Core Viewpoint - Li Auto reported a net loss of RMB 625 million (approximately USD 89.286 million) in Q3 2025, marking the end of 11 consecutive profitable quarters, primarily due to a recall of 11,400 vehicles [1] Financial Performance - Vehicle sales revenue in Q3 2025 was RMB 25.9 billion (approximately USD 3.7 billion), a decline of 37.4% from RMB 41.3 billion (approximately USD 5.9 billion) in Q3 2024 [2] - Total revenue for Q3 2025 was RMB 27.4 billion (approximately USD 3.914 billion), down 36.2% from RMB 42.9 billion (approximately USD 6.129 billion) in Q3 2024, and down 9.5% quarter-over-quarter from RMB 30.2 billion (approximately USD 4.314 billion) in Q2 2025 [3] - Total deliveries were 93,211 units, reflecting a 39.0% year-over-year decrease [2] Market Challenges - Li Auto is expected to face a continued decline in Q4 2025, with projected vehicle deliveries between 100,000 to 110,000 units, representing a year-over-year decrease of 37.0% to 30.7% [5] - The company is experiencing intensified competition in the new energy vehicle market, with rivals like Tesla and NIO having established significant advantages [6][7] - Li Auto's transition to battery electric vehicles (BEVs) is lagging, and the company must enhance its production capacity and technology deployment to remain competitive [8] Production and Supply Chain Issues - New BEV models i6 and i8 have received positive market responses, with orders exceeding 100,000 units; however, supply chain challenges have limited their deliveries to only 18% of total deliveries in Q3 [9] - Li Auto is attempting to increase production capacity through a dual-supplier system but faces urgent supply chain stability issues [9] Strategic Expansion and Consumer Engagement - Despite challenges in its core vehicle business, Li Auto has begun diversifying into new lines, launching AI smart glasses, although market response has been lukewarm [10][11] - Li Auto's app user engagement remains high, indicating a strong core consumer base, which is crucial for any potential turnaround [12] Q4 Outlook - For Q4 2025, revenue is forecasted at RMB 26.5 billion (approximately USD 3.786 billion), representing a 40% year-over-year decline [14]

回顾过去，向历史取经、向经验学习，是新势力的一门必修功课。 特约作者 丨 Evan 2026 开年，理想汽车第二产品线负责人离职创业，随后，官方宣布将第一产品线与第二产品线合并， 由原第一产品线总裁统一负责，旨在提升协同效率，优化资源调度，以应对此前产品线独立运营中出 现的职能重叠和决策碎片化问题。 时间倒回到 2022 年 9 月，理想汽车合计交付 11531 台汽车，其中首月交付的 L9 就占了 10123 台， 剩下的是理想的开疆功臣理想 ONE。经历了理想 ONE 和 L9 的成功，理想完成了从零到一的积累， 接下来面临的问题是如何将这样的成功规模化的复制，所以理想将目光投向了华为，全面借鉴华为的 管理经 验，推动组织架构向矩阵式转型。在原有战略和产品两个横向部门基础上，新增五个关键部门 —商业、供应、流程、组织和财经，计划用三年时间构建完整的七大核心流程体系，形成矩阵化运营 的基本框架。 2023 年理想继续深化矩阵型开发组织，以及调整了组织绩效，以 PBC（个人业务承诺）强调员工与 企业签订业务契约，注重结果承诺和长期贡献，取代了原有的 OKR（目标与关键成果法），同时用 IPD 流程全面驱动产品 ...

理想汽车-W 分时图 日K线 周K线 月K线 65.05 -0.10 -0.15% 0.61% 0.41% 0.20% 0.00% 0.20% 0.41% 0.61% 64.75 64.88 65.02 65.15 65.28 65.42 65.55 09:30 10:30 12:00/13:00 14:00 16:10 0 6万 11万 17万 凤凰网科技讯12月24日，理想汽车核心管理团队传出变动消息，据晚点报道，理想汽车第二产品线总裁 张骁将于近期离职。作为理想汽车早期关键成员，张骁在公司内部任职已超过8年，他的离开将引发外 界对理想汽车中高端主力车型产品线后续规划的关注。 目前，理想汽车内部按照售价区间构建了三条主要产品线。其中，张骁负责的第二产品线主要覆盖30万 至40万元价格区间，旗下车型包括市场主力L8、L7以及规划中的i8。另外两条产品线分别为：由汤靖负 责的第一产品线，覆盖40万元以上车型(MEGA、L9)；以及由李昕旸负责的第三产品线，覆盖30万元以 下车型(L6、i6)。此次张骁的离职，或将对第二产品线的运营节奏产生一定影响。 资料显示，张骁于2016年5月加入理想汽车，此前曾在宝马MI ...

目前L系列与i8/MEGA处于订单驱动交付的状态，i6处于产能驱动交付的状态。 另外观察理想与其他品牌各车型销量，有三个普遍性规律： 2025年12月1日理想官方说i6和i8累计订单突破10万辆，预计明年初，i6的月产能将稳步提升至两万 辆。 2025年11月14日晚点说i6快速锁单8万辆订单。详见《 平替时代：一家车企、一个行业如何被自己的 成功困住 》 截至2025年11月30日，i6累计交付约12977，i8累计交付约20396。 由于置换补贴提前结束，年底并没有出现通常会出现的订单更好的情况。春节前是自然淡月，26年2 月16日为除夕，法定假日将放到26年2月23日。 据观察，理想依然在非发布会期是不存在一个具体的人对价值传递进行总负责（发布会前后看起来对 单一车型是存在的），故合情推理对理想26年2月前的销量适合降低预期。 从第一性上分析，销量只取决于价值创造，价值传递，价值交付。这个模型虽然无法进行定量分析， 但是可以完备地把所有潜在影响因素纳入框架。 价值创造为不包含情绪价值的狭义产品力与情绪价值。 价值传递即为消费者认可的价值创造投影。 价值交付为狭义产品交付/售后/良品率/向往感认同感交付等 ...

首次亏损，销量预警 在连续盈利11个季度后，理想汽车在今年第三季度迎来了首次亏损，净亏损6.24亿元。 或许，连理想汽车创始人李想也没有想到，MEGA的失利成为了理想汽车陷入低谷的开端。 今年，延迟发布的纯电车型i8和i6，并没有让理想汽车在纯电市场一鸣惊人。位于江苏常州的理想汽车工厂不再像前两年一样开足马力，工厂附近 不再堵车，员工们拥有了更多假期。理想汽车甚至一度遭遇舆情压力，品牌形象受影响，最终这些都表现在不够理想的销量和财务数据上。 理想汽车希望通过组织架构调整来应对外界激烈竞争。据Tech星球不完全统计，今年其已经调整了6次组织架构，其中有3次涉及到销售体系。这 种频繁的调整目前尚未转化成销量，不少员工担心今年年终奖可能要泡汤。 面对销量下跌，理想汽车创始人李想最近给出了答案。在刚刚举办的雁栖湖闭门会议上，理想汽车第一次在内部与外部同时承认"效率慢了"，产 品节奏、组织节奏都难以匹配当前的竞争强度。 理想进入了新一轮内部调整的周期，希望以更敏捷的速度应对竞争。但竞争对手们也不会坐以待毙，等待理想的将是一场远比增程车型更难打的 战争。 理想汽车将此次亏损归因于三方面因素：纯电转型期的投入、MEGA召回 ...

Core Viewpoint - The article discusses the launch of Li Auto's AI glasses, Livis, amidst the company's financial struggles, highlighting the potential of the product to redefine user interaction and create new value beyond the automotive sector [3][28]. Group 1: Product Overview - Li Auto launched its first wearable device, the Livis AI glasses, priced at 1999 yuan, with a promotional price of 1699 yuan after subsidies [3]. - The Livis glasses weigh only 36 grams and feature ergonomic design for comfort, making them one of the most comfortable options in the market [7]. - The glasses are equipped with custom optical lenses from Zeiss, reducing 99% of reflective light and achieving a light transmittance of 92% [10]. - Key AI functionalities include a 12-megapixel camera, open-ear headphones, and deep integration with Li Auto vehicles, allowing users to control their cars with voice commands [11][14]. Group 2: Financial Performance - In Q3 2025, Li Auto reported a revenue of 27.36 billion yuan, a significant decline of 36.2% year-on-year, with a net loss of 624 million yuan [18][20]. - Vehicle sales revenue dropped to 25.87 billion yuan, down 37.4% year-on-year, and the vehicle gross margin fell to 15.5%, a decrease of over 5 percentage points [19][20]. - The company faced a 39% year-on-year drop in vehicle deliveries, with core models experiencing significant sales pressure [22]. Group 3: Market Challenges - Li Auto's market position is threatened by increasing competition, particularly as rivals quickly adopt similar features and technologies [25]. - The shift in consumer preference towards pure electric vehicles has diminished the advantages of Li Auto's extended-range technology [25]. - The company is navigating a challenging environment with declining sales across its product lines and increased competition from brands like Xiaomi and Aion [25][36]. Group 4: Strategic Direction - Li Auto is investing heavily in R&D, with plans to allocate 111 billion yuan in 2024, focusing significantly on artificial intelligence [30]. - The Livis glasses are positioned as a key component of Li Auto's strategy to expand into the "embodied intelligence" space, aiming to enhance user experience beyond automotive applications [32]. - The company recognizes the need to strengthen its core automotive business while exploring new technological avenues, indicating a dual focus on immediate market challenges and long-term innovation [36][38].

Core Insights - The recent Q3 2025 financial reports from Chinese automakers highlight the competitive landscape and strategic shifts within the industry, particularly among the leading new energy vehicle (NEV) companies NIO, Xpeng, and Li Auto [1][4] Financial Performance - Xpeng Motors reported a record revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, and achieved a gross margin of 20.1%, surpassing NIO's 13.9% and Li Auto's 16.3% [2][3] - NIO's Q3 revenue reached 21.79 billion yuan, up 16.7% year-on-year, with a gross margin of 13.9%, but still faced a net loss of 3.48 billion yuan, the highest among the three [2][3] - Li Auto generated 27.4 billion yuan in revenue, a decline of 36.2% year-on-year, and reported a net loss of 624 million yuan, ending its streak of 11 consecutive profitable quarters [2][3] Strategic Adjustments - NIO is shifting its focus to core automotive operations, reducing investments in non-core businesses, and controlling sales and management expenses [4][5] - Xpeng is pursuing a strategy of "technology integration into the market," expanding into the range-extended vehicle market while maintaining its focus on smart driving [5] - Li Auto is transitioning from a "family-oriented" brand to an "AI-focused" strategy, aiming to build an "embodied intelligence" ecosystem [5] Competitive Landscape - The competition among NEV companies remains intense, with no clear leader emerging in profitability, as companies continue to vie for market share through cost-effectiveness and technological advancements [3][6] - New entrants like Leap Motor and Xiaomi are gaining traction, further intensifying the competitive environment [6] - The industry is evolving from a focus on product features to a comprehensive assessment of product definition, cost control, and brand strategy [6] Future Outlook - The immediate focus for NIO and Xpeng is achieving stable profitability, while Li Auto aims to recover from the MEGA recall incident and ramp up production of its electric models [7] - Long-term success will depend on technological advancements and the ability to adapt to global markets, with companies like Xpeng and NIO already expanding their international presence [7][8] - The NEV sector is entering a new phase of consolidation, where the ability to deliver on profitability promises and navigate technological changes will be crucial for survival [8]

2025Q3 单车GAAP 归母净利润为-0.67 万元；单车non-GAAP 归母净利润为-0.39万元。5、2025Q4 展 望：公司预计2025Q4 汽车交付量为10-11 万辆，10 月已交付3.2 万辆，预计11-12 月每月平均交付 3.4~3.9 万辆；公司预计2025Q4 收入总额为265~292 亿元，我们测算2025Q4 单车整体ASP 预计将环比 下滑，预计与i6交付占比提升、MEGA 交付有所回落有关。 i6 及L 系列改款有望助力2026 年公司国内销量增长，公司亦加快出口布局。1、国内：1）截至11 月1 日，i6 订单已超过7 万辆，截至10 月累计交付约6 千辆，从11 月起，为解决产能爬坡问题，i6 电池将 启用双供应商模式，预计明年年初i6 月产能将稳步提升到2 万辆。2）此外，公司预计明年还将推出增 程L 系列大改款，①会回归精简的SKU 模式，兼顾市场的覆盖和供应的效率。希望实现核心体验全系 拉满，彻底消除入门版体验打折的痛点；②设计方面，会延续家族的经典设计基因，同时强化豪华质感 的升级，平衡品牌的高辨识度以及用户体验的新鲜感，打造更加贴合家庭需求的产品形态；③技术方 ...

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The report highlights that Li Auto's Q3 2025 total revenue was 27.4 billion yuan, a year-on-year decrease of 36.2%, with a gross margin of 16.3%. The company plans to return to a startup management model focusing on user value and efficiency to address industry uncertainties [3] - The MEGA recall event has impacted performance, leading to cash flow pressure, but the company maintains a high level of safety with cash reserves of 98.9 billion yuan, significantly higher than peers [3] - The L series will undergo a major upgrade in 2026, with a focus on electric transformation and product iteration, aiming for record delivery volumes and strengthening its position in the high-end market [3] - The report suggests that leading smart car companies are accelerating the establishment of user experience barriers around "large models + computing power," indicating a potential concentration in the industry [3] Summary by Sections Financial Performance - In Q3 2025, Li Auto's total revenue was 27.4 billion yuan, down 36.2% year-on-year, with vehicle sales revenue at 25.9 billion yuan, a decrease of 37.4% [3] - The net loss for the period was 624 million yuan, compared to a profit of 2.8 billion yuan in the same period last year [3] - R&D expenses were 3 billion yuan, up 15% year-on-year, primarily invested in the i6 electric platform and VLA intelligent driving model iteration [3] Product Development - The total delivery volume in Q3 2025 was 93,211 vehicles, a decline of 39.0% year-on-year, mainly due to a drop in L series sales [3] - The i6 and i8 orders exceeded 100,000 units, becoming significant growth points for the medium to long term [3] - The L series is set for a major overhaul in 2026, with all models featuring 5C ultra-fast charging and an 800V platform [3] Technological Advancements - The company is committed to self-research in the three-electric technology, with plans to mass-produce its own 5C battery in 2026 [3] - The self-developed M100 chip is in large-scale system testing, expected to commercialize in 2026, aiming for a performance-cost ratio three times that of current high-end chips [3] - As of Q3 2025, the number of supercharging stations exceeded 3,500, laying the foundation for the widespread adoption of the 5C battery [3]

证券研究报告 汽车 | 乘用车 港股|公司点评报告 hyzqdatemark 2025 年 11 月 30 日 证券分析师 i6 及 L 系列改款有望助力 2026 年公司国内销量增长，公司亦加快出口布局。1、国 内：1）截至 11 月 1 日，i6 订单已超过 7 万辆，截至 10 月累计交付约 6 千辆，从 11 月起，为解决产能爬坡问题，i6 电池将启用双供应商模式，预计明年年初 i6 月产 能将稳步提升到 2 万辆。2）此外，公司预计明年还将推出增程 L 系列大改款，①会 回归精简的 SKU 模式，兼顾市场的覆盖和供应的效率。希望实现核心体验全系拉满， 彻底消除入门版体验打折的痛点；②设计方面，会延续家族的经典设计基因，同时 强化豪华质感的升级，平衡品牌的高辨识度以及用户体验的新鲜感，打造更加贴合 家庭需求的产品形态；③技术方面，全系会标配 5C 超充技术，能和现在的纯电超充 网络更好协同，更好地解决补能的焦虑。2、出口：理想增程系列车型亦正加快出海， 10 月公司在乌兹别克斯坦开设了海外首家授权零售中心，面向当地市场销售理想 L9、L7 和 L6，11 月哈萨克斯坦的两家零售中心也将陆续开业。公司会 ...