Xin Lang Cai Jing·2025-11-27 08:34Core Viewpoint - Li Auto reported a significant financial downturn in Q3 2025, transitioning from profit to loss primarily due to the MEGA recall, which incurred substantial costs [1] Financial Performance - Q3 2025 revenue was 27.4 billion yuan, a year-over-year decrease of 36.2% and a quarter-over-quarter decrease of 9.5% [1] - Gross profit for Q3 was 4.5 billion yuan, down 51.6% year-over-year and down 26.3% quarter-over-quarter [1] - The net loss for Q3 was 624 million yuan, compared to a profit of 2.8 billion yuan in the same period last year, marking a shift from profit to loss [1] Delivery and Forecast - The total delivery volume in Q3 was 93,211 vehicles, a year-over-year decline of 39% [1] - For Q4, the company expects revenue between 26.5 billion and 29.2 billion yuan, while market estimates are at 37.25 billion yuan [1] - The projected delivery volume for Q4 is between 100,000 and 110,000 vehicles, with market expectations at 135,633 vehicles [1] Impact of MEGA Recall - The gross margin for Q3 was 16.3%, with gross profit of 4.469 billion yuan; excluding the impact of the MEGA recall, the gross margin would have been 20.4% [1] - The MEGA recall event is estimated to have caused a loss of approximately 1.113 billion yuan for Li Auto in Q3 [1]