Core Viewpoint - Li Auto Inc. reported a significant decline in vehicle deliveries and financial performance for the third quarter of 2025, reflecting challenges in the new energy vehicle market and operational difficulties. Operating Highlights - Total deliveries for Q3 2025 were 93,211 vehicles, a 39.0% year-over-year decrease [2][3] - The company had 542 retail stores in 157 cities and 3,420 supercharging stations in operation as of September 30, 2025 [3] Financial Highlights - Vehicle sales amounted to RMB 25.9 billion (US$ 3.6 billion) in Q3 2025, down 37.4% from RMB 41.3 billion in Q3 2024 and down 10.4% from RMB 28.9 billion in Q2 2025 [4][13] - Total revenues were RMB 27.4 billion (US$ 3.8 billion), a decrease of 36.2% year-over-year [4][13] - Gross profit was RMB 4.5 billion (US$ 627.8 million), down 51.6% from RMB 9.2 billion in Q3 2024 [4][13] - Net loss was RMB 624.4 million (US$ 87.7 million), compared to a net income of RMB 2.8 billion in Q3 2024 [4][24] Cost and Margin Analysis - Cost of sales was RMB 22.9 billion (US$ 3.2 billion), a decrease of 32.0% from RMB 33.6 billion in Q3 2024 [18] - Vehicle margin was 15.5% in Q3 2025, down from 20.9% in Q3 2024 [4][18] - Gross margin was 16.3%, compared to 21.5% in Q3 2024 [4][18] Operating Expenses - Operating expenses were RMB 5.6 billion (US$ 793.1 million), a decrease of 2.5% from RMB 5.8 billion in Q3 2024 [4][18] - Research and development expenses increased by 15.0% year-over-year to RMB 3.0 billion (US$ 417.8 million) [18] Cash Flow and Financial Position - Net cash used in operating activities was RMB 7.4 billion (US$ 1.0 billion) in Q3 2025, compared to RMB 11.0 billion net cash provided in Q3 2024 [7][24] - Free cash flow was negative RMB 8.9 billion (US$ 1.3 billion) in Q3 2025 [7][24] - Cash position was RMB 98.9 billion (US$ 13.9 billion) as of September 30, 2025 [24] Recent Developments - The company launched the Li i6, a new battery electric SUV, in September 2025 [9] - In October 2025, Li Auto opened its first overseas authorized retail store in Tashkent, Uzbekistan [10] - The Li i8 achieved the highest score in the China-Automobile Health Index assessment [11] Management Commentary - The CEO highlighted strong momentum in the BEV portfolio and confidence in achieving long-term strategic objectives despite market challenges [12] - The CFO noted operational resilience with a gross margin of 20.4% when excluding recall costs [12]

Core Insights - Li Auto Inc. delivered 31,767 vehicles in October 2025, bringing cumulative deliveries to 1,462,788 as of October 31, 2025 [1] - The Li i6 model has received over 70,000 orders since its launch, prompting the company to enhance delivery capabilities [2] - Li Auto is expanding globally, having opened its first overseas retail store in Uzbekistan and planning additional stores in Kazakhstan [2] Company Operations - As of October 31, 2025, Li Auto operates 551 retail stores across 157 cities, 554 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has established 3,508 supercharging stations with 19,417 charging stalls in China [3] Product and Technology - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [4] - The company aims to create a mobile home experience through innovative products and technology, with a current lineup that includes multiple models of extended-range electric SUVs and battery electric SUVs [4]

Core Viewpoint - Li Auto Inc. has revised its delivery outlook for Q2 2025, expecting to deliver approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles, due to a temporary impact from a sales system upgrade [1] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [2] - The company's mission is to create a mobile home and happiness, providing families with safe, convenient, and comfortable products and services [2] - Li Auto is a pioneer in commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [2] - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [2]

Core Insights - Li Auto has submitted its second fully electric SUV, the Li i6, for regulatory approval in China, with an official launch expected in about three months [1] - The Li i6 is listed in the latest catalog of new models by China's Ministry of Industry and Information Technology, which is open for public feedback [1] Vehicle Specifications - The Li i6 appears in three versions: dual-motor variant (150 kW front motor and 250 kW rear motor) and two single-motor variants with a peak output of 250 kW [2] - All versions share similar dimensions: 4,950 mm in length, 1,935 mm in width, 1,655-1,670 mm in height, and a 3,000 mm wheelbase [2] Production and Performance - Production of the Li i6 will occur at Li Auto's facilities in Beijing and Changzhou, with a curb weight ranging from 2,380 kg to 2,515 kg [3] - The vehicle can reach speeds up to 180 km/h and will be powered by lithium-iron phosphate batteries sourced from CATL and Sunwoda [3] Market Positioning - The Li i6 is designed as a roomy two-row, five-seat electric SUV, targeting families considering premium models like the Mercedes-Benz GLC, BMW X3, or Audi Q5 [4] - The official release is slated for September, with images of the SUV's exterior shared on Weibo by Li Xiang, the founder and CEO of Li Auto [4] Company Background - Li Auto is recognized for its extended-range electric vehicles, including the Li L6, L7, L8, and L9, and recently launched its first battery electric vehicle, the Li Mega MPV, on March 1, 2024 [5] - The company is also preparing to launch the Li i8, its first pure electric SUV, later in July [5]

Core Viewpoint - Li Auto Inc. will report its unaudited financial results for Q1 2025 on May 29, 2025, before the U.S. market opens, followed by an earnings conference call on the same day [1]. Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on designing, developing, manufacturing, and selling premium smart electric vehicles [4]. - The company's mission is to create a mobile home and happiness, emphasizing safety, convenience, and comfort in its products and services [4]. - Li Auto is recognized for successfully commercializing extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]. - The company began volume production in November 2019 and has a diverse model lineup, including Li MEGA, Li L9, Li L8, Li L7, and Li L6 [4]. Conference Call Details - Participants wishing to join the earnings conference call must complete online registration prior to the scheduled start time [2]. - A replay of the conference call will be available until June 5, 2025, through various dial-in numbers [3].

Delivery Results - NIO delivered 23,900 vehicles in April 2025, reflecting a 53% year-over-year growth, with cumulative deliveries reaching 737,558 units as of April 30, 2025 [2] - XPeng reported 35,045 smart EV deliveries in April 2025, marking a 273% year-over-year increase, and cumulative deliveries for the first four months of 2025 totaled 129,053 units, up 313% compared to the same period last year [3] - LI Auto delivered 33,939 vehicles in April 2025, representing a 31.6% year-over-year growth, with total deliveries for the first four months of 2025 amounting to 1,260,675 units [5] Product Launches and Innovations - NIO's new small smart high-end electric car brand, Firefly, began deliveries in late April 2025, launched on April 19, 2025 [2] - XPeng launched its ADAS insurance service in China on April 28, 2025, providing additional coverage for its models when the NGP system is in operation [4] - LI Auto introduced new models including Li MEGA Home, Li MEGA Ultra, and Li L6 [5] Market Performance - XPeng's shares have increased by 106.1% over the past year, while NIO and LI Auto's shares have decreased by 29.4% and 12.3%, respectively [6] - NIO and XPeng currently hold a Zacks Rank of 3 (Hold), while LI Auto has a Zacks Rank of 4 (Sell) [8]

Core Viewpoint - Li Auto Inc. is set to hold its annual general meeting (AGM) on May 30, 2025, to discuss proposed resolutions supported by the board of directors [1][2]. Group 1: AGM Details - The AGM will take place at 10:00 a.m. Beijing time at Oriental Plaza, Beijing, China [1]. - Shareholders of ordinary shares and holders of American depositary shares (ADSs) as of April 25, 2025, are entitled to attend and vote at the AGM [2]. Group 2: Financial Reporting - Li Auto has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission (SEC) [3]. Group 3: Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4]. - The company aims to create safe, convenient, and comfortable products and services through innovation in technology and business models [4]. - Li Auto has successfully commercialized extended-range electric vehicles and is also developing battery electric vehicle platforms [4]. - The current model lineup includes various family-oriented SUVs and MPVs, with plans for further product expansion [4].

Core Insights - Li Auto Inc. has released its 2024 Environmental, Social and Governance (ESG) report, showcasing its commitment to sustainability and corporate governance [1][2] - The company emphasizes its focus on operational compliance, innovation, low-carbon operations, employee well-being, and community engagement as part of its sustainability strategy [2] Company Overview - Li Auto is a leader in China's new energy vehicle market, specializing in the design, development, manufacturing, and sale of premium smart electric vehicles [4] - The company's mission is to create a mobile home and happiness, aiming to provide safe, convenient, and comfortable products and services through technological innovations [4] - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4] - The current model lineup includes various flagship family SUVs and MPVs, with plans for further product expansion to reach a broader user base [4]

Core Insights - Li Auto Inc. delivered 36,674 vehicles in March 2025, marking a year-over-year increase of 26.5%, with first-quarter deliveries totaling 92,864, up 15.5% year-over-year [1][2] - The company has maintained its position as the sales leader among Chinese automotive brands in the RMB200,000 and above NEV market for twelve consecutive months [2] - Li Auto's cumulative deliveries reached 1,226,736 as of March 31, 2025 [1] Company Developments - The Li L series is a key contributor to the company's profitability and is on track to deliver its 1,000,000th vehicle soon [2] - The new Li MEGA Ultra, featuring upgraded autonomous driving configurations, is open for reservations, with further updates expected at Auto Shanghai 2025 [2] - Li Auto became the world's first automaker to commit to open-sourcing its proprietary OS for smart vehicles, Li Halo OS [2] Infrastructure and Retail Expansion - As of March 31, 2025, the company operated 500 retail stores in 150 cities, 502 servicing centers, and authorized body and paint shops in 225 cities [3] - The company has 2,045 supercharging stations with 11,038 charging stalls in operation across China [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles [4] - The company aims to create safe, convenient, and comfortable products and services through innovations in product, technology, and business model [4] - Li Auto has successfully commercialized extended-range electric vehicles in China while also developing battery electric vehicle platforms [4]

Core Viewpoint - Li Auto Inc. reported strong financial results for the fourth quarter and full year of 2024, achieving record revenues and vehicle deliveries, while also facing challenges in net income and margins compared to previous periods [2][5][18]. Financial Highlights for Q4 2024 - Total revenues reached RMB44.3 billion (US$6.1 billion), a 6.1% increase year-over-year from RMB41.7 billion [6][22]. - Vehicle sales amounted to RMB42.6 billion (US$5.8 billion), reflecting a 5.6% increase from RMB40.4 billion in Q4 2023 [6][22]. - Gross profit was RMB9.0 billion (US$1.2 billion), down 8.3% from RMB9.8 billion in Q4 2023 [6][22]. - Net income decreased by 38.6% to RMB3.5 billion (US$484.0 million) compared to RMB5.8 billion in Q4 2023 [6][28]. - Operating expenses were reduced by 22.0% to RMB5.3 billion (US$721.6 million) from RMB6.8 billion in Q4 2023 [6][27]. Financial Highlights for Full Year 2024 - Full year total revenues reached RMB144.5 billion (US$19.8 billion), a 16.6% increase from RMB123.9 billion in 2023 [10][12]. - Total vehicle sales for the year were RMB138.5 billion (US$19.0 billion), up 15.2% from RMB120.3 billion in 2023 [10][12]. - Net income for the year was RMB8.0 billion (US$1.1 billion), down 31.9% from RMB11.8 billion in 2023 [10][12]. - Operating expenses increased by 12.7% to RMB22.6 billion (US$3.1 billion) from RMB20.1 billion in 2023 [10][12]. Delivery and Operational Highlights - Quarterly deliveries reached 158,696 vehicles, a 20.4% year-over-year increase [5][18]. - Full year deliveries totaled 500,508 vehicles, representing a 33.1% increase from 376,030 vehicles in 2023 [5][18]. - As of December 31, 2024, the company operated 502 retail stores in 150 cities and 1,727 supercharging stations [3][13]. Cash Flow and Financial Position - Net cash provided by operating activities was RMB8.7 billion (US$1.2 billion) in Q4 2024, down 49.8% from RMB17.3 billion in Q4 2023 [9][28]. - Free cash flow was RMB6.1 billion (US$830.1 million) in Q4 2024, a decrease of 58.6% from RMB14.6 billion in Q4 2023 [9][28]. - The company's cash position stood at RMB112.8 billion (US$15.5 billion) as of December 31, 2024 [28]. Future Outlook - For Q1 2025, the company expects vehicle deliveries to be between 88,000 and 93,000, indicating a year-over-year increase of 9.5% to 15.7% [35].