On March 25th, Zero Run Automobile unveiled its "2023 Annual Financial Report," highlighting the following key points:
The financial report indicates that in 2023, ZERORUN achieved record highs in both annual revenue and delivery volume: delivering a total of 144,155 vehicles throughout the year, representing a nearly 30% year-on-year increase; and generating revenue of 16.75 billion CNY, marking a 35.2% year-on-year growth. The C series accounted for over 73% of the total, with the ZERORUN C11 surpassing ten thousand units in monthly sales at one point.
In 2023, the C series models (C11, C01) achieved a total delivery of 105,701 units for the full year, accounting for over 73% of the total annual deliveries, compared to 44.3% in 2022, showcasing a continual improvement in product structure.
Regarding gross profit margin, apart from achieving a positive gross profit margin ahead of schedule in the third quarter of 2023, ZERORUN benefited from its unique cost-reduction capabilities, continuous improvement in product structure, and ongoing efficiency improvements. ZERORUN achieved its first-ever annual positive gross profit margin in 2023, reaching 0.5%. Adjusted for rebates to the dealer channel, the full-year gross profit margin reached 11.6%.
In terms of cash flow, in 2023, ZERORUN continued to generate net cash inflows from operating activities, with a net cash flow from operating activities of 1.08 billion CNY. With abundant cash on hand reaching 19.39 billion CNY, the asset-liability structure remained at a healthy level.
