与同级别竞品相比具备优势，打开20-30 万元家用纯电空间。此前i8 上市后出现了调整价格、配置的情 况，此次i6 价格、配置一次性到位，性价比较高。而与同级别的小米YU7、特斯拉Model Y 相比，i6 的 售价、底盘（搭载空气悬架）、娱乐性配置（支持后排娱乐屏选装）等均具备一定优势。此外i6 与小 米YU7、特斯拉Model Y 相比，更加强调家用以及内部空间，有望开辟该价格段内新的增长空间。 期待明年L 系列改款升级。公司的销量主力L 系列目前略有承压，亟待改款升级提升产品力。结合i8、 i6 两款车型的产品策略，我们认为L 系列明年改款的方向可能集中在以下几个方面：1）后续L 系列或 将全系搭载ADMax 版本，不再拥有AD Pro 版本；2）搭载大电池、超快充功能；3）SKU减少，舒适性 配置"应配尽配"，但同时保留部分选装配置；4）目前L 系列全系双电机，改款后可能推出单电机版 本；5）外观、内饰调整。 盈利预测与投资建议：i6 的成功上市打开了公司在纯电市场的新空间，但L 系列在2025 年所面临的竞 争形势依然严峻，期待后续改款升级提升竞争力，我们维持公司2025~2027 净利润预测为50 ...

9月25日晚，小米创始人雷军进行了2025年度演讲。讲到小米YU7时分享了立项时的故事，雷军多次提到了特斯拉Model Y。 雷军表示，YU7原来规划的标准版续航在620公里，对于纯电SUV来说已经很不错了，也比Model Y好不少，但是去年年底几次长途实测，大家都觉得还 是不太够，为了彻底消除用户的长途焦虑，把620公里续航的版本"干掉"了，把835公里的长续航版本改为了标准版，而且价格不变。 说完这段话，现场笑声一片。 特斯拉Model Y确实是个神奇的存在，2024年狂卖了48万辆，稳坐中高端纯电SUV销量冠军宝座。据"中国新闻周刊"表示，包括小米、小鹏、蔚来等在内 的众多车企，也一直将特斯拉Model Y视为对标对象和超越的目标。 Model Y究竟好在哪？欢迎各位读者在评论区文明讨论。 图源：直播截图 "这个版本的方案放在我的桌子上，和Model Y一比竞争力实在是太强了。我不是寒蝉Model Y，Model Y真的是一个很出色的车，我们今年年初3辆Model Y一个一个零部件拆，一个一个零部件学的，如果各位不选YU7的话可以考虑一下Model Y，当然国内别的车也不错，明天晚上理想I6也发布，也可 ...

Summary of Key Points from Conference Call Records Industry Overview - The media and internet sector is benefiting from new consumption trends, content recovery, and growth in AI applications, with significant products in the gaming sector such as Gigabit's "Nine Woods in the Wild" and Kaiying Network's "Nobunaga" being noteworthy [1][5] - The film and television sector shows signs of recovery, with opportunities arising from Guomai Culture's animated film "Three Kingdoms Starry Sky" and derivative licensing, as well as the short drama market expected to reach a scale of 50.5 billion yuan in 2024, surpassing box office revenues [1][6][12] Key Insights and Arguments - The gaming sector is expected to perform well in the first half of 2025, with new products from companies like Giant Network, Perfect World, and Gigabit [3] - The short drama market is rapidly growing, with a projected scale of 63 billion yuan in 2025 and a compound growth rate of approximately 19% [12] - AI applications are increasingly important in the media and internet industry, with major companies like Alibaba and ByteDance actively investing in AI technologies to enhance user experience and drive overall industry valuation [8] Notable Developments - The IP toy sector remains active, with companies like Pop Mart expected to perform well in the second half of the year, driven by emotional consumption trends [1][7] - The open-world gaming market has significant potential, with titles like Perfect World's "Yihuan," NetEase's "Infinite," and Shiyue Network's "Wangyue" anticipated to launch in 2025 or 2026 [9] - The film industry is projected to achieve a box office revenue of approximately 50 billion yuan in 2025, with notable films such as "Mission: Impossible 8" and "Jurassic World Rebirth" expected to perform well [10][11] Additional Insights - The education sector is focusing on AI integration, with companies like New Oriental and Thinking乐 showing strong profit growth potential [4][17] - The new energy vehicle sector continues to grow, with a year-on-year increase in production and sales of 48.3% and 46.2% respectively, and a penetration rate of 42.7% [4][15] - The e-commerce sector is experiencing rapid growth in instant retail, with major players like Meituan, Alibaba, and JD.com heavily investing in this area [13][14] Investment Opportunities - Companies like Dou Shen Education and Sheng Tong are recommended for investment due to their AI-focused educational products, which are expected to lead the market [18][19] - The automotive sector, particularly Li Auto's I8 and I6 models, is expected to outperform due to their design advantages and strong market positioning [16]

Overview - The company expects Q2 delivery volume to be between 123,000 and 128,000 vehicles, with revenue projected at 32.5 billion to 33.8 billion RMB [1] - The target sales growth rate aims to be double that of the 200,000 RMB plus new energy vehicle market, focusing on mid-to-high-end family users through product iteration and market penetration [1] - In pilot programs in lower-tier cities, the company has achieved a market share of 25%-28% in the 200,000 RMB plus segment, with a goal of adding over 100,000 units from these areas by 2026 [1] - Plans to establish 2,500 supercharging stations by June 2025 and reach 4,000 by the end of the year, enhancing the charging network advantage [1] Products - The L series has been upgraded to include ATR all-weather laser radar, with the AD Max model featuring NVIDIA's Store U chip and the AV Pro model upgraded to Horizon's Journey 6M chip, optimizing chassis control and smart cockpit [2][3] - The Ideal I8 home family special edition has captured over 90% of Mia model orders, validating the acceptance of the "mobile home" concept among family users [3] - The pure electric SUV lineup includes the Ideal I8 (launching in July) and I6 (launching in September), with over 9.5 million kilometers of road testing, emphasizing high-speed fast charging and low energy consumption [3] - After achieving annual revenue of 300 billion RMB, the company plans to launch more affordable MPVs and sedans to cover the Chinese, Asian, and European markets [4] Globalization - The company focuses on the Asian and European markets with an integrated model of "hardware + service + software," rather than just trade [5] - It aims to recruit established dealers and build an overseas team, targeting 30% of total sales from international markets [6] - Emphasizes the need for hardware after-sales and smart service capabilities before entering overseas markets [7] Intelligence - The company has developed the VLA 4G large model, integrating spatial language and behavioral intelligence, which will be released with the I8 in July and pushed to AD Max models via OTA in August [8] - The Ideal Assistant will gain memory and agent capabilities through OTA upgrades, allowing for personalized smart space interactions [8] - The release of the Ideal Tsinghua OS technical white paper and open-sourcing of code aims to enhance the influence of the smart car operating system ecosystem [9] Future Planning - The company has a strong cash reserve of 110.7 billion RMB, with a gross margin of 20.5% in Q1, expected to gradually recover with new product launches [10] - Production capacity for the Ideal L9 is set to increase, with a delivery target of 2,500-3,000 units in July; the pure electric vehicle market is projected to reach 2.13 million units in the 200,000 RMB plus segment [10] - The focus is on defining "spatial experience" combined with AI technology, aiming to become a global leader in mobile space experience innovation, comparable to Apple's position in interactive experience [10] Financial Performance - In Q1, total revenue was 25.9 billion RMB (3.6 billion USD), a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 41.4% [16][17] - Vehicle sales revenue was 24.7 billion RMB (3.4 billion USD), with a gross margin of 19.8% [17] - The company reported a net profit of 646.6 million RMB (89.1 million USD), a year-on-year increase of 9.4% [17] Market Outlook - The company aims for a delivery volume of 121,000 to 128,000 units in Q2, with total revenue projected between 32.5 billion and 33.8 billion RMB, reflecting a year-on-year growth of 2.5% to 6.7% [17] - The company maintains a target of achieving a sales growth rate double that of the 200,000 RMB plus NEV market [18][23] - The "Hundred Cities Starry Sky Plan" aims to enhance coverage in lower-tier cities, with a target of over 100,000 units of market increment by 2026 [23]