| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iv | | | |
| | | | | vi | | | |
| | | | | vii | | | |
| | | | | 1 | | | |
| | | | | 10 | | | |
| | | | | 12 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 68 | | | |
| | | | | 69 | | | |
| | | | | 70 | | | |
| | | | | 85 | | | |
| | | | | 103 | | | |
| | | | | 129 | | | |
| | | | | 139 | | | |
| | | | | 141 | | | |
| | | | | 144 | | | |
| | | | | 147 | | | |
| | | | | 154 | | | |
| | | | | 167 | | | |
| | | | | 172 | | | |
| | | | | 173 | | | |
| | | | | 174 | | | |
| | | | | 175 | | | |
| | | | | 176 | | |
| | |
RMB in thousands
|
| |
US$ in thousands
|
| ||||||
Cash and restricted cash
|
| | | | 925,348 | | | | | | 127,612 | | |
Short-term borrowings from banks
|
| | | | 870,000 | | | | | | 119,978 | | |
Convertible notes payable
|
| | | | 464,294 | | | | | | 64,029 | | |
Short-term borrowings from related parties
|
| | | | 300,000 | | | | | | 41,372 | | |
Borrowings and other financial liabilities
|
| | | | 1,634,294 | | | | | | 225,379 | | |
Total shareholders’ deficit
|
| | | | (344,561) | | | | | | (47,517) | | |
Total capitalization
|
| | | | 1,289,733 | | | | | | 177,862 | | |
| | |
Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Sales of goods revenues (including related parties:
RMB1,275,777, RMB1,466,340 and RMB1,663,076 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB613,655 and RMB1,018,256 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | 1,678,234 | | | | | | 1,983,817 | | | | | | 2,433,964 | | | | | | 335,659 | | | | | | 858,080 | | | | | | 1,264,263 | | | | | | 174,350 | | |
Software license revenues (including related parties:
RMB18,168, RMB24,788 and RMB133,450 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB15,481 and RMB164,995 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | 71,297 | | | | | | 261,265 | | | | | | 404,469 | | | | | | 55,779 | | | | | | 78,995 | | | | | | 215,641 | | | | | | 29,738 | | |
Service revenues (including related parties: RMB444,709,
RMB532,625 and RMB721,206 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB376,720 and RMB237,263 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | 491,532 | | | | | | 533,981 | | | | | | 723,561 | | | | | | 99,784 | | | | | | 376,917 | | | | | | 237,533 | | | | | | 32,757 | | |
Total revenues
|
| | | | 2,241,063 | | | | | | 2,779,063 | | | | | | 3,561,994 | | | | | | 491,222 | | | | | | 1,313,992 | | | | | | 1,717,437 | | | | | | 236,845 | | |
| | |
Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Cost of goods sold (including related parties: RMB6,073, RMB220,062 and RMB509,242 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB164,900 and RMB125,406 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | (1,524,744) | | | | | | (1,749,188) | | | | | | (1,970,845) | | | | | | (271,792) | | | | | | (687,208) | | | | | | (1,000,190) | | | | | | (137,933) | | |
Cost of software licenses (including related parties: nil,
nil and RMB21,700 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB nil and RMB11,061 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | (27,926) | | | | | | (32,164) | | | | | | (126,807) | | | | | | (17,487) | | | | | | (29,577) | | | | | | (37,210) | | | | | | (5,131) | | |
Cost of services (including related parties: nil, nil and RMB60,671 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB22,097 and RMB31,938 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | (137,005) | | | | | | (180,648) | | | | | | (470,463) | | | | | | (64,880) | | | | | | (169,255) | | | | | | (172,502) | | | | | | (23,789) | | |
Total cost of revenues
|
| | | | (1,689,675) | | | | | | (1,962,000) | | | | | | (2,568,115) | | | | | | (354,159) | | | | | | (886,040) | | | | | | (1,209,902) | | | | | | (166,853) | | |
Gross profit
|
| | | | 551,388 | | | | | | 817,063 | | | | | | 993,879 | | | | | | 137,063 | | | | | | 427,952 | | | | | | 507,535 | | | | | | 69,992 | | |
Research and development expenses (including related
parties: RMB2,118, RMB21,069 and RMB60,687 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB29,642 and RMB5,610 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | (706,018) | | | | | | (1,209,580) | | | | | | (1,332,800) | | | | | | (183,802) | | | | | | (643,991) | | | | | | (481,600) | | | | | | (66,416) | | |
Selling and marketing expenses (including related parties:
RMB192, nil and RMB96 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB64 and RMB nil for the six months ended June 30, 2022 and 2023, respectively) |
| | | | (60,643) | | | | | | (82,827) | | | | | | (86,597) | | | | | | (11,942) | | | | | | (34,738) | | | | | | (36,931) | | | | | | (5,093) | | |
General and administrative expenses (including related parties: RMB2,447, RMB2,343 and RMB2,057 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB1,004 and RMB2,131 for the six months ended June 30, 2022 and 2023,
respectively) |
| | | | (215,008) | | | | | | (525,041) | | | | | | (1,223,610) | | | | | | (168,744) | | | | | | (425,441) | | | | | | (377,343) | | | | | | (52,038) | | |
Other income – related parties
|
| | | | — | | | | | | — | | | | | | 22,846 | | | | | | 3,151 | | | | | | — | | | | | | 7,055 | | | | | | 973 | | |
Others, net
|
| | | | (200) | | | | | | 207 | | | | | | (1,939) | | | | | | (267) | | | | | | (1,534) | | | | | | (688) | | | | | | (95) | | |
Total operating expenses
|
| | | | (981,869) | | | | | | (1,817,241) | | | | | | (2,622,100) | | | | | | (361,604) | | | | | | (1,105,704) | | | | | | (889,507) | | | | | | (122,669) | | |
Loss from operation
|
| | | | (430,481) | | | | | | (1,000,178) | | | | | | (1,628,221) | | | | | | (224,541) | | | | | | (677,752) | | | | | | (381,972) | | | | | | (52,677) | | |
Interest income (including related parties: nil, RMB717
and RMB9,069 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB2,759 and RMB6,771 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | 28,480 | | | | | | 13,655 | | | | | | 13,820 | | | | | | 1,906 | | | | | | 5,257 | | | | | | 17,885 | | | | | | 2,466 | | |
Interest expenses (including related parties: RMB872, RMB131 and RMB12,215 for the years ended December 31, 2020, 2021 and 2022, respectively, and RMB1,622 and RMB6,116 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | (59,128) | | | | | | (131,585) | | | | | | (44,543) | | | | | | (6,143) | | | | | | (15,835) | | | | | | (38,228) | | | | | | (5,272) | | |
Income (loss) from equity method investments
|
| | | | 148 | | | | | | (3,891) | | | | | | (71,928) | | | | | | (9,919) | | | | | | (52,493) | | | | | | (25,414) | | | | | | (3,505) | | |
Change in fair value of an equity security
|
| | | | — | | | | | | — | | | | | | (16,843) | | | | | | (2,323) | | | | | | — | | | | | | 27,722 | | | | | | 3,823 | | |
Unrealized gains on equity securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,615 | | | | | | — | | | | | | — | | |
Gains on sale of an equity security
|
| | | | — | | | | | | — | | | | | | 59,728 | | | | | | 8,237 | | | | | | — | | | | | | — | | | | | | — | | |
Gains on deconsolidation of a subsidiary
|
| | | | — | | | | | | 10,579 | | | | | | 71,974 | | | | | | 9,926 | | | | | | 71,974 | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Change in fair value of warrant liabilities
|
| | | | (39,635) | | | | | | (111,299) | | | | | | (3,245) | | | | | | (448) | | | | | | — | | | | | | 4,781 | | | | | | 659 | | |
Change in fair value of derivative financial assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,189 | | | | | | 2,233 | | |
Government grants
|
| | | | 5,998 | | | | | | 34,507 | | | | | | 59,393 | | | | | | 8,191 | | | | | | 58,157 | | | | | | 2,695 | | | | | | 372 | | |
Foreign currency exchange gains (losses), net
|
| | | | 54,842 | | | | | | 18,315 | | | | | | (18,216) | | | | | | (2,512) | | | | | | (10,656) | | | | | | (34,659) | | | | | | (4,780) | | |
Loss before income taxes
|
| | | | (439,776) | | | | | | (1,169,897) | | | | | | (1,578,081) | | | | | | (217,626) | | | | | | (586,733) | | | | | | (411,001) | | | | | | (56,681) | | |
Income tax expense
|
| | | | (228) | | | | | | (6,861) | | | | | | (29,065) | | | | | | (4,008) | | | | | | (7,925) | | | | | | (326) | | | | | | (45) | | |
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | |
Net loss attributable to non-redeemable non-controlling
interests |
| | | | 345 | | | | | | 1,997 | | | | | | 42,518 | | | | | | 5,864 | | | | | | 12,713 | | | | | | 30,741 | | | | | | 4,239 | | |
Net loss attributable to redeemable non-controlling
interests |
| | | | — | | | | | | 806 | | | | | | 464 | | | | | | 64 | | | | | | 464 | | | | | | — | | | | | | — | | |
Net loss attributable to ECARX Holdings Inc.
|
| | | | (439,659) | | | | | | (1,173,955) | | | | | | (1,564,164) | | | | | | (215,706) | | | | | | (581,481) | | | | | | (380,586) | | | | | | (52,487) | | |
Accretion of redeemable non-controlling interests
|
| | |
|
—
|
| | | | | (1,306) | | | | | | (714) | | | | | | (98) | | | | | | (714) | | | | | | — | | | | | | — | | |
Net loss available to ECARX Holdings Inc.
|
| | | | (439,659) | | | | | | (1,175,261) | | | | | | (1,564,878) | | | | | | (215,804) | | | | | | (582,195) | | | | | | (380,586) | | | | | | (52,487) | | |
Accretion of Redeemable Convertible Preferred
Shares |
| | | | (101,286) | | | | | | (243,564) | | | | | | (354,878) | | | | | | (48,940) | | | | | | (177,842) | | | | | | — | | | | | | — | | |
Net loss available to ordinary shareholders
|
| | | | (540,945) | | | | | | (1,418,825) | | | | | | (1,919,756) | | | | | | (264,744) | | | | | | (760,037) | | | | | | (380,586) | | | | | | (52,487) | | |
Loss per ordinary share(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
− Basic and diluted loss per share, ordinary shares(1)
|
| | | | (2.27) | | | | | | (5.99) | | | | | | (8.02) | | | | | | (1.11) | | | | | | (3.22) | | | | | | (1.13) | | | | | | (0.16) | | |
Weighted average number of ordinary shares used in computing loss per ordinary share(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
− Weighted average number of ordinary shares(1)
|
| | | | 238,591,421 | | | | | | 236,691,093 | | | | | | 239,296,386 | | | | | | 239,296,386 | | | | | | 236,248,112 | | | | | | 337,395,390 | | | | | | 337,395,390 | | |
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Foreign currency translation adjustments, net of nil income taxes
|
| | | | 1,497 | | | | | | 4,551 | | | | | | (391,934) | | | | | | (54,050) | | | | | | (214,315) | | | | | | 48,996 | | | | | | 6,757 | | |
Comprehensive loss
|
| | | | (438,507) | | | | | | (1,172,207) | | | | | | (1,999,080) | | | | | | (275,684) | | | | | | (808,973) | | | | | | (362,331) | | | | | | (49,969) | | |
Comprehensive loss attributable to non-redeemable non-controlling interests
|
| | | | 345 | | | | | | 1,997 | | | | | | 42,518 | | | | | | 5,864 | | | | | | 12,713 | | | | | | 30,741 | | | | | | 4,239 | | |
Comprehensive loss attributable to redeemable non-controlling interests
|
| | | | — | | | | | | 806 | | | | | | 464 | | | | | | 64 | | | | | | 464 | | | | | | — | | | | | | — | | |
Comprehensive loss attributable to ordinary
shareholders |
| | | | (438,162) | | | | | | (1,169,404) | | | | | | (1,956,098) | | | | | | (269,756) | | | | | | (795,796) | | | | | | (331,590) | | | | | | (45,730) | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||
Total current assets
|
| | | | 2,592,163 | | | | | | 3,853,333 | | | | | | 531,398 | | | | | | 3,100,363 | | | | | | 427,560 | | |
Total non-current assets
|
| | | | 1,315,417 | | | | | | 877,699 | | | | | | 121,041 | | | | | | 901,725 | | | | | | 124,354 | | |
Total assets
|
| | | | 3,907,580 | | | | | | 4,731,032 | | | | | | 652,439 | | | | | | 4,002,088 | | | | | | 551,914 | | |
Total current liabilities
|
| | | | 2,754,861 | | | | | | 3,927,441 | | | | | | 541,617 | | | | | | 3,522,606 | | | | | | 485,789 | | |
Total non-current liabilities
|
| | | | 489,358 | | | | | | 838,047 | | | | | | 115,574 | | | | | | 824,043 | | | | | | 113,642 | | |
Total liabilities
|
| | | | 3,244,219 | | | | | | 4,765,488 | | | | | | 657,191 | | | | | | 4,346,649 | | | | | | 599,431 | | |
Total mezzanine equity
|
| | | | 4,563,407 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total shareholders’ deficit
|
| | | | (3,900,046) | | | | | | (34,456) | | | | | | (4,752) | | | | | | (344,561) | | | | | | (47,517) | | |
| | |
For the Year Ended December 31,
|
| |
For the Six months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Summary Consolidated Cash Flow Data
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash used in operating
activities |
| | | | (368,046) | | | | | | (907,283) | | | | | | (461,337) | | | | | | (63,620) | | | | | | (337,722) | | | | | | (962,893) | | | | | | (132,789) | | |
Net cash used in investing
activities |
| | | | (91,112) | | | | | | (1,198,234) | | | | | | (313,039) | | | | | | (43,171) | | | | | | (192,720) | | | | | | 740,559 | | | | | | 102,127 | | |
Net cash provided by financing activities
|
| | | | 1,138,126 | | | | | | 2,122,792 | | | | | | 657,767 | | | | | | 90,711 | | | | | | 265,356 | | | | | | 231,972 | | | | | | 31,991 | | |
Effect of foreign currency exchange
rate changes on cash and restricted cash |
| | | | (10,023) | | | | | | (32,019) | | | | | | 28,906 | | | | | | 3,985 | | | | | | 4,367 | | | | | | 14,281 | | | | | | 1,970 | | |
Net increase (decrease) in cash and
restricted cash |
| | | | 668,945 | | | | | | (14,744) | | | | | | (87,703) | | | | | | (12,095) | | | | | | (260,719) | | | | | | 23,919 | | | | | | 3,299 | | |
Cash and restricted cash at the beginning of the year/period
|
| | | | 334,931 | | | | | | 1,003,876 | | | | | | 989,132 | | | | | | 136,408 | | | | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | |
Cash and restricted cash at the end
of the year/period |
| | | | 1,003,876 | | | | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | | | | | 728,413 | | | | | | 925,348 | | | | | | 127,612 | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | — | | | | | | — | | | | | | 936,520 | | | | | | 2,927,944 | | | | | | (302,470)(1) | | | | | | 3,561,994 | | |
Cost of revenues
|
| | | | — | | | | | | — | | | | | | (680,699) | | | | | | (2,189,886) | | | | | | 302,470(1) | | | | | | (2,568,115) | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | 255,821 | | | | | | 738,058 | | | | | | — | | | | | | 993,879 | | |
Operating expenses
|
| | | | (26,005) | | | | | | (299) | | | | | | (253,107) | | | | | | (2,440,297) | | | | | | 97,608(5) | | | | | | (2,622,100) | | |
Loss from operation
|
| | | | (26,005) | | | | | | (299) | | | | | | 2,714 | | | | | | (1,702,239) | | | | | | 97,608 | | | | | | (1,628,221) | | |
Interest income
|
| | | | 6,565 | | | | | | 7,741 | | | | | | 1,448 | | | | | | 7,255 | | | | | | (9,189)(3) | | | | | | 13,820 | | |
Interest expenses
|
| | | | (3,132) | | | | | | — | | | | | | (17,370) | | | | | | (33,230) | | | | | | 9,189(3) | | | | | | (44,543) | | |
Share of loss of subsidiaries and consolidated
VIEs |
| | | | (1,511,004) | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,511,004(4) | | | | | | — | | |
Income (loss) from equity method investments
|
| | | | — | | | | | | — | | | | | | (86,588) | | | | | | 14,660 | | | | | | — | | | | | | (71,928) | | |
Change in fair value of an equity security
|
| | | | (16,843) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,843) | | |
Gains on deconsolidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | 71,974 | | | | | | — | | | | | | — | | | | | | 71,974 | | |
Gains on sale of an equity security
|
| | | | — | | | | | | — | | | | | | — | | | | | | 59,728 | | | | | | — | | | | | | 59,728 | | |
Gain / (loss) on the Restructuring
|
| | | | — | | | | | | (1,337,832) | | | | | | 1,639,979 | | | | | | (302,147) | | | | | | — | | | | | | — | | |
Gains on intellectual property transfers
|
| | | | — | | | | | | — | | | | | | 1,171,300 | | | | | | — | | | | | | (1,171,300)(5) | | | | | | — | | |
Other income (expenses)
|
| | | | (14,459) | | | | | | (5,178) | | | | | | 9,844 | | | | | | 47,725 | | | | | | — | | | | | | 37,932 | | |
Loss before income taxes
|
| | | | (1,564,878) | | | | | | (1,335,568) | | | | | | 2,793,301 | | | | | | (1,908,248) | | | | | | 437,312 | | | | | | (1,578,081) | | |
Income tax expenses
|
| | | | — | | | | | | (19,263) | | | | | | — | | | | | | (9,802) | | | | | | — | | | | | | (29,065) | | |
Net loss
|
| | | | (1,564,878) | | | | | | (1,354,831) | | | | | | 2,793,301 | | | | | | (1,918,050) | | | | | | 437,312 | | | | | | (1,607,146) | | |
Foreign currency translation adjustments, net of nil
income taxes |
| | | | (391,934) | | | | | | — | | | | | | — | | | | | | (96,181) | | | | | | 96,181(4) | | | | | | (391,934) | | |
Comprehensive loss
|
| | | | (1,956,812) | | | | | | (1,354,831) | | | | | | 2,793,301 | | | | | | (2,014,231) | | | | | | 533,493 | | | | | | (1,999,080) | | |
| | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | — | | | | | | — | | | | | | 2,755,780 | | | | | | 120,224 | | | | | | (96,941)(1)(2) | | | | | | 2,779,063 | | |
Cost of revenues
|
| | | | — | | | | | | (400) | | | | | | (1,938,222) | | | | | | (56,841) | | | | | | 33,463(1) | | | | | | (1,962,000) | | |
Gross profit
|
| | | | — | | | | | | (400) | | | | | | 817,558 | | | | | | 63,383 | | | | | | (63,478) | | | | | | 817,063 | | |
Operating expenses
|
| | | | (17,660) | | | | | | (1) | | | | | | (1,726,430) | | | | | | (136,628) | | | | | | 63,478(2) | | | | | | (1,817,241) | | |
Loss from operation
|
| | | | (17,660) | | | | | | (401) | | | | | | (908,872) | | | | | | (73,245) | | | | | | — | | | | | | (1,000,178) | | |
Interest income
|
| | | | 885 | | | | | | 20 | | | | | | 11,696 | | | | | | 2,020 | | | | | | (966)(3) | | | | | | 13,655 | | |
Interest expenses
|
| | | | (514) | | | | | | — | | | | | | (131,152) | | | | | | (885) | | | | | | 966(3) | | | | | | (131,585) | | |
Share of loss of subsidiaries and consolidated VIEs
|
| | | | (1,170,450) | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,170,450(4) | | | | | | — | | |
Income (loss) from equity method investments
|
| | | | — | | | | | | — | | | | | | 14,433 | | | | | | (16,952) | | | | | | (1,372)(6) | | | | | | (3,891) | | |
Gains on deconsolidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | 10,579 | | | | | | — | | | | | | — | | | | | | 10,579 | | |
Other income (expenses)
|
| | | | 12,478 | | | | | | — | | | | | | (100,220) | | | | | | 29,265 | | | | | | — | | | | | | (58,477) | | |
Loss before income taxes
|
| | | | (1,175,261) | | | | | | (381) | | | | | | (1,103,536) | | | | | | (59,797) | | | | | | 1,169,078 | | | | | | (1,169,897) | | |
Income tax expenses
|
| | | | — | | | | | | — | | | | | | (3,329) | | | | | | (3,532) | | | | | | — | | | | | | (6,861) | | |
Net loss
|
| | | | (1,175,261) | | | | | | (381) | | | | | | (1,106,865) | | | | | | (63,329) | | | | | | 1,169,078 | | | | | | (1,176,758) | | |
Foreign currency translation adjustments, net of
nil income taxes |
| | | | 4,551 | | | | | | — | | | | | | — | | | | | | (20,310) | | | | | | 20,310(4) | | | | | | 4,551 | | |
Comprehensive loss
|
| | | | (1,170,710) | | | | | | (381) | | | | | | (1,106,865) | | | | | | (83,639) | | | | | | 1,189,388 | | | | | | (1,172,207) | | |
| | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | — | | | | | | — | | | | | | 2,241,536 | | | | | | 40,365 | | | | | | (40,838)(1) | | | | | | 2,241,063 | | |
Cost of revenues
|
| | | | — | | | | | | — | | | | | | (1,690,518) | | | | | | (39,995) | | | | | | 40,838(1) | | | | | | (1,689,675) | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | 551,018 | | | | | | 370 | | | | | | — | | | | | | 551,388 | | |
Operating expenses
|
| | | | — | | | | | | — | | | | | | (981,866) | | | | | | (3) | | | | | | — | | | | | | (981,869) | | |
Loss from operation
|
| | | | — | | | | | | — | | | | | | (430,848) | | | | | | 367 | | | | | | — | | | | | | (430,481) | | |
Interest income
|
| | | | 431 | | | | | | — | | | | | | 28,047 | | | | | | 2 | | | | | | — | | | | | | 28,480 | | |
Interest expenses
|
| | | | — | | | | | | — | | | | | | (59,128) | | | | | | — | | | | | | — | | | | | | (59,128) | | |
Share of loss of subsidiaries and consolidated
VIEs |
| | | | (495,303) | | | | | | — | | | | | | — | | | | | | — | | | | | | 495,303(4) | | | | | | — | | |
Income (loss) from equity method investments
|
| | | | — | | | | | | — | | | | | | 148 | | | | | | — | | | | | | — | | | | | | 148 | | |
Other income (expenses)
|
| | | | 55,213 | | | | | | — | | | | | | (33,732) | | | | | | (276) | | | | | | — | | | | | | 21,205 | | |
Loss before income taxes
|
| | | | (439,659) | | | | | | — | | | | | | (495,513) | | | | | | 93 | | | | | | 495,303 | | | | | | (439,776) | | |
Income tax expenses
|
| | | | — | | | | | | — | | | | | | (228) | | | | | | — | | | | | | — | | | | | | (228) | | |
Net loss
|
| | | | (439,659) | | | | | | — | | | | | | (495,741) | | | | | | 93 | | | | | | 495,303 | | | | | | (440,004) | | |
Foreign currency translation adjustments, net of nil income taxes
|
| | | | 1,497 | | | | | | — | | | | | | — | | | | | | (11) | | | | | | 11(4) | | | | | | 1,497 | | |
Comprehensive loss
|
| | | | (438,162) | | | | | | — | | | | | | (495,741) | | | | | | 82 | | | | | | 495,314 | | | | | | (438,507) | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 119,022 | | | | | | 330 | | | | | | — | | | | | | 741,120 | | | | | | — | | | | | | 860,472 | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | — | | | | | | 40,957 | | | | | | — | | | | | | 40,957 | | |
Accounts receivable – related parties, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 835,320 | | | | | | — | | | | | | 835,320 | | |
Amounts due from related parties
|
| | | | 4,168,615 | | | | | | 520 | | | | | | — | | | | | | 932,117 | | | | | | (4,189,523)(1)(2) | | | | | | 911,729 | | |
Other current assets
|
| | | | 35 | | | | | | 125 | | | | | | — | | | | | | 1,204,695 | | | | | | — | | | | | | 1,204,855 | | |
Total current assets
|
| | | | 4,287,672 | | | | | | 975 | | | | | | — | | | | | | 3,754,209 | | | | | | (4,189,523) | | | | | | 3,853,333 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment in WFOE
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,724,298 | | | | | | (1,724,298)(4) | | | | | | — | | |
Long-term investments
|
| | | | 69,319 | | | | | | — | | | | | | — | | | | | | 284,536 | | | | | | — | | | | | | 353,855 | | |
Intangible assets, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,118,553 | | | | | | (1,073,692)(5) | | | | | | 44,861 | | |
Other non-current assets
|
| | | | — | | | | | | 213,695 | | | | | | — | | | | | | 265,288 | | | | | | — | | | | | | 478,983 | | |
Total non-current assets
|
| | | | 69,319 | | | | | | 213,695 | | | | | | — | | | | | | 3,392,675 | | | | | | (2,797,990) | | | | | | 877,699 | | |
Total assets
|
| | | | 4,356,991 | | | | | | 214,670 | | | | | | — | | | | | | 7,146,884 | | | | | | (6,987,513) | | | | | | 4,731,032 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share of losses in excess of investments in subsidiaries and VIEs
|
| | | | 3,948,086 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,948,086)(3) | | | | | | — | | |
Accounts payable – related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 241,773 | | | | | | — | | | | | | 241,773 | | |
Amounts due to related parties
|
| | | | 18,925 | | | | | | 1,446 | | | | | | — | | | | | | 4,211,995 | | | | | | (4,189,523)(1)(2) | | | | | | 42,843 | | |
Other current liabilities
|
| | | | 146,507 | | | | | | 24,664 | | | | | | — | | | | | | 3,471,654 | | | | | | — | | | | | | 3,642,825 | | |
Total current liabilities
|
| | | | 4,113,518 | | | | | | 26,110 | | | | | | — | | | | | | 7,925,422 | | | | | | (8,137,609) | | | | | | 3,927,441 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-current liabilities
|
| | | | 439,869 | | | | | | — | | | | | | — | | | | | | 398,178 | | | | | | — | | | | | | 838,047 | | |
Total liabilities
|
| | | | 4,553,387 | | | | | | 26,110 | | | | | | — | | | | | | 8,323,600 | | | | | | (8,137,609) | | | | | | 4,765,488 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
MEZZANINE EQUITY
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares
|
| | | | — | | | | | | 1,600,105 | | | | | | — | | | | | | — | | | | | | (1,600,105)(3)(4) | | | | | | — | | |
Class A Ordinary Shares
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9 | | |
Class B Ordinary Shares
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 5,919,660 | | | | | | — | | | | | | — | | | | | | 916,555 | | | | | | (916,555)(3) | | | | | | 5,919,660 | | |
Accumulated deficit
|
| | | | (5,730,180) | | | | | | (1,411,545) | | | | | | — | | | | | | (2,138,709) | | | | | | 3,550,254(3) | | | | | | (5,730,180) | | |
Accumulated other comprehensive income /
(loss) |
| | | | (385,886) | | | | | | — | | | | | | — | | | | | | (116,502) | | | | | | 116,502(3)(4) | | | | | | (385,886) | | |
Non-redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | 161,940 | | | | | | — | | | | | | 161,940 | | |
Total shareholders’ deficit
|
| | | | (196,396) | | | | | | 188,560 | | | | | | — | | | | | | (1,176,716) | | | | | | 1,150,096 | | | | | | (34,456) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 4,356,991 | | | | | | 214,670 | | | | | | — | | | | | | 7,146,884 | | | | | | (6,987,513) | | | | | | 4,731,032 | | |
|
| | |
As of Ended December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| | ||||||||||||||||||||
| | |
(RMB in thousands)
|
| ||||||||||||||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Cash
|
| | | | 158,755 | | | | | | 6 | | | | | | 642,293 | | | | | | 165,074 | | | | | | — | | | | | | 966,128 | | | | ||
Restricted cash
|
| | | | — | | | | | | — | | | | | | 23,004 | | | | | | — | | | | | | — | | | | | | 23,004 | | | | ||
Accounts receivable – related parties, net
|
| | | | — | | | | | | — | | | | | | 813,364 | | | | | | 72,044 | | | | | | (116,661)(1) | | | | | | 768,747 | | | | ||
Amounts due from related parties
|
| | | | 3,217,624 | | | | | | 1,590,639 | | | | | | 42,604 | | | | | | 839,007 | | | | | | (5,648,576)(1)(2) | | | | | | 41,298 | | | | ||
Other current assets
|
| | | | 5,751 | | | | | | — | | | | | | 728,164 | | | | | | 59,071 | | | | | | — | | | | | | 792,986 | | | | ||
Total current assets
|
| | | | 3,382,130 | | | | | | 1,590,645 | | | | | | 2,249,429 | | | | | | 1,135,196 | | | | | | (5,765,237) | | | | | | 2,592,163 | | | | ||
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Investment in WFOE
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,593,925 | | | | | | (1,593,925)(4) | | | | | | — | | | | ||
Long-term investments
|
| | | | — | | | | | | — | | | | | | 441,586 | | | | | | 712,463 | | | | | | (1,372)(6) | | | | | | 1,152,677 | | | | ||
Other non-current assets
|
| | | | — | | | | | | — | | | | | | 147,246 | | | | | | 15,494 | | | | | | — | | | | | | 162,740 | | | | ||
Total non-current assets
|
| | | | — | | | | | | — | | | | | | 588,832 | | | | | | 2,321,882 | | | | | | (1,595,297) | | | | | | 1,315,417 | | | | ||
Total assets
|
| | | | 3,382,130 | | | | | | 1,590,645 | | | | | | 2,838,261 | | | | | | 3,457,078 | | | | | | (7,360,534) | | | | | | 3,907,580 | | | | ||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Share of losses in excess of investments in subsidiaries and VIEs
|
| | | | 2,861,051 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,861,051)(3) | | | | | | — | | | | ||
Accounts payable – related parties
|
| | | | — | | | | | | — | | | | | | 159,528 | | | | | | 68,664 | | | | | | (116,661)(1) | | | | | | 111,531 | | | | ||
Amounts due to related parties
|
| | | | 85,390 | | | | | | 521 | | | | | | 2,452,787 | | | | | | 3,216,703 | | | | | | (5,648,576)(1)(2) | | | | | | 106,825 | | | | ||
Other current liabilities
|
| | | | 108 | | | | | | 400 | | | | | | 2,490,729 | | | | | | 45,268 | | | | | | — | | | | | | 2,536,505 | | | | ||
Total current liabilities
|
| | | | 2,946,549 | | | | | | 921 | | | | | | 5,103,044 | | | | | | 3,330,635 | | | | | | (8,626,288) | | | | | | 2,754,861 | | | |
| | |
As of Ended December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| | ||||||||||||||||||||
| | |
(RMB in thousands)
|
| ||||||||||||||||||||||||||||||||||||
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Total non-current liabilities
|
| | | | — | | | | | | — | | | | | | 489,358 | | | | | | — | | | | | | — | | | | | | 489,358 | | | | ||
Total liabilities
|
| | | | 2,946,549 | | | | | | 921 | | | | | | 5,592,402 | | | | | | 3,330,635 | | | | | | (8,626,288) | | | | | | 3,244,219 | | | | ||
MEZZANINE EQUITY
|
| | | | 4,532,907 | | | | | | — | | | | | | 30,500 | | | | | | — | | | | | | — | | | | | | 4,563,407 | | | | ||
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Ordinary Shares
|
| | | | 7 | | | | | | 1,600,105 | | | | | | 10,000 | | | | | | — | | | | | | (1,610,105)(3)(4) | | | | | | 7 | | | | ||
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 611,643 | | | | | | — | | | | | | (611,643)(3) | | | | | | — | | | | ||
Accumulated deficit
|
| | | | (4,103,381) | | | | | | (10,381) | | | | | | (3,400,550) | | | | | | (56,250) | | | | | | 3,467,181(3) | | | | | | (4,103,381) | | | | ||
Accumulated other comprehensive income /
(loss) |
| | | | 6,048 | | | | | | — | | | | | | — | | | | | | (20,321) | | | | | | 20,321(3)(4) | | | | | | 6,048 | | | | ||
Non-redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | (5,734) | | | | | | 203,014 | | | | | | — | | | | | | 197,280 | | | | ||
Total shareholders’ deficit
|
| | | | (4,097,326) | | | | | | 1,589,724 | | | | | | (2,784,641) | | | | | | 126,443 | | | | | | 1,265,754 | | | | | | (3,900,046) | | | | ||
Total liabilities, mezzanine equity and shareholders’
deficit |
| | | | 3,382,130 | | | | | | 1,590,645 | | | | | | 2,838,261 | | | | | | 3,457,078 | | | | | | (7,360,534) | | | | | | 3,907,580 | | | | ||
|
| | |
Year Ended December 31, 2022
|
| | |||||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other Subsidiaries
|
| |
Elimination
adjustments |
| |
Consolidated
|
| | ||||||||||||||||||||
| | |
(RMB in thousands)
|
| | |||||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net cash generated from / (used in) operating activities
|
| | | | (22,893) | | | | | | 324 | | | | | | 224,031 | | | | | | (662,799) | | | | | | — | | | | | | (461,337) | | | | ||
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Purchase of property, equipment and intangible
assets |
| | | | — | | | | | | — | | | | | | (36,074) | | | | | | (121,212) | | | | | | — | | | | | | (157,286) | | | | ||
Proceeds from disposal of property, equipment
and intangible assets |
| | | | — | | | | | | — | | | | | | — | | | | | | 1,732 | | | | | | — | | | | | | 1,732 | | | | ||
Cash paid for acquisition of equity
investments |
| | | | (67,790) | | | | | | — | | | | | | — | | | | | | (11,652) | | | | | | — | | | | | | (79,442) | | | | ||
Cash disposed in deconsolidation of Suzhou Photon-Matrix
|
| | | | — | | | | | | — | | | | | | (22,643) | | | | | | — | | | | | | — | | | | | | (22,643) | | | | ||
Proceeds from (cash paid for) transfer of long-term investments in the
Restructuring |
| | | | — | | | | | | — | | | | | | 234,949 | | | | | | (234,949) | | | | | | — | | | | | | — | | | | ||
Cash received on deconsolidation of Hubei Dongjun
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 1,000 | | | | ||
Financial support to an equity method
investee |
| | | | — | | | | | | — | | | | | | (28,500) | | | | | | — | | | | | | — | | | | | | (28,500) | | | | ||
Loans to related parties
|
| | | | (251,470) | | | | | | — | | | | | | (8,060) | | | | | | (406,200) | | | | | | 608,470(1)(3)(5) | | | | | | (57,260) | | | | | |
Cash collection of loans to related parties
|
| | | | 61,803 | | | | | | — | | | | | | 25,000 | | | | | | 324,360 | | | | | | (381,803)(1)(5) | | | | | | 29,360 | | | | ||
Advances to related parties
|
| | | | (476,842) | | | | | | — | | | | | | — | | | | | | — | | | | | | 476,842(2) | | | | | | — | | | | ||
Net cash (used in) / provided by investing activities
|
| | | | (734,299) | | | | | | — | | | | | | 165,672 | | | | | | (447,921) | | | | | | 703,509 | | | | | | (313,039) | | | | ||
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Proceeds from issuance of Series B Convertible
Redeemable Preferred Shares |
| | | | 159,485 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,485 | | | | ||
Cash contributed by redeemable non-controlling shareholders
|
| | | | — | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | 10,000 | | | | ||
Proceeds from short-term borrowings
|
| | | | — | | | | | | — | | | | | | 400,000 | | | | | | 870,000 | | | | | | — | | | | | | 1,270,000 | | | | ||
Repayment for short-term borrowings
|
| | | | — | | | | | | — | | | | | | (1,332,000) | | | | | | — | | | | | | — | | | | | | (1,332,000) | | | | ||
Borrowings from related parties
|
| | | | — | | | | | | — | | | | | | 157,000 | | | | | | 1,151,470 | | | | | | (608,470)(1)(3)(5) | | | | | | 700,000 | | | | ||
Repayment of borrowings from related parties
|
| | | | — | | | | | | — | | | | | | (270,000) | | | | | | (811,803) | | | | | | 381,803(1)(5) | | | | | | (700,000) | | | | ||
Proceeds from advances from related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 476,842 | | | | | | (476,842)(2) | | | | | | — | | | | ||
Cash disposed in the Restructuring
|
| | | | — | | | | | | — | | | | | | (20,000) | | | | | | — | | | | | | — | | | | | | (20,000) | | | | ||
Proceeds from issuance of convertible notes
|
| | | | 527,281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 527,281 | | | | ||
Payment for issuance costs of convertible
notes |
| | | | (2,938) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,938) | | | | ||
Cash proceeds from COVA
|
| | | | 43,724 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43,724 | | | | ||
Cash proceeds from Geely strategic
investment |
| | | | 139,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 139,200 | | | | ||
Cash paid for costs of the Merger
|
| | | | (136,985) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (136,985) | | | | ||
Net cash provided by / (used in) financing activities
|
| | | | 729,767 | | | | | | — | | | | | | (1,055,000) | | | | | | 1,686,509 | | | | | | (703,509) | | | | | | 657,767 | | | |
| | |
Year Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other Subsidiaries
|
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes on cash and restricted cash
|
| | | | (12,308) | | | | | | — | | | | | | — | | | | | | 41,214 | | | | | | — | | | | | | 28,906 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | (39,733) | | | | | | 324 | | | | | | (665,297) | | | | | | 617,003 | | | | | | — | | | | | | (87,703) | | |
Cash and restricted cash at the beginning of the
year |
| | | | 158,755 | | | | | | 6 | | | | | | 665,297 | | | | | | 165,074 | | | | | | — | | | | | | 989,132 | | |
Cash and restricted cash at the end of the year
|
| | | | 119,022 | | | | | | 330 | | | | | | — | | | | | | 782,077 | | | | | | — | | | | | | 901,429 | | |
|
| | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash generated from / (used in) operating activities
|
| | | | (22,741) | | | | | | 20 | | | | | | (817,989) | | | | | | (66,573) | | | | | | — | | | | | | (907,283) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, equipment and intangible assets
|
| | | | — | | | | | | — | | | | | | (69,419) | | | | | | (16,317) | | | | | | — | | | | | | (85,736) | | |
Cash contribution to subsidiaries
|
| | | | — | | | | | | (10,000) | | | | | | — | | | | | | (1,600,105) | | | | | | 1,610,105(4) | | | | | | — | | |
Acquisition of long-term investments
|
| | | | — | | | | | | — | | | | | | (400,000) | | | | | | (945,637) | | | | | | 200,000(6) | | | | | | (1,145,637) | | |
Cash surrendered from deconsolidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | (8,360) | | | | | | — | | | | | | — | | | | | | (8,360) | | |
Loans to related parties
|
| | | | (70,365) | | | | | | (1,590,119) | | | | | | (28,850) | | | | | | (747,149) | | | | | | 2,407,633(1)(3)(5) | | | | | | (28,850) | | |
Advances to related parties
|
| | | | (3,050,956) | | | | | | — | | | | | | (19,806) | | | | | | — | | | | | | 3,050,956(2) | | | | | | (19,806) | | |
Proceeds from collection of advances to a related party
|
| | | | — | | | | | | — | | | | | | 90,155 | | | | | | — | | | | | | — | | | | | | 90,155 | | |
Net cash used in investing activities
|
| | | | (3,121,321) | | | | | | (1,600,119) | | | | | | (436,280) | | | | | | (3,309,208) | | | | | | 7,268,694 | | | | | | (1,198,234) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of Convertible Redeemable Preferred Shares
|
| | | | 3,222,206 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,222,206 | | |
Refundable deposits in connection with the issuance of Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | — | | | | | | 461,849 | | | | | | — | | | | | | — | | | | | | 461,849 | | |
Repayment of refundable deposits in connection with the issuance of Convertible Redeemable Preferred
Shares |
| | | | — | | | | | | — | | | | | | (1,493,953) | | | | | | — | | | | | | — | | | | | | (1,493,953) | | |
Payment for issuance cost of Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | (10,000) | | | | | | — | | | | | | (10,000) | | |
Cash contributed by the respective parent companies
|
| | | | — | | | | | | 1,600,105 | | | | | | — | | | | | | 210,000 | | | | | | (1,810,105)(4)(6) | | | | | | — | | |
Cash contributed by non-controlling shareholders
|
| | | | — | | | | | | — | | | | | | 32,000 | | | | | | 200,000 | | | | | | — | | | | | | 232,000 | | |
Proceeds from short-term borrowings
|
| | | | — | | | | | | — | | | | | | 947,000 | | | | | | — | | | | | | — | | | | | | 947,000 | | |
Repayment for short-term borrowings
|
| | | | — | | | | | | — | | | | | | (91,000) | | | | | | — | | | | | | — | | | | | | (91,000) | | |
Borrowings from related parties
|
| | | | 45,152 | | | | | | — | | | | | | 2,337,268 | | | | | | 70,365 | | | | | | (2,407,633)(1)(3)(5) | | | | | | 45,152 | | |
| | |
Year Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Repayment of borrowings from related parties
|
| | | | (45,152) | | | | | | — | | | | | | (20,000) | | | | | | — | | | | | | — | | | | | | (65,152) | | |
Proceeds from advances from related
parties |
| | | | — | | | | | | — | | | | | | — | | | | | | 3,050,956 | | | | | | (3,050,956)(2) | | | | | | — | | |
Repayment of long-term debt
|
| | | | — | | | | | | — | | | | | | (1,125,310) | | | | | | — | | | | | | — | | | | | | (1,125,310) | | |
Net cash provided by financing activities
|
| | | | 3,222,206 | | | | | | 1,600,105 | | | | | | 1,047,854 | | | | | | 3,521,321 | | | | | | (7,268,694) | | | | | | 2,122,792 | | |
Effect of foreign currency exchange rate changes on cash and restricted cash
|
| | | | (17,660) | | | | | | — | | | | | | — | | | | | | (14,359) | | | | | | — | | | | | | (32,019) | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 60,484 | | | | | | 6 | | | | | | (206,415) | | | | | | 131,181 | | | | | | — | | | | | | (14,744) | | |
Cash and restricted cash at the beginning of the year
|
| | | | 98,271 | | | | | | — | | | | | | 871,712 | | | | | | 33,893 | | | | | | — | | | | | | 1,003,876 | | |
Cash and restricted cash at the end of the
year |
| | | | 158,755 | | | | | | 6 | | | | | | 665,297 | | | | | | 165,074 | | | | | | — | | | | | | 989,132 | | |
|
| | |
Year Ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
ECARX
Holdings |
| |
WFOE
|
| |
VIEs
|
| |
Other
Subsidiaries |
| |
Elimination
adjustments |
| |
Consolidated
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | | (266) | | | | | | — | | | | | | (312,311) | | | | | | (55,469) | | | | | | — | | | | | | (368,046) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, equipment and intangible assets
|
| | | | — | | | | | | — | | | | | | (69,114) | | | | | | — | | | | | | — | | | | | | (69,114) | | |
Advances to related parties
|
| | | | (97,873) | | | | | | — | | | | | | (103,024) | | | | | | — | | | | | | 97,873(2) | | | | | | (103,024) | | |
Proceeds from collection of advances to a
related party |
| | | | — | | | | | | — | | | | | | 81,026 | | | | | | — | | | | | | | | | | | | 81,026 | | |
Net cash used in investing activities
|
| | | | (97,873) | | | | | | — | | | | | | (91,112) | | | | | | — | | | | | | 97,873 | | | | | | (91,112) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of Convertible Redeemable Preferred Shares
|
| | | | 206,422 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 206,422 | | |
Refundable deposits in connection with the issuance of Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | — | | | | | | 1,032,104 | | | | | | — | | | | | | — | | | | | | 1,032,104 | | |
Payment for issuance cost of Convertible
Redeemable Preferred Shares |
| | | | — | | | | | | — | | | | | | — | | | | | | (8,500) | | | | | | — | | | | | | (8,500) | | |
Proceeds from short-term borrowings
|
| | | | — | | | | | | — | | | | | | 76,000 | | | | | | — | | | | | | — | | | | | | 76,000 | | |
Repayment for short-term borrowings
|
| | | | — | | | | | | — | | | | | | (167,900) | | | | | | — | | | | | | — | | | | | | (167,900) | | |
Proceeds from advances from related parties
|
| | | | — | | | | | | — | | | | | | — | | | | | | 97,873 | | | | | | (97,873)(2) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 206,422 | | | | | | — | | | | | | 940,204 | | | | | | 89,373 | | | | | | (97,873) | | | | | | 1,138,126 | | |
Effect of foreign currency exchange rate changes on cash and restricted cash
|
| | | | (10,012) | | | | | | — | | | | | | — | | | | | | (11) | | | | | | — | | | | | | (10,023) | | |
Net increase in cash and restricted cash
|
| | | | 98,271 | | | | | | — | | | | | | 536,781 | | | | | | 33,893 | | | | | | — | | | | | | 668,945 | | |
Cash and restricted cash at the beginning
of the year |
| | | | — | | | | | | — | | | | | | 334,931 | | | | | | — | | | | | | — | | | | | | 334,931 | | |
Cash and restricted cash at the end of the year
|
| | | | 98,271 | | | | | | — | | | | | | 871,712 | | | | | | 33,893 | | | | | | — | | | | | | 1,003,876 | | |
| | |
Year Ended December 31,
|
| |
For the Six months Ended June 30,
|
| | ||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| | |||||||||||||||||||||||||||||
| | |
(in thousands)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| | |||||||||||||||||||||||
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | | | ||
Share-based compensation expenses
|
| | | | 11,410 | | | | | | 179,933 | | | | | | 725,651 | | | | | | 100,072 | | | | | | 195,037 | | | | | | 52,226 | | | | | | 7,202 | | | | ||
Adjusted net loss
|
| | | | (428,594) | | | | | | (996,825) | | | | | | (881,495) | | | | | | (121,562) | | | | | | (399,621) | | | | | | (359,101) | | | | | | (49,524) | | | | ||
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | | | ||
Interest income
|
| | | | (28,480) | | | | | | (13,655) | | | | | | (13,820) | | | | | | (1,906) | | | | | | (5,257) | | | | | | (17,885) | | | | | | (2,466) | | | | ||
Interest expense
|
| | | | 59,128 | | | | | | 131,585 | | | | | | 44,543 | | | | | | 6,143 | | | | | | 15,835 | | | | | | 38,228 | | | | | | 5,272 | | | | ||
Income tax expenses
|
| | | | 228 | | | | | | 6,861 | | | | | | 29,065 | | | | | | 4,008 | | | | | | 7,925 | | | | | | 326 | | | | | | 45 | | | | ||
Depreciation of property and equipment
|
| | | | 38,480 | | | | | | 43,273 | | | | | | 50,527 | | | | | | 6,968 | | | | | | 24,360 | | | | | | 27,084 | | | | | | 3,735 | | | | ||
Amortization of intangible assets
|
| | | | 20,478 | | | | | | 21,887 | | | | | | 24,032 | | | | | | 3,314 | | | | | | 11,764 | | | | | | 12,007 | | | | | | 1,656 | | | | ||
Share-based compensation expenses
|
| | | | 11,410 | | | | | | 179,933 | | | | | | 725,651 | | | | | | 100,072 | | | | | | 195,037 | | | | | | 52,226 | | | | | | 7,202 | | | | ||
Adjusted EBITDA
|
| | | | (338,760) | | | | | | (806,874) | | | | | | (747,148) | | | | | | (103,035) | | | | | | (344,994) | | | | | | (299,341) | | | | | | (41,282) | | | |
| | |
As of June 30, 2023
|
| |||||||||
| | |
Number
|
| |
%
|
| ||||||
Functions: | | | | | | | | | | | | | |
Research and development
|
| | | | 1,125 | | | | | | 73% | | |
Quality operation
|
| | | | 58 | | | | | | 4% | | |
General and administration
|
| | | | 282 | | | | | | 18% | | |
Marketing and sales
|
| | | | 72 | | | | | | 5% | | |
Total
|
| | |
|
1,537
|
| | | |
|
100%
|
| |
Location
|
| |
Approximate Size
(Building) in Square Meters |
| |
Primary Use
|
| |
Lease Term (years)
|
| |||
Hangzhou
|
| | | | 6,378 | | | |
Operation, R&D
|
| |
1~3 years
|
|
Beijing
|
| | | | 527 | | | |
Product R&D
|
| |
1 year
|
|
Shanghai
|
| | | | 5,246 | | | |
Operation, R&D
|
| |
1~3 years
|
|
Wuhan
|
| | | | 10,208 | | | |
Product R&D
|
| |
3~4 years
|
|
Dalian
|
| | | | 1,909 | | | |
Product R&D
|
| |
3~4 years
|
|
Location
|
| |
Approximate Size
(Building) in Square Meters |
| |
Primary Use
|
| |
Lease Term (years)
|
| |||
Chengdu
|
| | | | 1,311 | | | |
Product R&D
|
| |
3 years
|
|
Suzhou
|
| | | | 7,813 | | | |
Operation, R&D
|
| |
3~5 years
|
|
Gothenburg
|
| | | | 2,164 | | | |
Product R&D
|
| |
5 years
|
|
London
|
| | | | 3,000 | | | |
Operation
|
| |
10 years
|
|
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods revenues
|
| | | | 1,678,234 | | | | | | 74.9 | | | | | | 1,983,817 | | | | | | 71.4 | | | | | | 2,433,964 | | | | | | 335,659 | | | | | | 68.3 | | | | | | 858,080 | | | | | | 65.3 | | | | | | 1,264,263 | | | | | | 174,350 | | | | | | 73.6 | | |
Software license revenues
|
| | | | 71,297 | | | | | | 3.2 | | | | | | 261,265 | | | | | | 9.4 | | | | | | 404,469 | | | | | | 55,779 | | | | | | 11.4 | | | | | | 78,995 | | | | | | 6.0 | | | | | | 215,641 | | | | | | 29,738 | | | | | | 12.6 | | |
Service revenues
|
| | | | 491,532 | | | | | | 21.9 | | | | | | 533,981 | | | | | | 19.2 | | | | | | 723,561 | | | | | | 99,784 | | | | | | 20.3 | | | | | | 376,917 | | | | | | 28.7 | | | | | | 237,533 | | | | | | 32,757 | | | | | | 13.8 | | |
Total | | | | | 2,241,063 | | | | | | 100.0 | | | | | | 2,779,063 | | | | | | 100.0 | | | | | | 3,561,994 | | | | | | 491,222 | | | | | | 100.0 | | | | | | 1,313,992 | | | | | | 100.0 | | | | | | 1,717,437 | | | | | | 236,845 | | | | | | 100.0 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 1,524,744 | | | | | | 68.1 | | | | | | 1,749,188 | | | | | | 62.9 | | | | | | 1,970,845 | | | | | | 271,792 | | | | | | 55.3 | | | | | | 687,208 | | | | | | 52.3 | | | | | | 1,000,190 | | | | | | 137,933 | | | | | | 58.2 | | |
Cost of software license
|
| | | | 27,926 | | | | | | 1.2 | | | | | | 32,164 | | | | | | 1.2 | | | | | | 126,807 | | | | | | 17,487 | | | | | | 3.6 | | | | | | 29,577 | | | | | | 2.3 | | | | | | 37,210 | | | | | | 5,131 | | | | | | 2.2 | | |
Cost of services
|
| | | | 137,005 | | | | | | 6.1 | | | | | | 180,648 | | | | | | 6.5 | | | | | | 470,463 | | | | | | 64,880 | | | | | | 13.2 | | | | | | 169,255 | | | | | | 12.9 | | | | | | 172,502 | | | | | | 23,789 | | | | | | 10.0 | | |
Total | | | | | 1,689,675 | | | | | | 75.4 | | | | | | 1,962,000 | | | | | | 70.6 | | | | | | 2,568,115 | | | | | | 354,159 | | | | | | 72.1 | | | | | | 886,040 | | | | | | 67.5 | | | | | | 1,209,902 | | | | | | 166,853 | | | | | | 70.4 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Gross
Profit |
| |
Gross
Profit Margin |
| |
Gross
Profit |
| |
Gross
Profit Margin |
| |
Gross
Profit |
| |
Gross
Profit Margin |
| |
Gross
Profit |
| |
Gross
Profit Margin |
| |
Gross
Profit |
| |
Gross
Profit Margin |
| ||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of goods
|
| | | | 153,490 | | | | | | 9.1 | | | | | | 234,629 | | | | | | 11.8 | | | | | | 463,119 | | | | | | 19.0 | | | | | | 170,872 | | | | | | 19.9 | | | | | | 264,073 | | | | | | 20.9 | | |
Software licenses
|
| | | | 43,371 | | | | | | 60.8 | | | | | | 229,101 | | | | | | 87.7 | | | | | | 277,662 | | | | | | 68.6 | | | | | | 49,418 | | | | | | 62.6 | | | | | | 178,431 | | | | | | 82.7 | | |
Services
|
| | | | 354,527 | | | | | | 72.1 | | | | | | 353,333 | | | | | | 66.2 | | | | | | 253,098 | | | | | | 35.0 | | | | | | 207,662 | | | | | | 55.1 | | | | | | 65,031 | | | | | | 27.4 | | |
Total | | | | | 551,388 | | | | | | 24.6 | | | | | | 817,063 | | | | | | 29.4 | | | | | | 993,879 | | | | | | 27.9 | | | | | | 427,952 | | | | | | 32.6 | | | | | | 507,535 | | | | | | 29.6 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | 706,018 | | | | | | 31.5 | | | | | | 1,209,580 | | | | | | 43.5 | | | | | | 1,332,800 | | | | | | 183,802 | | | | | | 37.4 | | | | | | 643,991 | | | | | | 49.0 | | | | | | 481,600 | | | | | | 66,416 | | | | | | 28.0 | | |
Selling and marketing expenses
|
| | | | 60,643 | | | | | | 2.7 | | | | | | 82,827 | | | | | | 3.0 | | | | | | 86,597 | | | | | | 11,942 | | | | | | 2.4 | | | | | | 34,738 | | | | | | 2.6 | | | | | | 36,931 | | | | | | 5,093 | | | | | | 2.2 | | |
General and administrative expenses
|
| | | | 215,008 | | | | | | 9.6 | | | | | | 525,041 | | | | | | 18.9 | | | | | | 1,223,610 | | | | | | 168,744 | | | | | | 34.4 | | | | | | 425,441 | | | | | | 32.4 | | | | | | 377,343 | | | | | | 52,038 | | | | | | 22.0 | | |
Other income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (22,846) | | | | | | (3,151) | | | | | | (0.6) | | | | | | — | | | | | | — | | | | | | (7,055) | | | | | | (973) | | | | | | (0.4) | | |
Others, net
|
| | | | 200 | | | | | | — | | | | | | (207) | | | | | | 0.0 | | | | | | 1,939 | | | | | | 267 | | | | | | 0.1 | | | | | | 1,534 | | | | | | 0.1 | | | | | | 688 | | | | | | 95 | | | | | | 0.0 | | |
Total | | | | | 981,869 | | | | | | 43.8 | | | | | | 1,817,241 | | | | | | 65.4 | | | | | | 2,622,100 | | | | | | 361,604 | | | | | | 73.7 | | | | | | 1,105,704 | | | | | | 84.1 | | | | | | 889,507 | | | | | | 122,669 | | | | | | 51.8 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
− Sales of goods revenues
|
| | | | 1,678,234 | | | | | | 74.9 | | | | | | 1,983,817 | | | | | | 71.4 | | | | | | 2,433,964 | | | | | | 335,659 | | | | | | 68.3 | | | | | | 858,080 | | | | | | 65.3 | | | | | | 1,264,263 | | | | | | 174,350 | | | | | | 73.6 | | |
− Software license revenues
|
| | | | 71,297 | | | | | | 3.2 | | | | | | 261,265 | | | | | | 9.4 | | | | | | 404,469 | | | | | | 55,779 | | | | | | 11.4 | | | | | | 78,995 | | | | | | 6.0 | | | | | | 215,641 | | | | | | 29,738 | | | | | | 12.6 | | |
− Service revenues
|
| | | | 491,532 | | | | | | 21.9 | | | | | | 533,981 | | | | | | 19.2 | | | | | | 723,561 | | | | | | 99,784 | | | | | | 20.3 | | | | | | 376,917 | | | | | | 28.7 | | | | | | 237,533 | | | | | | 32,757 | | | | | | 13.8 | | |
Total revenues
|
| | | | 2,241,063 | | | | | | 100.0 | | | | | | 2,779,063 | | | | | | 100.0 | | | | | | 3,561,994 | | | | | | 491,222 | | | | | | 100.0 | | | | | | 1,313,992 | | | | | | 100.0 | | | | | | 1,717,437 | | | | | | 236,845 | | | | | | 100.0 | | |
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
− Cost of goods sold
|
| | | | (1,524,744) | | | | | | (68.1) | | | | | | (1,749,188) | | | | | | (62.9) | | | | | | (1,970,845) | | | | | | (271,792) | | | | | | (55.3) | | | | | | (687,208) | | | | | | (52.3) | | | | | | (1,000,190) | | | | | | (137,933) | | | | | | (58.2) | | |
− Cost of software licenses
|
| | | | (27,926) | | | | | | (1.2) | | | | | | (32,164) | | | | | | (1.2) | | | | | | (126,807) | | | | | | (17,487) | | | | | | (3.6) | | | | | | (29,577) | | | | | | (2.3) | | | | | | (37,210) | | | | | | (5,131) | | | | | | (2.2) | | |
− Cost of services
|
| | | | (137,005) | | | | | | (6.1) | | | | | | (180,648) | | | | | | (6.5) | | | | | | (470,463) | | | | | | (64,880) | | | | | | (13.2) | | | | | | (169,255) | | | | | | (12.9) | | | | | | (172,502) | | | | | | (23,789) | | | | | | (10.0) | | |
Total cost of revenues
|
| | | | (1,689,675) | | | | | | (75.4) | | | | | | (1,962,000) | | | | | | (70.6) | | | | | | (2,568,115) | | | | | | (354,159) | | | | | | (72.1) | | | | | | (886,040) | | | | | | (67.5) | | | | | | (1,209,902) | | | | | | (166,853) | | | | | | (70.4) | | |
Gross profit
|
| | | | 551,388 | | | | | | 24.6 | | | | | | 817,063 | | | | | | 29.4 | | | | | | 993,879 | | | | | | 137,063 | | | | | | 27.9 | | | | | | 427,952 | | | | | | 32.5 | | | | | | 507,535 | | | | | | 69,992 | | | | | | 29.6 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
− Research and development expenses
|
| | | | (706,018) | | | | | | (31.5) | | | | | | (1,209,580) | | | | | | (43.5) | | | | | | (1,332,800) | | | | | | (183,802) | | | | | | (37.4) | | | | | | (643,991) | | | | | | (49.0) | | | | | | (481,600) | | | | | | (66,416) | | | | | | (28.0) | | |
− Selling and marketing expenses
|
| | | | (60,643) | | | | | | (2.7) | | | | | | (82,827) | | | | | | (3.0) | | | | | | (86,597) | | | | | | (11,942) | | | | | | (2.4) | | | | | | (34,738) | | | | | | (2.6) | | | | | | (36,931) | | | | | | (5,093) | | | | | | (2.2) | | |
− General and administrative expense
|
| | | | (215,008) | | | | | | (9.6) | | | | | | (525,041) | | | | | | (18.9) | | | | | | (1,223,610) | | | | | | (168,744) | | | | | | (34.4) | | | | | | (425,441) | | | | | | (32.4) | | | | | | (377,343) | | | | | | (52,038) | | | | | | (22.0) | | |
− Other income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,846 | | | | | | 3,151 | | | | | | 0.6 | | | | | | — | | | | | | — | | | | | | 7,055 | | | | | | 973 | | | | | | 0.4 | | |
− Others, net
|
| | | | (200) | | | | | | — | | | | | | 207 | | | | | | 0.0 | | | | | | (1,939) | | | | | | (267) | | | | | | (0.1) | | | | | | (1,534) | | | | | | (0.1) | | | | | | (688) | | | | | | (95) | | | | | | (0.0) | | |
Total operating expenses
|
| | | | (981,869) | | | | | | (43.8) | | | | | | (1,817,241) | | | | | | (65.4) | | | | | | (2,622,100) | | | | | | (361,604) | | | | | | (73.7) | | | | | | (1,105,704) | | | | | | (84.1) | | | | | | (889,507) | | | | | | (122,669) | | | | | | (51.8) | | |
Loss from operation
|
| | | | (430,481) | | | | | | (19.2) | | | | | | (1,000,178) | | | | | | (36.0) | | | | | | (1,628,221) | | | | | | (224,541) | | | | | | (45.8) | | | | | | (677,752) | | | | | | (51.6) | | | | | | (381,972) | | | | | | (52,677) | | | | | | (22.2) | | |
Interest income
|
| | | | 28,480 | | | | | | 1.3 | | | | | | 13,655 | | | | | | 0.5 | | | | | | 13,820 | | | | | | 1,906 | | | | | | 0.4 | | | | | | 5,257 | | | | | | 0.4 | | | | | | 17,885 | | | | | | 2,466 | | | | | | 1.0 | | |
Interest expenses
|
| | | | (59,128) | | | | | | (2.6) | | | | | | (131,585) | | | | | | (4.7) | | | | | | (44,543) | | | | | | (6,143) | | | | | | (1.3) | | | | | | (15,835) | | | | | | (1.2) | | | | | | (38,228) | | | | | | (5,272) | | | | | | (2.2) | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| |
RMB
|
| |
%
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investments
|
| | | | 148 | | | | | | — | | | | | | (3,891) | | | | | | (0.1) | | | | | | (71,928) | | | | | | (9,919) | | | | | | (2.0) | | | | | | (52,493) | | | | | | (4.0) | | | | | | (25,414) | | | | | | (3,505) | | | | | | (1.5) | | |
Change in fair value of an equity
security |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (16,843) | | | | | | (2,323) | | | | | | (0.5) | | | | | | — | | | | | | — | | | | | | 27,722 | | | | | | 3,823 | | | | | | 1.6 | | |
Unrealized gains on equity securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34,615 | | | | | | 2.6 | | | | | | — | | | | | | — | | | | | | — | | |
Gains on sale of an equity security
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 59,728 | | | | | | 8,237 | | | | | | 1.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gains on deconsolidation of
a subsidiary |
| | | | — | | | | | | — | | | | | | 10,579 | | | | | | 0.4 | | | | | | 71,974 | | | | | | 9,926 | | | | | | 2.0 | | | | | | 71,974 | | | | | | 5.5 | | | | | | — | | | | | | — | | | | | | — | | |
Change in fair value of warrant
liabilities |
| | | | (39,635) | | | | | | (1.8) | | | | | | (111,299) | | | | | | (4.0) | | | | | | (3,245) | | | | | | (448) | | | | | | (0.1) | | | | | | — | | | | | | — | | | | | | 4,781 | | | | | | 659 | | | | | | 0.3 | | |
Change in fair value of derivative financial
assets |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,189 | | | | | | 2,233 | | | | | | 0.9 | | |
Government grants
|
| | | | 5,998 | | | | | | 0.3 | | | | | | 34,507 | | | | | | 1.2 | | | | | | 59,393 | | | | | | 8,191 | | | | | | 1.7 | | | | | | 58,157 | | | | | | 4.4 | | | | | | 2,695 | | | | | | 372 | | | | | | 0.2 | | |
Foreign currency exchange gains, net
|
| | | | 54,842 | | | | | | 2.4 | | | | | | 18,315 | | | | | | 0.7 | | | | | | (18,216) | | | | | | (2,512) | | | | | | (0.5) | | | | | | (10,656) | | | | | | (0.8) | | | | | | (34,659) | | | | | | (4,780) | | | | | | (2.0) | | |
Loss before income taxes
|
| | | | (439,776) | | | | | | (19.6) | | | | | | (1,169,897) | | | | | | (42.0) | | | | | | (1,578,081) | | | | | | (217,626) | | | | | | (44.4) | | | | | | (586,733) | | | | | | (44.7) | | | | | | (411,001) | | | | | | (56,681) | | | | | | (23.9) | | |
Income tax expenses
|
| | | | (228) | | | | | | — | | | | | | (6,861) | | | | | | (0.2) | | | | | | (29,065) | | | | | | (4,008) | | | | | | (0.8) | | | | | | (7,925) | | | | | | (0.6) | | | | | | (326) | | | | | | (45) | | | | | | (0.0) | | |
Net loss
|
| | | | (440,004) | | | | | | (19.6) | | | | | | (1,176,758) | | | | | | (42.2) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (45.2) | | | | | | (594,658) | | | | | | (45.3) | | | | | | (411,327) | | | | | | (56,726) | | | | | | (23.9) | | |
|
| | |
Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| | ||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| | |||||||||||||||||||||||||||||
| | |
(in thousands)
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| | |||||||||||||||||||||||
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | | | ||
Share-based compensation expenses
|
| | | | 11,410 | | | | | | 179,933 | | | | | | 725,651 | | | | | | 100,072 | | | | | | 195,037 | | | | | | 52,226 | | | | | | 7,202 | | | | ||
Adjusted net loss
|
| | | | (428,594) | | | | | | (996,825) | | | | | | (881,495) | | | | | | (121,562) | | | | | | (399,621) | | | | | | (359,101) | | | | | | (49,524) | | | | ||
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | | | ||
Interest income
|
| | | | (28,480) | | | | | | (13,655) | | | | | | (13,820) | | | | | | (1,906) | | | | | | (5,257) | | | | | | (17,885) | | | | | | (2,466) | | | | ||
Interest expense
|
| | | | 59,128 | | | | | | 131,585 | | | | | | 44,543 | | | | | | 6,143 | | | | | | 15,835 | | | | | | 38,228 | | | | | | 5,272 | | | | ||
Income tax expenses
|
| | | | 228 | | | | | | 6,861 | | | | | | 29,065 | | | | | | 4,008 | | | | | | 7,925 | | | | | | 326 | | | | | | 45 | | | | ||
Depreciation of property and
equipment |
| | | | 38,480 | | | | | | 43,273 | | | | | | 50,527 | | | | | | 6,968 | | | | | | 24,360 | | | | | | 27,084 | | | | | | 3,735 | | | | ||
Amortization of intangible assets
|
| | | | 20,478 | | | | | | 21,887 | | | | | | 24,032 | | | | | | 3,314 | | | | | | 11,764 | | | | | | 12,007 | | | | | | 1,656 | | | | ||
Share-based compensation expenses
|
| | | | 11,410 | | | | | | 179,933 | | | | | | 725,651 | | | | | | 100,072 | | | | | | 195,037 | | | | | | 52,226 | | | | | | 7,202 | | | | ||
Adjusted EBITDA
|
| | | | (338,760) | | | | | | (806,874) | | | | | | (747,148) | | | | | | (103,035) | | | | | | (344,994) | | | | | | (299,341) | | | | | | (41,282) | | | |
| | |
For the Six Months Ended June 30,
|
| | | | ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2023
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Sales of Goods Revenues
|
| | | | 858,080 | | | | | | 1,264,263 | | | | | | 174,350 | | | | | | 406,183 | | | | | | 56,015 | | | | | | 47.3 | | |
Automotive computing platform
|
| | | | 608,078 | | | | | | 1,053,901 | | | | | | 145,340 | | | | | | 445,823 | | | | | | 61,482 | | | | | | 73.3 | | |
SoC Core Modules
|
| | | | 188,338 | | | | | | 200,255 | | | | | | 27,616 | | | | | | 11,917 | | | | | | 1,643 | | | | | | 6.3 | | |
Merchandise and other products
|
| | | | 61,664 | | | | | | 10,107 | | | | | | 1,394 | | | | | | (51,557) | | | | | | (7,110) | | | | | | (83.6) | | |
Software License Revenues
|
| | | | 78,995 | | | | | | 215,641 | | | | | | 29,738 | | | | | | 136,646 | | | | | | 18,844 | | | | | | 173.0 | | |
Service Revenues
|
| | | | 376,917 | | | | | | 237,533 | | | | | | 32,757 | | | | | | (139,384) | | | | | | (19,222) | | | | | | (37.0) | | |
Automotive computing platform – design
and development service |
| | | | 241,090 | | | | | | 119,291 | | | | | | 16,451 | | | | | | (121,799) | | | | | | (16,797) | | | | | | (50.5) | | |
Connectivity service
|
| | | | 107,949 | | | | | | 99,508 | | | | | | 13,723 | | | | | | (8,441) | | | | | | (1,164) | | | | | | (7.8) | | |
Other services
|
| | | | 27,878 | | | | | | 18,734 | | | | | | 2,583 | | | | | | (9,144) | | | | | | (1,261) | | | | | | (32.8) | | |
Total Revenues
|
| | | | 1,313,992 | | | | | | 1,717,437 | | | | | | 236,845 | | | | | | 403,445 | | | | | | 55,637 | | | | | | 30.7 | | |
| | |
For the Six Months Ended June 30,
|
| | | | ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2023
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 687,208 | | | | | | 1,000,190 | | | | | | 137,933 | | | | | | 312,982 | | | | | | 43,162 | | | | | | 45.5 | | |
Cost of software licenses
|
| | | | 29,577 | | | | | | 37,210 | | | | | | 5,131 | | | | | | 7,633 | | | | | | 1,053 | | | | | | 25.8 | | |
Cost of services
|
| | | | 169,255 | | | | | | 172,502 | | | | | | 23,789 | | | | | | 3,247 | | | | | | 448 | | | | | | 1.9 | | |
Total | | | | | 886,040 | | | | | | 1,209,902 | | | | | | 166,853 | | | | | | 323,862 | | | | | | 44,663 | | | | | | 36.6 | | |
| | |
For the Six Months Ended June 30,
|
| | | | ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2023
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Gross profit
|
| | | | 427,952 | | | | | | 507,535 | | | | | | 69,992 | | | | | | 79,583 | | | | | | 10,975 | | | | | | 18.6 | | |
Gross margin (%)
|
| | | | 32.6 | | | | | | 29.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Six Months Ended June 30,
|
| | | | ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2023
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | 643,991 | | | | | | 481,600 | | | | | | 66,416 | | | | | | (162,391) | | | | | | (22,395) | | | | | | (25.2) | | |
Selling and marketing expenses
|
| | | | 34,738 | | | | | | 36,931 | | | | | | 5,093 | | | | | | 2,193 | | | | | | 302 | | | | | | 6.3 | | |
General and administrative expenses
|
| | | | 425,441 | | | | | | 377,343 | | | | | | 52,038 | | | | | | (48,098) | | | | | | (6,633) | | | | | | (11.3) | | |
Other income
|
| | |
|
—
|
| | | | | (7,055) | | | | | | (973) | | | | | | (7,055) | | | | | | (973) | | | | |
|
—
|
| |
Others, net
|
| | | | 1,534 | | | | | | 688 | | | | | | 95 | | | | | | (846) | | | | | | (117) | | | | | | (55.1) | | |
Total | | | | | 1,105,704 | | | | | | 889,507 | | | | | | 122,669 | | | | | | (216,197) | | | | | | (29,816) | | | | | | (19.6) | | |
| | |
For the Year Ended December 31,
|
| | | | | | | | | | | | | | ||||||||||||||||||||
| | |
2021
|
| |
2022
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Sales of Goods Revenues
|
| | | | 1,983,817 | | | | | | 2,433,964 | | | | | | 335,659 | | | | | | 450,147 | | | | | | 62,079 | | | | | | 22.7 | | |
Automotive computing platform
|
| | | | 1,423,548 | | | | | | 1,690,569 | | | | | | 233,140 | | | | | | 267,021 | | | | | | 36,824 | | | | | | 18.8 | | |
SoC Core Modules
|
| | | | 333,421 | | | | | | 660,554 | | | | | | 91,095 | | | | | | 327,133 | | | | | | 45,114 | | | | | | 98.1 | | |
Merchandise and other products
|
| | | | 226,848 | | | | | | 82,841 | | | | | | 11,424 | | | | | | (144,007) | | | | | | (19,859) | | | | | | (63.5) | | |
Software License Revenues
|
| | | | 261,265 | | | | | | 404,469 | | | | | | 55,779 | | | | | | 143,204 | | | | | | 19,749 | | | | | | 54.8 | | |
Service Revenues
|
| | | | 533,981 | | | | | | 723,561 | | | | | | 99,784 | | | | | | 189,580 | | | | | | 26,144 | | | | | | 35.5 | | |
Automotive computing platform − design
and development service |
| | | | 306,358 | | | | | | 468,770 | | | | | | 64,647 | | | | | | 162,412 | | | | | | 22,398 | | | | | | 53.0 | | |
Connectivity service
|
| | | | 188,349 | | | | | | 212,738 | | | | | | 29,338 | | | | | | 24,389 | | | | | | 3,363 | | | | | | 12.9 | | |
Other services
|
| | | | 39,274 | | | | | | 42,053 | | | | | | 5,799 | | | | | | 2,779 | | | | | | 383 | | | | | | 7.1 | | |
Total Revenues
|
| | | | 2,779,063 | | | | | | 3,561,994 | | | | | | 491,222 | | | | | | 782,931 | | | | | | 107,972 | | | | | | 28.2 | | |
| | |
For the Year Ended December 31,
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||
| | |
2021
|
| |
2022
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(in thousands except percentages)
|
| |||||||||||||||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 1,749,188 | | | | | | 1,970,845 | | | | | | 271,792 | | | | | | 221,657 | | | | | | 30,568 | | | | | | 12.7 | | |
Cost of software licenses
|
| | | | 32,164 | | | | | | 126,807 | | | | | | 17,487 | | | | | | 94,643 | | | | | | 13,052 | | | | | | 294.3 | | |
Cost of services
|
| | | | 180,648 | | | | | | 470,463 | | | | | | 64,880 | | | | | | 289,815 | | | | | | 39,967 | | | | | | 160.4 | | |
Total | | | | | 1,962,000 | | | | | | 2,568,115 | | | | | | 354,159 | | | | | | 606,115 | | | | | | 83,587 | | | | | | 30.9 | | |
| | |
For the Year Ended December 31,
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||
| | |
2021
|
| |
2022
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Gross profit
|
| | | | 817,063 | | | | | | 993,879 | | | | | | 137,063 | | | | | | 176,816 | | | | | | 24,384 | | | | | | 21.6 | | |
Gross margin (%)
|
| | | | 29.4 | | | | | | 27.9 | | | | | | 27.9 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
For the Year Ended December 31,
|
| | | | | | | | | | | | | | | | | | | |||||||||||||||
| | |
2021
|
| |
2022
|
| |
Change
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
US$
|
| |
%
|
| ||||||||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | 1,209,580 | | | | | | 1,332,800 | | | | | | 183,802 | | | | | | 123,220 | | | | | | 16,993 | | | | | | 10.2 | | |
Selling and marketing expenses
|
| | | | 82,827 | | | | | | 86,597 | | | | | | 11,942 | | | | | | 3,770 | | | | | | 520 | | | | | | 4.6 | | |
General and administrative expenses
|
| | | | 525,041 | | | | | | 1,223,610 | | | | | | 168,744 | | | | | | 698,569 | | | | | | 96,337 | | | | | | 133.1 | | |
Other income
|
| | | | — | | | | | | (22,846) | | | | | | (3,151) | | | | | | (22,846) | | | | | | (3,151) | | | | | | — | | |
Others, net
|
| | | | (207) | | | | | | 1,939 | | | | | | 267 | | | | | | 2,146 | | | | | | 296 | | | | | | (1,036.7) | | |
Total | | | | | 1,817,241 | | | | | | 2,622,100 | | | | | | 361,604 | | | | | | 804,859 | | | | | | 110,995 | | | | | | 44.3 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
%
|
| ||||||||||||
| | |
(in thousands, except percentages)
|
| |||||||||||||||||||||
Sales of Goods Revenues
|
| | | | 1,678,234 | | | | | | 1,983,817 | | | | | | 305,583 | | | | | | 18.2 | | |
Automotive computing platform
|
| | | | 1,265,227 | | | | | | 1,423,548 | | | | | | 158,321 | | | | | | 12.5 | | |
SoC Core Modules
|
| | | | 203,402 | | | | | | 333,421 | | | | | | 130,019 | | | | | | 63.9 | | |
Merchandise and other products
|
| | | | 209,605 | | | | | | 226,848 | | | | | | 17,243 | | | | | | 8.2 | | |
Software License Revenues
|
| | | | 71,297 | | | | | | 261,265 | | | | | | 189,968 | | | | | | 266.4 | | |
Service Revenues
|
| | | | 491,532 | | | | | | 533,981 | | | | | | 42,449 | | | | | | 8.6 | | |
Automotive computing Platform − Design and development service
|
| | | | 297,801 | | | | | | 306,358 | | | | | | 8,557 | | | | | | 2.9 | | |
Connectivity service
|
| | | | 172,841 | | | | | | 188,349 | | | | | | 15,508 | | | | | | 9.0 | | |
Other services
|
| | | | 20,890 | | | | | | 39,274 | | | | | | 18,384 | | | | | | 88.0 | | |
Total Revenues
|
| | | | 2,241,063 | | | | | | 2,779,063 | | | | | | 538,000 | | | | | | 24.0 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
%
|
| ||||||||||||
| | |
(in thousands except percentages)
|
| |||||||||||||||||||||
Cost of revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 1,524,744 | | | | | | 1,749,188 | | | | | | 224,444 | | | | | | 14.7 | | |
Cost of software licenses
|
| | | | 27,926 | | | | | | 32,164 | | | | | | 4,238 | | | | | | 15.2 | | |
Cost of services
|
| | | | 137,005 | | | | | | 180,648 | | | | | | 43,643 | | | | | | 31.9 | | |
Total | | | | | 1,689,675 | | | | | | 1,962,000 | | | | | | 272,325 | | | | | | 16.1 | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
%
|
| ||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||
Gross profit
|
| | | | 551,388 | | | | | | 817,063 | | | | | | 265,675 | | | | | | 48.2 | | |
Gross margin (%)
|
| | | | 24.6 | | | | | | 29.4 | | | | | | — | | | | | | — | | |
| | |
For the Year Ended
December 31, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
%
|
| ||||||||||||
| | |
(In thousands, except percentages)
|
| |||||||||||||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses
|
| | | | 706,018 | | | | | | 1,209,580 | | | | | | 503,562 | | | | | | 71.3 | | |
Selling and marketing expenses
|
| | | | 60,643 | | | | | | 82,827 | | | | | | 22,184 | | | | | | 36.6 | | |
General and administrative expenses
|
| | | | 215,008 | | | | | | 525,041 | | | | | | 310,033 | | | | | | 144.2 | | |
Others, net
|
| | | | 200 | | | | | | (207) | | | | | | (407) | | | | | | (203.5) | | |
Total | | | | | 981,869 | | | | | | 1,817,241 | | | | | | 835,372 | | | | | | 85.1 | | |
| | |
For the Year Ended December 31,
|
| |
For the Six Months Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2023
|
| |||||||||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |
RMB
|
| |
RMB
|
| |
US$
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Summary Consolidated Cash Flow Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Net cash used in operating activities
|
| | | | (368,046) | | | | | | (907,283) | | | | | | (461,337) | | | | | | (63,620) | | | | | | (337,722) | | | | | | (962,893) | | | | | | (132,789) | | |
Net cash used in investing activities
|
| | | | (91,112) | | | | | | (1,198,234) | | | | | | (313,039) | | | | | | (43,171) | | | | | | (192,720) | | | | | | 740,559 | | | | | | 102,127 | | |
Net cash provided by financing activities
|
| | | | 1,138,126 | | | | | | 2,122,792 | | | | | | 657,767 | | | | | | 90,711 | | | | | | 265,356 | | | | | | 231,972 | | | | | | 31,991 | | |
Effect of foreign currency exchange rate changes on cash and restricted cash
|
| | | | (10,023) | | | | | | (32,019) | | | | | | 28,906 | | | | | | 3,985 | | | | | | 4,367 | | | | | | 14,281 | | | | | | 1,970 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 668,945 | | | | | | (14,744) | | | | | | (87,703) | | | | | | (12,095) | | | | | | (260,719) | | | | | | 23,919 | | | | | | 3,299 | | |
Cash and restricted cash at the beginning of the
year/period |
| | | | 334,931 | | | | | | 1,003,876 | | | | | | 989,132 | | | | | | 136,408 | | | | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | |
Cash and restricted cash at the end of the
year/period |
| | | | 1,003,876 | | | | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | | | | | 728,413 | | | | | | 925,348 | | | | | | 127,612 | | |
| | |
Total
|
| |
1 year
|
| |
1 – 2 Years
|
| |
2 – 3 Years
|
| |
3 – 5 Years
|
| |
5 Years
|
| ||||||||||||||||||
| | |
(RMB in thousands)
|
| |||||||||||||||||||||||||||||||||
Operating lease commitment
|
| | | | 189,123 | | | | | | 32,198 | | | | | | 25,772 | | | | | | 24,217 | | | | | | 38,382 | | | | | | 68,554 | | |
Purchase commitment
|
| | | | 61,713 | | | | | | 45,046 | | | | | | 6,667 | | | | | | 6,667 | | | | | | 3,333 | | | | | | — | | |
Capital commitment
|
| | | | 18,994 | | | | | | 18,994 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-term borrowings from banks
|
| | | | 870,000 | | | | | | 870,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Short-term borrowings from related parties
|
| | | | 300,000 | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest on short-term borrowings
|
| | | | 27,758 | | | | | | 27,758 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 1,467,588 | | | | | | 1,293,996 | | | | | | 32,439 | | | | | | 30,884 | | | | | | 41,715 | | | | | | 68,554 | | |
Date
|
| |
Fair Value
per share |
| |
Discount
Rate |
| |
DLOM
|
| |||||||||
| | |
(US$)
|
| |||||||||||||||
December 31, 2019
|
| | | | 2.88 | | | | | | 19% | | | | | | 20% | | |
August 30, 2020
|
| | | | 3.71 | | | | | | 18% | | | | | | 20% | | |
October 31, 2020
|
| | | | 3.90 | | | | | | 18% | | | | | | 20% | | |
December 31, 2020
|
| | | | 4.02 | | | | | | 18% | | | | | | 20% | | |
March 5, 2021*
|
| | | | 4.49 | | | | | | NA* | | | | | | NA* | | |
March 31, 2021
|
| | | | 5.32 | | | | | | 18% | | | | | | 15% | | |
July 26, 2021*
|
| | | | 6.97 | | | | | | NA* | | | | | | NA* | | |
December 27, 2021*
|
| | | | 7.55 | | | | | | NA* | | | | | | NA* | | |
May 9, 2022
|
| | | | 8.01 | | | | | | 17% | | | | | | 10% | | |
September 30, 2022
|
| | | | 8.71 | | | | | | 17% | | | | | | 5% | | |
November 21, 2022
|
| | | | 9.30 | | | | | | 17% | | | | | | 3% | | |
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Ziyu Shen | | |
39
|
| | Chairman and Chief Executive Officer | |
Zhenyu Li | | |
47
|
| | Director | |
Ni Li | | |
39
|
| | Director | |
Jim Zhang (Zhang Xingsheng) | | |
68
|
| | Independent Director | |
Grace Hui Tang | | |
64
|
| | Independent Director | |
Jun Hong Heng | | |
42
|
| | Independent Director | |
Peter Cirino | | |
51
|
| | Chief Operating Officer | |
Jing (Phil) Zhou | | |
44
|
| | Chief Financial Officer | |
Name
|
| |
Number of Restricted
Share Units |
| |
Date of Grant
|
| |||
Jing (Phil) Zhou
|
| | | | * | | | | | |
December 31, 2020 and January 30, 2022
|
| | | | | | | | ||
Total
|
| | | | * | | | | | |
| | |
Ordinary Shares Beneficially Owned
|
| |||||||||||||||||||||||||||
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Total
Ordinary Shares |
| |
% of Total
Ordinary Shares |
| |
% of
Voting Power(2) |
| |||||||||||||||
Directors and Executive Officers(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ziyu Shen(3)
|
| | | | — | | | | | | 24,480,458 | | | | | | 24,480,458 | | | | | | 7.3 | | | | | | 31.5 | | |
Zhenyu Li
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ni Li
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jim Zhang (Zhang Xingsheng)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Grace Hui Tang
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jun Hong Heng
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | | | | | * | | |
Peter Cirino
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jing (Phil) Zhou
|
| | | | * | | | | | | — | | | | | | * | | | | | | * | | | | | | * | | |
All Directors and Executive Officers as a Group
|
| | | | — | | | | | | 24,480,458 | | | | | | 24,480,458 | | | | | | 7.3 | | | | | | 31.5 | | |
Principal Shareholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fu&Li Industrious Innovators Limited(4)
|
| | | | 144,440,574 | | | | | | 24,480,458 | | | | | | 168,921,032 | | | | | | 50.1 | | | | | | 50.03 | | |
Jie&Hao Holding Limited(3)
|
| | | | — | | | | | | 24,480,458 | | | | | | 24,480,458 | | | | | | 7.3 | | | | | | 31.5 | | |
Baidu (Hong Kong) Limited(5)
|
| | | | 22,367,946 | | | | | | — | | | | | | 22,367,946 | | | | | | 6.6 | | | | | | 2.9 | | |
| | |
Securities beneficially owned
prior to this offering |
| |
Securities to be sold in
this offering |
| |
Securities beneficially owned
after this offering(3) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder
|
| |
Ordinary
Shares(1) |
| |
%(1)
|
| |
Warrants(2)
|
| |
%(2)
|
| |
Ordinary
Shares(1) |
| |
Warrants(2)
|
| |
Ordinary
Shares(1) |
| |
%(1)
|
| |
Warrants(2)
|
| |
%(2)
|
| ||||||||||||||||||||||||||||||
Fu&Li Industrious Innovators
Limited(4) |
| | | | 168,921,032 | | | | | | 50.1 | | | | | | — | | | | | | — | | | | | | 168,921,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jie&Hao Holding Limited(5)
|
| | | | 24,480,458 | | | | | | 7.3 | | | | | | — | | | | | | — | | | | | | 24,480,458 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SHINE LINK VENTURE
LIMITED(6) |
| | | | 46,286,735 | | | | | | 13.7 | | | | | | — | | | | | | — | | | | | | 46,286,735 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Baidu (Hong Kong) Limited(7)
|
| | | | 22,367,946 | | | | | | 6.6 | | | | | | — | | | | | | — | | | | | | 22,367,946 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Geely Automobile Holdings
Limited(8) |
| | | | 5,155,389 | | | | | | 1.6 | | | | | | — | | | | | | — | | | | | | 5,155,389 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Absolute Bond Limited(9)
|
| | | | 1,110,660 | | | | | | * | | | | | | 3,797,216 | | | | | | 15.9 | | | | | | 1,110,660 | | | | | | 3,797,216 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Chye Kiou Heng(10)
|
| | | | 1,110,660 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,110,660 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jun Hong Heng(11)
|
| | | | 72,660 | | | | | | * | | | | | | 124,208 | | | | | | 0.5 | | | | | | 72,660 | | | | | | 124,208 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Paloma Opportunities Ltd(12)
|
| | | | 1,749,030 | | | | | | * | | | | | | 2,989,864 | | | | | | 12.5 | | | | | | 1,749,030 | | | | | | 2,989,864 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
PT Elang Mahkota Teknologi
Tbk(13) |
| | | | 1,146,990 | | | | | | * | | | | | | 1,960,712 | | | | | | 8.2 | | | | | | 1,146,990 | | | | | | 1,960,712 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jack Smith(14)
|
| | | | 10,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Crescent Cove Advisors, LP(15)
|
| | | | 50,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luminar Technologies, Inc.(16)
|
| | | | 1,500,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Geely Investment Holding Ltd.(17)
|
| | | | 2,000,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lotus Technology Inc.(18)
|
| | | | 1,052,632 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,052,632 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SPDB International (Hong Kong) Limited(19)
|
| | | | 3,119,566 | | | | | | * | | | | | | — | | | | | | — | | | | | | 3,119,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CNCB (Hong Kong) Investment Limited(20)
|
| | | | 2,673,914 | | | | | | * | | | | | | — | | | | | | — | | | | | | 2,673,914 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
SEC registration fee
|
| |
US$ 144,371
|
|
|
Legal fees and expenses
|
| |
US$ 824,000
|
|
|
Accountants’ fees and expenses
|
| |
US$ 178,000
|
|
|
Printing expenses
|
| |
US$ 75,000
|
|
|
Miscellaneous costs
|
| |
US$ 5,000
|
|
|
Total
|
| |
US$1,226,371
|
|
Contents
|
| |
Page (s)
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | F-9 | | | |
| | | | F-11 | | | |
| | | | F-70 | | | |
| | | | F-72 | | | |
| | | | F-74 | | | |
| | | | F-75 | | | |
| | | | F-76 | | |
| | | | | |
As of December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| |
2022
|
| |||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| |
3
|
| | | | 966,128 | | | | | | 860,472 | | | | | | 118,665 | | |
Restricted cash (including restricted cash of VIEs that can only be used to settle the VIEs’ obligation of RMB23,004 and nil as of December 31, 2021 and 2022, respectively)
|
| |
3
|
| | | | 23,004 | | | | | | 40,957 | | | | | | 5,648 | | |
Accounts receivable – third parties, net
|
| |
4
|
| | | | 184,546 | | | | | | 418,222 | | | | | | 57,675 | | |
Accounts receivable – related parties, net
|
| |
4, 28
|
| | | | 768,747 | | | | | | 835,320 | | | | | | 115,196 | | |
Notes receivable (including notes receivable of VIEs that can only be used to settle the VIEs’ obligation of RMB110,550 and nil as of December 31, 2021 and 2022, respectively)
|
| |
5
|
| | | | 137,710 | | | | | | 179,143 | | | | | | 24,705 | | |
Inventories
|
| |
6
|
| | | | 223,319 | | | | | | 182,572 | | | | | | 25,178 | | |
Amounts due from related parties
|
| |
28
|
| | | | 41,298 | | | | | | 911,729 | | | | | | 125,733 | | |
Prepayments and other current assets
|
| |
7
|
| | | | 247,411 | | | | | | 424,918 | | | | | | 58,598 | | |
Total current assets
|
| | | | | | | 2,592,163 | | | | | | 3,853,333 | | | | | | 531,398 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Long-term investments
|
| |
8
|
| | | | 1,152,677 | | | | | | 353,855 | | | | | | 48,799 | | |
Property and equipment, net
|
| |
9
|
| | | | 109,785 | | | | | | 139,607 | | | | | | 19,253 | | |
Intangible assets, net
|
| |
10
|
| | | | 31,122 | | | | | | 44,861 | | | | | | 6,187 | | |
Operating lease right-of-use assets
|
| |
17
|
| | | | — | | | | | | 99,652 | | | | | | 13,743 | | |
Other non-current assets – third parties
|
| | | | | | | 19,904 | | | | | | 26,029 | | | | | | 3,589 | | |
Other non-current assets – related parties
|
| |
28
|
| | | | 1,929 | | | | | | 213,695 | | | | | | 29,470 | | |
Total non-current assets
|
| | | | | | | 1,315,417 | | | | | | 877,699 | | | | | | 121,041 | | |
Total assets
|
| | | | | | | 3,907,580 | | | | | | 4,731,032 | | | | | | 652,439 | | |
| | | | | |
As of December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| |
2022
|
| |||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| |||||||||
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings (including short-term borrowings of the VIEs without
recourse to the Company of RMB932,000 and nil as of December 31, 2021 and 2022, respectively) |
| |
11
|
| | | | 932,000 | | | | | | 870,000 | | | | | | 119,978 | | |
Accounts payable – third parties (including accounts payable – third parties of the
VIEs without recourse to the Company of RMB622,867 and nil as of December 31, 2021 and 2022, respectively) |
| | | | | | | 649,967 | | | | | | 1,445,193 | | | | | | 199,301 | | |
Accounts payable – related parties (including accounts payable – related parties of
the VIEs without recourse to the Company of RMB99,906 and nil as of December 31, 2021 and 2022, respectively) |
| |
28
|
| | | | 111,531 | | | | | | 241,773 | | | | | | 33,342 | | |
Notes payable (including notes payable of the VIEs without recourse to the Company of RMB127,304 and nil as of December 31, 2021 and 2022, respectively)
|
| | | | | | | 127,304 | | | | | | 168,405 | | | | | | 23,224 | | |
Amounts due to related parties (including amounts due to related parties of the VIEs without recourse to the Company of RMB309,010 and nil as of December 31, 2021 and 2022, respectively)
|
| |
28
|
| | | | 106,825 | | | | | | 42,843 | | | | | | 5,908 | | |
Contract liabilities, current – third parties (including contract liabilities, current – third parties of the VIEs without recourse to the Company of RMB2,685 and nil as of December 31, 2021 and 2022, respectively)
|
| |
12
|
| | | | 2,685 | | | | | | 4,706 | | | | | | 649 | | |
Contract liabilities, current – related parties (including contract liabilities, current – related parties of the VIEs without recourse to the Company of RMB363,285 and nil as of December 31, 2021 and 2022, respectively)
|
| |
12
|
| | | | 363,285 | | | | | | 316,667 | | | | | | 43,670 | | |
Operating lease liabilities, current
|
| |
17
|
| | | | — | | | | | | 31,110 | | | | | | 4,290 | | |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the VIEs without recourse to the Company of RMB442,588 and nil as of December 31, 2021 and 2022, respectively)
|
| |
14
|
| | | | 461,264 | | | | | | 785,134 | | | | | | 108,275 | | |
Income tax payable
|
| | | | | | | — | | | | | | 21,610 | | | | | | 2,980 | | |
Total current liabilities
|
| | | | | | | 2,754,861 | | | | | | 3,927,441 | | | | | | 541,617 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Contract liabilities, non-current – third parties (including contract liabilities, non-current – third parties of the VIEs without recourse to the Company of RMB317 and nil as of December 31, 2021 and 2022, respectively)
|
| |
12
|
| | | | 317 | | | | | | 70 | | | | | | 10 | | |
Contract liabilities, non-current – related parties (including contract liabilities, non-current – related parties of the VIEs without recourse to the Company of RMB472,749 and nil as of December 31, 2021 and 2022, respectively)
|
| |
12
|
| | | | 472,749 | | | | | | 282,080 | | | | | | 38,901 | | |
Convertible notes payable
|
| |
16
|
| | | | — | | | | | | 439,869 | | | | | | 60,661 | | |
Operating lease liabilities, non-current
|
| |
17
|
| | | | — | | | | | | 68,768 | | | | | | 9,484 | | |
Warrant liabilities, non-current
|
| |
13
|
| | | | — | | | | | | 16,544 | | | | | | 2,282 | | |
Other non-current liabilities (including other non-current liabilities of the VIEs without recourse to the Company of RMB16,292 and nil as of December 31, 2021 and 2022, respectively)
|
| | | | | | | 16,292 | | | | | | 30,716 | | | | | | 4,236 | | |
Total non-current liabilities
|
| | | | | | | 489,358 | | | | | | 838,047 | | | | | | 115,574 | | |
Total liabilities
|
| | | | | | | 3,244,219 | | | | | | 4,765,488 | | | | | | 657,191 | | |
Commitments and contingencies
|
| |
27
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | | |
As of December 31,
|
| |||||||||||||||
| | |
Note
|
| |
2021
|
| |
2022
|
| |
2022
|
| |||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| |||||||||
MEZZANINE EQUITY | | | | | | | | | | | | | | | | | | | | | | |
Series Angel Redeemable Convertible Preferred Shares (US$0.000005 par
value, 6,016,207 and nil shares authorized, issued and outstanding as of December 31, 2021 and 2022; Redemption value of RMB283,585 and nil as of December 31, 2021 and 2022; Liquidation preference of RMB273,519 and nil as of December 31, 2021 and 2022, respectively)(1) |
| |
19
|
| | | | 283,585 | | | | | | — | | | | | | — | | |
Series A Redeemable Convertible Preferred Shares (US$0.000005 par value, 29,184,844 and nil shares authorized, issued and outstanding as of December 31, 2021 and 2022; Redemption value of RMB1,429,313 and nil as of December 31, 2021 and 2022, respectively; Liquidation preference of RMB1,336,186 and nil as of December 31, 2021 and 2022, respectively)(1)
|
| |
19
|
| | | | 1,429,313 | | | | | | — | | | | | | — | | |
Series A+ Redeemable Convertible Preferred Shares (US$0.000005 par value, 29,361,157 and nil shares authorized, issued and outstanding as of December 31, 2021 and 2022; Redemption value of RMB1,386,671 and nil as of December 31, 2021 and 2022; Liquidation preference of RMB1,331,641 and nil as of December 31, 2021 and 2022, respectively)(1)
|
| |
19
|
| | | | 1,386,671 | | | | | | — | | | | | | — | | |
Series A++ Redeemable Convertible Preferred Shares (US$0.000005 par value,
8,546,916 and nil shares authorized, issued and outstanding as of December 31, 2021 and 2022; Redemption value of RMB475,413 and nil as of December 31, 2021 and 2022; Liquidation preference of RMB452,241 and nil as of December 31, 2021 and 2022, respectively)(1) |
| |
19
|
| | | | 475,413 | | | | | | — | | | | | | — | | |
Series B Redeemable Convertible Preferred Shares (US$0.000005 par value, 17,615,165 and nil shares authorized, issued and outstanding as of December 31, 2021 and 2022; Redemption value of RMB1,117,317 and nil as of December 31, 2021 and 2022; Liquidation preference of RMB1,104,188 and nil as of December 31, 2021 and 2022, respectively)(1)
|
| |
19
|
| | | | 1,117,317 | | | | | | — | | | | | | — | | |
Subscription receivable from a Series B Redeemable Convertible Preferred Shareholder
|
| |
19
|
| | | | (159,392) | | | | | | — | | | | | | — | | |
Redeemable non-controlling interests
|
| |
20(b)
|
| | | | 30,500 | | | | | | — | | | | | | — | | |
Total mezzanine equity
|
| | | | | | | 4,563,407 | | | | | | — | | | | | | — | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | |
Ordinary Shares (US$0.000005 par values, 9,909,275,711 shares authorized as
of December 31, 2021,231,237,692 shares issued and outstanding as of December 31, 2021)(1) |
| |
21
|
| | | | 7 | | | | | | — | | | | | | — | | |
Class A Ordinary Shares (US$0.000005 par value, 8,000,000,000 shares authorized as of December 31, 2022 and 288,434,474 shares issued and outstanding as of December 31, 2022)(1)
|
| |
21
|
| | | | — | | | | | | 9 | | | | | | 1 | | |
Class B Ordinary Shares (US$0.000005 par value, 1,000,000,000 shares authorized as of December 31, 2022 and 48,960,916 shares issued and outstanding as of December 31, 2022)(1)
|
| |
21
|
| | | | — | | | | | | 1 | | | | | | — | | |
Treasury Shares, at cost (5,010,420 and nil shares held as of December 31, 2021 and 2022, respectively)(1)
|
| |
21
|
| | | | — | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | — | | | | | | 5,919,660 | | | | | | 816,358 | | |
Accumulated deficit
|
| | | | | | | (4,103,381) | | | | | | (5,730,180) | | | | | | (790,228) | | |
Accumulated other comprehensive income (loss)
|
| | | | | | | 6,048 | | | | | | (385,886) | | | | | | (53,216) | | |
Total deficit attributable to ordinary shareholders
|
| | | | | | | (4,097,326) | | | | | | (196,396) | | | | | | (27,085) | | |
Non-redeemable non-controlling interests
|
| |
20(a)
|
| | | | 197,280 | | | | | | 161,940 | | | | | | 22,333 | | |
Total shareholders’ deficit
|
| | | | | | | (3,900,046) | | | | | | (34,456) | | | | | | (4,752) | | |
Liabilities, mezzanine equity and shareholders’ deficit
|
| | | | | | | 3,907,580 | | | | | | 4,731,032 | | | | | | 652,439 | | |
| | | | | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
Note
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| ||||||||||||
Revenues
|
| |
23
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Sales of goods revenues (including related parties: RMB1,275,777, RMB1,466,340 and RMB1,663,076 for
the years ended December 31, 2020, 2021 and 2022, respectively) |
| | | | | | | 1,678,234 | | | | | | 1,983,817 | | | | | | 2,433,964 | | | | | | 335,659 | | |
Software license revenues (including related parties: RMB18,168, RMB24,788 and RMB133,450 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | 71,297 | | | | | | 261,265 | | | | | | 404,469 | | | | | | 55,779 | | |
Service revenues (including related parties: RMB444,709, RMB532,625 and RMB721,206 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | 491,532 | | | | | | 533,981 | | | | | | 723,561 | | | | | | 99,784 | | |
Total revenues
|
| | | | | | | 2,241,063 | | | | | | 2,779,063 | | | | | | 3,561,994 | | | | | | 491,222 | | |
Cost of goods sold (including related parties: RMB6,073, RMB220,062 and RMB509,242 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | (1,524,744) | | | | | | (1,749,188) | | | | | | (1,970,845) | | | | | | (271,792) | | |
Cost of software licenses (including related parties: nil, nil and RMB21,700 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | (27,926) | | | | | | (32,164) | | | | | | (126,807) | | | | | | (17,487) | | |
Cost of services (including related parties: nil, nil and RMB60,671 for the years ended December 31, 2020,
2021 and 2022, respectively) |
| | | | | | | (137,005) | | | | | | (180,648) | | | | | | (470,463) | | | | | | (64,880) | | |
Total cost of revenues
|
| | | | | | | (1,689,675) | | | | | | (1,962,000) | | | | | | (2,568,115) | | | | | | (354,159) | | |
Gross profit
|
| | | | | | | 551,388 | | | | | | 817,063 | | | | | | 993,879 | | | | | | 137,063 | | |
Research and development expenses (including related parties: RMB2,118, RMB21,069 and RMB60,687 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | (706,018) | | | | | | (1,209,580) | | | | | | (1,332,800) | | | | | | (183,802) | | |
Selling and marketing expenses (including related parties: RMB192, nil and RMB96 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | (60,643) | | | | | | (82,827) | | | | | | (86,597) | | | | | | (11,942) | | |
General and administrative expenses (including related parties: RMB2,447, RMB2,343 and RMB2,057 for
the years ended December 31, 2020, 2021 and 2022, respectively) |
| | | | | | | (215,008) | | | | | | (525,041) | | | | | | (1,223,610) | | | | | | (168,744) | | |
Other income – related parties
|
| |
28
|
| | | | — | | | | | | — | | | | | | 22,846 | | | | | | 3,151 | | |
Others, net
|
| | | | | | | (200) | | | | | | 207 | | | | | | (1,939) | | | | | | (267) | | |
Total operating expenses
|
| | | | | | | (981,869) | | | | | | (1,817,241) | | | | | | (2,622,100) | | | | | | (361,604) | | |
Loss from operation
|
| | | | | | | (430,481) | | | | | | (1,000,178) | | | | | | (1,628,221) | | | | | | (224,541) | | |
Interest income (including related parties: nil, RMB717 and RMB9,069 for the years ended December 31,
2020, 2021 and 2022, respectively) |
| | | | | | | 28,480 | | | | | | 13,655 | | | | | | 13,820 | | | | | | 1,906 | | |
Interest expenses (including related parties: RMB872, RMB131 and RMB12,215 for the years ended December 31, 2020, 2021 and 2022, respectively)
|
| | | | | | | (59,128) | | | | | | (131,585) | | | | | | (44,543) | | | | | | (6,143) | | |
Income (loss) from equity method investments
|
| | | | | | | 148 | | | | | | (3,891) | | | | | | (71,928) | | | | | | (9,919) | | |
Change in fair value of an equity security
|
| |
8
|
| | | | — | | | | | | — | | | | | | (16,843) | | | | | | (2,323) | | |
Gains on sale of an equity security
|
| |
8
|
| | | | — | | | | | | — | | | | | | 59,728 | | | | | | 8,237 | | |
Gains on deconsolidation of a subsidiary
|
| |
8
|
| | | | — | | | | | | 10,579 | | | | | | 71,974 | | | | | | 9,926 | | |
Change in fair value of warrant liabilities
|
| |
13
|
| | | | (39,635) | | | | | | (111,299) | | | | | | (3,245) | | | | | | (448) | | |
Government grants
|
| | | | | | | 5,998 | | | | | | 34,507 | | | | | | 59,393 | | | | | | 8,191 | | |
Foreign currency exchange gains (losses), net
|
| | | | | | | 54,842 | | | | | | 18,315 | | | | | | (18,216) | | | | | | (2,512) | | |
Loss before income taxes
|
| | | | | | | (439,776) | | | | | | (1,169,897) | | | | | | (1,578,081) | | | | | | (217,626) | | |
Income tax expense
|
| |
24
|
| | | | (228) | | | | | | (6,861) | | | | | | (29,065) | | | | | | (4,008) | | |
Net loss
|
| | | | | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | |
Net loss attributable to non-redeemable non-controlling interests
|
| | | | | | | 345 | | | | | | 1,997 | | | | | | 42,518 | | | | | | 5,864 | | |
Net loss attributable to redeemable non-controlling interests
|
| | | | | | | — | | | | | | 806 | | | | | | 464 | | | | | | 64 | | |
Net loss attributable to ECARX Holdings Inc.
|
| | | | | | | (439,659) | | | | | | (1,173,955) | | | | | | (1,564,164) | | | | | | (215,706) | | |
Accretion of redeemable non-controlling interests
|
| | | | | |
|
—
|
| | | | | (1,306) | | | | | | (714) | | | | | | (98) | | |
Net loss available to ECARX Holdings Inc.
|
| | | | | | | (439,659) | | | | | | (1,175,261) | | | | | | (1,564,878) | | | | | | (215,804) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| |
19
|
| | | | (101,286) | | | | | | (243,564) | | | | | | (354,878) | | | | | | (48,940) | | |
Net loss available to ordinary shareholders
|
| | | | | | | (540,945) | | | | | | (1,418,825) | | | | | | (1,919,756) | | | | | | (264,744) | | |
Loss per ordinary share(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
− Basic and diluted loss per share, ordinary shares(1)
|
| |
25
|
| | | | (2.27) | | | | | | (5.99) | | | | | | (8.02) | | | | | | (1.11) | | |
Weighted average number of ordinary shares used in computing loss per ordinary share(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
− Weighted average number of ordinary shares(1)
|
| |
25
|
| | | | 238,591,421 | | | | | | 236,691,093 | | | | | | 239,296,386 | | | | | | 239,296,386 | | |
Net loss
|
| | | | | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of nil income taxes
|
| | | | | | | 1,497 | | | | | | 4,551 | | | | | | (391,934) | | | | | | (54,050) | | |
Comprehensive loss
|
| | | | | | | (438,507) | | | | | | (1,172,207) | | | | | | (1,999,080) | | | | | | (275,684) | | |
Comprehensive loss attributable to non-redeemable non-controlling interests
|
| | | | | | | 345 | | | | | | 1,997 | | | | | | 42,518 | | | | | | 5,864 | | |
Comprehensive loss attributable to redeemable non-controlling interests
|
| | | | | | | — | | | | | | 806 | | | | | | 464 | | | | | | 64 | | |
Comprehensive loss attributable to ordinary shareholders
|
| | | | | | | (438,162) | | | | | | (1,169,404) | | | | | | (1,956,098) | | | | | | (269,756) | | |
| | |
Ordinary Shares
|
| |
Treasury Shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income |
| |
Total deficit
attributable to ordinary shareholders of the Company |
| |
Non-redeemable
non-controlling interests |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1, 2020
|
| | | | 200,000,000 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 255,288 | | | | | | (1,802,807) | | | | | | — | | | | | | (1,547,512) | | | | | | 11,852 | | | | | | (1,535,660) | | |
Retroactive application of the recapitalization
|
| | | | 38,591,421 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Adjusted balance as of January 1, 2020
|
| | | | 238,591,421 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 255,288 | | | | | | (1,802,807) | | | | | | — | | | | | | (1,547,512) | | | | | | 11,852 | | | | | | (1,535,660) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (439,659) | | | | | | — | | | | | | (439,659) | | | | | | (345) | | | | | | (440,004) | | |
Share-based compensation (Note 22)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,410 | | | | | | — | | | | | | — | | | | | | 11,410 | | | | | | — | | | | | | 11,410 | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (101,286) | | | | | | — | | | | | | — | | | | | | (101,286) | | | | | | — | | | | | | (101,286) | | |
Foreign currency translation adjustments, net of nil income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,497 | | | | | | 1,497 | | | | | | — | | | | | | 1,497 | | |
Balance as of December 31, 2020
|
| | | | 238,591,421 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 165,412 | | | | | | (2,242,466) | | | | | | 1,497 | | | | | | (2,075,550) | | | | | | 11,507 | | | | | | (2,064,043) | | |
Net loss*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,173,955) | | | | | | — | | | | | | (1,173,955) | | | | | | (1,997) | | | | | | (1,175,952) | | |
Share-based compensation (Note 22)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 163,481 | | | | | | — | | | | | | — | | | | | | 163,481 | | | | | | — | | | | | | 163,481 | | |
Re-designation of ordinary shares to Series A Preferred Shares
(Note 19) |
| | | | (2,343,309) | | | | | | — | | | | | | — | | | | | | — | | | | | | (81,208) | | | | | | — | | | | | | — | | | | | | (81,208) | | | | | | — | | | | | | (81,208) | | |
Deemed dividend in association with acquisition of an equity-method investment (Note 8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (689,670) | | | | | | — | | | | | | (689,670) | | | | | | — | | | | | | (689,670) | | |
Deconsolidation of a subsidiary (Note 20(a))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,335) | | | | | | (14,335) | | |
Accretion of redeemable non-controlling interests (Note 20(b))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,306) | | | | | | — | | | | | | (1,306) | | | | | | — | | | | | | (1,306) | | |
Contribution from non-controlling shareholders (Notes 20(a) and 29(b))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (105) | | | | | | — | | | | | | — | | | | | | (105) | | | | | | 202,105 | | | | | | 202,000 | | |
Repurchase of ordinary shares (Note 21)
|
| | | | (5,010,420) | | | | | | — | | | | | | 5,010,420 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Accretion of redeemable convertible preferred shares (Note 19)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (247,580) | | | | | | 4,016 | | | | | | — | | | | | | (243,564) | | | | | | — | | | | | | (243,564) | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,551 | | | | | | 4,551 | | | | | | — | | | | | | 4,551 | | |
Balance as of December 31, 2021
|
| | | | 231,237,692 | | | | | | 7 | | | | | | 5,010,420 | | | | | | — | | | | | | — | | | | | | (4,103,381) | | | | | | 6,048 | | | | | | (4,097,326) | | | | | | 197,280 | | | | | | (3,900,046) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Ordinary Shares
|
| |
Treasury Shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income |
| |
Total deficit
attributable to ordinary shareholders of the Company |
| |
Non-redeemable
non-controlling interests |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| |
Number
of shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 231,237,692 | | | | | | 7 | | | | | | 5,010,420 | | | | | | — | | | | | | — | | | | | | (4,103,381) | | | | | | 6,048 | | | | | | (4,097,326) | | | | | | 197,280 | | | | | | (3,900,046) | | |
Net loss*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,564,164) | | | | | | — | | | | | | (1,564,164) | | | | | | (42,518) | | | | | | (1,606,682) | | |
Accretion of redeemable non-controlling interests (Note 20)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (714) | | | | | | — | | | | | | (714) | | | | | | — | | | | | | (714) | | |
Deconsolidation of a subsidiary
(Note 20) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,178 | | | | | | 7,178 | | |
Share-based compensation (Note 22)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 725,651 | | | | | | — | | | | | | — | | | | | | 725,651 | | | | | | — | | | | | | 725,651 | | |
Accretion of redeemable convertible preferred shares (Note 19)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (354,878) | | | | | | — | | | | | | — | | | | | | (354,878) | | | | | | — | | | | | | (354,878) | | |
Reissuance of ordinary shares (Note 21)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,010,420 | | | | | | — | | | | | | (5,010,420) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Deemed distribution to shareholders in the
VIE Restructuring (Note 1(d)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (61,921) | | | | | | — | | | | | | (61,921) | | | | | | — | | | | | | (61,921) | | |
Re-designation of ordinary shares into Class A Ordinary Shares (Note 1(b))
|
| | | | 193,216,446 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | (193,216,446) | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Re-designation of ordinary shares into Class B Ordinary Shares (Note 1(b))
|
| | | | — | | | | | | — | | | | | | 43,031,666 | | | | | | 1 | | | | | | (43,031,666) | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
IPO cost capitalization (Note 1(b))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (270,539) | | | | | | — | | | | | | — | | | | | | (270,539) | | | | | | — | | | | | | (270,539) | | |
Conversion-Lotus convertible notes payable (Note 15)
|
| | | | 1,052,632 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 69,600 | | | | | | — | | | | | | — | | | | | | 69,600 | | | | | | — | | | | | | 69,600 | | |
Geely strategic investment (Note 1(b))
|
| | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 139,200 | | | | | | — | | | | | | — | | | | | | 139,200 | | | | | | — | | | | | | 139,200 | | |
Luminar strategic investment (Note 1(b) and Note 8)
|
| | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 87,615 | | | | | | — | | | | | | — | | | | | | 87,615 | | | | | | — | | | | | | 87,615 | | |
Conversion of Preferred Shares to Class A
and Class B ordinary shares (Note 19) |
| | | | 84,795,039 | | | | | | 3 | | | | | | 5,929,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,492,746 | | | | | | — | | | | | | — | | | | | | 5,492,749 | | | | | | — | | | | | | 5,492,749 | | |
Issuance of Class A Ordinary Shares and warrants to COVA shareholders and warrant holders
|
| | | | 5,870,357 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,265 | | | | | | — | | | | | | — | | | | | | 30,265 | | | | | | — | | | | | | 30,265 | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (391,934) | | | | | | (391,934) | | | | | | — | | | | | | (391,934) | | |
Balance as of December 31, 2022
|
| | | | 288,434,474 | | | | | | 9 | | | | | | 48,960,916 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,919,660 | | | | | | (5,730,180) | | | | | | (385,886) | | | | | | (196,396) | | | | | | 161,940 | | | | | | (34,456) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| ||||||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (440,004) | | | | | | (1,176,758) | | | | | | (1,607,146) | | | | | | (221,634) | | |
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for doubtful accounts
|
| | | | 360 | | | | | | — | | | | | | 6,887 | | | | | | 950 | | |
Provision of prepayments and other current assets
|
| | | | — | | | | | | 3,245 | | | | | | (1,935) | | | | | | (267) | | |
Write-down of inventories
|
| | | | 44,134 | | | | | | 49,485 | | | | | | 35,406 | | | | | | 4,883 | | |
Share-based compensation
|
| | | | 11,410 | | | | | | 179,933 | | | | | | 725,651 | | | | | | 100,072 | | |
Depreciation and amortization
|
| | | | 58,958 | | | | | | 65,160 | | | | | | 74,559 | | | | | | 10,282 | | |
Reduction of carrying amount of right-of-use assets
|
| | | | — | | | | | | — | | | | | | 41,975 | | | | | | 5,789 | | |
(Income) loss from equity method investments
|
| | | | (148) | | | | | | 3,891 | | | | | | 71,928 | | | | | | 9,919 | | |
Gains on deconsolidation of a subsidiary
|
| | | | — | | | | | | (10,579) | | | | | | (71,974) | | | | | | (9,926) | | |
Gains on sale of an equity security
|
| | | | — | | | | | | — | | | | | | (59,728) | | | | | | (8,237) | | |
Change in fair value of an equity security
|
| | | | — | | | | | | — | | | | | | 16,843 | | | | | | 2,323 | | |
Amortization of debt issuance costs
|
| | | | 55,351 | | | | | | 99,923 | | | | | | — | | | | | | — | | |
Change in fair value of warrant liabilities
|
| | | | 39,635 | | | | | | 111,299 | | | | | | 3,245 | | | | | | 448 | | |
Loss on disposal of property, equipment and intangible assets
|
| | | | 577 | | | | | | 1,562 | | | | | | 1,939 | | | | | | 267 | | |
Unrealized exchange (gains)/losses
|
| | | | (55,213) | | | | | | (12,478) | | | | | | 1,857 | | | | | | 256 | | |
Changes in operating assets and liabilities, net of effects of deconsolidation of subsidiaries and the VIEs:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable – third parties, net
|
| | | | 499,485 | | | | | | (45,166) | | | | | | (238,197) | | | | | | (32,849) | | |
Accounts receivable – related parties, net
|
| | | | (1,799) | | | | | | (96,169) | | | | | | (68,939) | | | | | | (9,507) | | |
Notes receivable
|
| | | | (3,991) | | | | | | (19,406) | | | | | | (41,433) | | | | | | (5,714) | | |
Inventories
|
| | | | (9,268) | | | | | | (105,557) | | | | | | 5,341 | | | | | | 737 | | |
Amounts due from related parties
|
| | | | (2,633) | | | | | | (5,757) | | | | | | (87,080) | | | | | | (12,009) | | |
Prepayments and other current assets
|
| | | | 32,261 | | | | | | (157,371) | | | | | | (189,669) | | | | | | (26,157) | | |
Accounts payable – third parties
|
| | | | (811,649) | | | | | | 18,699 | | | | | | 795,226 | | | | | | 109,667 | | |
Accounts payable – related parties
|
| | | | (21,235) | | | | | | (218,143) | | | | | | 130,242 | | | | | | 17,961 | | |
Notes payable
|
| | | | 111,327 | | | | | | (144,529) | | | | | | 41,101 | | | | | | 5,668 | | |
Contract liabilities – third parties
|
| | | | (2,391) | | | | | | (4,565) | | | | | | 1,774 | | | | | | 245 | | |
Contract liabilities – related parties
|
| | | | 30,927 | | | | | | 353,659 | | | | | | (237,287) | | | | | | (32,723) | | |
Amounts due to related parties
|
| | | | 27,376 | | | | | | 5,253 | | | | | | 3,808 | | | | | | 525 | | |
Accrued expenses and other current liabilities
|
| | | | 69,834 | | | | | | 188,317 | | | | | | 204,830 | | | | | | 28,247 | | |
Operating lease liabilities
|
| | | | — | | | | | | — | | | | | | (34,985) | | | | | | (4,825) | | |
Other non-current liabilities
|
| | | | (1,350) | | | | | | 8,769 | | | | | | 14,424 | | | | | | 1,989 | | |
Net cash used in operating activities
|
| | | | (368,046) | | | | | | (907,283) | | | | | | (461,337) | | | | | | (63,620) | | |
| | |
Year ended December 31,
|
| |||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2022
|
| ||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
US$
Note 2(z) |
| ||||||||||||
Investing activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Purchase of property, equipment and intangible assets
|
| | | | (69,114) | | | | | | (85,736) | | | | | | (157,286) | | | | | | (21,691) | | |
Proceeds from disposal of property, equipment and intangible assets
|
| | | | — | | | | | | — | | | | | | 1,732 | | | | | | 239 | | |
Cash paid for acquisition of equity investments
|
| | | | — | | | | | | (1,145,637) | | | | | | (79,442) | | | | | | (10,956) | | |
Cash disposed on deconsolidation of Hubei Dongjun
|
| | | | — | | | | | | (8,360) | | | | | | — | | | | | | — | | |
Cash disposed in deconsolidation of Suzhou Photon-Matrix
|
| | | | — | | | | | | — | | | | | | (22,643) | | | | | | (3,123) | | |
Cash received on deconsolidation of Hubei Dongjun
|
| | | | — | | | | | | — | | | | | | 1,000 | | | | | | 138 | | |
Financial support to an equity method investee
|
| | | | — | | | | | | — | | | | | | (28,500) | | | | | | (3,930) | | |
Loans to related parties
|
| | | | — | | | | | | (28,850) | | | | | | (57,260) | | | | | | (7,897) | | |
Cash collection of loans to related parties
|
| | | | — | | | | | | — | | | | | | 29,360 | | | | | | 4,049 | | |
Advances to a related party
|
| | | | (103,024) | | | | | | (19,806) | | | | | | — | | | | | | — | | |
Cash collection of advances to a related party
|
| | | | 81,026 | | | | | | 90,155 | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (91,112) | | | | | | (1,198,234) | | | | | | (313,039) | | | | | | (43,171) | | |
Financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of Series Angel Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | 81,950 | | | | | | — | | | | | | — | | |
Proceeds from issuance of Series A Convertible Redeemable Preferred Shares
|
| | | | 206,422 | | | | | | 1,032,104 | | | | | | — | | | | | | — | | |
Payment for issuance cost of Series A Convertible Redeemable Preferred Shares
|
| | | | (8,500) | | | | | | — | | | | | | — | | | | | | — | | |
Refundable deposits in connection with the issuance of Series A Convertible Redeemable Preferred Shares
|
| | | | 1,032,104 | | | | | | — | | | | | | — | | | | | | — | | |
Repayment of refundable deposits in connection with the issuance of Series A Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | (1,032,104) | | | | | | — | | | | | | — | | |
Proceeds from issuance of Series A+ Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | 1,331,641 | | | | | | — | | | | | | — | | |
Payment for issuance cost of Series A+ Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | (10,000) | | | | | | — | | | | | | — | | |
Proceeds from issuance of Series A++ Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | 452,241 | | | | | | — | | | | | | — | | |
Proceeds from issuance of Series B Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | 324,270 | | | | | | 159,485 | | | | | | 21,994 | | |
Refundable deposits received in connection with the issuance of Series A++ Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | 461,849 | | | | | | — | | | | | | — | | |
Repayment of refundable deposits in connection with the issuance of Series A++ Convertible Redeemable Preferred Shares
|
| | | | — | | | | | | (461,849) | | | | | | — | | | | | | — | | |
Cash contributed by redeemable non-controlling shareholders
|
| | | | — | | | | | | 30,000 | | | | | | 10,000 | | | | | | 1,379 | | |
Cash contributed by non-redeemable non-controlling shareholders
|
| | | | — | | | | | | 202,000 | | | | | | — | | | | | | — | | |
Proceeds from short-term borrowings
|
| | | | 76,000 | | | | | | 947,000 | | | | | | 1,270,000 | | | | | | 175,141 | | |
Repayment of short-term borrowings
|
| | | | (167,900) | | | | | | (91,000) | | | | | | (1,332,000) | | | | | | (183,691) | | |
Proceeds from issuance of convertible notes
|
| | | | — | | | | | | — | | | | | | 527,281 | | | | | | 72,715 | | |
Payment for issuance costs of convertible notes
|
| | | | — | | | | | | — | | | | | | (2,938) | | | | | | (405) | | |
Borrowings from related parties
|
| | | | — | | | | | | 45,152 | | | | | | 700,000 | | | | | | 96,534 | | |
Repayment of borrowings from related parties
|
| | | | — | | | | | | (65,152) | | | | | | (700,000) | | | | | | (96,534) | | |
Repayment of long-term debt
|
| | | | — | | | | | | (1,125,310) | | | | | | — | | | | | | — | | |
Cash disposed in the Restructuring
|
| | | | — | | | | | | — | | | | | | (20,000) | | | | | | (2,758) | | |
Cash proceeds from COVA
|
| | | | — | | | | | | — | | | | | | 43,724 | | | | | | 6,030 | | |
Cash proceeds from Geely strategic investment
|
| | | | — | | | | | | — | | | | | | 139,200 | | | | | | 19,197 | | |
Cash paid for costs of the Merger
|
| | | | — | | | | | | — | | | | | | (136,985) | | | | | | (18,891) | | |
Net cash provided by financing activities
|
| | | | 1,138,126 | | | | | | 2,122,792 | | | | | | 657,767 | | | | | | 90,711 | | |
Effect of foreign currency exchange rate changes on cash and restricted cash
|
| | | | (10,023) | | | | | | (32,019) | | | | | | 28,906 | | | | | | 3,985 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | 668,945 | | | | | | (14,744) | | | | | | (87,703) | | | | | | (12,095) | | |
Cash and restricted cash at the beginning of the year
|
| | | | 334,931 | | | | | | 1,003,876 | | | | | | 989,132 | | | | | | 136,408 | | |
Cash and restricted cash at the end of the year
|
| | | | 1,003,876 | | | | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | |
Supplemental information: | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax paid
|
| | | | 35 | | | | | | 12,557 | | | | | | — | | | | | | — | | |
Interest paid
|
| | | | 2,905 | | | | | | 28,983 | | | | | | 28,908 | | | | | | 3,987 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for purchase of property, equipment and intangible assets
|
| | | | 4,123 | | | | | | 17,882 | | | | | | 24,186 | | | | | | 3,335 | | |
Re-designation of ordinary shares to Series A Preferred Shares (Note 19)
|
| | | | — | | | | | | 97,660 | | | | | | — | | | | | | — | | |
Issuance of Series B Convertible Redeemable Preferred Shares in connection with acquisition of an equity-method investment (Note 8)
|
| | | | — | | | | | | 620,703 | | | | | | — | | | | | | — | | |
Non-cash assets distributed to shareholders of the Company in the Restructuring (Note 1(d))
|
| | | | — | | | | | | — | | | | | | 247,875 | | | | | | 34,184 | | |
Payable for issuance cost of convertible notes payable
|
| | | | — | | | | | | — | | | | | | 5,621 | | | | | | 775 | | |
Amounts due from a related party for sale of Zenseact (Note 8)
|
| | | | — | | | | | | — | | | | | | 763,192 | | | | | | 105,249 | | |
Issuance of ordinary shares in exchange for an equity security (Note 8)
|
| | | | — | | | | | | — | | | | | | 87,615 | | | | | | 12,083 | | |
Payable for costs of the Merger
|
| | | | | | | | | | — | | | | | | 133,554 | | | | | | 18,418 | | |
Conversion of Convertible Redeemable Preferred Shares to ordinary shares (Note 1(b) and Note 19)
|
| | | | — | | | | | | — | | | | | | 5,492,749 | | | | | | 757,485 | | |
Conversion of convertible notes payable to Class A Ordinary Shares
|
| | | | — | | | | | | — | | | | | | 69,600 | | | | | | 9,598 | | |
| | |
RMB
|
| |||
Assets | | | | | | | |
Cash
|
| | | | 20,000 | | |
Long-term investments
|
| | | | 211,908 | | |
Property and equipment, net
|
| | | | 34,873 | | |
Intangible assets, net
|
| | | | 1,094 | | |
| | |
As of
December 31, |
| |||
| | |
2021
|
| |||
| | |
RMB
|
| |||
Current assets | | | | | | | |
Cash
|
| | | | 642,293 | | |
Restricted cash(i)
|
| | | | 23,004 | | |
Accounts receivable – third parties, net
|
| | | | 184,546 | | |
Accounts receivable – related parties, net(ii)
|
| | | | 813,364 | | |
Notes receivable(iii)
|
| | | | 137,710 | | |
Inventories
|
| | | | 223,319 | | |
Amounts due from related parties(iv)
|
| | | | 42,604 | | |
Prepayments and other current assets
|
| | | | 182,589 | | |
Total current assets
|
| | | | 2,249,429 | | |
Non-current assets | | | | | | | |
Long-term investments
|
| | | | 441,586 | | |
Property and equipment, net
|
| | | | 94,387 | | |
Intangible assets, net
|
| | | | 31,026 | | |
Other non-current assets – third parties
|
| | | | 19,904 | | |
Other non-current assets – related parties
|
| | | | 1,929 | | |
Total non-current assets
|
| | | | 588,832 | | |
Total assets
|
| | | | 2,838,261 | | |
Current liabilities | | | | | | | |
Short-term borrowings
|
| | | | 932,000 | | |
Accounts payable – third parties
|
| | | | 622,867 | | |
Accounts payable – related parties(ii)
|
| | | | 159,528 | | |
Notes payable
|
| | | | 127,304 | | |
Amounts due to related parties(iv)
|
| | | | 2,452,787 | | |
Contract liabilities, current – third parties
|
| | | | 2,685 | | |
| | |
As of
December 31, |
| |||
| | |
2021
|
| |||
| | |
RMB
|
| |||
Contract liabilities, current – related parties
|
| | | | 363,285 | | |
Accrued expenses and other current liabilities
|
| | | | 442,588 | | |
Total current liabilities
|
| | | | 5,103,044 | | |
Non-current liabilities | | | | | | | |
Contract liabilities, non-current – third parties
|
| | | | 317 | | |
Contract liabilities, non-current – related parties
|
| | | | 472,749 | | |
Other non-current liabilities
|
| | | | 16,292 | | |
Total non-current liabilities
|
| | | | 489,358 | | |
Total liabilities
|
| | | | 5,592,402 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Revenues(v) | | | | | 2,241,536 | | | | | | 2,755,780 | | | | | | 936,520 | | |
Net (loss) income(vi)
|
| | | | (495,741) | | | | | | (1,106,865) | | | | | | 2,793,301 | | |
Net cash (used in) provided by operating activities(vii)
|
| | | | (312,311) | | | | | | (817,989) | | | | | | 224,031 | | |
Net cash (used in) provided by investing activities
|
| | | | (91,112) | | | | | | (436,280) | | | | | | 165,672 | | |
Net cash provided by (used in) financing activities(viii)
|
| | | | 940,204 | | | | | | 1,047,854 | | | | | | (1,055,000) | | |
Net increase (decreased) in cash and restricted cash
|
| | | | 536,781 | | | | | | (206,415) | | | | | | (665,297) | | |
Cash and restricted cash at the beginning of the year
|
| | | | 334,931 | | | | | | 871,712 | | | | | | 665,297 | | |
Cash and restricted cash at the end of the year
|
| | | | 871,712 | | | | | | 665,297 | | | | | | — | | |
Category
|
| |
Estimated useful life
|
|
Machinery and electronic equipment | | |
3 – 10 years
|
|
Transportation vehicles | | |
4 years
|
|
Office and other equipment | | |
5 years
|
|
Leasehold improvement | | |
Shorter of the lease term and the estimated useful lives of the assets
|
|
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash at bank
|
| | | | 966,128 | | | | | | 860,472 | | |
Restricted cash
|
| | | | 23,004 | | | | | | 40,957 | | |
Cash and restricted cash shown in the consolidated statements of cash flows
|
| | | | 989,132 | | | | | | 901,429 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
– Denominated in RMB
|
| | | | 755,855 | | | | | | 595,559 | | |
– Denominated in US$
|
| | | | 182,141 | | | | | | 258,475 | | |
Total cash balances held in the mainland of the PRC
|
| | | | 937,996 | | | | | | 854,034 | | |
Financial institutions in Hong Kong | | | | | | | | | | | | | |
– Denominated in US$
|
| | | | — | | | | | | 9,402 | | |
– Denominated in Hong Kong dollars (“HKD”)
|
| | | | — | | | | | | 14 | | |
Total cash balances held in Hong Kong
|
| | | | — | | | | | | 9,416 | | |
Financial institutions in Sweden | | | | | | | | | | | | | |
– Denominated in Swedish Krona (“SEK”)
|
| | | | 28,986 | | | | | | 14,473 | | |
– Denominated in US$
|
| | | | — | | | | | | 555 | | |
Total cash balances held in Sweden
|
| | | | 28,986 | | | | | | 15,028 | | |
Financial institutions in the United Kingdom | | | | | | | | | | | | | |
– Denominated in Great Britain Pounds (“GBP”)
|
| | | | 22,150 | | | | | | 22,934 | | |
Total cash balances held in the United Kingdom
|
| | | | 22,150 | | | | | | 22,934 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Financial institutions in the United States | | | | | | | | | | | | | |
– Denominated in US$
|
| | | | — | | | | | | 17 | | |
Total cash balances held in the United States
|
| | | | — | | | | | | 17 | | |
Total cash balances held at financial institutions in RMB
|
| | | | 989,132 | | | | | | 901,429 | | |
|
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable – third parties
|
| | | | 184,546 | | | | | | 422,743 | | |
Less: Allowance for doubtful accounts, third parties
|
| | | | — | | | | | | (4,521) | | |
Accounts receivable – third parties, net
|
| | | | 184,546 | | | | | | 418,222 | | |
Accounts receivable – related parties
|
| | | | 768,747 | | | | | | 837,686 | | |
Less: Allowance for doubtful accounts
|
| | | | — | | | | | | (2,366) | | |
Accounts receivable – related parties, net
|
| | | | 768,747 | | | | | | 835,320 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Balance at the beginning of the year
|
| | | | — | | | | | | — | | | | | | — | | |
Additions
|
| | | | 360 | | | | | | — | | | | | | 6,887 | | |
Write-off
|
| | | | (360) | | | | | | — | | | | | | — | | |
Balance at the end of the year
|
| | | | — | | | | | | — | | | | | | 6,887 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Raw material
|
| | | | 117,845 | | | | | | 65,575 | | |
Work-in-process
|
| | | | 2,690 | | | | | | 2,999 | | |
Finished goods
|
| | | | 102,784 | | | | | | 113,998 | | |
Total | | | | | 223,319 | | | | | | 182,572 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Prepayments to suppliers
|
| | | | 179,744 | | | | | | 210,819 | | |
Contract cost assets
|
| | | | — | | | | | | 192,848 | | |
Prepaid rental and deposits
|
| | | | 7,597 | | | | | | — | | |
Deferred offering costs
|
| | | | 5,719 | | | | | | — | | |
Government grants receivable
|
| | | | 30,000 | | | | | | — | | |
Others
|
| | | | 24,351 | | | | | | 21,251 | | |
Prepayments and other current assets
|
| | | | 247,411 | | | | | | 424,918 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Equity method investments
|
| | | | 476,853 | | | | | | 284,536 | | |
Equity securities
|
| | | | 675,824 | | | | | | 69,319 | | |
Total long-term investments
|
| | | | 1,152,677 | | | | | | 353,855 | | |
| | |
Year Ended
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Fair value of the consideration received
|
| | | | — | | |
Add: Fair value of retained equity interest in Suzhou Photon-Matrix
|
| | | | 64,000 | | |
Add: Carrying amount of redeemable noncontrolling interest
|
| | | | 40,750 | | |
Less: Carrying amount of non-redeemable noncontrolling interest
|
| | | | (7,178) | | |
Less: Carrying amount of Suzhou Photon-Matrix’s net assets
|
| | | | (25,598) | | |
Gains on deconsolidation of Suzhou Photon-Matrix
|
| | | | 71,974 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Financial position: | | | | | | | | | | | | | |
Current assets
|
| | | | 1,068,323 | | | | | | 1,216,042 | | |
Non-current assets
|
| | | | 1,252,988 | | | | | | 999,573 | | |
Total assets
|
| | |
|
2,321,311
|
| | | |
|
2,215,615
|
| |
Current liabilities
|
| | | | 675,372 | | | | | | 942,899 | | |
Non-current liabilities
|
| | | | 956,934 | | | | | | 1,056,274 | | |
Total liabilities
|
| | | | 1,632,306 | | | | | | 1,999,173 | | |
Shareholders’ equity
|
| | | | 689,005 | | | | | | 216,442 | | |
Total liabilities and shareholders’ deficit
|
| | |
|
2,321,311
|
| | | |
|
2,215,615
|
| |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Results of operations: | | | | | | | | | | | | | |
Total revenues
|
| | | | 711,800 | | | | | | 1,134,152 | | |
Loss from operation
|
| | | | (482,095) | | | | | | (636,240) | | |
Net loss
|
| | | | (392,337) | | | | | | (641,401) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Machinery and electronic equipment
|
| | | | 160,141 | | | | | | 180,264 | | |
Transportation vehicles
|
| | | | 8,589 | | | | | | 3,897 | | |
Office and other equipment
|
| | | | 7,219 | | | | | | 15,510 | | |
Leasehold improvements
|
| | | | 39,166 | | | | | | 43,440 | | |
Construction in progress
|
| | | | 10,478 | | | | | | 332 | | |
Property and equipment
|
| | | | 225,593 | | | | | | 243,443 | | |
Less: accumulated depreciation
|
| | | | (115,808) | | | | | | (103,836) | | |
Property and equipment, net
|
| | | | 109,785 | | | | | | 139,607 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Cost of revenues
|
| | | | 1,684 | | | | | | 1,401 | | | | | | 1,022 | | |
Selling and marketing expenses
|
| | | | 355 | | | | | | 290 | | | | | | 727 | | |
General and administrative expenses
|
| | | | 23,148 | | | | | | 26,544 | | | | | | 31,204 | | |
Research and development expenses
|
| | | | 13,293 | | | | | | 15,038 | | | | | | 17,574 | | |
Total depreciation
|
| | | | 38,480 | | | | | | 43,273 | | | | | | 50,527 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Software
|
| | | | 69,840 | | | | | | 103,509 | | |
Less: accumulated amortization
|
| | | | (38,718) | | | | | | (58,648) | | |
Intangible assets, net
|
| | | | 31,122 | | | | | | 44,861 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Cost of revenues
|
| | | | 96 | | | | | | 77 | | | | | | — | | |
Selling and marketing expenses
|
| | | | 1,027 | | | | | | 876 | | | | | | 257 | | |
General and administrative expenses
|
| | | | 2,535 | | | | | | 5,845 | | | | | | 9,730 | | |
Research and development expenses
|
| | | | 16,820 | | | | | | 15,089 | | | | | | 14,045 | | |
Total amortization
|
| | | | 20,478 | | | | | | 21,887 | | | | | | 24,032 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Unsecured bank loans
|
| | | | 932,000 | | | | | | 870,000 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Current liabilities – third parties
|
| | | | 2,685 | | | | | | 4,706 | | |
Current liabilities – related parties
|
| | | | 363,285 | | | | | | 316,667 | | |
Non-current liabilities – third parties
|
| | | | 317 | | | | | | 70 | | |
Non-current liabilities – related parties
|
| | | | 472,749 | | | | | | 282,080 | | |
Contract liabilities, current and non-current
|
| | | | 839,036 | | | | | | 603,523 | | |
Year ending December 31,
|
| |
Amount
|
| |||
2023
|
| | | | 321,373 | | |
2024
|
| | | | 148,155 | | |
2025
|
| | | | 96,651 | | |
2026
|
| | | | 36,835 | | |
2027
|
| | | | 322 | | |
2028
|
| | | | 187 | | |
| | |
As of
December 31, 2020 |
| |||
Risk-free rate of return (%)
|
| | | | 3.34% | | |
Volatility
|
| | | | 46.85% | | |
Expected dividend yield
|
| | | | 0.0% | | |
Expected term
|
| |
3.6 years
|
| |||
Fair value of the underlying ordinary shares
|
| |
RMB31.34
|
|
| | |
January 1,
2020 |
| |
Addition
|
| |
Change in
fair value included in losses |
| |
Foreign
exchange translation |
| |
Settlement
|
| |
December 31,
2020 |
| ||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liabilities
|
| | | | 40,635 | | | | | | — | | | | | | 39,635 | | | | | | — | | | | | | — | | | | | | 80,270 | | |
| | |
January 1,
2021 |
| |
Addition
|
| |
Change in
fair value included in losses |
| |
Foreign
exchange translation |
| |
Settlement
(See Note 19) |
| |
December 31,
2021 |
| ||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liabilities
|
| | | | 80,270 | | | | | | — | | | | | | 111,299 | | | | | | — | | | | | | (191,569) | | | | | | — | | |
| | |
As of
December 31, 2022 |
| |||
Risk-free rate of return (%)
|
| | | | 3.99% | | |
Volatility
|
| | | | 6.99% | | |
Expected dividend yield
|
| | | | 0.0% | | |
Expected term
|
| |
5.0 years
|
| |||
Fair value of the underlying ordinary shares
|
| |
US$7.99
(equivalent to RMB55.11) |
|
| | |
January 1,
2022 |
| |
Addition
|
| |
Change in fair
value included in losses |
| |
Foreign
exchange translation |
| |
Settlement
|
| |
December 31,
2022 |
| ||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ECARX Public Warrants
|
| | | | — | | | | | | 8,277 | | | | | | 1,991 | | | | | | 78 | | | | | | — | | | | | | 10,346 | | |
ECARX Private Warrants
|
| | | | — | | | | | | 4,895 | | | | | | 1,254 | | | | | | 49 | | | | | | — | | | | | | 6,198 | | |
Total | | | | | — | | | | | | 13,172 | | | | | | 3,245 | | | | | | 127 | | | | | | — | | | | | | 16,544 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Salaries and benefits payables
|
| | | | 230,985 | | | | | | 246,189 | | |
Taxes payable
|
| | | | 39,286 | | | | | | 103,067 | | |
Product warranties
|
| | | | 40,263 | | | | | | 61,432 | | |
Accrued costs of the Merger
|
| | | | — | | | | | | 136,756 | | |
Other payables and accrued charges*
|
| | | | 150,730 | | | | | | 237,690 | | |
Accrued expenses and other current liabilities
|
| | | | 461,264 | | | | | | 785,134 | | |
| | |
As of
December 31, 2021 |
| |
Adjustments
due to adoption of ASC 842 |
| |
As of
January 1, 2022 |
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
Prepayments and other current assets
|
| | | | 247,411 | | | | | | (6,764)(a) | | | | | | 240,647 | | |
Operating lease right-of-use assets
|
| | | | — | | | | | | 95,108(b) | | | | | | 95,108 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | |
Operating lease liabilities, current
|
| | | | — | | | | | | (42,094)(c) | | | | | | (42,094) | | |
Operating lease liabilities, non-current
|
| | | | — | | | | | | (46,250)(c) | | | | | | (46,250) | | |
| | |
Year Ended
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Operating lease cost
|
| | | | 47,163 | | |
Short-term lease cost
|
| | | | 4,234 | | |
Total | | | | | 51,397 | | |
| | |
Year Ended
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Selling and marketing expenses
|
| | | | 1,525 | | |
General and administrative expenses
|
| | | | 18,834 | | |
Research and development expenses
|
| | | | 31,038 | | |
Total | | | | | 51,397 | | |
| | |
As of
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Operating lease right-of-use assets
|
| | | | 141,627 | | |
Less: accumulated amortization
|
| | | | (41,975) | | |
Total | | | | | 99,652 | | |
| | |
As of
December 31, 2022 |
| |||
Weighted average remaining lease term (years): | | | | | | | |
Operating leases
|
| | | | 5.68 | | |
Weighted average discount rate: | | | | | | | |
Operating leases
|
| | | | 6.70% | | |
| | |
As of
December 31, 2022 |
| |||
| | |
RMB
|
| |||
2023
|
| | | | 35,354 | | |
2024
|
| | | | 19,413 | | |
2025
|
| | | | 19,222 | | |
2026
|
| | | | 12,268 | | |
2027
|
| | | | 8,644 | | |
2028 and thereafter
|
| | | | 36,162 | | |
Total lease payments
|
| | | | 131,063 | | |
Less imputed interest
|
| | | | (31,185) | | |
Present value of lease liabilities
|
| | | | 99,878 | | |
Current portion
|
| | | | 31,110 | | |
Operating lease liabilities, non-current
|
| | | | 68,768 | | |
| | |
Year Ended
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | |
Operating cash flows from operating leases
|
| | | | 40,173 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | | | | |
Operating leases
|
| | | | 51,621 | | |
| | |
Series Angel
Preferred Shares |
| |
Series A
Preferred Shares |
| |
Series A+
Preferred Shares |
| |
Series A++
Preferred Shares |
| |
Series B
Preferred Shares |
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Carrying
amount |
| |
Shares
|
| |
Carrying
amount |
| |
Subscription
receivable |
| |
Shares
|
| |
Carrying
amount |
| |
Shares
|
| |
Carrying
amount |
| |
Shares
|
| |
Carrying
amount |
| |
Subscription
receivable |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1,
2020 |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of preferred shares
|
| | | | — | | | | | | — | | | | | | 26,841,535 | | | | | | 1,238,526 | | | | | | (1,032,104) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 206,422 | | |
Issuance cost
|
| | | | — | | | | | | — | | | | | | — | | | | | | (8,500) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,500) | | |
Accretion of Redeemable
Convertible Preferred Shares |
| | | | — | | | | | | — | | | | | | — | | | | | | 101,286 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 101,286 | | |
Foreign currency translation
adjustment |
| | | | — | | | | | | — | | | | | | — | | | | | | (66,733) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (66,733) | | |
Balance as of December 31, 2020
|
| | | | — | | | | | | — | | | | | | 26,841,535 | | | | | | 1,264,579 | | | | | | (1,032,104) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 232,475 | | |
Issuance of preferred shares
|
| | | | 6,016,207 | | | | | | 273,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,361,157 | | | | | | 1,331,641 | | | | | | 8,546,916 | | | | | | 452,241 | | | | | | 17,615,165 | | | | | | 1,104,188 | | | | | | (159,215) | | | | | | 3,002,374 | | |
Issuance cost
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,000) | | |
Re-designation of ordinary shares into Series A Preferred Shares
|
| | | | — | | | | | | — | | | | | | 2,343,309 | | | | | | 97,660 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 97,660 | | |
Subscription contributions from shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032,104 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,032,104 | | |
Accretion of Redeemable
Convertible Preferred Shares |
| | | | — | | | | | | 13,655 | | | | | | — | | | | | | 99,161 | | | | | | — | | | | | | — | | | | | | 79,336 | | | | | | — | | | | | | 23,005 | | | | | | — | | | | | | 28,407 | | | | | | — | | | | | | 243,564 | | |
Foreign currency translation
adjustment |
| | | | — | | | | | | (3,589) | | | | | | — | | | | | | (32,087) | | | | | | — | | | | | | — | | | | | | (14,306) | | | | | | — | | | | | | 167 | | | | | | — | | | | | | (15,278) | | | | | | (177) | | | | | | (65,270) | | |
Balance as of December 31, 2021
|
| | | | 6,016,207 | | | | | | 283,585 | | | | | | 29,184,844 | | | | | | 1,429,313 | | | | | | — | | | | | | 29,361,157 | | | | | | 1,386,671 | | | | | | 8,546,916 | | | | | | 475,413 | | | | | | 17,615,165 | | | | | | 1,117,317 | | | | | | (159,392) | | | | | | 4,532,907 | | |
Subscription contributions from shareholders
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,485 | | | | | | 159,485 | | |
Accretion of Redeemable
Convertible Preferred Shares |
| | | | — | | | | | | 21,916 | | | | | | — | | | | | | 100,884 | | | | | | — | | | | | | — | | | | | | 106,959 | | | | | | — | | | | | | 36,732 | | | | | | — | | | | | | 88,387 | | | | | | — | | | | | | 354,878 | | |
Foreign currency translation
adjustment |
| | | | — | | | | | | 26,949 | | | | | | — | | | | | | 135,409 | | | | | | — | | | | | | — | | | | | | 131,767 | | | | | | — | | | | | | 45,179 | | | | | | — | | | | | | 106,268 | | | | | | (93) | | | | | | 445,479 | | |
Conversion of Preferred
Shares to Ordinary Shares upon the completion of the IPO |
| | | | (6,016,207) | | | | | | (332,450) | | | | | | (29,184,844) | | | | | | (1,665,606) | | | | | | — | | | | | | (29,361,157) | | | | | | (1,625,397) | | | | | | (8,546,916) | | | | | | (557,324) | | | | | | (17,615,165) | | | | | | (1,311,972) | | | | | | — | | | | | | (5,492,749) | | |
Balance as of December 31, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
RMB
|
| |||
Balance as of January 1, 2021
|
| | | | — | | |
Add: Capital contribution
|
| | | | 30,000 | | |
Less: Comprehensive loss
|
| | | | (806) | | |
Add: Accretion of redeemable non-controlling interests
|
| | | | 1,306 | | |
Balance as of December 31, 2021
|
| | | | 30,500 | | |
Add: Capital contribution
|
| | | | 10,000 | | |
Less: Comprehensive loss
|
| | | | (464) | | |
Add: Accretion of redeemable non-controlling interests before the deconsolidation of Suzhou Photon-Matrix
|
| | | | 714 | | |
Less: Deconsolidation of Suzhou Photon-Matrix
|
| | | | (40,750) | | |
Balance as of December 31, 2022
|
| | | | — | | |
| | |
Number of
RSUs |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Fair value at grant date |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| | | | | | | | | | | | | ||||||
Outstanding at January 1, 2021
|
| | | | 16,224,217 | | | | | | 0.05 | | | | | | 3.66 | | | | | | — | | | | | | — | | |
Granted (new RSUs)
|
| | | | 2,890,674 | | | | | | 1.23 | | | | | | 5.15 | | | | |
|
—
|
| | | |
|
—
|
| |
Granted (replacement RSUs)
|
| | | | 7,708,362 | | | | | | 0.28 | | | | | | 6.88 | | | | |
|
—
|
| | | |
|
—
|
| |
Forfeited
|
| | | | (119,296) | | | | | | 0.01 | | | | | | 3.71 | | | | |
|
—
|
| | | |
|
—
|
| |
Replaced
|
| | | | (7,708,362) | | | | | | 0.28 | | | | | | 3.89 | | | | |
|
—
|
| | | |
|
—
|
| |
Outstanding at December 31, 2021
|
| | | | 18,995,595 | | | | | | 0.23 | | | | | | 5.10 | | | | | | — | | | | | | — | | |
Granted (new RSUs)
|
| | | | 6,680,560 | | | | | | 0.56 | | | | | | 6.92 | | | | |
|
—
|
| | | |
|
—
|
| |
Granted (replacement RSUs)
|
| | | | 3,419,811 | | | | | | 0.13 | | | | | | 1.47 | | | | |
|
—
|
| | | |
|
—
|
| |
Forfeited
|
| | | | (1,244,394) | | | | | | 0.54 | | | | | | 4.97 | | | | |
|
—
|
| | | |
|
—
|
| |
Replaced
|
| | | | (3,419,811) | | | | | | 1.24 | | | | | | 1.47 | | | | |
|
—
|
| | | |
|
—
|
| |
Outstanding at December 31, 2022
|
| | |
|
24,431,761
|
| | | |
|
0.15
|
| | | |
|
5.60
|
| | | |
|
—
|
| | | |
|
—
|
| |
Vested and expected to vest as of December 31, 2022
|
| | | | 24,431,761 | | | | | | 0.15 | | | | | | 5.60 | | | | | | 7.80 | | | | | | 5.76 | | |
Exercisable as of December 31, 2022
|
| | | | 21,191,690 | | | | | | 0.06 | | | | | | 5.79 | | | | | | 7.91 | | | | | | 5.83 | | |
| | |
Year ended December 31,
|
| ||||||
| | |
2020
|
| |
2021
|
| |
2022
|
|
Risk-free rate of return
|
| |
0.17% – 2.91%
|
| |
0.35% – 2.70%
|
| |
1.61% – 4.12%
|
|
Volatility
|
| |
44.68% – 54.39%
|
| |
41.13% – 50.60%
|
| |
44.15% – 48.12%
|
|
Expected dividend yield
|
| |
0.0%
|
| |
0.0%
|
| |
0.0%
|
|
Fair value of underlying ordinary share
|
| |
US$3.16 – US$4.03
(equvalent to RMB21.76 – RMB26.27) |
| |
US$4.26 – US$7.45
(equvalent to RMB27.97 – RMB47.51) |
| |
US$7.57 – US$9.05
(equvalent to RMB48.29 – RMB64.98) |
|
Expected terms
|
| |
10 years
|
| |
10 years
|
| |
10 years
|
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Research and development expenses
|
| | | | 6,501 | | | | | | 80,872 | | | | | | 42,986 | | |
Selling and marketing expenses
|
| | | | 723 | | | | | | 7,321 | | | | | | 8,297 | | |
Cost of revenues
|
| | | | — | | | | | | 6,524 | | | | | | — | | |
General and administrative expenses
|
| | | | 4,186 | | | | | | 68,764 | | | | | | 473,270 | | |
Total | | | | | 11,410 | | | | | | 163,481 | | | | | | 524,553 | | |
| | |
Number of
options |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Fair value at grant date |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| | | | | | | | | | | | | ||||||
Outstanding at January 1, 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Granted
|
| | | | 13,575,733 | | | | | | 9.70 | | | | | | 2.92 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (294,690) | | | | | | 9.70 | | | | | | 2.92 | | | | | | | | | | | | | | |
Outstanding at December 31, 2021
|
| | | | 13,281,043 | | | | | | 9.70 | | | | | | 2.92 | | | | | | | | | | | | | | |
Granted
|
| | | | 2,354,744 | | | | | | 9.70 | | | | | | 3.39 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (2,782,423) | | | | | | 9.70 | | | | | | 2.31 | | | | | | | | | | | | | | |
Outstanding at December 31, 2022
|
| | | | 12,853,364 | | | | | | 9.70 | | | | | | 3.14 | | | | | | | | | | | | | | |
Vested and expected to vest as of December 31, 2021
|
| | |
|
12,853,364
|
| | | | | 9.70 | | | | | | 3.14 | | | | | | 8.76 | | | | | | — | | |
Exercisable as of December 31, 2022
|
| | |
|
6,843,970
|
| | | | | 9.70 | | | | | | 2.92 | | | | | | 8.67 | | | | | | — | | |
| | |
Year ended December 31,
|
| |||
| | |
2021
|
| |
2022
|
|
Risk-free rate of return
|
| |
1.20% – 1.65%
|
| |
1.63% – 3.83%
|
|
Volatility
|
| |
44.03% – 44.47%
|
| |
44.18% – 45.07%
|
|
Expected dividend yield
|
| |
0.0%
|
| |
0.0%
|
|
Fair value of underlying ordinary share
|
| |
US$6.99 – US$7.55
|
| |
US$7.57 – US$9.30
|
|
Expected terms
|
| |
10 years
|
| |
10 years
|
|
| | |
Year ended
December 31, 2022 |
| |||
| | |
RMB
|
| |||
Research and development expenses
|
| | | | 93,824 | | |
Selling and marketing expenses
|
| | | | 8,554 | | |
General and administrative expenses
|
| | | | 98,720 | | |
Total | | | | | 201,098 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Sales of goods revenues
|
| | |
|
1,678,234
|
| | | |
|
1,983,817
|
| | | |
|
2,433,964
|
| |
Automotive computing platform
|
| | | | 1,265,227 | | | | | | 1,423,548 | | | | | | 1,690,569 | | |
SoC Core Modules
|
| | | | 203,402 | | | | | | 333,421 | | | | | | 660,554 | | |
Automotive merchandise and other products
|
| | | | 209,605 | | | | | | 226,848 | | | | | | 82,841 | | |
Software license revenues
|
| | |
|
71,297
|
| | | |
|
261,265
|
| | | |
|
404,469
|
| |
Service revenues
|
| | |
|
491,532
|
| | | |
|
533,981
|
| | | |
|
723,561
|
| |
Automotive computing Platform – Design and development service
|
| | | | 297,801 | | | | | | 306,358 | | | | | | 468,770 | | |
Connectivity service
|
| | | | 172,841 | | | | | | 188,349 | | | | | | 212,738 | | |
Other services
|
| | | | 20,890 | | | | | | 39,274 | | | | | | 42,053 | | |
Total revenues
|
| | | | 2,241,063 | | | | | | 2,779,063 | | | | | | 3,561,994 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Point in time
|
| | | | 2,068,222 | | | | | | 2,590,714 | | | | | | 3,349,256 | | |
Over time
|
| | | | 172,841 | | | | | | 188,349 | | | | | | 212,738 | | |
Total revenues
|
| | | | 2,241,063 | | | | | | 2,779,063 | | | | | | 3,561,994 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
The Cayman Islands
|
| | | | 55,644 | | | | | | (4,811) | | | | | | (57,261) | | |
British Virgin Islands
|
| | | | — | | | | | | — | | | | | | (2) | | |
Hong Kong S.A.R
|
| | | | 93 | | | | | | (53,347) | | | | | | (27,262) | | |
Sweden
|
| | | | — | | | | | | (310) | | | | | | 7,015 | | |
United Kingdom
|
| | | | — | | | | | | (11,164) | | | | | | (348,872) | | |
The PRC, excluding Hong Kong S.A.R.
|
| | | | (495,513) | | | | | | (1,100,265) | | | | | | (1,151,699) | | |
Total | | | | | (439,776) | | | | | | (1,169,897) | | | | | | (1,578,081) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Current income tax expense
|
| | |
|
228
|
| | | |
|
6,861
|
| | | |
|
29,065
|
| |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Computed expected income tax benefit
|
| | | | (25)% | | | | | | (25)% | | | | | | (25)% | | |
Effect of preferential tax rate
|
| | | | 11% | | | | | | 10% | | | | | | (17)% | | |
Effect of different tax jurisdiction
|
| | | | (3)% | | | | | | (1)% | | | | | | 2% | | |
Non-deductible expenses
|
| | | | 4% | | | | | | 5% | | | | | | 40% | | |
Research and development expenses additional deduction
|
| | | | (8)% | | | | | | (6)% | | | | | | (5)% | | |
Change in valuation allowance
|
| | | | 21% | | | | | | 17% | | | | | | 7% | | |
Actual income tax expense
|
| | | | — | | | | | | — | | | | | | 2% | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Inventories
|
| | | | 6,431 | | | | | | 7,654 | | |
Allowance for doubtful accounts
|
| | | | 487 | | | | | | 2,049 | | |
Intangible assets
|
| | | | — | | | | | | 268,381 | | |
Accrued product warranties
|
| | | | 8,483 | | | | | | 23,037 | | |
Accrued salaries and benefits
|
| | | | 8,704 | | | | | | 10,961 | | |
Accrued expenses and other liabilities
|
| | | | 48,520 | | | | | | 14,494 | | |
Unrealized investment loss of equity method investments
|
| | | | 3,600 | | | | | | 7,326 | | |
Donation
|
| | | | 450 | | | | | | 503 | | |
Operating lease liabilities
|
| | | | — | | | | | | 22,781 | | |
Net operating loss carryforwards
|
| | | | 473,845 | | | | | | 201,812 | | |
Total deferred tax assets
|
| | | | 550,520 | | | | | | 558,998 | | |
Less: valuation allowance
|
| | | | (550,520) | | | | | | (537,172) | | |
Deferred tax assets, net of valuation allowance
|
| | |
|
—
|
| | | | | 21,826 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Deferred tax liabilities: | | | | | | | | | | | | | |
Operating lease right-of-use assets
|
| | | | — | | | | | | (21,826) | | |
Total deferred tax liabilities
|
| | | | — | | | | | | (21,826) | | |
Net deferred tax assets
|
| | | | — | | | | | | — | | |
|
| | |
As of December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Balance as of January 1,
|
| | | | 268,702 | | | | | | 362,371 | | | | | | 550,520 | | |
Increase during the year
|
| | | | 93,669 | | | | | | 188,149 | | | | | | 121,245 | | |
Reversal of net operating loss carryforwards due to the Restructuring
|
| | | | — | | | | | | — | | | | | | (134,593) | | |
Balance as of December 31
|
| | |
|
362,371
|
| | | |
|
550,520
|
| | | |
|
537,172
|
| |
Year ending December 31,
|
| |
Amount
|
| |||
| | |
RMB
|
| |||
2026
|
| | | | 8,118 | | |
2027
|
| | | | 733,746 | | |
Total | | | | | 741,864 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss attributable to ECARX Holdings Inc.
|
| | | | (439,659) | | | | | | (1,175,261) | | | | | | (1,564,878) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | (101,286) | | | | | | (243,564) | | | | | | (354,878) | | |
Numerator for basic and diluted net loss per share calculation
|
| | | | (540,945) | | | | | | (1,418,825) | | | | | | (1,919,756) | | |
Denominator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of ordinary shares – basic and diluted
|
| | |
|
238,591,421
|
| | | |
|
236,691,093
|
| | | |
|
239,296,386
|
| |
Net loss per share attributable to ordinary shareholders | | | | | | | | | | | | | | | | | | | |
− Basic and diluted
|
| | |
|
(2.27)
|
| | | |
|
(5.99)
|
| | | |
|
(8.02)
|
| |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
Redeemable convertible preferred shares
|
| | | | 26,841,535 | | | | | | 90,724,289 | | | | | | — | | |
Warrants
|
| | | | 6,016,207 | | | | | | — | | | | | | 23,871,971 | | |
| | |
As of December 31,
|
| |||
| | |
2021
|
| |
2022
|
|
Customer A, a third party
|
| |
51.1%
|
| |
48.9%
|
|
Customer B, a third party
|
| |
11.0%
|
| |
30.4%
|
|
Customer C, a third party
|
| |
10.6%
|
| |
Less than 10.0%
|
|
| | |
Year Ended December 31,
|
| ||||||
| | |
2020
|
| |
2021
|
| |
2022
|
|
Geely Group and its subsidiaries
|
| |
74.1%
|
| |
70.4%
|
| |
67.0%
|
|
Customer A, a third party
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
| |
12.6%
|
|
Customer B, a third party
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
| |
12.5%
|
|
| | |
As of December 31,
|
| |||
| | |
2021
|
| |
2022
|
|
Supplier A, a third party
|
| |
15.5%
|
| |
Less than 10.0%
|
|
Supplier B, a third party
|
| |
13.8%
|
| |
19.0%
|
|
Supplier C, a related party
|
| |
10.3%
|
| |
Less than 10.0%
|
|
Supplier D, a third party
|
| |
Less than 10.0%
|
| |
19.1%
|
|
Supplier E, a third party
|
| |
Less than 10.0%
|
| |
10.9%
|
|
| | |
Year Ended December 31,
|
| ||||||
| | |
2020
|
| |
2021
|
| |
2022
|
|
Supplier A, a third party
|
| |
35.2%
|
| |
23.6%
|
| |
Less than 10.0%
|
|
Supplier B, a third party
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
| |
17.4%
|
|
Supplier C, a related party
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
|
Supplier D, a third party
|
| |
Less than 10.0%
|
| |
Less than 10.0%
|
| |
12.7%
|
|
| | |
Total
|
| |
Less than
one year |
| |
1 – 2 Years
|
| |
2 – 3 Years
|
| |
3 – 5 Years
|
| |
Over 5
Years |
| ||||||||||||||||||
Purchase commitments
|
| | | | 99,907 | | | | | | 79,906 | | | | | | 6,667 | | | | | | 6,667 | | | | | | 6,667 | | | | | | — | | |
| | |
Total
|
| |
Less than
one year |
| ||||||
Capital commitments
|
| | | | 15,872 | | | | | | 15,872 | | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries
|
| | Entity controlled by the controlling shareholder of the Company | |
Proton Holdings Berhad and its subsidiaries | | | Entity that the controlling shareholder of the Company has significant influence | |
Anhui Xinzhi Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Huanfu Technology Co., Ltd., (“Zhejiang Huanfu”, formerly known as Zhejiang Yikatong Technology Co., Ltd.,”Zhejiang Yikatong”)
|
| | Entity controlled by the controlling shareholder of the Company | |
Xi’an Liansheng Intelligent Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hubei Yuanshidai Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hubei Xingji Times Technology Co., Ltd | | | Entity controlled by the controlling shareholder of the Company | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Hubei ECARX Technology Co., Ltd | | | Entity controlled by the controlling shareholder of the Company | |
Arteus Group Limited | | | Entity controlled by the controlling shareholder of the Company | |
Apollo Intelligent Connectivity (Beijing) Technology Co., Ltd.
|
| | Entity that one board of director of the Company has significant influence | |
SiEngine Technology Co., Ltd. | | | Entity which is under significant influence of the Company | |
Suzhou Tongjie Automotive Electronics Co., Ltd. | | | Entity which is under significant influence of the controlling shareholder of the Company | |
Hubei Dongjun Automotive Electronic Technology Co., Ltd. and its subsidiary
|
| | Entity which is under significant influence of the Company | |
Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd
|
| | Entity which is under significant influence of the Company | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Revenues(i): | | | | | | | | | | | | | | | | | | | |
Sales of goods revenues
|
| | |
|
1,275,777
|
| | | |
|
1,466,340
|
| | | |
|
1,663,076
|
| |
Automotive computing platform
|
| | | | 1,231,429 | | | | | | 1,410,566 | | | | | | 1,651,512 | | |
SoC Core Modules
|
| | | | — | | | | | | — | | | | | | 77 | | |
Automotive merchandise and other products
|
| | | | 44,348 | | | | | | 55,774 | | | | | | 11,487 | | |
Software license revenues
|
| | |
|
18,168
|
| | | |
|
24,788
|
| | | |
|
133,450
|
| |
Service revenues
|
| | |
|
444,709
|
| | | |
|
532,625
|
| | | |
|
721,206
|
| |
Automotive computing platform – Design and development service
|
| | | | 251,471 | | | | | | 306,027 | | | | | | 466,747 | | |
Connectivity service
|
| | | | 172,490 | | | | | | 187,781 | | | | | | 212,406 | | |
Other services
|
| | | | 20,748 | | | | | | 38,817 | | | | | | 42,053 | | |
Total | | | | | 1,738,654 | | | | | | 2,023,753 | | | | | | 2,517,732 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Purchase of products and services(ii)
|
| | | | 8,186 | | | | | | 293,552 | | | | | | 677,775 | | |
Rental of office space(ii)
|
| | | | 3,391 | | | | | | 1,093 | | | | | | 6,395 | | |
Other income(ix)
|
| | | | — | | | | | | — | | | | | | 22,846 | | |
Interest income on loans due from related parties(iv)
|
| | | | — | | | | | | 717 | | | | | | 9,069 | | |
Interest expense on borrowings due to related parties(iii)
|
| | | | 872 | | | | | | 131 | | | | | | 12,215 | | |
Loans to related parties(iv)
|
| | | | — | | | | | | 28,850 | | | | | | 57,260 | | |
Repayment received of loans to related parties(iv)
|
| | | | — | | | | | | — | | | | | | 29,360 | | |
Advances to Zhejiang Huanfu(iv)
|
| | | | 103,024 | | | | | | 19,806 | | | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Collection of advances to Zhejiang Huanfu(iv)
|
| | | | 81,026 | | | | | | 90,155 | | | | | | — | | |
Repayment of borrowings from related parties(iii)
|
| | | | — | | | | | | 65,152 | | | | | | 700,000 | | |
Borrowings from related parties(iii)
|
| | | | — | | | | | | 45,152 | | | | | | 700,000 | | |
Transfer of property and equipment to Zhejiang Huanfu(v)
|
| | | | — | | | | | | 707 | | | | | | 1,604 | | |
Financial support to Anhui Xinzhi(viii)
|
| | | | — | | | | | | — | | | | | | 28,500 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable – related parties, net(i)
|
| | | | 768,747 | | | | | | 835,320 | | |
Amounts due from related parties(ii)(iv)(ix)
|
| | | | 41,298 | | | | | | 911,729 | | |
Accounts payable – related parties(ii)
|
| | | | 111,531 | | | | | | 241,773 | | |
Amounts due to related parties(iii)(vi)(x)
|
| | | | 106,825 | | | | | | 42,843 | | |
Other non-current assets – related parties(vii)
|
| | | | 1,929 | | | | | | 213,695 | | |
| | |
As of December 31,
|
| | | | |||||||||
| | |
2021
|
| |
2022
|
| | ||||||||
| | |
RMB
|
| |
RMB
|
| | ||||||||
ASSETS | | | | | | | | | | | | | | | ||
Current assets
|
| | | | 135,525 | | | | | | 572,259 | | | | ||
Non-current assets
|
| | | | 6,726 | | | | | | 43,655 | | | | ||
Total assets
|
| | | | 142,251 | | | | | | 615,914 | | | | ||
LIABILITIES | | | | | | | | | | | | | | | ||
Current liabilities
|
| | | | 2,286 | | | | | | 486,351 | | | | ||
Non-current liabilities
|
| | | | — | | | | | | 9,229 | | | | ||
Total liabilities
|
| | | | 2,286 | | | | | | 495,580 | | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Revenues
|
| | | | — | | | | | | 5,138 | | |
Cost of revenues
|
| | | | (130) | | | | | | (1,475) | | |
Gross (loss) profit
|
| | | | (130) | | | | | | 3,663 | | |
Loss from operations
|
| | | | (18,493) | | | | | | (167,952) | | |
Profit (loss) before income taxes
|
| | | | 13,380 | | | | | | (136,512) | | |
Net profit (loss)
|
| | | | 9,965 | | | | | | (144,005) | | |
| | |
As of December 31,
|
| |||||||||
| | |
2021
|
| |
2022
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | | 158,755 | | | | | | 119,022 | | |
Prepayments and other assets
|
| | | | 5,751 | | | | | | 35 | | |
Amounts due from related parties
|
| | | | 3,217,624 | | | | | | 4,168,615 | | |
Total current assets
|
| | | | 3,382,130 | | | | | | 4,287,672 | | |
Non-current assets | | | | | | | | | | | | | |
Long-term investments
|
| | |
|
—
|
| | | | | 69,319 | | |
Total non-current assets
|
| | | | — | | | | | | 69,319 | | |
Total assets
|
| | | | 3,382,130 | | | | | | 4,356,991 | | |
Current Liabilities | | | | | | | | | | | | | |
Accounts payable
|
| | | | 108 | | | | | | — | | |
Accrued expenses and other current liabilities
|
| | | | — | | | | | | 146,507 | | |
Amounts due to related parties
|
| | | | 85,390 | | | | | | 18,925 | | |
Share of losses in excess of investments in subsidiaries and VIEs
|
| | | | 2,861,051 | | | | | | 3,948,086 | | |
Total current liabilities
|
| | | | 2,946,549 | | | | | | 4,113,518 | | |
Non-current liabilities | | | | | | | | | | | | | |
Convertible notes payable
|
| | | | — | | | | | | 439,869 | | |
Total non-current liabilities
|
| | | | — | | | | | | 439,869 | | |
Total liabilities
|
| | | | 2,946,549 | | | | | | 4,553,387 | | |
MEZZANINE EQUITY | | | | | | | | | | | | | |
Series Angel Redeemable Convertible Preferred Shares
|
| | | | 283,585 | | | | | | — | | |
Series A Redeemable Convertible Preferred Shares
|
| | | | 1,429,313 | | | | | | — | | |
Series A+ Redeemable Convertible Preferred Shares
|
| | | | 1,386,671 | | | | | | — | | |
Series A++ Redeemable Convertible Preferred Shares
|
| | | | 475,413 | | | | | | — | | |
Series B Redeemable Convertible Preferred Shares
|
| | | | 1,117,317 | | | | | | — | | |
Subscription receivable from a Series B Redeemable Convertible Preferred Shareholder
|
| | | | (159,392) | | | | | | — | | |
Total mezzanine equity
|
| | | | 4,532,907 | | | | | | — | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Ordinary Shares
|
| | | | 7 | | | | | | — | | |
Class A Ordinary Shares
|
| | | | — | | | | | | 9 | | |
Class B Ordinary Shares
|
| | | | — | | | | | | 1 | | |
Treasury Shares
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | — | | | | | | 5,919,660 | | |
Accumulated deficit
|
| | | | (4,103,381) | | | | | | (5,730,180) | | |
Accumulated other comprehensive income (loss)
|
| | | | 6,048 | | | | | | (385,886) | | |
Total shareholders’ deficit
|
| | | | (4,097,326) | | | | | | (196,396) | | |
Total liabilities, mezzanine equity and shareholders’ deficit
|
| | | | 3,382,130 | | | | | | 4,356,991 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
General and administrative expenses
|
| | | | — | | | | | | (17,660) | | | | | | (26,005) | | |
Interest income
|
| | | | 431 | | | | | | 885 | | | | | | 6,565 | | |
Interest expenses
|
| | | | — | | | | | | (514) | | | | | | (3,132) | | |
Foreign currency exchange gains (losses)
|
| | | | 55,213 | | | | | | 12,478 | | | | | | (14,459) | | |
Change in fair value of an equity security
|
| | | | — | | | | | | — | | | | | | (16,843) | | |
Share of losses from subsidiaries and VIEs
|
| | | | (495,303) | | | | | | (1,170,450) | | | | | | (1,511,004) | | |
Loss before income taxes
|
| | | | (439,659) | | | | | | (1,175,261) | | | | | | (1,564,878) | | |
Income tax expenses
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (439,659) | | | | | | (1,175,261) | | | | | | (1,564,878) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
Net cash used in operating activities
|
| | | | (266) | | | | | | (22,741) | | | | | | (22,893) | | |
Net cash used in investing activities
|
| | | | (97,873) | | | | | | (3,121,321) | | | | | | (734,299) | | |
Net cash provided by financing activities
|
| | | | 206,422 | | | | | | 3,222,206 | | | | | | 729,767 | | |
Effect of foreign currency exchange rate changes on cash
|
| | | | (10,012) | | | | | | (17,660) | | | | | | (12,308) | | |
Net increase in cash
|
| | | | 98,271 | | | | | | 60,484 | | | | | | (39,733) | | |
Cash at beginning of the year
|
| | | | — | | | | | | 98,271 | | | | | | 158,755 | | |
Cash at end of the year
|
| | | | 98,271 | | | | | | 158,755 | | | | | | 119,022 | | |
| | | | | |
As of
December 31, 2022 |
| |
As of June 30,
|
| ||||||||||||
| | |
Note
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 1(f) |
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| |
2
|
| | | | 860,472 | | | | | | 850,373 | | | | | | 117,272 | | |
Restricted cash
|
| |
2
|
| | | | 40,957 | | | | | | 74,975 | | | | | | 10,340 | | |
Accounts receivable – third parties, net
|
| |
3
|
| | | | 418,222 | | | | | | 288,233 | | | | | | 39,749 | | |
Accounts receivable – related parties, net
|
| |
3, 20
|
| | | | 835,320 | | | | | | 804,267 | | | | | | 110,913 | | |
Notes receivable
|
| |
4
|
| | | | 179,143 | | | | | | 77,975 | | | | | | 10,753 | | |
Inventories
|
| |
5
|
| | | | 182,572 | | | | | | 186,226 | | | | | | 25,682 | | |
Amounts due from related parties
|
| |
20
|
| | | | 911,729 | | | | | | 140,225 | | | | | | 19,338 | | |
Prepayments and other current assets
|
| |
6
|
| | | | 424,918 | | | | | | 678,089 | | | | | | 93,513 | | |
Total current assets
|
| | | | | | | 3,853,333 | | | | | | 3,100,363 | | | | | | 427,560 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | |
Long-term investments
|
| |
7
|
| | | | 353,855 | | | | | | 363,631 | | | | | | 50,147 | | |
Property and equipment, net
|
| |
8
|
| | | | 139,607 | | | | | | 130,416 | | | | | | 17,985 | | |
Intangible assets, net
|
| |
9
|
| | | | 44,861 | | | | | | 38,839 | | | | | | 5,356 | | |
Operating lease right-of-use assets
|
| |
11
|
| | | | 99,652 | | | | | | 121,305 | | | | | | 16,729 | | |
Other non-current assets – third parties
|
| | | | | | | 26,029 | | | | | | 28,635 | | | | | | 3,949 | | |
Other non-current assets – related parties
|
| |
20
|
| | | | 213,695 | | | | | | 218,899 | | | | | | 30,188 | | |
Total non-current assets
|
| | | | | | | 877,699 | | | | | | 901,725 | | | | | | 124,354 | | |
Total assets
|
| | | | | | | 4,731,032 | | | | | | 4,002,088 | | | | | | 551,914 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings
|
| |
10
|
| | | | 870,000 | | | | | | 870,000 | | | | | | 119,978 | | |
Accounts payable – third parties
|
| | | | | | | 1,445,193 | | | | | | 1,138,043 | | | | | | 156,943 | | |
Accounts payable – related parties
|
| |
20
|
| | | | 241,773 | | | | | | 101,098 | | | | | | 13,942 | | |
Notes payable
|
| | | | | | | 168,405 | | | | | | 116,442 | | | | | | 16,058 | | |
Amounts due to related parties
|
| |
20
|
| | | | 42,843 | | | | | | 341,202 | | | | | | 47,054 | | |
Contract liabilities – third parties
|
| |
16
|
| | | | 4,706 | | | | | | 6,073 | | | | | | 838 | | |
Contract liabilities – related parties
|
| |
16
|
| | | | 316,667 | | | | | | 386,344 | | | | | | 53,279 | | |
Operating lease liabilities
|
| |
11
|
| | | | 31,110 | | | | | | 30,189 | | | | | | 4,163 | | |
Accrued expenses and other current liabilities
|
| |
12
|
| | | | 785,134 | | | | | | 511,748 | | | | | | 70,574 | | |
Income tax payable
|
| | | | | | | 21,610 | | | | | | 21,467 | | | | | | 2,960 | | |
Total current liabilities
|
| | | | | | | 3,927,441 | | | | | | 3,522,606 | | | | | | 485,789 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | |
Contract liabilities – third parties
|
| |
16
|
| | | | 70 | | | | | | 12 | | | | | | 2 | | |
Contract liabilities – related parties
|
| |
16
|
| | | | 282,080 | | | | | | 203,976 | | | | | | 28,130 | | |
Convertible notes payable
|
| |
13
|
| | | | 439,869 | | | | | | 464,294 | | | | | | 64,029 | | |
Operating lease liabilities
|
| |
11
|
| | | | 68,768 | | | | | | 108,311 | | | | | | 14,937 | | |
| | | | | |
As of
December 31, 2022 |
| |
As of June 30,
|
| ||||||||||||
| | |
Note
|
| |
2023
|
| |
2023
|
| ||||||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 1(f) |
| |||||||||
Warrant liabilities
|
| |
14
|
| | | | 16,544 | | | | | | 12,493 | | | | | | 1,723 | | |
Other non-current liabilities
|
| | | | | | | 30,716 | | | | | | 34,957 | | | | | | 4,821 | | |
Total non-current liabilities
|
| | | | | | | 838,047 | | | | | | 824,043 | | | | | | 113,642 | | |
Total liabilities
|
| | | | | | | 4,765,488 | | | | | | 4,346,649 | | | | | | 599,431 | | |
Commitments and contingencies
|
| |
19
|
| | | | — | | | | | | — | | | | | | — | | |
SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | | | | |
Class A Ordinary Shares (US$0.000005 par value, 8,000,000,000 shares authorized as of December 31, 2022 and June 30, 2023, and 288,434,474 shares issued and outstanding as of December 31, 2022 and June 30,
2023)(1) |
| | | | | | | 9 | | | | | | 9 | | | | | | 1 | | |
Class B Ordinary Shares (US$0.000005 par value, 1,000,000,000 shares authorized as of December 31, 2022 and June 30, 2023, and 48,960,916 shares issued and outstanding as of December 31, 2022 and June 30,
2023)(1) |
| | | | | | | 1 | | | | | | 1 | | | | | | — | | |
Additional paid-in capital
|
| | | | | | | 5,919,660 | | | | | | 5,971,886 | | | | | | 823,561 | | |
Accumulated deficit
|
| | | | | | | (5,730,180) | | | | | | (6,110,766) | | | | | | (842,713) | | |
Accumulated other comprehensive loss
|
| | | | | | | (385,886) | | | | | | (336,890) | | | | | | (46,459) | | |
Total deficit attributable to ordinary shareholders
|
| | | | | | | (196,396) | | | | | | (475,760) | | | | | | (65,610) | | |
Non-redeemable non-controlling interests
|
| | | | | | | 161,940 | | | | | | 131,199 | | | | | | 18,093 | | |
Total shareholders’ deficit
|
| | | | | | | (34,456) | | | | | | (344,561) | | | | | | (47,517) | | |
Liabilities and shareholders’ deficit
|
| | | | | | | 4,731,032 | | | | | | 4,002,088 | | | | | | 551,914 | | |
|
| | | | | |
Six Months Ended June 30,
|
| |||||||||||||||
| | |
Note
|
| |
2022
|
| |
2023
|
| |
2023
|
| |||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 1(f) |
| |||||||||
Revenues
|
| |
16
|
| | | | | | | | | | | | | | | | | | |
Sales of goods revenues (including related parties amounts of RMB613,655 and RMB1,018,256 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | 858,080 | | | | | | 1,264,263 | | | | | | 174,350 | | |
Software license revenues (including related parties amounts of RMB15,481 and RMB164,995 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | 78,995 | | | | | | 215,641 | | | | | | 29,738 | | |
Service revenues (including related parties amounts of RMB376,720 and RMB237,263 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | 376,917 | | | | | | 237,533 | | | | | | 32,757 | | |
Total revenues
|
| | | | | | | 1,313,992 | | | | | | 1,717,437 | | | | | | 236,845 | | |
Cost of goods sold (including related parties amounts of RMB164,900 and RMB125,406 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (687,208) | | | | | | (1,000,190) | | | | | | (137,933) | | |
Cost of software licenses (including related parties amounts of nil and RMB11,061 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (29,577) | | | | | | (37,210) | | | | | | (5,131) | | |
Cost of services (including related parties amounts of RMB22,097 and RMB31,938 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (169,255) | | | | | | (172,502) | | | | | | (23,789) | | |
Total cost of revenues
|
| | | | | | | (886,040) | | | | | | (1,209,902) | | | | | | (166,853) | | |
Gross profit
|
| | | | | | | 427,952 | | | | | | 507,535 | | | | | | 69,992 | | |
Research and development expenses (including related parties amounts of RMB29,642 and RMB5,610 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (643,991) | | | | | | (481,600) | | | | | | (66,416) | | |
Selling and marketing expenses (including related parties
amounts of RMB64 and nil for the six months ended June 30, 2022 and 2023, respectively) |
| | | | | | | (34,738) | | | | | | (36,931) | | | | | | (5,093) | | |
General and administrative expenses (including related parties amounts of RMB1,004 and RMB2,131 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (425,441) | | | | | | (377,343) | | | | | | (52,038) | | |
Other income – related parties
|
| | | | | | | — | | | | | | 7,055 | | | | | | 973 | | |
Others, net
|
| | | | | | | (1,534) | | | | | | (688) | | | | | | (95) | | |
Total operating expenses
|
| | | | | | | (1,105,704) | | | | | | (889,507) | | | | | | (122,669) | | |
Loss from operations
|
| | | | | | | (677,752) | | | | | | (381,972) | | | | | | (52,677) | | |
Interest income (including related parties amounts of RMB2,759
and RMB6,771 for the six months ended June 30, 2022 and 2023, respectively) |
| | | | | | | 5,257 | | | | | | 17,885 | | | | | | 2,466 | | |
Interest expenses (including related parties amounts of RMB1,622 and RMB6,116 for the six months ended June 30, 2022 and 2023, respectively)
|
| | | | | | | (15,835) | | | | | | (38,228) | | | | | | (5,272) | | |
Loss from equity method investments
|
| | | | | | | (52,493) | | | | | | (25,414) | | | | | | (3,505) | | |
Change in fair value of an equity security
|
| | | | | | | — | | | | | | 27,722 | | | | | | 3,823 | | |
Unrealized gains on equity securities
|
| | | | | | | 34,615 | | | | | | — | | | | | | — | | |
Gains on deconsolidation of a subsidiary
|
| | | | | | | 71,974 | | | | | | — | | | | | | — | | |
| | | | | |
Six Months Ended June 30,
|
| |||||||||||||||
| | |
Note
|
| |
2022
|
| |
2023
|
| |
2023
|
| |||||||||
| | | | | |
RMB
|
| |
RMB
|
| |
US$
Note 1(f) |
| |||||||||
Change in fair value of warrant liabilities
|
| | | | | | | — | | | | | | 4,781 | | | | | | 659 | | |
Change in fair value of derivative financial assets
|
| |
6
|
| | | | — | | | | | | 16,189 | | | | | | 2,233 | | |
Government grants
|
| | | | | | | 58,157 | | | | | | 2,695 | | | | | | 372 | | |
Foreign currency exchange loss, net
|
| | | | | | | (10,656) | | | | | | (34,659) | | | | | | (4,780) | | |
Loss before income taxes
|
| | | | | | | (586,733) | | | | | | (411,001) | | | | | | (56,681) | | |
Income tax expenses
|
| |
17
|
| | | | (7,925) | | | | | | (326) | | | | | | (45) | | |
Net loss
|
| | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | |
Net loss attributable to non-redeemable non-controlling
interests |
| | | | | | | 12,713 | | | | | | 30,741 | | | | | | 4,239 | | |
Net loss attributable to redeemable non-controlling interests
|
| | | | | | | 464 | | | | | | — | | | | | | — | | |
Net loss attributable to ECARX Holdings Inc.
|
| | | | | | | (581,481) | | | | | | (380,586) | | | | | | (52,487) | | |
Accretion of redeemable non-controlling interests
|
| | | | | | | (714) | | | | | | — | | | | | | — | | |
Net loss available to ECARX Holdings Inc.
|
| | | | | | | (582,195) | | | | | | (380,586) | | | | | | (52,487) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | | | | (177,842) | | | | | | — | | | | | | — | | |
Net loss available to ECARX Holdings Inc. ordinary
shareholders |
| | | | | | | (760,037) | | | | | | (380,586) | | | | | | (52,487) | | |
Loss per ordinary share(1) | | | | | | | | | | | | | | | | | | | | | | |
– Basic and diluted(1)
|
| |
18
|
| | | | (3.22) | | | | | | (1.13) | | | | | | (0.16) | | |
Weighted average number of ordinary shares used in computing loss per ordinary share(1)
|
| | | | | | | | | | | | | | | | | | | | | |
– Basic and diluted(1)
|
| |
18
|
| | | | 236,248,112 | | | | | | 337,395,390 | | | | | | 337,395,390 | | |
Net loss
|
| | | | | | | (594,658) | | | | | | (411,327) | | | | | | (56,726) | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments, net of nil income
taxes |
| | | | | | | (214,315) | | | | | | 48,996 | | | | | | 6,757 | | |
Comprehensive loss
|
| | | | | | | (808,973) | | | | | | (362,331) | | | | | | (49,969) | | |
Comprehensive loss attributable to non-redeemable non-controlling interests
|
| | | | | | | 12,713 | | | | | | 30,741 | | | | | | 4,239 | | |
Comprehensive loss attributable to redeemable non-controlling interests
|
| | | | | | | 464 | | | | | | — | | | | | | — | | |
Comprehensive loss attributable to ordinary shareholders
|
| | | | | | | (795,796) | | | | | | (331,590) | | | | | | (45,730) | | |
| | |
Ordinary Shares
|
| |
Treasury Shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income |
| |
Total
deficit attributable to ordinary shareholders of the Company |
| |
Non-redeemable
non-controlling interests |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Number of
shares(1) |
| |
Amount
|
| |
Number of
shares(1) |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1, 2022
|
| | | | 231,237,692 | | | | | | 7 | | | | | | 5,010,420 | | | | | | — | | | | | | — | | | | | | (4,103,381) | | | | | | 6,048 | | | | | | (4,097,326) | | | | | | 197,280 | | | | | | (3,900,046) | | |
Net loss*
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (581,481) | | | | | | — | | | | | | (581,481) | | | | | | (12,713) | | | | | | (594,194) | | |
Accretion of redeemable non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (714) | | | | | | — | | | | | | (714) | | | | | | — | | | | | | (714) | | |
Deconsolidation of a subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,178 | | | | | | 7,178 | | |
Reissuance of ordinary shares
|
| | | | 5,010,420 | | | | | | — | | | | | | (5,010,420) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share-based compensation (Note 15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 195,037 | | | | | | — | | | | | | — | | | | | | 195,037 | | | | | | — | | | | | | 195,037 | | |
Accretion of redeemable convertible preferred shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (177,842) | | | | | | — | | | | | | — | | | | | | (177,842) | | | | | | — | | | | | | (177,842) | | |
Deemed distribution to shareholders in the VIE Restructuring
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (61,921) | | | | | | — | | | | | | (61,921) | | | | | | — | | | | | | (61,921) | | |
Foreign currency translation adjustment, net of nil income
taxes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (214,315) | | | | | | (214,315) | | | | | | — | | | | | | (214,315) | | |
Balance as of June 30, 2022
|
| | | | 236,248,112 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | 17,195 | | | | | | (4,747,497) | | | | | | (208,267) | | | | | | (4,938,562) | | | | | | 191,745 | | | | | | (4,746,817) | | |
| | |
Class A Ordinary Shares
|
| |
Class B Ordinary Shares
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income |
| |
Total
deficit attributable to ordinary shareholders of the Company |
| |
Non-redeemable
non-controlling interests |
| |
Total
shareholders’ deficit |
| ||||||||||||||||||||||||||||||||||||
| | |
Number
of Shares |
| |
Amount
|
| |
Number
of Shares |
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
RMB
|
| | | | | | | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||||||||
Balance as of January 1, 2023
|
| | | | 288,434,474 | | | | | | 9 | | | | | | 48,960,916 | | | | | | 1 | | | | | | 5,919,660 | | | | | | (5,730,180) | | | | | | (385,886) | | | | | | (196,396) | | | | | | 161,940 | | | | | | (34,456) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (380,586) | | | | | | — | | | | | | (380,586) | | | | | | (30,741) | | | | | | (411,327) | | |
Share-based compensation (Note 15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 52,226 | | | | | | — | | | | | | — | | | | | | 52,226 | | | | | | — | | | | | | 52,226 | | |
Foreign currency translation adjustment, net of nil income taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48,996 | | | | | | 48,996 | | | | | | — | | | | | | 48,996 | | |
Balance as of June 30, 2023
|
| | | | 288,434,474 | | | | | | 9 | | | | | | 48,960,916 | | | | | | 1 | | | | | | 5,971,886 | | | | | | (6,110,766) | | | | | | (336,890) | | | | | | (475,760) | | | | | | 131,199 | | | | | | (344,561) | | |
| | |
Six Months Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2023
|
| |
2023
|
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
US$
Note 1(f) |
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | |
|
(337,722)
|
| | | |
|
(962,893)
|
| | | |
|
(132,789)
|
| |
Investing activities: | | | | | |||||||||||||||
Purchase of property and equipment and intangible assets
|
| | | | (91,727) | | | | | | (48,004) | | | | | | (6,620) | | |
Cash paid for acquisition of equity investments
|
| | | | (67,790) | | | | | | — | | | | | | — | | |
Cash disposed in deconsolidation of Suzhou Photon-Matrix
|
| | | | (22,643) | | | | | | — | | | | | | — | | |
Cash received in deconsolidation of Hubei Dongjun
|
| | | | 1,000 | | | | | | — | | | | | | — | | |
Financial support to an equity method investee
|
| | | | (28,500) | | | | | | — | | | | | | — | | |
Loans to related parties
|
| | | | (8,060) | | | | | | (12,000) | | | | | | (1,655) | | |
Cash collection of loans to related parties
|
| | | | 25,000 | | | | | | 8,500 | | | | | | 1,172 | | |
Proceeds from sale of Zenseact
|
| | | | — | | | | | | 792,063 | | | | | | 109,230 | | |
Net cash (used in)/provided by investing activities
|
| | | | (192,720) | | | | | | 740,559 | | | | | | 102,127 | | |
Financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of Series B Convertible Redeemable Preferred Shares
|
| | | | 159,485 | | | | | | — | | | | | | — | | |
Cash contributed by redeemable non-controlling shareholders
|
| | | | 10,000 | | | | | | — | | | | | | — | | |
Proceeds from short-term borrowings
|
| | | | 880,000 | | | | | | 480,000 | | | | | | 66,195 | | |
Repayment for short-term borrowings
|
| | | | (1,332,000) | | | | | | (480,000) | | | | | | (66,195) | | |
Proceeds from issuance of convertible notes
|
| | | | 67,871 | | | | | | — | | | | | | — | | |
Payment for issuance costs of convertible notes
|
| | | | — | | | | | | (3,396) | | | | | | (468) | | |
Borrowings from related parties
|
| | | | 700,000 | | | | | | 300,000 | | | | | | 41,372 | | |
Repayment of borrowings from related parties
|
| | | | (200,000) | | | | | | — | | | | | | — | | |
Cash disposed in the Restructuring
|
| | | | (20,000) | | | | | | — | | | | | | — | | |
Cash paid for costs of the Merger
|
| | | | — | | | | | | (64,632) | | | | | | (8,913) | | |
Net cash provided by financing activities
|
| | | | 265,356 | | | | | | 231,972 | | | | | | 31,991 | | |
Effect of foreign currency exchange rate changes on cash and restricted
cash |
| | | | 4,367 | | | | | | 14,281 | | | | | | 1,970 | | |
Net increase (decrease) in cash and restricted cash
|
| | | | (260,719) | | | | | | 23,919 | | | | | | 3,299 | | |
Cash and restricted cash at the beginning of the period
|
| | | | 989,132 | | | | | | 901,429 | | | | | | 124,313 | | |
Cash and restricted cash at the end of the period
|
| | | | 728,413 | | | | | | 925,348 | | | | | | 127,612 | | |
Supplemental information: | | | | | | | | | | | | | | | | | | | |
Income tax paid
|
| | | | — | | | | | | — | | | | | | — | | |
Interest paid
|
| | | | 17,250 | | | | | | 30,063 | | | | | | 4,146 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets
|
| | | | 572,259 | | | | | | 519,803 | | |
Non-current assets
|
| | | | 43,655 | | | | | | 45,941 | | |
Total assets
|
| | | | 615,914 | | | | | | 565,744 | | |
LIABILITIES | | | | | | | | | | | | | |
Current liabilities
|
| | | | 486,351 | | | | | | 384,556 | | |
Non-current liabilities
|
| | | | 9,229 | | | | | | 9,602 | | |
Total liabilities
|
| | | | 495,580 | | | | | | 394,158 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Revenues
|
| | | | 1,422 | | | | | | 12,614 | | |
Cost of revenues
|
| | | | (117) | | | | | | (5,563) | | |
Gross profit
|
| | | | 1,305 | | | | | | 7,051 | | |
| | | | | | | | | | | | | |
Loss from operations
|
| | | | (64,065) | | | | | | (102,651) | | |
Loss before income taxes
|
| | | | (33,389) | | | | | | (100,278) | | |
Net loss
|
| | | | (40,882) | | | | | | (100,278) | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
|
Customer A, a related party
|
| |
92.1%
|
| |
79.2%
|
|
Customer B, a related party
|
| |
Less than 10.0%
|
| |
10.5%
|
|
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
|
Customer C, a third party
|
| |
48.9%
|
| |
40.4%
|
|
Customer D, a third party
|
| |
30.4%
|
| |
29.7%
|
|
Customer E, a third party
|
| |
Less than 10.0%
|
| |
10.6%
|
|
Customer F, a third party
|
| |
Less than 10.0%
|
| |
12.6%
|
|
| | |
Six Months Ended June 30,
|
| |||
| | |
2022
|
| |
2023
|
|
Customer A, a related party
|
| |
73.6%
|
| |
73.7%
|
|
Customer C, a third party
|
| |
11.4%
|
| |
Less than 10.0%
|
|
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
|
Supplier A, a third party
|
| |
19.0%
|
| |
18.5%
|
|
Supplier B, a third party
|
| |
10.9%
|
| |
Less than 10.0%
|
|
Supplier C, a third party
|
| |
19.1%
|
| |
17.6%
|
|
| | |
Six Months Ended June 30,
|
| |||
| | |
2022
|
| |
2023
|
|
Supplier D, a third party
|
| |
12.5%
|
| |
Less than 10.0%
|
|
Supplier A, a third party
|
| |
14.5%
|
| |
23.3%
|
|
Supplier E, a related party
|
| |
10.7%
|
| |
Less than 10.0%
|
|
Supplier C, a third party
|
| |
Less than 10.0%
|
| |
13.3%
|
|
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash at bank
|
| | | | 860,472 | | | | | | 850,373 | | |
Restricted cash
|
| | | | 40,957 | | | | | | 74,975 | | |
Cash and restricted cash shown in the consolidated statements of cash flows
|
| | | | 901,429 | | | | | | 925,348 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Financial institutions in the mainland of the PRC | | | | | | | | | | | | | |
– Denominated in RMB
|
| | | | 595,559 | | | | | | 811,100 | | |
– Denominated in US$
|
| | | | 258,475 | | | | | | 34,424 | | |
– Denominated in Hong Kong dollars (“HKD”)
|
| | | | — | | | | | | 92 | | |
Total cash balances held in the mainland of the PRC
|
| | | | 854,034 | | | | | | 845,616 | | |
Financial institutions in Hong Kong | | | | | | | | | | | | | |
– Denominated in US$
|
| | | | 9,402 | | | | | | 10,240 | | |
– Denominated in HKD
|
| | | | 14 | | | | | | 14 | | |
Total cash balances held in Hong Kong
|
| | | | 9,416 | | | | | | 10,254 | | |
Financial institutions in Sweden | | | | | | | | | | | | | |
– Denominated in Swedish Krona (“SEK”)
|
| | | | 14,473 | | | | | | 26,514 | | |
– Denominated in US$
|
| | | | 555 | | | | | | 210 | | |
Total cash balances held in Sweden
|
| | | | 15,028 | | | | | | 26,724 | | |
Financial institutions in the United Kingdom | | | | | | | | | | | | | |
– Denominated in Great Britain Pound (“GBP”)
|
| | | | 22,934 | | | | | | 42,155 | | |
Total cash balances held in the United Kingdom
|
| | | | 22,934 | | | | | | 42,155 | | |
Financial institutions in the United States | | | | | | | | | | | | | |
– Denominated in US$
|
| | | | 17 | | | | | | 599 | | |
Total cash balances held in the United States
|
| | | | 17 | | | | | | 599 | | |
Total cash balances held at financial institutions in RMB
|
| | | | 901,429 | | | | | | 925,348 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable – third parties
|
| | | | 422,743 | | | | | | 296,449 | | |
Less: Allowance for doubtful accounts, third parties
|
| | | | (4,521) | | | | | | (8,216) | | |
Accounts receivable – third parties, net
|
| | | | 418,222 | | | | | | 288,233 | | |
| | | | | | | | | | | | | |
Accounts receivable – related parties
|
| | | | 837,686 | | | | | | 807,621 | | |
Less: Allowance for doubtful accounts, related parties
|
| | | | (2,366) | | | | | | (3,354) | | |
Accounts receivable – related parties, net
|
| | | | 835,320 | | | | | | 804,267 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Balance at the beginning of the period
|
| | | | — | | | | | | 6,887 | | |
Additions
|
| | | | 6,887 | | | | | | 7,097 | | |
Reversal
|
| | | | — | | | | | | (2,142) | | |
Write-off
|
| | | | — | | | | | | (272) | | |
Balance at the end of the period
|
| | | | 6,887 | | | | | | 11,570 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Raw materials
|
| | | | 65,575 | | | | | | 73,767 | | |
Work in process
|
| | | | 2,999 | | | | | | 1,095 | | |
Finished goods
|
| | | | 113,998 | | | | | | 111,364 | | |
Total | | | | | 182,572 | | | | | | 186,226 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Prepayments to suppliers
|
| | | | 210,819 | | | | | | 351,354 | | |
Contract cost assets
|
| | | | 192,848 | | | | | | 285,040 | | |
Foreign exchange swaps*
|
| | | | — | | | | | | 16,247 | | |
Others
|
| | | | 21,251 | | | | | | 25,448 | | |
Prepayments and other current assets
|
| | | | 424,918 | | | | | | 678,089 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Equity method investments
|
| | | | 284,536 | | | | | | 262,338 | | |
Equity securities measured at fair value
|
| | | | 69,319 | | | | | | 101,293 | | |
Total long-term investments
|
| | | | 353,855 | | | | | | 363,631 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Machinery and electronic equipment
|
| | | | 180,264 | | | | | | 189,052 | | |
Transportation vehicles
|
| | | | 3,897 | | | | | | 5,214 | | |
Office and other equipment
|
| | | | 15,510 | | | | | | 18,338 | | |
Leasehold improvements
|
| | | | 43,440 | | | | | | 46,572 | | |
Construction in progress
|
| | | | 332 | | | | | | 394 | | |
Property and equipment
|
| | | | 243,443 | | | | | | 259,570 | | |
Less: accumulated depreciation
|
| | | | (103,836) | | | | | | (129,154) | | |
Property and equipment, net
|
| | | | 139,607 | | | | | | 130,416 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cost of revenues
|
| | | | — | | | | | | 375 | | |
Selling and marketing expenses
|
| | | | 324 | | | | | | 380 | | |
General and administrative expenses
|
| | | | 15,735 | | | | | | 14,654 | | |
Research and development expenses
|
| | | | 8,301 | | | | | | 11,675 | | |
Total depreciation
|
| | | | 24,360 | | | | | | 27,084 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Software
|
| | | | 103,509 | | | | | | 109,495 | | |
Less: accumulated amortization
|
| | | | (58,648) | | | | | | (70,656) | | |
Intangible assets, net
|
| | | | 44,861 | | | | | | 38,839 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Selling and marketing expenses
|
| | | | 254 | | | | | | 3 | | |
General and administrative expenses
|
| | | | 4,670 | | | | | | 4,899 | | |
Research and development expenses
|
| | | | 6,840 | | | | | | 7,105 | | |
Total amortization
|
| | | | 11,764 | | | | | | 12,007 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Unsecured bank loans
|
| | | | 870,000 | | | | | | 870,000 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
| | | | | | | | | | | | | |
Operating lease cost
|
| | | | 23,502 | | | | | | 22,854 | | |
Short-term lease cost
|
| | | | 2,679 | | | | | | 1,660 | | |
Total | | | | | 26,181 | | | | | | 24,514 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
| | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | 662 | | | | | | 456 | | |
General and administrative expenses
|
| | | | 9,541 | | | | | | 12,512 | | |
Research and development expenses
|
| | | | 15,978 | | | | | | 11,546 | | |
Total | | | | | 26,181 | | | | | | 24,514 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Operating lease right-of-use assets
|
| | | | 141,627 | | | | | | 167,317 | | |
Less: accumulated amortization
|
| | | | (41,975) | | | | | | (46,012) | | |
Total | | | | | 99,652 | | | | | | 121,305 | | |
| | |
As of June 30,
2023 |
| |||
Weighted average remaining lease term (years): | | | | | | | |
Operating leases
|
| | | | 6.46 | | |
Weighted average discount rate: | | | | | | | |
Operating leases
|
| | | | 8.61% | | |
| | |
As of June 30,
2023 |
| |||
| | |
RMB
|
| |||
| | | | | | | |
2023
|
| | | | 17,210 | | |
2024
|
| | | | 23,552 | | |
2025
|
| | | | 29,663 | | |
2026
|
| | | | 22,237 | | |
2027
|
| | | | 18,604 | | |
2028 and thereafter
|
| | | | 77,857 | | |
Total lease payments
|
| | | | 189,123 | | |
Less imputed interest
|
| | | | (50,623) | | |
Present value of lease liabilities
|
| | | | 138,500 | | |
Current portion
|
| | | | 30,189 | | |
Operating lease liabilities, non-current
|
| | | | 108,311 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | | 17,928 | | | | | | 6,484 | | |
Right-of-use assets obtained in exchange for lease obligations | | | | | | | | | | | | | |
Operating leases
|
| | | | 45,887 | | | | | | 31,832 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Salaries and benefits payables
|
| | | | 246,189 | | | | | | 165,238 | | |
Taxes payable
|
| | | | 103,067 | | | | | | 59,318 | | |
Product warranties
|
| | | | 61,432 | | | | | | 69,915 | | |
Accrued costs of the Merger
|
| | | | 136,756 | | | | | | 68,922 | | |
Other payables and accrued charges*
|
| | | | 237,690 | | | | | | 148,355 | | |
Accrued expenses and other current liabilities
|
| | | | 785,134 | | | | | | 511,748 | | |
| | |
Principal
amount |
| |
Unamortized debt
issuance costs |
| |
Net carrying
amount |
| |||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |||||||||
5% Investor Notes due on November 8, 2025
|
| | | | 448,318 | | | | | | (8,449) | | | | | | 439,869 | | |
| | |
Principal
amount |
| |
Unamortized debt
issuance costs |
| |
Net carrying
amount |
| |
Fair value
|
| |||||||||||||||
| | |
Amount
|
| |
Leveling
|
| |||||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| | | | | | | | | | |||||||||
5% Investor Notes due on November 8, 2025
|
| | | | 471,335 | | | | | | (7,041) | | | | | | 464,294 | | | | | | 440,879 | | | |
Level 3
|
|
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
|
Risk-free rate of return (%)
|
| |
3.99%
|
| |
4.22%
|
|
Volatility
|
| |
6.99%
|
| |
11.01%
|
|
Expected dividend yield
|
| |
0.0%
|
| |
0.0%
|
|
Expected term
|
| |
5.0 years
|
| |
4.5 years
|
|
Fair value of the underlying ordinary shares
|
| |
US$7.99 (equivalent to
RMB55.11) |
| |
US$6.96 (equivalent to
RMB50.47) |
|
| | |
January 1,
2023 |
| |
Addition
|
| |
Change in fair
value included in losses |
| |
Foreign
exchange translation |
| |
Settlement
|
| |
June 30,
2023 |
| ||||||||||||||||||
| | |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| |
RMB
|
| ||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ECARX Public Warrants
|
| | | | 10,346 | | | | | | — | | | | | | (3,183) | | | | | | 451 | | | | | | — | | | | | | 7,614 | | |
ECARX Private Warrants
|
| | | | 6,198 | | | | | | — | | | | | | (1,598) | | | | | | 279 | | | | | | — | | | | | | 4,879 | | |
Total | | | | | 16,544 | | | | | | — | | | | | | (4,781) | | | | | | 730 | | | | | | — | | | | | | 12,493 | | |
| | |
Number of RSUs
|
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Fair value at grant date |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| | | | | | | |
US$
|
| |||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Outstanding at January 1, 2023
|
| | | | 24,431,761 | | | | | | 0.15 | | | | | | 5.60 | | | | | | | | | | | | | | |
Granted (new RSUs)
|
| | | | 600,000 | | | | | | 0.48 | | | | | | 4.41 | | | | | | | | | | | | | | |
Granted (replacement RSUs)
|
| | | | 4,175,352 | | | | | | 0.21 | | | | | | 3.75 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (1,312,251) | | | | | | 0.29 | | | | | | 5.12 | | | | | | | | | | | | | | |
Replaced
|
| | | | (4,175,352) | | | | | | 0.63 | | | | | | 4.11 | | | | | | | | | | | | | | |
Outstanding at June 30, 2023
|
| | | | 23,719,510 | | | | | | 0.08 | | | | | | 5.54 | | | | | | | | | | | | | | |
Vested and expected to vest as of June 30,
2023 |
| | | | 23,719,510 | | | | | | 0.08 | | | | | | 5.54 | | | | | | 8.17 | | | | | | 5.83 | | |
Exercisable as of June 30, 2023
|
| | | | 21,847,960 | | | | | | 0.04 | | | | | | 5.77 | | | | | | 8.08 | | | | | | 5.85 | | |
| | |
Six Months Ended June 30,
|
| |||
| | |
2022
|
| |
2023
|
|
Grant dates | | | | | | | |
Risk-free rate of return
|
| |
1.61% – 2.36%
|
| |
2.65% – 3.85%
|
|
Volatility
|
| |
44.15% – 44.38%
|
| |
44.73%
|
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
|
Fair value of underlying ordinary share
|
| |
US$7.57 – US$7.67 (equivalent
to RMB48.29 – RMB48.88) |
| |
US$6.91 (equivalent to
RMB49.90) |
|
Expected terms
|
| |
10 years
|
| |
10 years
|
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Research and development expenses
|
| | | | 23,492 | | | | | | 19,577 | | |
Selling and marketing expenses
|
| | | | 3,969 | | | | | | 4,547 | | |
General and administrative expenses
|
| | | | 167,576 | | | | | | 27,933 | | |
Total | | | | | 195,037 | | | | | | 52,057 | | |
| | |
Number of
options |
| |
Weighted
Average Exercise Price |
| |
Weighted
Average Fair value at grant date |
| |
Weighted
remaining contractual years |
| |
Aggregate
intrinsic value |
| |||||||||||||||
| | | | | | | | |
US$
|
| |
US$
|
| |
US$
|
| | | | | | | |||||||||
Outstanding at January 1, 2023
|
| | | | 12,853,364 | | | | | | 9.70 | | | | | | 3.14 | | | | | | | | | | | | | | |
Granted
|
| | | | 63,464 | | | | | | 9.70 | | | | | | 3.80 | | | | | | | | | | | | | | |
Forfeited
|
| | | | (1,527,342) | | | | | | 9.70 | | | | | | 3.26 | | | | | | | | | | | | | | |
Outstanding at June 30, 2023
|
| | | | 11,389,486 | | | | | | 9.70 | | | | | | 3.13 | | | | | | | | | | | | | | |
Vested and expected to vest as of June 30, 2023
|
| | | | 11,389,486 | | | | | | 9.70 | | | | | | 3.13 | | | | | | 8.23 | | | | | | — | | |
Exercisable as of June 30, 2023
|
| | | | 8,311,048 | | | | | | 9.70 | | | | | | 2.94 | | | | | | 8.19 | | | | | | — | | |
| | |
Six Months Ended June 30,
|
| |||
| | |
2022
|
| |
2023
|
|
Risk-free rate of return
|
| |
1.63% – 3.05%
|
| |
3.79%
|
|
Volatility
|
| |
44.18% – 44.64%
|
| |
44.95%
|
|
Expected dividend yield
|
| |
0%
|
| |
0%
|
|
Fair value of underlying ordinary share
|
| |
US$7.57 – US$8.02
|
| |
US$8.02
|
|
Expected terms
|
| |
10 years
|
| |
10 years
|
|
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Research and development expenses
|
| | | | — | | | | | | 84 | | |
Selling and marketing expenses
|
| | | | — | | | | | | 392 | | |
General and administrative expenses
|
| | | | — | | | | | | (307) | | |
Total | | | |
|
—
|
| | | | | 169 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Sales of goods revenues
|
| | |
|
858,080
|
| | | |
|
1,264,263
|
| |
Automotive computing platform
|
| | | | 608,078 | | | | | | 1,053,901 | | |
SoC Core Modules
|
| | | | 188,338 | | | | | | 200,255 | | |
Automotive merchandise and other products
|
| | | | 61,664 | | | | | | 10,107 | | |
Software license revenues
|
| | |
|
78,995
|
| | | |
|
215,641
|
| |
Service revenues
|
| | |
|
376,917
|
| | | |
|
237,533
|
| |
Automotive computing Platform – Design and development service
|
| | | | 241,090 | | | | | | 119,291 | | |
Connectivity service
|
| | | | 107,949 | | | | | | 99,508 | | |
Other services
|
| | | | 27,878 | | | | | | 18,734 | | |
Total revenues
|
| | | | 1,313,992 | | | | | | 1,717,437 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Point in time
|
| | | | 1,206,043 | | | | | | 1,617,929 | | |
Over time
|
| | | | 107,949 | | | | | | 99,508 | | |
Total revenues
|
| | | | 1,313,992 | | | | | | 1,717,437 | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Current liabilities – third parties
|
| | | | 4,706 | | | | | | 6,073 | | |
Current liabilities – related parties
|
| | | | 316,667 | | | | | | 386,344 | | |
Non-current liabilities – third parties
|
| | | | 70 | | | | | | 12 | | |
Non-current liabilities – related parties
|
| | | | 282,080 | | | | | | 203,976 | | |
Contract liabilities, current and non-current
|
| | | | 603,523 | | | | | | 596,405 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Net loss available to ECARX Holdings Inc.
|
| | | | (582,195) | | | | | | (380,586) | | |
Accretion of Redeemable Convertible Preferred Shares
|
| | | | (177,842) | | | | | | — | | |
Numerator for basic and diluted net loss per share calculation
|
| | | | (760,037) | | | | | | (380,586) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average number of ordinary shares – basic and diluted
|
| | | | 236,248,112 | | | | | | 337,395,390 | | |
Denominator for basic and diluted net loss per share calculation
|
| | | | 236,248,112 | | | | | | 337,395,390 | | |
Loss per ordinary share | | | | | | | | | | | | | |
– Basic and diluted
|
| | |
|
(3.22)
|
| | | |
|
(1.13)
|
| |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
Redeemable convertible preferred shares
|
| | | | 90,724,289 | | | | | | — | | |
Warrants
|
| | | | — | | | | | | 23,871,971 | | |
| | |
Total
|
| |
Less than
one year |
| |
1 – 2 Years
|
| |
2 – 3 Years
|
| |
3 – 5 Years
|
| |||||||||||||||
Purchase commitments
|
| | | | 61,713 | | | | | | 45,046 | | | | | | 6,667 | | | | | | 6,667 | | | | | | 3,333 | | |
| | |
Total
|
| |
Less than
one year |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Capital commitments
|
| | | | 18,994 | | | | | | 18,994 | | |
Names of the major related parties
|
| |
Nature of relationship
|
|
Zhejiang Geely Holding Group (“Geely Group”) and its subsidiaries
|
| | Entity controlled by the controlling shareholder of the Company | |
Proton Holdings Berhad and its subsidiaries | | | Entity that the controlling shareholder of the Company has significant influence | |
Anhui Xinzhi Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Zhejiang Huanfu Technology Co., Ltd., (“Zhejiang Huanfu”, formerly known as Zhejiang Yikatong Technology Co., Ltd.,”Zhejiang Yikatong”)
|
| | Entity controlled by the controlling shareholder of the Company | |
Xi’an Liansheng Intelligent Technology Co., Ltd. | | | Entity controlled by the controlling shareholder of the Company | |
Hubei Xingji Meizu Group Co., Ltd. (formerly known as Hubei Yuanshidai Technology Co., Ltd.)
|
| | Entity controlled by the controlling shareholder of the Company | |
Hubei Xingji Meizu Technology Co., Ltd (formerly known as Hubei Xingji Times Technology Co., Ltd.)
|
| | Entity controlled by the controlling shareholder of the Company | |
Hubei ECARX Technology Co., Ltd (“Hubei ECARX”)
|
| | Entity controlled by the controlling shareholder of the Company | |
Arteus Group Limited (“Arteus”) | | | Entity controlled by the controlling shareholder of the Company | |
DreamSmart Technology Pte. Ltd. (“DreamSmart”)
|
| | Entity controlled by the controlling shareholder of the Company | |
Apollo Intelligent Connectivity (Beijing) Technology Co., Ltd.
|
| | Entity that one board of director of the Company has significant influence | |
SiEngine Technology Co., Ltd. (“SiEngine”) | | | Entity which is under significant influence of the Company | |
Suzhou Tongjie Automotive Electronics Co., Ltd. | | | Entity which is under significant influence of the controlling shareholder of the Company | |
Hubei Dongjun Automotive Electronic Technology Co., Ltd. and its subsidiary
|
| | Entity which is under significant influence of the Company | |
Suzhou Photon-Matrix Optoelectronics Technology Co., Ltd
|
| | Entity which is under significant influence of the Company | |
HaleyTek AB | | | Entity which is under significant influence of the Company | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Revenues (i): | | | | | | | | | | | | | |
Sales of goods revenues
|
| | |
|
613,655
|
| | | |
|
1,018,256
|
| |
Automotive computing platform
|
| | | | 603,112 | | | | | | 1,013,860 | | |
SoC Core Modules
|
| | | | 22 | | | | | | 140 | | |
Automotive merchandise and other products
|
| | | | 10,521 | | | | | | 4,256 | | |
Software licence revenues
|
| | |
|
15,481
|
| | | |
|
164,995
|
| |
Service revenues
|
| | |
|
376,720
|
| | | |
|
237,263
|
| |
Automotive computing platform – Design and development service
|
| | | | 241,090 | | | | | | 119,291 | | |
Connectivity service
|
| | | | 107,752 | | | | | | 99,254 | | |
Other services
|
| | | | 27,878 | | | | | | 18,718 | | |
Total | | | | | 1,005,856 | | | | | | 1,420,514 | | |
| | |
Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2023
|
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Purchase of products and services(ii)
|
| | | | 261,495 | | | | | | 197,760 | | |
Rental of office space, and administrative services(ii)
|
| | | | 3,421 | | | | | | 2,400 | | |
Other income(viii)
|
| | | | — | | | | | | 7,055 | | |
Interest income on loans due from related parties(iv)
|
| | | | 2,759 | | | | | | 6,771 | | |
Interest expense on borrowings and the Note due to related parties(iii)
|
| | | | 1,622 | | | | | | 6,116 | | |
Loans to related parties(iv)
|
| | | | 8,060 | | | | | | 12,000 | | |
Repayment received of loans to related parties(iv)
|
| | | | 25,000 | | | | | | 8,500 | | |
Financial support to Anhui Xinzhi(vii)
|
| | | | 28,500 | | | | | | — | | |
Repayment of borrowings from related parties(iii)
|
| | | | 200,000 | | | | | | — | | |
Borrowings from related parties(iii)
|
| | | | 700,000 | | | | | | 300,000 | | |
Transfer of property and equipment to Zhejiang Huanfu(v)
|
| | | | 1,604 | | | | | | — | | |
| | |
As of December 31,
2022 |
| |
As of June 30,
2023 |
| ||||||
| | |
RMB
|
| |
RMB
|
| ||||||
Accounts receivable – related parties, net(i)
|
| | | | 835,320 | | | | | | 804,267 | | |
Amounts due from related parties(ii)(iv)(viii)
|
| | | | 911,729 | | | | | | 140,225 | | |
Other non-current assets – related parties(vi)
|
| | | | 213,695 | | | | | | 218,899 | | |
Accounts payable – related parties(ii)
|
| | | | 241,773 | | | | | | 101,098 | | |
Amounts due to related parties(iii)(ix)
|
| | | | 42,843 | | | | | | 341,202 | | |