Li Auto delivers 2025 report card: three consecutive years of profitability, cash reserves exceed 100 billions, leading new forces

格隆汇 March 12｜Li Auto announced its financial results for the fourth quarter and full year of 2025. The annual revenue reached 112.3 billions RMB, with a net profit of 1.1 billions RMB, making it the only emerging car manufacturer in China to achieve over 100 billions RMB in revenue and profitability for three consecutive years. Fourth quarter revenue was 28.8 billions RMB, up 5.2% quarter-on-quarter, with Q4 deliveries reaching 109,000 units, a 17.1% increase quarter-on-quarter. By year-end, cash reserves stood at 101.2 billions RMB, ranking first among emerging car makers, and quarterly free cash flow turned positive. In terms of R&D, annual investment hit a record high of 11.3 billions RMB, with AI-related spending accounting for 50%, covering core technologies such as self-developed Mach 100 chip, base large model, and Star Ring OS operating system, forming a comprehensive integrated intelligent technology foundation. On the product side, the new generation Li Auto L9 equipped with the self-developed Mach 100 chip will officially launch in the second quarter, with effective computing power three times that of Nvidia Thor-U. Li Auto i6's monthly production capacity will climb to 20,000 units in March, officially establishing the dual-drive layout of range extension + pure electric.