[Table_Title] 研究报告 Research Report 28 Aug 2025 理想汽车 Li Auto (2015 HK) 营收增长短期承压，回归聚焦单品策略，迭代加速迎竞争 Revenue Growth Faces Near-Term Pressure; Returning to Focused Single-Model Strategy with Accelerated Iteration to Meet Competition 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA sy.wang@htisec.com k.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis Profit Flat YoY, Cautiously Optimistic on 3Q Performance [(Table_summary] Please see APPENDIX 1 for English summary) 利润同比持平，谨慎看好三季度业绩表现。理想汽车 Q2 营业收入 302.5 亿元，同比降 4.5%、环比增 16.7% ...