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<Research>Daiwa: LI AUTO-W 4Q25 Print Weak; Efficiency Expected to Improve After Strategy Adjustment; Buy Still Recommended
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LI AUTO-W (02015.HK) delivered weak 4Q25 results, mainly due to a decline in delivery volume and increased R&D expenses, Daiwa's report said. During the period, revenue was RMB28.8 billion, down 35% YoY, but up 5% QoQ. Adjusted non-GAAP net profit was RMB261 million, plunging 94% YoY and 172% QoQ. For the full year of 2025, revenue dropped 22% YoY to RMB112 billion, and adjusted non-GAAP net profit slid 78% YoY to RMB2.4 billion.

The broker assigned LI AUTO-W a Buy rating, expecting the company to improve efficiency following last year's strategy adjustment. However, the broker believed the company will still need time to seize growth opportunities in embodied AI.

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