式。毕竟，无论是Mercedes、BMW这些百年汽车品牌，还是 Microsoft、Apple这样的科技巨头，都是依靠职业经理人模式取得了成功。过去三年，我们努力尝试适应这种管理方式。但在实际操作过程中，我们发现创业型模式和职业经理人 模式之间有着根本性的差异，这种差异并不在于流程或组织架构，而是体现在管理理念和核心运营原则上。而且，这两种模式更适合企业在不同 ...

Core Insights - The company Leshu Shi, founded by entrepreneurs Shen Yanchang and Yang Yanjuan, is making strides towards an IPO in Hong Kong, focusing on the African maternal and infant market with its sanitary napkin and diaper products [1][3] - Leshu Shi has established itself as a leader in the African market, achieving significant sales and revenue growth, with 2024 sales volume reaching 5.757 billion units and revenue of $454 million (approximately 3.2 billion RMB) [3][4] - The founders have maintained control over the company without relying on external capital, which is a rare approach in the current investment climate [3][4] Financial Performance - Leshu Shi's revenue figures for 2022, 2023, and 2024 are $320 million, $411 million, and $454 million respectively, with corresponding net profits of $18.39 million, $64.68 million, and $95.11 million [3][4] - Despite a slowdown in revenue growth in 2024, the company has successfully increased its net profit, indicating effective management of profit margins [3][4] Challenges and Strategy - The company faces challenges due to raw material costs, which account for over 80% of total sales costs, making it vulnerable to price fluctuations [4] - Leshu Shi has a relatively small R&D team of only four employees and a modest R&D expenditure of $500,000 in 2024, focusing primarily on maintaining low prices and high quality [4] - The founders aim to position Leshu Shi as the "Chinese version of Procter & Gamble," seeking to expand globally post-IPO [4]

Core Viewpoint - The founder of Xibei, Jia Guolong, has decided to refocus the company on its core business of casual dining after a challenging year in 2024, marking a significant shift from previous explorations into fast food and retail [2][12]. Group 1: Company Strategy and Changes - Xibei has faced a significant decline in customer traffic and revenue in 2024, prompting Jia Guolong to halt the fast food business and scale back retail operations [2][12]. - The company is now concentrating on enhancing the dining experience, promoting signature dishes like roast duck, and introducing transparent ingredient cards for children's meals [2][34]. - Jia Guolong has transferred a substantial portion of his dividend rights to employees, allowing them to hold 70% of the dividend rights, which is a strategic move to align employee interests with the company's success [2][32]. Group 2: Industry Insights and Challenges - The restaurant industry is experiencing a trend of consumer segmentation, necessitating companies to maintain their ecological niche rather than attempting to cater to all market segments [2][36]. - Xibei has temporarily gained a foothold in the family dining market through its children's meal strategy, but faces competition as other brands also enter this space [3][36]. - The company acknowledges that the fast food business was not inherently flawed but was mismanaged due to overconfidence and a lack of focus on core competencies [12][13]. Group 3: Leadership and Management Philosophy - Jia Guolong emphasizes the importance of returning to the company's roots and maintaining a customer-centric approach, recognizing that previous expansions led to a dilution of focus [6][8]. - The leadership style has shifted back to a more hands-on approach, allowing for quicker decision-making and direct feedback from operations [24][25]. - Jia Guolong believes in a flexible decision-making process, often making spontaneous decisions based on immediate observations rather than extensive deliberation [25][26]. Group 4: Future Outlook - The company aims to redefine its vision, focusing on creating a beautiful dining experience rather than merely expanding its footprint [36][37]. - Xibei's future strategy includes a commitment to understanding and meeting customer needs at a sustainable pace, avoiding the pitfalls of overexpansion [36][37]. - The long-term goal is to build a strong brand that resonates with customers and fosters a positive community impact, with profitability being a means to an end rather than the ultimate goal [37].