Li Auto Achieves Profitability for Three Consecutive Years

[Financial Performance] Li Auto reported revenue of RMB 112.3 billion and net profit of RMB 11 billion in 2025, marking its third consecutive year of profitability.

Core Development: The Only NEV Startup with Three Straight Years of Profit

Li Auto has become the only Chinese new energy vehicle (NEV) startup to achieve profitability for three consecutive years, accumulating over RMB 20 billion in net profit from 2023 to 2025. Although its 2025 profits declined significantly due to industry-wide price wars and transformation pressures, the company remained profitable throughout the year.

Key Metrics: RMB 100 Billion in Cash + RMB 10 Billion in R&D as Dual Pillars

As of the end of 2025, the company held RMB 101.2 billion in cash reserves, ranking first among China’s NEV manufacturers. Its annual R&D investment reached a record high of RMB 11.3 billion, with 50% allocated to AI and embodied intelligence. The company’s self-developed chip, Mach 100, is scheduled for mass production in Q2 2026.

Strategic Foundation: Transitioning from Automaker to Embodied Intelligence Enterprise

Leveraging its strong financial position, Li Auto is accelerating the construction of a closed-loop technology ecosystem. The all-new L9, set to launch in Q2 2026, will debut with the company’s self-developed chip, signaling Li Auto’s full transformation into an embodied intelligence enterprise integrating hardware and software.