Core Viewpoint - Li Auto's vehicle deliveries have significantly declined, with June deliveries at 36,300 units, down 11% month-over-month and down 24% year-over-year, raising concerns about the company's performance and market position [1][2]. Group 1: Delivery Performance - In June, Li Auto delivered 36,300 vehicles, a decrease of 11% from May's 40,800 units, which had a year-over-year growth of 16.7% [1]. - For Q2, the total vehicle deliveries were 111,000, slightly lower than the 108,600 units delivered in the same period last year, indicating a decline of over 2,000 units [1]. Group 2: Market Competition - The competitive landscape is intensifying, with rivals like Seres and Leap Motor enhancing their range-extended technology, posing a threat to Li Auto's market share [3][4]. - Major competitors are planning significant financing through Hong Kong listings, which could increase pressure on Li Auto's operations and market share [4]. Group 3: Financial Performance - Li Auto's average net profit per vehicle has been declining, dropping from 17,800 yuan in Q1 2023 to below 7,000 yuan by Q1 2025, a cumulative decline of over 60% [4]. - Rising costs of raw materials, such as copper and aluminum, have added pressure on automotive companies, making it difficult to pass these costs onto consumers [4]. Group 4: Executive Actions - CEO Wang Xing has been reducing his stake in Li Auto, selling 5.737 million shares between June 10 and June 13, totaling over 600 million HKD, which has raised concerns among investors [6][7]. - Other executives, including the CFO and co-founder, have also sold shares, which may lead to investor apprehension regarding the company's future performance [7].