Li Auto's Q4 2025 revenue fell 35% year-over-year, net profit plummeted 99.4%

The report shows that Li Auto's total revenue in the fourth quarter was RMB 28.8 billion, a year-over-year decrease of 35.0%, and a quarter-over-quarter increase of 5.2%. Among this, vehicle sales revenue was RMB 27.3 billion, a year-over-year decrease of 36.1%, and a quarter-over-quarter increase of 5.4%.

The gross margin for vehicles in the fourth quarter was 16.8%, up 1.3 percentage points from 15.5% in the third quarter; the overall gross margin was 17.8%, up 1.5 percentage points quarter-over-quarter.

The fourth quarter net profit was RMB 20.2 million, down 99.4% year-over-year, turning around from a net loss of RMB 624.4 million in the third quarter; non-GAAP net profit was RMB 274.4 million, down 93.2% year-over-year, also achieving a quarter-over-quarter turnaround.

Total revenue for the full year 2025 was RMB 112.3 billion, a year-over-year decrease of 22.3%. Among this, vehicle sales revenue was RMB 106.7 billion, a year-over-year decrease of 23.0%.

The gross margin for vehicles for the full year was 17.9%, down 1.9 percentage points from 19.8% in 2024; the overall gross margin was 18.7%, down 1.8 percentage points year-over-year.

Net profit for the full year was RMB 1.1 billion, down significantly by 85.8% year-over-year; non-GAAP net profit was RMB 2.4 billion, down 77.5% year-over-year.

In terms of delivery data, Li Auto's total deliveries for 2025 reached 406,343 units, down from 500,508 units in 2024; fourth-quarter deliveries were 109,194 units, a year-on-year decrease of 31.2%, but an increase of 17.1% quarter-over-quarter from 93,211 units in the third quarter of 2025.

Since the beginning of 2026, Li Auto delivered 27,668 units in January and 26,421 units in February.

As of the end of 2025, Li Auto had 548 retail stores in 159 cities domestically, 561 service centers and authorized body and paint centers in 224 cities, and operated 3,907 supercharging stations with 21,651 charging spots.

As of the end of February 2026, the number of supercharging stations increased to 4,054, with 22,447 charging spots.

As of the end of 2025, Li Auto’s cash reserves reached 101.2 billion yuan.

Total operating expenses for the full year of 2025 amounted to RMB 21.5 billion, a year-on-year decrease of 5.0%. Of this, sales and administrative expenses were RMB 10.7 billion, down 12.8% year-on-year, primarily due to optimization in employee compensation.

R&D expenses for the full year reached RMB 11.3 billion, a slight year-on-year increase of 2.2%. In the fourth quarter, R&D expenses totaled RMB 3 billion, reflecting a significant year-on-year growth of 25.3%, with major investments directed toward AI technology and product portfolio expansion.

For the first quarter of 2026, Li Auto expects deliveries to reach 85,000 to 90,000 units, a year-over-year decrease of 3.1% to 8.5%; total revenue is projected to be RMB 20.4 billion to RMB 21.6 billion, representing a year-over-year decline of 16.7%.

$Li Auto (LI.US)$ $LI AUTO-W (02015.HK)$

26K Views