斑马智行冲刺港股IPO，前CFO直言不看好，智能座舱市场前景几何？

Group 1 - The core viewpoint of the article is that Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to strengthen its position in the intelligent cockpit solutions market, which is projected to grow significantly by 2030 [1][4] - Zhibo Zhixing is currently the market leader in software-based intelligent cockpit solutions, with a projected market size of 327.4 billion yuan in China by 2030, of which software solutions will account for 114.9 billion yuan [1] - The company plans to use the funds raised from the IPO to enhance R&D investment, expand market share domestically and internationally, support business acquisitions and expansions, and supplement working capital [1] Group 2 - Financial data indicates that Zhibo Zhixing has faced significant operational pressure, with revenues of 805 million yuan, 872 million yuan, and 824 million yuan from 2022 to 2024, while total losses and expenses were 878 million yuan, 876 million yuan, and 847 million yuan during the same period [4] - In Q1 of this year, the company reported revenues of 136 million yuan, with total losses and expenses reaching 1.582 billion yuan, accumulating losses exceeding 4.1 billion yuan [4] - Zhibo Zhixing collaborates with major automotive manufacturers such as SAIC, FAW, and Volkswagen, covering over 10 automotive brands and more than 1 million smart vehicles [4] Group 3 - Despite Zhibo Zhixing's emphasis on an open strategy, SAIC has begun developing its own operating system and introducing other suppliers to mitigate risks [5] - The company faces challenges in expanding its customer base, as existing clients may turn to competitors like Huawei and Baidu if new products that meet market demands are not continuously launched [5] - The intelligent cockpit software market is highly competitive, with an annual growth rate exceeding 19%, and includes traditional Tier 1 suppliers, tech giants, and in-house teams from OEMs [5] Group 4 - Zhibo Zhixing's spin-off listing requires approval from the Hong Kong Stock Exchange, registration with the China Securities Regulatory Commission, and a decision from the Zhibo board [5] - Even if the IPO is successful, the company will still face numerous challenges, including how to utilize the raised funds to reverse its loss situation, reduce customer concentration risk, and maintain and expand its market share in a competitive environment [5]