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ZEEKR Reports Third Quarter 2024 Unaudited Financial Results

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HANGZHOU, China, Nov. 14, 2024 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“ZEEKR” or the “Company”) (NYSE: ZK), a global premium electric mobility technology company, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Operating Highlights for the Third Quarter of 2024

Total vehicle deliveries were 55,003 units for the third quarter of 2024, representing a 51% year-over-year increase.

Deliveries

2024 Q3

2024 Q2

2024 Q1

2023 Q4

55,003

54,811

33,059

39,657

Deliveries

2023 Q3

2023 Q2

2023 Q1

2022 Q4

36,395

27,399

15,234

32,467

Financial Highlights for the Third Quarter of 2024

Vehicle sales were RMB14,401.3 million (US$2,052.2 million)[1] for the third quarter of 2024, representing an increase of 42.0% from the third quarter of 2023 and an increase of 7.2% from the second quarter of 2024.

Vehicle margin[2] was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024.

Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from the third quarter of 2023 and a decrease of 8.4% from the second quarter of 2024.

Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from the third quarter of 2023 and a decrease of 14.7% from the second quarter of 2024.

Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024.

Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from the third quarter of 2023 and a decrease of 29.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from the third quarter of 2023 and an increase of 50.5% from the second quarter of 2024.

Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from the third quarter of 2023 and a decrease of 37.0% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from the third quarter of 2023 and an increase of 26.3% from the second quarter of 2024.

[1] All conversions from Renminbi(“RMB”) to U.S. dollars (“US$”) are made at an exchange rate of RMB7.0176 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2024.

[2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only.

[3] The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Key Financial Results

(in RMB millions, except for percentages)

2024 Q3

2024 Q2

2023 Q3

% Change i 

YoY

QoQ

Vehicle sales

14,401.3

13,438.2

10,143.7

42.0 %

7.2 %

Vehicle margin

15.7 %

14.2 %

18.1 %

(2.4)pts

1.5pts

Total revenues

18,358.0

20,040.1

14,044.6

30.7 %

(8.4) %

Gross profit

2,941.8

3,449.8

2,289.4

28.5 %

(14.7) %

Gross margin

16.0 %

17.2 %

16.3 %

(0.3)pts

(1.2)pts

Loss from operations

(1,216.4)

(1,721.0)

(1,507.8)

(19.3) %

(29.3) %

Non-GAAP loss from operations     

(1,169.8)

(777.1)

(1,477.6)

(20.8) %

50.5 %

Net loss

(1,139.1)

(1,808.8)

(1,455.7)

(21.7) %

(37.0) %

Non-GAAP net loss

(1,092.6)

(864.9)

(1,425.6)

(23.4) %

26.3 %

i 

Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments

Delivery Update  

In October 2024, the Company delivered 25,049 vehicles, representing an increase of 92% from October 2023.

New Model Launches

On October 23, 2024, ZEEKR officially launched and commenced deliveries of the ZEEKR MIX, a five-seat, family-oriented vehicle. The ZEEKR MIX redefines the concept of an everyday driver, seamlessly combining ample space, outstanding safety, and agile handling. As the first model built on the Company’s SEA-M architecture, the ZEEKR MIX boasts up to 93% in-cabin space utilization, maximizing interior space through innovative packaging and a capsule-style exterior. Two front-row seats that can swivel 270 degrees and a movable central console enhance cabin versatility, enabling “9+N” cabin scenario modes and flexible seating arrangements.

CEO and CFO Comments

“Our performance remained strong and resilient this quarter, marked by record-high deliveries and successful new model launches,” said Mr. Andy An, ZEEKR’s chief executive officer. “In the third quarter, we set a new record with 55,003 vehicle deliveries, representing a 51% year-over-year increase, and reached an additional milestone in October with monthly deliveries of 25,049 units. Notably, the ZEEKR 7X’s deliveries exceeded 20,000 units within 50 days since its launch, marking a robust achievement in the highly competitive mainstream SUV market. As we expand our product lineup and strengthen each model’s position in its respective category, we are delivering ZEEKR’s ultimate driving experience to more users, further cementing ZEEKR’s industry leadership.”

Mr. Jing Yuan, ZEEKR’s chief financial officer, added, “Our disciplined cost control measures, coupled with ongoing optimization of product structure, economies of scale, and technological innovation, drove a 30.7% year-over-year increase in revenue. Vehicle sales for the quarter grew by 42.0% and 7.2% year-over-year and quarter-over-quarter, respectively. Meanwhile, vehicle margin remained on an upward trajectory, rising to 15.7% in the third quarter of 2024, highlighting our consistent progress in profitability enhancement. Looking ahead, we will continue to consolidate resources, strengthen product capabilities, and expand our industry presence to propel our sustainable growth.”

Financial Results for the Third Quarter of 2024

Revenues

Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from RMB14,044.6 million for the third quarter of 2023 and a decrease of 8.4% from RMB20,040.1 million for the second quarter of 2024.

Revenues from vehicle sales were RMB14,401.3 million (US$2,052.2 million) for the third quarter of 2024, representing an increase of 42.0% from RMB10,143.7 million for the third quarter of 2023, and an increase of 7.2% from RMB13,438.2 million for the second quarter of 2024. The year-over-year increase was due to the increase in new product delivery volume, partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the launch of the ZEEKR 7X new model in the third quarter of 2024 and the higher average selling price resulting from changes in product mix.

Revenues from sales of batteries and other components were RMB3,245.3 million (US$462.5 million) for the third quarter of 2024, representing a decrease of 1.3% from RMB3,288.8 million for the third quarter of 2023 and a decrease of 38.8% from RMB5,299.2 million for the second quarter of 2024. The revenues from sales of batteries and other components remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly driven by lower sales volume of battery packs in the domestic market.

Revenues from research and development service and other services were RMB711.4 million (US$101.4 million) for the third quarter of 2024, representing an increase of 16.2% from RMB612.1 million for the third quarter of 2023 and a decrease of 45.4% from RMB1,302.6 million for the second quarter of 2024. The year-over-year increase was mainly due to the increased sales of after-sales vehicle services. The quarter-over-quarter decrease was mainly due to the decreased sales of research and development services to related parties.

Cost of Revenues and Gross Margin

Cost of revenues was RMB15,416.2 million (US$2,196.8 million) for the third quarter of 2024, representing an increase of 31.1% from RMB11,755.2 million for the third quarter of 2023 and a decrease of 7.1% from RMB16,590.2 million for the second quarter of 2024. The year-over-year increase was mainly attributable to the increase in vehicle delivery volume and the quarter-over-quarter decrease was mainly attributable to the decrease in sales of batteries and other components.

Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from RMB2,289.4 million for the third quarter of 2023 and a decrease of 14.7% from RMB3,449.8 million for the second quarter of 2024.

Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024. The gross margin remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly attributable to the decreased margins on batteries and other components.

Vehicle margin was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024. The year-over-year decrease was primarily attributed to the lower average selling price of ZEEKR vehicles due to the different product mix and pricing strategy changes between the two quarters, partially offset by the procurement savings as the cost of auto parts and materials decreased. The quarter-over-quarter increase was mainly due to the change in product mix.

Operating Expenses

Research and development expenses were RMB1,966.2 million (US$280.2 million) for the third quarter of 2024, representing a decrease of 2.6% from RMB2,018.1 million for the third quarter of 2023 and a decrease of 25.1% from RMB2,623.5 million for the second quarter of 2024. Research and development expenses remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.

Selling, general and administrative expenses were RMB2,274.8 million (US$324.1 million) for the third quarter of 2024, representing an increase of 25.4% from RMB1,813.9 million for the third quarter of 2023 and a decrease of 12.7% from RMB2,604.7 million for the second quarter of 2024. The year-over-year increase was mainly due to increased expenses related to the expansion of offline channels in China and overseas as well as the marketing activities of the launch of new models. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.

Loss from Operations

Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from RMB1.507.8 million for the third quarter of 2023 and a decrease of 29.3% from RMB1,721.0 million for the second quarter of 2024.

Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from RMB1,477.6 million for the third quarter of 2023 and an increase of 50.5% from RMB777.1 million for the second quarter of 2024.

Net Loss and Net Loss Per Share

Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from RMB1,455.7 million for the third quarter of 2023 and a decrease of 37.0% from RMB1,808.8 million for the second quarter of 2024.

Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from RMB1,425.6 million for the third quarter of 2023 and an increase of 26.3% from RMB864.9 million for the second quarter of 2024.

Net loss attributable to ordinary shareholders of ZEEKR was RMB1,226.3 million (US$174.7 million) for the third quarter of 2024, representing a decrease of 16.9% from RMB1,476.1 million for the third quarter of 2023 and a decrease of 44.0% from RMB2,190.2 million for the second quarter of 2024.

Non-GAAP net loss attributable to ordinary shareholders of ZEEKR, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB1,179.7 million (US$168.1 million) for the third quarter of 2024, representing a decrease of 18.4% from RMB1,445.9 million for the third quarter of 2023 and a decrease of 5.3% from RMB1,246.3 million for the second quarter of 2024.

Basic and diluted net loss per share attributed to ordinary shareholders were RMB0.48 (US$0.07) each for the third quarter of 2024, compared with RMB0.74 each for the third quarter of 2023 and RMB0.95 each for the second quarter of 2024.

Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.46 (US$0.07) each for the third quarter of 2024, compared with RMB0.72 each for the third quarter of 2023 and RMB0.54 each for the second quarter of 2024.

Basic and diluted net loss per American Depositary Share (“ADS[4]”) attributed to ordinary shareholders were RMB4.80 (US$0.68) each for the third quarter of 2024, compared with RMB9.51 each for the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were RMB4.62 (US$0.66) each for the third quarter of 2024, compared with RMB5.41 each for the second quarter of 2024.

[4] Each ADS represents ten ordinary shares.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB8,297.7 million (US$1,182.4 million) as of September 30, 2024.

Conference Call

The Company’s management will host an earnings conference call on Thursday, November 14, 2024, at 7:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).

All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10194063/fdd5d5735e

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.zeekrlife.com/.

About ZEEKR

ZEEKR (NYSE: ZK) is a global premium electric mobility technology brand from Geely Holding Group. ZEEKR aims to create a fully integrated user ecosystem with innovation as a standard. ZEEKR utilizes Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, electric motor technologies, and electric vehicle supply chains. ZEEKR’s value is equality, diversity, and sustainability. Its ambition is to become a true mobility solution provider.

ZEEKR operates its R&D centers and design studios in Ningbo, Hangzhou, Gothenburg, and Shanghai and boasts state-of-the-art facilities and world-class expertise. Since ZEEKR began delivering vehicles in October 2021, the brand has developed a diversified product portfolio that primarily includes the ZEEKR 001, a luxury shooting brake; the ZEEKR 001 FR, a hyper-performing electric shooting brake; the ZEEKR 009, a pure electric luxury MPV; the ZEEKR 009 Grand, a four-seat ultra-luxury flagship MPV; the ZEEKR X, a compact SUV; the ZEEKR 7X, a premium electric five-seater SUV; the ZEEKR MIX; and an upscale sedan model. ZEEKR has announced plans to sell vehicles in global markets, and has an ambitious roll-out plan over the next 5 years to satisfy the rapidly expanding global EV demand.

For more information, please visit https://ir.zeekrlife.com/.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

For Investor Enquiries
ZEEKR
Investor Relations
Email: ir@zeekrlife.com

For Media Enquiries
ZEEKR
Media Relations
Email: Globalcomms@zeekrlife.com

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of

December 31

September 30

September 30

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

3,260,670

5,640,993

803,835

Restricted cash

844,079

2,656,734

378,582

Notes receivable

487,851

952,108

135,674

Accounts receivable

1,104,450

2,096,355

298,728

Inventories

5,228,689

4,745,085

676,169

Amounts due from related parties

7,256,861

6,535,623

931,319

Prepayments and other current assets    

2,294,508

2,711,024

386,317

Total current assets

20,477,108

25,337,922

3,610,624

Property, plant and equipment, net

2,914,274

3,265,370

465,312

Intangible assets, net

410,912

624,404

88,977

Land use rights, net

51,755

62,185

8,861

Operating lease right-of-use assets

2,443,545

2,225,175

317,085

Deferred tax assets

86,395

195,175

27,812

Long-term investments

459,794

629,383

89,686

Other non-current assets

273,717

367,752

52,404

Total non-current assets

6,640,392

7,369,444

1,050,137

TOTAL ASSETS

27,117,500

32,707,366

4,660,761

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands)

As of

December 31

September 30

September 30

2023

2024

2024

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term Borrowings

30,000

4,275

Accounts payable

4,104,717

3,589,418

511,488

Notes payable

5,504,945

12,474,151

1,777,552

Amounts due to related parties

16,355,902

15,008,230

2,138,656

Income tax payable

108,083

172,826

24,628

Accruals and other current liabilities

6,243,956

8,114,841

1,156,354

Total current liabilities

32,317,603

39,389,466

5,612,953

Long-term borrowings

414,630

59,084

Operating lease liabilities, non-current

1,807,159

1,577,950

224,856

Amounts due to related parties, non-current

1,100,000

Other non-current liabilities

563,001

540,082

76,961

Deferred tax liability

8,337

8,224

1,172

Total non-current liabilities

3,478,497

2,540,886

362,073

TOTAL LIABILITIES

35,796,100

41,930,352

5,975,026

SHAREHOLDERS’ EQUITY

Ordinary shares

2,584

3,361

479

Convertible preferred shares

362

Shares subscription receivable

(66)

(9)

Additional paid-in capital

11,213,798

15,683,094

2,234,823

Accumulated deficits

(20,865,686)

(26,296,475)

(3,747,218)

Accumulated other comprehensive income/(loss)     

17,555

(26,402)

(3,762)

Total ZEEKR shareholders’ deficit

(9,631,387)

(10,636,488)

(1,515,687)

Non-controlling interest

952,787

1,413,502

201,422

TOTAL SHAREHOLDERS’ DEFICIT

(8,678,600)

(9,222,986)

(1,314,265)

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY

27,117,500

32,707,366

4,660,761

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Revenues:

Vehicle sales

10,143,742

13,438,241

14,401,309

2,052,170

Sales of batteries and other components     

3,288,766

5,299,171

3,245,331

462,456

Research and development service and
other services

612,103

1,302,639

711,362

101,368

Total revenues

14,044,611

20,040,051

18,358,002

2,615,994

Cost of revenues:

Vehicle sales

(8,308,327)

(11,533,020)

(12,146,781)

(1,730,902)

Sales of batteries and other components

(3,050,588)

(4,223,452)

(2,808,646)

(400,229)

Research and development service and
other services

(396,289)

(833,756)

(460,775)

(65,660)

Total cost of revenues

(11,755,204)

(16,590,228)

(15,416,202)

(2,196,791)

Gross profit

2,289,407

3,449,823

2,941,800

419,203

Operating expenses:

Research and development expenses

(2,018,136)

(2,623,471)

(1,966,167)

(280,177)

Selling, general and administrative
expenses

(1,813,890)

(2,604,665)

(2,274,751)

(324,149)

Other operating income, net

34,851

57,287

82,747

11,791

Total operating expenses

(3,797,175)

(5,170,849)

(4,158,171)

(592,535)

Loss from operations

(1,507,768)

(1,721,026)

(1,216,371)

(173,332)

Interest expense

(28,186)

(23,396)

(8,088)

(1,153)

Interest income

27,614

42,537

43,255

6,163

Other income/(expense), net

6,020

(7,809)

54,967

7,833

Loss before income tax expense and
share of losses in equity method
investments

(1,502,320)

(1,709,694)

(1,126,237)

(160,489)

Share of income in equity method
investments

33,021

85,852

81,500

11,614

Income tax benefits/(expense)

13,605

(184,980)

(94,409)

(13,453)

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Less: income attributable to non-
controlling interest

20,368

381,363

87,134

12,416

Net loss attributable to shareholders
of ZEEKR

(1,476,062)

(2,190,185)

(1,226,280)

(174,744)

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED)

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Net loss per share attributed to
ordinary shareholders:

Basic and diluted

(0.74)

(0.95)

(0.48)

(0.07)

Weighted average shares used in
calculating net loss per share:

Basic and diluted

2,000,000,000

2,301,866,887

2,552,901,668

2,552,901,668

Net loss per ADS attributed to
ordinary shareholders:

Basic and diluted

(9.51)

(4.80)

(0.68)

Weighted average ADS used in
calculating net loss per ADS:

Basic and diluted

230,186,689

255,290,167

255,290,167

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Other comprehensive income/(loss),     
net of tax of nil:

Foreign currency translation
adjustments

(35,240)

74,670

(75,858)

(10,810)

Comprehensive loss

(1,490,934)

(1,734,152)

(1,215,004)

(173,138)

Less: comprehensive income/(loss)
attributable to non-controlling interest

20,368

381,363

87,134

12,416

Comprehensive loss attributable to
shareholders of ZEEKR

(1,511,302)

(2,115,515)

(1,302,138)

(185,554)

 

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Loss from operations

(1,507,768)

(1,721,026)

(1,216,371)

(173,332)

Share-based compensation expenses      

30,142

943,921

46,595

6,640

Non-GAAP loss from operations

(1,477,626)

(777,105)

(1,169,776)

(166,692)

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Share-based compensation expenses

30,142

943,921

46,595

6,640

Non-GAAP net loss

(1,425,552)

(864,901)

(1,092,551)

(155,688)

Net loss attributable to ordinary
shareholders

(1,476,062)

(2,190,185)

(1,226,280)

(174,744)

Share-based compensation expenses

30,142

943,921

46,595

6,640

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(1,445,920)

(1,246,264)

(1,179,685)

(168,104)

Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share

Basic and diluted

2,000,000,000

2,301,866,887

2,552,901,668

2,552,901,668

Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders

Basic and diluted

(0.72)

(0.54)

(0.46)

(0.07)

Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS

Basic and diluted

230,186,689

255,290,167

255,290,167

Non-GAAP net loss per ADS
attributed to ordinary shareholders

Basic and diluted

(5.41)

(4.62)

(0.66)

 

View original content:https://www.prnewswire.com/news-releases/zeekr-reports-third-quarter-2024-unaudited-financial-results-302305084.html

SOURCE ZEEKR Intelligent Technology Holding Limited

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Tabono Capital Announces Strategic Partnership with Invesco to Deliver Enhanced Investment Solutions for UHNW Clients

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SINGAPORE, Nov. 26, 2024 /PRNewswire/ — Tabono Capital today has announced a strategic partnership with Invesco that enhances investment solutions for ultra-high-net-worth clients.

Tabono Capital, a multi-family office based in Singapore, collaborates with Invesco, a global investment management leader with over US$1.7 trillion in assets under management. This partnership merges Invesco’s institutional-grade investment expertise, cutting-edge portfolio solutions, and comprehensive research capabilities with Tabono Capital’s strong relationships with ultra-high-net-worth (UHNW) families across the Asia Pacific and Middle East regions.

This collaboration enables Tabono Capital’s clients to benefit from the extensive resources and scale of Invesco’s capabilities. For Invesco, the partnership provides enhanced access to sophisticated investors in key growth markets.

Key elements of the partnership include:

Implementation and construction of model portfolios and asset allocation frameworksAccess to institutional-grade investment research and comprehensive market insights for UHNW clientsKnowledge sharing and collaboration on market intelligence and investor insights

Nirish Unni, CEO & Co-Founder of Tabono Capital, emphasized the significance of the partnership: “This partnership represents a significant milestone in our growth strategy. By leveraging Invesco’s world-class investment research and asset allocation capabilities, we can provide our clients with institutional-grade investment solutions while maintaining the personalized service they expect from a boutique multi-family office.”

Santosh Rao, Co-Founder and Chief Revenue Officer of Tabono Capital, added: “Our clients increasingly seek institutional-quality investment solutions with global reach. This collaboration with Invesco allows us to deliver exactly that, while maintaining our personalised approach to client service. Together, we will create portfolios designed to capture opportunities in key global markets while effectively managing risk.”

Christopher Hamilton, Asia Pacific Head of Client Solutions for Invesco, stated: “We’re proud to partner with Tabono Capital to bring our industry-leading offerings and capabilities to Asia’s expanding family office and UHNW segment. This is a compelling platform for investors to access comprehensive strategies that can help them meet their financial goals.”

About Tabono Capital

Tabono Capital is a multi-family office headquartered in Singapore, licensed by the Monetary Authority of Singapore (MAS) to provide Fund Management services. Co-founded by industry veterans and former private wealth managers Nirish Unni and Santosh Rao, the firm caters to ultra-high-net-worth families across the Asia Pacific and MENA regions, offering comprehensive wealth management and family office solutions. For more information, visit https://tabonocapital.com

Contact: team@tabonocapital.com

About Invesco

Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate.

Logo: https://mma.prnewswire.com/media/2566576/Tabono_Capital_Logo.jpg

 

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RedDrop Wins the $1 Million Dollar Grand Prize from Pharrell Williams’ Black Ambition to Empower Period Care Innovation in Teen-Focused Wellness

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ATLANTA, Nov. 25, 2024 /PRNewswire/ — RedDrop, a rising star in the wellness industry for its innovative period care products for tweens, is proud to announce that it won the $1 Million Dollar Grand Prize from Black Ambition.

In 2020, Pharrell Williams founded the non-profit organization Black Ambition to support Black and Hispanic Entrepreneurs to fuel future founders. This year celebrates its 4th Annual Black Ambition Demo Day, where over 250 guests gathered to hear eight finalists’ pitches and celebrate the brilliance of Black and Hispanic entrepreneurs. The event was supported by Visa, Comcast, Lennar Foundation, Louis Vuitton and Adidas. The panel of four judges, which included Lisa Price, Founder of Carol’s Daughter; Pinky Cole, Founder of Slutty Vegan; Matt Story, Vice President, Global Brand Integrated Marketing at Visa; and Erik Moore, Founder & Managing Director, Base Ventures determined the top winners to an enthusiastic audience.

As one of the few brands chosen for this highly competitive program, RedDrop will benefit from Black Ambition’s extensive mentorship network, funding, and resources to amplify Black and Hispanic founders and their brands. With a focus on providing personalized wellness solutions and empowering tween girls, RedDrop is excited to partner with industry leaders to scale its impact and reach new audiences. 

“We’re beyond thrilled to be the grand prize winners of this year’s Black Ambition Prize Competition! Having $1 million to invest in our business is life-changing and will give us opportunities to grow and continue to impact our community,” said Dr. Monica Williams, Co-Founder and CEO of RedDrop. “And while the prize money is great, the mentorship and network provided by Black Ambition is priceless and will allow us to open doors that were previously closed and to start building our own table so we can invite others to have a seat.”

One of Black Ambition’s key initiatives is to encourage and support Black and Hispanic founders with funding, mentorship, and network support as each founder develops their footprint in their industries. Black Ambition has awarded over $2.7 million to 30 trailblazing founders across AI, Consumer Products and Services, Healthcare, Media & Entertainment, and Tech. In addition to the $1 Million grand prize, RedDrop will have access to industry veterans, office hours with investors and senior leaders, exclusive invitations to retail partnership meetings, wellness and executive coaching, and more for the next six months. 

Through access to industry veterans, strategic insights, and capital support, RedDrop is poised to take its mission to new heights while promoting wellness solutions that resonate with diverse and underrepresented communities. RedDrop’s inclusion in the Black Ambition network marks a significant milestone in the company’s journey to revolutionize how tween girls connect with wellness products that align with their unique needs and values.

To connect and learn more about RedDrop, please visit www.tryreddrop.com. Follow us on  Instagram (@reddrop), Facebook (@reddropco), Youtube (@tryreddrop), X (@reddrop) and TikTok (@reddropco) to stay up to date with us.

About RedDrop
RedDrop is a wellness brand committed to creating inclusive and innovative period products for tween girls to feel their best during their new stage of life. With a focus on properly sized period products and education-backed solutions, RedDrop is revolutionizing the way consumers approach health, wellness, and self-care.

Media Contact
Sterling Jones
Marketing and Communications Specialist
media@reddrop.co
www.tryreddrop.com

Photos: Getty ImagesJason MendezBlack Ambition

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Chaaat.io to Release Bookingz, a Booking Personal Assistant to Streamline Appointment Scheduling

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HONG KONG, Nov. 26, 2024 /PRNewswire/ — Chaaat.io, an emerging leader in providing user-friendly tools for customer acquisition, engagement, and retention, is excited to announce the launch of its latest feature: Bookingz.

Designed to deliver a seamless booking experience, Bookingz allows users to schedule appointments entirely through WhatsApp. This launch arrives at a time when businesses and individuals are increasingly seeking efficient ways to interact with customers on platforms they use daily, as communication channels like email are dwindling in performance. WhatsApp, with its 2 billion active users, has become a central communication hub for both individuals and businesses. Bookingz enables businesses of all sizes to offer efficient, convenient appointment booking directly through WhatsApp.

Simplifying Making Bookings

Bookingz transforms the customer journey in several key ways. Businesses that sign up with Bookingz can send a WhatsApp link to their customers, who can then experience a fully streamlined booking process that stays within WhatsApp, eliminating the friction of switching between apps or websites.

Bookingz manages the process on behalf of the business, eliminating the need for the business owner or representative to tediously go back and forth suggesting availabilities. Users can simply request availabilities and then confirm a booking, all from the safety of WhatsApp.

Bookingz also delivers a much higher click-through and booking rate than email. The platform leverages WhatsApp’s high open rates – roughly 80-90%, compared to the meager 5% standard open rates offered by email, to send reminders and follow-ups that customers are more likely to see, ensuring appointments are top-of-mind and helping avoid no-shows and last-minute cancellations.

Keeping things in one place

Beyond streamlining the booking process, Bookingz enhances customer engagement by staying within the familiar and trusted space of WhatsApp. This user experience approach increases booking rates by reducing the enormous friction that business owners will see with alternative booking solutions that force customers to download apps, sign up and/or log in.

End users can make a booking with businesses by sending a WhatsApp message, with the assistant guiding them through each step in real time. Whether booking an appointment, scheduling a consultation, or arranging a meeting, customers can request and secure bookings without leaving the app. For businesses, this user-friendly design requires no technical skills and can be launched with just a few clicks.

The Future of Customer Interaction

With the launch of Bookingz, Chaaat.io is setting a new standard for customer engagement and service. By simplifying the process of offering booking services through WhatsApp, Chaaat.io is reshaping the accessibility of booking automation. This democratization of business tools allows even the smallest companies to leverage advanced features and deliver exceptional customer experiences.

As businesses prioritize customer experience and seek personalized, convenient interactions, Chaaat.io‘s innovations are poised to influence how SMEs communicate with customers around the world. Bookingz is just one of many Chaaat.io features designed to help companies strengthen customer relationships, enhance engagement, and drive revenue growth.

In today’s evolving digital landscape, tools like Bookingz are essential for any modern, customer-focused business to keep up with modern customer behavior.

For more information or to join the wait list, contact James Hogan at support@chaaat.io

View original content:https://www.prnewswire.com/apac/news-releases/chaaatio-to-release-bookingz-a-booking-personal-assistant-to-streamline-appointment-scheduling-302315375.html

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