Core Viewpoint - Li Auto announced a recall of 11,411 units of the 2024 Li MEGA model due to a fire incident that occurred on October 23, 2025, in Shanghai, which has drawn significant public attention [2] Group 1: Recall Announcement - The recall affects vehicles produced between February 18, 2024, and December 27, 2024 [2] - The total number of vehicles being recalled is 11,411 [2] Group 2: Incident Analysis - The fire incident was attributed to battery explosion, but Li Auto stated that it is not due to cell issues [2] - The company indicated that prior to the incident, all cell status parameters were normal, ruling out abnormalities in the cells as the cause of the fire [2] - Li Auto's internal technical conclusion is pending confirmation from relevant national authorities after thorough investigation and analysis [2] Group 3: User Concerns - In response to user concerns regarding the functionality of the rear sliding door after the incident, Li Auto confirmed that the vehicle automatically unlocked after the accident [2]

Core Viewpoint - The company acknowledges a fire incident involving the 2024 model of the Li Auto MEGA vehicle, which has raised significant concern among users, media, and the public. The company expresses sincere apologies to the affected car owners and emphasizes its commitment to safety and thorough investigation of the incident [1][2]. Group 1 - The fire incident occurred on October 23, 2025, in Shanghai, prompting immediate communication with the affected car owner and collaboration with relevant authorities for investigation [1]. - The investigation revealed that the batch of Li Auto MEGA 2024 vehicles had insufficient corrosion resistance in the coolant, which under specific conditions could lead to corrosion and leakage in the cooling system, potentially causing safety hazards such as thermal runaway of the battery [1]. - The company has proactively filed a recall plan with the State Administration for Market Regulation to conduct safety inspections and necessary repairs on all vehicles from the affected batch [2]. Group 2 - The company emphasizes a zero-tolerance policy towards potential safety hazards and is committed to identifying and eliminating every risk to ensure user safety [2].

Core Points - Beijing Li Auto Co., Ltd. has filed a recall plan with the State Administration for Market Regulation due to safety concerns related to the cooling system of its 2024 MEGA model [1] - The recall affects a total of 11,411 vehicles produced between February 18, 2024, and December 27, 2024 [1] - The issue involves insufficient corrosion resistance of the coolant, which may lead to leakage and potential safety hazards, including battery thermal runaway [1] Recall Details - Recall Number: S2025M0174V, effective from November 7, 2025 [1] - Vehicles affected: 11,411 units of the 2024 Li MEGA [1] - Safety risk: Corrosion of cooling aluminum plates may cause warning lights, power limitations, and in extreme cases, battery thermal runaway [1] Remedial Actions - Li Auto will provide free replacement of coolant, battery, and front motor controller for the affected vehicles [1] - Emergency measures include cloud-based early warning systems and customer service support to assist users in case of coolant leakage [1] - Users will be alerted through vehicle systems to pull over and await assistance if issues arise [1]

Core Viewpoint - The incident involving the Ideal MEGA 2024 model vehicle catching fire has raised significant concerns among users, media, and the public, prompting the company to issue a recall for safety inspections and repairs [4][12]. Group 1: Incident Details - On October 23, a fire broke out in an Ideal MEGA vehicle while in motion, leading to a rapid escalation of flames, although two individuals managed to escape safely [1]. - The company acknowledged that their cloud-based warning system had detected issues approximately four hours before the incident, but due to the unprecedented nature of non-collision fires, immediate action was not taken [5][6]. Group 2: Company Response - The company has initiated an internal investigation and confirmed that the fire was linked to insufficient corrosion resistance of the coolant in a specific batch of vehicles, which could lead to battery overheating under certain conditions [4][12]. - A recall plan has been filed with the National Market Supervision Administration to inspect and repair all vehicles from the affected batch, which includes 11,411 units produced between February 18, 2024, and December 27, 2024 [13][14]. Group 3: Safety Measures - The company is committed to enhancing training for frontline teams to improve risk identification and decision-making capabilities [6]. - Future strategies will include optimizing the cloud-based warning system to provide more decisive guidance to drivers in critical situations [6][11]. Group 4: Recall Process - The recall will be conducted in the order of vehicle delivery, with priority given to those that have received coolant-related alerts [15]. - Vehicles will undergo a comprehensive inspection and replacement of critical components, including the coolant, battery, and motor controller, with an extended warranty offered for the replaced parts [14][16].

本次召回范围内的车辆，由于该批次冷却液防腐性能不足，特定条件下会导致冷却回路中动力电池和前 电机控制器的冷却铝板腐蚀渗漏，导致车辆出现故障灯点亮、动力受限及无法上电的情形，极端情况下 会造成动力电池热失控，存在安全隐患。 北京理想汽车有限公司将为召回范围内车辆免费更换冷却液、动力电池和前电机控制器。应急处置措 施：针对冷却液渗漏导致的动力电池安全隐患，理想汽车云端预警程序会提前预警，并通过400客服、 车机Ecall进线联系用户并安排救援服务；当车辆出现故障时，会通过车机故障灯、文字及报警音提醒 用户，请靠边停车并等待救援。如未收到预警和车机故障信息，说明当前车辆状态正常，请放心用车， 接到邀约后请尽快进店更换。 北京商报讯（记者 刘晓梦）10月31日，国家市场监督管理总局发布的消息显示，日前北京理想汽车有 限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要求，主动向 国家市场监督管理总局备案了召回计划。 召回编号S2025M0174V：自2025年11月7日起，召回生产日期从2024年2月18日至2024年12月27日的理 想MEGA 2024款汽车，共计11411辆。 ...

日前，北京理想汽车有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施 办法》的要求，主动向国家市场监督管理总局备案了召回计划。 召回编号S2025M0174V：自2025年11月7日起，召回生产日期从2024年2月18日至2024年12月27日的理 想MEGA 2024款汽车，共计11411辆。 本次召回范围内的车辆，由于该批次冷却液防腐性能不足，特定条件下会导致冷却回路中动力电池和前 电机控制器的冷却铝板腐蚀渗漏，导致车辆出现故障灯点亮、动力受限及无法上电的情形，极端情况下 会造成动力电池热失控，存在安全隐患。 北京理想汽车有限公司将为召回范围内车辆免费更换冷却液、动力电池和前电机控制器。应急处置措 施：针对冷却液渗漏导致的动力电池安全隐患，理想汽车云端预警程序会提前预警，并通过400客服、 车机Ecall进线联系用户并安排救援服务；当车辆出现故障时，会通过车机故障灯、文字及报警音提醒 用户，请靠边停车并等待救援。如未收到预警和车机故障信息，说明当前车辆状态正常，请放心用车， 接到邀约后请尽快进店更换。 ...

Core Points - Li Auto has initiated a recall plan for 11,411 units of the 2024 Li MEGA model due to insufficient corrosion resistance of the coolant, which may lead to battery and motor controller failures under specific conditions [2] - The company will provide free replacement of coolant, battery, and motor controller for the affected vehicles [2] - An extended warranty of 2 years or 40,000 kilometers will be offered for the battery and motor controller, increasing the total warranty to 10 years or 200,000 kilometers [3] Group 1 - Li Auto has filed a recall plan with the State Administration for Market Regulation, effective from November 7, 2025, for vehicles produced between February 18, 2024, and December 27, 2024 [2] - The recall is due to potential corrosion and leakage in the cooling system, which could lead to safety hazards such as power loss and battery thermal runaway [2] - The company has implemented emergency measures, including a cloud-based early warning system to alert users of potential issues and provide roadside assistance [2] Group 2 - The extended warranty for the affected vehicles will follow the vehicle ownership, ensuring that the new owner also benefits from the warranty [3] - This warranty extension is based on the existing 8-year or 160,000-kilometer standard warranty [3]

Core Viewpoint - Li Auto has initiated a recall of 11,411 units of the 2024 Li MEGA model due to safety concerns related to coolant leakage that could lead to battery thermal runaway and other operational failures [2][5][11] Group 1: Recall Details - The recall, numbered S2025M0174V, affects vehicles produced between February 18, 2024, and December 27, 2024, starting from November 7, 2025 [2][12] - The company will replace the coolant, battery, and front motor controller for the recalled vehicles at no cost [12][14] - The recall is a proactive measure taken in response to identified safety risks, even before the final technical conclusions from ongoing investigations are available [11][12] Group 2: Incident Response - Following a fire incident involving a 2024 Li MEGA vehicle, the company has expressed sincere apologies to affected customers and is cooperating with investigations [5][6] - The internal investigation revealed that the same batch of vehicles has a coolant with insufficient anti-corrosion properties, which can lead to critical failures under specific conditions [5][6][11] - The company has implemented a cloud-based early warning system to alert users of potential issues and arrange for emergency services [10][11] Group 3: Safety Measures and Future Actions - The company emphasizes a zero-tolerance policy towards potential safety hazards and is committed to thorough inspections and repairs of all affected vehicles [6][11] - Training for frontline teams will be enhanced to improve risk identification and decision-making capabilities [9] - The company plans to strengthen testing protocols for chemical materials used in vehicles to prevent future incidents [8][9]

Core Viewpoint - Beijing Li Auto Co., Ltd. has proactively filed a recall plan with the State Administration for Market Regulation due to safety concerns related to the cooling system of certain vehicle models [1] Group 1: Recall Details - Recall Number S2025M0174V involves 11,411 units of the 2024 Li MEGA model, produced between February 18, 2024, and December 27, 2024, starting from November 7, 2025 [2] - The recall is initiated due to insufficient corrosion resistance of the coolant, which may lead to leakage in the cooling circuit, potentially causing warning lights to illuminate, power limitations, and in extreme cases, thermal runaway of the power battery [2] Group 2: Remedial Actions - Li Auto will provide free replacement of coolant, power batteries, and front motor controllers for the affected vehicles [2] - Emergency measures include a cloud-based early warning system that alerts users of potential coolant leakage and offers rescue services through customer support and vehicle communication systems [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported strong performance in Q3 2025, with revenue reaching 2.93 billion yuan, a year-over-year increase of 42.13% and a quarter-over-quarter increase of 11.55% [6][9] - The automotive market remains robust, with the company's products covering nearly all automotive brands in China, contributing to a significant increase in sales [9] - The company is actively investing in R&D, with a 49.60% year-over-year increase in R&D expenses, focusing on robotics and liquid cooling technologies [9] Financial Data and Profit Forecast - For the first three quarters of 2025, the company achieved revenue of 796 million yuan, a year-over-year increase of 43.84%, and a net profit of 130 million yuan, up 37.24% year-over-year [6][8] - The projected total revenue for 2025 is 1,108 million yuan, with a year-over-year growth rate of 34.0% [8] - The estimated net profit for 2025 is 194 million yuan, reflecting a growth rate of 40.4% [8] Investment Analysis - The company has a solid order book with key clients like BYD, which reported a sales increase of 18.64% year-to-date [9] - The company is expected to release additional production capacity in 2026, which will likely enhance its earnings potential [9] - The report has revised profit forecasts upward, estimating net profits of 1.94 billion yuan for 2025, 2.52 billion yuan for 2026, and 3.05 billion yuan for 2027 [9]