Core Viewpoint - Li Auto Inc. has officially launched the Li i8, a six-seat battery electric family SUV, which aims to redefine family mobility by combining off-road capabilities, sedan handling dynamics, and MPV comfort [1][14]. Product Overview - The Li i8 is available in three trims: Pro, Max, and Ultra, with retail prices of RMB321,800, RMB349,800, and RMB369,800 respectively, and deliveries will start on August 20, 2025 [2]. - The vehicle features a new high-voltage battery electric platform, an in-house developed electric drive system, and a nationwide 5C supercharging network [4]. Technical Specifications - The Li i8 offers two battery pack options: 90.1 kWh and 97.8 kWh, achieving CLTC ranges of 670 km and 720 km respectively. It can provide a 500 km driving range with just 10 minutes of charging [8]. - The vehicle is equipped with a dual-motor all-wheel drive system and features a dual-chamber air suspension with adjustable height settings [15]. Design and Comfort - The Li i8 boasts a yacht-inspired design with a drag coefficient of 0.218, enhancing aerodynamics and energy efficiency. Its dimensions are 5,085 mm in length, 1,960 mm in width, and 1,740 mm in height, providing ample interior space [12]. - The interior includes wraparound-style seats and a zero-gravity seat in the second row, catering to family comfort and spaciousness [18]. Safety Features - The vehicle incorporates advanced safety features, including a multi-path force transmission design for frontal collisions, extensive airbag protection, and rigorous battery safety testing [20]. - All trims come standard with LiDAR sensors and enhanced automatic emergency steering to mitigate collision risks [20]. Assisted Driving and Smart Features - The Li i8 Pro includes the Li AD Pro assisted driving system, while the Max and Ultra models feature the advanced Li AD Max system, enhancing driving capabilities through advanced computing power [22]. - The vehicle's smart space features the Li Xiang Tong Xue Agent, which can autonomously perform tasks and provide personalized experiences for users [23]. Brand Positioning - Li Auto has announced a brand upgrade, focusing on providing high-quality mobile spaces for families while maintaining its commitment to innovation and user experience [24]. - The company's mission is to create a mobile home that fosters happiness, emphasizing the importance of family-oriented products and services [25].

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - Key sectors mentioned include rare earth permanent magnets, humanoid robots, low-altitude economy, and new energy vehicles, with a company already supplying small batches to downstream humanoid robot clients and receiving new export licenses for rare earth-related items [1] - The article also discusses the integration of water conservancy, humanoid robots, and artificial intelligence, noting that a company has successfully sold multiple intelligent operation and maintenance robots for rail transit to clients [1] Group 2 - The company is set to mass-produce 800G optical module products and has won a 1.5 billion yuan contract for a marine energy project, indicating strong growth potential in the optical and marine sectors [1]

Investment Rating - The stock rating for Li Auto Inc. is Overweight [4] Core Viewpoints - The report indicates that June sales for Li Auto were slower than expected, tracking behind the company's 2Q volume guidance of 123-128k units, with a June target of 48-53k units, resulting in a hit rate of 34-38% in the first half of June [2][3] - Despite the current sales weakness, the report maintains a positive outlook for the second half of the year, anticipating a resurgence in operations supported by a new model cycle and improved execution from the Li Auto team [2][4] - The report suggests that the recent adjustments in Li Auto's channel strategy and increased price competition may temporarily affect sales momentum, but these impacts are expected to be transient [2] Summary by Sections Sales Performance - Li Auto's ADR/H shares fell by 4%, underperforming against the HSI which declined by 1%, primarily due to slower month-to-date sales [1][3] - Concerns were raised regarding a 0.3% reduction in holdings by major shareholder Meituan's Wang Xing during June 10-13 [1][3] Market Outlook - The report emphasizes that the lukewarm sales in June do not disrupt the thesis of a second-half operational resurgence, which is expected to be driven by the introduction of new models [2] - The anticipated recovery in order momentum is supported by lessons learned from previous product launches and potentially more competitive pricing strategies [2] Valuation and Market Data - The price target for Li Auto Inc. is set at US$36.00, with the stock closing at US$26.94 on June 17, 2025 [4] - The market capitalization of Li Auto is approximately Rmb192,891.6 million, with an enterprise value of Rmb87,595.7 million [4]

Company Performance - Li Auto delivered 40,856 vehicles in May 2025, marking a year-over-year increase of 16.7% [1] - Cumulative deliveries reached 1,301,531 as of May 31, 2025 [1] Product Development - The company completed a comprehensive upgrade of its entire model lineup, with the new Li MEGA Home deliveries starting in late May [2] - The Li L series features significant enhancements, including dual-chamber air suspension and industry-leading safety capabilities with standard all-weather LiDAR [2] Technological Advancements - Li Auto rolled out OTA update version 7.4, enhancing the smart assistant Li Xiang Tong Xue with new animated avatars and improved intelligence [3] - The company plans to complete the deployment of its 2,500th super charging station in June, ahead of the launch of its first battery electric SUV, Li i8, in July [3] Infrastructure Expansion - As of May 31, 2025, Li Auto operated 506 retail stores in 152 cities and 502 servicing centers across 222 cities [4] - The company had 2,414 super charging stations in operation, equipped with 13,195 charging stalls in China [4] Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [5] - The current model lineup includes Li MEGA, Li L9, Li L8, Li L7, and Li L6, with plans for further expansion to target a broader user base [5]

Core Insights - BYD's shares dropped by as much as 8.25% following the announcement of price cuts on 22 electric and plug-in hybrid models, effective until the end of June [1][3] - Significant price reductions include a 20% cut for the Seagull hatchback to 55,800 Chinese yuan ($7,780) and a 34% reduction for the Seal dual-motor hybrid sedan to 102,800 yuan [2] - Analysts from Citi predict a 30% to 40% increase in dealership footfall due to the price cuts, indicating a potential boost in sales [3] Company Performance - Other Chinese automakers also experienced declines in share prices, with Geely Automobile down 7.29%, Great Wall Motor Co down 2.94%, Li Auto down 4.93%, and Xpeng down 4.19% [4] - Despite the price cuts, Citi's analysts do not foresee a significant erosion of competitors' market share, expecting robust sales growth for new energy vehicle companies priced below 200,000 Chinese yuan [4]