Group 1 - Li Auto Inc. Sponsored ADR closed at $23.44, reflecting a -1.72% change from the previous day, underperforming compared to the S&P 500's daily loss of 0.17% [1] - Over the past month, shares of Li Auto have decreased by 12.8%, while the Auto-Tires-Trucks sector and the S&P 500 lost 4.37% and 3.94%, respectively [1] - Analysts expect Li Auto to report earnings of $1.38 per share and revenue of $23.97 billion for the full year, indicating no change in earnings and a 19.33% increase in revenue compared to last year [2] Group 2 - Recent adjustments to analyst estimates for Li Auto are crucial as they reflect short-term business trends, with positive revisions indicating a favorable outlook on the company's health and profitability [3] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with stocks rated 1 averaging a +25% annual return since 1988; currently, Li Auto holds a Zacks Rank of 3 (Hold) [5] Group 3 - Li Auto's Forward P/E ratio stands at 17.32, which is a premium compared to the industry's average Forward P/E of 6.36 [6] - The company has a PEG ratio of 3.65, significantly higher than the Automotive - Foreign industry's average PEG ratio of 1.2, indicating a higher valuation relative to expected earnings growth [7] - The Automotive - Foreign industry, part of the Auto-Tires-Trucks sector, ranks in the top 35% of all industries according to the Zacks Industry Rank [7][8]

美股盘前，部分中概股下跌，小鹏汽车跌近4%，理想汽车跌超2%，京东跌超1%。 ...

Core Viewpoint - The core idea of the news is that Li Auto's CTO, Xie Yan, discusses the company's decision to open-source its automotive operating system, Xinghuan OS, emphasizing the importance of collaboration and innovation in the automotive industry [1][3]. Group 1: Open-source Strategy - Li Auto announced that its self-developed automotive operating system, Xinghuan OS, will be fully open-sourced in three phases, starting with version 0.1.0 on April 23, which includes a safety real-time operating system and communication bus-Lite [1]. - The open-source initiative aims to attract more suppliers and automotive companies to adopt Xinghuan OS, with the hope that increased adoption will enhance its value and capabilities [1][5]. - The open-source model will not interfere with how the code is used, and Li Auto will not charge for the operating system or control user data [3][5]. Group 2: Technical Aspects - Xinghuan OS is described as a complex system that includes vehicle control, intelligent driving, and vehicle communication systems, functioning as the underlying framework for various automotive applications [2]. - The system is compared to a robot's brain, indicating that it serves as a foundational layer for other applications rather than providing direct services [2]. - Li Auto plans to support companies using Xinghuan OS by providing white papers and technical documentation, as well as collaborating with chip manufacturers for hardware compatibility [3][4]. Group 3: Industry Impact - The open-sourcing of Xinghuan OS is seen as a way to reduce R&D costs for other companies, as it allows them to avoid duplicating efforts and leverage an optimized system [7]. - The initiative is expected to create a community around Xinghuan OS, similar to other open-source projects, where contributions can influence the future development of the system [4]. - Li Auto's approach differs from Google's, as it does not seek direct commercial returns from the open-source model but rather aims to foster a collaborative ecosystem [5][6]. Group 4: Challenges and Acceptance - A significant challenge for Li Auto will be ensuring that the industry accepts and adopts Xinghuan OS, as the success of the open-source initiative will be measured by the number of users and contributors [8]. - The company acknowledges that while some firms may prefer to develop their own systems, the open-source model can still provide value by aligning industry efforts towards common goals [7][8].

Group 1 - Chinese concept stocks saw significant gains, with Alibaba (BABA.N) and Pinduoduo (PDD.O) rising nearly 7% [1] - Baidu (BIDU.O) increased by over 4%, while JD.com (JD.O) rose by 6.1% [1] - Li Auto (LI.O) experienced a 2.8% increase, and ISHARES MSCI China ETF rose by 2.5% [1] Group 2 - ISHARES China Large-Cap ETF increased by 2%, and KRANESHARES CSI China Internet ETF rose by 4.3% [1]

美股盘前：中概股普涨，理想汽车涨约5%，京东涨约4%，阿里巴巴涨约2%。科技股普涨，阿斯麦涨约 2%，台积电涨约2%。 ...

Exhibit 99.1 Quarterly total revenues reached RMB44.3 billion (US$6.1 billion) Quarterly deliveries reached 158,696 vehicles Full year total revenues reached RMB144.5 billion (US$19.8 billion) Full year deliveries were 500,508 vehicles BEIJING, China, March 14, 2025 — 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, 2024. Operating Highlights for ...

Financial Performance - For the year ended December 31, 2024, Li Auto Inc. reported third-party revenues of RMB 144,459,946 thousand, an increase from RMB 123,851,332 thousand in 2023, representing a growth of approximately 16.6%[47]. - The net income attributable to shareholders of Li Auto Inc. for 2024 was RMB 8,032,350 thousand, compared to RMB 11,704,133 thousand in 2023, indicating a decrease of about 31.5%[47]. - As of December 31, 2024, total assets for Li Auto Inc. were RMB 162,349,078 thousand, up from RMB 179,328,302 thousand in 2023, reflecting a decrease of approximately 9.5%[49]. - The company reported a total of RMB 65,901,123 thousand in cash and cash equivalents as of December 31, 2024, compared to RMB 57,210,590 thousand in 2023, showing an increase of about 15.5%[49]. - Li Auto Inc. had total liabilities of RMB 91,028,696 thousand as of December 31, 2024, a decrease from RMB 158,585,601 thousand in 2023, representing a reduction of approximately 42.5%[49]. - The share of income from subsidiaries and VIEs for 2024 was RMB 7,821,521 thousand, down from RMB 11,716,065 thousand in 2023, indicating a decline of about 33.3%[47]. - The company reported third-party expenses of RMB 22,637,024 thousand for 2024, compared to RMB 20,089,874 thousand in 2023, marking an increase of approximately 12.6%[47]. - The total shareholders' equity for Li Auto Inc. as of December 31, 2024, was RMB 71,320,382 thousand, a slight decrease from RMB 71,320,382 thousand in 2023[49]. - The company’s long-term investments amounted to RMB 922,897 thousand as of December 31, 2024, compared to RMB 705,560 thousand in 2023, reflecting an increase of approximately 30.8%[49]. - For the year ended December 31, 2023, net cash provided by operating activities was RMB 50,693,521 thousand, a significant increase from previous years[52]. - The company reported net cash used in investing activities of RMB 41,137,169 thousand for the year ended December 31, 2024[52]. - Total revenues for 2023 reached RMB 123.85 billion, a significant increase of 174% compared to RMB 44.11 billion in 2022[57]. - Vehicle sales contributed RMB 120.29 billion to total revenues in 2023, up from RMB 44.11 billion in 2022, reflecting a growth of 173%[57]. - Gross profit for 2023 was RMB 27.50 billion, representing a gross margin of approximately 22.2%[57]. - Net income for 2023 was RMB 11.81 billion, a turnaround from a net loss of RMB 2.03 billion in 2022[57]. - Research and development expenses for 2023 totaled RMB 10.59 billion, an increase of 56% from RMB 6.78 billion in 2022[58]. - Cash and cash equivalents as of December 31, 2023, amounted to RMB 91.33 billion, up from RMB 40.42 billion at the end of 2022[59]. - Total assets increased to RMB 143.47 billion in 2023, compared to RMB 86.54 billion in 2022, marking a growth of 65%[59]. - The company provided guidance for 2024, expecting total revenues to reach RMB 144.46 billion, indicating a growth of approximately 16% year-over-year[57]. - The weighted average number of diluted shares increased to 2.12 billion in 2023 from 1.94 billion in 2022[57]. - The company generated net income of RMB 11.8 billion and RMB 8.0 billion (US$1.1 billion) in 2023 and 2024, respectively, after incurring a net loss of RMB 2.0 billion in 2022[84]. - The company had net cash provided by operating activities of RMB 7.4 billion, RMB 50.7 billion, and RMB 15.9 billion (US$2.2 billion) in 2022, 2023, and 2024, respectively[84]. Regulatory and Compliance Issues - The PRC government has implemented regulations that may require Li Auto Inc. to undergo a cybersecurity review for future capital markets activities overseas[38]. - The PCAOB has determined it can inspect registered public accounting firms in mainland China and Hong Kong, affecting Li Auto Inc.'s compliance status under the HFCAA[34]. - Li Auto Inc. may need to obtain additional licenses or permits for its business operations in the future due to evolving PRC regulations[37]. - Under PRC laws, dividends from PRC subsidiaries can only be paid out of accumulated profits, which are subject to a 25% statutory tax rate[41]. - The Cybersecurity Review Measures require network platform operators with over one million users to undergo a cybersecurity review before foreign public offerings, creating uncertainties for companies listed on foreign exchanges[172]. - As of the date of the annual report, no detailed implementation rules have been issued regarding the classification of critical information infrastructure operators, leading to potential compliance challenges[174]. - The Data Security Regulations mandate national security reviews for network data processors affecting national security, but lack clarity on what constitutes such an impact[175]. - Companies may face increased compliance costs and operational burdens due to evolving data protection laws in various jurisdictions, including the EU's General Data Protection Regulation[178]. - The company is uncertain about the full impact of the Cybersecurity Review Measures on its operations despite being listed on Nasdaq and the Hong Kong Stock Exchange[237]. Operational Challenges - The company faces significant competition in the Chinese automotive market, particularly from BYD, which has a dominant market share in the NEV segment priced under RMB 200,000 (US$27,400)[74]. - The company relies heavily on a limited number of vehicle models for revenue, which may adversely affect future sales if these models do not meet market expectations[76]. - The company has limited experience in BEV production and sales, which poses challenges in predicting future revenues and managing expenses[69]. - The company may face risks related to supply chain disruptions and delays in technology development, which could impact vehicle delivery and quality[77]. - The company’s pricing model targets the premium segment, which may exceed the budget of certain consumers, potentially affecting sales[80]. - The company faces significant operational challenges in international markets, including compliance with local regulations and the need for substantial capital investment for brand promotion and establishing sales networks[121]. - A global semiconductor chip shortage from October 2020 to the end of 2022 disrupted automotive manufacturing, affecting the company's production and deliveries[126]. - The company may face challenges in attracting and retaining talent with international perspectives, which is crucial for managing local operations effectively[122]. - The company has significant capital expenditures planned for expanding manufacturing capacities and developing new technologies, which could strain financial resources[125]. - A global shortage in the supply of battery packs may disrupt operations and adversely affect financial condition, with potential price increases impacting vehicle demand[127]. - The company faces challenges in managing growth effectively, which could materially affect business and financial condition[134]. - The company is facing legal proceedings, including two putative securities class actions filed in May 2024, which could materially impact its business and financial condition[210]. - The ongoing macroeconomic challenges, including inflation and geopolitical tensions, could adversely affect the company's operations and results[211]. Supply Chain and Production Risks - The company relies on third-party suppliers for key components, with some being single-source suppliers, which may lead to supply chain disruptions and increased costs[95]. - The reliance on third-party suppliers for battery cells poses risks, particularly with CATL, which supplies a majority of battery packs[127]. - The company cannot assure the quality of components from third-party suppliers, which may lead to quality issues with vehicles[96]. - Fluctuations in raw material prices, such as steel and aluminum, could adversely affect the company's financial condition[95]. - The company is subject to fluctuating raw material prices, particularly for aluminum and steel, which could increase costs and reduce profit margins[125]. - Export control measures by the U.S. government may affect the company's supply chain and technology development, particularly regarding semiconductor manufacturing[114]. Intellectual Property and Legal Risks - The company is subject to product liability claims, which could harm financial condition and brand reputation[144]. - Intellectual property infringement claims could result in substantial costs and negatively impact business operations[186]. - The company may incur significant costs and resource diversion due to potential litigation for intellectual property rights enforcement[190]. - The company faced a RMB 400,000 fine for failing to file prior notification of concentrations of undertaking for two past transactions[198]. - The company may face risks associated with strategic alliances and acquisitions, including sharing proprietary information and potential reputational harm[197]. Environmental and Social Risks - Climate change poses physical risks, including natural disasters that could disrupt operations and increase costs[179]. - Transition risks related to climate change regulations may lead to additional compliance costs and impact financial performance[180]. - The company has recognized the need for effective inventory management to avoid overstocking or understocking issues[128]. - The potential for adverse publicity from battery-related incidents could harm business and financial condition[148]. Corporate Governance and Structure - The company’s dual-class voting structure limits shareholder influence on corporate matters, which could deter potential change of control transactions[71]. - The company currently lacks arrangements to address potential conflicts of interest with VIE shareholders, relying on fiduciary duties under Cayman Islands and PRC laws[226]. - The registered shareholders of the VIEs may have conflicts of interest that could adversely affect the company's control and economic benefits from the VIEs[225]. - The company’s internal control over financial reporting was deemed effective as of December 31, 2024, by management and its independent auditor[201].

Core Insights - Li Auto Inc. has released its 2024 Environmental, Social and Governance (ESG) report, showcasing its commitment to sustainability and corporate governance [1][2] - The company emphasizes its focus on operational compliance, innovation, low-carbon operations, employee well-being, and community engagement as part of its sustainability strategy [2] Company Overview - Li Auto is a leader in China's new energy vehicle market, specializing in the design, development, manufacturing, and sale of premium smart electric vehicles [4] - The company's mission is to create a mobile home and happiness, aiming to provide safe, convenient, and comfortable products and services through technological innovations [4] - Li Auto has successfully commercialized extended-range electric vehicles in China and is also developing battery electric vehicle platforms [4] - The current model lineup includes various flagship family SUVs and MPVs, with plans for further product expansion to reach a broader user base [4]

纳斯达克中国金龙指数涨幅扩大至5%，京东(JD.O)、小鹏汽车(XPEV.N)、理想汽车(LI.O)均涨超7%。 ...

Group 1 - The Hong Kong government has signed agreements with 18 key enterprises, contributing to a total of 84 companies attracted since the establishment of the key enterprise office, with an expected investment of approximately 50 billion HKD and the creation of over 20,000 jobs in the coming years [1][4] - The majority of the newly introduced companies, 15 out of 18, are from mainland China, including notable firms such as Ant Group's Ant Digital Technology, Baidu Intelligent Driving, and Li Auto [2][4] - Ant Digital Technology plans to leverage Hong Kong's open innovation ecosystem to enhance its global digital trust framework and accelerate digital transformation in various sectors [2][3] Group 2 - Li Auto announced a 2 billion HKD investment to establish a chip R&D center in Hong Kong, aiming to expand its team to 200 people over the next three years [3] - Baidu Intelligent Driving has already begun operations in Hong Kong, with plans for autonomous vehicle testing and the establishment of an AI training base in collaboration with local partners [3][4] - The Hong Kong government emphasizes the importance of attracting key enterprises to foster innovation and technology, positioning the region as an international innovation and technology hub [4]