「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源 丨Midjourney 阿里 巴巴 又有大动作 ！ 在 2025 年 3 月 3 日，该公司完成了主体类型的变更，正式成为股份有限公司。目前，公司的法定 代表人和董事长是阿里合伙人、达摩院院长张建锋（花名行癫）。 斑马智行将业务重点聚焦在车载系统领域，其初期的重要目标是将阿里巴巴自主研发的 YunOS 操作 系统应用到上汽集团旗下的车型当中。 2016 年 4 月，斑马智行取得了具有标志 性意义的成果，推 出了首款搭载阿里 YunOS 操作系统的"互联网汽车"——荣威 RX5 。 当前，斑马智行核心业务主要分为三块： 第一块是系统级操作系统解决方案，为车企提供覆盖多屏显示、车辆控制、视觉辅助、车内支付、车 机互联、 OTA 升级等功能的整套车载操作系统，同时搭配网络服务包和软硬件结合的生态增值产 品；第二块是 AI 全栈端到端解决方案，基于自研的元神 AI 软件栈和 System Agent 技术，让汽车 具备智能交互、场景服 ...

阿里巴巴集团再次推进子公司分拆上市计划，此次的主角是斑马智行。 8月21日，阿里巴巴集团发布公告称，计划分拆斑马网络技术股份有限公司（下称"斑马智行"），并在香港联交所主板独立上市。 斑马智行成立于2015年11月，于2025年3月变更为股份有限公司，主要从事智能座舱解决方案的开发，并提供系统级OS解决方案、AI全栈端到端解决方案 和车载平台服务。 该公司曾为阿里巴巴旗下子公司，自2024年12月27日起不再纳入集团合并报表范围。截至目前，阿里巴巴持有斑马智行约44.72%的股份。分拆完成后， 阿里巴巴预计仍将持有其超过30%的股份，斑马智行将继续作为阿里巴巴以权益法核算的被投资企业。 秦铭蔚/摄 港交所也已经披露了斑马智行提交的上市申请文件，其联席保荐人包括德意志银行、中金公司和国泰君安国际。斑马智行在招股书中表示，本次IPO募集 资金将主要用于加强研发投入、提升在中国市场的份额、拓展全球业务、支持战略收购与扩张计划，以及补充营运资金等用途。 招股书援引的灼识咨询数据显示，按照2024年收入计算，斑马智行是中国最大的以软件为核心的智能座舱解决方案供应商，也是中国唯一将智能汽车体验 的三大核心支柱——系统级操 ...

Core Viewpoint - Zhibao Zhixing has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, focusing on providing intelligent automotive operating systems and solutions for the automotive and transportation industries [3]. Group 1: Company Overview - Zhibao Zhixing collaborates with Alibaba Group to leverage its technological advantages in voice, vision, chips, IoT, cloud computing, maps, payments, and e-commerce to redefine automobiles and create smart travel spaces for users [3]. - The company has developed its intelligent automotive solutions based on its self-developed AliOS and has partnered with over 10 automotive brands, including SAIC, FAW, and Volkswagen, covering more than 40 models and over 1 million smart vehicles [3]. Group 2: Financial Performance - Zhibao Zhixing's revenue for 2022, 2023, and 2024 is projected to be 805.427 million RMB, 871.894 million RMB, and 823.787 million RMB, respectively [4]. - The gross profit for the same years is expected to be 434.455 million RMB, 404.411 million RMB, and 320.567 million RMB [4]. - The company reported losses of 878.188 million RMB, 876.157 million RMB, and 847.398 million RMB for 2022, 2023, and 2024, primarily due to high R&D expenditures [5]. Group 3: R&D Investment - Zhibao Zhixing's R&D expenses for 2022, 2023, and 2024 are projected to be 1.110995 billion RMB, 1.123379 billion RMB, and 979.814 million RMB, respectively [5]. - The significant R&D investment is identified as the main reason for the company's losses during these years [5]. Group 4: Recent Quarterly Performance - In the first quarter of 2025, Zhibao Zhixing reported revenue of 136 million RMB, a decrease from 168 million RMB in the same period last year [5]. - The gross profit for Q1 2025 was 52.84 million RMB, down from 67.60 million RMB year-on-year, with a loss of 1.582331 billion RMB compared to a loss of 204 million RMB in the previous year [5].

Core Viewpoint - Alibaba Group plans to spin off its smart car business, Zhaoma Network Technology Co., Ltd. (Zhaoma Zhixing), and list it independently on the Hong Kong Stock Exchange, marking a significant step towards capital market engagement [1] Company Overview - Zhaoma Zhixing, previously a subsidiary of Alibaba, will no longer be included in Alibaba's consolidated financial statements starting from the end of 2024. Alibaba currently holds approximately 44.72% of Zhaoma Zhixing's shares and will maintain over 30% ownership post-spin-off [1] - The company focuses on the development of smart cockpit solutions, providing system-level OS solutions, AI end-to-end solutions, and in-car platform services. Established in 2015, it has garnered significant attention from the capital market [1] Financial Performance - Zhaoma Zhixing has shown steady revenue growth but has also faced high losses and comprehensive expenses. Revenue figures for 2022, 2023, and 2024 were 805 million, 872 million, and 824 million RMB respectively, while losses and comprehensive expenses were 878 million, 876 million, and 847 million RMB for the same years [5][8] - In Q1 of this year, the company reported revenue of 136 million RMB but incurred losses and comprehensive expenses amounting to 1.582 billion RMB [5][8] Market Position - According to data from Zhaoma Zhixing's prospectus, it is the largest software-centric smart cockpit solution provider in China based on projected 2024 revenue, and it leads in solution deployment volume [2] - The market for smart cockpit solutions in China is expected to reach 327.4 billion RMB by 2030, with software-based cockpit solutions projected to account for 114.9 billion RMB [2] Growth Metrics - Despite facing losses, Zhaoma Zhixing's market share and deployment volume have been on the rise. The deployment volume of its smart cockpit solutions increased from 835,000 units in 2022 to 2,334,000 units in 2024, reflecting a compound annual growth rate of 67.2% [7] - Revenue from the AI end-to-end solutions segment also grew rapidly, from 16 million RMB in 2022 to 55 million RMB in 2024 [7] IPO Plans - The funds raised from the IPO will primarily be used to enhance R&D investment, increase market share in China, expand globally, support business acquisitions and expansion plans, and supplement working capital [8]

Core Viewpoint - Zhaoma Intelligent Technology Co., Ltd. (Zhaoma Zhixing) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of software-centric intelligent cockpit solutions in China [2][3]. Company Overview - Zhaoma Zhixing primarily offers intelligent automotive operating systems, intelligent automotive solutions, and digital traffic solutions targeting the automotive and transportation sectors [2]. - According to Zhaoma Zhixing's IPO prospectus, it is the largest software-centric intelligent cockpit solution provider in China based on revenue projections for 2024, and it ranks first in terms of solution deployment volume [2]. Market Growth - The global smart vehicle sales are projected to increase from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate (CAGR) of 6.9% [3]. - The market size for intelligent cockpit solutions in China is expected to grow from RMB 129 billion in 2024 to RMB 327.4 billion by 2030, reflecting a CAGR of 16.8% [3]. - The software-based cockpit solutions market is anticipated to grow even faster, from RMB 40.1 billion in 2024 to RMB 114.9 billion by 2030, with a CAGR of 19.2% [3]. Financial Performance - Zhaoma Zhixing's revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 805 million, RMB 872 million, and RMB 824 million, respectively [4][5]. - The company reported a loss of approximately RMB 878 million in 2022, RMB 876 million in 2023, and RMB 847 million in 2024 [4][5]. - The revenue from Zhaoma Zhixing's AI end-to-end solutions is projected to grow from RMB 15.9 million in 2022 to RMB 54.6 million in 2024, with a CAGR of 85.3% [3]. Shareholder Structure - Alibaba holds approximately 44.72% of Zhaoma Zhixing's shares and is the largest supplier and one of the top five customers of the company [6]. - SAIC Motor Corporation is identified as the largest customer and one of the top suppliers for Zhaoma Zhixing [6]. IPO Fund Utilization - The funds raised from the IPO are intended for investment in research and development to strengthen the company's technological leadership in the Chinese intelligent cockpit solutions market, increase market share, support business acquisitions, and supplement working capital [6].

Core Viewpoint - Alibaba Group plans to spin off Zhibo Network Technology Co., Ltd. and list it independently on the Hong Kong Stock Exchange, aiming to enhance Zhibo's independent valuation and attract specific investors in the automotive system solutions sector [3][11]. Summary by Sections Company Overview - Zhibo Network Technology Co., Ltd. was established in November 2015 with a registered capital of approximately 3.2 billion RMB. The ultimate beneficiary is Zhejiang Tmall Technology Co., Ltd., holding 31.07% of the shares [8][10]. Shareholding Structure - As of the announcement date, Alibaba holds approximately 44.72% of Zhibo's shares. Post-spin-off, Alibaba will retain over 30% ownership [10][12]. Business Focus - Zhibo specializes in providing intelligent automotive operating systems and solutions, having been co-founded by SAIC Motor Corporation and Alibaba. It has been a subsidiary of Alibaba but will no longer be consolidated into the group from December 27, 2024 [11]. Financial Aspects - The IPO application was submitted on August 20, 2023, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors. The funds raised will be allocated to R&D, market expansion, capital operations, and working capital [6][12][13]. Market Potential - The global smart vehicle sales are projected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate (CAGR) of 6.9%. The market for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [16].

Group 1 - Alibaba announced the proposed spin-off of Zhibo Network Technology Co., Ltd. (Zhibo) for independent listing on the Hong Kong Stock Exchange [1] - As of the announcement date, Alibaba holds approximately 44.72% of Zhibo's shares and will retain over 30% post-spin-off [4] - The spin-off will allow Zhibo to have an independent valuation, enabling investors to assess the performance and potential of both Zhibo and Alibaba separately [4] Group 2 - Zhibo, established in November 2015, is a technology company co-founded by Alibaba and SAIC Group, with a registered capital of approximately 3.2 billion yuan [4] - Zhibo focuses on providing intelligent automotive operating systems and solutions, becoming one of the leading software-centric smart cockpit solution providers in China [4] - The company has collaborated with over 10 automotive brands and more than 40 models, resulting in over 1 million smart vehicles [5] Group 3 - Zhibo submitted its listing application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [4] - The company announced a significant financing round in September 2018, raising over 1.6 billion yuan, marking its first financing since establishment [4] - In July 2021, major shareholders, including Alibaba and SAIC Group, jointly increased Zhibo's capital by 3 billion yuan [4]

Company Overview - Zebra Zhixing submitted its IPO application to the Hong Kong Stock Exchange on August 20, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - Established in November 2015, Zebra Zhixing is a leading provider of software-centric intelligent cockpit solutions in China, backed by Alibaba and SAIC Group [4][5] Financial Performance - Revenue for Zebra Zhixing from 2022 to 2024 was reported as 805 million RMB, 872 million RMB, and 824 million RMB respectively, while total losses and comprehensive expenses were 878 million RMB, 876 million RMB, and 847 million RMB [5][6] - The company’s R&D expenses for the same period were 1.111 billion RMB, 1.123 billion RMB, and 979 million RMB [5][6] - The largest customer for Zebra Zhixing from 2022 to 2024 was SAIC Group, contributing 54.7%, 47.4%, and 38.8% of total revenue [7] Market Position and Growth Potential - According to data from Zhaoshang Consulting, Zebra Zhixing is the largest software-centric intelligent cockpit solution provider in China, with the highest solution deployment ranking [4] - The global smart vehicle sales are projected to grow from 58 million units to 86.5 million units from 2024 to 2030, with a compound annual growth rate (CAGR) of 6.9% [12] - The market size for intelligent cockpit solutions in China is expected to increase from 129 billion RMB to 327.4 billion RMB, with a CAGR of 16.8% [12] IPO Fund Utilization - The IPO proceeds will be allocated to R&D to strengthen technological leadership in the intelligent cockpit solutions market [10] - Funds will also be used to enhance market share in China, consolidate leadership, and expand into global markets [11] - Additional capital will support business acquisitions, expansion plans, and working capital needs [12]

根据灼识咨询的数据，按2024年收入计算，斑马网络是中国最大的以软件为核心的智能座舱解决方案供 货商。按解决方案搭载量计算同样排名第一。该公司是中国仅有的两家全自研汽车操作系统的第三方供 货商之一，也是唯一一家将系统级操作系统解决方案、AI全栈端到端、车载平台服务三大智能汽车核 心体验支柱无缝整合的企业。目前已与上汽、一汽、南北大众等车企合作，覆盖10余个汽车品牌、40多 款车型，服务超过100万辆智能汽车。 分拆上市的战略考量与市场前景 阿里巴巴在公告中表示，分拆后斑马将体现独立的估值，投资者可分别评估斑马和阿里巴巴的业绩与潜 力。斑马专注于汽车系统解决方案，可吸引特定领域的投资者关注。分拆将增强斑马的独立形象，提升 其获取银行信贷及进入资本市场的灵活性。香港联交所已授予阿里巴巴豁免，无需向现有股东提供斑马 网络股份的保证配额权利。 阿里巴巴集团8月21日正式发布公告，宣布拟分拆旗下斑马网络技术股份有限公司，并推动其在香港联 交所主板独立上市。斑马网络已向港交所提交上市申请，计划通过全球发售方式进行，包括香港公开发 售及国际发售两个部分。截至公告日期，阿里巴巴持有斑马约44.72%的股份。分拆完成后，阿里巴 ...

Core Viewpoint - Alibaba plans to spin off Zhibo Network Technology Co., Ltd. (Zhibo) and list it independently on the Hong Kong Stock Exchange, allowing for separate valuation and assessment of both Zhibo and Alibaba's performance and potential [1][2]. Group 1: Company Overview - Alibaba currently holds approximately 44.72% of Zhibo's shares and will retain over 30% post-spin-off [1]. - Zhibo focuses on automotive system solutions and aims to attract investors in specific sectors, enhancing its independent image and flexibility in accessing bank credit and capital markets [1]. - Established in November 2015, Zhibo is a technology company co-founded by Alibaba and SAIC Group, with a registered capital of around 3.2 billion RMB [3]. Group 2: Market Position and Growth Potential - Zhibo is recognized as the largest software-centric intelligent cockpit solution provider in China based on projected 2024 revenue, and ranks first in terms of solution deployment volume [2]. - The intelligent cockpit solutions market in China is expected to reach 327.4 billion RMB by 2030, with software-based solutions anticipated to grow rapidly [2]. - Zhibo is one of only two third-party suppliers in China with a fully self-developed automotive operating system and integrates key intelligent automotive experiences into a unified solution [2]. Group 3: Strategic Collaborations and Innovations - Zhibo has collaborated with over 10 automotive brands and more than 40 models, leveraging Alibaba's ecosystem in various technological fields [3]. - In March 2023, Zhibo, Ele.me, and Zhiji Auto launched the "IMAIOS Ecological Cockpit," which integrates Alibaba's AI technology and services into a new human-vehicle interaction model [4].