One month after listing on the New York Stock Exchange, on June 11, Zeekr (stock code "ZK") released its first financial report after its listing.
The financial report shows that in the first quarter of 2024, Zeekr Auto delivered a total of 33,059 vehicles, a year-on-year increase of 117%. Affected by factors such as the Spring Festival, this quarter's data declined compared to the 39,657 vehicles in the fourth quarter of last year; total revenue in the first quarter was 14.7368 billion yuan, a year-on-year increase of 71.0% and a month-on-month decrease of 9.9%. In addition, the net loss in the first quarter was 2.0221 billion yuan (US$280.1 million), a year-on-year decrease of 18.0% and a month-on-month decrease of 31.2%; the gross profit margin in the first quarter was 11.8%, better than 7.9% in the same period last year, and lower than 14.2% in the fourth quarter of last year.
Zeekr's current business is mainly divided into three major segments: automobile sales, battery and other component sales, and technical service revenue. Among them, the core automotive business segment had sales of RMB 8.1741 billion in the first quarter, with a profit margin of 14.0%. "The year-on-year increase in gross profit margin is mainly attributed to procurement savings, as the cost of auto parts and materials has decreased. The month-on-month decline is mainly due to the delivery of new models and changes in product structure." Zeekr CFO Yuan Jing said at the first quarter earnings call.
Specifically, in the first quarter of this year, the proportion of Zeekr 009, the most expensive model, fell from 15% in the previous quarter to 4% this quarter, while the proportion of Zeekr 007, which has a lower unit price, rose from 2% in the previous quarter to 45% this quarter. This change has led to a decrease in the average selling price of Zeekr.
It is estimated that the average price of Zeekr's bicycles in the first quarter of this year was 248,000 yuan, 20,000 yuan lower than the 267,000 yuan in the fourth quarter of last year. From the cost perspective, the actual cost of Zeekr's bicycles in the first quarter was 213,000 yuan, a decrease of 14,000 yuan from the previous quarter.
Zeekr CEO An Conghui said that in the future, Zeekr will make efforts in products, channels, energy replenishment and other aspects to open up greater growth space for the brand. Zeekr MIX, the first family travel product built on the Haohan-M architecture, will be officially launched in the fourth quarter of this year. In the second half of the year, a new medium and large pure electric SUV will be released. By then, the product matrix will reach 6 models, from compact SUVs to medium and large MPVs, creating benchmark products in every market segment.
At the same time, this year Zeekr will accelerate the "sinking" of its channels. As of the end of May, Zeekr had 392 stores worldwide. An Conghui said that this year, Zeekr will focus on the layout of Zeekr spaces in third- and fourth-tier cities, and it is expected that the number of stores will increase to more than 520 by the end of this year. Zeekr has currently entered more than 20 countries and regions including Thailand, Sweden, the United Arab Emirates, and Saudi Arabia. In the third quarter of this year, right-hand drive models will be delivered in right-hand drive markets such as Hong Kong, China and Singapore. By the end of this year, it will enter 6-8 European luxury car markets and 6-8 Middle Eastern markets.
