Bei Ke Cai Jing·2025-05-31 00:20Core Viewpoint - Li Auto's Q1 2025 financial report shows mixed results with revenue growth year-on-year but significant declines quarter-on-quarter, indicating challenges in maintaining profitability amidst competitive pressures and pricing strategies [1][4][3] Financial Performance - Revenue for Q1 2025 was 25.9 billion RMB, a year-on-year increase of 1.1%, but a quarter-on-quarter decline of 41.4% [1][4] - Net profit reached 647 million RMB, up 9.4% year-on-year, but down 81.7% quarter-on-quarter [1][4] - Non-GAAP net profit was 1 billion RMB, a decrease of 20.5% year-on-year [1] Sales and Market Dynamics - Vehicle sales revenue increased year-on-year but decreased quarter-on-quarter, attributed to seasonal factors and product transitions [7][8] - Vehicle sales volume grew by 15.5% year-on-year, but revenue growth was only 1.8%, impacted by price reductions due to competitive pricing strategies [8][9] - The average selling price of vehicles dropped to 266,000 RMB from 304,000 RMB a year ago, reflecting a shift towards lower-priced models [9][10] Future Outlook - The company aims to deliver between 123,000 and 128,000 vehicles in Q2 2025, with projected revenue between 32.5 billion and 33.8 billion RMB, representing a year-on-year growth of 2.5% to 6.7% [11][12] - Li Auto plans to expand its presence in lower-tier cities and aims for overseas markets to account for 30% of total sales in the long term [14] - Upcoming launches of new electric models, including the i8 and i6, are expected to enhance market competitiveness and address the shift towards pure electric vehicles [17]