理想汽车公布2025年第三季度未经审计财务业绩

Quarterly total revenues reachedRMB27.4billion (US$3.8billion)Quarterly deliveries reached93,211vehicles BEIJING, China,November26,2025—Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’snew energy vehicle market, today announced its unaudited financial results for the quarterendedSeptember30,2025. Operating Highlights for theThirdQuarter of2025 •Total deliveries for thethirdquarter of2025were93,211vehicles, representing a39.0% year-over-yeardecrease. •As ofSeptember30,2025,inChina, the Company had542retailstores in157cities,546servicing centers and Li Auto-authorized body and paint shops operating in225cities, and3,420super charging stations in operation equipped with18,897 Financial Highlights for theThirdQuarter of2025 •Vehicle saleswereRMB25.9billion (US$3.6billion) in thethirdquarter of2025, representingadecreaseof37.4% fromRMB41.3billion in thethirdquarter of2024anda decreaseof10.4% fromRMB28.9billion in thesecondquarter of2025. •Vehicle margin2was15.5%in thethirdquarter of2025, compared with20.9% in thethirdquarter of2024and19.4%in thesecondquarter of2025.Excluding the impact of estimated costs related tothe recall ofLi MEGA, vehicle marginwouldhavebeen19.8% in the third quarter of 2025. •Total revenueswereRMB27.4billion (US$3.8billion) in thethirdquarter of2025, representingadecreaseof36.2% fromRMB42.9billion in thethirdquarter of2024anda decreaseof9.5% fromRMB30.2billion in thesecondquarter of2025. •Gross profitwasRMB4.5billion(US$627.8million) in thethirdquarter of2025, representinga decreaseof51.6% fromRMB9.2billion in thethirdquarter of2024andadecreaseof26.3%fromRMB6.1billion in thesecondquarter of2025. •Gross marginwas16.3%in thethirdquarter of2025, compared with21.5% in thethirdquarter of2024and20.1% in thesecondquarter of2025.Excluding the impact of estimated costs related tothe recall ofLi MEGA,grossmarginwould havebeen20.4% in the third quarter of 2025. •Operating expenseswereRMB5.6billion (US$793.1million) in thethirdquarter of2025, representingadecreaseof2.5%fromRMB5.8billion in thethirdquarter of2024andanincreaseof7.8% fromRMB5.2billion in thesecondquarter of2025. 1All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate ofRMB7.1190to US$1.00, the exchangerate onSeptember30,2025as set forth in the H.10 statistical release of the Federal Reserve Board. 2Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle salesonly. •Lossfrom operationswasRMB1.2billion(US$165.4million) in thethirdquarter of2025,compared withRMB3.4billionincome from operationsin thethirdquarter of2024andRMB827.0millionincome from operationsin thesecondquarter of2025. •Operating marginwas negative 4.3% in thethirdquarter of 2025, compared with8.0% in thethirdquarter of 2024and2.7%in thesecondquarter of 2025. •NetlosswasRMB624.4million(US$87.7million) in thethirdquarter of2025,compared withnetincome ofRMB2.8billionin thethirdquarter of2024andRMB1.1billionin thesecondquarter of2025.Non-GAAP netloss3wasRMB359.7million(US$50.5million) in thethirdquarter of2025,compared withnon-GAAPnet income ofRMB3.9billionin thethirdquarter of •Diluted netlossper ADS4attributable to ordinary shareholderswasRMB0.62(US$0.09) in thethirdquarter of2025,compared withdiluted net earnings per ADS attributable to ordinary shareholdersofRMB2.66in thethirdquarter of2024andRMB1.03in thesecondquarter of2025.Non-GAAP diluted netlossper ADS attributable to ordinary shareholderswasRMB0.36(US$0.05) in thethirdquarter of2025, compared withnon-GAAP diluted net earnings per ADS attributable to •Net cashusedinoperating activitieswasRMB7.4billion(US$1.0billion) in thethirdquarter of2025,compared withRMB11.0 billion net cash provided by operating activities in the third quarter of 2024andRMB3.0billionnet cash used in 3The Company’s non-GAAP financial measures exclude share-based compensation expenses and release of valuation allowanceon deferred tax assets. See “Unaudited Reconciliation of U.S. GAAP andNon-GAAP Results” set forth at the end of this press 4Each ADS represents two Class A ordinary shares. 5Free cash flow represents operating cash flow less capital expenditures,which is considered a non-GAAP financial measure. Key Financial Results Recent Developments Delivery Update •InOctober2025, the Company delivered31,767vehicles.As ofOctober31, 2025, in China, the Company had551retail storesin157cities,554servicing centers and Li Auto-authorized body and paint shops operating in225cities, and3,508super Li i6 •InSeptember2025, the Company launched Li i6, apioneeringfive-seat battery electric SUV.Li i6 features a groundbreakingshark-inspired, low-drag design and native, high-voltage BEV architecture with 5C batteries, enabling it to maximize energyefficiency and achieve a CLTC driving range of720 kilometers.The vehiclecomes standard withthe Company’sproprietaryVLA Driver large modelandLi Xiang Tong Xue Agent