国外大佬，做内容的方式变得越来越「抽象」。 他们不太接受正式采访，更愿意自己开麦，找几个朋友随便聊聊；OpenAI 的高管、a16z投资人，甚至 马斯克，现在最爱「随地大小聊」。 一张桌子、一部手机、几个熟人，某宝买个补光灯，就能开录。主题不一定有，内容却很自由：聊公 司、聊行业、聊哲学，偶尔也聊点八卦。 那种状态特别「有人感」。 我不确定「人感」这个词准不准确，但它确实和过去精致访谈很不一样：不追求修辞工整，不怕冷场， 有人打断也无所谓，反而透着一股生接地气。 01 这件事让我挺好奇：为什么他们越来越喜欢这种方式？ 因为媒体环境变了。 早几年，媒体是唯一的放大器。想被看见、被理解、被写进主流叙事，接受采访几乎是一种身份象征。 现在媒体成了剪辑厂，标题党一大堆，一句话被拆成十个短视频、一个观点被截成两种立场；你想讲逻 辑，他帮你做冲突；你想说观点，他帮你做情绪。 于是，越来越多人发现：说一句话，要解释十句。 久而久之，很多人开始疲惫，尤其掌舵人、创始人，最怕被「加工」成流量素材。你越解释，越错；你 越沉默，越容易被想象。 我昨天看到一组数据，来自《2025 年 Digital News Report》，这份报 ...

Bros it's just the ChainID loreYa'll token thirsty lol https://t.co/zU1I8F5Nm6MegaETH (@megaeth_labs):432610e61,000,000MEGA ...

在中国汽车圈，理想汽车向来以"务实"著称。 十年间，它没有请过任何明星代言，它的成功靠的不是镁光灯，而是一辆辆交付到用户手里的车。对比 那些只注重光环和话题营销的汽车品牌，理想更像是一支专注攻坚的科研团队：少有浮华，却用实打实 的技术创新和产品体验赢得认可。 然而在2025年9月26日，理想却破了这个"传统"。伴随着理想i6的发布，理想汽车宣布易烊千玺成为理 想汽车的首位品牌代言人。 这个场面多少让人有点意外——一家以"家庭用户"为根基的新势力车企，竟然把代言人交到了一个20多 岁的青年手里。有人拍手叫好，说这是理想品牌升级的里程碑；也有人心存疑问：这是理想主动求变， 还是竞争加剧下的被迫营业？ 从传播的角度看，这是一场"双顶流"的握手。理想i6是理想汽车新阶段的形象担当，代表着从家庭场景 迈向年轻个体的新形态；而易烊千玺则是年轻一代最具代表性的文化符号之一。他身上有一种少见的双 重气质：既是娱乐圈的顶流，又是作品口碑和演技认可的实力派。理想选择他，不是为了追逐流量，而 是寻找与Z世代对话的沟通桥梁。 但换个角度，理想的"破例"也不难理解。过去十年，理想靠L系列和MEGA解决了"家庭出行"的所有痛 点，收获了 ...

根据乘联分会数据，2025年上半年国内新能源乘用车市场以546.8万辆的累计零售量、33.3%的同比增速业绩延续扩容态势。但值得注意的是，目前市场红利 分配却呈现出显著分化——当零跑首次实现半年度盈利"上岸"、小米以高毛利率逼近盈亏平衡时，蔚来仍面临亏损问题，同时理想、小鹏则在盈利改善与规 模扩张的平衡中艰难前行。至此，新势力阵营的"盈利梯队"已清晰成型，行业淘汰赛正进入更残酷的精细化竞争阶段。 盈利梯队成型：有人破冰，有人承压 2025年上半年，新势力车企的盈利格局完成关键重构，曾经由理想"独领风骚"，正式进入了"理想+零跑"的双雄阶段。 作为最早实现盈利的新势力，理想汽车上半年延续了"盈利优等生"的表现，二季度净利润达10.97亿元，经营利润同比大幅增长至8.27亿元，累计实现连续11 个季度盈利。但其背后隐忧已现：受增程技术路线优势稀释、价格战挤压等影响，上半年销量仅增长7.9%，营收561.72亿元同比下降2%。这意味着，在竞 品快速复制"冰箱彩电大沙发"产品策略的背景下，理想依赖单一技术路线的增长模式已显疲态，纯电车型MEGA、i8销量不及预期，进一步加剧了增长压 力。 零跑汽车则成为上半年最大"黑 ...

Core Viewpoint - The article discusses a recent experience related to the vehicle registration process for the MEGA Home model, highlighting the importance of understanding the differences between vehicle inspection exemptions and verification exemptions in the registration process [2][4]. Group 1: Vehicle Registration Process - The vehicle registration process involves two key procedures: inspection exemption and verification exemption, which are often confused due to their similar names [4]. - Inspection exemption means that the vehicle does not need to undergo on-site checks at the vehicle management office, such as lighting and emissions tests [4]. - Verification exemption indicates that the vehicle does not require checks of the chassis number or the three certificates during registration [4]. Group 2: Recent Developments - The MEGA model is currently undergoing the verification exemption process, which is a recent initiative by relevant authorities to facilitate vehicle registration [4]. - The verification exemption work at the Beijing factory, where the MEGA is produced, was completed in August, allowing for smoother registration for customers [5]. Group 3: Customer Experience - A customer initially faced challenges with the registration process due to a misunderstanding about the requirements, but ultimately received successful registration after confirming with local authorities [5][7]. - The article emphasizes the importance of customer diligence and communication with the company to avoid potential issues during the vehicle registration process [7].

Core Viewpoint - Li Auto's VLA remote summon feature has been reported and subsequently suspended, with the company emphasizing a cautious and responsible approach to the rollout of new functionalities [1] Group 1: Company Response - Li Auto stated that since the launch of the VLA driver assistance technology framework, it has received significant attention and discussions from the industry and various sectors, feeling a strong sense of responsibility [1] - The company plans to gradually push the VLA driver model and related features to all vehicles equipped with the ADMax advanced driver assistance system starting from September 10 [1] Group 2: VLA Remote Summon Feature - The VLA remote summon feature is based on Li Auto's self-developed VLA (Vision-Language-Action) driver model, achieving the industry's first remote parking capability usable in any park or basement environment [1] - Users can initiate a summon through the Li Auto app, allowing the vehicle to automatically drive from any location to a designated pickup point, supporting various intelligent behaviors such as cross-parking space maneuvering and automatic parking [1] - The entire summon process can be monitored in real-time via a multi-angle view on the mobile phone, ensuring safety and control during the operation [1]

Core Viewpoint - Li Auto (LI.US) aims to enter the high-end pure electric SUV market by 2025, targeting a sales ranking of "top five, striving for top three" with monthly sales goals set between 18,000 to 20,000 units [1] Group 1 - Li Auto's founder and CEO, Li Xiang, announced the company's strategic focus on three pure electric models: MEGA, i6, and i8 [1] - The MEGA model has already achieved monthly sales exceeding 3,000 units [1] - The i6 model has a sales target of 9,000 to 10,000 units per month, while the i8 aims for over 6,000 units monthly [1]

Core Viewpoint - Li Auto (LI.US) aims to enter the high-end pure electric SUV market by 2025, targeting a sales ranking of "top five, striving for top three" with a monthly sales goal of 18,000 to 20,000 units [1] Group 1: Company Strategy - Li Auto's founder and CEO, Li Xiang, announced the company's strategy to focus on three pure electric models: MEGA, i6, and i8 [1] - The MEGA model has already achieved monthly sales exceeding 3,000 units [1] - The i6 model aims for monthly sales between 9,000 and 10,000 units, while the i8 model targets over 6,000 units per month [1]

Investment Rating - The investment rating for Li Auto has been downgraded to NEUTRAL [2][14]. Core Insights - Li Auto's August sales were under pressure, with 28.5k units sold, down 7.2% month-over-month and 40.7% year-over-year. Cumulative sales from January to August reached 263.2k units, a decline of 8.6% year-over-year. The management emphasized that 2025 is the inaugural year for its pure-electric SUV portfolio, targeting a position within the top five in the premium EV segment [3][11]. - The company launched its first pure-electric SUV, the Li Auto i8, on July 29, and the five-seat i6 is expected to launch and begin deliveries by the end of September. Management aims for stabilized monthly sales of approximately 6k units for the i8 and 9-10k units for the i6, with a combined target of 18-20k units per month for the pure EV portfolio [3][12]. - Near-term sales pressure is attributed to model transitions and the ramp-up of pure electric vehicles, but improvements in deliveries are anticipated in late Q3 and Q4 as new models are released and sales policies are optimized [3][12]. Financial Performance Summary - Revenue forecasts for 2025, 2026, and 2027 have been revised to Rmb130 billion, Rmb168.6 billion, and Rmb203.9 billion, respectively, reflecting cuts of 23%, 25%, and 24%. Net profit attributable to shareholders is projected at Rmb6.4 billion, Rmb9.5 billion, and Rmb12.3 billion for the same years [4][14]. - The gross profit margin is expected to remain stable around 20%, with a projected return on equity (ROE) of 8.3% in 2025, increasing to 12.4% by 2027 [2][9]. Market Strategy and Product Development - Li Auto is focusing on reducing SKU complexity and returning to a single-product strategy reminiscent of the Li ONE and L9 era. The i8 has been streamlined to simplify consumer decision-making and supply chain management [4][13]. - The company is adopting a dual-track approach in autonomous driving chip development, relying on NVIDIA and Horizon solutions in the short term while investing significantly in its in-house M100 chip program for long-term competitiveness [5][13]. Valuation Metrics - The target price for Li Auto is set at HK$99.50, based on a price-to-sales (P/S) ratio of 1.5x for 2025, which corresponds to a price-to-earnings (P/E) ratio of 30.5x for the same year. This represents a 27% downgrade from the previous target price of HK$136.84 [2][14].

Summary of Li Auto Inc. (LI/2015.HK) Conference Call Company Overview - **Company**: Li Auto Inc. - **Industry**: New Energy Vehicles (NEV) Key Points and Arguments 1. Earnings Performance - Li Auto reported a 2Q25 result with sales volume down 2% year-over-year, while the overall NEV retail market in China grew by 29% [1][2] - The company guided for 3Q25 volume and revenue to be over 40% below expectations, primarily due to weak sales of L series EREV models (L7/L8/L9), which declined by 32% year-to-date [1][2] 2. Sales Volume and Pricing - Expected sales volume for 3Q25 is 90k-95k units, a decrease of 17% quarter-over-quarter, with a projected increase to 115k units in 4Q25, driven by the i8 ramp-up and i6 launch [2][6] - Average Selling Price (ASP) is expected to increase by 2% in 3Q25 due to a higher sales mix of the MEGA model, but decline by 3% in 4Q25 due to the i6 launch [2][6] 3. Margin Outlook - Vehicle gross margin is projected to be 19% in 3Q25, down from 19.4% in 2Q25, but expected to recover to 19.4% in 4Q25 as sales volume increases [2][6] - Operating margin is anticipated to decline to 0.4% in 3Q25, improving to 1.5% in 4Q25 [2][6] 4. Product Strategy - Li Auto plans to accelerate product and technology refresh cycles, targeting a 2-year iteration speed for new models, compared to the industry average of 4 years [7] - The company will enhance its assisted driving capabilities with the release of the VLA driver large model, which aims to improve driving comfort and parking experience [7] 5. Self-Developed Technology - Li Auto's self-developed ADAS chips are expected to be deployed on flagship models starting next year, which could reduce BOM costs and improve margins [7] 6. Global Expansion - 2025 marks the beginning of Li Auto's global strategy, with R&D centers established in Germany and the US, targeting markets in the Middle East, Central Asia, and Europe [7] 7. Financial Estimates - Net profit estimates for 2025E-27E have been lowered from Rmb12.6/13.5/15.7 billion to Rmb5.3/8.9/12.6 billion due to the weaker outlook for L series models [3] - The 12-month DCF-based target prices have been adjusted from US$35.3/HK$138 to US$30.9/HK$120, indicating a potential upside of 37%/31% [3][10] 8. Investment Thesis - Li Auto is rated as a "Buy" with a 5% NEV market share in China for 2024, supported by improvements in urban NOA performance and a focus on AI [11] - The company has the best net cash position among major Chinese OEMs, which could facilitate future R&D spending [11] 9. Risks - Key risks include worsening market demand, intensifying competition, and potential pressure on volume and margins [11][12] Additional Important Information - Li Auto experienced Rmb3.0 billion of operating cash outflow in 2Q25, attributed to a decrease in accounts payables and shortened payment terms to 60 days [7] - The company is ramping up production capacity for the i8 model, targeting cumulative deliveries of 8k-10k by the end of September [4][6] This summary encapsulates the critical insights from the conference call, highlighting the company's current performance, strategic initiatives, and future outlook within the NEV industry.