拐向纯电，理想汽车驶入慢车道

Core Viewpoint - Li Auto, once a leader in the domestic new energy vehicle market, is experiencing a slowdown in growth and facing increased competition, leading to a decline in its sales ranking and profitability [1][2][3]. Financial Performance - In Q1 2025, Li Auto reported revenue of 25.93 billion RMB, a slight increase of 1.1% year-on-year, while net profit decreased by 20% [1][3]. - The average selling price of Li Auto vehicles dropped from 302,200 RMB in Q1 2024 to 265,700 RMB in Q1 2025, a decline of 12% [3]. - The company has adjusted its annual delivery target to 640,000 units, with 520,000 units expected from the extended-range L series and 120,000 units from pure electric products [3][4]. Sales and Market Position - In the first five months of 2025, Li Auto delivered 167,479 vehicles, a year-on-year increase of 18.6%, but needs to deliver 472,300 vehicles in the remaining seven months, requiring a monthly average of 67,500 vehicles [4][6]. - In May 2025, Li Auto's sales were 40,856 units, ranking second among new energy vehicle manufacturers, behind Leap Motor [6][12]. Competitive Landscape - Li Auto's competitive advantage is diminishing as rivals like Leap Motor and Xpeng have adopted similar strategies, leading to increased pressure on Li Auto's market share [1][11]. - The upcoming models, the pure electric SUVs Li i8 and i6, are expected to launch in the second half of the year, but there are concerns about their market acceptance based on previous performance [1][9]. Strategic Shift - CEO Li Xiang is shifting focus towards artificial intelligence, aiming to position Li Auto as a leading AI company in the automotive sector, with plans to integrate advanced AI features into their vehicles [17][20]. - The company is developing AI capabilities for autonomous driving and smart vehicle systems, but faces stiff competition from rivals also investing heavily in AI technology [17][18]. Conclusion - The current market dynamics present significant challenges for Li Auto, but the company's leadership remains optimistic about its strategic pivot towards AI and the potential success of its upcoming electric models [21].