理想汽車 (LI) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's second quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

女士們、先生們，大家好。感謝您參加理想汽車2025年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。

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

現在我將電話轉給主持人、李汽車投資者關係總監 Janet Chang 女士。請繼續，珍妮特。

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

謝謝你，達西。大家晚上好，早安。歡迎參加理想汽車2025年第二季財報電話會議。該公司的財務和營運結果已在我們今天早些時候的新聞稿中公佈，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, and CTO, Mr. Yan Xie, will join for the Q&A discussion.

在今天的電話會議上，我們的董事長兼首席執行官李翔先生和首席財務官 Johnny Tie Li 先生將首先發表準備好的講話；我們的總裁馬東輝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 US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today.

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。

Further information regarding risks and uncertainties is included in certain company filings with the US Securities and Exchange Commission and the stock exchange of Hong Kong Limited. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

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證券交易所提交的文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

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 the Li Auto's disclosure documents on the IR section of our website, which contains 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 CFO will start his remarks in Chinese. There will be English translation after he finishes all his remarks.

我們的財務長將用中文開始他的演講。他全部發言結束後將有英文翻譯。

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。

(spoken in foreign language)

（用外語說）

(Interpreted) Hello, everyone. This is Li Xiang, and thank you for joining today's earnings conference call. In the second quarter of 2025, we delivered over 110,000 vehicles, bringing total revenues to RMB30.2 billion. According to insurance registration data from the China Automotive Technology and Research Center, we captured a 13.4% market share in the RMB200,000 and above NEV market in China, making yet another quarter where we have top segment sales among Chinese auto brands.

（譯）大家好。我是李想，感謝您參加今天的財報電話會議。2025年第二季度，我們交付了超過11萬輛汽車，總收入達302億元人民幣。根據中國汽車技術研究中心的保險登記數據，我們在中國20萬元以上新能源汽車市場佔有率達13.4%，再度蟬聯中國汽車品牌細分市場銷售第一。

As of the end of July, our cumulative deliveries exceeded 1.36 million vehicles. I would like to extend my sincere gratitude to those 1.3 million families who have placed their faith in us as well as our partners, shareholders and employees for being part of this journey.

截至7月底，我們的累計交付量已超過136萬輛。我要向那些對我們充滿信心的 130 萬個家庭以及與我們一起走過這一歷程的合作夥伴、股東和員工表示最誠摯的感謝。

We launched Li MEGA Home in April this year, the sales results far exceeded our expectations, with approximately 3,000 units sold monthly, 14 months after launch in March last year Li MEGA has become selling PV priced above RMB500,000 since May 2025. And then the top seller among all the EVs in the same price range since June 2025.

我們今年4月推出的利MEGA Home，銷售業績遠超預期，每月銷售約3000套，自去年3月推出以來，經過14個月的發展，利MEGA自2025年5月起已成為銷售價格在50萬元以上的房源。並於2025年6月起成為同價位所有電動車中最暢銷的車款。

These achievements demonstrate our ability to quickly identify issues and grow while standing as a powerful testament to our product value and validated by the market and tested time.

這些成績證明了我們能夠快速發現問題並不斷成長，同時也有力地證明了我們產品的價值，並經過了市場和時間的驗證。

The refreshed Li Series that we launched in the first half of this year experienced sales fluctuations since June due to sales and service system adjustments and other market factors. Despite these challenges in June and July, we maintained our top sales -- top 3 position in the RMB200,000 and above NEV market. We will draw on Li Auto's ability to thrive in challenging conditions and swiftly complete the restructuring of our sales and service systems. This includes enhancing sales and delivery capabilities, building an end-to-end marketing system and boosting sales team morale.

我們今年上半年推出的改款Li系列，受銷售服務體系調整等市場因素影響，6月以來銷售量出現波動。儘管6月和7月面臨這些挑戰，我們仍然保持了最高的銷售量——在20萬元及以上的新能源車市場中排名前三。我們將發揮理想汽車在困境中求生存的能力，迅速完成銷售、服務體系的重建。這包括增強銷售和交付能力、建立端到端行銷系統以及提高銷售團隊士氣。

Meanwhile, we will focus on creating value for our users to respond more effectively to market dynamics. We officially launched Li i8 on July 29, with delivery starting on August 20. Li i8 showcases our latest innovation and redefine best SUVs by combining the versatility of off-roaders the right and handling of luxury stands and the comfort of MPVs. Its pioneering design is a key reason why users choose Li i8, validating our product philosophy.

同時，我們將專注於為用戶創造價值，以更有效地應對市場動態。我們於7月29日正式推出李書福i8，並於8月20日開始交付。Li i8 展示了我們最新的創新，並透過結合越野車的多功能性、豪華車的操控性和 MPV 的舒適性重新定義了最佳 SUV。其先鋒的設計是使用者選擇Li i8的關鍵原因，驗證了我們的產品理念。

Since its launch, our focus has been on accumulating positive user awards amount for this innovative product. We are especially pleased to see a test drive satisfaction rate of over 97%, as customers experience the product firsthand, Li i8 continues to gain momentum. Since deliveries began on August 20, we received glowing reviews from the initial batch of customers.

自推出以來，我們的重點一直放在為這款創新產品累積正面的用戶獎勵數量。我們尤其高興看到試駕滿意度超過 97%，隨著客戶親身體驗產品，Li i8 繼續獲得發展動力。自 8 月 20 日開始交付以來，我們收到了首批客戶的熱烈好評。

We expect cumulative deliveries of Li i8 to exceed 8,000 units by the end of September. We're confident that over time, just like MEGA, Li i8 will establish itself as the benchmark in its price range.

我們預計，截至 9 月底，Li i8 的累積交付量將超過 8,000 輛。我們相信，隨著時間的推移，就像 MEGA 一樣，Li i8 將成為其價格範圍內的標竿。

Additionally, preparation for our PisemabSV Li i6 is progressing smoothly. We plan to launch Li i6 and condense deliveries at the end of September. Li i6 will expand our product lineup to cater to a broader audience base.

此外，我們的PisembSV Li i6的準備工作進展順利。我們計劃在九月底推出Li i6並集中交付。Li i6 將擴大我們的產品陣容，以迎合更廣泛的受眾群體。

To support our BEV launch, we offer the largest charging network of automakers in China. As the automaker was the fastest-growing charging network over the past few years the Li Auto strive to empower BEV users with a hassle-free experience.

為了支持我們的純電動車上市，我們提供了中國最大的汽車製造商充電網路。作為過去幾年成長最快的充電網路製造商，理想汽車致力於為純電動車用戶提供無憂的體驗。

As of now, we have more than 3,100 charging stations equipped with over 17,000 chart installs. Among these charges along the highways over 1,000 supercharging stations cover China's busiest 9 East West and 9 South North Highway routes, if 150-kilometer interval on average.

截至目前，我們已擁有超過 3,100 個充電站，安裝超過 17,000 張充電卡。其中高速公路沿線超過1,000座超級充電站，涵蓋了中國最繁忙的九東西、九南北高速公路路線，平均充電間隔150公里。

Additionally, more than 2,100 urban supercharging stations are spread across over 266 with an average coverage ratio of 3.5 in first and second year stages. We're confident that we will reach our 4,000 stage in Gulf by the end of this year. Our charging network also leads the industry in terms of charging rate.

此外，2100多個城市超級充電站分佈在266個城市，第一年和第二年階段的平均覆蓋率為3.5。我們有信心，到今年年底，我們將在海灣地區達到 4,000 個舞台。我們的充電網路在充電速率方面也處於行業領先地位。

Currently, all of our charging stalls support charging rates of 250 kilowatts were higher with over 61% being forcing 5 charters. All of our upcoming charging patients use 45 chart install, further enhancing the ultrafast charging capability of our energy replenishment network.

目前，我們所有的充電樁都支援250千瓦以上的充電費率，其中超過61%強制5個包機。我們所有即將充電的患者均採用45圖表安裝，進一步增強了我們能源補充網路的超快速充電能力。

Furthermore, we continue to explore and build a new ecosystem for our automotive charging services. In June, we launched China's first pass-through supercharging in station in Congo with functions like gas date, which functions like the gas station. It allows users to stay in the cars while supercharging multiple vehicles at the same time, making the charging experience more efficient and more convenient.

此外，我們繼續探索並建構汽車充電服務的新生態系統。今年6月，我們在剛果推出了中國首個直通式超級充電站，具備加油日期等功能，功能類似加油站。它可以讓用戶留在車內，同時為多輛汽車進行超級充電，讓充電體驗更有效率、更方便。

We're also testing autonomous chartering rollout, aiming to redefine smart charging in the future. We remain committed to ongoing investments in research and development to further solidify Li Auto's leading position in intelligence. We believe that intelligence is becoming an increasingly critical, maybe even the most critical driver of users' purchasing decisions. It will also reshape the automotive and mobility industry.

我們也正在測試自動租賃推出，旨在重新定義未來的智慧充電。我們將持續致力於持續投入研發，進一步鞏固理想汽車在智慧領域的領先地位。我們相信，智慧正在成為用戶購買決策中越來越重要的、甚至最關鍵的驅動因素。它還將重塑汽車和移動出行產業。

We expect our AI investments this year to exceed RMB6 billion, which will be allocated to infrastructure development as well as product and technology development. On August 20, we officially rolled out our proprietary VLA large model driver and the other agent with the delivery of Li I8 at the industry's first VLA architecture to be delivered in production vehicles. The VLA driver large model is scheduled to be deployed on all the AD MAX models by OTA updates by mid-September.

我們預計今年人工智慧的投資將超過60億元人民幣，用於基礎建設以及產品和技術開發。8月20日，我們正式推出自主研發的VLA大模型驅動與另一款驅動力－李書福I8的交付，這也是業界首款交付量產車的VLA架構車款。VLA 驅動程式大型模型計劃於 9 月中旬透過 OTA 更新部署到所有 AD MAX 模型上。

The VLA model, integrated spatial and linguistic intelligence with behavioral strategy. It both enhanced capability and precise spatial perception, chain of thought reasoning and decision-making natural language interaction just like human drivers and route diffusion generation and optimal path selection. By adopting a technical architecture that more closely resembles human intelligence.

VLA 模型將空間和語言智能與行為策略結合。它既增強了像人類駕駛員一樣進行精確空間感知、思路推理和決策的自然語言互動能力，又增強了路線擴散生成和最佳路徑選擇的能力。透過採用更接近人類智慧的技術架構。

The VLA driver large model significantly enhances user experience in areas such as defensive driving, smoothness and comfort 3-point turns continuous task execution and underground garage navigation. Furthermore, through ongoing and reinforcement learning, it can become increasingly understanding user preferences.

VLA駕駛員大型模型在防禦性駕駛、平順性與舒適性、三點轉彎、連續任務執行以及地下車庫導航等方面顯著提升了用戶體驗。此外，透過持續和強化學習，它可以越來越了解使用者的偏好。

Meanwhile, our proprietary foundation model, mine GPT powered Lisa Ponta has evolved from a voice assist into an intelligent agent. The agent's enhanced capabilities greatly extend the in-car service ecosystem.

同時，我們的專有基礎模型，由 GPT 驅動的 Lisa Ponta 已經從語音助理發展成為智慧代理。代理功能的增強極大地擴展了車載服務生態系統。

For example, they can act as a life assistant to connect with food delivery apps and pick-up orders at restaurants where activate vehicles external cameras and make payments by scanning and paying fees at parking lots. It's memory capability not only increases the diversity of tools, but also makes Vital solution more emotionally resonant and personalized.

例如，它們可以充當生活助手，連接送餐應用程式並在餐廳取餐，啟動車輛外部攝像頭，並透過在停車場掃描和付費進行付款。它的記憶能力不僅增加了工具的多樣性，而且使Vital解決方案更加具有情感共鳴和個性化。

Going forward, we will continue to build our AI capabilities to harness our R&D achievements to continuously advance product iteration and evolution. With the vehicle as platform, we're committed to bringing the physical and the digital world, extending the benefit of AI to every user. Beyond AI, our R&D also focuses on core areas such as electric drive technology and 5 supercharging.

未來，我們將持續建構AI能力，並利用研發成果不斷推動產品迭代演進。以車輛為平台，我們致力於將實體世界與數位世界連結起來，讓人工智慧的福祉惠及每位使用者。除了人工智慧之外，我們的研發也專注於電力驅動技術、5速增壓等核心領域。

For instance, our proprietary drive motors, including key components like silicon carbide power chips have significantly boosted vehicle energy efficiency and range. Another key R&D focus is 5G batteries. We have developed in-house batteries out and the thermal management system that can better support ultra fast charging and long driving range. The 5D battery can maintain a high charging power of over 300 kilowatts, while charges from 0% to 80% of SoC.

例如，我們專有的驅動電機，包括碳化矽功率晶片等關鍵部件，顯著提高了車輛的能源效率和續航里程。另一個重點研發領域是5G電池。我們開發了內部電池和熱管理系統，可以更好地支援超快速充電和長續航里程。5D電池在0%充電到SoC的80%時，可維持超過300度電的高充電功率。

Additionally, the battery life span is exceptional, even after 1,500 full charge discharge cycles in supercharging mode, battery health remains above 80%, which is industry first. We will continue to leverage our in-house R&D advantages to further bolster product competitiveness and optimize production costs by developing key technologies in-house and manufacturing our work through joint ventures.

此外，電池壽命非常出色，即使在超級充電模式下經過 1,500 次完全充電放電循環後，電池健康度仍可保持在 80% 以上，這是業界首創的。我們將持續發揮內部研發優勢，透過內部開發關鍵技術和透過合資企業生產，進一步增強產品競爭力並優化生產成本。

Turning now to our sales and service network. A recent organizational restructuring will empower us to build our store-centric user operation capability, which we believe will help boost sales conversion and improve how we communicate our brand and product.

現在轉向我們的銷售和服務網絡。最近的組織重組將使我們能夠建立以商店為中心的用戶營運能力，我們相信這將有助於提高銷售轉換率並改善我們傳達品牌和產品的方式。

Meanwhile, we will continue to define our network structure by expanding and upgrading coverage in major auto parts and shopping malls. We will gradually increase the number of stores in lower-tier cities to reach more user cohorts. To better support our bad launches, our store expansion schedule has been strategically front-loaded this year.

同時，我們將繼續完善網路結構，擴大和升級在主要汽車配件和購物中心的覆蓋範圍。我們將逐步增加低線城市的門市數量，以涵蓋更多的使用者群體。為了更好地支持我們糟糕的新品發布，我們今年的門市擴張計劃已策略性地提前。

As of now, we operate over 550 retail stores across more than 150 cities nationwide, with net additions of about 50 stores and 700 display spot since the end of last year. Throughout our journey, we have always believed in doing what we believe is right even when it's difficult. From EREVs B1 and B L Series to BEV, Li MEGA VI and Li i8, our commitment to developing advanced technologies and better products remains unshaken. No matter how much diversity we face.

截至目前，我們在全國150多個城市經營550多家零售店，自去年底以來淨增加了約50家門市和700個展示位。在我們的整個旅程中，我們始終堅信，即使困難重重，我們也應該做我們認為正確的事情。從增程式電動車 B1 和 B L 系列到純電動車、Li MEGA VI 和 Li i8，我們始終致力於開發先進技術和更好的產品。無論我們面臨多少差異。

This year, we've demonstrated progress in best innovation with offerings like Li MEGA Home and Li i8. Looking ahead, we will remain devoted to creating superior ERVs and that's while strengthening our brand. We will continue to leverage technological innovation to lead industry transformation. Through our long-term persistent efforts who will aim to provide our users with cutting-edge technology, extraordinary services and meaningful competition.

今年，我們透過 Li MEGA Home 和 Li i8 等產品展示了最佳創新方面的進步。展望未來，我們將繼續致力於打造卓越的 ERV，同時加強我們的品牌。我們將持續以科技創新引領產業變革。我們將透過長期堅持不懈的努力，致力於為用戶提供尖端的技術、卓越的服務和有意義的競爭。

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 our second quarter financial performance. Given time constraints, my remarks today will be limited to some key financial results. All figures will be quoted in RMBunless otherwise stated. For further details, including the corresponding US dollar amount, we encourage you to refer to our earnings press release.

謝謝你，翔。大家好。現在我將向大家介紹我們第二季的財務表現。由於時間限制，我今天的發言將僅限於一些關鍵的財務結果。除非另有說明，所有數字均以人民幣報價。有關更多詳細信息，包括相應的美元金額，我們建議您參考我們的收益新聞稿。

Total revenue in the second quarter were RMB30.2 billion, down 4.5% year-over-year and up 16.7% quarter-over-quarter. It included RMB28.9 billion from vehicle sales, down 4.7% year-over-year and up 17% quarter-over-quarter. The year-over-year decrease was mainly due to lower average selling price caused by product mix changes, customer interest subsidies and higher sales in basics, partially offset by increased vehicle deliveries.

第二季總營業收入為302億元人民幣，較去年同期下降4.5%，較上季成長16.7%。其中汽車銷售額289億元，年減4.7%，較上季成長17%。年比下降主要由於產品組合變化、客戶利息補貼和基礎產品銷售增加導致的平均售價下降，但被汽車交付量的增加部分抵消。

The sequential increase was mainly due to the increase in vehicle deliveries. Cost of sales in the second quarter was RMB24.2 billion, down 5.2% year-over-year and 17.3% quarter-over-quarter. Gross profit in the second quarter was RMB6.1 billion, down 1.8% year-over-year and up 14.1% quarter-over-quarter.

環比增長主要由於汽車交付量的增加。第二季銷售成本為242億元，年減5.2%，季減17.3%。第二季毛利為61億元，年減1.8%，較上季成長14.1%。

Vehicle margin in the second quarter was 19.4% versus 18.7% in the same period last year and 19.8% in the prior quarter. The year-over-year increase was attributable to lower hybrid cost of sales, mainly due to cost reduction, partially offset by lower average selling price caused by product mix changes, customer interest subsidies and higher sales incentives.

第二季汽車利潤率為 19.4%，去年同期為 18.7%，上一季為 19.8%。同比成長歸因於混合銷售成本的降低，這主要歸因於成本的降低，但部分被產品組合變化、客戶利息補貼和更高的銷售激勵導致的平均銷售價格下降所抵消。

Vehicle margin remained relatively stable over the prior quarter. Gross margin in the second quarter was 20.1%, versus 19.5% in the same period last year and 20.5% in the prior quarter. Operating expenses in the second quarter was RMB5.2 billion from 8.2% year-over-year and up 3.8% quarter-over-quarter.

與上一季相比，車輛利潤率保持相對穩定。第二季毛利率為20.1%，去年同期為19.5%，上一季為20.5%。第二季營業費用為52億元人民幣，較去年成長8.2%，較上季成長3.8%。

R&D expenses in the second quarter were RMB2.8 billion, down 7.2% year-over-year and quarter-over-quarter. The year-over-year decrease was primarily due to decreased employee compensation. The sequential increase was mainly impacted by the pace of new vehicle programs and higher expenses to support our product portfolio expansion and technology advancement.

第二季研發費用為28億元，年減7.2%，季減。年比下降主要是由於員工薪資減少。連續成長主要受到新車項目步伐以及支持我們的產品組合擴展和技術進步的更高費用的影響。

Our G&A expenses in the second quarter were RMB2.7 billion, down 3.5% year-over-year and up 7.4% quarter-over-quarter. The year-over-year increase was primarily due to decreased employee compensation, partially offset by increased marketing and promotion activities.

我們第二季的一般及行政費用為 27 億元，年減 3.5%，季增 7.4%。年比成長主要是由於員工薪資減少，但被行銷和促銷活動的增加部分抵消。

The sequential increase was mainly due to increased marketing and promotion activities. And income from operations in the second quarter was RMB827 million of 76.7% year-over-year and 204.4% quarter-over-quarter.

環比成長主要由於行銷和促銷活動的增加。第二季營業收入為8.27億元，年增76.7%，季增204.4%。

Operating margin in the second quarter was 2.7% versus 1.2% in the same period last year and 1% in the prior quarter. Net income in the second quarter was RMB1.1 billion, down 0.4% year-over-year and up 69.6% quarter-over-quarter. Diluted net earnings per ADS attributable to the ordinary shareholders for RMB1.03 in the second quarter, versus RMB1.05 in the same period last year and RMB0.62 in the prior quarter.

第二季營業利益率為 2.7%，去年同期為 1.2%，上一季為 1%。第二季淨利為11億元人民幣，較去年同期下降0.4%，較上季成長69.6%。第二季歸屬於普通股股東的每股美國存託憑證攤薄淨收益為1.03元人民幣，去年同期為1.05元人民幣，上季為0.62元人民幣。

And now turning to our balance sheet and cash flow. We maintain a robust cash position of RMB106.9 billion as of June 30, 2025. That cash used in operating activity in the second quarter was RMB3 billion versus RMB429.4 million in the same period last year and RMB1.7 billion in the prior quarter.

現在來看看我們的資產負債表和現金流。截至 2025 年 6 月 30 日，我們維持穩健的現金狀況，現金餘額為 1,069 億元。第二季經營活動所用現金為 30 億元，去年同期為 4.294 億元，上一季為 17 億元。

Free cash flow was negative RMB3.8 billion in the second quarter versus negative RMB1.9 billion in the same period last year, a negative RMB2.5 billion in the prior quarter. And now for our business outlook for the third quarter of 2025. The company expects the delivery to be between 90,000 and 95,000 vehicles and quarterly total revenues to be between RMB24.8 billion and RMB26.2 billion. This business outlook reflects the company's current and preliminary view on its business situation and market condition, which is started to change.

第二季自由現金流為負38億元人民幣，去年同期為負19億元人民幣，上一季為負25億元。現在來談談我們對 2025 年第三季的業務展望。該公司預計本季汽車交付量將在 9 萬至 9.5 萬輛之間，季度總營收將在 248 億元至 262 億元人民幣之間。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，該看法正在開始改變。

That concludes our prepared remarks. I will now turn the call over to the operator to start our Q&A session. Thank you.

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

(Operator Instructions)

（操作員指示）

Tina Hou from Goldman Sachs.

高盛的 Tina Hou。

Was the T Xiaoliang Xiang da da jinan Xiaoliang Xiahua u Xiang when jinanam zhang Xiaoliang the mu biao Zhang ruheda da chong guan tongs jihua ruhe tongguohong champing yin xiao hai. The hong Xiaoluan yu and Xuan Xia thanks for taking my question. I have two questions. The first one is regarding our sales volume because this year we've seen the L series. The sales volume has. Been declining. So how does management plan to achieve our full year target through product marketing as well as channel strategies going forward? And then the second question is regarding our self-developed chips. Can management give us some update on this front? Thanks.

是T小梁鄉大濟南小梁夏花u鄉當濟南張小樑木表張如合大沖官通吉話如和銅國紅昌平尹小海。洪小鸞宇和宣霞感謝回答我的問題。我有兩個問題。第一個是關於我們銷售量，因為今年我們已經看到了 L 系列。銷量有。一直在下降。那麼管理層計劃如何透過產品行銷和通路策略來實現我們的全年目標？第二個問題是關於我們自主研發的晶片。管理階層能否提供我們一些這方面的最新消息？謝謝。

(spoken in foreign language)

（用外語說）

(Interpreted) I'm translating from this market. focus. There has been a big focus on sales recently. And because our product consists of BEVs and ERVs, so I will answer these questions on -- from two perspectives.

（口譯）我正在翻譯這個市場。焦點。最近，人們非常關注銷售。由於我們的產品包括 BEV 和 ERV，所以我將從兩個角度回答這些問題。

First of all, on the EREV front, we will solidify our market position through intelligence. As a leader in range extended technology, we're enhancing product competitiveness through major upgrades in assisted driving. Starting in September, all the V80 MAX models across our EREV lineup will receive the VLA assisted driving system. We delivered the VLA preview version to users alongside VLA delivery.

首先，在增程式電動車方面，我們將透過智慧化來鞏固我們的市場地位。作為增程技術的領導者，我們透過輔助駕駛的重大升級來增強產品競爭力。從 9 月開始，我們 EREV 系列的所有 V80 MAX 車型都將配備 VLA 輔助駕駛系統。我們在 VLA 交付的同時向用戶提供了 VLA 預覽版。

The performance improvement that VLA brings can be compared to the improvement from Chat GPT 3.5 to 4.0. The VLA driver large model has 4 billion parameters over 10x higher compared to our previous end-to-end model. This is analogous to an increase in brain capacity. This has significantly improved experiences in two core areas.

VLA 帶來的效能提升可媲美 Chat GPT 3.5 到 4.0 的提升。 VLA 驅動程式大型模型擁有 40 億個參數，與我們先前的端到端模型相比，參數數量增加了 10 倍以上。這類似於大腦容量的增加。這顯著改善了兩個核心領域的體驗。

In daily driving, we deliver substantially improved smoothness and comfort many users comment that is now very difficult to tell a part, whether it's the car driving itself or the human driving. In addition, in terms of parking, users have praised our newly introduced VLA summon function and parking functions as it actually addresses pain points while at the same time, giving them better experience.

在日常駕駛中，我們提供了大幅改善的平穩性和舒適性，許多用戶評論說，現在很難分辨出是汽車自己駕駛還是人駕駛。此外，在停車方面，用戶對我們新推出的VLA召喚功能和停車功能表示稱讚，認為它確實解決了痛點，同時為他們帶來了更好的體驗。

From an industry perspective, we believe the VLA architecture is going to be highly aligned with human intelligence evolution. We're seeing more and more industry participants recognize and join the VLA count. We believe that future competition of assisted driving will hinge on iteration speed for which reinforcement learning is the key.

從產業角度來看，我們相信 VLA 架構將與人類智慧進化高度一致。我們看到越來越多的行業參與者認可並加入VLA計數。我們認為未來輔助駕駛的競爭是迭代速度，而強化學習是迭代速度的關鍵。

The simulation environment required for reinforcement learning has been built and is now operational. The core technology behind this is the world model, which is used to reconstruct and generate the scenarios and data required for reinforcement learning.

強化學習所需的模擬環境已經建置完成，並且可以運作。這背後的核心技術是世界模型，用於重建和產生強化學習所需的場景和資料。

Moving forward, we will leverage the system to rapidly iterate the VLA model so as to maintain an industry-leading position. That's our view.

未來我們將利用此系統快速迭代VLA模型，維持產業領先地位。這是我們的觀點。

On the BEV front, this year, our lineup with BESS will be released over time through two major models gradually opening up new growth opportunities. Li MEGA has steadily achieved monthly sales of over 3,000 units, stabilizing our best sales foundation. Since this launch, our Li i8 has received very positive feedback from test drives. We're now ramping up production capacity and striving to deliver between 8,000 to 10,000 units cumulatively by the end of September.

在純電動車方面，今年我們將透過兩款主要車型陸續推出BESS系列產品，逐步開闢新的成長機會。李MEGA月銷售量穩定突破3000台，穩固了我們最好的銷售基礎。自推出以來，我們的 Li i8 在試駕中獲得了非常正面的回饋。目前我們正在加大產能，力爭在9月底前累計交付8000至10000台。

In September, we will launch Li i6. The model has very attractive design. It drives very well in balances comfort and sportiness and have excellent space experience. It precisely meets the needs of younger consumers and has the potential to become our sales driver in that segment.

9月份，我們將推出Li i6。該模型的設計非常吸引人。它在舒適性和運動性方面達到了很好的平衡，並且擁有出色的空間體驗。它恰好滿足了年輕消費者的需求，並有可能成為我們在該領域的銷售驅動力。

On the marketing front, we will be adopting tailored strategies for different markets. Our sales servicing system is now built around 1 headquarter and 23 provincial regions, with the core principle being localization with strategies tailored to local markets.

在行銷方面，我們將針對不同的市場採取不同的策略。目前，公司已形成以1個總部和23個省級區域為核心的銷售服務體系，以在地化為核心，根據當地市場制定相應的銷售策略。

For example, in the northern region, we will be focusing on promoting EREV models, because of their -- their advantages in range and performance in winter. And in southern regions, we're prioritizing that model, highlighting selling like energy efficiency, spacious interior and smart features, aligning closely with the local consumer potency.

例如在北方地區，我們會專注於推廣增程式電動車型，因為它們在續航里程和冬季性能方面具有優勢。在南部地區，我們優先考慮該模式，突顯能源效率、寬敞的內部空間和智慧功能等賣點，與當地消費者的潛力緊密結合。

We'll increase marketing investment moving away from our previous assumption of great products will sell themselves. We'll fully embrace digital operations, building a sophisticated digital marketing platform and to track and optimize the entire consumer journey from audience targeting and lead generation to opportunity conversion. This enables precise decision-making on online marketing investments and significantly improving campaign effectiveness.

我們將增加行銷投資，不再像以前那樣認為「好產品自己就能賣出去」。我們將全面擁抱數位化營運，建立完善的數位行銷平台，追蹤和優化從受眾定位、潛在客戶生成到機會轉換的整個消費者旅程。這使得網路行銷投資的決策更加精準，並顯著提高行銷活動的效果。

On the channel side, for Tier 1, Tier 2 and Tier 3 cities, we're optimizing our store portfolio to improve consumer acquisition and conversion with a core focus on optimizing existing resources will optimize store locations. We are proactively relocating stores in suboptimal positions for lower traffic areas to ensure higher consumer reach and operational efficiency.

在通路方面，針對第一線、二線和三線城市，我們正在優化門市組合，以提高消費者獲取率和轉換率，核心重點是優化現有資源，優化門市位置。我們正在積極地將位置不太理想、人流量較少的商店遷移到其他地方，以確保更高的消費者覆蓋率和營運效率。

Meanwhile, we'll balance store mix. We're refining the ratio between mall-based stores and central stores in Autopark, leveraging mall stores brings in high consumer traffic areas to attract visitors while utilizing Central Store's high conversion capability to close sales, creating a seamless acquisition to conversion and enhancing overall operational efficiency.

同時，我們將平衡商店組合。我們正在優化Autopark中商場店鋪與中心店舖的比例，利用商場店鋪在人流量大的區域吸引客流，同時利用中心店舖的高轉換率完成銷售，實現從獲取到轉換的無縫銜接，提高整體營運效率。

To accelerate our coverage in lower-tier cities, we're adopting a lightweight model called Star Plan to deploy stores to along the new growth potential. Compared to traditional stores, these Star Plan stores require lower investments and have a shorter set of cycle, enabling rapid development in its core locations within Tier 4 and Tier 5 cities.

為了加速我們在低線城市的覆蓋，我們採用了一種名為「星星計畫」的輕量級模型，將門市部署到新的成長潛力地區。相較於傳統門市，星級門市投資額度更低、開店週期更短，能夠在四、五線城市核心地段快速發展。

By increasing store density, will we boost brand visibility and fully tap in the potential of lower-tier markets and inject fresh momentum into our overall sales growth.

透過增加門市密度，我們能否提升品牌知名度，充分挖掘下沉市場的潛力，為整體銷售成長注入新的動力。

This is Yan. Let me share some information about our in-house design chip. The chip successfully tapered out and returned at the beginning of this year. and it is currently ongoing in vehicle testing and everything is in good shape. We expect to deploy it on our flagship models and deliver it to users next year. It takes about three years from setting up the project and two years shipment.

這是 Yan。讓我分享一些有關我們內部設計晶片的資訊。該晶片於今年初成功退出市場並回歸，目前正在進行車輛測試，一切進展順利。我們預計將於明年在我們的旗艦機型上部署它並交付給用戶。從專案立項到出貨大概需要三年時間，兩年時間。

As far as I know, it is the fastest among similar efforts. The performance is quite satisfactory, compared to the most powerful chips on the market, it could provide 2 times performance when running GBT like large energy models and three excellent running vision models like CRM.

據我所知，這是同類工作中最快的。性能表現相當令人滿意，相比市面上性能最強的晶片，在運行GBT時能夠像大能量型號一樣提供2倍的性能，在運行視覺性能時能夠像CRM型號一樣提供3倍的出色表現。

We designed a novel data flow architecture in which model competition is mostly driven by data, not instructions like other architectures. And in this way, the chip could achieve higher person at the wrong time, and we believe it is more suitable for large new networks. The data-driven logic is orchestrated by our in-house design comport allowing the hardware to be more efficient and running at a higher frequency than most comparables in the market.

我們設計了一種新穎的資料流架構，其中模型競爭主要由資料驅動，而不是像其他架構那樣由指令驅動。這樣，該晶片就能在錯誤的時間實現更高的效能，我們相信它更適合大型新型網路。數據驅動邏輯由我們的內部設計委員會精心設計，使硬體比市場上大多數同類產品更有效率、運行頻率更高。

Quite different from other AI chips on the market, we adopted a truly -- a true hardware software co-design approach, the chip, the compiler, the runtime system and to the halo operating system are designed together from the beginning. So we can vertically integrate these hardware and software modules to a more powerful AI influence system and more easily, and it could keep on scaling in the future.

與市場上其他 AI 晶片截然不同的是，我們採用了真正的硬體軟體協同設計方法，晶片、編譯器、運行時系統以及 Halo 作業系統從一開始就一起設計。因此，我們可以更輕鬆地將這些硬體和軟體模組垂直整合到更強大的 AI 影響系統中，並且它可以在未來繼續擴展。

With the lending of VRE models on vehicles, we observed that computing power increase could translate to ADA's performance increase better than before. which means higher the computing power, the better the performance, and it is more predictable. We have very strong confidence our innovative architecture as well as the full stack development capability could become our continuous differentiated capabilities and grow even stronger in the future.

隨著VRE模型在車輛上的運用，我們觀察到運算能力的提升可以比以前更好地轉換為ADA性能的提升，這意味著運算能力越高，性能越好，也更可預測。我們非常有信心，我們的創新架構以及全端開發能力可以成為我們持續的差異化能力，並在未來變得更強大。

Tim Hsiao from Morgan Stanley.

摩根士丹利的 Tim Hsiao。

(spoken in foreign language)

（用外語說）

(Interpreted) So my first question is about adjustments to the sales system. What's the current progress of the adjustment to the auto sale system. Could you comment on the rationale behind the adjustment and the result you expect to achieve. In the meantime, could this change is adversely affect your term sales performances and the pace of the new model launches? That's my first question. Thank you.

（翻譯）我的第一個問題是關於銷售系統的調整。目前汽車銷售制度調整進度如何？您能否評論一下調整背後的理由以及您期望達到的結果？同時，這種變化是否會對你們的長期銷售業績和新車型推出的速度產生不利影響？這是我的第一個問題。謝謝。

(spoken in foreign language)

（用外語說）

(Interpreted) Translating from this amount here In August, we went through a major reorganization of our sales team. Now currently, the headquarter directly manages 30 -- 33, regions, we also established new departments for sales and service operations and marketing. We've also restructured the store sell site collection team strengthened our training academy and enhance our vehicle delivery teams.

（翻譯）從此處翻譯此金額 8 月份，我們對銷售團隊進行了重大重組。目前，總部直接管理30-33個地區，我們也成立了銷售服務營運和行銷等新部門。我們還重組了商店銷售站點收集團隊，加強了我們的培訓學院並增強了我們的車輛交付團隊。

The new organizational structure is now fully operational and operating smoothly. In driving the sales system transformation, we adopted a 4-step approach in internal methodology. The frontline experts clearly are identified as the key stakeholders. We focused on addressing 3 three names of the of the frontline experts, while aligning with the company's goal of delivering the best drug sales store experience.

目前，新的組織架構已全面運行，運作順利。在推動銷售體系轉型上，我們在內部方法論上採用了四步驟的方法。一線專家被明確認定為關鍵利害關係人。我們專注於了三位第一線專家，同時與公司提供最佳藥品銷售店體驗的目標保持一致。

So the first need we're trying to address is to ensure the frontline experts earn a competitive income. The income of frontline sales experts is directly hinged upon two things: order volume and sales. We have established a dedicated marketing department to generate more online needs and restructured the site selection team to boost off-line food traffic to stores. We now give authority for sales strategy development during nonpeak periods. We've also strengthened the training academy, equipping our experts with high-quality product message and materials and tools to improve order conversion rates.

因此，我們要解決的首要需求是確保第一線專家獲得有競爭力的收入。第一線銷售員的收入直接取決於兩個因素：訂單量和銷售量。我們成立了專門的行銷部門來創造更多的線上需求，並重組了選址團隊來增加線下食品到門市的流量。我們現在授權在非尖峰時段製定銷售策略。我們還加強了培訓學院，為我們的專家提供高品質的產品資訊、材料和工具，以提高訂單轉換率。

Second, we will provide them with growth opportunities. We've built a dual track career advancement path for frontline staff, offering both specialists and managerial tracks. We've launched targeted training programs for store managers, clearly defining long-term career pathways. This enhances team stability and strengthens frontline execution capability.

第二，我們會提供他們成長機會。我們為第一線員工建立了雙軌職涯發展路徑，提供專家軌道和管理軌道。我們針對店長推出了有針對性的培訓計劃，明確了長期的職業發展道路。這增強了團隊穩定性並增強了前線執行能力。

And thirdly, we will enhance efficiency. We've reduced reporting layers and adopted a flatter and faster decision-making structure. Now feedback channels dedicated quality and operations teams have been established, ensuring frontline concerns are heard, addressed, acknowledge and acted upon. This leverages our direct sales model to quickly resolve on the ground challenges. The sales system transformation is not a REIT active adjustment, but is a proactive strategic move to better align with frontline needs and further strengthen our direct sales advantage.

第三，提高效率。我們減少了報告層級，採用了更扁平、更快速的決策結構。現在已經建立了專門的品質和營運團隊的回饋管道，確保第一線關注的問題能夠被傾聽、解決、確認和採取行動。這利用我們的直銷模式來快速解決實際挑戰。銷售體系轉型並非REITs主動調整，而是為了更好地契合一線需求，進一步強化直銷優勢而採取的主動策略措施。

While there may be some short-term adaptations in the long run, it will continuously enhance both user experience and team effectiveness. Regarding new vehicle launches, our time line remains unchanged, and the support is now even stronger. Li Auto's new model rollout is progressing strictly according to our established part of the road map. Li i8 was successfully launched at the end of July, with deliveries beginning on August 20. Our production facilities are currently operating at full capacity.

雖然從長遠來看可能會有一些短期的調整，但它將持續提高使用者體驗和團隊效率。對於新車的發布，我們的時間表保持不變，現在的支援更大。理想汽車的新車型發布正在嚴格按照我們既定的路線圖進行。李書福 i8 於 7 月底成功上市，並於 8 月 20 日開始在交車。我們的生產設施目前正滿載運作。

By the end of September, we expect to cumulatively deliver over 8,000 units of Li i8 and aiming to challenge the 10,000 mark. Looking ahead, Li i6 will also launch as scheduled in September. The sales system transformation is designed to provide stronger support for these new launches optimizing sales and service processes, elevating the consumer purchase experience and ensuring smooth new model launches and driving rapid sales growth. Thank you.

截至9月底，我們預計Li i8累計交付量將超過8,000輛，並爭取突破10,000輛大關。展望未來，李書福i6也將在9月如期上市。銷售體系轉型旨在為新車型的上市提供更有力的支持，優化銷售和服務流程，提升消費者購買體驗，確保新車型的順利上市，並推動銷售的快速成長。謝謝。

Yingbo Xu from Citic Securities.

中信證券的徐英波。

(spoken in foreign language).

（用外語說）。

(Interpreted) So I have two questions. The first one is that i8 has adjusted some of the configurations what's our future strategy for the product and SKU for future models? And my second question is that, how do we see at the gross margin level under the consumption of the third quarter sales and revenue guidance?Thank you.

（翻譯）所以我有兩個問題。第一個是i8對一些配置進行了調整，我們未來在產品和未來車型的SKU方面的策略是怎麼樣的？我的第二個問題是，我們如何看待第三季銷售額和營收指引下的毛利率水準？謝謝你。

(spoken in foreign language)

（用外語說）

(Interpreted) First of all, we will be, for sure, reducing the number of SKUs back to the time of Li i1 and the Li i9. We'll be focusing on a single SKU and making sure it's competitive, it maximized and providing customers with the best product and value for money.

(翻譯)首先，我們肯定會將 SKU 數量減少到 Li i1 和 Li i9 的水平。我們將專注於單一 SKU，確保其具有競爭力，最大化並為客戶提供最佳的產品和物有所值。

In terms of technological platform and products, we will be iterating faster. The issue we're facing today is by the time we play one hand, our peers are -- have played two hands.

在技​​術平台和產品方面，我們會迭代得更快。我們今天面臨的問題是，當我們玩一手牌時，我們的同行已經玩了兩手牌。

The pace of innovation is equivalent to letting our peers see our cars while we're playing. So we must increase the pace of iteration of both products and technology. and to make sure that we can play faster. We're confident that by 2026, both in terms of vehicle products and AI, we will be having a stronger lead compared to the time of L9 back in 2022.

創新的速度就等於我們在玩車的時候讓同行看到我們的車。所以我們必須加快產品和技術的迭代速度，確保我們能夠玩得更快。我們有信心，到2026年，無論是在車輛產品方面，還是在人工智慧方面，我們都將比2022年L9時擁有更強的領先優勢。

Thank you.

謝謝。

This is Johnny. For the third quarter gross margin. I think with the current sales volume and revenue guidance. We expect to maintain our gross margin at about 19%. Yes, just at the second quarter and the first quarter. Thank you.

這是約翰尼。第三季毛利率。我認為以目前的銷售量和收入來指導。我們預計毛利率將維持在19%左右。是的，就在第二季和第一季。謝謝。

Paul Gong from UBS.

瑞銀的 Paul Gong。

(spoken in foreign language)

（用外語說）

(Interpreted) So my two questions. The first one is regarding i6, we the allowed scope. Can you please share more regarding the product positioning, the Nanjing timetable as well as the marketing plan? My second question is regarding your overseas strategy. Not sure what is our latest thoughts. And I would appreciate if you can share more color on this?

（翻譯）所以我有兩個問題。第一個是關於i6，我們允許的範圍。能否請您分享產品定位、南京時間表以及行銷計劃等？第二個問題是關於貴公司的海外策略。不確定我們最新的想法是什麼。如果您能分享更多有關此內容的詳細信息，我將不勝感激。

(spoken in foreign language)

（用外語說）

(Interpreted) For i6, I'm pretty confident that Li i6 will become the most competitive product in the large 5-seater that SUV market because it has a unique exterior design. It has industry-leading space and comfort at a very long range and one of the best real-world ranch. It would also be equipped with our industry-leading VLA driver large model. It will also be the best handling the auto product 'till today.

(翻譯) 對於 i6，我非常有信心，李書福 i6 將成為大型 5 人座 SUV 市場上最具競爭力的產品，因為它具有獨特的外觀設計。它擁有業界領先的超長續航空間和舒適度，並且是現實世界中最好的牧場之一。它還將配備我們業界領先的 VLA 驅動器大型車型。這也將是迄今為止操控性最好的汽車產品。

On Li i6, we will be taking a more user-centric, a new way of marketing will be speaking to our product value and experience in a way that users can understand more easily. And for sales deliveries and services teams, the training will also be more effective.

在李書福i6上，我們將採取更以使用者為中心的全新行銷方式，以使用者更容易理解的方式講述我們的產品價值和體驗。對於銷售交付和服務團隊來說，培訓也將更有效。

And lastly, we will seriously take PR Defense. We'll make sure that problems are addressed before they're extended.

最後，我們將認真對待公關防禦。我們將確保問題在延長之前得到解決。

Translating for Mr. Wang here. With our first program, Li i1 was delivered in volume. It was back in -- at the beginning of 2020. We look at 2020 and through 2024 as the first stage of development for Li Auto, where we focus on the domestic market and on ERV products.

我在這裡為王先生做翻譯。透過我們的第一個項目，Li i1 已批量交付。時間回到 2020 年初。我們將 2020 年到 2024 年視為理想汽車發展的第一階段，重點關注國內市場和 ERV 產品。

The second phase is from 2025 to 2027. The markets we sell in will be formally expanded to global and domestic markets, and products extended to electric vehicles. And the third phase will be after 2027, where we will be focusing on all four autonomous driving and new form factors of AI agents. 2025 is the initial year of our global strategy.

第二階段為2025年至2027年。我們的銷售市場將正式拓展至全球及國內市場，產品延伸至電動車領域。第三階段是2027年後，我們會把四大自動駕駛和新形態的AI代理商都做起來，2025年是我們全球策略的元年。

On the R&D front, we have built we have built development centers in Germany and the US On the sales channel side, we are formally starting to build overseas and after sales and after sales organization and building an overseas team as well as a range of IT systems.

在研發方面，我們在德國、美國建立了研發中心；在銷售管道方面，我們正式開始建立海外售後機構，建立海外團隊和一系列IT系統。

And on the product front, all of the products that we're developing to be launched in 2026, will be taken into account global regulations. And in terms of product road map, we are also -- in terms of marketing go-to-market strategy, we also have solidified our overall plan to focus on Middle East, Central Asia and Europe.

在產品方面，我們正在開發並計劃於 2026 年推出的所有產品都將考慮全球法規。在產品路線圖方面，我們在行銷市場策略方面也鞏固了以中東、中亞和歐洲為重點的整體計畫。

The overseas market is both an opportunity and a challenge. For example, overseas, Li Auto is not a variable unknown rent, just to name a few of the challenges. So the overseas market expansion will take time and effort, but we have enough patients and resolution and in fact, the overseas market expansion has been one of the top medium- to long-term strategies for Li Auto. Thank you.

海外市場既是機遇，也是挑戰。例如在海外，理想汽車面臨的租金等變數並不明朗，這只是挑戰的一小部分。因此，海外市場的擴張需要時間和精力，但我們有足夠的耐心和決心，事實上，海外市場擴張一直是理想汽車的中長期策略之一。謝謝。

Jing Chang from CICC.

中金公司的 Jing Chang。

(spoken in foreign language)

（用外語說）

(Interpreted) We have seen that our operating cash flow or net cash flow outflow further expand in the second quarter. So may you explain what's the main reason? And how should we view the subsequent cash flow situation in the future? And the second question is about the autonomous driving. So we can see some changes in our autonomous sector. And also, we see the regulatory tightening on autonomous driving. Will that affect our future development and also our iteration and also deployment of our new VLA factors.

（解讀）我們看到，我們的營運現金流或淨現金流流出在第二季進一步擴大。那你能解釋一下主要原因是什麼嗎？以及如何看待未來後續的現金流狀況？第二個問題是關於自動駕駛的。因此我們可以看到我們的自治部門發生了一些變化。此外，我們也看到對自動駕駛的監管越來越嚴格。這會影響我們未來的發展以及我們新 VLA 因素的迭代和部署嗎？

This is Johnny. I will take the first question. I think in the second quarter, as our payment term in -- by the end of last year was three months to four months. So basically, we are paying off most of the payables of last December, November and January, February, basically.

這是約翰尼。我來回答第一個問題。我認為在第二季度，我們的付款期限——截至去年年底是三個月到四個月。所以基本上，我們正​​在償還去年 12 月、11 月和 1 月、2 月的大部分應付款項。

So this is why the second quarter, we have some negative operating cash flow. And as you may know, we have already adjusted suppliers payment term to 60 days to respond to the regulatory requirements and the industry trend.

這就是為什麼第二季我們的經營現金流出現負值。您可能知道，我們已經將供應商的付款期限調整為 60 天，以回應監管要求和行業趨勢。

So basically, in the third quarter, the operating cash flow negative -- the operating cash flow used can be -- will be in the third quarter. And we expect that will improve the cash flow in the fourth quarter if we have a better sales volume guidance in the fourth quarter. Thank you.

因此基本上，在第三季度，經營現金流為負——可使用的經營現金流——將出現在第三季度。如果我們對第四季度的銷售量有更好的預期，我們預計第四季度的現金流將會改善。謝謝。

(Interpreted) Translating for Mr. Ma here. So to directly answer the question, yes, our assisted driving team has seen a few departures recently. But some level of talent movement is not uncommon in this booming industry. And the percentage of people involved are actually very small. So we'd like to extend our sincere thanks to those who have lived for their contribution at Li Auto.

（口譯）這裡為馬先生翻譯。所以直接回答這個問題，是的，我們的輔助駕駛團隊最近確實有幾位員工離職。但在這個蓬勃發展的產業中，一定程度的人才流動並不罕見。而參與其中的人數比例其實非常小。因此，我們想向那些為理想汽車做出貢獻的人表示最誠摯的感謝。

And together, we have truly delivered many grid products and experience for our users.

我們共同為用戶提供了許多電網產品和體驗。

Our current assisted driving team operates with a very clear organizational structure, a well-developed talent pipeline and strong strategic reserves of talent. In light of recent changes, we have appointed new leaders who bring on more useful energy to their roles. They carry extensive experience from the past work and offer an international technical perspective.

我們目前的輔助駕駛團隊組織架構非常清晰，人才梯隊非常健全，戰略人才儲備非常強大。鑑於最近的變化，我們任命了新的領導人，他們將為其職責帶來更多有用的能量。他們擁有豐富的工作經驗，並具有國際化的技術視角。

We have the kind of innovative thinking that will drive the team forward. And to add to that, Li Auto's strong brand appeal and promising prospects continue to attract outstanding talent from across the industry and bringing fresh energy to our team. We're steadily advancing our VLA product delivery.

我們擁有能夠推動團隊前進的創新思維。此外，理想汽車強大的品牌號召力和良好的發展前景不斷吸引著業界的優秀人才，為我們的團隊注入了新的活力。我們正在穩步推進 VLA 產品交付。

The VLA preview version we have already delivered featuring our VLA driving, VLA parking and VLA selling capabilities. We expect to roll out a complete version of XL to all V80 Automax users in September, adding the VLA command functions to deliver more convenient and intelligent assisted driving experience.

我們已經提供的 VLA 預覽版具有 VLA 駕駛、VLA 停車和 VLA 銷售功能。我們預計9月向所有V80 Automax用戶推出XL完整版本，並增加VLA指令功能，提供更便利、智慧的輔助駕駛體驗。

We also have another major update scheduled for October to create additional user value. The increased regulatory focus on assisted driving really represents an important fact towards healthy and orderly growth for this industry. From our perspective, a stricter regulatory environment helps to truly capable companies with real technical expertise to stand out.

我們還計劃在 10 月進行另一次重大更新，以創造額外的用戶價值。對輔助駕駛的監管增加確實代表著該行業健康有序發展的重要事實。從我們的角度來看，更嚴格的監管環境有助於真正有能力、擁有真正技術專長的公司脫穎而出。

And Li Auto safety and compliance have always been our top priority when developing new technologies. As we adapt to these evolving standards, we've been strengthening our testing protocols and quality control systems. This not only improves to VLA technological maturity and reduce potential risk, but also helps us to deliver a safer and more reliable assisted driving experience for our users.

而理想汽車的安全性和合規性始終是我們開發新技術的首要考慮因素。隨著我們適應這些不斷發展的標準，我們一直在加強我們的測試協議和品質控制系統。這不僅提高了 VLA 的技術成熟度並降低了潛在風險，而且還幫助我們為使用者提供更安全、更可靠的輔助駕駛體驗。

Throughout VLA's development, we've maintained focus on user values and compliance boundaries, constantly striking a balance between safety validation and experience innovation. We're confident and fully capable of maintaining consistent progress in VLA development and ensuring a timely rollout. Thank you.

在 VLA 的整個發展過程中，我們始終專注於使用者價值和合規邊界，並不斷在安全驗證和體驗創新之間取得平衡。我們有信心、有能力維持VLA發展的持續進展，確保按時推出。謝謝。

Ming-Hsun Lee from Bank of America.

美國銀行的李明勳（Ming-Hsun Lee）。

(spoken in foreign language)

（用外語說）

(Interpreted) Li Auto already built a lot of supercharging station in the future, will you open your charging station for other brands? How will you operate the charging station. If you start to give other brand to use will it impact your own brand car owners, user experience.

(翻譯)理想汽車已經蓋了很多超級充電站，未來你們會把你們的充電站開放給其他品牌嗎？您將如何操作充電站。如果開始給其他品牌使用會不會影響自己品牌的車主、使用者體驗。

And my second question is regarding to the automomous driving technology. So right now, you have a very good VLA technology. But after VLA, how do you expect the development direction of autonomous driving and the technology iteration? Thank you.

我的第二個問題是關於自動駕駛技術。所以現在，您擁有非常好的 VLA 技術。但在VLA之後，您如何預期自動駕駛的發展方向和技術迭代？謝謝。

(spoken in foreign language)

（用外語說）

(Interpreted) Translating for Mr. Wang here. For the auto vehicle owners, I can ensure that the experience with our charging stations will always be the best. I can summarize the experience with forward coverage, speed, experience and value for money.

（譯）這裡為王先生翻譯。對於汽車車主來說，我可以保證我們的充電站的體驗始終是最好的。我可以用前瞻性覆蓋、速度、經驗和物有所值來總結這次體驗。

First of all, coverage. We're absolutely #1 among all automakers in terms of the number of supercharging stations. We have about 1.5x the number of charging patients compared to Tesla. Wherever our users go, they can easily find our charging stations. We completed the coverage along the G318-sotonti best highway route and core sections of the 9x9 highway network in China. We now operate the largest urban and highway supercharger network of any automaker in China.

首先，覆蓋範圍。就超級充電站的數量而言，我們在所有汽車製造商中絕對是第一名。我們的充電患者數量大約是特斯拉的 1.5 倍。無論我們的用戶去哪裡，他們都可以輕鬆找到我們的充電站。完成了G318-索通提最佳公路路線及中國9x9公路網核心路段的覆蓋。我們目前經營中國汽車製造商中最大的城市和高速公路增壓器網路。

Second, speed. Our charging network supports 500 kilometers of driving range with only 10 minutes of charging. Just the time of buying cup of coffee, it's really, really fast. And experience, our charging network provides a very integrated experience between the vehicle and the charging stall. And with very intelligent charging planning, charging reservation and plug and charge functionality.

第二，速度。我們的充電網路僅需充電10分鐘即可支援行駛500公里。就買一杯咖啡的時間來說，真的非常快。從體驗上看，我們的充電網路在車輛和充電樁之間提供了高度整合的體驗。並且具有非常聰明的充電規劃、充電預約和即插即充功能。

Combining that with a lightweight charging, charging volt designed to be easily handled with one hand and especially user-friendly for female users. In terms of value for money compared to the owners of other EV brands, the Li Auto vehicle owners enjoy a dedicated preferential electricity charging rates, saving on average charge. And in addition to that, our owners can use their loyalty points to offset our charging costs. These aren't just numbers on paper.

結合輕巧的充電功能，充電電壓設計為可輕鬆用一隻手操作，尤其適合女性使用者。在性價比方面，相較於其他電動車品牌車主，理想汽車車主享有專屬的優惠充電費率，平均節省充電費用。除此之外，我們的業主還可以使用他們的忠誠度積分來抵消我們的充電成本。這些不僅僅是紙面上的數字。

They translate into real aggregate charging experience that our users provide positive feedback on every day. Our 2C and 4C charging installs have been opened to vehicle owners of other brands. But those other owners won't be able to have the same level of experience as our vehicle users because the best experience requires seamless integration of the vehicle as well as the charging patients. Thank you.

它們轉化為真正的整體充電體驗，我們的用戶每天都會提供正面的回饋。我們的2C和4C充電設施已向其他品牌的車主開放。但其他車主無法獲得與我們的車輛使用者相同程度的體驗，因為最佳體驗需要車輛和充電患者的無縫整合。謝謝。

(spoken in foreign language)

（用外語說）

(Interpreted) And in fact, in the beginning of 2025 has really been the most challenging period for us is the driving with technological and experience programs slowing down.

(口譯) 事實上，2025 年初對我們來說確實是最具挑戰性的時期，因為技術和體驗計劃的推動速度正在放緩。

At the same time, regulatory pressures have grown. However, I see this as the arguments just the for VLA represents a clear pathway towards L3, L4 and even though 5-ton driving. As it operates really in a way like human only we can expect it for 10x or even 100x better than human brain the future.

同時，監管壓力也不斷增大。然而，我認為這只是 VLA 的論點，代表了通往 L3、L4 甚至 5 噸駕駛的明確途徑。由於它的運作方式確實與人類相似，因此我們可以預期它未來將比人類大腦好 10 倍甚至 100 倍。

VLA is a true agent in the third stage of AI, and we build its capabilities in two ways. First, it requires human experience by learning from human data and the foundational model through large-scale operation of SMT and RHF to achieve performance on part of the human drivers. It's like an apprentice learning from the master.

VLA 是人工智慧第三階段的真正代理，我們透過兩種方式建構其能力。首先，它需要透過學習人類數據和基礎模型來累積人類經驗，透過大規模運行SMT和RHF來實現部分人類駕駛員的表現。就像徒弟向師傅學習一樣。

But more importantly, it undergoes reinforcement training within environment generated by a world model using AIS to train agents. For example, we many times see L4 vehicles in China as well as overseas following to track for example, construction zones. And this kind of data is very limited in the real world and cannot be used for training.

但更重要的是，它在使用 AIS 訓練代理的世界模型產生的環境中進行強化訓練。例如，我們經常看到中國以及海外的 L4 車輛追蹤例如施工區域。而這種數據在現實世界中非常有限，不能用於訓練。

However, with the world model, we can generate countless variations of cars falling into these trucks and enabling the agent to learn rapidly and resolve these issues after through reinforced practice.

然而，透過世界模型，我們可以產生無數種汽車落入這些卡車的變體，並使代理商能夠快速學習，並透過強化練習解決這些問題。

The world model provides data that is more difficult, more comprehensive and higher in quality and more challenging than real-world data. This approach effectively addresses critical issues in real-world data such as underrepresentation and balanced distribution and the impact of unavoidable polluted data on agent.

世界模型提供的數據比現實世界數據更困難、更全面、更高品質、更具挑戰性。該方法有效地解決了現實世界數據中的關鍵問題，例如代表性不足和分佈不均衡以及不可避免的污染數據對代理的影響。

We believe that all training and development, the VLA will achieve a level of driving safety, at least 10x that of a human driver within the next two years or so. The challenge behind this lies in equipping the agent with both a more powerful brand and a stronger heart by the way we refer to model scale.

我們相信，透過所有的訓練和開發，VLA 將在未來兩年左右達到至少是人類駕駛員 10 倍的駕駛安全水平。這背後的挑戰在於如何讓代理商擁有更強大的品牌和更強大的內心，我們稱之為模型規模。

The end-to-end model has 0.3 billion parameters, while our VLA model has 4 build parameters, which remains far anterior to human capabilities and expanding this scale will substantially enhance generalization capability.

端到端模型有3億個參數，而我們的VLA模型有4個建構參數，遠遠領先人類的能力，擴大這個規模將大大提升泛化能力。

Scaling the model will also require significantly more computing power on the device side, which access the heart to supply the brain with the necessary resources to supply larger models. And in the meantime, the relevant world models and RL AIS, we will likely require at least 10 times more computing power for reasoning than before to generate the environment and data necessary for RL AIS.

擴大模型規模還需要設備端顯著增強的運算能力，設備端需要存取「心臟」來為大腦提供所需的資源，以支援更大的模型。而同時，相關的世界模型和RL AIS，我們很可能需要比以前至少多10倍的推理運算能力來產生RL AIS所需的環境和資料。

We anticipate that with the enhancements in reinforcement trading lot of scale and computer power, the speed of our progress will hard exceed anything we've seen in our previous approaches.

我們預計，隨著強化交易規模和電腦能力的增強，我們的進步速度將很難超過我們以前所見的任何方法。

I believe that in the next 35 years, the largest application agency in the digital world will be programming coating. While in the physical world, it's going to be autonomous driving. And I believe that level for comms driving will be achieved by 2027.

我相信，未來35年，數位世界最大的應用機構是程式塗層。而在物理世界中，它將實現自動駕駛。我相信到 2027 年，通訊駕駛將達到這一水準。

Thank you.

謝謝。

Thank you. 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 Chang, please go ahead.

謝謝。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。Janet Chang 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 through the contact information provided on our IR website. This concludes this 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，請隨時透過我們的 IR 網站上提供的聯絡資訊聯絡理想汽車的投資者關係團隊。本次電話會議到此結束。現在您可以斷開線路了。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。