Huan Qiu Wang Zi Xun·2025-11-27 05:18Core Viewpoint - Li Auto's CEO Li Xiang announced a return to a startup management model starting Q4 2025 to address industry changes and internal growth challenges, reflecting on the inadequacies of the professional management system adopted over the past three years [1] Financial Performance - Vehicle sales revenue for Q3 2025 was 41.32 billion RMB, a decrease of 37.4% year-over-year and a decline of 10.4% compared to Q2 2025 [1] - Total revenue for Q3 2025 was 42.87 billion RMB, down 36.2% year-over-year and 9.5% from Q2 2025 [1] - Gross profit for Q3 2025 was 9.22 billion RMB, representing a 51.6% year-over-year decline and a 26.3% decrease from Q2 2025 [1] - Gross margin for Q3 2025 was 21.5%, down 5.2 percentage points year-over-year and 3.8 percentage points from Q2 2025 [1] - Operating profit margin for Q3 2025 was 8.0%, a decrease of 12.3 percentage points year-over-year [1] - Net loss for Q3 2025 was 6.24 billion RMB, marking the first quarterly loss after 11 consecutive profitable quarters [1] - Free cash flow (non-GAAP) for Q3 2025 was 9.05 billion RMB, a significant improvement compared to a loss of 8.91 billion RMB in the same quarter last year [1] Delivery and Market Impact - Li Auto delivered 93,211 vehicles in Q3 2025, a year-over-year decrease of 39% [1]