不再高歌猛进，理想汽车“慢”下来了｜钛度车库

Core Viewpoint - The financial performance of Li Auto in Q1 2025 shows revenue growth but reveals underlying concerns about slowing growth and market competition [2][3] Financial Performance - Li Auto reported Q1 2025 revenue of 25.93 billion RMB, a year-on-year increase of 1.1% but a quarter-on-quarter decline of 41.4% [3] - The company has experienced a second consecutive quarter of revenue growth below double digits, contrasting sharply with the over 100% growth seen in 2023 [3] - The average selling price of vehicles decreased from 302,000 RMB in the previous year to 266,000 RMB, a drop of 12% [3] - Despite the pressure on selling prices, the gross margin remained stable at 19.8%, slightly up by 0.5 percentage points year-on-year [4] Cost Management - Total operating expenses for Q1 2025 were 5 billion RMB, down from 5.9 billion RMB in Q1 2024, reflecting a reduction in employee compensation and improved operational efficiency [5] - R&D expenses decreased to 2.5 billion RMB from 3 billion RMB, influenced by lower employee compensation and the pace of new vehicle plans [5] Future Outlook - For Q2 2025, Li Auto expects deliveries between 123,000 and 128,000 units, with revenue projected to reach between 32.5 billion and 33.8 billion RMB [6] - The company has revised its annual sales target from 700,000 to 640,000 units, indicating a need to deliver 510,000 units in the second half of the year [6] - Upcoming models, including the i8 and i6, will face intense competition in the 200,000 to 300,000 RMB price range [7] Strategic Challenges - Li Auto is at a strategic crossroads, balancing between maintaining a high-end market position and entering the mass market, which could lead to intensified price competition [9][10] - The company is transitioning from the 2024 to 2025 model year, with expectations of maintaining a gross margin around 19% in Q2 [9] Market Position - Li Auto maintains a strong financial position with cash reserves of 110.7 billion RMB and has been profitable for ten consecutive quarters [8] - The company faces a critical challenge as it navigates a market where growth is no longer easy, emphasizing the need for sustainable growth strategies [11]