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）。 "英伟达和特斯拉今天仍以创业公司的方式管理，如果全世界最强的公司都是创业公司的管理模式，我 们有什么理由放弃最擅长的方式。"在2025年第三季度财报电话会上，李想宣布，2025年第四季度开 始，理想坚定地回到创业公司的管理模式，以此来面对新时代、新技术的挑战。 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 ...

Core Viewpoint - Li Auto's CEO, Li Xiang, acknowledged the company's struggles and announced a return to a startup management model, moving away from the professional manager governance system that has led to a decline in performance [1][6][32] Group 1: Company Performance - In Q3 2025, Li Auto reported a revenue of 27.4 billion yuan, a year-on-year decline of 36%, marking the end of 11 consecutive quarters of profitability [1][6] - The company faced a significant loss attributed to the MEGA recall cost, which symbolically represented a retreat in performance [6][12] Group 2: Management Philosophy Shift - Li Xiang emphasized the need to adopt a startup management style, which focuses on deep dialogue, user value, and efficiency rather than rigid processes and task completion [6][29] - The shift reflects a broader trend among Chinese companies, where founders are reclaiming leadership roles to navigate uncertain business environments [2][12] Group 3: Global Context - The article discusses a global trend of founder returns, highlighting examples from companies like Airbnb and Disney, where founders have stepped back in to address operational challenges [19][20] - This trend is seen as a response to the limitations of professional management in rapidly changing technological landscapes [26][28] Group 4: Future Considerations - The article suggests that the return of founders is not merely nostalgic but a necessary adjustment to ensure companies can adapt to new challenges [30][32] - It raises questions about how organizations can institutionalize the founder's mindset to maintain agility and user focus in the long term [30][31]

Core Viewpoint - Li Auto's recent financial report reveals significant challenges, including a 36.2% year-over-year revenue decline, a 5 percentage point drop in vehicle gross margin, and a shift from profit to loss in net income, alongside negative free cash flow [1][2][8] Financial Performance - Vehicle sales revenue for Q3 2025 was RMB 41.32 billion, down 37.4% year-over-year and 10.4% quarter-over-quarter [5] - Total revenue decreased to RMB 42.87 billion, reflecting a 36.2% year-over-year decline [5] - Vehicle gross margin fell to 15.5%, down from 20.9% in the same quarter last year [6] - Operating profit turned into a loss of RMB 1.18 billion, compared to a profit of RMB 3.43 billion in the previous year [5] - Net profit shifted from a gain of RMB 2.82 billion to a loss of RMB 624 million [5] - Free cash flow was negative at RMB 8.91 billion, indicating a significant cash outflow [8][9] Strategic Shift - Li Auto announced a return to a "startup" management model, ending the "professional manager" approach adopted over the past three years, which was deemed ineffective [2][10] - The company aims to enhance decision-making efficiency by reducing bureaucratic processes and fostering direct communication [11][13] Product Transition Challenges - The company is experiencing difficulties transitioning from range-extended vehicles to a mix of range-extended and pure electric models, leading to a decline in sales and market dominance [6][8] - The new pure electric model i8 has received lukewarm market response, while the i6 model faces production and supply chain challenges [6] AI and Future Vision - Li Auto is focusing on developing "embodied intelligent robots" rather than just electric vehicles, aiming to differentiate itself in a saturated market [14][15] - The company plans to introduce self-developed M100 chips and shift to advanced 3D ViT technology for enhanced vehicle intelligence [15][17] - Future products may include AI glasses and speakers, indicating a broader vision for integrating AI into users' daily lives [17]

Core Viewpoint - Li Auto reported a significant decline in revenue and a net loss for Q3 2025, primarily due to a recall of the 2024 Li MEGA model, which impacted profit margins and overall performance [1][3][7]. Financial Performance - Q3 2025 revenue was 27.4 billion RMB, a year-on-year decrease of 36% [1]. - The net loss for Q3 2025 was 624 million RMB, marking a shift from profit to loss compared to previous periods [1]. - Total vehicle deliveries in Q3 2025 were 93,211 units, down 39% year-on-year [3]. Product and Market Challenges - Li Auto's market share in the extended-range electric vehicle segment has been declining, with a drop to 7.5% in October 2025 [3]. - The company is facing increased competition as new entrants shift towards pure electric vehicles, raising the proportion of pure electric models in their offerings from 49% to 74% [3]. - Sales of the i8 and i6 models have not met expectations, with i8 selling 5,749 units in October and i6 only 5,775 units in September [3][4]. Recall Impact - A fire incident involving the 2024 Li MEGA led to a recall of 11,411 vehicles, which significantly affected Q3 profit performance [3][4]. Management and Strategic Adjustments - Li Auto's founder, Li Xiang, emphasized the need to redefine product and technology strategies moving forward [2][12]. - The company is transitioning back to a more agile management style, moving away from the "professional manager model" to a more entrepreneurial approach [12][13]. - Li Auto plans to enhance its organizational efficiency and adapt to market changes by reverting to the OKR management model [13]. Research and Development Focus - Li Auto has maintained high R&D investment, with Q3 2025 R&D expenses reaching 3 billion RMB, and an expected total of 12 billion RMB for the year, with a significant portion allocated to AI technology [8][11]. - The company is focusing on developing its VLA large model for advanced autonomous driving capabilities, achieving a monthly usage rate of 91% in October [8]. Future Outlook - Li Auto aims to leverage its substantial cash reserves, which stood at 98.9 billion RMB, to navigate through the current challenges and invest in future growth [7][15]. - The company is committed to creating innovative products that integrate embodied intelligence, moving beyond traditional electric vehicle offerings [14][15].

Company Strategy Choices - The company will return to an entrepreneurial organizational model led by the founding team starting from Q4 2025, abandoning the professional management model attempted over the past three years. This decision is based on the rapidly changing industry technology and competitive environment, as well as the founder's extensive experience in startups [18][19]. - The product direction will focus on embodied AI robots rather than just electric vehicles or smart devices. This choice is made to avoid competition based solely on parameters like range and price, and to address user needs in high-frequency life scenarios [18][19]. Technical Route Selection - The company will build a full-stack AI system oriented towards the physical world instead of a language model route. Key breakthroughs will focus on enhancing perception capabilities with 3D Vision Transformers, which could increase effective perception range by 2-3 times [19][20]. - The model layer will aim to optimize the operating frequency of models, with a target to increase the current 10Hz frequency of a 4 billion parameter MOE model by 2-3 times, requiring customized GPU architecture and operating systems [20]. - The hardware layer will develop the Drive Biowire system to reduce the response time from 550 milliseconds to 350 milliseconds, potentially lowering accident rates by over 50% [21]. Q3 2025 Financial and Operational Data - Total revenue for Q3 was 27.4 billion RMB, a year-on-year decrease of 36.2% and a quarter-on-quarter decrease of 9.5%. Vehicle sales revenue was 25.9 billion RMB, down 37.4% year-on-year and 10.4% quarter-on-quarter [22]. - The overall gross margin was 16.3%, down 5.2 percentage points year-on-year and 3.8 percentage points quarter-on-quarter. Excluding recall costs, the gross margin was 20.4% [23]. - The net loss for the quarter was 624.4 million RMB, compared to a net profit of 2.8 billion RMB in the same quarter last year [26]. Product and Technology Progress - The I series models (I8/I6) are positioned to cover mainstream and high-end family markets, with significant order growth since September. Production capacity is expected to increase to about 20,000 units per month by early 2026 [30]. - The VLA system has been fully deployed, enhancing path selection at complex intersections, with further upgrades planned to improve safety and perception capabilities [44]. Market Strategy and Response - The company anticipates a significant drop in deliveries in Q1 2026 due to consumers rushing to take advantage of policy incentives before they expire. Long-term strategies include ensuring all models meet new energy consumption standards to qualify for subsidies [33][40]. - The company plans to operate approximately 4,800 supercharging stations by 2026, with 35% located in highway service areas, to enhance user experience and support the transition to new energy vehicles [40].