被前CFO吐槽“圈钱”？深度绑定上汽的斑马智行冲击港股IPO

Core Viewpoint - Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, positioning itself as the largest software-centric intelligent cockpit solution provider in China based on revenue projections for 2024 [1][4]. Group 1: Company Overview - Zhibo Zhixing is projected to lead the Chinese market for intelligent cockpit solutions, with an expected market size of 327.4 billion yuan by 2030, and a software-based cockpit solution market size of 114.9 billion yuan [1]. - The company aims to use the funds raised from the IPO to enhance R&D investment, increase market share in China, expand globally, support business acquisitions, and supplement working capital [1]. Group 2: Financial Performance - Zhibo Zhixing's revenue for 2022, 2023, and projected for 2024 is 805 million yuan, 872 million yuan, and 824 million yuan respectively, while total losses and comprehensive expenses for the same years are 878 million yuan, 876 million yuan, and 847 million yuan [3]. - In Q1 of the current year, the company reported a revenue of 136 million yuan and total losses of 1.582 billion yuan, accumulating a total loss of approximately 4.18 billion yuan from 2022 to Q1 of this year [3]. Group 3: Market Position and Competition - Zhibo Zhixing has established partnerships with major automotive manufacturers, including SAIC and FAW, collaborating with over 10 automotive brands and more than 100 models [4]. - SAIC Group is not only a significant shareholder but also the largest customer, contributing 54.7%, 47.4%, and 38.8% of Zhibo Zhixing's total revenue from 2022 to 2024 [4]. - The company faces increasing competition from traditional Tier 1 suppliers and tech giants like Huawei and Baidu, with a market growth rate exceeding 19% in the intelligent cockpit software sector [6]. Group 4: Strategic Challenges - The company must address significant operational challenges due to its current loss levels, which necessitate prompt financing through the IPO to avoid severe operational issues [4]. - Zhibo Zhixing's future success hinges on its ability to utilize the raised funds effectively to reverse its loss situation, reduce customer dependency risks, and maintain market share amid fierce competition [6].