东吴汽车黄细里团队·2025-08-31 14:16Core Viewpoint - The article highlights the financial performance and strategic developments of Li Auto, emphasizing its revenue growth, profitability, and upcoming product launches in the electric vehicle market [2][3][4]. Financial Performance - In Q2 2025, Li Auto achieved revenue of 30.25 billion yuan, with a quarter-on-quarter decrease of 4.5% but a year-on-year increase of 16.7%. Vehicle sales revenue was 28.89 billion yuan, reflecting a decrease of 4.7% quarter-on-quarter but an increase of 17.0% year-on-year [2]. - The net profit attributable to the parent company was 1.09 billion yuan, showing a slight decrease of 0.9% quarter-on-quarter but a significant increase of 68.0% year-on-year. Non-GAAP net profit reached 1.47 billion yuan, down 2.3% quarter-on-quarter but up 44.7% year-on-year [2]. - The overall gross margin for Q2 2025 was 20.1%, with a slight increase of 0.6 percentage points year-on-year but a decrease of 0.5 percentage points quarter-on-quarter. The gross margin for vehicle sales was 19.4%, reflecting a year-on-year increase of 0.7 percentage points [3]. Cost Management - R&D expenses for Q2 2025 were 2.81 billion yuan, down 7.2% quarter-on-quarter but up 11.8% year-on-year, with an R&D expense ratio of 9.3% [3]. - Selling, general, and administrative expenses amounted to 2.72 billion yuan, showing a decrease of 3.5% quarter-on-quarter but an increase of 7.4% year-on-year, with a corresponding expense ratio of 9.0% [3]. Sales and Production - Li Auto's wholesale sales in Q2 2025 reached 111,000 units, with an average revenue per vehicle of 260,000 yuan. The gross profit per vehicle was 51,000 yuan [3]. - The company is in the ramp-up phase for the Li Auto i8, targeting cumulative deliveries of 8,000 to 10,000 units by the end of September. A new pure electric SUV model, the i6, is set to be launched in September [5]. Future Outlook - In H2 2025, Li Auto is expected to benefit from the launch of new pure electric products and the integration of advanced intelligent driving features [4]. - The company anticipates that the average mileage per takeover for its intelligent driving system will reach 1,000 km by next year [5]. Revenue and Profit Forecast - Due to structural adjustments in vehicle models, revenue forecasts for 2025-2027 have been revised down to 121.6 billion yuan, 152.7 billion yuan, and 191.2 billion yuan, representing year-on-year changes of -16%, +26%, and +25% respectively [6]. - Net profit forecasts for the same period have been adjusted to 4 billion yuan, 7 billion yuan, and 11.5 billion yuan, reflecting year-on-year changes of -50%, +73%, and +66% respectively [6].