理想汽車 (LI) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's first-quarter 2025 earnings conference call. At this time, all participants are on listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Zhang, Investor Relations Director of Li Auto. Please go ahead, Janet.

女士們、先生們，大家好。感謝您參加理想汽車2025年第一季財報電話會議。此時，所有參與者都處於只聽模式。今天的電話會議正在錄音。現在我將電話轉給主持人、理想汽車投資者關係總監張女士。請繼續，珍妮特。

Thank you, Kelly. Good evening and good morning, everyone. Welcome to Li Auto's first-quarter 2025 earnings conference call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website.

謝謝你，凱利。大家晚上好，早安。歡迎參加理想汽車2025年第一季財報電話會議。該公司的財務和營運結果已於今天早些時候在新聞稿中公佈，並發佈在該公司的 IR 網站上。

On today's call, we will have our Chairman and CEO, Mr. Xiang Li; and our CFO, Mr. Johnny Tie Li, to begin with prepared remarks. Our President, Mr. Donghui Ma; our Senior Vice President, Mr. James Liangjun Zou; and our CTO, Mr. Yan Xie, will join for the Q&A discussion.

在今天的電話會議上，我們的董事長兼執行長李翔先生和財務長 Johnny Tie Li 先生將首先發表準備好的演講。我們的總裁馬東輝先生、高級副總裁鄒良軍先生和首席技術官謝岩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 may involve inherent 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 company's filings with the U.S. Securities and Exchange Commission and the Stock Exchange of Hong Kong Limited. The company does not assume any obligation to update any overlooking 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做出的前瞻性陳述。前瞻性陳述可能涉及固有風險和不確定性。因此，該公司的實際結果可能與今天表達的觀點有重大差異。有關風險和不確定性的更多資訊包含在某些公司向美國證券交易委員會和香港聯合交易所有限公司提交的文件中。除適用法律要求外，本公司不承擔更新任何忽略聲明的義務。

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，理想汽車的獲利新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的討論。請參閱我們網站 IR 部分中理想汽車的揭露文件，其中包含未經審計的非 GAAP 指標與可比較 GAAP 指標的對帳。

Our CEO will start his remarks in Chinese. There will be an English translation after he finishes all his remarks.

我們的執行長將用中文開始他的講話。他的演講結束後將會有英文翻譯。

With that, I will now turn the call over to our CEO, Mr. Xiang Li. Please go ahead.

現在，我將把電話轉給我們的執行長李翔先生。請繼續。

(Interpreted)

（口譯）

Hi, everyone. This is Li Xiang and thank you for joining today's conference call. In the first quarter of 2025, we delivered more than 92,000 vehicles, an increase of 15.5% year-on-year, bringing total revenues to RMB25.9 billion. We performed strongly in the RMB200,000 above NEV market in China, growing at twice the market rate according to the insurance registration data from the China Automotive Technology and Research Center. As of April 2025, we have been the segment sales champion among Chinese auto brands for 14 consecutive months. In particular, we topped the market with a 14.1% market share in April, further reinforcing our leadership. As of the end of April, we have delivered more than 1.26 million vehicles.

大家好。我是李想，感謝您參加今天的電話會議。2025年第一季度，我們交車超過9.2萬輛，較去年同期成長15.5%，總營收達到人民幣259億元。我們在中國20萬元以上新能源汽車市場表現強勁，根據中國汽車技術研究中心的保險登記數據，成長率是市場成長率的兩倍。截至2025年4月，我們已連續14個月蟬聯中國汽車品牌細分市場銷售冠軍。尤其是4月份，我們以14.1%的市佔率位居市場第一，進一步鞏固了我們的領先地位。截至4月底，我們已交付超過126萬輛汽車。

As a pioneer and leader in EREV, Li L Series continues to enhance user value through ongoing innovation and product iteration, maintaining a competitive edge despite challenges from newcomers. Recently, we launched the new Li MEGA and new Li L Series. The refreshed Li AD Max models received NVIDIA's latest Thor-U chip, while the Li AD Pro models upgraded from Horizon Robotics Journey 5M to Journey 6M chips and include AT LiDAR sensors co-developed with Hesai standard.

作為增程式電動車的先驅和領導者，理想L系列透過持續的創新和產品迭代，不斷提升用戶價值，在新進者的挑戰中保持競爭優勢。最近，我們推出了新款Li MEGA和新款Li L系列。升級後的Li AD Max車款搭載了NVIDIA最新的Thor-U晶片，而Li AD Pro車款則從地平線之旅5M升級到征程6M晶片，並搭載了與禾賽標準共同開發的AT LiDAR感測器。

In addition to these upgrades for assisted driving, we have enhanced chassis control, exterior and interior design, and smart cockpit across the new Li L Series. On April 23, we launched Li MEGA Home at the Shanghai Auto Show 2025, reflecting our latest understanding of multi-generational families and their mobility needs. Featuring top tier configurations for our flagship model, Li MEGA Home aligns closely with our mission to Create a Mobile Home, Create Happiness.

除了這些輔助駕駛的升級之外，我們還增強了新 Li L 系列的底盤控制、外部和內裝設計以及智慧駕駛艙。4月23日，我們在2025上海車展上推出了Li MEGA Home，體現了我們對多代家庭及其旅遊需求的最新理解。Li MEGA Home 是我們旗艦型號的頂級配置，與我們「打造移動之家，創造幸福」的使命緊密契合。

Since its launch, Li MEGA Home has accounted for over 90% of Li MEGA orders, demonstrating its strong value proposition and user recognition. Li MEGA currently has a robust order backlog with continuous inflow. To meet growing demand, we're increasing our production capacity to achieve 2,500 to 3,000 monthly deliveries by July.

自上線以來，Li MEGA Home 已佔據 Li MEGA 訂單的 90% 以上，彰顯了其強大的價值主張和用戶認可。目前，Li MEGA 訂單儲備充足，訂單持續流入。為了滿足不斷增長的需求，我們正在提高生產能力，到 7 月每月交付 2,500 至 3,000 輛。

With the delivery of Li Mega Home, the new Li MEGA Ultra, and the new Li L Series in May, we expect second quarter deliveries to reach between 123,000 to 128,000 units. The success of Li MEGA Home strengthens our confidence in becoming a top tier player in the premium BEV market with a robust pipeline.

隨著 5 月份 Li Mega Home、新款 Li MEGA Ultra 和新款 Li L 系列的交付，我們預計第二季交付量將達到 123,000 至 128,000 輛。Li MEGA Home 的成功增強了我們憑藉強大的產品線成為高端純電動車市場頂級參與者的信心。

Preparations for our upcoming events are progressing smoothly, with Li i8 and Li i6 scheduled for launch in July and September, respectively. Li i8 test vehicles are currently undergoing road tests across the country and have already locked over 9.5 million kilometers as part of our preparation for mass production.

我們即將舉行的活動的準備工作進展順利，Li i8 和 Li i6 計劃分別於 7 月和 9 月推出。目前，李書福i8測試車正在全國各地進行道路測試，累計里程已超過950萬公里，為量產做好準備。

An efficient and convenient charging network is critical for electric vehicle user experience. To support our BEV launch, we have built the largest urban highway supercharging network among all automakers in China, covering over 50,000 kilometers of highways as of the end of the first quarter. Currently, we operate 2,350 supercharging stations equipped with over 12,800 charging stalls. Additionally, we completed the deployment of a supercharging network along 20 long-distance tourist routes, including the G318 Sichuan to Tibet Highway. We will continue to accelerate the supercharging network deployment with plans to deploy over 2,500 stations in June and aim for 4,000 stations by the end of the year. We will further enhance our competitive edge over other automakers on charging networks going forward, ensuring a hassle-free charging experience for our users.

高效且便利的充電網路對於電動車用戶體驗至關重要。為了支持我們的純電動車上市，我們在中國所有汽車製造商中建立了最大的城市高速公路超級充電網絡，截至第一季末，覆蓋超過 50,000 公里的高速公路。目前，我們營運 2,350 個超級充電站，配備超過 12,800 個充電位。完成G318川藏公路等20條長途旅遊路線超級充電網路佈局。我們將持續加速超級充電網路佈局，計畫6月建成超過2,500座超級充電站，年底力求建成4,000座超級充電站。我們將進一步增強我們在充電網路方面相對於其他汽車製造商的競爭優勢，確保為我們的用戶提供無憂的充電體驗。

We continue to rapidly develop our ADAS technology. Our in-house developed VLA Driver model as our next-generation ADAS architecture, integrates spatial, language, and behavioral intelligence into a single model, enabling ADAS to perceive, think, and dynamically adapt to the environment. VLA Driver will redefine user experience and deliver innovative product formats, transforming vehicles into smart agents capable of communicating with users, understanding intentions, and acting as dedicated drivers that can comprehend, see, and locate.

我們繼續快速發展我們的 ADAS 技術。我們內部開發的 VLA 駕駛員模型作為我們的下一代 ADAS 架構，將空間、語言和行為智慧整合到單一模型中，使 ADAS 能夠感知、思考並動態適應環境。VLA Driver 將重新定義使用者體驗並提供創新的產品形式，將車輛轉變為能夠與使用者溝通、理解意圖並充當可理解、可查看和可定位的專用駕駛員的智慧代理。

Our proprietary reconstructive and generative cloud-based world model creates realistic simulation environments that will support the closed-loop reinforcement learning of VLA driver at scale. This will drive a continuous improvement in iteration efficiency and quality.

我們專有的基於雲端的重建和生成世界模型創建了逼真的模擬環境，可大規模支援 VLA 駕駛員的閉環強化學習。這將推動迭代效率和品質的不斷提高。

We plan to launch VLA Driver with Li i8 and then roll it out to all Li AD Max-equipped vehicles by OTA updates. We firmly believe that VLA Driver will bridge the physical and digital world. Going forward, we will continue exploring opportunities to seamlessly integrate multi-modal interaction to deliver a more natural human vehicle co-driving experience.

我們計劃與 Li i8 一起推出 VLA Driver，然後透過 OTA 更新將其推廣到所有配備 Li AD Max 的車輛。我們堅信 VLA Driver 將連接物理世界和數位世界。展望未來，我們將繼續探索無縫整合多模式互動的機會，以提供更自然的人車共駕體驗。

Li (inaudible) also continues to evolve. The latest OTA update at the end of May introduced new design memory capabilities to recognize each family members and agent functions that allow it to act as an assistant for daily activities such as placing orders, making reservations, and tracking package deliveries via voice commands.

李（聽不清楚）也在繼續進化。5 月底的最新 OTA 更新引入了新的設計記憶功能，可以識別每個家庭成員和代理功能，使其可以作為日常活動的助手，例如透過語音命令下訂單、預訂和追蹤包裹遞送。

Our aim is to create increasingly personalized smart space that can make human-vehicle interaction as intuitive as interacting with a family member. In April, we published the Li Halo OS technical architecture white paper and released initial code to the open source community. As the first automaker globally to open source its proprietary smart vehicle operating system, we hope to empower industry partners and foster industry-wide progress through the Halo OS.

我們的目標是創造日益個人化的智慧空間，使人車互動像與家人互動一樣直覺。四月，我們發布了李Halo OS技術架構白皮書，並向開源社群發布初始程式碼。身為全球首家開源自主研發的智慧汽車作業系統的汽車廠商，我們希望透過Halo OS賦能產業夥伴，促進整個產業的進步。

Moving on to our sales and servicing network, we're preparing for this year's expected growth in sales and new vehicle launches. We will continue to expand our network in major auto parks and shopping malls while penetrating lower-tier cities through the start plan to boost overall coverage efficiently. As of April 30, 2025, we had 500 retail stores in 151 cities nationwide alongside 500 servicing centers and Li Auto authorized body and paint shops operating in 223 cities.

談到我們的銷售和服務網絡，我們正在為今年預期的銷售成長和新車發布做準備。我們將繼續在各大汽車公園、購物中心等地拓展網絡，同時透過啟動計畫向二、三線城市滲透，有效提升整體覆蓋率。截至 2025 年 4 月 30 日，我們在全國 151 個城市擁有 500 家零售店，在 223 個城市擁有 500 個服務中心和理想汽車授權車身和噴漆店。

Looking ahead, we remain committed to our user-centric approach driven by innovation, and will continue to enhance our industry-leading product strength to deliver greater happiness to more families.

展望未來，我們將持續秉持以使用者為中心、創新驅動的理念，不斷提升業界領先的產品力，為更多家庭帶來更多幸福。

I will now turn the call over to our CFO, Johnny, to walk you through our financial performance.

現在我將把電話轉給我們的財務長約翰尼，向你們介紹我們的財務表現。

Thank you, Xiang. Hello, everyone. I will now walk you through some of our 2025 first quarter financials. Due to time constraints, I will apply financial highlights here and encourage you to refer to our earnings press release for further details.

謝謝你，翔。大家好。現在我將向您介紹我們 2025 年第一季的一些財務狀況。由於時間限制，我將在此應用財務要點，並鼓勵您參考我們的收益新聞稿以了解更多詳細資訊。

Total revenues in the first quarter were RMB25.9 billion or $3.6 billion, up 1.1% year-over-year and down 41.4% quarter-over-quarter. This included RMB24.7 billion or $3.4 billion from vehicle sales, up 1.8% year-over-year and down 22.1% quarter-over-quarter. The year-over-year increase was mainly attributable to the increase in vehicle delivery, partially offset by the lower average selling price mainly due to different process product mix. The sequential decrease was mainly due to the decrease in vehicle delivery which was impacted by seasonal factors related to Chinese New Year holiday.

第一季總營收為人民幣 259 億元（約 36 億美元），年增 1.1%，季減 41.4%。其中汽車銷售額247億元（34億美元），年增1.8%，較上季下降22.1%。同比增長主要歸因於汽車交付量的增加，但因工藝產品組合不同導致的平均售價較低而部分抵消了這一增長。環比下降主要由於受春節假期等季節性因素影響，汽車交付量下降。

Cost of sales in the first quarter were RMB20.6 billion or $2.8 billion, up 1.3% year-over-year and down 41.6% quarter-over-quarter. Gross profit in the first quarter was RMB5.3 billion or $732.9 million, 0.6% year-over-year and down 40.7% quarter-over-quarter. Vehicle margin in the first quarter was 90.8% versus 90.3% in the same period last year and 19.7% in the prior quarter. The year-over-year increase was mainly due to cost reduction and the pricing strategy changes in the first quarter of 2024 which were partially offset by different product mix. Vehicle margin remained relatively stable over the prior quarter. Gross margin in the first quarter was 20.5% versus 20.6% in the same period last year and 20.3% in the prior quarter.

第一季銷售成本為 206 億元（28 億美元），年增 1.3%，季減 41.6%。第一季毛利為人民幣53億元（7.329億美元），年增0.6%，季減40.7%。第一季汽車利潤率為 90.8%，去年同期為 90.3%，上一季為 19.7%。年比成長主要由於成本降低和2024年第一季的定價策略變化，但不同的產品組合部分抵消了這一增長。與上一季相比，車輛利潤率保持相對穩定。第一季毛利率為20.5%，去年同期為20.6%，上一季為20.3%。

Operating expenses in the first quarter were RMB5 billion or $695.5 million, down 14% year-over-year and 4.2% quarter-over-quarter. R&D expenses in the first quarter were RMB2.5 billion or $346.4 million, down 17.5% year-over-year and up 4.4% quarter-over-quarter. The year-over-year decrease was primarily due to decreased employee compensation and impact of the pace of new vehicle program. The R&D expenses remains relatively stable over the prior quarter.

第一季營運費用為人民幣 50 億元（6.955 億美元），年減 14%，季減 4.2%。第一季研發費用為人民幣 25 億元（3.464 億美元），年減 17.5%，季增 4.4%。年比下降主要由於員工薪資下降以及新車計畫步伐的影響。研發費用與上一季相比保持相對穩定。

SG&A expenses in the first quarter were RMB2.5 billion or $348.8 million, down 15% year-over-year and 17.7% quarter-over-quarter. The year-over-year and the sequential decrease were primarily due to decreased employee compensation, improved operational efficiency, and decreased marketing and promotion activity.

第一季銷售、一般及行政費用為 25 億元（3.488 億美元），年減 15%，季減 17.7%。年比和季減主要是由於員工薪酬下降、營運效率提高以及行銷和促銷活動減少。

Income from operations in the first quarter was RMB271.7 million or $37.4 million versus loss from operations of RMB584.9 million in the same period last year and income from operations of RMB3.7 billion in the prior quarter. Operation margin in the first quarter was 1.0% versus negative 2.3% in the same period last year and positive 8.4% in the third quarter. Net income in the first quarter was RMB646.6 million or $89.1 million, up 9.4% year-over-year and down 81.7% quarter-over-quarter.

第一季營業利潤為人民幣2.717億元（約3740萬美元），去年同期營業虧損為人民幣5.849億元，上一季營業利潤為37億元人民幣。第一季營業利益率為 1.0%，而去年同期為負 2.3%，第三季為正 8.4%。第一季淨收入為人民幣 6.466 億元（8,910 萬美元），年增 9.4%，季減 81.7%。

Diluted net earnings per ADS attributable to ordinary shareholders were RMB0.62 or $0.08 in the first quarter versus RMB0.56 in the same period last year and RMB3.31 in the prior quarter.

第一季歸屬於普通股股東的每股美國存託憑證攤薄淨收益為 0.62 元人民幣或 0.08 美元，去年同期為 0.56 元人民幣，上一季為 3.31 元人民幣。

Turning to our balance sheet and cash flow. Our cash position remains strong at RMB110.7 billion or $15.3 billion as of March 1, 2025. Net cash used in operating activities in the first quarter was RMB1.7 billion or $234.4 million versus RMB3.3 billion in the same period last year and net cash provided by operating activities of RMB8.7 billion in the prior quarter. Free cash flow was negative RMB2.5 billion or negative $348.7 million in the first quarter versus negative RMB5.1 billion in the same period last year and positive RMB6.1 billion in the prior quarter.

轉向我們的資產負債表和現金流。截至 2025 年 3 月 1 日，我們的現金狀況依然強勁，為人民幣 1,107 億元（約 153 億美元）。第一季經營活動所用淨現金為人民幣 17 億元（約 2.344 億美元），去年同期為人民幣 33 億元，上一季經營活動產生的淨現金為 87 億元人民幣。第一季自由現金流為負25億元，即負3.487億美元，去年同期為負51億元人民幣，上一季為正61億元。

And now for our business outlook. For the second quarter of 2025, the company expects delivery to be between 121,000 and 128,000 vehicles, representing a year-over-year increase of 13.3% to 17.9%. The company also expects second quarter total revenue to be between RMB32.5 billion and RMB33.8 billion or $4.5 billion and $4.7 billion, representing a year-on-year increase of 2.5% to 6.7%. This business outlook reflects the company's current and preliminary view on its business situation and the market condition which is subject to change.

現在談談我們的業務展望。該公司預計2025年第二季交付汽車將在12.1萬至12.8萬輛之間，年增13.3%至17.9%。該公司也預計第二季總營收將在人民幣325億元至人民幣338億元之間或45億美元至47億美元之間，年增2.5%至6.7%。該業務展望反映了公司對其業務狀況和市場狀況的當前和初步看法，但可能會發生變化。

That concludes our prepared remarks. I will now send the call over to the operator and start our Q&A session.

我們的準備好的演講到此結束。我現在將把電話轉接給接線員並開始我們的問答環節。

(Operator Instructions)

（操作員指示）

Tim Hsiao, Morgan Stanley.

摩根士丹利的 Tim Hsiao。

My first question is about the (inaudible) growth because Li Auto's new L Series has received great market feedback, but in the meantime, we also noticed that competitors are trying very hard to benchmark the L Series with much more aggressive pricing and specs. So how would Li Auto keep growing vehicle sales 2 times faster than the the overall higher market throughout the rest of the year and keep getting market share at (inaudible) peers in China. That's my first question. Thank you.

我的第一個問題是關於（聽不清楚）成長的，因為理想汽車的新款 L 系列獲得了很好的市場反饋，但與此同時，我們也注意到競爭對手正在努力以更具競爭力的價格和規格來對標 L 系列。那麼，理想汽車如何在今年剩餘時間內保持汽車銷量比整體高端市場增長快 2 倍的速度，並繼續在中國同行中佔據市場份額？這是我的第一個問題。謝謝。

(Interpreted)

（口譯）

After we launched the new L series, its sales performance met our expectations and has shown healthy growth. Our weekly sales are now over 10,000 units month-to-date. Our market share in RMB200,000 and over and higher. NEV market has reached 14.7%. We're very confident our monthly deliveries [of our new L Series] (redacted by company after the call) will return to the 50,000 per month level pretty soon. Thank you.

我們推出新款L系列後，其銷售業績符合我們的預期，並呈現健康的成長態勢。截至目前，我們每週的銷售量已超過 10,000 台。我們的市佔率在20萬人民幣及以上。新能源汽車市場佔有率達14.7%。我們非常有信心，我們的新 L 系列的月交付量（通話後公司刪除）將很快恢復到每月 50,000 輛的水平。謝謝。

So my second question is about the products. So aside to the current SUV lined up, when would Li Auto consider selling sedans? With the company also adopt the dual powertrain strategies to include both EREV and the BEV for sedan product line to cater to a broader consumer base? That's my second question. Thank you.

我的第二個問題是關於產品的。那麼，除了目前推出的SUV車型外，理想汽車何時會考慮銷售轎車呢？該公司是否也採用雙動力系統策略，將 EREV 和 BEV 同時納入轎車產品線，以滿足更廣泛的消費者群體？這是我的第二個問題。謝謝。

(Intepreted)

（口譯）

In our view, with Li MEGA, the range extended SUV series as the best SUV series in full sales production. We can reach up to RMB300 billion in terms of revenue, and after we reach that level of revenue scale, we will review based on user demand and market condition, when to launch sedan models and MPV models covering a more affordable price range, and these products in combination will also be offered not only in China but also other Asian markets and European markets. Thank you.

我們認為，以長安MEGA為代表的增程式SUV系列，是目前量產銷售量最好的SUV系列。我們的營收規模最高可以達到3000億，達到這個營收規模之後，我們會根據用戶需求和市場情況，考慮什麼時候推出覆蓋更親民價格區間的轎車車型和MPV車型，而且這些產品組合不僅會在中國，還會在其他亞洲市場和歐洲市場推出。謝謝。

Thank you. Thanks a lot for sharing all the insights AND information. Thank you.

謝謝。非常感謝您分享所有的見解和資訊。謝謝。

Yingbo Xu, CITIC Securities.

徐英波，中信證券。

I have two questions and the first one is about the, hello OS. Could you please give me us more colors about the, intelligence level. And how to cutting costs and the difference between ASA and LOS.

我有兩個問題，第一個是關於你好作業系統的。您能否提供我更多有關智力水平的信息？以及如何削減成本以及 ASA 和 LOS 之間的差異。

And the second question about products for L6 and L8, what's the real difference between their users and in the future, how about I and I6 how can they want I mean consumers in the BEA market. Thank you.

第二個問題是關於 L6 和 L8 產品，它們的使用者之間真正的差異是什麼？未來，I 和 I6 如何滿足 BEA 市場消費者的需求？謝謝。

Hi Yingbo. This is Yan. I will answer your first question. Right now we are seeing strong interest in our Halo OS from three main types of companies automakers, chip manufacturers, and other ecosystem suppliers. In fact, some of these suppliers have already started contributing code to the open source community.

嗨，英波。這是 Yan。我來回答你的第一個問題。目前，我們看到三類主要公司對我們的 Halo OS 表現出濃厚的興趣：汽車製造商、晶片製造商和其他生態系統供應商。事實上，其中一些供應商已經開始向開源社群貢獻程式碼。

For us, the stronger the overall industry ecosystem becomes, the faster we can iterate on our own products and the technologies as our as our partners grow in capability and collaborate with us more closely, we also see meaningful cost efficiency. And as the open source community matures, our investments in certain areas can be reduced, allowing us to focus more resources on what truly set us apart, our core strengths.

對我們來說，整個產業生態系統越強大，我們就能越快地迭代我們自己的產品和技術，隨著我們合作夥伴的能力不斷增長並與我們進行更緊密的合作，我們也看到了有意義的成本效率。隨著開源社群的成熟，我們在某些​​領域的投資可以減少，讓我們能夠將更多的資源集中在真正讓我們與眾不同、我們的核心優勢上。

At the same time, our operating system give us a unique opportunity to vertically integrate hardware, software, and algorithm capabilities. Over time, we're confident this will allow us to continuously enhance. The AI user experience on heads.

同時，我們的作業系統為我們提供了垂直整合硬體、軟體和演算法能力的獨特機會。隨著時間的推移，我們相信這將使我們不斷進步。腦中的 AI 使用者體驗。

So how does HOS compare to AA? First of all, HaloS can fully replace the core functionalities of standard ASA operating system. On top of that baseline, AOS brings significant advantages in areas where traditional auto OS doesn't do very well, such as more efficient resource usage and a true end to end time determinism. What is more, by redefining the system architecture, we are able to address some of the limitations of the relatively heavyweight autosoft framework, especially when it comes to enabling faster, more agile innovation. Thank you.

那麼 HOS 與 AA 相比如何呢？首先，HaloS 可以完全取代標準 ASA 作業系統的核心功能。在此基礎上，AOS 在傳統汽車作業系統表現不佳的領域帶來了顯著優勢，例如更有效率的資源利用和真正的端到端時間確定性。而且，透過重新定義系統架構，我們能夠解決相對較重的 autosoft 框架的一些限制，尤其是在實現更快、更敏捷的創新方面。謝謝。

(Interpreted)

（口譯）

The Li Auto brand is positioned as a premium brand, therefore, additional purchases and upgrades is a big part of our customer base. So specifically, our range extended models are catered towards, customers who. Currently own ICE models as an upgrade to ICE models, whereas BEB models are upgrades for NEV car owners, so I and I6 will be targeted towards the current ownership phase of NUV cars, and our expectations for this year is that the overall NUV market over RMB200 200,000. Will be about 3.8 million units this year, and among which 1.69 million will be PFs and 2.13 million will be BAs. Therefore, by introducing that models, we'll be taken into a bigger market. Thank you.

Li Auto品牌定位為高端品牌，因此額外購買和升級占我們客戶群的很大一部分。因此，具體來說，我們的擴展系列車型是針對那些客戶而設計的。目前擁有的ICE車型是作為ICE車型的升級版，而BEB車型是針對NEV車主的升級版，所以I和I6將針對目前擁有階段的NUV車主，我們對今年NUV整體市場的預期是20萬到20萬人民幣。今年預計產量約380萬台，其中PF為169萬台，BA為213萬台。因此，透過引入該模型，我們將進入更大的市場。謝謝。

Tina Hou, Goldman Sachs.

高盛的 Tina Hou。

High management, thanks for taking my questions. So I have two questions. The first one is regarding our, balance sheet. So just wondering what is our target leverage ratio and also, sort of, what is our payable, cycle including some of the. Bank bills bills payable to the supply chain and then the second question is, regarding our upcoming 18, the best model. So could management share with us what do you think is the biggest selling point and advantage versus other best models in the same segment.

高階管理人員，感謝您回答我的問題。我有兩個問題。第一個是關於我們資產負債表。所以只是想知道我們的目標槓桿率是多少，以及我們的應付週期是多少，包括其中一些。銀行票據應付給供應鏈的票據，第二個問題是關於我們即將推出的 18 個最佳模型。那麼管理層能否與我們分享您認為與其他同類型最佳車型相比最大的賣點和優勢是什麼？

Oh what nick fine xia zhong one can said guani was the T1 was been liang 1 T diger shi guan yu woman the Xianoia biao the gang gali is going in the in infu zhou qibuzobaohan in hong hui. Don't don't that use me on the sing now how that woman yo I buy the the SUV, what isngheng the eagle the jing hogs.

喔什麼尼克罰款夏忠一可以說關尼是T1被梁1 T diger shi關羽女人Xianoia彪幫加利是在infu zhou qibuzobaohan在hong hui去。別 ...

Okay. Yeah, this is, Johnny. I, I'll take the first question. We are, very committed to maintain a good relationships with, supply, supplier partners.

好的。是的，這是強尼。我來回答第一個問題。我們致力於與供應、供應商合作夥伴保持良好的關係。

We strive to maintain the payable days at a reasonable and healthy level.

我們努力將應付薪資天數維持在合理、健康的水準。

Basically, ranging from, 2 to 4 months. So if you see our, payable date, at the end, it's, because there are some, reconciliation, they need to be spent after we book the balance and we will finally.

基本上是2到4個月不等。因此，如果您在最後看到我們的應付日期，那是因為有一些對賬，它們需要在我們記入餘額後花掉，最後我們才會花掉。

You have to tell the balance with our suppliers. At the end of Q1, the payable balance didn't change much compared with the end of last year. So the quarter or quarter increase in the payable days was mainly due to the calculation, method which is, due to the lower cost of sales in the first quarter.

您必須告訴我們的供應商餘額。第一季末，應付帳款餘額與去年末相比變動不大。因此應付帳款天數的季度或季度增加主要是由於計算方法不同，即由於第一季銷售成本較低所致。

(Interpreted)

（口譯）

So to a brief, a few points on, IA's key selling points, apart from the VLA driver model, which I mentioned earlier, IA also has a very innovative, styling. Exterior and interior and the Xer styling is really designed around smart packaging to allow for the most space inside as well as a very low dry coefficient. And in the meantime, I also offers very good handling and ride comfort. Apart from that, I also supports charging up to 500 kilometers in 10 minutes with this high voltage charging technology and by the time we launch I8, we also would have. Built 20 2,500 supercharging stations to prepare for the launch of I-8, and all these charging stations are built around the surroundings and the travel routes of our potential customers. So we have reason to believe that the I-8 will be a top choice for existing owners of NEV cars as a replacement or upgrade to their current models. Thank you.

因此，簡單介紹一下 IA 的幾個主要賣點，除了我之前提到的 VLA 驅動器模型之外，IA 還具有非常創新的造型。外部和內部以及 Xer 造型真正圍繞智慧包裝進行設計，以提供最大的內部空間以及非常低的乾燥係數。同時，我還提供了非常好的操控性和乘坐舒適性。除此之外，借助這種高壓充電技術，我還支援在 10 分鐘內充電 500 公里，當我們推出 i8 時，我們也會實現這一目標。為I-8的開通做準備，建造了20個2500伏超級充電站，所有這些充電站都是圍繞週邊環境和我們潛在客戶的出行路線而建造的。因此，我們有理由相信，I-8 將成為現有 NEV 車主更換或升級現有車型的首選。謝謝。

Thank you.

謝謝。

(inaudible) CICC.

（聽不清楚）中金公司。

This is my first question. It's regarding to our sales target and also some trends outlook. We will set up clear sales target this year or will we f flexily adjust our volume and price strategy according to the market changes and also in the longer term, previously we have our, calculations about the market size and given the changes in recent two years, had there been any changes in our adjust adjustment. So, regarding to the mid to high-end SUVs and especially family target cars. So what's our, mid mid-term sales target in domestic market?

這是我的第一個問題。這與我們的銷售目標以及一些趨勢展望有關。今年我們會有一個明確的銷售目標，還是會根據市場的變化，以及更長遠來看，靈活調整我們的量價策略，之前我們對市場規模有計算，考慮到這兩年的變化，我們的調整幅度有沒有變化。因此，關於中高階SUV，特別是家庭目標車。那我們在國內市場的中期銷售目標是什麼呢？

(Interpreted)

（口譯）

As we communicated before, we expect our growth in 2025 to be double the growth rate of overall, RMB200,000 above NEV market. And in terms of energy type, as we launch our BEV models, we'll be taken into a bigger town, as I mentioned earlier, the oil market of NEV over RMB200,000 and more RMB3.8 billion this year expected and RMB2.1 million, which is bad, so our new BEV model launches will take us into this bigger market.

正如我們之前所傳達的，我們預計 2025 年我們的成長率將是整體 20 萬元以上新能源汽車市場成長率的兩倍。在能源類型方面，隨著我們推出 BEV 車型，我們將進入更大的城鎮，正如我之前提到的，NEV 的石油市場今年預計將超過 20 萬元人民幣，達到 38 億元人民幣，而今年預計為 210 萬元人民幣，這很糟糕，因此我們推出的新款 BEV 車型將帶領我們進入這個更大的市場。

And in terms of market demand, we think there's still, great potential, and I'll give one example with Tier 4, Tier 5 cities. We've recently announced, what we call SAR program, which will.

就市場需求而言，我們認為仍存在巨大的潛力，我舉四線、五線城市的例子。我們最近宣布了所謂的 SAR 計劃。

Expand our coverage in tier 4 and tier 5 cities, and we run some pilot programs last year in these tier 4 and tier 5 cities like for example, in Sichuan Dazhou and Sigu, both of which are tier 4 tier 5 cities, and since we've opened our stores in last September, in less than half. A year we've reached over 28% market share in all passenger vehicle markets over 200,000 regardless of energy type. And another example in Shanxi, CNY, we've also reached 25% market share in all PV market over RMB 200,000 and above.

擴大我們在四線和五線城市的覆蓋範圍，去年我們在這些四線和五線城市開展了一些試點項目，例如四川達州和四固，這兩個城市都是四線和五線城市，自從去年 9 月我們開設門店以來，開業時間還不到一半。一年來，我們在所有超過 20 萬輛的乘用車市場（無論何種能源類型）的市佔率已超過 28%。再例如山西，我們在20萬以上光電市場也已經佔據了25%的市場。

And as the overall penetration rate of NEB reaches over 50%, more and more users are choosing new energy vehicles and also as we launch L6 and other models, we're seeing bigger opportunities in tier 4 and tier 5 cities. So this year we'll we'll continue to expand our SA program and bring incremental sales to the company. So our goal is to expand to 100 cities this year in tier 4, tier 5 cities and bring in 100,000 incremental sales in 2026.

隨著NEB的整體滲透率達到50%以上，越來越多的用戶選擇新能源車，同時隨著我們推出L6等車型，我們在四線和五線城市看到了更大的機會。因此今年我們將繼續擴大我們的 SA 計劃並為公司帶來增量銷售。因此，我們的目標是今年擴展到四線、五線城市的 100 個城市，並在 2026 年實現 10 萬輛增量銷售。

Hold on. Well, the guy when you going for the cash. So my second question is regarding to, AD. So, Mr. Li Xiang, elaborated in detail in how we do VRA in the previous AI talk, talking about our, drivers, driver large model, some progresses. Including the pre-training of the foundation model and the different types of the reinforcement learning and etc. So what's core difficulties do you think are there and how we do to differentiate ourselves from peer companies.

堅持，稍等。好吧，當你去拿現金的時候那個人。我的第二個問題是關於AD的。李翔先生在先前的AI演講中詳細闡述了我們如何進行VRA，談到了我們的驅動程式、驅動程式大模型的一些進展。包括基礎模型的預訓練，強化學習的不同類型等等，那麼您認為我們面臨的核心困難是什麼，我們如何與同行公司區分開來。

(Interpreted)

（口譯）

Our training process for, basically replicating an experienced driver is divided into four steps. Step one is training what we call a VL foundational model, pre-training. Second step is post-training into a VLA model, and then is reinforced learning with human feedback or RLHF, and finally RL reinforced learning. And this is how we train. A experienced driver through AI and the hardest part of all this is the pre-training, which is the VL foundation model, as well as the last step, the reinforced learning step. This is a problem that that all enterprises are trying to solve. So first of all, in the VL foundational model training process, we're trying to add a specific.

我們的訓練過程基本上複製了經驗豐富的駕駛員，分為四個步驟。第一步是訓練我們所謂的 VL 基礎模型，即預訓練。第二步是後期訓練成VLA模型，然後是帶有人類回饋或RLHF的強化學習，最後是RL強化學習。這就是我們的訓練方式。透過人工智慧成為一名經驗豐富的駕駛員，而這其中最困難的部分是預訓練，即 VL 基礎模型，以及最後一步，強化學習步驟。這是所有企業都在努力解決的問題。因此首先，在 VL 基礎模型訓練過程中，我們嘗試加入一個特定的。

Video data so so that the foundational model can understand three dimensional space as opposed to other models which only understanding understand 2 day 2D space. This is a key differentiation of our foundational model. And then in reinforced learning, requires us to train the model in real world simulated s environments. To iterate the VLA model and improve its capabilities. So through reconstruction and generative processes and a combination of these two methods, we can build world models that actually follow the physical loss, the loss physics in the real world. And replicate traffic participants and other elements. So with very accurate simulation capabilities, the VLA driver model can train at very low cost and very accurately verify real issues in a simulated world model, and it can also significantly reduce the iteration period. Thank you.

視訊數據，以便基礎模型可以理解三維空間，而其他模型則只能理解二維空間。這是我們基礎模型的關鍵差異。然後在強化學習中，要求我們在現實世界的模擬環境中訓練模型。迭代 VLA 模型並提高其能力。因此，透過重建和生成過程以及這兩種方法的結合，我們可以建立真正遵循物理損失、現實世界中的損失物理學的世界模型。並複製交通參與者等元素。因此，憑藉非常精確的模擬能力，VLA 駕駛員模型可以以非常低的成本進行訓練，並且非常準確地在模擬世界模型中驗證真實問題，同時還可以顯著縮短迭代周期。謝謝。

Thank you.

謝謝。

Bin Wang with Deutsche Bank.

德意志銀行的王斌。

I got two question why is the margin and the second one is about the export. In the 1st quarter, you actually enjoying the margin expansion you mentioned is that pricing strategic change. Can you provide more detail about this strategic change? Meanwhile, what's your outlook for the 2nd quarter when we think that we launch a newest seriously actually reduce the. 50, okay, we assume your margin actually will increase in the 2nd quarter. And for the second question about the export, you previously you think this will be the starting point for export. Do you get when the meaningful volume will be emerged for the export business when you can start to say monthly export volume exceed 1,000 units. Thank you.

我有兩個問題：為什麼是利潤率，第二個問題是關於出口的。在第一季度，您實際上享受的利潤率擴張就是您提到的定價策略變化。您能否提供有關此戰略變化的更多細節？同時，當我們認為我們推出最新的認真實際上減少.50時，您對第二季度的展望是什麼？好的，我們假設您的利潤率實際上會在第二季增加。關於出口的第二個問題，您之前認為這將是出口的起點。您是否知道，當月出口量超過 1,000 台時，出口業務何時才會出現有意義的成長？謝謝。

Have I mean this is, a job. I think, our, first, we had the vehicle margin to still remain around, 19% for the second quarter. As the second quarter is, we have. The April and May, the mega is not there and, as of today, we have a lot of new mega home, all hands that it's, still, will still start huge volume delivered, starting from this week. And also it's a switch from the old, the 2024 version of L series to the 2025, so it's a combination so we still, keep the vehicle running around, 19%.

我的意思是，這是一份工作。我認為，首先，我們第二季的汽車利潤率仍然保持在 19% 左右。正如第二季度一樣，我們已經做到了。四月和五月，大型住宅還沒有出現，但截至今天，我們有很多新的大型住宅，從本週開始，我們仍然會開始大量交付。而且這是從舊款 2024 年 L 系列到 2025 年的轉換，所以這是一個組合，我們仍然保持車輛運行，19%。

(Interpreted)

（口譯）

We have three prerequisites for entering an overseas for any market, which is offering a good hardware, and second is, being able to provide after sale support, and third is to provide smart software services. Only when we meet these three conditions can we enter a new market because we consider ourselves to be selling AI or terminals as opposed to just selling physical products. Over the next few years we'll be focusing on Asian and European markets and recruit established distributors across these countries. And in the meantime, we're also stepping up our efforts to identify and assign top talents, internal talents to our overseas market team in while also recruiting actively professionals with international experience to join our international team. Overall market, overseas market, is a part of our long-term strategy. So we'll be working very hard and with a goal of reaching 30% of overall sales, overseas. Thank you.

我們進入海外任何市場都具備三個前提條件，一是能夠提供好的硬件，二是能夠提供售後支持，三是能夠提供智能軟體服務。只有滿足了這三個條件，我們才能進入一個新的市場，因為我們認為自己是在賣人工智慧或終端，而不是只賣實體產品。未來幾年我們將專注於亞洲和歐洲市場，並在這些國家招募成熟的經銷商。同時，我們也在加強物色和指派頂尖人才、內部人才到我們的海外市場團隊，同時積極招募具有國際經驗的專業人士加入我們的國際團隊。整體市場、海外市場，是我們長期策略的一部分。因此，我們會非常努力地工作，目標是讓海外銷售額達到總銷售額的 30%。謝謝。

Thank you.

謝謝。

Paul Gong, UBS.

保羅龔，瑞銀。

So my first question is regarding the VLA timing for availability to the consumers, especially given the. Tightening of the regulation and the driving assistance recently by the government. Do we need more time to verify it, or are we still confident that it would be available for consumers to use in July? The second question is the implication of mega home. This has definitely shows some improvement from the previous mega cells and what do you think are the lessons learned and what would be the lessons for the upcoming I8 and I6 launch.

因此，我的第一個問題是關於 VLA 向消費者推出的時間，特別是考慮到。政府最近加強了監管和駕駛輔助。我們是否需要更多時間來驗證它，或者我們仍然相信它會在 7 月供消費者使用？第二個問題是「超級家居」的意思。這無疑顯示出與之前的巨型電池相比的一些改進，您認為從中吸取了什麼教訓，即將推出的 I8 和 I6 又能吸取什麼教訓呢？

(Interpreted)

（口譯）

We're still on track to releasing our VLA driver model in July together with our B Electric SUV I-8, but then be rolling out VLA driver to all of our users in August, and obviously the, our drivers can our our customers can also experience VA driver in our in test drives in all of our stores. We view regulations at to on safety. And insisted driving to be absolutely necessary and in fact, we view stringent regulations to be more favorable to companies with solid technical fundamentals. So for Li Auto, our super alignment technology will address many of the safety concerns and allow us to prioritize safety as the top consideration in all development stages. Enhanced regulatory regu regulations requirements will not hinder our R&D efforts. Thank you.

我們仍計劃在 7 月與 B 電動 SUV I-8 一起發布 VLA 駕駛員模型，然後在 8 月向所有用戶推出 VLA 駕駛員，顯然，我們的客戶也可以在我們所有商店的試駕中體驗 VA 駕駛員。我們查看有關安全的規定。並堅持駕駛是絕對必要的，事實上，我們認為嚴格的監管對擁有堅實技術基礎的公司更有利。因此，對於理想汽車而言，我們的超級定位技術將解決許多安全問題，並使我們能夠在所有開發階段將安全性視為首要考慮因素。加強監管法規要求不會阻礙我們的研發工作。謝謝。

So in fact, our previous study rate of megalis was about 1,000 per month. And our expectation was for it to increase by 50% with the launch of the new model, but in fact it it eventually increased by over 150%, significantly exceeding our expectations, and obviously we hope to increase production capacity to keep maintain a delivery steady state delivery rate of 2,500 to 3,000 as we expect. So as we look back at the previous year and how we got to where we are today, we realized the most important thing was not to focus on our own internal desires or focus too much on the competition or on specific market segments on which comp competitors entered this market. And do things based on our fear, but in fact, we return to the users and focus on their, the family users and what they actually need and how we can, surpass.

所以實際上我們之前對megalis的學習率大概是每月1000左右。而我們原本的預期是隨著新車型的推出會增加50%，但實際上最終增加了150%以上，大大超出了我們的預期，顯然我們希望增加產能，保持交付穩定狀態，維持我們預期的2500到3000的交付率。因此，當我們回顧過去的一年以及我們如何走到今天這一步時，我們意識到最重要的是不要關注我們自己的內在慾望，也不要過多關注競爭或競爭對手進入這個市場的特定細分市場。我們做事是基於我們的恐懼，但事實上，我們回歸到用戶，關注他們的家庭用戶以及他們真正需要什麼，以及我們如何超越。

What they're looking for or other products are offering in the market and innovate around their needs. So one opportunity that we see as we see the success with the new mega home and what we've done the explorations we did last year was really this opportunity around mobile space. There's so many things that we can do to innovate around this mobile space experience and there's so much exciting product features that we're exploring, because.

他們正在尋找什麼或市場上提供的其他產品，並根據他們的需求進行創新。因此，我們看到的新超級住宅的成功以及我們去年所做的探索的一個機會實際上是移動空間的機會。我們可以圍繞著移動空間體驗進行許多創新，而且我們正在探索許多令人興奮的產品功能。

We hope the car car going forward is not the experience is not going to be just focused on hardware, but actually an over an an integrated AI experience enabled by hardware and software. So looking forward, we know when we talk about user machine inter interaction, we think of Apple as a company that does it best in the world. We hope when people talk about space experience, people think of Lee in the future. Thank you.

我們希望未來的汽車體驗不僅僅關注硬件，而是一種由硬體和軟體實現的整合人工智慧體驗。因此展望未來，我們知道，當我們談論用戶機器互動時，我們認為蘋果是世界上做得最好的公司。我們希望，未來當人們談論太空經歷時，會想到李。謝謝。

Thank you very much. Thank you.

非常感謝。謝謝。

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

由於我們的電話會議即將結束，我想將電話轉回給公司進行結束語。珍妮特女士，請繼續。

Thank you once again for joining us today. If you have further questions, please feel free to contact Li Auto's Investor Relations team. This concludes today's conference call. You may now disconnect your lines. Thank you.

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投資者關係團隊。今天的電話會議到此結束。現在您可以斷開線路了。謝謝。