Business Outlook - The overall expectation for business conditions in Q3 2025 is less optimistic, with 10% of respondents anticipating better conditions compared to 18% expecting worse conditions, indicating a negative sentiment [1] - Compared to Q2 2025, the proportion of respondents expecting better business conditions in Q3 2025 has slightly increased from 9% to 10%, while the proportion expecting worse conditions remains stable at 18% [1] Industry Analysis - In several industries, respondents generally expect a decline in business/output volume for Q3 2025 compared to Q2 2025, particularly in construction, transportation, warehousing and express services, import and export trade, accommodation and food services, and retail [2] Employment Expectations - Overall, respondents expect employment numbers to remain relatively unchanged in Q3 2025 compared to Q2 2025. However, in the information and communications sector, more respondents anticipate a decline in employment numbers, while in the real estate sector, more expect an increase [3] Pricing Expectations - Most industries expect product prices/service charges to remain stable in Q3 2025 compared to Q2 2025. Notably, in the construction industry, a significant number of respondents expect a decrease in bidding prices [4] - A government spokesperson noted a slight improvement in the overall short-term business outlook for large enterprises compared to the previous quarter, with stable hiring intentions [4]

Core Viewpoint - Li Auto expects vehicle deliveries in Q2 2025 to range from 123,000 to 128,000 units, representing a year-over-year growth of 13.3% to 17.9% [1] - The total revenue is projected to be between RMB 32.5 billion (approximately $4.5 billion) and RMB 33.8 billion (approximately $4.7 billion), reflecting a year-over-year increase of 2.5% to 6.7% [1] Financial Outlook - The company’s business outlook indicates a current and preliminary view of its operational status and market conditions, which may change [1]