Li Auto Inc. Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results
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 | % Change6 | ||||||||||
| December 31, 2024 | September 30, 2025 | December 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 (主动积极, 改变世界). 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: [email protected]
Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: [email protected]
| 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, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 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, 2024 | December 31, 2025 | December 31, 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, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 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, 2024 | September 30, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 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.
