Q: What is LI AUTO-W(02015) 2025Q2 Earnings Summary?

**Bullish Points:**

- The report does not highlight any specific bullish points, as the key metrics indicate declines across various financial aspects.

**Bearish Points:**

1. Revenue for Q3 2025 decreased by 36.2% year-over-year (YoY) and 9.5% quarter-over-quarter (QoQ).

2. Vehicle sales revenue fell by 37.4% YoY and 10.4% QoQ.

3. Total vehicle deliveries dropped by 39.0% YoY.

4. Gross profit decreased by 51.6% YoY and 26.3% QoQ, with the gross profit margin declining to 16.3% from 21.5% in Q3 2024 and 20.1% in Q2 2025.

5. The company reported an operating loss of RMB 12 billion, compared to an operating profit in the previous year and quarter.

6. Net loss for the quarter was RMB 624.4 million, a significant decline from net profits in the previous year and quarter.

7. Cash used in operating activities was RMB 74 billion, a reversal from cash generated in the previous year.

8. Free cash flow was negative RMB 89 billion, compared to positive cash flow in the previous year.

9. The decrease in vehicle sales revenue and gross profit margin was attributed to a decrease in vehicle deliveries and the impact of the Li Auto MEGA recall cost.

**Summary:**

The financial report for LI AUTO-W (02015) for Q3 2025 presents several challenges, with significant declines in revenue, vehicle sales, and gross profit. The company has shifted from profitability to reporting both operating and net losses. Additionally, cash flow has turned negative, indicating financial strain. The decrease in vehicle deliveries and the impact of the Li Auto MEGA recall have further pressured the company's financial performance. These factors suggest potential challenges ahead for the company's stock price. For more information, you can read the original text of LI AUTO-W(02015)'s financial report .