Banma Network Technology Co., Ltd. has positioned itself as a "global pioneer and leader in smart cockpit solutions."

On March 18, 2026, Banma Network Technology Co., Ltd. formally submitted a listing application to the Hong Kong Exchanges and Clearing Limited. The joint sponsors for the offering are Deutsche Bank, China International Capital Corporation Limited, and Guotai Junan International.

Banma Intelligence was jointly incubated by two industry giants—Alibaba Group and SAIC Motor—and has been deeply involved in the smart vehicle cockpit sector for a decade.

Primary Business Banma Intelligence is not merely an automotive software supplier; it defines itself as a "global pioneer and leader in smart cockpit solutions."

The company's core mission is to transform standard automotive hardware into an intelligent companion capable of perception, interaction, and continuous evolution. Core Strategy: Empowering Hardware with Software, Focusing on the Cockpit Interface

Banma Intelligence firmly believes that a vehicle should be more than just a means of transportation; it should be an intelligent space capable of listening, interacting, and adapting. Consequently, its strategy is highly focused on the cockpit—the primary interface for human-vehicle interaction.

Through its self-developed automotive operating system and full-stack "Yuanshen AI" architecture, Banma Intelligence aims to help original equipment manufacturers create differentiated smart vehicles, enabling personalized cockpit experiences for owners via natural voice interaction.

Three Core Business Pillars According to the prospectus, Banma Intelligence's revenue is derived from three core solutions, forming a complete technology stack from foundational layers to applications: System-Level Operating System Solution: This is the technological foundation and currently the primary revenue source for Banma Intelligence, accounting for 74.7% of total revenue in 2025. The company is one of only two third-party suppliers in China that have fully self-developed an automotive operating system.

Its operating system features extensive chip compatibility, supporting various domestic and international automotive-grade chips from suppliers like Unisoc and Black Sesame Technologies, which constitutes a core technological barrier. End-to-End Full-Stack AI Solution: This represents Banma Intelligence's growth engine for the future, contributing 7.7% to total revenue in 2025. At its core is "Yuanshen AI," which, according to Frost & Sullivan data, is the industry's first AI software stack with agentic capabilities specifically designed for in-vehicle environments. Unlike traditional passive response systems, Yuanshen AI can make proactive decisions and adapt to its environment.

In September 2025, Banma Intelligence launched the world's first full-modal large in-vehicle model solution based on a fifth-generation automotive-grade chip platform.

In-Vehicle Platform Services: This is key to building an ecosystem loop, accounting for 17.6% of total revenue in 2025. This service connects over 180 categories of native cockpit applications, covering entertainment, navigation, lifestyle services, and more, representing the industry's most extensive cockpit application ecosystem. It explores new business models through revenue-sharing arrangements with content and service providers.

Market Position and Clientele According to Frost & Sullivan, based on 2024 revenue, Banma Intelligence is the largest software-centric smart cockpit solution supplier in China and also ranks first by solution implementation volume. Its solutions have gained broad market validation:

Partnerships: As of the end of 2025, the company had partnered with 69 leading global OEMs. Implementation Volume: Cumulative installations surged from 4.568 million units in 2023 to 9.389 million units in 2025, with annual installations stabilizing around 2.5 million units.

Customer Concentration: Company revenue is highly concentrated with a few major clients, particularly SAIC Motor. In 2023, 2024, and 2025, revenue from the largest client (SAIC) accounted for 47.4%, 38.8%, and 39.2% of total revenue, respectively.

Financial Performance As a technology company in a phase of rapid growth, Banma Intelligence's financial data clearly reflects significant investment in technology R&D and market expansion.

Revenue and Gross Profit Revenue Scale: For 2023, 2024, and 2025, Banma Intelligence reported revenues of RMB 872 million, RMB 824 million, and RMB 861 million, respectively. Revenue decreased by 5.5% year-on-year in 2024, primarily due to a decline in system-level solution revenue. Growth resumed in 2025 with a 4.5% increase, driven by rapid growth in the AI solution and in-vehicle platform services segments, the latter seeing an 83.6% year-on-year increase.

Gross Margin: Gross margins were 46.4%, 38.9%, and 41.9% for 2023, 2024, and 2025, respectively. Fluctuations in gross margin were mainly attributable to changes in product mix and pricing strategies.

Profitability and Loss Analysis Banma Intelligence recorded net losses throughout the track record period: Net Loss: Annual losses for 2023, 2024, and 2025 were RMB 876 million, RMB 847 million, and RMB 1.896 billion, respectively. Reasons for Losses: The prospectus clearly states that losses are primarily attributable to two main factors: Substantial Strategic R&D Investment: To maintain technological leadership, Banma Intelligence invests heavily in research and development. R&D expenses for 2023, 2024, and 2025 were significantly high at RMB 1.123 billion, RMB 980 million, and RMB 725 million, respectively, far exceeding the revenue for those periods.

One-Time Asset Impairment: The significant widening of the loss in 2025 was mainly due to an impairment loss of RMB 1.841 billion related to intangible assets associated with the system-level operating system solution. This was based on a prudent assessment considering intensified market competition and the company's strategic shift towards focusing on AI.

Adjusted Net Loss: Excluding the impact of non-operational or non-cash items such as share-based compensation and listing expenses, the adjusted net losses for 2023, 2024, and 2025 were RMB 792 million, RMB 757 million, and RMB 1.839 billion, respectively. The substantial increase in 2025 was primarily due to the aforementioned significant intangible asset impairment.

Cash Flow and Balance Sheet Operating Cash Flow: Net cash used in operating activities was RMB 417 million, RMB 487 million, and RMB 574 million for 2023, 2024, and 2025, respectively. The persistent negative operating cash flow indicates the company remains in a development stage requiring external funding. Balance Sheet: As of the end of 2025, the company had total assets of approximately RMB 7.0 billion and net assets of approximately RMB 4.88 billion. Cash and cash equivalents at year-end stood at RMB 898 million, a significant increase from RMB 104 million at the end of 2024, primarily due to cash inflows from investing activities.

Business Sustainability and Path to Profitability Management outlined the path to profitability in the prospectus: achieving scale effects through continued market share expansion and improving operational efficiency. The company believes that with technological modularization, growth in implementation volume, and an expanding base of mass production projects, it is well-positioned to achieve sustainable profitability in the medium term.