文 | 《次世代车研所》栏目 张俊 沙发、彩电、大冰箱的新能源汽车，早就过时了？ 近日，智己汽车推出"上汽旗舰"，为了应对残酷的市场竞争，这款车装上了地暖系统和淋浴花洒，但这 也带来不小的争议，引发了伪需求的讨论，"我们真的需要一台乘用车，又能洗澡又有地暖吗？" 专家认为，这些功能是为了制造噱头、吸引眼球，在安全性和实用性方面存在较大不足。一系列动作背 后，折射出智己汽车在销量上的焦虑。 首先是地暖系统，根据官方介绍，该车搭载了行业首创智控地暖系统，地板内嵌石墨烯加热，能够均匀 发热，宣称光脚上车也不冷；其次是洗澡功能，智己LS9在选装野奢户外套件后，可以提供一个可以悬 挂于尾门之上的"单人简易淋浴房"，通过后备厢下沉空间内的10升水箱供水，接通车辆电源后，加热模 块可以在10分钟内将水温升至45℃。 不过，这两个功能引发了不少网友的吐槽，"智己LS9的产品经理，以前应该是干房地产的""我们真的需 要一辆乘用车又洗澡又地暖吗？""完全脱离了造车的概念，改成造移动式洗澡房了？"还有一些网友对 地暖系统的安全性表达了担忧，认为可能会对电池和车辆安全带来影响。 | 智己LS9的产品经理,以前应该是干房地产的 | d ...

近日，智己汽车推出"上汽旗舰"，为了应对残酷的市场竞争，这款车装上了地暖系统和淋浴花洒，但这 也带来不小的争议，引发了伪需求的讨论，"我们真的需要一台乘用车，又能洗澡又有地暖吗？" 专家认为，这些功能是为了制造噱头、吸引眼球，在安全性和实用性方面存在较大不足。一系列动作背 后，折射出智己汽车在销量上的焦虑。 数据显示，今年1—10月，智己汽车的累计销量为55756辆，年度销量目标完成度仅为55.8%；另外，刘 涛此前还提出了今年12月实现当月盈利的目标，而纵观上半年业绩，该品牌的亏损已超过18亿元。 出品 / 新浪科技（ID:techsina） 汽车装地暖能洗澡？智己：有人需要 作者 / 张俊 近日，智己汽车推出六座旗舰SUV车型LS9，宣称此款车是"最好开的大六座SUV，30万级最强旗舰爆 品"。 沙发、彩电、大冰箱的新能源汽车，早就过时了？ 首先是地暖系统，根据官方介绍，该车搭载了行业首创智控地暖系统，地板内嵌石墨烯加热，能够均匀 发热，宣称光脚上车也不冷；其次是洗澡功能，智己LS9在选装野奢户外套件后，可以提供一个可以悬 挂于尾门之上的"单人简易淋浴房"，通过后备厢下沉空间内的10升水箱供水，接通车辆电 ...

Core Viewpoint - Alibaba Group announced the independent listing of its subsidiary, Zhibo, on the Hong Kong Stock Exchange, with plans to complete the spin-off by December 27, 2024 [1][3]. Group 1: Spin-off Details - Alibaba's board has submitted a spin-off plan to the Hong Kong Stock Exchange, which has confirmed the feasibility of the proposed spin-off [1]. - After the spin-off, Alibaba will retain over 30% of Zhibo's shares, and Zhibo will continue to be accounted for using the equity method [3]. - The final details regarding the spin-off, including the scale and structure of the global offering, are yet to be determined and require approval from the Hong Kong Stock Exchange [4]. Group 2: Benefits of the Spin-off - The spin-off is expected to better reflect Zhibo's value and enhance operational and financial transparency, allowing investors to evaluate Zhibo separately from Alibaba [5]. - Zhibo's unique automotive system solutions are anticipated to attract investors focused on its specific business area [5]. - Listing on the Hong Kong Stock Exchange will improve Zhibo's independent image among clients, suppliers, and potential strategic partners, facilitating better business negotiations [5]. - The spin-off will enhance Zhibo's ability to obtain bank credit financing and broaden its external financing channels [5]. Group 3: IPO Progress - Zhibo Network Technology Co., Ltd. has submitted its application for a main board listing on the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [7]. - Zhibo aims to use the IPO proceeds to strengthen R&D, increase market share in China, expand globally, support business acquisitions, and supplement working capital [8]. - Zhibo has reported revenues of 805 million, 872 million, and 824 million yuan for 2022, 2023, and 2024 respectively, with annual losses of 878 million, 876 million, and 847 million yuan during the same period [8].

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 - SAIC Group is shifting focus to the new "Shangjie" brand in collaboration with Huawei, raising concerns about the future of its high-end brand, Zhiji Auto, which has been underperforming in sales [2][5][14]. Group 1: Performance and Sales - SAIC Group's sales are projected to drop by 20% in 2024, with net profit expected to decline by 87% to 90% [2][14]. - Zhiji Auto's sales in March were only 3,100 units, reflecting a year-on-year decline of 29.66% for the first quarter [10][11]. - The cumulative sales for Zhiji Auto in 2022 were only 5,000 units, and in 2023, it sold 38,253 units, falling short of its targets [8][9]. Group 2: Brand Strategy and Competition - The launch of the Shangjie brand may create competition with Zhiji Auto, as both brands target the high-end electric vehicle market [7][14]. - SAIC Group has invested 6 billion yuan in the Shangjie brand, with a dedicated team of 5,000 people and a specialized factory [3][5]. - The CEO of Zhiji Auto emphasized that it remains the group's top project and high-end brand, despite the new focus on Shangjie [6][9]. Group 3: Market Response and Future Outlook - Consumers are expressing confusion and concern over the dual branding strategy, questioning the future of Zhiji Auto in light of Shangjie's launch [6][14]. - Analysts suggest that if Zhiji Auto does not improve its market performance, it may face consolidation or restructuring, similar to the fate of the previously launched Feifan brand [11][12][13]. - The introduction of the "IM AIOS ecological cockpit" by Zhiji Auto, which includes an "AI takeaway" feature, has been met with skepticism from consumers [11].