New Stock News | Banma Intelligent Secondary Listing on the Hong Kong Stock Exchange as a Leading Provider of Domestic Intelligent Cockpit Solutions

According to the disclosure made by the Hong Kong Stock Exchange on March 18, Zebra Intelligent Information Technology Co., Ltd. (referred to as Zebra Intelligent) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and GUOTAI JUNAN I as joint sponsors. This is the company's second submission to the Hong Kong Stock Exchange. Company Introduction According to the information from Zhushi Consulting, Zebra Intelligent is China's largest software-centered intelligent cockpit solution provider based on income calculations for 2024, and also ranks first based on the number of solutions implemented. In September 2025, Zebra Intelligent launched the world's first global fifth-generation automotive-level intelligent cockpit solution chip platform-based full-modal vehicle-mounted large-scale solution. According to Zhushi Consulting's information, as of December 31, 2025, the company is one of only two third-party suppliers in China with completely self-developed automotive operating systems, and according to the same source of information, the company is also the only one to seamlessly integrate the three core pillars of intelligent car experience - system-level operating system solutions, AI full-stack end-to-end solutions, and car platform services - in order to provide differentiated cockpit solution business models. In 2016, Zebra Intelligent launched China's first internet car, and was the first to propose the concept that voice (rather than touch) is the main interaction method in the cockpit, which still guides the development of the industry to this day. In recent years, the company has continued to lead in innovation. According to Zhushi Consulting's information, the company has launched the Yuan Shen AI - the industry's first AI software stack designed specifically for the car environment with intelligent body characteristics. Unlike traditional car systems that can only passively respond to user commands, as an AI system with intelligent body characteristics, Yuan Shen AI can make proactive decisions, take actions, and continuously adapt to achieve specific goals without the need for continuous manual input. Zebra Intelligent has experienced rapid development in recent years, with the number of solutions implemented growing from 2.1 million units in 2023 to 2.5 million units in 2025. As of December 31, 2025, the company's intelligent cockpit solutions have been implemented in 9.4 million vehicles from 69 OEMs, covering over 16 international markets. The company's in-vehicle platform services cover over 180 categories of cockpit native applications, ranging from entertainment, navigation to lifestyle and practical tools. Financial Data Income In the fiscal year 2023, 2024, and 2025, the company's income was approximately RMB 872 million, RMB 824 million, and RMB 861 million, respectively. Gross Profit In the fiscal year 2023, 2024, and 2025, the company's gross profit was approximately RMB 404 million, RMB 321 million, and RMB 361 million, respectively. Gross Profit Margin In the fiscal year 2023, 2024, and 2025, the company's gross profit margin was 46.4%, 38.9%, and 41.9%, respectively. Industry Overview With the continuous development and application of emerging technologies such as AI, IoT, and big data, automobile OEMs and technology companies are continuing to increase their investment in intelligent automotive functions, driving the rapid development of the global intelligent automotive industry. Intelligent cars refer to passenger cars equipped with IoV, OTA upgrades, and driver assistance solutions (L0-L2+). According to income estimates, the global passenger car intelligent cockpit solution market size reached RMB 366.8 billion in 2024. The global intelligent cockpit software solution market size in 2024 was approximately RMB 103.8 billion, and is expected to reach RMB 245.1 billion by 2030, with a compound annual growth rate of 15.4%. China is one of the largest markets for intelligent cockpit solutions in the world. According to income estimates, the market size of China's passenger car intelligent cockpit solutions reached RMB 129 billion in 2024. From 2020 to 2024, the market size of China's intelligent cockpit software solutions industry increased from RMB 11.9 billion to RMB 40.1 billion, with a compound annual growth rate of 35.6%, accounting for 31.1% of the overall market size of China's intelligent cockpit solutions industry in 2024. Driven by factors such as policy support, the flourishing development of intelligent cars, rapid iteration of AI technology, and increasing consumer demand for intelligent driving experiences, it is expected that the market size of China's intelligent cockpit software solutions industry will reach RMB 114.9 billion by 2030, with a compound annual growth rate of 19.2% from 2024 to 2030, accounting for 35.1% of the overall market size of China's intelligent cockpit solutions industry in 2030. In terms of types of intelligent cockpit solutions, although software and hardware integrated solutions currently dominate the market, the growth of software-centered solutions has significantly accelerated. The market size of China's software-centered intelligent cockpit solutions industry increased from RMB 3.6 billion in 2020 to RMB 9.5 billion in 2024, with a compound annual growth rate of 27.2%, and is expected to reach RMB 32.2 billion by 2030, with a compound annual growth rate of 22.5% from 2024 to 2030. Board of Directors Information The company's board of directors consists of 12 directors, including one executive director, seven non-executive directors, and four independent non-executive directors. Ms. Huang Jiaojiao and Mr. Zhu Yong will resign as directors. Mr. Yang Qing will serve as an employee representative director and non-executive director. Equity Structure (i) Alibaba will own approximately 41.67% of the company's issued share capital and control 37.09% of the voting rights through Shanghai Saiwei, Zhejiang Tmall, Taobao China, and Hangzhou He Yue; (ii) SAIC will own approximately 32.90% of the company's issued share capital and control 35.48% of the voting rights through Shanghai Saiyun Management, Shanghai Saiwei, and Jiaxing Ruijia. Intermediary Team Joint Sponsors: Deutsche Securities Asia Limited, China International Finance Hong Kong Securities Limited, Guotai Junan Financing Limited Company Legal Advisor: Davis Polk & Wardwell for Hong Kong and US law; Fangda Law Firm for Chinese law; Tongshang Law Firm for Chinese data compliance matters; Morgan, Lewis & Bockius LLP for US export control laws; Hogan Lovells for US foreign investment laws Joint Sponsors and Compilation Legal Advisors: Cooley HK for Hong Kong and US law; Hankun Law Firm for Chinese law Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants LLP Industry Consultant: Zhushi Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Consultant: Guotai Junan Financing Limited