【招银国际】More aggressive pricing, shorter model cycle to regain sales traction-250829（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 29 Aug 2025 CMB International Global Markets|Equity Research|Company Update Li Auto Inc.(LI US/2015 HK)More aggressive pricing,shorter model cycle to regain sales tra

2、ction China Auto 12-mth Price Performance Source:FactSet Maintain BUY.We are of the view that management is likely to prioritize sales volume over margins for the upcoming i6 following its weak sales in recent months.We expect aggressive pricing to help Li Auto regain sales traction.Moreover,managem

3、ent has also decided to shorten the model cycle from FY26E.Both could be positive catalysts for its share price,in our view.2Q25 net profit miss on lower ASP.Li Autos revenue in 2Q25 fell 4.5%YoY to RMB30.2bn,or 2%lower than our prior forecast.GPM of 20.1%in 2Q25 was largely in line with our project

4、ion.SG&A and R&D expenses were about RMB130mn higher than our estimates.That led to a net profit of RMB1.1bn in 2Q25,or 21%lower than our prior forecast.Likely to prioritize i6s sales volume over margins with aggressive pricing.As noted in our previous report,we still expect the i6s pricing to be mo

5、re aggressive than other models,which could be crucial to enhance Li Autos brand perception and sales volume in BEVs.We view such possible aggressive pricing as a positive catalyst for its shares.Meanwhile,we project the i6s GPM to be lower than the L6s.Similar to 3Q24,we expect Li Autos sales volum

6、e to regain traction from 4Q25,aided by the i6.Such greater economies of scale could offset the margin drag from the i6 in 4Q25,based on our calculations.Shorter model cycle from FY26E.Management emphasized shortening model cycles for existing products with more frequent upgrades in design,chassis,p