Core Viewpoint - Li Auto reported a net loss of 624 million yuan in Q3 2025, marking a shift from profit to loss year-on-year and quarter-on-quarter [1] Financial Performance - Vehicle sales revenue for Q3 2025 was 25.867 billion yuan, a decrease of 37.4% year-on-year and 10.4% quarter-on-quarter [2] - Total revenue for Q3 2025 was 27.3647 billion yuan, down 36.2% year-on-year and 9.5% quarter-on-quarter [5] - Gross profit for Q3 2025 was 4.469 billion yuan, reflecting a 51.6% decline year-on-year and a 26.3% decline quarter-on-quarter [2] - Operating profit margin fell to -4.3%, a decrease of 12.3 percentage points year-on-year [2] - The company faced a significant impact from the MEGA recall, which resulted in losses exceeding 1.1 billion yuan [4][10] Delivery and Market Position - Li Auto's delivery volume in Q3 2025 was 93,200 units, a decrease of 39.0% year-on-year [7] - In comparison, competitors NIO, Xpeng, and Leap Motor reported significant growth in delivery volumes during the same period [6][9] - Li Auto is the only major new energy vehicle manufacturer to report a decline in revenue for Q3 2025 [5][7] Future Outlook - The company anticipates Q4 2025 deliveries to be between 100,000 and 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [12] - Projected total revenue for Q4 2025 is expected to be between 26.5 billion and 29.2 billion yuan, down 34.2% to 40.1% year-on-year [12] - CEO Li Xiang indicated that the transition to pure electric models is showing promise, with over 100,000 orders for the new models Li ONE and Li L6 [11]

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 [2][4]. Financial Performance - Total revenue for Q3 2025 was 27.3647 billion RMB, a decrease of 36.2% year-on-year and 9.5% quarter-on-quarter [6]. - Vehicle sales revenue was 25.8671 billion RMB, down 37.4% year-on-year and 10.4% quarter-on-quarter, primarily due to a reduction in vehicle deliveries [8]. - Gross profit for Q3 2025 was 4.469 billion RMB, with a gross margin of 16.3%, reflecting a significant decline from previous periods [13][14]. - Operating expenses were 5.6462 billion RMB, showing a slight increase of 7.8% quarter-on-quarter [3]. Delivery and Market Position - Li Auto's vehicle deliveries in Q3 2025 totaled 93,200 units, a decrease of 39.0% year-on-year [8]. - In comparison, competitors NIO, Xpeng, and Leap Motor reported significant delivery growth, with NIO delivering 87,000 units (up 40.8%), Xpeng 116,000 units (up 149.3%), and Leap Motor 173,900 units (up 101.77%) [11][20]. - Li Auto is the only major new energy vehicle manufacturer to report a decline in revenue during this period [5][8]. Recall Impact - The MEGA recall event led to estimated costs exceeding 11 billion RMB, significantly affecting the company's financial results [4][14]. - The recall involved 11,411 units of the Li MEGA 2024 model, prompted by a fire incident, and included free replacements of critical components [12]. Future Outlook - For Q4 2025, Li Auto expects deliveries to range between 100,000 and 110,000 units, representing a year-on-year decline of 30.7% to 37.0% [19]. - Projected total revenue for Q4 2025 is estimated to be between 26.5 billion and 29.2 billion RMB, reflecting a year-on-year decline of 34.2% to 40.1% [19]. - The company is focusing on its electric vehicle transition, with strong order numbers for the new models Li i8 and Li i6, which have exceeded 100,000 units [15][18].

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].