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,
2023.
Operating Highlights for the Third Quarter of
2023
- Total vehicle deliveries were
105,108 units in the third quarter of 2023, representing a 296.3%
year-over-year increase.
Deliveries |
|
2023 Q3 |
|
2023 Q2 |
|
2023 Q1 |
|
2022 Q4 |
|
|
105,108 |
|
86,533 |
|
52,584 |
|
46,319 |
|
|
|
|
|
|
|
|
|
Deliveries |
|
2022 Q3 |
|
2022 Q2 |
|
2022 Q1 |
|
2021 Q4 |
|
|
26,524 |
|
28,687 |
|
31,716 |
|
35,221 |
- As of September 30, 2023, the
Company had 361 retail stores covering 131 cities, as well as 318
servicing centers and Li Auto-authorized body and paint shops
operating in 213 cities.
Financial Highlights for the Third Quarter of
2023
- Vehicle sales were
RMB33.62 billion (US$4.61 billion) in the third quarter of 2023,
representing an increase of 271.6% from RMB9.05 billion in the
third quarter of 2022 and an increase of 20.2% from RMB27.97
billion in the second quarter of 2023.
- Vehicle
margin2 was 21.2% in the third quarter of
2023, compared with 12.0% in the third quarter of 2022 and 21.0% in
the second quarter of 2023.
- Total revenues
were RMB34.68 billion (US$4.75 billion) in the third quarter of
2023, representing an increase of 271.2% from RMB9.34 billion in
the third quarter of 2022 and an increase of 21.0% from RMB28.65
billion in the second quarter of 2023.
- Gross profit was
RMB7.64 billion (US$1.05 billion) in the third quarter of 2023,
representing an increase of 546.7% from RMB1.18 billion in the
third quarter of 2022 and an increase of 22.6% from RMB6.24 billion
in the second quarter of 2023.
- Gross margin was
22.0% in the third quarter of 2023, compared with 12.7% in the
third quarter of 2022 and 21.8% in the second quarter of 2023.
- Income from
operations was RMB2.34 billion (US$320.6 million) in the
third quarter of 2023, compared with RMB2.13 billion loss from
operations in the third quarter of 2022 and representing an
increase of 43.9% from RMB1.63 billion income from operations in
the second quarter of 2023. Non-GAAP income from
operations3 was RMB2.99 billion (US$410.3
million) in the third quarter of 2023, compared with RMB1.72
billion non-GAAP loss from operations in the third quarter of 2022
and representing an increase of 46.5% from RMB2.04 billion non-GAAP
income from operations in the second quarter of 2023.
- Net income was
RMB2.81 billion (US$385.5 million) in the third quarter of 2023,
compared with RMB1.65 billion net loss in the third quarter of 2022
and representing an increase of 21.8% from RMB2.31 billion net
income in the second quarter of 2023. Non-GAAP net
income3 was RMB3.47 billion (US$475.2
million) in the third quarter of 2023, compared with RMB1.24
billion non-GAAP net loss in the third quarter of 2022 and
representing an increase of 27.1% from RMB2.73 billion non-GAAP net
income in the second quarter of 2023.
- Net cash provided by
operating activities was RMB14.51 billion (US$1.99
billion) in the third quarter of 2023, compared with RMB508.3
million net cash used in operating activities in the third quarter
of 2022 and representing an increase of 30.5% from RMB11.11 billion
net cash provided by operating activities in the second quarter of
2023.
- Free cash
flow4 was RMB13.22 billion (US$1.81
billion) in the third quarter of 2023, compared with negative
RMB1.96 billion free cash flow in the third quarter of 2022 and
representing an increase of 37.5% from RMB9.62 billion free cash
flow in the second quarter of 2023.
Key Financial Results
(in millions, except for percentages)
|
For the Three Months Ended |
% Change5 |
|
|
September 30,2022 |
|
June 30,2023 |
|
September 30,2023 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
9,045.9 |
|
27,971.9 |
|
33,616.1 |
|
271.6% |
|
20.2% |
|
Vehicle margin |
12.0% |
|
21.0% |
|
21.2% |
|
9.2% |
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
9,342.3 |
|
28,652.7 |
|
34,679.5 |
|
271.2% |
|
21.0% |
|
Gross profit |
1,182.0 |
|
6,235.3 |
|
7,644.5 |
|
546.7% |
|
22.6% |
|
Gross margin |
12.7% |
|
21.8% |
|
22.0% |
|
9.3% |
|
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations |
(2,129.7) |
|
1,625.9 |
|
2,339.4 |
|
N/A |
|
43.9% |
|
Non-GAAP (loss)/income from
operations |
(1,724.4) |
|
2,043.3 |
|
2,993.8 |
|
N/A |
|
46.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(1,645.7) |
|
2,310.1 |
|
2,812.9 |
|
N/A |
|
21.8% |
|
Non-GAAP net
(loss)/income |
(1,240.4) |
|
2,727.5 |
|
3,467.3 |
|
N/A |
|
27.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
(508.3) |
|
11,112.4 |
|
14,506.5 |
|
N/A |
|
30.5% |
|
Free cash flow (non-GAAP) |
(1,958.6) |
|
9,621.4 |
|
13,224.8 |
|
N/A |
|
37.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Recent Developments
Delivery Update
- In October 2023, the Company
delivered 40,422 vehicles, representing an increase of 302.1% from
October 2022. As of October 31, 2023, the Company had 372 retail
stores covering 133 cities, in addition to 315 servicing centers
and Li Auto-authorized body and paint shops operating in 210
cities.
Safety Evaluation Results
- In August 2023, the China Insurance
Automotive Safety Index (“C-IASI”) Management Center published the
safety evaluation results for Li L7 based on crash tests. Li L7
received a G rating, the highest safety rating, in three out of
four evaluation categories — occupant safety, pedestrian safety,
and assistance safety — and an M rating in the crashworthiness and
repair economy category. In particular, Li L7’s 99.8% score in
C-IASI’s assistance safety evaluation marked a historical high
among all SUV models.
ESG Performance
- In September 2023, the Company’s
“AA” rating was raised to the highest “AAA” rating by MSCI ESG
Research in recognition of the Company’s accomplishments in
sustainable development and social responsibility.
Termination of At-The-Market
Offering
- On September 27, 2023, the Company
terminated the equity distribution agreement dated June 28, 2022
between the Company and certain sales agents in connection with the
Company’s previously announced at-the-market offering program (the
“ATM Offering”) on the Nasdaq Global Select Market, effective
immediately after the close of business on the same day, U.S.
Eastern Time. The Company has terminated the ATM Offering because
it does not intend to further raise additional capital or sell
additional securities under the ATM Offering. The Company is not
subject to any penalties or liabilities relating to this
termination. As of the date of this press release, the Company has
sold 13,502,429 American depositary shares (“ADSs”) representing
27,004,858 Class A ordinary shares of the Company under the ATM
Offering, raising gross proceeds of US$536.4 million before
deducting fees and commissions payable to the sales agents of
US$5.4 million and certain other offering expenses. The Company has
used and currently still intends to use the net proceeds from the
ATM Offering for (i) research and development of next-generation
electric vehicle technologies including technologies for BEVs,
smart cabin, and autonomous driving, (ii) development and
manufacture of future platforms and car models, and (iii) working
capital needs and general corporate purposes.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive
officer of Li Auto, commented, “In response to the evolving market
demand in the third quarter, we continued to strengthen synergies
across production, supply, and sales, while enhancing our
production capability. With these efforts, we achieved a number of
breakthroughs across our delivery performance during the quarter,
becoming China’s first emerging new energy automaker to reach the
milestone of 500,000 cumulative deliveries. Each of our three Li L
series models recorded over 10,000 monthly deliveries for three
consecutive months since August, maintaining our position as the
sales champion among SUVs and NEVs priced over RMB300,000 in China.
As we further expand our business scale, we will continue to
maintain our profitability at a healthy level, while investing in
research and development to propel the long-term growth of our
business.”
“Our super flagship 5C BEV model, Li MEGA, is
steadily progressing towards its targeted launch in December 2023,
with deliveries to commence in February 2024. We believe that the
launch of Li MEGA, equipped with an 800-volt platform and 5C-rate
charging capability, will usher in a new era of success for Li Auto
in the BEV market and, together with EREV technology, will
accelerate the large-scale transition from traditional ICE
vehicles. At the same time, to better align with our BEV strategy,
we are accelerating our super charging network expansion to provide
users with more accessible and reliable energy replenishment
experiences.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “We are pleased to have sustained our growth momentum in
both our topline and bottom line in the third quarter. Driven by
record-high vehicle deliveries, our third quarter revenues surged
to RMB34.68 billion, up 271.2% year over year. As we continued to
optimize operating efficiency and implement disciplined cost
management, our gross margin remained healthy at 22.0%, while net
income rose to RMB2.81 billion and free cash flow reached RMB13.22
billion, boosting our cash position to RMB88.52 billion, each
representing a new quarterly high. Looking forward, our growing
profitability and ample cash position will further support our
unwavering investment in research and development, and enhance our
sustainable, long-term competitiveness.”
Financial Results for the Third Quarter of
2023
Revenues
- Total revenues
were RMB34.68 billion (US$4.75 billion) in the third quarter of
2023, representing an increase of 271.2% from RMB9.34 billion in
the third quarter of 2022 and an increase of 21.0% from RMB28.65
billion in the second quarter of 2023.
- Vehicle sales were
RMB33.62 billion (US$4.61 billion) in the third quarter of 2023,
representing an increase of 271.6% from RMB9.05 billion in the
third quarter of 2022 and an increase of 20.2% from RMB27.97
billion in the second quarter of 2023. The increase in vehicle
sales over the third quarter of 2022 and the second quarter of 2023
was mainly attributable to the increase in vehicle deliveries.
- Other sales and
services were RMB1.06 billion (US$145.7 million) in the
third quarter of 2023, representing an increase of 258.7% from
RMB296.4 million in the third quarter of 2022 and an increase of
56.2% from RMB680.8 million in the second quarter of 2023. The
increase in revenue from other sales and services over the third
quarter of 2022 and the second quarter of 2023 was mainly
attributable to the increased sales of accessories and provision of
services, which is in line with higher accumulated vehicle sales,
and the increased sales of charging stalls, which is in line with
higher vehicle deliveries.
Cost of Sales and Gross Margin
- Cost of sales was
RMB27.03 billion (US$3.71 billion) in the third quarter of 2023,
representing an increase of 231.3% from RMB8.16 billion in the
third quarter of 2022 and an increase of 20.6% from RMB22.42
billion in the second quarter of 2023. The increase in cost of
sales over the third quarter of 2022 and the second quarter of 2023
was mainly attributable to the increase in vehicle deliveries.
- Gross profit was
RMB7.64 billion (US$1.05 billion) in the third quarter of 2023,
representing an increase of 546.7% from RMB1.18 billion in the
third quarter of 2022 and an increase of 22.6% from RMB6.24 billion
in the second quarter of 2023.
- Vehicle margin was
21.2% in the third quarter of 2023, compared with 12.0% in the
third quarter of 2022 and 21.0% in the second quarter of 2023.
Excluding the impact of inventory provision and losses on purchase
commitments related to Li ONE in the third quarter of 2022, the
vehicle margin remained stable over the third quarter of 2022.
- Gross margin was
22.0% in the third quarter of 2023, compared with 12.7% in the
third quarter of 2022 and 21.8% in the second quarter of 2023. The
increase in gross margin over the third quarter of 2022 was mainly
attributable to the increase of vehicle margin.
Operating Expenses
- Operating expenses
were RMB5.31 billion (US$727.1 million) in the third quarter of
2023, representing an increase of 60.2% from RMB3.31 billion in the
third quarter of 2022 and an increase of 15.1% from RMB4.61 billion
in the second quarter of 2023.
- Research and development
expenses were RMB2.82 billion (US$386.1 million) in the
third quarter of 2023, representing an increase of 56.1% from
RMB1.80 billion in the third quarter of 2022 and an increase of
16.1% from RMB2.43 billion in the second quarter of 2023. The
increase in research and development expenses over the third
quarter of 2022 and the second quarter of 2023 was primarily driven
by increased employee compensation as a result of our growing
number of staff as well as increased expenses to support our
expanding product portfolios and technologies.
- Selling, general and
administrative expenses were RMB2.54 billion (US$348.7
million) in the third quarter of 2023, representing an increase of
68.8% from RMB1.51 billion in the third quarter of 2022 and an
increase of 10.2% from RMB2.31 billion in the second quarter of
2023. The increase in selling, general and administrative expenses
over the third quarter of 2022 and the second quarter of 2023 was
primarily driven by increased employee compensation as a result of
our growing number of staff as well as increased rental expenses
associated with the expansion of our sales and servicing
network.
Income/(Loss) from Operations
- Income from
operations was RMB2.34 billion (US$320.6 million) in the
third quarter of 2023, compared with RMB2.13 billion loss from
operations in the third quarter of 2022 and representing an
increase of 43.9% from RMB1.63 billion income from operations in
the second quarter of 2023. Non-GAAP income from
operations was RMB2.99 billion (US$410.3 million) in the
third quarter of 2023, compared with RMB1.72 billion non-GAAP loss
from operations in the third quarter of 2022 and representing an
increase of 46.5% from RMB2.04 billion non-GAAP income from
operations in the second quarter of 2023.
Net Income/(Loss) and Net Earnings/(Loss) Per
Share
- Net income was
RMB2.81 billion (US$385.5 million) in the third quarter of 2023,
compared with RMB1.65 billion net loss in the third quarter of 2022
and representing an increase of 21.8% from RMB2.31 billion net
income in the second quarter of 2023. Non-GAAP net
income was RMB3.47 billion (US$475.2 million) in the third
quarter of 2023, compared with RMB1.24 billion non-GAAP net loss in
the third quarter of 2022 and representing an increase of 27.1%
from RMB2.73 billion non-GAAP net income in the second quarter of
2023.
- Basic and diluted net
earnings per ADS6 attributable to
ordinary shareholders were RMB2.86 (US$0.39) and RMB2.67
(US$0.37) in the third quarter of 2023, respectively, compared with
RMB1.68 for both basic and diluted net loss per ADS attributable to
ordinary shareholders in the third quarter of 2022, and RMB2.34 and
RMB2.18 basic and diluted net earnings per ADS attributable to
ordinary shareholders in the second quarter of 2023, respectively.
Non-GAAP basic and diluted net earnings per ADS
attributable to ordinary shareholders3
were RMB3.53 (US$0.48) and RMB3.29 (US$0.45) in the third quarter
of 2023, respectively, compared with RMB1.27 for both non-GAAP
basic and diluted net loss per ADS attributable to ordinary
shareholders in the third quarter of 2022, and RMB2.76 and RMB2.58
non-GAAP basic and diluted net earnings per ADS attributable to
ordinary shareholders in the second quarter of 2023,
respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Cash
position7 was RMB88.52 billion (US$12.13
billion) as of September 30, 2023.
- Net cash provided by
operating activities was RMB14.51 billion (US$1.99
billion) in the third quarter of 2023, compared with RMB508.3
million net cash used in operating activities in the third quarter
of 2022 and representing an increase of 30.5% from RMB11.11 billion
net cash provided by operating activities in the second quarter of
2023.
- Free cash flow was
RMB13.22 billion (US$1.81 billion) in the third quarter of 2023,
compared with negative RMB1.96 billion free cash flow in the third
quarter of 2022 and representing an increase of 37.5% from RMB9.62
billion free cash flow in the second quarter of 2023.
Business Outlook
For the fourth quarter of 2023, the Company expects:
- Deliveries of
vehicles to be between 125,000 and 128,000 vehicles,
representing an increase of 169.9% to 176.3% from the fourth
quarter of 2022.
- Total revenues to
be between RMB38.46 billion (US$5.27 billion) and RMB39.38 billion
(US$5.40 billion), representing an increase of 117.9% to 123.1%
from the fourth quarter of 2022.
This business outlook reflects the Company’s
current and preliminary view on its business situation and market
conditions, which is subject to change.
Conference Call
Management will hold a conference call at 7:00
a.m. U.S. Eastern Time on Thursday, November 9, 2023 (8:00 p.m.
Beijing/Hong Kong Time on November 9, 2023) 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/10034368-573os2.html
A replay of the conference call will be accessible through
November 16, 2023, 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: |
10034368 |
|
|
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/loss,
non-GAAP net income/loss attributable to ordinary shareholders,
non-GAAP basic and diluted net earnings/loss per ADS attributable
to ordinary shareholders, non-GAAP basic and diluted net
earnings/loss 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, 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 net loss or other consolidated statements of
comprehensive loss data 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 RMB7.2960 to US$1.00, the
exchange rate on September 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 L9, a six-seat flagship family SUV, Li L8, a six-seat
premium family SUV, and 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: http://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; 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 (Loss)/Income(All amounts in thousands,
except for ADS/ordinary share and per ADS/ordinary share data) |
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30, 2022 |
|
June 30, 2023 |
|
September 30, 2023 |
|
September 30, 2023 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
9,045,883 |
|
27,971,944 |
|
33,616,140 |
|
4,607,475 |
|
|
Other sales and services |
|
296,402 |
|
680,783 |
|
1,063,315 |
|
145,739 |
|
|
Total
revenues |
|
9,342,285 |
|
28,652,727 |
|
34,679,455 |
|
4,753,214 |
|
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(7,962,903) |
|
(22,084,087) |
|
(26,491,089) |
|
(3,630,906) |
|
|
Other sales and services |
|
(197,412) |
|
(333,362) |
|
(543,882) |
|
(74,545) |
|
|
Total cost of
sales |
|
(8,160,315) |
|
(22,417,449) |
|
(27,034,971) |
|
(3,705,451) |
|
|
Gross
profit |
|
1,181,970 |
|
6,235,278 |
|
7,644,484 |
|
1,047,763 |
|
|
Operating
expense: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
(1,804,335) |
|
(2,425,600) |
|
(2,817,206) |
|
(386,130) |
|
|
Selling, general and administrative |
|
(1,507,362) |
|
(2,309,210) |
|
(2,543,770) |
|
(348,653) |
|
|
Other operating income, net |
|
— |
|
125,402 |
|
55,870 |
|
7,658 |
|
|
Total operating
expenses |
|
(3,311,697) |
|
(4,609,408) |
|
(5,305,106) |
|
(727,125) |
|
|
(Loss)/Income from
operations |
|
(2,129,727) |
|
1,625,870 |
|
2,339,378 |
|
320,638 |
|
|
Other
(expense)/income: |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(36,637) |
|
(28,440) |
|
(11,698) |
|
(1,603) |
|
|
Interest income and investment income, net |
|
307,921 |
|
430,262 |
|
439,800 |
|
60,280 |
|
|
Others, net |
|
156,529 |
|
324,291 |
|
183,585 |
|
25,162 |
|
|
(Loss)/Income before
income tax |
|
(1,701,914) |
|
2,351,983 |
|
2,951,065 |
|
404,477 |
|
|
Income tax benefit/(expense) |
|
56,176 |
|
(41,885) |
|
(138,191) |
|
(18,941) |
|
|
Net
(loss)/income |
|
(1,645,738) |
|
2,310,098 |
|
2,812,874 |
|
385,536 |
|
|
Less: Net (loss)/income attributable to noncontrolling
interests |
|
(5,417) |
|
16,945 |
|
(10,357) |
|
(1,420) |
|
|
Net (loss)/income
attributable to ordinary shareholders of Li Auto Inc. |
|
(1,640,321) |
|
2,293,153 |
|
2,823,231 |
|
386,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
(1,645,738) |
|
2,310,098 |
|
2,812,874 |
|
385,536 |
|
|
Other comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
|
312,572 |
|
(120,809) |
|
21,998 |
|
3,015 |
|
|
Total other
comprehensive income/(loss) |
|
312,572 |
|
(120,809) |
|
21,998 |
|
3,015 |
|
|
Total comprehensive
(loss)/income |
|
(1,333,166) |
|
2,189,289 |
|
2,834,872 |
|
388,551 |
|
|
Less: Net (loss)/income attributable to noncontrolling
interests |
|
(5,417) |
|
16,945 |
|
(10,357) |
|
(1,420) |
|
|
Comprehensive
(loss)/income attributable to ordinary shareholders of Li Auto
Inc. |
|
(1,327,749) |
|
2,172,344 |
|
2,845,229 |
|
389,971 |
|
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
|
Basic |
|
975,026,517 |
|
980,693,361 |
|
985,819,450 |
|
985,819,450 |
|
|
Diluted |
|
975,026,517 |
|
1,053,852,487 |
|
1,059,821,062 |
|
1,059,821,062 |
|
|
Net (loss)/earnings
per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(1.68) |
|
2.34 |
|
2.86 |
|
0.39 |
|
|
Diluted |
|
(1.68) |
|
2.18 |
|
2.67 |
|
0.37 |
|
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,950,053,033 |
|
1,961,386,723 |
|
1,971,638,899 |
|
1,971,638,899 |
|
|
Diluted |
|
1,950,053,033 |
|
2,107,704,975 |
|
2,119,642,125 |
|
2,119,642,125 |
|
|
Net (loss)/earnings
per share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.84) |
|
1.17 |
|
1.43 |
|
0.20 |
|
|
Diluted |
|
(0.84) |
|
1.09 |
|
1.34 |
|
0.18 |
|
|
Li Auto Inc.Unaudited Condensed
Consolidated Balance Sheets(All amounts in thousands) |
|
|
|
|
|
|
|
As of |
|
|
|
|
|
December 31, 2022 |
|
September 30, 2023 |
|
September 30, 2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
38,478,016 |
|
72,992,984 |
|
10,004,521 |
|
Restricted cash |
|
1,940,142 |
|
696,226 |
|
95,426 |
|
Time deposits and short-term investments |
|
18,031,395 |
|
14,428,431 |
|
1,977,581 |
|
Trade receivable |
|
48,381 |
|
86,764 |
|
11,892 |
|
Inventories |
|
6,804,693 |
|
6,026,648 |
|
826,021 |
|
Prepayments and other current assets |
|
1,689,860 |
|
3,503,577 |
|
480,205 |
|
Total current assets |
|
66,992,487 |
|
97,734,630 |
|
13,395,646 |
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
|
1,484,491 |
|
1,140,764 |
|
156,355 |
|
Property, plant and equipment, net |
|
11,187,898 |
|
13,667,625 |
|
1,873,304 |
|
Operating lease right-of-use assets, net |
|
3,538,911 |
|
4,421,974 |
|
606,082 |
|
Intangible assets, net |
|
832,620 |
|
841,512 |
|
115,339 |
|
Goodwill |
|
5,484 |
|
5,484 |
|
752 |
|
Deferred tax assets |
|
74,767 |
|
— |
|
— |
|
Other non-current assets |
|
2,421,293 |
|
2,323,638 |
|
318,481 |
|
Total non-current assets |
|
19,545,464 |
|
22,400,997 |
|
3,070,313 |
|
Total assets |
|
86,537,951 |
|
120,135,627 |
|
16,465,959 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Short‑term borrowings |
|
390,750 |
|
6,309,495 |
|
864,788 |
|
Trade and
notes payable |
|
20,024,329 |
|
40,561,033 |
|
5,559,352 |
|
Amounts
due to related parties |
|
7,190 |
|
9,354 |
|
1,282 |
|
Deferred
revenue, current |
|
569,234 |
|
1,245,519 |
|
170,713 |
|
Operating
lease liabilities, current |
|
696,454 |
|
958,694 |
|
131,400 |
|
Accruals
and other current liabilities |
|
5,684,644 |
|
8,663,890 |
|
1,187,486 |
|
Total current liabilities |
|
27,372,601 |
|
57,747,985 |
|
7,915,021 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term
borrowings |
|
9,230,807 |
|
1,594,120 |
|
218,492 |
|
Deferred
revenue, non-current |
|
581,598 |
|
747,201 |
|
102,412 |
|
Operating
lease liabilities, non-current |
|
1,946,367 |
|
2,594,798 |
|
355,647 |
|
Deferred
tax liabilities |
|
77,809 |
|
42,082 |
|
5,768 |
|
Other
non-current liabilities |
|
2,142,462 |
|
3,459,513 |
|
474,166 |
|
Total non-current liabilities |
|
13,979,043 |
|
8,437,714 |
|
1,156,485 |
|
Total liabilities |
|
41,351,644 |
|
66,185,699 |
|
9,071,506 |
|
Total Li Auto Inc. shareholders’ equity |
|
44,858,701 |
|
53,611,565 |
|
7,348,076 |
|
Noncontrolling interests |
|
327,606 |
|
338,363 |
|
46,377 |
|
Total shareholders’ equity |
|
45,186,307 |
|
53,949,928 |
|
7,394,453 |
|
Total liabilities and shareholders’ equity |
|
86,537,951 |
|
120,135,627 |
|
16,465,959 |
|
Li Auto Inc.Unaudited Condensed
Consolidated Statements of Cash Flows(All amounts in
thousands) |
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30,2022 |
|
June 30,2023 |
|
September 30,2023 |
|
September 30,2023 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
Net cash (used in)/provided by operating activities |
|
(508,260) |
|
11,112,395 |
|
14,506,532 |
|
1,988,284 |
|
|
Net cash provided by/(used in) investing activities |
|
119,880 |
|
7,573,941 |
|
(4,424,152) |
|
(606,380) |
|
|
Net cash provided by/(used in) financing activities |
|
3,458,522 |
|
(1,853,582) |
|
1,371,433 |
|
187,971 |
|
|
Effect of exchange rate changes |
|
404,582 |
|
138,186 |
|
(20,252) |
|
(2,775) |
|
|
Net change in cash, cash equivalents and restricted
cash |
|
3,474,724 |
|
16,970,940 |
|
11,433,561 |
|
1,567,100 |
|
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
37,095,020 |
|
45,284,709 |
|
62,255,649 |
|
8,532,847 |
|
|
Cash, cash equivalents and restricted cash at end of
period |
|
40,569,744 |
|
62,255,649 |
|
73,689,210 |
|
10,099,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)/provided by operating
activities |
|
(508,260) |
|
11,112,395 |
|
14,506,532 |
|
1,988,284 |
|
|
Capital expenditures |
|
(1,450,310) |
|
(1,491,029) |
|
(1,281,759) |
|
(175,680) |
|
|
Free cash flow (non-GAAP) |
|
(1,958,570) |
|
9,621,366 |
|
13,224,773 |
|
1,812,604 |
|
|
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 |
|
|
|
|
September 30,2022 |
|
June 30,2023 |
|
September 30,2023 |
|
September 30,2023 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
Cost of sales |
|
(8,160,315) |
|
(22,417,449) |
|
(27,034,971) |
|
(3,705,451) |
|
|
Share-based compensation expenses |
|
8,235 |
|
9,449 |
|
10,662 |
|
1,461 |
|
|
Non-GAAP cost of
sales |
|
(8,152,080) |
|
(22,408,000) |
|
(27,024,309) |
|
(3,703,990) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(1,804,335) |
|
(2,425,600) |
|
(2,817,206) |
|
(386,130) |
|
|
Share-based compensation
expenses |
|
231,207 |
|
247,064 |
|
431,294 |
|
59,114 |
|
|
Non-GAAP research and
development expenses |
|
(1,573,128) |
|
(2,178,536) |
|
(2,385,912) |
|
(327,016) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(1,507,362) |
|
(2,309,210) |
|
(2,543,770) |
|
(348,653) |
|
|
Share-based compensation
expenses |
|
165,863 |
|
160,928 |
|
212,443 |
|
29,118 |
|
|
Non-GAAP selling,
general and administrative expenses |
|
(1,341,499) |
|
(2,148,282) |
|
(2,331,327) |
|
(319,535) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
|
(2,129,727) |
|
1,625,870 |
|
2,339,378 |
|
320,638 |
|
|
Share-based compensation
expenses |
|
405,305 |
|
417,441 |
|
654,399 |
|
89,693 |
|
|
Non-GAAP (loss)/income from operations |
|
(1,724,422) |
|
2,043,311 |
|
2,993,777 |
|
410,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(1,645,738) |
|
2,310,098 |
|
2,812,874 |
|
385,536 |
|
|
Share-based compensation
expenses |
|
405,305 |
|
417,441 |
|
654,399 |
|
89,693 |
|
|
Non-GAAP net
(loss)/income |
|
(1,240,433) |
|
2,727,539 |
|
3,467,273 |
|
475,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable
to ordinary shareholders of Li Auto Inc. |
|
(1,640,321) |
|
2,293,153 |
|
2,823,231 |
|
386,956 |
|
|
Share-based compensation
expenses |
|
405,305 |
|
417,441 |
|
654,399 |
|
89,693 |
|
|
Non-GAAP net
(loss)/income attributable to ordinary
shareholders of Li Auto Inc. |
|
(1,235,016) |
|
2,710,594 |
|
3,477,630 |
|
476,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
|
Basic |
|
975,026,517 |
|
980,693,361 |
|
985,819,450 |
|
985,819,450 |
|
|
Diluted |
|
975,026,517 |
|
1,053,852,487 |
|
1,059,821,062 |
|
1,059,821,062 |
|
|
Non-GAAP net
(loss)/earnings per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(1.27) |
|
2.76 |
|
3.53 |
|
0.48 |
|
|
Diluted |
|
(1.27) |
|
2.58 |
|
3.29 |
|
0.45 |
|
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,950,053,033 |
|
1,961,386,723 |
|
1,971,638,899 |
|
1,971,638,899 |
|
|
Diluted |
|
1,950,053,033 |
|
2,107,704,975 |
|
2,119,642,125 |
|
2,119,642,125 |
|
|
Non-GAAP net
(loss)/earnings per share attributable to ordinary
shareholders8 |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.63) |
|
1.38 |
|
1.76 |
|
0.24 |
|
|
Diluted |
|
(0.63) |
|
1.29 |
|
1.64 |
|
0.23 |
|
|
__________________________________________
1 All translations from Renminbi (“RMB”) to
U.S. dollars (“US$”) are made at a rate of RMB7.2960 to US$1.00,
the exchange rate on September 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. See “Unaudited
Reconciliation of GAAP and Non-GAAP Results” set forth at the end
of this press release.
4 Free cash flow represents operating cash flow
less capital expenditures, which is considered a non-GAAP financial
measure.
5 Except for vehicle margin and gross
margin, where absolute changes instead of percentage changes are
presented.
6 Each ADS represents two Class A ordinary
shares.
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/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during
the periods. Non-GAAP diluted net earnings/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss 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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