Cai Jing Wang·2025-08-28 15:51Core Viewpoint - Li Auto demonstrates strong operational resilience in a complex market environment, achieving significant growth in vehicle deliveries and profitability, marking it as the only new force car company with 11 consecutive quarters of profitability [1][12]. Financial Performance - In Q1 2025, Li Auto reported revenue of 25.9 billion yuan, a year-on-year increase of 1.1%, maintaining its position as the leading new force car company; net profit reached 647 million yuan, up 9.4% [2]. - Q2 2025 saw Li Auto's vehicle deliveries reach 111,074 units, with a net profit of 1.1 billion yuan [1]. - The operating profit for Q2 2025 was 827 million yuan, reflecting a year-on-year growth of 76.7% and a quarter-on-quarter increase of 204.4% [2]. Product Development and Market Position - The launch of Li Auto MEGA Home on April 23, 2025, led to it becoming the top-selling MPV over 500,000 yuan and the best-selling pure electric vehicle in the same price range [2]. - As of mid-2025, Li Auto's cumulative delivery volume reached approximately 203,800 units, with cash reserves exceeding 100 billion yuan, providing solid financial support for strategic transformation [5]. Research and Development - Li Auto invested 11.07 billion yuan in R&D in 2024, ranking among the top five Chinese car companies; Q1 2025 R&D expenses were 2.5 billion yuan, increasing to 2.8 billion yuan in Q2 2025, with a focus on artificial intelligence technology [6]. - The company achieved significant advancements in smart technology, including the development of the self-researched M100 auxiliary driving chip, expected to enhance driving assistance capabilities [7]. Technological Innovations - The VLA driver model, based on reinforcement learning, shows high accuracy in traffic signal recognition and spatial understanding, aiming to enhance AI's role in driving [9]. - Li Auto's self-developed silicon carbide power chips and modules are set to be integrated into its pure electric SUV models, showcasing its commitment to technological innovation [12]. Organizational Changes - In August 2025, Li Auto restructured its sales system, transitioning to a centralized management approach for 23 regions, enhancing decision-making efficiency and supporting multi-model sales [11]. - The company is undergoing a dual transformation from range-extended to pure electric vehicles and from regional management to centralized control, positioning itself for sustained growth [12].