自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

Summary of Zeeker Group's Q4 and Full Year 2024 Earnings Call Company Overview - **Company**: Zeeker Group - **Industry**: Automotive, specifically focusing on luxury electric vehicles and new energy vehicles - **Key Brands**: Zeeker, Lincoln Co. Core Financial Performance - **Total Revenue**: RMB 75.9 billion for the full year 2024, a 46.9% year-over-year increase [9] - **Vehicle Revenue**: RMB 55.5 billion, representing a 63% year-over-year growth [9] - **Gross Margin**: Achieved 17.3% in Q4 2024 and 15.6% for the full year [9] - **Total Vehicle Deliveries**: Over 500,000 units in 2024, with Lincoln Co. delivering 280,000 units (30% YoY increase) and Zeeker delivering 222,000 units (87% YoY increase) [2][9] - **Net Loss**: Reduced from RMB 82.6 billion in 2023 to RMB 57.9 billion in 2024, a 30% decline [10] Strategic Goals and Future Outlook - **Sales Target for 2025**: Aim to deliver 710,000 vehicles, with 390,000 from Lincoln Co. and 320,000 from Zeeker [18] - **Long-term Vision**: Aspiration to become a leading global luxury car group with annual sales exceeding 1 million vehicles within two years [3] - **R&D Investment**: Increased to RMB 9.7 billion in 2024, with a focus on enhancing operational efficiency [9] Product Development and Launches - **New Models**: Plans to launch three new models in 2025, including the Zika Z007 GT and Zika 9X, featuring advanced hybrid technology and autonomous driving capabilities [4][12] - **Market Positioning**: Zeeker aims to solidify its presence in the premium market with an average selling price of around RMB 300,000 [3] Technological Advancements - **AI Integration**: Emphasis on leveraging AI across various business segments to enhance competitiveness and operational efficiency [5][7] - **ADAS Development**: Both brands will share a unified ADAS solution post-merger, enhancing their technological capabilities [25] Market Dynamics and Competitive Landscape - **Market Competition**: Acknowledgment of intense competition in the Chinese new energy vehicle market, with strategies in place to maintain competitiveness [14][15] - **Global Expansion**: Targeting 10% of total sales from international markets in 2025, with a unified sales approach for both brands [7][28] Cost Management and Efficiency - **Cost Reduction Initiatives**: Aiming to reduce R&D expense ratio to around 6% and SG&A ratio to 8% by 2026 through integration and operational efficiencies [11][14] - **Synergies from Merger**: Expected realization of transaction-related synergies to improve vehicle margins to around 15% in Q1 2025 [11] Additional Insights - **User Base**: Over 1.82 million users since the merger of Zeeker and Lincoln Co. [3] - **Product Competitiveness**: Focus on advanced technologies and competitive pricing to differentiate products in a crowded market [22][23] This summary encapsulates the key points from Zeeker Group's earnings call, highlighting financial performance, strategic goals, product development, technological advancements, market dynamics, and cost management strategies.

Group 1 - Zeekr Group will report its unaudited financial results for Q1 2025 on May 15, 2025, before U.S. markets open [1] - An earnings conference call is scheduled for May 15, 2025, at 8:00 A.M. U.S. Eastern Time [2] - Participants can register online to join the conference call and will receive dial-in information via email [3] Group 2 - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group [4] - The company operates two brands, Lynk & Co and Zeekr, and aims to create a fully integrated user ecosystem [4] - Zeekr Group focuses on developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [4]

Core Viewpoint - Zeekr Group reported strong delivery results for March 2025, highlighting significant year-over-year and month-over-month growth in vehicle deliveries across its brands, Zeekr and Lynk & Co [2]. Delivery Results - In March 2025, Zeekr Group delivered a total of 40,715 vehicles, with Zeekr brand contributing 15,422 vehicles, marking an 18.5% increase year-over-year and a 9.9% increase month-over-month [2]. - Lynk & Co brand delivered 25,293 vehicles, achieving a 28.6% year-over-year growth, with 56.3% of these deliveries being from new energy vehicle (NEV) models [2]. Technological Advancements - On March 18, 2025, Zeekr Group launched its Zeekr G-Pilot intelligent driving system, which utilizes AI, big data, advanced SoCs, and a robust E/E architecture [3]. - The G-Pilot system includes industry-first technologies such as the General Automated Evasion System (G-AES) and Full-Capacity Vehicle-to-Parking (V2P) intelligent drive, reinforcing the company's leadership in safety and autonomous driving innovation [3]. Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group, with a focus on creating a fully integrated user ecosystem [4]. - The company is committed to innovation, sustainability, and developing its own software systems, e-powertrain, and electric vehicle supply chain [4].

Financial Data and Key Metrics Changes - ZEEKR Group achieved total sales of 500,000 vehicles in 2024, with a 46.9% year-over-year increase in total revenue reaching RMB75 billion [5][23] - Vehicle revenue grew by 63% year-over-year, totaling RMB55 billion, while vehicle gross margin improved to 17.3% in Q4 and 15.6% for the full year [6][24] - The net loss decreased from RMB82.6 billion in 2023 to RMB57.9 billion in 2024, marking a 30% year-over-year decline [26] - Free cash flow for 2024 reached RMB1.5 billion, setting a record high [27] Business Line Data and Key Metrics Changes - The ZEEKR brand delivered over 222,000 vehicles in 2024, an 87% year-over-year increase, making it the best-selling premium battery electric vehicle brand in China [6][22] - Lynk & Co brand delivered 280,000 units, a nearly 30% year-over-year increase, achieving the highest sales in its history [5][6] - The average selling price for the ZEEKR brand is close to RMB300,000, while Lynk & Co's average selling price reached over RMB200,000 [9][11] Market Data and Key Metrics Changes - ZEEKR Group aims to deliver 710,000 vehicles in 2025, with a target of 40% delivery growth [7][29] - The company plans for around 10% of annual sales to come from international markets in 2025 [16] - The Lynk & Co brand's new energy vehicle segment showed a rapid growth with over 58% penetration rate [11] Company Strategy and Development Direction - ZEEKR Group aims to become the world's leading premium new energy vehicle group with annual sales of 1 million units within two years [7] - The company plans to launch three new models for the ZEEKR brand and two for the Lynk & Co brand in 2025 [10][12] - The integration of Lynk & Co and ZEEKR brands is expected to enhance operational efficiency and reduce costs [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges intense competition in the Chinese energy vehicle market and plans to leverage synergies from the integration of Lynk & Co and ZEEKR [44][45] - The company is confident in achieving its sales targets backed by improved manufacturing efficiencies and gross margin [58] - Management expects to maintain a vehicle margin of around 15% for the full year 2025 [30] Other Important Information - R&D expenses for 2024 reached RMB9.7 billion, with a focus on improving operational efficiency [24] - The company aims to reduce R&D expense ratio to around 6% and SG&A ratio to around 8% in the next two years [30][31] - ZEEKR Group is the only company in the industry with full stack in-house development capabilities across various technological domains [13] Q&A Session Summary Question: What are the conditions for breakeven in 2025? - Management highlighted the importance of controlling costs and integrating Lynk & Co to achieve breakeven, while acknowledging market conditions are unpredictable [41][44] Question: What is the outlook for 2026? - Management aims to create a luxury brand group selling close to 1 million cars globally in the luxury new energy vehicle sector by 2026 [45] Question: How will the new models stand out in a crowded market? - The company plans to equip new models with advanced technologies and maintain competitive pricing to differentiate them [65][66] Question: What is the progress on autonomous driving technology integration? - Both brands will share a unified ADAS solution, with plans to integrate technologies as soon as possible [72][73] Question: Will Lynk & Co adopt ZEEKR's super electric hybrid technology? - Currently, there are no plans for Lynk & Co to use this technology, but both brands will share components for efficiency [76] Question: What is the current status of the export business? - The company targets that overseas sales will make up over 10% of global sales performance in 2025 [81] Question: What is the expected gross margin for Q1 2025? - Management targets a vehicle business gross margin of 15% for Q1 2025, with improvements expected from synergies [86][90]

ZEEKR Intelligent Technology (ZK) Q4 2024 Earnings Call March 20, 2025 08:00 AM ET Company Participants Jing Yuan - CFOBin Wang - VP - Investment BankingEugene Hsiao - Head of A-share Thematic ResearchPaul Gong - Head - China Autos Research Conference Call Participants Tina Hou - AnalystTim Hsiao - AnalystMing Hsun Lee - AnalystNone - Analyst Operator Hello, ladies and gentlemen. Thank you for standing by for Zeka Group's Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time ...

Core Viewpoint - Zeekr Group has completed strategic integration transactions with Geely Group, acquiring a majority stake in LYNK & CO, which positions the company for enhanced growth in the premium new energy vehicle market [1]. Group 1: Strategic Transactions - Zeekr Group acquired a 30% equity interest in LYNK & CO from Volvo Car (China) for RMB5.4 billion (US$740 million) and a 20% interest from Geely Holding for RMB3.6 billion (US$493 million) [1]. - Following these transactions, LYNK & CO is now owned 51% by Zeekr and 49% by Ningbo Geely [1]. - The transactions were completed on February 14, 2025, and were previously announced in a Form 6-K filed with the SEC on November 14, 2024 [1]. Group 2: Financial Information - The unaudited pro forma condensed combined financial information includes balance sheet data as of December 31 for 2023 and 2024, and income statement data for the two years ended December 31, 2024 [3]. - Total revenues for the year ended December 31, 2024, were RMB113.892 billion (US$15.603 billion), an increase from RMB81.741 billion in 2023 [9]. - The net loss for the year ended December 31, 2024, was RMB7.121 billion (US$976 million), improved from a net loss of RMB10.149 billion in 2023 [9]. Group 3: Asset and Liability Overview - As of December 31, 2024, total assets were RMB69.213 billion (US$9.482 billion), up from RMB62.968 billion in 2023 [10]. - Total liabilities increased to RMB83.438 billion (US$11.431 billion) as of December 31, 2024, compared to RMB74.605 billion in 2023 [11]. - Total non-current assets decreased to RMB17.357 billion (US$2.378 billion) in 2024 from RMB21.287 billion in 2023 [10].

Core Viewpoint - Zeekr Group has filed its 2024 annual report with the SEC, highlighting its position as a leading premium new energy vehicle group and its commitment to innovation and sustainability [1]. Group 1: Company Overview - Zeekr Group is headquartered in Zhejiang, China, and is part of Geely Holding Group, focusing on premium new energy vehicles [3]. - The company operates two brands, Lynk & Co and Zeekr, aiming to create a fully integrated user ecosystem [3]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing equality, diversity, and sustainability [3]. Group 2: Financial Reporting - The company filed its 2024 annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on March 20, 2025 [1]. - Shareholders can request a hard copy of the annual report containing audited consolidated financial statements free of charge [2].

Cash and Cash Equivalents - As of December 31, 2024, the company had cash and cash equivalents and restricted cash of RMB8,961.7 million (US$1,227.7 million), an increase from RMB4,104.7 million in 2023[574]. - Cash, cash equivalents, and restricted cash denominated in RMB amounted to RMB3,593.8 million and RMB7,354.3 million as of December 31, 2023 and 2024, respectively[770]. - As of December 31, 2023, the company has cash and cash equivalents in EUR amounting to €16,609,000, which is projected to increase to €35,000,000 by 2024[771]. - The company's SEK cash holdings are expected to grow from SEK 95,676,000 in 2023 to SEK 382,492,000 in 2024, indicating a significant increase[771]. - US$ cash and cash equivalents are forecasted to rise from $44,050,000 in 2023 to $131,148,000 in 2024, reflecting strong growth potential[771]. - The company plans to introduce THB cash holdings of THB 422,844,000 in 2024, which were not present in 2023[771]. - AUD cash equivalents are expected to reach AUD 8,722,000 in 2024, marking the first appearance of this currency in the company's cash holdings[771]. Operating Activities - Net cash provided by operating activities was RMB3,199.3 million (US$438.3 million) in 2024, despite a net loss of RMB5,790.6 million (US$793.3 million)[581]. - The company experienced a net loss of RMB8,264.2 million in 2023, with net cash provided by operating activities amounting to RMB2,275.3 million[582]. - The company’s cash flow from operating activities in 2023 was positively affected by an increase in amounts due to related parties of RMB8,482.8 million[582]. - The company’s net cash used in operating activities was RMB3,523.6 million in 2022, with a net loss of RMB7,655.1 million[583]. Investing Activities - The company reported a net cash used in investing activities of RMB923.9 million (US$126.6 million) in 2024, primarily for property, plant, and equipment purchases totaling RMB1,273.3 million (US$174.4 million)[585]. - The company’s net cash used in investing activities in 2023 was RMB1,958.8 million, primarily for property, plant, and equipment purchases of RMB1,568.7 million[586]. - Capital expenditures for 2023 amounted to RMB1,913.4 million, with expectations to increase to RMB1,715.4 million in 2024, primarily for property, plant, and equipment[591]. - The company expects to make capital expenditures primarily on properties and manufacturing facilities related to Ningbo Viridi and leasehold improvements for retail stores[591]. Financing Activities - In 2024, net cash used in financing activities was RMB2,623.1 million (US$359.4 million), which included proceeds from an initial public offering of RMB3,465.3 million (US$474.8 million)[588]. - Net cash used in financing activities in 2023 was RMB2.7 million, primarily due to repayment of related party loans of RMB5,375.7 million, offset by proceeds from issuance of preferred shares of RMB5,373.0 million[589]. - The company had obtained term loan credit facilities totaling RMB27.6 billion from 18 commercial banks as of December 31, 2024, with RMB14.6 billion remaining unused[575]. Liabilities and Commitments - Total capital commitments as of December 31, 2024, were RMB125.4 million, with RMB36.5 million due within one year and RMB88.9 million due in 1-3 years[592]. - Operating lease obligations totaled RMB2,385.9 million, with RMB751.9 million due within one year[594]. - Estimated warranty provision for the year ended December 31, 2024, amounted to RMB501.9 million, with a recorded warranty liability of RMB723.9 million[612]. Other Financial Information - The notional amount under foreign currency forward contracts was EUR53.0 million as of December 31, 2024[596]. - The company has not entered into any off-balance sheet financial guarantees or derivative contracts that are not reflected in its financial statements[596]. Future Plans - The company plans to integrate NVIDIA DRIVE Thor, a 2,000 TOPS AV superchip, into its next generation intelligent BEV[597].