理想汽車 (LI) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、各位先生，大家好。感謝您撥冗參加理想汽車2026年第一季度業績電話會議。（接線員指示）本次電話會議正在錄音。

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

現在我把電話交給本次會議主持人——理想汽車投資者關係總監張珍妮女士。珍妮，請開始。

Thank you, operator. Good evening and good morning, everyone. Welcome to Li Auto's first-quarter 2026 earnings conference call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website.

謝謝接線員。各位晚上好、早上好，歡迎參加理想汽車2026年第一季度業績電話會議。公司財務及經營業績已於今日稍早透過新聞稿發布，並已刊登於公司投資者關係網站。

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 our CTO, Mr. Yan Xie, will join for the Q&A discussion.

今天的電話會議將由我們的董事長兼首席執行官李想先生，以及首席財務官鐵利（Johnny Tie Li）先生先行發表準備好的發言。問答環節將由我們的總裁馬東輝先生及首席技術官謝炎先生一同參與。

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. 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.

在繼續之前，提醒各位，今天的討論將包含根據《1995年美國私人證券訴訟改革法案》安全港條款所作的前瞻性陳述。前瞻性陳述具有內在風險與不確定性，因此公司實際結果可能與今日表達的觀點存在重大差異。關於風險與不確定性的更多資訊，已載於公司向美國證券交易委員會及香港聯合交易所有限公司提交的若干文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

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 contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

另請注意，理想汽車的業績新聞稿及本次電話會議將討論未經審計的GAAP財務資訊以及未經審計的非GAAP財務指標。請參閱我們網站投資者關係（IR）欄目的披露文件，其中包含未經審計的非GAAP指標與可比GAAP指標之間的調節表。

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

我們的首席執行官將先以中文發言。他完成全部發言後，將提供英文翻譯。

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

接下來，我把電話交給我們的首席執行官李想先生。李想先生，請開始。

(spoken in foreign language)

（以外語發言）

(interpreted) Hello, everyone. This is Li Xiang. Thank you for joining today's earnings conference call. In Q1 of this year, our deliveries entered a growth trajectory. From January to April, Li Auto returned to the top position in sales among Chinese brands and the Chinese new energy vehicle market priced at RMB200,000 and above.

（翻譯）大家好，我是李想。感謝各位參加今天的業績電話會議。今年第一季度，我們的交付量進入增長軌道。從1月到4月，理想汽車重回中國品牌以及中國20萬元人民幣及以上新能源汽車市場的銷量第一。

Monthly sales of our BEV model, the Li i6 has stabilized at 20,000 units per month, ranking top 3 among all BEV SUVs. On May 15, we launched the all-new Li L9 with deliveries starting on May 17. The all new L9 comes in 2 (inaudible) Livis and Ultra priced at RMB509,800 and RMB459,800, respectively. The primary goal of our all-new generation Li L9 is to achieve the market position of a flagship SUV, an important aspect of flagship product perception such as styling, suspension and chassis, range extender and electric powertrain as well as intelligence and computing power it sets the standard for what the next generation of flagship SUVs possess.

我們的純電車型理想i6月銷量已穩定在每月2萬輛，位列所有純電SUV前三。5月15日，我們發布了全新理想L9，並於5月17日開始交付。全新L9提供兩個（聽不清）版本：Livis與Ultra，售價分別為人民幣509,800元與人民幣459,800元。全新一代理想L9的首要目標，是確立旗艦SUV的市場地位；在造型、懸架與底盤、增程器與電驅系統，以及智能化與算力等旗艦產品感知的關鍵方面，樹立下一代旗艦SUV應具備的標準。

Within just 2 weeks, the L9 Livis secured over 10,000 orders with transaction prices of over RMB500,000, we expect that we will maintain a market share of over 20% in the RMB500,000 and above NEV SUV market. Starting in June, we will focus our communication and promotion efforts on Li L9 Ultra aiming to capture a 20% market share in the RMB400,000 to 500,000 NEV SUV market. The all new Li L9 marks the beginning of a series of new product rollouts for the Li L Series. In late June, we will launch all new Li L8, an exceptional 5-seater flagship SUV. As the 5-year version of the all new Li L9, it is a complete overhaul from the previous generation, and it is no longer a downgrade from the L9.

僅在兩週內，L9 Livis即獲得超過10,000筆訂單，成交價格超過人民幣50萬元。我們預期將在人民幣50萬元及以上新能源SUV市場維持超過20%的市佔率。自6月起，我們將把溝通與推廣重點放在理想L9 Ultra，目標是在人民幣40萬至50萬元新能源SUV市場取得20%的市佔率。全新理想L9標誌著理想L系列一系列新產品投放的開始。6月下旬，我們將發布全新理想L8——一款卓越的五座旗艦SUV。作為全新理想L9的五座版本，它相較上一代是一次全面革新，不再是L9的降級版本。

We believe the all-new Li L8 must be might be the best handling large activity globally while delivering the most comfortable 5-seat experience in its class. With the launch of the all-new Li L9, we have successfully and fully deployed our proprietary Maho M100 chip and the MINDVLA model.

我們認為，全新理想L8有望成為全球操控表現最出色的大型（聽不清），同時在同級中提供最舒適的五座體驗。隨著全新理想L9的上市，我們已成功並全面部署自研的Maho M100晶片與MINDVLA模型。

This mass production of our full stack hardware software solution was a key milestone for us. We're the first company in China to deliver full functionalities on a brand-new chip in its first ever on vehicle deployment. The Maho M100 chip is the 5-nanometer automotive-grade AI inference chip built on an AI-native dynamic data flow architecture. This unique architecture and superior treating power established a long-term technological moat for us. With an integrated hardware and software design, our chip delivers 3x the effect of computer power per unit cost.

我們全棧軟硬體解決方案的量產，是一個關鍵里程碑。我們是中國第一家在全新晶片首次上車部署時，即交付完整功能的公司。Maho M100晶片是一款5奈米車規級AI推理晶片，基於AI原生的動態資料流架構打造。這一獨特架構與卓越的處理能力，為我們建立了長期的技術護城河。透過軟硬體一體化設計，我們的晶片在單位成本下可提供3倍的算力效果。

Furthermore, the Maho M100-chip enables us to deploy our latest MINDVLA model on our vehicles. The number of parameters in this new model increased tenfold from the previous version.

此外，Maho M100晶片使我們能在車端部署最新的MINDVLA模型。該新模型的參數量較上一版本提升了10倍。

The rollout of Maho M100 and MINDVLA is just a starting point. Moving forward, with larger models and data training a higher position and higher frame rates, we expect a massive leap in the automotive and the autonomous driving experience. The May 15 event focused primarily on hardware and vehicle performance, we believe it would require a dedicated 2- to 3-hour session to fully showcase our advancements in software and intelligence. We're planning a separate launch event in June dedicated to sovereign AI. We'll take the time to provide an in-depth walk-through of the real-world experience across in-cabin interaction, salvation model, autonomous driving, system agents and our Maho chip.

Maho M100與MINDVLA的落地只是起點。展望未來，隨著更大模型與資料訓練、更高的（聽不清）以及更高幀率，我們預期汽車與自動駕駛體驗將迎來巨大躍升。5月15日的活動主要聚焦硬體與整車性能；我們認為，要完整展示我們在軟體與智能化方面的進展，需要一場專門的2至3小時活動。我們計劃於6月舉辦一場以主權AI為主題的獨立發布會，將用充足時間深入講解真實世界體驗，涵蓋座艙互動、（聽不清）模型、自動駕駛、系統智能體以及我們的Maho晶片。

We look forward to giving a deep dive into the many things we can bring to our lives through software and embodied AI. Please stay tuned. With the steady rollout our core technologies and our updated product portfolio, we maintain our full year sales growth target of 20%.

我們期待深入分享軟體與具身AI能為生活帶來的諸多可能，敬請期待。隨著核心技術的穩步落地以及產品組合的更新，我們維持全年銷量增長20%的目標不變。

With that, I'll turn the call over to our CFO Johnny, to walk you through our financial performance. Thank you.

接下來，我把電話交給我們的首席財務官Johnny，請他帶各位回顧我們的財務表現。謝謝。

Thank you, Li Xiang. Hello, everyone. Given time to strength, my remarks will be limited to first quarter financial highlights. All figures will be quoted in RMB unless otherwise stated. For further details, including the corresponding US dollar amount, we encourage you to refer to our earnings press release. Total revenues in the first quarter were RMB23 billion, down 11.4% year over year and 20.1% quarter on quarter. This included RMB21.5 billion from vehicle sales down 12.7% year over year and 21% quarter over quarter. The year-over-year decrease was mainly driven by a lower average selling price due to different product mix. The sequential decrease was mainly attributable to reduced vehicle deliveries due to seasonal factors related to the Chinese New Year holiday and lower average selling price due to different product mix.

謝謝李想。各位好。鑑於時間限制，我的發言將僅涵蓋第一季度財務重點。除非另有說明，所有數據均以人民幣計價。更多細節（包括相應的美元金額），建議各位參閱我們的業績新聞稿。第一季度總收入為人民幣230億元，同比下降11.4%，環比下降20.1%。其中，汽車銷售收入為人民幣215億元，同比下降12.7%，環比下降21.0%。同比下降主要由於產品組合不同導致平均售價降低；環比下降主要歸因於受春節假期相關季節性因素影響的交付量減少，以及產品組合不同導致平均售價降低。

Cost of sales in the first quarter was RMB21.2 billion, up 2.7% year over year and down 10.4% quarter-over-quarter. Gross profit in the first quarter was RMB1.8 billion, down 66% year-over-year and 54.8% quarter-over-quarter. New core margin in the first quarter was 6.1% versus 19.8% in the same period last year and 15.8% in the prior quarter. The year-over-year and the sequential decrease was mainly due to the different product mix. Gross margin in the first quarter was 7.9% versus 20.5% in the same period last year and 17.8% in the prior quarter.

第一季銷售成本為人民幣212億元，年增2.7%，季減10.4%。第一季毛利為人民幣18億元，年減66%，季減54.8%。第一季新核心毛利率為6.1%，相較去年同期為19.8%、上一季為15.8%。年減與季減主要由於產品組合不同所致。第一季整體毛利率為7.9%，相較去年同期為20.5%、上一季為17.8%。

Operating expenses in the first quarter were RMB4.8 billion, down 4.8% year over year and 13.8% quarter over quarter. R&D expenses in the first quarter were RMB2.7 billion, up 8.3% year over year and down 9.8% quarter over quarter. SG&A expenses in the first quarter were RMB2 billion, down 19% year over year and 22.6% quarter over quarter. The year-over-year and sequential decrease was mainly due to the decreased employee compensation and reduced expenses related to marketing and promotion activities.

第一季營業費用為人民幣48億元，年減4.8%，季減13.8%。第一季研發費用為人民幣27億元，年增8.3%，季減9.8%。第一季銷售、一般及行政費用為人民幣20億元，年減19%，季減22.6%。年減與季減主要由於員工薪酬下降，以及與行銷與推廣活動相關費用減少所致。

Loss from operations in the first quarter was RMB3 billion versus RMB271.7 million income from operations in the same period last year and RMB442.6 million loss from operations in the prior quarter. Operating margin in the first quarter was negative 13% versus 1% in the same period last year and negative 1.5% in the prior quarter. Net loss in the first quarter was RMB2.3 billion versus RMB646.6 million net income in the same period last year and RMB20.2 million net income in the prior quarter. Diluted net loss per ADS attributable to ordinary shareholders were 2.26% in the first quarter versus diluted net earnings of 0.62 in the same period last year and RMB0.01 in the prior quarter. Turning to our cash flow and balance sheet.

第一季營業虧損為人民幣30億元，相較去年同期營業利益人民幣2.717億元，以及上一季營業虧損人民幣4.426億元。第一季營業利益率為負13%，相較去年同期為1%、上一季為負1.5%。第一季淨虧損為人民幣23億元，相較去年同期淨利人民幣6.466億元，以及上一季淨利人民幣2,020萬元。第一季歸屬於普通股股東的每股ADS攤薄淨虧損為2.26%，相較去年同期每股ADS攤薄淨利為0.62、上一季為人民幣0.01。接下來談我們的現金流與資產負債表。

Net cash used in operating activities in the fourth quarter was RMB6.1 billion versus RMB1.7 billion used in the same period last year and RMB3.5 billion provided in the preform. Free cash flow was negative RMB7.4 billion in the first quarter versus negative RMB2.5 billion in the same period last year and RMB2.5 billion in the prior quarter. Our cash position remained solid with a quarter-end balance of RMB94.3 billion. With this strong tax position, we continue to return to our -- to shareholders through USD 1 billion share repurchase program announced in March. To date, we have repurchased a total 17.5 million Class A ordinary shares, including 7.3 million ADS for a total consideration of USD 148.4 million.

第四季經營活動所用淨現金為人民幣61億元，相較去年同期為人民幣17億元，以及在preform中為提供人民幣35億元。第一季自由現金流為負人民幣74億元，相較去年同期為負人民幣25億元，以及上一季為人民幣25億元。我們的現金部位仍然穩健，季末餘額為人民幣943億元。憑藉這一強勁的稅務部位，我們持續透過3月宣布的10億美元股份回購計畫回饋股東。截至目前，我們已回購合計1,750萬股A類普通股，其中包括730萬股ADS，總對價為1.484億美元。

And now for our business outlook for the second quarter of 2026, the company expects the delivery to be between 95,000 and 100,000 vehicles and quarterly total revenues to be between RMB24.1 billion and RMB25.4 billion. This business outlook reflects the company's current and pre review on the business situation and market condition, which is subject to change.

接下來是我們對2026年第二季的業務展望：公司預期交付量介於95,000至100,000輛，季度總營收介於人民幣241億元至人民幣254億元。此業務展望反映公司目前及pre review對業務情況與市場狀況的判斷，未來可能有所變動。

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

以上為我們的準備發言。接下來我將把電話交給接線員，開始問答環節。謝謝。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（接線員指示）Tim Hsiao，摩根士丹利。

(spoken in foreign language)

（以外語發言）

So my first question is about L9. So how is the order inflow for the auto L9. And the wait period for the -- variant have stretched to 9 to 11 weeks. So could you share the company's production capacity arrangement for this model? And what is the targeted sales mix of the L9 in your second quarter delivery guidance? That's my first question.

我的第一個問題關於L9。L9的訂單流入情況如何？另外，該—車型的等待期已拉長至9到11週。能否分享公司對此車型的產能安排？以及在你們第二季交付指引中，L9的目標銷售組合為何？這是我的第一個問題。

(spoken in foreign language)

（以外語發言）

First of all, the order pattern for the L9 is very clear. The top-selling lived version accounts for over 90% of all orders and the already fully loaded Ultra version accounts for the other less than 10%, which reflects the customer recognition of our latest advanced technology and the willingness to pay for features and performance and which also showcased our steady foothold in the market above RMB500,000, which is a very positive trend for the brand. Later down the road, we're going to strengthen the performance -- promotion efforts on the Ultra version and continue to optimize the order mix.

首先，L9的訂單結構非常清晰。最暢銷的lived版本占全部訂單的90%以上，而已經滿配的Ultra版本占其餘不到10%。這反映了客戶對我們最新先進技術的認可，以及願意為功能與性能付費；同時也展現了我們在人民幣50萬元以上市場的穩固立足點，對品牌而言是非常正面的趨勢。後續我們將加強對Ultra版本的性能—推廣力度，並持續優化訂單結構。

Secondly, on production capacity. The all new L9 and L8 will both be manufactured in our -- base and the 2 cars can be adjusted flexibly between the production line. So in the long term, we're confident of our ability to manufacture these two models. May and June will be the ramp-up period for these 2 cars and the monthly production capacity will fall between 4,000 and 5,000 units per month. At the moment, the 2 tone body color of -- and also some of the unique parts on this model are supply constraints, slightly supply constrained.

第二，關於產能。全新L9與L8都將在我們的—基地生產，兩款車可在產線之間彈性調整。因此從長期來看，我們對生產這兩款車的能力充滿信心。5月與6月將是這兩款車的爬坡期，月產能將介於每月4,000至5,000輛。目前，—的雙色車身塗裝以及該車型的一些獨特零件存在供應限制，供應略為吃緊。

We're now working around the clock with core suppliers to come up with solutions to make sure that we can deliver these cars to our customers as soon as possible. In the meantime, we have ample production capacity for the Ultra version, and we'll be able to adjust our production based on market demand.

我們正與核心供應商日以繼夜地合作提出解決方案，以確保能盡快把車交付給客戶。同時，我們對Ultra版本擁有充足產能，並可依市場需求調整生產。

And finally, on L9 deliveries in Q2, considering the production ramp-up, we expect to deliver around 8,000 units between the middle of May and the end of June. After we fully ramp up in Q3, we're confident that the all-new generation online will reach a delivery level over the previous generation outline.

最後，關於第二季L9交付。考量產能爬坡，我們預期在5月中旬至6月底期間交付約8,000輛。待第三季全面爬坡完成後，我們有信心全新一代online的交付水準將超過上一代outline。

(spoken in foreign language)

（以外語發言）

My second question is about the profitability. What's your profitability outlook for the second quarter? And from a full-year perspective, when do we expect to see a clear inflection point for earnings and given the rise in raw material cost is a return to profitability achievable this year? And separately, the Auto i6 now account for nearly 60% of the total vehicle sales, what is the for level of the overall gross profit margin?

我的第二個問題關於獲利能力。你們對第二季的獲利能力展望如何？從全年角度來看，何時可望看到盈餘明顯的拐點？在原材料成本上升的情況下，今年是否仍可達成恢復獲利？另外，Auto i6目前占整體車輛銷售近60%，整體毛利率的—水準是多少？

And lastly, could you also share the growth margin target for the L9 and other upcoming models scheduled to launch later this year? That's my follow-up question.

最後，也請分享L9以及今年稍晚預計推出的其他新車型之毛利率目標。這是我的追問。

Hi, Tim, this is John. I will take this question. Our first-quarter gross margin was impacted by several factors, including the model refresh cycle. We need to refresh our -- starting from the line and also a higher mix of i6 and L6 deliveries in the total and also purchasing tax subsidy to the i6. However, with the launch and delivery for all new L9, we expect our gross margin to recover about 10% in the second quarter.

Tim，你好，我是John，我來回答這個問題。我們第一季毛利率受到多項因素影響，包括車型改款週期。我們需要刷新我們的—，從line開始；同時i6與L6在總交付中的占比更高，另外還有對i6的購置稅補貼。然而，隨著全新L9的上市與交付，我們預期第二季毛利率將回升至約10%。

Looking at the full year, as we complete our model refresh cycle and optimize our production ramp up, we expect continued improvement in our gross margin. This year, our first priority is to successfully complete the refresh for the Li L series.

從全年來看，隨著我們完成車型改款週期並優化產能爬坡，我們預期毛利率將持續改善。今年，我們的首要任務是成功完成理想 L 系列的改款。

We are pleased to see that the Li L9 -- our flagship capabilities and technology leadership is gaining strong market recognition and we're spending market share about half-million price range. The success of our all this L9 levers establishing a solid foothold in the price segment marks -- forward, building upon the success of original Li L9. This year's all new Li L series as well as our EV portfolio, including the i9 we launched with future extensive in-house developed technologies and lay a solid foundation for us over the next two years. Thank you.

我們很高興看到理想 L9——我們的旗艦能力與技術領先性正獲得強勁的市場認可，我們在約 50 萬價格區間的市占率也在提升。全新 L9 的成功，讓我們在該價格帶建立了穩固的立足點——展望未來，我們將在原有理想 L9 成功的基礎上繼續前進。今年全新理想 L 系列以及我們的純電產品組合（包括我們推出的 i9），將搭載未來更廣泛的自研技術，並為我們未來兩年的發展奠定堅實基礎。謝謝。

(inaudible), Citic.

（聽不清），中信。

(spoken in foreign language)

（以外語發言）

Let me ask in English. What are the -- on vehicle performance (inaudible) differentiation highlights and actual cost reduction achieved by the (inaudible) large model? And what is the next development direction of the company's auto driving system.

我用英文提問。關於車輛性能（聽不清）的差異化亮點，以及（聽不清）大模型實際達成的降本幅度是多少？另外，公司自動駕駛系統下一步的發展方向是什麼？

This is Jen. Let me answer your question. Compared to our ADAS 8.0 version, this 9.0 version powered by our in-house M100 chip shows significantly improvement. It mainly shows at our (inaudible) decisions in complex scenarios with more human light control, both longitudinally and lay and smoother more comfortable driving and riding experience overall. 9.0 is our first AD version running on our in-house chips, which is already one of the best the highly competitive market, but it's really just the beginning.

我是 Jen。我來回答你的問題。相較於我們的 ADAS 8.0 版本，這個由自研 M100 晶片驅動的 9.0 版本有顯著提升。主要體現在我們在複雜場景中的（聽不清）決策能力更強，更接近人類的燈光控制；無論是縱向還是橫向控制都更平順，整體帶來更舒適的駕乘體驗。9.0 是我們第一個運行在自研晶片上的自動駕駛版本，已經是競爭激烈市場中表現最好的之一，但這其實只是開始。

With the new platform, the sensor will collect data and higher precision and higher range, which while the powerful compute of M100 allows us to run larger and better algorithms. So this new platform let us improve data, compute and algorithms all at the same time. And this -- and that's what will drive much faster leap in our autonomous driving capabilities.

在新平台上，感測器將以更高精度、更遠距離收集資料；同時，M100 的強大算力讓我們能運行更大、更好的演算法。因此，這個新平台讓我們能同時提升資料、算力與演算法。而這——也將推動我們自動駕駛能力更快速的躍升。

For the next step of autonomous driving, First, we will further scale up our input data and precision models, enabling more driving-related semantic information to be fed into the newer network as this allows the model to see significantly more signals right from the sensors. Second, we will improve the model's cognitive capabilities, especially its ability to learn short-term cost and effect relationships. This empowers the model to go beyond the simple behavior fitting, allowing it to make human-like judgments in more complex urban traffic scenarios.

在自動駕駛的下一步，第一，我們將進一步擴大輸入資料規模並提升精度模型，使更多與駕駛相關的語義資訊能被輸入到更新的網路中，讓模型能直接從感測器看到顯著更多的訊號。第二，我們將提升模型的認知能力，特別是學習短期成本與效果關係的能力。這將使模型不再只是做簡單的行為擬合，而能在更複雜的城市交通場景中做出更接近人類的判斷。

Finally, we will make the system much better and to the execution stage with more compute latency optimizations from our in-house operating system and a fully drive by wire chassis and the car will control motion more precisely and respond faster. This -- that means the autonomous driving system will feel more confident and more importantly, safer. Also, because we design the software and the hardware together our in-house M100 chip delivers triple computing power of the previous generation platform at half the cost. Our similar cost brings 6x higher effective computing power. Under the same model, our input trend rate has tripled with an even greater increase in inference rates.

最後，我們將把系統在執行階段做得更好，透過自研作業系統進一步優化算力延遲，並結合全線控底盤，使車輛能更精準地控制運動並更快響應。這——意味著自動駕駛系統會更有信心，更重要的是更安全。此外，由於我們軟硬體協同設計，自研 M100 晶片在成本減半的情況下提供了上一代平台三倍的算力；在相近成本下可帶來 6 倍更高的有效算力。在相同模型下，我們的輸入訓練速率提升了三倍，推理速率的提升幅度更大。

Our goal is to match the performance of Tesla's FSDB 14 in the United States in the second half of this year. The higher performance AI inference system built around M100 chips give us a strong foundation to make this happen. Thank you.

我們的目標是在今年下半年達到美國特斯拉 FSD Beta 14 的性能水準。以 M100 晶片為核心打造的更高性能 AI 推理系統，為我們實現這一目標提供了堅實基礎。謝謝。

(spoken in foreign language)

（以外語發言）

Let me ask in English. Since the implementation of the store partner program, what subsidies have been observed in key metrics such as south (inaudible) area average monthly sales story, out for employees and expense ratio in pilot stores compared to before the reform. Has the program's current impact on sales volume met expectations? And how does the company quantitively evaluates the programs effect booked in sales in Q3 and beyond?

我用英文提問。自從推行門店合夥人計畫以來，在試點門店中，相較改革前，在南（聽不清）區域的單店月均銷量、員工產出以及費用率等關鍵指標上，觀察到哪些變化？該計畫目前對銷量的影響是否達到預期？公司如何量化評估該計畫在 Q3 及之後對銷售的貢獻？

(spoken in foreign language)

（以外語發言）

Since we started to roll out the store partner program as we grant the store managers with genuine decision-making authority and profit sharing rights, it has really fully unlocked the potential of our frontline sales team. First of all, on the store manager level, we can see a fundamental shift in mindset, they've transitioned from previously store execution -- executors to actual business operators. They are able to independently view the ROI of different business activities and really focus on the operating efficiency. In the meantime, it has also increased the stability of core management teams and long-term commitment.

自從我們開始推行門店合夥人計畫，並賦予店長真正的決策權與利潤分享權後，確實充分釋放了一線銷售團隊的潛力。首先，在店長層面，我們看到心態發生了根本性轉變——他們從過去的門店執行者，轉變為真正的經營者。他們能獨立評估不同經營活動的投資回報（ROI），並真正聚焦於營運效率。同時，這也提升了核心管理團隊的穩定性與長期投入度。

The store management programs have led the store owner to invest in the store long term. They've shifted their focus from chasing short-term sales targets to cultivating the local user base spreading word of mouth and building the competitors of their stores in the long term. From a timing standpoint, Q1 was -- is a typical low season in car sales and we're in the early stage of rolling out the store manager program. On average, each of our stores have all beaten their monthly sales target -- we have also successfully cleared the inventory for the previous generation L Series and also significantly increased user satisfaction.

門店管理計畫也促使門店「店主」以長期視角投入門店經營。他們的重心從追逐短期銷售目標，轉向培育本地用戶基礎、擴散口碑，並長期打造門店的競爭力。從時間節點來看，Q1 是汽車銷售的典型淡季，我們也仍處於推行店長計畫的早期階段。平均而言，我們每家門店都超額完成了月度銷售目標——我們也成功清理了上一代 L 系列的庫存，並顯著提升了用戶滿意度。

Going forward, as our store managers accumulate more operational experience and combined with our training systems and support system, we believe that the operational efficiency and capability of our stores will continue to increase. Thank you.

展望未來，隨著店長累積更多營運經驗，並結合我們的培訓體系與支持系統，我們相信門店的營運效率與能力將持續提升。謝謝。

Tina Hou, Goldman Sachs.

高盛，Tina Hou。

(spoken in foreign language) So my first question is regarding the upcoming Li Auto L8 facelift. So wondering if there is any information that management can share at this point?

（以外語發言）我的第一個問題是關於即將推出的理想 L8 小改款。想請問管理層目前是否有任何資訊可以分享？

(spoken in foreign language)

（以外語發言）

As we start to complete our L Series product lineup, it is becoming clear that 9 will be a flagship 6 seater, and the new L8 will be a flagship 5-seater. The 2 cars will complement each other and continue to strengthen our foothold in the high-end flagship market. The L8 has already been registered with the MIIT in April of 2026. And we're planning to launch in (inaudible) in June of 2026. Compared to the previous generation of new car is larger in overall dimensions as well as wheel base.

隨著我們逐步完善 L 系列產品矩陣，已經很清楚：L9 將是旗艦六座車型，而全新 L8 將是旗艦五座車型。兩款車將相互補充，並持續強化我們在高端旗艦市場的立足點。L8 已於 2026 年 4 月在工信部（MIIT）完成申報，我們計畫於 2026 年 6 月（聽不清）上市。相較上一代，新車在整體尺寸與軸距方面都更大。

The car will feature a 5-seat configuration with a rare passenger space significantly improved and overall riding experience also much improved. On the powertrain front, the car will also feature our in-house developed 5.5-liter 1.5-liter turbocharge range extender system with a 72.7 kilowatt hour 5C large capacity batteries, which is exactly the same as the one seen on the L9. The 2 cars will share the same technological platform and have great energy consumption and range performance. Apart from that, the L8 will also be featured in a true tone body color as an option and also an electric running board as another option.

該車將採用五座配置，提供更為稀缺的乘坐空間，整體乘坐體驗也將顯著提升。在動力系統方面，該車也將搭載我們自研的 5.5 升（原文如此）1.5 升渦輪增壓增程系統，以及 72.7 千瓦時 5C 大容量電池，與 L9 上的配置完全相同。兩款車將共享同一技術平台，並具備出色的能耗與續航表現。此外，L8 還將提供「真色」車身顏色作為選配，並提供電動踏板作為另一項選配。

For more information, please stay tuned for our launch event in June. Thank you.

更多資訊，敬請期待我們 6 月的發表會。謝謝。

(spoken in foreign language) So my second question is regarding AI. So wondering how does management view the current competition and investment in the AI industry. Also what is management's thought on the competition in the industry.

（以外語發言）我的第二個問題是關於 AI。想請教管理層如何看待目前 AI 產業的競爭與投資情況。另外，管理層對於產業內競爭的看法是什麼。

(spoken in foreign language)

（以外語發言）

In our view, the competition in the mid- to high-end car vehicle segment over the next three to five. years, will really be a competition of a body AI. The highest technical barrier and the core determinant of the company's long-term success and comparison business will be a deeply integrated chip and large foundational model. Take our real-world experience with in-house developed chips as an example. As in the past, technology and information really flow freely in the industry because everybody uses NVIDIA chips and others could easily approach our teams, our former employees and reach a very close level performance despite our many innovations.

我們認為，未來三到五年，中高端乘用車細分市場的競爭，將真正成為「車身 AI」的競爭。最高的技術門檻，以及決定公司長期成功與競爭格局的核心因素，將是深度整合的晶片與大型基礎模型。以我們自研晶片的實戰經驗為例，過去由於大家都使用 NVIDIA 晶片，技術與資訊在產業內幾乎是自由流動的；其他人也很容易接觸到我們的團隊、我們的前員工，即使我們做了很多創新，他們仍能很快達到非常接近的性能水準。

However, with our in-house developed chips and much greater scale, much more computing power, much greater scale in our models, -- we will -- we use a completely different architecture and making this traditional poaching approach in effective because we're fully integrated vertically between hardware and software. So going forward, we will turn our systematic capability into our core moat. Our capabilities and outputs will no longer be easily replicated by others. Another critical factor is time. It took us four years to bring our in-house chips from starting the program to vehicle production.

然而，隨著我們自研晶片的落地以及更大的規模、更強的算力、模型更大的規模——我們採用的是完全不同的架構，這使得傳統的「挖角」方式變得無效，因為我們在硬體與軟體之間做了完全的垂直整合。因此，未來我們會把系統性能力轉化為核心護城河。我們的能力與產出將不再容易被他人複製。另一個關鍵因素是時間：我們用了四年時間，才把自研晶片從立項推進到量產上車。

In the next decade, while maintaining our technological innovation edge we will also ensure the technological barriers that are sufficiently advanced and provide a long enough time horizon as a competitive advantage. Thank you.

在未來十年，在保持技術創新領先的同時，我們也會確保技術壁壘足夠先進，並能提供足夠長的時間窗口作為競爭優勢。謝謝。

Jing Chang, CICC.

中金公司，常菁。

(spoken in foreign language)

（以外語發言）

So my first question is about the-- also the intelligent as just mentioned by Mr. Li Xiang, we will hold a more detailed intelligent technology launching event in June.

我的第一個問題是關於——也就是剛才李想先生提到的智能化，我們將在 6 月舉辦一場更為詳細的智能技術發布會。

(spoken in foreign language)

（以外語發言）

So I would like to ask about -- do we have any updates on our current strategy and also planning regarding to the human robotics.

我想請教——關於人形機器人，我們目前的策略以及規劃是否有任何更新。

(spoken in foreign language)

（以外語發言）

(interpreted) In the long run, we can clearly see whether it's our factories, our stores and our users, but all need humanoid robot. And we believe that robots should not be limited to start-ups or medium-sized companies or large companies, it should not be limited to us.

（口譯）從長期來看，無論是我們的工廠、門店，還是我們的用戶，都會需要人形機器人。我們也相信，機器人不應該只局限於新創公司、中型公司或大型公司，也不應該只局限於我們。

Robots will be a standardized labor and it's something that any company who's willing to make a difference in their field should adopt and is not limited to any specific type of companies. As long as a company needs human beings, it will use robots, is only a difference between whether they purchase the robot from somebody else or they evolve in now, that would be the only difference. So from a time standpoint, -- my belief is that for humanoid robots to reach full-scale development, deployment and commercialization to a point, just like where we got to with electric vehicles, between 2010 and 2015.

機器人將成為標準化的勞動力，任何願意在自身領域做出改變的公司都應該採用，而不受公司類型限制。只要一家公司需要人類，就會使用機器人；差別只在於是向別人購買機器人，還是自己演進、自己做出來。從時間角度來看——我認為人形機器人要達到全面發展、部署與商業化的階段，會類似電動車在 2010 到 2015 年所達到的那個狀態。

To get to that point, it takes -- will still take more than three years because in every specific area, the technological path has not converged and there are many problems that remain to be solved. So in between this period, we still need to work on solving many hard problems.

要達到那個程度，仍然需要——還需要超過三年的時間，因為在每一個具體領域，技術路線尚未收斂，仍有許多問題有待解決。因此在這段期間，我們仍需要致力於解決許多難題。

(spoken in foreign language)

（以外語發言）

So my second question is about the overseas market. So could you share more updates on our latest overseas strategy, including our plans for '26 and also going years, our pace and also the contribution of international expansion, such as the overseas market (inaudible) target key regions and also our product pipelines in our markets.

我的第二個問題是關於海外市場。能否分享更多我們最新的海外策略更新，包括 2026 年以及之後幾年的規劃、推進節奏，以及國際化拓展的貢獻，例如海外市場（聽不清）的目標重點區域，以及我們在各市場的產品規劃管線。

(spoken in foreign language)

（以外語發言）

(interpreted) We're steadfastly advancing our internationalization strategy and taking a paced approach to this. Based on the local market size, industry landscape and competitiveness, we will have truce between a model, including establishing local subsidiaries working with local dealerships or using the sole -- local sole distributor. In any case, we want to work with leading companies or partners locally and quickly build an integrated service system encompassing sales, delivery and after sales. Our product and brands have continued to be recognized globally. In April -- in the Beijing Auto Show in April, we have received a lot of attention from overseas media and users and partners.

（口譯）我們正堅定推進國際化策略，並採取有節奏的方式。基於當地市場規模、產業格局與競爭力，我們會在多種模式之間做取捨，包括設立當地子公司、與當地經銷商合作，或採用當地獨家經銷商。無論哪種方式，我們都希望與當地領先企業或合作夥伴合作，並快速建立涵蓋銷售、交付與售後的一體化服務體系。我們的產品與品牌持續獲得全球認可。4 月——在 4 月的北京車展上，我們獲得了大量海外媒體、用戶與合作夥伴的關注。

We have also officially signed contracts with Saudi Arabia and UAE distributors. In the Middle East and Middle Asia market, Central Asia market, we will be taking our L Series, the range extender product line as the main product offer there. The first product will be an overseas dedicated all new Li L9 which is optimized based on local conditions and charging capability, UI and software ecosystem, thermal management, including serious hardware and software optimizations.

我們也已與沙烏地阿拉伯與阿聯酋的經銷商正式簽約。在中東與中亞市場、以及中亞（中部亞洲）市場，我們將以 L 系列增程產品線作為主要供給。首款產品將是面向海外的全新理想 L9，並基於當地條件在充電能力、UI 與軟體生態、熱管理等方面進行優化，包括一系列硬體與軟體的深度優化。

We will also be entering the -- we'll be entering the Middle East and Central Asia market in Q3. Also, starting in May, we will be gradually entering markets like China, Cambodia, Lao and Myanmar to further cultivate our Southeast Asia market. In the second half of this year, we will introduce the all-electric Vi6 in Europe. And additionally, for right-hand drive markets, we will launch the right-hand drive version of our Li Mega in key Asia Pacific markets, including Hong Kong, Mainland China -- Hong Kong, China, and Singapore by the end of this year. Regarding products, we're implementing a precise regional customization approach.

我們也將在第三季度進入中東與中亞市場。此外，自 5 月起，我們將逐步進入如（聽不清）、柬埔寨、寮國與緬甸等市場，以進一步深耕東南亞市場。今年下半年，我們將把純電 Vi6 引入歐洲。另外，針對右駕市場，我們將在今年年底前於亞太重點市場推出理想 Mega 的右駕版本，包括中國香港、新加坡。關於產品方面，我們正在推行精準的區域化定制策略。

All of our upcoming models will incorporate compliance with overseas regulations right from the early stage of R&D to better support our ongoing global strategy. Thank you.

我們所有即將推出的車型，將從研發早期就納入海外法規合規要求，以更好地支持我們持續推進的全球化策略。謝謝。

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

由於我們的電話會議即將結束，我想把電話交回公司作結語。張婧女士，請開始。

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.

再次感謝各位今天參與。如有進一步問題，歡迎透過我們 IR 網站所提供的聯絡方式與理想汽車投資者關係團隊聯繫。本次電話會議到此結束。各位現在可以掛線。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.

本逐字稿中標註為（口譯）的部分，由現場電話會議中的口譯員翻譯。該口譯員由主辦本活動的公司提供。