Shen Zhen Shang Bao·2025-08-29 10:31Core Viewpoint - Li Auto reported a decline in revenue and a slight decrease in net profit for Q2 2025, indicating challenges in maintaining growth amidst a competitive market [1][3]. Financial Performance - Q2 2025 revenue was 30.246 billion RMB, a year-on-year decrease of 4.5% [1]. - Net profit for Q2 2025 was 1.097 billion RMB, nearly unchanged from 1.1 billion RMB in the same period last year [1]. - Total vehicle deliveries in Q2 2025 reached 111,074 units, reflecting a year-on-year increase of 2.3% [1]. Sales and Production Outlook - Li Auto expects Q3 2025 vehicle deliveries to be between 90,000 and 95,000 units, representing a year-on-year decrease of 37.8% to 41.1% [2]. - The company anticipates total revenue for Q3 2025 to be between 24.8 billion RMB (approximately 3.5 billion USD) and 26.2 billion RMB (approximately 3.7 billion USD), a year-on-year decline of 38.8% to 42.1% [2]. Research and Development - R&D expenses for Q2 2025 were 2.8 billion RMB, with an expected total for the year reaching 12 billion RMB, including over 6 billion RMB allocated to artificial intelligence technology [3]. Market Performance - Li Auto's stock price has significantly declined over the past year, dropping from 46.44 USD to 23.26 USD, nearly halving its market value [4]. - Following the release of the new electric SUV, Li Auto's stock experienced a notable drop of 12.84% in one day, leading to a total decline of 18.85% over six trading days [4].