理想汽車 (LI) 2025 Q3 法說會逐字稿

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

各位女士、先生們，大家好。感謝您耐心等待理想汽車2025年第三季財報電話會議。（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 Li Auto. Please go ahead, Janet.

現在我將把電話交給主持人，理想汽車投資者關係總監張珍妮女士。請繼續，珍妮特。

Thank you, operator. Good evening, and good morning, everyone. Welcome to Li Auto's third quarter 2025 earnings conference call.

謝謝接線生。各位晚上好，各位早安。歡迎參加理想汽車2025年第三季財報電話會議。

The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website. 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.

該公司財務和營運業績已於今日早些時候透過新聞稿發布，並已發佈在公司投資者關係網站上。在今天的電話會議上，我們將首先請董事長兼執行長李翔先生和財務長李鐵先生發表準備好的演講。我們的總裁馬東輝先生和技術長謝岩先生將參加問答環節。

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.

在繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際業績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信息，請參閱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某些文件。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 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含對未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標的討論。請參閱我們網站投資者關係部分的理想汽車揭露文件，其中包含未經審計的非GAAP指標與可比較GAAP指標的調節表。

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

我們的執行長將首先用中文致詞。他發言結束後會有英文翻譯。

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

接下來，我將把電話交給我們的執行長李翔先生。請繼續。

(interpreted) Now, it's translation for Mr. Li. The third quarter of 2025 was also the first quarter in the second decade of Li Auto. We went through many challenges, including supply chain, product life cycle, PR challenges, as well as changing policies.

（翻譯）現在輪到李先生翻譯了。2025 年第三季也是理想汽車第二個十年的第一個季度。我們經歷了許多挑戰，包括供應鏈、產品生命週期、公關挑戰以及政策變更。

All these factors have had a negative impact on our operations and deliveries. However, today, I want to take this opportunity to talk about our long-term thinking in the next decade and three most important choices that we need to make: organization, products, and technology.

所有這些因素都對我們的營運和交付產生了負面影響。然而，今天我想藉此機會談談我們未來十年的長期規劃，以及我們需要做出的三個最重要的選擇：組織、產品和技術。

The first choice we need to make is organization. The challenge we're facing is whether to choose an entrepreneurial model or a professional management model. In the last 10 years of Li Auto, the first seven of those years, we operated as an entrepreneurial model company.

我們首先需要做的選擇是組織方式。我們面臨的挑戰是選擇創業模式還是專業管理模式。在理想汽車過去的10年中，前7年我們一直以新創公司模式運作。

But as we scaled over time to a scale that we've never seen before, especially in terms of revenue, around the time of 2022, many people suggested to us to shift to a professional management model. Because historically, whether it's Mercedes or BMW or any of these 100-year-old car enterprises as well as Microsoft and Apple, which is the tech giants, have all operated under this model and have great success.

但隨著時間的推移，我們的規模達到了前所未有的高度，尤其是在收入方面，大約在 2022 年左右，許多人建議我們轉向專業管理模式。因為從歷史上看，無論是賓士、寶馬或其他任何擁有百年歷史的汽車企業，以及微軟和蘋果這些科技巨頭，都一直按照這種模式運營，並且取得了巨大的成功。

In the last three years, we tried very hard to make ourselves used to this professional management model. We -- but after implementation, we realized -- we came to the realization that the entrepreneurial model and the professional management model are fundamentally different, and it is irrelevant to processes and organization structures.

在過去三年裡，我們努力讓自己適應這種專業化的管理模式。但在實施之後，我們意識到——我們逐漸意識到，創業模式和專業管理模式從根本上來說是不同的，這與流程和組織結構無關。

The difference really lies in management principles and key operating principles. And also, they are tailored to different stages of growth and industry environment.

真正的區別在於管理原則和關鍵營運原則。而且，它們也針對不同的成長階段和產業環境進行了客製化。

The professional management model can be very successful, but it relies on three factors. The first one is that the industry and technology cycle has to be relatively stable. And the second is that the enterprise is already in a leading position, and the position is relatively stable. And the third one is that the founding -- the founder and the founding team are either lost their motivation or are not actively involved in the company.

專業化管理模式可以非常成功，但它依賴三個因素。首先，產業和技術週期必須相對穩定。第二點是，該企業已經處於領先地位，而且地位相對穩定。第三點是創辦人——創辦人及其團隊要不是失去了動力，就是沒有積極參與公司事務。

If all these three criteria are satisfied, a professional management model could be a very ideal choice. Whether it's Apple or Microsoft have both flourished after professional management took over and grew from $100 billion in revenue to $1 trillion companies.

如果這三個條件都得到滿足，那麼專業化管理模式可能是一個非常理想的選擇。無論是蘋果還是微軟，在專業化管理接管後都蓬勃發展，營收從 1,000 億美元成長到 1 兆美元。

However, the entrepreneurial model is catered to an entirely different environment. First of all, the industry and technology cycles are going through fundamental changes. And second, the industry is very unstable, and the entrepreneur -- and the company enterprise itself is not yet a leader.

然而，創業模式是為完全不同的環境量身打造的。首先，產業和技術週期正在經歷根本性的變化。其次，這個行業非常不穩定，企業家——以及公司企業本身——還不是行業領導者。

And thirdly, the founder and the founding team are still devoted to everyday work with their full passion and fully motivated. As AI is shaping many industries today, the environment that we live in; and considering the traits of this company, we think that we fit into the entrepreneurial model way better.

第三，創辦人及其團隊仍全心投入日常工作中，充滿熱情和動力。鑑於人工智慧正在塑造當今許多行業以及我們所處的環境；考慮到本公司的特點，我們認為我們更適合創業模式。

The entrepreneurial model really is about four things. First of all, there needs to be more conversations as opposed to reports. In a rapidly changing environment, deep conversations is really key to increasing our knowledge and judgment of the world as well as to making bold decisions.

創業模式其實包含四個面向。首先，我們需要多進行對話，少發報告。在瞬息萬變的環境中，深入的對話對於增進我們對世界的了解和判斷，以及做出大膽的決定至關重要。

And secondly, is focusing on user value as opposed to just short-term deliveries. Only those things that create value for the users are worthy to be delivered as opposed to only focusing on how many tasks that we delivered on.

其次，要注重用戶價值，而不是僅僅追求短期交付。與其只專注在我們完成了多少任務，不如只專注在那些能為使用者創造價值的事情上才值得去做。

And third one is keep increasing efficiency as opposed to occupying more resources. For example, if we spend $10 on doing something last year; and this year, we need to do it with $8. That's how we have resources to really spend on projects and investments that do not generate short-term revenue, but really benefit us in the long term.

第三點是不斷提高效率，而不是佔用更多資源。例如，如果我們去年花了 10 美元做某件事；而今年，我們需要用 8 美元來完成這件事。這樣我們才能有資源真正投入那些不會產生短期效益，但能真正讓我們長期受益的專案和投資。

And fourth, the key is to recognizing the key issues as opposed to just creating information asymmetry. And only as we create more value and increase efficiency and solve the key issues can we really thrive in a highly competitive and rapidly changing environment and consistently meet customer demand.

第四，關鍵在於認識到關鍵問題，而不是僅僅製造資訊不對稱。只有當我們創造更多價值、提高效率並解決關鍵問題時，我們才能在競爭激烈、瞬息萬變的環境中真正蓬勃發展，並持續滿足客戶需求。

In the last three years, me and my team have tried very hard to adapt to the professional managed model, and we have forced ourselves to embrace all kinds of changes. However, we all realize that we became a diminished version of ourselves.

在過去的三年裡，我和我的團隊努力適應專業管理模式，我們強迫自己接受各種改變的事。然而，我們都意識到，我們都變成了不如從前的樣子。

NVIDIA and Tesla are still operating as an entrepreneurial company. And if the largest and strongest companies are all operating in the entrepreneurial model, there is no reason for us not to utilize our strength and what we're most used to.

英偉達和特斯拉仍然作為新創公司運作。如果規模最大、實力最強的公司都在採用創業模式運營，那麼我們沒有理由不利用我們的優勢和我們最習慣的方式。

Since 1998, I have 27 years of running entrepreneurial companies; and I have never worked in any large corporation as a professional manager. Now we're facing a highly competitive and rapidly change -- an environment with rapidly changing technologies.

自 1998 年以來，我經營新創公司已有 27 年；我從未在任何大型企業擔任過職業經理人。現在我們面臨著競爭激烈、瞬息萬變的環境──一個科技快速發展的環境。

I personally am passionate about products, about automobiles, and about AI. And work is my largest passion. So why don't I focus on what I'm most used to and what I'm best at to manage Li Auto? And that's how -- that's the most important first choice as we look into our second decade.

我個人對產品、汽車和人工智慧充滿熱情。工作是我最大的興趣。那麼，為什麼我不專注於我最熟悉、最擅長的事情來管理力拓集團呢？這就是我們邁入第二個十年時最重要的首要選擇。

As a result, starting from Q4 this year, I and my founding team will firmly revert back to the entrepreneurial model and to embrace the new era and new technological challenges. The choice of organizational model is the foundation of everything.

因此，從今年第四季開始，我和我的創始團隊將堅定地回歸創業模式，擁抱新時代和新的技術挑戰。組織模式的選擇是所有一切的基礎。

Looking into the next decade, the next key question is how we really solve issues for our customers. First of all, what products do we build? And where is technology headed? That's always the essence of everything.

展望未來十年，下一個關鍵問題是我們如何真正解決客戶的問題。首先，我們生產哪些產品？科技的發展方向是什麼？這始終是所有事物的本質。

First of all, on products. We also need to make an important choice. What kind of products should we really build for our users? Is it electric vehicles, is it smart devices, or is it embodied robots?

首先，關於產品。我們也需要做出一個重要的選擇。我們究竟該為用戶打造什麼樣的產品？是電動車、智慧型裝置還是實體機器人？

If we only focus on electric vehicles, competition is really all about an arms race in spec sheet. Do you have more -- 20 kilometers of range more? Do you have a car that's 2 centimeters longer in dimensions? And if it's only focused on electric vehicles, it's all about larger space, more range, and cheaper prices and maybe copy some proven designs, just like how Li L9 has been copied.

如果我們只關注電動車，那麼競爭其實就是一場規格參數上的軍備競賽。你的續航里程能再增加20公里嗎？你的車尺寸比這輛車長 2 公分嗎？如果它只專注於電動車，那麼一切都是為了更大的空間、更長的續航里程和更低的價格，甚至可能抄襲一些成熟的設計，就像李 L9 被抄襲一樣。

Other than that, all R&D investments are waste. Stronger sensors, bigger models, more computing power, better active suspension are always waste of cost. And even stronger -- and stronger computation power and active ride suspension may even have negative impact on range.

除此之外，所有的研發投資都是浪費。更強大的感測器、更大的型號、更強大的運算能力、更好的主動懸吊始終都是浪費成本。更強大的運算能力和主動懸吊甚至可能對續航里程產生負面影響。

And secondly, if we choose to focus on smart devices, then we'd automatically be focused more on what happens in the screen. Features that used to belong to smartphones and smart tablets will be migrated to the car environment.

其次，如果我們選擇專注於智慧型設備，那麼我們自然會更加關注螢幕上發生的事情。以前智慧型手機和智慧型平板電腦的功能將會遷移到汽車環境中。

In fact, most of the innovations in smart devices is really about moving what's already available in smartphones into vehicles and moving mobile apps into head units, deploying larger language models in head units, and even do coding in cars and conduct deep research.

事實上，智慧型裝置的大部分創新都是將智慧型手機中已有的功能轉移到汽車中，將行動應用程式轉移到車載主機中，在車載主機中部署更大的語言模型，甚至在汽車中進行編碼和進行深入研究。

But then we ask ourselves the question, when our users buy our cars, do we really buy it for their work or deliver better life? If certain experience are better -- already better in mobile phones and tablets or computers and more natural, why should we even bother putting them in cars? All these investments create very little incremental value for users.

但隨後我們捫心自問，當用戶購買我們的汽車時，我們真的是為了他們的工作而購買，還是為了提升他們的生活品質？如果某些體驗在手機、平板電腦或電腦上已經更好、更自然，那我們為什麼還要費心把它們裝到車上呢？所有這些投資對用戶而言幾乎沒有創造任何增量價值。

And thirdly, the third route is for us to make our cars into an embodied AI in the physical world or, in layman terms, robots. The movie transformer told us that there are broadly two types of robots. The first type looks like human beings, and the second type looks like cars.

第三，第三條途徑是讓我們把汽車變成物理世界中具身化的 AI，或是用通俗的話來說，變成機器人。電影《變形金剛》告訴我們，機器人大致分為兩種。第一種看起來像人，第二種看起來像汽車。

Knight Rider and Cars, these TV shows or movies have clearly showed us car-shaped robots is going to be a mainstream type of -- form factor of robots going forward. So how do we transform our cars into robots?

《霹靂遊俠》和《汽車總動員》等電視劇或電影清楚地向我們展示了汽車形狀的機器人將成為未來機器人的主流外形類型。那麼，我們該如何將汽車改造成機器人呢？

We need to give it ears and eyes for perception. We need to give it brains and nerves, which is modeling capability. We need to give it heart, which is computing power. And we need to reshape the hardware to make it a stronger physical presence.

我們需要賦予它感知能力的耳朵和眼睛。我們需要賦予它智慧和神經，也就是建模能力。我們需要賦予它“心臟”，也就是運算能力。我們需要重新設計硬件，使其具有更強的物理存在感。

So our robots need to have -- need to parallel the top drivers and can not only drive, but also pick you up, park for you, have to charge the car up, have to close the door, open the door, and meticulously make your life more convenient and safer.

所以我們的機器人需要具備——需要與頂尖駕駛員並駕齊驅，不僅能夠駕駛，還能接送你、幫你停車、給汽車充電、關門、開門，並細緻入微地讓你的生活更加便捷安全。

It can also play the role of parents, assistants, or even flight attendants and to provide you the convenience and take care of you within the sphere of the car, just like first-class cabin and the services on planes. And it's also like when we're a little that our mother takes care of us and make us happy.

它還可以扮演父母、助手，甚至是空服員的角色，在汽車領域內為您提供便利和照顧，就像頭等艙和飛機上的服務一樣。這就像我們小時候，媽媽照顧我們，讓我們快樂一樣。

So how do we define a good embodied robot? How do they make them to change from passive machines into automated machine and then further into proactive machines?

那麼，我們要如何定義一個優秀的具身機器人呢？他們是如何讓機器從被動機器轉變為自動化機器，然後再轉變為主動機器的？

In the next decade, the most valuable embodied AI products is going to be vehicles that are automated as well as proactive. And competition is really how automated and proactive can we make these products and how can we fuse them into high-frequency life experiences, something that once we get used to, we can never go back.

未來十年，最有價值的具身人工智慧產品將是既自動化又主動性的車輛。真正的競爭在於，我們能將這些產品自動化到何種程度，能做到多主動，以及我們能如何將它們融入高頻生活體驗中，一旦我們習慣了，就再也回不去了。

So whether it's electric vehicles or smart devices, these are not necessarily bad choices. But we think they're not sufficient. And only if we choose the embodied AI, which is the hardest of all these three problems, can we really change the life of our users and really provide automated and proactive services that only embodied AI products can provide.

所以，無論是電動車還是智慧型設備，這些都不一定是糟糕的選擇。但我們認為這些還不夠。只有當我們選擇具身人工智慧（這是這三個問題中最難的一個）時，我們才能真正改變使用者的生活，並真正提供只有具身人工智慧產品才能提供的自動化和主動服務。

And it's really like what you see in Transformers movies. They're car-shaped robots, or what we see in Cars or Knight Riders. They are robots that are shaped in cars. And I believe that this is the biggest challenge and opportunity that we entrepreneurs see in this new era.

這真的就像你在《變形金剛》電影裡看到的。它們是汽車形狀的機器人，就像我們在《汽車總動員》或《霹靂遊俠》中看到的那樣。它們是外形象汽車的機器人。我認為，這是我們這些創業家在這個新時代所面臨的最大挑戰和機會。

And the next choice is about technology or, more specifically, our full stack AI system. What do we choose? What kind of technology do we choose to power this full stack AI system? Is this something that's language-based that's faced towards the digital world, or is this something faced towards the physical world?

下一個選擇是關於技術，更具體地說，是關於我們的全端式人工智慧系統。我們該如何選擇？我們選擇哪種技術來驅動這個全端人工智慧系統？這是面向數位世界的語言問題，還是面向實體世界的問題？

These two options require completely different system capabilities. If we want to build a good embodied AI, we need to build an AI system that's completely different from language-based AI models, including perception like eyes and ears, including the model itself like brain, including the operating system like nerves, and including the computation power which is like hearts and also the physical body itself, just like human body.

這兩種方案對系統功能的要求完全不同。如果我們想要建立一個優秀的具身人工智慧，我們需要建立一個與基於語言的人工智慧模型完全不同的人工智慧系統，包括像眼睛和耳朵一樣的感知能力，包括像大腦一樣的模型本身，包括像神經一樣的作業系統，包括像心臟一樣的運算能力，以及像人體一樣的物理身體。

At this moment, there's no third-party supplier that can provide the full-stack system. And in fact, not any company can provide even part of this system.

目前還沒有第三方供應商能夠提供全端系統。事實上，並非所有公司都能提供這套系統的任何部分。

And the focus of large language models is really focusing on the model itself and computation. Larger models and more computation power is always going to generate stronger capabilities. However, for embodied AI, we need to better understand the physical world. And the model is also built on our understanding of the physical world.

大型語言模型的重點其實在於模型本身和計算。更大的模型和更強大的運算能力總是能帶來更強大的功能。然而，對於具身人工智慧，我們需要更了解物理世界。該模型也是建立在我們對物理世界的理解之上的。

Accuracy is the first priority, and generalization only comes next. Operating system needs to make sure the optimal integration is made between the hardware and the software and also provide higher frequency. And also, the system needs to be fast and precise.

準確度是第一要務，泛化能力只是其次。作業系統需要確保硬體和軟體之間實現最佳集成，並提供更高的頻率。此外，該系統還需要快速且精確。

And also, this computation power that powers the perception, the model, and the operating system needs to reside on the device side as opposed to the cloud side. And lastly, we also need to modify the hardware itself to become a really embodied hardware.

此外，驅動感知、模型和作業系統的運算能力需要駐留在設備端，而不是雲端。最後，我們還需要對硬體本身進行改造，使其成為真正具身化的硬體。

And for example, our active suspension, it's just like a 3D nerve system -- nerve control, and it can increase the efficiency and precision of execution in the physical world.

例如，我們的主動懸吊就像一個 3D 神經系統——神經控制，它可以提高物理世界中執行的效率和精確度。

So if we look at this entire AI system through the lens of embodied AI, you will see that there are so many changes that needs to happen and desperately need to happen.

因此，如果我們從具身人工智慧的角度來看整個人工智慧系統，就會發現有許多變革需要發生，而且迫切需要發生。

The first change comes in perception. Based on the current model and the computation power that can be deployed on the device, the current 3D BEV or occupancy network or 2D Vision Transformer, the effective range of perception -- I'm talking about the effective as opposed to theoretical maximum -- is only just about over 100 meters, which is way less than human eyes.

首先，觀念會改變。根據目前模型和裝置上可部署的運算能力，目前的 3D BEV 或佔用網路或 2D 視覺轉換器，有效感知範圍（我指的是有效範圍而不是理論最大值）僅略超過 100 米，遠小於人眼。

However, if we upgrade it to 3D Vision Transformer, which is just similar to how human eyes works, this range can be increased by two, three times; and it can solve more than 50% of the common issues we see in autonomous driving.

但是，如果我們將其升級為 3D 視覺轉換器，其工作原理與人眼類似，則該範圍可以增加兩到三倍；並且可以解決我們在自動駕駛中看到的 50% 以上的常見問題。

3D Vision Transformer is not only limited to autonomous driving, but it can also benefit interactions with the car inside and outside of the car. These can also all become possible.

3D視覺轉換器不僅限於自動駕駛，還可以改善車內和車外的人車互動。這些都有可能成為現實。

So that requires fundamental breakthroughs in perception models, both in research and also development. And it also requires tailored chips for embodied AI, just like M100, which we have developed; and also requires a very strong compiler team and high-efficiency cooperation.

因此，這需要在感知模型方面取得根本性的突破，無論是在研究方面還是在開發方面。它還需要像我們開發的 M100 那樣的專為具身人工智慧定制的晶片；還需要一支非常強大的編譯器團隊和高效的合作。

The next area of improvement is in models. It's only with 3D Vision Transformer can we really understand the world. The BL in the BLA is really, can we really understand and perceive the world better? And human data can be more effectively used for training, and world model can also be used more effectively for training.

下一個需要改進的方面是模型。只有借助 3D 視覺轉換器，我們才能真正了解這個世界。BLA 中的 BL 實際上是指，我們真的能夠更好地理解和感知世界嗎？而且，人類資料可以更有效地用於訓練，世界模型也可以更有效地用於訓練。

For example, in the status quo computation platform, a 4 billion parameter MOE model can only run at 10 hertz. But the execution frequency is 60 hertz. So we can increase the frequency of the model by two to three times.

例如，在目前的運算平台上，一個 40 億參數的 MOE 模型只能以 10 赫茲的速度運作。但執行頻率為 60 赫茲。因此，我們可以將該模型的頻率提高兩到三倍。

It can also automatically solve many issues, including comfort and speed of reaction, in autonomous driving. And it also requires us to fundamentally modify and customize the traditional GPU architecture and to have a dedicated operating system. And M100, again, is really designed for solving these embodied AI problems.

它還可以自動解決自動駕駛中的許多問題，包括舒適性和反應速度。此外，它還要求我們從根本上修改和自訂傳統的 GPU 架構，並擁有專用的作業系統。而 M100 正是為解決這些具身人工智慧問題而設計的。

And lastly is the embodied hardware itself. A human being can typically react to braking and steering in about 450 milliseconds. And for a typical autonomous driving system, from perception to execution, the entire closed loop takes about 550 milliseconds. So for a typical driver today, they can easily -- it's very obvious to them that autonomous driving is much slower. It's like an elderly driving car.

最後是硬體本身。人類通常在450毫秒左右對煞車和轉向做出反應。對於典型的自動駕駛系統，從感知到執行，整個閉環過程大約需要 550 毫秒。所以對於今天的普通駕駛員來說，他們很容易就能——對他們來說，自動駕駛的速度要慢得多這一點非常明顯。這就像老人家開車一樣。

The drive-by-wire system can reduce the response time to about 350 milliseconds. And the difference of 200 milliseconds is not to be underestimated. It can roughly reduce the accident rate by over 50%, and it also feels better even than driving by themselves, and it's also safer. It's safer both in the subjective as well as the objective sense.

線控驅動系統可將反應時間縮短至約 350 毫秒。200毫秒的差異不容小覷。它可以大致降低事故率 50% 以上，而且感覺比自己開車更好，也更安全。無論從主觀角度或客觀角度來看，它都更安全。

So based on these needs, all the entire control mechanism will be different. And if we only focus on increasing the scale of model, just like we did in language models -- for example, if we increase the size of model two times and with a corresponding increase in computation power, the really performance increase is only going to be 5% to 10%.

因此，基於這些需求，整個控制機制都會有所不同。如果我們只專注於增加模型的規模，就像我們在語言模型中所做的那樣——例如，如果我們把模型的大小增加兩倍，並相應地增加計算能力，那麼真正的效能提升只會達到 5% 到 10%。

But if we look at this from an embodied AI perspective and to solve the key issues in every stack -- on every level of stack, the next-generation autonomous driving can really increase the performance by 5- to 10-fold. And that is what can power of embodied AI to perform fast and accurate and valuable services. And that's the difference between zero to one.

但是，如果我們從具身人工智慧的角度來看待這個問題，並解決每個堆疊中的關鍵問題——在堆疊的每個層面上，下一代自動駕駛真的可以將效能提高 5 到 10 倍。這就是具身人工智慧能夠提供快速、準確和有價值的服務的力量所在。這就是從零到一的差別。

In the past three years, we have made a lot of progress in technology and systems for embodied AI. And that makes us very confident about the next-generation products. The start of embodied AI robots starts with car robots and starting this year, I believe. And hundreds of billions of revenue is only a starting point.

過去三年，我們在具身人工智慧的技術和系統方面取得了長足的進步。這讓我們對下一代產品充滿信心。我認為，具身人工智慧機器人的開端是從汽車機器人開始的，而且就從今年開始。而數千億美元的收入只是個開始。

So the above three key strategic choices really laid the foundation for the next decade of our development. It's more challenging than the last decade. And we're deeply aware that real competition isn't really about short-term wins. It's about staying on the right path over the long term and having the dedication to keep investing in it.

因此，以上三個關鍵策略選擇真正為我們未來十年的發展奠定了基礎。這比過去十年更具挑戰性。我們深知，真正的競爭並非關乎短期利益的勝利。關鍵在於長期堅持走正確的路，並有決心持續投入。

Backed by a strong financial foundation, we will stay focused, embrace our beloved entrepreneurial management style, and build leading body intelligence products. So Li Auto can navigate market cycles, lead technological transformation, and become a company that creates unique, lasting value for users and society in the long run.

憑藉著雄厚的財務實力，我們將繼續專注，秉持著我們摯愛的創業管理風格，打造領先的人體智慧產品。因此，理想汽車能夠駕馭市場週期，引領技術變革，並成為一家長期為使用者和社會創造獨特、持久價值的公司。

Finally, I will also look forward to engaging with you guys in this manner moving forward rather than presenting a quarterly report in a fixed format. And I want to express my gratitude to all of you for your support and trust, especially during our most challenging times. We're fully committed to making Li Auto the best performing company in embodied intelligence and the greatest creator of user value within the next three to five years. Thank you.

最後，我也期待今後以這種方式與大家互動，而不是以固定格式提交季報。我衷心感謝大家的支持和信任，尤其是在我們最艱難的時期。我們全力以赴，努力在未來三到五年內，將理想汽車打造成為具身智慧領域表現最佳的公司和用戶價值創造者。謝謝。

Thank you, Xiang. Hello, everyone. I will now walk you through some of our third-quarter financials.

謝謝你，翔。大家好。接下來我將帶大家來了解我們第三季的部分財務數據。

Given time constraints, my remarks today will be limited to the financial highlights. All figures will be called in RMB, unless otherwise stated. For further details, we encourage you to refer to our earnings press release.

鑑於時間有限，我今天的發言將僅限於財務要點。除非另有說明，所有金額均以人民幣計價。更多詳情，請參閱我們的盈利新聞稿。

Total revenues in the third quarter were RMB27.4 billion, decreased 36.2% year over year and 9.5% quarter over quarter. This included RMB25.9 billion from vehicle sales, decreased 37.4% year over year and 10.4% quarter over quarter, mainly due to lower vehicle deliveries. The sequential decline was partially offset by a higher average selling price due to the different product mix.

第三季總收入為人民幣274億元，年減36.2%，季減9.5%。其中包括汽車銷售收入259億元，年減37.4%，季減10.4%，主因是汽車交車量下降。由於產品組合不同，平均售價有所上漲，部分抵銷了環比下降的趨勢。

Cost of sales in the third quarter was RMB22.9 billion, down 22% (sic - see press release, "32%") year over year and 5.3% quarter over quarter. Gross profit in the third quarter was RMB4.5 billion, down 51.6% year over year and 26.3% quarter over quarter.

第三季銷售成本為人民幣229億元，年減22%（原文如此 - 參見新聞稿，「32%」），季減5.3%。第三季毛利為人民幣45億元，年減51.6%，季減26.3%。

Vehicle margin in the third quarter was 15.5% versus 20.9% in the same period last year and 19.4% in the prior quarter. The year-over-year decrease was mainly due to estimated Li MEGA recall cost and the higher per unit manufacturing cost from lower production volume. The sequential decline was mainly due to the same recall-related costs. Excluding such recall costs, vehicle margin would have been 19.8% in the third quarter.

第三季汽車毛利率為 15.5%，去年同期為 20.9%，上一季為 19.4%。年比下降主要是由於預計 Li MEGA 召回成本以及產量下降導致單位製造成本上升。銷售量連續下滑主要是因為與召回相關的成本所造成的。如果排除此類召回成本，第三季汽車利潤率將達到 19.8%。

Gross margin in the third quarter was 16.3% versus 21.5% in the same period last year and 20.1% in the prior quarter. Excluding the above-mentioned Li MEGA recall cost, gross margin would have been 20.4% in the third quarter.

第三季毛利率為 16.3%，去年同期為 21.5%，上一季為 20.1%。如果排除上述 Li MEGA 召回成本，第三季的毛利率將達到 20.4%。

Operating expenses in the third quarter were RMB5.6 billion, down 2.5% year over year and up 7.8% quarter-over-quarter.

第三季營業費用為人民幣56億元，較去年同期下降2.5%，較上季成長7.8%。

R&D expenses in the third quarter were RMB3 billion, up 15% year over year and 5.8% quarter over quarter. The year-over-year increase was mainly due to the impact of the pace of new vehicle programs and increased investments in expanding our product portfolio and technology, along with expenses from the product configuration adjustment. The sequential increase was mainly due to those same product configuration adjustment expenses.

第三季研發費用為人民幣30億元，較去年成長15%，較上季成長5.8%。年比增幅主要歸因於新車項目推進速度加快、產品組合和技術拓展投資增加以及產品配置調整帶來的支出。環比增長主要是由於產品配置調整費用造成的。

SG&A expenses in the third quarter were RMB2.8 billion, down 17.6% year over year and up 1.9% quarter over quarter. The year-over-year decrease was mainly due to the recognition of share-based compensation expenses regarding the CEO's performance-based awards in the third quarter of last year.

第三季銷售、管理及行政費用為人民幣28億元，較去年同期下降17.6%，較上季成長1.9%。年比下降主要是由於去年第三季確認了與執行長績效獎勵相關的股份支付費用。

Loss from operations in the third quarter was RMB1.2 billion versus RMB3.4 billion income from operations in the same period last year and RMB827 million income from operations in the prior quarter.

第三季營業虧損為人民幣12億元，去年同期營業收入為34億元，上一季營業收入為人民幣8.27億元。

Operating margin in the third quarter was negative 4.3% versus 8% in the same period last year and 2.7% in the prior quarter.

第三季營業利益率為負 4.3%，而去年同期為 8%，上一季為 2.7%。

Net loss in the third quarter was RMB624.4 million versus RMB2.8 billion net income in the same period last year and RMB1.1 billion net income in the prior quarter. Diluted net loss per ADS attributable to our ordinary shareholders was RMB0.62 in the third quarter versus diluted net earnings of RMB2.66 in the same period last year and RMB1.03 in the prior quarter.

第三季淨虧損為人民幣6.244億元，去年同期淨利為人民幣28億元，上一季淨利為人民幣11億元。第三季歸屬於普通股股東的每股美國存託憑證（ADS）攤薄淨虧損為人民幣0.62元，而去年同期攤薄淨收益為人民幣2.66元，上一季為人民幣1.03元。

Turning to our balance sheet and cash flow. Our cash position remains strong with a quarter ended balance of RMB98.9 billion.

接下來來看看我們的資產負債表和現金流量表。我們的現金狀況依然強勁，截至季末餘額為人民幣989億元。

Net cash used in operating activities in the third quarter was RMB7.4 billion versus RMB11 billion provided in the same period last year and RMB3 billion used in the prior quarter. Free cash flow was negative RMB8.9 billion in the third quarter versus RMB9.1 billion in the same period last year and negative RMB3.8 billion in the prior quarter.

第三季經營活動所用現金淨額為人民幣74億元，去年同期為人民幣110億元，上一季為人民幣30億元。第三季自由現金流為負89億元人民幣，去年同期為負91億元人民幣，上一季為負38億元。

And now for our business outlook. For the fourth quarter of 2025, the company expects the deliveries to be between 100,000 and 110,000 vehicles and quarterly total revenues to be between RMB26.5 billion and RMB29.2 billion. This business outlook reflects the company's current and preliminary view on its business situation and market conditions, which is subject to change.

接下來是我們的業務展望。該公司預計，2025 年第四季交付量將在 10 萬至 11 萬輛之間，季度總收入將在人民幣 265 億元至人民幣 292 億元之間。該業務展望反映了公司目前對其業務狀況和市場狀況的初步看法，但可能會發生變化。

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

我們的發言稿到此結束。現在我將把電話轉交給接線員，開始我們的問答環節。謝謝。

(Operator Instructions) Yingbo Xu, CITIC.

（操作說明）徐英波，中信集團。

(spoken in foreign language) So I have two questions. The first question is about -- we are very glad to hear the company's return to entrepreneurship and next decade plan. But any R&D and development needs time.

（用外語說）我有兩個問題。第一個問題是——我們非常高興聽到公司重返創業之路以及下一個十年的計劃。但任何研發都需要時間。

So my first question is that if we just say next year 2026, what kind of technology or product progress can we expect? And also from the investors' perspective, how long can we really see a technology or product jump in future? How long?

所以我的第一個問題是，如果我們只說明年（2026 年），我們可以期待什麼樣的技術或產品進步？從投資人的角度來看，我們究竟能在多遠的時間內真正看到一項技術或產品的飛躍式發展？多久？

And the second question related to BEV. The company's transition from EREV to BEV, it's challenges. So can we please give us more information or confidence in the BEV part, how we prepare for the effective technology reserve and supply chain preparation?

第二個問題與純電動車有關。公司從增程式電動汽車轉型為純電動汽車的挑戰。那麼，能否請您提供更多關於純電動汽車部分的信息，以及我們如何有效地準備技術儲備和供應鏈？

(interpreted) On your first question about 2026, next year, we'll be launching our AI system based on our internally developed M100 chips. And once this system gets in the car, that's where we will start to see real value and change of user experience.

（翻譯）關於你第一個關於 2026 年的問題，明年，我們將推出基於我們自主研發的 M100 晶片的 AI 系統。一旦這套系統安裝到車上，我們才能真正看到使用者體驗的價值和改變。

As I mentioned earlier, our products would go from a passive -- a machine that passively takes orders to a more automated machine and even a proactive machine that can provide services for the users. So unlike large language models, which can conduct deep research or video generation, this embodies AI products and really benefit our users in their everyday use at a very high frequency.

正如我之前提到的，我們的產品將從被動式機器（被動地接受訂單）發展成為更自動化的機器，甚至是能夠為使用者提供服務的主動式機器。因此，與可以進行深度研究或影片生成的大型語言模型不同，這體現了人工智慧產品的特性，並能以非常高的頻率真正使我們的用戶在日常使用中受益。

And on the second part about the next 10 years, unlike programming or traditional rule-based programming, we do not have a feature list or a list of functions. Instead, AI really -- for a complex AI system, if we can solve key issues in some important areas and improve performances in some bottleneck points, then we will start to see a series of changes that are unimagined before.

至於未來 10 年的第二部分，與程式設計或傳統的基於規則的程式設計不同，我們沒有功能列表或函數列表。相反，對於複雜的人工智慧系統而言，如果我們能夠解決一些重要領域的關鍵問題，並提高一些瓶頸點的效能，那麼我們將開始看到一系列以前無法想像的變化。

And that's our late understanding of embodied AI and AI system. And this is really the room for imagination for the next 10 years.

這就是我們對具身人工智慧和人工智慧系統的最新理解。這就是未來十年留給人們想像的空間。

On the key in-house BEV-related technologies, we focus on three areas: electric drive, battery systems, and electronic control.

在關鍵的自主研發的純電動車相關技術方面，我們專注於三個領域：電力驅動、電池系統和電子控制。

First of all, on the electric drive system, our focus is on efficiency and user experience. We have an in-house developed and outsourced our manufacturing of silicon carbide power chips and in-house developed and in-house manufacturing of power modules and motor controllers, but also established our own dedicated drive motor factory.

首先，在電動驅動系統方面，我們的重點是效率和使用者體驗。我們自主研發並外包生產碳化矽功率晶片，自主研發並生產功率模組和馬達控制器，同時也建立了我們自己的專用驅動馬達工廠。

We have built a full chain in-house development capability stemming from silicon carbide power chips, power modules, to electric motor assemblies. Our electric drive technology covers all BEV and EREV models, ensuring quiet and smooth driving experience while also optimizing for energy consumption and vehicle driving range.

我們已經建立了從碳化矽功率晶片、功率模組到馬達組件的完整內部研發能力。我們的電動驅動技術涵蓋所有 BEV 和 EREV 車型，確保安靜平穩的駕駛體驗，同時優化能耗和車輛續航里程。

And secondly, on the battery system, our focus is on ultrafast charging and safety. We have built a full stack in-house capability around 5C ultrafast charging batteries with full control over self-chemistry, BMS control modules and algorithms, as well as battery pack layouts and structural design and achieving three core advantages across ultrafast charging, long driving range, and long service life.

其次，在電池系統方面，我們的重點是超快速充電和安全性。我們圍繞 5C 超快充電電池建立了完整的自主研發能力，能夠完全控制電池自化學、BMS 控制模組和演算法，以及電池組佈局和結構設計，並在超快充電、長續航里程和長使用壽命方面實現了三大核心優勢。

On the supply front, we also have a combined strategy of external procurement and in-house development. Li Auto's own 5C batteries will enter mass production next year. This industrialization of in-house developed technology will further strengthen our battery safety and also improve user experience.

在供應方面，我們也採取了外部採購和內部研發結合的策略。力拓自主研發的5C電池將於明年投入量產。這項自主研發技術的產業化將進一步增強電池安全性，並改善使用者體驗。

And thirdly, on the electronic control system, our goal is to provide the best driving experience also through in-house developed hardware and software. On the software side, we have full stack in-house development capability of powertrain control, power management, and engine calibration. On the hardware side, our core domain controller PCB layout are all developed in-house as well as the underlying software.

第三，在電子控制系統方面，我們的目標是透過自主研發的硬體和軟體，提供最佳的駕駛體驗。在軟體方面，我們擁有動力系統控制、電源管理和引擎標定的全端內部開發能力。在硬體方面，我們的核心網域控制器PCB佈局以及底層軟體都是自主研發的。

Together with our in-house chassis technology, we were able to enhance driving smoothness and comfort and make the drive experience easy and intuitive to our users. So through a combination of three electrical technology, including battery electric control and electric drive, we provide our users with a special, fast charging, long-range, and smooth and safe driving experience.

結合我們自主研發的底盤技術，我們提高了駕駛的平順性和舒適性，讓駕駛體驗對使用者來說變得輕鬆直覺。因此，透過電池電控和電驅動等三種電氣技術的結合，我們為用戶提供特殊的、快速充電、長續航里程、平穩安全的駕駛體驗。

Tim Hsiao, Morgan Stanley.

Tim Hsiao，摩根士丹利。

(spoken in foreign language) So I have two quick questions focusing on the near-term operation. So the first one about the product, Li i Series.

（用外語說）我有兩個關於近期營運的簡短問題。首先是關於產品 Li i 系列的介紹。

Could the management team share the latest update on orders and deliveries of Li i8 and i6? And in the meantime, how and when could you start the current supply bottleneck of the Li i6 and i8? And how should we think about the normalized sales volume of the two i Series models in the following months?

管理團隊能否分享李i8和i6的訂單和交付情況的最新進展？同時，您認為何時以及如何才能解決目前鋰電池 i6 和 i8 的供應瓶頸問題？那麼，我們該如何看待未來幾個月i系列兩款車型的正常化銷售呢？

Second question is about cash flow. Li Auto actually registered increasing operating cash outflow of about RMB7.4 billion or free cash outflow of RMB8.9 billion during this quarter. So this caused quite a significant drop in company's cash reserve drained away. Why is that, and how should we think about the cash flow in the following quarters? That's my second question.

第二個問題是關於現金流的。理想汽車本季實際錄得經營現金流出約74億元人民幣或自由現金流出約89億元。因此，這導致公司現金儲備大幅下降，幾乎耗盡。這是為什麼呢？我們該如何看待接下來幾季的現金流？這是我的第二個問題。

(interpreted) This year, we established our BEV portfolio with i8 and i6 models. And respectively, they cover the mainstream and premium segments for the family BEV market.

（譯文）今年，我們推出了 i8 和 i6 車型，建構了我們的純電動車產品組合。它們分別涵蓋了家用純電動車市場的主流和高端細分市場。

These new cars create a solid foundation for the long-term stable growth of our BEV business. We also deployed our products to support the dual energy strategy, namely EREV and BEV, which effectively complement each other and to meet the diverse needs of our users.

這些新車為我們純電動車業務的長期穩定成長奠定了堅實的基礎。我們還部署了我們的產品來支援雙能源策略，即增程式電動車 (EREV) 和純電動車 (BEV)，這兩種能源可以有效地相互補充，滿足我們用戶的多樣化需求。

A key highlight that's worth mentioning is that we have made breakthroughs in key regional markets. The i-Series has successfully entered core BEV markets such as Beijing, Shanghai, Jiangsu and Zhejiang, with orders in these areas starting to increase significantly from September.

值得一提的是，我們在關鍵區域市場取得了突破性進展。i系列車款已成功進入北京、上海、江蘇、浙江等核心純電動車市場，這些地區的訂單量從9月開始顯著成長。

Li i8 and i6 are steadily going through the path of production ramp-up, delivery acceleration, and market penetration. And starting in November, to address production ramp-up challenges, we will officially start to begin a dual supplier strategy for our batteries on Li i6.

Li i8 和 i6 正在穩步推進量產、加速交付和市場滲透。從 11 月開始，為了因應產能爬坡的挑戰，我們將正式開始對 Li i6 電池採用雙供應商策略。

We will ensure consistent performance and quality standards between these two suppliers. We will expect monthly Li i6 production capacity to steadily increase to about 20,000 units starting from early next year.

我們將確保這兩家供應商在性能和品質標準方面保持一致。我們預計從明年年初開始，鋰離子i6的月產能將穩定提升至約2萬台。

We sincerely apologize to customers who placed orders on i6 and still waiting for the cars to be delivered. Due to constraints in the supply chain planning of key components and the pace of production ramp-up, your vehicle is still -- the delivery schedule has been affected.

對於已訂購 i6 車型但仍在等待車輛交付的客戶，我們深表歉意。由於關鍵零件供應鏈計劃的限制以及生產爬坡速度的放緩，您的車輛仍然——交付計劃受到了影響。

We deeply appreciate your trust and choice in Li Auto, and we kindly ask for your continued understanding and patience. Our team is working around the clock to accelerate production and expedite the delivery process.

我們衷心感謝您對理想汽車的信任和選擇，並懇請您繼續理解和耐心等待。我們的團隊正在日以繼夜地工作，以加快生產速度和交付流程。

And for the second question, Tim, this is Johnny. I think for the operating cash flow, it's about two reasons.

提姆，關於第二個問題，我是強尼。我認為經營現金流的原因主要有兩個。

First, as we guided in the last earnings release, the third quarter, we faced great pressure on the deliveries; and the delivery decrease will make the revenue decrease, which will finally impact the operating cash flow and also the impact of shortening of the payment cycle to suppliers. And this is -- as you may know, it's due to the government's authority starting from good in the national wide.

首先，正如我們在上一季財報中所指出的，第三季度我們面臨著巨大的交付壓力；交付量的減少將導致收入減少，最終影響經營現金流，同時也縮短對供應商的付款週期。而這——正如你可能知道的那樣——是由於政府在全國範圍內建立的良好權威。

Actually, we value our partnership with our supply chain partners and actively respond to their requirements. Currently, the settlement period for all our accounts payable is 60 days. And the payment is either through bank transfer or bank notes without any business notes or some certificates from the OEM, just the normal bank notes.

事實上，我們非常重視與供應鏈合作夥伴的合作關係，並積極回應他們的需求。目前，我們所有應付帳款的結算週期為 60 天。付款方式為銀行轉帳或普通紙幣，無需任何商業憑證或OEM廠商的證明，只需普通紙幣即可。

Ming-Hsun Lee, BofA.

李明勳，美國銀行。

(spoken in foreign language) So my first question is that -- because next year, the trade-in subsidy policy will change and also the EV purchase tax will increase from 0% to 5%. If the subsidy declines next year, what will be your sales strategy for 2026?

（用外語說）所以我的第一個問題是——因為明年以舊換新補貼政策將會改變，而且電動車購置稅也將從0%提高到5%。如果明年補貼減少，你們2026年的銷售策略是什麼？

(spoken in foreign language) So my next -- second question is that in 2026, your Li i and Li L series will have a new generation. So what can we expect the most -- the new features, specs? And what will be the new advantages for your new models?

（用外語說）那麼我的第二個問題是，在 2026 年，你們的 Li i 和 Li L 系列將會推出新一代產品。那我們最可以期待的是什麼——新功能還是規格？那麼，你們的新車型有哪些新優勢呢？

(interpreted) We believe this change marks the auto industry's transformation from policy-driven adoption to organic market-driven adoption. And it is precisely during this phase that the value of stronger players can really stand out.

（解讀）我們認為這項變革標誌著汽車產業從政策驅動型採用到市場自發驅動型採用的轉變。正是在這個階段，實力較強的球員的價值才能真正凸顯出來。

As the purchase tax policy phases out, there will be fluctuations in the first short term, we believe. We expect to see a pull-forward effect. Namely, as customers rush to lock in their incentives at the end of 2025, that will naturally lead to a substantial dip in deliveries in Q1 2026.

我們認為，隨著購置稅政策逐步取消，短期內會出現波動。我們預期會出現提前拉動效應。也就是說，由於客戶爭相在 2025 年底鎖定他們的優惠，這自然會導致 2026 年第一季的交付量大幅下降。

Looking into the longer term, we are optimistic about the penetration rate of NEVs. In 2026, the NEV penetration rate in the domestic Chinese market will probably reach between 55% to 60% with the rate in the premium segment exceeding 60%.

從長遠來看，我們對新能源車的普及率持樂觀態度。到 2026 年，中國國內新能源汽車市場的滲透率可能達到 55% 至 60%，其中高端市場的滲透率將超過 60%。

At Li Auto, our response strategy is to guarantee user benefits and adapt to new standards with our new vehicles rolling out during the transition period. And for the transition period, we have a peace of mind purchase program covering the purchase tax difference for i6 customers who locked in their orders in 2025, but take deliveries in 2026.

在理想汽車，我們的應對策略是在過渡期內透過推出新車型來保障用戶利益並適應新標準。對於過渡期，我們推出了一項安心購買計劃，為在 2025 年鎖定訂單但在 2026 年提車的 i6 客戶支付購車稅差額。

All of our 2026 models meet the new standards for gas and energy consumption, so they will qualify for 2026 incentives. In the longer term, we will continue to be dedicated to user value and offset policy impacts through technology advancements.

我們所有 2026 年式車型均符合新的汽油和能源消耗標準，因此將有資格獲得 2026 年的獎勵。從長遠來看，我們將繼續致力於用戶價值，並透過技術進步抵消政策影響。

For example, we will be fully adopting 800-volt high-voltage platform and 5C ultrafast batteries to enhance efficiency and reduce energy consumption in 2026. We aim to operate about 4,800 supercharging stations by 2026, 35% of which will be on highway service stations.

例如，我們將在 2026 年全面採用 800 伏特高壓平台和 5C 超快電池，以提高效率並降低能耗。我們的目標是到 2026 年運營約 4800 個超級充電站，其中 35% 將位於高速公路服務區。

We'll continue to deepen our supply chain localization and leverage economies of scale to stabilize pricing, while accelerate product iteration to keep all 2026 models at the forefront of product competitiveness. As the product strength, we must accelerate model innovation and accelerate further.

我們將繼續深化供應鏈在地化，利用規模經濟穩定價格，同時加速產品迭代，使所有 2026 年車型始終處於產品競爭力的前沿。作為產品優勢，我們必須加快車型創新，並進一步加快步伐。

In summary, this policy phase out marks a watershed moment for the industry's shift from -- towards high-quality development. Li Auto is poised to achieve a historic breakthrough in deliveries in 2026, and we will navigate this cycle through superior product strength and user value, thereby consolidating our leadership in the premium market.

總而言之，這項政策的逐步取消標誌著該行業從——轉向高品質開發的一個分水嶺時刻。理想汽車預計在 2026 年實現交付量的歷史性突破，我們將憑藉卓越的產品實力和用戶價值來應對這一周期，從而鞏固我們在高端市場的領先地位。

Usually, on product release dates and more details, we need to choose an appropriate time to release publicly. But today, I still want to take the opportunity to give a glimpse on our product rollout for next year.

通常情況下，關於產品發布日期等更多細節，我們需要選擇一個合適的時機向公眾發布。但今天，我還是想藉此機會向大家簡要介紹我們明年的產品發布計劃。

The next year for L Series is going to be a major generational upgrade. And the changes are based on deep research of users and their feedback as well as our accumulation of technology over the years. And we want to build a very strong product that's also fundamentally different from the current generation. And all this is to support our goal of reclaiming leadership in the EREV market in 2026.

L系列明年將迎來重大換代升級。這些改變是基於對使用者及其回饋的深入研究，以及我們多年來累積的技術。我們希望打造一款非常強大的產品，而這款產品在本質上與當前世代產品有所不同。這一切都是為了支持我們實現2026年重奪程式電動車市場領導地位的目標。

In terms of model configuration, we'll be going back to the simplified SKU approach, which balances market coverage as well as supply chain efficiency. So even the base model will not compromise in terms of user experience and will have all features as standards.

在產品配置方面，我們將回歸簡化的 SKU 方法，這種方法既能兼顧市場覆蓋率，又能提高供應鏈效率。因此，即使是基本款機型，在使用者體驗方面也不會妥協，所有功能都將作為標準配置。

And in terms of design upgrades, while retaining our iconic design DNA, we will be upgrading the premium deal and craftsmanship. We'll strike a balance between strong brand identity and fresh user appeal and to refine our products to better serve the needs of family users.

在設計升級方面，我們將保留我們標誌性的設計基因，同時提升產品的高端品質和製程水準。我們將努力在強大的品牌形象和新鮮的用戶吸引力之間取得平衡，並改進我們的產品，以更好地滿足家庭用戶的需求。

On the core technology front, 5C standard supercharging will be standard on all models and seamlessly integrating with our existing charging network to efficiently address range anxiety. And at the same time, we will reinforce our position as the EREV leader, building on our first-mover advantage and deep expertise in EREVs.

在核心技術方面，5C 標準超級充電將成為所有車型的標配，並與我們現有的充電網路無縫集成，以有效解決里程焦慮問題。同時，我們將鞏固我們作為增程式電動車領導者的地位，充分利用我們的先發優勢和在增程式電動車領域的深厚專業知識。

The 2026 L Series refresh is about responding to market uncertainty with certainties on technological upgrades, delivery cadence, and user value. We will announce the specific launch timing and further details at the appropriate time. Please stay tuned.

2026 年 L 系列的更新旨在透過技術升級、交付節奏和用戶價值的確定性來應對市場的不確定性。我們將在適當的時候公佈具體的發佈時間和更多細節。敬請期待。

Paul Gong, UBS.

Paul Gong，瑞銀集團。

(spoken in foreign language) So let me translate. I have two questions. The first one is regarding the recall of the MEGA. I noticed this was announced in Q4. Why are you booking it in Q3?

（用外語說）那讓我來翻譯。我有兩個問題。第一個問題是關於MEGA的回憶。我注意到這是在第四季度宣布的。為什麼選擇在第三季預訂？

And how did you determine the amount and the sharing between yourself and the supply chain? What's the impact for the Q4 GP margin? And if possible, please also update us about the latest situation of the callback of the recall as well as the latest order of MEGA.

你是如何決定數量以及你和供應鏈之間的分成比例的？對第四季毛利率有何影響？如果可以的話，也請告知我們召回的最新情況以及 MEGA 的最新訂單情況。

My second question is regarding the AI. Can you please update us the latest development of VLA, large model, and the user feedback? If possible, please also give more color for the future targets and upgrades process.

我的第二個問題是關於人工智慧的。請問能否向我們介紹VLA、大型模型以及使用者回饋的最新進展？如果可以，請詳細說明未來的目標和升級流程。

Paul, this is Johnny. I think I will shortly -- and we will respond to your question very shortly. First, we recognize this in Q3 is just we regard this event as a subsequent event. So it will be accrued in the most recent quarter, we can recall. So it's a bit accounting standard.

保羅，這是強尼。我想我很快就會回覆您—我們會盡快回覆您的問題。首先，我們在 Q3 中認識到，我們只是將此事件視為後續事件。因此，我們可以回憶一下，這筆款項將在最近一個季度計入。所以這有點像是會計準則。

And for the recall, I think we have announcement. I don't want to repeat most of the details covered. And currently, we just make all the battery pack to fulfill the recall requirement, the demand, which means we lower the delivery of our 2025 MEGA delivery which means all the battery pack, we shipped most of them to replace the 2024 recall.

至於召回事宜，我想我們已經有公告了。我不想重複已經涵蓋的大部分細節。目前，我們只生產所有電池組以滿足召回要求和需求，這意味著我們減少了 2025 年 MEGA 交付的電池組數量，也就是說，我們已將大部分電池組交付給 2024 年召回的電池組。

I think that best serve the customers' benefit. And that's the company's value proposition.

我認為這最符合客戶的利益。這就是公司的價值主張。

(interpreted) We rolled out our VLA Driver to all of our AD Max vehicles in September. And with the strong migration capability of our model across all releases, all of our AD Max users have access to this new model, including the new i Series users as well as the Li L9 users who bought the car back in 2012. And they're able to experience its core capabilities across the board.

（翻譯）我們在 9 月將 VLA 驅動程式推廣到我們所有的 AD Max 車輛上。由於我們的車型具有強大的跨版本遷移能力，我們所有的 AD Max 用戶都可以使用這個新模型，包括新的 i 系列用戶以及 2012 年購買該車的 Li L9 用戶。他們可以全面體驗它的核心功能。

User feedback and data analysis have very clearly showed the effectiveness and the level of experience improvement. We can see that Li L Series and i Series owners have a strong -- Vi i Series owners have a stronger willingness to use VLA Driver with both DAU and MPI showing improvements.

使用者回饋和數據分析非常清楚地顯示了使用者體驗的提升效果和水準。我們可以看到，Li L 系列和 i 系列的用戶對 VLA 驅動程式表現出強烈的意願，而 Vi i 系列的用戶則表現出更強的意願，DAU 和 MPI 都得到了改進。

In the meantime, users generally report the VLA to be smoother, especially in longitudinal control, and more proactive and decisive in detours and more accurate in route selection at complex intersections. And with ongoing iterations, the functions of VLA will continue to achieve further breakthroughs.

同時，使用者普遍反映 VLA 運行更加平穩，尤其是在縱向控制方面，並且在繞行方面更加積極主動和果斷，在複雜交叉路口的路線選擇方面也更加準確。隨著不斷迭代，VLA 的功能將繼續進一步突破。

For OTA 8.0, which is our first full-scale rollout, the priority is mostly focused on safety. And in early December, we will release the OTA 8.1, which further enhances VLA perception capabilities for more precise and responsive behavior.

對於 OTA 8.0（我們的首次全面推廣），重點主要放在安全性。12月初，我們將發布OTA 8.1，進一步增強VLA的感知能力，以實現更精確、更靈敏的反應。

And by year-end, we will deploy an architecture upgrade to strengthen language behavior interaction and streamline the decision-making process, which will be compatible with our upcoming in-house developed M100 chip.

到年底，我們將部署架構升級，以加強語言行為互動並簡化決策過程，這將與我們即將推出的自主研發的 M100 晶片相容。

Beyond core system improvements, we're rolling out a series of innovations, including the industry's first defensive driving AES feature to enhance safety capability and any point to any point full scenario automated parking and a smart finder to find charging stations and park automatically. And all this completes the smart mobility ecosystem.

除了核心系統改進之外，我們還推出了一系列創新，包括業內首個防禦性駕駛 AES 功能，以增強安全能力，以及任意點到任意點的全場景自動泊車和智能查找器，以查找充電站並自動泊車。至此，智慧出行生態系統就完整了。

Tina Hou, GS.

Tina Hou，GS。

(spoken in foreign language) Thanks management for taking my questions. So I just have one question. What is the progress in terms of our in-house developed SoC as well as the operating system and then the progress in terms of open source and future development?

（用外語說）謝謝管理階層回答我的問題。我只有一個問題。我們自主研發的SoC和作業系統進度如何？開源和未來發展方面又取得了哪些進展？

Let me answer your question. We believe that AI inference system is a core foundation for intelligent vehicles. To achieve this efficiency, the system must be designed as integrated architecture, not as separate parts.

讓我來回答你的問題。我們認為人工智慧推理系統是智慧汽車的核心基礎。為了實現這種效率，系統必須設計成整合架構，而不是由各個獨立部分組成。

Our in-house design controller hardware and operating system have enabled us to reduce development time from industry average of 15 months to 9 months, while lowering cost by 20%. Many modules in the inference stack still come from suppliers.

我們自主研發的控制器硬體和作業系統使我們能夠將開發時間從行業平均水平的 15 個月縮短到 9 個月，同時降低成本 20%。推理堆疊中的許多模組仍然來自供應商。

To innovate faster together, we open source to Halo OS, enabling collaborative development with our partners and ecosystem. In September, we established the Halo OS Technical Steering Committee and assisting companies across intelligent vehicle value chain signed the community charter, including OEMs, chip makers, software and hardware service providers, and component suppliers.

為了更快地共同創新，我們將 Halo OS 開源，從而能夠與我們的合作夥伴和生態系統進行協作開發。9 月，我們成立了 Halo OS 技術指導委員會，並協助整個智慧汽車價值鏈上的公司簽署了社群章程，其中包括 OEM 廠商、晶片製造商、軟體和硬體服務供應商以及零件供應商。

At the same time, we are undergoing our own vehicle foundation model for physical AI. Our focus is to improve perception, understanding, and response so the model can see further, understand better and react faster.

同時，我們正在進行我們自己的物理人工智慧車輛基礎模型的研究。我們的目標是提高模型的感知、理解和反應能力，使其能夠看得更遠、理解得更好、反應得更快。

The AI inference chip is the computing engine of this system. Our controller built with our in-house designed chip M100 is now undergoing large-scale system testing. We expected commercial development to take place in the next year.

人工智慧推理晶片是該系統的計算引擎。我們採用自主研發晶片 M100 建構的控制器目前正在進行大規模系統測試。我們預計商業開發將在明年展開。

Co-designed with our foundation model, compiler, and software system, we expect that the M100 within our next-generation VLA-based autonomous driving system to achieve at least three times the performance to cost ratio of today's high-end chips.

與我們的基礎模型、編譯器和軟體系統共同設計的 M100，我們期望我們下一代基於 VLA 的自動駕駛系統中的 M100 能夠實現至少是當今高端晶片三倍的性能成本比。

On the basis of highly efficient AI inference and execution systems, our next priority will be faster iteration, continuous performance improvement, and lower cost. Development of our next-generation platform and chip has already begun. Thank you.

在高效的人工智慧推理和執行系統的基礎上，我們的下一個重點將是加快迭代速度、持續提高效能和降低成本。我們的下一代平台和晶片的研發工作已經開始。謝謝。

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

謝謝。今天的電話會議即將結束，我想把電話交還給公司，請他們作總結發言。張珍妮女士，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. That's all for today. Thank you.

再次感謝您今天蒞臨。如有任何疑問，請隨時聯繫理想汽車投資者關係團隊。今天就到這裡。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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。