Financial Performance: Li Auto reported total revenue of RMB 30.2 billion for Q2 2025, a 4.5% decline year-over-year but a 16.7% increase quarter-over-quarter. Vehicle sales were RMB 28.9 billion, reflecting a decrease of 4.7% year-over-year, attributed to changes in product mix and higher sales incentives. Despite the revenue decline, gross profit remained relatively stable at RMB 6.1 billion, with a vehicle margin of 19.4%.

Production and Deliveries: The company delivered over 110,000 vehicles in Q2, bringing cumulative deliveries to 1.36 million by the end of July. Looking ahead, Li Auto expects to deliver between 90,000 and 95,000 vehicles in Q3 2025. Notably, the introduction of the Li i8 is expected to exceed 8,000 units by September, while the Li i6 is scheduled for launch at the end of September, aimed at expanding their BEV lineup.

Market Share and Sales Strategy: Li Auto captured a 13.4% market share in the RMB 200,000 and above NEV market in China, maintaining a top 3 position. The sales strategy includes optimizing the store network and enhancing the sales system through a reorganization that directly manages regional sales. While this may temporarily impact sales performance, management is confident it will improve long-term sales conversion and customer experience.