Company: ZK
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000390
Chunk: 183

Company: ZEEKR Intelligent Technology Holding Ltd
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 183
---
16.4% 2024. The increase was mainly attributable to the slight growth of our vehicle sales business, which had a higher gross profit margin at 15.6% in 2024.
The gross profit and gross profit margin for Zeekr segment in 2024 was RMB9,948.7 million (US$1,363.0 million) and 17.0%, respectively, compared with RMB5,791.9 million and 16.3% in 2023. The increase was primarily attributed to (i) the increase in delivery volumn of Zeekr vehicles together with changes in pricing strategy to market dynamics and (ii) procurement saving due as the declining average costs in auto parts and other materials.
For Viridi Segment, we recorded RMB954.2 million and RMB2,386.6 million (US$327.0 million) gross profit and recorded gross profit margin of 5.2% and 13.3% in 2023 and 2024, respectively. The increase was primarily due to the growth in overseas sales of battery components, with higher average gross margins.
Our gross profit from ZTE segment increased from RMB265.1 million to RMB501.7 million (US$68.7 million) and the gross profit margin increased from 11.7% to 21.3% in 2023 and 2024, respectively. The increase in both gross profit and gross profit margin can be attributed to the increase sales of research and development services to related parties.
Research and development expenses
Research and development expenses increased by 16.1% from RMB8,369.2 million in 2023 to RMB9,720.2 million (US$1,331.7 million) in 2024. The year-over-year growth was primarily driven by a non-cash share-based compensation expenses recognized for IPO-conditioned rewards that were cumulatively vested upon the Company’s successful IPO during 2024. and increased design and development costs for new products and technologies.
Selling, general and administrative expenses
Our selling, general and administrative expenses increased by 39.4% from RMB6,920.6 million in 2023 to RMB9,647.4 million (US$1,321.7 million) in 2024. This increase was in line with business expansion, primarily because (i) our employee compensation increased from RMB2,297.2 million to R