蔚小理2025年Q3业绩报告合集（英）

Li Auto Inc. Announces Unaudited Third Quarter 2025 Financial Results Quarterly total revenues reached RMB27.4 billion (US$3.8 billion)1 Quarterly deliveries reached 93,211 vehicles BEIJING, China, November 26, 2025 — Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended September 30, 2025. Operating Highlights for the Third Quarter of 2025 • Total deliveries for the third quarter of 2025 were 93,211 vehicles, representing a 39.0% year-over-year decrease. 2025 Q3 2025 Q2 2025 Q1 2024 Q4 Deliveries 93,211 111,074 92,864 158,696 2024 Q3 2024 Q2 2024 Q1 2023 Q4 Deliveries 152,831 108,581 80,400 131,805 • As of September 30, 2025, in China, the Company had 542 retail stores in 157 cities, 546 servicing centers and Li Auto-authorized body and paint shops operating in 225 cities, and 3,420 super charging stations in operation equipped with 18,897 charging stalls. Financial Highlights for the Third Quarter of 2025 • Vehicle sales were RMB25.9 billion (US$3.6 billion) in the third quarter of 2025, representing a decrease of 37.4% from RMB41.3 billion in the third quarter of 2024 and a decrease of 10.4% from RMB28.9 billion in the second quarter of 2025. • Vehicle margin2 was 15.5% in the third quarter of 2025, compared with 20.9% in the third quarter of 2024 and 19.4% in the second quarter of 2025. Excluding the impact of estimated costs related to the recall of Li MEGA, vehicle margin would have been 19.8% in the third quarter of 2025. • Total revenues were RMB27.4 billion (US$3.8 billion) in the third quarter of 2025, representing a decrease of 36.2% from RMB42.9 billion in the third quarter of 2024 and a decrease of 9.5% from RMB30.2 billion in the second quarter of 2025. • Gross profit was RMB4.5 billion (US$627.8 million) in the third quarter of 2025, representing a decrease of 51.6% from RMB9.2 billion in the third quarter of 2024 and a decrease of 26.3% from RMB6.1 billion in the second quarter of 2025. • Gross margin was 16.3% in the third quarter of 2025, compared with 21.5% in the third quarter of 2024 and 20.1% in the second quarter of 2025. Excluding the impact of estimated costs related to the recall of Li MEGA, gross margin would have been 20.4% in the third quarter of 2025. • Operating expenses were RMB5.6 billion (US$793.1 million) in the third quarter of 2025, representing a decrease of 2.5% from RMB5.8 billion in the third quarter of 2024 and an increase of 7.8% from RMB5.2 billion in the second quarter of 2025. 1 All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. 2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehi