Financial Data and Key Metrics Changes - In Q3 2025, the company achieved a net revenue of RMB 795 million (approximately $112 million), representing a 47% year-over-year increase [15] - The total shipments reached 441,398 units, up 229% year-over-year [15] - The company reported a record quarterly GAAP net income of RMB 256 million (approximately $36 million), bringing the nine-month total to RMB 283 million (approximately $40 million) [17] - The gross margin remained healthy at 42%, driven by economies of scale and manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market saw significant progress, with LiDAR becoming a standard feature in vehicles, achieving 100% adoption from top ADAS customers for their 2026 models [6] - The robotics business is also growing, with shipments of robotics LiDAR increasing 14-fold year-over-year [15] - The company expects to ship approximately 600,000 units in Q4 2025, with the ATX LiDAR accounting for roughly 80% of total deliveries [23] Market Data and Key Metrics Changes - The company captured a 46% market share in the long-range automotive LiDAR market as of August 2025, significantly outpacing competitors [4] - Regulatory developments in China, such as the introduction of conditional approval for L3 vehicle production, are expected to drive demand for higher-level autonomous driving systems [7] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, focusing on redefining how vehicles and robots perceive and interact with the world [12] - The strategy includes leveraging AI across operations to enhance efficiency and reduce costs, with a target of RMB 100 million in operating expense savings by 2025 [17] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the LiDAR market, anticipating strong demand for ADAS LiDAR in passenger vehicles, with shipments expected to reach 2-3 million units in 2026 [24] - The company raised its full-year GAAP net income guidance for 2025 to a range of RMB 350 million to RMB 450 million [17] - Management highlighted the importance of safety redundancy in higher-level autonomous driving systems, emphasizing the irreplaceable value of LiDAR technology [41] Other Important Information - The company successfully completed its dual primary listing on the Hong Kong Stock Exchange, raising $614 million, marking a significant milestone in its growth trajectory [12][14] - The company has signed new supply agreements with leading global autonomous driving companies, indicating strong international expansion [11][66] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0-1.2 billion, driven by the rapid adoption of LiDAR in passenger vehicles [22] - The ATX LiDAR is expected to account for a significant portion of Q4 deliveries, with a market price around $200 [23] Question: Competition and technology advancements - Management acknowledged strong competition but emphasized the company's structured timeline for product releases and the superior performance of its products [31][32] - The company is exploring SPAD technology for LiDAR, focusing on addressing challenges related to noise and false triggering [35][36] Question: Level 3 legislation and product improvements - Management expressed optimism about the regulatory environment in China and Europe, noting strong customer demand for L3 applications [41][43] - The number of LiDAR units per vehicle is expected to increase significantly as L3 adoption accelerates [42] Question: Robotics business growth and shipment expectations - The robotics segment is expected to see significant growth, with shipments anticipated to double in 2026 compared to 2025 [58] - The company holds a dominant market share in the robotaxi segment, supplying major players in the industry [55] Question: Key customers and demand scale for ADAS products - Management identified key OEMs such as BYD, Li Auto, and Xiaomi as major customers for ADAS products, with strong momentum in LiDAR adoption [62]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net revenue increase of nearly 50% year-over-year, reaching RMB 795 million (approximately $112 million) [4][15] - The company achieved a record quarterly GAAP net income of RMB 256 million (approximately $36 million), bringing the nine-month total to RMB 283 million (approximately $40 million) [5][17] - Total shipments reached 441,398 units, up 229% year-over-year, marking the sixth consecutive quarter of robust year-over-year growth [15] - The gross margin remained healthy at 42%, driven by economies of scale and manufacturing productivity [16] Business Line Data and Key Metrics Changes - The ADAS market is seeing rapid adoption of LiDAR as a standard feature, with 100% LiDAR adoption from top two ADAS customers for their 2026 models [6] - The robotics business is becoming a significant growth driver, with a 14-fold year-over-year rise in robotics LiDAR shipments [15] - The company expects to ship approximately 600,000 units in Q4 2025, with the ATX LiDAR accounting for roughly 80% of total deliveries [22] Market Data and Key Metrics Changes - The company captured a 46% share of the long-range automotive LiDAR market in August 2025, leading the market for seven consecutive months [4] - Regulatory developments in China, such as the introduction of conditional approval for L3 vehicle production, are paving the way for higher-level autonomous driving [6][7] Company Strategy and Development Direction - The company aims to evolve into a full-spectrum technology infrastructure builder, redefining how cars and robots perceive and interact with the world [11] - The successful dual primary listing on the Hong Kong Stock Exchange strengthens the company's financial foundation, enabling further investment in innovation and market opportunities [13][11] - The company is exploring new growth engines beyond LiDAR, including advanced sensing technologies and AI capabilities [70][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for ADAS LiDAR in passenger vehicles, anticipating shipments to reach at least 2-3 million units in 2026 [24] - The company raised its full-year GAAP net income guidance for 2025 to a range of RMB 350 million to RMB 450 million [17][24] - Management highlighted the importance of safety redundancy in higher-level autonomous driving systems, emphasizing the irreplaceable value of LiDAR technology [40] Other Important Information - The company successfully completed its dual primary listing on the Hong Kong Stock Exchange, raising $614 million, marking the largest IPO in the global LiDAR sector [11][13] - The company is witnessing a significant shift in the automotive industry towards multi-LiDAR setups, with expectations of three to six LiDARs per L3 vehicle [8][41] Q&A Session Summary Question: Pricing strategy and volume expectations for next year - Management indicated that Q4 revenues are expected to reach RMB 1.0-1.2 billion, driven by rapid adoption of LiDAR in passenger vehicles [22] - The ATX LiDAR is expected to account for a significant portion of deliveries, with a market price around $200 [23] Question: Competition and technology updates - Management acknowledged strong competition but emphasized the company's structured timeline for product releases and the superior performance of its products [30][32] - The company is exploring SPAD technology for LiDAR, addressing challenges related to noise and false triggering [34][36] Question: L3 legislation and product improvements - Management noted that regulatory developments in China are accelerating the adoption of L3 vehicles, with significant demand for additional LiDAR units per vehicle [40][41] Question: Major customers and demand scale - Key OEMs expected to be top ADAS customers include Li Auto, Xiaomi, BYD, and others, with strong momentum in intelligent driving [61][62] Question: Overseas expansion and potential customers - The company is strengthening its international presence, securing deals with leading global autonomous driving companies and major JVs [64][66]

Financial Data and Key Metrics Changes - Total revenue for the second quarter was RMB30.2 billion, down 4.5% year over year but up 16.7% quarter over quarter [25] - Vehicle sales contributed RMB28.9 billion, down 4.7% year over year and up 17% quarter over quarter [25] - Gross profit was RMB6.1 billion, down 1.8% year over year and up 14.1% quarter over quarter [26] - Net income was RMB1.1 billion, down 0.4% year over year and up 69.6% quarter over quarter [29] - Operating expenses decreased by 8.2% year over year and increased by 3.8% quarter over quarter [27] Business Line Data and Key Metrics Changes - Li Mega Home achieved approximately 3,000 units sold monthly, becoming the best-selling NPV priced above RMB500,000 since May 2025 [7] - The refreshed Li L Series experienced sales fluctuations due to adjustments in sales and service systems [8] - Li i8 received a test drive satisfaction rate of over 97% and is expected to exceed 8,000 cumulative deliveries by September [11] Market Data and Key Metrics Changes - Li Auto captured a 13.4% market share in the RMB200,000 and above NEV market in China [6] - The company maintained a top three sales position in the RMB200,000 and above NEV market despite challenges [9] Company Strategy and Development Direction - The company plans to enhance sales and delivery capabilities and build an end-to-end marketing system [9] - Li Auto aims to leverage technological innovation to lead industry transformation and strengthen its brand [22] - The company is focusing on expanding its product lineup with the upcoming launch of Li i6 [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming challenges and emphasized the importance of creating value for users [9] - The company expects to deliver between 90,000 to 95,000 vehicles in 2025, with quarterly revenues between RMB24.8 billion and RMB26.2 billion [30] - Management highlighted the importance of AI investments, expecting to exceed RMB6 billion this year [15] Other Important Information - Li Auto operates over 3,100 charging stations with more than 17,000 charging stalls, aiming to reach 4,000 stations by the end of the year [13] - The company is committed to ongoing investments in R&D to solidify its leading position in intelligence and technology [14] Q&A Session Summary Question: Sales volume and strategy for L Series - Management plans to solidify market position through intelligence and enhance product competitiveness with major upgrades in assisted driving [34][35] Question: Update on self-developed chips - The in-house design chip is undergoing vehicle testing and is expected to be deployed on flagship models next year [44] Question: Progress on sales system adjustment - A major reorganization of the sales team has been completed, focusing on enhancing frontline expert support and improving sales conversion [51][55] Question: Future strategy for product and SKU - The company will reduce the number of SKUs and focus on maximizing competitiveness and iterating faster on products and technology [60] Question: Gross margin outlook for Q3 - The company expects to maintain gross margin at about 19% for the third quarter [62] Question: Product positioning and marketing plan for I6 - The I6 is positioned as a competitive product in the large five-seater SUV market, with a user-centric marketing approach [65] Question: Overseas strategy - The company is expanding its global strategy, focusing on markets in the Middle East, Central Asia, and Europe [68][70] Question: Operating cash flow situation - Negative operating cash flow in Q2 was due to payment terms adjustments, with expectations for improvement in Q4 [73] Question: Autonomous driving technology development - The company is confident in maintaining progress in VLA development and adapting to regulatory changes [79][80]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was RMB30.2 billion, down 4.5% year over year but up 16.7% quarter over quarter [24] - Vehicle sales contributed RMB28.9 billion, down 4.7% year over year and up 17% quarter over quarter [24] - Gross profit was RMB6.1 billion, down 1.8% year over year and up 14.1% quarter over quarter [25] - Net income was RMB1.1 billion, down 0.4% year over year and up 69.6% quarter over quarter [29] - Operating expenses decreased by 8.2% year over year and increased by 3.8% quarter over quarter [26] Business Line Data and Key Metrics Changes - Li Mega Home achieved approximately 3,000 units sold monthly, becoming the best-selling NPV priced above RMB500,000 since May 2025 [7] - The refreshed Li L Series experienced sales fluctuations due to adjustments in sales and service systems [7] - Li i8 received a test drive satisfaction rate of over 97% and is expected to exceed 8,000 cumulative deliveries by September [10] Market Data and Key Metrics Changes - Li Auto captured a 13.4% market share in the RMB200,000 and above NEV market in China [6] - The company maintained a top three sales position in the RMB200,000 and above NEV market despite challenges [8] Company Strategy and Development Direction - The company plans to enhance sales and delivery capabilities and build an end-to-end marketing system [8] - Li Auto aims to leverage technological innovation to lead industry transformation and strengthen its brand [21] - The company is focusing on creating value for users and responding effectively to market dynamics [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming challenges and emphasized the importance of intelligence in driving user purchasing decisions [14] - The company expects AI investments to exceed RMB6 billion this year, focusing on infrastructure and technology development [14] - Management anticipates cumulative deliveries of Li i6 to begin in September, expanding the product lineup [10] Other Important Information - Li Auto operates over 3,100 charging stations with more than 17,000 charging stalls, aiming to reach 4,000 stations by the end of the year [12] - The company has launched China's first pass-through supercharging station, enhancing the charging experience [13] - Li Auto's proprietary VLA large model driver is set to be deployed on all V80 Max models via OTA update by mid-September [15] Q&A Session Summary Question: Sales volume and strategy for L Series - Management plans to solidify market position through intelligence and enhance product competitiveness with major upgrades in assisted driving [34][35] Question: Update on self-developed chips - The chip is undergoing vehicle testing and is expected to be deployed on flagship models next year, providing significant performance improvements [44] Question: Progress on sales system adjustments - A major reorganization of the sales team has been completed, focusing on enhancing frontline expert income and efficiency [51][52] Question: Future strategy for product and SKU - The company will reduce the number of SKUs and increase the pace of product and technology iteration to maintain competitiveness [60] Question: Gross margin outlook for Q3 - The company expects to maintain gross margin at about 19% for Q3, consistent with previous quarters [62] Question: Product positioning and overseas strategy - The i6 is positioned as a competitive product in the large five-seater SUV market, with plans for global market expansion starting in 2025 [66][70] Question: Operating cash flow situation - Negative operating cash flow in Q2 was due to payment terms adjustments, with expectations for improvement in Q4 [75] Question: Autonomous driving team changes and regulatory impact - Recent departures in the autonomous driving team are common, and the company is confident in its current structure and talent pipeline [78][81]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues reached CNY 16.77 billion, marking a year-over-year increase of 141.5% but a quarter-over-quarter decrease of 1.8% [26] - Vehicle sales revenues were CNY 14.37 billion, up 159.2% year-over-year but down 2.1% quarter-over-quarter [26] - Gross margin improved to 15.6% from 12.9% year-over-year and 14.4% quarter-over-quarter [27] - Vehicle margin increased to 10.5% compared to 5.5% year-over-year and 10% quarter-over-quarter [28] - Net loss narrowed to CNY 660 million from CNY 1.37 billion year-over-year and CNY 1.33 billion quarter-over-quarter [29] Business Line Data and Key Metrics Changes - The Mona M03 surpassed 100,000 deliveries, becoming the best-selling A-Class pure electric sedan [10] - The P7 Plus achieved its 50,000th unit production within 12 months of launch [10] - New models G6 and G9 delivered over 7,500 units in their April debut [11] Market Data and Key Metrics Changes - Overseas deliveries increased by over 371% year-over-year, establishing the company as China's leading exporter of mid to high-end new energy vehicles [14] - The company opened over 40 new stores abroad, entering key markets such as the UK, Europe, and Indonesia [15] Company Strategy and Development Direction - The company is focusing on AI-driven technology innovations and aims to democratize technology to make premium features accessible to all [12] - Upcoming launches include the Mona M03 Max and G7, targeting the RMB 150,000 and RMB 250,000 segments respectively [13] - The company anticipates rapid growth in overseas markets over the next three years [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving significant growth in Q2 2025, with expected vehicle deliveries between 102,000 to 108,000 units [23] - Revenue guidance for Q2 is projected between RMB 17.5 billion to RMB 18.7 billion, reflecting a year-over-year growth of 115.7% to 130.5% [23] - Management believes they will achieve profitability in Q4 2025 and generate substantial free cash flow for the year [23] Other Important Information - The company is committed to advancing its R&D capabilities, particularly in AI and autonomous driving technologies [15][19] - The Turing chip is expected to enhance the company's autonomous driving capabilities significantly [47] Q&A Session Summary Question: Expectations for sales volume growth in the next quarter - Management indicated that new model launches and improved AI capabilities will drive further growth in deliveries [34][36] Question: Guidance on export business growth and strategies in Europe - Management confirmed strong international growth and plans to navigate tariff impacts through local investments and product mix adjustments [41][43] Question: Update on the Turing chip and its application in models - The Turing chip is set to enhance autonomous driving capabilities and will be integrated into more models soon [46][49] Question: Role of the Mona series in the company's strategy - The Mona series is aimed at younger consumers and is expected to have a significant market impact [56] Question: R&D investment allocation for AI-related areas - A substantial portion of the increased R&D budget will be directed towards AI initiatives, enhancing computational capabilities [60] Question: Impact of foreign competition on market dynamics - Management acknowledged increasing competition but emphasized the importance of technological capabilities for success [92][94] Question: Update on partnership with Volkswagen - The collaboration is progressing well, with all milestones being met and new products expected to launch soon [98]