理想(LI.US/2015.HK)Q2：连续11个季度盈利，高研发投入夯实核心竞争力

Core Viewpoint - The article highlights the significant growth potential in the electric vehicle (EV) market, with a forecast of 15.73 million units sold by 2025, representing a 29% year-on-year increase. However, the industry faces challenges due to intense price competition and profitability pressures among leading companies. In this context, Li Auto has demonstrated a unique performance, being the only new force in the industry to achieve profitability for 11 consecutive quarters [1][2]. Group 1: Li Auto's Financial Performance - In Q2 2025, Li Auto reported revenue of 30.2 billion RMB and an operating profit of 827 million RMB, marking a year-on-year increase of 76.7% and a quarter-on-quarter increase of 204.4% [1]. - Li Auto's sustained profitability amidst industry challenges showcases its effective business strategy and operational efficiency [1][6]. Group 2: R&D Investment and Technological Advancements - Li Auto's R&D investment reached 2.8 billion RMB in Q2 2025, with an expected total of over 12 billion RMB for the year, including over 6 billion RMB specifically for AI [2][3]. - The company is set to launch the world's first VLA driver model, which utilizes reinforcement learning and enhances user experience through advanced features [3]. - Li Auto's self-developed silicon carbide (SiC) chips and electric drive systems are now in mass production, improving efficiency and performance [4]. Group 3: Market Position and Sales Performance - As of July 2025, Li Auto led the market for SUVs priced above 200,000 RMB, with sales of 229,943 units and a market share of 12.31%, surpassing competitors like Tesla and AITO [6]. - The launch of the Li MEGA Home has positioned the company as a leader in the high-end MPV segment, achieving the highest sales in both the 500,000 RMB and pure electric categories [6]. Group 4: Financial Stability and Future Outlook - As of June 30, 2025, Li Auto's cash reserves stood at 106.9 billion RMB, providing a strong financial cushion for ongoing R&D and operational activities [7]. - The company is well-prepared for the anticipated competitive landscape in the automotive industry from 2025 to 2027, focusing on building technological barriers and enhancing brand competitiveness [8].