[Second Quarter 2025 Financial Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20Overview) Li Auto Inc. reported its operational and financial performance for the second quarter of 2025, highlighting vehicle deliveries and key financial metrics [Operating Highlights](index=1&type=section&id=Operating%20Highlights%20for%20the%20Second%20Quarter%20of%202025) Li Auto Inc. reported 111,074 vehicle deliveries in Q2 2025, a 2.3% year-over-year increase, and continued to expand its retail and servicing infrastructure across China - Total deliveries for the second quarter of 2025 were **111,074 vehicles**, representing a **2.3% year-over-year increase**[2](index=2&type=chunk) - As of June 30, 2025, the Company had **530 retail stores** in 151 cities, **511 servicing centers** and Li Auto-authorized body and paint shops operating in 222 cities, and **2,851 super charging stations** in operation equipped with **15,655 charging stalls**[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Second%20Quarter%20of%202025) The company achieved RMB30.2 billion in total revenues with a gross margin of 20.1% in Q2 2025, while operating income significantly increased by 76.7% YoY and 204.4% QoQ, reaching RMB827.0 million Q2 2025 Key Financial Highlights (RMB millions) | Metric | 2025 Q2 (RMB) | YoY Change | QoQ Change | | :---------------------- | :------------ | :--------- | :--------- | | Vehicle Sales | 28,900 | -4.7% | 17.0% | | Vehicle Margin | 19.4% | +0.7pts | -0.4pts | | Total Revenues | 30,200 | -4.5% | 16.7% | | Gross Profit | 6,100 | -1.8% | 14.1% | | Gross Margin | 20.1% | +0.6pts | -0.4pts | | Operating Expenses | (5,200) | -8.2% | 3.8% | | Income from Operations | 827.0 | 76.7% | 204.4% | | Operating Margin | 2.7% | +1.2pts | +1.7pts | | Net Income | 1,100 | -0.4% | 69.6% | | Non-GAAP Net Income | 1,500 | -2.3% | 44.7% | | Diluted EPS per ADS | 1.03 | -1.9% | 66.1% | | Non-GAAP Diluted EPS per ADS | 1.37 | -3.5% | 42.7% | | Net Cash Used in Operating Activities | (3,000) | 607.1% | 78.5% | | Free Cash Flow (Non-GAAP) | (3,800) | 107.4% | 51.8% | [Key Financial Results Table](index=3&type=section&id=Key%20Financial%20Results) This section presents a comprehensive table of key financial results for the periods ended June 30, 2024, March 31, 2025, and June 30, 2025 Key Financial Results (RMB millions, except percentages and per ADS data) | Metric | June 30, 2024 (RMB) | March 31, 2025 (RMB) | June 30, 2025 (RMB) | YoY Change | QoQ Change | | :---------------------------------------------- | :------------------ | :------------------- | :------------------ | :--------- | :--------- | | Vehicle sales | 30,319.7 | 24,678.6 | 28,885.1 | (4.7)% | 17.0% | | Vehicle margin | 18.7% | 19.8% | 19.4% | 0.7pts | (0.4)pts | | Total revenues | 31,678.4 | 25,926.8 | 30,245.6 | (4.5)% | 16.7% | | Gross profit | 6,176.9 | 5,318.5 | 6,067.0 | (1.8)% | 14.1% | | Gross margin | 19.5% | 20.5% | 20.1% | 0.6pts | (0.4)pts | | Operating expenses | (5,708.9) | (5,046.8) | (5,240.0) | (8.2)% | 3.8% | | Income from operations | 468.0 | 271.7 | 827.0 | 76.7% | 204.4% | | Operating margin | 1.5% | 1.0% | 2.7% | 1.2pts | 1.7pts | | Net income | 1,100.9 | 646.6 | 1,096.9 | (0.4)% | 69.6% | | Non-GAAP net income | 1,503.1 | 1,014.3 | 1,468.2 | (2.3)% | 44.7% | | Diluted net earnings per ADS attributable to ordinary shareholders | 1.05 | 0.62 | 1.03 | (1.9)% | 66.1% | | Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | 1.42 | 0.96 | 1.37 | (3.5)% | 42.7% | | Net cash used in operating activities | (429.4) | (1,701.0) | (3,036.2) | 607.1% | 78.5% | | Free cash flow (non-GAAP) | (1,852.7) | (2,530.6) | (3,841.8) | 107.4% | 51.8% | [Recent Developments](index=4&type=section&id=Recent%20Developments) This section outlines recent business developments, including vehicle deliveries, ESG performance, and new product launches [Delivery Update (July 2025)](index=4&type=section&id=Delivery%20Update) Li Auto delivered 30,731 vehicles in July 2025 and continued to expand its retail and charging infrastructure, reaching over 3,000 super charging stations - In July 2025, the Company delivered **30,731 vehicles**[10](index=10&type=chunk) - As of July 31, 2025, the Company had **535 retail stores** in 153 cities, **527 servicing centers** in 222 cities, and **3,028 super charging stations** in operation equipped with **16,671 charging stalls**[10](index=10&type=chunk) [ESG Performance](index=4&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20(ESG)%20Performance) Li Auto maintained its top-tier ESG rating from MSCI for the third consecutive year, reflecting strong management of ESG factors - In July 2025, the Company received the highest MSCI ESG rating of '**AAA**' for the third consecutive year[11](index=11&type=chunk) [New Product Launch: Li i8](index=4&type=section&id=Li%20i8) Li Auto launched the Li i8, a new six-seat battery electric family SUV, featuring advanced BEV platform technology, a 720 km CLTC range, and proprietary intelligent driving systems, with deliveries commencing in August 2025 - In July 2025, the Company launched **Li i8**, a six-seat battery electric family SUV[12](index=12&type=chunk) - Li i8 is built on a new high-voltage BEV platform, comes standard with a dual-motor all-wheel drive system, a **97.8 kWh ternary lithium 5C super charging battery pack**, and delivers a **720 km CLTC range**[12](index=12&type=chunk) - It supports a **500 km driving range** with only ten minutes of charging and features LiDAR, Li AD Max advanced assisted driving system (powered by VLA Driver large model), and Li Xiang Tong Xue Agent (supported by MindGPT), priced at **RMB339,800**, with deliveries starting on August 20, 2025[12](index=12&type=chunk) [Management Commentary](index=4&type=section&id=CEO%20and%20CFO%20Comments) This section provides strategic insights from the CEO and a financial review from the CFO regarding the company's performance and future direction [CEO's Strategic Review](index=4&type=section&id=Mr.%20Xiang%20Li%2C%20chairman%20and%20chief%20executive%20officer%20of%20Li%20Auto) CEO Xiang Li highlighted Li Auto's market leadership in China's RMB200,000+ NEV segment, the success of Li MEGA, and significant advancements in BEV and intelligence with the launch of Li i8 and proprietary AI models - Solidified position as China's best-selling domestic automotive brand in the **RMB200,000 and above NEV market**[13](index=13&type=chunk) - Li MEGA quickly became the **top-seller among MPVs priced above RMB500,000** since May[13](index=13&type=chunk) - Launched **Li i8**, a six-seat battery electric family SUV, alongside in-house developed VLA Driver large model and Li Xiang Tong Xue Agent, transforming R&D breakthroughs into enhanced product experiences, with plans to launch **Li i6** in September to expand model lineup[13](index=13&type=chunk) [CFO's Financial Review](index=4&type=section&id=Mr.%20Tie%20Li%2C%20chief%20financial%20officer%20of%20Li%20Auto) CFO Tie Li emphasized the company's focus on cost optimization and operational efficiency, leading to solid profitability in Q2 2025, with total revenues of RMB30.2 billion, a healthy gross margin of 20.1%, and a 69.6% QoQ increase in net income - Remained focused on cost optimization and operational efficiency enhancement, achieving **solid profitability**[13](index=13&type=chunk) - Quarterly total revenues reached **RMB30.2 billion**, with gross margin remaining healthy at **20.1%**, and net income increased to **RMB1.1 billion**, up **69.6% quarter-over-quarter**[13](index=13&type=chunk) [Detailed Financial Results for Q2 2025](index=5&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%20of%202025) This section provides an in-depth analysis of Li Auto Inc.'s financial performance for the second quarter of 2025, covering revenues, costs, expenses, and cash flows [Revenues Analysis](index=5&type=section&id=Revenues) Total revenues decreased 4.5% YoY to RMB30.2 billion but increased 16.7% QoQ, with vehicle sales seeing a 4.7% YoY decrease due to lower average selling price from product mix and incentives, offset by increased deliveries Q2 2025 Revenue Breakdown (RMB billions) | Revenue Type | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :-------------------- | :------------ | :------------ | :------------ | :--------- | :--------- | | Total Revenues | 30.2 | 31.7 | 25.9 | -4.5% | 16.7% | | Vehicle Sales | 28.9 | 30.3 | 24.7 | -4.7% | 17.0% | | Other Sales & Services | 1.4 | 1.4 | 1.2 | 0.1% | 9.0% | - The decrease in revenue from vehicle sales over Q2 2024 was primarily attributable to lower average selling price due to different product mix, interest subsidies, and increased sales incentives, partially offset by an increase in vehicle deliveries, while the increase QoQ was primarily attributable to the increase in vehicle deliveries[17](index=17&type=chunk) - Revenue from other sales and services remained relatively stable YoY and increased QoQ mainly due to increased provision of services and sales of accessories, in line with higher accumulated vehicle sales[17](index=17&type=chunk) [Cost of Sales and Gross Margin Analysis](index=5&type=section&id=Cost%20of%20Sales%20and%20Gross%20Margin) Cost of sales decreased 5.2% YoY but increased 17.3% QoQ, while gross profit decreased 1.8% YoY but increased 14.1% QoQ, with vehicle margin improving to 19.4% (up 0.7pts YoY) mainly due to cost reduction Q2 2025 Cost of Sales and Gross Margin (RMB billions) | Metric | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :-------------- | :------------ | :------------ | :------------ | :--------- | :--------- | | Cost of Sales | 24.2 | 25.5 | 20.6 | -5.2% | 17.3% | | Gross Profit | 6.1 | 6.2 | 5.3 | -1.8% | 14.1% | | Vehicle Margin | 19.4% | 18.7% | 19.8% | +0.7pts | -0.4pts | | Gross Margin | 20.1% | 19.5% | 20.5% | +0.6pts | -0.4pts | - The decrease in cost of sales over Q2 2024 was primarily attributable to lower average cost of sales due to cost reduction and different product mix, partially offset by the increase in vehicle deliveries, while the increase QoQ was primarily attributable to the increase in vehicle deliveries[17](index=17&type=chunk) - The increase in vehicle margin over Q2 2024 was mainly attributable to lower average cost of sales due to cost reduction, partially offset by lower average selling price, with gross margin increasing YoY mainly due to the improvement in vehicle margin[17](index=17&type=chunk) [Operating Expenses Analysis](index=5&type=section&id=Operating%20Expenses) Total operating expenses decreased 8.2% YoY to RMB5.2 billion but increased 3.8% QoQ, with R&D expenses decreasing 7.2% YoY due to lower employee compensation but increasing 11.8% QoQ due to new vehicle programs Q2 2025 Operating Expenses (RMB billions) | Expense Type | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :----------- | :------------ | :------------ | :------------ | :--------- | :--------- | | Total Operating Expenses | 5.2 | 5.7 | 5.0 | -8.2% | 3.8% | | R&D Expenses | 2.8 | 3.0 | 2.5 | -7.2% | 11.8% | | SG&A Expenses | 2.7 | 2.8 | 2.5 | -3.5% | 7.4% | - The decrease in research and development expenses over Q2 2024 was mainly attributable to decreased employee compensation, while the increase QoQ was mainly attributable to the impact of the pace of new vehicle programs and increased expenses to support expanding product portfolios and technologies[17](index=17&type=chunk) - The decrease in selling, general and administrative expenses over Q2 2024 was primarily due to decreased employee compensation, partially offset by increased marketing and promotional activities, with the increase QoQ primarily due to increased marketing and promotional activities[17](index=17&type=chunk) [Income from Operations Analysis](index=6&type=section&id=Income%20from%20Operations) Income from operations surged 76.7% YoY and 204.4% QoQ to RMB827.0 million, resulting in an operating margin of 2.7% (up 1.2pts YoY and 1.7pts QoQ), with non-GAAP income from operations also seeing substantial increases Q2 2025 Income from Operations (RMB millions) | Metric | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :---------------------- | :------------ | :------------ | :--------- | :--------- | :--------- | | Income from Operations | 827.0 | 468.0 | 271.7 | 76.7% | 204.4% | | Operating Margin | 2.7% | 1.5% | 1.0% | +1.2pts | +1.7pts | | Non-GAAP Income from Operations | 1,200 | 870.1 | 639.3 | 37.7% | 87.4% | [Net Income and EPS Analysis](index=6&type=section&id=Net%20Income%20and%20Net%20Earnings%20Per%20Share) Net income was RMB1.1 billion, a slight decrease of 0.4% YoY but a significant increase of 69.6% QoQ, while diluted net earnings per ADS were RMB1.03, decreasing 1.9% YoY but increasing 66.1% QoQ Q2 2025 Net Income and EPS (RMB millions, per ADS) | Metric | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :---------------------------------------------- | :------------ | :------------ | :------------ | :--------- | :--------- | | Net Income | 1,096.9 | 1,100.9 | 646.6 | -0.4% | 69.6% | | Non-GAAP Net Income | 1,468.2 | 1,503.1 | 1,014.3 | -2.3% | 44.7% | | Diluted Net Earnings per ADS | 1.03 | 1.05 | 0.62 | -1.9% | 66.1% | | Non-GAAP Diluted Net Earnings per ADS | 1.37 | 1.42 | 0.96 | -3.5% | 42.7% | [Cash Flow and Position Analysis](index=6&type=section&id=Cash%20Position%2C%20Operating%20Cash%20Flow%20and%20Free%20Cash%20Flow) As of June 30, 2025, Li Auto's cash position was RMB106.9 billion, with net cash used in operating activities increasing significantly to RMB3.0 billion, and free cash flow being negative RMB3.8 billion, primarily due to increased inventory purchases - Cash position was **RMB106.9 billion (US$14.9 billion)** as of June 30, 2025[22](index=22&type=chunk) Q2 2025 Cash Flow (RMB millions) | Metric | 2025 Q2 (RMB) | 2024 Q2 (RMB) | 2025 Q1 (RMB) | YoY Change | QoQ Change | | :-------------------------------------- | :------------ | :------------ | :------------ | :--------- | :--------- | | Net Cash Used in Operating Activities | (3,036.2) | (429.4) | (1,701.0) | 607.1% | 78.5% | | Free Cash Flow (Non-GAAP) | (3,841.8) | (1,852.7) | (2,530.6) | 107.4% | 51.8% | - The change in net cash used in operating activities over Q2 2024 and Q1 2025 was mainly due to **increased payment related to inventory purchase**[22](index=22&type=chunk) [Business Outlook for Q3 2025](index=7&type=section&id=Business%20Outlook) This section provides the company's business outlook and guidance for vehicle deliveries and total revenues for the third quarter of 2025 Q3 2025 Business Outlook | Metric | Q3 2025 Guidance | YoY Change | | :--------------- | :--------------- | :--------- | | Vehicle Deliveries | 90,000 - 95,000 | -41.1% to -37.8% | | Total Revenues | RMB24.8 - RMB26.2 billion (US$3.5 - US$3.7 billion) | -42.1% to -38.8% | [Conference Call Details](index=7&type=section&id=Conference%20Call) This section provides details for the upcoming conference call to discuss financial results, including registration and replay information - Management will hold a conference call on **Thursday, August 28, 2025, at 8:00 a.m. U.S. Eastern Time** to discuss financial results[24](index=24&type=chunk) - Participants need to complete online registration to receive access information, with a replay accessible until September 4, 2025, and a live/archived webcast available on the Company's investor relations website[25](index=25&type=chunk)[26](index=26&type=chunk) [Non-GAAP Financial Measures Explanation](index=8&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures, their purpose, and limitations, along with reconciliation practices - The Company uses non-GAAP financial measures, such as **non-GAAP net income** and **free cash flow**, by excluding share-based compensation expenses and release of valuation allowance on deferred tax assets[28](index=28&type=chunk) - These measures help identify underlying business trends and enhance understanding of performance, but are not presented in accordance with U.S. GAAP and should not be considered in isolation[28](index=28&type=chunk)[29](index=29&type=chunk) - Limitations are mitigated by reconciling non-GAAP measures to the most comparable U.S. GAAP performance measures[30](index=30&type=chunk) [Exchange Rate Information](index=8&type=section&id=Exchange%20Rate%20Information) This section specifies the exchange rate used for all Renminbi to U.S. dollar translations within the report - All translations from Renminbi to U.S. dollars are made at a rate of **RMB7.1636 to US$1.00**, the exchange rate on June 30, 2025[31](index=31&type=chunk) [Company Overview](index=8&type=section&id=About%20Li%20Auto%20Inc.) This section provides an overview of Li Auto Inc., its mission, market position, and product strategy in the new energy vehicle sector - Li Auto Inc. is a leader in China's new energy vehicle market, designing, developing, manufacturing, and selling premium smart electric vehicles[32](index=32&type=chunk) - Its mission is: **Create a Mobile Home, Create Happiness**, pioneering in commercializing extended-range electric vehicles (EREVs) and building platforms for battery electric vehicles (BEVs)[32](index=32&type=chunk) - In-house development focuses on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions, with a current model lineup including a flagship MPV, four Li L series EREVs, and one Li i series BEV SUV[32](index=32&type=chunk) [Safe Harbor Statement](index=9&type=section&id=Safe%20Harbor%20Statement) This section contains a safe harbor statement regarding forward-looking statements, outlining inherent risks and the company's disclosure obligations - This press release contains forward-looking statements subject to risks and uncertainties, including those related to business development, operating history, product quality, competition, and government policies[34](index=34&type=chunk) - Li Auto does not undertake any obligation to update these statements, except as required by applicable law[34](index=34&type=chunk) [Investor and Media Contact Information](index=9&type=section&id=For%20investor%20and%20media%20inquiries) This section provides contact details for investor and media inquiries regarding Li Auto Inc - For investor and media inquiries, contact Li Auto Inc. Investor Relations at **ir@lixiang.com** or Christensen Advisory at **Li@christensencomms.com**[35](index=35&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Li%20Auto%20Inc.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the unaudited condensed consolidated financial statements, including statements of comprehensive income, balance sheets, and cash flows [Statements of Comprehensive Income](index=10&type=section&id=Li%20Auto%20Inc.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) This section presents the unaudited condensed consolidated statements of comprehensive income for the three months ended June 30, 2024, March 31, 2025, and June 30, 2025, detailing revenues, cost of sales, gross profit, operating expenses, and net income Unaudited Condensed Consolidated Statements of Comprehensive Income (Thousands, except per ADS/ordinary share data) | Metric | June 30, 2024 (RMB) | March 31, 2025 (RMB) | June 30, 2025 (RMB) | June 30, 2025 (US$) | | :---------------------------------------------- | :------------------ | :------------------- | :------------------ | :------------------ | | **Revenues:** | | | | | | Vehicle sales | 30,319,728 | 24,678,585 | 28,885,133 | 4,032,209 | | Other sales and services | 1,358,668 | 1,248,229 | 1,360,480 | 189,916 | | **Total revenues** | **31,678,396** | **25,926,814** | **30,245,613** | **4,222,125** | | **Cost of sales:** | | | | | | Vehicle sales | (24,635,504) | (19,801,927) | (23,273,292) | (3,248,826) | | Other sales and services | (865,950) | (806,428) | (905,352) | (126,382) | | **Total cost of sales** | **(25,501,454)** | **(20,608,355)** | **(24,178,644)** | **(3,375,208)** | | **Gross profit** | **6,176,942** | **5,318,459** | **6,066,969** | **846,917** | | **Operating expenses:** | | | | | | Research and development | (3,027,581) | (2,513,854) | (2,810,170) | (392,285) | | Selling, general and administrative | (2,815,105) | (2,531,009) | (2,717,761) | (379,385) | | Other operating income/(expense), net | 133,773 | (1,942) | 287,980 | 40,200 | | **Total operating expenses** | **(5,708,913)** | **(5,046,805)** | **(5,239,951)** | **(731,470)** | | **Income from operations** | **468,029** | **271,654** | **827,018** | **115,447** | | **Other (expense)/income:** | | | | | | Interest expense | (43,231) | (48,220) | (49,776) | (6,948) | | Interest income and investment income, net | 370,034 | 516,261 | 496,454 | 69,302 | | Others, net | 383,237 | 34,730 | 15,288 | 2,135 | | **Income before income tax** | **1,178,069** | **774,425** | **1,288,984** | **179,936** | | Income tax expense | (77,129) | (127,780) | (192,048) | (26,809) | | **Net income** | **1,100,940** | **646,645** | **1,096,936** | **153,127** | | Less: Net (loss)/income attributable to noncontrolling interests | (1,653) | (3,679) | 4,365 | 609 | | **Net income attributable to ordinary shareholders of Li Auto Inc.** | **1,102,593** | **650,324** | **1,092,571** | **152,518** | | **Net income** | **1,100,940** | **646,645** | **1,096,936** | **153,127** | | **Other comprehensive income/(loss), net of tax** | | | | | | Foreign currency translation adjustment, net of nil tax | 12,444 | (69,994) | (173,612) | (24,235) | | **Total other comprehensive income/(loss), net of tax** | **12,444** | **(69,994)** | **(173,612)** | **(24,235)** | | **Total comprehensive income** | **1,113,384** | **576,651** | **923,324** | **128,892** | | Less: Net (loss)/income attributable to noncontrolling interests | (1,653) | (3,679) | 4,365 | 609 | | **Comprehensive income attributable to ordinary shareholders of Li Auto Inc.** | **1,115,037** | **580,330** | **918,959** | **128,283** | | **Weighted average number of ADSs** | | | | | | Basic | 994,833,579 | 1,004,099,494 | 1,005,986,033 | 1,005,986,033 | | Diluted | 1,062,428,185 | 1,069,104,610 | 1,071,261,046 | 1,071,261,046 | | **Net earnings per ADS attributable to ordinary shareholders** | | | | | | Basic | 1.11 | 0.65 | 1.09 | 0.15 | | Diluted | 1.05 | 0.62 | 1.03 | 0.14 | | **Weighted average number of ordinary shares** | | | | | | Basic | 1,989,667,158 | 2,008,198,987 | 2,011,972,066 | 2,011,972,066 | | Diluted | 2,124,856,370 | 2,138,209,219 | 2,142,522,091 | 2,142,522,091 | | **Net earnings per share attributable to ordinary shareholders** | | | | | | Basic | 0.55 | 0.32 | 0.54 | 0.08 | | Diluted | 0.52 | 0.31 | 0.51 | 0.07 | [Condensed Consolidated Balance Sheets](index=11&type=section&id=Li%20Auto%20Inc.%20Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section provides the unaudited condensed consolidated balance sheets as of December 31, 2024, and June 30, 2025, detailing assets, liabilities, and equity Unaudited Condensed Consolidated Balance Sheets (Thousands) | Metric | December 31, 2024 (RMB) | June 30, 2025 (RMB) | June 30, 2025 (US$) | | :---------------------------------------------- | :---------------------- | :------------------ | :------------------ | | **ASSETS** | | | | | **Current assets:** | | | | | Cash and cash equivalents | 65,901,123 | 49,790,369 | 6,950,468 | | Restricted cash | 6,849 | 6,597 | 921 | | Time deposits and short-term investments | 46,904,548 | 57,128,448 | 7,974,824 | | Trade receivable | 135,112 | 85,698 | 11,963 | | Inventories | 8,185,604 | 11,732,340 | 1,637,772 | | Prepayments and other current assets | 5,176,546 | 4,793,124 | 669,094 | | **Total current assets** | **126,309,782** | **123,536,576** | **17,245,042** | | **Non-current assets:** | | | | | Long-term investments | 922,897 | 827,727 | 115,546 | | Property, plant and equipment, net | 21,140,933 | 22,031,465 | 3,075,474 | | Operating lease right-of-use assets, net | 8,323,963 | 9,100,442 | 1,270,373 | | Intangible assets, net | 914,951 | 933,707 | 130,340 | | Goodwill | 5,484 | 5,484 | 766 | | Deferred tax assets | 2,542,180 | 2,855,550 | 398,619 | | Other non-current assets | 2,188,888 | 1,995,054 | 278,499 | | **Total non-current assets** | **36,039,296** | **37,749,429** | **5,269,617** | | **Total assets** | **162,349,078** | **161,286,005** | **22,514,659** | | **LIABILITIES AND EQUITY** | | | | | **Current liabilities:** | | | | | Short-term borrowings | 281,102 | 6,391,223 | 892,180 | | Trade and notes payable | 53,596,194 | 49,967,321 | 6,975,169 | | Amounts due to related parties | 11,492 | 18,176 | 2,537 | | Deferred revenue, current | 1,396,489 | 1,405,462 | 196,195 | | Operating lease liabilities, current | 1,438,092 | 1,632,735 | 227,921 | | Finance lease liabilities, current | 95,205 | 100,971 | 14,095 | | Accruals and other current liabilities | 12,397,322 | 11,696,368 | 1,632,748 | | **Total current liabilities** | **69,215,896** | **71,212,256** | **9,940,845** | | **Non-current liabilities:** | | | | | Long-term borrowings | 8,151,598 | 1,834,260 | 256,053 | | Deferred revenue, non-current | 720,531 | 663,117 | 92,568 | | Operating lease liabilities, non-current | 5,735,738 | 6,354,236 | 887,017 | | Finance lease liabilities, non-current | 642,984 | 602,495 | 84,105 | | Deferred tax liabilities | 864,999 | 762,974 | 106,507 | | Other non-current liabilities | 5,696,950 | 6,228,174 | 869,420 | | **Total non-current liabilities** | **21,812,800** | **16,445,256** | **2,295,670** | | **Total liabilities** | **91,028,696** | **87,657,512** | **12,236,515** | | **Total Li Auto Inc. shareholders' equity** | **70,874,884** | **73,122,309** | **10,207,483** | | Noncontrolling interests | 445,498 | 506,184 | 70,661 | | **Total shareholders' equity** | **71,320,382** | **73,628,493** | **10,278,144** | | **Total liabilities and shareholders' equity** | **162,349,078** | **161,286,005** | **22,514,659** | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Li%20Auto%20Inc.%20Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents the unaudited condensed consolidated statements of cash flows for the three months ended June 30, 2024, March 31, 2025, and June 30, 2025, outlining cash flows from operating, investing, and financing activities Unaudited Condensed Consolidated Statements of Cash Flows (Thousands) | Metric | June 30, 2024 (RMB) | March 31, 2025 (RMB) | June 30, 2025 (RMB) | June 30, 2025 (US$) | | :---------------------------------------------- | :------------------ | :------------------- | :------------------ | :------------------ | | Net cash used in operating activities | (429,397) | (1,700,968) | (3,036,219) | (423,840) | | Net cash used in investing activities | (3,839,308) | (10,959,789) | (226,724) | (31,649) | | Net cash (used in)/provided by financing activities | (104,743) | 61,406 | (70,037) | (9,777) | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | 32,257 | (70,282) | (108,393) | (15,131) | | Net change in cash, cash equivalents and restricted cash | (4,341,191) | (12,669,633) | (3,441,373) | (480,397) | | Cash, cash equivalents and restricted cash at beginning of period | 85,129,987 | 65,907,972 | 53,238,339 | 7,431,786 | | Cash, cash equivalents and restricted cash at end of period | 80,788,796 | 53,238,339 | 49,796,966 | 6,951,389 | | Net cash used in operating activities | (429,397) | (1,700,968) | (3,036,219) | (423,840) | | Capital expenditures | (1,423,332) | (829,597) | (805,544) | (112,450) | | Free cash flow (non-GAAP) | (1,852,729) | (2,530,565) | (3,841,763) | (536,290) | [Reconciliation of GAAP and Non-GAAP Results](index=13&type=section&id=Li%20Auto%20Inc.%20Unaudited%20Reconciliation%20of%20U.S.%20GAAP%20and%20Non-GAAP%20Results) This section provides a detailed reconciliation of U.S. GAAP financial measures to non-GAAP financial measures for various income statement items, adjusting for share-based compensation expenses Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (Thousands, except per ADS/ordinary share data) | Metric | June 30, 2024 (RMB) | March 31, 2025 (RMB) | June 30, 2025 (RMB) | June 30, 2025 (US$) | | :---------------------------------------------- | :------------------ | :------------------- | :------------------ | :------------------ | | Cost of sales | (25,501,454) | (20,608,355) | (24,178,644) | (3,375,208) | | Share-based compensation expenses | 7,652 | 7,196 | 8,135 | 1,136 | | **Non-GAAP cost of sales** | **(25,493,802)** | **(20,601,159)** | **(24,170,509)** | **(3,374,072)** | | Research and development expenses | (3,027,581) | (2,513,854) | (2,810,170) | (392,285) | | Share-based compensation expenses | 224,332 | 238,932 | 236,668 | 33,038 | | **Non-GAAP research and development expenses** | **(2,803,249)** | **(2,274,922)** | **(2,573,502)** | **(359,247)** | | Selling, general and administrative expenses | (2,815,105) | (2,531,009) | (2,717,761) | (379,385) | | Share-based compensation expenses | 170,129 | 121,511 | 126,413 | 17,647 | | **Non-GAAP selling, general and administrative expenses** | **(2,644,976)** | **(2,409,498)** | **(2,591,348)** | **(361,738)** | | Income from operations | 468,029 | 271,654 | 827,018 | 115,447 | | Share-based compensation expenses | 402,113 | 367,639 | 371,216 | 51,821 | | **Non-GAAP income from operations** | **870,142** | **639,293** | **1,198,234** | **167,268** | | Net income | 1,100,940 | 646,645 | 1,096,936 | 153,127 | | Share-based compensation expenses | 402,113 | 367,639 | 371,216 | 51,821 | | **Non-GAAP net income** | **1,503,053** | **1,014,284** | **1,468,152** | **204,948** | | Net income attributable to ordinary shareholders of Li Auto Inc. | 1,102,593 | 650,324 | 1,092,571 | 152,518 | | Share-based compensation expenses | 402,113 | 367,639 | 371,216 | 51,821 | | **Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc.** | **1,504,706** | **1,017,963** | **1,463,787** | **204,339** | | Weighted average number of ADSs | | | | | | Basic | 994,833,579 | 1,004,099,494 | 1,005,986,033 | 1,005,986,033 | | Diluted | 1,062,428,185 | 1,069,104,610 | 1,071,261,046 | 1,071,261,046 | | **Non-GAAP net earnings per ADS attributable to ordinary shareholders** | | | | | | Basic | 1.51 | 1.01 | 1.46 | 0.20 | | Diluted | 1.42 | 0.96 | 1.37 | 0.19 | | Weighted average number of ordinary shares | | | | | | Basic | 1,989,667,158 | 2,008,198,987 | 2,011,972,066 | 2,011,972,066 | | Diluted | 2,124,856,370 | 2,138,209,219 | 2,142,522,091 | 2,142,522,091 | | **Non-GAAP net earnings per share attributable to ordinary shareholders** | | | | | | Basic | 0.76 | 0.51 | 0.73 | 0.10 | | Diluted | 0.71 | 0.48 | 0.69 | 0.10 |

来源：市场资讯 （来源：CNMO科技） 【CNMO科技消息】据CNMO了解，8月29日，理想汽车公布2025年第二季度财务报告。报告显示，该 公司第二季度营业收入为302.46亿元，同比下降4.5%；归属于普通股股东的净利润为10.97亿元，同比 略微下降0.4%。值得一提的是，这是理想汽车连续第十一个季度保持盈利的新记录。 理想汽车 官方信息显示，2025年第二季度理想汽车交付量为111074辆，同比增长2.3%。截至2025年6月30日，公 司在全国151个城市拥有530家零售中心，在222个城市运营511家售后维修中心及理想汽车授权钣喷中 心。财务方面，2025年第二季度车辆毛利率为19.4%，较2024年同期的18.7%有所提升；整体毛利率为 20.1%。 回顾此前业绩，理想汽车2025年第一季度交付了92864辆新车，同比增长15.5%，营收为259亿元，实现 净利润6.47亿元，同比增长9.4%。 CNMO注意到，理想汽车董事长李想此前表示，理想汽车将继续推进在纯电车与智能领域的创新，期待 9月理想i6的上市进一步扩大产品矩阵。另外，首席财务官李铁也表示，理想汽车财务表现稳健，收入 和毛利率均保持 ...

北京商报讯（记者 刘晓梦）8月28日，理想汽车发布财报数据显示，今年二季度营收302亿元，同比下 降4.5%，环比增长16.7%。其中，汽车营收289亿元，同比下降4.7%，环比提升17%。在交付端，今年 二季度理想汽车交付量为11.1万辆，同比增长2.3%。此外，今年二季度理想汽车净利润为11亿元，同比 下滑0.4%，环比增长69.6%；毛利率为20.1%，同比提升0.6个百分点。 ...

经观感知 8月28日，理想汽车发布截至6月30日的二季度财报：营收302亿元，环比增长16.7%；净利润11亿元， 环比增长69.6%，已连续11个季度保持盈利。 在多数新势力车企仍处于亏损阶段时，理想的表现显示其财务模型已跑通，并率先进入"盈利后的发展 阶段"。市场关切已从"能否盈利"转向"盈利质量如何维持、领先优势能否扩大"。 | | | 截至以下日期止三個月 | | 百分比變動。 | | | --- | --- | --- | --- | --- | --- | | | 2024 年 | 2025 年 | 2025 年 | 同比 | 環比 | | | 6月30日 | 3月31日 | 6月30日 | | | | | 人民警 | 人民俗 | 人民俗 | | | | 車輛銷售收入 | 30.319.7 | 24.678.6 | 28.885.1 | (4.7)% | 17.0% | | 車輛毛利率 | 18.7% | 19.8% | | 19.4% 0.7 個百分點(0.4)個百分點 | | | 收入總額 | 31.678.4 | 25.926.8 | 30.245.6 | (4.5)% | 16.7% | ...

目前，AI眼镜进入爆发前夜。8月12日，市调机构Counterpoint Research在报告中指出，2025年上半年全球智能眼镜出货量同比增长110%。预计从2025年下 半年开始，更多AI智能眼镜将进入市场，其中包括Meta和阿里巴巴等互联网巨头的新品发布。 （校对/黄仁贵） 8月27日，VR陀螺发文称，理想汽车或最快于下月发布首款AI眼镜，该产品将与理想新车共同现身。 文章称，理想汽车对于AI眼镜布局已久。今年6月，理想汽车成立了"空间机器人"和"穿戴机器人"两个新的二级部门，这两个部门均隶属于由高级副总裁范 皓宇带领的产品部。其中，AI眼镜属于穿戴机器人部门。 文章透露，理想AI眼镜更加注重AI语音交互，产品可能依托于理想同学App。理想汽车于去年12月推出了理想同学App，它是一个多模态AI应用。用户使用 该App将摄像头对准想要了解的物品，并通过语音提问，App就能迅速识别并提供相关信息。 ...

研发投入继续加码，二季度费用达28亿元，全年预计超过百亿元，相当于平均每三天投入一亿元。截至 二季度末，公司账上现金储备为1069亿元，为新品周期和高强度研发提供支撑。 产品方面，理想i8已于8月启动交付，预计9月底累计交付超8000辆；理想i6将于9月内上市并同步交 付。同时，全球首个VLA司机大模型已全量推送到车端。 经济观察网 理想汽车（2015.HK）发布二季度业绩。财报显示，理想汽车当季营收302亿元，环比增长 16.7%；净利润11亿元，环比大增69.6%，已连续11个季度实现盈利。毛利率维持在20.1%的健康水平。 ...

8月28日下午消息，理想汽车（NASDAQ：LI；HKEX： 2015）今日发布了截至6月30日的2025年第二 季度财报：总营收为302亿元，同比下滑4.5%，环比增长16.7%。净利润为11亿元，同比下滑0.4%，环 比增长69.6%。不按美国通用会计准则，调整后的净利润为15亿元，同比下滑2.3%，环比增长44.7%。 第二季度运营业绩： 2025年第二季度，汽车交付总量为111074辆，同比增长2.3%。 截至2025年6月30日，理想汽车拥有530家零售店，覆盖151座城市。同时，在222个城市运营着511个服 务中心和理想汽车授权的车身和油漆店。2851个超级充电站在运营中，配备了15655个充电桩。 2025年7月份，理想汽车交付了30731辆汽车。 截至2025年7月31日，理想汽车拥有535家零售店，覆盖153座城市。同时，在222个城市运营着527个服 务中心和理想汽车授权的车身和油漆店。3028个超级充电站在运营中，配备了16671个充电桩。 来源：新浪网 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供 ...

理想汽车-W(02015)发布截至2025年6月30日止季度的未经审计财务业绩，车辆销售收入288.85亿元(人 民币，下同)，同比减少4.7%;收入总额302.46亿元，同比减少4.5%;归母净利润10.93亿元，同比减少 0.91%;每股基本净收益0.54元。 理想汽车首席财务官李铁先生补充道："第二季度，在不断变化的市场环境中，我们持续聚焦成本优化 与运营效率提升，取得了稳健的盈利表现，彰显出我们的财务韧性与高效执行力。本季度收入达人民币 302亿元，毛利率保持在20.1%的健康水平，季度净利润环比增长69.6%至人民币11亿元。依托坚实的财 务基石，我们将加速以创新驱动增长。我们有信心在进一步巩固行业领先地位的同时，持续推动汽车与 智能生态系统实现突破。" 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币20万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭借理想MEGA Home版热 烈的市场反响，理想MEGA自5月起登顶人民币50万元以上MPV销量榜首。我们亦继续推进在纯电车与 智能领域的举措。7月，我们发布家庭六座纯电SUV理想i8、自 ...

人民财讯8月28日电，理想汽车8月28日晚间在港交所公告，2025年第二季度的收入总额为人民币302亿 元（42亿美元），同比减少4.5%，环比增加16.7%。2025年第二季度的车辆销售收入为人民币289亿元 （40亿美元），同比减少4.7%，环比增加17.0%。2025年第二季度的净利润为人民币11亿元（153.1百万 美元），同比减少0.4%，环比增加69.6%。 转自：证券时报 ...

理想汽车首席财务官李铁先生补充道："第二季度，在不断变化的市场环境中，我们持续聚焦成本优化 与运营效率提升，取得了稳健的盈利表现，彰显出我们的财务韧性与高效执行力。本季度收入达人民币 302 亿元，毛利率保持在 20.1%的健康水平，季度净利润环比增长 69.6%至人民币 11 亿元。依托坚实的 财务基石，我们将加速以创新驱动增长。我们有信心在进一步巩固行业领先地位的同时，持续推动汽车 与智能生态系统实现突破。" 智通财经APP讯，理想汽车-W(02015)发布截至2025年6月30日止季度的未经审计财务业绩，车辆销售收 入288.85亿元(人民币，下同)，同比减少4.7%;收入总额302.46亿元，同比减少4.5%;归母净利润10.93亿 元，同比减少0.91%;每股基本净收益0.54元。 理想汽车董事长兼首席执行官李想先生表示："我们坚持以用户为中心的技术与产品创新，巩固了理想 汽车在人民币 20 万元及以上新能源汽车市场的中国汽车品牌销量冠军地位。凭借理想 MEGA Home 版 热烈的市场反响，理想 MEGA 自 5 月起登顶人民币 50 万元以上 MPV 销量榜首。我们亦继续推进在纯 电车与智能领域 ...