2022-05-10 09:00Financial Performance - In Q1 2022, the total revenue reached RMB 9.56 billion (USD 1.51 billion), an increase of 167.5% compared to RMB 3.58 billion in Q1 2021[5] - The vehicle delivery volume for Q1 2022 was 31,716 units, representing a year-over-year growth of 152.1%[6] - The vehicle sales revenue for Q1 2022 was RMB 9.31 billion (USD 1.47 billion), up 168.7% from RMB 3.46 billion in Q1 2021, but down 10.3% from RMB 10.38 billion in Q4 2021[8] - The gross margin for Q1 2022 was 22.6%, compared to 17.3% in Q1 2021 and 22.4% in Q4 2021[8] - The operating loss for Q1 2022 was RMB 413.1 million (USD 65.2 million), compared to an operating loss of RMB 407.7 million in Q1 2021[9] - The net loss for Q1 2022 was RMB 10.9 million (USD 1.7 million), significantly improved from a net loss of RMB 360.0 million in Q1 2021[9] - The operating cash flow for Q1 2022 was RMB 1.83 billion (USD 289.3 million), an increase of 98.0% from RMB 926.3 million in Q1 2021[10] - The total revenue for Q1 2022 was RMB 9.56 billion (USD 1.51 billion), an increase of 167.5% compared to RMB 3.58 billion in Q1 2021, and a decrease of 10.0% from RMB 10.62 billion in Q4 2021[19] - Vehicle sales revenue for Q1 2022 was RMB 9.31 billion (USD 1.47 billion), up 168.7% from RMB 3.46 billion in Q1 2021, and down 10.3% from RMB 10.38 billion in Q4 2021[19] - Gross profit for Q1 2022 was RMB 2.16 billion (USD 341.3 million), a 250.9% increase from RMB 616.7 million in Q1 2021, and a decrease of 9.1% from RMB 2.38 billion in Q4 2021[20] Cash Flow and Liquidity - The operating cash flow for Q1 2022 was RMB 1.83 billion, marking the eighth consecutive quarter of positive cash flow from operations[17] - Free cash flow for Q1 2022 was RMB 570.2 million, a decrease of 12.0% from RMB 502.0 million in Q4 2021[19] - As of March 31, 2022, the total cash and cash equivalents, restricted cash, time deposits, and short-term investments amounted to RMB 51.19 billion (USD 8.07 billion)[23] - The company reported a free cash flow of RMB 501,955 for the three months ended March 31, 2022, down from RMB 1,615,369 in the previous year[35] - The net cash used in investing activities for the three months ended March 31, 2022, was RMB (2,892,396), compared to RMB (7,109,624) for the same period in 2021, showing a significant reduction in cash outflow[35] Operating Expenses - In Q1 2022, the company's operating expenses were RMB 2.58 billion (USD 406.5 million), an increase of 151.5% year-over-year and 9.4% quarter-over-quarter[21] - R&D expenses in Q1 2022 amounted to RMB 1.37 billion (USD 216.7 million), up 167.0% from Q1 2021 and 11.7% from Q4 2021, primarily due to increased employee compensation and new vehicle model development[21] - Sales, general, and administrative expenses reached RMB 1.20 billion (USD 189.8 million) in Q1 2022, a 135.9% increase from Q1 2021 and a 6.8% increase from Q4 2021, driven by higher employee compensation and expanded marketing activities[21] Future Projections - The company expects vehicle deliveries in Q2 2022 to be between 21,000 and 24,000 units, representing a year-over-year growth of 19.5% to 36.6%[25] - Total revenue for Q2 2022 is projected to be between RMB 6.16 billion (USD 972.3 million) and RMB 7.04 billion (USD 1.11 billion), reflecting a year-over-year increase of 22.3% to 39.8%[25] Company Expansion and Strategy - The company plans to deliver its second model, Li L9, in Q3 2022, which is based on a new generation range-extended platform[17] - The company plans to expand its product line with more models, including pure electric and extended-range electric vehicles[28] - Ideal Automotive aims to leverage technology to create value for users, focusing on its unique range-extended system and next-generation electric vehicle technology[28] - The company has successfully commercialized range-extended electric vehicles, being a pioneer in the Chinese market[28] - Ideal Automotive's mission is to create a "mobile home" and provide safe, convenient, and comfortable products and services for family users[28] Shareholder Information - The basic net loss per American Depositary Share (ADS) for the three months ended March 31, 2022, was RMB (0.20), compared to a profit of RMB 0.71 for the same period in 2021[38] - The diluted net loss per ADS for the three months ended March 31, 2022, was RMB (0.20), down from RMB 0.68 in the same period of 2021[38] - The weighted average number of ordinary shares outstanding for the three months ended March 31, 2022, was 964,870,446, compared to 1,027,358,848 for the same period in 2021[38] Assets and Liabilities - The total assets of the company rose to RMB 65,794,345 as of March 31, 2022, compared to RMB 61,848,913 as of December 31, 2021, indicating an increase of about 6.5%[34] - Total liabilities increased to RMB 24,337,583 as of March 31, 2022, from RMB 20,784,611 as of December 31, 2021, reflecting a rise of approximately 17.5%[34] - The total equity attributable to shareholders was RMB 41,456,762 as of March 31, 2022, slightly up from RMB 41,064,302 as of December 31, 2021[34] - The company’s inventory increased to RMB 1,916,562 as of March 31, 2022, from RMB 1,617,890 as of December 31, 2021, marking a rise of about 18.5%[34] - Long-term borrowings rose to RMB 7,040,929 as of March 31, 2022, compared to RMB 5,960,899 as of December 31, 2021, an increase of approximately 18.1%[34]