靠阿里上汽“养大”，斑马网络“单飞”新动向

Core Viewpoint - Zebra Network, a joint venture between Alibaba and SAIC established in 2015, is progressing towards its IPO in Hong Kong, having received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing application, which requires clarification on seven key issues [1][2]. Group 1: Company Background and Ownership - Zebra Network is a global pioneer in intelligent cockpit solutions and will no longer be consolidated into Alibaba's financial statements starting December 27, 2024 [1]. - The major shareholders include Alibaba, holding approximately 44.72% of equity and 40.17% of voting rights, and SAIC, holding about 34.34% of equity and 37.16% of voting rights [8][9]. Group 2: Financial Performance - Zebra Network reported net losses of RMB 8.78 billion, RMB 8.76 billion, RMB 8.47 billion, and RMB 15.82 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively, totaling RMB 41.83 billion [3]. - The company's gross profit margins have declined from 53.9% in 2022 to 38.9% in 2024 [4]. - Research and development expenses amounted to RMB 34.10 billion over the same period, with specific annual figures of RMB 11.11 billion, RMB 11.23 billion, RMB 9.80 billion, and RMB 1.96 billion [5]. Group 3: Business Operations and Compliance - The CSRC has requested detailed explanations regarding the company's business operations, including its compliance with telecommunications regulations and the status of necessary licenses [2][3]. - Zebra Network's primary customer is SAIC, which accounted for 54.7%, 47.4%, 38.8%, and 47.8% of its revenue from 2022 to the first quarter of 2025 [10]. - Alibaba is the largest supplier, providing cloud and software services, with procurement amounts representing 53.5%, 58.4%, 50.5%, and 54.7% of total procurement during the same period [10]. Group 4: IPO and Future Plans - The IPO proceeds are intended to enhance technology research and development, increase market share in China, expand global operations, support strategic acquisitions, and supplement working capital [6]. - Zebra Network is currently in a "burning cash" phase, indicating a focus on growth despite ongoing losses [3].