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2021-05-26

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Li Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车EPS超过预期0.01美元，营收超过预期</blockquote>

(May 26) Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announc

Li Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车EPS超过预期0.01美元，营收超过预期</blockquote>

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(Nasdaq: LI), an innovator in China’s new energy vehicle market, today announc","content":"(May 26)&nbsp;Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March&nbsp;31, 2021.<blockquote>（5月26日）国内新能源汽车市场创新者理想汽车公司（纳斯达克：LI）今日公布截至2021年3月31日的第一季度未经审计财务业绩。</blockquote><ul><li>Li Q1 Non-GAAP EPS of -$0.03 beats by $0.01; GAAP EPS of -$0.06 misses by $0.05.</li><li>Revenue of $545.7M (+319.8% Y/Y)&nbsp;beats by $42.26M.</li><li>Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehicles</li><li>Quarterly gross margin reached 17.3%.</li><li>Q2 Outlook:&nbsp;Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.</li><li>Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.</li></ul><img src=\"https://static.tigerbbs.com/ff735550080b330b011ba4dbd0dedb68\" tg-width=\"662\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>Li第一季度非GAAP每股收益为-0.03美元节拍增加0.01美元；GAAP每股收益为-0.06美元未命中0.05美元。</li><li>收入为5.457亿美元（同比增长319.8%）节拍增加了4226万美元。</li><li>季度总收入达到35.8亿元人民币（5.457亿美元）1季度交付量为12,579辆</li><li>季度毛利率达到17.3%。</li><li>第二季度展望：总收入将在人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元）之间，市场普遍预期为663.51美元，较2020年第二季度增长104.6%至119.0%。</li><li>汽车交付量将在14,500至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li></ul></blockquote>Operating Highlights for the First Quarter of 2021<blockquote>2021年第一季度经营亮点</blockquote><ul><li>Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.</li></ul><img src=\"https://static.tigerbbs.com/637a5f62341f333ae7dc2317c883b83a\" tg-width=\"609\" tg-height=\"193\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>2021年第一季度，理想ONE的交付量为12,579辆，同比增长334.4%。</li></ul></blockquote><ul><li>As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.</li></ul>Financial Highlights for the First Quarter of 2021<blockquote><ul><li>截至2021年3月31日，该公司拥有65家零售店，覆盖49个城市，135家服务中心以及理想汽车授权的车身和喷漆店在98个城市运营。</li></ul>2021年第一季度财务摘要</blockquote><ul><li>Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.</li><li>Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.</li><li>Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.</li><li>Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li><li>Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><img src=\"https://static.tigerbbs.com/de30e1ac5d69693451c6d4e9f4b33061\" tg-width=\"997\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>2021年第一季度汽车销售额为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。</li><li>2021年第一季度汽车利润率为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。</li><li>2021年第一季度总收入为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%2020年。</li><li>2021年第一季度毛利为人民币6.167亿元（9410万美元），较2020年第一季度的人民币6830万元增长802.9%，较2020年第四季度的人民币7.246亿元下降14.9%。</li><li>2021年第一季度毛利率为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%。</li><li>2021年第一季度经营亏损为人民币4.077亿元（6220万美元），较2020年第一季度的人民币2.342亿元增长74.1%，较2020年第四季度的人民币7890万元增长416.7%。2021年第一季度非公认会计准则运营亏损3为人民币2.248亿元（3430万美元），较2020年第一季度的人民币2.342亿元下降4.0%，较2020年第一季度的人民币7110万元增长216.2%。2020年第四季度。</li><li>2021年第一季度净亏损为人民币3.6亿元（5490万美元），而2020年第一季度净亏损为人民币7710万元，2020年第四季度净利润为人民币1.075亿元。2021年第一季度非公认会计准则净亏损3为人民币1.77亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li>2021年第一季度经营现金流为人民币9.263亿元（1.414亿美元），较2020年第一季度负净现金流人民币6300万元增加人民币9.893亿元，较2020年第四季度人民币18.2亿元减少49.1%。</li><li>2021年第一季度自由现金流4为人民币5.702亿元（8700万美元），较2020年第一季度负净现金流人民币1.852亿元增加人民币7.554亿元，较2020年第四季度人民币16.0亿元减少64.3%。</li></ul></blockquote>Deliveries Update<blockquote>交付更新</blockquote><ul><li>In April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.</li></ul>Issuance of Convertible Senior Notes<blockquote><ul><li>于二零二一年四月，本公司交付理想ONE 5,539辆，较二零二零年四月增长111.3%。截至2021年4月30日，该公司拥有73家零售店，覆盖53个城市，此外还有143家服务中心以及理想汽车授权的车身和喷漆店在105个城市运营。</li></ul>发行可换股优先票据</blockquote><ul><li>In April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.</li><li>The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.</li></ul>2021 Li ONE<blockquote><ul><li>于二零二一年四月，本公司完成发售本金总额为862.5百万美元于二零二八年到期的0.25%可换股优先票据（“票据”），其中包括票据发售中的初始购买者悉数行使其购买额外最多本金总额为112,500,000美元的票据的选择权。</li><li>公司计划将票据发行所得款项净额用于(i)研发新车型，包括纯电动汽车车型，(ii)研发领先技术，以及(iii)营运资金和其他一般公司用途。</li></ul>2021款理想ONE</blockquote><ul><li>On May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.</li><li>With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.</li></ul>CEO and CFO Comments<blockquote><ul><li>2021年5月25日，公司正式发布2021款理想ONE，这是全球首款将ADAS导航（NOA）作为标准配置的车辆。它进行了全面升级，包括增强的NEDC续航里程1,080公里、优化的移动舒适性和更智能的座舱，以人民币33.8万元的统一零售价为用户带来优质功能。2021款Li ONE将于2021年6月1日开始交付。</li><li>凭借软硬件优化及其集成的动力总成系统，2021款理想ONE可实现1080公里的NEDC续航和890公里的WLTC续航。其燃油模式下的能效在NEDC标准工况下为百公里6.05升，在大尺寸四驱SUV中属于同级最佳。</li></ul>首席执行官和首席财务官评论</blockquote>Mr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.<blockquote>理想汽车创始人、董事长兼首席执行官李翔先生表示：“本季度我们交付了12,579辆理想ONE，同比增长334.4%。理想ONE是中国第二畅销的新能源SUV第一季度，我们引人注目的产品供应和卓越的用户体验继续取悦用户并提高品牌知名度，而我们直销和服务网络的坚定支持支撑了我们的增长。</blockquote>“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&amp;D team’s successful efforts to improve the range-extended technology.<blockquote>“5月25日，我们发布了2021款理想ONE，该车型将增程电动技术提升到了一个全新的高度，实现了1080公里的NEDC续航和890公里的WLTC续航，其燃油模式下的能效以NEDC标准工况计算百公里油耗低至6.05升，这一水平在大尺寸四驱SUV中无与伦比。我对我们研发团队成功改进增程技术感到非常自豪。</blockquote>“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.<blockquote>“2021款Li ONE是全球首款在标准配置中提供ADAS导航的车型。将我们自主开发的ADAS与专用的双Horizon Robotics Journey 3处理器、800万像素前视摄像头、5个最新毫米波雷达和高清地图相结合，2021款Li ONE提供了更安全、更轻松、更便捷的驾驶体验，呼应了我们的信念，即主动安全应该是标准配置，而不是可选功能。</blockquote>“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.<blockquote>“理想ONE以其宽敞的六座内部布局深受家庭用户的喜爱。而2021款理想ONE通过在前二排座椅配备腰部按摩功能，提升了其在空间、舒适、智能方面的卓越表现，第三排腿部空间增加了41毫米，同时还配备了更智能的车载语音助手‘理想同学’，为更多家庭提供了高品质、整体更舒适、更宽敞、更智能的空间。</blockquote>“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.<blockquote>“有没有可能打造一款让家庭更幸福的智能电动车？有了2021款理想ONE，我们可以自信地说yes，响亮的yes！”先生总结道。李。</blockquote>Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&amp;D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&amp;D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”<blockquote>理想汽车首席财务官李铁先生补充道：“我们对第一季度健康的财务表现感到满意。我们的总收入达到人民币35.8亿元，比2020年第一季度增长了四倍多，超过了收入指导的上限11.2%，而我们的毛利率保持在17.3%的强劲水平。由于我们不断努力加大对研发以及直销和服务网络的投资，运营费用环比增长27.5%，同比增长238.6%。我们还通过成功发行可转换优先票据筹集了超过8.4亿美元的净收益，随着我们增加对领先技术的研发投资、为新车型推出做好准备以及为需求的进一步增长做好准备，我们增强了未来增长的资本基础。”</blockquote>Financial Results for the First Quarter of 2021<blockquote>2021年第一季度财务业绩</blockquote>Revenues<blockquote>收入</blockquote><ul><li>Total revenueswere RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Vehicle saleswere RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.</li><li>Other sales and serviceswere RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.</li></ul>Cost of Sales and Gross Margin<blockquote><ul><li>总收入2021年第一季度为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li>车辆销售2021年第一季度为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。汽车销售收入较二零二零年第一季度增加，主要是由于我们销售网络不断扩大，汽车交付量增加。汽车销售收入较二零二零年第四季度减少，主要由于受农历新年假期相关季节性因素以及二零二一年二月中国北方局部爆发COVID-19疫情影响，汽车交付量减少。</li><li>其他销售及服务2021年第一季度为人民币111.5百万元（1700万美元），较2020年第一季度的人民币1060万元增长951.9%，较2020年第四季度的人民币8920万元增长25.0%。其他销售及服务收入较二零二零年第一及第四季度增加，主要由于充电站、配件及服务的销售增加，与较高的累计汽车销量一致。</li></ul>销售成本及毛利率</blockquote><ul><li>Cost of saleswas RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.</li><li>Gross profitwas RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Vehicle marginwas 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.</li><li>Gross marginwas 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.</li></ul>Operating Expenses<blockquote><ul><li>销售成本2021年第一季度为人民币29.6亿元（4.516亿美元），较2020年第一季度的人民币7.834亿元增长277.6%，较2020年第四季度的人民币34.2亿元下降13.5%。</li><li>毛利2021年第一季度为人民币6.167亿元（9410万美元），较2020年第一季度的人民币6830万元增长802.9%，较2020年第四季度的人民币7.246亿元下降14.9%。</li><li>车辆余量为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。汽车利润率较2020年第一季度的增长主要归因于产量增加带来的材料成本降低和单位制造间接成本降低。汽车利润率较2020年第四季度略有下降，主要是由于2021年第一季度推出的促销活动导致平均售价下降，部分被材料成本下降所抵消。</li><li>毛利率2021年第一季度为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%，主要受车辆利润率变化所推动。</li></ul>营业费用</blockquote><ul><li>Operating expenseswere RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.</li><li>Research and development expenseswere RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.Non-GAAP research and development expenses3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.</li><li>Selling, general and administrative expenseswere RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.Non-GAAP selling, general and administrative expenses3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.</li></ul>Loss from Operations<blockquote><ul><li>营业费用2021年第一季度为人民币10.2亿元（1.564亿美元），较2020年第一季度的人民币3.025亿元增长238.6%，较2020年第四季度的人民币8.035亿元增长27.5%。</li><li>研发费用2021年第一季度为人民币5.145亿元（7850万美元），较2020年第一季度的人民币1.897亿元增长171.2%，较2020年第四季度的人民币3.742亿元增长37.5%。非公认会计准则研发费用32021年第一季度为人民币3.979亿元（6070万美元），较2020年第一季度的人民币1.897亿元增长109.8%，较2020年第四季度的人民币3.691亿元增长7.8%。2020年第一季度和第四季度研发费用的增加主要归因于（i）2021年1月授予的公允价值较高的增量购股权产生的以股份为基础的薪酬费用增加，而没有确认以股份为基础的薪酬费用对于2020年第一季度具有服务条件和与我们的IPO相关的绩效条件的股票期权，（ii）公司下一代车型的研发活动增加，以及（iii）员工人数增加。</li><li>销售、一般及行政开支2021年第一季度为人民币5.099亿元（7780万美元），较2020年第一季度的人民币1.128亿元增长352.0%，较2020年第四季度的人民币4.293亿元增长18.8%。非公认会计准则销售、一般和管理费用2021年第一季度为人民币4.498亿元（6870万美元），较2020年第一季度的人民币1.128亿元增长298.8%，较2020年第四季度的人民币4.268亿元增长5.4%。2020年第一季度和第四季度销售、一般和管理费用的增加主要是由于(i)营销和促销活动的增加，(ii)随着公司销售网络的扩张，员工人数和租金费用增加，以及(iii)以股份为基础的薪酬费用增加。</li></ul>经营亏损</blockquote><ul><li>Loss from operationswas RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.Non-GAAP loss from operationswas RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li></ul>Net Loss and Earnings Per Share<blockquote><ul><li>经营亏损2021年第一季度为人民币4.077亿元（6220万美元），较2020年第一季度的人民币2.342亿元增长74.1%，较2020年第四季度的人民币7890万元增长416.7%。非公认会计准则运营损失2021年第一季度为人民币2.248亿元（3430万美元），较2020年第一季度的人民币2.342亿元下降4.0%，较2020年第四季度的人民币7110万元增长216.2%。</li></ul>每股净亏损及盈利</blockquote><ul><li>Net losswas RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.Non-GAAP net losswas RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Basic and diluted net loss per ADS6attributable to ordinary shareholderswere both RMB0.40 (US$0.06) in the first quarter of 2021.Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders3were both RMB0.20 (US$0.03) in the first quarter of 2021.</li></ul>Cash position, Operating Cash Flow and Free Cash Flow<blockquote><ul><li>净亏损2021年第一季度净利润为人民币3.6亿元（5490万美元），而2020年第一季度净亏损为人民币7710万元，2020年第四季度净利润为人民币1.075亿元。非公认会计准则净亏损2021年第一季度净利润为人民币1.77亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li>普通股股东应佔每股美国存讬股份基本及摊薄亏损净额62021年第一季度均为人民币0.40元（0.06美元）。非公认会计准则归属于普通股股东的每股美国存托凭证基本和摊薄净亏损2021年第一季度均为人民币0.20元（0.03美元）。</li></ul>现金状况、经营现金流和自由现金流</blockquote><ul><li>Balance of cash and cash equivalents, restricted cash, time deposits and short-term investmentswas RMB30.36 billion (US$4.63 billion) as of March 31, 2021.</li><li>Operating cash flowwas RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flowwas RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul>Business Outlook<blockquote><ul><li>现金及现金等价物、受限制现金、定期存款和短期投资余额截至2021年3月31日为人民币303.6亿元（46.3亿美元）。</li><li>经营现金流量2021年第一季度为人民币9.263亿元（1.414亿美元），较2020年第一季度负净现金流人民币6300万元增加人民币9.893亿元，较2020年第一季度的人民币18.2亿元减少49.1%2020年第四季度。</li><li>自由现金流2021年第一季度为人民币5.702亿元（8700万美元），较2020年第一季度的负净现金流人民币1.852亿元增加人民币7.554亿元，较2020年第一季度的人民币16.0亿元减少64.3%。2020年第四季度。</li></ul>业务展望</blockquote>For the second quarter of 2021, the Company expects:<blockquote>对于2021年第二季度，公司预计：</blockquote><ul><li>Deliveries of vehiclesto be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.</li><li>Total revenuesto be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.</li></ul>This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.<blockquote><ul><li>车辆交付在14,500辆至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li><li>总收入将在人民币39.9亿元（6.090亿美元）至人民币42.7亿元（6.517亿美元）之间，较2020年第二季度增长104.6%至119.0%。</li></ul>本业务展望反映了公司对业务状况和市场状况的当前和初步看法，可能会发生变化。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车EPS超过预期0.01美元，营收超过预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLi Auto EPS beats by $0.01, beats on revenue<blockquote>理想汽车EPS超过预期0.01美元，营收超过预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-05-26 16:06\n</div>\n</a>\n</h4>\n</header>\n<article>\n(May 26)&nbsp;Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March&nbsp;31, 2021.<blockquote>（5月26日）国内新能源汽车市场创新者理想汽车公司（纳斯达克：LI）今日公布截至2021年3月31日的第一季度未经审计财务业绩。</blockquote><ul><li>Li Q1 Non-GAAP EPS of -$0.03 beats by $0.01; GAAP EPS of -$0.06 misses by $0.05.</li><li>Revenue of $545.7M (+319.8% Y/Y)&nbsp;beats by $42.26M.</li><li>Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehicles</li><li>Quarterly gross margin reached 17.3%.</li><li>Q2 Outlook:&nbsp;Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.</li><li>Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.</li></ul><img src=\"https://static.tigerbbs.com/ff735550080b330b011ba4dbd0dedb68\" tg-width=\"662\" tg-height=\"466\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>Li第一季度非GAAP每股收益为-0.03美元节拍增加0.01美元；GAAP每股收益为-0.06美元未命中0.05美元。</li><li>收入为5.457亿美元（同比增长319.8%）节拍增加了4226万美元。</li><li>季度总收入达到35.8亿元人民币（5.457亿美元）1季度交付量为12,579辆</li><li>季度毛利率达到17.3%。</li><li>第二季度展望：总收入将在人民币39.9亿元（6.09亿美元）至人民币42.7亿元（6.517亿美元）之间，市场普遍预期为663.51美元，较2020年第二季度增长104.6%至119.0%。</li><li>汽车交付量将在14,500至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li></ul></blockquote>Operating Highlights for the First Quarter of 2021<blockquote>2021年第一季度经营亮点</blockquote><ul><li>Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.</li></ul><img src=\"https://static.tigerbbs.com/637a5f62341f333ae7dc2317c883b83a\" tg-width=\"609\" tg-height=\"193\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>2021年第一季度，理想ONE的交付量为12,579辆，同比增长334.4%。</li></ul></blockquote><ul><li>As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.</li></ul>Financial Highlights for the First Quarter of 2021<blockquote><ul><li>截至2021年3月31日，该公司拥有65家零售店，覆盖49个城市，135家服务中心以及理想汽车授权的车身和喷漆店在98个城市运营。</li></ul>2021年第一季度财务摘要</blockquote><ul><li>Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.</li><li>Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.</li><li>Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.</li><li>Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li><li>Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul><img src=\"https://static.tigerbbs.com/de30e1ac5d69693451c6d4e9f4b33061\" tg-width=\"997\" tg-height=\"536\" referrerpolicy=\"no-referrer\"><blockquote><ul><li>2021年第一季度汽车销售额为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。</li><li>2021年第一季度汽车利润率为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。</li><li>2021年第一季度总收入为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%2020年。</li><li>2021年第一季度毛利为人民币6.167亿元（9410万美元），较2020年第一季度的人民币6830万元增长802.9%，较2020年第四季度的人民币7.246亿元下降14.9%。</li><li>2021年第一季度毛利率为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%。</li><li>2021年第一季度经营亏损为人民币4.077亿元（6220万美元），较2020年第一季度的人民币2.342亿元增长74.1%，较2020年第四季度的人民币7890万元增长416.7%。2021年第一季度非公认会计准则运营亏损3为人民币2.248亿元（3430万美元），较2020年第一季度的人民币2.342亿元下降4.0%，较2020年第一季度的人民币7110万元增长216.2%。2020年第四季度。</li><li>2021年第一季度净亏损为人民币3.6亿元（5490万美元），而2020年第一季度净亏损为人民币7710万元，2020年第四季度净利润为人民币1.075亿元。2021年第一季度非公认会计准则净亏损3为人民币1.77亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li>2021年第一季度经营现金流为人民币9.263亿元（1.414亿美元），较2020年第一季度负净现金流人民币6300万元增加人民币9.893亿元，较2020年第四季度人民币18.2亿元减少49.1%。</li><li>2021年第一季度自由现金流4为人民币5.702亿元（8700万美元），较2020年第一季度负净现金流人民币1.852亿元增加人民币7.554亿元，较2020年第四季度人民币16.0亿元减少64.3%。</li></ul></blockquote>Deliveries Update<blockquote>交付更新</blockquote><ul><li>In April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.</li></ul>Issuance of Convertible Senior Notes<blockquote><ul><li>于二零二一年四月，本公司交付理想ONE 5,539辆，较二零二零年四月增长111.3%。截至2021年4月30日，该公司拥有73家零售店，覆盖53个城市，此外还有143家服务中心以及理想汽车授权的车身和喷漆店在105个城市运营。</li></ul>发行可换股优先票据</blockquote><ul><li>In April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.</li><li>The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.</li></ul>2021 Li ONE<blockquote><ul><li>于二零二一年四月，本公司完成发售本金总额为862.5百万美元于二零二八年到期的0.25%可换股优先票据（“票据”），其中包括票据发售中的初始购买者悉数行使其购买额外最多本金总额为112,500,000美元的票据的选择权。</li><li>公司计划将票据发行所得款项净额用于(i)研发新车型，包括纯电动汽车车型，(ii)研发领先技术，以及(iii)营运资金和其他一般公司用途。</li></ul>2021款理想ONE</blockquote><ul><li>On May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.</li><li>With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.</li></ul>CEO and CFO Comments<blockquote><ul><li>2021年5月25日，公司正式发布2021款理想ONE，这是全球首款将ADAS导航（NOA）作为标准配置的车辆。它进行了全面升级，包括增强的NEDC续航里程1,080公里、优化的移动舒适性和更智能的座舱，以人民币33.8万元的统一零售价为用户带来优质功能。2021款Li ONE将于2021年6月1日开始交付。</li><li>凭借软硬件优化及其集成的动力总成系统，2021款理想ONE可实现1080公里的NEDC续航和890公里的WLTC续航。其燃油模式下的能效在NEDC标准工况下为百公里6.05升，在大尺寸四驱SUV中属于同级最佳。</li></ul>首席执行官和首席财务官评论</blockquote>Mr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.<blockquote>理想汽车创始人、董事长兼首席执行官李翔先生表示：“本季度我们交付了12,579辆理想ONE，同比增长334.4%。理想ONE是中国第二畅销的新能源SUV第一季度，我们引人注目的产品供应和卓越的用户体验继续取悦用户并提高品牌知名度，而我们直销和服务网络的坚定支持支撑了我们的增长。</blockquote>“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&amp;D team’s successful efforts to improve the range-extended technology.<blockquote>“5月25日，我们发布了2021款理想ONE，该车型将增程电动技术提升到了一个全新的高度，实现了1080公里的NEDC续航和890公里的WLTC续航，其燃油模式下的能效以NEDC标准工况计算百公里油耗低至6.05升，这一水平在大尺寸四驱SUV中无与伦比。我对我们研发团队成功改进增程技术感到非常自豪。</blockquote>“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.<blockquote>“2021款Li ONE是全球首款在标准配置中提供ADAS导航的车型。将我们自主开发的ADAS与专用的双Horizon Robotics Journey 3处理器、800万像素前视摄像头、5个最新毫米波雷达和高清地图相结合，2021款Li ONE提供了更安全、更轻松、更便捷的驾驶体验，呼应了我们的信念，即主动安全应该是标准配置，而不是可选功能。</blockquote>“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.<blockquote>“理想ONE以其宽敞的六座内部布局深受家庭用户的喜爱。而2021款理想ONE通过在前二排座椅配备腰部按摩功能，提升了其在空间、舒适、智能方面的卓越表现，第三排腿部空间增加了41毫米，同时还配备了更智能的车载语音助手‘理想同学’，为更多家庭提供了高品质、整体更舒适、更宽敞、更智能的空间。</blockquote>“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.<blockquote>“有没有可能打造一款让家庭更幸福的智能电动车？有了2021款理想ONE，我们可以自信地说yes，响亮的yes！”先生总结道。李。</blockquote>Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&amp;D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&amp;D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”<blockquote>理想汽车首席财务官李铁先生补充道：“我们对第一季度健康的财务表现感到满意。我们的总收入达到人民币35.8亿元，比2020年第一季度增长了四倍多，超过了收入指导的上限11.2%，而我们的毛利率保持在17.3%的强劲水平。由于我们不断努力加大对研发以及直销和服务网络的投资，运营费用环比增长27.5%，同比增长238.6%。我们还通过成功发行可转换优先票据筹集了超过8.4亿美元的净收益，随着我们增加对领先技术的研发投资、为新车型推出做好准备以及为需求的进一步增长做好准备，我们增强了未来增长的资本基础。”</blockquote>Financial Results for the First Quarter of 2021<blockquote>2021年第一季度财务业绩</blockquote>Revenues<blockquote>收入</blockquote><ul><li>Total revenueswere RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.</li><li>Vehicle saleswere RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.</li><li>Other sales and serviceswere RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.</li></ul>Cost of Sales and Gross Margin<blockquote><ul><li>总收入2021年第一季度为人民币35.8亿元（5.457亿美元），较2020年第一季度的人民币8.517亿元增长319.8%，较2020年第四季度的人民币41.5亿元下降13.8%。</li><li>车辆销售2021年第一季度为人民币34.6亿元（5.287亿美元），较2020年第一季度的人民币8.411亿元增长311.8%，较2020年第四季度的人民币40.6亿元下降14.6%。汽车销售收入较二零二零年第一季度增加，主要是由于我们销售网络不断扩大，汽车交付量增加。汽车销售收入较二零二零年第四季度减少，主要由于受农历新年假期相关季节性因素以及二零二一年二月中国北方局部爆发COVID-19疫情影响，汽车交付量减少。</li><li>其他销售及服务2021年第一季度为人民币111.5百万元（1700万美元），较2020年第一季度的人民币1060万元增长951.9%，较2020年第四季度的人民币8920万元增长25.0%。其他销售及服务收入较二零二零年第一及第四季度增加，主要由于充电站、配件及服务的销售增加，与较高的累计汽车销量一致。</li></ul>销售成本及毛利率</blockquote><ul><li>Cost of saleswas RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.</li><li>Gross profitwas RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.</li><li>Vehicle marginwas 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.</li><li>Gross marginwas 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.</li></ul>Operating Expenses<blockquote><ul><li>销售成本2021年第一季度为人民币29.6亿元（4.516亿美元），较2020年第一季度的人民币7.834亿元增长277.6%，较2020年第四季度的人民币34.2亿元下降13.5%。</li><li>毛利2021年第一季度为人民币6.167亿元（9410万美元），较2020年第一季度的人民币6830万元增长802.9%，较2020年第四季度的人民币7.246亿元下降14.9%。</li><li>车辆余量为16.9%，而2020年第一季度为8.4%，2020年第四季度为17.1%。汽车利润率较2020年第一季度的增长主要归因于产量增加带来的材料成本降低和单位制造间接成本降低。汽车利润率较2020年第四季度略有下降，主要是由于2021年第一季度推出的促销活动导致平均售价下降，部分被材料成本下降所抵消。</li><li>毛利率2021年第一季度为17.3%，而2020年第一季度为8.0%，2020年第四季度为17.5%，主要受车辆利润率变化所推动。</li></ul>营业费用</blockquote><ul><li>Operating expenseswere RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.</li><li>Research and development expenseswere RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.Non-GAAP research and development expenses3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.</li><li>Selling, general and administrative expenseswere RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.Non-GAAP selling, general and administrative expenses3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.</li></ul>Loss from Operations<blockquote><ul><li>营业费用2021年第一季度为人民币10.2亿元（1.564亿美元），较2020年第一季度的人民币3.025亿元增长238.6%，较2020年第四季度的人民币8.035亿元增长27.5%。</li><li>研发费用2021年第一季度为人民币5.145亿元（7850万美元），较2020年第一季度的人民币1.897亿元增长171.2%，较2020年第四季度的人民币3.742亿元增长37.5%。非公认会计准则研发费用32021年第一季度为人民币3.979亿元（6070万美元），较2020年第一季度的人民币1.897亿元增长109.8%，较2020年第四季度的人民币3.691亿元增长7.8%。2020年第一季度和第四季度研发费用的增加主要归因于（i）2021年1月授予的公允价值较高的增量购股权产生的以股份为基础的薪酬费用增加，而没有确认以股份为基础的薪酬费用对于2020年第一季度具有服务条件和与我们的IPO相关的绩效条件的股票期权，（ii）公司下一代车型的研发活动增加，以及（iii）员工人数增加。</li><li>销售、一般及行政开支2021年第一季度为人民币5.099亿元（7780万美元），较2020年第一季度的人民币1.128亿元增长352.0%，较2020年第四季度的人民币4.293亿元增长18.8%。非公认会计准则销售、一般和管理费用2021年第一季度为人民币4.498亿元（6870万美元），较2020年第一季度的人民币1.128亿元增长298.8%，较2020年第四季度的人民币4.268亿元增长5.4%。2020年第一季度和第四季度销售、一般和管理费用的增加主要是由于(i)营销和促销活动的增加，(ii)随着公司销售网络的扩张，员工人数和租金费用增加，以及(iii)以股份为基础的薪酬费用增加。</li></ul>经营亏损</blockquote><ul><li>Loss from operationswas RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.Non-GAAP loss from operationswas RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.</li></ul>Net Loss and Earnings Per Share<blockquote><ul><li>经营亏损2021年第一季度为人民币4.077亿元（6220万美元），较2020年第一季度的人民币2.342亿元增长74.1%，较2020年第四季度的人民币7890万元增长416.7%。非公认会计准则运营损失2021年第一季度为人民币2.248亿元（3430万美元），较2020年第一季度的人民币2.342亿元下降4.0%，较2020年第四季度的人民币7110万元增长216.2%。</li></ul>每股净亏损及盈利</blockquote><ul><li>Net losswas RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.Non-GAAP net losswas RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.</li><li>Basic and diluted net loss per ADS6attributable to ordinary shareholderswere both RMB0.40 (US$0.06) in the first quarter of 2021.Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders3were both RMB0.20 (US$0.03) in the first quarter of 2021.</li></ul>Cash position, Operating Cash Flow and Free Cash Flow<blockquote><ul><li>净亏损2021年第一季度净利润为人民币3.6亿元（5490万美元），而2020年第一季度净亏损为人民币7710万元，2020年第四季度净利润为人民币1.075亿元。非公认会计准则净亏损2021年第一季度净利润为人民币1.77亿元（2700万美元），而2020年第一季度净亏损为人民币2.534亿元，2020年第四季度净利润为人民币1.154亿元。</li><li>普通股股东应佔每股美国存讬股份基本及摊薄亏损净额62021年第一季度均为人民币0.40元（0.06美元）。非公认会计准则归属于普通股股东的每股美国存托凭证基本和摊薄净亏损2021年第一季度均为人民币0.20元（0.03美元）。</li></ul>现金状况、经营现金流和自由现金流</blockquote><ul><li>Balance of cash and cash equivalents, restricted cash, time deposits and short-term investmentswas RMB30.36 billion (US$4.63 billion) as of March 31, 2021.</li><li>Operating cash flowwas RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.</li><li>Free cash flowwas RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.</li></ul>Business Outlook<blockquote><ul><li>现金及现金等价物、受限制现金、定期存款和短期投资余额截至2021年3月31日为人民币303.6亿元（46.3亿美元）。</li><li>经营现金流量2021年第一季度为人民币9.263亿元（1.414亿美元），较2020年第一季度负净现金流人民币6300万元增加人民币9.893亿元，较2020年第一季度的人民币18.2亿元减少49.1%2020年第四季度。</li><li>自由现金流2021年第一季度为人民币5.702亿元（8700万美元），较2020年第一季度的负净现金流人民币1.852亿元增加人民币7.554亿元，较2020年第一季度的人民币16.0亿元减少64.3%。2020年第四季度。</li></ul>业务展望</blockquote>For the second quarter of 2021, the Company expects:<blockquote>对于2021年第二季度，公司预计：</blockquote><ul><li>Deliveries of vehiclesto be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.</li><li>Total revenuesto be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.</li></ul>This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.<blockquote><ul><li>车辆交付在14,500辆至15,500辆之间，较2020年第二季度增长119.6%至134.7%。</li><li>总收入将在人民币39.9亿元（6.090亿美元）至人民币42.7亿元（6.517亿美元）之间，较2020年第二季度增长104.6%至119.0%。</li></ul>本业务展望反映了公司对业务状况和市场状况的当前和初步看法，可能会发生变化。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150713912","content_text":"(May 26) Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the first quarter ended March 31, 2021.Li Q1 Non-GAAP EPS of -$0.03 beats by $0.01; GAAP EPS of -$0.06 misses by $0.05.Revenue of $545.7M (+319.8% Y/Y) beats by $42.26M.Quarterly total revenues reached RMB3.58 billion (US$545.7 million)1Quarterly deliveries were 12,579 vehiclesQuarterly gross margin reached 17.3%.Q2 Outlook: Total revenues to be between RMB3.99B ($609M) and RMB4.27B ($651.7M), consensus $663.51, representing an increase of 104.6% to 119.0% from Q2 2020.Deliveries of vehicles to be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from Q2 2020.Operating Highlights for the First Quarter of 2021Deliveries of Li ONEs were 12,579 vehicles in the first quarter of 2021, representing a 334.4% year-over-year increase.As of March 31, 2021, the Company had 65 retail stores covering 49 cities and 135 servicing centers and Li Auto-authorized body and paint shops operating in 98 cities.Financial Highlights for the First Quarter of 2021Vehicle sales were RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020.Vehicle margin2was 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020.Total revenues were RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.Gross profit was RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.Gross margin was 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020.Loss from operations was RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020. Non-GAAP loss from operations3was RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.Net loss was RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020. Non-GAAP net loss3was RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.Operating cash flow was RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.Free cash flow4was RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.Deliveries UpdateIn April 2021, the Company delivered 5,539 Li ONEs, representing a 111.3% increase compared to April 2020. As of April 30, 2021, the Company had 73 retail stores covering 53 cities, in addition to 143 servicing centers and Li Auto-authorized body and paint shops operating in 105 cities.Issuance of Convertible Senior NotesIn April 2021, the Company completed the offering of US$862.5 million in aggregate principal amount of its 0.25% convertible senior notes due 2028 (the “Notes”), which included the exercise in full by the initial purchasers in the Notes offering of their option to purchase up to an additional US$112.5 million in aggregate principal amount of the Notes.The Company plans to use the net proceeds from the Notes offering for (i) research and development of new vehicle models, including BEV models, (ii) research and development of leading technologies, and (iii) working capital and other general corporate purposes.2021 Li ONEOn May 25, 2021, the Company officially released the 2021 Li ONE, the first vehicle with Navigation on ADAS (NOA) as a standard configuration in the world. It features comprehensive upgrades, including an enhanced NEDC range of 1,080 kilometers, optimized mobility comfort, and more intelligent cockpit, bringing premium features to users at a flat retail price of RMB338,000. Deliveries of the 2021 Li ONE will commence on June 1, 2021.With software and hardware optimization and its integrated powertrain system, the 2021 Li ONE can achieve an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in fuel mode is 6.05 liter per 100 kilometers based on the NEDC standard operational condition, best in class among large-sized four-wheel drive SUVs.CEO and CFO CommentsMr.Xiang Li, founder, chairman, and chief executive officer of Li Auto, commented, “We delivered 12,579 Li ONEs during the quarter, up 334.4% year over year. Li ONE was the second best-selling new energy SUV inChinain the first quarter as our compelling product offering and superior user experience continued to delight users and boost brand awareness, while the unwavering support of our direct sales and servicing network underpinned our growth.“On May 25, we released our 2021 Li ONE. The model has elevated the extended range electric technology to a brand-new level, achieving an NEDC range of 1,080 kilometers and a WLTC range of 890 kilometers. Its energy efficiency in the fuel mode takes consumption as low as 6.05 liter per 100 kilometers based on the NEDC standard operational condition, a level that is unparalleled among large-sized four-wheel drive SUVs. I am very proud of our R&D team’s successful efforts to improve the range-extended technology.“The 2021 Li ONE is the first model in the world offering Navigation on ADAS in a standard configuration. Combining our self-developed ADAS with dedicated dual Horizon Robotics Journey 3 processors, an 8-megapixel front-view camera, 5 latest millimeter-wave radars, and high-definition maps, the 2021 Li ONE delivers a safer, easier, and more convenient driving experience, echoing our belief that active safety should be standard, not optional features.“Li ONE has been well loved by family users for its spacious six-seat interior layout. And the 2021 Li ONE enhances its excellence in space, comfort, and intelligence by equipping the front and second row seats with lumbar massage functions, increasing the leg room in the third row by 41 millimeters, while also featuring a smarter in-car voice assistant ‘LiXiang Tong Xue(理想同学),’ providing a high caliber and overall more comfortable, roomier, and more intelligent space for more families.“Is it possible to build a smart electric vehicle that makes families happier? With the 2021 Li ONE, we can confidently say yes, a resounding yes!” concludedMr. Li.Mr.Tie Li, chief financial officer of Li Auto, added, “We are pleased with our healthy financial performance during the first quarter. Our total revenues reached RMB3.58 billion, more than quadrupling from the first quarter of 2020 and exceeding the top end of our revenue guidance by 11.2%, while our gross margin stayed robust at 17.3%. Amid our ongoing efforts to enhance investment in R&D as well as our direct sales and servicing network, operating expenses increased 27.5% quarter-over-quarter and 238.6% year-over-year. We also raised over US$840 million in net proceeds through our successful convertible senior notes offering, strengthening our capital base for future growth as we increase our R&D investments in leading technologies, prepare for new model launches, and gear up for further increases in demand.”Financial Results for the First Quarter of 2021RevenuesTotal revenueswere RMB3.58 billion (US$545.7 million) in the first quarter of 2021, representing an increase of 319.8% from RMB851.7 million in the first quarter of 2020 and a decrease of 13.8% from RMB4.15 billion in the fourth quarter of 2020.Vehicle saleswere RMB3.46 billion (US$528.7 million) in the first quarter of 2021, representing an increase of 311.8% from RMB841.1 million in the first quarter of 2020 and a decrease of 14.6% from RMB4.06 billion in the fourth quarter of 2020. The increase in revenue from vehicle sales over the first quarter of 2020 was mainly attributable to the increase in vehicle deliveries with the continuous expansion of our sales network. The decrease in revenue from vehicle sales from the fourth quarter of 2020 was mainly attributable to the decrease in vehicle deliveries, which were affected by seasonal factors related to the Chinese New Year holiday as well as the localized COVID-19 outbreaks in the northern China in February 2021.Other sales and serviceswere RMB111.5 million (US$17.0 million) in the first quarter of 2021, representing an increase of 951.9% from RMB10.6 million in the first quarter of 2020 and an increase of 25.0% from RMB89.2 million in the fourth quarter of 2020. The increase in revenue from other sales and services over the first and fourth quarter of 2020 was mainly attributable to increased sales of charging stalls, accessories and services in line with higher accumulated vehicle sales.Cost of Sales and Gross MarginCost of saleswas RMB2.96 billion (US$451.6 million) in the first quarter of 2021, representing an increase of 277.6% from RMB783.4 million in the first quarter of 2020 and a decrease of 13.5% from RMB3.42 billion in the fourth quarter of 2020.Gross profitwas RMB616.7 million (US$94.1 million) in the first quarter of 2021, representing an increase of 802.9% from RMB 68.3 million in the first quarter of 2020 and a decrease of 14.9% from RMB724.6 million in the fourth quarter of 2020.Vehicle marginwas 16.9% in the first quarter of 2021, compared with 8.4% in the first quarter of 2020 and 17.1% in the fourth quarter of 2020. The increase in vehicle margin over the first quarter of 2020 was primarily attributable to lower material cost and lower unit manufacturing overhead cost derived from the increased production volume. The slight decrease in vehicle margin from the fourth quarter of 2020 was primarily due to lower average selling price caused by promotional activities launched in the first quarter of 2021, partially offset by the decreased material cost.Gross marginwas 17.3% in the first quarter of 2021, compared with 8.0% in the first quarter of 2020 and 17.5% in the fourth quarter of 2020, which was mainly driven by the change of vehicle margin.Operating ExpensesOperating expenseswere RMB1.02 billion (US$156.4 million) in the first quarter of 2021, representing an increase of 238.6% from RMB302.5 million in the first quarter of 2020 and an increase of 27.5% from RMB803.5 million in the fourth quarter of 2020.Research and development expenseswere RMB514.5 million (US$78.5 million) in the first quarter of 2021, representing an increase of 171.2% from RMB189.7 million in the first quarter of 2020 and an increase of 37.5% from RMB374.2 million in the fourth quarter of 2020.Non-GAAP research and development expenses3were RMB397.9 million (US$60.7 million) in the first quarter of 2021, representing an increase of 109.8% from RMB189.7 million in the first quarter of 2020 and an increase of 7.8% from RMB369.1 million in the fourth quarter of 2020. The increase in research and development expenses over the first and fourth quarter of 2020 was primarily attributable to (i) increased share-based compensation expenses derived from incremental share options granted with higher fair value in January 2021 while no share-based compensation expenses were recognized for stock options with service conditions and a performance condition related to our IPO in the first quarter of 2020, (ii) increased research and development activities for the Company’s next vehicle models, and (iii) increased headcount.Selling, general and administrative expenseswere RMB509.9 million (US$77.8 million) in the first quarter of 2021, representing an increase of 352.0% from RMB112.8 million in the first quarter of 2020 and an increase of 18.8% from RMB429.3 million in the fourth quarter of 2020.Non-GAAP selling, general and administrative expenses3were RMB449.8 million (US$68.7 million) in the first quarter of 2021, representing an increase of 298.8% from RMB112.8 million in the first quarter of 2020 and an increase of 5.4% from RMB426.8 million in the fourth quarter of 2020. The increase in selling, general and administrative expenses over the first and fourth quarter of 2020 was primarily driven by (i) increased marketing and promotional activities, (ii) increased headcount and rental expenses with the expansion of the Company’s sales network, and (iii) increased share-based compensation expenses.Loss from OperationsLoss from operationswas RMB407.7 million (US$62.2 million) in the first quarter of 2021, representing an increase of 74.1% from RMB234.2 million in the first quarter of 2020 and an increase of 416.7% from RMB78.9 million in the fourth quarter of 2020.Non-GAAP loss from operationswas RMB224.8 million (US$34.3 million) in the first quarter of 2021, representing a decrease of 4.0% from RMB234.2 million in the first quarter of 2020 and an increase of 216.2% from RMB71.1 million in the fourth quarter of 2020.Net Loss and Earnings Per ShareNet losswas RMB360.0 million (US$54.9 million) in the first quarter of 2021, compared with RMB77.1 million net loss in the first quarter of 2020 and RMB107.5 million net income in the fourth quarter of 2020.Non-GAAP net losswas RMB177.0 million (US$27.0 million) in the first quarter of 2021, compared with RMB253.4 million net loss in the first quarter of 2020 and RMB115.4 million net income in the fourth quarter of 2020.Basic and diluted net loss per ADS6attributable to ordinary shareholderswere both RMB0.40 (US$0.06) in the first quarter of 2021.Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders3were both RMB0.20 (US$0.03) in the first quarter of 2021.Cash position, Operating Cash Flow and Free Cash FlowBalance of cash and cash equivalents, restricted cash, time deposits and short-term investmentswas RMB30.36 billion (US$4.63 billion) as of March 31, 2021.Operating cash flowwas RMB926.3 million (US$141.4 million) in the first quarter of 2021, representing an increase of RMB989.3 million from negative net cash flow of RMB63.0 million in the first quarter of 2020 and a decrease of 49.1% from RMB1.82 billion in the fourth quarter of 2020.Free cash flowwas RMB570.2 million (US$87.0 million) in the first quarter of 2021, representing an increase of RMB755.4 million from negative net cash flow of RMB185.2 million in the first quarter of 2020 and a decrease of 64.3% from RMB1.60 billion in the fourth quarter of 2020.Business OutlookFor the second quarter of 2021, the Company expects:Deliveries of vehiclesto be between 14,500 and 15,500 vehicles, representing an increase of 119.6% to 134.7% from the second quarter of 2020.Total revenuesto be between RMB3.99 billion (US$609.0 million) and RMB4.27 billion (US$651.7 million), representing an increase of 104.6% to 119.0% from the second quarter of 2020.This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.","news_type":1,"symbols_score_info":{"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":2518,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}