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第九屆高頓教育名企挑戰(zhàn)賽決賽題目Final Case Study
日ZEEKR
OVERVIEW
We are a fast-growing BEV technology company. Through developing and offering next-generation premium BEVs and technology-driven solutions, we aspire to lead the electrification, intelligentization and innovation of the automobile industry. Since our inception, we have focused on innovation in BEV architecture, hardware, software, and application of new technologies. Our efforts are backed by our strong in-house R&D capabilities, deep understanding of products, high operational flexibility, and flat, efficient organization structure. Together, these features enable fast product development, launch and iteration, and a series of customer-oriented products and go-to-market strategies. Thus, we are able to rapidly expand even with a limited operating history.
We strategically spearheaded the premium intelligent BEV market with unique positioning, featuring strong sense of technology, in-house R&D capabilities, stylish design, high caliber performance and premium user experience. Our current product portfolio primarily includes ZEEKR O01, ZEEKR 001 FR, ZEEKR OO9, ZEEKR X and an upscale sedan model.
ZEEKR 001. With an unwavering commitment to our mission, we released ZEEKR 001 in April 2021, a five-seater, cross-over hatchback vehicle model with superior performance and functionality. Targeting the premium BEV market, ZEEKR 001 is our first vehicle model and the world’ s first mass-produced pure electric shooting brake, according to Frost & Sullivan.It is also the first mass-produced BEV model with over
1,000km CLTC range, according to Frost & Sullivan. We began the delivery of ZEEKR 001 in October 2021. In February 2024, we released an upgraded model of ZEEKR 001, or ZEEKR 001 (2024 model). We started to deliver ZEEKR 001 (2024 model) in March 2024. In October 2023, we released ZEEKR 001 FR, our cross-over hatchback vehicle model based on ZEEKR O01. Featuring unique exterior and interior design and our proprietary technologies, ZEEKR O01 FR is designed to offer outstanding vehicle performance with various driving modes.We started to deliver ZEEKR 001 FR in November 2023.
ZEEKR 009. In November 2022, we launched our second model, ZEEKR 009, a luxury six-seater MPV model providing a comfortable, ultra-luxury mobility experience for both families and business uses. It is the world’ s first premium MPV based on pureelectric platform, according to Frost &Sullivan. ZEEKR 009 has enjoyed wide popularity since launch, and we started to deliver ZEEKR009 to our customers in January 2023.In April 2024, we launched ZEEKR 009 Grand, a luxury version of ZEEKR 009 featuring enhanced safety, privacy and intelligence. We also released ZEEKRMIX, our MPV model, in the same month.
ZEEKR X. In April 2023, we released ZEEKR \mathsf{X}, our compact SUV model featuring spacious interior design, advanced technology and superior driving performance. We beganto deliverZEEKRXinJune2023.
ZEEKR Upscale Sedan Model. In November 2023, we launched our first upscale sedan model targeting tech-savvy adults and families. Powered by 800V architecture and multi-link suspension structure, our upscale sedan model is expected to achieve a 2.84s 0-100km/h acceleration and a688km maximum CLTC range. We began the deliveryofourfirst upscalesedan model inJanuary2024.
Our current and future BEV models will define our success. Going forward, we plan to capture the extensive potential of the premium BEV market globally through an expanding portfolio of vehicles. For instance, we plan to launch vehicles for next generation mobility lifestyle. Through these future models, we intend to provide premium mobility solutions of innovation, comfort and intelligence, as well as a spacious and luxurious high-tech experience with enhanced performance.
As a testament to the popularity of our current products and our capabilities, we have achieved a total delivery of 10,000 units of ZEEKR 001 in less than four months after the initial delivery, 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. In October 2022, we delivered 10,119 units of ZEEKR 001 to the market, making it the first pure-electric premium vehicle model manufactured by a Chinese BEV brand with over 10,0o0 units of singlemonth delivery volume, according to Frost & Sullivan. As of December 31, 2023, we delivered a total of 196,633 ZEEKR vehicles since our first vehicle delivery in October 2021, including 192,441delivered in China. This is among the fastest delivery growth in the premium BEV market in China, according to Frost & Sullivan.
The development of our BEV models is powered by SEA, a set of opensource, electric and modularized platforms owned by Geely Holding compatible with A segment to E segment, covering sedan, SUV, MPV, hatchback, roadster, pick up truck and robotaxi, which have a wheelbase mainly between1,800mm to 3,300mm. We depend on Geely Holding to allow us to continue to utilize SEA, which is currently the most suitable platform for us. The widely compatible SEA enables robust R&D capabilities, execution efficiency, cost efficiency and control consistency in the vehicle development process, giving our BEVs significant competitive advantages in the market. SEA also offers the flexibility to quickly adopt and accommodate the latest and most advanced technology improvements. For example, we were able to equip ZEEKR 009 with CATL' s latest Qilin battery, making ZEEKR OO9 the first mass-produced BEV model equipped with Qilin battery, according to Frost & Sullivan. Together with our proprietary advanced battery solutions and highly efficient electric drive system, ZEEKR 009^{\prime} S extended range version is the world’ s first pure-electric MPV model with an over 800km CLTC range and the longest all electric range in the MPVmarket by the end of February 2024, according to Frost & Sullivan.
As a premium BEV brand incubated by Geely Group, we inherit unique competitive edges from Geely Group that are developed through years of execution experience at the frontier of the industry, such as innovative and agile engineering capabilities, robust R&D capabilities, deep industry expertise, extreme attention to safety, top-notch professionals, strong supply chain and manufacturing management capabilities and operational know-how. Geely Group' s powerful and world-class brand equity also echoes product innovation, performance and reliability in its broad customer base, which, in turn, contributes to the significant consumer interest and demand for the ZEEKR brand. These competitive advantages enable us to quickly incorporate the customer needs and concepts into our products and manage the complex operation process to achieve the fast ramp up of production and deliveries. We also leverage Geely Group' s advanced and well-established manufacturing capacity, which helps us retain effective oversight over key steps in procurement, manufacturing and product quality control with minimal capital outlay. At the same time, our BEVs are manufactured at the manufacturing plant in Ningbo Hangzhou Bay New Zone owned by Geely Holding (the "ZEEKR Factory" ), the manufacturing plant in Chengdu owned by Geely Auto (the "Chengdu Factory" ), or the manufacturing plant in Ningbo Beilun District owned by Geely Holding (the "Meishan Factory" ), and Geely Holding was our largest supplier for 2022 and 2023. Furthermore, before the launch of ZEEKR 001, a significant portion of our revenue has historically been derived from the sales of batteries and other components and research and development services to Geely Group.
We have strong in-house technological capabilities focusing on electrification and intelligentization. Our in-house design, engineering and R&D enable us to achieve high product development efficiency and rapid product iteration, as well as to provide engineering services to external parties. In particular, our in-house capabilities are also supported by (i) our Sweden-based R&D center CEVT in the research and development of intelligent mobility solutions, and (i) Ningbo Viridi, our PRC subsidiary focused on the products and systems relating to battery, motor and electric control, power solutions and energy storage. Leveraging our in-house E/E Architecture design and operating system, ZEEKR OS, we continuously update our BEV functions through effective and efficient FOTA. We deploy into our BEVs with cutting-edge autonomous driving technology by world-leading players such as Mobileye, and have also announced our plan to integrate NVIDIA DRIVE Thor, the 2,Ooo TOPS AV superchip, into our centralized vehicle computer for our next generation intelligent BEV. We also offer intelligent cockpit to deliver interactive, immersive and enjoyable driving experiences.
To successfully achieve our mission, we assembled a top-notch management team with diversified yet complementary backgrounds and experiences. Our management team possesses entrepreneurial spirit, deep automotive and technology sector expertise along with customer-centric operation experience, which are essential to driving our future development. Our co-founder and CEO Conghui An has over 25 years 'experience in multiple executive management positions in Geely Group and accumulated profound industry insights and senior management experience with an excellent track record. In addition to ZEEKR, Mr. An has successfully established, developed and operated both Geely and Lynk&Co, two well-established vehicle brands of Geely Group.
We are guided by our customer-oriented principle to provide customers with service and experience in every aspect of their journey with us. We adopt a customer-oriented DTC sales model with a focus on innovative and interactive engagement with our customers. We have established extensive customer touch points including 24 ZEEKR Centers, 240 ZEEKR Spaces, 31 ZEEKR Delivery Centers and 45 ZEEKR Houses in China, and two ZEEKR Centers overseas as of December 31, 2023. In addition, we closely interact with customers through building an integrated online and offline customer community to provide a holistic experience that goes beyond purchase of intelligent BEVs. Within ZEEKR APP, customers can enjoy one-stop car purchase, charging solution, financial service, roadside assistance, intelligent car control, online shopping of ZEEKR lifestyle products, social interaction, and seamless communication with the customer services team.We also hold a variety of offline customer events to nurture a vibrant ZEEKR user community. Our customer engagement efforts enable us to better understand customer needs to be incorporated into our future product design, and continuously strengthen customer loyalty and stickiness. Underpinned by our superior capability in supply chain and manufacturing planning and management, we are also able to offer a wide range of customized options in terms of vehicle designs and functionalities, which are highly appreciated by our customers.
We have established a comprehensive charging network and provided hassle-free charging services through at-home charging solutions, on-the-road charging solutions and 24/7 charging fleets. The ultra charging stations, in particular, provide users with an ultimate charging experience through our proprietary ultra-fast charging technology developed by Ningbo Viridi. As of December 31, 2023, there were882 ZEEKR charging stations with different charging capabilities, including 436 ultra charging stations,330 super charging stations and 116 light charging stations, covering over 130 cities in China, further supported by over 54 thousand third-party charging stations that cover over 340 cities in China with approximately 610 thousand charging piles in total.
We have established in-depth partnerships with a number of internationally renowned smart mobility companies, laying a solid foundation for our business development and global expansion. For example, we collaborate with Mobileye, a subsidiary of Intel and one of our strategic investors, for consumer-ready autonomous driving solutions. Going forward, we will continue to deepen our collaboration with Mobileye. We are working with Waymo, a leader in L4 autonomous driving technology, to supply vehicles for the Waymo One Fleet. The vehicles are purpose-built TaaS vehicles based on SEA-M, which is an advanced version of SEA and a high-tech mobility solution that supports a range of future mobility products including robotaxis and logistics vehicles. Furthermore, we have deep relationships with a range of leading suppliers, such as CATL, Bosch and Aptiv. In addition, we have a relationship with Onsemi, a leader in intelligent power and sensor technologies. We will be provided with Onsemi' s EliteSic, its silicon carbide power devices, to enhance the performance, charging efficiency and driving range for our BEV products.
We operate in a rapidly growing market with extensive potential. Driven by improving battery and smart technologies, supportive regulatory policies and enhancement of charging infrastructure, China' s BEV market has substantial room for growth in both volume and BEV penetration. China' s BEV sales volume is expected to be approximately five times and reach 13.7 million units in 2028 from 2021, according to Frost& Sullivan. The premium BEV market is expected to experience an even faster growth, almost increasing to over seven times the volume in 2021 by 2028, according to Frost & Sullivan. The European BEV market has significant size and growth potential, which is expected to reach 5.3 million units in sales volume in2028, representing a CAGR of 18.6% from 2024 to 2028, according to Frost & Sullivan. In the future, we also plan to tap into the robotaxi market in the United States.In December 2023,we started to deliver ZEEKR 001 in Europe.
Our revenue from vehicle sales amounted to RMB1,544.3 million, RMB19,671.2 million andRMB33,911.8 million (US4,776.4 million) in 2021, 2022 and 2023, respectively, with a gross profit margin of1.8\%,4.7\%and15.0\%,respectively. In addition to vehicle sales, we generated revenues from research and development service and other services and sales of batteries and other components. Our total revenue amounted to RMB6,527.5 million, RMB31,899.4 million and RMB51,672.6 million (US7,277.9million) in 2021, 2022 and 2023, respectively, with a gross profit margin of 15.9%, 7.7% and 13.3%, respectively. We recorded net loss of RMB4,514.3 million, RMB7,655.1 million and RMB8,264.2 million( \Delta\cup\mathsf{S}1,164.0$ million) in 2021, 2022 and 2023, respectively.
OURCOMPETITIVESTRENGTHS
We believe the following competitive strengths contribute to our success and differentiate us from our competitors:
An innovative automotive technology company with strong product
offering to capture massive premium BEV market opportunity;
Fast growth and success empowered by significant advantages inherited from Geely Group;
Dedication to delivering superior user experience and creating user community;
Advanced technology and R&D capabilities supporting product leadership and fast iteration;
Strategic partnership with global industry leaders bringing synergies throughout product lifecycle;and
Visionary and experienced senior leadership and world class management team.
OURGROWTHSTRATEGIES
We intend to pursue the following growth strategies to solidify our market leadership and achieve sustainable growth:
Continue to invest in R&D in electrification and intelligentization;
Continue to develop new models to expand the breadth of product portfolio;
Expand our international footprints;
Continue to strengthen our agile development capability and operation efficiency;
Continue to expand sales and service network and enhance customer engagement;and
Continue to improve customers'experience with full lifecycle services.
SUMMARYOFRISKFACTORS
Investing in the ADSs involves significant risks. Investors in the ADSs are not purchasing equity securities of our subsidiaries that have substantive business operations, but instead are purchasing equity securities of a Cayman Islands holding company. ZEEKR Intelligent Technology is a Cayman Islands holding company that conducts its business operations primarily through a series of subsidiaries in China. ZEEKR Intelligent Technology controls these subsidiaries through Zhejiang ZEEKR, which in turn is wholly owned by its Hong Kong subsidiary, ZEEKR Technology. This structure involves unique risks to investors.
Additionally, we face various legal and operational risks and uncertainties as a company based in and primarily operating in China. Changes in China' s economic, political or social conditions or government policies could have a material adverse effect on our business and operations. We could be adversely affected by uncertainties with respect to the Chinese legal system. Rules and regulations in China can change quickly with little advance notice. In addition, the interpretation and enforcement of Chinese laws and regulations involve additional uncertainties. Since administrative and court authorities in China have significant discretion in interpreting and implementing statutory provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection we enjoy.
The Chinese government exerts substantial influence over the conduct of our business and may intervene with or influence our operations as the government deems appropriate to further regulatory, political and societal goals. The Chinese government has recently published new policies that significantly affected certain industries, and we cannot rule out the possibility that it will in the future release regulations or policies regarding our industry that could adversely affect our business, financial condition and results of operations. Furthermore, the Chinese government has recently indicated an intent to exert more oversight and control over overseas securities offerings and other capital markets activities and foreign investment in China-based companies like us. Any such action, once taken by the Chinese government, could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or,in extreme cases,become worthless.
We also face risks associated with the HFCAA. Trading in our securities on U.S.markets may be prohibited under the HFCAA if the PCAOB determines that it is unable to inspect or investigate completely our auditor for two consecutive years. On December 16, 2021, the PCAOB issued the HFCAA Determination Report to notify the SEC of its determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor. On
DeLIUI I, LUZL, uIe rLAUD alIUuILeu Llat Il Wa> aUI LU LUlIuuLt inspections and investigations completely of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong in 2022. The PCAOB vacated its previous determination accordingly. As a result, we do not expect to be identified as a "Commission-ldentified Issuer" under the HFCAA. However, whether the PCAOB will continue to conduct inspections and investigations completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our, and our auditor' s, control, including positions taken by authorities of the PRC and the PCAOB. The PCAOB is required under the HFCAA to make its determination on an annual basis with regards to its ability to inspect and investigate completely accounting firms based in mainland China and Hong Kong. The possibility of being a "Commission-ldentified Issuer "and risk of delisting could continue to adversely affect the trading price of our securities. If the PCAOB determines in the future that it no longer has full access to inspect and investigate accounting firms headquartered in mainland China and Hong Kong and we continue to use such accounting firm to conduct audit work, we would be identified as a "Commission-Ildentified Issuer" under the HFCAA following the filing of the annual report for the relevant fiscal year, and if we were so identified for two consecutive years, trading in our securities on U.s. markets would be prohibited.
Geely Auto has been our controlling shareholder since our incorporation in 2021, and will continue to control us upon the completion of this offering. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. If we rely on these exemptions, you wil not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Furthermore, although we will become a stand-alone public company, we expect to operate, for as long as Geely Auto is our controlling shareholder, as a subsidiary of Geely Auto. Geely Auto may from time to time make strategic decisions that it believes are in the best interests of its business as a whole. These decisions may be different from the decisions that we would have made on our own. Geely Auto' s decisions with respect to us or our business, including any related party transactions between Geely Auto and us, may be resolved in ways that favor Geely Auto and therefore Geely Auto' s own shareholders, which may not coincide with the interests of us and our other shareholders. Additionally, Geely Holding is a controlling shareholder of Geely Auto and we are dependent on Geely Holding for the continued use of SEA and the manufacturing of our BEVs, which are both critical to our business.
Our relationship with Geely Group may subject us to various risks. In particular, potential conflicts of interest may arise between Geely Group and us in a number of areas, such as disputes around the manufacturing of our BEVs.
We may choose not to bring a legal claim against Geely Group in the event of contractual breaches in consideration of our close relationship with Geely Group, notwithstanding our contractual rights under the relevant agreements. We have also historically provided batteries and other components and research and development services to Geely Group. To the extent we cannot maintain our cooperative relationships with Geely Group at reasonable terms, or at all, we will need to source other business partners to obtain the relevant services and other customers for our products and services. Finally, Geely Group may offer products or services that directly compete with ours. Our inability to maintain a cooperative relationship with Geely Group or if Geely Group does not maintain its cooperation framework agreement with us, or if Geely Group competes directly with us, our business, growth and prospects could be materially and adversely affected.
AboveinformationisexcerptedfromtheProspectusand annualreport ofZEEKR (You canalsouse any publiclyavailablemarket informationtosupportyouranalysisandanswer.)
| The following table presentsour summary combined and consolidated statements of operationsfor the periods presented. YearEnded December31, | ||||
| 2021 2022 | 2023 | |||
| RMB | RMB | RMB | USS | |
| (in thousands) | ||||
| Net revenues: | 6,527,518 | 31,899,448 | 51,672,618 | 7,277,936 |
| Cost of revenues: | (5,489,349) | (29,427,398) | (44,822,088) | (6,313,059) |
| Gross profit | 1,038,169 | 2,472,050 | 6,850,530 | 964,877 |
| Operating expenses: | ||||
| Research and development expenses | (3,160,304) | (5,446,320) | (8,369,207) | (1,178,778) |
| Selling, general and administrative expenses | (2,200,056) | (4,245,317) | (6,920,561) | (974,741) |
| Other operating income, net | 19,552 | 67,764 | 261,188 | 36,788 |
| Total operating expenses | (5,340,808) | (9,623,873) | (15,028,580) | (2,116,731) |
| Loss from | ||||
| operations | (4,302,639) | (7,151,823) | (8,178,050) | (1,151,854) |
| Interest expense | (53,205) | (283,731) | (256,081) | (36,068) |
| Interest income | 23,022 | 112,142 | 94,624 | 13,328 |
| Other (expenses)/income, net Lossbeforeincome taxexpense andshare of lossesin | (184,582) | (31,679) | 50,587 | 7,124 |
| equitymethodinvestments | (4,517,404) | (7,355,091) | (8,288,920) | (1,167,470) |
| Share of (loss)/income in equity method investments | (16,871) | (172,787) | 86,842 | 12,231 |
| Income tax | ||||
| benefits/(expense) Net loss | 19,983 (4,514,292) | (127,268) (7,655,146) | (62,113) | (8,748) |
| Months | Delivery Volume (units) |
| 2024 | |
| April | 16,089 |
| March | 13,012 |
| February | 7,510 |
| January | 12,537 |
| 2023 | |
| December | 13,476 |
| November | 13,104 |
| October | 13,077 |
| September | 12,053 |
| August | 12,303 |
| July | 12,039 |
| June | 10,620 |
| May | 8,678 |
| April | 8,101 |
| March | 6,663 |
| February | 5,455 |
| January | 3,116 |
Questions:
1. What is your assessment of the current development landscape of the global electric vehicle market, and what opportunities and challenges does Zeekr encounter in this fiercely competitive arena?
2. From Zeekr's initial foray into the market up to now, comprehensively evaluate its performance as detailed in the prospectus, covering aspects such as financial achievements, production and delivery capabilities, and customer satisfaction.
3. In the Chinese and international automotive markets, identify the principal rival companies of Zeekr. By comparison, analyze what distinctive strengths and areas of weakness Zeekr possesses.
4. Drawing on the information in the prospectus and your understanding of the industry, offer some strategic recommendations for Zeekr's sustainable development and expansion in the coming years.
(You can also use any publicly available market information to support your analysis and answer. PleasenotethatthereportcontentshouldbewritteninEnglish.ThepresentationandQ&Asession at thefinalsitewill beconductedinChinese.)
