LI AUTO(US:LI) 东吴汽车黄细里团队·2025-11-27 14:33Core Viewpoint - The article discusses the financial performance and strategic adjustments of Li Auto, highlighting a significant decline in revenue and profitability in Q3 2025, alongside a shift back to a startup management model to enhance efficiency and user value [2][3][5]. Financial Performance - Li Auto reported Q3 2025 revenue of 27.36 billion yuan, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter, with vehicle sales revenue at 25.87 billion yuan, down 37.4% year-on-year and 10.4% quarter-on-quarter [2]. - The net profit attributable to shareholders was -620 million yuan, with Non-GAAP net profit at -360 million yuan, indicating a shift to losses compared to previous periods [2]. - The overall gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year and 3.7 percentage points quarter-on-quarter, primarily due to increased manufacturing costs from the MEGA recall [3]. Cost Management - R&D expenses for Q3 2025 were 2.97 billion yuan, up 15.0% year-on-year, reflecting increased costs related to new model projects and technology [3]. - Selling, general, and administrative expenses were 2.77 billion yuan, a year-on-year increase of 17.6% [3]. Sales and Production - The company achieved wholesale sales of 93,000 vehicles in Q3 2025, with an average revenue per vehicle of 278,000 yuan, compared to approximately 260,000 yuan in Q2 2025 [3]. Strategic Adjustments - Li Auto plans to revert to a startup management model starting Q4 2025, focusing on deep dialogue, user value, and efficiency improvements to adapt to industry changes [5]. - The company is developing the M100 chip for its AI system, expected to be commercially available in 2026, aiming for a performance-to-power ratio three times better than current high-end chips [5]. Revenue and Profit Forecast - Due to structural adjustments in vehicle models, revenue forecasts for 2025-2027 have been revised down to 113.4 billion yuan, 138.1 billion yuan, and 191.2 billion yuan, respectively, with year-on-year changes of -22%, +22%, and +39% [6]. - Net profit forecasts for the same period have also been reduced to 900 million yuan, 1.6 billion yuan, and 6.4 billion yuan, reflecting significant declines in 2025 but strong recovery in subsequent years [6].