财报季｜理想官宣自研芯片，三季度利润因MEGA召回承压

Core Insights - Li Auto has announced a return to a "startup management model" in response to recent management adjustments and challenges faced by the company [8][10] - The company is set to begin mass production of its self-developed chip "M100" next year, which aims to enhance vehicle intelligence and performance [11][12] Group 1: Financial Performance - In Q3 2025, Li Auto delivered 93,211 vehicles, a year-on-year decrease of 39%, impacted by supply chain bottlenecks for its electric models i6 and i8 [2][3] - Total revenue for Q3 was 27.4 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter; gross profit was 4.5 billion yuan, a decline of 51.6% year-on-year and 26.3% quarter-on-quarter [2][3] - The company reported a net loss of 620 million yuan in Q3, with a non-GAAP net loss of 360 million yuan; R&D expenses increased to 3 billion yuan, up 15% year-on-year [6][7] Group 2: Impact of MEGA Recall - The MEGA recall significantly affected profit margins, with the gross margin for Q3 at 16.3%, which could recover to 20.4% if MEGA recall costs are excluded [4][5] - Vehicle gross margin was 15.5%, down 5.3 percentage points year-on-year; excluding MEGA costs, it could rise to 19.8% [4] Group 3: Management Strategy - Li Auto's founder, Li Xiang, acknowledged various challenges including product cycles and public relations issues, leading to the decision to revert to a startup management model [9][10] - The company has shifted away from a "professional manager governance system" back to its original OKR management method, aiming to enhance operational efficiency [9][10] Group 4: Future Outlook - Li Auto expects Q4 2025 deliveries to be between 100,000 and 110,000 vehicles, a year-on-year decline of 30.7% to 37.0%, with projected revenue between 26.5 billion and 29.2 billion yuan [7] - The M100 chip is anticipated to transform vehicles into "intelligent products," enhancing user experience and operational efficiency [11][12] - The company aims to regain leadership in the mid-to-large SUV market with upcoming product upgrades and a focus on technological advancements [12]