眼镜或其他东西是理想探索物理AI终端的头几个包子，在这个过程中试错是必要且不可避免的，降 低预期可能是上策。 2025年4月李想表示人工智能时代终端四个特点：1.360度对物理世界的感知能力 2.认知决策的能力 3.Action的能力 4.可以自我反思反馈。理想之后做任何一个终端都必须符合以上四个能力。 Rokid创始人祝铭明在2025年10月公布的《一问》访谈中表示，现阶段眼镜在展现力/穿戴性/续航是一 个不可能三角，满分10分，Vision Pro展现力做到9分，续航6-7分，穿戴性几乎是0分。Rokid眼镜穿 戴性7-8分，续航7-8分，展现力3分。如果这三点同时做到7-8分，那么将迎来奇点，这时涉及的技术 将非常广，涉及电池、材料、半导体、光学、通信的技术，且大量的算力不可能全在眼镜上，不然没 法做得轻巧。 理想今年多个部门表现的都一般，包括但不限于销售管理/供应链/i86产能/智驾部门面向高频智驾用 户的运营等。 小同桌/卡片大师/理想同学生活助手Agent，TOP2认为理念层面非常好，但实用层面现阶段不太好， 广州车展给了生活助手会OTA的饼，没给小同桌/卡片大师会更新的饼，更新速度偏慢。 即基于 ...

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]