Core Viewpoint - Alibaba plans to spin off its smart cockpit solution provider, Zhibo Network, for an IPO in Hong Kong, aiming to enhance R&D, increase market share, and support business expansion [1][11]. Financial Performance - Zhibo Network's revenue for 2022, 2023, and 2024 was RMB 805 million, RMB 872 million, and RMB 824 million respectively, with net losses of RMB 878 million, RMB 876 million, and RMB 847 million, totaling RMB 2.6 billion over three years [2][5]. - In Q1 2025, Zhibo Network reported revenue of RMB 136 million, a 19% year-on-year decline, while net losses expanded to RMB 1.58 billion, a 675% increase [2][5]. - The gross margin decreased from 53.9% in 2022 to 38.9% in 2024, attributed to an increase in licensing revenue and a decline in the profitability of technology development services [3]. R&D Investment - R&D expenditures for Zhibo Network were RMB 1.11 billion, RMB 1.12 billion, and RMB 980 million for the years 2022 to 2024 [4]. Market Position - Zhibo Network is the largest software-centric smart cockpit solution provider in China, with over 8 million smart cockpit solutions installed in vehicles as of June 30, 2025 [2][5]. - The annual installation of smart cockpit solutions grew from 835,000 units in 2022 to 2.33 million units in 2024, representing a compound annual growth rate of 67.2% [5]. Shareholder Structure - Major shareholders include Alibaba, SAIC, and other entities, with Alibaba holding approximately 44.72% of the shares and controlling 40.17% of the voting rights [6][8][12]. - Zhibo Network is highly dependent on its major clients, particularly SAIC, which accounted for 54.7% of its revenue in 2022 [12].
阿里拟分拆斑马网络赴港IPO：股东上汽为最大客户，前三年亏损26亿
Xin Lang Cai Jing·2025-08-24 02:41