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ZEEKR Intelligent Tech

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The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

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Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

CATL

Financial Analysis

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The following are the Minutes of the 3Q25 earnings call of CATL organized by Dolphin Research. For the earnings interpretation, please refer to &#34;Full Capacity Expansion! Has the King of Ning Finally Made It?&#34; 1. Review of Core Financial Information 2. Detailed Content of the Earnings Call 2.1 Management Statements 1. Domestic Capacity: Jining, Shandong (only Jining base...)

SINOPEC CORP

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Sinopec Corp.

CATL HK SDR 30to1

CATL (Minutes): Demand is strong, profitability does not rely on price increases

Today’s Key News Recap

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0508 | Dolphin Research focus: 🐬 Macro/Industry 1. US President Trump officially announced that he plans to hold a press conference on Thursday (10 PM Beijing time tonight) to discuss &#34;a major trade agreement reached with representatives of a highly respected major country&#34;. No details have been provided about which country or the specifics of the agreement, but it is most likely the UK. Gold fell slightly on the negative news, but US stock futures rebounded sharply, while Hong Kong and A-shares closed steadily higher today. 2. Foreign media reports suggest that the Trump administration plans to cancel the Biden-era restrictions on AI chips, which were originally scheduled to take effect on May 15...

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AUNTEA JENNY

GEELY AUTO

GEELY AUTO-R

Geely Auto

Apple

Trump warned of possible turmoil tonight? Google got backstabbed by Apple｜Today's important news recap

Zeekr

On May 7, 2025, pre-market for ZEEKR in the US, $GEELY AUTO(00175.HK) Geely Automobile submitted a privatization proposal to $ZEEKR Intelligent Tech(ZK.US) ZEEKR. Dolphin Research summarized the key points of the announcement: 1) Core content: Geely Automobile currently holds approximately 65.7% of ZEEKR's shares, and Geely plans to acquire the remaining 34.4% from minority shareholders, making ZEEKR a wholly-owned subsidiary of Geely and delisting ZEEKR from the NYSE; 2) Acquisition price: Geely plans to acquire ZEEKR at $25.66 per share...

ZEEKR: Why did the 'dark horse of pure electric vehicles' choose to delist through privatization less than a year after its IPO?

$ZEEKR Intelligent Tech(ZK.US) released its Q4 2024 financial report before the US stock market opened on March 20, 2025, Beijing time. Let's take a look at the important information: 1) Overall revenue was below market expectations: Q4 revenue was 22.78 billion, lower than the market expectation of 24.28 billion, with a difference of nearly 1.5 billion. However, the battery and component business declined by 1.3 billion compared to the previous quarter (due to a decrease in sales of battery packs and electric drive units and a drop in unit prices), although R&amp;D and service businesses increased by 800 million quarter-on-quarter (due to the acceptance of a series of R&amp;D projects at the end of the year, confirming the peak period) ...

ZEEKR: The EV dark horse "slumps," when will it rise again?

$ZEEKR Intelligent Tech(ZK.US) Quick Interpretation: Overall, ZEEKR's fourth-quarter financial report performed relatively mediocre, even falling short of market expectations. The points of missing market expectations are concentrated in two aspects:① Fourth-quarter revenue was 22.78 billion, lower than the market expectation of 24.28 billion, with a gap of nearly 1.5 billion. However, the battery and components business declined by 1.3 billion compared to the previous quarter (due to a decrease in sales of battery packs and electric drive units and a drop in unit prices). Although the R&amp;D and service business increased by 800 million quarter-on-quarter (due to the acceptance of a series of R&amp;D projects at the end of the year, confirming the peak period), the total revenue from these two businesses ultimately declined by 500 million quarter-on-quarter. Since these two businesses mainly supply themselves (serving companies within the Geely system), the market will not pay special attention to these two businesses until external supply volume is seen, so the core remains in the automotive business.In this quarter, the car sales business generated 19.3 billion. Although Dolphin Research did not see major institutions separately estimating the revenue from the automotive business, assuming the market would estimate the revenues of the other two businesses (battery and components business and R&amp;D business) to be flat compared to the previous quarter, the market expectation of 24.28 billion for the fourth quarter implies a car sales revenue of 20.3 billion. Therefore, in terms of core automotive business performance, ZEEKR fell short of market expectations, and the issue lies in the selling price of the cars.This quarter, the selling price of cars was 244,000 yuan, below the market expectation of 256,000 yuan. Dolphin Research believes there are two reasons for this shortfall:a. Model structure impact: The proportion of the previously high-priced primary model ZEEKR 001 declined by 21 percentage points quarter-on-quarter to 25.4% in the fourth quarter, while the newly introduced mid-size SUV ZEEKR 7X increased its sales proportion by 31.4 percentage points to 41% this quarter. The overall pricing of ZEEKR 7X is lower than that of ZEEKR 001.b. Promotional impact: Although ZEEKR did not directly lower the prices of models, it launched a financing plan for all models with a &#34;20% down payment and 2 years 0 interest.&#34; However, the overall gross margin from car sales continued to rise compared to the previous quarter, increasing by 1.7 percentage points to 17.3% this quarter, mainly driven by the increased proportion of the high-margin ZEEKR 009 and the decrease in per-unit amortized costs driven by economies of scale (sales increased by 44% quarter-on-quarter).② The second point that fell short of expectations is that operating profit and adjusted net profit were both below market expectations. Although the overall gross margin this quarter exceeded market expectations, due to a significant increase in R&amp;D expenses (up 1.2 billion quarter-on-quarter), Dolphin Research believes that ZEEKR is still accelerating to address the shortcomings in intelligent driving and preparing for the launch of five new models in 2025, which is relatively understandable, but it still needs to be premised on achieving sales growth.

ZEEKR released its third-quarter performance last night. The performance itself was predictable due to sales figures, and the sales trend has been quite good thanks to the launch of the new SUV 7X. The core incremental information shows a slight increase in the gross profit margin of the automotive business, which was also within expectations. Overall, the performance can be considered neither disappointing nor exciting, but the key issue arose when the company dropped a bombshell during the earnings call—ZEEKR plans to acquire a 51% stake and merge with Lynk &amp; Co! Of course, if this were truly a tightly kept secret, it wouldn't be a problem. After all, in the eyes of Dolphin, reducing friction across businesses is a good thing...

ZEEKR: A nearly 25% plunge overnight, is swallowing Lynk & Co a blessing or a curse?

$ZEEKR Intelligent Tech(ZK.US) earnings first take: For ZEEKR, in addition to the Q3 earnings release, there is news that ZEEKR is about to merge with Lynk &amp; Co, with ZEEKR planning to acquire a 51% stake in Lynk &amp; Co.1) Looking solely at Q3 performance, for ZEEKR's most important vehicle manufacturing business, the automotive segment's gross margin was 15.7% in Q3, which is not far from the market expectation of 15.5%. The sequential improvement was mainly due to the increased proportion of the high-priced, high-margin facelifted ZEEKR 009, rising from 2.7% in Q2 to 15.6% in Q3. Overall, the performance was largely in line with market expectations.2) From the perspective of the planned acquisition news, Dolphin Research believes that ZEEKR's acquisition of Lynk &amp; Co is definitely good news for ZEEKR. Due to the overlapping product positioning, price ranges, and user demographics between ZEEKR and Lynk &amp; Co in the past, the brands were in competition, leading to mutual erosion of sales.After the acquisition, since ZEEKR is more adept at building pure electric vehicles while Lynk &amp; Co excels in hybrid models, the merger is intended to create synergies between the businesses and avoid potential sales erosion. The specific collaboration approach may require further explanation from management during the earnings call.However, judging by today's stock price surge, ZEEKR has already rallied by 12 points, indicating that the merger news has been communicated to the market in advance. ZEEKR's transaction values Lynk &amp; Co at approximately $2.5 billion. Since ZEEKR is acquiring a 51% stake, the transaction price accounts for about 20% of ZEEKR's pre-rally market cap. The 7-point gap may be due to: ① the merger news being priced in earlier by the market, and ② differing market valuations of the Lynk &amp; Co brand.

ZEEKR Intelligent Tech to Release FY2025 Q3 Earnings on November 17, Pre-Market EST; Forecast Revenue USD 4.763 B

ZEEKR Intelligent Technology Delivered 61,636 Vehicles in October 2025

ZEEKR Group Reports 9.8% YoY Increase in October EV Deliveries

New Version of ZEEKR 7X Launch Event Today

ZEEKR Delays Release of Electric Sedan 007 to Q2 2026

Zeekr 7X EV Showcase with New Owners Sharing Satisfying Driving Experience

ZEEKR Auto Announces Pre-sale of New ZEEKR 7X

ZEEKR Group Announces Q3 2025 Financial Report

ZEEKR 001 Electric Touring Car Upgraded to 900V System

ZEEKR 001 Secures Over 10,000 Orders

Revised ZEEKR 001 Officially Launched

ZEEKR to Upgrade ZEEKR 001 and 009 with New Hardware and Software

ZEEKR 001 Launches Design Updates and Performance Enhancements

ZEEKR Intelligent Technology announces September 2025 delivery results

ZEEKR 9X Receives Over 40,000 Orders Within an Hour of Launch

ZEEKR 9X Global Launch

Pre-sale of ZEEKR 001 Begins in China

Goldman Sachs Reduces Shareholding in Zhejiang Geely Smart Technology

ZEEKR 001 Pre-Sale Launch Advanced

ZEEKR Plans to Launch ZEEKR 9X Luxury Hybrid SUV

Leifras

MSP Recovery, Inc.

Ridgetech

Surmodics

Engene

Pubmatic

Quoin Pharmaceuticals

The RealReal

Galecto

Decent

Community Opinion

社区讨论

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Earning Release Date

财报预告

FY2025 Q3 Earning Release 2025.11.17 (EST) Pre-Market

ZEEKR Intelligent Tech (ZK.US) Q1 2025 Earnings Conference Call

ZEEKR Intelligent Tech (ZK.US) Q4 2024 and Full Year Earnings Conference Call

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GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

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Toyota Motor

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