Core Viewpoint - Li Auto is experiencing demand contraction and sales underperformance, leading to revised sales volume and earnings forecasts for 2025-26 due to increased competition and margin compression from new BEV models [1][2][4]. Sales Performance - In 1H25, Li Auto's sales lagged behind the broader market, with a market share decline of 2 percentage points in China's NEV market [2]. - Weekly sales have dropped from 8-9k units to below 6k units, indicating deteriorating demand dynamics [2][3]. - The company anticipates a potential year-over-year sales decline exceeding 30% in 3Q25 due to inadequate delivery of new models [4]. Margin and Earnings Outlook - Despite a vehicle margin of around 19% in 2Q25, margin compression is expected from the increased sales mix of i-series BEVs, which have higher BOM costs [1][3]. - Non-GAAP net income forecasts have been reduced by 37%-47% to RMB6.2 billion and RMB10.1 billion for 2025 and 2026, respectively [4]. Competitive Landscape - Li Auto faces intensified competition as rivals introduce lower-priced models with similar features, challenging its market position [5]. - The company has been criticized for its slow response to competitors and for not sufficiently innovating its product offerings [5][6]. Strategic Focus - The company needs to pivot its strategic focus to expand its BEV reach while maintaining relevance in the EREV market through effective product iteration [6]. - A shift back to P/S multiples for valuation is preferred due to near-term profitability volatility and the industry trend among NEV counterparts [7].

Core Viewpoint - Li Auto Inc. has revised its delivery outlook for Q2 2025, expecting to deliver approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles, due to a temporary impact from a sales system upgrade [1] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [2] - The company's mission is to create a mobile home and happiness, providing families with safe, convenient, and comfortable products and services [2] - Li Auto is a pioneer in commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [2] - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [2]

Core Insights - Li Auto has submitted its second fully electric SUV, the Li i6, for regulatory approval in China, with an official launch expected in about three months [1] - The Li i6 is listed in the latest catalog of new models by China's Ministry of Industry and Information Technology, which is open for public feedback [1] Vehicle Specifications - The Li i6 appears in three versions: dual-motor variant (150 kW front motor and 250 kW rear motor) and two single-motor variants with a peak output of 250 kW [2] - All versions share similar dimensions: 4,950 mm in length, 1,935 mm in width, 1,655-1,670 mm in height, and a 3,000 mm wheelbase [2] Production and Performance - Production of the Li i6 will occur at Li Auto's facilities in Beijing and Changzhou, with a curb weight ranging from 2,380 kg to 2,515 kg [3] - The vehicle can reach speeds up to 180 km/h and will be powered by lithium-iron phosphate batteries sourced from CATL and Sunwoda [3] Market Positioning - The Li i6 is designed as a roomy two-row, five-seat electric SUV, targeting families considering premium models like the Mercedes-Benz GLC, BMW X3, or Audi Q5 [4] - The official release is slated for September, with images of the SUV's exterior shared on Weibo by Li Xiang, the founder and CEO of Li Auto [4] Company Background - Li Auto is recognized for its extended-range electric vehicles, including the Li L6, L7, L8, and L9, and recently launched its first battery electric vehicle, the Li Mega MPV, on March 1, 2024 [5] - The company is also preparing to launch the Li i8, its first pure electric SUV, later in July [5]

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q1 2025 on May 29, 2025, before the U.S. market opens, followed by an earnings conference call on the same day [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing safety, convenience, and comfort in its products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [4]. Conference Call Details - Participants wishing to join the earnings conference call must complete online registration prior to the scheduled start time [2]. - A replay of the conference call will be available until June 5, 2025, through various dial-in numbers [3].

Core Viewpoint - Li Auto Inc. is set to hold its annual general meeting (AGM) on May 30, 2025, to discuss proposed resolutions supported by the board of directors [1][2]. Group 1: AGM Details - The AGM will take place at 10:00 a.m. Beijing time at Oriental Plaza, Beijing, China [1]. - Shareholders of ordinary shares and holders of American depositary shares (ADSs) as of April 25, 2025, are entitled to attend and vote at the AGM [2]. Group 2: Financial Reporting - Li Auto has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC) [3]. Group 3: Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4]. - The company aims to create safe, convenient, and comfortable products and services through innovation in technology and business models [4]. - Li Auto has successfully commercialized extended-range electric vehicles and is also developing battery electric vehicle platforms [4]. - The current model lineup includes various family-oriented SUVs and MPVs, with plans for further product expansion [4].

Core Insights - Li Auto Inc. has released its 2024 Environmental, Social and Governance (ESG) report, showcasing its commitment to sustainability and corporate governance [1][2] - The company emphasizes its focus on operational compliance, innovation, low-carbon operations, employee well-being, and community engagement as part of its sustainability strategy [2] Company Overview - Li Auto is a leader in China's new energy vehicle market, specializing in the design, development, manufacturing, and sale of premium smart electric vehicles [4] - The company's mission is to create a mobile home and happiness, aiming to provide safe, convenient, and comfortable products and services through technological innovations [4] - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4] - The current model lineup includes various flagship family SUVs and MPVs, with plans for further product expansion to reach a broader user base [4]

Core Insights - Li Auto Inc. delivered 36,674 vehicles in March 2025, marking a year-over-year increase of 26.5%, with first-quarter deliveries totaling 92,864, up 15.5% year-over-year [1][2] - The company has maintained its position as the sales leader among Chinese automotive brands in the RMB200,000 and above NEV market for twelve consecutive months [2] - Li Auto's cumulative deliveries reached 1,226,736 as of March 31, 2025 [1] Company Developments - The Li L series is a key contributor to the company's profitability and is on track to deliver its 1,000,000th vehicle soon [2] - The new Li MEGA Ultra, featuring upgraded autonomous driving configurations, is open for reservations, with further updates expected at Auto Shanghai 2025 [2] - Li Auto became the world's first automaker to commit to open-sourcing its proprietary OS for smart vehicles, Li Halo OS [2] Infrastructure and Retail Expansion - As of March 31, 2025, the company operated 500 retail stores in 150 cities, 502 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has 2,045 supercharging stations with 11,038 charging stalls in operation across China [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4] - The company aims to create safe, convenient, and comfortable products and services through innovations in product, technology, and business model [4] - Li Auto has successfully commercialized extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]

Core Viewpoint - Li Auto Inc. reported strong financial results for the fourth quarter and full year of 2024, achieving record revenues and vehicle deliveries, while also facing challenges in net income and margins compared to previous periods [2][5][18]. Financial Highlights for Q4 2024 - Total revenues reached RMB44.3 billion (US$6.1 billion), a 6.1% increase year-over-year from RMB41.7 billion [6][22]. - Vehicle sales amounted to RMB42.6 billion (US$5.8 billion), reflecting a 5.6% increase from RMB40.4 billion in Q4 2023 [6][22]. - Gross profit was RMB9.0 billion (US$1.2 billion), down 8.3% from RMB9.8 billion in Q4 2023 [6][22]. - Net income decreased by 38.6% to RMB3.5 billion (US$484.0 million) compared to RMB5.8 billion in Q4 2023 [6][28]. - Operating expenses were reduced by 22.0% to RMB5.3 billion (US$721.6 million) from RMB6.8 billion in Q4 2023 [6][27]. Financial Highlights for Full Year 2024 - Full year total revenues reached RMB144.5 billion (US$19.8 billion), a 16.6% increase from RMB123.9 billion in 2023 [10][12]. - Total vehicle sales for the year were RMB138.5 billion (US$19.0 billion), up 15.2% from RMB120.3 billion in 2023 [10][12]. - Net income for the year was RMB8.0 billion (US$1.1 billion), down 31.9% from RMB11.8 billion in 2023 [10][12]. - Operating expenses increased by 12.7% to RMB22.6 billion (US$3.1 billion) from RMB20.1 billion in 2023 [10][12]. Delivery and Operational Highlights - Quarterly deliveries reached 158,696 vehicles, a 20.4% year-over-year increase [5][18]. - Full year deliveries totaled 500,508 vehicles, representing a 33.1% increase from 376,030 vehicles in 2023 [5][18]. - As of December 31, 2024, the company operated 502 retail stores in 150 cities and 1,727 supercharging stations [3][13]. Cash Flow and Financial Position - Net cash provided by operating activities was RMB8.7 billion (US$1.2 billion) in Q4 2024, down 49.8% from RMB17.3 billion in Q4 2023 [9][28]. - Free cash flow was RMB6.1 billion (US$830.1 million) in Q4 2024, a decrease of 58.6% from RMB14.6 billion in Q4 2023 [9][28]. - The company's cash position stood at RMB112.8 billion (US$15.5 billion) as of December 31, 2024 [28]. Future Outlook - For Q1 2025, the company expects vehicle deliveries to be between 88,000 and 93,000, indicating a year-over-year increase of 9.5% to 15.7% [35].

Core Insights - Li Auto Inc. delivered 26,263 vehicles in February 2025, marking a year-over-year increase of 29.7%, with cumulative deliveries reaching 1,190,062 as of February 28, 2025 [1][2] Group 1: Vehicle Deliveries and Performance - The company achieved a significant year-over-year growth in vehicle deliveries, with February 2025 figures showing a 29.7% increase [1] - Cumulative vehicle deliveries reached a total of 1,190,062 by the end of February 2025 [1] Group 2: Product and Technology Developments - In February, Li Auto rolled out OTA update version 7.1, enhancing autonomous driving and smart space systems [2] - The upgraded Li AD Max V13 offers improved performance in complex road conditions, along with new features for user safety and experience [2] - The company unveiled the exterior design of its first battery electric SUV, Li i8, indicating ongoing product innovation [2] Group 3: Retail and Service Infrastructure - As of February 28, 2025, Li Auto operated 500 retail stores across 150 cities and had 488 servicing centers in 224 cities [3] - The company also established 1,874 supercharging stations with 10,008 charging stalls throughout China, enhancing its service network [3] Group 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 [4] - The company aims to create safe, convenient, and comfortable products and services, with a mission to "Create a Mobile Home, Create Happiness" [4] - Li Auto's current model lineup includes various family-oriented SUVs and MPVs, with plans for further product expansion [4]

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q4 and full year 2024 on March 14, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The earnings conference call is scheduled for March 14, 2025, at 8:00 A.M. U.S. Eastern Time [1] - Participants must complete online registration to join the call, receiving access information upon registration [2] Group 2: Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4] - The company aims to create safe, convenient, and comfortable products and services through innovation [4] - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4] - The current model lineup includes Li MEGA, Li L9, Li L8, Li L7, and Li L6, with plans to expand the product range [4]