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

Welcome to Li Auto's Fourth Quarter and Full Year 2025 Earnings Conference Call. The company's financial and operating results were published in a press release earlier today and are posted on the company's IR website.

On today's call, we will have our Chairman and CEO, Mr. Xiang Li, and our CFO, Mr.

Johnny Tie Li, to begin with prepared remarks. Our President, Mr.

Donghui Ma, and our 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.

The company does not assume 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。欢迎各位参加今天的业绩电话会议。过去一年对于理想汽车来说是一次重要的战略调整期。随着公司规模的扩大，我们也重新审视很多基础能力，其中一个非常核心的就是销售。我们过去最大的问题是在用经销商的管理方式来管理一个直营的体系。而直营体系最应该做的是应该以店面为核心进行运营管理。没有经销商帮我们管理店面，而这应该变成我们自己的责任。自去年三季度以来，我们一直在探索如何更高质量地开店，如何管理好店面和激励好店长，如何对团队进行有效的赋能和培训。这一切的出发点都归结为一个核心命题：怎么用直营的体系把车卖好。为此，我们以结果为导向，以销量和人均产出为衡量标准，进行了一系列有效的改变。首先是分工的优化与人员的集中。我们通过门店汰换解决选址不好的问题，将分散在人流下滑的二线商超的销售力量集中到更有潜力的市场，包含一线商圈和汽车的中心店，直接带来了门店效率和人均产出的提升。同时，为了真正激活一线销售的积极性，我们也在进行机制上的突破。今年3月，我们正式推出了门店合伙人计划。门店成为基本经营单元，优秀店长拥有了真正的经营决策权和利润分享权，从传统的销售管理角色转变成了店面真正的经营者。在今天汽车销售体系普遍不赚钱的大背景下，我们希望培养出来每年大量的收入超过百万的店长，让优秀店长的收入达到行业的三倍，也从销售能力层面确保公司订单量和交付量稳定在高端车第一梯队。产品方面，今年二季度我们将正式发布理想L9系列。凭借全面升级的动力系统、智能驾驶和底盘技术，我们要与竞品拉开显著的体验差，重回旗舰SUV的领先地位。理想L9将标配800伏和5C超充技术，同时搭载我们新一代全栈自研的增程3.0系统，实现更高的发电效率和更大的发电量。凭借NVH优化和我们首创的EGR低温启动技术，理想L9可以提供媲美纯电车的静谧性与驾驶体验，以及更好的冬季能耗表现。我们还将全球首发AI智能机油保养系统，实现3年或3万公里的超长保养周期。售价55.98万元的理想L9 Livis版本，则承载了我们对具身智能旗舰SUV的深度思考。理想L9 Livis将配备全球首个量产全线控底盘和800伏全主动悬架系统，提供顶级的舒适性和操控性以及悬架质感。转向、制动与悬架响应速度和安全性也大幅提升，为高阶智驾和具身智能提供必要的执行基础。另外值得一提的是，理想L9 Livis将搭载两颗车规级5纳米理想自研的马赫100芯片，有效算力达到了Thor-U的6倍，并通过数据流架构和自研智驾模型更好地适配，实现真正的自研模型和自研算力的软硬一体。理想L9的换代成功将直接决定了整个L系列的市场上限。如果说上一代理想L9的竞争力主要来自于精准的产品定义，那么新一代理想L9将在技术层面构建起核心竞争的壁垒。我们的纯电车型也在持续上量。首先，通过与供应商的持续努力，理想i6的供应问题逐步得到解决，我们会继续提升产能，争取让大家的提车周期更短一步。与此同时，我们也可以看到随着车主使用里程的增加，体验上的反馈驱动了理想i8 NPS增长超过20%。在年初杰兰路发布的新能源汽车品牌健康度研究中，理想i8的NPS也位居中大型SUV的榜首。伴随这样的NPS表现，3月份以来，理想i8的订单较1月份有了3倍以上的增长。理想i6与理想i8共同夯实了理想纯电产品的市场根基。我们的目标是彻底解决之前的各类问题，让我们的纯电产品真正站稳市场。此外，回顾去年，理想i6在发布后面临的首销政策、产能提升和购置税补贴政策退坡周期带来的多重挑战，让理想i6的毛利率承受压力，但也为今年毛利率的改善预留了足够的空间。2026年下半年，我们还将推出一款全新的纯电旗舰SUV理想i9，进一步丰富我们的纯电产品矩阵，满足多元用户的需求。2026年是理想汽车进化为具身智能企业的关键一年。面对竞争加剧的新能源汽车市场，我们将致力于拉高技术护城河，完成从智能电动车向具身智能企业的跃迁，以确立下一个阶段的竞争优势。2025年公司研发投入达到113亿元，其中AI相关的投入占50%。我们将在2026年延续这一投入战略，继续夯实具身智能企业的核心能力。对理想汽车而言，AI主要涉及两个方面：一个是创造AI，第二个是如何使用AI。创造AI就是为产品赋予真正的生命；使用AI是提升我们的工作效率。在创造AI方面，我们全面重构了研发组织，真正以具身智能公司的方式运行。造产品就是在造人，在推理芯片、基座模型、软件本体、硬件本体方面建设相应的组织能力和培养顶尖的人才。在产品层面，我们视汽车为具有生命力的智能体，而AI是赋予产品活力的关键。相信依托新一代的技术平台，大家将陆续看到我们产品的变化。它们不再是传统汽车或者电动车的简单延伸，而是具有生命力、主动性，并体现在我们日常的高频生活体验上。在效率层面，AI正在逆转公司规模扩大带来的信息流转以及决策效率的下滑。通过引入Agent的协同工作，我们的迭代与进化速度开始重现创业公司的高效敏捷。这一变化在今年的日常运营中已初步体现。可以说AI不仅带来了生产工具的革新，更催生了更具活力的组织形态。最后，我想强调，我们将把从2022年理想L9到今天积累的完整的汽车和具身智能的技术系统，变成真正的用户体验和商业价值，从而构建第二个十年的核心壁垒。所以请大家关注并放心地购买、体验我们新一代的产品。下面有请我们的CFO李铁为大家介绍我们的财务表现。

Now translating for Mr. Li Xiang.

Thank you for joining our earnings call today. Over the past year, Li Auto has been going through an important period of strategic adjustment.

As we scaled, we've reassessed a number of core capabilities, especially how to sustain sales efficiency and organizational vitality in a direct sales model. The problem that we've identified is that in the past we have used a dealership mindset to manage our storefronts.

However, for direct sales model, the key is really managing each storefront, and therefore, without dealers, we need to figure out how to manage these storefronts effectively on our own. Therefore, since the third quarter of last year, we've been focused on improving store rollout quality, strengthening day-to-day store operations, and upgrading incentives, training, and enablement for our teams.

Ultimately, it comes down to one question: how do we sell well? With sales volume and productivity per salesperson as our key metrics, we've implemented a series of targeted changes.

First, we optimized division of labor and consolidated our sales force. By closing and replacing underperforming locations, we addressed site selection issues and moved sales teams from lower-traffic second-tier malls to higher-potential locations, such as prime Tier 1 shopping districts and flagship stores in major auto hubs.

This has directly improved store productivity and sales per head. To further enhance our frontline sales, we also upgraded our operating mechanisms.

In March, we launched our store partner program, making each store the basic operating unit. Top store managers now have real operating decision power and profit sharing, shifting from a pure management role to true store operators.

At a time when profitability is challenging across the auto retail industry, we want to develop store managers who can earn over RMB1 million per year and enable our top performers to make three times the industry average. Just as importantly, this strengthens our frontline capability and helps keep our orders and deliveries firmly in the top tier of the premium segment.

Turning to products. We will officially launch the all-new L9 lineup in the second quarter.

With comprehensive upgrades from powertrain, autonomous driving, to chassis technology, we aim to create a clear step change in user experience versus competing models and regain leadership in the flagship SUV segment. The new Li L9 will come standard with 800-volt architecture and 5C ultra-fast charging.

It will also feature our next-generation full-stack in-house developed range extender 3.0 system, delivering higher generation efficiency and greater output. With further NVH improvements and our proprietary EGR low-temperature start technology, the new Li L9 offers a cabin quietness and driving experience comparable to BEVs, along with improved winter energy consumption.

We will also debut the world's first AI-powered engine oil maintenance system, enabling long service intervals of up to 3 years or 30,000 kilometers. Our top-of-the-line Li L9 Livis, priced at RMB559,800, reflects our vision for a flagship SUV in an era of embodied AI.

It will feature the world's first mass-produced fully drive-by-wire chassis, along with an 800-volt fully active suspension system, delivering best-in-class comfort and handling. Response speed and safety performance across steering, braking, and suspension are also significantly enhanced, providing the execution foundation for autonomous driving and embodied AI.

In addition, the Li L9 Livis will be powered by two in-house developed 5-nanometer M100 chips, delivering 6 times the effective computing power of Thor-U. Together with our data flow architecture and in-house intelligent driving stack, it enables end-to-end integration of our algorithms and computing platform.

The success of the new Li L9 will directly determine the market potential of the entire L-series. If the previous L9's competitiveness was driven primarily by smart product definition, the new-generation L9 will build its core advantage through technology.

Our BEV models are also continuing to ramp up. With sustained efforts alongside our suppliers, the supply constraints on the Li i6 have been gradually easing.

We will keep increasing capacity to further shorten delivery lead times. Meanwhile, as owners put more miles on their vehicles, positive real-world experiences have driven the Li i8's NPS up by more than 20%.

In the NEV Brand Health Study recently released by Land Roads, the Li i8 also ranked number one in NPS among all large SUVs. Improved experience and satisfaction are now translating into a recovery in order and sales.

Since March, Li i8 orders have increased 33% versus the same period in February and 179% versus January. Together, the Li i6 and i8 are strengthening the market foundation of our BEV portfolio.

Our priority is to fully resolve the issues we encountered earlier to ensure our BEV offerings establish a solid foothold in the market. Looking back at last year, the Li i6 faced multiple timing-related headwinds after launch, including initial sales policies, the production ramp, and the phaseout of purchase tax subsidies, which pressured gross margin.

At the same time, these factors also set the stage for margin improvements this year. In the second half of 2026, we'll be launching the Li i9, a new flagship BEV SUV, further expanding our BEV portfolio to meet a wider range of customer needs.

2026 will be a pivotal year in Li Auto's evolution into an embodied AI company. As competition intensifies in the NEV market, we will continue to strengthen our technology moat and complete our transformation from a smart EV company to an embodied AI company, positioning us for the next phase of the competition.

In 2025, our R&D spending totaled RMB11.3 billion, which approximately was 50% was allocated to AI-related initiatives. We will maintain this investment strategy in 2026 as we continue to build the core capabilities required of an embodied AI company.

For Li Auto, AI has two main dimensions: creating AI and applying AI, bringing our products to life while improving efficiency across the organization. On the create AI side, we have rebuilt our R&D organization from the ground up to operate the way an embodied AI company should.

We're developing capabilities and attracting top talents across interface chips, foundation models, software, and hardware. At the product level, we see the vehicle as an intelligent agent with real vitality, and AI is what brings that vitality to life.

Built on our next-generation technology platform, our products will evolve in ways you will see over time. They will not be mere extensions of traditional cars or EVs.

Instead, they will be proactive and increasingly lifelike in how they learn and improve, and that will be reflected in our high-frequency experiences in daily life. From an efficiency standpoint, AI is helping reverse the slowdown in information flow and decision-making that can come with scale.

By integrating AI and work alongside agents, we're regaining the speed and agility of a startup in our iteration and evolution, and we are already seeing early results in day-to-day operations this year. In other words, AI is not only reshaping our tools, it also is enabling a more dynamic, high-velocity organization.

In closing, I want to emphasize that we will convert the capabilities and systems we built from the Li L9 launch in 2022 to today's broader automotive and embodied AI technology stack into real user experience and measurable business value. This will serve as the cornerstone of our long-term competitive positioning for the next decade.

We look forward to your continued attention and welcoming you to experience our next generation of products. With that, we will turn over the call to our CFO, Johnny, to walk you through our financial performance.

Thank you, Li Xiang. Hello, everyone.

Given time constraints, my remarks today will be limited to fourth quarter financial highlights. All figures will be quoted in RMB unless otherwise stated.

For further details, including the corresponding U.S. dollar amounts and full year financial results, we encourage you to refer to our earnings press release.

Total revenues in the fourth quarter were RMB28.8 billion, down 35% year-over-year and up 5.2% quarter-over-quarter. This included RMB27.3 billion from vehicle sales, down 36.1% year-over-year and up 5.4% quarter-over-quarter.

The year-over-year decrease was mainly due to lower vehicle deliveries. The sequential increase was mainly due to the increase in vehicle deliveries, partially offset by lower average selling price due to the different mix following the commencement of Li i6 deliveries.

Cost of sales in the fourth quarter was RMB23.6 billion, down 33% year-over-year and up 3.3% quarter-over-quarter. Gross profit in the fourth quarter was RMB5.1 billion, down 42.8% year-over-year and up 14.8% quarter-over-quarter.

Vehicle margin in the fourth quarter was 15.8%, versus 19.7% in the same period last year and 15.5% in the prior quarter. The year-over-year decrease was mainly due to different product mix.

The sequential increase was mainly due to the estimated Li MEGA recall cost booked in the prior quarter, partially offset by lower average selling price due to different product mix following the commencement of Li i6 deliveries. Gross margin in the fourth quarter was 17.8%, versus 20.3% in the same period last year and 16.3% in the prior quarter.

Operating expenses in the fourth quarter were RMB5.6 billion, up 5.8% year-over-year and down 1.3% quarter-over-quarter. R&D expenses in the fourth quarter were RMB3 billion, up 25.3% year-over-year and 1.4% quarter-over-quarter.

The year-over-year increase was mainly due to the cost related to AI and other programs to support product portfolio expansion and technology advancements. SG&A expenses in the fourth quarter were RMB2.6 billion, down 14% year-over-year and 4.4% quarter-over-quarter.

The year-over-year decrease was mainly due to decreased employee compensation. Loss from operations in the fourth quarter was RMB442.6 million, versus RMB3.7 billion income from operations in the same period last year and RMB1.2 billion loss from operations in the prior quarter.

Operating margin in the fourth quarter was negative 1.5%, versus 8.4% in the same period last year and negative 4.3% in the third quarter. Net income in the fourth quarter was RMB20.2 million, versus RMB3.5 billion net income in the same period last year and RMB624.4 million net loss in the prior quarter.

Diluted net earnings per ADS attributable to ordinary shareholders was RMB0.01 in the fourth quarter, versus RMB3.31 diluted net earnings in the same period last year and RMB0.62 diluted net loss in the prior quarter. Turning to our balance sheet and cash flow.

Our cash position remains solid, with a year-end balance of RMB101.2 billion. Net cash provided by operating activities in the fourth quarter was RMB3.5 billion, versus RMB8.7 billion provided in the same period last year and RMB7.4 billion used in the third quarter.

Free cash flow was RMB2.5 billion in the fourth quarter, versus RMB6.1 billion in the same period last year and negative RMB8.9 billion in the prior quarter. At the end of 2025, we had a total of 30,728 employees.

Now for our business outlook. For the first quarter of 2026, the company expects the deliveries to be between 85,000 and 90,000 vehicles, and quarterly total revenues to be between RMB20.4 billion and RMB21.6 billion.

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

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

my first question is about the channel. I think management just mentioned that Li Auto now plans to optimize the sales networks and reportedly close up to 100 stores.

What are the company's plans and progress regarding channel optimization? Separately, could you elaborate a bit more about the store partner mechanism CEO just mentioned?

In addition to the incentive program to the store manager, any further implementation details you can share with us? When should we expect it to show positive results?

That's my first question.

我是理想汽车马东辉，我来回答这个问题。关于公司销售渠道的优化，首先，网传的关停100家门店不是真实的信息。其实我们一直以来都是对于少量没有办法支撑销量目标的低效门店进行正常的一个汰换，主要是解决过去门店选址不佳、商圈流量下滑的问题，是属于正常的经营优化。今年我们渠道的核心思路是更看重质量，而不是数量。今年我们还会新增门店，新增门店的话将会优先去选取头部的商场、优质的汽车城，来继承品牌的影响力和优质的客流。然后在城市的布局上，目前低线的城市已经相对的完善。那后续呢，伴随我们纯电车型销量的提升，我们重点会加密高线的城市。同时呢，我们也是在不断去提升销服的体验，包含门店的接待、试驾和交付的体验，以及在节假日高速超充专人值守。用户的满意度和好评在持续地提升。另外呢，借此机会我也想介绍一下公司在3月初正式推出的门店合伙人机制。核心的话是我们把门店作为基本的经营单元，是希望走出一条具有理想特色的汽车直营的模式。首先呢，我们肯定会坚持直营，直营的话来保证服务体验以及全国的价格政策是统一的。同时呢，通过下放经营的决策权和利润的分享权到店长，来激发团队的经营意识和活力。经营决策权包含获客的自主权、经营的自主权和团队的管理自主权。从以往对于店长的单一考核销量，变成店长真正要对于本店的经营结果负责，是希望店长把店当成自己的事业来做。那我们也是希望这套机制能从根源上去解决过去盲目开店、扩门店外展等问题，并且未来的话新店选址会有店长全程参与评估，权责绑定到人，从源头去提升门店的经营质量。公司呢也会通过财务的支持和数字化工具，全力去赋能一线。我们是希望力争在Q3能够看到明显的销售经营的改善和提升。最后呢，我们始终认为，销服体系的健康和效率是保证销量的和市场地位的核心。从去年8月份开始，我们用了将近7个月的时间，系统理顺了直营模式的管理体系，包括高质量开店、精细化的运营，以及对于店长的激励、一线的培训和赋能型的机制，全力在夯实销服体系的长期经营能力。谢谢。

I need to first start with a clarification on channel optimization. The rumor about closing 100 stores is false.

In reality, we've always conducted routine optimization of our stores, phasing out a small number of underperforming stores that cannot reach their sales targets. This is simply part of normal operations to address past issues like poor store locations or declining foot traffic in certain shopping districts.

Our core channel strategy this year is very clear: quality over quantity. We will add new stores this year.

New stores will prioritize top-tier shopping malls and premium auto parks to strengthen brand presence and attract higher-quality traffic. As for city coverage, our footprint in lower-tier cities is already fairly complete, and going forward, we'll focus on increasing store density in higher-tier cities aligned with our ramp-up of BEV sales.

Meanwhile, we'll continue to improve sales and service experience, covering in-store reception, test drives, delivery, highway supercharging stations staffed with attendants during holidays. As a result, we've been seeing user satisfaction and positive feedback keep climbing.

While we're on the topic, let me also share a bit about our new store partner program officially launched on March 1st. We're treating each store as a core business unit and building a direct sales model that's truly unique to Li Auto.

First, we remain fully committed to direct sales. This ensures consistent service quality and a unified national pricing strategy.

Meanwhile, we're now delegating decision-making power and sharing profits with store managers to really motivate our frontline teams and enable them to think like real business operators. In terms of store operations, store managers now have autonomy in three areas: customer acquisition, day-to-day operations, and managing their own teams.

We've changed how we evaluate them as well, no longer just on sales volume. Now performance is measured on operating results of the stores.

The goal is to make every store manager feel like they're running their own businesses and be fully accountable for the results. This new model also helps us solve past problems at the root, like opening stores without thinking through and other issues on store expansion.

Going forward, store managers will be involved from day-to-day site selection with clear ownership and accountability. This way, we raise store quality right from the start.

The company will back it up with financial support and digital tools to empower our frontline team. We aim to see significant sales and operational improvements from Q3.

Ultimately, we believe a healthy, efficient sales and service system is the foundation of strong sales and market leadership. Since last August, we've spent 7 months to systematically recalibrate our direct sales management framework.

This includes high-quality store expansion, refined operations, and store manager incentives, as well as frontline training. The all is to build a truly sustainable, competitive sales and service network for the long run.

Thank you.

感谢。我第二个问题是有关于产品，那能否请管理层分享一下就是我们全新理想L9和L9 Livis的上市节奏、定价策略、产品力或盈利能力？My second question is about product, the new product. For the upcoming all-new L9 and the L9 Livis, could you please shed light on the launch timeline, pricing strategy, product competitiveness in a crowded space, and the vehicle profitability?

Thank you.

搭载我们自研芯片马赫100的全新一代理想L9将于二季度正式发布。这套改款之所以我们称之为具身智能，核心在于我们从整个这套系统的感知、大脑，还有本体三个维度进行了整个技术的重构。第一重要的其实先讲的是感知。无论是智能驾驶、自动驾驶，还是今天的具身智能，本质上一个最大的挑战相当于其实我们在通过看视频然后来进行训练和学习，以及通过看视频然后来进行其实对车辆的控制。本质上大家都在用的一套技术体系，其实并不真正地理解物理世界，而是通过一种模仿学习的方式。在感知方面，我们将突破今天的摄像头、2D摄像头和激光雷达的方案，涉及到3D VLA，真正地像人一样去感知和理解这个物理世界，而不是只是通过看视频的方式。这是一个重要的突破。这就要求我们从视频编码器到整个模型的研发，以及为编码器和模型提供强有力的计算，也就是芯片层面，联合进行设计和进行突破。这个将是无论是自动驾驶还是具身智能，我认为在今年会发生一次全球范围内最大的重要的一个突破。伴随而来，我觉得VLA也会变成真正的VLA。Language并不是只是为了识别到底是什么东西，而是Language真正像人一样对物理世界理解和思考。这是一个重要的变化。另外一方面，作为机器的本体也会发生重大的变化。我们在L9上搭载了完整的线控系统，包含了线控转向、线控的制动、四轮转向，以及用四个独立电机控制的800伏的主动悬架。这使得车辆的整个的响应速度、安全性也远远超过了传统的汽车。并且还有一个很重要的点，就是不再通过传统的MCU的再到另一个控制器的MCU上去进行控制，而是可以直接通过模型向控制系统直接进行输出。这样的这一套体系，我们认为其实是未来整个汽车具身智能化的一套重要的标准。我们将在理想L9上全部体现。

First, to your question about products. In Q2, we will be launching our all-new Li L9 Livis, equipped with our in-house developed Mach 100 chips.

The reason we call it an embodied AI robot is really because we've completely revamped the technical stack from sensing, brain, and body from all these three dimensions. Let me start with the autonomous driving front.

In the past, the technical paradigm is really to have the machines to learn to drive through watching videos. They're not really understanding the physical world, but rather they're just watching videos and try to imitate human behavior from these videos.

However, as we've conducted our R&D, we've identified that the most efficient way is really to understand the physical world. When we say VLA model, we're really trying to use the language to understand and learn how the world works as opposed to just simply interpreting the video.

As we move from two-dimensional cameras to three-dimensional vision transformers, we can really understand the 3D world much better. That requires a revamp of the full stack, from video encoder to the chips to the algorithms, how we can enable compute directly from a large model to actually enable a physical behavior.

I believe this will be a major technological shift across the world, across autonomous driving as well as physical robots happening this year. As I mentioned earlier, this is going to be real VLA.

The language models really understand and thinks about the physical world before it makes decision to move. That's on the sensing side, perception side.

Then next, on the hardware itself, on the execution side, Li L9, as we've released earlier, will be equipped with a fully drive-by-wire system, which includes drive-by-wire steering, four-wheel steering, electro-mechanical brake, 800-volt fully independent active suspension, where we have pumps powering each suspension, each wheel independently. What that all combined will do is that it will provide us with the level of agility that's never achieved before in a vehicle.

Beyond that, all the signals and the decision-making doesn't happen through an MCU, which was the paradigm before, but rather we have large models to directly process these inputs, and the output goes directly to the actuators, as opposed to going through a much less sophisticated MCU. That's what we believe is the real smart car is going to be like, and we believe that L9 is going to be the beginning of all this.

Thank you.

my first question is regarding the 2026 sales volume targets based on the current environments. More importantly is how shall we balance the volume and market share target versus our own margins?

How important the volume target is in our overall balance of the developments? 你好，我是李想。因为2026年是我们的第三代平台向市场交付的一年，所以我们对今年的产品和技术竞争力是十分有信心的。但是其实整个市场的竞争也在加剧。今年20万以上的中国车市，新车的数量比过去几年加起来还要多，而今年大盘的增量比较有限。所以综合这两个因素，我们对今年的目标是实现相比去年20%以上的同比增量。要想实现这样的一个增长，我觉得我们是一个3+2的策略。我觉得第一个一定要把销售体系管理好。我们坚信直营体系有效管理将会成为我们长期的重要竞争力，所以这是第一点。第二点，以L9为主打的L系列的换代的成功。如何把产品发布好，如何把产品交付好，这都是实打实的、每一个环节都要做好的。第三个重点是我们的纯电要稳定地上量，无论是i6、i8还是MEGA，还有在下半年推出的理想i9。我们希望我们的纯电的销量在彻底解决了供应的问题，还有过去遇到的各种发布的问题，以后能够让我们的纯电在高端市场牢牢地站住。这是我们讲的三个核心的策略。加2的一方面其实是我们过去几年在整个智能化的投资，包含芯片、模型，以及各种的研究方面的能力，会在今年体现出来完全不同的产品体验。而且最重要的产品体验是proactive的，是主动的，是高频的，是用户每天无时无刻都能收到的。这是辅助的两个策略之一。另外一个策略就是我们在海外也会有显著的进展和开拓。虽然是我们正式做海外的第一年，但是我觉得这也是我们长期的一个重要的机会。这是我们真正支撑我们相比去年能够实现20%以上的销量增长，在这样一个激烈竞争的环境下所必须得做好的3+2的一套策略。

So 2026, as you all know, is going to be an important year from product perspective as we release the third generation of products. We're very confident about our products.

We also notice that this is going to be the most competitive year to date. This year, you will be seeing more new cars released in the RMB200,000 and above market than all of the years previously combined.

At the same time, the overall growth of the market is very limited. Considering all this, our total goal is still to reach a 20% year-on-year growth for all of 2026.

To support all of this, we have a 3+2 strategy, first starting on the three. The three pillars to support our sales, the first one is the sales system.

We will continue to be committed to our direct sales model, and as we've implemented new mechanisms, we will start to see benefits this year of the direct sales model. The second pillar is the L-series launch, starting with the L9.

This new generation of L-series will really be a key pillar to our sales this year. We will make sure that we get every detail right from the product release to product supply to delivery to ensure the success of L9 and upcoming L-series models.

The third pillar is BEV ramp-up, which includes i6, i8, i9, and MEGA. In the past few months, we've addressed the supply constraints.

We've also fixed issues around release, sales, and marketing. This year, as the year goes on, we believe that the volume on our BEV products will be steadily ramping up, which is going to account for a very significant market in the premium market.

Now moving on to the two. The first one is the AI-related investments.

In the past year, we've spent billions on chips, on models, and this is going to be the year, I believe, that all these investments start to bear fruits, meaning that they will provide a very differentiated product experience to our users. To summarize, these experiences will be proactive, will be high-frequency that every consumer can feel and benefit from in their everyday life.

The second of the two is our overseas strategy. This is going to be the first full year where we officially run our overseas markets, but through the years of accumulation before, and we believe that this year is going to start to see results and support a long-term growth, and overseas remains what we see as a long-term growth opportunity.

Thank you.

好的，我的第二个问题是关于原材料价格涨价的影响。就我们看到不管是电池、内存还是铜啊铝啊一些贵金属其实最近都在涨价。不知道公司在此有一些什么样的措施可以应对？是通过供应链来消化，还是会转嫁一部分到车价里面去？So my second question is regarding the impact of raw material cost inflation, including the metals, memories, and batteries. What would be the strategy for the company to face this challenge?

Shall we absorb it within the supply chain, or shall we pass this part of the cost inflation to the downstream?

我是马东辉，我来回答这个问题。的确，这一轮像电池，然后包含存储芯片，这些核心零部件确实是对单车成本带来了不小的影响。面对这个压力的话，我们应对措施的话主要有几点。第一个的话，肯定还是要强化和供应伙伴的一个协同。一方面是稳价格，另外一方面的话还是要保供。在成本上的话，我们和相关的核心供应商都签了长期的LTA的协议，把关键的原材料、零部件的价格提前锁定，来对冲短期的波动。在供应上，尤其是说最近存储这类智能化部件比较紧张，我们也提前和核心供应商锁定了份额，来保障新车的上市和生产。另外的话，有合同、有调价机制的，我们会严格按照合同来执行。没有约定的，我们也坚持和供应商共担成本，一起来扛周期，实现互利共赢。这里呢也非常感谢所有供应链伙伴长期以来对理想汽车的一个支持。第二个的话呢，就是强化端到端的降成本，包括从产品研发、制造物流，甚至质量全链条地去挖降本的空间。同时通过平台化的研发来提高零部件的复用率，把规模效应做出来，尽量在内部把外部涨价的压力消化掉。像我们通过自研自制的增程器、电驱动、功率模块，还有自研代工的域控制器、碳化硅功率芯片，以及马赫M100的智驾芯片，包含定制胎，都能够帮助我们更好地去控制成本。还有一点就是说新车型定价会更加的合理、更加的稳健。今年的新车型我们会综合考虑原材料的波动、技术投入以及用户价值，然后保证公司的健康、可持续的盈利能力，让新品的毛利率回到健康、正常的水平。总的来说的话，我们是有信心通过供应链的协同、长期协议的锁价、平台化、自研技术降本，再加上合理的定价，把原材料涨价的影响控制在可控范围，保证公司的毛利率和经营质量保持稳定。谢谢。

We believe the current cost pressure is still largely concentrated on key components like batteries and memory chips, which has indeed had some impact on unit vehicle costs. In response, we've already put in place the following measures.

First, we're strengthening supply chain collaboration to stabilize pricing while securing supply. On the cost side, we've signed long-term agreements with our core suppliers to lock in both pricing and volume for key raw materials upfront.

This helps hedge against short-term market volatility. On the supply side, especially for AI-related components like memory chips, we have been tight recently.

We're continuing to work with key suppliers to secure dedicated allocation, ensure priority support for production and new model launches. Where contracts include clear pricing terms and adjustment mechanisms, we strictly adhere to these terms.

Where there's no such agreement, we work hand in hand with suppliers to share the cost pressure and navigate the cycle together, aiming for mutual benefits in the long term. We'd like to sincerely thank all of our supply chain partners for their ongoing support for Li Auto.

Secondly, we're driving end-to-end cost optimization in the meantime. We are identifying cost-saving opportunities across the entire value chain, from product to R&D, to manufacturing, logistics, and cost quality.

At the same time, we're maximizing economies of scale through platform-based development and higher part commonality across models. This allows us to absorb as much of the external cost pressure internally as possible.

Our in-house developed and manufactured range extender, electric drive units, power modules, self-developed and contract-manufactured domain controllers, silicon carbide power chips, M100 autonomous driving chips, and battery packs, all of this is helping us to better manage costs. Third, we're taking a more rational and steady approach to new vehicle pricing.

For our 2026 models, pricing will reflect a balanced consideration of raw materials volatility, R&D investments, and user value to ensure the healthy and sustainable profitability. Our goal is to bring gross margins of new products back to normal, to a healthy range.

Overall, we're confident that by combining supply chain collaboration, long-term agreements that lock in key costs, platformization, proprietary technologies, and rational pricing, we can effectively contain the impact of raw material price increases with a manageable range and maintain stable gross margins and operational quality. Thank you.

Thank you very much. 非常感谢。

first question is in response to recently we have heard about some media reports about the company's consideration of share buybacks. Could you please confirm if there are any related plans?

This is Johnny. I think this is not a media report.

It's about a media reporter at Weibo. As a dual-primary listing company both in US and Hong Kong stock exchange, we recognize that share buyback is one of the ways or tools we should consider for enhancing shareholder value.

With respect to share repurchase, currently, we don't have additional information need to be disclosed. Thank you.

感谢。我的第二个问题是关于这个研发投入的一些规划。我们看到2025年的话，公司整体研发投入刚刚介绍有50%投向在AI相关的一个领域，那想问一下2026年的话，我们整体研发费用的指引，然后以及其中关于AI或者是具身智能相关的战略占比大概有多少？So my second question is about R&D expense. What will be our guidance for the R&D expense in 2026?

Also last year, we spent almost half of our R&D related to intelligence or AI-related areas, what is the portion guidance for this year?

Thanks for question. This is also Johnny.

We expect the R&D expenses this year to remain around RMB12 billion, with AI-related initiatives accounting for about half of the cost. This includes the investment in AI infrastructure, such as in-house chip development and computing power, as well as R&D for AI products like autonomous driving system and Li Xiang Xue we invested in the last several years.

Just to clarify, we don't see the automotive and the AI as different as a independent business. We invest on the R&D side to build the AI capability and put it in our company as a whole business model.

We monetize all the R&D investment through our current business model, it's not a separate business model. Thank you.

好，谢谢管理层接受我的提问。我这边有两个问题啊。第一个是关于i系列的，那管理层能不能给我们一些详细的信息，具体包括i6、i8的订单，还有它的销售情况，以及i6的产能爬坡。同时的话，管理层如何考虑欣旺达的这个电池的安全性，以及未来降成本的一个贡献？So my first question is about i-series. Could you give us some details about i8 and i6 order, the sales, and especially about the ramping up production of i6?

How do you evaluate Sunwoda battery safety and its cost reduction contribution? Thank you.

我是马东辉，我来回答这个问题。理想i8去年7月份上市以来，随着用户使用里程的增加，在驾驶体验、补能，还有智能化体验方面的口碑在持续地提升。现在的NPS较上市初期增长超过了20%。像春节期间，我们的5C超充还有OTA 8.3智驾的升级都获得了用户高度的认可，NPS也达到了历史的最高。然后在杰兰路2025年下半年调研当中，理想i8也是在中大型SUV当中NPS是排在第一。凭借良好的口碑，i8的订单也在稳步地回升。3月份订单相比1月份的同期提升了180%，市场的需求持续地向好。关于理想i6的话，我们已经跨过了最艰难的产能爬坡期，正式进入了稳定的交付阶段。i6的产品力也得到了充分的验证，凭借外观造型、空间、能耗，还有操控能力，精准地满足了年轻家庭的需求。上市之后订单强劲。同时呢，供应链的瓶颈已经彻底地解决。此前天气原因短期的波动带来挑战，通过我们和核心供应商协同，提升了供应的产能。另外呢，我们也及时推出购置税补贴以及延期的交付关怀政策。这里呢也特别感谢理想i6用户的理解和等待过程当中的坚守。后续我们i6的月交付能力会达到2万台水平。在手的订单也会在未来1到2个月内高效地交付。更重要的是，i6的成功也证明了理想的品牌势能不仅不仅是增程产品，也成功延续到纯电的市场。关于电池的政策呢，我们始终是坚持开放合作的战略，与行业头部的合作伙伴合作。但是呢我们要掌握主动权，从整车的性能需求出发，去主导电池的方案设计，层层去把关质量。不管电池是哪一家，它的性能、质量、安全都必须要达到我们统一的理想标准。用户实际使用起来，体验完全一样，不会有任何的差异。另外呢也想说一下，2026年理想汽车所有的车型都将搭载两种品牌的电池，一个是理想品牌，一个是宁德时代的品牌。这也意味着我们和核心伙伴的合作会进入更加深层次的融合阶段。也请大家相信理想汽车本身这个品牌，因为理想的品质从来不是靠单一供应商决定的，而是由我们全栈自研的技术、严苛的品控体系，还有长期坚持的价值观共同定义的。选择理想就是选择了最可靠的保障。谢谢。

Now let me start with Li i8. Since its launch in July last year, user satisfaction has continued to rise as owners accumulate miles on their vehicles, and they're satisfied particularly with driving, charging experience, and autonomous driving.

The NPS of i8 has risen by over 20% compared to the early post-launch period. During the Chinese New Year holiday, our 5C ultra-fast charging and OTA 8.3 autonomous driving upgrades received strong user acclaim, pushing NPS to an all-time high.

In Land Roads second half of the 2025 survey, the i8 ranked number one in NPS among all large SUVs. Fueled by the strong word-of-mouth, Li i8 orders have steadily rebounded.

Daily orders in early March were up threefold, nearly 180% versus January. This clearly upward trend reflects strengthening market demand.

Now turning to Li i6. We've successfully moved past the most challenging phase of production ramp-up.

We're now in the stable delivery phase. Li i6 product strength has been thoroughly validated.

With its distinctive exterior design, spacious interior, efficient energy consumption, and agile handling, it precisely meets the needs of young families. It experienced strong order momentum since launch.

At the same time, all the supply chain bottlenecks have now been fully resolved. We used to face short-term volatility in battery supply, but we worked closely with our core suppliers to scale production capacity.

We also introduced a purchase tax subsidy and extended care policy. I'd like to thank all of our Li i6 users for their understanding and patience.

We expect Li i6 to sustain a steady monthly sales of around 20,000 units, and we're on track to efficiently deliver the current order backlog within the next 1 to 2 months. Most importantly, the Li i6 success clearly shows that Li Auto's brand appeal has successfully extended from the EREV segment into the BEV segment.

Moving on to our battery strategy. We are committed to an open partnership approach.

While working closely with industry leaders, we retain control in all these partnerships. When it comes to the vehicle performance, we lead battery architecture design and rigorously control quality at every step.

Regardless of which partner supplies the cells, all batteries must meet Li Auto's unified Li standard for performance, quality, and safety. To the user, the experience is identical; there're no differences whatsoever.

Additionally, starting in 2026, all Li Auto vehicles will be equipped with batteries from only two brands: Li Auto brand and CATL. This marks a deeper level of integration with our core partners.

We ask for your continued trust in the Li Auto brand, because Li Auto's quality has never depended on any single supplier. It's defined by our full-stack in-house R&D, our rigorous quality control systems, and the core values we've upheld from day one.

When people choose Li Auto, it means they're choosing the most reliable assurance. Thank you.

好的，谢谢管理层。我第二个问题是关于自研芯片马赫100的。那能不能给我们介绍一下这款芯片它的未来的量产时间，以及在哪些方面能够实现一个降本增效的目的？此外的话，我们是应该如何理解公司的一个软硬件一体，以及在什么时候能够看到车企之间的一个差异，因为软硬件一体的一个布局？So my second question is about the in-house chip, Mach 100. Could you give us more colors about this chip, such as the mass production timelines, and where can we see the cost savings and efficiency gain?

In addition, how should we understand as a company software and hardware integration? When will we see the gap between different automakers because of this integration?

That's all. Thank you.

This is Yan. Let me answer your question.

M100 will deliver with L9 new series, and we already started mass production. For M100 itself, with the same silicon area, M100 delivers significantly higher effective compute, giving our VLA algorithms much more design space.

For example, we can run VLA model with about 6 times the parameters and 10 times the compute of the previous generation, while still achieving higher frame rates and faster inference. More importantly, as our in-house models, compiler stack, and operating system evolve together through co-design, we are beginning to unlock the real potential of a full self-developed autonomous driving stack.

The performance gain we see today are important, but the bigger impact is that this system-level integration will significantly accelerate how fast our autonomous driving capabilities improve over time. Once the system is officially deployed, we expect the pace of capability improvement to increase substantially.

M100 also works closer with Halo OS and vehicle-by-wire system, enabling tighter coordination between autonomous driving compute, cavitation, pre- and post-processing, and vehicle control. This shortens the end-to-end latency from sensor photon input to vehicle actuation to around 200 to 300 milliseconds, directly improving the driving experience.

The higher local compute also allows us to deliver more intelligent capabilities beyond autonomous driving. Over time, the car will behave more and more like a robot.

Some of these capabilities will first appear on the new L9, and we will continue expand them in the future. More, M100 also brings significant cost advantage.

First, the BOM cost per chip is much lower than external solutions. Second, we removed the XCU controller used in the previous generation platform by replacing it with M100 combined with the Halo OS virtualization, we saved over RMB1,000 per vehicle.

Third, thanks to our data flow architecture and co-design of model and chips, we achieve higher runtime efficiency today and maintain much greater headroom for future performance improvement. When we started developing our own chip in 2022, we believed that around 2025, the industry would move into a new phase where models, chips, and operating systems have to be designed together.

That kind of vertical integration creates real differentiation in performance, efficiency, and user experience. Over time, the gap between companies will start to look like the gap between Apple and Android in cellphone war.

Once you achieve full-stack hardware, software integration, the advantage becomes structural and it keeps widening. Thank you.

for taking my question. My first question is regarding embodied AI.

For the next one to two years, wondering what's the strategic plan from Li Auto? What kind of products are we expect to see?

Then also the progress or timeline of these products? Also, in terms of the strategic priority, how do you decide between EVs, Robotaxi, as well as humanoid robot?

你好，我是李想。我觉得我们分两个方面、两个层面来看。我觉得第一个是在整个具身智能的完整的技术垂直技术整合上，我们会100%地投入。因为我们认为整个具身智能在整个系统性技术上是具备具备共性的，包含了端侧的推理芯片，包含了不同的模型，然后也包含了操作系统，还有背后的整个的数据和训练体系。那我觉得这个其实是我们会全力以赴地投入的，并且认为这是所有具身智能最重要的基础。另外，其实在真正的商业和产品落地方面，我们会小心翼翼，然后会不断地进行探索。在向更多的领域进行探索扩展的这种方式上，我们会以创业公司的方式来启动，包含我们的AI眼镜，包含我们的机器人的项目。我们避免了像大公司这种大手大脚的这样一个方式，而是选择真正的以创业、以创业团队的方式去孵化这样的产品。所以这是大概我们的一个策略。

In terms of the embodied AI strategy, first of all, on the technological and product front, we believe that there's a lot of commonality regardless of what kind of product, physical product, we're talking about. This is an area we will be investing heavily in, because we believe that all these investments will be shared across different product shapes and forms.

This includes the device-side inference chips, the foundation models, and operating system, as well as the entire data training workflow. In the meantime, on the commercial side, we will be very careful as we invest and explore.

We will be adopting a startup model in areas like AI glasses and robots, instead of using a traditional large company approach where we invest heavily in unverified direction. We will act more like a startup company to start these new initiatives and weigh our way through."

好的，我第二个问题是想请问一下目前咱们对这个智能化研发的一个调整工作是否已经结束？然后在新的分工之下，咱们智驾的进展目前怎么样？So

my second question is regarding our R&D restructuring. Wondering if the restructuring has been completed.

Then also under the new structure, how is the progress regarding our autonomous driving?

我觉得今年1月份我们组织发生了一个比较大的调整，最重要的是研发团队从原来的这种硬件、软件的功能的定义的方式，化成不同功能，变成了创造人、创造数字人和硅基人的这样一个管理方式。我们把不同的大脑进行了一个划分。那比如说一个数字人的脏器官，包含了心脏，就是我们的芯片；包含了我们的数据集，可能像是肺；包含了我们的操作系统，就像我们的神经。我们把这一类的团队放在一个大的体系下进行管理。另外第二个其实很重要的其实是脑系统。包含脑系统连接了其实感知，然后我们的预训练、后续训练、强化训练，还有基础的Infra。那这样的整个脑系统的团队我们会放在了一起来管理。而且脑系统团队只能做这些，不能去碰真正的应用。就避免了一个本来应该变成很强的大脑，但非要长出来小小的手脚。另外一方面，其实跟今天OpenAI、Anthropic一样，由我们的软件的应用团队，我们自己内部因为有硬件和软件，所以我们称之为软件本体。它要构建一个系统级的Agent，所以包含了背后的整个的软件的工具的开发，像MCP这种调用的协议，包括怎么来搭建Agent、记忆系统，还有Skills，而且它跟我们的操作系统结合在一起。这么着呢，就能够真正地去去完成任务、去干活，而不是只是简单的对话，或给出一些文本上或者图片上的一些结果。这是我们的软件本体的这样的一支团队。而且我们对软件本体团队的要求，是你要通过通过应用来改善，包括用好Skills，用好记忆。也避免了其实过去的时候很多传统公司像做多业务的时候，每一个应用团队也想去碰一碰模型啊，搞搞大模型这些没怎么用的东西，对吧？然后也避免了其实身体非得长出长出一些没用的脑子出来，效率很低的脑子出来。我觉得这是软件本体的部分。另外一方面，硬件也发生了很大的变化，是归集成一个是变成了专门为以后的具身考虑的一个完整的硬件本体体系，包含很重要的能源体系、驱动体系、控制体系，把这些体系不再是原来每一个单独的控制器去进行管理，而是我们现在已经开始通过用MCP，用这种模型直接通过MCP对所有的执行器进行控制这样一个方式。从而我们能够让团队真正地联合在一起，来打造不同的，其实跟以往的传统的硬件、软件所不同的数字人、硅基人的这样一个组织模式和研发模式上来。这是我们今年1月份做的很重要的一个变化。我们在做这个变化的时候，很多团队最开始看不明白，但是我们实际能看到效率非常之高。我们的智驾的模型的整个的训练的效率，会从过去的时候基本上两周迭代一次，现在基本上变成了一天迭代一次。另外一方面，团队之间的协作也完全不一样。过去还有部门墙的各团队，今天大家完全坐在一起，不用考虑你是你的我是我的，大家真正坐在一起协作。因为我们的核心目的就是创造具身智能，像人一样去构建我们的研发体系，打造具身的产品。

We went through a major organization change in January where we've completely revamped our hardware and software functions, and all this has a shared goal, which is to build a silicon-based digital human being or a smart human being. That's our overall goal.

In order to achieve this reorganization, we've basically reconnected across our businesses and regrouped the functions by the specific part of the human that they were responsible for, as opposed to previously dividing by the so-called business units or the product. This organization or the specialization happens in three areas.

The first one is what we think of as brain, and this includes data sets, which is comparable to human lungs; the chips, which is comparable to the heart; and operating system compared to the neural system. Then all of these are organized together so that we can work through pre-training and post-training and infrastructure together and think of these as the brain.

My rule for these teams is that they cannot touch applications, because in many companies, the fundamental research team are tempted to work on applications, but in our case, the brains should not have their own hands, but they should focus on building a very robust brain that can be used across different hardware and software applications. On top of the brain team, we have what we call the applications team, or in our language, we call it the core software team.

This core software team includes software tools like MCP, they include teams that build agents, include teams that focuses on skills, and teams that focus on memories. All of these different components are designed to work with a shared operating system.

That's how we can organize all these different components of software to actually do things for us as opposed to just become a conversational robot. It can actually strategize and execute a task given by human beings.

Then so everything I mentioned above is software, which includes skills, memories. Again, here we avoid the temptation to want to build their own brains.

We don't want the body to have its own little brain, but rather we want them to fully utilize the powerful brain that was built by the previous team that I mentioned. This team focuses mostly on the body, the applications.

Then finally, we have the hardware team. This is about building dedicated hardware for AI, for embodied AI, which includes an energy team, an electric drive team, and a controllers team.

When I say controller teams, we don't necessarily use actual controllers like the one seen in automobiles in the past, because we're now working with a model where we build MCPs for the different components so that the large model can directly talk to these MCPs and control these different components, which makes them a lot more intelligent and more efficient. When I put these three teams together, the major benefit that I see is that they're able to work together across different products, because they enable each other's work as opposed to the silos that you see within the traditional models.

That's how we can deliver products that are also differentiated from the traditional products. After we've made this reorg, many people in the beginning didn't understand why we're making this change, but over time, very quickly, they're starting to see the efficiency gain in the workflow.

For example, for the autonomous driving team, they used to iterate their model every two weeks, but after the change, they're now able to turn out iteration every one day, which is a 14-time improvement. Again, as I mentioned earlier, this is partly thanks to the collaboration across different teams.

They all sit in one room and work together as opposed to having different departments talk between silos. That's how we believe we can really build an embodied AI that we will see very soon.

我再补充一下。因为今年年初，去年年底和今年年初，大家也能看到一些变化，就是在过去的5到10年里面，我们的一些非常优秀的研发方面的管理者，一号位、二号位，由于他们过去在跟着理想汽车经历了非常重要的从零开始的阶段，有了一个丰富的创业公司的经验。所以呢我们也可以看到其实有一些我们的核心骨干出去创业，也非常好地获得投资市场的一个认可。这方面我们恭喜这些我们自己的核心骨干成为受市场欢迎的创业者。我希望每一个能出去自己创业的理想汽车的骨干都能够表现得越来越好，成为市场的独立主力。另外一方面，在公司内部也真正给了一些年轻的技术管理者和业务管理者非常好的机会。所以无论是基座模型，还是人形机器人，还是我们的产品线，无论是这个业务的一号位，还是核心的管理团队，我们这一波在大量的出现90后、95后胜任一号位的角色。也给整个团队往未来的10年去看，构建了一个坚实的人才的基础和一个非常强劲的动力。我觉得这对理想汽车而言是一个非常好的双赢的局面，作为近十年的一个开始。所以呢我也跟所有的朋友说一下，大家可以放心。我们新一代的年轻的管理团队能够非常好地接任他们上一任所构建的良好的基础，并在未来的10年去迎接更大的挑战，尤其是这些最关键的技术和最核心的能力方面。我们能看到，在我们的技术研究团队里面，除了95后已经开始胜任以外，我们过去三年培养的校招生，大量的00后也成为了我们的核心骨干，去解决最难的技术方案。这是我们对未来十年充满信心的最重要的标志。 There's one important thing that I want to add.

Around the beginning of this year, especially in the R&D field, we've seen several major departures. Many of them have been with the company for over 5 years, which is something I believe you've also noticed in the market.

These leaders in many cases, they're first in line of their business. They went through the entire zero-to-one cycle with Li Auto in a startup mode.

They've been very well-received by the investment community, as many of them have had major funding and as we've seen on the news already. I wanted to congratulate these former colleagues for getting good reception in the market, not just funding, but also overall reception.

I really wish all of you good luck to compete in your respective markets and wish your business to develop well, and for you to have a success in your new venture. At the same time, I also want to point out that this change has really given rise to a very exciting change within the company.

It has enabled many of our young leaders across technology, in business units, in foundation models, vehicle product lines, and in embodied AI. It has enabled new leaders in these areas.

Many were born after 1990 or 1995 to really take the spot and take the burden. We're already starting to see a full bench of very talented and motivated colleagues, which is prepping the company really for the next decade.

I believe this overall is really a win-win situation for us and our employees, and really readies us for the new decade of development. I want all of you investors and those who care about the company to rest assured that this young generation is taking over very well and they're building on the solid foundation that's built by their predecessors, and have yielded some really, really good results, especially in some key technical areas, including some of the thesis and key research problems.

Our post-95 generation has made a major contribution, and even some fresh college graduates, many of them were born after the year 2000, they've made some major contributions to our products, to our technology, and are at the forefront of our R&D. This is really exciting time.

I'm really excited to see all this, and also that makes me very confident about the next decade that's to come. 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 through the contact information provided on our IR website.

This concludes this conference call. You may now disconnect your line.

Thank you.