来源：滚动播报 理想汽车美股盘前跳水，现跌超2%，第二季度营收低于市场预估。 ...

专题：聚焦2025年第二季度美股财报 责任编辑：刘明亮 8月28日下午消息，理想汽车（NASDAQ：LI；HKEX： 2015）今日发布了截至6月30日的2025年第二 季度财报：总营收为302亿元，同比下滑4.5%，环比增长16.7%。净利润为11亿元，同比下滑0.4%，环 比增长69.6%。不按美国通用会计准则，调整后的净利润为15亿元，同比下滑2.3%，环比增长44.7%。 ...

理想汽车第二季度归属股东的调整后净利润14.6亿元人民币。理想汽车预计第三季度营收248亿元人民 币至262亿元人民币；理想汽车预计第三季度交付量90000至95000辆。理想汽车美股盘前跌约3%。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Financial Performance - For the second quarter of 2025, Li Auto reported total revenue of RMB 30.2 billion (USD 4.2 billion), a decrease of 4.5% compared to RMB 31.7 billion in the second quarter of 2024, but an increase of 16.7% from RMB 25.9 billion in the first quarter of 2025[10] - Vehicle sales revenue for the second quarter of 2025 was RMB 28.9 billion (USD 4.0 billion), down 4.7% from RMB 30.3 billion in the second quarter of 2024, but up 17.0% from RMB 24.7 billion in the first quarter of 2025[10] - The gross profit for the second quarter of 2025 was RMB 6.1 billion (USD 846.9 million), a decrease of 1.8% from RMB 6.2 billion in the second quarter of 2024, but an increase of 14.1% from RMB 5.3 billion in the first quarter of 2025[10] - In Q2 2025, the operating profit was RMB 827.0 million (USD 115.4 million), an increase of 76.7% year-over-year and 204.4% quarter-over-quarter[12] - The net profit for Q2 2025 was RMB 1.1 billion (USD 153.1 million), a decrease of 0.4% year-over-year but an increase of 69.6% from Q1 2025[12] - The diluted earnings per American Depositary Share (ADS) for Q2 2025 was RMB 1.03 (USD 0.14), compared to RMB 1.05 in Q2 2024 and RMB 0.62 in Q1 2025[12] - The non-GAAP net profit for Q2 2025 was RMB 1.5 billion (USD 204.9 million), a decrease of 2.3% year-over-year but an increase of 44.7% from Q1 2025[12] - Free cash flow for Q2 2025 was negative RMB 3.8 billion ($536.3 million), an increase of 107.4% from negative RMB 1.9 billion in Q2 2024, and an increase of 51.8% from negative RMB 2.5 billion in Q1 2025[26] Vehicle Deliveries and Sales - The total vehicle deliveries for the second quarter of 2025 reached 111,074 units, representing a year-over-year growth of 2.3%[6] - The company delivered 30,731 vehicles in July 2025, with a total of 535 retail centers and 527 after-sales service centers across 153 cities[15] - Vehicle delivery volume is expected to be between 90,000 and 95,000 units, a year-over-year decrease of 41.1% to 37.8%[30] Operating Expenses and Margins - Operating expenses for the second quarter of 2025 were RMB 5.2 billion (USD 731.5 million), down 8.2% from RMB 5.7 billion in the second quarter of 2024, and up 3.8% from RMB 5.0 billion in the first quarter of 2025[10] - The vehicle gross margin for the second quarter of 2025 was 19.4%, compared to 18.7% in the second quarter of 2024 and 19.8% in the first quarter of 2025[10] - The company achieved a gross margin of 20.1% in Q2 2025, maintaining a healthy level despite market fluctuations[18] Market Strategy and Expansion - The company aims to continue expanding its market presence and enhancing its product offerings in the competitive electric vehicle sector[4] - Li Auto's strategy includes focusing on research and development to improve vehicle quality and customer appeal, while also addressing potential risks associated with product defects and market competition[4] - The company plans to expand its product matrix with the upcoming launch of the Li Auto i6 in September 2025, aiming to strengthen its position in the high-end electric vehicle market[18] - The company launched the Li Auto i8, a six-seat pure electric SUV, priced at RMB 339,800, with deliveries starting on August 20, 2025[17] Cash Position and Financial Health - Cash position as of June 30, 2025, was RMB 106.9 billion ($14.9 billion)[26] - The company utilizes non-GAAP financial metrics to assess operational performance and inform financial and operational decisions[31] - Investors are encouraged to review comprehensive financial data rather than relying solely on non-GAAP metrics[32] - The company acknowledges inherent risks and uncertainties that may affect actual results compared to forward-looking statements[36] Research and Development - Research and development expenses for the three months ended June 30, 2024, were RMB 3,027,581, reflecting the company's commitment to innovation and product development[38] - The company has successfully commercialized range-extended electric vehicles while developing a pure electric platform[34] - The company aims to continuously expand its product line to broaden its user base[34] ESG and Ratings - The company received the highest MSCI ESG rating of "AAA" for the third consecutive year, reflecting effective management of ESG risks and opportunities[16]

Core Viewpoint - Li Auto Inc. reported its unaudited financial results for the second quarter of 2025, highlighting a mixed performance with increased vehicle deliveries but decreased revenues and net income compared to the previous year. Operating Highlights - Total deliveries for Q2 2025 were 111,074 vehicles, a 2.3% year-over-year increase [2] - The company operated 530 retail stores in 151 cities and had 2,851 supercharging stations with 15,655 charging stalls as of June 30, 2025 [2] Financial Highlights - Vehicle sales amounted to RMB 28.9 billion (US$ 4.0 billion), down 4.7% from RMB 30.3 billion in Q2 2024 but up 17.0% from RMB 24.7 billion in Q1 2025 [3][12] - Total revenues were RMB 30.2 billion (US$ 4.2 billion), a decrease of 4.5% from RMB 31.7 billion in Q2 2024 but an increase of 16.7% from RMB 25.9 billion in Q1 2025 [3][12] - Gross profit was RMB 6.1 billion (US$ 846.9 million), down 1.8% from RMB 6.2 billion in Q2 2024 but up 14.1% from RMB 5.3 billion in Q1 2025 [3][12] - Net income was RMB 1.1 billion (US$ 153.1 million), a slight decrease of 0.4% from RMB 1.1 billion in Q2 2024 but an increase of 69.6% from RMB 646.6 million in Q1 2025 [3][23] Key Financial Results - Vehicle margin was 19.4% in Q2 2025, compared to 18.7% in Q2 2024 and 19.8% in Q1 2025 [5] - Operating expenses were RMB 5.2 billion (US$ 731.5 million), down 8.2% from RMB 5.7 billion in Q2 2024 [3][12] - Operating income increased to RMB 827.0 million (US$ 115.4 million), up 76.7% from RMB 468.0 million in Q2 2024 [3][18] Recent Developments - In July 2025, the company launched the Li i8, a six-seat battery electric family SUV, which features advanced technology and a competitive price of RMB 339,800 [10][11] - The company received the highest MSCI ESG rating of "AAA" for the third consecutive year, indicating strong performance in environmental, social, and governance aspects [9] Business Outlook - For Q3 2025, the company expects vehicle deliveries to be between 90,000 and 95,000, representing a year-over-year decrease of 41.1% to 37.8% [21] - Total revenues are projected to be between RMB 24.8 billion (US$ 3.5 billion) and RMB 26.2 billion (US$ 3.7 billion), reflecting a year-over-year decrease of 42.1% to 38.8% [21]

Group 1 - The core point of the news is that Li Auto has showcased its AI capabilities through the "Li Xiang Classmate" which can generate game code in approximately three minutes, indicating advancements in their technology [1] Group 2 - Li Auto's official introduction states that the "Li Xiang Classmate" is now integrated with the latest version of DeepSeek R1-0528, allowing users to experience enhanced AI question-answering and creative abilities [4] - The updated R1 model has achieved top performance in various benchmark tests in mathematics, programming, and general logic, surpassing all domestic models and nearing the performance of leading international models like o3 and Gemini-2.5-Pro [4]

Core Viewpoint - The 2025 Qilu Autumn Auto Show will take place from September 4 to 8 at the Shandong International Exhibition Center, featuring a star-studded lineup of automotive brands and various consumer-friendly activities aimed at enhancing the purchasing experience [1][3]. Consumer Experience - The auto show emphasizes consumer experience with unique activities designed to engage attendees, including a "sheep shearing" strategy to maximize benefits for consumers [3][10]. - Exclusive gifts and interactive experiences will be available at various brand booths, such as a "lifetime warranty" offer from SAIC Volkswagen for SUV purchases [10]. - A "mass car purchase" event will be held, collaborating with multiple automotive brands to provide significant discounts, complemented by live streaming on Douyin for real-time updates on offers [10][12]. Brand Participation - Major automotive brands will showcase their latest models, with BYD presenting its entire lineup across a 3,000 square meter booth, highlighting its advancements in electric vehicle technology [15][19]. - Other brands like Chery, Great Wall, and SAIC Volkswagen will also have substantial exhibition spaces, demonstrating their commitment to innovation and consumer engagement [19][24]. Market Trends - The market for new energy vehicles (NEVs) is experiencing significant growth, with NEV sales accounting for 45% of total new car sales in the first seven months of the year, reflecting a year-on-year increase of 39.2% in production and 38.5% in sales [21][22]. - The presence of leading NEV brands such as Tesla and BYD at the auto show underscores the industry's shift towards electric mobility [22]. Policy Support - The auto show benefits from multiple policy supports, including a recent financial policy that integrates automobile consumption into national fiscal subsidy programs, aimed at reducing credit costs for consumers [25][28]. - The combination of local and national incentives, including tax exemptions for NEVs, creates a favorable purchasing environment for consumers during the event [25][28].

Market Performance - The Hong Kong stock market continued to decline in the afternoon, with the Hang Seng Technology Index dropping over 2%, the Hang Seng Index falling by 1.4%, and the National Enterprises Index decreasing by 1.6% [1] - Major stocks in the Hang Seng Technology Index experienced significant declines, including Meituan down over 12%, Xpeng Motors down over 8%, and JD Group, Alibaba, and Li Auto each down over 4% [1] Stock Specifics - Meituan (03690) fell by 12.73% year-to-date, with a total decline of 33.09% [2] - Xpeng Motors (09868) decreased by 8.76%, but has seen an increase of 80.92% year-to-date [2] - JD Group (09618) dropped by 4.78%, with a year-to-date decline of 12.58% [2] - Alibaba (09988) fell by 4.69%, but has increased by 43.94% year-to-date [2] - Li Auto (02015) decreased by 4.21%, with a year-to-date decline of 6.81% [2] - Other notable declines include Kingdee International down 3.92% (year-to-date increase of 86.64%), Bilibili down 3.70% (year-to-date increase of 19.30%), BYD Electronic down 3.62% (year-to-date decline of 10.07%), and BYD Company down 3.48% (year-to-date increase of 27.09%) [2]

Market Overview - The Hong Kong stock market continued to decline in the afternoon, with the Hang Seng Technology Index dropping over 2%, the Hang Seng Index falling by 1.4%, and the National Enterprises Index decreasing by 1.6% [1] Company Performance - Meituan saw a significant drop of 12.73%, with a year-to-date decline of 33.09% [2] - XPeng Motors experienced an 8.76% decrease, but has a year-to-date increase of 80.92% [2] - JD Group's stock fell by 4.78%, resulting in a year-to-date decline of 12.58% [2] - Alibaba's shares dropped by 4.69%, yet it has a year-to-date increase of 43.94% [2] - Li Auto's stock decreased by 4.21%, with a year-to-date decline of 6.81% [2] - Kingdee International fell by 3.92%, but has a year-to-date increase of 86.64% [2] - Bilibili's shares dropped by 3.70%, with a year-to-date increase of 19.30% [2] - BYD Electronics saw a decline of 3.62%, resulting in a year-to-date decrease of 10.07% [2] - BYD's shares fell by 3.48%, with a year-to-date increase of 27.09% [2] - SenseTime's stock decreased by 2.88%, with a year-to-date increase of 35.57% [2] - Kingsoft's shares dropped by 3.36%, with a year-to-date change of -0.36% [2] - Alibaba Health saw a decline of 2.95%, but has a year-to-date increase of 58.43% [2] - JD Health's stock fell by 2.76%, with a year-to-date increase of 119.04% [2] - NIO's shares decreased by 2.71%, with a year-to-date increase of 44.40% [2]

Core Insights - Li Auto has successfully developed its self-researched intelligent driving chip M100, which has passed critical pre-mass production stages in Q1 of this year [1] - The M100 chip has completed functional and performance testing within two weeks and is currently undergoing road tests with small batches of vehicles [1] - The M100 chip demonstrates specific performance characteristics, providing effective computing power comparable to multiple NVIDIA Thor-U chips in different tasks [1] Group 1 - The M100 chip has achieved a performance level in running large language model (LLM) tasks equivalent to that of 2 NVIDIA Thor-U chips [1] - In traditional visual tasks related to convolutional neural networks (CNN), the M100 chip's effective computing power is comparable to that of 3 NVIDIA Thor-U chips [1]