导读：李想首次回应组织调整，官宣回归"创业公司的管理模式"。此外，理想汽车自研芯片"M100"也 将在明年开始量产上车。 （文 / 观察者网 周盛明 编辑 / 高莘） 11月26日，理想汽车投资者关系网站更新2025年第三季度财报。 从总体来看，由于MEGA召回、L系列处于换代前的销量低点、纯电产品产能爬坡等多方面的影响，理 想汽车三季度的交付量、营收、利润及利润率均有较为明显的下滑。 值得注意的是，在晚间的财报电话会议环节，理想汽车创始人、董事长兼CEO李想首次回应了近期管理 层频繁调整的背后原因，并官宣回归"创业公司的管理模式"。此外，理想汽车自研芯片"M100"也将在 明年开始量产上车。 MEGA召回显著影响利润率 2025年第三季度，理想汽车交付量为93211辆，同比下降39%。 理想汽车表示，三季度交付量受到纯电产品i6、i8的供应链瓶颈影响。据悉，目前理想i6、i8两款产品 的订单数突破10万台。 理想汽车表示，i6从11月开始使用"双供应商"（即宁德时代和欣旺达），保证一致的性能和质量。预计 2026年初将i6的月产能提升2万台。 此外，三季度总营收为274亿元，同比减少36.2%，环比减少9. ...

Core Insights - Li Auto reported Q3 revenue of 27.4 billion yuan, with a total revenue of 83.5 billion yuan for the first three quarters of the year [1] - The company aims to become a leader in the embodied intelligence sector within the next 3-5 years, leveraging its technological advancements [1] - Li Auto plans to shift back to an entrepreneurial management model to better address new challenges in technology and market dynamics [1] Financial Performance - Q3 gross margin, excluding the estimated costs from the Li MEGA recall, was 20.4% [1] - The company anticipates a steady increase in monthly production capacity for the Li 6 model to 20,000 units by early next year [1] Product Development - Li Auto has established a product matrix with the launch of the Li i6 and Li i8, focusing on both range-extended and pure electric vehicles [1] - The company plans to implement an in-house developed M100 chip in its AI systems, which is expected to enhance user experience significantly [1] Market Outlook - The transition from policy-driven to market-driven dynamics in the automotive industry is anticipated, with short-term market fluctuations expected due to changes in purchase tax subsidies [2] - Long-term projections indicate that the penetration rate of new energy vehicles in China could reach 55%-60% by 2026, with the high-end market exceeding 60% [2]

Core Viewpoint - The company is transitioning to a "startup management model" to better adapt to the rapidly changing automotive and technology landscape, focusing on developing "embodied intelligent" vehicles that provide proactive services rather than just passive functionalities [8][10][14]. Financial Performance - In Q3, the company's revenue decreased by 36.2% year-on-year to 27.4 billion RMB, with a net loss of 624 million RMB compared to a net profit of 2.8 billion RMB in the same period last year [3][20][22]. - Vehicle sales revenue was 25.9 billion RMB, down 37.4% year-on-year, primarily due to a significant drop in delivery volumes [20]. - The gross profit margin fell to 16.3%, down from 21.5% year-on-year, largely due to increased costs associated with recalls and lower production volumes [20][22]. Product and Technology Development - The company is developing the M100 AI inference chip, expected to be commercialized next year, which will significantly enhance performance-cost ratios compared to current high-end chips [1][3][46]. - The focus is on creating a vehicle foundation model for physical AI, enhancing perception, understanding, and response capabilities [1][4][46]. - The company plans to launch a major redesign of the L series by 2026, featuring an 800V high-voltage platform and 5C ultra-fast charging technology [4][39]. Strategic Choices - The management emphasizes the importance of organizational structure, product definition, and technology selection as key strategic choices for the next decade [8][11][18]. - The company aims to redefine its products as "embodied intelligent" robots, moving beyond traditional electric vehicles to offer proactive and automated services [12][14][18]. Supply Chain and Production - The company has established a complete self-research chain for its electric drive systems, including the development of silicon carbide power chips and proprietary power modules [4][30]. - A dual-supplier model for battery supply will be implemented to enhance production capacity and ensure quality [33][34]. Future Outlook - The company anticipates delivering between 100,000 to 110,000 vehicles in Q4 2025, with projected revenue between 36.5 billion and 39.2 billion RMB [23]. - The management expresses confidence in overcoming current challenges and achieving significant growth in the next decade through technological advancements and a focus on user value [18][39].

最新财报显示，理想汽车三季度营收同比下跌36.2%，更严重的是公司由盈转亏，净亏损6.24亿元，而 去年同期净利润高达28亿元。这种断崖式下跌不仅反映了交付量的大幅下滑，更暴露了公司在转型期面 临的多重压力。 在电话会上，CEO李想宣布理想汽车面向第二个十年将坚定回归"创业公司管理模式"，摒弃职业经理人 体系；将产品重新定义为"具身智能"机器人，聚焦AI对物理世界的理解与主动服务能力。李想明确指 出，搭载自研M100芯片的AI系统将于2026年交付，核心变革在于让汽车从"被动功能堆砌"转变为"主动 自动化服务"。 理想汽车CTO谢炎表示，公司自主设计的M100 AI推理芯片正在进行大规模系统测试，预计明年商业 化，与基础模型编译器和软件系统协同设计后，性能成本比将达到当今高端芯片的三倍以上。理想正在 开发用于物理AI的车辆基础模型，专注提升感知、理解和响应能力，下一代平台和芯片的开发已经启 动。 对于三电全栈自研，总裁马东辉称，在电驱系统方面，理想自研代工碳化硅功率芯片，自研自制功率模 块和电机控制器，并建成专属驱动电机工厂，形成完整的自研链条。在电池技术上，公司围绕5C超充 构建了从电芯化学体系、BMS系统 ...

带字幕砍掉英文翻译版： 文字版： 李想： 2025年的第三季度，也是理想汽车面向第二个10年的第一个季度。我们经历了产品周期、公 关舆情、供应链、爬产、政策变化等问题带来的各种挑战，这些因素对我们的交付和经营也产生了影 响。但是今天更想和大家聊一聊我们长期的思考。 理想汽车面向第二个10年，三个最重要的关键选择应该怎么做？分别是组织、产品、技术。 第一个关键选择是组织。 我们所面临的选择是：创业公司的管理模式，还是职业经理人的管理模 式？ 理想汽车在过去的十年里，最初的7年是创业公司的管理模式。随着规模的扩大——大到了我之 前创业所没有经历过的营收规模——在2022年前后，很多人都会建议我们走向职业经理人的管理模 式。因为在历史上，奔驰、宝马这样的百年汽车企业，以及微软、苹果这样的科技巨头，都在这一模 式下取得了非常大的成功。 过去三年，我们非常努力地让自己变成职业经理人的治理体系。在真实的体验和落地后，我们认识到 创业公司和职业经理人是两种完全不同的治理体系。它与流程、组织结构无关，而是管理理念和要素 的差异，以及各自适用于不同阶段和行业环境。 职业经理人的管理方式可以非常成功，但是需要三个要素： 行业和技 ...

最新财报显示，理想汽车三季度营收同比下跌36.2%，更严重的是公司由盈转亏，净亏损6.24亿元，而 去年同期净利润高达28亿元。这种断崖式下跌不仅反映了交付量的大幅下滑，更暴露了公司在转型期面 临的多重压力。 在电话会上，CEO李想宣布理想汽车面向第二个十年将坚定回归"创业公司管理模式"，摒弃职业经理人 体系；将产品重新定义为"具身智能"机器人，聚焦AI对物理世界的理解与主动服务能力。李想明确指 出，搭载自研M100芯片的AI系统将于2026年交付，核心变革在于让汽车从"被动功能堆砌"转变为"主动 自动化服务"。 理想汽车CTO谢炎表示，公司自主设计的M100 AI推理芯片正在进行大规模系统测试，预计明年商业 化，与基础模型编译器和软件系统协同设计后，性能成本比将达到当今高端芯片的三倍以上。理想正在 开发用于物理AI的车辆基础模型，专注提升感知、理解和响应能力，下一代平台和芯片的开发已经启 动。 对于三电全栈自研，总裁马东辉称，在电驱系统方面，理想自研代工碳化硅功率芯片，自研自制功率模 块和电机控制器，并建成专属驱动电机工厂，形成完整的自研链条。在电池技术上，公司围绕5C超充 构建了从电芯化学体系、BMS系统 ...

Li Auto (NasdaqGS:LI) Q3 2025 Earnings Call November 26, 2025 07:00 AM ET Company ParticipantsJanet Zhang - Investor Relations DirectorJohnny Tie Li - Executive Director and CFOXiang Li - Founder, Chairman, and CEONone - TranslatorPaul Gong - Head of China Autos ResearchConference Call ParticipantsTim Hsiao - AnalystMing Hsun Li - AnalystTina Hu - AnalystNone - AnalystOperatorHello, ladies and gentlemen. Thank you for standing by for Li Auto's third quarter 2025 earnings conference call. At this time, all p ...

Financial Data and Key Metrics Changes - Total revenues in Q3 2025 were RMB 27.4 billion, a decrease of 36.2% year over year and 9.5% quarter over quarter [25] - Vehicle sales contributed RMB 25.9 billion, down 37.4% year over year and 10.4% quarter over quarter, primarily due to lower vehicle deliveries [25] - Gross profit was RMB 4.5 billion, down 51.6% year over year and 26.3% quarter over quarter, with a vehicle margin of 15.5% compared to 20.9% in the same period last year [26] - Operating expenses were RMB 5.6 billion, down 2.5% year over year and up 7.8% quarter over quarter [27] - Net loss in Q3 was RMB 624.4 million, compared to a net income of RMB 2.8 billion in the same period last year [29] - Cash position remained strong with a balance of RMB 98.9 billion at the end of the quarter [29] Business Line Data and Key Metrics Changes - R&D expenses increased to RMB 3 billion, up 15% year over year, reflecting investments in new vehicle programs and technology [27] - SG&A expenses decreased to RMB 2.8 billion, down 17.6% year over year, mainly due to prior year share-based compensation expenses [28] Market Data and Key Metrics Changes - The company expects deliveries in Q4 2025 to be between 100,000 and 110,000 vehicles, with total revenue projected between RMB 26.5 billion and RMB 29.2 billion [30] Company Strategy and Development Direction - The company plans to revert to an entrepreneurial model starting Q4 2025, focusing on long-term product and technology development [10][23] - Emphasis will be placed on developing embodied AI products, which are seen as the future of automotive technology [15][22] - The company aims to enhance user experience through a full-stack AI system, with a focus on in-house developed technologies [36][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in supply chain and product lifecycle impacting operations and deliveries [4] - The company is optimistic about the NEV penetration rate in China, expecting it to reach 55-60% in 2026 [47] - Management expressed confidence in navigating market cycles and leading technological transformation [23] Other Important Information - The company is implementing a dual supplier strategy for batteries to address production ramp-up challenges [42] - The recall of the Li Mega was recognized in Q3 due to its impact on operations and deliveries [55] Q&A Session Summary Question: What technology or product progress can be expected in 2026? - The company will launch an AI system based on the M100 chips, enhancing user experience and transitioning products to more proactive machines [33] Question: How is the company preparing for the transition from EREV to BEV? - The company is focusing on in-house development of electric drive systems, battery systems, and electronic control to ensure a smooth transition [35][36] Question: What is the impact of the upcoming changes in trade-in subsidy policy? - The company anticipates a pull-forward effect in deliveries at the end of 2025, followed by a dip in Q1 2026, but remains optimistic about long-term growth [47] Question: What updates can be provided regarding the recall of the Mega? - The recall was recognized in Q3 as a subsequent event, and the company is fulfilling recall requirements by reallocating battery packs [55] Question: What is the progress on in-house developed SOC and operating system? - The company has reduced development time and costs through in-house design and has open-sourced Halo OS for collaborative development [62]

Company Overview - The company held a launch event for the Li Auto i6 on September 26, achieving immediate delivery upon release [1] - The i6 is positioned as a five-seat mid-large SUV, priced at 249,800 yuan, aligning with the starting price of the extended-range L6 [1] - The i6 features a 5C lithium iron phosphate battery with a maximum range of 720 km and supports 500 kW ultra-fast charging, addressing user range anxiety [1] Product Strategy - The i6 returns to a single product strategy, with solid initial sales incentives including a cash discount of 10,000 yuan and standard air suspension, further lowering the effective price [1] - The i6 is equipped with advanced technology, including laser radar and the Thor chip, enhancing high-level intelligent driving experiences [1] - The interior design emphasizes family-oriented features, such as the "queen seat" and "small living room," to attract family users [1] Technological Advancements - The company has made significant progress in self-developed chips, with the M100 chip entering the critical stage before mass production and undergoing road testing [2] - The intelligent driving base model employs an end-to-end + VLA architecture, focusing on self-research to enhance computing power and user experience in intelligent driving [2] - The company is optimistic about its forward-looking AI layout and capabilities in the broader AI field [2] Channel Development - The company is actively adjusting its channel strategy, optimizing store combinations in first to third-tier cities, and migrating inefficient stores [2] - Plans include a lightweight "Star Store" model to expand into fourth and fifth-tier cities, reducing store opening cycles and investment [2] - Management aims to enhance product SKU and configuration strategies to extend product life cycles and increase iteration frequency [2] Financial Outlook - The company maintains an outperform rating, with target prices of 108 HKD and 28 USD for Hong Kong and US stocks, respectively, indicating an 8% upside potential [2] - Profit forecasts for 2025 and 2026 are upheld, with corresponding P/E ratios of 38/28x for 2025 and 18/15x for 2026 [2]

理想i6正式上市，重回大单品策略 中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应36/26x25E和17/14x26E P/E， 维持2025/26年盈利预测，维持港美股目标价108港币/28美元，分别对应38/28x25E和18/15x26E P/E，存 在8%/8%上行空间。9月26日，公司召开理想i6发布会，并实现发布即交付。 中金主要观点如下： 持续拓展渠道建设，26年领先优势清晰 公司近期在渠道端积极调整，包括优化一二三线城市门店组合，迁移低效门店，平衡商场店(高获客)与 中心店(高转化)的比例，也规划通过"繁星店"的轻量化模式来拓展四五线城市，缩短开店周期，降低投 资。此外，针对如何延长产品周期的问题，公司管理层于2Q25业绩会中表示将持续优化产品SKU和配 置策略，提升迭代频率，确保出牌频率更快，公司对2026年整车产品力和人工智能体系化能力上超过 2022年理想L9时代在行业的领先程度充满信心。 i6重回大单品策略，仅推出一款车型定价24.98万元，实现与增程L6起售同价。i6首销权益扎实，包括一 万元现金优惠及标配空悬，实际定价进一步下探。i6定位为五座中大型SU ...