Quarterly total revenues reached RMB28.8 billion (US$4.1 billion)(1)
Quarterly deliveries were 109,194 vehicles
Full year total revenues reached RMB112.3 billion (US$16.1 billion)
Full year deliveries were 406,343 vehicles
BEIJING, China, March 12, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.
Operating Highlights for the Fourth Quarter of 2025 and Full Year 2025
-- Total deliveries for the fourth quarter of 2025 were 109,194 vehicles,
representing a 31.2% year-over-year decrease.
FY 2025 2025 Q4 2025 Q3 2025 Q2 2025 Q1
Deliveries 406,343 109,194 93,211 111,074 92,864
FY 2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1
Deliveries 500,508 158,696 152,831 108,581 80,400
-- As of December 31, 2025, in China, the Company had 548 retail stores in
159 cities, 561 servicing centers and Li Auto-authorized body and paint
shops operating in 224 cities, and 3,907 super charging stations in
operation equipped with 21,651 charging stalls.
Financial Highlights for the Fourth Quarter of 2025
-- Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter
of 2025, representing a decrease of 36.1% from RMB42.6 billion in the
fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in
the third quarter of 2025.
-- Vehicle margin2 was 16.8% in the fourth quarter of 2025, compared with
19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of
2025.
-- Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth
quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in
the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion
in the third quarter of 2025.
-- Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter
of 2025, representing a decrease of 42.8% from RMB9.0 billion in the
fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in
the third quarter of 2025.
-- Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3%
in the fourth quarter of 2024 and 16.3% in the third quarter of 2025.
-- Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth
quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in
the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in
the third quarter of 2025.
-- Loss from operations was RMB442.6 million (US$63.3 million) in the fourth
quarter of 2025, compared with RMB3.7 billion income from operations in
the fourth quarter of 2024 and RMB1.2 billion loss from operations in the
third quarter of 2025.
-- Operating margin was negative 1.5% in the fourth quarter of 2025,
compared with 8.4% in the fourth quarter of 2024 and negative 4.3% in the
third quarter of 2025.
-- Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of
2025, compared with net income of RMB3.5 billion in the fourth quarter of
2024 and net loss of RMB624.4 million in the third quarter of 2025.
Non-GAAP net income3 was RMB274.4 million (US$39.2 million) in the fourth
quarter of 2025, compared with non-GAAP net income of RMB4.0 billion in
the fourth quarter of 2024 and non-GAAP net loss of RMB359.7 million in
the third quarter of 2025.
-- Diluted net earnings per ADS4 attributable to ordinary shareholders was
RMB0.01 (US$0.001) in the fourth quarter of 2025, compared with diluted
net earnings per ADS attributable to ordinary shareholders of RMB3.31 in
the fourth quarter of 2024 and diluted net loss per ADS attributable to
ordinary shareholders of RMB0.62 in the third quarter of 2025. Non-GAAP
diluted net earnings per ADS attributable to ordinary shareholders was
RMB0.25 (US$0.04) in the fourth quarter of 2025, compared with non-GAAP
diluted net earnings per ADS attributable to ordinary shareholders of
RMB3.79 in the fourth quarter of 2024 and non-GAAP diluted net loss per
ADS attributable to ordinary shareholders of RMB0.36 in the third quarter
of 2025.
-- Net cash provided by operating activities was RMB3.5 billion (US$503.5
million) in the fourth quarter of 2025, compared with RMB8.7 billion net
cash provided by operating activities in the fourth quarter of 2024 and
RMB7.4 billion net cash used in operating activities in the third quarter
of 2025.
-- Free cash flow5 was RMB2.5 billion (US$352.9 million) in the fourth
quarter of 2025, compared with RMB6.1 billion in the fourth quarter of
2024 and negative RMB8.9 billion in the third quarter of 2025.
Key Financial Results
(in millions, except for percentages and per ADS data)
-------------------------------------------------------------------------
For the Three Months Ended % Change(6)
------------------------------- -------------------
December September December
31, 2024 30, 2025 31, 2025 YoY QoQ
--------- --------- --------- -------- -------
RMB RMB RMB
Vehicle sales 42,643.0 25,867.1 27,252.3 (36.1)% 5.4%
Vehicle margin 19.7% 15.5% 16.8% (2.9)pts 1.3pts
Total revenues 44,273.7 27,364.7 28,775.4 (35.0)% 5.2%
Gross profit 8,970.2 4,469.0 5,130.6 (42.8)% 14.8%
Gross margin 20.3% 16.3% 17.8% (2.5)pts 1.5pts
Operating
expenses (5,266.9) (5,646.2) (5,573.2) 5.8% (1.3)%
Income/(Loss)
from
operations 3,703.3 (1,177.2) (442.6) N/A (62.4)%
Operating margin 8.4% (4.3)% (1.5)% (9.9)pts 2.8pts
Net
income/(loss) 3,532.7 (624.4) 20.2 (99.4)% N/A
Non-GAAP net
income/(loss) 4,039.7 (359.7) 274.4 (93.2)% N/A
Diluted net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders 3.31 (0.62) 0.01 (99.7)% N/A
Non-GAAP diluted
net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders 3.79 (0.36) 0.25 (93.4)% N/A
Net cash
provided
by/(used in)
operating
activities 8,680.3 (7,395.6) 3,521.4 (59.4)% N/A
Free cash flow
(non-GAAP) 6,059.3 (8,912.2) 2,467.6 (59.3)% N/A
Financial Highlights for the Full Year 2025
-- Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025,
representing a decrease of 23.0% from RMB138.5 billion in 2024.
-- Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024.
-- Total revenues were RMB112.3 billion (US$16.1 billion) in 2025,
representing a decrease of 22.3% from RMB144.5 billion in 2024.
-- Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a
decrease of 29.2% from RMB29.7 billion in 2024.
-- Gross margin was 18.7% in 2025, compared with 20.5% in 2024.
-- Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025,
representing a decrease of 5.0% from RMB22.6 billion in 2024.
-- Loss from operations was RMB521.1 million (US$74.5 million) in 2025,
compared with RMB7.0 billion income from operations in 2024.
-- Operating margin was negative 0.5% in 2025, compared with 4.9% in 2024.
-- Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a
decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was
RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of
77.5% from RMB10.7 billion in 2024.
-- Diluted net earnings per ADS attributable to ordinary shareholders was
RMB1.08 (US$0.15) in 2025, compared with RMB7.58 in 2024. Non-GAAP
diluted net earnings per ADS attributable to ordinary shareholders was
RMB2.25 (US$0.32) in 2025, compared with RMB10.04 in 2024.
-- Net cash used in operating activities was RMB8.6 billion (US$1.2 billion)
in 2025, compared with RMB15.9 billion net cash provided by operating
activities in 2024.
-- Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025,
compared with RMB8.2 billion in 2024.
Key Financial Results
(in millions, except for percentages and per ADS data)
--------------------------------------------------------------------------
For the Year Ended % Change
------------------------------------ --------
December 31, 2024 December 31, 2025 YoY
----------------- ----------------- --------
RMB RMB
Vehicle sales 138,538.1 106,683.1 (23.0)%
Vehicle margin 19.8% 17.9% (1.9)pts
Total revenues 144,459.9 112,312.5 (22.3)%
Gross profit 29,656.1 20,985.1 (29.2)%
Gross margin 20.5% 18.7% (1.8)pts
Operating expenses (22,637.0) (21,506.2) (5.0)%
Income/(Loss) from
operations 7,019.1 (521.1) N/A
Operating margin 4.9% (0.5)% (5.4)pts
Net income 8,045.3 1,139.4 (85.8)%
Non-GAAP net income 10,670.1 2,397.2 (77.5)%
Diluted net earnings
per ADS attributable
to ordinary
shareholders 7.58 1.08 (85.8)%
Non-GAAP diluted net
earnings per ADS
attributable to
ordinary shareholders 10.04 2.25 (77.6)%
Net cash provided
by/(used in) operating
activities 15,933.2 (8,611.4) N/A
Free cash flow
(non-GAAP) 8,203.1 (12,816.9) N/A
Recent Developments
Delivery Update
-- In January and February 2026, the Company delivered 27,668 and 26,421
vehicles, respectively. As of February 28, 2026, in China, the Company
had 539 retail stores in 160 cities, 548 servicing centers and Li
Auto-authorized servicing shops operating in 223 cities, and 4,054 super
charging stations in operation equipped with 22,447 charging stalls.
Li AI Glasses, Livis
-- In December 2025, the Company launched its AI glasses, Livis, at a
starting price of RMB1,999. Livis comes standard with high-quality ZEISS
lenses and features frames weighing 36 grams. It is equipped with Li
Xiang Tong Xue Agent and Livis OS, an operating system developed in-house
by the Company specifically for AI glasses, offering capabilities such as
photo and video capture, intelligent Q&A, and audio playback. Livis can
also seamlessly integrate with Li Auto's in-car infotainment system,
facilitating a more convenient vehicle control experience.
Overseas Expansion
-- In December 2025, the Company entered the markets in Egypt, Kazakhstan,
and Azerbaijan, further expanding its global footprint.
Safety and Health Assessment Results
-- In January 2026, according to China Insurance Automotive Safety Index
(C-IASI) evaluation results under the latest assessment protocol, Li i8
received top ratings across occupant safety, pedestrian safety,
assistance safety and new energy vehicle $(NEV)$-specific categories, along
with a "G" rating for crashworthiness and repair economy.
-- In December 2025, Li i6 achieved the highest overall score ever recorded
among NEVs in the China-Automobile Health Index (C-AHI) assessment
conducted by China Automotive Engineering Research Institute Co., Ltd. Li
i6 also received the highest ratings across all three categories
assessed: the Clean Air Index, the Health Protection Index, and the
Energy Efficiency and Emission Index.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, "Following our proactive strategic adjustments in 2025, we have seen positive momentum across organizational efficiency, supply capability, and sales system since the fourth quarter. These improvements have translated into higher store efficiency, alleviated Li i6 production constraints, and a recovery in Li i8 sales. In 2026, we will embark on an important product cycle. The all-new Li L9 to be launched in the second quarter will feature comprehensive upgrades in powertrain, autonomous driving, and chassis technology, all designed to deliver a generational leap in user experience. Looking ahead, we will continue to refine our restructured AI-native R&D system and consistently invest in R&D to drive product innovation and technological breakthroughs over the long term."
Mr. Tie Li, chief financial officer of Li Auto, added, "Despite near-term challenges from product cycle transitions and heightened industry competition, we leveraged our operational strength and disciplined cost management to achieve a resilient gross margin for the fourth quarter. Our solid financial position also underpinned overall performance, resulting in a positive bottom line for the full year. Our year-end cash position remained robust at RMB101.2 billion, providing ample fuel for us to capture the immense opportunities in embodied AI while accelerating global expansion."
Financial Results for the Fourth Quarter of 2025
Revenues
-- Total revenues were RMB28.8 billion (US$4.1 billion) in the fourth
quarter of 2025, representing a decrease of 35.0% from RMB44.3 billion in
the fourth quarter of 2024 and an increase of 5.2% from RMB27.4 billion
in the third quarter of 2025.
-- Vehicle sales were RMB27.3 billion (US$3.9 billion) in the fourth quarter
of 2025, representing a decrease of 36.1% from RMB42.6 billion in the
fourth quarter of 2024 and an increase of 5.4% from RMB25.9 billion in
the third quarter of 2025. The decrease in revenue from vehicle sales
over the fourth quarter of 2024 was primarily attributable to the
decrease in vehicle deliveries. The increase in revenue from vehicle
sales over the third quarter of 2025 was primarily attributable to the
increase in vehicle deliveries, partially offset by lower average selling
price due to different product mix following the commencement of Li i6
deliveries.
-- Other sales and services were RMB1.5 billion (US$217.8 million) in the
fourth quarter of 2025, representing a decrease of 6.6% from RMB1.6
billion in the fourth quarter of 2024 and an increase of 1.7% from RMB1.5
billion in the third quarter of 2025. The revenue from other sales and
services remained relatively stable over the fourth quarter of 2024 and
third quarter of 2025.
Cost of Sales and Gross Margin
-- Cost of sales was RMB23.6 billion (US$3.4 billion) in the fourth quarter
of 2025, representing a decrease of 33.0% from RMB35.3 billion in the
fourth quarter of 2024 and an increase of 3.3% from RMB22.9 billion in
the third quarter of 2025. The decrease in cost of sales over the fourth
quarter of 2024 was primarily attributable to the decrease in vehicle
deliveries. The increase in cost of sales over the third quarter of 2025
was primarily attributable to the increase in vehicle deliveries,
partially offset by the estimated costs related to the recall of Li MEGA
in the third quarter of 2025 and lower average cost of sales due to
different product mix.
-- Gross profit was RMB5.1 billion (US$733.7 million) in the fourth quarter
of 2025, representing a decrease of 42.8% from RMB9.0 billion in the
fourth quarter of 2024 and an increase of 14.8% from RMB4.5 billion in
the third quarter of 2025.
-- Vehicle margin was 16.8% in the fourth quarter of 2025, compared with
19.7% in the fourth quarter of 2024 and 15.5% in the third quarter of
2025. The decrease in vehicle margin over the fourth quarter of 2024 was
mainly attributable to different product mix. The increase in vehicle
margin over the third quarter of 2025 was mainly attributable to the
estimated costs related to the recall of Li MEGA in the third quarter of
2025, partially offset by lower average selling price due to different
product mix following the commencement of Li i6 deliveries.
-- Gross margin was 17.8% in the fourth quarter of 2025, compared with 20.3%
in the fourth quarter of 2024 and 16.3% in the third quarter of 2025. The
changes in gross margin over the fourth quarter of 2024 and third quarter
of 2025 were mainly due to the changes in vehicle margin.
Operating Expenses
-- Operating expenses were RMB5.6 billion (US$797.0 million) in the fourth
quarter of 2025, representing an increase of 5.8% from RMB5.3 billion in
the fourth quarter of 2024 and a decrease of 1.3% from RMB5.6 billion in
the third quarter of 2025.
-- Research and development expenses were RMB3.0 billion (US$431.4 million)
in the fourth quarter of 2025, representing an increase of 25.3% from
RMB2.4 billion in the fourth quarter of 2024 and an increase of 1.4% from
RMB3.0 billion in the third quarter of 2025. The increase in research and
development expenses over the fourth quarter of 2024 was mainly
attributable to costs related to AI and other programs to support
expanding product portfolios and technologies. The research and
development expenses remained relatively stable over the third quarter of
2025.
-- Selling, general and administrative expenses were RMB2.6 billion
(US$378.5 million) in the fourth quarter of 2025, representing a decrease
of 14.0% from RMB3.1 billion in the fourth quarter of 2024 and a decrease
of 4.4% from RMB2.8 billion in the third quarter of 2025. The decrease in
selling, general and administrative expenses over the fourth quarter of
2024 was primarily due to decreased employee compensation. The selling,
general and administrative expenses remained relatively stable over the
third quarter of 2025.
Income/(Loss) from Operations
-- Loss from operations was RMB442.6 million (US$63.3 million) in the fourth
quarter of 2025, compared with RMB3.7 billion income from operations in
the fourth quarter of 2024 and RMB1.2 billion loss from operations in the
third quarter of 2025. Operating margin was negative 1.5% in the fourth
quarter of 2025, compared with 8.4% in the fourth quarter of 2024 and
negative 4.3% in the third quarter of 2025. Non-GAAP loss from operations
was RMB188.4 million (US$26.9 million) in the fourth quarter of 2025,
compared with RMB4.2 billion non-GAAP income from operations in the
fourth quarter of 2024 and RMB912.5 million non-GAAP loss from operations
in the third quarter of 2025.
Net Income/(Loss) and Net Earnings/(Loss) Per Share
-- Net income was RMB20.2 million (US$2.9 million) in the fourth quarter of
2025, compared with RMB3.5 billion net income in the fourth quarter of
2024 and RMB624.4 million net loss in the third quarter of 2025. Non-GAAP
net income was RMB274.4 million (US$39.2 million) in the fourth quarter
of 2025, compared with RMB4.0 billion non-GAAP net income in the fourth
quarter of 2024 and RMB359.7 million non-GAAP net loss in the third
quarter of 2025.
-- Basic and diluted net earnings per ADS attributable to ordinary
shareholders were both RMB0.01 (US$0.001) in the fourth quarter of 2025,
compared with RMB3.52 and RMB3.31 basic and diluted net earnings per ADS
attributable to ordinary shareholders in the fourth quarter of 2024,
respectively, and RMB0.62 and RMB0.62 basic and diluted net loss per ADS
attributable to ordinary shareholders in the third quarter of 2025,
respectively. Non-GAAP basic and diluted net earnings per ADS
attributable to ordinary shareholders was RMB0.26 (US$0.04) and RMB0.25
(US$0.04) in the fourth quarter of 2025, respectively, compared with
RMB4.03 and RMB3.79 non-GAAP basic and diluted net earnings per ADS
attributable to ordinary shareholders in the fourth quarter of 2024,
respectively, and RMB0.36 and RMB0.36 non-GAAP basic and diluted net loss
per ADS attributable to ordinary shareholders in the third quarter of
2025, respectively.
Cash Position, Operating Cash Flow and Free Cash Flow
-- Cash position7 was RMB101.2 billion (US$14.5 billion) as of December 31,
2025.
-- Net cash provided by operating activities was RMB3.5 billion (US$503.5
million) in the fourth quarter of 2025, compared with RMB8.7 billion net
cash provided by operating activities in the fourth quarter of 2024 and
RMB7.4 billion net cash used in operating activities in the third quarter
of 2025. The change in net cash provided by operating activities over the
fourth quarter of 2024 was mainly due to the decrease in cash received
from customers, partially offset by decreased payment related to
inventory purchase. The change in net cash provided by operating
activities over the third quarter of 2025 was mainly due to decreased
payment related to inventory purchase.
-- Free cash flow was RMB2.5 billion (US$352.9 million) in the fourth
quarter of 2025, compared with RMB6.1 billion in the fourth quarter of
2024 and negative RMB8.9 billion in the third quarter of 2025.
Financial Results for the Full Year 2025
Revenues
-- Total revenues were RMB112.3 billion (US$16.1 billion) in 2025,
representing a decrease of 22.3% from RMB144.5 billion in 2024.
-- Vehicle sales were RMB106.7 billion (US$15.3 billion) in 2025,
representing a decrease of 23.0% from RMB138.5 billion in 2024. The
decrease in revenue from vehicle sales was mainly attributable to the
decrease in vehicle deliveries.
-- Other sales and services were RMB5.6 billion (US$805.0 million) in 2025,
representing a decrease of 4.9% from RMB5.9 billion in 2024. The revenue
from other sales and services remained relatively stable over the year of
2024.
Cost of Sales and Gross Margin
-- Cost of sales was RMB91.3 billion (US$13.1 billion) in 2025, representing
a decrease of 20.4% from RMB114.8 billion in 2024. The decrease in cost
of sales was mainly attributable to the decrease in vehicle deliveries.
-- Gross profit was RMB21.0 billion (US$3.0 billion) in 2025, representing a
decrease of 29.2% from RMB29.7 billion in 2024.
-- Vehicle margin was 17.9% in 2025, compared with 19.8% in 2024. The
decrease in vehicle margin was mainly due to different product mix.
-- Gross margin was 18.7% in 2025, compared with 20.5% in 2024. The decrease
in gross margin was mainly attributable to the decrease in vehicle
margin.
Operating Expenses
-- Operating expenses were RMB21.5 billion (US$3.1 billion) in 2025,
representing a decrease of 5.0% from RMB22.6 billion in 2024.
-- Research and development expenses were RMB11.3 billion (US$1.6 billion)
in 2025, representing an increase of 2.2% from RMB11.1 billion in 2024.
The research and development expenses remained relatively stable over the
year of 2024.
-- Selling, general and administrative expenses were RMB10.7 billion (US$1.5
billion) in 2025, representing a decrease of 12.8% from RMB12.2 billion
in 2024. The decrease in selling, general and administrative expenses was
primarily due to decreased employee compensation associated with the
recognition of share-based compensation expenses regarding the chief
executive officer's performance-based awards in 2024.
Income/(Loss) from Operations
-- Loss from operations was RMB521.1 million (US$74.5 million) in 2025,
compared with RMB7.0 billion income from operations in 2024. Operating
margin was negative 0.5% in 2025, compared with 4.9% in 2024. Non-GAAP
income from operations was RMB736.6 million (US$105.3 million) in 2025,
representing a decrease of 92.4% from RMB9.7 billion in 2024.
Net Income and Net Earnings Per Share
-- Net income was RMB1.1 billion (US$162.9 million) in 2025, representing a
decrease of 85.8% from RMB8.0 billion in 2024. Non-GAAP net income was
RMB2.4 billion (US$342.8 million) in 2025, representing a decrease of
77.5% from RMB10.7 billion in 2024.
-- Basic and diluted net earnings per ADS attributable to ordinary
shareholders was RMB1.12 (US$0.16) and RMB1.08 (US$0.15) in 2025,
respectively, compared with RMB8.06 and RMB7.58 in 2024, respectively.
Non-GAAP basic and diluted net earnings per ADS attributable to ordinary
shareholders was RMB2.36 (US$0.34) and RMB2.25 (US$0.32) in 2025,
respectively, compared with RMB10.69 and RMB10.04 in 2024, respectively.
Operating Cash Flow and Free Cash Flow
-- Net cash used in operating activities was RMB8.6 billion (US$1.2 billion)
in 2025, compared with RMB15.9 billion net cash provided by operating
activities in 2024. The change in net cash used in operating activities
was mainly due to decrease in cash received from customers.
-- Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025,
compared with RMB8.2 billion in 2024.
Employees
-- As of December 31, 2025, the Company had a total of 30,728 employees.
Business Outlook
For the first quarter of 2026, the Company expects:
-- Deliveries of vehicles to be between 85,000 and 90,000 vehicles,
representing a year-over-year decrease of 8.5% to 3.1%.
-- Total revenues to be between RMB20.4 billion (US$2.9 billion) and RMB21.6
billion (US$3.1 billion), representing a year-over-year decrease of 21.3%
to 16.7%.
This business outlook reflects the Company's current and preliminary views on its business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Thursday, March 12, 2026 (8:00 p.m. Beijing/Hong Kong Time on March 12, 2026) to discuss financial results and answer questions from investors and analysts.
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10053202-045ws9.html
A replay of the conference call will be accessible through March 19, 2026, by dialing the following numbers:
United States: +1-855-883-1031 Mainland China: +86-400-1209-216 Hong Kong, China: +852-800-930-639 International: +61-7-3107-6325 Replay PIN: 10053202
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.lixiang.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and release of valuation allowance on deferred tax assets, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
About Li Auto Inc.
Li Auto Inc. is a leader in China's new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World ( , ). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "targets," "likely to," "challenges," and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto's strategies, future business development, and financial condition and results of operations; Li Auto's limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto's ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto's ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto's ability to compete successfully; Li Auto's ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto's vehicles; Li Auto's ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: ir@lixiang.com
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: Li@christensencomms.com
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive
Income/(Loss)
(All amounts in thousands, except for ADS/ordinary
share and per ADS/ordinary share data)
For the Three Months Ended For the Year Ended
---------------------------------------------------------- -------------------------------------------
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2024 2025 2025 2025 2024 2025 2025
------------- ------------- ------------- ------------- ------------- ------------- -------------
RMB RMB RMB US$ RMB RMB US$
Revenues:
Vehicle sales 42,642,978 25,867,091 27,252,291 3,897,026 138,538,092 106,683,100 15,255,480
Other sales and
services 1,630,694 1,497,571 1,523,131 217,805 5,921,854 5,629,411 804,995
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total revenues 44,273,672 27,364,662 28,775,422 4,114,831 144,459,946 112,312,511 16,060,475
------------- ------------- ------------- ------------- ------------- ------------- -------------
Cost of sales:
Vehicle sales (34,252,151) (21,846,962) (22,669,292) (3,241,666) (111,121,036) (87,591,473) (12,525,414)
Other sales and
services (1,051,303) (1,048,699) (975,501) (139,495) (3,682,772) (3,735,980) (534,238)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total cost of sales (35,303,454) (22,895,661) (23,644,793) (3,381,161) (114,803,808) (91,327,453) (13,059,652)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Gross profit 8,970,218 4,469,001 5,130,629 733,670 29,656,138 20,985,058 3,000,823
------------- ------------- ------------- ------------- ------------- ------------- -------------
Operating expenses:
Research and
development (2,408,357) (2,974,338) (3,016,587) (431,366) (11,071,358) (11,314,949) (1,618,016)
Selling, general
and
administrative (3,076,993) (2,769,019) (2,647,068) (378,525) (12,229,323) (10,664,857) (1,525,055)
Other operating
income, net 218,446 97,155 90,438 12,932 663,657 473,631 67,728
------------- -------------
Total operating
expenses (5,266,904) (5,646,202) (5,573,217) (796,959) (22,637,024) (21,506,175) (3,075,343)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income/(Loss) from
operations 3,703,314 (1,177,201) (442,588) (63,289) 7,019,114 (521,117) (74,520)
Other
(expense)/income:
Interest expense (61,759) (32,663) (37,419) (5,351) (187,755) (168,078) (24,035)
Interest income and
investment income,
net 403,021 475,435 430,733 61,594 1,819,964 1,918,883 274,397
Others, net 17,128 (4,501) 21,930 3,136 664,301 67,447 9,645
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income/(Loss) before
income tax 4,061,704 (738,930) (27,344) (3,910) 9,315,624 1,297,135 185,487
Income tax
(expense)/benefit (529,010) 114,534 47,587 6,805 (1,270,374) (157,707) (22,552)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935
------------- ------------- ------------- ------------- ------------- ------------- -------------
Less: Net income
attributable to
noncontrolling
interests 9,757 580 13,724 1,963 12,900 14,990 2,143
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net income/(loss)
attributable to
ordinary
shareholders of Li
Auto Inc. 3,522,937 (624,976) 6,519 932 8,032,350 1,124,438 160,792
============= ============= ============= ============= ============= ============= =============
Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935
------------- ------------- ------------- ------------- ------------- ------------- -------------
Other comprehensive
income/(loss)
Foreign currency
translation
adjustment, net
of nil tax 236,903 (71,876) (337,950) (48,326) 53,128 (653,432) (93,440)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total other
comprehensive
income/(loss) 236,903 (71,876) (337,950) (48,326) 53,128 (653,432) (93,440)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total comprehensive
income/(loss) 3,769,597 (696,272) (317,707) (45,431) 8,098,378 485,996 69,495
------------- ------------- ------------- ------------- ------------- ------------- -------------
Less: Net income
attributable to
noncontrolling
interests 9,757 580 13,724 1,963 12,900 14,990 2,143
Comprehensive
income/(loss)
attributable to
ordinary
shareholders of Li
Auto Inc. 3,759,840 (696,852) (331,431) (47,394) 8,085,478 471,006 67,352
============= ============= ============= ============= ============= ============= =============
Weighted average
number of ADSs
Basic 1,000,250,311 1,009,414,942 1,010,547,649 1,010,547,649 996,595,976 1,007,535,097 1,007,535,097
Diluted 1,066,897,163 1,009,414,942 1,041,928,950 1,041,928,950 1,064,636,715 1,071,363,764 1,071,363,764
Net earnings/(loss)
per ADS attributable
to ordinary
shareholders
Basic 3.52 (0.62) 0.01 0.00 8.06 1.12 0.16
Diluted 3.31 (0.62) 0.01 0.00 7.58 1.08 0.15
Weighted average
number of ordinary
shares
Basic 2,000,500,621 2,018,829,884 2,021,095,298 2,021,095,298 1,993,191,951 2,015,070,194 2,015,070,194
Diluted 2,133,794,325 2,018,829,884 2,083,857,900 2,083,857,900 2,129,273,430 2,142,727,527 2,142,727,527
Net earnings/(loss)
per share
attributable to
ordinary
shareholders
Basic 1.76 (0.31) 0.00 0.00 4.03 0.56 0.08
Diluted 1.65 (0.31) 0.00 0.00 3.79 0.54 0.08
Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
December 31, December 31, December 31,
2024 2025 2025
--------------- --------------- ---------------
RMB RMB US$
ASSETS
Current assets:
Cash and cash
equivalents 65,901,123 56,691,765 8,106,815
Restricted cash 6,849 216,314 30,932
Time deposits
and short-term
investments 46,904,548 44,331,407 6,339,307
Trade receivable 135,112 119,823 17,134
Inventories 8,185,604 8,752,439 1,251,582
Prepayments and
other current
assets 5,176,546 5,174,246 739,907
--------------- --------------- ---------------
Total current
assets 126,309,782 115,285,994 16,485,677
--------------- --------------- ---------------
Non-current
assets:
Long-term
investments 922,897 848,672 121,358
Property, plant
and equipment,
net 21,140,933 22,774,938 3,256,773
Operating lease
right-of-use
assets, net 8,323,963 9,099,313 1,301,184
Intangible
assets, net 914,951 1,191,974 170,450
Goodwill 5,484 5,484 784
Deferred tax
assets 2,542,180 3,334,206 476,785
Other
non-current
assets 2,188,888 1,755,237 250,996
Total
non-current
assets 36,039,296 39,009,824 5,578,330
--------------- --------------- ---------------
Total assets 162,349,078 154,295,818 22,064,007
=============== =============== ===============
LIABILITIES AND
EQUITY
Current
liabilities:
Short-term
borrowings 281,102 6,217,745 889,126
Trade and notes
payable 53,596,194 40,579,219 5,802,751
Amounts due to
related
parties 11,492 26,644 3,810
Deferred
revenue,
current 1,396,489 1,621,429 231,861
Operating lease
liabilities,
current 1,438,092 1,690,356 241,718
Finance lease
liabilities,
current 95,205 - -
Accruals and
other current
liabilities 12,397,322 13,412,260 1,917,924
--------------- --------------- ---------------
Total current
liabilities 69,215,896 63,547,653 9,087,190
--------------- --------------- ---------------
Non-current
liabilities:
Long-term
borrowings 8,151,598 3,299,203 471,780
Deferred
revenue,
non-current 720,531 624,734 89,336
Operating lease
liabilities,
non-current 5,735,738 6,258,957 895,019
Finance lease
liabilities,
non-current 642,984 348,506 49,836
Deferred tax
liabilities 864,999 691,652 98,905
Other
non-current
liabilities 5,696,950 6,385,370 913,096
--------------- --------------- ---------------
Total
non-current
liabilities 21,812,800 17,608,422 2,517,972
--------------- --------------- ---------------
Total
liabilities 91,028,696 81,156,075 11,605,162
=============== =============== ===============
Total Li Auto
Inc.
shareholders'
equity 70,874,884 72,619,255 10,384,416
--------------- --------------- ---------------
Noncontrolling
interests 445,498 520,488 74,429
--------------- --------------- ---------------
Total
shareholders'
equity 71,320,382 73,139,743 10,458,845
--------------- --------------- ---------------
Total
liabilities and
shareholders'
equity 162,349,078 154,295,818 22,064,007
=============== =============== ===============
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash
Flows
(All amounts in thousands)
For the Three Months Ended For the Year Ended
------------------------------------------------- ----------------------------------------
December 31, September December December December 31, December 31, December 31,
2024 30, 2025 31, 2025 31, 2025 2024 2025 2025
------------ ------------
RMB RMB RMB US$ RMB RMB US$
Net cash provided
by/(used in)
operating
activities 8,680,301 (7,395,580) 3,521,370 503,549 15,933,160 (8,611,397) (1,231,413)
Net cash (used
in)/provided by
investing
activities (19,987,058) 8,373,137 2,110,251 301,762 (41,137,169) (703,125) (100,546)
Net cash (used
in)/provided by
financing
activities (734,467) 597,470 178,563 25,534 (415,648) 767,402 109,737
Effect of exchange
rate changes on
cash, cash
equivalents and
restricted cash 355,742 (48,607) (225,491) (32,245) 198,120 (452,773) (64,746)
------------ ----------- ----------- --------- ------------ ------------ ------------
Net change in cash,
cash equivalents
and restricted
cash (11,685,482) 1,526,420 5,584,693 798,600 (25,421,537) (8,999,893) (1,286,968)
------------ ----------- ----------- --------- ------------ ------------ ------------
Cash, cash
equivalents and
restricted cash at
beginning of
period 77,593,454 49,796,966 51,323,386 7,339,147 91,329,509 65,907,972 9,424,715
------------ ----------- ----------- --------- ------------ ------------ ------------
Cash, cash
equivalents and
restricted cash at
end of period 65,907,972 51,323,386 56,908,079 8,137,747 65,907,972 56,908,079 8,137,747
============ =========== =========== ========= ============ ============ ============
Net cash provided
by/(used in)
operating
activities 8,680,301 (7,395,580) 3,521,370 503,549 15,933,160 (8,611,397) (1,231,413)
Capital expenditures (2,620,969) (1,516,607) (1,053,769) (150,687) (7,730,022) (4,205,517) (601,381)
------------ ----------- ----------- --------- ------------ ------------ ------------
Free cash flow
(non-GAAP) 6,059,332 (8,912,187) 2,467,601 352,862 8,203,138 (12,816,914) (1,832,794)
============ =========== =========== ========= ============ ============ ============
Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP
Results
(All amounts in thousands, except for ADS/ordinary
share and per ADS/ordinary share data)
For the Three Months Ended For the Year Ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2024 2025 2025 2025 2024 2025 2025
------------- ------------- ------------- ------------- ------------- ------------- ----------------
RMB RMB RMB US$ RMB RMB US$
Cost of sales (35,303,454) (22,895,661) (23,644,793) (3,381,161) (114,803,808) (91,327,453) (13,059,652)
Share-based
compensation
expenses 10,394 10,260 10,405 1,488 39,728 35,996 5,147
Non-GAAP cost of
sales (35,293,060) (22,885,401) (23,634,388) (3,379,673) (114,764,080) (91,291,457) (13,054,505)
============= ============= ============= ============= ============= ============= ================
Research and
development
expenses (2,408,357) (2,974,338) (3,016,587) (431,366) (11,071,358) (11,314,949) (1,618,016)
Share-based
compensation
expenses 303,047 164,014 143,303 20,492 1,257,921 782,917 111,956
Non-GAAP research
and development
expenses (2,105,310) (2,810,324) (2,873,284) (410,874) (9,813,437) (10,532,032) (1,506,060)
============= ============= ============= ============= ============= ============= ================
Selling, general
and
administrative
expenses (3,076,993) (2,769,019) (2,647,068) (378,525) (12,229,323) (10,664,857) (1,525,055)
Share-based
compensation
expenses 199,633 90,425 100,492 14,370 1,333,256 438,841 62,753
Non-GAAP selling,
general and
administrative
expenses (2,877,360) (2,678,594) (2,546,576) (364,155) (10,896,067) (10,226,016) (1,462,302)
============= ============= ============= ============= ============= ============= ================
Income/(Loss) from
operations 3,703,314 (1,177,201) (442,588) (63,289) 7,019,114 (521,117) (74,520)
Share-based
compensation
expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856
Non-GAAP
income/(loss)
from operations 4,216,388 (912,502) (188,388) (26,939) 9,650,019 736,637 105,336
Net income/(loss) 3,532,694 (624,396) 20,243 2,895 8,045,250 1,139,428 162,935
Share-based
compensation
expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856
Release of
valuation
allowance on
deferred tax
assets (6,085) -- -- -- (6,085) -- --
Non-GAAP net
income/(loss)(8) 4,039,683 (359,697) 274,443 39,245 10,670,070 2,397,182 342,791
============= ============= ============= ============= ============= ============= ================
Net income/(loss)
attributable to
ordinary
shareholders of
Li Auto Inc. 3,522,937 (624,976) 6,519 932 8,032,350 1,124,438 160,792
Share-based
compensation
expenses 513,074 264,699 254,200 36,350 2,630,905 1,257,754 179,856
Release of
valuation
allowance on
deferred tax
assets (6,085) -- -- -- (6,085) -- --
Non-GAAP net
income/(loss)
attributable to
ordinary
shareholders of
Li Auto Inc. 4,029,926 (360,277) 260,719 37,282 10,657,170 2,382,192 340,648
============= ============= ============= ============= ============= ============= ================
Weighted average
number of ADSs
Basic 1,000,250,311 1,009,414,942 1,010,547,649 1,010,547,649 996,595,976 1,007,535,097 1,007,535,097
Diluted 1,066,897,163 1,009,414,942 1,041,928,950 1,041,928,950 1,064,636,715 1,071,363,764 1,071,363,764
Non-GAAP net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders
Basic 4.03 (0.36) 0.26 0.04 10.69 2.36 0.34
Diluted 3.79 (0.36) 0.25 0.04 10.04 2.25 0.32
Weighted average
number of ordinary
shares
Basic 2,000,500,621 2,018,829,884 2,021,095,298 2,021,095,298 1,993,191,951 2,015,070,194 2,015,070,194
Diluted 2,133,794,325 2,018,829,884 2,083,857,900 2,083,857,900 2,129,273,430 2,142,727,527 2,142,727,527
Non-GAAP net
earnings/(loss)
per share
attributable to
ordinary
shareholders
Basic 2.01 (0.18) 0.13 0.02 5.35 1.18 0.17
Diluted 1.89 (0.18) 0.13 0.02 5.02 1.13 0.16
___________________
(1) All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.
(2) Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
(3) The Company's non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowance on deferred tax assets. See "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.
(4) Each ADS represents two Class A ordinary shares.
(5) Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.
(6) Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.
(7) Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.
(8) Non-GAAP items have no tax impact for all the periods presented.
(END) Dow Jones Newswires
March 12, 2026 04:30 ET (08:30 GMT)