理想汽車 (LI) 2026 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for Li Auto's second-quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Zhang, Investor Relations Director of Li Auto. Please go ahead, Janet.

各位女士、各位先生，大家好。感謝您撥冗參加理想汽車2026年第二季度業績電話會議。目前，所有與會者均處於僅收聽模式。今天的電話會議將被錄音。現在我將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 second-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年第二季度業績電話會議。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 T. Lee, to begin with prepared remarks. Our President, Mr. Dong Hui Ma, and CTO, Mr. Yan Xie, will join for the Q&A discussion. Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

今天的電話會議將先由我們的董事長兼首席執行官李想先生，以及首席財務官Johnny T. Lee先生發表預先準備的發言。我們的總裁馬東輝先生及首席技術官謝炎先生將參與問答環節。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。

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 SEC 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 laws. 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.

因此，公司實際業績可能與今天表達的觀點存在重大差異。有關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（SEC）及香港聯合交易所有限公司提交的若干文件中。除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。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。

Please refer to Li Auto's disclosure document on the IR section of our website, which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. Our CEO will start his remarks in Chinese. There will be English translation after he finishes all his remarks. With that, I will now turn the call over to our CEO, Mr. Li Xiang. Please go ahead.

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。我們的首席執行官將以中文開始發言。在其完成全部發言後，將提供英文翻譯。接下來我把電話交給我們的首席執行官李想先生。請開始。

Hi, everyone. This is Li Xiang, and thank you for joining our earnings conference call today. In the first half of this year, in the midst of intense market competition and a complete product refresh, Li Auto has remained the top-selling Chinese automotive brand in the RMB200,000 and above NEV market. The continued rollout of our dual energy strategy has resulted in a healthy product mix. With EREVs and BEVs each accounting for 50% of total sales. Since Q2, we have updated entire Li L series, showcasing our latest technologies.

大家好。我是李想，感謝各位參加今天的業績電話會議。今年上半年，在激烈的市場競爭以及產品全面換新的背景下，理想汽車仍然保持在人民幣20萬元及以上新能源汽車市場中中國汽車品牌銷量第一。我們雙能源戰略的持續推進帶來了健康的產品結構。增程電動車（EREV）與純電動車（BEV）各佔總銷量的50%。自第二季度以來，我們已完成理想L系列全系更新，展示了我們最新的技術。

Key updates include our in-house MACH M100 chip running MACH VLA model, 800-volt active suspension and drive-by-wire chassis, and our third-generation range extender with 5C supercharging battery. The hardware and software upgrades set new standards for the technology and user experience once again. Turning over to our EREV lineup, the Li L6 has been one of our top three selling models priced over RMB200,000 for six consecutive months. Li i6 and the L6 are the top sellers in their respective segments, further solidifying our leadership in the RMB200,000 to RMB300,000 SUV market. Upgrades to our BEV lineup are also underway. In late July, we launched the rear-wheel drive long-range version of Li i8. Based on user feedback, we added features such as power frunk and zero-gravity driver and passenger seats.

主要更新包括：我們自研的MACH M100晶片運行MACH VLA模型、800伏主動懸架與線控底盤，以及搭載5C超充電池的第三代增程器。硬體與軟體升級再次為技術與用戶體驗樹立了新標準。在增程產品方面，理想L6已連續六個月成為人民幣20萬元以上價位段銷量前三的車型之一。理想i6與L6分別成為各自細分市場的銷量冠軍，進一步鞏固了我們在人民幣20萬至30萬元SUV市場的領先地位。我們的純電產品線升級也在推進中。7月下旬，我們推出了理想i8後驅長續航版本。基於用戶反饋，我們新增了電動前備箱（power frunk）以及零重力主副駕座椅等配置。

These updates bolstered our profit competitiveness and translated to a notable sales uplift. The new generation Li MEGA is scheduled for launch on September second. We further polished its pioneering design and completely revamped the interior, the cabin experience, intelligent platform and build quality. Additionally, the all-new flagship BEV SUV Li i9 will also be launched in mid-September. Further enriching Li Auto's BEV product lineup, we anticipate BEV models to account for an even larger share of total sales over time. With new models launching and ramping up in the second-half of this year, we're confident in maintaining a top three position among all brands in China's passenger vehicle market, priced above RMB200,000.

這些更新提升了我們的盈利競爭力，並帶來了顯著的銷量增長。新一代理想MEGA計劃於9月2日上市。我們進一步打磨其開創性設計，並對內飾、座艙體驗、智能平台及製造品質進行了全面升級。此外，全新旗艦純電SUV理想i9也將於9月中旬上市。隨著理想汽車純電產品矩陣進一步豐富，我們預期純電車型在總銷量中的佔比將隨時間持續提升。伴隨下半年新車上市並逐步放量，我們有信心在中國乘用車市場人民幣20萬元以上價位段，保持所有品牌中的前三位置。

By developing core technologies in-house, we're continuously deepening our competitive moat, steadily translating these technological advancements into tangible user value and commercial efficiency. 5C supercharging has become a prerequisite in user purchase decisions, and a proprietary supercharging network stands as one of our key competitive advantages. On batteries, we're able to develop cell, BMS, and pack fully in-house. Completing the final piece of the electric powertrain puzzle following electric motors and control units. Through integrated design with the overall vehicle system combined with the technology and experience we have accumulated in 5C supercharging, we're confident that Li Auto's in-house battery will deliver industry-leading performance in.

透過核心技術自研，我們持續加深競爭護城河，並穩步將技術進步轉化為可感知的用戶價值與商業效率。5C超充已成為用戶購車決策的必要條件，而自有超充網路是我們的核心競爭優勢之一。在電池方面，我們具備電芯、BMS以及電池包的全棧自研能力。在電機與電控之後，補齊了電動動力總成拼圖的最後一塊。透過與整車系統的一體化設計，結合我們在5C超充方面積累的技術與經驗，我們有信心理想汽車自研電池將在以下方面提供行業領先的表現。

Hi, this is the operator. Please hold and the conference will recommence shortly. The conference is reconnected. Please go ahead.

大家好，我是接線員。請稍候，電話會議將很快恢復。電話會議已重新連線。請繼續。

Apologies for the breakup. To continue with the CEO's remarks. Through integrated design with the overall vehicle system, combined with the technology and experience we have accumulated in 5C supercharging, we're confident that Li Auto's in-house battery will deliver industry-leading performance in quality, safety and service life.

抱歉剛才通話中斷。繼續首席執行官的發言。透過與整車系統的一體化設計，結合我們在5C超充方面積累的技術與經驗，我們有信心理想汽車自研電池將在品質、安全與使用壽命方面提供行業領先的表現。

Our in-house batteries are already deployed on our all-new Li L8, the new Li L6 and the Li i8. Within the next few months, all of our models will be equipped with our proprietary batteries. We firmly believe that batteries and chips are going to be the most critical technological barriers in the embodied AI industry. In May, we started shipping our full stack ADAS solution based on the M100 chips. To date, shipments of the M100 chips have exceeded 50,000 units, maintaining excellent quality track record. Beyond chips, we're also making R&D breakthroughs across models, controllers and software. These achievements have steadily translated into product experience.

我們的自研電池已搭載於全新理想L8、新款理想L6以及理想i8上。在未來幾個月內，我們所有車型都將配備自有電池。我們堅信，電池與晶片將成為具身智能（embodied AI）產業中最關鍵的技術壁壘。5月，我們開始交付基於M100晶片的全棧ADAS解決方案。截至目前，M100晶片出貨量已超過50,000顆，並保持優異的品質紀錄。除晶片之外，我們也在模型、控制器與軟體等方面取得研發突破。這些成果已穩步轉化為產品體驗的提升。

In late July, with OTA 9.1, overall MACH VLA performance improved by 20% and user mileage penetration nearly doubled compared to the previous generation previous platform. In September, we will also roll out MACH VLA to cars with NVIDIA Thor and OrinX chips. Building on the data we have accumulated, we will accelerate model training and iterations to fully leverage the compute advantage on our chips.

在 7 月下旬，隨著 OTA 9.1 推出，MACH VLA 整體表現提升 20%，相較上一代平台的用戶里程滲透率也幾乎翻倍。9 月，我們也將把 MACH VLA 推送至搭載 NVIDIA Thor 與 OrinX 晶片的車型。基於我們累積的數據，我們將加速模型訓練與迭代，充分發揮我們晶片的算力優勢。

The July OTA 9.1 update allows VLA to match and surpass human drivers in reaction speed. The October OTA 9.2 update will enable VLA to fully adopt 3D vision transformers, providing long-range and better precision. And the year-end OTA 9.3 update will see VLA model parameters scale exponentially, significantly enhancing task comprehension and reasoning capabilities in complex scenarios. Faster reactions, sharper vision and stronger reasoning are the three most crucial upgrades from the MACH M100 and MACH VLA this year.

7 月的 OTA 9.1 更新使 VLA 在反應速度上可與並超越人類駕駛。10 月的 OTA 9.2 更新將使 VLA 全面採用 3D 視覺 Transformer，提供更遠距離且更高精度的能力。而年底的 OTA 9.3 更新將使 VLA 模型參數呈指數級擴張，顯著提升其在複雜場景中的任務理解與推理能力。更快的反應、更銳利的視覺與更強的推理，是今年 MACH M100 與 MACH VLA 最關鍵的三項升級。

Going forward, building embodied AI vehicles will remain at the core of our strategy. Through full-stack in-house development across hardware and software with continuous iteration, our vision is that vehicles will become true intelligent agents. That can not only look after human beings but also complete tasks independently more efficiently than human beings. With that, I'll turn the call over to our CFO, Johnny, to walk you through our financial performance.

展望未來，打造具身 AI 車輛仍將是我們策略的核心。透過軟硬體全棧自研並持續迭代，我們的願景是讓車輛成為真正的智慧代理。不僅能照顧人類，還能以比人類更高效率獨立完成任務。接下來我把電話交給我們的 CFO Johnny，請他帶大家了解我們的財務表現。

Hello, everyone. Given time constraints, my remarks today will be limited to our second 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 second quarter were RMB25.7 billion, down 15.1% year over year and up 11.7% quarter-over-quarter. This included RMB24.1 billion from vehicle sales, down [16.7%] year over year and up 11.8% quarter-over-quarter.

各位好。鑑於時間限制，我今天的發言將僅涵蓋我們第二季的財務重點。除非另有說明，所有數字均以人民幣計。如需更多細節（包括對應的美元金額），建議各位參閱我們的財報新聞稿。第二季總營收為人民幣 257 億元，同比下降 15.1%，環比上升 11.7%。其中，車輛銷售收入為人民幣 241 億元，同比下降 [16.7%]，環比上升 11.8%。

The year-over-year decrease was mainly driven by reduced vehicle delivery and a lower average selling price due to different product mix. The sequential increase was mainly attributable to a higher. Average selling price due to different product mix and increased vehicle delivery. Cost of sales in the second quarter was RMB22.8 billion, down 5.6% year over year and up 7.8% quarter-over-quarter. Gross profit in the second quarter was RMB2.8 billion, down [53.3%] year over year and up 56.9% quarter-over-quarter.

同比下降主要由於交付量減少，以及因產品組合不同導致平均售價下降。環比上升主要歸因於更高的。平均售價（由於產品組合不同）以及交付量增加。第二季銷售成本為人民幣 228 億元，同比下降 5.6%，環比上升 7.8%。第二季毛利為人民幣 28 億元，同比下降 [53.3%]，環比上升 56.9%。

Vehicle margin in the second quarter was 9.4% versus 19.4% in the same period last year and 6.1% in the prior quarter. The year over year and sequential changes were mainly due to different product mix. Gross margin in the second quarter was 11% versus 20.1% in the same period last year and 7.9% in the prior quarter. Operating expenses in the second quarter was RMB5.1 billion, down 2% year over year and up 6.9% quarter-over-quarter. R&D expenses in the second quarter were RMB2.8 billion, down 1.2% year over year and up 2% quarter-over-quarter.

第二季車輛毛利率為 9.4%，去年同期為 19.4%，上一季為 6.1%。同比與環比變動主要由於產品組合不同。第二季整體毛利率為 11%，去年同期為 20.1%，上一季為 7.9%。第二季營業費用為人民幣 51 億元，同比下降 2%，環比上升 6.9%。第二季研發費用為人民幣 28 億元，同比下降 1.2%，環比上升 2%。

SG&A expenses in the second quarter were RMB2.3 billion, down 16.2% year over year, mainly on lower employee compensation and up 11.2% quarter-over-quarter. Mainly on higher marketing and promotion spending.

第二季銷售、一般及行政（SG&A）費用為人民幣 23 億元，同比下降 16.2%，主要由於員工薪酬降低；環比上升 11.2%。主要由於行銷與推廣支出增加。

Loss from operations in the second quarter was RMB2.3 billion versus RMB827 million income from operations in the same period last year and 3 billion loss from operations in the prior quarter. Operating margin in the second quarter was negative 9%. Versus 2.7% in the same period last year and negative 13% in the prior quarter. Net loss in the second quarter was RMB1.7 billion versus RMB1.1 billion net income in the same period last year and RMB2.3 billion net loss in the prior quarter. Diluted net loss per ADS attributed to Li Auto shareholders was RMB1.69 billion in the second quarter versus diluted net earnings of RMB1.03 billion in the same period last year and diluted net loss of RMB2.26 billion in the prior quarter. And now turning to our cash flow and balance sheet. Net cash provided by operating activities in the second quarter was RMB15 million versus RMB3 billion used in the same period last year and RMB6.1 billion used in the prior quarter. Free cash flow was negative RMB1.3 billion in the second quarter versus negative RMB3.8 billion in the same period last year and negative RMB7.4 billion in the prior quarter. Our quarter-end cash position remained robust at RMB87.5 billion.

第二季營業虧損為人民幣 23 億元，而去年同期營業利潤為人民幣 8.27 億元，上一季營業虧損為 30 億元。第二季營業利潤率為負 9%。去年同期為 2.7%，上一季為負 13%。第二季淨虧損為人民幣 17 億元，而去年同期淨利潤為人民幣 11 億元，上一季淨虧損為人民幣 23 億元。歸屬於理想汽車股東的每股 ADS 攤薄淨虧損為人民幣 16.9 億元，而去年同期每股 ADS 攤薄淨利為人民幣 10.3 億元，上一季每股 ADS 攤薄淨虧損為人民幣 22.6 億元。接下來談我們的現金流與資產負債表。第二季經營活動提供的淨現金為人民幣 1,500 萬元，而去年同期為淨流出人民幣 30 億元，上一季為淨流出人民幣 61 億元。第二季自由現金流為負人民幣 13 億元，而去年同期為負人民幣 38 億元，上一季為負人民幣 74 億元。季末現金部位仍然強勁，為人民幣 875 億元。

This solid cash position gave us the flexibility to invest in product and technology innovation while also returning value to our shareholders through share repurchase. To date, we have repurchased a total of 91.7 million class A ordinary shares, including 23.7 million ADS for a total consideration of about 631.5 million. And now for our business outlook.

這一穩健的現金部位使我們能夠靈活投資於產品與技術創新，同時透過股份回購向股東回饋價值。截至目前，我們已回購合計 9,170 萬股 A 類普通股，其中包括 2,370 萬股 ADS，總對價約為 6.315 億。接下來是我們的業務展望。

For third quarter of 2026, the company expects to deliver. The delivery will be between 95,000 and 100,000 vehicles, and quarterly total revenue will be between RMB26.6 billion and RMB28 billion. This business outlook reflects the company's current and preliminary view on its business situation and market conditions, which is subject to change. That concludes our prepared remarks. I will now turn the call over to the operator to start our Q&A session. Thank you.

對於 2026 年第三季，公司預計交付。交付量將介於 95,000 至 100,000 輛，季度總營收將介於人民幣 266 億元至 280 億元。此業務展望反映公司目前對其業務狀況與市場環境的初步看法，未來可能有所變動。以上為我們的事先準備發言。我現在把電話交給主持人，開始問答環節。謝謝。

(Operator Instructions) Tim Heziu, Morgan Stanley.

(主持人指示) Tim Heziu，摩根士丹利。

I have two questions. The first question is about L series. How is the model year updates for the L series now completed? Could the management provide an update on its market performance so far since launch That's my first question. This year we have completed the.

我有兩個問題。第一個問題關於 L 系列。目前 L 系列的年式更新完成得如何？管理層能否就其自上市以來迄今的市場表現提供最新進展？這是我的第一個問題。今年我們已完成了。

Completed the full refresh of the L series from L9, L8, L6 have all transitioned to the latest platform, which includes the MACH M100 chip, [5C range] extension, and other core technologies. And our limited models, we also carry our latest fully drive-by-wire chassis. With these, we have completed coverage of the RMB200,000 to RMB500,000 range extended SUV market. Since we started delivery, we have seen a few trends.

已完成 L 系列的全面改款更新，L9、L8、L6 均已切換至最新平台，包含 MACH M100 晶片、[5C 續航範圍]延伸，以及其他核心技術。此外，在我們的限量車型上，也搭載了最新的全線控底盤。藉此，我們已完成對人民幣 20 萬至 50 萬區間增程式 SUV 市場的覆蓋。自開始交付以來，我們觀察到幾個趨勢。

First of all, our high-end models have exceeded users and our expectations. Since launch, the L9 Ultra accounts the version of the L9 accounts for over 85% of all sales. Many users are willing to pay for this fully drive-by-wire chassis as well as high-end ADAS systems as well as other core technologies. This also solidified our leadership in the RMB400,000, RMB500,000 home and family SUV market. And since the launch of the L8, ultra version has been the key sales driver and the conversion ratios in our storefronts have been performing very well.

首先，我們的高端車型表現超出用戶與我們的預期。自上市以來，L9 Ultra 在 L9 全部銷量中的占比超過 85%。許多用戶願意為這套全線控底盤、高階 ADAS 系統以及其他核心技術付費。這也進一步鞏固了我們在人民幣 40 萬、50 萬家用與家庭 SUV 市場的領先地位。而自 L8 上市以來，Ultra 版本一直是主要的銷售驅動力，我們門店的轉化率表現也非常好。

Secondly, the new generation L6 has successfully retained the user base from the previous generation, with the previous generation laying a very good foundation by delivering almost 400,000 units and the new generation have addressed key user feedback such as EV range, charging speed. Intelligent platforms and also completed the offering with two zero-gravity seats in the front row and a 29-inch panoramic screen, which also enhanced user experience. So since launch, we have seen very good reception on Li L6 and we're hopeful that there will be a 10,000 units per month demand level. Steadily going forward. So this is a core pillar for our sales in the 200,000 to 300,000 market. In the meantime, we have also seen some temporary disruptions.

其次，新一代 L6 成功承接了上一代的用戶基礎；上一代累計交付接近 40 萬台，打下了非常好的基礎，而新一代也針對用戶關鍵反饋（如純電續航、充電速度、智能平台等）做了改進，並且在前排提供兩個零重力座椅與 29 吋全景螢幕，進一步提升用戶體驗。

Caused by the model refresh cycle, including clearing old inventory, ramping up new models and sales policy transitions have all created short-term operational headwinds. We're currently working very hard to optimize our processes and address these challenges. Going forward, we will focus on two things. The first is to further enhance product value through OTAs. The all-new L series have a very robust and industry-leading hardware as a basis, so moving forward, we'll continue to unlock these hardware capabilities and AI features through OTA updates. Secondly, we will continue to build out our 5C supercharging network, increasing both density and coverage.

由於車型改款週期所致，包括清理舊庫存、新車型爬坡以及銷售政策切換，均帶來了短期的經營逆風。我們目前正非常努力地優化流程並應對這些挑戰。展望未來，我們將聚焦兩件事。第一是透過 OTA 進一步提升產品價值。全新 L 系列以非常強大且行業領先的硬體為基礎，因此接下來我們將持續透過 OTA 更新解鎖這些硬體能力與 AI 功能。第二，我們將持續建設 5C 超充網路，同時提升密度與覆蓋範圍。

As of the end of July, we have already 4,141 charging stations in operations and over 22,800 charging stalls. We have now a 9x9 grid covering 18 national level highways and covering more than 300 cities. So our in-house charging network as well as 5C charging capability have become a prerequisite for many of our users in their car purchase decisions. So with the L series refresh complete, it will now complement our i series, BEV, to jointly drive overall business growth. Currently, EREV and BEV each account for half of our total sales, and we expect BEV's share to rise further as we launch more BEV models later this year.

截至 7 月底，我們已投入運營 4,141 座充電站，充電車位超過 22,800 個。目前我們已形成 9×9 網格，覆蓋 18 條國家級高速公路，並覆蓋 300 多座城市。因此，我們自建充電網路以及 5C 充電能力，已成為許多用戶購車決策的必要條件。隨著 L 系列改款完成，將與我們的 i 系列純電（BEV）形成互補，共同推動整體業務成長。目前，增程（EREV）與純電（BEV）各占總銷量的一半；我們預期隨著今年稍晚推出更多 BEV 車型，BEV 的占比將進一步提升。

My second question is about MEGA. Following today's release of the preview video for the new Li MEGA, could you share the key highlights of this refresh and your sales expectation? Thank you.

我的第二個問題是關於 MEGA。在今天發布新款理想 MEGA 的預告影片之後，能否分享此次改款的核心亮點以及你們的銷售預期？謝謝。

As many of you have noted, we have today officially released the first batch of teaser information on our new generation MEGA. This new generation is really based on user feedback, real user feedback from the previous generation MEGA. And to address the important feedback and product shortcomings of the previous generation. And they mainly fall into three categories.

如各位所注意到的，我們今天正式發布了新一代理想 MEGA 的第一批預告資訊。這一代的改款確實是基於用戶反饋，來自上一代理想 MEGA 的真實用戶反饋。並針對上一代的重要反饋與產品短板進行改進。主要可歸納為三大類。

The first is improvement in chassis and handling experience. Many view MPVs as very large and cumbersome in cities. So the new generation MEGA will be equipped with rear wheel steering, drive-by-wire system, as well as active anti-roll bars, which will greatly reduce the turning radius and reduce body roll in cornering and also make the car more flexible and agile in cities. And second is upgrade to the intelligent platform.

第一是底盤與操控體驗的提升。許多人認為 MPV 在城市裡車身很大、操控笨重。因此，新一代 MEGA 將配備後輪轉向、線控系統以及主動防傾桿，將大幅縮小迴轉半徑、降低過彎側傾，並讓車輛在城市中更靈活、更敏捷。第二是智能平台的升級。

We improved the entire autonomous driving system with our in-house MACH M100 chips. We've also completed the lateral and rear sensors to improve city and LA handling complex intersections and auto parking. On the cabin side, we'll also be upgrading to the latest Qualcomm chips to bring better interactive and entertainment experience. And thirdly is improvements in the cabin and details. To further drive the positioning as a family MPV, we've made significant upgrades to the second and third row, including the interior atmosphere interactions to better serve the needs of large families. MEGA is very clearly positioned as the flagship SUV over RMB500,000.

我們透過自研 MACH M100 晶片，升級了整套自動駕駛系統。我們也完善了側向與後向感測器，以提升城市與高速（LA）場景下對複雜路口的處理能力以及自動泊車能力。座艙方面，我們也將升級至最新的高通晶片，帶來更好的互動與娛樂體驗。第三是座艙與細節的改善。為了進一步強化家庭 MPV 的定位，我們對第二排與第三排做了顯著升級，包括座艙氛圍互動等，以更好地滿足大家庭的需求。MEGA 的定位非常清晰，是人民幣 50 萬以上的旗艦 SUV。

So this new generation has really addressed user feedback and has completely remade the product and improved the product. The sales performance will depend on many things, including sales conversion, including product ramp-up, as well as changes in the market, but we will make sure to. Make sure to focus on delivery, store experience, as well as user operations, and we'll keep updating everyone on the sales performance as we launch the product.

因此，新一代確實針對用戶反饋，對產品進行了全面重塑與提升。銷售表現將取決於多方面因素，包括銷售轉化、產品爬坡以及市場變化等，但我們一定會確保做到。確保聚焦交付、門店體驗以及用戶運營，並在產品上市後持續向大家更新銷售表現。

Paul Gong, UBS.

UBS 的 Paul Gong。

So my first question is regarding the impact of commodity. Inflation, how much can you quantify in terms of the impact in Q2 and moving towards Q3 and what would be your strategy to counter for such cost inflation challenge and the margin pressure?

我的第一個問題是關於大宗商品的影響。通膨方面，你們能否量化其在第二季的影響，以及展望第三季的情況？你們將採取什麼策略來應對這類成本通膨挑戰與毛利率壓力？

This year, we've seen cyclical fluctuations in upstream raw materials and core components, which has created temporary cost pressures for both the industry and our company, which has further impacted our gross margin. To look at this in more detail, on the AI side, because of the development in the AI sector, this has driven demand for chips and PCBs pushing prices up. On the memory side. Chips price have also risen, but with our early volume commitments and long-term procurement agreements, the price impact on us is less than the industry average. And on the battery front, lithium carbonate prices also experienced cyclical fluctuations this year.

今年我們看到上游原材料與核心零部件出現週期性波動，對行業與我們公司都造成了暫時性的成本壓力，並進一步影響了我們的毛利率。更細緻來看，在 AI 端，由於 AI 產業的發展，帶動晶片與 PCB 的需求，推升了價格。在記憶體端。晶片價格也有所上升，但由於我們較早做了量產承諾並簽訂長期採購協議，因此價格對我們的影響小於行業平均。在電池端，今年碳酸鋰價格也出現了週期性波動。

And to navigate these cyclical cost fluctuations, we're taking a two-pronged approach. On the one hand, we're continuously driving cost reductions through. More efficient operations and on the other hand, we're leveraging our full stack in-house technology and proprietary supply chain to build the long-term structural cost advantages. So specifically, first on the electric drivetrain front, we will continue to be committed to. Owning and driving the R&D and supply chain of the three key electric systems to solidify our dual modes in technology and cost. On the electric drive side, we have achieved in-house development and manufacturing of motors, controllers, and silicon carbide chip modules, which ensures our control over the critical components.

為了因應這些週期性的成本波動，我們採取雙管齊下的策略。一方面，我們持續推動降本增效，透過更高效率的營運；另一方面，我們運用全棧自研技術與自有供應鏈，打造長期結構性的成本優勢。具體而言，首先在電動傳動系統方面，我們將持續堅定投入，掌握並推動三大關鍵電動系統的研發與供應鏈，以鞏固我們在技術與成本上的雙重優勢。在電驅端，我們已實現馬達、控制器以及碳化矽晶片模組的自研與自製，確保我們對關鍵零組件的掌控。

By leveraging. Integrated architecture, we're continuously optimizing energy consumption and iterating on our technological solutions, which has steadily amortized the hardware cost per vehicle. And in terms of battery system, we developed in tandem and deeply integrate our battery packs with the overall vehicle architecture, which allows us to achieve the best possible balance between energy consumption, thermal management, safety, and packaging efficiency, which further delivers an exceptional user experience while maintaining strict cost control.

透過運用整合式架構，我們持續優化能耗並迭代技術方案，從而穩步攤薄單車硬體成本。在電池系統方面，我們同步開發並將電池包與整車架構深度整合，使我們能在能耗、熱管理、安全與封裝效率之間取得最佳平衡，進一步在嚴格成本控制的同時，帶來卓越的使用者體驗。

We have established. The in-house R&D capabilities in core areas, which includes cell, pack, thermal management and BMS algorithms, are accelerating the deployment of our proprietary battery systems across a broader range of models, establishing a strong competitive advantages in quality, performance and cost.

我們已建立核心領域的自研能力，涵蓋電芯、電池包、熱管理與 BMS 演算法，正加速將自有電池系統部署到更廣泛的車型上，在品質、性能與成本方面建立強勁的競爭優勢。

Secondly. Is in-house developed chips. We're building a strong competitive advantage across technology and cost. Again, the proprietary MACH M100 chip is built on an innovative data flow structure, which with integrated hardware and software customization and delivers a structural advantage in compute performance and also cost. So overall, in the short-term. We're trying to smooth out the temporary cost fluctuations and pressures on our business through volume commitments and refined operations. And in the medium to long-term, we're relying on scale deployment of our in-house technologies to stabilize the gross margin and support the company's high-quality sustainable growth.

第二點是自研晶片。我們正在技術與成本兩方面建立強大的競爭優勢。我們的自研 MACH M100 晶片採用創新的資料流結構，並結合軟硬體一體化客製化，帶來算力性能以及成本上的結構性優勢。總體而言，短期內我們希望透過量的承諾與精細化營運，平滑暫時性的成本波動與經營壓力。中長期則依靠自研技術的規模化部署來穩定毛利率，支撐公司高品質、可持續成長。

So if we're considering the raw material cost as well as the commoditized competition, what would be our latest gross margin target?

那如果我們同時考量原材料成本以及同質化競爭，我們最新的毛利率目標會是什麼？

Thank you.

謝謝。

As we can observe this year, we have seen a very big increase in the cost of batteries and memory chips, which is a common challenge for everyone in the industry. And because Li Auto's products are more intelligent, which makes them consume more memory and semiconductor, so we're more impacted. And apart from the impact on BOM, we're also experiencing amortization and depreciation on.

從今年的情況來看，我們看到電池與記憶體晶片成本大幅上升，這是整個產業共同面臨的挑戰。由於理想汽車的產品更智慧化，對記憶體與半導體的消耗更高，因此我們受到的影響更大。除了對 BOM 的影響之外，我們也在承受攤銷與折舊方面的影響。

Our tooling and production equipment, we may follow more strict rules as well as the treatment to end of production items. As we launch new products this year over time, we already are seeing improvement in gross margin, but we must also face the increase in chip and PCB as well as other semiconductor, the cost increase. We must face this as well. We have made a decision not to pass these price increase over to our customers, but instead we will continue to leverage our integrated design and supply chain, such as deepening our in-house R&D and deployment of our batteries to make our system more self-sufficient.

在我們的工裝治具與生產設備方面，我們可能也遵循更嚴格的規則，以及對停產項目的會計處理。隨著今年新產品陸續推出，我們已經看到毛利率有所改善，但同時也必須面對晶片、PCB 以及其他半導體的成本上升。這一點我們也必須正視。我們已決定不把這些漲價轉嫁給消費者，而是將持續運用我們的整合式設計與供應鏈，例如深化電池自研與部署，讓我們的系統更具自給自足能力。

And secondly, we will build a better cost control, cost management capabilities. And thirdly, on the sales front, we have through our sales partner program, we have benefited from lower sales costs, better operational mindset, and increase in efficiency. So all of these lower prices and low cost will be transformed to actual benefits that our users can receive. In the long-term, my view is that the company. Healthy margin for the company will be somewhere between 15% to 20% gross margin, with the main driver here being the raw material cost. Thank you.

第二，我們將建立更好的成本控制與成本管理能力。第三，在銷售端，我們透過銷售合作夥伴計畫，受益於更低的銷售成本、更好的營運思維以及效率提升。因此，這些更低的價格與更低的成本，最終都會轉化為使用者能實際獲得的利益。長期來看，我認為公司健康的毛利率大約會落在 15% 到 20% 之間，而主要驅動因素是原材料成本。謝謝。

Thank you very much.

非常感謝。

Wenzhu Huao, Cytex.

Wenzhu Huao，Cytex。

So my first question is about i9. What information could you please share about the upcoming Li Auto i9?

我的第一個問題是關於 i9。請問您可以分享哪些關於即將推出的理想 i9 的資訊？

There are three things about the i9 that I would like to share, first of all, product positioning, i9 is designed for large families as a flagship six-seater SUV, which continues our core DNA to build products for large families.

關於 i9 我想分享三點。首先是產品定位：i9 定位為面向大家庭的旗艦六座 SUV，延續我們為大家庭打造產品的核心 DNA。

In terms of product matrix, i9 will complement Li MEGA, one being a flagship SUV, the other being the flagship MPV. It will both together satisfy the needs of large families who want to buy an electric vehicle. As i9 land, i9 will also be an important addition to our EV flagship EV product line as well as. It will also complement the L-series with our independent range extended and BEV product lines. So these all will complete our coverage of the RMB200,000 to RMB500,000 high-end new energy vehicle market. Second thing I'd like to share is the technological foundation.

在產品矩陣方面，i9 將與理想 MEGA 形成互補，一款是旗艦 SUV，另一款是旗艦 MPV。兩者將共同滿足希望購買電動車的大家庭需求。隨著 i9 落地，i9 也將成為我們純電旗艦產品線的重要補充，同時也會與 L 系列形成互補，覆蓋我們獨立的增程與純電產品線。這些將完善我們對人民幣 20 萬到 50 萬高端新能源車市場的覆蓋。第二點我想分享的是技術基礎。

i9 will be equipped with 800-volt 5C high-voltage charging platform. Powered by our latest generation in-house developed electric motors, which also relies on our overall national 5C charging network to provide a very good charging experience for our users. On the Intelligence front, i9 will carry the MACH M100 chip. To power not only on striking but also embodied AI capabilities going forward. On the cabin front, we've also carried the latest Qualcomm high-performance cabin chip as well to support multitask parallel processing as well as AI intelligent agents. And thirdly, in terms of users, i9 will be focusing on large families traveling together.

i9 將搭載 800 伏 5C 高壓快充平台。動力來自我們最新一代自研電機，同時也依託我們全國 5C 充電網路，為使用者提供非常好的充電體驗。在智慧化方面，i9 將搭載 MACH M100 晶片，不僅支援座艙智慧化，也將支援未來的具身 AI 能力。在座艙端，我們也將搭載最新的高通高性能座艙晶片，以支援多任務並行處理以及 AI 智能代理。第三點，在使用者層面，i9 將聚焦大家庭共同出行。

So our focus will be on the injury experience, comfort for each family member, as well as a spatial interactive experience. So in order to provide a flagship level experience for every member of the family. In terms of release timeline, the Li i9 will be launched in mid-September. Unfortunately, due to disclosure regulations, I can't say too much about pricing and specific trim levels, we will be releasing the complete information in the product official launch event.

因此我們將重點放在乘坐體驗、每位家庭成員的舒適性，以及空間互動體驗。以便為每一位家庭成員提供旗艦級體驗。在發佈時間方面，理想 i9 將於 9 月中旬上市。很遺憾，受披露規定限制，我無法透露太多關於價格與具體配置等資訊；我們將在產品正式發佈會上公佈完整資訊。

So my second question is about the autonomous driving. So could you please update us on the progress of the co-optimization between 100 chip. Driving models and what are the key milestones and quantitative metrics for autonomous driving algorithm upgrades in the second-half of the year?

所以我的第二個問題是關於自動駕駛。能否請您向我們更新一下 100 晶片與駕駛模型之間協同最佳化的進展？以及今年下半年自動駕駛演算法升級的關鍵里程碑與量化指標是什麼？

This is Yan and let me answer your question. Our in-house MACH M100 chip began mass production with the all-new L9 in Q2 and is now deployed across the all-new L9, L8 and L6. Currently, the chip production capacity is sufficient to meet market demand. Our ADAS system, powered by our in-house MACH M100 chip, has been delivered to customers with the new all-new Li L9 since May. Leveraging the strong capabilities of MACH platform, we expect it to continue making significant improvements to our models. OTA 9.1 began rolling out at the end of July, further reducing end-to-end latency.

我是 Yan，我來回答您的問題。我們自研的 MACH M100 晶片已於第二季隨全新 L9 開始量產，並已部署於全新 L9、L8 與 L6 車型。目前晶片產能足以滿足市場需求。搭載我們自研 MACH M100 晶片的 ADAS 系統，自 5 月起已隨全新理想 L9 交付給客戶。憑藉 MACH 平台的強大能力，我們預期它將持續推動模型取得顯著提升。OTA 9.1 已於 7 月底開始推送，進一步降低端到端延遲。

We also introduced the two new speed preference modes for our MACH VLA model, efficient and comfort, improving responsiveness across a broad range of driving scenarios. The upcoming [OTA 9.1] will represent a major architectural upgrade. And on the model side, we are evolving toward a full 3D vision transformer architecture. With three times the parameter count and 4.6 times the compute. This upgrade will deliver systematic improvement across key dimensions of ADAS, including safety, comfort, efficiency, and navigation. In Q4, our goal is to further enhance perception and decision-making capabilities of MACH VLA.

我們也為 MACH VLA 模型新增兩種速度偏好模式：高效與舒適，提升在廣泛駕駛情境下的反應速度。即將推出的 [OTA 9.1] 將代表一次重大的架構升級。在模型方面，我們正演進至完整的 3D 視覺 Transformer 架構。其參數量提升至 3 倍、算力提升至 4.6 倍。此次升級將在 ADAS 的關鍵維度上帶來系統性提升，包括安全、舒適、效率與導航能力。在第四季，我們的目標是進一步強化 MACH VLA 的感知與決策能力。

Specifically, firstly. Longer range perception. The effective perception range will exceed 250 meters, enabling early speed adjustment and path planning. We expect this to reduce undesirable behaviors such as hard braking, hesitation and unnecessary lane change by more than 30%. Secondly, higher perception accuracy. 3D spatial perception accuracy for key objects will improve to within 5 cm, increasing success rates in challenging scenarios such as narrow-road driving, passing through gates, and other tight clearance maneuvers by 50%.

具體而言，第一。更遠距離的感知。有效感知距離將超過 250 公尺，使車輛能更早進行車速調整與路徑規劃。我們預期這將使急煞、猶豫與不必要變道等不理想行為降低超過 30%。第二，更高的感知精度。對關鍵物體的 3D 空間感知精度將提升至 5 公分以內，使在窄路行駛、穿越閘門及其他狹小間隙操作等具挑戰情境下的成功率提升 50%。

A stronger scene understanding rather than simply recognizing individual objects, the system will be able to infer intent based on the broader traffic context. In scenarios such as yielding on narrow roads and navigating around the construction zones and making unprotected turns, it will make more decisive yield or proceed. Decisions, reducing unnecessary standstills and hesitations by more than 20%. Additionally, MACH VLA 2.0 for NVIDIA Orin X and Thor platforms will launch in early September. The share of driving mileage completed with ADAS engaged is a key metric for us at this stage. On the MACH platform, ADAS mileage penetration in urban scenarios has nearly doubled from previous levels. As delivery rates of MACH-powered vehicles continue to ramp up, our all scenarios MPI has increased by 25% in recent months.

更強的場景理解：不再只是辨識單一物體，系統將能基於更廣泛的交通上下文推斷意圖。在例如窄路會車讓行、繞行施工區，以及無保護左轉等情境中，系統將做出更果斷的讓行或通行。決策，將不必要的停滯與猶豫降低超過 20%。此外，面向 NVIDIA Orin X 與 Thor 平台的 MACH VLA 2.0 將於 9 月初發布。在現階段，啟用 ADAS 完成的行駛里程占比是我們的一項關鍵指標。在 MACH 平台上，城市場景的 ADAS 里程滲透率較此前水準幾乎翻倍。隨著搭載 MACH 的車輛交付占比持續提升，我們的全場景 MPI 近幾個月提升了 25%。

Jing Chang, CICC.

中金公司，常靜。

So my only question is about the cash flow. We see the operating cash flow nearly turned positive in the second quarter, but free cash flow remain negative and also we see some cash position declined. So could you share your outlook on the second-half, whether our free cash flow will turn positive and our overview of the cash position?

我唯一的問題是關於現金流。我們看到第二季經營現金流幾乎轉正，但自由現金流仍為負，同時也看到現金部位有所下降。能否分享一下您對下半年的展望：我們的自由現金流是否會轉正，以及對現金部位的整體看法？

Thank you, Johnny. This is Johnny. I will take this question. From the third quarter with the delivery of our new models, we expect it to maintain a stable operating cash flow on a quarterly basis. At present, we have ample cash on hand. Which provides strong support for our product innovation, technology breakthroughs, and global expansion.

謝謝你，Johnny。我是 Johnny。我來回答這個問題。從第三季起，隨著新車型交付，我們預期將在季度層面維持穩定的經營現金流。目前我們手上現金充裕，可為產品創新、技術突破與全球擴張提供有力支撐。

This year, we remain committed to R&D investment and CapEx, including our supercharging network. We expect our full-year CapEx to be around RMB6 billion. For the full year, achieving positive operating cash flow and free cash flow. Will lastly depend on our fourth quarter delivery. One thing is certain that our overall cash flow performance this year will be stronger than last year.

今年我們仍將持續投入研發與資本開支（CapEx），包括超充網路建設。我們預期全年資本開支約為人民幣 60 億元。就全年而言，實現經營現金流與自由現金流轉正，最終仍將取決於第四季的交付表現。可以確定的是，我們今年整體現金流表現將強於去年。

Thank you. Thank you. So my following question is about the intelligent driving. What are the key contributions do you think is our self-developed chips and also software and hardware integration can deliver to advancing our intelligent driving capabilities? Thank you.

謝謝。謝謝。我接下來的問題是關於智慧駕駛。您認為我們自研晶片，以及軟硬體一體化整合，對推進智慧駕駛能力的關鍵貢獻是什麼？謝謝。

This is Yan. Let me answer this question. The rapid progress we have made in intelligent driving, both in terms of performance and speed of delivery, is driven by the close integration of our in-house chip and full-stack system capabilities. Firstly, we have streamlined our organizational structure. So that the chip and model teams can work much more closely together, jointly designing model architectures that can fully leverage the computing capabilities of MACH M100. From a hardware interface perspective, MACH M100 gives our model algorithm and operating system significant design flexibility. Allowing the chip algorithm and the system software to be optimized together for the best overall performance.

我是 Yan。我來回答這個問題。我們在智慧駕駛方面取得的快速進展，無論是性能還是交付速度，都源於自研晶片與全棧系統能力的緊密整合。第一，我們精簡了組織架構，使晶片團隊與模型團隊能更緊密協作，共同設計能充分發揮 MACH M100 算力的模型架構。從硬體介面角度看，MACH M100 為我們的模型演算法與作業系統提供了顯著的設計彈性，使晶片演算法與系統軟體能夠協同最佳化，以取得最佳整體效能。

Secondly, optimization of data and training. With our in-house chip as the foundation, we are able to explore and optimize the training process at a much deeper level. In particular, our reinforcement learning approach built around the MACH platform has. Significantly enhance the model capabilities within our world model framework. In addition, the data management and shadow data system built on the MACH platform enabled faster model iteration and improvement.

第二，資料與訓練的最佳化。以自研晶片為基礎，我們能在更深層次探索並最佳化訓練流程。特別是，我們圍繞 MACH 平台構建的強化學習方法，在世界模型框架下顯著增強了模型能力。此外，基於 MACH 平台建立的資料管理與影子資料系統，使模型迭代與改進更快。

Thirdly, system-level optimization through our in-house Li OS. Li OS enables deep integration between upper-layer applications and the underlying chip, improving both resource utilization and overall system performance. At the system level, this also helps improving engineering quality and accelerates development cycles. Together, the chip model and OS form a tightly integrated full-stack architecture, creating a complete technology loop for our intelligent driving system.

第三，透過自研理想 Li OS 進行系統層級最佳化。Li OS 使上層應用與底層晶片深度整合，提升資源利用率與整體系統效能。在系統層面，這也有助於提升工程品質並加速開發週期。晶片、模型與作業系統共同構成緊密整合的全棧架構，為我們的智慧駕駛系統形成完整的技術閉環。

The value of our in-house chip is now expanding beyond intelligent driving into embodied intelligence. A vehicle equipped with dual M100 chips, we are able to run a full. Fully multimodal foundation model entirely on device, supporting input across voice, language, and video. The model is capable of general-purpose problem understanding, environmental understanding, and task planning. This means the vehicle is no longer limited to executing predefined functions. It can increasingly understand user intention and physical world. Then plan and execute tasks toward a given objective. We believe this will significantly expand the capability boundary of the vehicle as the embodied intelligent agent and represent an important new direction enabled by our integrated hardware-software architecture. Thank you.

我們自研晶片的價值如今正從智慧駕駛延伸至具身智慧。對於搭載雙 M100 晶片的車輛，我們能在端側運行一個完整的、完全多模態的基礎模型，支援語音、語言與影像等多種輸入。該模型具備通用問題理解、環境理解與任務規劃能力。這意味著車輛不再僅限於執行預先定義的功能。它將能越來越理解使用者意圖與物理世界，並針對既定目標進行規劃與執行任務。我們相信，這將顯著拓展車輛作為具身智慧代理的能力邊界，並代表由我們軟硬體一體化架構所帶來的一個重要新方向。謝謝。

Your next question confirming Sin Lee with BofA. So my first question, could you update your overseas markets development strategy and also the progress? And the second question is, to develop your embodied humanoid robot product, will you continue to invest high R&D amid the current competition background?

下一位提問者是來自美銀（BofA）的Sin Lee。我的第一個問題是，能否更新一下你們海外市場的發展策略以及進展？第二個問題是，在目前競爭環境下，為了開發你們的具身人形機器人產品，你們是否會持續進行高強度的研發投入？

Overseas expansion has been our long-term strategy and we have made some steady progress in market expansion and product deployment. Overall, the progress has been on track and within our expectations. In terms of regional strategy for Middle East and Central Asia, we will be focusing on our L-series range extended models as the key offering. In July, we have launched the all-new Li L9 in Kazakhstan and Uzbekistan. In September, we're planning to launch in Dubai and to kick off our sales in the Middle Eastern market. In the meantime, we have already formed a strategic partnership with Allure, a leading local car group in Kazakhstan to drive the local assembly of our vehicles.

海外擴張一直是我們的長期策略，我們在市場拓展與產品佈局方面已取得一些穩健進展。整體而言，進度符合規劃並在我們的預期之內。在中東與中亞的區域策略方面，我們將以L系列增程車型作為核心主打產品。7月，我們已在哈薩克斯坦與烏茲別克斯坦推出全新理想L9。9月，我們計畫在杜拜上市，並正式啟動中東市場的銷售。同時，我們已與哈薩克斯坦當地領先汽車集團Allure建立策略合作夥伴關係，以推動我們車輛的本地組裝。

By pushing forward the local adaptation and the local assembly of our current model, we're steadily building out a complete global presence. Across R&D products, manufacturing, sales, and service. In Europe, we will be prioritizing that model. So the i6 will be launching at the October Paris Motor Show and officially start selling in the European market in Q4. For right-hand drive markets, in addition to launching Li MEGA. In Hong Kong SAR and Singapore by the end of this year, we'll also be rolling out the right-hand drive version of the I6 to complete our model lineup in the right-hand drive market. With all that being said, expanding overseas comes with its own set of challenges, particularly uncertainties around the geopolitical environment and market regulations.

透過推進現有車型的本地化適配與本地組裝，我們正穩步建立完整的全球佈局，涵蓋研發、製造、銷售與服務。在歐洲，我們將優先推進該車型。因此，i6將在10月巴黎車展亮相，並於第四季在歐洲市場正式開售。在右駕市場方面，除了在今年底前於香港特別行政區與新加坡推出理想MEGA之外，我們也將推出i6的右駕版本，以完善右駕市場的產品陣容。不過，海外擴張也伴隨其自身挑戰，尤其是地緣政治環境與市場法規方面的不確定性。

We aim to position Li Auto as a premium brand in overseas markets as well, and we will carefully manage our pace, tailoring our approach to our strengths and the unique dynamics of each market and at the same time ensure the products are compliant, build after-sales service networks and continue to build our brand. Next, I'll answer the question on R&D. If you look at the history of the auto, the first 10 years is really our start-up phase. And going forward, the next stage is going to be continued investment in R&D to build our competitive barrier. And among all of this, developing chips in-house is a core strategy, long-term strategies that we have established from a very long time ago. And we will remain committed to keep investing and to improve and iterate on our in-house chips over time.

我們也希望在海外市場將理想汽車定位為高端品牌，並將審慎把控節奏，依據我們的優勢與各市場的獨特動態來制定策略；同時確保產品合規、建立售後服務網路並持續打造品牌。接下來我回答研發的問題。如果回顧汽車產業的歷史，前10年其實是我們的創業階段。往後的下一階段，將是持續投入研發以建立競爭壁壘。其中，自研晶片是我們很早以前就確立的核心策略與長期策略。我們將持續投入，並隨時間推進不斷改進與迭代我們的自研晶片。

So if we look at chips as a core competitive advantage, AI is going to be the model is going to be the competitiveness. Other than chips or AI, we have also been investing in the core components of the electric powertrain. Taking batteries as an example, we have in-house developed our cells, pack, BMS, and even including thermal management systems, this entire offering, including pairing and adaptation to our actual vehicle products. With an integrated R&D approach, we have accumulated. A ton of experience around 5C charging and technologies, which makes us confident in terms of our in-house batteries, quality, safety, and life expectancy.

因此，如果把晶片視為核心競爭優勢，那麼AI將會是模型、也將會是競爭力的關鍵。除了晶片或AI之外，我們也一直在投入電動動力總成的核心零部件。以電池為例，我們自研了電芯、電池包、BMS，甚至包括熱管理系統；整套方案也包含與我們實際整車產品的匹配與適配。透過一體化研發方式，我們已累積了大量關於5C充電等技術的經驗，這讓我們對自研電池在品質、安全性與壽命表現方面充滿信心。

So starting from the second-half of this year, we will be rolling out Li Auto branded batteries across all of our vehicles. And I need to emphasize. By choosing to develop these components in-house doesn't mean that our suppliers' products aren't great. We developed our in-house MACH M100 chips. That doesn't make Nvidia any less respectable as the best chip company in the world. As we develop our in-house batteries, that doesn't make CATL any less respectable as the best.

因此，從今年下半年開始，我們將在所有車型上逐步搭載理想汽車品牌電池。我需要強調的是，選擇自研這些零部件並不代表供應商的產品不夠好。我們自研了MACH M100晶片，並不會讓Nvidia作為全球最佳晶片公司的地位有任何減損。同樣地，我們自研電池，也不會讓寧德時代（CATL）作為最佳電池企業的地位有任何減損。

Battery companies, well, CATL as well as many other brands, which are all great battery brands. That doesn't make them any less respectable. We believe that in the era of embodied AI, chips and batteries are going to be the most important competitive advantage. And electric powertrain and great products will be the key to our competitiveness, our product competitiveness. So choosing to develop these technologies in-house only shows that we want to be like companies like Apple and Huawei to really hold the key components of our competitiveness in our own hands.

電池公司方面，寧德時代以及許多其他品牌，都是非常優秀的電池品牌。這並不會讓他們變得不值得尊敬。我們相信，在具身AI時代，晶片與電池將是最重要的競爭優勢。而電動動力總成與優秀的產品將是我們競爭力、也就是產品競爭力的關鍵。因此，選擇自研這些技術，只是表明我們希望像蘋果、華為那樣，把競爭力的關鍵零部件掌握在自己手中。

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.

由於本次電話會議已接近尾聲，我想把電話交回公司作結語。張珍妮女士，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. This concludes this conference call. You may now disconnect your line. Thank you.

再次感謝各位今天的參與。如有進一步問題，歡迎隨時聯繫理想汽車投資者關係團隊。本次電話會議到此結束。您現在可以掛斷電話。謝謝。