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    Jiaqi Zhang • China International Capital Corporation

    Jiaqi Zhang is a licensed Representative specializing in advising on and dealing in securities at China International Capital Corporation Hong Kong Securities Limited, with a focus on equity research and analysis in Asian markets. Zhang has provided institutional coverage for prominent listed companies such as HUTCHMED, regularly publishing investment advice and estimates. With an SFC license since March 2021 and a growing reputation among buy-side and sell-side clients, Zhang is recognized for precise sector analysis, though specific third-party performance metrics and TipRanks rankings are not publicly available. Zhang holds professional credentials from the Hong Kong Securities and Futures Commission, authorizing activities in both securities advice and trading since joining CICC.

    Jiaqi Zhang's questions to Ecarx Holdings Inc. (ECX) leadership

    Jiaqi Zhang's questions to Ecarx Holdings Inc. (ECX) leadership • Q3 2024

    Question

    Jiaqi Zhang from CICC inquired about the revenue percentage from Geely Group and the progress with FAW, the breakeven point and development model for the AD1000 chip, and the costs and profitability drivers for ECARX's various computing platforms.

    Answer

    Chief Financial Officer Phil Zhou noted that Geely constitutes 90% of 2024 revenue, with a goal to grow non-Geely business to 40% by 2026-2027, supported by FAW projects. Chairman and CEO Ziyu Shen clarified that the AD1000 SoC investment is held by SiEngine, a separate entity, and ECARX will develop an open computing platform around it. He also explained that R&D spending is managed as a percentage of revenue, and that different chip partners (SiEngine, Qualcomm, AMD) serve different market segments, with gross margin percentages expected to be similar.

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    Jiaqi Zhang's questions to Ecarx Holdings Inc. (ECX) leadership • Q2 2024

    Question

    Jiaqi Zhang of CICC inquired about the drivers behind the significant increase in service revenue, the cause for the decrease in hardware gross margin, ECARX's strategy for winning business within the Geely Group, and the target vehicle price points for its various computing platforms.

    Answer

    CFO Phil Zhou attributed the 45% YoY service revenue growth to new vehicle program launches like the Volvo EX30 and overseas TSP business. He explained that while gross margin improved sequentially to 23%, it was down YoY due to industry-wide pricing pressure, which the company is mitigating via cost optimization. COO Peter Cirino added that ECARX's product portfolio effectively scales from high-end platforms like Makalu to cost-effective integrated solutions like Antora, allowing them to serve a wide range of vehicles within the Geely ecosystem and beyond.

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