Views: 0 Author: Site Editor Publish Time: 2025-09-02 Origin: Site
Zeekr, which is in the process of privatization, has recently disclosed its operating results for the second quarter of 2025. The company achieved a total revenue of 27.431 billion yuan in the second quarter, with a comprehensive gross profit margin of 20.6%, an increase of 2.6 percentage points year-on-year, setting a new historical record. Among them, the sales revenue of complete vehicles was 22.916 billion yuan, increasing by 2.2% year-on-year.
In terms of delivery volume,ZEEKR has shown a remarkable growth rate. In the first half of the year, a total of 244,877 new vehicles were delivered, representing a year-on-year growth of 14.5%. The total revenue reached 49.45 billion yuan, with the revenue from complete vehicles increasing by 8% year-on-year.
Judging from the financial report, ZEEKR still has not escaped the profit problem that plagues some new energy vehicle manufacturers. In the first half of this year, although the company's R&D expense ratio and sales expense ratio both decreased year-on-year, it still recorded a net loss in the second quarter. However, the amount narrowed both year-on-year and quarter-on-quarter.
In this round of fierce competition in the red ocean of new energy vehicles, the health of brand operation is of great significance, not only for the preservation of product value and service, but also for the stable operation of automakers. Therefore, a genuine and stable financial report often injects confidence into the terminal sales market.
"Zero-kilometer used cars" is one of the mysteries hanging over ZEEKR. Recently, it was revealed that some ZEEKR dealers were required by the manufacturer to achieve sales targets within a specific time frame. The quickest way is to have the vehicles "marry off" in advance, and the specific operation process is like a precise gear: Dealers first purchase vehicles in the name of the company and take out insurance. Once the vehicle information enters the compulsory traffic insurance system, it is regarded as "sold". Then, they sell these "zero-kilometer second-hand vehicles" to individual consumers under the name of "time-limited discounts".
A further derivative effect is that ZEEKR's directly-operated stores are suspected of packaging the inventory vehicles that have been insured and transferred as "new cars" and selling them to consumers under the name of "time-limited discounts". Since the beginning of this year, there have been user complaint disputes in many places. This operational approach is intertwined with the abnormal sales of corporate accounts that ZEEKR experienced in Shenzhen and Xiamen at the end of 2024.
From the perspective of the industrial competition and cooperation pattern, "zero-kilometer used cars" are not a novelty in the industry. Especially with the public criticism of this phenomenon by Wei Jianjun of Great Wall Motor, this "gray area" of car manufacturers' sales growth has been brought to the surface.
On the one hand, for car manufacturers, this approach can temporarily boost sales and lead to a "temporary boom" in sales data. For instance, in 2023, when the IPO plan of Nezha Auto was previously reported, the proportion of Nezha Auto's corporate sales jumped from 8% in 2022 to 63%, far exceeding the proportion of domestic passenger car compulsory traffic insurance corporate sales in 2023. There was a market voice that associated it with "Zero Kilometer Used Cars".
On the other hand, for consumers, they may face the loss of rights such as "lifetime battery warranty and free charging for the first owner", and problems such as battery wear and tear and tire deformation caused by long-term parking of the vehicle can also cause trouble.
The mainstream judgment holds that "Zero Kilometer Used Cars" is the product of the entire industry under multiple factors such as sales pressure, inventory overstock, and market competition. Judging from the financial indicators disclosed in the financial report, the inventory of ZEEKR has increased compared with previous years.
The "zero-kilometer used car" controversy surrounding ZEEKR has drawn widespread attention from the market and has a special background. Firstly, ZEEKR positions itself at the high end, and consumers have high expectations. When there is a gap between expectations and reality, the reaction becomes even more intense.
Secondly, it is currently a crucial juncture for the privatization of ZEEKR. In July this year, Geely Automobile Holdings Limited announced on the Hong Kong Stock Exchange that it had officially signed a merger agreement with ZEEKR Intelligent Technology Co., LTD. Geely Automobile will acquire all the ZEEKR shares it does not yet hold and privatize it.
This privatization came as a surprise to the outside world. At that time, the company had explained to the media that as business integration deepened gradually, new contradictions and problems emerged within the company that needed to be addressed. Logically speaking, behind this major operation, if there is a deviation between the sales volume and the financial data disclosure, it is likely to trigger more market speculation.
