LI AUTO(LI) - 2024 Q3 - Quarterly Report

Financial Performance - Total revenues for the third quarter of 2024 reached RMB42.9 billion (US$6.1 billion), representing a 23.6$5.9 billion) in the third quarter of 2024, reflecting a 22.9% year-over-year increase and a 36.3% increase from the previous quarter[5]. - Quarterly deliveries reached 152,831 vehicles, marking a 45.4% year-over-year increase[3]. - Gross profit was RMB9.2 billion (US$1.3 billion), a 20.7$401.9 million), a slight increase of 0.3% year-over-year and a significant increase of 156.2% from RMB1.1 billion in the previous quarter[12]. - Operating cash flow was RMB11.0 billion (US$1.6 billion), compared to RMB14.5 billion in the third quarter of 2023 and RMB429.4 million used in the second quarter of 2024[14]. - The company achieved a cumulative milestone of one million vehicle deliveries on October 18, 2024, becoming the first emerging new energy automotive brand in China to reach this benchmark[20]. - Total revenues for Li Auto Inc. reached RMB 42,874,218 (approximately US$ 6,109,527) for the quarter ended September 30, 2024, representing a 23.7% increase compared to RMB 34,679,455 in the same quarter of the previous year[61]. - Vehicle sales contributed RMB 41,323,833 (approximately US$5,888,599) to total revenues, marking a significant increase from RMB 33,616,140 in the prior year, which is a growth of 22.5$ 1,314,505), up from RMB 7,644,484 in the same quarter last year, reflecting a gross margin improvement[61]. - Net income attributable to ordinary shareholders was RMB 2,814,262 (approximately US$401,030), slightly down from RMB 2,823,231 in the previous year, indicating a stable performance despite revenue growth[61]. - Free cash flow for the quarter was RMB 9,051,764 (approximately US$ 1,289,866), demonstrating strong operational cash generation despite significant capital expenditures[65]. - The company reported a total comprehensive income of RMB 2,677,979 (approximately US$381,610) for the quarter, down from RMB 2,845,229 in the previous year, primarily due to foreign currency translation adjustments[61]. - For the three months ended September 30, 2024, Li Auto reported a net income of RMB 2,820,490, a slight increase from RMB 2,812,874 for the same period in 2023[66]. - Non-GAAP net income for the same period was RMB 3,850,981, compared to RMB 3,467,273 in 2023, reflecting a growth of approximately 11$825.4 million), representing a 9.2% increase from RMB5.3 billion in the third quarter of 2023[7]. - Cost of sales was RMB33.6 billion (US$4.8 billion) in Q3 2024, up 24.5$825.4 million) in Q3 2024, a 9.2% increase from RMB5.3 billion in Q3 2023[34]. - Research and development expenses decreased to RMB2.6 billion (US$368.6 million) in Q3 2024, down 8.2$6.2 billion) and RMB45.9 billion (US$6.5 billion), reflecting a year-over-year increase of 3.5$15.2 billion) as of September 30, 2024[41]. - Cash and cash equivalents decreased to RMB 77,588,229 (approximately US$11,056,234) as of September 30, 2024, compared to RMB 91,329,030 at the end of the previous year[63]. - Total assets increased to RMB 154,820,676 (approximately US$ 22,061,770) as of September 30, 2024, up from RMB 143,467,471 at the end of the previous year, indicating growth in the company's asset base[63].