HK Stock Market Move | LI AUTO-W (02015) falls over 4% to a new low; September new vehicle deliveries down 15.56% month-on-month; profit recovery awaits validation from new models.

LI AUTO-W (02015) fell over 4%, touching HK$43, a record low. As of press time, it was down 4.35% at HK$43.08, with a turnover of HK$66.8308 million. On the news front, Li Auto ranked last among mainstream new energy vehicle makers in September deliveries, delivering 31,817 new vehicles, down 6.29% year-on-year and 15.56% month-on-month. Notably, Li Auto launched multiple new products in September: the new-generation MEGA went on sale on September 2; the all-new L9 was launched in Dubai on September 3, entering the Middle East market; and the pure electric model i9 was launched on September 16. The 2026 Li i6 will go on sale in October and will make its European debut at the Paris Motor Show, marking its entry into the European market. Li Auto previously guided third-quarter deliveries of 95,000100,000 units, with a midpoint of 97,500, about 20% below the market expectation of approximately 122,000; revenue guidance was RMB 26.628.0 billion, with a midpoint of RMB 27.3 billion, about 15% below the consensus estimate of RMB 32.3 billion. BOCOM INTL expects operational improvement more likely to begin in 4Q26, but the extent of the recovery still depends on whether new products gain traction and whether the L6 base can stabilize.