LI AUTO(02015)2025-03-14 08:44Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 144.46 billion, representing a 16.6% increase compared to RMB 123.85 billion in 2023[5] - Non-GAAP net profit for 2024 was RMB 10.67 billion, a decrease of 12.5% from RMB 12.20 billion in 2023[5] - The company’s operating profit for 2024 was RMB 7.02 billion, reflecting a decrease of 5.2% from RMB 7.41 billion in 2023[5] - Net profit attributable to shareholders decreased from RMB 11.70 billion in 2023 to RMB 8.03 billion in 2024, a decline of about 31.5%[28] - Vehicle sales revenue increased from RMB 120.29 billion in 2023 to RMB 138.54 billion in 2024, representing a growth of approximately 15.7%[28] - Gross profit increased from RMB 27.50 billion in 2023 to RMB 29.66 billion in 2024, reflecting a growth of approximately 7.9%[28] - Basic earnings per share for the year ended December 31, 2024, was RMB 4.03, down from RMB 5.95 in 2023, reflecting a decrease of approximately 32.3%[90] Delivery and Market Performance - The total delivery volume for 2024 was 500,508 vehicles, marking a year-on-year growth of 33.1% and achieving the fastest record for a luxury car brand in China to exceed 500,000 annual deliveries[10] - The cumulative delivery volume reached 1,133,872 vehicles by December 31, 2024, making it the first Chinese new energy vehicle brand to achieve over 1 million cumulative deliveries[10] - The company achieved a market share of 15.3% in the new energy vehicle market priced at RMB 200,000 and above, ranking first among Chinese automotive brands[10] - The ideal MEGA became the best-selling new energy MPV priced above RMB 500,000 in China for 2024[13] Research and Development - Research and development expenditure for 2024 amounted to RMB 11.1 billion, accounting for 7.7% of total revenue[14] - The company launched two new vehicle models in 2024, enhancing its product matrix and user experience, with five models covering price ranges from RMB 200,000 to 600,000[11] - The company conducted 19 OTA upgrades in 2024, adding 310 new features and optimizing 324 existing features to enhance product intelligence and safety[12] - The company plans to continue investing in research and development, with R&D expenses projected to increase to RMB 11,071,358 in 2024 from RMB 10,586,129 in 2023[64] Operational Expansion - The company expanded its sales and service network, achieving over 3,700 retail centers by the end of 2024, a year-on-year increase of more than 40%[19] - As of December 31, 2024, the company had established 1,727 supercharging stations with 9,100 charging piles, making it the largest high-speed supercharging network in the country[21] Financial Position and Debt - Cash position increased by 8.8% from RMB 103.7 billion as of December 31, 2023, to RMB 112.8 billion as of December 31, 2024[38] - The company's debt-to-asset ratio was 56.1% as of December 31, 2024, down from 57.8% as of December 31, 2023[43] - Long-term borrowings rose significantly to RMB 8,151,598 in 2024 from RMB 1,747,070 in 2023, an increase of 366.5%[68] - The company’s total borrowings as of December 31, 2023, were RMB 8,722,469 thousand, slightly decreasing to RMB 8,432,700 thousand by December 31, 2024[82] Corporate Governance - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee to oversee specific areas of the company's affairs[52] - The Audit Committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[53] - The Remuneration Committee is responsible for reviewing and recommending the remuneration of directors and senior management, ensuring alignment with performance[55] - The Nomination and Corporate Governance Committee ensures that the company's operations and management align with the interests of all shareholders and compliance with the Listing Rules[56] Legal and Compliance - The company has not engaged in any major litigation or arbitration that could significantly adversely affect its financial condition or operating results as of December 31, 2024[60] - The company is currently involved in two class action lawsuits in the U.S. related to alleged false statements regarding its business prospects, which may impact its operations[61] - The company has not proposed any annual dividend for the year ending December 31, 2024[63] Taxation and Regulatory - The company is subject to a 25% corporate income tax rate on global income if deemed a resident enterprise under Chinese tax law[96] - R&D expenses can be deducted at a rate of 200% until further notice, as announced by the State Taxation Administration[97] - The company must pay a 3% consumption tax on sales of extended-range electric vehicles[102]