2026年1月6日，新京报说理想汽车产品线组织将调整为两条产品线，第一产品线对MEGA、L9、 L8、L7产品负责，由老汤哥担任负责人。第二产品线对i系列和L6负责，由李昕旸担任负责人。 2026年1月4日，晚点说理想产品线大调整，从华为IPD模式转向丰田CE模式。 朱玉龙评论: 理想学习华为IPD，强调流程、阀点和委员会决策，把个人能力体系化复制，解决的是 规模化协同问题，却弱化了产品"第一责任人"的权威。矩阵组织强调横向制衡，但在汽车这种长周 期、重资产行业，容易拉长决策链条。 实践证明，在有限细分市场内拆分多条独立产品线，导致 资源分散、决策碎片化，弱化"流程优先"，强化"产品线整体负责制"，由少数经验丰富的负责 人，对产品从定义、研发到上市的全生命周期负责，提升决策效率和产品一致性。让产品线像"纵 向经营体"，打通商品企划、产品企划和资源调度，减少内耗。 2025年12月31日，晚点说i8序列将保留并持续迭代，不会停产，增程将重点调整30-40万产品，并精 简车型，可能还会有一款50万以上车型。 TOP2评论： 此前TOP2曾表示理想产品线负责人有比较严重的权责不对等问题，责任上要为对应产品线利润负 ...

回顾过去，向历史取经、向经验学习，是新势力的一门必修功课。 特约作者 丨 Evan 2026 开年，理想汽车第二产品线负责人离职创业，随后，官方宣布将第一产品线与第二产品线合并， 由原第一产品线总裁统一负责，旨在提升协同效率，优化资源调度，以应对此前产品线独立运营中出 现的职能重叠和决策碎片化问题。 时间倒回到 2022 年 9 月，理想汽车合计交付 11531 台汽车，其中首月交付的 L9 就占了 10123 台， 剩下的是理想的开疆功臣理想 ONE。经历了理想 ONE 和 L9 的成功，理想完成了从零到一的积累， 接下来面临的问题是如何将这样的成功规模化的复制，所以理想将目光投向了华为，全面借鉴华为的 管理经 验，推动组织架构向矩阵式转型。在原有战略和产品两个横向部门基础上，新增五个关键部门 —商业、供应、流程、组织和财经，计划用三年时间构建完整的七大核心流程体系，形成矩阵化运营 的基本框架。 2023 年理想继续深化矩阵型开发组织，以及调整了组织绩效，以 PBC（个人业务承诺）强调员工与 企业签订业务契约，注重结果承诺和长期贡献，取代了原有的 OKR（目标与关键成果法），同时用 IPD 流程全面驱动产品 ...

理想汽车-W 分时图 日K线 周K线 月K线 65.05 -0.10 -0.15% 0.61% 0.41% 0.20% 0.00% 0.20% 0.41% 0.61% 64.75 64.88 65.02 65.15 65.28 65.42 65.55 09:30 10:30 12:00/13:00 14:00 16:10 0 6万 11万 17万 凤凰网科技讯12月24日，理想汽车核心管理团队传出变动消息，据晚点报道，理想汽车第二产品线总裁 张骁将于近期离职。作为理想汽车早期关键成员，张骁在公司内部任职已超过8年，他的离开将引发外 界对理想汽车中高端主力车型产品线后续规划的关注。 目前，理想汽车内部按照售价区间构建了三条主要产品线。其中，张骁负责的第二产品线主要覆盖30万 至40万元价格区间，旗下车型包括市场主力L8、L7以及规划中的i8。另外两条产品线分别为：由汤靖负 责的第一产品线，覆盖40万元以上车型(MEGA、L9)；以及由李昕旸负责的第三产品线，覆盖30万元以 下车型(L6、i6)。此次张骁的离职，或将对第二产品线的运营节奏产生一定影响。 资料显示，张骁于2016年5月加入理想汽车，此前曾在宝马MI ...

Core Insights - November wholesale vehicle sales reached 1.706 million units, a year-on-year increase of 18.5% and a month-on-month increase of 5.8%, with a penetration rate of 56.9%, up 1.6 percentage points from the previous month [1] - Retail sales in November totaled 1.321 million units, reflecting a year-on-year growth of 4.0% and a month-on-month growth of 3.0%, with a penetration rate of 59.4%, up 2.2 percentage points from the previous month [1] - Exports in November amounted to 284,000 units, showing a significant year-on-year increase of 255.0% and a month-on-month increase of 19.3%, with a penetration rate of 47.3%, up 3.1 percentage points from the previous month [1] Sales Data by Manufacturer - Tesla sold 86,700 units in November, including 13,600 units exported [3] - BYD's sales reached 474,900 units, with 128,100 units exported, including various models such as Qin DMI (15,700 units) and Dolphin (31,000 units) [3] - SAIC-GM-Wuling sold 107,800 units, with 12,500 units exported, including 53,600 units of Hongguang MINI [3] - NIO sold 36,300 units, with 6,000 units of ES6 [3] - Li Auto sold 33,200 units, with L9 contributing 2,200 units [3] - XPeng sold 36,700 units, with 5,100 units exported [3] - Leap Motor sold 70,300 units, with 7,200 units of C11 [3] - Chery sold 111,600 units, with 48,100 units exported [3] - GAC Aion sold 38,300 units, with 4,100 units exported [3] - Geely sold 187,800 units, with 15,600 units exported [3] - Volkswagen ID sold 4,800 units [3] - Great Wall sold 40,000 units, with 4,500 units exported [3] - SAIC Passenger Cars sold 42,000 units, with 10,800 units exported [3] - Changan sold 107,000 units, with 4,200 units exported [3] - AITO sold 51,700 units [3] - Xiaomi sold 46,200 units, with 12,500 units of Xiaomi SU7 [3]

Core Viewpoint - The article discusses the launch of Li Auto's AI glasses, Livis, amidst the company's financial struggles, highlighting the potential of the product to redefine user interaction and create new value beyond the automotive sector [3][28]. Group 1: Product Overview - Li Auto launched its first wearable device, the Livis AI glasses, priced at 1999 yuan, with a promotional price of 1699 yuan after subsidies [3]. - The Livis glasses weigh only 36 grams and feature ergonomic design for comfort, making them one of the most comfortable options in the market [7]. - The glasses are equipped with custom optical lenses from Zeiss, reducing 99% of reflective light and achieving a light transmittance of 92% [10]. - Key AI functionalities include a 12-megapixel camera, open-ear headphones, and deep integration with Li Auto vehicles, allowing users to control their cars with voice commands [11][14]. Group 2: Financial Performance - In Q3 2025, Li Auto reported a revenue of 27.36 billion yuan, a significant decline of 36.2% year-on-year, with a net loss of 624 million yuan [18][20]. - Vehicle sales revenue dropped to 25.87 billion yuan, down 37.4% year-on-year, and the vehicle gross margin fell to 15.5%, a decrease of over 5 percentage points [19][20]. - The company faced a 39% year-on-year drop in vehicle deliveries, with core models experiencing significant sales pressure [22]. Group 3: Market Challenges - Li Auto's market position is threatened by increasing competition, particularly as rivals quickly adopt similar features and technologies [25]. - The shift in consumer preference towards pure electric vehicles has diminished the advantages of Li Auto's extended-range technology [25]. - The company is navigating a challenging environment with declining sales across its product lines and increased competition from brands like Xiaomi and Aion [25][36]. Group 4: Strategic Direction - Li Auto is investing heavily in R&D, with plans to allocate 111 billion yuan in 2024, focusing significantly on artificial intelligence [30]. - The Livis glasses are positioned as a key component of Li Auto's strategy to expand into the "embodied intelligence" space, aiming to enhance user experience beyond automotive applications [32]. - The company recognizes the need to strengthen its core automotive business while exploring new technological avenues, indicating a dual focus on immediate market challenges and long-term innovation [36][38].

Core Viewpoint - Li Auto has announced a special repurchase policy and tax incentives for first-time car owners, aiming to enhance customer loyalty and stimulate new vehicle sales before December 31, 2025 [1] Summary by Category Repurchase Policy - First-time owners of Li Auto vehicles can enjoy differentiated benefits when purchasing new cars before December 31, 2025 [1] - Owners of the 2020 models of Li ONE will receive a CNY 10,000 reduction on the final payment for repurchase [1] - Owners of the 2020 and 2021 models of Li ONE can transfer their original vehicle warranty to the new car and receive 30,000 points [1] - Owners of L series, MEGA, and i series vehicles will receive 30,000 points upon repurchase [1] Cash Discounts - For the repurchase of the i8 model, owners of the 2020 Li ONE will receive a CNY 10,000 reduction on the final payment [1] - Owners of the 2020 and 2021 Li ONE can transfer warranty rights and receive a CNY 10,000 cash discount [1] - Owners of L series, MEGA, and i series vehicles will also receive a CNY 10,000 cash discount for repurchasing the i8 model [1]

Investment Rating - The report assigns a "Buy" rating to Li Auto, indicating a positive outlook for the company's stock performance [7]. Core Insights - Li Auto is positioned well in the NEV market with a 5% market share in China as of 2024, benefiting from improvements in urban NOA performance and a focus on AI, which supports volume growth and margin improvement [7]. - The company has the best net cash position among major Chinese OEMs, facilitating future R&D spending and capital expenditures [7]. - Li Auto's current trading multiples are below historical averages, suggesting potential for upside [7]. - Upcoming catalysts include new model launches and advancements in ADAS and AI technologies [7]. Financial Performance Summary - In 3Q25, Li Auto reported total revenue of Rmb27,365 million, exceeding expectations by 6%, while gross profit missed by 13% due to a one-time recall cost of approximately Rmb1.1 billion [1][5]. - Vehicle sales revenue was 6% higher than expected, driven by a higher average selling price of Rmb278,000, which is a 5% increase compared to the forecast [2]. - The vehicle gross margin was reported at 15.5%, lower than expected due to recall costs, but would have been 19.8% excluding these costs [2][5]. - Total operating expenses were 12% higher than expected, primarily due to increased R&D and SG&A expenses [2][5]. Guidance and Projections - For 4Q25, Li Auto's revenue guidance is set between Rmb26.5 billion and Rmb29.2 billion, which is a 1% increase at the midpoint compared to expectations [1]. - Vehicle sales volume is projected to be between 100,000 and 110,000 units, slightly below expectations by 1% at the midpoint [1].

Group 1: Automotive Industry Developments - Li Auto has initiated internal accountability measures regarding quality issues related to the MEGA coolant and L series lower arm problems, acknowledging insufficient verification of coolant and battery leak risks [1][2] - Polestar's stock has plummeted 94.4% over three and a half years, with Li Shufu facing a loss exceeding 40% in five months due to the company's poor sales performance, particularly in the Chinese market [3] - Neta Auto's factory shows no signs of resuming operations as the company undergoes bankruptcy restructuring, with reports indicating a lack of workforce and production activity [4][5] - BMW has announced a recall of over 140,000 vehicles due to potential electrical short circuits caused by design flaws in the starter relay, affecting multiple series [5] Group 2: Alcohol Industry Challenges - The white liquor industry is facing significant pressure, with many distributors reporting losses, including one stating a loss of 30 million yuan this year, as 18 out of 20 listed companies reported declining profits [6] - Over 50% of white liquor distributors reported increasing price inversions, and over 40% are experiencing cash flow pressures, indicating a challenging market environment [6] Group 3: Real Estate Market Trends - Recent data shows a narrowing decline in second-hand housing prices in first and second-tier cities, suggesting a potential stabilization in the real estate market [7] - Banks are increasingly engaging in direct property sales, with some properties being sold at significant discounts, indicating a shift in asset recovery strategies during the market adjustment period [8] Group 4: Cryptocurrency Market Movements - Bitcoin has fallen below $100,000, marking a significant decline of over 20% from its previous high, as market sentiment shifts towards bearishness amid external economic pressures [9][10]

Core Insights - The delivery figure of 31,767 units for October 2025 is considered low, with specific model expectations to be clarified by November 10 [1] - The i8 model faces production capacity issues due to low configuration selection rates, which are only around 2% [2] - The L series orders are underperforming, attributed to various hypotheses including competition, product iteration speed, and economic conditions [7] Group 1: Delivery and Production Issues - The October 2025 delivery number is low, with expectations for model-specific data to be available later [1] - The i8's production capacity is constrained by its low configuration selection rate, which is significantly lower than other models [2][5] - The i6 model will not be delivered with the Xinwanda battery version in 2025, further complicating production capacity issues [6] Group 2: Model Configuration and Market Dynamics - The configuration distribution for various models shows significant differences, with the i8 having a much lower low configuration rate compared to the L series [5] - The L series model distribution indicates a varied preference among consumers, with specific configurations being more popular [3] - The underperformance of L series orders may be linked to multiple factors, including competitive pressures and market conditions [7] Group 3: Future Expectations and Strategic Decisions - There is speculation that the i6's order volume may exceed expectations, suggesting potential adjustments in production strategy [6] - The company may consider a joint venture with Xinwanda for battery production to address future supply chain challenges [6] - The overall sentiment indicates a need for improved product strength and value communication to enhance market performance [7]

Core Viewpoint - The company is expanding its operations internationally, with a focus on enhancing its autonomous driving capabilities in overseas markets, particularly in Central Asia and Europe [14][17]. Group 1: International Expansion - The company has opened its first overseas retail center in Tashkent, Uzbekistan, and plans to open two more stores in Kazakhstan in November, collaborating with leading local dealers to sell models L9, L7, and L6 [14]. - 2025 is designated as the company's global expansion year, with the establishment of R&D centers in Germany and the U.S., and plans for new vehicle adaptations for global markets starting in 2026 [14]. Group 2: Autonomous Driving Testing - The company is initiating preliminary tests of its autonomous driving features overseas, as inferred from recent social media posts by its product manager [17]. - The product manager's posts indicate the importance of having assisted driving technology while exploring cities, suggesting a focus on enhancing user experience through advanced driving aids [4][13].