作者 | 柴旭晨 编辑 | 张晓玲 去年经历了痛苦回调的理想，准备在今年倾泻"子弹"，打响反攻之战了。 华尔街见闻从知情人士处了解到，新款L9将迎来大更新，在AI+智驾火热的当下，理想内部准备将筹备已久的自研智驾芯片M100在新L9上首发，准备在构 建底层技术护城河方面迈出了关键一步；智舱方面，新L9也将采用前排大联屏设计，座舱芯片也将切换至高通8797。 此外，新L9在三电方面顺应大电池增程车型的发展趋势，搭载70度电池，纯电续航超过400公里；同时升级到800V高压平台，5C快充技术等，以弥补现款车 型400V平台在当前市场上的竞争力不足。 同时，该车的外观和内饰设计也将焕新，车身尺寸预计还会进一步增加，继续强化理想一贯擅长的"大空间"。 显然，理想今年向全新的L9倾斜了大量的资源，这不仅仅是一次常规的年度改款，而是一次由内而外的进化，准备一举消除所有可能被竞争对手攻击的短 板。 对此，理想方面向华尔街见闻未予置评，但并没有否认。新款L9再次吹响冲锋号，意味着理想收复失地的决心。 回溯来看，眼下的理想汽车正面临着企业成立以来最为关键的时刻。如果说2024年是其辉煌的顶点，那么刚刚过去的2025年无疑是一场 ...

Investment Rating - The report maintains a cautious outlook on the company's performance for Q3, indicating a conservative revenue guidance of RMB 24.8–26.2 billion, which represents a year-over-year decline of 42.1%–38.8% [1][6]. Core Insights - The company reported Q2 revenue of RMB 30.25 billion, down 4.5% year-over-year but up 16.7% quarter-over-quarter, missing market expectations of RMB 32.47 billion [1][6]. - Vehicle sales revenue was RMB 28.9 billion, a decrease of 4.7% year-over-year but an increase of 17.0% quarter-over-quarter [1][6]. - The gross margin stood at 20.1%, with vehicle margin at 19.4%, reflecting a year-over-year increase of 0.6 percentage points [1][6]. - The company is shifting back to a focused single-model strategy, reducing SKU complexity to enhance customer decision-making and streamline supply chain processes [2][7]. - The company plans to accelerate its product iteration cycle from an "8-year per generation" to a "2-year per generation" model to better compete with new energy vehicle manufacturers [2][7]. - The self-developed M100 chip is progressing towards volume production, with a significant budget allocated for its development, emphasizing hardware-software synergy [3][8]. Summary by Sections Revenue Performance - Q2 revenue was RMB 30.25 billion, down 4.5% year-over-year and below market expectations [1][6]. - Q3 revenue guidance is set at RMB 24.8–26.2 billion, indicating a significant decline compared to previous periods [1][6]. Product Strategy - The company is returning to a single-model focus, reducing SKU complexity to streamline operations and enhance customer experience [2][7]. - The Li i6 is expected to follow the successful single-product strategy, with a launch scheduled for the end of September [2][7]. Technology Development - The company is advancing its self-developed M100 chip, with a focus on optimizing performance through hardware-software integration [3][8]. - Current models will continue to utilize Nvidia and Horizon Robotics solutions while transitioning to in-house chip development for future models [3][8].