"斑马智行原副总裁、CTO王军已加入比亚迪智能座舱团队，"近日一则智能座舱赛道的高管变动消息， 让外界将眼光投向递表不久的斑马智行。 "斑马智行原副总裁、CTO王军已加入比亚迪智能座舱团队。"近日一则智能座舱赛道的高管变动消息， 让外界将眼光投向递表不久的斑马智行。尽管斑马智行尚未就此向北京商报记者确认，但通过招股书， 这家拿到阿里、上汽投资的智能座舱解决方案提供商营收下降、净亏损扩大等问题被一览无余。 2022—2024年，斑马智行营收从8.05亿元增至8.24亿元，2025年一季度从上年同期的1.68亿元跌至1.36亿 元。作为斑马智行的最大客户，上汽贡献的营收分别占总营收的54.7%、47.4%、38.8%及47.8%。三年 间，斑马智行经调整净亏损总计22.75亿元，毛利率从2022年的53.9%降至2024年及2025年一季度的 38.9%，营收增幅与毛利率降幅形成的"剪刀差"越来越大。此外，递表之前斑马智行涉及的一起软件著 作权许可合同纠纷败诉，被要求支付1555万元。智能座舱赛道，各背景对手云集，斑马智行在豪华投资 方之外，还有哪些可圈可点之处？ 下降的里程碑数据 "我们预计，随着业务的持续增长 ...

"斑马智行原副总裁、CTO王军已加入比亚迪智能座舱团队。"近日一则智能座舱赛道的高管变动消息， 让外界将眼光投向递表不久的斑马智行。尽管斑马智行尚未就此向北京商报记者确认，但通过招股书， 这家拿到阿里、上汽投资的智能座舱解决方案提供商营收下降、净亏损扩大等问题被一览无余。 2022—2024年，斑马智行营收从8.05亿元增至8.24亿元，2025年一季度从上年同期的1.68亿元跌至1.36亿 元。作为斑马智行的最大客户，上汽贡献的营收分别占总营收的54.7%、47.4%、38.8%及47.8%。三年 间，斑马智行经调整净亏损总计22.75亿元，毛利率从2022年的53.9%降至2024年及2025年一季度的 38.9%，营收增幅与毛利率降幅形成的"剪刀差"越来越大。此外，递表之前斑马智行涉及的一起软件著 作权许可合同纠纷败诉，被要求支付1555万元。智能座舱赛道，各背景对手云集，斑马智行在豪华投资 方之外，还有哪些可圈可点之处？ "剪刀差"扩大 "我在2025年4月底帮这家公司做完股改后已经离开。"今年8月下旬，一则备注为"夏莲—斑马"的社交平 台截图在坊间流传。据报道，这是斑马智行CFO夏莲所发，她称"不看 ...

Core Viewpoint - The recent executive changes at Zhibo Zhixing, particularly the departure of CTO Wang Jun to BYD, have raised concerns about the company's performance, as indicated by its declining revenue and increasing net losses in its prospectus [1][2]. Financial Performance - Zhibo Zhixing's revenue fluctuated from 8.05 billion yuan in 2022 to 8.72 billion yuan in 2023, then decreased to 8.24 billion yuan in 2024. In Q1 2025, revenue further declined to 1.36 billion yuan from 1.68 billion yuan in the same period last year [2][3]. - The adjusted net losses for Zhibo Zhixing were 7.26 billion yuan in 2022, 7.92 billion yuan in 2023, and 7.57 billion yuan in 2024. In Q1 2025, the adjusted net loss increased to 2.01 billion yuan from 1.96 billion yuan year-on-year [2][3]. - The company reported a total adjusted net loss of 22.75 billion yuan over three years, with a gross margin decline from 53.9% in 2022 to 38.9% in Q1 2025 [1][2]. Revenue Breakdown - Revenue is categorized into three segments: system-level operating system solutions, in-vehicle platform services, and AI end-to-end solutions. The system-level solutions accounted for over 80% of revenue from 2022 to Q1 2025, peaking at 89.7% in Q1 2025 [3]. - The in-vehicle platform services contributed 10% to 12.2% of revenue during the same period, while AI solutions remained in single digits [3]. Key Operational Metrics - The number of designated points, which indicates the number of OEMs or their designated suppliers choosing Zhibo Zhixing's solutions, decreased from 37 to 30 in Q1 2025, attributed to delays in internal approvals and contract signings [5]. - The company expressed confidence in future revenue growth, particularly from in-vehicle platform services, which have lower sales costs compared to system-level solutions [4]. Cost Structure and R&D - In Q1 2025, Zhibo Zhixing's R&D expenses were 1.96 billion yuan, a decrease of 22.6% year-on-year, while management and sales expenses increased by 18.1% and 7.4%, respectively [6]. - The company has been streamlining its workforce and focusing on high-priority projects, which has led to a reduction in employee compensation and benefits [6]. Major Clients and Dependency - Alibaba and SAIC are the major stakeholders, with Alibaba holding 44.72% and SAIC holding 34.34% of shares. SAIC has been the largest customer, contributing 54.7% of revenue in 2022, which decreased to 47.8% in Q1 2025 [7][8]. - The heavy reliance on SAIC poses a significant risk to Zhibo Zhixing's financial stability, as any changes in SAIC's demand or partnerships could adversely affect the company [7]. Competitive Landscape - Zhibo Zhixing faces intense competition in the smart cockpit sector, with low technical barriers allowing OEMs to develop in-house solutions or choose alternative suppliers [9][10]. - The company has not established significant competitive barriers, which may lead to a loss of market share [9].

Core Viewpoint - The recent executive changes at Zhibao Zhixing, particularly the departure of CTO Wang Jun to BYD, have raised concerns about the company's performance, as indicated by its declining revenue and increasing net losses in its prospectus [1][3][4]. Financial Performance - Zhibao Zhixing's revenue fluctuated from 8.05 billion yuan in 2022 to 8.72 billion yuan in 2023, then decreased to 8.24 billion yuan in 2024, with a further decline in Q1 2025 to 1.36 billion yuan, a 19.5% drop year-on-year [4][5]. - The adjusted net losses increased from 7.26 billion yuan in 2022 to 7.92 billion yuan in 2023, then slightly decreased to 7.57 billion yuan in 2024, but rose again to 2.01 billion yuan in Q1 2025 [4][5]. Revenue Composition - The revenue structure heavily relies on system-level operating system solutions, which accounted for over 80% of total revenue from 2022 to Q1 2025, contributing 89.7% in Q1 2025 [6][8]. - The contribution from vehicle platform services ranged between 10% and 12.2% from 2022 to 2024, while AI end-to-end solutions remained in single digits [7]. Client Dependency - SAIC is Zhibao Zhixing's largest client, contributing 54.7% of total revenue in 2022, which decreased to 38.8% in 2024, and 47.8% in Q1 2025, indicating a declining but still significant reliance on this client [12]. - Alibaba holds a 44.72% stake in Zhibao Zhixing, while SAIC holds 34.34%, making them critical stakeholders in the company's operations [12][13]. Competitive Landscape - The smart cockpit sector is highly competitive, with low technical barriers, leading to potential market share erosion as automakers increasingly pursue in-house development [14]. - Zhibao Zhixing's competitive advantage lies in its partnerships with major players like Alibaba, which provide unique smart experiences that are difficult for competitors to replicate [14].

Core Viewpoint - Alibaba's cloud computing business has exceeded market expectations, and its local lifestyle business has made significant moves, leading to a 23% increase in Alibaba's stock price since early September [1]. Company Overview - Alibaba announced plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zhibo Zhixing), and promote its independent listing on the Hong Kong Stock Exchange [2]. - Zhibo Network was established in November 2015, focusing on intelligent cockpit software solutions, and is jointly owned by Alibaba and SAIC [4][5]. - As of August 15, 2025, Alibaba indirectly holds approximately 44.72% of Zhibo Network's issued share capital, controlling about 40.17% of the voting rights [5]. Financial Performance - Zhibo Network reported revenues of RMB 8.05 billion, RMB 8.72 billion, RMB 8.24 billion, and RMB 1.36 billion for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [14]. - The company has incurred cumulative losses of RMB 4.184 billion during the reporting period, with a declining gross margin trend [12][14]. - The net profit margins for the same periods were -RMB 8.78 billion, -RMB 8.76 billion, -RMB 8.47 billion, and -RMB 1.582 billion [14]. Market Position - Zhibo Network holds a market share of approximately 7.8% in China's intelligent cockpit software solutions market, ranking first among providers [30][31]. - The market for intelligent cockpit solutions in China is expected to grow from RMB 129 billion in 2024 to RMB 327.4 billion by 2030, with a compound annual growth rate (CAGR) of 16.8% [27]. - The company’s primary customers include global OEMs and domestic brands such as SAIC Roewe, MG, and Maxus [19]. Business Model - Zhibo Network's core business is divided into three segments: system-level operating system solutions, AI end-to-end solutions, and in-vehicle platform services [9][16]. - The company emphasizes software as a key component, aiming to transform vehicles into intelligent partners capable of interaction and adaptation [9]. Research and Development - The R&D team comprises 819 professionals, accounting for 67.2% of the total workforce, with a strong focus on AI capabilities [18]. - R&D expenses have been significant, with costs amounting to RMB 11.11 billion, RMB 11.23 billion, RMB 9.8 billion, and RMB 1.96 billion over the reporting periods, representing over 100% of revenue [18]. Industry Trends - The global intelligent automotive market is rapidly evolving, with a projected 58 million units sold in 2024, of which 20.7 million will be in China [24]. - The industry is characterized by a competitive landscape with numerous players, including large first-tier suppliers and AI companies [30].

Core Viewpoint - Zebra Zhixing has submitted its listing application to the Hong Kong Stock Exchange, marking its entry into the capital market, but faces significant financial challenges, including a cumulative loss of 4.183 billion yuan over three years and a declining gross margin [1][9][12] Company Structure and Control - The company was founded in 2015 by SAIC Group and Alibaba, with a shareholding structure that shows strong control by these two major shareholders, holding 40.17% and 37.16% of voting rights respectively [2][4] - The board of directors is heavily influenced by Alibaba and SAIC, with 5 out of 8 executive and non-executive directors having backgrounds in Alibaba [5] Financial Performance - Zebra Zhixing reported a total revenue of 805.43 million yuan in 2022, which increased to 871.89 million yuan in 2023 but fell to 823.79 million yuan in 2024, indicating stagnation [11] - The company has experienced net losses of 8.78 billion yuan, 8.76 billion yuan, and 8.47 billion yuan from 2022 to 2024, with a cumulative loss of approximately 2.6 billion yuan [9][10] - The gross margin has declined from 53.9% in 2022 to 38.9% in 2024, reflecting increased competitive pressure [12] Dependency on Major Shareholders - Over 90% of Zebra Zhixing's revenue comes from its top five clients, with SAIC Group contributing nearly half of its revenue [14] - The company is also heavily reliant on Alibaba for supplies, with procurement from Alibaba accounting for over 50% of total purchases [14] Strategic Shift and Market Position - The company is undergoing a strategic transition from operating system solutions to AI-driven cockpit solutions, as it recognizes the diminishing value of traditional operating systems [17][20] - Zebra Zhixing's market share in the central OS sector has decreased from 1.99% in 2021 to 0.95% in 2024, facing stiff competition from major tech companies like Huawei and Baidu [19] Future Outlook - The IPO proceeds are intended to fund the development of AI-driven cockpit solutions and global market expansion, highlighting the urgency for financial support to sustain its strategic shift [21]

Core Viewpoint - The article discusses the recent comments made by former CFO Xia Lian regarding Zhibao Zhixing's upcoming IPO, questioning the company's motives and management integrity, while highlighting its financial struggles and reliance on major shareholders Alibaba and SAIC Motor [1][2]. Company Structure and Financing - Zhibao Zhixing was established in 2015 with an initial registered capital of 1.064 billion RMB, primarily owned by a joint venture of Alibaba and SAIC [2]. - The company has not secured new financing in nearly two years, with a total of approximately 4.919 billion RMB raised over four rounds from various investors [2][3]. - Major financing sources include Alibaba and SAIC, contributing at least 2.713 billion RMB of the total raised [3]. Management and Governance - The board of directors and executives are predominantly from Alibaba and SAIC, with recent changes in leadership, including the appointment of Dai Wei as CEO [5][6]. - The former CEO, Zhang Chunhui, resigned in July 2022, and the current executive team includes several individuals with backgrounds in Alibaba and SAIC [6][7]. Financial Performance - Zhibao Zhixing has not achieved profitability, with revenues of 805 million RMB in 2022, 872 million RMB in 2023, and projected 824 million RMB in 2024 [8]. - The company’s gross margin has been declining, with core business margins dropping from 54.4% in 2022 to 37.6% in 2025 [14][15]. Revenue Sources and Client Base - The majority of Zhibao Zhixing's revenue comes from its core operating system solutions, accounting for over 83% of total revenue in recent years [8]. - The company has a significant reliance on related parties, with over 67% of total revenue generated from them over the past three years [12]. Accounts Receivable and Cash Flow - Zhibao Zhixing has a high level of accounts receivable, with over 40% of its revenue classified as "white bills" in recent years, indicating potential cash flow issues [19]. - The company has experienced negative operating cash flow, with outflows of 585 million RMB in 2022 and 417 million RMB in 2023 [21]. Investment and Borrowing Activities - Despite ongoing losses, Zhibao Zhixing has engaged in significant investment activities, including purchasing financial assets, while also increasing its borrowing [21][22]. - The total borrowings have risen from 239 million RMB in 2022 to 806 million RMB in 2025, indicating a growing reliance on debt financing [22].

Core Viewpoint - Zhibao Zhixing has submitted its prospectus to the Hong Kong Stock Exchange, with a valuation of 22 billion RMB, marking its entry into the public eye. The company has faced continuous losses over the past three years, declining gross margins, and high customer concentration, which are focal points of market concern [1][4]. Financial Performance - Zhibao Zhixing reported revenues of 805.427 million RMB in 2022, 871.894 million RMB in 2023, and projected 823.787 million RMB in 2024, indicating a total of approximately 2.5 billion RMB over three years. The revenue for 2024 is expected to decline by 5.5% year-on-year [4]. - The company incurred losses of 878.188 million RMB in 2022, 876.157 million RMB in 2023, and 847.398 million RMB in 2024, totaling around 2.6 billion RMB in losses over three years [4][6]. - In Q1 2025, losses expanded to 1.58 billion RMB, primarily due to impairment losses on intangible assets amounting to 1.84 billion RMB, linked to a strategic shift towards AI business development [4][6]. Revenue Breakdown - The revenue is divided into three segments: system-level operating system solutions, AI end-to-end solutions, and in-vehicle platform services. The system-level operating system solutions contribute nearly 90% of total revenue [2][4]. - The gross margin has been declining, from 53.9% in 2022 to 46.4% in 2023, and further down to 38.9% in 2024 [4][6]. Customer Concentration - Zhibao Zhixing faces significant customer concentration risk, with revenues from its top five clients accounting for 93.0% in 2022, 89.9% in 2023, and 88.5% in 2024. The largest client, SAIC Group, contributed 54.7% of total revenue in 2022, decreasing to 38.8% in 2024 [7][8]. - The company is heavily reliant on Alibaba as a major supplier, with procurement from Alibaba representing 53.5% of total purchases in 2022, 58.4% in 2023, and 50.5% in 2024 [7]. Strategic Challenges - The company is navigating a competitive landscape where leading automakers are increasingly developing their own intelligent cockpit systems, which compresses market space for third-party suppliers [8]. - A former executive expressed concerns about the company's future, indicating a lack of confidence in its business development and highlighting issues with high executive turnover and strategic direction [9]. IPO Plans - The funds raised from the IPO are intended to enhance R&D investment, increase market share in China, expand globally, support business acquisitions, and supplement working capital [10].

Core Viewpoint - Zhibo Zhixing, an "Alibaba-backed" unicorn, is facing significant operational pressure with a valuation of 22 billion RMB and cumulative losses of 2.6 billion RMB over three years [1][2]. Group 1: Financial Performance - Zhibo Zhixing has reported continuous losses over the past three years, totaling approximately 2.6 billion RMB, with revenues of 805 million RMB in 2022, 872 million RMB in 2023, and an estimated 824 million RMB in 2024, indicating a year-on-year decline of 5.5% [7][9]. - The company's gross margin has been declining, from 53.9% in 2022 to 46.4% in 2023, and further down to 38.9% in 2024 [9]. - Research and development (R&D) expenses have been substantial, exceeding revenue, with amounts of 1.111 billion RMB, 1.123 billion RMB, and 980 million RMB from 2022 to 2024, representing 137.9%, 128.8%, and 118.9% of revenue respectively [10]. Group 2: Customer Concentration and Dependency - Zhibo Zhixing's revenue is highly concentrated, with the top five customers contributing 93.0%, 89.9%, and 88.5% of total revenue from 2022 to 2024, and the largest customer, SAIC Group, accounting for nearly half of the revenue [11]. - The company is heavily reliant on Alibaba for supplies, with procurement from Alibaba making up over 50% of total purchases from 2022 to 2025 Q1 [11]. - The dual dependency on major shareholders, Alibaba and SAIC, raises concerns about the company's ability to expand its customer base independently [12]. Group 3: Management Concerns - The former CFO of Zhibo Zhixing publicly criticized the company's direction, expressing skepticism about its future and highlighting issues with management integrity [13]. - There has been a notable turnover in the executive team, with significant departures reported in 2019, raising questions about the company's vision and stability [14]. - The company has relied on external financing to support its high R&D costs, with substantial funding rounds in 2018 and 2021 [15]. Group 4: Future Outlook - Zhibo Zhixing aims to leverage its IPO proceeds to enhance R&D, expand market share, and support business acquisitions, but its success will depend on balancing shareholder collaboration with operational independence [15].

Core Viewpoint - Alibaba plans to spin off its smart cockpit solution provider, Zhibo Network, for an IPO in Hong Kong, aiming to enhance R&D, increase market share, and support business expansion [1][11]. Financial Performance - Zhibo Network's revenue for 2022, 2023, and 2024 was RMB 805 million, RMB 872 million, and RMB 824 million respectively, with net losses of RMB 878 million, RMB 876 million, and RMB 847 million, totaling RMB 2.6 billion over three years [2][5]. - In Q1 2025, Zhibo Network reported revenue of RMB 136 million, a 19% year-on-year decline, while net losses expanded to RMB 1.58 billion, a 675% increase [2][5]. - The gross margin decreased from 53.9% in 2022 to 38.9% in 2024, attributed to an increase in licensing revenue and a decline in the profitability of technology development services [3]. R&D Investment - R&D expenditures for Zhibo Network were RMB 1.11 billion, RMB 1.12 billion, and RMB 980 million for the years 2022 to 2024 [4]. Market Position - Zhibo Network is the largest software-centric smart cockpit solution provider in China, with over 8 million smart cockpit solutions installed in vehicles as of June 30, 2025 [2][5]. - The annual installation of smart cockpit solutions grew from 835,000 units in 2022 to 2.33 million units in 2024, representing a compound annual growth rate of 67.2% [5]. Shareholder Structure - Major shareholders include Alibaba, SAIC, and other entities, with Alibaba holding approximately 44.72% of the shares and controlling 40.17% of the voting rights [6][8][12]. - Zhibo Network is highly dependent on its major clients, particularly SAIC, which accounted for 54.7% of its revenue in 2022 [12].