11月26日，北京车和家信息技术有限公司（以下简称"理想汽车"）公布2025年第三季度财报。今年第三 季度，理想汽车实现营业收入274亿元，前三季度营收达835亿元，持续领跑"新势力"车企。 今年前三季度，理想汽车纯电系列车型表现亮眼，实现对主流细分市场的进一步覆盖，与此同时，公司 海外业务快速拓展，AI（人工智能）战略也在稳步推进，为公司未来的增长打下坚实基础。在11月26 日召开的电话会议上，理想汽车董事长兼首席执行官李想豪言，未来3-5年内，理想汽车将成为具身智 能领域表现最好的企业。 纯电车型获战略突破 理想汽车纯电战略的前景，也得到行业人士的看好。"理想汽车凭借其家庭用户精准定位和增程领域成 功经验，具备较强的品牌认知与用户基础，有望通过MEGA等车型切入高净值纯电家庭出行场景，实现 从'增程霸主'向'纯电强者'的跃迁。公司自建超充网络、自研电池技术，也正逐步补齐补能短板，叠加 其在智能座舱与空间设计上的差异化优势，有助于构建纯电产品护城河。"盘古智库（北京）信息咨询 有限公司高级研究员江瀚对《证券日报》记者表示。 AI打造未来十年新发展曲线 2025年，理想汽车加大AI与具身智能技术的研发力度，逐 ...

理想汽车交出了一份由盈转亏的三季度财报。 财报数据显示，三季度，理想汽车共交付9 . 2万台新车，营业收入为人民币2 7 4亿元。同期 净亏损6亿元，结束了连续11个季度的盈利纪录。交付和营收下滑，毛利率也下滑了4个百 分点，综合毛利率至1 6 . 3%、车辆毛利率至1 5 . 5%。 从绝对数据上来看，这个财报数据并不占据上风，但情有可原。理想汽车CFO李铁在财报 会上解释称，三季度由盈转亏同1 0月下旬理想召回MEGA的预计成本有关。 如果剔除这一影响，理想Q3的综合毛利率为2 0 . 4%，汽车毛利率为1 9 . 8%，依然稳定在之 前的1 9%以上的水平，环比实际都是增加的。 在本次季度财报电话会上，理想汽车也改变了向市场汇报的电话会风格，第一次在财报会 上发表了近2 0分钟的演讲，复盘过去三年的公司管理、锚定未来的产品和技术路线，坚定 走向具身智能。 " 3~5年内，理想将成为具身智能领域表现最好的企业。"理想汽车CEO李想在财报会上表 示。 财报发布后，理想美股股价上涨0 . 6%，盘后上涨了0 . 3 8%。 召回超过1万台MEGA，太费钱 市 场 对 于 理 想 将 MEGA 召 回 放 到 ...

2025年11月26日，随着理想汽车2025年第三季度财报发布，这家新势力车企延续近三年的盈利神话被打破。 财报数据显示，公司当季营收274亿元，同比下滑36.2%；净亏损6.24亿元，终结了自2022年第四季度以来连续11个季度的盈利纪录，这也是其规 模化盈利后的首次季度亏损。 2025年6月18日，"活力中国调研行"采访团走进理想汽车北京基地，探访焊装车间和总装车间。图为理想MEGA汽车到达下线工位。 中新社记者 王紫儒 摄 理想汽车的2025年亏损并非偶然，而是内外部因素叠加的结果。 财报数据显示，三季度93211辆的交付量同比下滑39%，直接导致车辆销售收入同比下降37.4%至259亿元，成为营收下滑的核心推手。 这一交付颓势源于产品周期的尴尬交替。主销的L系列增程车型面临问界等竞品的激烈分流，2025款问界M9、M8凭借超1300km的综合续航和华 为ADS 3.3智驾系统，持续挤压L系列市场空间；而寄予厚望的纯电产品矩阵尚处产能爬坡期，三季度上市的纯电SUV i8和i6虽累计订单突破10万 辆，但实际交付占比仅达总交付量的18%，未能及时填补增程车型的销量缺口。 MEGA车型的召回事件则成为亏损的 ...

今年四季度的营收指引，理想把最高收入定在了292亿元，这个数字不算差，但如果对比蔚来同期最高指引的340.7亿元时，感觉可能就不太一 样了。 就在一年多前，局面还截然相反，理想曾是月销冲上5万辆的尖子生，而蔚来则被一些人视为需要抢救的对象。如今的蔚来和小鹏，月交付量 站在4万辆以上，理想反而回落至3万多辆的区间。 李想在反思中提到了英伟达和特斯拉，这两家公司是车圈共同的"诗和远方"，不过，李想迫在眉睫的问题是如何提振销量，打一场胜仗，而 这个问题，身边的兄弟李斌正好提供了现成的答案。 李想指出，英伟达和特斯拉仍以创业公司的方式管理，"如果全世界最强的公司都是创业公司的管理模式，理想汽车有什么理由放弃最擅长的 方式？" 学习特斯拉、回归创业公司的管理方式，这将意味着公司的治理模式也会发生重大改变，起码在管理上，李想要将过去下放的部分权力收 回，由李想自己掌控决策权，并且为之负责。 过去一年左右，李想对多位具有华为背景的高管进行了职务调整，这被外界普遍解读为李想在业绩承压后，重新收权、调整战略方向的组织 举措。 今年的三季度财报，理想汽车净亏损6.24亿元，这是理想在连续11个季度盈利之后出现的首次亏损。 业绩电 ...

来源：滚动播报 三是构建一套不同于语言智能的AI系统。李想表示，语言智能更关注模型和计算，而具身智能必须增 加对物理世界的感知。因此，具身智能的AI系统不仅要做到整体系统的快速和精准，还要确保软硬件 的最优融合，将硬件改造成为具身智能的本体。 尽管短期面临业绩压力，但李想对未来充满信心，他表示"我们深知未来的竞争不在一时一刻，而在方 向的长期选择和持续投入的定力。" 基于这一判断，他立下明确目标"我们一定尽最大的努力，在未来的3—5年内，让理想汽车成为具身智 能领域表现最好的企业、用户价值最高的企业。" 毛利率方面，理想汽车三季度毛利率为16.3%，同比下降5.2个百分点。对此，理想汽车在财报中作出特 别说明"剔除理想MEGA召回预估成本的影响，2025年第三季度的车辆毛利率会是20.4%。"这一表述揭 示了MEGA车型召回事件对本次财务表现的重要影响。 （来源：中国制造） 在随后的财报电话会上，理想汽车CEO李想围绕业绩表现进行了深刻反思，并针对性地提出了三点战略 调整方向。 近日，理想汽车公布了2025年第三季度财报,交出了近三年来首份季度亏损成绩单。 一是回归创业公司的管理模式。"过去三年，我和创业团队 ...

理想汽车交出了一份由盈转亏的三季度财报。 财报数据显示，三季度，理想汽车共交付9.2万台新车，营业收入为人民币274亿元。同期净亏损6亿 元，结束了连续11个季度的盈利纪录。交付和营收下滑，毛利率也下滑了4个百分点，综合毛利率至 16.3%、车辆毛利率至15.5%。 从绝对数据上来看，这个财报数据并不占据上风，但情有可原。理想汽车CFO李铁在财报会上解释称， 三季度由盈转亏同10月下旬理想召回MEGA的预计成本有关。 如果剔除这一影响，理想Q3的综合毛利率为20.4%，汽车毛利率为19.8%，依然稳定在之前的19%以上 的水平，环比实际都是增加的。 在本次季度财报电话会上，理想汽车也改变了向市场汇报的电话会风格，第一次在财报会上发表了近20 分钟的演讲，复盘过去三年的公司管理、锚定未来的产品和技术路线，坚定走向具身智能。 "3~5年内，理想将成为具身智能领域表现最好的企业。"理想汽车CEO李想在财报会上表示。 财报发布后，理想美股股价上涨0.6%，盘后上涨了0.38%。 召回超过1万台MEGA，太费钱 市场对于理想将MEGA召回放到三季度财报里计提，产生了不少疑问：四季度发生的事情，为什么要放 在三季度财报中 ...

证 券 研 究 报 告 理想汽车-W（02015.HK）2025 年三季报点评 推荐（下调） MEGA 召回拖累净利，公司进入新一轮发展期 港股公司 事项： 理想汽车发布 2025 年三季报，3Q25 实现营收 274 亿元，同比-36%，环比- 10%；归母净利润-6.2 亿元，同比-34 亿元，环比-17 亿元。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 144,460 | 111,595 | 153,319 | 180,380 | | 同比增速(%) | 16.6% | -22.7% | 37.4% | 17.6% | | 归母净利润(百万元) | 8,032 | 1,053 | 6,332 | 10,278 | | 同比增速(%) | -31.4% | -86.9% | 501.2% | 62.3% | | 每股盈利(元) | 3.79 | 0.49 | 2.96 | 4.80 | | 市盈率(倍) ...

Core Viewpoint - Li Auto has entered a period of performance fluctuations, reporting a revenue decline and a shift from profit to loss in Q3 2023, attributed to various challenges including product cycles and supply chain issues [1][2]. Financial Performance - In Q3 2023, Li Auto's revenue was 27.4 billion yuan, a year-on-year decrease of 36.2%, with a gross margin of 16.3%, down 5.2 percentage points [2]. - The net loss for the quarter was 624 million yuan, marking a transition from profit to loss, primarily due to reduced vehicle delivery volumes [2]. - Despite the overall decline, the adjusted vehicle gross margin reached 19.8%, indicating a healthy development level, with cash reserves amounting to 98.9 billion yuan as of the end of Q3 [2]. Product Strategy - Li Auto is transitioning to a dual strategy of "range-extended + pure electric" vehicles, with plans to launch its first pure electric model, MEGA, in 2024 [3][4]. - The company has introduced new pure electric SUV models, the Li i8 and i6, which are currently ramping up production, with total orders exceeding 100,000 units [3]. Supply Chain and Production - To address production capacity issues, Li Auto has implemented a dual-supplier strategy for the i6's battery, aiming to stabilize monthly production capacity to 20,000 units by early next year [4]. - The company plans to simplify its product offerings in the Li L series to regain its leading position in the range-extended vehicle market [4]. Research and Development - Li Auto's R&D expenses for Q3 2023 were 3 billion yuan, a 15% increase year-on-year, with total expected R&D investment for the year reaching 12 billion yuan, including over 6 billion yuan in AI [5]. - The company is focusing on enhancing its product capabilities through deep R&D in areas such as chips and core control systems, with a 91% usage rate of its VLA driver model in October [5]. Market Expansion - Li Auto is accelerating its overseas market expansion, having established a preliminary presence in the Middle East, Central Asia, and North Africa, with plans to enter Latin America, Europe, and Southeast Asia next year [6]. Management Strategy - In response to recent performance challenges, Li Auto's CEO, Li Xiang, announced a return to a startup management model, recognizing the differences between startup and professional management systems [7]. - The company is re-evaluating its product strategy, emphasizing the importance of developing vehicles with autonomous and proactive capabilities [7]. Open Source Initiatives - Li Auto has launched its self-developed smart car operating system, "Star Ring OS," with over 1 billion yuan invested in its development, and has engaged 55 potential partners in its open-source technology community [8].

Group 1 - The core viewpoint of the reports indicates that Li Auto's recent sales have been under pressure due to factors such as the MEGA recall and the switch of battery suppliers for the i6 model, leading to a conservative sales guidance for Q4 and a downward revision of revenue forecasts for 2025 to 2027 by 14%, 28%, and 33% respectively [1] - Li Auto's Q3 2025 revenue was reported at 27.4 billion RMB, a year-on-year decline of 36%, with vehicle sales revenue at 25.9 billion RMB, down 37% due to weaker quarterly deliveries [1] - The company reported a Non-GAAP net loss of 360 million RMB, with a potential gross margin of 20.4% if excluding the impact of the MEGA recall, indicating operational resilience despite the non-recurring nature of the recall event [1] Group 2 - Li Auto has initiated deliveries of the i6/i8 pure electric models, creating a complementary effect in the mainstream and high-end family electric vehicle market, which provides a more stable growth foundation for its electric vehicle business [2] - The i-series has seen a significant increase in penetration in key domestic regions, with a rapid increase in orders in September [2] - To address supply chain constraints, the company will introduce a dual battery supply system from CATL and Xinwangda starting in November, with expectations to increase the i6's monthly production capacity to 20,000 units by early next year [2]

Core Viewpoint - The automotive industry is characterized by strategic endurance and resilience, with market fluctuations and intensified competition being inevitable challenges for all companies. Li Auto's recent financial report reflects "transformation pain," but the real core competitiveness lies in its strategic resilience to navigate through cycles and pressures [1] Group 1: Financial Performance and Strategic Transition - Li Auto reported a revenue of 27.4 billion RMB, with a gross margin of 20.4% after excluding MEGA recall costs, indicating some financial pressure [1] - The company is transitioning from a single-core strategy focused on range-extended vehicles to a dual-core strategy that includes both range-extended and pure electric vehicles, which is seen as a necessary investment for future growth [1][2] - The financial pressures are viewed as a "strategic tuition fee" for this transition, emphasizing the importance of focusing on the effectiveness of its pure electric strategy for long-term development [1] Group 2: Market Response and Product Performance - Li Auto's pure electric strategy has shown positive market feedback, with the Li MEGA achieving the highest sales in the MPV segment above 500,000 RMB and in the pure electric category [2] - The company has successfully launched the Li i8 and Li i6 pure electric SUVs, accumulating over 100,000 orders, marking it as one of the most successful new entrants in the pure electric market [2] - Li Auto's ability to establish a foothold in the pure electric market demonstrates its capability to define the market rather than relying solely on its range-extended vehicles [2] Group 3: Innovation as a Competitive Advantage - The success of Li Auto's pure electric strategy and its position as an industry leader is attributed to its deep-rooted innovation capabilities, which serve as a buffer against market fluctuations and ensure strategic implementation [3] - The company is not dependent on a single model but is rapidly iterating its product matrix based on market feedback, allowing for differentiated competitive advantages [3] - Li Auto's strategy includes reducing SKU numbers to focus on creating standout products, which enhances long-term product advantages and supports future growth [3] Group 4: Technological Investment and Global Strategy - Following its "All in AI" announcement, Li Auto has committed over 6 billion RMB annually to AI research and development, enhancing its product differentiation and reducing reliance on external suppliers [4] - The company's approach of combining user insights with technological innovation positions it well for global market competition, allowing for adaptable product strategies based on regional user preferences [4] - This innovative model not only strengthens its position in the Chinese market but also provides a foundation for participating in global competition [4] Conclusion - Companies that can evolve and adapt over time possess enduring vitality, with innovation being the key driver of this resilience. Li Auto's growth trajectory illustrates the value of its innovative system and its ability to navigate industry changes [5] - The fundamental assessment of a company's future should focus on its capacity to create value and exceed user expectations through innovation, a trait that Li Auto has embedded in its core [5]