3 6 Ke·2025-08-21 09:10Core Viewpoint - Zhibao Network Technology Co., Ltd. (Zhibao Zhixing) has submitted an application for listing on the Hong Kong Stock Exchange, with Alibaba Group planning to spin off Zhibao Zhixing as its sixth listed company in the Alibaba ecosystem [1][3]. Group 1: Company Overview - Zhibao Zhixing was established in November 2015 through a joint investment by Alibaba Group and SAIC Motor Corporation [3]. - The company launched China's first internet-connected car, the Roewe RX5, in 2016, introducing a voice-based interaction system that has influenced industry standards [3]. - Zhibao Zhixing has raised approximately 4.919 billion RMB in multiple funding rounds, with significant investments from various entities including Alibaba and SAIC [5]. Group 2: Financial Performance - Zhibao Zhixing's revenue for the reporting period was approximately 8.05 billion RMB, 8.72 billion RMB, 8.24 billion RMB, and 1.36 billion RMB, with gross profits of about 4.34 billion RMB, 4.04 billion RMB, 3.21 billion RMB, and 528.44 million RMB respectively [12]. - The company reported net losses of approximately 8.78 billion RMB, 8.76 billion RMB, 8.47 billion RMB, and 1.582 billion RMB during the same periods [12]. - Research and development expenses have consistently remained around 10 billion RMB annually, contributing to the company's high losses [12][13]. Group 3: Market Position and Growth - Zhibao Zhixing is recognized as the largest software-centric intelligent cockpit solution provider in China, with a projected revenue growth rate of 67.2% in vehicle installations from 2022 to 2024 [11]. - The company has integrated its AI full-stack solutions into over 800 million vehicles across more than 14 countries, with a compound annual growth rate of 85.3% in revenue from these solutions [11]. - As of June 2023, Zhibao Zhixing's intelligent cockpit solutions have been installed in over 800 million vehicles, indicating a strong market presence [11]. Group 4: Shareholding Structure - Following the proposed spin-off, Alibaba will hold approximately 41.67% of Zhibao Zhixing's shares, while SAIC will hold 32.90% [7]. - Zhibao Zhixing's major clients include SAIC, which contributed significantly to its revenue during the reporting period [7][8]. Group 5: Intellectual Property - As of March 2023, Zhibao Zhixing has submitted a total of 2,153 patent applications, with 1,167 patents granted, indicating a strong focus on innovation [14].