Core Insights - Li Auto reported a significant decline in vehicle deliveries and financial performance for Q4 2025 compared to the previous year, indicating challenges in the market [1][2] - The company is preparing for a new product cycle in 2026, with plans to launch an upgraded model aimed at enhancing user experience and technological advancements [3] Financial Performance - Q4 2025 total deliveries were 109,194 vehicles, a decrease of 31.2% year-over-year [1] - Q4 2025 vehicle sales revenue was 27.3 billion RMB, down 36.1% from 42.6 billion RMB in Q4 2024, but up 5.4% from 25.9 billion RMB in Q3 2025 [1] - Q4 2025 gross margin was 16.8%, compared to 19.7% in Q4 2024 and 15.5% in Q3 2025 [1] - Q4 2025 total revenue was 28.8 billion RMB, a decline of 35.0% from 44.3 billion RMB in Q4 2024, but an increase of 5.2% from 27.4 billion RMB in Q3 2025 [1] - Q4 2025 net profit was 20.2 million RMB, a sharp drop from 3.5 billion RMB in Q4 2024, and a recovery from a net loss of 624.4 million RMB in Q3 2025 [1] Annual Performance - For FY 2025, total deliveries were 406,343 vehicles, down from 500,508 vehicles in FY 2024 [2] - FY 2025 vehicle sales revenue was 106.7 billion RMB, a decrease of 23.0% from 138.5 billion RMB in FY 2024 [2] - FY 2025 gross margin was 17.9%, down from 19.8% in FY 2024 [2] - FY 2025 total revenue was 112.3 billion RMB, a decline of 22.3% from 144.5 billion RMB in FY 2024 [2] - FY 2025 net profit was 1.1 billion RMB, a significant drop of 85.8% from 8 billion RMB in FY 2024 [2] - Non-GAAP net profit for FY 2025 was 2.4 billion RMB, down 77.5% from 10.7 billion RMB in FY 2024 [2] Future Outlook - In January and February 2026, Li Auto delivered 27,668 and 26,421 vehicles, respectively [3] - The company expects Q1 2026 vehicle deliveries to be between 85,000 and 90,000, a year-over-year decrease of 8.5% to 3.1% [3] - Total revenue for Q1 2026 is projected to be between 20.4 billion RMB and 21.6 billion RMB, reflecting a year-over-year decrease of 21.3% to 16.7% [3] - Li Auto plans to launch the new Li L9 model in Q2 2026, featuring comprehensive upgrades in power systems, autonomous driving, and chassis technology [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 截至2025年12月31日止年度之年度業績公告 及建議修訂組織章程細則 理想汽車（「理想汽車」或「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 截至2025年12月31日止年度（「報告期間」）的未經審計年度合併業績，連同2024 年同期的比較數字。該等年度業績根據美國公認會計準則（「美國公認會計準則」） 編製並經董事會審計委員會（「審計委員會」）審閱。 在本公告中，「我們」指本公司及（如文義另有所指）本集團（定義見「未經審計簡 明合併財務報表附註」一節的「一般資料」）。 1 財務表現摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2025年 | 變動(%) | | | | （人民幣千元，百分比除外） | ...

理想汽车董事长兼首席执行官李想先生表示："经过2025年的主动战略调整，四季度以来我们在组织效 率、供应能力和销售体系方面开始看到积极变化，包括门店效率提升、理想i6产能问题缓解、以及理想 i8销量回升。2026年，我们将迎来重要的产品周期，第二季度上市的全新理想L9将在动力系统、智能驾 驶和底盘技术方面实现全面升级，为用户带来代际体验提升。未来，理想汽车将持续完善面向AI重构 的研发体系，以稳定的研发投入，推动长期产品创新与技术突破。" 理想汽车首席财务官李铁先生补充道："面对产品周期切换和行业竞争加剧带来的短期挑战，我们依托 扎实的运营能力与严格的成本管理，在第四季度实现了颇具韧性的毛利率。稳健的财务状况也为业绩提 供支撑，助力公司实现年度净利层面的盈利。截至年末，公司现金储备达1012亿元，依然保持强劲，为 我们把握具身智能领域的广阔机遇、加速全球拓展提供了充足动能。" 智通财经APP讯，理想汽车-W(02015)发布公告，2025年第四季度，车辆销售收入为273亿元(人民币， 下同)，较2024年第四季度的426亿元减少36.1%，较2025年第三季度的259亿元增加5.4%。收入总额为 288亿元， ...

Core Insights - In 2025, the company achieved a revenue of 112.3 billion yuan and a net profit of 1.1 billion yuan, becoming the only new energy vehicle company in China to surpass 100 billion yuan in revenue for three consecutive years while maintaining profitability for the same period [1][2] - The company has a cash reserve of 101.2 billion yuan, the highest among Chinese new energy vehicle companies, providing a solid foundation for long-term investments in technology research and development, product innovation, and sales service systems [2][7] - The company’s R&D investment reached a record high of 11.3 billion yuan in 2025, with 50% allocated to AI-related projects, indicating a strong commitment to developing core technologies [2][3] Financial Performance - In Q4 2025, the company delivered 109,000 vehicles, a quarter-on-quarter increase of 17.1%, with pure electric models continuing to gain market share [2] - The quarterly revenue was 28.8 billion yuan, reflecting a 5.2% quarter-on-quarter growth, maintaining a leading position in the industry [2] R&D and Technological Advancements - The company has invested a total of 33 billion yuan in R&D over the past three years, focusing on breakthroughs in embodied intelligence core technologies [3] - The self-developed Mach 100 chip, set to be mass-produced in Q2 2026, boasts three times the effective computing power of Nvidia's Thor-U chip, enhancing the safety and smoothness of intelligent driving [3][4] - The company has restructured its R&D organization to improve efficiency, focusing on collaborative design between chip and model development [4] Product Launches and Market Strategy - The new generation of the Ideal L9 is set to launch in Q2 2026, featuring advanced technologies such as a fully controlled chassis and an 800V active suspension system, marking a significant upgrade in product capabilities [5][6] - The company has successfully launched two pure electric SUVs, the Ideal i8 and Ideal i6, with cumulative orders exceeding 100,000 units, entering a new growth phase driven by both range-extended and pure electric models [7] Future Outlook - With a robust foundation of 113 billion yuan in R&D investment and 101.2 billion yuan in cash reserves, the company is poised to return to a growth trajectory in 2026, aiming to redefine the flagship SUV standards in the embodied intelligence era [7]

理想汽车3月12日公告，2025年第四季度营收287.75亿元，同比下降35%。归属于普通股股东的净利润 为2020万元，同比下降99.4%。2025年全年营收1123.12亿元，同比下降22.3%；归属于普通股股东的净 利润为11.39亿元，同比下降85.8%。 ...

Group 1 - The core viewpoint of the announcement is that Li Auto expects a decrease in vehicle delivery volume and revenue for the first quarter of 2026 compared to the previous year [2] Group 2 - The projected vehicle delivery volume for the first quarter of 2026 is between 85,000 to 90,000 units, representing a year-on-year decrease of 8.5% to 3.1% [2] - The total revenue is expected to be between RMB 20.4 billion to 21.6 billion, reflecting a year-on-year decrease of 21.3% to 16.7% [2]

理想汽车发布2025年第四季度及全年财报。全年营收1123亿元，净利润11亿元，现金储备1012亿元，连 续三年营收破千亿、连续三年盈利。全年研发投入113亿元创历史新高，AI相关投入占比50%。全新一 代理想L9将于二季度上市。 来源：滚动播报 ...

Group 1 - The core point of the article is that Li Auto (LI.O) experienced a pre-market decline of 4.4% in U.S. stock trading [1]

Group 1 - The core point of the article is that Li Auto reported a revenue of 28.8 billion yuan for the fourth quarter [1] Group 2 - The article originates from a financial news source, indicating its relevance in the investment community [1]

理想汽车(LI.O)：预计第一季度营收204亿至216亿元。 本文源自：金融界AI电报 ...