Company Performance - Li Auto delivered 36,279 vehicles in June 2025, bringing second-quarter deliveries to 111,074 and cumulative deliveries to 1,337,810 as of June 30, 2025 [1][2] Market Position - Li Auto maintained its position as China's best-selling domestic automotive brand in the RMB200,000 and above mid-to-high-end market for two consecutive years [2] - The recently launched Li MEGA Home exceeded sales expectations, becoming the top seller among MPVs priced above RMB500,000 [2] Product Lineup and Future Plans - Upcoming launches include the six-seat battery electric family SUV Li i8 in July and the five-seat battery electric family SUV Li i6 in September, expanding the product lineup to four extended-range electric SUVs, one flagship MPV, and two high-voltage battery electric SUVs [2] - The company is upgrading its sales system to enhance operational efficiency across all vehicle models [2] Retail and Service Network - As of June 30, 2025, the company had 530 retail stores in 151 cities, 511 servicing centers, and authorized body and paint shops in 222 cities [3] - The company operates 2,851 supercharging stations with 15,655 charging stalls in China [3] Company Mission and Vision - Li Auto's mission is to create a mobile home and happiness, focusing on innovations in product, technology, and business model to provide safe, convenient, and comfortable products and services [4] - The company aims to build emotional connections with users through sponsorships in art and sports, enhancing brand value [3]

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 Inc. delivered 33,939 vehicles in April 2025, marking a year-over-year increase of 31.6%, with cumulative deliveries reaching 1,260,675 as of April 30, 2025 [1] - The company has maintained its position as the sales leader for SUVs priced above RMB200,000 for three consecutive quarters, achieving the highest market share in multiple SUV segments [2] - Li Auto launched new models including Li MEGA Home and Li L6 at Auto Shanghai 2025, with Li MEGA Home accounting for over 90% of order intake for its models, indicating strong consumer endorsement [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on the design, development, manufacturing, and sales of premium smart electric vehicles [5] - The company has a mission to create a mobile home and happiness for families, emphasizing innovations in product, technology, and business models [5] - As of April 30, 2025, Li Auto operates 500 retail stores and 500 servicing centers across 151 cities, along with 2,267 supercharging stations equipped with 12,340 charging stalls in China [4]

Financial Data and Key Metrics Changes - In Q4 2024, total revenues reached RMB 44.3 billion (approximately US$ 6.1 billion), up 6.1% year-over-year and 3.3% quarter-over-quarter [27] - Full year total revenues amounted to RMB 144.5 billion [11] - Gross profit in Q4 was RMB 9 billion (approximately US$ 1.2 billion), down 8.3% year-over-year and 2.8% quarter-over-quarter [28] - Net income in Q4 was RMB 3.5 billion (approximately US$ 484 million), down 38.6% year-over-year but up 25.3% quarter-over-quarter [32] - Cash on hand reached RMB 112.8 billion (approximately US$ 15.5 billion) as of December 31, 2024 [33] Business Line Data and Key Metrics Changes - Vehicle sales in Q4 contributed RMB 42.6 billion (approximately US$ 5.8 billion), up 5.6% year-over-year and 3.2% quarter-over-quarter [27] - Vehicle margin in Q4 was 19.7%, compared to 22.7% in the same period last year [28] - R&D expenses in Q4 were RMB 2.4 billion (approximately US$ 329.9 million), down 31% year-over-year [29] Market Data and Key Metrics Changes - China's NEV penetration rate reached 45.9% for the full year 2024, up 12 percentage points year-over-year [9] - Li Auto achieved a market share of 15.3% in the RMB 200,000 and above NEV market for the full year [9] Company Strategy and Development Direction - The company plans to launch two pure electric SUVs in 2025, the Li i8 in July and the Li i6 in the second half of the year [39] - Focus on enhancing R&D investments, particularly in autonomous driving and artificial intelligence, with R&D investments exceeding RMB 11 billion in 2024 [13] - Expansion of the supercharging network, aiming for 2,500 stations by the launch of Li i8 and 4,000 by the end of 2025 [19] Management's Comments on Operating Environment and Future Outlook - Management expects continued growth in 2024, with vehicle deliveries projected between 88,000 and 93,000 in Q1 [12][35] - The company anticipates a year-over-year decrease in total revenue for Q1 2025, reflecting current market conditions [35] - Management believes that competition will shift from growth to market share, emphasizing the importance of brand recognition [66] Other Important Information - The company operates the largest highway supercharging network in China, with over 1,900 stations and plans for significant expansion [17] - Li MEGA, a luxury pure-electric MPV, has been a top seller in its segment, with expected annual sales between 10,000 and 15,000 units [81] Q&A Session Summary Question: What is the latest launch timing and highlights of new BEV models? - The company plans to launch the Li i8 in July and the Li i6 in the second half of 2025, focusing on user experience and delivery [39] Question: How does the company view sales growth against competition? - The strategy includes product upgrades, expanding the sales network, and enhancing marketing practices, with confidence in overall sales growth [46][51] Question: What is the expected gross margin for Q1? - The Q1 vehicle gross margin is expected to be around 19% due to seasonal factors and sales promotions [75] Question: What is the long-term plan for internationalization? - The company is committed to expanding overseas markets, with established service centers in Kazakhstan, Uzbekistan, and UAE, and plans for further growth in 2025 [86]