Core Insights - Li Auto reported first-quarter 2025 earnings per share (EPS) of 13 cents, a decrease from 17 cents in the prior-year quarter, while revenues increased to $3.57 billion from $3.55 million, driven by a 15.5% year-over-year increase in vehicle deliveries [1][2] Financial Performance - Total vehicle deliveries in Q1 2025 reached 92,864 units, with vehicle sales amounting to $3.4 billion, unchanged from the previous year [2][3] - Vehicle margin improved to 19.8% from 19.3% year-over-year, contributing to a gross profit of $732.9 million, which remained flat year-over-year, and a gross margin of 20.5% compared to 20.6% in the prior-year quarter [3] - Operating expenses decreased by 14.4% to $695.5 million, resulting in an income from operations of $37.4 million, a turnaround from an operating loss of $81 million in the same period last year, with an operating margin of 1% compared to negative 2.3% previously [4] - Non-GAAP net income for the quarter was $139.8 million, down 20.9% year-over-year [4] - Net cash provided by operating activities was $234.4 million, a significant decrease of 49.4% from the previous year, while free cash flow improved to negative $348.7 million from negative $700.1 million [5] Cash Position and Debt - As of March 31, 2025, Li Auto had cash and cash equivalents of $687 million, down from $724 million a year earlier, with long-term borrowings increasing to $1.12 billion from $249.7 million [5] Future Outlook - For Q2 2025, Li Auto anticipates vehicle deliveries between 123,000 and 128,000, indicating year-over-year growth of 13.3% to 17.9%, with expected total revenues between $4.5 billion and $4.7 billion, reflecting a year-over-year increase of 2.2% to 6.8% [6] - The company plans to launch the i8 model in July and the i6 model in September [6]