Li Auto Inc 6-K, filed Aug 28, 2024

Li Auto Inc. (LI)

6-K 2024-08-28 For: 2024-08-28

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Added on April 09, 2026

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Li Auto Inc filed this 6-K on August 28, 2024.

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Exhibit No.		Description
99.1		Press Release—Li Auto Inc. Announces Unaudited Second Quarter 2024 Financial Results
99.2		Announcement—Interim Results Announcement for the Six Months Ended June 30, 2024

Li Auto Inc.

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

		2024 Q2			2024 Q1			2023 Q4			2023 Q3
Deliveries		108,581			80,400			131,805			105,108

		2023 Q2			2023 Q1			2022 Q4			2022 Q3
Deliveries		86,533			52,584			46,319			26,524

	For the Three Months Ended						% Change⁶
	June 30, 2023		March 31, 2024		June 30, 2024		YoY		QoQ
	RMB		RMB		RMB
Vehicle sales	27,971.9		24,251.6		30,319.7		8.4	%	25.0	%
Vehicle margin	21.0	%	19.3	%	18.7	%	(2.3	)pts	(0.6	)pts

Total revenues	28,652.7		25,633.7		31,678.4		10.6	%	23.6	%
Gross profit	6,235.3		5,284.3		6,176.9		(0.9	)%	16.9	%
Gross margin	21.8	%	20.6	%	19.5	%	(2.3	)pts	(1.1	)pts

Operating expenses	(4,609.4	)	(5,869.2	)	(5,708.9	)	23.9	%	(2.7	)%
Income/(Loss) from operations	1,625.9		(584.9	)	468.0		(71.2	)%	N/A
Operating margin	5.7	%	(2.3	)%	1.5	%	(4.2	)pts	3.8	pts

Net income	2,310.1		591.1		1,100.9		(52.3	)%	86.2	%
Non-GAAP net income	2,727.5		1,276.4		1,503.1		(44.9	)%	17.8	%

Diluted net earnings per ADS attributable to ordinary shareholders	2.18		0.56		1.05		(51.8	)%	87.5	%
Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders	2.58		1.21		1.42		(45.0	)%	17.4	%

Net cash provided by/(used in) operating activities	11,112.4		(3,342.4	)	(429.4	)	N/A		(87.2	)%
Free cash flow (non-GAAP)	9,621.4		(5,055.2	)	(1,852.7	)	N/A		(63.4	)%

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:	10041167

	For the Three Months Ended
	June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2024
	RMB		RMB		RMB		US$
Revenues:
Vehicle sales	27,971,944		24,251,553		30,319,728		4,172,133
Other sales and services	680,783		1,382,107		1,358,668		186,959
Total revenues	28,652,727		25,633,660		31,678,396		4,359,092
Cost of sales:
Vehicle sales	(22,084,087	)	(19,561,658	)	(24,635,504	)	(3,389,958	)
Other sales and services	(333,362	)	(787,697	)	(865,950	)	(119,159	)
Total cost of sales	(22,417,449	)	(20,349,355	)	(25,501,454	)	(3,509,117	)
Gross profit	6,235,278		5,284,305		6,176,942		849,975
Operating expense:
Research and development	(2,425,600	)	(3,048,886	)	(3,027,581	)	(416,609	)
Selling, general and administrative	(2,309,210	)	(2,977,585	)	(2,815,105	)	(387,371	)
Other operating income, net	125,402		157,264		133,773		18,408
Total operating expenses	(4,609,408	)	(5,869,207	)	(5,708,913	)	(785,572	)
Income/(Loss) from operations	1,625,870		(584,902	)	468,029		64,403
Other (expense)/income:
Interest expense	(28,440	)	(28,598	)	(43,231	)	(5,949	)
Interest income and investment income, net	430,262		1,068,888		370,034		50,918
Others, net	324,291		220,184		383,237		52,735
Income before income tax	2,351,983		675,572		1,178,069		162,107
Income tax expense	(41,885	)	(84,446	)	(77,129	)	(10,613	)
Net income	2,310,098		591,126		1,100,940		151,494
Less: Net income/(loss) attributable to noncontrolling interests	16,945		(1,432	)	(1,653	)	(227	)
Net income attributable to ordinary shareholders of Li Auto Inc.	2,293,153		592,558		1,102,593		151,721

Net income	2,310,098		591,126		1,100,940		151,494
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of tax	(120,809	)	(59,936	)	12,444		1,712
Total other comprehensive (loss)/income	(120,809	)	(59,936	)	12,444		1,712
Total comprehensive income	2,189,289		531,190		1,113,384		153,206
Less: Net income/(loss) attributable to noncontrolling interests	16,945		(1,432	)	(1,653	)	(227	)
Comprehensive income attributable to ordinary shareholders of Li Auto Inc.	2,172,344		532,622		1,115,037		153,433
Weighted average number of ADSs
Basic	980,693,361		993,308,654		994,833,579		994,833,579
Diluted	1,053,852,487		1,066,436,872		1,062,428,185		1,062,428,185
Net earnings per ADS attributable to ordinary shareholders
Basic	2.34		0.60		1.11		0.15
Diluted	2.18		0.56		1.05		0.14
Weighted average number of ordinary shares
Basic	1,961,386,723		1,986,617,307		1,989,667,158		1,989,667,158
Diluted	2,107,704,975		2,132,873,744		2,124,856,370		2,124,856,370
Net earnings per share attributable to ordinary shareholders
Basic	1.17		0.30		0.55		0.08
Diluted	1.09		0.28		0.52		0.07

	As of
	December 31, 2023	June 30, 2024	June 30, 2024
	RMB	RMB	US$
ASSETS
Current assets:
Cash and cash equivalents	91,329,030	80,783,571	11,116,189
Restricted cash	479	5,225	719
Time deposits and short-term investments	11,933,255	16,463,169	2,265,407
Trade receivable	143,523	157,954	21,735
Inventories	6,871,979	8,307,534	1,143,155
Prepayments and other current assets	4,247,318	4,090,179	562,827
Total current assets	114,525,584	109,807,632	15,110,032
Non-current assets:
Long-term investments	1,595,376	1,492,010	205,307
Property, plant and equipment, net	15,745,018	21,238,080	2,922,457
Operating lease right-of-use assets, net	5,939,230	7,053,875	970,646
Intangible assets, net	864,180	892,188	122,769
Goodwill	5,484	5,484	755
Deferred tax assets	1,990,245	2,317,350	318,878
Other non-current assets	2,802,354	2,303,580	316,983
Total non-current assets	28,941,887	35,302,567	4,857,795
Total assets	143,467,471	145,110,199	19,967,827
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	6,975,399	922,219	126,902
Trade and notes payable	51,870,097	46,832,038	6,444,303
Amounts due to related parties	10,607	10,284	1,415
Deferred revenue, current	1,525,543	1,732,534	238,405
Operating lease liabilities, current	1,146,437	1,258,938	173,236
Finance lease liabilities, current	—	44,766	6,160
Accruals and other current liabilities	11,214,626	11,658,692	1,604,287
Total current liabilities	72,742,709	62,459,471	8,594,708
Non-current liabilities:
Long-term borrowings	1,747,070	7,982,516	1,098,431
Deferred revenue, non-current	812,218	790,023	108,711
Operating lease liabilities, non-current	3,677,961	4,576,145	629,699
Finance lease liabilities, non-current	—	679,419	93,491
Deferred tax liabilities	200,877	508,547	69,978
Other non-current liabilities	3,711,414	4,800,203	660,530
Total non-current liabilities	10,149,540	19,336,853	2,660,840
Total liabilities	82,892,249	81,796,324	11,255,548
Total Li Auto Inc. shareholders’ equity	60,142,624	62,884,362	8,653,176
Noncontrolling interests	432,598	429,513	59,103
Total shareholders’ equity	60,575,222	63,313,875	8,712,279
Total liabilities and shareholders’ equity	143,467,471	145,110,199	19,967,827

	For the Three Months Ended
	June 30, 2023		March 31, 2024		June 30, 2024		June 30, 2024
	RMB		RMB		RMB		US$
Cost of sales	(22,417,449	)	(20,349,355	)	(25,501,454	)	(3,509,117	)
Share-based compensation expenses	9,449		13,469		7,652		1,053
Non-GAAP cost of sales	(22,408,000	)	(20,335,886	)	(25,493,802	)	(3,508,064	)

Research and development expenses	(2,425,600	)	(3,048,886	)	(3,027,581	)	(416,609	)
Share-based compensation expenses	247,064		433,764		224,332		30,869
Non-GAAP research and development expenses	(2,178,536	)	(2,615,122	)	(2,803,249	)	(385,740	)

Selling, general and administrative expenses	(2,309,210	)	(2,977,585	)	(2,815,105	)	(387,371	)
Share-based compensation expenses	160,928		237,994		170,129		23,411
Non-GAAP selling, general and administrative expenses	(2,148,282	)	(2,739,591	)	(2,644,976	)	(363,960	)

Income/(Loss) from operations	1,625,870		(584,902	)	468,029		64,403
Share-based compensation expenses	417,441		685,227		402,113		55,333
Non-GAAP income from operations	2,043,311		100,325		870,142		119,736

Net income	2,310,098		591,126		1,100,940		151,494
Share-based compensation expenses	417,441		685,227		402,113		55,333
Non-GAAP net income	2,727,539		1,276,353		1,503,053		206,827

Net income attributable to ordinary shareholders of Li Auto Inc.	2,293,153		592,558		1,102,593		151,721
Share-based compensation expenses	417,441		685,227		402,113		55,333
Non-GAAP net income attributable to ordinary shareholders of Li Auto Inc.	2,710,594		1,277,785		1,504,706		207,054

Weighted average number of ADSs
Basic	980,693,361		993,308,654		994,833,579		994,833,579
Diluted	1,053,852,487		1,066,436,872		1,062,428,185		1,062,428,185
Non-GAAP net earnings per ADS attributable to ordinary shareholders
Basic	2.76		1.29		1.51		0.21
Diluted	2.58		1.21		1.42		0.20
Weighted average number of ordinary shares
Basic	1,961,386,723		1,986,617,307		1,989,667,158		1,989,667,158
Diluted	2,107,704,975		2,132,873,744		2,124,856,370		2,124,856,370
Non-GAAP net earnings per share attributable to ordinary shareholders⁸
Basic	1.38		0.64		0.76		0.10
Diluted	1.29		0.60		0.71		0.10

	For the Six Months Ended June 30,
	2023		2024			Change (%)
	(Unaudited)		(Unaudited)
	(RMB in thousands, except for percentages)
Revenues		47,439,780		57,312,056			20.8	%
Gross profit		10,065,384		11,461,247			13.9	%
Income/(Loss) from operations		2,031,073		(116,873	)		N/A
Income before income tax		3,324,767		1,853,641			(44.2	)%
Net income		3,243,935		1,692,066			(47.8	)%
Comprehensive income attributable to the ordinary shareholders of Li Auto Inc.		3,129,619		1,647,659			(47.4	)%
Non-GAAP Financial Measures:
Non-GAAP net income		4,141,605		2,779,406			(32.9	)%

	For the Six Months Ended June 30,
	2023		2024
	(Unaudited)		(Unaudited)
	(RMB in thousands)
Revenues
Vehicle sales	46,299,260		54,571,281
Other sales and services	1,140,520		2,740,775

Total revenues	47,439,780		57,312,056

Cost of sales
Vehicle sales	(36,789,230	)	(44,197,162	)
Other sales and services	(585,166	)	(1,653,647	)

Total cost of sales	(37,374,396	)	(45,850,809	)

Gross profit	10,065,384		11,461,247

Operating expenses:
Research and development expenses	(4,277,897	)	(6,076,467	)
Selling, general and administrative expenses	(3,954,517	)	(5,792,690	)
Other operating income, net	198,103		291,037

Total operating expenses	(8,034,311	)	(11,578,120	)

Income/(Loss) from operations	2,031,073		(116,873	)

Other (expense)/income:
Interest expense	(60,878	)	(71,829	)
Interest income and investment income, net	848,793		1,438,922
Others, net	505,779		603,421

Income before income tax	3,324,767		1,853,641
Income tax expense	(80,832	)	(161,575	)

Net income	3,243,935		1,692,066

Less: Net income/(loss) attributable to noncontrolling interests	21,114		(3,085	)

Net income attributable to ordinary shareholders of Li Auto Inc.	3,222,821		1,695,151

Net income	3,243,935		1,692,066

Other comprehensive loss
Foreign currency translation adjustment, net of tax	(93,202	)	(47,492	)
Total other comprehensive loss	(93,202	)	(47,492	)

Total comprehensive income	3,150,733		1,644,574
Less: Net income/(loss) attributable to noncontrolling interests	21,114		(3,085	)

Comprehensive income attributable to ordinary shareholders of Li Auto Inc.	3,129,619		1,647,659

Function	As of June 30, 2024
Research and Development		5,373
Production		11,095
Sales		12,083
General and Administrative		2,348
Total		30,899

		For the Six Months Ended June 30,
	Note	2023 RMB		2024 RMB
Net income attributable to ordinary shareholders of Li Auto Inc.		3,222,821		1,695,151

Weighted average number of ordinary shares
Basic	7	1,959,868,447		1,988,142,132
Diluted	7	2,106,262,967		2,128,864,956

Net earnings per share attributable to ordinary shareholders
Basic	7	1.64		0.85
Diluted	7	1.54		0.80

Net income		3,243,935		1,692,066
Other comprehensive loss
Foreign currency translation adjustment, net of tax		(93,202	)	(47,492	)

Total other comprehensive loss		(93,202	)	(47,492	)

Total comprehensive income		3,150,733		1,644,574
Less: Net income/(loss) attributable to noncontrolling interests		21,114		(3,085	)

Comprehensive income attributable to ordinary shareholders of Li Auto Inc.		3,129,619		1,647,659

	Note	As of December 31, 2023 RMB	As of June 30, 2024 RMB
ASSETS
Current assets:
Cash and cash equivalents		91,329,030	80,783,571
Restricted cash		479	5,225
Time deposits and short-term investments		11,933,255	16,463,169
Trade receivable	3	143,523	157,954
Inventories		6,871,979	8,307,534
Prepayments and other current assets		4,247,318	4,090,179

Total current assets		114,525,584	109,807,632

Non-current assets:
Long-term investments		1,595,376	1,492,010
Property, plant and equipment, net		15,745,018	21,238,080
Operating lease right-of-use assets, net		5,939,230	7,053,875
Intangible assets, net		864,180	892,188
Goodwill		5,484	5,484
Deferred tax assets		1,990,245	2,317,350
Other non-current assets		2,802,354	2,303,580

Total non-current assets		28,941,887	35,302,567

Total assets		143,467,471	145,110,199

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	5	6,975,399	922,219
Trade and notes payable	4	51,870,097	46,832,038
Amounts due to related parties		10,607	10,284
Deferred revenue, current		1,525,543	1,732,534
Operating lease liabilities, current		1,146,437	1,258,938
Finance lease liabilities, current		–	44,766
Accruals and other current liabilities		11,214,626	11,658,692

Total current liabilities		72,742,709	62,459,471

	As of December 31, 2023		As of June 30, 2024
Within 3 months		133,285		117,671
Between 3 months and 6 months		1,437		31,354
Between 6 months and 1 year		647		771
More than 1 year		8,154		8,158
Total		143,523		157,954

4	TRADE AND NOTES PAYABLE

	Trade and notes payable consist of the following:

	As of December 31, 2023		As of June 30, 2024
Trade payable for raw materials		34,839,546		27,551,623
Notes payable⁽ⁱ⁾		17,030,551		19,280,415
Total		51,870,097		46,832,038

	As of December 31, 2023		As of June 30, 2024
Short-term borrowings:
Convertible debt⁽¹⁾		6,031,566		–
Unsecured borrowing⁽²⁾		688,231		698,638
Secured borrowing⁽³⁾		155,602		123,581
Credit guaranteed borrowing⁽⁴⁾		100,000		100,000
Total short-term borrowings⁽⁵⁾		6,975,399		922,219

	As of December 31, 2023		As of June 30, 2024
Long-term borrowings:
Secured borrowing⁽³⁾		1,647,070		1,707,831
Credit guaranteed borrowing⁽⁴⁾		100,000		50,000
Convertible debt⁽¹⁾		–		6,224,685
Total long-term borrowings		1,747,070		7,982,516
Total borrowings		8,722,469		8,904,735

	For the year ending June 30,
2025		922,219
2026		231,408
2027		183,036
2028		183,036
2029		243,848
Thereafter		916,503

6	REVENUE DISAGGREGATION

	Revenue by timing of recognition is analyzed as follows:

	For the six months ended June 30,
	2023		2024
Revenue recognized at a point in time		47,349,758		57,000,367
Including: Vehicle sales		46,299,260		54,571,281
Other sales and services		1,050,498		2,429,086
Revenue recognized over time		90,022		311,689
Total		47,439,780		57,312,056

7	EARNINGS PER SHARE

	Basic and diluted earnings per share have been calculated in accordance with ASC 260 “Earnings Per Share” for the six months ended June 30, 2023 and 2024 as follows:

	For the six months ended June 30,
	2023		2024
Numerator:
Net income attributable to ordinary shareholders of Li Auto Inc.		3,222,821		1,695,151
Dilution effect arising from convertible debt		16,045		16,729
Net income attributable to ordinary shareholders of Li Auto Inc. for computing diluted net earnings per share		3,238,866		1,711,880

Denominator:
Weighted average ordinary shares outstanding – basic		1,959,868,447		1,988,142,132
Effects of dilutive securities
Options and RSUs		85,533,415		79,861,719
Convertible debt		60,861,105		60,861,105
Weighted average ordinary shares outstanding – diluted		2,106,262,967		2,128,864,956

Basic net earnings per share attributable to ordinary shareholders of Li Auto Inc.		1.64		0.85
Diluted net earnings per share attributable to ordinary shareholders of Li Auto Inc.		1.54		0.80