CCBI has released a report maintaining an Outperform rating on Li Auto (LI.US) but lowering its target price from USD32.9 to USD27.8.According to the report, Li Auto's 2Q25 non-GAAP net profit was RMB1.46 billion, mainly contributed by interest income and stock compensation reversal. Its GPM reached 20.1%, with a vehicle GPM at 19.4%, attributable to the increased proportion of the low-margin L6 models.Related NewsUOB Kay Hian Keeps Rating at Equalweight on CN Auto Mkt; Top Buys CATL/ GEELY AUTOLi Auto expects 3Q25 deliveries of 90,000-95,000 units, down 38-41% YoY or 14-19% QoQ.(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)