Sou Hu Cai Jing·2025-08-28 08:45Core Insights - Li Auto reported its Q2 2025 financial results, showing a decrease in total revenue and vehicle sales revenue compared to the same period in 2024, but an increase compared to Q1 2025 [1][2]. Financial Performance - Total revenue for Q2 2025 was RMB 30.2 billion (USD 4.2 billion), a decrease of 4.5% year-over-year but an increase of 16.7% quarter-over-quarter [2]. - Vehicle sales revenue for Q2 2025 was RMB 28.9 billion (USD 4.0 billion), down 4.7% year-over-year but up 17.0% from Q1 2025 [2]. - Gross profit for Q2 2025 was RMB 6.1 billion (USD 846.9 million), a decrease of 1.8% year-over-year and an increase of 14.1% from Q1 2025 [2]. - Operating profit for Q2 2025 was RMB 827 million (USD 115.4 million), up 76.7% year-over-year and 204.4% quarter-over-quarter [2]. Profitability Metrics - Gross margin for Q2 2025 was 20.1%, compared to 19.5% in Q2 2024 and 20.5% in Q1 2025 [2]. - Net profit for Q2 2025 was RMB 1.1 billion (USD 153.1 million), a slight decrease of 0.4% year-over-year but an increase of 69.6% from Q1 2025 [2]. - Non-GAAP net profit for Q2 2025 was RMB 1.5 billion (USD 204.9 million), down 2.3% year-over-year but up 44.7% from Q1 2025 [2]. Delivery and Future Outlook - Vehicle deliveries for Q2 2025 reached 111,074 units, an increase from 92,864 units in Q1 2025 [1]. - For Q3 2025, the company expects vehicle deliveries to be between 90,000 and 95,000 units, representing a year-over-year decrease of 37.8% to 41.1% [3]. - Projected total revenue for Q3 2025 is estimated to be between RMB 24.8 billion (USD 3.5 billion) and RMB 26.2 billion (USD 3.7 billion), indicating a year-over-year decrease of 38.8% to 42.1% [3].