3 6 Ke·2025-08-22 10:46Core Viewpoint - Alibaba's announcement of the spin-off of "Zebra Zhixing" marks a significant step towards its independent listing, transitioning from an internal project to a standalone entity in the capital market [1][2][3]. Company Overview - Zebra Zhixing, co-founded by Alibaba and SAIC in 2015, focuses on providing intelligent automotive operating systems and solutions for the automotive and transportation industries [1][2]. - The company is recognized as China's largest "software-centric intelligent cockpit solution provider" and ranks first in solution deployment volume [5]. Financial Aspects - The IPO aims to raise funds for enhancing R&D, increasing market share in China, expanding globally, supporting acquisitions, and supplementing working capital [2][11]. - Zebra Zhixing has reported significant R&D expenditures, exceeding its revenue in recent years, leading to substantial pre-tax losses [10][11]. Strategic Transition - The spin-off is a strategic move to shed the "Alibaba ecosystem subsidiary" label and establish itself as an "independent industry entity" [4][6]. - The company has transitioned from being part of Alibaba's "car-road-cloud integration" strategy to focusing on the competitive landscape of intelligent cockpits [6]. Technological Development - Zebra Zhixing is pivoting towards AI-driven solutions, with its "Yuan Shen AI" technology brand representing a shift from traditional operating systems to AI-defined cockpit experiences [7][9]. - The company has developed over 500 core patents covering key areas such as operating system architecture and vehicle AI models [10][11]. Market Position - As of the first quarter of 2025, Zebra Zhixing has collaborated with over 40 automotive brands, including Volkswagen and BMW, and has deployed intelligent vehicles exceeding 10 million units [5]. - The company holds a market share of over 15% in the domestic market for intelligent automotive solutions [5].