理想汽車 (LI) 2022 Q3 法說會逐字稿

Hello, ladies and gentlemen, thank you for standing by for Li Auto's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference call is being recorded.

女士們，先生們，您好，感謝您耐心等待理想汽車2022年第三季度財報電話會議。 （操作員說明）正在錄製今天的電話會議。

I will now turn the call over to your host, Janet Chang, Investor Relations of Li Auto. Please go ahead, Janet.

我現在將把電話轉給你的主持人 Janet Chang，Li Auto 的投資者關係。請繼續，珍妮特。

Thank you, Matt. Good evening and good morning, everyone. Welcome to Li Auto's Third Quarter 2022 Earnings Conference Call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website.

謝謝你，馬特。大家晚上好，早上好。歡迎來到理想汽車 2022 年第三季度財報電話會議。公司的財務和經營業績已在今天早些時候的新聞稿中公佈，並發佈在公司的 IR 網站上。

On today's call, we have our President, Mr. Kevin Yanan Shen; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our Founder and CEO, Mr. Xiang Li, together with our senior management, Mr. Donghui Ma and Mr. Yan Xie will join for the Q&A discussion.

在今天的電話會議上，我們有我們的總裁 Kevin Yanan Shen 先生；以及我們的首席財務官 Johnny Tie Li 先生首先準備好的發言。我們的創始人兼首席執行官李翔先生以及我們的高級管理人員馬東輝先生和謝彥先生將參加問答討論。

Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve recurrent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the company with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

在我們繼續之前，請注意今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及反復出現的風險和不確定性。因此，公司的實際結果可能與今天表達的觀點存在重大差異。有關風險和不確定性的更多信息包含在公司向美國證券交易委員會和香港證券交易所提交的某些文件中。公司不承擔任何更新任何前瞻性陳述的義務，除非適用法律要求。

Please also note that Li Auto's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to Li Auto's disclosure documents on the IR section of our website, which contain a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

另請注意，理想汽車的收益新聞稿和本次電話會議包括對未經審計的 GAAP 財務信息以及未經審計的非 GAAP 財務指標的討論。請參閱理想汽車在我們網站 IR 部分的披露文件，其中包含未經審計的非 GAAP 指標與可比 GAAP 指標的對賬。

With that, I will now turn the call over to our President. Please go ahead, Kevin.

有了這個，我現在將把電話轉給我們的總統。請繼續，凱文。

Thank you, Janet. Hello, everyone, and thank you for joining our call today. I will review our third quarter key highlights.

謝謝你，珍妮特。大家好，感謝您今天加入我們的電話會議。我將回顧我們第三季度的主要亮點。

In the third quarter, we navigated our model succession and launch cycle as well as the challenging macro environment and supply chain constraints. Against this backdrop, we delivered 26,524 vehicles, up 5.6% year-over-year.

在第三季度，我們駕馭了我們的模型繼承和發布週期以及具有挑戰性的宏觀環境和供應鏈限制。在此背景下，我們交付了 26,524 輛汽車，同比增長 5.6%。

Despite our supply chain bottleneck, we delivered over 10,000 Li L9 in September, the model's first full month of production. This marked the first time that the Chinese-branded premium model priced over RMB 400,000 achieved monthly sales of more than 10,000 vehicles, demonstrating Li L9 as a topic among full-size SUVs for family users. This success was due to the exceptional strength of our team, their outstanding management of the Li L9 ramp-up process and their skillful collaboration with our supply chain partners.

儘管存在供應鏈瓶頸，我們還是在 9 月份交付了 10,000 多輛 Li L9，這是該車型投產的第一個完整月份。這標誌著40萬元以上的中國品牌高端車型首次實現月銷量過萬輛，彰顯了勵L9在家庭全尺寸SUV中的話題度。這一成功歸功於我們團隊的非凡實力、他們對 Li L9 升級過程的出色管理以及他們與我們供應鏈合作夥伴的巧妙合作。

As Li L9 continues to surpass user expectations with class-leading features in drivability, safety, interior space, passenger experience and smartness, demand remain robust, providing constantly strong order inflow for the model. Li L9 has been the sales champion among full-size SUVs in China since its delivery started. Benefiting from Li L9 strength, our total delivery in October reached 10,052, representing a 31.4% year-over-year increase. This followed by a record-breaking 15,034 vehicle deliveries in November.

隨著理想L9在駕駛性能、安全性、車內空間、乘坐體驗和智能性等方面的領先同級性能不斷超越用戶預期，需求保持旺盛，為該車型提供持續強勁的訂單流入。麗L9自交付以來，一直是國內全尺寸SUV的銷量冠軍。受益於力九的實力，我們10月總出貨量達到10,052輛，同比增長31.4%。緊隨其後的是 11 月創紀錄的 15,034 輛汽車交付量。

As always, we would like to extend a sincere gratitude to our over 200,000 Li ONE users. We will continue to adhere to hire the industry service standards and continue to improve the performance of Li ONE through OTAs.

一如既往，我們要向超過200,000 Li ONE用戶致以誠摯的謝意。我們將繼續堅持聘請行業服務標準，通過OTA不斷提升Li ONE的業績。

On September 30, we launched Li L8, a 6-seat premium family SUV that succeeded Li ONE. We also unveiled Li L7, a 7-seat (sic) [5-seat] flagship family SUV on the same day.

9 月 30 日，我們推出了繼理想 ONE 之後的 6 座豪華家庭 SUV 理想 L8。同一天，我們還發布了 7 座 (sic) [5 座] 旗艦家庭 SUV Li L7。

We commenced the deliveries of Li L8 in November. Let me provide more details of this vehicle. Li L8 employs our new-generation all-wheel drive range extension system and boasts over 100 features in their standard configurations. It's available in 2 trims: Pro and Max, providing users with flexible choices of smartness. The 2 trims are harnessed respectively, with Li AD Pro and the Li AD Max autonomous driving systems. Pro is powered by the Horizon Robotics Journey 5 chip with 128 TOPS of computing power, while Max is powered by the dual Orin-X chips with 508 TOPS of computing power.

我們於 11 月開始交付 Li L8。讓我提供這輛車的更多細節。理想 L8 採用我們的新一代全輪驅動增程系統，並在其標準配置中擁有 100 多項功能。它提供 2 種裝飾：Pro 和 Max，為用戶提供靈活的智能選擇。 2款車型分別搭載Li AD Pro和Li AD Max自動駕駛系統。 Pro搭載地平線征途5芯片，算力128TOPS，Max搭載雙Orin-X芯片，算力508TOPS。

In addition, the 2 trims are equipped with innovative smart space system: SS Pro and SS Max, featuring a first-row full-screen -- 4-screen interactive system and a 5-screen 3-dimensional interactive system, respectively. These packages bring a new level of driving and entertainment experience to smart electric vehicles.

此外，2款內飾還搭載了創新的智能空間系統：SS Pro和SS Max，分別擁有首排全面屏——4屏交互系統和5屏立體交互系統。這些套件為智能電動汽車帶來全新水平的駕駛和娛樂體驗。

We are pleased that Li L8's numerous class-leading feature have delighted its first batch of users, and we believe that their satisfaction for the vehicle has broadly exceeded their expectations. We are confident that Li L8 will stand among the finest option for 6-seaters priced over RMB 300,000. And together with Li L9, the sales campaign of full-size SUVs in China and the Li L7, which we believe will be a top choice among 5-seats SUVs priced over RMB 300,000, we expect to captivate a broader range of family users with differentiated needs and gain a larger market share in the RMB 300,000 to RMB 500,000 priced segment.

我們很高興立L8眾多領先同級的配置讓首批用戶滿意，我們相信他們對車輛的滿意度大大超出了他們的預期。我們有信心力L8成為30萬以上6座車型的最佳選擇。加上國內全尺寸 SUV 利 L9 和我們認為將成為 30 萬元以上 5 座 SUV 首選的利 L7，我們預計將吸引更廣泛的家庭用戶差異化需求，在30萬-50萬元價位段獲得更大市場份額。

We are encouraged by Li L9's continued strong sales performance and the solid demand for Li L8. But considering the ongoing supply chain uncertainty, we expect fourth quarter deliveries to be in the range of 45,000 to 48,000 vehicles. We will continue to collaborate closely with our supply chain partners to react quickly to changes and to mitigate potential risks.

我們對 Li L9 持續強勁的銷售業績和對 Li L8 的強勁需求感到鼓舞。但考慮到持續存在的供應鏈不確定性，我們預計第四季度的交付量將在 45,000 至 48,000 輛之間。我們將繼續與我們的供應鏈合作夥伴密切合作，以快速應對變化並降低潛在風險。

During the third quarter, we continued to demonstrate our strong commitment to vehicle safety. According to the vehicle safety evaluation results released on November 4 by the China Insurance Automotive Safety Index, or C-IASI, Li L9 obtained the G rating, the highest safety rating in 3 out of 4 evaluation categories: occupant safety, pedestrian safety and assistance safety.

在第三季度，我們繼續展示我們對車輛安全的堅定承諾。根據中保汽車安全指數（C-IASI）11月4日發布的車輛安全評價結果，Li L9在乘員安全、行人安全和輔助4個評價類別中的3個類別中獲得了G級最高安全等級。安全。

In the category of crashworthiness and repair economy, Li L9 received an M rating, one of the top results received by premium vehicles tested by C-IASI since 2017. In addition, it was the first domestic full-size SUV tested for 25% frontal offset impact on both the driver and passenger sides and achieved the G rating for both tests. Thanks to its ultra-high-strength body structure, Li L9 also demonstrated class-leading performance with the ability to withstand a peak force of 116,475 Newtons in the roof strength test. Its roof can withstand a weight of 11.8 [ton] on the side, effectively preventing cabin deformation and the safeguard, a relatively large head space for drivers and passengers to survive in case of accidents.

在耐撞性和維修經濟性類別中，理想L9獲得M級評級，是C-IASI自2017年以來豪華車測試的最高成績之一。此外，它還是國內首款25%正面測試的全尺寸SUV。抵消了對駕駛員和乘客兩側的影響，並在兩項測試中均達到了 G 等級。得益於超高強度的車身結構，麗L9在車頂強度測試中也展現了同級領先的性能，能夠承受116475牛頓的峰值力。其車頂側面可承受11.8[噸]的重量，有效防止車廂變形和保障，較大的頭部空間可供駕乘人員在發生意外時生存。

We continue to -- we continually improved our vehicle's performance and features through OTA after their delivery. In early November, we released our OTA 4.1 upgrade for Li L9, further enhancing user experience with our upgraded Li AD autonomous driving system and smart in-car voice assistant, Li Xiang Tong Xue, as well as improved smart space interactions and entertainment experiences.

我們繼續 - 我們在交付後通過 OTA 不斷改進車輛的性能和功能。 11 月初，我們發布了理想 L9 的 OTA 4.1 升級，通過升級的理想 AD 自動駕駛系統和智能車載語音助手理想童雪進一步提升了用戶體驗，並改進了智能空間交互和娛樂體驗。

In particular, the vehicle's 3 15.7-inch 3K automotive-grade OLED screens can now project the same events and all games from the 3 different camera angles, transforming Li L9 into a great sports lounge for families and friends to watch games such as the ongoing FIFA World Cup.

特別是，該車的3塊15.7英寸3K車規級OLED屏幕現在可以從3個不同的攝像頭角度投射相同的事件和所有比賽，將Li L9變成一個很棒的運動休息室，供家人和朋友觀看比賽，例如正在進行的比賽。世界杯。

To create successful products, we have 2 core goals. Firstly, for consumers, we choose to exceed their needs rather than merely meeting them. Secondly, as a company, we aim to achieve healthy gross margin and self-sustaining cash flow, which will allow us to continually invest in our dual growth engine of R&D and business capabilities. Especially, our R&D efforts will be directed more comprehensively across products, platforms and systems, with a long-term goal of growing into a world-class technology company.

為了創造成功的產品，我們有兩個核心目標。首先，對於消費者，我們選擇超越他們的需求，而不是僅僅滿足他們。其次，作為一家公司，我們的目標是實現健康的毛利率和自我維持的現金流，這將使我們能夠持續投資於研發和業務能力的雙增長引擎。特別是，我們的研發將更加全面地跨產品、跨平台、跨系統，長期目標是成長為世界一流的科技公司。

Our business capability includes commercial, supply and organization capabilities. With continued investment in R&D and business capability, supported by our healthy gross margin, we will continue to pursue product and commercial success and foster a healthy long-term development model. This flywheel has been the strategic focus since our founding and, we believe, will remain our strategy going forward. By understanding this business model, you will understand Li Auto more.

我們的業務能力包括商業、供應和組織能力。憑藉對研發和業務能力的持續投資，在我們健康的毛利率的支持下，我們將繼續追求產品和商業上的成功，並培育健康的長期發展模式。自我們成立以來，這個飛輪一直是我們的戰略重點，我們相信，這將是我們未來的戰略。了解了這種商業模式，你就會更加了解理想汽車。

Our supply chain remains one of the most significant variables with respect to our deliveries. We are accelerating supply chain deployment and optimization to build our resilience for fluctuations and support our rapid growth sales. Importantly, we are committed to extending our in-house development and the manufacturing capability vertically along our supply chain.

我們的供應鏈仍然是我們交付方面最重要的變量之一。我們正在加速供應鏈部署和優化，以增強我們的抗波動能力並支持我們快速增長的銷售。重要的是，我們致力於沿著我們的供應鏈垂直擴展我們的內部開發和製造能力。

Through our forthcoming self-owned manufacturing base and the majority-owned JVs, we expect to be able to self-produce both range extenders and the 5-in-1 electric drive unit that can support our EREV delivery target. On the BEV side, we have commenced the construction of a semiconductor manufacturing base in high-tech zone of Suzhou, Jiangsu province in the third quarter. It will focus on R&D and production of automotive-grade power module based on the third-generation semiconductor material silicon carbide. The power module is a core component of our self-developed 8-volt (sic) [800-volt] electric drive system.

通過我們即將成立的自有製造基地和擁有多數股權的合資企業，我們希望能夠自產增程器和能夠支持我們的 EREV 交付目標的 5 合 1 電驅動單元。在BEV方面，我們已於第三季度開始在江蘇省蘇州市高新區建設半導體製造基地。重點研發生產基於第三代半導體材料碳化矽的車規級功率模塊。電源模塊是我們自主研發的8伏（原文如此）[800伏]電驅動系統的核心部件。

Alongside our dedicated investment in supply chain, we continue to expand our direct sales and servicing network and increase our brand awareness with upgraded brand image to fuel our business expansion. As of November 30, 2022, we had 276 retail stores, covering 119 cities as well as 317 servicing centers and Li Auto-authorized body and paint shops operating in 226 cities.

除了我們對供應鏈的專注投資，我們繼續擴大我們的直銷和服務網絡，並通過升級品牌形象來提高我們的品牌知名度，以推動我們的業務擴張。截至 2022 年 11 月 30 日，我們擁有 276 家零售店，覆蓋 119 個城市，並在 226 個城市擁有 317 個服務中心和理想汽車授權的車身和油漆店。

During the third quarter, we also started to open retail stores in places other than shopping malls, such as automotive theme parks to diversify our locations and reach more varied target users. The retail stores we opened at Hangzhou (inaudible) auto theme park in September is a good example. Featuring our new design language and warm colors, it creates a welcoming interactive space for visitors. It also enjoys strong foot traffic due to its excellent location and word-of-mouth publicity. In addition, this store also offers customers a comprehensive and convenient experience with combined showroom and delivery center functions.

在第三季度，我們還開始在購物中心以外的地方開設零售店，例如汽車主題公園，以分散我們的位置並接觸更多不同的目標用戶。我們 9 月份在杭州（聽不清）汽車主題公園開設的零售店就是一個很好的例子。它採用我們全新的設計語言和暖色調，為遊客創造了一個溫馨的互動空間。由於其優越的地理位置和口碑宣傳，它還享有強大的客流量。此外，該店還結合展廳和配送中心功能，為顧客提供全面便捷的體驗。

The expansion and upgrade of our direct sales and servicing network have boosted both our brand recognition and our ability to fulfill user demand for our compelling products, which we are confident will drive meaningful sales growth going forward. We will continue to innovate new retail formats, finding new ways to attract more users while providing them with better services and experiences.

我們直銷和服務網絡的擴展和升級提高了我們的品牌知名度和我們滿足用戶對我們引人注目的產品的需求的能力，我們相信這將推動有意義的銷售增長。我們將不斷創新新的零售業態，尋找新的方式來吸引更多的用戶，同時為他們提供更好的服務和體驗。

Moving to R&D. We believe R&D capability lies at the core of product competitiveness as we scale our company from 1 to 10. Therefore, we insist on full stack self-development of core technologies such as electric drive, intelligent space and the autonomous driving system. We have spared no effort in solidifying our leadership in the EREV space with continued investment in our new-generation range extension system. In addition, we are actively self-developing the key building blocks of our 8-volt HPC BEV platform, including the power chip, power module, electronic control unit, electric motor and transmission system, aiming to be one of the first automaker to roll out HPC BEV vehicles.

轉向研發。從1到10，我們認為研發能力是產品競爭力的核心。因此，我們堅持全棧自主研發電驅動、智能空間、自動駕駛系統等核心技術。我們不遺餘力地鞏固我們在 EREV 領域的領導地位，持續投資於我們的新一代增程系統。此外，我們正在積極自主開發8伏HPC BEV平台的關鍵構建模塊，包括功率芯片、功率模塊、電子控制單元、電機和傳動系統，旨在成為首批推出的汽車製造商之一。出 HPC BEV 車輛。

We are also proud to lead the industry in smart space R&D. For example, we self-developed our smart space Li AI system powered by MIMONet, a 6-zone human voice-enhanced network; and the MBSNet, a multi-view vision [confusion] network. Li AI can help create accurate sound perception in a complex acoustic environment and identify complicated gestures, enabling an unparalleled in-car entertainment and interactive experience.

我們也很自豪能夠在智能空間研發方面引領行業。例如，我們自主開發了由 6 區人類語音增強網絡 MIMONet 提供支持的智能空間 Li AI 系統；和 MBSNet，一個多視圖視覺 [混淆] 網絡。 Li AI可以幫助在復雜的聲學環境中建立準確的聲音感知並識別複雜的手勢，從而實現無與倫比的車內娛樂和交互體驗。

With respect to autonomous driving, as of November 30, more than 170,000 family users have enjoyed our highway NOA feature. We have further enhanced our vehicle's ability to perceive dynamic obstacles and static road structures in a complex environment as well as their ability to forecast traffic participants' action. We were the first in the industry to extend the concept of 3D hypothesis, 2D verification to multi-mode sensor. And the Li L9 was the first to realize highway NOA based on an NVIDIA Orin SoC chipset. Meanwhile, we have partnered with Tsinghua University and MIT to complete the world's first public project to construct high-precision maps in real time.

在自動駕駛方面，截至11月30日，已有超過17萬家庭用戶享受到我們的高速公路NOA功能。我們進一步增強了車輛在復雜環境中感知動態障礙物和靜態道路結構的能力，以及預測交通參與者行為的能力。我們在業內率先將 3D 假設、2D 驗證的概念擴展到多模式傳感器。而立L9率先實現了基於NVIDIA Orin SoC芯片組的高速NOA。同時，我們與清華大學、麻省理工學院合作，完成了全球首個實時構建高精度地圖的公共項目。

Intelligent manufacturing is another core competence for our -- for any successful automaker and another area in which we excel. First, we have industry-leading manufacturing equipment. Our fully self-developed manufacturing management software, [Li MOS], can greatly improve production efficiency and quality with precision control during the entire automotive manufacturing process. This system will be implemented in all our future factories, shortening new factories' deployment cycle by more than 3 months. Our R&D efforts are not limited to building a great car but also how to make it. We use vision sensors and algorithms to precisely control the workflow of hardware equipment in order to realize flexible production and intelligent inspection.

智能製造是我們的另一個核心競爭力 - 對於任何成功的汽車製造商和我們擅長的另一個領域。第一，我們擁有行業領先的製造設備。完全自主研發的製造管理軟件【力MOS】，可大幅提升生產效率及品質，對汽車製造全過程進行精準管控。該系統將在我們未來的所有工廠中實施，將新工廠的部署週期縮短3個多月。我們的研發努力不僅限於製造一輛好車，還包括如何製造它。我們使用視覺傳感器和算法來精確控制硬件設備的工作流程，以實現柔性生產和智能檢測。

As we strive to enhance our R&D and manufacturing capabilities, we also aspired to make a positive environmental and social impact through our sound government structure and the dedication to sustainable development. In September 2022, we received an MSCI ESG rating of AA for the second year in a row, maintaining our leadership position in the automotive industry in terms of ESG performance. Moreover, following the earthquake in Ludin County, Sichuan province on September 5, we made a donation to help the affected people and to support disaster relief efforts. We hope to play our part as a corporate citizen and a member of the community by helping people in need. We look forward to sharing more of our ESG endeavors in our next ESG report, which we expect in the first half of next year.

在我們努力提高研發和製造能力的同時，我們也渴望通過我們健全的政府結構和對可持續發展的奉獻來產生積極的環境和社會影響。 2022 年 9 月，我們連續第二年獲得 MSCI ESG AA 評級，在 ESG 績效方面繼續保持在汽車行業的領先地位。此外，在9月5日四川省蘆丁縣地震發生後，我們捐款幫助受災群眾，支持救災工作。我們希望通過幫助有需要的人來發揮我們作為企業公民和社區成員的作用。我們期待在明年上半年發布的下一份 ESG 報告中分享我們在 ESG 方面的更多努力。

In addition, we have -- we are pleased to be included as a constituent stock in the Hang Seng China Enterprises Index, effective December 5. This is a strong recognition of our underlying strength and investment value.

此外，我們很高興從 12 月 5 日起被納入恆生中國企業指數成份股。這是對我們潛在實力和投資價值的有力認可。

Lastly, as you may have seen from today's press release, from January 1, 2023, I will no longer serve as the company's President. I will spend more time to support the company's new round of organizational upgrades to prepare for its future.

最後，從今天的新聞稿中大家可能已經看到，從2023年1月1日起，我將不再擔任公司總裁一職。我會花更多的時間來支持公司新一輪的組織升級，為公司的未來做準備。

In the future, our CEO, Li Xiang, will take over the responsibility of sales and services. Our newly appointed President, Mr. Ma Donghui, will be responsible for the overall closed-loop management from product R&D to procurement and supply, production and manufacturing and quality. Xie Yan, our new CTO, will lead the company's R&D team to explore the most advanced underlying technologies in the smart electric vehicle industry.

未來，我們的首席執行官李想將接管銷售和服務的職責。我們新任命的總裁馬東輝先生將負責從產品研發到採購供應、生產製造和質量的整體閉環管理。新任CTO謝岩將帶領公司研發團隊探索智能電動汽車行業最前沿的底層技術。

I would like to thank our investors for the support and trust they have placed in Li Auto and myself. I firmly believe that Li Auto will continue to achieve great results under the leadership of the new management team and continue to lead the smart new energy vehicle industry in China.

我要感謝我們的投資者對理想汽車和我自己的支持和信任。堅信理想汽車在新一屆管理團隊的帶領下，將繼續取得佳績，繼續領跑中國智能新能源汽車行業。

With that, I will turn the call over to our CFO, Johnny, for a closer look of our financial performance. Please go ahead.

有了這個，我將把電話轉給我們的首席財務官約翰尼，以便更仔細地了解我們的財務業績。請繼續。

Thank you, Kevin. Hello, everyone. I will now go over some of our financial results for the third quarter of 2022. To be mindful of the length of this call, I will address financial highlights here and encourage you to refer to our earnings press release, which is posted online for additional details.

謝謝你，凱文。大家好。我現在將回顧一下我們 2022 年第三季度的一些財務業績。為了注意本次電話會議的時間長度，我將在這裡介紹財務重點，並鼓勵您參考我們的收益新聞稿，該新聞稿發佈在網上以獲取更多信息細節。

Total revenues in the third quarter of 2022 were RMB 9.34 billion or USD 1.31 billion, representing an increase of 20.2% from RMB 7.78 billion in the third quarter of 2021. This included RMB 9.05 billion or USD 1.27 billion of vehicle sales in the third quarter of 2022, up 22.5% year-over-year and 6.6% quarter-over-quarter. This increase was mainly due to our delivery of Li L9, starting in late August, which raised our average selling price in the third quarter of 2022.

2022 年第三季度的總收入為人民幣 93.4 億元或 13.1 億美元，比 2021 年第三季度的人民幣 77.8 億元增長 20.2%。其中包括第三季度的汽車銷售額人民幣 90.5 億元或 12.7 億美元到 2022 年，同比增長 22.5%，環比增長 6.6%。這一增長主要是由於我們從 8 月下旬開始交付 Li L9，這提高了我們在 2022 年第三季度的平均售價。

Revenues from other sales and services were RMB 296.4 million or USD 41.7 million in the third quarter of 2022, representing a decrease of 23.9% from the same period last year and an increase of 19% from the second quarter of this year. The year-over-year decrease was attributable to the sales of automotive regulatory credits in the third quarter of 2021, which didn't recur in the third quarter of 2022. The quarter-over-quarter increase in revenue from other sales and services was mainly due to the increased sales of accessories and services in line with higher accumulated vehicle sales.

2022 年第三季度其他銷售和服務收入為人民幣 2.964 億元或 4170 萬美元，同比下降 23.9%，比今年第二季度增長 19%。同比下降歸因於 2021 年第三季度汽車監管信貸的銷售，該銷售在 2022 年第三季度沒有再次發生。其他銷售和服務收入的環比增長是主要原因是隨著累計汽車銷量的增加，配件和服務的銷量增加。

Cost of sales in the third quarter of 2022 was RMB 8.16 billion or USD 1.15 billion, representing an increase of 36.8% year-over-year and an increase of 19.1% quarter-over-quarter. The increase in cost of sales was mainly driven by higher average cost of sales due to our delivery of Li L9 starting in late August and a provision related to Li ONE as we lower its order forecast considering the stronger-than-expected market demand for Li L9 and our accelerated launch of Li L8. The provision in the amount of RMB 802.8 million or USD 112.9 million was made based on our updated order forecast for Li ONE after the launch of Li L9 and Li L8.

2022年第三季度銷售成本為81.6億元人民幣或11.5億美元，同比增長36.8%，環比增長19.1%。銷售成本的增加主要是由於我們從 8 月下旬開始交付 Li L9 以及與 Li ONE 相關的準備金導致平均銷售成本上升，因為我們考慮到 Li 的市場需求強於預期而降低了其訂單預測L9 和我們加速推出的 Li L8。 8.028 億元人民幣或 1.129 億美元的撥備是根據我們在推出 Li L9 和 Li L8 後對 Li ONE 的最新訂單預測作出的。

Gross profit in the third quarter of 2022 was RMB 1.18 billion or USD 166.2 million, decreasing 34.8% year-over-year and 37.1% quarter-over-quarter.

2022 年第三季度毛利為 11.8 億元人民幣或 1.662 億美元，同比下降 34.8%，環比下降 37.1%。

Vehicle margin in the third quarter of 2022 was 12% compared with a 21.1% in the third quarter of 2021 and 21.2% in the second quarter of this year, mostly due to the provision related to Li ONE as mentioned. Excluding this impact, the vehicle margin was 20.8% in the third quarter of 2022. Going forward with our production ramp-up and the responsible cost management, we expect to realize greater economics of scale and drive cost down further, putting us back on track to hit our profitability inflection point.

2022 年第三季度的汽車利潤率為 12%，而 2021 年第三季度為 21.1%，今年第二季度為 21.2%，這主要是由於上述與 Li ONE 相關的撥備。排除這一影響，2022 年第三季度的汽車利潤率為 20.8%。隨著我們的產量增加和負責任的成本管理，我們預計將實現更大的規模經濟並進一步降低成本，使我們重回正軌達到我們的盈利拐點。

Gross margin in the third quarter of 2022 was 12.7% compared to 23.3% in the third quarter of last year and 21.5% in the second quarter of this year.

2022 年第三季度的毛利率為 12.7%，而去年第三季度為 23.3%，今年第二季度為 21.5%。

Operating expenses in the third quarter of 2022 were RMB 3.31 billion or USD 465.6 million, increasing 73.4% year-over-year and 15.9% quarter-over-quarter.

2022 年第三季度營業費用為 33.1 億元人民幣或 4.656 億美元，同比增長 73.4%，環比增長 15.9%。

R&D expenses in the third quarter of 2022 were RMB 1.8 billion or USD 253.6 million, up 103.1% year-over-year, and 17.8% quarter-over-quarter. The year-over-year increase was primarily driven by increased expenses associated with future models as well as increased employee compensation as a result of our growing number of R&D staff as quarter-over-quarter increase was primarily driven by increased expenses associated with the future models.

2022 年第三季度研發費用為 18 億元人民幣或 2.536 億美元，同比增長 103.1%，環比增長 17.8%。同比增長主要是由於與未來模型相關的費用增加以及我們研發人員數量增加導致員工薪酬增加，而環比增長主要是由於與未來相關的費用增加所致楷模。

Selling, general and administrative expenses in the third quarter of 2022 were RMB 1.51 billion or USD 211.9 million, up 47.6% year-over-year and 13.8% quarter-over-quarter. The year-over-year increase was primarily driven by increased employee compensation as a result of growth -- of the growth in our staff headcount as well as increased rental expenses associated with the expansion of the company's sales network. This quarter-over-quarter increase was primarily driven by increased marketing and promotion activities and the increased employee compensation as a result of the growth in our staff headcount.

2022 年第三季度的銷售、一般和管理費用為 15.1 億元人民幣或 2.119 億美元，同比增長 47.6%，環比增長 13.8%。同比增長主要是由於增長導致員工薪酬增加——我們的員工人數增加以及與公司銷售網絡擴張相關的租金費用增加。這一環比增長主要是由於營銷和促銷活動的增加以及員工人數增加導致的員工薪酬增加。

Loss from operations in the third quarter of 2022 was RMB 2.13 billion or USD 299.4 million compared a loss of RMB 97.8 million in the same period last year and a loss of RMB 976.5 million (sic) [RMB 978.5 million] in the second quarter of this year.

2022 年第三季度的運營虧損為人民幣 21.3 億元或 2.994 億美元，去年同期為虧損人民幣 9780 萬元，第二季度為虧損人民幣 9.765 億元（原文如此）[人民幣 9.785 億元]今年。

Net loss was RMB 1.65 billion or USD 231.3 million in the third quarter of 2022 compared with RMB 21.5 million in the third quarter of last year and RMB 641 million in the second quarter of 2022.

2022 年第三季度淨虧損為人民幣 16.5 億元或 2.313 億美元，而去年第三季度為人民幣 2150 萬元，2022 年第二季度為人民幣 6.41 億元。

And now turning to our balance sheet and the cash flow. Our cash and cash equivalents, restricted cash, time deposits, short-term investments, long-term time deposits and long-term financial instruments that were included in long-term investments totaled RMB 55.83 billion or USD 7.85 billion as of September 30, 2022.

現在轉向我們的資產負債表和現金流量。截至 2022 年 9 月 30 日，我們的現金及現金等價物、受限制現金、定期存款、短期投資、長期定期存款和長期投資中的長期金融工具合計 558.3 億元人民幣或 78.5 億美元.

Net cash used in operating activities in the third quarter of 2022 was RMB 508.3 million or USD 71.5 million. The change in net cash used in operating activities over both the third quarter of last year and the second quarter of this year was mainly due to the increase in payment related to inventory purchase, partially offset by the increase in cash received from the customer.

2022 年第三季度經營活動使用的現金淨額為 5.083 億元人民幣或 7150 萬美元。去年三季度和今年二季度經營活動使用的現金淨額變動主要是存貨採購相關貨款增加，部分被收到客戶現金增加所抵消。

Free cash flow was negative RMB 1.96 billion or negative USD 275.3 million in the third quarter of 2022.

2022 年第三季度自由現金流為負 19.6 億元人民幣或負 2.753 億美元。

And now for our business outlook. For the fourth quarter of 2022, the company expects deliveries to be between 45,000 and 48,000 vehicles, representing an increase of 27.8% to 36.3% from the fourth quarter of last year. The company also expects fourth quarter total revenues to be between RMB 16.51 billion and RMB 17.61 billion or USD 2.32 billion and USD 2.47 billion, representing an increase of 55.4% to 65.6% (sic) [65.8%] from the fourth quarter of last year.

現在是我們的業務前景。該公司預計 2022 年第四季度的交付量將在 45,000 至 48,000 輛之間，比去年第四季度增長 27.8% 至 36.3%。公司還預計第四季度總收入將在 165.1 億元人民幣至 176.1 億元人民幣或 23.2 億美元至 24.7 億美元之間，較去年第四季度增長 55.4% 至 65.6%（原文如此）[65.8%] .

This business outlook reflects the company's current and preliminary view on the business situation and market condition, which is subject to change. Going forward, we believe our [label] and collaborative corporate culture, execution discipline and strong balance sheet will allow us to face challenging markets head on and continue to deploy capital and resources efficiently to focus on our products and innovation initiatives and drive our long-term growth.

本業務展望反映了公司對業務狀況和市場狀況的當前和初步看法，可能會發生變化。展望未來，我們相信我們的 [標籤] 和協作企業文化、執行紀律和強大的資產負債表將使我們能夠直面充滿挑戰的市場，並繼續有效地部署資本和資源，專注於我們的產品和創新計劃，並推動我們的長期發展-長期增長。

I will now turn the call over to the operator and -- to start the Q&A session. Thank you.

我現在將把電話轉給接線員，然後開始問答環節。謝謝你。

(Operator Instructions) Our first question will come from Tim Hsiao with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Tim Hsiao。

(foreign language) So my first question is about vehicle sales. So how should we think about the stable monthly run rate of the sales of L7, 8, 9 in aggregates next year? Could the sales of the whole L family models stay at around like 25,000 to 30,000 level on a monthly basis as previously expected? And in the meantime, considering the declining store traffic in October and November due to the COVID, does Li Auto's order backlog so far remains strong and adequate enough to bolster the delivery momentum into first quarter 2023? (foreign language)

（外語）所以我的第一個問題是關於汽車銷售的。那麼如何看待明年L7、8、9的銷量月度運行率穩定呢？ L系全系車型銷量能否如此前預期維持在月均2.5萬至3萬輛左右的水平？與此同時，考慮到 COVID 導致 10 月和 11 月商店客流量下降，理想汽車的訂單積壓到目前為止是否仍然強勁且足以支撐到 2023 年第一季度的交付勢頭？ （外語）

Yes. Tim, you want me to answer your first question first, right? Okay. About the outlook of L9, L8 and L7, so we can only make a judgment based on the competitiveness of this product and also outlook based on the market size of each of these product segments. So our outlook is that for L9, the stabilized monthly sales should be around 8,000 to 11,000. That's our estimation. And for L8 will be 10,000 to 15,000, yes -- 14,000. And L7, now it's quite early to do estimations, yes.

是的。蒂姆，你想讓我先回答你的第一個問題，對吧？好的。關於L9、L8和L7的前景，所以我們只能根據這個產品的競爭力來判斷，也可以根據每個產品細分市場的規模來判斷。所以我們的展望是，對於L9，穩定的月銷量應該在8000到11000左右。這是我們的估計。對於 L8，將是 10,000 到 15,000，是的 - 14,000。還有 L7，現在做估算還為時過早，是的。

So basically, the -- for the Q1 outlook, we believe the beginning of Q1, our backlog will continue to drive strong delivery performance. And of course, after Chinese New Year, we need to bring more order in. We have strong confidence that in Q1, we'll continue to beat the overall PEV market performance. But Tim, as you mentioned, there are some factors that's beyond our control, like COVID, but we believe will beat the overall PEV market performance.

所以基本上，對於第一季度的前景，我們相信第一季度初，我們的積壓訂單將繼續推動強勁的交付表現。當然，春節過後，我們需要帶來更多訂單。我們有信心在第一季度，我們將繼續超越整個 PEV 市場表現。但是蒂姆，正如你提到的，有些因素是我們無法控制的，比如 COVID，但我們相信這將超過 PEV 市場的整體表現。

(foreign language) So my second question is about the battery EV, the pure EV. What's the current update on Li Auto's BEV pipeline? Will the company follow its original plan to launch 2 BEV models next year within 2023? (foreign language)

（外語）所以我的第二個問題是關於電池電動汽車，純電動汽車。理想汽車的純電動汽車產品線目前有何進展？公司是否會按照原定計劃在明年 2023 年內推出 2 款 BEV 車型？ （外語）

(foreign language) So we were pretty certain that next year, we'll be releasing our first electric vehicle. And so the 2 big events are next year. One is the release of the first electric vehicle, and the other one is the delivery -- commence of delivery of L7.

（外語）所以我們非常確定明年我們將發布我們的第一款電動汽車。所以 2 大事件是明年。一個是第一輛電動車的發布，一個是交付——L7開始交付。

Our next question will come from Olivia Xu with Goldman Sachs.

我們的下一個問題將來自高盛的 Olivia Xu。

(foreign language) Now let me translate my 2 questions. The first question is about the pricing and competition. Recently, Tesla has announced a meaningful pricing cut in Chinese market. What is Li Auto's response to that? And how should we examine such pricing competition next year? Is it expected to be more severe?

（外語）現在讓我翻譯一下我的兩個問題。第一個問題是關於定價和競爭。近日，特斯拉宣佈在中國市場大幅降價。理想汽車對此有何回應？明年我們應該如何審視這種價格競爭？預計會更嚴重嗎？

The second question is on the supply chain management. As Kevin mentioned in the briefing, there exists supply chain uncertainties. Could you please clarify what's the key bottleneck for now? And as the COVID-related policies changed a lot recently, what is the expected impact on Li Auto's production in the next several months?

第二個問題是關於供應鏈管理的。正如凱文在簡報中提到的那樣，供應鏈存在不確定性。你能澄清一下現在的關鍵瓶頸是什麼嗎？而近期疫情相關政策變化較大，預計未來幾個月理想汽車的生產將受到怎樣的影響？

Thank you, Olivia. Yes, let me take your question. Your first question about the price cut from Tesla side. Actually, we see little impact on our order flow because our products right now, L9 and L8 is -- the price segment is higher than Tesla's main selling model, yes. And we would expect the same kind of situation in next year. So yes, we still have a strong confidence that in this industry turmoil, we'll continue to lead.

謝謝你，奧利維亞。是的，讓我回答你的問題。您關於特斯拉方面降價的第一個問題。實際上，我們認為對我們的訂單流影響不大，因為我們現在的產品 L9 和 L8 是——價格段高於特斯拉的主要銷售車型，是的。我們預計明年會出現同樣的情況。所以是的，我們仍然堅信在這場行業動盪中，我們將繼續領先。

For your second question, how about the supply chain. Yes, of course, we are glad to see the new COVID policy that ultimately, the -- with the pandemic will resolve -- actually, the supply chain will go back to normal. But as we should all know that for the next 2, 3 months, based on the trend we see in other foreign countries, once the policy change, we may see here and there, the manpower shortages. Right now, we already see some of these kind of manpower shortages impact our production, especially in our supplier side. Yes. So we are working closely with our supply chain partners, try to mitigate all these risks, and we even start to prepare some of the workforce by ourselves. Whenever there is a shortage, we'll send the workforce to help our supply partners. Yes.

關於你的第二個問題，供應鏈怎麼樣。是的，當然，我們很高興看到新的 COVID 政策，最終，隨著大流行病的解決，供應鏈將恢復正常。但大家應該都知道，未來2、3個月，根據我們在國外看到的趨勢，一旦政策改變，我們可能會看到到處都是人手短缺的情況。現在，我們已經看到一些此類人力短缺影響了我們的生產，尤其是在我們的供應商方面。是的。因此，我們正在與我們的供應鏈合作夥伴密切合作，努力降低所有這些風險，我們甚至開始自己準備一些勞動力。每當出現短缺時，我們都會派遣勞動力幫助我們的供應合作夥伴。是的。

Our next question will come from Ming-Hsun Lee with Bank of America.

我們的下一個問題將來自美國銀行的 Ming-Hsun Lee。

(foreign language) My first question is regarding your decision to make the silicon carbide by yourself. And compared to your peers, some choose to build the internal capacity for battery. Some decide to design chips by themselves. But what is the decision -- why is the decision is made for this capacity build?

(外語) 我的第一個問題是關於你們決定自己製造碳化矽的。與同行相比，一些人選擇為電池構建內部容量。有些人決定自己設計芯片。但是決定是什麼——為什麼要為這種能力建設做出決定？

Thank you, Ming. This is Kevin. Let me take this question. Actually, just to clarify, we are not -- in Suzhou, not manufacturing the silicon carbide chip set. Actually, we are making the power drive module with the chipset. So while we choose to design our own power module, it's because the power module is closely integrated into our 5-in-1 electric motors and our 3-in-1 electric motors. So therefore, the thermal solution and the size of this module are very important for our competitiveness and energy efficiency. That's why we choose to build this module by -- design and build these modules by ourselves. Yes, just to clarify.

謝謝你，明。這是凱文。讓我來回答這個問題。實際上，澄清一下，我們不是——在蘇州，不生產碳化矽芯片組。實際上，我們正在用芯片組做電源驅動模塊。所以我們選擇設計自己的功率模塊，是因為功率模塊緊密集成到我們的五合一電機和我們的三合一電機中。因此，散熱解決方案和該模塊的尺寸對於我們的競爭力和能效非常重要。這就是為什麼我們選擇通過自己設計和構建這些模塊來構建這個模塊。是的，只是為了澄清。

And my second question, the new energy vehicle policy will change in Shanghai in 2023. So could you remind us what is the current contribution from Shanghai area? And how do you see the impact after the policy change? Besides that, will you speed up your battery EV launch in order to make the potential [overload] after the policy change? (foreign language)

第二個問題，2023年上海新能源汽車政策將發生變化。那麼您能否提醒我們目前上海地區的貢獻是什麼？您如何看待政策變化後的影響？除此之外，您是否會加快電池電動汽車的推出，以彌補政策變化後的潛在[過載]？ （外語）

Thank you. So Shanghai accounts for 6% to 5% of our sales volume. Yes. So of course, the policy change, of course, will have some impact on our sales in Shanghai. But actually, as we should know, most of Li Auto customers are not buying a new car. They are kind of upgrading their cars. So in theory, we already have the car plate. So therefore, we are actively working with our Shanghai team to build a new sales strategy for next year to mitigate the impact of this policy change. But again, overall, Shanghai is only like 6% of our sales total volume.

謝謝你。所以上海占我們銷量的6%到5%。是的。所以當然，政策的變化，當然會對我們在上海的銷售產生一些影響。但實際上，我們應該知道，理想汽車的大部分客戶並不是在購買新車。他們正在升級他們的汽車。所以理論上，我們已經有了車牌。因此，我們正積極與上海團隊合作，為明年制定新的銷售戰略，以減輕這一政策變化的影響。但總體而言，上海僅占我們總銷量的 6%。

And about the BEV, actually just now, Li Xiang, already disclosed that next year, we're going to have a launch of our first BEV car, yes.

關於BEV，其實剛才，李想已經透露，明年，我們將推出我們的第一款BEV汽車，是的。

(Operator Instructions) Our next question will come from Xu Yingbo with CITCS (sic) [CITICS].

（操作員說明）我們的下一個問題將來自 CITCS (sic) [CITICS] 的 Xu Yingbo。

(foreign language) My first question is about Li ONE has come some -- cost about [CNY 8 million -- CNY 800 million] cost for (inaudible). So what is the principle for this cost? And how can we expect for the future potential cost of produced Li ONE?

（外語）我的第一個問題是關於李的 ONE 已經來了一些 - 成本約為 [800 萬人民幣 - 8 億人民幣] 成本（聽不清）。那麼這個成本的原理是什麼？以及未來生產的Li ONE的潛在成本如何預測？

And my second question is about metric organization. Could you please talk about more about that?

我的第二個問題是關於指標組織的。你能談談更多嗎？

I will take your provision question. This is Johnny. And for this provision, it's already set to the raw materials, which means the parts already in our inventory or the purchase commitment we made to our suppliers. For those inventory and parts commitment, we don't plan to make it into vehicles in the future. So the provision was based on the lower of cost and net realizable value based on our estimate and negotiation with the vendors. So it's an estimate. So when I finally realized in the next 2 quarters, there will be some minor adjustment to the final amount. Comparing with quarterly gross margin is not very significant.

我會回答你的規定問題。這是約翰尼。而對於這個準備金，它已經設置為原材料，這意味著我們庫存中已經存在的零件或我們對供應商做出的採購承諾。對於那些庫存和零件承諾，我們不打算在未來將其製成車輛。因此，根據我們的估計和與供應商的協商，撥備是基於成本和可變現淨值中的較低者。所以這是一個估計。所以當我終於意識到在接下來的兩個季度裡，最終的金額會有一些小的調整。與季度毛利率相比不是很顯著。

Yes. Second question, I think, Li Xiang.

是的。第二個問題，我想，李想。

(foreign language) Actually, since we founded Li Auto, we've always dreamed of becoming a $1 trillion -- or RMB 1 trillion company. And as you can see, next year, we're expecting to become RMB 100 billion company already. So personally, I have never run a -- built a company from 0, 1 billion -- $100 billion company from scratch. And most of my colleagues have not had that experience either. Most of my colleagues, either they come from companies that are smaller than that, or they come from companies that became that large years ago, or they work off of a remote office that's not headquartered in China. So we have seen this issue a long time ago.

（外語）其實，從我們創立理想汽車開始，我們就一直夢想成為一家1萬億美元——或者說1萬億人民幣的公司。正如你所看到的，明年，我們有望成為一家千億級公司。所以就我個人而言，我從來沒有經營過一家——從零開始建立一家公司，10 億——1000 億美元的公司是從零開始的。我的大多數同事也沒有這種經歷。我的大多數同事，要么來自比這還小的公司，要么來自幾年前變得那麼大的公司，要么他們在總部不在中國的遠程辦公室工作。所以我們很久以前就看到了這個問題。

So since 2019, we've been starting to study software and hardware companies that have reached the size of RMB 1 trillion very, very deeply to see how they manage their business at different stages and what we can learn from them. And one thing in common that we've seen is that they've all transformed to a matrix organization when they reach the level of about RMB 10 billion. And so for Li Auto, when we started from 0 to 1, speed was efficiency. Speed meant everything. But as time went on, we saw that in a very long value chain where quality and efficiency is very important, in our 1 to 10 stage, quality is efficiency.

所以從2019年開始，我們就開始非常非常深入地研究那些規模達到1萬億的軟硬件公司，看他們在不同階段是如何管理業務的，我們可以從他們身上學到什麼。而我們看到的一個共同點是，他們都在達到100億左右的水平時，都在向矩陣組織轉型。所以對於理想汽車來說，從0到1，速度就是效率。速度意味著一切。但隨著時間的推移，我們看到在一個非常長的價值鏈中，質量和效率非常重要，在我們的 1 到 10 階段，質量就是效率。

So a successful enterprise will need to be able to -- for their internal purposes, we need to have a very robust planning, perception, execution process. And for their customers, they need very strong R&D from products, sales and services. So the matrix organization was the only way to manage this entire process end to end. To make an analogy, the horizontal teams make sure that they build the road, they maintain the roads and the roads are good to run for vehicles. And the vertical teams are the ones that build cars, maintain the fleet and make sure the cars run smoothly on the road. And these cars are on the well built and maintained roads are responsible for delivering good services and products to our consumers, which forms a very healthy cycle.

因此，一個成功的企業需要能夠——為了他們的內部目的，我們需要有一個非常強大的計劃、感知和執行流程。對於他們的客戶，他們需要非常強大的產品、銷售和服務研發。因此，矩陣組織是端到端管理整個流程的唯一方法。打個比方，水平團隊確保他們修路，他們維護道路並且道路適合車輛行駛。垂直團隊負責製造汽車、維護車隊並確保汽車在道路上平穩行駛。這些汽車在修築和維護良好的道路上負責為我們的消費者提供良好的服務和產品，這形成了一個非常健康的循環。

So we first started piloting this thought in what we call IPD, integrated product development, and the process has actually been validated by the success of L9, L8 and L7, where you might have seen the success of Li ONE, which in a certain view could be a coincidence. But through the application of IPD, we've made that a certainty so that we can replicate the success with our current and ongoing future product development. So we are now in the process of applying our pilot process on a much larger scale to make sure that our company continue to turn out successful products and services to our customers.

所以我們首先開始在我們所說的 IPD（集成產品開發）中試驗這種想法，這個過程實際上已經被 L9、L8 和 L7 的成功所驗證，你可能已經看到了 Li ONE 的成功，從某種角度來看可能是巧合。但通過 IPD 的應用，我們已經確定了這一點，因此我們可以在當前和未來的產品開發中復製成功。因此，我們現在正在更大規模地應用我們的試點流程，以確保我們的公司繼續為我們的客戶提供成功的產品和服務。

And our last question will come from Jing Chang with CICC.

我們的最後一個問題將來自中金公司的 Jing Chang。

(foreign language) So my first question is about the effect of the (inaudible) in the third quarter. Our R&D and selling expense increased to CNY 1.8 billion, CNY 1.5 billion (inaudible). So you gave a small guidance on next year's expense ratio. And considering that next year, we will have a brand-new BEV platform model on the market and a more complicated and a more channel network layout. So in addition, in terms of R&D which caused mainly to our in-house research.

（外語）所以我的第一個問題是關於第三季度（聽不清）的影響。我們的研發和銷售費用增加到 18 億元、15 億元（聽不清）。所以你對明年的費用比率給出了一個小的指導。並且考慮到明年，我們將有全新的BEV平台車型上市，以及更加複雜、更加渠道化的網絡佈局。因此，此外，在研發方面，主要是我們的內部研究。

This is Johnny. I will take your first question about R&D expenses. This year's R&D expenses will adjust as we guided, will be around USD 1 billion, which is RMB 7 billion for the whole year. It's as expected. And for next year, currently, we see over RMB 10 billion to RMB 12 billion depending on our final decision on some investments that will start next year or in 2024. So it will be RMB 10 billion to RMB 12 billion for next year.

這是約翰尼。我會回答你關於研發費用的第一個問題。今年的研發費用會按照我們的指導進行調整，在10億美元左右，全年70億元人民幣。不出所料。而對於明年，目前，我們看到超過 100 億元人民幣至 120 億元人民幣，具體取決於我們對明年或 2024 年開始的一些投資的最終決定。因此明年將是 100 億元人民幣至 120 億元人民幣。

(foreign language) If we look back to 2020 until now, R&D spending mostly fall into 3 areas. The first area is product development, which you see similar exercises in traditional car OEMs. The second one is technological platforms, including our EV platform, our high-voltage BEV platform, our smart space platform, autonomous driving platform. These are shared platforms that all of our vehicles use. The platformization allow us to maximize cost or cost efficiency, R&D efficiency and user experience and make sure that they're consistent across all products of our company. The third one is new and fast-growing is our system development, which includes supercomputing, the supercomputing platform, cloud computing platform and our IT infrastructure. These are very long-term but crucial investments for our company.

（外語）如果我們回顧2020年至今，研發支出主要集中在3個方面。第一個領域是產品開發，您可以在傳統汽車原始設備製造商中看到類似的活動。第二個是技術平台，包括我們的EV平台，我們的高壓BEV平台，我們的智能空間平台，自動駕駛平台。這些是我們所有車輛都使用的共享平台。平台化使我們能夠最大限度地提高成本或成本效率、研發效率和用戶體驗，並確保它們在我們公司的所有產品中保持一致。第三個是新的和快速增長的是我們的系統開發，它包括超級計算，超級計算平台，雲計算平台和我們的IT基礎設施。這些是我們公司非常長期但至關重要的投資。

And in terms of organization, the product and technological platforms are run by Mr. Ma Donghui. And system development is run by our CTO Xie Yan.

而在組織方面，產品和技術平台由馬東輝先生負責。系統開發由我們的 CTO 謝岩負責。

And in terms of spending level, we spend the most today in technical platforms, followed by product and then, thirdly, system infrastructure. And going forward, we expect to see more spending in system and infrastructure, which might eventually overtake technological infrastructure because we think in the longest term, the most crucial investment or our competitive advantage lies in our system and infrastructure capability.

就支出水平而言，我們今天在技術平台上的支出最多，其次是產品，第三是系統基礎設施。展望未來，我們預計會看到更多的系統和基礎設施支出，最終可能會超過技術基礎設施，因為我們認為從長遠來看，最關鍵的投資或我們的競爭優勢在於我們的系統和基礎設施能力。

(foreign language) My second question is about product design and planning. So any at the family car market statement, how can you (inaudible) product [in this situation] in addition to different models such as SUV or MPV and also different number of seats? What can be looking forward to get a greater differentiation?

（外語） 我的第二個問題是關於產品設計和規劃的。因此，在家用汽車市場上，除了 SUV 或 MPV 等不同車型以及不同座位數之外，您如何（聽不清）產品 [在這種情況下]？什麼可以期待獲得更大的差異化？

(foreign language) Our philosophy is the same as before. We still believe that price and seat configuration is the best way to segment the market. And this has been partly tested by the success of L9 and 7, which is soon to start delivery, and that these 3 cars actually have attracted 3 very different user groups. If you look at L9, it's pretty much attracted premium car buyers at the same price point or even higher than the current price level of L9. And L8 pretty perfectly replaced Li ONE and kind of shares a very similar customer base as Li ONE. And L7 has been attracting a lot of young family users aged between 25 and 35.

（外語）我們的理念和以前一樣。我們仍然認為價格和座位配置是細分市場的最佳方式。而這在L9和即將開始交付的7的成功中得到了部分驗證，這3款車實際上吸引了3個截然不同的用戶群。如果你看L9，它幾乎以與L9當前價格相同甚至更高的價格吸引了高端汽車購買者。 L8 非常完美地取代了 Li ONE，並且與 Li ONE 有著非常相似的客戶群。而L7已經吸引了大量25-35歲的年輕家庭用戶。

So price -- as you can see, pricing and seat arrangements have allowed us to very efficiently cover the market in different user groups. And there has even been some surprises in the case of L7, where we've been able to tap into new age groups that we hadn't -- we weren't expecting before.

所以價格——正如你所看到的，定價和座位安排使我們能夠非常有效地覆蓋不同用戶群的市場。在 L7 的案例中甚至出現了一些驚喜，我們已經能夠進入新的年齡段，這是我們之前沒有預料到的。

As we are reaching the end of our conference call, I'd like to turn the call back over to the company for closing remarks. Ms. Janet Chang, please go ahead.

當我們的電話會議即將結束時，我想將電話轉回給公司以作結束語。請 Janet Chang 女士繼續。

Thank you once again for joining us today. If you have further questions, please feel free to contact Li Auto's Investor Relations team. Then that's all for today. Thank you, and have a good weekend.

再次感謝您今天加入我們。如果您還有其他問題，請隨時聯繫理想汽車的投資者關係團隊。那麼今天就到此為止。謝謝，祝週末愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。