斑马智行3年1期经调整净亏损共24.8亿 "里程碑"数据降

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Zebra Network Technology Co., Ltd. (Zebra Smart Travel) regarding its overseas listing, focusing on equity changes, business operations, and compliance with regulations [1][2][3]. Group 1: Equity Changes - The CSRC requires Zebra Smart Travel to clarify the pricing basis for past capital increases and equity transfers, ensuring fairness and compliance with capital contribution obligations [1]. - The company must also provide updates on its directed capital reduction and increase registered with the industrial and commercial authorities, including compliance with procedures and tax payments [1]. Group 2: Business Operations - Zebra Smart Travel is asked to detail its business scope, including value-added telecommunications services and advertising, confirming whether it has the necessary licenses and if it collaborates with third parties [2]. - The company needs to explain the progress of its subsidiary's telecommunications business license and its specific business plans [2]. - A clear description of the business model involving large language models is required, along with confirmation of any necessary registrations [2]. Group 3: Compliance and Legal Matters - The company must confirm whether it has any pending lawsuits or arbitration cases that could hinder its overseas listing [2]. - It is also required to ensure compliance with the regulations governing overseas securities issuance and listing [3]. Group 4: Financial Performance - Zebra Smart Travel reported revenues of RMB 8.05 billion, RMB 8.72 billion, RMB 8.24 billion, and RMB 1.36 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively, with annual losses of RMB 8.78 billion, RMB 8.76 billion, RMB 8.47 billion, and RMB 15.82 billion [6][7]. - The adjusted net losses for the same periods were RMB 7.26 billion, RMB 7.92 billion, RMB 7.57 billion, and RMB 2.01 billion [6][7]. Group 5: Market Position and Challenges - Zebra Smart Travel's number of designated points, which are critical for future business growth, decreased from 37 to 30 in the first quarter of 2025 due to delays in internal approvals and contract signings from major clients [8].