Vehicle Deliveries and Sales - Total vehicle deliveries reached 79,250 units in Q4 2024, a 99.8% year-over-year increase, and 222,123 units for the full year, representing an 87.2% increase[5] - Vehicle sales for Q4 2024 were RMB 19,301.6 million (US$ 2,644.3 million), an 82.2% increase from Q4 2023, and total revenues were RMB 22,777.8 million (US$ 3,120.6 million), up 39.2% year-over-year[6][20] - For the full year 2024, vehicle sales totaled RMB 55,315.3 million (US$ 7,578.2 million), a 63.1% increase from 2023, with total revenues of RMB 75,912.7 million (US$ 10,400.0 million), up 46.9%[12] Financial Performance - Gross profit for Q4 2024 was RMB 4,316.5 million (US$ 591.4 million), reflecting an 85.4% increase from Q4 2023, with a gross margin of 19.0%[6][20] - The net loss for Q4 2024 was RMB 820.6 million (US$ 112.4 million), a 72.1% decrease from the same quarter last year[7] - Gross profit for the full year 2024 was RMB 12,447.5 million (US$ 1,705.3 million), an increase of 81.7% from the prior year[32] - Net loss attributable to ordinary shareholders for the full year 2024 was RMB 6,423.6 million (US$ 880.0 million), a decrease of 23.0% from the prior year[34] - Non-GAAP net loss attributable to ordinary shareholders for Q4 2024 was RMB 909.4 million (US$ 124.6 million), a decrease of 69.2% from Q4 2023[28] Expenses - Research and development expenses for Q4 2024 were RMB 3,205.3 million (US$ 439.1 million), up 1.4% year-over-year and 63.0% quarter-over-quarter[25] - Selling, general and administrative expenses for Q4 2024 were RMB 2,816.5 million (US$ 385.9 million), an increase of 27.6% year-over-year and 23.8% quarter-over-quarter[25] - Research and development expenses for the year were RMB 8,369,207, highlighting the company's commitment to innovation and product development[54] Strategic Developments - The company completed the strategic integration of Zeekr and Lynk & Co, enhancing its market position and operational synergies[15] - The Zeekr 007GT, a new model, is set to launch in Q2 2025, expanding the product lineup[16] - The company aims to leverage AI-driven innovation and accelerate global expansion in 2025 to enhance competitiveness and shareholder returns[17] - The company plans to expand its market presence and enhance its product offerings, focusing on new technologies and strategic partnerships[50] Cash and Assets - Cash and cash equivalents and restricted cash as of December 31, 2024, were RMB 8,961.7 million (US$ 1,227.7 million)[26] - As of December 31, 2023, total assets were RMB 27,117,500, with current assets amounting to RMB 20,477,108, showing a healthy liquidity position[48] - Total liabilities increased to RMB 35,796,100, with current liabilities at RMB 32,317,603, indicating a leverage ratio that requires monitoring[49] Shareholder Information - Basic and diluted net loss per share attributed to ordinary shareholders for the full year 2024 was RMB 2.73 (US$ 0.37), compared to RMB 4.17 for the prior year[34] - The weighted average shares used in calculating net loss per share were 2,000,000,000 for the year, indicating a significant increase in share count due to capital raises[52] - The weighted average number of ordinary shares used in calculating Non-GAAP net loss per share for 2024 was 2,353,015,830, compared to 2,000,000,000 in 2023[58] Losses and Improvements - For the year ended December 31, 2024, Zeekr reported a net loss of RMB 5,790,649 thousand (approximately US$ 793,315 thousand), a decrease from the previous year's loss of RMB 8,264,191 thousand[55] - The comprehensive loss attributable to shareholders of Zeekr for the year ended December 31, 2024, was RMB 6,464,044 thousand (approximately US$ 885,570 thousand), compared to RMB 8,297,215 thousand in 2023[55] - Non-GAAP net loss for the year ended December 31, 2024, was RMB 4,714,065 thousand (approximately US$ 645,824 thousand), significantly improved from RMB 8,128,542 thousand in 2023[58] - The loss from operations for the year ended December 31, 2024, was RMB 6,460,423 thousand (approximately US$ 885,074 thousand), down from RMB 8,178,050 thousand in 2023[58] - The basic and diluted Non-GAAP net loss per ordinary share attributed to ordinary shareholders for 2024 was RMB (2.27) (approximately US$ (0.31)), an improvement from RMB (4.11) in 2023[58]

Core Insights - Zeekr Group reported significant growth in vehicle deliveries and financial performance for the fourth quarter and full year of 2024, achieving record delivery volumes and revenue increases compared to previous periods [1][5][6]. Financial Performance - Total vehicle deliveries for FY2024 reached 222,123 units, marking an 87.2% year-over-year increase, while Q4 2024 deliveries were 79,250 units, a 99.8% increase from Q4 2023 [2][5]. - Vehicle sales for Q4 2024 amounted to RMB19,301.6 million (US$2,644.3 million), an 82.2% increase from Q4 2023, and total revenues for the quarter were RMB22,777.8 million (US$3,120.6 million), up 39.2% year-over-year [6][20]. - Gross profit for Q4 2024 was RMB4,316.5 million (US$591.4 million), representing an 85.4% increase from the same quarter in 2023, with a gross margin of 19.0% [6][20]. - For the full year 2024, vehicle sales totaled RMB55,315.3 million (US$7,578.2 million), a 63.1% increase from 2023, with total revenues of RMB75,912.7 million (US$10,400.0 million), up 46.9% year-over-year [10][31]. Operational Highlights - The vehicle margin for Q4 2024 was 17.3%, an increase from 15.3% in Q4 2023, attributed to cost reduction initiatives [6][20]. - The company reported a net loss of RMB820.6 million (US$112.4 million) for Q4 2024, a decrease of 72.1% from Q4 2023, and a full-year net loss of RMB5,790.6 million (US$793.3 million), down 29.9% from the previous year [6][10][31]. Recent Developments - In January 2025, Zeekr delivered 11,942 vehicles, and in February 2025, total deliveries reached 31,277 vehicles, including those from the Lynk & Co brand following its acquisition [12]. - The company showcased its innovations in intelligent mobility at CES 2025, emphasizing advancements in smart cockpit technology and autonomous driving [13]. - The strategic integration with Lynk & Co was completed in February 2025, enhancing Zeekr's market position [14]. Product Development - The Zeekr brand introduced the Zeekr 007GT in January 2025, an enhanced model set to launch in Q2 2025 [15]. Management Commentary - The CEO highlighted the record delivery volume and the successful integration with Lynk & Co, expressing confidence in the company's growth strategy and commitment to leading the premium new energy market [16]. - The CFO noted strong revenue growth driven by vehicle deliveries and improved profitability through cost discipline and technology-driven initiatives [16].

Core Viewpoint - Zeekr Group reported strong delivery results for February 2025, highlighting significant year-over-year growth in vehicle deliveries across its brands [2]. Delivery Results - In February 2025, Zeekr Group achieved a total of 31,277 vehicle deliveries across its two brands [2]. - The Zeekr brand delivered 14,039 vehicles, reflecting an 86.9% year-over-year increase and a 17.6% growth compared to January 2025 [2]. - Following the acquisition of Lynk & Co, the company delivered 17,238 Lynk & Co vehicles, marking a 30.5% year-over-year growth compared to prior deliveries, with 47.9% of these being NEV models [2]. Company Overview - Zeekr Group, headquartered in Zhejiang, China, is a leading premium new energy vehicle group under Geely Holding Group [3]. - The company operates two brands, Lynk & Co and Zeekr, and aims to create a fully integrated user ecosystem with a focus on innovation [3]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [3].

Core Insights - ZEEKR and AW Rostamani Group collaborated to host the AUS Alumni Reunion, emphasizing sustainability, innovation, and community engagement [1][2][4] - The event featured the 'Best Sustainable Idea of the Year' competition, promoting innovative business models for a sustainable future, with Sara Llalla winning a ZEEKR X electric SUV [2][5] - ZEEKR was recognized as a Smart Mobility Partner by AUS, highlighting its commitment to sustainability and innovation in the automotive sector [4][6] Company Overview - ZEEKR, a premium electric mobility brand under Geely Holding Group, aims to create an integrated user ecosystem focused on innovation and sustainability [8][9] - Since its launch in October 2021, ZEEKR has delivered over 300,000 vehicles, including models like the Zeekr 001 and Zeekr X, and plans to expand into European and Latin American markets [10] - AW Rostamani Group, a multi-sector company with over 3,000 employees, serves a diverse customer base and focuses on sustainable business practices across various industries [12][13] Strategic Alignment - The initiatives by ZEEKR and AW Rostamani Group align with the UAE's Vision 2031, which emphasizes sustainability and technological innovation [3][6] - Both companies aim to inspire communities to adopt sustainable lifestyles through innovative mobility solutions and collaborations with educational institutions [5][6]

Core Viewpoint - Zeekr Group, a leading premium new energy vehicle manufacturer, will announce its unaudited financial results for Q4 and full year 2024 on March 20, 2025, before U.S. markets open [1]. Financial Results Announcement - The financial results will be reported before the U.S. markets open on March 20, 2025 [1]. - An earnings conference call is scheduled for the same day at 8:00 A.M. U.S. Eastern Time [2]. Conference Call Details - Participants must complete online registration to join the call, receiving dial-in numbers, a passcode, and a unique access PIN via email [3]. - A live webcast of the conference call will be available on the company's investor relations website [3]. Company Overview - Zeekr Group, headquartered in Zhejiang, China, is part of Geely Holding Group and focuses on premium new energy vehicles [4]. - The company operates two brands, Lynk & Co and Zeekr, and aims to create a fully integrated user ecosystem [4]. - Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain, emphasizing values of equality, diversity, and sustainability [4].

Core Insights - Zeekr Group has successfully completed the Strategic Integration Transactions with Geely entities, making Lynk & Co an indirect non-wholly-owned subsidiary of the Company [1] Company Overview - Zeekr Group, headquartered in Zhejiang, China, is recognized as a leading premium new energy vehicle group under Geely Holding Group, operating two brands: Lynk & Co and Zeekr [3] - The Company aims to establish a fully integrated user ecosystem, emphasizing innovation, and is developing proprietary software systems, e-powertrains, and an electric vehicle supply chain [3] - Zeekr Group's core values include equality, diversity, and sustainability, with the ambition to become a global provider of new energy mobility solutions [3]

Delivery Results - ZEEKR delivered 11,942 vehicles in January 2025, bringing cumulative deliveries to 430,698 by the end of the month [1] Strategic Advancements - At CES 2025, ZEEKR announced a collaboration with Qualcomm Technologies to enhance intelligent cockpit development, highlighting its commitment to innovative driving experiences [2] - The company introduced the world's first OEM-produced, self-developed intelligent driving domain controller based on NVIDIA DRIVE AGX Thor, emphasizing its focus on autonomous driving technology [2] - ZEEKR unveiled plans for an overseas 800V ultra-fast charging network through ZEEKR Energy, reinforcing its position in EV charging infrastructure [2] - The announcement of ZEEKR RT, the first mass-produced purpose-built vehicle for autonomous mobility, with deliveries expected to start in 2025, generated excitement for future mobility [2] Company Overview - ZEEKR, a global premium electric mobility technology brand under Geely Holding Group, aims to create a fully integrated user ecosystem with a focus on innovation [3] - The company utilizes Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, and electric vehicle supply chains [3] - ZEEKR's values include equality, diversity, and sustainability, with ambitions to become a comprehensive mobility solution provider [3] Product Portfolio - Since its vehicle deliveries began in October 2021, ZEEKR has developed a diverse product lineup, including models such as ZEEKR 001, ZEEKR 009, and ZEEKR X, among others [4] - The company has plans to expand its vehicle sales into global markets and has an ambitious rollout plan over the next five years to meet the growing global EV demand [4]

Core Insights - ZEEKR reported a significant increase in vehicle deliveries, with 27,011 vehicles delivered in November 2024, marking a 106% year-over-year growth [2] - Year-to-date deliveries for 2024 reached 194,933 vehicles, representing an 85% increase compared to the same period last year [2] - Cumulative deliveries as of the end of November 2024 totaled 391,566 vehicles [2] Company Overview - ZEEKR is a global premium electric mobility technology brand under Geely Holding Group, focusing on creating a fully integrated user ecosystem [3] - The company employs Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, and electric motor technologies [3] - ZEEKR's mission emphasizes equality, diversity, and sustainability, aiming to become a comprehensive mobility solution provider [3] Product Portfolio - ZEEKR has developed a diversified product lineup since its launch in October 2021, including models such as the ZEEKR 001, ZEEKR 009, and ZEEKR X [4] - The product range includes luxury vehicles like the ZEEKR 001 FR and the ZEEKR 009 Grand, as well as compact and premium SUVs [4] - The company has plans for global market expansion and a five-year rollout strategy to meet the growing demand for electric vehicles [4]

Group 1 - ZEEKR Intelligent Technology Holding Limited (NYSE: ZK) reported lower-than-expected revenue and earnings, missing consensus estimates [1] - The disappointing performance is attributed to ongoing price competition among Chinese electric vehicle (EV) makers [1] Group 2 - Astrada Advisors specializes in investment research across technology, media, internet, and consumer sectors in North America and Asia [1] - The firm focuses on identifying high-potential investments and navigating complex industries, leveraging extensive local and global experience [1] - Astrada Advisors integrates rigorous fundamental analysis with data-driven insights to provide a nuanced understanding of key trends and competitive landscapes [1]

Financial Data and Key Metrics - Q3 2024 vehicle sales revenue exceeded RMB14.4 billion, setting a new record [8] - Vehicle margin reached 15.7% in Q3 2024, reflecting continuous profitability improvement [8] - Cumulative deliveries for 2024 reached nearly 170,000 units, with a new monthly record of over 25,000 units in October [5] - ZEEKR 7X deliveries exceeded 20,000 units within 50 days of launch, breaking the delivery record for luxury pure electric vehicles [6] - ZEEKR-009 achieved 1,500 deliveries within 159 days of launch, surpassing combined sales of the 2nd to 10th highest-selling premium four-seaters [7] Business Line Data and Key Metrics - ZEEKR 7X became the second model with monthly deliveries exceeding 10,000 units, marking a strong presence in the mainstream SUV market [6] - ZEEKR-001 and ZEEKR-009 continued to lead in their respective premium segments [7] - ZEEKR-009's strong market performance positively contributed to the company's gross margin [7] - ZEEKR's domestic one-stop channel expansion accelerated, with 100 ZEEKR houses launched in September, bringing the total to over 110 nationwide [8] Market Data and Key Metrics - Domestic market penetration rate for new energy vehicles surpassed 50% for three consecutive months [5] - ZEEKR has entered over 40 countries and regions, covering Europe, Asia, Oceania, Southeast Asia, and Latin America [8] - In Europe, Lynk & Co is cooperating with Volvo, opening over 30 new dealerships and planning to expand to over 100 [31] Company Strategy and Industry Competition - ZEEKR aims to achieve annual sales of 230,000 units in 2024, targeting monthly deliveries of over 30,000 units in the next two months [6] - The company is focusing on intelligent functions, with SEA Autonomous Driving 2.0 achieving nationwide rollout ahead of schedule [9] - ZEEKR plans to integrate with Lynk & Co to expand market segments, covering 60% of the Chinese domestic passenger car market [15] - The integration aims to reduce competition between ZEEKR and Lynk & Co, with combined sales expected to exceed 500,000 units in 2024 [17] Management Commentary on Operating Environment and Future Outlook - Management is confident in achieving the annual sales target of 230,000 units, driven by strong order trends and year-end market demand [6] - The company expects to achieve a new monthly delivery record of over 30,000 units in the next two months [6] - ZEEKR's global strategy is advancing steadily, with plans to expand further into international markets [8] - The integration with Lynk & Co is expected to bring significant synergies, including cost savings and improved operational efficiency [19][25] Other Important Information - Geely Holding transferred 11.3% of its shares in ZEEKR to Geely Automobile, increasing Geely Automobile's shareholding in ZEEKR to approximately 62.8% [11] - ZEEKR will hold 51% of Lynk & Co's shares, with the remaining 49% held by Geely Automobile's wholly-owned subsidiaries [12] - The company plans to roll out map-free urban NZP for all 2025 model years of ZEEKR-001, ZEEKR-007, ZEEKR-7X, and ZEEKR mix by the end of 2024 [9] Q&A Session Summary Question: Impact of ZEEKR's M&A with Lynk & Co - The integration aims to deeply integrate business operations, optimize management, and create better synergies for shareholders [14] - The combined company will cover 60% of the Chinese domestic passenger car market, significantly boosting growth potential [15] - The integration will reduce competition between the two brands and aim for annual sales of 1 million units [17] Question: Overseas Market Challenges and Integration Benefits - ZEEKR and Lynk & Co will leverage each other's existing infrastructure for international market expansion [28] - In regions like Israel and Saudi Arabia, ZEEKR will utilize Lynk & Co's sales channels, while in Mexico, ZEEKR will introduce BEV models and Lynk & Co will introduce PHEV models [29] - Lynk & Co's cooperation with Volvo in Europe will benefit ZEEKR's expansion in the region [31] Question: Technology Integration Post-Merger - ZEEKR and Lynk & Co will unify their architectures, powertrains, and ADAS systems to achieve significant synergies [24][39] - The company expects to reduce R&D expenses by 10%-20% and achieve 5%-8% BOM cost reduction post-integration [40] Question: Gross Margin Guidance for Q4 2024 - Q4 gross margins are expected to improve, driven by strong demand for high-margin models like ZEEKR-009 [55] - The integration with Lynk & Co and the rollout of large-size luxurious PHEV vehicles will further contribute to gross margin improvement [56] Question: Sales Distribution Integration Post-Merger - ZEEKR will continue its direct-to-customer sales model, while Lynk & Co will maintain its dealer-based approach [59] - ZEEKR plans to expand its sales reach in lower-tier cities by leveraging Lynk & Co's existing infrastructure [60] Question: Combined Sales Target for New ZEEKR - The company aims to achieve 1 million annual sales as soon as possible, with detailed breakdowns to be provided in future reports [61] Question: Optimal Number of Models Post-Integration - The company plans to reduce the number of models to focus on high-volume, benchmark products [63] - ZEEKR will roll out four new models in 2025, positioned in different market segments [64] Question: Business Model Shift Post-Lynk & Co Acquisition - The integration will bring three manufacturing facilities from Lynk & Co, but ZEEKR will continue to optimize its asset-light model [67] - No further plans for acquiring additional manufacturing facilities are currently in place [68]