LI AUTO-W(HK:02015) 第一财经·2025-06-17 09:32Core Viewpoint - Wang Xing, CEO of Meituan and non-executive director of Li Auto, has sold over 5.7 million shares of Li Auto, cashing out more than 600 million HKD in a span of four days, indicating a trend of accelerated share reduction following the company's quarterly report [1][4]. Group 1: Share Reduction Details - Wang Xing's share reduction occurred between June 10 and June 13, with an average selling price between 109 HKD and 118 HKD, reducing his holding from 20.94% to 20.61% [4]. - This marks a continuation of his selling activity, which began in Q1 2023, with his shareholding decreasing from 22.57% (3.9 million shares) to below 3.68 million shares by June 13, 2025, representing a cumulative reduction of nearly 2 percentage points over two years [4]. Group 2: Financial Performance and Market Conditions - Li Auto's average net profit per vehicle has declined significantly, from 17,800 CNY in Q1 2023 to below 7,000 CNY in Q1 2025, a drop of over 60% [5]. - The average selling price of Li Auto vehicles in Q1 2025 was 266,000 CNY, down by 36,000 CNY year-on-year and 3,000 CNY quarter-on-quarter, influenced by increased sales of the Li L6 model and promotional pricing [5]. - The company has faced delays in reporting its quarterly results, with the Q1 2023 report released on May 10, 2024 on May 20, and 2025 on May 29, indicating potential underlying issues [6]. Group 3: Competitive Landscape and Cost Pressures - The automotive industry is experiencing intense competition, particularly for Li Auto, which faces challenges from rivals like Seres and Leap Motor, especially in the extended-range electric vehicle segment [5]. - Rising raw material costs, particularly for copper and aluminum, pose significant challenges to profit margins, as the prices of these materials have surged while vehicle prices remain under pressure [6].