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Li Auto (LI) investor relations material
Li Auto Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered 111,074 vehicles in Q2 2025, with total revenues of RMB30.2 billion, up 16.7% sequentially but down 4.5% year-over-year, maintaining a leading position in the RMB200,000+ NEV segment in China.
Net income was RMB1.1 billion, nearly flat year-over-year but up 69.6% from the previous quarter.
Launched Li Mega Home and Li i8, both achieving strong sales and positive user feedback; Li i8 deliveries began August 20, 2025, and are expected to exceed 8,000 cumulative by September.
Expanded charging network to over 3,100 stations, aiming for 4,000 by year-end, and expanded retail network to over 535 stores.
Underwent major sales and service system restructuring to enhance operational efficiency and user experience.
Financial highlights
Vehicle sales were RMB28.9 billion, down 4.7% year-over-year but up 17.0% sequentially; gross profit was RMB6.1 billion, down 1.8% year-over-year but up 14.1% sequentially.
Gross margin was 20.1%, up from 19.5% a year ago but slightly down from 20.5% in the prior quarter; vehicle margin at 19.4%.
Operating income reached RMB827 million, up 76.7% year-over-year and 204.4% quarter-over-quarter; operating margin was 2.7%.
Diluted net earnings per ADS were RMB1.03, down 1.9% year-over-year but up 66.1% sequentially.
Maintained a robust cash position of RMB106.9 billion as of June 30, 2025, despite negative operating cash flow of RMB3 billion and free cash flow of negative RMB3.8 billion.
Outlook and guidance
Q3 2025 vehicle deliveries expected between 90,000 and 95,000 units, a year-over-year decrease of 41.1% to 37.8%; revenue guidance between RMB24.8 billion and RMB26.2 billion, down 42.1% to 38.8% year-over-year.
Gross margin expected to be maintained at around 19% in Q3.
Ongoing investments in AI and R&D, with AI spending projected to exceed RMB6 billion in 2025.
Overseas expansion to begin in 2025, targeting Middle East, Central Asia, and Europe.
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