估值220亿独角兽递表 3年累亏26亿元的斑马智行赴港IPO

Core Viewpoint - The automotive industry has entered a new phase of competition focused on intelligent cockpit solutions, which are becoming a key battleground for companies to capture user attention [1] Company Overview - Alibaba announced plans to spin off Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) for an independent listing on the Hong Kong Stock Exchange [1] - Zhibo Zhixing was founded in 2015 as a joint venture between Alibaba and SAIC Group, combining the strengths of an internet giant and a leading automotive manufacturer [1] - As of June 26, 2025, Zhibo Zhixing is valued at 22 billion yuan, ranking 331st on the Hurun Global Unicorn List [1] Financial Performance - Zhibo Zhixing reported revenues of 805 million yuan, 872 million yuan, and 824 million yuan for the years 2022 to 2024, with annual losses of 878 million yuan, 876 million yuan, and 847 million yuan respectively [2][6] - The company is currently in a loss-making phase, which is attributed to significant upfront investments in technology and strategic pricing to accelerate market adoption [6][7] Market Position and Growth - Zhibo Zhixing is the largest domestic supplier of software-centric intelligent cockpit solutions, with a projected market growth from 129 billion yuan in 2024 to 327 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 16.8% [3] - The company has achieved a significant increase in the deployment of its intelligent cockpit solutions, with installations growing from 835,000 units in 2022 to 2,334,000 units in 2024, representing a CAGR of 67.2% [4] Competitive Advantages - Zhibo Zhixing claims to be one of the only two third-party suppliers in China with a fully self-developed automotive operating system, providing a unique integrated solution that combines system-level OS, AI capabilities, and automotive platform services [4] - The company has built a closed-loop ecosystem that integrates software, AI, and in-car services, enhancing its competitive barrier and enabling rapid market action [5] Strategic Focus - The company emphasizes long-term technology leadership and deep product integration, requiring substantial upfront investments, particularly in self-developed automotive operating systems and AI capabilities [6] - Zhibo Zhixing aims to establish strong market influence by securing early contracts with major automotive manufacturers, which can lead to significant long-term revenue [7]