Core Viewpoint - Li Auto reported Q2 2025 revenue of 30.25 billion yuan, with a quarter-on-quarter decrease of 4.5% and a year-on-year increase of 16.7% [1] - The company is experiencing a structural adjustment in its vehicle lineup, leading to a downward revision of revenue and profit forecasts for 2025-2027 [2] Financial Performance - Q2 2025 vehicle sales revenue was 28.89 billion yuan, with a quarter-on-quarter decrease of 4.7% and a year-on-year increase of 17.0% [1] - Net profit attributable to shareholders was 1.09 billion yuan, with a quarter-on-quarter decrease of 0.9% and a year-on-year increase of 68.0% [1] - Non-GAAP net profit for Q2 2025 was 1.47 billion yuan, with a quarter-on-quarter decrease of 2.3% and a year-on-year increase of 44.7% [1] Profitability and Cost Control - Overall gross margin for Q2 2025 was 20.1%, with a quarter-on-quarter increase of 0.6 percentage points and a year-on-year decrease of 0.5 percentage points [1] - R&D expenses were 2.81 billion yuan, with a quarter-on-quarter decrease of 7.2% and a year-on-year increase of 11.8% [1] - Selling, general, and administrative expenses were 2.72 billion yuan, with a quarter-on-quarter decrease of 3.5% and a year-on-year increase of 7.4% [1] Sales and Production Outlook - Q2 2025 wholesale sales reached 111,000 units, corresponding to a revenue per vehicle of 260,000 yuan [1] - The company plans to launch a new pure electric SUV model, i6, in September to expand its electric product matrix [1] - As of July 31, 2025, Li Auto had built 3,028 supercharging stations with 16,671 charging piles [1] Future Projections - Revenue forecasts for 2025-2027 have been revised down to 121.6 billion, 152.7 billion, and 191.2 billion yuan, respectively [2] - Net profit forecasts for the same period have been adjusted to 4 billion, 7 billion, and 11.5 billion yuan, respectively [2] - The company maintains a "buy" rating due to its leading position in intelligent driving assistance and continuous improvement of its product matrix [2]

| 冀細菌 | 日本の店 | | --- | --- | | 刘力宇 | 대한 대한 | | 孟路 | | | 郭雨蒙 | ្រី ២ ន | | 孙仁昊 | 18 18 1 | | 赖思旭 | | | 童明祺 | | | | | | 投资要点 | | --- | 公告要点： 理想汽车2025Q2实现营收302.5亿元，同环比分别-4.5%/+16.7%，其中车辆销售收入288.9亿 元，同环比分别-4.7%/+17.0%，归母净利润10.9亿元，同环比分别-0.9%/+68.0%，Non-Gaap净 利润14.7亿，同环比分别-2.3%/+44.7%。 公司毛利率维持较好水平，期间费用管控得当。 盈利能力方面，公司2025Q2总体毛利率实现20.1%，同环比分别+0.6/-0.5pct，其中汽车销售毛 利率为19.4%，同环比分别+0.7/-0.3pct。费用控制方面，公司Q2研发费用28.1亿元，同环 比-7.2%/+11.8%，研发费用率9.3%，同环比分别-0.3/-0.4pct，自研芯片正在进行车载测试，预 计明年将部署于旗舰车型并交付；销售、一般及管理费用27.2亿元，同环比-3.5%/+7.4% ...