6-KFiling Date: Aug 26, 2026

Li Auto

K - Li Auto Inc.

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ACC: 0001104659-26-101065

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The Form 6-K, filed August 26, 2026, by Li Auto Inc. includes Exhibit 99.1, a press release announcing unaudited second quarter 2026 financial results, and Exhibit 99.2, an interim results announcement for the six months ended June 30, 2026. The press release reports Q2 2026 total revenues of RMB25.7 billion (US$3.8 billion), deliveries of 98,330 vehicles (down 11.5% year-over-year), a vehicle margin of 9.4%, and a net loss of RMB1.7 billion (US$251.3 million). The company forecasts Q3 2026 deliveries of 95,000 to 100,000 vehicles and revenues of RMB26.6 billion to RMB28.0 billion. The report was signed by director and chief financial officer Tie Li.

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6-K 1 tm2624080d1_6k.htm FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2026 Commission File Number: 001-39407 Li Auto Inc. (Registrant’s Name) 11 Wenliang Street Shunyi District, Beijing 101399 People’s Republic of China (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F x Form 40-F o EXHIBIT INDEX Exhibit No. Description 99.1 Press Release—Li Auto Inc. Announces Unaudited Second Quarter 2026 Financial Results 99.2 Announcement—Interim Results Announcement for the Six Months Ended June 30, 2026 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Li Auto Inc. By /s/ Tie Li Name : Tie Li Title : Director and Chief Financial Officer Date: August 26, 2026
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EX-99.1 2 tm2624080d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Li Auto Inc. Announces Unaudited Second Quarter 2026 Financial Results Quarterly total revenues reached RMB25.7 billion (US$3.8 billion)1 Quarterly deliveries were 98,330 vehicles BEIJING, China, August 26, 2026 — 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$757.1 million) in the second quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in the first quarter of 2026. 1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) 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. 1 · 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. 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. 2 Key Financial Results (in millions, except for percentages and per ADS data) For the Three Months Ended % Change6 June 30, 2025 March 31, 2026 June 30, 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 3.3 pts 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 3.1 pts 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 4.0 pts 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 )% 6 Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented. 3 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.” 4 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. 5 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. 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. 6 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. 7 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. 8 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: [email protected] Christensen Advisory Tel: +86-10-5900-1548 Email: [email protected] 9 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, 2025 March 31, 2026 June 30, 2026 June 30, 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 ) 10 Li Auto Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands) As of December 31, 2025 June 30, 2026 June 30, 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 11 Li Auto Inc. Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in thousands) For the Three Months Ended June 30, 2025 March 31, 2026 June 30, 2026 June 30, 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 ) 12 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, 2025 March 31, 2026 June 30, 2026 June 30, 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 ) 8 Non-GAAP items have no tax impact for all the periods presented. 13
EX-99.2tm2624080d1_ex99-2.pdf60,691 charsexpand_more
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Deep Analysis

Li Auto's Q2 revenue fell 15% YoY, vehicle margin was cut in half, and the company swung to a net loss — Q3 guidance implies stagnation, not recovery.

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keid analysis is for reference only and does not constitute investment advice.