Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Insights - In 2025, the company is expected to achieve sales of 406,000 units, a year-on-year decrease of 18.8%, with revenue projected at 112.3 billion yuan, down 22.3% year-on-year, and a net profit attributable to shareholders of 1.1 billion yuan, a significant decline of 85.8% year-on-year [2][4]. - The company's product advantages and brand design are well recognized, with a clear future model planning and ongoing optimization of the direct sales channel structure. The "dual-energy strategy" is expected to further enhance the company's competitive edge, indicating a broad future sales potential [2][6]. Summary by Sections Sales Performance - In Q4 2025, the company sold 109,000 units, representing a year-on-year decline of 31.2% but a quarter-on-quarter increase of 17.1%. The average selling price per vehicle was approximately 250,000 yuan [8]. - The revenue for Q4 2025 was 28.78 billion yuan, with vehicle sales revenue at 27.25 billion yuan, reflecting a year-on-year decrease of 36.1% but a quarter-on-quarter increase of 5.4% [8]. Financial Metrics - The gross margin for Q4 2025 was 17.8%, with a vehicle gross margin of 16.8%, showing a year-on-year decrease of 2.9 percentage points but a quarter-on-quarter increase of 1.3 percentage points [8]. - The company reported a net profit attributable to shareholders (GAAP) of 0.01 billion yuan for Q4 2025, with a non-GAAP net profit of 0.26 billion yuan, down 93.5% year-on-year [8]. Future Outlook - For Q1 2026, the company anticipates deliveries between 85,000 to 90,000 units, a year-on-year decrease of 8.5% to 3.1%, with expected revenue between 20.4 billion to 21.6 billion yuan, down 21.3% to 16.7% year-on-year [8]. - The company plans to launch a new generation of the Ideal L9 in Q2 2026 and continues to expand its product line to increase its user base and sales potential [6][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Insights - In February 2026, the company sold 26,421 vehicles, representing a year-on-year growth of 0.6% but a month-on-month decline of 4.5%. Cumulatively, sales for January and February reached 54,000 vehicles, a year-on-year decrease of 3.7% [2][4][9]. - The company's product advantages and brand design are well recognized, and the "Dual Energy Strategy" is expected to further enhance its competitive edge. Future models are anticipated to significantly expand sales potential [6][9]. - The company is focusing on improving its organizational structure, product layout, and technological innovation to build competitiveness for the next decade, aiming for a transformation towards embodied intelligence in vehicles [9]. Summary by Sections Sales Performance - February 2026 sales were 26,421 vehicles, with a year-on-year increase of 0.6% and a month-on-month decrease of 4.5%. Total sales for the first two months of 2026 were 54,000 vehicles, down 3.7% year-on-year [2][4][9]. Product and Strategy - The company is set to launch new models, including the upgraded L series and the pure electric SUV i9, which are expected to enhance product competitiveness and open new sales avenues [6][9]. - The "Dual Energy Strategy" has led to the establishment of over 4,000 charging stations and a significant increase in charging services, with over 145 million charging sessions provided [9]. Financial Projections - Projected net profits for the company from 2025 to 2027 are estimated at 12.1 billion, 56.7 billion, and 83.7 billion respectively, with corresponding PE ratios of 106.2X, 22.7X, and 15.4X for GAAP profits, and 29.1 billion, 71.7 billion, and 98.7 billion for Non-GAAP profits, with PE ratios of 44.2X, 18.0X, and 13.0X [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2026年2月交付更新資料 於2026年3月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2026年2月，理想汽車交付新車 26,421輛。截至2026年2月28日，理想汽車歷史累計交付量為1,594,304輛。 理想汽車OTA 8.3版本於春節前正式推送，VLA司機大模型、智能座艙和智能電 動三大核心系統同步進化。春節高峰出行期間，全國超過4,000座理想超充站持續 為用戶提供穩定便捷的補能體驗。2026年2月14日至2月23日，理想汽車累計提供 充電服務超過145萬次，總充電量超過4,200萬度。本公司計劃於二季度推出全新 一代理想L9。 截至2026年2月28日，理想汽車在全國已有539家零售中心，覆蓋160 ...

理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「主動積極，改變世界」。通過產品、技術和業務 模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與服務。在中國， 理想汽車是成功將增程式電動車商業化的先驅，並在堅持此技術路線的同時打造 純電動平台。本公司運用科技為用戶創造價值，自主研發工作主要集中在其特有 的增程系統，創新的電動汽車技術以及智能汽車解決方案。理想汽車於2019年 11月開始量產。現有車型包括一款家庭科技旗艦MPV、四款理想L系列增程電動 SUV、兩款理想i系列純電動SUV。本公司將持續擴展產品線，進而拓寬用戶群 體。 有關更多資料，請瀏覽： https://ir.lixiang.com 。 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 2026年1月交付更新資料 於2026年2月1日，中國新能源汽車市場的領導者理想汽車（「理想汽車」或「本公 司」）（納斯達克：LI；香港交易所：2015）宣佈，2026年1月，理想汽車交付新車 27,668輛。截至2026年1月31日，理想汽車歷史累計交付量 ...

關於理想汽車 理想汽車是中國新能源汽車市場的領導者。本公司設計、研發、製造和銷售豪華 智能電動車。理想汽車的使命是「創造移動的家，創造幸福的家」。通過產品、技 術和業務模式的創新，本公司為家庭用戶提供安全、便捷、舒適的產品與服務。 在中國，理想汽車是成功將增程式電動車商業化的先驅，並在堅持此技術路線的 同時打造純電動平台。本公司運用科技為用戶創造價值，自主研發工作主要集中 在其特有的增程系統，創新的電動汽車技術以及智能汽車解決方案。理想汽車於 2019年11月開始量產。現有車型包括一款家庭科技旗艦MPV、四款理想L系列增 程電動SUV、一款理想i系列純電動SUV。本公司將持續擴展產品線，進而拓寬用 戶群體。 有關更多資料，請瀏覽： https://ir.lixiang.com 。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Li Auto Inc. 理想汽車 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2015） 自願公告 ...