26 November 2025 | 7:11PM CST Equity Research Li Auto Inc. (LI): 3Q25 First Take: EBIT miss on higher opex and one-time recall cost, 4Q25E revenue/volume guidance in line with GSe Li Auto reported 3Q25 result – total revenue beat by 6%, gross profit missed by 13% (but 8% above GSe if excluding one-time recall cost of around Rmb1.1bn from MEGA), and operating profit missed on higher opex. If excluding the impact from related recall cost, we see gross profit was around Rmb5,571mn (+8% vs. GSe) and operating l ...

Core Viewpoint - The report from CICC maintains an "outperform" rating for Li Auto-W (02015), despite lowering the Non-GAAP profit forecasts for 2025 and 2026 by 66% and 30% to 2.6 billion and 9.8 billion respectively, due to MEGA recall losses and increased market competition [1][3] Financial Performance - In Q3, the company reported revenue of 27.37 billion, with a Non-GAAP net loss of 360 million, which was below market expectations [3] - The company delivered a total of 93,211 vehicles in Q3, with the pure electric models contributing to sales [3] - The gross margin, after accounting for the MEGA recall costs, remained stable, with comprehensive gross margins of 20.4% and 16.3% when including and excluding the recall impact, respectively [3] Strategic Initiatives - The company has initiated a strategic review to address organizational, R&D, and product issues, aiming to enhance product differentiation and accelerate international expansion while increasing AI investments [3] - The CEO emphasized a return to a startup management model, focusing on deep user engagement and efficiency improvements, while also expanding the product line beyond just electric vehicles to include intelligent service terminals [3]

战略反思开启新周期，期待经营走出低谷 近期，公司开展秋季闭门战略会，对组织、研发、产品等问题进行反思，并计划后续的车型区分度加 大，加快出海节奏和加大AI投入力度。该行认为公司已在近期的理想i6车型上重回大单品的策略，并陆 续在渠道端进行了多项改革，期待新产品发布带动后续经营效率回归。 重回创业型企业思路，坚持长维度投入 公司公布3Q业绩：营收273.7亿元，Non-GAAP净亏损3.6亿元，3Q产生MEGA车型召回损失，业绩低于 市场预期。 一次性计入召回成本，实际毛利率保持稳定 公司3Q25合计交付93,211辆，纯电车型开始交付贡献销量，3Q实现营收273.7亿元。3Q公司一次性计入 MEGA召回成本，剔除/未剔除该影响的综合毛利率分别为20.4%/16.3%，相应的汽车毛利率分别为 19.8%/15.5%。费用端，3Q公司研发费用29.7亿元，销管费用27.7亿元，费控平稳。展望4Q25，考虑i6 爬坡上量、L系列促销等影响，该行预计汽车毛利率未来2个季度仍有挑战。 智通财经APP获悉，中金发布研报称，维持理想汽车-W(02015)跑赢行业评级。港美股分别对应15/14x 26E P/E，考虑到MEG ...

26日晚间，理想汽车发布三季度财报称，第三季度该公司营收274亿元，同比下跌36.2%；净亏损为 6.2亿元，上年同期净利润为28亿元，由盈转亏。 编辑 ｜ 钉钉 理想汽车于10月31日宣布召回11411辆MEGA，将更换冷却液、动力电池等部件，主要因冷却液防腐 性能不足可能导致动力电池热失控风险。 记者｜ 武子晔 财报称，三季度该公司毛利率16.3%，毛利为44.69亿元；若剔除MEGA召回支出影响，则毛利率为 20.4%。由此计算，MEGA召回事件导致理想汽车第三季度损失约11.13亿元。 ...

理想汽车于10月31日宣布召回11411辆MEGA，将更换冷却液、动力电池等部件，主要因冷却液防腐性 能不足可能导致动力电池热失控风险。 （文章来源：第一财经） 26日晚间，理想汽车发布三季度财报称，第三季度该公司营收274亿元，同比下跌36.2%；净亏损为6.2 亿元，上年同期净利润为28亿元，由盈转亏。财报称，三季度该公司毛利率16.3%，毛利为44.69亿元； 若剔除MEGA召回支出影响，则毛利率为20.4%。由此计算，MEGA召回事件导致理想汽车第三季度损 失约11.13亿元。 ...

Li Auto Inc. (NASDAQ:LI) will release earnings results for the third quarter, before the opening bell on Wednesday, Nov. 26.Analysts expect the China-based company to report quarterly earnings of 4 cents per share, on revenue of $3.76 billion, according to data from Benzinga Pro.Hesai Technology (NASDAQ:HSAI) was recently named the exclusive lidar supplier for Li Auto's next-generation assisted driving platform. The agreement covers all upcoming models, including the "L" Series, "i" Series, and "MEGA," mark ...

Made 1,000 $ARB for trolling @waleswoosh on the bird app lmao 🤣 never once tweeted about @arbitrum before yesterday. https://t.co/Ky6mySYPCmXeer (@Xeer):Just acquired some $MEGA off the @arbitrum OTC Desk, shoutout to @waleswoosh 🫡. ...

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Listing Announcement - BitMart announces the listing of Pre-Market Trading for MegaETH (MEGA) [1] - Trading pair is MEGA/USDT [1] Timeline - MegaETH mint starts on October 31, 2025, at 07:00 AM UTC [1] - Pre-Market trading starts on November 3, 2025, at 07:00 AM UTC [1] Trading Information - Users can mint MegaETH at provided link [1] - Users can trade MegaETH at provided link [1]

Core Insights - The article discusses the delivery performance of the company in October 2025, highlighting that the delivery of 31,767 units is considered low and that detailed model-specific expectations will be available later [2][3]. Delivery Performance - The delivery figure of 31,767 units for October 2025 is viewed as underwhelming, with specific model breakdowns expected to be released around November 10 [2]. - The L series orders are reported to be poor, while the MEGA model is performing normally [3]. Production Capacity Issues - The i8 model faces production capacity challenges due to a low configuration selection rate of approximately 2%, making it difficult for the supplier to ramp up production [4]. - The configuration strategy for the i8 differs significantly from the L78 model, with a smaller price gap and greater configuration differences [4]. - The i6 model will not be delivered with the Xinhua battery version in 2025, as the supplier also struggles to increase production capacity [10]. Configuration Preferences - The configuration distribution for the i8 is approximately 2% low configuration, 20% mid configuration, and 80% high configuration, which contrasts sharply with the L78 model's configuration choices [9]. - The L series models show a low configuration selection rate of about 22% for L7 and 37% for L8 [8]. Market Dynamics and Challenges - Various hypotheses are presented regarding the poor performance of L series orders, including rapid competitor iterations, economic conditions, and potential organizational issues [14][15]. - The company may have misjudged market conditions, leading to a lack of timely decisions regarding battery supply options [12][13]. Future Expectations - There are indications that the company may deliver around 100,000 units in Q4 2025, with expectations for Q1 2026 to remain positive, although the reliability of this information is uncertain [16].