LI AUTO(US:LI) Bei Jing Shang Bao·2025-09-02 09:38Core Viewpoint - The competitive landscape of the automotive market in 2025 is intense, yet Li Auto has reported impressive financial results, with Q2 revenue reaching 30.2 billion yuan, a 16.7% quarter-on-quarter increase, and a net profit of 1.1 billion yuan, reflecting a 69.6% quarter-on-quarter growth, marking 11 consecutive quarters of profitability [1] Financial Performance - Li Auto's Q2 revenue was 30.2 billion yuan, with a net profit of 1.1 billion yuan, demonstrating strong financial health amid industry adjustments [1] - The company has maintained profitability for 11 consecutive quarters, showcasing its financial stability [1] Product Strategy - Li Auto's product strategy is characterized by a clear differentiation and stable structure, focusing on a dual approach of "range-extended + pure electric" vehicles [3] - The upcoming launch of the Li i6 in September 2025 will expand the product matrix to include four range-extended SUVs, one MPV, and two pure electric SUVs, covering price ranges from 200,000 to 600,000 yuan [3] - The L series range-extended models form the sales foundation, while the MEGA MPV targets the high-end market, and the i8 and i6 focus on the mid-range pure electric SUV segment [4] Technological Advancements - Li Auto's R&D expenditure reached 2.8 billion yuan in Q2 2025, with an expected annual investment exceeding 12 billion yuan, particularly in AI, which will receive over 6 billion yuan [5] - The VLA (Vision-Language-Action) model represents a significant advancement in intelligent driving, with capabilities that blur the lines between human and AI driving [5] - The company has developed its own AI chip, achieving performance levels that are two to three times better than existing mainstream chips [5][7] Sales and Organizational Structure - Li Auto has restructured its sales system to enhance efficiency, with direct management of 23 regions and the introduction of new operational and marketing departments [8] - The company has expanded its store network to 550 locations, significantly increasing its market presence [9] - Li Auto has built a comprehensive charging network with over 3,100 supercharging stations and aims to reach 4,000 by the end of the year, ensuring a seamless charging experience for users [9][11] Long-term Growth Model - Li Auto's approach contrasts with many competitors by avoiding price wars and focusing on product investment, intelligent technology, and a robust direct sales network, establishing a long-term growth model [11]