Jing Ji Guan Cha Bao·2025-08-28 09:20Core Viewpoint - Li Auto reported a strong financial performance for Q2, with revenue of 30.2 billion yuan and a net profit of 1.1 billion yuan, marking its 11th consecutive quarter of profitability, indicating a successful financial model and a shift in market focus from profitability to maintaining profit quality and expanding competitive advantages [2][4][6]. Financial Performance - Revenue for Q2 reached 31.7 billion yuan, a 16.7% increase from the previous quarter, while net profit rose by 69.6% to 1.1 billion yuan [2][3]. - Vehicle sales revenue was 30.3 billion yuan, with a vehicle gross margin of 19.4%, reflecting a 0.7 percentage point increase year-on-year due to cost optimization and economies of scale [3][4]. - Operating profit was 827 million yuan, with an operating profit margin of 2.7%, demonstrating significant efficiency improvements [4][6]. Research and Development - The company invested 2.8 billion yuan in R&D during Q2, with an annual forecast exceeding 10 billion yuan, focusing over 60% of funds on artificial intelligence and core intelligent systems [4][5]. - Li Auto launched several self-developed technologies, including the world's first VLA driver model and the "Li Xiang Classmate" intelligent assistant, enhancing user experience [4][5]. Product Development and Market Position - The launch of the six-seat electric SUV Li Auto i8 began deliveries on August 20, with expectations to deliver over 8,000 units by the end of September [4][5]. - The company is entering a competitive phase with multiple models, including the upcoming i6, while also experiencing strong sales of the MEGA Home [4][5]. Sales and Service Network - By the end of Q2, Li Auto had 530 retail centers and 511 service outlets, with a significant increase in charging infrastructure, including 3,028 supercharging stations and over 16,000 charging piles [5]. - The company’s self-built charging network allows for better control over the charging experience, enhancing customer satisfaction and operational efficiency [5]. Financial Stability - Despite a negative free cash flow of 3.8 billion yuan due to new model development and R&D investments, the company maintained a strong cash reserve of 106.9 billion yuan, sufficient to support long-term R&D and expansion needs [5][6]. - The resilience of the financial structure enables Li Auto to remain profitable while managing short-term cash flow fluctuations [6].