Core Viewpoint - The delivery performance of Li Auto's models in June 2025 is disappointing, particularly for the L series, which saw a significant decline in deliveries compared to May 2025, while the MEGA model experienced a substantial increase [2][6]. Delivery Data Summary - Estimated deliveries for June 2025 are as follows: - L6: 16,389 - L7: 8,250 - L8: 4,360 - L9: 4,968 - L789: 17,578 - MEGA: 2,312 - Compared to May 2025, the month-on-month changes are: - L6: -12.74% - L7: -17.63% - L8: -17.92% - L9: -13.65% - L789: -16.62% - MEGA: +132.6% [1][2]. Delivery Calculation Methodology - The delivery data for June 2025 was estimated based on the assumption that the average insurance figures for June 1-30 would be consistent with those from June 2-8. The estimated total insurance figures were then used to derive the delivery-to-insurance ratio, which was applied to calculate the estimated deliveries for each model [3]. Historical Context - The L series underwent a model change in March 2024, with the L789 model not surpassing the March 2024 delivery levels until September 2024. The L series only exceeded March 2024 levels again in December 2024 [4]. Yearly Comparison - In April 2024, L789 deliveries decreased by 14.3% compared to March 2024, while the L series saw a similar decline of approximately 14.8% in June 2025 compared to May 2025 [5]. Future Delivery Projections - A pessimistic estimate for L series deliveries in the second half of 2025 suggests monthly deliveries of 33,185, 36,095, 39,452, 34,792, 42,437, and 38,392, totaling 224,352 for the second half and 422,478 for the entire year [6]. Guidance and Performance Analysis - Li Auto provided a Q2 2025 delivery guidance lower limit of 123,000 units, with a June 2025 lower limit of 35,000 units. The company has a history of providing 19 delivery guidance updates, with only 4 aligning with the initial guidance on reporting day [6][7]. Reasons for Decline - Potential reasons for the decline in deliveries include: 1. Stricter commission policies implemented at the end of May and early June, which may have negatively impacted short-term sales but could be beneficial in the long term [8]. 2. Cancellation of high-interest and high-commission incentives. 3. Some potential customers are waiting for new models like YU7 and i8, particularly affecting L6 sales [8]. 4. Lack of clear division of responsibilities within the sales and product teams, leading to ineffective value communication [8]. 5. Recent changes in sales operations aimed at focusing on value delivery have not been effectively implemented [10]. Management and Sales Dynamics - Effective management at the store level is crucial for sales success, as store managers play a key role in guiding sales teams. The current sales pressure has led to a focus on short-term results rather than long-term value delivery [9][11]. Organizational Challenges - The recent organizational changes have not yet resolved the underlying issues of value communication and management clarity, which are essential for improving sales performance [12][13].