Zebra Intelligence goes public with AB side: revenue below two years ago, R&D reduced, both CEOs received high salaries

Recently, Zebra Intelligence Information Technology Co., Ltd. (hereinafter referred to as “Zebra Intelligence”) submitted its prospectus again, applying for listing on the Main Board of the Hong Kong Stock Exchange. Previously, the company had filed under the name “Zebra Network Technology Co., Ltd.” in August 2025, and this is an update after the previous filing became invalid.

It is worth noting that Zebra Network Technology Co., Ltd. underwent a business registration change in February 2026 and was renamed to the current “Zebra Intelligence.” According to Tianyancha App information, the company’s registered capital is approximately 3.345 billion yuan, with Zhang Jianfeng as the legal representative. Major shareholders include Saiwei Investment, Zhejiang Tmall, Taobao China, and others.

According to the prospectus, Zebra Intelligence has two controlling shareholders controlled by Alibaba and SAIC Motor Group. Alibaba holds 41.67% of shares through multiple entities and has 37.09% of voting rights; SAIC Motor Group holds 32.90% of shares through multiple entities and has 35.48% of voting rights.

In fact, Zebra Intelligence was established as a strategic partnership between Alibaba and SAIC Motor Group. Since its founding, Zebra Intelligence has received multiple rounds of investment, including 1.219 billion yuan in December 2019, 3 billion yuan in December 2022, 450 million yuan in May 2023, and 250 million yuan in September 2023.

According to the prospectus, Zebra Intelligence is a provider of intelligent cockpit solutions, dedicated to transforming cars into smart partners capable of sensing and interacting. Based on data from Zhuoshi Consulting, as of 2024 revenue, Zebra Intelligence is the largest software-centric intelligent cockpit solution provider in China, ranking first in solution deployment volume as well.

As of December 31, 2025, Zebra Intelligence’s intelligent cockpit solutions have been installed in 9.4 million vehicles across 69 automakers, covering over 16 international markets. Currently, the company’s in-vehicle platform services include over 180 native cockpit applications, ranging from entertainment and navigation to lifestyle and utility tools.

In fiscal years 2023, 2024, and 2025, Zebra Intelligence’s revenue was approximately 872 million yuan, 824 million yuan, and 861 million yuan, respectively. Gross profit was approximately 404 million yuan, 321 million yuan, and 361 million yuan; net losses were approximately 876 million yuan, 847 million yuan, and 1.896 billion yuan.

On a non-IFRS basis, adjusted net losses were approximately 792 million yuan, 757 million yuan, and 1.839 billion yuan for the same periods. Notably, the loss in 2025 hit a new high and increased 1.4 times compared to 2024. Over the past three years, Zebra Intelligence’s accumulated losses totaled about 3.4 billion yuan.

It is also worth noting that Zebra Intelligence’s revenue growth rate is relatively modest. Data shows that in 2022, revenue was about 805 million yuan; in 2023, it grew by 8.3% to 872 million yuan; in 2024, it declined by 5.5% to 824 million yuan; and in 2025, it rebounded by 4.5% to 861 million yuan, still below 2023 levels.

Meanwhile, the gross margin of Zebra Intelligence’s Zhi Xing division has also declined. The prospectus shows gross profit decreased from 404 million yuan in 2023 to 321 million yuan in 2024, then slightly increased to 361 million yuan in 2025. In 2022, gross profit was 434 million yuan.

Correspondingly, the gross margin of Zhi Xing was 53.9% in 2022, decreased to 46.4% in 2023, further declined to 38.9% in 2024, and rebounded to 41.9% in 2025, but still lags behind 2022.

Previously, in August 2025, after Zebra Intelligence (then Zebra Zhi Xing) first filed its prospectus with the Hong Kong Stock Exchange, former CFO Xia Lian posted on social media that she had left the company after completing the share reform at the end of April 2025.

Xia Lian also pointed out that the fundamental reason for her departure was her pessimism about the company’s business development, stating “this can be seen from the financial data.” She believed that “although Zebra Zhi Xing’s performance may not have met expectations over the past three years, the next three years could be the best for Zebra Zhi Xing. With technology that has no barriers, automakers can do it themselves.”

According to the latest prospectus, Zebra Intelligence has not appointed a new CFO. Senior management includes Chairman Zhang Jianfeng, Vice Chairman Xiang Jiao, CEO Dai Wei, Co-CEOs Hao Fei and Huang Youyong, among others.

Zhang Jianfeng is also Alibaba’s CTO, President of Alibaba Cloud Intelligence Business Group, and Director of Alibaba Damo Academy. Xiang Jiao also serves as CTO of Zhiji Auto. In comparison, Dai Wei previously served as CEO of Orange Lion Sports Co., Ltd. and COO of Alibaba Entertainment Division.

As Xia Lian mentioned, compared to 2023, Zebra Intelligence’s revenue, gross profit, and gross margin all declined to varying degrees in 2025. In 2025, the company also recorded a loss of over 1.9 billion yuan. Despite this, Zebra Intelligence has been very generous to its executives, especially its two CEOs.

According to the prospectus, in 2023, Zebra Intelligence paid a total salary of 807,000 yuan to then-Director and CEO Zhang Chunhui. In 2024, this surged to 4.475 million yuan (including 1.64 million yuan in salary and other benefits, and 2.812 million yuan in discretionary bonuses). However, Zhang Chunhui resigned in July 2024.

In other words, Zhang Chunhui received approximately 4.475 million yuan in compensation in the first half of 2024. As a replacement, Dai Wei was appointed as Executive Director and CEO. In 2024, Dai Wei received a total salary of 982,000 yuan, and in 2025, his compensation skyrocketed to 9.84 million yuan (including 5.993 million yuan paid via equity).

The reason for the significant loss in 2025 is directly related to the impairment loss of 1.841 billion yuan on other intangible assets in 2025, whereas in 2023 and 2024, this factor was not present. Zebra Intelligence states in the prospectus that this impairment mainly relates to intangible assets associated with its system-level operating system solutions.

Zebra Intelligence believes that the impairment was a non-cash accounting adjustment based on market conditions and strategic considerations under applicable accounting standards. However, it did not reflect any operational disruption or deterioration of the business fundamentals, nor did it change the strategic importance of its system-level operating system business, which remains a core revenue source and technological pillar of its AI strategy.

Because of the huge losses, Zebra Intelligence received approximately 513 million yuan in income tax credits in 2025, compared to 74.38 million yuan in 2023 and 2024. Excluding these factors, the 2025 loss was significantly reduced.

This is mainly due to a substantial reduction in operating expenses, especially R&D expenses. Specifically, R&D spending decreased from 1.123 billion yuan in 2023 to 980 million yuan in 2024, and further down to 725 million yuan in 2025.

Earlier, the prospectus showed that R&D expenses in 2022 were also 1.111 billion yuan. Zebra Intelligence states that this improvement was mainly due to better resource allocation within its R&D team and increased organizational efficiency. In particular, by streamlining staff and focusing on high-priority projects and core technical talent, employee compensation and benefits expenses decreased.

Additionally, management expenses also saw a significant decline in 2025. The prospectus indicates that in 2024, one-time costs were incurred due to staff reduction efforts aimed at improving operational efficiency. In 2025, this was driven by lower employee salaries and benefits, as well as reduced office leasing costs.

In comparison, CEO Dai Wei’s total compensation reached as high as 9.84 million yuan.