香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2025年8月交付更新資料 於2025年9月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年8月，理想汽車交付新車 28,529輛。截至2025年8月31日，理想汽車歷史累計交付量為1,397,070輛。 香港，2025年9月1日 9月，理想汽車將發佈純電SUV－理想i6，定價人民幣25萬元至30萬元價格區 間。此外，隨著9月OTA 8.0版本更新，理想汽車的VLA司機大模型將全量推送給 所有理想AD Max用戶，理想同學智能體也將全面進化。 截至2025年8月31日，理想汽車在全國已有543家零售中心，覆蓋156個城市；售 後維修中心及授權鈑噴中心536家，覆蓋222個城市。理想汽車在全國已投入使用 3, ...

北京商报讯（记者 刘晓梦）9月1日，理想汽车发布的数据显示，今年8月交付新车2.85万辆。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月1日，理想汽车官方微博消息，2025年8月理想汽车交付新车28,529辆。截至2025年8月 31日理想汽车历史累计交付量为1,397,070辆。 ...

Core Viewpoint - Li Auto's Q2 performance fell short of expectations, with weak sales growth during the new model gap, but profitability is steadily improving [1] Group 1: Financial Performance - Li Auto's new electric model i8 has seen smooth deliveries, with management projecting cumulative deliveries to reach between 8,000 to 10,000 units by the end of September [1] - The company has a strong cash position exceeding 100 billion, providing sufficient resources to navigate short-term headwinds [1] - The forecast for net profit (non-GAAP) for Li Auto has been revised downwards by 48%, 28%, and 25% for the years 2025 to 2027, reflecting pressure on profitability during the new model gap [1] Group 2: Market Outlook - The market is overly pessimistic about the company's product cycle, overlooking its management efficiency, channel expansion potential, and overseas growth opportunities [1] - The third quarter is expected to be the low point for delivery volumes, with the launch of the i6 model anticipated to reverse market pessimism [1] Group 3: Investment Recommendations - The recommendation is to buy on dips, maintaining a "buy" rating, while lowering the target price for Hong Kong shares to 115 HKD and for US shares to 30 USD, which corresponds to a 19 times price-to-earnings ratio for the fiscal year 2026, representing a 27% discount to the company's historical average valuation [1]

招商证券国际表示，当前市场对公司产品周期过度悲观，忽略公司精细管理提效能力，渠道下沉拓展空 间以及海外拓展空间。公司有超过千亿现金，有足够源应对短期逆风。预计三季度是交付量低点，i6上 市后将扭转市场悲观预期。该行分别下调理想汽车2025至2027年净利润预测(非GAAP)48%、28%、 25%，反映新品断档期盈利承压。 招商证券国际发布研报称，理想汽车-W(02015,LI.US)今年次季度业绩低于预期，新车空窗期销量增长 乏力，但盈利能力稳中有升，纯电新品i8交付顺利，管理层预计截至9月底累计交付目标为8,000至 10,000台，产能与供应链稳定性良好，i8市场接受度好于预期。建议逢低吸纳，维持"增持"评级，下调 港股目标价至115港元、美股目标价至30美元，相当于2026财年19倍市盈率，相对公司历史平均估值折 让27%。 ...

Core Insights - Li Auto Inc. delivered 28,529 vehicles in August 2025, bringing cumulative deliveries to 1,397,070 as of August 31, 2025 [1][2] Group 1: Company Performance - The company is set to launch the Li i6, a battery electric SUV, priced between approximately RMB250,000 and RMB300,000 in September [2] - As of August 31, 2025, Li Auto operated 543 retail stores in 156 cities, 536 servicing centers, and authorized body and paint shops in 222 cities [3] - The company has 3,190 supercharging stations with 17,597 charging stalls in operation across China [3] Group 2: Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4] - The company aims to create a mobile home and happiness through innovations in product, technology, and business model [4] - Li Auto has successfully commercialized extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]

Core Insights - The CEO of Li Auto, Li Xiang, has publicly disclosed the company's annual strategic goals for the pure electric SUV sector, aiming for a competitive position of "保五争三" (maintain fifth place and strive for third) in the high-end electric market by the end of the year [1] Sales Targets - Li Auto's future model, the Li i8, is expected to achieve a monthly sales volume of 6,000 units once it enters a stable delivery phase [1] - The Li i6 model has a higher monthly sales target set between 9,000 to 10,000 units during its stable period [1] - Overall, the company aims for its entire pure electric product line, including the already launched Li MEGA, to reach a stable monthly sales volume of 18,000 to 20,000 units by the end of the year [1] Market Performance - The Li MEGA, the company's first pure electric product, has surpassed 3,000 units in monthly deliveries, becoming the sales champion in both the 500,000 and above MPV and pure electric vehicle categories for two consecutive months [1] - This performance is seen as a foundation for the market expansion of the upcoming pure electric SUV family [1]

Core Viewpoint - Li Auto has set ambitious sales targets for its electric vehicles, aiming for stable monthly sales of 6,000 units for the Li Xiang i8 and 9,000 to 10,000 units for the Li Xiang i6, with overall monthly sales for its electric models projected to be between 18,000 and 20,000 units [1][3]. Financial Performance - In the first half of the year, Li Auto reported revenue of 56.172 billion yuan, a year-on-year decrease of 1.99%, while net profit was 1.743 billion yuan, a slight increase of 2.82% [3]. - The company anticipates a cautious outlook for the third quarter, projecting vehicle deliveries between 90,000 and 95,000 units, representing a year-on-year decline of 37.8% to 41.1% [3]. - Revenue for the third quarter is expected to drop sharply by 38.8% to 42.1%, falling to between 24.8 billion and 26.2 billion yuan [3]. Market Position and Strategy - Li Auto's CEO, Li Xiang, acknowledged the company's current challenges, stating that the product iteration frequency is lower than that of competitors, which puts them at a disadvantage [3]. - To address these challenges, the company plans to accelerate the speed of technological platform and product updates, aiming to improve their competitive edge in the market [3]. - As of July 2025, Li Auto's cumulative sales reached 234,700 units, a year-on-year decline of 2.21%, with only 36.7% of the annual target of 640,000 units achieved [3].

Core Viewpoint - The company is addressing misinformation regarding the pricing and sales of the Li Auto i6, emphasizing that accurate details will be provided during the official launch event [1][2]. Group 1 - The head of the third product line at Li Auto, Li Xinyang, has stated that many reports about the i6's price and sales figures are inaccurate [1]. - The company is committed to ensuring that the price of the i6 will reflect its value, aiming for customer satisfaction [1]. - Further information regarding the i6 will be disclosed during the upcoming launch event, and the company appreciates the public's patience and understanding [1]. Group 2 - The company encourages deeper discussions about its actual operational status and long-term fundamentals through a WeChat group, indicating a focus on community engagement [2].

Group 1 - The core viewpoint of the article is that recent rumors regarding the pricing and sales expectations of the Li Auto i6 are false, as stated by the company's product line head, Li Xinyang [1][2] - Li Auto is reportedly considering a pricing strategy for the i6 that could position it below 230,000 yuan, which would be lower than the current cheapest model, the L6, priced at 249,800 yuan [2] - Li Xinyang emphasized that the company will ensure that the price aligns with the product's value, and further details will be announced at an official launch event [2]