Sou Hu Cai Jing·2026-03-12 09:02Core Insights - Li Auto reported a significant decline in vehicle deliveries and financial performance for Q4 2025 compared to the previous year, indicating challenges in the market [1][2] - The company is preparing for a new product cycle in 2026, with plans to launch an upgraded model aimed at enhancing user experience and technological advancements [3] Financial Performance - Q4 2025 total deliveries were 109,194 vehicles, a decrease of 31.2% year-over-year [1] - 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] - Q4 2025 gross margin was 16.8%, compared to 19.7% in Q4 2024 and 15.5% in Q3 2025 [1] - Q4 2025 total revenue was 28.8 billion RMB, a decline 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] - Q4 2025 net profit was 20.2 million RMB, a sharp drop from 3.5 billion RMB in Q4 2024, and a recovery from a net loss of 624.4 million RMB in Q3 2025 [1] Annual Performance - For FY 2025, total deliveries were 406,343 vehicles, down from 500,508 vehicles in FY 2024 [2] - FY 2025 vehicle sales revenue was 106.7 billion RMB, a decrease of 23.0% from 138.5 billion RMB in FY 2024 [2] - FY 2025 gross margin was 17.9%, down from 19.8% in FY 2024 [2] - FY 2025 total revenue was 112.3 billion RMB, a decline of 22.3% from 144.5 billion RMB in FY 2024 [2] - FY 2025 net profit was 1.1 billion RMB, a significant drop of 85.8% from 8 billion RMB in FY 2024 [2] - Non-GAAP net profit for FY 2025 was 2.4 billion RMB, down 77.5% from 10.7 billion RMB in FY 2024 [2] Future Outlook - In January and February 2026, Li Auto delivered 27,668 and 26,421 vehicles, respectively [3] - The company expects Q1 2026 vehicle deliveries to be between 85,000 and 90,000, a year-over-year decrease of 8.5% to 3.1% [3] - Total revenue for Q1 2026 is projected to be between 20.4 billion RMB and 21.6 billion RMB, reflecting a year-over-year decrease of 21.3% to 16.7% [3] - Li Auto plans to launch the new Li L9 model in Q2 2026, featuring comprehensive upgrades in power systems, autonomous driving, and chassis technology [3]