据东软集团介绍，公司作为软件定义汽车时代车企创新的核心合作伙伴和产业变革的赋能者，在汽车电 子业务领域已拥有三十余年的经验与积累，为全球车企提供智能座舱域控制器、IVI车载信息娱乐系 统、智能通讯等系列产品，车载量产业务已覆盖绝大多数国内车厂以及众多的国际车厂和合资车厂。 2024年，公司凭借高通8295座舱全球首个量产供货以及在银河E8等车型连续落地的领先优势，位居"高 阶智能座舱域控平台中国本土供应商竞争力"榜单首位。 东软集团（600718）11月19日晚公告，公司近日收到国内某知名大型汽车厂商（限于保密条款，无法披 露其具体名称，以下简称"汽车厂商"）的定点通知，选择东软集团作为其指定供应商，为其供应智能座 舱域控制器。 值得一提的是，东软集团此前曾于2025年9月19日公告，公司收到国内某知名大型汽车厂商的定点通 知，选择东软集团作为其指定供应商，为其供应智能座舱域控制器。根据该汽车厂商的规划，上述产品 将应用于其搭载高通8397平台的多款车型，预计自2026年第四季度起陆续量产上市，预计生命周期约为 4年；在上述车型生命周期内，预计公司将为其供应智能座舱域控制器涉及总金额约56亿元人民币。 根据该 ...

Core Insights - The automotive industry is entering an era of cloud-integrated large models, where software capabilities, particularly those driven by AI, are crucial for enhancing user experience and driving the performance of new-generation smart automotive hardware [1][2] - Zebra Network Technology Co., Ltd. (Zebra Smart Travel) showcased its latest achievements in foundational software and cockpit AI large models, emphasizing a strategy that integrates "chip + OS + AI" to transform chip potential into user experience [1][2] Group 1 - The maturity of endpoint models will further accelerate the performance enhancement of onboard chips [1] - Zebra Smart Travel's self-developed Yuan Shen AI OS features cross-platform and cross-model capabilities, expediting the deployment of large models in vehicles [1][2] Group 2 - Zebra Smart Travel has achieved AI leadership based on a full-stack AI technology system for smart cockpits, ranking first in a global evaluation of smart cockpit AI technologies by IDC [2] - The company launched the Auto Omni full-modal edge large model real vehicle solution in collaboration with Tongyi at the Cloud Habitat Conference, leading the industry by over six months and effectively addressing issues of computational redundancy and low hardware utilization efficiency [2] - The Chief Product Officer of Zebra Smart Travel stated that the collaboration between software and hardware is a dynamic process that promotes each other, with software driven by user needs and scenario-based services [2]

Core Viewpoint - Zebra Network has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing, requiring the company to clarify seven key issues related to its operations and compliance [1] Group 1: Company Overview - Zebra Network was established in 2015 with a registered capital of 3.35 billion yuan, co-funded by Alibaba Group and SAIC Group, focusing on the development of intelligent automotive operating systems, with its core product being AliOS [3] - The company has major clients including SAIC, FAW, and Volkswagen [3] Group 2: Financial Performance - From 2022 to 2024, Zebra Network's revenue has remained stagnant around 800 million yuan, with figures of 805 million yuan in 2022, 872 million yuan in 2023, and a projected 824 million yuan in 2024, indicating minimal growth [5] - The company's gross margin has declined from 53.9% in 2022 to 38.9% in 2024, with a significant net loss of 1.58 billion yuan in Q1 2025, marking a 675% year-on-year increase [5][6] - Cumulatively, the losses since 2020 have exceeded 4.1 billion yuan [5] Group 3: Dependency on Major Shareholders - Zebra Network exhibits a high dependency on its two major shareholders, Alibaba and SAIC, which is evident in its customer relationships and supply chain dynamics [6] - SAIC has consistently been the largest customer, while Alibaba provides essential cloud services and software support, creating a deep integration that limits the company's ability to independently explore third-party markets [6] Group 4: Regulatory Concerns - The CSRC has raised several questions regarding the company's equity changes, including the fairness of pricing in past capital increases and transfers, compliance with capital contribution obligations, and the status of recent capital adjustments [7] - The CSRC also inquired about the existence of state-owned shareholder identification and the company's compliance with relevant regulations [7] Group 5: Business Operations and Compliance - The company must clarify its business scope, including whether it has engaged in value-added telecommunications services and if it has obtained necessary licenses [8] - There are requirements to detail the operational status of its subsidiaries and the progress of obtaining relevant business licenses [8] - The company is also required to explain its data protection measures and the status of any ongoing litigation that may affect its overseas listing [8] Group 6: Listing and Fundraising - The company needs to provide estimates of the expected fundraising amount after exercising the overallotment option and clarify any potential issues regarding the shares held by participating shareholders [9]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Zhibo Zhixing regarding its equity changes and business operations as part of its overseas listing application process [1][2][3] Group 1: Equity Changes - Zhibo Zhixing is required to explain the pricing basis for its past capital increases and equity transfers, ensuring that the pricing is fair and that there are no issues with capital contributions or compliance [1] - The company must provide updates on its capital reduction and increase registration process as of August 2025, including compliance with procedures and tax payments [1] - The CSRC has asked for clarification on whether there are any uncompleted requirements regarding state-owned shareholder identification [1] Group 2: Business Operations - Zhibo Zhixing needs to detail its business scope, including value-added telecommunications services and advertising, confirming whether these activities are being conducted and if necessary licenses are obtained [2] - The company must report on the progress of its subsidiary Zhi Yun Tu's telecommunications business license and the specific activities it plans to undertake [2] - A clear explanation of the business model involving large language models is required, including whether relevant model registrations have been completed [2] Group 3: Compliance and Operations - The company must confirm whether it has developed or operates websites, apps, or other digital products, and detail the types of information content provided to third parties along with user data protection measures [2] - Updates on any ongoing litigation or arbitration cases must be provided to assess potential obstacles to the overseas listing [2] - Zhibo Zhixing is required to ensure compliance with the regulations regarding overseas issuance and listing, confirming no prohibitive circumstances exist [3] Group 4: Listing and Fundraising - The company must disclose the expected fundraising amount if the overallotment option is fully exercised [3] - Information regarding any pledges, freezes, or other rights issues related to shares held by shareholders participating in the "full circulation" must be provided [3] - Details on the regulatory procedures followed for the split listing must be outlined [3] Group 5: Company Overview - Zhibo Zhixing is identified as a supplier of intelligent cockpit solutions, focusing on transforming vehicles into interactive smart partners through its self-developed automotive operating system and AI architecture [3] - The company aims to enhance the in-car experience by enabling natural voice control and personalized cabin experiences for vehicle owners [3]

Core 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].

Core Viewpoint - Alibaba plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zebra Smart), for an independent listing on the Hong Kong Stock Exchange, aiming to enhance its value and operational transparency while maintaining a significant ownership stake [1][3]. Group 1: Company Overview - Zebra Smart was established in 2015 through a strategic partnership between Alibaba and SAIC Group, focusing on providing comprehensive internet automotive solutions [3]. - As of the latest announcement, Alibaba holds approximately 44.72% of Zebra Smart's shares and will retain over 30% post-spin-off, with Zebra Smart remaining an equity-method investee [1][3]. Group 2: Financial Performance - Zebra Smart's revenue for the years 2022, 2023, and 2024 was reported as RMB 805.4 million, RMB 871.9 million, and RMB 823.8 million, respectively, with net losses of RMB 878.2 million, RMB 876.2 million, and RMB 847.4 million during the same periods [6][7]. - The company has experienced a compound annual growth rate (CAGR) of 67.2% in the deployment of its smart cockpit solutions, increasing from 835,000 units in 2022 to 2.334 million units in 2024 [6]. Group 3: Market Position and Strategy - Zebra Smart is recognized as the largest software-centric smart cockpit solution provider in China, with its solutions integrated into over 1 million smart vehicles across more than 14 countries [6]. - The company aims to use the IPO proceeds to enhance R&D, expand market share in China, and support global market expansion and operational funding [3][6]. Group 4: Competitive Landscape - Zebra Smart faces significant competition from major tech companies like Huawei, Xiaomi, and Baidu, which are also developing smart cockpit technologies [9]. - The company has established partnerships with major automotive brands, including SAIC and FAW, and has integrated its solutions into over 40 vehicle models [6].

Core Viewpoint - Alibaba Group is advancing its subsidiary spin-off plan, focusing on Zhibo Intelligent Technology Co., Ltd. (Zhibo Zhixing), which aims to independently list on the Hong Kong Stock Exchange [1][3]. Company Overview - Zhibo Zhixing was established in November 2015 and became a joint-stock company in March 2025, primarily engaged in the development of intelligent cockpit solutions, providing system-level OS solutions, AI end-to-end solutions, and in-vehicle platform services [1][3]. - As of now, Alibaba holds approximately 44.72% of Zhibo Zhixing's shares, and post-spin-off, it is expected to retain over 30% [1]. IPO Details - Zhibo Zhixing has submitted its IPO application, with joint sponsors including Deutsche Bank, CICC, and Guotai Junan International [3]. - The funds raised from the IPO will be used to enhance R&D investment, increase market share in China, expand globally, support strategic acquisitions, and supplement working capital [3]. Market Position - According to Frost & Sullivan, Zhibo Zhixing is the largest software-centric intelligent cockpit solution provider in China, integrating three core technologies into a unified solution [3]. - As of June 2025, its intelligent cockpit solutions have been installed in over 8 million vehicles across 60 OEMs in 14 countries [3]. Shareholder Structure - Major shareholders of Zhibo Zhixing include Alibaba and SAIC Motor, both acting as indirect controlling shareholders [5]. - Alibaba controls approximately 40.17% of the voting rights, while SAIC holds about 37.16% [5]. Financial Performance - Zhibo Zhixing's revenue from 2022 to 2024 was approximately RMB 805 million, RMB 872 million, and RMB 824 million, with Q1 2025 revenue at RMB 136 million [6][8]. - The main revenue sources are system-level OS solutions, AI end-to-end solutions, and in-vehicle platform services, with system-level OS solutions contributing over 80% of revenue historically [6]. Profitability Challenges - Zhibo Zhixing has not yet achieved profitability, with total losses and expenses of RMB 878 million, RMB 876 million, and RMB 847 million from 2022 to 2024, and a loss of RMB 158 million in Q1 2025 [8]. - The company has emphasized a long-term strategy focused on technological leadership and deep product integration, requiring significant upfront investment [8]. Future Outlook - Alibaba's announcement indicates that the spin-off will enhance Zhibo Zhixing's independent valuation and improve its access to bank credit and capital markets [8].

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].