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 and full year ended
December 31, 2023.
Operating Highlights for the Fourth Quarter of 2023 and
Full Year 2023
- Total deliveries for the fourth
quarter of 2023 were 131,805 vehicles, representing a 184.6%
year-over-year increase.
- Total deliveries for the full year
2023 reached 376,030 vehicles, representing an increase of 182.2%
from 133,246 vehicles in 2022.
|
FY 2023 |
|
2023 Q4 |
|
2023 Q3 |
|
2023 Q2 |
|
2023 Q1 |
|
Deliveries |
376,030 |
|
131,805 |
|
105,108 |
|
86,533 |
|
52,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2022 |
|
2022 Q4 |
|
2022 Q3 |
|
2022 Q2 |
|
2022 Q1 |
|
Deliveries |
133,246 |
|
46,319 |
|
26,524 |
|
28,687 |
|
31,716 |
|
|
- As of December 31, 2023, the
Company had 467 retail stores covering 140 cities, as well as 360
servicing centers and Li Auto-authorized body and paint shops
operating in 209 cities.
Financial Highlights for the Fourth Quarter of
2023
- Vehicle sales were
RMB40.38 billion (US$5.69 billion) in the fourth quarter of 2023,
representing an increase of 133.8% from RMB17.27 billion in the
fourth quarter of 2022 and an increase of 20.1% from RMB33.62
billion in the third quarter of 2023.
- Vehicle
margin2 was 22.7% in the fourth quarter
of 2023, compared with 20.0% in the fourth quarter of 2022 and
21.2% in the third quarter of 2023.
- Total revenues
were RMB41.73 billion (US$5.88 billion) in the fourth quarter of
2023, representing an increase of 136.4% from RMB17.65 billion in
the fourth quarter of 2022 and an increase of 20.3% from RMB34.68
billion in the third quarter of 2023.
- Gross profit was
RMB9.79 billion (US$1.38 billion) in the fourth quarter of 2023,
representing an increase of 174.4% from RMB3.57 billion in the
fourth quarter of 2022 and an increase of 28.0% from RMB7.64
billion in the third quarter of 2023.
- Gross margin was
23.5% in the fourth quarter of 2023, compared with 20.2% in the
fourth quarter of 2022 and 22.0% in the third quarter of
2023.
- Operating expenses
were RMB6.75 billion (US$950.8 million) in the fourth quarter of
2023, representing an increase of 82.4% from RMB3.70 billion in the
fourth quarter of 2022 and an increase of 27.2% from RMB5.31
billion in the third quarter of 2023.
- Income from
operations was RMB3.04 billion (US$427.7 million) in the
fourth quarter of 2023, compared with RMB133.6 million loss from
operations in the fourth quarter of 2022 and representing an
increase of 29.8% from RMB2.34 billion income from operations in
the third quarter of 2023.
- Operating
margin was 7.3% in the fourth quarter of
2023, compared with negative 0.8% in the fourth quarter of
2022 and 6.7% in the third quarter of 2023.
- Net income was
RMB5.75 billion (US$810.2 million) in the fourth quarter of 2023,
representing an increase of 2,068.2% from RMB265.3 million in the
fourth quarter of 2022 and an increase of 104.5% from RMB2.81
billion in the third quarter of 2023. Non-GAAP net
income3 was RMB4.59 billion
(US$646.3 million) in the fourth quarter of 2023, representing an
increase of 374.2% from RMB967.6 million in the fourth quarter of
2022 and an increase of 32.3% from RMB3.47 billion in the third
quarter of 2023.
- Diluted net earnings per
ADS4 attributable to ordinary shareholders was RMB5.32
(US$0.75) in the fourth quarter of 2023, compared with RMB0.25 in
the fourth quarter of 2022 and RMB2.67 in the third quarter of
2023. Non-GAAP diluted net earnings per ADS attributable to
ordinary shareholders was RMB4.23 (US$0.60) in the fourth
quarter of 2023, compared with RMB0.93 in the fourth quarter of
2022 and RMB3.29 in the third quarter of 2023.
- Net cash provided by
operating activities was RMB17.29 billion (US$2.44
billion) in the fourth quarter of 2023, representing an increase of
251.1% from RMB4.93 billion in the fourth quarter of 2022 and an
increase of 19.2% from RMB14.51 billion in the third quarter of
2023.
- Free cash
flow5 was RMB14.64 billion (US$2.06
billion) in the fourth quarter of 2023, representing an increase of
349.4% from RMB3.26 billion in the fourth quarter of 2022 and an
increase of 10.7% from RMB13.22 billion in the third quarter of
2023.
Key
Financial Results(in millions, except for percentages and
per ADS data) |
|
For the Three Months Ended |
|
% Change6 |
|
|
December 31, 2022 |
|
September 30, 2023 |
|
December 31, 2023 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
17,268.3 |
|
33,616.1 |
|
40,379.3 |
|
133.8% |
|
20.1% |
|
Vehicle margin |
20.0% |
|
21.2% |
|
22.7% |
|
2.7pts |
|
1.5pts |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
17,649.9 |
|
34,679.5 |
|
41,732.1 |
|
136.4% |
|
20.3% |
|
Gross profit |
3,566.3 |
|
7,644.5 |
|
9,786.9 |
|
174.4% |
|
28.0% |
|
Gross margin |
20.2% |
|
22.0% |
|
23.5% |
|
3.3pts |
|
1.5pts |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
(3,700.0) |
|
(5,305.1) |
|
(6,750.5) |
|
82.4% |
|
27.2% |
|
(Loss)/Income from
operations |
(133.6) |
|
2,339.4 |
|
3,036.4 |
|
N/A |
|
29.8% |
|
Operating margin |
(0.8)% |
|
6.7% |
|
7.3% |
|
8.1pts |
|
0.6pts |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
265.3 |
|
2,812.9 |
|
5,752.3 |
|
2,068.2% |
|
104.5% |
|
Non-GAAP net income |
967.6 |
|
3,467.3 |
|
4,588.7 |
|
374.2% |
|
32.3% |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings per ADS
attributable to ordinary shareholders |
0.25 |
|
2.67 |
|
5.32 |
|
2,028.0% |
|
99.3% |
|
Non-GAAP diluted net earnings
per ADS attributable to ordinary shareholders |
0.93 |
|
3.29 |
|
4.23 |
|
354.8% |
|
28.6% |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
4,925.4 |
|
14,506.5 |
|
17,294.2 |
|
251.1% |
|
19.2% |
|
Free cash flow (non-GAAP) |
3,257.3 |
|
13,224.8 |
|
14,638.1 |
|
349.4% |
|
10.7% |
|
Financial Highlights for the Full Year 2023
- Vehicle sales were
RMB120.29 billion (US$16.94 billion) in 2023, representing an
increase of 172.7% from RMB44.11 billion in 2022.
- Vehicle margin was
21.5% in 2023, compared with 19.1% in 2022.
- Total revenues
were RMB123.85 billion (US$17.44 billion) in 2023, representing an
increase of 173.5% from RMB45.29 billion in 2022.
- Gross profit was
RMB27.50 billion (US$3.87 billion) in 2023, representing an
increase of 212.8% from RMB8.79 billion in 2022.
- Gross margin was
22.2% in 2023, compared with 19.4% in 2022.
- Operating expenses
were RMB20.09 billion (US$2.83 billion) in 2023, representing an
increase of 61.4% from RMB12.45 billion in 2022.
- Income from
operations was RMB7.41 billion (US$1.04 billion) in 2023,
compared with RMB3.65 billion loss from operations in 2022.
- Operating
margin was 6.0% in 2023, compared
with negative 8.1% in 2022.
- Net income was
RMB11.81 billion (US$1.66 billion) in 2023, compared with RMB2.03
billion net loss in 2022. Non-GAAP net income was
RMB12.20 billion (US$1.72 billion) in 2023, representing an
increase of 58,494.3% from RMB20.8 million in 2022.
- Diluted net earnings per
ADS attributable to ordinary shareholders was RMB11.10
(US$1.56) in 2023, compared with RMB2.07 diluted net loss per ADS
attributable to ordinary shareholders in 2022. Non-GAAP
diluted net earnings per ADS attributable to ordinary
shareholders was RMB11.46 (US$1.61) in 2023, compared with
RMB0.04 in 2022.
- Net cash provided by
operating activities was RMB50.69 billion (US$7.14
billion) in 2023, representing an increase of 586.9% from RMB7.38
billion in 2022.
- Free cash flow was
RMB44.19 billion (US$6.22 billion) in 2023, representing an
increase of 1,861.8% from RMB2.25 billion in 2022.
Key
Financial Results(in millions, except for percentages and
per ADS data) |
|
For the Year Ended |
|
% Change |
|
December 31, 2022 |
|
December 31, 2023 |
|
YoY |
|
RMB |
|
RMB |
|
|
Vehicle sales |
44,106.4 |
|
120,294.7 |
|
172.7% |
Vehicle margin |
19.1% |
|
21.5% |
|
2.4pts |
|
|
|
|
|
|
Total revenues |
45,286.8 |
|
123,851.3 |
|
173.5% |
Gross profit |
8,790.5 |
|
27,496.8 |
|
212.8% |
Gross margin |
19.4% |
|
22.2% |
|
2.8pts |
|
|
|
|
|
|
Operating expenses |
(12,445.3) |
|
(20,089.9) |
|
61.4% |
(Loss)/Income from
operations |
(3,654.9) |
|
7,406.9 |
|
N/A |
Operating margin |
(8.1)% |
|
6.0% |
|
14.1pts |
|
|
|
|
|
|
Net (loss)/income |
(2,032.3) |
|
11,809.1 |
|
N/A |
Non-GAAP net income |
20.8 |
|
12,197.6 |
|
58,494.3% |
|
|
|
|
|
|
Diluted net (loss)/earnings
per ADS attributable to ordinary shareholders |
(2.07) |
|
11.10 |
|
N/A |
Non-GAAP diluted net earnings
per ADS attributable to ordinary shareholders |
0.04 |
|
11.46 |
|
28,550.0% |
|
|
|
|
|
|
Net cash provided by operating
activities |
7,380.3 |
|
50,693.5 |
|
586.9% |
Free cash flow (non-GAAP) |
2,252.4 |
|
44,186.3 |
|
1,861.8% |
Recent Developments
Delivery Update
- In January 2024, the Company
delivered 31,165 vehicles, representing an increase of 105.8% from
January 2023. As of January 31, 2024, the Company had 474 retail
stores covering 142 cities, in addition to 360 servicing centers
and Li Auto-authorized body and paint shops operating in 209
cities.
OTA 5.0 Upgrade
- In December 2023, the Company
released the OTA version 5.0 upgrade for the Li L series, providing
a comprehensive upgrade for autonomous driving and smart space.
With this upgrade, the Company’s Li AD Max 3.0 provides full
scenario autonomous driving (Navigation on ADAS) and assisted
driving (lane centering control) functions, as well as the
industry’s leading AEB active safety system and automated parking
system. Additionally, Li Xiang Tong Xue, the upgraded smart in-car
voice assistant built upon Mind GPT, the Company’s self-developed
multimodal large language model, has significantly improved in
understanding, generating, knowledge memorizing, and reasoning
capabilities, further enhancing the interactive experience in the
smart space.
Inclusion in the Hang Seng
Index
- The Company has been included as a
constituent stock in the Hang Seng Index, effective from December
4, 2023. This inclusion reflects the recognition of the Company’s
business performance and investment value by investors.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive
officer of Li Auto, commented, “Undeterred by the fiercely
competitive NEV market in 2023, Li Auto achieved an outstanding
performance with its three Li L series models. Full-year deliveries
grew by 182.2%, reaching 376,030 vehicles, making us the
best-selling brand among NEVs priced above RMB300,000 in
China. In December, we released the OTA version 5.0 for Li L
series. With comprehensive enhancement in autonomous driving and
smart space, we bring even more exceptional experience to family
users. With our significantly increasing scale, continued research
and development advancement, and consistently improving operating
efficiency throughout the year, 2023 marks our best financial
performance yet, setting a solid foundation for Li Auto’s growth to
diversify its product matrix and cater to a broader range of user
needs in 2024.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “We ended the year with another robust performance in the
fourth quarter, setting historical highs across multiple financial
metrics. Record-high vehicle deliveries fueled the fourth-quarter
revenue to a year-over-year increase of 136.4% to RMB41.73 billion,
while full-year revenue surged by 173.5% year over year to
RMB123.85 billion. With the expansion of business scale and the
optimization of production, supply, and sales coordination, our
gross margin reached 23.5% in the fourth quarter, and the annual
gross margin was 22.2%. Notably, 2023 is our first year of
profitability, with a healthy full-year net income reaching
RMB11.81 billion. As of the end of 2023, our cash reserve reached
RMB103.67 billion. In 2024, healthy profitability and capital
strength will support Li Auto to further strengthen research and
development, expand business scale, and lead the rapid
transformation of China’s NEV market.”
Financial Results for the Fourth Quarter of
2023
Revenues
- Total revenues
were RMB41.73 billion (US$5.88 billion) in the fourth quarter of
2023, representing an increase of 136.4% from RMB17.65 billion in
the fourth quarter of 2022 and an increase of 20.3% from RMB34.68
billion in the third quarter of 2023.
- Vehicle sales were
RMB40.38 billion (US$5.69 billion) in the fourth quarter of 2023,
representing an increase of 133.8% from RMB17.27 billion in the
fourth quarter of 2022 and an increase of 20.1% from RMB33.62
billion in the third quarter of 2023. The increase in revenue from
vehicle sales over the fourth quarter of 2022 was mainly
attributable to the increase in vehicle deliveries, partially
offset by the lower average selling price due to different product
mix between two quarters. The increase in vehicle sales over the
third quarter of 2023 was mainly attributable to the increase in
vehicle deliveries.
- Other sales and
services were RMB1.35 billion (US$190.5 million) in the
fourth quarter of 2023, representing an increase of 254.6% from
RMB381.5 million in the fourth quarter of 2022 and an increase of
27.2% from RMB1.06 billion in the third quarter of 2023. The
increase in revenue from other sales and services over the fourth
quarter of 2022 and the third quarter of 2023 was mainly
attributable to the increased sales of charging stalls, which is in
line with higher vehicle deliveries, and the increased sales of
accessories and provision of services, which is in line with higher
accumulated vehicle sales.
Cost of Sales and Gross Margin
- Cost of sales was
RMB31.95 billion (US$4.50 billion) in the fourth quarter of 2023,
representing an increase of 126.8% from RMB14.08 billion in the
fourth quarter of 2022 and an increase of 18.2% from RMB27.03
billion in the third quarter of 2023. The increase in cost of sales
over the fourth quarter of 2022 was mainly attributable to the
increase in vehicle deliveries, partially offset by the lower
average cost of sales due to different product mix between two
quarters. The increase in cost of sales over the third quarter of
2023 was mainly attributable to the increase in vehicle
deliveries.
- Gross profit was
RMB9.79 billion (US$1.38 billion) in the fourth quarter of 2023,
representing an increase of 174.4% from RMB3.57 billion in the
fourth quarter of 2022 and an increase of 28.0% from RMB7.64
billion in the third quarter of 2023.
- Vehicle margin was
22.7% in the fourth quarter of 2023, compared with 20.0% in the
fourth quarter of 2022 and 21.2% in the third quarter of 2023.
Excluding the impact of inventory provision related to Li ONE in
the fourth quarter of 2022 and true-up adjustments of warranty
reserve in the fourth quarter of 2023 based on updated estimate of
costs of future claims, the vehicle margin remained relatively
stable over the fourth quarter of 2022. The increase in vehicle
margin over the third quarter of 2023 was mainly due to
the aforementioned true-up adjustments of warranty reserve in
the fourth quarter of 2023.
- Gross margin was
23.5% in the fourth quarter of 2023, compared with 20.2% in the
fourth quarter of 2022 and 22.0% in the third quarter of 2023. The
increase in gross margin over the fourth quarter of 2022 and the
third quarter of 2023 was mainly attributable to the increase of
vehicle margin.
Operating Expenses
- Operating expenses
were RMB6.75 billion (US$950.8 million) in the fourth quarter of
2023, representing an increase of 82.4% from RMB3.70 billion in the
fourth quarter of 2022 and an increase of 27.2% from RMB5.31
billion in the third quarter of 2023.
- Research and development
expenses were RMB3.49 billion (US$491.7 million) in the
fourth quarter of 2023, representing an increase of 68.6% from
RMB2.07 billion in the fourth quarter of 2022 and an increase of
23.9% from RMB2.82 billion in the third quarter of 2023. The
increase in research and development expenses over the fourth
quarter of 2022 and the third quarter of 2023 was primarily driven
by increased expenses to support the expanding product
portfolios and technologies as well as increased employee
compensation as a result of the growing number of
staff.
- Selling, general and
administrative expenses were RMB3.27 billion (US$460.5
million) in the fourth quarter of 2023, representing an increase of
100.6% from RMB1.63 billion in the fourth quarter of 2022 and an
increase of 28.5% from RMB2.54 billion in the third quarter of
2023. The increase in selling, general and administrative expenses
over the fourth quarter of 2022 and the third quarter of 2023 was
primarily driven by increased employee compensation as a result
of the growing number of staff as well as increased rental
expenses associated with the expansion of sales and servicing
network.
Income/(Loss) from Operations
- Income from
operations was RMB3.04 billion (US$427.7 million) in the
fourth quarter of 2023, compared with RMB133.6 million loss from
operations in the fourth quarter of 2022 and representing an
increase of 29.8% from RMB2.34 billion income from operations in
the third quarter of 2023. Operating
margin was 7.3% in the fourth quarter of 2023,
compared with negative 0.8% in the fourth quarter of 2022 and 6.7%
in the third quarter of 2023. Non-GAAP income from
operations was RMB3.86 billion (US$544.1 million) in the
fourth quarter of 2023, representing an increase of 579.3% from
RMB568.7 million in the fourth quarter of 2022 and an increase of
29.0% from RMB2.99 billion in the third quarter of 2023.
Net Income and Net Earnings Per Share
- Net income was
RMB5.75 billion (US$810.2 million) in the fourth quarter of 2023,
representing an increase of 2,068.2% from RMB265.3 million in the
fourth quarter of 2022 and an increase of 104.5% from RMB2.81
billion in the third quarter of 2023. Net income in the fourth
quarter of 2023 was partially attributable to non-cash
tax benefit of RMB1.99 billion (US$280.3 million) for the release
of valuation allowance on certain deferred tax assets.
Non-GAAP net income was RMB4.59 billion (US$646.3
million) in the fourth quarter of 2023, representing an increase of
374.2% from RMB967.6 million in the fourth quarter of 2022 and an
increase of 32.3% from RMB3.47 billion in the third quarter of
2023.
- Basic and diluted net
earnings per ADS attributable to ordinary
shareholders were RMB5.72 (US$0.81) and RMB5.32 (US$0.75)
in the fourth quarter of 2023, respectively, compared with RMB0.26
and RMB0.25 in the fourth quarter of 2022, respectively, and
RMB2.86 and RMB2.67 in the third quarter of 2023, respectively.
Non-GAAP basic and diluted net earnings per ADS
attributable to ordinary shareholders were RMB4.54
(US$0.64) and RMB4.23 (US$0.60) in the fourth quarter of 2023,
respectively, compared with RMB0.98 and RMB0.93 in the fourth
quarter of 2022, respectively, and RMB3.53 and RMB3.29 in the third
quarter of 2023, respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Cash
Position7 was RMB103.67 billion (US$14.60
billion) as of December 31, 2023.
- Net cash provided by
operating activities was RMB17.29 billion (US$2.44
billion) in the fourth quarter of 2023, representing an increase of
251.1% from RMB4.93 billion in the fourth quarter of 2022 and an
increase of 19.2% from RMB14.51 billion in the third quarter of
2023.
- Free cash flow was
RMB14.64 billion (US$2.06 billion) in the fourth quarter of 2023,
representing an increase of 349.4% from RMB3.26 billion in the
fourth quarter of 2022 and an increase of 10.7% from RMB13.22
billion in the third quarter of 2023.
Financial Results for the Full Year 2023
Revenues
- Total revenues
were RMB123.85 billion (US$17.44 billion) in 2023, representing an
increase of 173.5% from RMB45.29 billion in 2022.
- Vehicle sales were
RMB120.29 billion (US$16.94 billion) in 2023, representing an
increase of 172.7% from RMB44.11 billion in 2022. The increase in
revenue from vehicle sales was mainly attributable to the increase
in vehicle deliveries.
- Other sales and
services were RMB3.56 billion (US$500.9 million) in 2023,
representing an increase of 201.3% from RMB1.18 billion in 2022.
The increase in revenue from other sales and services was mainly
attributable to the increased sales of charging stalls, which is in
line with higher vehicle deliveries, and the increased sales of
accessories and provision of services, which is in line with higher
accumulated vehicle sales.
Cost of Sales and Gross Margin
- Cost of sales was
RMB96.35 billion (US$13.57 billion) in 2023, representing an
increase of 164.0% from RMB36.50 billion in 2022. The increase in
cost of sales was mainly driven by the increase in vehicle
deliveries.
- Gross profit was
RMB27.50 billion (US$3.87 billion) in 2023, representing an
increase of 212.8% from RMB8.79 billion in 2022.
- Vehicle margin was
21.5% in 2023, compared with 19.1% in 2022. The increase in vehicle
margin was mainly due to the impact of inventory provision and
losses on purchase commitments related to Li ONE in 2022 and
true-up adjustments of warranty reserve in 2023 based on updated
estimate of costs of future claims, partially offset by the lower
average selling price in 2023.
- Gross margin was
22.2% in 2023, compared with 19.4% in 2022. The increase in gross
margin was mainly attributable to the increase of vehicle
margin.
Operating Expenses
- Operating expenses
were RMB20.09 billion (US$2.83 billion) in 2023, representing an
increase of 61.4% from RMB12.45 billion in 2022.
- Research and development
expenses were RMB10.59 billion (US$1.49 billion) in 2023,
representing an increase of 56.1% from RMB6.78 billion in 2022. The
increase in research and development expenses was primarily
attributable to increased employee compensation as a result of the
growing number of staff as well as increased expenses to
support the expanding product portfolios and
technologies.
- Selling, general and
administrative expenses were RMB9.77 billion (US$1.38
billion) in 2023, representing an increase of 72.4% from RMB5.67
billion in 2022. The increase in selling, general and
administrative expenses was primarily driven by increased employee
compensation as a result of the growing number of staff as well as
increased rental expenses associated with the expansion of sales
and servicing network.
Income/(Loss) from Operations
- Income from
operations was RMB7.41 billion (US$1.04 billion) in 2023,
compared with RMB3.65 billion loss from operations in
2022. Operating margin was 6.0% in 2023,
compared with negative 8.1% in 2022. Non-GAAP income from
operations was RMB9.79 billion (US$1.38 billion) in 2023,
compared with RMB1.60 billion non-GAAP loss from operations in
2022.
Net Income/(Loss) and Net Earnings/(Loss) Per
Share
- Net income was
RMB11.81 billion (US$1.66 billion) in 2023, compared with RMB2.03
billion net loss in 2022. Net income in 2023 was
partially attributable to non-cash tax benefit of RMB1.99
billion (US$280.3 million) for the release of valuation allowance
on certain deferred tax assets. Non-GAAP net
income was RMB12.20 billion (US$1.72 billion) in 2023,
representing an increase of 58,494.3% from RMB20.8 million in
2022.
- Basic and diluted net
earnings per ADS attributable to ordinary shareholders
were RMB11.90 (US$1.68) and RMB11.10 (US$1.56) in 2023,
respectively, compared with both RMB2.07 basic and diluted net loss
per ADS attributable to ordinary shareholders in 2022.
Non-GAAP basic and diluted net earnings per ADS
attributable to ordinary shareholders were RMB12.29
(US$1.73) and RMB11.46 (US$1.61) in 2023, respectively, compared
with both RMB0.04 in 2022.
Operating Cash Flow and Free Cash Flow
- Net cash provided by
operating activities was RMB50.69 billion (US$7.14
billion) in 2023, representing an increase of 586.9% from RMB7.38
billion in 2022.
- Free cash flow was
RMB44.19 billion (US$6.22 billion) in 2023, representing an
increase of 1,861.8% from RMB2.25 billion in 2022.
Employees
- As of December 31, 2023, the
Company had a total of 31,591 employees.
Business Outlook
For the first quarter of 2024, the Company expects:
- Deliveries of
vehicles to be between 100,000 and 103,000 vehicles,
representing an increase of 90.2% to 95.9% from the first quarter
of 2023.
- Total revenues to
be between RMB31.25 billion (US$4.40 billion) and RMB32.19 billion
(US$4.53 billion), representing an increase of 66.3% to 71.3% from
the first quarter of 2023.
This business outlook reflects the Company’s
current and preliminary views on its business situation and market
conditions, which are subject to change.
Conference Call
Management will hold a conference call at 7:00
a.m. U.S. Eastern Time on Monday, February 26, 2024 (8:00 p.m.
Beijing/Hong Kong Time on February 26, 2024) to discuss financial
results and answer questions from investors and analysts.
For participants who wish to join the call,
please complete online registration using the link provided below
prior to the scheduled call start time. Upon registration,
participants will receive the conference call access information,
including dial-in numbers, passcode, and a unique access PIN. To
join the conference, please dial the number provided, enter the
passcode followed by your PIN, and you will join the conference
instantly.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10036557-1tqjis.html
A replay of the conference call will be accessible through March
4, 2024, by dialing the following numbers:
United States: |
+1-855-883-1031 |
Mainland China: |
+86-400-1209-216 |
Hong Kong, China: |
+852-800-930-639 |
International: |
+61-7-3107-6325 |
Replay PIN: |
10036557 |
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at http://ir.lixiang.com.
Non-GAAP Financial Measure
The Company uses non-GAAP financial measures,
such as non-GAAP cost of sales, non-GAAP research and development
expenses, non-GAAP selling, general and administrative expenses,
non-GAAP income/loss from operations, non-GAAP net income, non-GAAP
net income attributable to ordinary shareholders, non-GAAP basic
and diluted net earnings per ADS attributable to ordinary
shareholders, non-GAAP basic and diluted net earnings per
share attributable to ordinary shareholders and free cash flow, in
evaluating its operating results and for financial and operational
decision-making purposes. By excluding the impact of share-based
compensation expenses and release of valuation allowance on
deferred tax assets, the Company believes that the non-GAAP
financial measures help identify underlying trends in its business
and enhance the overall understanding of the Company’s past
performance and future prospects. The Company also believes that
the non-GAAP financial measures allow for greater visibility with
respect to key metrics used by the Company’s management in its
financial and operational decision-making.
The non-GAAP financial measures are not
presented in accordance with U.S. GAAP and may be different from
non-GAAP methods of accounting and reporting used by other
companies. The non-GAAP financial measures have limitations as
analytical tools and when assessing the Company’s operating
performance, investors should not consider them in isolation, or as
a substitute for financial information prepared in accordance with
U.S. GAAP. The Company encourages investors and others to review
its financial information in its entirety and not rely on a single
financial measure.
The Company mitigates these limitations by
reconciling the non-GAAP financial measures to the most comparable
U.S. GAAP performance measures, all of which should be considered
when evaluating the Company’s performance.
For more information on the non-GAAP financial
measures, please see the table captioned “Unaudited Reconciliation
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
Exchange Rate Information
This press release contains translations of
certain Renminbi amounts into U.S. dollars at a specified rate
solely for the convenience of the reader. Unless otherwise noted,
all translations from Renminbi to U.S. dollars and from U.S.
dollars to Renminbi are made at a rate of RMB7.0999 to US$1.00, the
exchange rate on December 29, 2023, set forth in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollars amounts
referred could be converted into U.S. dollars or Renminbi, as the
case may be, at any particular rate or at all.
About Li Auto Inc.
Li Auto Inc. is a leader in China’s new energy
vehicle market. The Company designs, develops, manufactures, and
sells premium smart electric vehicles. Its mission is: Create a
Mobile Home, Create Happiness (创造移动的家, 创造幸福的家). Through innovations
in product, technology, and business model, the Company provides
families with safe, convenient, and comfortable products and
services. Li Auto is a pioneer to successfully commercialize
extended-range electric vehicles in China. The Company started
volume production in November 2019. Its current model lineup
includes Li MEGA, a high-tech flagship family MPV, Li L9, a
six-seat flagship family SUV, and Li L8, a six-seat premium family
SUV, as well as Li L7, a five-seat flagship family SUV. The Company
leverages technology to create value for its users. It concentrates
its in-house development efforts on its proprietary range extension
system, next-generation electric vehicle technology, and smart
vehicle solutions while expanding its product line by developing
new BEVs and EREVs to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may
constitute “forward-looking” statements pursuant to the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “targets,”
“likely to,” “challenges,” and similar statements. Li Auto may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”)
and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its
annual report to shareholders, in press releases and other written
materials, and in oral statements made by its officers, directors,
or employees to third parties. Statements that are not historical
facts, including statements about Li Auto’s beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Li Auto’s strategies, future business
development, and financial condition and results of operations; Li
Auto’s limited operating history; risks associated with
extended-range electric vehicles and high-power charging battery
electric vehicles; Li Auto’s ability to develop, manufacture, and
deliver vehicles of high quality and appeal to customers; Li Auto’s
ability to generate positive cash flow and profits; product defects
or any other failure of vehicles to perform as expected; Li Auto’s
ability to compete successfully; Li Auto’s ability to build its
brand and withstand negative publicity; cancellation of orders for
Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and
changes in consumer demand and government incentives, subsidies, or
other favorable government policies. Further information regarding
these and other risks is included in Li Auto’s filings with the SEC
and the HKEX. All information provided in this press release is as
of the date of this press release, and Li Auto does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
For investor and media inquiries, please
contact:
Li Auto Inc.Investor RelationsEmail:
ir@lixiang.com
Piacente Financial CommunicationsBrandi
PiacenteTel: +1-212-481-2050
+86-10-6508-0677Email: Li@tpg-ir.com
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Comprehensive Income/(Loss)(All amounts in thousands,
except for ADS/ordinary share and per ADS/ordinary share data) |
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
December 31, 2022 |
|
September 30, 2023 |
|
December 31, 2023 |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
17,268,330 |
|
33,616,140 |
|
40,379,267 |
|
5,687,301 |
|
44,106,434 |
|
120,294,667 |
|
16,943,150 |
|
Other sales and services |
|
381,544 |
|
1,063,315 |
|
1,352,830 |
|
190,542 |
|
1,180,382 |
|
3,556,665 |
|
500,946 |
|
Total
revenues |
|
17,649,874 |
|
34,679,455 |
|
41,732,097 |
|
5,877,843 |
|
45,286,816 |
|
123,851,332 |
|
17,444,096 |
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(13,818,255) |
|
(26,491,089) |
|
(31,202,028) |
|
(4,394,714) |
|
(35,688,343) |
|
(94,482,347) |
|
(13,307,560) |
|
Other sales and services |
|
(265,288) |
|
(543,882) |
|
(743,186) |
|
(104,676) |
|
(808,017) |
|
(1,872,234) |
|
(263,699) |
|
Total cost of
sales |
|
(14,083,543) |
|
(27,034,971) |
|
(31,945,214) |
|
(4,499,390) |
|
(36,496,360) |
|
(96,354,581) |
|
(13,571,259) |
|
Gross
profit |
|
3,566,331 |
|
7,644,484 |
|
9,786,883 |
|
1,378,453 |
|
8,790,456 |
|
27,496,751 |
|
3,872,837 |
|
Operating
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
(2,070,091) |
|
(2,817,206) |
|
(3,491,026) |
|
(491,701) |
|
(6,780,032) |
|
(10,586,129) |
|
(1,491,025) |
|
Selling, general and administrative |
|
(1,629,859) |
|
(2,543,770) |
|
(3,269,668) |
|
(460,523) |
|
(5,665,301) |
|
(9,767,955) |
|
(1,375,788) |
|
Other operating income, net |
|
— |
|
55,870 |
|
10,237 |
|
1,442 |
|
— |
|
264,210 |
|
37,213 |
|
Total operating
expenses |
|
(3,699,950) |
|
(5,305,106) |
|
(6,750,457) |
|
(950,782) |
|
(12,445,333) |
|
(20,089,874) |
|
(2,829,600) |
|
(Loss)/Income from
operations |
|
(133,619) |
|
2,339,378 |
|
3,036,426 |
|
427,671 |
|
(3,654,877) |
|
7,406,877 |
|
1,043,237 |
|
Other
(expense)/income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(38,393) |
|
(11,698) |
|
(13,675) |
|
(1,926) |
|
(106,340) |
|
(86,251) |
|
(12,148) |
|
Interest income and investment income, net |
|
255,772 |
|
439,800 |
|
794,355 |
|
111,883 |
|
976,229 |
|
2,082,948 |
|
293,377 |
|
Others, net |
|
84,706 |
|
183,585 |
|
358,825 |
|
50,539 |
|
625,633 |
|
1,048,189 |
|
147,634 |
|
Income/(Loss) before
income tax |
|
168,466 |
|
2,951,065 |
|
4,175,931 |
|
588,167 |
|
(2,159,355) |
|
10,451,763 |
|
1,472,100 |
|
Income tax benefit/(expense) |
|
96,836 |
|
(138,191) |
|
1,576,385 |
|
222,029 |
|
127,007 |
|
1,357,362 |
|
191,180 |
|
Net
income/(loss) |
|
265,302 |
|
2,812,874 |
|
5,752,316 |
|
810,196 |
|
(2,032,348) |
|
11,809,125 |
|
1,663,280 |
|
Less: Net income/(loss) attributable to noncontrolling
interests |
|
8,364 |
|
(10,357) |
|
94,235 |
|
13,273 |
|
(20,133) |
|
104,992 |
|
14,788 |
|
Net income/(loss)
attributable to ordinary shareholders of Li Auto Inc. |
|
256,938 |
|
2,823,231 |
|
5,658,081 |
|
796,923 |
|
(2,012,215) |
|
11,704,133 |
|
1,648,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
265,302 |
|
2,812,874 |
|
5,752,316 |
|
810,196 |
|
(2,032,348) |
|
11,809,125 |
|
1,663,280 |
|
Other comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
|
42,097 |
|
21,998 |
|
40,438 |
|
5,696 |
|
1,327,761 |
|
(30,766) |
|
(4,333) |
|
Total other
comprehensive income/(loss) |
|
42,097 |
|
21,998 |
|
40,438 |
|
5,696 |
|
1,327,761 |
|
(30,766) |
|
(4,333) |
|
Total comprehensive
income/(loss) |
|
307,399 |
|
2,834,872 |
|
5,792,754 |
|
815,892 |
|
(704,587) |
|
11,778,359 |
|
1,658,947 |
|
Less: Net income/(loss) attributable to noncontrolling
interests |
|
8,364 |
|
(10,357) |
|
94,235 |
|
13,273 |
|
(20,133) |
|
104,992 |
|
14,788 |
|
Comprehensive
income/(loss) attributable to ordinary shareholders of Li Auto
Inc. |
|
299,035 |
|
2,845,229 |
|
5,698,519 |
|
802,619 |
|
(684,454) |
|
11,673,367 |
|
1,644,159 |
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
976,970,967 |
|
985,819,450 |
|
989,909,259 |
|
989,909,259 |
|
970,615,499 |
|
983,931,880 |
|
983,931,880 |
|
Diluted |
|
1,045,583,572 |
|
1,059,821,062 |
|
1,064,538,392 |
|
1,064,538,392 |
|
970,615,499 |
|
1,057,688,196 |
|
1,057,688,196 |
|
Net earnings/(loss)
per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.26 |
|
2.86 |
|
5.72 |
|
0.81 |
|
(2.07) |
|
11.90 |
|
1.68 |
|
Diluted |
|
0.25 |
|
2.67 |
|
5.32 |
|
0.75 |
|
(2.07) |
|
11.10 |
|
1.56 |
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,953,941,934 |
|
1,971,638,899 |
|
1,979,818,518 |
|
1,979,818,518 |
|
1,941,230,998 |
|
1,967,863,759 |
|
1,967,863,759 |
|
Diluted |
|
2,091,167,144 |
|
2,119,642,125 |
|
2,129,076,784 |
|
2,129,076,784 |
|
1,941,230,998 |
|
2,115,376,392 |
|
2,115,376,392 |
|
Net earnings/(loss)
per share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.13 |
|
1.43 |
|
2.86 |
|
0.40 |
|
(1.04) |
|
5.95 |
|
0.84 |
|
Diluted |
|
0.13 |
|
1.34 |
|
2.66 |
|
0.37 |
|
(1.04) |
|
5.55 |
|
0.78 |
|
Li Auto
Inc.Unaudited Condensed Consolidated Balance
Sheets(All amounts in thousands) |
|
|
|
|
As of |
|
|
|
|
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
38,478,016 |
|
91,329,030 |
|
12,863,425 |
|
Restricted cash |
|
1,940,142 |
|
479 |
|
67 |
|
Time deposits and short-term investments |
|
18,031,395 |
|
11,933,255 |
|
1,680,764 |
|
Trade receivable |
|
48,381 |
|
143,523 |
|
20,215 |
|
Inventories |
|
6,804,693 |
|
6,871,979 |
|
967,898 |
|
Prepayments and other current assets |
|
1,689,860 |
|
4,247,318 |
|
598,222 |
|
Total current assets |
|
66,992,487 |
|
114,525,584 |
|
16,130,591 |
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
|
1,484,491 |
|
1,595,376 |
|
224,704 |
|
Property, plant and equipment, net |
|
11,187,898 |
|
15,745,018 |
|
2,217,639 |
|
Operating lease right-of-use assets, net |
|
3,538,911 |
|
5,939,230 |
|
836,523 |
|
Intangible assets, net |
|
832,620 |
|
864,180 |
|
121,717 |
|
Goodwill |
|
5,484 |
|
5,484 |
|
772 |
|
Deferred tax assets |
|
74,767 |
|
1,990,245 |
|
280,320 |
|
Other non-current assets |
|
2,421,293 |
|
2,802,354 |
|
394,704 |
|
Total non-current assets |
|
19,545,464 |
|
28,941,887 |
|
4,076,379 |
|
Total assets |
|
86,537,951 |
|
143,467,471 |
|
20,206,970 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short‑term borrowings |
|
390,750 |
|
6,975,399 |
|
982,464 |
|
Trade and notes payable |
|
20,024,329 |
|
51,870,097 |
|
7,305,750 |
|
Amounts due to related parties |
|
7,190 |
|
10,607 |
|
1,494 |
|
Deferred revenue, current |
|
569,234 |
|
1,525,543 |
|
214,868 |
|
Operating lease liabilities, current |
|
696,454 |
|
1,146,437 |
|
161,472 |
|
Accruals and other current liabilities |
|
5,684,644 |
|
11,214,626 |
|
1,579,547 |
|
Total current liabilities |
|
27,372,601 |
|
72,742,709 |
|
10,245,595 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term borrowings |
|
9,230,807 |
|
1,747,070 |
|
246,070 |
|
Deferred revenue, non-current |
|
581,598 |
|
812,218 |
|
114,399 |
|
Operating lease liabilities, non-current |
|
1,946,367 |
|
3,677,961 |
|
518,030 |
|
Deferred tax liabilities |
|
77,809 |
|
200,877 |
|
28,293 |
|
Other non-current liabilities |
|
2,142,462 |
|
3,711,414 |
|
522,742 |
|
Total non-current liabilities |
|
13,979,043 |
|
10,149,540 |
|
1,429,534 |
|
Total liabilities |
|
41,351,644 |
|
82,892,249 |
|
11,675,129 |
|
Total Li Auto Inc. shareholders’ equity |
|
44,858,701 |
|
60,142,624 |
|
8,470,911 |
|
Noncontrolling interests |
|
327,606 |
|
432,598 |
|
60,930 |
|
Total shareholders’ equity |
|
45,186,307 |
|
60,575,222 |
|
8,531,841 |
|
Total liabilities and shareholders’ equity |
|
86,537,951 |
|
143,467,471 |
|
20,206,970 |
|
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(All amounts in thousands) |
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
December 31,2022 |
|
September 30,2023 |
|
December 31,2023 |
|
December 31,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Net cash provided by operating
activities |
|
4,925,350 |
|
14,506,532 |
|
17,294,228 |
|
2,435,841 |
|
7,380,266 |
|
50,693,521 |
|
7,140,033 |
|
Net cash used in investing
activities |
|
(5,308,274) |
|
(4,424,152) |
|
(469,104) |
|
(66,072) |
|
(4,364,661) |
|
(12,068) |
|
(1,700) |
|
Net cash provided by financing
activities |
|
251,024 |
|
1,371,433 |
|
863,355 |
|
121,601 |
|
5,639,392 |
|
185,385 |
|
26,111 |
|
Effect of exchange rate
changes |
|
(19,686) |
|
(20,252) |
|
(48,180) |
|
(6,786) |
|
1,270,097 |
|
44,513 |
|
6,270 |
|
Net change in cash,
cash equivalents and restricted cash |
|
(151,586) |
|
11,433,561 |
|
17,640,299 |
|
2,484,584 |
|
9,925,094 |
|
50,911,351 |
|
7,170,714 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
40,569,744 |
|
62,255,649 |
|
73,689,210 |
|
10,378,908 |
|
30,493,064 |
|
40,418,158 |
|
5,692,778 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
40,418,158 |
|
73,689,210 |
|
91,329,509 |
|
12,863,492 |
|
40,418,158 |
|
91,329,509 |
|
12,863,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
4,925,350 |
|
14,506,532 |
|
17,294,228 |
|
2,435,841 |
|
7,380,266 |
|
50,693,521 |
|
7,140,033 |
|
Capital expenditures |
|
(1,668,021) |
|
(1,281,759) |
|
(2,656,106) |
|
(374,105) |
|
(5,127,900) |
|
(6,507,189) |
|
(916,518) |
|
Free cash flow
(non-GAAP) |
|
3,257,329 |
|
13,224,773 |
|
14,638,122 |
|
2,061,736 |
|
2,252,366 |
|
44,186,332 |
|
6,223,515 |
|
Li Auto Inc.Unaudited
Reconciliation of GAAP and Non-GAAP Results(All
amounts in thousands, except for ADS/ordinary share and per
ADS/ordinary share data) |
|
|
For the Three Months Ended |
|
For the Year Ended |
|
|
|
December 31,2022 |
|
September 30, 2023 |
|
December 31,2023 |
|
December 31,2023 |
|
December 31,2022 |
|
December 31,2023 |
|
December 31,2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
Cost of sales |
|
(14,083,543) |
|
(27,034,971) |
|
(31,945,214) |
|
(4,499,390) |
|
(36,496,360) |
|
(96,354,581) |
|
(13,571,259) |
|
Share-based compensation
expenses |
|
16,644 |
|
10,662 |
|
15,334 |
|
2,160 |
|
44,845 |
|
46,631 |
|
6,568 |
|
Non-GAAP cost of
sales |
|
(14,066,899) |
|
(27,024,309) |
|
(31,929,880) |
|
(4,497,230) |
|
(36,451,515) |
|
(96,307,950) |
|
(13,564,691) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(2,070,091) |
|
(2,817,206) |
|
(3,491,026) |
|
(491,701) |
|
(6,780,032) |
|
(10,586,129) |
|
(1,491,025) |
|
Share-based compensation
expenses |
|
476,522 |
|
431,294 |
|
537,843 |
|
75,754 |
|
1,333,710 |
|
1,552,421 |
|
218,654 |
|
Non-GAAP research and
development expenses |
|
(1,593,569) |
|
(2,385,912) |
|
(2,953,183) |
|
(415,947) |
|
(5,446,322) |
|
(9,033,708) |
|
(1,272,371) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(1,629,859) |
|
(2,543,770) |
|
(3,269,668) |
|
(460,523) |
|
(5,665,301) |
|
(9,767,955) |
|
(1,375,788) |
|
Share-based compensation
expenses |
|
209,135 |
|
212,443 |
|
273,443 |
|
38,514 |
|
674,610 |
|
779,637 |
|
109,810 |
|
Non-GAAP selling,
general and administrative expenses |
|
(1,420,724) |
|
(2,331,327) |
|
(2,996,225) |
|
(422,009) |
|
(4,990,691) |
|
(8,988,318) |
|
(1,265,978) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
|
(133,619) |
|
2,339,378 |
|
3,036,426 |
|
427,671 |
|
(3,654,877) |
|
7,406,877 |
|
1,043,237 |
|
Share-based compensation
expenses |
|
702,301 |
|
654,399 |
|
826,620 |
|
116,428 |
|
2,053,165 |
|
2,378,689 |
|
335,031 |
|
Non-GAAP income/(loss)
from operations |
|
568,682 |
|
2,993,777 |
|
3,863,046 |
|
544,099 |
|
(1,601,712) |
|
9,785,566 |
|
1,378,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
265,302 |
|
2,812,874 |
|
5,752,316 |
|
810,196 |
|
(2,032,348) |
|
11,809,125 |
|
1,663,280 |
|
Share-based compensation
expenses |
|
702,301 |
|
654,399 |
|
826,620 |
|
116,428 |
|
2,053,165 |
|
2,378,689 |
|
335,031 |
|
Release of valuation allowance
on deferred tax assets |
|
— |
|
— |
|
(1,990,245) |
|
(280,320) |
|
— |
|
(1,990,245) |
|
(280,320) |
|
Non-GAAP net
income |
|
967,603 |
|
3,467,273 |
|
4,588,691 |
|
646,304 |
|
20,817 |
|
12,197,569 |
|
1,717,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) attributable
to ordinary shareholders of Li Auto Inc. |
|
256,938 |
|
2,823,231 |
|
5,658,081 |
|
796,923 |
|
(2,012,215) |
|
11,704,133 |
|
1,648,492 |
|
Share-based compensation
expenses |
|
702,301 |
|
654,399 |
|
826,620 |
|
116,428 |
|
2,053,165 |
|
2,378,689 |
|
335,031 |
|
Release of valuation allowance
on deferred tax assets |
|
— |
|
— |
|
(1,990,245) |
|
(280,320) |
|
— |
|
(1,990,245) |
|
(280,320) |
|
Non-GAAP net income
attributable to ordinary shareholders of Li Auto Inc. |
|
959,239 |
|
3,477,630 |
|
4,494,456 |
|
633,031 |
|
40,950 |
|
12,092,577 |
|
1,703,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
976,970,967 |
|
985,819,450 |
|
989,909,259 |
|
989,909,259 |
|
970,615,499 |
|
983,931,880 |
|
983,931,880 |
|
Diluted |
|
1,045,583,572 |
|
1,059,821,062 |
|
1,064,538,392 |
|
1,064,538,392 |
|
1,016,365,275 |
|
1,057,688,196 |
|
1,057,688,196 |
|
Non-GAAP net earnings
per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.98 |
|
3.53 |
|
4.54 |
|
0.64 |
|
0.04 |
|
12.29 |
|
1.73 |
|
Diluted |
|
0.93 |
|
3.29 |
|
4.23 |
|
0.60 |
|
0.04 |
|
11.46 |
|
1.61 |
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,953,941,934 |
|
1,971,638,899 |
|
1,979,818,518 |
|
1,979,818,518 |
|
1,941,230,998 |
|
1,967,863,759 |
|
1,967,863,759 |
|
Diluted |
|
2,091,167,144 |
|
2,119,642,125 |
|
2,129,076,784 |
|
2,129,076,784 |
|
2,032,730,550 |
|
2,115,376,392 |
|
2,115,376,392 |
|
Non-GAAP net earnings
per share attributable to ordinary
shareholders8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.49 |
|
1.76 |
|
2.27 |
|
0.32 |
|
0.02 |
|
6.15 |
|
0.87 |
|
Diluted |
|
0.46 |
|
1.64 |
|
2.11 |
|
0.30 |
|
0.02 |
|
5.73 |
|
0.81 |
|
____________________
1 All translations from Renminbi (“RMB”) to
U.S. dollars (“US$”) are made at a rate of RMB7.0999 to US$1.00,
the exchange rate on December 29, 2023 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 vehicle sales only.
3 The Company’s non-GAAP financial measures
exclude share-based compensation expenses and release of valuation
allowance on deferred tax assets. See “Unaudited Reconciliation of
GAAP and Non-GAAP Results” set forth at the end of this press
release.
4 Each ADS represents two Class A ordinary shares.
5 Free cash flow represents operating cash flow
less capital expenditures, which is considered a non-GAAP financial
measure.
6 Except for vehicle margin, gross margin,
and operating margin, where absolute changes instead of percentage
changes are presented.
7 Cash position includes cash and cash equivalents,
restricted cash, time deposits and short-term investments, and
long-term time deposits included in long-term investments.
8 Non-GAAP basic net earnings per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the
periods. Non-GAAP diluted net earnings per share attributable to
ordinary shareholders is calculated by dividing non-GAAP net income
attributable to ordinary shareholders by the weighted average
number of ordinary shares, dilutive potential ordinary shares
outstanding during the periods, including the dilutive effects of
convertible senior notes as determined under the if-converted
method and the dilutive effect of share-based awards as determined
under the treasury stock method.
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