谁偷走了斑马智行的梦想？

Core Viewpoint - Alibaba Group announced plans to spin off its smart car operating system service provider, Zhibo Zhixing, and seek an independent listing on the Hong Kong Stock Exchange, raising questions about Zhibo's business model and listing motivations [4][6]. Group 1: Company Background and History - Zhibo Zhixing was established in 2014 through a partnership between Alibaba and SAIC, aiming to integrate a comprehensive ecosystem into vehicles and gain a competitive edge in the connected car market [4]. - Over the past decade, Zhibo has been a significant player in China's smart cockpit sector, with many former employees now contributing to leading electric vehicle manufacturers [4]. Group 2: Financial and Operational Challenges - Zhibo faces pressure from its major shareholders, Alibaba and SAIC, who are reluctant to continue funding, leading to a total debt of 2.57 billion yuan and substantial quarterly R&D expenditures [7]. - The company has raised over 5 billion yuan in multiple funding rounds, with its post-investment valuation reaching approximately 21 billion yuan [8][11]. - Recent estimates suggest Zhibo's valuation has been significantly reduced to around 10 billion yuan, reflecting a downward adjustment in response to market conditions [11]. Group 3: Market Position and Performance Metrics - Zhibo claims to have its smart cockpit solutions installed in over 8 million vehicles across 60 manufacturers, with a compound annual growth rate of 67.2% in installations from 2022 to 2024 [12]. - However, the actual usage of Zhibo's AliOS system is much lower, with only about 4 million vehicles actively using the system, raising concerns about inflated installation figures [13]. Group 4: Strategic Risks and Future Outlook - Zhibo has lost key contracts for the next generation of internal combustion engine platforms, which will not utilize AliOS, posing a significant risk to its long-term business viability [17]. - The company's revenue is heavily reliant on a few major clients, with over 75% of its income coming from the SAIC group and its subsidiaries [20][21]. - Zhibo's recent investments in building a computing center in Chongqing may not yield the expected returns, further complicating its financial outlook [23]. Group 5: Leadership and Organizational Changes - Zhibo has experienced high leadership turnover, with four CEOs in its ten-year history, which may have contributed to strategic inconsistencies [26][30]. - The recent appointment of a new CFO, Sun Wei, indicates a potential shift in financial strategy, although details on this transition remain sparse [24].