Zhi Tong Cai Jing·2025-11-28 03:21Group 1 - The core viewpoint of the reports indicates that Li Auto's recent sales have been under pressure due to factors such as the MEGA recall and the switch of battery suppliers for the i6 model, leading to a conservative sales guidance for Q4 and a downward revision of revenue forecasts for 2025 to 2027 by 14%, 28%, and 33% respectively [1] - Li Auto's Q3 2025 revenue was reported at 27.4 billion RMB, a year-on-year decline of 36%, with vehicle sales revenue at 25.9 billion RMB, down 37% due to weaker quarterly deliveries [1] - The company reported a Non-GAAP net loss of 360 million RMB, with a potential gross margin of 20.4% if excluding the impact of the MEGA recall, indicating operational resilience despite the non-recurring nature of the recall event [1] Group 2 - Li Auto has initiated deliveries of the i6/i8 pure electric models, creating a complementary effect in the mainstream and high-end family electric vehicle market, which provides a more stable growth foundation for its electric vehicle business [2] - The i-series has seen a significant increase in penetration in key domestic regions, with a rapid increase in orders in September [2] - To address supply chain constraints, the company will introduce a dual battery supply system from CATL and Xinwangda starting in November, with expectations to increase the i6's monthly production capacity to 20,000 units by early next year [2]