Li Auto (LI) Q2 2026 (CNY): Revenue 25.7bln (exp. 26.64bln, prev. 30.25bln Y/Y), Op. Loss 2.3bln (prev. profit 827mln); expects Q3'26 vehicle deliveries 95k-100k units

A revenue miss coupled with a swing from operating profit to loss is the combination that has historically drawn the sharpest reaction in the China EV complex, because it confirms price competition is eroding unit economics faster than volumes can offset. The pattern in this peer set has been that guidance matters as much as the print: a delivery outlook implies the market will test it against prior quarterly run-rates, and ranges set below trend have tended to be treated as the real signal of demand conditions rather than the backward-looking quarter. The transmission runs through the Chinese EV ADRs as a group, with the loss-making versus profitable distinction separating how individual names absorb the read-across, and through listed battery and supply-chain names where volume guidance feeds order expectations. Worth noting is that Li Auto's model mix has been concentrated in extended-range vehicles, so margin commentary on any shift toward pure battery-electric product is the line that has historically moved gross margin expectations for the sector. Follow-ons are the earnings call colour on pricing and discounts, monthly delivery data thereafter, and whether peers report the same margin squeeze in the weeks around this print.