Financial Performance - Total revenue for Q1 2023 reached RMB 1,442.5 million, a decrease of 28% compared to RMB 1,991.8 million in Q1 2022 and a 52% decrease from RMB 3,015.3 million in Q4 2022[5] - Total vehicle deliveries in Q1 2023 were 10,509 units, a decline of 51.3% from 21,579 units in the same period of 2022[2] - The gross margin for Q1 2023 was (7.8)%, an improvement from (26.6)% in Q1 2022, but a slight decrease from (6.9)% in Q4 2022[3] - The net loss attributable to equity holders for Q1 2023 was RMB 1,133.0 million, compared to RMB 1,042.2 million in Q1 2022 and RMB 1,325.0 million in Q4 2022[3] - The operating loss for Q1 2023 was RMB 1,159.6 million, compared to RMB 1,072.0 million in Q1 2022 and RMB 1,371.9 million in Q4 2022[8] - The loss attributable to equity holders for Q1 2023 was RMB 1,133.0 million, up from RMB 1,042.2 million in Q1 2022 and RMB 1,325.0 million in Q4 2022[8] - Free cash flow for Q1 2023 was RMB (2,951.4) million, compared to RMB (823.4) million in Q1 2022 and RMB (1,977.0) million in Q4 2022[8] Expenses - R&D expenses for Q1 2023 were RMB 412.4 million, a 70% increase from RMB 242.5 million in Q1 2022[7] - Sales expenses for Q1 2023 were RMB 393.2 million, a 142% increase from RMB 162.4 million in Q1 2022[7] - Cash used in operating activities for Q1 2023 was RMB 2,610.7 million, significantly higher than RMB 385.2 million in Q1 2022[3] - Net cash used in operating activities for Q1 2023 was RMB 2,610.7 million, significantly higher than RMB 385.2 million in Q1 2022 and RMB 1,649.6 million in Q4 2022[8] Product Development - The C11 extended-range SUV was launched in March 2023, priced between RMB 149,800 and RMB 185,800, featuring advanced driver assistance capabilities[5] - The company has launched the extended-range SUV C11, which features an ultra-long pure electric range, and plans to introduce more electric and extended-range models in the coming years[12] - The company aims to optimize the order structure for C-platform models, which now account for over 80% of total orders[5] Corporate Structure and Governance - The company has formed a joint venture with Faurecia (China) Investment Co., Ltd., with the company holding a 49% stake[10] - The board of directors includes executive directors and independent non-executive directors, indicating a diverse governance structure[13] Employee Diversity - The gender diversity ratio among employees is 81.5% male and 18.5% female as of December 31, 2022[9] Cautionary Statements - The company emphasizes that all forward-looking statements are based on current and future business strategies and assumptions about the business environment[13] - The company warns shareholders and potential investors to act cautiously when trading its shares, highlighting the importance of informed decision-making[13] Sales Network Expansion - The company expanded its sales network to 592 stores covering 180 cities as of March 31, 2023[2]

Financial Performance - In 2022, the company achieved total revenue of RMB 12,384.6 million, a year-on-year increase of 295.4% compared to RMB 3,132.1 million in 2021[4] - The company reported a net loss attributable to equity holders of RMB 5,108.9 million in 2022, compared to RMB 2,845.8 million in 2021, reflecting a 79.5% increase in losses[4] - The gross loss for 2022 was RMB 1,911.3 million, an increase of 37.7% from RMB 1,387.6 million in 2021[4] - The company's free cash flow for 2022 was RMB (3,817.9) million, representing a 50.1% increase from RMB (2,544.1) million in 2021[29] - The adjusted net loss for the year ended December 31, 2022, was RMB (4,565.5) million, compared to RMB (2,628.8) million in 2021[41] Vehicle Sales and Production - The company delivered 111,168 new energy vehicles in 2022, representing a year-on-year growth of 154.1%[7] - The number of electric vehicles delivered rose from 43,748 in 2021 to 111,168 in 2022, marking an increase of 154.1%[14] - The C11 model was the top-selling domestic B-class pure electric SUV in 2022, with 44,371 units delivered, marking a year-on-year increase of 1,019.1%[7] - The company launched the C01 model in September 2022, featuring CTC technology and a maximum range of 717 kilometers on a single charge[8] Research and Development - Research and development expenses reached RMB 1,410.6 million in 2022, up from RMB 740.0 million in 2021, reflecting a commitment to innovation[6] - Research and development expenses increased by 90.6% to RMB 1,410.6 million in 2022, compared to RMB 740.0 million in 2021, driven by an increase in R&D personnel[22] - The company completed four OTA upgrades in 2022, enhancing features such as automatic lane change assistance and adaptive cruise control[8] Expansion and Market Strategy - The sales network expanded to 582 stores across 180 cities in China by the end of 2022, with plans for further expansion[10] - The company plans to expand its global footprint into Europe, Southeast Asia, and the Middle East in 2023, following its entry into the Israeli market in late 2022[11] - The company anticipates further growth in the new energy vehicle market in 2023, despite increased competition[15] Capital and Investments - The total assets of the company reached RMB 19,267.8 million by the end of 2022, compared to RMB 12,526.5 million in 2021[6] - The company successfully listed on the Hong Kong Stock Exchange on September 29, 2022, raising approximately RMB 6,168.9 million from the global offering[12] - The company has no significant investments or specific plans for major acquisitions of capital assets[36] Shareholder Information - The company has adopted a dividend policy regarding the distribution of profits to shareholders, but the board has decided not to recommend any final dividend for the year ended December 31, 2022[50] - As of December 31, 2022, the company's distributable reserves amounted to RMB 16,796.4 million[55] - The company has not established any management contracts involving significant parts of its business during the reporting period[64] Corporate Governance - The company emphasizes high standards of corporate governance to protect shareholder interests and has complied with all applicable corporate governance codes since its listing on September 29, 2022[145] - The board includes members with advanced degrees and extensive experience in finance and management, contributing to informed governance[131] - The company is committed to enhancing internal control measures and increasing transparency and accountability to shareholders[145] Employee and Management - As of December 31, 2022, the company has 8,336 full-time employees, with 50.3% in manufacturing, 26.3% in R&D, and 16.1% in sales and marketing[87] - The company conducts comprehensive training for employees, focusing on safety awareness, quality awareness, and corporate culture[87] - The company provides competitive compensation and a vibrant work environment to encourage employee initiative[88] Risk Management and Compliance - The company has established a robust risk management and internal control system to ensure compliance and manage risks associated with business objectives[179] - The audit committee continuously reviews and supervises the company's risk management and internal control systems to ensure their effectiveness[185] - The company has a zero-tolerance policy towards corruption and has implemented a reporting mechanism for suspicious activities[184] Intellectual Property - As of December 31, 2022, the company holds 1,285 registered patents, 610 patent applications, 334 registered trademarks, 18 registered software copyrights, and 7 registered copyrights[182] - The company has implemented measures to protect its intellectual property, including requiring employees to sign confidentiality agreements[182] Communication with Shareholders - The company emphasizes effective communication with shareholders through financial reports, annual general meetings, and conference calls following the release of quarterly and annual results[190] - The company has established a shareholder communication policy to ensure timely and equitable access to information for shareholders and investors[196] - The company ensures that the Hong Kong securities registrar maintains up-to-date information regarding shareholdings for effective shareholder inquiries[195]

[0 -> 29] 大家好我是今天的主持人ACAMP本营的汽车行业分析师Michael 吕方欢迎大家参加领跑汽车2022全年业绩变化会出席本次会议的管理层代表是领跑汽车创始人董事长CEO朱江明先生公司联席总裁伍强先生公司高级副总裁静华女士公司财务部总经理 [29 -> 55] 李腾飞先生我们将在会议最后设有问答环节通过PC端或APP参会的朋友请点击屏幕下方举手按钮进行排队语音提问或文字留言进行提问以电话拨入形式参会的朋友请按星1举手进行排队提问首先宣读免责声明 [56 -> 81] 本次零跑汽车2022年度全年业绩电话会中的内容可能包含部分前瞻性陈述具体而言包括但不限于有关公司未来财务状况策略目标指标以及公司所参与或将参与的未来市场发展状况的陈述这些前瞻性陈述是基于公司现有和未来的业务发展策略以及公司对于未来营商环境的假设而做出的 [82 -> 112] 其中不可避免会涉及到一些已知或未知的风险以及一些不确定性因素这些公司无法预知和控制的因素可能会导致公司的实际业绩表现及公司所在行业的业绩表现与前瞻性陈述中明示或暗示的未来业绩表现存在差异因此我们仅此提醒各位不应过分依赖本次电话会所讨论的前瞻性陈述这些陈述仅反 ...

Financial Performance - Total vehicle deliveries in 2022 reached 111,168 units, an increase of 154.1% compared to 43,748 units in 2021[3] - Revenue for 2022 was RMB 12,384.6 million, representing a 295.4% increase from 2021[4] - The gross margin for 2022 improved to (15.4%) from (44.3%) in 2021[4] - Net loss for 2022 was RMB 5,108.9 million, compared to RMB 2,845.8 million in 2021[4] - The gross loss for the year was RMB 1,911.32 million, up from a gross loss of RMB 1,387.63 million in the previous year, indicating a deterioration in profitability[44] - Operating loss increased to RMB 5,226.80 million from RMB 2,868.32 million year-on-year, reflecting ongoing challenges in operational efficiency[44] - The net loss attributable to equity holders for the year was RMB 5,108.89 million, compared to RMB 2,845.77 million in 2021, marking a substantial increase in losses[44] - Total expenses for the year were RMB 17,662,277,000, compared to RMB 6,085,870,000 in 2021, indicating an increase of approximately 190%[62] Sales and Deliveries - The C11 model delivered 44,371 units in 2022, a staggering increase of 1,019.1% from 3,965 units in 2021[5] - Electric vehicle and component sales amounted to RMB 12,378.0 million in 2022, up 304.7% from RMB 3,058.8 million in 2021, with deliveries increasing from 43,748 units in 2021 to 111,168 units in 2022[14] - The company launched the C01 model in September 2022, which features the innovative CTC technology[11] Cash and Liquidity - As of December 31, 2022, cash and cash equivalents totaled RMB 9,781.9 million, a 40.3% increase from RMB 6,974.1 million as of December 31, 2021[20] - Free cash flow for 2022 was RMB (3,817.9) million, an increase of 50.1% from RMB (2,544.1) million in 2021[21] - Cash and cash equivalents increased to RMB 6,948.99 million from RMB 4,337.97 million, showing improved liquidity position[45] Research and Development - Research and development expenses rose to RMB 1,410.6 million in 2022, a 90.6% increase from RMB 740.0 million in 2021, driven by an increase in R&D personnel[17] - The company has been engaged in the production, research, and development of new energy vehicles since its establishment in December 2015, indicating a focus on innovation in the automotive sector[50] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 19,267.85 million, up from RMB 12,526.48 million in 2021, indicating growth in asset base[45] - Non-current liabilities rose to RMB 1,751.61 million from RMB 966.74 million, indicating increased financial obligations[46] - Current liabilities surged to RMB 5,986.76 million from RMB 2,596.11 million, highlighting a significant increase in short-term financial commitments[46] Employee and Operational Metrics - The company employed 8,336 full-time employees as of December 31, 2022, with 50.3% in manufacturing and 26.3% in research and development[35] - The company operates primarily in the production, research and development, and sales of new energy vehicles in China, considering it as a single operating segment for strategic decision-making[55] Future Outlook and Plans - A new vehicle model based on a new platform is set to be launched in the second half of 2023, incorporating the latest R&D achievements[10] - The company plans to adopt several new accounting standards effective from January 1, 2023, which may impact future financial reporting[53] - The group plans to launch more pure electric and extended-range vehicle models in the coming years to meet diverse user needs[93] Compliance and Governance - The company maintained compliance with corporate governance codes, although it did not separate the roles of Chairman and CEO, which the board believes aids in effective decision-making[39] - The group has maintained compliance with all loan covenants and is not subject to significant financial covenants[88] Market Expansion - The company entered the global market by opening its first overseas stores in Israel in November 2022[8] - As of December 31, 2022, the sales network expanded to 582 stores covering 180 cities[6] Financial Management - The company raised RMB 5,687,687 thousand from issuing H shares during its global offering, contributing to a net cash inflow from financing activities of RMB 6,355,410 thousand for the year[49] - The group has unused tax losses of approximately RMB 9,023,285,000 as of December 31, 2022, compared to RMB 4,567,379,000 in 2021, which can be carried forward to future taxable income[68]

Financial Performance - Total revenue for Q3 2022 reached RMB 4,287.8 million, an increase of 398.5% compared to RMB 860.1 million in Q3 2021[3] - The gross margin for Q3 2022 improved to (8.9%), up from (44.5%) in Q3 2021 and (25.6%) in Q2 2022[3] - The company reported a net loss attributable to equity holders of RMB 1,339.9 million in Q3 2022, compared to RMB 719.1 million in Q3 2021[3] - The company's loss attributable to equity holders for Q3 2022 was RMB 1,339.9 million, compared to RMB 719.1 million in the same period of 2021 and RMB 1,401.7 million in Q2 2022[9] - The net cash used in operating activities for Q3 2022 was RMB 169.1 million, an improvement of 54.2% compared to RMB 369.1 million in Q3 2021 and an improvement of 13.7% compared to RMB 195.9 million in Q2 2022[9] - The free cash flow for Q3 2022 was RMB (507.1) million, an improvement of 17.7% compared to RMB (616.5) million in Q3 2021 and a slight improvement of 0.6% compared to RMB (510.4) million in Q2 2022[9] Vehicle Deliveries - Total vehicle deliveries in Q3 2022 were 35,608 units, a 186% increase from 12,471 units in the same period last year[2] - The T03 model delivered 17,790 units in Q3 2022, a 48% increase from 12,002 units in the same period last year[2] - The C11 model delivered 17,257 units in Q3 2022, a significant increase from just 253 units in Q3 2021[2] Research and Development - R&D expenses for Q3 2022 were RMB 404.0 million, a 138.9% increase from RMB 169.1 million in Q3 2021[7] Sales and Expansion - The company expanded its sales network to 490 stores covering 156 cities as of September 30, 2022[2] Future Plans - The company plans to launch the C11 upgraded model in Q4 2022 to enrich its product matrix[4] IPO Information - The company successfully completed its IPO on the Hong Kong Stock Exchange on September 29, 2022[4] Cash and Financial Position - As of September 30, 2022, the company's cash and cash equivalents, restricted cash, financial assets at fair value, and long-term bank deposits totaled RMB 11,778.8 million[9]

Revenue and Sales Performance - Revenue for the first half of 2022 reached RMB 5,081,523 thousand, representing a 479.4% increase compared to RMB 877,015 thousand in the same period of 2021[5] - In the first seven months of 2022, the company delivered 64,038 smart electric vehicles, an increase of 244.8% compared to the same period in 2021[9] - Vehicle and parts sales for the six months ended June 30, 2022, amounted to RMB 5,078.3 million, a 479.0% increase from RMB 877.0 million for the same period in 2021[10] - The revenue from vehicle and component sales for the six months ended June 30, 2022, was RMB 5,078,343,000, a significant increase from RMB 877,015,000 for the same period in 2021[64] - The company reported a revenue of RMB 1.5 billion for the first half of 2022, representing a year-on-year increase of 25%[157] Financial Losses and Expenses - Gross loss increased to RMB (1,318,843) thousand, a 188.8% decline from RMB (456,740) thousand in the previous year[5] - The operating loss for the first half of 2022 was RMB (2,493,518) thousand, a 144.5% increase from RMB (1,019,717) thousand in the same period of 2021[5] - Loss attributable to equity holders for the first half of 2022 was RMB (2,443,952) thousand, a 141.7% increase from RMB (1,011,122) thousand in the previous year[5] - Total expenses for the six months ended June 30, 2022, reached RMB 7,633,709,000, compared to RMB 1,909,882,000 in the same period of 2021, indicating a substantial increase of 299.5%[71] - The company reported a loss before tax of RMB 2,443,952,000 for the six months ended June 30, 2022, compared to a loss of RMB 1,011,122,000 for the same period in 2021, reflecting a 141.2% increase in losses[78] Research and Development - Research and development expenses increased by 103.2% to RMB 526.4 million for the six months ended June 30, 2022, compared to RMB 259.1 million for the same period in 2021[9] - The company has expanded its R&D team to 1,869 personnel as of June 30, 2022, to support the development of new vehicle platforms and technologies[9] - Research and development expenses increased to RMB (526,405) thousand from RMB (259,078) thousand year-on-year, reflecting a focus on innovation and product development[41] - The company expects a revenue growth of 20% for the second half of 2022, driven by new product launches and market expansion strategies[157] - Research and development expenses increased by 15% to RMB 200 million, focusing on electric vehicle technology advancements[157] Market Expansion and Product Launches - The company launched the C01 electric sedan in May 2022, with a price range of RMB 193,800 to RMB 286,800, and a maximum CLTC range of 717 kilometers[7] - The company aims to enhance brand recognition and penetrate the mainstream new energy vehicle market in China while planning to enter other major global markets[10] - The company plans to significantly expand the number and coverage of its direct-operated and partner stores in the future[8] - A new electric vehicle model is set to launch in Q4 2022, with projected sales of 50,000 units in the first year[157] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2023[157] Financial Management and Capital Structure - The company has not utilized any proceeds from its global offering since its listing on September 29, 2022, which raised approximately HKD 6,168.9 million[6] - The company has maintained a rigorous cash flow risk management policy to ensure sufficient cash and cash equivalents[53] - The company reported a significant increase in refundable deposits, rising to RMB 27,969,000 from RMB 8,304,000, an increase of 237.5%[102] - The company raised a total of RMB 2,957,800,000 from B-1 round investors, with RMB 143,136,000 accounting for 18.1% of the total paid-in capital before the conversion to a joint-stock company[111] - The company has initiated a share buyback program worth RMB 300 million to enhance shareholder value[157] Employee and Shareholder Information - As of June 30, 2022, the company had 5,723 full-time employees, with 38.9% in manufacturing and 32.7% in R&D[20] - Major shareholders include Mr. Zhu with 55,557,839 shares (25.19%) and Mr. Fu with 72,960,000 shares (33.08%)[23] - The company provides competitive compensation and comprehensive training programs for employees, including safety and quality awareness training[20] - The employee stock ownership plan is managed by Guoxin Securities, indicating a structured approach to employee incentives[27] - The company has a vibrant work environment aimed at encouraging employee initiative[20] Legal and Governance - There were no significant lawsuits or arbitration cases involving the company during the reporting period, indicating a stable legal standing[34] - The company has adopted corporate governance practices in line with listing rules, ensuring compliance and effective management[34] - The company maintained sufficient public float as per listing rules since its listing date[35] Assets and Liabilities - As of June 30, 2022, total assets amounted to RMB 13,072,227 thousand, an increase from RMB 12,526,476 thousand as of December 31, 2021[42] - Total liabilities rose to RMB 8,164,894 thousand from RMB 5,296,260 thousand, with current liabilities increasing significantly to RMB 7,064,796 thousand from RMB 4,329,522 thousand[43] - The company reported a total of RMB 2,635,000,000 in acquisitions during the first half of 2022, with sales of RMB 2,949,581,000 impacting the fair value of financial assets[60] - The company reported a total inventory of RMB 1,388,652,000 as of June 30, 2022, up from RMB 749,471,000 as of December 31, 2021[98] - The company’s total financial liabilities increased to RMB 6,810,838,000 as of June 30, 2022, compared to RMB 4,146,375,000 as of December 31, 2021[120]