考虑到增程车型激烈的市场竞争，该行认为理想汽车或需通过降价推动明年新一代L系列的销量，因此 未来两个季度毛利率下滑或非短期现象。 该行预测，集团2026年销量有望重回50万台，但毛利率或收窄至17%，对应34亿元人民币的利润。 智通财经APP发布研报称，招银国际发布研报称，因未来几月理想汽车-W(02015)缺乏催化剂，下调评 级由"买入"至"持有"，并降目标价至70港元，对应2026-2027年40及18倍的市盈率。该行认为，当前估 值溢价已反映集团在自动驾驶领域的领先地位。 报告表示，理想汽车剔除一次性Mega召回成本后，第三季业绩及经营亏损基本符合预期，毛利率依然 维持约20.4%的高位。 ...

Core Viewpoint - The company is transitioning to a "startup management model" to better adapt to the rapidly changing automotive and technology landscape, focusing on developing "embodied intelligent" vehicles that provide proactive services rather than just passive functionalities [8][10][14]. Financial Performance - In Q3, the company's revenue decreased by 36.2% year-on-year to 27.4 billion RMB, with a net loss of 624 million RMB compared to a net profit of 2.8 billion RMB in the same period last year [3][20][22]. - Vehicle sales revenue was 25.9 billion RMB, down 37.4% year-on-year, primarily due to a significant drop in delivery volumes [20]. - The gross profit margin fell to 16.3%, down from 21.5% year-on-year, largely due to increased costs associated with recalls and lower production volumes [20][22]. Product and Technology Development - The company is developing the M100 AI inference chip, expected to be commercialized next year, which will significantly enhance performance-cost ratios compared to current high-end chips [1][3][46]. - The focus is on creating a vehicle foundation model for physical AI, enhancing perception, understanding, and response capabilities [1][4][46]. - The company plans to launch a major redesign of the L series by 2026, featuring an 800V high-voltage platform and 5C ultra-fast charging technology [4][39]. Strategic Choices - The management emphasizes the importance of organizational structure, product definition, and technology selection as key strategic choices for the next decade [8][11][18]. - The company aims to redefine its products as "embodied intelligent" robots, moving beyond traditional electric vehicles to offer proactive and automated services [12][14][18]. Supply Chain and Production - The company has established a complete self-research chain for its electric drive systems, including the development of silicon carbide power chips and proprietary power modules [4][30]. - A dual-supplier model for battery supply will be implemented to enhance production capacity and ensure quality [33][34]. Future Outlook - The company anticipates delivering between 100,000 to 110,000 vehicles in Q4 2025, with projected revenue between 36.5 billion and 39.2 billion RMB [23]. - The management expresses confidence in overcoming current challenges and achieving significant growth in the next decade through technological advancements and a focus on user value [18][39].

最新财报显示，理想汽车三季度营收同比下跌36.2%，更严重的是公司由盈转亏，净亏损6.24亿元，而 去年同期净利润高达28亿元。这种断崖式下跌不仅反映了交付量的大幅下滑，更暴露了公司在转型期面 临的多重压力。 在电话会上，CEO李想宣布理想汽车面向第二个十年将坚定回归"创业公司管理模式"，摒弃职业经理人 体系；将产品重新定义为"具身智能"机器人，聚焦AI对物理世界的理解与主动服务能力。李想明确指 出，搭载自研M100芯片的AI系统将于2026年交付，核心变革在于让汽车从"被动功能堆砌"转变为"主动 自动化服务"。 理想汽车CTO谢炎表示，公司自主设计的M100 AI推理芯片正在进行大规模系统测试，预计明年商业 化，与基础模型编译器和软件系统协同设计后，性能成本比将达到当今高端芯片的三倍以上。理想正在 开发用于物理AI的车辆基础模型，专注提升感知、理解和响应能力，下一代平台和芯片的开发已经启 动。 对于三电全栈自研，总裁马东辉称，在电驱系统方面，理想自研代工碳化硅功率芯片，自研自制功率模 块和电机控制器，并建成专属驱动电机工厂，形成完整的自研链条。在电池技术上，公司围绕5C超充 构建了从电芯化学体系、BMS系统 ...

"我们坚定地回到创业公司的管理模式，以此来面对新时代、新技术的挑战。" 文 丨 龚方毅 赵宇 编辑 丨 龚方毅 大家好，我是李想，欢迎大家参加今天的业绩电话会议。 首先我来回顾一下理想汽车的一季度表 现…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。今年 7 月份，中国新能源汽车渗透率已 经接近 50%…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。三季度，中国新能源汽车渗透率已经达 到 50.3%…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。2024 年，中国新能源汽车市场保持快速 增长态势…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。首先回顾下理想汽车一季度的表现…… 大家好，我是李想，欢迎大家参加今天的业绩电话会议。2025 年二季度，我们共交付新车超 11 万辆…… 大家好，我是李想。 2025 年三季度，也是理想汽车面向第二个十年的第一个季度，我们经历了产品周期、公关舆情、 供应链爬产、政策变化等带来的各种挑战…… 以上是 2024 年一季度至今，理想汽车董事长兼 CEO 李想所做的季度业绩电话会开场。最后一条是他 今天（11 月 26 日）做的最新开场，基本是他 ...

详见： 理想汽车第三季度营收274亿元 经调净亏损3.6亿元 专题：聚焦2025年第三季度美股财报 11月26日晚间消息，理想汽车（NASDAQ：LI；HKEX： 2015）今日发布了截至9月30日的2025年第三 季度财报：总营收为274亿元，同比下滑36.2%，环比下滑9.5%。净亏损6.244亿元，而上年同期净利润 28亿元，上一季度净利润11亿元。不按美国通用会计准则，调整后的净亏损3.597亿元，而上年同期净 利润39亿元，上一季度净利润15亿元。 财报发布后，苹果管理层召开电话会议，理想汽车董事长兼CEO李想，CFO李铁，总裁马东辉和首席技 术官是谢炎等高管参加会议并回答了分析师提问。 以下为本次电话会议分析师问答环节主要内容： 中信证券分析师Yingbo Xu：我有两个问题。第一个，我们很高兴听到李想总对过去波折的反思，也欣 慰地了解到管理层计划重新回归创业公司状态，同时发布了未来十年的产品规划与技术展望。我们同样 认同，人工智能（AI）时代的产品绝非简单升级，而应是基于 AI 时代用户体验的全新产品设计。汽车 与具身智能均为物理 AI 的核心载体，二者拥有同源技术与相似底层逻辑。但我们更关注的 ...

| | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025年 | 2025 年 | 同比 | 環比 | | | 9月30日 | 6月30日 | 9月30日 | | | | | 人民警 | 人民幣 | 人民常 | | | | 車輛銷售收入 | 41.323.8 | 28.885.1 | 25.867.1 | (37.4)% | (10.4)% | | 車輛毛利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點 (3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364.7 | (36.2)% | (9.5)% | | 毛利 | 9,224.7 | 6.067.0 | 4.469.0 | (51.6)% | (26.3)% | | 毛利率 | 21.5% | 20.1% | | 16.3% (5.2)個百分點 (3.8)個百分點 | | | 營業費用 | (5,792.0) | (5,240.0) | (5.646.2) | (2. ...

Core Insights - The 23rd Guangzhou International Auto Show opened on November 21, showcasing Li Auto's latest models including Li MEGA, i series, and L series, along with advancements in assisted driving technology [1] - Li Auto plans to push innovative VLA charging and defensive AES automatic emergency steering features to the AD Max model, and intends to introduce urban NOA functionality to the upgraded AD Pro model [1] Group 1: VLA Driver Model - The VLA driver model, launched in August 2025, enhances user experience across six dimensions: route selection, speed preference, comfort, sense of security, communication ability, and traffic efficiency [3] - As of now, the VLA driver model has accumulated over 312 million kilometers of driving distance, with a penetration rate increase of 2.2 times and daily active usage rising threefold, indicating its integration into users' daily lives [3] Group 2: VLA Charging Functionality - The VLA driver model's spatial understanding capabilities allow it to autonomously navigate unfamiliar parking lots, remembering key locations and user preferences for parking spots [5] - The VLA charging feature, set to cover over 1,400 Li Auto supercharging stations by January 2026, enables vehicles to autonomously enter and exit charging stations, find available charging spots, and complete payments without a password [5][6] Group 3: Active Safety Features - Li Auto's active safety features have reportedly helped users avoid potential collision incidents 11.31 million times and extreme accidents over 14,000 times as of November 20, 2025 [5] - The defensive AES automatic emergency steering function, which helps users avoid passive collisions, is also set to be fully pushed to AD Max users [6] Group 4: Future Upgrades and Innovations - Future OTA upgrades will enhance Li Auto's smart space and electric platform, introducing new features such as personalized screensavers, pet modes, and improved charging planning [7] - Li Auto is committed to building a full-stack self-research capability around core technologies in artificial intelligence, aiming to become a global leader in AI terminal products [8]

2025年8月，理想汽车率先发布VLA司机大模型，并于9月向AD Max用户全量推送。VLA司机大模型围 绕路线选择、速度偏好、舒适度、安心感、沟通能力、通行效率六个维度，全面提升用户体验。截至目 前，VLA司机大模型行驶里程超过3.12亿公里，里程渗透率提高2.2倍，每日活跃度提升3倍，意味着理 想辅助驾驶已经成为用户生活的一部分。未来，VLA司机大模型将在强化学习的驱动下持续进化，为 用户带来更安全、更舒适、更便捷的体验。 转自：北京日报客户端 2025年11月21日，理想汽车携理想MEGA、理想i系列、理想L系列亮相2025年广州国际汽车展览会，分 享辅助驾驶最新进展与规划。理想汽车计划向AD Max车型推送创新的VLA充电和防御性AES自动紧急 转向功能，并计划向智能焕新版AD Pro车型推送城市NOA功能，推动前沿技术普惠更多用户。 理想汽车产品部高级副总裁范皓宇表示："理想VLA司机大模型在推送后通过强化学习持续进步，行车 体验不断优化，并基于其强大的空间理解能力为用户带来了更优质的泊车和充电体验。全新的VLA充 电功能，让车辆可以自主驶入、驶出超充站，打通了找站充电的'最后100米'，这也是我们 ...

36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 理想进入重新校准的周期。 以下文章来源于36氪汽车 ，作者肖漫 文 ｜ 肖漫 编辑 ｜ 李勤 杨轩 来源｜ 36氪汽车（ID：EV36Kr） 封面来源 ｜ IC Photo 理想汽车正经历前所未有的压力时刻。今年10月，理想卖出31767辆车，同比环比都在下滑。 在这之前，理想已经把今年能打的产品牌都打完了 ，新的 纯电车型i8表现平淡，肩 负起销 量重担的i6虽订单高涨，但因产能瓶颈无法全力交付。而明年，显然是更激烈的战场。 36氪从多位产业人士处获悉，今年10月中旬，理想汽车在北京雁栖湖开了三天的秋季闭门战略会，对销量下滑、研发、产品等方方面面的问题进行了反 思，从而调整车型、产品和研发策略，以及加快出海节奏和加大AI投入力度。 战略会上，这家曾因节奏稳、判断准而在新能源车竞争前半程占据优势的公司，第一次在内部与外部同时承认"效率慢了"，产品节奏、组织节奏都难以匹 配当前的竞争强度。美团CEO王兴（理想汽车董事）只参与了第一天关于产品、战略的讨论，发言并不多。 另一个深刻反思和复盘的重点业务是出海。 理想在官方的出海节奏上屡次摇摆，一 ...

Group 1: Product and Technology - The company acknowledges its efficiency lag and plans to accelerate product development, shifting from a four-year iteration cycle to a two-year cycle to keep pace with industry standards [1][2] - Sales of the L series have declined from over 50,000 units to around 20,000 units per month, while the i8 faces strong competition from NIO's ES8 and AITO's M8, and the i6 is challenged by Xiaomi's SU7 [1] - The company is moving away from a "configuration stacking" approach to focus on refining single configurations, enhancing design differentiation among new models [2] Group 2: Overseas Strategy - The company made a significant error by relying on parallel exports, particularly to Russia and the Middle East, which has seen a drastic drop in volume due to tightening policies [4] - The company is now focusing on key markets such as the Middle East, Central Asia, and Europe, establishing R&D centers in Germany and the U.S., and retail centers in Uzbekistan and Kazakhstan [5] Group 3: AI and Chip Development - The company has increased its strategic focus on computing power, investing over 100 million yuan monthly, with current reserves of 10 EFLOPS for training and 3 EFLOPS for inference [6] - Breakthroughs in self-developed chips are expected, with the first generation set for deployment in flagship models by early 2025, and the second generation emphasizing inference capabilities [7] - The company aims to evolve beyond just "automotive AI" by exploring smart glasses and other terminal hardware, aspiring to become a comprehensive enterprise in the AGI era [8]