Zebra Intelligence's second attempt at an IPO in Hong Kong, with a three-year loss of 3.6 billion yuan, was once openly "undermined" by its former CFO...

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Source: International Financial News

Recently, Zebra Intelligence Information Technology Co., Ltd. (hereinafter “Zebra Intelligence”) has submitted a second listing application to the Hong Kong Stock Exchange, less than seven months after its initial filing.

Zebra Intelligence was formerly known as Zebra Zhi Xing. It was jointly incubated and established by Alibaba and SAIC Motor Group in 2015. It is a leading domestic provider of intelligent cockpit solutions, with a dual-shareholder control structure. According to the prospectus, before the IPO, Alibaba-related entities held a total of 41.67% of shares and controlled 37.09% of voting rights; SAIC Motor held 32.90% of shares and controlled 35.48% of voting rights. Both are co-controlling shareholders, with no single actual controller.

The company’s core business covers three main segments: system-level operating system solutions, full-stack AI end-to-end solutions, and in-vehicle platform services. It primarily provides software and services related to intelligent cockpits to automakers. By the end of 2025, its solutions will be installed in 9.4 million vehicles from 69 automakers.

Shortly after Zebra Intelligence’s initial listing, former CFO Xia Lian publicly criticized the company. She stated, “The past three years may have been Zebra’s best years,” and questioned whether the company’s “technology has no barriers, growth has peaked, and it is just raising funds through listing.”

From a fundamental business perspective, Zebra Intelligence’s revenue growth has been sluggish. The prospectus shows that revenue for 2023–2025 was 872 million yuan, 824 million yuan, and 861 million yuan respectively, remaining largely stagnant over three years, with only a 4.5% year-over-year increase in 2025, indicating no sustained growth momentum.

Revenue from its core business of system-level operating system solutions continued to decline, from 751 million yuan in 2023 to 643 million yuan in 2025, with its proportion dropping from 86.2% to 74.7%.

Financially, the company continues to suffer significant losses and cash outflows, confirming Xia Lian’s skepticism about business development.

From 2023 to 2025, Zebra Intelligence’s net losses were 876 million yuan, 847 million yuan, and 1.896 billion yuan, respectively, with a total loss exceeding 3.6 billion yuan over three years. The sharp increase in 2025 was not due to worsening operations but a significant 1.841 billion yuan impairment of intangible assets. The company explained that this impairment relates to intellectual property assets associated with its system-level operating system solutions, driven by intensified market competition and AI strategic transformation.

Moreover, Zebra Intelligence’s operating cash flow has been continuously negative, reaching 574 million yuan in 2025. As of the end of 2025, cash and cash equivalents were only 900 million yuan, insufficient to cover ongoing losses.

Financial constraints have led to a continuous reduction in R&D investment, from 1.123 billion yuan in 2023 to 725 million yuan in 2025.

High dependence on key customers and supply chains exposes the company’s lack of independence and supports Xia Lian’s doubts about its business barriers.

In 2025, the top five customers contributed 76.4% of revenue, with SAIC Motor alone accounting for 39.2%, remaining the core revenue source over the past three years. Regarding suppliers, 61.3% of procurement was from Alibaba. These two major shareholders not only support the company but also form a strong binding relationship. In the same year, related-party transactions with the two shareholders totaled 752 million yuan, accounting for 87.3% of operating revenue.

Industry analysts suggest that this “shareholder cycle” may hinder Zebra Intelligence’s third-party customer expansion.

A further warning sign is the “fixed-point count,” i.e., the number of automakers choosing Zebra’s solutions for mass production models. Data shows that in the first quarter of last year, the fixed-point count dropped from 37 to 30 compared to the same period last year. The company explained this as “internal approval delays,” but industry insiders point out that this figure directly relates to future business growth.

This may be linked to automakers beginning to develop their own intelligent cockpits. As technological barriers are broken, automakers like BYD with DiLink, NIO with SkyOS, and Li Auto with Star Ring OS are launching self-developed systems. The increasing demand for data sovereignty and customization is weakening the bargaining power of third-party service providers.

Meanwhile, tech giants entering the field are intensifying industry competition.

Huawei’s HarmonyOS Cockpit and Baidu’s Apollo, leveraging full-stack technology and ecosystem advantages, are expanding rapidly. By 2025, models equipped with Huawei’s Qian Kun Intelligent Driving and HarmonyOS Cockpit have prices dropping to the 180,000–220,000 yuan range. Industry experts believe that the technological barrier for intelligent cockpits is not high, and automakers can develop their own systems independently.

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Editor: Yang Hongbu