理想汽车于港股收盘后补交2026年中期报告（上半年净亏损39.8亿元、车辆毛利率降至7.8%），但全部核心数字已于8月26日二季度业绩公告披露，本次无新增事实

Li Auto Inc.
(A company controlled through weighted voting rights and incorporated in the Cayman lslands with limited liability)
Stock Code: 2015

2026

INTERIM
REPORT

CONTENTS

Company Information

2

Financial Performance Highlights

3

Business Review and Outlook

5

Management Discussion and Analysis

8

Corporate Governance

13

Other Information

19

Report on Review of Interim Financial Information

35

Unaudited Condensed Consolidated Financial Statements and Notes

36

Definitions

112

2

LI AUTO INC.

COMPANY INFORMATION

Executive Directors
Mr. LI Xiang (李想) (Chairman, CEO and Founder)
Mr. LI Tie (李鐵)
Mr. MA Donghui (馬東輝)
Non-executive Directors
Mr. WANG Xing (王興)
Mr. FAN Zheng (樊錚)
Independent non-executive Directors
Prof. XIAO Xing (肖星)
Mr. ZHAO Hongqiang (趙宏強)
Mr. JIANG Zhenyu (姜震宇)

AUDIT COMMITTEE
Prof. XIAO Xing (肖星) (Chairperson)
Mr. ZHAO Hongqiang (趙宏強)
Mr. JIANG Zhenyu (姜震宇)

COMPENSATION COMMITTEE
Mr. ZHAO Hongqiang (趙宏強) (Chairperson)
Mr. LI Xiang (李想)
Mr. JIANG Zhenyu (姜震宇)

NOMINATING
AND
CORPORATE
GOVERNANCE COMMITTEE
Mr. JIANG Zhenyu (姜震宇) (Chairperson)
Prof. XIAO Xing (肖星)
Mr. ZHAO Hongqiang (趙宏強)

JOINT COMPANY SECRETARIES

PRINCIPAL PLACE OF BUSINESS IN
HONG KONG
Room 1912, 19/F
Lee Garden One, 33 Hysan Avenue
Causeway Bay, Hong Kong

REGISTERED OFFICE
PO Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands

AUDITOR
PricewaterhouseCoopers
Certified Public Accountants
Registered Public Interest Entity Auditor
22/F Prince’s Building
Central
Hong Kong

HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wan Chai, Hong Kong

PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE

Mr. WANG Yang (王揚)
Ms. LAU Yee Wa (劉綺華)

Maples Fund Services (Cayman) Limited
PO Box 1093, Boundary Hall, Cricket Square
Grand Cayman KY1-1102, Cayman Islands

AUTHORISED REPRESENTATIVES

PRINCIPAL BANKER

Mr. LI Tie (李鐵)
Ms. LAU Yee Wa (劉綺華)

China Merchants Bank Co., Ltd.
China Merchants Bank Tower
No. 7088 Shennan Boulevard
Shenzhen
Guangdong, China

HEAD OFFICE AND PRINCIPAL PLACE
OF BUSINESS IN CHINA
11 Wenliang Street
Shunyi District
Beijing 101399
the PRC

HONG KONG STOCK CODE
2015

NASDAQ SYMBOL
LI

COMPANY WEBSITE
ir.lixiang.com

INTERIM REPORT 2026

FINANCIAL PERFORMANCE HIGHLIGHTS

For the Six Months
Ended June 30,
2025
2026
Change (%)
(Unaudited)
(Unaudited)
(RMB in thousands, except for percentages)
Revenues
Gross profit
Income/(Loss) from operations
Income/(Loss) before income tax
Net income/(loss)
Comprehensive income/(loss) attributable to
the ordinary shareholders of Li Auto Inc.
Non-GAAP Financial Measures:
Non-GAAP net income/(loss)

56,172,427
11,385,428
1,098,672
2,063,409
1,743,581

48,649,801
4,644,100
(5,299,640)
(4,550,046)
(3,981,289)

(13.4)%
(59.2)%
N/A
N/A
N/A

1,499,289

(4,428,787)

N/A

2,482,436

(3,606,512)

N/A

NON-GAAP FINANCIAL MEASURES
The Company uses non-GAAP financial measures, such as non-GAAP net income/(loss), in evaluating its operating results
and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses,
the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the
overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP
financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial
and operational decision-making.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP
methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical
tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a
substitute for the financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others
to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when evaluating the Company’s performance.

3

4

LI AUTO INC.

FINANCIAL PERFORMANCE HIGHLIGHTS

The following table sets forth unaudited reconciliation of U.S. GAAP and non-GAAP results for the periods indicated.
For the Six Months Ended June 30,
2025
2026
(Unaudited)
(Unaudited)

(RMB in thousands)
Net income/(loss)
Share-based compensation expenses

1,743,581
738,855

(3,981,289)
374,777

Non-GAAP net income/(loss)1

2,482,436

(3,606,512)

1.

Non-GAAP items have no tax impact for all the periods presented.

INTERIM REPORT 2026

BUSINESS REVIEW AND OUTLOOK

BUSINESS REVIEW FOR THE REPORTING PERIOD
In the first half of 2026, we remained the top-selling Chinese automotive brand in the RMB200,000 and higher new energy
vehicle (NEV) market in China with a 12.1% market share, despite intense market competition and a major model refresh cycle.
This was underpinned by our outstanding product strength. During the Reporting Period, we delivered 193,472 vehicles and
recorded total revenues of RMB48.6 billion. As of June 30, 2026, our cumulative deliveries reached 1,733,687.
Products
By building and iterating our in-house technologies, we continued to create value for our users with a refreshed product portfolio
that meets diverse user needs with enhanced experiences.
In the first half of 2026, we launched the all-new Li L9 and the all-new Li L8. Offered in Ultra and Livis trims, both models
come standard with a 72.7 kWh 5C battery, our third-generation range extender, the Qualcomm Snapdragon 8797 chip, and
steer-by-wire with rear-wheel steering. The Ultra trims are equipped with our third-generation dual-chamber dual-valve
Magic Carpet air suspension and one proprietary MACH M100 chip, while the Livis trims are equipped with our proprietary
800V active suspension system, electro-mechanical brake (EMB), and two MACH M100 chips. The Li L9 Ultra and Li L9
Livis are priced at RMB459,800 and RMB509,800, respectively. The Li L8 Ultra and Li L8 Livis are priced at RMB369,800
and RMB429,800, respectively. Deliveries of the all-new Li L9 and the all-new Li L8 commenced in May and June 2026,
respectively.
We remain committed to building our products to the highest standards. According to China Insurance Automotive Safety Index
(C-IASI) evaluation results under the latest assessment protocol, in the first half of 2026, both the Li i8 and Li i6 received the
highest ratings for occupant safety, pedestrian safety, assistance safety, and NEV-specific categories, along with a “G” rating
for crashworthiness and repair economy.
Beyond smart vehicles, the capabilities of the Li AI glasses, Livis, continued to evolve. The June over-the-air (OTA) upgrade
added six core features, including simultaneous interpretation and mobile device voice-assistant wake-up, and improved six
aspects of the user experience, including video quality and transmission speed. Notably, its single-take recording length was
extended to a maximum of seven hours, and video transmission time was shortened by approximately 20%, further elevating
the user experience.
Research and Development (R&D)
We remain committed to the in-house development of core technologies to build a long-term competitive edge. Meanwhile,
through deeper hardware-software co-design across chips, compilers, operating systems, and AI large models, we continued to
maximize performance while driving ongoing cost optimization.
In the first half of 2026, the successful mass production and integrated in-vehicle deployment of our in-house MACH M100
chip and MACH VLA model marked a major milestone in achieving a full-stack closed loop across our core AI technologies.
As the world’s first high-compute on-device inference chip built on a dynamic dataflow architecture, the MACH M100 is
manufactured using a 5nm automotive-grade process. It delivers 1,280 TOPS of compute per chip with a utilization rate of over
80%, which is double that of the previous architecture. The launch of the MACH M100 marks a full-chain in-house breakthrough
for us, from architecture design and compiler development to thermal management and functional safety.

5

6

LI AUTO INC.

BUSINESS REVIEW AND OUTLOOK

In language intelligence models, we iterated on our in-house multimodal large language model, MindGPT, to develop MACH
Mind-Pro and MACH Mind-Edge. MACH Mind-Pro is a cloud-based agent large model that covers a full spectrum of
high-frequency in-vehicle scenarios, including vehicle control, smart mobility, working, conversation, and entertainment. It
excels across four key commercial dimensions, namely token generation speed, quality of task completion, token usage cost,
and end-to-end response latency. This makes it a highly cost-effective model that is ready for mass production and deployment.
MACH Mind-Edge is the industry’s first on-device native embodied AI agent to be truly deployed at scale in mass production.
Multimodal streaming temporal modeling enables MACH Mind-Edge to continuously understand the dynamic physical world and
possess causal reasoning and autonomous decision-making capabilities. It supports all-weather, proactive perception locally on
the vehicle, calls on vehicle hardware in real time to achieve autonomous vehicle control, and enables multimodal interaction.
In machine intelligence models, our MACH VLA adopts a breakthrough native 3D ViT at its foundation. By achieving unified
understanding of 3D space and semantics directly at the encoding stage and integrating LiDAR and visual information, the
3D ViT extends the visible range by 50% and evolves the model from imitation learning to human-like understanding-based
learning. In addition, based on new-generation architecture, we unified the perception, prediction, and planning modules into a
native multimodal MoE large model that aligns spatial perception, reasoning, and driving behavior within a single framework,
significantly improving the efficiency and accuracy of risk anticipation, intent understanding, and decision execution. Going
forward, we will continue to drive advancements in the assisted driving experience through larger model scale and training on
data with higher precision and frame rates.
More importantly, the capability frontier of the MACH M100 chip and MACH VLA model can extend beyond vehicles to the
broader field of embodied AI, supporting a wider range of AI use cases and laying a solid technological foundation for our
future embodied AI products.
AI-Shaped Manufacturing
We are leveraging AI to empower the entire manufacturing process. For example, using reconfigurable modular workstations, we
built a highly automated chassis production line that has significantly improved production efficiency. In quality management,
our smart manufacturing operating system monitors more than 50,000 process points in real time, upgrading quality control
from traceability after-the-fact to proactive prevention. In supply chain collaboration, the large-scale application of AI tools has
replaced over 700 manual inspection tasks. We also empower our supply chain partners through our Lianshan data intelligence
platform, enabling integrated management of inventory and quality. We continue to push the boundaries of innovation in our
smart manufacturing system to drive ongoing improvements in manufacturing efficiency and quality. These system capabilities
are translating into tangible product strength that users can clearly see and trust.
Sales and Servicing Network
In the first half of 2026, we formally rolled out the Store Partner Program, improving operating efficiency through refined
store operations. By delegating operating decision-making authority and profit-sharing rights, we significantly enhanced the
proactiveness of frontline sales teams and strengthened the long-term operating commitment of core store managers. Building
on this, our stores have been actively deepening local user engagement and cultivating regional brand reputation, reinforcing
our long-term core competitiveness. As of June 30, 2026, we had 495 retail stores in 160 cities, as well as 536 servicing centers
and Li Auto-authorized servicing shops operating in 220 cities in China.

INTERIM REPORT 2026

BUSINESS REVIEW AND OUTLOOK

Our extensive and efficient super charging network has been well received by users. It provided solid support for the successful
launch of our refreshed models in the first half of the year. As of June 30, 2026, we had 4,097 Li Auto super charging stations in
operation across China, equipped with 22,593 charging stalls. Among these, over 1,400 stations were located along highways and
nearly 2,700 were in urban areas. The percentage of 4C and 5C charging stalls has now increased to 70%. Additionally, in June,
we put into operation our first fully automated 5C super charging station, where every stall is fully automated. The entire process
of “drive in, lower the ground lock, plug in, charge, unplug, and drive out with payment” is completed automatically without
any manual intervention. We will continue to optimize its obstacle avoidance performance and robotic arm’s task-execution
time, while progressively increasing the number of automated super charging stations to provide users with a more efficient,
convenient, and intelligent charging experience.
Overseas Expansion
We are steadily advancing our internationalization strategy, adopting a phased expansion approach tailored to different markets
and leveraging leading local partners to rapidly establish an end-to-end service system integrating sales, delivery, and after-sales
services. In April 2026, we formally signed agreements with leading dealers in the United Arab Emirates and Saudi Arabia,
and in June we officially entered the Macau market. On the product front, we pursue precise regional adaptation with overseas
regulatory compliance integrated into the R&D phase of new models and software and hardware performance optimized
for specific local scenarios. This strategy aims to deliver exceptional localized user experiences, establishing sustainable
international competitiveness.
Environmental, Social and Governance (ESG)
On April 10, 2026, we released our 2025 ESG Report and our first Climate-related Disclosures Report, showcasing our strategic
initiatives, measurable achievements, and ongoing dedication to sustainable development. For further information, please visit
https://ir.lixiang.com/esg to view the full reports.

RECENT DEVELOPMENTS AFTER THE REPORTING PERIOD
Delivery Update
In July 2026, the Company delivered 30,468 vehicles. As of July 31, 2026, in China, the Company had 490 retail stores in 159
cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 219 cities, and 4,141 super charging stations
in operation equipped with 22,841 charging stalls.
The New Li L6
In July 2026, the Company launched and commenced deliveries of the new Li L6. The model features new-generation
all-aluminum suspension and dual-valve CDC for its chassis, the MACH M100 chip and fully upgraded perception hardware
for its assisted driving system, and an EREV-dedicated 51 kWh LFP super charging battery. The new Li L6 is priced at
RMB249,800.

BUSINESS OUTLOOK
Looking ahead to the second half of 2026, in addition to refreshing our existing battery electric vehicle (BEV) product lineup,
we plan to launch a new BEV flagship SUV in September, the Li i9, further enriching our BEV portfolio to cover a broader
range of users. Meanwhile, following the launch of the all-new Li L9 in Kazakhstan and Uzbekistan in July, alongside the
commencement of local production in Kazakhstan, we will continue to steadily advance our strategic international expansion.
Going forward, we will remain firmly committed to embodied AI as our core strategy. Leveraging our in-house full-stack,
software-hardware integrated R&D and continuous iteration, we are dedicated to creating products that deliver greater value
to our users.

7

8

LI AUTO INC.

MANAGEMENT DISCUSSION AND ANALYSIS

For the Six Months Ended June 30,
2025
2026
(Unaudited)
(Unaudited)
(RMB in thousands)
Revenues:
Vehicle sales
Other sales and services

53,563,718
2,608,709

45,599,670
3,050,131

Total revenues

56,172,427

48,649,801

Cost of sales:
Vehicle sales
Other sales and services

(43,075,219)
(1,711,780)

(42,021,304)
(1,984,397)

Total cost of sales

(44,786,999)

(44,005,701)

Gross profit

11,385,428

4,644,100

Operating expenses:
Research and development expenses
Selling, general and administrative expenses
Other operating income/(expense), net

(5,324,024)
(5,248,770)
286,038

(5,497,792)
(4,327,247)
(118,701)

Total operating expenses

(10,286,756)

(9,943,740)

Income/(Loss) from operations

1,098,672

(5,299,640)

Other (expense)/income:
Interest expense
Interest income and investment income, net
Others, net

(97,996)
1,012,715
50,018

(156,906)
849,053
57,447

Income/(Loss) before income tax
Income tax (expense)/benefit

2,063,409
(319,828)

(4,550,046)
568,757

Net income/(loss)
Less: Net income attributable to noncontrolling interests

1,743,581
686

(3,981,289)
12,423

Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.

1,742,895

(3,993,712)

Net income/(loss)

1,743,581

(3,981,289)

Other comprehensive loss, net of tax
Foreign currency translation adjustment, net of nil tax

(243,606)

(435,075)

Total other comprehensive loss, net of tax

(243,606)

(435,075)

Total comprehensive income/(loss)
Less: Comprehensive income attributable to noncontrolling interests

1,499,975
686

(4,416,364)
12,423

Comprehensive income/(loss) attributable to ordinary shareholders of
Li Auto Inc.

1,499,289

(4,428,787)

INTERIM REPORT 2026

MANAGEMENT DISCUSSION AND ANALYSIS

REVENUES
Total revenues decreased by 13.4% from RMB56.2 billion for the six months ended June 30, 2025 to RMB48.6 billion for the
six months ended June 30, 2026.
Revenues from vehicle sales decreased by 14.9% from RMB53.6 billion for the six months ended June 30, 2025 to RMB45.6
billion for the six months ended June 30, 2026, primarily attributable to a lower average selling price due to a different product
mix and the decrease in vehicle deliveries.
Revenues from other sales and services increased by 16.9% from RMB2.6 billion for the six months ended June 30, 2025 to
RMB3.1 billion for the six months ended June 30, 2026, primarily attributable to increased provision of services and sales of
accessories, which is in line with higher accumulated vehicle sales.

COST OF SALES
Cost of sales decreased by 1.7% from RMB44.8 billion for the six months ended June 30, 2025 to RMB44.0 billion for the six
months ended June 30, 2026, primarily attributable to the decrease in vehicle deliveries.

GROSS PROFIT AND GROSS MARGIN
As a result of the foregoing, gross profit decreased by 59.2% from RMB11.4 billion for the six months ended June 30, 2025 to
RMB4.6 billion for the six months ended June 30, 2026. The decrease in gross margin from 20.3% for the six months ended
June 30, 2025 to 9.5% for the six months ended June 30, 2026 was mainly due to the decrease in vehicle margin.
Vehicle margin decreased from 19.6% for the six months ended June 30, 2025 to 7.8% for the six months ended June 30, 2026,
primarily attributable to a different product mix.

RESEARCH AND DEVELOPMENT EXPENSES
Research and development expenses increased by 3.3% from RMB5.3 billion for the six months ended June 30, 2025 to RMB5.5
billion for the six months ended June 30, 2026. The research and development expenses remained relatively stable compared
with the six months ended June 30, 2025.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expenses decreased by 17.6% from RMB5.2 billion for the six months ended June 30, 2025
to RMB4.3 billion for the six months ended June 30, 2026, primarily due to decreased employee compensation.

9

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LI AUTO INC.

MANAGEMENT DISCUSSION AND ANALYSIS

INCOME/(LOSS) FROM OPERATIONS
As a result of the foregoing, loss from operations was RMB5.3 billion for the six months ended June 30, 2026, compared with
RMB1.1 billion income from operations for the six months ended June 30, 2025.

INTEREST INCOME AND INVESTMENT INCOME, NET
Interest income and investment income, net decreased by 16.2% from RMB1.0 billion for the six months ended June 30, 2025
to RMB849.1 million for the six months ended June 30, 2026, primarily attributable to the decrease in interest income, partially
offset by the fair value change of equity investment.

INCOME TAX (EXPENSE)/BENEFIT
Income tax benefit was RMB568.8 million for the six months ended June 30, 2026, compared with RMB319.8 million income
tax expense for the six months ended June 30, 2025, primarily due to the decrease in income before income tax and the change
in effective tax rate. Effective tax rate was 12.5% for the six months ended June 30, 2026, compared with 15.5% for the six
months ended June 30, 2025.

NET INCOME/(LOSS)
As a result of the foregoing, net loss was RMB4.0 billion for the six months ended June 30, 2026, compared with RMB1.7
billion net income for the six months ended June 30, 2025.

LIQUIDITY AND SOURCE OF FUNDING AND BORROWING
During the six months ended June 30, 2026, we funded our cash requirements principally through our existing cash and capital
resources. Our cash position2 was RMB87.5 billion as of June 30, 2026, compared to RMB101.2 billion as of December 31, 2025.
The maturity profile of borrowings of the Group as at June 30, 2026 is set out in note 12 to the unaudited condensed consolidated
financial statements in this report.

SIGNIFICANT INVESTMENTS
The Group did not make or hold any significant investments during the six months ended June 30, 2026.

MATERIAL ACQUISITIONS AND DISPOSALS
The Group did not have any material acquisitions or disposals of subsidiaries, consolidated affiliated entities, associated
companies or joint ventures during the six months ended June 30, 2026.

2.

Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits
and financial instruments included in long-term investments.

INTERIM REPORT 2026

MANAGEMENT DISCUSSION AND ANALYSIS

PLEDGE OF ASSETS
As at June 30, 2026, we secured certain production plants and land use rights for borrowings, details of which are set out in
note 12 to the unaudited condensed consolidated financial statements in this report. Save as disclosed in this report, we did not
have material pledged assets as at June 30, 2026.

FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSET
The Group did not have detailed future plans for material investments or capital assets as at June 30, 2026.

GEARING RATIO
As at June 30, 2026, the Company’s gearing ratio (i.e., total liabilities divided by total assets, in percentage) was 53.1% (as
at December 31, 2025: 52.6%).

FOREIGN EXCHANGE EXPOSURE
Our expenditures are mainly denominated in Renminbi and, therefore, we are primarily exposed to risks related to movements
between Renminbi and U.S. dollars. Our exposure to U.S. dollars exchange rate fluctuation arises from the Renminbi-denominated
cash and cash equivalents, restricted cash, time deposits and short-term investments and long-term financial instruments held by
us and our subsidiaries whose functional currency is U.S. dollars, and the U.S. dollar-denominated cash and cash equivalents,
restricted cash, time deposits and short-term investments and long-term financial instruments held by our subsidiaries whose
functional currency is Renminbi. We enter into hedging transactions in an effort to reduce our exposure to foreign currency
exchange risk when we deem appropriate.
To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of Renminbi against U.S.
dollars would have an adverse effect on the Renminbi amount we receive from the conversion. Conversely, if we decide to
convert Renminbi into U.S. dollars for the purpose of making payments to suppliers or for dividends on our Class A Ordinary
Shares or ADSs or for other business purposes, appreciation of U.S. dollars against Renminbi would have a negative effect on
the U.S. dollar amounts available to us.

CONTINGENT LIABILITIES
The Company had no material contingent liabilities as at June 30, 2026.

CAPITAL COMMITMENT
As at June 30, 2026, capital commitment of the Company was RMB4.8 billion (as at December 31, 2025: RMB6.3 billion),
mainly on construction and purchase of production facilities, equipment and tooling.

11

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LI AUTO INC.

MANAGEMENT DISCUSSION AND ANALYSIS

EMPLOYEES AND REMUNERATION
The total employee remuneration expenses for the Reporting Period, including share-based compensation expenses, were
RMB6.0 billion, as compared with RMB6.7 billion for the six months ended June 30, 2025.
Our employees’ remuneration mainly comprises salaries, bonuses and social security contributions. We have made contributions
to our employees’ social security (including pension plans, medical insurance, work-related injury insurance, unemployment
insurance and maternity insurance) and housing funds pursuant to applicable laws and regulations.
We have developed a systematic training structure, which covers both management and professional career development paths.
Our employees regularly receive training from management, technology, regulatory and other internal speakers and external
consultants. Our employees can also improve their skills through mutual learning among colleagues. New employees will
receive pre-job training and general training.
As of June 30, 2026, the Company had a total of 27,048 employees. The following table sets forth the total number of employees
by function as of June 30, 2026:

Function

As of
June 30, 2026

Research and Development
Production
Sales
General and Administrative

5,682
8,051
11,082
2,233

Total

27,048

We have also adopted the 2019 Share Incentive Plan, the 2020 Share Incentive Plan and the 2021 Share Incentive Plan.

INTERIM REPORT 2026

CORPORATE GOVERNANCE

WEIGHTED VOTING RIGHTS
The Company is controlled through weighted voting rights. Under this structure, the Company’s share capital comprises Class
A Ordinary Shares and Class B Ordinary Shares. Each Class A Ordinary Share entitles the holder to exercise one vote, and each
Class B Ordinary Share entitles the holder to exercise ten votes, on any resolution tabled at the Company’s general meetings,
except for resolutions with respect to the Reserved Matters, in relation to which each Share is entitled to one vote.
The WVR structure enables the WVR Beneficiary to exercise voting control over the Company notwithstanding that the WVR
Beneficiary does not hold a majority economic interest in the share capital of the Company. This will enable the Company to
benefit from the continuing vision and leadership of the WVR Beneficiary who will control the Company with a view to its
long-term prospects and strategy.
Investors are advised to be aware of the potential risks of investing in companies with a WVR structure, in particular that the
interests of the WVR Beneficiary may not necessarily always be aligned with those of our Shareholders as a whole, and that
the WVR Beneficiary will be in a position to exert significant influence over the affairs of our Company and the outcome of
Shareholders’ resolutions. Investors should make the decision to invest in the Company only after due and careful consideration.
The WVR Beneficiary is Mr. Li. The table below sets out the ownership and voting rights held by the WVR Beneficiary as at
the Latest Practicable Date:
Approximate
% of total
voting rights
(matters other
than Reserved
Matters)(1)(2)(3)

Approximate
% of total
voting rights
(for Reserved
Matters)(1)(2)(3)

Approximate
% of effective
voting rights
(matters other
than Reserved
Matters)(1)(2)(4)

Approximate
% of effective
voting rights
(for Reserved
Matters)(1)(2)(4)

Class of Shares

Number of
Shares

Approximate
% of issued
and
outstanding
Shares(1)

Class A Ordinary Shares
Class B Ordinary Shares

119,170,321
345,199,159

5.73%
16.61%

2.30%
66.57%

5.73%
16.61%

0.21%
67.99%

0.54%
17.52%

Total

464,369,480

22.34%

68.87%

22.34%

68.20%

18.06%

Notes:
(1)

Assuming no further Shares are issued under the Share Incentive Plans or pursuant to the conversion of the 2028 Notes and excluding the
treasury shares held by the Company. Certain percentage figures included in the table above have been subject to rounding adjustments.
Accordingly, figures shown as totals in the table above may not be an arithmetic aggregation of the figures preceding them.

(2)

Class A Ordinary Shares entitle the Shareholder to one vote per Share and Class B Ordinary Shares entitle the Shareholder to ten votes
per Share, except for resolutions with respect to the Reserved Matters for which each Share entitles each Shareholder to one vote per
Share. Calculation of total/effective voting rights takes into account the voting rights attached to the 16,431,018 Class A Ordinary
Shares issued to the Depositary for bulk issuance of ADSs reserved for future issuances upon the exercise or vesting of awards granted
under the Share Incentive Plans.

(3)

Assuming all of the Performance Conditions (as defined in the Prospectus) are met and the Award Premium (as defined in the
Prospectus) is fully paid in respect of all CEO Award Shares (which are Class A Ordinary Shares with one vote per Share).

13

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LI AUTO INC.

CORPORATE GOVERNANCE

(4)

Assuming the restrictions for none of the CEO Award Shares are released despite the achievement of certain Performance Condition(s)
(as defined in the Prospectus) and no Award Premium (as defined in the Prospectus) is paid in respect of any CEO Award Shares
(which are Class A Ordinary Shares with one vote per Share).

(5)

As at the Latest Practicable Date, there were 84,711,044 treasury shares held by the Company. Mr. Li, as the WVR beneficiary, will
further convert 3,318,614 Class B Ordinary Shares into Class A Ordinary Shares on a one-to-one ratio pursuant to Rule 8A.21 of the
Listing Rules, such that the proportion of Shares carrying WVR shall not be increased, pursuant to the requirements under Rules 8A.13
and 8A.15 of the Listing Rules.

As at the Latest Practicable Date, Mr. Li beneficially owned and controlled, through his intermediaries, an aggregate of
345,199,159 Class B Ordinary Shares and 119,170,321 Class A Ordinary Shares (of which 108,557,400 are CEO Award Shares
with one vote per Share). (i) Without taking into account the voting rights attached to all CEO Award Shares, (ii) assuming no
further Shares are issued under the Share Incentive Plans or pursuant to the conversion of the 2028 Notes, (iii) without taking
into account the voting rights attached to the 16,431,018 Class A Ordinary Shares issued to the Depositary for bulk issuance
of ADSs reserved for future issuances upon the exercise or vesting of awards granted under the Share Incentive Plans, and
(iv) without taking into account the voting rights attached to the 84,711,044 treasury shares held by the Company, Mr. Li’s
shareholding represents (a) approximately 22.34% of the Company’s issued and outstanding Shares; (b) approximately 68.42%
of the voting rights in the Company with respect to shareholder resolutions relating to matters other than Reserved Matters; and
(c) approximately 18.21% with respect to shareholder resolutions relating to Reserved Matters. The Class B Ordinary Shares
are held through Amp Lee Ltd., which is wholly owned by Cyric Point Enterprises Limited, the entire interest of which is in
turn held by a trust that was established by Mr. Li (as the settlor) for the benefit of himself and his family.
Class B Ordinary Shares may be converted into Class A Ordinary Shares on a one to one ratio. As at the Latest Practicable
Date, assuming the conversion of all the issued and outstanding Class B Ordinary Shares into Class A Ordinary Shares, the
Company will issue 345,199,159 Class A Ordinary Shares, representing approximately 16.61% of the then enlarged total number
of issued and outstanding Class A Ordinary Shares upon full conversion of all Class B Ordinary Shares. The weighted voting
rights attached to Class B Ordinary Shares will cease when the WVR Beneficiary has no beneficial ownership of any of the
Class B Ordinary Shares, in accordance with Rule 8A.22 of the Listing Rules. This may occur:
(i)

upon the occurrence of any of the circumstances set out in Rule 8A.17 of the Listing Rules, in particular where
the WVR Beneficiary is: (1) deceased; (2) no longer a member of the Board; (3) deemed by the Stock Exchange
to be incapacitated for the purpose of performing his duties as a director; or (4) deemed by the Stock Exchange
to no longer meet the requirements of a director set out in the Listing Rules;

(ii)

when the holders of Class B Ordinary Shares have transferred to another person the beneficial ownership of, or
economic interest in, all of the Class B Ordinary Shares or the voting rights attached to them, other than in the
circumstances permitted by Rule 8A.18 of the Listing Rules;

(iii)

where a vehicle holding Class B Ordinary Shares on behalf of a WVR Beneficiary no longer complies with Rule
8A.18(2) of the Listing Rules; or

(iv)

when all of the Class B Ordinary Shares have been converted to Class A Ordinary Shares.

INTERIM REPORT 2026

CORPORATE GOVERNANCE

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance
standards are essential in providing a framework for the Company to safeguard the interests of shareholders and to enhance
corporate value and accountability. The Company has adopted the principles and code provisions of the Corporate Governance
Code set forth in Appendix C1 to the Listing Rules as the basis of the Company’s corporate governance practices.
During the Reporting Period, we have complied with all of the applicable code provisions of the Corporate Governance Code
set forth in Appendix C1 to the Listing Rules, save for the following.
Code provision C.2.1 of the Corporate Governance Code, recommends, but does not require, that the roles of chairperson and
chief executive officer should be separate and should not be performed by the same person. The Company deviates from this
provision because Mr. Li performs both the roles of the chairperson of the Board and the chief executive officer of the Company.
Mr. Li is our founder and has extensive experience in our business operations and management. Our Board believes that vesting
the roles of both chairperson and chief executive officer to Mr. Li has the benefit of ensuring consistent leadership within our
Company and enables more effective and efficient overall strategic planning. This structure will enable our Company to make
and implement decisions promptly and effectively.
Our Board considers that the balance of power and authority will not be impaired due to this arrangement. In addition, all
major decisions are made in consultation with members of the Board, including the relevant Board committees, and three
independent non-executive Directors. Our Board will reassess the division of the roles of chairperson and the chief executive
officer from time to time, and may recommend dividing the two roles between different people in the future, taking into account
our circumstances as a whole. The Company will continue to regularly review and monitor its corporate governance practices
to ensure compliance with the Corporate Governance Code, and maintain a high standard of corporate governance practices
of the Company.

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY
DIRECTORS
The Class A Ordinary Shares of the Company were listed on the Stock Exchange on August 12, 2021, since which time the
Model Code has been applicable to the Company.
The Company has adopted the Management Trading of Securities Policy (the “Code”), with terms no less exacting than the
Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, as its
own securities dealing code to regulate all dealings by Directors and relevant employees of securities in the Company and
other matters covered by the Code.
Specific enquiry has been made of all the Directors and the relevant employees and they have confirmed that they have complied
with the Code during the Reporting Period.

15

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LI AUTO INC.

CORPORATE GOVERNANCE

BOARD COMMITTEES
The Board has established three committees, namely, the Audit Committee, the Compensation Committee and the Nominating
and Corporate Governance Committee, for overseeing particular aspects of the Company’s affairs. Each of these committees is
established with defined written terms of reference (the charter). The terms of reference (the charter) of the Board committees
are available on the websites of the Company and the Stock Exchange.
Audit Committee
The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the Corporate
Governance Code.
The primary duties of the Audit Committee are to review and supervise the financial reporting process and the risk management
and internal control systems of the Group, review and approve connected transactions and provide advice and comments to
the Board.
The Audit Committee comprises three independent non-executive Directors, being Prof. XIAO Xing, Mr. ZHAO Hongqiang and
Mr. JIANG Zhenyu, with Prof. XIAO as the chairperson of the Audit Committee. Both Prof. XIAO and Mr. ZHAO Hongqiang
hold appropriate professional qualifications as required under Rules 3.10(2) and 3.21 of the Listing Rules.
The Audit Committee has reviewed the unaudited condensed consolidated interim results of the Company for the six months
ended June 30, 2026 and this interim report and has met with the independent Auditor. The Audit Committee has also discussed
matters with respect to the accounting policies and practices adopted by the Company and internal control and financial reporting
matters with senior management members of the Company.
In addition, the independent Auditor has reviewed our unaudited condensed consolidated financial statements for the six months
ended June 30, 2026 in accordance with International Standard on Review Engagements 2410 “Review of Interim Financial
Information Performed by the Independent Auditor of the Entity”.
Compensation Committee
The Company has established a Compensation Committee in compliance with Rule 3.25 of the Listing Rules and the Corporate
Governance Code.
The primary duties of the Compensation Committee are to review the performance of our Directors and review and make
recommendations to the Board with respect to directors’ compensation and their service contracts, evaluate the performance of
our chief executive officer and chief financial officer and review and make recommendations to the Board regarding the terms
of their compensation, review and approve the compensation and employee benefit plans of our other executive officers and
senior management, and to review and/or approve matters relating to share schemes under Chapter 17 of the Listing Rules and
make relevant disclosures in the Company’s corporate governance report on the material matters reviewed and/or approved.
The Compensation Committee comprises three Directors, being our executive Director Mr. LI Xiang, our independent
non-executive Directors Mr. ZHAO Hongqiang and Mr. JIANG Zhenyu, with Mr. ZHAO as the chairperson of the Compensation
Committee.

INTERIM REPORT 2026

CORPORATE GOVERNANCE

During the Reporting Period, the Company granted (i) 10,000,000 Options to Mr. Li Tie, 15,000,000 Options to Mr. Ma Donghui,
and 10,000,000 Options to Mr. Xie Yan, with a vesting period which may be shorter than 12 months upon the achievement of
performance targets, and (ii) 300,000 RSUs to Mr. Ma Donghui with a vesting period of less than 12 months. The Compensation
Committee considered a vesting period of less than 12 months to be appropriate and such arrangement aligning with the purpose
of the 2019 Plan and 2020 Plan. For further details, please refer to the announcement of the Company dated June 16, 2026.
Nominating and Corporate Governance Committee
The Company has established a Nominating and Corporate Governance Committee in compliance with the Corporate Governance
Code and Rules 3.27A, 8A.27, 8A.28 and 8A.30 of the Listing Rules.
The primary duties of the Nominating and Corporate Governance Committee are, among other things, in respect of its nomination
functions, to review at least annually with the Board the structure, size and composition of the Board as a whole, to assist the
Board in maintaining a board skills matrix, and to recommend, if necessary, measures to be taken so that the Board reflects
the appropriate balance of independence, knowledge, experience, skills, expertise and diversity required for the Board as a
whole and contains at least the minimum number of independent directors required by the Nasdaq and the Stock Exchange,
and to make recommendations on any proposed changes to the Board to complement the Company’s corporate strategy, to
assess the independence of independent non-executive directors to develop and recommend to the Board criteria for board
and committee membership, recommend to the Board the persons to be nominated for election as Directors and to each of
the Board’s committees, and develop and recommend to the Board a set of corporate governance guidelines; and support the
Company’s regular evaluation of the Board’s performance; and in respect of its corporate governance functions, to ensure that
the Company is operated and managed for the benefit of all shareholders and to ensure the Company’s compliance with the
Listing Rules and safeguards relating to the weighted voting rights structures of the Company.
The Nominating and Corporate Governance Committee comprises three independent non-executive Directors, namely Prof.
XIAO Xing, Mr. ZHAO Hongqiang and Mr. JIANG Zhenyu, with Mr. JIANG as the chairperson of the Nominating and
Corporate Governance Committee.
The Nominating and Corporate Governance Committee is required to confirm to the Board it is of the view that the Company
has adopted sufficient corporate governance measures to manage the potential conflict of interest between the Group and the
beneficiaries of weighted voting rights in order to ensure that the operations and management of the Company are in the interests
of the Shareholders as a whole indiscriminately.
The Nominating and Corporate Governance Committee is required to review the compensation and terms of engagement of the
compliance advisor, and to confirm to the Board that it is not aware of any factors that would require it to recommend either
the removal of the current compliance advisor or the appointment of a new compliance advisor.
On March 12, 2026, the Nominating and Corporate Governance Committee held a meeting, and reviewed and/or reported on
the following matters:

Board Composition, Size and Procedures
(a)

the structure, size and composition of the Board and Board committees and functions of the Board committees;

(b)

the independence of the independent non-executive Directors;

17

18

LI AUTO INC.

CORPORATE GOVERNANCE

Corporate Governance
(c)

the training and continuous professional development of Directors and senior management;

(d)

the code of conduct and employee handbook applicable to employees and Directors;

(e)

the Company’s compliance with the Corporate Governance Code;

(f)

the management of conflicts of interests of the Company and any potential conflict of interest between the Company,
its subsidiaries and/or Shareholders on one hand and the WVR beneficiary on the other;

(g)

all risks related to the Company’s WVR structure, including connected transactions between the Company and its
subsidiaries or Consolidated Affiliated Entity on one hand and any WVR beneficiary on the other;

(h)

effectiveness of the on-going communication between the Company and the Shareholders, particularly with regards to
the requirements of Rule 8A.35 of the Listing Rules;

(i)

adequacy of the Company’s various policies and practices on corporate governance;

(j)

the Company’s policies and practices on compliance with legal and regulatory requirement; and

(k)

the matters covered in Rule 8A.30 of the Listing Rules.

INTERIM REPORT 2026

OTHER INFORMATION

DIRECTORS ’ AND CHIEF EXECUTIVES ’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY
OF ITS ASSOCIATED CORPORATIONS
As at June 30, 2026, the interests and short positions of the Directors and chief executives of the Company in the Shares,
underlying Shares and debentures of the Company or its associated corporations within the meaning of Part XV of the SFO,
which were required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the
SFO (including interests and short positions which they were taken or deemed to have under such provisions of the SFO); or
(b) to be recorded in the register required to be kept by the Company pursuant to Section 352 of the SFO; or (c) as otherwise
notified to the Company and the Stock Exchange pursuant to the Model Code were as follows:

Name

Nature of interest

Number of Shares

Mr. Li

Interest in controlled corporations/founder of a
discretionary trust/beneficiary of a trust
Interest in a controlled corporation/founder of a
discretionary trust/beneficiary of a trust
Interest in a controlled corporation/founder of a
discretionary trust/beneficiary of a trust
Beneficial interest

109,268,881 Class A
Ordinary Shares(2)
355,100,599 Class B
Ordinary Shares(2)
14,373,299 Class A
Ordinary Shares(3)
20,000,000 Class A
Ordinary Shares(4)
400,000 Class A
Ordinary Shares(4)
24,000,000 Class A
Ordinary Shares(5)
1,500,000 Class A
Ordinary Shares(5)
407,680 Class A
Ordinary Shares(5)

Mr. LI Tie

Beneficial interest
Mr. MA Donghui

Beneficial interest
Beneficial interest
Beneficial interest

Mr. WANG Xing

Mr. FAN Zheng

Interest in a controlled corporation/founder of a
discretionary trust/beneficiary of a trust
Interest in a controlled corporation/founder of a
discretionary trust/beneficiary of a trust
Interest in a controlled corporation/founder of a
discretionary trust/beneficiary of a trust

109,803,276 Class A
Ordinary Shares(6)
258,171,601 Class A
Ordinary Shares(7)
83,078,960 Class A
Ordinary Shares(8)

Approximate
% of interest
in each class
of Shares(1)
6.04%
100.00%
0.79%
1.11%
0.02%
1.33%
0.08%
0.02%
6.07%
14.28%
4.59%

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LI AUTO INC.

OTHER INFORMATION

Notes:
(1)

As at June 30, 2026, the Company had issued 2,163,524,268 shares in total, comprising 1,808,423,669 Class A Ordinary Shares
(including 64,532,128 Class A Ordinary Shares held by the Company as treasury shares) and 355,100,599 Class B Ordinary Shares.
The above calculation is based on the total number of relevant class of Shares in issue as of June 30, 2026.

(2)

The 355,100,599 Class B Ordinary Shares and the 109,268,881 Class A Ordinary Shares (of which 108,557,400 are CEO Award Shares
with one vote per Share) are held by Amp Lee Ltd., a company incorporated in the British Virgin Islands and is wholly owned by
Cyric Point Enterprises Limited. The entire interest in Cyric Point Enterprises Limited is held by a trust that was established by Mr.
Li (as the settlor) for the benefit of Mr. Li and his family. As such, Mr. Li is deemed to be interested in the Class A Ordinary Shares
and the Class B Ordinary Shares held by Amp Lee Ltd.

(3)

This includes 14,373,299 Class A Ordinary Shares held by Sea Wave Overseas Limited. Sea Wave Overseas Limited is a company
incorporated in the British Virgin Islands and is wholly owned by Day Express Group Limited. The entire interest in Day Express
Group Limited is held by a trust that was established by Mr. LI Tie (as the settlor) for the benefit of Mr. LI Tie and his family. As
such, Mr. LI Tie is deemed to be interested in the Class A Ordinary Shares held by Sea Wave Overseas Limited.

(4)

Represents Mr. LI Tie’s entitlement to receive up to 20,000,000 Class A Ordinary Shares pursuant to the exercise of options granted
to him under the Share Incentive Plans and 400,000 RSUs granted to him under the Share Incentive Plans, subject to the conditions
(including vesting conditions) of those options and RSUs.

(5)

Represents Mr. MA Donghui’s entitlement to receive up to 24,000,000 Class A Ordinary Shares pursuant to the exercise of options
granted to him under the Share Incentive Plans and 1,500,000 RSUs granted to him under the Share Incentive Plans, subject to the
conditions (including vesting conditions) of those options and RSUs. Mr. MA Donghui is also interested in 407,680 Class A Ordinary
Shares.

(6)

This includes 109,803,276 Class A Ordinary Shares held by Zijin Global Inc. Zijin Global Inc. is a company incorporated in British
Virgin Islands which is wholly owned by Songtao Limited. The entire interest in Songtao Limited is held by a trust that was established
by Mr. WANG Xing (as the settlor) for the benefit of Mr. WANG Xing and his family, with the trustee being TMF (Cayman) Ltd. As
such, Mr. WANG Xing is deemed to be interested in the Class A Ordinary Shares held by Zijin Global Inc.

(7)

This includes 258,171,601 Class A Ordinary Shares held by Inspired Elite Investments Limited, a company incorporated in British
Virgin Islands. Inspired Elite Investments Limited is a wholly owned subsidiary of Meituan, a company incorporated in the Cayman
Islands and listed on the Stock Exchange (stock code: 3690). Mr. WANG Xing is a director and the controlling shareholder of Meituan.
As such, Mr. WANG Xing is deemed to be interested in the Class A Ordinary Shares held by Inspired Elite Investments Limited.

(8)

This includes 83,078,960 Class A Ordinary Shares held by Rainbow Six Limited. Rainbow Six Limited is a company incorporated in
British Virgin Islands and is wholly owned by Star Features Developments Limited. The entire interest in Star Features Developments
Limited is held by a trust that was established by Mr. FAN Zheng (as the settlor) for the benefit of Mr. FAN Zheng and his family.
As such, Mr. FAN Zheng is deemed to be interested in the Class A Ordinary Shares held by Rainbow Six Limited.

Save as disclosed above, as at June 30, 2026, so far as is known to any Director or the chief executive of the Company, none of
the Directors nor the chief executives of the Company had any interests or short positions in the Shares, underlying Shares or
debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) which (a) were required,
pursuant to Section 352 of the SFO, to be entered in the register referred to therein; or (b) were required, pursuant to the Model
Code, to be notified to the Company and the Stock Exchange.

INTERIM REPORT 2026

OTHER INFORMATION

SUBSTANTIAL SHAREHOLDERS ’ INTERESTS AND SHORT POSITIONS IN SHARES
AND UNDERLYING SHARES
As at June 30, 2026, the following persons (other than the Directors and chief executives whose interests have been disclosed
in this interim report), had an interest or short position in the Shares and underlying Shares which would fall to be disclosed
to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO or as recorded in the register required to be kept by the
Company pursuant to Section 336 of the SFO:

Number of Shares

Approximate
% of interest
in each class
of Shares(1)

Beneficial interest
Interest in controlled corporations
Beneficial interest
Interest in controlled corporations/founder
of a discretionary trust/beneficiary of a
trust
Beneficial interest
Interest in controlled corporations/founder
of a discretionary trust/beneficiary of a
trust
Depositary
Investment manager
Depositary

258,171,601 (L)
258,171,601 (L)
109,803,276 (L)
367,974,877 (L)

14.28%
14.28%
6.07%
20.35%

109,268,881 (L)
109,268,881 (L)

6.04%
6.04%

267,654,418 (L)
4,645,009 (L)
267,654,418 (S)

14.80%
0.26%
14.80%

Beneficial interest
Interest in controlled corporations/founder
of a discretionary trust/beneficiary of a
trust

355,100,599 (L)
355,100,599 (L)

100.00%
100.00%

Capacity/Nature
of interest

Name

Class A Ordinary Shares
Inspired Elite Investments Limited(2)
Meituan(2)
Zijin Global Inc.(3)
Mr. Wang Xing(2)(3)

Amp Lee Ltd.(4)
Mr. Li(4)

Deutsche Bank Aktiengesellschaft(5)

Class B Ordinary Shares
Amp Lee Ltd.(4)
Mr. Li(4)

Notes:
(1)

As at June 30, 2026, the Company had issued 2,163,524,268 shares in total, comprising 1,808,423,669 Class A Ordinary Shares
(including 64,532,128 Class A Ordinary Shares held by the Company as treasury shares) and 355,100,599 Class B Ordinary Shares.
The above calculation is based on the total number of relevant class of Shares in issue as of June 30, 2026. The letter “L” stands for
long position and the letter “S” stands for short position.

(2)

Inspired Elite Investments Limited is a company incorporated in British Virgin Islands. Inspired Elite Investments Limited is a wholly
owned subsidiary of Meituan, a company incorporated in the Cayman Islands and listed on the Stock Exchange (stock code: 3690).
As such, Meituan is deemed to be interested in the Class A Ordinary Shares held by Inspired Elite Investments Limited.

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LI AUTO INC.

OTHER INFORMATION

(3)

Zijin Global Inc. is a company incorporated in British Virgin Islands. Zijin Global Inc. is wholly owned by Songtao Limited. The entire
interest in Songtao Limited is held by a trust that was established by Mr. WANG Xing (as the settlor), our non-executive Director,
for the benefit of Mr. WANG Xing and his family, with the trustee being TMF (Cayman) Ltd. As such, Mr. WANG Xing is deemed
to be interested in the Class A Ordinary Shares held by Zijin Global Inc. Further, Mr. WANG Xing is a director and the controlling
shareholder of Meituan and is therefore deemed to be interested in the Class A Ordinary Shares held by Inspired Elite Investments
Limited.

(4)

Amp Lee Ltd. is a company incorporated in British Virgin Islands and is wholly owned by Cyric Point Enterprises Limited. The entire
interest in Cyric Point Enterprises Limited is held by a trust that was established by Mr. Li (as the settlor), our executive Director and
controlling shareholder, for the benefit of Mr. Li and his family. As such, Mr. Li is deemed to be interested in the Class A Ordinary
Shares and the Class B Ordinary Shares held by Amp Lee Ltd.

(5)

Deutsche Bank Aktiengesellschaft, a company incorporated in the Federal Republic of Germany, through its subsidiary Deutsche Bank
Trust Company Americas acting in its capacity as a depositary of the ADR program of the Company.

Save as disclosed above, as at June 30, 2026, no person, other than the Directors whose interests are set out in the section
headed “Directors’ and Chief Executives’ Interests and Short Positions in Shares and Underlying Shares and Debentures of the
Company or any of its Associated Corporations” had an interest or short position in the shares and underlying shares which
would fall to be disclosed to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO or as recorded in the register
required to be kept by the Company pursuant to Section 336 of the SFO.

SHARE INCENTIVE PLANS
The Company has the 2019 Plan, the 2020 Plan and the 2021 Plan. Since January 1, 2023, the Company has relied on the
transitional arrangements provided for the existing share schemes and complied with Chapter 17 accordingly.
During the Reporting Period, (i) 35,000,000 Options were granted under the 2020 Plan and (ii) 5,557,200 RSUs were granted
under the 2019 Plan. The number of Shares that may be issued in respect of options and awards granted under all share schemes
of the Company during the Reporting Period divided by the weighted average number of Shares in issue for the Reporting
Period (excluding the treasury shares (as defined under the Listing Rules, if any)) is 2.01%.
The details of each share scheme are set out below.
1.

The 2019 Plan
The principal terms of the 2019 Plan, as amended, are as described below.
Purpose. The purpose of the 2019 Plan is to secure and retain the services of valuable employees, directors, or consultants
and provide incentives for such persons to exert their best efforts for the success of our business.
Eligible participants. We may grant awards to employees, consultants and directors of our Company.
Awards. The 2019 Plan permits the awards of options, restricted shares, restricted share unit awards and share
appreciation rights or other types of awards approved by the Board.

INTERIM REPORT 2026

OTHER INFORMATION

Number of new Class A Ordinary Shares available for issue. The overall limit on the number of underlying Shares
pursuant to the 2019 Plan is 141,083,452 Class A Ordinary Shares, of which only up to 123,349,000 may be issued
pursuant to awards granted in the form of options. As at the beginning and the end of the Reporting Period, the number
of awards available for grant under the 2019 Plan is 31,752,622 Shares and 29,783,362 Shares respectively, of which the
number of awards available for grant in the form of options under the 2019 Plan is 31,752,622 Shares and 29,783,362
Shares respectively. The maximum number of shares available for issue under the 2019 Plan as at the Latest Practicable
Date is 83,432,918, representing approximately 4.01% of the total issued Shares (excluding treasury shares) as at the
Latest Practicable Date.
Maximum entitlement of each participant. Unless approved by the Shareholders in general meeting, the total number
of Class A Ordinary Shares issued and to be issued upon the exercise of options granted and to be granted under the
2019 Plan and any other plan of the Company to an eligible participant within any 12-month period shall not exceed
1% of the Class A Ordinary Shares issued and outstanding at the date of any grant. There is no sublimit for grants to
consultants/service providers under the 2019 Plan.
Consideration and purchase price. The committee or the Board determines, among other things, the participants eligible
to receive awards, the type or types of awards to be granted to each eligible participant, the number of awards to be
granted to each eligible participant, and the terms and conditions of each award grant. No cash consideration is payable
on application or acceptance of the awards.
Option exercise price. The plan administrator determines the exercise price for each award, which is stated in the relevant
award agreement and shall not be lower than the fair market value of the Shares on the date of grant, which shall be
the higher of: (i) the closing sales price for such Shares or securities as quoted on the principal exchange or system on
which the Shares or securities of the Company are listed (as determined by the Board or the committee delegated with
the authority to administer the plan) on the date of grant, and (ii) average closing sales price as quoted on the principal
exchange or system on which the Shares or securities of the Company are listed for the five business days immediately
preceding the date of grant.
Option exercise period. The maximum exercisable term is ten years from the date of grant.
Vesting period. In general, the plan administrator determines the vesting schedule, which is specified in the relevant
award agreement.
Duration and remaining life. Unless terminated earlier, the 2019 Plan has a term of ten years. As at the date of this
report, the remaining life of the 2019 Plan is approximately two years and ten months.

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LI AUTO INC.

OTHER INFORMATION

Details of the outstanding options under the 2019 Plan are as follows:

Name/Category
Directors or chief executive and
their respective associates
Mr. MA Donghui
Mr. LI Tie
Other employee participants

Date of Grant

December 1, 2019
December 1, 2019
Between December 1,
2019 and January
1, 2021

Vesting
Period

Exercise
Period

Exercise
Price
(US$)

5 years
5 years
1.5-5 years

10 years
10 years
10 years

0.1
0.1
0.1

Outstanding
as at the
beginning
of the
Reporting
Period

Granted
during the
Reporting
Period

Vested
during
the
Reporting
Period

Exercised
during the
Reporting
Period

Lapsed
during the
Reporting
Period

Cancelled
during the
Reporting
Period

Outstanding
as at the
end of the
Reporting
Period

8,000,000
10,000,000
11,396,716

0
0
0

0
0
14,000

0
0
4,363,600

0
0
0

0
0
0

8,000,000
10,000,000
7,033,116

Notes:
1.

No options were granted under the 2019 Plan during the Reporting Period.

2.

In respect of the options exercised during the Reporting Period, the weighted average closing price of the Class A Ordinary Shares
immediately before the dates on which the options were exercised is HKD71.52.

3.

Save as disclosed in the above table, there were no outstanding options granted to (i) Directors, chief executive, substantial shareholders
of the Company and their respective associates, (ii) related entity participants or service providers with options or awards granted and to
be granted in any 12-month period exceeding 0.1% of the relevant class of shares in issue (excluding treasury shares), (iii) participants
with options and awards granted and to be granted exceeding 1% individual limit, or (iv) other employee participants, related entity
participants and service providers, during the Reporting Period under the 2019 Plan.

Details of the outstanding restricted share units granted under the 2019 Plan are as follows:

Name/Category

Date of Grant

Directors or chief executive and
their respective associates
Mr. MA Donghui
June 15, 2026
Other employee participants Between July 1, 2022
and June 15, 2026

Vesting Period

Outstanding
as at the
beginning of
the Reporting
Period

Granted
during the
Reporting
Period

Vested
during the
Reporting
Period

Lapsed
during the
Reporting
Period

4.5 years
0-5.5 years

0
32,022,520

1,500,000
4,057,200

0
5,366,340

0
3,587,940

Cancelled Outstanding as
during the at the end of
Reporting the Reporting Purchase Price
Period
Period (US$/per RSU)

0
0

1,500,000
27,125,440

0.1
0.1

INTERIM REPORT 2026

OTHER INFORMATION

Further details of the outstanding restricted share units granted under the 2019 Plan during the Reporting Period are as follows:

Name/Category

Date of Grant

Directors or chief executive and
their respective associates
Mr. MA Donghui
June 15, 2026
Other employee participants June 15, 2026

Vesting Period

4.5 years
3-5.5 years

Outstanding
as at the
beginning of
the Reporting
Period

Granted
during the
Reporting
Period

Vested
during the
Reporting
Period

Lapsed
during the
Reporting
Period

0
0

1,500,000
4,057,200

0
63,600

0
6,000

Cancelled Outstanding as
during the at the end of
Reporting the Reporting Purchase Price
Period
Period (US$/per RSU)

0
0

1,500,000
3,987,600

0.1
0.1

Notes:
1.

No consideration was payable in respect of the RSUs granted under the 2019 Plan during the Reporting Period.

2.

The vesting of the RSUs granted during the Reporting Period shall be subject to the achievement of certain performance targets
relating to performance appraisal results, the compliance with internal rules and regulations relating to, among others, integrity and
confidentiality, and the performance of obligations as determined by the Board or the committee of one or more members of the
Board delegated by the Board from time to time pursuant to the scheme rules of 2019 Plan. The Company has in place a standardized
performance appraisal system to comprehensively evaluate the performance and the contribution of the grantees to the Group based on
a matrix of indicators that vary according to the roles and responsibilities of the grantees. The indicators include, but are not limited
to, work quality, efficiency, collaboration and management. The Company will determine whether the grantees meet the performance
targets based on his/her performance appraisal results for the relevant period. In the event of a non-satisfactory appraisal result in the
performance review, the portion of the RSUs to become vested to the grantee shall be forfeited.
Among the RSUs granted during the Reporting Period, (1) 300,000 RSUs granted to Mr. MA Donghui shall vest within 12 months
of the grant date, and (2) 0.8% of the 4,057,200 RSUs granted to the employees of the Group under the 2019 Plan on June 15, 2026,
may vest by several batches with the first batch to vest within 12 months of the grant date and the total vesting period of more than 12
months. There are no restrictions under the 2019 Plan in respect of a vesting period of less than 12 months. For further details, please
refer to the announcement of the Company dated June 16, 2026.

3.

The fair value of the RSUs granted during the Reporting Period on June 15, 2026 is HKD55.60. The fair value is calculated in accordance
with the accounting standards and policies adopted for preparing the Company’s financial statements. Please see Notes 2(w) and 20
to the unaudited condensed consolidated financial statements for details on the fair value, accounting standard and policy adopted for
the calculation of the fair value of the underlying Class A Ordinary Shares.

4.

In respect of the RSUs vested during the Reporting Period, the weighted average closing price of the Class A Ordinary Shares
immediately before the dates on which the RSUs vested is HKD56.16.

5.

The closing price of Shares traded on the Stock Exchange on June 12, 2026, being the business day immediately before June 15, 2026,
was HK$57.0 per Share. The closing price of ADSs traded on Nasdaq on June 12, 2026, being the business day immediately before
June 15, 2026, was US$14.3 per ADS.

6.

Save as disclosed in the above, there were no outstanding RSUs granted to (i) Directors, chief executive, substantial shareholders of
the Company and their respective associates, (ii) related entity participants or service providers with options or awards granted and
to be granted in any 12-month period exceeding 0.1% individual limit, (iii) participants with options and awards granted and to be
granted exceeding 1% individual limit, or (iv) other employee participants, related entity participants and service providers during the
Reporting Period under the 2019 Plan.

25

26

LI AUTO INC.

OTHER INFORMATION

2.

The 2020 Plan
The principal terms of the 2020 Plan, as amended, are as described below.
Purpose. The purpose of the 2020 Plan is to secure and retain the services of valuable employees, directors, or consultants
and provide incentive for such persons to exert their best efforts for the success of our business.
Eligible participants. We may grant awards to directors, consultants, and employees of our Company.
Awards. The 2020 Plan permits the awards of options, restricted shares, restricted share unit awards or other types of
awards approved by the Board.
Maximum number of Class A Ordinary Shares available for issue. The overall limit on the number of underlying
Shares pursuant to the 2020 Plan is 165,696,625 Class A Ordinary Shares, of which only up to 138,473,500 may be
issued pursuant to Awards granted in the form of options. As at the beginning and the end of the Reporting Period, the
number of awards available for grant under the 2020 Plan is 116,721,839 Shares and 82,580,439 Shares respectively,
of which the number of awards available for grant in the form of options under the 2020 Plan is 113,020,600 Shares
and 78,092,800 Shares respectively. The maximum number of shares available for issue under the 2020 Plan as at the
Latest Practicable Date is 134,938,701, representing approximately 6.5% of the total issued Shares (excluding treasury
shares) as at the Latest Practicable Date.
Maximum entitlement of each participant. Unless approved by the Shareholders in general meeting, the total number
of Class A Ordinary Shares issued and to be issued upon the exercise of options granted and to be granted under the
2020 Plan and any other plan of the Company to an eligible participant within any 12-month period shall not exceed
1% of the Class A Ordinary Shares issued and outstanding at the date of any grant. There is no sublimit for grants to
consultants/service providers under the 2020 Plan.
Option exercise price. The plan administrator determines the exercise price for each award, which is stated in the relevant
award agreement and shall not be lower than the fair market value of the Shares on the date of grant, which shall be
the higher of: (i) the closing sales price for such Shares or securities as quoted on the principal exchange or system on
which the Shares or securities of the Company are listed (as determined by the Board or the committee delegated with
the authority to administer the plan) on the date of grant, and (ii) average closing sales price as quoted on the principal
exchange or system on which the Shares or securities of the Company are listed for the five business days immediately
preceding the date of grant.
Consideration and purchase price. The committee or the Board determines, among other things, the participants eligible
to receive awards, the type or types of awards to be granted to each eligible participant, the number of awards to be
granted to each eligible participant, and the terms and conditions of each award grant. No cash consideration is payable
on application or acceptance of the awards.
Option exercise period. The maximum exercisable term is ten years from the date of grant.
Vesting period. In general, the plan administrator determines the vesting schedule, which is specified in the relevant
award agreement.
Duration and remaining life. Unless terminated earlier, the 2020 Plan has a term of ten years. As at the date of this
report, the remaining life of the 2020 Plan is approximately three years and ten months.

INTERIM REPORT 2026

OTHER INFORMATION

Details of the outstanding options under the 2020 Plan are as follows:

Name/Category

Date of Grant

Directors or chief executive and
their respective associates
Mr. MA Donghui
January 1, 2021
June 15, 2026
Mr. Li Tie
June 15, 2026
Other employee participants
January 1, 2021 and
July 1, 2021
June 15, 2026

Outstanding
as at the
Granted
Vested Exercised
Lapsed Cancelled
Exercise beginning of during the during the during the during the during the
Price the Reporting Reporting Reporting Reporting Reporting Reporting
(US$)
Period
Period
Period
Period
Period
Period

Outstanding
as at the
end of the
Reporting
Period

Vesting
Period

Exercise
Period

5 years
Note 2
Note 2
1-5 years

10 years
10 years
10 years
10 years

0.1
7.190
7.190
0.1

1,000,000
0
0 15,000,000
0 10,000,000
12,661,650
0

200,000
0
0
1,624,000

0
0
0
827,388

0
0
0
72,200

0
0
0
0

1,000,000
15,000,000
10,000,000
11,762,062

Note 2

10 years

7.190

0 10,000,000

0

0

0

0

10,000,000

Outstanding
as at the
Granted
Vested Exercised
Lapsed Cancelled
Exercise beginning of during the during the during the during the during the
Price the Reporting Reporting Reporting Reporting Reporting Reporting
(US$)
Period
Period
Period
Period
Period
Period

Outstanding
as at the
end of the
Reporting
Period

Further details of the outstanding options granted under the 2020 Plan during the Reporting Period are as follows:

Date of Grant

Vesting
Period

Exercise
Period

Directors or chief executive and
their respective associates
Mr. MA Donghui
June 15, 2026
Mr. Li Tie
June 15, 2026
Other employee participants
June 15, 2026

Note 2
Note 2
Note 2

10 years
10 years
10 years

Name/Category

7.190
7.190
7.190

0 15,000,000
0 10,000,000
0 10,000,000

0
0
0

0
0
0

0
0
0

0
0
0

15,000,000
10,000,000
10,000,000

Notes:
1.

No consideration was payable in respect of the options granted under the 2020 Plan during the Reporting Period.

2.

The vesting schedule of the options granted during the Reporting Period on June 15, 2026 shall be subject to the achievement of certain
performance targets related to the Company’s market capitalization. Such market capitalization is calculated by multiplying (i) the
average closing price of Shares on the Stock Exchange over 30 consecutive trading days, and (ii) the total number of issued Shares
(excluding treasury shares as defined under the Listing Rules, if any). Each 20% tranche of the options granted will vest upon the
first instance that the Company’s market capitalization reaches HK$200 billion, HK$400 billion, HK$600 billion, HK$800 billion, or
HK$1 trillion on the Stock Exchange, respectively. For further details, please refer to the announcement of the Company dated June
16, 2026.

3.

The fair value of the options granted during the Reporting Period on June 15, 2026 is HKD32.49. The fair value is calculated in
accordance with the accounting standards and policies adopted for preparing the Company’s financial statements. Please see Notes
2(w) and 20 to the unaudited condensed consolidated financial statements for details on the fair value, accounting standard and policy
adopted for the calculation of the fair value of the underlying Class A Ordinary Shares.

27

28

LI AUTO INC.

OTHER INFORMATION

4.

In respect of the options exercised during the Reporting Period, the weighted average closing price of the Class A Ordinary Shares
immediately before the dates on which the options were exercised is HKD63.86.

5.

The closing price of Shares traded on the Stock Exchange on June 12, 2026, being the business day immediately before June 15, 2026,
was HK$57.0 per Share. The closing price of ADSs traded on Nasdaq on June 12, 2026, being the business day immediately before
June 15, 2026, was US$14.3 per ADS.

6.

Save as disclosed in the above, there were no outstanding options granted to (i) Directors, chief executive, substantial shareholders of
the Company and their respective associates, (ii) related entity participants or service providers with options or awards granted and
to be granted in any 12-month period exceeding 0.1% individual limit, (iii) participants with options and awards granted and to be
granted exceeding 1% individual limit, or (iv) other employee participants, related entity participants and service providers during the
Reporting Period under the 2020 Plan.

Details of the outstanding RSUs granted under the 2020 Plan are as follows:

Name/Category

Date of Grant

Vesting Period

Directors or chief executive and
their respective associates
Mr. LI Tie
January 1, 2022 5 years
Other employee participants Between July 1, 1.5-5 years
2021 and January
1, 2023

Outstanding
as at the
beginning of
the Reporting
Period

Granted
during the
Reporting
Period

Vested
during the
Reporting
Period

Lapsed
during the
Reporting
Period

400,000
5,320,500

0
0

0
271,000

0
786,400

Cancelled Outstanding as
during the at the end of
Reporting the Reporting Purchase Price
Period
Period (US$/per RSU)

0
0

400,000
4,263,100

0.1
0.1

Notes:
1.

No RSUs were granted under the 2020 Plan during the Reporting Period.

2.

In respect of the RSUs that were vested during the Reporting Period, the weighted average closing price of the Shares immediately
before the dates on which the RSUs were vested is HKD56.17.

3.

Save as disclosed in the above, there were no outstanding RSUs granted to (i) Directors, chief executive, substantial shareholders of
the Company and their respective associates, (ii) related entity participants or service providers with options or awards granted and
to be granted in any 12-month period exceeding 0.1% individual limit, (iii) participants with options and awards granted and to be
granted exceeding 1% individual limit, or (iv) other employee participants, related entity participants and service providers, during
the Reporting Period under the 2020 Plan.

INTERIM REPORT 2026

OTHER INFORMATION

3.

The 2021 Plan
The following is a summary of the principal terms of the 2021 Plan of the Company as approved by the Board on
March 8, 2021.
Purpose. The purpose of the 2021 Plan is to secure and retain the services of valuable employees, directors, or consultants
and provide incentive for such persons to exert their best efforts for the success of our business.
Eligible participants. We may grant awards to directors, consultants, and employees of our Company.
Maximum number of Class B Ordinary Shares available for issue. The maximum aggregate number of Class B Ordinary
Shares which may be issued pursuant to all awards under the 2021 Plan is 108,557,400 Class B Ordinary Shares. Taking
into account the CEO Award, details of which are set out below, no new Class B Ordinary Shares (representing 0% of
the total number of issued Shares as at the Latest Practicable Date) are available for issue thereunder as at the date of
this report. As at January 1, 2026 and June 30, 2026, the number of awards available for grant under the 2021 Plan is
0 Shares and 0 Shares respectively.
Maximum entitlement of each participant. Under the 2021 Plan, there is no specific limit on the maximum number of
shares which may be granted to a single eligible participant but unvested under the 2021 Plan. There is no sublimit for
grants to consultants/service providers under the 2021 Plan.
Option exercise period. The maximum exercisable term is ten years from the date of grant.
Vesting period. In general, the plan administrator determines the vesting schedule, which is specified in the relevant
award agreement.
Consideration and purchase price. The committee or the Board determines, among other things, the participants eligible
to receive awards, the type or types of awards to be granted to each eligible participant, the number of awards to be
granted to each eligible participant, and the terms and conditions of each award grant. No cash consideration is payable
on application or acceptance of the awards.
Duration and remaining life. Unless terminated earlier, the 2021 Plan has a term of ten years. As at the date of this
report, the remaining life of the 2021 Plan is approximately four years and six months.
During the Reporting Period, no award was granted under the 2021 Plan, and as at January 1, 2026 and June 30, 2026,
there were no outstanding grants under the 2021 Plan. Please refer to the below paragraph for details of the CEO Award.

29

30

LI AUTO INC.

OTHER INFORMATION

4.

CEO Award
The overall limit on the number of underlying Shares pursuant to the 2021 Plan is 108,557,400 Class B Ordinary Shares.
On March 8, 2021, our Company granted an option to purchase 108,557,400 Class B Ordinary Shares to Mr. Li, our
Chairman of the Board, executive Director and Chief Executive Officer, under the 2021 Plan. The date of expiration
for the CEO Award was March 8, 2031.
The exercise price of the options was US$14.63 per share, which was the average per-share closing price of our ADSs,
each representing two Class A Ordinary Shares, in the thirty trading days immediately prior to the grant date, as reported
by the Nasdaq Global Select Market. The options were divided into six equal tranches of 18,092,900 each and subject
to the same vesting conditions as the Performance Conditions (as defined in the Prospectus).
On May 5, 2021, the Board resolved to change the form of CEO Award from options to an award of 108,557,400 Class
B Ordinary Shares, or the CEO Award Shares. The CEO Award Shares were duly issued fully paid to Amp Lee Ltd. (a
company legally and beneficially wholly-owned by Mr. Li) as registered legal and beneficial owner on May 5, 2021. On
the same day, all of the options granted under the CEO Award (none of which were vested or exercised at the relevant
time) were terminated and cancelled. Under the terms of the CEO Award, Mr. Li has agreed that the shareholder’s
rights attached to the CEO Award Shares shall be subject to certain restrictions, terms and conditions. Pursuant to a
conversion notice submitted by Mr. Li to the Board dated July 26, 2021 and the written resolutions passed by the Board
on July 27, 2021, all CEO Award Shares were converted from Class B Ordinary Shares to Class A Ordinary Shares on
one-to-one basis with effect immediately upon the Listing. For details, please see the section headed “Directors and
Senior Management – Grant of CEO Award” in the Prospectus.
As of the Latest Practicable Date, the Performance Condition (as defined in the Prospectus) of the first of the six equal
tranches of CEO Award shares (being 18,092,900 Class A Ordinary Shares in total) was satisfied given the aggregate
number of vehicle deliveries exceeding 500,000 for the 12 consecutive months ended December 31, 2024. The Company
was informed that Mr. Li currently does not intend to pay for the Award Premium (as defined in the Prospectus) with
respect to the said tranche of the CEO Award Shares. Therefore, the CEO Award Shares remain subject to, and the
Company shall continue to monitor Mr. Li’s compliance with, the restrictions applicable to these CEO Award Shares.
There was no outstanding, vested, cancelled, lapsed options or awards under the 2021 Plan during the Reporting Period.
As of the Latest Practicable Date, there was no Shares issuable under the 2021 Plan.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY ’ S LISTED SECURITIES OR
SALE OF TREASURY SHARES
On March 24, 2026, the Board authorised and approved a share repurchase program, under which the Company may repurchase
up to USD1.0 billion in value of outstanding Class A Ordinary Shares and/or ADSs for the period from the approval date up
to March 31, 2027. For more details, please refer to announcement of the Company dated March 24, 2026.
During the Reporting Period and up to the Latest Practicable Date, the Company repurchased a total of 44,160,200 Class A
Ordinary Shares at an aggregate consideration of HK$2.3 billion on the Stock Exchange and a total of 40,550,844 Class A
Ordinary Shares (represented by 20,275,422 ADSs) at an aggregate consideration of US$289.2 million on the Nasdaq.

INTERIM REPORT 2026

OTHER INFORMATION

Particulars of the repurchases made by the Company during the Reporting Period and up to the Latest Practicable Date are as
follows:
Stock Exchange

Month of Repurchase

Number of Class A
Ordinary Shares
repurchased

March 2026
June 2026

2,928,100
41,232,100

Total

44,160,200

Price paid per share
Highest price
Lowest price
(HK$)
(HK$)
71.1000
61.9000

67.2500
45.4000

Aggregate
consideration
(HK$)
201,901,161.91
2,137,994,466.14
2,339,895,628.05

Nasdaq

Month of Repurchase

Number of Class A
Ordinary Shares
represented by the
ADSs repurchased

March 2026
April 2026
May 2026
June 2026
July 2026

1,397,876
2,183,776
14,210,276
2,580,000
20,178,916

Total

40,550,844

Price paid per share
Highest price
Lowest price
(US$)
(US$)
9.0800
9.0000
9.0000
6.4000
7.0000

8.6550
8.6000
7.4575
6.1750
5.8400

Aggregate
consideration
(US$)
12,348,327.57
19,385,916.52
115,120,067.24
16,376,292.00
125,972,712.37
289,203,315.70

Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company’s
securities listed on the Stock Exchange and Nasdaq or sold any treasury shares (as defined under the Listing Rules) during
the Reporting Period and up to the Latest Practicable Date. As at the Latest Practicable Date, the Company held 84,711,044
treasury shares (as defined under the Listing Rules), which are intended to be used in accordance with the applicable rules and
regulations, including but not limited to resale for cash, transfer to satisfy share grants under share schemes and cancellation.
For the number of treasury shares held by the Company as at the end of the Reporting Period, please refer to Note (1) to the
section headed “Directors’ and Chief Executives’ Interests and Short Positions in Shares and Underlying Shares and Debentures
of the Company or any of its Associated Corporations”.
As the 84,711,044 repurchased Class A Ordinary Shares are held as treasury Shares and do not carry any voting rights, Mr.
Li Xiang, as a WVR beneficiary, has converted a total of 10,612,921 Class B Ordinary Shares into Class A Ordinary Shares,
and will further convert 3,318,614 Class B Ordinary Shares into Class A Ordinary Shares, in each case on a one-to-one ratio
pursuant to Rule 8A.21 of the Listing Rules, such that the proportion of Shares carrying WVR shall not be increased pursuant
to the requirements under Rules 8A.13 and 8A.15 of the Listing Rules.

31

32

LI AUTO INC.

OTHER INFORMATION

CHANGES IN DIRECTORS ’ INFORMATION PURSUANT TO RULE 13.51B(1) OF THE
LISTING RULES
Mr. LI Tie has resigned as an independent non-executive director of Gushengtang Holdings Limited (固生堂控股有限公司)
(HKEX stock code: 2273) with effect from May 12, 2026.
Save as disclosed above, there is no information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules since
the date of the Company’s annual report for the year ended December 31, 2025.

INTERIM DIVIDEND
The Board did not recommend the distribution of an interim dividend for the six months ended June 30, 2026.

CONTRACTUAL ARRANGEMENTS
On December 11, 2001, the State Council promulgated the FITE Regulations, which were amended on September 10, 2008,
February 6, 2016 and April 7, 2022. According to the newly amended FITE Regulations, foreign investors are not allowed
to hold more than 50% of the equity interests in a company providing value-added telecommunications services, including
Internet content provision services. The newly amended FITE Regulations which became effective on May 1, 2022 removed
the Qualification Requirements for major foreign investors that hold equity interest in PRC companies conducting value-added
telecommunication business set out in the previous FITE Regulations. On April 8, 2024, the Ministry of Industry and Information
Technology of the PRC (the “MIIT”) issued the Circular on Implementing the Pilot Programs Work to Expand the Opening-Up
of Value-Added Telecommunications Services. Pursuant to the circular, the MIIT will launch pilot programs to expand the
opening-up of value-added telecommunications services, initially in several designated regions in Beijing, Shanghai, Hainan,
and Shenzhen. In the regions approved to launch pilot programs, restrictions on foreign ownership in certain value-added
telecommunications businesses will be removed. Beijing CLX, a Consolidated Affiliated Entity of the Company and a
wholly-owned subsidiary of Beijing CHJ, one of the VIEs, operates the official website and the Li Auto App of the Company,
through which the Company provides certain paid membership and other paid premium services to the owners of the vehicles
manufactured by the Company. The said paid services constitute commercial value-added telecom business under the applicable
PRC laws and thus a value-added telecommunication business operation license (the “ICP License”) is required. The offer of
paid membership and other paid premium services is conducted through and embedded in the Company’s official website and
the Li Auto App and therefore is inseparable from the operation of the website and the App. Under the Special Administrative
Measures (Negative List) for the Access of Foreign Investment (2024 Version), radio and television program production
activities are “prohibited” businesses for which foreign investment is not permitted. Beijing CLX creates and publishes video
contents through the Company’s official website, the Li Auto App and its WeChat mini program for marketing and promotional
purposes. Beijing CLX has obtained a License for Production and Operation of Radio and TV Programs as required by PRC
laws. The creation and publication of video content is inseparable from each other and from the operation of the Company’s
official website and the Li Auto App. Further, as set out above, the offer of paid membership and other paid premium services
is conducted through and embedded in the Company’s official website and the Li Auto App and therefore is inseparable from
the operation of the website and the App. Beijing CLX, being the entity licensed with the ICP License and the License for
Production and Operation of Radio and TV Programs, carries out these said workstreams.

INTERIM REPORT 2026

OTHER INFORMATION

According to our consultations with an officer of the MIIT in July 2021, the officer confirmed that in the case of our Company,
the MIIT would not issue an ICP License to our Consolidated Affiliated Entity if it becomes a foreign investment entity and
its foreign investor meets the Qualification Requirements. As confirmed by our PRC Legal Advisor, (i) the MIIT is the issuing
authority for applications of ICP licenses by Sino-foreign equity joint ventures and wholly-owned foreign investment entities;
and (ii) the official duties of the interviewed official include the formulation of regulatory policies in, and the regulation of,
value-added telecommunication services (including the regulatory policies on applications for ICP licenses from Sino-foreign
equity joint ventures and wholly-owned foreign investment entities) in the PRC. In light of the foregoing, our PRC Legal Advisor
is of the view that the officer interviewed is a competent person to give the above confirmation. On the basis of the above, we
are of the view that as of the Latest Practicable Date, the Contractual Arrangements are narrowly tailored and we are therefore
required to carry out our value-added telecommunication services through the Contractual Arrangements.
We will make periodic inquiries to relevant PRC government authorities to understand any new regulatory development and
continuously assess our business conducted through the Contractual Arrangements, with a view to unwinding the Contractual
Arrangements wholly or partially as and when practicable and permissible under the PRC laws. We will closely monitor and
assess any development of PRC laws and regulations, and will, as applicable and when necessary, disclose any updates to our
plans in response to the regulatory developments in our annual and interim reports to inform Shareholders and other investors.
Further details of the Contractual Arrangements, the risks relating to the Contractual Arrangements, the relevant PRC laws and
regulations and the material terms of the Contractual Arrangements are set out in the Prospectus.

MATERIAL LITIGATION
Save as discussed below, the Company was not involved in any material litigation or arbitration during the six months ended
June 30, 2026 which could have a material and adverse effect on our financial condition or results of operations. The Directors
are also not aware of any material litigation or claims that are pending or threatened against the Company during the six months
ended June 30, 2026 and up to the Latest Practicable Date which could have a material and adverse effect on our financial
condition or results of operations.
We and certain of our officers and directors have been named as defendants in two putative securities class actions filed in May
2024 in the U.S. District Court for the Eastern District of New York, captioned Banurs v. Li Auto Inc. et al and Chaudary v. Li
Auto Inc. et al. Both cases were purportedly brought on behalf of a class of persons who claim to have suffered damages as a
result of alleged misstatements and omissions in the Company’s SEC filings regarding its business outlook, in violation of the
Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. On December
30, 2024, the Court appointed a lead plaintiff and ordered both cases be consolidated under the caption Banurs v. Li Auto
Inc. et al (the “Lawsuit”). On March 27, 2025, the plaintiffs filed a first amended complaint, followed by a second amended
complaint on June 6, 2025. On July 2, 2025, the individual defendants accepted service of the second amended complaint. On
July 21, 2025, the Company and the individual defendants filed a motion to dismiss the second amended complaint. Briefing on
the motion to dismiss was completed on October 9, 2025. On June 25, 2026, the Court held oral argument on the defendants’
motion to dismiss. Before the Court issued a ruling, the plaintiffs voluntarily dismissed the case with prejudice on July 22,
2026, and the case was closed that same day.

33

34

LI AUTO INC.

OTHER INFORMATION

EVENTS AFTER JUNE 30, 2026
Save as disclosed in this report, there was no other significant events that might adversely affect the Group after June 30, 2026
and up to the Latest Practicable Date.
In August 2026, the Company issued its second tranche of 2026 technology innovation bonds on the National Interbank Bond
Market of China, with a total principal of RMB3.0 billion. The bond has a term maturity of three years and bears coupon rate
of 1.75% per annum.

APPROVAL OF INTERIM REPORT
The interim report and the unaudited interim condensed consolidated results of the Group for the six months ended June 30,
2026 were approved and authorised for issue by the Board.

INTERIM REPORT 2026

REPORT ON REVIEW OF INTERIM FINANCIAL
INFORMATION
To the Board of Directors of Li Auto Inc.
(incorporated in the Cayman Islands with limited liability)

INTRODUCTION
We have reviewed the interim financial information set out on pages 36 to 111, which comprises the condensed consolidated
balance sheet of Li Auto Inc. (the “Company”) and its subsidiaries (together, the “Group”) as at June 30, 2026 and the condensed
consolidated statement of comprehensive income/(loss), the condensed consolidated statement of changes in shareholders’
equity and the condensed consolidated statement of cash flows for the six-month period then ended, and notes, comprising
significant accounting policies and other explanatory information. The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with
the relevant provisions thereof and accounting principles generally accepted in the United States of America (“U.S. GAAP”).
The directors of the Company are responsible for the preparation and presentation of this interim financial information in
accordance with U.S. GAAP. Our responsibility is to express a conclusion on this interim financial information based on our
review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no
other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

SCOPE OF REVIEW
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim
Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information of the
Group is not prepared, in all material respects, in accordance with U.S. GAAP.

PricewaterhouseCoopers

Certified Public Accountants
Hong Kong, August 26, 2026

35

36

LI AUTO INC.

UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEET

(All amounts in thousands, except for share and per share data)

As of

Notes

December 31,
2025
RMB

June 30,
2026
RMB

5

56,691,765
216,314
44,331,407

40,117,782
14,782
45,474,274

6
7

119,823
8,752,439

206,592
8,333,701

5,174,246

4,322,856

115,285,994

98,469,987

848,672
22,774,938
9,099,313
1,191,974
5,484
3,334,206

2,976,994
22,893,313
7,890,346
1,165,561
5,484
3,755,111

1,755,237

3,522,804

Total non-current assets

39,009,824

42,209,613

Total assets

154,295,818

140,679,600

6,217,745
40,579,219
26,644
1,621,429
1,690,356
13,412,260

286,205
38,756,080
452,813
1,208,610
1,572,211
12,201,637

63,547,653

54,477,556

ASSETS
Current assets:
Cash and cash equivalents
Restricted cash
Time deposits and short-term investments
Trade receivable, net of allowance for credit losses of RMB1,747 and
RMB1,983 as of December 31, 2025 and June 30, 2026, respectively
Inventories
Prepayments and other current assets, net of allowance for credit losses of
RMB4,831 and RMB4,831 as of December 31, 2025 and June 30, 2026,
respectively
Total current assets
Non-current assets:
Long-term investments
Property, plant and equipment, net
Operating lease right-of-use assets, net
Intangible assets, net
Goodwill
Deferred tax assets
Other non-current assets, net of allowance for credit losses of RMB4,912
and RMB4,912 as of December 31, 2025 and June 30, 2026,
respectively

LIABILITIES
Current liabilities:
Short-term borrowings
Trade and notes payable
Amounts due to related parties
Deferred revenue, current
Operating lease liabilities, current
Accruals and other current liabilities
Total current liabilities

11
8
10
9

12
13
24
17
10
14

INTERIM REPORT 2026

UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEET

(All amounts in thousands, except for share and per share data)

As of
December 31,
2025
RMB

June 30,
2026
RMB

3,299,203
624,734
6,258,957
348,506
691,652
6,385,370

6,863,999
666,287
5,620,164
349,322
548,423
6,192,234

Total non-current liabilities

17,608,422

20,240,429

Total liabilities

81,156,075

74,717,985

18

1,229

1,245

18

235
(73)
61,399,973
(825,180)
866,714
11,176,357

234
(3,143,999)
61,782,120
(1,260,255)
866,714
7,182,645

72,619,255

65,428,704

520,488

532,911

Total shareholders’ equity

73,139,743

65,961,615

Total liabilities and shareholders’ equity

154,295,818

140,679,600

Notes
Non-current liabilities:
Long-term borrowings
Deferred revenue, non-current
Operating lease liabilities, non-current
Finance lease liabilities, non-current
Deferred tax liabilities
Other non-current liabilities

Commitments and contingencies
SHAREHOLDERS’ EQUITY
Class A Ordinary Shares
(US$0.0001 par value; 4,500,000,000 shares authorized, 1,785,070,188
shares issued and 1,671,855,018 shares outstanding as of December 31,
2025 and 4,500,000,000 shares authorized, 1,808,423,669 shares issued
and 1,618,862,699 shares outstanding as of June 30, 2026)
Class B Ordinary Shares
(US$0.0001 par value; 500,000,000 shares authorized, 355,812,080 shares
issued and outstanding as of December 31, 2025 and 500,000,000
shares authorized, 355,100,599 shares issued and outstanding as of
June 30, 2026)
Treasury shares
Additional paid-in capital
Accumulated other comprehensive loss
Statutory reserves
Retained earnings
Total Li Auto Inc. shareholders’ equity
Noncontrolling interests

12
17
10
10
15

23

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

37

38

LI AUTO INC.

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

For the Six Months Ended June 30,
2025

2026

RMB

RMB

53,563,718
2,608,709

45,599,670
3,050,131

56,172,427

48,649,801

Cost of sales:
Vehicle sales
Other sales and services

(43,075,219)
(1,711,780)

(42,021,304)
(1,984,397)

Total cost of sales

(44,786,999)

(44,005,701)

Gross profit
Operating expenses:
Research and development
Selling, general and administrative
Other operating income/(expense), net

11,385,428

4,644,100

(5,324,024)
(5,248,770)
286,038

(5,497,792)
(4,327,247)
(118,701)

Total operating expenses

(10,286,756)

(9,943,740)

Notes
Revenues:
Vehicle sales
Other sales and services
Total revenues

16

Income/(Loss) from operations
Other (expense)/income
Interest expense
Interest income and investment income, net
Others, net

1,098,672

(5,299,640)

(97,996)
1,012,715
50,018

(156,906)
849,053
57,447

Income/(Loss) before income tax
Income tax (expense)/benefit

2,063,409
(319,828)

(4,550,046)
568,757

21

INTERIM REPORT 2026

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

For the Six Months Ended June 30,
2025

2026

RMB

RMB

1,743,581
686
1,742,895

(3,981,289)
12,423
(3,993,712)

2,010,096,159
2,140,376,288

2,020,876,470
2,020,876,470

0.87
0.82

(1.98)
(1.98)

Net income/(loss)

1,743,581

(3,981,289)

Other comprehensive loss, net of tax
Foreign currency translation adjustment, net of nil tax

(243,606)

(435,075)

Total other comprehensive loss, net of tax

(243,606)

(435,075)

Total comprehensive income/(loss)
Less: Comprehensive income attributable to noncontrolling interests

1,499,975
686

(4,416,364)
12,423

Comprehensive income/(loss) attributable to ordinary shareholders of
Li Auto Inc.

1,499,289

(4,428,787)

Notes
Net income/(loss)
Less: Net income attributable to noncontrolling interests
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.
Weighted average number of ordinary shares
Basic
Diluted

19

Net earnings/(loss) per share attributable to ordinary shareholders
Basic
Diluted

19

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

39

40

LI AUTO INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS ’ EQUITY

(All amounts in thousands, except for share and per share data)

Class A Ordinary Shares

Class B Ordinary Shares

Treasury Shares

Accumulated
Additional

Number
of Shares

Number
Amount

of Shares

RMB

Balance as of January 1, 2025

Number
Amount

of Shares

RMB

Other

Total

Paid-in Comprehensive

Statutory

Retained Noncontrolling Shareholders’

Amount

Capital

Loss

Reserves

Earnings

Interests

Equity

RMB

RMB

RMB

RMB

RMB

RMB

RMB

60,126,623

(171,748)

758,472

10,160,161

445,498

71,320,382

1,766,208,188

1,215

355,812,080

235

(114,313,746)

(74)

of RSUs

–

–

–

–

10,930,550

8

9,273

–

–

–

–

9,281

Share-based compensation

–

–

–

–

–

–

738,855

–

–

–

–

738,855

net of nil tax

–

–

–

–

–

–

–

(243,606)

–

–

–

(243,606)

Capital injection by noncontrolling interests

–

–

–

–

–

–

–

–

–

–

60,000

60,000

18,862,000

14

–

–

(18,862,000)

(14)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

1,742,895

686

1,743,581

Balance as of June 30, 2025

1,785,070,188

1,229

355,812,080

235

(122,245,196)

(80)

60,874,751

(415,354)

758,472

11,903,056

506,184

73,628,493

Balance as of January 1, 2026

1,785,070,188

1,229

355,812,080

235

(113,215,170)

(73)

61,399,973

(825,180)

866,714

11,176,357

520,488

73,139,743

of RSUs

–

–

–

–

10,828,328

7

7,370

–

–

–

–

7,377

Share-based compensation

–

–

–

–

–

–

374,777

–

–

–

–

374,777

–

–

–

–

–

–

–

(435,075)

–

–

–

(435,075)

22,642,000

15

–

–

(22,642,000)

(15)

–

–

–

–

–

–

–

–

–

–

(64,532,128)

(3,143,918)

–

–

–

–

–

(3,143,918)

711,481

1

(711,481)

(1)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

(3,993,712)

12,423

(3,981,289)

1,808,423,669

1,245

355,100,599

234

(189,560,970)

(3,143,999)

61,782,120

(1,260,255)

866,714

7,182,645

532,911

65,961,615

Exercise of share options and vesting

Foreign currency translation adjustment,

Issuance of ordinary shares as treasury
shares
Net income

Exercise of share options and vesting

Foreign currency translation adjustment,
net of nil tax
Issuance of ordinary shares as treasury
shares
Repurchase of ordinary shares
Conversion of Class B ordinary shares
into Class A ordinary shares
Net (loss)/income

Balance as of June 30, 2026

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

INTERIM REPORT 2026

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS

(All amounts in thousands, except for share and per share data)

For the Six Months Ended June 30,
2025
RMB

2026
RMB

1,743,581

(3,981,289)

CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(loss)
Adjustments to reconcile net income/(loss) to net cash used in operating activities:
Depreciation of property, plant and equipment, amortization of intangible assets
and operating lease cost related to land use rights
Share-based compensation expenses
Foreign exchange (gain)/loss
Interest and investment income, net
Interest expense
Share of loss of equity method investees
Inventory write-downs and losses on purchase commitments relating to inventory
Allowance for credit losses
Deferred income tax benefit
Loss on disposal of property, plant and equipment
Changes in operating assets and liabilities:
Prepayments and other current assets
Inventories
Operating lease right-of-use assets
Other non-current assets
Trade receivable
Deferred revenue
Operating lease liabilities
Trade and notes payable
Amounts due to related parties
Accruals and other current liabilities
Finance lease liabilities
Other non-current liabilities

1,720,947
738,855
(1,580)
(249,740)
33,944
1,029
386,669
33
(415,382)
37,155

2,718,023
374,777
541
(64,227)
86,484
–
269,922
253
(585,067)
118,698

580,203
(4,775,384)
(788,318)
(12,800)
49,381
(48,441)
810,537
(3,628,873)
6,684
(1,370,369)
(53,660)
498,342

676,642
(473,707)
786,414
(1,866,607)
(87,005)
(371,266)
(759,620)
(1,788,383)
426,169
(1,798,185)
–
241,464

Net cash used in operating activities

(4,737,187)

(6,075,969)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment, intangible assets and land use rights
Disposal of property, plant and equipment
Purchase of long-term investments
Disposal of long-term investments
Placement of time deposits
Redemption of time deposits
Placement of short-term investments
Redemption of short-term investments

(1,635,141)
482,458
(3,221)
127,766
(40,353,130)
29,246,625
(12,801,147)
13,749,277

(2,613,116)
728,197
(135,373)
–
(34,336,272)
29,744,635
(17,800,000)
19,150,000

Net cash used in investing activities

(11,186,513)

(5,261,929)

41

42

LI AUTO INC.

UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS

(All amounts in thousands, except for share and per share data)

For the Six Months Ended June 30,
2025
RMB

2026
RMB

8,252
45,174
(122,057)
60,000
–

8,902
2,738,397
(5,013,624)
–
(2,884,296)

(8,631)

(5,150,621)

Effects of exchange rate changes on cash, cash equivalents and restricted cash
Net change in cash, cash equivalents and restricted cash

(178,675)
(16,111,006)

(286,996)
(16,775,515)

Cash, cash equivalents and restricted cash at beginning of the period

65,907,972

56,908,079

Cash, cash equivalents and restricted cash at end of the period

49,796,966

40,132,564

Supplemental Disclosures
Cash paid for interest, net of amounts capitalized
Cash paid for income tax

(40,163)
(1,078,632)

(61,339)
(711,387)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of share options and vesting of RSUs
Proceeds from borrowings
Repayment of borrowings
Capital injection by noncontrolling interests
Repurchase of ordinary shares
Net cash used in financing activities

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS
(a)

Principal activities
Li Auto Inc. (“Li Auto”, or the “Company”) was incorporated under the laws of the Cayman Islands in April
2017 as an exempted company with limited liability. The Company, through its consolidated subsidiaries and
the consolidated variable interest entities (the “VIEs”) and the VIEs’ subsidiaries (collectively, the “Group”), is
primarily engaged in the design, development, manufacturing, and sales of new energy vehicles and providing
other sales and services mainly in the People’s Republic of China (the “PRC”).

(b)

History of the Group and basis of presentation
In preparation for the Listing on the main board of the Stock Exchange of Hong Kong Limited (“HKEX”), the
Group underwent reorganization of its corporate structure in the second quarter of 2021, and changed certain
VIEs to subsidiaries within the Group in March 2022, that were accounted for as common control transaction
within the Group. Accordingly, there was no impact to the Group’s consolidated financial information.
The Group’s unaudited condensed consolidated financial statements include the financial statements of the
Company, its subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries.

43

44

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(b)

History of the Group and basis of presentation (Continued)
As of June 30, 2026, the Company’s principal subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries
are as follows:

Subsidiaries
Leading Ideal HK Limited
(“Leading Ideal HK”)
Beijing Co Wheels Technology Co., Ltd.
(“Wheels Technology”)
Beijing CHJ Automobile Technology Co.,
Ltd. (“Beijing CHJ Technology”)
Beijing Leading Automobile Sales Co., Ltd.
(“Beijing Leading”)
Jiangsu Xindian Interactive Sales and
Services Co., Ltd. (“Jiangsu XD”)
Beijing Lixiang Automobile Co., Ltd.
(“Beijing Lixiang Automobile”)
Shanghai Lixiang Automobile Technology
Co., Ltd.

The VIEs
Beijing CHJ Information Technology
Co., Ltd. (“Beijing CHJ”)
Beijing Xindian Transport
Information Technology Co., Ltd.
(“Xindian Information”)

Equity
Interest
Held

Issued and Fully
Paid Share Capital

100%

Date of Incorporation or
Date of Acquisition

Place of Incorporation
and Kind of Legal Entity

Principal Activities and
Place of Operation

HKD1,000

May 15, 2017

Investment holding in Hong Kong

100%

RMB105,422

December 19, 2017

100%

RMB546,000

March 22, 2021

100%

RMB1,647,831

August 6, 2019

100%

RMB4,201,861

May 8, 2017

100%

RMB1,360,000

April 9, 2021

100%

RMB100,000

April 20, 2021

Hong Kong, PRC,
limited liability company
Beijing, PRC,
limited liability company
Beijing, PRC,
limited liability company
Beijing, PRC,
limited liability company
Changzhou, PRC,
limited liability company
Beijing, PRC,
limited liability company
Shanghai, PRC,
limited liability company

Technology development and
corporate management in the PRC
Technology development in
the PRC
Sales and after sales management
in the PRC
Sales and after sales management
in the PRC
Manufacturing of automobile in
the PRC
Technology development in
the PRC

Issued and Fully
Paid Share Capital

Date of
Incorporation

Place of Incorporation
and Kind of Legal Entity

Principal Activities and
Place of Operation

RMB280,464

April 10, 2015

–

March 27, 2017

Beijing, PRC,
limited liability company
Beijing, PRC,
limited liability company

Technology development
in the PRC
Technology development
in the PRC

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(c)

Variable interest entity
The Company’s subsidiary Wheels Technology has entered into contractual arrangements with Beijing CHJ and
Xindian Information (collectively the “VIEs”) and their respective shareholders. Through these arrangements,
the Company has a controlling financial interest (and is the primary beneficiary) in each of the VIEs (as defined
under ASC 810 “Consolidation”) and, accordingly, consolidates each VIE under U.S. GAAP.
The following is a summary of the contractual arrangements by and among Wheels Technology (“WFOE”), the
VIEs, and their respective shareholders.

Powers of Attorney and Business Operation Agreement
Each shareholder of Beijing CHJ signed a power of attorney to irrevocably authorize Wheels Technology to act
as his or her attorney in-fact to exercise all of his or her rights as a shareholder of Beijing CHJ, including the
right to convene shareholder meetings, the right to vote and sign any resolution as a shareholder, the right to
appoint directors, supervisors, and officers, and the right to sell, transfer, pledge, and dispose of all or a portion
of the equity interest held by such shareholder. These powers of attorney will remain in force for 10 years. Upon
request by Wheels Technology, each shareholder of Beijing CHJ shall extend the term of its authorization prior
to its expiration.
Pursuant to the Business Operation Agreements entered into by and among Wheels Technology, Xindian
Information, and each of the shareholders of Xindian Information, Xindian Information will not take any action
that may have a material adverse effect on its assets, businesses, human resources, rights, obligations, or business
operations without prior written consent of Wheels Technology. Xindian Information and its shareholders further
agreed to accept and strictly follow Wheels Technology’s instructions relating to Xindian Information’s daily
operations, financial management, and election of directors appointed by Wheels Technology. The shareholders
of Xindian Information agree to transfer any dividends or any other income or interests they receive as the
shareholders of Xindian Information immediately and unconditionally to Wheels Technology. Unless Wheels
Technology terminates this agreement in advance, this agreement will remain effective for 10 years and can be
renewed upon request by Wheels Technology prior to its expiration. Xindian Information and its shareholders
have no right to terminate this agreement unilaterally. Pursuant to the Business Operation Agreement, each
shareholder of Xindian Information has executed a power of attorney to irrevocably authorize Wheels Technology
to act as his or her attorney-in-fact to exercise all of his or her rights as a shareholder of Xindian Information. The
terms of these powers of attorney are substantially similar to the powers of attorney executed by the shareholders
of Beijing CHJ described above.

45

46

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(c)

Variable interest entity (Continued)
Spousal Consent Letters
Spouses of two shareholders of Beijing CHJ, who collectively hold 100% of equity interests in Beijing CHJ,
have each signed a spousal consent letter. Each signing spouse of the relevant shareholder acknowledges that
the equity interests in Beijing CHJ held by the relevant shareholder of Beijing CHJ are the personal assets of
that shareholder and not jointly owned by the married couple. Each signing spouse also has unconditionally
and irrevocably disclaimed his or her rights to the relevant equity interests and any associated economic rights
or interests to which he or she may be entitled pursuant to applicable laws, and has undertaken not to make
any assertion of rights to such equity interests and the underlying assets. Each signing spouse has agreed and
undertaken that he or she will not carry out in any circumstances any conducts that are contradictory to the
contractual arrangements and the spousal consent letter.
Spouses of nine shareholders of Xindian Information, who collectively hold 98.1% equity interests in Xindian
Information, have each signed a spousal consent letter, which includes terms substantially similar to the spousal
consent letter relating to Beijing CHJ described above.

Exclusive Consultation and Service Agreements
Pursuant to the Exclusive Consultation and Service Agreement entered into by and between Wheels Technology
and Beijing CHJ, Wheels Technology has the exclusive right to provide Beijing CHJ with software technology
development, technology consulting, and technical services required by Beijing CHJ’s business. Without
Wheels Technology’s prior written consent, Beijing CHJ cannot accept any same or similar services subject to
this agreement from any third party. Beijing CHJ agrees to pay Wheels Technology a service fee at an amount
that is adjusted in accordance with Wheels Technology’s sole discretion for the relevant quarter and also the
mutually agreed amount for certain other technical services, both of which should be paid within 10 business
days after Wheels Technology sends invoice within 30 days after the end of the relevant calendar quarter.
Wheels Technology has exclusive ownership of all the intellectual property rights created as a result of the
performance of the Exclusive Consultation and Service Agreement, to the extent permitted by applicable PRC
laws. To guarantee Beijing CHJ’s performance of its obligations thereunder, the shareholders have agreed to
pledge their equity interests in Beijing CHJ to Wheels Technology pursuant to the Equity Pledge Agreement. The
Exclusive Consultation and Service Agreement will remain effective for 10 years, unless otherwise terminated
by Wheels Technology. Upon request by Wheels Technology, the term of this agreement can be renewed prior
to its expiration.
Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into
an exclusive consultation and service agreement, which includes terms substantially similar to the Exclusive
Consultation and Service Agreement relating to Beijing CHJ described above.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(c)

Variable interest entity (Continued)
Equity Option Agreements
Pursuant to the Equity Option Agreement entered into by and among Wheels Technology, Beijing CHJ, and
each of the shareholders of Beijing CHJ, the shareholders of Beijing CHJ have irrevocably granted Wheels
Technology an exclusive option to purchase all or part of their equity interests in Beijing CHJ, and Beijing CHJ
has irrevocably granted Wheels Technology an exclusive option to purchase all or part of its assets. Wheels
Technology or its designated person may exercise such options to purchase equity interests at the lower of the
amount of their respective paid-in capital in Beijing CHJ and the lowest price permitted under applicable PRC
laws. Wheels Technology or its designated person may exercise the options to purchase assets at the lowest
price permitted under applicable PRC laws. The shareholders of Beijing CHJ have undertaken that, without
Wheels Technology’s prior written consent, they will not, among other things, (i) transfer or otherwise dispose
of their equity interests in Beijing CHJ, (ii) create any pledge or encumbrance on their equity interests in Beijing
CHJ, (iii) change Beijing CHJ’s registered capital, (iv) merge Beijing CHJ with any other entity, (v) dispose of
Beijing CHJ’s material assets (except in the ordinary course of business), or (vi) amend Beijing CHJ’s articles of
association. The Equity Option Agreement will remain effective for 10 years and can be renewed upon request
by Wheels Technology.
Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into an
equity option agreement, which includes terms substantially similar to the equity option agreement relating to
Beijing CHJ described above.

Equity Pledge Agreements
Pursuant to the Equity Pledge Agreement entered into by and between Wheels Technology and the shareholders
of Beijing CHJ, the shareholders of Beijing CHJ have agreed to pledge 100% of equity interests in Beijing CHJ
to Wheels Technology to guarantee the performance by the shareholders of their obligations under the Equity
Option Agreement and the Powers of Attorney, as well as the performance by Beijing CHJ of its obligations under
the Equity Option Agreement, the Powers of Attorney, and payment of services fees to Wheels Technology under
the Exclusive Consultation and Service Agreement. In the event of a breach by Beijing CHJ or any shareholder
of contractual obligations under the Equity Pledge Agreement, Wheels Technology, as pledgee, will have the
right to dispose of the pledged equity interests in Beijing CHJ and will have priority in receiving the proceeds
from such disposal. The shareholders of Beijing CHJ also have undertaken that, without prior written consent of
Wheels Technology, they will not dispose of, create, or allow any encumbrance on the pledged equity interests.
Wheels Technology, Xindian Information, and each of the shareholders of Xindian Information entered into an
Equity Pledge Agreement, which includes terms substantially similar to the Equity Pledge Agreement relating
to Beijing CHJ described above.
The registration of the equity pledge relating to Beijing CHJ and Xindian Information with the competent office
of the SAMR in accordance with the PRC Property Law has been completed.

47

48

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure
According to the Guidance Catalogue of Industries for Foreign Investment promulgated in 2017, or the
Catalogue, foreign ownership of certain areas of businesses are subject to restrictions under current PRC laws
and regulations. Pursuant to the 2021 Negative List, foreign investors are not allowed to own more than 50%
of the equity interests in a value-added telecommunication service provider (excluding e-commerce, domestic
multiparty communications, store-and-forward, and call centers). In addition, foreign investors are prohibited
from investing in companies engaging in internet culture businesses (except for music) and radio and television
program production businesses.
Part of the Group’s business is conducted through the VIEs of the Group, of which the Company is the ultimate
primary beneficiary. In the opinion of management, the contractual arrangements with the VIEs and the nominee
shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The
nominee shareholders indicate they will not act contrary to the contractual arrangements. However, there are
substantial uncertainties regarding the interpretation and application of the PRC laws and regulations including
those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual
arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their
interest may diverge from that of the Group and that may potentially increase the risk that they would seek to
act contrary to the contractual arrangements.
It is possible that the Group’s operations of certain of its businesses through the VIEs could be found by the
PRC authorities to be in violation of the PRC laws and regulations prohibiting or restricting foreign ownership
of companies that engage in such operations and businesses. While the Group’s management considers the
possibility of such a finding by PRC regulatory authorities under current PRC law and regulations to be
remote, on March 15, 2019, the National People’s Congress adopted the Foreign Investment Law of the PRC,
which came into effect on January 1, 2020 and replaced the trio of existing laws regulating foreign investment
in China, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint
Venture Enterprise Law, and the Wholly Foreign-invested Enterprise Law, together with their implementation
rules and ancillary regulations. The Foreign Investment Law of the PRC embodies an expected PRC regulatory
trend to rationalize its foreign investment regulatory regime in line with prevailing international practice and the
legislative efforts to unify the corporate legal requirements for both foreign and domestic investments. However,
since it is relatively new, uncertainties still exist in relation to its interpretation and implementation. For example,
the Foreign Investment Law of the PRC adds a catch-all clause to the definition of “foreign investment” so that
foreign investment, by its definition, includes “investments made by foreign investors in China through other
means defined by other laws or administrative regulations or provisions promulgated by the State Council”
without further elaboration on the meaning of “other means”. It leaves leeway for the future legislations
promulgated by the State Council to provide for contractual arrangements as a form of foreign investment. It
is therefore uncertain whether the Group’s corporate structure will be seen as violating the foreign investment
rules as the Group are currently leveraging the contractual arrangements to operate certain businesses in which
foreign investors are prohibited from or restricted to investing. Furthermore, if future legislations prescribed
by the State Council mandate further actions to be taken by companies with respect to existing contractual
arrangement, the Group may face substantial uncertainties as to whether the Group can complete such actions in
a timely manner, or at all. If the Group fail to take appropriate and timely measures to comply with any of these
or similar regulatory compliance requirements, the Group’s current corporate structure, corporate governance
and business operations could be materially and adversely affected.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)
If the Company’s ownership structure, contractual arrangements, and businesses of the Company’s PRC
subsidiaries or VIEs are found to be in violation of any existing or future PRC laws or regulations, or PRC
subsidiaries or VIEs fail to obtain or maintain any of the required permits or approvals, the relevant PRC
regulatory authorities would have broad discretion to take action in dealing with such violations or failures,
including:
•

revoke the business licenses and/or operating licenses of such entities;

•

shut down the servers or blocking the website or mobile application, or discontinue or place restrictions
or onerous conditions on the Group’s operation through any transactions between the PRC subsidiaries
and the VIEs;

•

impose fines, confiscate the income from the PRC subsidiaries or the VIEs, or imposing other requirements
with which the VIEs may not be able to comply;

•

require the Group to restructure the ownership structure or operations, including terminating the
contractual arrangements with the VIEs and deregistering the equity pledges of the VIEs, which in turn
would affect the Group’s ability to consolidate, derive economic interests from, or exert effective control
over the VIEs;

•

restrict or prohibit the Group’s use of the proceeds of offering to finance the Group’s business and
operations in China; or

•

take other regulatory or enforcement actions that could be harmful to the Group’s business.

49

50

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)
The imposition of any of these penalties may result in a material and adverse effect on the Group’s ability to
conduct the Group’s businesses. In addition, if the imposition of any of these penalties causes the Group to
lose the right to direct the activities of any of the VIEs (through its equity interests in its subsidiaries) or the
right to receive their economic benefits, the Group will no longer be able to consolidate the relevant VIEs and
its subsidiaries, if any. In the opinion of management, the likelihood of loss in respect of the Group’s current
ownership structure or the contractual arrangements with its VIEs is remote. The Group’s operations depend
on the VIEs and their nominee shareholders to honor their contractual arrangements with the Group. These
contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to
be decided by arbitration in the PRC. Management believes that each of the contractual arrangements constitutes
valid and legally binding obligations of each party to such contractual arrangements under the PRC laws.
However, the interpretation and implementation of the laws and regulations in the PRC and their application
on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC
authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the
Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements.
Meanwhile, since the PRC legal system continues to evolve, the interpretations of many laws, regulations and
rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which
may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the
nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The enforceability,
and therefore the benefits, of the contractual agreements between the Company and the VIE depend on nominee
shareholders enforcing the contracts. There is a risk that nominee shareholders of the VIEs, who in some cases
are also shareholders of the Company, may have conflicts of interest with the Company in the future or fails
to perform their contractual obligations. Given the significance and importance of the VIEs, there would be a
significant negative impact to the Company if these contracts were not enforced.
The Group’s operations depend on the VIEs to honour their contractual agreements with the Group and the
Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to
exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the
agreements on authorization to exercise shareholder’s voting power are legally enforceable and the possibility
that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and
uncertainties is remote.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)
The following table sets forth unaudited condensed consolidated financial information of the Group’s VIEs and
VIEs’ subsidiaries as of December 31, 2025 and June 30, 2026 and for the six months ended June 30, 2025 and
2026 taken as whole, which were included in the Group’s unaudited condensed consolidated financial statements
with intercompany transactions eliminated.
As of
December 31,
2025
RMB

June 30,
2026
RMB

Current assets:
Cash and cash equivalents
Restricted cash
Time deposits and short-term investments
Trade receivable, net
Amounts due from the Group companies(1)
Prepayments and other current assets

1,414,673
3,368
3,831,811
1,162
3,679,148
138,275

1,594,127
–
1,826,365
2,012
5,166,423
141,280

Total current assets

9,068,437

8,730,207

Non-current assets:
Long-term investments
Property, plant and equipment, net
Operating lease right-of-use assets, net
Intangible assets, net
Deferred tax assets
Other non-current assets

75,000
83,775
569,122
20,159
14,350
162,986

75,000
63,925
546,862
15,098
14,350
159,918

Total non-current assets

925,392

875,153

9,993,829

9,605,360

Total assets

51

52

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)
As of
December 31,
2025
RMB

June 30,
2026
RMB

Current liabilities:
Trade and notes payable
Amounts due to the Group companies(1)
Amounts due to related parties
Operating lease liabilities, current
Accruals and other current liabilities

9,526
332,789
23
56,128
175,580

12,226
8,642
25
38,176
127,823

Total current liabilities

574,046

186,892

Non-current liabilities:
Operating lease liabilities, non-current
Other non-current liabilities

624,526
24,106

604,403
22,639

Total non-current liabilities

648,632

627,042

Total liabilities

1,222,678

813,934

Total shareholders’ equity

8,771,151

8,791,426

Total liabilities and shareholders’ equity

9,993,829

9,605,360

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)

For the Six Months Ended June 30,
2025

2026

Third-party revenues
Inter-company revenues(2)

40,829
598,375

3,734
232,091

Third-party cost
Inter-company cost

(3,271)
(247)

(318)
(185)

Third-party expenses

(347,697)

(259,231)

70,397

18,565

Income/(Loss) before income tax
Income tax expense

358,386
(133,788)

(5,344)
(5,834)

Net income/(loss)

224,598

(11,178)

Net income/(loss) attributable to ordinary shareholders
of Li Auto Inc.

224,598

(11,178)

Other income

For the Six Months Ended June 30,
2025

2026

Net cash provided by inter-company transactions(3)
Net cash used in transactions with external entities

598,375
(347,406)

417,980
(206,795)

Net cash provided by operating activities

250,969

211,185

Net cash provided by transactions with external entities

1,090,538

1,996,025

Net cash provided by investing activities

1,090,538

1,996,025

Net cash used in inter-company transactions

(4,560,937)

(2,031,113)

Net cash used in financing activities
Effects of exchange rate changes on cash, cash equivalents and
restricted cash
Net change in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of the period
Cash, cash equivalents and restricted cash at end of the period

(4,560,937)

(2,031,113)

2,449
(3,216,981)
3,750,049
533,068

(11)
176,086
1,418,041
1,594,127

The Company’s involvement with the VIEs is through the contractual arrangements disclosed in Note 1(c). All
recognized assets held by the VIEs are disclosed in the table above.

53

54

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

1.

ORGANIZATION AND NATURE OF OPERATIONS (CONTINUED)
(d)

Risks in relations to the VIE structure (Continued)
Notes:
(1)

The amounts due from Group companies represent the funds provided by the consolidated VIEs to the Group
companies. The amounts due to Group companies mainly represent the funds provided by Group companies to the
consolidated VIEs and the operating payables resulting from the technical service fees charged by WFOE.

(2)

Inter-company revenues mainly result from service fees.

(3)

For the six months ended June 30, 2025 and 2026, cash paid by subsidiaries to VIEs mainly for certain service fees
were RMB598,375 and RMB417,980, respectively. For the six months ended June 30, 2025 and 2026, no management
fees were paid by VIEs to WFOE as of June 30, 2026 (pursuant to each management fee arrangement with the VIEs).

As a result of the contractual arrangements between Wheels Technology, the VIEs and the VIEs’ shareholders,
Wheels Technology has a controlling financial interest and is the primary beneficiary (pursuant to ASC 810
“Consolidation”) of the Group’s consolidated VIEs and the VIEs’ subsidiaries and can have assets transferred out
of such VIEs and VIEs’ subsidiaries without restriction. Therefore, it is considered that there is no asset in the
Group’s VIEs and the VIEs’ subsidiaries that can be used only to settle their obligations except for paid-in capital,
additional paid-in capital and PRC statutory reserves of the Group’s consolidated VIEs and VIEs’ subsidiaries
amounting to RMB6,611,273 and RMB6,642,727 as of December 31, 2025 and June 30, 2026, respectively.
As the Group’s consolidated VIEs and VIEs’ subsidiaries are incorporated as limited liability companies under
the PRC Company Law, the creditors do not have recourse to the general credit of Wheels Technology for all
the liabilities of the Group’s consolidated VIEs and VIEs’ subsidiaries. The retained earnings of the Group’s
consolidated VIEs and VIEs’ subsidiaries was RMB2,160,032 and RMB2,148,854 as of December 31, 2025
and June 30, 2026, respectively.
Currently there is no contractual arrangement that could require the Company, Wheels Technology or other
subsidiaries of the Company to provide additional financial support to the Group’s consolidated VIEs and VIEs’
subsidiaries. As the Company is conducting certain businesses in the PRC through the consolidated VIEs and
VIEs’ subsidiaries, the Company may provide additional financial support on a discretionary basis in the future,
which could expose the Group to a loss.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)

Basis of presentation
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with
accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial
information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for
complete financial statements. Certain information and note disclosures normally included in the annual financial
statements prepared in accordance with U.S. GAAP have been condensed or omitted consistent with Article 10
of Regulation S-X. The unaudited condensed consolidated financial statements have been prepared on the same
basis as the audited financial statements and include all adjustments as necessary for the fair statement of the
Company’s financial position as of December 31, 2025 and June 30, 2026, and its results of operations and cash
flows for the six months ended June 30, 2025 and 2026. The consolidated balance sheet as of December 31,
2025 has been derived from the audited financial statements at that date but does not include all the information
and footnotes required by U.S. GAAP. The unaudited condensed consolidated financial statements and related
disclosures have been prepared with the presumption that users of the unaudited condensed consolidated financial
statements have read or have access to the audited consolidated financial statements for the preceding fiscal years.
Accordingly, these financial statements should be read in conjunction with the audited consolidated financial
statements and related footnotes for the year ended December 31, 2025. The accounting policies applied are
consistent with those of the audited consolidated financial statements for the preceding fiscal year. Interim results
of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period.

(b)

Principles of consolidation
The unaudited condensed consolidated financial statements include the financial statements of the Company, its
subsidiaries, the VIEs and the VIEs’ subsidiaries for which the Company is the ultimate primary beneficiary.
A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting
power; has the power to appoint or remove the majority of the members of the board of directors (the “Board”);
to cast majority of votes at the meeting of the Board or to govern the financial and operating policies of the
investee under a statute or agreement among the shareholders or equity holders. A VIE is an entity in which the
Company, or its subsidiary, through contractual arrangements, has established a controlling financial interest
(as defined in ASC 810 “Consolidation”) and is able to direct the activities and derive the economic benefits of
the entity. Accordingly, the Company is considered the primary beneficiary of each VIE and consolidates each
entity in accordance with U.S. GAAP.
All significant transactions and balances between the Company, its subsidiaries, the VIEs and the VIEs’
subsidiaries have been eliminated upon consolidation.

55

56

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c)

Use of estimates
The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP
requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported
revenue and expenses during the reported period in the unaudited condensed consolidated financial statements
and accompanying notes.
Significant accounting estimates reflected in the Group’s unaudited condensed consolidated financial statements,
to the extent applicable, mainly include, but are not limited to, standalone selling price of each distinct
performance obligation in revenue recognition and determination of the amortization period of these obligations,
the determination of share-based compensation expenses, fair value of investments, useful lives and assessment
for impairment of long-lived assets and intangible assets, inventory valuation for excess and obsolete inventories,
lower of cost and net realizable value of inventories, losses on purchase commitments relating to inventory,
product warranties, determination of vendor and customer rebates and valuation allowance for deferred tax assets.
Actual results could differ from these estimates under different assumptions and conditions.

(d)

Functional currency and foreign currency translation
The Group’s reporting currency is the Renminbi (“RMB”). The functional currencies of the Company and
its subsidiaries which are incorporated in Hong Kong and Singapore are United States dollars (“US$”). The
Company’s subsidiaries, the VIEs and the VIEs’ subsidiaries with operations in Chinese mainland and other
jurisdictions generally use their respective local currencies as their functional currencies. The determination
of the respective functional currency is based on the criteria set out by ASC 830 “Foreign Currency Matters”.
Transactions denominated in currencies other than the functional currency are translated into the functional
currency using the exchange rates prevailing at the transaction dates. Monetary assets and liabilities denominated
in foreign currencies are translated into functional currency using the applicable exchange rates at the balance
sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are measured
using the exchange rates at the dates of the initial transactions. Exchange gains or losses arising from foreign
currency transactions are included in the unaudited condensed consolidated statements of comprehensive income/
(loss) as “Others, net”.
The financial statements of the Group’s entities of which the functional currency is not RMB are translated
from their respective functional currency into RMB. Assets and liabilities denominated in foreign currencies
are translated into RMB at the exchange rates at the balance sheet date. Equity accounts other than earnings
generated in current period are translated into RMB at the appropriate historical rates. Income and expense items
are translated into RMB using the periodic average exchange rates. The foreign currency translation adjustments
are recorded in accumulated other comprehensive (loss)/income as a component of shareholders’ equity.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(e)

Cash, cash equivalents and restricted cash
Cash and cash equivalents represent cash on hand, cash in bank, time deposits and highly liquid investments
placed with banks or other financial institutions, which are unrestricted as to withdrawal and use, and which
have original maturities of three months or less.
Cash that is restricted as to withdrawal for use or pledged as security is reported as “Restricted cash” in the
unaudited condensed consolidated balance sheet.

(f)

Time deposits and short-term investments
Time deposits are those balances placed with the banks. These deposits that have original maturities longer than
three months but less than one year are classified as short-term time deposits which are reflected in the unaudited
condensed consolidated balance sheet as “Time deposits and short-term investments”, while the balances with
original maturities longer than one year are classified as long-term time deposits which are reflected in the
unaudited condensed consolidated balance sheet as “Long-term investments”. The time deposits have a fixed
interest rate return and the Group has the intent and ability to hold the deposits to maturity. Time deposits are
recorded at amortized cost which approximates fair value.
Short-term investments are investments in financial instruments with variable interest rates. These financial
instruments which have maturity dates within one year are classified as short-term investments and are reflected
in the unaudited condensed consolidated balance sheet as “Time deposits and short-term investments”, while those
financial instruments which have maturity dates longer than one year are classified as “Long-term investments”
in the unaudited condensed consolidated balance sheet. The Group elected the fair value method at the date of
initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected
in the unaudited condensed consolidated statements of comprehensive income/(loss) as “Interest income and
investment income, net”.

(g)

Trade receivable and current expected credit losses
Trade receivable primarily includes receivables from vehicle sales, commission service fee receivables derived
from insurance companies and banks (the Group earns such fees in facilitating customer use of services offered
by these entities). The Group provides an allowance against trade receivable based on the expected credit loss
approach and writes off trade receivable when they are deemed uncollectible. No material allowance for credit
loss on trade receivable was recognized for the six months ended June 30, 2025 and 2026.

57

58

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(h)

Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is calculated on the standard cost basis
and includes all costs to acquire and other costs to bring the inventories to their present location and condition,
which approximates actual cost using the weighted average method. The Group records inventory write-downs for
excess or obsolete inventories based upon assumptions on current and future demand forecasts. If the inventory
on hand is in excess of future demand forecast, the excess amounts are written off. The Group also reviews
inventory to determine whether its carrying value exceeds the net amount realizable upon the ultimate sale of
the inventory. This requires the determination of the estimated selling price of the vehicles less the estimated
cost to convert inventory on hand into a finished product. Once inventory is written down, a new, lower cost
basis for that inventory is established and subsequent changes in facts and circumstances do not result in the
restoration or increase in that newly established cost basis after the fiscal year-end. The Group recognized
inventory writedowns and net losses on inventory purchase commitment of RMB386,669 and RMB269,922 for
the six months ended June 30, 2025 and 2026, respectively.

(i)

Property, plant and equipment, net
Property, plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any.
Property, plant and equipment are depreciated at rates sufficient to write off their costs less impairment and
residual value, if any, over their estimated useful lives on a straight-line basis or using the units-of-production
method, as appropriate. Leasehold improvements are amortized over the shorter of the lease term or the estimated
useful lives of the related assets. Direct costs that are related to the construction of property, plant and equipment
and incurred in connection with bringing the assets to their intended use are capitalized as construction in
progress. Interest expense on specific outstanding debt is capitalized during the period of significant capital
asset construction. Capitalized interest expense on construction-in-progress is included within property, plant and
equipment and is amortized over the life of the related assets. Interest costs capitalized for the six months ended
June 30, 2025 and 2026 were insignificant. Construction in progress is transferred to specific property, plant
and equipment and the depreciation of these assets commences when the assets are ready for their intended use.
The estimated useful lives are as follows:
Useful Lives
Building and building improvements
Production machineries, facilities and equipment
Motor vehicles
Mold and tooling
Leasehold improvements

5 to 20 years
2 to 10 years
2 to 4 years
Unit-of-production
Shorter of the estimated useful life or lease term

The cost of maintenance and repairs is expensed as incurred, whereas the cost of renewals and betterment that
extends the useful lives of property, plant and equipment is capitalized as additions to the related assets. When
assets are retired or otherwise disposed of, the cost and related accumulated depreciation and amortization are
removed from their respective accounts, and any gain or loss on such sale or disposal is reflected in the unaudited
condensed consolidated statements of comprehensive income/(loss) as “Other operating income/(expense), net”.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(i)

Property, plant and equipment, net (Continued)
The Group reviews the estimated useful lives and units-of-production for depreciation of its property, plant and
equipment on an ongoing basis. In evaluating useful lives and units-of-production, the Group considers how
long-lived assets will remain functionally efficient and effective, and the assets’ estimated total service capability,
given levels of production, competitive factors, and the economic environment. If the assessment indicates that
the assets will continue to be used for a shorter or longer period than previously anticipated, or the estimated
level of production changes, the useful life or unit-of-production of the assets is revised, resulting in a change
in estimate. Changes in estimates are accounted for on a prospective basis by depreciating the assets’ current
carrying values over their revised remaining useful lives or revised units-of-production.

(j)

Intangible assets, net
Finite-lived intangible assets are carried at cost less accumulated amortization and impairment, if any. Finite-lived
intangible assets are amortized using the straight-line method over the estimated useful lives as below:
Useful Lives
Software and patents

2 to 10 years

The Group estimates the useful life of the software and patents based on the contract terms, expected technical
obsolescence and innovations and industry experience of such intangible assets.
Intangible assets that have indefinite useful life represent the automotive manufacturing permission and
the insurance agent license, which are carried at cost less any subsequent impairment loss. The automotive
manufacturing permission is necessary to produce the passenger vehicles. No useful life was determined in
the contract terms when the Group acquired the automotive manufacturing permission and the insurance agent
license. The Group expects that the permission and the license are unlikely to be terminated based on industry
experience and will continue to contribute revenue in the future. The Group believes, based upon regulatory
precedent, that the automotive manufacturing permission maintenance and required license renewals (as approved
by government authorities) are normal activities, thus providing the basis for the indefinite life assumption.

59

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LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(k)

Goodwill
Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities
acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis,
as of December 31, or more frequently if events or changes in circumstances indicate that it might be impaired.
The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value
of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary
factors such as industry and market considerations, overall financial performance of the reporting unit, and other
specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that
it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative
impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists
of a comparison of the fair value of each reporting unit with its carrying amount. Fair value is estimated by
the Group using the income approach which is based on the present value of the estimated future cash flows
that the reporting unit is expected to generate over its remaining life. Cash flow projections were based on the
Group’s estimates of revenue growth rates, profitability, and the discount rate. If the carrying amount of the
reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of
a goodwill impairment test requires significant management judgment, including the identification of reporting
units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining
the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes
estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in
these estimates and assumptions could materially affect the determination of fair value for each reporting unit.
No impairment loss of goodwill was recognized for the six months ended June 30, 2025 and 2026.

(l)

Impairment of long-lived assets other than goodwill
The Group evaluates property, plant and equipment and intangible assets with definite lives for impairment,
whenever events or changes in circumstances (such as a significant adverse change to market conditions that will
impact the future use of the assets) indicate the carrying value of an asset (or asset group) may not be recoverable
in accordance with ASC 360 “Property, Plant and Equipment”. The Group measures the carrying amount of
long-lived assets against the estimated undiscounted future cash flows associated with it. An impairment exists
when the estimated undiscounted future cash flows are less than the carrying value of the asset (or asset group)
being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset (or asset
group) exceeds its fair value. No impairment loss of long-lived assets was recognized for the six months ended
June 30, 2025 and 2026.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(l)

Impairment of long-lived assets other than goodwill (Continued)
Intangible assets with indefinite lives are tested for impairment at least annually and more frequently if events
or changes in circumstances indicate that it is more likely than not that the asset is impaired in accordance with
ASC 350 “Intangibles – Goodwill and Other”. The Group first performs a qualitative assessment to assess all
relevant events and circumstances that could affect the significant inputs used to determine the fair value of the
indefinite-lived intangible asset. If after performing the qualitative assessment, the Group determines that it is
more likely than not that the indefinite-lived intangible asset is impaired, the Group calculates the fair value
using a discounted cash flow method of the intangible asset and perform the quantitative impairment test by
comparing the fair value of the asset with its carrying amount. Inherent in development of cash flow projections
are highly subjective assumptions and estimates derived from a review of the Group’s operating results, business
plan forecasts, expected growth rates, and cost of capital, similar to those a market participant would use to
assess fair value. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, the Group
recognizes an impairment loss in an amount equal to that excess. No impairment loss of indefinite-lived intangible
assets was recognized for the six months ended June 30, 2025 and 2026.

(m)

Long-term investments
Long-term investments are comprised of investments in publicly traded companies, privately-held companies
and private equity funds, as well as long-term time deposits and long-term financial instruments.

Equity investments
Equity securities not accounted for using the equity method are carried at fair value with gains and losses recorded
in the unaudited condensed consolidated statements of comprehensive income/(loss) as “Interest income and
investment income, net”, according to ASC 321 “Investments – Equity Securities”.
The Group elected to record investments in privately held companies using the measurement alternative at cost,
less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions
for identical or similar investments of the same issuer. For equity investments in private equity funds, over which
the Group does not have the ability to exercise significant influence, are measured using the net asset value per
share based on the practical expedient (“NAV practical expedient”) in ASC 820, Fair Value Measurements and
Disclosures (“ASC 820”). These equity investments are subject to periodic impairment reviews. The impairment
analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value
of these equity securities.
Equity investments with readily determinable fair values are measured and recorded at fair value using the market
approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation
techniques that use these inputs as Level I of fair value measurements.

61

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LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(m)

Long-term investments (Continued)
Equity investments (Continued)
Investments in entities over which the Group can exercise significant influence and hold an investment in
common shares or in-substance common shares (or both) of the investee but do not own a majority equity interest
or control are accounted for using the equity method of accounting in accordance with ASC 323 “Investment
– Equity Method and Joint Ventures” (“ASC 323”). Under the equity method, the Group initially records its
investments at cost and the difference between the cost of the equity investee and the fair value of the underlying
equity in the net assets of the equity investee is recognized as equity method goodwill, which is included in
long-term investments on the unaudited condensed consolidated balance sheet. The Group subsequently adjusts
the carrying amount of the investments to recognize its proportionate share of each equity investee’s net income
or loss into earnings after the date of investment and its share of equity investee’s movement in accumulated
other comprehensive income or loss in other comprehensive (loss)/income. The Group evaluates the equity
method investments for impairment under ASC 323. An impairment loss on the equity method investments is
recognized in earnings when the decline in value is determined to be other-than-temporary. The Group performs
an impairment assessment of its equity method investments whenever events or changes in circumstances indicate
that the carrying value of the investment may not be fully recoverable. The primary factors the Group considers
in its determination include, but not limited to, current economic and market conditions, operating performance
of the companies, including current earnings trends and undiscounted cash flows, and other company-specific
information, such as recent financing rounds. The fair value determination, particularly for investments in
privately-held companies whose revenue model is still unclear, requires significant judgment to determine
appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation
of the fair value of the investments. No impairment of equity method investments was recognized for the six
months ended June 30, 2025 and 2026.

Long-term time deposits
Long-term time deposits are those balances placed with the banks with original maturities longer than one year.
Long-term financial instruments
Long-term financial instruments are investments in financial instruments with variable interest rates and maturity
dates greater than one year. The Group elected the fair value method at the date of initial recognition and
carried these investments subsequently at fair value. Fair value is estimated based on quoted prices provided by
financial institutions at the end of each period. Changes in the fair value are reflected in the unaudited condensed
consolidated statements of comprehensive income/(loss) as “Interest income and investment income, net.”

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(n)

Employee benefits
Full time employees of the Group in the PRC participate in a government mandated defined contribution plan,
pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are
provided to the employees. Chinese labor regulations require that the PRC subsidiaries and VIEs and VIEs’
subsidiaries of the Group make contributions to the government for these benefits based on certain percentages
of the employees’ salaries, up to a maximum amount specified by the local government. The Group has no legal
obligation for the benefits beyond the contributions made. For the six months ended June 30, 2025 and 2026,
there are no forfeited contribution that may be used by the Group as the employer to reduce the existing level of
contributions. The Group also makes payments to other defined contribution plans and defined benefit plans for
the benefit of employees employed by subsidiaries outside of the PRC. Total amounts of such employee benefit
expenses, which were expensed as incurred, were approximately RMB1,303,623 and RMB1,289,312 for the six
months ended June 30, 2025 and 2026, respectively.

(o)

Product warranties
The Group generally provides product warranties mainly on vehicles based on the contracts with its customers
at the time of sale of vehicles. The Group accrues a warranty reserve for the vehicles sold by multiplying the
expected unit costs for warranty services by the sales volume, which includes the best estimate of projected costs
to repair or replace items under warranties and recalls when identified. These estimates are made primarily based
on actual claims incurred to date and the estimates of the nature, frequency and average costs of future claims.
These estimates are inherently uncertain given the Group’s relatively short history of sales, and changes to the
historical or projected warranty experience may cause material changes to the warranty reserve in the future.
The portion of the warranty reserve expected to be incurred within the next 12 months is included within the
accruals and other current liabilities while the remaining balance is included within other non-current liabilities
in the unaudited condensed consolidated balance sheet. Warranty cost is recorded as a component of cost of sales
in the unaudited condensed consolidated statements of comprehensive income/(loss). The Group reevaluates the
adequacy of the warranty accrual on a regular basis.
The Group recognizes the benefit from a recovery of the costs associated with the warranty when specifics of
the recovery have been agreed with the Group’s suppliers and the amount of the recovery is virtually certain.
The Group does not consider standard warranty as being a separate performance obligation as it is intended
to provide assurance that a product complies with agreed-upon specifications and is not viewed as a distinct
obligation. Accordingly, standard warranty is accounted for in accordance with ASC 460 “Guarantees”. The
Group also provides extended warranty for certain vehicle. The extended warranty is an incremental service
offered to customers and is considered a separate performance obligation distinct from other promises and is
accounted for in accordance with ASC 606 “Revenue from Contracts with Customers”.

63

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LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(o)

Product warranties (Continued)
The accrued warranty activity consists of the following:
For the Six Months Ended June 30,

(p)

2025

2026

Accrued warranty at beginning of the period
Warranty cost incurred
Provision for warranty

5,159,787
(135,994)
818,283

7,145,898
(858,425)
676,943

Accrued warranty at end of the period

5,842,076

6,964,416

Including: Accrued warranty, current
Accrued warranty, non-current

681,301
5,160,775

1,127,648
5,836,768

Revenue recognition
Revenues of the Group are primarily derived from sales of vehicles, along with multiple distinct performance
obligations within each sale of vehicle, as well as other sales and services which are sold or provided separately
which include providing non-warranty after-sales services, sales of charging stalls, goods from online store,
parts and accessories, sales of Li Plus Membership, commission service, and customer loyalty points offered to
customers in connection with the purchase of vehicles.
Revenue is recognized when or as the control of the goods or services is transferred to a customer. Depending
on the terms of the contract and the laws that apply to the contract, control of the goods and services may be
transferred over time or at a point in time. Control of the goods and services is transferred over time if the
Group’s performance:
•

provides all of the benefits received and consumed simultaneously by the customer;

•

creates and enhances an asset that the customer controls as the Group performs; or

•

does not create an asset with an alternative use to the Group and the Group has an enforceable right to
payment for performance completed to date.

If control of the goods and services transfers over time, revenue is recognized over the period of the contract
by reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue
is recognized at a point in time when the customer obtains control of the goods and services.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(p)

Revenue recognition (Continued)
Contracts with customers may include multiple performance obligations. For such arrangements, the Group
allocates revenue to each performance obligation based on its relative standalone selling price. The Group
generally determines standalone selling prices based on the prices charged to customers. If the standalone selling
price is not directly observable, it is estimated using expected cost plus a margin, depending on the availability
of observable information. Assumptions and estimations have been made in estimating the relative selling price
of each distinct performance obligation, and changes in judgments on these assumptions and estimates may
impact the revenue recognition.
When either party to a contract has performed, the Group presents the contract in the balance sheets as a contract
asset or a contract liability, depending on the relationship between the entity’s performance and the customer’s
payment.
A contract asset is the Group’s right to consideration in exchange for goods and services that the Group has
transferred to a customer. A receivable is recorded when the Group has an unconditional right to consideration. A
right to consideration is unconditional if only the passage of time is required before payment of that consideration
is due.
If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional,
before the Group transfers a good or service to the customer, the Group presents the contract liability when the
payment is made, or a receivable is recorded (whichever is earlier). A contract liability is the Group’s obligation
to transfer goods or services to a customer for which the Group has received consideration (or an amount of
consideration is due) from the customer.

Vehicle sales
The Group generates revenue from sales of vehicles, together with a number of embedded products and services
through a contract. There are multiple distinct performance obligations explicitly stated in the sales contracts
including sales of vehicles, charging stalls, vehicle internet connection services, over-the-air upgrades (or “OTA
upgrades”), Li Plus Membership, certain products and initial owner extended warranty.
The revenue for sales of the vehicles, charging stalls and certain products are recognized at a point in time
when the control is transferred to the customer. For the vehicle internet connection service and OTA upgrades,
the Group recognizes the revenue using a straight-line method over the service period. As for the initial owner
extended warranty, the Group recognizes the revenue over time based on a straight-line method over the extended
warranty period initially, and will continue monitoring the cost pattern periodically and adjust the revenue
recognition pattern to reflect the actual cost pattern as it becomes available.
The Group records a contract liability as deferred revenue regarding the unperformed obligations when cash is
received.

65

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LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(p)

Revenue recognition (Continued)
After-sales services
The Group also provides the after-sales repair and maintenance services and the revenues are recognized at a
point in time when the relevant service is delivered.

Sales of charging stalls, goods from online store, parts and accessories
The Group sells charging stalls, goods from online store, parts and accessories along with vehicle sales or
separately. The revenue are recognized at a point in time when the charging stalls are installed and goods, parts
and accessories are delivered to the customer.
Sales of Li Plus Membership
The Group also sells the Li Plus Membership to enrich the ownership experience of customers. Total Li Plus
Membership fee is allocated to each performance obligation, mainly including after-sales repair and maintenance
services and vehicle internet connection services, based on the relative estimated standalone selling price. And
the revenue for each performance obligation is recognized either over the service period or at a point in time
when the relevant goods or service is delivered or when the membership is expired, whichever is earlier.
Commission service
The Group also facilitates customer use of auto-financing products and services offered by banks and insurance
companies. The commission service fee is recognized at a point in time when the relevant facilitation service
is rendered.
Customer loyalty points
The Group offers customer loyalty points, which can be used in the Group’s online store to redeem the Group’s
merchandise or services. The Group determines the value of each customer loyalty point based on cost of the
Group’s merchandise or service that can be obtained through redemption of customer loyalty points.
The Group concludes the customer loyalty points offered to customers in connection with the purchase of vehicles
is a material right and is considered as a separate performance obligation. The amount allocated to the customer
loyalty points as separate performance obligation is recorded as deferred revenue and revenue is recognized
when the customer loyalty points are used or expired.
To encourage user engagement and generate market awareness, customers or users of the Group’s mobile
application can also obtain customer loyalty points through referring new customers to purchase the vehicles.
The Group accounts for such points as selling and marketing expenses with a corresponding liability recorded
under accruals and other current liabilities upon the points offering.

Practical expedients and exemptions
The Group follows the guidance on immaterial promises when identifying performance obligations in the vehicle
sales contracts and concludes certain services, including lifetime roadside assistance, are not material performance
obligations considering these services are not critical items.
Considering the result of the qualitative assessment and the quantitative estimate, the Group concluded not to
assess whether promises are performance obligation if they are immaterial in the context of the contract and
the relative stand-alone fair value individually and in aggregate is immaterial to reported consolidated results.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(q)

Cost of sales
Vehicle sales
Cost of vehicle sales consists of direct production and material costs, labor costs, manufacturing overhead
(including depreciation of assets associated with the production), shipping and logistic costs, reserves for
estimated warranty costs and consumption tax and related surcharge. The cost of sales also includes adjustments
to warranty costs and charges to write down the carrying value of the inventory when it exceeds its estimated
net realizable value or the inventory is either obsolete or in excess of forecasted demand, losses on inventory
purchase commitments as well as impairment charges of manufacturing property, plant and equipment.

Other sales and services
Cost of other sales and services generally includes costs associated with providing non-warranty after-sales
services, cost of goods from online stores, parts and accessories, costs of charging stalls, vehicle internet
connection costs, and shipping and logistic costs.
(r)

Research and development expenses
Research and development (“R&D”) expenses are primarily comprised of salaries, bonuses, benefits and
share-based compensation expenses for those employees engaged in research, design and development activities,
consultation fees, validation and testing fees, and other expenses that are directly attributable to the development
of new technologies and products, depreciation and amortization of equipment and software of R&D activities
and other expenses. R&D costs are expensed as incurred, except for certain costs associated with developing
internal-use software when such costs are incurred within the application development stage of software
development.

(s)

Selling and marketing expenses
Selling and marketing expenses consist primarily of salaries, bonuses, benefits and share-based compensation
expenses for sales and marketing personnel, marketing and promotional expenses, rental and other expenses
associated with sales and servicing network. Advertising, marketing and promotional expenses are expensed
as incurred and totaled RMB726,159 and RMB616,458 for the six months ended June 30, 2025 and 2026,
respectively.

(t)

General and administrative expenses
General and administrative expenses consist primarily of salaries, bonuses, benefits and share-based compensation
expenses for employees involved in general corporate functions, professional service fees, depreciation and
amortization expenses, rental and other general corporate related expenses.

(u)

Government grants
The Group receives government subsidies from certain local governments. The Group’s government subsidies
consist of specific subsidies and other subsidies. Specific subsidies are subsidies that the local government has
provided for a specific purpose, such as research and development purpose, construction of production plants
and facilities related to manufacturing base. Other subsidies are the subsidies that the local government has not
specified its purpose for and are not tied to future trends or performance of the Group, receipt of such subsidy
income is not contingent upon any further actions or performance of the Group and the amounts do not have to
be refunded under any circumstances.

67

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LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(u)

Government grants (Continued)
The government subsidies are recorded when received with no further conditions to be met or certain operating
conditions are met for which the grants are intended to compensate. Government subsidies are recognized as
a deduction of the carrying amount of the asset or as a reduction of specific costs and expenses for which the
grants are intended to compensate when conditions are met. As of December 31, 2025 and June 30, 2026,
deferred government grants balance of RMB476,047 and RMB57,921 are recorded in “Accruals and other current
liabilities” and “Other non-current liabilities” in the Group’s unaudited condensed consolidated balance sheet.
For the six months ended June 30, 2025 and 2026, the Group recognized government grants of approximately
RMB730,361 and RMB454,454, respectively.

(v)

Fair value
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. When determining the fair value
measurement for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the
Group considers the principal or most advantageous market in which it would transact, and it also considers
assumptions that market participants would use when pricing the asset or liability.
Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable
inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s
categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Observable, market-based inputs, other than quoted prices, in active markets for identical assets or
liabilities.
Level 3 – Unobservable inputs to the valuation methodology that are significant to the measurement of the fair
value of the assets or liabilities.
When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If
quoted market prices are not available, the Group will measure fair value using valuation techniques that use,
when possible, current market-based or independently sourced market parameters, such as interest rates and
currency rates.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(w)

Share-based compensation
The Company grants share options and RSUs to eligible employees, directors and consultants and accounts for
share-based compensation in accordance with ASC 718 “Compensation-Stock Compensation”.
Employees’ share-based awards granted with service conditions, performance condition and market conditions,
are measured at the grant date fair value. Employees’ share-based awards granted with only service conditions
are recognized as expenses over the vesting period, using the graded vesting method, net of estimated forfeitures.
For performance-based awards, share-based compensation expense is recognized over the expected performance
achievement period as the achievement of each performance condition becomes probable. For share-based awards
with market conditions, share-based compensation expense is recognized over the expected achievement period
for each market condition milestone. Share-based compensation expense will continue to be recognized over
the expected achievement period regardless of whether the market condition milestone is achieved, as long as
the service condition continues to be satisfied.
A change in the terms or conditions of a share-based award, or cancellation of a share-based award accompanied
by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the
original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity
instrument are the same as immediately before and after the change. The compensation costs associated with the
modified awards are recognized if either the original vesting condition or the new vesting condition is achieved.
The Group recognizes incremental compensation cost for an amount equal to the excess of the fair value of the
modified award over the fair value of the original award immediately before the modification.
The binomial option-pricing model is used to measure the fair value of share options with service condition.
The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions
regarding a number of complex and subjective variables, including the expected share price volatility, risk-free
interest rates and expected dividends. Monte Carlo simulation model is used to measure the fair value and the
expected achievement period of the share options with market conditions. A Monte Carlo simulation model
requires inputs such as the risk-free interest rate, expected award term, expected dividend yield and expected
share price volatility.

69

70

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(x)

Taxation
Current income taxes are recorded in accordance with the regulations of the relevant tax jurisdiction. The Group
accounts for income taxes under the asset and liability method in accordance with ASC 740 “Income Tax”. Under
this method, deferred tax assets and liabilities are recognized for the tax consequences attributable to differences
between carrying amounts of existing assets and liabilities in the financial statements and their respective tax
basis, and operating loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in the unaudited
condensed consolidated statements of comprehensive income/(loss) as “Income tax (expense)/benefit” in the
period of change. The determination of the realizability of deferred tax assets requires judgment in assessing
the likelihood of future tax consequences. A number of factors are evaluated in considering whether there is
evidence that it is more likely than not that the deferred tax assets will be realized, including whether there
will be sufficient taxable profits available during the utilization periods, and tax planning strategies. Valuation
allowances are established when necessary to reduce the amount of deferred tax assets if it is considered more
likely than not that amount of the deferred tax assets will not be realized.
The Group records liabilities related to uncertain tax positions when, despite the Group’s belief that the Group’s
tax return positions are supportable, the Group believes that it is more likely than not that those positions may
not be fully sustained upon review by tax authorities. Accrued interest and penalties related to unrecognized tax
benefits are classified as income tax expense.

(y)

Leases
The Group accounts for leases in accordance with ASC 842 “Leases” (“ASC 842”), which requires lessees to
recognize leases on the balance sheet and disclose key information about leasing arrangements.
The Group determines if a contract contains a lease based on whether it has the right to obtain substantially all
of the economic benefits from the use of an identified asset which the Group does not own and whether it has the
right to direct the use of an identified asset in exchange for consideration. The Group has lease agreements with
lease and non-lease components, and has elected to utilize the practical expedient to account for the non-lease
components together with the associated lease component as a single combined lease component. Right-of-use
assets represent the Group’s right to use an underlying asset for the lease term and lease liabilities represent
the Group’s obligation to make lease payments arising from the lease. Right-of-use assets are recognized as the
amount of the lease liability, adjusted for lease incentives received. Lease liabilities are recognized at the present
value of the future lease payments at the lease commencement date. The interest rate used to determine the present
value of the future lease payments is the Group’s incremental borrowing rate (“IBR”), because the interest rate
implicit in most of the Group’s leases is not readily determinable. The IBR is a hypothetical rate based on the
Group’s understanding of what its credit rating would be to borrow and resulting interest the Group would pay
to borrow an amount equal to the lease payments in a similar economic environment over the lease term on a
collateralized basis. Lease payments may be fixed or variable, however, only fixed payments or in-substance
fixed payments are included in the Group’s lease liability calculation. Variable lease payments are recognized
in operating expenses in the period in which the obligation for those payments are incurred.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(y)

Leases (Continued)
The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that
the Group will exercise that option. The Group has elected not to apply the recognition requirements of ASC 842
to short-term leases, as these leases have a lease term of 12 months or less at commencement date of the lease
and do not include options to purchase or renew that the Group is reasonably certain to exercise.
Operating leases are included in operating lease right-of-use assets, current and non-current operating lease
liabilities on the Group’s unaudited condensed consolidated balance sheet. Finance lease assets are included in
property, plant and equipment, net and the corresponding finance lease liabilities are included in current and
non-current finance lease liabilities on the Group’s unaudited condensed consolidated balance sheet.
In a sale and leaseback transaction, one party (the seller-lessee) sells an asset it owns to another party (the
buyer-lessor) and simultaneously leases back all or a portion of the same asset for all, or part of, the asset’s
remaining economic life. The seller-lessee transfers legal ownership of the asset to the buyer-lessor in exchange
for consideration, and then makes periodic rental payments to the buyer-lessor to retain the use of the asset. The
Group applies requirements in ASC 606 “Revenue from contracts with customers” when determining whether
the transfer of an asset shall be accounted for as a sale of the asset.
An option for the seller-lessee to repurchase the asset would preclude accounting for the transfer of the asset as
a sale of the asset unless both of the following criteria are met:

(z)

a.

The exercise price of the option is the fair value of the asset at the time the option is exercised.

b.

There are alternative assets, substantially the same as the transferred asset, readily available in the
marketplace.

Earnings/(Loss) per share
Basic net earnings/(loss) per share is computed using the weighted average number of ordinary shares outstanding
during the period using the two-class method. Under the two-class method, net earnings/(loss) is not allocated to
other participating securities if based on their contractual terms they are not obligated to share in the earnings/
(loss).
Diluted net earnings/(loss) per share is computed using the weighted average number of ordinary shares and
potential ordinary shares outstanding during the period. Potential ordinary shares include ordinary shares issuable
upon the exercise of outstanding share options and vesting of restricted share units by using the treasury stock
method and ordinary shares issuable upon the conversion of convertible debt using the if-converted method.
Potential ordinary shares are not included in the denominator of the diluted net earnings per share calculation
when inclusion of such shares would be anti-dilutive.

71

72

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(aa)

Segment reporting
ASC 280 “Segment Reporting ”, establishes standards for companies to report in their financial statements
information about operating segments, products, services, geographic areas, and major customers.
The Group as a one reportable segment derives revenue from sales of vehicles and embedded products and
services, as well as other sales and services which are sold or provided separately, which include providing
non-warranty after-sales services, sales of charging stalls, goods from online store, parts and accessories, sales of
Li Plus Membership and commission service. Based on the criteria established by ASC 280 “Segment Reporting”,
chief operating decision maker (“CODM”) has been identified as management committee, comprised of chief
executive officer, chief financial officer, and certain other members of management team. CODM regularly
reviews entity-wide operating results and reviews consolidated revenues and net income/(loss) when making
decisions about allocating resources and assessing performance of the segment, and hence, the Group has only
one reportable segment. The accounting policies of the segment are the same as those described in the summary
of significant accounting policies.
The primary measure of segment revenue and profitability for the Group’s operating segment is considered
to be consolidated revenue and net income/(loss). Significant segment expenses reviewed by the CODM on
a regular basis included within net income/(loss) include cost of sales, research and development expenses,
selling, general and administrative expenses which are separately presented on the Group’s unaudited condensed
consolidated statements of comprehensive income/(loss). Other segment items within net income/(loss) include
interest expenses, interest income and investment income, net, others, net and income tax (expense)/benefit.
The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group’s
long-lived assets are substantially located in the PRC, and the Group’s revenues are substantially derived from the
PRC, no geographical segment information is presented. The CODM does not review any information regarding
total assets on a reportable segment basis.
For the operating results of segment provided to and reviewed by CODM, please refer to the unaudited condensed
consolidated statements of comprehensive income/(loss).

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

3.

RECENT ACCOUNTING PRONOUNCEMENTS
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326), Measurement of
Credit Losses for Accounts Receivable and Contract Assets. The ASU provides (1) all entities with a practical expedient
and (2) entities other than public business entities with an accounting policy election when estimating expected credit
losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606,
as follows. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities
may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the
remaining life of the asset. The amendments will be effective for annual reporting periods beginning after December
15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group
adopted this ASU on a prospective basis effective January 1, 2026 and the adoption did not have a significant impact
on its consolidated financial statements.
Recently issued accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic
220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory,
employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also
requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is
effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after
December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements
issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented
in the consolidated financial statements. Early adoption is also permitted. The Group is in the process of evaluating the
impact of the new guidance. This ASU will likely result in the required additional disclosures being included in the
Group’s consolidated financial statements, once adopted.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software
(Subtopic 350-40). The ASU removes all references to prescriptive and sequential software development stages (referred
to as “project stages”) throughout Subtopic 350-40. Therefore, an entity is required to start capitalizing software costs
when both of the following occur: 1) Management has authorized and committed to funding the software project; 2) It
is probable that the project will be completed and the software will be used to perform the function intended (referred
to as the “probable-to-complete recognition threshold”). In evaluating the probable-to-complete recognition threshold,
an entity is required to consider whether there is significant uncertainty associated with the development activities of
the software. The amendments in this Update are effective for all entities for annual reporting periods beginning after
December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as
of the beginning of an annual reporting period. The Group is in the process of evaluating the impact of the new guidance
and does not expect it to have a significant impact on its consolidated financial statements.

73

74

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

3.

RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)
Recently issued accounting pronouncements not yet adopted (Continued)
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). The amendments in this Update
establish the accounting for a government grant received by a business entity, including guidance for (1) a grant
related to an asset and (2) a grant related to income. The ASU requires that a business entity present a grant related to
income and a grant related to an asset for which the deferred income approach is elected as part of earnings either (1)
separately under a general heading such as other income or (2) deducted from the related expense. In addition, consistent
with current disclosure requirements, it requires that a business entity provide disclosures, including the nature of the
government grant received, the accounting policies used to account for the grant, and significant terms and conditions
of the grant. The amendments in this Update are effective for annual reporting periods beginning after December 15,
2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is
in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its
consolidated financial statements.

4.

CONCENTRATION AND RISKS
(a)

Concentration of credit risk
Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash
and cash equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and
long-term financial instruments. The maximum exposure of such assets to credit risk is their carrying amounts
as of the balance sheet dates. As of December 31, 2025 and June 30, 2026, most of the Group’s cash and cash
equivalents, restricted cash, time deposits and short-term investments, long-term time deposits and long-term
financial instruments were held by major financial institutions located in the Chinese mainland and Hong
Kong which management believes are of high credit quality. On May 1, 2015, China’s new Deposit Insurance
Regulation came into effect, pursuant to which banking financial institutions, such as commercial banks,
established in the PRC are required to purchase deposit insurance for deposits in RMB and in foreign currency
placed with them. This Deposit Insurance Regulation would not be effective in providing complete protection for
the Group’s accounts, as its aggregate deposits are much higher than the compensation limit. However, the Group
believes that the risk of failure of any of these financial institutions is remote. The Group expects that there is
no significant credit risk associated with cash and cash equivalents, restricted cash, time deposits and short-term
investments, long-term time deposits and long-term financial instruments which are held by reputable financial
institutions in the jurisdictions where the Company, its subsidiaries and the VIEs and the VIEs’ subsidiaries are
located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit
quality. The Group has no significant concentrations of credit risk with respect to the assets mentioned above.
The Group relies on a limited number of third parties to provide payment processing services (“payment service
providers”) to collect amounts due from customers. Payment service providers are financial institutions, credit
card companies and mobile payment platforms such as Alipay and WeChat Pay, which the Group believes are
of high credit quality.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

4.

CONCENTRATION AND RISKS (CONTINUED)
(b)

Currency convertibility risk
The PRC government imposes controls on the convertibility of RMB into foreign currencies and, in certain cases,
the remittance of currency out of PRC. The Group’s cash and cash equivalents, restricted cash, time deposits
and short-term investments, long-term time deposits and long-term financial instruments that are subject to
such government controls amounted to RMB79,554,122 and RMB74,005,644 as of December 31, 2025 and
June 30, 2026, respectively. The value of RMB is subject to changes in the central government policies and to
international economic and political developments affecting supply and demand in the PRC foreign exchange
trading system market. In the PRC, certain foreign exchange transactions are required by law to be transacted
only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”).
Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other
Chinese foreign exchange regulatory bodies which require certain supporting documentation in order to process
the remittance.

5.

(c)

Foreign currency exchange rate risk
The Group’s reporting currency is the Renminbi (“RMB”). The functional currencies of the Company and
its subsidiaries which are incorporated in Hong Kong and Singapore are United States dollars (“US$”). The
Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. The value of Renminbi
against the U.S. dollar and other currencies is affected by changes in China’s political and economic conditions
and by China’s foreign exchange policies, among other things. The appreciation of the RMB against the US$
was approximately 0.4% and 3.1% for the six months ended June 30, 2025 and 2026. It is difficult to predict
how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the
US$ in the future.

(d)

Concentration of customers and suppliers
There are no customers nor suppliers from whom revenues or purchases individually represent greater than 10%
of the total revenues or the total purchases of the Group for the six months ended June 30, 2025. And there are
no customers and one supplier from whom revenues or purchases individually represent greater than 10% of the
total revenues or the total purchases of the Group for the six months ended June 30, 2026.

TIME DEPOSITS AND SHORT-TERM INVESTMENTS
The Group’s time deposits and short-term investments consist of the following:
As of
December 31,
2025

June 30,
2026

Short-term time deposits
Short-term financial instruments

38,167,346
6,164,061

40,664,846
4,809,428

Total

44,331,407

45,474,274

75

76

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

6.

TRADE RECEIVABLE, NET
An aging analysis of the trade receivable based on the recognition date and net of allowance for credit loss, is as follows:
As of

7.

December 31,
2025

June 30,
2026

Within 3 months
Between 3 months and 6 months
Between 6 months and 1 year
More than 1 year

107,501
9,533
2,183
606

147,024
54,100
4,573
895

Total

119,823

206,592

INVENTORIES
Inventories consist of the following:
As of
December 31,
2025

June 30,
2026

Finished products
Vehicles
Other finished products
Raw materials and work in process

4,841,667
826,338
3,250,309

4,448,522
737,383
3,311,751

Inventories
Inventory valuation allowance

8,918,314
(165,875)

8,497,656
(163,955)

Inventories, net

8,752,439

8,333,701

Finished products primarily include vehicles ready for sale, spare parts, goods for online store and accessories.
Raw materials primarily consist of materials for volume production and work in process, mainly including materials in
production, which will be transferred into production cost when incurred.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

8.

PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net consist of the following:
As of
December 31,
2025

June 30,
2026

Production machineries, facilities and equipment
Mold and tooling
Building and building improvements
Construction in process
Leasehold improvements
Motor vehicles

12,525,627
7,285,856
6,432,742
921,617
3,387,938
2,482,091

13,333,585
9,285,590
6,707,219
346,499
3,292,877
2,360,630

Total
Less: Accumulated depreciation
Less: Accumulated impairment loss

33,035,871
(10,233,542)
(27,391)

35,326,400
(12,405,696)
(27,391)

Total property, plant and equipment, net

22,774,938

22,893,313

The Group recorded depreciation expenses of RMB1,681,634 and RMB2,607,861 for the six months ended June 30,
2025 and 2026, respectively.

77

78

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

9.

INTANGIBLE ASSETS, NET
Intangible assets, net consist of the following:
As of
December 31,
2025

June 30,
2026

Automotive manufacturing permission
Insurance agent license

647,174
35,000

647,174
35,000

Indefinite-lived intangible assets, net

682,174

682,174

Software
Patents

441,290
248,825

473,089
282,996

Finite-lived intangible assets
Less: Accumulated amortization
Software
Patents

690,115

756,085

(150,476)
(29,839)

(180,345)
(92,353)

Accumulated amortization

(180,315)

(272,698)

Finite-lived intangible assets, net

509,800

483,387

1,191,974

1,165,561

Total intangible assets, net

The Group recorded amortization expenses of RMB21,790 and RMB92,450 for the six months ended June 30, 2025
and 2026, respectively.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

9.

INTANGIBLE ASSETS, NET (CONTINUED)
As of June 30, 2026, amortization expenses related to intangible assets for future periods are estimated to be as follows:
For the
Twelve Months
Ending
June 30,

10.

2027
2028
2029
2030
2031 and thereafter

191,346
95,081
38,602
38,576
119,782

Total

483,387

LEASES
Operating leases of the Group mainly include land use rights and leases of offices, retail stores, charging stations and
delivery and servicing centers and the finance lease was lease of certain offices and manufacturing base production
plants.
The components of lease expenses were as follows:
For the Six Months Ended June 30,

Lease cost
Finance lease cost:
Amortization of assets
Interest of lease liabilities
Operating lease cost
Short-term lease cost
Total

2025

2026

19,176
18,936
893,130
91,880

7,541
816
901,352
67,946

1,023,122

977,655

79

80

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

10.

LEASES (CONTINUED)
Supplemental information related to leases was as follows (in thousands, except lease terms and discount rate):
For the Six Months Ended June 30,
2025

2026

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows payments for operating leases
Operating cash flows payments for finance leases

930,111
53,660

834,603
–

Right-of-use assets obtained in exchange for lease liabilities, net of
decrease in right-of-use assets for early terminations:
Right-of-use assets obtained in exchange for new operating lease liabilities,
net of decrease in right-of-use assets for early terminations

1,501,941

(32,652)

As of
December 31,
2025

June 30,
2026

Operating Leases
Land use rights, net
Operating lease right-of-use assets, net (excluding land use rights)

1,509,017
7,590,296

1,086,465
6,803,881

Total operating lease right-of-use assets, net

9,099,313

7,890,346

Operating lease liabilities, current
Operating lease liabilities, non-current

1,690,356
6,258,957

1,572,211
5,620,164

Total operating lease liabilities

7,949,313

7,192,375

As of
December 31,
2025

June 30,
2026

Finance Leases
Property, plant and equipment, net

282,080

274,538

Total finance lease assets, net

282,080

274,538

Finance lease liabilities, non-current

348,506

349,322

Total finance lease liabilities

348,506

349,322

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

10.

LEASES (CONTINUED)
As of

Weighted-average remaining lease term
Land use rights
Operating leases
Finance leases
Weighted-average discount rate
Land use rights
Operating leases
Finance leases

December 31,
2025

June 30,
2026

44 years
7 years
3 years

43 years
6 years
2 years

3.3%
3.9%
3.3%

3.3%
3.6%
3.3%

Maturities of lease liabilities were as follows:
For the Twelve Months
Ending June 30,
Operating Leases

Finance Leases

2027
2028
2029
2030
2031
Thereafter

1,947,195
1,407,232
1,188,273
944,179
780,594
1,731,361

–
408,642
–
–
–
–

Total undiscounted lease payments
Less: imputed interest

7,998,834
(806,459)

408,642
(59,320)

Total lease liabilities

7,192,375

349,322

81

82

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

11.

LONG-TERM INVESTMENTS
The Group’s long-term investments consist of the following:
As of

Equity investments:
Equity securities without readily determinable fair values using the
measurement alternative
Equity securities without readily determinable fair values using the
NAV practical expedient
Equity securities with readily determinable fair values
Debt investments:
Long-term time deposits
Total

December 31,
2025

June 30,
2026

742,314

953,858

91,464
14,894

135,291
3,950

–

1,883,895

848,672

2,976,994

Equity securities without readily determinable fair values
Equity securities without readily determinable fair values represent investments in privately-held companies and private
equity funds with no readily determinable fair value.
No impairment loss of equity securities without readily determinable fair values were recorded in “Interest income
and investment income, net” in the unaudited condensed consolidated statements of comprehensive income/(loss) for
the six months ended June 30, 2025 and 2026. Upward adjustments of nil and RMB102,575 were recorded for the six
months ended June 30, 2025 and 2026, and upward adjustments of RMB102,575 were recorded on a cumulative basis
as of June 30, 2026.
Equity securities with readily determinable fair values
Equity securities with readily determinable fair values are marketable equity securities which are publicly traded stocks
measured at fair value.
For equity securities with readily determinable fair values, net unrealized gains of RMB10,822 and net unrealized losses
of RMB10,627 were recorded for the six months ended June 30, 2025 and 2026, respectively, in “Interest income and
investment income, net” in the unaudited condensed consolidated statements of comprehensive income/(loss).

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

12.

BORROWINGS
Borrowings consist of the following:
As of
December 31,
2025

June 30,
2026

Short-term borrowings:
Convertible debt(1)
Secured borrowing(2)

5,982,366
235,379

–
286,205

Total short-term borrowings(4)

6,217,745

286,205

As of
December 31,
2025

June 30,
2026

Long-term borrowings:
Secured borrowing(2)
Unsecured borrowing(3)
Convertible debt(1)

3,299,203
–
–

3,883,895
1,995,493
984,611

Total long-term borrowings

3,299,203

6,863,999

Total borrowings

9,516,948

7,150,204

83

84

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

12.

BORROWINGS (CONTINUED)
(1)

In April 2021, the Company issued and sold convertible debt in an aggregate principal of US$862,500 through a
private placement. The convertible debt will mature in 2028, bearing the interest at a rate of 0.25% per annum.
The related interest is payable semi-annually in arrears on May 1 and November 1 of each year, beginning
on November 1, 2021. The net proceeds from this offering were approximately US$844,876, equivalent to
RMB5,533,238.
The convertible debt may be converted, at an initial conversion rate of 35.2818 American depositary shares (the
“ADSs”) per US$1,000 principal amount (which represents an initial conversion price of approximately US$28.34
per ADS) at each holder’s option at any time on or after November 1, 2027, until the close of business on the
second scheduled trading day immediately preceding the maturity date of May 1, 2028. Upon conversion, the
Company will pay or deliver to such converting holders, as the case may be, either cash, ADSs, or a combination
of cash and ADSs, at its election.
The initial conversion price of US$28.34 per ADS, or US$14.17 per Class A ordinary share (the latter represents
the effective cost per Class A Ordinary Share), represents a discount of approximately 26.56% to the maximum
Public Offer Price of HK$150.00 per Class A Ordinary Share. The initial conversion rate may be adjusted in
certain circumstances, including but not limited to when the Company effects a share split or share combination.
As of June 30, 2026, no adjustment had been made to the initial conversion rate.
Holders of the convertible debt have the rights to require the Company to repurchase all or a portion for
their convertible debt on May 1, 2024 and May 1, 2026 or in the event of certain fundamental changes, at a
repurchase price equal to 100% of the principal amount of the convertible debt to be repurchased, plus accrued
and unpaid interest. On April 30, 2026, US$716,800 aggregate principal amount of the convertible debt was
validly surrendered for repurchase pursuant to holders’ put right and US$145,700 aggregate principal amount of
the convertible debt remain outstanding and continue to be subject to the existing terms of the convertible debt
as of June 30, 2026. Loss on debt extinguishment of RMB28,781 was included in interest expense for the six
months ended June 30, 2026 in the unaudited condensed consolidated comprehensive income/(loss).
The Company accounted for the convertible debt as a single instrument measured at its amortized cost as
borrowings on the unaudited condensed consolidated balance sheet. The convertible debt was classified as
short-term or long-term borrowing based on the length of time between the reporting date and date of early
redemption right or conversion right by the holders. The issuance costs were recorded as an adjustment to the
borrowings and are amortized as interest expense using the effective interest method with an effective interest
rate of 0.55% per annum over the contractual life to the maturity date (i.e., May 1, 2028). For the six months
ended June 30, 2025 and 2026, the convertible debt related interest expense excluding loss on debt extinguishment
was RMB16,918 and RMB11,647, respectively. As of December 31, 2025 and June 30, 2026, the principal
amount of the convertible debt was RMB6,023,614 and RMB989,945, and the unamortized debt issuance cost
was RMB41,248 and RMB5,334, respectively.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

12.

BORROWINGS (CONTINUED)
(2)

As of December 31, 2025, the Group obtained secured borrowing from certain banks with a total principal of
RMB3,534,582. The annual interest rate of these borrowings ranged from 5-year LPR minus 0.81% to 5-year
LPR minus 0.65%. The borrowings are repayable in installment according to the agreement, with the last maturity
date ranging from June 21, 2034 to February 13, 2037. The borrowings are denominated in RMB.
As of June 30, 2026, the Group obtained secured borrowing from certain banks with a total principal of
RMB4,170,100. The annual interest rate of these borrowings ranged from 5-year LPR minus 0.81% to 5-year
LPR minus 0.65%. The borrowings are repayable in installment according to the agreement, with the last maturity
date ranging from June 21, 2034 to February 13, 2037. The borrowings are denominated in RMB. As of June
30, 2026, a total of RMB5,365,448 was undrawn and available under the secured borrowing.
The borrowings are pledged by certain production plants and land use rights of the Group as of December 31,
2025 and June 30, 2026. The borrowings contain covenants which includes limitations on certain asset sales,
requirements to maintain current assets and maintain financial assets on the specific account and requirement on
certain financial ratios. The Group is in compliance with all of the loan covenants as of June 30, 2026.

(3)

In June 2026, the Group issued its first tranche of 2026 technology innovation bonds (the “Bonds”) on the
National Interbank Bond Market of China, with a total principal of RMB2,000,000. The Bonds have a term
maturity of three years and bears coupon rate of 1.75% per annum. The issuance costs were recorded as an
adjustment to the issuance proceeds and are amortized as interest expense using the effective interest method
with an effective interest rate of 1.81% per annum over the contractual life to the maturity date.

(4)

As of December 31, 2025 and June 30, 2026, the weighted average interest rate on short-term borrowings
excluding convertible debt was 2.72% and 2.71%.
The following table summarizes the aggregate repayment schedule of the Group’s borrowings, excluding
convertible debt:
For the Twelve
Months Ending
June 30,
2027
2028
2029
2030
2031
Thereafter

286,205
393,762
2,543,461
547,969
547,475
1,846,721

85

86

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

13.

TRADE AND NOTES PAYABLE
Trade and notes payable consist of the following:
As of
December 31,
2025

June 30,
2026

Trade payable for raw materials
Notes payable(1)

23,713,783
16,865,436

23,449,990
15,306,090

Total

40,579,219

38,756,080

(1)

Certain banks offer supply chain financing channels to the Group’s suppliers. In connection with this program,
the Group issues notes to participating suppliers which can elect to assign such notes, at a discount, to the banks
for payment at or before the maturity of each note. The maturity of each note is consistent with the original
supplier payment terms. The Group incurs insignificant bank service fees in connection with this arrangement.
All terms related to the Group’s payment obligations to participating suppliers (which may be assigned to the
banks) remain unchanged as part of this program. The outstanding amount of the Group’s supply chain financing
channels program as of December 31, 2025 and June 30, 2026 were RMB484,607 and nil, respectively.

An aging analysis of the trade and notes payable as at December 31, 2025 and June 30, 2026 is as follow. The aging
analysis is based on the time of recognizing the purchase of materials and goods or accepting services.
As of
December 31,
2025

June 30,
2026

Within 3 months
Between 3 months and 6 months
Between 6 months and 1 year
More than 1 year

26,797,558
7,268,802
6,496,892
15,967

27,321,232
7,003,177
4,413,318
18,353

Total

40,579,219

38,756,080

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

14.

ACCRUALS AND OTHER CURRENT LIABILITIES
Accruals and other current liabilities consist of the following:
As of

15.

December 31,
2025

June 30,
2026

Payables for purchase of property, plant and equipment
Payables for research and development expenses
Accrued warranty, current
Salaries and benefits payable
Tax payable
Payables for marketing and promotional expenses
Payables for logistics expenses
Accrued costs of purchase commitments relating to inventory
Deposits from vendors
Advances from customers
Other payables

3,756,574
1,711,162
1,602,897
1,227,541
1,645,982
847,408
598,777
258,166
151,552
3,935
1,608,266

3,885,364
1,647,772
1,127,648
1,072,345
682,642
765,509
582,028
402,726
264,404
8,725
1,762,474

Total

13,412,260

12,201,637

OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consist of the following:
As of
December 31,
2025

June 30,
2026

Accrued warranty, non-current
Payables for purchase of property, plant and equipment, non-current
Deferred government grants, non-current
Other payables

5,543,001
270,650
437,952
133,767

5,836,768
236,430
23,582
95,454

Total

6,385,370

6,192,234

87

88

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

16.

REVENUE DISAGGREGATION
Revenue by timing of recognition is analyzed as follows:
For the Six Months Ended June 30,
2025

2026

Revenue recognized at a point in time
Including: Vehicle sales
Other sales and services
Revenue recognized over time

55,968,566
53,563,718
2,404,848
203,861

48,432,518
45,599,670
2,832,848
217,283

Total

56,172,427

48,649,801

Revenues arising from vehicle sales are recognized at a point in time when the control of the products are transferred
to the customers. Revenues from other sales and services which are recognized at a point in time primarily include (i)
non-warranty after-sales services, (ii) sales of charging stalls, goods from online store, parts and accessories, (iii) certain
services under the Li Plus Membership, and (iv) commission service fee. In such instances, revenues are recognized at
a point in time when the control of the products and services are transferred to the customers.
Certain revenue arising from other sales and services is recognized over time, primarily including vehicle internet
connection services, OTA upgrades and certain services under the Li Plus Membership.

17.

DEFERRED REVENUE
The following table includes a rollforward of the deferred revenue balance for each period presented:
For the Six Months Ended June 30,
2025

2026

2,117,020
54,941,457
(54,989,898)

2,246,163
47,215,026
(47,586,292)

Deferred revenue – at end of the period

2,068,579

1,874,897

Including: Deferred revenue, current
Deferred revenue, non-current

1,405,462
663,117

1,208,610
666,287

Deferred revenue – at beginning of the period
Additions
Recognition

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

17.

DEFERRED REVENUE (CONTINUED)
Deferred revenue represents contract liabilities allocated to the performance obligations that are unsatisfied, or partially
satisfied which primarily resulted from undelivered vehicles, customer loyalty points offered in connection with the
purchase of our vehicles, uninstalled charging stalls and other performance obligations identified in the vehicle sales
contracts. As of December 31, 2025, the Group’s total deferred revenue was RMB2,246,163, of which RMB1,256,853
was recognized as revenues for the six months ended June 30, 2026. Of the total deferred revenue balance as of June
30, 2026, RMB1,208,610 is expected to be recognized in the next 12 months. The remaining balance of RMB666,287
will be recognized at the time of transfer of control of the product and services or over the period of the contract by
reference to the progress towards complete satisfaction of that performance obligation.

18.

ORDINARY SHARES
In April 2017, the Company was incorporated as a limited liability company in the Cayman Islands. In July 2019, the
Company became the holding company of the Group pursuant to the reorganization in 2019. In connection with the
reorganization and issuance of Series C convertible redeemable preferred shares, 3,830,157,186 authorized shares of
the Company were designated as Class A Ordinary Shares, and 240,000,000 authorized shares were designated as Class
B ordinary shares. Each Class A Ordinary Share is entitled to one vote, and is not convertible into Class B Ordinary
Shares under any circumstances. Each Class B Ordinary Share is entitled to ten votes, subject to certain conditions, and
is convertible into one Class A Ordinary Share at any time by the holder thereof.
In August 2020, the Company completed its US IPO and 190,000,000 Class A Ordinary Shares were issued with proceeds
of US$1,042,137, net of underwriter commissions and relevant offering expenses. Concurrently with completion of
the IPO, 66,086,955 Class A Ordinary Shares were issued for a consideration of US$380,000. On August 7, 2020, the
Company issued an additional 28,500,000 Class A Ordinary Shares upon the exercise of underwriters’ over-allotment
option for a consideration of US$157,320.
All of the preferred shares (other than those beneficially owned by Mr. Li Xiang, the founder and the CEO of the
Company) were automatically converted to 1,045,789,275 Class A Ordinary Shares immediately upon the completion
of the IPO. Concurrently, all preferred shares beneficially owned by Mr. Li Xiang were automatically converted to
115,812,080 Class B Ordinary Shares.
In December 2020, the Company completed a follow-on offering of 108,100,000 Class A Ordinary Shares, which
included 14,100,000 Class A Ordinary Shares issued in connection with the underwriters’ full exercise of their
over-allotment option.
In May 2021, the Company issued 108,557,400 Class B Ordinary Shares as treasury shares to Mr. Li Xiang, the
Company’s founder and chief executive officer, pursuant to the Company’s 2021 Share Incentive Plan.
In August 2021, the Company completed its HK IPO and 100,000,000 Class A Ordinary Shares were issued with
proceeds of HK$11,633,130, net of underwriter commissions and relevant offering expenses. In September 2021, the
Company issued an additional 13,869,700 Class A Ordinary Shares upon the exercise of underwriters’ over-allotment
option for a consideration of HK$1,634,462.

89

90

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

18.

ORDINARY SHARES (CONTINUED)
On June 28, 2022, the Company filed a prospectus supplement in the United States to sell up to an aggregate of
US$2,000,000 of ADSs, each representing two Class A ordinary shares, through the ATM Offering on the Nasdaq Global
Select Market. On September 27, 2023, the Company terminated the equity distribution agreement dated June 28, 2022
between the Company and certain sales agents in connection with the ATM Offering, effective immediately after the
close of business on the same day, U.S. Eastern Time. The Company terminated the ATM Offering because it does not
intend to further raise additional capital or sell additional securities under the ATM Offering. Under the ATM Offering,
a total of 27,004,858 Class A ordinary shares were legally issued and the proceeds has been received by the Company.
On March 24, 2026, the Company’s board of directors has approved a share repurchase program under which the
Company is authorized to purchase up to US$1.0 billion of its Class A ordinary shares and/or American depositary
shares for the period from the approval date up to March 31, 2027 (the “Share Repurchase Program”). Repurchases
under the program may be made from time to time through open market transactions at prevailing market prices, in
block trades and/or through other legally permissible means, depending on the market conditions and in accordance
with applicable rules and regulations. The Company’s board of directors will review the Share Repurchase Program
periodically, and may authorize adjustments of its terms and size or suspend or discontinue the program. As of June
30, 2026, the Company repurchased a total of 44,160,200 Class A Ordinary Shares at an aggregate consideration of
HK$2,339,896 on the HKEX and a total of 20,371,928 Class A Ordinary Shares represented by ADSs at an aggregate
consideration of US$163,231 on the Nasdaq. The Company accounts for the repurchased ordinary shares at cost and
includes such treasury shares as a component of the shareholders’ equity.
In April 2026, 711,481 Class B ordinary shares were converted into Class A ordinary shares to satisfy HKEX’s
requirement regarding weighted voting rights from legal perspective along with the repurchase of ordinary shares.
As of June 30, 2026, the Company issued 104,804,000 Class A Ordinary Shares as treasury shares for future exercise of
share options and vesting of RSUs. As of June 30, 2026, 42,731,722 share options that fulfilled the vesting conditions
were exercised and 45,600,836 RSUs that fulfilled the vesting conditions were vested.
As of December 31, 2025 and June 30, 2026, the Company had issued and outstanding ordinary shares of 2,027,667,098
and 1,973,963,298.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

19.

EARNINGS/(LOSS) PER SHARE
Basic and diluted net earnings/(loss) per share have been calculated in accordance with ASC 260 “Earnings Per Share”
for the six months ended June 30, 2025 and 2026 as follows:
For the Six Months Ended June 30,
2025

2026

Numerator:
Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.
Dilution effect arising from convertible debt

1,742,895
16,918

(3,993,712)
–

Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.
for computing diluted net earnings/(loss) per share

1,759,813

(3,993,712)

2,010,096,159

2,020,876,470

69,419,024
60,861,105

–
–

2,140,376,288

2,020,876,470

0.87

(1.98)

0.82

(1.98)

Denominator:
Weighted average ordinary shares outstanding – basic
Effects of dilutive securities
Options and RSUs
Convertible debt
Weighted average ordinary shares outstanding – diluted
Basic net earnings/(loss) per share attributable to ordinary shareholders
of Li Auto Inc.
Diluted net earnings/(loss) per share attributable to ordinary
shareholders of Li Auto Inc.

For the six months ended June 30, 2025 and 2026, the Company had ordinary equivalent shares, including options and
RSUs granted and convertible debt issued. For the six months ended June 30, 2025, options and RSUs of 2,627,188
on a weighted average basis were respectively excluded from the calculation of diluted net earnings per share because
of their anti-dilutive effect. As the Group incurred a loss for the six months ended June 30, 2026, these ordinary
equivalent shares were determined to be anti-dilutive and excluded from the calculation of diluted net loss per share
of the Company. The weighted average numbers of options and RSUs granted, and convertible debt (shares subject to
conversion) excluded from the calculation of diluted net loss per share of the Company were 52,533,737 and 43,814,811
for the six months ended June 30, 2026.

91

92

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION
Compensation expenses recognized for share-based awards granted by the Company were as follows:
For the Six Months Ended June 30,
2025

2026

Research and development expenses
Selling, general and administrative expenses
Cost of sales

475,600
247,924
15,331

255,093
102,915
16,769

Total

738,855

374,777

(i)

2019 and 2020 Share Incentive Plan
In July 2019, the Group adopted the 2019 Share Incentive Plan (the “2019 Plan”), which allows the Company
to grant options and RSUs of the Group to its employees, directors and consultants. As of June 30, 2026, the
maximum number of Class A ordinary shares that may be issued under the 2019 Plan is 141,083,452.
The Group began to grant share options to employees from 2015. In conjunction with the Company’s
Reorganization in July 2019, the Group transferred share options from Beijing CHJ to the Company according
to the 2019 Plan.
In July 2020, the Group adopted the 2020 Share Incentive Plan (the “2020 Plan”), which allows the Company
to grant options and RSUs of the Group to its employees, directors and consultants. As of June 30, 2026, the
maximum number of Class A ordinary shares that may be issued under the 2020 Plan is 165,696,625. The
Company commenced to grant options and RSUs from January 1, 2021 under the 2020 plan.
The contractual term of share-based awards under 2019 Plan and 2020 Plan is generally ten years from the grant
date and the options and RSUs granted have service, performance and market conditions. The options and RSUs
with service and performance conditions are generally scheduled to be vested over five years, one-fifth of the
awards shall be vested after one service year from the vesting commencement date for the awards with service
and performance conditions.
On June 15, 2026, the Company granted an aggregate of 35,000,000 options pursuant to the 2020 Plan to several
senior management of the Company. The awards are divided into five equal tranches, with vesting schedule
based on the attainment of market conditions, assuming continued employment through each vesting date. First
to fifth tranches will vest when market capitalization of the Company reaches HK$200 billion, HK$400 billion,
HK$600 billion, HK$800 billion and HK$1 trillion on HKEX. The market capitalization of the Company will be
calculated by multiplying (i) the average closing price of shares on HKEX over 30 consecutive trading days, and
(ii) the total number of issued share (excluding treasury shares as defined under the Listing Rules, if any). For the
avoidance of doubt, if a higher-tier target is achieved for the first time without the lower-tier target having been
achieved previously, the shares corresponding to both the lower and higher tiers will vest in a single installment;
if the lower-tier target has been previously achieved and the corresponding shares have vested, only the shares
corresponding to the current proportion of the higher-tier target will vest upon its achievement, without double
issuance. Share-based compensation expense associated with the awards of market condition is recognized over
the expected achievement period for each market capitalization milestone. The market capitalization milestone
period and the fair value of each tranche are determined using a Monte Carlo simulation model and is used as
the basis for determining the expected achievement period and share-based compensation expenses.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION (CONTINUED)
(i)

2019 and 2020 Share Incentive Plan (Continued)
(a)
The following table summarizes the Company’s share option activity under the 2019 Plan and 2020 Plan
for the six months ended June 30, 2025 and 2026:

Number of
Options

Weighted
Average
Exercise
Price
US$

Weighted
Average
Remaining
Contractual
Life
In Years

Aggregate
Intrinsic
Value
US$

Outstanding as of December 31, 2024
Granted
Exercised
Forfeited

50,119,362
–
(5,341,220)
(162,000)

0.10
–
0.10
0.10

4.81

596,170

Outstanding as of June 30, 2025

44,616,142

0.10

4.53

600,310

Outstanding as of December 31, 2025
Granted
Exercised
Forfeited

43,058,366
35,000,000
(5,190,988)
(72,200)

0.10
7.19
0.10
0.10

4.01

360,183

Outstanding as of June 30, 2026

72,795,178

3.51

6.82

171,878

Vested and expected to vest as of
June 30, 2025
Exercisable as of June 30, 2025

44,043,019
38,101,142

0.10
0.10

4.51
4.31

592,599
512,651

Vested and expected to vest as of
June 30, 2026
Exercisable as of June 30, 2026

72,664,825
35,921,178

3.51
0.10

6.82
3.85

217,326
207,265

The aggregate intrinsic value in the table above is calculated as the difference between the closing stock
price on the last trading day of the period and the exercise price of the underlying awards.
Total intrinsic value of options exercised for the six months ended June 30, 2025 and 2026 was
US$144,890, and US$46,110, respectively. The total fair value of options vested during the six months
ended June 30, 2025 and 2026 was US$28,342 and US$26,604, respectively.
No share options were granted for the six months ended June 30, 2025. The weighted-average grant date
fair value of options granted under the Company’s 2020 Plan was US$4.14 for the six months ended
June 30, 2026.

93

94

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION (CONTINUED)
(i)

2019 and 2020 Share Incentive Plan (Continued)
(a)
The fair value of the options with service and market condition granted under the 2020 Plan was estimated
on the date of grant using a Monte Carlo simulation model with the assumptions as follow:
For the Six
Months Ended
June 30, 2026
Exercise price (US$)
Risk-free interest rate
Expected term (in years)
Expected volatility
Expected dividend yield

7.19
3.25%
10
60%
0%

The risk-free interest rate is estimated based on the yield curve of Hong Kong Government Debt as of
the option valuation date. The expected volatility was based on historical volatility of the Company’s
share price. The Group has never declared or paid any cash dividend on its capital stock, and the Group
does not anticipate any dividend payments in the foreseeable future. Expected term is the contractual
life of the options.
As of June 30, 2026, there were US$143,439 of unrecognized compensation expenses related to the share
options granted to the Group’s employees, which are expected to be recognized over a weighted-average
period of 4.63 years and may be adjusted for future changes in forfeitures.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION (CONTINUED)
(i)

2019 and 2020 Share Incentive Plan (Continued)
(b)
The following table summarizes the Company’s RSU activity under the 2019 plan and 2020 Plan for the
six months ended June 30, 2025 and 2026:

Number of
Shares

Weighted
Average
Grant Date
Fair Value
US$

Weighted
Average
Remaining
Contractual
Life
In Years

Unvested as of December 31, 2024
Granted
Vested
Forfeited

43,077,190
1,975,900
(5,589,330)
(2,108,200)

15.37
13.88
16.68
15.04

8.39

Unvested as of June 30, 2025

37,355,560

15.23

8.00

Unvested as of December 31, 2025
Granted
Vested
Forfeited

37,743,020
5,557,200
(5,637,340)
(4,374,340)

13.33
7.09
15.57
13.22

8.25

Unvested as of June 30, 2026

33,288,540

11.92

8.22

The total fair value of the RSUs vested during the six months ended June 30, 2025 and 2026 was
US$93,238 and US$88,310, respectively.
As of June 30, 2026, there was US$149,330 of unrecognized compensation expense related to RSUs
granted to the Group’s employees and consultants, which are expected to be recognized over a
weighted-average period of 2.15 years and may be adjusted for future changes in forfeitures.

95

96

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION (CONTINUED)
(ii)

2021 Share Incentive Plan
In March 2021, the Group adopted the 2021 Share Incentive Plan (the “2021 Plan”), which granted options to
purchase 108,557,400 Class B ordinary shares to Mr. Li Xiang, the Company’s founder and chief executive
officer. The exercise price of the options is US$14.63 per share, or US$29.26 per ADS. The date of expiration
for this grant is March 8, 2031. The granted options are subject to performance-based vesting conditions. The
granted options are divided into six equal tranches, or 18,092,900 each. The first tranche will become vested
when the aggregate number of the Group’s vehicle deliveries in any 12 consecutive months exceeds 500,000.
The second to sixth tranches will become vested when the aggregate number of vehicle deliveries in any 12
consecutive months exceeds 1,000,000, 1,500,000, 2,000,000, 2,500,000 and 3,000,000, respectively.
On May 5, 2021, the board of directors of the Company approved to replace the options to purchase 108,557,400
Class B ordinary shares of the Company under the Company’s 2021 Share Incentive Plan previously granted
to Mr. Li Xiang on March 8, 2021 with the same amount of restricted Class B ordinary shares (the “Award
Shares”) under the same plan, all of which will become legally vested upon grant on May 5, 2021. However,
Mr. Li Xiang has also agreed, undertaken, and covenanted not to transfer or dispose of, directly or indirectly,
any interest in the Class B ordinary shares acquired upon vesting of the Award Shares, which are still subject
to certain restrictions, terms and performance conditions substantially similar to the vesting conditions of the
options being replaced. In addition to the performance conditions, Mr. Li Xiang is required to pay US$14.63
per share, which is equal to the exercise price of the options being replaced, to have the relevant tranche of the
Award Shares released from the restrictions. Mr. Li Xiang also has agreed, undertaken, and covenanted not to
cast any vote or claim any dividend paid on any Award Shares before such number of Award Shares are released
from the restrictions. Any Award Shares that are not released from the restrictions by March 8, 2031 are subject
to compulsory repurchase by the Company at their par value.
In July 2021, all such 108,557,400 Award Shares were converted from Class B ordinary shares (10 votes per
share) to Class A ordinary shares (1 vote per share) on one-to-one basis with effect immediately upon the
Company’s listing on the Main Board of HKEX in August 2021. The modification is solely subject to satisfy
HKEX’s requirement from a legal perspective. Pursuant to the grant of the Award shares, Mr. Li Xiang has
undertaken and covenanted that unless and until, in respect of any tranche of Award Shares, (a) the relevant
performance condition has been met and (b) the relevant exercise price (US$14.63) has been paid, Mr. Li Xiang
will not offer, pledge, sell any relating award shares and claim dividend or voting rights in respect of the Award
Shares.
For the awards granted to Mr. Li Xiang, which are subject to performance-based vesting conditions, a fixed
amount of expenses for each tranche was determined on the grant date. Later, based on assessment of future
performance, the Group determines whether each performance condition is deemed probable of achievement
and if so, the expected time of achievement. In 2024, the Group fully recognized compensation expenses of
US$89,741 for the first tranche or 18,092,900 restricted shares, as the related performance condition was
achieved. For the second to sixth tranches, the Group has not recognized any compensation expenses and
compensation expenses of US$448,704 remain unrecognized as the relevant performance condition is considered
not probable of achievement as of June 30, 2026.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

20.

SHARE-BASED COMPENSATION (CONTINUED)
(ii)

2021 Share Incentive Plan (Continued)
The following table summarizes the Company’s award shares activity under the 2021 Plan for the six months
ended June 30, 2025 and 2026.

Number of
Shares

21.

Weighted
Average
Exercise
Price
US$

Weighted
Average
Remaining
Contractual
Life
In Years

December 31, 2024
Granted

108,557,400
–

14.63
–

6.19
–

June 30, 2025

108,557,400

14.63

5.69

December 31, 2025
Granted

108,557,400
–

14.63
–

5.19
–

June 30, 2026

108,557,400

14.63

4.69

TAXATION
(a)

Value added tax (“VAT”)
The Group is subject to VAT rate of 13% for revenue from sales of vehicles, sales of charging stalls, goods
from online store, parts and accessories in the PRC, VAT rate of 6% for revenue from provision of commission
service in the PRC.

97

98

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

21.

TAXATION (CONTINUED)
(b)

Income taxes
Cayman Islands
The Company is incorporated in the Cayman Islands and conducts most of its business through its subsidiaries
located in Chinese mainland and Hong Kong. Under the current laws of the Cayman Islands, the Company is not
subject to tax on either income or capital gain. Additionally, upon payments of dividends to the shareholders,
no Cayman Islands withholding tax will be imposed.

Chinese Mainland
Four entities in the Group applied preferential enterprise income tax rate of 15% for the six months ended June 30,
2025 and 2026, being qualified as “high and new technology enterprise” under the PRC Enterprise Income Tax
law (the “EIT Law”). The high and new technology enterprise certificate is effective for a period of three years.
One subsidiary was awarded as a Software Enterprise in March 2022 and was thereby entitled to income tax
exemption for two years beginning from its first profitable calendar year since 2022, and a 50% reduction in
the standard statutory income tax rate for the subsequent three consecutive years. The subsidiary was also
approved as a “National Encouraged Key Software Enterprises” in May 2025 and May 2026. Entities recognized
as “National Encouraged Key Software Enterprises” will be exempted from enterprise income tax for the first
five years, commencing from the first year of profitable operation after offsetting tax losses generating from
prior years, and be subject to a preferential income tax rate of 10% after the first five years. Accordingly, the
subsidiary was qualified to enjoy the preferential income tax rate of 0% in calendar year 2025. The “National
Encouraged Key Software Enterprises” status is subject to annual evaluation and approval by the relevant
authorities, and the timing of annual review and approval by the relevant authorities vary from year to year. The
related reduction in income tax expense as a result of official approval confirming “National Encouraged Key
Software Enterprises” status is accounted for upon receipt of such approval. Therefore, for the calendar year
of 2026, the subsidiary applied preferential income tax rate of 12.5% (50% reduction in the standard statutory
income tax rate) as a Software Enterprise. Other Chinese companies are subject to enterprise income tax at a
uniform rate of 25% as of June 30, 2026.
Under the EIT Law enacted by the National People’s Congress of PRC on March 16, 2007 and its implementation
rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a
foreign investment enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to
a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the
PRC that provides for a different withholding arrangement. Under the taxation arrangement between the Chinese
mainland and Hong Kong, a qualified Hong Kong tax resident which is the “beneficial owner” and directly holds
25% or more of the equity interest in a PRC resident enterprise is entitled to a reduced withholding tax rate of
5%. The Cayman Islands, where the Company was incorporated, does not have a tax treaty with PRC.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

21.

TAXATION (CONTINUED)
(b)

Income taxes (Continued)
Chinese Mainland (Continued)
The EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose
“de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes
and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing
Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the
exercising, in substance, of the overall management and control of the production and business operation,
personnel, accounting, properties, etc., of a non-PRC company is located”. Based on a review of surrounding
facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC will
be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation
history of the EIT Law, there is uncertainty as to the application of the EIT Law. Should the Company be treated
as a resident enterprise for PRC tax purposes, the Company will be subject to PRC income tax on worldwide
income at a uniform tax rate of 25%.
According to relevant laws and regulations promulgated by the State Administration of Tax (“STA”) of the PRC,
enterprises engaging in research and development activities were entitled to claim 150% of their research and
development expenses incurred as tax deductible expenses when determining their assessable profits for that year
(the “Super R&D Deduction”). The STA of the PRC announced in September 2018 that enterprises engaging in
research and development activities would be entitled to claim 175% of their research and development expenses
as Super R&D Deduction until December 31, 2023. The STA of the PRC announced in September 2022 to
increase the Super R&D Deduction rate to 200% from October 1, 2022 to December 31, 2022. Subsequently,
the STA of the PRC further announced in March 2023 that the Super R&D Deduction rate of 200% continues
to be applied from January 1, 2023, until when new announcement is released by STA of the PRC.

Withholding tax on undistributed dividends
According to the current EIT Law and its implementation rules, foreign enterprises, which have no establishment
or place in China but derive dividends, interest, rents, royalties and other income (including capital gains) from
sources in China or which have an establishment or place in China but the aforementioned incomes are not
connected with the establishment or place shall be subject to the PRC withholding tax (“WHT”) at 10% (a further
reduced WHT rate may be available according to the applicable double tax treaty or arrangement provided that
the foreign enterprise is the tax resident of the jurisdiction where it is located and it is the beneficial owner of
the dividends, interest and royalties income).
The Group intends to indefinitely reinvest all the undistributed earnings of PRC subsidiaries and VIEs in China,
and does not plan to have any of its PRC subsidiaries to distribute any dividend out of PRC; therefore, no
withholding tax is expected to be incurred in the foreseeable future.

99

100

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

21.

TAXATION (CONTINUED)
(b)

Income taxes (Continued)
Hong Kong
Under the current Hong Kong Inland Revenue Ordinance, the subsidiaries of the Group incorporated in Hong
Kong are subject to 16.5% Hong Kong profits tax on their taxable income generated from operations in Hong
Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are
not subject to any Hong Kong withholding tax.

Global Anti-base Erosion Rules
The Organisation for Economic Co-operation and Development, or the OECD, published the “Global Anti-Base
Erosion Model Rules” (“GloBE”) in 2021, which introduced a global minimum tax of 15% for certain
multinational enterprises, or the Pillar Two Rules. Certain jurisdictions in which the Group operates have
implemented the Pillar Two Rules. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for
the difference between its GloBE effective tax rate in each jurisdiction and the 15% minimum rate. The Group
has conducted an assessment of the Pillar Two transitional safe harbour rules and the full Pillar Two rules and
made certain current income tax provisions to reflect the impact from the Pillar Two legislation for the six
months ended June 30, 2026.
Composition of income tax expense/(benefit) for the periods presented is as follows:
For the Six Months Ended June 30,

(c)

2025

2026

Current income tax expense
Deferred income tax benefit

735,210
(415,382)

16,310
(585,067)

Income tax expense/(benefit)

319,828

(568,757)

Consumption tax
The Group is subject to consumption tax rate of 3% and related surcharge for the sales of extended-range electric
passenger vehicles.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

22.

FAIR VALUE MEASUREMENT
Assets and liabilities measured at fair value on a recurring basis
Assets and liabilities measured at fair value on a recurring basis include short-term investments, long-term financial
instruments and investment in equity securities with readily determinable fair values.
The following table presents the major financial instruments measured at fair value, by level within the fair value
hierarchy as of December 31, 2025 and June 30, 2026.
Fair Value Measurement at Reporting Date Using
Fair Value
as of
December 31,
2025
Assets
Short-term investments
Equity securities with readily determinable
fair values
Total

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

6,164,061

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

6,164,061

14,894

14,894

6,178,955

14,894

6,164,061

Fair Value Measurement at Reporting Date Using
Quoted Prices
Fair Value
in Active
as of
Markets for
June 30, Identical Assets
2026
(Level 1)
Assets
Short-term investments
Equity securities with readily determinable
fair values
Total

4,809,428

Significant
Other
Observable
Inputs
(Level 2)

4,809,428

3,950

3,950

4,813,378

3,950

4,809,428

Significant
Unobservable
Inputs
(Level 3)

101

102

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

22.

FAIR VALUE MEASUREMENT (CONTINUED)
Valuation Techniques
Fair value of short-term investments and long-term financial instruments is estimated based on quoted prices of similar
financial products provided by the banks at the end of each period (Level 2).
Equity securities with readily determinable fair values: Equity securities with readily determinable fair values are
marketable equity securities which are publicly traded stocks measured at fair value. These securities are valued using
the market approach based on the quoted prices in active markets at the reporting date. The Group classifies the valuation
techniques that use these inputs as Level 1 of fair value measurements. The related gain/(loss) amounts are recognized
in “Interest income and investment income, net” in the unaudited condensed consolidated statements of comprehensive
income/(loss).
Assets measured at fair value on a non-recurring basis
Assets measured at fair value on a non-recurring basis include: investments in equity securities without readily
determinable fair values and equity method investments, as well as property, plant and equipment and inventories. For
investments in equity securities without readily determinable fair values using the measurement alternative, upward
adjustments of nil and RMB102,575 were recorded for the six months ended June 30, 2025 and 2026. The equity
securities are reviewed periodically for impairment using fair value measurement. The primary factors the Group
considers in its determination include, but not limited to, current economic and market conditions, operating performance
of the companies, including current earnings trends and undiscounted cash flows, and other company-specific
information, such as recent financing rounds. In the event of impairment, these investments were measured using
unobservable inputs (Level 3) and written down from their respective carrying values to fair value, with impairment
charges incurred and recorded in unaudited condensed consolidated statements of comprehensive income/(loss) for the
years then ended. The equity securities without readily determinable fair value were RMB833,778 and RMB1,089,149
as of December 31, 2025 and June 30, 2026.
No impairment charges were recognized for the six months ended June 30, 2025 and 2026. For equity method
investments, no impairment loss was recognized for all periods presented.
The Group measures the carrying amount of long-lived assets against the fair value determined using estimated
undiscounted future cash flows with unobservable inputs (Level 3). No impairment loss of property, plant and equipment
was recognized for all periods presented. The Group recognized RMB17,530 and RMB39,479 inventory write-downs
for the six months ended June 30, 2025 and 2026, respectively.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

22.

FAIR VALUE MEASUREMENT (CONTINUED)
Assets and liabilities not measured at fair value but fair value disclosure is required
Financial assets and liabilities not measured at fair value include cash equivalents, time deposits, restricted cash, trade
receivable, other assets, borrowings, trade and notes payable, amounts due to related parties, accruals and other liabilities.
The Group values its time deposits held in certain bank accounts using quoted prices for securities with similar
characteristics and other observable inputs, and accordingly, the Group classifies the valuation techniques that use
these inputs as Level 2. The Group classifies the valuation techniques that use the inputs as Level 2 for short-term
borrowing as the rates of interest under the loan agreements with the lending banks were determined based on the
prevailing interest rates in the market. Trade receivable, other assets, trade and notes payable, amounts due to related
parties and accruals and other liabilities are measured at amortized cost, and the fair values approximate their carrying
values given their short maturities.
Borrowings and convertible debt are measured at amortized cost. Their fair values were estimated by discounting the
scheduled cash flows through to estimated maturity using estimated discount rates based on current offering rates of
comparable institutions with similar services. The fair value of these borrowings obligations approximates their carrying
value as the borrowing rates are similar to the market rates that are currently available to the Group for financing
obligations with similar terms and credit risks and represent a level 2 measurement. The fair value of the convertible
debt, based on level 2 inputs, was RMB852,765 as of June 30, 2026.

23.

COMMITMENTS AND CONTINGENCIES
(a)

Capital commitments
The Group’s capital commitments primarily relate to commitments on construction and purchase of production
facilities, equipment and tooling. Total capital commitments contracted but not yet reflected in the unaudited
condensed consolidated financial statements as of June 30, 2026 were as follows:

Capital commitments
(b)

Total

Less than
One Year

1-3 Years

Over 3 Years

4,842,141

4,796,288

45,853

–

Purchase obligations
The Group’s purchase obligations primarily relate to commitments on purchase of raw materials. Total purchase
obligations contracted but not yet reflected in the unaudited condensed consolidated financial statements as of
June 30, 2026 were as follows:

Purchase obligations

Total

Less than
One Year

1-3 Years

3-5 Years

3,755,345

3,686,420

68,925

–

103

104

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

23.

COMMITMENTS AND CONTINGENCIES (CONTINUED)
(c)

Legal proceedings
The Group records a liability when it is both probable that a liability has been incurred and the amount of the
loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis.
Save as discussed below, the Group does not have any material litigation, and has not recorded any material
liabilities in this regard as of December 31, 2025 and June 30, 2026.
The Company and certain of its officers and directors have been named as defendants in two putative securities
class actions filed in May 2024 in the U.S. District Court for the Eastern District of New York. Both cases were
purportedly brought on behalf of a class of persons who claim to have suffered damages as a result of alleged
misstatements and omissions in the Company’s SEC filings regarding its business outlook, in violation of the
Sections 10(b) and 20(a) of the U.S. Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.
On December 30, 2024, the Court appointed a lead plaintiff and ordered both cases be consolidated. On March
27, 2025, the lead plaintiff filed a first amended complaint, followed by a second amended complaint on June
6, 2025. On July 2, 2025, the individual defendants accepted service of the second amended complaint. On July
21, 2025, the Company and the individual defendants filed a motion to dismiss the second amended complaint.
On June 25, 2026, the Court held oral argument on the defendants’ motion to dismiss. Before the Court issued
a ruling, the plaintiffs voluntarily dismissed the case with prejudice on July 22, 2026, and the case was closed
that same day.

24.

RELATED PARTY BALANCES AND TRANSACTIONS
The principal related parties with which the Group had major transactions during the periods presented are as follows:
Name of Entity or Individual

Relationship with the Company

Meituan
Shandong Lixiang Automobile Battery
Co., Ltd. and its subsidiaries (“Shandong Battery”)
Foshan Che Yijia New Energy Technology Co., Ltd.
(“Foshan Cheyijia”)

A principal shareholder of the Company
An entity over which the Group has significant influence
An equity method investee of the Group

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

24.

RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)
The Group entered into the following major related party transactions:
For the Six Months Ended June 30

Purchase goods from Shandong Battery
Purchase service from Meituan
Purchase goods from Foshan Cheyijia

2025

2026

–
27,512
9,749

438,104
38,045
7,327

The Group had the following major related party balances:
As of

Due to Shandong Battery
Due to Meituan
Due to Foshan Cheyijia

25.

December 31,
2025

June 30,
2026

–
14,781
11,838

438,104
13,216
1,470

DIVIDENDS
No dividend was declared by the Company during the six months ended June 30, 2025 and 2026.

105

106

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in
certain respects from IFRS Accounting Standards. The effects of material differences between the unaudited condensed
consolidated financial statements of the Group prepared under U.S. GAAP and IFRS Accounting Standards are as
follows:
Reconciliation of unaudited condensed consolidated statements of comprehensive income/(loss)
For the six months ended June 30, 2025
IFRS Accounting Standards adjustments
Amounts
as reported
under U.S.
GAAP
RMB

Convertible
debt
(Note (ii))
RMB

Leases
(Note (iii))
RMB

Investments
(Note (iv))
RMB

Warranty
accrual
(Note (vi))
RMB

Amounts
under IFRS
Accounting
Standards
RMB

Cost of sales:
Vehicle sales
Other sales and services
Total cost of sales

(43,075,219)
(1,711,780)
(44,786,999)

–
–
–

–
31,129
31,129

–
–
–

61,151
–
61,151

(43,014,068)
(1,680,651)
(44,694,719)

Operating expenses:
Research and development
Selling, general and administrative
Total operating expenses

(5,324,024)
(5,248,770)
(10,286,756)

–
–
–

6,612
89,813
96,425

–
–
–

–
–
–

(5,317,412)
(5,158,957)
(10,190,331)

Interest expense
Interest income and investment income, net
Fair value change of convertible debt
Fair value changes on investments measured at
fair value through profit or loss
Income before income tax

(97,996)
1,012,715
–

16,918
–
(382,599)

(175,214)
–
–

–
(37,131)
–

(46,050)
–
–

(302,342)
975,584
(382,599)

–
2,063,409

–
(365,681)

–
(47,660)

37,131
–

–
15,101

37,131
1,665,169

Income tax expense

(319,828)

–

–

–

–

(319,828)

Net income

1,743,581

(365,681)

(47,660)

–

15,101

1,345,341

Net income attributable to ordinary
shareholders of Li Auto Inc.

1,742,895

(365,681)

(47,660)

–

15,101

1,344,655

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
(CONTINUED)
Reconciliation of unaudited condensed consolidated statements of comprehensive income/(loss) (Continued)
For the six months ended June 30, 2026
IFRS Accounting Standards adjustments
Amounts
as reported
under U.S.
GAAP
RMB

Convertible
debt
(Note (ii))
RMB

Investments
(Note (iv))
RMB

Warranty
accrual
(Note (vi))
RMB

Amounts
under IFRS
Accounting
Standards
RMB

Leases
(Note (iii))
RMB

Cost of sales:
Vehicle sales
Other sales and services
Total cost of sales

(42,021,304)
(1,984,397)
(44,005,701)

–
–
–

–
31,553
31,553

–
–
–

62,486
–
62,486

(41,958,818)
(1,952,844)
(43,911,662)

Operating expenses:
Research and development
Selling, general and administrative
Total operating expenses

(5,497,792)
(4,327,247)
(9,943,740)

–
–
–

7,079
75,256
82,335

–
–
–

–
–
–

(5,490,713)
(4,251,991)
(9,861,405)

(156,906)
849,053
–

40,188
–
74,944

(132,608)
–
–

–
(116,216)
–

(106,442)
–
–

(355,768)
732,837
74,944

–
(4,550,046)

–
115,132

–
(18,720)

(174,492)
(290,708)

–
(43,956)

(174,492)
(4,788,298)

568,757

–

–

72,677

–

641,434

Net loss

(3,981,289)

115,132

(18,720)

(218,031)

(43,956)

(4,146,864)

Net loss attributable to ordinary
shareholders of Li Auto Inc.

(3,993,712)

115,132

(18,720)

(218,031)

(43,956)

(4,159,287)

Interest expense
Interest income and investment income, net
Fair value change of convertible debt
Fair value changes on investments
measured at fair value through
profit or loss
Loss before income tax
Income tax benefit

107

108

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
(CONTINUED)
Reconciliation of unaudited condensed consolidated balance sheet
As of December 31, 2025
IFRS adjustments

Long-term investments
Financial assets at fair value
through profit or loss
Operating lease right-of-use
assets, net
Total assets
Short-term borrowings
Accruals and other current
liabilities
Deferred tax liabilities
Other non-current liabilities
Total liabilities
Additional paid-in capital
Accumulated other
comprehensive loss
Retained earnings/
(Accumulated deficit)
Total shareholders’ equity

Amounts
as reported
under U.S.
GAAP
RMB

Preferred
shares
(Note (i))
RMB

Convertible
debt
(Note (ii))
RMB

Investments
(Note (iv))
RMB

Issuance
costs
(Note (v))
RMB

Warranty
accrual
(Note (vi))
RMB

Amounts
under IFRS
Accounting
Standards
RMB

Leases
(Note (iii))
RMB

848,672

–

–

–

(848,672)

–

–

–

–

–

–

–

1,301,059

–

–

1,301,059

9,099,313
154,295,818

–
–

–
–

(338,287)
(338,287)

–
452,387

–
–

–
–

8,761,026
154,409,918

6,217,745

–

(14,917)

–

–

–

–

6,202,828

13,412,260
691,652
6,385,370
81,156,075

–
–
–
–

(2,509)
–
–
(17,426)

–
–
–
–

–
96,929
–
96,929

–
–
–
–

–
–
(467,328)
(467,328)

13,409,751
788,581
5,918,042
80,768,250

61,399,973

30,809,700

9,564

–

–

85,976

–

92,305,213

(825,180)

180,604

(128,466)

–

–

–

–

(773,042)

11,176,357
73,139,743

(30,990,304)
–

136,328
17,426

(338,287)
(338,287)

355,458
355,458

(85,976)
–

467,328
467,328

(19,279,096)
73,641,668

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
(CONTINUED)
Reconciliation of unaudited condensed consolidated balance sheet (Continued)
As of June 30, 2026
IFRS adjustments
Amounts
as reported
under U.S.
GAAP
RMB

Preferred
shares
(Note (i))
RMB

Convertible
debt
(Note (ii))
RMB

2,976,994
–

–
–

–
–

–
–

Issuance
costs
(Note (v))
RMB

Warranty
accrual
(Note (vi))
RMB

Amounts
under IFRS
Accounting
Standards
RMB

(2,976,994)
1,883,895

–
–

–
–

–
1,883,895

Leases Investments
(Note (iii))
(Note (iv))
RMB
RMB

Long-term investments
Long-term time deposits
Financial assets at fair value
through profit or loss
Operating lease right-of-use
assets, net
Total assets

–

–

–

–

1,254,776

–

–

1,254,776

7,890,346
140,679,600

–
–

–
–

(357,007)
(357,007)

–
161,677

–
–

–
–

7,533,339
140,484,270

Accruals and other current
liabilities
Long-term borrowings
Deferred tax liabilities
Other non-current liabilities
Total liabilities

12,201,637
6,863,999
548,423
6,192,234
74,717,985

–
–
–
–
–

(411)
(131,846)
–
–
(132,257)

–
–
–
–
–

–
–
24,250
–
24,250

–
–
–
–
–

–
–
–
(423,372)
(423,372)

12,201,226
6,732,153
572,673
5,768,862
74,186,606

61,782,120

30,809,700

9,564

–

–

85,976

–

92,687,360

(1,260,255)

180,604

(128,767)

–

–

–

–

(1,208,418)

7,182,645
65,961,615

(30,990,304)
–

251,460
132,257

(357,007)
(357,007)

137,427
137,427

(85,976)
–

423,372
423,372

(23,438,383)
66,297,664

Additional paid-in capital
Accumulated other
comprehensive loss
Retained earnings/
(Accumulated deficit)
Total shareholders’ equity

109

110

LI AUTO INC.

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
(CONTINUED)
Notes:
(i)

Preferred shares
Under U.S. GAAP, SEC guidance provides for mezzanine-equity (temporary equity) category in addition to the financial
liability and permanent equity categories. The purpose of this “in-between” category is to indicate that a security may not
be a permanent part of equity. The Company classified the preferred shares as mezzanine equity in the unaudited condensed
consolidated balance sheet and are recorded initially at fair value, net of issuance costs. The Company recognized accretion to
the respective redemption value of the preferred shares over the period starting from issuance date to the earliest redemption
date. Upon the consummation of US IPO, the conversion feature of preferred shares were automatically exercised and all
preferred shares were automatically converted into ordinary shares.
Under IFRS Accounting Standards, there is no concept of mezzanine or temporary equity classification. The Company
designated the preferred shares as financial liabilities at fair value through profit or loss which are initially recognized at
fair value. Subsequent to initial recognition, the amounts of changes in fair value of the preferred shares that were attributed
to changes in credit risk of the preferred shares were recognized in other comprehensive income or loss, and the remaining
amounts of changes in fair value of the preferred shares were recognized in the profit or loss.

(ii)

Convertible debt
Under U.S. GAAP, the convertible debt was measured at amortized cost, with any difference between the initial carrying
value and the repayment amount recognized as interest expenses using the effective interest method over the period from the
issuance date to the maturity date.
Under IFRS Accounting Standards, the Group’s convertible debt was designated as at fair value through profit or loss such
that the convertible debt was initially recognized at fair value. Subsequent to initial recognition, changes in fair value of the
convertible debt that were attributed to changes in credit risk of the convertible debt were recognized in other comprehensive
income or loss, and other changes in fair value of the convertible debt were recognized in the profit or loss.

(iii)

Leases
Under U.S. GAAP, the amortization of the right-of-use assets and interest expense related to the lease liabilities are recorded
together as lease expense to produce a straight-line recognition effect in the unaudited condensed consolidated statements of
comprehensive income/(loss).
Under IFRS Accounting Standards, the amortization of the right-of-use asset is on a straight-line basis while the interest expense
related to the lease liabilities are measured on the basis that the lease liabilities are measured at amortized cost. The amortization
of the right-of-use assets is recorded as lease expense and the interest expense is required to be presented in separate line item.

(iv)

Investments
Under U.S. GAAP, the investments without readily determinable fair values could elect an accounting policy choice. The
Group elects the measurement alternative to record these equity investments without readily determinable fair values at cost,
less impairment, and plus or minus subsequent adjustments for observable price changes.
Under IFRS Accounting Standards, these investments were classified as financial assets at fair value through profit or loss
and measured at fair value with changes in fair value recognized through profit or loss.

INTERIM REPORT 2026

NOTES TO THE UNAUDITED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(All amounts in thousands, except for share and per share data)

26.

RECONCILIATION BETWEEN U.S. GAAP AND IFRS ACCOUNTING STANDARDS
(CONTINUED)
Notes: (Continued)
(v)

Issuance costs
Under U.S. GAAP, specific incremental issuance costs directly attributable to a proposed or actual offering of securities may
be deferred and charged against the gross proceeds of the offering, shown in equity as a deduction from the proceeds.
Under IFRS Accounting Standards, such issuance costs apply a different criteria for capitalization when the listing involves
both existing shares and a concurrent issuance of new shares of the Company in the capital market, and were allocated
proportionately between the existing and new shares. As a result, the Group recorded issuance costs associated with the listing
of existing shares in the profit or loss.

(vi)

Warranty accrual
Under U.S. GAAP, warranty accrual is eligible for discounting or not. Considering that the timing of cash payments for the
warranty accrual is not fixed or determinable by the Company, the Company elects to record the warranty accrual without
considering the discount of the obligation.
Under IFRS Accounting Standards, the initial amount of the warranty accrual is the present value of the anticipated cash flows
expected to be required to settle the obligation with appropriate discount rates. The carrying amount of the warranty accrual
increases in each period to reflect the passage of time with said increase recognized as a borrowing cost.

27.

SUBSEQUENT EVENTS
Repurchase of shares
In July 2026, the Company repurchased a total of 20,178,916 Class A Ordinary Shares represented by the ADSs at an
aggregate consideration of US$125,973 on the Nasdaq.
Issuance of bond
In August 2026, the Group issued its second tranche of 2026 technology innovation bonds on the National Interbank
Bond Market of China, with a total principal of RMB3,000,000. The bond has a term maturity of three years and bears
coupon rate of 1.75% per annum.

111

112

LI AUTO INC.

DEFINITIONS

“2019 Plan”

the share incentive plan our Company adopted on July 2, 2019, as amended from time to
time, the principal terms of which are set out in “Statutory and General Information – Share
Incentive Plans” in Appendix IV to the Prospectus

“2020 Plan”

the share incentive plan our Company adopted on July 9, 2020, as amended from time to
time, the principal terms of which are set out in “Statutory and General Information – Share
Incentive Plans” in Appendix IV to the Prospectus

“2021 Plan”

the share incentive plan our Company adopted on March 8, 2021, as amended from time
to time, the principal terms of which are set out in “Statutory and General Information –
Share Incentive Plans” in Appendix IV to the Prospectus

“2028 Notes”

the convertible senior notes in an aggregate principal amount of US$862.5 million due
2028 with an interest rate of 0.25% per annum that our Company issued on April 12, 2021

“ADS(s)”

American Depositary Shares, each representing two Class A Ordinary Shares

“Articles of Association”

the articles of association of the Company, as amended from time to time

“Auditor”

PricewaterhouseCoopers

“Beijing CHJ”

Beijing CHJ Information Technology Co., Ltd.* (北京車和家信息技術有限公司), a
limited liability company established under the laws of the PRC on April 10, 2015 and a
Consolidated Affiliated Entity of our Company

“Beijing CLX”

Beijing Chelixing Information Technology Co., Ltd.* (北京車勵行信息技術有限公司),
a limited liability company established under the laws of the PRC on June 25, 2018 and
a Consolidated Affiliated Entity of our Company

“Board”

the board of Directors

“CEO Award Shares”

upon Listing, the 108,557,400 Class A Ordinary Shares resulted from the conversion of
the 108,557,400 Class B Ordinary Shares granted and issued pursuant to the 2021 Plan
to Mr. Li on May 5, 2021. For details please see section headed “Directors and Senior
Management – Directors’ remuneration – Grant of CEO Award” in the Prospectus

“China” or “PRC”

the People’s Republic of China, and, unless the context requires otherwise and solely
for the purpose of this interim report such as describing legal or tax matters, authorities,
entities, or persons, excludes Hong Kong Special Administrative Region, Macao Special
Administrative Region, and Taiwan region of the People’s Republic of China

INTERIM REPORT 2026

DEFINITIONS

“Class A Ordinary Share(s)”

class A ordinary shares in the share capital of the Company with a par value of US$0.0001
each, conferring a holder of a Class A Ordinary Share one vote per Share on any resolution
tabled at the Company’s general meeting

“Class B Ordinary Share(s)”

class B ordinary shares in the share capital of the Company with a par value of US$0.0001
each, conferring weighted voting rights in the Company such that a holder of a Class B
Ordinary Share is entitled to ten votes per Share on any resolution tabled at the Company’s
general meeting, save for resolutions with respect to any Reserved Matters, in which case
they shall be entitled to one vote per Share

“Companies Ordinance”

the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended,
supplemented or otherwise modified from time to time

“Company”, “our Company”, or
“the Company”

Li Auto Inc. (理想汽車) (formerly known as “Leading Ideal Inc.” and “CHJ Technologies
Inc.”), a company with limited liability incorporated in the Cayman Islands on April 28,
2017

“Consolidated Affiliated

entities we control wholly or partly through the Contractual Arrangements, namely our
VIEs and their subsidiaries

Entity(ies)”
“Contractual Arrangement(s)”

the series of contractual arrangements entered into between the WFOE, our VIEs
and the Registered Shareholders (as applicable), as detailed in the section headed
“Contractual Arrangements” in the Prospectus and as amended, restated, renewed,
reproduced or joined from time to time

“Corporate Governance Code”

the Corporate Governance Code set out in Appendix C1 of the Listing Rules

“Director(s)”

the director(s) of our Company

“GAAP”

generally accepted accounting principles

“Global Offering”

the Hong Kong Public Offering and the International Offering as defined and described
in the Prospectus

“Group”, “we” or “us”

the Company, its subsidiaries and the Consolidated Affiliated Entities from time to time,
and where the context requires, in respect of the period prior to our Company becoming
the holding company of its present subsidiaries and Consolidated Affiliated Entities,
such subsidiaries and Consolidated Affiliated Entities as if they were subsidiaries and
Consolidated Affiliated Entities of our Company at the relevant time

“Hong Kong” or “HK”

the Hong Kong Special Administrative Region of the People’s Republic of China

113

114

LI AUTO INC.

DEFINITIONS

“Hong Kong Public Offering”

the offer of the Hong Kong Offer Shares for subscription by the public in Hong Kong at
the Public Offer Price (plus brokerage of 1%, SFC transaction levy of 0.0027% and Stock
Exchange trading fee of 0.005%) on the terms and subject to the conditions described in
the Prospectus, as further described in the section headed “Structure of the Global Offering
– The Hong Kong Public Offering” in the Prospectus

“IFRS”

International Financial Reporting Standards, as issued by the International Accounting
Standards Board

“International Offering”

the conditional placing of the International Offer Shares at the International Offer
Price pursuant to the shelf registration statement on Form F-3 that was filed with the
SEC and automatically became effective on August 2, 2021, a preliminary prospectus
supplement, and a final prospectus supplement, and subject to the terms and conditions
of the International Underwriting Agreement, as further described in the section headed
“Structure of the Global Offering” in the Prospectus

“Latest Practicable Date”

July 31, 2026, being the latest practicable date for ascertaining certain information in this
interim report before its publication

“Listing”

the listing of the Class A Ordinary Shares on the Main Board of the Stock Exchange

“Listing Date”

August 12, 2021, on which the Class A Ordinary Shares were listed and on which dealings
in the Class A Ordinary Shares were first permitted to take place on the Stock Exchange

“Listing Rules”

the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited, as amended, supplemented or otherwise modified from time to time

“Main Board”

the stock exchange (excluding the option market) operated by the Stock Exchange which
is independent from and operates in parallel with the GEM of the Stock Exchange

“Model Code”

the Model Code for Securities Transactions by Directors of Listed Issuers set out in
Appendix C3 of the Listing Rules

“Mr. Li” or “Founder”

Mr. LI Xiang

“Nasdaq”

The NASDAQ Stock Market in the United States

“PRC Legal Advisor”

Han Kun Law Offices

“Prospectus”

the prospectus of the Company dated August 3, 2021

INTERIM REPORT 2026

DEFINITIONS

“Registered Shareholders”

the registered shareholders of our VIEs, namely, with respect to Beijing CHJ, LI Xiang
and LI Tie; and with respect to Xindian Information, LI Xiang, FAN Zheng, SHEN Yanan,
LI Tie, QIN Zhi, LIU Qinghua, WEI Wei, SONG Gang, YE Qian and XU Bo

“Reporting Period”

the six months ended June 30, 2026

“Reserved Matters”

those matters resolutions with respect to which each Share is entitled to one vote at
general meetings of the Company pursuant to the Articles of Association, being: (i) any
amendment to the Memorandum or Articles, including the variation of the rights attached
to any class of shares, (ii) the appointment, election or removal of any independent nonexecutive Director, (iii) the appointment or removal of the Company’s auditors, and (iv)
the voluntary liquidation or winding-up of the Company

“RMB” or “Renminbi”

Renminbi yuan, the lawful currency of China

“RSU(s)”

restricted share unit(s)

“SFO”

the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to time

“Share(s)”

the Class A Ordinary Shares and Class B Ordinary Shares in the share capital of the
Company, as the context so requires

“Share Incentive Plans”

collectively, the 2019 Plan, the 2020 Plan and the 2021 Plan

“Shareholder(s)”

holder(s) of the Share(s)

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“subsidiary” or “subsidiaries”

has the meaning ascribed thereto in section 15 of the Companies Ordinance

“United States” or “U.S.”

the United States of America, its territories, its possessions and all areas subject to its
jurisdiction

“US$”

United States dollars, the lawful currency of the United States

115

116

LI AUTO INC.

DEFINITIONS

“US ATM Offering”

the offer of the ADSs on the Nasdaq, alternative trading systems or other markets for the
ADSs, pursuant to a shelf registration statement on Form F-3 that was filed with the SEC
on August 2, 2021, including a prospectus supplement filed with the SEC on June 28, 2022
pursuant thereto, including the documents incorporated by reference therein, and which
does not constitute a public offering in Hong Kong and was terminated on September 27,
2023. Information on the listing of the Class A Ordinary Shares underlying the ADSs
issued in connection with the US ATM Offering on the Stock Exchange is disclosed in
the announcement and the listing document of the Company dated June 29, 2022

“U.S. GAAP”

United States generally accepted accounting principles

“VIEs”, each a “VIE”

Beijing CHJ and Xindian Information

“weighted voting right” or “WVR” has the meaning ascribed to it under the Listing Rules
“WFOE”

Wheels Technology

“Wheels Technology”

Beijing Co Wheels Technology Co., Ltd.* (北京羅克維爾斯科技有限公司), a limited
liability company established under the laws of the PRC on December 19, 2017 and a
subsidiary of our Company

“WVR Beneficiary”

has the meaning ascribed to it under the Listing Rules and unless the context otherwise
requires, refers to Mr. Li, being the beneficial owner of the Class B Ordinary Shares which
carry weighted voting rights, details of which are set out in the section headed “Share
Capital” in the Prospectus

“WVR Structure”

has the meaning ascribed to it in the Listing Rules

“Xindian Information”

Beijing Xindian Transport Information Technology Co., Ltd.* (北京心電出行信息技術
有限公司), a limited liability company established under the laws of the PRC on March
27, 2017 and a Consolidated Affiliated Entity of our Company

“%”

per cent

*

For identification purposes only.

理想汽車
(於開曼群島註冊成立以不同投票權控制的有限責任公司)
股份代號 : 2015

2026

中期報告

目錄

公司資料

2

財務表現摘要

3

業務回顧及前景

5

管理層討論及分析

8

企業管治

13

其他資料

19

中期財務資料的審閱報告

35

未經審計簡明合併財務報表及附註

36

釋義

112

2026中期報告

公司資料

執行董事
李想先生（董事長、首席執行官兼創始人）
李鐵先生
馬東輝先生

香港主要營業地點

非執行董事
王興先生
樊錚先生

註冊辦事處

獨立非執行董事
肖星教授
趙宏強先生
姜震宇先生

審計委員會
肖星教授（主席）
趙宏強先生
姜震宇先生

薪酬委員會
趙宏強先生（主席）
李想先生
姜震宇先生

香港銅鑼灣
希慎道33號利園一期
19樓1912室

PO Box 309
Ugland House
Grand Cayman KY1-1104
Cayman Islands

審計師
羅兵咸永道會計師事務所
執業會計師
註冊公眾利益實體核數師
香港
中環
太子大廈22樓

香港股份過戶登記處
香港中央證券登記有限公司
香港灣仔
皇后大道東183號
合和中心
17樓1712至1716號舖

提名及企業管治委員會
姜震宇先生（主席）
肖星教授
趙宏強先生

聯席公司秘書
王揚先生
劉綺華女士

授權代表
李鐵先生
劉綺華女士

中國總辦事處及主要營業地點
中國
北京市
順義區
文良街11號（郵編：101399）

股份過戶登記總處及過戶處
Maples Fund Services (Cayman) Limited
PO Box 1093, Boundary Hall, Cricket Square
Grand Cayman KY1-1102, Cayman Islands

主要往來銀行
招商銀行股份有限公司
中國廣東省
深圳市
深南大道7088號
招商銀行大廈

香港股份代號
2015

納斯達克股份代號
LI

公司網站
ir.lixiang.com

2

3

理想汽車

財務表現摘要

截至6月30日止六個月
2025年

2026年

（未經審計）

（未經審計）

變動(%)

（人民幣千元，百分比除外）
收入

56,172,427

毛利
經營利潤 ╱（虧損）

48,649,801

(13.4)%

11,385,428

4,644,100

(59.2)%

1,098,672

(5,299,640)

不適用

稅前利潤 ╱（虧損）

2,063,409

(4,550,046)

不適用

淨利潤 ╱（虧損）

1,743,581

(3,981,289)

不適用

歸屬於理想汽車普通股股東的綜合收益 ╱（虧損）

1,499,289

(4,428,787)

不適用

2,482,436

(3,606,512)

不適用

非美國公認會計準則財務指標：
非美國公認會計準則淨利潤 ╱（虧損）

非美國公認會計準則財務指標
本公司使用非美國公認會計準則財務指標，比如非美國公認會計準則淨利潤 ╱（虧損），以評估其經營業績及用於
制定財務及經營決策。通過剔除股份支付薪酬費用之影響，本公司認為非美國公認會計準則財務指標有助於識別
其業務的基本趨勢及增強對本公司過往表現及未來前景的整體理解。本公司亦認為非美國公認會計準則財務指標
有助於更清晰地了解本公司管理層在財務和經營決策中所使用的核心指標。
非美國公認會計準則財務指標並無根據美國公認會計準則呈列，或有別於其他公司所使用的非美國公認會計準則
會計處理及報告方法。非美國公認會計準則財務指標作為分析工具有局限性，且於評估本公司的經營表現時，投
資者不應單獨考慮該等指標，或取代根據美國公認會計準則編製的財務資料。本公司鼓勵投資者及其他人士全面
審查其財務資料，而非依賴單一的財務指標。
本公司將非美國公認會計準則財務指標調整至最具可比性的美國公認會計準則業績指標，以減少該等限制，所有
指標均應於評估本公司業績時予以考慮。

2026中期報告

財務表現摘要

下表載列所示期內的美國公認會計準則及非美國公認會計準則業績的未經審計對賬。
截至6月30日止六個月
2025年

2026年

（未經審計）

（未經審計）

（人民幣千元）
淨利潤 ╱（虧損）

1,743,581

(3,981,289)

股份支付薪酬費用

738,855

374,777

2,482,436

(3,606,512)

非美國公認會計準則淨利潤 ╱（虧損）1

1.

非美國公認會計準則對所有呈列期間並無稅務影響。

4

5

理想汽車

業務回顧及前景

報告期間的業務回顧
2026年上半年，面對激烈的市場競爭與重大車型迭代期，理想汽車憑藉出色的產品力，在人民幣20萬元及以上中
國新能源汽車市場，仍以12.1%的市佔率穩居中國汽車品牌銷量榜首。報告期內，理想汽車實現新車交付193,472
輛，錄得收入總額人民幣486億元。截至2026年6月30日，理想汽車的累計交付量達到1,733,687輛。
產品
我們基於自研技術的構建及迭代，煥新產品矩陣，以更出色的產品體驗滿足不同的用戶需求，持續創造用戶價值。
2026年上半年，我們先後發佈全新理想L9和全新理想L8。兩款車型均提供Ultra和Livis兩個版本，均標配72.7度
的5C電池、理想汽車第三代增程器、高通驍龍8797芯片和線控轉向及後輪轉向。Ultra版本均搭載理想汽車第三
代雙腔雙閥魔毯空氣懸架及一顆自研馬赫M100 芯片，Livis版本均搭載自研800V主動懸架系統、線控機械制動
EMB及兩顆馬赫M100芯片。理想L9 Ultra和理想L9 Livis的售價分別為人民幣459,800元和人民幣509,800元。理
想L8 Ultra和理想L8 Livis的售價分別為人民幣369,800元和人民幣429,800元。全新理想L9和全新理想L8分別於
2026年5月和6月開啟交付。
我們堅持以最高標準打造產品。據中國保險汽車安全指數(C-IASI)新規程評測結果，2026年上半年，理想i8和理
想i6在車內乘員安全、車外行人安全、車輛輔助安全以及新能源汽車專項測試中，均獲得最高評級，在耐撞性與
維修經濟性方面獲得「G」評級。
智能汽車之外，理想AI眼鏡Livis的能力也在持續進化。6月的OTA升級為其新增了同聲傳譯、手機端語音助手喚
醒等六項核心功能，並優化了視頻畫質和傳輸速度等六項體驗。其中，單次錄音時長提升至最高7小時，視頻傳
輸時間縮短約20%，進一步提升了用戶體驗。
研發
我們始終堅持自研核心技術，以構築長期競爭壁壘。同時，通過芯片、編譯器、操作系統與AI大模型等的軟硬件
深度協同設計，我們在實現性能最大化的同時，持續推動成本優化。
2026年上半年，自研芯片馬赫M100和馬赫VLA模型的成功一體化部署量產上車，是我們在AI核心技術全棧閉環
上的重要里程碑。
作為全球首款基於動態數據流架構的大算力端側推理芯片，馬赫M100 採用5nm車規級工藝，單芯片算力達到
1,280TOPS，算力利用率超過80%，相比上一代架構提升了一倍。馬赫M100的推出，標誌著我們從架構設計、編
譯器研發到散熱系統與功能安全，實現了全鏈路的自主突破。

2026中期報告

業務回顧及前景

在語言智能模型方面，我們基於自研多模態大語言模型MindGPT迭代出馬赫Mind-Pro及馬赫Mind-Edge。馬赫
Mind-Pro是一款雲端Agent大模型，能覆蓋車輛控制、智慧出行、辦公、問答、娛樂等全部車載高頻場景。綜合
看，其在Token生成速度、任務完成質量、Token使用成本、端到端響應時延四大商業核心維度表現出色，是可量
產落地、高性價比的模型。馬赫Mind-Edge則是行業首個真正量產落地的端側原生具身智能體。我們採用多模態
流式時序建模，讓馬赫Mind-Edge能夠連續理解動態的物理世界，具備因果推理和自主決策能力。它可以在車端
本地進行全天候主動感知、實時調用車輛硬件實現自主控車、並進行多模態交互。
在機器智能模型方面，我們的馬赫VLA在底層採用突破性的原生3D ViT，通過在編碼階段直接完成對3D空間與
語義的統一理解，並整合激光雷達和視覺信息，3D ViT實現了50%的可視距離提升，也讓模型從模仿學習進化到
類似人類的理解學習。此外，基於新一代架構，我們將感知、預測、規劃模塊統一成原生多模態MoE大模型，在
同一個框架裡對齊空間感知、思考推理、駕駛行為，大幅提升風險預判、意圖理解和執行決策的效率及準確率。
後續我們將憑藉更大的模型規模、更高精度和更高幀率的數據訓練，驅動輔助駕駛體驗的持續躍升。
更重要的是，馬赫M100芯片和馬赫VLA模型的能力邊界還可從汽車延伸至更廣泛的具身智能領域，支持更多AI
場景，為我們未來的具身智能產品奠定了堅實的技術底座。
以AI重塑製造
我們利用AI賦能製造全流程。例如，依託可重構的模塊化工站，我們構建起高度自動化的底盤生產線，大幅提升
了生產效率。在質量管理環節，理想智能製造操作系統實時監控超5萬個工藝點，將品質把控從事後追溯升級為
事前預防。在供應鏈協同上，AI工具的規模化應用已替代超700項人工檢測，我們還借助連山數據智能平台賦能
供應鏈夥伴，實現庫存與品質的一體化協同管理。我們不斷突破智能製造體系的創新邊界，驅動製造效率及質量
的持續提升，並最終將體系能力轉化為用戶可感知、可信賴的產品力。
銷售及服務網絡
2026年上半年，我們正式落地門店合夥人計劃，以提升經營效率為核心開展精細化運營。通過下放經營決策權與
利潤分享權，一線銷售團隊的主觀能動性顯著提升，核心管理團隊的長期經營意願也得到加強。在此基礎上，門
店主動深耕本地用戶運營與區域口碑，長期核心競爭力得以夯實。截至2026年6月30日，在全國，我們於160個城
市擁有495家零售中心，並於220個城市運營536家售後維修中心及理想汽車授權服務中心。

6

7

理想汽車

業務回顧及前景

我們廣覆蓋、高效率的超充網絡深受用戶認可，為上半年新一代車型的成功上市提供了堅實支撐。截至2026年6
月30日，我們在全國已有4,097座理想超充站投入使用，配備22,593根充電樁。其中，高速超充站超1,400座，城
市超充站近2,700座，4C和5C樁佔比已提升至70%。此外，6月，我們上線首座全車位全自動的5C超充站，「駛入
降地鎖 － 插槍 － 充電 － 拔槍 － 駛出繳費」全程自動，無需人工干預。我們將持續優化其安全避障性能、機械臂
執行任務時間等，並將陸續增加自動超充站的數量，為用戶帶來更高效、便捷、智能化的充電體驗。
海外擴展
我們穩步推進國際化戰略，針對不同市場，採用分階段擴展策略，依託當地頭部合作夥伴，快速搭建銷售、交
付、售後於一體的完整服務體系。今年4月，我們正式簽約了阿聯酋、沙特阿拉伯的頭部經銷商，並於6月正式進
入澳門市場。產品端，我們堅持區域精準適配，在新車型研發階段即完成海外法規適配，並針對當地使用場景進
行軟硬件性能優化，力求以極致的本土化體驗，構建可持續的國際化競爭力。
環境、社會及管治(ESG)
於2026年4月10日，我們發佈2025年ESG報告及首份氣候相關披露報告，展示了相關戰略舉措、切實成果以及對
可持續發展的不懈承諾。如需了解更多有關信息，請訪問 https://ir.lixiang.com/zh-hant/esg 查看完整報告。

於報告期後的近期發展
交付量更新
本公司於2026 年7 月交付新車30,468 輛。截至2026 年7 月31 日，在全國，本公司於159 個城市擁有490 家零售中
心，於219 個城市運營536 家售後維修中心及理想汽車授權服務中心，並已投入使用4,141 座理想超充站，配備
22,841個充電樁。
新一代理想L6
2026年7月，本公司發佈新一代理想L6，並正式開啟交付。該車型底盤採用新一代全鋁懸架和雙閥連續可變阻尼
減振器，輔助駕駛系統搭載馬赫M100芯片和全面升級的感知硬件，並採用增程專用51度磷酸鐵鋰超充電池。新
一代理想L6的售價為人民幣249,800元。

業務前景
展望2026年下半年，除現有純電產品矩陣的迭代，我們還計劃於9月發佈全新純電旗艦SUV理想i9，進一步完善
純電產品矩陣，以覆蓋更廣泛的消費群體。同時，繼全新理想L9於7月先後登陸哈薩克斯坦與烏茲別克斯坦，並
在哈薩克斯坦啟動本地化生產後，我們將持續穩步推進國際化戰略佈局。未來，我們將堅定以具身智能為核心戰
略，依託軟硬一體的全棧自研與持續迭代，打造出能為用戶創造更多價值的產品。

2026中期報告

管理層討論及分析

截至6月30日止六個月
2025年
2026年
（未經審計）
（未經審計）
（人民幣千元）
收入：
車輛銷售
其他銷售和服務

53,563,718
2,608,709

45,599,670
3,050,131

收入總額

56,172,427

48,649,801

銷售成本：
車輛銷售
其他銷售和服務

(43,075,219)
(1,711,780)

(42,021,304)
(1,984,397)

銷售成本總額

(44,786,999)

(44,005,701)

毛利總額

11,385,428

4,644,100

營業費用：
研發費用
銷售、一般及管理費用
其他營業收益 ╱（費用），淨額

(5,324,024)
(5,248,770)
286,038

(5,497,792)
(4,327,247)
(118,701)

營業費用總額

(10,286,756)

(9,943,740)

經營利潤 ╱（虧損）

1,098,672

(5,299,640)

其他（支出）╱ 收入：
利息支出
利息收入及投資收益，淨額
其他，淨額

(97,996)
1,012,715
50,018

(156,906)
849,053
57,447

稅前利潤 ╱（虧損）
所得稅（費用）╱ 收益

2,063,409
(319,828)

(4,550,046)
568,757

淨利潤 ╱（虧損）
減：歸屬於非控股權益的淨利潤

1,743,581
686

(3,981,289)
12,423

歸屬於理想汽車普通股股東的淨利潤 ╱（虧損）

1,742,895

(3,993,712)

淨利潤 ╱（虧損）

1,743,581

(3,981,289)

稅後其他綜合虧損
零稅後外幣折算調整

(243,606)

(435,075)

稅後其他綜合虧損總額

(243,606)

(435,075)

綜合收益 ╱（虧損）總額
減：歸屬於非控股權益的綜合收益

1,499,975
686

(4,416,364)
12,423

歸屬於理想汽車普通股股東的綜合收益 ╱（虧損）

1,499,289

(4,428,787)

8

9

理想汽車

管理層討論及分析

收入
收入總額由截至2025 年6 月30 日止六個月的人民幣562 億元減少13.4%至截至2026 年6 月30 日止六個月的人民幣
486億元。
車輛銷售收入由截至2025年6月30日止六個月的人民幣536億元減少14.9%至截至2026年6月30日止六個月的人民
幣456億元，主要由於產品組合不同使得平均售價下降以及車輛交付量的減少。
其他銷售和服務收入由截至2025年6月30日止六個月的人民幣26億元增加16.9%至截至2026年6月30日止六個月的
人民幣31億元，主要由於提供服務及銷售配件增加，與累計汽車銷售增加相一致。

銷售成本
銷售成本由截至2025年6月30日止六個月的人民幣448億元減少1.7%至截至2026年6月30日止六個月的人民幣440
億元，主要由於車輛交付量的減少。

毛利及毛利率
由於上述原因，毛利由截至2025年6月30日止六個月的人民幣114億元減少59.2%至截至2026年6月30日止六個月
的人民幣46億元。毛利率由截至2025年6月30日止六個月的20.3%下降至截至2026年6月30日止六個月的9.5%，
主要由於車輛毛利率的下降。
車輛毛利率由截至2025年6月30日止六個月的19.6%下降至截至2026年6月30日止六個月的7.8%，主要由於不同產
品組合。

研發費用
研發費用由截至2025年6月30日止六個月的人民幣53億元增加3.3%至截至2026年6月30日止六個月的人民幣55億
元。研發費用較截至2025年6月30日止六個月保持相對穩定。

銷售、一般及管理費用
銷售、一般及管理費用由截至2025年6月30日止六個月的人民幣52億元減少17.6%至截至2026年6月30日止六個月
的人民幣43億元，主要由於僱員薪酬減少。

2026中期報告

管理層討論及分析

經營利潤 ╱（虧損）
由於上述原因，截至2026年6月30日止六個月的經營虧損為人民幣53億元，而截至2025年6月30日止六個月的經
營利潤則為人民幣11億元。

利息收入及投資收益，淨額
利息收入及投資收益，淨額由截至2025年6月30日止六個月的人民幣10億元減少16.2%至截至2026年6月30日止六
個月的人民幣849.1百萬元，主要由於利息收入減少，部分被股權投資的公允價值變動所抵銷。

所得稅（費用）╱ 收益
截至2026年6月30日止六個月的所得稅收益為人民幣568.8百萬元，而截至2025年6月30日止六個月的所得稅費用
則為人民幣319.8 百萬元，主要由於稅前利潤減少及有效稅率變動。截至2026年6月30日止六個月的有效稅率為
12.5%，而截至2025年6月30日止六個月則為15.5%。

淨利潤 ╱（虧損）
由於上述原因，截至2026年6月30日止六個月的淨虧損為人民幣40億元，而截至2025年6月30日止六個月的淨利
潤則為人民幣17億元。

流動資金以及融資及借款來源
截至2026年6月30日止六個月，我們主要通過我們的現有現金及資本資源為我們的現金需求提供資金。我們的現
金狀況 2 於2026年6月30日為人民幣875億元，而於2025年12月31日則為人民幣1,012億元。
本集團借款於2026年6月30日的到期情況載於本報告未經審計簡明合併財務報表附註12。

重大投資
截至2026年6月30日止六個月，本集團並無作出或持有任何重大投資。

重大收購及出售
截至2026年6月30日止六個月，本集團並無對附屬公司、併表聯屬實體、聯營公司或合營企業進行任何重大收購
或出售。

2.

現金狀況包括現金及現金等價物、受限制現金、定期存款及短期投資，以及包含在長期投資中的長期定期存款及理財產
品。

10

11

理想汽車

管理層討論及分析

抵押資產
截至2026年6月30日，我們抵押若干生產廠房及土地使用權以獲得借款，其詳情載於本報告未經審計簡明合併財
務報表附註12。除本報告所披露者外，我們截至2026年6月30日並無重大抵押資產。

重大投資或資本資產未來計劃
截至2026年6月30日，本集團並無任何重大投資或資本資產的詳細未來計劃。

資產負債比率
截至2026年6月30日，本公司的資產負債比率（即負債總額除以資產總額，按百分比列示）為53.1%（截至2025年
12月31日：52.6%）。

外匯風險敞口
我們的支出主要以人民幣計價，因此我們主要面臨與人民幣兌美元匯率變動有關的風險。我們及我們附屬公司
（其功能貨幣為美元）面臨所持有的以人民幣計值的現金及現金等價物、受限制現金、定期存款及短期投資和長期
理財產品，以及我們附屬公司（其功能貨幣為人民幣）所持有的以美元計值的現金及現金等價物、受限制現金、定
期存款及短期投資和長期理財產品所產生美元匯率波動的影響。我們在我們認為適當的時候為降低匯兌風險而進
行對沖交易。
如果我們需要將美元兌換成人民幣以進行運營，人民幣兌美元升值將對我們自兌換獲得的人民幣金額產生不利影
響。反之，如果我們決定將人民幣兌換成美元以支付給供應商或為我們的A類普通股或美國存託股份支付股息或
用於其他業務用途，則美元兌人民幣的升值將對我們獲得的美元金額產生負面影響。

或然負債
截至2026年6月30日，本公司並無任何重大或然負債。

資本承諾
截至2026年6月30日，本公司的資本承諾為人民幣48億元（截至2025年12月31日：人民幣63億元），主要涉及建造
和購買生產設施、設備和工具。

2026中期報告

管理層討論及分析

僱員及薪酬
報告期間的僱員薪酬費用總額（包括股份支付薪酬費用）為人民幣60億元，而截至2025年6月30日止六個月為人民
幣67億元。
我們的僱員薪酬主要包括薪金、獎金及社會保險繳款。根據適用法律法規，我們繳納了僱員的社會保險（包括養
老金計劃、醫療保險、工傷保險、失業保險及生育保險）及住房公積金。
我們有一個系統的培訓體系，涵蓋管理和專業的職業發展路徑。我們的僱員定期接受來自管理、技術、監管及其
他內部演講者及外部顧問的培訓。我們的僱員也可以通過同事之間的相互學習來提高他們的技能。新僱員將接受
崗前培訓及一般培訓。
截至2026年6月30日，本公司共有27,048名僱員。下表載列截至2026年6月30日按職能劃分的僱員總人數：
截至2026年
職能

6月30日

研發

5,682

生產

8,051

銷售

11,082

一般及管理

2,233

合計

27,048

我們亦已採納2019年股份激勵計劃、2020年股份激勵計劃及2021年股份激勵計劃。

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不同投票權
本公司通過不同投票權進行控制。根據該架構，本公司的股本包括A類普通股及B類普通股。對於提呈本公司股
東大會的任何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟就保留事項有關
的決議案投票除外，在此情況下，每股股份享有一票投票權。
儘管不同投票權受益人並不擁有本公司股本的大部分經濟利益，不同投票權架構令不同投票權受益人仍可對本公
司行使投票控制權。不同投票權受益人目光長遠，實施長期策略，其遠見及領導能使本公司長期受益。
投資者務請留意投資於不同投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益
一致，不同投票權受益人將能對本公司事務及股東決議案的結果施加重大影響。投資者應經適當及審慎考慮後再
作出投資本公司的決定。
不同投票權受益人為李先生。下表載列截至最後實際可行日期不同投票權受益人持有的所有權和投票權：
佔總投票權的

佔實際投票權的

佔已發行及發行

概約百分比

佔總投票權的

概約百分比

佔實際投票權的

在外的股本的

（保留事項

概約百分比

（保留事項

概約百分比

(1)

(1)(2)(3)

(1)(2)(3)

(1)(2)(4)

（保留事項）(1)(2)(4)

股份類別

股份數目

概約百分比

A類普通股

119,170,321

5.73%

2.30%

5.73%

0.21%

0.54%

B類普通股

345,199,159

16.61%

66.57%

16.61%

67.99%

17.52%

合計

464,369,480

22.34%

68.87%

22.34%

68.20%

18.06%

之外事項）

（保留事項）

之外事項）

附註：
(1)

假設概無根據股份激勵計劃或2028年票據的轉換進一步發行股份，且不包括本公司持有的庫存股份。上表所載的若干
百分比數字已作約整。因此，上表內所示的總數未必為其之前數字的算術總和。

(2)

A類普通股股東對其持有的每份股份享有一票投票權，B類普通股股東對其持有的每份股份享有十票投票權（除有關保
留事項的決議案外，每份股份均使股東有一票投票權）。總 ╱ 實際投票權的計算亦計及因行使或歸屬根據股份激勵計劃
授出的獎勵而發行予受託人用於大量發行美國存託股份（留作日後發行）的16,431,018股A類普通股所附帶的投票權。

(3)

假設達成所有業績條件（定義見招股章程），且已就所有首席執行官獎勵股份（為每股享有一票投票權的A類普通股）悉
數支付獎勵溢價（定義見招股章程）。

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(4)

假設達成若干業績條件（定義見招股章程）但未就首席執行官獎勵股份解除限制，且概無就任何首席執行官獎勵股份（為
每股享有一票投票權的A類普通股）支付獎勵溢價（定義見招股章程）。

(5)

截至最後實際可行日期，本公司持有84,711,044 股庫存股份。李先生作為不同投票權受益人，將根據《上市規則》第
8A.21條，按1:1的比例進一步將3,318,614股B類普通股轉換為A類普通股，以使附帶不同投票權的股份比例不會上升，
從而符合《上市規則》第8A.13及8A.15條的規定。

截至最後實際可行日期，李先生通過其中介公司實益擁有並控制合共345,199,159股B類普通股及119,170,321股A
類普通股（其中108,557,400股為每股享有一票投票權的首席執行官獎勵股份）。(i)未計及所有首席執行官獎勵股份
所附帶的投票權；(ii)假設概無根據股份激勵計劃或2028年票據的轉換進一步發行股份；(iii)不計及因行使或歸屬
根據股份激勵計劃授出的獎勵而發行予受託人用於大量發行美國存託股份（留作日後發行）的16,431,018股A類普
通股所附帶的投票權；及(iv)不計及本公司持有的84,711,044股庫存股份所附帶的投票權，李先生的股權(a)約佔
本公司已發行及發行在外的股份的22.34%；(b)就涉及保留事項之外事項的股東決議案而言，約佔本公司投票權的
68.42%；及(c)就涉及保留事項的股東決議案而言，約佔18.21%。李先生通過Cyric Point Enterprises Limited全資
擁有的Amp Lee Ltd.持有B類普通股，而Cyric Point Enterprises Limited的全部權益由李先生（作為授予人）為自身
及其家族的利益建立的信託持有。
B類普通股可按1:1的比例轉換為A類普通股。截至最後實際可行日期，假設所有已發行及發行在外的B類普通股
轉換為A類普通股，本公司將發行345,199,159股A類普通股，約為所有B類普通股獲悉數轉換後已發行及發行在
外的A類普通股屆時經擴大總數的16.61%。根據《上市規則》第8A.22條，當不同投票權受益人不再對我們的任何
B類普通股擁有實益擁有權時，我們的B類普通股所附帶的不同投票權將終止。這可能會在下列情況下發生：
(i)

當發生《上市規則》第8A.17條所列的任何情況時，具體而言，不同投票權受益人：(1)身故；(2)不再
是董事會成員；(3)被聯交所視為無能力履行董事職責；或(4)被聯交所視為已不符合《上市規則》所
載董事規定；

(ii)

當B類普通股持有人將所有B類普通股或其附帶的表決權的實益擁有權或經濟利益轉讓給他人時（《上
市規則》第8A.18條所允許的情況除外）；

(iii)

當代表不同投票權受益人持有B類普通股的公司不再符合《上市規則》第8A.18(2)條時；或

(iv)

當所有B類普通股被轉換為A類普通股時。

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遵守企業管治守則
董事會致力於達致高水準的企業管治。董事會相信，高水準的企業管治對本公司提供架構以保障股東利益及提升
企業價值及問責程度至關重要。本公司已採納《上市規則》附錄C1所載企業管治守則的原則及守則條文作為本公
司的企業管治常規基準。
於報告期間，我們已遵守《上市規則》附錄C1所載的企業管治守則的全部適用守則條文，惟以下守則除外。
企業管治守則守則條文第C.2.1 條建議，但並無規定，董事長及首席執行官的職責應予區分，不應由同一人士擔
任。李先生兼任董事長及本公司首席執行官，故本公司就該條文有所偏離。李先生為我們的創始人且於業務經營
及管理方面擁有豐富經驗。董事會認為，董事長及首席執行官由李先生同時兼任可確保本公司內部的一致領導，
並使整體戰略規劃更有效及更具效率。此結構將確保本公司迅速及有效地作出及執行決定。
董事會認為該安排並不會損害權力及權責的平衡。此外，所有重大決定乃經諮詢董事會成員（包括相關董事委員
會及三名獨立非執行董事）後作出。董事會將不時重新評估董事長及首席執行官的職務分工，經計及本集團的整
體情況，可能會建議日後由不同人士分別擔任該兩項職務。本公司將繼續定期審閱及關注企業管治常規，確保遵
守企業管治守則並維持本公司高標準的企業管治常規。

遵守董事進行證券交易的標準守則
本公司A類普通股於2021年8月12日在聯交所上市，自此，標準守則一直適用於本公司。
本公司已採納管理層證券交易政策（「守則」）
（其條款不遜於《上市規則》附錄C3所載上市發行人董事進行證券交易
的標準守則）作為其證券交易的守則，以規管本公司董事及相關僱員的所有證券交易及守則載列的其他事宜。
經向全體董事及相關僱員作出具體查詢後，彼等確認於報告期間一直遵守守則。

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董事委員會
董事會已成立三個委員會，即審計委員會、薪酬委員會以及提名及企業管治委員會，以監督本公司事務各特定範
疇。各董事委員會均根據其指定職權範圍（憲章）運作。董事委員會的職權範圍（憲章）可於本公司及聯交所網站
查閱。
審計委員會
本公司遵照《上市規則》第3.21條及企業管治守則成立審計委員會。
審計委員會的主要職責為審閱及監督本集團的財務報告程序以及風險管理及內部控制系統、審閱及批准關連交易
以及為董事會提供建議及意見。
審計委員會由三名獨立非執行董事組成，即肖星教授、趙宏強先生及姜震宇先生，其中肖教授擔任審計委員會主
席。肖教授及趙宏強先生均具備《上市規則》第3.10(2)及3.21條所規定的適當專業資格。
審計委員會已審閱本公司截至2026年6月30日止六個月的未經審計簡明合併中期業績及本中期報告，並已與獨立
核數師會面。審計委員會亦已與本公司高級管理層成員討論有關本公司採用會計政策及常規事宜以及內部控制及
財務報告事宜。
此外，獨立核數師已按照國際審閱準則第2410號「由實體的獨立核數師執行中期財務資料審閱」審閱我們截至2026
年6月30日止六個月的未經審計簡明合併財務報表。
薪酬委員會
本公司遵照《上市規則》第3.25條及企業管治守則成立薪酬委員會。
薪酬委員會的主要職責為審視董事的表現及審查董事薪酬並就董事薪酬及其服務合約向董事會作出建議，評估首
席執行官及首席財務官的表現並就其薪酬條款進行審查及向董事會作出建議，審查和批准其他高級管理人員和高
級管理層的薪酬及僱員福利計劃，審查及 ╱ 或批准與《上市規則》第十七章的股份計劃有關的事宜，及於本公司企
業管治報告中對所審查及 ╱ 或批准的重大事項作出相關披露。
薪酬委員會由三名董事組成，即執行董事李想先生、獨立非執行董事趙宏強先生及姜震宇先生，其中趙先生擔任
薪酬委員會主席。

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於報告期間，本公司(i)向李鐵先生授予10,000,000份購股權、向馬東輝先生授予15,000,000份購股權及向謝炎先生
授予10,000,000份購股權，於實現績效目標後，歸屬期可能少於12個月；及(ii)向馬東輝先生授予300,000股受限
制股份單位，歸屬期少於12個月。薪酬委員會認為歸屬期少於12個月屬適當且有關安排符合2019年計劃及2020年
計劃的目的。進一步詳情請參閱本公司日期為2026年6月16日的公告。
提名及企業管治委員會
本公司遵照企業管治守則及《上市規則》第3.27A、8A.27、8A.28及8A.30條成立提名及企業管治委員會。
提名及企業管治委員會的主要職責為（其中包括）：就其提名職能而言，至少每年與董事會檢討整個董事會的架
構、人數及組成，協助董事會維持董事會技能矩陣，並就為使董事會反映董事會整體獨立性、知識、經驗、技
能、專長及多元化適當均衡而須採取的措施提出建議（如必要）及擁有納斯達克股票市場及聯交所規定的至少最低
數目的獨立董事，及為實施本公司公司策略，評估獨立非執行董事的獨立性而擬對董事會作出的變動提出建議，
制定和向董事會建議董事會和下屬委員會成員資格的標準，向董事會建議提名為董事和各董事會下屬委員會成員
的人選，制定並向董事會推薦一套企業管治指引；為本公司定期評估董事會表現提供支持，及就其企業管治職能
而言，確保本公司的營運及管理符合全體股東的利益，亦確保本公司遵守《上市規則》並維護本公司的不同投票權
架構。
提名及企業管治委員會由三名獨立非執行董事組成，即肖星教授、趙宏強先生及姜震宇先生。姜先生擔任提名及
企業管治委員會主席。
提名及企業管治委員會須向董事會確認，其是否認為本公司已採納足夠企業管治措施，管理本集團與不同投票權
受益人之間的潛在利益衝突，以確保本公司營運及管理一致符合股東整體利益。
提名及企業管治委員會須檢討合規顧問的薪酬及委聘條款，並向董事會確認，其並不知悉任何因素，可能致使其
須建議是否解聘現任合規顧問或委聘新合規顧問。
於2026年3月12日，提名及企業管治委員會舉行會議並審議及 ╱ 或報告以下事宜：

董事會組成、規模及程序
(a)

董事會及董事委員會的架構、規模及組成以及董事委員會的職能；

(b)

獨立非執行董事的獨立性；

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企業管治

企業管治
(c)

董事及高級管理人員的培訓及持續專業發展；

(d)

適用於僱員及董事的操守準則及員工手冊；

(e)

本公司對企業管治守則的遵守情況；

(f)

本公司的利益衝突管理及本公司、其附屬公司及 ╱ 或股東（作為一方）與不同投票權受益人（作為另一方）
之間的任何潛在利益衝突；

(g)

與本公司不同投票權架構有關的所有風險，包括本公司及其附屬公司或併表聯屬實體（作為一方）與任何不
同投票權受益人（作為另一方）訂立的關連交易；

(h)

本公司與股東之間持續溝通的有效性，尤其當涉及《上市規則》第8A.35條的規定時；

(i)

本公司的企業管治政策及常規的充足性；

(j)

本公司有關遵守法律及監管要求的政策及實踐；及

(k)

《上市規則》第8A.30條所涵蓋的事項。

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理想汽車

其他資料

董事及最高行政人員於本公司或其任何相聯法團的股份、相關股份及債權證之權益及淡倉
截至2026年6月30日，本公司董事及最高行政人員於本公司或其相聯法團（定義見《證券及期貨條例》第XV部）的
股份、相關股份及債權證中擁有須(a)根據《證券及期貨條例》第XV部第7及第8分部通知本公司及聯交所的權益及
淡倉（包括根據《證券及期貨條例》有關條文其被當作或被視為擁有的權益及淡倉），或(b)記錄於本公司根據《證券
及期貨條例》第352條存置的登記冊的權益及淡倉，或(c)根據標準守則另行通知本公司及聯交所的權益及淡倉如
下：
在各類股份中所佔
股份數目

概約權益百分比 (1)

109,268,881股A類普通股 (2)

6.04%

355,100,599股B類普通股 (2)

100.00%

14,373,299股A類普通股 (3)

0.79%

實益權益

20,000,000股A類普通股 (4)

1.11%

實益權益

400,000股A類普通股

(4)

0.02%

實益權益

24,000,000股A類普通股

(5)

1.33%

實益權益

1,500,000股A類普通股 (5)

0.08%

實益權益

407,680股A類普通股

(5)

0.02%

109,803,276股A類普通股

(6)

6.07%

258,171,601股A類普通股 (7)

14.28%

83,078,960股A類普通股 (8)

4.59%

姓名

權益性質

李先生

於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人
於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人

李鐵先生

於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人

馬東輝先生

王興先生

於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人
於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人

樊錚先生

於受控法團的權益 ╱ 全權信託
成立人 ╱ 信託受益人

2026中期報告

其他資料

附註：
(1)

截至2026年6月30日，本公司已發行合共2,163,524,268股股份，包括1,808,423,669股A類普通股（包括本公司作為庫存
股份持有的64,532,128股A類普通股）及355,100,599股B類普通股。上述計算乃基於截至2026年6月30日已發行的相關類
別股份的總數。

(2)

於英屬維爾京群島註冊成立且由Cyric Point Enterprises Limited全資擁有的公司Amp Lee Ltd.持有355,100,599股B類
普通股及109,268,881股A類普通股（其中108,557,400股為每股享有一票投票權的首席執行官獎勵股份）。於Cyric Point
Enterprises Limited的全部權益由李先生（作為授予人）為李先生及其家人的利益設立的信託持有。因此，李先生被視為
於Amp Lee Ltd.持有的A類普通股及B類普通股中擁有權益。

(3)

此項包括Sea Wave Overseas Limited持有的14,373,299股A類普通股。Sea Wave Overseas Limited是一家於英屬維爾京
群島註冊成立的公司，由Day Express Group Limited全資擁有。於Day Express Group Limited的全部權益由李鐵先生（作
為授予人）為李鐵先生及其家人的利益設立的信託持有。因此，李鐵先生被視為於Sea Wave Overseas Limited持有的A
類普通股中擁有權益。

(4)

指李鐵先生有權根據股份激勵計劃項下授予其的購股權獲行使獲得最多20,000,000股A類普通股及根據股份激勵計劃授
予其的400,000份受限制股份單位（受該等購股權及受限制股份單位的條件（包括歸屬條件）規限）。

(5)

指馬東輝先生有權根據股份激勵計劃項下授予其的購股權獲行使獲得最多24,000,000股A類普通股及根據股份激勵計劃
授予其的1,500,000份受限制股份單位（受該等購股權及受限制股份單位的條件（包括歸屬條件）規限）。馬東輝先生亦於
407,680股A類普通股中擁有權益。

(6)

此項包括Zijin Global Inc.持有的109,803,276股A類普通股。Zijin Global Inc.是一家於英屬維爾京群島註冊成立的公司，
由Songtao Limited全資擁有。於Songtao Limited的全部權益由王興先生（作為授予人）為王興先生及其家人的利益設立
的信託持有，其中TMF (Cayman) Ltd.擔任受託人。因此，王興先生被視為於Zijin Global Inc.持有的A類普通股中擁有
權益。

(7)

此項包括Inspired Elite Investments Limited（一家於英屬維爾京群島註冊成立的公司）持有的258,171,601股A類普通股。
Inspired Elite Investments Limited是美团（一家於開曼群島註冊成立並於聯交所上市的公司，股份代號：3690）的全資附
屬公司。王興先生為美团的董事及控股股東。因此，王興先生被視為於Inspired Elite Investments Limited持有的A類普
通股中擁有權益。

(8)

此項包括Rainbow Six Limited持有的83,078,960股A類普通股。Rainbow Six Limited是一家於英屬維爾京群島註冊成立
的公司，由Star Features Developments Limited全資擁有。於Star Features Developments Limited的全部權益由樊錚先生
（作為授予人）為樊錚先生及其家人的利益設立的信託持有。因此，樊錚先生被視為於Rainbow Six Limited持有的A類普
通股中擁有權益。

除上文所披露者外，截至2026年6月30日，據任何董事或本公司最高行政人員所知悉，董事及本公司最高行政人
員概無於本公司或其相聯法團（定義見《證券及期貨條例》第XV部）的股份、相關股份或債權證中擁有任何(a)根據
《證券及期貨條例》第352條須列入該條所指登記冊的權益或淡倉；或(b)根據標準守則須知會本公司及聯交所的權
益或淡倉。

20

21

理想汽車

其他資料

主要股東於股份及相關股份之權益及淡倉
於2026年6月30日，下列人士（權益已於本中期報告披露的董事及最高行政人員除外）於股份及相關股份中擁有根
據《證券及期貨條例》第XV部第2及第3分部的條文須向本公司披露或記錄於本公司根據《證券及期貨條例》第336
條須存置的登記冊的權益或淡倉：
在各類股份中
所佔概約權益
姓名

身份 ╱ 權益性質

股份數目

百分比 (1)

A類普通股
Inspired Elite Investments Limited(2)

實益權益

258,171,601(L)

14.28%

美团 (2)

於受控法團的權益

258,171,601(L)

14.28%

實益權益

109,803,276(L)

6.07%

於受控法團的權益 ╱ 全權信託

367,974,877(L)

20.35%

Zijin Global Inc.
王興先生

(3)

(2)(3)

成立人 ╱ 信託受益人
Amp Lee Ltd.(4)

實益權益

109,268,881(L)

6.04%

李先生

於受控法團的權益 ╱ 全權信託

109,268,881(L)

6.04%

受託人

267,654,418(L)

14.80%

投資經理

4,645,009(L)

0.26%

受託人

267,654,418(S)

14.80%

Amp Lee Ltd.(4)

實益權益

355,100,599(L)

100.00%

李先生

於受控法團的權益 ╱ 全權信託

355,100,599(L)

100.00%

(4)

成立人 ╱ 信託受益人
Deutsche Bank Aktiengesellschaft

(5)

B類普通股
(4)

成立人 ╱ 信託受益人
附註：
(1)

於2026年6月30日，本公司已發行合共2,163,524,268股股份，包括1,808,423,669股A類普通股（包括本公司作為庫存股
份持有的64,532,128股A類普通股）及355,100,599股B類普通股。上述計算乃基於截至2026年6月30日已發行的相關類別
股份的總數。字母「L」代表好倉，字母「S」代表淡倉。

(2)

Inspired Elite Investments Limited是一家於英屬維爾京群島註冊成立的公司。Inspired Elite Investments Limited是美团
（一家於開曼群島註冊成立並於聯交所上市的公司（股份代號：3690））的全資附屬公司。因此，美团被視為於Inspired
Elite Investments Limited持有的A類普通股中擁有權益。

2026中期報告

其他資料

(3)

Zijin Global Inc.是一家於英屬維爾京群島註冊成立的公司。Zijin Global Inc.由Songtao Limited全資擁有。Songtao
Limited的全部權益由我們的非執行董事王興先生（作為授予人）通過其為自身及其家人的利益建立的信託持有，受託人
為TMF (Cayman) Ltd.。因此，王興先生被視為於Zijin Global Inc.持有的A類普通股中擁有權益。此外，王興先生為美
团的董事兼控股股東，因此被視為於Inspired Elite Investments Limited持有的A類普通股中擁有權益。

(4)

Amp Lee Ltd.是一家於英屬維爾京群島註冊成立的公司，由Cyric Point Enterprises Limited全資擁有。Cyric Point
Enterprises Limited的全部權益由我們的執行董事兼控股股東李先生（作為授予人）通過其為李先生及其家人利益建立的
信託持有。因此，李先生被視為於Amp Lee Ltd.持有的A類普通股及B類普通股中擁有權益。

(5)

Deutsche Bank Aktiengesellschaft是一家於德意志聯邦共和國註冊成立的公司，通過其附屬公司Deutsche Bank Trust
Company Americas擔任本公司美國存託憑證計劃的受託人。

除上文所披露者外，於2026年6月30日，除董事（其權益載於「董事及最高行政人員於本公司或其任何相聯法團的
股份、相關股份及債權證之權益及淡倉」一節）外，概無其他人士於股份及相關股份中擁有根據《證券及期貨條例》
第XV部第2及第3分部的條文須向本公司披露或須記錄於本公司根據《證券及期貨條例》第336條須存置的登記冊
的權益或淡倉。

股份激勵計劃
本公司有2019年計劃、2020年計劃及2021年計劃。自2023年1月1日起，本公司依賴針對現有股份計劃的過渡安
排，並相應遵守第十七章。
於報告期間，(i)根據2020年計劃已授出35,000,000份購股權，及(ii)根據2019年計劃已授出5,557,200份受限制股
份單位。報告期間因本公司所有股份計劃項下授出的購股權及獎勵而可能發行的股份數目，除以報告期間已發行
股份（不包括庫存股份（定義見《上市規則》），如有）的加權平均數後，兩者之商為2.01%。
各股份計劃的詳情載列如下。
1.

2019年計劃
2019年計劃的主要條款（經修訂）如下所述。
目的。2019年計劃的目的為取得及挽留有價值僱員、董事或顧問的服務並向該等人士提供激勵以激發彼等
最大能力實現業務成功。
合資格參與者。我們可向本公司僱員、顧問及董事授出獎勵。
獎勵。2019年計劃允許授予購股權獎勵、受限制股份、受限制股份單位獎勵及股票增值權或董事會批准的
其他類型獎勵。

22

23

理想汽車

其他資料

可供發行的新A類普通股數目。根據2019年計劃相關股份的整體數目限額為141,083,452股A類普通股，其
中僅有最多123,349,000股可根據以購股權形式授出的獎勵予以發行。於報告期初及期末，根據2019年計劃
可供授出的獎勵數目分別為31,752,622股及29,783,362股，其中根據2019年計劃可供以購股權形式授出的獎
勵數目分別為31,752,622股及29,783,362股。截至最後實際可行日期，根據2019年計劃可供發行的股份最高
數目為83,432,918股，佔最後實際可行日期全部已發行股份（不包括庫存股份）的約4.01%。
各參與者的最高配額。除非經股東於股東大會上批准，否則於任何12個月期間，因行使根據2019年計劃及
本公司任何其他計劃向合資格參與者授出及將授出的購股權而發行及將發行的A類普通股總數，不得超過
於任何授予日期已發行及發行在外的A類普通股的1%。根據2019年計劃向顧問 ╱ 服務提供商授出並無分項
限額。
對價及購買價。委員會或董事會釐定（其中包括）合資格收取獎勵的參與者、將向各合資格參與者授出的獎
勵類型、將向各合資格參與者授出的獎勵數目以及授出的各項獎勵的條款及條件。申請或接受獎勵時無須
支付現金代價。
購股權行權價格。計劃管理人釐定各獎勵的行權價格，此於相關獎勵協議中呈列且不得低於股份於授予日
期的公允市場價值，須為以下各項的較高者：(i)該等股份或證券於授予日期在本公司股份或證券上市的主
要交易所或系統（由董事會或獲授權管理計劃的委員會確定）呈報的收市售價；及(ii)緊接授予日期前五個
營業日在本公司股份或證券上市的主要交易所或系統呈報的平均收市售價。
購股權行使期。最大行使期限為自授予日期起計10年。
歸屬期。一般而言，計劃管理人釐定歸屬時間表，其於相關獎勵協議中列明。
期限及剩餘年期。除非提早終止，否則2019年計劃的期限為十年。截至本報告日期，2019年計劃的剩餘年
期約為兩年十個月。

2026中期報告

其他資料

2019年計劃下發行在外購股權的詳情如下：

姓名╱類別

行使價格

報告期初

報告期內

報告期內

報告期內

報告期內

報告期內

報告期末

授予日期

歸屬期

行使期

（美元）

發行在外

授予

已歸屬

已行使

已失效

已註銷

發行在外

馬東輝先生

2019年12月1日

5年

10年

0.1

8,000,000

0

0

0

0

0

8,000,000

李鐵先生

2019年12月1日

5年

10年

0.1

10,000,000

0

0

0

0

0 10,000,000

其他僱員參與者

2019年12月1日至 1.5至5年

10年

0.1

11,396,716

0

14,000

4,363,600

0

0

董事、最高行政人員及其各自聯繫人

7,033,116

2021年1月1日
附註：
1.

報告期間根據2019年計劃並無授出購股權。

2.

就報告期間已行使的購股權而言，A類普通股於緊接購股權獲行使日期前的加權平均收市價為71.52港元。

3.

除上表所披露者外，報告期內概無根據2019年計劃向(i)董事、最高行政人員、本公司主要股東及其各自聯繫人，(ii)於
任何12個月期間已授出及將授出的購股權或獎勵超過相關類別已發行股份（不包括庫存股份）0.1%的相關實體參與者或
服務提供商，(iii)已授出及將授出的購股權及獎勵超過1%個人限額的參與者，或(iv)其他僱員參與者、相關實體參與者
及服務提供商授予發行在外購股權。

根據2019年計劃授出的發行在外受限制股份單位的詳情如下：
購買價格
（美元╱
姓名╱類別

報告期初

報告期內

報告期內

報告期內

報告期內

報告期末

每份受限制

授予日期

歸屬期

發行在外

授予

已歸屬

已失效

已註銷

發行在外

股份單位）

馬東輝先生

2026年6月15日

4.5年

0

1,500,000

0

0

0

1,500,000

0.1

其他僱員參與者

2022年7月1日至2026年 0至5.5年

32,022,520

4,057,200

5,366,340

3,587,940

0

27,125,440

0.1

董事、最高行政人員及其各自聯繫人

6月15日

24

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理想汽車

其他資料

於報告期間，根據2019年計劃授出的發行在外受限制股份單位的進一步詳情如下：
購買價格
（美元╱
姓名╱類別

授予日期

歸屬期

報告期初

報告期內

報告期內

報告期內

報告期內

報告期末

每份受限制

發行在外

授予

已歸屬

已失效

已註銷

發行在外

股份單位）

董事、最高行政人員及其各自聯繫人
馬東輝先生

2026年6月15日

4.5年

0

1,500,000

0

0

0

1,500,000

0.1

其他僱員參與者

2026年6月15日

3至5.5年

0

4,057,200

63,600

6,000

0

3,987,600

0.1

附註：
1.

報告期間根據2019年計劃授出的受限制股份單位無須支付對價。

2.

於報告期內授出的受限制股份單位須待達成與表現評估結果、遵守內部規則及有關（其中包括）誠信保密的法規以及
董事會或董事會轄下一個或多個委員會不時根據2019年計劃的計劃規則釐定的履約責任相關的若干表現目標後方可歸
屬。本公司已制定一套標準表現評估制度，以根據因承授人角色及職責而異的指標矩陣對承授人於本集團的表現及貢獻
作出全面評估。有關指標包括但不限於工作質量、效率、合作及管理。本公司將根據承授人於有關期間的表現評估結果
釐定其是否符合表現目標。倘於表現評估中的評估結果不令人滿意，將歸屬於承授人的部分受限制股份單位將被沒收。
於報告期間已授出的受限制股份單位中，(1)授予馬東輝先生的300,000份受限制股份單位將於授予日期後12個月內歸屬
及(2) 4,057,200份受限制股份單位的0.8%根據2019年計劃於2026年6月15日授予本集團僱員，可分幾批歸屬，第一批將
於授予日期後12個月內歸屬，總歸屬期超過12個月。2019年計劃項下概無有關歸屬期不超過12個月的限制。有關進一
步詳情，請參閱本公司日期為2026年6月16日的公告。

3.

於2026年6月15日，報告期間所授出受限制股份單位的公允價值為55.60港元。公允價值根據編製本公司財務報表時所
採納的會計準則及政策計算。相關A類普通股的公允價值、計算公允價值所採用的會計準則及政策詳情，請參閱未經審
計簡明合併財務報表附註2(w)及20。

4.

就報告期間已歸屬的受限制股份單位而言，A類普通股於緊接受限制股份單位歸屬日期前的加權平均收市價為56.16港
元。

5.

2026年6月12日（即緊接2026年6月15日前的營業日），於聯交所交易的股份的收市價為每股57.0港元。2026年6月12日
（即緊接2026年6月15日前的營業日），於納斯達克交易的美國存託股份的收市價為每股美國存託股份14.3美元。

6.

除上述所披露者外，報告期內概無根據2019年計劃向(i)董事、最高行政人員、本公司主要股東及其各自聯繫人，(ii)相
關實體參與者或於任何12個月期間已授出及將授出的購股權或獎勵超過0.1%個人限額的服務提供商，(iii)已授出及將授
出的購股權及獎勵超過1%個人限額的參與者，或(iv)其他僱員參與者，相關實體參與者及服務提供商授予發行在外受限
制股份單位。

2026中期報告

其他資料

2.

2020年計劃
2020年計劃的主要條款（經修訂）如下所述。
目的。2020年計劃的目的為取得及挽留有價值僱員、董事或顧問的服務並向該等人士提供激勵以激發彼等
最大能力實現業務成功。
合資格參與者。我們可向本公司董事、顧問及僱員授出獎勵。
獎勵。2020 年計劃允許授予購股權獎勵、受限制股份、受限制股份單位獎勵或董事會批准的其他類型獎
勵。
可供發行的A類普通股最高數目。根據2020年計劃相關股份的整體數目限額為165,696,625股A類普通股，
其中僅有最多138,473,500股可根據以購股權形式授出的獎勵予以發行。於報告期初及期末，根據2020年計
劃可供授出的獎勵數目分別為116,721,839股及82,580,439股，其中根據2020年計劃可供以購股權形式授出
的獎勵數目分別為113,020,600股及78,092,800股。截至最後實際可行日期，根據2020年計劃可供發行的股
份最高數目為134,938,701股，佔最後實際可行日期全部已發行股份（不包括庫存股）的約6.5%。
各參與者的最高配額。除非經股東於股東大會上批准，否則於任何12個月期間，因行使根據2020年計劃及
本公司任何其他計劃向合資格參與者授出及將授出的購股權而發行及將發行的A類普通股總數，不得超過
於任何授予日期已發行及發行在外的A類普通股的1%。根據2020年計劃向顧問 ╱ 服務提供商授出並無分項
限額。
購股權行權價格。計劃管理人釐定各獎勵的行權價格，此於相關獎勵協議中呈列且不得低於股份於授予日
期的公允市場價值，須為以下各項的較高者：(i)該等股份或證券於授予日期在本公司股份或證券上市的主
要交易所或系統（由董事會或獲授權管理計劃的委員會確定）呈報的收市售價；及(ii)緊接授予日期前五個
營業日在本公司股份或證券上市的主要交易所或系統呈報的平均收市售價。
對價及購買價。委員會或董事會釐定（其中包括）合資格收取獎勵的參與者、將向各合資格參與者授出的獎
勵類型、將向各合資格參與者授出的獎勵數目以及授出的各項獎勵的條款及條件。申請或接受獎勵時並無
應付現金代價。
購股權行使期。最大行使期限為自授予日期起計10年。
歸屬期。一般而言，計劃管理人釐定歸屬時間表，其於相關獎勵協議中列明。
期限及剩餘年期。除非提早終止，否則2020年計劃的期限為十年。截至本報告日期，2020年計劃的剩餘年
期約為三年十個月。

26

27

理想汽車

其他資料

2020年計劃下發行在外購股權的詳情如下：
報告
姓名╱類別

行權價格

期初發行

報告期內

報告期內

報告期內

報告期內

報告期內

報告期末

授予日期

歸屬期

行使期

（美元）

在外

授予

已歸屬

已行使

已失效

已註銷

發行在外

2021年1月1日

5年

10年

0.1

1,000,000

0

200,000

0

0

0

1,000,000

董事、最高行政人員及其各自聯繫人
馬東輝先生

2026年6月15日

附註2

10年

7.190

0 15,000,000

0

0

0

0 15,000,000

李鐵先生

2026年6月15日

附註2

10年

7.190

0 10,000,000

0

0

0

0 10,000,000

其他僱員參與者

2021年1月1日及 1至5年

10年

0.1 12,661,650

0

1,624,000

827,388

72,200

0 11,762,062

10年

7.190

0 10,000,000

0

0

0

0 10,000,000

2021年7月1日
2026年6月15日

附註2

於報告期間，2020年計劃下授出的發行在外購股權的進一步詳情如下：
報告
姓名╱類別

行權價格

期初發行

報告期內

報告期內

報告期內

報告期內

報告期內

報告期末

授予日期

歸屬期

行使期

（美元）

在外

授予

已歸屬

已行使

已失效

已註銷

發行在外

馬東輝先生

2026年6月15日

附註2

10年

7.190

0

15,000,000

0

0

0

0

15,000,000

李鐵先生

2026年6月15日

附註2

10年

7.190

0

10,000,000

0

0

0

0

10,000,000

其他僱員參與者

2026年6月15日

附註2

10年

7.190

0

10,000,000

0

0

0

0

10,000,000

董事、最高行政人員及
其各自聯繫人

附註：
1.

報告期間根據2020年計劃授出的購股權無須支付對價。

2.

於報告期內在2026年6月15日授出的購股權歸屬時間表，須取決於與本公司市值有關的若干績效目標的達成情況。該市
值乃按(i)股份於聯交所連續30個交易日的平均收市價，與(ii)已發行股份總數（不包括《上市規則》所定義的庫存股份（如
有））的乘積計算。所授出購股權的各20%批次，將分別於本公司在聯交所的市值首次達到2,000億港元、4,000億港元、
6,000億港元、8,000億港元或1萬億港元時歸屬。有關進一步詳情，請參閱本公司日期為2026年6月16日的公告。

3.

於2026年6月15日，報告期間所授出購股權的公允價值為32.49港元。公允價值根據編製本公司財務報表時所採納的會
計準則及政策計算。相關A類普通股的公允價值、計算公允價值所採用的會計準則及政策詳情，請參閱未經審計簡明合
併財務報表附註2(w)及20。

2026中期報告

其他資料

4.

就報告期間已行使的購股權而言，A類普通股於緊接購股權獲行使日期前的加權平均收市價為63.86港元。

5.

2026年6月12日（即緊接2026年6月15日前的營業日），於聯交所交易的股份的收市價為每股57.0港元。2026年6月12日
（即緊接2026年6月15日前的營業日），於納斯達克交易的美國存託股份的收市價為每股美國存託股份14.3美元。

6.

除上述所披露者外，報告期內概無根據2020年計劃向(i)董事、最高行政人員、本公司主要股東及其各自聯繫人，(ii)相
關實體參與者或於任何12個月期間已授出及將授出的購股權或獎勵超過0.1%個人限額的服務提供商，(iii)已授出及將授
出的購股權及獎勵超過1%個人限額的參與者，或(iv)其他僱員參與者、相關實體參與者及服務提供商授予發行在外購股
權。

根據2020年計劃授出的發行在外受限制股份單位的詳情如下：
購買價格
（美元╱
姓名╱類別

報告期初

報告期內

報告期內

報告期內

報告期內

報告期末 每份受限制

授予日期

歸屬期

發行在外

授予

已歸屬

已失效

已註銷

發行在外

股份單位）

李鐵先生

2022年1月1日

5年

400,000

0

0

0

0

400,000

0.1

其他僱員參與者

2021年7月1日至

1.5年至5年

5,320,500

0

271,000

786,400

0

4,263,100

0.1

董事、最高行政人員及其各自聯繫人

2023年1月1日
附註：
1.

報告期內並無根據2020年計劃授出受限制股份單位。

2.

就報告期間歸屬的受限制股份單位而言，股份於緊接受限制股份單位歸屬當日前的加權平均收市價為56.17港元。

3.

除上述所披露者外，報告期內概無根據2020年計劃向(i)董事、最高行政人員、本公司主要股東及其各自聯繫人，(ii)相
關實體參與者或於任何12個月期間已授出及將授出的購股權或獎勵超過0.1%個人限額的服務提供商，(iii)已授出及將授
出的購股權及獎勵超過1%個人限額的參與者，或(iv)其他僱員參與者、相關實體參與者及服務提供商授予發行在外受限
制股份單位。

28

29

理想汽車

其他資料

3.

2021年計劃
以下為董事會於2021年3月8日批准的本公司2021年計劃的主要條款概要。
目的。2021年計劃的目的為取得及挽留有價值僱員、董事或顧問的服務並向該等人士提供激勵以激發彼等
最大能力實現商業成功。
合資格參與者。我們可向董事、顧問及本公司僱員授出獎勵。
可供發行的B類普通股最高數目。根據2021 年計劃項下所有獎勵可能獲發行的B 類普通股的最大總數為
108,557,400股B類普通股。經計及首席執行官獎勵（詳情載於下文），截至本報告日期該計劃項下並無新B
類普通股（佔截至最後實際可行日期已發行股份總數0%）可供發行。於2026年1月1日及2026年6月30日，
根據2021年計劃可供授出的獎勵數目分別為0股及0股。
各參與者的最高配額。根據2021年計劃，可授予單一合資格參與者但根據2021年計劃未歸屬的股份的最高
數目並無具體限額。根據2021年計劃向顧問 ╱ 服務提供商授出並無分項限額。
購股權行使期。最大行使期限為自授予日期起計10年。
歸屬期。一般而言，計劃管理人釐定歸屬時間表，其於相關獎勵協議中列明。
對價及購買價。委員會或董事會釐定（其中包括）合資格收取獎勵的參與者、將向各合資格參與者授出的獎
勵類型、將向各合資格參與者授出的獎勵數目以及授出的各項獎勵的條款及條件。申請或接受獎勵時並無
應付現金代價。
期限及剩餘年期。除非提早終止，否則2021年計劃的期限為十年。截至本報告日期，2021年計劃的剩餘年
期約為四年六個月。
於報告期間，並無根據2021年計劃授出獎勵。於2026年1月1日及2026年6月30日，2021年計劃下並無尚未
行使的授予。首席執行官獎勵詳情請參閱下文。

2026中期報告

其他資料

4.

首席執行官獎勵
2021年計劃項下相關股份數目的總體限額為108,557,400股B類普通股。
於2021年3月8日，根據2021年計劃，本公司授予董事長、執行董事兼首席執行官李先生購買108,557,400
股B類普通股的期權。該首席執行官獎勵的到期日為2031年3月8日。
期權的行權價為每股14.63美元（根據納斯達克全球精選市場報告，即緊接授予日期前三十個交易日我們每
股美國存託股份的平均收市價，每股美國存託股份相當於兩股A類普通股）。期權被均分為六批，每批為
18,092,900股，並受招股章程定義的業績條件所述相同歸屬條件所規限。
於2021年5月5日，董事會決定將首席執行官獎勵的形式由期權變更為108,557,400股B類普通股獎勵或首席
執行官獎勵股份。首席執行官獎勵股份已於2021年5月5日全額妥為發行予Amp Lee Ltd.（ 由李先生合法實
益全資擁有的公司），作為註冊合法及實益擁有人。於同日，根據首席執行官獎勵授予的所有期權（於相關
時間均未歸屬或被行使）被終止和註銷。根據首席執行官獎勵的條款，李先生已同意，首席執行官獎勵股
份附帶的股東權利應遵守若干限制、條款及條件。根據李先生於2021年7月26日向董事會提交的轉換通知
及董事會於2021年7月27日通過的書面決議案，所有首席執行官獎勵股份由B類普通股按一比一基準轉換為
A類普通股，緊隨上市後生效。詳情請參閱招股章程「董事及高級管理層 － 授予首席執行官獎勵」一節。
於最後實際可行日期，由於截至2024年12月31日止連續12個月內的車輛交付總量超過500,000輛，分成六
個等額批次的首批首席執行官獎勵股份（即合共18,092,900股A類普通股）的業績條件（定義見招股章程）已
達成。本公司獲悉李先生目前並不打算就該批首席執行官獎勵股份支付獎勵溢價（定義見招股章程）。因
此，該等首席執行官獎勵股份仍受限於適用於該等首席執行官獎勵股份的限制，且本公司將繼續監察李先
生對有關限制的遵守情況。於報告期間，2021年計劃項下概無發行在外、已歸屬、已註銷、已失效的購股
權或獎勵。於最後實際可行日期，根據2021年計劃概無可供發行的股份。

購買、出售或贖回本公司的上市證券或出售庫存股份
於2026年3月24日，董事會授權及批准一項股份購回計劃，據此，本公司可於批准日起直至2027年3月31日止期
間購回其價值不超過10 億美元的發行在外之A類普通股及 ╱ 或美國存託股份。更多詳情，請參閱本公司日期為
2026年3月24日的公告。
於報告期間及直至最後實際可行日期，本公司以23億港元的總代價於聯交所購回合共44,160,200股A類普通股及
以289.2百萬美元的總代價於納斯達克購回合共40,550,844股A類普通股（由20,275,422股美國存託股份代表）。

30

31

理想汽車

其他資料

本公司於報告期間及直至最後實際可行日期作出購回的詳情如下：
聯交所
購回A類
購回月份

普通股數目

已付每股價格
最高價

最低價

總代價

（港元）

（港元）

（港元）

2026年3月

2,928,100

71.1000

67.2500

201,901,161.91

2026年6月

41,232,100

61.9000

45.4000

2,137,994,466.14

總計

44,160,200

2,339,895,628.05

納斯達克
購回美國存託
股份代表的A類
購回月份

普通股數目

已付每股價格
最高價

最低價

總代價

（美元）

（美元）

（美元）

2026年3月

1,397,876

9.0800

8.6550

12,348,327.57

2026年4月

2,183,776

9.0000

8.6000

19,385,916.52

2026年5月

14,210,276

9.0000

7.4575

115,120,067.24

2026年6月

2,580,000

6.4000

6.1750

16,376,292.00

2026年7月

20,178,916

7.0000

5.8400

125,972,712.37

總計

40,550,844

289,203,315.70

除上文所披露者外，於報告期間及直至最後實際可行日期，本公司或其任何附屬公司概無購買、出售或贖回任何
於聯交所及納斯達克上市的本公司證券或出售任何庫存股份（根據《上市規則》所界定）。截至最後實際可行日期，
本公司持有84,711,044 股庫存股份（根據《上市規則》所界定），擬根據適用規則及規例使用，包括但不限於轉售
以換取現金、轉讓以滿足股份計劃項下的股份授出及註銷。有關本公司於報告期末持有的庫存股份數目，請參閱
「董事及最高行政人員於本公司或其任何相聯法團的股份、相關股份及債權證之權益及淡倉」一節附註(1)。
由於84,711,044股所回購的A類普通股作為庫存股份持有且不附帶任何投票權，李想先生作為不同投票權受益人，
已根據《上市規則》第8A.21條，按一對一比例將合共10,612,921股B類普通股轉換為A類普通股，並將進一步按一
對一比例將3,318,614股B類普通股轉換為A類普通股，以便根據《上市規則》第8A.13及8A.15條的規定，使附有不
同投票權的股份比例不會增加。

2026中期報告

其他資料

根據《上市規則》第13.51B(1)條董事資料的變動
李鐵先生已辭任固生堂控股有限公司（聯交所證券代碼：2273）獨立非執行董事，自2026年5月12日起生效。
除上述披露外，自本公司截至2025年12月31日止年度的年報日期起，概無須根據《上市規則》第13.51B(1)條予以
披露的資料。

中期股息
董事會概無建議派發截至2026年6月30日止六個月的中期股息。

合約安排
2001年12月11日，國務院頒佈《外商投資電信企業管理規定》並於2008年9月10日、2016年2月6日及2022年4月7
日對其進行修訂。根據新修訂的《外商投資電信企業管理規定》，經營增值電信業務（包括提供互聯網信息服務）的
外商投資電信企業的外方投資者在企業中的出資比例，最終不得超過50%。新修訂的《外商投資電信企業管理規
定》於2022年5月1日生效，廢除原《外商投資電信企業管理規定》所載於從事增值電信業務的中國公司中持有股權
的主要外商投資者的資質要求。2024年4月8日，中華人民共和國工業和信息化部（「工信部」）發佈《關於開展增值
電信業務擴大對外開放試點工作的通告》。根據通告，工信部率先在北京、上海、海南及深圳特定地區啟動增值電
信業務擴大對外開放試點。在獲批開展試點的地區取消若干增值電信業務的外資股比限制。北京車勵行為本公司
併表聯屬實體及可變利益實體之一北京車和家的全資附屬公司，運營本公司官方網站及理想汽車App，本公司通
過其向本公司所生產車輛的車主提供特定付費會員及其他付費高級服務。上述付費服務構成中國相關法律所規定
的增值電信業務，因此需要取得增值電信業務經營許可證（「ICP許可證」）。付費會員及其他付費高級服務的提供
乃通過本公司官方網站及理想汽車App進行並嵌入該網站及該App，因此其與該網站及該App的運營密不可分。根
據《外商投資准入特別管理措施（負面清單）
（2024年版）》，廣播電視節目製作屬於「禁止類」業務，不允許外商投
資。北京車勵行製作用於市場營銷及推廣目的的視頻內容並通過本公司官方網站、理想汽車App及其微信小程序
發佈。北京車勵行已取得中國法律規定的廣播電視節目製作經營許可證。視頻內容的創作與發佈彼此不可分割且
與本公司官方網站及理想汽車App的運營密不可分。此外，如上所述，付費會員及其他付費服務的提供乃通過本
公司官方網站及理想汽車App進行並嵌入該網站及該App，因此其與該網站及該App的運營密不可分。作為已獲得
ICP許可證及廣播電視節目製作經營許可證的實體，北京車勵行執行上述工作流程。

32

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理想汽車

其他資料

根據我們於2021年7月向工信部的一名官員進行的諮詢。該官員確認，就本公司而言，即使我們的併表聯屬實體
成為外資實體且其外國投資者符合資格要求，工信部亦不會為其頒發ICP許可證。據我們的中國法律顧問確認，
(i)工信部是中外合資企業和外商獨資實體申請ICP許可證的頒發機關；及(ii)受訪官員的職責包括制定中國增值電
信服務的監管政策及法規（包括對中外合資企業和外商獨資實體申請ICP許可證的監管政策）。鑒於上述情況，我
們的中國法律顧問認為，受訪官員可提供上述確認。基於以上所述，我們認為，截至最後實際可行日期，合約安
排乃嚴格制定，因此我們須通過合約安排來開展增值電信服務。
我們將定期向中國相關政府機構進行諮詢，以了解任何新的監管變化及持續評估我們通過合約安排進行的業務，
旨在於適用及中國法律允許的情況下完全或部分取消合約安排。我們將密切關注及評估中國法律法規的任何發
展，並在適用及必要的情況下，在我們的年報及中期報告中披露我們應對監管變化的應對計劃的最新進展，以告
知股東及其他投資者。
合約安排、與合約安排有關的風險、相關中國法律法規以及合約安排的主要條款的進一步詳情載於招股章程。

重大訴訟
除下文所討論者外，截至2026年6月30日止六個月，本公司並無涉及任何會對我們的財務狀況或經營業績產生重
大不利影響的重大訴訟或仲裁。截至2026年6月30日止六個月及至最後實際可行日期，董事亦不知悉任何會對我
們的財務狀況或經營業績產生重大不利影響的待決或對本公司構成威脅的重大訴訟或索賠。
於2024年5月，本公司及其部分管理人員和董事在入稟美國紐約東區地方法院的兩宗推定證券集體訴訟中被列為
被告，訴訟的標題分別為Banurs訴理想汽車等 及Chaudary訴理想汽車等 。上述兩起訴訟案據稱代表因本公司向美
國證券交易委員會提交的關於其業務前景的虛假陳述和遺漏而遭受損害的某類人士提起，違反了《1934年美國證
券交易法》第10(b)及20(a)條以及據此頒佈的第10b-5條。於2024年12月30日，法院指定了一名首席原告，並頒令
將兩起訴訟案併入標題Banurs訴理想汽車等（「訴訟」）內。於2025年3月27日，原告提交了第一份經修訂的訴狀，
並於2025年6月6日提交了第二份經修訂訴狀。於2025年7月2日，各被告接收了第二份經修訂訴狀。於2025年7
月21日，本公司和各被告提出駁回第二份經修訂訴狀的動議。駁回動議的訴辯程序已於2025年10月9日完成。於
2026年6月25日，法院就被告的駁回動議舉行口頭辯論。在法院作出裁定前，原告於2026年7月22日主動撤回案
件且不得重新提訴，該案件於同日結案。

2026中期報告

其他資料

於2026年6月30日後的事項
除本報告所披露者外，於2026年6月30日後及直至最後實際可行日期，並無可能會對本集團造成不利影響的任何
其他重大事件。
於2026年8月，本公司於全國銀行間債券市場發行第二期2026年科技創新債券，本金總額為人民幣30億元。該債
券的期限為三年，票面年利率為1.75%。

批核中期報告
經董事會批核及授權發佈本集團截至2026年6月30日止六個月之中期報告及未經審計中期簡明合併業績。

34

35

理想汽車

中期財務資料的審閱報告

致理想汽車董事會

（於開曼群島註冊成立的有限公司）

引言
本核數師（以下簡稱「我們」）已審閱列載於第36至111頁的中期財務資料，此中期財務資料包括理想汽車（以下簡
稱「貴公司」）及其附屬公司（以下統稱「貴集團」）於二零二六年六月三十日的簡明合併資產負債表與截至該日止
六個月期間的簡明合併綜合收益 ╱（虧損）表、簡明合併股東權益變動表和簡明合併現金流量表，以及附註（包括
主要會計政策和其他解釋信息）。《香港聯合交易所有限公司證券上市規則》規定，就中期財務資料擬備的報告必
須符合以上規則的有關條文以及美國公認會計準則。 貴公司董事須負責根據美國公認會計準則擬備及列報該等
中期財務資料。我們的責任是根據我們的審閱對該等中期財務資料作出結論，並僅按照我們協定的業務約定條款
向

閣下（作為整體）報告我們的結論，除此之外本報告別無其他目的。我們不會就本報告的內容向任何其他人士

負上或承擔任何責任。

審閱範圍
我們已根據國際審閱準則第2410號「由實體的獨立核數師執行中期財務資料審閱」進行審閱。審閱中期財務資料包
括主要向負責財務和會計事務的人員作出查詢，及應用分析性和其他審閱程序。審閱的範圍遠較根據《國際審計
準則》進行審計的範圍為小，故不能令我們可保證我們將知悉在審計中可能被發現的所有重大事項。因此，我們
不會發表審計意見。

結論
按照我們的審閱，我們並無發現任何事項，令我們相信
會計準則擬備。

羅兵咸永道會計師事務所

執業會計師
香港，2026年8月26日

貴集團的中期財務資料未有在各重大方面根據美國公認

2026中期報告

未經審計簡明合併資產負債表
（除股數和每股數據外，所有金額以千計）

附註

截至2025年

截至2026年

12月31日

6月30日

人民幣

人民幣

56,691,765

40,117,782

216,314

14,782

44,331,407

45,474,274

資產
流動資產：
現金及現金等價物
受限制現金
定期存款及短期投資

5

應收賬款，分別扣除截至2025年12月31日及2026年6月30日的

6

119,823

206,592

7

8,752,439

8,333,701

5,174,246

4,322,856

115,285,994

98,469,987

11

848,672

2,976,994

物業、廠房及設備，淨值

8

22,774,938

22,893,313

經營租賃使用權資產，淨值

10

9,099,313

7,890,346

無形資產，淨值

9

1,191,974

1,165,561

5,484

5,484

3,334,206

3,755,111

1,755,237

3,522,804

非流動資產總額

39,009,824

42,209,613

資產總額

154,295,818

140,679,600

信用損失準備人民幣1,747千元及人民幣1,983千元
存貨
預付款項及其他流動資產，分別扣除截至2025年12月31日及2026年
6月30日的信用損失準備人民幣4,831千元及人民幣4,831千元
流動資產總額
非流動資產：
長期投資

商譽
遞延所得稅資產
其他非流動資產，分別扣除截至2025年12月31日及2026年6月30日的
信用損失準備人民幣4,912千元及人民幣4,912千元

負債
流動負債：
短期借款

12

6,217,745

286,205

應付賬款及應付票據

13

40,579,219

38,756,080

應付關聯方款項

24

26,644

452,813

遞延收益，流動

17

1,621,429

1,208,610

經營租賃負債，流動

10

1,690,356

1,572,211

預提費用及其他流動負債

14

13,412,260

12,201,637

63,547,653

54,477,556

流動負債總額

36

37

理想汽車

未經審計簡明合併資產負債表
（除股數和每股數據外，所有金額以千計）

截至2025年

截至2026年

12月31日

6月30日

附註

人民幣

人民幣

長期借款

12

3,299,203

6,863,999

遞延收益，非流動

17

624,734

666,287

經營租賃負債，非流動

10

6,258,957

5,620,164

融資租賃負債，非流動

10

348,506

349,322

691,652

548,423

6,385,370

6,192,234

非流動負債總額

17,608,422

20,240,429

負債總額

81,156,075

74,717,985

18

1,229

1,245

18

235

234

(73)

(3,143,999)

61,399,973

61,782,120

(825,180)

(1,260,255)

非流動負債：

遞延所得稅負債
其他非流動負債

承諾及或有事項

15

23

股東權益
A類普通股
（每股面值為0.0001美元；截至2025年12月31日，授權發行、已發行和
發行在外為4,500,000,000股、1,785,070,188股及1,671,855,018股；
截至2026年6月30日，授權發行、已發行和發行在外為4,500,000,000
股、1,808,423,669股及1,618,862,699股）
B類普通股
（每股面值為0.0001美元；截至2025年12月31日，授權發行為
500,000,000股，已發行和發行在外為355,812,080股；截至2026
年6月30日，授權發行為500,000,000股，已發行和發行在外為
355,100,599股）
庫存股
資本公積
累計其他綜合虧損
法定儲備

866,714

866,714

留存收益

11,176,357

7,182,645

理想汽車股東權益總額

72,619,255

65,428,704

非控股權益

520,488

532,911

股東權益總額

73,139,743

65,961,615

負債及股東權益總額

154,295,818

140,679,600

附註為該等未經審計簡明合併財務報表的組成部分。

2026中期報告

未經審計簡明合併綜合收益 ╱（虧損）表
（除股數和每股數據外，所有金額以千計）

截至6月30日止六個月
2025年

2026年

人民幣

人民幣

車輛銷售

53,563,718

45,599,670

其他銷售和服務

2,608,709

3,050,131

56,172,427

48,649,801

車輛銷售

(43,075,219)

(42,021,304)

其他銷售和服務

(1,711,780)

(1,984,397)

銷售成本總額

(44,786,999)

(44,005,701)

毛利

11,385,428

4,644,100

研發費用

(5,324,024)

(5,497,792)

銷售、一般及管理費用

(5,248,770)

(4,327,247)

286,038

(118,701)

(10,286,756)

(9,943,740)

1,098,672

(5,299,640)

(97,996)

(156,906)

1,012,715

849,053

50,018

57,447

2,063,409

(4,550,046)

(319,828)

568,757

附註
收入：

收入總額

16

銷售成本：

營業費用：

其他營業收益 ╱（費用），淨額

營業費用總額

經營利潤 ╱（虧損）
其他（支出）╱ 收入
利息支出
利息收入及投資收益，淨額
其他，淨額

稅前利潤 ╱（虧損）
所得稅（費用）╱ 收益

21

38

39

理想汽車

未經審計簡明合併綜合收益 ╱（虧損）表
（除股數和每股數據外，所有金額以千計）

截至6月30日止六個月
2025年

2026年

人民幣

人民幣

1,743,581

(3,981,289)

686

12,423

1,742,895

(3,993,712)

基本

2,010,096,159

2,020,876,470

稀釋

2,140,376,288

2,020,876,470

基本

0.87

(1.98)

稀釋

0.82

(1.98)

1,743,581

(3,981,289)

零稅後外幣折算調整

(243,606)

(435,075)

稅後其他綜合虧損總額

(243,606)

(435,075)

綜合收益 ╱（虧損）總額

1,499,975

(4,416,364)

686

12,423

1,499,289

(4,428,787)

附註
淨利潤 ╱（虧損）
減：歸屬於非控股權益的淨利潤
歸屬於理想汽車普通股股東的淨利潤 ╱（虧損）
普通股加權平均數

歸屬於普通股股東的每股淨收益 ╱（虧損）

淨利潤 ╱（虧損）

19

19

稅後其他綜合虧損

減：歸屬於非控股權益的綜合收益
歸屬於理想汽車普通股股東的綜合收益 ╱（虧損）

附註為該等未經審計簡明合併財務報表的組成部分。

2026中期報告

未經審計簡明合併股東權益變動表
（除股數和每股數據外，所有金額以千計）

A類普通股
股數

B類普通股
金額

股數

人民幣

庫存股
金額

股數

人民幣

累計其他
金額

資本公積

綜合虧損

法定儲備

留存收益

非控股權益

股東權益總額

人民幣

人民幣

人民幣

人民幣

人民幣

人民幣

人民幣

1,766,208,188

1,215

355,812,080

235

(114,313,746)

(74)

60,126,623

(171,748)

758,472

10,160,161

445,498

71,320,382

行使購股權及歸屬受限制股份單位

–

–

–

–

10,930,550

8

9,273

–

–

–

–

9,281

股份支付薪酬

–

–

–

–

–

–

738,855

–

–

–

–

738,855

零稅後外幣折算調整

–

–

–

–

–

–

–

(243,606)

–

–

–

(243,606)

非控股權益注資

–

–

–

–

–

–

–

–

–

–

60,000

60,000

18,862,000

14

–

–

(18,862,000)

(14)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

1,742,895

686

1,743,581

截至2025年6月30日的餘額

1,785,070,188

1,229

355,812,080

235

(122,245,196)

(80)

60,874,751

(415,354)

758,472

11,903,056

506,184

73,628,493

截至2026年1月1日的餘額

1,785,070,188

1,229

355,812,080

235

(113,215,170)

(73)

61,399,973

(825,180)

866,714

11,176,357

520,488

73,139,743

行使購股權及歸屬受限制股份單位

–

–

–

–

10,828,328

7

7,370

–

–

–

–

7,377

股份支付薪酬

–

–

–

–

–

–

374,777

–

–

–

–

374,777

零稅後外幣折算調整

–

–

–

–

–

–

–

(435,075)

–

–

–

(435,075)

22,642,000

15

–

–

(22,642,000)

(15)

–

–

–

–

–

–

截至2025年1月1日的餘額

發行作為庫存股的普通股
淨利潤

發行作為庫存股的普通股
購回普通股
B類普通股轉換為A類普通股
淨（虧損）╱利潤

截至2026年6月30日的餘額

–

–

–

–

(64,532,128)

(3,143,918)

–

–

–

–

–

(3,143,918)

711,481

1

(711,481)

(1)

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

(3,993,712)

12,423

(3,981,289)

1,808,423,669

1,245

355,100,599

234

(189,560,970)

(3,143,999)

61,782,120

(1,260,255)

866,714

7,182,645

532,911

65,961,615

附註為該等未經審計簡明合併財務報表的組成部分。

40

41

理想汽車

未經審計簡明合併現金流量表
（除股數和每股數據外，所有金額以千計）

截至6月30日止六個月
2025年

2026年

人民幣

人民幣

1,743,581

(3,981,289)

經營活動現金流量
淨利潤 ╱（虧損）
將淨利潤 ╱（虧損）調整為經營活動所用現金淨額：
物業、廠房及設備折舊、無形資產攤銷及與土地使用權相關的經營租賃成本
股份支付薪酬費用
匯兌（收益）╱ 損失
利息收入及投資收益，淨額
利息支出
應佔採用權益法核算的投資之虧損
存貨減值及存貨購買承諾損失
信用損失準備
遞延所得稅收益
處置物業、廠房及設備的虧損
經營資產與負債的變動：
預付款項及其他流動資產
存貨
經營租賃使用權資產
其他非流動資產
應收賬款
遞延收益
經營租賃負債
應付賬款及應付票據
應付關聯方款項
預提費用及其他流動負債
融資租賃負債
其他非流動負債

1,720,947
738,855
(1,580)
(249,740)
33,944
1,029
386,669
33
(415,382)
37,155

2,718,023
374,777
541
(64,227)
86,484
–
269,922
253
(585,067)
118,698

580,203
(4,775,384)
(788,318)
(12,800)
49,381
(48,441)
810,537
(3,628,873)
6,684
(1,370,369)
(53,660)
498,342

676,642
(473,707)
786,414
(1,866,607)
(87,005)
(371,266)
(759,620)
(1,788,383)
426,169
(1,798,185)
–
241,464

經營活動所用現金淨額

(4,737,187)

(6,075,969)

投資活動現金流量
購買物業、廠房及設備、無形資產以及土地使用權
處置物業、廠房及設備
購買長期投資
處置長期投資
存入定期存款
贖回定期存款
存入短期投資
贖回短期投資

(1,635,141)
482,458
(3,221)
127,766
(40,353,130)
29,246,625
(12,801,147)
13,749,277

(2,613,116)
728,197
(135,373)
–
(34,336,272)
29,744,635
(17,800,000)
19,150,000

投資活動所用現金淨額

(11,186,513)

(5,261,929)

2026中期報告

未經審計簡明合併現金流量表
（除股數和每股數據外，所有金額以千計）

截至6月30日止六個月
2025年

2026年

人民幣

人民幣

融資活動現金流量
行使購股權及歸屬受限制股份單位的所得款項

8,252

8,902

借款所得款項

45,174

2,738,397

(122,057)

(5,013,624)

60,000

–

–

(2,884,296)

(8,631)

(5,150,621)

(178,675)

(286,996)

現金、現金等價物及受限制現金變動淨額

(16,111,006)

(16,775,515)

期初現金、現金等價物及受限制現金

65,907,972

56,908,079

期末現金、現金等價物及受限制現金

49,796,966

40,132,564

償還借款
非控股權益注資
購回普通股
融資活動所用現金淨額
匯率變動對現金、現金等價物及受限制現金的影響

補充披露
利息支付現金，扣除資本化金額
就所得稅支付的現金

附註為該等未經審計簡明合併財務報表的組成部分。

(40,163)

(61,339)

(1,078,632)

(711,387)

42

43

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質
(a)

主要業務
理想汽車（「理想汽車」或「本公司」）是依據開曼群島法律於2017 年4 月註冊成立的有限責任豁免公
司。本公司通過其合併附屬公司和合併可變利益實體（「可變利益實體」）以及可變利益實體附屬公司
（合稱「本集團」），主要在中華人民共和國（「中國」）設計、開發、製造和銷售新能源汽車並提供其他
銷售及服務。

(b)

本集團歷史和列報基礎
為籌備在香港聯合交易所有限公司（「聯交所」）主板上市，本集團於2021年第二季度進行了公司架構
重組，並於2022年3月將若干可變利益實體轉為本集團附屬公司，該交易為本集團內的同一控制交
易。因此，本集團合併財務資料並無受到影響。
本集團未經審計簡明合併財務報表包括本公司財務報表、附屬公司財務報表、合併可變利益實體和
可變利益實體附屬公司財務報表。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(b)

本集團歷史和列報基礎（續）
截至2026年6月30日，本公司的主要附屬公司、合併可變利益實體和可變利益實體附屬公司載列如
下：
已發行及

成立日期或

公司註冊地及

持股比例

悉數繳足股本

收購日期

法律實體類型

主營業務及經營地點

100%

1,000千港元

2017年5月15日

中國香港，

於香港進行投資控股

100%

人民幣

2017年12月19日

附屬公司
Leading Ideal HK Limited
（「Leading Ideal HK」）
北京羅克維爾斯科技有限公司

有限責任公司

（「維爾斯科技」）
北京車和家汽車科技有限公司

105,422千元
100%

（「北京車和家科技」）
北京勵鼎汽車銷售有限公司

100%

人民幣
人民幣

2017年5月8日
2021年4月9日

人民幣

2021年4月20日

100,000千元
已發行及
悉數繳足股本

有限責任公司

企業管理

中國北京，

於中國進行技術開發

中國北京，

於中國進行銷售及售後

有限責任公司

管理

中國常州，

於中國進行銷售及售後

有限責任公司

管理

中國北京，

於中國進行汽車製造

有限責任公司

1,360,000千元
100%

於中國進行技術開發及

有限責任公司
2019年8月6日

4,201,861千元
100%

（「北京理想汽車」）
上海理想汽車科技有限公司

人民幣
1,647,831千元

有限公司（「江蘇心電」）
北京理想汽車有限公司

2021年3月22日

546,000千元
100%

（「北京勵鼎」）
江蘇心電互動汽車銷售服務

人民幣

中國北京，

中國上海，

於中國進行技術開發

有限責任公司

公司註冊地及
成立日期

法律實體類型

主營業務及經營地點

2015年4月10日

中國北京，有限責任公司

於中國進行技術開發

2017年3月27日

中國北京，有限責任公司

於中國進行技術開發

可變利益實體
北京車和家信息技術有限公司
（「北京車和家」）
北京心電出行信息技術有限公司
（「心電信息」）

人民幣
280,464千元
–

44

45

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(c)

可變利益實體
公司的附屬公司維爾斯科技與北京車和家、心電信息（合稱「可變利益實體」）及各自的股東簽訂合約
安排。通過這些安排，本公司於各可變利益實體擁有控制性財務權益（定義見ASC 810「合併」），為
其主要受益人，因此根據美國公認會計準則將各可變利益實體合併入賬。
以下概述了維爾斯科技（「外商獨資企業」）、可變利益實體及各自股東之間的合約安排。

授權委託書和業務經營協議
北京車和家每位股東均簽署了授權委託書，不可撤銷地授權維爾斯科技代理行使其作為北京車和家
股東的所有權利，包括召開股東會議、投票和簽署所有決議、任命董事、監事和高管，以及出售、
轉讓、質押和處置該股東持有的全部或部分股權。授權委託書有效期為10年。北京車和家各股東應
根據維爾斯科技的要求在授權委託書到期之前延長其授權期限。
根據維爾斯科技、心電信息以及心電信息各股東之間簽訂的業務經營協議，未經維爾斯科技事先書
面同意，心電信息不得採取任何可能對其資產、業務、人力資源、權利、義務或運營產生重大不利
影響的行動。心電信息及其股東還同意接受並嚴格遵守維爾斯科技對心電信息的日常運營、財務管
理以及董事任命作出的指示。心電信息的股東同意將其作為心電信息的股東獲得的所有股利或其他
收入或權益立即無條件轉讓給維爾斯科技。除非維爾斯科技提前終止該協議，否則該協議有效期為
10年，並可應維爾斯科技要求於到期日前進行續簽。心電信息及其股東無權單方面終止該協議。根
據業務經營協議，心電信息各股東已簽立授權委託書，不可撤銷地授權維爾斯科技擔任其實際代理
人，行使其作為心電信息股東的所有權利。這些授權委託書的條款與上述北京車和家股東簽署的授
權委託書實質相似。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(c)

可變利益實體（續）

配偶同意聲明
北京車和家兩名股東（共持有100%的股權）的配偶均簽署了配偶同意聲明。各相關股東的簽字配偶
均承認，北京車和家相關股東持有的北京車和家股權為該股東的個人資產，而非夫妻共同財產。各
簽字配偶還無條件且不可撤銷地放棄其於相關股權的權利以及根據適用法律可能享有的所有相關經
濟權利或權益，並且承諾不對此類權益和相關資產作出任何權利主張。所有簽字配偶均同意並承
諾，在任何情況下均不會進行任何有悖於合約安排和配偶同意聲明的行為。
心電信息9名股東（共持有心電信息98.1%的股權）的配偶均簽署了配偶同意聲明。聲明條款與上述北
京車和家配偶同意聲明實質相似。

獨家諮詢及服務協議
根據維爾斯科技與北京車和家簽訂的獨家諮詢及服務協議，維爾斯科技向北京車和家獨家提供北京
車和家業務所需的軟件技術開發、技術諮詢和技術服務。未經維爾斯科技事先書面同意，北京車和
家不得接受任何第三方提供的與該協議所述相同或相似的服務。北京車和家同意將維爾斯科技自行
決定的調整後的季度金額向維爾斯科技支付服務費，以及按雙方商定的金額支付部分其他技術服務
費。維爾斯科技將於相關季度結束後30 天內開票，兩部分費用應在開票後的10 個工作日內完成支
付。在適用的中國法律允許的範圍內，在執行獨家諮詢及服務協議過程中產生的所有知識產權由維
爾斯科技獨家所有。為了保證北京車和家履行該協議下的義務，股東同意根據股權質押協議將其對
北京車和家持有的股權質押給維爾斯科技。獨家諮詢及服務協議有效期為10年，維爾斯科技另行終
止的除外。該協議可根據維爾斯科技的要求於到期日之前延期。
維爾斯科技、心電信息以及心電信息各股東之間簽訂一份獨家諮詢及服務協議，該協議的條款與上
述北京車和家獨家諮詢及服務協議實質相似。

46

47

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(c)

可變利益實體（續）

股權認購權協議
根據維爾斯科技、北京車和家以及北京車和家各股東之間簽訂的股權認購權協議，北京車和家的股
東就其持有的全部或部分北京車和家股權不可撤銷地授予維爾斯科技獨家選擇權，北京車和家就其
購買全部或部分資產不可撤銷地授予維爾斯科技獨家選擇權。維爾斯科技或其指定人員可根據各方
於北京車和家相應的實繳資本額和適用的中國法律所允許的最低價格中的較低者行使購股權。維爾
斯科技或其指定人員可根據適用的中國法律允許的最低價格行使資產認購權。北京車和家的股東承
諾，未經維爾斯科技事先書面同意，他們不得（其中包括）(i)轉讓或以其他方式處置其對北京車和家
持有的股權，(ii)使用北京車和家股權進行質押或擔保，(iii)變更北京車和家註冊資本，(iv)將北京車
和家與任何其他實體合併，(v)處置北京車和家重大資產（屬於日常業務經營活動的除外），或(vi)修
改北京車和家的組織章程細則。股權認購權協議有效期為10年，並可根據維爾斯科技的要求續簽。
維爾斯科技、心電信息及心電信息的各股東之間簽訂股權認購權協議，該協議的條款與上述北京車
和家股權認購權協議實質相似。

股權質押協議
根據維爾斯科技與北京車和家股東之間簽訂的股權質押協議，為保證北京車和家股東履行其在相應
股權認購權協議和授權委託書下的義務，以及保證北京車和家履行其在股權認購權協議和授權委託
書下的義務及按照獨家諮詢及服務協議向維爾斯科技支付服務費，北京車和家股東同意將其對北京
車和家持有的100%股權質押給維爾斯科技。若北京車和家或任何股東違反股權質押協議規定的合同
義務，作為承押人的維爾斯科技將有權處置質押的北京車和家股權，並優先獲得處置收益。北京車
和家股東還承諾，未經維爾斯科技事先書面同意，他們不得出售、設立或妨礙已抵押股權。
維爾斯科技、心電信息以及心電信息各股東簽訂股權質押協議，該協議條款與上述北京車和家股權
質押協議實質相似。
北京車和家和心電信息的股權質押已按照《中華人民共和國物權法》向國家市場監督管理總局主管部
門登記。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險
根據2017 年頒佈的《外商投資產業指導目錄》
（「目錄」），特定業務領域的外商投資受現行中國法律
法規的限制。根據2021年版負面清單，外國投資者在增值電信服務提供者（電子商務、國內多方通
信、存儲轉發類、呼叫中心除外）中擁有的股權不得超過50%。此外，外國投資者被禁止投資互聯網
文化經營（音樂除外）及廣播電視節目製作經營。
本集團的部分業務通過本集團內部可變利益實體進行，其中，本公司為最終主要受益人。管理層認
為，與可變利益實體和名義股東的合約安排符合中國法律法規的要求，具有法律約束力和可執行
性。名義股東表示，他們不會採取違反合約安排的行動。然而，管轄該等合約安排等相關中國法律
法規的解釋和適用情況存在重大不確定性，可能限制本集團對這些合約安排的執行情況，同時，若
可變利益實體名義股東計劃減少在本集團中持有的權益，則他們的利益可能與本集團的利益背離，
從而增加違反合約安排的風險。
中國法律法規禁止或限制外商投資企業從事和運營特定業務，本集團使用可變利益實體開展部分業
務的運營，這可能被中國相關部門認定為違反此類法律法規。儘管本集團管理層認為中國監管機構
根據現行中國法律法規認定本集團存在此類違規情況的可能性微乎其微，但2019年3月15日，全國
人大通過了《中華人民共和國外商投資法》。該法律自2020 年1 月1 日起施行並取代原有的「外資三
法」，即《中外合資經營企業法》、《中外合作經營企業法》和《外資企業法》，同時取代的還有外資三
法的實施細則和配套規定。《中華人民共和國外商投資法》
（簡稱《外商投資法》）體現了中國監管趨
勢，結合現行國際慣例和立法工作完善外商投資監管制度，統一企業國內外投資法律要求。然而，
由於《外商投資法》相對較新，因此在法律的解釋和實施方面仍存在不確定性。例如，《外商投資法》
在「外商投資」的定義中加入了一條兜底條款。根據新的定義，外商投資還包括「外國投資者在中國
通過其他法律、行政法規或者國務院規定的其他方式進行的投資」，但未對「其他方式」進行進一步
闡述。這為國務院未來就合約安排作為一種外商投資形式頒佈法規留下了空間。目前，本集團通過
合約安排經營部分法律禁止或限制外國投資者投資的業務，因此尚不確定本集團的企業結構是否會
被視為違反外商投資企業規定。此外，若國務院將來頒佈的法規要求各公司就現有合約安排採取進
一步行動，則本集團能否（及時）完成這些行動可能面臨重大不確定性。若本集團未能採取適當、及
時的措施來滿足這些或類似的合規要求，則本集團當前的公司結構、企業治理和業務運營可能受到
重大不利影響。

48

49

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
倘本公司的所有權結構、合約安排以及本公司中國附屬公司或可變利益實體的業務被發現違反任何
中國現行或未來施行的法律或法規，或者中國附屬公司或可變利益實體未能取得或持有任何所需許
可或批准，中國相關監管部門對採取行動處理違反行為或不作為擁有廣泛自由裁量權，包括：
•

吊銷此類實體的營業執照及 ╱ 或經營執照；

•

關閉服務器或屏蔽網站或移動應用程序，或終止本集團通過中國附屬公司與可變利益實體之
間的交易安排而進行的運營活動，或施加限制條件或更加苛刻的條件；

•

處以罰款、沒收來自中國附屬公司或可變利益實體的收入，或施加可變利益實體可能無法滿
足的其他要求；

•

要求本集團重組所有權結構或業務運營，包括終止與可變利益實體的合約安排和撤銷可變利
益實體的股權質押，這將影響本集團的整合能力，從可變利益實體中獲得經濟利益的能力或
對可變利益實體的有效控制力；

•

限制或禁止本集團使用發行的所得款項為本集團在中國的業務和運營提供資金；或

•

採取其他可能損害本集團業務的監管或強制措施。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
施加任何此類處罰都可能對本集團業務的開展造成重大不利影響。此外，如果施加任何這些處罰導
致本集團喪失指導任何可變利益實體業務活動（通過持有附屬公司股權）或獲得其經濟利益的權利，
則本集團將不能繼續合併相關可變利益實體及其附屬公司（如有）。管理層認為，本集團因目前的所
有權結構或與可變利益實體之間的合約安排發生變故而遭受損失的可能性很小。本集團的運營依靠
可變利益實體及其名義股東履行與本集團的合約安排。這些合約安排受中國法律管轄，因此這些協
議引起的爭議將在中國進行仲裁。管理層認為，根據中國法律，各項合約安排均構成各方對合約安
排的有效性和法律約束義務。然而，中國法律法規的解釋和執行以及它們在合約的合法性、約束力
和可執行性方面是否適用須由中國主管部門酌情決定。因此，不能保證中國相關部門對每份合約安
排的合法性、約束力和可執行性與本集團持相同立場。同時，由於中國法律制度的不斷發展，許多
法律法規和規則的解釋並非始終一致，且這些法律法規和規則的執行存在不確定性，因此，若可變
利益實體或可變利益實體名義股東未能履行合約安排所規定的義務，這些情況將限制本集團在執行
合約安排時可採取的法律保護措施。本公司與可變利益實體之間合約安排的可執行性以及由此帶來
的利益取決於執行合約的名義股東。存在可變利益實體的名義股東（在某些情況下亦為本公司的股
東）未來可能與本公司發生利益衝突，或者未能履行合約義務等風險。鑒於可變利益實體的重大性，
若不執行該等合約，將會對本公司產生重大不利影響。
本集團的經營依賴於可變利益實體執行其與本集團的合約安排，本公司控制可變利益實體的能力也
依賴於可變利益實體的股東授權對可變利益實體中所有需要股東批准的事宜行使表決權。本公司認
為，授權行使股東表決權的安排可依法執行，由於上述風險和不確定性，本公司不再能夠控制和合
併可變利益實體的可能性甚小。

50

51

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
下表載列本集團可變利益實體和可變利益實體附屬公司整體截至2025年12月31日及2026年6月30日
以及截至2025年及2026年6月30日止六個月的未經審計簡明合併財務資料，載於本集團未經審計簡
明合併財務報表中，而集團內公司間交易已抵銷。
截至2025年

截至2026年

12月31日

6月30日

人民幣

人民幣

1,414,673

1,594,127

3,368

–

3,831,811

1,826,365

流動資產：
現金及現金等價物
受限制現金
定期存款及短期投資
應收賬款淨額

1,162

2,012

應收本集團公司款項 (1)

3,679,148

5,166,423

預付款項及其他流動資產

138,275

141,280

9,068,437

8,730,207

長期投資

75,000

75,000

物業、廠房及設備，淨值

83,775

63,925

經營租賃使用權資產，淨值

569,122

546,862

無形資產，淨額

20,159

15,098

遞延所得稅資產

14,350

14,350

其他非流動資產

162,986

159,918

925,392

875,153

9,993,829

9,605,360

流動資產總額

非流動資產：

非流動資產總額

資產總額

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
截至2025年

截至2026年

12月31日

6月30日

人民幣

人民幣

應付賬款及應付票據

9,526

12,226

應付本集團公司款項 (1)

332,789

8,642

23

25

經營租賃負債，流動

56,128

38,176

預提費用及其他流動負債

175,580

127,823

574,046

186,892

經營租賃負債，非流動

624,526

604,403

其他非流動負債

24,106

22,639

648,632

627,042

負債總額

1,222,678

813,934

股東權益總額

8,771,151

8,791,426

負債及股東權益總額

9,993,829

9,605,360

流動負債：

應付關聯方款項

流動負債總額

非流動負債：

非流動負債總額

52

53

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
截至6月30日止六個月
2025年

2026年

第三方收入
公司間收入 (2)

40,829
598,375

3,734
232,091

第三方成本
公司間成本

(3,271)
(247)

(318)
(185)

第三方費用

(347,697)

(259,231)

其他收入

70,397

18,565

稅前利潤 ╱（虧損）
所得稅費用

358,386
(133,788)

(5,344)
(5,834)

淨利潤 ╱（虧損）

224,598

(11,178)

歸屬於理想汽車普通股股東的淨利潤 ╱（虧損）

224,598

(11,178)

截至6月30日止六個月
2025年

2026年

公司間交易所得現金淨額 (3)
與外部實體的交易所用現金淨額

598,375
(347,406)

417,980
(206,795)

經營活動所得現金淨額

250,969

211,185

與外部實體交易所得現金淨額

1,090,538

1,996,025

投資活動所得現金淨額

1,090,538

1,996,025

公司間交易所用現金淨額

(4,560,937)

(2,031,113)

融資活動所用現金淨額
匯率變動對現金、現金等價物及受限制現金的影響
現金、現金等價物及受限制現金變動淨額
期初現金、現金等價物及受限制現金
期末現金、現金等價物及受限制現金

(4,560,937)
2,449
(3,216,981)
3,750,049
533,068

(2,031,113)
(11)
176,086
1,418,041
1,594,127

本公司通過合約安排與可變利益實體的往來情況披露於附註1(c)。可變利益實體持有的所有已確認
資產已披露於上表中。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

1.

組織結構和業務性質（續）
(d)

可變利益實體架構相關風險（續）
附註：
(1)

應收本集團公司款項指合併可變利益實體向本集團公司提供的資金。應付本集團公司款項主要指本集團
公司向合併可變利益實體提供的資金以及來自外商獨資企業收取的技術服務費的經營性應付款項。

(2)

公司間收入主要來自服務費。

(3)

截至2025年及2026年6月30日止六個月，附屬公司主要就若干服務費向可變利益實體支付的現金分別為
人民幣598,375千元及人民幣417,980千元。截至2025年及2026年6月30日止六個月，各可變利益實體概
無（根據與可變利益實體的管理費安排）於截至2026年6月30日向外商獨資企業支付管理費。

根據維爾斯科技、可變利益實體和可變利益實體股東之間的合約安排，維爾斯科技於本集團合併可
變利益實體和可變利益實體附屬公司擁有控制性財務權益，（根據ASC 810「合併」）為其主要受益
人，並且可將資產從該等可變利益實體和可變利益實體附屬公司轉出，不受任何限制。因此，我們
認為除實收資本、資本公積和中國法定儲備外，本集團的可變利益實體和可變利益實體附屬公司的
資產不用於僅清償其債務。截至2025年12月31日及2026年6月30日，本集團的合併可變利益實體及
可變利益實體附屬公司的實收資本、資本公積和中國法定儲備分別為人民幣6,611,273千元及人民幣
6,642,727千元。由於本集團的合併可變利益實體和可變利益實體附屬公司是根據《中華人民共和國
公司法》註冊成立的有限責任公司，因此，對於本集團的合併可變利益實體和可變利益實體附屬公
司的所有債務，債權人對維爾斯科技的一般信用概無追索權。截至2025年12月31日及2026年6月30
日，本集團的合併可變利益實體和可變利益實體附屬公司的留存收益分別為人民幣2,160,032千元及
人民幣2,148,854千元。
目前，尚無合約安排要求本公司、維爾斯科技或本公司其他附屬公司為本集團的合併可變利益實體
和可變利益實體附屬公司提供額外的財務支持。由於本公司通過合併可變利益實體和可變利益實體
附屬公司在中國開展部分業務，因此本公司將來可能會酌情提供額外的財務支持，這使本集團面臨
損失風險。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要
(a)

報表編製基礎
隨附未經審計簡明合併財務報表乃根據適用於中期財務資料的美國公認會計準則（「美國公認會計準
則」）編製。因此，其並不包括美國公認會計準則要求的完整財務報表的所有資料及附註。根據美國
公認會計準則編製的年度財務報表中通常包括的若干資料及附註披露已根據S-X法規第10條予以簡
明或省略。未經審計簡明合併財務報表乃按與經審計財務報表相同的基準編製，並包括所有必要調
整，以公平呈報本公司截至2025年12月31日及2026年6月30日的財務狀況及其截至2025年及2026年
6月30日止六個月的經營業績及現金流量。截至2025年12月31日的合併資產負債表乃摘錄自該日的
經審計財務報表，但不包括美國公認會計準則規定的所有資料及附註。未經審計簡明合併財務報表
及相關披露乃假設未經審計簡明合併財務報表使用者已閱讀或可查閱過往財政年度的經審計合併財
務報表而編製。因此，該等財務報表應與截至2025年12月31日止年度的經審計合併財務報表及相關
附註一併閱讀，所採用的會計政策與上一財政年度經審計合併財務報表所採用者一致。中期經營業
績未必反映整個財政年度或任何未來期間的預期業績。

(b)

合併原則
未經審計簡明合併財務報表包括本公司財務報表、本公司附屬公司財務報表，以及本公司為最終主
要受益人的可變利益實體和可變利益實體附屬公司的財務報表。
附屬公司為本公司直接或間接控制一半以上投票權的實體；本公司有權任命或罷免董事會（「董事
會」）多數成員的實體；本公司根據股東或權益持有人之間的章程或協議，在董事會會議上控制多
數投票權或負責被投資方的財務和經營政策的實體。可變利益實體是本公司或其附屬公司通過合約
安排建立控制性財務權益（定義見ASC 810「合併」），能夠主導其活動並獲得其經濟利益的實體。因
此，本公司被認為是各可變利益實體的主要受益人，並根據美國公認會計準則將各實體合併入賬。
本公司、本公司附屬公司、可變利益實體和可變利益實體附屬公司之間的所有重大交易和餘額在合
併時均已抵銷。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(c)

採用估計
按照美國公認會計準則編製未經審計簡明合併財務報表要求管理層作出會計估計和假設，該等會計
估計和假設會影響未經審計簡明合併財務報表及其附註中資產和負債金額、資產負債表日或有資產
和負債相關披露以及報告期內收入和費用的披露金額。
本集團未經審計簡明合併財務報表中所涉及的重要會計估計在適用情況下主要包括但不限於，收入
確認中各項履約義務的單獨售價和攤銷期的確定、股份支付薪酬費用的確定、投資的公允價值、長
期資產及無形資產的可使用年限及減值評估、過剩及陳舊存貨的庫存估值、存貨成本和可變現淨值
孰低、存貨購買承諾損失、產品質保金、釐定供應商及客戶返利及遞延所得稅資產的減值準備。在
不同假設和條件下，實際結果與以上估計可能存在差異。

(d)

記賬本位幣和外幣折算
本集團以人民幣（「人民幣」）作為列報貨幣。本公司及香港和新加坡附屬公司以美元（「美元」）作為記
賬本位幣。本公司於中國內地及其他司法管轄區經營業務的附屬公司、可變利益實體及可變利益實
體附屬公司通常以其相應本地貨幣作為記賬本位幣。相應記賬本位幣根據ASC 830「外匯事項」中的
規定確定。
以記賬本位幣以外其他貨幣計價的交易按交易日的現行匯率折算為記賬本位幣。以外幣計價的貨幣
性資產和負債按資產負債表日適用的匯率折算為記賬本位幣。以歷史成本計量的外幣非貨幣性項目
按交易發生日的匯率計量。外幣交易產生的外匯收益或虧損作為「其他，淨額」計入未經審計簡明合
併綜合收益 ╱（虧損）表。
非人民幣為記賬本位幣的本集團內各實體財務報表均將其各自的記賬本位幣折算為人民幣。以外幣
計價的資產和負債按資產負債表日匯率折算為人民幣。除當期收益外的權益科目按適用歷史匯率折
算為人民幣。收入和費用等損益科目按期間平均匯率折算為人民幣。外幣折算調整作為股東權益的
組成部分計入累計其他綜合（虧損）╱ 收益。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(e)

現金、現金等價物及受限制現金
現金及現金等價物是指庫存現金、存放於銀行或其他金融機構的銀行存款、定期存款及高流動性投
資，其提取和使用不受限制，原始期限不超過三個月。
受限制現金是在提取、使用或因為抵押擔保受到限制的現金，在未經審計簡明合併資產負債表中列
報為「受限制現金」。

(f)

定期存款及短期投資
定期存款是指存放在銀行的銀行存款。原定期限在三個月以上但少於一年的銀行存款被歸類為短期
定期存款，而該等定期存款於未經審計簡明合併資產負債表中反映為「定期存款及短期投資」，而原
定期限在一年以上的餘額被分類為長期定期存款，於未經審計簡明合併資產負債表中反映為「長期投
資」。定期存款有固定的利率回報，本集團有意且有能力持有該等存款直至到期。定期存款按接近公
允價值的攤餘成本入賬。
短期投資是對具有浮動利率的金融工具的投資。到期日為一年以內的這類金融工具被分類為短期投
資，於未經審計簡明合併資產負債表反映為「定期存款及短期投資」，而到期日超過一年的金融工具
於未經審計簡明合併資產負債表被分類為「長期投資」。本集團於初始確認日選擇了公允價值法，後
續按公允價值計量該等投資。公允價值的變動反映在未經審計簡明合併綜合收益 ╱（虧損）表中的
「利息收入及投資收益，淨額」。

(g)

應收賬款及當前預期信用損失
應收賬款主要包括應收車輛銷售款及來自保險公司及銀行（本集團因促成客戶使用該等實體提供的服
務而賺取有關費用）的應收佣金服務費。本集團根據預期信用損失法對應收賬款計提壞賬準備，當認
為無法收回時核銷。截至2025年及2026年6月30日止六個月，概無就應收賬款確認重大信用損失準
備。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(h)

存貨
存貨按成本與可變現淨值孰低計量。成本按標準成本基準核算，包括取得存貨的成本和將存貨運至
其目前位置並使其達到目前狀態所需的所有成本，與使用加權平均法核算的實際成本相若。本集團
根據對當前及未來需求的預測，錄得超額或陳舊存貨的存貨減值。如現有存貨超過預測的未來需
求，則超出部分將被核銷。本集團也會檢查存貨，確定其賬面價值是否超過最終銷售存貨時可變現
淨值。這需要確定車輛預估售價減去將現有存貨轉化為製成品的預估成本。存貨一經核銷，則用於
其後續計量的成本降低，財政年度年結日之後出現的事件和情況變化不會恢復或增加該成本。截至
2025年及2026年6月30日止六個月，本集團計入的存貨減值及存貨購買承諾損失淨額分別為人民幣
386,669千元及人民幣269,922千元。

(i)

物業、廠房及設備，淨值
物業、廠房及設備以成本減累計折舊及減值損失（如有）計量。物業、廠房及設備按成本減去減值和
殘值（如有）後在其預計使用年限內按直線法計提折舊或以產量法計提折舊（如適用）。租賃資產改良
按相關資產租賃期或預計使用年限孰短攤銷。與構建物業、廠房及設備相關並為使資產達到預期用
途所產生的直接成本都歸集在在建工程計量。特定未償還債務的利息支出於重大資本資產建設期間
內予以資本化。在建工程的資本化利息支出計入物業、廠房及設備，並於相關資產的使用年限內攤
銷。截至2025年及2026年6月30日止六個月的資本化利息成本並不重大。資產達到預計可使用狀態
時，將在建工程轉固，並開始計算折舊。
預計使用年限如下：
使用年限

建築物及建築物裝修改良

5至20年

生產機器、設施及設備

2至10年

機動車輛

2至4年

模夾檢具

生產量

租賃資產改良

預計使用年限與租賃期較短者

維護和修理成本於發生時計入費用，而延長物業、廠房及設備使用年限的翻新成本在發生時增加固
定資產原值。如資產報廢或以其他方式處置，則其成本、相關累計折舊及攤銷於其各自的賬目中扣
除，銷售或處置產生的損益將作為「其他營業收益 ╱（費用），淨額」反映在未經審計簡明合併綜合收
益 ╱（虧損）表中。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(i)

物業、廠房及設備，淨值（續）
本集團按持續基準評估其與折舊有關的物業、廠房及設備的預計使用年限及生產量。於評估使用年
限及生產量時，本集團將在計及生產水平、競爭因素及經濟環境的情況下考慮長期資產在功能方面
保持高效及有效的方式以及資產的預計總生產能力。如評估表明資產的使用年限仍短於或長於先前
預期，或者預計生產水平發生變化，資產的使用年限或生產量將予以修訂，導致估計變更。估計變
更通過資產當前賬面價值於其經修訂剩餘使用年限或經修訂生產量內折舊的方式按未來適用法入賬。

(j)

無形資產，淨值
使用壽命確定的無形資產按成本減去累計攤銷和減值（如有）計量。使用壽命確定的無形資產在預計
使用年限內採用直線法攤銷，無形資產的使用年限如下：
使用年限

軟件及專利

2至10年

本集團根據合約條款、預期技術的過時及創新以及該等無形資產的行業經驗，估計軟件與專利的使
用年限。
使用壽命不確定的無形資產指乘用車生產許可及保險代理許可證，按成本減去任何後續減值損失入
賬。乘用車生產許可是生產乘用車所必需的。當本集團獲得乘用車生產許可及保險代理許可證時，
合約條款中未確定使用年限。本集團根據行業經驗預計，乘用車生產許可及保險代理許可證不太可
能會被終止，且將來將持續貢獻收入。本集團認為，按照監管先例，維持乘用車生產許可及更新保
險代理許可證（經政府部門批准）乃為例行程序，故為我們作出使用壽命不確定假設的基準。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(k)

商譽
商譽指購買價格超過本集團於業務合併收購的可識別資產及負債公允價值的部分。商譽無須攤銷，
但須每年於12月31日進行減值測試，如發生事件或情況變化顯示可能減值，則應增加測試頻率。
本集團首先評估定性因素，以確定報告單元的公允價值是否多半可能低於其賬面價值。在定性評估
中，本集團考慮主要因素，例如行業及市場因素、報告單元的總體財務表現及與經營有關的其他特
定資料。根據其定性評估，如果本集團認為報告單元的公允價值多半可能低於其賬面價值，則必須
進行定量減值測試。否則，毋須進行進一步測試。定量減值測試包括將各報告單元的公允價值與其
賬面價值比較。公允價值由本集團使用收益法基於報告單元於其剩餘年期內預計產生的未來現金流
量的現值估算。現金流量預測基於本集團對收入增長率、盈利能力及貼現率的估計。如該報告單元
的賬面價值超過其公允價值，差額將作為減值損失入賬。商譽減值測試需要管理層作出重大判斷，
包括認定報告單元，將資產、負債及商譽分攤至報告單元，以及確定各報告單元的公允價值。估計
報告單元公允價值時的判斷包括估計未來現金流量、確定適當的折現率並作出其他假設。有關估計
及假設變動可能對各報告單元的公允價值確定造成重大影響。截至2025年及2026年6月30日止六個
月，本集團並無確認商譽減值損失。

(l)

長期資產（商譽除外）減值
根據ASC 360「物業、廠房及設備」，如發生事件或情況變化（如市場發生重大不利變化且會影響資產
的未來使用）顯示一項資產（或資產組）的賬面價值無法收回，本集團對物業、廠房及設備和使用壽
命有限的無形資產進行減值評估。本集團使用預計未折現未來現金流衡量長期資產的賬面價值。當
預計未折現未來現金流小於被評估資產（或資產組）的賬面價值時，則出現減值。減值損失是指資產
（或資產組）的賬面價值超過其公允價值的部分。截至2025年及2026年6月30日止六個月，均未確認
長期資產減值損失。

60

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(l)

長期資產（商譽除外）減值（續）
使用壽命不確定的無形資產需每年至少進行一次減值測試，如發生事件或情況變化顯示該資產很有
可能按照ASC 350「無形資產 － 商譽及其他」進行減值，則應提高測試頻率。本集團首先採用定性評
估，以評估可能影響用於釐定使用壽命不確定的無形資產公允價值的重大輸入值的所有相關事件和
情況。如執行定性評估後，本集團確定該使用壽命不確定的無形資產有減值跡象，則本集團將使用
折現現金流量法計算該無形資產公允價值，並通過比較其公允價值與賬面價值進行定量減值測試。
於制定現金流量預測時，需對本集團的經營業績、業務計劃預測、預期增長率及資本成本進行審
查，並在此基礎上做出高度主觀的假設和估計，而有關假設和估計與市場參與者用於評估公允價值
者相似。如使用壽命不確定的無形資產的賬面價值超過其公允價值，本集團將該超出金額部分確認
為減值損失。截至2025年及2026年6月30日止六個月，並無確認使用壽命不確定的無形資產的減值
損失。

(m)

長期投資
長期投資包括對上市公司、私人持股公司及私募股權基金的投資以及長期定期存款及長期金融工具。

股權投資
根據ASC 321「投資 － 股權證券」，未採用權益法核算的股權證券以公允價值計量，其損益作為「利
息收入及投資收益，淨額」計入未經審計簡明合併綜合收益 ╱（虧損）表。
本集團選擇按成本扣除減值的計量方法確認對私人持股公司的投資，並就同一發行人相同或類似投
資的有序交易而產生的可觀察價格變動作出後續調整。對於本集團不能夠施加重大影響的私募股權
基金的股權投資，本集團按ASC 820「公允值計量及披露」
（「ASC 820」）中的實務簡化法採用每股資
產淨值（「資產淨值實務簡化法」）計量。該等股權投資需要定期進行減值審閱。該等減值分析同時考
慮可能對這些股權證券的公允價值造成重大影響的定性和定量因素。
易於確定公允價值的股權投資採用基於報告日活躍市場報價的市場法按公允價值計量及列賬。本集
團將採用此輸入值的估值技術分類為公允價值計量的第一層級。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(m)

長期投資（續）

股權投資（續）
對本集團可施加重大影響並持有投資對象普通股或實質上的普通股（或兩者皆有）但不持有多數股權
或控制權的實體進行的投資，按照ASC 323「投資 － 權益法和合營企業」
（「ASC 323」）採用權益法計
量。在權益法下，本集團按照成本對投資進行初始確認，成本與標的股權淨資產的公允價值的差額
確認為權益法商譽，在未經審計簡明合併資產負債表中計入長期投資。本集團按投資日後應享有或
應分擔的被投資單位的淨損益份額確認損益，並對股權投資賬面價值進行調整，其於累計其他綜合
收益或虧損的應分擔的被投資單位變動計入其他綜合（虧損）╱ 收益。本集團根據ASC 323對權益法
投資進行減值評估。如果價值下降被認為是非暫時性的，則確認權益法投資的減值損失。當發生任
何事件或情況變化表明該投資的賬面價值可能難以完全收回時，本集團將對權益法核算的投資進行
減值評估。本集團於其計量中考慮的主要因素包括但不限於當前經濟和市場狀況、公司經營業績（如
當前收益趨勢和未貼現現金流）以及其他公司具體資料（如近期融資情況）。公允價值的確定，特別
是針對收入模式尚不明確的私人持股公司投資的公允價值的確認，需要進行重大判斷以做出恰當的
估計和假設。這類估計和假設的變化會對投資的公允價值計算結果產生影響。截至2025年及2026年
6月30日止六個月，本集團未對權益法核算的投資確認減值。

長期定期存款
長期定期存款為存放於銀行的原到期日超過一年的結餘。

長期金融工具
長期金融工具為對按浮動利率且於一年後到期的金融工具的投資。本集團於初始確認日選擇了公允
價值法，後續按公允價值計量該等投資。公允價值的估計基於各金融機構提供的期末報價。公允價
值的變動反映在未經審計簡明合併綜合收益 ╱（虧損）表中的「利息收入及投資收益，淨額」。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(n)

職工福利
本集團中國境內的全職員工參加了政府規定的強制社保養老金計劃。根據該計劃，員工將享受一定
養老金福利、醫療保健、職工住房公積金和其他福利。中國勞動法規要求本集團在華附屬公司和可
變利益實體及可變利益實體附屬公司根據員工工資的一定比例向政府繳納社保和公積金，最高金額
由當地政府規定。本集團不為超出已支付繳納款以外的福利承擔法律義務。截至2025年及2026年6
月30日止六個月，概無任何被沒收的供款可供本集團（作為僱主）用於減少現有供款水平。本集團亦
為中國境外附屬公司所僱用的員工向其他社保養老金計劃及界定福利計劃付款。截至2025年及2026
年6月30日止六個月，於發生時計入費用的職工福利費用總額分別約為人民幣1,303,623千元及人民
幣1,289,312千元。

(o)

產品質保
本集團一般主要根據在銷售車輛時與客戶簽訂的合同為車輛提供產品質保。本集團按照質保服務的
預計單位成本乘以銷量計提已售車輛的質保準備金，該計提考慮了質保期內維修或更換部件及發現
召回時的預計成本的最佳估計。這類估計主要是基於對迄今為止產生的實際質保及對日後質保的性
質、頻率和平均成本的預估。考慮到本集團銷售歷史相對較短，因此這類估計具有不確定性，而過
去或預計質保經驗的改變或導致質保準備金在未來發生重大變化。預計在未來12個月內發生的這部
分質保準備金將計入預提費用及其他流動負債，剩餘餘額則在未經審計簡明合併資產負債表中計入
其他非流動負債。質保費用在未經審計簡明合併綜合收益 ╱（虧損）表中計入銷售成本部分。本集團
會定期對應計質保金的充足性重新評估。
當本集團與其供應商就收回質保相關成本的具體細節達成一致且收回的金額得到確定時，本集團將
對收回質保相關成本產生的利得進行確認。
本集團認為標準質保旨在為產品符合協定規格提供保證，且不被視為一項不同的義務，因此不認為
標準質保為一項單獨的履約義務。據此，標準質保應根據ASC第460號「擔保」入賬。本集團還為部
分車輛提供延長質保。延長質保為向客戶提供的增量服務，是有別於其他承諾的單獨履約義務，並
根據ASC第606號「與客戶之間的合同產生的收入」入賬。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(o)

產品質保（續）
應計質保金包括以下內容：
截至6月30日止六個月
2025年

2026年

期初應計質保金

5,159,787

7,145,898

產生的質保費用

(135,994)

(858,425)

計提的質保金

818,283

676,943

期末應計質保金

5,842,076

6,964,416

681,301

1,127,648

5,160,775

5,836,768

包括：應計質保金，流動
應計質保金，非流動

(p)

收入確認
本集團的收入主要源自銷售汽車（連同各輛汽車銷售內多項明確履約義務）以及單獨銷售或提供的其
他銷售和服務（包括提供非質保售後服務、銷售充電樁、線上商店商品、零部件及配件、銷售理想汽
車Plus會員、佣金服務及就購買車輛而向客戶提供的會員積分）。
本集團在商品或服務的控制權轉讓至客戶時確認收入。根據合同條款和合同適用的法律，商品或服
務控制權的轉移可於一段時間內或於某一時間點完成。如本集團在履約時滿足以下某項條件，則商
品和服務的控制權於一段時間內轉移：
•

客戶在本集團履約的同時即取得並消耗本集團履約所帶來的全部經濟利益；

•

客戶能夠控制本集團履約過程中建造及改進的資產；或

•

本集團並未建造一項可被本集團用於其他替代用途的資產，且本集團有可強制執行權對累計
至今已完成的履約部分收取款項。

如商品和服務的控制權於一段時間內轉移，則在合同期間根據履約義務進度對收入予以確認。另一
類情況為在客戶獲得商品和服務控制權的某一時間點確認收入。

64

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(p)

收入確認（續）
本集團與客戶簽訂的合同可能包含多項履約義務。針對此類安排，本集團將根據其相對的單獨售價
為每項履約義務分攤收入。本集團通常根據向客戶收取的價格確定單獨售價。如無法直接獲取單獨
售價，則基於適用的可觀察到的資料並採用估計成本加成利潤率對獨立售價進行估計。本集團在估
計各項不同履約義務的相對售價時都作了假設和估計，對該等假設和估計判斷的變化可能對收入確
認產生影響。
當合同任意一方已履約，本集團根據自身履約情況與客戶付款間關係將該合同在資產負債表中列報
為合同資產或合同負債。
合同資產是本集團通過交換其轉讓給客戶的商品和服務換取對價的權利。如本集團有權利無條件獲
得對價，則計入應收款。如果收取對價到期只需時間流逝，收取對價的權利是無條件的。
如本集團在將商品或服務轉讓給客戶前，客戶已支付對價或本集團有權利無條件獲得對價，則本集
團在客戶付款或應收款入賬時（以較早者為準）列報為合同負債。合同負債系本集團已從客戶處獲得
對價（或付款期限已到）時，向客戶轉讓商品或服務的義務。

車輛銷售
本集團的收入來自銷售汽車和多款通過合同嵌入的產品及服務。銷售合同明確規定了多項履約義
務，包括銷售車輛、充電樁、車輛互聯網連接服務、OTA升級（或「OTA升級」）、理想汽車Plus會
員、若干產品及首任車主延長質保。
銷售車輛、充電樁及若干產品的收入在控制權轉移至客戶時確認。本集團採用直線法確認服務期內
車輛互聯網連接服務和OTA升級的收入。對於首任車主延長質保，本集團初步在延長質保期內根據
直線法隨時間確認收入，並將繼續定期監控成本節奏及調整收入確認模式，以反映可用的實際成本
節奏。
當收取現金時，本集團將有關未履行義務的合同負債確認為遞延收益。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(p)

收入確認（續）

售後服務
本集團還提供售後維修及保養服務，並在提供相關服務時確認收入。

銷售充電樁、線上商店商品、零部件及配件
本集團隨車輛銷售或單獨銷售充電樁以及線上商店商品、零部件及配件，收入於安裝充電樁時以及
商品、零部件及配件交付予客戶時確認。

理想汽車Plus會員的銷售
為豐富客戶的車主體驗，本集團同時出售理想汽車Plus會員。本集團基於相對估計的獨立售價將理
想汽車Plus會員總價款分攤至各項履約義務，主要包括售後維修及保養服務以及車輛互聯網連接服
務。各履約義務的收入在服務期間內確認，或在相關商品或服務交付時或會員資格到期日（以時間較
早者為準）確認。

佣金服務
本集團亦促成客戶使用銀行及保險公司提供的汽車金融產品及服務。佣金服務費於相關促成服務提
供時確認。

會員積分
本集團提供會員積分，可用於在本集團的線上商店中兌換本集團商品或服務。本集團根據可通過兌
換會員積分而獲得的商品或服務的成本來確定每個會員積分的價值。
本集團得出結論，就購買車輛而向客戶提供的會員積分是一項重要權利，其被視為單獨的履約義
務。分配至會員積分的金額作為單獨履約義務記錄為遞延收益，並且在會員積分獲使用或屆滿時確
認收入。
為鼓勵用戶參與並提高市場知名度，本集團的客戶或移動應用程式的使用者還可通過推薦新客戶購
買車輛獲得會員積分。本集團將該等積分入賬為銷售和營銷費用，相應的負債在提供積分時記入預
提費用及其他流動負債。

實際權宜方法及豁免
在確定車輛銷售合約的履約義務時，本集團遵循非實質性承諾的指引，並認為，考慮到終身道路救
援等若干服務不屬關鍵項目，該等服務不屬重要履約義務。
考慮到定性評估及定量評估的結果，本集團認為，如果承諾在合約中無關重要，且相對獨立公允價
值個別或在整體上對於所呈報合併業績並不重要，則不評估其是否屬履約義務。

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2.

重要會計政策摘要（續）
(q)

銷售成本

車輛銷售
車輛銷售成本包括生產和材料的直接成本、人工成本、製造費用（包括生產相關資產折舊）、運輸和
物流成本、預計的質保準備金以及消費稅及相關附加費用。銷售成本還包括質保成本調整，當存貨
超過其預計可變現淨值時減記的存貨賬面價值，或因存貨減值或超過預期需求、存貨購買承諾損失
而計提的費用以及製造物業、廠房及設備的減值費用。

其他銷售和服務
其他銷售和服務成本一般包括與提供非質保售後服務相關的成本、線上商店商品成本、零部件及配
件成本、充電樁成本、車輛互聯網連接成本以及運輸及物流成本。
(r)

研發費用
研發（「研發」）費用主要由從事研究、設計、開發活動員工的工資、獎金、福利及股份支付薪酬費
用，諮詢費、校驗和測試費用，開發新技術及產品直接貢獻的其他費用，研發設備和軟件的折舊和
攤銷費用及其他費用組成。研發費用在發生時計入費用，除於軟件開發的應用開發階段產生的與開
發內部使用軟件相關的若干成本。

(s)

銷售及營銷費用
銷售及營銷費用主要包括銷售及營銷人員的工資、獎金、福利及股份支付薪酬費用、市場營銷及
推廣費用、租金及與銷售及服務網絡相關的其他費用。截至2025年及2026年6月30日止六個月，廣
告、營銷及推廣費用在發生時計入費用，總金額分別為人民幣726,159千元及人民幣616,458千元。

(t)

一般及管理費用
一般及管理費用主要包括執行一般企業功能的員工工資、獎金、福利及股份支付薪酬費用，專業服
務費，折舊和攤銷費用，租賃費用以及其他一般企業相關費用。

(u)

政府補貼
本集團自若干地方政府收取政府補貼。本集團的政府補貼包括專項補貼和其他補貼。專項補貼為地
方政府為特定目的而提供的補貼，如研發、生產廠房建設、生產基地相關設施的建設。其他補貼為
當地政府並無明確其用途且與本集團未來趨勢或表現無關的補貼，該等補貼收入的收取並不取決於
本集團的任何進一步行動或表現，且金額在任何情況下均無須退還。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(u)

政府補貼（續）
毋須滿足其他條件的政府補貼於收到時或於滿足若干擬補助經營條件時入賬。政府補貼於達成補貼
條件時確認為資產賬面值的扣減或有關擬補助的特定成本及費用的扣減。截至2025 年12 月31 日及
2026年6月30日，遞延政府補貼結餘人民幣476,047千元及人民幣57,921千元計入本集團未經審計簡
明合併資產負債表的「預提費用及其他流動負債」及「其他非流動負債」。截至2025年及2026年6月30
日止六個月，本集團分別確認政府補貼約人民幣730,361千元及人民幣454,454千元。

(v)

公允價值
公允價值是市場參與者在計量日在有序交易中因出售資產應收取或轉讓負債應支付的價格。對於按
規定或經允許以公允價值入賬或披露的資產和負債，在確定其公允價值計量方法時，本集團會考慮
其主要交易市場或對其最有利的交易市場，也會考慮市場參與者在為資產或負債定價時會採用的假
設。
會計準則制定了公允價值層級，要求在對公允價值進行計量時最大程度使用可觀察輸入值並最低程
度使用不可觀察輸入值。金融工具所屬的公允價值層級取決於對公允價值計量具有重大意義的最低
層級的輸入值。會計準則將可用於公允價值計量的輸入值劃分為三個層級：
第一層級 － 同一資產或負債在活躍市場上報價（未調整的）。
第二層級 － 同一資產或負債在活躍市場上除報價外的可觀察市場輸入值。
第三層級 － 估值方法中使用的對於資產或負債公允價值的計量十分重要的不可觀察輸入值。
本集團使用可獲取的市場報價確定資產或負債的公允價值。如市場報價不可獲取，本集團將採用估
值技術進行公允價值計量，如果可行，使用基於當前市場或獨立來源的市場參數（例如利率和匯率）。

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2.

重要會計政策摘要（續）
(w)

股份支付薪酬
本公司向合資格僱員、董事及顧問授予購股權及受限制股份單位，並根據ASC 718「薪酬 － 股票薪
酬」對股份支付薪酬進行會計處理。
授予員工的股份支付獎勵有服務期條件、業績條件及市場條件，並以授予日期的公允價值計量。僅
附帶服務條件的股份支付獎勵在歸屬期內使用級差法（扣除估計作廢部分）確認為費用。就基於業績
的獎勵而言，當每個業績條件可能實現時，於預期業績實現期內確認股份支付薪酬費用。就附帶市
場條件的股份支付獎勵而言，股份支付薪酬費用於每個市場條件里程碑的預期實現期內確認。只要
服務期條件繼續獲滿足，不論市場條件里程碑是否實現，股份支付薪酬費用均將繼續於預期實現期
內確認。
股份支付的獎勵條款或條件變更或股份支付的獎勵的取消以及同時授予替代獎勵，均被視為修改（即
將原始獎勵換為新獎勵），除非獎勵的公允價值、歸屬條件及作為權益工具的分類與變更前後相同則
作別論。倘原歸屬條件或新歸屬條件獲達成，則會確認與經修訂獎勵相關的薪酬成本。本集團確認
增量薪酬成本，其金額等於修改後獎勵的公允價值超出修改前原始獎勵公允價值的部分。
本公司採用二項式期權定價模型計量附帶服務期條件的購股權的公允價值。公允價值的確定受普通
股的公允價值以及有關諸多複雜和主觀變量的假設之影響，該等變量包括預期股價波動、無風險利
率及預期股利。蒙特卡羅模擬模型用於計量附帶市場條件的購股權的公允價值及預期實現期。蒙特
卡羅模擬模型需要無風險利率、預期獎勵年期、預期股利率及預期股價波動等輸入值。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(x)

稅項
當期所得稅按照相關稅務管轄區的法規確認。根據ASC 740「所得稅」，本集團採用資產負債法對所
得稅進行會計處理。在此方法下，遞延所得稅資產和負債根據財務報表中現有資產和負債的賬面價
值及其各自計稅基礎之間的差額及結轉的營業虧損所產生的稅務影響確認。在暫時性差異預計轉回
或結算的年份，對應納稅所得額應用法定稅率確認遞延所得稅資產和負債。稅率變動對遞延所得稅
的影響於變動期間在未經審計簡明合併綜合收益 ╱（虧損）表中確認為「所得稅（費用）╱ 收益」。釐定
遞延所得稅資產的可實現性需要在評估未來稅務影響的可能性時作出判斷。在考慮是否存在證據表
明遞延所得稅資產很有可能會變現時，涉及多項因素的評估，包括於使用期間是否有足夠的應納稅
所得額以及稅務規劃策略。如遞延所得稅資產金額預計無法實現的可能性較大，根據需要可確認減
值準備以減少遞延所得稅資產金額。
儘管本集團的稅務申報有據可依，但本集團認為經過稅務機關審核後，稅務申報很可能無法維持當
前狀態，在這種情況下，本集團就相關不確定的稅務事項確認負債。與未確認稅收事項相關的應計
利息和罰款分類為所得稅費用。

(y)

租賃
本集團根據ASC 842「租賃」
（「ASC 842」）對租賃進行會計處理。該準則規定，承租人須在資產負債
表中確認租賃並披露租賃安排相關關鍵資料。
本集團判斷合同是否確認為租賃，通過本集團在使用沒有所有權的可辨認資產時是否有權享有該資
產幾乎所有的經濟利益，及是否有權干預該資產的使用來交換對價。本集團擁有附帶租賃及非租賃
組成部分的租賃協議，並選擇利用實際權宜方法，以將非租賃組成部分連同相關租賃組成部分入賬
列為單一的合併租賃組成部分。使用權資產指本集團在租賃期內使用標的資產的權利，租賃負債指
本集團對租賃付款的義務。使用權資產以租賃負債的金額進行確認，並按獲得的租賃激勵進行調
整。租賃負債於租賃期開始日按未來租賃付款的現值進行確認。由於本集團大多數租賃內含利率無
法直接確定，因此本集團使用增量借款利率（「IBR」）作為計算未來租賃付款現值的利率。IBR是本
集團基於對自身借款信用評級和本集團借款可能產生的利息而確定的假定利率。該利息為本集團在
類似經濟環境下，在類似租賃期間以抵押方式借入與租賃付款額同等資金而必須支付的利息。租賃
付款可能是固定的也可能是可變的，然而，僅固定付款或實質上固定付款才會計入本集團租賃負債
中。可變租賃付款額在產生付款義務的期間內計入運營費用。

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2.

重要會計政策摘要（續）
(y)

租賃（續）
本集團的租賃條款可能包括在合理確定本集團將行使該選擇權時延長或終止租賃的選擇權。本集團
決定不將ASC 842的確認要求應用於短期租賃，因為該等租賃的租期自租賃生效日期起計為12個月
或更短，且不包括本集團合理確定會行使的購買或續期選擇權。
經營租賃計入本集團未經審計簡明合併資產負債表的經營租賃使用權資產、經營租賃負債，流動和
經營租賃負債，非流動。計入物業、廠房及設備，淨值的融資租賃資產及相應融資租賃負債計入本
集團未經審計簡明合併資產負債表的流動及非流動融資租賃負債。
在售後回租交易中，一方（賣方 － 承租人）向另一方（買方 － 出租人）出售其擁有的資產，同時租回
該資產的所有或其中一部分，以獲得該資產所有或部分剩餘使用壽命。賣方 － 承租人將該資產的法
定所有權轉讓至買方 － 出租人以獲取對價，隨後向買方 － 出租人定期支付租金以保留對該資產的使
用權。本集團根據ASC第606號「與客戶之間的合同產生的收入」中的要求來確定資產轉讓是否應按
資產出售進行會計處理。
若賣方 － 承租人選擇回購該資產，則不能將資產轉讓按資產出售進行會計核算，除非滿足以下兩個
條件：

(z)

a.

回購時該資產的售價為該資產的公允價值。

b.

在市場中能獲取與被轉讓資產基本相同的另一資產。

每股收益 ╱（虧損）
基本每股淨收益 ╱（虧損）根據本期間內發行在外普通股加權平均數使用兩級法計算。根據兩級法，
倘根據其合約條款，其他參與證券並無責任分擔收益 ╱（虧損），則淨收益 ╱（虧損）不會分配予其他
參與證券。
稀釋每股淨收益 ╱（虧損）使用普通股加權平均數及期內發行在外的等價普通股計算。等價普通股包
括使用庫存股法在股份期權行權及受限制股份單位歸屬時的可發行普通股及使用假設轉換法轉換可
換股債務時的可發行普通股。倘計入有關股份會導致反稀釋，則等價普通股不計入每股稀釋淨收益
計算的分母中。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

2.

重要會計政策摘要（續）
(aa)

分部報告
ASC 280「分部報告」列示了企業在其財務報表中報告經營分部、產品、服務、地理區域及主要客戶
等資料應遵循的準則。
作為一個報告分部，本集團的收入源自銷售汽車及配套的產品和服務以及單獨銷售或提供的其他銷
售和服務（包括提供非質保售後服務、銷售充電樁、線上商店商品、零部件及配件、銷售理想汽車
Plus會員及佣金服務）。根據ASC 280「分部報告」制定的標準，首席經營決策者（「CODM」）為管理
委員會，由首席執行官、首席財務官及管理團隊的若干其他成員組成。CODM在作出資源配置並評
估分部表現的決策時會對整個實體的經營業績以及合併收入及淨利潤 ╱（虧損）進行定期審核，因
此，本集團只有一個報告分部。該分部的會計政策與重要會計政策摘要中所述者相同。
本集團經營分部的分部收入及盈利能力的主要衡量指標被認為是合併收入及淨利潤 ╱（虧損）。
CODM定期審查的計入淨利潤 ╱（虧損）的重大分部開支包括銷售成本、研發費用、銷售、一般及管
理費用，其於本集團的未經審計簡明合併綜合收益 ╱（虧損）表中單獨呈列。淨利潤 ╱（虧損）中的其
他分部項目包括利息支出、利息收入及投資收益，淨額、其他，淨額及所得稅（費用）╱ 收益。
就內部報告而言，本集團不會區分市場或分部。由於本集團的長期資產基本上位於中國且本集團收
入主要來自中國，因此無需列示地區分部資料。CODM不會在可報告分部的基礎上審查任何有關資
產總額的資料。
有關向CODM提供並由其審核的分部經營業績，請參閱未經審計簡明合併綜合收益 ╱（虧損）表。

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3.

近期會計公告
近期採納的會計公告
於2025年7月，財務會計準則委員會頒佈ASU 2025-05「金融工具 － 信用損失（專題第326號）應收賬款及合
同資產信用損失的計量」。該ASU (1)為所有實體提供實務簡便操作方法及(2)為公共商業實體以外的實體提
供會計政策選擇權，以估算專題第606號下交易產生的流動應收賬款及流動合同資產的預期信用損失，具
體如下。所有實體在估算預期信用損失過程中制定合理及可支援的預測時，可以選擇實務簡便操作方法，
並假設截至資產負債表日的當前所有條件在相關資產餘下期限保持不變。該等修訂將適用於2025年12月15
日之後開始的年度報告期間，以及該等年度報告期間內的中期報告期間。允許提早採納。本集團已自2026
年1月1日起，以前瞻性方式採用此項ASU，且該採納對本集團的合併財務報表並無產生重大影響。
近期已頒佈但尚未採納的會計公告
於2024年11月，財務會計準則委員會頒佈了ASU 2024-03「損益表費用分類（副專題第220-40號）」。ASU要
求在相關損益表標題中細分披露具體的支出類別，包括庫存採購、僱員薪酬、折舊與攤銷。該ASU亦要求
披露銷售費用之總額及銷售費用之定義。該ASU於2026年12月15日之後開始的年度期間及於2027年12月
15日之後開始的財政年度內的中期生效。採納該ASU既可前瞻性地應用於本ASU生效日期後報告期發佈的
合併財務報表，亦可追溯應用於合併財務報表中列報的任何或所有早前期間。亦允許提早採納。本集團正
在評估新指引的影響。採納該ASU後，本集團的合併財務報表中將可能納入規定的額外披露。
於2025年9月，財務會計準則委員會頒佈了ASU 2025-06「無形資產 － 商譽及其他 － 內部使用軟件（副專題
第350-40號）」。該ASU刪除了整個副專題第350-40號中對規範性和順序性軟件開發階段（「項目階段」）的所
有表述。因此，實體須於發生以下兩項事件時開始將軟件成本資本化：1)管理層已批准並承諾為軟件項目
提供資金；2)該項目很可能完成且軟件將用於實現預期功能（「很可能完成的確認門檻」）。於評估很可能完
成的確認門檻時，實體須考慮是否存在與軟件開發活動相關的重大不確定性。本次更新的修訂對所有實體
於2027年12月15日後開始的年度報告期間以及該等年度報告期間內的中期報告期間有效。截至年度報告期
間期初允許提前採用。本集團正在評估新指引的影響，預計其不會對本集團的合併財務報表產生重大影響。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

3.

近期會計公告（續）
近期已頒佈但尚未採納的會計公告（續）
於2025年12月，財務會計準則委員會頒佈了ASU 2025-10「政府補貼（專題第832號）」。本次更新的修訂確
立了業務實體所收取政府補貼的會計處理方式，包括對(1)與資產有關的補貼；及(2)與收益有關的補貼的
指引。該ASU要求業務實體採用遞延收益法，將與收益有關的補貼和與資產有關的補貼呈列為盈利的一部
分，(1)於其他收入等一般標題下分開入賬或(2)自相關費用扣除。此外，與現行披露要求相一致，ASU要求
業務實體披露所收取政府補貼的性質、用於補貼列賬的會計政策以及補貼的重大條款及條件等。本次更新
的修訂對於2028年12月15日後開始的年度報告期間以及該等年度報告期間內的中期報告期間有效。允許提
前採用。本集團正在評估新指引的影響，預計其不會對本集團的合併財務報表產生重大影響。

4.

集中度及風險
(a)

信用風險集中度
可能使本集團面臨重大信用風險集中的資產主要包括現金及現金等價物、受限制現金、定期存款及
短期投資、長期定期存款及長期金融工具。該部分資產的最大信用風險金額是該資產截至資產負債
表日的賬面價值。截至2025年12月31日及2026年6月30日，由於本集團大部分現金及現金等價物、
受限制現金、定期存款及短期投資、長期定期存款及長期金融工具都存放於中國內地和香港的大型
金融機構，因此管理層認為信用質量較高。於2015 年5 月1 日，中國的新版存款保險條例生效，據
此，在中國境內設立的商業銀行等銀行金融機構須就吸收的人民幣及外幣存款投保存款保險。由
於本集團的總存款遠高於最高償付限額，因此該存款保險條例無法有效為本集團賬戶提供完整的
保障。然而，本集團認為該等金融機構倒閉的風險微乎其微。本集團預期不會有與現金及現金等價
物、受限制現金、定期存款和短期投資、長期定期存款及長期金融工具（由本公司、其附屬公司、可
變利益實體及可變利益實體的附屬公司所在司法管轄區的優質金融機構持有）有關的重大信用風險。
該等金融機構信用質量較高，本集團相信我們並無面臨異常風險。本集團並無與上述資產有關的重
大信用風險集中度。
本集團向客戶收款依賴少數第三方提供支付處理服務（「支付服務提供商」）。支付服務提供商為金融
機構，信用卡公司和支付寶及微信支付等移動支付平台，本集團認為這些支付服務提供商的信用質
量較高。

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未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

4.

集中度及風險（續）
(b)

貨幣兌換風險
中國政府對人民幣兌換為外幣實行管控，在若干情況下，中國政府對匯出中國的貨幣實行管控。
截至2025 年12 月31 日及2026 年6 月30 日，本集團受政府管控的現金及現金等價物、受限制現金、
定期存款及短期投資、長期定期存款和長期金融工具的金額分別為人民幣79,554,122千元及人民幣
74,005,644千元。人民幣的價值受中央政府政策的變化以及影響中國外匯交易體系市場供求的國際
經濟和政治發展的影響。在中國，法律規定某些外匯交易僅能由經授權的金融機構按中國人民銀行
（「中國人民銀行」）規定的匯率進行交易。本集團在中國以人民幣以外的貨幣進行的匯款必須通過中
國人民銀行或其他中國外匯監管機構（需要提供相關證明材料）辦理。

(c)

外匯匯率風險
本集團以人民幣（「人民幣」）作為列報貨幣。本公司及其於香港及新加坡註冊成立的附屬公司以美元
（「美元」）作為記賬本位幣。人民幣兌美元時常大幅及不可預測地波動。人民幣兌換為美元及其他貨
幣的價值受中國政治和經濟狀況以及中國外匯政策等因素之變動的影響。截至2025年及2026年6月
30日止六個月，人民幣兌美元匯率升值約0.4%及3.1%。難以預測市場力量或中國或美國的政府政策
日後對人民幣兌美元的匯率的可能影響。

(d)

客戶及供應商集中度
截至2025年6月30日止六個月，概無客戶或供應商各自的收入或採購額佔本集團收入總額或總採購
額的10%以上。截至2026年6月30日止六個月，概無客戶或一名供應商各自的收入或採購額佔本集
團收入總額或總採購額的10%以上。

5.

定期存款及短期投資
本集團的定期存款及短期投資如下：
截至2025年

截至2026年

12月31日

6月30日

短期定期存款

38,167,346

40,664,846

短期金融工具

6,164,061

4,809,428

合計

44,331,407

45,474,274

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

6.

應收賬款淨值
按確認日期呈列扣除信用損失準備的應收賬款的賬齡分析如下：
截至2026年

12月31日

6月30日

107,501

147,024

3個月至6個月

9,533

54,100

6個月至1年

2,183

4,573

606

895

119,823

206,592

截至2025年

截至2026年

12月31日

6月30日

4,841,667

4,448,522

3個月內

1年以上
合計

7.

截至2025年

存貨
存貨如下：

製成品
汽車
其他製成品

826,338

737,383

原材料及在製品

3,250,309

3,311,751

存貨

8,918,314

8,497,656

存貨減值準備

(165,875)

(163,955)

存貨淨值

8,752,439

8,333,701

製成品主要包括待售車輛、備件、線上商店商品及配件。
原材料主要包括用於量產的材料及在製品，主要包括生產中的材料。這些材料在使用時轉入生產成本。

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未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

8.

物業、廠房及設備，淨值
物業、廠房及設備，淨值如下：
截至2025年

截至2026年

12月31日

6月30日

生產機器、設施及設備

12,525,627

13,333,585

模夾檢具

7,285,856

9,285,590

建築物及建築物裝修改良

6,432,742

6,707,219

921,617

346,499

租賃資產改良

3,387,938

3,292,877

機動車輛

2,482,091

2,360,630

在建工程

合計

33,035,871

35,326,400

減去：累計折舊

(10,233,542)

(12,405,696)

(27,391)

(27,391)

22,774,938

22,893,313

減去：累計減值損失

物業、廠房及設備，淨值合計

截至 2025 年及 2026 年 6 月 30 日止六個月，本集團錄得的折舊費用分別為人民幣 1,681,634 千元及人民幣
2,607,861千元。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

9.

無形資產，淨值
無形資產，淨值如下：
截至2025年

截至2026年

12月31日

6月30日

乘用車生產許可

647,174

647,174

保險代理許可證

35,000

35,000

使用壽命不確定的無形資產，淨值

682,174

682,174

軟件

441,290

473,089

專利

248,825

282,996

使用壽命確定的無形資產

690,115

756,085

軟件

(150,476)

(180,345)

專利

(29,839)

(92,353)

累計攤銷

(180,315)

(272,698)

使用壽命確定的無形資產，淨值

509,800

483,387

1,191,974

1,165,561

減去：累計攤銷

合計無形資產，淨值

截至2025年及2026年6月30日止六個月，本集團錄得的攤銷費用分別為人民幣21,790千元及人民幣92,450
千元。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

9.

無形資產，淨值（續）
截至2026年6月30日，未來與無形資產有關的攤銷費用估計如下：
截至6月30日止
十二個月

10.

2027年

191,346

2028年

95,081

2029年

38,602

2030年

38,576

2031年及之後

119,782

合計

483,387

租賃
本集團經營租賃主要包括土地使用權及辦公室、零售門店、充電站以及交付及服務中心的租賃，融資租賃
為若干辦公室及製造基地生產工廠的租賃。
租賃費用的組成如下：
截至6月30日止六個月
2025年

2026年

資產攤銷

19,176

7,541

租賃負債利息

18,936

816

經營租賃成本

893,130

901,352

短期租賃成本

91,880

67,946

1,023,122

977,655

租賃成本
融資租賃成本：

合計

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

10.

租賃（續）
與租賃相關的補充資料如下（以千計，租賃期限及貼現率除外）：
截至6月30日止六個月
2025年

2026年

就經營租賃支付的經營現金流量

930,111

834,603

就融資租賃支付的經營現金流量

53,660

–

1,501,941

(32,652)

截至2025年

截至2026年

12月31日

6月30日

土地使用權，淨值

1,509,017

1,086,465

經營租賃使用權資產淨值（不包含土地使用權）

7,590,296

6,803,881

經營租賃使用權資產總額，淨值

9,099,313

7,890,346

經營租賃負債，流動

1,690,356

1,572,211

經營租賃負債，非流動

6,258,957

5,620,164

經營租賃負債總額

7,949,313

7,192,375

截至2025年

截至2026年

12月31日

6月30日

物業、廠房及設備，淨值

282,080

274,538

融資租賃資產總額，淨值

282,080

274,538

融資租賃負債，非流動

348,506

349,322

融資租賃負債總額

348,506

349,322

為租賃負債支付的現金：

以承擔租賃負債獲得的使用權資產，扣除因提前終止而減少的
使用權資產：
以承擔新經營租賃負債獲得的使用權資產，扣除因提前終止而減少的
使用權資產：

經營租賃

融資租賃

80

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

10.

租賃（續）
截至2025年

截至2026年

12月31日

6月30日

土地使用權

44年

43年

經營租賃

7年

6年

融資租賃

3年

2年

土地使用權

3.3%

3.3%

經營租賃

3.9%

3.6%

融資租賃

3.3%

3.3%

加權平均剩餘租賃期限

加權平均折現率

租賃負債到期日如下：
截至6月30日止十二個月
經營租賃

融資租賃

2027年

1,947,195

–

2028年

1,407,232

408,642

2029年

1,188,273

–

2030年

944,179

–

2031年

780,594

–

之後

1,731,361

–

未折現租賃付款總額

7,998,834

408,642

減去：估算利息

(806,459)

(59,320)

租賃負債總額

7,192,375

349,322

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

11.

長期投資
本集團的長期投資如下：
截至2025年

截至2026年

12月31日

6月30日

採用替代計量法計量的不易於確定公允價值的股權投資

742,314

953,858

採用資產淨值實務簡化法計量的不易於確定公允價值的股權投資

91,464

135,291

易於確定公允價值的股權投資

14,894

3,950

–

1,883,895

848,672

2,976,994

股權投資：

債務投資：
長期定期存款
合計

不易於確定公允價值的股權投資
不易於確定公允價值的股權投資指對不易於確定公允價值的私人持股公司及私募股權基金的投資。
截至2025年及2026年6月30日止六個月，概無於未經審計簡明合併綜合收益 ╱（虧損）表「利息收入及投資
收益，淨額」中記錄任何不易於確定公允價值的股權投資減值損失。截至2025年及2026年6月30日止六個
月，分別錄得零及人民幣102,575千元的向上調整，而截至2026年6月30日，累計錄得人民幣102,575千元
的向上調整。
易於確定公允價值的股權投資
易於確定公允價值的股權投資為按公允價值計量的公開交易的有價股權投資。
對於易於確定公允價值的股權投資，截至2025 年及2026 年6 月30 日止六個月於未經審計簡明合併綜合收
益 ╱（虧損）表的「利息收入及投資收益，淨額」中分別錄得未變現收益淨額人民幣10,822千元及未變現虧損
淨額人民幣10,627千元。

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未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

12.

借款
借款如下：
截至2025年

截至2026年

12月31日

6月30日

可轉換債務 (1)

5,982,366

–

有抵押借款

(2)

235,379

286,205

短期借款合計 (4)

6,217,745

286,205

截至2025年

截至2026年

12月31日

6月30日

短期借款：

長期借款：
有抵押借款 (2)

3,299,203

3,883,895

(3)

–

1,995,493

可轉換債務 (1)

–

984,611

長期借款合計

3,299,203

6,863,999

借款合計

9,516,948

7,150,204

無抵押借款

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

12.

借款（續）
(1)

於2021年4月，本公司通過私人配售已發行及出售本金總額為862,500千美元的可轉換債務。可轉換
債務將於2028年到期，按年利率0.25%計息。自2021年11月1日起，相關利息於每年5月1日及11月1
日每半年支付一次。此次發行的所得款項淨額約為844,876千美元，相當於人民幣5,533,238千元。
各持有人可選擇於2027年11月1日或之後的任何時間，直至緊接2028年5月1日到期日前的第二個預
定交易日收盤，將可轉換債務按每1,000美元本金轉換35.2818股美國存託股份（「美國存託股份」）的
初始轉換率（即每股美國存託股份的初始轉換價約28.34美元）進行轉換。轉換後，本公司將選擇向有
關轉換持有人支付現金或交付美國存託股份或兩種方式合併（視情況而定）。
初始轉換價每股美國存託股份28.34美元或每股A類普通股14.17美元（後者為每股A類普通股的實際
成本），即最高公開發售價每股A類普通股150.00港元折價約26.56%。初始轉換率可在某些情況下進
行調整，包括但不限於本公司進行股份分拆或股份合併時。截至2026年6月30日，並無對初始轉換
率進行調整。
可轉換債務持有人有權要求本公司於2024年5月1日及2026年5月1日，或倘發生若干根本性變化，
按相等於待回購可轉換債務本金的100%，加上應計未付利息的回購價回購彼等全部或部分的可轉換
債務。於2026年4月30日，可轉換債務本金總額716,800千美元根據持有人的認沽權有效交回以供回
購，截至2026年6月30日，可轉換債務本金總額145,700千美元仍未償還，須繼續受可轉換債務現有
條款的約束。債務清償虧損人民幣28,781千元已計入未經審計簡明合併綜合收益 ╱（虧損）表內截至
2026年6月30日止六個月的利息支出中。
本公司將該可轉換債務按攤餘成本計量的單一工具於未經審計簡明合併資產負債表中入賬列作借
款。本公司根據報告日期至持有人提前贖回權或轉換權日期的時間長短將可轉換債務分類為短期或
長期借款。發行成本被記錄為對借款的調整，並按至到期日（即2028年5月1日）的合同期限採用實際
利率法以實際年利率0.55%攤銷至利息支出。截至2025年及2026年6月30日止六個月，可轉換債務相
關利息支出（不包括債務清償虧損）分別為人民幣16,918千元及人民幣11,647千元。截至2025年12月
31日及2026年6月30日，可轉換債務的本金分別為人民幣6,023,614千元及人民幣989,945千元及未攤
銷的債務發行成本分別為人民幣41,248千元及人民幣5,334千元。

84

85

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

12.

借款（續）
(2)

截至2025年12月31日，本集團自若干銀行取得本金總額為人民幣3,534,582千元的有抵押借款。該等
借款的年利率介乎5年期LPR下浮0.81%至5年期LPR下浮0.65%。根據協定，借款須分期償還，最後
到期日介乎2034年6月21日至2037年2月13日。該等借款以人民幣計價。
截至2026年6月30日，本集團自若干銀行取得本金總額為人民幣4,170,100千元的有抵押借款。該等
借款的年利率介乎5年期LPR下浮0.81%至5年期LPR下浮0.65%。根據協定，借款須分期償還，最後
到期日介乎2034年6月21日至2037年2月13日。該等借款以人民幣計價。截至2026年6月30日，合共
人民幣5,365,448千元未根據有抵押借款提取及動用。
截至2025年12月31日及2026年6月30日，該等借款由本集團若干生產廠房及土地使用權作抵押。該
等借款包含契約，當中包括對若干資產銷售的限制，維持流動資產及維持特定賬戶上的金融資產的
要求及若干財務比率規定。截至2026年6月30日，本集團遵守所有貸款契約。

(3)

於 2026 年 6 月，本集團在中國全國銀行間債券市場發行 2026 年度第一期科技創新債券（「該等債
券」），本金總額為人民幣2,000,000千元。該等債券的期限為三年，按票面年利率1.75%計息。發行
成本被記錄為對發行所得款項的調整，並按至到期日的合同期限採用實際利率法以實際年利率1.81%
攤銷至利息支出。

(4)

截至 2025 年 12 月 31 日及 2026 年 6 月 30 日，短期借款（不包括可轉換債務）的加權平均利率分別為
2.72%及2.71%。
下表概述本集團借款（不包括可轉換債務）的匯總償還時間表：
截至6月30日止
十二個月

2027年

286,205

2028年

393,762

2029年

2,543,461

2030年

547,969

2031年

547,475

之後

1,846,721

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

13.

應付賬款及應付票據
應付賬款及應付票據如下：
截至2025年

截至2026年

12月31日

6月30日

應付原材料款項

23,713,783

23,449,990

應付票據 (1)

16,865,436

15,306,090

合計

40,579,219

38,756,080

(1)

若干銀行向本集團的供應商提供供應鏈融資渠道。根據該計劃，本集團向參與供應商發行票據，參
與供應商可選擇在票據到期時或到期前以折讓價將此類票據轉讓給銀行進行付款。每張票據的到期
日與原供應商付款條款一致。本集團就此項安排產生的銀行服務費很少。作為該計劃的一部分，與
本集團對參與供應商的付款義務（可能轉至銀行）有關的所有條款保持不變。截至2025年12月31日及
2026年6月30日，本集團供應鏈融資渠道計劃的未償還金額分別為人民幣484,607千元及零。

於2025年12月31日及2026年6月30日的應付賬款及應付票據的賬齡分析如下，賬齡分析按確認購買材料及
貨品或接受服務的時間呈列。
截至2025年

截至2026年

12月31日

6月30日

3個月內

26,797,558

27,321,232

3個月至6個月

7,268,802

7,003,177

6個月至1年

6,496,892

4,413,318

15,967

18,353

40,579,219

38,756,080

1年以上
合計

86

87

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

14.

預提費用及其他流動負債
預提費用及其他流動負債如下：

15.

截至2025年

截至2026年

12月31日

6月30日

購買物業、廠房及設備應付賬款

3,756,574

3,885,364

應付研發費用

1,711,162

1,647,772

應計質保金，流動

1,602,897

1,127,648

應付薪金和福利

1,227,541

1,072,345

應付稅款

1,645,982

682,642

應付營銷及推廣開支

847,408

765,509

應付物流費用

598,777

582,028

應計存貨購買承諾成本

258,166

402,726

收取供應商的保證金

151,552

264,404

客戶預付款項

3,935

8,725

其他應付賬款

1,608,266

1,762,474

合計

13,412,260

12,201,637

截至2025年

截至2026年

12月31日

6月30日

5,543,001

5,836,768

購買物業、廠房及設備應付賬款，非流動

270,650

236,430

非流動遞延政府補貼

437,952

23,582

其他應付賬款

133,767

95,454

6,385,370

6,192,234

其他非流動負債
其他非流動負債如下：

應計質保金，非流動

合計

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

16.

收入拆分
按確認時間劃分的收入分析如下：
截至6月30日止六個月
2025年

2026年

於某一時間點確認的收入

55,968,566

48,432,518

包括：車輛銷售

53,563,718

45,599,670

其他銷售和服務

2,404,848

2,832,848

於一段時間確認的收入

203,861

217,283

56,172,427

48,649,801

合計

車輛銷售產生的收入於產品控制權轉移至客戶時確認。於某一時間點確認的其他銷售和服務收入主要包括
(i)非質保售後服務；(ii)銷售充電樁、線上商店商品、零部件及配件；(iii)理想汽車Plus會員若干服務；及
(iv)佣金服務費。在此情況下，收入於產品及服務的控制權轉移至客戶時確認。
其他銷售和服務產生的若干收入於一段時間內確認，主要包括汽車互聯網連接服務、OTA升級及理想汽車
Plus會員若干服務。

17.

遞延收益
下表載列各所示期間遞延收益餘額的前推金額：
截至6月30日止六個月

遞延收益 － 期初

2025年

2026年

2,117,020

2,246,163

增加

54,941,457

47,215,026

確認

(54,989,898)

(47,586,292)

遞延收益 － 期末

2,068,579

1,874,897

包括：遞延收益，流動

1,405,462

1,208,610

663,117

666,287

遞延收益，非流動

88

89

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

17.

遞延收益（續）
遞延收益指未完成或部分完成的履約義務對應的合同負債。該等未完成或部分完成的履約義務主要源自未
交付的車輛、購買汽車提供的會員積分、未安裝的充電樁以及車輛銷售合約中識別的其他履約義務。截至
2025年12月31日，本集團的遞延收益總額為人民幣2,246,163千元，其中人民幣1,256,853千元被確認為截
至2026年6月30日止六個月的收入。截至2026年6月30日的遞延收益總結餘中的人民幣1,208,610千元預計
將於未來12個月內確認。餘下結餘人民幣666,287千元將於產品及服務的控制權轉讓時或於合約期內按已完
成該履約責任的進度予以確認。

18.

普通股
2017年4月，本公司在開曼群島註冊成立為一家有限責任公司。2019年7月，根據2019年的重組，本公司成
為本集團的控股公司。隨著重組及C輪可轉換可贖回優先股的發行，本公司3,830,157,186股已授權股份被
指定為A類普通股，240,000,000股已授權股份被指定為B類普通股。A類普通股享有每股一票的投票權，且
在任何情況下不得轉換為B類普通股。B類普通股在一定條件下享有每股十票的投票權，且相關持有人可在
任何時間將其轉換為A類普通股。
2020 年8 月，本公司完成了美國首次公開發售並發行了190,000,000 股A類普通股，所得款項為1,042,137
千美元（經扣除包銷商佣金及相關發售開支）。在完成首次公開發售的同時，發行了66,086,955股A類普通
股，對價為380,000千美元。2020年8月7日，因包銷商行使超額配售權，本公司發行了額外28,500,000股A
類普通股，對價為157,320千美元。
所有優先股（不包括本公司創始人兼首席執行官李想先生實益擁有的股份）於首次公開發售完成後立即自動
轉換為1,045,789,275股A類普通股。同時，李想先生實益擁有的所有優先股自動轉換為115,812,080股B類
普通股。
2020年12月，本公司完成了108,100,000股A類普通股的後續增發，其中包括因包銷商悉數行使其超額配售
權而發行的14,100,000股A類普通股。
於2021 年5 月，根據本公司2021 年股份激勵計劃，本公司向本公司的創始人兼首席執行官李想先生發行
108,557,400股B類普通股作為庫存股。
於2021年8月，本公司完成了香港首次公開發售並發行了100,000,000股A類普通股，所得款項為11,633,130
千港元（經扣除包銷商佣金及相關發售開支）。於2021年9月，本公司於包銷商超額配股權獲行使後額外發
行13,869,700股A類普通股，對價為1,634,462千港元。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

18.

普通股（續）
於2022年6月28日，本公司在美國提交一份招股章程補充文件，通過ATM增發在納斯達克全球精選市場出
售總額為最高2,000,000千美元的美國存託股份，每股美國存託股份對應兩股A類普通股。於2023年9月27
日，本公司終止本公司與若干代理銷售方就ATM增發訂立的日期為2022年6月28日的股權分銷協議，於同
日（美國東部時間）營業結束後立即生效。本公司已終止ATM增發，原因是其並無計劃根據ATM增發進一
步籌集額外資金或出售額外證券。根據ATM增發，合計27,004,858股A類普通股已依法發行且本公司已取
得募集資金。
於2026年3月24日，本公司董事會已批准一項股份購回計劃，據此，本公司獲授權於批准日起直至2027年3
月31日止期間，購回總額不超過10億美元的A類普通股及 ╱ 或美國存託股份（「股份購回計劃」）。根據該計
劃進行的購回事項，可視市況並依照適用規則及法規，不時透過公開市場交易按當時市價、大宗交易及 ╱
或其他法律允許的方式進行。本公司董事會將定期檢討股份購回計劃，並可授權調整其條款及規模，或暫
停或終止該計劃。截至2026年6月30日，本公司於聯交所以總對價2,339,896千港元購回合共44,160,200股A
類普通股，並於納斯達克以總對價163,231千美元購回合共20,371,928股美國存託股份代表的A類普通股。
本公司按成本入賬購回的普通股，並將該等庫存股列作股東權益的一部分。
於2026年4月，為符合聯交所關於不同投票權的法律規定，並配合購回普通股，711,481 股B類普通股已轉
換為A類普通股。
截至 2026 年 6 月 30 日，本公司發行 104,804,000 股 A 類普通股作為庫存股，以備日後行使購股權及歸屬
受限制股份單位。截至2026 年6 月30 日，滿足歸屬條件的42,731,722 份購股權獲行使且滿足歸屬條件的
45,600,836份受限制股份單位獲歸屬。
截至 2025 年 12 月 31 日及 2026 年 6 月 30 日，本公司已發行及發行在外普通股分別為 2,027,667,098 股及
1,973,963,298股。

90

91

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

19.

每股收益 ╱（虧損）
截至2025年及2026年6月30日止六個月，根據ASC 260「每股收益」計算的基本及稀釋每股淨收益 ╱（虧損）
如下：
截至6月30日止六個月
2025年

2026年

1,742,895

(3,993,712)

16,918

–

1,759,813

(3,993,712)

2,010,096,159

2,020,876,470

購股權及受限制股份單位

69,419,024

–

可轉換債務

60,861,105

–

2,140,376,288

2,020,876,470

歸屬於理想汽車普通股股東的基本每股淨收益 ╱（虧損）

0.87

(1.98)

歸屬於理想汽車普通股股東的稀釋每股淨收益 ╱（虧損）

0.82

(1.98)

分子：
歸屬於理想汽車普通股股東的淨利潤 ╱（虧損）
可轉換債務的稀釋影響
用於計算稀釋每股淨收益 ╱（虧損）的歸屬於理想汽車普通股股東的
淨利潤 ╱（虧損）

分母：
已發行普通股加權平均數 － 基本
稀釋證券的影響

已發行普通股加權平均數 － 稀釋

截至2025年及2026年6月30日止六個月，本公司擁有的等價普通股包括所授出購股權及受限制股份單位以
及已發行可轉換債務。截至2025年6月30日止六個月，加權平均計算的2,627,188份購股權及受限制股份單
位不包括在稀釋每股淨收益的計算當中，原因為其反稀釋效應。由於本集團於截至2026年6月30日止六個
月產生虧損，該等等價普通股被認定為具有反稀釋效應，不包括在本公司稀釋每股淨虧損的計算當中。截
至2026年6月30日止六個月，不包括在本公司稀釋每股淨虧損的計算當中的所授出購股權及受限制股份單
位和可轉換債務（可予轉換股份）的加權平均數分別為52,533,737份及43,814,811股。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬
就本公司授予的股份支付的獎勵確認的薪酬費用如下：
截至6月30日止六個月
2025年

2026年

研發費用

475,600

255,093

銷售、一般及管理費用

247,924

102,915

銷售成本

15,331

16,769

合計

738,855

374,777

(i)

2019年及2020年股份激勵計劃
2019年7月，本集團通過了2019年股份激勵計劃（「2019年計劃」），本公司可向其員工、董事和顧問
授予本集團購股權及受限制股份單位。截至2026年6月30日，根據2019年計劃可能發行的A類普通
股的最大數目為141,083,452股。
本集團從2015年開始向員工授予購股權。本公司於2019年7月重組完成後，根據2019年計劃，本集
團將授予的購股權從北京車和家轉移至本公司。
2020年7月，本集團通過了2020年股份激勵計劃（「2020年計劃」），本公司可向其員工、董事和顧問
授予本集團購股權及受限制股份單位。截至2026年6月30日，根據2020年計劃可能發行的A類普通
股的最大數目為165,696,625股。本公司自2021年1月1日開始授予2020年計劃項下的購股權及受限制
股份單位。
2019年計劃及2020年計劃項下股份獎勵的合約期限通常為自授予日起十年且授予的購股權及受限制
股份單位有服務、業績及市場條件。附帶服務及業績條件的購股權及受限制股份單位通常應在五年
內歸屬，從附帶服務及業績條件的獎勵的歸屬起算日期起每個服務年度後可歸屬五分之一。
於2026年6月15日，本公司根據2020年計劃向本公司多名高級管理層授予合共35,000,000份購股權。
該等獎勵被均分為五批，其歸屬時間表乃基於市場條件達成情況而定，並假設該等管理層於各歸屬
日期繼續受僱。第一至第五批將於本公司在聯交所的市值達到2,000億港元、4,000億港元、6,000億
港元、8,000億港元及1萬億港元時歸屬。本公司市值將按(i)股份連續30個交易日在聯交所的平均收
市價，乘以(ii)已發行股份總數（不包括庫存股份（定義見《上市規則》），如有）計算。為免生疑問，
倘首次實現更高層級的目標，而過往並未實現更低層級的目標，則與較低及較高層級相對應的股份
將一次性歸屬；倘過往已實現較低層級的目標，且相應股份已予以歸屬，則僅與較高層級目標當前
比例相對應的股份將在實現後歸屬，而不會重複發行。與附帶市場條件的獎勵相關的股份支付薪酬
費用於各市值里程碑的預期達成期內確認。市值里程碑期間及各批次的公允價值乃採用蒙特卡羅模
擬模型釐定，並用作釐定預期達成期及股份支付薪酬費用的基準。

92

93

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬（續）
(i)

2019年及2020年股份激勵計劃（續）
(a)

下表概述截至2025年及2026年6月30日止六個月本公司於2019年計劃及2020年計劃項下的購
股權變動情況：
加權平均
加權平均

剩餘合同

總內在

行權價格

年限

價值

美元

年數

美元

50,119,362

0.10

4.81

596,170

–

–

已行使

(5,341,220)

0.10

作廢

(162,000)

0.10

截至2025年6月30日未行使

44,616,142

0.10

4.53

600,310

截至2025年12月31日未行使

43,058,366

0.10

4.01

360,183

授予

35,000,000

7.19

已行使

(5,190,988)

0.10

作廢

(72,200)

0.10

截至2026年6月30日未行使

72,795,178

3.51

6.82

171,878

截至2025年6月30日已歸屬及待歸屬

44,043,019

0.10

4.51

592,599

購股權數目

截至2024年12月31日未行使
授予

截至2025年6月30日可行使

38,101,142

0.10

4.31

512,651

截至2026年6月30日已歸屬及待歸屬

72,664,825

3.51

6.82

217,326

截至2026年6月30日可行使

35,921,178

0.10

3.85

207,265

上表中總內在價值按期間最後一個交易日的股票收市價與有關獎勵的行權價格之差計算。
截至2025年及2026年6月30日止六個月，已行使的購股權總內在價值分別為144,890千美元及
46,110千美元。截至2025年及2026年6月30日止六個月，已歸屬的購股權總公允價值分別為
28,342千美元及26,604千美元。
截至2025年6月30日止六個月概無授予購股權。截至2026年6月30日止六個月，本公司2020年
計劃項下授予的購股權於授予日的加權平均公允價值為4.14美元。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬（續）
(i)

2019年及2020年股份激勵計劃（續）
(a)

2020年計劃項下授出的附帶服務及市場條件的購股權的公允價值乃於授予日採用蒙特卡羅模
擬模型按以下假設估計得出：
截至2026年
6月30日止六個月
行使價格（美元）
無風險利率
預期期限（年）

7.19
3.25%
10

預期波動率

60%

預期股利收益率

0%

無風險利率是根據香港政府債券在期權估值日的收益率曲線估算的。預期波動率乃根據本公
司股價的歷史波動率釐定。本集團未宣佈或支付任何現金股利，且本集團在可預見的未來不
會支付任何股利。預期期限是期權的合同期限。
截至2026年6月30日，與授予本集團員工的購股權相關未確認薪酬費用為143,439千美元，預
計在4.63年的加權平均期間確認，可能就未來作廢部分進行調整。

94

95

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬（續）
(i)

2019年及2020年股份激勵計劃（續）
(b)

下表概述截至2025年及2026年6月30日止六個月本公司於2019年計劃及2020年計劃項下的受
限制股份單位變動情況：

股份數目

截至2024年12月31日未歸屬

授予日的

加權平均

加權平均

剩餘合

公允價值

同年限

美元

年數

8.39

43,077,190

15.37

授予

1,975,900

13.88

歸屬

(5,589,330)

16.68

作廢

(2,108,200)

15.04

截至2025年6月30日未歸屬

37,355,560

15.23

8.00

截至2025年12月31日未歸屬

37,743,020

13.33

8.25

授予

5,557,200

7.09

歸屬

(5,637,340)

15.57

作廢

(4,374,340)

13.22

33,288,540

11.92

截至2026年6月30日未歸屬

8.22

截至2025年及2026年6月30日止六個月，已歸屬受限制股份單位的總公允價值分別為93,238千美元
及88,310千美元。
截至2026年6月30日，與授予本集團員工及顧問的受限制股份單位相關未確認薪酬費用為149,330千
美元，預計在2.15年的加權平均期間確認，可能就未來作廢部分進行調整。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬（續）
(ii)

2021年股份激勵計劃
本集團於2021 年3 月通過2021 年股份激勵計劃（「2021 年計劃」），向本公司創始人兼首席執行官李
想先生授予購買108,557,400 股B類普通股的購股權。該購股權的行權價格為每股14.63 美元，或每
股美國存託股份29.26美元。本次授予的到期日為2031年3月8日。授予的購股權以業績作為歸屬條
件。授予的購股權被均分為六批，每批18,092,900股。本集團於連續12個月內的車輛交付總量超過
500,000輛，將獲歸屬第一批購股權。於連續12個月內的車輛交付總量超過1,000,000輛、1,500,000
輛、2,000,000輛、2,500,000輛及3,000,000輛，將分別獲歸屬第二至第六批購股權。
於2021年5月5日，本公司董事會批准將此前於2021年3月8日授予李想先生的用於購買本公司2021
年股份激勵計劃項下108,557,400股本公司B類普通股的購股權，替換為同一計劃項下同等數目的受
限制B類普通股（「獎勵股份」），所有該等購股權於2021年5月5日授予後可法定歸屬。然而，李想先
生也已同意、承諾並保證不會於獎勵股份歸屬後直接或間接轉讓或出售獲得的B類普通股中的任何
權益，該等股份仍受與被替換購股權的歸屬條件大體類似的若干限制、條款及業績條件所規限。除
業績條件外，李想先生亦須支付每股14.63美元（相當於被替換購股權的行權價格）以使相關批次獎勵
股份解除限制。李想先生亦已同意、承諾並保證不會在相關數目的獎勵股份解除限制前，就該獎勵
股份行使表決權或索取對應的股利。於2031年3月8日前未解除限制的任何獎勵股份，須由本公司按
其面值強制回購。
於2021 年7 月，所有該等108,557,400股獎勵股份已按一比一基準由B類普通股（每股擁有10票投票
權）轉換為A類普通股（每股擁有1票投票權），緊隨本公司於2021年8月在聯交所主板上市後立即生
效。從法律角度出發，修改僅須滿足聯交所的規定，方可達成。根據授予獎勵股份，李想先生承諾
及契諾除非及直至有關獎勵股份的任何批次(a)相關業績條件已達成及(b)相關行權價格（14.63美元）
已支付，李想先生將不發售、質押、出售任何相關獎勵股份，並就獎勵股份派付股利或享有投票權。
授予李想先生的獎勵以業績作為歸屬條件，於授予日期釐定每批的固定費用。隨後，基於未來業績
的評估結果，本集團確定是否所有業績條件均被視為可能實現，倘可能實現，則確定預期實現的時
間。於2024年，由於相關業績條件已實現，本集團悉數確認第一批或18,092,900股受限制股份的薪
酬費用89,741千美元。就第二批至第六批而言，本集團尚未確認任何薪酬費用，截至2026年6月30
日，由於相關業績條件被認為不太可能實現，448,704千美元的薪酬費用仍未確認。

96

97

理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

20.

股份支付薪酬（續）
(ii)

2021年股份激勵計劃（續）
下表概述截至2025年及2026年6月30日止六個月本公司2021年計劃項下的獎勵股份活動：
加權平均

加權平均

行權價格

剩餘合約年限

美元

年數

108,557,400

14.63

6.19

–

–

–

2025年6月30日

108,557,400

14.63

5.69

2025年12月31日

108,557,400

14.63

5.19

–

–

–

108,557,400

14.63

4.69

股份數目

2024年12月31日
已授予

已授予

2026年6月30日

21.

稅項
(a)

增值稅（「增值稅」）
本集團在中國境內的車輛銷售、銷售充電樁、線上商店商品、零部件及配件收入適用的增值稅稅率
為13%，在中國境內提供佣金服務所得收入適用的增值稅稅率為6%。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

21.

稅項（續）
(b)

所得稅

開曼群島
本公司為在開曼群島註冊成立的公司，通過在中國內地及香港設立的附屬公司開展主要業務。根據
開曼群島現行法律，本公司毋須繳納所得稅和資本利得稅。此外，開曼群島對向股東支付股息不徵
收預提稅。

中國內地
根據《中華人民共和國企業所得稅法》
（「企業所得稅法」），截至2025年及2026年6月30日止六個月，
本集團有四家公司適用15%的企業所得稅優惠稅率，獲認定為「高新技術企業」。高新技術企業證書
有效期為三年。
一家附屬公司於2022年3月獲授為軟件企業，因此有權自首個盈利日曆年2022年開始兩年內享有所
得稅豁免，此後三年按照標準法定所得稅稅率減半繳納所得稅。此外，該附屬公司於2025年5月及
2026年5月獲批為「國家鼓勵的重點軟件企業」。被認定為「國家鼓勵的重點軟件企業」的公司自抵扣
過往年度稅項虧損後的首個獲利年度起第一年至第五年免徵企業所得稅，接續年度按10%的優惠所
得稅稅率徵收企業所得稅。因此，該附屬公司於2025 日曆年符合資格享受0%的優惠所得稅稅率。
「國家鼓勵的重點軟件企業」的資格須每年經相關部門評估後批准，而相關部門每年審批的時間會有
變化。因正式獲批認定「國家鼓勵的重點軟件企業」資格而減少的相關所得稅費用，在獲得有關批准
後核算。因此，於2026日曆年，該附屬公司作為軟件企業適用12.5%的優惠所得稅稅率（即按照標準
法定所得稅稅率減半）。截至2026年6月30日，其他中國公司須適用統一稅率25%的企業所得稅。
根據中華人民共和國全國人民代表大會於2007年3月16日頒佈的企業所得稅法及其於2008年1月1日
生效的實施細則，中國的外商投資企業將其於2008年1月1日後產生的應支付股息分配給屬非居民企
業的外國投資者的，適用10%的預扣稅，除非任何該等外國投資者註冊成立的司法管轄區與中國訂
有規定不同預扣安排的稅收協定。根據中國內地與中國香港之間的稅務安排，作為「實益擁有人」並
直接持有中國居民企業25%或以上股權的合資格香港稅務居民，可享有5%的預扣稅率。本公司註冊
成立所在開曼群島與中國並無簽訂稅收協定。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

21.

稅項（續）
(b)

所得稅（續）

中國內地（續）
企業所得稅法亦規定，根據境外國家或地區法律成立但其「實際管理機構」位於中國境內的企業，就
稅收目的而言，應被視為中國居民企業，因此須按其全球收入25%的稅率繳納企業所得稅。企業所
得稅法實施條例僅將「實際管理機構」界定為「對非中國公司的生產經營、人員、會計、財產等進行
實質管理及控制的場所」。根據對相關事實及情況的回顧，本集團認為其在中國境外的業務就中國稅
務而言不大可能被視為居民企業。然而，由於企業所得稅法可獲指引的有限性及企業所得稅法歷史
執行情況的有限性，企業所得稅法的適用存在不確定性。倘本公司在中國稅法下被視為居民企業，
則將就本公司全球所得統一適用25%的所得稅稅率。
根據中國國家稅務總局（「國家稅務總局」）頒佈的相關法律法規，從事研發活動的企業在釐定當年應
課稅利潤時，有權要求將其研發費用的150%作為可扣稅費用（「超額研發扣除」）。中國國家稅務總局
於2018年9月宣佈，從事研發活動的企業將有權申請研發費用的175%作為超額研發扣除，直至2023
年12月31日止。中國國家稅務總局於2022年9月宣佈，自2022年10月1日至2022年12月31日將超額
研發扣除比率增加至200%。其後，中國國家稅務總局於2023 年3 月進一步宣佈超額研發扣除比率
200%從2023年1月1日持續應用，直至中國國家稅務總局發佈新公告為止。

未分配股息的預扣稅
根據現行企業所得稅法及其實施條例，外國企業在中國境內未設立機構或場所，但取得的股息、利
息、租金、特許權使用費等收入（包括資本收益）來源於中國境內，或者在中國境內設立機構或場所
但上述收入與該機構或場所無關的，須按10%的稅率繳納中國預扣稅（「預扣稅」）
（根據適用的雙重
徵稅條約或安排，外國企業為其所在司法管轄區的稅務居民，且為股息、利息及特許權使用費收入
的實益擁有人，可進一步降低預扣稅率）。
本集團擬無限期地將中國附屬公司及於中國的可變利益實體的所有未分配盈利進行再投資，且並無
計劃讓其任何中國附屬公司向中國境外分派任何股息；因此，預期於可預見的未來不會產生預扣稅。

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

21.

稅項（續）
(b)

所得稅（續）

中國香港
根據現行香港《稅務條例》，本集團於香港註冊成立的附屬公司須就其於香港經營業務產生的應課稅
收入繳納16.5%的香港利得稅。此外，於香港註冊成立的附屬公司向本公司支付股息毋須繳納任何
香港預扣稅。

全球反稅基侵蝕規則
經濟合作與發展組織（經合組織）於2021年發佈《全球反稅基侵蝕示範規則》
（「GloBE」），對若干跨國
企業徵收15%的全球最低稅，即「支柱二規則」。本集團經營所在的若干司法管轄區已實施支柱二規
則。根據支柱二規則，本集團須就其每個司法管轄區的GloBE實際稅率與百分之十五最低稅率之間
的差額繳納補足稅。本集團已對支柱二過渡性安全港規則及支柱二規則全文進行評估，並已計提若
干當期所得稅撥備以反映截至2026年6月30日止六個月支柱二立法的影響。
於呈列期間所得稅費用 ╱（收益）的組成部分如下：
截至6月30日止六個月

(c)

2025年

2026年

當期所得稅費用

735,210

16,310

遞延所得稅收益

(415,382)

(585,067)

所得稅費用 ╱（收益）

319,828

(568,757)

消費稅
就增程式電動汽車銷售，本集團須繳納3%的消費稅及相關附加費用。

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理想汽車

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

22.

公允價值計量
持續以公允價值計量的資產和負債
持續以公允價值計量的資產和負債包括短期投資、長期金融工具及易於確定公允價值的股權投資。
下表列示了截至2025 年12 月31 日及2026 年6 月30 日按公允價值層級劃分的以公允價值計量的主要金融工
具。
報告日使用的公允價值計量
相同資產在
截至2025年

活躍市場上的

重大其他

重大不可

12月31日

報價

可觀察輸入值

觀察輸入值

的公允價值

（第一層級）

（第二層級）

（第三層級）

資產
短期投資
易於確定公允價值的股權投資

合計

6,164,061

6,164,061

14,894

14,894

6,178,955

14,894

6,164,061

報告日使用的公允價值計量
相同資產在
截至2026年

活躍市場上的

重大其他

6月30日

報價

可觀察輸入值

觀察輸入值

的公允價值

（第一層級）

（第二層級）

（第三層級）

資產
短期投資
易於確定公允價值的股權投資

合計

4,809,428

4,809,428

3,950

3,950

4,813,378

3,950

4,809,428

重大不可

2026中期報告

未經審計簡明合併財務報表附註
（除股數和每股數據外，所有金額以千計）

22.

公允價值計量（續）
估值技術
短期投資及長期金融工具公允價值的估計基於各銀行提供的同類金融產品的期末報價（第二層級）。
易於確定公允價值的股權投資：易於確定公允價值的股權投資為按公允價值計量的公開交易的有價股權投
資。該筆投資採用基於報告日活躍市場的報價的市場法進行估值。本集團將採用此輸入值的估值技術分類
為公允價值計量的第一層級。相關收益 ╱（虧損）金額在未經審計簡明合併綜合收益 ╱（虧損）表中確認為
「利息收入及投資收益，淨額」。
非持續以公允價值計量的資產
非持續以公允價值計量的資產包括：不易於確定公允價值的股權投資及採用權益法核算的投資，以及物
業、廠房及設備及存貨。就採用替代計量法計量的不易於確定公允價值的股權投資而言，截至2025 年及
2026年6月30日止六個月分別錄得向上調整零及人民幣102,575千元。股權證券定期使用公允價值計量進行
減值檢討。本集團於其計量中考慮的主要因素包括但不限於當前經濟和市場狀況、公司經營業績（如當前
收益趨勢和未貼現現金流）以及其他公司具體資料（如近期融資情況）。倘發生減值，該等投資乃使用不可
觀察輸入值（第三層級）計量且自彼等各自的賬面值撇減至公允價值，減值損失於截至該日止年度產生並計
入未經審計簡明合併綜合收益 ╱（虧損）表。截至2025年12月31日及2026年6月30日，不易於確定公允價值
的股權投資分別為人民幣833,778千元及人民幣1,089,149千元。
截至2025年及2026年6月30日止六個月，概無確認減值損失。對於採用權益法核算的投資，各報告期間均
未確認減值損失。
本集團就使用預計未折現未來現金流及不可觀察輸入值（第三層級）釐定的公允價值衡量長期資產的賬面
值。對於物業、廠房及設備，各報告期間均未確認減值損失。截至2025年及2026年6月30日止六個月，本
集團確認存貨減值分別為人民幣17,530千元及人民幣39,479千元。

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