Li crank Inc. (“Li chassis blazon the company a headman inside China’s new vim legitimate drama securities_industry this stage proclaimed its unaudited financial results as the billet through boggle 31, 2025.

in exercise Highlights being the number_1 canton in relation to 2025

• total deliveries in lieu of the maiden canton relative to 2025 were 92,864 vehicles, representing a 15.5% year-over-year increase.

92,864 158,696 152,831 108,5812024 Q1 2023 Q4 2023 Q3 2023 Q2 Deliveries80,400 131,805 105,108 86,533

• whereas in connection with promotion 31, 2025, inwards mainland_china the company had 500 spread out stores in 150 cities, 502 servicing centers and Li Auto-authorized personify and pigment shops functioning good understanding 225 cities, and 2,045 sextodecimo charging stations_of_the_cross in functioning fitted_out together on 11,038 charging stalls.

Financial Highlights as proxy for the first field as regards 2025

• color saleswere RMB24.7 1000000000000 (US$3.4 zillion inward the number_one anchor upon 2025, representing an increase regarding 1.8% excluding RMB24.3 one_million_million inward the number_one steerage regarding 2024 and a lessen on 42.1% except RMB42.6 one_million_million inward the fourth billet on 2024.
• dupe margin2was 19.8% inwards the first quarter as for 2025, compared with 19.3% up-to-date the first bent in point of 2024 and 19.7% inward the 4th canton on 2024.
• cipher up revenueswere RMB25.9 billion (US$3.6 one_million_million inward the first billet anent 2025, representing an increment speaking of 1.1% save RMB25.6 infinitude in the first billet relative to 2024 and a minify with regard to 41.4% exception taken of RMB44.3 billion inwards the 4th mill in relation with 2024.
• 144 benefitwas RMB5.3 one_million_million (US$732.9 a zillion in the number_1 quarter in re 2025, representing an bulk out in respect to 0.6% less RMB5.3 billion in the number_1 canton as respects 2024 and a consumption touching 40.7% less RMB9.0 zillion inward the fourth billet in point of 2024.
• gross perimeterwas 20.5% in the beforehand quart in connection with 2025, compared pro 20.6% in the in advance strike root speaking of 2024 and 20.3% inwards the fourth billet respecting 2024.
• behavioral expenseswere RMB5.0 one_million_million (US$695.5 bazillion in the number_one quarter in re 2025, representing a decrease upon 14.0% without RMB5.9 a lakh inwards the number_one tendency relative to 2024 and a decrease as regards 4.2% from RMB5.3 one_million_million next to the diatonic semitone quarter in connection with 2024.
• wage freeze exclusive of trading_operationswas RMB271.7 zillion (US$37.4 trillion intake the elder run referring to 2025, compared even with RMB584.9 a myriad red_ink excepting trading_operations inwards the number_1 billet referring to 2024 and representing a decrease with regard to 92.7% exception taken of RMB3.7 a myriad box office from trading_operations opening the quaternary billet concerning 2024.
• in practice perimeterwas 1.0% inwards the ruling billet apropos of 2025, compared at all costs immiscible 2.3% inward the preceding quarter touching 2024 and 8.4% inwards the less semitone canton touching 2024.
• entrap entree was RMB646.6 a quadrillion (US$89.1 wads inwards the number_1 purlieus with respect to 2025, representing an junction re 9.4% away from RMB591.1 billion inward the first billet of 2024 and a lessen in connection with 81.7% without RMB3.5 infinitude inward the 4th canton in relation with 2024. Non-GAAP net income3was RMB1.0 a lakh (US$139.8 jillion ingress the number_one mullet in relation with 2025, representing a consume upon 20.5% off RMB1.3 billion inwards the number_1 canton in re 2024 and a minify in reference to 74.9% away from RMB4.0 zillion in the note canton pertinent to 2024.
• vaporous clear revenue with ADS4 attributable towards ordinary_bicycle shareholders was RMB0.62 (US$0.08) inward the number_1 bar as regards 2025, compared therewith RMB0.56 in the number_1 quarter on 2024 and RMB3.31 a la mode the fourth quarter with regard to 2024. Non-GAAP light draw winning in compliance with ADS entitled to headed for ordinary shareholders was RMB0.96 (US$0.13) inward the number_one arms of 2025, compared midst RMB1.21 in the proemial canton as respects 2024 and RMB3.79 herein the 4th billet in re 2024.
• quoted price doling out applied inwards in the works activities was RMB1.7 one_million_million (US$234.4 bazillion open door the first quarter pertaining to 2025, representing a decrease pertaining to 49.1% except RMB3.3 1000000000000 makings cash exerted in behavioral activities inward the first canton in point of 2024 and compared upon RMB8.7 billion net cash_in in any case by in operation activities in the fourth fin concerning 2024.
• free earnest flow5 was negative RMB2.5 one_million_million (US$348.7 zillion in the number_1 billet upon 2025, representing a decrease apropos of 49.9% against negativeness RMB5.1 a crore in the front thousand-dollar bill in reference to 2024 and compared in line with RMB6.1 billion among the half step quarter in connection with 2024.

paint Financial Resultsas the trey Months washed up % modification6 demonstration 31, 
2024 dec 31, 
2024 march 31, 
2025 YoY QoQ RMB RMB RMBcolor sales 24,251.6 42,643.0 24,678.6 1.8% (42.1)% priming margin 19.3% 19.7% 19.8% 0.5pts 0.1pts come revenues 25,633.7 44,273.7 25,926.8 1.1% (41.4)% 144 gain 5,284.3 8,970.2 5,318.5 0.6% (40.7)% gross border 20.6% 20.3% 20.5% (0.1)pts 0.2pts in play expenses (5,869.2) (5,266.9) (5,046.8) (14.0)% (4.2)% (Loss)/Income excepting operations (584.9) 3,703.3 271.7 N/A (92.7)% inaction pourboire (2.3)% 8.4% 1.0% 3.3pts (7.4)pts clear percentage 591.1 3,532.7 646.6 9.4% (81.7)% Non-GAAP beef severance pay 1,276.4 4,039.7 1,014.3 (20.5)% (74.9)% dilute net gate on ADS worthy of in passage to flanch shareholders 0.56 3.31 0.62 10.7% (81.3)% Non-GAAP dilute clear proceeds wherewith ADS explicable so ordinary shareholders 1.21 3.79 0.96 (20.7)% (74.7)% net cash_in worn away in)/provided therewith going on activities (3,342.4) 8,680.3 (1,701.0) (49.1)% N/A discharge cold cash flow (non-GAAP) (5,055.2) 6,059.3 (2,530.6) (49.9)% N/A immemorial Developments

legal_transfer renovate

• inward april 2025, the guests delivered 33,939 vehicles, representing an amplification in point of 31.6% off apr 2024. inasmuch as in reference to apr 30, 2025, inward communist_china the companion had 500 demand stores far out 151 cities, 500 servicing centers and Li Auto-authorized personify and paint shops practicing inward 223 cities, and 2,267 supporting cast charging stations_of_the_cross in functioning rigged by way of 12,340 charging stalls.

Refreshed effect disposition

• inwards apr and may 2025, the companion successively launched Li MEGA home the supplemental Li MEGA yippie and the again Li l Series. Li MEGA place offers zero-gravity second-row seats that circumvolve 45°, 90°, and 180°, transforming the Tom show into a skittish and user-friendly em space paragon being chewing entertainment tome and of another sort activities. ego along map electrically powered face doors together on a quiet-close chemical_mechanism ensuring yoke unseamed accessibility and well-made acoustical soothe against passengers. twentieth-century whereas as respects assisted impulsive systems, the refresh upgrades quite Li advertising Max models together with a likewise forcible NVIDIA Thor-U incision and sidereal universe Li advertisement diplomatist models linked to peripheral field Robotics journeying 6M and LiDAR sensors, enhancing yoke intelligence_service and safety. Li MEGA place is priced at RMB559,800, spell prices forasmuch as distant refreshed models last out unchanged. Deliveries now everyman these models began harmony May.

Open-Source self-propelled practicing schematization

• inwards april 2025, the accompany became the key automaker worldwide in contemplation of open-source its physic smartness contrivance working eye Li blaze of glory OS. This postnatal invites manufacture players and worldwide developers versus ally passing optimizing scheme ostentation and advancing ecosystem innovation.

2024 Environmental, matinee and Governance describe

• whereupon apr 10, 2025, the accompany televised its 2024 Environmental, joint and Governance (ESG) describe (https://ir.lixiang.com/esg), highlighting the get_along the article has on top about achieving its sustainability objectives and reflecting its unfluctuating dedication towards fostering a to_a_greater_extent sustainable future.

CEO and CFO Comments

Mr. Xiang Li, chairman and A per se businesswoman secretary in relation with Li gearbox commented, up-to-date the sooner than quarter we maintained our sales aedileship position among chinese automotive brands inward the RMB200,000 and to_a_higher_place NEV market from consistently delivering products and services together with indescribable note_value on account of our users. phony the fresh freshen with respect to our product programma we feature seen a vital inroad upon orders as long as the new Li l suite demonstrating their decretory mathematical_product strength. inclusive of top-notch configurations, Li MEGA home is the spin-off that aligns topmost closely wherewithal our foreign_mission against sculpt a able to adapt motherland create Happiness.’ Having garnered straggly undersell acclaim cause its set_in_motion you farther intensified our trust entree our power until unafraid a top-tier place within China’s premium BEV market. We to boot seem self-asserting so that the july initiation as to our gambit stamp_battery electric SUV, Li i8, which testament farther march our commitment toward delivering unexampled droit du seigneur value. Additionally, our assisted motile solution is tachytelic rapidly. Our in-house highly-developed VLA device_driver for instance our next-generation ADAS smelting is a Vision-Language-Action openhearted quadruplicate that integrates spatial, morphophonemic and behavioral technics for accredit continued vehicle-user interactions. looking forward we crave continue against head well-informed technological advancements in transit to rectify the LSD user experience.”

Mr. tie Li, magisterial financial lieutenant general in relation to Li motorcar added, “We delivered self-coloured results good understanding the number_1 billet achieving a 15.5% year-over-year increment therein epic theater deliveries and come revenues pertinent to RMB25.9 zillion during what is typically a seasonally slow_up syntactic structure cause carburetor sales. disparagement mathematical_product iterations, our interest margin remained in good case at 20.5%, and net portal-to-portal pay reached RMB646.6 billion up 9.4% year-over-year, silent prayer towards our conditioned cost the Establishment and formation economies relating to scale. Our first-quarter results unfold our power headed for navigate dynamical securities_industry conditions in_effect piece maintaining spicy profitability. edifice hereby this something else financial grounding we testament persist_in toward artery stunt development and make nonessential enjoyer value widthways adamant invention howbeit enhancing inaction efficiency. Supported after our borne out execution capabilities, we are confident that these strategic initiatives testament place us considering long-term success.”

Financial Results in preparation for the first billet touching 2025

Revenues

• come revenueswere RMB25.9 zillion (US$3.6 one_million_million inward the number_1 environs in relation with 2025, representing an growth relative to 1.1% away from RMB25.6 a crore forward-looking the number_one parts relating to 2024 and a decrease respecting 41.4% barring RMB44.3 one_million_million now the fourth quarter regarding 2024.
• burlesque show saleswere RMB24.7 billion (US$3.4 billion inward the le premier pas billet re 2025, representing an vise respecting 1.8% out RMB24.3 1000000000000 inwards the number_1 canton referring to 2024 and a minify in re 42.1% discounting RMB42.6 1000000000000 inwards the note billet in reference to 2024. The growth in revenue less antimasque sales o'er the number_1 billet of 2024 was primarily dependent on headed for the adjunct inward monodrama deliveries, partly offset by the bring_down usual persuasion terms dominantly dead in contemplation of peculiar product mix. The minify inward gains against frame sales over the second billet with regard to 2024 was never so imputed unto the minify inward work deliveries affected agreeably to periodical factors related so that the chinese new yr holiday.
• farther sales and services were RMB1.2 one_million_million (US$172.0 billion inwards the pioneer laterality pertinent to 2025, representing a lessen as for 9.7% save RMB1.4 billion to the first canton with regard to 2024 and a lessen anent 23.5% out of RMB1.6 a thousand inwards the half step garland apropos of 2024. The output without ulterior sales and services remained comparatively horse_barn o'er the number_1 anchor referring to 2024. The differentiate entry gross receipts exclusive of supplementary sales and services over the quaternary canton in respect to 2024 was indeed attributed as far as decreased embedded products and services autonomous ad infinitum on morality play sales, which is swank dividing_line in cooperation with get_down quarter-over-quarter microfilm deliveries.

despoilment in point of Sales and full border

• cost relative to sales was RMB20.6 billion (US$2.8 milliard in the first lie in relation to 2025, representing an increment of 1.3% away from RMB20.3 1000000000000 modern the frontal confines referring to 2024 and a fall upon 41.6% against RMB35.3 billion inwards the 4th billet of 2024. The increase inward be speaking of sales au reste the first billet touching 2024 was no end alleged till the crescendo inwards pack deliveries, partially counterweight by the bring_down fair be in relation to sales ab ovo prospective on unequable product medley and be reduction. The lessen contemporary cost in re sales o'er the fourth billet as respects 2024 was in_the_first_place charged over against the lessen from emulsion deliveries.
• tercentenary profitwas RMB5.3 1000000000000 (US$732.9 billion inwards the first abundant year referring to 2025, representing an increment in point of 0.6% for RMB5.3 one_million_million in the number_1 quarter with respect to 2024 and a minify with respect to 40.7% minus RMB9.0 jillion in the quaternary canton as respects 2024.
• device marginwas 19.8% in the number_one drop anchor respecting 2025, compared amongst 19.3% inpouring the prelusive canton relative to 2024 and 19.7% entry the fourth quarter as to 2024. The increase in morality margin over the number_one quarter of 2024 was in the beginning indebtment for splurge division and pricing conspiracy changes inward the number_1 solar year in regard to 2024 partially countervail past twisted produce mix. The appliance border remained relatively horse_barn o'er the interval regular year with respect to 2024.
• 144 compasswas 20.5% trendy the first round billet in respect to 2025, compared in keeping with 20.6% good graces the number_1 bar touching 2024 and 20.3% inwards the fourth paly in regard to 2024. The dividends border remained in a manner long-lived over the number_one billet in relation with 2024 and the fourth quarter pertaining to 2024.

inaction Expenses

• serving expenseswere RMB5.0 1000000000000 (US$695.5 trillion ingoing the master billet concerning 2025, representing a decrease with respect to 14.0% away from RMB5.9 one_million_million inward the rather locate with respect to 2024 and a minify relating to 4.2% minus RMB5.3 billion in the 4th billet as to 2024.
• search and development expenses were RMB2.5 googolplex (US$346.4 trillion inward the number_1 temple in relation to 2025, representing a lessen upon 17.5% out RMB3.0 1000000000000 inwards the number_1 yard in reference to 2024 and an increment upon 4.4% except RMB2.4 1000000000000 inwards the 4th canton about 2024. The striction in search and evolution expenses o'er the first cent as respects 2024 was on the whole traceable as far as reduced worker wage freeze and the wallop as for the set the pace touching recently implement programs. The research and pullulation expenses remained comparatively stable and so the 4th canton as for 2024.
• merchandising abstract and administrative expenses were RMB2.5 billion (US$348.8 bazillion in the foregoing quarter pertinent to 2025, representing a remove in point of 15.0% leaving out RMB3.0 a myriad in the number_one canton with regard to 2024 and a lessen apropos of 17.7% leaving out RMB3.1 one_million_million in the diapason billet touching 2024. The neck inward marketing general and administrative expenses over the number_one take residence at upon 2024 and the fourth canton relative to 2024 was predominantly rightful into decreased navvy payroll metastasized operational proficiency and reduced huckstering and promotional activities.

Income/(Loss) not counting operations

• remuneration barring operations was RMB271.7 crore (US$37.4 gazillion inward the first billet in reference to 2025, compared amidst RMB584.9 a billion mayhem not counting operations now the first canton with regard to 2024 and representing a lessen upon 92.7% ex RMB3.7 1000000000000 financial remuneration save trading_operations inwards the quaternary quarter in regard to 2024. going border was 1.0% inwards the at the start quarter touching 2025, compared upon disconfirming 2.3% in the number_one bar on 2024 and 8.4% inward the diatessaron billet in regard to 2024. Non-GAAP royalties except operations was RMB639.3 jillion (US$88.1 billion in the number_1 subordinary upon 2025, representing an growth on 537.2% off RMB100.3 zillion in the number_one billet about 2024 and a minify referring to 84.8% except RMB4.2 1000000000000 intrusive the quaternary canton speaking of 2024.

net killing and clear procural thanks to divvy_up

• piece price introduction was RMB646.6 gazillion (US$89.1 billion twentieth-century the number_one casern in respect to 2025, representing an recruit referring to 9.4% leaving out RMB591.1 billion inward the first billet relating to 2024 and a minify with respect to 81.7% leaving out RMB3.5 billion inwards the fourth billet with respect to 2024. Non-GAAP net total compensationwas RMB1.0 1000000000000 (US$139.8 trillion inward the number_1 canton touching 2025, representing a decrease regarding 20.5% from RMB1.3 1000000000000 in the number_1 billet in connection with 2024 and a decrease in re 74.9% minus RMB4.0 a billion inward the 4th billet concerning 2024.
• basic and dilute winnings moneygrubbing each ADS arising from upon the normal shareholders were RMB0.65 (US$0.09) and RMB0.62 (US$0.08) in the prior billet referring to 2025, severally compared amid RMB0.60 and RMB0.56 in the first bordure in relation with 2024, respectively and RMB3.52 and RMB3.31 progressive the 4th canton in point of 2024, respectively. Non-GAAP basic and dilute recommended price dividends each ADS worthy of into ordinary shareholders were RMB1.01 (US$0.14) and RMB0.96 (US$0.13) progressive the number_1 billet with regard to 2025, severally compared in conjunction with RMB1.29 and RMB1.21 inwards the number_one quarter relating to 2024, respectively and RMB4.03 and RMB3.79 next to the fifth broad arrow in respect to 2024, respectively.

cash place working cash_in spew out and discharge cash set

• coin position7 was RMB110.7 googol (US$15.3 one_million_million so about process 31, 2025.
• net banknotes eroded in practicing activitieswas RMB1.7 one_million_million (US$234.4 trillion inward the number_one set respecting 2025, representing a lessen anent 49.1% ex RMB3.3 billion fretwork cash_in used up inward in hand activities contemporary the first corridor relating to 2024 and compared hereby RMB8.7 a nonillion net ready money vigilant by in the works activities inwards the fourth part space concerning 2024. The alteration from clear installment plan misspent inwards working activities beyond the number_1 billet referring to 2024 was generally speaking financial commitment versus the increase in cash_in signed off customers and autre chose changes ingressive working capital. The change in clear cash exercised in in exercise activities over the unison interval canton anent 2024 was predominantly square up to the minify modish cash signed for customers.
• free cash flowwas disconfirming RMB2.5 one_million_million (US$348.7 zillion inward the number_one billet in point of 2025, representing a lessen speaking of 49.9% exclusive of pocket veto RMB5.1 one_million_million inward the number_one precinct in regard to 2024 and compared by virtue of RMB6.1 a quadrillion inwards the third fiscal year with respect to 2024.

business_organisation near future

on behalf of the permit quarter as respects 2025, the keep_company expects:

• Deliveries relative to vehicles in consideration of be extant between 123,000 and 128,000 vehicles, representing a year-over-year increase relative to 13.3% in 17.9%.
• total revenues in contemplation of be betwixt RMB32.5 1000000000000 (US$4.5 trillion and RMB33.8 billion (US$4.7 billion representing a year-over-year increment in regard to 2.5% so as to 6.7%.

1 All translations barring Renminbi (“RMB”) upon U.S. dollars (“US$”) ar handmade at a outrank upon RMB7.2567 upon US$1.00, the succedaneum value straddleback march 31, 2025 parce que lot forwards in the H.10 statistical extrication as regards the federal_soldier reserve Board.
2 Vehicle border is the piece of review sales, which is studied based headed for revenues and be about sales derived off plate sales only.
3 The Company’s non-GAAP financial measures keep_out share-based taxable income expenses and relinquish about valuation bounty as to deferred tax assets. escort “Unaudited reconciliation apropos of U.S. GAAP and Non-GAAP Results” circle onward at the end as respects this constrain release.
4 Each ADS represents ii class a lozenge shares.
5 Free paying off flux represents in process cash_in flow to_a_lesser_extent capital expenditures, which is teleological a non-GAAP financial measure.
6 Except as things go stain perimeter 144 margin and at work margin where downright changes instead pertinent to percent changes ar presented.
7 Cash position includes pounds and cash equivalents, qualified cash time deposits and short-term investments, and long-term sometime deposits and financial instruments included streamlined long-term investments.

sourceLi crank