Investment Rating - The report maintains a positive outlook on the Southeast Asian electric vehicle market, particularly for Chinese brands, suggesting a "Buy" rating for companies like BYD, Geely, XPeng, and Leapmotor [4][5]. Core Insights - The Southeast Asian electric vehicle market is expected to see steady growth, with monthly total sales increasing from 14,900 units to 23,400 units in 2025, and Chinese brands maintaining a market share of 72%-78% [4][14]. - The competitive landscape is shifting from price wars to value competition, with brands focusing on technology, brand strength, and ecosystem development [4][5][33]. - Consumer demand is evolving from a focus on technology to lifestyle needs, with a clear segmentation among brands targeting different consumer demographics [5][6]. Market Overview - In 2025, the total sales of electric vehicles in Southeast Asia showed a steady increase, with Chinese brands leading the market. Monthly sales rose from 14,900 units in January to 23,400 units in December, with Chinese brands' sales increasing from 12,800 units to 19,000 units [14][15]. - BYD's market share decreased from 41.8% to 28.7% due to increased competition, but it still led in total sales with 41,480 units sold in Thailand [15][20]. Price War Analysis - The price war in Thailand was characterized by significant discounts, with major brands like BYD and Chery engaging in aggressive pricing strategies to clear inventory as government subsidies were set to expire [27][28]. - The average price reduction for mainstream models ranged from 15% to 25%, with some models experiencing discounts as high as 36.43% [28][29]. Brand Competitiveness - The report highlights the importance of distribution channels, with local partners showing increased confidence in Chinese brands. The number of dealerships is expected to grow by 20%-50% in 2026 [6][42]. - Different Chinese brands are adopting varied strategies: BYD is focusing on mass-market appeal, while XPeng and Zeekr are targeting high-end consumers [5][6]. Consumer Insights - The consumer profile in Southeast Asia is diversifying, with brands like BYD appealing to working families and ride-hailing drivers, while XPeng and Zeekr attract business professionals and high-net-worth individuals [5][6]. - MG has successfully transitioned from a value proposition to brand recognition among middle-class consumers and corporate executives [5]. New Vehicle Plans - In 2026, brands are expected to increase their new vehicle launches in Southeast Asia, with predictions of significant sales growth for Chery (182% increase), Zeekr (76% increase), and BYD (35% increase) [5][6].

Core Insights - Geely Automobile Holdings Limited has completed the privatization and merger of ZEEKR Intelligent Technology Holding Limited, marking a new phase in Geely's "One Geely" strategy with ZEEKR becoming a wholly owned subsidiary and delisted from the New York Stock Exchange [1] Group 1: Financial Performance - Geely Auto achieved cumulative vehicle sales of 2.788 million units from January to November 2025, reaching 93% of its full-year target of 3 million units [2] - Revenue for the first three quarters reached $34.04 billion, reflecting a 26% year-on-year increase, while core net profit attributable to shareholders surged 59% to $1.51 billion [2] - Cost efficiency improved with management, R&D, and sales expense ratios declining to 1.8%, 6.1%, and 5.7% respectively [2] Group 2: ZEEKR Brand Positioning - ZEEKR is positioned as a premium intelligent EV brand with an average selling price of nearly $42,600 per vehicle [3] - The brand will operate independently post-integration while leveraging Geely's resources and supply chain [3] - Models like ZEEKR 009, ZEEKR 9X, and Lynk & Co 900 have increased Lynk & Co's weighted average selling price to over $28,400, enhancing Geely's overall product mix [3] Group 3: Technological Advancements - ZEEKR's SEA (Sustainable Experience Architecture) platform and advanced intelligent driving system will be integrated with Geely's R&D ecosystem, strengthening the group's capabilities in smart mobility and next-generation automotive technologies [4]

Core Viewpoint - Folofly, a Japanese company, will act as an agent to sell the Zeekr 009 electric vehicle (EV) in Japan, targeting the corporate rental market with its large EV offerings [2][4][6]. Group 1: Product Details - The Zeekr 009 will be available in two versions: a 7-seater and a 6-seater, with dimensions approximately 5.2 meters in length, 2 meters in width, and 1.8 meters in height, classifying it as a large vehicle [4][6]. - The vehicle boasts a range of up to 822 kilometers based on official testing data and supports the local fast-charging standard "CHAdeMO" [4][6]. Group 2: Sales Strategy - Folofly plans to start accepting orders for the Zeekr 009 within the year, with official deliveries set to begin in 2026. An online reservation website will be launched in October [6]. - The sales model will focus on online transactions rather than physical storefronts, with potential test drive events planned in urban areas like Tokyo [6]. Group 3: Market Context - The introduction of the Zeekr 009 comes at a time when large EVs are scarce in the Japanese market, presenting an opportunity to capture demand from corporate rental services [2][6]. - Despite a current lack of growth in domestic EV demand, Zeekr believes there is still potential for large EVs in Japan, prompting its strategy to target the corporate rental market [6].

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]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 3, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.5 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 3711 (State or other jurisdiction of incorporation or organization) No. 1388 Minshan Road Xinqi Street, Bei ...

TABLE OF CONTENTS AMENDMENT NO.5 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 3711 As filed with the Securities and Exchange Commission on April 25, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Primary Standard Industrial Classification Code Number) No. 1388 Minshan Road Xinqi Street, Beilun ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on April 12, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.4 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (Name, address, including zip code, and telephone number, including area code, of agent for service) Cop ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 20, 2024. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.3 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 3711 (Primary Standard Industrial Classification Code Number) No. 1388 Minshan Road Xinqi Street, Beilun ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on December 29, 2023. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 3711 (Primary Standard Industrial Classification Code Number) No. 1388 Minshan Road Xinqi Street, Bei ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on November 24, 2023. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO.1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ZEEKR Intelligent Technology Holding Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) 3711 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Clas ...