Thank you, operator. Good evening and good morning, everyone.

Welcome to Li Auto's third quarter 2025 earnings conference call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website.

On to this 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.

Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Forward-looking statements 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 U.S. Securities and Exchange Commission and the Stock Exchange of Hong Kong Limited.

[unclear] any obligation to update any forward-looking statements, except as required under applicable law. 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. 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.

Xiang Li. Please go ahead.

大家好，我是李想。2025年的第三季度，也是理想汽车面向第二个十年的第一个季度。我们经历了产品周期、公关舆情、供应链爬产、政策变化等问题带来的各种挑战。这些因素对我们的交付和经营也产生了影响。但是，今天更想和大家聊一聊我们长期的思考。理想汽车面向第二个十年，三个最重要的关键选择应该怎么做，分别是组织、产品、技术。第一个关键选择是组织。我们所面临的选择，是创业公司的管理模式，还是职业经理人的管理模式？理想汽车在过去的十年里，最初的七年是创业公司的管理模式。随着规模的扩大，达到了我之前创业所没有经历过的营收规模，在2022年前后，很多人都会建议我们走向职业经理人的管理模式。因为在历史上，奔驰、宝马这样的百年汽车企业，以及微软、苹果这样的科技巨头，都在这一模式下取得了非常大的成功。过去三年，我们非常努力地让自己变成职业经理人的治理体系。在真实的体验和落地后，我们认识到，创业公司和职业经理人是两种完全不同的治理体系。它与流程、组织结构无关，而是管理理念和要素的差异，以及各自适用于不同阶段和行业环境。职业经理人的管理方式可以非常成功，但是需要三个要素：第一，行业和技术周期相对稳定；第二，企业的行业地位领先且稳固；第三，创始人和创业团队要么没有动力干了，要么已经不在了。如果满足这些条件，职业经理人的管理模式是非常好的选择。苹果和微软也都在职业经理人接班后，从千亿美金成长为万亿美金的企业。而创业公司的条件恰恰相反：第一，行业和技术周期在发生巨大的变化；第二，行业格局不确定，企业还不是领先者；第三，创始人和创业团队每天还在投入地努力工作，充满动力。在人工智能重塑各个行业的今天，我们所处的环境、我们自身的特点，更符合创业公司的条件。创业公司的管理，核心是四件事：第一，更多的对话、深度的对话，而非更多的汇报。在高度变化中，深度的对话是提升认知和大战略决策的关键要素。第二，聚焦用户价值，而非只是交付。对用户真正有价值的东西才值得交付，而不仅仅是完成各种交付的任务。第三，持续提升效率，而非占用更多的资源。去年花10块钱做的事情，今年就要花8块钱去做，从而才有更多的资源去做短期不创造收入的长期投资和能力建设。第四，要识别关键问题，而不是创造信息不对称。只有价值增加了、效率提升了、关键问题解决了，才可以在高度竞争、高度变化的环境中持续满足用户的需求。过去三年，我和创业团队努力学习职业经理人的管理体系，逼迫自己接受各种变化，但是我们却变变成了越来越差的自己。而英伟达和特斯拉今天仍以创业公司的方式管理。如果全世界最强的那两家公司都可以使用创业公司的管理方式，我们有什么理由放弃自己最擅长的方式？从1998年开始，我有27年的创业公司的管理经验，而且从来没有在任何大企业中以职业经理人的方式工作过。当下，面对的又是一个行业高度竞争、技术高度变化的大环境，我自己热爱汽车、热爱产品、热爱人工智能，工作就是自己最大的爱好，为什么不用自己最擅长的能力和方式来管理理想汽车？这是理想汽车面向第二个十年第一重要的选择。因此，从今年四季度开始，我们坚定地回到创业公司的管理模式，以此来面对新时代、新技术带来的挑战。组织的选择是一切的基础。进入新的十年，更关键的问题是我们真正要为用户解决什么问题，产品是什么，技术往哪里走，这是永恒不变的本质。首先，关于产品，我们同样要做一个选择。面向未来十年，我们的产品到底是什么？是电动车，是智能终端，还是具身机器人？当产品停留在电动车，竞争的逻辑就会变成参数大战。续航多20公里还是少20公里，车长多2厘米还是少2厘米。如果只是电动车的竞争，就是更大的空间、更多的续航、更便宜的价格，顺便copy一下已经被验证成功的那些设计，比如理想L9。所有除此之外的研发投入，都是研发成本的浪费。更强的传感器、更长的模型、更强的算力、更强的主动悬架，都是整车成本的浪费。甚至强甚至性能强大的算力和主动悬架等产生的能耗，还会给续航带来负面效应。如果我们选择做智能终端，就会更加关注屏幕里的那些事，本能地变成智能手机功能的重复建设。过去几年，行业在智能终端上大部分创新，本质上是把智能手机的功能搬到车上，把手机的APP放到车机里，把车在车里上更大的语言模型，甚至希望能够在车里做coding，在车里做deep research。用户买车到底是为了工作还是为了更好的生活？明明在手机和电脑上有更好的体验、更自然的应用，为什么非要放在车上？这些投入对于用户的价值提升非常有限，甚至，是企业自己的自娱自乐。我们还可以让车变成物理世界的具身智能产品，说白了就是机器人。《变形金刚》的动画片和电影明确地告诉我们，机器人最大的分类就是两种形式，一种像人一样，一种像车一样。《霹雳游侠》和《赛车总动员》也清晰地告诉我们，汽车是机器人的核心形态之一。如何把车变成机器人？给它眼睛和耳朵的感知能力，给它大脑和神经的模型能力，给它心脏等器官一样的计算能力，改造硬件形成更强的本体能力。让汽车机器人具备顶级司机的能力，不仅可以开车，还可以每天迎接你，帮你停车，帮你充电，给你开、关车门，无微不至地为你提供便捷、体验和关怀。它还可以扮演父母、助理、乘务员的角色，在车内为你提供最便捷的生活服务和空间照顾，就像飞机的头等舱服务，就像小时候妈妈一直在我们身边的照顾和关怀。如何定义一个好的具身机器人？从被动的机器成长为自动的机器，再进化为主动的机器人。未来十年，具身智能最有价值的产品，一定是具备自动和主动能力的汽车。产品的竞争，也是自动和主动能力达到什么程度。而这些价值会融入高频的生活和体验中，有了就再也回不去了。电动车的选择不是不好，而是不够；智能终端的选择也不是不好，而是不够。只有选择具身智能这个最难的题，我们才可以真正改变用户的生活，提供自动和主动服务的具身智能机器人产品。恰好，它就是变形金刚的汽车形态机器人，是《赛车总动员》、《霹雳游侠》的汽车形态机器人。新时代给予汽车企业和创业者们最好的机遇和最高难度的挑战。接下来是技术的选择。更具体地讲，是完整AI系统的技术选择。是面向数字世界的语言智能，还是物理世界的具身智能？这意味着要构建完全不同的系统能力。要想做好具身智能，最重要的，是构建一套不同于语言智能的AI系统。它包含具身智能的感知，相当于眼睛和耳朵；具身智能的模型，相当于大脑；具身智能的操作系统，相当于神经；具身智能的算力，相当于心脏；具身智能的本体，相当于人类的身体。当下，没有第三方供应商可以完整地提供这套系统，甚至，没有哪一个是可供供应的。语言智能最大的特点是关注好模型和计算。更大规模的模型、更大规模的计算，就会带来更强的能力。而具身智能必须增加对物理世界的感知，模型也是必须基于对物理世界的理解。精准是首要任务，其次才是泛化。操作系统需要确保软硬的最优融合，提高更高的帧率，整体系统要快和精准。为具身智能的感知、模型、操作系统等提供的算力，也需要在端侧供应，而不是云端。最后，还要改造硬件，成为具身智能的本体。例如，三维神经控制的线控和主动液压悬架系统，提高本体执行的效率和准确性。如果以具身智能理解整个IT整整个AI系统，你发现可以改变以及急切需要改变的实在太多了。首先是感知。基于现有的感知模型和端侧的算力，现在的3D BEV、OCC占用网络、2D ViT，有效的感知距离，我讲的是有效而非理论上最大，只有100多米，远远不如人类的眼睛。如果升级成人类眼睛工作原理相似的3D ViT，有效距离可以扩大两至三倍。今天，我们辅助驾驶可能50%以上的常见问题自然就解决了。3D ViT不仅限于自动驾驶的领域，在车外和车主的主动交互与服务，在车内与家人的主动交互和服务，也就变成了可能。这需要感知模型的研究和研发的重大突破，还必须有M100这样的为具身智能定制设计的芯片和强大的编译团队高效配合才可以实现。其次是模型。有了3D ViT，才有了真正对物理世界的理解。VLA VLA模型中的VL才可以更好地对于物理世界的感知和理解，人类的数据才可以更高效地被用于训练，世界模型生成的数据才可以更好地去完善训练。现有最好的计算平台，一个4B的MoE的模型，运行帧率只有10赫兹，而执行系统是60赫兹。如果模型运行的帧率可以快两至三倍，现在辅助驾驶的一些舒适性的问题、反应迟钝的问题，都可以有效地解决。这同样需要对传统的GPU架构和算力进行深度的改造和定制，以及专有的操作系统。M100芯片就是为解决具身智能这些本质的问题而研发的。最后是本体。人类的刹车、转向的最快响应速度在450毫秒左右。目前自动驾驶的感知到执行的完整链路在550毫秒左右。坐在驾驶员的位置上，本能的反应就是慢很多，像老年人在开车。线控体系可以把整个链路的响应速度提升到350毫秒。别小看这200毫秒的差距，这大概可以把失误率下降50%以上，而且让人感觉开得比自己还要好、还要安全，既是理性的真安全，又是感性的安全感。基于这样的需求，整个控制的方式都会变得完全不同。如果只是关注语言智能那样的模型规模的提升，模型规模扩大一倍，算力提升带来的性能提升只有5%到10%。如果从具身智能整体来看，每个环节全系统地去解决最关键的问题，那接下来一轮，自动驾驶的性能提升应该有5到10倍。具身智能为用户提供的自动和主动的快速交互和真实服务的能力，更是有和无的质变。过去三年，我们对于具身智能完整系统的技术储备，让我们下一代的产品充满信心。具身智能机器人的元年从汽车机器人正式开启，千亿收入只是起步。以上三个关键的选择，决定了我们第二个十年发展的基石。它比上一个十年更难，也更具挑战性。我们深知，未来的竞争不在一时一刻，而在方向的长期选择和持续投入的定力。依托坚实的财务基础，我们会保持专注，用我们最热爱的创业公司的管理模式，打造成领先的具身智能产品，确保理想汽车能够穿越周期，引领技术，成为一家长期为用户和社会创造价值的企业。我也希望以后更多地以这样的方式与投资者们进行沟通和交流，而不是每个季度以固定格式的汇报。感谢我们的投资者在最难的时候仍然支持和信任我们。我们一定尽最大的努力，在未来的三到五年内，让理想汽车成为具身智能领域表现最好的企业、用户价值最高的企业。谢谢！ Now, 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 lifecycle, PR challenges, as well as changing policies. 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. The first choice we need to make is organization.

The challenge we're facing is whether to choose a 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.

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 hundred-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.

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

The difference really lies in management principles and key operating principles, and also they're tailored toward different stages of growth and industry environment. The professional management model can be very successful, but relies on three factors.

The first one is that the industry and technology cycle has to be relatively stable. The second is that the enterprise is already in a leading position, and the position is relatively stable.

The third one is that the founder and the founding team are either lost their motivation or are not actively involved in the company. 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 hundreds of billion dollars in revenue to trillion-dollar companies. However, the entrepreneurial model is tailored to a entirely different environment.

The industry and technology cycles are going through fundamental changes. Second, the industry is very unstable, and enterprise itself is not yet a leader.

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 entrepreneur model way better.

The entrepreneurial model really is about four things. 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. 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've delivered on. Third one is keep increasing efficiency as opposed to occupying more resources.

For example, if we spent $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.

Fourth, the key is to recognizing the key issues as opposed to just creating information asymmetry. 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.

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

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

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 an environment with rapidly changing technologies.

I personally am passionate about products, about automobiles, and about AI. Work is my largest passion.

Why don't I focus on what I'm most used to and what I'm best at to manage Li Auto? That's the most important first choice as we look into our second decade.

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

Looking into the next decade, the next key question is how we really solve issues for our customers. What product do we build, and where is technology headed?

That's always the essence of everything. On products.

We also need to make an important choice. What kind of product should we really build for our users?

Is it electric vehicles? Is it smart devices?

Or is it embodied robots? 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?

If it's only focusing 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. Other than that, all R&D investments are waste.

Stronger sensors, bigger models, more computing power, better active suspension are always waste of cost. Even stronger and stronger computation power and active ride suspension may even have negative impact on range.

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.

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. Then we ask ourselves the question: What are users buy our cars?

Do we really buy it for their work or to live a better life? If certain experience are 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. 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 Transformers told us that there are broadly two types of robots. The first type looks like human beings, and the second type looks like cars.

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

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 hearts, which is computing power, and we need to reshape the hardware to make it a stronger physical presence. Our robots need to parallel the top drivers, and can not only drive, but also pick you up, park for you, help to charge the car up, help to close the door, open the door, and meticulously make your life more convenient and safer.

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. It's also like when we're little, that our mother takes care of us and make us happy.

How do we define a good embodied robots? How do they make them to change from passive machines into an automated machine, and then further into proactive machines?

In the next decade, the most valuable embodied AI products is going to be vehicles that are automated as well as proactive. 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.

Whether it's electric vehicles or smart devices, these are not necessarily bad choices, but we think they're not sufficient. 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.

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're robots that are shaped in cars. I believe that this is the biggest challenge and opportunity that we entrepreneurs see in this new era.

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 it something that's language-based that's faced towards the digital world, or is it something faced towards the physical world?

These two options require completely different systems 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 brains, including the operating system like nerves, and including the computation power, which is like hearts, and also, of course, the physical body itself, just like human body.

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. 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.

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.

Also the 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. Lastly, we'll also need to modify the hardware itself to become a really embodied hardware.

For example, our active suspension is just like a 3D nerve system, nerve control, and can increase the efficiency and precision of execution in the physical world. If we look at this entire AI system through the lens of embodied AI, you will see that there's so many change that needs to happen and desperately need to happen.

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 effective as opposed to theoretical maximum, is only just about over 100 meters, which is way less than human eyes.

However, if we upgrade it to 3D vision transformer, which is just similar to how human eyes work, this range can increase by two, three times, and it can solve more than 50% of the common issues we see in autonomous driving. And 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. That requires fundamental breakthroughs in perception models, both in research and also development.

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. The next area of improvement is in models.

It's only with 3D vision transformer can we really understand the world. The VL in the VLA can really understand and perceive the world better, and human data can be more effectively used for training, and world model can also be use more effectively for training.

For example, in the status quo computation platform, a 4-billion parameter MoE model can only run at 10 Hz, but the execution frequency is 60 Hz. If we can increase the frequency of the model by two, three times, it can also automatically solve many issues, including comfort and speed of reaction in autonomous driving.

It also requires us to fundamentally modify and customize the traditional GPU architecture, and to have a dedicated operating system. M100 again is really designed for solving these embodied AI problems.

Lastly is the embodied hardware itself. A human being can typically react to braking and steering in about 450 milliseconds.

For a typical autonomous driving system, from perception to execution, the entire closed loop takes about 550 milliseconds. For a typical driver today, it's very obvious to them that autonomous driving is much slower.

It's like an elderly driving the car. Drive-by-wire system can reduce the response time to about 350 milliseconds.

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 a subjective as well as the objective sense. Based on these needs, the entire control mechanism will be different.

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 corresponding increase in computation power, the really performance increase is only going to be 5% to 10%. If we look at this from an embodied AI perspective, and to solve the key issues in every stack, on every level of the stack, the next-generation autonomous driving can really increase the performance by 5 to 10-fold.

That is what can power embodied AI to perform fast and accurate and valuable services. That's the difference between 0 and 1.

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 it's starting this year, I believe, and hundreds of billions of revenue is only a starting point.

The above three key strategic choices really lay the foundation for the next decade of our developments. It's more challenging than the last decade.

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.

Backed by a strong financial foundation, we will stay focused, embrace our beloved entrepreneurial management style, and build leading embodied intelligence products. 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.

Finally, I also look forward to engaging with you guys in this manner moving forward, rather than presenting a quarterly report in a fixed format. 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.

Thank you, Xiang. Hello, everyone.

I will now walk you through some of our third quarter financials. Given time constraints, my remarks today will be limited to the financial highlights.

All figures will be quoted in RMB unless otherwise stated. For further details, we encourage you to refer to our earnings press release.

Total revenues in the third quarter were RMB 27.4 billion, decreased 36.2% year-over-year and 9.5% quarter-over-quarter. This included RMB 25.9 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. Cost of sales in the third quarter was RMB 22.9 billion, down 22.% year-over-year and 5.3% quarter-over-quarter.

Gross profit in the third quarter was RMB 4.5 billion, down 51.6% year-over-year and 26.3% quarter-over-quarter. Vehicle margin in the third quarter was 15.5% versus 20.9% in the same period last year and 19.1 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 a lower production volume. The sequential decline was mainly due to the same recall-related cost.

Excluding such recall cost, vehicle margin would have been 19.8% in the third quarter. 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. Operating expenses in the third quarter were RMB 5.6 billion, down 2.5% year-over-year and up 7.8% quarter-over-quarter.

R&D expenses in the third quarter were RMB 3 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 investment in extending our product portfolio and technology, along with expenses from the product configuration adjustments.

The sequential increase was mainly due to the same product configuration adjustment expenses. SG&A expenses in the third quarter were RMB 2.8 billion, down 17.

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 performance-based award in the third quarter of last year.

Loss from operations in the third quarter was RMB 1.2 billion, versus RMB 3.4 billion income from operations in the same period last year, and RMB 827 million income from operations in the prior quarter. 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.

Net loss in the third quarter was RMB 624.4 million, versus RMB 2.8 billion net income in the same period last year, and RMB 1.1 billion net income in the prior quarter. Diluted net loss per ADS attributable to our ordinary shareholders was RMB 0.62 in the third quarter, versus diluted net earnings of RMB 2.66 in the same period last year, and RMB 1.03 in the prior quarter.

Turning to our balance sheet and cash flow. Our cash position remains strong with a quarter-ended balance of RMB 98.9 billion.

Net cash used in operating activities in the third quarter was RMB 7.4 billion, versus RMB 11 billion provided in the same period last year, and RMB 3 billion used in the prior quarter. Free cash flow was negative RMB 8.9 billion in the third quarter, versus RMB 9.1 billion in the same period last year, and negative RMB 3.8 billion in the prior quarter.

Now for our business outlook. For the fourth quarter of 2025, the company expects the delivery to be between 100,000 and 110,000 vehicles, and quarterly totally revenue to be between RMB 26.5 billion and RMB 29.2 billion.

This business outlook reflects the company's current and preliminary view on its business situation and market conditions, which is subject to change. That concludes our prepared remarks.

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

英博，我是李想，我来回答第一个问题。那我们认为在2026年的时候，也就是在明年，然后搭载我们以M100芯片然后为核心的然后AI系统，然后开始交付在产品上的时候，然后我觉得这个真正的价值和体验就会发生改变。那我觉得具体的改变还是我之前讲的，会 让汽车这样的产品，然后从被动的使用，然后变成真正的然后自动化 和主动化，来为用户提供服务。而且这种服务和体验，然后并不是说我们要搞一个deep research，或者我们去做一个coding，或者我们生成一个视频，而是它会体现在我们日常的生活和高频体验中，每天都会感触到，每天都能够体验到这样的价值带来的根本性的变化。我觉得这是讲的第一点。而第二点说，如果未来的十年，然后到底有什么样的然后明确的功能啊，或者价值啊，然后可以呈现。那我觉得 基于我们对然后人工智能和具身智能的理解，它没有办法像传统的编程或者硬件功能给出来明确的功能这样的一特性。而是说 当我们去构建整个人工智能的系统化能力的时候，只要一些最关键的核心的问题被解决，或者一些关键的性能进行突破，它会带来一系列的 然后体现在我们具体的生活中，或者产品价值上的然后一系列的然后改变，而且这个改变甚至会免超我们的预期。我觉得这是 我们自己理解的人工智能和具身智能，然后能够给 我们的物理世界、给产品、给我们日常的生活，然后带来的转变，以及背后的驱动力，而非传统的编程啊和功能模式在这样的一呈现方式。 On your first question about 2026, next year will be launching our AI system based on our internally developed M100 chips.

Once this system gets in the car, that's where we will start to see real value and change of user experience. As I mentioned earlier, our products would go from a machine that passively takes orders to a more automated machine, and even a proactive machine that can provide services for the users.

Unlike large language models, which can conduct deep research or video generation, this embodied AI products can really benefit our users in their everyday use at a very high frequency. 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, for 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. That's our late understanding of embodied AI and AI system.

This is really the room for imagination for the next 10 years. Thank you.

那个，英博你好，我是理想汽车马东辉，我来回答第二个问题。关于三电领域的研发和供应的布局。其实理想汽车一直聚焦在三电核心技术上进行的话自研，包含电驱动、电池和电控技术的一些突破。然后我们在电驱系统方面的话，我们主要是聚焦于用户有价值的像能效啊，以及的话体验。那我们自己的话是自研代工了碳化硅功率芯片，然后并且我们自研自制了功率模块以及电机控制器的生产和研发。那同步呢，理想汽车也自己建成了专属驱动电机的工厂。这样的话就构建了从碳化硅功率芯片，然后在这个功率模块，再到电机的全链条自研能力。并且我们的电驱技术啊，不仅是用在纯电车型上面，也包含增程的全系车型。可以保证在驾驶过程当中还安静很平顺，然后并且有效的话是优化了能耗的水平，提升的话车辆的续航里程。那关于电池技术的话，我们是聚焦在充电速度和安全。然后我们围绕的话5C超充的电池，然后也构建了全栈的自研能力。包括电芯的化学体系，然后电池管理系统BMS控制模型和算法，然后以及电池pack的布局和结构设计。可以实现超快充、长续航、长寿命三重的核心优势。然后在电池的供应布局方面的话呢，我们规划的话是采用外购，然后加自研和自制双模式。那明年我们也量产理想自主品牌5C的电池。然后通过自研技术产业化的落地，进一步强化电池的安全性能，然后升级用户的补能体验。那最后一点的话是在电控。我们通过软硬件的全自研，然后打造极致的驾驶质感。那在软件端我们可以实现对于动力的控制、能量的管理以及发动机的标定的全栈的话自研。然后在硬件端的话，像一些核心的域控制器、PCB layout，以及底层软件的自主研发，都是我们全栈自研。通过与自研底盘技术的协同，然后可以实现对于车辆驾驶性和平顺性的精准优化，然后打造好开、易上手的驾驶特质。那总体来说，通过三电技术的自研，我们是希望能够以技术硬实力，然后为用户带来充得快、续航长、好开又安全的确定的体验。 On the key in-house battery-related technologies, we focus on three areas: electric drive, battery systems, and electronic control.

On 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, while also established our own dedicated drive motor factory.

We have built a full chain in-house development capability spanning 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.

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

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. 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 for powertrain control, power management, and engine calibration. On hardware side, our core domain controller, PCB layout are all developed in-house, as well as the underlying software.

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

Thank you.

管理层你好，我是Morgan Stanley的Tim。首先感谢管理层分享下个十年的战略愿景和背后的思考。那我有两个提问。我有两个简单的问题，想先回归到短期的经营挑战和进展。那第一个问题是有关于纯电这一块，就是想了解一下理想i6以及i8目前订单情况以及交付情况。那当下公司如何解决这个供应的问题，然后后续如果展望后续的一些销量？然后第二个问题就想请教一下就是现金流。因为我们看到公司Q3的经营活动现金流流出进一步地扩大，那这就导致可能现金储备有所减少。主要的原因是什么？然后我们怎么看待后续现金流的一个改善的情况？So two quick questions focusing on the near-term operation. The first one about the product, the i series.

Could the management team share the latest updates on orders and deliveries of Li i8 and i6? In the meantime, how and when could you resolve the current supply bottleneck of the Li i6 and i8?

How should we think about the normalized sales volume of the two i series models in the following months? Second question is about cash flow.

Li Auto actually registered increasing operating cash outflow of about RMB 7.4 billion or free cash outflow of RMB 8.9 billion during this quarter. This caused quite a significant drop in company's cash reserve.

We know why is that and how should we think about the cash flow in the following quarters? That's my second question.

Thank you.

Tim你好，我是理想汽车马东辉。我来回答第一个问题。今年我们通过i6和i8构建了BEV的产品矩阵，分别去覆盖主流和高端的家庭纯电市场，也为理想汽车纯电业务长期的稳定增长奠定了坚实的基础。对于我们来说的话，我们也完成了增程和纯电双能源形式的产品的一个布局，实现有效的话互补，满足用户不同的需求。对于纯电车型的核心亮点，i系列产品实现了区域渗透率的大幅突破，特别是像对于像上海、北京、江浙沪等纯电的核心市场，9月份上述地区的订单大幅增加。关于供应的话，目前理想i8和i6两款产品正经历产能爬坡、交付提速以及市场渗透发展的路径。从11月份起，为了解决产能爬坡，i6电池的供应将正式启用双供应商的模式。但是我们会保障两家供应商电池的性能跟质量标准是一致的。预计的话，明年初i6的月产能将稳步提升到2万台。在此呢，我们向理想i6的定单车主致以诚挚的歉意。受核心零部件供应的规划和产能爬坡的影响，您的提车时间有所延迟。感谢您的信任和选择，也恳请给予我们更多支持和时间，我们将全力加班加点提升产能，加速交付的进程。谢谢。 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.

These two 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.

A key highlight that's worth mentioning is 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.

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

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

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

We deeply appreciate your trust and choice of 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.

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

First, as we guided in the last earnings release, the third quarter we faced great pressure on the deliveries. The delivery decrease will make the revenue decrease, which will finally impact the operating cash flow.

Also the impact of shorten of the payment cycle to suppliers. This is as you may know, it's due to the government's authority starting from June in nationwide.

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 the wire transfer or bank banknotes without any digital or some kind of certificate from the OEM, just the normal banknote.

Thank you.

谢谢管理层给我提问机会，我是美银证券的Ming。那我这边就是有两个问题，一定请教。那第一个问题，公司怎么看明年置换补贴政策的变化以及购置税提高至5%的影响？如果置换补贴退坡的话，公司相对应的销售策略会是什么？So my first question is that because the next year the trade-in subsidy policy will change, and also the EV purchase tax will increase from 0% to 5%, if the subsidy declined next year, what will be your sales strategy for 2026? 那我第二个问题呢，是这个因为我们明年2026年的这个L系列也会有重大的改款，那请问有哪些亮点可以期待？So my second question is that in 2026, your EREV L series will have a new generation.

What can we expect the new features, specs, and what will be the new advantages for your new models? 谢谢。

Ming你好，我是马东辉，我来回答这两个问题。第一个问题的话是关于置换补贴以及购置税的问题。我们认为的话这是汽车行业从原有的政策驱动然后转向的话市场驱动的一个过程，这也是企业核心竞争力的一个凸显期。然后购置税政策的退坡，短期市场一定会产生波动。因为用户会在2025年年底，然后集中去锁定优惠，然后会出现类似翘尾效应。并且在2026年Q1的销量，自然会出现环比的下调。但长期来看的话，我们还是维持这个乐观，NEV的渗透率也会稳步的增加。在2026年，国内的新能源渗透率我们预估可能会达到55%到60%，对于高端市场的NEV渗透率会突破的话60%。然后对于理想汽车的应对策略的话，首先的话在过渡阶段还是要保障用户的利益，并且我们26年新开发的车车型要适配新的法规的规范。那在过渡期的话，我们也推出了安心购车的方案，比如承担当i6年底前锁单，用户跨年交付的购置税的一个差额。并且我们26款所有产品油耗、电耗全部达成新政策的要求，可以享受26年新政策的优惠。长期的的话呢，还是要强化用户的价值，通过技术的升维来对冲影响，没有捷径。那2026年的话呢，我们全系采取800伏高压平台以及5C的超充电池，提高效率，降低能耗。并且在2026年，我们也建成了大约4,800座超充站，并且高速充电桩的占比预计也会超过30%。以及通过深化供应链的国产化、规模效应稳固的价格。对于产品力，我们只有加速迭代，再加速迭代。那总结来说的话，这个政策退坡肯定是行业高质量发展的一个分水岭。那理想2026年我们是有信心，这个实现交付量历史的突破，然后以产品力和用户价值去穿越周期，巩固我们在高端市场的领先地位。谢谢。关于第二个问题，就是2026款L系列改款的车型的一些时间跟亮点。本来应该说产品具体发布时间和细节，我们应该在合适的时机正式全面地对外公布。那今天呢，我还是想稍微的话透漏一下。首先，2026年L系列的大改款，我们是基于用户的反馈以及核心技术积累，然后想去打造的代际性的迭代产品，然后去承接2026年我们要重回增程产品领先地位的整体战略目标。然后在车型配置方面的话，我们会回归经典的SKU模式，然后兼顾市场的覆盖和这个供应链的效率。希望实现核心体验全系拉满，然后彻底消除入门版体验打折的一个痛点。然后在设计方面的话，我们也会延续家族的经典设计基因，同时强化豪华质感的升级，然后平衡品牌的高辨识度以及用户体验的新鲜感，去打造更加贴合家庭需求的产品形态。那在技术方面的话，全系会标配5C的超充技术，那和我们现在的纯电的超充网络更好协同，然后更好地去解决补能的焦虑。那同时呢，也依托增程领域先发的优势和技术的积淀，然后进一步去强化理想汽车是增程领导者的品牌认知。2026年L系列大改款的核心，就是用确定性的技术升级、确定性的交付节奏、确定性的用户价值，从容去回应市场的不确定性。谢谢。

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

As the purchase tax policy phases out, there will be fluctuations in the 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 would naturally lead to a substantial dip in the deliveries in Q1 2026.

Looking into the longer term, we're 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%.

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. 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.

All of our 2026 models meet the new standards for gas and energy consumption, 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.

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

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

In summary, this policy phase-out marks a watershed moment for the industry's shift 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.

Usually, on product release dates and more details, we need to choose at the appropriate time to release publicly. Today, I still want to take the opportunity to give a glimpse on our products roll-out for next year.

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. We want to build a very strong products that's also fundamentally different from the current generation.

All this is to support our goal of reclaiming leadership in the EREV market in 2026. 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.

Even the base model will not compromise in terms of user experience, and will have all features as standards. In terms of design upgrades, while retaining our iconic design DNA, we will be upgrading the premium feel 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. 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.

At the same time, we will reinforce our position as the EREV leader, building on our first-mover advantage and deep expertise in EREVs. The 2026 L series refresh is about responding to market uncertainty with three certainties on technological upgrades, delivery cadence, and user value.

We'll announce the specific launch timing and further details at the appropriate time. Please stay tuned.

Thank you.

感谢管理层接受我的提问。我有两个问题。第一个问题是关于这个MEGA的召回的。我们了解到就是召回是四季度宣布的，为什么这个成本是记在三季度？然后这个金额是怎么确定的，有多少是由供应链承担，有多少由我们自己承担？它对于四季度的毛利率会有一些什么影响？然后当下这个召回的情况的更新，以及就是最新的MEGA的这个订单，能否也分享一下？这是第一个问题。第二个问题是关于这个AI的这一块的。能否请管理层分享一下VLA和世界模型当下的进展、用户的反馈、后续的研发目标和迭代的进度？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? How did you determine the amount and the sharing between yourself and the supply chain?

What's the impact for the Q4 GP margin? If possible, please also update us about the latest situation of the recall, as well as the latest order of MEGA.

My second question is regarding the AI. Can you please update us the latest development of VLA, world model, and the user feedback?

If possible, please also give more color for the future targets and upgrades process. Thank you.

Paul, this is Johnny. I think in time constraint I will respond your question very shortly.

First, we recognized this in Q3 is carefully regard this event as a subsequent event, it will be accrue in the most recent quarter with every car, it's based on accounting standard. For the recall, I think we have announcement and I don't want to repeat most of the details covered.

Currently, we just make all the battery pack to fulfill the recall requirement demand. Which means we lower the delivery of our 2025 MEGAs delivery.

Which means all the battery pack we shift most of them to replace the 2024 recall. I think that's better customers' benefits.

That's the company's value proposition, figure first.

Paul你好，我是马东辉，我来回答第二个问题，关于VLA的当前进展以及迭代的速度。理想的VLA端到端模型的话，已经在9月份全量的话推送给了AD Max的车型，并且我们凭借模型迭代的迁移能力，快速的话去覆盖从新款的i系列到24款的理想L9，然后让所有用户均能够同步去体验它的核心能力，然后实现老车也能够享受新的科技、新的体验。通过用户的反馈和数据分析，体验的升级是有明显的成效。特别是i系列的车主，智驾的使用意愿是很强的。然后用户的日活以及MPI，就是接管前的平均行驶里程数，均呈现上升的一个趋势。然后并且用户也普遍的话反馈，VLA在纵向控制上更加丝滑，然后绕行的决策更加的果断，然后在复杂路口选路准确性方面的话也显著的提升。后续的话呢，我们会不断地迭代，然后功能持续的话突破。OTA 8.0是作为首个全量推送的版本，当时的话是以安全作为核心的优化体验。在12月初，我们会推送OTA 8.1，然后进一步去提升VLA的感知能力，响应更加的话精准。然后在12月底，我们会进行架构的升级，重点去强化语言和行为信息的交互，优化决策的流程，并且会适配2026年自研芯片M100的上车。后续的话，我们也会有更多创新的功能陆续落地，推出行业首创防御型的AEB功能，然后去升级安全防护的能力。我们也在探索任意车位、导入任意车位全场景的泊车，并且结合我们自建的超充站，去实现智能找车的功能，去真正完善智能出行的生态。谢谢。 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 L9 users who bought the car back in 2024, and they're able to experience its core capabilities across the board.

User feedback and data analysis have very clearly showed the effectiveness and the level of experience improvements. We can see that i series owners have a stronger willingness to use VLA driver, with both DAU and MPI showing improvements.

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

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

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. 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.

All this completes the smart mobility ecosystem. Thank you.

好的，感谢管理层接受我的提问，我是高盛的Tina。由于时间关系我就问最后一个问题。想请问一下就是刚才公司也提到咱们自研的芯片，所以想问一下这个自研芯片以及自研操作系统怎么开源的一个进展和后续的规划？Thanks, management, for taking my question. 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? Thank you.

Hi, Tina. Let me answer your question.

We believe that physical AI paper system is a core foundation for intelligent vehicles. To achieve this efficiency, the system must be designed as integrated architecture, not as separate parts.

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.

To innovate faster together, we open source the HaloOS, enabling collaborative developments with our partners and ecosystem. In September, we established the HaloOS Technical Steering Committee, and the 16 companies across intelligent vehicle value chain signed the community charter, including OEM, chip makers, software and hardware service providers, and component suppliers.

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

The AI inference chip is the computing engine of this system. Our controller built with our in-house design chip, M100, is now undergoing large-scale system testing.

We expect its commercial development to take place the next year. Co-designed with our foundation model, compiler, and software system, we expected 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.

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.

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.