头部造车新势力，迎来2025年三季报收官。 11月26日晚间，理想汽车发布的财报显示，2025年第三季度净亏损6.24亿元，同比、环比均由盈转亏。 | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025 年 | 2025 年 | 同比 | 環比 | | | 9 月 30 日 | 6月30日 | 9月30日 | | | | | 人民幣 | 人民幣 | 人民幣 | | | | 車輛銷售收入 | 41,323.8 | 28.885.1 | 25.867.1 | (37.4)% | (10.4)% | | 車輛毛利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點 (3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364.7 | (36.2)% | (9.5)% | | 毛利 | 9,224.7 | 6.067.0 | 4.469.0 | (51.6)% | (26.3)% | | 毛利率 | 21.5% | 20.1% | | ...

【导读】理想汽车受MEGA召回事件影响，2025年第三季度损失超11亿元 11月26日晚间，理想汽车发布的财报显示，2025年第三季度净亏损6.24亿元，同比、环比均由盈转亏。 头部造车新势力，迎来2025年三季报收官。 | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025 年 | 2025年 | 同比 | 環比 | | | 9 月 30 日 | 6月 30 日 | 9月30日 | | | | | 人民幣 | 人民幣 | 人民幣 | | | | 車輛銷售收入 | 41.323.8 | 28.885.1 | 25.867.1 | (37.4)% | (10.4)% | | 車輛毛利率 | 20.9% | 19.4% | | 15.5% (5.4)個百分點 (3.9)個百分點 | | | 收入總額 | 42.874.2 | 30.245.6 | 27.364.7 | (36.2)% | (9.5)% | | 毛利 | 9,224.7 | 6.067.0 | 4.469.0 | (51.6)% ...

Core Viewpoint - Li Auto reported a net loss of 6.24 billion RMB in Q3 2025, marking a significant shift from profit to loss year-on-year and quarter-on-quarter due to the impact of the MEGA recall event, resulting in losses exceeding 1.1 billion RMB [1][3]. Financial Performance - Vehicle sales revenue for Q3 2025 was 25.87 billion RMB, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [2]. - Total revenue for Q3 2025 was 27.36 billion RMB, down 36.2% year-on-year and 9.5% quarter-on-quarter [4]. - Gross profit for Q3 2025 was 4.47 billion RMB, reflecting a 51.6% decline year-on-year and a 26.3% decline quarter-on-quarter [2]. - The gross margin for Q3 2025 was 16.3%, down 5.2 percentage points year-on-year [9]. Delivery and Market Position - Li Auto was the only new energy vehicle manufacturer among its peers to report a decline in revenue for Q3 2025, while competitors like NIO, Xpeng, and Leap Motor reported revenue growth [5][6]. - The total delivery volume for Q3 2025 was 93,200 units, a decrease of 39.0% year-on-year [8]. - In comparison, NIO, Xpeng, and Leap Motor reported delivery volumes of 87,000, 116,000, and 173,900 units respectively, with significant year-on-year growth [8][12]. Recall Impact - The MEGA recall involved 11,411 vehicles and was initiated following a fire incident, leading to an estimated impact of approximately 1.11 billion RMB on Li Auto's gross profit for Q3 2025 [9][11]. - The company plans to replace cooling liquid, power batteries, and front motor controllers for the recalled vehicles at no cost to customers [8]. Future Outlook - Li Auto's CEO indicated that the company is focusing on its electric vehicle transition, with strong order numbers for the new models i8 and i6, exceeding 100,000 units [10][11]. - For Q4 2025, Li Auto expects delivery volumes to range between 100,000 to 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [11][12].