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

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

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

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

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

What is Li Auto's gross profit margin?

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

What does Li Auto do and what are its main business segments?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LI

LI fundamentals

You can ask Aime