理想首先将重头资源押在了新一代 L9 上，销量预测超 10 万。 新款 L9 造型采用全新设计，尺寸加大，底盘升级，电池超 70 度，纯电续航超 400 公里。 自研芯片 M100 上车，座舱芯片升级 8797，前排屏幕升级大连屏。 换代的理想 L9 电池在 70 度以上，L6 为 45 度电池，相比友商直接上到 80 度的做法，理想明显保守一些。 理想核心高管在去年三季度财报后的一次小范围投资者交流中表示： 「现在（增程电池）和纯电车一样 600 km 纯电续航，这个我们认为是不对的，电池重量太大会对道路基础设施 有压力，会回归到一个平衡；但短期一定会去跟进的。 我们（2026 年）的换代就是要拿回我们增程领先的位置。 我们 20 万以上的市占率肯定没法回到 2022年、2023 年 40%+了，只能说 2026 年是市占率回到领先位置。」 理想 i8 每月新增订单千余个；MEGA 月销量下滑至不足 1000 辆。2026 年大概率仅有一款全新纯电 SUV。 市场消息预测，理想已经为 2026 年初步制定了约 40% 的增长计划，也即对应约 55 万辆销量（去年约 41 万 辆）。 理想的销售体系调整也还在 ...

Core Insights - Li Auto reported Q2 2025 earnings with sales exceeding 111,000 units, ranking first among Chinese brands for electric vehicles priced over 200,000 yuan, and revenue reached 30.2 billion yuan, a 16.7% quarter-on-quarter increase [2] - The company achieved a net profit of 1.1 billion yuan, marking 11 consecutive quarters of profitability, with operating profit doubling from the previous quarter, indicating strong core business profitability [2] - Li Auto plans to invest 12 billion yuan in R&D for the year, with over 6 billion yuan allocated to AI, representing more than 50% of the total R&D budget, reflecting an increase from 2024 [2] AI Strategy and Development - Li Auto's CEO highlighted three common traits of successful entrepreneurs: choosing the right path, committing long-term, and iterating quickly, which underpins the company's rapid growth and future development logic [3] - The company has identified AI as a key future competitive area, having established AI as a significant focus since September 2022, leading to substantial breakthroughs in user-interactive products like assisted driving and Li Xiang [3] - The introduction of end-to-end + VLM (Vision Language Model) assisted driving in 2024 marks Li Auto's first use of AI for this purpose, with training data increasing from 1 million to 10 million video clips, resulting in a tenfold increase in the performance metric MPI [4] Product and User Experience Enhancements - The upcoming VLA (Vision Language Action Model) driver model is set to enhance user experience significantly, with Li Auto's self-developed M100 chip providing computational power equivalent to two NVIDIA Thor-U chips, improving assisted driving capabilities [7] - Li Xiang is evolving into an intelligent agent capable of using tools, completing complex tasks, and connecting memories, offering personalized user experiences through features like the "Desktop Master" for creating custom applications [8] Operational Efficiency and AI Integration - Li Auto's self-developed Li-Mos intelligent manufacturing operating system and other smart software enable comprehensive management of the manufacturing process, ensuring high efficiency and quality in production [11] - The integration of AI in commercial operations has led to the development of AI assistants capable of enhancing retail, marketing, customer service, and financial fraud detection, thereby relieving pressure on call centers [13] - The company's long-term strategy emphasizes a commitment to the right path and agile iteration, transforming technological investments into user value and organizational efficiency, establishing a core competitive advantage [13]