Core Insights - The exploration of physical AI terminals, such as glasses, involves necessary trial and error, and lowering expectations may be a prudent approach [1] - By April 2025, the characteristics of AI terminals identified by Li Xiang include: 1) 360-degree perception of the physical world 2) Cognitive decision-making ability 3) Action capability 4) Self-reflection and feedback [1] - The development of robots requires research and analysis based on industry progress, and certain capabilities must be addressed internally [1] Group 1 - The current state of glasses technology presents a "impossible triangle" regarding display capability, wearability, and battery life, with Vision Pro scoring 9 in display, 6-7 in battery life, and nearly 0 in wearability, while Rokid glasses score 7-8 in wearability and battery life but only 3 in display [2] - Achieving simultaneous scores of 7-8 in display, wearability, and battery life will require advancements across various technologies, including batteries, materials, semiconductors, optics, and communications [2] - The overall performance of the company in various departments, including sales management and supply chain, has been average, indicating challenges in meeting high-frequency user demands [2] Group 2 - Current AI glasses are unlikely to be particularly impressive in their first generation, as significant issues remain to be resolved [2] - The direction for AI glasses appears clear, but achieving the desired performance metrics will require overcoming numerous technical challenges [2]

Core Viewpoint - The article discusses the differing perspectives of VC (Venture Capital) and PE (Private Equity) mindsets towards the company 理想 (Li Auto), highlighting how these mindsets influence the evaluation of the company's potential and performance. VC Mindset - The VC mindset focuses on long-term potential, often looking at a 3-5 year horizon and analyzing the core value or potential of 理想 in the context of being a leading physical AI company [2] - VCs are more tolerant of mistakes and failures during the long-term goal achievement process, believing in the transformative potential of AI technology [2][5] - The VC perspective emphasizes the low marginal cost of software and the significant future value creation potential, regardless of immediate financial metrics [9] PE Mindset - The PE mindset is more short-term oriented, typically evaluating the company on a timeline of less than a year, focusing on concrete financial metrics such as sales volume, revenue, and profit margins [3] - PEs require solid evidence of value and are less forgiving of short-term misjudgments, leading to a more critical view of 理想's recent performance [4][19] - The PE perspective is influenced by recent financial data, which has been disappointing, leading to a low evaluation based on specific performance metrics [15][16] Physical AI - 理想's approach to physical AI combines AI software with hardware, representing a significant advancement over traditional software-hardware integration [6][7] - The article emphasizes the unique capabilities of 理想 in achieving a high level of integration between AI software and hardware, which may be underestimated by those focused solely on hardware or traditional software [7] Recent Performance and Criticism - Recent performance metrics have led to criticism from the PE perspective, particularly regarding delivery targets and product expectations [15][16] - Specific issues highlighted include unmet delivery guidance, product delays, and customer dissatisfaction, which have contributed to a negative perception among PE investors [16] - The article notes that while the VC mindset may overlook these issues due to a focus on long-term potential, the PE mindset is less tolerant of such discrepancies [18][19]