Li Auto has unveiled its financial report for the third quarter of 2025, revealing that its revenue for Q3 stood at RMB 27.4 billion, marking a 36.2% year-on-year decline. The company also reported a net loss of RMB 620 million, a stark reversal from its previous profitability. CEO Li Xiang openly admitted that there had been missteps in the adoption of a professional manager organizational structure over the past three years. Commencing from the fourth quarter of this year, the company will make a complete shift back to a startup-style management model. Li Xiang noted that industry giants like NVIDIA and Tesla also employ a similar approach. He expressed unwavering confidence in the company's next-generation products, predicting that the dawn of embodied intelligent robots will commence with automotive robots. He further emphasized that reaching a revenue of RMB 100 billion is merely the starting point. Looking ahead to the fourth quarter of 2025, Li Auto anticipates vehicle deliveries to range between 100,000 and 110,000 units, representing a 37.0% to 30.7% year-on-year decrease. Total revenue for the quarter is projected to fall between RMB 26.5 billion and RMB 29.2 billion, reflecting a 40.1% to 34.2% year-on-year decline.