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].

Core Viewpoint - The company Zebra, previously a subsidiary of Alibaba, is undergoing a spin-off and IPO to enhance its independent valuation and attract specific investors in the automotive system solutions sector [4][6]. Group 1: Company Overview - Zebra was established in 2015 through a joint investment by SAIC Motor and Alibaba, with both companies being the primary shareholders [4]. - As of the announcement date, Alibaba holds approximately 44.72% of Zebra's shares, and after the spin-off, it will retain over 30% [4]. Group 2: Business Development - Zebra specializes in software-based intelligent cockpit solutions, with a significant increase in the number of vehicles equipped with its solutions, growing from 835,000 in 2022 to 2,334,000 in 2024, representing a compound annual growth rate (CAGR) of 67.2% [7]. - Revenue from AI end-to-end solutions is projected to rise from 15.897 million yuan in 2022 to 54.61 million yuan in 2024, with a CAGR of 85.3% [7]. Group 3: Market Potential - The global smart vehicle sales are expected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a CAGR of 6.9% [7]. - The market size for intelligent cockpit solutions in China is projected to increase from 129 billion yuan to 327.4 billion yuan, with a CAGR of 16.8% [7]. Group 4: Financial Performance - Zebra's revenue for 2022, 2023, and 2024 is approximately 805 million yuan, 872 million yuan, and 824 million yuan, respectively [8]. - The total losses and comprehensive expenses for the same years are approximately 878 million yuan, 876 million yuan, and 847 million yuan [8]. - Research and development expenses for 2022, 2023, and 2024 are approximately 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan, respectively [8].

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]

Core Viewpoint - Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) has submitted an IPO application to the Hong Kong Stock Exchange, positioning itself as a leading provider of intelligent cockpit solutions in China, with a focus on software-driven automotive and transportation solutions [1][2]. Group 1: Company Overview - Zhibo Zhixing was established in 2015 with backing from SAIC Group and Alibaba, combining strong industry and internet expertise [2]. - The company is recognized as one of the two third-party suppliers in China with a fully self-developed automotive operating system and is the only one to integrate key intelligent automotive experience pillars into a unified solution [1][2]. Group 2: Financial Performance - Zhibo Zhixing has not yet achieved profitability, reporting losses of approximately 2.6 billion RMB over three years, with revenues of 805 million RMB in 2022, 872 million RMB in 2023, and a projected 824 million RMB in 2024, reflecting a 5.4% decline year-on-year [3][5]. - The company's gross margin has decreased from 53.9% in 2022 to 38.9% in 2024, indicating a downward trend [3][5]. Group 3: Accounts Receivable and Customer Concentration - The company faces high accounts receivable, with turnover days increasing from 155.9 days in 2022 to 265.6 days by March 31, 2025, primarily due to seasonal revenue fluctuations [4]. - SAIC is the largest customer, providing significant revenue, while Alibaba serves as a major supplier, indicating a high customer concentration risk [6]. Group 4: Use of IPO Proceeds - The funds raised from the IPO are intended for research and development, market expansion, and operational support, with a focus on maintaining technological leadership in the intelligent cockpit solutions market [8]. - The global smart automotive market is expected to grow at a CAGR of 6.9%, with the Chinese intelligent cockpit market projected to reach 327.4 billion RMB by 2030, highlighting the growth potential in this sector [8].