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]
Zeekr Intelligent Technology(ZK) - 2024 Q4 - Annual Report