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 March 31, 2024.
Operating Highlights for the First Quarter of
2024
- Total deliveries for the first
quarter of 2024 were 80,400 vehicles, representing a 52.9%
year-over-year increase.
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|
2024 Q1 |
|
2023 Q4 |
|
2023 Q3 |
|
2023 Q2 |
Deliveries |
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80,400 |
|
131,805 |
|
105,108 |
|
86,533 |
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|
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|
|
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|
|
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2023 Q1 |
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2022 Q4 |
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2022 Q3 |
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2022 Q2 |
Deliveries |
|
52,584 |
|
46,319 |
|
26,524 |
|
28,687 |
|
- As of March 31, 2024, in China, the
Company had 474 retail stores in 142 cities, 356 servicing centers
and Li Auto-authorized body and paint shops operating in 209
cities, and 357 super charging stations in operation equipped with
1,544 charging stalls.
Financial Highlights for the First Quarter of
2024
- Vehicle sales were
RMB24.3 billion (US$3.4 billion) in the first quarter of 2024,
representing an increase of 32.3% from RMB18.3 billion in the first
quarter of 2023 and a decrease of 39.9% from RMB40.4 billion in the
fourth quarter of 2023.
- Vehicle
margin2 was 19.3% in the first quarter of
2024, compared with 19.8% in the first quarter of 2023 and 22.7% in
the fourth quarter of 2023.
- Total revenues
were RMB25.6 billion (US$3.6 billion) in the first quarter of 2024,
representing an increase of 36.4% from RMB18.8 billion in the first
quarter of 2023 and a decrease of 38.6% from RMB41.7 billion in the
fourth quarter of 2023.
- Gross profit was
RMB5.3 billion (US$731.9 million) in the first quarter of 2024,
representing an increase of 38.0% from RMB3.8 billion in the first
quarter of 2023 and a decrease of 46.0% from RMB9.8 billion in the
fourth quarter of 2023.
- Gross margin was
20.6% in the first quarter of 2024, compared with 20.4% in the
first quarter of 2023 and 23.5% in the fourth quarter of 2023.
- Operating expenses
were RMB5.9 billion (US$812.9 million) in the first quarter of
2024, representing an increase of 71.4% from RMB3.4 billion in the
first quarter of 2023 and a decrease of 13.1% from RMB6.8 billion
in the fourth quarter of 2023.
- Loss from
operations was RMB584.9 million (US$81.0 million) in the
first quarter of 2024, compared with RMB405.2 million income from
operations in the first quarter of 2023 and RMB3.0 billion income
from operations in the fourth quarter of 2023.
- Operating margin
was negative 2.3% in the first quarter of 2024, compared with 2.2%
in the first quarter of 2023 and 7.3% in the fourth quarter of
2023.
- Net income was
RMB591.1 million (US$81.9 million) in the first quarter of 2024,
representing a decrease of 36.7% from RMB933.8 million in the first
quarter of 2023 and a decrease of 89.7% from RMB5.8 billion in the
fourth quarter of 2023. Non-GAAP net
income3 was RMB1.3 billion (US$176.8
million) in the first quarter of 2024, representing a decrease of
9.7% from RMB1.4 billion in the first quarter of 2023 and a
decrease of 72.2% from RMB4.6 billion in the fourth quarter of
2023.
- Diluted net earnings per
ADS4 attributable to ordinary
shareholders was RMB0.56 (US$0.08) in the first quarter of
2024, compared with RMB0.89 in the first quarter of 2023 and
RMB5.32 in the fourth quarter of 2023. Non-GAAP diluted net
earnings per ADS attributable to ordinary shareholders was
RMB1.21 (US$0.17) in the first quarter of 2024, compared with
RMB1.35 in the first quarter of 2023 and RMB4.23 in the fourth
quarter of 2023.
- Net cash used in operating
activities was RMB3.3 billion (US$462.9 million) in the
first quarter of 2024, compared with RMB7.8 billion net cash
provided by operating activities in the first quarter of 2023 and
RMB17.3 billion net cash provided by operating activities in the
fourth quarter of 2023.
- Free cash
flow5 was negative RMB5.1 billion
(US$700.1 million) in the first quarter of 2024, compared with
RMB6.7 billion in the first quarter of 2023 and RMB14.6 billion in
the fourth quarter of 2023.
Key
Financial Results(in millions, except for percentages and
per ADS data) |
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For the Three Months Ended |
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% Change6 |
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|
March 31,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
18,327.3 |
|
40,379.3 |
|
24,251.6 |
|
32.3% |
|
(39.9)% |
|
Vehicle margin |
19.8% |
|
22.7% |
|
19.3% |
|
(0.5)pts |
|
(3.4)pts |
|
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|
|
|
|
|
|
|
|
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Total revenues |
18,787.1 |
|
41,732.1 |
|
25,633.7 |
|
36.4% |
|
(38.6)% |
|
Gross profit |
3,830.1 |
|
9,786.9 |
|
5,284.3 |
|
38.0% |
|
(46.0)% |
|
Gross margin |
20.4% |
|
23.5% |
|
20.6% |
|
0.2pts |
|
(2.9)pts |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
(3,424.9) |
|
(6,750.5) |
|
(5,869.2) |
|
71.4% |
|
(13.1)% |
|
Income/(Loss) from
operations |
405.2 |
|
3,036.4 |
|
(584.9) |
|
N/A |
|
N/A |
|
Operating margin |
2.2% |
|
7.3% |
|
(2.3)% |
|
(4.5)pts |
|
(9.6)pts |
|
|
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|
|
|
|
|
|
|
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Net income |
933.8 |
|
5,752.3 |
|
591.1 |
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(36.7)% |
|
(89.7)% |
|
Non-GAAP net income |
1,414.1 |
|
4,588.7 |
|
1,276.4 |
|
(9.7)% |
|
(72.2)% |
|
|
|
|
|
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|
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|
|
|
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Diluted net earnings per ADS
attributable to ordinary shareholders |
0.89 |
|
5.32 |
|
0.56 |
|
(37.1)% |
|
(89.5)% |
|
Non-GAAP diluted net earnings
per ADS attributable to ordinary shareholders |
1.35 |
|
4.23 |
|
1.21 |
|
(10.4)% |
|
(71.4)% |
|
|
|
|
|
|
|
|
|
|
|
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Net cash provided by/(used in)
operating activities |
7,780.4 |
|
17,294.2 |
|
(3,342.4) |
|
N/A |
|
N/A |
|
Free cash flow (non-GAAP) |
6,702.1 |
|
14,638.1 |
|
(5,055.2) |
|
N/A |
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N/A |
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Recent Developments
Delivery Update
- In April 2024, the Company
delivered 25,787 vehicles, representing an increase of 0.4% from
April 2023. As of April 30, 2024, in China, the Company had 481
retail stores in 144 cities, 361 servicing centers and Li
Auto-authorized body and paint shops operating in 210 cities, and
386 super charging stations in operation equipped with 1,678
charging stalls.
New Model Launches
- Li MEGA: in March 2024, the Company
launched and commenced delivery of Li MEGA, its high-tech flagship
family MPV. Built on an 800-volt battery electric platform, Li MEGA
is equipped with Qilin 5C battery and can achieve a driving range
of 500 kilometers with a 12-minute charge using Li Auto 5C super
charging stalls. It features a next-generation design with low drag
coefficient and energy consumption, while offering superior driving
and riding comfort and safety with spacious interior, numerous
premium configurations, and strict safety standards. In terms of
vehicle intelligence, its Li SS Ultra smart space and Li AD Max
autonomous driving systems are powered by a high-performance
Qualcomm Snapdragon 8295P chip and dual NVIDIA DRIVE Orin-X chips,
respectively.
- 2024 Li L Series: in March 2024,
the Company launched and commenced delivery of the 2024 Li L7, Li
L8, and Li L9. With extensive upgrades across range extension
system, chassis system, and configurations with respect to safety,
comfort, intelligence, among others, the 2024 Li L series boast
comprehensively enhanced product strengths to better meet families’
needs.
- Li L6: in April 2024, the Company
launched and commenced delivery of Li L6, a five-seat premium
family SUV that offers a spacious interior and superior
configurations. It employs an all-wheel-drive extended range
electric system built with the latest generation of lithium iron
phosphate batteries. Li L6 is available in Pro and Max trims, both
featuring a four-screen interaction system powered by a Qualcomm
Snapdragon 8295P chip. Li L6 Pro comes standard with Li AD Pro
autonomous driving system, powered by a Horizon Robotics Journey 5,
while the Max trim comes standard with Li AD Max autonomous driving
system, powered by dual NVIDIA DRIVE Orin-X chips.
2023 Environmental, Social and
Governance Report
- On April 12, 2024, the Company
published its 2023 Environmental, Social and Governance (ESG)
report (https://ir.lixiang.com/esg), which outlines its efforts in
fulfilling social responsibilities and the advancements and
practices that it has implemented throughout the year to integrate
sustainability and sound governance into its corporate strategies
and daily operations.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive
officer of Li Auto, commented, “In the first quarter of 2024, our
deliveries reached 80,400 vehicles, up 52.9% year over year,
further solidifying Li Auto’s leadership position in the RMB300,000
and higher NEV market in China. In March, we launched and commenced
delivery of our high-tech flagship family MPV, Li MEGA, which is
also our first high-power charging BEV. Meanwhile, we accelerated
our efforts to deploy super charging stations nationwide, adding
charging resources for Li Auto users to expedite the 0-to-1
development phase of our high-power charging BEVs. In
April, we launched and commenced delivery of Li L6, a five-seat
premium family SUV, to satisfy the mobility needs of more young
families, making all-wheel-drive range extension system and
intelligent features available on vehicles priced below RMB300,000.
As our company continues to grow amidst an ever-changing market
landscape, we will embrace the twists and turns that the journey
presents and consistently focus on enhancing operating efficiency
while persistently creating incremental user value.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “Despite the rollout of a new model, product iterations, and
pricing adjustments, our first quarter financial results remained
solid. Our revenue reached RMB25.6 billion for the period, growing
by 36.4% year over year, and our gross margin stayed healthy at
20.6%. While our first quarter deliveries fluctuated sequentially,
we remain confident that our deliveries will continue to grow in
the coming quarters. In line with this outlook, we have maintained
the pace of our investments in research and development and sales
and servicing network. Looking ahead, we will continue to
rigorously evaluate and streamline our operations while being fully
centered on users and products, driving progress toward our
long-term goals and strategic vision amidst a competitive
market.”
Financial Results for the First Quarter of
2024
Revenues
- Total revenues
were RMB25.6 billion (US$3.6 billion) in the first quarter of 2024,
representing an increase of 36.4% from RMB18.8 billion in the first
quarter of 2023 and a decrease of 38.6% from RMB41.7 billion in the
fourth quarter of 2023.
- Vehicle sales were
RMB24.3 billion (US$3.4 billion) in the first quarter of 2024,
representing an increase of 32.3% from RMB18.3 billion in the first
quarter of 2023 and a decrease of 39.9% from RMB40.4 billion in the
fourth quarter of 2023. The increase in revenue from vehicle sales
over the first quarter of 2023 was mainly attributable to the
increase in vehicle deliveries, partially offset by the lower
average selling price due to different product mix and pricing
strategy changes between two quarters. The decrease in revenue
from vehicle sales over the fourth quarter of 2023 was mainly due
to the decrease in vehicle deliveries which were affected by
seasonal factors related to the Chinese New Year holiday and
lower-than-expected order intake in March.
- Other sales and
services were RMB1.4 billion (US$191.4 million) in the
first quarter of 2024, representing an increase of 200.6% from
RMB459.7 million in the first quarter of 2023 and an increase of
2.2% from RMB1.4 billion in the fourth quarter of 2023. The
increase in revenue from other sales and services over the first
quarter of 2023 was mainly attributable to the increased sales of
embedded products and services, including charging stalls, offered
together with vehicle sales, 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.
The revenue from other sales and services remained relatively
stable over the fourth quarter of 2023.
Cost of Sales and Gross Margin
- Cost of sales was
RMB20.3 billion (US$2.8 billion) in the first quarter of 2024,
representing an increase of 36.1% from RMB15.0 billion in the first
quarter of 2023 and a decrease of 36.3% from RMB31.9 billion in the
fourth quarter of 2023. The increase in cost of sales over the
first quarter of 2023 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
decrease in cost of sales over the fourth quarter of 2023 was
mainly attributable to the decrease in vehicle deliveries.
- Gross profit was
RMB5.3 billion (US$731.9 million) in the first quarter of 2024,
representing an increase of 38.0% from RMB3.8 billion in the first
quarter of 2023 and a decrease of 46.0% from RMB9.8 billion in the
fourth quarter of 2023.
- Vehicle margin was
19.3% in the first quarter of 2024, compared with 19.8% in the
first quarter of 2023 and 22.7% in the fourth quarter of 2023. The
vehicle margin remained relatively stable over the first quarter of
2023. The decrease in vehicle margin over the fourth quarter of
2023 was mainly due to lower average selling price as a result of
pricing strategy changes in the first quarter of 2024 and true-up
adjustments of warranty reserve in the fourth quarter of 2023 based
on updated estimate of costs of future claims.
- Gross margin was
20.6% in the first quarter of 2024, compared with 20.4% in the
first quarter of 2023 and 23.5% in the fourth quarter of 2023. The
gross margin remained relatively stable over the first quarter of
2023. The decrease of gross margin over the fourth quarter of 2023
was mainly attributable to the decrease in vehicle margin.
Operating Expenses
- Operating expenses
were RMB5.9 billion (US$812.9 million) in the first quarter of
2024, representing an increase of 71.4% from RMB3.4 billion in the
first quarter of 2023 and a decrease of 13.1% from RMB6.8 billion
in the fourth quarter of 2023.
- Research and development
expenses were RMB3.0 billion (US$422.3 million) in the
first quarter of 2024, representing an increase of 64.6% from
RMB1.9 billion in the first quarter of 2023 and a decrease of 12.7%
from RMB3.5 billion in the fourth quarter of 2023. The increase in
research and development expenses over the first quarter of 2023
was primarily due to increased employee compensation as a result of
the growth in number of staff as well as increased expenses to
support the expanding product portfolios and technologies. The
decrease in research and development expenses over the fourth
quarter of 2023 was mainly in line with timing and progress of new
vehicle programs.
- Selling, general and
administrative expenses were RMB3.0 billion (US$412.4
million) in the first quarter of 2024, representing an increase of
81.0% from RMB1.6 billion in the first quarter of 2023 and a
decrease of 8.9% from RMB3.3 billion in the fourth quarter of 2023.
The increase in selling, general and administrative expenses over
the first quarter of 2023 was primarily due to increased employee
compensation as a result of the growth in number of staff as well
as increased rental and other expenses associated with the
expansion of sales and servicing network. The decrease in selling,
general and administrative expenses over the fourth quarter of 2023
was mainly due to the decrease in vehicle deliveries.
(Loss)/Income from Operations
- Loss from
operations was RMB584.9 million (US$81.0 million) in the
first quarter of 2024, compared with RMB405.2 million income from
operations in the first quarter of 2023 and RMB3.0 billion income
from operations in the fourth quarter of 2023. Operating
margin was negative 2.3% in the first quarter of 2024,
compared with 2.2% in the first quarter of 2023 and 7.3% in the
fourth quarter of 2023. Non-GAAP income from
operations was RMB100.3 million (US$13.9 million) in the
first quarter of 2024, representing a decrease of 88.7% from
RMB885.4 million in the first quarter of 2023 and a decrease of
97.4% from RMB3.9 billion in the fourth quarter of 2023.
Net Income and Net Earnings Per Share
- Net income was
RMB591.1 million (US$81.9 million) in the first quarter of 2024,
representing a decrease of 36.7% from RMB933.8 million in the first
quarter of 2023 and a decrease of 89.7% from RMB5.8 billion in the
fourth quarter of 2023. Non-GAAP net income was
RMB1.3 billion (US$176.8 million) in the first quarter of 2024,
representing a decrease of 9.7% from RMB1.4 billion in the first
quarter of 2023 and a decrease of 72.2% from RMB4.6 billion in the
fourth quarter of 2023.
- Basic and diluted net
earnings per ADS attributable to ordinary shareholders
were RMB0.60 (US$0.08) and RMB0.56 (US$0.08) in the first quarter
of 2024, respectively, compared with RMB0.95 and RMB0.89 in the
first quarter of 2023, respectively, and RMB5.72 and RMB5.32 in the
fourth quarter of 2023, respectively. Non-GAAP basic and
diluted net earnings per ADS attributable to ordinary
shareholders were RMB1.29 (US$0.18) and RMB1.21 (US$0.17)
in the first quarter of 2024, respectively, compared with RMB1.44
and RMB1.35 in the first quarter of 2023, respectively, and RMB4.54
and RMB4.23 in the fourth quarter of 2023, respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Cash
position7 was RMB98.9 billion (US$13.7
billion) as of March 31, 2024.
- Net cash used in operating
activities was RMB3.3 billion (US$462.9 million) in the
first quarter of 2024, compared with RMB7.8 billion net cash
provided by operating activities in the first quarter of 2023 and
RMB17.3 billion net cash provided by operating activities in the
fourth quarter of 2023. The change in net cash used in operating
activities over the first quarter of 2023 was mainly due to the
increased payment related to inventory purchase partially offset by
the increase in cash received from customers. The change in net
cash used in operating activities over the fourth quarter of 2023
was mainly due to the decrease in cash received from customers as a
result of the decrease in vehicle deliveries.
- Free cash flow was
negative RMB5.1 billion (US$700.1 million) in the first quarter of
2024, compared with RMB6.7 billion in the first quarter of 2023 and
RMB14.6 billion in the fourth quarter of 2023.
Business Outlook
For the second quarter of 2024, the Company expects:
- Deliveries of
vehicles to be between 105,000 and 110,000 vehicles,
representing an increase of 21.3% to 27.1% from the second quarter
of 2023.
- Total revenues to
be between RMB29.9 billion (US$4.1 billion) and RMB31.4 billion
(US$4.3 billion), representing an increase of 4.2% to 9.4% from the
second 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 8:00
a.m. U.S. Eastern Time on Monday, May 20, 2024 (8:00 p.m.
Beijing/Hong Kong Time on May 20, 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/10038704-ogh75Er.html
A replay of the conference call will be accessible through May
27, 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: |
10038704 |
|
|
Additionally, a live and archived webcast of the
conference call will be available on the Company’s investor
relations website at https://ir.lixiang.com.
Non-GAAP Financial Measures
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 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 RMB7.2203 to US$1.00, the
exchange rate on March 29, 2024, 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, Li L8, a six-seat premium family SUV,
Li L7, a five-seat flagship family SUV, and Li L6, a five-seat
premium 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
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Comprehensive Income(All amounts in thousands, except for
ADS/ordinary share and per ADS/ordinary share data) |
|
|
|
For the Three Months Ended |
|
|
|
March 31, 2023 |
|
December 31, 2023 |
|
March 31, 2024 |
|
March 31, 2024 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Revenues: |
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
18,327,316 |
|
40,379,267 |
|
24,251,553 |
|
3,358,801 |
|
Other sales and services |
|
459,737 |
|
1,352,830 |
|
1,382,107 |
|
191,420 |
|
Total
revenues |
|
18,787,053 |
|
41,732,097 |
|
25,633,660 |
|
3,550,221 |
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(14,705,143) |
|
(31,202,028) |
|
(19,561,658) |
|
(2,709,258) |
|
Other sales and services |
|
(251,804) |
|
(743,186) |
|
(787,697) |
|
(109,095) |
|
Total cost of
sales |
|
(14,956,947) |
|
(31,945,214) |
|
(20,349,355) |
|
(2,818,353) |
|
Gross
profit |
|
3,830,106 |
|
9,786,883 |
|
5,284,305 |
|
731,868 |
|
Operating
expense: |
|
|
|
|
|
|
|
|
|
Research and development |
|
(1,852,297) |
|
(3,491,026) |
|
(3,048,886) |
|
(422,266) |
|
Selling, general and administrative |
|
(1,645,307) |
|
(3,269,668) |
|
(2,977,585) |
|
(412,391) |
|
Other operating income, net |
|
72,701 |
|
10,237 |
|
157,264 |
|
21,781 |
|
Total operating
expenses |
|
(3,424,903) |
|
(6,750,457) |
|
(5,869,207) |
|
(812,876) |
|
Income/(Loss) from
operations |
|
405,203 |
|
3,036,426 |
|
(584,902) |
|
(81,008) |
|
Other
(expense)/income: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
(32,438) |
|
(13,675) |
|
(28,598) |
|
(3,961) |
|
Interest income and investment income, net |
|
418,531 |
|
794,355 |
|
1,068,888 |
|
148,039 |
|
Others, net |
|
181,488 |
|
358,825 |
|
220,184 |
|
30,495 |
|
Income before income
tax |
|
972,784 |
|
4,175,931 |
|
675,572 |
|
93,565 |
|
Income tax (expense)/benefit |
|
(38,947) |
|
1,576,385 |
|
(84,446) |
|
(11,696) |
|
Net
income |
|
933,837 |
|
5,752,316 |
|
591,126 |
|
81,869 |
|
Less: Net income/(loss) attributable to noncontrolling
interests |
|
4,169 |
|
94,235 |
|
(1,432) |
|
(198) |
|
Net income
attributable to ordinary shareholders of Li Auto Inc. |
|
929,668 |
|
5,658,081 |
|
592,558 |
|
82,067 |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
933,837 |
|
5,752,316 |
|
591,126 |
|
81,869 |
|
Other comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
|
27,607 |
|
40,438 |
|
(59,936) |
|
(8,301) |
|
Total other
comprehensive income/(loss) |
|
27,607 |
|
40,438 |
|
(59,936) |
|
(8,301) |
|
Total comprehensive
income |
|
961,444 |
|
5,792,754 |
|
531,190 |
|
73,568 |
|
Less: Net income/(loss) attributable to noncontrolling
interests |
|
4,169 |
|
94,235 |
|
(1,432) |
|
(198) |
|
Comprehensive income
attributable to ordinary shareholders of Li Auto Inc. |
|
957,275 |
|
5,698,519 |
|
532,622 |
|
73,766 |
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
Basic |
|
979,166,653 |
|
989,909,259 |
|
993,308,654 |
|
993,308,654 |
|
Diluted |
|
1,052,402,047 |
|
1,064,538,392 |
|
1,066,436,872 |
|
1,066,436,872 |
|
Net earnings per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
0.95 |
|
5.72 |
|
0.60 |
|
0.08 |
|
Diluted |
|
0.89 |
|
5.32 |
|
0.56 |
|
0.08 |
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
Basic |
|
1,958,333,306 |
|
1,979,818,518 |
|
1,986,617,307 |
|
1,986,617,307 |
|
Diluted |
|
2,104,804,095 |
|
2,129,076,784 |
|
2,132,873,744 |
|
2,132,873,744 |
|
Net earnings per share
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
0.47 |
|
2.86 |
|
0.30 |
|
0.04 |
|
Diluted |
|
0.45 |
|
2.66 |
|
0.28 |
|
0.04 |
|
Li Auto
Inc.Unaudited Condensed Consolidated Balance
Sheets(All amounts in thousands) |
|
|
|
|
|
As of |
|
|
|
|
December 31, 2023 |
|
March 31, 2024 |
|
March 31, 2024 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
91,329,030 |
|
85,124,762 |
|
11,789,643 |
Restricted cash |
|
479 |
|
5,225 |
|
724 |
Time deposits and short-term investments |
|
11,933,255 |
|
13,763,658 |
|
1,906,245 |
Trade receivable |
|
143,523 |
|
77,255 |
|
10,700 |
Inventories |
|
6,871,979 |
|
12,158,602 |
|
1,683,947 |
Prepayments and other current assets |
|
4,247,318 |
|
4,525,497 |
|
626,774 |
Total current assets |
|
114,525,584 |
|
115,654,999 |
|
16,018,033 |
Non-current assets: |
|
|
|
|
|
|
Long-term investments |
|
1,595,376 |
|
1,545,525 |
|
214,053 |
Property, plant and equipment, net |
|
15,745,018 |
|
20,323,916 |
|
2,814,830 |
Operating lease right-of-use assets, net |
|
5,939,230 |
|
6,893,866 |
|
954,789 |
Intangible assets, net |
|
864,180 |
|
880,571 |
|
121,958 |
Goodwill |
|
5,484 |
|
5,484 |
|
760 |
Deferred tax assets |
|
1,990,245 |
|
1,990,245 |
|
275,646 |
Other non-current assets |
|
2,802,354 |
|
2,365,248 |
|
327,583 |
Total non-current assets |
|
28,941,887 |
|
34,004,855 |
|
4,709,619 |
Total assets |
|
143,467,471 |
|
149,659,854 |
|
20,727,652 |
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term borrowings |
|
6,975,399 |
|
7,136,525 |
|
988,397 |
Trade and notes payable |
|
51,870,097 |
|
54,586,888 |
|
7,560,197 |
Amounts due to related parties |
|
10,607 |
|
12,640 |
|
1,751 |
Deferred revenue, current |
|
1,525,543 |
|
1,400,236 |
|
193,930 |
Operating lease liabilities, current |
|
1,146,437 |
|
1,243,520 |
|
172,226 |
Finance lease liabilities, current |
|
— |
|
34,451 |
|
4,771 |
Accruals and other current liabilities |
|
11,214,626 |
|
11,186,337 |
|
1,549,291 |
Total current liabilities |
|
72,742,709 |
|
75,600,597 |
|
10,470,563 |
Non-current liabilities: |
|
|
|
|
|
|
Long-term borrowings |
|
1,747,070 |
|
1,803,030 |
|
249,717 |
Deferred revenue, non-current |
|
812,218 |
|
813,494 |
|
112,668 |
Operating lease liabilities, non-current |
|
3,677,961 |
|
4,421,642 |
|
612,390 |
Finance lease liabilities, non-current |
|
— |
|
671,878 |
|
93,054 |
Deferred tax liabilities |
|
200,877 |
|
200,877 |
|
27,821 |
Other non-current liabilities |
|
3,711,414 |
|
4,354,846 |
|
603,139 |
Total non-current liabilities |
|
10,149,540 |
|
12,265,767 |
|
1,698,789 |
Total liabilities |
|
82,892,249 |
|
87,866,364 |
|
12,169,352 |
Total Li Auto Inc. shareholders’ equity |
|
60,142,624 |
|
61,362,324 |
|
8,498,584 |
Noncontrolling interests |
|
432,598 |
|
431,166 |
|
59,716 |
Total shareholders’ equity |
|
60,575,222 |
|
61,793,490 |
|
8,558,300 |
Total liabilities and shareholders’ equity |
|
143,467,471 |
|
149,659,854 |
|
20,727,652 |
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(All amounts in thousands) |
|
|
|
For the Three Months Ended |
|
|
March 31,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Net cash provided by/(used in)
operating activities |
|
7,780,366 |
|
17,294,228 |
|
(3,342,386) |
|
(462,915) |
Net cash used in investing
activities |
|
(2,692,753) |
|
(469,104) |
|
(3,098,206) |
|
(429,097) |
Net cash (used in)/provided by
financing activities |
|
(195,821) |
|
863,355 |
|
185,257 |
|
25,658 |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(25,241) |
|
(48,180) |
|
55,813 |
|
7,731 |
Net change in cash,
cash equivalents and restricted cash |
|
4,866,551 |
|
17,640,299 |
|
(6,199,522) |
|
(858,623) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
40,418,158 |
|
73,689,210 |
|
91,329,509 |
|
12,648,990 |
Cash, cash equivalents
and restricted cash at end of period |
|
45,284,709 |
|
91,329,509 |
|
85,129,987 |
|
11,790,367 |
|
|
|
|
|
|
|
|
|
Net cash provided
by/(used in) operating activities |
|
7,780,366 |
|
17,294,228 |
|
(3,342,386) |
|
(462,915) |
Capital expenditures |
|
(1,078,295) |
|
(2,656,106) |
|
(1,712,843) |
|
(237,226) |
Free cash flow
(non-GAAP) |
|
6,702,071 |
|
14,638,122 |
|
(5,055,229) |
|
(700,141) |
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 |
|
|
March 31,2023 |
|
December 31,2023 |
|
March 31,2024 |
|
March 31,2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Cost of sales |
|
(14,956,947) |
|
(31,945,214) |
|
(20,349,355) |
|
(2,818,353) |
Share-based compensation
expenses |
|
11,186 |
|
15,334 |
|
13,469 |
|
1,865 |
Non-GAAP cost of
sales |
|
(14,945,761) |
|
(31,929,880) |
|
(20,335,886) |
|
(2,816,488) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(1,852,297) |
|
(3,491,026) |
|
(3,048,886) |
|
(422,266) |
Share-based compensation
expenses |
|
336,220 |
|
537,843 |
|
433,764 |
|
60,076 |
Non-GAAP research and
development expenses |
|
(1,516,077) |
|
(2,953,183) |
|
(2,615,122) |
|
(362,190) |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(1,645,307) |
|
(3,269,668) |
|
(2,977,585) |
|
(412,391) |
Share-based compensation
expenses |
|
132,823 |
|
273,443 |
|
237,994 |
|
32,962 |
Non-GAAP selling,
general and administrative expenses |
|
(1,512,484) |
|
(2,996,225) |
|
(2,739,591) |
|
(379,429) |
|
|
|
|
|
|
|
|
|
Income/(Loss) from
operations |
|
405,203 |
|
3,036,426 |
|
(584,902) |
|
(81,008) |
Share-based compensation
expenses |
|
480,229 |
|
826,620 |
|
685,227 |
|
94,903 |
Non-GAAP income from operations |
|
885,432 |
|
3,863,046 |
|
100,325 |
|
13,895 |
|
|
|
|
|
|
|
|
|
Net income |
|
933,837 |
|
5,752,316 |
|
591,126 |
|
81,869 |
Share-based compensation
expenses |
|
480,229 |
|
826,620 |
|
685,227 |
|
94,903 |
Release of valuation allowance
on deferred tax assets |
|
— |
|
(1,990,245) |
|
— |
|
— |
Non-GAAP net
income |
|
1,414,066 |
|
4,588,691 |
|
1,276,353 |
|
176,772 |
|
|
|
|
|
|
|
|
|
Net income attributable to
ordinary shareholders of Li Auto Inc. |
|
929,668 |
|
5,658,081 |
|
592,558 |
|
82,067 |
Share-based compensation
expenses |
|
480,229 |
|
826,620 |
|
685,227 |
|
94,903 |
Release of valuation allowance
on deferred tax assets |
|
— |
|
(1,990,245) |
|
— |
|
— |
Non-GAAP net income
attributable to ordinary shareholders of Li Auto Inc. |
|
1,409,897 |
|
4,494,456 |
|
1,277,785 |
|
176,970 |
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
Basic |
|
979,166,653 |
|
989,909,259 |
|
993,308,654 |
|
993,308,654 |
Diluted |
|
1,052,402,047 |
|
1,064,538,392 |
|
1,066,436,872 |
|
1,066,436,872 |
Non-GAAP net earnings
per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
Basic |
|
1.44 |
|
4.54 |
|
1.29 |
|
0.18 |
Diluted |
|
1.35 |
|
4.23 |
|
1.21 |
|
0.17 |
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
Basic |
|
1,958,333,306 |
|
1,979,818,518 |
|
1,986,617,307 |
|
1,986,617,307 |
Diluted |
|
2,104,804,095 |
|
2,129,076,784 |
|
2,132,873,744 |
|
2,132,873,744 |
Non-GAAP net earnings
per share attributable to ordinary
shareholders8 |
|
|
|
|
|
|
|
|
Basic |
|
0.72 |
|
2.27 |
|
0.64 |
|
0.09 |
Diluted |
|
0.67 |
|
2.11 |
|
0.60 |
|
0.08 |
|
|
|
|
|
|
|
|
|
________________________________
1 All translations from Renminbi (“RMB”) to U.S.
dollars (“US$”) are made at a rate of RMB7.2203 to US$1.00, the
exchange rate on March 29, 2024 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 and financial instruments
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 and 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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