HANGZHOU,China,Aug. 21,2024-- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK),a fast-growing intelligent battery electric vehicle ("BEV"
HANGZHOU,China,Aug. 21,2024 -- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK),a fast-growing intelligent battery electric vehicle ("BEV") technology company,today announced its unaudited financial results for the second quarter ended June 30,2024.
Operating Highlights for the Second Quarter of 2024
Total vehicle deliveries were 54,811 units for the second quarter of 2024,representing a 100% year-over-year increase.
Deliveries
2024 Q2
2024 Q1
2023 Q4
2023 Q3
54,811
33,059
39,657
36,395
Deliveries
2023 Q2
2023 Q1
2022 Q4
2022 Q3
27,399
15,234
32,467
20,464
Financial Highlights for the Second Quarter of 2024
Vehicle sales were RMB13,438.2 million (US$1,849.2 million)[1] for the second quarter of 2024,representing an increase of 59.0% from the second quarter of 2023 and an increase of 64.4% from the first quarter of 2024.
Vehicle margin[2]was 14.2% for the second quarter of 2024,compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024.
Total revenues were RMB20,040.1 million (US$2,757.6 million) for the second quarter of 2024,representing an increase of 58.4% from the second quarter of 2023 and an increase of 36.0% from the first quarter of 2024.
Gross profit was RMB3,449.8 million (US$474.7 million) for the second quarter of 2024,representing an increase of 122.5% from the second quarter of 2023 and an increase of 98.3% from the first quarter of 2024.
Gross margin was 17.2% for the second quarter of 2024,compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024.
Loss from operations was RMB1,721.0 million (US$236.8 million) for the second quarter of 2024,representing an increase of 25.5% from the second quarter of 2023 and a decrease of 17.5% from the first quarter of 2024. Excluding share-based compensation expenses,adjusted loss from operations (non-GAAP)[3] was RMB777.1 million (US$106.9 million) for the second quarter of 2024,representing a decrease of 41.7% from the second quarter of 2023 and a decrease of 62.7% from the first quarter of 2024.
Net loss was RMB1,808.8 million (US$248.9 million) for the second quarter of 2024,representing an increase of 28.7% from the second quarter of 2023 and a decrease of 10.5% from the first quarter of 2024. Excluding share-based compensation expenses,adjusted net loss (non-GAAP) was RMB864.9 million (US$119.0 million) for the second quarter of 2024,representing a decrease of 36.8% from the second quarter of 2023 and a decrease of 57.2% from the first quarter of 2024.
[1] All conversions from Renminbi("RMB") to U.S. dollars ("US$") are made at an exchange rate of RMB7.2672 to US$1.00,set forth in the H.10 statistical release of the Federal Reserve Board on June 28,2024.
[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
(in RMB millions,except for percentages)
2024 Q2
2024 Q1
2023 Q2
% Change i
YoY
QoQ
Vehicle sales
13,438.2
8,174.1
8,450.2
59.0%
64.4%
Vehicle margin
14.2%
14.0%
13.6%
0.6pts
0.2pts
Total revenues
20,040.1
14,736.8
12,649.7
58.4%
36.0%
Gross profit
3,449.8
1,739.4
1,550.3
122.5%
98.3%
Gross margin
17.2%
11.8%
12.3%
4.9pts
5.4pts
Loss from operations
(1,721.0)
(2,086.9)
(1,371.0)
25.5%
(17.5)%
Non-GAAP loss from operations
(777.1)
(2,084.2)
(1,333.5)
(41.7)%
(62.7)%
Net loss
(1,808.8)
(2,022.1)
(1,405.2)
28.7%
(10.5)%
Non-GAAP net loss
(864.9)
(2,019.4)
(1,367.7)
(36.8)%
(57.2)%
iExcept for vehicle margin and gross margin,absolute changes instead of percentage changes are presented.
Recent Developments
Delivery Update
In July 2024,the Company delivered 15,655 vehicles,representing an increase of 30% from July 2023.
New Model Launches
On August 13,2024,ZEEKR launched its updated ZEEKR 001 and upscale sedan models,both featuring the latest proprietary ADAS and AI OS technologies. The updated upscale sedan model,now equipped with enhanced batteries,can charge from 10% to 80% in just 10 to 11 minutes using ZEEKR's ultra-charging piles.
On July 19,ZEEKR officially introduced its luxury flagship MPV,the all-new ZEEKR 009,with deliveries starting on July 22,2024. Boasting an 800V battery electric platform and a Qilin 5C battery,the all-new ZEEKR 009 accelerates from 0 to 100 km/h in 3.9 seconds. It delivers a CLTC range of 702km with its 108kWh battery and a maximum CLTC range of 900km with the optional 140kWh battery.
In July,ZEEKR unveiled its mid-large SUV,the ZEEKR 7X,revealing further insights into its original "Hidden Energy" design. The ZEEKR 7X,with a wheelbase of 2,925mm,a length of 4,825mm,and a width of 1,930mm,exemplifies ZEEKR's commitment to product excellence.
CEO and CFO Comments
"In the second quarter of 2024,we substantially improved our financial and operational performance,despite facing numerous challenges and economic headwinds. We delivered 54,811 vehicles,marking remarkable 100% year-over-year growth and a 66% increase quarter-over-quarter," Mr. Andy An,ZEEKR's chief executive officer commented. "In addition to accelerating deliveries,we successfully launched several new models during the second quarter. The innovative technologies and distinctive design elements embedded in these vehicles have set new industry benchmarks and quickly garnered exceptional market responses. Furthermore,our accelerated global expansion and effective marketing efforts enabled us to extend our customer base across a broader spectrum,driving a surge in sales and enhancing our brand. As we progress through the second half of 2024,our core objectives remain unchanged to continuously invest in research and development,ensuring we stay at the forefront of technological innovation to drive our business forward and deliver long-term value for our shareholders."
"We are pleased to report another strong quarter,with total revenues reaching RMB20 billion,representing a 58.4% year-over-year increase and 36.0% growth quarter-over-quarter. We made significant strides in optimizing costs while maintaining high-quality delivery standards,contributing to sustainable margin and profitability improvement," Mr. Jing Yuan,ZEEKR's chief financial officer added. "Moving forward,we remain dedicated to improving product quality,expanding our market share and propelling the sustainable growth of our business."
Financial Results for the Second Quarter of 2024
Revenues
Total revenueswere RMB20,040.1million (US$2,representing an increase of 58.4% from RMB12,649.7million for the second quarter of 2023 and an increase of 36.0% from RMB14,736.8 million for the first quarter of 2024.
Revenues from vehicle saleswere RMB13,438.2million (US$1,849.2 million) for the second quarter of 2024,representing an increase of 59.0% from RMB8,450.2 million for the second quarter of 2023,and an increase of 64.4% from RMB8,174.1 million for the first quarter of 2024. The year-over-year increase was due to the increased sales volume of ZEEKR vehicles,partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the increased sales volume of ZEEKR vehicles.
Revenues from sales of batteries and other componentswere RMB5,299.2 million (US$729.2 million) for the second quarter of 2024,representing an increase of 36.1% from RMB3,894.3 million for the second quarter of 2023 and a decrease of 16.1% from RMB6,318.5million for the first quarter of 2024. The year-over-year increase was mainly driven by higher sales volume of battery packs and electric drives,as well as the growth of battery components sales overseas. The quarter-over-quarter decrease was mainly attributable to the lower sales of battery modules in the domestic market compared with the prior period.
Revenues from research and development service and other serviceswere RMB1,302.6 million (US$179.2 million) for the second quarter of 2024,representing an increase of 326.8% from RMB305.2million for the second quarter of 2023 and an increase of 433.6% from RMB244.1million for the first quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly due to the increased sales of research and development services to related parties.
Cost of Revenues and Gross Margin
Cost of revenueswas RMB16,590.2million (US$2,282.9 million) for the second quarter of 2024,representing an increase of 49.5% from RMB11,099.3million for the second quarter of 2023 and an increase of 27.6% from RMB12,997.4million for the first quarter of 2024.
Gross profitwas RMB3,449.8million (US$474.7 million) for the second quarter of 2024,representing an increase of 122.5% from RMB1,550.3million for the second quarter of 2023 and an increase of 98.3% from RMB1,739.4million for the first quarter of 2024.
Gross marginwas 17.2% for the second quarter of 2024,compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024. The year-over-year increase and quarter-over-quarter increase were mainly attributable to the increased margins on batteries and other components.
Vehicle margin was 14.2% for the second quarter of 2024,compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024. The year-over-year increase was primarily attributed to procurement savings as the cost of auto parts and materials decreased,partly offset by the lower average selling price of ZEEKR vehicles. The quarter-over-quarter increase was mainly due to the change in product mix. Vehicle margin remained generally stable in the second quarter of 2024.
Operating Expenses
Research and development expenseswere RMB2,623.5million (US$361.0 million) for the second quarter of 2024,representing an increase of 89.6% from RMB1,383.5million for the second quarter of 2023 and an increase of 36.3% from RMB1,925.3 million for the first quarter of 2024. The year-over-year increase was mainly attributable to increased employee compensation due to an increased number of research and development staff and share-based compensation expenses recognized from the share-based awards granted to employees,including a one-off large amount recognized in the second quarter,conditional on the Company's initial public offering. The quarter-over-quarter increase was mainly attributable to increased employee compensation due to the aforementioned share-based compensation expenses.
Selling,general and administrative expenseswere RMB2,604.7million (US$358.4million) for the second quarter of 2024,representing an increase of 61.3% from RMB1,614.3million for the second quarter of 2023 and an increase of 33.5% from RMB1,951.5 million for the first quarter of 2024. The year-over-year increase was mainly due to increased employee compensation due to share-based compensation expenses recognized from the share-based awards granted to employees,conditional on the Company's initial public offering,and increased expenses related to the expansion of offline channels in China and overseas. The quarter-over-quarter increase was mainly due to increased employee compensation due to the aforementionedshare-based compensation expenses.
Loss from Operations
Loss from operationswas RMB1,721.0million (US$236.8 million) for the second quarter of 2024,representing an increase of 25.5% fromRMB1,371.0million for the second quarter of 2023 and a decrease of 17.5% fromRMB2,086.9million for the first quarter of 2024.
Non-GAAP loss from operations,which excludes share-based compensation expenses from loss from operations,was RMB777.1million (US$106.9 million) for the second quarter of 2024,representing a decrease of 41.7% fromRMB1,333.5 million for the second quarter of 2023 and a decrease of 62.7% fromRMB2,084.2 million for the first quarter of 2024.
Net Loss and Net Loss Per Share
Net losswas RMB1,808.8million (US$248.9 million) for the second quarter of 2024,representing an increase of 28.7% fromRMB1,405.2million for the second quarter of 2023 and a decrease of 10.5% fromRMB2,022.1 million for the first quarter of 2024.
Non-GAAP net loss,which excludes share-based compensation expenses from net loss,was RMB864.9 million (US$119.0 million) for the second quarter of 2024,representing a decrease of 36.8% from RMB1,367.7million for the second quarter of 2023 and a decrease of 57.2% fromRMB2,019.4million for the first quarter of 2024.
Net loss attributable to ordinary shareholders ofZEEKR was RMB2,190.2million (US$301.4 million) for the second quarter of 2024,representing an increase of 47.0% fromRMB1,489.7million for the second quarter of 2023 and an increase of 8.7% from RMB2,014.3million for the first quarter of 2024.
Non-GAAP net loss attributable to ordinary shareholders ofZEEKR,which excludes share-based compensation expenses from net loss attributable to ordinary shareholders,was RMB1,246.3million (US$171.5 million) for the second quarter of 2024,representing a decrease of 14.2% fromRMB1,452.2 million for the second quarter of 2023 and a decrease of 38.0% fromRMB2,011.6million for the first quarter of 2024.
Basic and diluted net loss per shareattributed to ordinary shareholderswere RMB0.95 (US$0.13) each for the second quarter of 2024,compared with RMB0.74 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.
Non-GAAP basic and diluted net loss per shareattributed to ordinary shareholderswere both RMB0.54 (US$0.07) each for the second quarter of 2024,compared with RMB0.73 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.
Basic and diluted net loss per American Depositary Share ("ADS[4]") attributed to ordinary shareholderswere RMB9.51 (US$1.31) each for the second quarter of 2024.
Non-GAAP basic and diluted net loss per ADSattributed to ordinary shareholderswere RMB5.41 (US$0.75) each for the second quarter of 2024.
[4]Each ADS represents ten ordinary shares.
Balance Sheets
Cash and cash equivalents and restricted cash was RMB8,048.1million (US$1,107.5 million) as of June 30,2024.
Conference Call
The Company's management will host an earnings conference call on Wednesday,August 21,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: https://dpregister.com/sreg/10191577/fd3dea2392
A live webcast of the conference call will be available on the Company's investor relations website at https://ir.zeekrlife.com/.
About ZEEKR
ZEEKR is a fast-growing intelligent BEV technology company. The Company aspires to lead the electrification,intelligentization,and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions. Incorporated in March 2021,ZEEKR has focused on innovative BEV architecture,hardware,software,and the application of new technologies. Our diverse product lineup spans a range of vehicle models,including shooting brakes,MPVs and upscale sedans,all meticulously designed to cater to the evolving needs of our customer needs.
With a mission to create the ultimate mobility experience through technology and solutions,ZEEKR's efforts are backed by strong in-house R&D capabilities,a deep understanding of products,high operational flexibility,and a flat,efficient organizational structure. Together,these features enable fast product development,launch,and iteration,as well as the creation of a series of customer-oriented products and go-to-market strategies.
For more information,please visit https://ir.zeekrlife.com/.
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 RMB7.2672 to US$1.00,the exchange rate on June28,set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB,as the case may be,at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts,including statements about the Company's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties,and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases,forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks,uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement,and the Company does not undertake any duty to update such information,except as required under applicable law.
For Investor Enquiries
ZEEKR
Investor Relations
Email: [email protected]
For Media Enquiries
ZEEKR
Media Relations
Email: [email protected]
ZEEKRINC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of
December31
June 30
June 30
2023
2024
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
3,260,670
5,495,539
756,211
Restricted cash
844,079
2,552,561
351,244
Notes receivable
487,851
1,502,984
206,817
Accounts receivable
1,104,450
1,206,222
165,982
Inventories
5,228,689
4,267,195
587,186
Amounts due from related parties
7,256,861
7,145,521
983,256
Prepayments and other current assets
2,294,508
3,062,405
421,401
Total current assets
20,477,108
25,232,427
3,472,097
Property,plant and equipment,net
2,914,274
3,320,738
456,949
Intangible assets,net
410,912
554,479
76,299
Land use rights,net
51,755
62,539
8,606
Operating lease right-of-use assets
2,443,545
2,319,631
319,192
Deferred tax assets
86,395
188,174
25,894
Long-term investments
459,794
638,097
87,805
Other non-current assets
273,717
362,830
49,927
Total non-current assets
6,640,392
7,446,488
1,024,672
TOTAL ASSETS
27,117,500
32,678,915
4,496,769
ZEEKRINC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands)
As of
December31
June 30
June 30
2023
2024
2024
RMB
RMB
US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term Borrowings
-
30,000
4,128
Accounts payable
4,717
4,293,914
590,862
Notes payable
5,504,945
10,662,344
1,467,187
Amounts due to related parties
16,355,902
13,770,683
1,894,909
Income tax payable
108,083
239,300
32,929
Accruals and other current liabilities
6,243,956
8,697,194
1,196,775
Total current liabilities
32,317,603
37,693,435
5,186,790
Long-term borrowings
-
414,680
57,062
Operating lease liabilities,non-current
1,807,159
1,850
228,816
Amounts due to related parties,100,000
450,000
61,922
Other non-current liabilities
563,001
505,010
69,492
Deferred tax liability
8,337
8,149
1,121
Total non-current liabilities
3,478,497
3,040,689
418,413
TOTAL LIABILITIES
35,796,100
40,734,124
5,605,203
SHAREHOLDERS' EQUITY
Ordinary shares
2,584
3,361
462
Convertible preferred shares
362
-
-
Shares subscription receivable
-
(66)
(9)
Additional paid-in capital
11,213,798
15,635,867
2,151,567
Accumulated deficits
(20,865,686)
(25,070,195)
(3,449,774)
Accumulated other comprehensive income
17,555
49,456
6,806
Total ZEEKR shareholders' deficit
(9,631,387)
(9,381,577)
(1,290,948)
Non-controlling interest
952,787
1,326,368
182,514
TOTAL SHAREHOLDERS' DEFICIT
(8,600)
(8,055,209)
(1,108,434)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
27,769
ZEEKRINC.
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
June 30
March 31
June 30
June 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Revenues:
Vehicle sales
8,450,177
8,174,117
13,438,241
1,849,164
Sales of batteries and other components
3,307
6,318,535
5,299,171
729,190
Research and development service and
other services
305,190
244,100
1,302,639
179,249
Total revenues
12,649,674
14,736,752
20,051
2,757,603
Cost of revenues:
Vehicle sales
(7,300,487)
(7,026,741)
(11,533,020)
(1,586,996)
Sales of batteries and other components
(3,606,782)
(5,883,360)
(4,223,452)
(581,166)
Research and development service and
other services
(192,079)
(87,301)
(833,756)
(114,729)
Total cost of revenues
(11,099,348)
(12,997,402)
(16,590,228)
(2,282,891)
Gross profit
1,550,326
1,739,350
3,823
474,712
Operating expenses:
Research and development expenses
(1,383,501)
(1,925,278)
(2,623,471)
(361,002)
Selling,general and administrative
expenses
(1,614,305)
(1,951,530)
(2,604,665)
(358,414)
Other operating income,net
76,488
50,525
57,287
7,883
Total operating expenses
(2,921,318)
(3,826,283)
(5,170,849)
(711,533)
Loss from operations
(1,370,992)
(2,086,933)
(1,721,026)
(236,821)
Interest expense
(87,364)
(10,700)
(23,396)
(3,219)
Interest income
18,512
20,192
42,537
5,853
Other income/(expense),net
27,040
(29,658)
(7,809)
(1,075)
Loss before income tax expense and
share of losses in equity method
investments
(1,412,804)
(2,107,099)
(1,709,694)
(235,262)
Share of income/(loss) in equity method
investments
(11,090)
90,882
85,852
11,814
Income tax expense
18,678
(5,889)
(184,980)
(25,454)
Net loss
(1,405,216)
(2,022,106)
(1,808,822)
(248,902)
Less: income/(loss) attributable to non-
controlling interest
84,481
(7,782)
381,363
52,477
Net loss attributable to shareholders of
ZEEKR
(1,489,697)
(2,014,324)
(2,190,185)
(301,379)
ZEEKRINC.
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
June 30
March 31
June 30
June 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Net loss per share attributed to
ordinary shareholders:
Basic and diluted
(0.74)
(1.01)
(0.95)
(0.13)
Weighted average shares used in
calculating net loss per share:
Basic and diluted
2,000,000
2,301,866,887
2,887
Net loss per ADS attributed to
ordinary shareholders:
Basic and diluted
-
-
(9.51)
(1.31)
Weighted average ADSused in
calculating net loss per ADS:
Basic and diluted
-
-
230,689
230,689
Net loss
(1,902)
Other comprehensive income/(loss),
net of tax of nil:
Foreign currency translation
adjustments
48,240
(42,769)
74,670
10,275
Comprehensive loss
(1,356,976)
(2,064,875)
(1,152)
(238,627)
Less: comprehensive income/(loss)
attributable to non-controlling interest
84,477
Comprehensive loss attributable to
shareholders of ZEEKR
(1,441,457)
(2,057,093)
(2,115,515)
(291,104)
ZEEKRINC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME
(Amounts in thousands,except share/ADS and per share/ADS data and otherwise noted)
SixMonths Ended
June 30
June 30
June 30
2023
2024
2024
RMB
RMB
US$
Revenues:
Vehicle sales
13,175,373
21,612,358
2,973,959
Sales of batteries and other components
7,365,776
11,617,706
1,598,650
Research and development service and other
services
728,933
1,546,739
212,838
Total revenues
21,270,082
34,776,803
4,785,447
Cost of revenues:
Vehicle sales
(11,549,164)
(18,559,761)
(2,553,908)
Sales of batteries and other components
(7,010,648)
(10,106,812)
(1,390,744)
Research and development service and other
services
(477,474)
(921,057)
(126,742)
Total cost of revenues
(19,037,286)
(29,587,630)
(4,071,394)
Gross profit
2,796
5,189,173
714,053
Operating expenses:
Research and development expenses
(3,188,554)
(4,548,749)
(625,929)
Selling,general and administrative expenses
(2,898,733)
(4,556,195)
(626,953)
Other operating income,net
134,296
107,812
14,835
Total operating expenses
(5,952,991)
(8,132)
(1,238,047)
Loss from operations
(3,720,195)
(3,959)
(523,994)
Interest expense
(192,165)
(34,096)
(4,692)
Interest income
41,243
62,729
8,632
Other income/(expense),net
38,147
(37,467)
(5,155)
Loss before income tax expense and share of
losses in equity method investments
(3,832,970)
(3,816,793)
(525,209)
Share of income/(loss) in equity method
investments
(55,240)
176,734
24,319
Income tax expense
17,632
(190,869)
(26,264)
Net loss
(3,870,578)
(3,830,928)
(527,154)
Less: income attributable to non-controlling
interest
13,452
373,581
51,406
Net loss attributable to shareholders of
ZEEKR
(3,884,030)
(4,204,509)
(578,560)
ZEEKRINC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED)
(Amounts in thousands,except share/ADS and per share/ADS data and otherwise noted)
Six Months Ended
June 30
June 30
June 30
2023
2024
2024
RMB
RMB
US$
Net loss per share attributed to ordinary
shareholders:
Basic and diluted
(1.94)
(1.95)
(0.27)
Weighted average shares used in
calculating net loss per share:
Basic and diluted
2,150,933,444
2,444
Net loss per ADS attributed to ordinary
shareholders:
Basic and diluted
-
(19.55)
(2.69)
Weighted average ADSused in calculating
net loss per ADS:
Basic and diluted
-
215,093,344
215,344
Net loss
(3,154)
Other comprehensive income,net of tax of
nil:
Foreign currency translation adjustments
46,321
31,901
4,390
Comprehensive loss
(3,824,257)
(3,799,027)
(522,764)
Less: comprehensive income attributable to
non-controlling interest
13,406
Comprehensive loss attributable to
shareholders of ZEEKR
(3,837,709)
(4,172,608)
(574,170)
ZEEKRINC.
UNAUDITEDRECONCILIATIONSOF GAAP AND NON-GAAP RESULTS
(Amounts in thousands,except share/ADS and per share/ADS data and otherwise noted)
Three Months Ended
June 30
March 31
June 30
June 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Loss from operations
(1,992)
(2,933)
(1,026)
(236,821)
Share-based compensation expenses
37,471
2,734
943,921
129,888
Non-GAAP loss from operations
(1,333,521)
(2,084,199)
(777,105)
(106,933)
Net loss
(1,216)
(2,106)
(1,822)
(248,902)
Share-based compensation expenses
37,888
Non-GAAP net loss
(1,367,745)
(2,019,372)
(864,901)
(119,014)
Net loss attributable to ordinary
shareholders
(1,697)
(2,324)
(2,185)
(301,379)
Share-based compensation expenses
37,888
Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR
(1,452,226)
(2,011,590)
(1,246,264)
(171,491)
Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share
Basic and diluted
2,887
Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders
Basic and diluted
(0.73)
(1.01)
(0.54)
(0.07)
Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS
Basic and diluted
-
-
230,689
Non-GAAP net loss per ADS
attributed to ordinary shareholders
Basic and diluted
-
-
(5.41)
(0.75)
ZEEKRINC.
UNAUDITEDRECONCILIATIONSOF GAAP AND NON-GAAP RESULTS
(Amounts in thousands,except share and per share data and otherwise noted)
Six Months Ended
June 30
June 30
June 30
2023
2024
2024
RMB
RMB
US$
Loss from operations
(3,959)
(523,994)
Share-based compensation expenses
70,199
946,655
130,264
Non-GAAP loss from operations
(3,996)
(2,861,304)
(393,730)
Net loss
(3,578)
(3,928)
(527,154)
Share-based compensation expenses
70,264
Non-GAAP net loss
(3,800,379)
(2,273)
(396,890)
Net loss attributable to ordinary shareholders
(3,030)
(4,509)
(578,560)
Share-based compensation expenses
70,264
Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR
(3,813,831)
(3,257,854)
(448,296)
Weighted average number of ordinary
shares used in calculating Non-GAAP net
loss per share
Basic and diluted
2,444
Non-GAAP net loss per ordinary share
attributed to ordinary shareholders
Basic and diluted
(1.91)
(1.51)
(0.21)
Weighted average number of ADS used in
calculating Non-GAAP net loss per ADS
Basic and diluted
-
215,344
Non-GAAP net loss per ADS attributed to
ordinary shareholders
Basic and diluted
-
(15.15)
(2.08)
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