UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-39407
Li Auto Inc.
(Registrant’s Name)
11 Wenliang Street
Shunyi District, Beijing 101399
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
By |
|
/s/ Tie Li |
| |
Name |
: |
Tie Li |
| |
Title |
: |
Director and Chief Financial Officer |
Date: February 26, 2024
Exhibit
99.1
Li
Auto Inc. Announces Unaudited Fourth Quarter and Full Year 2023 Financial Results
Quarterly
total revenues reached RMB41.73 billion (US$5.88 billion)1
Quarterly
deliveries reached 131,805 vehicles
Full
year total revenues reached RMB123.85 billion (US$17.44 billion)
Full
year deliveries were 376,030 vehicles
BEIJING,
China, February 26, 2024 — 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 and full year ended December
31, 2023.
Operating
Highlights for the Fourth Quarter of 2023 and Full Year 2023
| · | Total
deliveries for the fourth quarter of 2023 were 131,805 vehicles, representing a 184.6% year-over-year
increase. |
| · | Total
deliveries for the full year 2023 reached 376,030 vehicles, representing an increase of 182.2%
from 133,246 vehicles in 2022. |
| Deliveries | | |
FY 2023 | | |
2023 Q4 | | |
2023 Q3 | | |
2023 Q2 | | |
2023 Q1 | |
| | | |
| 376,030 | | |
| 131,805 | | |
| 105,108 | | |
| 86,533 | | |
| 52,584 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Deliveries | | |
FY 2022 | | |
2022 Q4 | | |
2022 Q3 | | |
2022 Q2 | | |
2022 Q1 | |
| | | |
| 133,246 | | |
| 46,319 | | |
| 26,524 | | |
| 28,687 | | |
| 31,716 | |
| · | As
of December 31, 2023, the Company had 467 retail stores covering 140 cities, as well as 360
servicing centers and Li Auto-authorized body and paint shops operating in 209 cities. |
Financial
Highlights for the Fourth Quarter of 2023
| · | Vehicle
sales were RMB40.38 billion (US$5.69 billion) in the fourth quarter of 2023, representing
an increase of 133.8% from RMB17.27 billion in the fourth quarter of 2022 and an increase
of 20.1% from RMB33.62 billion in the third quarter of 2023. |
| · | Vehicle
margin2 was 22.7% in the fourth quarter of 2023, compared with 20.0% in the
fourth quarter of 2022 and 21.2% in the third quarter of 2023. |
| · | Total
revenues were RMB41.73 billion (US$5.88 billion) in the fourth quarter of 2023, representing
an increase of 136.4% from RMB17.65 billion in the fourth quarter of 2022 and an increase
of 20.3% from RMB34.68 billion in the third quarter of 2023. |
| · | Gross
profit was RMB9.79 billion (US$1.38 billion) in the fourth quarter of 2023, representing
an increase of 174.4% from RMB3.57 billion in the fourth quarter of 2022 and an increase
of 28.0% from RMB7.64 billion in the third quarter of 2023. |
| · | Gross
margin was 23.5% in the fourth quarter of 2023, compared with 20.2% in the fourth quarter
of 2022 and 22.0% in the third quarter of 2023. |
| · | Operating
expenses were RMB6.75 billion (US$950.8 million) in the fourth quarter of 2023, representing
an increase of 82.4% from RMB3.70 billion in the fourth quarter of 2022 and an increase of
27.2% from RMB5.31 billion in the third quarter of 2023. |
1
All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB7.0999 to US$1.00,
the exchange rate on December 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.
| · | Income
from operations was RMB3.04 billion (US$427.7 million) in the fourth quarter of 2023,
compared with RMB133.6 million loss from operations in the fourth quarter of 2022 and representing
an increase of 29.8% from RMB2.34 billion income from operations in the third quarter of
2023. |
| · | Operating
margin was 7.3% in the fourth quarter of 2023, compared with negative 0.8% in the fourth
quarter of 2022 and 6.7% in the third quarter of 2023. |
| · | Net
income was RMB5.75 billion (US$810.2 million) in the fourth quarter of 2023, representing
an increase of 2,068.2% from RMB265.3 million in the fourth quarter of 2022 and an increase
of 104.5% from RMB2.81 billion in the third quarter of 2023. Non-GAAP net income3
was RMB4.59 billion (US$646.3 million) in the fourth quarter of 2023, representing
an increase of 374.2% from RMB967.6 million in the fourth quarter of 2022 and an increase
of 32.3% from RMB3.47 billion in the third quarter of 2023. |
| · | Diluted
net earnings per ADS4 attributable to ordinary shareholders was RMB5.32 (US$0.75)
in the fourth quarter of 2023, compared with RMB0.25 in the fourth quarter of 2022 and RMB2.67
in the third quarter of 2023. Non-GAAP diluted net earnings per ADS attributable to ordinary
shareholders was RMB4.23 (US$0.60) in the fourth quarter of 2023, compared with RMB0.93
in the fourth quarter of 2022 and RMB3.29 in the third quarter of 2023. |
| · | Net
cash provided by operating activities was RMB17.29 billion (US$2.44 billion) in the fourth
quarter of 2023, representing an increase of 251.1% from RMB4.93 billion in the fourth quarter
of 2022 and an increase of 19.2% from RMB14.51 billion in the third quarter of 2023. |
| · | Free
cash flow5 was RMB14.64 billion (US$2.06 billion) in the fourth quarter of
2023, representing an increase of 349.4% from RMB3.26 billion in the fourth quarter of 2022
and an increase of 10.7% from RMB13.22 billion in the third quarter of 2023. |
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.
Key
Financial Results
(in
millions, except for percentages and per ADS data)
| | |
For the Three Months Ended | | |
% Change6 | |
| | |
December 31, 2022 | | |
September 30, 2023 | | |
December 31, 2023 | | |
YoY | | |
QoQ | |
| | |
RMB | | |
RMB | | |
RMB | | |
| | |
| |
| Vehicle sales | |
| 17,268.3 | | |
| 33,616.1 | | |
| 40,379.3 | | |
| 133.8 | % | |
| 20.1 | % |
| Vehicle margin | |
| 20.0 | % | |
| 21.2 | % | |
| 22.7 | % | |
| 2.7 | pts | |
| 1.5 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total revenues | |
| 17,649.9 | | |
| 34,679.5 | | |
| 41,732.1 | | |
| 136.4 | % | |
| 20.3 | % |
| Gross profit | |
| 3,566.3 | | |
| 7,644.5 | | |
| 9,786.9 | | |
| 174.4 | % | |
| 28.0 | % |
| Gross margin | |
| 20.2 | % | |
| 22.0 | % | |
| 23.5 | % | |
| 3.3 | pts | |
| 1.5 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses | |
| (3,700.0 | ) | |
| (5,305.1 | ) | |
| (6,750.5 | ) | |
| 82.4 | % | |
| 27.2 | % |
| (Loss)/Income from operations | |
| (133.6 | ) | |
| 2,339.4 | | |
| 3,036.4 | | |
| N/A | | |
| 29.8 | % |
| Operating margin | |
| (0.8 | )% | |
| 6.7 | % | |
| 7.3 | % | |
| 8.1 | pts | |
| 0.6 | pts |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 265.3 | | |
| 2,812.9 | | |
| 5,752.3 | | |
| 2,068.2 | % | |
| 104.5 | % |
| Non-GAAP net income | |
| 967.6 | | |
| 3,467.3 | | |
| 4,588.7 | | |
| 374.2 | % | |
| 32.3 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Diluted net earnings per ADS attributable to ordinary shareholders | |
| 0.25 | | |
| 2.67 | | |
| 5.32 | | |
| 2,028.0 | % | |
| 99.3 | % |
| Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | |
| 0.93 | | |
| 3.29 | | |
| 4.23 | | |
| 354.8 | % | |
| 28.6 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net cash provided by operating activities | |
| 4,925.4 | | |
| 14,506.5 | | |
| 17,294.2 | | |
| 251.1 | % | |
| 19.2 | % |
| Free cash flow (non-GAAP) | |
| 3,257.3 | | |
| 13,224.8 | | |
| 14,638.1 | | |
| 349.4 | % | |
| 10.7 | % |
6
Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.
Financial
Highlights for the Full Year 2023
| · | Vehicle
sales were RMB120.29 billion (US$16.94 billion) in 2023, representing an increase of
172.7% from RMB44.11 billion in 2022. |
| · | Vehicle
margin was 21.5% in 2023, compared with 19.1% in 2022. |
| · | Total
revenues were RMB123.85 billion (US$17.44 billion) in 2023, representing an increase
of 173.5% from RMB45.29 billion in 2022. |
| · | Gross
profit was RMB27.50 billion (US$3.87 billion) in 2023, representing an increase of 212.8%
from RMB8.79 billion in 2022. |
| · | Gross
margin was 22.2% in 2023, compared with 19.4% in 2022. |
| · | Operating
expenses were RMB20.09 billion (US$2.83 billion) in 2023, representing an increase of
61.4% from RMB12.45 billion in 2022. |
| · | Income
from operations was RMB7.41 billion (US$1.04 billion) in 2023, compared with RMB3.65
billion loss from operations in 2022. |
| · | Operating
margin was 6.0% in 2023, compared with negative 8.1% in 2022. |
| · | Net
income was RMB11.81 billion (US$1.66 billion) in 2023, compared with RMB2.03 billion
net loss in 2022. Non-GAAP net income was RMB12.20 billion (US$1.72 billion) in 2023,
representing an increase of 58,494.3% from RMB20.8 million in 2022. |
| · | Diluted
net earnings per ADS attributable to ordinary shareholders was RMB11.10 (US$1.56) in
2023, compared with RMB2.07 diluted net loss per ADS attributable to ordinary shareholders
in 2022. Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders
was RMB11.46 (US$1.61) in 2023, compared with RMB0.04 in 2022. |
| · | Net
cash provided by operating activities was RMB50.69 billion (US$7.14 billion) in 2023,
representing an increase of 586.9% from RMB7.38 billion in 2022. |
| · | Free
cash flow was RMB44.19 billion (US$6.22 billion) in 2023, representing an increase of
1,861.8% from RMB2.25 billion in 2022. |
Key
Financial Results
(in
millions, except for percentages and per ADS data)
| | |
For the Year Ended | | |
% Change | |
| | |
December 31,
2022 | | |
December 31,
2023 | | |
YoY | |
| | |
RMB | | |
RMB | | |
| |
| Vehicle sales | |
| 44,106.4 | | |
| 120,294.7 | | |
| 172.7 | % |
| Vehicle margin | |
| 19.1 | % | |
| 21.5 | % | |
| 2.4 | pts |
| | |
| | | |
| | | |
| | |
| Total revenues | |
| 45,286.8 | | |
| 123,851.3 | | |
| 173.5 | % |
| Gross profit | |
| 8,790.5 | | |
| 27,496.8 | | |
| 212.8 | % |
| Gross margin | |
| 19.4 | % | |
| 22.2 | % | |
| 2.8 | pts |
| | |
| | | |
| | | |
| | |
| Operating expenses | |
| (12,445.3 | ) | |
| (20,089.9 | ) | |
| 61.4 | % |
| (Loss)/Income from operations | |
| (3,654.9 | ) | |
| 7,406.9 | | |
| N/A | |
| Operating margin | |
| (8.1 | )% | |
| 6.0 | % | |
| 14.1 | pts |
| | |
| | | |
| | | |
| | |
| Net (loss)/income | |
| (2,032.3 | ) | |
| 11,809.1 | | |
| N/A | |
| Non-GAAP net income | |
| 20.8 | | |
| 12,197.6 | | |
| 58,494.3 | % |
| | |
| | | |
| | | |
| | |
| Diluted net (loss)/earnings per ADS attributable to ordinary shareholders | |
| (2.07 | ) | |
| 11.10 | | |
| N/A | |
| Non-GAAP diluted net earnings per ADS attributable to ordinary shareholders | |
| 0.04 | | |
| 11.46 | | |
| 28,550.0 | % |
| | |
| | | |
| | | |
| | |
| Net cash provided by operating activities | |
| 7,380.3 | | |
| 50,693.5 | | |
| 586.9 | % |
| Free cash flow (non-GAAP) | |
| 2,252.4 | | |
| 44,186.3 | | |
| 1,861.8 | % |
Recent
Developments
Delivery
Update
| · | In
January 2024, the Company delivered 31,165 vehicles, representing an increase of 105.8% from
January 2023. As of January 31, 2024, the Company had 474 retail stores covering 142 cities,
in addition to 360 servicing centers and Li Auto-authorized body and paint shops operating
in 209 cities. |
OTA
5.0 Upgrade
| · | In
December 2023, the Company released the OTA version 5.0 upgrade for the Li L series, providing
a comprehensive upgrade for autonomous driving and smart space. With this upgrade, the Company’s
Li AD Max 3.0 provides full scenario autonomous driving (Navigation on ADAS) and assisted
driving (lane centering control) functions, as well as the industry’s leading AEB active
safety system and automated parking system. Additionally, Li Xiang Tong Xue, the upgraded
smart in-car voice assistant built upon Mind GPT, the Company’s self-developed multimodal
large language model, has significantly improved in understanding, generating, knowledge
memorizing, and reasoning capabilities, further enhancing the interactive experience in the
smart space. |
Inclusion
in the Hang Seng Index
| · | The
Company has been included as a constituent stock in the Hang Seng Index, effective from December
4, 2023. This inclusion reflects the recognition of the Company’s business performance
and investment value by investors. |
CEO
and CFO Comments
Mr.
Xiang Li, chairman and chief executive officer of Li Auto, commented, “Undeterred by the fiercely competitive NEV market in 2023,
Li Auto achieved an outstanding performance with its three Li L series models. Full-year deliveries grew by 182.2%, reaching 376,030
vehicles, making us the best-selling brand among NEVs priced above RMB300,000 in China. In December, we released the OTA version 5.0
for Li L series. With comprehensive enhancement in autonomous driving and smart space, we bring even more exceptional experience to family
users. With our significantly increasing scale, continued research and development advancement, and consistently improving operating
efficiency throughout the year, 2023 marks our best financial performance yet, setting a solid foundation for Li Auto’s growth
to diversify its product matrix and cater to a broader range of user needs in 2024.”
Mr.
Tie Li, chief financial officer of Li Auto, added, “We ended the year with another robust performance in the fourth quarter, setting
historical highs across multiple financial metrics. Record-high vehicle deliveries fueled the fourth-quarter revenue to a year-over-year
increase of 136.4% to RMB41.73 billion, while full-year revenue surged by 173.5% year over year to RMB123.85 billion. With the expansion
of business scale and the optimization of production, supply, and sales coordination, our gross margin reached 23.5% in the fourth quarter,
and the annual gross margin was 22.2%. Notably, 2023 is our first year of profitability, with a healthy full-year net income reaching
RMB11.81 billion. As of the end of 2023, our cash reserve reached RMB103.67 billion. In 2024, healthy profitability and capital strength
will support Li Auto to further strengthen research and development, expand business scale, and lead the rapid transformation of China’s
NEV market.”
Financial
Results for the Fourth Quarter of 2023
Revenues
| · | Total
revenues were RMB41.73 billion (US$5.88 billion) in the fourth quarter of 2023, representing
an increase of 136.4% from RMB17.65 billion in the fourth quarter of 2022 and an increase
of 20.3% from RMB34.68 billion in the third quarter of 2023. |
| · | Vehicle
sales were RMB40.38 billion (US$5.69 billion) in the fourth quarter of 2023, representing
an increase of 133.8% from RMB17.27 billion in the fourth quarter of 2022 and an increase
of 20.1% from RMB33.62 billion in the third quarter of 2023. The increase in revenue from
vehicle sales over the fourth quarter of 2022 was mainly attributable to the increase in
vehicle deliveries, partially offset by the lower average selling price due to different
product mix between two quarters. The increase in vehicle sales over the third quarter of
2023 was mainly attributable to the increase in vehicle deliveries. |
| · | Other
sales and services were RMB1.35 billion (US$190.5 million) in the fourth quarter of 2023,
representing an increase of 254.6% from RMB381.5 million in the fourth quarter of 2022 and
an increase of 27.2% from RMB1.06 billion in the third quarter of 2023. The increase in revenue
from other sales and services over the fourth quarter of 2022 and the third quarter of 2023
was mainly attributable to the increased sales of charging stalls, 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. |
Cost
of Sales and Gross Margin
| · | Cost
of sales was RMB31.95 billion (US$4.50 billion) in the fourth quarter of 2023, representing
an increase of 126.8% from RMB14.08 billion in the fourth quarter of 2022 and an increase
of 18.2% from RMB27.03 billion in the third quarter of 2023. The increase in cost of sales
over the fourth quarter of 2022 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 increase in cost of sales over the third quarter of 2023 was mainly attributable
to the increase in vehicle deliveries. |
| · | Gross
profit was RMB9.79 billion (US$1.38 billion) in the fourth quarter of 2023, representing
an increase of 174.4% from RMB3.57 billion in the fourth quarter of 2022 and an increase
of 28.0% from RMB7.64 billion in the third quarter of 2023. |
| · | Vehicle
margin was 22.7% in the fourth quarter of 2023, compared with 20.0% in the fourth quarter
of 2022 and 21.2% in the third quarter of 2023. Excluding the impact of inventory provision
related to Li ONE in the fourth quarter of 2022 and true-up adjustments of warranty reserve
in the fourth quarter of 2023 based on updated estimate of costs of future claims, the vehicle
margin remained relatively stable over the fourth quarter of 2022. The increase in vehicle
margin over the third quarter of 2023 was mainly due to the aforementioned true-up adjustments
of warranty reserve in the fourth quarter of 2023. |
| · | Gross
margin was 23.5% in the fourth quarter of 2023, compared with 20.2% in the fourth quarter
of 2022 and 22.0% in the third quarter of 2023. The increase in gross margin over the fourth
quarter of 2022 and the third quarter of 2023 was mainly attributable to the increase of
vehicle margin. |
Operating
Expenses
| · | Operating
expenses were RMB6.75 billion (US$950.8 million) in the fourth quarter of 2023, representing
an increase of 82.4% from RMB3.70 billion in the fourth quarter of 2022 and an increase of
27.2% from RMB5.31 billion in the third quarter of 2023. |
| · | Research
and development expenses were RMB3.49 billion (US$491.7 million) in the fourth quarter
of 2023, representing an increase of 68.6% from RMB2.07 billion in the fourth quarter of
2022 and an increase of 23.9% from RMB2.82 billion in the third quarter of 2023. The increase
in research and development expenses over the fourth quarter of 2022 and the third quarter
of 2023 was primarily driven by increased expenses to support the expanding product portfolios
and technologies as well as increased employee compensation as a result of the growing number
of staff. |
| · | Selling,
general and administrative expenses were RMB3.27 billion (US$460.5 million) in the fourth
quarter of 2023, representing an increase of 100.6% from RMB1.63 billion in the fourth quarter
of 2022 and an increase of 28.5% from RMB2.54 billion in the third quarter of 2023. The increase
in selling, general and administrative expenses over the fourth quarter of 2022 and the third
quarter of 2023 was primarily driven by increased employee compensation as a result of the
growing number of staff as well as increased rental expenses associated with the expansion
of sales and servicing network. |
Income/(Loss)
from Operations
| · | Income
from operations was RMB3.04 billion (US$427.7 million) in the fourth quarter of 2023,
compared with RMB133.6 million loss from operations in the fourth quarter of 2022 and representing
an increase of 29.8% from RMB2.34 billion income from operations in the third quarter of
2023. Operating margin was 7.3% in the fourth quarter of 2023, compared with negative
0.8% in the fourth quarter of 2022 and 6.7% in the third quarter of 2023. Non-GAAP income
from operations was RMB3.86 billion (US$544.1 million) in the fourth quarter of 2023,
representing an increase of 579.3% from RMB568.7 million in the fourth quarter of 2022 and
an increase of 29.0% from RMB2.99 billion in the third quarter of 2023. |
Net
Income and Net Earnings Per Share
| · | Net
income was RMB5.75 billion (US$810.2 million) in the fourth quarter of 2023, representing
an increase of 2,068.2% from RMB265.3 million in the fourth quarter of 2022 and an increase
of 104.5% from RMB2.81 billion in the third quarter of 2023. Net income in the fourth quarter
of 2023 was partially attributable to non-cash tax benefit of RMB1.99 billion (US$280.3 million)
for the release of valuation allowance on certain deferred tax assets. Non-GAAP net income
was RMB4.59 billion (US$646.3 million) in the fourth quarter of 2023, representing an
increase of 374.2% from RMB967.6 million in the fourth quarter of 2022 and an increase of
32.3% from RMB3.47 billion in the third quarter of 2023. |
| · | Basic
and diluted net earnings per ADS attributable to ordinary shareholders were RMB5.72 (US$0.81)
and RMB5.32 (US$0.75) in the fourth quarter of 2023, respectively, compared with RMB0.26
and RMB0.25 in the fourth quarter of 2022, respectively, and RMB2.86 and RMB2.67 in the third
quarter of 2023, respectively. Non-GAAP basic and diluted net earnings per ADS attributable
to ordinary shareholders were RMB4.54 (US$0.64) and RMB4.23 (US$0.60) in the fourth quarter
of 2023, respectively, compared with RMB0.98 and RMB0.93 in the fourth quarter of 2022, respectively,
and RMB3.53 and RMB3.29 in the third quarter of 2023, respectively. |
Cash
Position, Operating Cash Flow and Free Cash Flow
| · | Cash
Position7 was RMB103.67 billion (US$14.60 billion) as of December 31, 2023. |
| · | Net
cash provided by operating activities was RMB17.29 billion (US$2.44 billion) in the fourth
quarter of 2023, representing an increase of 251.1% from RMB4.93 billion in the fourth quarter
of 2022 and an increase of 19.2% from RMB14.51 billion in the third quarter of 2023. |
| · | Free
cash flow was RMB14.64 billion (US$2.06 billion) in the fourth quarter of 2023, representing
an increase of 349.4% from RMB3.26 billion in the fourth quarter of 2022 and an increase
of 10.7% from RMB13.22 billion in the third quarter of 2023. |
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.
Financial
Results for the Full Year 2023
Revenues
| · | Total
revenues were RMB123.85 billion (US$17.44 billion) in 2023, representing an increase
of 173.5% from RMB45.29 billion in 2022. |
| · | Vehicle
sales were RMB120.29 billion (US$16.94 billion) in 2023, representing an increase of
172.7% from RMB44.11 billion in 2022. The increase in revenue from vehicle sales was mainly
attributable to the increase in vehicle deliveries. |
| · | Other
sales and services were RMB3.56 billion (US$500.9 million) in 2023, representing an increase
of 201.3% from RMB1.18 billion in 2022. The increase in revenue from other sales and services
was mainly attributable to the increased sales of charging stalls, 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. |
Cost
of Sales and Gross Margin
| · | Cost
of sales was RMB96.35 billion (US$13.57 billion) in 2023, representing an increase of
164.0% from RMB36.50 billion in 2022. The increase in cost of sales was mainly driven by
the increase in vehicle deliveries. |
| · | Gross
profit was RMB27.50 billion (US$3.87 billion) in 2023, representing an increase of 212.8%
from RMB8.79 billion in 2022. |
| · | Vehicle
margin was 21.5% in 2023, compared with 19.1% in 2022. The increase in vehicle margin
was mainly due to the impact of inventory provision and losses on purchase commitments related
to Li ONE in 2022 and true-up adjustments of warranty reserve in 2023 based on updated estimate
of costs of future claims, partially offset by the lower average selling price in 2023. |
| · | Gross
margin was 22.2% in 2023, compared with 19.4% in 2022. The increase in gross margin was
mainly attributable to the increase of vehicle margin. |
Operating
Expenses
| · | Operating
expenses were RMB20.09 billion (US$2.83 billion) in 2023, representing an increase of
61.4% from RMB12.45 billion in 2022. |
| · | Research
and development expenses were RMB10.59 billion (US$1.49 billion) in 2023, representing
an increase of 56.1% from RMB6.78 billion in 2022. The increase in research and development
expenses was primarily attributable to increased employee compensation as a result of the
growing number of staff as well as increased expenses to support the expanding product portfolios
and technologies. |
| · | Selling,
general and administrative expenses were RMB9.77 billion (US$1.38 billion) in 2023, representing
an increase of 72.4% from RMB5.67 billion in 2022. The increase in selling, general and administrative
expenses was primarily driven by increased employee compensation as a result of the growing
number of staff as well as increased rental expenses associated with the expansion of sales
and servicing network. |
Income/(Loss)
from Operations
| · | Income
from operations was RMB7.41 billion (US$1.04 billion) in 2023, compared with RMB3.65
billion loss from operations in 2022. Operating margin was 6.0% in 2023, compared
with negative 8.1% in 2022. Non-GAAP income from operations was RMB9.79 billion (US$1.38
billion) in 2023, compared with RMB1.60 billion non-GAAP loss from operations in 2022. |
Net
Income/(Loss) and Net Earnings/(Loss) Per Share
| · | Net
income was RMB11.81 billion (US$1.66 billion) in 2023, compared with RMB2.03 billion
net loss in 2022. Net income in 2023 was partially attributable to non-cash tax benefit of
RMB1.99 billion (US$280.3 million) for the release of valuation allowance on certain deferred
tax assets. Non-GAAP net income was RMB12.20 billion (US$1.72 billion) in 2023, representing
an increase of 58,494.3% from RMB20.8 million in 2022. |
| · | Basic
and diluted net earnings per ADS attributable to ordinary shareholders were RMB11.90
(US$1.68) and RMB11.10 (US$1.56) in 2023, respectively, compared with both RMB2.07 basic
and diluted net loss per ADS attributable to ordinary shareholders in 2022. Non-GAAP basic
and diluted net earnings per ADS attributable to ordinary shareholders were RMB12.29
(US$1.73) and RMB11.46 (US$1.61) in 2023, respectively, compared with both RMB0.04 in 2022. |
Operating
Cash Flow and Free Cash Flow
| · | Net
cash provided by operating activities was RMB50.69 billion (US$7.14 billion) in 2023,
representing an increase of 586.9% from RMB7.38 billion in 2022. |
| · | Free
cash flow was RMB44.19 billion (US$6.22 billion) in 2023, representing an increase of
1,861.8% from RMB2.25 billion in 2022. |
Employees
| · | As
of December 31, 2023, the Company had a total of 31,591 employees. |
Business
Outlook
For
the first quarter of 2024, the Company expects:
| · | Deliveries
of vehicles to be between 100,000 and 103,000 vehicles, representing an increase of 90.2%
to 95.9% from the first quarter of 2023. |
| · | Total
revenues to be between RMB31.25 billion (US$4.40 billion) and RMB32.19 billion (US$4.53
billion), representing an increase of 66.3% to 71.3% from the first 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 7:00 a.m. U.S. Eastern Time on Monday, February 26, 2024 (8:00 p.m. Beijing/Hong Kong Time on February
26, 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/10036557-1tqjis.html
A
replay of the conference call will be accessible through March 4, 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: |
10036557 |
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, 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
RMB7.0999 to US$1.00, the exchange rate on December 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 MEGA, a high-tech flagship family MPV, Li L9, a six-seat flagship
family SUV, and Li L8, a six-seat premium family SUV, as well as 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: 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
Relations
Email:
ir@lixiang.com
Piacente
Financial Communications
Brandi
Piacente
Tel:
+1-212-481-2050
+86-10-6508-0677
Email:
Li@tpg-ir.com
Li
Auto Inc.
Unaudited
Condensed Consolidated Statements of Comprehensive Income/(Loss)
(All
amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
| | |
For
the Three Months Ended | | |
For
the Year Ended | |
| | |
December
31,
2022 | | |
September
30,
2023 | | |
December
31,
2023 | | |
December 31,
2023 | | |
December
31,
2022 | | |
December
31,
2023 | | |
December
31,
2023 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Vehicle
sales | |
| 17,268,330 | | |
| 33,616,140 | | |
| 40,379,267 | | |
| 5,687,301 | | |
| 44,106,434 | | |
| 120,294,667 | | |
| 16,943,150 | |
| Other
sales and services | |
| 381,544 | | |
| 1,063,315 | | |
| 1,352,830 | | |
| 190,542 | | |
| 1,180,382 | | |
| 3,556,665 | | |
| 500,946 | |
| Total
revenues | |
| 17,649,874 | | |
| 34,679,455 | | |
| 41,732,097 | | |
| 5,877,843 | | |
| 45,286,816 | | |
| 123,851,332 | | |
| 17,444,096 | |
| Cost
of sales: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Vehicle
sales | |
| (13,818,255 | ) | |
| (26,491,089 | ) | |
| (31,202,028 | ) | |
| (4,394,714 | ) | |
| (35,688,343 | ) | |
| (94,482,347 | ) | |
| (13,307,560 | ) |
| Other
sales and services | |
| (265,288 | ) | |
| (543,882 | ) | |
| (743,186 | ) | |
| (104,676 | ) | |
| (808,017 | ) | |
| (1,872,234 | ) | |
| (263,699 | ) |
| Total
cost of sales | |
| (14,083,543 | ) | |
| (27,034,971 | ) | |
| (31,945,214 | ) | |
| (4,499,390 | ) | |
| (36,496,360 | ) | |
| (96,354,581 | ) | |
| (13,571,259 | ) |
| Gross
profit | |
| 3,566,331 | | |
| 7,644,484 | | |
| 9,786,883 | | |
| 1,378,453 | | |
| 8,790,456 | | |
| 27,496,751 | | |
| 3,872,837 | |
| Operating
expense: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research
and development | |
| (2,070,091 | ) | |
| (2,817,206 | ) | |
| (3,491,026 | ) | |
| (491,701 | ) | |
| (6,780,032 | ) | |
| (10,586,129 | ) | |
| (1,491,025 | ) |
| Selling,
general and administrative | |
| (1,629,859 | ) | |
| (2,543,770 | ) | |
| (3,269,668 | ) | |
| (460,523 | ) | |
| (5,665,301 | ) | |
| (9,767,955 | ) | |
| (1,375,788 | ) |
| Other
operating income, net | |
| — | | |
| 55,870 | | |
| 10,237 | | |
| 1,442 | | |
| — | | |
| 264,210 | | |
| 37,213 | |
| Total
operating expenses | |
| (3,699,950 | ) | |
| (5,305,106 | ) | |
| (6,750,457 | ) | |
| (950,782 | ) | |
| (12,445,333 | ) | |
| (20,089,874 | ) | |
| (2,829,600 | ) |
| (Loss)/Income
from operations | |
| (133,619 | ) | |
| 2,339,378 | | |
| 3,036,426 | | |
| 427,671 | | |
| (3,654,877 | ) | |
| 7,406,877 | | |
| 1,043,237 | |
| Other
(expense)/income: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest
expense | |
| (38,393 | ) | |
| (11,698 | ) | |
| (13,675 | ) | |
| (1,926 | ) | |
| (106,340 | ) | |
| (86,251 | ) | |
| (12,148 | ) |
| Interest
income and investment income, net | |
| 255,772 | | |
| 439,800 | | |
| 794,355 | | |
| 111,883 | | |
| 976,229 | | |
| 2,082,948 | | |
| 293,377 | |
| Others,
net | |
| 84,706 | | |
| 183,585 | | |
| 358,825 | | |
| 50,539 | | |
| 625,633 | | |
| 1,048,189 | | |
| 147,634 | |
| Income/(Loss)
before income tax | |
| 168,466 | | |
| 2,951,065 | | |
| 4,175,931 | | |
| 588,167 | | |
| (2,159,355 | ) | |
| 10,451,763 | | |
| 1,472,100 | |
| Income
tax benefit/(expense) | |
| 96,836 | | |
| (138,191 | ) | |
| 1,576,385 | | |
| 222,029 | | |
| 127,007 | | |
| 1,357,362 | | |
| 191,180 | |
| Net
income/(loss) | |
| 265,302 | | |
| 2,812,874 | | |
| 5,752,316 | | |
| 810,196 | | |
| (2,032,348 | ) | |
| 11,809,125 | | |
| 1,663,280 | |
| Less:
Net income/(loss) attributable to noncontrolling interests | |
| 8,364 | | |
| (10,357 | ) | |
| 94,235 | | |
| 13,273 | | |
| (20,133 | ) | |
| 104,992 | | |
| 14,788 | |
| Net
income/(loss) attributable to ordinary shareholders of Li Auto Inc. | |
| 256,938 | | |
| 2,823,231 | | |
| 5,658,081 | | |
| 796,923 | | |
| (2,012,215 | ) | |
| 11,704,133 | | |
| 1,648,492 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
income/(loss) | |
| 265,302 | | |
| 2,812,874 | | |
| 5,752,316 | | |
| 810,196 | | |
| (2,032,348 | ) | |
| 11,809,125 | | |
| 1,663,280 | |
| Other
comprehensive income/(loss) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign
currency translation adjustment, net of tax | |
| 42,097 | | |
| 21,998 | | |
| 40,438 | | |
| 5,696 | | |
| 1,327,761 | | |
| (30,766 | ) | |
| (4,333 | ) |
| Total
other comprehensive income/(loss) | |
| 42,097 | | |
| 21,998 | | |
| 40,438 | | |
| 5,696 | | |
| 1,327,761 | | |
| (30,766 | ) | |
| (4,333 | ) |
| Total
comprehensive income/(loss) | |
| 307,399 | | |
| 2,834,872 | | |
| 5,792,754 | | |
| 815,892 | | |
| (704,587 | ) | |
| 11,778,359 | | |
| 1,658,947 | |
| Less:
Net income/(loss) attributable to noncontrolling interests | |
| 8,364 | | |
| (10,357 | ) | |
| 94,235 | | |
| 13,273 | | |
| (20,133 | ) | |
| 104,992 | | |
| 14,788 | |
| Comprehensive
income/(loss) attributable to ordinary shareholders of Li Auto Inc. | |
| 299,035 | | |
| 2,845,229 | | |
| 5,698,519 | | |
| 802,619 | | |
| (684,454 | ) | |
| 11,673,367 | | |
| 1,644,159 | |
| Weighted
average number of ADSs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 976,970,967 | | |
| 985,819,450 | | |
| 989,909,259 | | |
| 989,909,259 | | |
| 970,615,499 | | |
| 983,931,880 | | |
| 983,931,880 | |
| Diluted | |
| 1,045,583,572 | | |
| 1,059,821,062 | | |
| 1,064,538,392 | | |
| 1,064,538,392 | | |
| 970,615,499 | | |
| 1,057,688,196 | | |
| 1,057,688,196 | |
| Net
earnings/(loss) per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.26 | | |
| 2.86 | | |
| 5.72 | | |
| 0.81 | | |
| (2.07 | ) | |
| 11.90 | | |
| 1.68 | |
| Diluted | |
| 0.25 | | |
| 2.67 | | |
| 5.32 | | |
| 0.75 | | |
| (2.07 | ) | |
| 11.10 | | |
| 1.56 | |
| Weighted
average number of ordinary shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,953,941,934 | | |
| 1,971,638,899 | | |
| 1,979,818,518 | | |
| 1,979,818,518 | | |
| 1,941,230,998 | | |
| 1,967,863,759 | | |
| 1,967,863,759 | |
| Diluted | |
| 2,091,167,144 | | |
| 2,119,642,125 | | |
| 2,129,076,784 | | |
| 2,129,076,784 | | |
| 1,941,230,998 | | |
| 2,115,376,392 | | |
| 2,115,376,392 | |
| Net
earnings/(loss) per share attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.13 | | |
| 1.43 | | |
| 2.86 | | |
| 0.40 | | |
| (1.04 | ) | |
| 5.95 | | |
| 0.84 | |
| Diluted | |
| 0.13 | | |
| 1.34 | | |
| 2.66 | | |
| 0.37 | | |
| (1.04 | ) | |
| 5.55 | | |
| 0.78 | |
Li
Auto Inc.
Unaudited
Condensed Consolidated Balance Sheets
(All
amounts in thousands)
| | |
As of | |
| | |
December 31,
2022 | | |
December 31,
2023 | | |
December 31,
2023 | |
| | |
| RMB | | |
| RMB | | |
| US$ | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 38,478,016 | | |
| 91,329,030 | | |
| 12,863,425 | |
| Restricted cash | |
| 1,940,142 | | |
| 479 | | |
| 67 | |
| Time deposits and short-term investments | |
| 18,031,395 | | |
| 11,933,255 | | |
| 1,680,764 | |
| Trade receivable | |
| 48,381 | | |
| 143,523 | | |
| 20,215 | |
| Inventories | |
| 6,804,693 | | |
| 6,871,979 | | |
| 967,898 | |
| Prepayments and other current assets | |
| 1,689,860 | | |
| 4,247,318 | | |
| 598,222 | |
| Total current assets | |
| 66,992,487 | | |
| 114,525,584 | | |
| 16,130,591 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Long-term investments | |
| 1,484,491 | | |
| 1,595,376 | | |
| 224,704 | |
| Property, plant and equipment, net | |
| 11,187,898 | | |
| 15,745,018 | | |
| 2,217,639 | |
| Operating lease right-of-use assets, net | |
| 3,538,911 | | |
| 5,939,230 | | |
| 836,523 | |
| Intangible assets, net | |
| 832,620 | | |
| 864,180 | | |
| 121,717 | |
| Goodwill | |
| 5,484 | | |
| 5,484 | | |
| 772 | |
| Deferred tax assets | |
| 74,767 | | |
| 1,990,245 | | |
| 280,320 | |
| Other non-current assets | |
| 2,421,293 | | |
| 2,802,354 | | |
| 394,704 | |
| Total non-current assets | |
| 19,545,464 | | |
| 28,941,887 | | |
| 4,076,379 | |
| Total assets | |
| 86,537,951 | | |
| 143,467,471 | | |
| 20,206,970 | |
| LIABILITIES AND EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Short-term borrowings | |
| 390,750 | | |
| 6,975,399 | | |
| 982,464 | |
| Trade and notes payable | |
| 20,024,329 | | |
| 51,870,097 | | |
| 7,305,750 | |
| Amounts due to related parties | |
| 7,190 | | |
| 10,607 | | |
| 1,494 | |
| Deferred revenue, current | |
| 569,234 | | |
| 1,525,543 | | |
| 214,868 | |
| Operating lease liabilities, current | |
| 696,454 | | |
| 1,146,437 | | |
| 161,472 | |
| Accruals and other current liabilities | |
| 5,684,644 | | |
| 11,214,626 | | |
| 1,579,547 | |
| Total current liabilities | |
| 27,372,601 | | |
| 72,742,709 | | |
| 10,245,595 | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Long-term borrowings | |
| 9,230,807 | | |
| 1,747,070 | | |
| 246,070 | |
| Deferred revenue, non-current | |
| 581,598 | | |
| 812,218 | | |
| 114,399 | |
| Operating lease liabilities, non-current | |
| 1,946,367 | | |
| 3,677,961 | | |
| 518,030 | |
| Deferred tax liabilities | |
| 77,809 | | |
| 200,877 | | |
| 28,293 | |
| Other non-current liabilities | |
| 2,142,462 | | |
| 3,711,414 | | |
| 522,742 | |
| Total non-current liabilities | |
| 13,979,043 | | |
| 10,149,540 | | |
| 1,429,534 | |
| Total liabilities | |
| 41,351,644 | | |
| 82,892,249 | | |
| 11,675,129 | |
| Total Li Auto Inc. shareholders’ equity | |
| 44,858,701 | | |
| 60,142,624 | | |
| 8,470,911 | |
| Noncontrolling interests | |
| 327,606 | | |
| 432,598 | | |
| 60,930 | |
| Total shareholders’ equity | |
| 45,186,307 | | |
| 60,575,222 | | |
| 8,531,841 | |
| Total liabilities and shareholders’ equity | |
| 86,537,951 | | |
| 143,467,471 | | |
| 20,206,970 | |
Li
Auto Inc.
Unaudited
Condensed Consolidated Statements of Cash Flows
(All
amounts in thousands)
| | |
For
the Three Months Ended | | |
For
the Year Ended | |
| | |
December
31, 2022 | | |
September
30, 2023 | | |
December
31, 2023 | | |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2023 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net
cash provided by operating activities | |
| 4,925,350 | | |
| 14,506,532 | | |
| 17,294,228 | | |
| 2,435,841 | | |
| 7,380,266 | | |
| 50,693,521 | | |
| 7,140,033 | |
| Net
cash used in investing activities | |
| (5,308,274 | ) | |
| (4,424,152 | ) | |
| (469,104 | ) | |
| (66,072 | ) | |
| (4,364,661 | ) | |
| (12,068 | ) | |
| (1,700 | ) |
| Net
cash provided by financing activities | |
| 251,024 | | |
| 1,371,433 | | |
| 863,355 | | |
| 121,601 | | |
| 5,639,392 | | |
| 185,385 | | |
| 26,111 | |
| Effect
of exchange rate changes | |
| (19,686 | ) | |
| (20,252 | ) | |
| (48,180 | ) | |
| (6,786 | ) | |
| 1,270,097 | | |
| 44,513 | | |
| 6,270 | |
| Net
change in cash, cash equivalents and restricted cash | |
| (151,586 | ) | |
| 11,433,561 | | |
| 17,640,299 | | |
| 2,484,584 | | |
| 9,925,094 | | |
| 50,911,351 | | |
| 7,170,714 | |
| Cash,
cash equivalents and restricted cash at beginning of period | |
| 40,569,744 | | |
| 62,255,649 | | |
| 73,689,210 | | |
| 10,378,908 | | |
| 30,493,064 | | |
| 40,418,158 | | |
| 5,692,778 | |
| Cash,
cash equivalents and restricted cash at end of period | |
| 40,418,158 | | |
| 73,689,210 | | |
| 91,329,509 | | |
| 12,863,492 | | |
| 40,418,158 | | |
| 91,329,509 | | |
| 12,863,492 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
cash provided by operating activities | |
| 4,925,350 | | |
| 14,506,532 | | |
| 17,294,228 | | |
| 2,435,841 | | |
| 7,380,266 | | |
| 50,693,521 | | |
| 7,140,033 | |
| Capital
expenditures | |
| (1,668,021 | ) | |
| (1,281,759 | ) | |
| (2,656,106 | ) | |
| (374,105 | ) | |
| (5,127,900 | ) | |
| (6,507,189 | ) | |
| (916,518 | ) |
| Free
cash flow (non-GAAP) | |
| 3,257,329 | | |
| 13,224,773 | | |
| 14,638,122 | | |
| 2,061,736 | | |
| 2,252,366 | | |
| 44,186,332 | | |
| 6,223,515 | |
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 | | |
For
the Year Ended | |
| | |
December
31, 2022 | | |
September
30, 2023 | | |
December
31, 2023 | | |
December 31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2023 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Cost
of sales | |
| (14,083,543 | ) | |
| (27,034,971 | ) | |
| (31,945,214 | ) | |
| (4,499,390 | ) | |
| (36,496,360 | ) | |
| (96,354,581 | ) | |
| (13,571,259 | ) |
| Share-based
compensation expenses | |
| 16,644 | | |
| 10,662 | | |
| 15,334 | | |
| 2,160 | | |
| 44,845 | | |
| 46,631 | | |
| 6,568 | |
| Non-GAAP
cost of sales | |
| (14,066,899 | ) | |
| (27,024,309 | ) | |
| (31,929,880 | ) | |
| (4,497,230 | ) | |
| (36,451,515 | ) | |
| (96,307,950 | ) | |
| (13,564,691 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research
and development expenses | |
| (2,070,091 | ) | |
| (2,817,206 | ) | |
| (3,491,026 | ) | |
| (491,701 | ) | |
| (6,780,032 | ) | |
| (10,586,129 | ) | |
| (1,491,025 | ) |
| Share-based
compensation expenses | |
| 476,522 | | |
| 431,294 | | |
| 537,843 | | |
| 75,754 | | |
| 1,333,710 | | |
| 1,552,421 | | |
| 218,654 | |
| Non-GAAP
research and development expenses | |
| (1,593,569 | ) | |
| (2,385,912 | ) | |
| (2,953,183 | ) | |
| (415,947 | ) | |
| (5,446,322 | ) | |
| (9,033,708 | ) | |
| (1,272,371 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling,
general and administrative expenses | |
| (1,629,859 | ) | |
| (2,543,770 | ) | |
| (3,269,668 | ) | |
| (460,523 | ) | |
| (5,665,301 | ) | |
| (9,767,955 | ) | |
| (1,375,788 | ) |
| Share-based
compensation expenses | |
| 209,135 | | |
| 212,443 | | |
| 273,443 | | |
| 38,514 | | |
| 674,610 | | |
| 779,637 | | |
| 109,810 | |
| Non-GAAP
selling, general and administrative expenses | |
| (1,420,724 | ) | |
| (2,331,327 | ) | |
| (2,996,225 | ) | |
| (422,009 | ) | |
| (4,990,691 | ) | |
| (8,988,318 | ) | |
| (1,265,978 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| (Loss)/Income
from operations | |
| (133,619 | ) | |
| 2,339,378 | | |
| 3,036,426 | | |
| 427,671 | | |
| (3,654,877 | ) | |
| 7,406,877 | | |
| 1,043,237 | |
| Share-based
compensation expenses | |
| 702,301 | | |
| 654,399 | | |
| 826,620 | | |
| 116,428 | | |
| 2,053,165 | | |
| 2,378,689 | | |
| 335,031 | |
| Non-GAAP
income/(loss) from operations | |
| 568,682 | | |
| 2,993,777 | | |
| 3,863,046 | | |
| 544,099 | | |
| (1,601,712 | ) | |
| 9,785,566 | | |
| 1,378,268 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
income/(loss) | |
| 265,302 | | |
| 2,812,874 | | |
| 5,752,316 | | |
| 810,196 | | |
| (2,032,348 | ) | |
| 11,809,125 | | |
| 1,663,280 | |
| Share-based
compensation expenses | |
| 702,301 | | |
| 654,399 | | |
| 826,620 | | |
| 116,428 | | |
| 2,053,165 | | |
| 2,378,689 | | |
| 335,031 | |
| Release
of valuation allowance on deferred tax assets | |
| — | | |
| — | | |
| (1,990,245 | ) | |
| (280,320 | ) | |
| — | | |
| (1,990,245 | ) | |
| (280,320 | ) |
| Non-GAAP
net income | |
| 967,603 | | |
| 3,467,273 | | |
| 4,588,691 | | |
| 646,304 | | |
| 20,817 | | |
| 12,197,569 | | |
| 1,717,991 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
income/(loss) attributable to ordinary shareholders of Li Auto Inc. | |
| 256,938 | | |
| 2,823,231 | | |
| 5,658,081 | | |
| 796,923 | | |
| (2,012,215 | ) | |
| 11,704,133 | | |
| 1,648,492 | |
| Share-based
compensation expenses | |
| 702,301 | | |
| 654,399 | | |
| 826,620 | | |
| 116,428 | | |
| 2,053,165 | | |
| 2,378,689 | | |
| 335,031 | |
| Release
of valuation allowance on deferred tax assets | |
| — | | |
| — | | |
| (1,990,245 | ) | |
| (280,320 | ) | |
| — | | |
| (1,990,245 | ) | |
| (280,320 | ) |
| Non-GAAP
net income attributable to ordinary shareholders of Li Auto Inc. | |
| 959,239 | | |
| 3,477,630 | | |
| 4,494,456 | | |
| 633,031 | | |
| 40,950 | | |
| 12,092,577 | | |
| 1,703,203 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted
average number of ADSs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 976,970,967 | | |
| 985,819,450 | | |
| 989,909,259 | | |
| 989,909,259 | | |
| 970,615,499 | | |
| 983,931,880 | | |
| 983,931,880 | |
| Diluted | |
| 1,045,583,572 | | |
| 1,059,821,062 | | |
| 1,064,538,392 | | |
| 1,064,538,392 | | |
| 1,016,365,275 | | |
| 1,057,688,196 | | |
| 1,057,688,196 | |
| Non-GAAP
net earnings per ADS attributable to ordinary shareholders | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.98 | | |
| 3.53 | | |
| 4.54 | | |
| 0.64 | | |
| 0.04 | | |
| 12.29 | | |
| 1.73 | |
| Diluted | |
| 0.93 | | |
| 3.29 | | |
| 4.23 | | |
| 0.60 | | |
| 0.04 | | |
| 11.46 | | |
| 1.61 | |
| Weighted
average number of ordinary shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,953,941,934 | | |
| 1,971,638,899 | | |
| 1,979,818,518 | | |
| 1,979,818,518 | | |
| 1,941,230,998 | | |
| 1,967,863,759 | | |
| 1,967,863,759 | |
| Diluted | |
| 2,091,167,144 | | |
| 2,119,642,125 | | |
| 2,129,076,784 | | |
| 2,129,076,784 | | |
| 2,032,730,550 | | |
| 2,115,376,392 | | |
| 2,115,376,392 | |
| Non-GAAP
net earnings per share attributable to ordinary shareholders8 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.49 | | |
| 1.76 | | |
| 2.27 | | |
| 0.32 | | |
| 0.02 | | |
| 6.15 | | |
| 0.87 | |
| Diluted | |
| 0.46 | | |
| 1.64 | | |
| 2.11 | | |
| 0.30 | | |
| 0.02 | | |
| 5.73 | | |
| 0.81 | |
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, 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.
Li Auto (NASDAQ:LI)
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