EH vs LI
EHang Holdings Ltd. and Li Auto Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | EH | LI |
|---|---|---|
| Revenue | CNY 418.0M | CNY 112.3B |
| Net income | CNY -276.0M | CNY 1.1B |
| Gross margin | 61.5% | 18.7% |
| Net margin | −66.1% | 1.0% |
| Return on equity | −27.3% | 1.6% |
| Diluted EPS | −CNY 1.88 | CNY 0.54 |
| Dividend / share | · | · |
| Payout ratio | · | · |
| Free cash flow | CNY -327.4M | CNY -12.8B |
| Equity | CNY 1.1B | CNY 72.6B |
| Net debt / equity | −0.16× | −0.65× |
| Current ratio | 2.07× | 1.81× |
| Revenue CAGR 5y | 18.3% | 64.0% |
| Profit CAGR 5y | · | · |
LI bills 268.7× the revenue of EH, and EH closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
7 years side by side
| Fiscal year | EH | LI |
|---|---|---|
| FY2025 | CNY 418.0M | CNY 112.3B |
| FY2024 | CNY 456.2M | CNY 144.5B |
| FY2023 | CNY 117.4M | CNY 123.9B |
| FY2022 | CNY 44.3M | CNY 45.3B |
| FY2021 | CNY 56.8M | CNY 27.0B |
| FY2020 | CNY 180.1M | CNY 9.5B |
| FY2019 | CNY 121.8M | CNY 284.4M |
Bottom line
| Fiscal year | EH | LI |
|---|---|---|
| FY2025 | CNY -276.0M | CNY 1.1B |
| FY2024 | CNY -229.8M | CNY 8.0B |
| FY2023 | CNY -301.7M | CNY 11.8B |
| FY2022 | CNY -328.2M | CNY -2.0B |
| FY2021 | CNY -314.0M | CNY -321.5M |
| FY2020 | CNY -87.6M | CNY -151.7M |
| FY2019 | CNY -48.5M | CNY -2.4B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 111,894,530,000 | LI |
| FY2024 | −CNY 144,003,794,000 | LI |
| FY2023 | −CNY 123,733,906,000 | LI |
| FY2022 | −CNY 45,242,499,000 | LI |
| FY2021 | −CNY 26,952,972,000 | LI |
| FY2020 | −CNY 9,276,516,000 | LI |
| FY2019 | −CNY 162,553,000 | LI |
LI has reported the higher revenue in every one of these 7 fiscal years. The gap has widened since the earliest year compared.
7 of 9 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −67.1 pp | LI |
| FY2024 | −56.0 pp | LI |
| FY2023 | −267.0 pp | LI |
| FY2022 | −738.6 pp | LI |
| FY2021 | −551.4 pp | LI |
| FY2020 | −49.5 pp | LI |
| FY2019 | +818.1 pp | EH |
The higher net margin has changed hands between EH and LI over this period.
7 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
LI's net margin has been more volatile than EH's over the 7 comparable fiscal years — 300.6 percentage points of standard deviation against 265.2.
7 of 9 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between EH and LI over these 7 fiscal years — EH led in 1 and LI in 6.
7 of 9 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
EH's return on equity has been more volatile than LI's over the 5 comparable fiscal years — 58.4 percentage points of standard deviation against 9.9.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Year by year
LI led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.