On August 31, LI AUTO-W declined 3.04% in regular trading, trading at HK$46.52/share, with turnover of HK$203 million. The stock continued to face selling pressure following last week's Q2 earnings release and a wave of analyst downgrades.

LI AUTO-W reported Q2 adjusted loss of RMB 1.49 per ADS, significantly worse than the FactSet consensus estimate of RMB 0.49 loss. Revenue came in at RMB 25.67 billion, down 15.1% year-over-year. More critically, the Q3 revenue guidance of RMB 26.6-28.0 billion was approximately 15% below the market consensus of RMB 32.9 billion, while delivery guidance of 95,000-100,000 units fell far short of the estimated 122,000 units.

Multiple investment banks subsequently lowered their target prices: Goldman Sachs cut to HK$55, CICC to HK$68, CMB International to HK$47, and Jefferies to HK$51.10. Analysts noted that before Q4 volume and margin improvement is verified, the stock lacks near-term upward catalysts. The broader auto sector also weighed on sentiment, with BYD down 6.36%, Leapmotor down 5.71%, and NIO down 3.59%.

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