11 月 26 日，理想汽车交出了一份让人「五味杂陈」的成绩单。 看着财报上的数字，很多投资者可能会皱起眉头：营收同比下滑 36.2%，曾经引以为傲的整车毛利率掉了 5 个百分点，净利润更是直接由盈转亏。更让人 揪心的是，那个曾经充沛的自由现金流，这次也出现了流出。 如果只看这张表，你可能会觉得理想「病了」。 但有意思的是，在随后的财报电话会上，李想并没有像往常那样，去解释业绩指标的变化，也没有用话术来粉饰短期业绩的震动。相反，他直接抛出了一 项关乎理想汽车未来命运的重大决定：终结过去三年的「职业经理人」管理实验，全面回归「创业公司」模式。 很多人把理想的这次调整，看作是「深蹲」。但问题的关键在于，蹲下去容易，接下来它还能不能起跳？ 01 「纯电新兵」的阵痛 如果把时间拉长，2025 年 Q3 无疑是理想汽车最艰难的一个季度。 2025 年三季度理想主要财务指标 | 来源：理想汽车业绩报告 数据显示，三季度理想交付了 9.3 万辆。虽然勉强保住了此前给出的指引下限（9-9.5 万辆），但这可是同比下降 39%，环比下降 16.1% 的成绩。营收也 随之缩水至 274 亿元，同比跌了三成多。 这背后发生了什么？ ...

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].

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 ...