Core Viewpoint - Li Auto emphasizes the importance of purchasing through official channels to ensure consumer safety and rights, warning against misleading offers from unauthorized platforms [1][2][5]. Summary by Sections Consumer Warnings - Li Auto has identified unauthorized platforms claiming to offer additional discounts on vehicle purchases, which may mislead consumers and compromise their personal information and financial rights [1][6]. - The company stresses that any implied extra discounts or unofficial policies violate its core principles of a unified pricing and service standard [2][6]. Risks of Unauthorized Purchases - Safety Hazards: Gifts obtained from unofficial channels (e.g., charging stations, film) lack quality testing, posing usage risks [3][8]. - Rights Damage: Oral promises may not be fulfilled, affecting after-sales support [3][8]. - Service Imbalance: Such practices disrupt fair consumer environments and impair product value assessments [3][8]. Company Commitments - Li Auto commits to a nationwide unified sales policy, ensuring all direct stores adhere to the same pricing, allowing consumers to purchase without comparison [9]. - The company guarantees transparency in service commitments, with all policy rights published through official channels, and any promises beyond official policies are deemed violations [9]. - All accessories and official gifts are distributed through certified quality inspection channels to eliminate unverified gifts [9]. Financial Performance - In Q1 2025, Li Auto reported revenue of 25.93 billion, a 1.1% increase year-on-year, with a net profit of 646 million, up 9.4% [11]. - For Q1 2024, the company delivered 80,400 vehicles, generating total revenue of 25.6 billion, a 36.4% increase from 18.8 billion in Q1 2023 [11]. - In Q1 2023, Li Auto achieved revenue of 18.79 billion, a 96.5% year-on-year growth, with 52,600 vehicles delivered, marking a 65.8% increase [11]. Market Position - As of early 2023, Li Auto ranked third among new energy vehicle manufacturers, trailing behind competitors Xiaopeng and Leap Motor [12]. - The company aims to expand its pure electric product offerings and increase sales volume as a primary strategy for future growth [12].

Investment Rating - The investment rating for Great Wall Motors is "Buy" (maintained) [1] Core Views - The company experienced a year-on-year revenue decline of 6.6% in Q1 2025, with a net profit drop of 45.6% due to product replacement cycles and significant investments in new models and direct sales systems [3][4] - Despite the short-term challenges, the long-term outlook remains positive due to the strong new product cycle and ongoing expansion in overseas markets, particularly with the Tank and Wey brands [3][4] Financial Performance Summary - Q1 2025 revenue was 400.19 billion yuan, down 6.6% year-on-year, while net profit was 17.51 billion yuan, down 45.6% [3] - Sales volume in Q1 decreased by 6.7% year-on-year, with notable declines in Haval, Tank, and Ora brands, while Wey brand sales increased by 38.7% [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 139.72 billion yuan (-4.71%), 169.78 billion yuan (-2.70%), and 189.95 billion yuan (-8.08%) respectively [3] Product and Market Development - The company is set to launch several new models, including the second-generation Haval Big Dog and the new Tank 500, which are expected to drive sales growth [4] - Great Wall Motors is actively expanding its overseas presence, with new factories in Thailand and Brazil, and plans to adapt its product offerings for diverse markets [4] - The company is enhancing its smart driving technology, with the Wey brand's Blue Mountain NOA system being rolled out nationally [4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 14.0, 11.6, and 10.3 respectively [3][6] - The expected revenue growth rates for 2025, 2026, and 2027 are 17.9%, 13.0%, and 8.9% respectively [6][9]