Xi Niu Cai Jing·2025-12-01 01:29Core Viewpoint - Li Auto reported a significant decline in revenue and net profit for Q3 2025, indicating ongoing challenges in vehicle deliveries and financial performance [2][3][4]. Financial Performance - Total revenue for Q3 2025 was 27.4 billion RMB, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter [2][3]. - Net loss reached 624 million RMB, a stark contrast to a net profit of 2.8 billion RMB in the same period last year [2][3]. - Vehicle sales revenue fell by 37.4% to 25.9 billion RMB, with a vehicle gross margin dropping from 20.9% to 15.5% [3][4]. Delivery and Production - Total vehicle deliveries in Q3 2025 were 93,211 units, down 39.0% year-on-year, marking the second consecutive quarter below 100,000 units [2][4]. - The company anticipates Q4 2025 vehicle deliveries to be between 100,000 and 110,000 units, representing a year-on-year decrease of 30.7% to 37.0% [5]. Cash Flow and Operational Efficiency - Operating cash flow for Q3 2025 was -7.4 billion RMB, compared to 11 billion RMB in the same period last year [4]. - Free cash flow also deteriorated to -8.9 billion RMB from a positive 9.1 billion RMB year-on-year, attributed to reduced cash receipts from customers and increased inventory payments [4]. Product and Market Position - Despite challenges, the company reported over 100,000 orders for the Li i8 and i6 models, with the i6 positioned competitively in the market [4]. - The Li i6, launched in September, features a starting price of 249,800 RMB and offers competitive specifications, including a 720 km range [4]. Future Outlook - For the full year 2025, the expected total vehicle deliveries are projected to be between 397,000 and 407,000 units, a decline of approximately 20% from 2024 [5].