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.

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