LI AUTO(US:LI) Zhong Guo Ji Jin Bao·2025-11-26 22:44Core Viewpoint - Li Auto reported a net loss of 624 million yuan in Q3 2025, marking a shift from profit to loss year-on-year and quarter-on-quarter [1] Financial Performance - Vehicle sales revenue for Q3 2025 was 25.867 billion yuan, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [2] - Total revenue for Q3 2025 was 27.3647 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter [5] - Gross profit for Q3 2025 was 4.469 billion yuan, reflecting a 51.6% decline year-on-year and a 26.3% decline quarter-on-quarter [2] - Operating profit margin fell to -4.3%, a decrease of 12.3 percentage points year-on-year [2] - The company faced a significant impact from the MEGA recall, which resulted in losses exceeding 1.1 billion yuan [4][10] Delivery and Market Position - Li Auto's delivery volume in Q3 2025 was 93,200 units, a decrease of 39.0% year-on-year [7] - In comparison, competitors NIO, Xpeng, and Leap Motor reported significant growth in delivery volumes during the same period [6][9] - Li Auto is the only major new energy vehicle manufacturer to report a decline in revenue for Q3 2025 [5][7] Future Outlook - The company anticipates Q4 2025 deliveries to be between 100,000 and 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [12] - Projected total revenue for Q4 2025 is expected to be between 26.5 billion and 29.2 billion yuan, down 34.2% to 40.1% year-on-year [12] - CEO Li Xiang indicated that the transition to pure electric models is showing promise, with over 100,000 orders for the new models Li ONE and Li L6 [11]