Core Insights - Li Auto reported a significant decline in revenue and net loss for Q3 2025, with revenue at 27.4 billion yuan, down 36.2% year-over-year and 9.5% quarter-over-quarter [1] - The company delivered 93,211 vehicles in Q3 2025, representing a 39.0% decrease compared to the same period last year [1] Financial Performance - Q3 2025 revenue was 27.4 billion yuan, a year-over-year decline of 36.2% and a quarter-over-quarter decline of 9.5% [1] - Net loss for Q3 2025 was 624.4 million yuan, compared to a net profit of 2.8 billion yuan in the same quarter last year and a net profit of 1.1 billion yuan in the previous quarter [1] - Adjusted net loss, not in accordance with US GAAP, was 359.7 million yuan, down from a net profit of 3.9 billion yuan year-over-year and a net profit of 1.5 billion yuan quarter-over-quarter [1] Operational Metrics - As of October 31, 2025, the company operated 551 retail centers across 157 cities and 554 after-sales service centers in 225 cities [1] - Li Auto has established 3,508 charging stations equipped with 19,400 charging piles [1]

Core Insights - Xiaopeng Motors reported first-quarter revenue of 15.81 billion RMB, exceeding market expectations of 15.63 billion RMB [1] - The company experienced a net loss of 660 million RMB in the first quarter [2] - Total vehicle deliveries reached 94,008 units, surpassing market estimates of 90,592 units [3] - For the second quarter, revenue is projected to be between 17.5 billion and 18.7 billion RMB [4] - Expected vehicle deliveries for the second quarter are between 102,000 and 108,000 units [5] - Xiaopeng Motors' U.S. stock rose nearly 5% in pre-market trading [6] Financial Performance - Automotive sales revenue for the first quarter was 14.37 billion RMB, showing a year-on-year increase of 159.2% but a quarter-on-quarter decrease of 2.1% [7] - The automotive gross margin improved to 10.5%, up 5 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [7] - Total revenue for the quarter was 15.81 billion RMB, reflecting a year-on-year increase of 141.5% but a quarter-on-quarter decrease of 1.8% [7] - Gross profit reached 2.46 billion RMB, marking a year-on-year increase of 191.5% and a quarter-on-quarter increase of 5.8% [7] - The gross margin for the quarter was 15.6%, up 2.7 percentage points year-on-year and 1.2 percentage points quarter-on-quarter [7] - The net loss of 660 million RMB represented a 51.5% improvement year-on-year and a 50.1% improvement quarter-on-quarter [7] - Non-GAAP net loss was 430 million RMB, a reduction of 69.8% year-on-year and 69.4% quarter-on-quarter [7] - Comprehensive loss was 690 million RMB, down 48.6% year-on-year and 23.0% quarter-on-quarter [7]