斑马智行递表港交所 为中国最大的以软件为核心的智能座舱解决方案供应商

Core Viewpoint - Zebra Network Technology Co., Ltd. (Zebra Smart Travel) has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [1] Company Overview - Zebra Smart Travel is a global pioneer and leader in smart cockpit solutions, focusing on transforming vehicles from cold hardware into intelligent partners that can perceive and interact [3] - The company is the largest software-centric smart cockpit solution provider in China based on projected 2024 revenue and ranks first in solution deployment volume [3] - It is one of only two third-party suppliers in China with a fully self-developed automotive operating system and uniquely integrates three core pillars of smart automotive experience: system-level operating system solutions, AI end-to-end solutions, and automotive platform services [3] Market Insights - The global smart vehicle sales are expected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate (CAGR) of 6.9% [4] - The penetration rate of large language models in China's smart vehicles is projected to increase from 10% to 40% during the same period [4] - The market size for smart cockpit solutions is anticipated to grow from RMB 129 billion in 2024 to RMB 327 billion by 2030, with a CAGR of 16.8% [5] - The software-based cockpit solutions market is expected to grow even faster, from RMB 40.1 billion in 2024 to RMB 114.9 billion by 2030, reflecting a CAGR of 19.2% [5] Financial Performance - Zebra Smart Travel reported revenues of approximately RMB 805 million, RMB 872 million, and RMB 824 million for the fiscal years 2022, 2023, and 2024, respectively [5][6] - The company incurred total annual losses of approximately RMB 878 million, RMB 876 million, and RMB 847 million for the same fiscal years [5][6] - For the three months ending March 31, 2024, and 2025, the revenues were RMB 168 million and RMB 136 million, respectively, with corresponding losses of RMB 2.04 billion and RMB 15.82 billion [5][6]