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Core Viewpoint - The recent executive changes at Zhibo Zhixing, particularly the departure of CTO Wang Jun to BYD, have raised concerns about the company's performance, as indicated by its declining revenue and increasing net losses in its prospectus [1][2]. Financial Performance - Zhibo Zhixing's revenue fluctuated from 8.05 billion yuan in 2022 to 8.72 billion yuan in 2023, then decreased to 8.24 billion yuan in 2024. In Q1 2025, revenue further declined to 1.36 billion yuan from 1.68 billion yuan in the same period last year [2][3]. - The adjusted net losses for Zhibo Zhixing were 7.26 billion yuan in 2022, 7.92 billion yuan in 2023, and 7.57 billion yuan in 2024. In Q1 2025, the adjusted net loss increased to 2.01 billion yuan from 1.96 billion yuan year-on-year [2][3]. - The company reported a total adjusted net loss of 22.75 billion yuan over three years, with a gross margin decline from 53.9% in 2022 to 38.9% in Q1 2025 [1][2]. Revenue Breakdown - Revenue is categorized into three segments: system-level operating system solutions, in-vehicle platform services, and AI end-to-end solutions. The system-level solutions accounted for over 80% of revenue from 2022 to Q1 2025, peaking at 89.7% in Q1 2025 [3]. - The in-vehicle platform services contributed 10% to 12.2% of revenue during the same period, while AI solutions remained in single digits [3]. Key Operational Metrics - The number of designated points, which indicates the number of OEMs or their designated suppliers choosing Zhibo Zhixing's solutions, decreased from 37 to 30 in Q1 2025, attributed to delays in internal approvals and contract signings [5]. - The company expressed confidence in future revenue growth, particularly from in-vehicle platform services, which have lower sales costs compared to system-level solutions [4]. Cost Structure and R&D - In Q1 2025, Zhibo Zhixing's R&D expenses were 1.96 billion yuan, a decrease of 22.6% year-on-year, while management and sales expenses increased by 18.1% and 7.4%, respectively [6]. - The company has been streamlining its workforce and focusing on high-priority projects, which has led to a reduction in employee compensation and benefits [6]. Major Clients and Dependency - Alibaba and SAIC are the major stakeholders, with Alibaba holding 44.72% and SAIC holding 34.34% of shares. SAIC has been the largest customer, contributing 54.7% of revenue in 2022, which decreased to 47.8% in Q1 2025 [7][8]. - The heavy reliance on SAIC poses a significant risk to Zhibo Zhixing's financial stability, as any changes in SAIC's demand or partnerships could adversely affect the company [7]. Competitive Landscape - Zhibo Zhixing faces intense competition in the smart cockpit sector, with low technical barriers allowing OEMs to develop in-house solutions or choose alternative suppliers [9][10]. - The company has not established significant competitive barriers, which may lead to a loss of market share [9].