Zhong Guo Ji Jin Bao·2025-08-21 07:12Company Overview - Zebra Zhixing submitted its IPO application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - Established in November 2015, Zebra Zhixing is a leading provider of software-centric intelligent cockpit solutions in China, backed by Alibaba and SAIC Group [4][5] Financial Performance - Revenue for Zebra Zhixing from 2022 to 2024 was reported as 805 million RMB, 872 million RMB, and 824 million RMB respectively, while total losses and comprehensive expenses were 878 million RMB, 876 million RMB, and 847 million RMB [5][6] - The company’s R&D expenses for the same period were 1.111 billion RMB, 1.123 billion RMB, and 979 million RMB [5][6] - The largest customer for Zebra Zhixing from 2022 to 2024 was SAIC Group, contributing 54.7%, 47.4%, and 38.8% of total revenue [7] Market Position and Growth Potential - According to data from Zhaoshang Consulting, Zebra Zhixing is the largest software-centric intelligent cockpit solution provider in China, with the highest solution deployment ranking [4] - The global smart vehicle sales are projected to grow from 58 million units to 86.5 million units from 2024 to 2030, with a compound annual growth rate (CAGR) of 6.9% [12] - The market size for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [12] IPO Fund Utilization - The IPO proceeds will be allocated to R&D to strengthen technological leadership in the intelligent cockpit solutions market [10] - Funds will also be used to enhance market share in China, consolidate leadership, and expand into global markets [11] - Additional capital will support business acquisitions, expansion plans, and working capital needs [12]