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前CFO炮轰「上市圈钱」,斑马智行IPO蒙阴影
Feng Huang Wang·2025-08-27 08:42

Core Viewpoint - Zhibao Zhixing has submitted its prospectus to the Hong Kong Stock Exchange, with a valuation of 22 billion RMB, marking its entry into the public eye. The company has faced continuous losses over the past three years, declining gross margins, and high customer concentration, which are focal points of market concern [1][4]. Financial Performance - Zhibao Zhixing reported revenues of 805.427 million RMB in 2022, 871.894 million RMB in 2023, and projected 823.787 million RMB in 2024, indicating a total of approximately 2.5 billion RMB over three years. The revenue for 2024 is expected to decline by 5.5% year-on-year [4]. - The company incurred losses of 878.188 million RMB in 2022, 876.157 million RMB in 2023, and 847.398 million RMB in 2024, totaling around 2.6 billion RMB in losses over three years [4][6]. - In Q1 2025, losses expanded to 1.58 billion RMB, primarily due to impairment losses on intangible assets amounting to 1.84 billion RMB, linked to a strategic shift towards AI business development [4][6]. Revenue Breakdown - The revenue is divided into three segments: system-level operating system solutions, AI end-to-end solutions, and in-vehicle platform services. The system-level operating system solutions contribute nearly 90% of total revenue [2][4]. - The gross margin has been declining, from 53.9% in 2022 to 46.4% in 2023, and further down to 38.9% in 2024 [4][6]. Customer Concentration - Zhibao Zhixing faces significant customer concentration risk, with revenues from its top five clients accounting for 93.0% in 2022, 89.9% in 2023, and 88.5% in 2024. The largest client, SAIC Group, contributed 54.7% of total revenue in 2022, decreasing to 38.8% in 2024 [7][8]. - The company is heavily reliant on Alibaba as a major supplier, with procurement from Alibaba representing 53.5% of total purchases in 2022, 58.4% in 2023, and 50.5% in 2024 [7]. Strategic Challenges - The company is navigating a competitive landscape where leading automakers are increasingly developing their own intelligent cockpit systems, which compresses market space for third-party suppliers [8]. - A former executive expressed concerns about the company's future, indicating a lack of confidence in its business development and highlighting issues with high executive turnover and strategic direction [9]. IPO Plans - The funds raised from the IPO are intended to enhance R&D investment, increase market share in China, expand globally, support business acquisitions, and supplement working capital [10].