MEGA召回，冲击“理想”！

Core Viewpoint - Li Auto has reported a net loss of 6.24 billion yuan in Q3 2025, marking a significant shift from profit to loss due to the MEGA recall incident, which has resulted in losses exceeding 1.1 billion yuan [3][5][13]. Financial Performance - Total revenue for Q3 2025 was 27.36 billion yuan, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter, making Li Auto the only new energy vehicle manufacturer to experience a revenue decline in this period [7][9]. - Vehicle sales revenue was 25.9 billion yuan, down 37.4% year-on-year and 10.4% quarter-on-quarter, primarily due to a reduction in vehicle deliveries [9]. - The gross profit for Q3 2025 was 4.47 billion yuan, with a gross margin of 16.3%, reflecting a significant drop from previous periods [4][13]. Delivery and Market Position - Li Auto's vehicle deliveries in Q3 2025 totaled 93,200 units, a decline of 39.0% year-on-year [10]. - In comparison, competitors NIO, Xpeng, and Leap Motor reported significant delivery growth, with NIO at 87,000 units (up 40.8%), Xpeng at 116,000 units (up 149.3%), and Leap Motor at 173,900 units (up 101.77%) [11]. Recall Impact - The MEGA recall involved 11,411 vehicles and was initiated following a fire incident, leading to substantial costs for the company [11][12]. - Excluding the estimated costs from the MEGA recall, Li Auto's gross margin would have been approximately 20.4% [13]. Future Outlook - For Q4 2025, Li Auto anticipates deliveries between 100,000 and 110,000 units, representing a year-on-year decline of 30.7% to 37.0%, with projected total revenue between 26.5 billion and 29.2 billion yuan, down 34.2% to 40.1% year-on-year [18]. - The company has introduced new pure electric models, the Li i8 and Li i6, which have received over 100,000 orders combined, indicating a potential shift in product strategy [15][16].