Earnings release
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1 Zeekr Group Reports Third Quarter 2025 Unaudited Financial Results HANGZHOU, China, November 17, 2025 -- 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 third quarter ended September 30, 2025.1 Operating Highlights for the Third Quarter of 2025 Total vehicle deliveries were 140,195 units for the third quarter of 2025, representing a 12.5% year- over-year increase and a 7.1% quarter-over-quarter increase. The Zeekr brand delivered 52,860 vehicles. Meanwhile, the Lynk & Co brand delivered 87,335 vehicles, with 72.4% of deliveries coming from NEV models. Deliveries 2025 Q3 2025 Q2 2025 Q1 2024 Q4 140,195 130,866 114,011 169,088 Deliveries 2024 Q3 2024 Q2 2024 Q1 2023 Q4 124,606 119,755 94,115 120,114 Financial Highlights for the Third Quarter of 2025 Vehicle sales were RMB 26,527 million (US$ 3,726 million) 2 for the third quarter of 2025 , representing an increase of 7.3% from the third quarter of 2024 and an increase of 15.8% from the second quarter of 2025. Vehicle margin 3 was 15.6% for the third quarter of 2025 , compared with 12.6% for the third quarter of 2024 and 17.3% for the second quarter of 2025. Total revenues were RMB 31,562 million (US $4,434 million) for the third quarter of 2025 , representing an increase of 9.1% from the third quarter of 2024 and an increase of 15.1% from the second quarter of 2025. Gross profit was RMB6,046 million (US$850 million) for the third quarter of 2025, representing an increase of 37.1% from the third quarter of 2024 and an increase of 6.9% from the second quarter of 2025. Gross margin was 19.2% for the third quarter of 2025, compared with 15.2% for the third quarter of 2024 and 20.6% for the second quarter of 2025. Loss from operations was RMB56 million (US$8 million) for the third quarter of 2025, compared with RMB2, 076 million loss from operations in the third quarter of 2024 and RMB2 85 million income from operation s in the second quarter of 2025. Excluding share -based compensation 1 All disclosed data (including historical periods) were recast to reflect common -control accounting treatment related to Lynk & Co's acquisition. 2 All conversions from Renminbi(“RMB”) to U.S. dollars (“US$”) were made at an exchange rate of RMB7.1190 to US$1.00, as set forth in the H.10 statistical release of the Federal Reserve Board on September 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.
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2 expenses, adjusted loss from operations (non-GAAP)4 was RMB14 million (US$2 million) for the third quarter of 2025 , compared with RMB 2,029 million non-GAAP loss from operations in the third quarter of 2024 and RMB 315 million non -GAAP income from operation s in the second quarter of 2025. Net loss was RMB307 million (US$43 million) for the third quarter of 2025, representing a decrease of 84.9% from the third quarter of 2024 and an increase of 7.0% from the second quarter of 2025. Excluding share -based compensation expense s, adjusted net loss (non -GAAP)4 was RMB 265 million (US$37 million) for the third quarter of 2025, representing a decrease of 86.6% from the third quarter of 2024 and an increase of 3.1% from the second quarter of 2025. Key Financial Results for the Third Quarter of 2025 (in RMB millions, except for percentages) 2025 Q3 2025 Q2 2024 Q3 % Changei YoY QoQ Vehicle sales 26,527 22,916 24,724 7.3% 15.8% -Zeekr 11,993 10,925 14,401 (16.7)% 9.8% - Lynk & Co 14,534 11,991 10,323 40.8% 21.2% Vehicle margin 15.6% 17.3% 12.6% 3.0pts (1.7)pts -Zeekr 20.3% 21.1% 15.7% 4.6pts (0.8)pts - Lynk & Co 11.7% 13.8% 8.2% 3.5pts (2.1)pts Total revenues 31,562 27,431 28,924 9.1% 15.1% Gross profit 6,046 5,656 4,409 37.1% 6.9% Gross margin 19.2% 20.6% 15.2% 4.0pts (1.4)pts (Loss)/income from operations (56) 285 (2,076) (97.3)% N/A Non-GAAP (loss)/income from operations (14) 315 (2,029) (99.3)% N/A Net loss (307) (287) (2,028) (84.9)% 7.0% Non-GAAP net loss (265) (257) (1,981) (86.6)% 3.1% i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. 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.
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3 Recent Developments Delivery Update In October, Zeekr Group delivered a total of 61,636 vehicles across its Zeekr and Lynk & Co brands, marking a 20.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 2.15 million users. Specifically, the Zeekr brand delivered 21,423 vehicles, while the Lynk & Co brand delivered 40,213 vehicles. Financial Results for the Third Quarter of 2025 Revenues Total revenues were RMB 31,562 million (US$4,434 million) for the third quarter of 2025 , representing an increase of 9.1% from RMB 28,924 million for the third quarter of 2024 and an increase of 15.1% from RMB27,431 million for the second quarter of 2025. Revenues from vehicle sales were RMB26,527 million (US$3,726 million) for the third quarter of 2025, representing an increase of 7.3% from RMB24,724 million for the third quarter of 2024, and an increase of 15.8% from RMB22,916 million for the second quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly driven by higher vehicle sales volume due to the launch of new and facelifted models in the third quarter of 2025. Revenues from other sales and services were RMB5,035 million (US$708 million) for the third quarter of 2025, representing an increase of 19.9% from RMB4,200 million for the third quarter of 2024 and an increase of 11.5% from RMB4,515 million for the second quarter of 2025. The year- over-year increase was primarily due to an increase in after-sales spare parts revenue , which is in line with higher accumulated vehicle sales. The quarter-over-quarter increase was primarily due to an increase in R&D revenue from related parties in the third quarter of 2025. Cost of Revenues and Gross Margin Cost of revenues was RMB 25,516 million (US$3,584 million) for the third quarter of 2025 , representing an increase of 4.1% from RMB 24,515 million for the third quarter of 2024 and an increase of 17.2% from RMB 21,775 million for the second quarter of 2025 . The year -over-year increase was primarily attributable to the increase in vehicle deliveries, partially offset by the lower average cost of sales due to cost reductions and the change in product mix. The quarter-over-quarter increase was primarily attributable to the increase in vehicle deliveries and the high average cost of sales due to the change in product mix. Gross profit was RMB6,046 million (US$850 million) for the third quarter of 2025, representing an increase of 37.1% from RMB4,409 million for the third quarter of 2024 and an increase of 6.9% from RMB5,656 million for the second quarter of 2025. Gross margin was 19.2% for the third quarter of 2025, compared with 15.2% for the third quarter of 2024 and 20.6% for the second quarter of 2025.
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4 Vehicle margin was 15.6% for the third quarter of 2025, compared with 12.6% for the third quarter of 2024 and 17.3% for the second quarter of 2025 . The year-over-year increase was primarily attributed to sustained cost-saving initiatives. The quarter-over-quarter decrease was primarily due to the pace of cost reduction for newly launched models and the product mix. Operating Expenses Research and development expenses were RMB 2,743 million (US$385 million) for the third quarter of 2025, representing a decrease of 8.6% from RMB3,000 million for the third quarter of 2024 and an increase of 27.8% from RMB2,146 million for the second quarter of 2025. The year- over-year decrease and quarter-over-quarter increase were mainly in line with timing and progress of new vehicle programs. Selling, general and administrative expenses were RMB3,783 million (US$532 million) for the third quarter of 2025 , representing a n increase of 11.3% from RMB 3,398 million for the third quarter of 2024 and an increase of 12.5% from RMB3,364 million for the second quarter of 2025. The year -over-year and quarter-over-quarter increases were primarily attributable to higher marketing and advertising expenses to support new vehicle model launches and sales growth. (Loss)/income from Operations Loss from operations was RMB56 million (US$8 million) for the third quarter of 2025, compared with RMB2, 076 million loss from operation s in the third quarter of 2024 and RM B285 million income from operations in the second quarter of 2025. Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB14 million (US$2 million) for the third quarter of 2025, compared with RMB2,029 million non-GAAP loss from operations in the third quarter of 2024 and RM315 million non-GAAP income from operations in the second quarter of 2025. Net Loss and Net Loss Per Share Net loss was RMB 307 million (US$43 million) for the third quarter of 2025 , representing a decrease of 84.9% from RMB2,028 million for the third quarter of 2024 and an increase of 7.0% from RMB287 million for the second quarter of 2025. Non-GAAP net loss , which excludes share -based compensation expenses from net loss , was RMB265 million (US$37 million) for the third quarter of 2025, representing a decrease of 86.6% from RMB1,981 million for the third quarter of 2024 and an increase of 3.1% from RMB257 million for the second quarter of 2025. Net loss attributable to ordinary shareholders of Zeekr Group was RMB803 million (US$113 million) for the third quarter of 2025, representing a decrease of 62.0% from RMB2,115 million for the third quarter of 2024 and an increase of 103.8% from RMB394 million for the second quarter of 2025.
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5 Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders , was RMB761 million (US$107 million) for the third quarter of 2025, representing a decrease of 63.2% from RMB2,068 million for the third quarter of 2024 and an increase of 109.1% from RMB364 million for the second quarter of 2025. Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.31 (US$0.04) for the third quarter of 2025, compared with RMB0.83 each for the third quarter of 2024 and RMB0.15 each for the second quarter of 2025. Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.30 (US$0.04) for the third quarter of 2025 , compared with RMB 0.81 each for the third quarter of 2024 and RMB0.14 each for the second quarter of 2025. Basic and diluted net loss per American Depositary Share 5 (“ADS”) attributed to ordinary shareholders were both RMB3.12 (US$0.44) for the third quarter of 2025 , compared with RMB8.28 each for the third quarter of 2024 and RMB1.54 each for the second quarter of 2025. Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were both RMB2.96 (US$0.42) for the third quarter of 2025 , compared with RMB8.10 each for the third quarter of 2024 and RMB1.42 each for the second quarter of 2025. Balance Sheets Cash and cash equivalents and restricted cash was RMB8,763 million (US$1,231 million) as of September 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 t o 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, 5 Each ADS represents ten ordinary shares.
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6 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 me asures 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 substitu te 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. T he 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 RMB7.1190 to US$1.00, the exchange rate on September 30, 202 5, 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: ir@zeekrlife.com
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7 Piacente Financial Communications Tel: +86-10-6508-0677 Email: Zeekr@thepiacentegroup.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 Email: Zeekr@thepiacentegroup.com Media Contact Email: Globalcomms@zeekrgroup.com
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8 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in millions) As of December 31 September 30 September 30 2024 2025 2025 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 9,897 7,021 986 Restricted cash 1,491 1,742 245 Notes receivable 12,268 3,590 504 Accounts receivable 2,344 2,759 388 Inventories 10,388 8,572 1,204 Amounts due from related parties 9,821 10,655 1,497 Prepayments and other current assets 4,654 6,253 878 Total current assets 50,863 40,592 5,702 Property, plant and equipment, net 10,984 10,044 1,411 Intangible assets, net 1,346 1,468 206 Land use rights, net 506 497 70 Operating lease right-of-use assets 3,008 2,718 382 Deferred tax assets 340 339 48 Long-term investments 688 946 133 Other non-current assets 477 516 73 Total non-current assets 17,349 16,528 2,323 TOTAL ASSETS 68,212 57,120 8,025
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9 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in millions) As of December 31 September 30 September 30 2024 2025 2025 RMB RMB US$ LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term borrowings 1,353 4,505 633 Accounts payable 15,899 12,203 1,714 Notes payable and others 23,391 18,402 2,585 Amounts due to related parties 19,099 20,170 2,833 Income tax payable 98 152 21 Accruals and other current liabilities 15,455 16,030 2,253 Total current liabilities 75,295 71,462 10,039 Long-term borrowings 2,727 6,866 964 Operating lease liabilities, non-current 2,137 1,851 260 Other non-current liabilities 2,191 2,405 339 Deferred tax liability 57 67 9 Total non-current liabilities 7,112 11,189 1,572 TOTAL LIABILITIES 82,407 82,651 11,611 SHAREHOLDERS' EQUITY Ordinary shares 3 3 0 Paid-in capital in combined companies 7,669 0 0 Additional paid-in capital 15,763 10,584 1,487 Treasury stock (187) (193) (27) Accumulated deficits (38,894) (35,149) (4,937) Accumulated other comprehensive income (142) (72) (10) Total Zeekr Group shareholders’ deficit (15,788) (24,827) (3,487) Non-controlling interest 1,593 (704) (99) TOTAL SHAREHOLDERS’ DEFICIT (14,195) (25,531) (3,586) TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 68,212 57,120 8,025
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10 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 September 30 June 30 September 30 September 30 2024 2025 2025 2025 RMB RMB RMB US$ Revenues: Vehicle sales 24,724 22,916 26,527 3,726 Other sales and services 4,200 4,515 5,035 708 Total revenues 28,924 27,431 31,562 4,434 Cost of revenues: Vehicle sales (21,619) (18,953) (22,392) (3,145) Other sales and services (2,896) (2,822) (3,124) (439) Total cost of revenues (24,515) (21,775) (25,516) (3,584) Gross profit 4,409 5,656 6,046 850 Operating expenses: Research and development expenses (3,000) (2,146) (2,743) (385) Selling, general and administrative expenses (3,398) (3,364) (3,783) (532) Other operating (expense)/income, net (87) 139 424 59 Total operating expenses (6,485) (5,371) (6,102) (858) (Loss)/income from operations (2,076) 285 (56) (8) Interest expense (44) (108) (135) (19) Interest income 4 37 47 7 Other income/(expense), net 137 (292) 107 15 Loss before income tax expense and share of losses in equity method investments (1,979) (78) (37) (5) Share of income/(loss) in equity method investments 82 151 (20) (3) Income tax expense (131) (360) (250) (35) Net loss (2,028) (287) (307) (43) Less: income/(loss) attributable to non- controlling interest 87 107 496 70 Net loss attributable to shareholders of Zeekr Group (2,115) (394) (803) (113)
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11 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 September 30 June 30 September 30 September 30 2024 2025 2025 2025 RMB RMB RMB US$ Net loss per share attributed to ordinary shareholders: Basic and diluted (0.83) (0.15) (0.31) (0.04) Weighted average shares used in calculating net loss per share: Basic and diluted 2,552,901,668 2,561,060,669 2,572,968,401 2,572,968,401 Net loss per ADS attributed to ordinary shareholders: Basic and diluted (8.28) (1.54) (3.12) (0.44) Weighted average ADS used in calculating net loss per ADS: Basic and diluted 255,290,167 256,106,067 257,296,840 257,296,840 Net loss (2,028) (287) (307) (43) Other comprehensive income/(loss), net of tax of nil: Foreign currency translation adjustments (179) (22) (10) (1) Comprehensive loss (2,207) (309) (317) (44) Less: comprehensive income/(loss) attributable to non-controlling interest 87 107 495 70 Comprehensive loss attributable to shareholders of Zeekr Group (2,294) (416) (812) (114)
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12 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 September 30 June 30 September 30 September 30 2024 2025 2025 2025 RMB RMB RMB US$ (Loss)/income from operations (2,076) 285 (56) (8) Share-based compensation expenses 47 30 42 6 Non-GAAP (loss)/income from operations (2,029) 315 (14) (2) Net loss (2,028) (287) (307) (43) Share-based compensation expenses 47 30 42 6 Non-GAAP net loss (1,981) (257) (265) (37) Net loss attributable to ordinary shareholders (2,115) (394) (803) (113) Share-based compensation expenses 47 30 42 6 Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group (2,068) (364) (761) (107) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 2,552,901,668 2,561,060,669 2,572,968,401 2,572,968,401 Non-GAAP net loss per ordinary share attributed to ordinary shareholders Basic and diluted (0.81) (0.14) (0.30) (0.04) Weighted average number of ADS used in calculating Non-GAAP net loss per ADS Basic and diluted 255,290,167 256,106,067 257,296,840 257,296,840 Non-GAAP net loss per ADS attributed to ordinary shareholders Basic and diluted (8.10) (1.42) (2.96) (0.42)