What is Zeekr's cash flow situation in 2024?
[Table Level]  
- Table Title: Cash Flow Summary for the Year Ended December 31  
- Table Summary: This table summarizes the cash flow activities for the years 2022, 2023, and 2024, providing insights into operating, investing, and financing activities. It includes the impact on net cash and the effect of exchange rate changes on cash, cash equivalents, and restricted cash.  
- Context: The table highlights the company's cash flow dynamics, essential for understanding the financial health and future cash resource needs, especially amid potential investment opportunities and business condition changes.  
- Special Notes: Values are presented in RMB and USD for 2024. Parentheses indicate negative figures i.e., cash outflow.  

[Row Level]  
Row 1: For the year 2022, the net cash used in operating activities was RMB3,523,597 thousand. In contrast, the net cash provided by operating activities was RMB2,275,333 thousand for 2023 and RMB3,199,256 thousand (US$438,296 thousand) for 2024.  

Row 2: Net cash used in investing activities amounted to RMB2,006,947 thousand in 2022, decreasing slightly to RMB1,958,752 thousand in 2023, and further decreasing to RMB923,886 thousand (US$126,570 thousand) in 2024.  

Row 3: In 2022, net cash provided by financing activities was RMB5,373,325 thousand. In 2023, net cash used was RMB2,683 thousand, whereas in 2024, net cash provided amounted to RMB2,623,078 thousand (US$359,360 thousand).  

Row 4: The net decrease in cash, cash equivalents, and restricted cash in 2022 was RMB157,219 thousand. However, a net increase was seen in 2023 to RMB313,898 thousand, and even more significantly in 2024 to RMB4,898,448 thousand (US$671,086 thousand).  

Row 5: Cash, cash equivalents, and restricted cash at the beginning of 2022 were RMB3,897,966 thousand, reducing to RMB3,754,904 thousand at the beginning of 2023, before increasing to RMB4,104,749 thousand (US$562,348 thousand) at the start of 2024.  

Row 6: The effect of exchange rate changes on cash, cash equivalents, and restricted cash was positive at RMB14,157 thousand in 2022 and RMB35,947 thousand in 2023, but resulted in a decrease of RMB41,545 thousand (US$5,693 thousand) in 2024.  

Row 7: At the end of 2022, cash, cash equivalents, and restricted cash totaled RMB3,754,904 thousand. This amount increased to RMB4,104,749 thousand by the end of 2023 and further to RMB8,961,652 thousand (US$1,227,741 thousand) by the end of 2024. [Table Level]
- Table Title: Cash Flows from Financing and Related Activities
- Table Summary: This table details the cash flows from various financing activities for company Intelligent Technology Holding Limited for the years ended December 31, 2022, 2023, and 2024. It includes proceeds and repayments from different financing sources and ends with the effects on cash, cash equivalents, and any associated restrictions. Supplementary disclosures are also included to highlight non-cash and financing activities.
- Context: Before the table, the context outlines adjustments for net cash from operating activities and briefly discusses cash flow from investing. The table details are part of the combined and consolidated statements of cash flows for company.
- Special Notes: The data is presented in thousands, and different currencies (RMB and USD) are used along with specific notes for certain lines, such as Note 2(d).

[Row Level]
Row 1: In 2024, proceeds from the initial public offering, net of issuance costs of RMB 79,138, amounted to RMB 3,465,344 or USD 474,750.
Row 2: Proceeds from the issuance of preferred shares, accounting for issuance costs of RMB 1,690, RMB 2,134, and nil in 2022, 2023, and 2024 respectively, were RMB 1,268,360 in 2022 and RMB 5,373,044 in 2023.
Row 3: Proceeds from short-term bank borrowings were RMB 147,000 in 2022, RMB 30,200 in 2024, which equals USD 4,137.
Row 4: Repayment of short-term bank borrowings totaled RMB 751,359 in 2022 and RMB 200 in 2024, equating to USD 27.
Row 5: In 2022, proceeds from long-term bank borrowings were RMB 972,042, while in 2024 they were RMB 414,480, or USD 56,784.
Row 6: Repayment of long-term bank borrowings stood at RMB 972,042 in 2022.
Row 7: There was a repurchase of ordinary shares amounting to RMB 186,746 in 2023 and USD 25,584 in 2024.
Row 8: Proceeds from related party loans were RMB 7,800,000 in 2022 and RMB 3,000,000 in 2023, totaling USD 410,998.
Row 9: Repayments of related party loans grew to RMB 5,375,727 in 2023, RMB 4,100,000 in 2024, or USD 561,698.
Row 10: Net cash provided by (used in) financing activities showed RMB 5,373,325 in 2022, a decrease of RMB 2,683 in 2023, and RMB 2,623,078 in 2024, equating to USD 359,360.
Row 11: There was a net decrease of RMB 157,219 in cash, cash equivalents, and restricted cash in 2022, an increase of RMB 313,898 in 2023, and RMB 4,898,448 in 2024, equivalent to USD 671,086.
Row 12: Cash, cash equivalents, and restricted cash at the beginning of the year was RMB 3,897,966 in 2022, RMB 3,754,904 in 2023, and RMB 4,104,749 in 2024, translating to USD 562,348.
Row 13: The effect of exchange rate changes on cash, cash equivalents, and restricted cash resulted in RMB 14,157 in 2022, RMB 35,947 in 2023, while there was a decrease of RMB 41,545 in 2024, equaling USD 5,693.
Row 14: Cash, cash equivalents, and restricted cash at the end of the year was RMB 3,754,904 in 2022, RMB 4,104,749 in 2023, RMB 8,961,652 in 2024, or USD 1,227,741.
Row 15: Supplementary disclosure of cash flow information includes cash paid for income tax which was RMB 80,342 in 2022, RMB 120,078 in 2023, RMB 494,699 in 2024, or USD 67,773.
Row 16: Interest paid stood at RMB 60,808 in 2022, RMB 209,571 in 2023, RMB 179,567 in 2024, equivalent to USD 24,601.
Row 17: Supplementary disclosure of non-cash investing and financing activities highlights accrued purchases of property and equipment amounting to RMB 398,648 in 2022, RMB 497,651 in 2023, RMB 405,470 in 2024, or USD 55,549.
Row 18: Accrued purchases of intangible assets amounted to RMB 21,410 in 2024, or USD 2,933.
Row 19: Amounts due from related parties in connection with the disposal of property and equipment was RMB 122,115 in 2023. [Table Level]
- Table Title: Cash, Cash Equivalents, and Restricted Cash as Reported in Financial Statements
- Table Summary: The table presents the reported figures for cash, cash equivalents, and restricted cash for company Intelligent Technology Holding Limited for the years ending December 31, 2022, 2023, and 2024. The amounts are detailed in thousands of RMB for 2022 and 2023, and both RMB and US dollars for 2024, with a note reference for currency conversion.
- Context: The table is part of the financial statements for company Intelligent Technology Holding Limited, outlining the company's combined and consolidated statements of cash flows over three years, focusing on company's cash resources.
- Special Notes: The 2024 figures are presented in both RMB and US dollars, with the US dollar values referencing Note 2(d) for further details.

[Row Level]
- Row 1: For the year ended December 31, 2022, company Intelligent Technology Holding Limited reported 3,561,544 thousand RMB as cash and cash equivalents.
- Row 2: The restricted cash for the year ended December 31, 2022, amounted to 193,360 thousand RMB.
- Row 3: The total cash, cash equivalents, and restricted cash for 2022 summed up to 3,754,904 thousand RMB, as indicated by the underlined total.
- Row 4: For the year ended December 31, 2023, cash and cash equivalents were recorded at 3,260,670 thousand RMB.
- Row 5: The restricted cash for 2023 was 844,079 thousand RMB.
- Row 6: The combined total for cash, cash equivalents, and restricted cash in 2023 was 4,104,749 thousand RMB, as noted by the underlined total.
- Row 7: In 2024, the cash and cash equivalents totaled 7,782,827 thousand RMB.
- Row 8: That same year, restricted cash was reported at 1,178,825 thousand RMB.
- Row 9: The cumulative figure for cash, cash equivalents, and restricted cash in 2024 reached 8,961,652 thousand RMB, highlighted by the underlined total.
- Row 10: The cash and cash equivalents reported in US dollars for the year ended December 31, 2024, amounted to 1,066,243 thousand USD, with a notation referring to Note 2(d).
- Row 11: The restricted cash for 2024, expressed in US dollars, was 161,498 thousand USD, again referencing Note 2(d).
- Row 12: The overall total in US dollars for cash, cash equivalents, and restricted cash for 2024 was 1,227,741 thousand USD, as marked by the underlined total, with the same note reference. [Table Level]
- Table Title: company Intelligent Technology Holding Limited Condensed Statements of Cash Flows for the Year Ended December 31, 2021, 2022, and 2023
- Table Summary: This table summarizes the cash flows of company Intelligent Technology Holding Limited over three years, detailing cash inflows and outflows from operating, investing, and financing activities. It shows changes in cash equivalents and the impact of exchange rate fluctuations on these amounts.
- Context: This table is part of financial statement schedules that provide insights into company Intelligent Technology's financial operations, helping assess the company's cash management and overall financial health during the specified years.
- Special Notes: Note 2d provides US dollar conversions for 2023 values. Amounts are provided in thousands unless otherwise noted. Certain notations like RMB (Renminbi) and US$ signify the currency. Footnotes disclose issuance costs for preferred shares in 2022 and 2023.

[Row Level]
Row 1: In 2021, the net loss from operating activities was RMB 4,362,569, which increased to RMB 7,933,779 in 2022 and further to RMB 8,346,980 in 2023 (equivalent to US$ 1,175,648 as per Note 2d).
Row 2: The loss from equity method investments was RMB 4,364,657 in 2021, RMB 7,940,073 in 2022, and RMB 8,416,038 in 2023, with the 2023 loss equating to US$ 1,185,374.
Row 3: Foreign exchange income was RMB 152 in 2021, and then a foreign exchange loss was recorded as RMB 50,875 in 2022, with no data available for 2023.
Row 4: Changes due from subsidiaries were negligible in 2021, negative in 2022 at RMB 5,803, and positive in 2023 at RMB 5,803, equating to US$ 817.
Row 5: Changes in other current assets were RMB 3,562 negative in 2021, increasing to RMB 22,079 negative in 2022 and RMB 3,110 negative in 2023.
Row 6: Accrued expenses and other current liabilities contributed RMB 1,241 in 2022 and RMB 7,247 in 2023, equivalent to US$ 1,021.
Row 7: Net cash from operating activities was minimal at RMB 2,240 in 2021, negative RMB 52,705 in 2022, while rising to RMB 60,029 in 2023 (US$ 8,454).
Row 8: Loans to subsidiaries stood at RMB 571,259 negative in 2022 and RMB 9,438 in 2023, which is equivalent to US$ 1,329.
Row 9: Repayments of these loans contributed RMB 633,526 in 2023, equating to US$ 89,230.
Row 10: Investments in subsidiaries accounted for RMB 2,000,000 in 2021, RMB 2,540,000 in 2022, and RMB 5,861,813 in 2023, translating to US$ 825,619.
Row 11: Net cash used in investing activities was RMB 2,000,000 negative in 2021, RMB 3,111,259 negative in 2022, and RMB 5,237,725 negative in 2023, converting into US$ 737,718.
Row 12: Proceeds from the issuance of ordinary shares contributed RMB 2,000,000 in 2021 only.
Row 13: Issuance of preferred shares (after costs) brought in RMB 1,934,120 in 2021, RMB 1,268,360 in 2022, and RMB 5,373,044 in 2023 (US$ 756,777), noting issuance costs of RMB 1,690 and RMB 2,134 in 2022 and 2023, respectively.
Row 14: Net cash provided by financing activities totaled RMB 3,934,120 in 2021, RMB 1,268,360 in 2022, and RMB 5,373,044 in 2023, or US$ 756,777.
Row 15: The net increase/decrease in cash and cash equivalents was RMB 1,936,360 in 2021, turning into a decrease of RMB 1,895,604 in 2022, then a rise to RMB 195,348 in 2023, equivalent to US$ 27,513.
Row 16: Beginning cash equivalents were RMB 1,907,283 in 2021, reduced to RMB 64,444 in 2022, before reaching RMB 9,077 in 2023.
Row 17: The effect of exchange rates on cash was RMB 29,077 negative in 2021, RMB 52,765 positive in 2022, and RMB 33,884 negative in 2023 (US$ 4,772).
Row 18: Year-end cash equivalents were RMB 1,907,283 in 2021, RMB 64,444 in 2022, and RMB 225,908 in 2023 (or US$ 31,818). [Table Level]
- Table Title: company Intelligent Technology Holding Limited Condensed Statements of Cash Flows
- Table Summary: The table presents the cash flows from operating, investing, and financing activities for company Intelligent Technology Holding Limited over three consecutive years (2021, 2022, and 2023) in RMB currency, along with a conversion into USD for 2023. It highlights changes in cash and cash equivalents, net losses, and various financial transactions across these periods.
- Context: The table is part of the financial statement schedule that provides a condensed financial overview, including balance sheets and statements of operations, for fiscal years ending December 31, 2021, 2022, and 2023.
- Special Notes: The amounts are represented in thousands except where specific shares are mentioned. The RMB to USD conversion in 2023 adheres to Note 2d. Additional notes relate to the issuance costs of preferred shares for 2022 and 2023.

[Row Level]
Row 1: The net loss from operating activities was RMB 4,362,569 in 2021, increased to RMB 7,933,779 in 2022, and slightly rose to RMB 8,346,980 in 2023, which corresponds to USD 1,175,648 as per note 2d.

Row 2: The loss from equity method investments was RMB 4,364,657 in 2021, increased to RMB 7,940,073 in 2022, and further rose to RMB 8,416,038 in 2023, equating to USD 1,185,374.

Row 3: Foreign exchange loss for 2021 was RMB 152, while in 2022 it was a gain of RMB 50,875; no foreign exchange loss is recorded for 2023.

Row 4: For amounts due from subsidiaries, there was no recorded change in 2021, a decline of RMB 5,803 in 2022, and an increase of RMB 5,803 in 2023, converted to USD 817.

Row 5: Other current assets had negligible fluctuation, decreasing slightly by RMB 3,562 in 2021, then reducing further by RMB 22,079 in 2022, and decreasing by RMB 3,110 again in 2023, which is USD 821.

Row 6: Accrued expenses and other current liabilities showed no change in 2021 but increased by RMB 1,241 in 2022, and further increased to RMB 7,247 in 2023, equating to USD 1,021.

Row 7: The net cash provided by operating activities was RMB 2,240 in 2021, experienced a decrease to RMB -52,705 in 2022, and increased to RMB 60,029 in 2023, which corresponds to USD 8,454.

Row 8: Cash flows from loans and advances to subsidiaries started from no recorded change in 2021, increased to RMB 571,259 in 2022, and rose further to RMB 9,438 in 2023, equivalent to USD 1,329.

Row 9: Repayments of loans and advances to subsidiaries had no changes in 2021, increased to RMB 633,526 in 2022, and converted to USD 89,230, and they recorded no value change for 2023.

Row 10: Investments in subsidiaries involved a cash outflow of RMB 2,000,000 in 2021, increased to RMB 2,540,000 in 2022, and further increased to RMB 5,861,813 in 2023, which corresponds to USD 825,619.

Row 11: The net cash used in investing activities was RMB 2,000,000 in 2021, increased to RMB 3,111,259 in 2022, and rose further to RMB 5,237,725 in 2023, equating to USD 737,718.

Row 12: Financing activities showed RMB 2,000,000 from the issuance of ordinary shares in 2021, no issuance recorded for 2022 or 2023.

Row 13: Proceeds from the issuance of preferred shares were RMB 1,934,120 in 2021, slightly increased to RMB 1,268,360 in 2022, and significantly rose to RMB 5,373,044 in 2023, corresponding to USD 756,777. Note the issuance costs of RMB 1,690 for 2022 and RMB 2,134 for 2023.

Row 14: Net cash provided by financing activities reached RMB 3,934,120 in 2021, decreased to RMB 1,268,360 in 2022, and increased to RMB 5,373,044 for 2023, converting to USD 756,777.

Row 15: Net increase in cash and cash equivalents was RMB 1,936,360 in 2021, decreased to RMB 1,895,604 in 2022, and then increased again to RMB 195,348 in 2023, which corresponds to USD 27,513.

Row 16: Cash equivalents at the beginning of the year were RMB 1,907,283 for 2021, decreased significantly to RMB 64,444 by 2022 and further recorded RMB 9,077 in 2023.

Row 17: Effect of exchange rate changes on cash and cash equivalents resulted in a reduction of RMB 29,077 in 2021, experienced an increase to RMB 52,765 for 2022, and affected again with a reduction of RMB 33,884 in 2023, converting to USD 4,772.

Row 18: At the end of the year, the cash equivalents showed RMB 1,907,283 in December 31, 2021, decreased to RMB 64,444 in 2022, and increased substantially to RMB 225,908 in 2023, which corresponds to USD 31,818. [Table Level]
- Table Title: Company Intelligent Technology Holding Limited Condensed Statements of Cash Flows
- Table Summary: The table presents a detailed breakdown of cash flow activities for Company Intelligent Technology Holding Limited over the fiscal years ending December 31, 2020, 2021, and 2022. It reflects cash flows from operating, investing, and financing activities, showing how these activities affect overall cash and cash equivalents during these periods.
- Context: Company Intelligent Technology Holding Limited has provided the condensed statements for operating income, balance sheet, and cash flows for historical financial analysis covering years 2020-2022. This serves to fulfill regulatory requirements as noted in the context surrounding the table.
- Special Notes: All values are expressed in thousands, except where share and per share data is noted. The conversion to USD for the year 2022 is provided according to Note 2d.

[Row Level]
Row 1: In 2020, the net income was RMB 103,600, whereas there was a net loss of RMB 4,362,569 in 2021, and a further increased loss of RMB 7,933,779 in 2022, equivalent to USD 1,087,415.
Row 2: The income loss from equity method investments was RMB -103,600 in 2020, but reverted to gains of RMB 4,364,657 in 2021 and RMB 7,940,073 in 2022, which converts to USD 1,088,278.
Row 3: Foreign exchange loss was not applicable in 2020 and showed a minor gain of RMB 152 in 2021 but increased to a loss of RMB 50,875 in 2022, amounting to USD 6,973.
Row 4: Amounts due from subsidiaries were not listed in 2020 or 2021; however, they recorded a decrease of RMB 5,803 and USD 795, respectively, in 2022.
Row 5: Other current assets went unreported for 2020 and 2021 but decreased by RMB 3,562 and USD 488 in 2022.
Row 6: Accrued expenses and other current liabilities were unreported before 2021, but showed a minor increase of RMB 1,241 and a further increase leading to RMB 170 in 2022, which translates to USD 24.
Row 7: The net cash provided by (used in) operating activities amounted to RMB 2,240 in 2020 and reverted to losses of RMB 52,705 in 2021 and RMB 7,223 in 2022, equating to USD 992.
Row 8: Advances to subsidiaries occurred with spending of RMB 571,259 for 2021 and RMB 78,298 for 2022, totaling USD 10,753.
Row 9: Investments in subsidiaries cost RMB 2,000,000 in 2020 and increased to RMB 2,540,000 in 2021 transitioning into RMB 348,136 in 2022, which converts into USD 47,901.
Row 10: The net cash used in investing activities was RMB 2,000,000 in 2020, expanded to RMB 3,111,259 in 2021, finally reducing to RMB 426,434 in 2022, or USD 58,654.
Row 11: Proceeds from the issuance of ordinary shares by the company were RMB 2,000,000 realized only in 2020.
Row 12: Proceeds from issuance of preferred shares - including net of costs like RMB 1,690 - were RMB 1,934,120 in 2020, transitioning to RMB 1,268,360 in 2021 and RMB 173,843 in 2022, equaling USD 23,936.
Row 13: Cumulatively, net cash provided by financing activities accounted for RMB 3,934,120 in 2020, RMB 1,268,360 in 2021 and RMB 173,843 in 2022, converting into USD 23,936.
Row 14: There was a cash increase of RMB 1,936,360 in 2020, followed by a decrease of RMB 1,895,604 in 2021, and a minor decrease to RMB 259,814 in 2022 or USD 35,726.
Row 15: Starting cash, cash equivalents for 2020 was RMB 1,907,283 leading to RMB 261,415 for both 2021 and 2022, resulting in USD 35,941.
Row 16: The effect of exchange rate changes on cash and cash equivalents was RMB 29,077 in 2020 leading to a positive RMB 52,765 in 2021 with final value reaching RMB 7,232 equaling USD 995 in 2022.
Row 17: Ending cash, cash equivalents reached RMB 1,907,283 for 2020, RMB 64,444 at the conclusion of 2021, concluding at RMB 8,833 and USD 1,210 for 2022. [Table Level]
- Table Title: Condensed Statements of Cash Flows for company Intelligent Technology Holding Limited
- Table Summary: The table outlines the cash flows from operating, investing, and financing activities for company Intelligent Technology Holding Limited for the years ended December 31, 2020, and 2021. It includes figures in RMB for both years and US dollars for 2021, detailing net income, changes in investments, financing activities, and the change in cash equivalents over this period.
- Context: This financial data provides insights into the cash flow changes within company Intelligent Technology Holding Limited, summarizing the financial inflows and outflows through net income, investments, and financing activities for two comparative fiscal years.
- Special Notes: Amounts are in thousands, except when noted otherwise. Figures for 2021 are provided both in RMB and US dollars based on Note 2d.

[Row Level]
Row 1: Cash flows from operating activities in 2020 resulted in a net income of RMB 103,600, while in 2021, there was a net loss of RMB 4,362,569 (equivalent to US$ 613,280).
Row 2: In 2020, losses from equity method investments amounted to RMB 103,600, compared to an income of RMB 4,364,657 or US$ 613,574 in 2021.
Row 3: No foreign exchange loss was reported in 2020, but a loss of RMB 152 and US$ 21 occurred in 2021.
Row 4: Net cash provided by operating activities was RMB 2,240 in 2020, and RMB 315 in 2021.
Row 5: Investments in subsidiaries involved RMB 2,000,000 or US$ 281,156 in 2021, with no such transactions in 2020.
Row 6: The net cash used in investing activities in 2021 amounted to RMB 2,000,000 or US$ 281,156, with no investments recorded in 2020.
Row 7: Financing activities in 2021 included proceeds of RMB 2,000,000 or US$ 281,156 from the issuance of ordinary shares by company Intelligent Technology Holding Limited, with no similar activity in 2020.
Row 8: Proceeds from the issuance of preferred shares, net of RMB 1,690 for issuance costs, contributed RMB 1,934,120 in 2020 and US$ 271,894 in 2021.
Row 9: In 2020, net cash provided by financing activities was RMB 3,934,120 compared to RMB 553,050 or US$ 271,894 in 2021.
Row 10: The net increase in cash and cash equivalents was RMB 1,936,360 in 2020, while in 2021, the net increase was RMB 272,209 or US$ 553,050.
Row 11: The cash and cash equivalents at the beginning of the year were not explicitly mentioned for either year.
Row 12: The effect of exchange rate changes on cash and cash equivalents was reported as RMB 29,077 in 2020 and US$ 4,087 in 2021.
Row 13: Ending cash and cash equivalents stood at RMB 1,907,283 in 2020 and decreased to RMB 268,122 or US$ 268,122 by the end of 2021. [Table Level]
- Table Title: Cash Flows for company Intelligent Technology Holding Limited (Years Ended December 31, 2021, 2022, and 2023)
- Table Summary: The table presents detailed cash flow activities for company Intelligent Technology Holding Limited over the three fiscal years, 2021 through 2023, in RMB and USD. It includes data on financing activities, changes in cash and cash equivalents, and supplementary disclosures related to both cash flow and non-cash investing and financing activities.
- Special Notes: Cash flows are expressed in thousands, and US dollar conversions are provided for 2023 under footnote 2(d). Important notes include issuance costs for preferred shares and specific cash-related activities.

[Row Level]
Row 1: In 2021, company generated RMB 2,000,000 from the issuance of ordinary shares, while no such proceeds are reported for 2022 and 2023.
Row 2: The proceeds from the issuance of preferred shares were RMB 1,934,120 in 2021, RMB 1,268,360 in 2022, and RMB 5,373,044 or USD 756,777 in 2023, net of issuance costs of RMB 1,690 in 2022 and RMB 2,134 in 2023.
Row 3: In 2021, proceeds from short-term bank borrowings totaled RMB 447,483, decreasing to RMB 147,000 in 2022, with no proceeds in 2023.
Row 4: Short-term bank borrowings were repaid to the extent of RMB 376,724 in 2021, and RMB 751,359 in 2022, with no repayments recorded in 2023.
Row 5: In 2022, company secured RMB 972,042 from long-term bank borrowings, but there are no recorded proceeds or repayments in 2021 and 2023.
Row 6: Both long-term borrowings in 2022 and 2023 show repayments of RMB 972,042, indicating no repayments in 2021.
Row 7: company received RMB 299,683 in related party loans for 2021, drastically increasing to RMB 7,800,000 in 2022, but showing no such proceeds in 2023.
Row 8: Related party loan repayments amounted to RMB 3,090,676 in 2022 and RMB 5,375,727 or USD 757,155 in 2023; there were no such repayments in 2021.
Row 9: The year 2021 includes repayments of advances from related parties totaling RMB 207,665; similar transactions occurred with RMB 122,115 in 2022 and RMB 17,200 in 2023 under supplementary disclosures.
Row 10: In 2021, a capital contribution from Geely Holding of RMB 500,000 was noted; no contributions for subsequent years.
Row 11: Prior to reorganization in 2021, company paid out RMB 1,811,833 in dividends, with no payments in 2022 and 2023.
Row 12: Net cash provided by financing activities was RMB 2,785,064 in 2021; RMB 5,373,325 in 2022; however, turned negative in 2023 at RMB (2,683) or USD (378).
Row 13: Net increase in cash, cash equivalents, and restricted cash for 2021 was RMB 3,794,771; 2022 saw a decrease to RMB (157,219); and 2023 ended with an increase of RMB 313,898 or USD 44,212.
Row 14: Starting cash equivalents and restricted cash were RMB 141,929 in 2021, increasing to RMB 3,897,966 in 2022, RMB 3,754,904 in 2023, and finally reaching USD 528,867.
Row 15: Exchange rate effects led to changes in cash, amounting to RMB (38,734) in 2021; in 2022 it adjusted by RMB 14,157, and in 2023 by RMB 35,947 or USD 5,063.
Row 16: The ending balance of cash, cash equivalents, and restricted cash was RMB 3,897,966 for 2021, RMB 3,754,904 in 2022, and RMB 4,104,749 or USD 578,142 in 2023.
Row 17: Cash paid for income tax in 2021 was RMB 56,046, increasing in 2022 to RMB 80,342; 2023 reported RMB 120,078 or USD 16,913.
Row 18: Interest paid amounted to RMB 45,769 in 2021; rising to RMB 60,808 in 2022, and RMB 209,571 or USD 29,517 for 2023.
Row 19: Non-cash investing activity included accrued purchases for property and equipment at RMB 94,158 in 2021, nearly quadrupling to RMB 398,648 in 2022, then RMB 497,651 or USD 70,093 for 2023.
Row 20: Disposal of property and equipment through related parties showed RMB 122,115 in 2022 and RMB 17,200 in 2023, with no transactions in 2021.
Row 21: Acquisition of long-term investments resulted in amounts due to related parties of RMB 65,017 in 2021; no amounts reported for 2022 and 2023.
Row 22: Conversion of advances from the parent company to paid-in capital was RMB 822,000 in 2021; no conversion noted in the following years. [Table Level]
- Table Title: Summary of Cash Flows for the Specified Periods
- Table Summary: The table provides detailed information on cash flow activities categorized into operating, investing, and financing for the periods ended December 31, 2020, December 31, 2021, and the nine months ended September 30, 2021, and 2022. It includes cash equivalents and restricted cash at the beginning and end of each period, and highlights the effects of exchange rate changes.
- Context: The company is reviewing its cash flow situation amid potential needs for further financing through equity or debt due to changes in business conditions or opportunities for investments. The summarized cash flows in the table provide insight into how the company is managing its financial resources.
- Special Notes: All monetary values are expressed in RMB and US$, with exchange rate effects specifically noted. The table captures financial transitions within and across fiscal periods, indicating variances due to operating, investing, and financing activities.

[Row Level]
Row 1: For the year ended December 31, 2020, net cash provided by operating activities amounted to RMB 415,474. As of December 31, 2021, this increased to RMB 630,182 and US$ 88,589, while for the nine months ended September 30, 2021, it was RMB 982,600. In contrast, the nine months ended September 30, 2022, showed net cash used in operating activities of RMB 3,802,108 and US$ 534,492.

Row 2: In terms of investing activities, 2020 witnessed a net cash usage of RMB 877,610. However, by the end of 2021, net cash generated was RMB 379,525 and US$ 53,354. By the nine months of September 2021, investing activities saw a provision of RMB 716,138, which turned into a usage of RMB 1,935,776 and US$ 272,185 by September 2022.

Row 3: Financing activities in 2020 provided a net of RMB 92,171. A significant increase was observed in 2021, with RMB 2,785,064 and US$ 391,519 secured. For the nine months ending September 2021, financing activities expanded to RMB 2,909,758, culminating in RMB 7,434,414 and US$ 1,045,115 by the same period in 2022.

Row 4: The net effect on cash, considering cash, cash equivalents, and restricted cash, showed a decrease of RMB 369,965 in 2020. A dramatic change was noted with an increase of RMB 3,794,771 and US$ 533,462 by 2021, and by September 2021, a net increase of RMB 4,608,496. For September 2022, a net increase of RMB 1,696,530 and US$ 238,495 was recorded.

Row 5: Cash, cash equivalents, and restricted cash at the beginning of 2020 were RMB 498,145, reducing drastically to RMB 141,929 by the start of 2021. This figure remained constant through to September 2021, then rose to RMB 3,897,966 and US$ 547,967 by September 2022.

Row 6: The effect of exchange rate changes in 2020 resulted in an increase of RMB 13,749. However, a reduction of RMB 38,734 and US$ 5,447 was observed by the end of 2021. For the nine months ending September 2021, the effect amounted to an increase of RMB 40,339, transitioning to a decrease of RMB 6,416 and US$ 902 by September 2022.

Row 7: By the end of 2020, cash, cash equivalents, and restricted cash totaled RMB 141,929. This surged to RMB 3,897,966 and US$ 547,967 by December 2021, maintained at RMB 4,790,764 through September of that year, and further increased to RMB 5,588,080 and US$ 785,560 by September 2022.
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 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 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 primary sources of liquidity have been through the operation of the business, financial support from the controlling shareholder, bank borrowings, and equity financing activities, which have historically been sufficient to meet working capital needs, business requirements, in particular research and development activities, as well as capital expenditure requirements. As of December 31, 2022, 2023, and 2024, the company had cash and cash equivalents and restricted cash of RMB3,754.9 million, RMB4,104.7 million, and RMB8,961.7 million (US$1,227.7 million). Historically, the company received financial support from Geely Holding in the form of inter-company loans, advances, and capital injection. On April 15, 2022, Zhejiang ZEEKR entered into a 10-year loan agreement with Zhejiang Geely Automobile Manufacturing Co., Ltd. in the total principal amount of RMB9.7 billion to supplement the company's working capital, and the company has no outstanding balance as of December 31, 2024. On November 30, 2022, the company's subsidiary Ningbo Viridi entered into another 10-year loan with Zhejiang Geely Automobile Manufacturing Co., Ltd. in the total principal amount of RMB1.6 billion to supplement its working capital, and Ningbo Viridi has no outstanding balance as of December 31, 2024. As of December 31, 2024, the company has obtained term loan credit facilities in the total principal amount of RMB27.6 billion from 18 commercial banks, of which RMB14.6 billion is unused. The company is also proactively seeking capital resources from other sources, such as independent financing from other financial institutions that the company is able to obtain. The company experienced an unstable and volatile revenue performance. For example, the company's total revenue increased significantly by RMB25,371.9 million, or approximately 388.7%, from RMB6,527.5 million in 2021 to RMB31,899.4 million (US$4,372.2 million) in 2022. The increase was primarily due to the rise in (i) vehicle sales of RMB19,671.2 million and (ii) sales of batteries and other components of RMB10,317.8 million. However, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company incurred a significant increase of RMB3,140.8 million in net loss and recorded a net loss of RMB7,655.1 million (US$1,049.2 million) in 2022, compared to a net loss of RMB4,514.3 million in 2021. 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 revenue growth may slow down or the company's revenue may decline for a number of reasons, including reduced demand for the company's battery electric vehicles (BEVs), increased competition, or the company's failure to capitalize on growth opportunities. Meanwhile, the company expects overall selling, general and administrative expenses, including employee compensation, marketing, and promotional expenses, to continue to increase in the foreseeable future, as the company plans to hire additional personnel and incur additional expenses in connection with the expansion of the company's business operations. In addition, the company also expects to incur significant additional expenses in relation to professional services as a newly public company. The company experienced an unstable and volatile revenue performance. The company's total revenue increased significantly by RMB25,371.9 million, or approximately 388.7%, from RMB6,527.5 million in 2021 to RMB31,899.4 million (US$4,625.0 million) in 2022. The increase was primarily due to the rise in (i) vehicle sales of RMB19,671.2 million and (ii) sales of batteries and other components of RMB10,317.8 million. However, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company incurred a significant increase of RMB3,140.8 million in net loss and recorded a net loss of RMB7,655.1 million (US$1,109.9 million) in 2022, compared to a net loss of RMB4,514.3 million in 2021. 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 revenue growth may slow down or the company's revenue may decline for a number of reasons, including reduced demand for the company's battery electric vehicles (BEVs), increased competition, or the company's failure to capitalize on growth opportunities. Meanwhile, the company expects overall selling, general and administrative expenses, including employee compensation, marketing, and promotional expenses, to continue to increase in the foreseeable future, as the company plans to hire additional personnel and incur additional expenses in connection with the expansion of the company's business operations. In addition, the company also expects to incur significant additional expenses in relation to professional services as a newly public company. The company experienced an unstable and volatile revenue performance. For example, the company's total revenue increased significantly by RMB25,371.9 million, or approximately 388.7%, from RMB6,527.5 million in 2021 to RMB31,899.4 million (US$4,399.1 million) in 2022. The increase was primarily due to the rise in (i) vehicle sales of RMB19,671.2 million and (ii) sales of batteries and other components of RMB10,317.8 million. However, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company incurred a significant increase of RMB3,140.8 million in net loss and recorded a net loss of RMB7,655.1 million (US$1,055.7 million) in 2022, compared to a net loss of RMB4,514.3 million in 2021. 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 revenue growth may slow down or the company's revenue may decline for a number of reasons, including reduced demand for the company's battery electric vehicles (BEVs), increased competition, or the company's failure to capitalize on growth opportunities. Meanwhile, the company expects overall selling, general and administrative expenses, including employee compensation, marketing, and promotional expenses, to continue to increase in the foreseeable future, as the company plans to hire additional personnel and incur additional expenses in connection with the expansion of the company's business operations. In addition, the company also expects to incur significant additional expenses in relation to professional services as a newly public company. The company experienced an unstable and volatile revenue performance. For example, the company's total revenue increased significantly by RMB25,371.9 million, or approximately 388.7%, from RMB6,527.5 million in 2021 to RMB31,899.4 million (US$4,399.1 million) in 2022. The increase was primarily due to the rise in (i) vehicle sales of RMB19,671.2 million and (ii) sales of batteries and other components of RMB10,317.8 million. However, as a result of the corresponding rising cost of revenues and increasing operating expenses, the company incurred a significant increase of RMB3,140.8 million in net loss and recorded a net loss of RMB7,655.1 million (US$1,055.7 million) in 2022, compared to a net loss of RMB4,514.3 million in 2021. The company cannot assure stakeholders that the company will achieve profitability in the near future as the company is still at an early stage. The company's revenue growth may slow down or the company's revenue may decline for a number of reasons, including reduced demand for the company's battery electric vehicles (BEVs), increased competition, or the company's failure to capitalize on growth opportunities. Meanwhile, the company expects overall selling, general and administrative expenses, including employee compensation, marketing, and promotional expenses, to continue to increase in the foreseeable future, as the company plans to hire additional personnel and incur additional expenses in connection with the expansion of the company's business operations. In addition, the company also expects to incur significant additional expenses in relation to professional services as a newly public company. [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. 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 the 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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``` Cash, cash equivalents, and restricted cash as reported in the combined and consolidated statements of cash flows are presented separately on the company's combined and consolidated balance sheet as follows: Cash and cash equivalents  
Restricted cash  
Total cash, cash equivalents, and restricted cash [Table Level]
- Table Title: Financial Statements of company Intelligent Technology Holding Limited
- Table Summary: The table presents the condensed statements of comprehensive income (loss) for company Intelligent Technology Holding Limited from 2020 to 2022, in both RMB and US dollars. It details amounts in thousands, covering various financial aspects like general and administrative losses, interest income, and other components contributing to net income or loss.
- Context: The table is preceded by a statement explaining it represents the condensed statements of comprehensive income (loss) for company Intelligent Technology Holding Limited over the specified years, highlighting figures in thousands except for share and per share data. Following the table, notes specify compliance with regulatory requirements given the restricted net assets exceeding a certain threshold.
- Special Notes: Currency values are presented in RMB for 2020, 2021, and 2022, and in USD for 2022 with a reference to Note 2d. The amounts are expressed in thousands and some values might be net of tax.

[Row Level]
Row 1: In 2020, the general and administrative amount in RMB was 103,600, while the amount significantly decreased to (4,362,569) in 2021 and further to (7,933,779) in 2022. The US dollar equivalent for 2022 is (1,094,118).

Row 2: The loss from operations was (103,600) RMB in 2020, increased slightly to 4,364,657 RMB in 2021, and further to 7,940,073 RMB in 2022, with a 2022 US dollar value of 1,094,986.

Row 3: Interest income was — RMB in 2020, then slightly decreased from 152 RMB in 2021 to (50,875) RMB in 2022, with a corresponding US dollar value of (7,016) in 2022.

Row 4: Other income (expenses), net of RMB: — in 2020 and 2021, transitioned to a negative balance of (5,803) in 2022, equivalent to (800) US dollars.

Row 5: Income before income tax showed a RMB balance decrease from — in 2020 and 2021 to (3,562) in 2022, with a (491) US dollar equivalent.

Row 6: Equity in income (loss) of subsidiaries recorded an increase from — RMB in 2020 and 2021, to a RMB gain of 1,241 in 2022, with a corresponding US dollar gain of 171.

Row 7: Net income (loss) recorded a RMB balance of — in 2020, increased to 2,240 in 2021, then transitioned to a loss of (52,705) in 2022, equivalent to (7,268) US dollars.

Row 8: Other comprehensive income (loss), net of tax of nil, registered — RMB in 2020, a loss of (571,259) RMB in 2021, and lowered to (78,780) RMB in 2022, with a US dollar equivalent of (350,282).

Row 9: The foreign currency translation adjustment, net tax of nil, was recorded at — RMB in 2020, increased to (2,000,000) RMB in 2021, and diminished further to (429,062) RMB in 2022, and a US dollar equivalent of —.

Row 10: Total other comprehensive income (loss) in RMB was — for 2020, increased to (3,111,259) in 2021, and showed a deficit reduction to (429,062) in 2022, with a US dollar equivalent of —.

Row 11: Total comprehensive income (loss) shows a change from 2,000,000 RMB in 2020 to — in 2021, with a loss of — in 2022, while the loss reduced to — US dollars.

Row 12: The amounts of foreign currency translation adjustment showed — RMB in 2020 and increased to 1,934,120 RMB in 2021, diminishing to 1,268,360 RMB in 2022, and US equivalent was 174,914.

Row 13: Total cash flows of RMB accounted for — in 2020 and increased to 3,934,120 in 2021, significantly reduced to 174,914 in 2022, and US equivalent was —.

Row 14: Cash flows from investing activities were recorded at 1,936,360 RMB in 2020, then decreased to (1,895,604) RMB in 2021, further to (261,416) RMB in 2022, with a US equivalent of —.

Row 15: Balance of foreign currency cash equivalents showed — RMB in 2020, increased to — in 2021, and recorded at 1,907,283 RMB in 2022 with a US dollar balance of 263,026.

Row 16: Other adjustments reflected a balance of (29,077) RMB in 2020, increased to 52,765 RMB in 2021, and further to 7,277 RMB in 2022, with a US dollar adjustment of —.

Row 17: Total cash balance ended with 1,907,283 RMB in 2020, increased to 64,444 RMB in 2021, and diminished to 8,887 RMB in 2022, with US equivalent of —. We have audited the accompanying consolidated balance sheets of company Intelligent Technology Holding Limited and its subsidiaries (the “Company”) as of December 31, 2023 and 2024, the related combined and consolidated statements of operations, comprehensive loss, changes in shareholders’ deficit, and cash flows for each of the three years in the period ended December 31, 2024, the related notes and schedule listed in Schedule I (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Operating lease cost was recognized as rental expenses in the combined and consolidated statements of operations on a straight-line basis over the lease term. For the years ended December 31, 2022, 2023, and 2024, there is no sublease income recognized in the combined and consolidated financial statements of the company. For the years ended December 31, 2022, 2023, and 2024, the company entered into several lease contracts with variable lease payments subject to consumer indexes from 3 years to 10 years. The lease payments are not remeasured on the adjustment date; the effect of future increases in consumer indexes is recognized as part of lease-related costs in each year and classified as variable lease costs. The variable lease costs were nil, RMB14,283, and RMB18,476 for the years ended December 31, 2022, 2023, and 2024, respectively. The company early terminated some lease agreements relating to delivery centers and offices for the year ended December 31, 2024. The relevant right-of-use assets, at the carrying amount totalled RMB49,207, and the corresponding operating lease liabilities totalled RMB59,228 were derecognized, which resulted in a recognized gain of RMB10,021 in other operating income, net. Supplemental cash flows information related to leases for the company was as follows: Cash paid for amounts included in measurement of liabilities: Operating cash flows from operating leases Right-of-use assets obtained in exchange for lease liabilities: Operating leases Supplemental balance sheet information related to leases for the company was as follows (in thousands, except lease terms and discount rate): [Table Level]  
- Table Title: company Intelligent Technology Holding Limited Financial Cash Flow Summary for 2020, 2021, and 2022  
- Table Summary: The table presents the cash flow amounts for company Intelligent Technology Holding Limited over three years, measured in RMB for 2020 and 2021, and both RMB and USD for 2022. It showcases the company's increase or decrease in cash, cash equivalents, and restricted cash during these periods.  
- Context: company Intelligent Technology Holding Limited, incorporated in the Cayman Islands, is focused on electric vehicles and related services. The table reflects financial activities linked to this business operation, specifically regarding cash flow.  
- Special Notes: The 2022 USD figures are noted as per "Note 2(d)" which may include specific currency conversion or policy information.  

[Row Level]  
- Row 1: In 2020, company Intelligent Technology Holding Limited reported cash flows of 141,929 RMB.  
- Row 2: For 2021, company Intelligent Technology Holding Limited's cash flows significantly increased to 3,893,980 RMB, with an additional 3,986 RMB in restricted cash flows, totaling 3,897,966 RMB.  
- Row 3: In 2022, company Intelligent Technology Holding Limited had cash flows of 3,561,544 RMB, with restricted cash flows amounting to 193,360 RMB, making the total cash flow 3,754,904 RMB.  
- Row 4: The cash flows for 2022 are also presented in USD totaling 491,159 USD, along with restricted cash flows of 26,666 USD, culminating in a total of 517,825 USD. Combined and Consolidated Financial Statements for the Years ended December 31, 2022, 2023 and 2024 Report of Independent Registered Public Accounting Firm (PCAOB ID: 1113) F-2 Consolidated Balance Sheets as of December 31, 2023 and 2024 F-4 Combined and Consolidated Statements of Operations and Comprehensive Loss for the Years ended December 31, 2022, 2023 and 2024 F-6 Combined and Consolidated Statements of Changes in Shareholders’ Deficit for the Years ended December 31, 2022, 2023 and 2024 F-8 Combined and Consolidated Statements of Cash Flows for the Years ended December 31, 2022, 2023 and 2024 F-11 Notes to the Combined and Consolidated Financial Statements F-14 Financial Statements Schedule I – Financial Information of Parent Company F-56 Translations of balances in the consolidated balance sheets, combined and consolidated statements of operations and comprehensive loss, and combined and consolidated statements of cash flows from RMB into United States dollars as of and for the year ended December 31, 2024, are solely for the convenience of readers outside of the People’s Republic of China and were calculated at the rate of 1.00 U.S. dollar = 7.2993 RMB, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2024. If the COVID-19 outbreak continues or worsens, the situation could materially and adversely impact the company's results of operations and financial performance. At this point, the company cannot accurately predict what effects these conditions would have on the business, which will depend on, among other factors, the ultimate geographic spread of the virus, the duration of the outbreak, and the corresponding travel restrictions and business closures imposed by government authorities. Concerns about the COVID-19 outbreak and its potential impact on the Chinese and global economy have created uncertainty about the overall demand for automobile products, which could have negative implications for the demand for the company's battery electric vehicles (BEVs).