Core Viewpoint - Li Auto reported strong second-quarter results with over 110,000 vehicle deliveries and revenue of 30.2 billion yuan, indicating a strategic focus on reducing model variety and enhancing product updates [2] Financial Performance - In Q2, Li Auto achieved revenue of 30.2 billion yuan, a 16.7% increase from Q1 - Net profit for Q2 reached 1.1 billion yuan, up 69.6% from the previous quarter - Operating profit for Q2 was 827 million yuan, reflecting a 204.4% quarter-on-quarter growth - Total revenue for the first half of the year was 56.2 billion yuan, with a net profit of 1.7 billion yuan and a gross margin of 20.3% [2] Sales and Marketing Strategy - Li Auto is restructuring its sales and service system to enhance direct management and user experience, transitioning from five regional divisions to a centralized management approach [3] - The new structure includes the establishment of "Sales Operations" and "Marketing" departments to support frontline operations [3] Product Development and Launches - The company aims to deliver over 8,000 units of the newly launched Li Auto i8 by the end of September, with the i6 model set to launch at the same time [4] - Li Auto plans to establish a product matrix consisting of four range-extended electric SUVs, one MPV, and two pure electric SUVs [4] Expansion Plans - Li Auto is targeting international markets, with 2025 marked as the year for overseas expansion, focusing on regions such as the Middle East, Central Asia, and Europe [4] - The company has established R&D centers in Germany and the U.S. and is building overseas sales and service networks [4] Future Projections - For Q3, Li Auto expects vehicle deliveries to range between 90,000 and 95,000 units, with projected revenue between 24.8 billion and 26.2 billion yuan [5]

Core Viewpoint - Li Auto has made a significant adjustment to its sales and service system, shifting from a regional "Five Major Regions" structure to a direct management model from headquarters covering 23 districts nationwide [1][3]. Group 1: Sales System Adjustment - The previous sales system had 26 provincial districts with a management structure of "headquarters, provincial districts, cities, store managers," allowing each district to set its own sales targets and strategies [3]. - In 2023, Li Auto delivered 376,000 new vehicles, a year-on-year increase of 182%, becoming the sales champion among new forces [3]. - The "Five Major Regions" model was implemented in March 2023, where each region was responsible for its own sales, profits, and NPS (Net Promoter Score), but it faced issues such as uneven management capabilities and inter-region competition for orders [3][4]. Group 2: Sales Pressure and Performance - In July 2023, Li Auto delivered 30,731 new vehicles, a year-on-year decline of 39.7% and a month-on-month decline of 15.3%, marking its exit from the "top three" in new force sales [4]. - From January to July 2023, the cumulative delivery volume was 234,669 vehicles, a year-on-year decrease of 2.21%, indicating a significant gap from the annual sales target of 640,000 vehicles [4]. Group 3: New Product Strategy - Li Auto aims to boost sales through the new model, Li Auto i8, which faced challenges in the market after its launch [5]. - On August 5, 2023, Li Auto announced a configuration adjustment for the i8, reducing the price from 349,800 yuan to 339,800 yuan and adding promotional features [5]. - Following the configuration adjustment, orders for the i8 increased, and the company plans to deliver over 8,000 units by the end of September 2023, with a goal of challenging for 10,000 units in total deliveries [7].

Core Viewpoint - Li Auto has made a significant adjustment to its sales and service system, shifting from a regional "Five Major Regions" structure to a direct management model from headquarters covering 23 districts nationwide [1][2]. Group 1: Sales System Adjustment - The previous sales system had 26 provincial districts with a management structure of "headquarters, provincial districts, cities, store managers," allowing each provincial district to set its own sales targets and strategies [2]. - The "Five Major Regions" model was implemented in March this year, where each region was responsible for its own sales, profits, and NPS (Net Promoter Score), but it faced challenges such as inconsistent management capabilities and inter-region competition for orders [4]. - The recent adjustment back to a centralized management approach reflects the need for more precise operational control and indicates the sales pressures Li Auto is currently facing [4]. Group 2: Sales Performance - In 2023, Li Auto delivered 376,000 new vehicles, a year-on-year increase of 182%, making it the sales champion among new energy vehicle manufacturers [2]. - However, in July 2023, Li Auto's deliveries fell to 30,731 vehicles, a year-on-year decline of 39.7% and a month-on-month decline of 15.3%, marking a significant drop in market position [4]. - From January to July 2023, the cumulative delivery volume was 234,669 vehicles, a year-on-year decrease of 2.21%, indicating a gap from the annual sales target of 640,000 vehicles [4]. Group 3: Product Strategy - On August 5, Li Auto announced a unified configuration adjustment for the Li Auto i8, reducing its price from 349,800 yuan to 339,800 yuan and adding a complimentary platinum sound system valued at 10,000 yuan [5]. - Following the configuration adjustment, there was a noted increase in orders for the Li Auto i8, with the first batch of deliveries set to begin on August 20 [6]. - The company aims to deliver over 8,000 units of the Li Auto i8 by the end of September and is challenging to reach 10,000 units in total deliveries [6].