Ge Long Hui·2025-11-28 19:58Core Insights - Li Auto reported Q3 2025 revenue of 27.36 billion yuan, with a year-on-year decline of 36.2% and a quarter-on-quarter decline of 9.5% [1] - Vehicle sales revenue was 25.87 billion yuan, down 37.4% year-on-year and 10.4% quarter-on-quarter [1] - The company recorded a net loss of 620 million yuan, with Non-GAAP net profit at -360 million yuan, marking a shift to loss compared to previous periods [1] Financial Performance - Gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year and 3.7 percentage points quarter-on-quarter [1] - Automotive sales gross margin was 15.5%, reflecting a decrease of 5.4 percentage points year-on-year and 3.9 percentage points quarter-on-quarter [1] - The decline in gross margin was primarily due to increased unit manufacturing costs from the MEGA recall and reduced production [1] Cost Management - R&D expenses for Q3 2025 were 2.97 billion yuan, up 15.0% year-on-year and 5.8% quarter-on-quarter, driven by new model project timelines and increased product and technology costs [1] - Selling, general, and administrative expenses were 2.77 billion yuan, down 17.6% year-on-year but up 1.9% quarter-on-quarter [1] Sales and Production - The company achieved wholesale sales of 93,000 vehicles in Q3 2025, with an average revenue per vehicle of 278,000 yuan [1] - The average gross profit per vehicle was 43,000 yuan [1] Organizational Strategy - The company plans to revert to a startup management model starting Q4 2025, focusing on deep dialogue, user value, efficiency, and identifying key issues [1] - Li Auto is developing the M100 chip, designed for embodied intelligence, currently undergoing large-scale system testing, with commercial use expected in 2026 [1] Earnings Forecast and Investment Rating - Revenue forecasts for 2025-2027 have been revised down to 113.4 billion, 138.1 billion, and 191.2 billion yuan, reflecting year-on-year changes of -22%, +22%, and +39% respectively [2] - Net profit forecasts for the same period have been reduced to 900 million, 1.6 billion, and 6.4 billion yuan, with year-on-year changes of -90%, +86%, and +302% respectively [2] - The company maintains a "buy" rating, considering the potential of its AI transformation [2]