2026-03-12 09:30Financial Performance - Quarterly total revenues reached RMB28.8 billion (US$4.1 billion), representing a decrease of 35.0% year-over-year[1][6] - Quarterly deliveries were 109,194 vehicles, reflecting a 31.2% year-over-year decrease[2] - Full year total revenues reached RMB112.3 billion (US$16.1 billion), a decrease of 22.3% from RMB144.5 billion in 2024[11] - Vehicle sales for the full year were RMB106.7 billion (US$15.3 billion), down 23.0% from RMB138.5 billion in 2024[11] - Total revenues for Q4 2025 were RMB28.8 billion (US$4.1 billion), a decrease of 35.0% from RMB44.3 billion in Q4 2024, but an increase of 5.2% from RMB27.4 billion in Q3 2025[22] - Vehicle sales in Q4 2025 were RMB27.3 billion (US$3.9 billion), down 36.1% from RMB42.6 billion in Q4 2024, yet up 5.4% from RMB25.9 billion in Q3 2025[22] - Net income for the fourth quarter was RMB20.2 million (US$2.9 million), compared to RMB3.5 billion in Q4 2024, marking a 99.4% decrease[7] - Net income for 2025 was RMB1.1 billion (US$162.9 million), a decrease of 85.8% from RMB8.0 billion in 2024[39] - Non-GAAP net income for 2025 was RMB2.4 billion (US$342.8 million), down 77.5% from RMB10.7 billion in 2024[39] - Basic and diluted net earnings per ADS attributable to ordinary shareholders were RMB1.12 (US$0.16) and RMB1.08 (US$0.15) in 2025, compared to RMB8.06 and RMB7.58 in 2024[39] - Free cash flow was negative RMB12.8 billion (US$1.8 billion) in 2025, compared to RMB8.2 billion in 2024[39] Operating Expenses - Gross profit for the fourth quarter was RMB5.1 billion (US$733.7 million), a decrease of 42.8% from RMB9.0 billion in Q4 2024[6] - Operating expenses were RMB5.6 billion (US$797.0 million) in Q4 2025, an increase of 5.8% from RMB5.3 billion in Q4 2024[6] - Research and development expenses in Q4 2025 were RMB3.0 billion (US$431.4 million), an increase of 25.3% from RMB2.4 billion in Q4 2024, reflecting ongoing investment in AI and product innovation[22] - Operating expenses for Q4 2025 were RMB5.6 billion (US$797.0 million), an increase of 5.8% from RMB5.3 billion in Q4 2024[22] Market Expansion and Product Development - The company launched AI glasses, Livis, in December 2025, priced at RMB1,999, featuring high-quality ZEISS lenses and in-house developed operating system[14] - The company expanded its market presence by entering Egypt, Kazakhstan, and Azerbaijan in December 2025[15] - The company expects to launch the all-new Li L9 in Q2 2026, featuring significant upgrades in powertrain and autonomous driving technology[17] - Li Auto is focused on expanding its product lineup to target a broader user base, including both extended-range electric vehicles and battery electric vehicles[45] - The company started volume production in November 2019 and currently offers a range of electric vehicle models[45] - Li Auto's mission is to provide families with safe, convenient, and comfortable products and services through innovations in product and technology[45] Cash and Assets - The cash position as of December 31, 2025, was RMB101.2 billion (US$14.5 billion), providing significant resources for future opportunities[27] - Total current assets decreased to RMB 115.29 billion as of December 31, 2025, down from RMB 126.31 billion in 2024[50] - Cash and cash equivalents as of December 31, 2025, were RMB 56.69 billion, a decline from RMB 65.90 billion in 2024[50] - The company’s cash, cash equivalents, and restricted cash at the end of the period for December 31, 2025, was RMB 56,908,079, down from RMB 65,907,972 at the beginning of the period[51] Future Projections - Vehicle deliveries are projected to be between 85,000 and 90,000, reflecting a year-over-year decrease of 8.5% to 3.1%[40] - Total revenues are expected to be between RMB20.4 billion (US$2.9 billion) and RMB21.6 billion (US$3.1 billion), representing a year-over-year decrease of 21.3% to 16.7%[40] Financial Metrics - Vehicle margin for Q4 2025 was 16.8%, down from 19.7% in Q4 2024, but up from 15.5% in Q3 2025, indicating a recovery in operational efficiency[22] - Non-GAAP income from operations for the year ended December 31, 2025, was RMB 736,637, compared to RMB 9,650,019 for the previous year[52] - The company reported a diluted non-GAAP net earnings per ADS of RMB 3.79 for the three months ended December 31, 2025[52] - The weighted average number of ADSs for the three months ended December 31, 2025, was 1,041,928,950[52]