Core Viewpoint - Li Auto, the annual sales champion among new car manufacturers, experienced a decline in new car deliveries, with June's delivery volume down 23.4% year-on-year, making it one of the few companies in the top tier to show negative growth [2][6]. Group 1: Sales Performance - In June, Li Auto delivered 36,300 new cars, a year-on-year decrease of 24.06%, marking a significant drop in performance [6]. - The company has cumulatively delivered over 1.33 million vehicles in the past five years and has maintained its position as the sales champion in the mid-to-high-end market for two consecutive years [6][12]. - Li Auto's sales target for 2025 was revised down from 700,000 to 640,000 units, with the completion rate for the annual target being less than one-third halfway through the year [12][16]. Group 2: Profitability and Margins - The gross margin for Li Auto is projected to be 20.53% in 2024, a decline of 1.67 percentage points compared to 2023, with the first quarter of this year further dropping to 20.51% [2][13]. - The company faces pressure to maintain its existing market while expanding into the pure electric vehicle market [13]. Group 3: Competitive Landscape - The competition among new car manufacturers is intensifying, with many brands now adopting similar strategies to Li Auto's original model, leading to a dilution of its competitive edge [14]. - Li Auto's market share in the extended-range vehicle segment is expected to decline by 2.1% in Q4 2024 [14]. - The company is facing increased competition from new entrants and existing brands, with numerous new mid-to-large SUVs launched this year [14][15]. Group 4: Future Strategy - Li Auto is set to launch its first pure electric SUV, the i8, in July, followed by the i6 in September, which will compete directly with Xiaomi's Yu7 [15]. - The company is undergoing an organizational restructuring to enhance its focus on smart vehicle development, which may impact short-term order conversion [15][20]. - Li Auto's long-term vision includes developing AI hardware terminals akin to revolutionary products like the iPhone, indicating a shift beyond traditional automotive manufacturing [20].

Group 1 - TSMC's Arizona factory faces a collective lawsuit with 17 plaintiffs alleging discrimination, unsafe working conditions, and harassment [4][5][6] - Romoss announces a six-month shutdown, paying employees 80% of the local minimum wage, which is insufficient for living expenses in Shenzhen [8][9] - Li Xiang, CEO of Li Auto, states that the company aims to become a robotics enterprise, marking his last entrepreneurial venture [10] - NIO's founder Li Bin reveals that the starting price for the new model L90 will be under 300,000 yuan, emphasizing the company's clean balance sheet [14][15] - Yushutech plans to IPO within approximately 60 days, with a focus on the A-share market [16] - DJI's former employee takes over as sales head for Yingshi, indicating a significant restructuring of the agency system [17] Group 2 - Meituan's daily orders surpass 1.2 billion, with over 1 billion in the food delivery sector, indicating a strong market presence [22][23] - Tesla significantly reduces the price of the Model 3 in Hong Kong to boost sales, with discounts reaching 18% [35] - Sony halts sales of the Xperia 1 VII due to serious stability issues, including unexpected shutdowns and reboots [39] - The U.S. plans to tighten export controls on AI GPU chips to Malaysia and Thailand to prevent them from reaching China [40]