Li Auto Inc 6-K, filed Mar 12, 2026

Li Auto Inc. (LI)

6-K 2026-03-12 For: 2026-03-12

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Added on April 09, 2026

About this 6-K

Li Auto Inc filed this 6-K on March 12, 2026.

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Exhibit No.		Description
99.1		Press Release— Li Auto Inc. Announces Unaudited Fourth Quarter and Full Year 2025 Financial Results
99.2		Announcement—Annual Results Announcement for the Year Ended December 31, 2025

Li Auto Inc.

By		/s/ Tie Li
Name	:	Tie Li
Title	:	Director and Chief Financial Officer

	FY 2025		2025 Q4		2025 Q3		2025 Q2		2025 Q1
Deliveries		406,343		109,194		93,211		111,074		92,864

		FY 2024		2024 Q4		2024 Q3		2024 Q2		2024 Q1
Deliveries		500,508		158,696		152,831		108,581		80,400

	For the Three Months Ended									% Change⁶
	December 31, 2024			September 30, 2025			December 31, 2025			YoY			QoQ
	RMB			RMB			RMB
Vehicle sales		42,643.0			25,867.1			27,252.3			(36.1	)%		5.4	%
Vehicle margin		19.7	%		15.5	%		16.8	%		(2.9	)pts		1.3	pts

Total revenues		44,273.7			27,364.7			28,775.4			(35.0	)%		5.2	%
Gross profit		8,970.2			4,469.0			5,130.6			(42.8	)%		14.8	%
Gross margin		20.3	%		16.3	%		17.8	%		(2.5	)pts		1.5	pts

Operating expenses		(5,266.9	)		(5,646.2	)		(5,573.2	)		5.8	%		(1.3	)%
Income/(Loss) from operations		3,703.3			(1,177.2	)		(442.6	)		N/A			(62.4	)%
Operating margin		8.4	%		(4.3	)%		(1.5	)%		(9.9	)pts		2.8	pts

Net income/(loss)		3,532.7			(624.4	)		20.2			(99.4	)%		N/A
Non-GAAP net income/(loss)		4,039.7			(359.7	)		274.4			(93.2	)%		N/A

Diluted net earnings/(loss) per ADS attributable to ordinary shareholders		3.31			(0.62	)		0.01			(99.7	)%		N/A
Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders		3.79			(0.36	)		0.25			(93.4	)%		N/A

Net cash provided by/(used in) operating activities		8,680.3			(7,395.6	)		3,521.4			(59.4	)%		N/A
Free cash flow (non-GAAP)		6,059.3			(8,912.2	)		2,467.6			(59.3	)%		N/A

	For the Year Ended						% Change
	December 31, 2024			December 31, 2025			YoY
	RMB			RMB
Vehicle sales		138,538.1			106,683.1			(23.0	)%
Vehicle margin		19.8	%		17.9	%		(1.9	)pts

Total revenues		144,459.9			112,312.5			(22.3	)%
Gross profit		29,656.1			20,985.1			(29.2	)%
Gross margin		20.5	%		18.7	%		(1.8	)pts

Operating expenses		(22,637.0	)		(21,506.2	)		(5.0	)%
Income/(Loss) from operations		7,019.1			(521.1	)		N/A
Operating margin		4.9	%		(0.5	)%		(5.4	)pts

Net income		8,045.3			1,139.4			(85.8	)%
Non-GAAP net income		10,670.1			2,397.2			(77.5	)%

Diluted net earnings per ADS attributable to ordinary shareholders		7.58			1.08			(85.8	)%
Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders		10.04			2.25			(77.6	)%

Net cash provided by/(used in) operating activities		15,933.2			(8,611.4	)		N/A
Free cash flow (non-GAAP)		8,203.1			(12,816.9	)		N/A

United States:	+1-855-883-1031
Mainland China:	+86-400-1209-216
Hong Kong, China:	+852-800-930-639
International:	+61-7-3107-6325
Replay PIN:	10053202

	For the Three Months Ended												For the Year Ended
	December 31, 2024			September 30, 2025			December 31, 2025			December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2025
	RMB			RMB			RMB			US$			RMB			RMB			US$
Revenues:
Vehicle sales		42,642,978			25,867,091			27,252,291			3,897,026			138,538,092			106,683,100			15,255,480
Other sales and services		1,630,694			1,497,571			1,523,131			217,805			5,921,854			5,629,411			804,995
Total revenues		44,273,672			27,364,662			28,775,422			4,114,831			144,459,946			112,312,511			16,060,475
Cost of sales:
Vehicle sales		(34,252,151	)		(21,846,962	)		(22,669,292	)		(3,241,666	)		(111,121,036	)		(87,591,473	)		(12,525,414	)
Other sales and services		(1,051,303	)		(1,048,699	)		(975,501	)		(139,495	)		(3,682,772	)		(3,735,980	)		(534,238	)
Total cost of sales		(35,303,454	)		(22,895,661	)		(23,644,793	)		(3,381,161	)		(114,803,808	)		(91,327,453	)		(13,059,652	)
Gross profit		8,970,218			4,469,001			5,130,629			733,670			29,656,138			20,985,058			3,000,823
Operating expenses:
Research and development		(2,408,357	)		(2,974,338	)		(3,016,587	)		(431,366	)		(11,071,358	)		(11,314,949	)		(1,618,016	)
Selling, general and administrative		(3,076,993	)		(2,769,019	)		(2,647,068	)		(378,525	)		(12,229,323	)		(10,664,857	)		(1,525,055	)
Other operating income, net		218,446			97,155			90,438			12,932			663,657			473,631			67,728
Total operating expenses		(5,266,904	)		(5,646,202	)		(5,573,217	)		(796,959	)		(22,637,024	)		(21,506,175	)		(3,075,343	)
Income/(Loss) from operations		3,703,314			(1,177,201	)		(442,588	)		(63,289	)		7,019,114			(521,117	)		(74,520	)
Other (expense)/income:
Interest expense		(61,759	)		(32,663	)		(37,419	)		(5,351	)		(187,755	)		(168,078	)		(24,035	)
Interest income and investment income, net		403,021			475,435			430,733			61,594			1,819,964			1,918,883			274,397
Others, net		17,128			(4,501	)		21,930			3,136			664,301			67,447			9,645
Income/(Loss) before income tax		4,061,704			(738,930	)		(27,344	)		(3,910	)		9,315,624			1,297,135			185,487
Income tax (expense)/benefit		(529,010	)		114,534			47,587			6,805			(1,270,374	)		(157,707	)		(22,552	)
Net income/(loss)		3,532,694			(624,396	)		20,243			2,895			8,045,250			1,139,428			162,935
Less: Net income attributable to noncontrolling interests		9,757			580			13,724			1,963			12,900			14,990			2,143
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.		3,522,937			(624,976	)		6,519			932			8,032,350			1,124,438			160,792

Net income/(loss)		3,532,694			(624,396	)		20,243			2,895			8,045,250			1,139,428			162,935
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax		236,903			(71,876	)		(337,950	)		(48,326	)		53,128			(653,432	)		(93,440	)
Total other comprehensive income/(loss)		236,903			(71,876	)		(337,950	)		(48,326	)		53,128			(653,432	)		(93,440	)
Total comprehensive income/(loss)		3,769,597			(696,272	)		(317,707	)		(45,431	)		8,098,378			485,996			69,495
Less: Net income attributable to noncontrolling interests		9,757			580			13,724			1,963			12,900			14,990			2,143
Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.		3,759,840			(696,852	)		(331,431	)		(47,394	)		8,085,478			471,006			67,352
Weighted average number of ADSs
Basic		1,000,250,311			1,009,414,942			1,010,547,649			1,010,547,649			996,595,976			1,007,535,097			1,007,535,097
Diluted		1,066,897,163			1,009,414,942			1,041,928,950			1,041,928,950			1,064,636,715			1,071,363,764			1,071,363,764
Net earnings/(loss) per ADS attributable to ordinary shareholders
Basic		3.52			(0.62	)		0.01			0.00			8.06			1.12			0.16
Diluted		3.31			(0.62	)		0.01			0.00			7.58			1.08			0.15
Weighted average number of ordinary shares
Basic		2,000,500,621			2,018,829,884			2,021,095,298			2,021,095,298			1,993,191,951			2,015,070,194			2,015,070,194
Diluted		2,133,794,325			2,018,829,884			2,083,857,900			2,083,857,900			2,129,273,430			2,142,727,527			2,142,727,527
Net earnings/(loss) per share attributable to ordinary shareholders
Basic		1.76			(0.31	)		0.00			0.00			4.03			0.56			0.08
Diluted		1.65			(0.31	)		0.00			0.00			3.79			0.54			0.08

	As of
	December 31, 2024		December 31, 2025		December 31, 2025
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents		65,901,123		56,691,765		8,106,815
Restricted cash		6,849		216,314		30,932
Time deposits and short-term investments		46,904,548		44,331,407		6,339,307
Trade receivable		135,112		119,823		17,134
Inventories		8,185,604		8,752,439		1,251,582
Prepayments and other current assets		5,176,546		5,174,246		739,907
Total current assets		126,309,782		115,285,994		16,485,677
Non-current assets:
Long-term investments		922,897		848,672		121,358
Property, plant and equipment, net		21,140,933		22,774,938		3,256,773
Operating lease right-of-use assets, net		8,323,963		9,099,313		1,301,184
Intangible assets, net		914,951		1,191,974		170,450
Goodwill		5,484		5,484		784
Deferred tax assets		2,542,180		3,334,206		476,785
Other non-current assets		2,188,888		1,755,237		250,996
Total non-current assets		36,039,296		39,009,824		5,578,330
Total assets		162,349,078		154,295,818		22,064,007
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings		281,102		6,217,745		889,126
Trade and notes payable		53,596,194		40,579,219		5,802,751
Amounts due to related parties		11,492		26,644		3,810
Deferred revenue, current		1,396,489		1,621,429		231,861
Operating lease liabilities, current		1,438,092		1,690,356		241,718
Finance lease liabilities, current		95,205		-		-
Accruals and other current liabilities		12,397,322		13,412,260		1,917,924
Total current liabilities		69,215,896		63,547,653		9,087,190
Non-current liabilities:
Long-term borrowings		8,151,598		3,299,203		471,780
Deferred revenue, non-current		720,531		624,734		89,336
Operating lease liabilities, non-current		5,735,738		6,258,957		895,019
Finance lease liabilities, non-current		642,984		348,506		49,836
Deferred tax liabilities		864,999		691,652		98,905
Other non-current liabilities		5,696,950		6,385,370		913,096
Total non-current liabilities		21,812,800		17,608,422		2,517,972
Total liabilities		91,028,696		81,156,075		11,605,162
Total Li Auto Inc. shareholders’ equity		70,874,884		72,619,255		10,384,416
Noncontrolling interests		445,498		520,488		74,429
Total shareholders’ equity		71,320,382		73,139,743		10,458,845
Total liabilities and shareholders’ equity		162,349,078		154,295,818		22,064,007