LI AUTO(02015)2025-05-29 08:30Financial Performance - In Q1 2025, the total revenue reached RMB 25.9 billion (USD 3.6 billion), a 1.1% increase from RMB 25.6 billion in Q1 2024, but a 41.4% decrease from RMB 44.3 billion in Q4 2024[11]. - Vehicle sales revenue for Q1 2025 was RMB 24.7 billion (USD 3.4 billion), up 1.8% from RMB 24.3 billion in Q1 2024, but down 42.1% from RMB 42.6 billion in Q4 2024[11]. - The gross profit for Q1 2025 was RMB 5.3 billion (USD 732.9 million), a slight increase of 0.6% from RMB 5.3 billion in Q1 2024, but a decrease of 40.7% from RMB 9 billion in Q4 2024[11]. - The operating profit for Q1 2025 was RMB 271.7 million (USD 37.4 million), a significant recovery from an operating loss of RMB 584.9 million in Q1 2024, representing a 92.7% decrease compared to Q4 2024's operating profit of RMB 3.7 billion[2]. - The net profit for Q1 2025 was RMB 646.6 million (USD 89.1 million), an increase of 9.4% year-over-year from RMB 591.1 million in Q1 2024, but a decrease of 81.7% from RMB 3.5 billion in Q4 2024[2]. - The diluted earnings per American Depositary Share (ADS) for Q1 2025 was RMB 0.62 (USD 0.08), up 10.7% from RMB 0.56 in Q1 2024, but down 81.3% from RMB 3.31 in Q4 2024[2]. Vehicle Deliveries and Sales - Vehicle deliveries in Q1 2025 totaled 92,864 units, representing a year-on-year growth of 15.5%[6]. - The company delivered 33,939 vehicles in April 2025, marking a 31.6% increase compared to April 2024[16]. - Vehicle deliveries are projected to be between 123,000 and 128,000 units, representing a year-over-year growth of 13.3% to 17.9%[33]. Operating Expenses and Cash Flow - Operating expenses for Q1 2025 were RMB 5 billion (USD 695.5 million), a decrease of 14.0% from RMB 5.9 billion in Q1 2024 and a decrease of 4.2% from RMB 5.3 billion in Q4 2024[11]. - The net cash used in operating activities for Q1 2025 was RMB 1.7 billion (USD 234.4 million), a 49.1% decrease from RMB 3.3 billion in Q1 2024[14]. - The free cash flow for Q1 2025 was negative RMB 2.5 billion (USD 348.7 million), a 49.9% improvement from negative RMB 5.1 billion in Q1 2024[14]. Research and Development - R&D expenses for Q1 2025 were RMB 2.5 billion (USD 346.4 million), down 17.5% from RMB 3 billion in Q1 2024, but up 4.4% from RMB 2.4 billion in Q4 2024[24]. - The company introduced an open-source smart vehicle operating system, "Li Xiang Star Ring OS," in April 2025, becoming the first automaker to do so globally[18]. - The new generation of driver assistance technology, VLA, aims to improve seamless interaction between vehicles and users, reflecting the company's commitment to innovation[20]. Company Operations and Infrastructure - As of March 31, 2025, the company operated 500 retail centers in 150 cities and 502 after-sales service centers in 225 cities[7]. - The company has established 2,045 Ideal Supercharging stations equipped with 11,038 charging piles[7]. Future Outlook - The company expects to launch the first pure electric SUV, Li i8, in July 2025, enhancing its presence in the high-end electric vehicle market[20]. - Total revenue is expected to be between RMB 32.5 billion (4.7 billion), reflecting a year-over-year growth of 2.5% to 6.7%[33]. - The company plans to continue expanding its product line to broaden its user base[37]. Financial Metrics and Caution - The company advises shareholders and potential investors to exercise caution when relying on Q1 performance for trading decisions[4]. - The company emphasizes the importance of non-GAAP financial metrics to assess operational performance and inform financial and operational decisions[34].