What is the revenue scale of Zeekr in 2024? What is the growth potential of Zeekr in 2024?
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. [Table Level]  
- Table Title: Revenue Recognition for the Years Ended December 31, 2022, 2023, and 2024  
- Table Summary: The table presents the revenue recognized by company over three consecutive years, ending on December 31 of 2022, 2023, and 2024. It is divided into two categories: revenue recognized at a point in time and revenue recognized over time.  
- Context: The table's information is crucial for understanding the financial performance of company across distinct fiscal years. Relevant context includes data on treasury shares and contract liabilities affecting the company's balance sheets.  
- Special Notes: The amounts are given in thousands of RMB, and special notations such as underline or bold may indicate total or aggregate figures.  

[Row Level]  
Row 1: For the year ended December 31, 2022, the revenue recognized at a point in time was RMB 31,824,262, while revenue recognized over time was RMB 75,186. The total revenue for 2022 was RMB 31,899,448.  
Row 2: In the year ended December 31, 2023, the revenue recognized at a point in time increased to RMB 51,483,334, and revenue recognized over time rose to RMB 189,284. The total revenue for 2023 was RMB 51,672,618.  
Row 3: By the year ended December 31, 2024, the revenue recognized at a point in time further increased to RMB 75,768,910, with revenue recognized over time increasing to RMB 143,741, resulting in a total revenue of RMB 75,912,651. [Table Level]
- Table Title: Revenue Breakdown by Operating Activities
- Table Summary: The table provides a detailed breakdown of the company's revenues by operating activities for the years ending December 31, 2022, 2023, and 2024. It distinguishes between vehicle sales, sales of batteries and other components, and research and development services. Each revenue stream is represented in absolute amounts in RMB for all years, and also in USD for the year 2024, alongside their respective percentages of total revenues.
- Context: Prior to the table, there's an explanation that revenues are broken down by nature of operating activities to facilitate understanding of the company's financial performance. The after-table context elaborates on the sources of revenue and main products under each activity.
- Special Notes: Financial figures are in RMB and are also shown in USD for 2024. Percentage columns indicate the proportion of total revenue for each category. Values are in thousands, except percentages.

[Row Level]
Row 1: In 2022, vehicle sales generated revenue of RMB 19,671,247, representing 61.7% of the total revenue. This increased to RMB 33,911,762 in 2023, making up 65.6% of the total revenue, and further to RMB 55,315,306 in 2024, which is 72.9% of the total revenue. In 2024, this equated to USD 7,578,166.

Row 2: Revenues from the sales of batteries and other components were RMB 10,317,822 in 2022, accounting for 32.3% of total revenue. This rose to RMB 14,692,617 in 2023, comprising 28.4% of total revenue, and continued to RMB 16,793,818 in 2024, representing 22.1% of total revenue, equivalent to USD 2,300,744.

Row 3: The company earned RMB 1,910,379 from research and development services and other services in 2022, which was 6.0% of the total revenue. This increased to RMB 3,068,239 in 2023, representing 6.0% of total revenue and further to RMB 3,803,527 in 2024, making up 5.0% of total revenue. The 2024 amount translates to USD 521,081.

Row 4: The total revenue for 2022 was RMB 31,899,448, for 2023 it was RMB 51,672,618, and for 2024 it was RMB 75,912,651, which equals USD 10,399,991. Each year's total revenue is 100.0% of the respective annual revenue. [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. 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 upscale sedan model adopts the NVIDIA DRIVE Orin platform to power the company's proprietary intelligent autonomous driving systems. In addition, the 2024 model incorporates the latest Mobileye EVO domain control platform, which enables bolstered performance and heightened system stability. • Extensive customization options with fast launch pace enabled by SEA. The company offers customers a large number of different setup combinations and customization options.  
• Maverick driving performance that stands out among its peers. Equipped with industry-leading driving metrics, the company's battery electric vehicles (BEVs) hold the leading position in the industry based on key performance metrics, according to Frost & Sullivan. See “Industry Overview — Competitive Landscape.”  
• Premium in-vehicle configurations and distinct exterior design to enhance user experience and meet demands for individuality. The company offers drivers and passengers a suite of in-vehicle configurations featuring comfort and pleasure. According to Frost & Sullivan, the 2024 model offers more competitive specifications compared with BEVs of similar price ranges. The 2024 model also embodies a stylish exterior, which is suitable for customers with bold and expressive lifestyles. For instance, the Grand model offers two separate rear seats, each equipped with electric adjustments, heating and massage functions, ensuring comprehensive comfort for passengers. Additionally, the Grand model features a 43-inch ultra-large 4K screen and an 8-inch smart control screen running the company's OS 6.0, which is paired with a 31-speaker YAMAHA premium sound system. Such setup not only satisfies passengers’ entertainment needs but also supports quality online conferencing. 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 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'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 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. 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. 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: Revenue Comparison for Nine-Month Periods Ending September 30, 2022, and 2023
- Table Summary: The table presents a comparison of revenues for company Intelligent Technology Holding Limited across two periods ending September 30, 2022, and September 30, 2023. Amounts are provided in RMB and summarized with clear totals for each period.
- Context: The table is part of an analysis in the financial statements, indicating how company Intelligent Technology Holding Limited disaggregates its revenue by major sources and recognizes revenue at certain points in time or over time.
- Special Notes: Figures are noted in thousands of RMB.

[Row Level]
Row 1: For the nine months ended September 30, 2022, company Intelligent Technology Holding Limited recognized a total revenue of 18,467,509 thousand RMB, composed of a primary revenue stream of 18,438,644 thousand RMB and an additional component of 28,865 thousand RMB.
Row 2: For the period ending September 30, 2023, company Intelligent Technology Holding Limited's revenue significantly increased to 35,314,693 thousand RMB, with a main revenue figure of 35,242,260 thousand RMB and supplementary income of 72,433 thousand RMB. 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. In 2024, the company delivered 222,123 vehicles. As of December 31, 2024, the company cumulatively delivered a total of 418,756 vehicles. The following chart summarizes the monthly deliveries of the company's vehicles by the end of February 2025. [Table Level]
- Table Title: company Vehicle Delivery Volumes by Month
- Table Summary: This table presents the delivery volumes of company vehicles on a monthly basis from January 2024 to February 2025. It highlights the scaling production capability and growing market reach of the company brand during this time frame.
- Context: The context before the table emphasizes company's premium brand image, technological capabilities, and the strategic expansion into the international market, along with insights into the overall delivery achievements up to December 2024. After the table, specific vehicle brands contributing to delivery numbers, including the acquisition of Lynk & Co, are discussed.
- Special Notes: The delivery figure for February 2025 includes 14,039 company vehicles and 17,238 Lynk & Co vehicles following the acquisition of Lynk & Co.

[Row Level]
Row 1: In February 2025, the delivery volume was 31,277 units.
Row 2: In January 2025, the delivery volume was 11,942 units.
Row 3: In December 2024, the delivery volume was 27,190 units.
Row 4: In November 2024, the delivery volume was 27,011 units.
Row 5: In October 2024, the delivery volume was 25,049 units.
Row 6: In September 2024, the delivery volume was 21,333 units.
Row 7: In August 2024, the delivery volume was 18,015 units.
Row 8: In July 2024, the delivery volume was 15,655 units.
Row 9: In June 2024, the delivery volume was 20,106 units.
Row 10: In May 2024, the delivery volume was 18,616 units.
Row 11: In April 2024, the delivery volume was 16,089 units.
Row 12: In March 2024, the delivery volume was 13,012 units.
Row 13: In February 2024, the delivery volume was 7,510 units.
Row 14: In January 2024, the delivery volume was 12,537 units. Including 14,039 company brand vehicles and 17,238 Lynk & Co brand vehicles following the completion of the Lynk & Co acquisition in February 2025. [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. 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 Intelligent Technology Holding Limited 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). [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. [Table Level]
- Table Title: Revenue Disaggregation by Major Sources
- Table Summary: The table disaggregates revenue of the company into major sources over two six-month periods ending June 30 in 2022 and 2023. It breaks down revenue across categories like vehicle sales, sales of batteries and other components, and research and development services.
- Special Notes: All amounts are presented in thousands of RMB. The underline formatting indicates total sums.

[Row Level]
Row 1: For the six months ended June 30, 2022, vehicle sales generated revenue of RMB 5,296,678, whereas for the corresponding period in 2023, the revenue increased significantly to RMB 13,175,373.
Row 2: Sales of batteries and other components earned the company RMB 3,150,722 in the first half of 2022, which rose to RMB 7,365,776 for the same period in 2023.
Row 3: Revenue from research and development services, along with other services, was RMB 564,836 in the first half of 2022 and slightly increased to RMB 728,933 in the first half of 2023.
Row 4: The total revenue for the six months ended June 30, 2022, was RMB 9,012,236, while for the same period in 2023, the total revenue saw a notable increase to RMB 21,270,082. [Table Level]
- Table Title: Revenue for the Six Months Ended June 30, 2022 and 2023
- Table Summary: The table presents the revenue figures for company Intelligent Technology Holding Limited for the six-month periods ending June 30, for the years 2022 and 2023. The revenues are broken down into two components for each period, and then summed to a total amount.
- Context: Prior to the table, the text discusses the distribution preferences for Series Pre-A Preferred Shares before ordinary shares. After the table, further details surrounding company Intelligent Technology Holding Limited’s financial notes and share-based compensation plan are provided.
- Special Notes: All amounts are presented in RMB (Renminbi), and the numbers are shown in thousands.

[Row Level]
Row 1: For the six months ending June 30, 2022, revenue components amounted to RMB 8,998,096 and RMB 14,140, resulting in a total revenue of RMB 9,012,236.
Row 2: For the six months ending June 30, 2023, revenue components were RMB 21,220,056 and RMB 50,026, leading to a total revenue of RMB 21,270,082. The company is a market player with a China focus and global aspirations. Currently, the company mainly markets and sells its products in China, the largest BEV market globally in 2023, according to Frost & Sullivan. The company has started to deliver the ZEEKR 001 in Europe in December 2023. In the future, the company also plans to supply vehicles for the Waymo One Fleet in the United States. For details of the company's plan to increase its global footprint, see “— Our Growth Strategies.” As of December 31, 2023, the company delivered a total of 196,633 ZEEKR vehicles since the first vehicle delivery in October 2021, including 192,441 delivered in China. This is among the fastest delivery growth in the premium battery electric vehicle (BEV) market in China, according to Frost & Sullivan. [Table Level]
- Table Title: Monthly BEV Delivery Volumes for company 001
- Table Summary: The table lists the monthly delivery volumes for the company 001 electric vehicle in units, covering the period from January 2023 to February 2024. It reflects the consistent delivery performance and increasing global aspirations for the company's market expansion.
- Context: The surrounding context discusses the company's focus on the Chinese market with plans for expansion in Europe and the United States, highlighting the company's growth strategy and premium branding of the company 001 model.
- Special Notes: Delivery volumes are presented in units without additional footnotes. The deliveries reflect a history of rapid growth in the BEV market.

[Row Level]
Row 1: In February 2024, company 001 reached a delivery volume of 7,510 units.
Row 2: January 2024 saw a delivery volume of 12,537 units for company 001.
Row 3: December 2023 experienced a delivery volume of 13,476 units, showcasing sustained growth.
Row 4: During November 2023, the delivery volume for company 001 was noted at 13,104 units.
Row 5: October 2023 marked a delivery volume of 13,077 units for company 001.
Row 6: In September 2023, company 001 recorded a delivery volume of 12,053 units.
Row 7: August 2023 had a delivery volume of 12,303 units for the company 001.
Row 8: July 2023's delivery volume for the company 001 stood at 12,039 units.
Row 9: June 2023 showed a delivery figure of 10,620 units for company 001.
Row 10: In May 2023, the delivery volume reached 8,678 units for company 001.
Row 11: April 2023 accounted for a delivery volume of 8,101 units of company 001.
Row 12: March 2023 registered a delivery volume of 6,663 units for company 001.
Row 13: February 2023 documented a delivery volume of 5,455 units for company 001.
Row 14: January 2023 started with a delivery volume of 3,116 units for company 001. As a leader in automotive intelligence, the company continues to push the boundaries of autonomous driving technology and bring innovations to large-scale production. In March 2024, the company introduced Intelligent Driving’s parking master function, pioneering automated parking in mechanical parking spaces—one of the most challenging parking scenarios in the industry. By the end of 2024, this feature has been rolled out to all users nationwide. The company also achieved automated parking in ultra-narrow spaces (vehicle width ± 40 cm) and mass-produced industry-leading functions such as parking in unmarked spaces, remote parking assist (RPA), dead-end parking, and seamless gear shifting, fully addressing last-meter parking challenges and enabling hands-free, foot-free parking convenience. In August 2024, Intelligent Driving 2.0 was launched, marking the company's entry into the AI large-model era. The company also introduced the 720-degree Active Safety System, fully transitioning to in-house-developed active safety solutions while significantly enhancing performance and scenario coverage. The AEB system now supports emergency braking at speeds of up to 120 km/h for stationary vehicles and has been upgraded to G-AEB, enabling braking for general obstacles. Additional safety features tailored to real-world usage include PEB (pedestrian emergency braking), wheel hub scratch prevention, and unintended acceleration protection. In November 2024, the company unveiled the next-generation end-to-end Plus digital predictive network architecture, enabling rapid iteration and continuous advancements for Intelligent Driving 2.0. At the same time, the company initiated a large-scale user test for map-free urban NZP, with nationwide deployment realized at the end of 2024. The company's research and development expenses primarily comprise (i) outsourcing research and development expenses, primarily including consultation fees, SEA licensing fees, and validation and testing fees, (ii) employee compensation for employees engaged in research, design, and development activities, and (iii) other expenses. Costs associated with research and development are expensed as incurred in nature. The company dedicates significant resources towards research and development, and the company's research and development staff accounted for approximately 43.8%, 44.6%, and 43.0% of the company's total employees as of December 31, 2022, 2023, and 2024, respectively. The company's research and development expenses are mainly driven by the stage and scale of vehicle development and the development of key software and hardware technologies, as well as the number of research and development personnel. Research and development expenses increased by 16.1% from RMB 8,369.2 million in 2023 to RMB 9,720.2 million (US$ 1,331.7 million) in 2024. The year-over-year growth was primarily driven by non-cash share-based compensation expenses recognized for IPO-conditioned rewards that were cumulatively vested upon the company's successful IPO during 2024, and increased design and development costs for new vehicles and technologies. [Table Level]
- Table Title: Related Party Transactions and Balances
- Table Summary: This table presents the financial transactions and balances between company and its related parties for the fiscal years ending December 31, 2022, 2023, and 2024. The table categorizes interactions by the nature of the transaction, specifically focusing on vehicle sales, research and development and other services, and sales of batteries and components.
- Context: The principal related parties involved with company include Geely Automobile Holdings and its subsidiaries and affiliates. The context before and after indicates the focus on significant related party transactions, categorizing these based on the nature of the transaction and the entities involved.
- Special Notes: All amounts are presented in thousands of RMB. The amounts reveal monetary exchanges between company and its related parties, detailing revenue generated from specific transactions.

[Row Level]
Row 1: In 2022, company's revenue from vehicle sales to Geely Holding was RMB 1,350, which increased to RMB 5,234 in 2023 and decreased to RMB 698 in 2024.
Row 2: Revenue from vehicle sales to subsidiaries of Geely Auto was RMB 2,649 in 2022, increasing to RMB 5,072 in 2023 and rising substantially to RMB 120,438 in 2024.
Row 3: Revenues from subsidiaries of Geely Holding were RMB 6,030 in 2022, escalating to RMB 18,488 in 2023 and slightly declining to RMB 2,658 in 2024.
Row 4: Affiliates of Geely Holding contributed RMB 28 in 2022, surged to RMB 60,631 in 2023, and amounted to RMB 25,517 in 2024 for vehicle sales.
Row 5: Vehicle sales to entities controlled by ultimate shareholders yielded RMB 44,539 in 2022, decreased significantly to RMB 3,674 in 2023, and further decreased to zero in 2024.
Row 6: In 2024, RMB 1,049,299 was generated from affiliates of entities controlled by ultimate shareholders, with no revenue in the preceding years.
Row 7: Equity investees of company contributed RMB 249 in 2022, RMB 2,200 in 2023, with no revenue in 2024.
Row 8: The total revenue from vehicle sales was RMB 54,845 in 2022, RMB 95,299 in 2023, and considerably increased to RMB 1,198,610 in 2024.

Row 9: Research and development and other services provided to Geely Auto resulted in RMB 141 in 2024, with no revenue in previous years.
Row 10: Revenue from Geely Holding was RMB 156 in 2022, which drastically increased to RMB 363,181 in 2023 and then slightly increased to RMB 168,054 in 2024 for such services.
Row 11: Subsidiaries of Geely Auto contributed RMB 7,755 in 2022, declining to RMB 1,776 in 2023 and then rising to RMB 163,522 in 2024 for these services.
Row 12: Affiliates of Geely Auto generated substantial revenue of RMB 87,020 in 2022, surging to RMB 522,292 in 2023, and decreased to RMB 657,308 in 2024.
Row 13: Subsidiaries of Geely Holding were major contributors with RMB 1,636,799 in 2022, increasing to RMB 2,082,185 in 2023 and reducing to RMB 1,447,201 in 2024 from these services.
Row 14: Affiliates of Geely Holding provided RMB 19,598 in 2022, rising to RMB 50,526 in 2023, and reaching RMB 343,084 in 2024.
Row 15: Revenue from entities controlled by ultimate shareholders was RMB 3,660 in 2022, dropping to RMB 1,608 in 2023 and reaching zero in 2024.
Row 16: Affiliates of entities controlled by ultimate shareholders recorded RMB 330 in 2022, increased to RMB 268 subsequently in 2023, and significantly rose to RMB 7,270 in 2024.
Row 17: Equity investees of company contributed RMB 1,756 in 2022 for research and development and other services, absent for the remaining years.
Row 18: Aggregate revenue for these services summed to RMB 1,757,074 in 2022, RMB 3,021,836 in 2023, with a slight decrease to RMB 2,786,580 in 2024.

Row 19: From sales of batteries and components, subsidiaries of Geely Auto provided RMB 1,802,779 in 2022, increasing steadily to RMB 3,262,575 in 2023 and slightly decreasing to RMB 2,077,267 in 2024.
Row 20: Affiliates of Geely Auto generated RMB 1,663,519 in 2022, rising significantly to RMB 2,730,324 in 2023 and continued to grow to RMB 6,422,130 in 2024.
Row 21: Subsidiaries of Geely Holding were the largest contributors with RMB 6,410,920 in 2022, increasing to RMB 8,435,631 in 2023 and expanding to RMB 7,990,028 in 2024.
Row 22: Affiliates of Geely Holding accounted for RMB 26,260 in 2024, compared to zero in previous years.
Row 23: Entities controlled by ultimate shareholders provided RMB 256,155 in 2022 and zero in subsequent years, except for RMB 14,743 in 2024.
Row 24: Equity investees of company generated RMB 102,490 in 2022 for the sales of batteries and steadily provided RMB 117 in 2023 and RMB 8 in 2024.
Row 25: The total revenue from sales of batteries and other components summed to RMB 10,235,863 in 2022, with growth to RMB 14,454,853 in 2023 and RMB 16,663,804 in 2024. While the company is still in the process of preparing its financial statements for the three months ended March 31, 2024, the company estimates its vehicle sales revenue in the first quarter of 2024 to be higher than in the first quarter of 2023, but lower than in the fourth quarter of 2023 due to seasonality that impacted delivery volume, as well as the lower average selling price primarily caused by the change in the company's product mix. The company estimates its total revenue in the first quarter of 2024 to be higher than in the first quarter of 2023, but lower than in the fourth quarter of 2023 due to the above-mentioned quarter-over-quarter decrease in vehicle sales revenue and a significant quarter-over-quarter decrease in revenue generated from research and development services and other services, despite the estimated quarter-over-quarter increase in revenue from sales of batteries and other components. In addition, the company estimates its gross profit margin in the first quarter of 2024 to be lower than in the fourth quarter of 2023 because of the negative effect from the delivery of new vehicle models as well as the change in product mix, and the increase in the percentage of revenue contribution from sales of batteries and other components that have a lower gross profit margin than vehicle sales. Because the company does not have final results for the first quarter of 2024, the company's actual results could differ from the company's expected results discussed above when they become available. The following table sets forth a breakdown of the company's cost of revenues, expressed in the absolute amount and as a percentage of the company's cost of revenues, for the periods indicated. From 2023 to 2024, the company's cost of revenues increased by 41.6% from RMB44,822.1 million to RMB63,465.2 million (US$8,694.7 million), respectively. This was primarily due to: (i) the company experienced an increase in the cost of revenues associated with vehicle sales in the company Segment from RMB28,831.6 million in 2023 to RMB46,665.1 million (US$6,393.1 million) in 2024, which is in line with more vehicles delivered in 2024, partially offset by the declining average costs in auto parts and other materials.  
(ii) the company experienced an increase in the cost of revenues associated with sales of batteries and other components in the Viridi Segment from RMB13,808.1 million in 2023 to RMB14,481.1 million (US$1,983.9 million) in 2024, as Ningbo Viridi delivered more battery packs as well as electric drives.  
(iii) During the same periods, the cost of revenues associated with the company's research and development services and other services mainly from the company Segment and the ZTE Segment increased from RMB2,182.4 million to RMB2,319.1 million (US$317.7 million), which was consistent with the growth trend of vehicle spare parts. The company made capital expenditures of RMB919.5 million, RMB1,913.4 million, and RMB1,715.4 million in 2022, 2023, and 2024, respectively. In these periods, the company's capital expenditures were used primarily for property, plant, and equipment, as well as facilities related to sales and marketing activities. Going forward, the company expects to make capital expenditures primarily on properties and manufacturing facilities related to Ningbo Viridi and leasehold improvements for retail stores. Other than what has been included in the capital commitments and contractual obligations discussed below, the company does not expect to incur material costs to accomplish these goals. The following table sets forth a breakdown of the company's revenues, each expressed in the absolute amount and as a percentage of the company's total revenues, for the periods indicated. Company vehicle sales  
Sales of company batteries and other components  
Company research and development services and other services Revenues increased by 46.9% from RMB51,672.6 million in 2023 to RMB75,912.7 million (US$10,400.0 million) in 2024, which was primarily due to: (i) the company's vehicle sales revenue experienced an increase from RMB33,911.8 million in 2023 to RMB55,315.3 million (US$7,578.2 million) in 2024. The increase in the company's vehicle sales mainly resulted from the increased delivery volume of new products. Compared to 118,685 units of company vehicles delivered in 2023, the company delivered 222,123 units of company vehicles in 2024. The increase in the company's vehicle sales revenue was partially offset by the lower average selling price as a result of the changes in product mix and pricing strategy.  
(ii) the company's revenue from sales of batteries and other components grew from RMB14,692.6 million in 2023 to RMB16,793.8 million (US$2,300.7 million) in 2024. The increase was primarily attributed to robust sales volumes in battery and electric drive systems, coupled with a RMB 1,392.5 million (USD 190.8 million) growth in overseas sales of battery components.  
(iii) During the same periods, the revenue generated from the company's research and development services and other services increased from RMB3,068.2 million to RMB3,803.5 million (US$521.1 million). The year-over-year increase was mainly due to the increased sales of vehicle spare parts.