根据灼识咨询的数据，按2024年收入计算，斑马网络是中国最大的以软件为核心的智能座舱解决方案供 货商。按解决方案搭载量计算同样排名第一。该公司是中国仅有的两家全自研汽车操作系统的第三方供 货商之一，也是唯一一家将系统级操作系统解决方案、AI全栈端到端、车载平台服务三大智能汽车核 心体验支柱无缝整合的企业。目前已与上汽、一汽、南北大众等车企合作，覆盖10余个汽车品牌、40多 款车型，服务超过100万辆智能汽车。 分拆上市的战略考量与市场前景 阿里巴巴在公告中表示，分拆后斑马将体现独立的估值，投资者可分别评估斑马和阿里巴巴的业绩与潜 力。斑马专注于汽车系统解决方案，可吸引特定领域的投资者关注。分拆将增强斑马的独立形象，提升 其获取银行信贷及进入资本市场的灵活性。香港联交所已授予阿里巴巴豁免，无需向现有股东提供斑马 网络股份的保证配额权利。 阿里巴巴集团8月21日正式发布公告，宣布拟分拆旗下斑马网络技术股份有限公司，并推动其在香港联 交所主板独立上市。斑马网络已向港交所提交上市申请，计划通过全球发售方式进行，包括香港公开发 售及国际发售两个部分。截至公告日期，阿里巴巴持有斑马约44.72%的股份。分拆完成后，阿里巴 ...

Core Viewpoint - Alibaba plans to spin off Zhaoma Network Technology Co., Ltd. (Zhaoma) and list it independently on the Hong Kong Stock Exchange, allowing for separate valuation and assessment of both Zhaoma and Alibaba's performance and potential [1][2]. Group 1: Company Overview - As of the announcement date, Alibaba holds approximately 44.72% of Zhaoma's shares, and will retain over 30% post-spin-off [2]. - Zhaoma focuses on automotive system solutions and aims to attract investors in specific sectors, enhancing its independent image and flexibility in accessing bank credit and capital markets [2]. - Zhaoma was established in November 2015 as a technology company co-founded by Alibaba and SAIC Group, with a registered capital of approximately 3.2 billion RMB [4]. Group 2: Market Position and Growth Potential - According to Zhaoma's IPO application, it is the largest software-centric intelligent cockpit solution provider in China based on projected 2024 revenue, and ranks first in terms of solution deployment volume [3]. - The intelligent cockpit solutions market in China is expected to reach 327.4 billion RMB by 2030, with software-based solutions anticipated to grow rapidly [3]. - Zhaoma is one of only two third-party suppliers in China with a fully self-developed automotive operating system and integrates key intelligent automotive experience pillars into a unified solution [3]. Group 3: Recent Developments and Collaborations - Zhaoma has collaborated with over 10 automotive brands and more than 40 models, resulting in over 1 million smart vehicles utilizing its solutions [4]. - In March 2023, Zhaoma, along with Ele.me and Zhiji Auto, launched the "IMAIOS Ecological Cockpit," which integrates Alibaba's AI technology and ecosystem resources [5]. - Zhaoma has received significant funding, including over 1.6 billion RMB in its first round of financing in September 2018 and an additional 3 billion RMB in July 2021 from major stakeholders [5].