MEGA召回 冲击“理想”！

Core Viewpoint - Li Auto reported a net loss of 6.24 billion RMB in Q3 2025, marking a significant shift from profit to loss year-on-year and quarter-on-quarter due to the impact of the MEGA recall event [2][4]. Financial Performance - Total revenue for Q3 2025 was 27.3647 billion RMB, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter [6]. - Vehicle sales revenue was 25.8671 billion RMB, down 37.4% year-on-year and 10.4% quarter-on-quarter, primarily due to a reduction in vehicle deliveries [8]. - Gross profit for Q3 2025 was 4.469 billion RMB, with a gross margin of 16.3%, reflecting a significant decline from previous periods [13][14]. - Operating expenses were 5.6462 billion RMB, showing a slight increase of 7.8% quarter-on-quarter [3]. Delivery and Market Position - Li Auto's vehicle deliveries in Q3 2025 totaled 93,200 units, a decrease of 39.0% year-on-year [8]. - In comparison, competitors NIO, Xpeng, and Leap Motor reported significant delivery growth, with NIO delivering 87,000 units (up 40.8%), Xpeng 116,000 units (up 149.3%), and Leap Motor 173,900 units (up 101.77%) [11][20]. - Li Auto is the only major new energy vehicle manufacturer to report a decline in revenue during this period [5][8]. Recall Impact - The MEGA recall event led to estimated costs exceeding 11 billion RMB, significantly affecting the company's financial results [4][14]. - The recall involved 11,411 units of the Li MEGA 2024 model, prompted by a fire incident, and included free replacements of critical components [12]. Future Outlook - For Q4 2025, Li Auto expects deliveries to range between 100,000 and 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [19]. - Projected total revenue for Q4 2025 is estimated to be between 26.5 billion and 29.2 billion RMB, reflecting a year-on-year decline of 34.2% to 40.1% [19]. - The company is focusing on its electric vehicle transition, with strong order numbers for the new models Li i8 and Li i6, which have exceeded 100,000 units [15][18].