Quarterly total revenues reached RMB25.7 billion (US$3.8 billion)(1)
Quarterly deliveries were 98,330 vehicles
BEIJING, China, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. ("Li Auto" or the "Company") (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2026.
Operating Highlights for the Second Quarter of 2026
-- Total deliveries for the second quarter of 2026 were 98,330 vehicles,
representing an 11.5% year-over-year decrease.
2026 Q2 2026 Q1 2025 Q4 2025 Q3
Deliveries 98,330 95,142 109,194 93,211
2025 Q2 2025 Q1 2024 Q4 2024 Q3
Deliveries 111,074 92,864 158,696 152,831
-- As of June 30, 2026, in China, the Company had 495 retail stores in 160
cities, 536 servicing centers and Li Auto-authorized servicing shops
operating in 220 cities, and 4,097 super charging stations in operation
equipped with 22,593 charging stalls.
Financial Highlights for the Second Quarter of 2026
-- Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter
of 2026, representing a decrease of 16.7% from RMB28.9 billion in the
second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in
the first quarter of 2026.
-- Vehicle margin2 was 9.4% in the second quarter of 2026, compared with
19.4% in the second quarter of 2025 and 6.1% in the first quarter of
2026.
-- Total revenues were RMB25.7 billion (US$3.8 billion) in the second
quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in
the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion
in the first quarter of 2026.
-- Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter
of 2026, representing a decrease of 53.3% from RMB6.1 billion in the
second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in
the first quarter of 2026.
-- Gross margin was 11.0% in the second quarter of 2026, compared with 20.1%
in the second quarter of 2025 and 7.9% in the first quarter of 2026.
-- Operating expenses were RMB5.1 billion (US$757.1 million) in the second
quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in
the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in
the first quarter of 2026.
-- Loss from operations was RMB2.3 billion (US$339.1 million) in the second
quarter of 2026, compared with RMB827.0 million income from operations in
the second quarter of 2025 and RMB3.0 billion loss from operations in the
first quarter of 2026.
-- Operating margin was negative 9.0% in the second quarter of 2026,
compared with 2.7% in the second quarter of 2025 and negative 13.0% in
the first quarter of 2026.
-- Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of
2026, compared with RMB1.1 billion net income in the second quarter of
2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP
net loss3 was RMB1.5 billion (US$220.9 million) in the second quarter of
2026, compared with RMB1.5 billion non-GAAP net income in the second
quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter
of 2026.
-- Diluted net loss per ADS4 attributable to ordinary shareholders was
RMB1.69 (US$0.25) in the second quarter of 2026, compared with RMB1.03
diluted net earnings per ADS attributable to ordinary shareholders in the
second quarter of 2025 and RMB2.26 diluted net loss per ADS attributable
to ordinary shareholders in the first quarter of 2026. Non-GAAP diluted
net loss per ADS attributable to ordinary shareholders was RMB1.49
(US$0.22) in the second quarter of 2026, compared with RMB1.37 non-GAAP
diluted net earnings per ADS attributable to ordinary shareholders in the
second quarter of 2025 and RMB2.09 non-GAAP diluted net loss per ADS
attributable to ordinary shareholders in the first quarter of 2026.
-- Net cash provided by operating activities was RMB15.0 million (US$2.2
million) in the second quarter of 2026, compared with RMB3.0 billion net
cash used in operating activities in the second quarter of 2025 and
RMB6.1 billion net cash used in operating activities in the first quarter
of 2026.
-- Free cash flow5 was negative RMB1.3 billion (US$191.7 million) in the
second quarter of 2026, compared with negative RMB3.8 billion in the
second quarter of 2025 and negative RMB7.4 billion in the first quarter
of 2026.
Key Financial Results
(in millions, except for percentages and per ADS data)
------------------------------------------------------------------------
For the Three Months Ended % Change(6)
------------------------------- ------------------
June 30, March 31, June 30,
2025 2026 2026 YoY QoQ
--------- --------- --------- --------- -------
RMB RMB RMB
Vehicle sales 28,885.1 21,533.2 24,066.5 (16.7)% 11.8%
Vehicle margin 19.4% 6.1% 9.4% (10.0)pts 3.3pts
Total revenues 30,245.6 22,982.9 25,666.9 (15.1)% 11.7%
Gross profit 6,067.0 1,808.0 2,836.1 (53.3)% 56.9%
Gross margin 20.1% 7.9% 11.0% (9.1)pts 3.1pts
Operating expenses (5,240.0) (4,806.8) (5,136.9) (2.0)% 6.9%
Income/(Loss) from
operations 827.0 (2,998.8) (2,300.9) N/A (23.3)%
Operating margin 2.7% (13.0)% (9.0)% (11.7)pts 4.0pts
Net income/(loss) 1,096.9 (2,276.0) (1,705.3) N/A (25.1)%
Non-GAAP net
income/(loss) 1,468.2 (2,108.0) (1,498.5) N/A (28.9)%
Diluted net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders 1.03 (2.26) (1.69) N/A (25.2)%
Non-GAAP diluted
net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders 1.37 (2.09) (1.49) N/A (28.7)%
Net cash (used
in)/provided by
operating
activities (3,036.2) (6,091.0) 15.0 N/A N/A
Free cash flow
(non-GAAP) (3,841.8) (7,388.3) (1,300.8) (66.1)% (82.4)%
Recent Developments
Delivery Update
-- In July 2026, the Company delivered 30,468 vehicles. As of July 31, 2026,
in China, the Company had 490 retail stores in 159 cities, 536 servicing
centers and Li Auto-authorized servicing shops operating in 219 cities,
and 4,141 super charging stations in operation equipped with 22,841
charging stalls.
Product Refresh
-- In June 2026, the Company launched and commenced deliveries of its
all-new Li L8. This model is available in two trims: Ultra and Livis.
Both trims come standard with four zero-gravity seats, a 72.7 kWh 5C
battery, Li Auto's third-generation range extender, and the Qualcomm
Snapdragon 8797 chip, alongside steer--by--wire and rear--wheel steering.
Li L8 Ultra features Li Auto's third--generation dual--chamber,
dual--valve Magic Carpet Air Suspension and a proprietary MACH M100 chip,
while Li L8 Livis features a proprietary 800V active suspension system,
electro-mechanical brake, and dual MACH M100 chips. The Li L8 Ultra and
Li L8 Livis are priced at RMB369,800 and RMB429,800, respectively.
-- In July 2026, the Company launched and commenced deliveries of the new Li
L6. The model features a new-generation all-aluminum suspension and
dual-valve CDC for its chassis, the MACH M100 chip and fully upgraded
perception hardware for its assisted driving system, and an
EREV-dedicated 51 kWh LFP super charging battery. The new Li L6 is priced
at RMB249,800.
Livis Day
-- In June 2026, the Company hosted Livis Day, a launch event for software
and embodied AI, systematically showcasing Li Auto's new-generation cabin
interaction experience alongside a series of proprietary breakthroughs.
These included the language intelligence models MACH Mind-Pro and MACH
Mind-Edge, the machine intelligence model MACH VLA, and the world's first
dynamic dataflow AI chip, the MACH M100.
US$1.0 Billion Share Repurchase Program
-- Pursuant to its US$1.0 billion share repurchase program announced on
March 24, 2026, the Company repurchased a total of 41,232,100 Class A
ordinary shares at an aggregate consideration of HK$2.1 billion on the
HKEX and a total of 9,487,026 ADSs (representing 18,974,052 Class A
ordinary shares) at an aggregate consideration of US$150.9 million on the
Nasdaq in the second quarter of 2026. As of the date of this press
release, the Company has repurchased a total of approximately 91.7
million Class A ordinary shares (including approximately 23.7 million
ADSs) for an aggregate consideration of approximately US$631.5 million.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, "Amid intense market competition and a major model refresh cycle, Li Auto remained the best-selling domestic automotive brand in China's RMB200,000-and-above NEV market in the first half of 2026. We have completed the upgrade of Li L series and are now refreshing our BEV lineup. Notably, the new Li L6 generated robust order flow, and we are confident that it will carry on the success of the Li i6 and reinforce our leading position in the RMB200,000-to-300,000 SUV market. Our enhanced product portfolio positions us well for growth. Backed by our unwavering user-centric product philosophy and leading in-house technologies, we will continue to pursue product excellence, expand our global footprint, and forge a sustainable path toward long-term value creation."
Mr. Tie Li, chief financial officer of Li Auto, added, "In the second quarter of 2026, our gross margin improved sequentially to 11.0%, benefiting from the launch of the all-new Li L9. We anticipate further margin expansion for the second half of the year as our product mix optimizes, with a higher sales contribution from the Livis trim and the launch of refreshed BEV models and Li i9. Coupled with a sustained focus on operational efficiency, we expect our bottom-line to improve gradually. Balancing growth and profitability through disciplined capital allocation, we will steadfastly execute our core strategies in product innovation, technological advancement, and global expansion to secure our future competitiveness."
Financial Results for the Second Quarter of 2026
Revenues
-- Total revenues were RMB25.7 billion (US$3.8 billion) in the second
quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in
the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion
in the first quarter of 2026.
-- Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter
of 2026, representing a decrease of 16.7% from RMB28.9 billion in the
second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in
the first quarter of 2026. The decrease in revenue from vehicle sales
over the second quarter of 2025 was primarily due to the decrease in
vehicle deliveries and a lower average selling price due to a different
product mix. The increase in revenue from vehicle sales over the first
quarter of 2026 was primarily attributable to a higher average selling
price due to a different product mix and the increase in vehicle
deliveries.
-- Other sales and services were RMB1.6 billion (US$235.9 million) in the
second quarter of 2026, representing an increase of 17.6% from RMB1.4
billion in the second quarter of 2025 and an increase of 10.4% from
RMB1.4 billion in the first quarter of 2026. The increase in revenue from
other sales and services over the second quarter of 2025 and the first
quarter of 2026 was mainly due to increased provision of services and
sales of accessories, which is in line with higher accumulated vehicle
sales.
Cost of Sales and Gross Margin
-- Cost of sales was RMB22.8 billion (US$3.4 billion) in the second quarter
of 2026, representing a decrease of 5.6% from RMB24.2 billion in the
second quarter of 2025 and an increase of 7.8% from RMB21.2 billion in
the first quarter of 2026. The decrease in cost of sales over the second
quarter of 2025 was primarily due to the decrease in vehicle deliveries.
The increase in cost of sales over the first quarter of 2026 was
primarily attributable to a higher average cost of sales due to a
different product mix and the increase in vehicle deliveries.
-- Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter
of 2026, representing a decrease of 53.3% from RMB6.1 billion in the
second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in
the first quarter of 2026.
-- Vehicle margin was 9.4% in the second quarter of 2026, compared with
19.4% in the second quarter of 2025 and 6.1% in the first quarter of
2026. The change in vehicle margin over the second quarter of 2025 and
the first quarter of 2026 was mainly attributable to a different product
mix.
-- Gross margin was 11.0% in the second quarter of 2026, compared with 20.1%
in the second quarter of 2025 and 7.9% in the first quarter of 2026. The
change in gross margin over the second quarter of 2025 and the first
quarter of 2026 was mainly due to the change in vehicle margin.
Operating Expenses
-- Operating expenses were RMB5.1 billion (US$757.1 million) in the second
quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in
the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in
the first quarter of 2026.
-- Research and development expenses were RMB2.8 billion (US$409.1 million)
in the second quarter of 2026, representing a decrease of 1.2% from
RMB2.8 billion in the second quarter of 2025 and an increase of 2.0% from
RMB2.7 billion in the first quarter of 2026. Research and development
expenses remained relatively stable compared with the second quarter of
2025 and the first quarter of 2026.
-- Selling, general and administrative expenses were RMB2.3 billion
(US$335.7 million) in the second quarter of 2026, representing a decrease
of 16.2% from RMB2.7 billion in the second quarter of 2025 and an
increase of 11.2% from RMB2.0 billion in the first quarter of 2026. The
decrease in selling, general and administrative expenses over the second
quarter of 2025 was primarily due to decreased employee compensation. The
increase in selling, general and administrative expenses over the first
quarter of 2026 was primarily due to increased expenses related to
marketing and promotional activities.
Income/(Loss) from Operations
-- Loss from operations was RMB2.3 billion (US$339.1 million) in the second
quarter of 2026, compared with RMB827.0 million income from operations in
the second quarter of 2025 and RMB3.0 billion loss from operations in the
first quarter of 2026. Operating margin was negative 9.0% in the second
quarter of 2026, compared with 2.7% in the second quarter of 2025 and
negative 13.0% in the first quarter of 2026. Non-GAAP loss from
operations was RMB2.1 billion (US$308.6 million) in the second quarter of
2026, compared with RMB1.2 billion non-GAAP income from operations in the
second quarter of 2025 and RMB2.8 billion non-GAAP loss from operations
in the first quarter of 2026.
Net Income/(Loss) and Net Earnings/(Loss) Per Share
-- Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of
2026, compared with RMB1.1 billion net income in the second quarter of
2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP
net loss was RMB1.5 billion (US$220.9 million) in the second quarter of
2026, compared with RMB1.5 billion non-GAAP net income in the second
quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter
of 2026.
-- Basic and diluted net loss per ADS attributable to ordinary shareholders
were both RMB1.69 (US$0.25) in the second quarter of 2026, compared with
RMB1.09 and RMB1.03 basic and diluted net earnings per ADS attributable
to ordinary shareholders in the second quarter of 2025, respectively, and
RMB2.26 basic and diluted net loss per ADS attributable to ordinary
shareholders in the first quarter of 2026. Non-GAAP basic and diluted net
loss per ADS attributable to ordinary shareholders were both RMB1.49
(US$0.22) in the second quarter of 2026, compared with RMB1.46 and
RMB1.37 non-GAAP basic and diluted net earnings per ADS attributable to
ordinary shareholders in the second quarter of 2025, respectively, and
RMB2.09 non-GAAP basic and diluted net loss per ADS attributable to
ordinary shareholders in the first quarter of 2026.
Cash Position, Operating Cash Flow and Free Cash Flow
-- Cash position7 was RMB87.5 billion (US$12.9 billion) as of June 30, 2026.
-- Net cash provided by operating activities was RMB15.0 million (US$2.2
million) in the second quarter of 2026, compared with RMB3.0 billion net
cash used in operating activities in the second quarter of 2025 and
RMB6.1 billion net cash used in operating activities in the first quarter
of 2026. The change in net cash provided by operating activities over the
second quarter of 2025 and the first quarter of 2026 was mainly due to
the timing differences between cash received from customers and payments
for inventory purchases.
-- Free cash flow was negative RMB1.3 billion (US$191.7 million) in the
second quarter of 2026, compared with negative RMB3.8 billion in the
second quarter of 2025 and negative RMB7.4 billion in the first quarter
of 2026.
Business Outlook
For the third quarter of 2026, the Company expects:
-- Deliveries of vehicles to be between 95,000 and 100,000 vehicles,
representing a year-over-year increase of 1.9% to 7.3%.
-- Total revenues to be between RMB26.6 billion (US$3.9 billion) and RMB28.0
billion (US$4.1 billion), representing a year-over-year change of -2.8%
to +2.3%.
This business outlook reflects the Company's current and preliminary views on its business situation and market conditions, which are subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, August 26, 2026 (8:00 p.m. Beijing/Hong Kong Time on August 26, 2026) to discuss financial results and answer questions from investors and analysts.
For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.
Participant Online Registration: https://s1.c-conf.com/diamondpass/10056444-vrf1u8.html
A replay of the conference call will be accessible through September 2, 2026, by dialing the following numbers:
United States: +1-855-883-1031 Chinese Mainland: +86-400-1209-216 Hong Kong, China: +852-800-930-639 International: +61-7-3107-6325 Replay PIN: 10056444
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.lixiang.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.
About Li Auto Inc.
Li Auto Inc. is a leader in China's new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "targets," "likely to," "challenges," and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto's strategies, future business development, and financial condition and results of operations; Li Auto's limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto's ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto's ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto's ability to compete successfully; Li Auto's ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto's vehicles; Li Auto's ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: ir@lixiang.com
Christensen Advisory
Tel: +86-10-5900-1548
Email: Li@christensencomms.com
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive
Income/(Loss)
(All amounts in thousands, except for ADS/ordinary
share and per ADS/ordinary share data)
For the Three Months Ended
----------------------------------------------------------
June 30, March 31, June 30, June 30,
2025 2026 2026 2026
------------- ------------- ------------- -------------
RMB RMB RMB US$
Revenues:
Vehicle sales 28,885,133 21,533,182 24,066,488 3,546,961
Other sales and
services 1,360,480 1,449,729 1,600,402 235,870
------------- ------------- ------------- -------------
Total revenues 30,245,613 22,982,911 25,666,890 3,782,831
------------- ------------- ------------- -------------
Cost of sales:
Vehicle sales (23,273,292) (20,225,885) (21,795,419) (3,212,247)
Other sales and
services (905,352) (948,981) (1,035,416) (152,601)
------------- ------------- ------------- -------------
Total cost of sales (24,178,644) (21,174,866) (22,830,835) (3,364,848)
------------- ------------- ------------- -------------
Gross profit 6,066,969 1,808,045 2,836,055 417,983
------------- ------------- ------------- -------------
Operating expenses:
Research and
development
expenses (2,810,170) (2,722,159) (2,775,633) (409,078)
Selling, general and
administrative
expenses (2,717,761) (2,049,203) (2,278,044) (335,742)
Other operating
income/(expense),
net 287,980 (35,473) (83,228) (12,266)
------------- -------------
Total operating
expenses (5,239,951) (4,806,835) (5,136,905) (757,086)
------------- ------------- ------------- -------------
Income/(Loss) from
operations 827,018 (2,998,790) (2,300,850) (339,103)
Other (expense)/income:
Interest expense (49,776) (40,658) (116,248) (17,133)
Interest income
and investment
income, net 496,454 394,020 455,033 67,064
Others, net 15,288 44,248 13,199 1,946
------------- ------------- ------------- -------------
Income/(Loss) before
income tax 1,288,984 (2,601,180) (1,948,866) (287,226)
Income tax
(expense)/benefit (192,048) 325,148 243,609 35,904
------------- ------------- ------------- -------------
Net income/(loss) 1,096,936 (2,276,032) (1,705,257) (251,322)
------------- ------------- ------------- -------------
Less: Net
income/(loss)
attributable to
noncontrolling
interests 4,365 13,499 (1,076) (159)
------------- ------------- ------------- -------------
Net income/(loss)
attributable to
ordinary shareholders
of Li Auto Inc. 1,092,571 (2,289,531) (1,704,181) (251,163)
============= ============= ============= =============
Net income/(loss) 1,096,936 (2,276,032) (1,705,257) (251,322)
------------- ------------- ------------- -------------
Other comprehensive
loss, net of tax
Foreign currency
translation
adjustment, net
of nil tax (173,612) (161,404) (273,671) (40,334)
------------- ------------- ------------- -------------
Total other
comprehensive loss,
net of tax (173,612) (161,404) (273,671) (40,334)
------------- ------------- ------------- -------------
Total comprehensive
income/(loss) 923,324 (2,437,436) (1,978,928) (291,656)
Less:
Comprehensive
income/(loss)
attributable to
noncontrolling
interests 4,365 13,499 (1,076) (159)
Comprehensive
income/(loss)
attributable to
ordinary shareholders
of Li Auto Inc. 918,959 (2,450,935) (1,977,852) (291,497)
============= ============= ============= =============
Weighted average number
of ADSs
Basic 1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886
Diluted 1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886
Net earnings/(loss) per
ADS attributable to
ordinary shareholders
Basic 1.09 (2.26) (1.69) (0.25)
Diluted 1.03 (2.26) (1.69) (0.25)
Weighted average number
of ordinary shares
Basic 2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771
Diluted 2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771
Net earnings/(loss) per
share attributable to
ordinary shareholders
Basic 0.54 (1.13) (0.85) (0.12)
Diluted 0.51 (1.13) (0.85) (0.12)
Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
------------ ----------- ----------
December 31, June 30, June 30,
2025 2026 2026
------------ ----------- ----------
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 56,691,765 40,117,782 5,912,629
Restricted cash 216,314 14,782 2,179
Time deposits and short-term
investments 44,331,407 45,474,274 6,702,079
Trade receivable 119,823 206,592 30,448
Inventories 8,752,439 8,333,701 1,228,236
Prepayments and other current
assets 5,174,246 4,322,856 637,110
------------ ----------- ----------
Total current assets 115,285,994 98,469,987 14,512,681
------------ ----------- ----------
Non-current assets:
Long-term investments 848,672 2,976,994 438,755
Property, plant and equipment, net 22,774,938 22,893,313 3,374,057
Operating lease right-of-use
assets, net 9,099,313 7,890,346 1,162,893
Intangible assets, net 1,191,974 1,165,561 171,782
Goodwill 5,484 5,484 808
Deferred tax assets 3,334,206 3,755,111 553,435
Other non-current assets 1,755,237 3,522,804 519,197
Total non-current assets 39,009,824 42,209,613 6,220,927
------------ ----------- ----------
Total assets 154,295,818 140,679,600 20,733,608
============ =========== ==========
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings 6,217,745 286,205 42,181
Trade and notes payable 40,579,219 38,756,080 5,711,939
Amounts due to related parties 26,644 452,813 66,736
Deferred revenue, current 1,621,429 1,208,610 178,127
Operating lease liabilities,
current 1,690,356 1,572,211 231,715
Accruals and other current
liabilities 13,412,260 12,201,637 1,798,301
------------ ----------- ----------
Total current liabilities 63,547,653 54,477,556 8,028,999
------------ ----------- ----------
Non-current liabilities:
Long-term borrowings 3,299,203 6,863,999 1,011,628
Deferred revenue, non-current 624,734 666,287 98,199
Operating lease liabilities,
non-current 6,258,957 5,620,164 828,310
Finance lease liabilities,
non-current 348,506 349,322 51,484
Deferred tax liabilities 691,652 548,423 80,828
Other non-current liabilities 6,385,370 6,192,234 912,622
------------ ----------- ----------
Total non-current liabilities 17,608,422 20,240,429 2,983,071
------------ ----------- ----------
Total liabilities 81,156,075 74,717,985 11,012,070
============ =========== ==========
Total Li Auto Inc. shareholders'
equity 72,619,255 65,428,704 9,642,997
------------ ----------- ----------
Noncontrolling interests 520,488 532,911 78,541
------------ ----------- ----------
Total shareholders' equity 73,139,743 65,961,615 9,721,538
------------ ----------- ----------
Total liabilities and shareholders'
equity 154,295,818 140,679,600 20,733,608
============ =========== ==========
Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash
Flows
(All amounts in thousands)
For the Three Months Ended
-------------------------------------------------
June 30, March 31, June 30, June 30,
2025 2026 2026 2026
RMB RMB RMB US$
Net cash (used
in)/provided by
operating
activities (3,036,219) (6,090,994) 15,025 2,214
Net cash (used
in)/provided by
investing
activities (226,724) (8,181,439) 2,919,510 430,283
Net cash (used
in)/provided by
financing
activities (70,037) 337,303 (5,487,924) (808,820)
Effect of exchange
rate changes on
cash, cash
equivalents and
restricted cash (108,393) (102,382) (184,614) (27,209)
----------- ------------ ----------- ---------
Net change in cash,
cash equivalents and
restricted cash (3,441,373) (14,037,512) (2,738,003) (403,532)
----------- ------------ ----------- ---------
Cash, cash
equivalents and
restricted cash at
beginning of period 53,238,339 56,908,079 42,870,567 6,318,340
----------- ------------ ----------- ---------
Cash, cash
equivalents and
restricted cash at
end of period 49,796,966 42,870,567 40,132,564 5,914,808
=========== ============ =========== =========
Net cash (used
in)/provided by
operating
activities (3,036,219) (6,090,994) 15,025 2,214
Capital expenditures (805,544) (1,297,326) (1,315,790) (193,923)
----------- ------------ ----------- ---------
Free cash flow
(non-GAAP) (3,841,763) (7,388,320) (1,300,765) (191,709)
=========== ============ =========== =========
Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP
Results
(All amounts in thousands, except for ADS/ordinary
share and per ADS/ordinary share data)
For the Three Months Ended
----------------------------------------------------------
June 30, March 31, June 30, June 30,
2025 2026 2026 2026
------------- ------------- ------------- -------------
RMB RMB RMB US$
Cost of sales (24,178,644) (21,174,866) (22,830,835) (3,364,848)
Share-based
compensation
expenses 8,135 8,730 8,039 1,185
------------- ------------- ------------- -------------
Non-GAAP cost of
sales (24,170,509) (21,166,136) (22,822,796) (3,363,663)
============= ============= ============= =============
Research and
development
expenses (2,810,170) (2,722,159) (2,775,633) (409,078)
Share-based
compensation
expenses 236,668 128,160 126,933 18,708
------------- ------------- ------------- -------------
Non-GAAP research
and development
expenses (2,573,502) (2,593,999) (2,648,700) (390,370)
============= ============= ============= =============
Selling, general
and
administrative
expenses (2,717,761) (2,049,203) (2,278,044) (335,742)
Share-based
compensation
expenses 126,413 31,156 71,759 10,576
------------- ------------- ------------- -------------
Non-GAAP selling,
general and
administrative
expenses (2,591,348) (2,018,047) (2,206,285) (325,166)
============= ============= ============= =============
Income/(Loss)
from operations 827,018 (2,998,790) (2,300,850) (339,103)
Share-based
compensation
expenses 371,216 168,046 206,731 30,469
------------- ------------- ------------- -------------
Non-GAAP
income/(loss)
from operations 1,198,234 (2,830,744) (2,094,119) (308,634)
============= ============= ============= =============
Net income/(loss) 1,096,936 (2,276,032) (1,705,257) (251,322)
Share-based
compensation
expenses 371,216 168,046 206,731 30,469
Non-GAAP net
income/(loss)(8) 1,468,152 (2,107,986) (1,498,526) (220,853)
============= ============= ============= =============
Net income/(loss)
attributable to
ordinary
shareholders of
Li Auto Inc. 1,092,571 (2,289,531) (1,704,181) (251,163)
Share-based
compensation
expenses 371,216 168,046 206,731 30,469
Non-GAAP net
income/(loss)
attributable to
ordinary
shareholders of
Li Auto Inc. 1,463,787 (2,121,485) (1,497,450) (220,694)
============= ============= ============= =============
Weighted average
number of ADSs
Basic 1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886
Diluted 1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886
Non-GAAP net
earnings/(loss)
per ADS
attributable to
ordinary
shareholders
Basic 1.46 (2.09) (1.49) (0.22)
Diluted 1.37 (2.09) (1.49) (0.22)
Weighted average
number of
ordinary shares
Basic 2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771
Diluted 2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771
Non-GAAP net
earnings/(loss)
per share
attributable to
ordinary
shareholders
Basic 0.73 (1.05) (0.74) (0.11)
Diluted 0.69 (1.05) (0.74) (0.11)
______________________________
(1) All translations from Renminbi ("RMB") to U.S. dollars ("US$") are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.
(2) Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
(3) The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results" set forth at the end of this press release.
(4) Each ADS represents two Class A ordinary shares.
(5) Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.
(6) Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.
(7) Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.
(8) Non-GAAP items have no tax impact for all the periods presented.
