Financial Data and Key Metrics Changes - Zeka Group achieved total revenue of RMB 75.9 billion in 2024, representing a 46.9% year-over-year increase [20] - Vehicle revenue grew by 63% year-over-year, totaling RMB 55.5 billion [20] - The vehicle gross margin for the fourth quarter reached 17.3%, while the full-year vehicle margin was 15.6% [20][22] - The net loss decreased from RMB 82.6 billion in 2023 to RMB 57.9 billion in 2024, marking a 30% year-over-year decline [22] - Free cash flow for 2024 reached RMB 1.5 billion, setting a record high [23] Business Line Data and Key Metrics Changes - The Link and Co brand delivered 280,000 units in 2024, a nearly 30% year-over-year increase [5] - Zika brand deliveries surpassed 222,000 vehicles, an 87% year-over-year increase, making it the best-selling premium battery electric vehicle brand in China [5] - The average selling price for the Zika brand is close to RMB 300,000, while Lincoln Co's average selling price reached over RMB 200,000 [8][9] Market Data and Key Metrics Changes - The new energy vehicles segment for Lincoln Co showed rapid growth with over 58% penetration rate [9] - The Zika brand's Zika 9 emerged as the best-selling NPV in China priced above RMB 400,000 in 2024 [8] Company Strategy and Development Direction - Zeka Group aims to become the world's leading premium new energy vehicle group with annual sales of 1,000,000 units within two years [7] - The company plans to launch three new models for the Zika brand in 2025 and two new models for Lincoln Co [10][11] - Zeka Group is focusing on leveraging full-stack AI capabilities to enhance competitive edge and operational efficiency [11][12] - The company is targeting a 40% delivery growth to 710,000 vehicles across both brands in 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges intense competition in the Chinese new energy vehicle market and globally, but remains confident in achieving sales targets [34][45] - The integration of Lincoln Co and Zika is expected to lead to improved profitability and operational efficiencies [27][34] - Management is optimistic about the upcoming product launches and their potential to drive sales growth [46][50] Other Important Information - R&D expenses for 2024 reached RMB 9.7 billion, a 16.1% year-over-year increase, with a decrease in the R&D expense ratio from 16.2% in 2023 to 12.8% in 2024 [21] - The company plans to establish a unified sales company to enhance international market presence [14] Q&A Session Summary Question: What are the conditions for breakeven in 2025? - Management highlighted the importance of controlling integration efforts and improving operational efficiencies, aiming for a lower R&D expense ratio and SG&A ratio [31][33] Question: What is the outlook for 2026 regarding product pipeline and competition? - Management aims to create a luxury brand group selling over 1,000,000 cars globally, with increased capital expenditure planned for 2025 and 2026 [36][37] Question: How will the company ensure new models stand out in a crowded market? - The company plans to launch new models with advanced technologies and competitive pricing, ensuring they are well-received by customers [50][51] Question: What is the progress on autonomous driving technology integration? - The integration of ADAS solutions between Zika and Lincoln Co brands is underway, with plans to share technology and improve efficiencies [57][59] Question: What is the strategy for the powertrain technology across brands? - Currently, Zika will use super electric hybrid technology, while Lincoln Co will continue with its E and P platform, with limited investment in ICE vehicles [60][62]