Core Viewpoint - Li Auto-W is expected to face challenges in Q4 2025, with significant declines in both revenue and net profit due to the impact of the MEGA recall event [4][9]. Financial Performance Forecast - The forecast for Q4 2025 indicates a revenue range of 27.562 to 39.653 billion yuan, representing a year-on-year decline of 37.7% to 10.4% [1][7]. - The expected net profit for Q4 2025 is projected to be between -0.542 to 6.161 billion yuan, with a year-on-year change of -115.4% to 74.9% [1][8]. - The adjusted net profit is anticipated to be 0.431 billion yuan, reflecting a year-on-year decrease of 89.3% [1][8]. Recent Seller Insights - Guohai Securities notes that Li Auto-W's Q3 2025 revenue was 27.36 billion yuan, down 36.2% year-on-year, with a GAAP net loss of 0.624 billion yuan [4][9]. - The gross margin fell to 16.3% due to the recall, but it could reach 20.4% if recall costs are excluded [4][9]. - The company expects continued pressure on delivery volumes and revenue in Q4, but the introduction of a dual-supplier model for the Li Auto i6 may accelerate deliveries [4][10]. Business Segments - The Li Auto i6 electric SUV has received over 70,000 orders, and the company anticipates increasing monthly production capacity to 20,000 units by early 2026 [9][10]. - The CEO has announced a return to an entrepreneurial management model, focusing on embodied intelligent robotics, with plans to deliver products featuring the self-developed M100 chip by 2026 [4][9].