Key Takeaways Li Auto delivered more vehicles in Q2, but NIO's 25.6% growth outpaced Li's 2.3% gain.Li Auto leads on profitability with a 19.8% vehicle margin versus NIOs 10.2%.NIO shares rose 27% in six months, while Li Auto fell 25%, reflecting diverging sentiment.Two of China’s biggest noted vehicle makers, NIO Inc. (NIO) and Li Auto (LI) , are about to report their second-quarter 2025 results. Li Auto will release its numbers this Thursday, while NIO will follow next Tuesday. Ahead of their results, the ...

就在前几天，智己亮相了一款增程版的 LS6 ，半小时小订一万，好像又回到了当初纯电品牌被增程随意践踏的时代？ 有时候吧，很难说增程到底是个宝藏，还是个坑。 紧随其后，广汽埃安的亲戚昊铂也抓住了这个 timing ，赶紧发布了昊铂 HL 的增程版。 而如果大伙儿再等等，还能有幸看到小鹏的增程车。因为在上一期工信部爆料里，就有小鹏 X9 增程版的信息，估计离亮相也不远了。 | 产品商标： | 小鹏牌 | 产品型号: | NHQ6530SHEVHA | 产品名称: | 插电式增程混合动力多用途乘用车 | | --- | --- | --- | --- | --- | --- | | 企业名称: | 肇庆小鹏新能源投资有限公司 | 注册地址: | 广东省肇庆高新区北江大道18号富民大厦十五楼1507房自编48号 | | | | 目录序号: | 140 | 生产地址: | 广东省广州市黄埔区中新广州知识城鹏行环街1号 | | | 总之，智己、昊铂、小鹏，再加上之前零跑、深蓝、阿维塔这些前辈，大家从纯电赶来做增程，都有美好的未来。 然而现实真是这样吗？一边是纯电品牌争先恐后做增程，而另一边，则是增程品牌疯狂逃回纯电。 就 ...

Core Viewpoint - The company is expected to report Q2 2025 revenue exceeding 30.7 billion, with a projected gross margin of 19.0-20.0%, leading to a gross profit of approximately 5.833-6.14 billion [1][2]. Revenue and Profit Projections - The estimated revenue for Q1 2025 was between 25.543-26.148 billion, with the actual revenue reported at 25.98 billion [2]. - The revenue calculation for Q2 2025 is based on vehicle pricing adjustments and is projected to be around 30.721 billion after accounting for VAT [2]. - The gross profit for Q2 2025 is expected to be between 5.833-6.14 billion, given the gross margin estimates [1][3]. Operating Expenses and Profitability - Operating expenses for Q2 2025 are projected to be between 5.047-5.792 billion, which may lead to an operating profit ranging from 0.04-1.093 billion [1][3]. - Historical data indicates that the company has only once reported lower Q2 operating expenses compared to Q1, which occurred in 2024 [2]. Sales Performance - The company’s sales in June 2025 fell significantly short of expectations, impacting the overall profitability outlook for Q2 2025 [3]. - Despite the lower sales performance, the operating profit for Q2 2025 is likely to exceed that of Q1 2025, although it may not surpass Q3 2024 levels [3]. Financial Summary Table - A detailed financial summary table outlines the delivery numbers, operating profit, operating expenses, R&D expenses, and general & administrative expenses for various quarters, highlighting trends in profitability and cost management [4].

根据这张图片显示，拒QuestAuto数据，25年6月，MEGA比理想所有L系列90后占比更高，家庭有孩占比更低。 李想在i8发布会上说MEGA，有30%用户是单身，不清楚这里单身的定义是什么。 25年7月8日，TOP2指出《 1个常见误解: 理想的车1个人开有点亏或为自己不应该首选理想 》，MEGA是理想所有车里一个人用最爽的车型，比其他车都 更爽。 1人用理想反而比多人用理想更爽，本质是2点： 1.有更多东西可以常备，多人使用无法常备。 2.平均空间资源更多。 常备放一张纯平单人床（一直不收那种）： MEGA可以选择右侧一二排/二三排, 左侧二三排。 L67是右侧一二排+二排放倒叠加后备箱形成床 L89只能选择右侧一二排（L89二三排无法形成一张床,且三排向前放倒不够成年人睡） 即MEGA可以实现那怕经常3人也能常备纯平单人床，4人就不行了。 L89 只要经常2人就不能纯平单人床了，L67虽然经常2人可以二排与后备箱为单人床，但是这种模式下是倒着的，无法正向看屏幕，体验有所缺 失。 如果经常都只有1人，L6789 MEGA 都可以常备放一张纯平单人床，且视角正式屏幕。 杯架放置选择： L89 MEGA 副 ...

Tesla priced its updated, six-seat Model Y sport utility vehicle in the same range as local rival Li Auto’s extended-range L8 model, to win over middle-class families in China’s hyper-competitive market https://t.co/mhstGkHYsG ...

Core Viewpoint - The article analyzes the market share trends of various automotive brands, particularly focusing on Li Auto and its competitors, highlighting fluctuations in market share from January 2023 to June 2025 [1][2]. Market Share Trends - Li Auto's market share increased from 6.97% in January 2023 to a peak of 13.14% in October 2023, before declining to 11.33% and 11.59% in November and December respectively [1]. - In 2024, Li Auto's market share fluctuated between 8.34% and 9.77% until June, when it rose to between 11.17% and 14.36% following the delivery of the L6 model [1]. - By June 2025, Li Auto's market share dropped to 9.35%, indicating a significant decline compared to the previous year [2]. Competitor Analysis - The article notes that while some readers perceive Seres/Wenjie as having a faster iteration speed compared to Li Auto, Seres' market share has not surpassed its peak since February 2024 [3]. - The market share of Seres reached a high of 10.66% in June 2024, but overall sales have not significantly increased despite a higher market share in the 400,000+ price segment [3]. - A comparison of market share changes from July 2024 to June 2025 shows declines for several brands, including Li Auto, NIO, and BMW, while Seres saw a slight increase of 0.38% [4]. Combined Market Share Insights - The combined market share of Li Auto and Seres reached a high of 25.49% in July 2024, suggesting that increases in one brand's share do not necessarily correlate with decreases in the other's [5]. - The expectation is that with the ongoing deliveries of new models, the combined market share of Li Auto and Seres could surpass the previous high of 25.49% [5].

Core Viewpoint - The article discusses the expectations and market dynamics surrounding the i8 vehicle, highlighting its pre-order success and competitive positioning in the market. Group 1: Pre-order Data and Market Expectations - As of 2 PM, pre-orders for the i8 exceeded 20,000, with an average of over 40 per store, surpassing market expectations that the i8 would struggle to reach 10,000 on its first day [1] Group 2: Pricing and Conversion Rates - The anticipated launch price of the i8 is around 330,000, which is more aggressive than the expected 340,000 to 350,000, narrowing the price gap with the L8, leading to a more optimistic conversion rate for pre-orders [2] Group 3: Competitive Landscape - The second half of the year is expected to be significant for six-seater vehicles, but high-quality offerings in the 300,000 to 400,000 price range remain scarce, with the i8 being the only model that combines charging experience, space, and intelligence [3] Group 4: Impact on Range-Extended Vehicles - After the launch of the pure electric model, the focus will shift to core cities in the first and second tiers, while range-extended models will target lower-tier markets to avoid direct competition [4] Group 5: Channel Expansion and Sales Growth - There is a need to focus on channel expansion, as coverage in third-tier cities and below is less than 50%, with sales accounting for about 33% (approximately 150,000 units). Assuming a doubling of channel coverage, a sales growth of 60-70% is likely, indicating a high certainty of an increase of 100,000 units [5]

Core Viewpoint - The article discusses the perception that individuals should not prioritize personal preferences when choosing a vehicle, particularly in the context of the Li Auto brand, and argues that owning a Li Auto vehicle can indeed be enjoyable for individuals [1]. Group 1: Reasons for Perception - Many believe that Li Auto vehicles are not designed for individual use due to the brand's focus on family-oriented marketing and product definitions, which often emphasize larger groups [2]. - Cultural factors in China promote the idea of self-sacrifice for family, leading to a perception that vehicles should cater to family needs rather than individual preferences [2]. Group 2: Product Features and User Experience - The Li Auto L789 model, which has been popular in 2023, emphasizes comfort over driving control, aligning with the notion of sacrificing personal preferences for family needs [3]. - Feedback from users has led to improvements in driving control in the 2024 L789 model and the 2025 L9 model, indicating responsiveness to consumer preferences [3]. - Li Auto's marketing predominantly targets family scenarios, with little emphasis on individual use, reflecting the company's belief that the family market is substantial [3]. Group 3: Advantages of Individual Use - Using a Li Auto vehicle as an individual can provide more convenience, such as the ability to keep more personal items on hand that may not be feasible in a multi-user scenario [4]. - The design of the MEGA model allows for a flat single bed setup, which is more advantageous for individual users compared to the L89 model, which has limitations in this regard [5]. - The placement of cup holders and other features in the MEGA model enhances the experience for individual users, allowing for better organization and accessibility [6][7]. Group 4: Overall Comfort and Utility - For individuals, the ability to prioritize personal needs when packing for trips can lead to a more enjoyable experience, as they can choose items that suit their preferences without compromise [8]. - The comfort level of Li Auto vehicles is highlighted as a significant advantage for individual drivers, making them less fatigued during use compared to competitors [8].

Core Viewpoint - The article discusses the delivery guidance and sales expectations for Li Auto's vehicles, particularly focusing on the MEGA model and its impact on the sales of other models like i6 and i8 [1][2]. Group 1: Delivery Guidance and Sales Expectations - Li Auto's delivery guidance for Q2 2025 is set between 123,000 and 128,000 units, with April and May deliveries recorded at 33,939 and 40,856 units respectively, indicating a June delivery forecast of 48,205 to 53,205 units [1]. - The expected delivery volume for June 2024 is 47,774 units, suggesting a year-on-year growth of 0.9% to 11.37% [1]. - During the Q1 2025 conference call, Li Xiang projected a steady state for MEGA at 2,500 to 3,000 units [1]. - If the MEGA model achieves 8,000 pre-orders, it could guarantee a minimum monthly sales of over 2,000 units, with average new orders of 1,000 units from June to December [1]. Group 2: Market Dynamics and Consumer Preferences - There is a notable preference for 6-seat vehicles among families, primarily driven by the need to accommodate children, as the layout offers better convenience compared to 5-seat vehicles [2]. - Some consumers who initially preferred 6-seat vehicles reconsider their choice, finding 5-seat options sufficient due to better second-row space in certain models [2]. - The pricing of 6-seat vehicles is generally higher, with a greater proportion of range-extended models being sold compared to 5-seat options [2]. - The L7 model has consistently outperformed the L8 in sales, indicating a potential trend in consumer preferences [2]. - The sales performance of the i8 model could influence the i6 model's sales, with a successful i8 potentially leading to strong i6 sales, while a poor performance of the i8 still leaves room for the i6 to perform well [2].

Core Viewpoint - Li Auto is facing increasing competition in the market, with a need to boost sales after a slow first half of the year. The company reported a slight revenue increase but is under pressure to meet its second-quarter guidance amid a challenging market environment [2][3]. Financial Performance - In Q1, Li Auto delivered 92,900 vehicles, resulting in total revenue of 25.9 billion, a year-on-year increase of 1.1%. The net profit for the quarter was 647 million, up 9.4%, making it the only new energy vehicle company to achieve ten consecutive quarters of profitability [2]. - Vehicle revenue reached 24.7 billion, exceeding market expectations of 24.1 billion, attributed to an improved vehicle mix with higher-margin models gaining share [2]. Market Competition - The market for range-extended vehicles is becoming increasingly competitive, with rivals like Denza N9, Lynk & Co 900, and Aito launching new models that are capturing market share from Li Auto [3]. - The sales growth of range-extended models is lagging behind the overall market, with only a 3.5% increase compared to significant growth in pure electric and plug-in hybrid vehicles [2]. Product Strategy - Li Auto is focusing on its second growth curve with the launch of its pure electric series, which has shown promising order growth, particularly for the MEGA model, which saw a 150% increase in orders [4]. - The company plans to release the i8 and i6 models in July and September, respectively, aiming to enhance features such as driving range and autonomous driving capabilities [5]. Sales and Marketing Strategy - Li Auto is implementing a "Starry Sky" plan to penetrate lower-tier cities, targeting a market share of over 28% in certain regions since opening stores [6]. - The company aims to achieve over 100,000 total sales from lower-tier cities by 2026 as part of its expansion strategy [6]. Future Outlook - Li Auto has set an ambitious target of reaching 300 billion in annual revenue, which would require a sales volume of 1.1 million vehicles per year to support this revenue goal [8]. - The company is also looking to expand its presence in Asian and European markets, aiming for overseas sales to account for 30% of total sales in the future [7].