LEO(SZ:002131) Chang Jiang Shang Bao·2025-09-09 01:49Core Viewpoint - Liou Co., Ltd. is advancing its IPO in Hong Kong to enhance its global strategy and brand recognition, while its profitability is significantly influenced by the stock price of Li Auto [1][4][8]. Financial Performance - In the first half of 2025, Liou Co., Ltd. reported revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, while net profit reached 478 million yuan, a year-on-year increase of 164.28% [1][9]. - The company has experienced three years of losses in the past four years, primarily due to the fluctuations in Li Auto's stock price [8]. - For 2021 and 2022, Liou Co., Ltd. had revenues of 20.281 billion yuan and 20.268 billion yuan, with net losses of 1.019 billion yuan and 441 million yuan, respectively [6]. - In 2023 and 2024, revenues were 20.471 billion yuan and 21.171 billion yuan, with net profits of 1.966 billion yuan and a loss of 259 million yuan, respectively [6][7]. Impact of Li Auto's Stock Price - Since July 2025, Li Auto's stock price has decreased by approximately 13%, resulting in a market value loss of about 28.1 billion HKD [2][13]. - If Li Auto's stock price does not recover significantly, Liou Co., Ltd.'s net profit in the third quarter may be adversely affected, potentially leading to another loss [3][14]. Global Strategy and IPO Plans - Liou Co., Ltd. announced its intention to list on the Hong Kong Stock Exchange to support its global expansion and enhance capital operations [1][4][5]. - The company is considering the interests of existing shareholders and market conditions to determine the timing for the IPO [4].