Core Insights - Li Auto reported its Q3 2025 unaudited financial results, showing a revenue of 27.4 billion yuan, down from 42.87 billion yuan in the same period last year, indicating a significant decline in sales performance [4] - The company experienced a gross profit of 4.5 billion yuan, a 51.6% decrease year-over-year, with a gross margin of 16.3%, down from 21.5% in the previous year [4] - Total vehicle deliveries for Q3 2025 were 93,211 units, reflecting a 39.0% year-over-year decline [4] Financial Performance - For the first three quarters of 2025, Li Auto achieved a total revenue of 83.5 billion yuan [4] - The net loss for Q3 2025 was 624.4 million yuan, contrasting with net profits of 2.8 billion yuan and 1.1 billion yuan in Q3 2024 and Q2 2025, respectively [4] - The non-GAAP net loss for Q3 2025 was 359.7 million yuan, compared to non-GAAP net profits of 3.9 billion yuan and 1.5 billion yuan in the same periods [4] Strategic Outlook - The CEO of Li Auto, Li Xiang, emphasized the strong momentum of their pure electric models, with total orders for the Li i8 and Li i6 exceeding 100,000 units [5] - The CFO, Li Tie, noted challenges such as supply chain bottlenecks and costs associated with the Li MEGA recall, but highlighted a gross margin of 20.4% when excluding recall costs, showcasing operational resilience [5] - The company aims to continue focusing on product and technology innovation to enhance user experience and drive sustainable business growth [5]

Core Viewpoint - Li Auto reported a significant decline in vehicle deliveries and financial performance for Q3 2025, indicating challenges in the current market environment and potential impacts from the recent MEGA recall [2][3][5]. Financial Performance - Total revenue for Q3 2025 was 27.4 billion RMB (3.8 billion USD), a decrease of 36.2% year-over-year and 9.5% quarter-over-quarter [3][4]. - Vehicle sales revenue was 25.9 billion RMB (3.6 billion USD), down 37.4% year-over-year and 10.4% quarter-over-quarter, primarily affected by delivery volume despite some offset from improved average selling prices [3][4]. - Gross profit was 4.5 billion RMB (628 million USD), reflecting a 51.6% year-over-year decline and a 26.3% quarter-over-quarter decline [3][4]. - Net loss for the quarter was 624 million RMB (87.7 million USD), compared to a net profit of 2.8 billion RMB in the same quarter last year [4][5]. Delivery and Production - Total vehicle deliveries for Q3 2025 were 93,211 units, a 39.0% decrease year-over-year [2]. - In October 2025, the company delivered 31,767 vehicles, maintaining a stable delivery pace [2]. Market Expansion and Product Development - As of October 31, 2025, Li Auto had established 551 retail centers across 157 cities and 554 after-sales service centers in 225 cities [2]. - The company launched the new five-seat pure electric SUV, Li Auto i6, in September 2025, which features advanced technology and a starting price of 249,800 RMB [5]. - Li Auto opened its first overseas authorized retail center in Tashkent, Uzbekistan, in October 2025, marking a significant step in its global expansion strategy [5]. Recall and Safety Concerns - Li Auto announced a recall of 11,411 units of the MEGA 2024 model due to potential safety hazards related to coolant leakage, which could lead to battery thermal runaway under specific conditions [6].

Core Points - Shares have decreased by 24% year-to-date, indicating a significant decline in investor confidence [1] - The decline in sales and earnings is contributing to the negative sentiment among investors [1]

Core Insights - Li Auto reported its first quarterly net loss in three years, indicating significant sales pressure and slowing demand in the Chinese automotive market [1] Company Summary - The company faced challenges that led to a decline in sales performance, resulting in a net loss for the quarter [1] Industry Summary - The Chinese automotive industry is experiencing slowing demand, which is impacting car manufacturers like Li Auto [1]

Core Viewpoint - Li Auto reported a significant decline in revenue and a shift from profit to loss in Q3, primarily due to the impact of the MEGA recall event [2]. Financial Performance - The company generated revenue of 27.4 billion yuan in Q3, representing a year-on-year decrease of 36.2% [2]. - Net loss for the quarter was 620 million yuan, compared to a net profit of 2.8 billion yuan in the same period last year [2]. - Gross margin stood at 16.3%, with a gross profit of 4.469 billion yuan; excluding the impact of the MEGA recall, the gross margin would have been 20.4% [2]. Recall Impact - The MEGA recall event is estimated to have caused a loss of approximately 1.113 billion yuan for Li Auto in Q3 [2]. - On October 31, the company announced the recall of 11,411 MEGA vehicles to replace components such as coolant and power batteries due to insufficient corrosion resistance of the coolant, which poses a risk of thermal runaway in the power battery [2].

Core Viewpoint - Li Auto reported strong revenue figures for Q3 2025, maintaining its leading position among new energy vehicle manufacturers in China, despite facing challenges due to a recall of certain models [1] Financial Performance - The company achieved a quarterly revenue of 27.4 billion yuan and a total revenue of 83.5 billion yuan for the first three quarters of the year [1] - The gross margin for the quarter was impacted by a recall, but remained healthy at 20.4% when excluding the effects of the recall [1] Product Development - Li Auto's new models, the Li Auto i8 and Li Auto i6, have accumulated over 100,000 orders [1] - The Li Auto MEGA was recognized as the sales champion in the high-end pure electric vehicle market for Q3 [1] Research and Development - The company invested 3 billion yuan in R&D for the quarter, with an expected total R&D expenditure of 12 billion yuan for the year, including over 6 billion yuan specifically allocated to AI [1]

北京商报讯（记者 刘晓梦）11月26日，理想汽车发布财报数据显示，今年三季度营收274亿元，同比下 滑36.2%；毛利率为16.3%，同比下滑5.2个百分点；净亏损为6.24亿元，由盈转亏。 ...

Ahead of Li Auto Inc.’s (NYSE:LI) third-quarter earnings call, analyst sentiment for the Tesla Inc. (NASDAQ:TSLA) rival has turned bearish.Biggest-Ever Revenue DeclineAnalysts predict that the automaker will report its biggest-ever revenue decline, with sentiments showcasing an expected 38% year-on-year dip for the automaker, Bloomberg reported on Tuesday. The decline is expected to be Li Auto's steepest since its listing on the New York Stock Exchange in 2020.Li Auto delivered over 93,211 vehicles in Q3, r ...

理想25Q3自由现金流-89.1亿，经营活动现金流-74.0亿，资本开支15.2亿，现金储备989亿。 | | 交付 | 自由现金流 | 经营活动现金流 资本开支 | | 现金储备 | | --- | --- | --- | --- | --- | --- | | 2503 | 93211 | -89.1 | -74.0 | 15.2 | 089 | | 25Q2 | 111074 | -38.4 | -30.3 | 8.1 | 1069 | | 25Q1 | 92864 | -25.3 | -17.0 | 8.3 | 1107 | | 24Q4 | 158696 | 61.0 | 86.8 | 26.2 | 1128 | | 24Q3 | 152831 | 90.5 | 110.2 | 19.7 | 1065 | | 24Q2 | 108581 | -18.5 | -4.3 | 14.2 | 973 | | 24Q1 | 80400 | -50.6 | -33.42 | 17.1 | 089 | | 23Q4 | 131805 | 146.4 | 172.9 | 26.6 | 1037 | | 23Q3 | ...

Core Insights - Li Auto's total vehicle deliveries for the three months ending September 30, 2025, were 93,211 units, a year-on-year decrease of 39.0% [1] - Vehicle sales revenue amounted to RMB 25.9 billion, down 37.4% year-on-year and down 10.4% quarter-on-quarter [1] - Total revenue was RMB 27.4 billion, reflecting a year-on-year decrease of 36.2% and a quarter-on-quarter decrease of 9.5% [1] - Gross profit was RMB 4.5 billion, a year-on-year decrease of 51.6% and a quarter-on-quarter decrease of 26.3% [1] - The net loss was RMB 624.4 million, compared to net profits of RMB 2.8 billion and RMB 1.1 billion in Q3 2024 and Q2 2025, respectively [1] Company Operations - As of September 30, 2025, the company operated 542 retail centers in 157 cities and 546 after-sales service centers in 225 cities [1] - The company has established 3,420 Li Auto Supercharging stations, equipped with 18,897 charging piles [1] Product Performance - The CEO highlighted strong momentum for Li Auto's pure electric models, with total orders for the Li i8 and Li i6 exceeding 100,000 [2] - The VLA driver model achieved a monthly usage rate of 91% in October, with user penetration at an industry-leading level [2] Financial Outlook - For Q4 2025, the company expects vehicle deliveries to range from 100,000 to 110,000 units, a year-on-year decrease of 37.0% to 30.7% [2] - Total revenue is projected to be between RMB 26.5 billion and RMB 29.2 billion, reflecting a year-on-year decrease of 40.1% to 34.2% [2]