今年以来，国内汽车市场延续着2024年的竞争态势，其中最为鲜明的特征就是"分化"。具体而言，新能 源车行业呈现了销量与利润的双重分化，强者恒强的态势愈发明显。 对投资者来说，在分化中寻找长期玩家，才能在快速变化的市场中挖掘确定性的投资标的。 该季度总营收220亿元，整车销售收入为191亿元，同比增长16.1%；整车毛利率16.5%，同比提升3.4个 百分点；综合毛利率19.1%，创历史新高；根据香港会计准则，极氪科技一季度盈利为5.1亿元，并连续 三个季度实现盈利。 可见极氪科技在当前高端豪华汽车市场是发展全面向好的核心玩家。分化之中，极氪科技为何能够脱颖 而出？ 在老牌车企中，吉利汽车等表现突出，合资品牌占比高的车企则逐渐势弱。而在新晋玩家中，比如极氪 科技的成绩相当吸睛。 从近期极氪智能科技(以下简称：极氪科技)发布2025年Q1财报可以看到如下数据： 极氪、领克双品牌定位分明，高价值产品贡献销量增长 极氪科技的业绩向好背后，离不开两个方面，一是产品大卖，二是不靠单纯通过低价吸引消费者。 一季度，极氪科技销量114,011台；4月销量41,316台，同比增长18.7%，环比增长1.5%；1-4月，极氪科 ...

Core Viewpoint - Geely Automobile is undergoing a significant restructuring and integration process, particularly with the privatization of Zeekr, aiming to consolidate resources and enhance competitiveness in the rapidly evolving electric vehicle market [2][3][10]. Group 1: Integration and Restructuring - The integration between Geely and Zeekr was announced just eight days after the privatization offer, highlighting the urgency in the current market environment [2][3]. - Geely has established four main brands post-integration: Zeekr (global luxury tech), Lynk & Co (global high-end new energy), Galaxy (mainstream new energy), and China Star (mainstream fuel vehicles) [3][10]. - The goal of the merger is to eliminate redundant investments and reduce costs, targeting production cost reductions of over 3%, R&D optimization of 10-20%, and management efficiency improvements of 10-20% [3][20]. Group 2: Financial Implications - Geely's Q1 2025 financial results showed revenue of 72.5 billion RMB, a 25% year-on-year increase, and a net profit of 5.67 billion RMB, up 264% [9][23]. - The privatization of Zeekr is estimated to cost Geely over 2 billion USD to acquire the remaining 34.3% of shares, raising concerns about cash flow pressures [9][10]. - Geely's cash reserves were reported at 35.2 billion RMB, significantly lower than BYD's, and decreased by approximately 7.8 billion RMB from the previous quarter [9][10]. Group 3: Management Changes - Following the merger, An Conghui will transition from CEO of Zeekr to CEO of Geely Holding Group, while Gan Jiayue will become CEO of the newly formed Geely Automobile Group [12][16]. - The restructuring includes the introduction of a rotating presidency system, aimed at fostering leadership talent and reducing decision-making errors [18][19]. Group 4: Challenges and Future Outlook - The integration process has faced challenges, including communication costs and differing employee incentive mechanisms between Geely and Zeekr [20][23]. - Despite achieving profitability in the latest quarter, Zeekr has accumulated significant losses over the past few years, totaling over 26 billion RMB [23]. - Geely aims to achieve a growth target exceeding 5% and improve efficiency in R&D and management by 15-20% [21][22].

Core Viewpoint - The company reported strong performance in Q1 2025, with significant increases in sales, revenue, and net profit, indicating a positive growth trajectory and effective operational strategies [1][2][3]. Sales and Revenue Performance - In Q1 2025, total sales reached 704,000 units, a year-on-year increase of 47.9% and a quarter-on-quarter increase of 2.5% [1][2]. - Total revenue for Q1 2025 was 72.5 billion yuan, reflecting a year-on-year growth of 24.5% [1][2]. - The sales of new energy vehicles (NEVs) amounted to 339,000 units, representing a year-on-year increase of 135.4% [2]. Profitability and Cost Management - The gross margin for Q1 2025 was 15.8%, a slight increase of 0.2 percentage points year-on-year [3]. - The company experienced a significant reduction in expense ratios, with sales, administrative, and R&D expense ratios at 5.0%, 1.9%, and 4.6%, respectively, all showing year-on-year declines [3]. - The net profit attributable to shareholders was 5.67 billion yuan, a remarkable year-on-year increase of 263.4% [1][3]. Strategic Developments - The company announced plans to privatize its subsidiary, Zeekr, which would enhance resource integration and operational efficiency [4]. - The privatization is expected to align with the company's strategic focus on enhancing brand competitiveness in the high-end electric vehicle market [4]. Future Projections - Revenue forecasts for 2025-2027 are projected at 404.78 billion yuan, 489.69 billion yuan, and 572.83 billion yuan, respectively [5]. - Net profit estimates for the same period are 16.21 billion yuan, 22.09 billion yuan, and 25.98 billion yuan, indicating a robust growth outlook [5][7].

Core Viewpoint - Geely Automobile Holdings Limited is undergoing a significant restructuring by privatizing Zeekr Intelligent Technology, aiming to consolidate its brands and resources to enhance competitiveness in the evolving automotive market [1][4]. Group 1: Merger and Integration - The merger between Geely and Zeekr was announced just eight days after the privatization offer, indicating a swift response to market conditions [1]. - Geely plans to establish two main divisions post-merger: the Galaxy Division and the Zeekr Division, with four primary brands: Zeekr (global luxury tech), Lynk & Co (high-end new energy), Galaxy (mainstream new energy), and China Star (mainstream fuel) [2]. - The merger aims to eliminate redundant investments and reduce costs, targeting production cost reductions of over 3%, R&D optimization of 10-20%, and management efficiency improvements of 10-20% [2][11]. Group 2: Financial Performance and Projections - Geely reported a revenue of 72.5 billion RMB for Q1 2025, a 25% year-on-year increase, and a net profit of 5.67 billion RMB, up 264% [4]. - The cash reserves of Geely as of March 31, 2025, were 35.2 billion RMB, approximately one-third of BYD's cash reserves, indicating potential liquidity pressure [4]. - The privatization of Zeekr is expected to allow investors to exchange shares, reducing the cash outflow required for the merger and enabling Geely to allocate more funds for core business development [5]. Group 3: Management Changes - Following the merger, An Conghui will transition from managing Zeekr to becoming the CEO of Geely Holdings, while Gan Jiayue will take over as CEO of the merged Geely Automobile Group [2][9]. - The introduction of a rotating presidency system within Geely aims to prevent power concentration and foster leadership talent, although it may lead to strategic inconsistencies [9][10]. - The restructuring reflects Geely's historical pattern of consolidation, with the last major integration occurring in 2014, which significantly improved its market position [2][7]. Group 4: Challenges and Future Outlook - The integration process has faced challenges, including communication costs and differing employee incentive mechanisms between the two companies [11]. - Despite recent profitability, Zeekr has accumulated significant losses over the past few years, which will impact Geely's financial statements post-merger [13]. - The company aims to achieve a growth target exceeding 5% and improve R&D and management efficiency by 15-20% [11].

Core Viewpoint - Geely Automobile is confident in achieving or exceeding its annual sales target, with a strong performance in Q1 2025, showcasing significant revenue and profit growth driven by its transition to new energy vehicles and improved operational efficiency [1][4]. Financial Performance - In Q1 2025, Geely reported total revenue of 72.5 billion yuan, a 25% increase year-on-year, and a net profit attributable to shareholders of 5.67 billion yuan, up 264% [1]. - The gross profit for the quarter reached 11.4 billion yuan, a 26% increase year-on-year, with a gross margin of 15.8%, up 0.2 percentage points from the previous year [1]. Sales and Market Performance - Geely's Q1 sales reached a record high of 703,800 units, a 48% year-on-year increase, achieving 26% of its annual target of 2.71 million units [4]. - The new energy vehicle segment saw a significant boost, with sales from the Zeekr, Lynk & Co, and Galaxy brands totaling 339,000 units, a 135% increase year-on-year [4]. Product Strategy - Geely plans to accelerate its product launch strategy, focusing on both fuel and new energy vehicles, with multiple new models set to be released in 2025 [5]. - The fourth-generation Boyue L SUV has been launched, priced between 92,900 to 119,900 yuan, emphasizing "intelligent equality" in fuel vehicles [5]. Operational Efficiency - Geely has implemented deep internal integration under the "Taizhou Declaration," focusing on strategic alignment and cost reduction, leading to improved operational efficiency [6][9]. - The merger of Zeekr and Lynk & Co has resulted in a significant increase in financial performance, with Zeekr achieving a gross margin of 19.1% in Q1 [6][7]. Strategic Integration - The company is moving towards a "One Geely" strategy to eliminate redundant investments and improve resource allocation, which has positively impacted its stock performance [8][9]. - The integration aims to enhance efficiency across R&D, management, and marketing, targeting a 5% overall efficiency gain and a 15% to 20% improvement in operational metrics [10].

Summary of Zeekr Group's Q1 2025 Conference Call Industry and Company Overview - **Company**: Zeekr Group, a subsidiary of Geely Group, focusing on electric vehicles (EVs) and hybrids - **Industry**: Automotive, specifically the premium electric vehicle segment in China Key Financial Performance - **Deliveries**: Q1 2025 deliveries reached 114,000 vehicles, a 21% year-over-year increase [2][3] - **Revenue**: Total revenue was RMB 22 billion, with vehicle revenue at RMB 19.1 billion [2][3] - **Gross Margin**: Overall gross margin was 16.5%, with Zeekr brand's margin at 21.2% [2][3] - **Expenses**: SG&A expenses decreased significantly, leading to a 60% reduction in net loss year-over-year, reaching RMB 763 million [18][20] Strategic Integration and Growth Initiatives - **Integration with Lynk & Co**: The strategic integration has led to joint R&D, manufacturing upgrades, and improved channel coordination, enhancing profitability through technology sharing and economies of scale [2][3][10] - **Focus Areas**: Key areas for sustained growth include product development, technology enhancement, and channel expansion [4] Product Launches and Innovations - **New Models**: - Launched ZEEKR 007 GT shooting brake coupe with over 10,000 units produced in the first month [2][5] - ZEEKR 009 Grand Collectors Edition targeting high-end buyers [2][5] - Unveiled ZEEKR X9, a super electric hybrid SUV at the Shanghai Auto Show [2][5] - **Upcoming Products**: Plans to launch an EMP mid-to-large sedan in H2 2025, along with two large luxury SUVs (Zeekr Nine X in Q3 and Eight X in Q4) [9][22] Technological Advancements - **Super Electric Hybrid Technology**: Developed over three years, this technology combines the benefits of pure electric and plug-in hybrid systems, addressing range anxiety and enhancing driving experience [6][7][33] - **Charging Technology**: Launched V4 ultra-fast megawatt charger with a peak output of 1.3 megawatts, operational in Hangzhou, with plans for nationwide expansion [14] Market Performance and Customer Engagement - **Lynk & Co 900 Launch**: Secured over 30,000 preorders, with 80% opting for the high-spec model, indicating strong market appeal [8] - **Global Expansion**: Entered over 60 international markets with a retail footprint of over 1,200 stores, including more than 150 overseas locations [16] Management and Organizational Changes - **Internal Reforms**: Implemented management reforms to enhance efficiency and align with global premium market trends [17] - **Marketing Strategy**: Changes in marketing and sales units to penetrate lower-tier markets using an agent model [23] Future Outlook - **Sales Targets**: Annual sales targets set at 320,000 vehicles for Zeekr and 390,000 for Lynk & Co, totaling 710,000 vehicles for 2025 [20] - **Market Feedback**: Positive reception of recent model launches, with expectations of robust sales volumes and improved profit margins in the second half of 2025 [25][26] Additional Insights - **Battery Technology**: Geely's self-developed Golden Battery is now the fastest charging lithium iron phosphate battery globally, enhancing Zeekr's competitive edge [13] - **Intelligent Driving Solutions**: Unified approach across brands with G-Pilot systems offering advanced driving assistance capabilities [11] This summary encapsulates the key points from Zeekr Group's Q1 2025 conference call, highlighting financial performance, strategic initiatives, product innovations, and future growth prospects.

Exhibit 99.1 Zeekr Group Reports First Quarter 2025 Unaudited Financial Results HANGZHOU, China, May 15, 2025 -- 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. Operating Highlights for the First Quarter of 2025 · Total vehicle deliveries were 114,011 units for the first quarter of 2025, representing a 21.1% year-over-year ...

Core Viewpoint - Geely Auto is integrating Zeekr into its operations to enhance competitiveness in a challenging market environment, emphasizing the need for rapid problem-solving and resource consolidation [2] Group 1: Integration and Management Changes - Geely Auto's CEO, Gan Jiayue, will lead the newly merged entity, while An Conghui, CEO of Zeekr Technology Group, will take over as CEO of Geely Holding Group [2] - The merger aims to improve overall efficiency by over 5%, with R&D, management, and marketing efficiencies expected to reach 15%-20% [2] Group 2: Financial Performance - Zeekr reported a total revenue of 22 billion yuan in Q1, with a significant reduction in net losses by over 60%, achieving a profit of 510 million yuan under Hong Kong accounting standards [3] - The gross margin for complete vehicles was 16.5%, an increase of 3.4 percentage points year-on-year, while the overall gross margin reached a historic high of 19.1% [3] Group 3: Product Launches and Market Reception - Zeekr's new products, including the Zeekr 007GT, have been well-received, with the model achieving 10,000 deliveries in its first month [4] - The Lynk & Co 900 has also seen strong market interest, with over 30,000 pre-orders as of May 15, and its delivery volume surpassing that of other popular six-seat models [4]

ZEEKR Intelligent Technology (ZK) Q1 2025 Earnings Call May 15, 2025 08:00 AM ET Company Participants Jing Yuan - CFO Conference Call Participants Tina Hou - AnalystTim Hsiao - AnalystMing-Hsun Lee - Analyst Operator Hello, ladies and gentlemen. Thank you for standing by for Zika Group's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Jing Huang, the C ...

Financial Data and Key Metrics Changes - Zika Group reported first quarter revenue of RMB22 billion, with vehicle revenue reaching RMB19.1 billion, marking a 21% year-over-year increase in vehicle deliveries to 114,000 units [8][9][25] - The overall vehicle gross margin rose to 16.5%, with the Zika brand's margin increasing to 21.2% [9][25] - Net loss narrowed by 60% year-over-year to RMB763 million for the first quarter of 2025, indicating significant progress towards sustainable profitability [27] Business Line Data and Key Metrics Changes - The Zika brand's vehicle deliveries increased by 21% year-over-year, while the Lincoln Co brand also contributed to overall growth [8][25] - The Zika 9X and Zika 8X are expected to have impressive margin performance, with both models positioned in the luxury segment and equipped with super electric hybrid technology [42][44] Market Data and Key Metrics Changes - Zika Group's global user base surpassed 1,900,000, with a target of reaching 2,000,000 users [7] - The company has entered over 60 major international markets, with a global retail footprint of over 1,200 stores [21] Company Strategy and Development Direction - The company aims to redefine luxury through exceptional service and cutting-edge technologies, focusing on innovation and expanding its presence in the global premium market [7][22] - Strategic integration of Zika and Lincoln Co brands has led to joint product R&D and enhanced user engagement, driving profitability improvements [8][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that sales performance in April was not satisfactory but aligned with expectations, maintaining a sales target of 710,000 vehicles for 2025 [31] - The launch of new models such as the Zika 9X and Lincoln Co 900 is expected to positively impact sales performance in the coming months [32][40] Other Important Information - The company is implementing internal management reforms to enhance efficiency and align with trends in the new energy era [22] - A special committee has been established to evaluate a privatization offer, and the company will not comment on this matter during the call [27][35] Q&A Session Summary Question: Sales volume expectations for the first four months and updated targets for 2025 - Management confirmed that April's sales performance was in line with expectations, maintaining a target of 320,000 vehicles for Zika and 390,000 for Lincoln Co, totaling 710,000 vehicles for the year [31][32] Question: Comments on JD Auto's provisional offering - Management refrained from commenting on the privatization offer, emphasizing compliance with disclosure regulations and the establishment of a special committee for evaluation [34][35] Question: Volume contribution and margin expectations for the Zika 9X and 8X - Management expressed confidence in the Zika 9X and 8X, highlighting their unique positioning and expected strong market performance [42][44] Question: Advantages of the super hybrid technology and expected sales volume - Management detailed the benefits of the super hybrid technology, including performance, fuel efficiency, and lower maintenance costs, with a target of contributing 150,000 to 200,000 vehicles annually [50]