LI AUTO(02015) 格隆汇· Ge Long Hui·2025-06-01 17:58Core Viewpoint - The company reported its Q1 2025 financial results, showing a decline in revenue and net profit compared to the previous quarter, but maintaining a healthy gross margin in its automotive business [1][2]. Revenue Summary - Q1 2025 total revenue reached 25.93 billion yuan, with year-on-year growth of 1.1% but a quarter-on-quarter decline of 41.4% [1]. - Automotive business revenue was approximately 24.68 billion yuan, reflecting a year-on-year increase of 1.8% but a quarter-on-quarter decrease of 42.1% [1]. - The average selling price (ASP) decreased from 269,000 yuan in Q4 2024 to 266,000 yuan in Q1 2025 [1]. Sales Volume - The company delivered approximately 93,000 vehicles in Q1 2025, representing a year-on-year increase of 15.5% but a quarter-on-quarter decline of 41.5% [1]. - The sales distribution for key models in Q1 2025 included L9 (13.1%), L8 (13.9%), L7 (22.6%), L6 (47.8%), and Mega (2.6%) [1]. Profitability - Q1 2025 automotive gross profit was 4.88 billion yuan, with a gross margin of 19.8%, showing a year-on-year increase of 0.4 percentage points [2]. - The company's net profit attributable to shareholders was 650 million yuan, with a year-on-year decrease of 81.5% [1][2]. - Non-GAAP net profit for Q1 2025 was 1.02 billion yuan, reflecting a year-on-year decline of 20.3% [2]. Cost and Expenses - R&D expenses for Q1 2025 were 2.51 billion yuan, down 17.5% year-on-year [2]. - Selling and administrative expenses were 2.53 billion yuan, with a year-on-year decrease of 15.0% [3]. Cash Flow and Financial Health - The net cash generated from operating activities in Q1 2025 was 1.7 billion yuan, with free cash flow of 2.5 billion yuan [3]. Future Outlook - The company expects Q2 2025 vehicle deliveries to be between 123,000 and 128,000 units, with corresponding revenue estimated at 32.5 billion to 33.8 billion yuan [3]. - The upcoming launch of the new electric vehicle model, i8, is anticipated to enhance the company's competitive position in the electric vehicle market [3].