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 ended
June 30, 2023.
Operating Highlights for the Second Quarter of
2023
- Total vehicle deliveries were
86,533 units in the second quarter of 2023, representing a 201.6%
year-over-year increase.
Deliveries |
|
2023 Q2 |
|
2023 Q1 |
|
2022 Q4 |
|
2022 Q3 |
|
|
86,533 |
|
52,584 |
|
46,319 |
|
26,524 |
|
|
|
|
|
|
|
|
|
Deliveries |
|
2022 Q2 |
|
2022 Q1 |
|
2021 Q4 |
|
2021 Q3 |
|
|
28,687 |
|
31,716 |
|
35,221 |
|
25,116 |
- As of June 30, 2023, the Company
had 331 retail stores covering 127 cities, as well as 323 servicing
centers and Li Auto-authorized body and paint shops operating in
223 cities.
Financial Highlights for the Second Quarter of
2023
- Vehicle sales were
RMB27.97 billion (US$3.86 billion) in the second quarter of 2023,
representing an increase of 229.7% from RMB8.48 billion in the
second quarter of 2022 and an increase of 52.6% from RMB18.33
billion in the first quarter of 2023.
- Vehicle
margin2 was 21.0% in the second quarter
of 2023, compared with 21.2% in the second quarter of 2022 and
19.8% in the first quarter of 2023.
- Total revenues
were RMB28.65 billion (US$3.95 billion) in the second quarter of
2023, representing an increase of 228.1% from RMB8.73 billion in
the second quarter of 2022 and an increase of 52.5% from RMB18.79
billion in the first quarter of 2023.
- Gross profit was
RMB6.24 billion (US$859.9 million) in the second quarter of 2023,
representing an increase of 232.0% from RMB1.88 billion in the
second quarter of 2022 and an increase of 62.8% from RMB3.83
billion in the first quarter of 2023.
- Gross margin was
21.8% in the second quarter of 2023, compared with 21.5% in the
second quarter of 2022 and 20.4% in the first quarter of 2023.
- Income from
operations was RMB1.63 billion (US$224.2 million) in the
second quarter of 2023, compared with RMB978.5 million loss from
operations in the second quarter of 2022 and representing an
increase of 301.3% from RMB405.2 million income from operations in
the first quarter of 2023. Non-GAAP income from
operations3 was RMB2.04 billion (US$281.8
million) in the second quarter of 2023, compared with RMB520.8
million non-GAAP loss from operations in the second quarter of 2022
and representing an increase of 130.8% from RMB885.4 million
non-GAAP income from operations in the first quarter of 2023.
- Net income was
RMB2.31 billion (US$318.6 million) in the second quarter of 2023,
compared with RMB641.0 million net loss in the second quarter of
2022 and representing an increase of 147.4% from RMB933.8 million
net income in the first quarter of 2023. Non-GAAP net
income3 was RMB2.73 billion (US$376.1
million) in the second quarter of 2023, compared with RMB183.4
million non-GAAP net loss in the second quarter of 2022 and an
increase of 92.9% from RMB1.41 billion non-GAAP net income in the
first quarter of 2023.
- Net cash provided by
operating activities was RMB11.11 billion (US$1.53
billion) in the second quarter of 2023, compared with RMB1.13
billion net cash provided by operating activities in the second
quarter of 2022 and an increase of 42.8% from RMB7.78 billion net
cash provided by operating activities in the first quarter of
2023.
- Free cash
flow4 was RMB9.62 billion (US$1.33
billion) in the second quarter of 2023, compared with RMB451.7
million free cash flow in the second quarter of 2022 and
representing an increase of 43.6% from RMB6.70 billion free cash
flow in the first quarter of 2023.
Key Financial
Results(in millions, except for percentages) |
|
|
|
|
|
|
For the Three Months Ended |
|
% Change5 |
|
|
|
June 30, 2022 |
|
March 31, 2023 |
|
June 30, 2023 |
|
YoY |
|
QoQ |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
Vehicle sales |
8,483.6 |
|
18,327.3 |
|
27,971.9 |
|
229.7% |
|
52.6% |
|
Vehicle margin |
21.2% |
|
19.8% |
|
21.0% |
|
(0.2)% |
|
1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
8,732.6 |
|
18,787.1 |
|
28,652.7 |
|
228.1% |
|
52.5% |
|
Gross profit |
1,878.3 |
|
3,830.1 |
|
6,235.3 |
|
232.0% |
|
62.8% |
|
Gross margin |
21.5% |
|
20.4% |
|
21.8% |
|
0.3% |
|
1.4% |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations |
(978.5) |
|
405.2 |
|
1,625.9 |
|
N/A |
|
301.3% |
|
Non-GAAP (loss)/income from
operations |
(520.8) |
|
885.4 |
|
2,043.3 |
|
N/A |
|
130.8% |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
(641.0) |
|
933.8 |
|
2,310.1 |
|
N/A |
|
147.4% |
|
Non-GAAP net (loss)/income |
(183.4) |
|
1,414.1 |
|
2,727.5 |
|
N/A |
|
92.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
1,129.4 |
|
7,780.4 |
|
11,112.4 |
|
N/A |
|
42.8% |
|
Free cash flow (non-GAAP) |
451.7 |
|
6,702.1 |
|
9,621.4 |
|
N/A |
|
43.6% |
|
Recent Developments
Delivery Update
- In July 2023, the Company delivered
34,134 vehicles, representing an increase of 227.5% from July 2022.
As of July 31, 2023, the Company had 337 retail stores covering 128
cities, in addition to 323 servicing centers and Li Auto-authorized
body and paint shops operating in 222 cities.
Family Tech Day
- On June 17, 2023, the Company
hosted a Family Tech Day where it announced its plan to unveil its
super flagship 5C BEV model, Li MEGA, by the end of 2023, and
presented the optimization of battery cells and thermal management
system as well as its 5C super charging network deployment to
enable 5C charging capability. The Company also showcased its
technological advancements for smart space and autonomous driving,
and introduced its roll-out plans for city NOA and commute NOA.
Both city NOA and commute NOA were launched for test drives in June
2023, and are expected to be released to 100 cities nationwide by
the end of 2023.
Li L9 Pro
- On August 3, 2023, the Company
launched the Pro trim of Li L9 to cater to a wider range of family
users. Li L9 Pro comes standard with the Li AD Pro autonomous
driving system powered by a Horizon Robotics Journey 5 chip and the
SS Max+ smart space system. The retail price for Li L9 Pro is
RMB429,800.
At-The-Market Offering
- On June 28, 2022, the Company
announced an at-the-market offering program (the “ATM Offering”) to
sell up to US$2,000,000,000 of American depositary shares (“ADSs”),
each representing two Class A ordinary shares of the Company.As of
the date of this press release, the Company has sold 9,480,014 ADSs
representing 18,960,028 Class A ordinary shares of the Company
under the ATM Offering, raising gross proceeds of US$368.3 million
before deducting fees and commissions payable to the distribution
agents of up to US$4.8 million and certain other offering
expenses.
CEO and CFO Comments
Mr. Xiang Li, chairman and chief executive
officer of Li Auto, commented, “We crossed the 30,000 monthly
delivery milestone in June, closing the second quarter with an
all-time high vehicle delivery, while all of the three Li L series
models maintained sales leadership in their respective categories.
These accomplishments solidified our standing as the preferred
premium brand for families, firmly positioning us to achieve the
revenue target of RMB100 billion in 2023. Facing the competitive
market dynamics in China’s NEV industry, in the second quarter we
achieved our highest-ever profitability while continuing to
strengthen our competitive advantage through ongoing investments in
research and development and business expansion, as well as
improvements in our organizational processes and operational
capabilities.”
“In June, we launched China’s first city NOA and
commute NOA independent of high-definition maps for test drives,
showcasing their outstanding abilities to perceive, plan, and
control in complex urban traffic environments. Furthermore, our
super flagship 5C BEV model, Li MEGA, is scheduled to be unveiled
in the fourth quarter of this year. Embodying our latest
technological advancements in electrification and
intelligentization, we are confident that Li MEGA will become a new
sales blockbuster in the RMB500,000 and higher price segment. As a
growth-driven organization, we will relentlessly explore and train
ourselves to achieve further developments while building products
and services that exceed user needs.”
Mr. Tie Li, chief financial officer of Li Auto,
added, “We had a strong showing in the second quarter, setting new
records across revenue, net income, and free cash flow.
Specifically, we grew our revenue by 228.1% year-over-year to
RMB28.65 billion, fueled by the significant increase in vehicle
deliveries. We achieved net income of RMB2.31 billion while
recording free cash flow of RMB9.62 billion. The robust financial
performance empowers the Company to deepen its commitment to
research and development and accelerate business expansion as we
strive to deliver greater value to our users, shareholders and
society as a whole.”
Financial Results for the Second Quarter of
2023
Revenues
- Total revenues
were RMB28.65 billion (US$3.95 billion) in the second quarter of
2023, representing an increase of 228.1% from RMB8.73 billion in
the second quarter of 2022 and an increase of 52.5% from RMB18.79
billion in the first quarter of 2023.
- Vehicle sales were
RMB27.97 billion (US$3.86 billion) in the second quarter of 2023,
representing an increase of 229.7% from RMB8.48 billion in the
second quarter of 2022. The increase in vehicle sales over the
second quarter of 2022 was mainly attributable to the increase in
vehicle deliveries. The increase of 52.6% from RMB18.33 billion in
the first quarter of 2023 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.
- Other sales and
services were RMB680.8 million (US$93.9 million) in the
second quarter of 2023, representing an increase of 173.4% from
RMB249.0 million in the second quarter of 2022 and an increase of
48.1% from RMB459.7 million in the first quarter of 2023. The
increase in revenue from other sales and services over the second
quarter of 2022 and the first quarter of 2023 was mainly
attributable to the increased sales of accessories and provision of
services, which is in line with higher accumulated vehicle sales,
and the increased sales of charging stalls, which is in line with
higher vehicle deliveries.
Cost of Sales and Gross Margin
- Cost of sales was
RMB22.42 billion (US$3.09 billion) in the second quarter of 2023,
representing an increase of 227.1% from RMB6.85 billion in the
second quarter of 2022 and an increase of 49.9% from RMB14.96
billion in the first quarter of 2023. The increase in cost of sales
over the second quarter of 2022 and the first quarter of 2023 was
mainly attributable to the increase in vehicle deliveries.
- Gross profit was
RMB6.24 billion (US$859.9 million) in the second quarter of 2023,
representing an increase of 232.0% from RMB1.88 billion in the
second quarter of 2022 and an increase of 62.8% from RMB3.83
billion in the first quarter of 2023.
- Vehicle
margin was 21.0% in the second quarter of 2023,
compared with 21.2% in the second quarter of 2022 and 19.8% in the
first quarter of 2023. Excluding the impact of Li ONE, the vehicle
margin of the Li L series remained stable over the first quarter of
2023.
- Gross margin was
21.8% in the second quarter of 2023, compared with 21.5% in the
second quarter of 2022 and 20.4% in the first quarter of 2023.
Operating Expenses
- Operating expenses
were RMB4.61 billion (US$635.7 million) in the second quarter of
2023, representing an increase of 61.4% from RMB2.86 billion in the
second quarter of 2022 and an increase of 34.6% from RMB3.42
billion in the first quarter of 2023.
- Research and development
expenses were RMB2.43 billion (US$334.5 million) in the
second quarter of 2023, representing an increase of 58.4% from
RMB1.53 billion in the second quarter of 2022 and an increase of
31.0% from RMB1.85 billion in the first quarter of 2023. The
increase in research and development expenses over the second
quarter of 2022 and the first quarter of 2023 was primarily driven
by increased employee compensation as a result of our growing
number of staff as well as increased expenses to support our
expanding product portfolios and technologies.
- Selling, general and
administrative expenses were RMB2.31 billion (US$318.5
million) in the second quarter of 2023, representing an increase of
74.3% from RMB1.33 billion in the second quarter of 2022 and an
increase of 40.4% from RMB1.65 billion in the first quarter of
2023. The increase in selling, general and administrative expenses
over the second quarter of 2022 and the first quarter of 2023 was
primarily driven by increased employee compensation as a result of
our growing number of staff as well as increased rental expenses
associated with the expansion of our sales and servicing
network.
Income/(Loss) from
Operations
- Income from
operations was RMB1.63 billion (US$224.2 million) in the
second quarter of 2023, compared with RMB978.5 million loss from
operations in the second quarter of 2022 and representing an
increase of 301.3% from RMB405.2 million income from operations in
the first quarter of 2023. Non-GAAP income from
operations was RMB2.04 billion (US$281.8 million) in the
second quarter of 2023, compared with RMB520.8 million non-GAAP
loss from operations in the second quarter of 2022 and representing
an increase of 130.8% from RMB885.4 million non-GAAP income from
operations in the first quarter of 2023.
Net Income/(Loss) and Net Earnings/(Loss) Per
Share
- Net income was
RMB2.31 billion (US$318.6 million) in the second quarter of 2023,
compared with RMB641.0 million net loss in the second quarter of
2022 and representing an increase of 147.4% from RMB933.8 million
net income in the first quarter of 2023. Non-GAAP net
income was RMB2.73 billion (US$376.1 million) in the
second quarter of 2023, compared with RMB183.4 million non-GAAP net
loss in the second quarter of 2022 and an increase of 92.9% from
RMB1.41 billion non-GAAP net income in the first quarter of
2023.
- Basic and diluted net
earnings per ADS6 attributable to
ordinary shareholders were RMB2.34 (US$0.32) and RMB2.18
(US$0.30) in the second quarter of 2023, respectively, compared
with RMB0.64 for both basic and diluted net loss per ADS
attributable to ordinary shareholders in the second quarter of
2022, and RMB0.95 and RMB0.89 basic and diluted net earnings per
ADS attributable to ordinary shareholders in the first quarter of
2023, respectively. Non-GAAP basic and diluted net earnings
per ADS attributable to ordinary
shareholders3 were RMB2.76 (US$0.38) and
RMB2.58 (US$0.36) in the second quarter of 2023, respectively,
compared with RMB0.17 for both non-GAAP basic and diluted net loss
per ADS attributable to ordinary shareholders in the second quarter
of 2022, respectively, and RMB1.44 and RMB1.35 non-GAAP basic and
diluted net earnings per ADS attributable to ordinary shareholders
in the first quarter of 2023, respectively.
Cash Position, Operating Cash Flow and Free Cash
Flow
- Balance of cash and cash
equivalents, restricted cash, time deposits and short-term
investments was RMB73.77 billion (US$10.17 billion) as of
June 30, 2023.
- Net cash provided by
operating activities was RMB11.11 billion (US$1.53
billion) in the second quarter of 2023, compared with RMB1.13
billion net cash provided by operating activities in the second
quarter of 2022 and an increase of 42.8% from RMB7.78 billion net
cash provided by operating activities in the first quarter of
2023.
- Free cash flow was
RMB9.62 billion (US$1.33 billion) in the second quarter of 2023,
compared with RMB451.7 million free cash flow in the second quarter
of 2022 and representing an increase of 43.6% from RMB6.70 billion
free cash flow in the first quarter of 2023.
Business Outlook
For the third quarter of 2023, the Company expects:
- Deliveries of
vehicles to be between 100,000 and 103,000 vehicles,
representing an increase of 277.0% to 288.3% from the third quarter
of 2022.
- Total
revenues to be between RMB32.33 billion (US$4.46
billion) and RMB33.30 billion (US$4.59 billion), representing an
increase of 246.0% to 256.4% from the third quarter of 2022.
This business outlook reflects the Company’s
current and preliminary view on the business situation and market
condition, which is subject to change.
Conference Call
Management will hold a conference call at 8:00
a.m. U.S. Eastern Time on Tuesday, August 08, 2023 (8:00 p.m.
Beijing/Hong Kong Time on August 08, 2023) 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/10032372-jb217p.html
A replay of the conference call will be accessible through
August 15, 2023, 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: |
10032372 |
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/loss,
non-GAAP net income/loss attributable to ordinary shareholders,
non-GAAP basic and diluted net earnings/loss per ADS attributable
to ordinary shareholders, non-GAAP basic and diluted net
earnings/loss 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, 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 net loss or other consolidated statements of
comprehensive loss data 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 RMB7.2513 to US$1.00, the
exchange rate on June 30, 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 L9, a six-seat flagship family SUV, Li L8, a six-seat
premium family SUV, and 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: http://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; 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 RelationsEmail: ir@lixiang.com
The Piacente Group, Inc.Yang SongTel:
+86-10-6508-0677Email: Li@tpg-ir.com
Brandi PiacenteTel: +1-212-481-2050Email: Li@tpg-ir.com
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
(All
amounts in thousands, except for ADS/ordinary share and per
ADS/ordinary share data) |
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, 2022 |
|
March 31, 2023 |
|
June 30, 2023 |
|
June 30, 2023 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
8,483,612 |
|
18,327,316 |
|
27,971,944 |
|
3,857,507 |
|
|
Other sales and services |
|
249,009 |
|
459,737 |
|
680,783 |
|
93,884 |
|
|
Total
revenues |
|
8,732,621 |
|
18,787,053 |
|
28,652,727 |
|
3,951,391 |
|
|
Cost of
sales: |
|
|
|
|
|
|
|
|
|
|
Vehicle sales |
|
(6,687,273) |
|
(14,705,143) |
|
(22,084,087) |
|
(3,045,535) |
|
|
Other sales and services |
|
(167,048) |
|
(251,804) |
|
(333,362) |
|
(45,973) |
|
|
Total cost of
sales |
|
(6,854,321) |
|
(14,956,947) |
|
(22,417,449) |
|
(3,091,508) |
|
|
Gross
profit |
|
1,878,300 |
|
3,830,106 |
|
6,235,278 |
|
859,883 |
|
|
Operating
expense: |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
(1,531,644) |
|
(1,852,297) |
|
(2,425,600) |
|
(334,506) |
|
|
Selling, general and administrative |
|
(1,325,113) |
|
(1,645,307) |
|
(2,309,210) |
|
(318,455) |
|
|
Other operating income, net |
|
— |
|
72,701 |
|
125,402 |
|
17,294 |
|
|
Total operating
expenses |
|
(2,856,757) |
|
(3,424,903) |
|
(4,609,408) |
|
(635,667) |
|
|
(Loss)/Income from
operations |
|
(978,457) |
|
405,203 |
|
1,625,870 |
|
224,216 |
|
|
Other
(expense)/income: |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(21,172) |
|
(32,438) |
|
(28,440) |
|
(3,922) |
|
|
Interest income and investment income, net |
|
249,662 |
|
418,531 |
|
430,262 |
|
59,336 |
|
|
Others, net |
|
104,695 |
|
181,488 |
|
324,291 |
|
44,722 |
|
|
(Loss)/Income before
income tax |
|
(645,272) |
|
972,784 |
|
2,351,983 |
|
324,352 |
|
|
Income tax benefit/(expense) |
|
4,226 |
|
(38,947) |
|
(41,885) |
|
(5,776) |
|
|
Net
(loss)/income |
|
(641,046) |
|
933,837 |
|
2,310,098 |
|
318,576 |
|
|
Less: Net (loss) /income attributable to noncontrolling
interests |
|
(23,080) |
|
4,169 |
|
16,945 |
|
2,337 |
|
|
Net (loss)/income
attributable to ordinary shareholders of Li Auto Inc. |
|
(617,966) |
|
929,668 |
|
2,293,153 |
|
316,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income |
|
(641,046) |
|
933,837 |
|
2,310,098 |
|
318,576 |
|
|
Other comprehensive
income/(loss) |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
|
1,058,208 |
|
27,607 |
|
(120,809) |
|
(16,660) |
|
|
Total other
comprehensive income/(loss) |
|
1,058,208 |
|
27,607 |
|
(120,809) |
|
(16,660) |
|
|
Total comprehensive
income |
|
417,162 |
|
961,444 |
|
2,189,289 |
|
301,916 |
|
|
Less: Net (loss) /income attributable to noncontrolling
interests |
|
(23,080) |
|
4,169 |
|
16,945 |
|
2,337 |
|
|
Comprehensive income
attributable to ordinary shareholders of Li Auto Inc. |
|
440,242 |
|
957,275 |
|
2,172,344 |
|
299,579 |
|
|
Weighted average
number of ADSs |
|
|
|
|
|
|
|
|
|
|
Basic |
|
965,395,732 |
|
979,166,653 |
|
980,693,361 |
|
980,693,361 |
|
|
Diluted |
|
965,395,732 |
|
1,052,402,047 |
|
1,053,852,487 |
|
1,053,852,487 |
|
|
Net (loss)/earnings
per ADS attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.64) |
|
0.95 |
|
2.34 |
|
0.32 |
|
|
Diluted |
|
(0.64) |
|
0.89 |
|
2.18 |
|
0.30 |
|
|
Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
1,930,791,463 |
|
1,958,333,306 |
|
1,961,386,723 |
|
1,961,386,723 |
|
|
Diluted |
|
1,930,791,463 |
|
2,104,804,095 |
|
2,107,704,975 |
|
2,107,704,975 |
|
|
Net (loss)/earnings
per share attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.32) |
|
0.47 |
|
1.17 |
|
0.16 |
|
|
Diluted |
|
(0.32) |
|
0.45 |
|
1.09 |
|
0.15 |
|
|
Li Auto
Inc.Unaudited Condensed Consolidated Balance
Sheets |
(All amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
|
|
December 31, 2022 |
|
June 30, 2023 |
|
June 30, 2023 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
38,478,016 |
|
60,741,006 |
|
8,376,568 |
|
Restricted cash |
|
1,940,142 |
|
1,514,643 |
|
208,879 |
|
Time deposits and short-term investments |
|
18,031,395 |
|
11,513,001 |
|
1,587,715 |
|
Trade receivable |
|
48,381 |
|
84,394 |
|
11,638 |
|
Inventories |
|
6,804,693 |
|
5,659,293 |
|
780,452 |
|
Prepayments and other current assets |
|
1,689,860 |
|
3,084,491 |
|
425,371 |
|
Total current assets |
|
66,992,487 |
|
82,596,828 |
|
11,390,623 |
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
|
1,484,491 |
|
777,446 |
|
107,215 |
|
Property, plant and equipment, net |
|
11,187,898 |
|
13,013,624 |
|
1,794,661 |
|
Operating lease right-of-use assets, net |
|
3,538,911 |
|
3,817,676 |
|
526,482 |
|
Intangible assets, net |
|
832,620 |
|
840,008 |
|
115,842 |
|
Goodwill |
|
5,484 |
|
5,484 |
|
756 |
|
Deferred tax assets |
|
74,767 |
|
— |
|
— |
|
Other non-current assets |
|
2,421,293 |
|
2,072,851 |
|
285,859 |
|
Total non-current assets |
|
19,545,464 |
|
20,527,089 |
|
2,830,815 |
|
Total assets |
|
86,537,951 |
|
103,123,917 |
|
14,221,438 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Short‑term borrowings |
|
390,750 |
|
6,344,154 |
|
874,899 |
|
Trade and notes payable |
|
20,024,329 |
|
31,269,120 |
|
4,312,209 |
|
Amounts due to related parties |
|
7,190 |
|
6,741 |
|
930 |
|
Deferred revenue, current |
|
569,234 |
|
1,125,700 |
|
155,241 |
|
Operating lease liabilities, current |
|
696,454 |
|
813,495 |
|
112,186 |
|
Accruals and other current liabilities |
|
5,684,644 |
|
7,186,468 |
|
991,057 |
|
Total current liabilities |
|
27,372,601 |
|
46,745,678 |
|
6,446,522 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
Long-term borrowings |
|
9,230,807 |
|
1,449,547 |
|
199,902 |
|
Deferred revenue, non-current |
|
581,598 |
|
587,643 |
|
81,040 |
|
Operating lease liabilities, non-current |
|
1,946,367 |
|
2,127,695 |
|
293,423 |
|
Deferred tax liabilities |
|
77,809 |
|
45,512 |
|
6,276 |
|
Other non-current liabilities |
|
2,142,462 |
|
2,924,365 |
|
403,288 |
|
Total non-current liabilities |
|
13,979,043 |
|
7,134,762 |
|
983,929 |
|
Total liabilities |
|
41,351,644 |
|
53,880,440 |
|
7,430,451 |
|
Total Li Auto Inc. shareholders’ equity |
|
44,858,701 |
|
48,894,757 |
|
6,742,896 |
|
Noncontrolling interests |
|
327,606 |
|
348,720 |
|
48,091 |
|
Total shareholders’ equity |
|
45,186,307 |
|
49,243,477 |
|
6,790,987 |
|
Total liabilities and shareholders’ equity |
|
86,537,951 |
|
103,123,917 |
|
14,221,438 |
|
Li Auto
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows |
(All amounts in
thousands) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
|
June 30,2022 |
|
March 31,2023 |
|
June 30,2023 |
|
June 30,2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Net cash provided by operating
activities |
|
1,129,407 |
|
7,780,366 |
|
11,112,395 |
|
1,532,469 |
|
Net cash (used in)/provided by
investing activities |
|
(740,518) |
|
(2,692,753) |
|
7,573,941 |
|
1,044,494 |
|
Net cash provided by/(used in)
financing activities |
|
1,026,855 |
|
(195,821) |
|
(1,853,582) |
|
(255,621) |
|
Effect of exchange rate
changes |
|
962,704 |
|
(25,241) |
|
138,186 |
|
19,058 |
|
Net change in cash, cash equivalents and restricted
cash |
|
2,378,448 |
|
4,866,551 |
|
16,970,940 |
|
2,340,400 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
34,716,572 |
|
40,418,158 |
|
45,284,709 |
|
6,245,047 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
37,095,020 |
|
45,284,709 |
|
62,255,649 |
|
8,585,447 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities |
|
1,129,407 |
|
7,780,366 |
|
11,112,395 |
|
1,532,469 |
|
Capital expenditures |
|
(677,755) |
|
(1,078,295) |
|
(1,491,029) |
|
(205,622) |
|
Free cash flow
(non-GAAP) |
|
451,652 |
|
6,702,071 |
|
9,621,366 |
|
1,326,847 |
|
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 |
|
|
|
June 30,2022 |
|
March 31,2023 |
|
June 30,2023 |
|
June 30,2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
Cost of sales |
|
(6,854,321) |
|
(14,956,947) |
|
(22,417,449) |
|
(3,091,508) |
|
Share-based compensation
expenses |
|
9,301 |
|
11,186 |
|
9,449 |
|
1,303 |
|
Non-GAAP cost of
sales |
|
(6,845,020) |
|
(14,945,761) |
|
(22,408,000) |
|
(3,090,205) |
|
|
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
(1,531,644) |
|
(1,852,297) |
|
(2,425,600) |
|
(334,506) |
|
Share-based compensation
expenses |
|
301,449 |
|
336,220 |
|
247,064 |
|
34,072 |
|
Non-GAAP research and
development expenses |
|
(1,230,195) |
|
(1,516,077) |
|
(2,178,536) |
|
(300,434) |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
(1,325,113) |
|
(1,645,307) |
|
(2,309,210) |
|
(318,455) |
|
Share-based compensation
expenses |
|
146,858 |
|
132,823 |
|
160,928 |
|
22,193 |
|
Non-GAAP selling,
general and administrative expenses |
|
(1,178,255) |
|
(1,512,484) |
|
(2,148,282) |
|
(296,262) |
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Income from
operations |
|
(978,457) |
|
405,203 |
|
1,625,870 |
|
224,216 |
|
Share-based compensation
expenses |
|
457,608 |
|
480,229 |
|
417,441 |
|
57,568 |
|
Non-GAAP (loss)/income from operations |
|
(520,849) |
|
885,432 |
|
2,043,311 |
|
281,784 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income |
|
(641,046) |
|
933,837 |
|
2,310,098 |
|
318,576 |
|
Share-based compensation
expenses |
|
457,608 |
|
480,229 |
|
417,441 |
|
57,568 |
|
Non-GAAP net
(loss)/income |
|
(183,438) |
|
1,414,066 |
|
2,727,539 |
|
376,144 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income attributable
to ordinary shareholders of Li Auto Inc. |
|
(617,966) |
|
929,668 |
|
2,293,153 |
|
316,239 |
|
Share-based compensation
expenses |
|
457,608 |
|
480,229 |
|
417,441 |
|
57,568 |
|
Non-GAAP net
(loss)/income attributable to ordinary shareholders
of Li Auto Inc. |
|
(160,358) |
|
1,409,897 |
|
2,710,594 |
|
373,807 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADSs (non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
965,395,732 |
|
979,166,653 |
|
980,693,361 |
|
980,693,361 |
|
Diluted |
|
965,395,732 |
|
1,052,402,047 |
|
1,053,852,487 |
|
1,053,852,487 |
|
Non-GAAP net
(loss)/earnings per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.17) |
|
1.44 |
|
2.76 |
|
0.38 |
|
Diluted |
|
(0.17) |
|
1.35 |
|
2.58 |
|
0.36 |
|
Weighted average
number of ordinary shares (non-GAAP) |
|
|
|
|
|
|
|
|
|
Basic |
|
1,930,791,463 |
|
1,958,333,306 |
|
1,961,386,723 |
|
1,961,386,723 |
|
Diluted |
|
1,930,791,463 |
|
2,104,804,095 |
|
2,107,704,975 |
|
2,107,704,975 |
|
Non-GAAP net
(loss)/earnings per share attributable to ordinary
shareholders7 |
|
|
|
|
|
|
|
|
|
Basic |
|
(0.08) |
|
0.72 |
|
1.38 |
|
0.19 |
|
Diluted |
|
(0.08) |
|
0.67 |
|
1.29 |
|
0.18 |
|
1 All translations from Renminbi (“RMB”) to
U.S. dollar (“US$”) are made at a rate of RMB7.2513 to US$1.00, the
exchange rate on June 30, 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.
3 The Company’s non-GAAP financial measures
exclude share-based compensation expenses. See “Unaudited
Reconciliation of GAAP and Non-GAAP Results” set forth at the end
of this press release.
4 Free cash flow represents operating cash flow
less capital expenditures, which is considered a non-GAAP financial
measure.
5 Except for vehicle margin and gross
margin, where absolute changes instead of percentage changes are
presented.
6 Each ADS represents two Class A ordinary
shares.
7 Non-GAAP basic net earnings/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during
the periods. Non-GAAP diluted net earnings/loss per share
attributable to ordinary shareholders is calculated by dividing
non-GAAP net income/loss 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.
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