BABA(HK:09988) 3 6 Ke·2025-09-11 02:55Core Viewpoint - Alibaba's cloud computing business has exceeded market expectations, and its local lifestyle business has made significant moves, leading to a 23% increase in Alibaba's stock price since early September [1] Group 1: Company Developments - Alibaba announced plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zhibo Zhixing), and promote its independent listing on the Hong Kong Stock Exchange [1] - Zhibo Network has recently submitted its listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International serving as joint sponsors [1] - The former CFO of Zhibo Network publicly expressed skepticism about the company's business development and reluctance to support the IPO [1] Group 2: Business Overview - Zhibo Network focuses on intelligent cockpit software solutions, with its core business divided into three segments: system-level operating system solutions, AI end-to-end solutions, and in-vehicle platform services [10][12] - The company aims to transform vehicles from mere transportation tools into intelligent partners capable of interaction and adaptation [9] Group 3: Financial Performance - Zhibo Network reported revenues of 805 million RMB, 872 million RMB, 824 million RMB, and 136 million RMB for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [14] - The company has accumulated losses of 4.184 billion RMB over the reporting period, with a declining gross margin trend [13][14] - R&D expenses have been a significant factor in the company's losses, with R&D costs accounting for over 100% of revenue in several periods [19] Group 4: Market Position - Zhibo Network holds a market share of approximately 7.8% in China's intelligent cockpit software solutions market, ranking first among providers [25][32] - The market for intelligent cockpit solutions in China is expected to grow from 129 billion RMB in 2024 to 327 billion RMB by 2030, with a compound annual growth rate of 16.8% [29] - The competitive landscape includes various third-party solution providers and large first-tier suppliers, with Zhibo Network being one of the few capable of full-stack independent development [32]