HANGZHOU, China, Aug. 14, 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 second quarter ended June 30, 2025.[1]
Operating Highlights for the Second Quarter of 2025
Deliveries | 2025 Q2 | 2025 Q1 | 2024 Q4 | 2024 Q3 | ||||
130,866 | 114,011 | 169,088 | 124,606 | |||||
Deliveries | 2024 Q2 | 2024 Q1 | 2023 Q4 | 2023 Q3 | ||||
119,755 | 94,115 | 120,114 | 94,151 |
Financial Highlights for the Second Quarter of 2025
[1] All disclosed data (including historical periods) were recast to reflect common-control accounting treatment related to Lynk & Co's acquisition. [2] All conversions from Renminbi("RMB") to U.S. dollars ("US$") were made at an exchange rate of RMB7.1636 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2025. [3] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [4] 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 Second Quarter of 2025
(in RMB millions, except for percentages)
2025 Q2 | 2025 Q1 | 2024 Q2 | % Changei | |||
YoY | QoQ | |||||
Vehicle sales | 22,916 | 19,096 | 22,433 | 2.2 % | 20.0 % | |
-Zeekr | 10,925 | 9,987 | 13,438 | (18.7) % | 9.4 % | |
- Lynk & Co | 11,991 | 9,109 | 8,995 | 33.3 % | 31.6 % | |
Vehicle margin | 17.3 % | 16.5 % | 11.5 % | 5.8pts | 0.8pts | |
-Zeekr | 21.1 % | 21.2 % | 14.2 % | 6.9pts | (0.1)pts | |
- Lynk & Co | 13.8 % | 11.4 % | 7.6 % | 6.2pts | 2.4pts | |
Total revenues | 27,431 | 22,019 | 27,671 | (0.9) % | 24.6 % | |
Gross profit | 5,656 | 4,213 | 4,994 | 13.3 % | 34.3 % | |
Gross margin | 20.6 % | 19.1 % | 18.0 % | 2.6pts | 1.5pts | |
Income/(loss) from operations | 285 | (1,259) | (2,269) | N/A | N/A | |
Non-GAAP income/(loss) from operations | 315 | (1,136) | (1,325) | N/A | N/A | |
Net loss | (287) | (763) | (2,569) | (88.8) % | (62.4) % | |
Non-GAAP net loss | (257) | (640) | (1,625) | (84.2) % | (59.8) % | |
i | Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. |
Recent Developments
Delivery Update
In July, Zeekr Group delivered a total of 44,193 vehicles across its Zeekr and Lynk & Co brands, marking a 2.7% increase compared to the previous month. This achievement was made possible by the trust and support of over 2 million users. Specifically, the Zeekr brand delivered 16,977 vehicles, while Lynk & Co brand delivered 27,216 vehicles.
New Model Launches
On July 9, 2025, Zeekr debuted its revolutionary Super Hybrid Technologies in Wuzhen, China. This system sets new standards for long-range plug-in hybrid technologies including best-in-class charging and acceleration speeds, as well as luxury noise and vibration control, enhancing both highway cruising and urban experiences. Built on the Company's groundbreaking SEA-S platform, the Zeekr Super Hybrid System features a revolutionary 900V high-voltage architecture, tri-silicon carbide-powered e-motors and a CATL Freevoy Super Hybrid battery. This powerful combination enables passengers to enjoy quiet city journeys and confidently transition to high-performance or long-distance driving, free of range anxiety.
The recently unveiled Zeekr 9X is the first model in the Zeekr lineup to incorporate this technology. Boasting a 70kWh battery pack with a 380km range per CLTC (model specific), as well as an all-new, turbocharged 2.0T engine with peak power output of 205 kW (275 hp) and thermal efficiency over 46%, Zeekr 9X delivers a performance that is normally only found in super luxury premium models. Zeekr 9X will commence deliveries in the third quarter of 2025.
Financial Results for the Second Quarter of 2025
Revenues
Cost of Revenues and Gross Margin
Operating Expenses
Income/(Loss) from Operations
Net Loss and Net Loss Per Share
[5] Each ADS represents ten ordinary shares. |
Balance Sheets
Cash and cash equivalents and restricted cash was RMB10,210 million (US$1,425 million) as of June 30, 2025.
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 https://ir.zeekrgroup.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP income/(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 RMB7.1636 to US$1.00, the exchange rate on June 30, 2025, 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
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Piacente Financial Communications
Tel: +86-10-6508-0677
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In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
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Media Contact
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ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in millions) | ||||||
As of | ||||||
December 31 | June 30 | June 30 | ||||
2024 | 2025 | 2025 | ||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 9,897 | 8,088 | 1,129 | |||
Restricted cash | 1,491 | 2,122 | 296 | |||
Notes receivable | 12,268 | 6,618 | 924 | |||
Accounts receivable | 2,344 | 2,873 | 401 | |||
Inventories | 10,388 | 8,007 | 1,118 | |||
Amounts due from related parties | 9,821 | 11,036 | 1,541 | |||
Prepayments and other current assets | 4,654 | 5,870 | 819 | |||
Total current assets | 50,863 | 44,614 | 6,228 | |||
Property, plant and equipment, net | 10,984 | 10,502 | 1,466 | |||
Intangible assets, net | 1,346 | 1,426 | 199 | |||
Land use rights, net | 506 | 500 | 70 | |||
Operating lease right-of-use assets | 3,008 | 2,817 | 393 | |||
Deferred tax assets | 340 | 513 | 72 | |||
Long-term investments | 688 | 967 | 135 | |||
Other non-current assets | 477 | 492 | 69 | |||
Total non-current assets | 17,349 | 17,217 | 2,404 | |||
TOTAL ASSETS | 68,212 | 61,831 | 8,632 | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in millions) | ||||||
As of | ||||||
December 31 | June 30 | June 30 | ||||
2024 | 2025 | 2025 | ||||
RMB | RMB | US$ | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | 1,353 | 9,129 | 1,274 | |||
Accounts payable | 15,899 | 14,832 | 2,070 | |||
Notes payable and others | 23,391 | 18,056 | 2,520 | |||
Amounts due to related parties | 19,099 | 19,523 | 2,725 | |||
Income tax payable | 98 | 316 | 44 | |||
Accruals and other current liabilities | 15,455 | 13,570 | 1,896 | |||
Total current liabilities | 75,295 | 75,426 | 10,529 | |||
Long-term borrowings | 2,727 | 7,278 | 1,016 | |||
Operating lease liabilities, non-current | 2,137 | 1,946 | 272 | |||
Other non-current liabilities | 2,191 | 2,380 | 333 | |||
Deferred tax liability | 57 | 58 | 8 | |||
Total non-current liabilities | 7,112 | 11,662 | 1,629 | |||
TOTAL LIABILITIES | 82,407 | 87,088 | 12,158 | |||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | 3 | 3 | 0 | |||
Paid-in capital in combined companies | 7,669 | 0 | 0 | |||
Additional paid-in capital | 15,763 | 10,542 | 1,472 | |||
Treasury stock | (187) | (193) | (27) | |||
Accumulated deficits | (38,894) | (34,346) | (4,795) | |||
Accumulated other comprehensive income | (142) | (63) | (9) | |||
Total Zeekr Group shareholders' deficit | (15,788) | (24,057) | (3,359) | |||
Non-controlling interest | 1,593 | (1,200) | (167) | |||
TOTAL SHAREHOLDERS' DEFICIT | (14,195) | (25,257) | (3,526) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 68,212 | 61,831 | 8,632 | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in millions, except share/ADS and per share/ADS data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
June 30 | March 31 | June 30 | June 30 | |||||
2024 | 2025 | 2025 | 2025 | |||||
RMB | RMB | RMB | US$ | |||||
Revenues: | ||||||||
Vehicle sales | 22,433 | 19,096 | 22,916 | 3,199 | ||||
Other sales and services | 5,238 | 2,923 | 4,515 | 630 | ||||
Total revenues | 27,671 | 22,019 | 27,431 | 3,829 | ||||
Cost of revenues: | ||||||||
Vehicle sales | (19,847) | (15,948) | (18,953) | (2,646) | ||||
Other sales and services | (2,830) | (1,858) | (2,822) | (394) | ||||
Total cost of revenues | (22,677) | (17,806) | (21,775) | (3,040) | ||||
Gross profit | 4,994 | 4,213 | 5,656 | 789 | ||||
Operating expenses: | ||||||||
Research and development expenses | (3,760) | (2,908) | (2,146) | (300) | ||||
Selling, general and administrative expenses | (3,725) | (2,645) | (3,364) | (469) | ||||
Other operating income, net | 222 | 81 | 139 | 19 | ||||
Total operating expenses | (7,263) | (5,472) | (5,371) | (750) | ||||
(Loss)/income from operations | (2,269) | (1,259) | 285 | 39 | ||||
Interest expense | (139) | (116) | (108) | (15) | ||||
Interest income | 103 | 45 | 37 | 5 | ||||
Other (expense)/income, net | (97) | 593 | (292) | (40) | ||||
Loss before income tax expense and share of losses in equity method investments | (2,402) | (737) | (78) | (11) | ||||
Share of income in equity method investments | 86 | 128 | 151 | 21 | ||||
Income tax expense | (253) | (154) | (360) | (50) | ||||
Net loss | (2,569) | (763) | (287) | (40) | ||||
Less: income/(loss) attributable to non- controlling interest | 307 | (45) | 107 | 15 | ||||
Net loss attributable to shareholders of Zeekr Group | (2,876) | (718) | (394) | (55) | ||||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in millions, except share/ADS and per share/ADS data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
June 30 | March 31 | June 30 | June 30 | |||||
2024 | 2025 | 2025 | 2025 | |||||
RMB | RMB | RMB | US$ | |||||
Net loss per share attributed to ordinary shareholders: | ||||||||
Basic and diluted | (1.25) | (0.28) | (0.15) | (0.02) | ||||
Weighted average shares used in calculating net loss per share: | ||||||||
Basic and diluted | 2,301,866,887 | 2,552,901,668 | 2,561,060,669 | 2,561,060,669 | ||||
Net loss per ADS attributed to ordinary shareholders: | ||||||||
Basic and diluted | (12.49) | (2.81) | (1.54) | (0.21) | ||||
Weighted average ADS used in calculating net loss per ADS: | ||||||||
Basic and diluted | 230,186,689 | 255,290,167 | 256,106,067 | 256,106,067 | ||||
Net loss | (2,569) | (763) | (287) | (40) | ||||
Other comprehensive income/(loss), net of tax of nil: | ||||||||
Foreign currency translation adjustments | 109 | 19 | (22) | (3) | ||||
Comprehensive loss | (2,460) | (744) | (309) | (43) | ||||
Less: comprehensive income/(loss) attributable to non-controlling interest | 218 | (68) | 107 | 15 | ||||
Comprehensive loss attributable to shareholders of Zeekr Group | (2,678) | (676) | (416) | (58) | ||||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in millions, except share/ADS and per share/ADS data and otherwise noted) | ||||||
Six Months Ended | ||||||
June 30 | June 30 | June 30 | ||||
2024 | 2025 | 2025 | ||||
RMB | RMB | US$ | ||||
Revenues: | ||||||
Vehicle sales | 38,883 | 42,012 | 5,865 | |||
Other sales and services | 10,569 | 7,438 | 1,039 | |||
Total revenues | 49,452 | 49,450 | 6,904 | |||
Cost of revenues: | ||||||
Vehicle sales | (34,144) | (34,901) | (4,872) | |||
Other sales and services | (6,769) | (4,680) | (654) | |||
Total cost of revenues | (40,913) | (39,581) | (5,526) | |||
Gross profit | 8,539 | 9,869 | 1,378 | |||
Operating expenses: | ||||||
Research and development expenses | (6,086) | (5,054) | (705) | |||
Selling, general and administrative expenses | (6,638) | (6,009) | (839) | |||
Other operating income, net | 222 | 220 | 31 | |||
Total operating expenses | (12,502) | (10,843) | (1,513) | |||
Loss from operations | (3,963) | (974) | (135) | |||
Interest expense | (287) | (224) | (31) | |||
Interest income | 181 | 82 | 11 | |||
Other (expense)/income, net | (237) | 301 | 42 | |||
Loss before income tax expense and share of losses in equity method investments | (4,306) | (815) | (113) | |||
Share of income in equity method investments | 177 | 279 | 39 | |||
Income tax expense | (355) | (514) | (72) | |||
Net loss | (4,484) | (1,050) | (146) | |||
Less: income attributable to non-controlling interest | 374 | 62 | 9 | |||
Net loss attributable to shareholders of Zeekr Group | (4,858) | (1,112) | (155) | |||
ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in millions, except share/ADS and per share/ADS data and otherwise noted) | ||||||
Six Months Ended | ||||||
June 30 | June 30 | June 30 | ||||
2024 | 2025 | 2025 | ||||
RMB | RMB | US$ | ||||
Net loss per share attributed to ordinary shareholders: | ||||||
Basic and diluted | (2.26) | (0.43) | (0.06) | |||
Weighted average shares used in calculating net loss per share: | ||||||
Basic and diluted | 2,150,933,444 | 2,557,003,707 | 2,557,003,707 | |||
Net loss per ADS attributed to ordinary shareholders: | ||||||
Basic and diluted | (22.59) | (4.35) | (0.61) | |||
Weighted average ADS used in calculating net loss per ADS: | ||||||
Basic and diluted | 215,093,344 | 255,700,371 | 255,700,371 | |||
Net loss | (4,484) | (1,050) | (146) | |||
Other comprehensive income, net of tax of nil: | ||||||
Foreign currency translation adjustments | 247 | (3) | 0 | |||
Comprehensive loss | (4,237) | (1,053) | (146) | |||
Less: comprehensive income attributable to non-controlling interest | 374 | 39 | 5 | |||
Comprehensive loss attributable to shareholders of Zeekr Group | (4,611) | (1,092) | (151) | |||
ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in millions, except share/ADS and per share/ADS data and otherwise noted) | |||||||||
Three Months Ended | |||||||||
June 30 | March 31 | June 30 | June 30 | ||||||
2024 | 2025 | 2025 | 2025 | ||||||
RMB | RMB | RMB | US$ | ||||||
(Loss)/income from operations | (2,269) | (1,259) | 285 | 39 | |||||
Share-based compensation expenses | 944 | 123 | 30 | 4 | |||||
Non-GAAP (loss)/income from operations | (1,325) | (1,136) | 315 | 43 | |||||
Net loss | (2,569) | (763) | (287) | (40) | |||||
Share-based compensation expenses | 944 | 123 | 30 | 4 | |||||
Non-GAAP net loss | (1,625) | (640) | (257) | (36) | |||||
Net loss attributable to ordinary shareholders | (2,876) | (718) | (394) | (55) | |||||
Share-based compensation expenses | 944 | 123 | 30 | 4 | |||||
Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group | (1,932) | (595) | (364) | (51) | |||||
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||||||
Basic and diluted | 2,301,866,887 | 2,552,901,668 | 2,561,060,669 | 2,561,060,669 | |||||
Non-GAAP net loss per ordinary share attributed to ordinary shareholders | |||||||||
Basic and diluted | (0.84) | (0.23) | (0.14) | (0.02) | |||||
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | |||||||||
Basic and diluted | 230,186,689 | 255,290,167 | 256,106,067 | 256,106,067 | |||||
Non-GAAP net loss per ADS attributed to ordinary shareholders | |||||||||
Basic and diluted | (8.39) | (2.33) | (1.42) | (0.20) | |||||
ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in millions, except share and per share data and otherwise noted) | ||||||
Six Months Ended | ||||||
June 30 | June 30 | June 30 | ||||
2024 | 2025 | 2025 | ||||
RMB | RMB | US$ | ||||
Loss from operations | (3,963) | (974) | (135) | |||
Share-based compensation expenses | 947 | 153 | 21 | |||
Non-GAAP loss from operations | (3,016) | (821) | (114) | |||
Net loss | (4,484) | (1,050) | (146) | |||
Share-based compensation expenses | 947 | 153 | 21 | |||
Non-GAAP net loss | (3,537) | (897) | (125) | |||
Net loss attributable to ordinary shareholders | (4,858) | (1,112) | (155) | |||
Share-based compensation expenses | 947 | 153 | 21 | |||
Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group | (3,911) | (959) | (134) | |||
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | ||||||
Basic and diluted | 2,150,933,444 | 2,557,003,707 | 2,557,003,707 | |||
Non-GAAP net loss per ordinary share attributed to ordinary shareholders | ||||||
Basic and diluted | (1.82) | (0.38) | (0.05) | |||
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS | ||||||
Basic and diluted | 215,093,344 | 255,700,371 | 255,700,371 | |||
Non-GAAP net loss per ADS attributed to ordinary shareholders | ||||||
Basic and diluted | (18.18) | (3.75) | (0.52) | |||
| Last Trade: | US$26.66 |
| Daily Change: | -0.13 -0.49 |
| Daily Volume: | 175,263 |
| Market Cap: | US$6.830B |
December 01, 2025 November 01, 2025 September 01, 2025 August 01, 2025 | |
