Short-term pressure likely to persist; watch Q1 delivery numbers and market reaction to new Li L9 launch in Q2 2026 as potential catalysts. Negative free cash flow in 2025 raises concerns about sustainability of current strategy.
Price Chart
Executive Summary
Li Auto reported sharply declining financial results for Q4 and full-year 2025, with revenue down 35% YoY and a swing from profit to operating loss in the quarter. Despite a modest sequential recovery in Q4, full-year revenue and earnings fell significantly, driven by a 31.2% YoY drop in deliveries. The company forecasted another decline in Q1 2026, signaling ongoing challenges in a competitive EV market.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: RMB28.8B (US$4.1B), down 35.0% YoY
- Q4 2025 net income: RMB20.2M vs. RMB3.5B in same quarter prior year
- Full-year 2025 revenue: RMB112.3B (US$16.1B), down 22.3% YoY
- Full-year 2025 net income: RMB1.1B, down 85.8% YoY
- Q4 2025 deliveries: 109,194 vehicles, down 31.2% YoY
- Q1 2026 outlook: revenue expected to decline 16.7%-21.3% YoY
Financial Impact
Revenue down $10.2B YoY, net income down $6.9B YoY
Risk Factors
- Continued decline in vehicle deliveries and market share
- Intensifying competition in China's NEV market
- Negative free cash flow and declining operating cash flow
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3254330 |
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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