Zeekr Group Reports Fourth Quarter And Full Year 2024 Unaudited Financial Results

HANGZHOU, China, March 20, 2025 /PRNewswire/ -- ZEEKR Intelligent technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK ), the world's leading premium new energy vehicle group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Operating Highlights for the Fourth Quarter and Full Year of 2024 Deliveries FY2024 2024 Q4 2024 Q3 2024 Q2 2024 Q1 222,123 79,250 55,003 54,811 33,059 Deliveries FY2023 2023 Q4 2023 Q3 2023 Q2 2023 Q1 118,685 39,657 36,395 27,399 15,234 Financial Highlights for the Fourth Quarter of 2024 [1] All conversions from Renminbi ("RMB") to U.S.

dollars ("US$") are made at an exchange rate of RMB7.2993 to US$1.00, set forth in the H.



10 statistical release of the Federal Reserve Board on December 31, 2024. [2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [3] The Company's non-GAAP financial measures exclude share-based compensation expenses.

See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. Key Financial Results for the Fourth Quarter of 2024 (in RMB millions, except for percentages) 2024 Q4 2024 Q3 2023 Q4 % Change i YoY QoQ Vehicle sales 19,301.6 14,401.

3 10,592.6 82.2 % 34.

0 % Vehicle margin 17.3 % 15.7 % 15.

3 % 2.0pts 1.6pts Total revenues 22,777.

8 18,358.0 16,357.9 39.

2 % 24.1 % Gross profit 4,316.5 2,941.

8 2,328.3 85.4 % 46.

7 % Gross margin 19.0 % 16.0 % 14.

2 % 4.8pts 3.0pts Loss from operations (1,436.

1) (1,216.4) (2,950.1) (51.

3) % 18.1 % Non-GAAP loss from operations (1,352.8) (1,169.

8) (2,914.8) (53.6) % 15.

6 % Net loss (820.6) (1,139.1) (2,937.

9) (72.1) % (28.0) % Non-GAAP net loss (737.

2) (1,092.6) (2,902.6) (74.

6) % (32.5) % i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. Financial Highlights for the Full Year of 2024 Key Financial Results for the Full Year of 2024 (in RMB millions, except for percentages) 2024 2023 % Change i YoY Vehicle sales 55,315.

3 33,911.8 63.1 % Vehicle margin 15.

6 % 15.0 % 0.6pts Total revenues 75,912.

7 51,672.6 46.9 % Gross profit 12,447.

5 6,850.5 81.7 % Gross margin 16.

4 % 13.3 % 3.1pts Loss from operations (6,460.

4) (8,178.1) (21.0) % Non-GAAP loss from operations (5,383.

8) (8,042.4) (33.1) % Net loss (5,790.

6) (8,264.2) (29.9) % Non-GAAP net loss (4,714.

1) (8,128.5) (42.0) % i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments Delivery Update In January 2025, the Zeekr brand delivered 11,942 vehicles. Following the completion of the Lynk & Co acquisition, Zeekr Group achieved total deliveries of 31,277 vehicles in February 2025. This included 14,039 Zeekr brand vehicles and 17,238 Lynk & Co brand vehicles.

Key Events In January 2025, the Company made a significant appearance at CES 2025 in Las Vegas, unveiling a series of strategic initiatives and technological advancements in intelligent mobility. The event highlighted the Company's cutting-edge innovations in smart cockpit technology, autonomous driving, global charging infrastructure, and next-generation mobility solutions, reinforcing the Company's commitment to redefining the future of sustainable and intelligent transportation. On February 14, 2025, Zeekr Group announced the closing of the Strategic Integration Transactions with Geely entities that were previously announced on November 14, 2024.

Following the completion of such transactions, Lynk & Co has become the Company's indirect non-wholly-owned subsidiary. Product Roadmap The Zeekr brand introduced the Zeekr 007GT in January 2025, an enhanced shooting-brake model derived from the Zeekr Upscale Sedan Model, slated for launch in the second quarter of 2025. CEO and CFO Comments "In the fourth quarter, we achieved a historic milestone with our highest delivery volume since inception, delivering 79,250 units-nearly double that of the same period last year," said Mr.

Andy An, Zeekr Group's chief executive officer. "We also completed the strategic integration of Zeekr and Lynk & Co in just three months, solidifying Zeekr Group as a formidable global force. Looking ahead to 2025, we will continue expanding our product lineup and enhancing competitiveness.

By leveraging AI-driven innovation and accelerating our global expansion strategy, we will advance our strategic vision and unlock greater synergies. We remain committed to leading the premium new energy market through scalable growth and robust risk resilience." Mr.

Jing Yuan, Zeekr Group's chief financial officer, added, "In the fourth quarter of 2024, we drove exceptional results in vehicle deliveries, spurring strong revenue growth. Total revenue for the quarter surged 39.2% year-over-year to RMB22.

8 billion. Thanks to rigorous cost discipline in supply chain management, economies of scale, and technology-driven cost reduction initiatives, we also continued to enhance profitability, achieving sequential improvement in vehicle margins to 17.3% in the fourth quarter and 15.

6% for the full year. As we enter 2025, following the successful strategic integration with Lynk & Co, we will stay focused on accelerating resource integration and unleashing greater synergies to enhance shareholder returns and create sustainable long-term value." Financial Results for the Fourth Quarter of 2024 Revenues Cost of Revenues and Gross Margin Operating Expenses Loss from Operations Net Loss and Net Loss Per Share [4] Each ADS represents ten ordinary shares.

Balance Sheets Cash and cash equivalents and restricted cash was RMB8,961.7 million (US$1,227.7 million) as of December 31, 2024.

Financial Results for the Full Year of 2024 Revenues Cost of Revenues and Gross Margin Operating Expenses Loss from Operations Net Loss and Net Loss Per Share Conference Call The Company's management will host an earnings conference call on Thursday, March 20, 2025, at 8:00 A.M. U.

S. Eastern Time (8:00 P.M.

Beijing/Hong Kong Time on the same day). All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call.

Participants may pre-register at any time, including up to and after the call start time. Participant Online Registration: A live webcast of the conference call will be available on the Company's investor relations website at . About Zeekr Group Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group.

With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability.

Its ambition is to become a true global new energy mobility solution provider. For more information, please visit . Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes.

By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.

S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.

S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S.

dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S.

dollars and from U.S. dollars to RMB are made at a rate of RMB7.

2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board.

The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.

S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements.

These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions.

Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China: ZEEKR Intelligent Technology Holding Limited Investor Relations Email: [email protected] Piacente Financial Communications Tel: +86-10-6508-0677 Email: [email protected] In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 Email: [email protected] Media Contact Email: [email protected] ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) As of December 31 December 31 December 31 2023 2024 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 3,260,670 7,782,827 1,066,243 Restricted cash 844,079 1,178,825 161,498 Notes receivable 487,851 1,108,747 151,898 Accounts receivable 1,104,450 1,744,334 238,973 Inventories 5,228,689 4,150,742 568,649 Amounts due from related parties 7,256,861 6,120,107 838,451 Prepayments and other current assets 2,294,508 3,072,003 420,863 Total current assets 20,477,108 25,157,585 3,446,575 Property, plant and equipment, net 2,914,274 3,225,287 441,863 Intangible assets, net 410,912 842,245 115,387 Land use rights, net 51,755 61,832 8,471 Operating lease right-of-use assets 2,443,545 2,142,879 293,573 Deferred tax assets 86,395 339,965 46,575 Long-term investments 459,794 685,911 93,969 Other non-current assets 273,717 215,016 29,455 Total non-current assets 6,640,392 7,513,135 1,029,293 TOTAL ASSETS 27,117,500 32,670,720 4,475,868 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in thousands) As of December 31 December 31 December 31 2023 2024 2024 RMB RMB US$ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term Borrowings - 30,300 4,151 Accounts payable 4,104,717 4,072,312 557,904 Notes payable and others 5,504,945 12,990,599 1,779,705 Amounts due to related parties 16,355,902 14,509,628 1,987,811 Income tax payable 108,083 60,856 8,337 Accruals and other current liabilities 6,243,956 8,478,772 1,161,587 Total current liabilities 32,317,603 40,142,467 5,499,495 Long-term borrowings - 414,180 56,742 Operating lease liabilities, non-current 1,807,159 1,491,486 204,333 Amounts due to related parties, non-current 1,100,000 - - Other non-current liabilities 563,001 718,164 98,388 Deferred tax liability 8,337 57,252 7,843 Total non-current liabilities 3,478,497 2,681,082 367,306 TOTAL LIABILITIES 35,796,100 42,823,549 5,866,801 SHAREHOLDERS' EQUITY Ordinary shares 2,584 3,361 460 Convertible preferred shares 362 - - Additional paid-in capital 11,213,798 15,757,089 2,158,712 Treasury stock - (186,812) (25,593) Accumulated deficits (20,865,686) (27,289,256) (3,738,613) Accumulated other comprehensive income/(loss) 17,555 (22,919) (3,140) Total Zeekr shareholders' deficit (9,631,387) (11,738,537) (1,608,174) Non-controlling interest 952,787 1,585,708 217,241 TOTAL S HAREHOLDERS' D EFICIT (8,678,600) (10,152,829) (1,390,933) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 27,117,500 32,670,720 4,475,868 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) Three Months Ended December 31 September 30 December 31 December 31 2023 2024 2024 2024 RMB RMB RMB US$ Revenues: Vehicle sales 10,592,647 14,401,309 19,301,639 2,644,314 Sales of batteries and other components 4,038,075 3,245,331 1,930,781 264,516 Research and development service and other services 1,727,203 711,362 1,545,426 211,722 Total revenues 16,357,925 18,358,002 22,777,846 3,120,552 Cost of revenues: Vehicle sales (8,974,061) (12,146,781) (15,958,509) (2,186,307) Sales of batteries and other components (3,746,895) (2,808,646) (1,565,615) (214,488) Research and development service and other services (1,308,642) (460,775) (937,244) (128,402) Total cost of revenues (14,029,598) (15,416,202) (18,461,368) (2,529,197) Gross profit 2,328,327 2,941,800 4,316,478 591,355 Operating expenses: Research and development expenses (3,162,517) (1,966,167) (3,205,297) (439,124) Selling, general and administrative expenses (2,207,938) (2,274,751) (2,816,458) (385,853) Other operating income, net 92,041 82,747 269,184 36,878 Total operating expenses (5,278,414) (4,158,171) (5,752,571) (788,099) Loss from operations (2,950,087) (1,216,371) (1,436,093) (196,744) Interest expense (35,730) (8,088) (27,722) (3,798) Interest income 25,767 43,255 65,046 8,911 Investment income - - 726,973 99,595 Other income/(expense), net 6,420 54,967 (123,349) (16,899) Loss before income tax expense and share of income (loss) in equity method investments (2,953,630) (1,126,237) (795,145) (108,935) Share of income (loss) in equity method investments 109,061 81,500 (133,956) (18,352) Income tax benefits/(expense) (93,350) (94,409) 108,526 14,868 Net loss (2,937,919) (1,139,146) (820,575) (112,419) Less: income attributable to non- controlling interest 48,969 87,134 172,206 23,592 Net loss attributable to shareholders of Z eekr (2,986,888) (1,226,280) (992,781) (136,011) ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) Three Months Ended December 31 September 30 December 31 December 31 2023 2024 2024 2024 RMB RMB RMB US$ Net loss per share attributed to ordinary shareholders: Basic and diluted (1.49) (0.48) (0.

39) (0.05) Weighted average shares used in calculating net loss per share: Basic and diluted 2,000,000,000 2,552,901,668 2,552,901,668 2,552,901,668 Net loss per ADS attributed to ordinary shareholders: Basic and diluted - (4.80) (3.

89) (0.53) Weighted average ADS used in calculating net loss per ADS: Basic and diluted - 255,290,167 255,290,167 255,290,167 Net loss (2,937,919) (1,139,146) (820,575) (112,419) Other comprehensive income /( loss), net of tax of nil: Foreign currency translation adjustments 38,684 (75,858) 3,483 477 Comprehensive loss (2,899,235) (1,215,004) (817,092) (111,942) Less: comprehensive income/(loss) attributable to non-controlling interest 48,969 87,134 172,206 23,592 Comprehensive loss attributable to shareholders of Zeekr (2,948,204) (1,302,138) (989,298) (135,534) ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) For the Year Ended December 31 December 31 December 31 2023 2024 2024 RMB RMB US$ Revenues: Vehicle sales 33,911,762 55,315,306 7,578,166 Sales of batteries and other components 14,692,617 16,793,818 2,300,744 Research and development service and other services 3,068,239 3,803,527 521,081 Total revenues 51,672,618 75,912,651 10,399,991 Cost of revenues: Vehicle sales (28,831,552) (46,665,051) (6,393,086) Sales of batteries and other components (13,808,131) (14,481,073) (1,983,899) Research and development service and other services (2,182,405) (2,319,076) (317,712) Total cost of revenues (44,822,088) (63,465,200) (8,694,697) Gross profit 6,850,530 12,447,451 1,705,294 Operating expenses: Research and development expenses (8,369,207) (9,720,213) (1,331,664) Selling, general and administrative expenses (6,920,561) (9,647,404) (1,321,689) Other operating income, net 261,188 459,743 62,985 Total operating expenses (15,028,580) (18,907,874) (2,590,368) Loss from operations (8,178,050) (6,460,423) (885,074) Interest expense (256,081) (69,906) (9,577) Interest income 94,624 171,030 23,430 Investment income - 726,973 99,595 Other income/(expense), net 50,587 (105,849) (14,500) Loss before income tax expense and share of income (loss) in equity method investments (8,288,920) (5,738,175) (786,126) Share of income (loss) in equity method investments 86,842 124,278 17,026 Income tax expense (62,113) (176,752) (24,215) Net loss (8,264,191) (5,790,649) (793,315) Less: income attributable to non-controlling interest 82,789 632,921 86,710 Net loss attributable to shareholders of Zeekr (8,346,980) (6,423,570) (880,025) ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) For the Year Ended D ecember 31 D ecember 31 D ecember 31 2023 2024 2024 RMB RMB US$ Net loss per share attributed to ordinary shareholders: Basic and diluted (4.17) (2.73) (0.

37) Weighted average shares used in calculating net loss per share: Basic and diluted 2,000,000,000 2,353,015,830 2,353,015,830 Net loss per ADS attributed to ordinary shareholders: Basic and diluted - (27.30) (3.74) Weighted average ADS used in calculating net loss per ADS: Basic and diluted - 235,301,583 235,301,583 Net loss (8,264,191) (5,790,649) (793,315) Other comprehensive income, net of tax of nil: Foreign currency translation adjustments 49,765 (40,474) (5,545) Comprehensive loss (8,214,426) (5,831,123) (798,860) Less: comprehensive income attributable to non-controlling interest 82,789 632,921 86,710 Comprehensive loss attributable to shareholders of Zeekr (8,297,215) (6,464,044) (885,570) ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) Three Months Ended December 31 September 30 December 31 December 31 2023 2024 2024 2024 RMB RMB RMB US$ Loss from operations (2,950,087) (1,216,371) (1,436,093) (196,744) Share-based compensation expenses 35,308 46,595 83,334 11,417 Non-GAAP loss from operations (2,914,779) (1,169,776) (1,352,759) (185,327) Net loss (2,937,919) (1,139,146) (820,575) (112,419) Share-based compensation expenses 35,308 46,595 83,334 11,417 Non-GAAP net loss (2,902,611) (1,092,551) (737,241) (101,002) Net loss attributable to ordinary shareholders (2,986,888) (1,226,280) (992,781) (136,011) Share-based compensation expenses 35,308 46,595 83,334 11,417 Non-GAAP net loss attributable to ordinary shareholders of Zeekr (2,951,580) (1,179,685) (909,447) (124,594) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 2,000,000,000 2,552,901,668 2,552,901,668 2,552,901,668 Non-GAAP net loss per ordinary share attributed to ordinary shareholders Basic and diluted (1.48) (0.46) (0.

36) (0.05) Weighted average number of ADS used in calculating Non-GAAP net loss per ADS Basic and diluted - 255,290,167 255,290,167 255,290,167 Non-GAAP net loss per ADS attributed to ordinary shareholders Basic and diluted - (4.62) (3.

56) (0.49) ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except share and per share data and otherwise noted) For the Year Ended D ecember 31 D ecember 31 D ecember 31 2023 2024 2024 RMB RMB US$ Loss from operations (8,178,050) (6,460,423) (885,074) Share-based compensation expenses 135,649 1,076,584 147,491 Non-GAAP loss from operations (8,042,401) (5,383,839) (737,583) Net loss (8,264,191) (5,790,649) (793,315) Share-based compensation expenses 135,649 1,076,584 147,491 Non-GAAP net loss (8,128,542) (4,714,065) (645,824) Net loss attributable to ordinary shareholders (8,346,980) (6,423,570) (880,025) Share-based compensation expenses 135,649 1,076,584 147,491 Non-GAAP net loss attributable to ordinary shareholders of Zeekr (8,211,331) (5,346,986) (732,534) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 2,000,000,000 2,353,015,830 2,353,015,830 Non-GAAP net loss per ordinary share attributed to ordinary shareholders Basic and diluted (4.

11) (2.27) (0.31) Weighted average number of ADS used in calculating Non-GAAP net loss per ADS Basic and diluted - 235,301,583 235,301,583 Non-GAAP net loss per ADS attributed to ordinary shareholders Basic and diluted - (22.

72) (3.11) SOURCE ZEEKR Intelligent Technology Holding Limited MENAFN20032025003732001241ID1109335566 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.

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