Core Viewpoint - The report from Guolian Minsheng indicates that due to intensified industry competition, Li Auto's sales and profitability are under pressure, with projected revenues and net profits showing fluctuations from 2025 to 2027 [1] Group 1: Sales Performance - In August 2025, Li Auto delivered 28,529 new vehicles, representing a year-on-year decline of 40.7% and a month-on-month decrease of 7.2% [1][2] - The performance of pure electric models is accelerating, with the Li MEGA Home achieving over 3,000 deliveries in August and expected production capacity to exceed 3,500 units in September [2] - The Li i8 is ramping up production, with anticipated deliveries of 8,000 to 10,000 units by the end of September, while the Li i6 is expected to launch in September with a price range of 250,000 to 300,000 yuan [2] Group 2: AI Development - Li Auto is accelerating its investment and development in AI, leveraging its computational power and data scale advantages, which may help maintain its leading position in AI capabilities [3] - With the launch and delivery of the i8, Li Auto will also deliver the VLA driver model and the Li Xue intelligent system, enhancing the product strength in the AI domain [3] - The OTA 8.0 update will be fully pushed to all AD Max models in September, marking a significant evolution of the Li Xue intelligent system [3] Group 3: Charging Infrastructure - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, along with 536 after-sales service and authorized repair centers in 222 cities [4] - The company has deployed 3,190 Li Supercharging stations, with a total of 17,597 charging piles in operation nationwide, contributing to the improvement of its pure electric ecosystem [4]

Core Insights - Li Auto reported a revenue of 30.2 billion yuan for Q2 2025, a 16.7% increase from Q1, with a net profit of 1.1 billion yuan, marking a 69.6% growth [1] - The company achieved a delivery volume of 111,074 vehicles in Q2, up 19.6% from Q1, maintaining its leading position among new energy vehicle manufacturers [1] Financial Performance - Q2 revenue reached 30.2 billion yuan, a 16.7% increase from Q1 [1] - Net profit for Q2 was 1.1 billion yuan, a 69.6% increase from Q1, marking 11 consecutive quarters of profitability [1] - Operating profit for Q2 was 827 million yuan, a significant increase of 204.4% from Q1 [1] Market Position - Li Auto maintained a 13.6% market share in the Chinese new energy vehicle market priced above 200,000 yuan, leading in sales [2] - The Li L series ranked first in sales in the mid-to-high-end SUV market above 200,000 yuan for the first seven months of 2025 [2] - The Li MEGA model achieved dual sales championships in the luxury MPV and pure electric vehicle categories priced above 500,000 yuan [2] Product Development - The Li i8, a six-seat pure electric SUV, is expected to surpass 8,000 cumulative deliveries by the end of September [4] - The company plans to launch the Li i6 in September, expanding its product matrix to include four extended-range electric SUVs and two high-pressure pure electric SUVs [4] R&D Investment - R&D expenditure for Q2 was 2.8 billion yuan, with an expected total of 12 billion yuan for the year [6] - The company plans to invest over 6 billion yuan in artificial intelligence this year, enhancing its technological capabilities [6] - Li Auto is set to launch the VLA driver model in September, improving its smart driving and cockpit technologies [6] Technological Advancements - Li Auto has developed core technologies including self-developed silicon carbide power chips and modules, enhancing electric drive performance [7] - The company has established a comprehensive industrial layout for electric drive systems, focusing on self-research and production capabilities [7] Sales and Service Strategy - Li Auto upgraded its sales service system to enhance user value and support rapid growth [8] - The company has restructured its sales organization to improve operational efficiency and service quality [8] - As of mid-2025, Li Auto's cash reserves reached 106.9 billion yuan, providing a solid foundation for R&D and network expansion [8] Charging Infrastructure - Li Auto has built over 3,100 supercharging stations with more than 17,000 charging piles, ensuring charging accessibility for users [9] - The company plans to establish 4,000 supercharging stations by the end of 2025 to alleviate range anxiety for electric vehicle users [10]

Core Insights - Li Auto delivered 28,529 new vehicles in August 2025, bringing the total cumulative delivery to 1,397,070 vehicles as of August 31, 2025 [1] - The company plans to launch the pure electric SUV, Li Auto i6, in September, with a price range of RMB 250,000 to 300,000 [1] - An OTA 8.0 update in September will fully deploy the VLA driver model to all Li Auto AD Max users, enhancing the Li Auto intelligent assistant [1] Retail and Service Network - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities [1] - The company operates 536 after-sales service and authorized repair centers, covering 222 cities [1] - Li Auto has deployed 3,190 charging stations nationwide, with a total of 17,597 charging piles [1]

Core Insights - Li Auto delivered 28,529 vehicles in August 2025, bringing the total cumulative deliveries to 1,397,070 vehicles as of August 31, 2025 [1] - The popularity of the Li MEGA has led to an increase in market share, surpassing 30% in the pure electric market above 500,000 yuan in June and exceeding 35% in July [1] - The factory is ramping up production capacity, with over 3,000 Li MEGA deliveries in August and expected to exceed 3,500 in September [1] - The newly launched Li i8 is accelerating production, with an estimated delivery of 8,000 to 10,000 units by the end of September [1] - The upcoming Li i6, targeting the 250,000 to 300,000 yuan price range, is set to launch with immediate deliveries in September [1] - The Li VLA driver model completed the push for Li i8 in August and will be fully rolled out to all AD Max models with OTA 8.0 in September [1] - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities and has deployed 3,190 Li Supercharging stations with 17,597 charging piles nationwide [1]

Group 1 - The core point of the article is that Li Auto has delivered 28,529 new vehicles in August 2025, bringing the total cumulative delivery to 1,397,070 vehicles as of August 31, 2025 [1] - In September, Li Auto plans to launch the pure electric SUV, Li Auto i6, with a price range of RMB 250,000 to RMB 300,000 [1] - The OTA 8.0 version update in September will fully push the VLA driver model to all Li Auto AD Max users, and the Li Auto intelligent assistant will undergo a comprehensive evolution [1] Group 2 - As of August 31, 2025, Li Auto has established 543 retail centers across 156 cities, along with 536 after-sales service and authorized repair centers covering 222 cities [1] - The company has deployed 3,190 Li Auto supercharging stations nationwide, with a total of 17,597 charging piles in operation [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2025年8月交付更新資料 於2025年9月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2025年8月，理想汽車交付新車 28,529輛。截至2025年8月31日，理想汽車歷史累計交付量為1,397,070輛。 香港，2025年9月1日 9月，理想汽車將發佈純電SUV－理想i6，定價人民幣25萬元至30萬元價格區 間。此外，隨著9月OTA 8.0版本更新，理想汽車的VLA司機大模型將全量推送給 所有理想AD Max用戶，理想同學智能體也將全面進化。 截至2025年8月31日，理想汽車在全國已有543家零售中心，覆蓋156個城市；售 後維修中心及授權鈑噴中心536家，覆蓋222個城市。理想汽車在全國已投入使用 3, ...

Core Insights - Li Auto has demonstrated strong resilience as a leading new energy vehicle company, achieving a net profit of 1.1 billion yuan in Q2 2025, marking its 11th consecutive profitable quarter [1] - The company reported a revenue of 30.2 billion yuan and an operating profit of 827 million yuan, with a significant quarter-on-quarter growth of 204.4% [1] - R&D investment reached 2.8 billion yuan in Q2 2025, with an R&D expense ratio of 9.3%, positioning it as a leader among new energy vehicle companies [1] R&D and Technological Advancements - Li Auto's R&D strategy focuses on addressing core industry pain points rather than merely increasing spending, with an expected total R&D investment of over 12 billion yuan for 2025, including over 6 billion yuan for AI-related projects [3] - The launch of the VLA driver model marks a significant advancement in AI technology, evolving from basic driving behavior imitation to a model capable of spatial understanding and continuous learning based on user behavior [3][6] - The company is also developing its own intelligent driving chip, M100, which is set to enter mass production next year, aimed at optimizing its algorithms for better performance and cost efficiency [4] Electric Vehicle Innovations - Li Auto has achieved a comprehensive self-research capability in electric drive systems, including the development of silicon carbide power chips and modules, enhancing its vertical integration and cost control [7] - The i8 model showcases Li Auto's electric drive efficiency, achieving a remarkable 93.08% efficiency in CLTC conditions, positioning it as a strong competitor in the 300,000 to 400,000 yuan electric vehicle market [9] - The company has established a robust charging network with over 3,100 supercharging stations and more than 17,000 charging piles, addressing range anxiety for electric vehicle users [9] Business Model and Growth Strategy - Li Auto's growth strategy is characterized by a virtuous cycle: solidifying self-research capabilities through R&D investment, enhancing product experience through technological breakthroughs, driving sales growth via experience advantages, and reinvesting profits into R&D [11] - This model distinguishes Li Auto from other new energy vehicle companies that are still in loss-making stages, as the industry shifts focus from production volume to technological innovation [11]

2025年，中国新能源汽车市场竞争加剧，降价、过度营销等无序竞争进一步挤压行业利润。今年一季度，汽车行业利润率跌破4%，产业链上下游越来越多 的企业出现经营性亏损。同时，随着近几年同质化产品密集上市，对于汽车企业的创新能力有了更高要求。在此背景下，保持健康的盈利能力和强大的自我 造血能力，是汽车企业长期发展，提振消费者信心的重要指标。8月28日，理想汽车发布2025年第二季度财报。财报显示，理想汽车第二季度交付量超过 11.1万辆，季度营收达到302亿元。季度净利润达到11亿元，连续11个季度盈利。更重要的是，在标志着核心业务盈利能力的经营利润方面，理想汽车实现 大幅增长，环比提升204.4%，达到8.27亿元，意味着仅靠销售和服务，就能为企业带来可观的利润。 理想汽车在2023年凭借理想L系列的爆火，实现了首次全年盈利。到目前为止，理想汽车的盈利纪录仍未中断，已经实现连续11个季度盈利，可谓新势力车 企中极少数实现稳定盈利的企业。当不少新势力车企还在为短期生存焦虑时，理想已经率先开始寻找新的增长点，着手构建能穿越行业周期的长期竞争力。 拥抱AI，打开新增长点 面向未来，理想汽车选择重注AI，将AI视为提升组 ...

Core Viewpoint - Li Auto has launched its first pure electric SUV, the Li Auto i8, with a starting price of 321,800 yuan, aiming to establish itself in the pure electric vehicle market while maintaining a focus on user value rather than sales targets [2][3]. Group 1: Product Launch and Features - The Li Auto i8 features two battery options (90.1 kWh and 97.8 kWh) with CLTC ranges of 670 km and 720 km respectively, and is equipped with a ternary lithium 5C supercharging battery [2]. - The i8 is part of Li Auto's broader product lineup, which includes the L series, i series, and MEGA series, with the i6 set to launch in September [2]. Group 2: Market Position and Competition - Li Auto is projected to achieve annual sales exceeding 500,000 units in 2024, leading among new car manufacturers, particularly in the mid-to-large high-end new energy SUV market [3]. - The competition in the extended-range hybrid market is intensifying with the introduction of models like Huawei's Aito and others, impacting Li Auto's market share in the 400,000 yuan and above segment [3][4]. Group 3: Sales Performance and Market Dynamics - In the first half of the year, Li Auto delivered 203,900 vehicles, reflecting a year-on-year growth of 7.91%, although the growth rate has slowed [3]. - The market for pure electric SUVs priced above 300,000 yuan remains limited, with less than 80,000 units sold in the first four months of 2025, indicating a lack of scale and popular models in this segment [4]. Group 4: Consumer Concerns and Strategic Initiatives - Consumer "charging anxiety" is a significant barrier to the growth of high-end pure electric vehicles, which Li Auto aims to address by expanding its supercharging station network, now exceeding 3,000 stations [4]. - The introduction of the i8 and its advanced features, including the latest intelligent driving system, is part of Li Auto's strategy to enhance its brand perception and address market challenges [4].