Di Yi Cai Jing·2025-06-29 03:57Group 1 - Li Auto (02015.HK) announced a second-quarter delivery forecast of approximately 108,000 vehicles, significantly lower than the previous guidance of 123,000 to 128,000 vehicles, leading to a nearly 2% drop in US stock prices [1][2] - CEO Wang Xing of Meituan-W (03690.HK) and non-executive director of Li Auto sold 5.737 million shares between June 10 and June 13, at an average price between 109 HKD and 118 HKD, totaling over 600 million HKD, reducing his stake from 20.94% to 20.61% [2][4] - Li Auto's organizational restructuring includes merging R&D and supply, sales and service into an "Intelligent Vehicle Group," with President Ma Donghui leading the new group [2] Group 2 - Wang Xing's share sales have occurred shortly after Li Auto's financial disclosures, raising questions about potential insider trading; however, it is argued that these actions are part of a long-term strategy rather than insider knowledge [3][4] - The competitive landscape is intensifying, with rivals like Seres (601127.SH) and Leap Motor (09863.HK) advancing in range-extended technology, potentially eroding Li Auto's market share [5] - Li Auto's average net profit per vehicle dropped from 17,800 CNY in Q1 2023 to below 7,000 CNY in Q1 2025, a decline of over 60% [5]