Li Auto Reports Q4 2025 Operating, R&D Expense Changes

Published: Mar 13, 2026 10:09

Save

Li Auto (02015.HK) announced that operating expenses in Q4 2025 were RMB 5.6 billion ($797 million), an increase of 5.8% from RMB 5.3 billion in Q4 2024 and a decrease of 1.3% from RMB 5.6 billion in Q3 2025. R&D expenses in Q4 2025 were RMB 3 billion ($431.4 million), an increase of 25.3% from RMB 2.4 billion in Q4 2024 and an increase of 1.4% from RMB 3 billion in Q3 2025. The increase in R&D expenses from Q4 2024 was mainly due to costs related to AI and other projects supporting our expanded product portfolio and technologies.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Divergent Trading Logic in and Outside China, LME Outperforms SHFE for Lead Prices [SMM Lead Morning Meeting Minutes]

[SMM Lead Morning Meeting Minutes: Divergent Trading Logics in and outside China, LME Outperforms SHFE] US President Trump stated that US-Iran negotiations would take place on the 21st and that it was "almost impossible" to extend the ceasefire if no deal was reached, and that the blockade on Iran would not be lifted until a deal was reached. Recently, lead ingot inventory in markets outside China continued to decline, and spot lead premiums in Southeast Asia rose, becoming the main factors boosting lead prices...

1 hour ago

The Most-Traded SHFE Tin Contract Rose After a Slightly Higher Opening in the Night Session; Downstream End-User Enterprises Generally Maintained a Wait-and-See Stance [SMM Tin Morning Brief]

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Rose After a Slightly Higher Opening in the Night Session, with Downstream End-User Enterprises Generally Maintaining a Wait-and-See Stance]

1 hour ago

Fluctuating Prospects of US-Iran Peace Talks, LME Zinc Center Shifts Slightly Lower [SMM Zinc Morning Meeting Minutes]

[SMM Zinc Morning Meeting Minutes: Uncertain Prospects for US-Iran Negotiations, LME Zinc Center Shifted Slightly Lower]: Overnight, LME zinc opened at $3,415/mt. Early in the session, LME zinc dipped to $3,396/mt before quickly rallying to touch a high of $3,460/mt, then pulled back again in volatile trading. Toward the end of the session, LME zinc fell below the daily average line, ultimately closing lower at $3,414/mt, down $15/mt, a decline of 0.44%...

1 hour ago