【理想汽车第三季度实现营收274亿元 毛利率下降至16.3%纯电车型势头看涨】11月26日，理想汽车发 布2025年第三季度未经审计财务业绩数据，第三季度公司实现营收274亿元，上年同期为428.7亿元；毛 利为45亿元，去年同期为92亿元，同比下滑51.6%；毛利率为16.3%，去年同期为21.5%；第三季度理想 汽车总交付量为93211辆，同比下滑 39.0%；前三季度实现营收为835亿元。 财报数据显示，理想汽车2025年第三季度的净亏损为624.4百万元，而2024年第三季度及2025年第二季 度的净利润分别为28亿元和11亿元。2025年第三季度的非美国公认会计准则净亏损为人民币359.7百万 元，而2024年第三季度及2025年第二季度的非美国公认会计准则净利润分别为人民币39亿元和15亿元。 对于这一份财务成绩，理想汽车董事长兼首席执行官李想表示："第三季度，理想汽车纯电车型展现出 强劲势头，印证了我们领先的产品定义能力和坚实的产品力。理想i8和理想i6的订单总数已超10万辆。 在AI领域，我们的VLA司机大模型采用世界模型与强化学习，10月VLA月度使用率达到91%，用户渗透 率已达到行业领先 ...

每经编辑｜金冥羽 张锦河 11月26日，理想汽车发布三季度财报。 2025年第三季度，理想汽车营收274亿元，同比减少36.2%，环比减少9.5%。第三季度毛利为45亿元，同比下降51.6%，环比下降26.3%。净亏损6.24亿 元，去年同期盈利28亿元，由盈转亏。 理想汽车于10月31日宣布召回11411辆MEGA，将更换冷却液、动力电池等部件，主要因冷却液防腐性能不足可能导致动力电池热失控风险。 理想汽车董事长兼首席执行官李想表示：第三季度，理想汽车纯电车型展现出强劲势头，印证了我们领先的产品定义能力和坚实的产品力。理想i8和理想 i6的订单总数已超10万。在AI领域，我们的VLA司机大模型采用世界模型与强化学习，10月VLA月度使用率达到91%，用户渗透率已达行业领先水平。凭 借以用户为中心的产品理念与扎实的研发能力，我们对实现本公司的长期愿景与战略目标充满信心。 市场方面，截至发稿，理想汽车美股盘前下跌1.75%。 （声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- ...

转自：新华财经 11月26日，理想汽车公布2025年第三季度财报，理想汽车第三季度营收达274亿元，今年前三季度835亿元，在已经公 布财报的新势力企业中保持领先；研发费用保持高投入，第三季度研发费用达30亿元，全年预计研发费用达120亿 元。特别是AI领域的投入，全年预计超过60亿元，现金储备依旧接近千亿，达到989亿元。外部竞争环境激烈，理想 充裕的现金为企业快速调整、创新产品和技术、扩大业务基盘，提供了充足"弹药"。 全面提速 李想回归"创业"状态 2025年理想汽车完成组织架构重大调整，核心是从职业经理人模式回归创始人体系，为战略升级为"全球领先的具身 智能企业"奠定基础。6月，销服体系负责人变革，归至马东辉麾下，由此完成研产销组织一体化变革，协同效率大幅 提升；11月，组织人力负责人变革，归至创始人李想麾下，由此人才管理、产品定义、公司战略由企业一号位李想本 人全权带队，确保公司资源向核心战略集中，快速响应市场变化。 创始人模式与职业经理人模式存在本质差异，创始人以"所有者+核心决策者"双重身份主导管理，利益与企业长期价 值深度绑定，决策快、无层层束缚，聚焦战略方向与产品创新。李想作为创始人，擅长战 ...

Core Insights - Li Auto reported a revenue of 27.4 billion yuan for Q3 2025, a decrease of 9.5% quarter-on-quarter, while maintaining a leading position among new energy vehicle companies with a total revenue of 83.5 billion yuan for the first three quarters [1] - The company experienced a net loss of 624 million yuan in Q3 2025, compared to a net profit of 2.8 billion yuan in the same period last year and a net profit of 1.1 billion yuan in the previous quarter [1] - Vehicle gross margin for Q3 2025 was 15.5%, down from 20.9% in Q3 2024, but adjusted gross margin excluding the impact of the recall was 19.8% [1] Financial Performance - Total revenue for the first three quarters of 2025 was 83.5 billion yuan, maintaining a leading position among competitors [1] - The adjusted net loss under Non-GAAP for Q3 2025 was 359.7 million yuan, compared to a net profit of 3.9 billion yuan in the same period last year [1] - R&D expenses for the quarter were 3 billion yuan, with an expected total R&D investment of 12 billion yuan for the year, including over 6 billion yuan in AI [1] Sales and Market Position - The company reported that cumulative orders for the new models, Li Auto i8 and i6, exceeded 100,000 units, with Li MEGA becoming the sales champion in the high-end pure electric market for Q3 [1] - For Q4 2025, Li Auto expects vehicle deliveries to be between 100,000 and 110,000 units, representing a year-on-year decrease of 30.7% to 37.0% [2] - Projected total revenue for Q4 2025 is estimated to be between 26.5 billion yuan and 29.2 billion yuan, a year-on-year decrease of 34.2% to 40.1% [2] Strategic Outlook - Li Auto's CEO expressed confidence in the company's long-term vision and strategic goals, highlighting the strong performance of its pure electric models and advancements in AI technology [2] - The VLA driver model achieved a monthly usage rate of 91% in October, indicating a leading user penetration rate in the industry [2]

Core Viewpoint - Li Auto's third-quarter financial results showed significant declines in delivery volume, revenue, and profit, indicating challenges in maintaining growth and profitability in a competitive market [1][3][4]. Financial Performance - Revenue for the third quarter was 27.4 billion yuan, a year-on-year decrease of 36.2% [1]. - The company reported a net loss of 624 million yuan, compared to a net profit of 2.8 billion yuan in the same period last year [1]. - Delivery volume was 93,211 units, down nearly 39% year-on-year and over 16% quarter-on-quarter [1]. Market Position and Competition - Li Auto's sales have lagged behind competitors like Xpeng and NIO, with a notable decline in monthly sales since early this year [7][8]. - The company's market capitalization was recently surpassed by Xpeng, reflecting a decline in investor confidence [8]. - The competitive landscape is intensifying, with new entrants and established players increasing pressure on Li Auto's market share [4][9]. Strategic Shift to AI - Li Auto is pivoting towards AI technology as a strategic focus, moving away from its initial emphasis on range-extended vehicles [3][9]. - The company has made significant organizational changes to support its AI strategy, including restructuring teams and leadership roles [11][12]. - Investment in AI is projected to reach 50% of the total R&D budget, amounting to 12 billion yuan for the year, indicating a strong commitment to this area [17]. Product Development and Innovation - The recent updates to the L series have not been sufficient to reverse the downward trend in sales [5]. - Li Auto's AI initiatives include the development of the VLA system, which aims to enhance driving assistance capabilities [13][16]. - The company is also exploring new product offerings, such as AI glasses and smart speakers, to expand its technology ecosystem [12].

| | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025年 | 2025 年 | 同比 | 環比 | | | 9月30日 | 6月30日 | 9月30日 | | | | | 人民警 | 人民幣 | 人民常 | | | | 車輛銷售收入 | 41.323.8 | 28.885.1 | 25.867.1 | (37.4)% | (10.4)% | | 車輛毛利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點 (3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364.7 | (36.2)% | (9.5)% | | 毛利 | 9,224.7 | 6.067.0 | 4.469.0 | (51.6)% | (26.3)% | | 毛利率 | 21.5% | 20.1% | | 16.3% (5.2)個百分點 (3.8)個百分點 | | | 營業費用 | (5,792.0) | (5,240.0) | (5.646.2) | (2. ...

1. 11月26日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.15%，标普500指数期货涨0.30%，纳指 期货涨0.42%。 | ■ US 30 | 47,182.30 | 47,282.80 | 47.120.20 | +70.20 | +0.15% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,785.90 | 6,796.60 | 6,765.00 | +20.00 | +0.30% | | 트 US Tech 100 | 25,122.60 | 25,173.90 | 25,002.10 | +104.20 | +0.42% | 2. 截至发稿，德国DAX指数涨0.31%，法国CAC40指数涨0.40%，英国富时100指数跌0.06%，欧洲斯托克50指数涨 0.72%。 | 德国30 | 2025年12月 | 23,577.50 | 23,808.80 | 23,486.30 | +72.50 | +0.31% | | --- | --- | --- | --- | --- | --- | --- | | 法国40 ...

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]

财报显示，Q3整体毛利率降至16.3%，较去年同期的21.5%下降5.2个百分点；车辆毛利率更是跌至15.5%，远低于去年同期的20.9%。Q3经营活动现 金流为负74亿元，而去年同期为正110亿元。自由现金流更是达到负89亿元，较去年同期91亿元的正值形成鲜明对比。 理想汽车三季度营收同比下跌36.2%，更严重的是公司由盈转亏，净亏损6.24亿元，而去年同期净利润高达28亿元。这种断崖式下跌不仅反映了交付量 的大幅下滑，更暴露了公司在转型期面临的多重压力。 毛利率的崩塌尤其引人关注。 Q3整体毛利率降至16.3%，较去年同期的21.5%下降5.2个百分点；车辆毛利率更是跌至15.5%，远低于去年同期的 20.9%。理想管理层将此归因于理想MEGA召回预估成本（侵蚀约4个百分点）以及产量下降导致的单位制造成本上升。 核心财报指标 Q3营收274亿元人民币，同比下降36.2%，环比下降9.5%； 净亏损6.24亿元，去年同期盈利28亿元 ； 毛利率大幅下滑至16.3%，较去年同期下降5.2个百分点；剔除MEGA召回成本影响后为20.4%； 车辆毛利率降至15.5%，主因MEGA召回成本及产量下降导致单位制造成本 ...

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].