6-KFiling Date: Aug 26, 2026
Li Auto
K - Li Auto Inc.
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ACC: 0001104659-26-101065
Event Type
Foreign Report
descriptionEvent Description
Foreign Report expand_more
Event Description
Foreign ReportThe 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.
Original SEC Filing Text expand_more
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
attach_file附件展品(2)
EX-99.1tm2624080d1_ex99-1.htm35,373 charsexpand_more
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
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