Xin Lang Cai Jing·2025-11-28 09:11Core Insights - Li Auto's third-quarter financial report for 2025 marks the end of its nearly three-year profitability streak, reporting a revenue of 27.4 billion yuan, a year-on-year decline of 36.2%, and a net loss of 624 million yuan, the first quarterly loss since Q4 2022 [1][4] Financial Performance - The delivery volume in Q3 was 93,211 units, down 39% year-on-year, leading to a 37.4% decrease in vehicle sales revenue to 25.9 billion yuan, which was the main driver of revenue decline [4] - The company recorded a warranty cost provision of approximately 1.1 billion yuan in Q3, which impacted the gross margin, reducing it from 21.5% in the same period last year to 16.3% [5][6] - Even excluding this one-time cost, the adjusted gross margin was 20.4%, indicating a significant drop from historical highs [6] Market Challenges - Li Auto faces multiple pressures including the fading benefits of range-extended vehicles, challenges in transitioning to pure electric models, and intensified market competition [3][4] - The share of range-extended vehicles in the new energy vehicle wholesale structure has been declining, dropping to 7.5% in October 2025, while the share of pure electric models from new forces has increased from 49% to 74% [6] Strategic Adjustments - Despite short-term performance pressures, Li Auto continues to invest strategically, with R&D expenses reaching 3 billion yuan in Q3 and an expected total of 12 billion yuan for the year, focusing heavily on AI technology [7] - The company is adopting a dual-supplier model for i6 batteries to alleviate production bottlenecks, with expectations to stabilize monthly production capacity to 20,000 units by early 2026 [7] Management Changes - Li Auto's management model is undergoing a transformation, with the CEO expressing a desire to return to a startup management style, acknowledging the challenges faced after scaling up [11][14] - The company has recognized the need to enhance decision-making efficiency while maintaining operational stability, which will be a critical challenge moving forward [11][15] Future Outlook - For Q4 2025, Li Auto has provided conservative guidance, expecting deliveries between 100,000 to 110,000 units, a year-on-year decrease of 30.7% to 37.0%, and revenue between 26.5 billion to 29.2 billion yuan, a decline of 34.2% to 40.1% [11][15] - The ability to release production capacity for pure electric models, improve cost control, and effectively implement management changes will be crucial for the company's recovery and growth trajectory in 2026 [15]