$LI

Li Auto Inc.

CIK:0001791706|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Revenues:
Total revenues	¥ 112,312,511	$ 16,060,475	¥ 144,459,946	¥ 123,851,332
Cost of sales:
Total cost of sales	(91,327,453)	(13,059,652)	(114,803,808)	(96,354,581)
Gross profit	20,985,058	3,000,823	29,656,138	27,496,751
Operating expenses:
Research and development	(11,314,949)	(1,618,016)	(11,071,358)	(10,586,129)
Selling, general and administrative	(10,664,857)	(1,525,055)	(12,229,323)	(9,767,955)
Other operating income, net	473,631	67,728	663,657	264,210
Total operating expenses	(21,506,175)	(3,075,343)	(22,637,024)	(20,089,874)
Income/(Loss) from operations	(521,117)	(74,520)	7,019,114	7,406,877
Other (expense)/income
Interest expense	(168,078)	(24,035)	(187,755)	(86,251)
Interest income and investment income, net	1,918,883	274,397	1,819,964	2,082,948
Others, net	67,447	9,645	664,301	1,048,189
Income before income tax	1,297,135	185,487	9,315,624	10,451,763
Income tax benefit/(expense)	(157,707)	(22,552)	(1,270,374)	1,357,362
Net income	1,139,428	162,935	8,045,250	11,809,125
Less: Net income attributable to noncontrolling interests	14,990	2,143	12,900	104,992
Net income attributable to ordinary shareholders of Li Auto Inc.	¥ 1,124,438	$ 160,792	¥ 8,032,350	¥ 11,704,133
Weighted average number of ordinary shares
Basic (in shares)	2,015,070,194	2,015,070,194	1,993,191,951	1,967,863,759
Diluted (in shares)	2,142,727,527	2,142,727,527	2,129,273,430	2,115,376,392
Net earnings per share attributable to ordinary shareholders
Basic earnings (in per share) \| (per share)	¥ 0.56	$ 0.08	¥ 4.03	¥ 5.95
Diluted earnings (in per share) \| (per share)	¥ 0.54	$ 0.08	¥ 3.79	¥ 5.55
Net income	¥ 1,139,428	$ 162,935	¥ 8,045,250	¥ 11,809,125
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of nil tax	(653,432)	(93,440)	53,128	(30,766)
Total other comprehensive (loss)/income	(653,432)	(93,440)	53,128	(30,766)
Total comprehensive income	485,996	69,495	8,098,378	11,778,359
Less: Net income attributable to noncontrolling interests	14,990	2,143	12,900	104,992
Comprehensive income attributable to ordinary shareholders of Li Auto Inc.	471,006	67,352	8,085,478	11,673,367
Vehicle sales
Revenues:
Total revenues	106,683,100	15,255,480	138,538,092	120,294,667
Cost of sales:
Total cost of sales	(87,591,473)	(12,525,414)	(111,121,036)	(94,482,347)
Other sales and services
Revenues:
Total revenues	5,629,411	804,995	5,921,854	3,556,665
Cost of sales:
Total cost of sales	¥ (3,735,980)	$ (534,238)	¥ (3,682,772)	¥ (1,872,234)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	¥ 1,139,428	$ 162,935	¥ 8,045,250	¥ 11,809,125
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation of property, plant and equipment, amortization of intangible assets and operating lease cost related to land use rights	4,635,080	662,808	3,057,865	1,805,001
Share-based compensation expenses	1,257,754	179,856	2,630,905	2,378,689
Foreign exchange loss/(gain)	(3,022)	(432)	24,872	14,893
Interest and investment (income)/loss, net	30,607	4,377	(231,307)	(255,456)
Interest expense	47,809	6,837	71,995	18,470
Share of loss of equity method investees	1,354	194	4,269	9,527
Inventory write-downs and losses on purchase commitments relating to inventory	243,007	34,750	335,940	236,740
Allowance for credit losses	1,922	275	1,264	(1,079)
Deferred income tax benefit	(925,492)	(132,344)	(49,807)	(1,803,587)
(Gain)/Loss on disposal of property, plant and equipment	86,126	12,316	(28,112)	(130,978)
Changes in operating assets and liabilities:
Prepayments and other current assets	78,049	11,161	(238,577)	(2,369,287)
Inventories	(2,578,960)	(368,786)	(3,099,014)	(1,247,945)
Operating lease right-of-use assets	(787,440)	(112,602)	(2,113,175)	(2,161,408)
Other non-current assets	82,670	11,822	102,872	363,724
Trade receivable	14,103	2,017	8,204	(95,100)
Deferred revenue	129,143	18,467	(220,741)	1,186,929
Operating lease liabilities	770,231	110,142	2,195,843	2,181,577
Trade and notes payable	(13,016,975)	(1,861,403)	2,210,835	31,845,612
Amounts due to related parties	15,152	2,167	885	3,417
Accruals and other current liabilities	(715,211)	(102,276)	1,499,489	5,285,964
Finance lease liabilities	(56,637)	(8,099)	(6,000)	0
Other non-current liabilities	939,905	134,405	1,729,405	1,618,693
Net cash provided by/(used in) operating activities	(8,611,397)	(1,231,413)	15,933,160	50,693,521
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets and land use rights	(4,205,517)	(601,381)	(7,730,022)	(6,507,190)
Disposal of property, plant and equipment	1,300,203	185,928	970,222	284,000
Purchase of long-term investments	(60,558)	(8,660)	(31,333)	(198,213)
Disposal of long-term investments	127,766	18,270	43,001	0
Placement of time deposits	(75,755,040)	(10,832,827)	(54,650,166)	(19,107,879)
Redemption of time deposits	78,017,767	11,156,392	24,675,649	9,201,713
Placement of short-term investments	(32,379,693)	(4,630,235)	(12,864,520)	(14,820,000)
Redemption of short-term investments	32,251,947	4,611,967	8,450,000	31,135,501
Net cash (used in)/provided by investing activities	(703,125)	(100,546)	(41,137,169)	(12,068)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from share issuance through the ATM Offering, net of issuance cost	0	0	0	1,174,319
Proceeds from exercise of share options and vesting of RSUs	14,661	2,096	14,658	11,953
Proceeds from borrowings	1,636,251	233,981	471,322	1,750,194
Repayment of borrowings	(279,472)	(39,964)	(996,190)	(2,751,081)
Capital injection from noncontrolling interest	60,000	8,580	0	0
Repayment of principal on finance lease obligation	(664,038)	(94,956)	0	0
Proceeds from debt from third party investors	0	0	94,562	0
Net cash provided by/(used in) financing activities	767,402	109,737	(415,648)	185,385
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(452,773)	(64,746)	198,120	44,513
Net change in cash, cash equivalents and restricted cash	(8,999,893)	(1,286,968)	(25,421,537)	50,911,351
Cash, cash equivalents and restricted cash at beginning of the year	65,907,972	9,424,715	91,329,509	40,418,158
Cash, cash equivalents and restricted cash at end of the year	56,908,079	8,137,747	65,907,972	91,329,509
Supplemental Disclosures
Cash paid for interest, net of amounts capitalized	(142,467)	(20,372)	(96,668)	(41,469)
Cash paid for income tax	¥ (1,464,869)	$ (209,474)	¥ (645,529)	¥ (58,645)

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 56,691,765	$ 8,106,815	¥ 65,901,123
Restricted cash	216,314	30,932	6,849
Time deposits and shortterm investments	44,331,407	6,339,307	46,904,548
Trade receivable, net of allowance for credit losses of RMB561 and RMB1,747 as of December 31, 2024 and 2025, respectively	119,823	17,134	135,112
Inventories	8,752,439	1,251,582	8,185,604
Prepayments and other current assets, net of allowance for credit losses of RMB3,464 and RMB4,831 as of December 31, 2024 and 2025, respectively	5,174,246	739,907	5,176,546
Total current assets	115,285,994	16,485,677	126,309,782
Noncurrent assets:
Longterm investments	848,672	121,358	922,897
Property, plant and equipment, net	22,774,938	3,256,773	21,140,933
Operating lease rightofuse assets, net	9,099,313	1,301,184	8,323,963
Intangible assets, net	1,191,974	170,450	914,951
Goodwill	5,484	784	5,484
Deferred tax assets	3,334,206	476,785	2,542,180
Other noncurrent assets, net of allowance for credit losses of RMB5,544 and RMB4,912 as of December 31, 2024 and 2025, respectively	1,755,237	250,996	2,188,888
Total noncurrent assets	39,009,824	5,578,330	36,039,296
Total assets	154,295,818	22,064,007	162,349,078
Current liabilities:
Short-term borrowings	6,217,745	889,126	281,102
Trade and notes payable	40,579,219	5,802,751	53,596,194
Amounts due to related parties	¥ 26,644	$ 3,810	¥ 11,492
Other Liability, Current, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Deferred revenue, current	¥ 1,621,429	$ 231,861	¥ 1,396,489
Operating lease liabilities, current	1,690,356	241,718	1,438,092
Finance lease liabilities, current	0		95,205
Accruals and other current liabilities	13,412,260	1,917,924	12,397,322
Total current liabilities	63,547,653	9,087,190	69,215,896
Noncurrent liabilities:
Long-term borrowings	3,299,203	471,780	8,151,598
Deferred revenue, non-current	624,734	89,336	720,531
Operating lease liabilities, noncurrent	6,258,957	895,019	5,735,738
Finance lease liabilities, non-current	348,506	49,836	642,984
Deferred tax liabilities	691,652	98,905	864,999
Other noncurrent liabilities	6,385,370	913,096	5,696,950
Total noncurrent liabilities	17,608,422	2,517,972	21,812,800
Total liabilities	81,156,075	11,605,162	91,028,696
Commitments and contingencies
SHAREHOLDERS' EQUITY
Treasury shares	(73)	(10)	(74)
Additional paid-in capital	61,399,973	8,780,079	60,126,623
Accumulated other comprehensive loss	(825,180)	(117,999)	(171,748)
Statutory reserves	866,714	123,938	758,472
Retained earnings	11,176,357	1,598,198	10,160,161
Total Li Auto Inc. shareholders' equity	72,619,255	10,384,416	70,874,884
Noncontrolling interests	520,488	74,429	445,498
Total shareholders' equity	73,139,743	10,458,845	71,320,382
Total liabilities and shareholders' equity	154,295,818	22,064,007	162,349,078
Class A Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	1,229	176	1,215
Class B Ordinary Shares
SHAREHOLDERS' EQUITY
Ordinary shares	¥ 235	$ 34	¥ 235