零跑汽车(09863) - 2024 - 中期财报

Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 8,845.4 million, an increase of 52.2% compared to RMB 5,813.1 million for the same period in 2023[5]. - The gross profit margin improved to 1.1% for the six months ended June 30, 2024, compared to a gross loss margin of (5.9%) in the same period of 2023, with Q2 2024 gross margin reaching 2.8%[6]. - The net loss attributable to equity holders for the six months ended June 30, 2024, was RMB 2,211.7 million, a slight improvement from RMB 2,276.1 million in the same period of 2023[6]. - Operating loss for the six months ended June 30, 2024, was RMB 2,395.0 million, a slight increase of 2.6% from RMB 2,333.6 million for the same period in 2023[15]. - The adjusted net loss for the six months ended June 30, 2024, was RMB 2,016.2 million, compared to RMB 1,936.5 million for the same period in 2023[16]. - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 1.65, down from RMB 1.99 for the same period in 2023[18]. - The company reported a total loss attributable to equity holders of RMB (2,211,736) thousand for the six months ended June 30, 2024, compared to RMB (2,276,109) thousand in the same period of 2023[98]. Vehicle Deliveries and Sales - The total vehicle deliveries for the six months ended June 30, 2024, reached 86,696 units, a 94.8% increase from 44,502 units in the same period of 2023[8]. - Sales of electric vehicles and components for the six months ended June 30, 2024, amounted to RMB 8,836.3 million, up 52.3% from RMB 5,803.2 million for the same period in 2023[15]. - The C10 model has delivered 24,106 units since its launch in March 2024, while the C16 model achieved over 10,000 orders in its first month, indicating strong market demand[8]. - The company has delivered over 400,000 new energy vehicles, showcasing its strong market position and customer trust[10]. Research and Development - R&D expenses for the first half of 2024 were RMB 1,221.3 million, an increase of 48.4% compared to the same period in 2023, reflecting increased investment in new vehicle development and smart driving technology[6]. - Research and development expenses increased to RMB 1,221,285 thousand, up from RMB 823,160 thousand in the prior year, reflecting a focus on innovation[72]. - The company is developing an end-to-end intelligent driving system, with plans to launch higher-level driving features in the second half of 2024, including point-to-point commuting capabilities[11]. - The company has established a "Smart Technology Research Institute" and plans to expand its team to approximately 500 people to enhance its intelligent driving algorithms and applications[11]. Cash Flow and Financial Position - The company achieved a net cash inflow from operating activities of RMB 267.6 million for the six months ended June 30, 2024, compared to RMB 151.7 million in the same period of 2023, with expectations for further improvement in the second half of the year[7]. - The company's free cash flow for the six months ended June 30, 2024, was RMB (482.3) million, a decrease of 7.5% from RMB (448.6) million for the same period in 2023[19]. - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 16,490.9 million, a decrease of 14.9% from RMB 19,388.1 million as of December 31, 2023[19]. - The company reported a total of 1,895,000 shares granted with a purchase price of RMB 2 per share during the reporting period[43]. Market Expansion and Strategy - The company plans to launch competitive vehicle models in the next two years, capitalizing on the 50% penetration rate of new energy vehicles in China during the first half of 2024[6]. - The company plans to expand into the European market with the launch of C10 and T03 in September 2024, aiming to inject new vitality into its long-term development[10]. - The company aims to achieve positive free cash flow in the second half of 2024, supported by sufficient cash reserves and improving self-financing capabilities[7]. - The company plans to expand its sales network in Europe to over 200 locations by the end of 2024 and to 500 locations by 2026[14]. Shareholder Structure and Incentives - The total issued domestic shares are 220,552,174, and the total issued H shares are 1,116,413,915[32]. - The company has implemented two share incentive plans and a pre-IPO share option plan to reward key employees[29]. - The shareholding structure indicates that Mr. Zhu and his spouse hold a combined 70% and 30% interest in Hangzhou Xintu, respectively[32]. - The company has a total of 50,594,348 stock options available under the pre-IPO stock option plan, representing approximately 3.78% of the issued share capital as of the report date[47]. Compliance and Governance - The company has adopted a standard code for securities trading by directors, ensuring compliance with relevant regulations[59]. - The company has implemented policies for handling and disclosing insider information, limiting access to relevant personnel only[59]. - The company has not separated the roles of Chairman and CEO, believing that this structure enhances internal leadership consistency[60]. - The company confirmed that all directors complied with the standard code during the reporting period[59]. Future Outlook - The company plans to raise up to RMB 600 million through share subscriptions for R&D investments, marketing, and general corporate purposes[26]. - The company is focusing on global expansion, particularly in the European market, as part of its long-term strategy to become a global electric vehicle manufacturer[55]. - The company plans to utilize the proceeds within three years from the completion date[54]. - The company aims to align employee interests with those of shareholders through the stock option plan, enhancing long-term development[47].