Zhong Guo Zheng Quan Bao·2025-08-21 12:40Core Viewpoint - The company Zebra, previously a subsidiary of Alibaba, is undergoing a spin-off and IPO to enhance its independent valuation and attract specific investors in the automotive system solutions sector [4][6]. Group 1: Company Overview - Zebra was established in 2015 through a joint investment by SAIC Motor and Alibaba, with both companies being the primary shareholders [4]. - As of the announcement date, Alibaba holds approximately 44.72% of Zebra's shares, and after the spin-off, it will retain over 30% [4]. Group 2: Business Development - Zebra specializes in software-based intelligent cockpit solutions, with a significant increase in the number of vehicles equipped with its solutions, growing from 835,000 in 2022 to 2,334,000 in 2024, representing a compound annual growth rate (CAGR) of 67.2% [7]. - Revenue from AI end-to-end solutions is projected to rise from 15.897 million yuan in 2022 to 54.61 million yuan in 2024, with a CAGR of 85.3% [7]. Group 3: Market Potential - The global smart vehicle sales are expected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a CAGR of 6.9% [7]. - The market size for intelligent cockpit solutions in China is projected to increase from 129 billion yuan to 327.4 billion yuan, with a CAGR of 16.8% [7]. Group 4: Financial Performance - Zebra's revenue for 2022, 2023, and 2024 is approximately 805 million yuan, 872 million yuan, and 824 million yuan, respectively [8]. - The total losses and comprehensive expenses for the same years are approximately 878 million yuan, 876 million yuan, and 847 million yuan [8]. - Research and development expenses for 2022, 2023, and 2024 are approximately 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan, respectively [8].