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]

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理想汽车发布数据显示，2025年第三季度营收274亿元，上年同期为428.7亿元；第三季度经营亏损为人 民币12亿元（165.4百万美元），而2024年第三季度的经营利润为人民币34亿元，2025年第二季度的经 营利润为人民币827.0百万元；预计2025年第四季度车辆交付量将在10万至11万辆之间。 （文章来源：第一财经） ...

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。 风险提示及免责条款 理想汽车预计第四季度营收265亿元人民币至292亿元人民币；预计第四季度交付量100000至110000辆。 ...

Core Viewpoint - Li Auto Inc. reported a significant decline in vehicle deliveries and financial performance for the third quarter of 2025, reflecting challenges in the new energy vehicle market and operational difficulties. Operating Highlights - Total deliveries for Q3 2025 were 93,211 vehicles, a 39.0% year-over-year decrease [2][3] - The company had 542 retail stores in 157 cities and 3,420 supercharging stations in operation as of September 30, 2025 [3] Financial Highlights - Vehicle sales amounted to RMB 25.9 billion (US$ 3.6 billion) in Q3 2025, down 37.4% from RMB 41.3 billion in Q3 2024 and down 10.4% from RMB 28.9 billion in Q2 2025 [4][13] - Total revenues were RMB 27.4 billion (US$ 3.8 billion), a decrease of 36.2% year-over-year [4][13] - Gross profit was RMB 4.5 billion (US$ 627.8 million), down 51.6% from RMB 9.2 billion in Q3 2024 [4][13] - Net loss was RMB 624.4 million (US$ 87.7 million), compared to a net income of RMB 2.8 billion in Q3 2024 [4][24] Cost and Margin Analysis - Cost of sales was RMB 22.9 billion (US$ 3.2 billion), a decrease of 32.0% from RMB 33.6 billion in Q3 2024 [18] - Vehicle margin was 15.5% in Q3 2025, down from 20.9% in Q3 2024 [4][18] - Gross margin was 16.3%, compared to 21.5% in Q3 2024 [4][18] Operating Expenses - Operating expenses were RMB 5.6 billion (US$ 793.1 million), a decrease of 2.5% from RMB 5.8 billion in Q3 2024 [4][18] - Research and development expenses increased by 15.0% year-over-year to RMB 3.0 billion (US$ 417.8 million) [18] Cash Flow and Financial Position - Net cash used in operating activities was RMB 7.4 billion (US$ 1.0 billion) in Q3 2025, compared to RMB 11.0 billion net cash provided in Q3 2024 [7][24] - Free cash flow was negative RMB 8.9 billion (US$ 1.3 billion) in Q3 2025 [7][24] - Cash position was RMB 98.9 billion (US$ 13.9 billion) as of September 30, 2025 [24] Recent Developments - The company launched the Li i6, a new battery electric SUV, in September 2025 [9] - In October 2025, Li Auto opened its first overseas authorized retail store in Tashkent, Uzbekistan [10] - The Li i8 achieved the highest score in the China-Automobile Health Index assessment [11] Management Commentary - The CEO highlighted strong momentum in the BEV portfolio and confidence in achieving long-term strategic objectives despite market challenges [12] - The CFO noted operational resilience with a gross margin of 20.4% when excluding recall costs [12]

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，概不對因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） 內幕消息 截至2025年9月30日止季度的 未經審計財務業績 有限的經營歷史；與增程式電動汽車和高壓純電動汽車有關的風險；理想汽車研 發、製造及交付優質且吸引客戶的車輛的能力；理想汽車產生正現金流及利潤的 能力；使車輛性能不及預期的產品缺陷或任何其他故障；理想汽車成功競爭的能 力；理想汽車建立品牌及承受負面報道的能力；理想汽車的車輛訂單被取消；理 想汽車研發新汽車的能力；及消費者需求及政府獎勵、補貼或其他有利的政府政 策變化。有關以上及其他風險的更多資料載於理想汽車向美國證交會及香港聯交 所提交的文件中。本公告中提供的所有資料均截至本公告發佈之日，除適用法律 要求外，理想汽車不承擔更新任何前瞻性陳述的義務。 建議本公司股東及潛在投資者勿過於依賴第三季度業績，並於買賣本公司證券時 審慎行事。 ...

Li Auto Inc. (NASDAQ:LI) will release earnings results for the third quarter, before the opening bell on Wednesday, Nov. 26.Analysts expect the China-based company to report quarterly earnings of 4 cents per share, on revenue of $3.76 billion, according to data from Benzinga Pro.Hesai Technology (NASDAQ:HSAI) was recently named the exclusive lidar supplier for Li Auto's next-generation assisted driving platform. The agreement covers all upcoming models, including the "L" Series, "i" Series, and "MEGA," mark ...

Li Auto Inc. (NASDAQ:LI) will release earnings results for the third quarter, before the opening bell on Wednesday, Nov. 26.Analysts expect the China-based company to report quarterly earnings of 4 cents per share, on revenue of $3.76 billion, according to data from Benzinga Pro.Hesai Technology (NASDAQ:HSAI) was recently named the exclusive lidar supplier for Li Auto's next-generation assisted driving platform. The agreement covers all upcoming models, including the "L" Series, "i" Series, and "MEGA," mark ...

Core Viewpoint - Li Auto's founder Li Xiang announced that the company will not produce smartphones but will introduce ecosystem products, including smart glasses, which he considers the best AI accessory for Li Auto vehicles [1] Group 1: Product Development - Li Auto has discussed the necessity and feasibility of developing self-researched smart glasses since last year's strategic meeting [1] - A new department called "Wearable Robotics" was established in June to potentially develop the smart glasses [1] - Smart speakers are also under consideration, aiming to enhance the AI capabilities in users' lives [1]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference was held in Guangzhou, attracting over 200 investors from more than 100 well-known financial institutions [2] - Wu Shichun, founder of Meihua Venture Capital, shared his investment philosophy, emphasizing the importance of evaluating companies beyond traditional valuation metrics [2][3] Investment Philosophy - Wu Shichun introduced the "Investment Unicorn Tiger" theory, categorizing unicorns into "tigers" and "pigs" based on multi-dimensional assessments rather than single valuation standards [2] - To qualify as a "tiger," a company must be the leader in its niche, generate over 1 billion in revenue, have profits exceeding 100 million, and meet A-share listing standards [2] - Wu emphasized the significance of intuition, experience, and a strategy of increasing investment in making investment decisions, suggesting that market research is often overvalued in investment judgment [2] Early-Stage Investment - Meihua Venture Capital adheres to a "invest early, invest small" strategy, believing that early-stage investment remains a sunrise industry in China, offering both economic and social value [3] - Wu expressed confidence in the long-term investment landscape in China, citing national policy dividends, technological breakthroughs, and the confidence of the post-00s generation as key factors [3] Long-Term Investment Strategy - Long-term investment is characterized as placing significant bets over time, with a higher success probability when a company is committed to a project for a decade [3] - Wu categorized investors into three types based on their thinking: those with rigid views, those who can adapt, and top-tier investors who can hold opposing views simultaneously, highlighting the need for dialectical thinking in investment decisions [4]