Daiwa Capital Markets has issued a research report maintaining a "Buy" rating on Li Auto-W (02015), anticipating that the company's efficiency will improve following strategic adjustments implemented last year. However, the brokerage believes the automaker still requires time to fully capitalize on growth opportunities in embodied artificial intelligence. Li Auto reported weak financial results for the fourth quarter of 2025, primarily attributed to a decline in vehicle deliveries and increased research and development expenses. During the period, revenue reached 28.8 billion yuan, representing a 35% year-on-year decrease but a 5% increase quarter-on-quarter. Adjusted non-GAAP net profit plummeted 94% year-on-year to 261 million yuan and fell 172% compared to the previous quarter. For the full year, revenue declined 22% year-on-year to 112 billion yuan, while adjusted non-GAAP net profit dropped 78% year-on-year to 2.4 billion yuan. Management projects deliveries for the first quarter of 2026 to be between 85,000 and 90,000 vehicles, indicating a year-on-year decrease of 3% to 8.5%. Total revenue for the first quarter is forecasted to be in the range of 20.4 billion to 21.6 billion yuan, a decline of 17% to 21% compared to the same period last year. The company targets achieving over 20% year-on-year sales growth for the full year 2026.