Did Li Auto beat or miss consensus estimates last quarter?

What factors drove the changes in Li Auto's revenue and profit?

What is Li Auto's latest dividend and current dividend yield?

What is the market's earnings forecast for Li Auto next quarter?

What guidance did Li Auto's management provide for the next earnings period?

What were the key takeaways from Li Auto’s earnings call?

What is Li Auto's gross profit margin?

What is the revenue and EPS growth rate for Li Auto year over year?

- **Strategic Shifts**: Direct sales model optimization with store partner program driving Q3+ sales growth. 2026 sales target 20% YoY via L9 flagship and BEV ramp-up.
- **AI and Product Innovation**: L9 Livis features 5nm M100 chips, 800V ultra-fast charging, and embodied AI. R&D spend RMB 12 billion (50% AI-related) in 2026.
- **Financial Performance**: Q4 2025 revenue RMB 28.8 billion (-35% YoY). Q1 2026 guidance: deliveries 85,000-90,000, revenue RMB 20.4-21.6 billion. Free cash flow RMB 2.5 billion.
- **Competitive Differentiation**: M100 chips reduce costs by RMB 1,000/vehicle, enabling 14x faster autonomous driving iteration. L9 success critical for L Series leadership.
- **Market Momentum**: i8 NPS #1 in premium SUVs, orders +179% YoY. L9 launch in Q2 2026 positions Li Auto for embodied AI leadership.

**【CEO Summary Section】**
- **Strategic Sales Model Adjustment**: Shifted from dealership mindset to direct sales optimization, closing underperforming stores and relocating to high-traffic Tier 1 locations. Store partner program grants managers decision-making power and profit-sharing, aiming for 3x industry-average sales performance.
- **Product Launches**: Q2 2026 launch of all-new L9 with 800V ultra-fast charging, in-house 5nm M100 chips, and embodied AI capabilities. BEV models (i6, i8) show improving order momentum (i8 orders +179% YoY), with i9 flagship to launch in H2 2026. L9 success critical for L Series market potential.
- **AI and R&D Investment**: 2025 R&D spend RMB 11.3 billion (50% AI-related). 2026 R&D guidance RMB 12 billion, maintaining AI focus. In-house chip development (M100) delivers 6x compute efficiency, enabling autonomous driving and embodied AI differentiation.
- **Market Strategy**: 2026 sales target 20% YoY growth via 3 pillars: direct sales model, L Series launches, BEV ramp-up. Balancing volume and margin through cost optimization, supply chain collaboration, and rational pricing.

**【CFO Financial Commentary】**
- **Q4 2025 Financials**: Total revenue RMB 28.8 billion (-35% YoY, +5.2% QoQ). Vehicle margin 16.8% (vs. 19.7% YoY). Gross margin 17.8% (vs. 20.3% YoY). Operating loss RMB 442.6 million (vs. RMB 3.7 billion profit YoY). Free cash flow RMB 2.5 billion (-75% YoY). Q1 2026 guidance: deliveries 85,000-90,000, revenue RMB 20.4-21.6 billion.
- **Cost Management**: R&D expenses RMB 3 billion (+25% YoY), SG&A RMB 2.6 billion (-14% YoY). Cash balance RMB 101.2 billion. Focus on cost control, supply chain stability, and gross margin normalization.

**【Q&A Highlights】**
- **Channel Optimization**: Denied store closure rumors; 2026 focuses on high-tier city expansion, quality over quantity. Store partner program expected to yield Q3 sales improvements.
- **Product Competitiveness**: L9 Livis features fully drive-by-wire chassis, 800V active suspension, and AI-powered engine oil maintenance. i6/i8 BEV portfolio shows improving NPS and order momentum.
- **AI and Chip Development**: M100 chips reduce BOM costs by RMB 1,000/vehicle, enabling 14x faster autonomous driving iteration. Embodied AI strategy integrates hardware-software for competitive differentiation.
- **Financial Strategy**: 2026 R&D spend RMB 12 billion (50% AI-related). Battery partnerships (CATL, Li Auto-branded) ensure supply stability. Share buyback consideration for shareholder value enhancement.


Li Auto Inc. (LI) Q4 2025 Earnings Call Transcript

- **Strategic Shift**: Reverted to entrepreneurial model for embodied AI robots, targeting 5x performance improvement.
- **Financial Challenges**: Q3 2025 Revenue down 36%, gross margin 16.3% due to recall costs.
- **2026 Outlook**: 100-110K Q4 deliveries, 2026 L Series refresh with 5C batteries, 4,800 superchargers.
- **AI Breakthroughs**: M100 chip testing, VLA Driver performance up, 800V platforms coming.


**【CEO Strategic Remarks】**
- Reverted to entrepreneurial model for next decade, emphasizing bold decisions, user value, and efficiency over professional management.
- Product focus on 'embodied AI robots' (car-shaped robots) integrating perception, modeling, OS, and hardware, targeting 5x performance improvement over traditional EVs.
- Technology pivot to 3D Vision Transformer for 2x-3x perception range, M100 chip for 3x inference efficiency, and drive-by-wire for 200ms response time reduction.
- 2026 plans include M100-powered AI systems, 800V platforms, 5C ultrafast batteries, and 4,800 superchargers.

**【CFO Financial Summary】**
- Q3 2025 Revenue: RMB 27.4B (-36.2% YoY), Gross Margin: 16.3% (-5.2ppt YoY) due to Li MEGA recall costs.
- R&D Expenses: RMB 3B (+15% YoY), SG&A: RMB 2.8B (-17.6% YoY).
- Net Loss: RMB 624.4M, Cash Balance: RMB 98.9B.
- Q4 2025 Outlook: 100-110K deliveries, RMB 26.5-29.2B Revenue.

**【Q&A Highlights】**
- **Product Launches**: i6/i8 production ramping to 20K/month in Q1 2026, L Series 2026 refresh with 5C batteries.
- **Cash Flow**: Q3 operating cash outflow RMB 7.4B due to lower deliveries and supplier payment cycles.
- **Policy Impact**: 2026 NEV penetration rate 55-60%, Li Auto to offset 5% purchase tax via 2025 order subsidies.
- **AI Progress**: VLA Driver DAU/MPI up, OTA 8.1 for perception improvements, M100 chip testing.


Li Auto Inc. (LI) Q3 2025 Earnings Call Transcript

- **Market Leadership**: 13.4% share in China's premium NEV market, 110k Q2 deliveries, and 1.36M cumulative sales.
- **Product Success**: Li MEGA Home >3,000/month, Li i8 test drive satisfaction 97%, 5C battery health >80% after 1,500 cycles.
- **AI & Charging**: RMB 6B AI investment, VLA driver model 10x scale, 4,000 charging stations by year-end.
- **Financial Resilience**: RMB 106.9B cash, Q3 2025 revenue guidance RMB 24.8-26.2B, gross margin ~19%.
- **Global Ambition**: 2026 models for global markets, Middle East/Central Asia/Europe expansion.

**【CEO Summary Section】**
- Delivered 110,000 vehicles in Q2 2025, achieving RMB 30.2 billion revenue and a 13.4% market share in China's RMB 200,000+ NEV market.
- Li MEGA Home surpassed 3,000 monthly sales 14 months post-launch, becoming China's top MPV above RMB 500,000 since May 2025.
- Launched Li i8 in July, targeting 8,000+ cumulative deliveries by September, with 97% test drive satisfaction.
- Expanded charging network to 3,100 stations (17,000 stalls), including 4C/5C chargers, and plans to reach 4,000 stations by year-end.
- AI investment exceeds RMB 6 billion, with VLA large model driver and Li Xiang Tong Xue agent deployed in Li i8, enabling 10x model scale and reinforcement learning.
- 5C battery achieves 300kW+ charging, maintaining 80% health after 1,500 cycles, industry-leading.
- Sales network expanded to 550 stores across 150+ cities, with Star Plan stores targeting lower-tier markets.

**【CFO Financial Commentary】**
- Q2 2025 revenue: RMB 30.2 billion (-4.5% YoY, +16.7% QoQ), vehicle sales: RMB 28.9 billion (-4.7% YoY, +17% QoQ).
- Gross profit: RMB 6.1 billion (-1.8% YoY, +14.1% QoQ), vehicle margin: 19.4% (vs. 18.7% YoY, 19.8% QoQ).
- Operating expenses: RMB 5.2 billion (-8.2% YoY, +3.8% QoQ), R&D: RMB 2.8 billion (-7.2% YoY, +11.8% QoQ).
- Net income: RMB 1.1 billion (-0.4% YoY, +69.6% QoQ), cash: RMB 106.9 billion.
- Q3 2025 guidance: 90,000-95,000 deliveries, revenue RMB 24.8-26.2 billion.

**【Q&A Key Highlights】**
- **Sales Strategy**: Restructured sales system with 23 regional hubs, focusing on EREV in northern China and BEVs in the south. Star Plan stores for Tier 4/5 cities.
- **AI Chips**: In-house chip with 2x GPT performance, 3x CNN efficiency, deployed in 2026 models.
- **Gross Margin**: Q3 2025 expected at ~19%, stable vs. Q2.
- **Overseas Expansion**: 2025-2027 focus on Middle East, Central Asia, Europe; R&D centers in Germany and U.S.
- **Autonomous Driving**: VLA model to achieve 10x human driver safety by 2027, targeting L4 by 2027.
- **Charging Network**: 5C stations open to other brands but Li Auto owners enjoy exclusive rates and integration.

Li Auto Inc. (LI) Q2 2025 Earnings Call Transcript

- **Q1 2025 Strong Growth**: 15.5% YoY deliveries to 92,100 units, 14.1% market share in RMB200k+ NEV segment. Q2 targets 123k-128k units (+13%-18% YoY).
- **New Product Success**: Li MEGA Home captures 90%+ orders, with production ramp to 3,000/month by Q3. VLA Driver ADAS to launch with i8 in July.
- **BEV Expansion**: i8/i6 to enter 2.13M BEV market, supported by 2,500+ superchargers and 500km fast-charging. Q2 revenue guidance: RMB32.5-33.8 billion (+2.5%-6.7% YoY).
- **Cost Efficiency**: Q1 vehicle margin 19.8%, operating expenses down 14% YoY. Q2 net income expected ~RMB600 million.
- **International Ambition**: 30%+ sales target for overseas markets, starting with Asia and Europe. Star Plan to add 100k sales in Tier 4-5 cities by 2026.

**【CEO Summary Section】**
- Q1 2025 deliveries reached 92,100 units (+15.5% YoY), with total revenue of RMB25.9 billion. Market leadership in RMB200k+ NEV segment, with 14.1% share in April and 1.26 million cumulative deliveries.
- New Li L Series and Li MEGA Home launched, achieving 10k+ weekly sales and 90%+ order share for MEGA Home. Q2 deliveries expected 123k-128k units (+13.3%-17.9% YoY).
- Expansion of BEV pipeline with i8 and i6 launches in Q3, supported by China's largest supercharging network (2,350 stations, 12,800 stalls) and VLA Driver ADAS technology.
- Star Plan to penetrate Tier 4-5 cities, targeting 100k incremental sales in 2026 through 100 new stores.

**【CFO Financial Commentary】**
- Q1 2025 total revenue: RMB25.9 billion (+1.1% YoY, -41.4% QoQ). Vehicle sales: RMB24.7 billion (+1.8% YoY, -22.1% QoQ) due to product mix and seasonal factors.
- Vehicle margin: 19.8% (vs. 19.3% YoY, stable QoQ). Operating expenses: RMB5.0 billion (-14% YoY, -4.2% QoQ) driven by cost control.
- Net income: RMB646.6 million (+9.4% YoY, -81.7% QoQ). Cash position: RMB110.7 billion as of Q1.
- Q2 2025 outlook: Deliveries 121k-128k units (+13.3%-17.9% YoY), revenue RMB32.5-33.8 billion (+2.5%-6.7% YoY).

**【Q&A Key Highlights】**
- **Market Competition**: New L Series weekly sales >10k units, targeting 50k/month. Differentiation through ADAS tech (VLA Driver), smart space innovation, and premium branding.
- **BEV Strategy**: i8/i6 to tap 2.13M BEV TAM in 2025, with 500km fast-charging and 2,500+ supercharger deployment. VLA Driver to be rolled out via OTA.
- **Overseas Expansion**: 30%+ sales target for international markets, focusing on Asia and Europe with distributor partnerships.
- **Gross Margin**: Q2 vehicle margin expected ~19.8%, stable despite new model launches. Long-term focus on cost control and premium pricing.
- **ADAS Innovation**: VLA Driver integrates spatial, language, and behavioral intelligence for closed-loop reinforcement learning, aiming to redefine human-vehicle interaction.

Li Auto Inc. (LI) Q1 2025 Earnings Call Transcript

- **Record Growth**: 2024 full-year deliveries of 500,000 units, solidifying leadership in RMB200k+ NEV market with 15.3% share.
- **AI Innovation**: AD Max V13 with 10M video training achieves industry-leading performance; VLA-based autonomous driving to launch in 2025.
- **BEV Expansion**: 2025 launch of two pure-electric SUVs (Li i8, Li i6) supported by 4,000 supercharging stations by end-2025.
- **Financial Strength**: Q4 revenue RMB44.3 billion, cash reserves RMB112.8 billion, enabling aggressive R&D and infrastructure investments.
- **Global Ambition**: 2025 overseas expansion to Middle East, Latin America, and Europe, with first R&D center in Munich.


**【CEO Key Highlights】**
- **Market Leadership**: Delivered 158,000 vehicles in Q4 2024, achieving full-year deliveries of 500,000 units, the first Chinese premium brand to reach this milestone. Full-year market share in the RMB200,000+ NEV segment was 15.3%.
- **AI Breakthroughs**: Rolled out AD Max V13 with end-to-end highway NOA and 10 million video clip training, achieving industry-leading performance. Planning to launch VLA-based autonomous driving alongside Li i8 in 2025.
- **Supercharging Network Expansion**: Operates 1,900 supercharging stations with 10,000 stalls, targeting 2,500 stations by Li i8 launch and 4,000 by end-2025. Winter charging efficiency enables 500 km in 12 minutes.
- **2025 Outlook**: Q1 deliveries expected 88,000-93,000 units (YoY +9.5%-15.7%). Launching two pure-electric SUVs (Li i8 in Q3, Li i6 in Q4) to tap into BEV market growth.

**【CFO Financial Summary】**
- **Q4 2024 Results**: Total revenue RMB44.3 billion (YoY +6.1%), vehicle sales RMB42.6 billion (YoY +5.6%). Gross margin 20.3% (YoY -3.2pp), driven by product mix and interest subsidies.
- **Cost Efficiency**: Operating expenses down 22% YoY to RMB5.3 billion. R&D expenses RMB2.4 billion (YoY -31%), SG&A RMB3.1 billion (YoY -5.9%). Operating margin improved to 8.4% (YoY +1.1pp).
- **Cash Position**: RMB112.8 billion as of Q4, supporting long-term investments in AI and BEV infrastructure.
- **Q1 2025 Guidance**: Vehicle gross margin ~19%, reflecting seasonal promotions and ASP pressures.

**【Q&A Key Takeaways】**
- **BEV Strategy**: Li i8 (pure-electric SUV) to launch Q3 2025, targeting premium BEV segment. Supercharging network expansion to support BEV adoption.
- **AI Investment**: AI-related R&D to grow substantially, funded by operational cash flow. Focus on VLA architecture for next-gen autonomous driving.
- **Overseas Expansion**: 2025 focus on Middle Asia, Latin America, and Middle East. Opened R&D center in Munich and service centers in Kazakhstan, Dubai, and Uzbekistan.
- **Competitive Edge**: Differentiated by holistic AI strategy, supercharging network scale, and luxury brand positioning in NEV market.


Actual	-0.0777	0.0197	-0.0585	-0.02	-0.0016	0.0456	0.0741	-0.0254	-0.0885	0.0716	0.1956	0.3568	0.4493	0.5944	0.1675	0.3549	0.5171	0.5191	0.3334	0.1912	-0.0506	0.0357
Forecast	-0.0363	-0.0338	-0.0158	-0.0007	-0.0151	0.0185	-0.0725	-0.0249	-0.1073	0.0679	0.0525	0.2431	0.3683	0.4462	0.2429	0.1837	0.3827	0.3959	0.1873	0.2317	0.0981	0.0259
Surprise	-114.05%	+158.28%	-270.25%	-2757.14%	+89.40%	+146.49%	+202.21%	-2.01%	+17.52%	+5.45%	+272.57%	+46.77%	+21.99%	+33.21%	-31.04%	+93.20%	+35.12%	+31.12%	+78.00%	-17.48%	-151.58%	+37.84%

LI

LI fundamentals

LI Q4 2025 Earnings

Earnings Call

You can ask Aime

LI

LI fundamentals

LI Q4 2025 Earnings

Earnings Call

LI Earnings Call Summary for Q4/20258:00 AM on Mar 12, 2026

LI Earnings Call Summary for Q3/20257:00 AM on Nov 26, 2025

LI Earnings Call Summary for Q2/20258:00 AM on Aug 28, 2025

LI Earnings Call Summary for Q1/20258:00 AM on May 29, 2025

LI Earnings Call Summary for Q4/20248:00 AM on Mar 14, 2025

You can ask Aime