Core Viewpoint - Li Xiang, the chairman of Li Auto, ranks first in the 2024 Hong Kong-listed company director remuneration list with a total compensation of approximately 680 million HKD, which translates to about 639 million CNY [1][2][10]. Group 1: Compensation Details - Li Xiang's reported compensation includes 2.665 million CNY in salary allowances, 160,000 CNY in retirement plan contributions, and 636 million CNY in share-based payment [2][10]. - The share-based payment is not actual cash income but an accounting expense under US GAAP, requiring Li Xiang to meet performance targets and invest at a price of 29.26 USD per ADS to unlock the shares [2][11]. - As of October 16, 2023, the closing price of Li Auto's ADS was 22.57 USD, indicating that Li Xiang would need to pay more than the market price to realize this portion of his compensation [3][11]. Group 2: Company Performance - In 2024, Li Auto reported revenue of 144.46 billion CNY, a year-on-year increase of 16.64%, but the net profit attributable to shareholders fell by 31.37% to 8.032 billion CNY [5][12]. - The company's gross margin decreased from 22.2% in 2023 to 20.5% in 2024, with vehicle gross margin dropping from 21.5% to 19.8% due to changes in product mix and pricing strategies [14]. - Despite a strong revenue growth trajectory from 2021 to 2023, the company faced challenges in maintaining profitability, with net profit declining in 2024 after a recovery in 2023 [12][14]. Group 3: Wealth and Background of Li Xiang - Li Xiang's wealth has decreased from 651.7 billion CNY in 2024 to 400.3 billion CNY in 2025, marking a reduction of 251.4 billion CNY [6][19]. - Li Xiang has a history of entrepreneurship, having founded several companies, including "PaoPao.com" and "CheZhiJia," and successfully led Li Auto to a dual listing in the US and Hong Kong [15][19].

Core Viewpoint - The article discusses the salary discrepancies among executives in the Chinese automotive industry, highlighting the contrast between the reported salaries of different company leaders and the actual compensation received. Group 1: Executive Salaries - Zhu Jiangming, the chairman of Leap Motor, clarified that his current annual salary is 80,000 yuan, which is solely for social security payments, contradicting the rumored salary of 811.9 million yuan for 2024 [1] - Zhu revealed that his total compensation since the establishment of Leap Motor is likely less than 2 million yuan [1] - In contrast, Li Xiang, the chairman and CEO of Li Auto, has a reported "annual salary" of 639 million yuan, which includes a base salary of 266,500 yuan and a stock option incentive triggered by the company achieving a delivery target of 500,000 vehicles in 2024, amounting to over 636 million yuan [4] Group 2: Salary Disclosure Practices - The article notes that in the A-share market, executive salary disclosures typically include only cash income such as base salary and performance bonuses, while stock option incentives are reported separately and do not reflect the total economic benefits received by executives [4] - In contrast, Hong Kong-listed companies disclose executive compensation that includes salary, bonuses, and share-based payments, which can lead to misunderstandings about actual cash income received by executives [4]