于是，斑马智行的IPO，也引来外界质疑：阿里此举，是在下一盘深远的棋，还是急着甩掉一个烫手山 芋？ 背靠大树却成束缚？ 斑马智行的身世并不普通。2015年，阿里和上汽联手，打造了斑马智行。有了阿里的技术和上汽的产业 资源，斑马一出生就含着金钥匙。 按理说，这样的背景应该是优势。但现在再看，却更像是一副"紧箍咒"。 文 | 新质动能，作者｜沐风，编辑｜时楠 阿里巴巴，要把"亲儿子"送上市了。 近日，阿里旗下的斑马智行，向港交所递交上市申请。斑马智行，由阿里和上汽联手打造，是中国第一 代互联网汽车的探路者。 有两家大佬扶持，斑马智行上市之路，本该顺风顺水，但翻开招股书：斑马智行过去三年半，累计亏损 超过41亿元。 更戏剧性的是，就在IPO冲刺期，前CFO夏莲直接在朋友圈"开炮"，质疑斑马上市就是为了"圈钱"，甚 至点名批评部分高管的价值观。 斑马的最大客户就是上汽。2022年，来自上汽的收入占比54.7%；2023年是47.4%；2024年还有38.8%。 换句话说，每卖出10块钱里，有4到5块都是上汽给的。 更狠的是，前五大客户的收入占比年年都在九成以上。客户高度集中，这就等于命脉捏在人家手里。 上汽不仅是客户 ...

Group 1 - Alibaba announced the proposed spin-off of Zhibo Network Technology Co., Ltd. (Zhibo Zhixing) for independent listing on the Hong Kong Stock Exchange [1][4] - Zhibo Zhixing is the largest software-centric intelligent cockpit solution provider in China, with over 8 million vehicles equipped with its solutions across more than 14 countries as of June 30, 2025 [4][8] - Alibaba holds approximately 44.72% of Zhibo Zhixing's shares and plans to retain over 30% post-spin-off [8][11] Group 2 - The spin-off is part of Alibaba's "1+6+N" organizational transformation strategy, aimed at enhancing operational agility and addressing the challenges of large enterprises [11][16] - Zhibo Zhixing's revenue for 2022, 2023, and 2024 is projected to be 805 million, 872 million, and 824 million yuan respectively, with total losses of approximately 2.6 billion yuan over three years [13] - The spin-off is expected to improve financial transparency and allow investors to evaluate Zhibo Zhixing's performance separately from Alibaba's broader operations [13][16] Group 3 - The independent listing of Zhibo Zhixing is seen as a strategic move to release the investment value of high-potential businesses while maintaining synergies with Alibaba's ecosystem [17][19] - Zhibo Zhixing aims to leverage Alibaba's technological support in cloud services and AI while expanding its client base beyond Alibaba's ecosystem [17][21] - The spin-off reflects a broader trend among Chinese tech companies to separate high-potential businesses for independent growth and market valuation [19][21]

出品丨虎嗅汽车组 作者丨李赓 头图丨视觉中国 8月21日，阿里巴巴集团在香港联交所公告，拟议分拆斑马网络技术股份有限公司 （以下简称"斑马智行"） ， 并在香港联合交易所有限公司主板独立上市。 斑马智行也首次在招股书中首次公布了经营业绩、当下股权结构等关键信息。为何阿里此时选择分拆斑马智 行？当前斑马智行所处的行业竞争态势如何？斑马智行接下来的经营挑战是什么？ 本期《智驾雷达》 VOL.4，将带您拆解斑马智行的上市动作，并探究其所处的行业态势。 斑马智行为何拆分上市？ 斑马智行诞生于阿里巴巴集团与上汽集团在2015年共同出资设立的"互联网汽车基金"。目标是将科技巨头在软 件、云计算和生态系统方面的深厚积累，与国有汽车龙头企业的强大制造能力和产业理解力相结合，探索汽车 与互联网深度融合的全新可能。 据招股书和公开资料显示，截至2025年一季度，斑马智行累计合作40多个汽车品牌，包括大众、宝马、上汽、 一汽等，落地智能汽车超过1000万辆，2024年国内市场份额超过15%。考虑到斑马智行主要业务仅为智能汽车 操作系统，以及围绕系统打造的解决方案，这一市场份额已经算得上表现出色。 但经营层面的压力始终存在。根据其招 ...

据了解，元神AI大模型是专为智能座舱设计的垂直场景模型，依托千万级用户规模和200多亿次语音交 互数据，实现自然交互下的内容推荐。 经济观察网8月6日，斑马智行发布元神AI三大核心技术。斑马智行表示，基于阿里通义大模型，公司 打造了元神AI全栈技术体系，包含元神AI大模型、交互智能体及融合端到端三大核心技术。 ...

Core Insights - Zebra Network Technology Co., Ltd. (Zebra Smart Travel) launched an edge-based multimodal large model solution in collaboration with Tongyi and Qualcomm, marking a significant advancement in automotive intelligent cockpit technology [1][2] - The solution, based on the Qualcomm 8397 platform, enables 90% of the "perception-decision-execution" service loop to be achieved purely on the vehicle side, enhancing user interaction from a "command receiver" to a "dialogue participant" [1] - The local lifestyle agent, part of the "One Arrow Ten Stars" interactive intelligence released in April, integrates cloud-based large models with edge voice capabilities, currently implemented in the new Zhiji L6 vehicle [1] Industry Trends - The automotive market in China is witnessing a shift from marketing-driven to scenario-driven deployment of large models, with AI agents beginning to be mass-produced and providing new user experiences [2] - The intelligent cockpit large model is identified as a key technology for experiential leaps in the automotive sector, emphasizing the importance of user-centric design and functionality [2]