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On March 12, Li Auto (02015.HK) disclosed that its operating expenses for the fourth quarter of 2025 amounted to RMB 5.6 billion (USD 797.0 million). This figure reflects a 5.8% increase compared to the RMB 5.3 billion recorded in the fourth quarter of 2024, while showing a 1.3% decrease from the RMB 5.6 billion in the third quarter of 2025. During this same period, the company's R&D expenses reached RMB 3.0 billion (USD 431.4 million), marking a significant 25.3% rise from the RMB 2.4 billion spent in the fourth quarter of 2024 and a slight 1.4% increase from the RMB 3.0 billion in the third quarter of 2025. The substantial year-on-year growth in R&D expenses was mainly attributed to escalated costs associated with bolstering the expansion of its product lineup and advancing technologies, particularly in the realm of AI.
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