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

[Row Level]
Row 1: In 2022, the net loss from consolidated entities amounted to RMB 7,651,854, which increased to RMB 8,264,191 in 2023, and then decreased to RMB 5,790,649 in 2024.
Row 2: Net income attributable to Ningbo Viridi as a non-controlling interest (NCI) was RMB 278,633 in 2022, then reduced to RMB 82,789 in 2023, and increased significantly to RMB 632,921 in 2024.
Row 3: The net loss attributable to ordinary shareholders of the company was recorded as RMB 7,930,487 in 2022, increased to RMB 8,346,980 in 2023, and reduced to RMB 6,423,570 in 2024.
Row 4: The weighted average number of ordinary shares outstanding, both basic and diluted, remained constant at 2,000,000,000 shares in 2022 and 2023, increasing to 2,353,015,830 shares by 2024.
Row 5: The basic net loss per share attributable to ordinary shareholders of the company was RMB (3.97) in 2022, increased to RMB (4.17) in 2023, and then improved to RMB (2.73) in 2024.
Row 6: Similarly, the diluted net loss per share for ordinary shareholders of the company mirrored the basic calculation: RMB (3.97) in 2022, rising to RMB (4.17) in 2023, and decreasing to RMB (2.73) in 2024.
The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$340.9 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$150.6 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$127.3 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$143.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$161.4 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$155.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$66.3 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit from the CEVT segment decreased from RMB481.0 million to RMB265.1 million (US$37.3 million) and the gross profit margin decreased from 19.7% to 11.7% in 2022 and 2023, respectively. The decline in both gross profit and gross profit margin can be attributed to the seasonal fluctuations in meeting internal project milestones, along with a reduction in the number of research and development services offered by CEVT to external customers, which have higher margins. The company's gross profit from the CEVT segment decreased from RMB481.0 million to RMB265.1 million (US$37.3 million), and the gross profit margin decreased from 19.7% to 11.7% in 2022 and 2023, respectively. The decline in both gross profit and gross profit margin can be attributed to the seasonal fluctuations in meeting internal project milestones, along with a reduction in the number of research and development services offered by CEVT to external customers, which have higher margins. 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. The company's gross profit increased by 190.8% from RMB1,555.0 million in the nine months ended September 30, 2022, to RMB4,522.2 million (US$619.8 million) in the nine months ended September 30, 2023, which was primarily due to (i) an increase in gross profit from vehicle sales from RMB497.5 million in the nine months ended September 30, 2022 to RMB3,461.6 million (US$474.5 million) in the nine months ended September 30, 2023; (ii) a decrease in gross profit from sales of batteries and other components from RMB836.2 million in the nine months ended September 30, 2022 to RMB593.3 million (US$81.3 million) in the nine months ended September 30, 2023; and (iii) an increase in gross profit from research and development services from RMB221.2 million in the nine months ended September 30, 2022 to RMB467.3 million (US$64.0 million) in the nine months ended September 30, 2023. The company's gross profit margin increased from 8.4% in the nine months ended September 30, 2022, to 12.8% in the nine months ended September 30, 2023. The increase was mainly attributable to the significant growth of the company's vehicle sales business, which had a higher gross profit margin of 14.8% in the nine months ended September 30, 2023. The gross profit and gross profit margin for the company in the nine months ended September 30, 2023, were RMB3,871.6 million (US$530.6 million) and 16.1%, respectively, compared with RMB446.6 million and 4.0% in the nine months ended September 30, 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$340.9 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$150.6 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$127.3 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$143.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$161.4 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$155.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$66.3 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The decrease in gross profit was due to fewer R&D services provided by the CEVT segment to external customers, and the decline in gross profit margin was caused by a lower agreed markup charged on internal projects. Gross Profit, Gross Profit Margin The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$358.4 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$158.3 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$133.8 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$151.2 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company enjoyed RMB40.4 million and RMB1,170.4 million (US$169.7 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$163.8 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$69.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the company's Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin of 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022. The company's gross profit increased by 138.1% from RMB1,038.2 million for 2021 to RMB2,472.1 million (US$348.2 million) for 2022, which was primarily due to (i) an increase in gross profit from sales of batteries and other components from negative RMB5.3 million for 2021 to RMB1,091.8 million (US$153.8 million) for 2022 and (ii) an increase in gross profit from vehicle sales from RMB28.5 million for 2021 to RMB923.1 million (US$130 million) for 2022. The company's gross profit margin decreased from 15.9% for 2021 to 7.7% for 2022, respectively. The decrease was mainly attributable to the significant growth of the company's vehicle sales business, which had a lower gross profit margin at 4.7% for 2022. The gross profit and gross profit margin for the company's segment for 2022 were RMB1,042.6 million (US$146.8 million) and 5.1%, respectively, attributed to the increase in the volume of vehicles delivered as well as the higher average selling price. For the Viridi Segment, the company recorded RMB40.4 million and RMB1,170.4 million (US$164.8 million) in gross profit and recorded gross profit margins of 1.6% and 9.1% during 2021 and 2022, respectively. The increase in volume and unit price of battery packs and other components contributed to the gross profit of RMB1,129.5 million (US$159.1 million) for 2022. The company's gross profit from the CEVT segment decreased from RMB952.9 million to RMB481.0 million (US$67.7 million), and the gross profit margin decreased from 34.5% to 19.7% for 2021 and 2022.