● 本报记者 王婧涵 近日，九识智能宣布完成了由蚂蚁集团领投、蓝湖资本、BV百度风投等新老股东跟投的1亿美元B4轮 融资。 九识智能表示，此次融资将用于公司加大无人驾驶技术研发投入，加强产品迭代、供应链自主可控、全 球市场拓展、客户服务体系提升等方面能力。 可落地商业模式实现破局 公开信息显示，本次融资后，九识智能B轮已完成融资共4亿美元。收获融资的同时，在中国邮政10月 10日公布的7000台无人车租赁采购项目中，九识智能成为了8个包件中4个的主选供应商，将获得整个标 包50%以上的无人车订单。 城市物流配送的智能化、无人化趋势日益清晰，市场对无人驾驶领域的青睐也由来已久。但对九识智能 而言，如何让已是行业共识的未来场景成为能实际落地推广的商业模式，才是公司自成立之初就关注的 核心问题。 作为在国内快递、邮政等物流领域市场占有率超70%的头部RoboVan（无人驾驶厢式车）企业，九识智 能于2023年发布的行业第一款容积达5立方米的大中型无人驾驶货车量产车型Z5改写了行业逻辑，也为 公司找到了一条真正意义上商业可行的路径。随后，公司围绕城市物流场景持续扩展冷藏车、高载重车 等细分市场，推出了"Z""E""L ...

Core Insights - Jiushi Intelligent has completed a $100 million Series B4 financing round led by Ant Group, bringing the total financing in the B round to $400 million, marking it as one of the largest tech financing events in China this year and a significant milestone in the global L4 autonomous driving sector [2] - The company plans to enhance its investment in autonomous driving technology, focusing on product iteration, supply chain autonomy, global market expansion, and customer service improvement to build a smarter, more efficient, and greener autonomous freight network [2] Financing and Market Position - The B4 round financing is part of a larger trend in the autonomous driving industry, with Jiushi Intelligent being recognized for its innovative capabilities and engineering expertise [2] - Jiushi Intelligent's RoboVan series has achieved a market share of over 76% in the complete vehicle sales segment, solidifying its leading position in the industry [6] Product Development and Innovation - Jiushi Intelligent launched the world's first L4 RoboVan, a medium to large autonomous freight vehicle capable of operating on urban roads, and has since expanded its product lineup with various models tailored for different logistics scenarios [3][4] - The company has introduced the E series, designed for light cargo scenarios, which offers lower operational costs and higher loading capacity compared to previous models [3] - The L series, introduced in August 2025, features a payload capacity exceeding 1.8 tons, addressing the industry's challenges in heavy-duty logistics [4] Technological Advancements - Jiushi Intelligent has developed a comprehensive L4 autonomous driving technology, integrating hardware innovation and software optimization, which includes the industry's first application of automotive-grade solid-state LiDAR in L4 products [5] - The company has established a four-dimensional perception system combining LiDAR, cameras, millimeter-wave radar, and ultrasonic sensors, enhancing safety and operational efficiency [5] Operational Achievements - As of September 2025, Jiushi Intelligent has delivered over 10,000 autonomous vehicles, becoming the first company in the industry to achieve such a milestone [6] - The company has recorded over 50 million kilometers of safe driving and has completed over 1 billion deliveries, significantly reducing operational costs for clients by an average of 66% [6] - Jiushi Intelligent has expanded its distribution network to approximately 400 dealers and over 200 service providers, enhancing its market penetration and operational reach [6]

Core Viewpoint - The company has adjusted the target prices for Li Auto (LI.US) to $26.4, indicating a potential upside of 17%, and for Li Auto-W (2015.HK) to HKD 102.6, indicating a potential upside of 16% while maintaining a "Buy" rating due to expected stable gross margins despite fluctuations in vehicle sales guidance for Q3 [1][2]. Group 1: Financial Performance - In Q2, the company's revenue reached RMB 30.2 billion, a year-on-year decrease of 5% but a quarter-on-quarter increase of 17% [2]. - The gross margin was 20.1%, with the automotive sales gross margin at 19.4%, reflecting a year-on-year increase of 0.7 percentage points and a quarter-on-quarter decrease of 0.3 percentage points, indicating relative stability [2]. - The company has provided a Q3 delivery guidance median of 92,500 vehicles, with a revenue median of RMB 25.5 billion, representing a year-on-year decline of nearly 40% and a quarter-on-quarter decline of about 16% primarily due to fluctuations in L-series sales [2]. Group 2: Strategic Initiatives - The company is actively adjusting and optimizing its sales strategy, including direct management from headquarters, localized approaches, and penetrating lower-tier markets to boost sales motivation [2]. - An investment of RMB 6 billion in artificial intelligence is anticipated this year, with the VLA large model expected to be integrated into the AD MAX model via OTA updates in September [2]. - The company expects cumulative deliveries of the i8 model to reach 8,000-10,000 units by the end of September, with the i6 model set to launch [2]. Group 3: Valuation - The company employs a sum-of-the-parts valuation method, using price-to-sales ratios of 1.6x for automotive sales and 0.9x for other revenues, leading to a target price of $26.4 for Li Auto (LI.US) and HKD 102.6 for Li Auto-W (2015.HK) [3].

Summary of Li Auto's Q1 2025 Earnings Call Company Overview - **Company**: Li Auto - **Industry**: New Energy Vehicles (NEV) in China Key Financial Performance - **Q1 2025 Deliveries**: 92,000 vehicles, a 15.5% year-over-year increase [2][3] - **Total Revenues**: RMB 25.9 billion (approximately $3.6 billion), up 1.1% year-over-year [17] - **Vehicle Sales Contribution**: RMB 24.7 billion (approximately $3.4 billion), up 1.8% year-over-year [17] - **Vehicle Margin**: 19.8%, reflecting cost reduction and pricing strategy changes [2][18] - **Gross Margin**: 20.5%, slightly down from 20.6% year-over-year [19] - **Net Income**: RMB 6.466 billion (approximately $89.1 million), a 9.4% year-over-year increase [23] Market Position and Growth - **Market Leadership**: Li Auto has been the sales champion in the Chinese NEV market for vehicles priced above RMB 200,000 for 14 consecutive months, achieving a market share of 14.1% in April 2025 [3][24] - **Q2 2025 Delivery Expectations**: Anticipated delivery volumes between 123,000 and 128,000 units, driven by strong order inflows [7][10] Innovations and Product Launches - **New Models**: Introduction of refreshed Li Mega and new L series models with upgraded chips and enhanced features [2][4] - **Li Mega Home Launch**: Launched at the Shanghai Auto Show, catering to multi-generational families, accounting for over 90% of orders for this model [5][6] - **Upcoming Releases**: Plans to enter the high-end pure electric SUV market with models VI8 (July) and VI6 (September) [8][11] Charging Infrastructure Development - **Supercharging Network**: Establishing a network of 2,350 stations with over 12,800 charging stalls covering 50,000 km of highways, with plans to reach 4,000 stations by year-end [12][8] Research and Development - **R&D Expenses**: RMB 2.5 billion (approximately $346.4 million), down 17.5% year-over-year [20] - **ADAS Technology**: Development of next-generation VLA driver model integrating advanced intelligence for enhanced user experience [13] Strategic Outlook - **Market Expansion**: Plans to expand into tier-4 and tier-5 cities, targeting an additional 100,000 incremental sales by 2026 [32] - **Export Strategy**: Focus on Asian and European markets, aiming for overseas sales to constitute 30% of total sales [35] Additional Insights - **User-Centric Approach**: Emphasis on understanding family users' needs and innovating around mobile space experiences [37] - **Cost Management**: Operating expenses decreased by 14% year-over-year, reflecting improved operational efficiency [21] Conclusion Li Auto demonstrates strong growth in the NEV market, driven by innovative product launches and strategic expansion plans. The company is well-positioned to capitalize on the growing demand for electric vehicles in China and beyond, with a focus on enhancing user experience and establishing a robust charging infrastructure.