Li Auto Inc.

At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Janet Zeng, Investor Relations Director of Liado. Please go ahead, Janet.

Thank you, Operator. Good evening and good morning, everyone. Welcome to Liado's first quarter 2026 earnings conference call. The company's financial and operating results were published in a press release earlier today and were posted on the company's IR website. On today's call, we will have our Chairman and CEO, Mr. Xiang Li, and our CFO, Mr. Johnny Tierney, 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 Delegation 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 contains a reconciliation of the un-audited 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. Xiangli. Please go ahead.

Hello, everyone. I'm Li Xiang. Welcome to today's conference. Since the first quarter of this year, our delivery amount has entered the growth track. In January to April, ideal cars are more than 200,000 yuan. China's new energy car market returns to the position of China's brand sales leader. The sales of the pure electric car ideal i6 is stable at the level of 20,000 units a month. It is the top 3 of pure electric SUV sales. On May 15, the new ideal 29 was officially released and started delivery on the 17th. The new R9 provides two versions of Levis and Acro, with a price of 50.98 million yuan and 45.98 million yuan respectively. The core goal of the new generation of Levis R9 is to achieve the market status of flagship SUVs. In shape design, full price chassis, improved power generation, improved power generation, and other important flagship product knowledge levels, it has achieved the leading position in the industry and defined the strength of the new generation of flagship SUV products. Two weeks before the start of sales, The sales price of the ideal 29 Lewis model of more than 500,000 yuan has reached more than 10,000. It is expected that the ideal 29 Lewis can maintain a market share of more than 20% in the new SUV market of more than 500,000 yuan. The core goal of the flagship SUV is gradually achieved. From the beginning of June, we will focus on spreading and promoting the ideal 29 Aqua model. We will try to obtain a market share of 20% in the new SUV market of 400,000 to 500,000 yuan. Li Xian R9 is the beginning of the whole generation of Li Xian R series We will release the new generation of Li Xian R8 at the end of June A very good five-seat flagship SUV Its powerful product power is a five-seat version of Li Xian R9 This is different from the previous generation of R8 to reduce the quality At the same time, the new Li Xian R8 is also the best size SUV in the world The comfort of the five seats is also the best experience of the same level With the release of Li Xian R9 The self-propelled chip Mahe M100 and Mahe VLA large model successfully integrated deployment on the car This is the landing of the mass production of software and hardware It is an important milestone in the development of ideal cars A brand new chip can be on the car for the first time Stabilize all functions In the first time in China Mahe M100 chip is a 5nm car wheel AI reasoning chip Based on the original dynamic data flow structure of AI This innovative deployment method and its stronger computing power have built up long-term technical barriers for us. Through the integrated design of software, the M100 chip has achieved three times the effective computing power improvement at the same cost. The Mahe M100 supports us to deploy the latest self-propelled Mahe VLA at the end of the car. The number of parameters of this model will be ten times better than the last one. The start of the Mahe M100 and Mahe VLA is just a steady start. Later on, with a larger model size And higher precision and higher precision training data This experience will have a huge rise Due to the release of May 15 Mainly focused on hardware and performance analysis And our software and intelligent ability to improve It takes about two to three hours to speak better At the same time, there must be users to withdraw After the real experience In June, which is next month We will also hold software and artificial intelligence releases Use enough time in-depth explanation of the real-life experience of machine learning, machine learning model, smart driving, system agents, and self-explanatory chips. We will show you directly what kind of user value and huge improvement software and G-SYNC intelligence bring. Please pay attention. With the steady landing of core technology and new product G-SYNC, we maintain 20% of the annual sales growth target. Next, let's welcome our CFO, Li Tie, to introduce the financial performance for us.