Core Insights - The CEO of Li Auto, Li Xiang, emphasized that 2026 is the last year for companies aiming to become leaders in AI to get on board, with Level 4 (L4) autonomy expected to be realized by 2028. He believes that ultimately, no more than three companies will dominate the global landscape in foundational models, chips, operating systems, and embodied intelligence, and Li Auto aims to be one of them [2][11]. Group 1: AI and Robotics Strategy - Li Auto plans to strengthen its brand positioning in embodied intelligence, moving beyond just creating mobile homes to developing humanoid robots, which are expected to be unveiled soon [2][11]. - The company will undergo a reorganization of its R&D teams, categorizing them into foundational model teams, software teams, and hardware teams, with automotive and robotics projects falling under the hardware category [2][11]. - Li Auto is actively recruiting top talent, including former employees who left to start their own ventures in the robotics field, to bolster its capabilities in embodied intelligence [2][11]. Group 2: Market Position and Product Development - During a Q3 2025 earnings call, Li Xiang stated that the electric vehicle industry has reached a dead end in parameter competition, and that simply integrating mobile applications into vehicles is redundant. Instead, Li Auto is defining its vehicles as "embodied intelligent" products, transforming them from mere transportation tools into robots with sensory and cognitive capabilities [9][18]. - Although Li Auto had previously paused its humanoid robot development due to technological and supply chain challenges, it has continued to make strides in the broader robotics field, establishing departments for "space robots" and "wearable robots" [9][18]. - The company has recently posted multiple job openings for humanoid robot development on its official recruitment page, indicating a comprehensive approach to developing core components and system integration for humanoid robots [3][12].

1 月 26 日，理想汽车 CEO 李想召开了一场两个小时的线上全员会。据多位内部员工反馈，李想强调，2026 年是所有想要成为 AI 头部公司上车的最后一 年；最晚 2028 年，L4 一定能落地；最终全球布局基座模型、芯片、操作系统、具身智能等业务的公司不会超过 3 家，理想会努力成为其中一家。 "未来，理想会进一步强化具身智能的品牌定位，而不仅仅是创造移动的家。在汽车之外，理想一定会做人形机器人，并会尽快落地亮相。"而接下来，理 想为了迎接新一轮的 AI 竞争，公司将对研发进行新一轮的组织变革，将研发团队按照基座模型团队、软件本体团队、硬件本体团队等进行划分，其中汽 车、机器人等都归为硬件本体团队。 同时，李想表示，要去招聘最好的人，把原来那些去到机器人创业公司的人再招回来。在此之前，已经有不少智驾核心技术人员从该公司离职，去具身智 能赛道创业了。2025 年下半年，前理想自动驾驶研发负责人贾鹏、量产负责人王佳佳与前 CTO 王凯等核心高管一起创办了具身智能公司至简动力，且很 快就拿到多家头部美元基金和互联网科技公司的投资意向。 当前，理想已在官网社招页面放出多个人形机器人研发岗位。从招聘信息可以看出， ...

Core Insights - The CEO of Li Auto, Li Xiang, emphasized that 2026 is the last year for companies aiming to become leaders in AI to enter the market, with Level 4 (L4) autonomy expected to be realized by 2028. The company aims to be one of the three global leaders in foundational models, chips, operating systems, and embodied intelligence [2] - Li Auto plans to strengthen its brand positioning in embodied intelligence, moving beyond just creating mobile homes to developing humanoid robots, which will be showcased soon [2] - The company will undergo organizational changes in R&D, dividing teams into foundational model teams, software teams, and hardware teams, with a focus on recruiting top talent, including those who previously left for startups in the embodied intelligence sector [2] - Li Xiang stated that the electric vehicle industry has reached a dead end in parameter competition, and Li Auto has chosen to define its vehicles as "embodied intelligent" products, transforming them from mere transportation tools into robots with perception and intelligence [7][8] Recruitment and Development - Li Auto has posted multiple job openings for humanoid robot R&D positions on its official recruitment page, indicating a comprehensive approach to developing humanoid robots from core components to system integration [3] - The company has established secondary departments for "space robots" and "wearable robots," with the first product being the smart glasses Livis, under the leadership of Senior Vice President Fan Haoyu [8]

Company Overview - CICC maintains an "outperform" rating for Li Auto-W (02015), with target prices of 100 HKD and 26 USD, corresponding to P/E ratios of 29x and 25x for 2026 earnings, indicating an upside potential of 52% and 56% respectively [1] - The company has faced sales challenges, which are considered to be largely priced in, and is expected to initiate operational adjustments in the second half of 2025 [1] Product Strategy - The company plans to launch upgraded versions of several range-extended models in 2026, focusing on increasing battery capacity for improved electric range, integrating self-developed high-performance AI chips, and enhancing flagship model aesthetics [2] - Despite facing a challenging market environment in late 2025 and early 2026, the company is advised to focus on the upcoming range-extended vehicle cycle starting in the first half of 2026 [2] AI and Robotics Development - The company has restarted recruitment for its robotics division, aiming to develop humanoid robots for specific industrial applications, with a notable hire in January 2024 [2] - The company is recognized for its leadership in smart driving technology and has made significant technical breakthroughs in collaboration with Tongji University [2] - With ample cash reserves and a focus on expanding into the broader AI ecosystem, the company is exploring various AI applications, as evidenced by the launch of its smart glasses, Livis, and the renewed focus on robotics [2]

中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应19/16x26E P/E，引入2027年 盈利预测122.5亿元，考虑到行业销量承压，下调公司2026年盈利预测19%至79.5亿元，维持港美股目标 价100港币/26美元，分别对应29/25x26E P/E，存在52%/56%上行空间。 中金主要观点如下： 公司近况 近日，公司重启机器人业务的招聘，此前公司已经于2024年1月，引入行业知名专家廖平平担任机器人 算法专家，负责开发轮式双臂人形机器人，用于公司工厂内"螺钉拧紧"等细分工业场景。根据岗位描 述，本次招聘范围覆盖人形机器人从核心部件到系统集成全流程。技术角度，公司一直处于智能驾驶技 术研发的第一梯队，近期与同济大学联合提出SparseWorld-TC，摒弃传统BEV和离散令牌，通过稀疏查 询和注意力机制实现端到端4D占用预测，在nuScenes基准上实现了多项技术突破。此外，公司具备充沛 的在手现金、潜在的供应链协同及管理层高度关注长期由汽车拓展至泛AI领域的生态前景，公司发布 的智能眼镜Livis和重启机器人业务的招聘均预示着公司在泛AI领域的广泛探索和长期追求。 风险提 ...

以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 李想认为机器人主要有两种分类形式：一种像人，一种像车。 文 丨 赵宇 李梓楠 编辑 丨 龚方毅 理想汽车在官网社招页面释放若干人形机器人研发岗位，重启具身机器人研发。 2024 年 1 月，廖平平加入理想任机器人算法专家，主要负责带领团队开发轮式双臂人形机器人，用于 理想汽车制造工厂内 "螺钉拧紧" 等细分工业场景。他硕士和博士均毕业于北京航空航天大学，有约 10 年机器人研发和管理经验。 受技术发展限制、人形机器人供应链不成熟等因素影响，理想一度暂停推进人形机器人自研项目。理 想汽车创始人兼 CEO 李想也曾在 2024 年底的 AI TALK 上表态，理想做人形机器人的概率是 100%，但合适时机还没到。 这次项目重启，根据岗位描述，招聘范围基本覆盖人形机器人从核心部件到系统集成全流程： 灵巧手：嵌入式软件工程师、算法研发工程师、机械设计工程师 关节模组：嵌入式软件工程师、机械设计工程师 双足：算法研发工程师 传感器：嵌入式软件工程师 交互感知：嵌入式硬件工程师 全身运控：算 ...

另值得一提的是，12月2日，理想宣布与蔡司达成战略合作，发布一款智能眼镜产品。据介绍，12月3日 19：30，理想将召开AI眼镜Livis发布会。此前，李想认为智能眼镜是理想汽车最好的人工智能的一个 附件，希望理想的AI能力能够在理想汽车的用户生活中，有一个更全面的覆盖。 理想汽车-W(02015)跌近2%，截至发稿，跌1.71%，报69.1港元，成交额3.32亿港元。 消息面上，造车新势力日前公布11月交付情况。其中理想汽车11月份交付33181辆，同比下跌31.92%， 已连续6个月出现同比下降。招商证券国际近日研报指，理想汽车第三季度归母净亏损6.25亿元人民 币，为三年来首次，低于市场预期的盈利4.4亿元，主要受MEGA召回影响。若剔除该影响则基本符合 预期。该行预计未来四个月公司基本面缺乏强劲催化剂，下调评级至"中性"；H股目标价降至74港元。 ...

另值得一提的是，12月2日，理想宣布与蔡司达成战略合作，发布一款智能眼镜产品。据介绍，12月3日 19：30，理想将召开AI眼镜Livis发布会。此前，李想认为智能眼镜是理想汽车最好的人工智能的一个 附件，希望理想的AI能力能够在理想汽车的用户生活中，有一个更全面的覆盖。 消息面上，造车新势力日前公布11月交付情况。其中理想汽车11月份交付33181辆，同比下跌31.92%， 已连续6个月出现同比下降。招商证券国际近日研报指，理想汽车第三季度归母净亏损6.25亿元人民 币，为三年来首次，低于市场预期的盈利4.4亿元，主要受MEGA召回影响。若剔除该影响则基本符合 预期。该行预计未来四个月公司基本面缺乏强劲催化剂，下调评级至"中性"；H股目标价降至74港元。 智通财经APP获悉，理想汽车-W(02015)跌近2%，截至发稿，跌1.71%，报69.1港元，成交额3.32亿港 元。 ...