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

3 mins ago

Eni Discovers Major Gas Field in Indonesia, Aims for 2028 Production Start

[SMM Express News] Eni has announced a major gas discovery in the Ganal Block offshore Indonesia. The Geliga-1 exploration well found approximately 5 Tcf of gas and 300 million barrels of condensate. Energy Minister Bahlil Lahadalia stated the government aims to start production in 2028, potentially increasing Eni’s daily gas output in Indonesia from ~700 MMscfd to around 2,000 MMscfd.

3 mins ago

7 mins ago

Suppliers' Willingness to Sell Tended to Strengthen, Spot Premiums Under Pressure [SMM North China Spot Copper]

Today, #1 copper cathode spot prices in North China against the front-month contract were reported at an average of a discount of 200 yuan/mt to a discount of 120 yuan/mt, with the average price down 10 yuan/mt from the previous trading day. The average transaction price was 101,950 yuan/mt, down 765 yuan/mt from the previous trading day.

7 mins ago

2 hours 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...

2 hours ago