What is the equity structure of Zeekr?
[Table Level]
- Table Title: company Intelligent Technology Holding Limited Equity Statement
- Table Summary: The table presents the equity structure of company Intelligent Technology Holding Limited as of December 31, 2022, and June 30, 2023. It includes details on ordinary and preferred shares, additional paid-in capital, accumulated deficit, and comprehensive loss. The summary also calculates the total shareholders’ deficit incorporating the equity deficit and non-controlling interests.
- Context: This table forms a part of the unaudited condensed combined and consolidated balance sheet as well as the statement of operations for specific periods, highlighting important changes in equity resulting from transactions such as issuance of shares and acquisition activities.
- Special Notes: Amounts are presented in thousands of RMB, and emphasize both ordinary and preferred shares alongside their respective number and value.

[Row Level]
Row 1: As of December 31, 2022, company Intelligent Technology Holding Limited held 2,000,000,000 ordinary shares valued at RMB 2,584 and 126,470,585 preferred shares with a worth of RMB 162. The additional paid-in capital amounted to RMB 5,705,305 while the accumulated deficit was RMB (12,518,706). The comprehensive loss was RMB (32,210), resulting in company Intelligent Technology Holding Limited's equity deficit of RMB (6,842,865). Including a non-controlling interest of RMB 869,998, the total shareholders' deficit reached RMB (5,972,867).

Row 2: As of June 30, 2023, company Intelligent Technology Holding Limited maintained 2,000,000,000 ordinary shares totaling RMB 2,584 and had issued 261,463,568 preferred shares valued at RMB 356. Additional paid-in capital had increased to RMB 10,979,770, while the accumulated deficit worsened to RMB (16,402,736). company Intelligent Technology Holding Limited reported accumulated other comprehensive income of RMB 14,111, which contributed to reducing the equity deficit to RMB (5,405,915). The non-controlling interest slightly increased to RMB 883,450, resulting in a total shareholders’ deficit of RMB (4,522,465). [Table Level]
- Table Title: Balance Sheet of company Intelligent Technology Holding Limited as of December 31, 2022
- Table Summary: The table provides a breakdown of the equity structure of company Intelligent Technology Holding Limited, outlining the distribution and movement within different categories of shares, capital, and earnings from January 1, 2022, to December 31, 2022. It includes data on ordinary and preferred shares, additional paid-in capital, paid-in capital in combined companies, and retained earnings, culminating in total shareholders’ equity.
- Special Notes: Amounts are denominated in thousands of RMB, except where shares and per-share data are noted. The table includes special notations such as underlining to denote totals or significant figures.

[Row Level]
Row 1: As of the beginning of the period, January 1, 2022, company Intelligent Technology Holding Limited had 2,000,000,000 ordinary shares, which equated to 2,584 RMB. company issued 75,882,351 preferred shares valued at 98 RMB, with additional paid-in capital amounting to 4,269,555 RMB. There was 697,517 RMB in paid-in capital within combined companies. The retained earnings showed an accumulated deficit of 4,584,927 RMB. The accumulated other comprehensive loss was 46,766 RMB, resulting in a total equity of 338,061 RMB for company Intelligent Technology Holding Limited. The non-controlling interest stood at 591,365 RMB, bringing total shareholders’ equity to 929,426 RMB.

Row 2: During the period, there were 50,588,234 preferred shares issued, changing the balance to 64 RMB. company received an additional paid-in capital of 1,268,296 RMB in this transaction. There was no change in ordinary shares or the respective capital amounts, nor in the paid-in capital for combined companies. This issuance did not immediately alter the retained earnings or other comprehensive income/loss segments.

Row 3: Notably, adjustments documented include adjustments of (43,754) RMB in additional paid-in capital and (697,517) RMB reduction in paid-in capital in combined companies. These reflect corresponding adjustments in the total equity.

Row 4: Continuing the financial activities in the timeframe, an amount of 211,208 RMB adjusted the additional paid-in capital, indicating a further increment in financial inflow for the period.

Row 5: By December 31, 2022, the figures represented a consolidated statement reflecting 2,000,000,000 ordinary shares holding a value of 2,584 RMB. The total preferred shares increased to 126,470,585 contributing 162 RMB, while the additional paid-in capital registered a cumulative of 5,705,305 RMB. The portfolio indicated no change in paid-in capital with combined companies now nil, while retained earnings accumulated a further deficit totaling 12,518,706 RMB. The accumulated other comprehensive loss improved to 32,210 RMB, setting the equity for company Intelligent Technology Holding Limited at (6,842,865) RMB, with a non-controlling interest of 869,998 RMB, leading to a total shareholders' equity of (5,972,867) RMB. [Table Level]
- Table Title: Condensed Balance Sheets of company Intelligent Technology Holding Limited as of December 31, 2020 and 2021
- Table Summary: The table provides a detailed balance sheet of company Intelligent Technology Holding Limited, showing the company's assets, liabilities, and shareholders' equity for the years ending December 31, 2020, and 2021, with figures in both RMB and USD. It highlights the current and non-current assets, total liabilities, and breakdown of shareholders' equity.
- Context: The table is part of the financial statements, which include income and cash flow statements. It is presented as part of company Intelligent Technology Holding Limited's requirement to provide condensed financial information due to Regulation S-X given its restricted net assets condition.
- Special Notes: Amounts are presented in thousands, with currency in RMB and equivalent USD values for 2021 are noted in accordance with Note 2d.

[Row Level]
Row 1: "As of December 31, 2020, Cash and cash equivalents were not listed, whereas by the end of 2021, Cash and cash equivalents amounted to RMB 1,907,283 or USD 268,122."
Row 2: "Investments in subsidiaries were RMB 3,379,969 at the end of 2020, with no equivalent amount listed for 2021."
Row 3: "The Total Assets at the end of 2020 were RMB 3,379,969, while for 2021, Total Assets comprised RMB 1,907,283 and an equivalent of USD 268,122."
Row 4: "For liabilities, the Deficits of investments in subsidiaries were not reported in 2020 but by 2021 were noted as RMB 1,569,222 and USD 220,598."
Row 5: "The Total Liability for 2020 is listed as null, but for 2021 is documented as RMB 1,569,222, equivalent to USD 220,598."
Row 6: "Ordinary shares showed no value for 2020 but were RMB 2,584 or USD 363 for 2021."
Row 7: "Preferred shares were not listed for 2020, with a minimal entry of RMB 98 or USD 14 for 2021."
Row 8: "Additional paid-in capital increased from RMB 6,417 in 2020 to RMB 4,269,555 or USD 600,205 by the end of 2021."
Row 9: "Paid-in capital of combined companies started at RMB 1,241,717 in 2020, decreasing to RMB 697,517 or USD 98,055 by 2021."
Row 10: "Retained earnings, or accumulated deficits, showed a positive balance of RMB 2,075,196 in 2020 but translated to a negative RMB 4,584,927 or USD 644,539 by 2021."
Row 11: "Accumulated other comprehensive income (loss) was RMB 56,639 for 2020 and decreased to a loss of RMB 46,766 or USD 6,574 by 2021."
Row 12: "The Total shareholders' equity showed RMB 3,379,969 for 2020, reducing significantly to RMB 338,061 or USD 47,524 by 2021."
Row 13: "Total Liabilities and Shareholders' Equity came to RMB 3,379,969 in 2020 and RMB 1,907,283 or USD 268,122 for 2021." *[Table Level]
- Table Title: company Intelligent Technology Holding Limited Balance Changes
- Table Summary: This table illustrates the unaudited condensed combined and consolidated balance sheet of company Intelligent Technology Holding Limited as of January 1, 2021, and September 30, 2021. It details the changes in ordinary shares, preferred shares, paid-in capital, retained earnings, and total equity for company Intelligent Technology Holding Limited and its non-controlling interest over the period.
- Context: The table is positioned between the unaudited condensed combined and consolidated balance sheet and statements of operations for company Intelligent Technology Holding Limited, indicating its purpose of showing financial changes across a specific duration.
- Special Notes: All amounts are provided in thousands of RMB, and shares are listed with 'Number' and 'RMB' values.

[Row Level]
Row 1: As of January 1, 2021, the balance starts with a total company Intelligent Technology Holding Limited's equity of RMB 3,379,969, consisting of ordinary shares at zero, additional paid-in capital of RMB 6,417, a total paid-in capital of combined companies of RMB 1,241,717, retained earnings of RMB 2,075,196, and no non-controlling interest.
Row 2: The capital injection in company Hangzhou Bay adds RMB 500,000 to the paid-in capital of combined companies, indicating an increase in total equity.
Row 3: Issuance of 2,000,000,000 ordinary shares at the incorporation of company Intelligent Technology Holding Limited results in an RMB 2,000,000 increment to both the ordinary shares and total equity.
Row 4: A dividend distributed to Geely Auto by company Shanghai prior to the reorganization leads to an accumulated deficit of RMB 1,811,368, reducing total equity equivalently.
Row 5: Conversion of advances from company Intelligent Technology Holding Limited to paid-in capital of Ningbo Viridi adds RMB 822,000 to both the paid-in capital and total equity.
Row 6: There is a gain from the acquisition of an equity method investment from entities under common control, adding RMB 2,074 to both the paid-in capital and total equity.
Row 7: Gain from the disposal of an equity method investment to entities under common control amounts to RMB 35,478, enhancing total equity by the same amount.
Row 8: Acquisition of company Hangzhou Bay in connection with the reorganization and its accrued results reduces retained earnings by RMB 500,000.
Row 9: The acquisition of company Shanghai in the reorganization results in a combined accumulated deficit of RMB 485,329.
Row 10: Issuance of preferred shares leads to an increase of RMB 1,934,022 in both the preferred shares and paid-in capital, while the ordinary shares remain unchanged from the issuance post corporate actions.
Row 11: A net loss amounting to RMB 2,653,974 contributes to a significant reduction in retained earnings and thus in total equity.
Row 12: Share-based compensation increases paid-in capital by RMB 96,080, reflecting employee equity incentives.
Row 13: A foreign currency translation adjustment results in an RMB 48,479 decrease in accumulated other comprehensive income, reducing total equity to the same extent.
Row 14: As of September 30, 2021, the balance sheet ends with 2,000,000,000 ordinary shares amounting to RMB 2,584, new preferred shares of 75,882,351 valued at RMB 98, and a total of RMB 2,790,153 in company Intelligent Technology Holding Limited's equity, despite a notable accumulated deficit of RMB 2,390,146 and additional shareholders’ equity impact by RMB 8,160 in non-controlling interest. [Table Level]
- Table Title: company Intelligent Technology Holding Limited Combined and Consolidated Statements of Comprehensive Income (Loss) and Shareholders' Equity
- Table Summary: The table provides a detailed overview of the shareholders’ equity structure for company Intelligent Technology Holding Limited, showcasing the number of shares, their corresponding RMB value, additional paid-in capital, retained earnings or deficit, accumulated other comprehensive income or loss, and the overall equity for the years ended December 31, 2020, 2021, and 2022.
- Context: The accompanying notes are essential for understanding the detailed financial data presented in the table, including transactions such as issuance of preferred shares and acquisitions that impact shareholders' equity and comprehensive income, as outlined for the balance as of December 31, 2022.
- Special Notes: All amounts are expressed in thousands unless otherwise noted. The table includes underline formatting for emphasis, particularly on final total figures.

[Row Level]
Row 1: The data indicates there are 2,000,000,000 ordinary shares valued at RMB 2,584 and 98 preferred shares valued at RMB 75,882,351. Additional paid-in capital amounts to RMB 4,269,555, with an initial paid-in capital in combined companies of RMB 697,517. The retained earnings show an accumulated deficit of RMB (4,584,927). Accumulated other comprehensive loss stands at RMB (46,766), resulting in total company Intelligent Technology Holding Limited's equity of RMB 338,061. Non-controlling interest is RMB 591,365, giving rise to a total shareholders’ equity of RMB 929,426.

Row 2: There is no new data for ordinary shares, while the preferred shares increased to 162, valued at RMB 126,470,585. Additional paid-in capital rose to RMB 5,705,305. However, paid-in capital in combined companies decreased to zero. The retained earnings accumulated deficit worsened to RMB (12,518,706). Accumulated other comprehensive loss is reduced to RMB (32,210), resulting in total company Intelligent Technology Holding Limited's equity (deficit) of RMB (6,842,865). Non-controlling interest increased to RMB 869,998, concluding with a total shareholders’ equity of RMB (5,972,867). [Table Level]
- Table Title: company Intelligent Technology Holding Limited Combined and Consolidated Balance Sheet
- Table Summary: The table presents the balance sheet of company Intelligent Technology Holding Limited, detailing ordinary and preferred shares, additional paid-in capital, paid-in capital in combined companies, retained earnings, and other comprehensive income for the years ending December 31, 2020, 2021, and 2022. It also includes the total equity for company Intelligent Technology Holding Limited and non-controlling interests, culminating in the total shareholders' equity.
- Special Notes: Values are presented in thousands of RMB, with a focus on share quantities and different equity components.

[Row Level]
Row 1: As of the latest reporting period, company Intelligent Technology Holding Limited holds 2,000,000,000 ordinary shares valued at RMB 2,584 and 75,882,351 preferred shares valued at RMB 98. The additional paid-in capital stands at RMB 4,269,555, with paid-in capital in combined companies listed as RMB 697,517. Retained earnings show a deficit of RMB 4,584,927, and accumulated other comprehensive income registers at a loss of RMB 46,766. The total equity for company Intelligent Technology Holding Limited is RMB 338,061, while non-controlling interest amounts to RMB 591,365, resulting in total shareholders' equity of RMB 929,426.

Row 2: During the reported changes, no value alterations occurred in ordinary shares. However, there was a recent issuance causing preferred shares to increase to a total of 126,470,585 shares, valued at RMB 162, with an additional paid-in capital increase to RMB 5,705,305. Retained earnings (or accumulated deficit) worsened to RMB 12,518,706, while accumulated other comprehensive losses improved slightly to RMB 32,210. company Intelligent Technology Holding Limited's total equity (deficit) reflects a decline, now at RMB 6,842,865, whereas non-controlling interest improved to RMB 869,998, leading to a total shareholders' equity of RMB 5,972,867 in the negative. *Table Level*  
- Table Title: company Intelligent Technology Holding Limited Shareholders' Equity Arrangement  
- Table Summary: This table represents the changes in shareholders' equity components for company Intelligent Technology from ordinary shares and preferred shares to various capital accounts, accumulated deficits, and total equity, recorded in RMB, as of certain key dates.  
- Context: The table is part of a financial disclosure detailing company's consolidated balance sheets and statements of operations. Other sections describe financial events such as share issuance, acquisitions, and net losses over the years ending on December 31st.  
- Special Notes: All amounts are in thousands of RMB; noteworthy formatting includes underlining to denote final totals in the table.  

[Row Level]  
Row 1: As of the beginning of the period, company reported 2,000,000,000 ordinary shares valued at 2,584 RMB and 75,882,351 preferred shares valued at 98 RMB. Additional paid-in capital was 4,269,555 RMB, and paid-in capital in combined companies was 697,517 RMB. The accumulated deficit stood at 4,584,927 RMB, while accumulated other comprehensive loss totaled 46,766 RMB. The Total Equity for company Intelligent Technology was 338,061 RMB, with non-controlling interest at 591,365 RMB, constituting a total shareholders' equity of 929,426 RMB.  

Row 2: During the period, there was no change in the number of ordinary shares, while the number of preferred shares increased by 50,588,234, bringing their total to 126,470,585 with a combined valuation added of 64 RMB in preferred shares. Additional paid-in capital increased by 1,268,296 RMB. The accumulated deficit increased by 7,933,779 RMB, and there was a small currency-related change leading to an accumulated other comprehensive income adjustment of 14,556 RMB. Total equity for company Intelligent Technology showed a deficit of 6,842,865 RMB after recognizing a non-controlling interest movement to 869,998 RMB, resulting in a total shareholders' deficit of 5,972,867 RMB by the period end. [Table Level]  
- Table Title: Combined and Consolidated Statement of Changes in Equity for company Intelligent Technology Holding Limited  
- Table Summary: This table outlines the changes in equity for company Intelligent Technology Holding Limited over the years, focusing on the beginning and ending balances and transactions affecting various components such as preferred shares, net loss, and share-based compensation. It includes details like the number and value of ordinary and preferred shares, capital amounts, and the total impact on shareholders' equity.  
- Context: The table is part of the financial statements for company Intelligent Technology, highlighting comprehensive loss and changes in financing and foreign currency translation from 2021 to 2023.  
- Special Notes: Amounts are presented in thousands of RMB. The financial impacts include share issuance, net income/loss, and currency adjustments.  

[Row Level]  
Row 1: As of January 1, 2023, company Intelligent Technology had 2,000,000,000 ordinary shares valued at RMB 2,584 and 126,470,585 preferred shares valued at RMB 162. The additional paid-in capital was RMB 5,705,305, and the accumulated deficit stood at RMB (12,518,706). The total shareholders' equity was reported as RMB (5,972,867).  

Row 2: The issuance of 139,375,669 preferred shares added RMB 200 in value, contributing RMB 5,372,844 to the additional paid-in capital, and increasing the total shareholders' equity by RMB 5,373,044.  

Row 3: The net loss for the period amounted to RMB (8,346,980), decreasing the total shareholders' equity by the same amount.  

Row 4: Share-based compensation contributed RMB 135,649 to the paid-in capital, impacting the total shareholders' equity by RMB 135,649.  

Row 5: A foreign currency translation adjustment resulted in an increase of RMB 49,765 to the accumulated other comprehensive income/loss, thereby increasing the total shareholders' equity by RMB 49,765.  

Row 6: By December 31, 2023, company Intelligent Technology maintained 2,000,000,000 ordinary shares and 265,846,254 preferred shares. The additional paid-in capital reached RMB 11,213,798, while the accumulated deficit widened to RMB (20,865,686). The accumulated other comprehensive income was RMB 17,555, and the total company Intelligent Technology equity showed a deficit of RMB (9,631,387) with a non-controlling interest of RMB 952,787, resulting in a total shareholders' equity of RMB (8,678,600). [Table Level]
- Table Title: company Intelligent Technology Holding Limited - Shareholders' Equity Overview
- Table Summary: The table provides a detailed breakdown of shareholders' equity for company Intelligent Technology Holding Limited, displaying figures related to ordinary and preferred shares, additional paid-in capital, paid-in capital in combined companies, retained earnings, and accumulated other comprehensive income or loss. It also shows summaries for total equity attributable to company Intelligent Technology Holding Limited and non-controlling interests.
- Context: The information appears within the financial statements for company Intelligent Technology Holding Limited, reflecting consolidated and combined balance sheets and operating statements for the years ending December 31, 2020, 2021, and 2022, with amounts presented in thousands, except as otherwise noted.
- Special Notes: Values are given in RMB, and amounts represent thousands unless specified otherwise. Footnote 1 is referenced regarding the acquisition of CEVT in connection with the reorganization.

[Row Level]
- Row 1: As of the beginning of January 2022, there were 2,000,000,000 ordinary shares valued at RMB 2,584. Additionally, 75,882,351 preferred shares were recorded at RMB 98, with a base value of RMB 50,588,234 for ordinary shares and RMB 64 for preferred shares.
- Row 2: Throughout the reporting period, changes included a preferred share issuance increasing the number to 126,470,585, valued subsequently at RMB 162. The additional paid-in capital increased notably by RMB 5,705,305, factoring previous adjustments and reductions including a RMB 43,754 deduction and RMB 697,517 decrease in paid-in capital in combined companies.
- Row 3: Retained earnings showed an accumulated deficit totaling RMB 12,518,706 by the end of the period. Accumulated other comprehensive income listed a loss of RMB 32,210. Consequently, total equity for company Intelligent Technology Holding Limited reached a deficit of RMB 6,842,865, while non-controlling interests stood at RMB 869,998. This resulted in an overall total shareholders' equity amounting to a deficit of RMB 5,972,867. [Table Level]
- Table Title: Shareholders’ Equity and Total Liabilities as of December 31, 2020 and 2021
- Table Summary: This table presents the shareholders' equity and total liabilities of company Intelligent Technology Holding Limited as of December 31, 2020, and 2021, both in RMB and converted to US dollars for 2021. It details ordinary shares, convertible preferred shares, additional paid-in capital, and accumulated earnings and losses.
- Context: The table is part of the combined and consolidated balance sheets of company Intelligent Technology Holding Limited, providing financial position details for the two fiscal years. 
- Special Notes: All amounts are stated in thousands and the US dollar conversions for 2021 follow Note 2d. Ordinary and preferred shares have a par value of US$0.0002.

[Row Level]
Row 1: As of December 31, 2020, there were no ordinary shares, while as of December 31, 2021, there were 4,873,529,415 shares authorized and 2,000,000,000 shares issued, valued at 2,584 RMB or 363 US dollars.
Row 2: For convertible preferred shares, none were issued in 2020. In 2021, 126,470,585 shares were authorized, and 75,882,351 shares were issued, contributing 98 RMB or 14 US dollars to the equity.
Row 3: Additional paid-in capital was recorded at 6,417 RMB in 2020, which increased significantly to 4,269,555 RMB or 600,205 US dollars in 2021.
Row 4: The paid-in capital of company Intelligent Technology Holding Limited was 1,241,717 RMB in 2020 and decreased to 697,517 RMB or 98,055 US dollars in 2021.
Row 5: Retained earnings presented as accumulated deficits were positive, listed at 2,075,196 RMB in 2020, and turned negative to (4,584,927) RMB or (644,539) US dollars in 2021.
Row 6: Accumulated other comprehensive income (loss) was reported as 56,639 RMB in 2020 and then reduced to (46,766) RMB or (6,574) US dollars in 2021.
Row 7: Total company Intelligent Technology Holding Limited shareholders' equity was 3,379,969 RMB in 2020, dropping to 338,061 RMB or 47,524 US dollars in 2021.
Row 8: The non-controlling interest was not applicable in 2020 but amounted to 591,365 RMB or 83,133 US dollars in 2021.
Row 9: Total shareholders' equity was 3,379,969 RMB in 2020 and went down to 929,426 RMB or 130,657 US dollars in 2021.
Row 10: The total liabilities and shareholders' equity stood at 7,552,412 RMB for the year 2020 and increased to 11,939,932 RMB or 1,678,489 US dollars in 2021. [Table Level]
- Table Title: company Intelligent Technology Holding Limited Shareholder Equity Statement
- Table Summary: The table provides a breakdown of company Intelligent Technology Holding Limited's shareholder equity, detailing ordinary and preferred shares, additional paid-in capital, accumulated deficit, and total shareholders’ equity for a specified timeframe. It highlights transactions such as the issuance of preferred shares, net losses, and foreign currency translation adjustments affecting financial figures in RMB and non-monetary values.
- Context: Prior to the table, there's a reference to the issuance of preferred shares and acquisition activities. Post-table, there are details on cash flow statements and notes which emphasize the commercialization and sales of electric vehicles.
- Special Notes: All amounts are presented in thousands of RMB unless otherwise noted.

[Row Level]
Row 1: As of the reporting period, company had 2,000,000,000 ordinary shares valued at RMB 2,584, and 75,882,351 preferred shares with a value of RMB 98. Additional paid-in capital was recorded as RMB 4,269,555, while the paid-in capital of combined companies stood at RMB 697,517. The accumulated deficit was RMB (4,584,927), with other comprehensive loss marked at RMB (46,766). Intelligent Technology Co., Ltd's equity was RMB 338,061, non-controlling interest was RMB 591,365, and total shareholders' equity amounted to RMB 929,426.

Row 2: The issuance of 50,588,234 preferred shares resulted in RMB 64, boosting additional paid-in capital by RMB 1,268,296. The same amount was reflected in Intelligent Technology Co., Ltd’s equity and total shareholders' equity, indicating adjustments in shareholder contributions.

Row 3: The cumulative impact of operations included a net loss leading to a deduction of RMB (697,517) from both the paid-in capital of combined companies and Intelligent Technology Co., Ltd’s equity. This resulted in an increase of non-controlling interest by RMB 161,737 and a decrease of RMB (741,272) in total shareholders' equity, reflecting a negative operational impact.

Row 4: Share-based compensation was recorded, adding RMB 177,910 to additional paid-in capital and mirrored in Intelligent Technology Co., Ltd’s equity, non-controlling interest, and total shareholders' equity.

Row 5: The final tallies showed company holding 2,000,000,000 ordinary shares at RMB 2,584 and 126,470,585 preferred shares at RMB 162. The additional paid-in capital summed up to RMB 5,672,006, while the paid-in capital of combined companies closed at zero. The accumulated deficit reached RMB (10,063,878), and accumulated other comprehensive loss was RMB (38,698). Intelligent Technology Co., Ltd’s equity recorded RMB (4,427,824), non-controlling interest was RMB 753,102, and total shareholders' equity was at RMB (3,674,722), reflecting the financial position as defined by the equity statement. [Table Level]
- Table Title: Shareholders' Equity and Total Liabilities and Shareholders' Equity as of December 31, 2020 and 2021.
- Table Summary: The table presents a detailed breakdown of the shareholders' equity and total liabilities for the company as of December 31, 2020 and 2021. It compares RMB and US$ values across different equity and capital components, providing a comprehensive view of the company's financial position.
- Context: The table is part of the combined and consolidated balance sheets for the company, showing amounts in thousands except share and per share data. The surrounding context indicates these statements are a key part of financial analysis and auditing activities conducted by Deloitte in China.
- Special Notes: Shares are denominated in US$0.0002 par value. Figures for 2021 include both RMB and US$ valuations, with conversions detailed in Note 2d.

[Row Level]
Row 1: As of December 31, 2020, the company had no outstanding ordinary shares, and as of 2021, the company had 2,000,000,000 shares issued and valued at RMB 2,584, equivalent to US$ 363.

Row 2: For convertible preferred shares, there were no issuances in 2020, while 75,882,351 shares were issued in 2021 at RMB 98, and US$ 14.

Row 3: Additional paid-in capital was RMB 6,417 in 2020, escalating significantly to RMB 4,269,555 in 2021, equivalent to US$ 600,205.

Row 4: Paid-in capital of combined companies amounted to RMB 1,241,717 in 2020 and reduced to RMB 697,517 in 2021, converted to US$ 98,055.

Row 5: Retained earnings or accumulated deficits shifted from a positive RMB 2,075,196 in 2020 to a deficit of RMB (4,584,927) in 2021, equivalent to a loss of US$ (644,539).

Row 6: Accumulated other comprehensive income was RMB 56,639 in 2020, declining to RMB (46,766) in 2021, which is approximately US$ (6,574).

Row 7: Total equity for the company shareholders was RMB 3,379,969 in 2020, reducing sharply to RMB 338,061 in 2021 or US$ 47,524.

Row 8: Non-controlling interest figures only appeared in 2021, showing RMB 591,365, which is US$ 83,133.

Row 9: The total shareholders' equity amounted to RMB 3,379,969 in 2020 and RMB 929,426 in 2021, translating to US$ 130,657.

Row 10: Total liabilities and shareholders' equity was RMB 7,552,412 in 2020, increasing to RMB 11,939,932 in 2021, equivalent to US$ 1,678,489. The company began as a business unit within Geely Auto in October 2017. Under the leadership of co-founders Mr. Shufu Li, Mr. Conghui An, Mr. Donghui Li, and Mr. Shengyue Gui, the company incorporated ZEEKR Intelligent Technology as an exempted company with limited liability in March 2021 under the law of the Cayman Islands to act as its holding company. In April 2021, the company Innovation, currently a wholly-owned subsidiary of ZEEKR Intelligent Technology, was incorporated under the laws of the British Virgin Islands. In the same period, the company Technology, currently a wholly-owned subsidiary of the company Innovation, was incorporated under the laws of Hong Kong. In April 2021, the company announced the launch of its first BEV model, the company 001, and started delivery from October 2021. Subsequently, the company commenced deliveries of various upgraded models, including but not limited to the company 001 FR in October 2023 and upgraded the company 001 in February 2024. In July 2021, ZEEKR Shanghai acquired a 100% equity interest in ZEEKR Hangzhou Bay from Geely Holding. In July 2021, Zhejiang ZEEKR was incorporated in the People's Republic of China and is currently a wholly-owned subsidiary of the company Innovation. In August 2021, the company Innovation acquired a 100% equity interest in ZEEKR Shanghai (99% from Geely Auto and 1% from Geely Holding). In October 2021, the company acquired a 51% equity interest in Ningbo Viridi, which was previously wholly-owned by Geely Holding. In February 2022, the company Innovation acquired a 100% equity interest in the company Tech EU from Geely Holding. ZEEKR Intelligent Technology Holding Limited, or ZEEKR Intelligent Technology, is a Cayman Islands holding company that conducts its business operations primarily through a series of subsidiaries in China. ZEEKR Intelligent Technology Holding Limited controls these subsidiaries through Zhejiang ZEEKR Intelligent Technology Co., Ltd., or Zhejiang ZEEKR, which in turn is wholly owned by its Hong Kong subsidiary, ZEEKR Technology Limited, or ZEEKR Technology. This structure involves unique risks to investors. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “ZEEKR Intelligent Technology” refers to ZEEKR Intelligent Technology Holding Limited, the holding company, and “ZEEKR Intelligent Technology Holding Limited,” “ZEEKR Intelligent Technology,” or “the company” refer to ZEEKR Intelligent Technology Holding Limited and its subsidiaries as a group. ZEEKR Intelligent Technology Holding Limited faces various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic, political, or social conditions or government policies could have a material adverse effect on ZEEKR Intelligent Technology Holding Limited's business and operations. ZEEKR Intelligent Technology Holding Limited could be adversely affected by uncertainties with respect to the Chinese legal system. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. ZEEKR Intelligent Technology Holding Limited, or ZEEKR Intelligent Technology, is a Cayman Islands holding company that conducts its business operations primarily through a series of subsidiaries in China. ZEEKR Intelligent Technology controls these subsidiaries through Zhejiang ZEEKR Intelligent Technology Co., Ltd., or Zhejiang ZEEKR, which in turn is wholly owned by its Hong Kong subsidiary, ZEEKR Technology Limited, or ZEEKR Technology. This structure involves unique risks to investors. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “ZEEKR Intelligent Technology” refers to ZEEKR Intelligent Technology Holding Limited, the holding company, and “ZEEKR Intelligent Technology Holding Limited,” “ZEEKR Intelligent Technology,” or “the company” refer to ZEEKR Intelligent Technology Holding Limited and its subsidiaries as a group. ZEEKR Intelligent Technology Holding Limited faces various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic, political, or social conditions or government policies could have a material adverse effect on ZEEKR Intelligent Technology Holding Limited's business and operations. ZEEKR Intelligent Technology Holding Limited could be adversely affected by uncertainties with respect to the Chinese legal system. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. company Intelligent Technology controls these subsidiaries through Zhejiang company Intelligent Technology Co., Ltd., or Zhejiang company, which in turn is wholly owned by its Hong Kong subsidiary, company Technology Limited, or company Technology. This structure involves unique risks to investors. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “company Intelligent Technology” or “the Company” refers to company Intelligent Technology Holding Limited, the holding company, and “company Intelligent Technology Holding Limited,” “company Intelligent Technology,” or “the Company” refer to company Intelligent Technology Holding Limited and its subsidiaries as a group. company Intelligent Technology Holding Limited faces various risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic or social conditions or government policies could have a material adverse effect on the company's business and operations. As the Chinese legal system is still evolving, the company is subject to uncertainties typically found in the legal systems of developing countries and could be adversely affected as a result. Rules and regulations in China can change quickly as the PRC government may take prompt and immediate actions to address any issue perceived as posing imminent harm or immediate risk. company Intelligent Technology controls these subsidiaries through Zhejiang company Intelligent Technology Co., Ltd., or Zhejiang company, which in turn is wholly owned by its Hong Kong subsidiary, company Technology Limited, or company Technology. This structure involves unique risks to investors. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “company Intelligent Technology” refers to company Intelligent Technology Holding Limited, the holding company, and “company Intelligent Technology Holding Limited,” “company Intelligent Technology,” or “the company” refer to company Intelligent Technology Holding Limited and its subsidiaries as a group. company Intelligent Technology Holding Limited faces various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic, political, or social conditions or government policies could have a material adverse effect on company Intelligent Technology Holding Limited's business and operations. company Intelligent Technology Holding Limited could be adversely affected by uncertainties with respect to the Chinese legal system. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. Since administrative and court authorities in China have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection company Intelligent Technology Holding Limited enjoys. Company Intelligent Technology controls these subsidiaries through Zhejiang Company Intelligent Technology Co., Ltd., or Zhejiang Company, which in turn is wholly owned by its Hong Kong subsidiary, Company Technology Limited, or Company Technology. This structure involves unique risks to investors. For a detailed discussion of the associated risks, see “Prospectus Summary — Holding Company Structure” and “Prospectus Summary — Certain Risks Associated with Our Corporate Structure.” Throughout this prospectus, unless the context indicates otherwise, “Company Intelligent Technology” or “the Company” refers to Company Intelligent Technology Holding Limited, the holding company, and “Company Intelligent Technology Holding Limited,” “Company Intelligent Technology,” or “its subsidiaries” refer to Company Intelligent Technology Holding Limited and its subsidiaries as a group. Company Intelligent Technology Holding Limited faces various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China’s economic, political, or social conditions or government policies could have a material adverse effect on the company's business and operations. The company could be adversely affected by uncertainties with respect to the enforcement of rules and regulations in China. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. Since administrative and court authorities in China have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection the company enjoys. company Intelligent Technology is a holding company with no operations of its own. company Intelligent Technology conducts its business operations through its subsidiaries, including its subsidiaries in China. Under this holding company structure, investors in the American Depositary Shares (ADSs) are purchasing equity interests in the Cayman Islands holding company and obtaining indirect ownership interests in the operating companies in China. This holding company structure involves unique risks to investors, and investors may never hold equity interests in the operating companies in China. While company Intelligent Technology does not operate in an industry that is currently subject to foreign ownership limitations in China, People's Republic of China (PRC) regulatory authorities could decide to limit foreign ownership in this industry in the future, in which case there could be a risk that company Intelligent Technology would be unable to do business in China as currently structured. If the PRC government deems that any of the business operations carried out by company's Hong Kong or PRC subsidiaries were to be restricted or prohibited from foreign investment in the future, company Intelligent Technology may be required to stop its business operations in China, and company Intelligent Technology could be subject to material penalties or be forced to relinquish its interests in the affected operations. Such events could result in a material change in company Intelligent Technology's operations and a material change in the value of its securities, including causing the value of such securities to significantly decline or become worthless.
company Company Company B The company accounts for share options and restricted share units granted to employees, directors, and nonemployees under ASC 718, “Stock Compensation.” Share-based awards that are subject to both the service period and performance condition, including the company's Company-level performance target and the Selected Participant’s performance, occurrence of a Qualified IPO, are measured at the grant date fair value. The company has made an estimate of expected forfeitures and recognizes share-based compensation expenses based on the target number of ordinary shares that may be earned pursuant to the award. The fair value of the share options and restricted share units granted by the company is determined with the assistance of an independent valuation specialist using widely accepted valuation techniques, including the use of the binomial option pricing model for the valuation of share options and the use of the backsolve method for the valuation of the underlying ordinary shares. In order to determine the fair value of the company's ordinary shares underlying each restricted share unit granted before the company became a public company, the company first determined its equity value and then allocated the equity value to each element of its capital structure (preferred shares and ordinary shares) using a hybrid method comprising the probability-weighted expected return method and the option pricing method. The assumptions the company uses in the valuation model are based on future expectations combined with management judgment, with inputs of numerous objective and subjective factors, to determine the fair value of the company's ordinary shares, including the following factors: • the nature of business of the company; The company is a fast-growing BEV technology company developing and offering next generation premium BEVs and technology-driven solutions to lead the electrification, intelligentization, and innovation of the automobile industry. The company is an independently-run startup-style company relying on its in-house R&D capabilities and self-owned sales and marketing network, among others. The company adopts a flat and efficient organizational structure led by key management with diversified backgrounds. Since inception, the company has been managed and directed by its executive officers, and save for Conghui An, who is currently an executive director of Geely Auto, none of the company's executive officers are members of management of Geely Auto. Additionally, Mr. An is expected to not hold any positions in Geely Auto prior to or upon the completion of the offering. While the company's chairman, Shufu Li, is also the chairman of Geely Auto, upon the completion of the offering, the directors that the company shares in common with Geely Auto will not have executive roles at the company. The company has been dedicated to serving its customers leveraging top-notch technology, advanced product concepts, and an enriched entrepreneurial spirit that embraces creativity and innovation. The company is strategically positioned as a premium BEV brand that delivers an ultimate experience covering driving, charging, after-sale service, and customer community engagement. The company’s product family meets a wide spectrum of customer needs in different mobility and travel scenarios and is highly customized with a wide selection of vehicle configurations. Within less than 2 years since the company’s inception, the company has launched two commercialized electric vehicle models, 001 and 009. The company is a Cayman Islands exempted company, and its affairs are governed by its memorandum and articles of association, as amended and restated from time to time, and the Companies Act (as amended) of the Cayman Islands, which is referred to as the “Companies Act” below, and the common law of the Cayman Islands. The company's share capital is divided into ordinary shares and preferred shares. In respect of all of the company's ordinary shares and preferred shares, the company has the power, insofar as is permitted by law, to redeem or purchase any of the company's shares and to increase or reduce the share capital, subject to the provisions of the Companies Act and the articles of association, and to issue any shares, whether such shares be of the original, redeemed, or increased capital, with or without any preference, priority, or special privilege, or subject to any postponement of rights or to any conditions or restrictions. Unless the conditions of issue shall otherwise expressly declare, every issue of shares, whether declared to be preference or otherwise, shall be subject to the powers under the company's memorandum and articles of association. As of the date hereof, the company's authorized share capital consists of US\$1,000,000 divided into (i) 4,734,153,746 ordinary shares with a par value of $\mathrm { U S S } 0 . 0 0 0 2$ each, (ii) 126,470,585 series pre-A preferred shares with a par value of $\mathrm { U S S } 0 . Company is a fast-growing BEV technology company developing and offering next generation premium BEVs and technology-driven solutions to lead the electrification, intelligentization, and innovation of the automobile industry. Company is an independently-run startup-style company relying on its in-house R&D capabilities and self-owned sales and marketing network, among others. Company adopts a flat and efficient organizational structure led by key management with diversified backgrounds. Since inception, Company has been managed and directed by its executive officers, and save for Conghui An, who is currently an executive director of Geely Auto, none of Company's executive officers are members of management of Geely Auto. Additionally, Mr. An is expected to not hold any positions in Geely Auto prior to or upon the completion of the offering. While Company's chairman, Shufu Li, is also the chairman of Geely Auto, upon the completion of the offering, the directors that Company shares in common with Geely Auto will not have executive roles at Company. Company has been dedicated to serving its customers leveraging top-notch technology, advanced product concepts, and an enriched entrepreneurial spirit that embraces creativity and innovation. Company is strategically positioned as a premium BEV brand that delivers an ultimate experience covering driving, charging, after-sale service, and customer community engagement. Company’s product family meets a wide spectrum of customer needs in different mobility and travel scenarios and is highly customized with a wide selection of vehicle configurations. Company is a fast-growing BEV technology company developing and offering next generation premium BEVs and technology-driven solutions to lead the electrification, intelligentization, and innovation of the automobile industry. Company is an independently-run startup-style company relying on its in-house R&D capabilities and self-owned sales and marketing network, among others. Company adopts a flat and efficient organizational structure led by key management with diversified backgrounds. Since inception, Company has been managed and directed by its executive officers, and save for Conghui An, who is currently an executive director of Geely Auto, none of Company's executive officers are members of management of Geely Auto. Additionally, Mr. An is expected to not hold any positions in Geely Auto prior to or upon the completion of the offering. While Company's chairman, Shufu Li, is also the chairman of Geely Auto, upon the completion of the offering, the directors that Company shares in common with Geely Auto will not have executive roles at Company. Company has been dedicated to serving its customers leveraging top-notch technology, advanced product concepts, and an enriched entrepreneurial spirit that embraces creativity and innovation. Company is strategically positioned as a premium BEV brand that delivers an ultimate experience covering driving, charging, after-sale service, and customer community experience. Company’s product family meets a wide spectrum of customer needs in different mobility and travel scenarios and is highly customized with a wide selection of vehicle configurations. • The company may issue negotiable or bearer shares or shares with no par value; • The company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 or 30 years in the first instance); • The company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; • The company may register as a limited duration company; and  
• The company may register as a segregated portfolio company. “Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder’s shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). On March 31, 2021, the company issued one ordinary share to Harneys Fiduciary (Cayman) Limited, which was transferred to Luckview Group Limited for nominal consideration. On the same day, the company issued (i) 1,019,999,999 ordinary shares for a consideration of RMB1,020,000,000 to Luckview Group Limited, and (ii) 980,000,000 ordinary shares for a consideration of RMB980,000,000 to Geely International (Hong Kong) Limited. The company is a fast-growing BEV technology company developing and offering next-generation premium BEVs and technology-driven solutions to lead the electrification, intelligentization, and innovation of the automobile industry. The company is an independently-run startup-style company relying on its in-house R&D capabilities and self-owned sales and marketing network, among others. The company adopts a flat and efficient organizational structure led by key management with diversified backgrounds. Since inception, the company has been managed and directed by its executive officers, and save for Conghui An, who is currently an executive director of Geely Auto, none of the company's executive officers are members of management of Geely Auto. Additionally, Mr. An is expected to not hold any positions in Geely Auto prior to or upon the completion of the offering. While the company's chairman, Shufu Li, is also the chairman of Geely Auto, upon the completion of the offering, the directors that the company shares in common with Geely Auto will not have executive roles at the company. The company has been dedicated to serving its customers leveraging top-notch technology, advanced product concepts, and an enriched entrepreneurial spirit that embraces creativity and innovation. The company is strategically positioned as a premium BEV brand that delivers an ultimate experience covering driving, charging, after-sale service, and customer community engagement. The company’s product family meets a wide spectrum of customer needs in different mobility and travel scenarios and is highly customized with a wide selection of vehicle configurations. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2020 AND 2021 (Amounts in thousands, except share and per share data and otherwise noted) [Table Level]
- Table Title: Cash Flows from Financing Activities for the Nine Months Ended September 30, 2021 and 2022
- Table Summary: This table presents the cash flows related to the company's financing activities for the nine months ending September 30, 2021 and 2022. It includes proceeds and repayments from various financing sources and also shows the net increase in cash, cash equivalents, and restricted cash during the periods specified.
- Context: The table is part of the unaudited condensed combined and consolidated financial statements of the company, highlighting principal activities related to electric vehicle sales and automotive research and development services. It follows a balance sheet reflecting the company's financial positioning for the specified periods.
- Special Notes: Amounts are given in thousands of RMB, with some conversions provided in US dollars (Note 2c).

[Row Level]
Row 1: In 2021, the company raised RMB 2,000,000 from the issuance of ordinary shares, whereas, in 2022, there was no such transaction recorded.
Row 2: Proceeds from the issuance of preferred shares amounted to RMB 1,934,120 in 2021 and RMB 1,268,360 (US$178,303) in 2022.
Row 3: The company secured RMB 446,791 from short-term bank borrowings in 2021, which decreased to RMB 147,000 (US$20,665) in 2022.
Row 4: Bank borrowings were repaid to the extent of RMB 259,971 in 2021 and increased to RMB 604,359 (US$84,959) in 2022.
Row 5: Long-term bank borrowings led to cash inflows of RMB 972,042 in 2021, while in 2022 the figure was RMB 136,648 (US$19,201).
Row 6: In 2022, there were proceeds of RMB 6,000,000 (US$843,467) from related party loans, whereas there were none in 2021.
Row 7: Advances from related parties contributed RMB 100,651 in 2021; there were no such proceeds in 2022.
Row 8: Repayments for related party loans and advances led to cash outflows of RMB 348,629 in 2021 and RMB 49,009 (US$6,890) in 2022.
Row 9: A capital contribution of RMB 500,000 was made to Zeekr Hangzhou Bay from Geely Holding in 2021, with no similar entry in 2022.
Row 10: Dividends paid by Zeekr Shanghai before the reorganization amounted to RMB 1,811,833 in 2021, with no comparable movement in 2022.
Row 11: Net cash provided by financing activities was RMB 2,909,758 in 2021, which increased to RMB 7,434,414 (US$1,045,115) in 2022.
Row 12: The net increase in cash, cash equivalents, and restricted cash was RMB 4,608,496 in 2021, declining to RMB 1,696,530 (US$238,495) in 2022.
Row 13: The beginning balance of cash, cash equivalents, and restricted cash was RMB 141,929 in 2021, substantially increasing to RMB 3,897,966 (US$547,967) in 2022.
Row 14: The effect of exchange rate changes on cash, cash equivalents, and restricted cash resulted in a gain of RMB 40,339 in 2021 and a loss of RMB 6,416 (US$902) in 2022.
Row 15: The closing balance of cash, cash equivalents, and restricted cash was RMB 4,790,764 in 2021, increasing to RMB 5,588,080 (US$785,560) in 2022.
Row 16: Cash paid for income tax was RMB 39,283 in 2021, increasing to RMB 47,704 (US$6,706) in 2022.
Row 17: Interest paid was RMB 21,385 in 2021, and it rose to RMB 56,024 (US$7,876) in 2022.
Row 18: Accrued purchases of property and equipment amounted to RMB 38,038 in 2021, with an increase to RMB 321,971 (US$45,262) in 2022.
Row 19: Payables of considerations for the purchase of long-term investments were RMB 56,040 in 2021, with no such payables recorded in 2022.
Row 20: A conversion of advances from the company to paid-in capital amounted to RMB 822,000 in 2021, with no comparable transaction in 2022. [Table Level]
- Table Title: Cash, Cash Equivalents, and Restricted Cash Balances
- Table Summary: The table displays the cash balances for company as of December 31, 2021, and September 30, 2022, in RMB. It also includes conversion to USD for September 30, 2022. The table helps in understanding the liquidity and cash management of company during these periods.
- Context: This financial table connects to the overall financial health and operations of company amidst its activities in electric vehicle sales and research. company was incorporated under Cayman Islands law in 2021.
- Special Notes: USD figures for 2022 are annotated with Note 2c, implying a special clarification or calculation guidance in the full financial notes.

[Row Level]
Row 1: The cash and cash equivalents as of December 31, 2021, amount to RMB 3,893,980; by September 30, 2022, they increased to RMB 5,470,681, equivalent to USD 769,056.
Row 2: Restricted cash as of December 31, 2021, is noted at RMB 3,986, increasing significantly to RMB 117,399 by September 30, 2022, which is USD 16,504.
Row 3: Total cash, cash equivalents, and restricted cash combined reflect an RMB 3,897,966 as of December 31, 2021, rising to RMB 5,588,080 by September 30, 2022, translating to USD 785,560. Issuance of preferred shares  
Acquisition of CEVT in connection with the Reorganization (Note 1)  
Net loss  
Share-based compensation  
Foreign currency translation adjustment  
Balance as of December 31, 2022 “Waymo” refers to an American autonomous driving technology company; “ZEEKR Intelligent Technology Holding Limited,” “ZEEKR,” and “our company” refer to ZEEKR Intelligent Technology Holding Limited, the holding company, and its subsidiaries, as a group; “ZEEKR Intelligent Technology” refers to ZEEKR Intelligent Technology Holding Limited, the Cayman holding company; ● “Zeekr Power” refers to Zhejiang Haohan Energy Technology Co., Ltd., in which ZEEKR Intelligent Technology Holding Limited owns 30% equity interest; “Zeekr Innovation” refers to Zeekr Technology Innovation Limited; ● “Zhejiang Geely” refers to Zhejiang Geely Automobile Co., Ltd; and ● “Zhejiang ZEEKR” refers to Zhejiang ZEEKR Intelligent Technology Co., Ltd. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report are made at RMB7.2993 to US1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024. ZEEKR Intelligent Technology Holding Limited makes no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. A severe or prolonged downturn in the PRC or global economy could materially and adversely affect ZEEKR Intelligent Technology Holding Limited's business, results of operations, and financial condition. The company's business and prospects depend significantly on its ability to build the company brand. The company may not succeed in continuing to maintain and strengthen its brand, and its brand and reputation could be harmed by negative publicity and customer complaints regarding the company, its products, or its services. Any dysfunction or outdated developments in Southeast Asia may negatively affect the production of the company's battery electric vehicles (BEVs). Any problems or delays in ramping up and maintaining operations of the Vehicle Manufacturing Factories could negatively affect the production of the company's BEVs. Failure to develop appropriate risk management and internal control structures tailored to overseas operations; difficulty and cost relating to compliance with different commercial and legal requirements of the overseas markets in which the company offers or plans to offer its products and services including charging and other electric infrastructures; failure to obtain or maintain permits for the company's products or services in these markets; different safety concerns and measures needed to address accident-related risks in different countries and regions; inability to obtain, maintain or enforce intellectual property rights; unanticipated changes in prevailing economic conditions and regulatory requirements; ineligibility for tax credits or other incentives offered by governments in these markets; and adverse impact from economic sanctions and trade barriers such as export, import and international trade controls, tariffs, taxes and other restrictions and expenses. On October 4, 2023, the European Commission published a notice of initiation of EU anti-subsidy investigations into EU imports of battery electric vehicles (BEVs) from China (the “EU Subsidy Probe”). Using the sampling method, the European Commission selected Zhejiang Geely Automobile Co., Ltd. as one of the investigation targets of the EU Subsidy Probe, and Zhejiang Geely Automobile Co., Ltd. is actively cooperating with the investigation. However, anti-subsidy investigations, such as the EU Subsidy Probe, or other similar investigations in overseas markets may adversely affect the imports of BEVs from China, such as the company's, into overseas markets, and the company's strategy of expanding into overseas markets may be negatively impacted. The company's potential expansion into international markets will require the company to respond timely and effectively to rapid changes in market conditions in the relevant countries. The company's success in international expansion depends, in part, on the company's ability to succeed in different legal, regulatory, economic, environmental, social, and political conditions over which the company has little control. The company may not be able to develop and implement policies and strategies that will be effective in each location where the company does business. In addition, the company may not be able to monitor the sales of its battery electric vehicles (BEVs) operated by local dealers in overseas markets as directly and effectively as its self-owned stores. There can also be no assurance that the local dealers will always comply with their obligations under the applicable agreements and report the sales-related information in a timely and accurate manner, which may result in high dealer inventory, high retail price discounts, and unsatisfactory customer experiences. A change in one or more of the factors described above may have a material adverse effect on the company's business, financial condition, and results of operations. the availability of after-sales service for new energy vehicles (NEVs); the environmental consciousness of consumers; access to charging stations, standardization of battery electric vehicle (BEV) charging systems, and consumers’ perceptions about convenience and cost for charging a BEV; the availability of tax and other governmental incentives to purchase and operate NEVs or future regulations requiring increased use of nonpolluting vehicles; perceptions about and the actual cost of alternative fuel; and   
macroeconomic factors. Any of the factors described above may cause current or potential customers not to purchase the company's battery electric vehicles (BEVs) and use the company's services. If the market for new energy vehicles (NEVs) does not develop in the way the company expects or develops more slowly than the company expects, the company's business, prospects, financial condition, and operating results will be affected. announcements by the company Intelligent Technology Holding Limited or its competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures, capital raisings or capital commitments; additions to or departures of the company's senior management; fluctuations of exchange rates between the Renminbi and the U.S. dollar; release or expiry of lock-up or other transfer restrictions on the company's issued shares or ADSs; and   
sales or perceived potential sales of additional ordinary shares or ADSs. reviewing with the company's management, the internal auditors and the independent auditor other material issues, materials, transactions and policies, including but not limited to analyses or written communications prepared by the company's management and/or the independent auditor, the critical accounting policies and practices of the company, the effect of major transactions or major issues regarding accounting principles and financial statement presentations; reviewing the company's disclosure controls and procedures and internal control over financial reporting, policies and practices with respect to risk assessment and risk management; ● reviewing and assessing the adequacy of the company's committee charter periodically and recommend any proposed changes to the board; and reviewing and approving all related party transactions. Compensation Committee. The company's compensation committee consists of Donghui Li, Conghui An, Miguel A. Lopez Ben, and Michael David Ricks and is chaired by Donghui Li. The company has determined that each of Miguel A. Lopez Ben and Michael David Ricks satisfies the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the NYSE. The compensation committee assists the board of directors in reviewing and approving the compensation structure, including all forms of compensation, relating to the company's directors and executive officers. The company's chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things: reviewing and approving the compensation of each of the company's executive officers; periodically reviewing the company's management succession planning, including policies for executive officers’ selection and succession in the event of the incapacitation, retirement or removal of the executive officers, and evaluations of, and development plans for, any potential successors to the executive officers; reviewing and submitting for the board’s approval the company's executive compensation and benefits policies generally; periodically reviewing and assessing the adequacy of the committee charter and recommending any proposed changes to the board for approval; and reviewing and assessing risks arising from the company's employee compensation policies and practices and whether any such risks are reasonably likely to have a material adverse effect on the company. Nominating Committee. The company's nominating committee consists of Shengyue Gui, Donghui Li, Stephen Brown Davis, and Michael David Ricks, and is chaired by Shengyue Gui. The company has determined that Stephen Brown Davis and Michael David Ricks satisfy the “independence” requirements of Rule 5605(a)(2) of the Listing Rules of the NYSE. The nominating committee assists the board in selecting individuals qualified to become the company's directors and in determining the composition of the board of directors and its committees. The nominating committee is responsible for, among other things: overseeing searches for and identifying qualified individuals for membership on the board and recommending individuals for membership on the board and its committees for approval by the board and/or the shareholders, if applicable; at least annually leading the board in a self-evaluation to determine whether the board and its committees are functioning effectively, and reviewing the evaluations prepared by each board committee of such committee’s performance and considering any recommendations for proposed changes to the board; reviewing and approving compensation (including equity-based compensation) for the company's directors; overseeing an orientation and continuing education program for the company's directors; and   
evaluating the nominating committee's own performance and reporting to the board on such evaluation, and periodically reviewing and assessing the adequacy of the committee charter and recommending any proposed changes to the board for approval. Sustainability Committee. The company's sustainability committee consists of Conghui An, Stephen Brown Davis, and Michael David Ricks, and is chaired by Conghui An. The sustainability committee assists the board of directors in overseeing the environmental, social, and governance (“ESG”) matters relevant to the company's business activities. The sustainability committee is responsible for, among other things: consider the current and emerging ESG matters that may affect the business, operations or reputation of the company; ● analyze the risks and opportunities regarding ESG matters that are of strategic significance to the company; develop the strategies, policies and initiatives regarding ESG matters; design the plans, goals and objectives for ESG matters and monitor the company's progress towards such goals and objectives; ● oversee the integration of policies regarding ESG matters into the company's business operations; ● oversee the company's reporting standards in relation to ESG matters; review proposed disclosures or statements to be made on key ESG matters; and shape communications with employees, investors and other stakeholders regarding ESG matters. (1) Represents (i) 1,668,996,860 ordinary shares held by Luckview Group Limited, a limited company incorporated in the British Virgin Islands wholly owned by Geely Auto, a Cayman Islands incorporated company with limited liability and listed on the Stock Exchange of Hong Kong under stock code $^ { 6 6 } 0 1 7 5$, over which Shufu Li exercises control power, (ii) 222,000,000 ordinary shares held by GHGK Innovation Limited, a British Virgin Islands company with limited liability wholly owned by Ningbo Jikong Jiju Enterprise Management Partnership (Limited Partnership), a PRC limited partnership whose general partner is Ningbo Jikong Enterprise Management Co., Ltd., a PRC-incorporated limited company in which Shufu Li owns 99.9% equity interest, and (iii) 60,000,000 ordinary shares held by GAGK Innovation Limited, a British Virgin Islands company with limited liability and wholly owned by Ningbo Jiqi Jichuang Enterprise Management Partnership (Limited Partnership), a PRC limited partnership whose general partner is Ningbo Jikong Enterprise Management Co., Ltd. Shufu Li disclaims beneficial ownership to the ordinary shares held by Luckview Group Limited, GHGK Innovation Limited, and GAGK Innovation Limited except to the extent of his pecuniary interest in such ordinary shares. (2) Represents 68,000,000 ordinary shares held by ACH Technology Holding Limited, a British Virgin Islands company with limited liability wholly owned by Conghui An. The business address of ACH Technology Holding Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. (3) Represents 1,668,996,860 ordinary shares directly held by Luckview Group Limited, as disclosed in footnote (1) above. The business address of Luckview Group Limited is P.O. Box 3152, Road Town, Tortola, British Virgin Islands. (4) Represents 222,000,000 ordinary shares directly held by GHGK Innovation Limited, as disclosed in footnote (1) above. The business address of GHGK Innovation Limited is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. As of February 28, 2025, a total of 492,102,027 ordinary shares are held by two record holders in the United States, representing 19.0% of the outstanding ordinary shares. The company is not aware of any arrangement that may, at a subsequent date, result in a change of control of the company. 6.F. Disclosure of the company's Action to Recover Erroneously Awarded Compensation None. is not required to open its register of members for inspection; the company does not have to hold an annual general meeting; the company is prohibited from making any invitation to the public in the Cayman Islands to subscribe for any of its securities; the company may issue negotiable or bearer shares or shares with no par value; the company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 or 30 years in the first instance); the company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands; ● the company may register as a limited duration company; and the company may register as a segregated portfolio company. “Limited liability” means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder’s shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). a person that acquired American Depositary Shares (ADSs) or ordinary shares pursuant to the exercise of an employee stock option or otherwise as compensation; or  
a person that holds American Depositary Shares (ADSs) or ordinary shares in connection with a trade or business outside the United States. If the company is a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) that owns American Depositary Shares (ADSs) or ordinary shares, the U.S. federal income tax treatment of the company's partners will generally depend on their status and the company's activities. If the company is a partnership that owns ADSs or ordinary shares, the company should consult the company's tax adviser as to the particular U.S. federal income tax consequences to the company and the company's partners of owning and disposing of the ADSs or ordinary shares. This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between the United States and the People's Republic of China (PRC), or the Treaty, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. This discussion assumes that each obligation under the deposit agreement and any related agreement will be performed in accordance with its terms. For purposes of this discussion, you are a “U.S. Holder” if you are, for U.S. federal income tax purposes, a beneficial owner of the American Depositary Shares (ADSs) or ordinary shares and: a citizen or individual resident of the United States;  
a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or  
an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. In general, if you own the American Depositary Shares (ADSs), you will be treated as the owner of the underlying ordinary shares represented by those ADSs for U.S. federal income tax purposes. Accordingly, no gain or loss will be recognized if you exchange your American Depositary Shares (ADSs) for the underlying ordinary shares represented by those American Depositary Shares (ADSs). This discussion does not address the effects of any state, local, or non-U.S. tax laws, or any U.S. federal taxes other than income taxes (such as U.S. federal estate or gift tax consequences). Shareholders should consult their tax adviser concerning the U.S. federal, state, local, and non-U.S. tax consequences of owning and disposing of the American Depositary Shares (ADSs) or ordinary shares in their particular circumstances. Issuance of preferred shares  
Acquisition of CEVT in connection with the Reorganization (Note 1)  
Net loss  
Share-based compensation  
Foreign currency translation adjustment  
Balance as of December 31, 2022 Accompanying notes are an integral part of these combined and consolidated financial statements. *[I'm unable to process the image or extract the table information.]* Balance as of January 1, 2022  
Issuance of preferred shares  
Acquisition of CEVT in connection with the Reorganization (Note 1)  
Net loss  
Share-based compensation  
Foreign currency translation adjustment  
Balance as of December 31, 2022 Accompanying notes are an integral part of these combined and consolidated financial statements for company Intelligent Technology. [Table Level]  
- Table Title: company Intelligent Technology Holding Limited Combined and Consolidated Statements of Comprehensive Loss  
- Table Summary: This table outlines the detailed cash flow statements from operating activities, investing activities, and associated adjustments for company Intelligent Technology Holding Limited over the financial years 2021, 2022, and 2023, with figures displayed in RMB and US dollars. It provides specifics on the reconciliation from net loss to net cash used in operating activities and other pertinent transactions impacted by investing activities.  
- Context: The table is derived from the consolidated financial statements of company Intelligent Technology for the fiscal years ending December 31, 2021, 2022, and 2023. It is part of a larger financial overview including balance sheets, comprehensive profit and loss, and cash flow statements, all accompanied by integral notes.  
- Special Notes: The amounts are recorded in thousands unless otherwise stated. Foreign currency values are converted to US dollars under Note 2(d).  

[Row Level]  
- Row 1: Net loss for the year 2021 was RMB (4,514,292), increasing to RMB (7,655,146) in 2022, and RMB (8,264,191) in 2023. In 2023, when converted to US dollars, the net loss amounted to (1,163,897) according to Note 2(d).  
- Row 2: Share-based compensation was RMB 150,573 in 2021, increased to RMB 211,208 in 2022, and then to RMB 135,649 in 2023, which equaled US$ 19,106.  
- Row 3: Depreciation and amortization rose from RMB 89,838 in 2021 to RMB 239,106 in 2022, further increasing to RMB 618,189 in 2023, or US$ 87,070.  
- Row 4: Deferred taxes for 2021 showed a negative change of RMB (64,424), a positive change of RMB 33,173 in 2022, and a negative change of RMB (39,226) in 2023, equivalent to (5,525) US dollars.  
- Row 5: Gain or loss from disposal of property and equipment altered from RMB (25) in 2021 to RMB 194 in 2022, and RMB 15,088 in 2023, equivalent to US$ 2,125.  
- Row 6: Loss from disposal of intangible assets was not applicable in 2021 and 2022 but was RMB 210 in 2023, or US$ 30.  
- Row 7: Share of loss (income) in equity method investments changed from RMB 16,871 in 2021 to RMB 172,787 in 2022 and negative RMB (86,842) in 2023, which equates to (12,231) US dollars.  
- Row 8: Change in fair value of derivative instruments was null for 2021, RMB 1,178 in 2022, and RMB 358 in 2023, equivalent to US$ 50.  
- Row 9: Foreign exchange loss, net stood at RMB 181,601 for 2021, shifting to RMB (91,222) in 2022, and RMB 9,468 in 2023, or US$ 1,334.  
- Row 10: Reversal provision of allowance for doubtful accounts was RMB (5,454) in 2021, RMB 7,190 in 2022, and RMB (5,814) in 2023, equal to US$ (819).  

Subsequent rows similarly describe the changes in operating assets and liabilities, including values for notes receivable, accounts receivable, inventories, and amounts due from related parties among others. The subsequent section details cash flows from investing activities such as purchases of property, plant, and equipment, investments in equity investees, and proceeds from various disposals. The final lines summarize net cash provided by/used in both operating and investing activities for the stated years and respective currencies. Issuance of preferred shares  
Acquisition of CEVT in connection with the reorganization (Note 1)  
Net loss  
Share-based compensation  
Foreign currency translation adjustment  
Balance as of December 31, 2022 Accompanying notes are an integral part of these combined and consolidated financial statements for company Intelligent Technology Holding Limited. [Table Level]
- Table Title: Cash Flows from Operating and Investing Activities
- Table Summary: The table provides a detailed breakdown of cash flows from operating and investing activities for ZEEKR Intelligent Technology Holding Limited for the nine months ended September 30, 2021 and 2022. Presented in RMB and converted to USD, the table outlines adjustments to net loss and changes in operating assets and liabilities, as well as various categories of cash flows used in investing activities.
- Context: The context before the table discusses ZEEKR Intelligent Technology Holding Limited's balance sheet and statement of operations, while the context after the table pertains to cash and equivalents as reported in financial statements and provides notes to the financial statements.
- Special Notes: All financial figures are presented in thousands, and USD values are noted under "Note 2c". The table encapsulates important transaction categories such as share-based compensation and foreign exchange losses.

[Row Level]
Row 1: For the nine months ended September 30, 2021, the net loss for ZEEKR Intelligent Technology Holding Limited was RMB 2,653,974, whereas in 2022 it increased to RMB 5,317,214, equivalent to USD 747,482.  
Row 2: Share-based compensation adjustments for ZEEKR Intelligent Technology Holding Limited in 2021 were RMB 96,080, rising significantly to RMB 177,910 (USD 25,010) in 2022.  
Row 3: Depreciation and amortization for ZEEKR Intelligent Technology Holding Limited amounted to RMB 64,018 in 2021, escalating to RMB 193,599, or USD 27,216, in 2022.  
Row 4: Deferred taxes impacted the cash flow for ZEEKR Intelligent Technology Holding Limited by RMB (18,276) in 2021 and by RMB 64,457, equivalent to USD 9,061, in 2022.  
Row 5: In 2021, there was a minor loss from the disposal of property and equipment for ZEEKR Intelligent Technology Holding Limited at RMB 61, with no such transaction reported in 2022.  
Row 6: The share of losses in equity method investments for ZEEKR Intelligent Technology Holding Limited rose from RMB 10,533 in 2021 to RMB 70,387 (USD 9,895) in 2022.  
Row 7: Foreign exchange loss for ZEEKR Intelligent Technology Holding Limited was RMB 87,391 in 2021, converting to a gain of RMB (77,138) (USD 10,844) in 2022.  
Row 8: The provision for allowance for credit losses for ZEEKR Intelligent Technology Holding Limited was reversed by RMB 5,499 in 2021, while it was RMB 7,281 (USD 1,024) in 2022.  
Row 9: Accounts receivable changes adjusted operating cash flows for ZEEKR Intelligent Technology Holding Limited by RMB (417,036) in 2021 and by RMB (15,452) (USD 2,172) in 2022.  
Row 10: Notes receivable adjustments for ZEEKR Intelligent Technology Holding Limited were RMB (60,777) in 2021 and RMB (37,848) (USD 5,321) in 2022.  
Row 11: Inventories affected cash flows for ZEEKR Intelligent Technology Holding Limited by RMB (182,654) in 2021, increasing to RMB (1,500,871) (USD 210,989) in 2022.  
Row 12: Amounts due from related parties changed for ZEEKR Intelligent Technology Holding Limited by RMB (35,866) in 2021, significantly adjusting to RMB (2,492,921) (USD 350,449) in 2022.  
Row 13: Prepayments and other current assets impacted cash flows for ZEEKR Intelligent Technology Holding Limited by RMB (216,709) in 2021, contrasting with RMB (432,314) (USD 60,774) in 2022.  
Row 14: The adjustments for other non-current assets for ZEEKR Intelligent Technology Holding Limited were RMB (24,966) in 2021 and increased to RMB (130,978) (USD 18,413) in 2022.  
Row 15: Accounts payable for ZEEKR Intelligent Technology Holding Limited rose from RMB 352,391 in 2021 to RMB 1,830,785 (USD 257,368) in 2022.  
Row 16: Notes payable did not exist for ZEEKR Intelligent Technology Holding Limited in 2021 while it was RMB 1,519,696 (USD 213,635) in 2022.  
Row 17: Amounts due to related parties for ZEEKR Intelligent Technology Holding Limited decreased from RMB 3,317,800 in 2021 to RMB 1,295,249 (USD 182,083) in 2022.  
Row 18: Accruals and other current liabilities for ZEEKR Intelligent Technology Holding Limited rose from RMB 703,161 in 2021 to RMB 877,235 (USD 123,320) in 2022.  
Row 19: Operating lease right-of-use assets reduced the cash flow for ZEEKR Intelligent Technology Holding Limited by RMB (133,983) in 2021 and by RMB (1,010,769) (USD 142,092) in 2022.  
Row 20: Operating lease liabilities decreased cash flow for ZEEKR Intelligent Technology Holding Limited by RMB 136,445 in 2021, to RMB 992,474 (USD 139,520) in 2022.  
Row 21: Income tax payable lowered the cash flow for ZEEKR Intelligent Technology Holding Limited by RMB (33,727) in 2021, with an inflow of RMB 3,842 (USD 540) in 2022.  
Row 22: Other non-current liabilities changed cash flow for ZEEKR Intelligent Technology Holding Limited by RMB (1,813) in 2021 to RMB 180,482 (USD 25,372) in 2022.  
Row 23: Net cash provided by (used in) operating activities for ZEEKR Intelligent Technology Holding Limited was RMB 982,600 in 2021, shifting to a deficit of RMB (3,802,108) (USD 534,492) in 2022.  
Row 24: Purchases of property, plant, and equipment for ZEEKR Intelligent Technology Holding Limited amounted to RMB (462,310) in 2021 and RMB (689,710) (USD 96,958) in 2022.  
Row 25: Acquisitions of intangible assets for ZEEKR Intelligent Technology Holding Limited were RMB (11,912) in 2021, increasing to RMB (13,351) (USD 1,877) in 2022.  
Row 26: Investments in equity investees for ZEEKR Intelligent Technology Holding Limited dropped from RMB (120,000) in 2021 to RMB (442,017) (USD 62,138) in 2022.  
Row 27: Proceeds from disposal of long-term investments for ZEEKR Intelligent Technology Holding Limited were RMB 306,240 in 2021, declining to RMB 9,000 (USD 1,265) in 2022.  
Row 28: Receipts from disposal of property and equipment for ZEEKR Intelligent Technology Holding Limited were RMB 19 in 2021 and RMB 3 in 2022.  
Row 29: Net repayments for advances to related parties altered for ZEEKR Intelligent Technology Holding Limited from an inflow of RMB 2,469,867 in 2021 to a deficit of RMB (91,130) (USD 12,811) in 2022.  
Row 30: Cash paid for acquiring entities under common control for ZEEKR Intelligent Technology Holding Limited was RMB (1,465,747) in 2021 and decreased to RMB (708,587) (USD 99,612) in 2022.  
Row 31: Net cash provided by (or used in) investing activities for ZEEKR Intelligent Technology Holding Limited was RMB 716,138 in 2021, decreasing significantly to a deficit of RMB (1,935,776) (USD 272,128) in 2022. *The table presents values related to the shareholders' equity of company Intelligent Technology Holding Limited, detailing various equity transactions and their impacts on the company's financial position, making it essential to provide structured natural language descriptions.* In determining the company's equity value before becoming a public company, the company used the back-solve method or discounted cash flow method to determine the fair value of the business enterprise value (“BEV”), and then allocated the BEV to each element of the company's capital structure using an option pricing method. If a recent transaction in equities existed, the company applied the back-solve method, which is a market approach to solve for the company's implied BEV by considering the rights and preferences of each class of equities based on the consideration of the recent equity transaction. If a recent transaction in equities did not exist, the company first applied discounted cash flow analysis to determine the company's BEV, based on projected cash flow using management’s best estimate as of the valuation date. The determination of the fair value of the company's ordinary shares requires complex and subjective judgments to be made, which will not be necessary once these ordinary shares begin trading. In determining the company's equity value before becoming a public company, the company used the back-solve method or discounted cash flow method to determine the fair value of the business enterprise value (“BEV”), and then allocated the BEV to each element of the company's capital structure using an option pricing method. If a recent transaction in equities existed, the company applied the back-solve method, which is a market approach to solve the company's implied BEV by considering the rights and preferences of each class of equities based on the consideration of the recent equity transaction. If a recent transaction in equities did not exist, the company first applied discounted cash flow analysis to determine the company's BEV, based on the company's projected cash flow using management’s best estimate as of the valuation date. The determination of the fair value of the company's ordinary shares requires complex and subjective judgments to be made, which will not be necessary once these ordinary shares begin trading. In determining the company's equity value before the company becomes a public company, the company used the back-solve method or discounted cash flow method to determine the fair value of the business enterprise value (“BEV”), and then allocated the BEV to each element of the company's capital structure using an option pricing method. If a recent transaction in equities existed, the company applied the back-solve method, which is a market approach to solve the company's implied BEV by considering the rights and preferences of each class of equities based on the consideration of the recent equity transaction. If a recent transaction in equities did not exist, the company first applied discounted cash flow analysis to determine the company's BEV, based on the company's projected cash flow using management’s best estimate as of the valuation date. The determination of the fair value of the company's ordinary shares requires complex and subjective judgments to be made, which will not be necessary once these ordinary shares begin trading. The following diagram illustrates the company's corporate structure, including all of the company's significant subsidiaries, as “significant” is defined under Section 1-02 of Regulation S-X under the Securities Act and certain other subsidiaries, as of the date of this annual report. (1) In July 2021, the company Automobile (Shanghai) Co., Ltd., or the company Shanghai, acquired 100% equity interest in the company Automobile (Ningbo Hangzhou Bay New Zone) Co., Ltd., or the company Hangzhou Bay, from Geely Holding. In August 2021, the company Shanghai acquired 99% equity interest in the company Shanghai from Geely Auto and 1% from Geely Holding.  
(2) Viridi E-Mobility Technology (Ningbo) Co., Ltd., or Ningbo Viridi, was founded in 2017 as an indirect wholly-owned subsidiary of Geely Holding and is engaged in the R&D and production of key NEV components, including electric powertrains and battery packs. In July 2021, the company entered into a share purchase agreement with Ningbo Viridi and Zhejiang Jichuang Industrial Development Co., Ltd., pursuant to which the company agreed to purchase a 51% equity interest in Ningbo Viridi. In October 2021, the acquisition was completed. Currently, Ningbo Viridi is owned as to 51% by the company and 49% by Geely Holding. Ningbo Viridi started to generate revenue in March 2019. [Table Level]
- Table Title: Entity Details and Principal Activities
- Table Summary: This table lists the major entities through which the company Group conducts its business as of December 31, 2024. It provides information about the entities’ names, equity interest held by the group, place of incorporation, and principal activities.
- Context: The table follows a discussion on the history and acquisitions of the company Group subsidiaries, detailing how the business structure evolved over time, becoming a publicly listed group in May 2024.
- Special Notes: The equity interest values represent full ownership except for Viridi E-Mobility Technology (Ningbo), indicating partial ownership.

[Row Level]
Row 1: company Technology Innovation Limited, referred to as “company Innovation,” is fully owned by the company Group with a 100% equity interest. company Innovation is incorporated in the British Virgin Islands and operates primarily as an investment holding company.

Row 2: company Technology Limited, or “company Technology,” is also fully owned at 100% equity interest. company Technology is incorporated in the People’s Republic of China and functions as an investment holding company.

Row 3: The company Group holds a 100% equity interest in Zhejiang company Intelligent Technology Co., Ltd., known as “Zhejiang company.” This entity is based in the People’s Republic of China and serves as both an investment holding company and a comprehensive business entity.

Row 4: Zhejiang company Automobile Research & Development Co., Ltd., referred to as “company Research and Development,” is entirely owned by the company Group with a 100% equity interest. The entity is incorporated in the People’s Republic of China and provides research and development services.

Row 5: Viridi E-Mobility Technology (Ningbo) Co., Ltd., known as “Ningbo Viridi,” is partially owned, with the company Group having a 51% equity interest. Ningbo Viridi is located in the People’s Republic of China and specializes in the production and sales of electric powertrain and battery packs for electric vehicles. You are purchasing equity securities of company Intelligent Technology, a Cayman Islands holding company, rather than equity securities of its operating subsidiaries. Such structure involves unique risks to investors in the American Depositary Shares (ADSs). Investors should carefully consider all the information in this prospectus, including the risks and uncertainties described below and company's combined and consolidated financial statements and related notes, before making an investment in the ADSs. Investors should also carefully review the cautionary statements referred to under “Cautionary Statement Regarding Forward-looking Statements.” Any of the following risks could have a material adverse effect on company's business, financial condition, and results of operations. Additional risks and uncertainties not currently known to company or that company currently deems to be immaterial may also materially and adversely affect company's business, financial condition, and results of operations. In any such case, the market price of the ADSs could decline significantly, and investors may lose all or part of their investment. You are purchasing equity securities of a Cayman Islands holding company, rather than equity securities of its operating subsidiaries. Such structure involves unique risks to investors in the American Depositary Shares (ADSs). You should carefully consider all the information in this prospectus, including the risks and uncertainties described below and the company's combined and consolidated financial statements and related notes, before making an investment in the ADSs. You should also carefully review the cautionary statements referred to under “Cautionary Statement Regarding Forward-looking Statements.” Any of the following risks could have a material adverse effect on the company's business, financial condition, and results of operations. Additional risks and uncertainties not currently known to the company or that the company currently deems to be immaterial may also materially and adversely affect the company's business, financial condition, and results of operations. In any such case, the market price of the ADSs could decline significantly, and you may lose all or part of your investment. Prior to this offering, the company was a private company with no quoted market prices for its ordinary shares. The company therefore needed to make estimates of the fair value of its ordinary shares at various dates for the purpose of determining the fair value of its ordinary shares at the date of the grant of share-based compensation awards to its employees as one of the inputs. Valuations of the company's ordinary shares were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants’ Practice Aid, Valuation of Privately Held Company Equity Securities Issued as Compensation, and with the assistance of an independent valuation firm. The company first determined its equity value and then allocated the equity value to each element of its capital structure (preferred shares and ordinary shares) using a hybrid method comprising the probability-weighted expected return method and the option pricing method. The assumptions the company uses in the valuation model are based on future expectations combined with management judgment, with inputs of numerous objective and subjective factors, to determine the fair value of its ordinary shares, including the following factors: • the nature of business of the company; • the financial condition of the company and the economic outlook in general; • the projection of the company's operating results; • the financial and business risks of the company including the continuity of income and the projected future results.