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HANGZHOU, China, May 15, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced its unaudited financial results for the first quarter ended March 31, 2025[1].
Operating Highlights for the First Quarter of 2025
Deliveries | 2025 Q1 | 2024 Q4 | 2024 Q3 | 2024 Q2 | ||||
114,011 | 169,088 | 124,606 | 119,755 | |||||
Deliveries | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | ||||
94,115 | 120,114 | 94,151 | 72,276 |
Financial Highlights for the First Quarter of 2025
[1] All disclosed data (including historical periods) are recast to reflect common-control accounting treatment related to Lynk & Co's acquisition. [2] All conversions from Renminbi("RMB") to U.S. dollars ("US$") are made at an exchange rate of RMB7.2567 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. [3] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [4] The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. |
Key Financial Results for the First Quarter of 2025
(in RMB millions, except for percentages)
2025 Q1 | 2024 Q4 | 2024 Q1 | % Change i | |||
YoY | QoQ | |||||
Vehicle sales | 19,096 | 31,015 | 16,450 | 16.1 % | (38.4) % | |
- Zeekr | 9,987 | 19,302 | 8,174 | 22.2 % | (48.3) % | |
- Lynk & Co | 9,109 | 11,713 | 8,276 | 10.1 % | (22.2) % | |
Vehicle margin | 16.5 % | 14.3 % | 13.1 % | 3.4pts | 2.2pts | |
- Zeekr | 21.2 % | 17.3 % | 14.4 % | 6.8pts | 3.9pts | |
- Lynk & Co | 11.4 % | 9.3 % | 11.8 % | (0.4)pts | 2.1pts | |
Total revenues | 22,019 | 35,377 | 21,781 | 1.1 % | (37.8) % | |
Gross profit | 4,213 | 6,365 | 3,545 | 18.8 % | (33.8) % | |
Gross margin | 19.1 % | 18.0 % | 16.3 % | 2.8pts | 1.1pts | |
Loss from operations | (1,259) | (1,083) | (1,694) | (25.7) % | 16.3 % | |
Non-GAAP loss from operations | (1,136) | (994) | (1,691) | (32.8) % | 14.3 % | |
Net loss | (763) | (629) | (1,915) | (60.2) % | 21.3 % | |
Non-GAAP net loss | (640) | (540) | (1,912) | (66.5) % | 18.5 % | |
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Recent Developments
Delivery Update
In April, Zeekr Group delivered a total of 41,316 vehicles across its Zeekr and Lynk & Co brands, marking a 1.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 1.9 million users. Specifically, the Zeekr brand delivered 13,727 vehicles, while Lynk & Co brand delivered 27,589 vehicles.
New Model Launches
The Zeekr 7GT, the brand's second shooting brake, was launched in China on April 15, 2025. Equipped with advanced silicon carbide-powered e-motors, the vehicle achieves 0-100 km/h acceleration in merely 2.95 seconds under rolling start conditions. Exceptional performance and world-class safety features position the Zeekr 7GT for a strong showing in global markets.
Zeekr Group also unveiled its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show. As the first hybrid model under the Zeekr brand, the Zeekr 9X sets new benchmarks in design, performance, and electrification, marking a major leap forward for the brand. This groundbreaking model is slated for a global launch in the third quarter of 2025.
On April 28, the Lynk & Co brand commenced deliveries of the Lynk & Co 900, a large six-seater family SUV. Built on the powerful SPA Evo platform, the top-tier variant is equipped with the G-Pilot H7 package, featuring NVIDIA's DRIVE AGX Thor computing platform with an industry-leading 700 TOPS of processing power. With its expansive interior, cutting-edge technology, and thrilling performance, the model has already garnered over 40,000 pre-orders since its debut in December.
CEO and CFO Comments
"We achieved a major milestone during the first quarter with the full integration of Zeekr and Lynk & Co, which expanded our global user base to over 1.9 million," said Mr. Andy An, Zeekr Group's Chief Executive Officer. "The two brands' initial technological consolidation has already boosted profitability through optimized R&D and shared platforms. As we accelerate into our next growth phase, we will continue to redefine premium mobility through technology-driven experiences and luxury service, strengthening our position as the world's leading premium new energy vehicle group."
Mr. Jing Yuan, Zeekr Group's Chief Financial Officer, added, "In the first quarter of 2025, enhanced platform synergies and disciplined supply chain management drove record profitability, with our overall vehicle margin reaching 16.5% and the Zeekr brand's margin rising to an unprecedented 21.2%. Looking ahead, we will remain laser-focused on deepening resource integration and unlocking greater synergistic value to deliver enhanced returns for our shareholders and build enduring value."
Financial Results for the First Quarter of 2025
Revenues
Cost of Revenues and Gross Margin
Operating Expenses
Loss from Operations
Net Loss and Net Loss Per Share
[5] Each ADS represents ten ordinary shares. |
Balance Sheets
Cash and cash equivalents and restricted cash was RMB9,898 million (US$1,364 million) as of March 31, 2025.
Conference Call
The Company's management will host an earnings conference call on Thursday, May 15, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).
All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.
Participant Online Registration: https://dpregister.com/sreg/10198801/feeb731fe9
A live webcast of the conference call will be available on the Company's investor relations website at https://ir.zeekrgroup.com.
About Zeekr Group
Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider.
For more information, please visit https://ir.zeekrgroup.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
ZEEKR Intelligent Technology Holding Limited
Investor Relations
Email: [email protected]
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: [email protected]
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]
Media Contact
Email: [email protected]
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in million) | |||||
As of | |||||
December 31 | March 31 | March 31 | |||
2024 | 2025 | 2025 | |||
RMB | RMB | US$ | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 9,897 | 7,496 | 1,033 | ||
Restricted cash | 1,491 | 2,402 | 331 | ||
Notes receivable | 12,268 | 5,370 | 740 | ||
Accounts receivable | 2,344 | 2,447 | 337 | ||
Inventories | 10,388 | 10,255 | 1,413 | ||
Amounts due from related parties | 9,821 | 9,737 | 1,342 | ||
Prepayments and other current assets | 4,654 | 6,319 | 871 | ||
Total current assets | 50,863 | 44,026 | 6,067 | ||
Property, plant and equipment, net | 10,984 | 10,653 | 1,468 | ||
Intangible assets, net | 1,346 | 1,380 | 190 | ||
Land use rights, net | 506 | 503 | 69 | ||
Operating lease right-of-use assets | 3,008 | 2,852 | 393 | ||
Deferred tax assets | 340 | 349 | 48 | ||
Long-term investments | 688 | 816 | 112 | ||
Other non-current assets | 477 | 532 | 74 | ||
Total non-current assets | 17,349 | 17,085 | 2,354 | ||
TOTAL ASSETS | 68,212 | 61,111 | 8,421 | ||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in million) | |||||
As of | |||||
December 31 | March 31 | March 31 | |||
2024 | 2025 | 2025 | |||
RMB | RMB | US$ | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Short-term borrowings | 1,353 | 9,426 | 1,299 | ||
Accounts payable | 15,899 | 15,352 | 2,116 | ||
Notes payable and others | 23,391 | 18,468 | 2,545 | ||
Amounts due to related parties | 19,099 | 17,934 | 2,471 | ||
Income tax payable | 98 | 162 | 22 | ||
Accruals and other current liabilities | 15,455 | 13,084 | 1,803 | ||
Total current liabilities | 75,295 | 74,426 | 10,256 | ||
Long-term borrowings | 2,727 | 6,553 | 903 | ||
Operating lease liabilities, non-current | 2,137 | 2,333 | 321 | ||
Other non-current liabilities | 2,191 | 2,712 | 374 | ||
Deferred tax liability | 57 | 58 | 8 | ||
Total non-current liabilities | 7,112 | 11,656 | 1,606 | ||
TOTAL LIABILITIES | 82,407 | 86,082 | 11,862 | ||
SHAREHOLDERS' EQUITY | |||||
Ordinary shares | 3 | 3 | - | ||
Paid-in capital in combined companies | 7,669 | - | - | ||
Additional paid-in capital | 15,763 | 10,513 | 1,450 | ||
Treasury Stock | (187) | (187) | (26) | ||
Accumulated deficits | (38,894) | (33,953) | (4,679) | ||
Accumulated other comprehensive income | (142) | (41) | (6) | ||
Total Zeekr Group shareholders' deficit | (15,788) | (23,665) | (3,261) | ||
Non-controlling interest | 1,593 | (1,306) | (180) | ||
TOTAL SHAREHOLDERS' DEFICIT | (14,195) | (24,971) | (3,441) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 68,212 | 61,111 | 8,421 | ||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in million, except share/ADS and per share/ADS data and otherwise noted) | |||||||
Three Months Ended | |||||||
March 31 | December 31 | March 31 | March 31 | ||||
2024 | 2024 | 2025 | 2025 | ||||
RMB | RMB | RMB | US$ | ||||
Revenues: | |||||||
Vehicle sales | 16,450 | 31,015 | 19,096 | 2,631 | |||
Other sales and services | 5,331 | 4,362 | 2,923 | 403 | |||
Total revenues | 21,781 | 35,377 | 22,019 | 3,034 | |||
Cost of revenues: | |||||||
Vehicle sales | (14,297) | (26,583) | (15,948) | (2,198) | |||
Other sales and services | (3,939) | (2,429) | (1,858) | (256) | |||
Total cost of revenues | (18,236) | (29,012) | (17,806) | (2,454) | |||
Gross profit | 3,545 | 6,365 | 4,213 | 580 | |||
Operating expenses: | |||||||
Research and development expenses | (2,326) | (3,910) | (2,908) | (401) | |||
Selling, general and administrative expenses | (2,913) | (4,123) | (2,645) | (364) | |||
Other operating income, net | 0 | 585 | 81 | 11 | |||
Total operating expenses | (5,239) | (7,448) | (5,472) | (754) | |||
Loss from operations | (1,694) | (1,083) | (1,259) | (174) | |||
Interest expense | (148) | (187) | (116) | (16) | |||
Interest income | 78 | 159 | 45 | 6 | |||
Investment income | 0 | 727 | 0 | 0 | |||
Other income/(expense), net | (140) | (189) | 593 | 82 | |||
Loss before income tax expense and share of losses in equity method investments | (1,904) | (573) | (737) | (102) | |||
Share of income/(loss) in equity method investments | 91 | (134) | 128 | 18 | |||
Income tax benefit/(expense) | (102) | 78 | (154) | (21) | |||
Net loss | (1,915) | (629) | (763) | (105) | |||
Less: income/(loss) attributable to non- controlling interest | 67 | 248 | (45) | (6) | |||
Net loss attributable to shareholders of Zeekr Group | (1,982) | (877) | (718) | (99) | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in million, except share/ADS and per share/ADS data and otherwise noted) | |||||||
Three Months Ended | |||||||
March 31 | December 31 | March 31 | March 31 | ||||
2024 | 2024 | 2025 | 2025 | ||||
RMB | RMB | RMB | US$ | ||||
Net loss per share attributed to ordinary shareholders: | |||||||
Basic and diluted | (0.99) | (0.34) | (0.28) | (0.04) | |||
Weighted average shares used in calculating net loss per share: | |||||||
Basic and diluted | 2,000,000,000 | 2,552,901,668 | 2,552,901,668 | 2,552,901,668 | |||
Net loss per ADS attributed to ordinary shareholders: | |||||||
Basic and diluted | - | (3.44) | (2.81) | (0.39) | |||
Weighted average ADS used in calculating net loss per ADS: | |||||||
Basic and diluted | - | 255,290,167 | 255,290,167 | 255,290,167 | |||
Net loss | (1,915) | (629) | (763) | (105) | |||
Other comprehensive income/(loss), net of tax of nil: | |||||||
Foreign currency translation adjustments | 138 | (41) | 19 | 3 | |||
Comprehensive loss | (1,777) | (670) | (744) | (102) | |||
Less: comprehensive income/(loss) attributable to non-controlling interest | 156 | 226 | (68) | (9) | |||
Comprehensive loss attributable to shareholders of Zeekr Group | (1,933) | (896) | (676) | (93) | |||
ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in million, except share/ADS and per share/ADS data and otherwise noted) | |||||||
Three Months Ended | |||||||
March 31 | December 31 | March 31 | March 31 | ||||
2024 | 2024 | 2025 | 2025 | ||||
RMB | RMB | RMB | US$ | ||||
Loss from operations | (1,694) | (1,083) | (1,259) | (174) | |||
Share-based compensation expenses | 3 | 89 | 123 | 17 | |||
Non-GAAP loss from operations | (1,691) | (994) | (1,136) | (157) | |||
Net loss | (1,915) | (629) | (763) | (105) | |||
Share-based compensation expenses | 3 | 89 | 123 | 17 | |||
Non-GAAP net loss | (1,912) | (540) | (640) | (88) | |||
Net loss attributable to ordinary shareholders | (1,982) | (877) | (718) | (99) | |||
Share-based compensation expenses | 3 | 89 | 123 | 17 | |||
Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group | (1,979) | (788) | (595) | (82) | |||
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||||
Basic and diluted | 2,000,000,000 | 2,552,901,668 | 2,552,901,668 | 2,552,901,668 | |||
Non-GAAP net loss per ordinary share attributed to ordinary shareholders | |||||||
Basic and diluted | (0.99) | (0.31) | (0.23) | (0.03) | |||
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | |||||||
Basic and diluted | - | 255,290,167 | 255,290,167 | 255,290,167 | |||
Non-GAAP net loss per ADS attributed to ordinary shareholders | |||||||
Basic and diluted | - | (3.09) | (2.33) | (0.32) | |||
SOURCE ZEEKR Intelligent Technology Holding Limited
| May-21 | |
| May-16 | |
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| May-15 | |
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| May-13 | |
| May-07 | |
| May-07 | |
| May-07 | |
| May-07 | |
| May-07 | |
| May-06 | |
| May-01 | |
| Apr-22 | |
| Apr-22 |
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