| Earnings Per Share |
19. Earnings Per Share Basic and diluted net earnings per share have been calculated in accordance with ASC 260 “Earnings Per Share” for the years ended December 31, 2023, 2024 and 2025 as follows: | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | Numerator: | | | | | | | Net income attributable to ordinary shareholders of Li Auto Inc. | | 11,704,133 | | 8,032,350 | | 1,124,438 | Dilution effect arising from convertible debt | | 32,657 | | 33,451 | | 33,547 | Net income attributable to ordinary shareholders of Li Auto Inc. for computing diluted net earnings per share | | 11,736,790 | | 8,065,801 | | 1,157,985 | | | | | | | | Denominator: | | | | | | | Weighted average ordinary shares outstanding—basic | | 1,967,863,759 | | 1,993,191,951 | | 2,015,070,194 | Effects of dilutive securities | | | | | | | Options and RSUs | | 86,651,528 | | 75,220,374 | | 66,796,228 | Convertible debt | | 60,861,105 | | 60,861,105 | | 60,861,105 | Weighted average ordinary shares outstanding—diluted | | 2,115,376,392 | | 2,129,273,430 | | 2,142,727,527 | | | | | | | | Basic net earnings per share attributable to ordinary shareholders of Li Auto Inc. | | 5.95 | | 4.03 | | 0.56 | Diluted net earnings per share attributable to ordinary shareholders of Li Auto Inc. | | 5.55 | | 3.79 | | 0.54 |
For the years ended December 31, 2023, 2024 and 2025, the Company had ordinary equivalent shares, including options and RSUs granted and convertible debt issued. For the years ended December 31, 2024 and 2025, options and RSUs of 2,067,928 and 7,781,892 on a weighted average basis were respectively excluded from the calculation of diluted net earnings per share because of their anti-dilutive effect.
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