Core Insights - Li Auto and CATL signed a five-year comprehensive strategic cooperation agreement to enhance collaboration in battery safety and ultra-fast charging technology [1] - The partnership aims to expand both domestic and international business while driving battery technology innovation and global layout [1] - CATL will supply high-performance, high-safety, and high-quality battery systems for all Li Auto products, including ternary lithium batteries, M3P batteries, lithium iron phosphate batteries, and sodium-ion batteries [1] Company Collaboration - The agreement was signed by key executives from both companies, including Li Auto's CEO Li Xiang and CATL's CEO Zeng Yuqun [1] - The cumulative delivery of Li Auto vehicles equipped with CATL batteries has surpassed 1 million units, with no incidents of thermal runaway due to battery issues [1] - The signing of this agreement represents a deepening of the long-term partnership between Li Auto and CATL, focusing on providing safer, more efficient, and smarter travel experiences for users [1]

宁德时代称，作为长期合作伙伴，将为理想汽车全系产品提供高性能、高安全、高品质的动力电池系 统，包括但不限于三元锂电池、M3P电池、磷酸铁锂电池和钠离子电池等。截至目前，搭载宁德时代电 池的理想汽车累计交付量突破100万辆，且从未出现因电池自身原因导致的热失控事故。（智通财经记 者 贺梨萍） 9月18日，宁德时代与理想汽车签署五年全面战略合作协议。双方将在电池安全、超充技术等方面展开 深度合作，携手拓展国内外业务，共同推动电池技术创新和全球化布局。 ...

截至目前，搭载宁德时代电池的理想汽车累计交付量突破100万辆，且从未出现因电池自身原因导致的 热失控事故。宁德时代始终用创新的电池技术、严苛的安全标准，保障动力电池安全。本次协议的签署 是双方合作的进一步深化，理想汽车将与宁德时代携手并进，共同为用户提供更安全、更高效、更智能 的出行体验。 双方将在电池安全、超充技术等方面展开深度合作，携手拓展国内外业务，共同推动电池技术创新和全 球化布局。作为长期合作伙伴，宁德时代将为理想汽车全系产品提供高性能、高安全、高品质的动力电 池系统，包括但不限于三元锂电池、M3P电池、磷酸铁锂电池和钠离子电池等，为理想汽车打造高端智 能电动体验注入核心动能。 9月18日，理想汽车(02015)与宁德时代(03750)签署五年全面战略合作协议并完成授牌仪式。理想汽车董 事长兼CEO李想、总裁马东辉、宁德时代董事长兼CEO曾毓群、市场体系联席总裁韩伟共同出席，理想 汽车供应链副总裁孟庆鹏、宁德时代国内乘用车副总裁王慧代表双方在宁德签署协议。 ...

新华财经上海9月19日电（记者 杨有宗）记者获悉，理想汽车18日与宁德时代签署五年全面战略合作协 议。宁德时代将为理想汽车提供多种动力电池系统。 据介绍，宁德时代将为理想汽车全系产品提供高性能、高安全、高品质的动力电池系统，包括但不限于 三元锂电池、M3P电池、磷酸铁锂电池和钠离子电池等。 转自：新华财经 声明：新华财经（中国金融信息网）为新华社承建的国家金融信息平台。任何情况下，本平台所发布的 信息均不构成投资建议。如有问题，请联系客服：400-6123115 截至目前，搭载宁德时代电池的理想汽车累计交付量突破100万辆。 编辑：谈瑞 ...

9月18日，理想汽车与宁德时代签署五年全面战略合作协议并完成授牌仪式。理想汽车供应链副总裁孟 庆鹏、宁德时代国内乘用车副总裁王慧代表双方在宁德签署协议。 双方将在电池安全、超充技术等方面展开深度合作，携手拓展国内外业务，共同推动电池技术创新和全 球化布局。作为长期合作伙伴，宁德时代将为理想汽车全系产品提供高性能、高安全、高品质的动力电 池系统，包括但不限于三元锂电池、M3P电池、磷酸铁锂电池和钠离子电池等，为理想汽车打造高端智 能电动体验注入核心动能。 截至目前，搭载宁德时代电池的理想汽车累计交付量突破100万辆，且从未出现因电池自身原因导致的 热失控事故。宁德时代始终用创新的电池技术、严苛的安全标准，保障动力电池安全。本次协议的签署 是双方合作的进一步深化，理想汽车将与宁德时代携手并进，共同为用户提供更安全、更高效、更智能 的出行体验。 ...

Group 1 - The Federal Reserve's decision to lower the benchmark interest rate by 25 basis points to 4.00%-4.25% is a proactive response to signals of economic cooling in the U.S. [3] - The U.S. economy's growth forecast for 2025 has been revised down from 1.9% to 1.4%, with an expected unemployment rate increase to 4.5% by year-end and a slight rise in inflation to 3.1% [3] - The current economic environment is characterized by a combination of "slowing growth + moderate inflation," prompting the Fed to act to prevent a recession [3] Group 2 - Following the interest rate cut, global financial markets reacted swiftly, with major U.S. stock indices reaching new closing highs, particularly the Nasdaq Composite Index, which rose by 0.94% [4] - The Asian markets showed increased attractiveness amid expectations of a weaker dollar, with the Hang Seng Tech Index rising by 0.91% and the KOSPI Index up by 0.35% [4] - The People's Bank of China is maintaining liquidity through significant reverse repo operations, creating a policy coordination effect in the global easing cycle [4] Group 3 - The Chinese market is poised to benefit from the current global liquidity restructuring, particularly in the technology sector, where reduced financing costs will boost R&D investments [5] - In the automotive sector, the sales of new energy vehicles (NEVs) are showing positive trends, with BYD selling 62,400 units in the ninth week of September, driven by lower borrowing costs [5] - The green economy is also expected to gain momentum, as the Fed's rate cut lowers financing costs for global green projects, aligning with China's technological advantages in renewable energy and storage [5] Group 4 - The interest rate cut cycle necessitates a recalibration of asset allocation for ordinary investors, with traditional savings products likely to yield lower returns while equity assets, especially in technology and renewable energy, become more attractive [6] - Consumers can take advantage of the declining credit costs, particularly in large purchases like NEVs and smart home products, benefiting from favorable financing conditions [6] - The ongoing global monetary policy adjustments highlight the importance of recognizing opportunities presented by liquidity easing while maintaining rational judgment [6]

Core Viewpoint - The report from Guolian Minsheng indicates that due to intensified industry competition, the sales and profitability of Li Auto are under pressure, with projected revenues and net profits showing fluctuations from 2025 to 2027 [1][2]. Financial Performance - In Q2 2025, Li Auto delivered 111,000 vehicles, a year-on-year increase of 2.3%, with total revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7% but a year-on-year decrease of 4.5% [2][3]. - The net profit attributable to the parent company for Q2 2025 was 1.09 billion yuan, with a non-GAAP net profit of 1.46 billion yuan [2]. Revenue and Profit Forecast - For the years 2025 to 2027, Li Auto's projected revenues are 123.9 billion yuan, 190.3 billion yuan, and 220.8 billion yuan, with year-on-year growth rates of -14.3%, 53.6%, and 16.0% respectively [1]. - The projected net profits for the same period are 6.74 billion yuan, 12.4 billion yuan, and 14.85 billion yuan, with year-on-year growth rates of -16.1%, 84.0%, and 19.8% respectively [1]. Margin and R&D Investment - Li Auto's gross margin for Q2 2025 was 20.1%, a year-on-year increase of 0.6 percentage points, while the automotive business gross margin was 19.4% [4]. - The company maintained high R&D investment, with R&D expenses and SG&A at 2.81 billion yuan and 2.72 billion yuan respectively, representing 9.3% and 9.0% of revenue [4]. Infrastructure Development - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, with 3,190 charging stations and 17,597 charging piles in operation [5].

Core Viewpoint - The company faces challenges in sales and profitability due to intensified industry competition, with projected revenue and net profit showing fluctuations over the next few years [1][3]. Group 1: Financial Performance - In Q2 2025, the company delivered 111,000 vehicles, a year-on-year increase of 2.3%, with total revenue of 30.2 billion yuan, a quarter-on-quarter increase of 16.7% but a year-on-year decrease of 4.5% [2][3]. - The net profit attributable to shareholders for Q2 2025 was 1.09 billion yuan, with a non-GAAP net profit of 1.46 billion yuan [2]. - The projected revenues for 2025-2027 are 123.9 billion, 190.3 billion, and 220.8 billion yuan, with year-on-year growth rates of -14.3%, 53.6%, and 16.0% respectively [1]. Group 2: Margin and Cost Management - The gross margin for Q2 2025 was 20.1%, showing a year-on-year increase of 0.6 percentage points, while the automotive business gross margin was 19.4% [4]. - The company maintains strong cost control and has a well-established production management system, contributing to its robust gross margin performance [4]. Group 3: Research and Development - The company invested 2.81 billion yuan in R&D and 2.72 billion yuan in SG&A for Q2 2025, with R&D and SG&A expense ratios of 9.3% and 9.0% respectively [4]. - High R&D investment is expected to accelerate the company's progress in AI, which may be crucial for future growth [4]. Group 4: Market Position and Infrastructure - As of August 31, 2025, the company has established 543 retail centers and 536 authorized service centers across 222 cities, enhancing its market presence [5]. - The company has deployed 3,190 charging stations and 17,597 charging piles nationwide, contributing to the development of its electric vehicle ecosystem [5].

据悉，双方将在电池安全、超充技术等方面展开深度合作，携手拓展国内外业务，共同推动电池技术创 新和全球化布局。作为长期合作伙伴，宁德时代将为理想汽车全系产品提供高性能、高安全、高品质的 动力电池系统，包括但不限于三元锂电池、M3P电池、磷酸铁锂电池和钠离子电池等，为理想汽车打造 高端智能电动体验注入核心动能。 责任编辑：王翔 据据宁德时代官方微信公众号消息，9月18日，理想汽车与宁德时代签署五年全面战略合作协议并完成 授牌仪式。理想汽车董事长兼CEO李想、总裁马东辉、宁德时代董事长兼CEO曾毓群、市场体系联席总 裁韩伟共同出席，理想汽车供应链副总裁孟庆鹏、宁德时代国内乘用车副总裁王慧代表双方在宁德签署 协议。 ...

Core Insights - Li Auto has signed a five-year comprehensive strategic cooperation agreement with CATL, focusing on deep collaboration in battery safety and ultra-fast charging technology [1] Group 1: Partnership Details - The partnership will involve CATL providing high-performance, high-safety, and high-quality power battery systems for all of Li Auto's products [1] - The types of batteries included in the agreement are ternary lithium batteries, M3P batteries, lithium iron phosphate batteries, and sodium-ion batteries [1]