2024-02-26 09:44Financial Performance - Li Auto's total revenue for the year ended December 31, 2023, reached RMB 123.85 billion, representing a year-on-year increase of 173.5%[2] - The gross profit for the same period was RMB 27.50 billion, reflecting a growth of 212.8% compared to the previous year[2] - The non-GAAP net profit for 2023 was RMB 12.20 billion, a significant increase of 58,494.3% compared to the previous year[2] - The company’s net profit for 2023 was RMB 11.81 billion, a significant turnaround from a net loss of RMB 2.03 billion in 2022[17] - Total revenue increased by 173.5% from RMB 45.29 billion for the year ended December 31, 2022, to RMB 123.85 billion for the year ended December 31, 2023[18] - Vehicle sales revenue rose by 172.7% from RMB 44.11 billion to RMB 120.29 billion, primarily due to an increase in vehicle deliveries[18] - Gross profit increased by 212.8% from RMB 8.79 billion to RMB 27.50 billion, with gross margin rising from 19.4% to 22.2%[20] - Operating profit for 2023 was RMB 7.41 billion, compared to an operating loss of RMB 3.65 billion in 2022[22] - Operating expenses totaled RMB 20.09 billion for the year ended December 31, 2023, up from RMB 12.45 billion in the previous year, reflecting increased investment in R&D and sales[37] - The company reported a total comprehensive income attributable to ordinary shareholders of RMB 11,673,367 thousand for the year ended December 31, 2023, compared to a total comprehensive loss of RMB (684,454) thousand for the year ended December 31, 2022[38] Vehicle Deliveries and Production - The company achieved a total delivery volume of 376,030 vehicles in 2023, marking a year-on-year increase of 182.2%[5] - Li Auto's cumulative delivery volume reached 633,364 vehicles as of December 31, 2023[5] - The company completed 31,165 vehicle deliveries in January 2024, marking a 105.8% increase compared to January 2023[14] - Li Auto's L9, L8, and L7 models each surpassed 100,000 cumulative deliveries, solidifying their leading positions in their respective market segments[6] Research and Development - Research and development expenses reached RMB 10.59 billion in 2023, accounting for 8.5% of total revenue, with a total of 6,726 R&D personnel[11] - Research and development expenses grew by 56.1% from RMB 6.78 billion to RMB 10.59 billion, mainly due to increased employee compensation and costs associated with expanding the product portfolio[21] - Approximately 68% of the net proceeds from the terminated ATM issuance have been allocated to R&D for next-generation electric vehicle technologies[13] - The company plans to launch 8 new vehicle models in 2024, including 4 extended-range and 4 pure electric models[16] Corporate Governance - The board of directors did not recommend the declaration of an annual dividend for the year ended December 31, 2023[36] - The audit committee has reviewed the unaudited financial results for the year ended December 31, 2023, and confirmed that they align with the draft consolidated financial statements[34] - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee, to oversee specific areas of corporate governance[33] - The company has complied with all applicable corporate governance codes during the reporting period, with a noted exception regarding the roles of Chairman and CEO being held by the same individual[31] - The company plans to continue evaluating the separation of the roles of Chairman and CEO in the future based on overall circumstances[31] Financial Position - Cash position increased by 75.1% from RMB 59.21 billion to RMB 103.67 billion as of December 31, 2023[25] - The company's debt-to-asset ratio increased to 57.8% as of December 31, 2023, up from 47.8% a year earlier[27] - Total assets increased from RMB 86,537,951 thousand as of December 31, 2022, to RMB 143,467,471 thousand as of December 31, 2023, reflecting a growth of approximately 65.6%[39] - Total liabilities increased from RMB 41,351,644 thousand as of December 31, 2022, to RMB 82,892,249 thousand as of December 31, 2023, indicating a rise of approximately 100%[40] - The company’s total equity increased from RMB 45,186,307 thousand as of December 31, 2022, to RMB 60,575,222 thousand as of December 31, 2023, reflecting a growth of approximately 34%[40] Market Position and Strategy - The company aims to challenge for the top sales position among luxury car brands in the Chinese market in 2024[15] - The company has optimized its supply chain management to enhance procurement capabilities and supply chain resilience[7] - Li Auto operates manufacturing bases in Changzhou and Beijing, with the latter preparing for the production of the upcoming Li MEGA electric vehicle[8] - The company upgraded its manufacturing management model to support multi-platform and multi-model production, enhancing operational efficiency[8] - The company has established 307 supercharging stations nationwide, exceeding the target of 300 stations by the end of 2023[10] Taxation and Compliance - The effective corporate income tax rate for high-tech enterprises in China is 15%, applicable to several subsidiaries of the company[61] - The company is eligible for a 200% super deduction on R&D expenses until December 31, 2023, as per the announcement by the State Taxation Administration[62] - The company’s subsidiaries in Hong Kong are subject to a corporate tax rate of 16.5% on taxable income generated in Hong Kong[64] - The corporate income tax rate in Singapore is 17%, with no withholding tax on dividends paid to the company from its Singaporean subsidiaries[65] - Chongqing Li Auto and Beijing Li Auto are required to pay a 3% consumption tax and related surcharges[67]