Li Auto-W (02015) released its unaudited results for the three months and full year ended 31 December 2025. The automaker confronted a sharp revenue and profit pull-back amid a product-transition year, yet ended the fourth quarter with a small net profit and maintained a sizeable cash buffer.

Key Operating Metrics

• Vehicle deliveries fell 18.8% year on year to 406,343 units in 2025; Q4 deliveries slid 31.20% to 109,194 units but improved 17.20% sequentially from Q3. • Domestic network at year-end: 548 retail stores in 159 cities, 561 service centres and body-paint shops in 224 cities, plus 3,907 super-charging stations (21,651 stalls).

Fourth-Quarter 2025 Highlights

• Revenue: RMB 28.78 billion, down 35.0% YoY but up 5.20% QoQ. • Vehicle sales: RMB 27.25 billion, ‑36.10% YoY, +5.40% QoQ. • Gross profit: RMB 5.13 billion, ‑42.80% YoY, +14.80% QoQ. • Gross margin: 17.8% (Q4 2024: 20.3%; Q3 2025: 16.3%). • Vehicle margin: 16.8% (Q4 2024: 19.7%). • Operating loss narrowed to RMB 0.44 billion (Q3 2025 loss: RMB 1.18 billion). • Net income turned positive at RMB 0.02 billion versus a RMB 0.62 billion loss in Q3 and RMB 3.53 billion profit a year earlier. • Free cash flow rebounded to RMB 2.47 billion after a negative RMB 8.91 billion in Q3.

Full-Year 2025 Performance

• Total revenue declined 22.30% to RMB 112.31 billion. • Vehicle sales slid 23.00% to RMB 106.68 billion; vehicle margin compressed to 17.9% from 19.8% in 2024. • Gross profit dropped 29.20% to RMB 20.99 billion; gross margin fell to 18.7%. • Operating swung to a RMB 0.52 billion loss (FY2024 profit: RMB 7.02 billion); operating margin ‑0.5%. • Net income contracted 85.80% to RMB 1.14 billion; non-GAAP net income was RMB 2.40 billion, down 77.50%. • Net cash used in operating activities totalled RMB 8.61 billion, versus RMB 15.93 billion generated in 2024; free cash flow reversed to a negative RMB 12.82 billion. • Year-end cash position remained robust at RMB 101.20 billion.

Strategic and Operational Updates

• Product pipeline: an all-new Li L9 featuring updated powertrain, autonomous-driving and chassis technologies is slated for launch in Q2 2026. • New ventures: debut of Livis AI glasses (starting at RMB 1,999) and entry into Egypt, Kazakhstan and Azerbaijan broaden international reach. • Safety accolades: Li i8 secured top ratings in the C-IASI; Li i6 achieved a record score in the China-Automobile Health Index.

Outlook for Q1 2026

• Vehicle deliveries projected at 85,000–90,000 units, implying a YoY contraction of 8.50%–3.10%. • Revenue guidance set at RMB 20.40 billion–RMB 21.60 billion, down 21.30%–16.70% YoY, reflecting ongoing model-transition effects.

Financial Position

• Total assets stood at RMB 154.30 billion; shareholders’ equity reached RMB 72.62 billion. • Short-term and long-term borrowings amounted to RMB 9.52 billion combined at year-end.

Management Commentary

Chairman and CEO Li Xiang highlighted efficiency gains, easing production constraints for the Li i6, and recovering sales of the Li i8 since Q4. CFO Li Tie underscored disciplined cost control and a sizeable cash reserve of RMB 101.20 billion as foundations for future AI-centric R&D and overseas expansion.

Conference Call

Management will host an earnings call on 12 March 2026 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong) to discuss results and outlook. Replay details and webcast are available on the company’s investor relations website.