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    Yingbo Xu

    Research Analyst at CITIC Securities Company Limited

    Yingbo Xu is an analyst at CITIC Securities Company Limited specializing in the research of Chinese electric vehicle manufacturers, with a particular focus on companies such as Li Auto Inc. He has contributed to sector insights through multiple earnings calls and has been quoted in prominent financial outlets for his analysis, especially in the technology and infrastructure industries. Xu's coverage and commentary have played a role in shaping investor perspectives on emerging tech-driven transportation projects in China, and he is licensed with the Hong Kong Securities and Futures Commission, reflecting his professional credentials in the financial sector. With a background rooted in equity research, Xu continues to provide targeted insights into the performance and strategies of leading companies within the evolving mobility and technology landscape.

    Yingbo Xu's questions to Li Auto (LI) leadership

    Yingbo Xu's questions to Li Auto (LI) leadership • Q2 2025

    Question

    Yingbo Xu from CITIC Securities Company questioned Li Auto's future product and SKU strategy following adjustments for the Li i8 and asked for the gross margin outlook for the third quarter.

    Answer

    CEO Xiang Li stated the company will reduce the number of SKUs per model, focusing on a single, highly competitive configuration to maximize value, similar to the Li ONE and L9. He also stressed the need to accelerate the pace of product and technology iteration. CFO Tie Li projected the gross margin for the third quarter to remain stable at approximately 19%, in line with the first and second quarters.

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    Yingbo Xu's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Yingbo Xu inquired about the Li Halo OS, asking for details on its intelligence level, cost-saving potential, and differences from AUTOSAR. He also asked about the target user differentiation between the L6/L8 and the upcoming i6/i8 models.

    Answer

    CTO Yan Xie explained that Halo OS can replace AUTOSAR's core functions while offering better resource efficiency and enabling faster innovation. CEO Xiang Li clarified that EREV models target ICE vehicle upgraders, while the upcoming BEV models (i8 and i6) will target existing NEV owners looking to upgrade.

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    Yingbo Xu's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Inquired about the new Li Halo OS, its intelligence level, cost benefits, and comparison to AUTOSAR. Also asked about the product differentiation and target customers for the L6/L8 versus the upcoming i6/i8 BEV models.

    Answer

    The Halo OS is designed to replace AUTOSAR with advantages in resource efficiency and agile innovation, fostering an ecosystem that will drive down costs. On product strategy, the range-extended L-series targets ICE vehicle owners for upgrades, while the BEV i-series will target existing NEV owners, tapping into a larger BEV market segment.

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    Yingbo Xu's questions to Li Auto (LI) leadership • Q1 2025

    Question

    Yingbo Xu from CITIC Securities asked for more details on the Li HaloOS, including its intelligence level, cost-saving potential, and differentiation from AUTOSAR. He also questioned the product positioning and target user differences between the L-series and the upcoming i-series BEVs.

    Answer

    CTO Yan Xie explained that HaloOS is attracting industry partners, which accelerates iteration and reduces costs, while offering advantages over AUTOSAR in resource efficiency. Management clarified that EREV models target ICE vehicle upgraders, while the new BEV 'i' series will target the larger market of existing NEV owners seeking an upgrade.

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    Yingbo Xu's questions to Li Auto (LI) leadership • Q4 2024

    Question

    Yingbo Xu of Citic Securities inquired about Li Auto's assessment of the Li MEGA's market performance and future plans for the model. He also asked for the company's long-term internationalization strategy.

    Answer

    CEO Xiang Li stated that the Li MEGA is performing well as the #2 seller in its luxury MPV segment, with a sales target of 10,000-15,000 units for the year. He noted its high Net Promoter Score (NPS) and expects sales to benefit from the expanding 5C supercharging network. For internationalization, Mr. Li confirmed it is a core strategy for 2025, with a dedicated department established to expand in the Middle East, Latin America, and Asia Pacific by building on its brand image and partnering with local dealers.

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    Yingbo Xu's questions to Li Auto (LI) leadership • Q2 2024

    Question

    Yingbo Xu asked about Li Auto's future plans for its end-to-end autonomous driving system and for management's perspective on the emerging robotaxi trend.

    Answer

    CEO Xiang Li detailed the rapid iteration of the end-to-end and VLM model, which is updated every 3-4 days, supported by a world model simulation testing system. He announced plans for a larger, 10,000-user scale testing program in September. Regarding robotaxis, Mr. Li offered a contrarian view, suggesting that as Level 4 autonomous driving becomes widespread, the demand for traditional taxi services may actually decrease.

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