Core Viewpoint - The article discusses Li Auto's four collaboration models with suppliers, emphasizing the importance of strategic partnerships and self-research in enhancing product competitiveness and supply chain security [1][5][13]. Group 1: Collaboration Models - **Self-Research and Manufacturing**: Li Auto designs and produces key components in-house, such as the rear electric drive system for the i8, to ensure competitive efficiency and product integration [6][7]. - **Self-Research with Key Technology Lock-in**: The company collaborates with suppliers like Huichuan to co-develop critical components, such as the front electric drive, to mitigate risks and enhance supply chain security [8][9]. - **Deep Cooperation for Cutting-Edge Technology**: Li Auto invests heavily in partnerships, such as with CATL for the 5C ultra-fast charging Kirin battery, which significantly improves charging times and vehicle range [11][12]. - **Strategic Cooperation for Product Optimization**: Collaborations with companies like Horizon and Hesai lead to customized components that meet specific technical requirements, enhancing overall product performance [12][14]. Group 2: Supply Chain Strategy - **Investment in Core Technologies**: Li Auto focuses on self-research in critical areas like battery cell technology while outsourcing manufacturing to specialized firms, ensuring advanced technology without heavy capital investment [14]. - **Dynamic Supplier Management**: The company maintains a flexible supplier base of approximately 500, aiming to streamline this number for better cost efficiency and competitive advantage [14]. - **Balancing Self-Research and Outsourcing**: Li Auto adopts a dual approach of self-research and external procurement to foster healthy competition among suppliers, ensuring continuous technological advancement and cost optimization [13][14].

Core Viewpoint - Company has transformed into a leading supplier of intelligent driving solutions over the past decade, focusing on full-scene intelligent driving solutions and achieving significant revenue growth with a CAGR of 72.2% from 2021 to 2024 [2][36]. Company Overview - Company has established a comprehensive technology stack covering algorithms, dedicated processing architecture (BPU), and development toolchains, positioning itself as a "chip + software" system-level intelligent driving company [4][9]. - The company has formed a complete layout of intelligent driving chip solutions covering levels L2 to L4, with over 310 models targeted by the end of 2024 [4][12]. - The company has built a large and high-quality customer base, including over 40 cooperative automakers and covering more than 290 models [4][36]. Business Segments - The company's revenue is primarily derived from automotive solutions, which accounted for 97% of total revenue in 2024, with product solutions contributing 27.9% and authorized service business contributing 69.1% [28][36]. - Non-automotive solutions, which focus on smart home applications, accounted for 3% of total revenue in 2024 [28][36]. Financial Performance - The company's revenue increased from 467 million RMB in 2021 to 2.384 billion RMB in 2024, with a CAGR of 72.2% [36][41]. - The gross margin has remained stable around 70%, increasing to 79% in 2024 due to the higher contribution from high-margin authorized service business [36][41]. - Operating losses have been controlled, with losses around 2 billion RMB, and the company is expected to achieve breakeven in the coming years as revenue increases and costs are managed [37][41]. Industry Trends - The intelligent driving market is expected to accelerate penetration, with 2025 anticipated to be a pivotal year for "intelligent driving equality," as traditional automakers ramp up their intelligent driving strategies [3][54]. - The price of high-level intelligent driving packages is decreasing, making advanced driving features more accessible to consumers [3][54]. - The integration of intelligent driving technology into mainstream vehicles is expected to become a standard feature, with major automakers like BYD and Xpeng leading the charge [3][54].