ZEEKR Intelligent Technology (ZK) Q2 2025 earnings summary

Executive summary

• Total vehicle deliveries reached 130,866 units in Q2 2025, up 9.3% year-over-year and 14.8% quarter-over-quarter, with Lynk & Co accounting for 81,529 units and Zeekr for 49,337 units.

• Q2 2025 saw the launch of Zeekr's Super Hybrid Technologies and the Zeekr 9X model, with deliveries set for Q3 2025.

• July 2025 deliveries totaled 44,193 vehicles, a 2.7% increase month-over-month.

Financial highlights

• Q2 2025 total revenues were RMB27,431 million ($3,829 million), down 0.9% year-over-year but up 24.6% sequentially.

• Vehicle sales revenue was RMB22,916 million ($3,199 million), up 2.2% year-over-year and 20.0% quarter-over-quarter.

• Gross profit reached RMB5,656 million ($789 million), up 13.3% year-over-year and 34.3% sequentially.

• Gross margin improved to 20.6% from 18.0% a year ago and 19.1% in Q1 2025.

• Net loss narrowed to RMB287 million ($40 million), an 88.8% year-over-year and 62.4% sequential reduction.

• Adjusted (non-GAAP) net loss was RMB257 million ($36 million), down 84.2% year-over-year and 59.8% sequentially.

Segment performance

• Lynk & Co vehicle sales rose 33.3% year-over-year and 31.6% quarter-over-quarter, while Zeekr sales declined 18.7% year-over-year but increased 9.4% sequentially.

• Vehicle margin for Zeekr was 21.1% and for Lynk & Co 13.8% in Q2 2025, both showing significant year-over-year improvement.

• Revenues from other sales and services were RMB4,515 million, down 13.8% year-over-year but up 54.5% sequentially, driven by increased overseas battery and electric drive sales.