Li Auto Inc. (LI) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.376 Hello, ladies and gentlemen. Thank you for standing by for Lee Auto's fourth quarter 00:00:04.376 -- 00:00:08.200 and full year 2025 earnings conference call. 00:00:08.200 -- 00:00:11.824 At this time, all participants are in listen-only mode. 00:00:11.824 -- 00:00:14.287 Today's conference call is being recorded. 00:00:14.287 -- 00:00:16.430 I will now turn the call over to your host, Ms. 00:00:16.430 -- 00:00:19.794 Janet Zhang, Investor Relations Director of Lee Auto. 00:00:19.794 -- 00:00:22.417 Please go ahead, Janet. 00:00:22.417 -- 00:00:25.040 Thank you, Operator. Good evening and good morning, everyone. 00:00:25.040 -- 00:00:30.136 Welcome to Lee Auto's fourth quarter and full year 2025 earnings conference call. 00:00:30.136 -- 00:00:34.722 The company's financial and operating results were published in a press release earlier 00:00:34.722 -- 00:00:38.426 today, and they were posted on the company's IR website. 00:00:38.426 -- 00:00:41.430 On today's call, we will have our Chairman and CEO, Mr. 00:00:41.430 -- 00:00:46.716 Xiang Li, and our CFO, Mr. Johnny T. Li, to begin with prepared remarks. 00:00:46.716 -- 00:00:49.940 Our President, Mr. Donghui Ma, and our CTO, Mr. 00:00:49.940 -- 00:00:53.044 Yan Xie, will join for the Q&A discussion. 00:00:53.044 -- 00:00:57.509 Before we continue, please be reminded that today's discussion will contain forward-looking 00:00:57.509 -- 00:01:01.162 statements made under the safe harbor provisions of the U.S. 00:01:01.162 -- 00:01:04.446 Private Securities Litigation Reform Act of 1995. 00:01:04.446 -- 00:01:05.987 Forward-looking 00:01:05.987 -- 00:01:09.311 statements involve inherent risks and uncertainties. 00:01:09.311 -- 00:01:14.256 As such, the company's actual results may be ...