What are the major risks for 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. The company has experienced significant growth since the launch of ZEEKR 001 in 2021, and net revenues for vehicle sales increased from RMB1,544.3 million in 2021 to RMB19,671.2 million in 2022, and further increased to RMB33,911.8 million (US$4,776.4 million) in 2023. The company plans to further grow the business by, among other things, investing in technology, expanding the product portfolio, strengthening brand recognition, expanding the sales and marketing network and service offerings, and entering into overseas markets. Future operating results will depend to a large extent on the company's ability to manage expansion and growth successfully. Risks that the company faces in undertaking this expansion include, among others: • managing a larger organization with a greater number of employees in different divisions;  
• controlling expenses and investments in anticipation of expanded operations;  
• establishing or expanding design, manufacturing, sales, and service facilities;  
• implementing and enhancing administrative infrastructure, systems, and processes; and  
• executing the company's strategies and business initiatives successfully. Any failure to manage the company's growth effectively could materially and adversely affect the company's business, prospects, results of operations, and financial condition. The company has experienced significant growth since the launch of its model in 2021, and net revenues for vehicle sales increased from RMB1,544.3 million in 2021 to RMB19,671.2 million in 2022, and further increased to RMB33,911.8 million (US\$4,776.4 million) in 2023. The company plans to further grow the business by, among other things, investing in technology, expanding the product portfolio, strengthening brand recognition, expanding the sales and marketing network and service offerings, and entering into overseas markets. Future operating results will depend to a large extent on the company's ability to manage expansion and growth successfully. Risks that the company faces in undertaking this expansion include, among others: • managing a larger organization with a greater number of employees in different divisions;  
• controlling expenses and investments in anticipation of expanded operations;  
• establishing or expanding design, manufacturing, sales, and service facilities;  
• implementing and enhancing administrative infrastructure, systems, and processes; and  
• executing the company's strategies and business initiatives successfully. Any failure to manage the company's growth effectively could materially and adversely affect the company's business, prospects, results of operations, and financial condition. The company has experienced significant growth since the launch of ZEEKR 001 in 2021, and net revenues for vehicle sales increased from nil in 2020 to RMB1,544.3 million in 2021. In 2022, the company recorded net revenues for vehicle sales of RMB19,671.2 million (US$2,852.1 million). The company plans to further grow the business by, among other things, investing in technology, expanding the product portfolio, strengthening brand recognition, expanding the sales and marketing network and service offerings, and entering into overseas markets. Future operating results will depend to a large extent on the company's ability to manage expansion and growth successfully. Risks that the company faces in undertaking this expansion include, among others: • managing a larger organization with a greater number of employees in different divisions;  
• controlling expenses and investments in anticipation of expanded operations;  
• establishing or expanding design, manufacturing, sales, and service facilities;  
• implementing and enhancing administrative infrastructure, systems, and processes; and  
• executing the company's strategies and business initiatives successfully. Any failure to manage the company's growth effectively could materially and adversely affect the company's business, prospects, results of operations, and financial condition. The company has experienced significant growth since the launch of ZEEKR 001 in 2021, and net revenues for vehicle sales increased from nil in 2020 to RMB1,544.3 million in 2021. For the nine months ended September 30, 2022, the company recorded net revenues for vehicle sales of RMB10,820.2 million (US$1,521.1 million). The company plans to further grow the business by, among other things, investing in technology, expanding the product portfolio, strengthening brand recognition, expanding the sales and marketing network and service offerings, and entering into overseas markets. Future operating results will depend to a large extent on the company's ability to manage expansion and growth successfully. Risks that the company faces in undertaking this expansion include, among others: • managing a larger organization with a greater number of employees in different divisions;  
• controlling expenses and investments in anticipation of expanded operations;  
• establishing or expanding design, manufacturing, sales, and service facilities;  
• implementing and enhancing administrative infrastructure, systems, and processes; and  
• executing the company's strategies and business initiatives successfully. Any failure to manage the company's growth effectively could materially and adversely affect the company's business, prospects, results of operations, and financial condition. The company respectfully advises the Staff that the company has not experienced any material disruptions to its supply chain as of the date of this letter, and specifically confirms that the factors listed in the Staff’s comment above have not been applicable to the company’s business operations as of the date of this letter. The company further submits that its major suppliers and customers are not located in any of the countries or regions specified by the Staff, and has therefore not experienced a material adverse impact on its supply chain and delivery to customers. 24. Please disclose whether the company is subject to material cybersecurity risks in its supply chain based on third-party products, software, or services used in its products, services, or business and how a cybersecurity incident in the company's supply chain could impact its business. Discuss the measures the company has taken to mitigate these risks. 25. Please consistently disclose whether and to what extent the company will rely on controlled company or home country corporate governance exemptions. The company's disclosures on pages 13, 50, 76, 77, and 165-66 currently inconsistently disclose its intentions to rely on those exemptions. 26. Given the disclosure regarding the numerous strengths of the company and its operations, please revise to explain the reasons for this transaction and operating independently from Geely in the future. 27. Please clarify how Regulation S will apply to the AED, considering it appears that Geely Automotive will distribute securities to its holders. [Table Level]  
- Table Title: Concentration of Accounts Receivable by Customers  
- Table Summary: The table displays the percentage of total accounts receivable attributed to specific customers who account for at least 10% of the company's accounts receivable in the years ending December 31, 2023, and 2024. The percentages are given as of the balance sheet dates.  
- Context: Prior to the table, it is discussed that the company’s major assets subject to credit risk include accounts receivable with the exposure being their carrying amounts. Following the table, concentration risks concerning suppliers are addressed, noting similar percentages for suppliers contributing to significant portions of purchases.  
- Special Notes: The percentages represent the portion of accounts receivable for each significant customer, with the second value in each year marked with a special notation "*" indicating further consideration like confidentiality or external context.  

[Row Level]  
Row 1: For the year ended December 31, 2023, one customer contributed 12.70% to the company's accounts receivable measured in RMB.  
Row 2: For the year ended December 31, 2023, another customer contributed 18.68% to the company's accounts receivable measured in RMB, though this entry is marked with an asterisk.  
Row 3: For the year ended December 31, 2024, there are asterisks marking both entries, suggesting confidentiality or external factors impacting the disclosure of exact percentages. However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. In light of the uncertainties in the global market and economic conditions due to the COVID-19 pandemic, the company will continue to evaluate the nature and extent of the impact of the pandemic on its financial condition and liquidity. See also “Risk Factors — Risks Related to the company's Business and Industry — The COVID-19 outbreak has adversely affected, and may continue to adversely affect, the company's results of operations.” However, uncertainties remain as to whether and to what extent the market demand and the battery electric vehicle (BEV) supply chain will be affected by the COVID-19 pandemic in the future. In light of the uncertainties in the global market and economic conditions due to the COVID-19 pandemic, the company will continue to evaluate the nature and extent of the impact of the pandemic on its financial condition and liquidity. See also “Risk Factors — Risks Related to Our Business and Industry — The COVID-19 outbreak has adversely affected, and may continue to adversely affect, the company's results of operations.” You should read this annual report and the documents that the company references in this annual report and has filed as exhibits to this annual report completely and with the understanding that the company's actual future results may be materially different from what the company expects. The company qualifies all of its forward-looking statements by these cautionary statements. The company operates in a rapidly evolving environment. New risks emerge from time to time and it is impossible for the company's management to predict all risk factors, nor can the company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. You should read this prospectus and the documents that company references in this prospectus and has filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that company's actual future results may be materially different from what company expects. Company qualifies all of its forward-looking statements by these cautionary statements. Company operates in a rapidly evolving environment. New risks emerge from time to time and it is impossible for company's management to predict all risk factors, nor can company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking statement. [Table Level]  
- Table Title: Major Leased Facilities as of December 31, 2022  
- Table Summary: The table presents information about the major facilities leased by the company, listing their locations, approximate sizes, primary uses, and lease terms. It details both Chinese and Swedish properties used primarily for office and R&D purposes.  
- Context: The company's strategy includes securing insurance to guard against risks, managing several owned and leased properties in Ningbo, with the table specifying key leased properties for various business operations.  
- Special Notes: Sizes are presented in square meters and lease terms are clearly defined with start and end dates.  

[Row Level]  
Row 1: The facility in Hangzhou, China, is an office with an approximate size of 15,801.2 square meters, leased from October 15, 2021, to April 14, 2025.  

Row 2: The location in Ningbo, China, functions as both an R&D center and office, with a substantial area of 52,730.0 square meters, and its lease is valid from January 1, 2023, to December 31, 2023.  

Row 3: In Shanghai, China, an office space measuring approximately 2,716.0 square meters is leased from December 15, 2021, until December 14, 2024.  

Row 4: Another facility in Shanghai, China, serving as an R&D center and office with an area of 1,048.0 square meters, is leased from December 15, 2021, to December 14, 2024.  

Row 5: The property in Gothenburg, Sweden, is utilized for storage and workshop purposes, covering an area of 800.0 square meters, and is leased from March 1, 2018, to February 28, 2028.  

Row 6: Another office location in Gothenburg, Sweden, encompasses 503.0 square meters, with the lease term spanning from June 1, 2017, to December 31, 2023. As a result of the foregoing, the company incurred a net loss of RMB5,790.6 million (US\$793.3 million) in 2024, as compared to a net loss of RMB8,264.2 million in 2023. [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: 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). Net loss  
Other comprehensive loss, net of tax of nil: Foreign currency translation adjustments  
Comprehensive loss  
Less: comprehensive income attributable to non-controlling interest  
Comprehensive loss attributable to shareholders of company Intelligent Technology Holding [Table Level]  
- Table Title: Combined and Consolidated Comprehensive Loss for Years Ended December 31, 2022, 2023, and 2024  
- Table Summary: This table outlines the comprehensive loss figures for company Intelligent Technology Holding Limited over three consecutive years, providing insights into net loss, foreign currency translation adjustments, and comprehensive income attributable to non-controlling interests—all expressed in RMB, with a conversion to US$ for the year 2024. The financial data illustrates company Intelligent Technology Holding Limited's changes in comprehensive loss and the impact on shareholders.  
- Context: The financial data precedes and follows statements that relate to the comprehensive loss and shareholders' deficit for December 31, 2022, 2023, and 2024. The notes accompanying the financial statements are integral for understanding the presented figures.  
- Special Notes: Amounts are in thousands except where otherwise stated. For 2024, figures are also presented in US$, with a note (2(d)) for further context.  

[Row Level]  
Row 1: In 2022, the RMB net loss for company Intelligent Technology Holding Limited was (7,655,146).  
Row 2: In 2023, the RMB net loss for company Intelligent Technology Holding Limited increased to (8,264,191).  
Row 3: In 2024, the RMB net loss for company Intelligent Technology Holding Limited was (5,790,649), while the corresponding amount in US$ was (793,315).  
Row 4: For 2022, foreign currency translation adjustments led to a gain of 14,556, modifying the overall loss to (7,640,590).  
Row 5: In 2023, adjustments yielded a gain of 49,765, reducing the loss to (8,214,426).  
Row 6: The year 2024 saw a currency translation loss of (40,474), affecting the total loss to readjust to (5,831,123) RMB and (5,545) US$.  
Row 7: Comprehensive income attributable to non-controlling interests in 2022 was 278,633, resulting in an attributable loss to shareholders of (7,919,223).  
Row 8: The 2023 equivalent was 82,789, leading to a shareholder attributable loss of (8,297,215).  
Row 9: Finally, in 2024, with an interest of 632,921 in RMB and 86,710 in US$, the attributable loss to shareholders was adjusted to (6,464,044) RMB and (885,570) US$. [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.
For example, the number of research and development projects that reached customer acceptance and payment stage in the first quarter of 2024 was less than that of the fourth quarter of 2023, which is expected to cause a significant quarter-over-quarter decrease in revenue generated from research and development services and other services as well as the gross profit in relation to the company's research and development services and other services in the first quarter of 2024. Besides the company's in-house expertise, the company also relies on certain technologies of its suppliers to enhance the performance of its battery electric vehicles (BEVs). In particular, the company does not manufacture battery cells or semiconductors, which makes the company dependent upon suppliers for the relevant technologies. There can be no assurance that the company will be able to equip its BEVs with the latest technologies. As technologies change, the company plans to upgrade its existing models and introduce new models in order to provide its BEVs with the latest technologies, including battery cells and semiconductors, which could involve substantial costs and lower the company's return on investment for existing models. Even if the company is able to keep pace with changes in technologies and develop new models, its prior models could become obsolete more quickly than expected, potentially reducing the company's return on investment. 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 has devoted significant capital to developing and growing its business, including developing its BEV models, purchasing equipment, procuring required raw materials, and building its sales and servicing infrastructure. The company expects to further incur significant costs, including research and development expenses, as it rolls out new models, improves existing BEV models, and diversifies its current product offerings, additional operating costs and expenses for production ramp-up, raw material procurement costs, and selling and distribution expenses as it builds its brand and markets its vehicles. In particular, the prices for raw materials such as aluminum and steel fluctuate upon factors beyond the company's control and could adversely affect its business and results of operations. Substantial increases in the prices for raw materials such as aluminum and steel would increase the company's cost of revenues and could reduce its margins. Meanwhile, the delivery of new vehicle models as well as changes in product mix have had a negative impact on the company's gross profit margin. As a result, the company estimates its gross profit margin for vehicle sales in the first quarter of 2024 to be lower than in the fourth quarter of 2023. Furthermore, currency fluctuations, tariffs, or shortages in petroleum and other economic or political conditions may result in significant increases in freight charges and raw material costs. In addition, the company may lose control over the increase of costs in connection with its services, including after-sales services. The company has devoted significant capital to developing and growing its business, including developing its battery electric vehicle (BEV) models, purchasing equipment, procuring required raw materials, and building its sales and servicing infrastructure. The company expects to further incur significant costs, including research and development expenses, as it rolls out new models, improves existing BEV models, and diversifies its current product offerings, along with additional operating costs and expenses for production ramp-up, raw material procurement costs, and selling and distribution expenses as it builds its brand and markets its vehicles. In particular, the prices for raw materials such as aluminum and steel fluctuate due to factors beyond the company's control and could adversely affect the company's business and results of operations. Substantial increases in the prices for raw materials such as aluminum and steel would increase the company's cost of revenues and could reduce its margins. Meanwhile, the delivery of new vehicle models as well as changes in product mix have had a negative impact on the company's gross profit margin. As a result, the company estimates its gross profit margin for vehicle sales in the first quarter of 2024 to be lower than in the fourth quarter of 2023. Furthermore, currency fluctuations, tariffs, or shortages in petroleum and other economic or political conditions may result in significant increases in freight charges and raw material costs. In addition, the company may lose control over the increase of costs in connection with its services, including after-sales services. [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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``` 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: company Intelligent Technology Holding Limited Combined and Consolidated Balance Sheets as of December 31, 2021, 2022, and 2023
- Table Summary: This table presents a detailed breakdown of liabilities and shareholders' equity for company Intelligent Technology Holding Limited as of the end of the years 2021, 2022, and 2023. The figures are reported in RMB for 2021, 2022, and 2023, with the 2023 values also provided in USD for better comparability. Key components include current and non-current liabilities, as well as various sections of shareholders' equity, reflecting company Intelligent Technology Holding Limited's financial standing over these years.
- Context: This table is extracted from company Intelligent Technology Holding Limited's audited financial statements, reflecting the auditors' opinion on company Intelligent Technology Holding Limited's financial position and operations, as officially documented for the mentioned years.
- Special Notes: Values are given in thousands, except where noted otherwise. The table includes specific notations regarding share issuance and the translation adjustment details.

[Row Level]
Row 1: As of December 31, 2021, the short-term borrowings, including the current portion of long-term borrowings, amounted to RMB 663,295. This amount was not specified for the following years.
Row 2: Accounts payable were RMB 1,673,388 in 2021, increased to RMB 3,812,825 in 2022, and further to RMB 4,104,717 in 2023, which equals USD 578,137.
Row 3: The notes payable were not specified for the periods.
Row 4: Amounts due to related parties rose from RMB 5,718,117 in 2021 to RMB 8,343,207 in 2022 and surged to RMB 16,355,902 in 2023, or USD 2,303,681.
Row 5: Income tax payable was RMB 4,030 in 2021, RMB 54,024 in 2022, and RMB 108,083 in 2023, equating to USD 15,223.
Row 6: Accruals and other current liabilities amounted to RMB 2,091,673 in 2021, RMB 3,912,119 in 2022, and RMB 6,243,956 in 2023, equivalent to USD 879,443.
Row 7: Total current liabilities summed up to RMB 10,150,503 in 极氪, growing to RMB 17,625,914 in 2022, and reaching RMB 32,317,603 in 2023, or USD 4,551,839.
Row 8: Operating lease liabilities, non-current, stood at RMB 786,202 in 2021, RMB 1,558,136 in 2022, and RMB 1,807,159 in 2023, which is USD 254,533.
Row 9: Amounts due to related parties, non-current, were not specified for 2021 or 2023, but were RMB 6,000,000 in 2022 and RMB 1,100,000 in 2023, which equals USD 154,932.
Row 10: Other non-current liabilities were RMB 70,411 in 2021, RMB 258,077 in 2022, and RMB 563,001 in 2023, equating to USD 79,297.
Row 11: Deferred tax liabilities were RMB 3,390 in 2021, RMB 8,056 in 2022, and RMB 8,337 in 2023, translating to USD 1,174.
Row 12: Total non-current liabilities were RMB 860,003 in 2021, RMB 7,824,269 in 2022, and RMB 3,478,497 in 2023, which is USD 489,936.
Row 13: Total liabilities were RMB 11,010,506 in 2021, RMB 25,450,183 in 2022, and RMB 35,796,100 in 2023, or USD 5,041,775.
Row 14: Shareholders' equity included ordinary shares with US$0.0002 par value, summarized as part of approved and issued shares for the years 2021 through 2023.
Row 15: Convertible preferred shares with US$极氪 par value, reflecting shares approved and issued for 2021 to 2023, showing 2,584 RMB for each year, declining to 364 in USD equivalent for 2023.
Row 16: Additional paid-in capital was RMB 98 in 2021, RMB 162 in 2022, and RMB 362 in 2023, which is USD 51.
Row 17: Paid-in capital in combined companies was RMB 4,269,555 in 2021, RMB 5,705,305 in 2022, and increased to RMB 11,213,798 in 2023, equating to USD 1,579,430.
Row 18: Accumulated deficits were RMB 697,517 in 2021 and remained consistent through 2023.
Row 19: Accumulated other comprehensive (loss) income was RMB (4,584,927) in 2021, RMB (12,518,706) in 2022, and RMB (20,865,686) in 2023, converting to USD (2,938,870).
Row 20: Accumulated other comprehensive (loss) income was (RMB 46,766) in 2021, (RMB 32,210) in 2022, and conversely RMB 17,555 in 2023, or USD 2,473.
Row 21: company Intelligent Technology Holding Limited shareholders’ equity (deficit) was RMB 338,061 in 2021, (RMB 6,842,865) in 2022, and (RMB 9,631,387) in 2023, or in USD (1,356,552).
Row 22: Non-controlling interest accounted for RMB 591,365 in 2021, RMB 869,998 in 2022, and RMB 952,787 in 2023, which is USD 134,197.
Row 23: Total shareholders' equity (deficit) resulted in RMB 929,426 in 2021, (RMB 5,972,867) in 2022, and (RMB 8,678,000) in 2023, or in USD (1,222,355).
Row 24: Total liabilities and shareholders' equity (deficit) summed up to RMB 11,939,932 in 2021, RMB 19,477,316 in 2022, and RMB 27,117,500 in 2023, equaling USD 3,819,420. 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. 15. The company notes its transactions with Geely Group and its affiliates and the company's disclosure on page 49 that it "has entered into several agreements with Geely Group." Please file all related agreements as exhibits to the company's registration statement, including any agreements with Geely related to the company's acquisition and majority ownership of Ningbo Viridi, and any agreements related to the company's product sales to Geely. Refer to Item 601(b)(10) of Regulation S-K. Description of Share Capital, page 174 Please provide a description of the company's exclusive forum provision. Likewise, in the company's disclosure beginning on page 185, discuss the provisions referenced in the risk factors on pages 72-75. Notes to the Consolidated Financial Statements Principle Activities and History of the company, page F-11 17. The company notes its February 2022 acquisition of CEVT from Geely Holding. Please tell us what consideration the company gave to include the financial statements for CEVT pursuant to Rule 3-05 of Regulation S-X. Summary of Significant Accounting Policies, page F-12 18. The company notes its risk factor and regulatory disclosures related to the recalls of defective automobiles. The company also notes news items related to a July 2022 recall of over 100,000 vehicles by Geely. Please tell us the company's consideration of including an accounting policy for recall costs. 19. The company discloses "strong in-house R&D capabilities," including but not limited to its proprietary OS and autonomous driving solutions. Please disclose the company's accounting policy for internal-use software development costs, if material. Refer to ASC 350-40. Segment Reporting, page F-43 20. [Table Level]
- Table Title: Concentration of Accounts Receivable in RMB
- Table Summary: The table illustrates the percentage concentration of accounts receivable denominated in RMB for the years ended December 31, 2022, 2023, and 2024. It highlights key percentages reflecting the contribution of major customers to company Group’s overall accounts receivable.
- Context: The surrounding text discusses significant customers and suppliers related to company Group's accounts receivable and total purchases for specific years. It also notes related parties contributing to 10% or more of these financial metrics and indicates foreign currency risk due to RMB's non-convertibility.
- Special Notes: Asterisks (*) indicate values falling below the 10% threshold of company Group's total amounts, and [1] denotes related parties.

[Row Level]
Row 1: For the year ended December 31, 2022, the concentration of accounts receivable in RMB was 53.54%. 
Row 2: For the year ended December 31, 2022, there was a percentage concentration below 10%, marked with an asterisk (*).
Row 3: For the year ended December 31, 2022, an additional concentration of accounts receivable in RMB was 13.14%.
Row 4: For the year ended December 31, 2023, the concentration of accounts receivable in RMB was 44.79%. 
Row 5: For the year ended December 31, 2023, there was a percentage concentration below 10%, marked with an asterisk (*).
Row 6: For the year ended December 31, 2024, the concentration of accounts receivable in RMB was 36.66%. 
Row 7: For the year ended December 31, 2024, the concentration of accounts receivable in RMB was 21.76%.
Row 8: For the year ended December 31, 2024, there was a percentage concentration below 10%, marked with an asterisk (*). Within less than three years since the company’s inception, the company has launched multiple commercialized electric vehicle models, namely Model A, Model B, Model C, Model D, and an upscale sedan model. Model A is a five-seater crossover shooting brake BEV model targeting the premium market and mainly addressing the customer need for practical yet stylish traveling. The company released Model A (2024 model) in February 2024 and started vehicle delivery in March 2024. Model C is a luxury six-seater MPV addressing the customer need for luxury mobility. In April 2023, the company released Model D, the compact SUV model, and began to deliver Model D in June 2023. The company also started to deliver Model B in November 2023 and began to deliver the first upscale sedan model in January 2024. In addition to major upgrades such as the release of Model A (2024 model), the company has also been continuously fine-tuning and improving the performance of its other BEV models. For example, the company updated the interior configurations of Model C and improved the chassis system of Model D in 2024. The company's products have been well received by the market, achieving a total delivery of 10,000 units of Model A in less than four months since its initial delivery in October 2021, which, according to Frost & Sullivan, is one of the fastest among the major mid- to high-end NEV models and premium BEV models in China.