创业邦·2025-08-24 03:54Core Viewpoint - Alibaba plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zhibo Zhixing), and promote its independent listing on the Hong Kong Stock Exchange, with Alibaba retaining over 30% of the shares post-separation [2][3]. Group 1: Company Overview - Zhibo Zhixing was established in 2015 as a joint venture between Alibaba and SAIC Group, focusing on in-car systems and smart cockpit solutions [5][10]. - The company has evolved to become the largest software-centric smart cockpit solution provider in China, with a projected revenue of 8.05 billion, 8.72 billion, and 8.24 billion for 2022, 2023, and 2024 respectively [10][24]. Group 2: Business Model and Revenue Streams - Zhibo Zhixing's core business is divided into three segments: system-level operating system solutions, AI end-to-end solutions, and in-car platform services [6][7]. - The company generates revenue through technology development service fees, licensing income, and ecosystem value-added services [7][21]. Group 3: Financial Performance - Despite its technological advancements, Zhibo Zhixing has not yet achieved profitability, reporting adjusted net losses of 7.26 billion, 7.92 billion, and 7.57 billion for 2022, 2023, and 2024 respectively [24][29]. - The company's gross margin has been declining, with figures of 53.9%, 46.4%, and 38.9% for the years 2022, 2023, and 2024 [24]. Group 4: Market Position and Competition - Zhibo Zhixing's smart cockpit solutions have been installed in over 800 million vehicles, covering 60 major manufacturers and extending to 14 countries globally [12][22]. - The competitive landscape is intensifying, with major automakers like NIO, Xpeng, and BYD developing their own operating systems, posing a direct threat to Zhibo Zhixing's market share [25][26]. Group 5: Investment and Shareholder Structure - Zhibo Zhixing has raised approximately 4.919 billion in funding through multiple rounds, with significant investments from Alibaba and SAIC Group [14][16]. - The board of directors consists of 12 members, with a strong representation from Alibaba and SAIC, indicating a balanced control structure [18][21]. Group 6: Future Outlook - The company aims to leverage its technological leadership and expand its market share through an IPO, with plans to invest in enhancing its smart cockpit solutions and supporting business acquisitions [31].