Li Auto Reports Revenue Growth and Margin Recovery in 2025, Cash Reserves Exceed RMB 100 Billion

On March 12, Li Auto released its full-year and fourth-quarter 2025 financial results. Despite a sharp 85.8% year-over-year decline in net profit to RMB 1.1 billion and an 18.5% drop in deliveries—achieving only 63.5% of its annual target—the company demonstrated strong recovery momentum in Q4: revenue reached RMB 28.8 billion, up 5.2% quarter-over-quarter; vehicle gross margin rebounded to 16.8%, with overall gross margin at 17.8%, enabling the company to return to quarterly profitability. By year-end, Li Auto held a robust cash reserve of RMB 101.2 billion, providing solid support against market volatility. Looking ahead to 2026, Li Auto has set a delivery target of over 500,000 vehicles, representing more than 20% year-over-year growth, and plans to accelerate its transformation into a “hardcore AI technology company” through channel reforms, the launch of the new L9 model, and optimized timing for its pure electric vehicle lineup.