被高德拿捏“命脉”？盛威时代连年亏损，旗下365约车屡遭处罚

Core Viewpoint - Shengwei Times Technology Co., Ltd. has not provided any updates regarding its IPO on the Hong Kong Stock Exchange after submitting its prospectus nearly six months ago [1]. Company Overview - Shengwei Times was established in 2012 and primarily offers intercity passenger transport services and urban ride-hailing services, with platforms such as "Travel 365" and "365 Ride" [2]. Financial Performance - Over the reporting period (2021 to mid-2024), Shengwei Times reported revenues of 554 million, 816 million, 1.206 billion, and 726 million RMB respectively [3]. - Despite strong revenue growth, the company incurred losses of 587 million, 499 million, 482 million, and 285 million RMB, totaling 1.853 billion RMB in losses [4]. - The gross profit margin has significantly declined, with figures of 8.6%, 6.6%, 7.1%, and 3.5% over the reporting periods, and the gross margin for ride-hailing services remained low, reaching -0.5% as of June 30, 2024 [4]. Revenue Breakdown - The revenue from passenger transport services and ride-hailing services showed varying gross margins, with passenger transport services achieving a gross margin of 57.3% in 2023, while ride-hailing services had a gross margin of only 1.1% [5]. Dependency on Alibaba Ecosystem - Shengwei Times is heavily reliant on the Alibaba ecosystem, with Alibaba Travel being the largest shareholder at 27% and a major supplier during the reporting period [6]. - The company generated over 89% of its total Gross Transaction Value (GTV) from Gaode, a subsidiary of Alibaba, across the reporting periods [6]. Compliance and Customer Complaints - The company has faced numerous complaints related to its "365 Ride" platform, including issues with refunds and driver accountability [7]. - Shengwei Times has also encountered regulatory penalties, with its operating entity facing fines for using vehicles without the required ride-hailing transport permits [8].