Li Auto H1 2026 Interim Report: Net Loss RMB4.0B, Gross Margin Halves to 9.5%
LI is trading near its 52-week low of $11.65 (6.9% above the low).
Summary
Li Auto's H1 2026 interim report shows revenue down 13.4%, gross margin halved to 9.5%, and a swing to a RMB4.0 billion net loss, while the company continued aggressive buybacks and disclosed dismissal of its securities class action.
Key Events · Earnings and Guidance · LI
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H1 2026 Net Loss of RMB4.0B
Li Auto swung from a RMB1.7 billion net profit in H1 2025 to a RMB4.0 billion net loss in H1 2026, with revenue declining 13.4% to RMB48.6 billion.
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Gross Margin Halved to 9.5%
Gross margin fell from 20.3% to 9.5% year-over-year, driven by a lower average selling price from product mix changes during the model refresh cycle.
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Cash Position Declines to RMB87.5B
Cash position dropped from RMB101.2 billion at year-end 2025 to RMB87.5 billion as of June 30, 2026, a RMB13.7 billion burn in six months.
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Securities Class Action Dismissed
The consolidated securities class action was voluntarily dismissed with prejudice by plaintiffs on July 22, 2026, and the case was closed the same day.
Analysis · LI · Manufacturing
The full interim report confirms a sharp deterioration in profitability during H1 2026. Revenue fell 13.4% to RMB48.6 billion, while gross margin collapsed from 20.3% to 9.5%, driven by a lower average selling price from product mix shifts during the model refresh cycle. The company swung from a RMB1.7 billion net profit to a RMB4.0 billion net loss. Against this backdrop, Li Auto burned through RMB13.7 billion of cash in six months, though the RMB87.5 billion cash position remains substantial. The report also reveals the securities class action was dismissed with prejudice in July 2026, removing a legal overhang, and details aggressive share repurchases totaling over US$450 million across both exchanges.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 30.5% of the 1996 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.21%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LI was trading at $12.45 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $11.65 to $27.10. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.