Movement Alert｜Li Auto Falls 3.16% in Regular Trading, Q1 Swings to Loss as Vehicle Margin Collapses

Market Focus06-25 09:52

On June 25, Li Auto-W (02015.HK) fell 3.16% in regular trading, trading at 47.44 HKD/share, with turnover of 116 million HKD.

On the news front, the company reported a Q1 net loss of 2.276 billion yuan, swinging sharply from a profit of 647 million yuan in the same period last year. Vehicle gross margin plunged to 6.1%, down 13.7 percentage points year-over-year, primarily due to a downward shift in product mix and lower average selling prices. Q1 revenue fell 11.4% YoY to 22.98 billion yuan despite deliveries rising 2.45% to 95,100 units, reflecting the erosion of per-unit economics as lower-priced models now dominate the sales mix.

Additionally, the company recently granted 35 million share options to three core executives, with five-tier vesting conditions tied to market capitalization milestones ranging from 200 billion to 1 trillion HKD. With current market cap at approximately 107.3 billion HKD, the first tranche requires a near-doubling, casting doubt on near-term achievability. Xingye Securities maintained its Overweight rating, expecting profitability improvement as new model deliveries ramp up.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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