Revenue and margins are deteriorating sharply YoY despite sequential QoQ improvement. The Q3 guidance midpoint implies essentially flat revenue YoY, which is weak for a growth-stage EV maker. The buyback provides a floor but does not offset fundamental erosion. Watch for further margin compression from pricing competition and the BEV refresh cycle. The 20-F annual report (filed 138 days ago) provides context on the company's financial position.
Price Chart
Executive Summary
Li Auto reported Q2 2026 results with total revenues of RMB25.7B (US$3.8B), down 15.1% YoY, and a net loss of RMB1.7B vs. net income of RMB1.1B a year ago. Vehicle margin collapsed to 9.4% from 19.4% YoY, and deliveries fell 11.5% YoY to 98,330 vehicles. The company guided Q3 deliveries of 95,000-100,000 (up 1.9%-7.3% YoY) and revenues of RMB26.6B-RMB28.0B (-2.8% to +2.3% YoY), implying continued weakness. The active US$1.0B buyback program has deployed ~US$631.5M to date.
Key Facts
- Q2 2026 total revenues RMB25.7B, down 15.1% YoY from RMB30.2B
- Vehicle margin 9.4% vs 19.4% YoY — a 10 percentage point collapse
- Net loss RMB1.7B vs net income RMB1.1B in Q2 2025
- Deliveries fell 11.5% YoY to 98,330 vehicles
- Q3 guidance: 95,000-100,000 deliveries (+1.9% to +7.3% YoY); revenues RMB26.6B-RMB28.0B (-2.8% to +2.3% YoY)
- US$1.0B buyback program: ~US$631.5M deployed as of filing date
- Cash position RMB87.5B (US$12.9B) as of June 30, 2026
Financial Impact
Revenue decline of 15.1% YoY, gross profit halved (-53.3% YoY), vehicle margin halved to 9.4%, net income swung to a loss of RMB1.7B
Risk Factors
- Continued margin compression from intense NEV price competition in China
- Lower average selling price from unfavorable product mix shift
- Q3 guidance suggests revenue could still decline YoY
- Execution risk on BEV refresh and global expansion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-101065 |
| Document: 0001104659-26-101065-index-headers.html | 0001104659-26-101065 |
| Document: 0001104659-26-101065-index.html | 0001104659-26-101065 |
| Document: 0001104659-26-101065.txt | 0001104659-26-101065 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $12.17 $11.52 | ▼ −5.34% | ▼ −5.45% | $10.69 (−12.16%) |
Sep 8, 2026 24d ago | 6-K | $12.46 $11.76 | ▼ −5.62% | ▼ −4.50% | $10.69 (−14.21%) |
Sep 1, 2026 4w ago | 6-K | $11.90 $11.91 | ▲ +0.08% | ▲ +0.00% | $10.69 (−10.17%) |
Aug 26, 2026 5w ago | 6-K | $12.14 $12.01 | ▲ +1.07% | ▲ +0.95% | $10.69 (+11.94%) |
Aug 26, 2026 5w ago | Press Release | $12.14 $12.01 | ▲ +1.07% | ▲ +0.95% | $10.69 (+11.94%) |
Aug 24, 2026 5w ago | 6-K | $12.48 $12.10 | ▼ −3.04% | ▼ −3.51% | $10.69 (−14.34%) |
Aug 17, 2026 6w ago | 6-K | $12.41 $12.48 | ▲ +0.56% | ▲ +1.75% | $10.69 (−13.86%) |
Aug 11, 2026 7w ago | 6-K | $12.47 $12.71 | ▲ +1.92% | ▲ +2.37% | $10.69 (−14.27%) |
Aug 11, 2026 7w ago | Press Release | $12.68 $12.12 | ▼ −4.42% | ▼ −4.01% | $10.69 (−15.69%) |
Aug 10, 2026 7w ago | 6-K | $12.84 $12.41 | ▼ −3.35% | ▼ −3.30% | $10.69 (−16.74%) |
US Market Status
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