Zhi Tong Cai Jing·2026-03-13 01:40Core Viewpoint - Li Auto's stock has dropped over 3%, currently trading at 68 HKD, with a trading volume of 139 million HKD [1] Financial Performance - In Q4 2025, Li Auto reported total revenue of 28.8 billion RMB, a year-on-year decrease of 35.0% but a quarter-on-quarter increase of 5.2% [1] - The net profit for Q4 2025 was 20.2 million RMB, significantly down 99.4% from 3.5 billion RMB in the same period last year [1] - For the full year 2025, total revenue was 112.3 billion RMB, a year-on-year decrease of 22.3%, while net profit was 1.1 billion RMB, down 85.8% year-on-year [1] Delivery Volume - In Q4 2025, the total vehicle delivery volume was approximately 109,200 units, a year-on-year decrease of 31.2% [1] - The total delivery volume for the year was approximately 406,300 units, an 18.82% decline compared to 500,500 units in 2024 [1] Future Outlook - For Q1 2026, Li Auto expects vehicle delivery volume to be between 85,000 and 90,000 units, a year-on-year decrease of 3.1% to 8.5% [1] - The projected total revenue for Q1 2026 is estimated to be between 20.4 billion and 21.6 billion RMB, reflecting a year-on-year decrease of 16.7% to 21.3% [1] Stock Buyback Discussion - During the earnings call, Li Auto addressed rumors regarding CEO Li Xiang's plan to repurchase company stock, stating that while stock buybacks could enhance shareholder value, no buyback has been initiated yet, and no further information is available [1]