Li Auto Achieves Profitability for Three Consecutive Years and Doubles Down on Intelligent Technology

[Financial Performance] In 2025, Li Auto reported revenue of RMB 112.3 billion and net profit of RMB 1.1 billion, becoming the only Chinese new-energy vehicle (NEV) startup to achieve profitability for three consecutive years while surpassing RMB 100 billion in annual revenue.

Key Metrics: High Cash Reserves and R&D Investment

As of the end of 2025, Li Auto held cash reserves of RMB 101.2 billion, ranking first among China's NEV manufacturers. Its R&D investment for the year reached RMB 11.3 billion, and is expected to increase to RMB 12 billion in 2026.

Strategic Foundation: Product Refresh and In-House Chip Deployment

Starting Q2 2026, the all-new Li L9 will feature a fully drive-by-wire chassis, an 800V fully active suspension system, and Li Auto’s self-developed 5nm Mach 100 chip (with single-chip computing power of 1,280 TOPS). The entire L-series lineup will undergo a simultaneous refresh, and the flagship all-electric i9 will launch in the second half of the year.

Industry Impact: Short-Term Delivery Pressure with Clear Long-Term Goals

In 2025, Li Auto delivered 406,000 vehicles, a year-over-year decline; however, the company forecasts over 20% year-over-year growth in deliveries for 2026, demonstrating its commitment to long-term strategic discipline.