ZEEKR Intelligent Technology Holding Limited reported third‑quarter 2025 revenue of RMB 31.6 billion, a 9.1% year‑over‑year increase that reflects a 12.5% rise in vehicle deliveries to 140,195 units. The lift in sales volume was driven by strong demand for the company’s new and facelifted models, which helped offset the impact of higher marketing and R&D expenses associated with the launch of several new electric‑vehicle platforms.
Gross profit for the quarter reached RMB 6,046 million, up 37.1% YoY, and the company’s overall gross margin fell to 19.2% from 20.6% in Q2. Vehicle‑level margin contracted to 15.6% from 17.3% in Q2, a decline that the company attributed to the pace of cost reductions for newly launched models and a shift in product mix toward higher‑volume, lower‑margin vehicles.
Operating income swung to a loss of RMB 56 million, a sharp turnaround from the RMB 285 million operating income reported in Q2. The shift to an operating loss was driven by a 7.1% increase in SG&A expenses, largely tied to marketing spend for new model launches, while revenue growth and gross‑margin improvement helped narrow the operating loss. Net loss for the quarter was RMB 307 million, down 84.9% YoY, reflecting the combined effect of higher revenue, improved gross margin, and a reduction in one‑time restructuring charges that were present in the prior year.
Brand‑level delivery figures were 52,860 units for the Zeekr brand and 87,335 units for Lynk & Co, a 12.5% YoY increase that underscores the company’s expanding market share in the premium new‑energy vehicle segment. Zeekr’s gross margin of 19.2% and Lynk & Co’s margin of 11.7% both fell from the prior quarter, again due to the cost‑intensive launch cycle and a product mix shift toward higher‑volume models.
The results signal a mixed outlook: revenue growth and a narrowed net loss point to improving operational efficiency, while margin compression and a return to an operating loss highlight ongoing headwinds from marketing and R&D investments. Management emphasized continued focus on cost discipline and strategic investments in high‑return verticals, signaling confidence in achieving profitability as the company scales its new‑energy vehicle platform. Analysts had expected a revenue of $4.74 billion and an EPS of ($0.1751); the company reported a revenue of $4.43 billion and a non‑GAAP EPADS of –$0.42, missing revenue expectations by $330 million and EPS expectations by $0.24.
The market reaction was muted, with the company’s shares trading slightly higher in overnight session, reflecting investor focus on the company’s ability to convert revenue growth into profitability amid continued investment in new models and technology.
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