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000:00:00 Adam: Hey Bella, have you read the latest article about Li Xiang and his company, Li Auto?
嘿，贝拉，你读到有关李想和他的公司理想汽车的最新文章了吗？
00:00:05 Bella: Yes, I did. It's quite interesting. Li Xiang seems to be making some significant moves into AI and autonomous driving. What did you find most intriguing about it?
是的，我注意到了。李翔似乎在人工智能和自动驾驶领域有了重大动作。你觉得最有趣的是什么？
00:00:16 Adam: I think it's how he's positioning Li Auto as a terminal company for the AGI era. He mentioned that they should focus on developing AGI terminals that can act like robots with perception, decision-making, and reasoning capabilities.
我认为他是将理想汽车定位为AGI时代的终端公司。他提到他们应该专注于开发AGI终端，这些终端能够像具备感知、决策和推理能力的机器人一样工作。
00:00:29 Bella: That’s ambitious. But it also seems like a natural progression given the direction of the industry. What are the challenges he's facing?
这个目标很宏伟。但鉴于行业的发展方向，这也似乎是顺理成章的进展。他面临着哪些挑战？
00:00:37 Adam: Well, one of the main challenges is the intense competition in the electric vehicle market. Li Auto lost the top spot in new energy vehicle sales to Xiaopeng this year. Plus, they had a setback with the MEGA, their pure electric SUV, which didn’t perform as well as expected.
好吧，主要挑战之一是电动汽车市场的激烈竞争。理想汽车今年在新能源汽车销量上输给了小鹏汽车。此外，他们推出的纯电SUV MEGA市场表现也不如预期。
00:00:52 Bella: Right, and the financials show some pressure too. Despite a strong revenue of 144.5 billion yuan in 2024, their net profit dropped by 31.9% to 8 billion yuan. The margins are getting squeezed due to price competition.
对，财务数据也显示了一些压力。尽管2024年收入达到了1445亿元，但净利润下降了31.9%，降至80亿元。由于价格竞争，利润率正在受到挤压。
00:01:10 Adam: Exactly. They are now planning to launch two new pure electric SUVs, the i8 and i6, to regain their position. But it’s not just about the vehicles; Li Xiang is also heavily investing in AI and autonomous driving technologies.
确实。他们现在正计划推出两款全新的纯电动SUV，分别是i8和i6，以重新夺回他们的市场地位。但这不仅仅关乎车辆本身，李翔还在大力投资人工智能和自动驾驶技术。
00:01:23 Bella: It sounds like a double-edged strategy. On one hand, they need to keep up with the EV market, and on the other, they have to make significant strides in AI. How are they managing the financials for such ambitious projects?
这听起来像是一种双刃剑的策略。一方面，他们需要跟上电动汽车市场的步伐，另一方面，他们又必须在人工智能领域取得重大进展。他们是如何为这些雄心勃勃的项目管理财务的？
00:01:36 Adam: They are controlling costs where they can. For instance, they reduced their R&D expenses in the latter half of 2024. However, they are still investing heavily in key areas like L3 and L4 autonomous driving.
他们在尽可能地控制成本。例如，他们在2024年下半年减少了研发支出。然而，他们仍在L3和L4自动驾驶等关键领域进行大量投资。
00:01:49 Bella: That’s a smart move. It’s all about balancing short-term financial performance with long-term strategic goals. Do you think they have the resources to pull it off?
这是一个明智的举动。关键在于平衡短期财务表现和长期战略目标。你觉得他们有资源来实现吗？
00:01:58 Adam: They have a strong cash reserve of 112.8 billion yuan, which gives them some flexibility. But it’s a tightrope walk. Li Xiang also received a significant option reward for achieving 500,508 vehicle deliveries in 2024, which might provide some personal motivation.
他们拥有1128亿元的强劲现金储备，这为他们提供了一定的灵活性。但这是在走钢丝。李想因2024年实现500,508辆汽车交付而获得了重要的期权奖励，这可能为他提供了个人动力。
00:02:15 Bella: It’s a high-stakes game. I’m curious to see how the new models perform and how their AI initiatives develop. It could be a game-changer for the industry.
这是一场高风险的游戏。我很好奇新模型的表现以及他们的人工智能计划将如何发展。这可能是行业的一个重要转折点。
00:02:24 Adam: Definitely. It’s an exciting time for Li Auto and the broader tech and automotive sectors. We’ll have to keep an eye on their progress.
当然。对于理想汽车以及更广泛的科技和汽车行业来说，这确实是一个令人兴奋的时刻。我们得密切关注他们的进展。
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