ZEEKR Intelligent Technology (ZK) Q1 2025 earnings summary

Executive summary

• Achieved 114,011 vehicle deliveries in Q1 2025, a 21% year-over-year increase, with Zeekr up 25.2% and Lynk & Co up 18.9%.

• Revenue reached RMB 22,019 million, with vehicle revenue at RMB 19,096 million.

• Net loss narrowed by 60% year-over-year to RMB 763 million, driven by higher revenue and improved spending efficiency.

• Strategic integration of Zeekr and Lynk & Co expanded the global user base to over 1.9 million.

• Launched Zeekr 7GT, unveiled Zeekr 9X, and began Lynk & Co 900 deliveries with over 40,000 pre-orders.

Financial highlights

• Total revenues reached RMB 22,019 million, up 1.1% year-over-year, but down 37.8% sequentially.

• Vehicle sales revenue increased 16.1% year-over-year to RMB 19,096 million.

• Gross margin was 19.1% for Q1 2025, up from 16.3% a year ago.

• R&D expenses were RMB 2.9 billion, up 25% year-over-year but down 25.6% quarter-over-quarter.

• SG&A expenses decreased 9.2% year-over-year and 35.8% quarter-over-quarter to RMB 2.65 billion.

Outlook and guidance

• Full-year 2025 sales targets: 320,000 vehicles for Zeekr, 390,000 for Lynk & Co, totaling 710,000 vehicles.

• New models (Zeekr 9X, Zeekr 8X, Lynk & Co mid-to-large sedan) expected to drive positive sales in H2 2025.

• Super electric hybrid technology projected to contribute 150,000–200,000 vehicles annually in the future.