首席执行官Xiang Li先生发言： 现在为Mr. Li进行翻译。2025年第三季度，正好是Li Auto进入第二个十年的开端。在这一时期，我们面临了诸多挑战，包括供应链问题、产品生命周期管理、公共关系危机以及政 策环境的变化。这些因素都对我们的日常运营和交付造成了不利影响。不过，今天我想借这个机会，谈谈我们对未来十年的长远规划，以及我们必须做出的三项关键决策，分别 是组织架构、产品布局和技术方向。 我们首先要决定公司的组织模式。当前的难题是，是继续采用创业型模式，还是转向职业经理人模式。在理想汽车过去十年里，前七年我们一直以创业公司的方式运营。但随着 公司规模不断扩大，尤其是营收增长到前所未有的水平，到了2022年，很多人建议我们应该转型为职业经理人模式。毕竟，无论是Mercedes、BMW这些百年汽车品牌，还是 Microsoft、Apple这样的科技巨头，都是依靠职业经理人模式取得了成功。过去三年，我们努力尝试适应这种管理方式。但在实际操作过程中，我们发现创业型模式和职业经理人 模式之间有着根本性的差异，这种差异并不在于流程或组织架构，而是体现在管理理念和核心运营原则上。而且，这两种模式更适合企业在不同 ...

Core Viewpoint - Li Auto Inc. reported a significant decline in vehicle deliveries and financial performance for the third quarter of 2025, reflecting challenges in the new energy vehicle market and operational difficulties. Operating Highlights - Total deliveries for Q3 2025 were 93,211 vehicles, a 39.0% year-over-year decrease [2][3] - The company had 542 retail stores in 157 cities and 3,420 supercharging stations in operation as of September 30, 2025 [3] Financial Highlights - Vehicle sales amounted to RMB 25.9 billion (US$ 3.6 billion) in Q3 2025, down 37.4% from RMB 41.3 billion in Q3 2024 and down 10.4% from RMB 28.9 billion in Q2 2025 [4][13] - Total revenues were RMB 27.4 billion (US$ 3.8 billion), a decrease of 36.2% year-over-year [4][13] - Gross profit was RMB 4.5 billion (US$ 627.8 million), down 51.6% from RMB 9.2 billion in Q3 2024 [4][13] - Net loss was RMB 624.4 million (US$ 87.7 million), compared to a net income of RMB 2.8 billion in Q3 2024 [4][24] Cost and Margin Analysis - Cost of sales was RMB 22.9 billion (US$ 3.2 billion), a decrease of 32.0% from RMB 33.6 billion in Q3 2024 [18] - Vehicle margin was 15.5% in Q3 2025, down from 20.9% in Q3 2024 [4][18] - Gross margin was 16.3%, compared to 21.5% in Q3 2024 [4][18] Operating Expenses - Operating expenses were RMB 5.6 billion (US$ 793.1 million), a decrease of 2.5% from RMB 5.8 billion in Q3 2024 [4][18] - Research and development expenses increased by 15.0% year-over-year to RMB 3.0 billion (US$ 417.8 million) [18] Cash Flow and Financial Position - Net cash used in operating activities was RMB 7.4 billion (US$ 1.0 billion) in Q3 2025, compared to RMB 11.0 billion net cash provided in Q3 2024 [7][24] - Free cash flow was negative RMB 8.9 billion (US$ 1.3 billion) in Q3 2025 [7][24] - Cash position was RMB 98.9 billion (US$ 13.9 billion) as of September 30, 2025 [24] Recent Developments - The company launched the Li i6, a new battery electric SUV, in September 2025 [9] - In October 2025, Li Auto opened its first overseas authorized retail store in Tashkent, Uzbekistan [10] - The Li i8 achieved the highest score in the China-Automobile Health Index assessment [11] Management Commentary - The CEO highlighted strong momentum in the BEV portfolio and confidence in achieving long-term strategic objectives despite market challenges [12] - The CFO noted operational resilience with a gross margin of 20.4% when excluding recall costs [12]

Core Insights - Li Auto Inc. delivered 31,767 vehicles in October 2025, bringing cumulative deliveries to 1,462,788 as of October 31, 2025 [1] - The Li i6 model has received over 70,000 orders since its launch, prompting the company to enhance delivery capabilities [2] - Li Auto is expanding globally, having opened its first overseas retail store in Uzbekistan and planning additional stores in Kazakhstan [2] Company Operations - As of October 31, 2025, Li Auto operates 551 retail stores across 157 cities, 554 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has established 3,508 supercharging stations with 19,417 charging stalls in China [3] Product and Technology - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [4] - The company aims to create a mobile home experience through innovative products and technology, with a current lineup that includes multiple models of extended-range electric SUVs and battery electric SUVs [4]

Core Viewpoint - Li Auto is experiencing demand contraction and sales underperformance, leading to revised sales volume and earnings forecasts for 2025-26 due to increased competition and margin compression from new BEV models [1][2][4]. Sales Performance - In 1H25, Li Auto's sales lagged behind the broader market, with a market share decline of 2 percentage points in China's NEV market [2]. - Weekly sales have dropped from 8-9k units to below 6k units, indicating deteriorating demand dynamics [2][3]. - The company anticipates a potential year-over-year sales decline exceeding 30% in 3Q25 due to inadequate delivery of new models [4]. Margin and Earnings Outlook - Despite a vehicle margin of around 19% in 2Q25, margin compression is expected from the increased sales mix of i-series BEVs, which have higher BOM costs [1][3]. - Non-GAAP net income forecasts have been reduced by 37%-47% to RMB6.2 billion and RMB10.1 billion for 2025 and 2026, respectively [4]. Competitive Landscape - Li Auto faces intensified competition as rivals introduce lower-priced models with similar features, challenging its market position [5]. - The company has been criticized for its slow response to competitors and for not sufficiently innovating its product offerings [5][6]. Strategic Focus - The company needs to pivot its strategic focus to expand its BEV reach while maintaining relevance in the EREV market through effective product iteration [6]. - A shift back to P/S multiples for valuation is preferred due to near-term profitability volatility and the industry trend among NEV counterparts [7].

Core Viewpoint - Li Auto Inc. has revised its delivery outlook for Q2 2025, expecting to deliver approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles, due to a temporary impact from a sales system upgrade [1] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [2] - The company's mission is to create a mobile home and happiness, providing families with safe, convenient, and comfortable products and services [2] - Li Auto is a pioneer in commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [2] - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [2]

Core Insights - Li Auto has submitted its second fully electric SUV, the Li i6, for regulatory approval in China, with an official launch expected in about three months [1] - The Li i6 is listed in the latest catalog of new models by China's Ministry of Industry and Information Technology, which is open for public feedback [1] Vehicle Specifications - The Li i6 appears in three versions: dual-motor variant (150 kW front motor and 250 kW rear motor) and two single-motor variants with a peak output of 250 kW [2] - All versions share similar dimensions: 4,950 mm in length, 1,935 mm in width, 1,655-1,670 mm in height, and a 3,000 mm wheelbase [2] Production and Performance - Production of the Li i6 will occur at Li Auto's facilities in Beijing and Changzhou, with a curb weight ranging from 2,380 kg to 2,515 kg [3] - The vehicle can reach speeds up to 180 km/h and will be powered by lithium-iron phosphate batteries sourced from CATL and Sunwoda [3] Market Positioning - The Li i6 is designed as a roomy two-row, five-seat electric SUV, targeting families considering premium models like the Mercedes-Benz GLC, BMW X3, or Audi Q5 [4] - The official release is slated for September, with images of the SUV's exterior shared on Weibo by Li Xiang, the founder and CEO of Li Auto [4] Company Background - Li Auto is recognized for its extended-range electric vehicles, including the Li L6, L7, L8, and L9, and recently launched its first battery electric vehicle, the Li Mega MPV, on March 1, 2024 [5] - The company is also preparing to launch the Li i8, its first pure electric SUV, later in July [5]

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q1 2025 on May 29, 2025, before the U.S. market opens, followed by an earnings conference call on the same day [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing safety, convenience, and comfort in its products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [4]. Conference Call Details - Participants wishing to join the earnings conference call must complete online registration prior to the scheduled start time [2]. - A replay of the conference call will be available until June 5, 2025, through various dial-in numbers [3].

Core Viewpoint - Li Auto Inc. is set to hold its annual general meeting (AGM) on May 30, 2025, to discuss proposed resolutions supported by the board of directors [1][2]. Group 1: AGM Details - The AGM will take place at 10:00 a.m. Beijing time at Oriental Plaza, Beijing, China [1]. - Shareholders of ordinary shares and holders of American depositary shares (ADSs) as of April 25, 2025, are entitled to attend and vote at the AGM [2]. Group 2: Financial Reporting - Li Auto has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC) [3]. Group 3: Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4]. - The company aims to create safe, convenient, and comfortable products and services through innovation in technology and business models [4]. - Li Auto has successfully commercialized extended-range electric vehicles and is also developing battery electric vehicle platforms [4]. - The current model lineup includes various family-oriented SUVs and MPVs, with plans for further product expansion [4].

Core Insights - Li Auto Inc. has released its 2024 Environmental, Social and Governance (ESG) report, showcasing its commitment to sustainability and corporate governance [1][2] - The company emphasizes its focus on operational compliance, innovation, low-carbon operations, employee well-being, and community engagement as part of its sustainability strategy [2] Company Overview - Li Auto is a leader in China's new energy vehicle market, specializing in the design, development, manufacturing, and sale of premium smart electric vehicles [4] - The company's mission is to create a mobile home and happiness, aiming to provide safe, convenient, and comfortable products and services through technological innovations [4] - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4] - The current model lineup includes various flagship family SUVs and MPVs, with plans for further product expansion to reach a broader user base [4]

Core Insights - Li Auto Inc. delivered 36,674 vehicles in March 2025, marking a year-over-year increase of 26.5%, with first-quarter deliveries totaling 92,864, up 15.5% year-over-year [1][2] - The company has maintained its position as the sales leader among Chinese automotive brands in the RMB200,000 and above NEV market for twelve consecutive months [2] - Li Auto's cumulative deliveries reached 1,226,736 as of March 31, 2025 [1] Company Developments - The Li L series is a key contributor to the company's profitability and is on track to deliver its 1,000,000th vehicle soon [2] - The new Li MEGA Ultra, featuring upgraded autonomous driving configurations, is open for reservations, with further updates expected at Auto Shanghai 2025 [2] - Li Auto became the world's first automaker to commit to open-sourcing its proprietary OS for smart vehicles, Li Halo OS [2] Infrastructure and Retail Expansion - As of March 31, 2025, the company operated 500 retail stores in 150 cities, 502 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has 2,045 supercharging stations with 11,038 charging stalls in operation across China [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4] - The company aims to create safe, convenient, and comfortable products and services through innovations in product, technology, and business model [4] - Li Auto has successfully commercialized extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]