Zhong Zheng Wang·2025-11-26 12:23Core Insights - Li Auto reported a revenue of 27.4 billion yuan for Q3 2025, a decrease of 9.5% quarter-on-quarter, while maintaining a leading position among new energy vehicle companies with a total revenue of 83.5 billion yuan for the first three quarters [1] - The company experienced a net loss of 624 million yuan in Q3 2025, compared to a net profit of 2.8 billion yuan in the same period last year and a net profit of 1.1 billion yuan in the previous quarter [1] - Vehicle gross margin for Q3 2025 was 15.5%, down from 20.9% in Q3 2024, but adjusted gross margin excluding the impact of the recall was 19.8% [1] Financial Performance - Total revenue for the first three quarters of 2025 was 83.5 billion yuan, maintaining a leading position among competitors [1] - The adjusted net loss under Non-GAAP for Q3 2025 was 359.7 million yuan, compared to a net profit of 3.9 billion yuan in the same period last year [1] - R&D expenses for the quarter were 3 billion yuan, with an expected total R&D investment of 12 billion yuan for the year, including over 6 billion yuan in AI [1] Sales and Market Position - The company reported that cumulative orders for the new models, Li Auto i8 and i6, exceeded 100,000 units, with Li MEGA becoming the sales champion in the high-end pure electric market for Q3 [1] - For Q4 2025, Li Auto expects vehicle deliveries to be between 100,000 and 110,000 units, representing a year-on-year decrease of 30.7% to 37.0% [2] - Projected total revenue for Q4 2025 is estimated to be between 26.5 billion yuan and 29.2 billion yuan, a year-on-year decrease of 34.2% to 40.1% [2] Strategic Outlook - Li Auto's CEO expressed confidence in the company's long-term vision and strategic goals, highlighting the strong performance of its pure electric models and advancements in AI technology [2] - The VLA driver model achieved a monthly usage rate of 91% in October, indicating a leading user penetration rate in the industry [2]