CLSA has issued a research report assigning Li Auto-W (02015) an "Outperform" rating with a target price of HK$140. The company reported a net loss of RMB 630 million in Q3, with an adjusted loss of RMB 360 million, marking a disappointing performance after several consecutive profitable quarters. This was primarily due to recall costs for the "Mega" model and weak sales. The report noted that Li Auto's new pure electric models "i6" and "i8" contributed to additional sales, but its core L-series products remained under pressure amid intense competition. However, the average selling price and adjusted gross margin improved due to a better product mix, which is expected to drive a profit rebound by 2026. CLSA forecasts Q4 2025 deliveries of 100,000–110,000 units and total revenue guidance of RMB 26.5–29.2 billion, representing a year-on-year decline of 40.1% to 34.2%, as the I-series continues to grow.