Core Viewpoint - Li Auto's decision to open-source its self-developed automotive operating system, "Xinghuan OS," aims to address industry-wide challenges and promote collaboration within the automotive sector [2][3]. Group 1: Initial Motivation and Industry Impact - The initial motivation for developing the operating system was to solve internal issues related to chip shortages and operational reliability, which were also common industry problems [3]. - By open-sourcing the operating system, the company aims to prevent resource wastage from redundant development efforts across the industry, fostering a collaborative environment for automotive innovation [3]. Group 2: Interest from Other Manufacturers - There is significant interest from two main types of manufacturers: suppliers (such as chip and solution providers) who see value in leveraging validated technologies to reduce R&D costs, and automotive manufacturers who are currently observing the open-source initiative [4]. Group 3: Responsibility and Risk Management - In the event of issues arising from the open-source system, responsibility is expected to lie primarily with the users and service providers who derive commercial benefits, while contributors focus on industry advancement [5]. - The company plans to establish a systematic process to review external contributions, ensuring project health and quality through automated and manual testing [7]. Group 4: Open-Source Development Timeline - The Xinghuan OS project was initiated in 2021, with the first deployment expected in 2024. The open-source announcement was made in March 2023, with the first batch of code released in April 2023 and further updates planned for June 2023 [6]. Group 5: Benefits and Strategic Goals - The open-source initiative is not aimed at direct financial returns but rather at fostering a collaborative ecosystem where all participants can contribute and innovate together, ultimately striving for the vision of an Intelligent OS [7]. - The operating system is positioned as a critical factor for future competitiveness in intelligent driving, addressing complexities in system performance, hardware iteration cycles, and AI computing needs [8].

Core Insights - Li Auto showcased new models at the Shanghai International Auto Show, including the Li MEGA Home Family Special Edition and upgraded versions of Li MEGA Ultra and Li L6 [1][8] Group 1: Product Launches - The Li MEGA Home Family Special Edition is priced at 559,800 yuan, while the Li MEGA Ultra is priced at 529,800 yuan, both available for order immediately [1] - The Li L6 Smart Upgrade version is priced between 249,800 and 279,800 yuan and is also available for pre-order [1] Group 2: Features and Innovations - The Li MEGA Home features zero-gravity rotating seats in the second row, enhancing family usability with various configurations for easy access and comfort [3] - The vehicle includes a new front-row silent electric door with a damping design and 11 pieces of double-layer laminated glass, improving noise reduction by 3.8 decibels at 40 km/h on concrete roads [3] - Both the Li MEGA Home and Li MEGA Ultra are equipped with the upgraded NVIDIA Thor-U chip, providing 700 TOPS of computing power for enhanced safety and intelligent driving experiences [3] Group 3: Li L6 Smart Upgrade - The Li L6 Smart Upgrade features ATL all-weather laser radar and upgraded AD Pro driving assistance, now compatible with Horizon Journey 6M chip for advanced driving capabilities [5] - The Li L6 Pro Smart Upgrade can stop from 120 km/h in front of an accident vehicle and includes an automatic emergency steering (AES) function for night driving scenarios [5] - New aesthetic options for the Li L6 include a special sky blue pearl paint and dual-tone interior choices, along with redesigned 20-inch and 21-inch wheels [5] Group 4: Software Development - Li Auto's self-developed operating system, "Li Star Ring OS," has begun to open source some modules, marking a step towards ecosystem collaboration [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 52.97 yuan [6]. Core Viewpoints - The company has launched the AI-native vehicle operating system "滴水 OS 1.0 Evo," which integrates AI large model technology to enhance autonomous interaction and decision-making capabilities in vehicles [2][3]. - The operating system showcases three major breakthroughs in user experience: hyper-realism through advanced rendering and sound systems, hyper-intelligence via rapid response and high intent recognition, and a hyper-integrated ecosystem that consolidates global resources for automotive manufacturers [2]. - The company is deepening its layout in AI and edge intelligence, expanding into mobile robotics, AI glasses, and mixed reality applications, while increasing R&D investment to strengthen its technological advantages [3]. Financial Forecasts - The projected revenue for the company is expected to grow from 5,385 million yuan in 2024 to 7,134 million yuan in 2027, with growth rates of 2.7%, 9.5%, 9.8%, and 10.2% respectively [5][10]. - The net profit attributable to the parent company is forecasted to increase from 407 million yuan in 2024 to 968 million yuan in 2027, with growth rates of -12.6%, 35.6%, 45.5%, and 20.4% respectively [5][10]. - The earnings per share (EPS) is expected to rise from 0.89 yuan in 2024 to 2.10 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 60, 44, 30, and 25 [5][10].

链接： https://gitee.com/haloos 邮箱：HaloOS@lixiang.com 目前31仓库 1Pull Requests 197Star 67Fork 8成员 366关注 白皮书详见：《 理想星环 OS 技术架构白皮书 v1.0 》 理想星环OS遵循和AOSP一样的Apache License V2.0 协议 理想星环OS开源项目介绍 1. 简介 理想星环OS（LiAuto HaloOS） 是理想汽车针对现代智能汽车日益增长的系统复杂性、功能多样性及高性能需求，自主研发的一款整车级操作系统。 其核心目标是为整车范围内的计算、通信与控制功能提供一个统一、高效、可靠的技术基础平台。通过采用开源模式并结合自身研发实践，理想星环OS 旨在突破传统封闭式车载系统在灵活性、扩展性及协同效率方面的瓶颈，为车辆智能化功能的持续开发与演进提供支撑 在技术架构层面，理想星环OS基于"全域协同计算模型"进行设计，以实现系统级的深度优化。关键的跨域调度能力显著提升了车辆核心"感知-决策-执 行"链路的处理效率与运行稳定性，实测数据显示响应效率提升1倍、稳定性提高5倍。这一优化在具体应用场景中带来了可量化的性能 ...

撰 文 / 玖 零 设 计 / 琚 佳 2025年3月，理想汽车在中关村论坛上宣布开源自研的整车操作系统"星环OS"，直面传统 AUTOSAR架构的桎梏。这一动作被视为中国汽车工业在智能化时代的一次标志性事件。 这场技术革命的起点，源于前几年的一场"芯片荒"。 星环OS可兼容ARM、RISC-V、英飞凌TriCore等主流架构，支持地平线J6M、芯驰E3640等国产芯 片。这种"芯片自由"使得适配周期从6个月压缩至4周，适配成本降低83%，极大增强了供应链弹 性。这种灵活性使理想在2024年成功切换至国产RISC-V架构芯片，单车BOM成本下降900元，供应 链安全系数提升40%。 通过软硬件深度协同，星环OS在算力、存储和通信带宽资源使用上实现核心优化。典型案例是理 想L系列车型的控制器设计。通过将Orin X（SoC）与Tc397（MCU）两颗核心芯片的解耦管理，星 环OS实现了算力资源的动态分配：智驾任务可调用90%的Orin X算力，而在非驾驶场景下，这部分 算力又能被座舱娱乐系统复用。这种"一心多用"的虚拟化技术，使硬件利用率提升30%，每年节省 数十亿元BOM成本。 2020年，全球汽车芯片供应链 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [2] Core Viewpoints - In March 2025, the total sales of 10 new force car companies reached 245,000 units, representing a year-on-year increase of 82.9% and a month-on-month increase of 31.0%. Cumulatively, 621,000 units were sold from January to March, up 80.5% year-on-year [12][32] - The report highlights the strong performance of various new energy vehicle manufacturers, with significant sales growth driven by new product launches and improved delivery capabilities [5][32] Summary by Sections New Force Car Companies Total Sales - In March 2025, the total sales of new force car companies reached 245,000 units, with a year-on-year increase of 82.9% and a month-on-month increase of 31.0%. The cumulative sales from January to March were 621,000 units, up 80.5% year-on-year [12] Sales by Individual New Force Car Companies - Li Auto delivered 36,674 units in March, with a year-on-year increase of 26.5% and a month-on-month increase of 39.6%. Cumulatively, 93,000 units were delivered from January to March, up 15.5% year-on-year [13] - Xpeng Motors delivered 33,205 units in March, with a year-on-year increase of 267.9% and a month-on-month increase of 9.0%. Cumulatively, 94,000 units were delivered from January to March, up 330.8% year-on-year [17] - Leap Motor delivered 37,095 units in March, with a year-on-year increase of 154.7% and a month-on-month increase of 46.7%. Cumulatively, 88,000 units were delivered from January to March, up 162.1% year-on-year [20] - NIO delivered 15,039 units in March, with a year-on-year increase of 26.7% and a month-on-month increase of 14.0%. Cumulatively, 42,000 units were delivered from January to March, up 40.1% year-on-year [15] - Other companies such as BYD, Great Wall Motors, and Geely also showed strong sales performance, contributing to the overall growth of the industry [32] Investment Recommendations - The report maintains a "Recommended" rating for the industry, highlighting the continuous increase in delivery volumes and the gradual launch and delivery of new products by most companies. It suggests focusing on companies with competitive advantages in new product reserves, global expansion, and intelligent driving capabilities, including BYD, Great Wall Motors, Seres, Xpeng Motors, Li Auto, Leap Motor, Geely, and Changan Automobile [32][35]