ZEEKR Intelligent Technology Holding Limited American Depositary Shares (each representing ten (10) Ordinary Shares)

Hello ladies and gentlemen, thank you for standing by for Zika Group's first quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Jing Huang, the CFO of Zika Group. Please go ahead.

Thank you, Operator. Good day, everyone. Welcome to Zika Group's first quarter 2025 earnings conference call. Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the view expressed today. Further information regarding risks and uncertainties is included in certain company filings with the U.S. Securities and Exchange Commission. The company does not take any obligation to update any forward-looking statements except as required under the applicable law. So join us today from Zika Group's senior management, Ms. Anton Hui, co-founder and CEO, and myself, Xing Yuan, the group's CFO. Our CEO will make his remark in Chinese followed by an English translation before taking the call to me for a review of our financials. And I will talk about our financials in English. With that, I will now turn the call over to our CEO, Andy. Please.

Hello, everyone online.

Hello, everyone. Thank you all for joining Zika Group's first quarter 2025 earnings call. First and foremost, I would like to extend my heartfelt thanks to our users, employees, and partners. Over the past four years, your unwavering support and the long-term trust have made it possible for us to achieve what once seemed impossible. With the Zika 001, we transformed the shooting brake from a niche segment into a mainstream option for our customers, ushering in a new era for this category in China. Meanwhile, the Zika 009 took the luxury segment by storm, becoming the top-selling model in over 400,000 RMB luxury MPV category and pioneering a new market for premium pure electric MPVs. Thanks to your belief in us, Zika has reached nearly 500,000 users worldwide, carving out a third path in the new era of intelligent electric mobility.

Zika and Link's Zika Technology Group's global users have reached over 1.9 million, reaching 2 million users in no time. Zika Technology will continue to build luxury with services and technology to enable high-end luxury.

As of the end of the first quarter, following the strategic integration of Zika and Link & Co. brands, Zika Group's global user base surpassed 1.9 million and is rapidly approaching the 2 million mark. Looking ahead, we will continue to redefine luxury through exceptional service and elevate the premium automotive segment with cutting-edge technologies. Amid the industry's transformation, we remain firmly committed to innovation as we expand our presence in the global premium market.

Zika Technology's sales have increased by 11.4 million in March, which is 21% higher than the previous year's sales. This is a potential for China's new-class luxury market. Zika Technology's total revenue in the first quarter was 2.2 billion yuan, which is 191 billion yuan. The total profit has reached 6.5 billion yuan. Especially for Zika, the total profit has reached 21.2

billion yuan. Since February, after we integrated both Link & Co. and Zika into Zika Group, Zika Group has driven progress through a series of strategic initiatives, including joint product R&D, upgrades to our manufacturing systems, enhanced user engagement, and stronger coordination across domestic and international channels. These efforts have accelerated platform-based technology sharing and unlocked economies of scale, generating a notable improvement in profitability. From January to March, Zika Group delivered 114,000 vehicles, marking a 21% -over-year increase and solidifying our position among the leaders in China's premium EV segment. Zika Group's first quarter revenue reached 22 billion RMB, with vehicle value revenue up to 19.1 billion RMB. Vehicle's gross margin reached an impressive 16.5%, with Zika brand's margin rising to 21.2%. Next, let me outline our three key areas of focus for driving sustained growth, products, technology, and channel expansion.

We have further enhanced our product and product growth strategy. The future of high-end luxury and the boom will be the biggest focus of the Chinese market. On the one hand, Zika continues to open up the luxury market. On April 15, Zika Group's collective listing of Zika's luxury car racing cars was also expanded. Zika Group has listed 10,000 Zika cars, and has been listed today. Zika's 2009 Guanghui Diancang version has been the top seller in the industry, and has become the leading car manufacturer. Sales are also growing rapidly. The most luxurious SUV of the new era, Zika 9X, is the first in the world to use a full-throttle, 900-foot high-pressure structure -electric-mixing model. The full-throttle can achieve 3-second acceleration. The technology of using the super-mixing allows us to start the development three years ago. This technology will represent the future of the new era and will lead the technology of the future of the new era. This technology combines the advantages of -electric-mixing and super-fitting technology. It can bring users the same extreme driving experience and can solve the anxiety of the battery life. This model is not only luxurious but also has two growth spaces. I think you have seen it in Shanghai car shows and in some media. In fact, this super-mixing technology and product have attracted the attention of the global media, the business and users.

Let's begin with our product lineup. In line with our brand strategies, that is elevating the Zika brand in the premium segment and expanding the Lincoln Co. brand market reach, we have further enriched our product portfolio and enhanced the overall competitiveness. As high-end premium and hybrid vehicles emerge as key growth engines in China's auto market, we are actively adapting to the evolving landscape. The Zika brand continues to make bold strides in the premium space. In April 15, we launched the Zika 7 GT, a high-tech shooting brake coupe further strengthening the Zika shooting brake family. We produced over 10,000 Zika 7 GTs for delivery in the model's first month. The Zika 009 Grand Collector's Edition boasted by the high-profile endorsement has quickly become a sought-after choice among top-tier buyers. Furthermore, the Zika 9X, positioned as the new energy era's most luxurious flagship SUV, is worth the first super electric hybrid model built on a full-stack 900-volt high-voltage architecture. The entire lineup delivers 0-100 kph acceleration in just three seconds. Its groundbreaking super-electric hybrid technology, which we began developing three years ago, seamlessly combines the advantages of a pure electric, plug-in hybrid and range extender systems. This enables a driving experience comparable to that of a pure EV without any worry of range anxiety. By strategically tapping into both luxury and hybrid segments, the Zika 9X captures widespread attention from global media outlets, industry peers, and consumers at its Shanghai auto shows and debuts.

The Zika 9X, which was launched last month, is a 6-seat SUV, the Zika 9X. It uses EMP's intelligent electric hybrid technology. The Zika 9X has already been more than the mass-produced on the market. So far, it has been more than 30,000 units. The Zika 9X's 2.0 version has a high percentage of 80%. About 30% of the orders are from BBA. So in terms of sales and high-endization, it has achieved good results.

Meanwhile, the Lincoln Co. brand continues to solidify its presence in the premium segment while broadening both the powertrain lineup and the customer base. Following the strategic integration, we launched the Lincoln Co. 900 in April, a smart 6-seater flagship SUV powered by EMP hybrid technology. The delivery volume of the Lincoln Co. 900 has surpassed that of the models with highly publicized preorders in the market. This model has secured far over 30,000 preorders to date. And the order data shows strong demand for the high-spec 2.0 Turbo Ultra model. 80% of our customers choose that variant. And particularly among the users upgrading or replacing their existing models, notably over 30% of the orders are from former Mercedes-Benz, BMW, and Audi drivers, highlighting the Lincoln Co. 900's solid performance both in terms of the sales, volume, and premium market appeal.

The Lincoln brand will launch the first medium-sized EMP car in the second half of the year. GIC will launch and launch the UX and another large luxury SUV. Today we can talk about the 8X. They will be released and listed in the third and fourth seasons. Both GIC and the 4X SUV will feature the super-mix technology of the I believe that this series of models with competitive and differentiated models will continue to be a source of encouragement for our business to promote the growth of GIC's technology.

And I understand that many investors are very interested about our future product offering. Looking ahead, Lincoln Co. will launch its first EMP mid to large sedan in the second half of this year, while Zika Group will roll out the Zika 9X and another large luxury SUV, 8X, in the third and fourth quarter respectively. Both equipped with the cutting-edge super-electric hybrid technology. This compelling lineup of competitive, highly differentiated models promises to inject fresh momentum into our business and fuel the group's sustainable, steady growth.

Secondly,

on technology, in response to the Taizhou Declaration and to accelerate its implementation, we are systematically advancing the integration and the sharing of key platform technologies across the Zika and Lincoln Co. brands. Including the vehicle architecture, electrical and electronic architecture, power train systems, intelligence driving assistance, and smart copy technologies. We aim to build a strong technological model through the coordinated efforts across both brands.

We have also launched the single-use intelligent driving assistance solution, the 1000 Li-Hauhan. The following Zika models will be equipped with the 1000 Li-Hauhan H7 and H9. It is worth mentioning that the Zika 9X equipped with the 1000 Li-Hauhan H9 will have L3-level intelligent driving assistance. We expect to deliver it at the end of the year. The latest Zika 9X, the -0-0, equipped with the 1000 Li-Hauhan H5 and H7 will be integrated in-depth and become the first to be equipped with the Inveda Souril chips. It will also be equipped with the GAS-connected automatic closing technology The EMP large-centre car planned by the Zika brand will be equipped with the 1000 Li-Hauhan H7. In short, Zika and Linka have achieved high-quality performance in

terms of price. As a feature, the Zika group models will feature the G-Pilot H7 and H9 systems. Among them, the Zika 9X will be equipped with the G-Pilot H9 system and offer the L3-level ready intelligent driving assistance capabilities. It is expected to enter the mass production and delivery by the end of this year. Meanwhile, the newly launched Lincoln Code 900 incorporates the advanced G-Pilot H5 and H7 systems. It is also the first production model to feature NVIDIA's DriveAGX Sour platform and comes equipped with the GLE Advanced Evasion System or G-AES, a continuous automatic invasive steering technology originally used by the Zika brand. In the second half of this year, Lincoln Code's upcoming EMP METROLARG sedan will also be equipped with NVIDIA's SOUR chip SOC and adopt the G-Pilot H7 platform. To simplify, we will find a very good synergy in the area of ADAS for both Zika and the Lincoln Code brands.

Zika and Lincoln have been completely shared in the electronic architecture of the pre-controller and platformized. In terms of application, Lincoln has retained the FRAMI system, while G-Pilot uses G-Pilot's AIOS. In fact, this is also the case that the two brands are making high-level platformization and at the same time have differences.

In the smart cockpit room, the Zika and Lincoln Code were the shared domain controllers and the electrical and electronic architecture. Each brand would maintain its distinct user experiences at application level. Zika vehicles would continue to use Zika AIOS, while the Lincoln Code would use FRAMI Auto. To put it simply, the two brands would share a lot in common, but still have different applications.

In the future, the original gold-plated batteries would be unified into the Shenzhen Gold-plated battery brand and would be integrated with the electronic telecommunications technology of Gili控股集团 and the electronic telecommunications technology of Ziyan. In the future, further technology upgrades would be needed to support the development of the Lincoln and Zika pairs.

The Zika and Lincoln Code new era of ultra-fast charging for lithium-ion phosphate batteries, becoming the first LFP battery to surpass all mass-produced lithium batteries in charging speed. It is now one of the fastest charging batteries in production globally. Moving forward, the original golden battery will be unified under the shield golden battery and will incorporate advanced in-house cell technologies developed by the Gili holding group. This upgraded battery platform will further enhance the growth of both Zika and the Lincoln Code brand in 2025 and beyond.

The Zika and Lincoln Code will be the fastest charging battery in the world.

Building on this foundation, we are pushing the boundaries of charging technologies even further. Zika Group has officially launched the V4 ultra-fast megawatt charger which boasts a world-leading peak single-gum output of 1.3 megawatts. The first station has already been built up and running in the city of Hangzhou, delivering a total power output of over 1,400 kilowatts, sufficient to support simultaneous ultra-fast charging for three 800-volt models across the Zika and the Lincoln Code brands. In fact, our customers are giving very positive feedback about their experiences of charging at the station, and we will soon expand this technology across the nation. Thirdly, the global channel development. Domestically, we will continue to strengthen our store network and expand into more lower-tier markets. Zika will leverage Lincoln Code's channel resources to aggressively expand into lower-tier markets. Sharing after-sales service infrastructure, improving accessibility for users, and significantly boosting the Zika brand's overall channel coverage.

Zika's GX is currently operating with Lincoln's 08EMP and Gik's GX. It is now available overseas. On May 16, Gik's GX will be officially launched in Europe. By the end of April, we have entered more than 60 global mainstream markets. There are 1,200 global stores, including domestic and international. There are 150 overseas stores. We covered Asia, Europe, South Africa, Latin America, Africa, and five major states. Of course, some stores have just begun to sell. I also believe that Lincoln's 08 and Gik's GX will have better performance overseas. Because these two models are the largest and the highest sales growth.

Nationally, we are accelerating our global expansion to drive continued sales growth. Beyond Europe, we plan to establish a unified sales company in the global markets with a single team focused on developing international markets for both brands. Currently, the Lincoln Code 08EMP and the Zika 7X are being shipped overseas. On May 16, the Zika 7X will be commercial deliveries in Europe. As of the end of April, we have entered over 60 major international markets with a global retail footprint of over 1,200 stores. Over 150 of which are located in the overseas markets spanning Asia, Europe, Oceania, Latin America, and Africa. I believe that the Lincoln Code 08 and the Zika 7X will have a very good market performance in the global market. Because they are in the large segments and we already receive positive feedback from the customers.

We are the

ones who are strong. We are the ones who are strong. We are the ones who are strong. In conclusion, we believe that only those who embrace the change can move forward. Only those who innovate can grow stronger. And only those who reform and innovate will ultimately exceed. Since the first quarter, we have been implementing internal management reforms to unlock greater efficiency, enabling both innovation and breakthroughs. Going forward, we remain committed to our clear long-term approach by aligning with the trend of the new energy era and focusing on the global premium markets. We will drive success and make the ongoing transformation of the global automotive industry. With that, I will hand over the call to our CFO, Mr. Yuan Jing. Thanks everyone.

Thank you, Andy. I will now go over our key financial results for the fourth quarter of this year. Given the time constraint, I will focus on the highlights here and ask you to refer to our earnings press release and six-day announcements for further details. We are pleased to report a robust financial performance for the fourth quarter, our fourth full quarter since completing the strategic integration of Zika and Lincoln Co. Our strategic initiatives delivered both improved profitability and sustained growth across all key metrics. We have reached strong revenue growth and record margins. Our total vehicle deliveries reached 114,011 units in fourth quarter 2025 for a -over-year growth of 21.29. Meanwhile, enhanced product competitiveness and stronger brand synergies drove a 16.1 -over-year increase in vehicle sales revenue as well. We also achieved another record high quarterly vehicle margin through disciplined supply chain management and scale advantages. Our overall vehicle margin rose to 16.5%, up .4% percentage points -over-year, and beating the guidance of 15% set by management at the beginning of this year. The Zika brand led the way with an all-time high margin of 21.2%, while Lincoln Co.'s margin reached 11.4%, reflecting our ongoing focus on cost optimization and premium product mix enhancement. The gross margin was .1% for the fourth quarter, compared with .3% for the fourth quarter last year and 18% for the fourth quarter of 2004. We have achieved improving operating efficiency and significant loss reduction. We leveraged platform-based R&Z and optimized resource allocation to improve operational efficiency while expanding our vehicle lineup. R&Z expenses will remain be 2.9 billion for the fourth quarter of 2025, representing an increase of 25% -over-year by the decrease of .6% -over-quarter, exceeding our savings targets of 20% set at the beginning of this year. SG&A expenses will remain be 2.65 billion for the fourth quarter of 2025, representing a decrease of .2% -over-year and a decrease of .8% -over-quarter. Together, higher revenue and improved spending efficiency narrowed our net loss by 60% -over-year to remain be 763 million for the fourth quarter of 2025, a major step towards sustainable profitability. So, before we move to the Q&A session, I would like to address that in order to ensure compliance with difficult regulations and prevent inappropriate or misinterpreted remarks from affecting the pending privatization transaction, the company will not comment on matters related to the privatization offer we received. A special committee composed of independent directors have been established to evaluate the offer, and all communications with the offer will be conducted by this committee. The company will make announcements at appropriate time in accordance with legal disclosure requirements. For updates on privatization offer, please refer to the company's official disclosures. So, that concludes my prepared remarks. Thank you, everyone. Let's move on to Q&A. Operator, could you read the Q&A session? Thank you.

We will now begin the question and answer session. To ask a question, you may press star, then 1, on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. For the benefit of all participants on today's call, if you raised your question in Chinese, please immediately repeat your question in English. At this time, we will pause momentarily to assemble our roster. The first question comes from Tina Ho with Goldman Sachs. Please go ahead.

Hi, thanks, management, for taking my question. So, I have two questions. The first one is regarding the first four months' sales volume, wondering if it's in line with management expectations. And then also, do we have an updated sales volume target for 2025 four-year and what would be the main model that's driving us to that four-year target? And then the second question is I would just like to see if management has any comments regarding the GDOTO's provisional offering. We've also noticed that the share price of Zika is already above the offering price. So, just wondering what kind of comments, if any, management has on it, anything that you can share. Let me translate it in Chinese. Thank you, management, for giving me the opportunity to ask. The first question is regarding this year's sales volume. First, I would like to ask management if this year's four-month sales volume is in line with our expectations. And then, do we have any other suggestions for the GDOTO sales target? And then the second question is I would just like to see if management has any suggestions for the GDOTO to provide us with a sales target. And then we've also noticed that Zika's share price is already above the offering price. So, I would like to ask if there are any comments regarding the GDOTO? Thank you.

Thank you very much, our proud investor. First of all, I think that in April, the sales volume that we saw was not very good. Or, we felt a little disappointed. But I can say that this is in our company and management's entire expectation and prediction range. I think this is the first point. The second point is that GDOTO has not changed in terms of the GDOTO of GDOTO's 39,000 units and GDOTO's 32,000 units and a total of 710,000 units. I think this is the second point.

Thank you so much for your questions from the government tax analyst colleague. And we acknowledge that our sales performance in April is not that satisfying. But we would say that the sales performance is actually in line with our management's expectation. And we can say that we stay committed to the sales target of 320,000 vehicles of the Zika brand this year and 390,000 vehicles for the Lincoln Co. brand this year. So we stay committed to the 710,000 vehicles of sales volume for the Zika group this year.

Thank you. Thank you.

So we did not have any new products launched in the first quarter. And that has some influence on our sales target. We did not change our sales sales performance in the first quarter. And also we did not change our sales business policies in the first quarter. And that also placed a stress on our sales performance in the first quarter as well. But I think since April we launched the new Zika 007 GT as well as the Lincoln Co. 900. We would have a positive sales performance in May. And I believe in the rest of this year with the launch of Zika 9X and Zika 8X and the Lincoln Co. submit to large size sedan, these new products will contribute to the healthy positive sales performance in the remaining of this year.

Thank you. And

you might have learned from the media reports and that we recently made some change in the organization among the Zika groups marketing and sales units. And we are also actively expanding our sales and sales and expanding our network approach. So in addition to the Zika house we already have, we also introduced the agent mode for us to quickly enter into more low tier markets. So we have been working on this for over three months and I think we can see positive results from this move in the Q3 and Q4 this year.

I am not sure if the company will respond to the private investment in July. This is a difficult matter for me. I am not the board of directors of 0175. I also know this information after the announcement of the launch. So based on these, to ensure the disclosure of information and prevent inappropriate comments from the public, the company will not respond to the private investment in July.

To answer your second question, I also would like to say that it's a difficult question and I am not the board member of 0175 in Hong Kong. And I also learned the move from the public filing. So to ensure the compliance with the disclosure regulations and to prevent inappropriate remarks from affecting the pending privatization transaction. So the company would not comment on the matters related to privatization over here.

We have a special committee of independent directors to evaluate the terms of the contract. We also communicate with the contractor. This work is recommended by the special committee. The company will strictly follow the legal requirements and make announcements at the right time. Regarding the progress of the private investment project, please pay attention to the information that the company discloses. And during this period, we will do our best to cooperate with all of our investors and the management of the GR company.

And of course our company takes the privatization offer very seriously. So a special committee composed of independent directors has been established to evaluate the offer and all communications with the offer will be conducted by this committee. The company will make announcements at appropriate times in accordance with the legal disclosure requirements. For updates on the privatization offer, please refer to the company's official disclosures. But during the period of time, if there is any need from our investors, our company's management will give our full support possible. So after the filing, the publish of the filing by the Agile Auto 0175 and also today at the conference meeting, I also had a conversation with Agile Auto 0175 board members. So if any Zika investors want to further have a conversation, we will give support and make the lines. If our investors would like to have a conversation with our special committee members, our independent directors, we can also make the contact for you. Thank you so much for your understanding.

Thank you for your answer. Thank you.

And your next question comes from Tim Shou with Morgan Stanley. Please go ahead.

Hello, Mr. An and Mr. Liu. Thank you for your question. I am Tim from Morgan Stanley. This question is about the product side. We have seen that Zika has received a very good feedback from the company after the Zika release. I would like to hear from the management team how they see the Zika and the sales contribution and the expected value of the Mr. An mentioned the Zika in the conference. Is it convenient for you to see the management team to make a final comment on the product and share it with the team? My question is about the product. Because of Zika's first large hybrid SED 9X has received great feedback since the SDP that the Shanghai article show. How should we think about the product contribution and the margin of this models into second half? In the meantime, it would be great to get some feedbacks from the management team. I would like to hear some additional comment about the new Zika AX in both core. Thank you.

Thank you. I would like to make a simple comment on the Zika 007 GT. Since April 15, we have achieved the ,000-tai line-up delivery in a month. From the sales point of view, we have received the best recognition from the users. We also released the first batch of the Zika AX. After the launch of the Zika AX, the order was also beyond our expectations. Especially, the high-end subscribers were very enthusiastic. The Zika 9X was released on April 28, and now the order has exceeded ,000-tai. We are working hard on the production of the Zika AX. We are trying to make more of the delivery. So, from the current situation, the sales are still full. From the two Zika AXs that have been released, we have received the proof.

Before answering your questions, I would like to add two points to respond to Tina's question. First of all, after we launched the 007 GT on May 15, we already achieved ,000-tai delivery. That shows that this model wins the customer's recognition well. In the last month, in April, we also launched the 009-tai grant collective edition. We received the orders far beyond our previous expectations. For the Lincoln Co. 900, we received a high number of orders. Our factories are working overtime to ensure timely deliveries to our customers. Based on the positive market performance of these three models we launched recently, we have confidence that we can achieve our sales target this year.

In the past, at the 9X Shanghai Auto Show. I think you have seen the Zika AX at the Shanghai Auto Show through the media. We have received high attention from the media and users.

The luxury segment is equipped with a super-electric hybrid powertrain. There is a big potential for both models. After the debut of the Zika AX at the Shanghai Auto Show, we have received high attention from the global media outlets, industry and our customers.

The Zika AX is the first super-electric powertrain with a 900-foot high-pressure structure. It is also the fastest in the world and has the longest endurance. It is also the fastest in acceleration and the fastest in acceleration. It is also the highest power-performed SUV. With the super-electric powertrain from Haohan, it can achieve the most powerful power, the most powerful power, and the most powerful acceleration. In other words, it combines the advantages of super-electric power, power-performed and acceleration together to create new technologies. I believe it will lead to the development of new cars in the future.

The Zika 9X as well as the Zika AX have very strong performances. The Zika 9X will be the first 900-volt equipped with a 900-volt technology vehicle model and it will support the fastest charging speed and the longest pure EV driving range and the fastest acceleration. This is a very unique SUV model in its segment and powered by the super-electric hybrid technology. It combines the good advantage of a pure EV powertrain, the plug-in hybrid powertrain, and the range-extended powertrain. I think this technology will be very leading in the new energy vehicles sector. The Zika 9X will be the leader in the application of smart active chassis technologies as well as the level 3 capable assistive driving technologies. So it will become the benchmark in the full-size luxury SUV.

The Zika 9X will be the leader in the application of smart active chassis technologies. The 4X will be the leader in the application of smart active chassis technologies. There will be a difference in size between the two vehicles. We will know whether

the vehicle will be the Zika 8X or not. The Zika 9X will be the leader around this will be over five meters. So they share a lot of technologies in common, but in different sizes, so they can target the different segments.

According to our calculations, 9X and 8X will have better future power levels than the current model. Even higher than the current model. For the future market, we think that the market will not grow faster on the big cars. But for the superchargers, the growth will be very fast. Not only in China, but also globally. We will have a very good market in Europe, or in some countries in Taiwan, like Southeast Asia, etc. The demand for these countries will also be more than expected. I believe that the market will be better. So, the domestic and overseas markets will be developed again. We will try to give the market more time

to develop.

Thank you. Thank

you.

One last question. I think we're about to close the time.

And the next question comes from Ming Sunli with Bank of America. Please go ahead.

Mr. An, Mr. Yuan, I'm from the Bank of America. I have a question. It's a bit related to the previous question. We recently launched the Link 900. The market has received very good reviews and the orders are very good. I would like to know more about the supercharging technology In terms of 9S and 8S, what are the advantages compared to the current market-based mixed technology, or the real-time technology, or the technology from our Link brand? I would also like to know how much the company can bring to the company For example, if the original product had a battery, and if it had more supercharging, would the volume be 1 to 1? And I would also like to ask if there will be new products in the future with supercharging, or if some of our previous products are suitable, would it also be possible to launch a supercharging version? I will translate my question. So, Zicca has developed the superhybrid technology and compared to the current PHEV cars or EIV cars in the market, what is the major advantage for this new technology? And based on your expectation, how much extra volume cells do you expect after you provide the superhybrid version of your new models? And in the future, will you also consider to provide the hybrid version for your existing models, or it will be many for the models in the future?

So, the hybrid version is a relatively high share of the power system and the EMP power system. For mechanical architecture, we used the original PHEV car, SPA architecture to upgrade. Zicca on the high-end, high-end and mid-end cars. This is a significant difference between Zicca and EMP brands. This is the plan of the technology and products. So,

first of all, -Cole-900 is using the EMP power train system, which share a lot of technology in common with G-List power train system. And when it comes to the mechanical architecture, Zicca-900 uses SPA EVO architecture and upgrades of the previous SPA architecture. And when it comes to Zicca, when we develop the large size or mid to large size products, we would use SuperH hybrid technology, which is different from the EMP to differentiate the two brands.

Whether it is full power

or

low power, SuperH hybrid technology can provide the necessary and very powerful power for the high-end luxury cars. I want to emphasize that not only in full power and low power, but also in the case of low power. But now, the hybrid and the hybrid are in the same situation as SuperH hybrid. They can solve this problem. Compared to SuperH, SuperH is a better solution. So, I have

already introduced our SuperH hybrid technologies, but I want to make at some point here first of all, on the power of our SuperH hybrid technologies. No matter when the battery is fully charged or the battery is running out of electricity, our SuperH hybrid technology can both provide the very good driving performance like any other top-end luxury products. So, better beating the performance of existing PHAF or EREV products in the market.

No matter if it is high speed or low speed, SuperH can do the best at the lowest fuel consumption.

Secondly, on the fuel efficiency. No matter if the wheels are driven by the e-motor or directly from the gasoline engine, or no matter if the vehicle is driving at high speed or low speed, we can always have a very good fuel efficiency.

So,

on the charging. So, our SuperH hybrid powered product will be equipped with battery pack of one variant with over 50 kilowatt hour and another variant around 80 kilowatt hour. And our powertrain would be equipped with 900 volt fast charging technology. So, we can support ultra fast charging providing the best charging experiences to our customers. And another very important competitive factor of our SuperH hybrid technology is about the maintenance, the services. And so, customers of our SuperH hybrid products, they don't need to go into the maintenance as frequently as the other vehicles. And the cost for maintenance services would be much lower than our peers' products.

And we would

share more details and information about our SuperH hybrid technologies as a product and technology launch event later. But what I can say here is that we hope that our SuperH hybrid technology will be the new benchmark. And our internal target was made when we registered the project to contribute 150,000 vehicles to 200,000 vehicles per year for this product, this powered product in the future. Thank you.

Thank you, Anzhu.

This concludes our question and answer session. I would like to turn the conference back over to Mr. Yun Jing for any closing remarks.

Thank you all for joining today's call. As Mr. Anzhu mentioned earlier, the men in here are more than happy to participate in any of your concerns or discussions with either the engine directors or our parent company, Zero, so if you have any other questions, please feel free to contact us or the group IR team. Have a great day. Thank you and goodbye.

Thank you.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.