Core Viewpoint - Zebra Network Technology Co., Ltd. (Zebra Smart Travel) has submitted its listing application to the Hong Kong Stock Exchange, focusing on smart cockpit solutions and facing challenges related to its business model heavily reliant on major shareholders [1][4]. Group 1: Business Overview - In 2024, Zebra Smart Travel achieved revenue of 824 million yuan, positioning itself as one of the only two fully self-developed automotive operating system third-party suppliers in China [1]. - The company integrates system-level operating system solutions, AI end-to-end architecture, and in-vehicle platform services into a unified offering, creating a differentiated advantage in the smart cockpit sector [1][3]. Group 2: Technology and Innovation - The company launched China's first internet car in 2016 and introduced a voice-interactive cockpit design, which remains influential in the industry [3]. - The "Yuan Shen AI" system, released in 2023, incorporates large language models into the vehicle environment, enhancing its capabilities from passive response to proactive decision-making [3]. Group 3: Shareholder Dependency and Risks - The company is significantly dependent on its major shareholders, with SAIC Group contributing 54.7%, 47.4%, and 38.8% of revenue from 2022 to 2024, and 47.48% in Q1 2025 [4]. - Alibaba, as both a supplier and customer, accounted for 53.5%, 58.4%, and 54.7% of procurement from 2022 to 2024, with a similar percentage in Q1 2025 [4]. Group 4: Organizational Changes and Market Challenges - In July 2025, the company initiated layoffs affecting over 30% of its workforce, primarily due to challenges in developing the 7.0 system, although the official adjustment was stated to be around 10% [5]. - The company faces intensified competition in the smart cockpit software market, which is growing at over 19% annually, with risks of technology homogenization as traditional Tier 1 suppliers and tech giants enter the space [5]. Group 5: Future Outlook - The company stands at a crossroads of capital market entry and technological advancement, needing to balance shareholder collaboration with operational independence while ensuring that R&D investments translate into stable revenue growth [6].