Core Viewpoint - The company achieved significant financial milestones in Q2, with a notable increase in revenue and a reduction in net loss, indicating a positive trend in performance [1] Financial Performance - Total revenue for Q2 reached 27.431 billion yuan, with vehicle sales contributing 22.916 billion yuan [1] - The comprehensive gross margin stood at 20.6%, an increase of 2.6 percentage points year-on-year [1] - The gross margin for vehicle sales was 17.3%, reflecting a year-on-year improvement of 5.8 percentage points [1] - The net loss for the quarter was 287 million yuan, which is a reduction of 88.8% year-on-year and 62.4% quarter-on-quarter [1] Delivery and Growth - In the first half of the year, the company delivered a total of 244,877 new vehicles, marking a year-on-year growth of 14.5% [1]

Core Viewpoint - The company ZK (极氪) has shown a slight increase in stock price and has reported financial results indicating a stable revenue situation but a significant increase in net loss compared to the previous year [1]. Financial Performance - As of June 30, 2025, ZK reported total revenue of 49.45 billion RMB, which reflects a year-on-year decrease of 0.0% [1]. - The net profit attributable to the parent company was -1.112 billion RMB, representing a year-on-year increase of 77.11% in losses [1]. Company Overview - ZK Intelligent Technology Holdings Limited is a Cayman Islands-registered holding company that operates primarily through its domestic subsidiary, Zhejiang ZK Intelligent Technology Co., Ltd. [1]. - The subsidiary is a rapidly growing pure electric vehicle technology company focused on developing and providing next-generation high-quality electric vehicles and technology-driven solutions [1]. - The company aims to lead the electrification, intelligence, and innovation in the automotive industry with a unique positioning, strong technological awareness, independent R&D capabilities, fashionable design, high performance standards, and quality user experience [1].

Core Viewpoint - Zeekr (极氪) is experiencing a positive market response with a stock price increase and is set to release its financial results for the fiscal year 2025, indicating growth in revenue and a significant reduction in net loss [1][2]. Financial Performance - As of March 31, 2025, Zeekr reported total revenue of 22.019 billion RMB, reflecting a year-on-year growth of 1.09% [1]. - The company recorded a net loss attributable to shareholders of 718 million RMB, which represents a year-on-year improvement of 63.77% [1]. Company Overview - Zeekr Intelligent Technology Holdings Limited is a Cayman Islands-registered holding company that operates through its domestic subsidiary, Zhejiang Zeekr Intelligent Technology Co., Ltd. [2]. - The company is a rapidly growing pure electric vehicle technology firm, focusing on the development and provision of next-generation high-quality electric vehicles and technology-driven solutions [2]. - Zeekr aims to lead the electrification, intelligence, and innovation in the automotive industry with a strong emphasis on technology, independent research and development, stylish design, high performance, and premium user experience [2].

Group 1 - The core viewpoint of the article highlights the strong performance of Geely Automobile in H1 2025, with total sales reaching 1.409 million units, a year-on-year increase of 47.4%, and total revenue of 150.28 billion yuan, up 26.5% year-on-year [1] - In Q2 2025, Geely's total sales were 705,000 units, reflecting a year-on-year growth of 47.0% and a quarter-on-quarter increase of 0.2%, with total revenue of 77.79 billion yuan, up 28.4% year-on-year and 7.3% quarter-on-quarter [1] - The significant increase in sales, particularly in the new energy vehicle segment, which saw sales of 386,000 units, a year-on-year increase of 119.2%, contributed to the revenue growth [1] Group 2 - The gross margin for Q2 2025 was reported at 17.1%, showing a year-on-year decrease of 0.7 percentage points but a quarter-on-quarter increase of 1.3 percentage points, primarily due to structural changes in export and product mix [2] - The company has seen a reduction in expense ratios, with sales, administrative, and R&D expense ratios at 6.1%, 1.9%, and 5.1% respectively, indicating a significant decrease year-on-year [2] - Geely plans to privatize Zeekr, proposing to acquire each share at $2.566, which is expected to enhance operational efficiency and brand competitiveness in the luxury electric vehicle market [3] Group 3 - Geely's revenue projections for 2025-2027 are estimated at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan respectively, with net profits expected to be 16.21 billion yuan, 22.09 billion yuan, and 25.97 billion yuan [3] - The earnings per share (EPS) forecasts for the same period are 1.61 yuan, 2.19 yuan, and 2.58 yuan, corresponding to a price-to-earnings (PE) ratio of 11, 8, and 7 times based on the closing price of 19.24 HKD on August 15 [3]

Group 1 - Geely Auto announced a privatization plan for its indirect subsidiary, Zeekr Intelligent Technology Holdings Limited, expected to be completed by 2025, aimed at resource integration and enhancing competitiveness in the electric vehicle market [2] - The merger agreement offers a purchase price of $2.687 per Zeekr share or $26.87 per American Depositary Share, with eligible shareholders having the option to receive cash or exchange for newly issued shares of Geely Auto at a price of HKD 17.15 per share [2] - Following the privatization, Zeekr will become a wholly-owned subsidiary of Geely Auto and plans to delist from the New York Stock Exchange [2] Group 2 - The privatization transaction requires approval from Geely Auto's independent shareholders, with an independent board committee established to provide recommendations [3] - The independent board committee has engaged an independent financial advisor to assess the fairness and reasonableness of the transaction terms [3] - A special shareholder meeting is scheduled for September 5, 2025, in Hong Kong to consider and approve the proposed transaction [3]

Core Viewpoint - Zeekr Technology Group has demonstrated significant financial improvements in Q2 2025, with record high gross margins and revenue growth driven by strategic synergies with Lynk & Co [1][3]. Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-over-quarter increase of 24.6% and a year-over-year increase of 36.9% [1]. - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-over-year [1]. - For the first half of 2025, total revenue was 49.45 billion yuan, a year-over-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [3]. Cost Management - R&D expense ratio decreased to 7.8%, down 5.8 percentage points year-over-year, while selling and administrative expense ratio was 12.3%, down 1.2 percentage points year-over-year [3]. Strategic Synergies - The merger with Lynk & Co has led to three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies set to drive sales and financial performance [3]. Privatization Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of approximately $2.4 billion [4][5]. - The merger is expected to be completed by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [5].

Core Insights - Zeekr Technology Group reported significant financial improvements in Q2 2025, achieving record high gross margins and revenue growth [2] - The merger with Lynk & Co has led to strategic synergies that are enhancing financial performance and operational efficiency [3] Financial Performance - In Q2 2025, Zeekr's revenue reached 27.431 billion yuan, a quarter-on-quarter increase of 24.6% and a year-on-year increase of 36.9% [2] - The overall gross margin was 20.6%, marking a historical high, while the vehicle gross margin was 17.3%, up 5.8 percentage points year-on-year [2] - For the first half of 2025, total revenue was 49.45 billion yuan, a year-on-year increase of 42.2%, with vehicle revenue at 42.012 billion yuan, up 8% [2] Strategic Synergies - The merger has resulted in three strategic outcomes: a clear restructuring of the brand matrix, significant reductions in R&D and management costs due to scale effects, and a robust product cycle with new models and technologies [3] - New models such as Zeekr 9X and Lynk & Co 10 EM-P, along with advanced technologies, are expected to drive sales and financial performance [3] Merger Progress - On July 15, 2025, Geely Holding Group announced a merger agreement to acquire Zeekr at $2.678 per share, with an estimated total cash requirement of around $2.4 billion [3] - The merger agreement involves a share exchange where most investors are expected to opt for stock rather than cash, limiting cash outflow to about 30% [3] - The completion of the merger is anticipated by the end of the year, pending approvals from shareholder meetings on September 5 and September 15 [3]

Core Insights - Geely Auto announced a strategic merger of its two listed entities, Geely Auto and Zeekr, to enhance resource allocation and eliminate redundant investments [1] - The merger is seen as a milestone for Geely's future development, especially in the context of significant adjustments in the electric vehicle industry [1] - The management aims to maximize synergies through this consolidation, positioning "One Geely" for a new phase of growth [1] Company Strategy - The decision to merge was made early this year to address collaboration barriers among multiple brands [1] - The integration process is progressing steadily, with expectations for completion by the end of the year, pending shareholder approval [1] Industry Context - The merger is positioned as a response to deep adjustments within the electric vehicle sector, indicating a strategic shift in the industry landscape [1] - The management emphasizes that only through a comprehensive merger can Geely achieve new heights and significant growth [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第二季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年八月十四日向美 國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第二季度之未經審核財務 業績（「二零二五年第二季度業績」）。詳情請參閱隨附之二零二五年第二季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董事 ...

[Q2 2025 Performance Overview](index=1&type=section&id=Zeekr%20Group%20Reports%20Second%20Quarter%202025%20Unaudited%20Financial%20Results) Zeekr Group's Q2 2025 performance highlights significant growth in deliveries and a pivotal shift to profitability, driven by strong operational and financial improvements [Operating Highlights](index=1&type=section&id=Operating%20Highlights%20for%20the%20Second%20Quarter%20of%202025) In Q2 2025, Zeekr Group's total deliveries reached 130,866 units, growing 9.3% year-over-year and 14.8% quarter-over-quarter, with Lynk & Co NEV models accounting for 58.8% of its deliveries Q2 2025 Vehicle Deliveries | Brand | Q2 2025 Deliveries | | :--- | :--- | | **Total** | **130,866 units** | | Zeekr | 49,337 units | | Lynk & Co | 81,529 units | - Total deliveries increased by **9.3% year-over-year** and **14.8% quarter-over-quarter**, indicating robust growth[1](index=1&type=chunk) - New Energy Vehicles (NEVs) accounted for **58.8%** of Lynk & Co's deliveries, demonstrating significant progress in NEV transition[1](index=1&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights%20for%20the%20Second%20Quarter%20of%202025) In Q2 2025, the company achieved significant financial improvement with total revenue of **RMB 27.43 billion**, a **24.6% quarter-over-quarter** increase, and a gross margin of **20.6%**, marking its first positive operating profit of **RMB 0.285 billion** and an **88.8% year-over-year** reduction in net loss Q2 2025 Key Financial Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Revenue | 27.43 billion RMB | -0.9% | +24.6% | | Vehicle Sales Revenue | 22.92 billion RMB | +2.2% | +20.0% | | Vehicle Gross Margin | 17.3% | +5.8 percentage points | +0.8 percentage points | | Overall Gross Margin | 20.6% | +2.6 percentage points | +1.5 percentage points | | Operating Profit/(Loss) | 0.285 billion RMB | Turned Profitable | Turned Profitable | | Net Loss | (0.287) billion RMB | -88.8% | -62.4% | - The company achieved its first positive operating profit of **RMB 0.285 billion**, a significant milestone compared to a **RMB 2.269 billion loss** in the prior year period[5](index=5&type=chunk) [Recent Developments](index=3&type=section&id=Recent%20Developments) In July 2025, total deliveries continued to grow to **44,193 units**, up **2.7% quarter-over-quarter**, while the company launched its innovative 'Super Hybrid Technology' and the Zeekr 9X, expected to begin deliveries in Q3 2025 - In July 2025, total deliveries for Zeekr and Lynk & Co brands reached **44,193 units**, representing a **2.7% quarter-over-quarter** increase and maintaining growth momentum[9](index=9&type=chunk) - The company unveiled revolutionary Super Hybrid Technology based on the SEA-S platform, featuring a **900V high-voltage architecture** to set new standards for long-range plug-in hybrid technology[10](index=10&type=chunk) - The new Zeekr 9X, the first model to feature this technology, includes a **70kWh battery pack** and a **2.0T engine** with over **46% thermal efficiency**, with deliveries planned to commence in Q3 2025[11](index=11&type=chunk) [Detailed Financial Analysis](index=3&type=section&id=Financial%20Results%20for%20the%20Second%20Quarter%20of%202025) This section provides an in-depth analysis of the company's Q2 2025 financial results, covering revenue, cost, operating expenses, and profitability metrics [Revenue Analysis](index=3&type=section&id=Revenues) In Q2 2025, total revenue was **RMB 27.43 billion**, a slight **0.9% year-over-year** decrease but a **24.6% quarter-over-quarter** increase, driven by vehicle sales growth from Lynk & Co despite a decline in Zeekr sales and reduced related-party R&D income Revenue Breakdown (in billions of RMB) | Revenue Category | Q2 2025 | YoY Change | QoQ Change | Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Vehicle Sales | 22.92 | +2.2% | +20.0% | YoY growth primarily due to increased Lynk & Co sales; QoQ growth due to new model launches | | Other Sales and Services | 4.52 | -13.8% | +54.5% | YoY decrease due to reduced related-party R&D income; QoQ growth due to increased overseas sales of battery packs and electric drive systems | | **Total Revenue** | **27.43** | **-0.9%** | **+24.6%** | | [Cost and Gross Margin Analysis](index=4&type=section&id=Cost%20of%20Revenues%20and%20Gross%20Margin) This quarter, gross profit reached **RMB 5.66 billion**, a **13.3% year-over-year** increase, with overall gross margin improving to **20.6%** and vehicle gross margin significantly rising to **17.3%** due to continuous cost-saving initiatives Gross Profit and Gross Margin Performance | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Gross Profit | 5.66 billion RMB | 4.99 billion RMB | 4.21 billion RMB | | Gross Margin | 20.6% | 18.0% | 19.1% | | Vehicle Gross Margin | 17.3% | 11.5% | 16.5% | - The year-over-year and quarter-over-quarter growth in vehicle gross margin is primarily attributed to continuous cost-saving measures[17](index=17&type=chunk) [Operating Expense Analysis](index=4&type=section&id=Operating%20Expenses) Operating expenses were effectively controlled this quarter, with R&D expenses significantly decreasing by **42.9% year-over-year** to **RMB 2.15 billion** and selling, general, and administrative expenses declining by **9.7% year-over-year** to **RMB 3.36 billion**, primarily due to economies of scale from business integration Operating Expense Details (in billions of RMB) | Expense Category | Q2 2025 | YoY Change | QoQ Change | Primary Reasons | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | 2.15 | -42.9% | -26.2% | Economies of scale from business integration | | Selling, General & Administrative Expenses | 3.36 | -9.7% | +27.2% | YoY decrease due to economies of scale; QoQ increase due to higher marketing expenses for new vehicle launches | [Operating Profit Analysis](index=4&type=section&id=Income%2F%28Loss%29%20from%20Operations) In Q2 2025, the company achieved an operating profit of **RMB 0.285 billion**, successfully turning profitable compared to an operating loss of **RMB 2.269 billion** in the prior year period and **RMB 1.259 billion** in the previous quarter, marking a significant improvement in profitability - This quarter, operating profit reached **RMB 0.285 billion**, a critical turnaround from losses of **RMB 2.269 billion** in Q2 2024 and **RMB 1.259 billion** in Q1 2025[16](index=16&type=chunk) - Non-GAAP operating profit, excluding share-based compensation expenses, also turned profitable at **RMB 0.315 billion**[18](index=18&type=chunk) [Net Loss and Net Loss Per Share Analysis](index=5&type=section&id=Net%20Loss%20and%20Net%20Loss%20Per%20Share) This quarter's net loss significantly narrowed by **88.8% year-over-year** to **RMB 0.287 billion** and by **62.4% quarter-over-quarter**, with basic and diluted net loss per ADS improving to **RMB 1.54** from **RMB 12.49** in the prior year period Net Loss and Loss Per Share | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | Net Loss | (0.287) billion RMB | (2.57) billion RMB | (0.763) billion RMB | | Non-GAAP Net Loss | (0.257) billion RMB | (1.63) billion RMB | (0.640) billion RMB | | Basic & Diluted Net Loss Per ADS | (1.54) RMB | (12.49) RMB | (2.81) RMB | [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheets) As of June 30, 2025, the company held **RMB 10.21 billion** (approximately **USD 1.425 billion**) in cash, cash equivalents, and restricted cash, providing strong liquidity for operations and development - As of June 30, 2025, cash, cash equivalents, and restricted cash totaled **RMB 10.21 billion** (**USD 1.425 billion**)[22](index=22&type=chunk) [Financial Statements Appendix](index=8&type=section&id=Financial%20Statements) This appendix contains the unaudited condensed consolidated financial statements, including balance sheets and statements of comprehensive (loss)/income, along with GAAP to Non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents detailed balance sheet data as of December 31, 2024, and June 30, 2025, outlining the composition of assets, liabilities, and shareholders' equity [Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income](index=10&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20%28LOSS%29%2FINCOME) This section provides detailed consolidated statements of comprehensive (loss)/income for Q2 2025, Q1 2025, and the prior year period, detailing revenues, costs, expenses, and profit/loss items [Unaudited Reconciliations of GAAP and Non-GAAP Results](index=14&type=section&id=UNAUDITED%20RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section provides reconciliation tables between GAAP and Non-GAAP financial measures, primarily adjusting for share-based compensation expenses to offer investors a clearer understanding of core operating performance