Sou Hu Cai Jing·2026-03-12 09:02Core Insights - Li Auto reported a significant decline in vehicle deliveries and financial performance for the fourth quarter of 2025, with a total delivery of 109,194 vehicles, representing a year-on-year decrease of 31.2% [1] - The company anticipates a new product cycle in 2026, with the launch of the upgraded Li L9 in the second quarter, focusing on advancements in power systems, autonomous driving, and chassis technology [1] Financial Performance - In Q4 2025, vehicle sales revenue was 27.3 billion RMB, down 36.1% from 42.6 billion RMB in Q4 2024, but up 5.4% from 25.9 billion RMB in Q3 2025 [1] - The gross margin for vehicles in Q4 2025 was 16.8%, compared to 19.7% in Q4 2024 and 15.5% in Q3 2025 [1] - Total revenue for Q4 2025 was 28.8 billion RMB, a decrease of 35.0% from 44.3 billion RMB in Q4 2024, but an increase of 5.2% from 27.4 billion RMB in Q3 2025 [1] - Net profit for Q4 2025 was 20.2 million RMB, a significant drop from 3.5 billion RMB in Q4 2024, and a net loss of 624.4 million RMB in Q3 2025 [1] Annual Performance - For the full year 2025, vehicle sales revenue totaled 106.7 billion RMB, down 23.0% from 138.5 billion RMB in 2024 [1] - The overall revenue for 2025 was 112.3 billion RMB, a decline of 22.3% from 144.5 billion RMB in 2024 [1] - Net profit for 2025 was 1.1 billion RMB, a decrease of 85.8% from 8 billion RMB in 2024, while non-GAAP net profit was 2.4 billion RMB, down 77.5% from 10.7 billion RMB in 2024 [1] Future Outlook - Vehicle delivery expectations for the first quarter of 2026 are projected to be between 85,000 and 90,000 units, reflecting a year-on-year decrease of 8.5% to 3.1% [2] - Total revenue for the first quarter of 2026 is anticipated to be between 20.4 billion RMB and 21.6 billion RMB, representing a year-on-year decline of 21.3% to 16.7% [2]