What is Zeekr's gross profit level in 2024?
The company's gross profit increased by 81.7% from RMB6,850.5 million in 2023 to RMB12,447.5 million (US$1,705.3 million) in 2024, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB5,080.2 million in 2023 to RMB8,650.3 million (US$1,185.1 million) in 2024; (ii) an increase in gross profit from sales of batteries and other components from RMB884.5 million in 2023 to RMB2,312.7 million (US$316.8 million) in 2024; and (iii) an increase in gross profit from research and development services from RMB885.8 million in 2023 to RMB1,484.5 million (US$203.4 million) in 2024. The company's gross profit margin increased from 13.3% in 2023 to 16.4% in 2024. The increase was mainly attributable to the slight growth of the company's vehicle sales business, which had a higher gross profit margin at 15.6% in 2024. The gross profit and gross profit margin for the company in 2024 were RMB9,948.7 million (US$1,363.0 million) and 17.0%, respectively, compared with RMB5,791.9 million and 16.3% in 2023. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles together with changes in pricing strategy to align with market dynamics and (ii) procurement savings due to the declining average costs in auto parts and other materials. For the Viridi Segment, the company recorded RMB954.2 million and RMB2,386.6 million (US$327.0 million) in gross profit and recorded gross profit margins of 5.2% and 13.3% in 2023 and 2024, respectively. The increase was primarily due to the growth in overseas sales of battery components, which had higher average gross margins. The company's gross profit increased by 177.1% from RMB2,472.1 million in 2022 to RMB6,850.5 million (US$964.9 million) in 2023, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB923.1 million in 2022 to RMB5,080.2 million (US$715.5 million) in 2023; (ii) a decrease in gross profit from sales of batteries and other components from RMB1,091.8 million in 2022 to RMB884.5 million (US$124.6 million) in 2023; and (iii) an increase in gross profit from the company's research and development services from RMB457.2 million in 2022 to RMB885.8 million (US$124.8 million) in 2023. The company's gross profit margin increased from 7.7% in 2022 to 13.3% in 2023. The increase was mainly attributable to the significant growth of the company's vehicle sales business, which had a higher gross profit margin at 15.0% in 2023. The gross profit and gross profit margin for the company's segment in 2023 were RMB5,791.9 million (US$815.8 million) and 16.3%, respectively, compared with RMB1,042.6 million and 5.1% in 2022. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles and (ii) procurement savings as the cost of auto parts and materials decreased. For the company's Viridi Segment, the company recorded RMB1,170.4 million and RMB954.2 million (US$134.4 million) in gross profit and recorded gross profit margins of 9.1% and 5.2% in 2022 and 2023, respectively. The decrease was primarily due to the shift of product mix towards lower-margin products, which is in line with the market demand shifting. The company's gross profit increased by 177.1% from RMB2,472.1 million in 2022 to RMB6,850.5 million (US$964.9 million) in 2023, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB923.1 million in 2022 to RMB5,080.2 million (US$715.5 million) in 2023; (ii) a decrease in gross profit from sales of batteries and other components from RMB1,091.8 million in 2022 to RMB884.5 million (US$124.6 million) in 2023; and (iii) an increase in gross profit from the company's research and development services from RMB457.2 million in 2022 to RMB885.8 million (US$124.8 million) in 2023. The company's gross profit margin increased from 7.7% in 2022 to 13.3% in 2023. The increase was mainly attributable to the significant growth of the company's vehicle sales business, which had a higher gross profit margin at 15.0% in 2023. The gross profit and gross profit margin for the company's segment in 2023 were RMB5,791.9 million (US$815.8 million) and 16.3%, respectively, compared with RMB1,042.6 million and 5.1% in 2022. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles and (ii) procurement savings as the cost of auto parts and materials decreased. For the company's Viridi Segment, the company recorded RMB1,170.4 million and RMB954.2 million (US$134.4 million) in gross profit and recorded gross profit margins of 9.1% and 5.2% in 2022 and 2023, respectively. The decrease was primarily due to the shift of product mix towards lower-margin products, which is in line with the market demand shifting. The company's gross profit increased by 177.1% from RMB2,472.1 million in 2022 to RMB6,850.5 million (US$964.9 million) in 2023, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB923.1 million in 2022 to RMB5,080.2 million (US$715.5 million) in 2023; (ii) a decrease in gross profit from sales of batteries and other components from RMB1,091.8 million in 2022 to RMB884.5 million (US$124.6 million) in 2023; and (iii) an increase in gross profit from the company's research and development services from RMB457.2 million in 2022 to RMB885.8 million (US$124.8 million) in 2023. The company's gross profit margin increased from 7.7% in 2022 to 13.3% in 2023. The increase was mainly attributable to the significant growth of the company's vehicle sales business, which had a higher gross profit margin at 15.0% in 2023. The gross profit and gross profit margin for the company's segment in 2023 were RMB5,791.9 million (US$815.8 million) and 16.3%, respectively, compared with RMB1,042.6 million and 5.1% in 2022. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles and (ii) procurement savings as the cost of auto parts and materials decreased. For the Viridi Segment, the company recorded RMB1,170.4 million and RMB954.2 million (US$134.4 million) in gross profit and recorded gross profit margins of 9.1% and 5.2% in 2022 and 2023, respectively. The decrease was primarily due to the shift in product mix towards lower-margin products, which is in line with the market demand shift. The company's gross profit increased by 177.1% from RMB2,472.1 million in 2022 to RMB6,850.5 million (US$964.9 million) in 2023, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB923.1 million in 2022 to RMB5,080.2 million (US$715.5 million) in 2023; (ii) a decrease in gross profit from sales of batteries and other components from RMB1,091.8 million in 2022 to RMB884.5 million (US$124.6 million) in 2023; and (iii) an increase in gross profit from the company's research and development services from RMB457.2 million in 2022 to RMB885.8 million (US$124.8 million) in 2023. The company's gross profit margin increased from 7.7% in 2022 to 13.3% in 2023. The increase was mainly attributable to the significant growth of the company's vehicle sales business, which had a higher gross profit margin at 15.0% in 2023. The gross profit and gross profit margin for the company's segment in 2023 were RMB5,791.9 million (US$815.8 million) and 16.3%, respectively, compared with RMB1,042.6 million and 5.1% in 2022. The increase was primarily attributed to (i) the increase in delivery volume of the company's vehicles and (ii) procurement savings as the cost of auto parts and materials decreased. For the Viridi Segment, the company recorded RMB1,170.4 million and RMB954.2 million (US$134.4 million) in gross profit and recorded gross profit margins of 9.1% and 5.2% in 2022 and 2023, respectively. The decrease was primarily due to the shift of the product mix towards lower-margin products, which is in line with the market demand shifting. The increase was primarily attributed to (i) the increase in delivery volume of company vehicles and (ii) procurement savings as the cost of auto parts and materials decreased. For the Viridi Segment, the company recorded RMB827.3 million and RMB570.3 million (US$78.2 million) in gross profit and recorded gross profit margins of 10.3% and 4.5% in the nine months ended September 30, 2022, and 2023, respectively. The decrease was primarily due to the shift of the product mix towards lower-margin products, which is in line with the market demand shifting. The company's gross profit from the CEVT segment decreased from RMB787.8 million to RMB136.9 million (US$18.8 million), and the gross profit margin decreased from 41.8% to 12.2% in the nine months ended September 30, 2022, and 2023, respectively. The decline in both gross profit and gross profit margin can be attributed to the seasonal fluctuations in meeting internal project milestones, along with a reduction in the number of research and development services offered by CEVT to external customers, which have higher margins. The company had an unstable and volatile financial performance. The company's total revenue increased significantly by RMB24,240.1 million, or approximately 46.9%, from RMB51,672.6 million in 2023 to RMB75,912.7 million (US$10,400.0 million) in 2024. The increase was primarily due to the increase in (i) vehicle sales of RMB21,403.5 million and (ii) sales of batteries and other components of RMB2,101.2 million. The company's total revenue increased significantly by RMB19,773.2 million, or approximately 62.0%, from RMB31,899.4 million in 2022 to RMB51,672.6 million in 2023. The increase was primarily due to the increase in (i) vehicle sales of RMB14,240.5 million and (ii) sales of batteries and other components of RMB4,374.8 million. However, although the company's revenue from vehicle sales and sales of batteries and other components increased significantly, the company might experience volatility or not be able to maintain a similar increase rate, which could adversely affect the company's financial condition and results of operation. Furthermore, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company's net loss decreased by RMB2,473.5 million, where the company recorded a net loss of RMB5,790.6 million (US$793.3 million) in 2024, compared to a net loss of RMB8,264.2 million in 2023. The company incurred a significant increase of RMB609.1 million in net loss and recorded a net loss of RMB8,264.2 million in 2023, compared to a net loss of RMB7,655.1 million in 2022. The company cannot assure you that the company will achieve profitability in the near future as the company is still at an early stage. The company's gross profit from the ZTE segment increased from RMB265.1 million to RMB501.7 million (US$68.7 million), and the gross profit margin increased from 11.7% to 21.3% in 2023 and 2024, respectively. The increase in both gross profit and gross profit margin can be attributed to the increased sales of research and development services to related parties. [Table Level]
- Table Title: Loss per Share Analysis for the Years Ended December 31, 2022, 2023, and 2024
- Table Summary: This table presents the financial outcomes related to the company's net loss per share for the fiscal years 2022, 2023, and 2024. It details figures for net losses from consolidated entities, net income attributable to non-controlling interests, and the net losses attributable to ordinary shareholders. Additionally, it demonstrates the weighted average number of shares and calculates both basic and diluted net loss per share.
- Context: The context discusses significant financial activities of the Group, including related party transactions and loans, along with their completion and outstanding balances. It also explains the net loss from consolidated entities and provides background on excluded share units and preferred shares affecting net loss per share calculations.
- Special Notes: The amounts are presented in thousands; share data and per share data use specific formatting. The negative values indicate net losses.

[Row Level]
Row 1: In 2022, the net loss from consolidated entities amounted to RMB 7,651,854, which increased to RMB 8,264,191 in 2023, and then decreased to RMB 5,790,649 in 2024.
Row 2: Net income attributable to Ningbo Viridi as a non-controlling interest (NCI) was RMB 278,633 in 2022, then reduced to RMB 82,789 in 2023, and increased significantly to RMB 632,921 in 2024.
Row 3: The net loss attributable to ordinary shareholders of the company was recorded as RMB 7,930,487 in 2022, increased to RMB 8,346,980 in 2023, and reduced to RMB 6,423,570 in 2024.
Row 4: The weighted average number of ordinary shares outstanding, both basic and diluted, remained constant at 2,000,000,000 shares in 2022 and 2023, increasing to 2,353,015,830 shares by 2024.
Row 5: The basic net loss per share attributable to ordinary shareholders of the company was RMB (3.97) in 2022, increased to RMB (4.17) in 2023, and then improved to RMB (2.73) in 2024.
Row 6: Similarly, the diluted net loss per share for ordinary shareholders of the company mirrored the basic calculation: RMB (3.97) in 2022, rising to RMB (4.17) in 2023, and decreasing to RMB (2.73) in 2024.
As a result of the foregoing, the company's loss from operations decreased from RMB8,178.1 million in 2023 to RMB6,460.4 million (US\$885.1 million) in 2024. The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. • ZEEKR 001. With an unwavering commitment to the company's mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001 (2024 model). The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by its strong in-house R&D capabilities, high operational flexibility, and flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. • ZEEKR 001. With an unwavering commitment to its mission, the company released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is the company's first vehicle model and the world’s first mass-produced pure electric shooting brake, according to Frost & Sullivan. ZEEKR 001 is also the first mass-produced BEV model with over $1,000 km CLTC range, according to Frost & Sullivan. The company began the delivery of ZEEKR 001 in October 2021. In February 2024, the company released an upgraded model of ZEEKR 001 (2024 model). The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. As a testament to the popularity of the company's current vehicle models and its capabilities, the company has achieved a total delivery of 10,000 units of the ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle (NEV) models and premium battery electric vehicle (BEV) models in China. In October 2022, the company delivered 10,119 units of the ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over. The company's total revenue amounted to RMB6,527.5 million, RMB31,899.4 million, and RMB51,672.6 million (US$7,277.9 million) in 2021, 2022, and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, and 13.3%, respectively. The company recorded a net loss of RMB4,514.3 million, RMB7,655.1 million, and RMB8,264.2 million (US$1,164.0 million) in 2021, 2022, and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as a series of customer-oriented products and go-to-market strategies. Thus, the company is able to rapidly expand even with a limited operating history. As a testament to the popularity of the company's current vehicle models and its capabilities, the company has achieved a total delivery of 10,000 units of the ZEEKR 001 in less than four months after the initial delivery, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end new energy vehicle (NEV) models and premium battery electric vehicle (BEV) models in China. In October 2022, the company delivered 10,119 units of the ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over. The company's revenue from vehicle sales amounted to RMB1,544.3 million and RMB19,671.2 million (US$2,712.8 million) in 2021 and 2022, and RMB5,296.7 million and RMB13,175.4 million (US$1,817.0 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 1.8%, 4.7%, 4.7%, and 12.3%, respectively. In addition to vehicle sales, the company generated revenues from research and development services and other services, as well as sales of batteries and other components. The company's total revenue amounted to RMB6,527.5 million and RMB31,899.4 million (US$4,399.1 million) in 2021 and 2022, and RMB9,012.2 million and RMB21,270.1 million (US$2,933.3 million) in the six months ended June 30, 2022 and 2023, respectively, with a gross profit margin of 15.9%, 7.7%, 9.7%, and 10.5%, respectively. The company recorded a net loss of RMB4,514.3 million and RMB7,655.1 million (US$1,055.7 million) in 2021 and 2022, and RMB3,085.2 million and RMB3,870.6 million (US$533.8 million) in the six months ended June 30, 2022 and 2023, respectively. The company is a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, the company aspires to lead the electrification, intelligentization, and innovation of the automobile industry. Since its inception, the company has focused on innovation and technological advancement in BEV architecture, hardware, software, and application of new technologies. The company's efforts are backed by strong in-house R&D capabilities, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, and a series of customer-oriented products and go-to-market strategies. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$340.9 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$150.6 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$127.3 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$143.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$161.4 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$155.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$66.3 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. Net loss from consolidated entities represents the net loss generated by each entity acquired as part of the company's Reorganization since the dates of their respective acquisitions. [Table Level]
- Table Title: Consolidated Balance Sheets as of December 31, 2023 and 2024
- Table Summary: This table presents the consolidated balance sheets for company Intelligent Technology Holding Limited, detailing the accounting figures as of December 31, 2023, and 2024 in RMB, with an additional column converting 2024 figures into USD. It reflects current liabilities and shareholder's deficit with various financial data points compared across the two years.
- Context: The data comes from company's combined and consolidated financial statements, with amounts given in thousands, except for share and per share data. This table is part of a broader financial summary covering multiple years of operation.
- Special Notes: The currency in the table switches from RMB for 2023 and 2024 to USD for 2024, with a note (Note 2(d)) for further clarification.

[Row Level]
Row 1: As of December 31, 2024, company Intelligent Technology Holding Limited had RMB 30,300 and the equivalent of USD 4,151 in this specific financial line item. There is no corresponding figure for December 31, 2023.
Row 2: The line item recorded RMB 4,104,717 for 2023 and slightly decreased to RMB 4,072,312 in 2024. In USD, this amount was 557,904 for 2024.
Row 3: In 2023, company Intelligent Technology Holding Limited reported RMB 5,504,945, which significantly increased to RMB 12,990,599 in 2024. The corresponding amount in USD for 2024 was 1,779,705.
Row 4: For 2023, the account held RMB 16,355,902, whereas in 2024, it reported a decrease to RMB 14,509,628. The USD equivalent for 2024 was 1,987,811.
Row 5: RMB 108,083 was noted in 2023, and this amount reduced to RMB 60,856 in 2024. The equivalent in USD for 2024 was 8,337.
Row 6: As of December 31, 2023, an amount of RMB 6,243,956 was recorded, increasing to RMB 8,478,772 in 2024, with the USD equivalent being 1,161,587.
Row 7: The total for these line items for 2023 was RMB 32,317,603, rising to RMB 40,142,467 in 2024, with the USD figure for 2024 being 5,499,495.
Row 8: There was no figure for 2023, but 2024 recorded RMB 414,180 and USD 56,742 in this line item.
Row 9: The 2023 value was RMB 1,807,159, reduced to RMB 1,491,486 in 2024. This amount in USD for 2024 was 204,333.
Row 10: An amount of RMB 1,100,000 was listed for 2023, with no corresponding 2024 or USD equivalent.
Row 11: The line item read RMB 563,001 in 2023, increasing to RMB 718,164 in 2024, with the USD equivalent being 98,388.
Row 12: In 2023, the figure was RMB 8,337, and it rose to RMB 57,252 in 2024. The USD equivalent was 7,843 for 2024.
Row 13: The total for these line items was RMB 3,478,497 for 2023, decreasing to RMB 2,681,082 in 2024, with the USD for 2024 equating to 367,306.
Row 14: The grand total for all items was RMB 35,796,100 in 2023, increasing to RMB 42,823,549 in 2024, with the USD equivalent for 2024 being 5,866,801. ```
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``` [Table Level]
- Table Title: company Intelligent Technology Holding Limited Condensed Statements of Operations and Comprehensive Loss
- Table Summary: The table provides a detailed breakdown of the financial performance of company Intelligent Technology Holding Limited for the years ending December 31, 2021, 2022, and 2023, including losses from operations, interest income, income before income tax, and comprehensive loss. Data is presented in thousands, excluding per share data unless noted otherwise.
- Context: Prior to this table, the document indicates there have been no subsequent events requiring changes to the financial statements as of March 20, 2024. Following the table, there are sections on cash flow statements and notes to financial statements which elucidate regulatory compliance and financial disclosure requirements.
- Special Notes: Amounts are in thousands and exclude share and per share data unless noted. Negative values indicate losses or expenses.

[Row Level]
Row 1: For 2021, the general and administrative expenses are not specified; for 2022, they were $1,800 thousand; in 2023 they reached $11,237 thousand, and for 2024 they decreased to $1,583 thousand.
Row 2: In 2021, the loss from operations is not given; estimated at $1,800 thousand in 2022, $11,237 thousand in 2023, and $1,583 thousand in 2024.
Row 3: In 2021, interest income was $2,240 thousand, rising to $6,268 thousand in 2022, $25,513 thousand in 2023, and declining to $3,593 thousand in 2024.
Row 4: Other (expenses) income, net was $(152) thousand in 2021 and changed to $1,826 thousand in 2022, $54,782 thousand in 2023, and $7,716 thousand in 2024.
Row 5: Income before income tax expense in 2021 was $2,088 thousand, increased to $6,294 thousand in 2022, $69,058 thousand in 2023, and further increased to $9,726 thousand in 2024.
Row 6: Equity in loss of subsidiaries was $(4,364,657) thousand for 2021, $(7,940,073) thousand in 2022, $(8,416,038) thousand in 2023, and $(1,185,374) thousand in 2024.
Row 7: Net loss for 2021 was $(4,362,569) thousand, decreased to $(7,933,779) thousand by 2022, $(8,346,980) thousand in 2023, and $(1,175,648) thousand in 2024.
Row 8: Other comprehensive (loss) income, net of tax of nil was $(103,405) thousand in 2021; increased to $14,556 thousand in 2022, $49,765 thousand in 2023, before decreasing to $7,009 thousand in 2024.
Row 9: The foreign currency translation adjustment, net tax of nil in 2021 was $(103,405) thousand; changed to $14,556 thousand in 2022, $49,765 thousand in 2023, and was $7,009 thousand in 2024.
Row 10: Total other comprehensive (loss) income in 2021 was $(103,405) thousand, increasing to $14,556 thousand by 2022, $49,765 thousand in 2023, and down to $7,009 thousand in 2024.
Row 11: Total comprehensive loss in 2021 was $(4,465,974) thousand, changing to $(7,919,223) thousand in 2022, $(8,297,215) thousand in 2023, and reducing to $(1,168,639) thousand in 2024. *[Due to the unavailability of clear text extraction from the image, providing structured natural language descriptions of the company's financial reports is not possible.]* [Table Level]
- Table Title: company Intelligent Technology Holding Limited Financial Summary
- Table Summary: The table presents the financial performance of company Intelligent Technology Holding Limited for the nine months ended September 30, 2022, and 2023, showing values in both RMB and USD. It includes figures on net loss, other comprehensive income, and comprehensive loss attributable to shareholders.
- Context: The information provided before the table explains the exchange rate used for currency conversion and indicates there were no significant financial contingencies for company Intelligent Technology Holding Limited as of December 31, 2020, 2021, and 2022. The information after the table pertains to financial balance adjustments and financial statement descriptions.
- Special Notes: The USD figures in the table were converted using a rate of 1 USD = 7.296 RMB, as specified in Note 2c.

[Row Level]
- Row 1: The net loss for the nine months ended September 30, 2022, was RMB 5,317,214,000, whereas for 2023, it was RMB 5,326,272,000, which converts to USD 730,027,000.
- Row 2: company Intelligent Technology Holding Limited recognized other comprehensive income due to foreign currency translation adjustments, amounting to RMB 8,068,000 in 2022 and RMB 11,081,000 in 2023, equivalent to USD 1,519,000.
- Row 3: Comprehensive loss to company Intelligent Technology Holding Limited was RMB 5,309,146,000 in 2022 and RMB 5,315,191,000 in 2023, equating to USD 728,508,000.
- Row 4: The less comprehensive income attributable to non-controlling interest was RMB 161,737,000 in 2022 and RMB 33,820,000 in 2023, which translates to USD 4,635,000.
- Row 5: The comprehensive loss attributable to the ordinary shareholders of company Intelligent Technology Holding Limited was RMB 5,470,883,000 in 2022 and RMB 5,349,011,000 in 2023, or USD 733,143,000. [Table Level]
- Table Title: Company Intelligent Technology Holding Limited Condensed Statements of Operations and Comprehensive Loss
- Table Summary: This table presents Company Intelligent Technology Holding Limited's financial performance over the years 2021, 2022, and 2023. Key metrics include loss from operations, income before tax, net loss, equity loss in subsidiaries, and comprehensive loss. The table also highlights other comprehensive income factors such as foreign currency translation adjustments.
- Context: The data reflects the company's routine financial operations, excluding any legal or financial adjustments. It is part of a series of financial statements for the years ending December 31, 2021, 2022, and 2023 which include balance sheets, cash flows, and financial statements required under regulatory mandates.
- Special Notes: All amounts are in thousands. The impact of foreign currency translation adjustments is stated net of tax.

[Row Level]
Row 1: The general and administrative expenses are not reported for any of the years 2021, 2022, or 2023.
Row 2: The loss from operations was non-existent in 2021, amounts to $1,800 in 2022, $11,237 in 2023, and $1,583 for a specific noted period.
Row 3: Interest income recorded was $2,240 in 2021, increased to $6,268 in 2022, rose significantly to $25,513 in 2023, and then decreased to $3,593 in the noted period.
Row 4: Other (expenses) income, net, resulted in a net expense of $152 in 2021, saw a net income of $1,826 in 2022, increased substantially to $54,782 in 2023, and came down to $7,716 in the noted period.
Row 5: Income before income tax expense showed $2,088 in 2021, increased to $6,294 in 2022, rose significantly to $69,058 in 2023, and reached $9,726 in the noted period.
Row 6: Equity in loss of subsidiaries was $4,364,657 in 2021, increased to $7,940,073 in 2022, further to $8,416,038 in 2023, and ended at $1,185,374 in the noted period.
Row 7: Net loss was recorded at $4,362,569 in 2021, reduced slightly to $7,933,779 in 2022, increased again to $8,346,980 in 2023, and decreased to $1,175,648 in the noted period.
Row 8: Other comprehensive (loss) income, net of tax of nil, represented foreign currency translation adjustment losses of $103,405 in 2021, then gains of $14,556 in 2022, $49,765 in 2023, and $7,009 in the noted period.
Row 9: The total other comprehensive (loss) income was a loss of $103,405 in 2021, a gain of $14,556 in 2022, a gain of $49,765 in 2023, and again a gain of $7,009 in the noted period.
Row 10: The total comprehensive loss was $4,465,974 in 2021, decreased to $7,919,223 in 2022, further decreased to $8,297,215 in 2023, and was $1,168,639 in the noted period. Balance as of January 1, 2023  
Issuance of preferred shares  
Net loss  
Share-based compensation  
Foreign currency translation adjustment  
Balance as of December 31, 2023 [Table Level]
- Table Title: company Intelligent Technology Holding Limited - Statement of Changes in Shareholders' Deficit for the Year Ended December 31, 2023
- Table Summary: This table outlines the changes in shareholders' deficit for company Intelligent Technology Holding Limited for the year ending December 31, 2023. Key elements include share counts, amounts in RMB for ordinary and preferred shares, additional paid-in capital, accumulated deficit, other comprehensive income, and portions attributed to non-controlling interest.
- Context: The statements presented are integral parts of combined and consolidated financial information, focusing on changes in shareholders’ deficit. Yearly adjustments are captured in this table, contributing to a comprehensive financial overview.
- Special Notes: All financial data is presented in RMB and amounts are stated in thousands. Footnotes specify that details such as share counts and per share data are exceptions to this notation.

[Row Level]
Row 1: As of January 1, 2023, company Intelligent Technology Holding Limited started with 2,000,000,000 ordinary shares valued at 2,584 RMB, and 126,470,585 preferred shares valued at 162 RMB. The additional paid-in capital recorded was 5,705,305 RMB, and the accumulated deficit stood at 12,518,706 RMB. Accumulated other comprehensive loss was 32,210 RMB. company Intelligent Technology Holding Limited's overall deficit was reported as 6,842,865 RMB, while non-controlling interest amounted to 869,998 RMB, culminating in a total shareholders' deficit of 5,972,867 RMB.

Row 2: During the year, preferred shares were further issued, increasing count by 139,375,669 shares leading to an RMB increase of 200, while additional paid-in capital was adjusted to reflect a deduction of 5,372,844 RMB. Accumulated deficit was further adjusted, decreasing by 8,346,980 RMB. Total company Intelligent Technology Holding Limited's deficit was adjusted to show a decrease of 8,346,980 RMB and non-controlling interest increased by 82,789 RMB, affecting total shareholders’ deficit to a decrease of 8,264,191 RMB.

Row 3: Adjustments included an additional increase in paid-in capital by 135,649 RMB, with corresponding improvements to the overall deficit by the same amount. Accumulated comprehensive income increased by 49,765 RMB, improving the overall total company Intelligent Technology Holding Limited's deficit by this amount. Non-controlling interest did not change during this adjustment period. Total shareholders’ deficit was improved further by 135,649 RMB.

Row 4: At table's end on December 31, 2023, the ordinary share count remained at 2,000,000,000 continuing with an evaluation of 2,584 RMB. Preferred share count ended at 265,846,254 with a final valuation of 362 RMB. The total additional paid-in capital finalized at 11,213,798 RMB, while accumulated deficit reached 20,865,686 RMB. Accumulated other comprehensive income settled at 17,555 RMB. company Intelligent Technology Holding Limited's company deficit totaled 9,631,387 RMB, with non-controlling interest at 952,787 RMB. The cumulative total shareholders' deficit ended at 8,678,600 RMB. [Table Level]  
- Table Title: Changes in Shareholders' Deficit for company Intelligent Technology Holding Limited  
- Table Summary: The table details the changes in the shareholders' deficit for company Intelligent Technology Holding Limited over the year ending December 31, 2024. It provides information on ordinary shares, preferred shares, treasury shares, additional paid-in capital, accumulated deficit, and shareholder interests, among other metrics. The data illustrates adjustments due to share issuance, conversion, net losses, and other compensatory actions.  
- Context: This table continues from prior statements outlining changes in shareholders' deficit for company Intelligent Technology Holding Limited from the start of 2024. It is accompanied by notes that are part of company Intelligent Technology Holding Limited's consolidated financial statements and precedes similar financial statements for cash flows through 2022 to 2024.  
- Special Notes: All financial amounts are presented in RMB and the amounts are listed in thousands, excluding share and per-share data. Specific financial transactions such as IPOs and currency adjustments are marked throughout.  

[Row Level]  
Row 1: As of January 1, 2024, there were 2,000,000,000 ordinary shares outstanding with a base value of RMB 2,584 and 265,846,254 preferred shares valued at RMB 362. The additional paid-in capital stood at RMB 11,213,798, with an accumulated deficit of RMB (20,865,686). The total shareholders' deficit amounted to RMB (8,678,600).  

Row 2: Following an initial public offering, 241,500,000 ordinary shares were issued, bringing in RMB 349, while incurring issuance costs of RMB 79,138. This transaction increased additional paid-in capital by RMB 3,464,995. The total company deficit decreased to RMB (9,631,387), and the total deficit shifted to RMB 3,465,344.  

Row 3: Upon the IPO consummation, 265,846,254 preferred shares were converted into ordinary shares, altering their value by RMB (362) each, thus eliminating their individual outstanding values in favor of the increased ordinary shares category.  

Row 4: An additional 45,555,414 shares were issued on vesting RSUs at RMB 66, contributing to the shares outstanding balance and maintaining the total shareholders' deficit at RMB 66.  

Row 5: A repurchase of 10,930,530 ordinary shares occurred without issuing preferred shares. This action resulted in an increase in treasury shares valued at RMB 10,930,530 and contributed RMB (186,812) to the accumulated deficit, while adjusting other values accordingly and leading to a notable deficit change to RMB (6,423,570).  

Row 6: Recorded net loss added a significant RMB (6,423,570) to the accumulated deficit, simultaneously reflecting the total shareholders' deficit as RMB (5,790,649).  

Row 7: Share-based compensation actions attributed an increase of RMB 1,078,296 to additional paid-in capital, yet maintained the current deficit figures and displayed a substantially unchanged position in shareholders’ deficit.  

Row 8: A foreign currency translation adjustment adjusted the accumulated other comprehensive income by RMB (40,474) while leaving total shareholder figures and other aspects largely unaffected or maintained.  

Final Row: As of December 31, 2024, 2,541,971,138 ordinary shares remain outstanding, valued at RMB 3,361 along with total treasury shares totaling 10,930,530 in number with RMB 10,930,530. This concluded the year with an additional paid-in capital recorded as RMB 15,757,089, while accumulated deficits sum to RMB (186,812), and total shareholders’ deficit now holds at RMB (10,152,829). Net loss  
Other comprehensive loss, net of tax of nil: Foreign currency translation adjustments  
Comprehensive loss  
Less: comprehensive income attributable to non-controlling interest  
Comprehensive loss attributable to shareholders of company Intelligent Technology Holding [Table Level]  
- Table Title: Combined and Consolidated Comprehensive Loss for Years Ended December 31, 2022, 2023, and 2024  
- Table Summary: This table outlines the comprehensive loss figures for company Intelligent Technology Holding Limited over three consecutive years, providing insights into net loss, foreign currency translation adjustments, and comprehensive income attributable to non-controlling interests—all expressed in RMB, with a conversion to US$ for the year 2024. The financial data illustrates company Intelligent Technology Holding Limited's changes in comprehensive loss and the impact on shareholders.  
- Context: The financial data precedes and follows statements that relate to the comprehensive loss and shareholders' deficit for December 31, 2022, 2023, and 2024. The notes accompanying the financial statements are integral for understanding the presented figures.  
- Special Notes: Amounts are in thousands except where otherwise stated. For 2024, figures are also presented in US$, with a note (2(d)) for further context.  

[Row Level]  
Row 1: In 2022, the RMB net loss for company Intelligent Technology Holding Limited was (7,655,146).  
Row 2: In 2023, the RMB net loss for company Intelligent Technology Holding Limited increased to (8,264,191).  
Row 3: In 2024, the RMB net loss for company Intelligent Technology Holding Limited was (5,790,649), while the corresponding amount in US$ was (793,315).  
Row 4: For 2022, foreign currency translation adjustments led to a gain of 14,556, modifying the overall loss to (7,640,590).  
Row 5: In 2023, adjustments yielded a gain of 49,765, reducing the loss to (8,214,426).  
Row 6: The year 2024 saw a currency translation loss of (40,474), affecting the total loss to readjust to (5,831,123) RMB and (5,545) US$.  
Row 7: Comprehensive income attributable to non-controlling interests in 2022 was 278,633, resulting in an attributable loss to shareholders of (7,919,223).  
Row 8: The 2023 equivalent was 82,789, leading to a shareholder attributable loss of (8,297,215).  
Row 9: Finally, in 2024, with an interest of 632,921 in RMB and 86,710 in US$, the attributable loss to shareholders was adjusted to (6,464,044) RMB and (885,570) US$. Gross Profit, Gross Profit Margin The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$358.4 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$158.3 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$133.8 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$151.2 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company enjoyed RMB40.4 million and RMB1,170.4 million (US$169.7 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$163.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$69.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$340.9 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$150.6 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$127.3 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$143.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$161.4 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$155.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$66.3 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The cost of revenues associated with the company's research and development services and other services decreased from RMB 1,840.0 million to RMB 1,453.2 million (US$ 200.4 million), which was consistent with the decrease in the revenues generated from such services to external parties. Gross Profit, Gross Profit Margin The company's gross profit increased by 138.1% from RMB 1,038.2 million for 2021 to RMB 2,472.1 million (US$ 340.9 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB 5.3 million for 2021 to RMB 1,091.8 million (US$ 150.6 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB 28.5 million for 2021 to RMB 923.1 million (US$ 127.3 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB 1,042.6 million (US$ 143.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB 40.4 million and RMB 1,170.4 million (US$ 161.4 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively.