要被阿里分拆上市的斑马，成色几何

Core Viewpoint - Alibaba Group plans to spin off Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) for independent listing on the Hong Kong Stock Exchange, aiming to enhance funding and operational transparency [1][2]. Company Overview - Zhibo Zhixing was established in 2015 through a joint investment by Alibaba Group and SAIC Group, focusing on integrating technology with automotive manufacturing capabilities [3]. - As of Q1 2025, Zhibo Zhixing has collaborated with over 40 automotive brands, achieving a market share of over 15% in the domestic market for smart vehicle operating systems [4]. Financial Performance - The company has maintained stable overall revenue since 2022, but its gross margin has been declining due to increasing competition in the industry [7]. - Zhibo Zhixing has incurred a cash loss of 3 billion yuan since 2022, with R&D expenses exceeding its revenue [9]. - As of June 30, 2025, the company had cash and cash equivalents of 3.161 billion yuan and total equity of 4.743 billion yuan [11]. Strategic Shift - The company is pivoting towards AI-driven business models, as indicated by its new AI technology brand "Yuan Shen AI," launched in September 2024 [17]. - Zhibo Zhixing's AI model has been rated highly in a recent IDC report, outperforming competitors in several key areas [18]. Competitive Landscape - The competition in the smart automotive sector is intense, with major players like Huawei and Baidu also developing their own operating systems and AI solutions [21][22]. - The ability to secure sufficient funding post-IPO will be crucial for Zhibo Zhixing to enhance its product offerings and maintain competitiveness in the rapidly evolving market [23].